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比亚迪业绩新高背后:存货1544亿、各类应付款3961亿 经销商暴雷、二手车加速贬值
Xin Lang Cai Jing·2025-05-29 08:35

Core Viewpoint - The financial troubles of Jinan Qiancheng, a key BYD dealer in Shandong, have raised significant market concerns, particularly regarding the inability to fulfill prepaid services and vehicle registration issues due to collateralized certificates [1][2]. Group 1: Financial Performance and Challenges - BYD reported a record net profit of 9.155 billion yuan in Q1 2025, doubling year-on-year, with sales reaching 680,000 units, maintaining its position as the global leader in new energy vehicle sales [3]. - Despite strong financial results, BYD's inventory increased from 87.7 billion yuan at the end of 2023 to 154.4 billion yuan by the end of Q1 2025, marking a 33% rise in just three months [3]. - The company's accounts payable reached 396.1 billion yuan by the end of Q1 2025, with a significant increase in the accounts payable turnover period, which was 125 days in 2024, below the industry average of 182 days [3][4]. Group 2: Market Strategies and Impacts - BYD's aggressive pricing strategy included a collective price reduction of up to 53,000 yuan for 22 models, which has led to approximately 100,000 new orders during the May Day holiday [4]. - However, this pricing strategy has resulted in a significant decline in the second-hand car market, with the average depreciation rate for new energy vehicles dropping below 45% in the first four months of 2025 [4]. - Analysts suggest that BYD's approach of locking in new customers through subsidies while allowing the value of old cars to plummet may undermine long-term consumer confidence in the brand [5]. Group 3: Future Prospects and Innovations - BYD is increasing its investment in solid-state batteries and smart driving technologies, with R&D spending reaching 14.2 billion yuan in Q1 2025, a 34% increase year-on-year [5]. - The company plans to launch its semi-solid state battery with an energy density of 360 Wh/kg by 2026 and is expanding its international presence, including a factory in Brazil set to begin production by the end of 2026 [5].