Financial Performance - The company reported a revenue of 178.89 billion yuan, a year-on-year increase of 7.27% [5] - Net profit attributable to shareholders reached 30.51 billion yuan, reflecting a growth of 33.02% [5] - The gross margin improved to 25.02%, an increase of 1.57 percentage points year-on-year [5] - Operating cash flow was 58.69 billion yuan, up 31.26% compared to the previous year, indicating strong cash flow health [5] Core Business Progress - The power battery business remains the growth engine, generating revenue of 131.57 billion yuan, a year-on-year increase of 16.80%, significantly outpacing overall revenue growth [1][5] - The global market share for power batteries stands at 38.1%, an increase of 0.6 percentage points from the previous year, solidifying the company's leading position [1][5] - The energy storage business showed stable performance with revenue of 28.40 billion yuan, a slight decline of 1.47% year-on-year, reflecting market adjustments rather than a loss of competitiveness [2] Product Innovation and Strategic Initiatives - The company launched several new products, including the second-generation supercharging battery and the sodium-ion passenger vehicle battery, showcasing its commitment to innovation [3] - A strategic partnership with NIO for battery swapping solutions has been established, expanding the application scenarios for power batteries [3] - The company successfully listed on the Hong Kong Stock Exchange on May 20, raising 41 billion HKD to support its global expansion strategy, particularly in Hungary [2][5] Global Expansion and Sustainability Efforts - The company is advancing its global footprint with carbon-neutral certification for its German facility, increasing its total number of zero-carbon factories to 10 [3] - Ongoing construction of the Hungarian factory and a joint venture battery plant in Spain with Stellantis is underway, enhancing the global production network [3]

郑重声明：东方财富发布此内容旨在传播更多信息，与本站立场无关，不构成投资建议。据此操作，风 险自担。 ...

人民财讯7月30日电，宁德时代（300750）7月29日晚间在港交所披露中期业绩公告，上半年实现收入 1788.86亿元人民币，同比增加7.27%；净利润305.12亿元，同比增长33.02%。报告期内，收入增长主要 由于报告期内动力电池需求持续增长所致。 ...

格隆汇7月30日丨宁德时代(03750.HK)发布公告，2025年上半年，公司收入1789亿元人民币，同比增长 7.27%。报告期内，公司拥有人应占溢利为305.12亿元，同比增长33.02%；基本每股收益6.92元╱股。 公司将向其股东分派中期股息，金额为每10股股份人民币10.07元（含税）。 在动力电池领域，根据SNEResearch数据，2025年1-5月公司动力电池使用量全球市占率为38.1%，较去 年同期提升0.6个百分点。在储能领域，根据鑫椤资讯数据，2025年1-6月，公司储能电池产量位列全球 第一。 ...

宁德时代上半年研发支出100.9亿元人民币。 ...

Core Viewpoint - The battery installation support is shifting from "capacity competition" to "adaptability competition" as the penetration rate of new energy vehicles exceeds 50%, emphasizing the need for flexible manufacturing and system integration to meet diverse customer demands [1][10]. Group 1: Industry Dynamics - The industry is entering a mid-stage where the competitive landscape is not yet fully solidified, with leading manufacturers still holding their competitive advantages but facing increasing demands for flexibility from automakers [1][10]. - The fragmentation of customer needs presents "mid-stage opportunities," where companies must leverage system capabilities to penetrate various projects effectively [1]. Group 2: Company Strategy - Zhengli New Energy has adapted its customer base over the past two years, collaborating with various automakers like Leap Motor and FAW Hongqi, showcasing its ability to meet diverse market demands [1]. - The company employs a "three-pronged strategy" focusing on standardization, platformization, and differentiation to enhance manufacturing capabilities and customer collaboration [1]. Group 3: Standardization - Standardization involves creating a flexible manufacturing system around the same specifications but different combinations, improving production efficiency [4]. - For instance, the same 104Ah lithium iron phosphate battery cell is used in both the Leap Motor T03 and C11, demonstrating the ability to switch between different vehicle types efficiently [4]. Group 4: Platformization - Platformization goes beyond just producing battery packs; it involves creating modular solutions that can adapt to various vehicle types and powertrain configurations [5][6]. - Zhengli New Energy has developed a platform battery system that allows for quick adaptation to multiple models without the need for redesigning the battery structure, enhancing time efficiency and supply chain flexibility [6]. Group 5: Differentiation - Differentiation focuses on a unified specification with a flexible material system that evolves based on user needs, allowing for various battery configurations tailored to different vehicle requirements [7][8]. - The company offers multiple capacity versions of the same battery cell, enabling automakers to choose between different performance and cost options without changing the battery pack structure [8]. Group 6: System Capability - The combination of standardization, platformization, and differentiation creates a closed-loop system capability for Zhengli New Energy, enhancing production versatility and collaboration with automakers [9]. - This comprehensive approach aims to deliver faster, more stable, and lower-cost solutions, establishing a replicable capability across various projects [10].

