Core Insights - CATL's subsidiary, Times Intelligent, is initiating its first round of external financing, aiming to raise 2 billion yuan, with a pre-investment valuation of approximately 9 billion yuan [2][6] - This financing marks a significant step for CATL as it opens up equity to external capital for the first time, moving beyond its previous reliance on affiliated companies [2][6] - The move is part of CATL's strategy to accelerate its chassis business, particularly the CIIC (CATL Integrated Intelligent Chassis), which integrates battery and electric drive systems [3][6] Financing Details - The financing round is conducted through targeted invitations, with a minimum investment of 10 million yuan, primarily attracting large state-owned enterprises [2] - Prior to this, Times Intelligent had only engaged with CATL's affiliated companies for investment [2] Business Strategy - CATL is actively expanding its "sliding chassis" business, which is seen as a new growth avenue amid a decline in its domestic market share, which fell from 52.1% in 2021 to 43.4% in the first half of 2025 [6] - The company has established partnerships with several automotive manufacturers, including Avita, Jiangqi Group, BAIC New Energy, and Changan Mazda, to promote the sliding chassis technology [7]