Net profit exceeds the combined profits of 13 A-share listed automakers, CATL earned approximately 198 million yuan per day on average last year

Recently, CATL announced its 2025 financial report, with annual revenue of 423.702 billion yuan, a year-on-year increase of 17.04%; net profit attributable to shareholders of the listed company was 72.201 billion yuan, up 42.28% year-on-year. Based on this, CATL can net approximately 1.98 billion yuan per day in 2025. This level of profit far exceeds most domestic automakers. According to Hongxing Capital Bureau, CATL’s net profit in 2025 surpasses the combined profits of the 13 listed A-share vehicle companies that have already released their financial reports.

From the financial data, last year’s fourth quarter was CATL’s breakout period, with quarterly revenue of 140.6 billion yuan, up 36.5%; net profit of 23.2 billion yuan, up about 58%. The quarterly revenue directly accounted for one-third of the total annual revenue, and net profit nearly reached half of the combined profit of the first three quarters, which was 49 billion yuan. It was this fourth-quarter surge that directly drove the full-year revenue growth to over 10%, with net profit growth far exceeding 2024 levels.

The financial report also mentions that net profit attributable to parent company after deducting non-recurring gains and losses was 64.51 billion yuan, up 43.37% year-on-year. Net cash flow from operating activities reached 133.2 billion yuan, up 37.35%. As of the end of the period, total cash and tradable financial assets exceeded 390 billion yuan, indicating strong cash-generating ability and relatively healthy financial status. Behind the growth in revenue and net profit is a significant increase in new energy vehicle sales.

According to the China Association of Automobile Manufacturers, in 2025, China’s new energy vehicle production and sales reached 16.626 million and 16.49 million units respectively, with year-on-year growth of 29% and 28.2%, maintaining its position as the world’s largest for 11 consecutive years. According to The Beijing News, in 2025, new energy vehicle sales accounted for 47.9% of all new car sales in China. Data released by the China Passenger Car Association’s Secretary-General Cui Dongshu shows that global new energy vehicle sales in 2025 reached 22.89 million units, up from 17.88 million in 2024.

Among these, CATL contributed nearly 40% of the power battery supply. According to SNEResearch, in 2025, CATL’s global market share of power batteries increased by 1.2 percentage points to 39.2%, maintaining the top position worldwide for nine consecutive years. The sales volume of CATL’s power batteries in 2025 was 541 GWh, a year-on-year increase of 41.85%. In the Chinese market, CATL’s market share is even higher. According to the China Automotive Power Battery Industry Innovation Alliance, CATL’s domestic power battery installation volume in 2025 accounted for 43.42% of the market.

From a business structure perspective, power batteries remain CATL’s core industry. In 2025, revenue from power batteries was 316.506 billion yuan, with a gross profit margin of 23.84%, accounting for 74.70% of total revenue, up 25.08% year-on-year. Energy storage is the fastest-growing segment outside of power batteries, with revenue of 62.44 billion yuan, up 8.99%, and a gross profit margin of 26.71%, representing 14.74% of total revenue.

While earning more, CATL has also become more generous with dividends. It plans to distribute approximately 31.532 billion yuan in dividends, plus an interim dividend of 4.568 billion yuan in 2025, totaling 36.1 billion yuan for the year—exactly meeting its previous commitment to distribute 50% of net profit as dividends. Calculated, holding 10 shares of CATL entitles you to 69.57 yuan in dividends. According to Jiemian News, CATL’s Chairman Zeng Yuqun received about 8.1 billion yuan in dividends last year. The financial report shows that by the end of 2025, Xiamen Ruiting Investment Co., Ltd. is CATL’s largest shareholder with a 22.45% stake. Zeng Yuqun directly and indirectly holds 100% of Xiamen Ruiting Investment Co., Ltd.

Despite CATL’s impressive performance, data from the China Automotive Power Battery Industry Innovation Alliance indicates that last year, CATL’s domestic power battery installation volume was approximately 333.57 GWh, with a market share of 43.42%, down 1.67 percentage points year-on-year. This was the second-largest decline among the top fifteen companies during the same period. In contrast, other second- and third-tier domestic battery manufacturers ranked third to fifteenth, with most experiencing year-on-year growth except for two with declining market shares. This suggests that domestic second- and third-tier battery companies are accelerating their catch-up.

Meanwhile, to reduce supply chain risks and control battery procurement costs, many automakers including Li Auto, Xpeng, Leapmotor, and GAC Aion have introduced secondary and tertiary suppliers, further sharing market share with smaller battery manufacturers. In this context, CATL is expanding into low-altitude, ship, and data center sectors. Additionally, it has built battery swapping networks for passenger and commercial vehicles, such as the Chocolate and Qiji swapping systems. Institutions remain optimistic about CATL; Citigroup maintains a “Buy” rating with a target price of HKD 621. Huatai Securities’ research reports highlight the company’s potential for steady profit growth driven by technological innovation, product strength, and customer matrix synergy, consolidating its position as a global leader in electric vehicle batteries. The “Buy” rating is maintained.

Source: Financial界 Auto

Author: Liu Hang