Zhong Guo Ji Jin Bao·2025-10-30 22:27Core Viewpoint - BYD's performance in Q3 2025 shows a significant decline in both net profit and revenue, marking the first year-on-year decrease since 2022, raising concerns about the company's operational pressures and inventory levels [1][4][5]. 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 excluding non-recurring items was 6.89 billion yuan, down 36.65% [1][5]. - The total revenue for Q3 2025 was 194.98 billion yuan, reflecting a year-on-year decrease of 3.05%, which is the first quarterly revenue decline since 2022 [4][5]. - For the first three quarters of 2025, net profit attributable to shareholders decreased by 7.55%, and net profit excluding non-recurring items fell by 11.65% compared to the same period last year [1][5]. Inventory Levels - As of the end of Q3 2025, BYD's inventory balance exceeded 152.97 billion yuan, representing a 31.83% increase from the end of Q4 2024 [8][9]. - The inventory level at the end of Q3 2025 is the second highest since 2022, only behind the inventory level at the end of Q1 2025 [8][10]. Sales and Production Trends - BYD's monthly sales peaked in Q2 2025, but there was a noticeable slowdown in sales growth in Q3, with September sales showing a year-on-year decline of 5.52% [7][11]. - The company experienced months where sales were lower than production, particularly in January, February, March, April, and September 2025 [11]. Market Dynamics - The automotive segment, which includes electric vehicles, continues to dominate BYD's revenue, accounting for over 80% of total revenue [7]. - The increase in inventory levels may indicate operational pressures in a competitive market, contrasting with industries experiencing high demand [10].