Overseas Revenue Exceeds 381.8 Billion Yuan! Unveiling the Annual Report Card of the Top 10 Power Battery Enterprises

In 2024, the global new energy automotive industry continued to flourish, and the power battery market, as a core component, also showed robust growth. Data from the China Automotive Power Battery Industry Innovation Alliance showed that in 2024, China's cumulative power battery installations reached 548.4GWh, up 41.5% YoY, reflecting the robust demand for power batteries in the domestic NEV market. A total of 55 power battery enterprises achieved vehicle installations in China's NEV market throughout the year, an increase of four from the previous year. The top 10 power battery enterprises had installations of 524.1GWh, accounting for 95.6% of the total, indicating increasingly fierce competition but also a clear concentration among leading players.

Among the top 10 publicly listed firms (CATL, BYD, CALB, Gotion High-tech, EVE, Sunwoda, REPT Battero, Zenergy), the cumulative installations were 499.03GWh, representing 91.43% of the total, further highlighting the market influence of these leading enterprises.

Focusing on the top 10 publicly listed power battery companies, Battery Network conducted an in-depth analysis of their performance in 2024, exploring how these companies leveraged their core competitiveness to achieve breakthroughs and development in a complex and ever-changing market environment. At the same time, it uncovered the trends and potential challenges reflected by the fluctuations in their performance.

CATL's 2024 net profit was 50.7 billion yuan, with lithium battery sales reaching 475GWh.

In 2024, CATL (300750) had a total operating revenue of 362 billion yuan, with a net profit attributable to shareholders of 50.7 billion yuan, up 15% YoY; the comprehensive gross margin was 24.4%, up 5.3 percentage points YoY; operating cash flow was strong, reaching 97 billion yuan; cash reserves were ample, with end-of-period monetary funds exceeding 300 billion yuan.

According to SNE Research data, in the power battery sector, CATL ranked first globally in power battery usage for eight consecutive years from 2017-2024, with a global market share of 37.9% in 2024, 20.7 percentage points higher than the second place. In the ESS sector, the company ranked first globally in ESS battery shipments for four consecutive years from 2021-2024, with a global market share of 36.5% in 2024, 23.3 percentage points higher than the second place.

In terms of sales, CATL achieved lithium-ion battery sales of 475GWh in 2024, up 21.79% YoY, including 381GWh in power battery systems, up 18.85% YoY, and 93GWh in ESS battery systems, up 34.32% YoY.

In 2024, the main products sold overseas by CATL were battery systems, with no significant changes compared to the previous year. The company's overseas revenue was 110.336 billion yuan, accounting for 30.48% of the current period's revenue.

In terms of capacity construction, CATL's domestic under-construction capacities mainly included bases in Ningde, Jining, Luoyang, and Beijing. Overseas, the company's capacity layout included factories in Germany and Hungary, a joint venture with Stellantis in Spain, and the Indonesia battery industry chain project, all of which were progressing smoothly.

According to the annual report, CATL's battery system capacity was 676GWh, with 219GWh under construction, and a capacity utilization rate of 76.33%. In 2024, the company's battery system sales volume was 475GWh, up 21.79% YoY; production volume was 516GWh, up 32.65% YoY; inventory volume was 106GWh, up 51.43% YoY.

As of the end of 2024, CATL owned a total of 43,354 patents and patent applications, including 25,439 in China and 17,915 abroad.

The annual report showed that CATL's sodium-ion battery aimed to promote the diversification of electrochemical systems, further reduce battery costs, and apply to a wider range of scenarios. The first-generation product had already been mass-produced, and the development of the second-generation product was underway.

BYD's 2024 net profit was 40.25 billion yuan, with blade battery installations nearing 200GWh.

In 2024, BYD (002594) had a revenue of 777.1 billion yuan, up 29% YoY; net profit attributable to shareholders was 40.25 billion yuan, up 34% YoY.

In 2024, BYD's overseas turnover was 221.9 billion yuan, accounting for 28.55% of the total revenue, up 38.49% YoY.

In 2024, BYD's R&D investment was approximately 54.2 billion yuan, up 35.68% YoY. As of 2024, BYD's cumulative R&D investment exceeded 180 billion yuan, with over 120,000 R&D personnel.

As of the end of 2024, BYD's cash reserves reached a record 154.9 billion yuan, with interest-bearing liabilities decreasing from 36.55 billion yuan in 2023 to 28.58 billion yuan, accounting for only 4.9% of total liabilities, the lowest level in the industry.

