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CATL 2025 Annual Report Overview
Last night, CATL released its annual report. Before the market opened, I quickly reviewed it. In 2025, revenue increased by 17.04% compared to the previous year. Net profit grew by 42.28%, operating cash flow increased by 37.35%, and the weighted ROE was 24.91%. Earnings per share were 16.14, up 39.38% from the previous year. As of March 9, 2026, the stock price was 357.5 RMB, with a P/E ratio of 22.15x and a historical percentile of 32.13% (data from Jisilu). The proposed dividend for 2025 is 69.57 RMB per 10 shares. Based on the March 9, 2026 price, the dividend yield is 1.9%.
Product mix: Power batteries account for 74.7%, energy storage batteries 14.74%, battery materials and recycling 5.16%. Domestic sales account for 69.4%, overseas 31.44%, with little change from 2024. In 2025, global market share for power batteries was 39.2%, up 1.2% from 2024. Energy storage battery shipments have ranked first globally for five consecutive years. By the end of 2025, over 1,000+300 battery swap stations had been built. The company developed the world’s first eVTOL aircraft with type certification for tonnage and above, and launched the world’s first zero-carbon water takeoff and landing platform. By the end of 2025, production capacity reached 772 GWh, with 321 GWh under construction. The recycling volume of old batteries reached 210,000 tons, a 63.2% year-over-year increase. Gross profit margin was 27.27%, higher than that of power and energy storage battery systems. Ongoing R&D projects include dual-core electric vehicles, Naxin batteries, super hybrid batteries, solid-state batteries, Shenxing batteries, Tianxing batteries, high-capacity energy storage cells, energy storage systems, self-generated anodes, and a cell design platform. Currently, the company holds investments in stocks such as Chery Automobile, Hunan Yune, MDKA, Geely Auto, and Didi.
Cash and cash equivalents account for 34% of total assets. Accounts receivable and notes make up 8%, inventories 10%. Liabilities are 62% of total assets. Accounts payable, notes payable, and contract liabilities account for 52% of liabilities, slightly less than cash. Payables are four times receivables. The company’s financial health is strong, with significant influence in the industry chain.
Upcoming annual report disclosure dates (expected) for held stocks: