[Text/Observer Network Pan Yuchen Editor Gao Shen] On April 14, CATL, the world's largest power battery supplier, released its first quarter performance report in 2025. CATL's revenue for the quarter was 84.705 billion yuan, an increase of 6.18% year-on-year; net profit attributable to shareholders of listed companies was 13.963 billion yuan, an increase of 32.85% year-on-year; non-recurring gains and losses attributable to shareholders of listed companies were 11.829 billion yuan, an increase of 27.92% year-on-year.

At the same time, CATL stated that its business in the United States accounts for a small proportion of shipments, and US President Trump's tariff policy has little impact on the company's performance, and the company is actively negotiating solutions with customers.

In particular, CATL's sales expenses for the first quarter were 852 million yuan, a decrease of 1.27% year-on-year; administrative expenses were 2.624 billion yuan, an increase of 13.93% year-on-year; research and development expenses were 4.814 billion yuan, an increase of 10.92% year-on-year; financial expenses were -2.288 billion yuan, compared with 3.13 billion yuan in the same period last year. CATL stated that the main reason was the impact of exchange rate fluctuations on foreign currency monetary items held by the company.

CATL Vision China

It is worth mentioning that in January this year, CATL passed the relevant motions regarding the issuance of overseas-listed foreign shares (H shares) and listing on the main board of the Hong Kong Stock Exchange at the first extraordinary general meeting; in February, CATL submitted the listing application to the Hong Kong Stock Exchange; in March, CATL announced receiving the "Overseas Issuance and Listing Filing Notice" issued by the China Securities Regulatory Commission. On April 10, the Hong Kong Stock Exchange Listing Committee held a hearing to review CATL's application for this issuance and listing.

On the other hand, since the beginning of this year, the tariff trade war initiated by former US President Trump has shaken the global economic and trade system and had a significant impact on various manufacturing industry chains. In early April this year, Trump gradually increased tariffs on Chinese goods to high rates of up to 145%, triggering a firm countermeasure from China.

In addition, starting from April 3 this year, the executive order imposing a 25% tariff on all imported vehicles officially took effect under the Trump administration, and later, the US will impose a 25% tariff on imported vehicle parts in early May. In fact, as early as May last year, the Biden administration decided to impose a 100% tariff on electric vehicles imported from China.

In this context, CATL's prospects in the turbulent international economic and trade situation have drawn much attention. Previously, in February 2023, Ford Motor of the United States announced plans to cooperate with CATL, investing $3.5 billion to build an electric vehicle lithium iron phosphate battery factory in Michigan. The factory is expected to start production in 2026, providing power batteries for 400,000 electric vehicles annually and creating about 2,500 jobs. However, after that, due to the influence of Sino-US relations, there has been no public progress in their cooperation.

Regarding this, CATL stated in the first-quarter performance briefing that the business in the United States accounts for a small proportion of shipments, and since last year, the company has made contingency plans in advance according to the changing environment, so the tariff policies have little impact on the company's performance. The company is actively negotiating solutions with customers. On the other hand, due to strong demand for energy storage in emerging markets such as the Middle East and Australia, CATL has successively secured large-scale energy storage projects in these regions.

CATL stated that overall, both domestic and overseas market demands are strong, and the company's capacity utilization rate is high.

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