BYD's blade battery technology aimed to achieve eight advantages: super safety, super strength, super driving range, super power, super low-temperature performance, super lifespan, super cost, and super reliability, addressing consumer pain points such as safety, driving range, and fast charging. Blade battery products began to be gradually applied to all pure electric and plug-in hybrid models of the BYD, Denza, Fangchengbao, and Yangwang brands starting from July 2020. In 2024, the company's blade battery installations neared 200GWh.

In terms of sodium-ion batteries, BYD achieved a cell capacity of 200Ah and over 10,000 cycle performances, with better safety, power, and high/low-temperature performance than lithium batteries. It also established the production process for sodium-ion batteries, achieving the deployment of MWh-level ESS, laying a solid foundation for the scale-up of its sodium-ion battery business.

As of the end of 2024, BYD filed an average of 45 patent applications and received 20 patent authorizations per working day, and released a series of groundbreaking technologies during the year, leading the industry trend.

CALB's 2024 profit was 844 million yuan, with power battery sales revenue of 19.551 billion yuan.

In 2024, CALB (3,931) had a total revenue of 27.75 billion yuan, up 2.8% YoY; the annual profit was 844 million yuan, up 93.0% YoY; the basic earnings per share were 0.3336 yuan, up 100.8% YoY.

In 2024, the revenue generated from CALB's power battery sales decreased from 22.249 billion yuan in the year ended December 31, 2023, to 19.551 billion yuan in the year ended December 31, 2024, down 12.1%; the revenue from ESS products and others increased from 4.757 billion yuan in the year ended December 31, 2023, to 8.201 billion yuan in the year ended December 31, 2024, up 72.4%.

In 2024, CALB's revenue from overseas regions decreased from 653 million yuan in the year ended December 31, 2023, to 640 million yuan in the year ended December 31, 2024, down 2.0%, mainly due to a decline in battery prices despite an increase in sales volume.

According to the latest statistics from SNE Research, CALB's power battery installations in 2024 grew 16.6% YoY, ranking fourth globally and third domestically. According to InfoLink data, the company's ESS cell shipments ranked fifth globally in 2024.

CALB had formed a patent layout covering the entire battery industry chain, including battery materials, battery structure, system integration, electrical circuits, BMS, manufacturing processes, and battery recycling. As of December 31, 2024, CALB had 3,531 authorized patents and 1,011 pending patent applications.

In terms of overseas capacity, CALB's Portugal project was successfully approved as a Portuguese National Interest Project (PIN) and received environmental approval in 2024, with construction scheduled to begin in Q1 2025. Meanwhile, CALB established a base in Thailand in 2024, implementing an ASEAN regional industrial layout.

Gotion High-tech's 2024 net profit was 1.207 billion yuan, with overseas revenue of 11.005 billion yuan.

In 2024, Gotion High-tech (002074) set a new revenue record, reaching 35.392 billion yuan, up 11.98% YoY; net profit attributable to shareholders was 1.207 billion yuan, up 28.56% YoY; non-recurring net profit was 263 million yuan, up 125.86% YoY.

In 2024, Gotion High-tech's overseas revenue continued to grow rapidly, reaching 11.005 billion yuan, up 71.21% YoY, with the ratio of overseas to domestic business revenue improving from 2:8 to 3:7.

According to SNE Research data, in 2024, Gotion High-tech ranked third globally in LFP installations, with a market share of 6.18%. The company's global power lithium battery installations grew 73.8% YoY, with a market share of 3.2%, ranking eighth. In the ESS battery sector, the company's ESS battery shipments grew 200% YoY, with a market share of 6% in 2024.

The annual report showed that in 2024, Gotion High-tech's battery pack sales volume was 19,752,310kAh, up 40.38% YoY; production volume was 21,076,310kAh, up 41.49% YoY; inventory volume was 3,727,030kAh, up 55.10% YoY.

Gotion High-tech's R&D investment grew against the trend, reaching 2.929 billion yuan in 2024, up 5.83% YoY, with R&D investment accounting for 8.28% of revenue.

As of the end of 2024, Gotion High-tech had cumulatively applied for 10,556 patents, including 4,622 invention patents (including 303 foreign patents), and participated in the formulation of 92 standards.

From a global market expansion perspective, Gotion High-tech had initially formed a global layout in China, Europe, Africa, America, and Southeast Asia. Regarding the progress of global local capacity, Gotion High-tech stated in the annual report that the Thailand factory, Vietnam base, and Gottingen factory were in operation, with other overseas bases and related supporting industrial bases accelerating construction. Additionally, the company was accelerating the construction of an overseas after-sales service system to improve local service efficiency.

EVE's 2024 net profit was 4.076 billion yuan, with power battery shipments of 30.29GWh.

