一、市场竞争与销量表现 比亚迪在2024年至2025年期间，凭借其在纯电车型（BEV）的强劲表现，成功超越特斯拉，成为全球纯电汽车市场的领导者。截至2025年第三季度，比亚迪纯 电车型累计销量达到160.59万辆，而特斯拉同期销量为121.79万辆，比亚迪领先近38.8万辆。这一差距的扩大并非偶然，而是自2024年第四季度比亚迪首次超 越特斯拉之后，持续保持领先地位的结果。 1.1 市场地位与销量表现 比亚迪在2025年第三季度的销量为39.63万辆，同比下降5.52%。其中，纯电车型（BEV）销量为20.5万辆，同比增长24%；插混车型（PHEV）销量为18.8万 辆，同比下降26%。这一数据表明，尽管比亚迪在纯电领域表现强劲，但在插混市场面临较大压力。 1.2 价格战与市场压力 比亚迪在2023年至2024年期间，通过大规模的价格战巩固了其在国内新能源汽车市场的领先地位。然而，这种策略也带来了副作用。一方面，价格战压缩了行 业利润，导致包括比亚迪在内的许多新能源车企面临盈利压力；另一方面，随着竞争对手如特斯拉、吉利等也在不断推出更具性价比的产品，比亚迪的技术领先 优势逐渐被削弱，插混（PHEV）市场份额出 ...

（原标题：寻找"受尊敬"企业系列报道之五：1.62万亿元研发投入构筑A股上市公司发展"护城河"） 科技是第一生产力，科技创新成为现阶段转型发展的关键。当前，我们正经历百年未有之大变局，这个变局的"始作俑者"就是日新月异的科技进 步。今天，以新一代信息技术、机器人、人工智能、生命科学、新能源等为代表的科技革命正重塑产业、经济格局，科技竞争已经成为各方博弈 的重要方面。 对于企业而言，科技创新不仅是评价一个企业综合实力以及保持高质量发展的重要指标和核心推动力，还是衡量一个企业能否受到普遍尊敬，以 及能否负责任地扛起行业创新大旗的重要体现。由经济观察报主办的2024—2025年度"寻找'受尊敬'企业"征集评选工作以"智创未来，向新而行"为 主题，也彰显了科技创新的独特分量。 从公司来看，比亚迪（002594.SZ）2024年以531.95亿元研发费用居首，研发投入同比增加超过百亿元，被称为"研发之王"；中国电建 （601669.SH）2024年研发投入242.5亿元，排在第二位；中国石油（601857.SH）、宁德时代（300750.SZ）、美的集团（000333.SZ）、中国中车 （601766.SH）、中国石化 ...

Core Insights - The 2025 Nanjing International Auto Show and Nanjing RV Show opened with nearly 1,000 vehicles from 58 brands, covering an area of approximately 80,000 square meters, showcasing a significant focus on new energy vehicles [1][2] Group 1: Event Overview - The auto show features a variety of promotional measures aimed at boosting consumer spending, including a vehicle renewal policy offering subsidies up to 8,000 yuan for new car purchases [1][3] - Over 80% of the vehicles on display are new energy models, reflecting a nearly 10 percentage point increase from the previous year, indicating a growing penetration of electric vehicles [1][2] Group 2: Brand Participation - BYD showcased its full brand matrix, including the debut of the Yangwang U8L and several other models, emphasizing its technological advancements [2] - Traditional luxury brands are accelerating their electrification efforts, with models like the Audi A5L and Volvo XC70 highlighting the integration of luxury and new energy technology [3] Group 3: Market Trends - In the first eight months of the year, China's automotive production and sales both exceeded 20 million units, with new energy vehicle production and sales reaching approximately 9.63 million units each [3] - The Nanjing auto show is part of a broader initiative to stimulate automotive consumption, supported by government subsidies and promotional activities [3][4] Group 4: Consumer Engagement - The event includes interactive experiences such as test drives and a lottery for fuel receipts, enhancing consumer engagement and excitement around vehicle purchases [4][6] - The introduction of free ticket registration aims to make the event more accessible, encouraging higher attendance and participation [6]

