2025年12月18日，比亚迪第1500万辆新能源汽车下线仪式在济南工厂顺利举行，"大六座安全豪华 SUV"腾势N8L成为第1500万辆下线车型，这也是腾势N8L的第15000辆下线。比亚迪达成这一里程碑， 用了整整17年，从1000万到1500万，只用了短短的13个月。比亚迪汽车产量再进化，不仅刷新中国新能 源汽车的"加速度"，也标志着中国汽车工业正式迈入全球引领新阶段。 2025年1-11月，比亚迪累计销量418.2万台，同比增长11.3%，其中海外销量达91.7万辆，远超2024年全 年海外销量总和，出海足迹累计覆盖超110个国家和地区，成为中国出口增长最快的车企之一，引领中 国汽车从中国走向全球。 比亚迪的快速成长背后，是对"技术为王"和"新能源汽车"发展战略的长期坚持。2025年前三季度，比亚 迪研发投入达 437.5 亿元，同比增长 31%，累计研发投入超2200亿。比亚迪"技术鱼池"中的天神之眼智 能驾驶辅助系统、兆瓦闪充、超级e平台、易三方、易四方等颠覆性技术相继落地，解决了新能源汽车 安全、续航、操控等核心痛点，不断创造新能源行业价值的天花板。 腾势N8L上市1个多月即达成15000辆下线， ...

Core Insights - During the Guangzhou Auto Show, BYD showcased 93 new car models, with a total of 1,085 vehicles on display, including 629 new energy vehicles [1] - BYD's "Tian Shen Zhi Yan" intelligent driving assistance system is central to its "Universal Intelligent Driving" strategy, which aims to cover high-end to mainstream markets with three versions of the system [1] - BYD's penetration rate for intelligent driving models has reached 71%, and the company announced OTA upgrades for its Han L and Tang L models, enhancing their smart driving capabilities [1] Company Strategy - BYD demonstrates strategic flexibility in the smart technology sector, utilizing self-developed systems to create technological barriers while also engaging in open collaborations to expand its ecosystem [2] - The company has established a "dual-track" strategy, ensuring core technology remains under its control while avoiding the risks associated with insular development, as seen in the case of the Fangcheng Leopard 8 equipped with Huawei's ADS [2] - BYD's "technology iron triangle" consists of blade batteries, DM technology, and the Tian Shen Zhi Yan system, positioning the company with a comprehensive advantage across the energy and smart technology sectors [2] Industry Trends - The Chinese automotive industry has transitioned from a phase of "scale expansion" to a high-quality development stage driven by "electrification and intelligentization" [2] - Increasing numbers of Chinese automotive brands are leveraging innovative technologies and optimizing ecosystems to enhance industry quality and efficiency [2]

Core Insights - The automotive industry is facing unprecedented technological homogenization, prompting companies to redefine automotive individuality through design aesthetics, user experience, brand culture, and scenario customization [2][8] Design and Emotional Interaction - Automotive design is shifting from a "parameter competition" to "emotional resonance," with AI quantifying aesthetic design to blend aerodynamics and artistic expression [3] - Lighting has evolved from a simple illumination tool to a significant language for vehicle personality expression, as seen in models like the Zhiji LS6 and ZEEKR STARGATE [3] Personalized Innovations in Smart Cockpits - The focus on personalized innovations in smart cockpits is becoming a new competitive edge, with examples like the Avita 06's multi-screen system and the ZEEKR 9X's advanced sensor architecture [4] - Consumer demand is shifting from "large screen stacking" to "scenario adaptation," emphasizing the importance of natural voice assistants and seamless interaction [4] Brand Culture and Scenario Recreation - In a context of technological convergence, brand culture serves as the soul of product individuality, with companies like BYD creating a clear brand matrix to cater to different consumer segments [5] - Scenario customization is reshaping automotive product individuality, with companies transforming technical parameters into tangible scenario values that resonate with consumer needs [6] Regional Market Personalization - Companies are focusing on regional market personalization as a key strategy, with brands like Chery and Great Wall tailoring their offerings to local consumer preferences and cultural nuances [6] Continuous Innovation and User Co-Creation - The creation of automotive individuality is a dynamic process requiring ongoing maintenance, as demonstrated by brands like George Barris, which leverage limited editions and customization to maintain unique positioning [7] - Technological innovations, such as CATL's sodium-ion batteries, provide new dimensions for product individuality, enhancing performance and user safety [7] - User co-creation is redefining the logic of individuality, with systems like Huawei's HarmonyOS allowing users to actively participate in customizing their in-car experience [7] Industry Transformation - The innovations showcased at the Chengdu Auto Show indicate a shift in the automotive industry's competitive focus from "hard power" to "soft power," emphasizing the need for emotional resonance, brand value, and user engagement [8][9] - The industry is transitioning from merely meeting functional needs to creating emotional value, which will redefine future automotive experiences [9]

