近日，比亚迪公布了2025年上半年财报，在全球汽车市场普遍承压、多家跨国巨头业绩下滑的背景下，比亚迪却依旧逆势交出一份营收与利润双创新高的成 绩单。 今年上半年，比亚迪不仅以3713亿元营收和归母155亿元的净利润延续高增长态势，在新能源车企中处于全球领先地位。更是在海外市场实现爆发式突破， 高端品牌与技术布局同步进阶，展现出中国汽车企业强劲的发展韧性和战略定力。 业绩逆势增长的背后，海外市场已成关键引擎 具体数据方面，在面临全球贸易环境波动与宏观经济压力的基础上，比亚迪仍在2025年上半年实现营业收入3713亿元，同比增长23%；归母净利润155亿 元，同比增长14%，多项经营指标创历史新高。尤其引人注目的是其全球销量的稳健扩张——前八个月累计销售286万辆，同比增长23%。 相比之下，传统巨头上半年净利润降幅均超过30%，公司营收亦出现不同程度下滑。比亚迪在全球低迷市场中跑赢一众海外巨头、跑出增长加速度，不仅体 现其自身的战略执行力，也折射出中国汽车工业整体竞争力的提升。 现金流充沛负债率低，财务结构健康度领先 强劲的销售与良好的盈利质量，为比亚迪带来了充足的现金流。截至2025年6月底，公司现金储备攀升 ...

今年上半年，汽车行业利润率4.8%，相对于下游工业企业利润率5.7%的平均水平，依然偏低，较去年同期的5.0%也下降了0.2个百分点。不少车企销量 虽持续攀升，但"钱袋子"却不断变瘪。然而，同时蝉联中国市场车企、品牌销量冠军及全球新能源汽车市场销量冠军的比亚迪则逆势增长，今年上半年营 收、利润双创新高，现金储备达1561亿元，展现了比亚迪一往无前的高质量发展态势。 持续投入 坐稳A股"研发之王"宝座 纵观上半年全球车市，在全球经济承压及复杂的国际政治环境等多重因素影响下，一向"抗造"的跨国车企们也只能无奈接受营收、利润大幅下滑的事 实。其中，梅赛德斯-奔驰上半年净利润直接"腰斩"，同比跌幅达55.8%；丰田汽车也难逃此劫，净利润同比下跌36.9%。然而，比亚迪则"风景这边独好"， 上半年营收3713亿元，同比增长 23%，半年营收首次超越特斯拉；归母净利润155亿元，同比增长14%，各项核心经营指标均创历史新高。 多项业绩指标逆势上涨表明比亚迪在全球汽车市场份额不断扩大、影响力持续提升。今年1-8月，比亚迪已累计销售新车286.39万辆，同比增长23%。亮 眼的成绩背后，是比亚迪多年来对技术研发的始终如一的坚 ...

Group 1 - The core viewpoint of the articles highlights BYD's strong financial performance in the first half of 2025, with a revenue of 371.3 billion yuan, a year-on-year increase of 23%, and a net profit of 15.5 billion yuan, up 14% year-on-year, achieving historical highs in key operational metrics [1] - BYD has invested over 210 billion yuan in research and development (R&D) since its inception, with R&D spending exceeding net profit in 13 out of the last 14 years [2] - In the first half of 2025, BYD's R&D expenditure reached 30.9 billion yuan, a 53% increase year-on-year, which is double its net profit for the same period [2] Group 2 - BYD's global sales reached 2.49 million vehicles in the first seven months of 2025, representing a year-on-year growth of 27.4% [3] - The overseas sales of BYD's passenger cars and pickups reached 550,000 units in the first seven months, more than doubling the sales from the previous year [3] - BYD's high-end brands, including Fangchengbao, Tengshi, and Yangwang, sold a total of 160,000 units in the first half of 2025, marking a year-on-year increase of over 75% [3]

| | 2025年上半年国内主流车企研发投入情况 | | | --- | --- | --- | | | | 单位:亿元 | | 车企 | 研发投入 | 同比增减 | | 比亚迪 | 308.8 | 53.1% | | 吉利控股 | 146.5 | 7.8% | | 上汽 | 101.7 | 13.5% | | 长城 | 60.4 | -5.5% | | 长安 | 54.0 | 17.2% | | 理想 | 53.2 | -12.4% | | 赛力斯 | 52.0 | 154.9% | | 小鹏 | 41.9 | 48.6% | | 广汽 | 37.9 | 16.6% | | | 数据来源: Wind、各上市公司2025年半年报 | | 不仅是在汽车行业，比亚迪在整个A股市场中，也凭借其巨额的研发投入，超越了中国建筑、中兴通讯、中国移动等知名企业的投入水平，成 为了名副其实的"研发之王"。 在A股市场近期公布的二季报及半年报中，科技企业的研发投入情况吸引了广泛关注。其中，比亚迪以其在研发领域的巨额投入，成为了市场 焦点。 比亚迪的巨额研发投入，已经转化为了其在市场上的创新竞争力。近年来，比亚迪不断推出创新技术 ...

