CATL (03750) released its 2025 annual report on the evening of March 9, 2026, revealing a return to revenue growth. Total revenue reached 423.7 billion yuan, a 17% year-on-year increase. Battery sales volume surged 39% to 661 GWh. Net profit attributable to shareholders grew 42% to 72.2 billion yuan, indicating enhanced profitability per unit. A notable highlight is the company's contract liability balance, which increased to 49.2 billion yuan by the end of the reporting period. This represents an increase of 21.4 billion yuan from the end of 2024, a growth of 77%. This data suggests that, amid robust market demand, a significant number of customers have secured CATL's high-quality production capacity for 2026 by making advance payments.

According to SNE Research data, global power battery usage reached 1,187 GWh in 2025, a 31.7% year-on-year increase. Energy storage battery shipments reached 550 GWh, surging 79% year-on-year. Multiple research institutions and securities firms have expressed optimism regarding sustained strong demand. To meet the continuously growing global demand, CATL is accelerating its capacity expansion. By the end of the reporting period, the company's total production capacity reached 772 GWh, with an additional 321 GWh of capacity under construction. Projects such as the Hungary factory and the Indonesia battery industry chain are progressing steadily.