Automotive Dealer Strategy - SKU Streamlining: The number of configurations for single models has been reduced from 4-5 to 2-3 (e.g., Qin Lev/Seagull 06EV has only 3 versions) to optimize the supply chain, reduce inventory complexity, and enhance product competitiveness [4] - Inventory Break Mechanism: Immediate cessation of shipments when inventory exceeds warning levels to alleviate financial pressure on dealers and enhance operational flexibility [4] - Accelerated Rebate Payments: Shortening the rebate cycle and expediting fund allocation (personally supervised by Wang Chuanfu) to stabilize the pricing system and ensure dealer profitability [4] - Terminal Price Control: Managing discount levels and optimizing promotional policies to prevent vicious competition and ensure sustainable profits [4] International Market Dynamics - Indonesia Market: The first dealer conference was held, signing long-term service commitments, and traditional dance performances were used to strengthen brand cohesion [4] - Americas Market: 170 dealers experienced the Tengshi Z9GT/Yangwang U8, with a focus on expanding into European, North American, and South American markets, alongside tea ceremony activities to promote Chinese culture [4] Other Business Lines - Forklift Business: Targeting an annual sales revenue of 5 billion yuan, with strategies focused on electric forklift technology upgrades and intelligent logistics solutions, aiming to expand into high-end markets in Europe, the United States, and Japan [4]

Core Viewpoint - BYD announced a limited-time free replacement for the three-spoke sports steering wheel of the Tengshi Z9 / GT models, aimed at enhancing customer satisfaction and engagement [1][3]. Group 1: Promotion Details - The promotion runs from May 30 to June 30, allowing users who pay a deposit by June 30 and successfully issue a vehicle sales invoice by July 31 to register for a free steering wheel replacement valued at 5,780 yuan [3]. - From May 30 to August 15, existing vehicle owners will receive a questionnaire to express their interest in the replacement, with a deadline to submit by August 15 [3]. Group 2: Vehicle Specifications - The Tengshi Z9 is positioned as a "D-class technology luxury flagship sedan," featuring advanced technologies such as the Yisanfang technology and the Yunlian-A intelligent air body control system, along with 10 safety airbags [5]. - The dimensions for the pure electric version are 5220mm in length, 1990mm in width, and 1500mm in height, while the plug-in hybrid version measures 5235mm in length, with both having a wheelbase of 3125mm [5]. - The Tengshi Z9 GT, launched in September last year, has a starting price of 334,800 yuan for the plug-in hybrid version and 354,800 yuan for the pure electric version, with dimensions of 5180mm in length, 1990mm in width, and 1500mm in height [5][6]. Group 3: Powertrain and Performance - Both models share a powertrain, with the pure electric version featuring a tri-motor system that delivers a maximum power of 710kW and a range of 630km, while the plug-in hybrid version has a 2.0T hybrid system with a maximum power of 152kW and a combined range of 1100km [6]. - The plug-in hybrid version has a fuel consumption of 5.6L per 100km when the battery is depleted [6].

投资者关系活动记录表 编号：2025-22 证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 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 Jefferies、分析师、Aaron Wang 等一行 5 人 时间 2025-5-14 9:00-10:00 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：公司的超级 e 平台有什么亮点？ 答：比亚迪发布划时代的超级 e 平台，推出闪充电池、3 万转电 机和全新一代车规级碳化硅功率芯片，核心三电全维升级，刷新 多项全球之最。在充电速度上，实现充电功率 1 兆瓦（1000kW）， 实现全球量产最高峰值充电速度 1 秒 2 公里，达到全球量产最快 充电速度——闪充 5 分钟，畅行 400 公里；在性能上，达到单模 块单电机功率 580kW，最高车速超 300km/h，定义全球最强专业 纯电平台。 问题二：腾势品牌近期市场表现如何？ 答：腾势汽车 4 月销售 15388 辆，同比增长 38. ...

证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 2025 年 04 月 30 日 公司点评 买入/维持 比亚迪(002594) 目标价: 昨收盘:355.00 BYD 的全球 SHENZHEN 时刻 ◼ 走势比较 (20%) 2% 24% 46% 68% 90% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 比亚迪 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 30.39/11.62 | | --- | --- | | 总市值/流通(亿元) | 10,788.68/4,1 | | | 26.57 | | 12 个月内最高/最低价 | 403.4/206.58 | | (元) | | 相关研究报告 <<比亚迪：从批量爆款到全面智 能>>--2025-03-26 <<比亚迪时刻：从批量爆款到全面智 能>>--2024-09-01 <<双宋齐发，进入批量打造销冠爆款 车型的比亚迪时刻>>--2024-07-29 事件：公司发布 2025 年一季报，实现营业总收入 ...