Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [3][10]. Core Insights - The company reported a net profit of RMB 72.2 billion for 2025, representing a year-over-year increase of 42%, exceeding expectations. The earnings per share (EPS) for the year was RMB 16.1 [7]. - The company’s battery shipment volume grew significantly, with a total of 661 GWh shipped in 2025, a 39.1% increase year-over-year. The market share for both power and energy storage batteries remains the highest globally [7]. - The company is expected to maintain a robust growth trajectory, with an average annual growth rate of 20% projected over the next five years. Forecasted net profits for 2026, 2027, and 2028 are RMB 91.2 billion, RMB 113.6 billion, and RMB 138.3 billion, respectively [7][9]. Financial Performance - For 2025, the company achieved operating revenue of RMB 423.7 billion, a 17% increase year-over-year. The gross margin improved to 26.27%, up by 1.83 percentage points from the previous year [7][12]. - The company plans to distribute a cash dividend of RMB 6.957 per share, which accounts for 50% of the net profit, resulting in a dividend yield of 1.95% [7]. - The financial outlook for the next few years shows a steady increase in net profit and EPS, with projected figures of RMB 20, RMB 24.9, and RMB 30.3 for EPS in 2026, 2027, and 2028, respectively [9]. Product and Market Position - The company has a comprehensive product portfolio, including power batteries (74.7% of revenue), energy storage batteries (14.7%), and battery materials (5.2%) [3]. - The company is expanding its production capacity significantly, with a total lithium battery capacity of 772 GWh by the end of 2025 and an additional 321 GWh under construction [7]. - New product innovations, such as sodium-ion batteries and advanced energy storage systems, are expected to enhance market competitiveness and address specific consumer needs [7].

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company reported a revenue of RMB 423.70 billion for 2025, representing a year-on-year increase of 17.04%, and a net profit attributable to shareholders of RMB 72.20 billion, up 42.28% year-on-year. The fourth quarter alone saw revenues of RMB 140.63 billion, with a year-on-year growth of 36.58% [2][3]. - The company's profitability exceeded expectations due to improved capacity utilization and scale effects, which enhanced unit profitability. The net profit margin for 2025 was 18.12%, reflecting a year-on-year increase of 3.20 percentage points [3]. - The company is expected to maintain robust earnings in 2026, supported by price linkage with customers, upstream resource assurance, new technology premiums, and cost reductions through scaling [3]. Summary by Sections Financial Performance - In Q4 2025, the company achieved a net profit of RMB 23.17 billion, a year-on-year increase of 57.13% and a quarter-on-quarter increase of 24.90% [2][3]. - The company plans to distribute 50% of its net profit as cash dividends for 2025, continuing its high dividend policy [3]. Market Position and Growth - The company sold 661 GWh of batteries in 2025, a 39% increase year-on-year, with a market share of 39.2% in the power battery segment, up 1.2 percentage points [4]. - The commercial vehicle and energy storage sectors showed significant growth, with the company launching a new brand of commercial vehicle batteries and expanding its battery swap network [4]. Technological Advancements - The company is actively promoting sodium battery applications and plans to scale production in 2026 across various sectors, including commercial vehicles and energy storage [5]. - Progress in solid-state battery technology is ongoing, with plans for small-scale production by 2027 [5]. Profit Forecast and Valuation - The company’s net profit is projected to reach RMB 922.65 billion in 2026 and RMB 1,119.33 billion in 2027, with a compound annual growth rate (CAGR) of 23% over three years [6]. - The report assigns a price-to-earnings (PE) ratio of 26 times for A-shares in 2026, reflecting a premium of about 20% over comparable companies [6].

