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On April 14, 2025, CATL released its first-quarter report for 2025. During the reporting period, the company's performance continued to grow steadily, and shareholder returns kept increasing. It achieved operating revenue of 84.7 billion yuan and net profit attributable to shareholders of 13.96 billion yuan, representing a year-on-year growth of 32.9%. The comprehensive gross profit margin was 24.4%, achieving year-on-year and month-on-month growth. The investment in research and development exceeds 4.8 billion RMB. The operating cash flow reached 32.87 billion yuan.
Since its A-share listing in 2018, CATL has been continuously enhancing shareholder returns. The dividend payout ratio has reached 50% for two consecutive years in 2023 and 2024, with A cumulative dividend payout (including the announced dividend plan for 2024) and share repurchase amount of nearly 60 billion yuan. Recently, based on confidence in the company's future development and recognition of its value, the company plans to repurchase 4 to 8 billion yuan.
The progress of H shares has been smooth, facilitating the international strategic layout
The Listing Committee of the Hong Kong Stock Exchange held a listing hearing on April 10, 2025, to review the application of CATL for the issuance and listing of H shares. The company's joint sponsors received a letter from the Hong Kong Stock Exchange on April 11, 2025, stating that the Listing Committee of the Hong Kong Stock Exchange had reviewed the company's listing application. From submitting the listing application to the Hong Kong Stock Exchange on February 11th to the hearing on April 10th, the company's H shares have been progressing smoothly, accelerating the pace of its international strategic layout.
Second, the battery swap network is accelerating its implementation, adding new impetus to the zero-carbon ecosystem
Catl is continuously improving the closed loop of its new energy ecosystem. Recently, CATL has signed a cooperation framework agreement with Sinopec Group. The two sides will jointly build a nationwide battery swap ecosystem network. By 2025, they will build no less than 500 battery swap stations, and the long-term goal is to expand to 10,000. As a traditional energy giant and a leading enterprise in new energy, Sinopec and the company will jointly promote the standardization of battery swapping, work together to build a national comprehensive energy infrastructure, and contribute a Chinese practical example to the global energy transition.
Catl has also signed a strategic cooperation agreement with NIO. The two sides will jointly build the world's largest and most technologically advanced passenger car battery swap service network. The new models developed by NIO's firefly brand in the future will introduce the company's chocolate battery swap standard and network at an appropriate time. The battery swapping networks of both sides will adopt a "dual-network parallel" mode. In the future, the two sides will also jointly promote the formulation and popularization of national standards for battery swapping technology, and facilitate battery compatibility across brands and vehicle models.
Recently, CATL has also signed a strategic cooperation agreement with the Highway Research Institute of the Ministry of Transport. The two sides will carry out in-depth cooperation in areas such as battery swapping technology research and development, policy reserve research, standard system construction, and scenario-based application.
In terms of building a zero-carbon ecosystem, the company has signed a strategic cooperation agreement with Dongying City, Shandong Province. The two sides will cooperate in areas such as zero-carbon industrial parks and the new energy transformation of industries. Relying on the 40GWh lithium battery green intelligent manufacturing base that the company is about to build in Kenli District, Dongying, Shandong Province, a full-chain green industrial cluster will be formed, and the company's first high-proportion green power direct supply zero-carbon industrial park in the country will be jointly established. The company has signed zero-carbon application scenario cooperation agreements with Dongying City, Shengli Oilfield and China University of Petroleum, promoting the implementation of the company's zero-carbon solutions in high-energy-consuming fields such as chemical engineering and oilfields, and creating innovative practices for the new energy transformation of industries.
Third, the position in the power market is stable, and overseas energy storage orders have broken through
In terms of the performance of the power market, in the first quarter of 2025, according to the China Association of Automobile Manufacturers, China's production and sales of new energy vehicles reached 3.182 million and 3.075 million respectively, increasing by 50.4% and 47.1% year-on-year. The start was good, injecting strong impetus into the industrial chain. The company's global market share of power batteries has been steadily increasing. According to SNE statistics, after ranking first in the world in terms of power battery usage for eight consecutive years from 2017 to 2024, the company's global market share of power battery usage from January to February 2025 was 38%, among which the company's market share in Europe was 43%, an increase of 8 percentage points year-on-year. It is 13 percentage points higher than the second place.
In the energy storage market, the company has become the preferred battery energy storage system supplier for the 19GWh 8-hour data center project of RTC in the United Arab Emirates. This data center will achieve continuous clean power generation 24 hours a day. The company, in collaboration with Quinbrook, has developed the world's first 8-hour battery energy storage system, EnerQB, which will be deployed in Australia with a total capacity of 24GWh.
Since the beginning of this year, the company's capacity utilization rate has been full, and both production and sales have been booming. A sustained high growth rate in the future is expected. Catl has been making continuous breakthroughs in multiple dimensions such as technology, market and capital, which will create greater value for investors.
