CATL (03750.HK) Hot Stock Analysis: Dual Impact of Business Growth and Lock-Up Release Pressure

This analysis is based on the East Money App Hot List (Hong Kong Stock Market Popularity List) via Tushare [0], released on November 24, 2025. CATL (03750.HK) as a global leading power battery supplier has strong business performance in 2025, but recently faces short-term pressure due to H-share lock-up release. Core points include: 2025 H1 net profit increased by 33.3% year-on-year [0], CLSA upgraded its rating to “High Conviction Outperform” [1], H-share lock-up release caused a short-term stock price drop of 6-9% [2], and global demand for energy storage business increased by 98.5% year-on-year [0].

CATL (03750.HK) is a leading enterprise in global power battery systems, with main businesses covering power batteries (73.55% of revenue), energy storage systems (15.88%) and battery material recycling (4.41%) [0]. 2025 H1 revenue was 178.89 billion yuan, up 7.3% year-on-year, and net profit was 30.49 billion yuan, up 33.3% year-on-year [0]. The company leads in solid-state battery technology: solid-state batteries accounted for 12% of its output in Q1 2025, and it plans to have a production capacity of 100GWh by 2027 [0].

In terms of driving factors, the explosive growth of the energy storage business is key: global demand for energy storage cells increased by 98.5% year-on-year in the first three quarters [0], the company signed a 10-year 200GWh procurement agreement with HyperStrong [0], and its energy storage production lines were fully operational in Q3 with a capacity utilization rate of nearly 90% [0]. In addition, CLSA upgraded its rating to “High Conviction Outperform” with a target price of HK$685 [1].

Short-term pressure comes from H-share lock-up release: about 77.5 million restricted shares were unlocked on November 20, leading to a short-term drop of 6-9% in stock price [2].

1. Business Structure Optimization
   : The proportion of energy storage business has increased, becoming the second growth curve to hedge against competition pressure in the power battery market [0].
2. Technical Barriers
   : Leading solid-state battery technology lays the foundation for long-term growth [0].
3. Short-term vs Long-term
   : Short-term fluctuations caused by lock-up release do not change the long-term growth logic; institutional rating upgrades reflect long-term confidence [1][2].

• Short-term: Selling pressure from lock-up release may continue to affect stock price [2];
• Medium-term: Intensified competition in the power battery market, risk of price wars [0].

• Global explosion of energy storage demand, the company as a leader will benefit [3];
• Global capacity layout (Germany, Hungary, etc.) supports overseas expansion [0];
• Commercialization of solid-state battery technology brings new growth points [0].

CATL (03750.HK) is a leading enterprise in the global power battery and energy storage fields, with strong business growth in 2025, and the energy storage business has become an important growth engine. It faces short-term H-share lock-up release pressure, but long-term prospects are positive due to its technical advantages and global layout. Investors should pay attention to the stock price trend after lock-up release and the sustained growth of the energy storage business.