First Capital Securities·2025-07-07 02:46Group 1: Advanced Manufacturing Sector - The core viewpoint is that BYD's "Di Chain" supply chain finance model has evolved from a simple settlement tool to a complex financial strategy that reshapes the company's core competitiveness and risk profile [2] - As of the end of 2024, BYD's nominal debt is reported at 28.6 billion, but when including the "Di Chain," the broad debt scale exceeds 500 billion. The company's current assets are approximately 371 billion, indicating a cash flow gap of over 100 billion, reflecting high financial leverage and potential liquidity risks [2] - A decline in sales could further reduce cash flow, leading to a rapid increase in debt ratios, which may jeopardize the stability of the "Di Chain" and result in systemic collapse. This indicates that BYD has a high requirement for sales volume, and recent significant price cuts may reflect the immense pressure to maintain scale and market share [2][3] Group 2: Consumer Sector - Bilibili's Q1 2025 revenue reached 7 billion, representing a year-on-year growth of 24%. The quarterly gross margin is 36.3%, an increase of 8 percentage points compared to the previous year, exceeding market expectations [6] - The net profit attributable to shareholders under non-GAAP was 363 million, with a profit margin of 5%, marking a 13% year-on-year increase, primarily due to effective control of operating costs [6] - Revenue from the mobile gaming segment was 1.731 billion, surpassing Bloomberg's expectations by 2.73%, with a year-on-year growth of 76%, driven by the strong performance of the exclusive strategy game "Three Kingdoms: Planning the World" [6]