Zhong Guo Ji Jin Bao·2025-10-30 16:17Core Insights - BYD's Q3 2025 performance shows a decline in net profit and revenue, marking the first year-on-year decrease since 2022 [2][4] - The company's inventory balance has exceeded 150 billion yuan, indicating potential operational pressures in a competitive market [7][8] Financial Performance - In Q3 2025, BYD's net profit attributable to shareholders was 7.82 billion yuan, down 32.60% year-on-year, while the net profit after excluding non-recurring items was 6.89 billion yuan, down 36.65% [5] - The total revenue for Q3 2025 was 194.99 billion yuan, a decrease of 3.05% compared to the same quarter last year, marking the first decline in quarterly revenue since 2022 [4][5] Inventory and Sales Trends - As of the end of Q3 2025, BYD's inventory balance reached 152.97 billion yuan, a 31.83% increase from the end of Q4 2024 [8] - The sales volume of BYD's new energy vehicles showed a significant slowdown in Q3 2025, with September sales experiencing a year-on-year decline of 5.52% [6][11] Market Dynamics - The increase in inventory is attributed to the growth in automotive business, which may reflect heightened operational challenges in a competitive environment [10][8] - BYD has implemented multiple promotional measures from March to June 2025 to stimulate sales, indicating a response to market pressures [10]