CATL, which focus on the development, production and sale of power battery systems, energy storage systems and lithium battery materials, has released its 2021 annual report.

CATL recorded a revenue of CNY 130.4 billion (USD 20 billion), an increase of 159.06% compared with the previous year, and net profit attributable to shareholders of the listed company reached CNY 15.9 billion, registering a year-on-year increase of 185.34%.

Power battery systems contributed revenue of CNY 91.5 billion, up 132.06% compared with the previous year, but the proportion of power battery systems in total revenue fell from 78.35% to 70.19% during the same period.

Moreover, Lithium battery materials and energy storage systems generated CNY 15.5 billion and CNY 13.6 billion in revenue, representing 11.86% and 10.45% of CATL’s whole income, up 350.74% and 601.01% year on year.

The overseas market is becoming more important to CATL, as its clients now include Tesla, Hyundai, Ford and Daimler. The revenue from the overseas market was CNY 27.8 billion in 2021, 252.47% higher than the previous year, and the net profit for the overseas market reached 30.48%.

As raw materials costs surge globally, CATL’s power battery system’s net profit dropped 4.56 percentage points to 22%, and energy storage system’s net profit slid 7.51 percentage points to 28.52%. In contrast, the lithium battery materials’ net profit inched up 4.66 percentage points to 25.12%.