Group 1 - The second "Starting Point Lithium Battery Cylindrical Battery Technology Forum" and the release of the top 20 cylindrical battery rankings will be held on April 10, 2026, in Shenzhen [3][4] - The theme of the forum is "All-Ear Technology Leap, Leading the Large Cylindrical Market" [3] - Various companies including Penghui Energy, Dofluor, and others are invited to participate in the event [4] Group 2 - LG Energy has officially announced a supply agreement with Tesla, where LG will produce batteries at its Michigan plant, primarily for the Megapack 3 energy storage system, expected to start production in 2027 [6] - Samsung SDI has secured a battery supply contract worth approximately 69 million RMB with a U.S. energy company, with a supply period from 2026 to 2029 [7] - Guizhou Zhaoke Energy has successfully launched its cylindrical lithium battery production line, achieving production within a year of signing the project [18][19] Group 3 - The cylindrical battery structure component market in China is projected to reach 7.72 billion RMB by 2025, with a year-on-year growth of 26.1% [12] - The total investment for a new 50GWh long-duration energy storage project by Zhengli New Energy in Suzhou is 10 billion RMB [14] - A new 105 billion RMB lithium battery and energy storage system project is under construction in Inner Mongolia, expected to start production by the end of November this year [17] Group 4 - Cangge Mining reported a net profit of 3.85 billion RMB for 2025, with a year-on-year increase of 49.32% [24] - Huayou Cobalt's net profit for 2025 is projected to be 12.5 billion RMB, with a significant increase in revenue from lithium and cobalt segments [32] - The company NINGDE Times has announced a salary increase for 2026 graduates, reflecting its ongoing transformation and growth in the industry [20]

Group 1 - The 2026 (Second) Starting Point Lithium Battery Cylindrical Technology Forum and the Top 20 Cylindrical Battery Ranking Conference will be held on April 10, 2026, in Shenzhen [3] - The event theme focuses on "All-Ear Technology Leap and Leading the Large Cylindrical Market" [3] - Major sponsors and speakers include companies like Penghui Energy, Dofluor, Chuangneng, and others, indicating strong industry participation [3] Group 2 - Contemporary Amperex Technology Co., Limited (CATL) is undergoing a critical transformation, having released several new battery products in 2025, including the second-generation supercharging battery and the dual-core battery [4] - In 2025, CATL reported a revenue of 423.7 billion yuan and a net profit of 72.2 billion yuan, marking a 42% year-on-year growth [4] - The company announced a record dividend plan of 31.5 billion yuan, which accounts for 44% of its annual net profit, with cumulative cash dividends from 2023 to 2025 reaching approximately 83.5 billion yuan [4] Group 3 - Recent salary increases in the new energy vehicle sector reflect heightened competition for talent, with CATL raising salaries for 2026 campus recruits by up to 2,000 yuan for core R&D positions [4] - Other companies like Chery and BYD have also implemented salary increases, with Chery's rumored increase around 10% and BYD's increases for key talent reaching up to 4,500 yuan [4]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Insights - The company reported a revenue of 423.7 billion yuan for 2025, representing a year-on-year increase of 17%. The net profit attributable to shareholders was 72.2 billion yuan, up 42% year-on-year. The non-recurring net profit was 64.5 billion yuan, also up 43% year-on-year. The gross margin stood at 26.3% and the return on equity (ROE) was 21.4% [1] - In Q4 2025, the company achieved a revenue of 140.6 billion yuan, a 37% increase year-on-year and a 35% increase quarter-on-quarter. The net profit attributable to shareholders was 23.2 billion yuan, up 57% year-on-year and 25% quarter-on-quarter, with a non-recurring net profit of 20.9 billion yuan, increasing 63% year-on-year and 27% quarter-on-quarter. The gross margin for this quarter was 28.2%, an increase of 13.2 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [1] - The company has seen a significant increase in orders, with contract liabilities reaching 49.2 billion yuan, up 76.9% year-on-year. The cash and trading financial assets totaled 392.5 billion yuan, and the net operating cash flow for 2025 was 133.2 billion yuan, which is 1.8 times the net profit attributable to shareholders [1] Financial Forecast and Valuation - The company is expected to achieve revenues of 588.9 