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 transition from aggressive betting on technology and market share to a more stable and expansive approach in the global battery industry [4][16]. Group 1: Strategic Bets - In 2011, CATL made a significant commitment to lithium batteries, securing a partnership with BMW, which led to becoming the sole battery supplier for BMW in Greater China [6][9]. - The company faced a highly competitive market dominated by Panasonic and LG, prompting Zeng to initiate a supply chain localization strategy starting in 2014, which was supported by government policies favoring domestic manufacturers [10][11]. - By 2017, CATL had captured a 17% global market share in lithium batteries, surpassing competitors and establishing a robust domestic supply chain [11][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 [13]. - By 2020, CATL's overseas revenue reached 7.9 billion yuan, accounting for 15.71% of total revenue, significantly outpacing domestic competitors [13][14]. - In 2024, overseas revenue is projected to increase to 110.3 billion yuan, representing 30.48% of total revenue, driven by growing demand for electric vehicles in Europe [15]. Group 3: Market Position and Influence - As of 2025, CATL's market capitalization reached 1.9 trillion yuan, making it one of the largest listed companies in A-shares, with a global market share of 42.75% in lithium batteries [22][24]. - The company's strong position allows it to maintain higher pricing than competitors, with battery prices typically 10% above market rates, reflecting its dominant market influence [26]. - CATL's extensive R&D investment, exceeding 70 billion yuan over the past decade, has resulted in superior product quality and reliability, further solidifying its market leadership [26][27]. Group 4: Future Directions - In 2023, Zeng replaced the motto "strong gambling" with "broad and deep springs," indicating a shift towards a more sustainable and strategic growth model [33][34]. - 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 [35][39]. - The company is expanding its focus beyond electric vehicles to include electrification in sectors like construction machinery and aviation, showcasing its ambition to lead in the broader energy transition [40].