过去投资比亚迪为巴菲特带来了丰厚的回报，但没人说得清未来。 今年9月份，投资界传来一则重磅消息，被誉为股神巴菲特旗下的伯克希尔哈撒韦已经完全清仓比亚迪股份，结束了这场跨越17年的投资传奇。 巴菲特的这一决策也引发了广泛的市场关注，不仅因为其高达3890%的投资回报率，更因为这背后还折射出价值投资理念在新时代的适用性，以及新能源汽 车行业所面临的深刻变革。 巴菲特对比亚迪的投资最早可以追溯到2008年，当时伯克希尔旗下中美能源公司以2.3亿美元认购了比亚迪2.25亿H股，持股比例达9.89%。这一投资决策主 要得益于查理芒格的极力推荐。 当时芒格对比亚迪创始人及其团队的技术创新能力给予了高度评价。在持有期间，比亚迪的股价从2008年的约8港元上涨至2021年10月的324港元高点，涨幅 超过了40倍。 截至巴菲特清仓时，这笔投资也为伯克希尔哈撒韦带来了高达3890%的回报率，成为股神巴菲特职业生涯中又一经典案例。 所以，巴菲特清仓比亚迪的根本原因在于，巴菲特可能认为比亚迪的估值已经脱离低估区间，继续持有不符合其安全边际原则。 另外和十几年前相比，今天全球汽车市场的竞争格局，也在不断发生变化。 但问题在于，在投资 ...

Core Viewpoint - Despite a significant increase in sales, Beiqi Blue Valley (600733.SH) continues to operate at a loss, although the loss has narrowed compared to the previous year [2][5]. Financial Performance - In the first half of 2025, Beiqi Blue Valley reported revenue of 9.517 billion yuan, a year-on-year increase of 154.38% [5][6]. - The net loss for the same period was 2.308 billion yuan, compared to a loss of 2.571 billion yuan in the previous year, indicating a reduction in losses [5][6]. - Research and development expenses reached 1.07 billion yuan, up 62.94% year-on-year, while sales expenses were 856 million yuan, an increase of 10.51% [6]. Sales and Market Position - Beiqi Blue Valley's subsidiary, Beijing New Energy, achieved sales of 77,400 vehicles in the first seven months of 2025, representing a year-on-year growth of 98.58% [3][13]. - The Xiangjie S9 model saw significant sales growth, with 4,154 units delivered in June, a month-on-month increase of 94.7%, making it the top-selling model in the 300,000 yuan and above new energy vehicle category [3][11]. Debt and Financial Health - As of the end of the first half of 2025, the company's asset-liability ratio rose to 80.26% [4][9]. - The asset-liability ratios from 2020 to 2024 were 73.91%, 70.10%, 79.89%, 77.41%, and 75.33%, respectively, indicating a trend of increasing leverage [8][9]. Strategic Focus - The company is focusing on enhancing product layout and increasing R&D investment to cope with intense competition in the new energy vehicle sector [5][6]. - Beiqi Blue Valley aims to strengthen its brand presence and product differentiation, particularly through its Xiangjie and Extreme Fox brands, while expanding its dealer network [13][14].