Core Viewpoint - CATL continues to demonstrate strong growth momentum, with significant increases in revenue and net profit for 2025, indicating robust performance in both power and energy storage battery systems [2][5]. Financial Performance - In 2025, CATL achieved revenue of 423.7 billion yuan, a year-on-year increase of 17.04%, and a net profit attributable to shareholders of 72.2 billion yuan, up 42.28% [2]. - The power battery system generated revenue of 316.5 billion yuan, reflecting a growth of 25.08%, with a gross margin of 23.84% [2]. - The energy storage battery system reported revenue of 62.4 billion yuan, an increase of 8.99%, with a gross margin of 26.71% [5]. Sales and Production - CATL sold 661 GWh of lithium-ion batteries, marking a nearly 40% year-on-year growth, while energy storage battery sales reached 121 GWh, up 29.13% [2][5]. - The total production capacity was 772 GWh, with an actual output of 748 GWh, resulting in a capacity utilization rate of 96.89% [8]. Strategic Developments - CATL is expanding its production capabilities with ongoing investments in domestic and international battery production bases, including projects in Hungary and Indonesia [8]. - The company launched several new energy storage products, including a 6.25 MWh containerized liquid-cooled battery system and a 9 MWh large-capacity energy storage solution [8]. Future Orders and Collaborations - As of February 28, 2026, CATL secured seven energy storage orders with a total expected transaction amount of 505 million yuan [9][10]. - The company has established long-term strategic partnerships with various firms, enhancing its project delivery capabilities in overseas markets [11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 618 RMB based on a projected P/E ratio of 30x for 2026 [8][28]. Core Insights - The company is expected to see significant growth in both revenue and profit, with a projected revenue of 423.7 billion RMB in 2025, representing a 17% year-on-year increase, and a net profit of 72.2 billion RMB, reflecting a 42.3% increase [9][28]. - The company is experiencing strong demand, with battery shipments expected to grow by over 40% in 2026, driven by increased production capacity and market demand [14][17]. - The company’s cash flow is robust, with operating cash flow reaching 133.2 billion RMB in 2025, a 37% increase year-on-year [24]. Financial Performance - In Q4 2025, the company reported a revenue of 140.6 billion RMB, a 36.6% increase quarter-on-quarter, and a net profit of 23.2 billion RMB, up 57% from the previous quarter [9][10]. - The gross margin for Q4 2025 was 28.2%, an increase of 13.2% from the previous quarter, indicating improved profitability [9][10]. - The company’s total battery shipments for 2025 reached 661 GWh, a 39% increase year-on-year, with a production capacity utilization rate of 97% [14][17]. Business Segments - The company’s power battery segment saw a shipment of 541 GWh in 2025, a 42% increase, with a market share of 39.2% [17][18]. - The energy storage segment shipped 121 GWh in 2025, a 30% increase, with expectations for significant growth in 2026 due to new large cell production capacity [18]. - Revenue from battery materials decreased by 24% to 21.9 billion RMB, but the gross margin improved significantly, contributing to overall profitability [23]. Future Outlook - The company’s net profit forecast for 2026-2028 has been revised upwards to 94 billion RMB, 116.8 billion RMB, and 142.8 billion RMB respectively, with expected growth rates of 30%, 24%, and 22% [28]. - The company is expected to further enhance its market share in the global power battery sector, supported by its technological and cost advantages [28].

Core Viewpoint - The low-altitude economy has been highlighted in the government work report for three consecutive years, indicating its growing importance as a new pillar industry in China, with a focus on developing high-energy, high-power batteries for flying vehicles [3][4]. Group 1: Industry Development - The low-altitude economy market in China is projected to reach a scale of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, showcasing significant growth potential [3]. - The electric vertical takeoff and landing (eVTOL) aircraft and large drones are central to the low-altitude flight sector, requiring advanced power systems that exceed the energy density and reliability demands of electric vehicles [3][4]. Group 2: Challenges and Recommendations - Current eVTOL battery energy densities have surpassed 300 Wh/kg, but to achieve economic operation in urban air mobility, advancements to 400-500 Wh/kg or higher are necessary [4]. - The existing battery standards do not fully address the extreme conditions faced by aircraft, such as thunderstorms and high-altitude low temperatures [4]. - Recommendations include establishing a national special plan for battery development in low-altitude flight, creating a major national technology project for advanced power systems, and developing industry standards for aircraft-specific batteries [5].

