China's leading battery maker Contemporary Amperex Technology reported first-quarter profit growth of 48.5%, reaching 20.74 billion yuan ($3.04 billion) despite slowing electric-vehicle sales in its home market. The Tesla supplier achieved this performance even as government subsidy changes and tax benefit adjustments dampened demand for EV batteries across China.

Revenue climbed 52.5% to 129.13 billion yuan, demonstrating the company's resilience in a challenging market environment. The results stand out particularly given the broader slowdown in China's EV sector, where manufacturers have faced reduced consumer demand following policy changes. CATL's ability to maintain strong growth while its core market contracts highlights its competitive position and operational efficiency.

Investors responded positively to the earnings, with shares jumping 9.5% in Hong Kong and 5.8% in Shenzhen on Thursday morning. The strong profit growth suggests CATL's business model can withstand market headwinds, potentially positioning it well for future industry consolidation or expansion opportunities.