让汽车和未来触手可及。 文 ｜ 王磊 编辑 ｜ 秦章勇 来源｜ 超电实验室（ID：SuperEV-Lab） 封面来源 ｜ 视觉中国 半年进账300亿，宁德时代太能赚钱了。 宁德时代发布了上半年成绩单，总营收1788.86亿元，归母净利润达到了304.85亿元，同比增长了33.33%，同时以38.1%市占率继续霸榜动力电池市场全球 第一。 以下文章来源于超电实验室 ，作者王磊 超电实验室 . 日赚1.7个小目标。 | 二、境内外層計準則下雪計數據表異 1 . | | 同時按照國際會計準則與按照中國會計準則披露的財務報告中淨利潤和淨資產差異情況 | | | --- | --- | --- | --- | | ☑摘用 □不滴用 | | | | | | | | 單位:千元 | | | 公司擁有人應佔溢利 | | 公司擁有人應佔權益 | | | 本期數 期末散 | 上期致 | 期初數 | | 按中國會計準則 | 30,485,139 22,864,987 294,923,020 246,930,033 | | | | 按國際會計準則調整的項目及金額 | | | | | 聯營企業股權被動稱奉影響 | 27,080 72. ...

Core Viewpoint - Ningde Times reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by the increasing demand for energy storage and battery systems in the context of global clean energy transitions [1][2]. Financial Performance - In the first half of 2025, Ningde Times achieved operating revenue of 178.886 billion yuan, a year-on-year increase of 7.27% - Net profit reached 30.485 billion yuan, up 33.33% year-on-year - Operating cash flow was 58.687 billion yuan, an increase of 31.26% year-on-year - Basic earnings per share were 6.92 yuan, reflecting a growth of 33.08% [1]. Business Segments - Revenue from power battery systems was approximately 131.573 billion yuan, a year-on-year increase of 16.8%, accounting for about 73.55% of total revenue with a gross margin of 22.41% - Revenue from energy storage battery systems was 28.4 billion yuan, down 1.47% year-on-year, with a revenue share of 15.88% and a gross margin of 25.52% - Battery materials and recycling generated revenue of 7.887 billion yuan, a decline of 44.97%, with a gross margin of 26.42% - Revenue from battery mineral resources was 3.361 billion yuan, up 27.86% year-on-year, with a gross margin of 9.07% [1]. Market Position - As of May 2025, Ningde Times held a global market share of 38.1% in power battery usage, an increase of 0.6 percentage points year-on-year - In the energy storage sector, the company ranked first globally in energy storage battery production for the first half of 2025 [2]. Research and Development - Ningde Times has six major R&D centers with over 21,000 research personnel - The company holds a total of 49,347 patents and pending applications, with 29,709 in China and 19,638 overseas - R&D investment in the first half of 2025 was approximately 10.095 billion yuan, a year-on-year increase of 17.48% [2]. Capital Market Activities - On May 20, 2025, Ningde Times successfully listed on the Hong Kong Stock Exchange, raising a total of 41 billion HKD, which will be used for project construction in Hungary and general corporate purposes - The listing is expected to enhance the company's global capital market integration and competitiveness [2]. Dividend and Financial Management - The company announced a mid-year dividend plan, proposing a cash dividend of 10.07 yuan per 10 shares (tax included) - Ningde Times plans to increase its entrusted wealth management quota by up to 40 billion yuan, bringing the total for 2025 to 80 billion yuan, funded by temporarily idle self-owned funds [3]. Future Outlook - Company executives indicated that while solid-state batteries are gaining attention, true commercialization is expected to take longer, with small-scale production anticipated by 2027 and full-scale commercialization around 2030 [4].

Core Insights - CATL announced the mass production and delivery of its new 587Ah energy storage cell, achieving significant breakthroughs in space utilization and system structure [1][3] - The 587Ah cell features an energy density of 434Wh/L, a 10% increase from the previous generation, and a system energy density improvement of 25% [3] - CATL's energy storage systems have a gross profit margin of 26.84% in 2024, reflecting an increase of 8.19 percentage points year-on-year [4] Company Developments - The 587Ah cell is recognized as one of the first large-capacity energy storage cells to be mass-produced and delivered in the industry [3] - CATL has maintained the top global ranking in energy storage cell shipments from 2021 to 2024, with a market share of 36.5% in 2024 [4] - The company has reduced the total number of system components from 30,000 to 18,000, enhancing operational efficiency and safety [1] Industry Context - The global energy storage market is experiencing rapid growth, but issues such as parameter inflation and safety concerns need to be addressed [3] - There is a lack of universal methods and standards for rapid aging and lifespan testing of energy storage products, which affects reliability and profitability [3] - Some previously launched energy storage projects have reported actual lifespans of only 3 to 5 years, significantly lower than the claimed 10,000 to 15,000 cycles [3]