Group 1 - The company has set a global sales target of 800,000 units for overseas markets in 2025, and current market performance indicates that this target is achievable [1] - From January to August 2025, the company's global sales of new energy vehicles reached approximately 2.86 million units, representing a year-on-year growth of 23% [1] - The overseas sales of passenger cars and pickups exceeded 630,000 units, significantly surpassing the total sales for the previous year [1] Group 2 - The company believes that Chinese automotive brands are entering a prime period for globalization, with expectations that more Chinese brands will enter the global top ten [3] - The company introduced new models equipped with the "Tianshen Eye" technology at the Chengdu Auto Show, emphasizing that smart technology should not be exclusive to luxury vehicles [4] - The company aims to accelerate the popularization of smart driving technology, with a goal for 2025 to be the year of widespread smart driving adoption [4] Group 3 - As of early August, the company has over 1.2 million vehicles equipped with the "Tianshen Eye" smart driving assistance system, contributing to a total of over 5 million L2-level assistance vehicles in the Chinese market [4][5] - The company has a robust team of over 5,000 smart driving engineers and the largest production scale of new energy vehicles globally, enabling better technology and lower costs for smart driving [5] - The company expects overseas sales to exceed 800,000 units this year, with the proportion of overseas sales in total sales increasing from 10% last year to 20% in the first half of this year [6] Group 4 - The company has entered over 112 countries and regions globally, achieving the highest sales of new energy vehicles in several countries including Italy, Turkey, Spain, and Brazil [6] - Local production is accelerating, with factories in Thailand and Uzbekistan already operational, and a production base in Hungary set to commence operations [6] - The company plans to continue its global and localization strategies, believing that the globalization of Chinese automotive brands is just beginning [6]

Group 1 - BYD's R&D investment reached 30.9 billion yuan in the first half of 2025, nearly double its net profit for the same period, with a year-on-year growth of 53% [1][2] - The company's revenue for the first half of the year was 371.3 billion yuan, a 23% increase year-on-year, while net profit attributable to shareholders was 15.5 billion yuan, up 14% [1] - BYD's cumulative R&D investment has exceeded 210 billion yuan over the past 13 years, often surpassing its annual net profit [1] Group 2 - Compared to other companies in the industry, BYD's R&D investment growth rate of 53% significantly outpaces the overall market average of 3.27% [1][2] - In the first half of 2025, other major automotive companies like Geely, SAIC, and Great Wall Motors had R&D investments of 14.65 billion yuan, 10.17 billion yuan, and 6.04 billion yuan respectively, which combined do not match BYD's investment [2] Group 3 - BYD's substantial R&D investment has translated into innovative competitive advantages, with recent technological advancements including the Tian Shen Eye intelligent driving assistance system and the Super e-platform [3] - The company has achieved significant sales milestones, with over 1.2 million units equipped with the Tian Shen Eye system sold within six months, making it the top seller of intelligent driving assistance vehicles in China [3] Group 4 - In the first seven months of 2025, BYD's overseas sales of passenger cars and pickups reached 550,000 units, a year-on-year increase of over 130%, surpassing the total sales for the previous year [5] - BYD's high-end brands, including Fangchengbao, Tengshi, and Yangwang, sold a total of 160,000 units in the first half of the year, reflecting a growth of over 75% [5] - BYD leads in patent rankings for global automotive new energy technology, hybrid technology, and pure electric technology, showcasing its strong technical foundation and innovation capabilities in the new energy vehicle sector [5]

