Contemporary Amperex Technology Co. Limited (CATL) (03750) experienced an intraday rally that at one point exceeded 6%. By press time, its shares had climbed by 4.50%, reaching a stock price of HKD 673, accompanied by a trading volume of HKD 984 million. For the year 2025, the company reported an operating revenue of RMB 423.702 billion, marking a year-on-year increase of 17.04%. Its net profit soared to RMB 72.201 billion, representing a significant year-on-year surge of 42.28%. Over the course of the year, CATL distributed a total of approximately RMB 36.1 billion in cash dividends, which accounted for 50% of the net profit attributable to the parent company for that fiscal year. A research report from Zheshang Securities highlighted CATL's exceptional performance in the fourth quarter of 2025, predicting that its growth momentum would persist. The report also noted a substantial increase in order volume and a strong liquidity position. With broad growth prospects for its power battery and energy storage battery businesses, CATL is currently facing capacity constraints and is undergoing significant expansion efforts. Simultaneously, the company is enhancing its overseas presence and actively venturing into new markets. Consequently, Zheshang Securities maintains its 'Buy' rating on CATL.