On March 10, 2026, CATL released its 2025 Annual Report, reporting operating revenue of RMB 423.7 billion, up 17%, net profit of RMB 72.2 billion, up 42%, and net cash flow of RMB 133.2 billion. R&D spending reached RMB 22.1 billion, with cumulative investment exceeding RMB 90 billion.
Global lithium battery sales reached 661 GWh, up 39%, supporting its shift to a system solution provider. According to SNE Research, CATL’s global power battery share rose to 39.2%, ranking first for nine consecutive years, with overseas share at 30%. Over 24 million vehicles use its batteries. Independent analysis by Bernstein found CATL supplies batteries for 42 of 84 BEV models with over 700 km range, including Dongfeng’s Voyah Free (901 km) and Xiaomi’s YU7 (810 km), and provides 70–80% of high-density models. Energy storage shipments held 30.4% global market share with 2,300 projects; integration business grew over 160% year on year.
CATL’s storage technology powers SenseTime’s AI data centre in Shanghai, saving over 10 million kWh, cutting electricity costs by 7%, and avoiding approximately 3,000 tonnes of CO₂ emissions.
Under its “all-domain growth” strategy, AutoFlight’s subsidiary flew a 5-ton-class eVTOL aircraft, and marine battery systems approved by five classification societies operate in nearly 1,000 vessels. The Ship–Shore–Cloud integrated solution supports maritime decarbonisation and digital transformation.
Battery swapping expanded with over 1,000 Choco-Swap stations in 45 cities and more than 300 QIJI stations on heavy-duty routes, delivering 1.15 million swaps.
Zero-carbon energy solutions include green power direct connection, zero-carbon parks, and grid-forming storage. In Shandong, CATL is building China’s first off-grid zero-carbon industrial park to power a 40 GWh battery plant via wind and solar, with stable supply for over 8,000 hours annually. The company achieved carbon neutrality in core operations, recycled 210,000 tonnes of spent batteries (+63.2%), and recovered 24,000 tonnes of lithium salts (+40.4%) under its Global Energy Circularity Commitment.
To maintain resilience amid material price volatility, CATL integrates upstream resources through equity stakes, mining, and partnerships with price-linked mechanisms, diversifies into sodium-ion and solid-state batteries for mass deployment in 2026, and expands service-based revenues including BaaS, integrated solar-storage-charging, AI-driven lifecycle management, and overseas EPC energy storage contracts. BofA Global Research notes its revenue is increasingly tied to deployment scale and service contracts, not lithium prices.
CATL’s global innovation network comprises six R&D centres and 23,000 personnel, holding 54,538 patents. It won the World Economic Forum’s MINDS award for AI-driven battery design. Production capacity reached 772 GWh, with 321 GWh under construction, and it operates the most Lighthouse factories recognized by the Forum. After-sales support covers 1,200 stations in 75 countries and regions.
Source: Email communication
