Credit Brief — Contemporary Amperex Technology Co., Limited (CATL) (宁德时代新能源科技股份有限公司)
300750.SZ · Shenzhen ChiNext · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Company name: 宁德时代新能源科技股份有限公司 (Contemporary Amperex Technology Co., Ltd.)
- USCC (unified social credit code): 91350900587527783P
- Registration status: 存续（在营、开业、在册） — active / in existence
- Founded: 2011-12-16
- Legal representative: 曾毓群
- Registered capital: CNY 4,563.6 mn
- Headcount band: 10000以上
- Company type: 股份有限公司（上市、自然人投资或控股） — joint-stock company
- Actual controllers: 曾毓群 (total 22.04%)
Source: QCC (企查查) corporate-registry screen, retrieved 2026-10-04.
- Auditor: Grant Thornton (致同会计师事务所（特殊普通合伙）) — standard unqualified (clean) opinions for FY2023, FY2024 and FY2025 (FY2025 report signed 2026-03-09, report no. 致同审字（2026）第351A001323号); the 2026 interim report is unaudited
2. Compliance & legal
- No records found: Dishonest judgment debtor (失信被执行人)
- Person subject to court enforcement (被执行人): screen result not returned in this run
- Administrative penalties (行政处罚): screen result not returned in this run
- Business-exception listings (经营异常名录): screen result not returned in this run
Source: QCC (企查查) risk-screen, retrieved 2026-10-04. “No records found” is a clean screen against the cited registries — a positive signal, not a legal opinion.
3. Business profile
Contemporary Amperex Technology Co., Limited (CATL) is a lithium-ion battery manufacturer founded in 2011 and headquartered in Ningde, Fujian; it listed on Shenzhen's ChiNext board in 2018. It is the world's largest maker of power batteries for electric vehicles by installed capacity and holds a leading position in energy-storage batteries, supplying most major Chinese and international automakers and storage integrators, with manufacturing and licensing arrangements extending into Europe and North America. The business is vertically integrated from battery materials through cells, packs and services to recycling. Founder and chairman Robin Zeng (曾毓群) remains the legal representative. For scale, the mechanical extraction shows revenue of CNY 423.7bn and total assets of CNY 974.8bn in FY2025 (§4).
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 191,043.4 | 264,306.5 | 303,512.0 | 333,512.9 | 372,053.3 |
| Trading financial assets | 1,981.3 | 7.8 | 14,282.3 | 58,993.5 | 68,158.3 |
| Accounts receivable | 57,966.5 | 64,020.5 | 64,135.5 | 76,403.3 | 88,418.0 |
| Other receivables | 8,678.4 | 3,438.6 | 2,206.9 | 2,119.8 | 2,618.7 |
| Inventories | 76,668.9 | 45,433.9 | 59,835.5 | 94,526.2 | 130,819.2 |
| Long-term equity investments | 17,595.2 | 50,027.7 | 54,791.5 | 64,884.3 | 70,254.8 |
| Fixed assets | 89,070.8 | 115,388.0 | 112,589.1 | 146,400.6 | 169,381.8 |
| Construction in progress | 35,397.7 | 25,011.9 | 29,754.7 | 29,733.1 | 33,025.3 |
| Intangible assets | 9,540.0 | 15,675.9 | 14,419.8 | 15,263.9 | 15,378.5 |
| Total assets | 600,952.4 | 717,168.0 | 786,658.1 | 974,827.5 | 1,138,880.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 14,415.4 | 15,181.0 | 19,696.3 | 12,935.5 | 20,885.9 |
| Notes payable | 126,229.5 | 77,514.9 | 67,356.3 | 103,277.0 | 152,977.9 |
| Accounts payable | 94,535.0 | 117,038.8 | 130,977.4 | 160,329.0 | 202,508.8 |
| Contract liabilities | 22,444.8 | 23,982.4 | 27,834.4 | 49,233.4 | 36,482.7 |
| Other payables | 15,014.1 | 13,654.0 | 16,161.9 | 10,504.1 | 9,598.9 |
| Current portion of non-current liabilities | 7,232.2 | 7,008.9 | 22,881.4 | 22,237.5 | 22,010.7 |
| Long-term borrowings | 59,099.4 | 83,449.0 | 81,238.5 | 78,234.9 | 74,262.7 |
| Bonds payable | 19,177.9 | 19,237.0 | 11,922.6 | 3,443.4 | 28,512.0 |
| Total liabilities | 424,043.2 | 497,284.9 | 513,201.9 | 603,801.2 | 724,925.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,442.5 | 4,399.0 | 4,403.5 | 4,563.8 | 4,626.7 |
| Capital reserve | 88,904.4 | 87,907.2 | 116,756.1 | 156,248.2 | 190,262.2 |
| Retained earnings | 63,242.8 | 103,244.6 | 126,601.5 | 174,628.8 | 186,988.6 |
| Equity attributable to owners of the parent | 164,481.3 | 197,708.1 | 246,930.0 | 337,107.7 | 379,353.7 |
| Minority interests | 12,427.9 | 22,175.1 | 26,526.1 | 33,918.6 | 34,601.5 |
| Total equity | 176,909.2 | 219,883.2 | 273,456.2 | 371,026.3 | 413,955.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 328,594.0 | 400,917.0 | 362,012.6 | 423,701.8 | 276,916.6 |
