Core Insights - Morgan Stanley's report indicates that BYD's (1211.HK) third-quarter profit fell by 33% year-on-year, which was below market expectations, but showed a recovery of 23% compared to the second quarter [1] - The automotive business unit profit reached approximately 6,100 RMB, an improvement from 4,800 RMB in the second quarter, yet still below market expectations [1] - The gross margin increased by 1.3 percentage points to 17.6% quarter-on-quarter, attributed to reduced discounts in the Chinese market and lower costs for the autonomous driving system, offsetting the impact of decreased overseas sales [1] - The third-quarter performance did not surprise investors but aligned with previously lowered market expectations, with ongoing focus on overseas business progress, next year's new product cycle, and potential sales policies in response to the 2026 increase in new energy vehicle purchase tax [1] - Morgan Stanley maintains an "Overweight" rating with a target price of 130 HKD [1]

Core Insights - BYD reported a decline in third-quarter revenue, marking the first negative growth in recent quarters, with a revenue of 195 billion yuan, down 3.05% year-on-year, and a net profit of 7.82 billion yuan, down 32.6% year-on-year [1][2] - For the first three quarters, revenue reached 566.3 billion yuan, an increase of 12.75% year-on-year, while net profit decreased by 7.55% to 23.3 billion yuan, indicating a widening gap between revenue growth and profit decline [1][2] Financial Performance - The third-quarter operating income was 195 billion yuan, with a year-on-year decrease of 3.05%, and net profit attributable to shareholders was 7.82 billion yuan, down 32.6% [1][2] - The first three quarters showed a revenue of 566.3 billion yuan, up 12.75%, but net profit fell to 23.3 billion yuan, down 7.55% [1][2] - The non-recurring net profit was 6.89 billion yuan, down 36.65%, indicating significant pressure on the company's core business profitability [2] Cash Flow Situation - The net cash flow from operating activities was 40.8 billion yuan, a significant decline of 27.42% year-on-year, suggesting potential issues with accounts receivable, inventory buildup, or collection difficulties [3] Cost and Expense Pressure - The total operating cost for the first three quarters was 465.1 billion yuan, up 14.70%, leading to a gross margin of approximately 17.86%, down about 1 percentage point year-on-year [4] - Research and development expenses reached 43.7 billion yuan, up 31.30%, accounting for 7.72% of revenue, while selling and administrative expenses also increased significantly [4] Asset and Liability Management - Total assets amounted to 901.9 billion yuan, a 15.14% increase from the beginning of the year, with inventory rising by 31.83% to 153 billion yuan [2][6] - Long-term borrowings surged by 641.10% to 61.2 billion yuan, reflecting aggressive expansion strategies [2][6] - The company’s investment activities showed a cash outflow of 114.9 billion yuan for fixed assets and other long-term assets, a 64.72% increase year-on-year [6]

里昂予比亚迪的港股目标价140港元，基于2026年19倍预估每股盈利，此估值高于历史均值，评级"高度 确信跑赢大市"。里昂认为此溢价合理，因比亚迪具备明确的产品管线成长能见度、供应链优势，以及 在智能驾驶领域的显著进步，这些要素将推动其转型为汽车+智能综合巨擘。 里昂发表研报指，比亚迪上季业绩符合预期，第三季每辆车GAAP(公认会计原则)利润为6200元，较第 二季有所上升，符合市场预期，此改善主要得益于25.82万辆汽车(滞后三个月)的强劲出口量。里昂测 算，比亚迪第三季折扣系数为86%，高于第二季的78%，显示价格策略更趋纪律化。边际方面，比亚迪 第三季毛利率为17.6%，优于第二季度的16.3%。 ...

Core Insights - The article reports that Geely Group has launched 300 methanol-hydrogen electric buses in Harbin, covering multiple routes [1][3] - The buses utilize a pioneering methanol-hydrogen electric technology with a self-developed methanol engine, significantly reducing fuel costs compared to diesel buses [1] - In extreme cold conditions of -25°C, the buses maintain a range of over 600 kilometers, which is more than double that of pure electric buses under similar conditions, with a refueling time of only 7-10 minutes [1] Cost Efficiency - Operational data indicates that the new bus model saves an additional 0.2 yuan per kilometer compared to pure electric buses [3] - Over an 8-year lifecycle, each bus can accumulate savings of approximately 180,000 yuan in operating costs, showcasing excellent energy-saving performance [3]

日产汽车公司(Nissan Motor Co.)预计本年度将录得2750亿日元(约合18亿美元)营业亏损，同时正大力推 进成本削减计划以挽救不断恶化的财务状况。消息公布后，这家陷入困境的车企股价出现两个月来最大 跌幅。 这是日产首次发布截至2026年3月财年的业绩展望，此前该公司一直未提供盈利指引。此外，日产预计 今年4-9月(上半财年)将亏损300亿日元，这一结果好于其此前预测的1800亿日元亏损。 "日产仍面临多重挑战，且外部不利因素进一步加剧了这些困难。"日产首席财务官热雷米·帕潘(Jeremie Papin)周四表示。 周五东京股市早盘，日产股价一度下跌6.1%，创下8月26日以来的最大盘中跌幅。今年以来，该股已累 计下跌约27%。截至发稿，在美股市场跌2.26%。 分析师Tatsuo Yoshida指出，日产上半财年亏损低于此前预期，并非源于业务显著改善，而是受一次性 成本等因素影响。"目前尚不清楚(重组)进展能否按计划推进。" 帕潘则将亏损收窄归因于美国排放法规相关支出、既往负债，以及其他"一次性因素与递延成本"。 日产目前暂未披露重组成本，也未提供全年净利润或净亏损展望。帕潘表示，相关细节将于1 ...

