比亚迪三季度营收5663亿 研发费用438亿，远超同期净利润

Core Insights - BYD reported a revenue of 194.9 billion yuan in Q3, with a net profit of 7.82 billion yuan, reflecting a quarter-on-quarter growth of 23% [1] - The gross profit margin increased by 1.6 percentage points quarter-on-quarter, indicating stable core operational performance despite intensified industry competition [1] - For the first three quarters of the year, BYD achieved a total revenue of 566.27 billion yuan, marking a year-on-year growth of 13%, setting a new record for the same period [1] - Research and development expenses reached 43.75 billion yuan, a significant increase of 31% year-on-year, surpassing the net profit of 23.33 billion yuan for the same period, reinforcing BYD's reputation as a "king of R&D" [1]