Core Viewpoint - The article highlights the robust growth in the energy storage market and the significant performance of CATL, emphasizing the company's strategic expansion in production capacity and its focus on new technologies and products in the battery sector [2][3][4]. Group 1: Economic Context and Industry Growth - The National Bureau of Statistics reported that policies aimed at expanding domestic demand have positively impacted various manufacturing sectors, including lithium-ion battery manufacturing, which saw a year-on-year increase of 29.8% in value added [1]. - The production of new energy vehicles, electric bicycles, and tablets also experienced substantial growth, with increases of 29.7%, 27.1%, and 9.5% respectively [1]. Group 2: CATL's Financial Performance - CATL reported a third-quarter revenue of 104.19 billion yuan, a year-on-year increase of 12.9%, and a net profit of 18.55 billion yuan, up 41.21% [2]. - For the first three quarters, the company achieved a revenue of 283.07 billion yuan, reflecting a 9.28% growth, and a net profit of 49.03 billion yuan, which is a 36.2% increase [2]. - The net cash flow from operating activities was 80.66 billion yuan, a 19.6% increase year-on-year, while cash outflows for investment activities were significant due to capacity expansion and equity investments [2]. Group 3: Energy Storage Business Expansion - CATL's energy storage business is a key focus, with approximately 20% of its third-quarter shipments being energy storage products, amounting to around 180 GWh [3]. - The company is currently expanding its energy storage capacity across multiple locations, with significant increases expected, particularly in its Jining base, which is projected to add over 100 GWh of capacity by 2026 [3]. Group 4: Market Trends and Policy Support - The global energy storage market has seen remarkable growth, with shipments reaching 246.4 GWh in the first half of 2025, a 115.2% increase year-on-year, and China leading with 232.03 GWh, up 118.4% [4]. - Recent policy changes from the National Development and Reform Commission and the National Energy Administration are expected to further stimulate the energy storage market, with a target of 180 million kilowatts of new energy storage capacity by 2027 [4]. Group 5: Commercial Vehicle Battery Developments - CATL's commercial vehicle battery shipments are approaching 20% of total shipments, driven by significant growth in the new energy commercial vehicle sector, which saw a 180% increase in sales of new energy heavy trucks in the first eight months of the year [5]. - The company is focusing on creating a battery swapping ecosystem for heavy trucks, anticipating that by 2030, the penetration rate of new energy heavy trucks could exceed 60% [5][6].

Group 1 - The core viewpoint of the article highlights that CATL achieved robust growth in Q3 2025, with total revenue reaching 104.2 billion yuan, a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 18.55 billion yuan, reflecting a significant year-on-year growth of 41.2% [1] - The net profit margin for the period was 19.1%, which is an increase of 4.1 percentage points compared to the previous year, indicating improved profitability [1] - CATL made significant advancements in capacity, technology, and industrial ecosystem during the reporting period, with major expansions in production bases across various regions in China and successful overseas operations [1] Group 2 - The company launched the world's first NP3.0 technology and the Shenxing Pro battery, and its sodium-ion battery became the first to receive certification under the new national standards, establishing a solid safety foundation for large-scale applications [1] - CATL is deepening its industrial ecosystem through strategic partnerships with industry giants, including a collaboration with JD Group to integrate battery technology with digital supply chain advantages [2] - The partnership with Sinopec aims to build a nationwide battery swapping network, with operational chocolate battery swap stations and the first heavy-duty truck battery swap station already in place [2]

证券研究报告 | 2025年10月21日 公司 2025Q3 实现归母净利润 185.49 亿元，同比+41%、环比+12%。公司 2025 年前三季度实现营收 2830.72 亿元，同比+9%；实现归母净利润 490.34 亿元， 同比+36%；毛利率为25.31%、同比+0.34pct；净利率为18.47%，同比+3.52pct。 公司 2025Q3 实现营收 1041.86 亿元，同比+13%、环比+11%；实现归母净利 润 185.49 亿元，同比+41%、环比+12%；毛利率为 25.80%、同比-1.92pct、 环比+0.23pct；净利率为 19.13%，同比+4.12pct、环比+0.55pct。 公司电池销量快速提升，盈利能力表现强劲。我们估计 2025 年前三季度公 司动储电池销量超435GWh，同比增长超31%；其中Q3动储电池销量超165GWh， 同比增长超 31%、环比增长 14%。国内及欧洲新能源车需求持续向好，国内 以及海外储能订单饱满，带动公司电池销量持续走高。我们估计 2025Q3 公 司动储电池单位扣非净利约为 0.10 元/Wh、同环比基本持平。展望后续，公 司产能利用 ...

