CATL Stock (3750.HK): Record Revenue, Shrinking Margins 2026
CATL (HKEX: 3750, Shenzhen: 300750) reported its highest quarterly revenue ever in Q3 FY2026 and its lowest gross margin in seven quarters. The shares have halved from their June high. This page puts the eight quarters, the valuation and the three numbers to check next in one place. It is a data page, not a recommendation.
CATL in five numbers
| What | Figure | As of | Read |
|---|---|---|---|
| Share price (H) | HK$380.00 | Nov 6, 2026 close | −3.7% on the day; 52% below the 52-week high of HK$794.50 (Jun 3, 2026) |
| Market cap | ≈ HK$1.39 tn | Nov 6, 2026 | Trailing P/E 17.2x, P/B 3.9x, P/S 2.6x, dividend yield 1.9% |
| Year-to-date move | −23.7% | Nov 6, 2026 | 1-year move −30.9%; 52-week low HK$326.00 (Oct 23, 2026) |
| Latest quarter revenue (Q3 FY2026) | RMB 165.2 bn | Reported | +58.6% year on year, a record quarter |
| Latest quarter gross margin | 20.7% | Reported | Down from 28.2% three quarters earlier; lowest since Q4 FY2024 |
Source: Wind Financial Data Service, retrieved Nov 8, 2026 (HKT). Price, valuation and 52-week range are Wind fields for 3750.HK; revenue, margin and profit are CATL's reported group figures as carried by Wind. Company site: CATL. The Shenzhen line closed at RMB 254.22 the same day.
Eight quarters, as reported
Revenue and net profit in RMB billions. Net profit is profit attributable to shareholders of the parent.
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q4 FY24 | 103.0 | |
| Q1 FY25 | 84.7 | |
| Q2 FY25 | 94.2 | |
| Q3 FY25 | 104.2 | |
| Q4 FY25 | 140.6 | +36.6% YoY |
| Q1 FY26 | 129.1 | +52.5% YoY |
| Q2 FY26 | 147.8 | +56.9% YoY |
| Q3 FY26 | 165.2 | +58.6% YoY |
Source: Wind Financial Data Service, retrieved Nov 8, 2026 (HKT); CATL reported figures
| Quarter | Revenue | Revenue YoY | Gross margin | Net profit | Net profit YoY |
|---|---|---|---|---|---|
| Q4 FY2024 | 103.0 | 15.0% | 14.7 | +13.6% | |
| Q1 FY2025 | 84.7 | 24.4% | 14.0 | +32.9% | |
| Q2 FY2025 | 94.2 | 25.6% | 16.5 | +33.7% | |
| Q3 FY2025 | 104.2 | 25.8% | 18.5 | +41.2% | |
| Q4 FY2025 | 140.6 | +36.6% | 28.2% | 23.2 | +57.1% |
| Q1 FY2026 | 129.1 | +52.5% | 24.8% | 20.7 | +48.5% |
| Q2 FY2026 | 147.8 | +56.9% | 23.2% | 22.5 | +36.5% |
| Q3 FY2026 | 165.2 | +58.6% | 20.7% | 21.2 | +14.5% |
Revenue growth is computed from the quarters in this table; net profit growth is Wind's year-on-year field. Revenue YoY for the first four rows needs FY2023 quarters, which this page does not carry.
Two things the table says on its own. Revenue has grown faster every quarter of FY2026, from +52.5% to +58.6%. Net profit growth has slowed every quarter, from +48.5% to +14.5%, because gross margin gave back 7.5 points from its Q4 FY2025 peak.
Show data
| Period | % | Note |
|---|---|---|
| Q4 FY24 | 15.0 | |
| Q1 FY25 | 24.4 | |
| Q2 FY25 | 25.6 | |
| Q3 FY25 | 25.8 | |
| Q4 FY25 | 28.2 | peak 28.2% |
| Q1 FY26 | 24.8 | |
| Q2 FY26 | 23.2 | |
| Q3 FY26 | 20.7 | 20.7% |
Source: Wind Financial Data Service, retrieved Nov 8, 2026 (HKT); CATL reported figures
Full-year picture
| FY2024 | FY2025 | Change | |
|---|---|---|---|
| Revenue (RMB bn) | 362.0 | 423.7 | +17.0% |
| Gross margin | 24.4% | 26.3% | +1.8 pts |
| Net profit (RMB bn) | 50.7 | 72.2 | +42.3% |
| Operating cash flow (RMB bn) | 97.0 | 133.2 | +37.4% |
| R&D expense (RMB bn) | 18.6 | 22.1 | +19.0% |
FY2025 was the margin year: profit grew two and a half times as fast as revenue. The FY2026 quarters so far reverse that pattern.
