来源：北京商报 10月30日晚间，比亚迪披露2025年三季度财报。其核心数据呈现显著分化：单季营收1949.85亿元，同比下降3.05%，净利润78.23亿元，更是同比下跌32.6%，连续两季利润下滑的态势凸显 营收首降利润承压 2025年三季度，比亚迪核心财务数据呈现"营收微降、利润大降"的分化态势。比亚迪三季度单季营收1949.85亿元，同比下降3.05%，这也是自2022年以来，其首次出现单季度营收同比下滑的 从销量来看，比亚迪三季度业绩下滑有迹可循。比亚迪前三季度全球销量326万辆，同比增长18.64%。但三季度单季销量却同比下降约1.8%，主要受到9月销量下滑5.52%的拖累，这是今年以 按最新目标来看，今年前三季度比亚迪完成了全年销量目标的70.87%，这意味着在今年剩余的2个月内，比亚迪每月需完成近45万辆才能实现目标，而比亚迪今年9月销量为39.63万辆，距离全 实际上，2025年二季度公司就已显露增收不增利的态势。财报显示，比亚迪二季度营收达2009.2亿元，同比增长14%，然而净利润仅为63.6亿元，同比下滑29.9%，这也是自2022年以来比亚 此外，应付账款账期缩短也进一步加剧财务压力 ...

机构认为，预计11月市场将面临新一轮横盘调整，建议投资者暂缓加仓。 【财经日历】 2025年国际金融领袖投资峰会11月3至5日在香港举行。 第十八届中国—拉美企业家高峰会11月3日至4日在郑州举办。 | い 盘前必读 | // 外盘怎么样 // | | | --- | --- | --- | | 名称 | 现价 涨跌 | 涨跌幅 | | 道琼斯工业平均 | 47562.87c 40.75 | 0.09% | | 纳斯达克指数 | 23724.96c 143.82 | 0.61% | | 标普500 | 6840.20c 17.86 = | 0.26% | 当地时间上周五，美股三大股指尾盘拉升。截至收盘，道指涨0.09%，标普500指数涨0.26%，纳指涨0.61%。 奈飞涨2.7%，公司宣布1拆10分股计划。 其他明星科技股中，特斯拉涨3.7%，甲骨文涨2.2%，谷歌平盘，英伟达跌0.2%，微软跌1.5%，Meta跌2.7%。 西部数据涨8.8%，创历史新高，公司报告存储市场需求强劲，带动第一财季业绩超预期。 纳斯达克中国金龙指数探底回升涨0.5%，网易涨0.76%，百度跌0.77%，京东跌0.99%，阿里巴 ...

格隆汇11月2日丨比亚迪(002594.SZ)公布，10月新能源汽车销量441706辆；1—10月累计销量3701852 辆，同比增长13.88%。公司2025年10月出口新能源汽车合计83904辆。公司2025年10月新能源汽车动力 电池及储能电池装机总量约为27.362GWh，2025年累计装机总量约为230.613GWh。 ...

Core Insights - BYD's Q3 2025 financial report shows a significant divergence in core data, with revenue declining by 3.05% year-on-year to 194.985 billion yuan, marking the first quarterly revenue drop since 2022, while net profit fell sharply by 32.6% to 7.823 billion yuan, indicating ongoing performance pressure [1][3] - Despite a 12.75% year-on-year increase in revenue for the first three quarters to 566.266 billion yuan, net profit decreased by 7.55% to 23.333 billion yuan, highlighting challenges in short-term profitability [3][4] - The company has adjusted its annual sales target from 5.5 million to 4.6 million units, with Q3 sales showing a 1.8% year-on-year decline, primarily due to a 5.52% drop in September sales, marking the first monthly sales decline this year [3][4] Revenue and Profit Trends - Q3 revenue of 194.985 billion yuan represents a 3.05% decline year-on-year, while net profit of 7.823 billion yuan reflects a 32.6% drop [3][4] - For the first three quarters, total revenue reached 566.266 billion yuan, up 12.75% year-on-year, but net profit decreased by 7.55% to 23.333 billion yuan [3][4] - The company's gross margin improved slightly from 16.3% in Q2 to 17.9% in Q3, yet remains at a near low for recent years [4] Sales Performance - BYD's global sales for the first three quarters reached 3.26 million units, a year-on-year increase of 18.64%, but Q3 sales saw a decline of approximately 1.8% [3] - The company completed 70.87% of its revised annual sales target by the end of Q3, necessitating nearly 450,000 units per month in the remaining two months to meet the target [3] R&D Investment - R&D expenses for the first three quarters totaled 43.75 billion yuan, a 31.3% increase year-on-year, significantly exceeding net profit [6] - The company has invested 10.9 billion yuan more in R&D than Tesla this year, launching several advanced technologies [6][7] - The rising R&D expense ratio has negatively impacted profits, with the cost per vehicle reaching 112,000 yuan in Q2, up approximately 10,000 yuan from the previous quarter [6] Competitive Landscape - The intensifying competition in the smart vehicle sector poses a challenge for BYD, with competitors like Tesla and Huawei gaining market share [8][9] - To differentiate itself, BYD needs to enhance its smart driving technology and accelerate the iteration of its "Tian Shen Zhi Yan" system [8] - The company is advised to build an integrated smart ecosystem and localize R&D efforts to adapt to different market regulations and consumer habits [8][9]

