长江商报消息 ●长江商报记者 黄聪 "这是一生的幸运，赶上百年不遇的新能源机遇；若再来一次，我还是会选择汽车。"回顾科研道路时， 新当选的中国工程院院士廉玉波曾发出这样的感叹。 11月21日，中国科学院、中国工程院公布2025年院士增选结果。新当选的院士中，绝大多数来自高校和 科研单位。中国工程院院士名单中，廉玉波来自比亚迪（002594.SZ、01211.HK），显得特别突出。 目前，廉玉波的职务是比亚迪股份有限公司首席科学家、汽车总工程师、汽车工程研究院院长，从在江 苏仪征汽车制造厂工作算起，他造车已有38年。 2004年2月，廉玉波接受王传福邀请，加入比亚迪。20多年来，廉玉波带领团队开发了全球首款插电式 混合动力汽车F3DM和中国首款纯电动汽车e6，攻克了刀片电池、双模技术、e平台、CTB技术、云辇、 易四方等一系列关键技术，他不仅是比亚迪汽车研发的主刀者，也是中国汽车电动化的技术拓荒人。 "创新在比亚迪是永恒的主题。"廉玉波说。 长江商报记者统计发现，自2018年有可查数据显示，比亚迪盈利能力虽有起伏，但研发费用持续保持增 长，而且持续高于公司同期归母净利润。 近8年来，比亚迪归母净利润累计达136 ...

充电桩方面，比亚迪自研的全球首款全液冷兆瓦闪充终端系统，其最大输出能力可以达到1360千 瓦。"双枪充电"技术，可使超充桩变闪充桩、快充桩变超充桩。"智能升压"充电技术，还能够全面兼容 公共快充桩，让更多用户享受快充体验。 "如果电车充电能像油车加油一样快就好了"，不少新能源车主曾这样感慨。今年以来，快充技术不断突 破，缓解了许多车主的里程焦虑。 国家能源局最新数据显示，截至今年9月底，我国电动汽车充电设施（充电枪）总数达到1806.3万个， 同比增长54.5%，有效保障了全国4000万辆新能源汽车的充电需求。 其中，快充桩已经成为新能源车主充电的首选。技术突破、政策支持以及对市场需求的精准回应支撑了 快充的普及。 技术突破是关键。从60千瓦、360千瓦到600千瓦、800千瓦再到超1000千瓦，我国快充桩输出功率持续 提高，充电效率显著提升。这背后，是头部企业在技术领域不断突破创新。 记者了解到，从技术层面上，要实现"油电同速"，在充电上必须同时做到超高电压和超大电流。比亚迪 今年发布的超级e平台，是全球首个量产的乘用车"全域千伏高压架构"，把电池、电机、电源、空调等 都做到了1000V。在超高电压1000 ...

Group 1: Company Updates - Ansem Semiconductor welcomes the U.S. authorities' decision to suspend the "penetration rule" for one year, which could have impacted its operations as a subsidiary of Wingtech Technology [1] - Ansem has had to suspend direct wafer supply to its factories in China since October 29, while operations in Europe and other regions continue normally [1] - Honda is adjusting its strategy to manage existing parts amid ongoing semiconductor supply chain issues affecting the automotive industry [1][2] Group 2: Automotive Industry Insights - The automotive industry has faced multiple production disruptions due to natural disasters and supply chain issues, highlighting the importance of supply chain stability [2] - China's automotive production and sales are projected to reach 31.28 million and 31.43 million units in 2024, with a year-on-year growth of 3.7% and 4.5% respectively [3] - The penetration rate of new energy vehicles in China is expected to exceed 40%, providing significant market demand for automotive chip manufacturers [3] Group 3: Semiconductor Market Developments - Domestic automotive chip production is accelerating, with a high import ratio still present in the automotive chip market [4] - Horizon Robotics announced that its chip family has surpassed 10 million units in production, indicating a strong growth trajectory in the SoC segment [5] - Black Sesame Technologies has successfully integrated its A1000 chip into multiple vehicle models, with plans for further production in 2025 [5][6] Group 4: MCU and Power Device Trends - The automotive MCU market is expected to exceed 100 billion by 2029, with domestic MCU production rapidly increasing [7] - Chip manufacturers like Chipone Technology and GigaDevice have reported significant milestones in MCU and SoC product lines, indicating robust growth in the automotive electronics sector [7] - Power devices are becoming increasingly critical in hybrid and electric vehicles, with domestic manufacturers like Silan Microelectronics gaining market share [11][12] Group 5: Industry Challenges and Future Outlook - The automotive semiconductor industry faces challenges in high-end product capacity, while domestic brands are covering mid-to-low-end products [8] - The Chinese automotive semiconductor market is expected to grow, but collaboration among automakers, Tier 1 suppliers, and chip manufacturers is essential for a complete development model [14] - The future of the semiconductor supply chain will require a shift from linear models to collaborative networks among various stakeholders [14][15]