billion yuan, 704.6 billion yuan, and 851.0 billion yuan for 2026, 2027, and 2028 respectively, with year-on-year growth rates of 39%, 20%, and 21%. The net profit attributable to shareholders is projected to be 93.1 billion yuan, 113.9 billion yuan, and 136.0 billion yuan for the same years, with growth rates of 29%, 22%, and 19% respectively. The three-year compound growth rate is estimated at 24%, with corresponding price-to-earnings (PE) ratios of 20, 16, and 13 times [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][42]. Core Views - The company is expected to achieve a net profit of 77.201 billion yuan in 2025, representing a year-on-year increase of 42%. Revenue is projected to reach 423.702 billion yuan, up 17% year-on-year. The gross margin is forecasted at 26.27%, an increase of 1.83 percentage points, while the net margin is expected to be 18.12%, up 3.20 percentage points [1][8]. - The company is accelerating its capacity expansion to meet strong demand, with a capacity utilization rate of 96.9% expected by the end of 2025. The total planned capacity is projected to reach 1,093 GWh, an increase of 198 GWh from the end of 2024 [3][38]. - The company maintains a leading position in the power battery market, with a global market share of 39.2% in 2025, marking a year-on-year increase of 1.2 percentage points. The company has held the top position in the global market for nine consecutive years [21][26]. Summary by Sections Financial Performance - In Q4 2025, the company is expected to achieve revenue of 1,406.30 billion yuan, a year-on-year increase of 37% and a quarter-on-quarter increase of 35%. The net profit for the same period is projected to be 231.67 billion yuan, up 57% year-on-year and 25% quarter-on-quarter [1][8]. - The company’s operating income for 2025 is forecasted at 423.702 billion yuan, with a net profit of 72.201 billion yuan, and a gross margin of 26.27% [4][8]. Product and Market Position - The company’s power battery revenue is expected to reach 316.51 billion yuan in 2025, with a stable gross margin of 23.8%. The sales volume is projected to be 541 GWh, reflecting a year-on-year increase of 42% [21][26]. - The company has introduced several new products in 2025, including the second-generation supercharging battery and sodium-ion batteries, reinforcing its competitive advantage [21][33]. Capacity Expansion and Globalization - By the end of 2025, the company will have established a production capacity of 772 GWh, with an additional 321 GWh under construction. The company is also expanding its global footprint with ongoing projects in Germany, Hungary, Spain, and Indonesia [3][38]. - The company’s strategic partnerships with various firms aim to enhance its service capabilities and achieve mutual benefits [2][38].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][42]. Core Views - The company is expected to achieve a net profit of 77.201 billion yuan in 2025, representing a year-on-year increase of 42%. Revenue is projected to reach 423.702 billion yuan, up 17% year-on-year, with a gross margin of 26.27% and a net margin of 18.12% [1][8]. - The company has accelerated its capacity expansion to meet strong demand, with a capacity utilization rate of 96.9% and a total planned capacity of 1,093 GWh by the end of 2025 [3][38]. - The company maintains its leading position in the power battery market, with a global market share of 39.2% and a domestic market share of 43.4% in 2025 [21][26]. Summary by Sections Financial Performance - In Q4 2025, the company achieved revenue of 140.630 billion yuan, a year-on-year increase of 37% and a quarter-on-quarter increase of 35%. The net profit for the same period was 23.167 billion yuan, up 57% year-on-year and 25% quarter-on-quarter [1][8]. - The company’s gross margin for Q4 2025 was 28.21%, with a slight decrease in net margin to 17.41% due to higher asset impairment losses [1][20]. Product and Market Position - The company’s power battery revenue for 2025 is expected to be 316.51 billion yuan, with a stable gross margin of 23.8% and a sales volume of 541 GWh, reflecting a 42% year-on-year increase [21][33]. - The company has launched several new products, including the second-generation supercharging battery and sodium-ion batteries, reinforcing its competitive advantage [21][33]. Capacity Expansion and Globalization - By the end of 2025, the company will have built a capacity of 772 GWh and has 321 GWh under construction, with a total planned capacity increase of 198 GWh compared to the end of 2024 [3][38]. - The company is actively expanding its global footprint, with production facilities in Germany, Hungary, Spain, and Indonesia [3][38]. Strategic Partnerships - The company has established long-term strategic partnerships with various firms, including Haibosi Chuang, CRRC Zhuzhou Institute, and Siyuan Electric, to enhance collaboration and mutual benefits [2][33].