11月24日，方程豹汽车宣布钛3车型迎来第三次OTA升级，新增泊车车外语音播报、地图蓝牙互联、6种语音音色等8项功能，并对优化了原有的10 项功能。 本次OTA新增功能（8项）包括： 本次OTA优化功能（10项）如下： 1、下车泊入车外语音播报，泊车时遇到行人主动语音提醒。 2、新增地图途经点编辑与排序功能，途经点数量上限增加。 3、新增地图蓝牙互联功能，手机摇一摇同步目的地到车机。 4、新增智能语音目的地美食查询。 5、新增6种智能语音音色，如小孩哥声色等。 6、新增行车记录仪泊车辅助触发全向泊车记录功能。 7、新增支持蓝牙钥匙解锁识别账号自动加载个性化偏好设置。 8、新增四驱无人机版副驾智享按键，新增视频畅刷等。 1、泊车辅助策略：识别精度与响应速度提升。 2、转向灯控制逻辑：操作更符合用户习惯。 3、语音提示逻辑：减少干扰，关键信息更突出。 4、系统UI显示：界面布局与信息层级优化。 5、泊车语音提醒避免碰撞，提升狭窄车位安全性。 6、手机摇一摇同步导航，上车前规划无缝衔接。 7、儿童语音音色增加趣味性，提升亲子出行体验。 8、个性化设置自动加载，兼顾多位家庭成员习惯。 9、副驾智享按键快速开启娱乐功能 ...

编辑 | 田梦 方程豹的崛起，给深耕越野车领域多年的长城坦克、北京越野等品牌带来不小压力。然而，从当前的销 量结构来看，其增长主要依赖中端价位车型的放量，高端化之路仍任重道远。 01 方程豹跻身新势力TOP 4 诞生两年后，一度被市场质疑"打蔫"的方程豹，终于露出"獠牙"。 作为比亚迪旗下的个性化品牌，方程豹在2025年11月交出了一份亮眼的成绩单：单月销量达37405台， 创下历史新高，环比增长20.5%，同比激增339%。其销量超过"蔚小理"，跃居新势力品牌销量Top 4， 被行业称为"现象级黑马"。 目前，方程豹在售4款车型，涵盖两大产品序列：豹系列包括中型SUV豹5与中大型SUV豹8，钛系列则 由紧凑型SUV钛3和中大型SUV钛7组成。 文 | 财天COVER 杨十二 易车App显示，钛3拿下11月纯电方盒子销量冠军，豹5登顶11月新能源硬派越野零售销量冠军，压了坦 克300一头。不仅如此，在今年前11个月的累计销量中，豹5在硬派越野车里也摘得头筹。 定位中大型SUV、有着"方盒子"造型的钛7（指导价17.98万～21.98万元）表现更加突出。自今年9月上 市以来，钛7仅用80天便累计交付超5万台，并 ...

Core Insights - BYD reported its November 2025 sales data, showing a total of 480,186 electric vehicles sold, with 237,540 being pure electric and 237,381 plug-in hybrids [1][11][13] - Cumulative sales for the year reached 4,182,038 units, marking an 11.30% year-on-year increase [1][11][13] Sales Performance - In November, BYD's total sales included 42.36 million units from its two main sales networks: Dynasty and Ocean [3][11] - The Dynasty network sold 184,338 units in November, with cumulative sales of 1,729,767 units for the year [4][14] - The Ocean network achieved sales of 233,431 units in November, totaling 2,031,170 units for the year [4][14] Model Breakdown - Key models in the Dynasty network included the Qin, Yuan, Song, Han, Tang, and Xia, with November sales of 70,800; 47,800; 33,900; 14,600; 13,300; and 3,900 units respectively [3][11] - The Ocean network's top models were the Seal, Lion, and Dolphin, with sales of 61,000; 55,000; and 31,000 units respectively [3][11] Brand Performance - The Tengshi brand sold 13,255 units in November, with a total of 138,995 units for the year [6][17] - The Fangchengbao brand reported sales of 37,405 units in November, totaling 183,769 units for the year [7][17] - The Yangwang brand, which targets the high-end market, sold 703 units in November, with a cumulative total of 3,862 units for the year [10][20] New Model Launch - The 2026 model of the Xia was launched on November 4, featuring an upgraded battery capacity and improved range from 180 km to 218 km [4][14]

