Core Viewpoint - BYD is actively expanding its global presence and high-end brand offerings, with a focus on emerging technologies such as embodied intelligent robots [1][5][6]. Financial Performance - In the first half of the year, BYD achieved revenue of 371.28 billion yuan, a year-on-year increase of 23.30%, surpassing Tesla for the first time in revenue scale during the same period [2]. - The net profit attributable to shareholders was 15.51 billion yuan, up 13.79% year-on-year [2]. - Revenue from automotive and related products reached approximately 302.51 billion yuan, growing by 32.49% year-on-year [2]. - BYD's market share reached 13.7%, an increase of 2.2% year-on-year [2]. International Expansion - From January to August, BYD sold over 630,000 passenger cars and pickups overseas, ranking among the top-selling electric vehicle brands in multiple countries [2]. - Overseas revenue for the first half of the year was 135.4 billion yuan, a 50.49% increase year-on-year, accounting for 36% of total revenue [2]. - New energy vehicle factories in Thailand and Brazil are beginning production [2][4]. Strategic Initiatives - BYD plans to expand its product line and enhance overseas production capacity and sales networks by the second half of 2025 [5]. - The high-end brand strategy is a crucial part of BYD's international strategy, with brands like Tengshi and Yangwang set to launch in various overseas markets [5]. Research and Development - BYD invested 30.9 billion yuan in R&D in the first half of the year, a 53% increase, with total R&D investment exceeding 210 billion yuan [7]. - The company has introduced several innovative strategies and technologies, including the Tian Shen Eye intelligent strategy and the Ling Yuan drone [7]. Supply Chain Management - BYD is enhancing collaboration across its supply chain, optimizing payment terms and channel management to create a win-win situation with suppliers and dealers [7].

Core Insights - BYD achieved a net profit of over 9.1 billion yuan in Q1 2025, leading the A-share listed vehicle companies [1] - The total operating revenue for BYD in Q1 2025 was approximately 170.3 billion yuan, representing a year-on-year growth of 36.35% [2] - The significant growth in sales of new energy vehicles (NEVs) was a key factor in BYD's strong performance, with sales reaching about 1 million units, a 59.81% increase year-on-year [3] Financial Performance - Total operating revenue: 170.36 billion yuan, up 36.35% from 124.94 billion yuan in the same period last year [2] - Net profit attributable to shareholders: 9.15 billion yuan, a 100.38% increase from 4.57 billion yuan [2] - Basic earnings per share: 3.12 yuan, up 98.73% from 1.57 yuan [2] - Total assets: 840.53 billion yuan, a 7.30% increase from the previous year [2] Sales Growth - BYD sold approximately 1,000,804 NEVs in Q1 2025, a 59.81% increase compared to the same period last year [5] - The sales of pure electric vehicles reached about 416,388 units, a 38.74% increase, while plug-in hybrid vehicles sold around 569,710 units, a 75.68% increase [6] Strategic Advantages - BYD's growth is attributed to its long-term commitment to new energy strategies, technological innovation, vertical integration, and multi-brand collaboration [6] - The company has stopped producing fuel vehicles since March 2022, focusing solely on electric and hybrid vehicles, positioning itself as a leader in the NEV market [6] Research and Development - BYD's R&D investment exceeded 190 billion yuan, with Q1 2025 R&D expenses at approximately 14.22 billion yuan, surpassing the net profit by nearly 51 billion yuan [9][11] - The company is recognized for its comprehensive control over the entire supply chain, including batteries, motors, and vehicle-grade semiconductors [11] Global Expansion - BYD's overseas sales of NEVs reached about 206,100 units in Q1 2025, a 110.51% increase, accounting for 20.59% of total vehicle sales [13] - The company aims for a total annual sales target of 5.5 million units in 2025, with 800,000 units expected to come from overseas markets [13][14] - BYD has established production facilities in Thailand, Uzbekistan, Brazil, and Hungary to support its global strategy [14]

