Sou Hu Cai Jing·2025-09-22 08:28Core Viewpoint - Warren Buffett's Berkshire Hathaway has completely divested its stake in BYD, marking the end of a 17-year investment that yielded significant returns [1][5]. Investment History - Berkshire Hathaway initially invested 1.8 billion HKD in BYD in 2008, acquiring 225 million H-shares at a price of 8 HKD per share, largely based on Charlie Munger's recommendation [3]. - Over the years, this investment appreciated to over 60 billion HKD, representing a nearly 39-fold increase and an average annual return of over 22% [1][5]. Recent Developments - As of March 31, 2025, Berkshire Hathaway's financial documents indicated that the value of its investment in BYD was zero, suggesting that the divestment had been completed earlier in the year [1][5]. - From August 2022 to July 2024, Berkshire Hathaway disclosed 16 instances of share reductions, with estimated selling prices ranging from 169.87 to 277.1 HKD per share [5]. Market Analysis - Analysts suggest that Buffett's decision to sell was influenced by several factors, including BYD's high valuation, increased competition in the global electric vehicle market, and a strategic reallocation of funds to potentially more lucrative investments [8]. - Despite the divestment, Buffett has praised BYD as an extraordinary company, indicating that the sale was more about realizing value than a lack of confidence in the company's future [8][13]. BYD's Performance - In the first half of 2025, BYD reported revenues of 371.28 billion CNY, a year-on-year increase of 23.3%, and a net profit of 15.51 billion CNY, up 13.79% [9]. - BYD's sales reached 2.146 million vehicles, marking a 33% increase compared to the previous year, with significant growth in overseas markets, surpassing Tesla in sales across 16 European countries [9][11]. Internal Confidence - In early September 2025, BYD's internal team demonstrated confidence in the company's future by purchasing shares worth approximately 52.33 million CNY and launching a large-scale employee stock ownership plan totaling nearly 4 billion CNY [11].