Investment Rating - The investment rating for BYD (002594) is "Buy" (maintained) [2][6]. Core Insights - The report highlights that BYD's total revenue for the first half of 2025 reached 371.28 billion yuan, a year-on-year increase of 23.3%, while the net profit attributable to shareholders was 15.51 billion yuan, up 13.8% year-on-year. However, the net profit for Q2 saw a decline of 29.9% year-on-year due to ongoing price wars in the domestic electric vehicle market [6]. - The report emphasizes the steady progress of BYD's overseas business, with a significant increase in export sales of new energy vehicles, which reached 545,000 units from January to July, marking a 133.5% year-on-year growth. The overseas revenue accounted for 36.5% of total revenue, with a gross margin of 19.8%, higher than the domestic market [6]. - The report also notes that BYD's R&D investment for the first half of 2025 was 30.9 billion yuan, a 53% increase year-on-year, supporting innovations in various advanced technologies [6]. Summary by Sections Financial Performance - In H1 2025, BYD's total revenue was 371.28 billion yuan, with a year-on-year growth of 23.3%. The net profit attributable to shareholders was 15.51 billion yuan, up 13.8% year-on-year. Q2 revenue was 200.92 billion yuan, a 14.0% year-on-year increase, but net profit fell by 29.9% year-on-year [6]. - The gross margin for Q2 2025 was 16.3%, down 2.4 percentage points year-on-year and 3.8 percentage points quarter-on-quarter [6]. Overseas Business - BYD's overseas sales of new energy vehicles reached 545,000 units from January to July, a 133.5% increase year-on-year. The overseas revenue for H1 2025 was 135.36 billion yuan, a 50.5% increase year-on-year [6]. R&D Investment - The company invested 30.9 billion yuan in R&D in H1 2025, which is nearly double its net profit, indicating a strong commitment to innovation in the automotive sector [6]. Future Profit Projections - The projected net profits for BYD from 2025 to 2027 are 47.64 billion yuan, 61.17 billion yuan, and 73.38 billion yuan, respectively, with corresponding PE ratios of 20.99, 16.35, and 13.63 [6][8].

全球科技竞赛进入白热化阶段，各大企业纷纷加大投入，力争在前沿技术领域占据制高点。 随着今年A股5400多家上市公司陆续发布半年报，各家到底砸了多少钱用来搞研发、谁在技术研发上最舍得"下血本"？无疑是外界关注的焦点。 据中国上市公司协会数据，今年上半年，全市场上市公司研发投入同比增长3.27%。而比亚迪研发投入达309亿元，同比增长53%，比同期净利润高一倍，成 为A股上半年"研发之王"。 | | 2025年上半年A股上市公司研发投入排名TOP10 | 单位:亿元 | | --- | --- | --- | | 排名 | 企业名称 | 研发投入 | | 1 | 比亚迪 | 308.8 | | 2 | 中国建筑 | 174.3 | | 3 | 中兴通讯 | 135.4 | | 4 | 中国移动 | 130.0 | | 5 | 上汽集团 | 101.7 | | 6 | 宁德时代 | 100.9 | | 7 | 中国石油 | 99.0 | | 8 | 中国交建 | 88.9 | | 9 | 美的集团 | 87.7 | | 10 | 中国中铁 | 81.3 | 比亚迪有多重视研发？一连串数据成为注脚—— 数据来源：Wi ...

