Net profit per Wh fell below 0.09 earlier than expected. The full-quarter impact of the excise tax has yet to be reflected.

Q3 revenue was RMB 165.22 bn (+58.6% YoY), with recognized shipments topping 260 GWh. Attributable net profit rose just 10% as the Sept. consumption tax, lower export tax rebates, and an adverse product mix compressed unit profitability.

In Q4, the company will absorb a full quarter of the consumption tax. It still expects demand to grow 20–30% next year and is stepping up battery swapping and overseas ESS.

Per-Wh net profit declined

By 2030, the combined market for power batteries and energy storage could exceed 4 TWh.

CATL Delivers on Volume and Quality

At this stage, our base case assumes no extreme events. We remain optimistic about stable earnings next year.

CATL does it again. Another flawless report card!

The following are the Minutes of the 3Q25 earnings call of CATL organized by Dolphin Research. For the earnings interpretation, please refer to "Full Capacity Expansion! Has the King of Ning Finally Made It?" 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Management Statements 1. Domestic Capacity: Jining, Shandong (only Jining base...)

On the evening of October 20, 2025, $CATL(300750.SZ) announced its third-quarter results for 2025. Here are the key points: 1) Did the revenue side significantly miss expectations? In the third quarter, $CATL(03750.HK) reported operating revenue of 104.2 billion, while the market consensus on Bloomberg was over 120 billion, with actual revenue falling more than 10% below market expectations. However, according to Dolphin Research's calculations, one reason could be that Ningde's products did not increase in price along with the rise in raw materials such as lithium carbonate; another reason could be that the proportion of energy storage in shipments has increased...

The following are the minutes of the FY25Q2 earnings call for $CATL(03750.HK) organized by Dolphin Research. For earnings interpretation, please refer to "Ning Wang: Price Battle, Can It Break Out of the Domestic Involution Dilemma?" 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Executive Statements Core Information 1. Operating Conditions: Net profit attributable to the parent company was 30.5 billion yuan (up 33% year-on-year), comprehensive gross margin was 25% (up 1.8 percentage points year-on-year), operating cash flow was 58.7 billion yuan, and monetary funds at the end of the period were approximately 350 billion yuan...