CATL Reports Strong Q1 Growth, Accelerates Global Expansion in Battery Market

Ningde Times has reported impressive growth in its first quarter performance for 2025, further solidifying its status as a leader in the global power battery sector. On April 14, the company announced that it achieved operating revenue of 84.7 billion RMB and a net profit attributable to shareholders of 13.96 billion RMB, marking a year-on-year increase of 32.9%. The comprehensive gross margin reached 24.4%, showing both year-on-year and quarter-on-quarter growth. The company invested over 4.8 billion RMB in research and development, with operating cash flow soaring to 32.87 billion RMB. These impressive figures reflect Ningde Times’ continuous efforts in technology research and development, market expansion, and global strategy.

Strong Performance and Shareholder Returns
Since its listing on the A-share market in 2018, Ningde Times has consistently enhanced its shareholder returns. In 2023 and 2024, the company maintained a dividend payout ratio of 50% for two consecutive years, with total dividends (including the announced 2024 plan) and repurchases nearing 60 billion RMB. Recently, driven by confidence in its future development and recognition of its value, Ningde Times announced a plan to repurchase shares worth 4 to 8 billion RMB. This move not only demonstrates the company’s confidence in its own value but also provides tangible returns to its shareholders.

Progress on H Shares and Acceleration of International Strategy
Ningde Times is rapidly advancing its international strategy. On April 10, 2025, the Hong Kong Stock Exchange Listing Committee reviewed its application for H share issuance and listing. The company’s joint sponsor received a confirmation letter from the exchange on April 11, indicating that the listing application had been reviewed. The smooth progress of Ningde Times’ H shares, from the submission of the application on February 11 to the successful hearing on April 10, injects significant momentum into its international strategy and lays a solid foundation for further global market expansion.

Accelerating Battery Swap Network and Zero-Carbon Ecosystem Development
Ningde Times is also hastening its efforts in the battery swap network and zero-carbon ecosystem. Recently, it signed a cooperation framework agreement with China Petroleum & Chemical Corporation to jointly build a nationwide battery swap ecological network. The plan includes the establishment of at least 500 battery swap stations by 2025, with a long-term goal of expanding to 10,000 stations. This strong partnership between a traditional energy giant and a new energy leader aims to promote standardized battery swapping and create comprehensive energy infrastructure across the country, contributing to global energy transition.

Additionally, Ningde Times has signed a strategic cooperation agreement with NIO to develop the largest and most advanced passenger car battery swap service network worldwide. The new models developed under NIO’s Firefly brand will incorporate Ningde Times’ battery swap standards and network, with the two companies adopting a dual-network parallel model. In the future, they will also collaborate to promote the national standards for battery swapping technology and enhance compatibility across different brands and models.

In terms of zero-carbon ecosystem development, Ningde Times has partnered with Dongying City in Shandong Province. They will collaborate on projects including zero-carbon industrial parks and new energy initiatives. Utilizing the 40GWh lithium battery green manufacturing base established by Ningde Times in Dongying’s Kenli District, they aim to create a comprehensive green industrial cluster and establish the first national zero-carbon industrial park powered by a high proportion of green electricity.

Furthermore, Ningde Times has signed cooperation agreements with Dongying City, Shengli Oilfield, and China University of Petroleum to promote zero-carbon solutions in energy-intensive sectors such as chemicals and oilfields, showcasing innovative practices in industrial new energy applications.

Solid Market Position and Breakthroughs in Overseas Energy Storage Orders
Ningde Times maintains a strong position in the power market. In the first quarter of 2025, according to the China Association of Automobile Manufacturers, the production and sales of new energy vehicles in China reached 3.182 million and 3.075 million, respectively, representing year-on-year growth of 50.4% and 47.1%, signaling a strong start for the industry. Ningde Times’ global market share in power batteries continues to rise; according to SNE Research, the company’s market share reached 38% in January and February 2025, with a 43% share in Europe, up 8 percentage points year-on-year, and exceeding the second-place competitor by 13 percentage points.

In the energy storage market, Ningde Times has made significant strides. The company has been selected as the preferred battery energy storage system supplier for the RTC 19GWh 8-hour data center project in the UAE, which aims to achieve around-the-clock clean power generation. Furthermore, Ningde Times has collaborated with Quinbrook to develop the world’s first 8-hour battery energy storage system, EnerQB, to be deployed across Australia with a total capacity of 24GWh. The success of these projects not only showcases Ningde Times’ strong technical capabilities in energy storage but also lays a solid foundation for further expansion in the global energy storage market.

Ningde Times’ performance in the first quarter of 2025 reaffirms its strong capabilities and leadership in the global power battery sector. Through continuous investment in technology research and development, market expansion, and global strategies, Ningde Times not only maintains a solid market position but also makes significant progress in battery swap networks, zero-carbon ecosystems, and energy storage markets. Looking ahead, as the company advances its H share listing and accelerates its international strategy, its influence in the global market is expected to grow, creating greater value for investors and contributing to the global energy transition and the development of the new energy vehicle industry.