Zheng Quan Shi Bao·2025-10-30 19:11Core Insights - BYD's Q3 revenue reached 194.99 billion yuan, with a net profit of 7.82 billion yuan, showing a 23% quarter-on-quarter increase but a 32.6% year-on-year decline [2] - For the first three quarters, BYD's revenue was 566.27 billion yuan, a 13% year-on-year increase, while net profit decreased by 7.55% to 23.33 billion yuan [2] - R&D expenses surged by 31% to 43.75 billion yuan, significantly exceeding net profit for the same period [2] Sales Performance - BYD's global sales reached 3.26 million units from January to September, marking an 18.64% year-on-year increase and achieving 70.87% of the annual target of 4.6 million units [2] - Intelligent models have become the main sales drivers, with over 1.7 million units equipped with the "Tian Shen Zhi Yan" driver assistance system sold since its launch [2] International Expansion - BYD's overseas sales reached 701,600 units in the first nine months, a remarkable 132% year-on-year increase, with products now available in 117 countries and regions [3] - BYD has maintained its position as the global leader in pure electric vehicle sales for four consecutive quarters, with 1.61 million units sold in the first three quarters, surpassing Tesla's 1.22 million units [3] Market Strategy - BYD introduced the K-EV BYD RACCO at the Tokyo Motor Show, tailored for the Japanese market, and launched its first plug-in hybrid model, the Sea Lion 06DM-i, to accelerate market penetration [4] - The company has unified supplier payment terms to within 60 days, reflecting a commitment to industry collaboration and a healthier supply chain ecosystem [4] Future Outlook - Citigroup's latest report forecasts BYD's sales to reach 4.67 million and 5.39 million units in the next two years, driven by high-end brand growth, technological advantages in plug-in hybrids, and strong overseas sales [4]