Core Viewpoint - BYD has introduced a new brand "Linghui" aimed at the B2B market, featuring four new models, including three pure electric vehicles and one plug-in hybrid vehicle, to enhance its high-end strategy and differentiate between B2B and B2C offerings [1][4][6]. Group 1: New Product Announcement - The Ministry of Industry and Information Technology released a public announcement listing BYD's new products under the "Linghui" brand, which includes four models: Linghui e5, e7, e9, and M9 [1][4]. - The new models are iterations of existing vehicles from BYD's Dynasty and Ocean series, rather than entirely new designs [4][6]. Group 2: Market Strategy - The "Linghui" brand is specifically designed for government and large-scale corporate procurement, reflecting BYD's strategy to cater to the B2B market [6][8]. - BYD aims to distinguish its B2B offerings from its consumer-focused products, aligning with its broader strategy to move upmarket [6][8]. Group 3: Sales Projections - BYD projects cumulative sales to exceed 4.6 million vehicles by 2025, with a year-on-year growth of 7.73%, indicating a strong market presence [6][8]. - The main brand, including the Dynasty and Ocean series, is expected to account for over 4.1 million units, while newer brands like Tengshi and Fangchengbao are also contributing to overall sales [6][8].

Core Viewpoint - The Egyptian automotive market is experiencing significant changes, with improved supply and more affordable prices, largely due to the influence of Chinese automotive brands [1][6]. Group 1: Market Dynamics - The supply of vehicles in Egypt is increasing, leading to more reasonable pricing, making new cars accessible to ordinary families [1]. - In 2024, sales of Chinese brand vehicles in Egypt reached 30,441 units, marking a year-on-year increase of 37.3% [3]. - The introduction of 18 new models by various Chinese automakers in July 2025, primarily priced below 1.5 million EGP (approximately 230,000 RMB), caters to the Egyptian consumer market [3]. Group 2: Local Production and Economic Factors - The Egyptian automotive market is transitioning to a phase characterized by local manufacturing and healthy competition, which is beneficial for consumers and the economy [6][7]. - The local assembly of vehicles is increasing, with a reported 31.7% year-on-year growth in CKD (Completely Knocked Down) vehicles in 2024, while CBU (Completely Built Up) vehicles only grew by 5.2% [10]. - The Egyptian government has implemented a national automotive industry development plan to promote local assembly and reduce import tariffs, which can lower costs significantly [11]. Group 3: Future Outlook - The strengthening of the Egyptian pound, increased local production, and reduced shipping costs are contributing to a downward trend in car prices, expected to continue at least until 2026 [7]. - The potential for growth in the Egyptian automotive market is substantial, driven by a young population and low car ownership rates [4]. - Chinese automotive brands are encouraged to invest in brand building, after-sales service, and customer-centric experiences to achieve greater market penetration in Egypt [13].

证券日报网讯 1月12日，新广益在互动平台回答投资者提问时表示，公司研发的冷板辊压胶膜，主要应 用于新能源汽车动力电池，已顺利通过比亚迪的产品测试，为未来该项业务的大规模量产创造了积极条 件。 （编辑 王雪儿） ...

Core Insights - BYD sold over 4.6 million new vehicles in 2025 and celebrated the production of its 15 millionth electric vehicle [3][27] - The total distance driven by users exceeded 400.7 billion kilometers, resulting in a reduction of carbon emissions by 43.29 million tons, equivalent to planting 721.6 million trees [4][5][28] - BYD's electric vehicles have reached 370 cities in China and over 110 countries and regions globally [8][31] Sales and Production - BYD's total new vehicle sales for the year surpassed 4.6 million units [3][27] - The company marked the milestone of producing its 15 millionth electric vehicle [3][27] Environmental Impact - Users collectively drove over 400.7 billion kilometers, leading to a reduction of carbon emissions by 43.29 million tons [4][5][28] - The carbon reduction is equivalent to the environmental benefit of planting 721.6 million trees [5][28] Geographic Reach - BYD's electric vehicles are present in 370 cities across China, with users reaching the most eastern city of Jiamusi, the most western region of Kashgar, the most northern area of Daxing'anling, and the most southern city of Sanya [8][31] - The brand has expanded its footprint to over 110 countries and regions worldwide [8][31] User Experience and Technology - The DiLink smart cockpit recorded 5.79 billion digital key unlocks and 2.83 billion voice activations [12][33] - The "Heavenly Eye" driver assistance system achieved activation rates of 85.97% for smart parking and 94.13% for assisted driving, with over 9.33 million activations of the AEB (Automatic Emergency Braking) system [14][35] - Users utilized VTOL external discharge 317,000 times and the smart "in-car drone" 105,000 times, with high-power functions activated over 13.21 million times [16][39]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export rebates for photovoltaic products, including lithium batteries, effective January 8, 2026. This move aims to align export prices with market supply and demand, reduce the phenomenon of "subsidizing overseas consumers," and address international concerns to ease trade frictions [1]. Group 1: Lithium Battery Demand Analysis - The overall demand for lithium batteries in passenger vehicles is projected to continue growing, although the expected explosive growth is not as pronounced. December saw a month-on-month decline of 5% in production, indicating lower-than-expected demand for lithium batteries [5][6]. - In December, the production of lithium batteries for new energy passenger vehicles reached 6,916 million degrees, a year-on-year increase of 20%, but a month-on-month decrease of 5%. The total for the year was 63,608 million degrees, reflecting a 29% increase [6]. - Retail demand for lithium batteries in new energy passenger vehicles showed significant weakness in December, with only 6,059 million degrees sold, indicating a slowdown in demand growth [9][10]. Group 2: Export Trends - The export of lithium batteries for new energy passenger vehicles has shown strong growth, primarily driven by BYD's contributions. However, the demand for batteries from independent suppliers remains limited [3][14]. - The export of lithium batteries is expected to face challenges, with a significant decline in exports to the U.S. projected for 2025, down 9.5 percentage points compared to 2024. The EU remains the primary market, accounting for about 40% of exports [20]. - In 2024, the export of lithium batteries is anticipated to be impacted by EU sanctions and tariffs, leading to a reduction in demand [14][20]. Group 3: Market Dynamics - The adjustment in export tax rebates is seen as a strategic move to stabilize the market and reduce speculation in lithium carbonate prices, particularly as the first quarter typically sees lower domestic demand for lithium batteries [1]. - The overall structure of lithium battery exports is shifting, with a notable decrease in exports to the U.S. and an increase in exports to the EU and Southeast Asia [20]. - The domestic demand for lithium batteries is expected to remain weak in the first quarter of 2026, with production adjustments likely necessary to align with fluctuating demand [3][18].

