On September 2, CATL fell 3.21% in regular trading, trading at 574.5 HKD/share, with turnover of 2.92 billion HKD. Multiple headwinds converged to weigh on the stock.

On the policy front, the lithium battery consumption tax officially came into effect on September 1, levied at a 4% rate, materially increasing the tax burden on battery manufacturers. The market remains concerned about cost pass-through pressures, as leading firms had already begun issuing price adjustment notices to downstream customers ahead of the deadline.

On the operational front, CATL's Hungary Debrecen factory cell project was reportedly ordered to complete full remediation following a nickel-exposure occupational safety incident before production can commence, potentially delaying the Phase I commissioning timeline. Separately, the environmental impact assessment for the company's flagship Jianxiawo lithium mica mine, the world's largest single lithium mica deposit, had its acceptance notice revoked by local authorities after public complaints regarding the compliance of the prior disclosure website, leaving the mine's restart schedule uncertain and effectively eliminating expectations for incremental lithium salt supply within the year.

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