Core Viewpoint - BYD's performance in Q3 2025 shows continued pressure, with total revenue increasing by 12.7% year-on-year but net profit declining by 7.5% [4] Group 1: Financial Performance - In the first three quarters of 2025, BYD's total operating revenue reached 566.3 billion yuan, a year-on-year increase of 12.7%, while net profit attributable to shareholders decreased by 7.5% to 23.3 billion yuan [4] - Q3 2025 revenue was 195 billion yuan, down 3.1% year-on-year and 3.0% quarter-on-quarter, with net profit dropping 32.6% year-on-year to 7.8 billion yuan [4] - The single-vehicle profit for Q3 2025 was 6,014 yuan, a year-on-year decrease of 35.9% [4] Group 2: Product Strategy - BYD's total sales of new energy passenger vehicles in the first three quarters of 2025 increased by 18.6% to 3.26 million units, with pure electric vehicle sales rising by 37.3% to 1.61 million units [5] - The sales of mid-to-high-end brands increased by 77% to 225,000 units, indicating the effectiveness of BYD's high-end strategy [5] - New models such as Tengshi N9 and Fangchengbao series are enhancing brand image and market presence, with Fangchengbao's sales exceeding 20,000 units in three months [5] Group 3: Global Expansion - BYD's export sales surged by 134.0% to 697,000 units in the first three quarters of 2025, driven by a rich model matrix and deepening localization efforts [6] - The company's global strategy is expected to open new growth opportunities, particularly in overseas markets [6]