值得注意的是，7月1日，《求是》杂志发表文章《深刻认识和综合整治"内卷式"竞争》指出，"与过去 恶性竞争主要集中在钢铁、水泥、轻工产品等传统产业不同，当前一个突出现象是，光伏、锂电池、新 能源汽车、电商平台等新兴行业也深陷其中"。在锂电池领域，价格已经杀至"地板价"。在市场份额占 比几乎触及天花板的情况下，"宁王"的业绩压力不容小觑。 动力电池领域，宁德时代本年度排名第303位，较去年下滑53位。财报显示，2024年，宁德时代实现营 收3620.13亿元，同比减少9.70%，是其2018年6月上市以来首次下滑。 近日，《财富》杂志发布世界500强榜单。梳理发现，中国上榜企业中有68家企业排名下降，主要集中 在传统制造业、汽车及能源领域。 ...

Core Viewpoint - The Shanghai Lingang New Area has launched a new policy to promote high-level institutional openness and support the high-quality development of the leasing industry, specifically through the expansion of the business scope for financial leasing project companies [1] Group 1: Policy Announcement - The "Financial Leasing Project Company Business Scope Expansion Pilot" policy was officially announced during the event held on July 17 [1] - The pilot program expands the leasing objects to include four types of equipment: new energy, power batteries, intelligent manufacturing, and industrial mother machines [1] - This expansion aligns with the strategic frontier industries of the Lingang New Area, providing richer support for financing leasing services to the real economy [1] Group 2: Implementation and Impact - The business entities are now allowed to set up Special Purpose Vehicles (SPVs) for financial leasing across the country, broadening the scope of operations [1] - This initiative is seen as a significant innovative measure supported by the National Financial Regulatory Administration to enhance the development of financial leasing in the Lingang New Area [1]

Group 1: Industry Overview - The rapid development of China's new energy vehicle industry is significantly changing the automotive landscape and impacting capital market trends [1] - Power batteries are crucial components of new energy vehicles, with CATL emerging as a trillion-yuan market giant due to its strong performance in this sector [1] Group 2: CATL's Performance - CATL's stock price surged 27 times within three years after its successful A-share listing in 2018, reaching a historical peak in 2021 [1] - In May 2025, CATL successfully listed on the Hong Kong stock market, marking a significant step in its globalization strategy [1] - In June 2024, CATL's installed capacity reached 339.3 GWh, a year-on-year increase of 31.7%, with a market share of 37.9%, maintaining its position as the global leader [3] Group 3: Competitor Analysis - In contrast to CATL, EVE Energy has struggled in recent years, with its stock price plummeting nearly 70% since its peak at the end of 2021 [3] - EVE Energy's market share in the power battery sector dropped to approximately 3.4% in 2024, ranking fifth among domestic manufacturers [6] - EVE Energy is currently facing financial challenges, with a cash balance of 13.435 billion yuan and a funding gap of 4 billion yuan for overseas factory investments [6] Group 4: EVE Energy's IPO and Future Plans - EVE Energy has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming to raise funds for overseas factory construction and operational capital [5] - The company's asset-liability ratio is higher than the industry average, indicating significant repayment pressure [6] - Despite efforts to increase capacity and market share, EVE Energy's declining position in the market highlights the challenges it faces in a competitive landscape [6]

Core Viewpoint - CATL's subsidiary, Ningde Times (Shanghai) Intelligent Technology Co., Ltd., has completed a 2 billion RMB financing round, with a pre-investment valuation of 9 billion RMB, and is expected to exceed 10 billion RMB post-investment, indicating a significant growth trajectory for the company [2][3]. Group 1: Financing and Ownership Structure - CATL currently holds 80.01% of the shares in Ningde Times Intelligent, while Ningbo Meishan Free Trade Port Zone Ningchuang Zhiyuan Venture Capital Partnership (Limited Partnership) holds 9.9% [3]. - This financing marks the first time Ningde Times Intelligent has opened equity to external capital, suggesting a strategic move to accelerate its chassis business [3]. Group 2: Business Development and Product Offerings - Established in July 2021 with a registered capital of 2.5 billion RMB, Ningde Times Intelligent focuses on key technologies such as electric vehicle chassis, three-electric integration, and intelligent control [3]. - The company plans to utilize the financing for project capacity construction and technology development for new scenarios like Robotaxi [3][9]. - The launch of the "Rock" chassis in December 2024 is expected to significantly enhance safety and reduce development cycles for new vehicle models [4]. Group 3: Market Position and Competitive Advantage - The "Rock" chassis can reduce the development cycle of a vehicle from 3 years to 12-18 months and is projected to lower the BOM cost by 5% [4]. - CATL's entry into the chassis market is closely tied to its core battery business, leveraging its CTC technology to enhance energy density and space utilization [6]. - The company aims to transition from a "single battery supplier" to a "comprehensive energy solution provider" to maintain its market position [7]. Group 4: Industry Challenges and Opportunities - The automotive industry faces challenges as automakers are also participants in chassis technology, which may limit the market space for chassis suppliers [7]. - There are existing tensions between automakers and third-party chassis suppliers regarding profit and supply chain security [8]. - The maturation of conditions for commercializing autonomous driving, particularly in Robotaxi scenarios, presents a potential breakthrough for the chassis market [9].