Core Insights - The domestic narrow passenger car market in China saw a retail sales volume of 2.261 million units in December 2025, representing a year-on-year decline of 14.0% but a month-on-month increase of 1.6%. Cumulatively, the sales for the year reached 23.744 million units, marking a year-on-year growth of 3.8% [1]. Market Overview - December 2025 successfully achieved the growth expectations set for the "14th Five-Year Plan" in the automotive market. Despite a challenging environment with significant regulatory measures, the highlights were observed in the new energy vehicle (NEV) market and export market. The expiration of the tax exemption policy for NEVs at the end of December was expected to stimulate demand, although the depletion of subsidy funds across provinces limited the purchasing momentum [2]. Manufacturer Performance - December 2025 - BYD Auto led the sales with 414,784 units, experiencing a month-on-month decrease of 12.7% and a year-on-year decline of 18.6%, holding a market share of 14.9% [4]. - Geely Auto sold 236,817 units, down 23.7% month-on-month but up 12.7% year-on-year, with a market share of 8.5% [4]. - Chery Auto reported sales of 234,736 units, a month-on-month decrease of 10.6% and a year-on-year decline of 19.1%, capturing 8.4% of the market [4]. - Tesla China saw an increase in sales to 97,171 units, up 12.1% month-on-month and 3.6% year-on-year, with a market share of 3.5% [4]. Annual Manufacturer Performance - 2025 - For the entire year of 2025, BYD Auto sold 4.545 million units, a year-on-year increase of 6.9%, securing a market share of 15.4% [5]. - Geely Auto's sales reached 3.025 million units, reflecting a significant year-on-year growth of 39.0% and a market share of 10.2% [5]. - Chery Auto achieved sales of 2.698 million units, up 7.3% year-on-year, with a market share of 9.1% [5]. - Tesla China sold 851,732 units, down 7.1% year-on-year, holding a market share of 2.9% [5]. NEV Market Performance - December 2025 - In December 2025, BYD Auto led the NEV wholesale sales with 414,784 units, down 12.7% month-on-month and 18.6% year-on-year, capturing 26.5% of the market [8]. - Geely Auto followed with 154,264 units, a month-on-month decrease of 17.9% but a year-on-year increase of 38.7%, holding 9.9% market share [8]. - Tesla China sold 97,171 units, marking a month-on-month increase of 12.1% and a year-on-year increase of 3.6%, with a market share of 6.2% [8]. NEV Annual Performance - 2025 - For the year 2025, BYD Auto sold 4.545 million NEVs, a year-on-year increase of 6.9%, with a market share of 29.7% [9]. - Geely Auto's NEV sales reached 1.688 million units, reflecting a remarkable year-on-year growth of 90.0% and a market share of 11.0% [9]. - Changan Auto sold 937,460 NEVs, up 40.7% year-on-year, with a market share of 6.1% [9].

