媒体日的索然无味，并不代表普通观众对广州车展没有期待。 眼下，这场汽车行业的年度盛会正火热进行，但电车通在现场探访时发现，这届车展的"新意浓度"着实不及预期 —— 首发亮相的重磅新车屈指可数，就连 雷军、余承东这样的车展"流量之王"，也缺席了本次现场。 不少参与报道的媒体同行都直言，这届车展实在太"寡淡"了，甚至有外地媒体记者在中午就完成了发布会的报道工作，早早结束了广州的行程。 但，请等一等。 媒体日的静，和专业观众的闹，根本是两个世界。 NE !! -- le 1, 82, 2 and and a 7 +12 A t and the b 图源：电车通现场摄制 当电车通选择在专业观众日进场后，才发现什么才是人气——原本媒体日里略显空旷的车企展台前，此刻更是挤满了观众，主流新能源品牌展区更是被围得 水泄不通。 这也从侧面说明，消费者对新能源车型的关注度正持续攀升。值得一提的是，专业观众票的价格比普通票高出一倍，却能提前两天进场，这意味着这群观众 的需求更具针对性，他们关注什么，往往更代表市场的真实风向。 电车通也留意到一个鲜明趋势：今年多家新能源品牌都在疯狂发力 SUV，并且在产品打造上跳出了以往的同质化竞争 ...

中国国际贸促会汽车行业委员会会长王侠（右）为广汽本田汽车销售有限公司营销本部用户发展部副部长邹立（左）颁奖 11月21日下午，广州国际车展媒体日首日，2025华輅奖颁奖盛典在威斯汀酒店举行。 步入活动现场，历年评选活动的精彩照片率先映入眼帘：20年泛黄老照片里的青涩与最新影像中的昂扬交相辉映，刻画出华輅奖历年测评的点滴；"五 大维度、百项因子，致敬每一份专业坚守；千款车型、百个品牌，感谢二十载同心同行！"的鎏金大字格外醒目，镌刻着华輅奖与中国汽车产业共生共长的 记忆。 会场内，行业大咖们欢聚一堂，有人驻足展板合影打卡，追溯过往；有人围坐一席，热烈交流……喜气洋洋的气氛中，二十载深厚情谊氤氲流淌。 华輅奖发源于20年前，由中国国际贸促会汽车行业委员会指导，汽车观察和清华汽车工程开发研究院共同发起。2006年，"爱我中国车"年度车型评选正 式起步，后来更名为"中国车年度大选"，并在2022年升级为"华輅奖"，一路走到今天，累计吸引超千款车型参与，见证了中国品牌汽车从稚嫩起步到蓬勃壮 大的全过程，也始终坚守着"评选最好中国车"的初心使命。 经历20年发展，本届华輅奖迎来重要升级：评选范围从中国品牌汽车扩展至所有在中 ...

雷达财经出品 文|彭程 编|孟帅 11月20日，比亚迪法务部发布公告称，就比亚迪起诉"王悟空说车"及相关账号网络侵权责任纠纷一案，公司近期收到法院判决，判令被告向比亚迪公司公 开道歉并支付赔偿款等共计31.38万元。 据了解，"王悟空说车"是汽车领域的知名自媒体账号，此前一度拥有近200万粉丝。此前，其因多次歪曲事实诋毁新能源汽车性能、恶意抹黑汽车企业形 象声誉，甚至被中央网信办点名，并依法依约关闭。 作为新能源汽车领域的头部企业，比亚迪近年来在市场拓展与技术创新方面成绩斐然，但其同时也成为了汽车行业网络"黑公关""黑媒体"的主要攻击目标 之一。 雷达财经注意到，比亚迪的反黑公关行动，可追溯至2021年。彼时，比亚迪宣布悬赏5万元至100万元征集线索打击黑公关。2022年，比亚迪又将举报奖励 提升至5万至500万元。 值得一提的是，比亚迪在反黑公关的道路上并非独自前行。近期，深蓝汽车、阿维塔、赛力斯、极氪、蔚来等多家新能源车企纷纷加大打击黑公关的力 度。与此同时，中央网信办等部门也在加大对汽车行业网络乱象的整治力度。 而在遭受黑公关恶意攻击的同时，身为新能源汽车龙头的比亚迪，在业绩方面也面临着一定的压力。今年 ...

