The leading indicator of economic conditions looks promising: Contemporary Amperex Technology (03750) contract liabilities exceed 49.2 billion yuan, an increase of 77%.

On the evening of March 9, 2026, the annual report for 2025 released by Contemporary Amperex Technology (03750) showed that the company's revenue returned to a growth track, with total revenue reaching 423.7 billion yuan, an increase of 17% year-on-year; battery sales increased significantly by 39% to 661GWh; net profit attributable to shareholders increased by 42% to 72.2 billion yuan, further enhancing the unit profitability. It is worth noting that the company's contractual liabilities balance at the end of the reporting period increased to 49.2 billion yuan, an increase of 21.4 billion yuan from the end of 2024, a growth rate of 77%. This data indicates that in the strong market demand, a considerable portion of customers have locked in Contemporary Amperex Technology's high-quality production capacity for 2026 through advance payments. According to SNE Research data, global power battery usage reached 1,187GWh in 2025, an increase of 31.7% year-on-year. Energy storage battery shipments were 550GWh, an increase of 79% year-on-year. Several research institutions and brokerages have expressed optimism about the continued strong demand in the future. To meet the sustained growth in global demand, Contemporary Amperex Technology is accelerating its capacity expansion. As of the end of the reporting period, the company's total production capacity reached 772GWh, with 321GWh of capacity under construction at the end of the period. The Hungary factory and Indonesia battery industry chain projects are steadily progressing.