【CNMO科技消息】12月9日，在2025地平线技术生态大会上，北京汽车研究总院院长助理、智能网联 中心主任冯硕阐述了北汽在智能化转型道路上的深度思考与实践路径。 【CNMO科技消息】12月9日，在2025地平线技术生态大会上，北京汽车研究总院院长助理、智能网联 中心主任冯硕阐述了北汽在智能化转型道路上的深度思考与实践路径。 极狐阿尔法S5 冯硕表示，面对行业从"功能叠加"到"体验融合"的深刻变革，北京汽车提出将围绕 "AI虚拟司机" 与 "AI 超级助理" 两大核心产品线，通过平台化架构与开放生态合作，突破当前发展瓶颈，迈向整车智能与全 域互联的新阶段。他还强调："真正的智能，是提供一个值得信赖的'AI虚拟司机'，和一个懂你所想 的'AI超级助理'"。 据CNMO了解，北汽在智能化技术方面已取得显著成果。其打造的元境AI大模型平台，成功接入了 DeepSeek、豆包等顶尖垂类模型。目前，该平台已在极狐、北京越野品牌的多款车型上实现落地应 用，支持AI日程助理、AI备车等多项高频服务，累计调用次数已超8亿次。这一数据不仅体现了用户对 该平台的高度认可与广泛使用，更推动了智能座舱实现从"功能满足"到"价值创造" ...

Group 1: Market Outlook and Sales Performance - The penetration rate of new energy passenger vehicles has exceeded 50% for several consecutive months, indicating a strong market trend towards electrification [1] - From January to October 2025, the company achieved cumulative sales of 3.7 million vehicles, a year-on-year increase of 13.9%, maintaining its position as the global sales leader in new energy vehicles [2] - In October 2025, the company sold over 440,000 vehicles, setting a new record for the year, with overseas sales of passenger vehicles and pickups reaching 83,524 units, a year-on-year increase of 155.5% [2] Group 2: Product Development and Consumer Demand - The company emphasizes "technology as king, innovation as fundamental" and continuously optimizes product design to meet diverse consumer needs [3] - The launch of the "Titan 7" model, featuring a unique design and spacious interior, achieved sales of over 20,000 units in its first full month, with an average transaction price exceeding 210,000 [3] Group 3: Smart Technology and Innovation - The company is implementing its "Smart Vehicle" strategy, leveraging its extensive vehicle cloud database and engineering team to enhance advanced driver assistance systems [5] - As of September 2025, over 1.7 million vehicles equipped with the "Heavenly Eye" technology have been sold, generating over 110 million kilometers of data daily [5] Group 4: Global Expansion and Market Penetration - The company has expanded its global presence, with products available in over 110 countries and regions, significantly increasing new energy vehicle penetration in Europe, Latin America, and Asia-Pacific [6] - The company’s factory in Thailand celebrated its first anniversary, delivering its 90,000th new energy vehicle in the market [6] Group 5: Energy Storage Business Highlights - The company has established a complete industrial chain for energy storage, with a focus on system development and application since 2008 [7] - The "Hao Han" energy storage product, featuring the world's largest dedicated energy storage battery, was launched, significantly enhancing system reliability and performance [7] - As of October 2025, the total installed capacity of the company's new energy vehicle power batteries and energy storage batteries exceeded 230 GWh [7]

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]

Core Insights - BYD's Han Long Range Edition was officially launched on October 11, 2025, focusing on six luxury dimensions: aesthetics, comfort, ecology, intelligence, safety, and efficiency [1] - The Han family has achieved cumulative sales of over one million vehicles, establishing a significant market milestone [1] Group 1: Powertrain and Efficiency - The Han DM-i Long Range Edition features the fifth-generation DM technology, achieving a pure electric range of 245 kilometers and a low fuel consumption of 3.44L/100km, with a comprehensive range of 1560 kilometers [2] - The Han EV Long Range Edition offers a starting pure electric range of 635 kilometers, reaching up to 705 kilometers, with a 0-100 km/h acceleration time of 6.9 seconds and an energy consumption of 10.6 kW·h per 100 kilometers [2] Group 2: Aesthetics and Comfort - The Han Long Range Edition introduces three new colors: Frosted Gold, Pine Shadow Green, and Distant Peak Blue, catering to the aesthetic preferences of younger consumers [3] - The interior features upgrades such as a laser-brushed panel and high-quality materials, along with a fully upgraded electronic gear shift for a premium cabin atmosphere [3] Group 3: Smart Features and Safety - The vehicle is equipped with the DiLink 100 smart cockpit and integrates Deepseek's large model, enhancing connectivity and entertainment options [4] - The Han Long Range Edition includes a TBC high-speed tire blowout stability system, which enhances safety during high-speed driving by providing real-time responses to tire blowouts [6] Group 4: Intelligent Ecosystem - The vehicle integrates with various smart products for family travel, ensuring comfort and safety for users [5] - The Han Long Range Edition features the Yunlian-C intelligent damping control system, which adjusts suspension based on real-time road conditions [5]

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]