| Cost of sales | 262,049.6 | 309,070.4 | 273,519.0 | 312,383.3 | 210,654.9 |
| Selling expenses | 11,099.4 | 17,954.4 | 3,562.8 | 3,735.1 | 2,163.6 |
| Administrative expenses | 6,978.7 | 8,461.8 | 9,689.8 | 11,666.7 | 6,019.6 |
| Finance costs | -2,800.0 | -4,927.7 | -4,131.9 | -7,939.9 | -630.8 |
| Investment income | 2,514.5 | 3,189.2 | 3,987.8 | 7,970.6 | 6,152.7 |
| Operating profit | 36,822.0 | 53,718.3 | 64,051.8 | 89,518.6 | 55,664.8 |
| Profit before tax | 36,672.9 | 53,914.1 | 63,182.0 | 89,526.5 | 55,766.9 |
| Net profit | 33,457.1 | 46,761.0 | 54,006.8 | 76,786.3 | 47,030.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.31x | 1.57x | 1.61x | 1.60x | 1.56x |
| Quick ratio | 1.05x | 1.41x | 1.42x | 1.36x | 1.29x |
| Debt-to-asset ratio | 70.6% | 69.3% | 65.2% | 61.9% | 63.7% |
| Total debt / EBITDA | 2.16x | 1.84x | 1.79x | 1.08x | 2.11x |
| EBITDA interest coverage | 16.49x | 13.74x | 18.37x | 13.66x | 109.42x |
| Gross margin | 20.3% | 22.9% | 24.4% | 26.3% | 23.9% |
| Net margin | 10.2% | 11.7% | 14.9% | 18.1% | 17.0% |
| Return on equity (ROE) | 18.9% | 21.3% | 19.7% | 20.7% | 11.4% |
| Revenue growth | — | 22.0% | -9.7% | 17.0% | -34.6% |
| Net profit growth | — | 39.8% | 15.5% | 42.2% | -38.8% |
| Receivable days | 64 | 58 | 65 | 66 | 117 |
| Cash received / revenue | 93.1% | 104.2% | 115.3% | 112.8% | 94.8% |
| Operating CF / net profit | 1.83x | 1.99x | 1.80x | 1.73x | 1.28x |
| Free cash flow | -2,931.0 | 63,638.4 | 48,115.0 | 38,744.2 | 23,287.8 |
Convention note (interim columns): annual columns are year-on-year. The 2026 H1 growth figures compare the half year against the prior full year (e.g. revenue −34.6% = H1 CNY 276,916.6mn vs FY2025 CNY 423,701.8mn), and H1 receivable days are computed on the six-month revenue base (88,418.0 / 276,916.6 × 365 ≈ 117) — both mechanical conventions of the ratio engine. Read H1 growth and days as stress indicators, not like-for-like YoY facts.
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.62 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
Citation caveat (this run): the CNY amounts below match the filing text, and the balance-sheet-side page citations check out. The cash-flow-statement-side page citations point at statement-opening pages rather than at the cited line — true locations of 「五、现金及现金等价物净增加额」, verified against filing text: 2023 AR p.125, 2024 AR p.124, 2025 AR p.121, 2026 interim p.82. See §9 for the defect note. Values are unaffected.
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 80,536.2 vs 73,263.1 CNY mn (deviation 9.03%, severity mid)
Sources: 2023年年度报告.pdf p.123 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.115 「货币资金」. CF-statement figure above the balance-sheet movement by 7,273.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 31,994.2 vs 39,205.5 CNY mn (deviation 18.39%, severity mid)
Sources: 2024年年度报告.pdf p.119 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.114 「货币资金」. CF-statement figure below the balance-sheet movement by 7,211.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 29,770.0 vs 30,000.9 CNY mn (deviation 0.77%, severity low)
Sources: 2025年年度报告.pdf p.116 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.111 「货币资金」. CF-statement figure below the balance-sheet movement by 230.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 40,656.5 vs 38,540.3 CNY mn (deviation 5.2%, severity mid)
Sources: 2026年半年度报告.pdf p.77 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.72 「货币资金」. CF-statement figure above the balance-sheet movement by 2,116.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
7. Red flags
- Leverage is mechanically flagged high even after three years of deleveraging. Debt-to-asset ratio was flagged high at 61.9% in FY2025 (reference threshold <0.65), improved from 70.6% (2022) — but total liabilities still stood at CNY 603.8bn against equity of CNY 371.0bn, and by 2026 H1 liabilities reached CNY 724.9bn with the ratio ticking back up to 63.7%.
- Supplier settlement float is the largest liability block and is expanding fast. Notes payable plus accounts payable totaled CNY 263.6bn at FY2025 (103,277.0 + 160,329.0; ≈44% of total liabilities) and CNY 355.5bn by 2026 H1 (152,977.9 + 202,508.8; ≈49%) — notes payable alone grew ~48% in six months. Like the automakers it supplies, CATL finances itself through supplier terms; in a demand downturn this float is the fastest-moving liability on the book.
