格隆汇10月30日丨比亚迪电子(00285.HK)公布，截至2025年9月30日止九个月，公司营业额为人民币 1232.85亿元，同比增长0.95%；母公司权益拥有人应占溢利为人民币31.37亿元，同比增长2.40%，每股 盈利为人民币1.39元。 ...

Core Insights - BYD made a significant impact at the 2025 Tokyo Motor Show, showcasing the global debut of the Japan-customized K-EV BYD RACCO and the first plug-in hybrid model, the Haiyan 06DM-i, confirming its dual strategy of "pure electric + hybrid" [1] - This year marks the 20th anniversary of BYD's entry into the Japanese market, with a theme of "ONE BYD," featuring both passenger and commercial vehicles [2] - The company plans to introduce 7-8 new models in Japan by 2027, highlighting its commitment to expanding its product lineup [2] Passenger Vehicles - Popular models such as Yuan PLUS and Dolphin were showcased, along with the Yangwang U9, indicating a strong presence in the passenger vehicle segment [2] - BYD's strategy includes a focus on local market needs through customized designs and a comprehensive service system, which has allowed it to establish a solid foothold in overseas markets [4] Commercial Vehicles - The electric truck T35 and several electric buses were presented, with BYD already holding the top market share for electric buses in Japan [3] - The company has established 66 sales points in Japan, indicating steady channel expansion [3] Overseas Strategy - BYD's overseas journey serves as a model for Chinese brands, emphasizing the importance of local adaptation and precise innovation to secure a foothold in the global market [6] - The company's overseas operations are no longer supplementary but are becoming a core growth driver, reflecting a deep-rooted approach to international expansion [6]

责任编辑：黄康 新车车身尺寸为3395×1475×1800毫米，可乘坐四人，定位于占据日本轻型车市场半数以上份额的"超高 顶"车型，内部空间更显宽敞。车辆采用前轮驱动，搭载磷酸铁锂电池，后排配备双侧滑门，区别于日 产"Sakura"和本田"N-ONE e："等同级产品，更贴合当地使用便利性。 比亚迪计划推出标准版与长续航版两种配置，分别面向日常通勤与郊外出行，售价预计在200万日元区 间。具体电池容量与续航尚未公布。 比亚迪在东京举行的日本移动出行展上首次公开轻型电动车原型车"RACCO"，并计划于2026年夏季在 日本市场推出。这是比亚迪首次为海外市场独立开发车型，符合日本独有的轻型车法规。 比亚迪日本总裁东福寺厚树表示，在日本地方人口老龄化背景下，轻型电动车需求正快速增长，因此推 出符合市场特征的车型，并将继续结合用户反馈制定更具竞争力的定价策略。 轻型车约占日本国内新车销量的40%，长期被视为外国车企难以进入的领域。随着比亚迪加入竞争，预 计将加剧轻型电动车市场的布局竞争，现阶段日产"Sakura"和三菱"eK X EV"为主要领先产品。 ...

Domestic News - The Ministry of Commerce and four other departments have issued a notice to rectify "involution-style" competition, aiming to establish a fair and innovative business environment [7] - The Ministry of Transport is accelerating the large-scale innovative application of artificial intelligence in the transportation sector, with a systematic implementation plan in place [8] - The first national-level automotive chip standard verification platform has been launched in Shenzhen, enhancing the quality verification capabilities for automotive-grade chips [9] - Beijing Hyundai plans to launch 20 new products over the next 4-5 years, focusing on the iteration of new energy vehicles [10] - Smart has introduced a cross-year purchase tax subsidy plan, offering up to 15,000 yuan in subsidies for eligible vehicle purchases [11][12] - BYD has unveiled its first K-Car model, Racco, specifically designed for the Japanese market, with pre-sales expected to start in summer 2026 [13] - FAW has established an energy technology company in Changchun, focusing on the exploration of AI and energy innovation models [14] - Xinwangda Power has launched a polymer all-solid-state battery with an energy density of 400Wh/kg, marking a significant milestone in lithium battery technology [15] International News - Boston is proposing a regulation requiring human operators in autonomous vehicles, aiming to assess the impact of autonomous driving technology on existing ride-hailing drivers [16] - Honda has unveiled the Super-ONE electric small car prototype, designed to provide a unique driving experience, with plans for mass production in 2026 [17] - NVIDIA has partnered with Uber to expand the global L4 autonomous driving network, aiming to scale up to 100,000 vehicles by 2027 [18] - Toyota's 2023 electric vehicles in the U.S. will support Apple Maps for EV routing, enhancing the convenience of electric travel [19] Commercial Vehicles - Volvo's electric trucks have accumulated over 250 million kilometers since their launch in 2019, maintaining a leading position in the industry [20] - The first batch of heavy trucks developed by Xinjiang Kunlun Automotive has successfully rolled off the production line, addressing compliance challenges for exports to Russia [21] - Jiangling's new Baotian model was globally launched in Saudi Arabia, showcasing the brand's strategic expansion [22] - BYD's pure electric small truck T35 made its global debut at the Tokyo Motor Show, with plans for a 2026 launch in Japan and a starting price of 800,000 yen [23]

