3 6 Ke·2025-09-01 08:28Core Viewpoint - BYD's recent performance has raised concerns as its growth appears to be slowing down, with significant declines in net profit and gross margin, despite achieving record revenue and sales figures [3][5][17]. Financial Performance - In Q2, BYD's net profit was 15.51 billion yuan, a decrease of 2.7 billion yuan compared to the previous quarter, and below market expectations of 18 billion yuan [3][4][17]. - Total revenue for the first half of 2025 reached 371.28 billion yuan, a year-on-year increase of 23.3% [4][8]. - The gross margin for Q2 was 18%, down 2% year-on-year, indicating a decline in profitability [15][17]. - Operating cash flow for the first half of 2025 was 31.83 billion yuan, a significant increase of 124.52% year-on-year [4][36]. Sales and Market Position - BYD sold 2.146 million new vehicles in Q2, representing a year-on-year growth of 33.04% [6]. - The company's overseas sales exceeded 550,000 units from January to July, with a growth rate of over 130%, contributing to 36.5% of total revenue [22][24]. - BYD's automotive revenue for the first half of 2025 was 302.5 billion yuan, accounting for over 80% of total revenue, with a year-on-year growth of 32.5% [10][11]. Research and Development - BYD's R&D expenditure reached 30.9 billion yuan in the first half of 2025, a 53% increase year-on-year, making it the highest among A-share listed companies [5][11]. - The R&D investment accounted for 8.3% of total revenue, marking a continuous increase over the past three years [13][30]. Strategic Outlook - The company is focusing on expanding its overseas market presence, with significant capital expenditures of 80.5 billion yuan in the first half of 2025, a 71% increase year-on-year [25][28]. - BYD's strategy appears to involve prioritizing volume over profit in the second quarter, leading to a notable decline in net profit [32][40]. - The company maintains a cash reserve of 156.1 billion yuan, ensuring stable operations amid high debt levels [34][36].