Market Overview - The Hang Seng Index closed down by 348 points, or 1.35%, at 25,408 points after initially dropping to a low of 24,906 points, losing the 25,000 mark [3] - The market saw a total turnover of HKD 39.23 billion, with a net inflow of HKD 37.214 billion from northbound trading [3] Company Performance - Among 88 blue-chip stocks, 72 saw declines, with notable drops in tech stocks such as Alibaba down 1.5% to HKD 128.7, Tencent down 0.6% to HKD 516, and Baidu down 1.8% to HKD 117.4 [4] - HSBC Holdings fell by 3.9% to HKD 129.9, while AIA Group dropped 4.4% to HKD 81.8 [4] - NIO reported a significant increase in profitability, with a net profit of RMB 72.201 billion, marking a 42.28% year-on-year growth [11] Industry Insights - The Hong Kong Productivity Council has launched the "Future Technology Center for Life and Health," aimed at accelerating the development of life and health technology, indicating a focus on innovation in this sector [8] - The Consumer Price Index (CPI) in mainland China rose by 1.3% year-on-year in February, the highest increase in over three years, driven by food prices which increased by 1.7% [9]

Core Viewpoint - The article highlights the impressive financial and operational performance of the company in 2025, showcasing its leadership in the global market and commitment to innovation and sustainable growth [5]. Financial and Operational Performance - The total sales volume of lithium-ion batteries reached 661 GWh, a year-on-year increase of 39.2% - Revenue amounted to 423.7 billion yuan, up 17% year-on-year - Net profit attributable to shareholders was 72.2 billion yuan, reflecting a 42.3% increase - Operating cash flow net amount reached 133.2 billion yuan, up 37.4% - Cash and cash equivalents at the end of the period totaled 392.5 billion yuan [4]. Market Position - Power battery sales were approximately 540 GWh, with a year-on-year growth of 41.9% - Global market share increased by 1.2 percentage points to 39.2%, maintaining the top position for nine consecutive years - Energy storage battery sales reached about 121 GWh, a 29.1% year-on-year increase, with continuous global leadership in shipments for five years [4]. Technological Innovation - The company holds a total of 54,538 patents, being the only enterprise in the industry selected as one of the top 100 global innovative organizations - New products launched include the second-generation supercharging battery, sodium-ion battery, and ultra-mixed battery, with a strong presence in the high-end passenger car market [4]. Business Expansion - The overseas market share surpassed 30%, securing contracts with major clients like Volkswagen, BMW, and Volvo - Launched a 6.25 MWh liquid-cooled energy storage system and a 9 MWh large-capacity solution for overseas markets - Established over 1,300 battery swap stations and initiated projects in low-carbon ecosystems and electric vessels [4]. Shareholder Returns - The company plans to maintain a high dividend policy, proposing a cash dividend of 69.57 yuan per 10 shares for 2025, with a cumulative dividend nearing 100 billion yuan over three years [4]. Profitability and Cost Transmission - Management expresses confidence in maintaining stable unit net profit for 2026, implementing strategies to mitigate the impact of rising raw material prices through price linkage mechanisms and resource layout [6]. Response to Overseas Policies - The company perceives limited impact from U.S. and European policy changes, emphasizing its competitive advantage due to established overseas production capacity [6]. Sodium-Ion Battery Progress - The new generation of sodium-ion batteries has shown significant performance improvements and received high customer recognition, with a growing application in both power and energy storage sectors [4]. Competitive Strategy in Energy Storage - The company focuses on "rolling value" rather than "rolling prices" in response to competition, enhancing project profitability through system-level solutions and strategic partnerships [7]. Resource Layout - Ongoing projects in Yichun and Snowy are progressing as planned, with expectations of alleviating resource constraints in the future [7]. Capacity and Capital Expenditure - As of the end