# Contemporary Amperex Technology (300750.SHE)

Canonical: https://gigainvestors.com/s/300750.SHE

Analysis as of: 2026-10-16T07:33:33.975Z. Financial observations: FY2014–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 278.50 per share; close as of 2026-10-15.

Estimated value: low CNY 276.87 per share, central CNY 354.95 per share, high CNY 400.42 per share. Buy at or below the central value CNY 354.95 per share. Valuation as of 2026-10-16T07:33:33.975Z; scenarios are not confidence intervals.

Expected annual return: 12.7% at the stated quote. About 12.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.24×

- FY2018: 0.14×

- FY2019: 0.13×

- FY2020: 0.14×

- FY2021: 0.15×

- FY2022: 0.11×

- FY2023: 0.13×

- FY2024: 0.18×

- FY2025: 0.21×

### moat: pass

- ROIC, median of available years: 46.5%

- ROIC, second-lowest year: 32.2%

- Typical minus recent gross margin: 2.6 pp

- Typical gross margin (annual median): 26.4%

- Recent gross margin (lower of latest and 3-year median): 23.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.9%

- ROIC including acquisitions, ten-year median: 38.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 55.1%

- FY2017: 32.2%

- FY2018: 40.5%

- FY2019: 39.9%

- FY2020: 31.3%

- FY2021: 40.4%

- FY2022: 52.5%

- FY2023: 91.6%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 204B

- Net income, five-year total: CNY 214B

- Return on incremental invested capital: 83.7%

- Working capital / revenue, annual change: -3.5 pp

- Working capital / revenue, change between three-year averages: -21.7 pp

- Working capital / revenue, final three-year average: -6.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.83×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 40.5% vs 131.1%

- Per-share earnings: 0.73 to 11.52 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: CNY 1.51T

- Cumulative retained earnings: CNY 165B

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 41.2%

- Per-share value change: CNY 10.79

- Per-share value, starting three-year median: CNY 0.73

- Per-share value, ending three-year median: CNY 11.52

- Buybacks concentrated in cheaper years (correlation): 0.86

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 16B

- Cumulative net income, 10 years: CNY 234B

- ROIC, first three-year median: 40.5%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.73

- FY2017: CNY 0.99

- FY2018: CNY 0.87

- FY2019: CNY 1.14

- FY2020: CNY 1.34

- FY2021: CNY 3.79

- FY2022: CNY 7.01

- FY2023: CNY 10.03

- FY2024: CNY 11.52

- FY2025: CNY 15.90

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.6%

- FY2017: 2.9%

- FY2018: -10.7%

- FY2019: -8.8%

- FY2020: -8.2%

- FY2021: -8.8%

- FY2022: -5.1%

- FY2023: -6.8%

- FY2024: -5.9%

- FY2025: -6.3%

## Holders

## Price story

Down 36% since Apr 2026 · sales +17%

Story as of 2026-10-16T09:59:56.710Z; price observation 2026-10-15.