Core Insights - The penetration rate of new energy vehicles (NEVs) in China surpassed 50% for the first time in October 2025, marking a significant shift towards electric vehicles as the dominant market force [1] - In October, the production and sales of NEVs reached 1.772 million and 1.715 million units respectively, with year-on-year growth exceeding 20%, setting new historical records for the month [1] - Cumulative sales for the first ten months of the year approached 13 million units, indicating a sustained increase in market enthusiasm for NEVs [1] Market Dynamics - The price range of 200,000 to 220,000 yuan has emerged as a critical threshold for consumers when choosing between new and used vehicles, as it encompasses both mainstream new energy vehicles and high-end used models [1] - Used cars in this price range offer advantages in terms of intelligent features, vehicle size, and driving experience compared to new cars [1] Competitive Landscape - The top-selling new models in the 200,000 to 220,000 yuan range for October included the Fangchengbao Titanium 7, Xiaomi SU7, and Leap Motor C11, all of which have high-value alternatives in the used car market [1] - For instance, the 2023 model of Li Auto L7 Pro offers superior range and comfort compared to its new counterparts, while the BMW 5 Series New Energy 535Le, originally priced around 500,000 yuan, is available for approximately 230,000 yuan in the used market [1] Consumer Behavior - The trend towards purchasing used NEVs is increasingly viewed as a smart and pragmatic choice rather than a compromise, as the technology stabilizes and the depreciation rates of used vehicles decline [2] - Consumers are encouraged to focus on thorough research and verification when selecting used NEVs, emphasizing the importance of asking questions, inspecting details, and ensuring guarantees [3][5] Recommendations for Purchasing Used NEVs - Utilize reputable platforms like Guazi Second-hand Cars for better pricing and direct sourcing [5] - Engage with AI tools to clarify needs and compare options before purchase [5] - Conduct detailed inspections of vehicle conditions through video checks and ensure comprehensive support during the pickup process [5] - Pay special attention to battery health and consider warranties that provide dual protection [5]

Sales Performance - Cumulative sales from January to October reached 3.7 million vehicles, a year-on-year increase of 13.9%, maintaining the position as the global leader in electric vehicle sales [1] - Overseas sales of passenger cars and pickups reached 785,103 units from January to October, a significant increase of 135% [1] - Sales of high-end brands (Fangchengbao, Tengshi, and Yangwang) totaled 275,263 units from January to October, reflecting a growth of 91% [1] Product Development and Innovation - The launch of the Fangchengbao Titanium 7 on September 9, featuring unique design and spaciousness, achieved over 20,000 units sold in its first month with an average transaction price exceeding 210,000 [2] - The Tengshi N8L, a luxury SUV, was launched on October 28, equipped with advanced technology and high-quality materials [2] - The Yangwang U9 Xtreme set a record on the Nürburgring, achieving "fastest lap and speed" [2] Energy Storage Business - The company has developed a comprehensive energy storage solution across various applications, including commercial, residential, and industrial sectors [2] - As of October 2025, the total installed capacity of the company's power batteries and energy storage batteries exceeded 230 GWh, marking a year-on-year increase of over 55% [3] - The Bollingstedt energy storage project in Germany, with a capacity of 103.5 MW and 238 MWh, can supply green electricity for 170,000 households for two hours [3] International Expansion - BYD debuted the K-EV at the Tokyo Motor Show on October 29, introducing its first plug-in hybrid model in Japan [4] - The company entered the top ten in Japan's imported car brand sales, with monthly registrations surpassing 400 units [4] - From January to October, overseas sales of passenger cars and pickups reached 785,103 units, reflecting a growth of 155.5% [5] Strategic Considerations - The company is focusing on technological innovation to enhance manufacturing capabilities and is actively exploring the robotics sector [6] - Collaborations with leading enterprises in the robotics field are being pursued to leverage resources and improve business efficiency [6]

