CATL's 2024 first-half financial report released, revenue declines but profitability strong

Contemporary Amperex Technology Co., Ltd. recently released its 2024 semi-annual report, showing that its operating income in the first half of the year was 166.767 billion yuan, a year-on-year decrease of 11.88%. Despite the decline in revenue, the company's profitability remains strong, with net profit attributable to shareholders of listed companies reaching 22.865 billion yuan, a year-on-year increase of 10.37%. In the first half of 2024, CATL's energy storage system achieved revenue of 28.825 billion yuan, a year-on-year increase of 3.00%. The energy storage business revenue accounted for 17.28%, the highest in history. In the first half of the year, battery production was 211GWh, and the capacity utilization rate was only 65.33%, the lowest level in history.