Price needs cash profits to grow 2.1% a year for ten years

### Sales · FY2024–2025

sales +17%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 15B 

- FY2017: CNY 20B 

- FY2018: CNY 30B 

- FY2019: CNY 46B 

- FY2020: CNY 50B 

- FY2021: CNY 130B 

- FY2022: CNY 329B 

- FY2023: CNY 401B 

- FY2024: CNY 362B 

- FY2025: CNY 424B 

### Gross margin · FY2025

gross margin 26.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 42.1% 

- FY2017: 35.0% 

- FY2018: 30.3% 

- FY2019: 27.4% 

- FY2020: 26.5% 

- FY2021: 24.8% 

- FY2022: 19.5% 

- FY2023: 19.1% 

- FY2024: 23.8% 

- FY2025: 26.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are CNY 423.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2025: revenue 423701834000; grossProfit 111318537000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300750.SHE: Contemporary Amperex Technology Co., Limited, together with its subsidiaries, engages in the research, development, production, and sale of electric vehicle and energy storage system batteries in China and internationally. The company offers power battery systems, including cells, modules/battery boxes, and battery packs, as well as lithium iron phosphate, ternary high-voltage medium-nickel, ternary high-nickel, super hybrid, sodium-ion, and condensed matter batteries; energy storage battery systems, such as cells, battery cabinets, energy storage containers, and system integration; and battery material products comprising lithium salts, precursors, and cathode materials. It also processes, purifies, and synthesizes metal materials, which include nickel, cobalt, manganese, lithium, phosphorus, iron, aluminum, copper, and other materials from spent batteries. In addition, the company provides passenger vehicles solutions, such as electric private and operating vehicles, as well as hybrid; commercial application solutions comprising road passenger transport, urban delivery, heavy-duty transport, urban street cleaning, construction machinery, two-wheeled vehicle, vessel, and special vehicle; energy storage solutions on power generation, transmission and distribution, and consumption; and battery recycling solutions. Further, it is involved in investment activities. The company was incorporated in 2011 and is headquartered in Ningde, China.

### Why customers stay

Margins ranged from 19.1% to 26.3% during 2023–25; it earns 46.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2023: grossProfit / revenue = 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2024: grossProfit / revenue = 23.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2025: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); 10-year return on capital observations [[2016,0.5507287036451418],[2017,0.32239204958825957],[2018,0.4054897751209152],[2019,0.3986914982965296],[2020,0.3133378037699182],[2021,0.40424527348784023],[2022,0.5247505813759814],[2023,0.916497721983756],[2024,1.3110313653313392],[2025,1.8643539705125602]]; median 0.4651201782484483. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 24% of cash earnings on expansion; earns 83.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2016: growth capex 2021402889.69; upkeep 779416019; owner earnings 2851821422. Growth capex / owner earnings = 0.7088111738330297.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2017: growth capex 2378919997.271185; upkeep 4801361002.728815; owner earnings 431233997.2711849. Growth capex / owner earnings = 5.516540932126885.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2018: growth capex 4408430582.98; upkeep 2220844090; owner earnings 3387035212. Growth capex / owner earnings = 1.301560304823899.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2019: growth capex 5375246411.07; upkeep 4251740000; owner earnings 4560307000. Growth capex / owner earnings = 1.1787027520449829.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2021: growth capex 37761429800; upkeep 6006341000; owner earnings 15852257200. Growth capex / owner earnings = 2.382085360058377.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2022: growth capex 36018240100; upkeep 12197028000; owner earnings 30614693960. Growth capex / owner earnings = 1.1765017199603585.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2023: growth capex 12195773500; upkeep 21429123000; owner earnings 44067787326.321754. Growth capex / owner earnings = 0.2767503031112126.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2024: growth capex 0; upkeep 31179943000; owner earnings 42223989200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); FY2025: growth capex 17172411000; upkeep 25172147000; owner earnings 71640265800. Growth capex / owner earnings = 0.23970334012914843.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); Incremental return on capital 0.8370892430095811, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); Dividend observations: [[2016,53696810],[2017,81600000],[2018,216119536.13],[2019,573302388],[2020,486558000],[2021,558827000],[2022,1593064000],[2023,9011264700],[2024,25311381000],[2025,32620710000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300750.SHE SharesStats.PercentInsiders = 38.274 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.1% yearly over ten years; actual growth was 52.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:33.975Z); Ten-year compound average after fade. Initial solved rate 0.017447791961755166. Price 278.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.23799366455920046 → FY2025 15.778775907193655. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2018-06: CNY 39.98 per share

