Core Insights - The article highlights the pivotal role of Lian Yubo, the chief scientist of BYD, in the company's journey to becoming a leader in the electric vehicle industry, alongside founder Wang Chuanfu [2][24] - It emphasizes the innovative strategies and technological advancements that have propelled BYD to the forefront of the global automotive market, particularly in electric vehicles and battery technology [10][21] Group 1: Background and Early Development - Lian Yubo, recognized as a key figure behind Wang Chuanfu, joined BYD in 2003, bringing extensive automotive engineering experience [2][3] - The initial phase of BYD's automotive venture faced skepticism and financial losses, particularly with the acquisition of Qin Chuan Automobile [5][6] - Lian Yubo's commitment to developing a strong in-house research team was crucial, leading to the establishment of the Shanghai BYD R&D center [5][7] Group 2: Breakthroughs in Vehicle Development - BYD's first mass-produced model, the F3, launched in 2005, achieved remarkable sales success, selling over 100,000 units within a year, showcasing its competitive pricing [7][8] - The F3's design was inspired by the Toyota Corolla, but it was produced at half the cost, demonstrating BYD's innovative manufacturing approach [8][9] - Following the F3, BYD continued to release successful models, solidifying its presence in the Chinese automotive market [9] Group 3: Focus on Electric Vehicles - BYD's strategic focus shifted towards electric vehicles, with Wang Chuanfu emphasizing the importance of battery technology as the core of their electric vehicle strategy [10][11] - The establishment of the electric vehicle R&D department in 2004 marked a significant step in BYD's commitment to electric mobility [11][12] - Lian Yubo's team made significant advancements in battery technology, including the development of the IGBT, a critical component for electric vehicles [14] Group 4: Challenges and Resilience - Despite initial successes, BYD faced a decade-long stagnation in sales from 2011 to 2019, attributed to a lack of advanced technology in fuel vehicles and a nascent electric vehicle market [16][18] - During this period, BYD invested heavily in R&D, often exceeding its net profits, demonstrating a commitment to innovation despite financial pressures [18][19] - Lian Yubo's leadership during this challenging time was characterized by a focus on overcoming technical hurdles and maintaining a long-term vision for electric vehicles [18][19] Group 5: Recent Innovations and Market Success - The introduction of the "blade battery" in 2020 marked a significant innovation, enhancing energy density and safety, leading to strong market performance for BYD vehicles [19][21] - The development of the DM technology series has positioned BYD as a leader in hybrid technology, with significant improvements in fuel efficiency and performance [20][21] - BYD's sales skyrocketed from 426,900 units in 2020 to 4.27 million units in 2024, reflecting a tenfold increase in just four years, establishing it among the top five global automakers [21][22] Group 6: Recognition and Future Outlook - Lian Yubo's contributions have been recognized with multiple awards, including the National Science and Technology Progress Award and the title of National Excellent Engineer [22][24] - The article concludes by highlighting the transformation of BYD from a follower to a leader in the automotive industry, driven by innovation and a strong engineering culture [24]

24晚间，伴随年报的发布，"史上最强" 比亚迪 (002594.SZ) 持续冲击市场热度。 在商业世界早已证明，在一个充分竞争的领域，一家企业的崛起与没落，都有迹可循。 笔者分析财报后发现，比亚迪在 "市场、盈利、投资、研发、一体化、资本" 等6个方面的持续突 破，造就了比亚迪这份史上最强年报。 首先看市场突破力。 根据中国汽车工业协会的数据，中国新能源汽车全年产销分别达1,288.8万 辆和1,286.6万辆，同比分别大幅增长34.4%和35.5%，连续十年位居全球第1。 而据财报披露，比亚迪24年产销分别为430.41万辆 （同比增长125.52%） 和427.22万辆 （同比 增长41.265） ，市场占有率超33%，即市场每投入一辆新能源汽车，有一辆就是比亚迪。 另据24潮产业研究院 (TTIR) 统计，2020-2024年这五年间，比亚迪乘用车和商用车销量分别增长 了26.21倍、2.25倍，增长势头非常强劲。 | स्ट (२) | 乘用车销量 | 商用车销量 | | --- | --- | --- | | 2024年 | 425.04 | 2.18 | | 2023年 | 301.29 | 1. ...

Core Insights - In 2024, BYD achieved record financial results with total revenue reaching approximately 777.1 billion yuan, surpassing Tesla's annual revenue of about 709.5 billion yuan [1] - The net profit attributable to shareholders was 40.25 billion yuan, indicating continuous improvement in profitability [1] - BYD's total tax contribution in 2024 was 51 billion yuan, exceeding its net profit by over 10 billion yuan, reflecting its commitment to social responsibility [1] Automotive Business Performance - The automotive segment generated approximately 617.4 billion yuan in revenue, accounting for 79.45% of total group revenue [2] - BYD's global vehicle sales reached approximately 4.27 million units in 2024, marking a year-on-year growth of 41.26% [2] - The company maintained its position as the sales leader in both the Chinese automotive market and the global new energy vehicle market [2] Research and Development Investment - BYD's R&D expenditure in 2024 was 54.2 billion yuan, significantly exceeding its net profit, showcasing its commitment to innovation [3] - The company has consistently invested more in R&D than its annual net profit, with 13 out of the last 14 years reflecting this trend [3] - Cumulatively, BYD's R&D investment has surpassed 180 billion yuan, emphasizing its long-term strategic focus on technological advancement [3] Financial Health and Cash Reserves - As of the end of 2024, BYD's cash reserves reached a record high of 154.9 billion yuan, providing a strong foundation for future growth [7] - The company's interest-bearing debt decreased from 36.6 billion yuan to 28.6 billion yuan, resulting in a debt-to-total liabilities ratio of only 4.9%, the lowest in the industry [7] - BYD's financial strategy supports its "technology fish pond" approach, allowing for sustained investment in innovation [7] Supplier Payment Efficiency - BYD has significantly reduced its payment cycle to suppliers, with accounts payable turnover days at 127 days, compared to the industry average of 184 days [9][10] - This efficiency in managing supplier payments positions BYD favorably within the competitive landscape of the automotive industry [10]