（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 ...

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]

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]

Core Insights - BYD reported a revenue of 371.3 billion yuan for the first half of 2025, a year-on-year increase of 23%, and a net profit attributable to shareholders of 15.5 billion yuan, up 14% year-on-year, setting new historical records for key operational metrics [2] - The company's R&D investment reached 30.9 billion yuan in the first half of 2025, a 53% increase year-on-year, significantly exceeding the industry average and accounting for nearly 200% of the net profit for the period [2][3] - Experts believe BYD's core competitiveness has evolved from a cost advantage based on a complete industry chain to a comprehensive competitive advantage driven by technological innovation [2] R&D Investment - BYD ranked first among A-share listed companies in R&D investment, with an average daily investment of nearly 170 million yuan [3] - From 2011 to 2024, BYD's cumulative R&D expenditure exceeded 210 billion yuan, with 13 out of 14 years having R&D spending surpassing net profit [3] - In 2024, BYD's annual R&D investment reached 54.2 billion yuan, a 36% increase year-on-year, showcasing a significant scale advantage in R&D compared to other domestic automakers [3] Market Performance - In the first seven months of 2025, BYD's global sales reached 2.49 million units, a year-on-year increase of 27.4%, with overseas sales of passenger cars and pickups exceeding 550,000 units, up over 130% [6] - BYD's brands, including Fangchengbao, Tengshi, and Yangwang, achieved a combined sales of 160,000 units in the first half of 2025, a growth of over 75% [6] - The company has successfully entered over 112 countries and regions with its new energy vehicles, leading sales in several countries including Italy, Turkey, Spain, and Brazil [6] Technological Advancements - BYD's R&D investments have led to significant technological breakthroughs, including the launch of the Tian Shen Yan advanced driver-assistance system and the world's first near L4-level intelligent parking technology [6] - The company has established a strong patent portfolio, ranking first in China for patent authorizations in new energy, hybrid, and pure electric vehicle technologies [6] Strategic Positioning - BYD's strategy of driving technological innovation through R&D investment has positioned the company to capture strategic opportunities in the evolving automotive landscape, contributing to sustained performance growth [7] - This approach not only supports the company's development but also enhances China's position in the global automotive industry's technological discourse [7]

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]

Core Insights - The automotive industry is rapidly transitioning from electrification to intelligence, with companies increasingly focusing on technological capabilities as their core competitive advantage [1] - BYD's latest semi-annual report shows 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, setting new historical records for key operational indicators [1] - BYD's significant investment in research and development (R&D) is noteworthy, with R&D expenditure reaching 30.9 billion yuan in the first half of the year, a 53% increase year-on-year, which is more than double its net profit for the same period [1] R&D Investment - BYD is recognized as the "King of R&D" in A-shares, with planned R&D investment for 2024 reaching 54.2 billion yuan, a 36% increase year-on-year, marking its first position in the annual R&D investment ranking among A-share companies [1] - In the first half of 2025, BYD's R&D investment is close to the combined R&D expenditures of Geely Holding (14.7 billion yuan), Great Wall (6 billion yuan), Li Auto (5.3 billion yuan), and Xpeng (4.2 billion yuan) [4] - Over the past 14 years from 2011 to 2024, BYD has spent over 210 billion yuan on R&D, with R&D expenditures exceeding net profits in 13 of those years, demonstrating a commitment to "cost-unconscious" R&D investment [4] Technological Advancements - BYD's substantial R&D investment has led to the development of several disruptive technologies, including the Tian Shen Eye driver assistance system, Super e-platform megawatt fast charging, and the Yuan drone system [9] - In July, BYD became the first globally to achieve near Level 4 autonomous parking technology, offering a "safety net" commitment where any safety issues or losses in smart parking scenarios would be covered by BYD, showcasing confidence in its technology and responsibility to consumers [9] - The Tian Shen Eye system has achieved sales of over 1.2 million units within six months of the "全民智驾" strategy launch, making BYD the top seller of intelligent driving vehicles in China, creating a positive cycle of "technology - sales - reputation" [9] Patent and Market Position - BYD's R&D capabilities are further validated by its leading position in patent authorization for automotive new energy, hybrid, and pure electric technologies in China, as reported by the China Automotive Technology and Research Center [9] - The substantial number of patents forms a core technological barrier for BYD, ensuring long-term development and competitiveness in the global automotive industry [9]

