Contemporary Amperex Technology (CATL) reported record second-quarter results. Revenue rose 56.9% year-over-year to 147.8 billion yuan. Net profit increased 36.5% to 22.5 billion yuan. These figures slightly missed consensus analyst expectations. The stock price held steady on the news.
Robust performance stemmed from soaring demand for CATL's energy storage batteries. This demand helped offset a slowdown in China's electric vehicle market. CATL maintained its position as the world's largest EV battery manufacturer, holding a global market share of approximately 40.2%. The company also announced a share buyback program of up to 40 billion yuan.