Group 1: Event Overview - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will be held from November 6-8, 2025, at the Guangzhou Nansha International Convention Center, featuring over 200 exhibitors and 20,000 professional attendees [3] - The event will include the 2025 Qidian Solid-State Battery Golden Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [3] Group 2: Company Performance - CATL reported a revenue of approximately 283.07 billion yuan for the first three quarters of this year, representing a year-on-year growth of about 9.3%, with a net profit of approximately 49.03 billion yuan, up 36.2% [4] - In Q3 alone, the company achieved a revenue of about 104.18 billion yuan, a 12.9% increase year-on-year, and a net profit of approximately 18.55 billion yuan, reflecting a 41.2% growth [4] Group 3: Financial Health - As of the end of September, CATL's total assets reached 896 billion yuan, showing a nearly 14% increase quarter-on-quarter [5] - The operating cash flow for the first three quarters was approximately 80.66 billion yuan, up about 19.6% year-on-year, indicating strong cash reserves and a healthy order backlog [5] Group 4: Market Strategy - CATL is actively expanding its production capacity across various provinces in China and accelerating its overseas expansion, with factories in Germany, Hungary, Spain, and Indonesia [9] - The company is diversifying its product offerings, focusing on sodium batteries, which have shown promising performance and have passed new national standards [9] Group 5: Competitive Landscape - CATL faces increasing competition as automakers seek alternative suppliers, leading to a more competitive market environment [7] - The company is taking legal actions against competitors for patent infringement and unfair competition, indicating a proactive approach to protect its market position [8] Group 6: Investment Activities - CATL's subsidiary, CATL Intelligent, recently completed a 2 billion yuan Series A financing round, with a post-financing valuation exceeding 10 billion yuan [12] - The company is also investing in upstream sectors, such as increasing its stake in Jiangxi Shenghua with an investment of 2.563 billion yuan [15]

在海外市场布局方面，宁德时代德国工厂已于2024年实现投产并持续盈利；匈牙利工厂一期项目首条产 线设备已进场调试，预计2025年底建成并完成安装调试；西班牙工厂已完成前期审批手续，并正式成立 合资公司，即将启动工厂筹建工作；印尼电池产业链项目产能规划15GWh，可适用于动力及储能，预 计2026年上半年投产。 在技术领域，今年9月，宁德时代发布了NP3.0技术及神行Pro电池。宁德时代表示，通过整合阻燃电解 液、纳米点包覆正极等技术，NP3.0技术致力于在极端热失控场景下，确保电池系统"高压不断电、动力 不丢失、无明火无烟"。作为首款搭载该技术的产品，神行Pro电池采用"Wave电芯"结构，能量密度提升 超过3%，电池包刚度提升25%；神行Pro长寿命长续航版续航达758km，超充版峰值充电能力可达12C， 在极寒环境下可实现20分钟补能410km。 此外，宁德时代钠新电池也于9月通过新国标认证，成为首款获此认证的钠离子电池产品。今年4月，宁 德时代发布面向乘用车市场钠新电池，支持峰值5C快充，续航可达500km，循环寿命超过1万次，预计 年底落地；商用车方面，钠新4V重卡启驻一体蓄电池24V产品也在推进装机 ...

中国商报（记者 雷珂馨）10月20日，宁德时代发布2025年第三季度财报。在新能源汽车产业发展迅猛、动力电池市场需求强劲的背景下，宁德时代单季度 实现营收1041.86亿元，同比增长12.90%；归母净利润为185.49亿元，同比增长41.21%。 业内人士表示，凭借动力电池与储能业务的"双轮驱动"，叠加全球化产能布局和技术创新带来的红利，宁德时代在全球能源革命中的龙头地位将得到进一 步巩固。 储能业务持续增长 "宁德时代的储能业务有望成为增长最快的板块，这得益于全球能源转型以及AI数据中心需求的爆发。"星图金融研究院研究员张思远表示，在政策层面， 国家发展改革委、国家能源局联合印发了《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》，推动了储能市场化盈利模式的成熟。在 海外市场，美国、欧洲的储能装机量大幅提升，同时中东、澳大利亚等新兴市场的大型储能项目也相继落地。此外，AI数据中心将成为宁德时代业务新的 增长点，公司将凭借高安全、长寿命的产品占据先发优势。 动力电池引领产业发展 今年前三季度，宁德时代实现营收2830.72亿元，同比增长9.28%；实现归母净利润490.34亿元，同比增长36. ...

10月20日晚间，宁德时代（300750.SZ）发布三季报并举行业绩说明会。数据显示，宁德时代第三季度单季营业收入为1041.86亿元，同比增长12.9%；归母 净利润185.49亿元，同比增长41.21%。前三季度，宁德时代实现营业收入2830.72亿元，同比增长9.28%；归属母公司股东净利润达490.34亿元，同比增长 36.2%，这也意味着，宁德时代每日净赚约1.8亿元。 现金流方面，公司前三季度经营活动产生的现金流量净额为806.6亿元，同比增长19.6%。宁德时代方面称，投资活动现金流出较大，主要用于产能扩张与股 权投资，净流出572.91亿元；筹资活动现金流量净额为42.77亿元，同比由负转正，主要得益于H股IPO募集资金到账。 | 项目 | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 期增減 | | 年同期增减 | | 营业收入(千元) | 104,185,734 | 12.90% | 283,071.987 | 9.28% | | 归属于上市公司股东的 净利润(千元) | 18.5 ...

