证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 编号：2025-30 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 （电话会议） 参与单位名 称及人员姓 名 Pictet、PM、Christopher Hartkopf 等 6 人 时间 2025-7-915:00-16:00 地点 比亚迪六角大楼 上市公司接 待人员姓名 吴越、常恩铭 投资者关系 活动主要内 容介绍 问题一：公司近期销量如何？ 答：2025 年比亚迪 6 月份销售 382585 辆，同比增长 12.0%，上 半年累计销售 2145954 辆，同比增长 33.0％，新能源累计销售 超 1270 万辆。 问题二：比亚迪和香港科技大学的最新合作项目具体是什么？ 答：2025 年 7 月 7 日，比亚迪汽车工业有限公司与香港科技大 学（以下简称"港科大"）签署合作框架协议，共同成立"香港 科技大学-比亚迪具身智能联合实验室"。联合实验室设立在港 科大校园，比亚迪将于未来数年投入数千万港元支持实验室运 营，重点攻关具身智能领域。双方将重点探索数据驱动的具身智 能 ...

比亚迪（002594.SZ）系列点评三十 海外销量再创新高 全球化稳步推进 2025 年 07 月 03 日 ➢ 事件概述：公司发布 6 月产销快报，6 月新能源汽车批发销售 38.3 万辆， 同比+12.0%，环比+0.03%；新能源乘用车批发销售 37.8 万辆，同比+11.0%， 环比+0.2%。分品牌看，6 月王朝海洋、腾势、方程豹、仰望销量分别 34.3 万 辆、15,783 辆、18,903 辆、205 辆。 ➢ 6 月批发同比增长 出口表现亮眼。公司 6 月新能源乘用车批发销售 37.8 万 辆，同比+11.0%，环比+0.2%，海外销量 9.0 万辆，再创新高。新能源乘用车 批发中，其中插混乘用车销售 17.3 万辆，同比-11.5%，环比-1.1%。纯电乘用 车销售 20.7 万辆，同比+42.5%，环比+1.2%。分品牌看，王朝海洋销量 34.3 万辆，秦 PLUS DM-i 5.0、海豹 06 等新车型贡献核心增量；腾势/仰望/方程豹 销量 3.49 万辆，占比 9.1%，高端化加速突破。 ➢ 出海表现亮眼 海外建厂加速推进。受益海外车型上量及区域拓展，6 月新 能源出口销量 9.0 万 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a wholesale sales volume of 380,000 new energy vehicles in April, representing a year-on-year increase of 21.3% and a month-on-month increase of 0.7% [1][2]. - The cumulative sales from January to April reached 1.359 million units, up 45.1% year-on-year [2]. - The company’s export sales in April reached 79,000 units, setting a new record, with steady growth in overseas demand, particularly in Turkey, Brazil, and Europe [2][3]. - The launch of the intelligent driving version of the Dynasty Ocean series is expected to accelerate the democratization of intelligent driving technology [3]. - 2025 is projected to be a significant year for high-end products, with the launch of the Tengshi N9 and flagship models featuring advanced intelligent driving systems [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1,014.12 billion, 1,237.23 billion, and 1,477.25 billion yuan respectively, with net profit estimates of 58.15 billion, 67.12 billion, and 74.19 billion yuan [4][5]. - Earnings per share (EPS) are expected to be 19.13, 22.09, and 24.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 [4][5].

