World No.1 battery maker

CATL

The world No.1 battery maker (Ningde). In 2025 it installed 464.7 GWh of EV batteries for a 39.2% share, the only supplier above 30%. It supplies cells to automakers like Tesla and BYD, and deployed its own Moz humanoid in battery factories (a world first at scale). The energy-storage axis for both EVs and robots.

300750.SZ Updated Jul 12, 2026 5 AI consumers· 4 recurring

Per the valuechain.wiki graph, CATL is directly linked to 12 companies (6 supply, 6 revenue relationships) and reaches 13 companies within two hops; the links are backed by 16 dated sources, 4 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21+67.4%'22-21.4%'23-40.6%'24+74.5%'25+39.4%YTD+2.2%
Money in ▸Global automakers (EV batteries)●Tesla●샤오미 (EV)●지리·지커●SAIC Motor●UBTech Robotics◐현대차·기아◐
CATL2025: 464.7 GWh
▸ Money outRonbay Technology●supplier share 54.54%Tinci Materials◐Count 58,600 tEnchem◐Amount 1.5 KRW조BTR New Material Group Co., Ltd◐Yunnan Energy New Material (SEMCORP)◐Chunbo◐Cathode materials · lithium · materials (undisclosed)○manufacturing & capacity expansion (undisclosed)○

Financials & Segments

  • Total revenue · 2025: 464.7 GWh (39.2% share)
  • Customer concentration · Supplies Tesla, BYD; only one above 30%.
  • Segments · EV batteries (39.2%) · ESS storage · Robot/humanoid power

Revenue from

  • Global automakers (EV batteries) High confidence
    EV batteries to BYD and many automakers (39.2% share).
    Confirms EN CnEVPost Published Feb 4, 2026: 2025 EV battery share: CATL 39.2%
  • Tesla High confidence
    Supplies EV and ESS battery cells to Tesla.
    Confirms EN CATL/SZSE Published Mar 1, 2026: CATL company/IR (SZSE 300750)
    Confirms EN CnEVPost Published Feb 4, 2026: 2025 EV battery share: CATL 39.2%
  • 샤오미 (EV) High confidence
    Ternary batteries for SU7/YU7 upper trims.
    Confirms EN CarNewsChina Published Jun 30, 2025: Xiaomi YU7 batteries from CATL and BYD FinDreams
  • 지리·지커 High confidence
    Supplies Geely group incl. Zeekr, the first Qilin adopter.
    Confirms EN E-Mobility Engineering Published Apr 17, 2023: Zeekr becomes first EV maker to adopt CATL's Qilin battery
  • SAIC Motor High confidence
    Supplies and co-produces NEV batteries for SAIC. Lithium-ion and battery-system JVs with SAIC plus tie-ups at SAIC-GM and SAIC-GM-Wuling make China's largest automaker a key customer.
    Confirms EN Gasgoo Published Jun 20, 2025: SAIC-GM, CATL sign strategic cooperation agreement to research, develop NEV batteries
    Confirms EN SAIC Motor Published Mar 15, 2025: SAIC Motor and CATL cooperate to produce batteries
  • UBTech Robotics Medium confidence
    Supplies batteries for humanoids.
    Confirms EN NotebookCheck Published Jan 1, 2026: CATL Moz humanoid in battery factories
  • 현대차·기아 Medium confidence
    Batteries for Hyundai group models (Kona/Niro NCM, Ray LFP).
    Mentions KO Bloter Published Aug 1, 2024: Hyundai's new China Ioniq to use CATL LFP batteries