每经记者｜黄辛旭 每经编辑｜余婷婷 10月20日晚间，宁德时代（300750.SZ）发布三季报并举行业绩说明会。数据显示，宁德时代第三季度单季营业收入为1041.86亿元，同比增长12.9%；归母 净利润185.49亿元，同比增长41.21%。前三季度，宁德时代实现营业收入2830.72亿元，同比增长9.28%；归属母公司股东净利润达490.34亿元，同比增长 36.2%，这也意味着，宁德时代每日净赚约1.8亿元。 现金流方面，公司前三季度经营活动产生的现金流量净额为806.6亿元，同比增长19.6%。宁德时代方面称，投资活动现金流出较大，主要用于产能扩张与股 权投资，净流出572.91亿元；筹资活动现金流量净额为42.77亿元，同比由负转正，主要得益于H股IPO募集资金到账。 目前，宁德时代的储能业务正处于扩建阶段，其在山东济宁、广东瑞庆、江西宜春、福建厦门、青海、福建宁德等基地均有大幅扩产，仅山东济宁基地2026 年的新增储能产能预计就将超过100GWh。 今年以来，储能市场增长已经十分可观。据CESA储能应用分会产业数据库，2025年上半年，全球储能电池出货246.4GWh，同比增长115.2%，其中， ...

Core Insights - CATL reported a total revenue of 104.2 billion yuan for Q3 2025, representing a year-on-year growth of 12.9% [1] - The net profit attributable to shareholders reached 18.55 billion yuan, up 41.2% year-on-year, with a net profit margin of 19.1%, an increase of 4.1 percentage points [1] - The company has a strong cash reserve exceeding 360 billion yuan, supporting high-intensity R&D and large-scale capacity expansion [1] Capacity Expansion - To meet the surge in customer orders, CATL is aggressively advancing global capacity construction [3] - Significant expansions are underway at domestic bases, with the Jining base in Shandong expected to add over 100 GWh of energy storage capacity by 2026 [3] - Internationally, the German factory is projected to achieve profitability in 2024, while the Hungarian factory's first production line is expected to be operational by the end of 2025 [3] Technological Advancements - In September, CATL launched the NP3.0 technology and the Shenzhou Pro battery, enhancing safety systems for extreme conditions [5] - The Shenzhou Pro battery features a "Wave cell" structure, improving energy density by over 3% and battery pack rigidity by 25% [5] - The battery offers a range of 758 kilometers and a peak charging capability of 12C, enabling a 410-kilometer charge in just 20 minutes even in extreme cold [5] Sodium-ion Battery Development - CATL's sodium-ion battery has successfully passed new national standard certification, becoming the first globally certified sodium-ion battery [7] - The sodium battery demonstrates significant advantages in low temperature, safety, and low carbon emissions, reducing reliance on lithium resources [7] - The first generation of sodium batteries has been industrialized, with performance metrics such as a 90% energy retention rate at -40 degrees Celsius and a range of 500 kilometers [7] Strategic Partnerships - CATL has formed a strategic partnership with JD Group to integrate battery technology with digital supply chain and all-channel service advantages [7] - The collaboration aims to promote a "green + zero-carbon + digital" industrial development model and establish a direct sales channel for battery swapping [7] - Additionally, CATL is working with Sinopec to build a nationwide battery swapping ecosystem, with operational stations already in place [7]

Core Viewpoint - Ningde Times reported strong financial performance in Q3 2025, with significant revenue and profit growth, driven by increased demand for lithium batteries and ongoing capacity expansion efforts [2][3]. Financial Performance - In Q3 2025, the company achieved revenue of 104.186 billion yuan, a year-on-year increase of 12.90% - Net profit attributable to shareholders was 18.549 billion yuan, up 41.21% year-on-year - For the first three quarters, total revenue reached 283.072 billion yuan, growing by 9.28% - Net profit for the same period was 49.034 billion yuan, reflecting a 36.20% increase year-on-year [2]. Capacity Expansion - The company is actively expanding its global production capacity, with significant expansions planned in various domestic bases, including Shandong, Guangdong, Jiangxi, Fujian, and Qinghai - The Shandong Jining base alone is expected to add over 100 GWh of energy storage capacity by 2026 - Internationally, the German factory is set to achieve production and profitability by 2024, while the Hungarian factory's first production line is expected to be completed by the end of 2025 - The Spanish factory has completed preliminary approvals and is moving forward with construction, and the Indonesian battery project is planned to have a capacity of 15 GWh, expected to be operational by mid-2026 [3]. Shareholder Activity - In Q3, Hong Kong Central Clearing Limited, the company's second-largest shareholder, increased its stake by acquiring 53.92 million shares, raising its ownership to 14.48% - Other major shareholders either maintained or reduced their holdings, primarily domestic funds [3]. Innovation and Ecosystem Development - The company launched the NP3.0 technology and the Shenxing Pro battery, which aims to enhance safety standards and support ultra-fast charging capabilities - The sodium-ion battery has passed new national standards, showcasing advantages in low-temperature performance, safety, and cost for large-scale applications - Collaborations with industry leaders, such as JD Group and Sinopec, are aimed at building a comprehensive battery exchange ecosystem and promoting green transportation initiatives - The company also initiated an industry initiative for a circular economy in battery usage during the Munich Auto Show [4].