Hua Er Jie Jian Wen·2025-08-29 11:25Core Insights - BYD reported strong growth in the first half of 2025, with revenue reaching 371.3 billion yuan, a year-on-year increase of 23.30%, driven primarily by the robust growth of its electric vehicle (EV) business [1] - Despite the revenue growth, the gross margin decreased from 18.78% in the same period last year to 18.01%, indicating intense market competition and pricing pressure [1] Financial Performance - Revenue reached 371.3 billion yuan, marking a historical high with a year-on-year growth of 23.30% [1] - Net profit attributable to shareholders was 15.51 billion yuan, an increase of 13.79% year-on-year [1] - Operating cash flow improved significantly, totaling 31.8 billion yuan [1] - R&D investment surged to 30.9 billion yuan, up 53.05% year-on-year, representing 8.3% of total revenue [4] Core Business Developments - BYD achieved record sales in the EV sector, maintaining its position as the top automaker and brand in both China and globally [1] - Overseas revenue reached 135.4 billion yuan, becoming a new growth engine with a year-on-year increase of 130% [3] - The company’s EV products are now available in over 110 countries and regions across six continents [3] - The multi-brand strategy continues to evolve, with a focus on high-end brand performance [1][2] Strategic Developments - The launch of the "Super e-platform" and the "Universal Smart Driving" strategy aims to enhance electric vehicle technology and make advanced driving features accessible to lower-priced models [2] - The global expansion strategy is accelerating, with significant overseas revenue growth and local partnerships being established [3] - The company is also focusing on high-value electronic products, with growth in AI data center business and assembly services for overseas clients [4]