Shanghai (ZXZC)- Contemporary Amperex Technology Co., Ltd. (“CATL”) announced on Mar. 9 that its annual revenue reached 328.594 billion yuan ($47.191 billion) in the year of 2022, surging 152.07% from the previous year.

As of the contributions of specific businesses, the power battery system sector posted a full-year revenue of roughly 236.593 billion yuan ($33.978 billion), zooming up 158.6% over a year earlier and accounting for 72% of the company’s total yearly revenue.

Photo credit: CATL

During the same period, CATL saw its annual net profit attributable to shareholders soar 92.89% year on year to 30.729 billion yuan ($4.413 billion). Excluding the impact of certain non-recurring gains and losses, the company’s yearly net profit still shot up 109.88% from a year ago to 28.213 billion yuan ($4.052 billion).

For the year of 2022, CATL's net cash flow generated by operating activities was 61.209 billion yuan ($8.79 billion), which leapt 42.65% compared to the year-ago period.

The robust growth in 2022 revenue and net profit mainly resulted from the surging sales of battery products. According to CATL, the company sold 289GWh lithium ion batteries through 2022, representing a 116.6% year-on-year spike. Of those, the annual sales of power battery system surged 107.09% over a year earlier to 242GWh.

Notably, CATL noted that, by the end of 2022, its annual production capacity of battery systems had totaled 390GWh with a capacity utilization rate of 83.4%. Besides, CATL still has 152GWh of production capacity under construction.