Batteries & Energy

CATL

宁德时代 / 宁德时代新能源科技股份有限公司

China's largest battery manufacturer and the global leader in electric-vehicle and energy-storage batteries, supplying the power infrastructure that supports expanding AI data-center workloads.

  • SZSE: 300750 (ChiNext)
  • HKEX: 03750 (Main Board)
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  • #33 in the AsiaAI Tech Index
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CATL's scale and technology depth strengthen its ability to benefit from electrification and storage demand. However, geopolitical restrictions, capital-intensive overseas expansion, material-price volatility, and intense battery competition constrain margins and market access.

Key figures

Revenue FY2025
RMB423.702 billion
Revenue growth FY2025
17.04%
Operating margin FY2025
18.80%
Net income FY2025
RMB72.201 billion
R&D spend FY2025
RMB22.147 billion (5.23% of revenue)
Capital expenditure FY2025
RMB23.552 billion
Market capitalization Sep 11, 2026
RMB1.53 trillion (about US$228.36 billion) Estimate
Global power-battery usage share 2025
39.2%
Lithium-battery sales FY2025
661 GWh
Energy-storage battery sales FY2025
121 GWh
Battery-system manufacturing capacity FY2025
772 GWh

Overview

CATL is China's largest battery manufacturer and the global leader in electric-vehicle battery use and energy-storage battery shipments. Founded in 2011, it supplies lithium-ion cells, modules, battery cabinets, containerized storage systems, and integrated energy-storage systems.

The company's direct buyers include automobile manufacturers, energy-storage system integrators, project developers, utilities, and operators. It operates 24 battery factories and six R&D centers worldwide, with a battery-system manufacturing capacity of 772 GWh at the end of 2025.

CATL is incorporated as a Chinese joint-stock company with limited liability. Its A shares trade in Renminbi on Shenzhen's ChiNext board, while its H shares trade in Hong Kong dollars in Hong Kong. The company's scale and manufacturing consistency make it a central player in global electrification and renewable energy integration.

The AI angle

CATL's AI link runs primarily through electricity infrastructure. AI data centers increase power demand and drive interest in grid-scale and behind-the-meter storage, while CATL sells cells and systems that store renewable power, provide load balancing, and support data-center energy management.

The company's 2025 annual report specifically cites AI and data centers as drivers of global electricity consumption and energy-storage battery demand. Its named products relevant to AI-adjacent power demand include the TENER 6.25 MWh storage system, the TENER Stack 9 MWh system, EnerOne, EnerC, EnerD, EnerX, UniC, PU, PR, and Anxin systems.

CATL explicitly identifies data-center energy management as an application for its behind-the-meter storage products. Energy-storage battery systems generated RMB62.44 billion, or 14.74% of FY2025 revenue, up 8.99% year over year. While CATL does not disclose the exact share of this revenue tied specifically to data centers or AI workloads, its storage systems help address the power-quality, peak-load, renewable-integration, and local-energy-management needs that rise as data-center loads expand.

Technology and moat

CATL's differentiators are not a single battery chemistry or a protected manufacturing node, but scale, qualification history, manufacturing consistency, material-system breadth, safety engineering, customer integration, and supply-chain control. It offers lithium iron phosphate, high-voltage medium-nickel ternary, high-nickel ternary, super-hybrid, sodium-ion, and condensed-matter battery products.

It also uses cell-to-pack and cell-to-chassis integration, dual-core and multi-core architectures, liquid cooling, and non-propagation safety design. Its production advantage comes from accumulated process learning. Reproducing its 772 GWh of annual capacity requires factories, customer qualification, material sourcing, cell design, quality systems, thermal-management engineering, yield learning, logistics, and after-sales infrastructure.

The company holds or has applied for 54,538 domestic and international patents as of the end of 2025. These products are differentiated by charging rate, energy density, lifecycle performance, safety, and systems integration rather than by ownership of AI-compute technology.

Five-pillar assessment

Scale and market position
The largest global battery supplier by disclosed power-battery usage share and a leading energy-storage supplier, with 772 GWh of annual capacity.
Technology and R&D
Broad portfolio spanning LFP, ternary, sodium-ion, and condensed-matter batteries, backed by extensive patents, safety engineering, and system integration capabilities.
Supply-chain centrality
Deep relationships with major global automakers and energy-storage integrators, though exposed to upstream critical mineral and chemical supply chains.
Financial momentum
Strong revenue and profit growth driven by electrification and energy storage, supported by a recent Hong Kong listing to fund international expansion.
Governance and quality
Founder-led with combined chairman and general-manager roles, operating as an independent listed company subject to dual-listing disclosure requirements.

Supply chain and relationships

CATL depends on upstream lithium, nickel, cobalt, manganese, phosphorus, iron, aluminum, copper, separators, electrolyte chemicals, cathode and anode materials, manufacturing equipment, industrial software, and grid-integration components. It produces some inputs through its own operations and joint ventures but remains exposed to external supply. Its five largest suppliers represent 10.38% of procurement, though their identities are not disclosed.

On the customer side, its largest customer contributes 13.73% of FY2025 revenue, and the top five account for 38.96%. Publicly named automotive customers include Volkswagen, BMW, Volvo, Stellantis, Toyota, Mercedes-Benz, Nissan, Geely Group, Xiaomi Group, Li Auto, NIO, SAIC Group, and Yutong Bus. Named energy-storage customers include NextEra, Wärtsilä, Jupiter Power, and FlexGen. The company does not disclose revenue by named customer beyond anonymized concentration data.