Core Viewpoint - The Chinese automotive market continues to grow, with both production and sales exceeding 20 million units from January to August 2025, driven by a significant increase in new energy vehicle (NEV) penetration and the dominance of domestic brands like BYD [1] Group 1: Market Performance - BYD sold 374,000 NEVs in August, with a cumulative sales of 2.864 million units from January to August, representing a year-on-year growth of 23%, significantly outpacing the industry average [2] - BYD's single brand sales reached 2.63 million units from January to August, maintaining a substantial lead in the market [5] - BYD has completed 62% of its annual sales target of 4.6 million units, setting a solid foundation for the second half of the year [2] Group 2: Technological Advancements - BYD's continuous sales growth is supported by strong technological capabilities, including the "Tiangshen Eye" advanced driver-assistance system, which has been installed in over 1.4 million vehicles [8] - In August, 90% of the sales of models equipped with the driver-assistance system were recorded, with daily data generation exceeding 87 million kilometers [8] - BYD's innovative achievements include the Lingyuan vehicle-mounted drone system and the super e-platform with megawatt fast-charging technology, contributing to the sales growth of models like Han L and Tang L [9] Group 3: Global Expansion - BYD's overseas sales of passenger cars and pickups reached 80,464 units in August, marking a year-on-year increase of 146.4%, with cumulative overseas sales of 630,728 units in 2025, up 135.7% [12] - The overseas sales accounted for 22% of BYD's total sales, indicating a strong international presence [12] - At the recent Munich Motor Show, BYD showcased several key models and announced the upcoming production of its factory in Hungary [12] Group 4: Future Outlook - BYD aims to continue its growth through ongoing technological innovation, an expanding product matrix, and enhanced global presence, focusing on efficient, intelligent, and environmentally friendly development in the NEV sector [14]

Group 1 - In the first half of the year, over 5,400 A-share listed companies invested more than 810 billion yuan in R&D, marking a year-on-year increase of 3.27% [1] - The automotive industry is accelerating its transformation from electrification to intelligence, with companies increasing their focus on technological capabilities and R&D investments [1] - BYD's R&D investment reached 30.9 billion yuan in the first half of the year, a 53% increase year-on-year, which is twice its net profit for the same period, making it the highest among A-share companies [1][2] Group 2 - BYD's R&D investment for the first half of 2025 is equivalent to the combined R&D investments of Geely Holding (14.7 billion yuan), SAIC (10.2 billion yuan), and Great Wall (6 billion yuan), with a significantly higher growth rate [2] - From 2011 to 2024, BYD has spent more than 210 billion yuan on R&D, exceeding its annual net profit in 13 out of 14 years, demonstrating a commitment to "cost-agnostic" R&D spending [2] - BYD has launched several innovative technologies in the first half of the year, including the Tian Shen Eye driver assistance system and the Super e-platform megawatt fast charging, showcasing its confidence in its technology [2][3]

Group 1: Market Performance - In the first eight months of 2025, China's automotive market continued its growth trend, with both production and sales exceeding 20 million units. The penetration rate of new energy vehicles (NEVs) reached 55.3%, and the market share of domestic brands hit 64% [1] - BYD sold 374,000 NEVs in August, with cumulative sales of 2.864 million units from January to August, representing a year-on-year growth of 23%, significantly outpacing the industry average [1] - BYD's single-brand sales reached 2.63 million units from January to August, maintaining its position as the top seller in the market [1] Group 2: Technological Advancements - BYD's continuous sales growth is supported by strong technological capabilities and product offerings, with the "Heavenly Eye" driver assistance system having sold over 1.4 million units since its launch [1] - In August, BYD's sales of intelligent driving assistance models reached 263,700 units, surpassing the combined sales of brands ranked second to tenth [1] - Innovations such as the Lingyuan drone system and the super e-platform with megawatt fast charging technology have contributed to BYD's sales momentum [1] Group 3: Global Expansion - BYD's overseas market performance is also impressive, with 80,464 units of passenger cars and pickups sold abroad in August, marking a year-on-year increase of 146.4% [2] - Cumulative overseas sales for 2025 reached 630,728 units, a year-on-year growth of 135.7%, accounting for 22% of total sales [2] - At the recent Munich Motor Show, BYD showcased several key models and announced that its factory in Hungary will commence production within the year [3] Group 4: Future Outlook - Moving forward, BYD aims to leverage continuous technological innovation, an expanding product matrix, and deeper global integration to drive the new energy vehicle industry towards greater efficiency, intelligence, and environmental sustainability [4]

Core Insights - The Chinese automotive market continues to grow, with both production and sales exceeding 20 million units from January to August 2025, and the penetration rate of new energy vehicles (NEVs) reaching 55.3% [1] - BYD maintains its leading position in the NEV market, achieving a sales volume of 374,000 units in August and a cumulative total of 2.864 million units from January to August, representing a year-on-year growth of 23% [2][5] - The company's strong technical capabilities and product innovations, such as the "Tiangshen Eye" driver assistance system and the Super e-platform, are key drivers of its sales growth [8][9] Sales Performance - BYD's single-brand sales reached 2.63 million units from January to August, solidifying its top position in the market [5] - The company has completed 62% of its annual sales target of 4.6 million units, setting a solid foundation for the second half of the year [2] Technological Advancements - BYD's "Tiangshen Eye" driver assistance system has seen over 1.4 million units sold, with 90% of the sales in August being driver assistance models [8] - The company has introduced innovative technologies such as the Lingyuan drone system and the Super e-platform, which have contributed to the strong sales of models like Han L and Tang L [9] Global Expansion - BYD's overseas sales reached 80,464 units in August, marking a year-on-year increase of 146.4%, with a total of 630,728 units sold overseas in 2025, representing a 135.7% increase [12] - The company showcased its products at the Munich Auto Show and announced the upcoming production of its factory in Hungary [12] Future Outlook - BYD aims to continue its growth through ongoing technological innovation, an expanding product matrix, and deeper global market penetration, focusing on providing high-quality green travel experiences [14]

