Contemporary Amperex Technology (CATL) (CYATY) Stock Price & How to Invest
Last updated October 2026
Short answer
CYATY is a US over-the-counter ADR for Contemporary Amperex Technology (CATL), the world's largest battery maker with roughly 40% of global EV battery installations. Owning it is a bet on electric vehicles and grid storage scaling through the dominant supplier. The business is still growing fast (first-half 2026 revenue up ~55%, profit up ~42%), yet the shares have fallen ~45% from their spring peak on customer, policy and margin worries.
CYATY stock price
As of 2026-10-16, Contemporary Amperex Technology (CATL) (CYATY) last closed at $14.05, down 11.1% over the past month. Over its trading history so far it has traded between $14.05 and $24.78.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Contemporary Amperex Technology (CATL)'s investor relations page. Walnut is informational, not investment advice.
What does Contemporary Amperex Technology (CATL) (CYATY) do?
Contemporary Amperex Technology Co., Limited (CATL), based in Ningde, China, makes lithium-ion batteries for electric vehicles and for stationary energy storage. It sells cells and packs to most major automakers, including Tesla, BMW, Mercedes-Benz, Volkswagen, Li Auto, Xiaomi and many other Chinese brands, and makes money mainly on the volume of gigawatt-hours it ships. It sold about 661 GWh of batteries in 2025 and held roughly 40% of the global EV battery market in 2026, more than double BYD in second place. Power batteries brought in about RMB 192 billion in the first half of 2026 and energy storage about RMB 53 billion, with the rest from materials, recycling and licensing (including the LFP technology Ford uses in Michigan). CATL trades primarily in Shenzhen (300750) and, since May 2025, in Hong Kong (3750); CYATY is an unsponsored ADR quoted over the counter in the US.
The numbers are still those of a growth company. 2025 revenue was about RMB 423.7 billion (~$59 billion), up ~17%, with net profit of about RMB 72.2 billion (~$10 billion), up ~42%. The first half of 2026 accelerated: revenue of RMB 276.9 billion (+54.8%), net profit of RMB 43.3 billion (+42.0%) and energy storage sales up ~88%. Gross margin eased about 1.1 points to 23.9% as volumes surged, and in July the board proposed a RMB 20 to 40 billion A-share buyback, with repurchased shares to be canceled, alongside an interim dividend. Third-quarter results are expected in late October, against a year-ago quarter of RMB 104.2 billion revenue and RMB 18.6 billion profit.
The share price tells a different story from the income statement. The Hong Kong shares slid from nearly HK$800 in the spring to about HK$441 by mid-October 2026, cutting the market value to roughly $260 billion. Investors reacted to customers diversifying (Li Auto moved its new L8 to Sunwoda cells and is rolling out in-house batteries, and Xiaomi added suppliers), a brief halt at the Hungary plant, a US Transportation Secretary letter pressing Ford over its CATL license, and a new Chinese battery consumption tax. Bulls see a ~21x trailing multiple on a profitable leader; bears see slipping pricing power in an industry where automakers earn thin margins.
What's driving Contemporary Amperex Technology (CATL) (CYATY)?
1. Energy storage as a second engine
Energy storage revenue rose about 88% to RMB 53.3 billion in the first half of 2026, close to a fifth of total sales, at a gross margin of roughly 24%, which is higher than the ~20.6% margin on power batteries. Grid-scale batteries are being bought to balance solar and wind output and, increasingly, to back up power for data centers, and demand outside China now accounts for a large share of shipments. Storage also spreads CATL's customer base well beyond carmakers, which matters at a moment when several Chinese automakers are bringing battery supply in-house. If storage keeps growing faster than EV batteries, the company's mix shifts toward its better-margin business, which is one reason analysts' consensus calls for 2026 revenue of roughly RMB 635 billion, up about 50%.