Market Overview - The passenger car sector experienced a decline of 0.46% on October 30, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Beiqi Blue Valley (600733) closed at 8.35, down 0.97% with a trading volume of 1.33 million shares and a turnover of 1.1 billion [1] - SAIC Motor (600104) saw a slight increase of 0.36%, closing at 16.75 with a trading volume of 416,200 shares [1] - GAC Group (601238) closed at 7.76, down 0.26% with a trading volume of 298,000 shares [1] - Great Wall Motors (601633) closed at 22.71, down 0.26% with a trading volume of 163,100 shares [1] - XD Seres (601127) closed at 162.94, down 0.45% with a trading volume of 272,200 shares [1] - BYD (002594) closed at 103.61, down 0.87% with a trading volume of 359,000 shares [1] - Changan Automobile (000625) closed at 12.38, down 0.88% with a trading volume of 845,400 shares [1] - Chery Automobile (000572) closed at 6.00, down 1.80% with a trading volume of 1.26 million shares [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 713 million yuan from main funds, while retail funds experienced a net inflow of 517 million yuan [1] - The following stocks had notable capital flows: - Beiqi Blue Valley: Main funds net inflow of 82.19 million yuan, retail net inflow of 6.06 million yuan [2] - SAIC Motor: Main funds net inflow of 48.37 million yuan, retail net outflow of 37.73 million yuan [2] - GAC Group: Main funds net inflow of 3.47 million yuan, retail net inflow of 1.92 million yuan [2] - Great Wall Motors: Main funds net outflow of 4.58 million yuan, retail net outflow of 1.58 million yuan [2] - Chery Automobile: Main funds net outflow of 71.47 million yuan, retail net inflow of 64.56 million yuan [2] - Changan Automobile: Main funds net outflow of 128 million yuan, retail net inflow of 1.33 million yuan [2] - XD Seres: Main funds net outflow of 230 million yuan, retail net inflow of 91.61 million yuan [2] - BYD: Main funds net outflow of 413 million yuan, retail net inflow of 26 million yuan [2]

Core Viewpoint - BYD insists on the lithium iron phosphate battery route, emphasizing battery safety as the core issue in the electric vehicle industry [1]. Summary by Relevant Sections Battery Safety - During the 2025 Tokyo Motor Show, BYD's General Manager of Brand and Public Relations, Li Yunfei, highlighted that battery safety is the most critical issue for electric vehicles [1]. - Li Yunfei expressed concerns over recent safety incidents involving electric vehicles equipped with ternary lithium batteries, suggesting that these issues could negatively impact consumer perception of the entire electric vehicle industry [1]. Commitment to Lithium Iron Phosphate - BYD has consistently adhered to the lithium iron phosphate battery strategy and plans to continue this approach in the future [1]. - Li Yunfei noted that while many brands may opt for ternary lithium batteries to enhance range in the coming years, he urges caution regarding their safety implications [1].

随着早期新能源车型陆续脱保，预计2025年超300万辆新能源车将"脱保"，未来八年预计近2000万辆动 力电池将超出质保期。这意味着一个千亿级的后服务市场正以前所未有的速度敞开大门。 巨大的售后市场潜力正吸引着电池厂、主机厂、汽服连锁等众多势力竞相涌入，新能源售后市场"卡位 战"已然打响。 其中，宁德时代以"技术权威"横向输出，比亚迪以"整车品牌"纵向控制，而途虎则是"售后服务平台"的 广泛整合，聚焦爆发中的保外服务蓝海。 然而，当新能源产业利润正从制造端向服务端加速迁移，究竟谁能更精准地捕捉脱保用户的真实需求？ 谁又能主导这场价值重构，成为后半场真正的赢家？ 三股势力布局路径各异 宁德时代：以技术驱动"开放赋能" 目前该模式已在上海、青岛、厦门、西安、长沙、深圳6城试点区域维修中心，实现电池"维修—替换— 回收"全链路内部循环，强化技术控制力与售后闭环。 但它的局限性在于其"封闭性"：该体系仅服务于比亚迪品牌车型，市场天花板由其整车销量决定，成长 空间相对有限。同时，对于车主而言，在质保期内基本被锁定在官方体系内，选择权较少，且自建网络 的重资产模式也带来了较高的运营成本。 途虎养车：聚焦保外市场平台化整合 ...

