The firm produces more than a third of all electric vehicle (EV) batteries sold worldwide, cooperating with major brands including Tesla, Mercedes-Benz, BMW and Volkswagen.

CATL has been aided by robust financial support from Beijing, which has sought in recent years to shore up domestic strength in certain strategic high-tech sectors.

Net profits were up more than 15 percent in 2024 compared to 2023.

Last year, CATL achieved a profit of 50.74 billion yuan ($7.01 billion), a filing at the Shenzhen Stock Exchange showed Friday.

The figure came in below a Bloomberg forecast of 51.47 billion yuan.

Revenue, meanwhile, fell 9.7 percent year-on-year to 362 billion yuan in 2024, the filing showed.

CATL had warned in January that its slide in sales last year was likely due to a "decline in the prices of raw materials such as lithium carbonate", which had forced the firm to adjust prices.

Last year saw lithium prices decline significantly, partly due to market oversupply and less fervent consumer demand for EVs.

- Overseas expansion -

Founded in 2011 in the eastern Chinese city of Ningde, Contemporary Amperex Technology Co., Limited (CATL) was initially propelled to success by rapid growth in the domestic market.

CATL's shares are publicly traded in Shenzhen, though it is now planning to seek a secondary listing in Hong Kong.

Last month, the firm started a Hong Kong listing application process -- a first step towards what analysts say could be a blockbuster initial public offering for the financial hub.

Funds raised from a secondary listing could be used to accelerate CATL's overseas expansion, particularly in Europe.

The battery giant is building its second factory on the continent in Hungary after launching its first in Germany in January 2023.

In December, CATL announced that it would work with automotive giant Stellantis on a $4.3 billion factory to make EV batteries in Spain, with production slated to begin by the end of 2026.

The firm's international push comes as challenges in the domestic market mount.

Following years of rapid growth, the world's largest EV market has begun to show signs of flagging sales amid a broader slowdown in consumption.

The trends have fuelled a fierce price war in the country's expansive EV sector, putting smaller firms under huge pressure to compete while remaining financially viable.