This report does not constitute a rating action. Overview Key strengths Key risks Largest maker of automotive batteries globally, with strong technology offerings. Intensifying market competition in China. Solid relationships with automakers that are electrifying their portfolios. Geopolitical risk in overseas markets, especially in the U.S. Sustained net cash position with positive free operating cash flow (FOCF). The company will likely remain a major battery maker over the next two years, on the back of its strong offerings and long-term relationships with global automakers. This will support revenue growth of 7%-12% in 2025-2026. High electric vehicle (EV) penetration and intensifying market competition may slow CATL's sales volume growth in China over the next two years. However, expanding battery exports to
