Core Viewpoint - BYD has reported record-high revenue and profit for the first half of 2025, demonstrating resilience and strategic strength in a challenging global automotive market [1][6]. Financial Performance - In the first half of 2025, BYD achieved a revenue of 371.3 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 15.5 billion yuan, up 14% year-on-year [6][9]. - The company sold 2.86 million vehicles in the first eight months, reflecting a 23% increase compared to the previous year [6]. Market Position - BYD has outperformed traditional automotive giants, which experienced a net profit decline of over 30% in the same period, highlighting BYD's strategic execution and the overall competitiveness of the Chinese automotive industry [9]. Financial Health - As of June 30, 2025, BYD's cash reserves reached a historical high of 156.1 billion yuan, with interest-bearing debt at only 41.6 billion yuan, representing 6.9% of total liabilities, one of the lowest in the industry [10]. - The company completed a significant equity refinancing of 43.5 billion HKD in March 2025, aimed at optimizing its capital structure and reducing debt [10]. R&D Investment - BYD's R&D expenditure for the first half of 2025 was 30.9 billion yuan, a substantial increase of 53%, exceeding its net profit for the same period [11]. - The company has consistently prioritized R&D over profit, with cumulative R&D spending exceeding 210 billion yuan from 2011 to 2024 [11]. Technological Advancements - BYD has launched several groundbreaking technologies, including the "Tian Shen Zhi Yan" advanced driver-assistance system and the "Super e-platform" for fast charging, reinforcing its technological leadership [11][13]. - The company has achieved the highest sales of smart driving vehicles in China, with over 1.2 million units equipped with the "Tian Shen Zhi Yan" system [13]. Social Responsibility and Sustainability - In the first half of 2025, BYD contributed 27.1 billion yuan in domestic taxes, surpassing its net profit, indicating its significant impact on regional economies [15]. - The company aims to reduce carbon emissions intensity by 50% by 2030 and achieve carbon neutrality across its value chain by 2045, with a reported carbon reduction of 22.97 million tons from sold vehicles [15]. Conclusion - BYD's performance in the first half of 2025 signals a pivotal moment for Chinese manufacturing, showcasing its transition towards high-end, global operations through sustained R&D investment and a robust financial structure [16].

从资金流向上来看，当日乘用车板块主力资金净流出1622.04万元，游资资金净流出1.09亿元，散户资金净流入1.25亿元。乘用车板块个股资金流 向见下表： 证券之星消息，9月5日乘用车板块较上一交易日上涨1.49%，比亚迪领涨。当日上证指数报收于3812.51，上涨1.24%。深证成指报收于12590.56， 上涨3.89%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002594 | 比亚迪 | 107.26 | 3.13% | 78.75万 | 83.08亿 | | 601238 | 广汽集团 | 7.82 | 2.22% | 49.13万 | 3.82亿 | | 600104 | 上汽集团 | 19.02 | 1.71% | 59.37万 | 11.18亿 | | 600733 | 北汽蓝谷 | 8.43 | 1.57% | 107.31万 | 9.00亿 | | 601633 | 长城汽车 | 26.07 | 1.40% | 19.38万 | 5.03亿 ...

今年上半年，汽车行业利润率4.8%，相对于下游工业企业利润率5.7%的平均水平，依然偏低，较去年同期的5.0%也下降了0.2个百分点。不少车企销量 虽持续攀升，但"钱袋子"却不断变瘪。然而，同时蝉联中国市场车企、品牌销量冠军及全球新能源汽车市场销量冠军的比亚迪则逆势增长，今年上半年营 收、利润双创新高，现金储备达1561亿元，展现了比亚迪一往无前的高质量发展态势。 持续投入 坐稳A股"研发之王"宝座 纵观上半年全球车市，在全球经济承压及复杂的国际政治环境等多重因素影响下，一向"抗造"的跨国车企们也只能无奈接受营收、利润大幅下滑的事 实。其中，梅赛德斯-奔驰上半年净利润直接"腰斩"，同比跌幅达55.8%；丰田汽车也难逃此劫，净利润同比下跌36.9%。然而，比亚迪则"风景这边独好"， 上半年营收3713亿元，同比增长 23%，半年营收首次超越特斯拉；归母净利润155亿元，同比增长14%，各项核心经营指标均创历史新高。 多项业绩指标逆势上涨表明比亚迪在全球汽车市场份额不断扩大、影响力持续提升。今年1-8月，比亚迪已累计销售新车286.39万辆，同比增长23%。亮 眼的成绩背后，是比亚迪多年来对技术研发的始终如一的坚 ...

