CATL H1 revenue rose 7.3% y/y

CATL H1 revenue rose 7.3% y/y

In the first half of 2025, Contemporary Amperex Technology Co. Limited (CATL) reported a 7.3% year-over-year increase in its revenue, according to the company's latest financial report. This growth comes amidst a dynamic and competitive landscape in the global power battery market.

CATL's market share in the domestic power battery sector has been under scrutiny, with its share dropping from 46.38% in the first half of 2024 to 43.05% in the first half of 2025. Despite this, the company's installed battery volume rose by 37.8% from H1 2024 to H1 2025, demonstrating robust growth. The surge in lithium iron phosphate (LFP) battery installations, which increased by 73.0% to reach 244 GWh, has contributed significantly to CATL's revenue growth [1].

The rise of LFP batteries, driven by their safety and cost advantages, has challenged CATL's dominance. The market shares for LFP and ternary lithium-ion batteries now form an 8:2 split, compared to a 7:3 ratio in H1 2024. This shift is partly due to the outbreak of civil war in the Democratic Republic of the Congo, which disrupted cobalt supply, and the technical advancements in LFP batteries [1].

However, CATL's market share in the international market has remained stable, climbing slightly from 37.5% in January-May 2024 to 38.1% during the same period in 2025. The company's overseas expansion, driven by higher profit margins abroad, has been a key factor in its revenue growth. China's power battery exports reached 81.6 GWh in H1 2025, up 26.5% year-on-year, with CATL and BYD retaining the top two positions [1].

In May 2025, CATL raised HK$41 billion ($5.25 billion) through its Hong Kong public offering, with 90% of the funds earmarked for European expansion. The company is building or planning facilities in Hungary, Germany, and Spain, reflecting its strategic focus on global markets [1].

The global battery war is far from settled, with Chinese and Korean battery firms racing to build factories and ramp up LFP output. While CATL's market share in the domestic sector has been declining, its international market share has remained stable, and its revenue growth in H1 2025 indicates a strong performance in the competitive global market.

References:
[1] https://chinaevhome.com/2025/07/24/dissecting-the-2025-battery-mid-year-report-are-catl-and-byds-dominance-being-challenged/