Core Insights - BYD has launched two new models, the 2026 Seal 05DM-i and Seal 06DM-i, both featuring a pure electric range of up to 210 km, marking a strategic adjustment in product structure and market strategy in the competitive electric vehicle market [1][10] Product Features - The new models embody BYD's "entry-level is top-spec" philosophy, integrating advanced technologies previously reserved for mid-to-high-end models into more mainstream price ranges [3] - Both models are equipped with the fifth-generation DM technology, achieving a fuel consumption of 2.79L/100km and a comprehensive range exceeding 2100 km, providing users with a "zero anxiety" travel experience [3] - The Seal 05DM-i high-spec model includes the "Tian Shen Zhi Yan C" advanced driver assistance system (DiPilot 100), offering over 20 driving assistance features, promoting the widespread adoption of intelligent driving systems in the A-class sedan market [4][7] Safety Enhancements - Safety is emphasized as a cornerstone for brand development, with the Seal 05DM-i featuring six airbags and the Seal 06DM-i upgraded to seven airbags, alongside a high-strength body structure designed for electric vehicles [6] - The introduction of a "blowout stability control system" enhances safety by maintaining vehicle stability in extreme conditions, showcasing BYD's commitment to advanced safety measures [6] - The W-HUD head-up display improves driver awareness, reducing safety risks associated with distracted driving [6] Product Experience Evolution - The launch of these models reflects BYD's shift from focusing solely on parameters like range and fuel consumption to providing a comprehensive user experience that includes range, energy consumption, driving control, intelligence, and cabin quality [9] - The Seal 05DM-i's 210 km electric range enhances convenience and cost-effectiveness, while the Seal 06DM-i combines long range with luxury features to support its premium positioning [9] - Features such as a car refrigerator, seat ventilation and heating, multi-color ambient lighting, and panoramic sunroofs in the Seal 06DM-i highlight BYD's ability to meet diverse consumer needs [9] Brand Strategy - The introduction of the 2026 Seal 05DM-i and Seal 06DM-i reinforces BYD's brand recognition as a technology leader, aligning with its strategy to elevate brand value through technological inclusivity and safety advancements [10] - BYD aims to transition from quantity growth to quality competition in the electric vehicle market, leveraging its integrated capabilities and continuous innovation to reshape its brand direction and provide value to the industry [10]

Group 1 - In 2025, Japan's imported car sales (excluding domestic manufacturers) increased by 7% year-on-year, reaching 243,129 units, marking the first positive growth in two years [1] - Electric vehicle (EV) sales grew by 26% to 30,513 units, achieving a record high, with Tesla and other EV manufacturers contributing to this increase [1] - EVs accounted for 13% of total sales in 2025, up 2 percentage points from the previous year, indicating a continuous growth trend for EVs in Japan over the past seven years [1] Group 2 - Tesla's sales in Japan, although not officially disclosed, saw an 88% increase in the "other" category, reaching 10,693 units, marking the first time Tesla's sales exceeded 10,000 units in Japan, moving up from 10th to 7th place in brand rankings [1] - BYD's sales in Japan surged by 62% to 3,870 units, driven by the strong performance of the SUV "Hai Lion 7," which was launched in April 2025 [1] - Hyundai's sales increased by 89% to 1,169 units, supported by the strong sales of the small EV "INSTER," which is well-suited for Japan's narrow roads and is competitively priced [3] Group 3 - In terms of brand performance, Mercedes-Benz saw a 4% decrease in sales, dropping to 50,857 units, while BMW's sales grew by 1% to 35,729 units, and Volkswagen's sales increased by 36% to 31,031 units [3] - The overall sales of imported cars in December 2025 showed a slight increase of 0.3% year-on-year, reaching 23,551 units, although EV sales decreased by 14% to 2,549 units during the same period [5] - The Japanese government announced an increase in the subsidy cap for purchasing EVs starting January 1, 2026, which may have temporarily affected consumer purchasing behavior [5]

