Yet beneath this broadly positive picture, risks remain. EVE Energy reported a storage gross margin of just 12.51%, compared with CATL’s 23.96%, a wide gap underscoring that second-tier manufacturers’ growth still hinges on volume-driven price concessions. Whether these players can defend pricing on overseas orders in H2 will be a key test of how robust the profit recovery truly is.
CATL: storage revenue growth outpaces power batteries, surging 87.54% YoY
CATL reported H1 2026 operating revenue of RMB 276.917 billion, up 54.80% year-on-year. Net profit attributable to owners of the parent reached RMB 43.284 billion, a 41.98% increase. The company’s capacity utilisation hit 94.86% in H1, while combined power and stationary storage battery sales grew roughly 60% year-on-year.
Growth was driven by strong demand from both the new energy vehicle and storage markets. Power battery system revenue reached RMB 192.125 billion (+46.02% YoY). Stationary storage battery system revenue surged to RMB 53.261 billion (+87.54% YoY), with a gross margin of 23.96%. The storage segment accounted for 19.23% of total revenue, a multi-year high.
Based on the financial report, CATL’s total battery output reached 498GWh in H1 2026, with sales of approximately 434GWh. Stationary storage battery shipments accounted for roughly one quarter of total volume, or approximately 108–116GWh.
