Xi Niu Cai Jing·2025-09-14 03:12Core Insights - BYD has lowered its 2025 sales target by 16%, from 5.5 million to 4.6 million units, indicating a slowdown in growth to 7%, the slowest in five years [2] - The company's H1 2025 financial performance shows mixed results, with revenue of 371.28 billion yuan, a 23.3% year-on-year increase, and a net profit of 15.51 billion yuan, up 13.79% [2] - R&D spending surged over 50% to 30.88 billion yuan, representing 8.3% of revenue, the highest ratio in recent years, but gross margin declined to 18.01% [2] - Sales growth has slowed significantly, with H1 sales up 33.04%, but July and August saw growth rates below 1%, indicating a potential peak [2] Sales Performance - BYD's high-end brands, including Tengshi, Fangchengbao, and Yangwang, are facing challenges, with the Yangwang U8 model's sales dropping below 100 units since May [3] - Domestic sales in August fell by 14% to 293,000 units, while overseas sales surged by 157% to 80,000 units, with H1 overseas sales exceeding 470,000 units, a 130% increase [3] - The company aims for overseas sales of around 800,000 units by 2025, focusing on Southeast Asia, Central and South America, and Europe [3] Competitive Landscape - The reduction in sales targets may reflect a strategic shift towards a more rational approach amid increasing competition with Geely [3] - The rivalry between BYD and Geely is intensifying, with both companies vying for the top position in the market by 2025 [3]