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 - BYD reported strong financial performance in the first half of the year, achieving record high revenue and net profit, but faced challenges in profit margins due to the impact of its electric vehicle business [5][8]. Financial Performance - Total revenue for the first half of the year reached 371.28 billion yuan, a year-on-year increase of 23.3% [5][6]. - Net profit attributable to shareholders was 15.51 billion yuan, up 13.79% from the previous year [5][6]. - The net profit after deducting non-recurring gains was 13.60 billion yuan, reflecting a 10.43% increase [5]. - Operating cash flow surged to 31.83 billion yuan, marking a 124.52% growth [5]. - Basic and diluted earnings per share were both 1.71 yuan, a 9.62% increase [5]. Business Segmentation - Revenue from the automotive and related products segment was approximately 302.51 billion yuan, a 32.49% increase year-on-year [4][6]. - Revenue from mobile components and assembly decreased by 5.54% to about 68.74 billion yuan [4][6]. - The gross margin for the automotive segment was 20.35%, down 1.99 percentage points from the previous year [8]. Market Performance - BYD's cumulative sales of new energy vehicles reached approximately 2.146 million units, a year-on-year increase of over 33% [6][7]. - The company achieved a market share of 13.7% in the automotive sector, an increase of 2.2 percentage points [7]. - BYD ranked second among the top ten vehicle exporters, with a growth rate of 130% year-on-year [7]. Future Outlook - For the second half of the year, BYD plans to enhance its technological investments in the electric vehicle sector and accelerate the launch of new products related to AI data centers [2][14]. - The company aims to achieve a total sales target of 5.5 million vehicles by 2025, with a focus on expanding its overseas market [14][17]. - BYD's overseas sales of new energy vehicles exceeded 470,000 units in the first half, surpassing the total for the previous year [6][13].

Core Insights - BYD has secured the top position in three major patent ranking lists related to global automotive new energy technologies, hybrid technologies, and pure electric technologies, showcasing its strong R&D capabilities and deep accumulation in the field of new energy vehicles [1][2] - Chinese automotive companies dominate these rankings, with over half of the positions held by them, indicating a significant technological advancement in the new energy vehicle sector [1] R&D and Technological Advancements - BYD has maintained high R&D investment, exceeding its annual net profit for 13 out of the last 14 years from 2011 to 2024, with over 120,000 technical R&D personnel and an average of 45 patent applications and 20 patent authorizations daily [1][2] - The company has achieved breakthroughs in key areas such as battery technology, electric motors, and electronic control systems, including the blade battery, CTB battery integration technology, fifth-generation DM technology with fuel consumption as low as 2.6L per 100 km, and a fast-charging technology that allows for 400 km of range in just 5 minutes [2] Market Performance - BYD's strong technological foundation has translated into increased market competitiveness, leading to a steady rise in vehicle sales, with the company becoming the global leader in new energy vehicle sales in the first half of 2025 [2] - In the first six months of this year, BYD's domestic sales exceeded 2.113 million units, a year-on-year increase of 31.5%, while overseas sales reached 472,000 units, marking a significant year-on-year growth of 128.5% [2]

Sales Performance - In April 2025, BYD sold 380,089 vehicles, with passenger car sales reaching 372,615, marking a year-on-year increase of 19.4% [2] - Overseas sales of passenger cars and pickups reached 78,705 units in April, showing a significant year-on-year growth of 91.9% [2] Overseas Expansion - BYD's first electric vehicle production base in Cambodia was inaugurated on April 28, 2025, with a year-on-year order growth of 521% in Q1 2025 [3] - At the largest automotive exhibition in Cambodia, BYD captured 24% of total orders, becoming the top brand in terms of order volume [3] - Plans are in place to establish 10 brand stores in Cambodia by the end of the year, including a flagship store in Phnom Penh covering 15,000 square meters [3] Market Development in Australia - BYD has established 46 stores across seven major cities in Australia, offering a full product matrix including six models [4] - The brand aims to deepen its localization strategy to support Australia's transition to a zero-carbon future [4] Technological Advancements - BYD introduced the revolutionary Super e-platform, featuring ultra-fast charging batteries and a new generation of vehicle-grade silicon carbide power chips [5] - The charging power reaches 1 megawatt (1000 kW), achieving the fastest mass production charging speed of 1 second for 2 kilometers, and 400 kilometers of range in just 5 minutes [5] - The platform supports a single module single motor power of 580 kW, with a maximum speed exceeding 300 km/h [5] Charging Infrastructure - Plans are underway to build over 4,000 megawatt fast charging stations nationwide [6] - The company has developed a unique "dual-gun charging" technology, allowing supercharging stations to convert into fast charging stations [6]

