CATL scores YoY growth in both revenue, net profit in H1 2025

Shanghai (Gasgoo)- On July 30, CATL released its financial report for the first half (H1) of 2025, reporting 178.886 billion yuan in revenue, up 7.27% year-on-year. Net profit attributable to shareholders jumped by 33.33% over a year earlier to 30.49 billion yuan, while overall gross margin rose 1.8 percentage points from the previous year to 25%. Operating cash flow reached 58.7 billion yuan, and the company ended the period with over 350 billion yuan in cash reserves.

CATL maintained its leadership in both EV and energy storage battery markets during the reporting period. According to SNE Research, the company held a 38.1% global market share in EV battery installations from January to May 2025, up 0.6 percentage points year-on-year. In the energy storage segment, data from ICCSINO placed CATL as the world's top producer by output in the first half of the year.

Revenue from CATL's power battery systems reached 131.57 billion yuan in H1 2025, representing a 16.8% year-on-year increase with a gross margin of 22.41%. Meanwhile, energy storage system revenue dipped 1.47% from a year ago to 28.4 billion yuan but maintained a higher gross margin of 25.52%.

Speaking at its earnings briefing, the company stated that its overall capacity utilization remained around 90% in H1, reflecting sustained demand. CAPEX is expected to increase this year as the company continues to expand production capacity to meet market growth.

The H1 2025 also saw a wave of product rollouts. For passenger vehicles, CATL launched its second-generation Shenxing Superfast Charging Battery, the Freevoy Dual-core battery, and the Naxtra passenger EV Battery. In the energy storage segment, the company began mass production of a 587Ah high-capacity cell tailored for grid-scale storage.

The company also continued advancing its battery-swapping strategy. By the end of July, it had built over 400 battery swapping stations for passenger vehicles, on track to meet its goal of 1,000 by year-end. For heavy-duty trucks, around 100 stations had been completed, with 300 targeted by the end of 2025.

To reinforce its technological edge, CATL invested roughly 10.1 billion yuan in R&D during H1 2025, up 17.48% year-on-year, with a strong focus on next-generation battery technologies including solid-state solutions.

At the briefing, a company spokesperson highlighted CATL's progress in solid-state battery development, noting that most scientific hurdles have been addressed, with remaining challenges now primarily focused on engineering and scalability. The company expects limited production to begin in 2027, with broader commercialization possible by 2030.