2. EV share and the global plant network
CATL installed 32.5 GWh of power batteries in China in August 2026, a 41.5% domestic share, down from 42.3% in July but still first by a wide margin, and it holds about 40% globally. Outside China it runs a plant in Germany, started trial production in Hungary in September after clearing regulatory approvals, and is building in Spain and Indonesia. Producing in Europe puts cells next to customers such as BMW, Mercedes-Benz and Stellantis and lets the company avoid tariffs on China-made batteries. The main question for this driver is whether share erodes as Li Auto, Xiaomi, Aito and others add Sunwoda, CALB and Gotion as suppliers, and so far the August data show a dip rather than a collapse.
3. Technology, chemistry and licensing
CATL spends heavily on research, about RMB 22 billion in 2025, and uses that budget to keep its cost per kWh below rivals. Its Shenxing fast-charging LFP cells, sodium-ion batteries (which avoid lithium and perform better in cold weather) and condensed-battery work for longer-range vehicles are meant to give automakers a reason to stay. Licensing is a second route to markets it cannot enter directly: Ford's BlueOval Battery Park in Marshall, Michigan began assembling LFP cells in 2026 using CATL technology, with Ford owning and running the plant. That model earns royalties without CATL owning US factories, although it is now the target of political pressure from Washington, as the September 2026 Duffy letter showed.
4. Cash generation and shareholder returns
CATL generated about RMB 133 billion of operating cash flow in 2025 and RMB 60.2 billion in the first half of 2026, and it held about RMB 372 billion of cash at June 30. That cushion funds new capacity and research while still paying large dividends: the 2025 final payout was RMB 69.57 per 10 shares, and an interim dividend of about RMB 6.5 billion followed in 2026. The proposed buyback of RMB 20 to 40 billion, with a price cap of RMB 573 per A-share, would retire up to roughly 1.5% of the share capital, and the A-shares now trade far below that cap. Balance sheet strength lets CATL keep investing through price wars that strain smaller, more indebted rivals.
What are the risks to Contemporary Amperex Technology (CATL) (CYATY)?
Customer concentration is shifting against CATL. Li Auto switched every version of its new L8 to Sunwoda cells, plans an ~8.8% direct stake in Sunwoda's EV battery unit and says in-house batteries will spread across its lineup, while Xiaomi and Huawei-backed Aito have added suppliers. Chinese automakers earned only a ~2.4% profit margin in January to July 2026, so they have every reason to push battery prices down, and CATL's first-half gross margin already slipped ~1.1 points. A new battery consumption tax (2% from September 2026, rising to 4% in September 2027) favors carmakers that build their own cells. In the US, CATL sits on the Pentagon's Section 1260H list, and the Transportation Secretary's September letter urging Ford to drop its CATL license shows that licensing income is politically exposed; tariffs and content rules already limit direct sales. In Europe, the Hungary plant was halted in September over worker nickel exposure before restarting trial production. Lithium prices, Chinese EV subsidies and yuan movements also feed into results. For US holders, CYATY is an unsponsored OTC ADR with thin volume, wide spreads, depositary fees, currency exposure and less disclosure than an exchange-listed share.
Is CYATY a buy or a sell?
We give no verdict on Contemporary Amperex Technology (CATL). Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Energy storage as a second engine. Energy storage revenue rose about 88% to RMB 53.3 billion in the first half of 2026, close to a fifth of total sales, at a gross margin of roughly 24%, which is higher than the ~20.6% margin on power batteries.
The case against. Customer concentration is shifting against CATL.
Read the full bull and bear case on CYATY, including what would have to change to break either one. Walnut is not an investment adviser.
How is Contemporary Amperex Technology (CATL) (CYATY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Contemporary Amperex Technology (CATL)'s investor relations page or your broker.
- Revenue (TTM through June 2026): ~RMB 522B (~$73B)
- Net profit (TTM through June 2026): ~RMB 85B (~$12B)
- H1 2026 revenue / profit growth: +54.8% / +42.0% YoY
- Gross margin (H1 2026): 23.9% (down ~1.1 pts)
- Market value (mid-October 2026): ~$260B (Hong Kong shares ~HK$441)
- Trailing P/E (mid-October 2026): ~21x (vs ~30x in July)
Figures come from CATL's 2025 annual report and 2026 interim report, converted at roughly 7.1 yuan per dollar, with the trailing twelve months combining the two. Third-quarter 2026 results were due in late October, so these numbers predate that report; consensus looked for roughly RMB 183 billion of quarterly revenue versus RMB 104 billion a year earlier. The multiple has compressed because the share price fell about 45% from its spring high while profits kept rising. The CYATY price follows the Hong Kong shares, adjusted for the ADR ratio and the dollar exchange rate.