Sales Performance - In March 2025, BYD sold 377,420 vehicles, representing a year-on-year increase of 24.8% [2] - Overseas sales included 72,407 units of passenger cars and pickups, with the Dynasty and Ocean series contributing 350,615 units, and other models like the Fangchengbao and Tengshi adding 8,051 and 12,620 units respectively [2] Insurance Business - BYD Insurance aims to focus on customer-centric services, leveraging internet thinking and technology to enhance risk protection for new energy vehicles [3] - The mission is to innovate through technology to meet people's aspirations for a better life, positioning itself as a leader in green insurance [3] Super e Platform - The Super e platform features groundbreaking technology, including a flash charging battery and a 1 MW (1000 kW) charging capability, achieving the fastest mass production charging speed of 1 second for 2 kilometers [4] - Performance metrics include a single module single motor power of 580 kW and a top speed exceeding 300 km/h, defining it as the world's strongest professional pure electric platform [4] Charging Infrastructure - The establishment of 4,000 MW flash charging stations across the country is planned, completing the charging ecosystem [5] - Innovative "dual-gun charging" technology allows rapid conversion of charging stations, enhancing user convenience [5] International Expansion - BYD officially entered the Swiss market with a brand launch event on April 1-2, 2025, introducing models like the BYD Seal and BYD Sealion 7 [6] - Plans include opening 15 sales points in Switzerland by the end of the year, in collaboration with local dealers, to accelerate sustainable transportation transformation in Europe [7]

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]

Core Viewpoint - BYD has launched the Super e-platform, achieving the world's first mass-produced passenger vehicle with a "full-domain kilovolt high-voltage architecture," integrating battery, motor, power supply, and air conditioning systems to 1000 volts, marking the entry of electric vehicles into the kilovolt era [1][5] Industry Updates - Chery Automobile held a strategic conference, unveiling the "Falcon Intelligent Driving" plan, which will equip all models with advanced driving features by 2025, including over 30 new high-end intelligent driving vehicles across various powertrains [2] - The Falcon series includes three models: Falcon 500, Falcon 700, and Falcon 900, with capabilities ranging from highway NOA and memory parking to L3 level autonomous driving [2] Market Dynamics - The acceleration of intelligent driving models in China and the extension of subsidy policies until 2025 are expected to boost industry sales, benefiting leading manufacturers like BYD, Li Auto, and Tesla [3] - The automotive investment opportunities are concentrated in electrification and intelligence, with recommendations for companies like BYD and CATL [3] Industry Performance Analysis - The automotive sector saw a decline of 0.75% last week, with strong performances from companies like BAIC BluePark and Yutong Bus, while others like King Long and Jianghuai Auto underperformed [4] Information Tracking and Commentary - BYD's Super e-platform features a "flash charging battery" that reduces internal resistance by 50% and achieves a charging current of 1000A, with a maximum output of 1360kW for charging stations [5][6] - The first models on this platform, Han L and Tang L, are set for pre-sale with prices ranging from 270,000 to 360,000 yuan [6] Industry Data Tracking and Analysis - In the first two months, China's battery production reached 208 GWh, a year-on-year increase of 90%, with sales of 170 GWh, up 80% [7][8] - The cumulative export of batteries reached 38.6 GWh, a year-on-year increase of 102.2%, with power batteries accounting for 62% of total exports [8]

