Core Viewpoint - Berkshire Hathaway has fully exited its stake in BYD, marking the end of a 17-year investment relationship, which has raised concerns about BYD's future growth prospects in the competitive EV market [1][2][3]. Company Summary - BYD's shares fell over 3% following the news of Berkshire Hathaway's complete divestment [2]. - Berkshire Hathaway initially invested in BYD in September 2008, purchasing 225 million shares for approximately $230 million, which later appreciated to a value of around $7.7 billion before the sell-off began in 2022 [3]. - A BYD executive expressed gratitude towards Berkshire Hathaway for their long-term support and investment [2]. Industry Summary - Despite BYD's battery electric vehicle (BEV) registrations surpassing those of Tesla in Europe for the first time in May, the company's overall growth appears to be slowing [5]. - Recent reports indicate that BYD has reduced its 2025 sales target in China by up to 16% to 4.6 million vehicles, which would represent the slowest annual growth rate in five years [6]. - The competitive landscape in China's EV market, along with potential product oversaturation, is contributing to the challenges faced by BYD [6].

Investment Exit - Berkshire Hathaway has fully exited its investment in BYD, marking the end of a highly successful investment period [1][6] - The initial investment of 225 million shares in 2008 for $230 million saw a peak value of around $9 billion in Q2 2022, representing a nearly 3,900% increase over 17 years [2] Investment Performance - The exit was gradual, with Berkshire starting to reduce its holdings in August 2022, selling nearly 76% of its stake by June 2023, which brought ownership below 5% [2][3] - By early 2024, the value of the investment had declined from $5.1 billion in Q3 2022 to $1.7 billion in Q2 2024, and by Q1 2025, it was reported at zero [3] BYD's Market Challenges - BYD is currently facing significant challenges, including its first quarterly profit decline in three and a half years, attributed to slowing demand and price wars in China's EV market [7] - Domestic sales, which constitute 80% of BYD's deliveries, have decreased for four consecutive months, leading to a reduction in its 2025 sales target by up to 16% [7] Global Expansion and Competition - Despite expanding into Asia and Latin America, BYD's entry into Europe is hindered by tariffs up to 35%, and it faces a complete barrier in the U.S. due to 100% tariffs [8] - Although BYD became the world's largest EV maker in 2023, its goal to achieve over half of its sales outside China by 2030 appears increasingly uncertain [8]

【#比亚迪李云飞回应巴菲特清仓#：感谢17年陪伴与帮助】 据新浪财经报道，9月22日，巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份。伯克希尔发言人证实，比 亚迪股份确实已全部售出。针对此事，比亚迪集团公关处总经理李云飞 @比亚迪李云飞 发文回应称， 2022年8月，伯克希尔开始陆续减持其于2008年购买的公司股票，去年6月其持股就已在5%以下了。股 票投资，有买就有卖，这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投 资、帮助和陪伴，为所有的长期主义点赞。 2022年8月，伯克希尔开始减持其于2008年以2.3亿美元购入的2.25亿股比亚迪股份。截至去年6月，伯克 希尔已售出近76%的持股，使其持股比例降至比亚迪已发行股份的5%以下。根据港交所规则，持股比 例低于5%后无需披露后续减持情况。 CNBC还提示，伯克希尔能源公司（持有上述股份的伯克希尔子公司）报告显示，去年持股比例降至 5%以下后，出售仍在继续。今年一季度财报中，截至3月31日该项投资价值已归零。 2023年的一次采访中，巴菲特曾回应减持比亚迪一事称，"我们会找到这些资金更好的配置用途。"#巴 菲特曾回应减持比亚迪 据上海证券报 ...

