CATL has another bombshell: Earning 200 million yuan a day, the battery swapping business has turned profitable, and Zeng Yuqun received a dividend of over 7 billion yuan.

The annual report of "Ningwang" (CATL) in 2025 once again amazed everyone.

Against the backdrop of fluctuating battery prices and intensifying industry competition, CATL's profitability has actually increased:

In 2025, CATL's revenue returned to the growth track and exceeded the historical peak; the net profit attributable to the parent company reached 72.2 billion yuan, also setting a new high, and the growth rate of net profit was more obvious than that of revenue.

Roughly calculated, the company makes a daily profit of nearly 200 million yuan and earns a net profit of 2,289 yuan per second. The money - making speed of "Ningwang" is probably beyond the reach of the entire upstream and downstream of the automotive industry...

What's more noteworthy is that CATL not only firmly holds the top position globally in the traditional power battery field but also promotes multiple directions simultaneously, such as energy storage, battery ecosystem, and globalization. The new growth curve is gradually becoming clear.

In the stage when the global new - energy industry pattern is gradually stabilizing, to some extent, this financial report answers a key question: Can CATL continue to grow?

The answer is reflected in the stock price after the release of the financial report —

As of the time of writing, the A - share price of CATL rose by more than 6% at its highest, and the H - share price once rose by more than 9%.

CATL's Strongest Annual Report Is Released

CATL delivered its strongest report in history in 2025, and its performance at the end of the year was particularly strong.

Let's first look at the fourth quarter. The company's revenue was 140.6 billion yuan, a year - on - year increase of 36.58%; the net profit attributable to the parent company was 23.17 billion yuan, a year - on - year increase of 57.13%, and the growth rate far exceeded market expectations.

During the same period, the company's comprehensive gross profit was 39.674 billion yuan, a year - on - year increase of 156%; the comprehensive gross profit margin reached 28.2%.

Looking at the whole year, CATL's operating income in 2025 reached 423.7 billion yuan, a year - on - year increase of 17.04%.

Among them, the annual income from power batteries was 316.5 billion yuan, accounting for 74.7% of the total revenue, a year - on - year increase of 25.08%, making it the company's "main money - maker"; the income from energy - storage batteries was 62.4 billion yuan, accounting for 14.74% of the total revenue, a year - on - year increase of 8.99%.

Looking at the profit, CATL's net profit attributable to the parent company in 2025 was 72.2 billion yuan, a year - on - year increase of 42.28%.

Converted, it means that the company makes a net profit of nearly 200 million yuan per day and 2,289 yuan per second.

That is to say, in the dozens of seconds it takes you to read this paragraph, CATL has already earned tens of thousands of yuan.

In 2025, both the revenue and net profit of "Ningwang" reached new historical highs, and the growth rate of net profit has reached 2.5 times that of revenue.

This means that CATL is no longer simply pursuing scale expansion but is improving its profitability and quality through technological premium and cost control.

This phenomenon is also reflected in the gross profit margin and net profit margin:

In 2025, CATL's gross profit margin and net profit margin reached 26.3% and 18.1% respectively, both at the highest levels in the past five years.

Moreover, this growth in profit level was achieved against the background of the company's asset impairment in Q4. If this impairment is excluded, the company's Q4 profit could actually increase by about 3 billion yuan.

According to CATL's response at the performance meeting, asset impairment is actually its regular operation. At the end of each quarter, the company will conduct impairment tests on current assets and long - term assets.

Asset impairment is mainly divided into two parts: one is the impairment of equipment assets, and the other is the impairment of inventory.

The impairment of fixed assets comes from the replacement of some old equipment; the inventory impairment is because the company's total inventory has increased, with the growth of goods in transit, finished goods, and raw materials, and the scale has also expanded. Out of caution, the company made impairment provisions at a certain proportion.

Finally, looking at the cash level, the net cash flow from operating activities of the company reached 133.2 billion yuan, a year - on - year increase of 37.35%.

The net increase in cash and cash equivalents was 29.77 billion yuan, and the company has quite abundant cash on its books.

At the same time, what's more noteworthy is that CATL continued its high - proportion dividend plan this year:

The company plans to distribute a cash dividend of 69.57 yuan (tax included) for every 10 shares to all shareholders, with a total cash distribution of approximately 31.528 billion yuan.

