CATL's performance far exceeded expectations, with net profit in 2025 soaring over 42%! The CPO concept rebounded significantly! The high-elasticity ChiNext ETF GF(159952) rose over 2% intraday

On the evening of March 9th, CATL (Contemporary Amperex Technology Co., Limited) disclosed its 2025 annual report. In 2025, the company achieved operating revenue of 423.7 billion yuan, a year-on-year increase of over 17%; net profit of 72.2 billion yuan, a year-on-year increase of over 42%; and R&D investment of 22.1 billion yuan, a year-on-year increase of 19%. In 2025, CATL achieved lithium-ion battery sales of 661 GWh, a year-on-year increase of 39.16%. Among them, power battery sales were 541 GWh, up 41.85%; energy storage battery sales were 121 GWh, up 29.13%. During the reporting period, the company’s lithium battery production capacity was 772 GWh, with 321 GWh under construction at the end of the period, and capacity utilization reached 96.9%.

Wanlian Securities stated that overall, CATL’s performance met expectations, with steady improvement in development quality and efficiency. The company’s global competitiveness continues to strengthen, relying on its global layout and capacity assurance capabilities, leading in both power and energy storage battery businesses. Meanwhile, technological innovation-driven results are significant, with R&D investment and patent reserves building strong barriers. New products and new application scenarios are continuously opening growth space. Additionally, the ecological layout is continuously improving, with zero-carbon technology, battery swapping models, and green development advancing in synergy, laying a solid foundation for long-term growth.

CITIC Securities’ research report believes that in the medium to long term, the trend of improved supply and demand for batteries remains clear. At the same time, commercial vehicle electrification, AI data centers, and overseas markets are expected to bring excess growth to leading companies. In terms of valuation, China’s core battery assets still have significant advantages over Japanese and Korean companies. As more battery companies go public with H-shares, China’s battery asset valuation center is expected to further rise under the global capital pricing system.

Overseas, NVIDIA announced in March 2026 that it would invest $2 billion each in optical technology companies Lumentum and Coherent, and signed strategic agreements including procurement commitments worth billions of dollars and capacity rights for advanced laser/optical network products. Wanlian Securities believes this move marks the acceleration of its ecological layout extending into the upstream of the computing power industry chain, and also reflects its clear expectation of high demand in the optical communication sector. Meanwhile, Huawei released the next-generation all-optical network innovation plan at MWC 2026, focusing on “intelligent network empowerment” and “network-driven intelligence.” ITU-T has officially released the ION-2030 technical framework, and the upgrade of optical networks has entered a substantive promotion stage.

Guosheng Securities pointed out that against the backdrop of accelerated global AI computing infrastructure investment, the fiber optic cable industry is experiencing significant upward momentum. Fiber optic prices have more than doubled since 2025, with a phased tight supply and demand pattern. The industry is shifting from traditional telecom demand-driven to a new cycle driven by AI data centers and optical drones.

In terms of on-market ETFs, as of 11:27 on March 10, 2026, the ChiNext Index (399006) rose strongly by 2.41%, and the ChiNext ETF GF (159952) increased by 2.52%. Sunband Shares rose 9.19%, and Guoci Materials increased 7.75%. The top ten weighted stocks accounted for 52.5%, with Tianfu Communication up 8.41%, CATL up 5.90%, Shenghong Technology, Zhongji Xuchuang, and others also rising. Looking at the longer term, as of March 9, 2026, the ChiNext ETF GF has increased by a total of 11.80% over the past half year.

The ChiNext ETF GF (159952), closely tracking the ChiNext Index, is composed of the 100 largest and most liquid stocks in the ChiNext Market, focusing on strategic emerging industries such as power equipment, biomedicine, and electronics, reflecting the overall performance of innovative and entrepreneurial Chinese companies. It is connected off-market (A: 003765; C: 003766; E: 019817; F: 021739; Y: 022896).