Ge Long Hui·2025-10-30 12:22Core Viewpoint - BYD's third-quarter report shows strong financial performance with significant revenue and profit growth, driven by substantial R&D investments and technological advancements [1][5]. Financial Performance - In Q3, BYD achieved revenue of 194.99 billion yuan and a net profit of 7.82 billion yuan, with a quarter-on-quarter growth of 23% and a gross margin increase of 1.6 percentage points [1]. - For the first three quarters, BYD's revenue reached 566.27 billion yuan, marking a year-on-year growth of 13%, setting a new record for the same period [1]. R&D Investment - BYD's R&D expenses totaled 43.75 billion yuan in the first three quarters, a year-on-year increase of 31%, significantly exceeding the net profit of 23.33 billion yuan during the same period [1]. - The company has invested over 220 billion yuan in R&D to date, outpacing Tesla by 10.9 billion yuan this year [1]. Sales Performance - BYD's global sales reached 3.26 million units from January to September, a year-on-year increase of 18.64%, achieving 70.87% of its annual target of 4.6 million units [2]. - The smart models, particularly those equipped with the Tian Shen Zhi Yan driver assistance system, have become the main sales drivers, with over 1.7 million units sold since its launch [2]. International Expansion - BYD's overseas sales surged to 701,600 units in the first nine months, a year-on-year increase of 132%, with products now available in 117 countries and regions [2]. - The company recently launched the K-EV BYD RACCO in Japan and introduced its first plug-in hybrid model, the Sea Lion 06DM-i, as part of its strategy to expand in the Japanese market [2]. Market Outlook - Several international investment banks are optimistic about BYD's growth prospects, with Citigroup projecting sales of 4.67 million and 5.39 million units for the next two years [5]. - The company's continuous introduction of disruptive technologies and a comprehensive product matrix are expected to lead the global electric vehicle industry transformation [5].