Core Viewpoint - The automotive industry is accelerating its shift towards intelligence, driven by the rapid adoption of smart driving assistance technologies and advanced AI models in electric vehicles [1][2]. Industry Trends - Countries worldwide are actively deploying their own strategies for the development of electric vehicles, with China leading the way due to continuous breakthroughs in key technologies [2]. - Intelligent features have become a crucial consideration for Chinese consumers when purchasing vehicles, with some younger consumers prioritizing smart experiences over traditional performance metrics [3]. Company Developments - BYD has announced the world's first commitment to assume full responsibility for L4-level smart parking in the global market, showcasing its confidence in technology and commitment to consumer safety [5][6]. - This initiative marks a significant shift in the industry, as BYD is the only company to publicly define responsibility for L4-level autonomous driving in specific scenarios and offer lifetime coverage for users [15][21]. Technological Advancements - BYD's smart parking technology is supported by a robust ecosystem, with over 12 million electric vehicles in the market, including more than 1 million equipped with the "Tian Shen Zhi Yan" advanced driving assistance system [17][20]. - The company generates 44 million kilometers of real-world driving data daily, which supports the development of its smart driving cloud database, enhancing the reliability and advancement of its technologies [17][21]. Consumer Impact - BYD's commitment to safety in smart parking aims to provide consumers with a more secure and intelligent driving experience, shifting the industry's focus from merely adding features to establishing a clear responsibility framework [22].

Core Viewpoint - BYD has taken a significant step by directly assuming responsibility for the safety and losses of all users of its "Tianshen Eye" vehicles in smart parking scenarios, marking a shift in how automakers handle liability in autonomous driving technology [1][3][5]. Summary by Sections Coverage and Implementation - The "coverage" includes all models equipped with the "Tianshen Eye A," "B," and "C" smart driving assistance systems, providing lifetime coverage regardless of whether the user is the first owner [4]. - Specific exclusions from the coverage include unauthorized modifications, improper use, operational errors, and incidents deemed to be third-party responsibility by authorities [4]. - Users must contact BYD within 24 hours of an incident, providing evidence such as photos and accident reports for the company's technical team to analyze and respond with a resolution [4]. Significance of the Initiative - This initiative clarifies the responsibility for Level 4 autonomous driving capabilities, with BYD taking on the role of the primary responsible party for users [5]. - The industry has typically seen automakers partner with insurance companies for liability coverage, but BYD's direct approach represents a notable departure from this norm [10]. Challenges Ahead - Despite the increased responsibility, BYD may face challenges such as managing the volume of potential incidents due to high sales, which exceeded 710,000 units in the first five months of the year [11]. - The company will need to ensure efficient execution of the "兜底" policy, including accurate and timely accident assessments and smooth compensation processes to avoid consumer dissatisfaction [11]. - There is also the potential for increased pressure on customer service due to the complexities of handling smart driving incidents directly [11]. Industry Implications - The move by BYD may prompt other automakers to adopt similar "兜底" policies, potentially setting a new trend in the industry [11]. - Regulatory scrutiny may increase regarding the compliance of such policies, and BYD will need to navigate these challenges effectively [11].

