Chang Sha Wan Bao·2025-11-03 09:59Core Insights - BYD's Q3 revenue reached 194.99 billion yuan with a net profit of 7.82 billion yuan, showing a quarter-on-quarter growth of 23% and an increase in gross margin by 1.6 percentage points [1] - For the first three quarters of the year, BYD's revenue totaled 566.27 billion yuan, a year-on-year increase of 13%, setting a new record for the same period [1] - R&D expenses for the first three quarters amounted to 43.75 billion yuan, a significant increase of 31% compared to the previous year, highlighting BYD's commitment to innovation [1] Financial Performance - BYD's Q3 net profit was 7.82 billion yuan, reflecting a strong operational performance despite increased industry competition [1] - The company's cumulative R&D investment has exceeded 220 billion yuan, significantly outpacing its net profit for the same period [1] Sales and Market Position - 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 its annual target of 4.6 million units [3] - The introduction of the "Tian Shen Zhi Yan" advanced driver-assistance system has contributed to the sales of smart models, with over 1.7 million units sold since its launch [3] International Expansion - BYD's overseas sales surged to 701,600 units from January to September, a remarkable increase of 132% year-on-year, with products now available in 117 countries and regions [3] - The company recently celebrated the production of its 14 millionth electric vehicle in Brazil, indicating strong international demand [3] 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 the growth of high-end brands and a comprehensive product matrix [3]