The report shows that in 2025, CATL achieved operating revenue of 423.7 billion yuan, a year-on-year increase of 17%; net profit attributable to shareholders of the listed company was 72.2 billion yuan, a year-on-year increase of 42%, with profitability continuing to lead the industry. Net cash flow from operating activities for the full year reached 133.2 billion yuan, and the total of monetary funds and trading financial assets at the period-end amounted to 392.5 billion yuan, further solidifying the financial safety cushion. In terms of R&D investment, the company invested 22.1 billion yuan in 2025, with the proportion of R&D expenditure to revenue continuing to rise. Cumulative R&D investment over the past decade has exceeded 90 billion yuan, providing solid support for core technological leadership and continuous product innovation. During the year, the company also efficiently completed its Hong Kong stock listing, setting a benchmark in the global capital market with a zero-discount issuance, facilitating the in-depth implementation of its globalization strategy.
While driving business expansion with high-intensity technological innovation, CATL has also consistently delivered tangible returns to shareholders through cash dividends. The company's 2025 profit distribution plan proposes a cash dividend of 69.57 yuan per 10 shares (tax inclusive). The company has implemented cash dividends equivalent to 50% of its net profit attributable to the parent company for three consecutive years. Upon completion of this year's dividend distribution, the cumulative dividend payout will approach 100 billion yuan.
Solidified Global Leadership Position, "Omni-Increment" Unleashes Momentum
In 2025, CATL further consolidated its leading position in the global market. The company's annual lithium battery sales reached 661 GWh, a year-on-year increase of 39%. According to SNE Research data, its global market share in power battery usage increased by 1.2 percentage points to 39.2%, ranking first for nine consecutive years, with its overseas market share jumping to 30%. To date, the company's power batteries have been installed in over 24 million vehicles globally. In the rapidly growing energy storage sector, CATL also delivered outstanding performance. According to SNE Research statistics, the company's market share in energy storage battery shipments reached 30.4% in 2025, ranking first globally for five consecutive years, with approximately 2,300 cumulative application projects worldwide. Notably, the shipment scale of its energy storage system integration business grew by over 160% year-on-year. In response to the global wave of AI technology development, the company has also established collaborations with several leading global technology companies to jointly promote efficient new AIDC energy solutions.
Beyond the dual drivers of power and energy storage, CATL is accelerating the unlocking of new scenarios for comprehensive electrification with the strategic vision of "Omni-Increment." In the aviation and low-altitude sectors, the cargo version power battery developed by CATL for its member company, AutoFlight, passed the Manufacturing Conformity Review by the Civil Aviation Administration of China, and the company also obtained AS9100D aviation quality system certification. The world's largest 5-ton-class eVTOL completed its first public flight. In the maritime sector, the company's marine battery systems have received type approval certifications from all five major global mainstream classification societies, including China, the United States, Norway, France, and Italy. They have been deployed in over a thousand electric vessels operating safely and have also launched the world's first integrated "Ship-Shore-Cloud" zero-carbon shipping solution, strongly supporting the global transition towards zero-carbon and intelligent waterborne transportation.
Defining Value through Technological Innovation, Building Barriers with Extreme Quality
Behind the leading market share lies CATL's powerful innovation system comprising six global R&D centers and approximately 23,000 R&D personnel. As of the reporting period-end, the company held and had applied for a total of 54,538 domestic and international patents. Its international patent application volume ranked second among Chinese enterprises, and the continuous implementation of innovation achievements helped Ningde City rank fourth globally in innovation intensity. Particularly noteworthy is the company's breakthrough in deeply integrating AI technology throughout the entire innovation and manufacturing process, earning it the World Economic Forum's MINDS Award for "Global Benchmark in AI-Driven Industrial Transformation."
Leveraging solid R&D capabilities, CATL has built the industry's most comprehensive, advanced, and continuously evolving product portfolio. In 2025, it successively launched the second-generation Shenxing Superfast Charging Battery, Shenxing Pro Battery, Xiaoyao Dual-Core Battery, Sodium New Power Battery, and Super Hybrid Battery, among others. With leading product strength, it comprehensively meets users' customized needs, provides better performance in extreme environments, and effectively reduces resource dependency. In the 2025 Forbes China Intelligent Pure Electric Vehicle New Luxury Rating List, over 60% of the listed models were equipped with CATL batteries, solidifying its brand image as the preferred choice in the high-end market. In the economical market segment, the company's large-volume product solutions have also helped passenger vehicle customers successfully launch multiple popular models.