Domestic News - The Ministry of Industry and Information Technology (MIIT) has opened an online feedback window for small and medium-sized enterprises regarding the payment cycle commitments of key automotive companies, addressing issues such as payment delays beyond the agreed 60 days and unreasonable payment terms [3] - MIIT is soliciting opinions on the safety requirements for fuel cell electric vehicles as part of the revision of national standards, including four mandatory national standards [4][5] - Zeekr has launched a luxury hybrid architecture called Haohan-S, featuring a 900V high-voltage system and a 70-degree 6C hybrid battery with a pure electric range of 380 kilometers [6] - BYD has achieved L4-level intelligent parking capabilities and is providing full liability coverage for accidents caused by its "Heavenly Eye" intelligent driving assistance system during parking [7] - Avita Technology has signed a general agency agreement with Egypt's Kasrawy Group, marking its entry into the African market, with plans to expand into Europe by 2026 [8] - Chery Automobile plans to launch two new SUV models in the UK, optimizing them for the local market [9] - Honeycomb Energy has been designated for the smart battery project, supplying lithium iron phosphate short-blade batteries to both domestic and international markets [11] - NIO has completed its plan for 1,000 highway battery swap stations, connecting 550 cities across China [12] International News - The European Union is investing €852 million (approximately 7.16 billion yuan) to promote the development of electric vehicle batteries, as part of a broader initiative to transition to a competitive and resilient industrial base [13] - Pakistan aims to achieve a 30% penetration rate for electric vehicles in total car sales by 2030, as outlined in its National Electric Vehicle Policy [14] - Stellantis has launched a battery swap service for its Fiat 500 fleet in Madrid, in collaboration with Ample, providing a quick alternative to charging [15] - Waymo has introduced a new service allowing teenagers aged 14 to 17 to ride in its autonomous taxis, starting in Phoenix [16] Commercial Vehicles - Four departments in China are promoting the construction of high-power charging facilities for public transport, logistics, and heavy-duty freight [18] - Major online freight platforms have signed a self-regulatory convention to protect the rights of truck drivers, focusing on issues like timely payment and fair pricing [19] - Chongqing is drafting policies to support the development of intelligent connected new energy commercial vehicles, offering financial incentives up to 20 million yuan for compliant companies [20][21] - Qingling Motors has launched the Lingkun electric truck in Qingdao, targeting urban delivery needs [22]

Core Viewpoint - BYD has achieved a significant breakthrough in intelligent parking, claiming to be the first globally to realize L4-level intelligent parking capabilities [1] Group 1: Intelligent Parking Breakthrough - BYD's intelligent parking system is comparable to L4 level, allowing drivers to "let go, look away, and disengage" under specific conditions, with the company assuming liability for accidents [5][6] - The company has committed to fully covering safety and loss for all users of the "Tianshen Eye" vehicles in the intelligent parking scenario in the Chinese market [2][6] Group 2: User Safety and Liability - Users of the Tianshen Eye intelligent parking assistance will not need to go through insurance processes for accidents; they can directly contact BYD's after-sales service [6] - BYD will cover repair costs and third-party damages resulting from malfunctions or algorithm errors in the intelligent parking system, excluding certain conditions such as illegal actions by vehicle owners [6] Group 3: Technological Advancements - BYD plans to conduct the largest OTA upgrade for the Tianshen Eye system, enhancing over ten features across parking, driving, and safety [6] - The Tianshen Eye intelligent driving models have surpassed a total ownership of 1 million units [7] Group 4: Sales Performance - In June, BYD sold 382,600 vehicles, bringing the total sales for the first half of the year to 2.146 million vehicles [7]

Core Insights - The core discussion at BYD's 2024 annual shareholder meeting focused on the company's core strategies and future development, particularly in smart driving and international expansion [1] Group 1: Smart Driving and Safety - Wang Chuanfu emphasized the importance of safety in the development of smart driving technologies, aligning with recent national regulations that support the long-term health of the automotive industry [3] - BYD has launched several advanced technologies this year, including the "Tianshen Eye" smart driving assistance system and the "Lingyuan" smart vehicle-mounted drone system, indicating a strong focus on both electrification and smart technology [3] - The company plans to leverage its workforce of 130,000 engineers to address technical pain points and introduce new technologies in the coming years [3] Group 2: Internationalization and Brand Premiumization - Wang Chuanfu outlined the internationalization strategy, noting that BYD's products and technologies are well-received in various overseas markets, with expectations for continued monthly sales growth [3] - In May, BYD's overseas sales of new energy passenger vehicles and pickups reached 89,000 units, reflecting a year-on-year increase of 133.6% [3] - The premiumization strategy is highlighted by the importance of the Tengshi brand, which aims to integrate advanced technology with emotional value, marking a critical battle for BYD [4] Group 3: Long-term Vision and Commitment - Wang Chuanfu expressed a commitment to long-termism, stating that BYD aims to use green technology for sustainable development and will focus on self-promotion rather than disparaging competitors [4] - The company acknowledges short-term pressures but remains dedicated to innovation and positive contributions to the industry [4]