Investment Rating - The report maintains a positive investment recommendation for the automotive industry, highlighting ongoing growth and innovation [7]. Core Insights - The passenger car market continues to experience rapid growth, with retail sales reaching 210,000 units in early April, a 2% year-on-year increase, and cumulative retail sales of 5.336 million units, up 6% year-on-year [1]. - The electric vehicle segment shows significant growth, with retail sales of new energy vehicles reaching 113,000 units in early April, a 17% year-on-year increase, and cumulative retail sales of 2.533 million units, up 35% year-on-year [1]. - The overall performance of the automotive industry remains robust, with 75% of listed companies reporting revenue growth and 69% reporting profit growth, indicating a strong expansion trend despite economic challenges [2][12]. - The shift towards pure electric vehicles is evident, with sales of pure electric cars increasing by 45.2% year-on-year in the first quarter, while hybrid models saw a 33.7% increase [3]. - The industry is witnessing a wave of stock buybacks, with 130 companies announcing buyback plans totaling over 53.73 billion yuan, reflecting confidence in the market [15][17]. Summary by Sections Current Performance of Listed Companies - As of April 11, 2025, 122 automotive companies have reported their annual performance, with 75% showing revenue growth and 69% showing profit growth, significantly above the A-share average [12]. - The automotive sector has initiated a buyback trend, with a notable increase in the number of buyback announcements and the total amount planned for repurchase [15][17]. Market Data Tracking - In the first week of April, the national retail sales of passenger cars were 210,000 units, a 2% increase year-on-year, while wholesale sales were 212,000 units, an 11% increase year-on-year [33]. - The new energy vehicle market also showed strong performance, with retail sales of 113,000 units, a 17% increase year-on-year, and wholesale sales of 120,000 units, a 25% increase year-on-year [33]. Industry News - The automotive industry is advancing in smart technology, with new high-performance MCU chips being developed and partnerships between major companies like Dongfeng and Huawei to enhance smart driving capabilities [4][47]. - Significant developments include the unveiling of new models and the introduction of innovative technologies, such as the DF30 chip and various new electric vehicle models [48][56].

中国将 "适度" 减少美国电影进口数量。 国家电影局发言人称，美国政府加征关税 "会令国内观众对美国影片好感度进一步降低"，因此将 遵循市场规律，适度减少美国影片进口数量。中国是全球第二大电影市场，据猫眼娱乐数据，引入 国内的美国电影数量在 2018 年达到峰值，共 63 部，随后数量下滑，2022 年仅 25 部，去年又升至 42 部。近年来国产电影更受消费者支持，一个例子是《哪吒之魔童闹海》全球票房已破 156 亿， 进入全球影史票房第五。 优衣库大部分销往美国的优衣库产品都产自东南亚，此前特朗普宣布将对中国以外的其他国家、地 区暂停征收 90 天的关税。有分析师称，纺织供应链比其他行业供应链灵活，关税对优衣库的负面 影响将小于任天堂、丰田等日本公司。 马云现身阿里云谷园区。 社媒流传的影像显示，马云身穿阿里云 15 周年纪念 T 恤，并佩戴了阿里新版工牌，工牌上印有他 的照片和花名 "风清扬"。此行他参加了阿里云新财年启动会并上台讲话。据我们了解，阿里近期 在大力鼓励员工佩戴工牌，并推出了有戴脖、斜挎和卡夹三种戴法的新工牌，员工可自愿申请换 新，员工还可凭工牌享受园区附近商户的折扣。自去年底以来，马云已 ...

聚集源头工厂的 1688 因低价吸引消费者。2023 年 11 月，阿里将 1688 列为四大 "战略级创新业务" 之一，并称其将以 3 - 5 年为周期持续投入。2024 年，1688 活跃买家数同比增长 55%。截至 2025 年 2 月，1688 年度活跃买家数（AAC）超过 1 亿。 巴菲特增持 5 家日本商社股票，4 家持股比例超过 9%。 巴菲特的公司伯克希尔·哈撒韦 3 月 17 日的财务文件显示，公司已增持 5 家日本商社（三井物产、 三菱商事、住友商事、伊藤忠商事和丸红）股票，在其中四家持股比例超过 9%。公司曾说，自己 持有的日本股票总价值 "远超伯克希尔持有的美国以外任何其他国家的股票总价值"，并计划 "长 期" 持有，比例可能高达 9.9%，但需要董事会特别批准。巴菲特今年 2 月在致股东信中说到，五 大商社同意对伯克希尔 "适度放宽" 持股比例 10% 以下的限制。 松绑 "仅退款" 的平台又多一家。阿里旗下 B2B 电商平台 1688 将于 3 月下旬取消仅退款政策。 此前，买家因质量问题发起仅退款申请后，平台会介入，进行退款，无需商家同意。仅退款政策取 消后，再发生类似情况，平台 ...