CATL scores 67.52% YoY surge in H1 2023 revenue

Shanghai (Gasgoo)- On July 25, 2023, CATL unveiled its 2023 semi-annual report, showcasing remarkable growth in its financial performance for the first half of the year (H1).

According to the report, CATL achieved a total revenue of 189.246 billion yuan in H1 2023, marking a staggering 67.52% year-on-year increase. Its semi-annual net profit attributable to the shareholders of the listed company reached 20.717 billion yuan, soaring by 153.64% compared to the same period last year, with basic earnings per share of 4.7201 yuan.

By product sectors, the power battery system and energy storage battery system segments accounted for 73.7% and 14.8% of CATL’s Jan.-Jun. revenue. Their revenues amounted to 139.418 billion yuan and 27.985 billion yuan, experiencing impressive year-on-year growth rates of 76.16% and 119.73%, respectively.

Due to the factors like the drop in raw materials prices, the gross profit margin of the power battery system unit reached 20.35% in H1 2023, rising 5.31 percentage points over a year earlier, which the energy storage battery system unit’s gross margin jumped 14.89 percentage point year on year to 21.32%. However, the battery material recovery and battery mineral resources sectors witnessed year-over-year declines in their H1 gross profit margins by 3.77 and 8.24 percentage points, respectively.

According to the semi-annual financial report, CATL's overseas battery business gained an operating income of 65.684 billion yuan in the first half, marking a 195% year-on-year growth.

The company attributes the high growth in overseas business to the continuous expansion of its international operations and the successive deliveries to overseas clients.

At present, CATL' first overseas factory in Thuringia, Germany, has achieved cell production since 2022, with a planned production capacity of 14GWh per year, currently in the ramp-up phase. Its second factory in Europe, located in Debrecen, Hungary, is progressing smoothly, with a planned annual production capacity of 100GWh and construction being carried out in several stages.