2 1 Shi Ji Jing Ji Bao Dao·2025-09-02 12:59Core Insights - The automotive industry is rapidly transitioning from electrification to intelligence, with companies increasingly focusing on technological capabilities as their core competitive advantage [1] - BYD's latest half-year report for 2025 shows 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, setting new historical records for key operational indicators [1] - BYD's significant investment in research and development (R&D) is noteworthy, with R&D expenditure reaching 30.9 billion yuan in the first half of 2025, a 53% increase year-on-year, which is more than double its net profit for the same period [1] R&D Investment Rankings - In 2024, BYD topped the A-share market with an R&D investment of 54.16 billion yuan, followed by China State Construction and China Mobile [3] - BYD's R&D investment in the first half of 2025 is nearly equal to the combined R&D expenditures of Geely Holding, Great Wall, Li Auto, and Xpeng for the same period [4] - Over the past 14 years from 2011 to 2024, BYD has spent over 210 billion yuan on R&D, exceeding its annual net profit in 13 of those years, demonstrating a commitment to "cost-unconscious" R&D investment [4] Technological Advancements - BYD's substantial R&D investment has led to the development of several groundbreaking technologies, including the Tian Shen Eye driver assistance system and the Super e-platform megawatt fast charging technology [7] - The company achieved a global first in July by realizing near L4-level intelligent parking technology, showcasing confidence in its technology and commitment to consumer responsibility [7] - Since the launch of its "Universal Smart Driving" strategy, sales of vehicles equipped with the Tian Shen Eye system have surpassed 1.2 million units, creating a positive cycle of technology, sales, and reputation [8] Patent and Market Position - BYD has been recognized as a leader in R&D strength, holding the highest number of patents in China for new energy, hybrid, and pure electric vehicle technologies [8] - The company's patent portfolio establishes a core technological barrier, ensuring long-term development and enhancing China's position in the global automotive industry [8]