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 515.63 CNY [2][8]. Core Insights - The company's performance in 2025 significantly exceeded expectations, with total revenue reaching 423.7 billion CNY, a year-on-year increase of 17.0%, and a net profit attributable to shareholders of 72.2 billion CNY, up 42.3% year-on-year [10][37]. - The company is expected to experience high growth in production capacity in 2026, driven by strong demand and an increase in orders, as evidenced by a 77% increase in contract liabilities in Q4 2025 [27][37]. - The company achieved a global market share of 39.2% in electric vehicle battery installations, marking a 1.2 percentage point increase year-on-year, and continues to lead in the high-end market segment [37][40]. Financial Performance Summary - **Revenue and Profitability**: In 2025, the company reported total revenue of 423.7 billion CNY, with a net profit of 72.2 billion CNY, reflecting a 42.3% increase year-on-year. The fourth quarter alone saw revenue of 1,406.3 billion CNY, a 36.6% increase from the previous quarter [10][19]. - **Sales Volume**: The total battery sales volume reached 661 GWh in 2025, a 39.2% increase year-on-year, with a significant contribution from both power and energy storage batteries [10][37]. - **Margins**: The gross margins for power batteries, energy storage, materials, and minerals were 23.8%, 26.7%, 27.3%, and 11.3% respectively, with notable improvements in materials and minerals due to price increases [17][19]. Capacity and Investment - **Capital Expenditure**: The company has resumed capital expenditure growth, with Q4 2025 capital spending reaching 12.3 billion CNY, indicating a return to an expansion phase [21][27]. - **Production Capacity**: As of the end of 2025, the company had 321 GWh of capacity under construction, with plans for further expansion in 2026 [21][27]. Cash Flow and Financial Health - **Cash Flow**: The company reported a strong operating cash flow of 1,332 billion CNY in 2025, a 37.4% increase year-on-year, with cash on hand increasing to 299.9 billion CNY [33][36]. - **Debt and Liabilities**: The company's contract liabilities rose significantly, indicating robust demand and a strong order backlog, with Q4 2025 contract liabilities at 49.2 billion CNY [27][29]. Market Position and Product Development - **Market Share**: The company achieved a record global market share of 39.2% in electric vehicle battery installations, outperforming the overall market growth [37][40]. - **Product Innovation**: The company continues to launch innovative products, including various battery solutions tailored for different applications, enhancing its competitive advantage [40][42].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 515.63 CNY [2][8]. Core Insights - The company significantly exceeded expectations in 2025, achieving a revenue of 423.7 billion CNY, a year-on-year increase of 17.0%, and a net profit attributable to shareholders of 72.2 billion CNY, up 42.3% year-on-year [10][37]. - The company is expected to experience high growth in production capacity in 2026, driven by strong demand and an increase in orders [10][27]. - The company’s global market share in electric vehicle batteries reached a new high of 39.2%, with a total installed capacity of 464.7 GWh, reflecting a year-on-year growth of 36% [37][40]. Financial Performance Summary - **Revenue and Profitability**: In 2025, the company reported total revenue of 423.7 billion CNY, with a net profit of 72.2 billion CNY. The fourth quarter alone saw revenue of 140.6 billion CNY, a quarter-on-quarter increase of 36.6% [10][19]. - **Sales Volume**: The total battery sales volume reached 661 GWh, marking a 39.2% increase year-on-year, with a notable rise in both power and energy storage battery sales [10][37]. - **Margins**: The gross margins for power batteries, energy storage, materials, and minerals were 23.8%, 26.7%, 27.3%, and 11.3% respectively, with material margins improving due to price increases [17][19]. Capacity and Investment - **Capital Expenditure**: The company’s capital expenditure returned to an expansion phase in 2025, with Q4 capital spending reaching 12.3 billion CNY, indicating a commitment