Guo Ji Jin Rong Bao·2025-09-22 14:53Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has completely exited its investment in BYD, marking the end of a significant 17-year relationship that saw the stock rise approximately 3890% during the investment period [1][4]. Investment History - Berkshire initially invested in BYD in 2008, purchasing 225 million H-shares at a price of HKD 8 per share, totaling approximately HKD 1.8 billion [1][2]. - The investment was made when BYD had a price-to-earnings ratio of 10.2 and a price-to-book ratio of 1.53 [2]. - Over the years, BYD's stock price peaked at HKD 333 in June 2022, reflecting a total increase of 2588.12% from the initial investment [4][5]. Divestment Details - Berkshire began reducing its stake in BYD in August 2022, selling 1.33 million shares at an average price of HKD 277.10, realizing approximately HKD 369 million [4]. - By June 2023, Berkshire had sold nearly 76% of its shares, reducing its ownership to below 5% [5]. Financial Performance of BYD - In the first half of 2023, BYD reported total revenue of CNY 371.2 billion, a year-on-year increase of 23.3%, with automotive revenue accounting for 81.48% of total income [6]. - BYD's overseas revenue reached CNY 135.4 billion, a significant increase of 50.5% year-on-year, contributing to 36.5% of total revenue [7]. - In August 2023, BYD's monthly sales exceeded 370,000 units, with cumulative sales surpassing 2.86 million units from January to August [8]. Market Position - BYD became the first domestic car manufacturer to enter the trillion-yuan market capitalization club, with a market value of CNY 1.02 trillion in June 2023, significantly outpacing competitors like Great Wall Motors [5].