Nan Fang Du Shi Bao·2025-12-06 03:41Core Viewpoint - BYD is facing a decline in domestic sales due to reduced technological differentiation and unresolved user pain points, while its overseas business is experiencing significant growth, contributing positively to overall profitability [3][4]. Group 1: Domestic Market Challenges - In November, BYD's total sales reached 480,200 units, but domestic sales were only 348,300 units, reflecting a year-on-year decline of 26.81% for five consecutive months [3]. - The decline in domestic sales is attributed to two main factors: a decrease in the "wow factor" of technological advancements and unresolved user issues such as slow charging speeds in low-temperature environments [3]. - The company emphasizes that its core competitiveness remains rooted in technology, supported by a research team of 120,000 engineers working on new breakthroughs [3]. Group 2: Overseas Market Performance - BYD's overseas passenger car sales reached 912,900 units in the first 11 months of the year, marking a year-on-year increase of 153.58%, surpassing the total overseas sales for 2024 [4]. - The overseas market is becoming an increasingly significant part of BYD's business, with stable pricing contributing positively to the company's overall profit structure [4]. Group 3: Future Development Strategy - BYD plans to accelerate "technology democratization" by introducing advanced technologies from flagship models to more volume-oriented models by 2026 [5][6]. - The company aims to enhance its brand strength and avoid aggressive marketing strategies, focusing instead on long-term reputation and consumer recognition [6]. - AI technology will be a key focus, with investments in human resources and hardware design to support its application in automotive manufacturing [6].