Core Viewpoint - BYD achieved a remarkable performance in Q1 2025, leading the A-share listed vehicle companies with a net profit exceeding 9.1 billion yuan, driven by significant sales growth in the electric vehicle sector [1][2]. Financial Performance - Total operating revenue for Q1 2025 was approximately 170.36 billion yuan, representing a year-on-year increase of 36.35% [3][11]. - Net profit attributable to shareholders was 9.15 billion yuan, showing a year-on-year growth of 100.38% [3][11]. - Basic and diluted earnings per share were both 3.12 yuan, up 98.73% from the previous year [3][11]. - The net cash flow from operating activities decreased by 16.10% to approximately 8.58 billion yuan [3]. Sales Growth - BYD sold approximately 1,000,804 new energy vehicles in Q1 2025, a year-on-year increase of 59.81% [4][6]. - The sales of pure electric and plug-in hybrid vehicles reached about 416,388 and 569,710 units, respectively, with growth rates of 38.74% and 75.68% [7]. Strategic Advantages - The company's success is attributed to its long-term commitment to new energy strategies, technological innovation, vertical integration, and multi-brand collaboration [7]. - BYD has shifted entirely to new energy vehicle production since March 2022, marking it as the first global automaker to do so [7]. Research and Development - BYD's cumulative R&D investment has exceeded 190 billion yuan, with Q1 2025 R&D expenses amounting to approximately 14.22 billion yuan, surpassing the net profit for the same period [9][13]. - The company is recognized for mastering core technologies across the entire supply chain, enhancing its risk management and cost control capabilities [13]. International Expansion - BYD's overseas sales of new energy vehicles reached approximately 206,100 units in Q1 2025, a year-on-year increase of 110.51%, accounting for 20.59% of total vehicle sales [15]. - The company aims for a total annual sales target of 5.5 million vehicles in 2025, with 800,000 units expected to come from overseas markets [15][16]. - BYD has established its European headquarters in Hungary, enhancing its integration with the local automotive industry [17].

Economic Performance - The Shenshan Special Cooperation Zone reported a GDP of 7.342 billion yuan in Q1 2025, marking a 40.0% year-on-year increase [1] - The industrial added value for the zone grew by 77.3% year-on-year, while the retail sales of consumer goods increased by 8.6% [1][2] Automotive Industry - The automotive manufacturing sector in the Shenshan Special Cooperation Zone saw an impressive growth of 110.6% in added value, surpassing the average growth rate of Shenzhen by 54.3 percentage points [1] - BYD has invested over 31.5 billion yuan in the Shenshan area, with the automotive industrial park expected to achieve an annual output value exceeding 220 billion yuan upon full production [1] Industrial Investment - Industrial investment in the zone increased by 39.5%, with high-tech manufacturing investment rising by 59.8%, particularly in electronic and communication equipment manufacturing, which surged by 330.6% [3] - The second industry added value reached 5.933 billion yuan, reflecting a year-on-year growth of 54.3% [2] Infrastructure Development - The construction of supporting infrastructure is accelerating, with the second phase of the Xiaomo International Logistics Port entering the main construction phase, expected to be operational by the end of 2027 [3] Consumer Market - The total retail sales of consumer goods in the Shenshan Special Cooperation Zone reached 858 million yuan, reflecting a year-on-year growth of 8.6% [3]

Core Insights - The company reported strong Q1 2025 results with revenue of 170.36 billion yuan, a year-on-year increase of 36.35%, but a quarter-on-quarter decrease of 38.02% [1] - Net profit attributable to shareholders reached 9.155 billion yuan, up 100.38% year-on-year, but down 39.03% quarter-on-quarter [1] - The company achieved a record high in electric vehicle sales, reaching 1.001 million units, a year-on-year increase of 59.81% [2] Financial Performance - Q1 2025 single vehicle revenue was 170,000 yuan, down 29,000 yuan year-on-year and 10,000 yuan quarter-on-quarter [2] - Single vehicle net profit (excluding BYD Electronics) was 8,700 yuan, up 200 yuan year-on-year, but down 600 yuan quarter-on-quarter [2] - Gross margin for Q1 2025 was 20.1%, a year-on-year decrease of 1.8 percentage points, but an increase of 3.1 percentage points quarter-on-quarter [3] Strategic Developments - The company announced the launch of high-level intelligent driving features across all models, enhancing its competitive edge [4] - New models such as Han L and Tang L are equipped with advanced technologies, including laser radar, to support high-speed and urban navigation [4] - The company expects strong sales growth in Q2 2025 driven by new product releases, policy support, and improved export performance [4] Future Outlook - Revenue projections for 2025-2027 are 1,001.83 billion yuan, 1,208.55 billion yuan, and 1,367.87 billion yuan respectively, with net profits of 60.75 billion yuan, 72.28 billion yuan, and 83.01 billion yuan [4]

