CATL's Buyback Tally Reaches 19.37 Million Shares as Quarterly Profit Growth Disappoints
Published on 11/01/2026 at 13:21 | Editorial boerse-global.de
CATL has now repurchased a total of 19.37 million A-shares for RMB 5.31 billion, according to a mandatory disclosure filed with the Hong Kong exchange on Wednesday. The buyback programme has been running since 11 September, and the company added another 233,800 shares on Thursday for RMB 53.6726 million — a fresh repurchase notice that landed just after quarterly results had weighed on its Hong Kong-listed stock.
The earnings picture those buybacks are cushioning was never going to be pretty. Third-quarter 2026 net profit, reported on 20 October, rose 14.5% to RMB 21.2 billion, falling well short of what analysts had pencilled in. Consensus had pointed to a 41.2% increase, Reuters noted, making the actual figure the weakest growth in nearly two years. Revenue growth also trailed forecasts.
Margin Pressure Behind the Miss
Several forces combined to squeeze profitability. Reuters pointed to fiercer competition in the battery market and slower growth in Chinese vehicle sales. A lower gross margin, an unfavourable product mix and higher tax costs added to the concern about earnings quality.
Should investors sell immediately? Or is it worth buying CATL?
Battery Swapping Network Widens
Even as the numbers landed, CATL kept building out its swapping business. On 22 October the company agreed with Beijing Automotive Group (BAIC) to develop a system covering one million vehicles. BAIC is expected to bring compatible models into CATL's Choco-Swap network and to use its dealer network to help roll out swap stations.
Three days earlier, on 19 October, CATL and its battery-swapping unit Chocolate Swap formed a strategic partnership with Yinwang/Newcool, Huawei's automotive arm, aimed at linking Huawei's intelligent driving systems with CATL's swapping ecosystem.
Heavy-Duty Offering Takes Shape
For heavy commercial vehicles, CATL unveiled a range-extender battery and a revised QIJI battery-swap solution on 20 October. The concept pairs a swappable main battery with an additional range-extending unit, and the company said it will continue expanding its swapping network.
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