Shang Hai Zheng Quan Bao·2025-10-30 22:52Core Viewpoint - BYD's third-quarter performance shows a decline in revenue and net profit, indicating challenges in maintaining growth momentum in the electric vehicle market [3][6]. Financial Performance - In the third quarter, BYD reported revenue of 194.99 billion yuan, a decrease of 3.05% year-on-year [3]. - The net profit attributable to shareholders was 7.82 billion yuan, down 32.6% compared to the same period last year [3]. - The net cash flow from operating activities was 40.85 billion yuan, reflecting a decline of 27.42% year-on-year [3]. - Basic and diluted earnings per share were both 0.85 yuan, a decrease of 36.09% year-on-year [3]. - The weighted average return on equity was 3.40%, down 4.08% from the previous year [3]. Sales and Production - In the first three quarters, BYD achieved cumulative sales of 3.26 million vehicles, an increase of 18.64% year-on-year [5]. - In September, BYD's new energy vehicle sales were 396,270 units, a year-on-year decline of approximately 5.52%, marking the first drop in sales for the year [2][5]. - The company has adjusted its annual sales target from 5.5 million to 4.6 million vehicles, achieving 70.87% of this target by the end of September [6]. Market Expansion and R&D - BYD's overseas sales reached 701,600 units in the first three quarters, a significant increase of 132% year-on-year, highlighting the importance of international markets for growth [6]. - The company maintained high R&D investment, with expenditures rising by 31% to 43.75 billion yuan, exceeding its net profit for the same period [6]. - BYD has introduced several new technologies, including advanced driver assistance systems and fast-charging platforms, as part of its ongoing innovation efforts [6]. Stock Performance and Management Actions - Following a peak in May, BYD's stock price has seen a decline of over 19%, closing at 103.61 yuan per share on October 30 [6]. - To instill market confidence, key executives at BYD collectively purchased 488,200 shares for a total of 52.33 million yuan between September 1 and September 9 [7].