CATL Beats Earnings Expectations, Shares Hit Record High

On March 16, CATL’s A-share price rose 4% intraday to RMB 413.17, hitting a new high since November 2025; its H-share surged nearly 7% to HK$663.5, setting a record high since its listing. According to a CICC research report, the company reported revenue of RMB 423.702 billion in 2025, up 17% year-over-year; net profit attributable to shareholders reached RMB 72.201 billion, a significant 42.3% increase year-over-year; and adjusted net profit stood at RMB 64.508 billion, up 43.4% year-over-year. The better-than-expected performance was primarily driven by its expanding global market share and continued improvement in profitability. CICC forecasts further earnings growth in 2026, supported by new capacity ramp-up and battery price increases, raising its 2026 net profit forecast to RMB 95.98 billion and introducing a 2027 forecast of RMB 120.22 billion for the first time. Additionally, CICC raised its A-share target price by 10.1% to RMB 490 and its H-share target price by 12.1% to HK$650, maintaining its “Outperform” rating.