Core Viewpoint - CATL is accelerating its skateboard chassis business, focusing on commercial vehicles and specific scenarios like Robotaxi, aiming for breakthroughs in the mid-to-low-end passenger car market [1][15]. Financing and Business Development - CATL's subsidiary, Times Intelligent, is in the process of raising 2 billion yuan in its first external financing round, with a pre-financing valuation of approximately 9 billion yuan [2]. - Times Intelligent, established in 2021, specializes in battery-centric skateboard chassis products and services, and is now opening up equity to external capital for the first time [2][3]. - The financing is driven by the need to alleviate financial pressure due to limited group funding and underperformance in expected sales from partnerships, particularly with Nezha Auto [5]. Technological Advancements - The skateboard chassis, known as CIIC, integrates battery and electric drive systems, allowing for a decoupled design that can adapt to various vehicle bodies [3]. - Recent collaborations with automakers like BAIC, JAC, and Changan Mazda are expected to yield new models by 2026-2027 [7]. Strategic Considerations - CATL's entry into the skateboard chassis market is motivated by the need to bundle its battery business and counteract declining growth rates in its core battery segment [7]. - The company's gross margin has decreased from 43.7% in 2016 to 24.4% in 2024, with market share dropping from 52.1% in 2021 to 43.4% in the first half of 2023 [7]. Market Challenges and Opportunities - The skateboard chassis concept, while historically facing challenges, is now seen as having potential due to its ability to shorten development cycles and reduce costs for electric vehicles [12][13]. - However, third-party chassis companies face challenges in gaining acceptance from traditional automakers, who may prefer to develop their own chassis for differentiation [14]. Future Prospects - CATL is targeting commercial vehicles, specific scenarios like Robotaxi, and cost-effective mid-to-low-end passenger cars as key areas for growth [15]. - A strategic partnership with T3 Mobility aims to advance the development of Robotaxi based on CATL's skateboard chassis platform [15].

Core Viewpoint - CATL is accelerating its skateboard chassis business, with the first round of external financing for its subsidiary, Times Intelligent, amounting to 2 billion yuan and a pre-financing valuation of approximately 9 billion yuan [2][4]. Financing and Business Development - Times Intelligent, established in 2021, focuses on battery-centric skateboard chassis products and services, and is now opening up equity to external capital for the first time [2][4]. - The financing round is led by well-known market investment institutions, with participation from both new energy industry capital and state-owned capital [2][4]. - The company aims to alleviate financial pressure due to limited group funding and previous reliance on Neta Auto for product promotion, which did not meet sales expectations [4][5]. Technological Advancements - The skateboard chassis, known as CIIC (CATL Integrated Intelligent Chassis), integrates battery and electric drive systems, allowing for modular vehicle design [3][6]. - Recent collaborations with various automotive manufacturers, including BAIC and Jianghuai, are expected to yield new models between 2026 and 2027 [4][5]. Market Position and Strategy - CATL's entry into the skateboard chassis market is driven by the need to bundle sales with its existing battery business and to find new growth points amid declining battery business growth [5][10]. - The company's gross margin has decreased from 43.7% in 2016 to 24.4% in 2024, with market share dropping from 52.1% in 2021 to 43.4% in the first half of this year [5][10]. Challenges and Industry Dynamics - The skateboard chassis concept, while promising, faces challenges such as integration complexity and the need for standardized interfaces among different automakers [10][11]. - The market for skateboard chassis is competitive, with many automakers, including Tesla and BYD, developing their own platforms, which may limit the market for third-party suppliers like Times Intelligent [12]. Future Prospects - Times Intelligent is also exploring international markets, with potential announcements expected soon [8]. - The skateboard chassis model could reduce development costs and time significantly, making it attractive for new energy vehicles [9][10].

Core Viewpoint - CATL is advancing its second listing in Hong Kong, with strong financial performance in Q1 2023, reporting revenue exceeding 80 billion yuan and net profit nearing 14 billion yuan, while also progressing smoothly with its H-share listing application [1][5]. Financial Performance - In Q1 2023, CATL reported revenue of 84.7 billion yuan, a 6.18% increase from the previous year, and a net profit of 13.96 billion yuan, up 32.85% year-on-year [2]. - The operating cash flow reached 32.87 billion yuan, reflecting strong liquidity [5]. - Basic earnings per share increased to 3.18 yuan, a 33.05% rise compared to the previous year [2]. Overseas Expansion - CATL aims to expand its international presence through its upcoming H-share listing, which is expected to be one of the largest projects in Hong Kong in recent years [3]. - The funds raised from the listing will primarily support overseas capacity expansion and international business development [5]. - As of September 2022, CATL's lithium battery production capacity exceeded 700 GWh, with an additional 240 GWh under construction, including facilities in Germany, Hungary, and Indonesia [5][6]. - In 2022, overseas sales accounted for 30.48% of CATL's total revenue, indicating significant growth potential in international markets [6]. Domestic Market Strategy - In addition to international expansion, CATL is focusing on the domestic battery swap market, launching the "EVOGO" brand and forming partnerships with various automakers [7]. - A strategic cooperation agreement with NIO aims to create a comprehensive battery swap network and establish industry standards [7][9]. - CATL plans to build 1,000 battery swap stations this year and has signed a framework agreement with Sinopec to develop a nationwide battery swap ecosystem [9]. Market Dynamics - The cost of establishing a battery swap station is significant, with current estimates around 5 million yuan, necessitating a utilization rate of 20% for breakeven [8]. - The collaboration with NIO and other partners is expected to enhance the utilization of swap stations and accelerate market penetration [8][9]. - Industry experts emphasize the need for unified standards in battery swapping to avoid inefficiencies and enhance market competitiveness [9].