Core Insights - BYD's Q3 2025 financial report shows a significant divergence in core data, with revenue declining by 3.05% year-on-year to 194.985 billion yuan, marking the first quarterly revenue drop since 2022, while net profit fell sharply by 32.6% to 7.823 billion yuan, indicating ongoing performance pressure [1][3] - Despite a 12.75% year-on-year increase in revenue for the first three quarters to 566.266 billion yuan, net profit decreased by 7.55% to 23.333 billion yuan, highlighting challenges in short-term profitability [3][4] - The company has adjusted its annual sales target from 5.5 million to 4.6 million units, with Q3 sales showing a 1.8% year-on-year decline, primarily due to a 5.52% drop in September sales, marking the first monthly sales decline this year [3][4] Revenue and Profit Trends - Q3 revenue of 194.985 billion yuan represents a 3.05% decline year-on-year, while net profit of 7.823 billion yuan reflects a 32.6% drop [3][4] - For the first three quarters, total revenue reached 566.266 billion yuan, up 12.75% year-on-year, but net profit decreased by 7.55% to 23.333 billion yuan [3][4] - The company's gross margin improved slightly from 16.3% in Q2 to 17.9% in Q3, yet remains at a near low for recent years [4] Sales Performance - BYD's global sales for the first three quarters reached 3.26 million units, a year-on-year increase of 18.64%, but Q3 sales saw a decline of approximately 1.8% [3] - The company completed 70.87% of its revised annual sales target by the end of Q3, necessitating nearly 450,000 units per month in the remaining two months to meet the target [3] R&D Investment - R&D expenses for the first three quarters totaled 43.75 billion yuan, a 31.3% increase year-on-year, significantly exceeding net profit [6] - The company has invested 10.9 billion yuan more in R&D than Tesla this year, launching several advanced technologies [6][7] - The rising R&D expense ratio has negatively impacted profits, with the cost per vehicle reaching 112,000 yuan in Q2, up approximately 10,000 yuan from the previous quarter [6] Competitive Landscape - The intensifying competition in the smart vehicle sector poses a challenge for BYD, with competitors like Tesla and Huawei gaining market share [8][9] - To differentiate itself, BYD needs to enhance its smart driving technology and accelerate the iteration of its "Tian Shen Zhi Yan" system [8] - The company is advised to build an integrated smart ecosystem and localize R&D efforts to adapt to different market regulations and consumer habits [8][9]

Core Viewpoint - The Hang Seng Technology Index experienced a decline, with significant drops in technology stocks, semiconductor sector, and automotive stocks, particularly affecting major companies like BYD, Alibaba, and Tencent [1] Company Performance - BYD reported its Q3 2025 earnings, showing a revenue of 194.985 billion yuan, a year-on-year decrease of 3.05%, and a net profit of 7.823 billion yuan, down 32.60% [1] - For the first three quarters of 2025, BYD's revenue reached 566.266 billion yuan, reflecting a year-on-year growth of 12.75%, while net profit was 23.333 billion yuan, a decline of 7.55% [1] Market Sentiment - Despite the earnings report, several institutions remain optimistic about BYD's future development. Huatai Securities maintains a "buy" rating, citing the company's core competitiveness in the three-electric field and potential performance improvements from the Super e-platform upgrade and globalization [1] - Guotou Securities believes BYD's fundamentals are set for volume and profit recovery, highlighting three key areas: 1) Anticipated volume and profit recovery due to the traditional sales peak in Q4 and the introduction of long-range versions of multiple models [1] 2) Continuous breakthroughs in high-end offerings with new models like the Titanium 7 and Tengshi N8L expected to enhance sales structure and profitability [1] 3) Accelerated overseas expansion with an increasing variety of models and improved production capacity, projecting high export growth from 2025 to 2026, benefiting from higher pricing and profitability in international markets [1]