In 2024, EVE (300014) achieved a revenue of 48.615 billion yuan, down 0.35% YoY; net profit attributable to shareholders was 4.076 billion yuan, up 0.63% YoY.

In 2024, EVE's overseas revenue was 11.791 billion yuan, accounting for 24.25% of the total revenue, down 11.35% YoY.

In 2024, EVE's ESS business scale and technology level both saw significant improvements, with ESS battery shipments reaching 50.45GWh, up 91.90% YoY; the company's power battery shipments were 30.29GWh, up 7.87% YoY.

EVE's large cylindrical battery project for passenger vehicles in Debrecen, Hungary, progressed smoothly, located near BMW's Debrecen plant, with expected completion and production in 2026. The company's Malaysia factory, positioned as a multi-scenario lithium battery production base covering Asia and radiating globally, is expected to achieve mass production of 680 million small cylindrical batteries at the beginning of 2025. In 2024, the company added ESS and consumer battery manufacturing projects, further consolidating the Malaysia factory's position as a supply chain hub in Southeast Asia. Through the "CLS Global Cooperation Business Model," EVE partnered with a leading North American commercial vehicle company to build battery capacity, focusing on the commercial vehicle sector. In September 2024, the US regional headquarters officially opened, marking a new phase in localized operations.

EVE adhered to innovation-driven development, with a research institute of about 230,000 square meters and a cross-disciplinary R&D team of 6,068 members. The company established six research institutes and five research centers, covering a comprehensive battery R&D platform from lithium batteries, lithium-ion batteries, power batteries, battery systems to equipment materials and mobile energy technology.In terms of solid-state battery technology, EVE has completed the development of small pouch battery assembly processes for its all-solid-state batteries. A pilot line with a capacity of hundreds of MWh is expected to be operational in 2025. The company plans to launch high-power all-solid-state batteries primarily for hybrid applications in 2026 and gradually advance to 400Wh/Kg high specific energy all-solid-state batteries by 2028. Additionally, the company has achieved significant research results in lithium metal secondary batteries, sodium-ion batteries, and hydrogen fuel cells. Among these, the company's sodium-ion batteries have been delivered in small batches. Sunwoda's 2024 net profit is 1.468 billion yuan, with power battery shipments reaching 25.29GWh. In 2024, Sunwoda (300207) achieved revenue of 56.021 billion yuan, up 17.05% YoY; the net profit attributable to shareholders of the publicly listed firm was 1.468 billion yuan, up 36.43% YoY; the net profit attributable to shareholders of the publicly listed firm, excluding non-recurring gains and losses, was 1.605 billion yuan, up 64.99% YoY. In 2024, the main products sold overseas by Sunwoda were consumer batteries, which did not change significantly compared to the previous year. The company's overseas revenue was 23.431 billion yuan, accounting for 41.83% of the current period's revenue. By product category, in 2024, Sunwoda's consumer batteries achieved revenue of 30.405 billion yuan, up 6.52% YoY; EV batteries achieved revenue of 15.139 billion yuan, up 40.24% YoY; ESS business achieved revenue of 1.889 billion yuan, up 70.19% YoY; other businesses achieved revenue of 8.588 billion yuan, up 15.83% YoY. In 2024, Sunwoda's total power battery shipments reached 25.29GWh, an increase of 116.89% from 2023; ESS installations were 8.88GWh, up 107% YoY. According to data released by SNE Research, a South Korean research firm, in 2024, Sunwoda's global power battery installations totaled 18.8GWh, up 74.1% YoY, with a market share of 2.1%, ranking tenth. Data from the China Automotive Power Battery Industry Innovation Alliance showed that in 2024, the company ranked seventh in domestic installations, with ternary power battery installations ranking fifth and LFP battery installations ranking seventh. Sunwoda also accelerated its "go global" efforts. In addition to existing bases in India, Vietnam, and Morocco, the company further aligned with customer needs and accelerated its "go global" pace in 2024. The Lithiumwei project in Vietnam, as well as projects in Hungary and Thailand, progressed smoothly. Domestically, the fourth industrial park in Lanxi opened, and a Shanghai office was established, marking further optimization of the company's domestic industrial layout. Sunwoda continued to invest in cutting-edge technologies, continuously developing advanced battery products such as high-specific-energy silicon anode batteries, solid-state batteries, LFMP batteries, and sodium-ion batteries to meet the future diverse needs of end-users. In 2024, the company launched its first all-scenario high-energy-density aviation power battery and completed the validation of a 400Wh/kg solid-state battery solution and process. The company's first-generation semi-solid-state battery