Customers

  • VolkswagenAutomotive battery supply
  • BMWAutomotive battery supply
  • VolvoAutomotive battery supply
  • StellantisAutomotive battery supply
  • ToyotaAutomotive battery supply
  • Mercedes-BenzAutomotive battery supply
  • NextEra EnergyEnergy-storage customer and partner
  • WärtsiläEnergy-storage customer and partner
  • Jupiter PowerEnergy-storage customer and partner
  • FlexGenEnergy-storage customer and partner

Partners

  • China Petroleum & Chemical CorporationBattery-swapping and energy-replenishment networks
  • GAC GroupBattery-swapping vehicle models
  • Changan AutomobileBattery-swapping vehicle models
  • FAW GroupBattery-swapping vehicle models
  • Chery AutomobileBattery-swapping vehicle models
  • FAW JiefangCommercial-vehicle electrification and battery-swapping
  • SHACMANHeavy-truck battery-swapping vehicle models

Competitors

  • BYDInferredCompetes in EV batteries, LFP systems, and energy storage
  • LG Energy SolutionInferredCompetes in global EV and energy-storage battery supply
  • Panasonic EnergyInferredCompetes in EV battery cells and international automotive supply
  • Samsung SDIInferredCompetes in EV battery cells and energy storage
  • SK OnInferredCompetes in EV battery cells and automotive programs
  • EVE EnergyInferredCompetes in energy storage and selected EV battery categories
  • CALBInferredCompetes in Chinese EV battery supply
  • Gotion High-TechInferredCompetes in Chinese EV battery supply
  • REPT BatteroInferredCompetes in Chinese EV battery supply

Geopolitics and risk

CATL is exposed to U.S. policy risk through Chinese-origin battery supply, customer sourcing decisions, tariffs, scrutiny of Chinese industrial participation, and possible restrictions on battery materials or technology.

Europe is an important overseas growth market, and CATL is investing in Hungary. EU battery rules, local-content expectations, carbon-footprint requirements, trade actions, and permitting outcomes can affect project economics and customer demand. CATL earns 69.40% of FY2025 revenue in China and competes in an industry exposed to vehicle subsidies, electricity-market rules, battery-safety regulation, and intense price competition.

It also has ongoing construction projects in Hungary, Indonesia, Henan, and Shandong. Delays, cost overruns, permitting, labor constraints, or customer-demand changes could reduce returns on these large capital commitments.

Risk matrix
Risk Severity Why it matters
United States restrictions and political scrutiny High Exposed to U.S. policy risk through Chinese-origin battery supply, tariffs, and scrutiny.
European localization and trade policy High EU battery rules, local-content expectations, and trade actions can affect project economics.
China policy and domestic competition High Exposed to vehicle subsidies, electricity-market rules, and intense price competition in China.
Commodity-price exposure High Lithium, nickel, and cobalt prices materially affect battery costs and pricing.
Overseas factory execution High Delays or cost overruns at overseas projects could reduce returns on large capital commitments.
Battery-safety and product-liability risk High Large battery deployments create risks from thermal events, recalls, and customer claims.
Customer concentration Medium The top five customers account for 38.96% of FY2025 revenue.
Data-center storage demand dependence Medium AI-related demand is indirect and depends on data-center construction and grid constraints.

Governance and ownership

CATL is an independently listed Chinese company controlled through founder-linked private ownership. The annual report identifies Xiamen Ruiting Investment Co., Ltd. as the controlling shareholder and reports founder Zeng Yuqun's interest in 22.47% of issued share capital at the end of 2025.

The chairman and general-manager offices are combined in Zeng Yuqun, centralizing executive authority and reflecting founder control. CATL is subject to Shenzhen and Hong Kong listing requirements, Chinese company law, Chinese securities regulation, battery-industry disclosure rules, and the Hong Kong Corporate Governance Code.

What to watch

  • Whether CATL maintains or expands its 39.2% global power-battery-use share in 2026 against BYD and Chinese LFP competitors.
  • Whether FY2026 energy-storage battery revenue grows faster than FY2025's 8.99% rate and data-center projects become a measurable part of the mix.
  • Whether CATL converts its 321 GWh of year-end 2025 capacity under construction into operating capacity without material utilization dilution.
  • Whether the Hungary battery project remains on schedule and secures sufficient European customer volume.
  • Whether U.S., European, and Chinese battery-trade, localization, and data rules affect CATL's overseas customer programs.
  • Whether the TENER Stack and data-center storage solutions gain announced commercial projects or meaningful shipment volume.

Recent developments

  1. Publicly framed data centers and AI-driven electricity demand as a support factor for global energy-storage demand.
  2. Released FY2025 annual results, reporting revenue of RMB423.702 billion and net profit of RMB72.201 billion.
  3. Wu Yingming became an executive director, replacing Zhao Fenggang.
  4. Listed H shares on the Hong Kong Stock Exchange, raising gross proceeds of HK$41.0 billion.

Coverage on AsiaAI.FYI

About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 12, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Core financial, operating, ownership, leadership, product, capacity, and customer-category data are supported by audited or company-issued disclosures, while market capitalization depends on market-data sources.

Main sources: CATL FY2025 annual report; CATL FY2025 annual-results announcement; CATL FY2025 interim report; Hong Kong and Shenzhen exchange disclosures; Market data (Morningstar, MarketWatch).

All 43 sources
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