BYD(SZ:002594) Sou Hu Cai Jing·2025-09-01 11:26Core Insights - The global technology competition is intensifying, with companies increasing investments to secure leadership in cutting-edge technologies [1] - In the first half of this year, A-share listed companies in China saw a 3.27% year-on-year increase in R&D spending, with BYD leading the way with an investment of 30.9 billion yuan, a 53% increase compared to the previous year [1][2] - BYD's R&D investment for 2024 is projected to reach 54.2 billion yuan, marking a 36% increase, and it has cumulatively invested over 210 billion yuan in R&D since 2011 [3] R&D Investment Rankings - In the first half of 2025, the top 10 companies in A-share for R&D investment are as follows: 1. BYD: 30.88 billion yuan 2. China State Construction: 17.43 billion yuan 3. ZTE: 13.54 billion yuan 4. China Mobile: 13 billion yuan 5. SAIC Motor: 10.17 billion yuan 6. CATL: 10.09 billion yuan 7. China Petroleum: 9.9 billion yuan 8. China Communications Construction: 8.89 billion yuan 9. Midea Group: 8.77 billion yuan 10. China Railway: 8.13 billion yuan [2] Comparison with Peers - In comparison to other major domestic automotive companies, BYD's R&D investment of 54.2 billion yuan for 2024 is significantly higher than its peers, with Geely holding 26.67 billion yuan, SAIC at 21.81 billion yuan, and others trailing behind [6][9] - BYD's R&D spending is nearly equivalent to the combined R&D investments of four other major car manufacturers [6] Technological Advancements - BYD's commitment to R&D is reflected in its development of groundbreaking technologies such as the fifth-generation DM, the "Tian Shen" driver assistance system, and the "Super e-platform" [9] - The company has also made a unique commitment to comprehensive safety in smart parking, showcasing its confidence in its technological capabilities [9] Sales Performance - BYD's substantial R&D investment has contributed to a significant increase in sales, with global sales reaching 2.49 million units in the first seven months of 2025, a 27.4% year-on-year growth [9] - The overseas market has shown remarkable performance, with over 550,000 units sold outside China, reflecting a growth of over 130% compared to the previous year [9]