CATL invested RMB 22.1 billion in R&D in 2025, with cumulative R&D spending exceeding RMB 90 billion over the past decade. On the evening of March 9, CATL officially released its 2025 Annual Report. According to the annual report data, CATL achieved operating revenue of approximately RMB 423.7 billion in 2025, representing a year-on-year increase of 17%. The net profit attributable to shareholders of the listed company reached approximately RMB 72.2 billion, surging 42.28% year-on-year. Based on these figures, the company earned an average of approximately RMB 198 million in net profit per day throughout 2025. Alongside the improvement in profitability, the company’s “health index” also demonstrated impressive performance. Net cash flow from operating activities for the full year reached RMB 133.2 billion, while cash and cash equivalents plus trading financial assets totaled RMB 392.5 billion at the end of the period. Key Accounting Data and Financial Indicators from the Annual Report In terms of R&D, CATL’s investment in research and development reached RMB 22.1 billion in 2025, with the proportion of revenue allocated to R&D continuing to increase. Cumulative R&D investment over the past decade has exceeded RMB 90 billion. Regarding shareholder returns, the company’s 2025 profit distribution plan proposes a cash dividend of RMB 69.57 per 10 shares (tax inclusive), with a total proposed distribution of RMB 31.532 billion. Combined with the interim dividend of RMB 4.568 billion for 2025, the total cash dividends for the full year amount to RMB 36.1 billion, representing 50% of the net profit attributable to shareholders. Quarterly Key Financial Indicators From a business data perspective, CATL’s dominant position in the power battery sector remains solid. Data shows that in 2025, CATL’s lithium battery sales volume reached 661 GWh, up 39.16% year-on-year. Among these, power battery sales reached 541 GWh, increasing 41.85% year-on-year, while energy storage battery sales reached 121 GWh, growing 29.1% year-on-year. According to data provided by consulting firm SNE Research, CATL’s global market share of power battery usage increased by 1.2 percentage points to 39.2% in 2025, ranking first globally for the ninth consecutive year. The energy storage business emerged as another highlight in the annual report. In 2025, CATL’s energy storage battery shipment market share reached 30.4%, maintaining the global top position for five consecutive years, with approximately 2,300 cumulative application projects worldwide. CATL’s Main Products and Their Applications Unlike previous years, CATL explicitly stated for the first time in its 2025 annual report that the company is the world’s leading zero-carbon new energy technology company. Meanwhile, CEO Robin Zeng stated that CATL aims to expand the boundaries of new energy and drive the industry from “partial breakthroughs” to “comprehensive incremental growth.” Currently, the “comprehensive incremental growth” business engine has begun to take shape. For example, in the marine sector, the company’s marine battery systems have obtained type certifications from the world’s five major classification societies, with nearly 1,000 electric vessels equipped with CATL batteries operating safely. In the aviation and low-altitude sectors, the cargo version of the power battery developed for CATL’s subsidiary AutoFlight has passed the manufacturing conformity review by the Civil Aviation Administration of China, and the company has also obtained AS9100D aviation quality system certification. The world’s largest 5-ton eVTOL has completed its first public flight.