随着早期新能源车型陆续脱保，预计2025年超300万辆新能源车将"脱保"，未来八年预计近2000万辆动力电池将超出质保期。这意味着一个千 亿级的后服务市场正以前所未有的速度敞开大门。 巨大的售后市场潜力正吸引着电池厂、主机厂、汽服连锁等众多势力竞相涌入，新能源售后市场"卡位战"已然打响。 其中，宁德时代以"技术权威"横向输出，比亚迪以"整车品牌"纵向控制，而途虎则是"售后服务平台"的广泛整合，聚焦爆发中的保外服务蓝海。 然而，当新能源产业利润正从制造端向服务端加速迁移，究竟谁能更精准地捕捉脱保用户的真实需求？谁又能主导这场价值重构，成为后半场真正的赢家？ 三股势力布局路径各异 宁德时代：以技术驱动"开放赋能" 作为全球动力电池领军企业，宁德时代推出的"宁家服务"实质是从B2B向B2C的战略延伸，核心优势在于掌握动力电池底层技术与数据，其开发的独家无损检测技 术及设备，仅需15分钟即可完成故障探测，准确率超90%，避免了因拆解电池包造成的二次损伤。 凭借庞大的装机量和技术优势，宁家服务的网络规模已突破全球1100家门店；针对保外客户，宁家服务还在国内设立了多个返修中心，进一步提升服务覆盖能力。 比亚迪：构建闭环 ...

Core Insights - BYD has demonstrated the strength of Chinese brands by achieving success in both affluent and underdeveloped markets, proving that electric vehicle (EV) adoption is a global trend [8][6]. Group 1: Market Entry and Strategy - BYD's entry into the Japanese market was surprising to many, but the company has been preparing for this move for 20 years, establishing a presence in Tokyo as early as 2001 [2][3]. - The company has not set specific sales targets in Japan, focusing instead on building a dealer network, with a goal of 100 dealerships by 2025 [3]. - BYD's approach in Japan includes adapting vehicles to local needs, such as lowering vehicle height to fit parking regulations and adding safety features to prevent child lock-ins [3]. Group 2: Performance and Recognition - In Japan, BYD has sold 7,123 vehicles over three years, which, while modest compared to domestic sales, represents a significant acceptance by Japanese consumers [2]. - The company has achieved a ten-year zero-failure record with its electric buses in Japan, showcasing reliability and quality [3]. Group 3: Regional Impact and Expansion - In Thailand, BYD has created a phenomenon where consumers are queuing overnight to purchase vehicles, disrupting the long-standing dominance of Japanese brands in the region [5]. - BYD plans to establish a comprehensive presence across all 77 provinces in Thailand within six months, ensuring accessibility and service availability [5]. Group 4: Global Market Position - BYD has become the top-selling EV brand in both Singapore, one of the wealthiest countries, and Nepal, one of the least developed, highlighting its versatile appeal [6][8]. - The company emphasizes that achieving the number one position in any market elevates the focus on EV adoption in that region, contributing to environmental improvements [6][9]. Group 5: Brand Development and Future Outlook - Brand building is viewed as a long-term endeavor, with BYD acknowledging that it is still in the early stages compared to established Japanese brands [7]. - The company is committed to its lithium iron phosphate battery technology, prioritizing safety as a fundamental aspect of its product offerings [7].

Core Insights - BYD has launched the K-EV BYD RACCO, a model specifically designed for the Japanese market, at the 2025 Tokyo Motor Show, marking a significant step in its strategy to expand its presence in Japan [1][3] - The company is implementing a dual strategy of "pure electric + hybrid" by introducing its first plug-in hybrid model, the Sea Lion 06DM-i, to enhance its product lineup in Japan [1][3] - BYD aims to establish a comprehensive ecosystem for both passenger and commercial vehicles in Japan, enhancing its brand and product influence [1] Passenger Vehicle Segment - The K-EV BYD RACCO and Sea Lion 06DM-i are part of BYD's expanded product matrix in Japan, which already includes popular electric models like Yuan PLUS, Dolphin, and Seal [3] - BYD plans to offer 7 to 8 electric and hybrid models in Japan by 2027, having already established 66 sales points in the country [3] Commercial Vehicle Segment - The company has unveiled the T35 pure electric truck and the J6 living car concept at the commercial vehicle exhibition, along with the J7 and K8 electric buses [5] - The T35 is set to launch in Japan in 2026, designed to meet local regulations and specifications, featuring blade battery technology for enhanced range and practicality [3][5] - Since entering the Japanese commercial vehicle market in 2015, BYD has become a leading brand in the electric bus segment, with its buses operating across various regions in Japan [3]