Quick Take: CATL 1H26 - Results in line with RMB40bn buyback. Outperform.

Research evidence excerpt

Quick Take: CATL 1H26 - Results in line with RMB40bn buyback. Outperform.

• For ex-battery segments, the revenue and profit levels are both relatively stable.

TECHNOLOGY

• CATL maintains a leading position in fast-charging technology. At its April 2026 Super Technology Day, CATL launched the

third-generation Shenxing battery, supporting equivalent 15C charging and 10–80% charging in under four minutes. BYD's

fast-charging rollout should help educate the market and accelerate broader OEM adoption.

• Sodium-ion battery: CATL's first sodium-ion passenger vehicle with Changan was scheduled for launch in mid-2026. For

ESS, CATL launched TENER Sodium in June and expects cumulative shipments to reach 1GWh by end-2026, implying

shipments will ramp through 2H26. Sodium-ion batteries have already secured large-scale customer orders, with

management citing cost advantages that improve further with scale. Global deliveries of the complete system are scheduled

to begin in June 2027. The large-format ESS cell (587-series) is also ramping smoothly with strong customer reception and

scaled deliveries already underway.

UPSTREAM RESOURCE STRATEGY

• Wholly-owned subsidiary established: Shidai Resources Group, with registered capital of RMB30bn. CATL believes future

demand will be very strong with total battery demand expected to reach 4TWh or more by 2030. At the same time CATL also

sees instability in global resources and metals. CATL has been building its upstream presence for many years and is now in

the process of resource consolidation.

• Yichun lithium mine: CATL's Jianxiawo mine received its safety-production permit on 29 June 2026 and has resumed

production after being suspended since August 2025 due to an expired mining permit. Production is expected to ramp up