to increasing production capacity [21][27]. - **Construction Progress**: As of the end of 2025, the company had 321 GWh of capacity under construction, with ongoing projects expected to further enhance production capabilities in 2026 [21][27]. Cash Flow and Financial Health - **Cash Flow**: The company reported a strong operating cash flow of 133.2 billion CNY in 2025, a 37.4% increase year-on-year, with cash reserves at the end of the year reaching 299.9 billion CNY [36][37]. - **Contract Liabilities**: The company’s contract liabilities surged to 49.2 billion CNY in Q4, reflecting robust demand and a strong order backlog [27][29]. Market Position and Product Development - **Market Leadership**: The company maintained its leading position in the electric vehicle battery market, with over 60% of luxury electric vehicles in China using its batteries [37][40]. - **Innovative Products**: The company has launched several innovative products, including outdoor liquid-cooled battery cabinets and large-capacity energy storage systems, enhancing its competitive edge [40][42].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a price-to-earnings (PE) ratio of 18.90 and 15.60 for the years 2026 and 2027 respectively, based on the closing price of 376.30 yuan on March 10, 2026 [12]. Core Insights - The company's performance exceeded expectations in 2025, achieving a revenue of 423.70 billion yuan, a year-on-year increase of 17.04%. Operating profit reached 89.52 billion yuan, up 39.76%, and net profit attributable to shareholders was 72.20 billion yuan, growing by 42.28% [7][12]. - The global market for new energy vehicles continues to grow, with China's market share in the power battery sector increasing. In 2025, global sales of new energy passenger vehicles reached 20.54 million units, a 19.15% increase year-on-year [7][12]. - The company is a leader in the power battery and energy storage battery sectors, with a total lithium battery production capacity of 772 GWh by the end of 2025, a 14.20% increase from the previous year [7][12]. Financial Performance - In 2025, the company reported a net cash flow from operating activities of 144.22 billion yuan, a year-on-year increase of 37.35%. The basic earnings per share were 16.14 yuan, with a weighted average return on equity of 24.91% [7][12]. - The company’s gross profit margin improved to 27.27% in 2025, up 1.83 percentage points year-on-year, with the fourth quarter showing a margin of 28.21% [12]. Market Position - The company maintained its position as the top power battery manufacturer globally, with a market share of 39.15% in 2025, an increase of 1.15 percentage points from 2024 [7][12]. - The company’s energy storage battery sales volume reached 121 GWh in 2025, a year-on-year increase of 29.13%, with revenue from this segment amounting to 62.44 billion yuan [11][12]. Future Outlook - The report anticipates continued growth in the company's power battery sales and revenue in 2026, driven by the expected double-digit growth in global passenger vehicle sales [7][12]. - The company is expanding into new fields, including low-altitude transportation and maritime applications, and has established over 1,000 battery swap stations across 45 cities in China [11][12].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 423.70 billion yuan in 2025, representing a year-on-year growth of 17.04%. The net profit attributable to shareholders reached 72.20 billion yuan, up 42.28% year-on-year, indicating strong profitability and robust dividend distribution [7] - The company sold 661 GWh of lithium-ion batteries in 2025, a 39.16% increase year-on-year, with a capacity utilization rate of 96.9% [7] - The company continues to lead the global market with a 39.2% share in the power battery sector and a 30.0% share in overseas markets [7] - Research and development investment reached 22.15 billion yuan in 2025, a 19.02% increase, with new products launched including the second-generation supercharging battery and sodium-ion batteries [7] Financial Forecasts - Revenue projections for 2026, 2027, and 2028 are 550.33 billion yuan, 703.54 billion yuan, and 860.97 billion yuan, respectively, with growth rates of 29.9%, 27.8%, and 22.4% [2] - Net profit forecasts for the same years are 95.60 billion yuan, 122.41 billion yuan, and 153.74 billion yuan, with growth rates of 32.4%, 28.0%, and 25.6% [2] - Earnings per share are projected to be 20.95 yuan, 26.82 yuan, and 33.69 yuan for 2026, 2027, and 2028, respectively [2]

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 ...