Core Insights - BYD Han Long Range Edition has officially launched, featuring significant improvements in electric range and fuel efficiency [1][3] - The Han DM-i Long Range Edition offers a pure electric range of 245 kilometers and a fuel consumption of only 3.44L/100km, while the Han EV Long Range Edition boasts a lower energy consumption of 10.6kW·h per 100 kilometers [1][3] Pricing and Models - The Han DM-i Long Range Edition is available in four models with prices ranging from 159,800 to 189,800 yuan after subsidies [3] - The Han EV Long Range Edition comes in three models priced between 173,800 and 205,800 yuan after subsidies [3] Performance and Features - The Han EV Long Range Edition features a new eight-in-one intelligent electric drive system, with a starting pure electric range of 635 kilometers and a maximum of 705 kilometers, achieving 0-100 km/h in as fast as 6.9 seconds [3] - The vehicle's comprehensive range reaches 1560 kilometers, enhancing long-distance travel convenience [3] Design and Comfort - The Han Long Range Edition introduces three new colors: Frosted Gold, Pine Shadow Green, and Distant Peak Blue, along with upgraded materials and interior configurations [3] - Key comfort features include a 4.5-liter intelligent cooling and heating refrigerator, ANC active noise cancellation technology, and a specially developed anti-motion sickness system [3] Intelligent Systems - The vehicle is equipped with the Yun Nian-C intelligent damping chassis control system, which can identify road conditions up to 15 meters ahead and adjust suspension damping accordingly [4] - The "Tian Shen Zhi Yan" driver assistance system supports various driving and parking scenarios, with over 300 parking scenarios currently supported [6] Safety Enhancements - The Han Long Range Edition includes the TBC high-speed tire blowout stability system, which responds in milliseconds to tire blowouts at speeds up to 190 km/h, significantly enhancing driving safety [6]

Core Viewpoint - BYD's Han Long Range version has been officially launched, focusing on luxury upgrades across six dimensions: aesthetics, comfort, ecology, intelligence, safety, and efficiency [1] Product Features - The Han DM-i Long Range version offers a pure electric range of 245 kilometers, with a low fuel consumption of 3.44L/100km when the battery is depleted, and a comprehensive range of 1560 kilometers [3] - The Han EV Long Range version features a new eight-in-one intelligent electric drive system, starting with a pure electric range of 635 kilometers and reaching up to 705 kilometers, with a 0-100 km/h acceleration time of 6.9 seconds and a power consumption of 10.6 kW·h per 100 kilometers [3] Aesthetic and Comfort Upgrades - The Han Long Range version introduces three new colors: Frosted Gold, Pine Shadow Green, and Distant Peak Blue, catering to the aesthetic preferences of younger consumers [5] - The interior has been upgraded with high-quality materials, including a laser-etched panel on the dashboard and easy-to-clean leather materials, enhancing the overall luxury experience [7] Comfort Features - Key comfort features include a 4.5-liter intelligent cooling and heating refrigerator, active noise cancellation technology, and a smart anti-motion sickness system, creating a serene travel environment [9] - The vehicle is equipped with the DiLink 100 intelligent cockpit, which integrates new functionalities such as hand-car connectivity and karaoke without a microphone [11] Safety Enhancements - The Han Long Range version is equipped with the TBC high-speed tire blowout stability system, which enhances safety during high-speed driving by providing immediate response to tire blowouts [17] - The vehicle also features the "Eye of God" driver assistance system, supporting various driving and parking assistance functions, with a commitment to cover any safety issues arising from the system [15] Customer Services - BYD offers exclusive services for Han owners, including vehicle pick-up and delivery services, and parking assistance at key locations such as train stations and airports, all free of charge [19] - The company is also providing promotional offers, including a 10,000 yuan reduction on the final payment for the Han EV 506KM model, along with a 10,000 yuan super replacement subsidy until October 31 [19]

2025年10月11日，比亚迪（002594）汉长续航版正式上市。新车聚焦美学、舒享、生态、智能、安全、 效能六大维度豪华进阶。汉DM-i长续航版纯电续航提升至245公里，亏电油耗仅3.44L/100km，汉EV长 续航版百公里电耗更低至10.6kW·h。同时新车升级搭载TBC高速爆胎稳行系统、云辇-C智能阻尼车身控 制系统等，并带来全新车色、内饰用料与舒享配置全面升级。 作为中国品牌向上突破的时代标杆，比亚迪汉家族始终致力于为用户打造高品质出行体验。至今，汉家 族累计销量已超百万辆，树立了重要的市场里程碑。在此基础上，全新推出的汉长续航版，正是汉家族 深度践行"用户思维"、回应市场需求的又一诚意力作。 动力系统技术跃升，彰显百万硬实力 汉长续航版直面用户核心关切，在续航与能耗上实现重大突破。汉DM-i长续航版全系标配第五代DM技 术，通过首发动力域控7合1系统，纯电续航达到245公里，轻松满足用户一周通勤零油耗需求。而 3.44L/100km超低亏电油耗、1560km综合续航里程，更让用户畅享"跨省出行不焦虑"的诗和远方。 汉EV长续航版则搭载全新八合一智能电驱系统，纯电续航起步635公里，最高705公里， ...

