BYD(SZ:002594) 中国基金报·2025-08-29 16:03Core Viewpoint - BYD's profit growth has slowed down in the first half of 2025, citing industry chaos such as "one-price" policies disrupting normal business order [2][21]. Financial Performance - In the first half of 2025, BYD reported a revenue increase of 23.30% to RMB 371,281 million, gross profit growth of 18.24% to RMB 66,866 million, and a net profit attributable to owners of the parent company increased by 13.79% to RMB 15,511 million [3][4]. - The gross profit margin for the automotive segment decreased by 1.99 percentage points to 20.35%, despite a revenue increase of 32.49% to RMB 302,506 million [12][18]. - The overall gross profit margin for the first half of 2025 was reported at 22.34% after adjustments, reflecting a year-on-year increase of 1.69 percentage points [18][20]. Sales and Market Dynamics - BYD's monthly sales growth for new energy vehicles has shown signs of stagnation, with sales figures for January to June 2025 being 300,500; 322,800; 377,400; 380,100; 382,500; and 382,600 units respectively [22]. - The company has implemented aggressive promotional strategies, including a "limited-time one-price" offer with discounts up to RMB 53,000 on certain models [23][25]. - BYD's sales target for 2025 is set at 5.5 million units, with only 45.28% of this target achieved by the end of July 2025 [28]. Industry Context - The automotive industry in China is experiencing intensified competition, with practices like "one-price" and excessive marketing disrupting the market [21][23]. - BYD anticipates that the penetration rate of new energy vehicles will continue to rise, supported by government policies and subsidies aimed at promoting the replacement of old fuel vehicles [23].