Editor | Yang Buding
Under the shadow of &#34;price wars,&#34; the profit margins in the new energy vehicle industry are thin, but as the leader in power batteries, CATL's ability to generate profits remains robust.
On March 10, CATL (300750.SZ, 3750.HK) disclosed its financial report, showing that in 2025, the company achieved operating revenue of 423.701 billion yuan, a year-on-year increase of 17.04%; the net profit attributable to shareholders of the listed company was 72.201 billion yuan, a year-on-year increase of 42.28%. Based on this calculation, CATL earned 197 million yuan per day last year.
The financial report shows that the net cash flow generated from operating activities for the year reached 133.2 billion yuan, and the total monetary funds and trading financial assets at the end of the period amounted to 392.5 billion yuan.
With abundant cash flow, CATL is also making substantial dividends. Its profit distribution plan for 2025 proposes a cash dividend of 69.57 yuan (including tax) for every 10 shares, with a total cash dividend amounting to 31.532 billion yuan. In addition, the total cash dividends distributed for the mid-year of 2025 amounted to 4.568 billion yuan, bringing the total cash dividends distributed for the year to 36.1 billion yuan.
Furthermore, CATL announced that in 2026, the company plans to use 180 billion yuan of its idle funds for entrusted wealth management, significantly exceeding last year's wealth management scale of 80 billion yuan.
Notably, as the company's chairman, Zeng Yuqun also issued a letter to shareholders for the first time.
In the letter, he wrote that looking to the future, rather than replicating existing successful experiences, CATL is more committed to expanding the boundaries of new energy, promoting the industry from &#34;local breakthroughs&#34; to &#34;overall increments.&#34; For example, from products to services, and then to ecological construction, we continue to expand boundaries in the application of electrification. Our products have extended from passenger vehicles to commercial vehicles, electric ships, and electric aviation, promoting the evolution of batteries from &#34;products&#34; to &#34;services,&#34; enhancing the end-user experience through vehicle-battery separation and battery swapping models.
By the end of 2025, CATL has built a total of 1,325 battery swapping stations and has jointly launched battery swapping models with automakers such as GAC and Changan. Zeng Yuqun previously estimated that by 2030, domestic battery swapping, home charging, and public charging piles will each account for one-third of the market, with the ultimate goal of building a battery swapping network of 30,000 to 40,000 stations.
In the letter to shareholders, Zeng Yuqun stated that while making batteries is easy, making good batteries is difficult. In a highly scaled industry, any minor defect can be infinitely magnified by time and space. &#34;Being number one in the world&#34; also requires earning respect. The global new energy industry is still in its infancy, and the industry should focus on value competition rather than price competition. Only by adhering to long-term-oriented technological and manufacturing innovation and maintaining compliance with operational bottom lines can sustainable industrial compounding be formed and respect from the world be earned.
From a business perspective, in the main power battery sector, according to SNE Research data, in 2025, CATL's global market share in power batteries will increase by 1.2 percentage points to 39.2%, ranking first for nine consecutive years, with its market share in overseas markets soaring to 30%
However, in the domestic market, it faced competition from peers such as BYD and Zhongchuang Xinhang, with loading volume declining by 1.67 percentage points year-on-year to 333.57 GWh, while its market share still reached 43.42%.
In the second growth curve of the energy storage sector, CATL achieved energy storage battery sales of 121 GWh, a year-on-year increase of 29.13%. According to statistics from SNE Research, the market share of energy storage battery shipments is expected to reach 30.4% by 2025, maintaining the global top position for five consecutive years, with approximately 2,300 cumulative application projects worldwide

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CATL's 2025 financial report shows that the company achieved operating revenue of 423.701 billion yuan and a net profit of 72.201 billion yuan, earning nearly 200 million yuan per day. The total cash dividend for the year reached 36.1 billion yuan, with plans to use 180 billion yuan of its own funds for entrusted wealth management. Chairman Zeng Yuqun stated that the company will expand the boundaries of new energy and promote the evolution of batteries from products to services, with the goal of building 30,000 to 40,000 battery swap stations

腾讯新闻 - 财经

Eastmoney Fund CSI New Energy Vehicles ETF

Ping An CSI New Energy Vehicles Industry ETF

CATL

"Ning Wang" earned nearly 200 million daily last year, with an annual dividend of 36.1 billion! Zeng Yuqun: "Above being the world's number one, we must earn respect."