---
title: "CATL (1Q25 Minutes): Tariff impact relatively limited, actively negotiating solutions with clients"
description: "Below is the earnings call $CATL(300750.SZ) Minutes for Q1 2025. For the Quick Interpretation of the earnings report, please refer to《CATL: Tariff "Robbery" Hits Hard, the King of Batteries St"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/28940696.md"
published_at: "2025-04-15T06:11:15.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# CATL (1Q25 Minutes): Tariff impact relatively limited, actively negotiating solutions with clients

**Below is the** $CATL(300750.SZ) **Q1 2025 earnings call Minutes. For financial report analysis, please refer to《**[**CATL: Surviving the "Tariff Bandit" Storm**](https://longportapp.cn/zh-CN/topics/28936345)**》**

**I. Key Financial Highlights**

**II. Management Discussion**

**1\. Financial Performance**

Q1 key metrics: Revenue reached RMB 84.7 billion (+33% YoY), net profit RMB 14.9 billion, with net margin hitting 17.5% (+3.5pp YoY). Operating cash flow remained robust at RMB 32.9 billion, with cash reserves exceeding RMB 320 billion.

Shipments vs revenue recognition: Q1 shipments exceeded 120GWh (recognized revenue), with power/energy storage ratio at 80:20. Inventory increased slightly for pre-sales preparation, expected to normalize next quarter.

Profitability: Gross margin improved QoQ, achieving highest quarterly net margin since 2018. Middle East/Australia energy storage orders demonstrated strong profitability.

**2\. Market & Customers**

Global power battery share: Ranked #1 globally for 8 consecutive years (2017-2024). European market share reached 43% in Jan-Feb 2024 (+8pp YoY).

Europe: Q1 sales grew 20% YoY with 38% market share. German factory turned profitable. US impact minimal (single-digit % of shipments).

**3\. Partnerships**

Zero-carbon ecosystem: Signed agreements with Sinopec (500+ battery swap stations), Nio (swapping network), and Dongying City (green energy industrial park).

**4\. Energy Storage**

Business model evolved from cell supplier to system integrator. AI data centers driving new demand growth.

**5\. Other Segments**

Commercial vehicles: 80%+ market share in buses, 60-70% in heavy trucks. Overseas expansion accelerating.

**III. Q&A**

**Q: 120GWh shipment breakdown?**

A: Power 80%, storage 20%.

**Q: US tariff impact?**

A: Minimal exposure (single-digit % shipments). Customers absorbing most tariff costs.

**Q: European outlook?**

A: 38% share growing steadily. Local production profitable.

**Q: Commercial vehicle growth?**

A: 20% of power battery volume, faster growth than passenger vehicles.

**Disclosure:** [**Dolphin Research Disclaimer**](https://support.longbridge.global/topics/misc/dolphin-disclaimer)

### Related Stocks

- [300750.CN - CATL](https://longbridge.com/en/quote/300750.CN.md)
- [03750.HK - CATL](https://longbridge.com/en/quote/03750.HK.md)

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.