曾毓群，不赌了？

Core Viewpoint - The article discusses the strategic evolution of CATL (Contemporary Amperex Technology Co., Limited) under the leadership of founder Zeng Yuqun, highlighting the company's significant bets on technology, supply chain localization, and international expansion, which have positioned it as a dominant player in the global battery market [4][12]. Group 1: Strategic Bets - In 2011, CATL made a pivotal decision to focus entirely on power batteries, seizing an opportunity with BMW, which led to becoming the sole battery supplier for BMW in Greater China [6][7]. - The company initiated a second major bet on supply chain localization starting in 2014, which was supported by government policies that favored domestic battery manufacturers, allowing CATL to dominate the market [7][8]. - By 2017, CATL surpassed Panasonic and BYD to become the global leader in power batteries, capturing a 17% market share, which facilitated advancements in the domestic supply chain [8][12]. Group 2: International Expansion - CATL began its international expansion in 2014, establishing its first overseas subsidiary in Germany, despite the domestic market's rapid growth [10][11]. - By 2020, CATL's overseas revenue reached 7.9 billion yuan, accounting for 15.71% of total revenue, significantly outpacing domestic competitors [11]. - The company's proactive international strategy allowed it to maintain a competitive edge during domestic market downturns, with overseas revenue projected to increase to 110.3 billion yuan by 2024, representing 30.48% of total revenue [12][20]. Group 3: Market Position and Influence - As of October 2025, CATL's market capitalization reached 1.9 trillion yuan, making it one of the largest publicly traded companies in China, with a revenue of 283.1 billion yuan and a net profit of 49.03 billion yuan in the first three quarters [14][15]. - CATL holds a 42.75% global market share in power batteries and over 28.6% in the energy storage sector, reinforcing its leading position [14][15]. - The company's influence extends to its relationships with major automotive manufacturers, with many relying on CATL for battery supplies, which allows CATL to command higher prices compared to competitors [16][17]. Group 4: Future Directions - In 2023, Zeng Yuqun replaced the motto "strong gambling spirit" with "broad and deep wisdom," indicating a shift towards a more sustainable and strategic approach rather than high-risk bets [19][20]. - CATL is heavily investing in battery swapping technology, aiming to establish 1,000 battery swap stations by the end of 2024, with a long-term goal of 30,000 stations [20][21]. - The company is also expanding its ecosystem to include battery recycling and energy storage, positioning itself as a leader in the electric vehicle supply chain [23][24].