Hua Xia Shi Bao·2025-10-30 13:23Core Insights - BYD reported strong financial performance in Q3 2023, with revenue of 194.99 billion yuan and net profit of 7.82 billion yuan, reflecting a 23% quarter-on-quarter growth and a 1.6 percentage point increase in gross margin [1] - For the first three quarters of 2023, BYD achieved a revenue of 566.27 billion yuan, a year-on-year increase of 13%, while R&D expenses surged by 31% to 43.75 billion yuan, highlighting the company's commitment to innovation [1] - BYD's global sales reached 3.26 million units from January to September 2023, marking an 18.64% year-on-year growth, with a significant contribution from intelligent models equipped with the Tian Shen Zhi Yan driver assistance system [2] Financial Performance - In Q3 2023, BYD's revenue was 194.99 billion yuan, with a net profit of 7.82 billion yuan, indicating a positive trend despite increased industry competition [1] - The company's R&D investment for the first three quarters reached 43.75 billion yuan, significantly exceeding its net profit of 23.33 billion yuan during the same period [1] Sales and Market Expansion - BYD's global sales for the first nine months of 2023 reached 3.26 million units, achieving 70.87% of its annual target of 4.6 million units [2] - The overseas sales of BYD surged by 132% to 701,600 units, with products now available in 117 countries and regions [2] Technological Advancements - BYD's commitment to R&D is evident as it has invested over 220 billion yuan cumulatively, surpassing Tesla's R&D spending by 10.9 billion yuan this year [1] - The introduction of innovative technologies such as the Tian Shen Zhi Yan driver assistance system and the Super e-platform has contributed to stable sales growth [1] Strategic Initiatives - BYD is actively responding to national policies to support the healthy development of small and medium-sized enterprises, as indicated by a decrease in accounts payable and a shorter payment cycle to suppliers [6] - The company is expanding its market presence in Japan with the launch of the K-EV BYD RACCO and the Sea Lion 06DM-i plug-in hybrid model [4] Future Outlook - International investment banks, including Citigroup, project BYD's sales to reach 4.67 million units in 2024 and 5.39 million units in 2025, driven by high-end brand growth and technological advantages in the plug-in hybrid sector [6] - With ongoing technological innovations and an expanding product matrix, BYD is expected to continue leading the global electric vehicle industry transformation [6]