has been developed, with an energy density >300Wh/kg; the second-generation semi-solid-state battery cell samples have started pilot testing; and the third-generation all-solid-state battery has completed laboratory validation. REPT Battero's 2024 revenue is 17.796 billion yuan, with lithium battery sales reaching 43.71GWh. In 2024, REPT Battero (00666) achieved revenue of 17.796 billion yuan, up 29.4% YoY; the net loss narrowed to 1.353 billion yuan. By product, in 2024, REPT Battero's power battery revenue was 7.384 billion yuan, up 71.4% YoY; ESS battery revenue was 7.259 billion yuan, up 3.9% YoY. In 2024, REPT Battero's overseas revenue was 2.663 billion yuan, up 153.41% YoY. In terms of gross profit and gross margin, in 2024, REPT Battero's gross profit increased by 110.5% to 737 million yuan, and the gross margin rose from 2.5% in 2023 to 4.1% in 2024. Specifically, compared to a gross loss of 112 million yuan in 2023, REPT Battero's power battery products recorded a gross profit of 188 million yuan in 2024, mainly due to higher sales volume in 2024 than in 2023. The gross profit of ESS battery products increased by 8.2% from 359 million yuan in 2023 to 388 million yuan in 2024, with the gross margin rising from 5.1% in 2023 to 5.4% in 2024, mainly due to higher sales volume in 2024, resulting in economies of scale and lower average production costs. The gross profit of other businesses increased by 55.6% to 161 million yuan, with the gross margin rising to 5.1%, mainly due to increased sales of battery components in the group's other businesses. In 2024, REPT Battero sold a total of 43.71GWh of lithium battery products, up 124.4% YoY. By the end of 2024, the company's designed annual capacity for lithium batteries reached 74GWh. In 2024, REPT Battero invested 779 million yuan in R&D. The new generation of "Wending" series battery products achieved industrialization, with the energy density of LFP batteries increasing to 185-200Wh/kg. The company actively laid out advanced technologies such as LFMP, semi-solid, and solid-state batteries and prepared for entry into the eVTOL field. The company has set up subsidiaries in the US, Germany, and Southeast Asia to expand the international market and plans to build factories in Southeast Asia, Europe, and South America, with an initial planned capacity of 8GWh for the Indonesian battery manufacturing base. Zenergy's 2024 revenue is 5.13 billion yuan, with a total designed capacity of 25.5GWh for battery cell products. On April 14, Zenergy officially listed on the Hong Kong Stock Exchange under the stock code "3677." From 2021 to 2024, Zenergy's revenues were 1.499 billion yuan, 3.29 billion yuan, 4.162 billion yuan, and 5.13 billion yuan, respectively, with a compound annual growth rate of 50.7%. In 2021, 2022, 2023, and 2024, Zenergy's direct sales to overseas customers outside China were 300,000 yuan, 4 million yuan, 78.7 million yuan, and 34.9 million yuan, respectively. Zenergy continuously increased its R&D investment, with R&D expenditures from 2021 to 2024 being 221 million yuan, 329 million yuan, 424 million yuan, and 556 million yuan, respectively. By the end of 2024, Zenergy's R&D team consisted of 1,060 full-time employees, with approximately 28% holding a master's degree or higher. By the end of 2024, the company had filed 3,613 patent applications and obtained 2,225 patents (including 412 invention patents). By the end of 2024, the total designed capacity of Zenergy's battery cell products was 25.5GWh. To meet the rapidly growing order demand, the company plans to further expand its capacity, targeting 50.5GWh by the end of 2026. Conclusion: In 2024, the top 10 power battery enterprises demonstrated the industry's vibrant growth and intense competition with impressive performance. Top-tier enterprises expanded their market footprint through technological, scale, and global layout advantages. Notably, the industry exhibited a significant "stronger gets stronger" trend, with the top 10 enterprises accounting for 91.43% of installations, further squeezing the survival space of smaller producers. R&D investment and capacity expansion speed became the core of competition. However, beneath the surface of rapid industry growth, there are both concerns and opportunities: among the top 15 power battery installation companies, those incubated by automakers are growing rapidly, intensifying competition in the power battery industry. Fluctuations in raw material prices and downward pressure on battery prices force companies to continuously reduce costs and improve efficiency. Meanwhile, breakthroughs in new technologies such as solid-state batteries and sodium-ion batteries, as well as the explosive growth of the ESS market, open up new tracks for the industry. In the future, power battery enterprises must drive core competitiveness through innovation, continuously focusing on R&D, capacity optimization, and deepening their presence in the global market to seize opportunities and lead the global new energy industry towards a higher quality development stage.