Core Insights - BYD Company Limited (01211.HK) announced that by October 2025, the production of new energy vehicles (NEVs) is expected to reach approximately 429,800 units, with sales projected at around 441,700 units [1] - For the period from January to October, the total production of NEVs was approximately 3,643,400 units, reflecting a year-on-year growth of 10.5%, while sales reached about 3,701,900 units, marking a year-on-year increase of 13.88% [1] - In October 2025, the company plans to export a total of 83,904 NEVs [1] - The total installed capacity of new energy vehicle power batteries and energy storage batteries in October 2025 is estimated to be around 27.362 GWh, with a cumulative installed capacity of approximately 230.613 GWh by the end of 2025 [1]

Investment Rating - The report maintains a "Recommended" rating for BYD, with a target price of 100.79 CNY per share [7]. Core Insights - BYD's revenue for the first three quarters of 2025 reached 566.27 billion CNY, a year-on-year increase of 12.7%, while net profit attributable to shareholders was 23.33 billion CNY, a year-on-year decrease of 7.6% [1]. - In Q3 2025, the company's revenue was 194.98 billion CNY, down 3.1% year-on-year and 3.0% quarter-on-quarter, with net profit at 7.82 billion CNY, a year-on-year decline of 32.6% but a quarter-on-quarter increase of 23.1% [1][2]. Revenue and Sales Performance - Q3 2025 sales volume was 1.114 million vehicles, a decrease of 1.8% year-on-year and 2.7% quarter-on-quarter, with high-end models accounting for 8.2% of total sales, reflecting a year-on-year increase of 4.4 percentage points [2]. - The average selling price (ASP) per vehicle in Q3 2025 was 136,700 CNY, showing a slight decline compared to previous quarters [2]. Profitability Analysis - The overall gross margin in Q3 2025 was 17.6%, down 4.3 percentage points year-on-year but up 1.4 percentage points quarter-on-quarter [3]. - The net profit margin for Q3 2025 was 4.0%, with a single vehicle net profit of 620 CNY, reflecting a quarter-on-quarter increase [3]. Strategic Developments - BYD is making steady progress in high-end branding and has accelerated overseas factory establishment, with significant growth in exports, particularly in Turkey, Brazil, and Europe [4]. - The company aims to enhance its brand system and overcome high-end market challenges, with notable sales increases in high-end models [4]. Financial Forecast - The projected revenue for 2025-2027 is 866.47 billion CNY, 981.28 billion CNY, and 1,104.53 billion CNY, respectively, with net profits expected to be 37.25 billion CNY, 47.46 billion CNY, and 58.59 billion CNY [6][4]. - The earnings per share (EPS) are forecasted to be 4.09 CNY, 5.21 CNY, and 6.43 CNY for the years 2025, 2026, and 2027, respectively [6].

Core Insights - BYD announced that in October 2025, the production of new energy vehicles (NEVs) is expected to reach approximately 429,800 units, while sales are projected to be around 441,700 units [1] - From January to October, the total production of NEVs reached approximately 3,643,400 units, representing a year-on-year growth of 10.5%, and total sales were about 3,701,900 units, showing a year-on-year increase of 13.88% [1] - In October 2025, the total export of NEVs amounted to 83,904 units [1] - The total installed capacity of power batteries and energy storage batteries in October 2025 is estimated to be around 27.362 GWh, with a cumulative installed capacity of approximately 230.613 GWh by the end of 2025 [1]

Core Insights - BYD Company Limited (01211) announced that by October 2025, the production of new energy vehicles (NEVs) is expected to reach approximately 429,800 units, while sales are projected to be around 441,700 units [1] - From January to October, the production of NEVs totaled approximately 3,643,400 units, reflecting a year-on-year growth of 10.5%, and sales reached about 3,701,900 units, with a year-on-year increase of 13.88% [1] - The total export of NEVs by the company in October 2025 is estimated to be 83,904 units [1] - The total installed capacity of power batteries and energy storage batteries in October 2025 is projected to be around 27.362 GWh, with a cumulative installed capacity of approximately 230.613 GWh by the end of 2025 [1]

格隆汇11月2日丨比亚迪(002594.SZ)公布，10月新能源汽车销量441706辆；1—10月累计销量3701852 辆，同比增长13.88%。公司2025年10月出口新能源汽车合计83904辆。公司2025年10月新能源汽车动力 电池及储能电池装机总量约为27.362GWh，2025年累计装机总量约为230.613GWh。 ...

注： 網站：http://www.bydglobal.com 自願公告 2025年10月產銷快報 此乃比亞迪股份有限公司（「本公司」）作出的自願公告。 本公司董事會謹此宣佈，本公司於2025年10月產、銷量詳細如下（單位：輛）： | | | | 產量 | | | | 銷量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 項目類別 | 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 | | 新能源汽車 | 429,808 | 536,134 | 3,643,377 | 3,297,044 | 10.50% | 441,706 502,657 | 3,701,852 | 3,250,532 | 13.88% | | －乘用車 | 424,174 | 534,003 | 3,595,640 | 3,283,439 | 9.51% | 436,856 500,526 | 3,655,718 | 3,236,927 | 12.94% | | －純電動 | ...