I wonder how many bros have noticed this data — CATL's market share in the ternary battery market surged to 82.52% in April, a sharp increase of 11.69 percentage points compared to March. At the same time, LG Energy Solution's share in China's ternary market plummeted from 17.86% directly to 3.02%.

Within a month, the Korean giant was beaten down to just 3 points in China. This is not just market share fluctuation; this is essentially squeezing them out of the market.

In contrast, in the LFP (Lithium Iron Phosphate) market, CATL's share was 38.48% and BYD's was 20.66% in April, both experiencing slight declines. This means that the area where CATL truly gained share in April was in ternary batteries — the high-nickel, high-energy-density cells used by BMW, Mercedes-Benz, and Tesla. The profit margin in this segment is much higher than LFP, with gross margins differing by 5-8 percentage points.

Looking at these two data points together, the surface figure of CATL's overall market share of 46.64% (+1.10 ppts MoM) in April's installation data is underestimated — because the segment it structurally improved in is the most profitable one.

But today, the Hong Kong stock $CATL(03750.HK) fell slightly by 0.91% to HKD 651.5, while the A-share (300750) dropped over 3%, directly smashing through the 2 trillion RMB market cap mark. This contrast is quite interesting: the news is positive (April data + gaining share in the high-margin segment), but the market performance is negative, indicating the market is trading on something else — most likely the sentiment of the entire A-share small-cap new energy sector is receding this week, and even a leader like CATL is being held down along with it.

My own strategy remains unchanged: I won't chase the Hong Kong stock 3750 at this level, waiting for it to pull back to the HKD 640 line before reconsidering. But the fact that LG was beaten down to 3% in ternary batteries and CATL gained 11.69 percentage points in a single month today is a "hard data preview" for the Q2 earnings over the next three months — profit margins in the next quarter are likely not to be bad.