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, with a cumulative YoY increase of 41.5%, reflecting the robust demand for power batteries in the domestic NEV market. A total of 55 power battery enterprises achieved vehicle installation in China's NEV market throughout the year, an increase of 4 from the previous year. The top 10 power battery enterprises had a total installation volume of 524.1GWh, accounting for 95.6% of the total, indicating increasingly fierce market competition but also a significant concentration among leading companies. Among the top 10 publicly listed firms (CATL, BYD, CALB, Gotion High-tech, EVE, Sunwoda, REPT Battero, Zenergy), the cumulative installation volume was 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. In 2024, CATL (300750) reported 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 abundant, 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 sold 475GWh of lithium-ion batteries in 2024, up 21.79% YoY, including 381GWh of power battery systems, up 18.85% YoY, and 93GWh of 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. Regarding 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 factory with Stellantis in Spain, and the Indonesia battery industry chain project, all of which were progressing smoothly. From 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 has been mass-produced, and the development of the second-generation product is underway. In 2024, BYD (002594) reported 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 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 in July 2020. In 2024, the company's blade battery installations approached 200GWh. In terms of sodium-ion batteries, BYD achieved a cell capacity of 200Ah, with over 10,000 cycle performances, superior to lithium batteries in terms of safety, power, and high and low-temperature performance. It 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 batteries. 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 major technologies during the year, leading the industry development trend. In 2024, CALB (3,931) reported a total revenue of 27.75 billion yuan, up 2.8% YoY; net profit for the year was 844 million yuan, up 93.0% YoY; 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, the revenue from overseas regions for CALB 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 decrease 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 has 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. Regarding overseas capacity, CALB's Portugal project was successfully approved as a 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 industrial layout in the ASEAN region. In 2024, Gotion High-tech (002074) reported a record-high revenue of 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%. The annual report showed that in 2024, Gotion High-tech's battery pack sales volume was 19,752,310kWh, up 40.38% YoY; production volume was 21,076,310kWh, up 41.49% YoY; inventory volume was 3,727,030kWh, up 55.10% YoY. Gotion High-tech's R&D investment grew against the trend, with 2.929 billion yuan invested in 2024, up 5.83% YoY, 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 has initially formed a global layout in China, Europe, Africa, America, and Southeast Asia. For the progress of global localized capacity, Gotion High-tech stated in the annual report that the Thailand factory, Vietnam base, and Gottingen factory have been put into operation, and other overseas bases and related supporting industrial bases are also being accelerated. Additionally, the company is accelerating the construction of an overseas after-sales service system to improve local service efficiency. In 2024, EVE (300014) reported 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 a leap, 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 an expected completion and commissioning 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 supply chain hub status of the Malaysia base in Southeast Asia. Through the "CLS Global Cooperation Business Model," the company jointly built battery capacity with a leading North American commercial vehicle enterprise, focusing on the commercial vehicle sector. In September 2024, the US regional headquarters was officially launched, marking a new phase in localized operations. EVE adhered to innovation-driven development, with a research institute covering about 230,000 square meters and an international, interdisciplinary R&D team of 6,068 people. 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 the field of solid-state battery technology, EVE has completed the development of small pouch battery assembly processes for its all-solid-state battery, and a pilot line with a capacity of 100 MWh is expected to be operational by 2025. The company plans to launch a high-power all-solid-state battery primarily for hybrid applications in 2026, and gradually advance a high-specific-energy all-solid-state battery with 400 Wh/kg by 2028. Additionally, the company has achieved significant research results in the fields of lithium metal secondary batteries, sodium-ion batteries, and hydrogen fuel cells. Among these, the company has sent small batches of sodium-ion battery samples for testing.

Sunwoda's net profit in 2024 was 1.468 billion yuan, with power battery shipments reaching 25.29 GWh.

In 2024, Sunwoda (300207) achieved operating revenue of 56.021 billion yuan, up 17.05% YoY; net profit attributable to shareholders of the listed company was 1.468 billion yuan, up 36.43% YoY; and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 1.605 billion yuan, up 64.99% YoY.

In 2024, Sunwoda's main products sold overseas were consumer batteries, with no significant change compared to the previous year. The company's overseas revenue was 23.431 billion yuan, accounting for 41.83% of its operating revenue for the period.

By product category, in 2024, Sunwoda's consumer battery business achieved operating revenue of 30.405 billion yuan, up 6.52% YoY; EV battery business achieved operating revenue of 15.139 billion yuan, up 40.24% YoY; ESS business achieved operating revenue of 1.889 billion yuan, up 70.19% YoY; and other businesses achieved operating revenue of 8.588 billion yuan, up 15.83% YoY.

In 2024, Sunwoda's total power battery shipments reached 25.29 GWh, up 116.89% compared to 2023; ESS installations reached 8.88 GWh, up 107% YoY.