Who competes with Contemporary Amperex Technology (CATL) (CYATY)?
Chinese battery makers
BYD (about 14% of global EV battery installations, and its own largest customer through FinDreams), CALB, Gotion High-Tech, EVE Energy and Sunwoda compete hard on price in LFP cells and storage. Sunwoda and CALB have won recent Li Auto, Xiaomi and Aito programs, which is the competition investors watched most closely in 2026.
Korean and Japanese suppliers
LG Energy Solution, Samsung SDI, SK On and Panasonic hold strong positions with US and European automakers. US tariffs, the Section 1260H listing and content rules that favor non-Chinese supply chains make them the default alternative for Western customers, especially for US-built vehicles, even where their cells cost more than CATL's.
Automaker in-house and next-generation efforts
Li Auto's in-house packs, BYD's vertical integration, Tesla's 4680 program and Toyota's solid-state work all aim to reduce reliance on outside cell suppliers. Startups such as QuantumScape and Solid Power are trying to leapfrog lithium-ion chemistry, a longer-dated threat if solid-state batteries reach mass production at competitive cost.
What stocks are similar to Contemporary Amperex Technology (CATL) (CYATY)?
Other names that sit close to CYATY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Contemporary Amperex Technology (CATL) (CYATY)
There are three common ways to get CYATY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so CYATY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where CYATY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Contemporary Amperex Technology (CATL) (CYATY)
CATL is the scale leader in a market that keeps expanding, with storage as a second engine. The debate in late 2026 is about customer loyalty, US policy, margins and the OTC wrapper, not whether it can grow.
More on Contemporary Amperex Technology (CATL) (CYATY)
Whether CYATY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CYATY a buy or a sell?, and where the stock could go from here in the CYATY stock forecast.
For income investors, whether CYATY pays a dividend and how the payout looks is covered in does CYATY pay a dividend? And to weigh CYATY against a peer, read the full side-by-side comparisons: CYATY vs BYD and CYATY vs LI.
Wondering how CYATY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Contemporary Amperex Technology (CATL) with AI
Connect the broker you already use and ask Walnut's AI how CYATY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is CYATY?
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CYATY is the US ticker for an unsponsored American Depositary Receipt of Contemporary Amperex Technology Co., Limited (CATL), quoted on the over-the-counter market rather than on the NYSE or Nasdaq. An ADR is a dollar-denominated certificate issued by a depositary bank that holds the underlying foreign shares, so US investors can buy exposure to CATL through an ordinary brokerage account. Each CYATY receipt represents a fraction of one CATL share; comparing the prices in October 2026 (about $14 for the ADR versus about HK$441 for a Hong Kong share) implies roughly four ADRs per share. The price therefore moves with the Hong Kong and Shenzhen shares and with the Hong Kong dollar and yuan against the US dollar. Trading volume in CYATY is small compared with the main listings.
What does CATL do?
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CATL designs and manufactures lithium-ion batteries for electric vehicles and for energy storage systems. It is the world's largest EV battery maker, with about 40% of global installations in 2026 and about 41% of China's domestic market in August 2026, and it supplies automakers such as Tesla, BMW, Volkswagen, Mercedes-Benz, Li Auto and Xiaomi. Power batteries generated RMB 192 billion of revenue in the first half of 2026, energy storage RMB 53 billion, and the remainder came from battery materials, recycling and technology licensing. The company sold about 661 GWh of batteries in 2025. It also develops newer chemistries, including fast-charging LFP (Shenxing) and sodium-ion cells, and licenses its LFP technology to Ford's Michigan battery plant.
How did CATL's latest earnings turn out, and when is the next report?
