Zeng Yuqun's energy empire: earning a unicorn every week, what game is he playing?
In Q1 2026, CATL earned a net profit of 230 million yuan per day on average. This company, which has nearly 400 billion yuan in cash on its books, raised $5 billion through a share placement in the Hong Kong stock market on April 27. It's not that it lacks money, but rather it's swapping for chips - chips from global long - term capital, chips for specific local production capacity, and chips for next - generation technologies.
In the last two weeks of April, Zeng Yujun made a series of strategic moves: the share placement in the Hong Kong stock market was finalized; BAIC and Chery joined the battery - swapping alliance at the same time; at the Beijing Auto Show, he maintained the neutral position of a referee as a supplier with a simple cough; and at the Super Technology Day, CATL introduced solid - state batteries and the third - generation Shenxing ultra - fast charging technology. With these five events on the table, there is only one underlying logic: CATL is transforming from a "battery - selling link" into the "operating system" of the new energy industry.
The gap between a five - fold profit difference and a cough
Let's look at a set of the most striking figures: In the first quarter of 2026, CATL's revenue reached 129.1 billion yuan, and its net profit attributable to shareholders was 20.7 billion yuan, a year - on - year increase of 48.52%. In the same quarter, BYD's revenue was 150.2 billion yuan, and its net profit attributable to shareholders was 4.1 billion yuan, a year - on - year drop of 55%.
The revenue gap is less than 15%, but the profit gap is more than five times.
Behind this is a power structure. CATL's customer list includes almost all major automakers: NIO, Li Auto, AITO, XPeng, Xiaomi, Geely, and Changan. All of the more than 700,000 new energy vehicles delivered by AITO are equipped with CATL's power batteries. BYD, which is also strong in battery production, prioritizes self - use of its blade batteries, and its external supply scale is far smaller than that of CATL.
CATL's domestic market share of power batteries reached 50.1% in the first quarter, returning to half of the market for the first time in five years. Among the second - tier manufacturers, Gotion High - Tech accounts for 6.1%, CALB for 5.3%, and EVE Energy for 2% - 5%, a whole order of magnitude behind the "leader". In the supplier system of the AITO M9, CATL ranks third with a procurement scale of 10.8 billion yuan, and the supporting value per vehicle exceeds 25,000 yuan.
When the power in the supply chain reaches a certain level, even a breath can convey information. At the 2026 Beijing Auto Show, Li Bin wanted to challenge Huawei's AITO head - on regarding the delivery speed of the NIO ES8. As soon as he started speaking, Zeng Yujun coughed a few times, and Li Bin seemed to hold back the name precisely. CATL is one of the largest investors in NIO's battery - swapping network and also a core supplier of AITO. Any act of one customer derogating another on its turf would cause platform - level damage. What Zeng Yujun protected was not just a particular relationship but the "neutrality of the supplier" card.
Three days before the auto show, CATL held its "Super Technology Day" and successively introduced the Kirin solid - state battery, the third - generation Shenxing ultra - fast charging battery, and the sodium - new battery. Regarding the core indicators of power batteries - ultra - fast charging speed, energy density, and cycle life - CATL redrew the industry benchmarks with a single press conference. The day after the press conference, the general manager of BYD's Denza brand responded on Weibo: The second - generation blade battery and fast - charging technology are "ready for mass production upon release", implying that some of CATL's technologies are still on paper. However, a more interesting interpretation of this verbal spat is that BYD needs to prove that it is not left behind by claiming "ready for mass production upon release", and this statement itself is evidence of the pressure.
Six automakers join the battery - swapping stations, and it's more than just building a network
On the same day, there were two signing announcements: CATL signed a comprehensive strategic cooperation framework agreement on battery - swapping and energy with BAIC Group. The two parties will be fully integrated in terms of battery - swapping vehicle models, ultra - fast battery - swapping shared networks, and full - lifecycle battery management. CATL also signed an agreement with Chery Automobile, Chery Green Energy, and Times Electric Service. Chery will fully adopt the chocolate battery - swapping system.
As of April 2026, CATL has built more than 1,470 chocolate battery - swapping stations, covering 99 cities. The goal by the end of the year is to reach 3,000 stations, expanding the service scope to nearly 190 cities. The more long - term goal is for 2028 - to jointly build 100,000 shared energy - replenishment infrastructures with Changan, Chery, GAC, Seres, SAIC - GM - Wuling, and BAIC.
The significance of six automakers joining the same battery - swapping standard is not just "having a few more partners". It points to one thing: The battery - swapping standard is shifting from NIO's "self - operated model" to CATL's "open - ecosystem model". CATL has standardized the battery - swapping blocks into two sizes, No. 26 and No. 20, which can be adapted to vehicles from B - class to A0 - class. Automakers provide vehicle models, and CATL provides batteries and battery - swapping upgrades. The two parties share the same battery - swapping network.