- Working capital surged against falling H1 revenue. Inventories rose from CNY 94,526.2mn to 130,819.2mn in six months (+38%); receivable days went 66 → 117; H1 revenue was −34.6% against FY2025 (see the convention note in §5). Interim annualization caveats apply, but inventory build + receivables stretch + falling revenue is the classic combination to verify first (channel sell-through, order cancellations, write-down policy).
- Customer advances are being drawn down. Contract liabilities fell from CNY 49,233.4mn to 36,482.7mn (−26%) in six months — the prepayment cushion shrank while receivables built. In this industry contract liabilities function as a real-time demand signal from downstream customers; the direction here is consistent with flag 3 and worth tracing to order books.
- Cash reconciliation divergences in FY2023 and FY2024 (§6). The cash-flow statement's net increase exceeded the balance-sheet cash movement by CNY 7.3bn in 2023 (deviation 9.03%) and fell short of it by CNY 7.2bn in 2024 (deviation 18.39%). Typical causes are restricted-cash movement and cash-equivalent scope changes — at this issuer's scale these are not evidence of misstatement, but both are worth a notes-level look (restricted balances, pledge arrangements).
Mitigants: coverage and cash generation remain strong — EBITDA interest coverage 13.66x in FY2025, and finance costs have been net income since 2022 (−CNY 2.8bn → −7.9bn, §4); operating cash flow covered net profit in every period (1.28x–1.99x); free cash flow was positive and large in FY2023–6M2026 (CNY 63.6bn / 48.1bn / 38.7bn / 23.3bn) after the 2022 capex peak; liquidity is deep — cash CNY 372.1bn plus trading financial assets CNY 68.2bn at 2026 H1 (≈CNY 440.2bn, about 3.0× the CNY 145.7bn of interest-bearing debt: 20,885.9 + 22,010.7 + 74,262.7 + 28,512.0); gross margin rose through the industry price war (20.3% → 26.3%, FY2022 → FY2025); audit opinions unqualified FY2023–FY2025.
8. Industry context
Lithium-ion battery cells for electric vehicles and energy storage, with vertically integrated upstream materials and recycling. The industry has been in overcapacity and price war since 2023: cell prices fell sharply through 2024–2025 and most Chinese cell makers saw margins compress. CATL's own gross margin moved the other way (20.3% → 26.3%, FY2022 → FY2025) — scale, cost position and customer mix let the leader price differently from the tail — which makes the durability of this issuer's margin premium the single most important monitorable in this brief.
Risk anchors for a creditor: (1) technology-route transitions (LFP vs high-nickel ternary, sodium-ion, solid-state) create capex-obsolescence risk across the sector's vast fixed-asset base — this issuer carries CNY 169.4bn of fixed assets at 2026 H1 (§4); (2) overseas localization (EU/US tariffs, local-content rules) is simultaneously a growth channel and a policy-exposure channel for export-led capacity; (3) automaker customers run annual price-down clauses and increasingly invest in self-supply of cells, so customer concentration and vertical-disintermediation risk sit on the same line; (4) upstream lithium-carbonate price swings pass through to cost with a lag and distort inventory valuation in both directions — relevant to reading the 2026 H1 inventory build.
Note: the nearest knowledge-base risk card (风险卡-锂电) covers upstream lithium-carbonate cost-curve dynamics, not cell manufacturing — a battery-manufacturer card is a known knowledge gap for this product line.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 333,512.9 | 2025年年度报告.pdf | 111 | 货币资金 | 333512927.0 (千元) |
| Total assets | 2025 | 974,827.5 | 2025年年度报告.pdf | 111 | 资产总计 | 974827544.0 (千元) |
| Accounts receivable | 2025 | 76,403.3 | 2025年年度报告.pdf | 111 | 应收账款 | 76403264.0 (千元) |
| Fixed assets | 2025 | 146,400.6 | 2025年年度报告.pdf | 111 | 固定资产 | 146400592.0 (千元) |
| Short-term borrowings | 2025 | 12,935.5 | 2025年年度报告.pdf | 111 | 短期借款 | 12935498.0 (千元) |
Citation-precision note (verified against filing text). Raw statement cells in this issuer's filings are declared in RMB thousands (「单位：千元」) and were correctly normalized by the extractor — every sample value above was re-checked against the filing text and matches exactly (e.g. 货币资金 333,512,927 千元 = CNY 333,512.9mn). The Page column, however, reports the page where each statement opens, not where each row sits: 固定资产, 资产总计 and 短期借款 actually sit on p.112 of the 2025 AR (the balance sheet spans p.111–112), and income-statement rows are anchored one statement earlier — FY2025 revenue is cited p.111 but sits on p.116 (「一、营业总收入」 423,701,834 千元); the same offset recurs in the 2023/2024 annual reports and the interim (§6's cash-flow-side citations shift the same way). This is an extraction-engine provenance defect (upstream repo); the financial values are unaffected. No rebuild of this brief is required — sample rows above are restricted to balance-sheet items whose statement-opening citations land the reader on the correct table.
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.