time:2025-07-31 source:上海证券报
On the evening of July 30th, CATL released its semi annual report for 2025. In the first half of the year, the revenue reached RMB 178.9 billion, a year-on-year increase of over 7.2%; Net profit was 30.5 billion yuan, a year-on-year increase of over 33%.
At the financial conference call on the evening of July 30th, a person in charge of CATL responded to questions about solid-state batteries by stating that many of the solid-state battery products currently under development in the market are actually semi-solid batteries. CATL is currently leading the industry in solid-state battery research and development and has made good progress. On the other hand, the above-mentioned person in charge stated that the commercialization of solid-state batteries is complex and requires consideration of factors such as cost and supply chain maturity. Among them, the maturity of the supply chain requires a cycle of more than 3 years. CATL expects small-scale production of solid-state batteries by 2027, with the possibility of larger scale production around 2030.
According to the semi annual report, CATL's total revenue for the first half of the year was 178.9 billion yuan, a year-on-year increase of over 7.2%; The net profit attributable to shareholders of the listed company was 30.5 billion yuan, a year-on-year increase of over 33%; The gross profit margin exceeded 25.0%, a year-on-year increase of 1.8 percentage points; The operating cash flow reached 58.69 billion yuan.
As a leading global enterprise in power batteries and energy storage batteries, CATL has a solid advantage in the global market. In the field of power batteries, according to SNE Research data, the global market share of CATL's power battery usage from January to May 2025 was 38.1%, an increase of 0.6 percentage points compared to the same period in 2024, ranking first.
In the field of energy storage, according to Xinluo data, from January to June 2025, CATL's energy storage battery production ranked first in the world. As of the end of the reporting period, CATL has achieved a global cumulative installation of approximately 20 million power batteries and over 2000 global cumulative applications of energy storage batteries.
While achieving rapid development, CATL values returns for investors. According to the 2025 mid-term dividend plan, CATL will distribute a cash dividend of 10.07 yuan (including tax) for every 10 shares to all shareholders, with a total dividend amount of 4.573 billion yuan. CATL hopes to further enhance investors' sense of gain by increasing the frequency of dividends.
In terms of research and innovation, CATL has established six major R&D centers covering the world, with a R&D team size of over 21000 people. The company has independently built three core technology platforms: high-throughput material integration computing, intelligent cell design, and intelligent process development, continuously optimizing product performance with precision and iterating solutions.
Ningde Times also introduced that the research results of lithium metal batteries independently completed by the company's R&D team have been published in the top international journal "Nature · Nanotechnology", marking the highest level of recognition of the company's basic scientific research capabilities in the field of nanotechnology. As of the end of the reporting period, the company has applied for and is currently in the process of obtaining 49347 patents, including 29709 domestic patents and 19638 overseas patents.
Based on its research and development capabilities, the company has created a comprehensive and advanced product matrix in the industry, empowering full scenario applications with performance. In the field of passenger cars, the company has achieved three major breakthroughs in product performance, chemical system, and combination methods: the second-generation Shenxing battery is the world's first lithium iron phosphate battery that combines 800 kilometers of ultra long range and peak 12C charging capability, the sodium new battery is the world's first mass-produced sodium ion power battery, and the multi-core architecture achieves free combination across systems, quantities, and voltages through the "flexible combination" of multiple chemical systems.
CATL has revealed that the company continuously upgrades and innovates its solutions, building an efficient energy replenishment ecosystem through battery swapping solutions. The new generation chocolate battery swapping solution can achieve 100 second rapid energy replenishment, and more than 300 battery swapping stations have been built in the first half of 2025. Through strategic partnerships with companies such as Sinopec and NIO, we are accelerating the construction of an efficient, convenient, and cost-effective nationwide energy replenishment network. In terms of heavy-duty truck battery swapping, the company has launched a 75 # standardized battery swapping block and a full scenario chassis battery swapping solution, and will build an "eight horizontal and ten vertical" battery swapping green network covering 80% of the country's trunk transportation capacity by 2030.
Steadily advancing overseas project construction in Hungary, Spain, Indonesia, and other countries
In terms of globalization strategy, CATL announced that the company was successfully listed on the main board of the Hong Kong Stock Exchange on May 20, 2025, raising a total of HKD 41 billion. The raised funds will be used for project construction and operating capital in Hungary, as well as general corporate purposes. The company has established an overseas capital operation platform through this H-share listing, which will help further integrate into the global capital market, accelerate the global strategic layout, and enhance comprehensive competitiveness.
CATL has revealed that in order to meet the surging demand for orders from global customers, the company is making every effort to promote global production capacity construction. Domestically, the company has successfully promoted the construction of bases such as Zhongzhou, Jining, Fuding, and Liyang; In terms of overseas operations, the company is steadily advancing the construction of factories in Hungary, a joint venture with Stellantis in Spain, and an Indonesian battery industry chain project. A strong global delivery network is rapidly taking shape.
In addition, CATL has also systematically promoted the "zero carbon strategy" and continued to advance energy-saving renovation projects during the reporting period, reducing a total of 51000 tons of carbon dioxide equivalent emissions; The German base has obtained carbon neutrality certification, and the total number of zero carbon factories has increased to 10. CATL stated that looking ahead, the company will continue to rely on its research and development capabilities and globalization strategy to lead the global energy transformation and create long-term and outstanding value for shareholders, customers, and society.