Core Viewpoint - BYD aims to overcome current growth pressures in the automotive industry by launching new hybrid models with extended electric range, focusing on a "value war" rather than an unrestrained price war [1] Group 1: Product Launch and Features - The 2026 models of the Qin family, including the Qin L DM-i and Qin PLUS DM-i, were launched with prices ranging from 89,800 to 122,800 yuan, featuring a new 210 km electric range version [2][3] - The new models have upgraded their electric range to 210 km, with a combined range of 2,110 km when fully fueled and charged, and a low fuel consumption of 2.79 liters per 100 km [4][5] - The Qin L DM-i offers six exterior color options and includes a luxurious integrated electronic gear shift, enhancing user experience [4][6] Group 2: Market Performance and Strategy - BYD's total sales reached 4.6024 million units in 2025, maintaining its position as the global leader in electric vehicle sales, with the Qin family contributing over 660,000 units [3] - Domestic sales in 2025 saw a decline to 3.5528 million units from 3.8528 million units in the previous year, indicating a negative growth trend [3] - The chairman of BYD acknowledged that the company’s technological edge has diminished compared to previous years, attributing this to the cyclical nature of product and technology development [3] Group 3: Technological Advancements - The new Qin models utilize the fifth-generation DM technology, featuring a large-capacity battery that enhances energy density and extends electric range through AI energy management systems [3][5] - The high-end models are equipped with advanced comfort and safety features, including a smart damping control system and a heads-up display to improve driving safety [5][6]

近日，中国电力企业联合会（中电联）颁发"中国绿色电力（绿证）消费TOP100企业"奖杯。 比亚迪位列该权威榜单的汽车行业第一名，总排名二十一名。 TOP1001 序号 国家能》 I 国家 | 2 浙江 3 4 深圳自 四) 5 6 广东 | 7 | 富士 | | --- | --- | | 8 | 11 - 1 | | 9 | 中国石 | | 10 | 中国 | | 11 | 内蒙 | | | 中国 117 | | 13 | Sh | | 14 | 中 Date | | 15 | 江苏市( | t while and 16 中国 17 rca 18 中国和 弘元乡 19 TCL和 20 21 22 内蒙: 23 F 1 - 1 2-1 | 44 | 14 인 大 W | | --- | --- | | 25 | 할 | | 26 | 陕西有色 | | 27 | | | 28 | 立讯》 | | 29 | | | 30 | 内蒙古君正 | | 31 | 隆基 | | 32 | 陕西煤) | | 33 | 中国 | | --- | --- | | 34 | 湖北 | | 35 | 中国 | | 36 | - | ...

"A" The F 16 中国 17 ma 18 中国和 19 弘元乡 TCLF 20 21 22 内蒙: 23 ATT . 1 2 比亚迪（002594）位列该权威榜单的汽车行业第一名，总排名二十一名。 这一成绩不仅展现出了比亚迪在推动全价值链绿色转型、实现"绿色梦想"上的扎实行动，更是比亚迪"为地球降温1℃"品牌愿景的真实写照。 TOP1001 序号 国家能》 I 国家 | 2 3 浙江 4 深圳自 5 四) 6 广东 | 7 | | | --- | --- | | 8 | 中国 | | 9 | 中国石 | | 10' | 中国 | | 11 | 内家 r | | | 中国 | | 13 | 1 | | | 1 | | 15 | 江苏市 | 近日，中国电力企业联合会（中电联）颁发"中国绿色电力（绿证）消费TOP100企业"奖杯。 | 86 | ה | | --- | --- | | 87 | T | | 88 | H นที่ | | 89 | 河北 | | 90 | 1 I | | 91 | 产尽创 : | | 92 | 东! | | 93 | 东方 1 | | 94 | 铜陵有1 | | 95 | 守 ...

近日，中国电力企业联合会（中电联）颁发"中国绿色电力（绿证）消费TOP100企业"奖杯。 比亚迪位列该权威榜单的汽车行业第一名，总排名二十一名。 这一成绩不仅展现出了比亚迪在推动全价值链绿色转型、实现"绿色梦想"上的扎实行动，更是比亚迪"为地球降温1℃"品牌愿景的真实写照。 TOP1001 序号 国家能》 l 国家 | 2 3 浙江 4 深圳自 5 四) 广东 6 | 7 | r | | --- | --- | | 8 | 中国 | | 9 | 中国石 | | 10 | 中国 | | 11 | 大专 T | | 12 | 中国5 | | 13 | 一州之 1 | | 14 | 中国 | | 15 | 江东中1 | 365 16 中国 17 m 18 中国和 19 弘元乡 20 TCL和 21 22 内蒙: 23 ATT e 片 引 上一 比亚迪总裁王传福曾说："世界百年未有之大变局加速演进，绿色技术和产业转型成为大势所趋。比亚迪坚持以科技创新与产业创新融合发展为主线，把绿 色发展战略贯穿于企业成长的每一个阶段。" | 33 | 中国! | | --- | --- | | 34 | 湖北: | | 35 | 中 ...

