Highlights

? Revenue reached RMB 423.7 billion in 2025, up 17% year on year, with net profit of RMB 72.2 billion, an increase of 42%.

? Lithium-ion battery sales rose to 661 GWh, up 39%, with CATL maintaining the world's largest power battery market share at 39.2% for the ninth consecutive year and leading global energy storage battery shipments for the fifth consecutive year.

? R&D investment reached RMB 22.1 billion, with more than RMB 90 billion invested in research over the past decade.

? Global production capacity reached 772 GWh in 2025, with 321 GWh under construction by the end of the year.

? Spent battery recycling reached 210,000 tons, regenerating 24,000 tonnes of lithium salts, supporting the development of a circular battery economy.

On March 10, 2026, CATL (300750.SZ, 0750.HK) released its 2025 Annual Report, highlighting strong financial performance, accelerated strategic expansion, and rising global brand influence. The report outlines CATL's ambition to reshape industry boundaries and commercial value as a globally leading zero-carbon technology company.

In 2025, CATL reported operating revenue of RMB 423.7 billion, an increase of 17% year on year. Net profit attributable to shareholders reached RMB 72.2 billion, up 42%, while net cash flow from operating activities totalled RMB 133.2 billion.

The company continued to invest strongly in innovation, with R&D spending of RMB 22.1 billion in 2025, representing a steadily increasing share of revenue. Over the past decade, cumulative R&D investment has exceeded RMB 90 billion, supporting continued technology leadership and product innovation.

Global leadership strengthened as "all-domain growth" accelerates

CATL further consolidated its leading position in the global battery market in 2025. Annual lithium battery sales reached 661 GWh, representing year-on-year growth of 39%.

According to SNE Research, CATL's global power battery market share increased by 1.2 percentage points to 39.2%, ranking first globally for nine consecutive years, while its overseas market share rose to 30%. To date, CATL batteries have been installed in more than 24 million vehicles worldwide.

The company also continued to expand rapidly in energy storage. According to SNE Research, CATL's energy storage battery shipments accounted for 30.4% of the global market in 2025, ranking first globally for five consecutive years, with approximately 2,300 projects deployed worldwide. Shipments from its energy storage system integration business grew by more than 160% year on year.

As global demand grows for AI infrastructure, CATL is also supporting energy solutions for AI data centres. The company's storage technology powers SenseTime's AI data centre in Shanghai, which saves more than 10 million kWh of electricity annually, reduces electricity costs by 7%, and avoids approximately 3,000 tonnes of CO? emissions.

Beyond power batteries and energy storage, CATL is expanding electrification across new sectors through its "all-domain growth" strategy.

In the aviation and low-altitude sector, the company's subsidiary, AutoFlight, completed the first public flight of the world's largest 5-ton-class eVTOL aircraft. In the marine sector, CATL's battery systems have received type approval from five major international classification societies, including those in China, the United States, Norway, France, and Italy, and have been deployed in nearly 1,000 electric vessels worldwide. CATL has also launched a "Ship–Shore–Cloud" integrated zero-carbon shipping solution, supporting the decarbonisation and digital transformation of global maritime transport.

Innovation and quality underpin long-term competitiveness

CATL's leadership is supported by a global innovation network comprising six R&D centres and approximately 23,000 R&D personnel. By the end of the reporting period, the company held 54,538 domestic and international patents, including those pending approval. Its international patent applications ranked second among Chinese enterprises. CATL has also integrated artificial intelligence across its manufacturing and innovation systems, winning the World Economic Forum's MINDS award with its project "Augmented Intelligence Leading Next-Generation Lithium-ion Battery Design".

Building on this R&D strength, CATL continues to expand its product portfolio. In 2025, the company launched a range of new technologies, including the second-generation Shenxing Superfast Charging Battery, Shenxing Pro Battery, Freevoy Dual-Power Battery, Naxtra Battery, and Super Hybrid Battery. These innovations deliver improved performance, reliability in extreme environments, and reduced dependence on critical resources. Sodium-ion batteries are expected to see wider adoption from 2026, including in battery swapping, passenger vehicles, commercial vehicles, and energy storage.

To support growing global demand, CATL continues to expand its manufacturing capacity. In 2025 the company had world's largest production capacity of 772 GWh, with 321 GWh under construction by the end of the year. 

CATL also operates the largest number of Lighthouse factories in the battery industry recognised by the World Economic Forum, including the sector's only "Sustainability Lighthouse". The company maintains quality standards higher than the industry average and supports customers through around 1,200 after-sales service stations across 75 countries and regions.

Building a zero-carbon ecosystem

As part of its strategy to become a zero-carbon technology company, CATL is building a broader energy ecosystem.

Its battery-swapping network continues to expand. It has built more than 1,000 Choco-Swap stations for passenger vehicles across 45 cities in China. The QIJI Energy operates more than 300 battery swapping stations for heavy-duty trucks across 26 provinces, covering 78,000 kilometres of green logistics routes. Together, the two networks delivered more than 1.15 million battery-swapping services during the year. 

The company is also expanding zero-carbon energy solutions, including green power direct connection, zero-carbon industrial parks, source-grid-load-storage integration, and grid-forming energy storage. CATL is working with regions including Hainan, Shandong, Fujian, and Jiangsu to develop zero-carbon demonstration projects. 

In Shandong, the company is deploying high-voltage grid-forming energy storage technology to build the world's first off-grid zero-carbon industrial park powered entirely by direct green electricity in China. It will power 100% green electricity for a 40 GWh lithium-ion battery plant.

Advancing circular energy and sustainability

Alongside commercial growth, CATL continues to prioritise sustainable development and social responsibility. In 2025 the company achieved an MSCI ESG rating of AA and was included for the first time in both the S&P Global Sustainability Yearbook (Global Edition) and the FTSE Emerging Index.

CATL has achieved carbon neutrality in its core operations in 2025, while continuing to advance carbon reduction across its supply chain. The company also launched the Global Energy Circularity Commitment (GECC) to support the development of a circular battery economy. In 2025, CATL's recycling volume of spent batteries reached 210,000 tonnes, an increase of 63.2% year on year, regenerating 24,000 tonnes of lithium salts, up 40.4%.

Looking ahead, CATL will continue to build on technological innovation and product leadership, while expanding its ecosystem and global customer base. By strengthening this innovation-driven growth cycle, the company aims to reinforce its position as a globally leading zero-carbon technology company.