CATL (03750) rose more than 6% again, bringing its cumulative gain since the earnings release to over 30%, with the share price hitting a new record high. At the time of writing, the stock was up 6.12% to HK$658.5, with a turnover of HK$1.3 billion. The company recently announced that its 2025 revenue reached RMB 423.702 billion, up 17.04% year-on-year, while net profit rose to RMB 72.201 billion, an increase of 42.28%. It also disclosed a substantial dividend plan, with total cash dividends for 2025 amounting to approximately RMB 36.1 billion, representing 50% of its net profit attributable to shareholders. Changjiang Securities noted that the annual report exceeded expectations, indicating strong supply-demand dynamics and potential upward revisions to shipment forecasts. In 2025, CATL’s production reached 748 GWh, with capacity utilization at 96.9%. The company had 321 GWh of capacity under construction by the end of 2025, with additional projects in the pipeline. Contract liabilities at the end of the fourth quarter of 2025 reached RMB 49.233 billion, an increase of RMB 8.56 billion from the previous quarter. Despite higher-than-expected revenue recognition in Q4, the company maintained a high level of goods in transit, reflecting robust underlying demand. The securities firm also highlighted CATL’s confidence in stable profitability and new technologies, including its leadership in resource deployment, accelerated industrialization of sodium-ion batteries, and continued advances in solid-state battery technology and commercialization.
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