Shanghai (Gasgoo)- On April 14, CATL released its financial results for the first quarter (Q1) of 2025, reporting revenue of 84.705 billion yuan, which climbed 6.18% over the previous year.
During the quarter, CATL's net profit attributable to shareholders reached 13.963 billion yuan, a jump of 32.85% year-on-year. The company also posted a gross profit margin of 24.4%, reflecting both year-on-year and quarter-on-quarter improvement. Research and development (R&D) spending reached 4.814 billion yuan in the period, up 10.92% from a year earlier, while operating cash flow surged to 32.868 billion yuan, underscoring the company's strong profitability and growth momentum.
CATL's global expansion strategy continues to gain traction. On April 10, the Hong Kong Stock Exchange Listing Committee held a hearing to review CATL's application for an H-share offering. The company's joint sponsors received confirmation on April 11 that the application had passed the review, marking a significant step forward in the listing process. From submission on February 11 to hearing in just two months, the progress reflects the firm's steady advancement toward broader international market participation.
Meanwhile, CATL is actively reinforcing its closed-loop new energy ecosystem. In a strategic move in late March, the company signed a framework agreement with Sinopec to jointly build a nationwide battery swap network. The two parties plan to establish at least 500 battery swap stations by 2025, with a long-term target of 10,000 stations. As a collaboration between a traditional energy heavyweight and a leading new energy enterprise, the partnership aims to standardize battery swapping and develop a nationwide integrated energy infrastructure, offering a model for global energy transition practices.
Further advancing its battery swapping initiative, CATL also signed a strategic agreement with NIO to build the world's largest and most advanced passenger vehicle battery swap network. NIO's Firefly brand will gradually adopt CATL's "Choco-Swap" battery swap standard and infrastructure. The two companies will operate dual networks in parallel and collaborate on the development and promotion of national battery swapping standards, facilitating cross-brand and cross-model battery compatibility.
