CATL(SZ:300750) 天天基金网·2025-07-31 05:33Core Viewpoint - Ningde Times achieved significant growth in revenue and net profit in the first half of 2025, driven by the increasing demand for energy storage batteries and the expansion of its global market presence [1][2]. Financial Performance - In the first half of 2025, Ningde Times reported operating revenue of 178.886 billion yuan, a year-on-year increase of 7.27% [1] - Net profit reached 30.485 billion yuan, up 33.33% year-on-year [1] - Operating cash flow was 58.687 billion yuan, reflecting a growth of 31.26% [1] - Basic earnings per share were 6.92 yuan, an increase of 33.08% year-on-year [1] Business Segments - Revenue from power battery systems was approximately 131.573 billion yuan, a year-on-year increase of 16.8%, accounting for about 73.55% of total revenue with a gross margin of 22.41% [1] - Revenue from energy storage battery systems was 28.4 billion yuan, a slight decline of 1.47%, with a revenue share of 15.88% and a gross margin of 25.52% [1] - Battery materials and recycling generated revenue of 7.887 billion yuan, down 44.97%, with a gross margin of 26.42% [1] - Revenue from battery mineral resources was 3.361 billion yuan, up 27.86%, with a gross margin of 9.07% [1] Market Position - As of May 2025, Ningde Times held a global market share of 38.1% in power battery usage, an increase of 0.6 percentage points year-on-year [2] - In the energy storage sector, the company ranked first globally in production volume for energy storage batteries [2] Research and Development - Ningde Times has six R&D centers with over 21,000 personnel and holds a total of 49,347 patents, including 29,709 in China and 19,638 overseas [2] - R&D investment in the first half of 2025 was approximately 10.095 billion yuan, a year-on-year increase of 17.48% [2] Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange on May 20, 2025, raising a total of 41 billion HKD for project construction and general corporate purposes [2] - A mid-year dividend plan was announced, proposing a cash dividend of 10.07 yuan per 10 shares [3] - The company plans to increase its entrusted wealth management quota by up to 40 billion yuan, bringing the total for 2025 to 80 billion yuan [3] Future Outlook - Management indicated that while solid-state batteries are gaining attention, true commercialization is expected to take longer, with small-scale production anticipated by 2027 and full-scale commercialization around 2030 [4]