中国基金报·2025-10-30 16:07Core Viewpoint - BYD's performance in Q3 2025 shows a significant decline in net profit and revenue, marking the first year-on-year decrease since 2022, raising concerns about its operational pressures and inventory levels [2][5][8]. Financial Performance - In Q3 2025, BYD's net profit attributable to shareholders was 7.82 billion yuan, down 32.60% year-on-year, while the net profit after deducting non-recurring gains and losses was 6.89 billion yuan, a decrease of 36.65% [2][5][9]. - The company's revenue for Q3 2025 was 194.98 billion yuan, reflecting a year-on-year decline of 3.05%, marking the first quarterly revenue drop since 2022 [8][9]. - For the first three quarters of 2025, net profit attributable to shareholders and net profit after non-recurring gains and losses decreased by 7.55% and 11.65% respectively [5][9]. Sales and Inventory - BYD's inventory balance exceeded 150 billion yuan, reaching 152.97 billion yuan by the end of Q3 2025, a 31.83% increase compared to the end of Q4 2024 [15][16]. - The inventory level at the end of Q3 2025 was the second highest since 2022, indicating potential operational challenges in a competitive market [17][18]. - Monthly sales growth showed a significant slowdown in Q3 2025, with September sales experiencing a year-on-year decline of 5.52% [14][19]. Historical Context - Historically, Q3 has been a crucial period for BYD to boost its annual revenue, with previous years showing substantial growth rates in Q3 revenue [10][11]. - The sales figures for BYD's electric vehicles in 2025 indicated a peak in Q2, followed by a noticeable slowdown in Q3 [13].