On July 31st, according to BusinessKorea, China’s largest battery manufacturer, CATL, is experiencing explosive growth with revenue in the first half of the year approaching that of the entire South Korean battery industry.
Previously reported, Ningde Times’ revenue in the first half of the year was RMB 189.25 billion, a year-on-year increase of 67.52%. The net profit attributable to shareholders of listed companies was RMB 20.717 billion, a year-on-year increase of 153.64%, and the basic earnings per share was RMB 4.7201 per share.
Looking at the sales in the first half of this year, Ningde Times is almost equivalent to the total revenue of the three major Korean battery leaders LG Energy Solution, Samsung SDI, and SK Innovation, which is KRW 35.7174 trillion (note: approximately USD 309.82 billion). It is worth noting that Ningde Times’ operating profit is three times that of the Korean companies combined, indicating that Ningde Times not only has an advantage in scale, but also in profitability.
In the first half of the year, Ningde Times’ sales in the electric vehicle battery business increased by 76.2% year-on-year, reaching RMB 139.442 billion. Sales in the energy storage device (ESS) field also doubled compared to the same period last year, reaching RMB 27.985 billion.
According to data from market research company SNE Research as of the end of May, Ningde Times’ global market share in the electric vehicle battery market is 36.3%, far ahead of BYD (16.1%) and LG Energy Solution (13.9%). In addition, Ningde Times’ overseas sales in the first half of the year reached RMB 67.169 billion, accounting for 35.5% of total sales, indicating that the company is not only leading in the domestic market, but also performing strongly globally.
Industry insiders said: “With the intensification of domestic market competition, Ningde Times is increasingly focusing on the global market. The company’s goal is to become the Apple of the battery industry, surpassing simple battery manufacturers and leading the development direction of the battery industry. The establishment of its electric boat business subsidiary proves this.”