Financial Performance - In the first three quarters of 2025, BYD achieved total revenue of CNY 566.3 billion and a net profit of CNY 23.3 billion, with cumulative sales of 3.26 million new energy vehicles, marking an 18.6% year-on-year growth [1] - In Q3 2025, revenue reached CNY 194.98 billion, with a net profit of CNY 7.82 billion, reflecting a 23% quarter-on-quarter increase [1] - As of September 30, 2025, the company had cash and cash equivalents exceeding CNY 175.2 billion, supporting its rapid business growth [1] Global Expansion - BYD's new energy vehicles are now sold in over 110 countries across six continents, significantly increasing market penetration in Europe, Latin America, and Asia-Pacific [3] - In October 2025, overseas sales of passenger cars and pickups reached 83,524 units, a 155.5% year-on-year increase, with a total of 785,103 units sold from January to October [3] - The company has announced plans for new overseas factories in Thailand, Uzbekistan, Brazil, Hungary, Malaysia, and Cambodia, with more capacity expansions in the pipeline [3] Product Innovation - BYD continues to focus on technological innovation to address industry pain points, having introduced several groundbreaking technologies such as blade batteries and advanced hybrid systems [4][5] - The "Tiangshen Eye" intelligent driving system aims to enhance safety by reducing risks associated with driver fatigue, with a commitment to making high-level assisted driving features accessible across all models [6] Energy Storage Development - BYD's battery business, including energy storage, has seen significant growth, with a total installed capacity of over 230 GWh, a year-on-year increase of over 55% [7] - The company launched a new generation of energy storage products, "Haohan," designed for large-capacity storage applications, showcasing its capabilities at the SOLAR&STORAGE LIVE 2025 event in the UK [7]

Core Insights - The company reported a decline in Q3 revenue and net profit, with Q3 revenue at 194.99 billion yuan, down 3.05% year-on-year and 2.95% quarter-on-quarter, and net profit at 7.82 billion yuan, down 32.60% year-on-year but up 23.08% quarter-on-quarter [1] - For the first three quarters of 2025, the company achieved a revenue of 566.27 billion yuan, an increase of 12.75% year-on-year, while net profit decreased by 7.55% year-on-year [1] Sales Performance - In Q3, the company sold 1.114 million vehicles, a decrease of 1.8% year-on-year and 2.7% quarter-on-quarter, with an average selling price (ASP) of 136,700 yuan, showing stability [2] - The company's single-vehicle net profit (excluding BYD Electronics) was 540 yuan, up 11.9% quarter-on-quarter, benefiting from a slowdown in industry price wars and breakthroughs in high-end products [2] Cost Management and Efficiency - The company's gross margin in Q3 was 17.61%, an increase of 1.35 percentage points quarter-on-quarter, indicating effective cost reduction and efficiency improvement [3] - The financial expense ratio was 0.16%, up 0.83 percentage points quarter-on-quarter, primarily due to exchange rate fluctuations [3] Technological Advancements - The company sold 788,000 assisted driving vehicles in Q3, accounting for 71.2% of passenger car sales, with significant R&D investment of 43.75 billion yuan, up 31.3% year-on-year [4] - The launch of the new high-end product Tengshi N8L, priced between 299,800 yuan and 329,800 yuan, is expected to further enhance the company's high-end product matrix [4] International Expansion - The company showcased its K-EV BYD RACCO at the 2025 Japan Mobility Show, marking its entry into the Japanese market with a dual strategy of "pure electric + hybrid" [5] - In Q3, overseas passenger car sales reached 233,000 units, a year-on-year increase of 155.9%, indicating strong growth momentum in international markets [5] Future Projections - The company is projected to achieve revenues of 864.03 billion yuan, 1,007.22 billion yuan, and 1,137.67 billion yuan from 2025 to 2027, with net profits of 38.12 billion yuan, 47.57 billion yuan, and 59.64 billion yuan respectively [6]

