宁德时代：2025 年净利润同比增长 42%，超预期；维持首选标的评级

Flash | Impairment loss — In 2025, the impairment loss was Rmb9.1bn, among which Rmb3.6bn and Rmb5.2bn are long term asset and inventory impairment loss, respectively. The impairment loss in 4Q25 was Rmb4.6bn, +164% YoY and +188% QoQ. Earnings Summary | Year to | Net Profit | Diluted EPS | EPS growth | P/E | P/B | ROE | Yield | | --- | --- | --- | --- | --- | --- | --- | --- | | 31 Dec | (RmbM) | (Rmb) | (%) | (x) | (x) | (%) | (%) | | 2024A | 50,745 | 11.530 | 14.9 | 31.0 | 6.4 | 22.8 | 1.6 | | 2025A | 72, ...