Core Insights - The company reported a 12.7% year-on-year increase in total revenue for the first three quarters of 2025, reaching 566.3 billion yuan, while net profit attributable to shareholders decreased by 7.5% to 23.3 billion yuan [1] - The company's high-end strategy is showing results, with a significant increase in sales of mid-to-high-end brands [2] - The company's global strategy is yielding high growth in overseas sales, with a 134.0% year-on-year increase in export volume [3] Financial Performance - Total revenue for Q3 2025 decreased by 3.1% year-on-year and 3.0% quarter-on-quarter to 195 billion yuan [1] - Net profit for Q3 2025 decreased by 32.6% year-on-year but increased by 23.1% quarter-on-quarter to 7.8 billion yuan [1] - The company's net profit attributable to shareholders for the first three quarters of 2025 was 20.5 billion yuan, down 11.6% year-on-year [1] Product Strategy - Total sales of new energy passenger vehicles increased by 18.6% year-on-year to 3.26 million units, with pure electric vehicle sales up 37.3% to 1.61 million units [2] - The sales of mid-to-high-end brands increased by 77% to 225,000 units, accounting for 7% of total sales [2] - The company is enhancing its product lineup with new models such as the Tengshi N9 and Fangchengbao series, targeting various market segments [2] Global Expansion - Export sales reached 697,000 units, a 134.0% increase year-on-year, driven by a rich model matrix and deepened localization efforts [3] - The company is expanding its global footprint with new factories and R&D centers in countries like Cambodia and Hungary [3] - The global strategy is expected to open new growth opportunities and improve profitability [3]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of BYD, with current prices at 99.60 CNY and 99.10 HKD respectively [5]. Core Insights - BYD's total revenue for the first three quarters of 2025 increased by 12.7% year-on-year to 566.3 billion CNY, while net profit attributable to shareholders decreased by 7.5% to 23.3 billion CNY [1]. - The company has seen a significant increase in overseas sales, with a 134.0% year-on-year growth to 697,000 units, driven by a rich model matrix and deepened localization efforts [3]. - The high-end strategy is showing results, with total sales of new energy passenger vehicles up 18.6% year-on-year to 3.26 million units, and pure electric vehicle sales up 37.3% to 1.61 million units [2]. Summary by Sections Financial Performance - In Q3 2025, BYD's revenue decreased by 3.1% year-on-year to 195 billion CNY, and net profit dropped by 32.6% year-on-year to 7.8 billion CNY [1]. - For the first three quarters of 2025, the average profit per vehicle was 6,014 CNY, a year-on-year decrease of 35.9% [1]. Sales and Market Strategy - The sales of BYD's mid-to-high-end brands increased by 77% year-on-year to 225,000 units, indicating a successful high-end strategy [2]. - The introduction of new models such as the Tengshi N9 and Fangchengbao series has contributed to the brand's image and market penetration [2]. Global Expansion - BYD's global strategy is expected to open new growth avenues, with significant increases in overseas sales attributed to favorable market conditions and local production [3]. - The company has established factories and R&D centers in countries like Cambodia and Hungary, enhancing its global footprint [3]. Profitability Forecast - The report projects a decrease in net profit for 2025-2027, with estimates revised down by 9%, 14%, and 16% respectively [3]. - Despite the challenges, BYD's focus on technology and brand enhancement is expected to improve profitability in the long run [3].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of BYD, with current prices at 99.60 CNY and 99.10 HKD respectively [5]. Core Insights - BYD's total revenue for the first three quarters of 2025 increased by 12.7% year-on-year to 566.3 billion CNY, while net profit attributable to shareholders decreased by 7.5% to 23.3 billion CNY [1]. - The company's high-end strategy is showing results, with total sales of new energy passenger vehicles increasing by 18.6% year-on-year to 3.26 million units, and pure electric vehicle sales rising by 37.3% to 1.61 million units [2]. - BYD's overseas sales surged by 134.0% year-on-year to 697,000 units, driven by a rich model matrix and deepening localization efforts [3]. Summary by Sections Financial Performance - In Q3 2025, BYD's revenue decreased by 3.1% year-on-year to 195 billion CNY, with net profit down 32.6% year-on-year to 7.8 billion CNY [1]. - For the first three quarters of 2025, the average profit per vehicle was 6,014 CNY, reflecting a year-on-year decline of 35.9% [1]. Sales and Market Strategy - The high-end brand sales increased by 77% year-on-year to 225,000 units, indicating the effectiveness of BYD's high-end strategy [2]. - The introduction of new models like the Tengshi N9 and Fangchengbao series is expected to enhance market presence and sales [2]. Global Expansion - BYD's global strategy is expected to open new growth avenues, with significant increases in overseas sales attributed to favorable market conditions and local production [3]. - The company has established factories and R&D centers in countries like Cambodia and Hungary, further supporting its international growth [3]. Profitability Forecast - The report projects a decrease in net profit for 2025-2027, with estimates revised down by 9%, 14%, and 16% respectively [3]. - Despite the challenges, BYD's focus on technology and brand enhancement is anticipated to improve profitability in the long run [3].

Investment Rating - The investment rating for the company is "Buy" [4][11]. Core Insights - The company's Q3 performance showed a year-on-year decline but improved quarter-on-quarter, with expectations for continued recovery in Q4 due to seasonal demand [2]. - For the first three quarters of 2025, the company achieved revenue of 566.27 billion yuan, a year-on-year increase of 12.7%, while net profit attributable to shareholders was 23.33 billion yuan, a year-on-year decrease of 7.5% [2]. - The report highlights strong performance in overseas markets and the "Fangchengbao" model, with October sales reaching a record high [2]. Financial Performance Summary - Q3 revenue was 194.99 billion yuan, down 3.1% quarter-on-quarter and 3.0% year-on-year; net profit was 7.82 billion yuan, down 32.6% quarter-on-quarter but up 23.1% year-on-year [2]. - The company has adjusted its earnings forecasts for 2025-2027, projecting net profits of 33.19 billion yuan, 44.12 billion yuan, and 53.91 billion yuan respectively [2]. - The report indicates a gross margin improvement of 1.3 percentage points quarter-on-quarter in Q3, despite competitive pressures in the domestic market [2]. Sales and Market Performance - In Q3, the company sold 1.11 million vehicles, a decrease of 2.1% quarter-on-quarter and 1.9% year-on-year, with overseas sales reaching 232,800 units, a year-on-year increase of 146.4% [2]. - The "Fangchengbao" model saw sales of 54,600 units in Q3, a significant increase of 349.5% year-on-year [2]. - October sales reached 441,700 units, marking a new high for the year, with the "Fangchengbao" model contributing significantly [2]. Future Outlook - The company is expected to benefit from ongoing expansion in overseas markets, with a focus on high-end brand transformation and new model launches [2]. - The report emphasizes the company's strong competitive position in the mainstream price segment, supported by enhancements in product capabilities [2]. - The financial projections indicate a steady growth trajectory, with revenue expected to reach 1,126.60 billion yuan by 2027, reflecting a compound annual growth rate [3][7].

