CATL said Q3 inventory rose with business expansion, but inventory turnover days
have been relatively stable in recent quarters and the company has not seen
sales or shipment disruptions. The inventory increase is concentrated in shipped
goods that will be recognized as revenue over time. In energy storage, CATL is
moving from selling cells and DC-side components toward offering AC-side and
full-system products, broadening product mix while extending delivery and
revenue recognition cycles.