Core Viewpoint - BYD has reported record-high revenue and profit for the first half of 2025, demonstrating resilience and strategic strength in a challenging global automotive market [1][6]. Financial Performance - In the first half of 2025, BYD achieved a revenue of 371.3 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 15.5 billion yuan, up 14% year-on-year [6][9]. - The company sold 2.86 million vehicles in the first eight months, reflecting a 23% increase compared to the previous year [6]. Market Position - BYD has outperformed traditional automotive giants, which experienced a net profit decline of over 30% in the same period, highlighting BYD's strategic execution and the overall competitiveness of the Chinese automotive industry [9]. Financial Health - As of June 30, 2025, BYD's cash reserves reached a historical high of 156.1 billion yuan, with interest-bearing debt at only 41.6 billion yuan, representing 6.9% of total liabilities, one of the lowest in the industry [10]. - The company completed a significant equity refinancing of 43.5 billion HKD in March 2025, aimed at optimizing its capital structure and reducing debt [10]. R&D Investment - BYD's R&D expenditure for the first half of 2025 was 30.9 billion yuan, a substantial increase of 53%, exceeding its net profit for the same period [11]. - The company has consistently prioritized R&D over profit, with cumulative R&D spending exceeding 210 billion yuan from 2011 to 2024 [11]. Technological Advancements - BYD has launched several groundbreaking technologies, including the "Tian Shen Zhi Yan" advanced driver-assistance system and the "Super e-platform" for fast charging, reinforcing its technological leadership [11][13]. - The company has achieved the highest sales of smart driving vehicles in China, with over 1.2 million units equipped with the "Tian Shen Zhi Yan" system [13]. Social Responsibility and Sustainability - In the first half of 2025, BYD contributed 27.1 billion yuan in domestic taxes, surpassing its net profit, indicating its significant impact on regional economies [15]. - The company aims to reduce carbon emissions intensity by 50% by 2030 and achieve carbon neutrality across its value chain by 2045, with a reported carbon reduction of 22.97 million tons from sold vehicles [15]. Conclusion - BYD's performance in the first half of 2025 signals a pivotal moment for Chinese manufacturing, showcasing its transition towards high-end, global operations through sustained R&D investment and a robust financial structure [16].

Group 1: Industry Overview - The automotive industry's profit margin is 4.8%, lower than the average profit margin of 5.7% for downstream industrial enterprises, and has decreased by 0.2 percentage points compared to the same period last year [1] - Despite rising sales, many car manufacturers are experiencing declining profits, with Mercedes-Benz's net profit halving and Toyota's net profit dropping by 36.9% [4] - The overall automotive market is facing significant challenges due to global economic pressures and complex international political environments [4] Group 2: BYD's Performance - BYD achieved record highs in both revenue and profit in the first half of the year, with revenue reaching 371.3 billion yuan, a 23% year-on-year increase, and a net profit of 15.5 billion yuan, up 14% [4] - BYD's cash reserves have reached 156.1 billion yuan, indicating strong financial health and high-quality development [1][4] - The company has maintained its position as the sales champion in both the Chinese market and the global electric vehicle market [1][4] Group 3: R&D Investment - BYD's R&D investment reached 30.9 billion yuan in the first half of the year, a 53% increase year-on-year, which is double its net profit for the same period [6] - The company has consistently invested more in R&D than its annual profits for 13 out of the last 14 years, totaling over 210 billion yuan in cumulative R&D investment [6] - BYD leads in several global patent rankings for electric and hybrid vehicle technologies, showcasing its strong technological foundation [6][8] Group 4: Overseas Expansion - BYD's overseas market sales exceeded 470,000 units in the first half of the year, a 132% increase compared to the previous year, surpassing its total overseas sales for the previous year [7][9] - The company has expanded into several new markets, including Switzerland, Romania, and El Salvador, and is establishing manufacturing bases in Cambodia and Malaysia [9] - BYD has achieved significant sales growth in competitive markets, such as a 756.1% increase in Spain and over 10% market share in Italy [9] Group 5: Future Outlook - BYD's management anticipates that overseas sales will double by the end of the year, supported by strong technical capabilities and market strategies [10] - The company aims to position itself as a world-class automotive brand, promoting "Chinese manufacturing" on the global stage [10]

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]