Core Viewpoint - BYD's revenue has surpassed Tesla for the first time, achieving a total revenue of 777.1 billion yuan in 2024, a year-on-year increase of 29% [4][5]. Revenue Breakdown - BYD's revenue is primarily derived from two segments: automotive and related products, contributing approximately 617.38 billion yuan (79.45% of total revenue), and mobile components and assembly, contributing about 159.6 billion yuan (20.54% of total revenue) [7]. - The automotive segment saw a significant increase in sales, with 4.27 million new energy vehicles sold, marking a 41% year-on-year growth [6]. Profitability Analysis - The net profit attributable to shareholders reached 40.25 billion yuan, reflecting a 34% increase, equating to a daily profit of approximately 110 million yuan [5]. - The overall gross profit margin remained stable at 19%, with domestic gross margin slightly declining by 2.69% to 20.18%, while overseas gross margin increased by 10.82% to 17.58% [9][10]. International Expansion - BYD's overseas revenue reached 221.88 billion yuan, growing by 38%, and accounted for 26.6% of total revenue, indicating a successful international strategy [8][10]. - The company has expanded its presence to over 100 countries and regions, with significant growth in overseas vehicle sales, which reached 417,000 units, a 71.9% increase [10]. Research and Development Investment - BYD invested approximately 54.2 billion yuan in R&D, a 35.68% increase from the previous year, indicating a strong commitment to innovation [12]. - The company has introduced several new technologies, including the "e-platform 3.0 Evo" and "fifth-generation DM technology" [12]. Supply Chain and Cost Management - BYD's deep penetration into the supply chain is evident, with 34 associated companies involved in transactions, highlighting its integrated operational model [13]. - The company reported 10.66 billion yuan in government subsidies, a significant increase from the previous year, contributing positively to its profit margins [14][15]. Financial Health - BYD's asset-liability ratio decreased by 3.22% to 74.64%, indicating improved financial stability [16]. - The company has a short-term debt exceeding 300 billion yuan, but its cash reserves of 154.9 billion yuan are sufficient to cover short-term liabilities [18][19].