CATL plans a 10-for-69.57 dividend! Large dividend payout coming

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On the evening of March 9, CATL released its 2025 annual report. The report shows that in 2025, the company achieved revenue of approximately 423.7 billion yuan, a year-on-year increase of 17.04%; net profit attributable to shareholders of the listed company was about 72.2 billion yuan, up 42.28% year-on-year.

At the same time, the company disclosed its 2025 annual profit distribution plan, proposing to pay all shareholders a cash dividend of 69.57 yuan (including tax) per 10 shares, totaling about 31.5 billion yuan. Combined with the interim dividend already paid in 2025, the company’s total annual dividend payout ratio reaches 50%.

During the earnings conference call that evening, CATL executives responded to topics such as sodium battery applications, solid-state battery progress, lithium carbonate price increases, and the impact of reduced VAT export tax rebates on battery products. CATL Secretary Jiang Li stated that the company has always placed great importance on solid-state battery R&D, which has been recognized by industry experts. However, solid-state batteries still face some engineering challenges, and from industrialization to commercialization, it will take some more time.

Regarding the outlook, Jiang Li said, “If no major extreme events occur, I am confident in the overall profitability stability of the company in 2026.”

“Lithium carbonate supply may remain tight this year”

The announcement shows that in 2025, CATL achieved a sales volume of 661 GWh for lithium-ion batteries, a 39.16% increase year-on-year.

Among them, power battery sales reached 541 GWh, up 41.85%. According to SNE Research, the company’s global market share for power batteries increased by 1.2 percentage points to 39.2% in 2025.

Energy storage battery sales totaled 121 GWh, a 29.13% increase, continuing to build energy storage system solutions and service capabilities.

Since Q4 last year, prices of raw materials like lithium carbonate have fluctuated and risen. Jiang Li said that compared to the last cycle, the current increase in lithium carbonate prices is not too large. The company has sufficient experience in responding to such changes, so the impact is minimal. Additionally, thanks to proactive planning, the company’s ability to handle market fluctuations has significantly improved, making it more agile than before.

Jiang Li estimates that lithium carbonate supply may remain tight this year, with a slight surplus possible.

Regarding the expected impact of the reduced VAT export tax rebate rate on battery products, CATL stated that this is not the first time such adjustments have occurred. The company has accumulated enough experience to respond, and most impacts can be effectively transmitted.

Accelerated industrialization of sodium batteries

Jiang Li said, “If lithium carbonate prices continue to rise, the application of sodium batteries will have more room.” Currently, some customers have adopted CATL’s “NaXin” sodium batteries for vehicles, and the entire industry chain is continuously maturing. The company plans to further promote sodium batteries this year, which have great application prospects.

Since 2026, CATL has accelerated the deployment of sodium battery products. In January, CATL launched its first mass-producible sodium battery for the “light commercial” sector; on February 5, CATL partnered with Changan Automobile to launch the first mass-produced sodium battery passenger vehicle.

Industry experts say that as a leading industry player, CATL’s rapid promotion of sodium batteries in passenger and commercial vehicles will strongly drive the maturity of the industry chain and accelerate the industrialization process of sodium batteries.

ShenGang Securities research report states that the sodium battery industry is continuously growing. As industry scale increases, sodium battery costs are expected to gradually decline, highlighting cost advantages. Currently, sodium batteries are emerging in fields such as start-stop batteries, energy storage, and power batteries, with industry chain companies speeding up their deployment.

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Editor: Song Yafang

【Source: China Securities Journal】