9月21日晚间，据报道，巴菲特旗下的伯克希尔・哈撒韦已完全退出其在比亚迪（02594.SZ； 01211.HK）的投资。据统计，巴菲特持有比亚迪股票的这些年里，比亚迪的股价上涨了约3890%。 报道中称，伯克希尔发言人证实，比亚迪股份确实已全部售出。伯克希尔在其第一季度的财务文件中 称，截至今年3月31日，公司对比亚迪的这笔投资，价值列为0.0。 9月22日，比亚迪集团公关处总经理李云飞在社交平台发文称，2022年8月，伯克希尔开始陆续减持其于 2008年购买的公司股票，去年6月其持股就已在5%以下了。股票投资，有买就有卖，这是很正常的事 情。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投资、帮助和陪伴，为所有的长期主义点 赞。 据此前报道，2008年，查理・芒格向巴菲特建议，伯克希尔一定要投资比亚迪。当时,芒格评价王传 福："（他）简直就是爱迪生和韦尔奇的混合体；他可以像爱迪生那样解决技术问题，同时又可以像韦 尔奇那样解决企业管理上的问题。" 2008年9月，巴菲特通过伯克希尔旗下的中美能源公司以每股8港元的价格认购了2.25亿股比亚迪公司的 H股股份，约占比亚迪当时配售后10%的股份，交易总金额约1 ...

9月22日上午，针对巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份的报道，比亚迪集团品牌 及公关处总经理李云飞 发文回应称，2022年8月，伯克希尔开始陆续减持其于2008年购买 的公司股票，去年6月其持股就已在5%以下了。 "股票投资，有买就有卖，这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可，也感谢 过去17年的投资、帮助和陪伴，为所有的长期主义点赞。" 此次减持过后，伯克希尔持有的比亚迪股份比例已降至4.94%。彼时就有分析人士称，巴 菲特或有清仓打算。 从首次减持，到最后一次披露减持，伯克希尔累计减持比亚迪港股数量约1.71亿股，持股 数量从2.25亿股一路减少到了5420万股，持股比例也从20.04%降至4.94%。从已披露的 减持信息来看，其减持均价最高为277.1港元/股，最低为169.87港元/股。 根据港交所规定，大股东增减持股票只有横跨某个整数百分比时，才需要作出披露。巴菲特 的减持动作远不止16次。 另外据港交所规定，持股5%以下股东的减持不需要进行披露。 在2017年的一次采访中，巴菲特曾谈到了当年决定投资比亚迪的经过，评价王传福"有非常 多的伟大的想法，并且他也非常擅长把这些想法变为现实 ...

股神巴菲特清仓比亚迪。 ， 9月21日晚间，据外媒报道，沃伦・巴菲特旗下的伯克希尔・哈撒韦已完全退出其在比亚迪 （02594.SZ；01211.HK）的投资。据统计，巴菲特持有比亚迪股票的这些年里，比亚迪的股价上涨了约 3890%。 本文转载自中国新闻网 值班编辑 | 江江 视觉 | 诺言 "伯克希尔发言人证实，比亚迪股份确实已全部售出。"上述报道称。 对于巴菲特清仓一事，比亚迪尚未有回应。 2008年9月26日，在芒格的积极推动下，巴菲特通过伯克希尔·哈撒韦旗下的中美能源公司以每股8港元的 价格认购了2.25亿股比亚迪公司的H股股份，约占比亚迪本次配售后10%的股份，交易总金额约18亿港 元。巴菲特买入比亚迪时对应的市盈率仅10.2倍、市净率1.53倍。 之后的14年左右时间内，巴菲特一直重仓着比亚迪，直至2022年。 2022年8月30日，港交所网站显示，巴菲特旗下的伯克希尔在2022年8月24日出售了133万股比亚迪H股， 均价277.1016港元，套现3.69亿港元，仍持有2.18719亿股，占已发行的有投票权的比例降至19.92%。 此后，巴菲特陆续多次减持比亚迪。 2024年7月，港交所第16次披 ...

