Story perspectives

CATL Earnings Miss Forecast, Shares Drop 11% in Shenzhen

By Drooid · Oct 21, 2026, 10:26 PM UTC · How we work

Summary

Story summary

CATL reported 2026 earnings that missed consensus, sending down 11% Shenzhen and 9.4% Hong Kong to HK$373.2.
Revenue rose 58.6% to 165.2 billion yuan, while net profit of 21.25 billion yuan missed the 26 billion yuan estimate.
Gross margin fell to 20.69%, down 2.46 points, which management blamed on shifting to lower-margin items, not tax changes.
CATL unveiled Tianxing II heavy-truck platform and SERES partnership, targeting 900 swap stations this year and 2,000 by 2027.

History

Historical Context

China’s 2009 NEV program and the 2013 subsidy boost drove NEV sales from 331,000 units in 2015 to over 12.8 million in 2024, giving the country more than 70 % of global EV output. The surge created a battery boom that lifted firms such as BYD and CATL, whose 2026 earnings miss now reflects a shift toward high-volume heavy-truck packs and swap stations.

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Story summary

CATL reported 2026 earnings that missed consensus, sending down 11% Shenzhen and 9.4% Hong Kong to HK$373.2.
Revenue rose 58.6% to 165.2 billion yuan, while net profit of 21.25 billion yuan missed the 26 billion yuan estimate.
Gross margin fell to 20.69%, down 2.46 points, which management blamed on shifting to lower-margin items, not tax changes.
CATL unveiled Tianxing II heavy-truck platform and SERES partnership, targeting 900 swap stations this year and 2,000 by 2027.

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