10月30日，英伟达首席执行官黄仁勋在韩国出席APEC峰会期间，与两大财阀吃炸鸡喝啤酒。 星标"新京报" 及时接收最新最热的推文 点击"在看"，分享热点 黄仁勋指定在一家炸鸡店与三星电子会长李在镕、现代汽车集团会长郑义宣聚餐，希望亲身体验韩国的 炸鸡啤酒文化。他们点了三份炸鸡、芝士条和三杯生啤，黄仁勋喝了隔壁桌的烧酒配啤酒。黄仁勋喊 出"全场免单"，实际结账的是李在镕与郑义宣，总消费约250万韩元。 ▲新京报我们视频出品（ID：wevideo） 编辑 李佩雯 制作 罗伟伟 值班编辑 古丽 ...

来源：市场资讯 （来源：汽车之地） 10月30日，大众汽车集团发布2025年第三季度财报显示，2025年第三季度实现营业收入803.05亿欧元， 同比增长2.3%；营业亏损12.99亿欧元，上年同期营业利润28.33亿欧元；息税前利润为亏损3.64亿欧 元，同期利润为23.31亿欧元；税后利润为亏损10.72亿欧元，同期为15.58亿欧元。从数据不难看出，虽 然大众汽车营收实现增长，但是却在盈利方面面临巨大的严峻挑战。 | | | 3. Quartal | | 9M | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 | 20241 | % | 2025 | 20241 | % | | Mengendaten2 in Tsd. | | | | | | | | Auslieferungen an Kunden (Fahrzeuge) | 2.199 | 2.176 | +1,0 | 6.604 | 6.524 | +1,2 | | Absatz (Fahrzeuge) | 2.218 | 2.122 | +4,5 | 6.581 | 6.463 ...

Core Viewpoint - Foton Motor's Q3 2025 report shows significant growth in revenue and profit, indicating strong operational performance and financial health [1][7]. Financial Performance - For Q3 2025, Foton Motor reported revenue of 15,078,374,967.92 CNY (approximately 150.78 billion CNY), a year-on-year increase of 27.85% [1][2]. - The total profit for the period reached 301,816,192.63 CNY (approximately 3.02 billion CNY), a staggering year-on-year increase of 1,329.19% [1][2]. - Net profit attributable to shareholders was 335,789,849.38 CNY (approximately 3.36 billion CNY), reflecting a year-on-year surge of 1,764.21% [1][2]. Year-to-Date Performance - For the first three quarters of 2025, Foton Motor's revenue totaled 45,449,365,986.35 CNY (approximately 454.49 billion CNY), marking a year-on-year growth of 27.09% [3]. - The total profit for this period was 1,052,124,460.79 CNY (approximately 10.52 billion CNY), which is a year-on-year increase of 127.79% [3]. - Net profit attributable to shareholders for the same period was 1,112,648,015.41 CNY (approximately 11.13 billion CNY), showing a year-on-year growth of 157.45% [3]. Asset and Equity Growth - As of the end of the reporting period, Foton Motor's total assets amounted to 58,093,378,616.06 CNY (approximately 580.93 billion CNY), representing a 12.04% increase from the previous year [5]. - The equity attributable to shareholders reached 15,362,574,398.84 CNY (approximately 153.63 billion CNY), which is a 7.27% increase compared to the end of the previous year [5]. - The net cash flow from operating activities for the year-to-date period was 1,697,913,284.95 CNY (approximately 16.98 billion CNY), providing substantial financial support for future operations [5].

Core Insights - The company reported strong growth in key operational metrics for Q3 2025, indicating robust development momentum [1][2]. Financial Performance - The operating revenue for the reporting period reached 15,917,165,202.83 yuan (approximately 15.92 billion yuan), representing a year-on-year increase of 77.91% [1][2]. - The net profit attributable to shareholders was 352,485,860.96 yuan (approximately 0.35 billion yuan), showing a significant year-on-year growth of 525.14% [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 227,194,986.46 yuan (approximately 0.23 billion yuan), which is a year-on-year increase of 204.05% [1][2]. - Basic and diluted earnings per share were both 0.0716 yuan/share, reflecting a 500% increase compared to the same period last year [1][2]. Year-to-Date Performance - For the first three quarters of 2025, the operating revenue totaled 43,995,870,260.90 yuan (approximately 43.99 billion yuan) [2]. - The net profit attributable to shareholders for the same period was 372,141,671.35 yuan (approximately 0.37 billion yuan) [2]. - The net cash flow from operating activities reached 3,512,754,083.47 yuan (approximately 3.51 billion yuan), marking a substantial year-on-year increase of 315.09% [2]. Asset Overview - As of the end of the reporting period, the total assets of the company amounted to 76,195,233,089.08 yuan (approximately 76.20 billion yuan) [2].

10月30日，现代汽车第三季度销售额46.72万亿韩元，预估45.37万亿韩元；营业利润2.54万亿韩元，预 估2.55万亿韩元；净利润2.26万亿韩元，预估2.31万亿韩元。 编辑丨安安 ...