To meet the robust demand in the global market, CATL continues to enhance its global delivery capabilities. In 2025, the company possessed the world's largest production capacity of 772 GWh, with 321 GWh of capacity under construction at year-end. Projects such as the Hungary factory and the Indonesian battery industry chain are progressing steadily. The company also boasts the industry's highest number of Lighthouse Factories and the only "Sustainable Lighthouse Factory" as recognized by the World Economic Forum. While achieving mass-scale delivery, its cell defect rate leads the industry by an order of magnitude. It also provides a robust service network covering approximately 1,200 after-sales service stations in about 75 countries or regions. In the future, CATL will continue to utilize technologies such as big data, cloud computing, digital twins, and 3D printing to enhance industrial digital capabilities and build "TWh"-level high-quality delivery capacity.
Cultivating a New Business Ecosystem, Tapping into the Trillion-Dollar Zero-Carbon Market
Currently, CATL is accelerating the promotion of zero-carbon technology and zero-carbon power businesses, continuously improving the innovation chain, industrial chain, and value chain of the zero-carbon economy. The company's battery swap ecosystem covering both passenger and commercial vehicle sectors has gained initial momentum: the Chocolate passenger vehicle battery swap brand has established over 1,000 stations across 45 cities in China, densely covering the energy replenishment networks in the four major economic belts: Yangtze River Delta, Beijing-Tianjin-Hebei, Sichuan-Chongqing, and the Greater Bay Area; the Qiji commercial vehicle battery swap brand has built over 300 stations, covering trunk lines in 26 provinces across China, with a total green swap network length of 78,000 kilometers. The two battery swap brands cumulatively provided over 1.15 million swap services in 2025. The company has also collaborated with multiple automakers, grid companies, mobility service providers, and financial leasing companies to launch dozens of battery swap vehicle models, forming an ecosystem synergy of resource sharing and complementary advantages, and actively promoting the implementation of relevant standards and policies.
Beyond the transportation sector, the company has also made forward-looking layouts in the zero-carbon power field. Leveraging its rich emission reduction experience and profound zero-carbon technology expertise, CATL has developed a series of solutions including direct green power supply, zero-carbon parks, source-grid-load-storage integration, and grid-forming energy storage. It is collaborating with regions such as Hainan, Shandong, Fujian, and Jiangsu to advance zero-carbon demonstration projects. It is promoting the world's first high-proportion direct green power supply zero-carbon industrial park project in Dongying, with multiple projects being included in the "National Zero-Carbon Park Construction List" and the "National Energy Administration's New Power System Construction Capability Enhancement Pilot List." Simultaneously, the company is exploring zero-carbon development pathways for high-carbon emission industries in partnership with several leading industry players.
While delivering commercial value, CATL consistently places high importance on sustainable development and fulfilling social responsibilities. In 2025, the company's ESG ratings continued to improve, with its MSCI rating of AA leading the industry, and it was selected for the first time into the S&P Global Sustainability Yearbook (Global Edition) and the FTSE Russell Emerging Markets Index. The company solemnly fulfilled its climate commitment, achieving carbon neutrality in its core operations in 2025, and continues to promote the realization of carbon neutrality goals across its value chain. Furthermore, the company took the lead in initiating the Global Energy Circulation Plan (GECC), conducting systematic research and practice on the battery circular economy. In 2025, the company's comprehensive recycling volume of used batteries and materials reached 210,000 tons, a year-on-year increase of over 60%.
Looking ahead, CATL will use technological innovation and leading products as its foundation, continuously drive the evolution of its business model and the expansion of its customer markets, forming a positive feedback "flywheel effect," promoting the continuous growth of the company's overall value, and constantly strengthening the competitive barriers of being a "globally leading zero-carbon new energy technology company."
