CATL(SZ:300750) 起点锂电·2025-08-08 10:13Core Viewpoint - CATL reported a revenue of 178.9 billion RMB for the first half of the year, a year-on-year increase of 7.27%, and a net profit of 30.5 billion RMB, up 33.02% year-on-year, indicating stable growth in its core battery business despite some pressures in specific segments [1]. Group 1: Financial Performance - The revenue from the power battery business reached 131.57 billion RMB, a year-on-year increase of 16.80% [1] - The revenue from energy storage batteries slightly decreased by 1.47% to 28.4 billion RMB [1] - The revenue from battery materials and recycling dropped significantly by 44.97% to 7.89 billion RMB [1] - The combined performance of power and energy storage sectors accounts for approximately 90% of CATL's total revenue, indicating a stable growth trajectory in these areas [1]. Group 2: Market Developments - CATL has secured multiple orders in the power and energy storage sectors, providing strong support for growth in the second half of the year [2]. - CATL will supply lithium iron phosphate batteries to General Motors for the new Chevrolet Bolt, which is set to launch in 2026, marking a significant overseas supply opportunity [4][6]. - CATL is also collaborating with Ford to produce lithium iron phosphate batteries in Michigan, further expanding its market presence in North America [7]. Group 3: Energy Storage Business - CATL won a bid for a 50MW/2GWh energy storage project in China, enhancing its domestic market position [9]. - The company has signed a framework supply agreement for a 2.2GWh energy storage system for Southeast Asia's largest solar storage project in Indonesia, expected to be completed by 2027 [9][10]. - CATL's energy storage business has maintained the top global shipment volume for four consecutive years, with a projected shipment of 55GWh in the first half of 2025 [10].