of 2025, the company has over 321 GWh of capacity under construction, with capital expenditures expected to increase in line with capacity expansion [7]. Solid-State Battery Development - The company has a strong R&D foundation for solid-state batteries, but commercialization will take time to address engineering challenges [7]. Financial Clarifications - Asset impairment in Q4 was primarily due to the depreciation of older production lines and inventory adjustments, consistent with annual testing practices [7]. Impact of Export Tax Policy Changes - The company anticipates that the adjustments in export tax will largely be borne by customers, with established communication mechanisms to manage the impact [8]. Sales Target and Inventory Management - The company maintains its sales targets, with inventory management being influenced by logistics and delivery cycles [8]. Resource Policy Impact Assessment - The company assesses that lithium resource abundance is not scarce, and current supply constraints are due to development pace rather than actual scarcity [11]. Construction Progress in Hungary - The Hungarian project is progressing, with the first phase of 34 GWh expected to ramp up production soon [10]. Competitive Strategy in Overseas Markets - The company aims to enhance its system solution capabilities in energy storage, fostering an open and cooperative ecosystem to drive industry development [10]. Sodium-Ion Battery Application Outlook - Sodium-ion batteries are expected to be adaptable across various applications, with cost advantages in energy storage scenarios [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see both revenue and profit growth, with a significant increase in production capacity aimed at achieving high growth in 2026 [1][8] - The forecast for net profit has been revised upwards to 940 billion and 1168 billion for 2026 and 2027 respectively, with an additional profit forecast of 1428 billion for 2028 [8][28] - The target price is set at 618 yuan based on a 30x PE ratio for 2026, reflecting the company's leading position in the global battery market [8][28] Financial Performance - In 2025, the company achieved total revenue of 423.7 billion yuan, a year-on-year increase of 17%, and a net profit of 72.2 billion yuan, up 42.3% year-on-year [9][14] - The gross profit margin for 2025 was 26.3%, an increase of 1.8 percentage points compared to the previous year [9][14] - The company’s operating cash flow for 2025 was 133.2 billion yuan, a 37% increase year-on-year [24] Production and Sales - The company’s lithium battery shipments reached 661 GWh in 2025, a 39% increase year-on-year, with expectations for a 40%+ growth in shipments for 2026 [14][17] - The total production capacity in 2025 was 772 GWh, with a utilization rate of 97%, and projected capacity exceeding 1200 GWh by the end of 2026 [14][17] - The company’s energy storage battery shipments were 121 GWh in 2025, with expectations for significant growth in 2026 due to new large cell capacities being released [18] Market Position - The company maintained a market share of 39.2% in the domestic market for power battery installations, with significant contributions from commercial vehicles and overseas markets [17][18] - The company’s revenue from power batteries was 316.5 billion yuan in 2025, reflecting a 25% increase year-on-year [17] Material and Other Business - Revenue from battery materials decreased by 24% to 21.9 billion yuan, but the gross margin improved significantly [23] - The mining resources segment saw a 9% increase in revenue to 6 billion yuan, with a gross margin of 11% [23] Cash Flow and Inventory - The company reported a significant increase in inventory to 94.5 billion yuan by the end of 2025, with a notable rise in the value of goods shipped [24][26] - The operating cash flow for Q4 2025 was 526 billion yuan, marking a substantial increase compared to previous quarters [24]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn/ ）及巨潮資訊網( www.cninfo.com.cn )所發佈之《寧德時代新能 源科技股份有限公司2025年年度報告》《寧德時代新能源科技股份有限公司2025年 年度報告摘要》，僅供參閱。 承董事會命 寧德時代新能源科技股份有限公司 董事長、執行董事兼總經理 曾毓群先生 中國•寧德，二零二六年三月九日 於本公告日期，本公司董事會成員包括執行董事曾毓群先生、潘健先生、李平先 生、周佳先生、歐陽楚英博士及吳映明先生；及獨立非 ...

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