一笔跨越17年回报率高达3890%的投资画上句号

Core Insights - Warren Buffett's Berkshire Hathaway has completely divested its stake in BYD after a 17-year investment, achieving a remarkable return of approximately 3890% [1][3] - The investment, initiated in 2008, has been recognized as one of the most iconic cases in the development of China's electric vehicle industry [1][2] Investment History - In September 2008, Berkshire Hathaway purchased 225 million H-shares of BYD at HKD 8 per share, totaling an investment of USD 230 million, which represented 9.89% of BYD's total share capital [2] - Over the years, Berkshire Hathaway gradually reduced its holdings, selling nearly 76% of its shares by June 2023, bringing its ownership below 5% [2][3] Reasons for Divestment - Analysts suggest that the reasons for the divestment include high valuations, increased industry competition, and a strategic shift towards investments in the U.S. [4][5] - Buffett has described BYD as an "extraordinary company" but indicated a desire to find more satisfactory investment opportunities [4] - The valuation of BYD's H-shares reached a peak P/E ratio of over 180, which was seen as overextending BYD's growth potential [4] Industry Context - The Chinese electric vehicle market is entering a phase where "technology determines survival," with competition focusing on three core areas: autonomous driving algorithms, battery technology, and global ecological collaboration [5] - Recent technological advancements by competitors, such as CATL's solid-state battery and Huawei's intelligent driving systems, are reshaping industry standards and challenging BYD's competitive edge [6] Company Performance - BYD reported a revenue of CNY 777.1 billion for 2024, a year-on-year increase of 29.02%, with a market share of 33.2% [6] - In Q1 2025, BYD achieved a revenue of CNY 170.3 billion and a net profit of CNY 9.155 billion, reflecting a year-on-year growth of 100.38% [6] - However, in Q2 2025, BYD's net profit declined by 29.9% year-on-year, indicating pressure from industry price wars [6]