Bank of America Securities published a research report stating that CATL's second-quarter revenue reached 94 billion yuan, an 8% year-on-year increase and an 11% quarter-on-quarter increase. The company's gross profit margin exceeded expectations due to increased overseas sales, the appreciation of the euro against the RMB, and increased licensing revenue. Net profit for the period increased 34% year-on-year and 18% quarter-on-quarter, beating expectations. The bank raised its earnings forecasts for CATL for 2025, 2026, and 2027 by 3%, 5%, and 7%, respectively, primarily to reflect higher revenue forecasts for electric vehicle batteries and higher unit net profit forecasts. The bank raised its target price for the company from HK$400 to HK$475 and reiterated its "buy" rating.