CATL's 2025 Performance Shines: Revenue of 423.7 billion and Net Profit of 72.2 billion, Setting New Records

CATL has surpassed a revenue scale of 360 billion yuan and delivered another impressive performance in 2025 that has caught market attention. According to the latest financial report, the company achieved an annual operating revenue of 423.7 billion yuan, a year-on-year increase of 17%; net profit attributable to shareholders of the parent company reached 72.2 billion yuan, a 42% increase year-on-year. This performance not only dispels external doubts about its sustained growth but also demonstrates the company’s strong resilience amid industry fluctuations.

Looking back at 2024, the company faced a 9.7% decline in revenue year-on-year. Although net profit still grew by 15%, market concerns about whether its high-growth era had come to an end were widespread. The 2025 performance data provided a clear response: in the fourth quarter alone, revenue reached 140.6 billion yuan, up 36.5% year-on-year; net profit was 23.2 billion yuan, a 58% increase year-on-year, with a 25.4% quarter-on-quarter growth. This strong quarterly performance was a key driver for the company’s better-than-expected annual results.

From a quarterly perspective, the revenue for the first three quarters of 2025 was 84.7 billion yuan, 94.2 billion yuan, and 104.2 billion yuan, with respective growth rates of 6.2%, 8.3%, and 12.9%; cumulative revenue for the first three quarters totaled 283.1 billion yuan, with a net profit of 49 billion yuan. The annual net profit growth increased by 27 percentage points compared to 2024, and the growth rate was only 3 percentage points lower than 45% in 2023, indicating a rapid recovery in profitability.

In terms of business structure, power batteries remain the core. In 2025, this segment contributed 316.5 billion yuan in revenue, a 25% increase, accounting for 74.7% of total revenue. Energy storage batteries generated 62.4 billion yuan, up 9%; battery materials and recycling business earned 21.9 billion yuan, down 24% year-on-year. Notably, despite the decline in revenue from materials recycling, its gross profit margin increased by 16.8 percentage points to 27.3%, making it the most profitable among the three major business segments.

Customer concentration and supply chain management show a stark contrast. The top five customers contributed a total of 165.1 billion yuan, accounting for 39% of total revenue, with the largest customer contributing 58.2 billion yuan, or 13.7%; the second-largest customer contributed 47.1 billion yuan, or 11%. On the supplier side, the structure is more dispersed, with the top five procurement suppliers totaling less than 60 billion yuan, only 10.4% of total procurement, which helps enhance bargaining power.

Cost control has been highly effective. Expenses for sales, management, and R&D all grew at a rate lower than revenue growth. Financial expenses turned positive due to interest income and exchange gains, totaling 7.94 billion yuan for the year. Investment income was nearly 8 billion yuan, asset disposal gains reached 8.6 billion yuan, and other income was 10.6 billion yuan, collectively boosting profit levels. Ultimately, the company achieved a record high net profit of 72.2 billion yuan for the year.

In terms of shareholder returns, CATL continues its generous approach. The board proposed a cash dividend of 6.96 yuan per share, with a total dividend payout of about 31.5 billion yuan, accounting for 44% of net profit. Based on the actual controller Zeng Yuqun’s shareholding, he could receive dividends exceeding 7 billion yuan, an amount that surpasses the annual net profit of most listed companies.

The capital market performance is equally impressive. As of the financial report release date, the company’s total market value was approximately 1.63 trillion yuan, ranking ninth in the A-share market, between Bank of China and China Life. Its current P/E ratio is less than 23 times, among the lowest in the industry, continuously increasing its valuation attractiveness.