Core Insights - BYD reported a revenue of 371.3 billion yuan for the first half of 2025, a year-on-year increase of 23%, and a net profit attributable to shareholders of 15.5 billion yuan, up 14% year-on-year, setting new historical records for key operational metrics [2] - The company's R&D investment reached 30.9 billion yuan in the first half of 2025, a 53% increase year-on-year, significantly exceeding the industry average and accounting for nearly 200% of the net profit for the period [2][3] - Experts believe BYD's core competitiveness has evolved from a cost advantage based on a complete industry chain to a comprehensive competitive advantage driven by technological innovation [2] R&D Investment - BYD ranked first among A-share listed companies in R&D investment, with an average daily investment of nearly 170 million yuan [3] - From 2011 to 2024, BYD's cumulative R&D expenditure exceeded 210 billion yuan, with 13 out of 14 years having R&D spending surpassing net profit [3] - In 2024, BYD's annual R&D investment reached 54.2 billion yuan, a 36% increase year-on-year, showcasing a significant scale advantage in R&D compared to other domestic automakers [3] Market Performance - In the first seven months of 2025, BYD's global sales reached 2.49 million units, a year-on-year increase of 27.4%, with overseas sales of passenger cars and pickups exceeding 550,000 units, up over 130% [6] - BYD's brands, including Fangchengbao, Tengshi, and Yangwang, achieved a combined sales of 160,000 units in the first half of 2025, a growth of over 75% [6] - The company has successfully entered over 112 countries and regions with its new energy vehicles, leading sales in several countries including Italy, Turkey, Spain, and Brazil [6] Technological Advancements - BYD's R&D investments have led to significant technological breakthroughs, including the launch of the Tian Shen Yan advanced driver-assistance system and the world's first near L4-level intelligent parking technology [6] - The company has established a strong patent portfolio, ranking first in China for patent authorizations in new energy, hybrid, and pure electric vehicle technologies [6] Strategic Positioning - BYD's strategy of driving technological innovation through R&D investment has positioned the company to capture strategic opportunities in the evolving automotive landscape, contributing to sustained performance growth [7] - This approach not only supports the company's development but also enhances China's position in the global automotive industry's technological discourse [7]

近日，比亚迪公布了2025年第二季度业绩报告，数据显示，比亚迪二季度营收达2009.2亿元，同比增长14%，环比增长17.9%，然而净利润仅为63.6亿元，同 比下滑29.9%，环比下降30.6%，这是自2022年以来比亚迪首次出现季度利润下滑，显著低于市场预期。 从上半年整体业绩表现来看，比亚迪营收为3713亿元，同比增长23.3%；归母净利润为155亿元，增长13.8%；毛利率从去年同期的18.78%下降至18.01%，盈 利能力面临显著的压力。 | | 本报告期 | 上年同期 | 同比增减 | 变动原因 | | --- | --- | --- | --- | --- | | 营业收入 | 371.280.948.000.00 | 301. 126. 713. 000. 00 | 23. 30% | 主要是新能源汽车业务增长所致 | | 营业成本 | 304, 415, 089, 000. 00 | 244, 577, 008, 000. 00 | 24. 47% | 主要是新能源汽车业务增长所致 | | 销售费用 | 12. 410. 973. 000. 00 | 10, 599, 925, 000. ...

