Shanghai (ZXZC)- China's power battery maker CATL released on April 25 its official annual report for 2018, saying its full-year revenue surged 48.08% year on year to RMB29.611 billion, while the net profit attributable to shareholders of the listed company shrank 12.66% from the previous year to RMB3.387 billion.

(Source: CATL's official website)

The company attributed its revenue growth to such factors as the fast growth of NEV market, the strengthened marketing promotion that made its market share improved. Meanwhile, the net profit drop was mainly resulted from the proceeds from disposal of the equity transfer for Beijing Pride Power System Technology Limited in the previous year.

However, excluding the non-recurring gains and losses, the 2018 net profit attributable to shareholders of the public company still jumped 31.68% to RMB3.128 billion.

CATL also announced an annual operating cost of RMB19.902 billion, leaping by 56.22% compared with the same period a year ago, which was mainly caused by two factors: (1) the sales growth led to the operational expense increase; (2) the cut on raw material prices was weaker than product sales reduction.

The company's major business arms include the NEV power battery system, energy storage system and the lithium battery material. Among them, NEV power battery system was the biggest income source. Last year, the sales proceeds from this sector jumped 47.18% year on year to RMB24.515 billion. In addition, the energy storage system and lithium battery material arms generated full-year sales revenues of RMB189.496 million and RMB3.861 billion, skyrocketing 1,051.89% and jumping 56.27% over the year-ago period.