Core Viewpoint - BYD's mid-term performance for the first half of 2025 shows significant growth in revenue and profit, highlighting its leadership in the global electric vehicle market and strong market presence in China [1][2][8] Financial Performance - BYD reported a revenue of RMB 371.28 billion for the six months ending June 30, 2025, representing a year-on-year increase of 23.30% [1] - The net profit attributable to shareholders was RMB 15.51 billion, up 13.79% year-on-year, with earnings per share at RMB 1.71 [1] Automotive and Battery Business - In the first half of 2025, BYD's sales of new energy vehicles increased by over 33.0%, solidifying its leading position in the market [2] - The overall market share for BYD's automotive business rose by 2.2 percentage points to 13.7%, making it the second-largest exporter of complete vehicles in the first half of the year [2] Technological Innovation - BYD launched the world's first mass-produced passenger vehicle with a full-domain kilovolt high-voltage architecture, enhancing its core electric systems [3] - The company introduced a 10C charging battery and the world's first mass-produced 30,000 RPM motor, leading advancements in pure electric technology [3] Brand Strategy - BYD's multi-brand strategy includes brands like "BYD," "Equation Leopard," "Tengshi," and "Yangwang," catering to various market segments from family to luxury vehicles [4] - The "Tengshi" brand is advancing in the high-end market, while "Yangwang" focuses on high-end products with advanced technology [4] Global Expansion - BYD's products are now available in over 110 countries and regions across six continents, with significant sales growth in markets like the UK, Brazil, and Singapore [5] - The company is establishing local manufacturing and operational processes, including a new passenger vehicle factory in Cambodia and a European headquarters in Hungary [5] Collaboration and Future Outlook - BYD is deepening partnerships with global players to enhance its green vision and accelerate the development of charging infrastructure [6] - The company is also focusing on AI and smart products, with significant growth in its AI data center business [7] - BYD aims to strengthen its competitive edge and continue its global expansion in the new energy vehicle sector [8]