According to data released by South Korean research firm SNE Research, in 2024, Sunwoda's global power battery installations totaled 18.8 GWh, up 74.1% YoY, with a market share of 2.1%, ranking tenth. Data from the China Automotive Power Battery Industry Innovation Alliance shows that in 2024, the company ranked seventh in domestic installations, with ternary power battery installations ranking fifth and LFP battery installations ranking seventh.

Sunwoda has further accelerated its "go global" strategy. In addition to its existing bases in India, Vietnam, and Morocco, in 2024, the company further aligned with customer needs to accelerate its "go global" strategy, with the Vietnam Liwei project, Hungary, and Thailand power projects progressing smoothly. Domestically, the opening of the fourth industrial park in Lanxi and the establishment of a Shanghai office marked further optimization of the company's domestic industrial layout.

Sunwoda continues to invest in cutting-edge technologies, developing advanced battery products such as silicon anode high-specific-energy batteries, solid-state batteries, LFMP batteries, and sodium-ion batteries to meet the future diversified needs of end-users. In 2024, the company launched its first all-scenario high-energy-density aviation power battery and completed the 400 Wh/kg solid-state battery solution and process verification. The company's first-generation semi-solid-state battery has completed development, with an energy density of >300 Wh/kg; the second-generation semi-solid-state battery cell samples have begun pilot testing; and the third-generation all-solid-state battery has completed laboratory verification.

REPT Battero's revenue in 2024 was 17.796 billion yuan, with lithium battery sales reaching 43.71 GWh.

In 2024, REPT Battero (00666) achieved revenue of 17.796 billion yuan, up 29.4% YoY; 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, with gross margin rising 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 compared to 2023; ESS battery products' gross profit increased by 8.2% from 359 million yuan in 2023 to 388 million yuan in 2024, with gross margin rising from 5.1% in 2023 to 5.4% in 2024, mainly due to higher sales volume in 2024 compared to 2023, production scale effects, and lower average production costs; other businesses' gross profit increased by 55.6% to 161 million yuan, with gross margin rising to 5.1%, mainly due to increased sales of battery components in other businesses.

In 2024, REPT Battero sold a total of 43.71 GWh of lithium battery products, up 124.4% YoY. By the end of 2024, the company's designed annual capacity for lithium batteries reached 74 GWh.

In 2024, REPT Battero invested 779 million yuan in R&D, achieving industrialization of the new-generation "Wending" series battery products, with LFP battery energy density increased to 185-200 Wh/kg. The company is actively deploying cutting-edge technologies such as LFMP, semi-solid-state, and solid-state batteries, and preparing to enter the eVTOL field. The company has established subsidiaries in the US, Germany, and Southeast Asia to expand its international market, plans to build factories in Southeast Asia, Europe, and South America, and is investing in the construction of an Indonesian battery manufacturing base with a first-phase planned capacity of 8 GWh.

Zenergy's revenue in 2024 was 5.13 billion yuan, with a total designed capacity of battery cell products of 25.5 GWh.

On April 14, Zenergy officially listed on the main board of the Hong Kong Stock Exchange with the stock code "3677".

From 2021 to 2024, Zenergy's revenue was 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 revenue to overseas customers outside China was 300,000 yuan, 4 million yuan, 78.7 million yuan, and 34.9 million yuan, respectively.

Zenergy has continuously increased its R&D investment. From 2021 to 2024, the company's R&D expenses were 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 master's degrees or higher. By the end of 2024, the company had submitted 3,613 patent applications and been granted 2,225 patents (including 412 invention patents).

By the end of 2024, Zenergy's total designed capacity for battery cell products was 25.5 GWh. To meet the rapidly growing order demand from downstream customers, the company plans to further expand its capacity, aiming to reach 50.5 GWh by the end of 2026.

Conclusion: In 2024, the top 10 power battery enterprises demonstrated the industry's vitality and fierce competition with impressive results. Top-tier enterprises continue to expand their market share with multi-dimensional advantages in technology, scale, and global layout. Notably, the industry shows a significant "the strong get stronger" pattern, with the top 10 enterprises accounting for 91.43% of installations, further squeezing the survival space of small and medium-sized producers. R&D investment and capacity expansion speed have become the core of competition.

However, beneath the surface of rapid industry growth, challenges and opportunities coexist: among the top 15 enterprises in power battery installations, those incubated by automakers are growing rapidly, intensifying competition in the power battery industry; fluctuations in raw material prices and increasing downward pressure on battery prices are forcing enterprises 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, are opening new avenues for the industry. In the future, power battery enterprises must drive core competitiveness through innovation, continuously focus on R&D, capacity optimization, and deep cultivation of the global market to seize opportunities in the fierce competition and lead the global new energy industry towards a higher-quality development stage.