Pays to

  • Ronbay Technology High confidence· supplier share 54.54% · FY2024 · CATL's share of Ronbay revenue (largest customer, anonymized in filing)
    CATL sources high-nickel NCM and sodium-ion cathode powder from Ronbay Technology, its #1 ternary cathode supplier. Ronbay's FY2024 largest customer (RMB 8.23bn, 54.5% of sales) is identified as CATL via media cross-checks, and CATL committed to buy at least 60% of its annual sodium cathode powder from Ronbay through 2029.
    Mentions ZH Shanghai Stock Exchange STAR Market Published Apr 30, 2025: Ningbo Ronbay New Energy Technology 2024 Annual Report Summary
    Confirms ZH Shanghai Stock Exchange (hosted via Sina Finance) Published Apr 10, 2025: Ningbo Ronbay New Energy Technology 2024 Annual Report
    Confirms ZH NE Time Published Nov 1, 2024: Ronbay wins CATL long-term sodium cathode order, locks in #1 supplier status
  • Tinci Materials Medium confidence· Count 58,600 t · 2024-06~2025-12(만료·미갱신) · electrolyte per solid LiPF6 (expired)
    CATL had sourced electrolyte from Tinci. A June 2024 agreement supplied electrolyte for 58,600t of solid LiPF6 (~500kt) through end-2025, but that long-term deal expired on Dec 31, 2025 without renewal. CATL reshuffled its 2026-2028 electrolyte supply to Shinbang (300kt) and Yongtai (470kt).
    Confirms ZH Sina Finance Published Jun 17, 2024: Tinci Materials signs a supply agreement with CATL for electrolyte tied to 58,600 tons of LiPF6
  • Enchem Medium confidence· Amount 1.5 KRW조 · 5년(2025-11 보도) · CATL-Enchem electrolyte deal (pending)
    CATL was reported in November 2025 to be close to a five-year, about KRW 1.5tn electrolyte supply deal with Enchem.
    Confirms EN KED Global Published Nov 28, 2025: Enchem tipped to secure $1 bn electrolyte supply deal with CATL
  • BTR New Material Group Co., Ltd Medium confidence
    CATL sources anode material from BTR New Material, the world's top anode maker.
    Confirms EN BTR New Material Published Aug 7, 2024: BTR, the world's leading anode materials manufacturer
  • Yunnan Energy New Material (SEMCORP) Medium confidence
    CATL sources wet-process separators from Enjie and is the 49% minority partner in their Xiamen JV separator plant.
    Confirms EN Yicai Global Published Jun 21, 2022: CATL, Yunnan Energy JV to Complete USD770 Million Li-ion Separator Plant by Next Year
  • Chunbo Medium confidence
    CATL sources specialized lithium salts such as LiPO2F2 from Korea's Chunbo, one of its electrolyte-salt and additive suppliers.
    Confirms EN THE ELEC Published Jan 25, 2021: Chunbo to double electrolyte production
  • Cathode materials · lithium · materials (undisclosed) Low confidence
    Cathode, lithium, electrolyte and materials.
    Confirms EN CATL/SZSE Published Mar 1, 2026: CATL company/IR (SZSE 300750)
  • manufacturing & capacity expansion (undisclosed) Low confidence
    Cell manufacturing and gigafactory capacity.
    Confirms EN CATL/SZSE Published Mar 1, 2026: CATL company/IR (SZSE 300750)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Foxconn (Hon Hai)lead2-5.1+2.8+7.8+80.1+26.9+19.6
Geely Autolead1-40.8-22.9-40.3+98.5+14.5+10.2
Xiaomilead1-43.9-21.1-4.6+209.7-6.9-19.9
Teslalead1+49.8-65+101.7+62.5+11.4-21.3
Hyundai Motor Companylead1-16.7-4.7+16.2+12.3+158.8-22.2
SAIC Motorlead1-12.1-16.2-6.8+29.1-17.2-24.1
UBTech Roboticslead1···-21.6+95.4-38.8
CATLnode+67.4-21.4-40.6+74.5+39.4+2.2
Yunnan Energy New Material (SEMCORP)benef1+92.8-38.6-72.6-29.2+76.4-5.3
Tinci Materialsbenef1+68.3+5.6-61.4-0.7+124.2-16.2
Ronbay Technologybenef1+96.6-39.1-63.6+12.3+47.7-20
Chunbobenef1+40.4-7.3-65-55.6+59.1-32.5
Enchembenef1·-37.4+173.9-20.5-26.1-79

YTD as of 2026-09-04 · source: Yahoo Finance

CATL is the World No.1 battery maker. It is +2.2% in 2026. Demand side (avg -13.8%), the stock (+2.2%) and supply side (avg -18.5%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Geely Auto (+10.2%) and the furthest behind is Chunbo (-32.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The energy-storage axis for both EVs and robots.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥583 · Price ¥351 (09-04) · Upside +66%

BrokerRatingTargetPublished
CitiBuy¥603Jun 5, 2026Report ↗
CLSA高确信度跑赢大市 (Outperform)¥515Apr 16, 2026Report ↗
Soochow Securities买入 (Buy)¥632Apr 16, 2026Report ↗

Consensus is firmly bullish (28-analyst average target ~CNY 560) with post-Q1-2026 target hikes from Citi, CLSA and Soochow; Morgan Stanley's equal-weight is the cautious outlier.

Analyses covering this node

← All companiesMarkdown · JSON

For information only, not investment advice. Content on this site is generated by AI from verified, cross-checked sources and may contain errors.

© 2026 Willow Investments, Inc.Company value-chain data · contact@willowinvt.com