- 2018-07: CNY 40.12 per share

- 2018-08: CNY 36.39 per share

- 2018-09: CNY 40.56 per share

- 2018-10: CNY 41.39 per share

- 2018-11: CNY 44.46 per share

- 2018-12: CNY 41.00 per share

- 2019-01: CNY 42.29 per share

- 2019-02: CNY 48.72 per share

- 2019-03: CNY 47.22 per share

- 2019-04: CNY 79.76 per share

- 2019-05: CNY 38.58 per share

- 2019-06: CNY 38.27 per share

- 2019-07: CNY 42.22 per share

- 2019-08: CNY 40.15 per share

- 2019-09: CNY 39.72 per share

- 2019-10: CNY 38.17 per share

- 2019-11: CNY 48.56 per share

- 2019-12: CNY 59.11 per share

- 2020-01: CNY 72.22 per share

- 2020-02: CNY 75.37 per share

- 2020-03: CNY 66.62 per share

- 2020-04: CNY 80.15 per share

- 2020-05: CNY 80.94 per share

- 2020-06: CNY 96.94 per share

- 2020-07: CNY 117.89 per share

- 2020-08: CNY 114.14 per share

- 2020-09: CNY 116.18 per share

- 2020-10: CNY 137.34 per share

- 2020-11: CNY 134.89 per share

- 2020-12: CNY 195.06 per share

- 2021-01: CNY 196.73 per share

- 2021-02: CNY 179.02 per share

- 2021-03: CNY 178.98 per share

- 2021-04: CNY 215.65 per share

- 2021-05: CNY 241.17 per share

- 2021-06: CNY 297.11 per share

- 2021-07: CNY 305.78 per share

- 2021-08: CNY 274.93 per share

- 2021-09: CNY 292.07 per share

- 2021-10: CNY 355.12 per share

- 2021-11: CNY 377.78 per share

- 2021-12: CNY 326.67 per share

- 2022-01: CNY 329.22 per share

- 2022-02: CNY 296.31 per share

- 2022-03: CNY 284.61 per share

- 2022-04: CNY 227.42 per share

- 2022-05: CNY 226.67 per share

- 2022-06: CNY 296.67 per share

- 2022-07: CNY 282.56 per share

- 2022-08: CNY 268.33 per share

- 2022-09: CNY 222.72 per share

- 2022-10: CNY 207.16 per share

- 2022-11: CNY 213.89 per share

- 2022-12: CNY 218.57 per share

- 2023-01: CNY 258.44 per share

- 2023-02: CNY 224.39 per share

- 2023-03: CNY 225.58 per share

- 2023-04: CNY 230.85 per share

- 2023-05: CNY 221.17 per share

- 2023-06: CNY 228.79 per share

- 2023-07: CNY 237.75 per share

- 2023-08: CNY 236.55 per share

- 2023-09: CNY 203.03 per share

- 2023-10: CNY 185.60 per share

- 2023-11: CNY 167.00 per share

- 2023-12: CNY 163.26 per share

- 2024-01: CNY 151.59 per share

- 2024-02: CNY 163.51 per share

- 2024-03: CNY 190.16 per share

- 2024-04: CNY 202.60 per share

- 2024-05: CNY 197.76 per share

- 2024-06: CNY 180.03 per share

- 2024-07: CNY 186.31 per share

- 2024-08: CNY 184.34 per share

- 2024-09: CNY 251.89 per share

- 2024-10: CNY 245.98 per share

- 2024-11: CNY 261.24 per share

- 2024-12: CNY 266.00 per share

- 2025-01: CNY 257.00 per share

- 2025-02: CNY 264.30 per share

- 2025-03: CNY 252.94 per share

- 2025-04: CNY 231.50 per share

- 2025-05: CNY 250.00 per share

- 2025-06: CNY 252.22 per share

- 2025-07: CNY 264.62 per share

- 2025-08: CNY 306.18 per share

- 2025-09: CNY 402.00 per share

- 2025-10: CNY 388.77 per share

- 2025-11: CNY 373.20 per share

- 2025-12: CNY 367.26 per share

- 2026-01: CNY 350.00 per share

- 2026-02: CNY 342.01 per share

- 2026-03: CNY 401.70 per share

- 2026-04: CNY 436.00 per share

- 2026-05: CNY 424.00 per share

- 2026-06: CNY 393.01 per share

- 2026-07: CNY 395.30 per share

- 2026-08: CNY 363.55 per share

- 2026-09: CNY 291.11 per share

- 2026-10: CNY 289.10 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 16.57 per share, central CNY 17.88 per share, high CNY 19.62 per share

- FY2019: low CNY 22.58 per share, central CNY 24.55 per share, high CNY 27.18 per share

- FY2020: low CNY 30.19 per share, central CNY 32.00 per share, high CNY 34.42 per share

- FY2021: low CNY 54.72 per share, central CNY 59.38 per share, high CNY 65.58 per share

- FY2022: low CNY 124.14 per share, central CNY 135.39 per share, high CNY 150.37 per share

- FY2023: low CNY 154.19 per share, central CNY 167.87 per share, high CNY 186.08 per share

- FY2024: low CNY 193.37 per share, central CNY 246.02 per share, high CNY 276.67 per share

- FY2025: low CNY 232.56 per share, central CNY 295.97 per share, high CNY 332.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.