高盛预计中国2026年新能源车零售销量增长约10%。在不同价格区间方面，多数企业认为17万至18万元 以上车型的补贴力度基本不变，但低价车型在新政下的补贴下降幅度显著。该行给予比亚迪及小鹏汽 车"买入"评级，因具备相对优势，受惠于更高的海外市场销售扩张。 高盛发表报告指，近日举办中国汽车2026年管理层展望系列会议，举行了10场在线会议，涵盖六家整车 制造商(OEM)、两家零件供应商及一家经销商，参与公司包括上汽集团、广汽、小米、零跑汽车、长城 汽车、赛力斯等。该行对中国汽车行业观察到四大核心主题：(1)公司管理层普遍对行业总量持保守态 度；几乎所有OEM预期企业自身将实现双位数销量增长，并加大海外拓展力度，(3)新车型推出节奏积 极，尤其高端市场竞争显著加剧；(4)汽车产业链各环节或面临潜在价格及利润率压力。 ...

Core Insights - Goldman Sachs held a series of management outlook meetings for the Chinese automotive industry, observing a generally conservative outlook on overall industry volume, with expectations of double-digit sales growth for individual companies and increased overseas expansion [1][2] - The anticipated retail sales growth for new energy vehicles in China for 2026 is approximately 10%, with significant variations in subsidy impacts across different price segments [2] - The competitive landscape in the high-end market is intensifying, with a projected launch of 119 new models in 2026, indicating a crowded high-end segment and a shift in competitive focus [3] Group 1 - The management teams of the participating companies expressed a cautious outlook for the overall industry, predicting a year-on-year retail sales growth for domestic passenger vehicles in 2026 to range from a decline of 5% to an increase of 1% [1] - The total subsidy amount for consumer goods in 2026 is estimated to be around 250 billion RMB, slightly lower than previous years, despite the continuation of the "trade-in" subsidy policy [1] - Six OEMs expect their sales growth in 2026 to range from 11% to 68%, while overseas sales growth is anticipated to be between 19% and 108% [2] Group 2 - Companies are planning to accelerate their overseas expansion in 2026, with a focus on launching more overseas versions of new models and establishing local sales and service channels [3] - The new model pipeline for this year is described as ambitious, with a significant increase in high-end models expected, particularly in the 250,000 to 300,000 RMB price range [3] - Goldman Sachs predicts a contraction in the domestic profit pool for the Chinese automotive industry in 2026, while the overseas market is expected to see accelerated adoption of new energy vehicles [3]

Core Viewpoint - BYD has launched long-range versions of four popular models, aiming to set a new value benchmark in the 100,000 yuan plug-in hybrid market, with significant improvements in electric range and charging speed [1] Group 1: Product Launch - BYD announced the addition of long-range versions for the Qin PLUS DM-i, Qin L DM-i, Seal 05 DM-i, and Seal 06 DM-i models [1] - The new models feature a pure electric range exceeding 210 km, which is double that of competing hybrid models [1] - The comprehensive range exceeds 2110 km, addressing concerns about range anxiety for users [1] Group 2: Charging and Convenience - The charging time from 30% to 80% is only 20 minutes, enhancing the convenience for daily commuting and long-distance travel [1] - The long-range plug-in hybrid models are designed to provide a worry-free experience for car owners [1] Group 3: Market Positioning - The launch is targeted at consumers planning to purchase vehicles in 2026, indicating a strategic focus on future market trends [1] - BYD aims to establish a new value standard in the plug-in hybrid market segment priced around 100,000 yuan [1]

Group 1 - The core observation from Goldman Sachs indicates a cautious outlook on the overall Chinese automotive market, with management expecting retail sales of passenger vehicles in 2026 to decline by 5% to grow by 1% year-on-year, despite the continuation of the "old-for-new" subsidy policy [1] - The report highlights that all six OEMs anticipate their sales growth in 2026 to range from 11% to 68%, while overseas sales are expected to increase between 19% and 108%, indicating a significant expansion despite a stable domestic market [2] - The management teams emphasize an accelerated overseas expansion strategy for 2026, with plans to launch more overseas versions of new models and establish local sales and service channels [3] Group 2 - The introduction of new models is expected to be aggressive, with a total of 119 new models projected for 2026, categorized by price range: 46 in the mass market (below 200,000 RMB), 37 in the mid-to-high-end market (200,000 to 300,000 RMB), and 36 in the high-end/luxury market (above 300,000 RMB) [3] - The competitive landscape in the high-end market is anticipated to become more crowded, particularly in the 250,000 to 300,000 RMB price range, which is expected to be the most competitive segment [3] - Goldman Sachs predicts a contraction in the domestic profit pool for the Chinese automotive industry in 2026, while the overseas market is expected to see accelerated adoption of new energy vehicles [3]