Core Viewpoint - BYD's sales in November 2025 reached 480,200 units, a year-on-year decrease of 5.3%, while cumulative sales from January to November totaled 4,182,000 units, reflecting an increase of 11.3% [1] Sales Performance - The sales performance of BYD's brands showed a mixed trend, with the Dynasty and Ocean series, Fangchengbao, Tengshi, and Yangwang achieving sales of 423,600, 37,400, 13,300, and 700 units respectively in November 2025, with year-on-year changes of -12.7%, +339.0%, +32.5%, and +132.8% [1] - Despite overall sales pressure, high-end brands performed exceptionally well, with Fangchengbao, Tengshi, and Yangwang accounting for 10.8% of total sales in November, an increase of 1.2 percentage points year-on-year and 5.8 percentage points month-on-month [1] Export Growth - November's export sales increased by 57.2% month-on-month, indicating that international markets are becoming a new growth engine for sales [1] Product Launches - In Q4 2025, BYD is set to launch several new models, including the Han EV/DM-i long-range version, Leopard 5 long-range version, Leopard 8 five-seater version, Tengshi N8L, and the 2026 model of Xia, with price ranges covering 150,000 to 400,000 yuan, which is expected to further optimize the product structure [1] Globalization and Profitability - The company's globalization efforts are progressing smoothly, with overseas sales expected to continue increasing, thereby enhancing profitability [1] - Due to intense competition in the domestic market, BYD's domestic sales and market share are under pressure, leading to a downward revision of profit forecasts for 2025-2027 to 36.814 billion, 50.726 billion, and 61.462 billion yuan respectively, compared to previous estimates of 55.931 billion, 68.292 billion, and 81.025 billion yuan [1] Valuation - The current stock price corresponds to a price-to-earnings ratio of 23.9, 17.4, and 14.3 times for 2025, 2026, and 2027 respectively, with a maintained "buy" rating [1]

Investment Rating - The investment rating for BYD is maintained as "Buy" [2][6]. Core Views - The report highlights that BYD's export sales increased significantly, with a month-on-month growth of 57.2%, indicating that international expansion is driving the recovery of profitability [5][6]. - Despite a year-on-year decline of 5.3% in domestic sales for November 2025, the cumulative sales for the first eleven months of 2025 showed an increase of 11.3% compared to the previous year [5]. - The report emphasizes the strong performance of high-end brands, which accounted for 10.8% of total sales in November 2025, driven by successful new product launches [5]. Summary by Sections Sales Performance - In November 2025, BYD achieved total sales of 480,200 vehicles, with a cumulative total of 4,182,000 vehicles sold from January to November 2025 [5]. - The sales breakdown by brand shows that the Dynasty and Ocean series, along with other high-end models, performed well despite overall sales pressure [5]. Export Growth - BYD's export sales of new energy vehicles reached 131,900 units in November 2025, reflecting a year-on-year increase of 325.9% and a month-on-month increase of 57.2% [5]. - The export sales accounted for 27.5% of total sales in November, up from 19.0% in October 2025 [5]. Product Development - The report notes a rapid pace of new product launches in Q4 2025, with several mid-to-high-end models introduced, which are expected to enhance the product mix and drive sales growth [5]. - High-end models like the Fangcheng Leopard and Tengshi series have shown strong market acceptance, contributing to the overall sales performance [5]. Financial Forecast - The forecast for BYD's net profit for 2025-2027 has been adjusted to 36.814 billion, 50.726 billion, and 61.462 billion yuan respectively, reflecting a downward revision due to intense domestic competition [6]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 23.9 for 2025, 17.4 for 2026, and 14.3 for 2027 [6].

Core Insights - The company has launched two new models, the Leopard 5 Long Range Edition and the Leopard 8 Large Five-Seater, with prices ranging from 269,800 to 329,800 yuan and 379,800 to 407,800 yuan respectively [1][4] - The brand's cumulative sales are approaching 200,000 units, with the Leopard 5 model alone nearing 100,000 units sold [1][4] Product Features - Both new models are built on the upgraded DMO+ platform, which enhances torque control precision and wheel grip across various terrains [3] - The Leopard 5 Long Range Edition boasts a CLTC pure electric range of 210 kilometers and a comprehensive range exceeding 1,310 kilometers, utilizing a CTC integrated battery design [3] - The Leopard 8 features improved rear legroom and storage capacity, along with advanced safety features including the "Heavenly Eye" driver assistance system and a five-star C-NCAP safety rating [5] Technological Advancements - The Leopard 5 and Leopard 8 will incorporate Huawei's Qian Kun Intelligent Driving ADS4 system, which includes cloud-based autonomous learning capabilities and a full collision avoidance system [3][5] - Users can control vehicle functions through voice commands or the BYD Smart IoT app, with future updates expected to enhance connectivity features [3] Market Position - The Leopard 5 has consistently ranked as the best-selling off-road vehicle, while the Leopard 8 is positioned as a high-end new energy SUV in the 400,000 yuan segment [4] - The brand achieved a sales milestone of 100,000 to 200,000 units in just five months, indicating strong market demand [4]

Core Insights - The article highlights the ambitious launch of new electric off-road vehicles by Fangcheng Leopard, showcasing its commitment to the new energy off-road sector with the introduction of the Leopard 5 Long Range and Leopard 8 models at competitive price points [1][11]. Product Expansion - The Leopard 5 Long Range is priced between 269,800 to 329,800 yuan, while the Leopard 8 five-seater version is priced between 379,800 to 407,800 yuan, marking a significant expansion of the product lineup [1]. - The launch reflects the brand's philosophy of making off-road experiences accessible to a broader audience, moving from technical exploration to mainstream adoption [1]. Technological Advancements - The DMO+ platform upgrade introduces advanced driving capabilities, allowing for precise control of traction and power output across various terrains, thus lowering the operational threshold for off-road experiences [3]. - The vehicles are equipped with Huawei's Qian Kun intelligent driving system, which enhances user experience through autonomous learning and a comprehensive collision avoidance system [5][10]. Product Features - The Leopard 5 is positioned as a "new king of off-road," featuring an integrated battery structure that boosts its pure electric range to 210 km and a total range of 1,310 km, alleviating range anxiety for users [7]. - The Leopard 8 is designed as a luxury flagship, focusing on spaciousness and comfort, with features like multi-directional leg rests and a high-pressure refrigerator, catering to high-end user preferences [9]. Safety Measures - Both models incorporate a comprehensive safety system, including high water wading depth, robust body structure, and advanced collision protection features, achieving a five-star safety rating from C-NCAP for the Leopard 8 [10]. - The vehicles are designed to minimize risks in extreme conditions, with features like a high-speed tire blowout assistance system [10]. Market Positioning - The Leopard 5 has nearly reached 100,000 units in cumulative sales, establishing itself as a leader in the rugged off-road segment, while the Leopard 8 is solidifying its position in the high-end SUV market [11]. - The brand is on track to achieve a global sales milestone of 200,000 units by the end of October, reflecting the success of its product strategy and the transition of off-road vehicles from niche to mainstream [11][13]. Conclusion - Fangcheng Leopard's recent product launches represent a strategic blend of technology and market positioning, indicating a shift towards electric off-road vehicles as a viable lifestyle choice for consumers [13].