寧德時代公布第三季財報後股價大幅下跌1，盤中跌幅超過10%，股價跌至人民幣230元1。這家中國電池龍頭自5月歷史高點以來，累計下跌超過50%1，總市值已不足1.1兆元1。
儘管前三季營收達4421.37億元，年增56.19%，淨利潤達645.30億元，年增31.60%1，但公司盈利增速明顯放緩1。第三季單季淨利潤增速僅14.54%，低於市場預期1，毛利率跌至20.69%，連續三季下滑，創2022年第四季以來新低1。此外，經營性現金流年減23.6%1，進一步加劇了投資者對其獲利能力的疑慮。
寧德時代面臨多重不利因素1。中國政府7月宣布從9月起徵收2%消費稅，明年9月將提高至4%1；碳酸鋰價格已跌破每噸人民幣10萬元大關1；公司主要客戶減少訂單1；匈牙利工廠建設項目更被當地政府叫停1。這些因素共同衝擊了公司的經營前景。
China's leading battery manufacturer Contemporary Amperex Technology Co., Limited (CATL) saw its stock price crash by more than 11% following the release of its third-quarter financial results, with shares falling to 230 yuan 1. The decline represents part of a steeper downturn, as the stock has shed more than 50% of its value since reaching a historic high on May 7, 2026 1. The company's combined market capitalization across A-shares and H-shares now stands below 1.1 trillion yuan 1.
Despite strong year-to-date performance, CATL's third-quarter results revealed a significant slowdown in profitability growth. Revenue for the first three quarters reached 442.137 billion yuan, up 56.19% year-over-year, while net profit climbed 31.60% to 645.30 billion yuan 1. However, third-quarter net profit growth slowed to just 14.54%, falling short of market expectations 1. The company's gross margin contracted to 20.69% in the third quarter, marking its lowest level since the fourth quarter of 2022 and representing three consecutive quarters of decline 1. Operating cash flow deteriorated, dropping 23.6% year-over-year 1.
The deterioration reflects mounting headwinds facing the battery producer. Major customers have reduced orders, and the company's planned expansion in Hungary has been halted by local authorities 1. Additionally, lithium carbonate prices have fallen below 100,000 yuan per ton 1, while China's new consumption tax—set at 2% starting in September and increasing to 4% next September—has added further pressure on profitability 1.
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