谁在做空宁德时代？超45亿元分红难阻A+H股全线跌价

Core Viewpoint - Despite achieving revenue and profit growth in the first half of the year, CATL's performance has not been well-received by the capital market, with significant stock price declines following the earnings report [2][4]. Financial Performance - In the first half of 2025, CATL reported revenue of 178.886 billion yuan, a year-on-year increase of 7.27%, and a net profit of 30.485 billion yuan, up 33.33% year-on-year [5]. - The company announced a cash dividend of 10.07 yuan per 10 shares, totaling approximately 4.57 billion yuan [5]. Stock Market Reaction - Following the earnings report, CATL's A-shares fell from 292 yuan to 263 yuan, a decline of nearly 10%, while H-shares dropped from 462 HKD to 403 HKD, a decrease of nearly 13% [2][4]. - The stock price decline was attributed to a combination of factors, including a previous rapid increase in share price and market sentiment regarding solid-state battery commercialization [9][10]. Analyst Opinions - Morgan Stanley has positioned CATL as a technology-driven platform company, emphasizing its continuous technological evolution and ecosystem development as core competitive advantages [6]. - Several domestic brokerages have issued positive ratings for CATL, with reports highlighting its stable performance and improving profitability [6]. Market Expectations - Investor sentiment has been affected by CATL's management comments regarding solid-state batteries, which indicated that while the company has made significant R&D progress, true commercialization is still some time away [10]. - High expectations for CATL's performance were not met, particularly in the second quarter, leading to downward adjustments in profit forecasts by analysts [10][11]. Competitive Landscape - CATL is currently embroiled in patent disputes with competitors, which reflects the competitive tensions within the battery industry [13][15]. - The global battery market is witnessing significant growth, with CATL maintaining a leading position in both the power battery and energy storage battery sectors [14].