CATL shares tumbled 5.05% during intraday trading on Thursday, extending losses as investors digested a CLSA research report that raised concerns over the battery maker's near-term profitability outlook.

The sell-off was triggered by CLSA's analysis highlighting that CATL's second-quarter gross margin fell short of market expectations. With the company having just commenced mass production of sodium-ion batteries, analysts noted that it remains difficult for investors to assess whether profit margins will recover in the second half of the year. The research report also pointed out that the A-share forward P/E ratio currently stands at approximately 16x, which is 0.5 standard deviations below the historical average, with a valuation floor at 13x. Despite the uncertainty, CLSA maintained its high-conviction outperform rating with an H-share target price of HKD 770.

Adding to the short-term pressure, the company's mid-term dividend record date is scheduled for August 7, with capital positioning ahead of the ex-date potentially amplifying intraday volatility as traders adjust their positions.