CATL management stated on the evening of October 20 that global demand for power and energy storage batteries is expected to grow by 20% to 30% next year, considering this a "reachable and not excessively high" expectation. However, following the earnings call, CATL's A-shares opened 5% lower on October 21, with intraday losses exceeding 10% at one point. The company's net profit attributable to shareholders for the third quarter was 21.246 billion yuan, a year-on-year increase of 14.54%, but a sequential decrease of 5.77%; the gross profit margin dropped from 23.15% in the second quarter to 20.69%. Management attributed the decline in unit profitability to changes in product mix, noting that the sharing of new taxes and fees is still under negotiation with clients, and that in-house battery development by automakers could pose challenges to orders and bargaining power. Net operating cash flow for the third quarter significantly decreased from 26.536 billion yuan in the second quarter to 1.409 billion yuan, primarily due to increased payments for purchases and adjustments in payment terms.