Core Viewpoint - The company reported a total of 3.7019 million new energy vehicle sales from January to October, reflecting a year-on-year increase of 13.9%, with October sales showing a decline compared to the previous year but an increase compared to the previous month [1][2] Group 1: Sales Performance - In October, the company achieved a record high of 441,700 new energy passenger vehicle sales, with significant contributions from the Dynasty and Ocean series, as well as the Fangchengbao brand [2] - The sales breakdown for October includes 395,000 units from the Dynasty series, 31,100 units from the Ocean series, 10,100 units from the Tengshi brand, and 700 units from the Yangwang brand, with the Dynasty and Ocean series showing the most growth [2] - Year-to-date sales for new energy passenger vehicles reached 3.6557 million units, up 12.9% year-on-year [1] Group 2: Export Growth - The company’s export sales in October reached 83,900 units, marking a year-on-year increase of 169.0% and a month-on-month increase of 17.8%, indicating a return to growth [3] - Cumulative export sales from January to October totaled 781,000 units, reflecting a year-on-year increase of 137.3% [3] - The company has established a network of over 400 dealers across more than 80 countries and regions to support its export growth [3] Group 3: Future Outlook - The company anticipates continued strong demand in the fourth quarter, driven by the release of popular models and the upcoming launch of new vehicles [3] - Revenue projections for 2025-2027 are set at 898.15 billion, 996.54 billion, and 1,101.29 billion yuan, with expected year-on-year growth rates of 15.6%, 11.0%, and 10.5% respectively [4] - The company expects to achieve net profits of 36.82 billion, 46.28 billion, and 55.02 billion yuan for the same period, with a projected increase in profits in 2026 and 2027 [4]

Group 1: Market Outlook and Sales Performance - The penetration rate of new energy passenger vehicles has exceeded 50% for several consecutive months, indicating a strong market trend towards electrification [1] - From January to October 2025, the company achieved cumulative sales of 3.7 million vehicles, a year-on-year increase of 13.9%, maintaining its position as the global sales leader in new energy vehicles [2] - In October 2025, the company sold over 440,000 vehicles, setting a new record for the year, with overseas sales of passenger vehicles and pickups reaching 83,524 units, a year-on-year increase of 155.5% [2] Group 2: Product Development and Consumer Demand - The company emphasizes "technology as king, innovation as fundamental" and continuously optimizes product design to meet diverse consumer needs [3] - The launch of the "Titan 7" model, featuring a unique design and spacious interior, achieved sales of over 20,000 units in its first full month, with an average transaction price exceeding 210,000 [3] Group 3: Smart Technology and Innovation - The company is implementing its "Smart Vehicle" strategy, leveraging its extensive vehicle cloud database and engineering team to enhance advanced driver assistance systems [5] - As of September 2025, over 1.7 million vehicles equipped with the "Heavenly Eye" technology have been sold, generating over 110 million kilometers of data daily [5] Group 4: Global Expansion and Market Penetration - The company has expanded its global presence, with products available in over 110 countries and regions, significantly increasing new energy vehicle penetration in Europe, Latin America, and Asia-Pacific [6] - The company’s factory in Thailand celebrated its first anniversary, delivering its 90,000th new energy vehicle in the market [6] Group 5: Energy Storage Business Highlights - The company has established a complete industrial chain for energy storage, with a focus on system development and application since 2008 [7] - The "Hao Han" energy storage product, featuring the world's largest dedicated energy storage battery, was launched, significantly enhancing system reliability and performance [7] - As of October 2025, the total installed capacity of the company's new energy vehicle power batteries and energy storage batteries exceeded 230 GWh [7]

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]