宁德时代上半年净利432.8亿元，推出400亿元回购方案

宁德时代发布上半年业绩报告，实现归母净利润432.8亿元，同比增长42.0%1；营收达2769.2亿元，同比增长54.8%1。与此同时，公司推出最高400亿元的股票回购方案，回购价格上限设定在573元/股1，较当前市价383元溢价接近50%1。公司还宣布近65亿元分红1。

业绩增长的同时，宁德时代面临新的成本压力。根据政策，动力电池消费税自9月起按2%税率征收，这对上半年而言对应约49亿元税负，全年接近100亿元1。公司董事长曾毓群表示，"现在锂电行业没有变成光伏现在这种恶果，是因为宁德时代在撑着价钱，只要宁德时代把价钱低下来，它比光伏还惨"1。高达573元/股的回购价格上限与消费税政策相关，反映出公司对产业竞争的关注，同时也彰显其对长期发展的信心。

在业务结构上，动力电池系统收入1921.3亿元，同比增长46.0%，占总营收69.4%1；储能电池系统收入532.6亿元，同比增长87.5%，占总营收19.2%1。公司保持全球动力电池市占率40.2%，国内乘用车装车份额46.7%，三元电池市占率75.2%1。产能方面，当前产能利用率达94.9%，在建产能764 GWh超过现有总产能一倍以上1。公司货币资金充足，达3720.5亿元1。

Contemporary Amperex Technology Co., Limited (CATL) has unveiled robust first-half financial results alongside a capital return program, signaling confidence in its long-term value despite near-term headwinds. The battery manufacturer reported net profit of 43.28 billion yuan for the period, representing 42% year-over-year growth, while also generating non-GAAP net profit of 39.01 billion yuan, up 43.4% 1.

Revenue for the first half reached 276.92 billion yuan, a 54.8% increase from the prior year 1. Power battery systems contributed 192.13 billion yuan in sales, up 46% and representing 69.4% of total revenue, while energy storage systems generated 53.26 billion yuan, surging 87.5% to account for 19.2% of revenue 1. The company commands a 40.2% global share of the power battery market and holds a 46.7% share in China's passenger vehicle segment 1.

To return capital to shareholders, CATL launched a stock repurchase program ranging from 20 billion to 40 billion yuan at prices up to 573 yuan per share, approximately a 50% premium to the market price of 383 yuan 1. The company also announced dividends of approximately 6.5 billion yuan 1. These moves arrive as the industry faces new cost pressures: China is introducing a 2% consumption tax on batteries effective September, rising to 4% by 2027, which would represent approximately 4.9 billion yuan in incremental tax burden on CATL's first-half earnings alone, with annual exposure nearing 10 billion yuan 1.

Despite strong market positioning—including a 75.2% share in ternary battery technology—CATL operates with 94.9% capacity utilization while maintaining under-construction capacity of 764 gigawatt-hours, more than double its current production base 1. The company held 372.05 billion yuan in cash and equivalents as of the reporting date 1. In public remarks, CATL founder Yu Yucun stated: "the lithium battery industry has not descended into the dire situation now facing solar panels because CATL has maintained pricing discipline; if CATL were to lower its prices, the sector would face even worse conditions" 1.