在车市竞争环境复杂的当下，比亚迪（002594）上半年交出一份各项核心指标飘红的亮眼成绩单，展现 出强大的发展韧性。 8月29日晚间，比亚迪发布财报显示，公司2025年上半年营收3713亿元，同比增长23%；归母净利润155 亿元，同比增长14%；研发投入309亿元，同比增长53%；现金储备达1561亿元，财务状况愈发稳健。 纵观比亚迪上半年财报，有两项关键指标值得关注，一是研发投入309亿元，二是国内纳税总额271亿 元，二者均超过同期归母净利润百亿元以上，这意味着其不断巩固技术"护城河"根基的同时，也勇于肩 负起应有的社会责任。 稳定的业绩表现，得益于销量规模的稳步增长。2025年上半年，比亚迪全球销量214万辆，同比增长 33%。由此，比亚迪成为上半年全球销量排名第七的汽车企业，与第六名销量差距不足一万辆，并蝉联 全球新能源汽车销量冠军。 这其中，比亚迪在海外市场表现尤为亮眼。今年前7个月，比亚迪乘用车及皮卡海外销量超55万辆，同 比增长超130%，销量已超去年全年，按照这个势头，今年海外销量冲击百万辆大关并非难事。目前， 比亚迪新能源车已成功登陆全球超过112个国家及地区，在意大利、土耳其、西班牙、巴 ...

8月29日晚，比亚迪公布了2025年上半年财报。在整体市场竞争愈加激烈的背景下，这份财报依然交出 了亮眼的答卷：公司上半年实现营收3713亿元，同比增长23%；归属于母公司的净利润为155亿元，同 比增长14%。更为引人注目的是，研发投入达到309亿元，同比大幅增长53%，远超利润增速。同时， 比亚迪的现金储备也继续走高，达到1561亿元，财务稳健性进一步增强。 财报数据的背后，汽车销量仍是比亚迪最重要的增长支撑。作为核心业务，新能源汽车相关的汽车板块 保持了强劲增长。上半年，汽车及相关产品收入达3025.06亿元，同比增长32.49%，在公司整体营收中 的占比进一步提升至81.48%。新能源汽车销量同比增长超过33%，不仅稳固了比亚迪在国内市场的优势 地位，也让其蝉联全球新能源汽车市场销量冠军。相关数据显示，公司整体市场份额同比提升2.2个百 分点，达到13.7%。 对于比亚迪的增长逻辑，新智派新质生产力会客厅联合创始发起人袁帅在接受《中国经营报》记者采访 时指出，高强度研发是比亚迪能够保持竞争优势的关键所在。"今年上半年研发投入同比增长53%，这 一幅度远超净利润的增速，充分体现了比亚迪在技术层面的战略考 ...

Group 1 - The core viewpoint of the article highlights BYD's strong financial performance in the first half of 2025, with revenue reaching 371.3 billion yuan, a year-on-year increase of 23%, and net profit attributable to shareholders at 15.5 billion yuan, up 14% [1] - BYD's R&D investment for the first half of 2025 was 30.9 billion yuan, representing a significant year-on-year growth of 53%, which is more than double its net profit for the same period [5] - The company maintained a robust cash reserve of 156.1 billion yuan, indicating a solid financial position [1] Group 2 - In contrast to global automotive giants facing revenue stagnation and profit declines of over 30%, BYD achieved steady growth, showcasing the resilience and potential of the Chinese automotive industry [4] - BYD's global sales reached 2.49 million units in the first seven months of 2025, marking a 27.4% year-on-year increase, with overseas sales exceeding 550,000 units, up over 130% [4] - The company has entered over 112 countries and regions with its new energy vehicles, achieving the highest sales in several countries including Italy, Turkey, Spain, and Brazil [4] Group 3 - BYD has been recognized as the "R&D King" in A-shares for the first time in 2024, with cumulative R&D investment exceeding 210 billion yuan, reflecting its commitment to technology and innovation [5] - The company has developed groundbreaking technologies such as the "Heavenly Eye" driver assistance system and the "Super e-platform" fast charging system, demonstrating its strong R&D capabilities [5] - BYD leads in the number of patents in various categories of new energy vehicle technologies, showcasing its deep accumulation and strong research strength in the field [7] Group 4 - The global automotive industry is undergoing rapid transformation, and unlike overseas giants entering an adjustment phase, BYD is positioned to seize strategic opportunities due to its robust technical reserves, precise market strategies, and comprehensive product line [9]

8月29日晚间，比亚迪（002594.SZ）发布的2025年半年度报告显示，今年上半年，公司营业收入约3712.81亿元，同比增长23.3%；归属于上市公司股东的净 利润约155.11亿元，同比增长13.79%；现金储备达1561亿元。 | | | | 产量 | | | | | 销量 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | | 新能源汽车 | 317,892 | 320, 852 | 2, 454, 925 | 1, 952, 885 | 25.71% | 344, 296 | 342, 383 | 2, 490, 250 | 1.955,366 | | -乘用车 | 315. 269 | 319, 268 | 2, 418, 378 | 1, 945, 463 | 24. 31% | 341, 030 | 340. 799 | 2.454.301 | 1,947,944 | | -纯 ...