Market Competition and Sales Performance - BYD has successfully surpassed Tesla to become the global leader in the pure electric vehicle (BEV) market during 2024-2025, with cumulative sales reaching 1.6059 million units by Q3 2025, compared to Tesla's 1.2179 million units, leading by nearly 388,000 units [1][2] - In Q3 2025, BYD's total sales were 396,300 units, a year-on-year decrease of 5.52%. The BEV sales were 205,000 units, up 24% year-on-year, while plug-in hybrid electric vehicle (PHEV) sales were 188,000 units, down 26% year-on-year, indicating strong performance in the BEV sector but significant pressure in the PHEV market [2] - BYD's price war strategy from 2023 to 2024 solidified its domestic market position but also compressed industry profits, leading to profitability pressures for many EV manufacturers, including BYD [3] Overseas Market Expansion and Competition - BYD achieved significant progress in overseas markets, with cumulative overseas sales of 630,728 units from January to August 2025, a year-on-year increase of 135.7%, accounting for 22% of total sales. In France, BYD's sales in September 2025 grew by 239.9% year-on-year [4] - Tesla's global sales in Q3 2025 were 497,100 units, with a quarter-on-quarter growth of 29.4%, but its sales growth in the Chinese market has noticeably slowed [4] Supply Chain Management and Cost Control - BYD demonstrates strong autonomy and flexibility in supply chain management, with a vertically integrated supply chain covering all manufacturing stages, allowing effective cost control and rapid market response [5] - Tesla relies on a global supply chain, particularly in China, where it announced importing components for production, indicating adjustments to its supply chain strategy amid trade tensions [6] Technology Transformation and Commercialization Process - BYD leads in technology R&D, with its "Heavenly Eye" driver assistance system installed in over 1.4 million vehicles, and has launched innovative technologies like the Super e-platform [8] - However, BYD faces challenges in converting R&D outcomes into revenue, which could allow competitors to erode its technological advantages [8] Brand Management and Market Recognition - BYD's brand management has evolved from a "cost-performance" approach to a "premium" transformation, utilizing multiple brand matrices to target different consumer groups [11] - In overseas markets, BYD employs a brand stratification strategy, enhancing its global brand influence [11] Summary and Outlook - BYD has established itself as the leader in the global pure electric vehicle market during 2024-2025, with notable advancements in technology transformation, brand management, and overseas market expansion. However, it faces challenges such as protecting technological barriers, declining PHEV market share, and ensuring sustainable overseas expansion [12][13]

Sales Performance - In September 2025, BYD sold 396,270 vehicles, bringing the total sales from January to September to 3,260,146 vehicles [1] - Cumulatively, BYD has sold over 13.8 million new energy vehicles [1] Technological Advancements - BYD launched the revolutionary Super e-platform, featuring fast-charging batteries, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips [1] - Achieved a peak charging power of 1 MW (1000 kW), with the fastest mass production charging speed of 5 minutes for 400 km [1] - The single motor power reaches 580 kW, with a top speed exceeding 300 km/h, defining the world's strongest professional pure electric platform [2] International Presence - At the Munich Auto Show on September 8, 2025, BYD showcased its high-end brand Tengshi with seven key models, including Tengshi Z9GT and D9, along with its megawatt fast-charging technology [3] - BYD launched an official certified used car program at the Munich Auto Show, ensuring vehicles undergo 179 strict inspections and battery health is guaranteed to be above 90% [3] Market Expansion - In August 2025, BYD partnered with Finnish dealer Veho Group to enhance its sales and service network in Finland, planning to add retail outlets in major cities [4] - Since entering the Finnish passenger car market in 2023, BYD has introduced 8 models, covering both pure electric and hybrid vehicles [4] - On August 27, 2025, BYD officially entered the Argentine market, marking a significant milestone in the country's automotive industry's transition to electrification [5] - The first round of exclusive pre-sales in Argentina includes models such as Yuan UP, Song PRO DM-i, and Seagull [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: 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]