Combined with the interim dividend in 2025 and the share repurchase during the year, the company's total cash dividends for the whole year totaled approximately 40.486 billion yuan, accounting for more than 50% of the net profit attributable to the parent company.

This is the third consecutive year that CATL has implemented dividends at a 50% ratio. After the completion of this year's dividends, the cumulative dividends will be close to 100 billion yuan.

According to the equity structure of CATL, Zeng Yuqun, the chairman (with an indirect shareholding of approximately 23.27%), can receive a dividend of more than 7 billion yuan.

For a technology company in the expansion stage, returning this proportion of real money to shareholders is also a proof of the management's confidence in long - term cash flow.

However, the financial indicators answer how CATL is doing now, while the market is more concerned about what CATL can rely on for growth in the future?

New Developments of "Ningwang": Consolidating the Basic Business and Creating New Growth Curves

From the annual report, CATL's long - term growth engines can be generally divided into three directions.

One direction is still CATL's current core basic business — power battery and energy - storage business.

In the battery field, the global advantage of the "leader" CATL is still expanding. In 2025, the company's lithium - ion battery sales reached 661 GWh, a year - on - year increase of 39%.

Among them, the sales volume of power batteries was 541 GWh, a year - on - year increase of 41.85%.

According to the statistics of SNE Research, CATL's global market share of power battery usage increased by 1.2 percentage points to 39.2%, ranking first globally for nine consecutive years.

In the domestic market, according to the statistics of the China Automotive Power Battery Industry Innovation Alliance, in 2025, CATL's domestic market share of installed power batteries was 43.42%.

That is to say, for every 5 new - energy vehicles sold in the Chinese market, 2 are equipped with CATL's batteries.

At the same time, CATL's energy - storage battery sales last year were 121 GWh, a year - on - year increase of 29.13%, which has become the company's second growth curve.

According to the statistics of SNE Research, the company's market share of energy - storage battery shipments reached 30.4%, ranking first globally for five consecutive years.

Facing the strong market demand, CATL continuously expands its production capacity. As of the end of 2025, the company has the world's largest production capacity of 772 GWh, and the under - construction production capacity at the end of the year was 321 GWh, with a production capacity utilization rate as high as 96.9%.

The rapid expansion of production capacity is inseparable from the company's continuous R & D investment.

In 2025, CATL's R & D expenses were 22.147 billion yuan, a year - on - year increase of 19.0%, accounting for 5.23% of the revenue.

The company's cumulative R & D investment in the past ten years has exceeded 90 billion yuan, and it has built a powerful innovation system consisting of six global R & D centers and approximately 23,000 R & D personnel.

Also through increased R & D investment, last year CATL continuously updated its products in the power battery field, successively launching new products such as the second - generation Shenxing ultra - fast charging battery, Shenxing Pro battery, Xiaoyao dual - core battery, sodium - new power battery, and ultra - hybrid battery.

Beyond power batteries and energy storage, another growth engine of the company is the new business curves that CATL is exploring.

These new business curves can be further divided into different fields.

One of the fields is the currently hot - discussed topic — battery swapping.

For passenger cars and commercial vehicles, CATL has respectively launched Chocolate Battery Swapping and Qiji Battery Swapping.

As of the end of 2025, CATL had more than 1,000 passenger - car battery - swapping stations, distributed in 45 cities around the world, and has achieved profitability in Chongqing.

In terms of partners, CATL has reached strategic cooperation on battery swapping with automakers such as GAC, Changan, FAW, SAIC, and Chery, covering more than 20 battery - swapping models.

By the end of last year, the number of Qiji commercial - vehicle battery - swapping stations also exceeded 300, distributed in 26 provinces across the country, and it has also cooperated with more than 10 enterprises such as FAW Jiefang and Shaanxi Automobile Group on more than 30 models.

The two battery - swapping brands have provided more than 1.15 million battery - swapping services in total.

In addition, CATL is also trying in fields such as low - altitude economy and ship electrification to find more growth points.

The last major development direction of "Ningwang" focuses on accelerating overseas expansion.

Currently, the company's overseas market share of power batteries has increased to about 30%.

In 2025, CATL's overseas revenue was 129.64 billion yuan, a year - on - year increase of 17.5%. And the gross profit margin of overseas business was as high as 31.44%, significantly higher than 24% in the domestic market.

It can be seen that in the context of the gradually mature Chinese new - energy vehicle