(Yicai) March 18 -- Contemporary Amperex Technology's shares jumped after the Chinese battery maker posted record profit for last year as it grew sales of power and energy storage batteries to retain the largest share of the global market.

CATL [SHE: 300750] closed 5.5 percent higher at CNY190.96 (USD26.53) a share in Shenzhen today, after earlier gaining by as much as 7.1 percent. The stock has risen 17 percent so far this year, compared with a 2.4 percent gain in the Shenzhen Component Index.

Net profit soared 43 percent to CNY44.1 billion (USD6.1 billion) in the 12 months ended Dec. 31 from a year earlier, the Ningde-based firm said in an earnings report released late on March 15. Revenue rose 22 percent to CNY400.9 billion (USD55.7 billion).

Revenue from power batteries accounted for 71 percent of the total, while that from energy storage batteries made up 15 percent, CATL noted. 

Power battery sales reached 390 gigawatt-hours last year for a global market share of 37 percent, making CATL the world leader for a seventh straight year. Energy storage battery sales totaled 74 GWh, giving CATL a global market share of 40 percent, ranking it top for the third year in a row.

Overseas revenue jumped 70 percent to CNY130.9 billion, accounting for 33 percent of the total, up 10 points on the previous year. Domestic revenue rose 7 percent.

In North America, CATL will mainly expand its business through patent licensing, technology, and service support in its LRS cooperation model, the firm said. If clients have their own factories, CATL can help them achieve mass production faster by assisting with renovations, which is very popular with them, and so many are in talks about it, the company added.

CATL's plant in Hungary is progressing as planned and is likely to start supply work in 2026, the company added.

For the fourth quarter of last year, revenue fell 10 percent from a year earlier to CNY106.2 billion, the first decline in 14 quarters, after lithium ore prices plunged and lithium battery prices roughly halved, CATL noted.

China has become market-driven, with an electrification rate of 49 percent, CATL said. People purchasing electric vehicles have become the main buyers, and the country has strong demand in the medium term, it added, noting that in Europe and the United States, electrification has slowed due to lower subsidies, but demand is relatively robust in the long run.

Editor: Martin Kadiev