Financial Performance - In the first half of 2025, the company's revenue reached 371.28 billion yuan, representing a year-on-year increase of 23.3% [2][3] - The net profit attributable to shareholders was 15.51 billion yuan, up 13.79% year-on-year, while the net profit excluding non-recurring items was 13.6 billion yuan, reflecting a growth of 10.43% [2][3] - The company's total assets amounted to 846.34 billion yuan, an increase of 8.04% compared to the previous year, and the net assets attributable to shareholders rose by 25.33% to 232.17 billion yuan [2][3] Business Segments - Revenue from automotive and related products was approximately 302.51 billion yuan, showing a significant growth of 32.49%, while revenue from mobile components and assembly decreased by 5.54% to about 687.44 billion yuan [2][3] - The automotive segment accounted for 81.48% of total revenue, while mobile components and assembly represented 18.51% [2] Research and Development - The company invested approximately 30.88 billion yuan in R&D, marking a substantial increase of 53.05% year-on-year [2] Strategic Initiatives - In February, the company launched its "Smart Vehicle" strategy, introducing the "Tian Shen Eye" technology matrix and the "Universal Smart Driving" strategy, aiming to integrate advanced driving technologies across its vehicle lineup [2] - By May 2025, the cumulative sales of smart driving models exceeded 710,000 units, generating over 44 million kilometers of driving data daily [2] Technological Advancements - In March, the company unveiled the world's first mass-produced passenger vehicle with a full-domain kilovolt high-voltage architecture, enhancing its electric vehicle technology platform [4] - The "Flash Charging Battery" was introduced, capable of achieving a peak charging speed of 1 megawatt (1,000 kW), allowing for a charging experience of "2 kilometers in 1 second" and "400 kilometers in 5 minutes" [5] Capital Market Activities - The company completed a significant H-share placement of 5.6 billion USD in March, marking the largest placement in automotive history, attracting numerous top-tier long-term investors [5] - In April, the company initiated a 2025 employee stock ownership plan involving approximately 25,000 employees, with a total funding of about 4.1 billion yuan [5] Shareholder Returns - In June, the company approved a profit distribution plan, offering a cash dividend of 39.74 yuan per 10 shares and a stock bonus of 8 shares for every 10 shares held, along with a capital reserve conversion of 12 shares for every 10 shares [6]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.5 billion to 10 billion yuan in the first quarter of 2025, representing a year-on-year increase of 86.0% to 118.9% [2] - BYD's vehicle sales reached 1 million units in the first quarter of 2025, a year-on-year increase of 59.8%, with a single vehicle net profit of 8500 to 10,000 yuan, reflecting a year-on-year increase of 16.4% to 40.0% [2] - The company's overseas sales grew significantly, with 206,000 units sold in the first quarter of 2025, a year-on-year increase of 110% [2] - BYD's R&D investment exceeded 54.2 billion yuan in 2024, a year-on-year increase of 35.7%, focusing on smart and electric vehicle technologies [2] - The company forecasts net profits of 54.8 billion, 66.5 billion, and 79.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20x, 16x, and 14x, maintaining a "Buy" rating [2] Financial Summary - Total revenue for 2023 was 60.23 billion yuan, with projected revenues of 77.71 billion yuan in 2024 and 99.67 billion yuan in 2025, reflecting growth rates of 42.0%, 29.0%, and 28.3% respectively [3] - The net profit attributable to shareholders for 2023 was 30 billion yuan, with projections of 40.3 billion yuan in 2024 and 54.8 billion yuan in 2025, indicating year-on-year growth rates of 80.7%, 34.0%, and 36.1% respectively [3] - The gross profit margin is expected to improve from 18.6% in 2023 to 20.8% by 2027 [3] - The return on equity (ROE) is projected to remain stable around 24.5% from 2025 to 2027 [3]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, representing a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [2][4] - The company sold 4.272 million vehicles in 2024, marking a 41.1% increase compared to the previous year, with a fourth-quarter sales figure of 1.524 million vehicles [4] - BYD's R&D investment exceeded 50 billion yuan in 2024, with a focus on smart and electric vehicle technologies [4] Financial Performance - Total revenue for 2023 was 602.3 billion yuan, projected to grow to 996.7 billion yuan by 2025, with a year-on-year growth rate of 28.3% [5] - The net profit attributable to shareholders is expected to rise from 30 billion yuan in 2023 to 54.8 billion yuan in 2025, reflecting a growth rate of 36.1% [5] - The gross margin is expected to improve from 18.6% in 2023 to 19.9% in 2025 [5] Strategic Developments - BYD's global expansion includes entering over 100 countries and regions, with local production facilities established in Uzbekistan and Thailand [4] - The company is advancing its smart vehicle strategy, integrating high-level autonomous driving systems into its models [4] Profit Forecast - The forecasted net profit for BYD is 54.8 billion yuan in 2025, 66.5 billion yuan in 2026, and 79.7 billion yuan in 2027, with corresponding P/E ratios of 21, 18, and 15 times respectively [4]

Investment Rating - The investment rating for BYD is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [2][4] - The company sold 4.272 million vehicles in 2024, representing a 41.1% increase year-on-year, with a fourth-quarter sales figure of 1.524 million vehicles [4] - BYD's R&D investment exceeded 50 billion yuan in 2024, with a focus on smart and electric vehicle technologies [4] Financial Performance - Total revenue for 2023 was 602.3 billion yuan, with a projected increase to 996.7 billion yuan by 2025, reflecting a growth rate of 28.3% [5] - The net profit attributable to shareholders is expected to rise from 30 billion yuan in 2023 to 54.8 billion yuan in 2025, indicating a growth rate of 36.1% [5] - The gross margin is projected to improve from 18.6% in 2023 to 19.9% in 2025 [5] R&D and Technological Advancements - BYD's R&D expenses for 2024 were 53.2 billion yuan, a 34.4% increase year-on-year, with a focus on integrating electric and smart technologies [4] - The company launched several new technologies in 2024, including the "e platform 3.0 Evo" and the fifth-generation DM technology [4] Global Expansion - BYD's electric vehicles are now present in over 100 countries and regions across six continents [4] - The company is enhancing its global logistics capabilities with the launch of two automobile transport ships in 2024 [4] Profit Forecast - The forecasted net profit for BYD is 54.8 billion yuan in 2025, 66.5 billion yuan in 2026, and 79.7 billion yuan in 2027, with corresponding P/E ratios of 21, 18, and 15 [4]