Core Insights - The automotive industry is rapidly transitioning from electrification to intelligence, with companies increasingly focusing on technological capabilities as their core competitive advantage [1] - BYD's latest half-year report for 2025 shows 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, setting new historical records for key operational indicators [1] - BYD's significant investment in research and development (R&D) is noteworthy, with R&D expenditure reaching 30.9 billion yuan in the first half of 2025, a 53% increase year-on-year, which is more than double its net profit for the same period [1] R&D Investment Rankings - In 2024, BYD topped the A-share market with an R&D investment of 54.16 billion yuan, followed by China State Construction and China Mobile [3] - BYD's R&D investment in the first half of 2025 is nearly equal to the combined R&D expenditures of Geely Holding, Great Wall, Li Auto, and Xpeng for the same period [4] - Over the past 14 years from 2011 to 2024, BYD has spent over 210 billion yuan on R&D, exceeding its annual net profit in 13 of those years, demonstrating a commitment to "cost-unconscious" R&D investment [4] Technological Advancements - BYD's substantial R&D investment has led to the development of several groundbreaking technologies, including the Tian Shen Eye driver assistance system and the Super e-platform megawatt fast charging technology [7] - The company achieved a global first in July by realizing near L4-level intelligent parking technology, showcasing confidence in its technology and commitment to consumer responsibility [7] - Since the launch of its "Universal Smart Driving" strategy, sales of vehicles equipped with the Tian Shen Eye system have surpassed 1.2 million units, creating a positive cycle of technology, sales, and reputation [8] Patent and Market Position - BYD has been recognized as a leader in R&D strength, holding the highest number of patents in China for new energy, hybrid, and pure electric vehicle technologies [8] - The company's patent portfolio establishes a core technological barrier, ensuring long-term development and enhancing China's position in the global automotive industry [8]

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].

Core Insights - The global technology competition is intensifying, with companies increasing investments to secure leadership in cutting-edge technologies [1] - In the first half of this year, A-share listed companies in China saw a 3.27% year-on-year increase in R&D spending, with BYD leading the way with an investment of 30.9 billion yuan, a 53% increase compared to the previous year [1][2] - BYD's R&D investment for 2024 is projected to reach 54.2 billion yuan, marking a 36% increase, and it has cumulatively invested over 210 billion yuan in R&D since 2011 [3] R&D Investment Rankings - In the first half of 2025, the top 10 companies in A-share for R&D investment are as follows: 1. BYD: 30.88 billion yuan 2. China State Construction: 17.43 billion yuan 3. ZTE: 13.54 billion yuan 4. China Mobile: 13 billion yuan 5. SAIC Motor: 10.17 billion yuan 6. CATL: 10.09 billion yuan 7. China Petroleum: 9.9 billion yuan 8. China Communications Construction: 8.89 billion yuan 9. Midea Group: 8.77 billion yuan 10. China Railway: 8.13 billion yuan [2] Comparison with Peers - In comparison to other major domestic automotive companies, BYD's R&D investment of 54.2 billion yuan for 2024 is significantly higher than its peers, with Geely holding 26.67 billion yuan, SAIC at 21.81 billion yuan, and others trailing behind [6][9] - BYD's R&D spending is nearly equivalent to the combined R&D investments of four other major car manufacturers [6] Technological Advancements - BYD's commitment to R&D is reflected in its development of groundbreaking technologies such as the fifth-generation DM, the "Tian Shen" driver assistance system, and the "Super e-platform" [9] - The company has also made a unique commitment to comprehensive safety in smart parking, showcasing its confidence in its technological capabilities [9] Sales Performance - BYD's substantial R&D investment has contributed to a significant increase in sales, with global sales reaching 2.49 million units in the first seven months of 2025, a 27.4% year-on-year growth [9] - The overseas market has shown remarkable performance, with over 550,000 units sold outside China, reflecting a growth of over 130% compared to the previous year [9]