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The latest reported period is the first half of 2026, released on July 24, 2026. Revenue rose 54.8% to RMB 276.9 billion and net profit attributable to shareholders rose 42.0% to RMB 43.3 billion, with basic earnings per share of RMB 9.51. Energy storage revenue jumped about 88%, while gross margin slipped 1.1 points to 23.9%. Operating cash flow was RMB 60.2 billion and cash on hand was about RMB 372 billion at June 30. Third-quarter 2026 results are expected in late October (the 2025 equivalent came on October 20). For comparison, the third quarter of 2025 produced RMB 104.2 billion of revenue and RMB 18.6 billion of net profit, and analysts' consensus for the third quarter of 2026 was about RMB 183 billion of revenue.
Why has CATL stock fallen in 2026?
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The Hong Kong shares dropped from nearly HK$800 in the spring to about HK$441 by mid-October 2026, roughly 45%, even though profits kept growing. Several things weighed on sentiment. Li Auto moved its new L8 to Sunwoda cells, agreed to invest in Sunwoda's EV battery unit and said in-house batteries would roll out across its lineup, and Xiaomi and Aito added suppliers, raising doubts about CATL's pricing power. Chinese carmakers' thin margins add pressure on battery prices. In September the Hungary plant was briefly halted over worker nickel exposure, the US Transportation Secretary urged Ford to end its CATL licensing tie, and a new battery consumption tax took effect in China. Investors also worried about possible production trims and lower per-unit profit in the third quarter.
Is CYATY traded on a US stock exchange?
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No. CYATY trades over the counter rather than on the NYSE or Nasdaq, and as an unsponsored ADR it was set up by a depositary bank without CATL's direct involvement or a formal agreement with the company. That usually means lower trading volume, wider bid-ask spreads, possible depositary fees deducted from dividends, and some brokers restricting or limiting access to the ticker. Because CATL is not an SEC registrant, English-language disclosure comes through its Hong Kong exchange filings and investor relations site rather than US filings. CATL's main listings are Shenzhen (300750), where A-shares trade, and Hong Kong (3750), where H-shares have traded since May 2025. Investors with access to Hong Kong trading can buy the H-shares directly in Hong Kong dollars.
Is CATL on a US government blacklist?
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CATL was added to the Pentagon's Section 1260H list of Chinese military companies in January 2025, and the company disputes the designation and has sought removal. The list does not ban US investors from owning the shares, but it restricts US defense contracting and adds reputational and policy risk with US customers. Political pressure grew in September 2026, when Transportation Secretary Sean Duffy sent Ford a letter urging it to reduce reliance on Chinese companies, including CATL, whose LFP technology Ford licenses for its Marshall, Michigan plant. Ford called the letter wrongheaded and said the deal is a license, not a joint venture, with Ford owning and running the plant. Further action on that front could affect CATL's licensing income and its reputation with US automakers.
Does CATL pay a dividend?
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Yes. For 2025 CATL paid a final cash dividend of RMB 69.57 per 10 shares, and in 2026 it added an interim dividend totaling about RMB 6.5 billion. For CYATY holders those payments arrived as roughly $0.25 per ADR in April 2026 and about $0.05 per ADR in August 2026, about $0.30 over the past year, or roughly 2% of the mid-October ADR price. Dividends are converted from the underlying currency into US dollars, and depositary fees and Chinese withholding tax are deducted before they reach the account, so the amount received varies. Separately, the board proposed a RMB 20 to 40 billion A-share buyback in July 2026, with repurchased shares to be canceled, which returns cash to shareholders without a payout.
Is CYATY a good investment?
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It depends on how an investor weighs a strong business against a set of non-business risks. The bull case: CATL is the largest and one of the most profitable battery makers, revenue grew ~55% and profit ~42% in the first half of 2026, energy storage is growing faster still, it holds about RMB 372 billion of cash, and the shares trade near 21 times trailing earnings after a ~45% decline, down from about 30 times in July. The bear case: big Chinese customers are diversifying to Sunwoda, CALB and in-house cells, automakers' thin margins pressure battery prices, US policy targets its licensing deals, and CYATY itself is a thinly traded unsponsored OTC ADR with currency exposure. The third-quarter report in late October is the next test of whether the customer shifts are showing up in the numbers.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Contemporary Amperex Technology (CATL)'s investor relations page or your broker before making investment decisions.