January 11, 2026 08:11 PM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific VAT Refund Adjustment: Bad or Good? VAT refund changes will have a limited impact on CATL's earnings but will pose challenges for tier 2 battery players. CATL has multiple buffers to mitigate the impact, as in 2025. More importantly, CATL should have stronger pricing power in the overseas ESS market, as small players are squeezed out. Muted impact as similar to 2025. The battery value-added tax (VAT) refund rate will be re ...