Core Viewpoint - BYD has launched two new models, the 2026 Seal 05DM-i and the Seal 06DM-i Super Enjoy Edition, featuring a pure electric range of 210 km, indicating a strategic market positioning by the company [1]. Group 1: Product Launch Details - The 2026 Seal 05DM-i introduces two new variants: the 210KM Deluxe and 210KM Flagship, priced between 89,800 to 99,800 yuan [1]. - The Seal 06DM-i Super Enjoy Edition also adds two variants: the 210KM Enjoy and 210KM Flagship, with prices ranging from 116,800 to 126,800 yuan [1]. Group 2: Technical Features - The 2026 Seal 05DM-i is noted as the first A-class plug-in hybrid sedan to achieve a pure electric range exceeding 210 km, which is double that of competing models [6]. - The model includes advanced features such as the DiPilot 100 driver assistance system, which offers over 20 functionalities including high-speed navigation and intelligent parking [6]. - The Seal 06DM-i Super Enjoy Edition is equipped with the Yun Nian-C intelligent damping body control system, enhancing ride comfort through real-time adjustments [6]. Group 3: User Experience and Comfort - The 210 km electric range is designed to meet the commuting needs of most users for a week, thereby reducing usage costs [6]. - The Seal 06DM-i Super Enjoy Edition features enhanced comfort with an 8-way power adjustment for the driver’s seat and a 4-way adjustment for the passenger’s seat, along with additional amenities like a dual-zone climate control system and a panoramic sunroof [7]. - The new models aim to satisfy mainstream family users seeking high intelligence and cost-effective plug-in hybrid sedans, while also catering to those desiring a superior driving experience [7].

Core Viewpoint - The automotive landscape in China has dramatically changed, with joint venture car manufacturers facing significant challenges and competition from domestic brands and new energy vehicles [2][3][4]. Group 1: Challenges Faced by Joint Venture Car Manufacturers - 2023 and 2024 are considered the most difficult years for joint venture car manufacturers in China, with several brands like Changan Suzuki and Dongfeng Renault exiting the market [3]. - Joint venture brands that once thrived in China are now losing market share to domestic brands and Tesla, with their product competitiveness being heavily criticized [4]. - The perception of joint venture brands has shifted, with consumers questioning their value compared to domestic electric vehicle brands [4]. Group 2: Signs of Recovery - In 2023, some joint venture brands began to show signs of recovery, such as GAC Toyota's Platinum 3X, which received 10,000 orders within an hour of its launch [5]. - Dongfeng Nissan's N7 model also performed well, achieving over 40,000 deliveries in six months despite later production issues [6]. - The emergence of new models from joint ventures indicates a potential turnaround, with some industry observers suggesting a "comeback" for these brands [7][8]. Group 3: The 2023 Shanghai Auto Show - The 2023 Shanghai Auto Show marked a turning point, showcasing the strength of domestic brands and the challenges faced by joint ventures [9][17]. - Executives from major global automotive companies were reportedly shocked by the advancements of domestic brands, which now offer competitive products [12][13]. - The event highlighted a shift in market dynamics, with domestic brands beginning to lead industry trends while joint ventures are seen as followers [18]. Group 4: Internal Changes and Strategy Shifts - Joint venture manufacturers are now allowing their Chinese teams more autonomy in product development, moving away from a global model to a more localized approach [31][32]. - This shift includes empowering local teams to design and develop products tailored to the Chinese market, as seen with Nissan's N7 and GAC Toyota's Platinum 3X [34][39]. - The focus on local development is part of a broader strategy to enhance competitiveness in the rapidly evolving automotive landscape [44][50]. Group 5: The Concept of Reverse Joint Ventures - The trend of "reverse joint ventures" is emerging, where foreign companies collaborate with Chinese brands to leverage local technology and market knowledge [54][57]. - This shift indicates a significant change in the dynamics of the automotive industry, with Chinese companies now taking the lead in technology and product development [62][63]. - The evolving landscape suggests that foreign manufacturers are increasingly reliant on Chinese innovation to remain competitive in the global market [64][68].

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Investment Rating - The investment rating for BYD is "Buy" and is maintained [7] Core Insights - In December, BYD's overseas sales reached a record high of 133,000 units, with total sales of 420,000 units, reflecting a year-on-year decline of 18.3% and a month-on-month decline of 12.5% [2][12] - The cumulative sales for 2025 reached 4.602 million units, a year-on-year increase of 7.7%, while cumulative overseas sales reached 1.05 million units, a year-on-year increase of 145% [12] - The company is focusing on expanding its overseas market presence and enhancing its high-end product offerings, with new factories established in Thailand, Uzbekistan, Brazil, and Hungary, and new entries into Vietnam, Pakistan, and Tunisia [12] Summary by Sections Sales Performance - December total sales were 420,000 units, with passenger vehicle sales at 415,000 units, showing a year-on-year decline of 18.6% and a month-on-month decline of 12.7% [5][12] - High-end brands performed well, with sales for Ocean King, Equation Leopard, and Tengshi at 344, 51, and 18 thousand units respectively, showing year-on-year changes of -29.5%, +345.5%, and +20.5% [12] Overseas Expansion - December export sales were 133,000 units, a year-on-year increase of 132.4% and a month-on-month increase of 0.9% [12] - The company aims to enhance its overseas sales through a diversified product matrix and the launch of plug-in hybrid models [12] Financial Projections - BYD's projected net profit for 2025 is 35 billion yuan, corresponding to a PE ratio of 25X [12] - The company is expected to benefit from economies of scale as overseas and high-end sales volumes increase, leading to improved profitability in the second half of the year [12]