Group 1 - Berkshire Hathaway has completely divested its shares in BYD, marking the end of a 17-year investment that saw significant appreciation in value [1][4] - The investment in BYD began in 2008, with Berkshire purchasing shares at HKD 8 each, which later appreciated to a peak market value of USD 9 billion in 2022, representing a 38-fold increase [2][3] - Despite fluctuations in BYD's stock price, Buffett held onto the investment for 14 years before starting to reduce his stake in August 2022, ultimately selling off the remaining shares [3][4] Group 2 - During the period of investment, BYD's stock price increased approximately 3890%, generating substantial profits for Berkshire Hathaway [4] - Buffett's decision to invest in BYD was heavily influenced by Charlie Munger, who believed in the company's potential and the capabilities of its founder, Wang Chuanfu [6] - The recent divestment is part of a broader strategy by Berkshire to find better allocation for its capital, as Buffett indicated in a 2023 interview [6] Group 3 - Despite the divestment from BYD, the Hong Kong stock market continues to attract significant capital inflows, with net inflows reaching HKD 368.51 billion over the past week [10] - Major Chinese stocks such as Alibaba and Tencent have seen substantial net purchases, indicating strong institutional interest in the market [11][12] - Investment banks like Goldman Sachs and Citigroup have raised target prices for several Chinese stocks, suggesting a positive outlook for the Chinese equity market [13][14]

记者 | 林健民 编辑 | 叶映橙 9月22日，比亚迪股份（01211.HK）低开，截至14点05分，报109.4港元/股，跌3.61%。消息面上，"巴菲特清仓比亚迪"话题登上微博热搜， 引发广泛关注。 对此，9月22日上午，比亚迪集团品牌及公关处总经理李云飞发文回应称，2022年8月，伯克希尔开始陆续减持其于2008年购买的公司股票，去 年6月其持股就已在5%以下了。"股票投资，有买就有卖，这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投资、帮 助和陪伴，为所有的长期主义点赞。" 关于投资比亚迪的经过，巴菲特在2017年的一次采访中，评价王传福"有非常多的伟大的想法，并且他也非常擅长把这些想法变为现实。" 他回忆道："有一天查理·芒格打电话给我说：我们必须投资比亚迪，王传福比爱迪生更厉害。我说，凭这一点还不足以投资比亚迪。查理说， 王传福是爱迪生与比亚迪的结合体。我说，好吧，你对比亚迪的喜爱越来越热烈了，但还不足以让我投资。不管怎样，查理坚持要买比亚 迪。" 公开消息显示，2008年9月26日，在芒格的积极推动下，巴菲特通过伯克希尔·哈撒韦旗下的中美能源公司以每股8港元的价格认购了2. ...

Group 1 - Berkshire Hathaway has completely exited its investment in BYD, marking the end of a 17-year investment journey by Warren Buffett [1] - Berkshire began reducing its stake in BYD in August 2022, with its holdings falling below 5% by June 2023 [1] - Buffett initially invested in BYD in September 2008, purchasing 225 million H-shares at HKD 8 per share, totaling approximately HKD 1.8 billion [1] Group 2 - During Buffett's investment period, BYD's stock price increased by approximately 3890% [1] - From 2008 to 2024, BYD's revenue grew from CNY 27.73 billion to CNY 777.1 billion, a 27-fold increase, while net profit rose from CNY 1.02 billion to CNY 40.25 billion, nearly a 40-fold increase [2] - In the first half of 2025, BYD achieved revenue of CNY 371.28 billion, a year-on-year increase of 23.3%, and a net profit of CNY 15.51 billion, up 13.79% year-on-year [2]

针对巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份的报道，比亚迪集团公关处总经理李云飞发文回应称，2022 年8月，伯克希尔开始陆续减持其于2008年购买的公司股票，去年6月其持股就已在5%以下了。 股票投资，有买就有卖，这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投资、帮 助和陪伴，为所有的长期主义点赞。 来源：@比亚迪李云飞 编辑：乔伊 ...