证券代码：002594 证券简称：比亚迪 答：截至 2025 年 2 月底，腾势汽车已经进入新加坡、泰国、马 来西亚等 10+国际主流市场。此外，4 月腾势品牌将正式进入欧 洲，并亮相全球首搭易三方平台的旗舰车型腾势 Z9GT，为当地用 户带来全新的豪华出行体验。 问题四：公司目前出海运力情况如何？ 答：随着全球对新能源汽车需求的不断增长，公司积极布局国际 市场，出口量不断增长。除了加强自身的生产能力外，公司还通 过建立自己的船队来更快地响应国际市场的需求变化。2025 年 1 月 7 日，公司第三艘滚装船"BYD HEFEI"顺利启航。 比亚迪股份有限公司 投资者关系活动记录表 编号：2025-17 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 大成基金、基金经理助理、陈铭 大成基金、研究员、孔祥 时间 2025-04-10 9:30-10:30 地点 比亚迪六角大楼 上市公司接 待人员姓名 吴越、石镇炜 投资者关系 活动主要内 容介绍 问题一：公司超级 e 平台技术有哪些亮点？ 答：20 ...

Group 1: Super e Platform Technology - The Super e platform technology was launched on March 17, 2025, featuring a flash charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, marking a comprehensive upgrade in battery, motor, and electronic control systems [2] - Charging power reaches 1 megawatt (1000 kW), achieving the fastest mass production charging speed globally at 1 second per 2 kilometers, with a flash charge of 5 minutes enabling a range of 400 kilometers [2] - The platform supports a single motor power of 580 kW and a maximum speed exceeding 300 km/h, defining the world's strongest professional pure electric platform, debuting in the flagship models Han L and Tang L, which will start pre-sales on the same day [2] Group 2: Charging Infrastructure - The company plans to build over 4,000 megawatt flash charging stations across the country, completing the last link in the megawatt charging ecosystem [3] - The innovative "dual-gun charging" technology allows supercharging piles to transform into flash charging piles, while fast charging piles can become supercharging piles [3] - The world's first "smart boosting" charging technology is fully compatible with public fast charging piles, ensuring users can charge at any station [3] Group 3: International Expansion - As of the end of February 2025, the Tengshi brand has entered over 10 international mainstream markets, including Singapore, Thailand, and Malaysia [4] - In April, the Tengshi brand will officially enter Europe, showcasing the flagship model Tengshi Z9GT, which features the world's first easy three-party platform, providing a new luxury travel experience for local users [4] Group 4: Export and Logistics - The company is actively expanding its international market presence in response to the growing global demand for new energy vehicles, with increasing export volumes [5] - In addition to enhancing its production capacity, the company has established its own fleet to respond more quickly to changes in international market demand [5] - The third roll-on/roll-off ship, "BYD HEFEI," successfully set sail on January 7, 2025 [5] Group 5: Robotics Development - The company has made comprehensive layouts in the AI robotics sector, focusing on multiple core components and complete systems, leveraging its strong technological platform advantages [6]

