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].
