CATL Says Inventory Days Stable, No Sales Sluggishness

CATL's explanation shifts the question from demand weakness to accounting timing: goods shipped but not yet booked as revenue, plus a longer delivery-to-recognition cycle as it moves up the energy-storage value chain from cells and DC-side products to AC-side and system products. That distinction matters because inventory build tied to mix shift is a different signal than unsold stock, though the two look identical on a balance sheet in the near term. The open question is whether revenue recognition catches up as management expects, and whether the system-level transition keeps stretching working capital as the business grows.