Core Insights - BYD is projected to achieve a revenue of 777.1 billion yuan in 2024, representing a year-on-year growth of 29% and a net profit of 40.25 billion yuan, up 34% [1] - The company plans to distribute a cash dividend of 12.1 billion yuan, which accounts for approximately 30% of the net profit attributable to shareholders [1] - In Q4 2024, BYD's revenue reached 274.85 billion yuan, showing a quarter-on-quarter increase of 36.7% and a year-on-year increase of 52.7% [1] Sales Performance - For the full year, BYD sold 4.27 million vehicles, marking a 41% increase year-on-year, with monthly sales exceeding 500,000 units for over three consecutive months [2] - The high-end brands, including Fangchengbao, Tengshi, and Yangwang, achieved total sales of 190,000 units, up 40% year-on-year [2] - Overseas sales reached 420,000 units, a 72% increase year-on-year, with Q4 sales of 120,000 units, reflecting a quarter-on-quarter growth of 26% [2] International Expansion - BYD's electric vehicles are now present in over 100 countries and regions across six continents [2] - The company has signed a land purchase agreement for a passenger car factory in Szeged, Hungary, and has launched production in Uzbekistan and Thailand, with the latter having an annual capacity of approximately 150,000 vehicles [2] Technological Advancements - Since 2025, BYD has introduced significant technological upgrades, including advanced intelligent driving and enhanced battery technology [3] - The company has established a comprehensive smart vehicle strategy, leading in the field of intelligent driving with over 4 million vehicles equipped with L2 level and above intelligent driving capabilities [3] - The launch of the Super e-platform and new generation vehicle-grade silicon carbide power chips marks a significant milestone in BYD's technological evolution [3] Financial Projections - BYD's projected revenues for 2025, 2026, and 2027 are 955.84 billion yuan, 1,144.14 billion yuan, and 1,338.64 billion yuan, respectively, with year-on-year growth rates of 23%, 19.7%, and 17% [4] - The expected net profit attributable to shareholders for the same years is 55.41 billion yuan, 69.76 billion yuan, and 83.74 billion yuan, with corresponding year-on-year growth rates of 37.7%, 25.9%, and 20% [4] - Earnings per share (EPS) are projected to be 18.2 yuan, 23.0 yuan, and 27.6 yuan, with price-to-earnings (PE) ratios of 20.6, 16.4, and 13.7, respectively [4]

Core Viewpoint - BYD has achieved significant growth in revenue and net profit, driven by strong sales in the electric vehicle market and advancements in technology [1][4]. Group 1: Financial Performance - In 2024, BYD reported a revenue of 777.1 billion yuan, a year-on-year increase of 29%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34% year-on-year [1]. - For Q4 2024, the company recorded a single-quarter revenue of 274.85 billion yuan, representing a year-on-year growth of 52.66% and a quarter-on-quarter increase of 36.66%. The net profit for the same quarter was 15.016 billion yuan, up 73.12% year-on-year and 29.37% quarter-on-quarter [1]. - The gross margin stood at 19.4%, an increase of 0.9 percentage points year-on-year, with a net operating cash flow of 133.5 billion yuan [1]. Group 2: Sales and Market Position - BYD's sales of new energy vehicles reached 4.27 million units in 2024, a 41% increase year-on-year, maintaining its position as the top-selling automaker in China and globally in the new energy vehicle market [2]. - The company achieved a milestone of producing over 10 million new energy vehicles, becoming the first automaker to reach this figure [2]. - BYD's market share in the domestic passenger car market rose to 65.2%, an increase of 9.2 percentage points year-on-year [2]. Group 3: Technological Advancements - The launch of the e-platform 3.0 Evo and the fifth-generation DM has led to industry-leading engine thermal efficiency of 46.06% and ultra-low fuel consumption of 2.9L per 100 km [2]. - BYD introduced the megawatt fast-charging technology, allowing for a 400 km charge in just 5 minutes, and the "Heavenly Eye" advanced driving assistance system has been rolled out nationwide [2]. - The company is focusing on integrating electrification and intelligence through its "Xuanji" architecture, which supports its "whole vehicle intelligence" strategy [2]. Group 4: Export and Global Expansion - In 2024, China's total automobile exports reached 5.859 million units, a year-on-year increase of 19.3%, with new energy vehicle exports hitting a record high of 1.284 million units, up 6.7% [3]. - BYD's overseas passenger car sales reached 417,000 units, a significant increase of 71.9% year-on-year, marking a historical high [3]. - The company is expanding its global presence through partnerships with quality dealers and local production facilities in Uzbekistan and Thailand [3].