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Contemporary Amperex Technology’s shares surged after the Chinese battery manufacturer reported a 41% boost in profits for the third quarter, driven by increasing demand in the battery and energy storage sectors.
The company’s stock in Shenzhen increased by 3.1%, reaching CNY377.71 (approximately USD53.05) per share as of 1:05 PM today. Its stock listed in Hong Kong also saw a 4.4% rise, closing at HKD551 (about USD70.94).
In the three months ending September 30, the firm reported a net profit of CNY18.6 billion (around USD2.6 billion). Revenue grew 13% compared to the previous year, totaling CNY104.2 billion (about USD14.6 billion).
Executives highlighted during an earnings call that growth in energy storage and new energy commercial vehicles has outpaced that of passenger vehicles. Both segments are expected to sustain fairly high growth rates into the upcoming year.
For the first nine months of this year, profits jumped 36%, reaching CNY49 billion, while revenue increased by 9.3% to nearly CNY283.1 billion, according to official figures.
The Chinese energy storage market is beginning to shift toward a more market-driven development model, with clearer profit strategies fueling rapid industry expansion this year. Additionally, overseas demand for data centers and grid storage is also climbing.
The executives pointed out that China has hit a critical point in the development of new energy commercial vehicles. The necessary infrastructure now supports large-scale deployment of energy-efficient heavy trucks. Penetration of these trucks has risen significantly this year and is projected to surpass 60% by 2030.
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