Core Viewpoint - The company reported its Q3 2025 performance, showing a revenue increase of 12.75% year-on-year, but a decline in net profit by 7.6% year-on-year, indicating mixed results in financial performance [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 566.27 billion yuan, with a net profit attributable to shareholders of 23.33 billion yuan [1] - Q3 revenue was 194.99 billion yuan, reflecting a decrease of 3.1% year-on-year and 3.0% quarter-on-quarter, while net profit for Q3 was 7.82 billion yuan, down 32.6% year-on-year but up 23.1% quarter-on-quarter [1] - Excluding profits from BYD Electronics, Q3 net profit was 6.87 billion yuan, showing a decline of 35.1% year-on-year but an increase of 22.1% quarter-on-quarter [1] Sales Performance - Total sales volume for Q3 2025 was 1.114 million vehicles, down 1.8% year-on-year and 2.5% quarter-on-quarter [1] - Sales figures for various models included 567,000 for Ocean, 446,000 for Dynasty, 46,000 for Fangchengbao, 36,000 for Tengshi, and 2,000 for Yangwang, with Fangchengbao showing significant growth of 282.5% year-on-year [1] - Export and overseas sales reached 232,800 vehicles in Q3, marking a 146.4% increase year-on-year, with overseas sales accounting for 20.9% of total sales [1] Profitability and Cost Management - Q3 gross margin improved by 1.3 percentage points quarter-on-quarter, attributed to one-time factors and cost control measures [2] - The total expense ratio for Q3 was 13.0%, down 1.4 percentage points year-on-year, with significant reductions in R&D and management expense ratios [2] - The average selling price (ASP) for vehicles in Q3 was 137,700 yuan, showing a decline compared to previous quarters, while net profit per vehicle (excluding BYD) was 6,200 yuan, indicating resilience in profitability [2] Future Outlook - Revenue projections for 2025-2027 are 898.15 billion yuan, 996.54 billion yuan, and 1,101.29 billion yuan, with year-on-year growth rates of 15.6%, 11.0%, and 10.5% respectively [3] - Expected net profits for the same period are 36.82 billion yuan, 46.28 billion yuan, and 55.02 billion yuan, with a projected decline in 2025 followed by growth in subsequent years [3]

Group 1 - The launch event for the Titanium 3 and Titanium 7 vehicles took place on October 1 at the 2025 Nanjing International Auto Show, highlighting the brand's focus on innovative design and technology [1][2] - The Titanium 3 is positioned as a "tech trendy product" targeting young consumers aged 18-35, with a price range of 133,800 to 193,800 yuan, and features a maximum trade-in subsidy of 6,000 yuan [1] - The Titanium 7 is marketed as a "tech spacious SUV" with a price range of 179,800 to 219,800 yuan, offering initial owners benefits worth over 36,000 yuan [2] Group 2 - The Titanium 3 features a unique "Star Wars aesthetic" box design, modular front face, and a 28L "small backpack" at the rear for storage and personalization, with a performance specification of 310kW dual motors achieving 0-100 km/h in 4.9 seconds [1] - The Titanium 7 boasts a nearly 5-meter length and 2-meter width, combining a stylish exterior with a spacious interior designed for comfort and family use, featuring a "soufflé structure" seat and a seven-screen interactive smart cockpit [2] - The "Titanium" series reflects the brand's exploration of a free lifestyle, respect for individual expression, and a commitment to enhancing quality of life, emphasizing a user-centric brand philosophy [2]