CATL - Dolphin Research

CATL

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Dolphin ResearchJul 25 at 12:22 PM

CATL riding high, but is it just 'hot air'?

Per-Wh net profit declined

CATL Key Metrics Overview Unit：RMB 100mn 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24

CATL Quarterly Revenue & Grow 八 Revenue 0Y% 1，600 100% 82.9% 1，400 DolphinRe Rev

China EV Battery Installations oYOS YOY China EV battery installations YoY Batte

+22

CATL

HK03750

CATLFinancial Analysis

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Dolphin ResearchApr 16 at 02:52 AM

CATL (1Q26 Trans): Q2 builds remain fully booked; capacity utilization holds at 85%-90%.

By 2030, the combined market for power batteries and energy storage could exceed 4 TWh.

Over the next few years, CAGR may surpass 25%-30%.

宁德时代关键指标一 -览单位：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2024 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25

CATL

HK03750

CATLConference Minutes

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Dolphin ResearchApr 16 at 02:47 AM

CATL: The unshakable 'TSMC' of the energy era!

CATL Delivers on Volume and Quality

号宁德时代季度营收及增速营业收入营业收入yoy% 1，600 232.5% 1，400 earch PolphinResearch Dolphin ear

中国动力电池装车量yoy% 新能车销量yoy -中国动力电池装车量yoy -单车带电量yoy 160% 140% 121% search DolphinRese

+17

CATL

SZ300750

CATL

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Dolphin ResearchMar 9 at 05:21 PM

CATL (4Q25 Trans): Optimistic on stable unit net profit in 2026---

At this stage, our base case assumes no extreme events. We remain optimistic about stable earnings next year.

宁德时代关键指标一览单位：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ¥4

CATL

SZ300750

CATLConference Minutes

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Dolphin ResearchMar 9 at 04:17 PM

CATL: Capacity Maxed, Back in Force for the AI Infra Era

CATL does it again. Another flawless report card!

宁德时代关键指标一览单位：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q25E 3Q

中国动力电池装车量yoy% 新能车销量yoy 中国动力电池装车量yoy 单车带电量yoy 160% 140% oarcn 1218 120% 109% 101%

80 70 60 50 40 30 20 8.69 34 N、'nNON 58 59 32 、、'nNON 29 30 O、'NNON NGPORT 57 56

+22

CATL

SZ300750

CATLFinancial Analysis

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Dolphin ResearchOct 20, 2025 at 07:10 PM

CATL (Minutes): Demand is strong, profitability does not rely on price increases

The following are the Minutes of the 3Q25 earnings call of CATL organized by Dolphin Research. For the earnings interpretation, please refer to "Full Capacity Expansion! Has the King of Ning Finally Made It?" 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Management Statements 1. Domestic Capacity: Jining, Shandong (only Jining base...)

JD-SW

HK09618

CATLFinancial AnalysisConference Minutes

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Dolphin ResearchOct 20, 2025 at 06:26 PM

Expanding production capacity comprehensively! Has Ning Wang finally made it?

On the evening of October 20, 2025, $CATL(300750.SZ) announced its third-quarter results for 2025. Here are the key points: 1) Did the revenue side significantly miss expectations? In the third quarter, $CATL(03750.HK) reported operating revenue of 104.2 billion, while the market consensus on Bloomberg was over 120 billion, with actual revenue falling more than 10% below market expectations. However, according to Dolphin Research's calculations, one reason could be that Ningde's products did not increase in price along with the rise in raw materials such as lithium carbonate; another reason could be that the proportion of energy storage in shipments has increased...

宁德时代关键指标一览单位：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q25E 3

12 10 Unit： CNY 10K Lithium Carbonate 8 6 4 2 0 2024-01-12 (battery grade)price

CATL资本开支 Unit：亿元 C (21) (20) (31) (29) (40) (53) (60) 恤 ch (8 85) (80) (89) (99

+13

CATL

SZ300750

CATLFinancial Analysis

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Dolphin ResearchJul 31, 2025 at 02:45 AM

CATL (2Q25 Minutes): The growth of new energy vehicles in Europe continues, and local production capacity is gradually being released.

The following are the minutes of the FY25Q2 earnings call for $CATL(03750.HK) organized by Dolphin Research. For earnings interpretation, please refer to "Ning Wang: Price Battle, Can It Break Out of the Domestic Involution Dilemma?" 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Executive Statements Core Information 1. Operating Conditions: Net profit attributable to the parent company was 30.5 billion yuan (up 33% year-on-year), comprehensive gross margin was 25% (up 1.8 percentage points year-on-year), operating cash flow was 58.7 billion yuan, and monetary funds at the end of the period were approximately 350 billion yuan...