2025年11月，比亚迪销售超48万辆，其中海外销售突破13万辆，国内外销量均创年内新高。2025年1-11 月，比亚迪累计销售已超418万辆，持续领跑全球新能源汽车市场，完成全年460万销量目标也是板上钉 钉的事了。 如果你以为比亚迪只是车卖的好，那你就错了！比亚迪不只是新能源汽车销量的引领者，更是新能源汽 车技术的引领者。你知道的很多新能源汽车技术，可能都是由比亚迪首创的，然后其他友商跟进，慢慢 成为了新能源汽车的标配。 早在2011年，比亚迪就推出了车辆远程控制（云服务）功能，可以通过手机远程解锁和锁闭车门，也可 以远程开启车辆空调，这个功能非常实用，现在几乎所有新能源汽车都具备该功能。 比亚迪在2012年推出了遥控驾驶功能，当时是通过手机钥匙控制车辆移动，现在已经升级为通过手机来 控制，这一功能现在也在一些品牌的车型上可以见到。 十年前，很多人可能对比亚迪不屑一顾，友商也根本不把比亚迪当对手。但是现在，只要你想买一辆新 能源汽车，都绕不开比亚迪品牌。友商对待比亚迪的态度，也有了翻天覆地的变化，从最初质疑比亚 迪，然后学习比亚迪，最终成为比亚迪。人们说，一流的企业定标准，说的应该就是比亚迪这样的企 业。 ...

2025年11月，比亚迪（002594）销售超48万辆，其中海外销售突破13万辆，双双创年内新高。2025年1-11月，比亚迪累计销售已超418万辆，持续领跑全 球新能源汽车市场，完成全年460万销量目标也是板上钉钉的事了。 如果你以为比亚迪只是车卖的好，那你就错了！比亚迪不只是新能源汽车销量的引领者，更是新能源汽车技术的引领者。有位网友说：在新能源汽车这个 全新的领域，比亚迪一直在摸着石头过河，而友商一直在摸着比亚迪过河。你知道的很多新能源汽车技术，可能都是由比亚迪首创的，然后其他友商跟 进，慢慢成为了新能源汽车的标配。 早在2011年，比亚迪就推出了车辆远程控制(云服务)功能，可以通过手机远程解锁和锁闭车门，也可以远程开启车辆空调，这个功能非常实用，现在几乎 所有新能源汽车都具备该功能。 双向逆变充放电技术，也就是让车辆支持对外放电(VtoL)的技术，大家都不陌生吧？这项技术最早也是由比亚迪在2013年推出的。如今不光比亚迪的绝大 多数车型具备该功能，其他品牌的新能源汽车也在近几年陆续开始支持该功能。 比亚迪在2021年推出3.8L极致油耗的DM-i超级混动技术，震惊了整个行业，之后几年友商也纷纷推出类似 ...

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 report maintains a strong buy recommendation for BYD, indicating an expected stock price increase exceeding 20% compared to the benchmark index [4]. Core Insights - The company's Q1 2025 performance met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching CNY 170.36 billion, CNY 9.155 billion, and CNY 8.172 billion, respectively, representing year-on-year growth of 36.35%, 100.38%, and 117.80% [1]. - The sales gross margin was 20.07%, a decrease of 1.81 percentage points year-on-year, while the net profit margin increased by 1.72 percentage points to 5.54% [1]. - BYD's electric vehicle sales reached 1,000,800 units in Q1 2025, a year-on-year increase of 59.8%, solidifying its position as the global leader in quarterly sales of pure electric vehicles [7]. - The company reported significant growth in overseas sales, with over 200,000 units sold in international markets, marking a 110% year-on-year increase [7]. - R&D expenses for Q1 2025 were CNY 14.223 billion, a 34.04% increase year-on-year, accounting for 8.33% of revenue [7]. Financial Data and Valuation - Projected total revenue for 2025 is CNY 1,010.233 billion, with a year-on-year growth rate of 30% [3]. - The estimated net profit for 2025 is CNY 59.205 billion, reflecting a 47% increase compared to 2024 [3]. - The report forecasts earnings per share (EPS) of CNY 19.48 for 2025, with a price-to-earnings (PE) ratio of 19.0 [3][12]. - The company's total market capitalization is CNY 112.7 billion, with a circulating market value of CNY 43.11 billion [4]. Performance Metrics - The report highlights a significant increase in single-vehicle profitability, with a year-on-year increase of 31.31% to CNY 0.87 million per vehicle [7]. - The company's return on equity (ROE) is projected to be 25.9% in 2025, indicating strong profitability [12]. - The asset-liability ratio is expected to decrease to 69.2% in 2025, reflecting improved financial stability [12].