On April 13, CATL’s A-share stock hit an intraday high of RMB 433.33, setting a new all-time record and pushing its combined A-share and H-share market capitalization past the RMB 2 trillion mark. Since early March, the stock has accumulated a gain of more than 25%, with the former “King Ning” signaling through this new peak that RMB 2 trillion is by no means the ceiling.

I. Convergence of Three Positive Factors

This breakthrough is driven by three favorable factors: policy regulation, robust industry conditions, and strong fundamentals.

At the policy level, on April 9, four government departments jointly convened a symposium on the power and energy-storage battery industry, signaling a crackdown on “involution” and the need to standardize price competition—measures that directly bolster profit expectations across the battery value chain. At the industry level, China’s lithium-ion battery production capacity is forecast to reach 235 GWh in April 2026, up 7.3% month over month, while lithium carbonate prices have rebounded above RMB 160,000 per tonne, driving both volume and price increases throughout the supply chain. On the capital markets front, several brokerage firms have raised their target prices, and institutional investors continue to increase their holdings.

II. Solid Performance: Net Profit of RMB 72.2 Billion

In 2025, CATL reported revenue of RMB 423.7 billion, up 17% year on year; net profit attributable to shareholders reached RMB 72.2 billion, a substantial increase of 42% year on year. The growth rate of net profit significantly outpaced that of revenue, with gross margin rising from 24.44% to 26.27% and net profit margin expanding from 14.92% to 18.12%. Operating cash flow totaled RMB 133.2 billion, and cash on hand at year-end approached RMB 392.5 billion. The company distributed RMB 36.1 billion in dividends for the year, representing 50% of net profit.

III. The Rise of Energy Storage: Dual-Drive

Power battery revenue reached RMB 316.5 billion, with a global market share of 39.2%, maintaining the top position for nine consecutive years. Energy storage battery system revenue stood at RMB 62.4 billion, with a gross margin of 26.71%, surpassing that of power batteries. In March 2026, domestic sales of energy storage batteries totaled 60.4 GWh, a year-on-year surge of 115.9%. Demand for AI computing centers and backup power supplies for data centers has skyrocketed, and “computing–power synergy” has been incorporated into the Government Work Report. On April 8, CATL made a strategic investment of RMB 4.1 billion in Zhongheng Electric, bolstering its capabilities in power conversion for data centers.

IV. Forward-Looking Strategic Planning: Solid-State Batteries + Overseas Expansion

CATL has accumulated more than a decade of R&D in the solid-state battery field, with small-scale pilot production expected in 2027 and large-scale mass production around 2030. In 2025, the company successfully listed on the Hong Kong Stock Exchange, raising over HK$30 billion, 90% of which was allocated to its mega-factory in Hungary. Overseas revenue now accounts for 30.6% of total revenue. Its next-generation sodium-ion battery, dubbed the “Sodium New Battery,” has gained customer acceptance, and its 587 Ah large-format energy-storage cell delivers significantly enhanced performance.

V. A New Starting Point from Trillions to Two Trillions

In the first quarter of 2026, CATL’s domestic market share rebounded above 50%. CICC forecasts that its 2026 earnings could reach RMB 96 billion. A market capitalization of RMB 2 trillion reflects market recognition and marks the beginning of a new journey. Amid the grand narrative of the global energy transition, this Chinese lithium-battery giant is writing the next chapter in the story of “King Ning.”