Group 1 - The core viewpoint of the articles highlights BYD's strong financial performance in the first half of 2025, with a revenue of 371.3 billion yuan, a year-on-year increase of 23%, and a net profit of 15.5 billion yuan, up 14% year-on-year, achieving historical highs in key operational metrics [1] - BYD has invested over 210 billion yuan in research and development (R&D) since its inception, with R&D spending exceeding net profit in 13 out of the last 14 years [2] - In the first half of 2025, BYD's R&D expenditure reached 30.9 billion yuan, a 53% increase year-on-year, which is double its net profit for the same period [2] Group 2 - BYD's global sales reached 2.49 million vehicles in the first seven months of 2025, representing a year-on-year growth of 27.4% [3] - The overseas sales of BYD's passenger cars and pickups reached 550,000 units in the first seven months, more than doubling the sales from the previous year [3] - BYD's high-end brands, including Fangchengbao, Tengshi, and Yangwang, sold a total of 160,000 units in the first half of 2025, marking a year-on-year increase of over 75% [3]

需要强调的是，本文所涉及的观点、数据及个股信息仅供读者参考，不构成任何投资建议。股市有风 险，投资需谨慎，每位投资者都应根据自身情况做出理性判断，并对自己的投资决策负责。 当日，券商的推荐热情高涨，共有84家上市公司获得了券商的青睐。值得注意的是，吉祥航空、新凤鸣 以及比亚迪均获得了两家券商的联合推荐，显示出这些公司在各自领域内稳健的表现和未来的增长潜 力。 | | | 09月04日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 磨厚目極份 (元) | 目标涨幅 (%) | | 688257 | 新锐股份 | 华创证券 | 强推 | 27.75 | 61.15 | | 603195 | 公牛集团 | 中信证券 | 买人 | 72.00 | 55.81 | | 002594 | 比亚迪 | 东吴证券 | 买入 | 161.00 | 54.81 | | 603501 | 豪威集团 | 东方证券 | 买人 | 197.56 | 53.58 | | 600483 | 福能股份 | 华泰金融控股(香港) ...

比亚迪执行副总裁李柯表示："我们始终相信超级混动技术具有颠覆意义。它让用户既能享受纯电驾驶 的乐趣，又彻底摆脱续航焦虑，此前宋PLUS DM-i（BYD SEAL U DM-i）的成功已经证明了这一点。 我们相信新推出的海豹06 DM-i轿车版和旅行版将继续发挥这一突出优势，满足欧洲用户的多元出行需 求。" 凤凰网科技讯 9月5日，比亚迪（002594）官方发文称，当地时间9月2日，比亚迪海豹06 DM-i在欧洲正 式上市。除轿车版本外，比亚迪还在欧洲市场推出了首款旅行车——海豹06 DM-i旅行版。 据官方介绍，海豹06 DM-i旅行版后排座椅放倒后最大装载容积可达1535升。作为比亚迪在欧洲推出的 第二款超级混动车型，海豹06 DM-i轿车版纯电续航最高达105公里，满油满电综合续航更可突破1500公 里，充分满足家庭出行、长途旅行等多场景使用需求。 ...

比亚迪汽车：当地时间9月2日，比亚迪海豹06 DM-i在欧洲正式上市。该车型全系搭载比亚迪DM-i超级 混动技术，兼顾了纯电驾驶的质感与长途出行的续航需求。除轿车版本外，比亚迪还在欧洲市场推出了 首款旅行车——海豹06 DM-i旅行版，以领先技术和高实用性为欧洲用户带来新能源出行新体验。 ...

9月5日，陕西金融监管局网站发布批复，核准于新超比亚迪汽车金融有限公司副总经理任职资格。公司 应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自本行政许可决定作出之日起3个 月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批复文件失效，由决定机关办 理行政许可注销手续。 ...