Shanghai (ZXZC)- Chinese power battery titan CATL announced today that it scored a 153.97% year-on-year hike in its revenue for the first quarter of 2022, which reached about 48.678 billion yuan ($7.322 billion).

Photo credit: CATL

However, the company's Jan.-Mar. net profit attributable to shareholders fell 23.62% from a year earlier to 1.491 billion yuan ($224.556 million). Excluding the impact of certain non-recurring gains and losses, the quarterly net profit even tumbled 41.57% to 977.02 million yuan ($146.97 million).

CATL's basic earnings per share for this year’s first quarter stood at 0.6439 yuan ($0.097), sliding from 0.8463 yuan ($0.13) for the year-ago period.

The net cash flows generated from operating activities reached 7.076 billion yuan ($1.064 billion), dwindling 35.48% year on year on account of the growth in the capital used to strengthen supply chain, which resulted from the industry-wide supply constraints and rapid price rise on upstream raw materials.

Moreover, CATL also reported a 117.49% year-on-year surge in the first-quarter R&D expenses. During the reporting period, the company poured a total of 2.568 billion ($386.299 million) in R&D-related businesses.

As of March 2021, the company’s total assets amounted to 376.256 billion yuan ($56.6 billion), rising 22.29% compared to the year-end level in 2021.