Jing Ji Wang·2025-10-31 08:11Core Insights - BYD's Q3 report shows significant growth with revenue of 194.99 billion yuan and net profit of 7.82 billion yuan, marking a 23% quarter-on-quarter increase and a 1.6 percentage point rise in gross margin [1] - For the first three quarters of the year, BYD achieved revenue of 566.27 billion yuan, a 13% year-on-year increase, and R&D expenses surged by 31% to 43.75 billion yuan, exceeding the net profit of 23.33 billion yuan during the same period [1] - BYD's cumulative R&D investment has surpassed 220 billion yuan, leading to the launch of several groundbreaking technologies, which have driven steady sales growth [1] Sales Performance - In the first nine months of the year, BYD's global sales reached 3.26 million units, an 18.64% year-on-year increase, achieving 70.87% of the annual target of 4.6 million units [1] - 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 in early 2025 [1] International Expansion - BYD's overseas sales reached 701,600 units in the first nine months, a staggering 132% year-on-year increase, significantly exceeding the total overseas sales for 2024 [2] - The company has expanded its product offerings to 117 countries and regions globally, with the recent launch of the K-EV BYD RACCO tailored for the Japanese market [2] Financial Health and Market Outlook - BYD's financial report indicates a notable decrease in accounts payable and a reduction in the average payment cycle to upstream suppliers, reflecting a commitment to supporting the healthy development of small and medium-sized enterprises [5] - International investment banks are optimistic about BYD's growth prospects, with Citigroup projecting sales of 4.67 million and 5.39 million units for the next two years, driven by high-end brand growth and strong overseas sales [5] - The continuous introduction of disruptive technologies and an expanding product matrix are expected to position BYD as a leader in the global electric vehicle industry [5]