香港 -- 宁德时代香港上市股份周三午盘暴跌10%，此前令人失望的第三季度业绩加剧了投资者对其前景的担忧。
HONG KONG -- Hong Kong-listed shares of CATL plunged 10% during midday trade Wednesday, after disappointing third-quarter earnings heightened investors' concerns about its prospects.
全球最大电动汽车电池制造商、正式名称为宁德时代新能源科技股份有限公司，周二公布7至9月净利润为212.5亿元人民币（约合32亿美元），同比增长14.5%。该数字低于彭博社调查的分析师预估的260亿元人民币。
The world's largest manufacturer of electric vehicle batteries, formally known as Contemporary Amperex Technology, on Tuesday reported a net profit of 21.25 billion yuan ($3.2 billion) for the July-September period, up 14.5% from a year earlier. The figure fell short of the 26 billion yuan estimated by analysts polled by Bloomberg.
营收同比增长59%至1650亿元人民币。其季度毛利率为19.3%，低于去年同期的25.2%。
Revenue grew 59%, year on year, to 165 billion yuan. Its quarterly gross profit margin came in at 19.3%, down from 25.2% the same period last year.
花旗分析师将毛利率下滑归因于利润较低的产品结构，以及部分政府税收优惠的取消，包括针对电池的优惠消费税待遇和出口退税。在周二的业绩电话会上，宁德时代表示正在与客户协商转嫁不断上升的税务成本。
Citi analysts attributed the drop in margin to a less profitable product mix, as well as the withdrawal of some government tax incentives, including preferential consumption tax treatment and export rebates for batteries. During an earnings call with analysts Tuesday, CATL said it was negotiating with customers to pass on the rising tax cost.
业绩不及预期之际，中国电动汽车行业陷入价格战泥沼，越来越多地背离这家总部位于福建省的电池巨头。车企转而开发自有电池，并拥抱提供更廉价替代方案的小型供应商。
The worse-than-expected results come as China's EV industry, mired in a price war, increasingly turns away from the battery behemoth based in Fujian province. Automakers are instead developing their own battery cells and embracing smaller suppliers offering cheaper alternatives.
在被称为“去宁德时代化”的趋势中，中国车企小米和理想汽车表示，将为其最新车型从竞争对手中创新航集团和欣旺达采购电池。两家车企还宣布了自研电池的计划。
In a trend dubbed "de-CATLization," Chinese carmakers Xiaomi and Li Auto said they would source batteries for their latest models from rival suppliers CALB Group and Sunwonda. Both also announced plans to develop batteries in-house.
然而，中国工业和信息化部（该国最高汽车监管机构）将这一趋势斥为“宣传闹剧”，认为正常的市场行为被描绘成车企与电池厂商之间的对抗。
However, China's Ministry of Industry and Information Technology, the country's top automotive regulator, dismissed the trend as a "publicity circus," arguing that normal market behavior was being portrayed as a confrontation between carmakers and battery manufacturers.
“在供应链各环节降低成本固然重要，但……不应在追求更便宜产品的过程中牺牲质量”，隶属于该部委的一家刊物上月发表的一篇评论文章写道。
"Cutting costs across the supply chain is important, but ... quality should not be sacrificed in the pursuit of cheaper products," read a commentary published last month by a publication affiliated with the ministry.
宁德时代在香港上市的股价已较6月2日779.50港元的高点下跌逾半。
CATL's Hong Kong-listed shares have fallen more than half from their peak of 779.50 Hong Kong dollars on June 2.
电池是大多数电动汽车中最昂贵的部件，通常占车辆总成本的30%。
Batteries, the most expensive component in most EVs, typically account for 30% of a vehicle's total cost.