Group 1: Super e Platform Technology - The Super e platform technology was launched on March 17, 2025, featuring a flash charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, marking a comprehensive upgrade of the core three electric systems [2] - Charging power reaches 1 MW (1000 kW), achieving the fastest mass production charging speed of 1 second for 2 kilometers, and a flash charge of 5 minutes allows for a range of 400 kilometers [2] - The platform supports a single module single motor power of 580 kW and a maximum speed exceeding 300 km/h, defining the world's strongest professional pure electric platform [2] Group 2: Charging Infrastructure - The company plans to build over 4,000 MW flash charging stations across the country, completing the last link in the MW charging ecosystem [3] - The unique "dual-gun charging" technology allows supercharging piles to transform into flash charging piles, and fast charging piles to become supercharging piles [3] - The globally pioneering "smart boosting" charging technology is fully compatible with public fast charging piles, ensuring users can charge at any station [3] Group 3: Sales Performance - In March 2025, Tengshi brand sold 12,620 vehicles, a year-on-year increase of 22.8%, with cumulative sales of 32,853 vehicles for the year [4] - The average transaction price for the Tengshi brand is 365,000 [4] - The Tengshi N9 sold 1,708 units within 10 days of its launch, while the Tengshi D9 sold 9,326 units, maintaining the top position in MPV sales [4] Group 4: New Model Launch - The new model "Titan 3" under the personalized brand Fangchengbao was officially launched for pre-sale on March 31, 2025 [5] - The Titan 3 is positioned as a tech trend SUV, featuring unique configurations such as the "1 machine 3 cabins" system, which includes an intelligent drone system, electric front cabin, ecological cabin, and convenient rear cabin [5] - It also incorporates the "iCT" safety suite and "E+2C" intelligent suite, enhancing product value to meet diverse consumer needs [5] Group 5: International Expansion - The company is actively expanding its international market presence in response to the growing global demand for new energy vehicles, with increasing export volumes [6] - In addition to enhancing production capacity, the company has established its own fleet to respond more quickly to changes in international market demand [6] - The third roll-on/roll-off ship, "BYD HEFEI," successfully set sail on January 7, 2025 [6]

王炸！"充5分钟跑400公里"，王传福：充电和加油一样快！比亚迪股价一度 大涨至390元，创新高 每经记者 李星 每经编辑 程鹏 孙磊 3月17日晚间，比亚迪超级e平台技术正式发布。"超级e平台整合了全球首个超级千伏架构、闪充电池、兆瓦闪充系统，以及量产30000rpm电驱系统。"比 亚迪集团执行副总裁、汽车工程研究院院长廉玉波表示。 图片来源：每经记者 李星 摄 在发布会上，汉L EV、唐L EV正式开启预售。其中，汉L EV预售价为27万~35万元；唐L EV预售价为28万~36万元。与此同时，汉L DM、唐L DM也同步 开启盲订，将首搭DM-p王者混动技术。 图片来源：每经记者 李星 摄 今年1月，比亚迪举行王朝网新车设计发布会，旗舰车型汉L与唐L迎来全球首秀。彼时，比亚迪方面就曾表示，汉L、唐L是第一批搭载新设计语言车型， 目标是冲击"25万元级、30万元级"市场。"汉L、唐L是比亚迪品牌冲击中高端市场的重要旗舰车型，将全系搭载'天神之眼B'高阶智驾激光版，可实现城市 领航、高快领航、代客泊车，以及主动安全等功能。"比亚迪汽车王朝网销售事业部总经理路天称，汉L、唐L将于4月上市。 在此次活动上，王传 ...

王炸！"充5分钟跑400公里" 王传福：充电和加油一样快！比亚迪股价一度大 涨至390元 创新高 3月17日晚间，比亚迪超级e平台技术正式发布。"超级e平台整合了全球首个超级千伏架构、闪充电池、兆瓦闪充系统，以及量产30000rpm电驱系 统。"比亚迪集团执行副总裁、汽车工程研究院院长廉玉波表示。 图片来源：每经记者李星摄 据廉玉波介绍，比亚迪e平台1.0始于2010年，实现了三电关键部件定制化，首搭中国首款量产纯电汽车e6；2018年，比亚迪e平台2.0发布，实现了整 车关键系统平台化；2021年，e平台3.0发布，实现整车架构平台化；2024年，比亚迪发布e平台3.0 Evo，整合CTB整车安全架构、十二合一智能电驱、智 能宽温域高效热泵、全域智能快充和智能运动控制等五大技术集群。 比亚迪集团董事长兼总裁王传福表示，超级e平台技术将率先搭载在汉L EV、唐L EV两款车型上。"汉L EV、唐L EV发布即量产，量产即搭载（超级 e平台技术）。"王传福称。 在发布会上，汉L EV、唐L EV正式开启预售。其中，汉L EV预售价为27万~35万元；唐L EV预售价为28万~36万元。与此同时，汉L DM、唐L ...