This layout represents a transformation of the business model. Selling batteries is a one - time deal - once the battery is installed in the vehicle, the relationship with CATL is basically over. Battery - swapping is a continuous business - each battery - swapping is a service touchpoint. The data is retained, the energy management rights are in its own hands, and the user relationship is established on its own platform.
The pre - sale version of the ARCFOX S3 battery - swapping model on the first day of the auto show can replenish energy in 99 seconds. Based on the vehicle - battery separation model, users can rent the battery when purchasing the vehicle and enjoy "lifelong warranty and lifelong upgrades". The vehicle itself is not expensive, but it is a commercial verification of CATL's battery - swapping standard for B - class vehicles - It uses the "chocolate" standard module. In the same battery - swapping station, ARCFOX and potentially future - joining Chery and Wuling will share the same battery specifications.
The signal of solid - state batteries on vehicles and the chessboard of three European factories
CATL's CTO, Gao Huan, revealed at the Super Technology Day that the Kirin solid - state battery is "the first application of aviation - grade solid - state technology in the passenger vehicle field". The cell energy density is 350Wh/kg, the volumetric energy density is 760Wh/L. A sedan can have a range of up to 1,500 kilometers, and a full - size SUV can exceed 1,000 kilometers. The weight of the battery pack is controlled within 650 kilograms. CATL is discussing cooperation on solid - state batteries with several high - end Chinese automakers.
What does an energy density of 350Wh/kg mean? Currently, the energy density of mainstream ternary lithium batteries is in the range of 250 - 270Wh/kg, and that of lithium iron phosphate is even lower. For every 100Wh/kg increase, it means the same - weight battery can travel an additional three or four hundred kilometers. The application of aviation - grade solid - state technology to passenger vehicles essentially creates a new track in the power battery field - when a sedan can travel 1,500 kilometers on a battery weighing less than 650 kilograms, range anxiety is no longer a concern.
However, there is also a strategic rhythm behind this figure. CATL also released the sodium - new battery and the third - generation Shenxing ultra - fast charging battery - some technologies are "released but not in mass production". BYD immediately played the card of "ready for mass production upon release". The general manager of Denza emphasized that the second - generation blade battery has been installed in vehicles. The contrast between the two strategies is clear: CATL uses technology releases to mark its progress, telling customers that "it is leading in this direction"; BYD uses mass production to mark the delivery node, emphasizing that "the batteries in the vehicles you can buy now are the best". Both are vying for the attention of automakers, just with different approaches.
No matter how extensive the technology layout is, the real test is whether the production capacity is sufficient. CATL has laid out its European strategy: The Thuringia factory in Germany with a production capacity of 14GWh has been put into operation, supplying exclusively to BMW and Mercedes - Benz. The Debrecen factory in Hungary with a planned production capacity of 72GWh will be put into operation in 2026. The Zaragoza factory in Spain with a production capacity of 50GWh is a joint project with Stellantis. CATL's European market share soared from 27.5% in 2023 to 36.8% in 2024.
The Hungary factory encountered delays in equipment commissioning during the production capacity ramp - up phase, but even before the initial production capacity was fully released, it was fully booked by automakers such as BMW and Volkswagen. The pressure of geopolitics has actually accelerated the motivation for localization. As the EU's carbon tariff is about to be implemented and it has become a trend to impose tariffs on Chinese batteries, CATL's strategy is straightforward: build factories at the doorstep of the market before the tariffs take effect. The Prime Minister of Hungary strongly supports the project, offering an ultra - conventional preferential policy of a corporate income tax as low as 9% and an investment subsidy of 20%. 70% of the employees are local Hungarians, and the supply chain is shifting from "exporting batteries" to "exporting factories".
Looking at these four events together, the question CATL faces in 2026 is not "how to maintain its first - place position". With its domestic market share back above 50%, a global market share of 39.2% in power batteries, and a 30.4% market share in energy - storage batteries, these figures are difficult to be overturned in the short term. What is truly evolving is the company's self - definition.
From being a battery supplier for automakers to becoming a full - scenario energy infrastructure platform - whether this transformation can succeed depends on three things: Whether the battery - swapping alliance can expand from six automakers to become a real industry standard, whether the solid - state battery can be mass - produced and delivered on time, and whether the market for marine and aviation energy storage can be truly opened up. If any one of these three things is achieved, the valuation model will need to be re - established. The $5 billion that Zeng Yujun raised in the Hong Kong stock market is a bet on this possibility.