Valuation in context
At HK$380.00 the Hong Kong line trades at 17.2 times trailing earnings and 3.9 times book, with a 1.9% dividend yield (Wind, Nov 6, 2026). The stock listed in Hong Kong on May 20, 2025, closed at HK$554.50 on Nov 6, 2025, peaked at HK$794.50 on Jun 3, 2026 and bottomed at HK$326.00 on Oct 23, 2026. The current price is 16.6% above that low and 52.2% below that high.
The trailing P/E uses four quarters in which net profit grew 14.5% to 57.1%. If Q4 FY2026 profit is flat on Q4 FY2025's RMB 23.2 bn, trailing earnings stay roughly where they are; a decline would lift the multiple without the price moving. That is arithmetic, not a forecast.
What to check in the FY2026 results
CATL reports the fourth quarter with its annual results, usually in March or April; the date is announced on the company site. Three benchmarks from this page:
| Check | Benchmark | Why it matters |
|---|---|---|
| Q4 gross margin | 28.2% (Q4 FY2025) and 20.7% (Q3 FY2026) | Three straight declines; a fourth would make the margin a trend, a rebound would make Q3 the trough |
| Q4 net profit | RMB 23.2 bn (Q4 FY2025) | The first quarter where last year's base already carried the high margin |
| Revenue growth | +58.6% (Q3 FY2026) | Whether volume keeps offsetting price |
Run this yourself
Open Financial Chat, type #3750.HK, and ask for the same eight-quarter table with the Q4 figures added the day they are filed. The company one-pager skill adds the battery segment split, the A-share versus H-share price gap and the local analyst consensus that this page does not carry. For the same layout on another Hong Kong hardware name, see Xiaomi stock.
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Data sourced from Wind Financial Data Service. Figures as retrieved on Nov 8, 2026 (HKT); CATL's own filings govern if they differ. This page is for information only and is not investment advice.
常见问题
Is CATL stock listed in Hong Kong or Shenzhen?
Both. Contemporary Amperex Technology (CATL) has traded on the Shenzhen Stock Exchange as 300750.SZ since 2018 and listed H-shares on the Hong Kong exchange as 3750.HK on May 20, 2025. This page uses the Hong Kong line for price and valuation and the company's reported group financials, which are the same for both listings.
Why is CATL's share price down while revenue is at a record?
The data page does not explain prices, but it shows the two lines diverging: Q3 FY2026 revenue grew 58.6% year on year while net profit grew 14.5%, because gross margin fell from 28.2% in Q4 FY2025 to 20.7% in Q3 FY2026. The share price is 52% below its June 3, 2026 high. Whether the margin decline is temporary is the question to take to the FY2026 results.
What currency are CATL's financials in?
Renminbi. CATL reports under Chinese accounting standards in RMB, so the quarterly and annual tables are RMB billions. The Hong Kong share price, market cap and 52-week range are in Hong Kong dollars; the Shenzhen price is in RMB.
Where do the numbers on this page come from?
From Wind Financial Data Service, retrieved on Nov 8, 2026 (HKT). Quarterly revenue, gross margin and net profit attributable to shareholders are CATL's reported figures as carried by Wind; price, valuation and the 52-week range are Wind fields for 3750.HK. CATL's own filings govern if they differ.
What is Winus?
Winus is a financial AI agent platform built on Wind's financial data and research expertise. It combines specialized tools, reusable financial skills and coordinated AI agents so a natural-language request about a company, fund or market can produce research reports, Excel models and presentation decks. Type #3750.HK in Winus to run this page's analysis yourself.