Zheng Quan Ri Bao Zhi Sheng·2025-10-31 04:08Core Insights - BYD reported strong financial performance in Q3 2025, with revenue of 194.99 billion yuan and a net profit of 7.82 billion yuan, reflecting a quarter-on-quarter growth of 23.08% and an increase in gross margin by 1.34 percentage points [1] - For the first three quarters of 2025, BYD achieved a revenue of 566.27 billion yuan, marking a year-on-year growth of 12.75%, setting a new record for the same period [1] - BYD maintained its leading position in the domestic automotive market, with a retail sales share of 14.9% and 28.7% in the new energy vehicle sector, selling 3.26 million new energy vehicles, a year-on-year increase of 18.64% [1][2] Financial Performance - In Q3 2025, BYD's revenue reached 194.99 billion yuan, with a net profit of 7.82 billion yuan, indicating a quarter-on-quarter growth of 23.08% [1] - The total revenue for the first three quarters was 566.27 billion yuan, showing a year-on-year increase of 12.75% [1] - The gross margin improved by 1.34 percentage points compared to the previous quarter [1] Sales and Market Position - BYD sold 3.26 million new energy vehicles in the first three quarters, with pure electric vehicle sales at 1.61 million units (up 37.31%) and plug-in hybrid vehicle sales at 1.61 million units (up 2.94%) [1] - BYD ranked first among domestic automakers with a retail sales share of 14.9% and held a dominant position in the new energy vehicle market with a 28.7% share [1][2] International Expansion - BYD's overseas sales of new energy vehicles reached 464,300 units in the first half of the year, a significant year-on-year increase of 128.25% [2] - In Q3, BYD exported a total of 232,800 new energy vehicles [2] - The launch of the K-EV BYD RACCO at the Tokyo Motor Show and the introduction of the Sea Lion 06DM-i in Japan are part of BYD's strategy to expand its international market presence [2] Research and Development - BYD's R&D expenses for the first three quarters amounted to 43.75 billion yuan, a year-on-year increase of 31.30%, significantly exceeding its net profit of 23.33 billion yuan [2] - Cumulatively, BYD has invested over 220 billion yuan in R&D, leading to the development of innovative technologies such as the Tian Shen Eye driver assistance system and the Super e-platform [2][3] Product Innovation and Strategy - Smart models have become the main sales drivers for BYD, with over 1.7 million units equipped with the Tian Shen Eye system sold since its launch [3] - BYD has committed to ensuring safety and loss coverage for smart parking scenarios, reflecting its confidence in technology [3] - Analysts predict that BYD's sales will reach 4.67 million and 5.39 million units in the next two years, driven by high-end brand growth and strong overseas sales [3]