Core Viewpoint - Guangdong is accelerating its high-quality development by becoming a global stage for the latest achievements in technology and innovation, showcasing a "first-release economy" that reflects the vitality and potential of its tech industry [2][4][15]. Group 1: Technological Innovations - Guangdong has seen significant technological advancements, including the world's first operational qualification for a manned autonomous aerial vehicle issued to EHang, and the launch of the first 30-inch dynamic electronic paper display [2][4]. - The province's robotics sector has introduced groundbreaking products, such as the world's first humanoid robot capable of performing a front flip and the first humanoid robot equipped with 5G-A technology [3][9]. - The production of key technologies in various sectors has surged, with the output of new energy vehicles, industrial robots, service robots, and civilian drones increasing by 50.9%, 31.1%, 26.0%, and 92.7% respectively in the first two months of the year [4]. Group 2: Economic Impact and Trends - The "first-release economy" is gaining attention across various sectors, driven by innovation in new products, business models, and services [6][15]. - Guangdong's innovation ecosystem is characterized by a rapid transformation from technology breakthroughs to market applications, enhancing the province's industrial development [4][16]. - The province's manufacturing capabilities are highlighted by its ability to quickly transition from concept to production, exemplified by the rapid market introduction of new products like the electronic paper display [19][20]. Group 3: Market Dynamics and Ecosystem - The province's unique market dynamics, including a large population and a well-established industrial chain, facilitate the rapid iteration and deployment of new technologies [18][22]. - Guangdong's manufacturing sector is robust, with significant contributions from various industries, including a quarter of the nation's new energy vehicle production and a leading position in industrial robot output [22]. - The province's innovation strategy includes the establishment of application scenario innovation pilot zones, aiming to introduce over 100 new technologies and products annually by 2027 [25]. Group 4: Long-term Strategy and Talent Pool - Guangdong's long-term strategy emphasizes a balance between rapid innovation and sustainable development, allowing for the nurturing of "slow technology" alongside fast-paced advancements [23][25]. - The province boasts a strong talent pool, with over 150 academicians and more than 5000 high-level professionals contributing to its innovation landscape [25]. - The collaboration between scientists, engineers, and entrepreneurs forms a "super network" that accelerates the transformation of technological breakthroughs into industrial applications [25].

Core Viewpoint - BYD's electric vehicle sales have surpassed one million units in the first three months of the year, indicating strong growth in the market for new energy vehicles [1][2]. Group 1: BYD's Sales Performance - In March, BYD's new energy vehicle sales reached 377,400 units, a year-on-year increase of 24.8%, with passenger car sales at 371,400 units, up 23.1% [1]. - For the first three months of the year, BYD's new energy vehicle sales totaled 1,000,800 units, reflecting a year-on-year growth of 59.81% [1]. - BYD is experiencing a "two-headed" growth trend, capturing both the 100,000 to 200,000 yuan market with its Dynasty and Ocean series, and the luxury market above 400,000 yuan with brands like Tengshi and Fangchengbao [3]. Group 2: Product and Technology Innovations - BYD launched the groundbreaking Super e-platform, featuring a 1000V high-voltage architecture and the world's first mass-produced 10C charging rate electric platform [3]. - The company has introduced limited-time pricing policies for certain models, with the Qin LDM-i starting at 89,800 yuan and the Song LDM-i at 119,800 yuan [3]. - The launch of the Yangwang U7, a flagship electric sedan, marks a significant advancement in electric vehicle technology, featuring a fully electric suspension system [4]. Group 3: Market Expansion and Future Goals - BYD aims to achieve a sales target of 5.5 million units by 2025, with expectations of over 90% growth in overseas markets [5]. - The company is also set to mass-produce its self-developed "end-to-end urban intelligent driving" technology within the year [5]. Group 4: Performance of New Car Manufacturers - Other new energy vehicle manufacturers have also reported significant sales growth, with XPeng Motors delivering 33,200 vehicles in March, a year-on-year increase of 268% [7]. - Xiaomi Motors delivered over 29,000 vehicles in March, with a target of 350,000 units for the year [9]. - Li Auto and NIO reported year-on-year increases of 26.5% and 26.7% in March deliveries, respectively, with NIO's total deliveries for the first quarter reaching 42,100 units, up 40.1% [9].

Investment Rating - The investment rating for BYD is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [2][4] - The company sold 4.272 million vehicles in 2024, representing a 41.1% increase year-on-year, with a fourth-quarter sales figure of 1.524 million vehicles [4] - BYD's R&D investment exceeded 50 billion yuan in 2024, with a focus on smart and electric vehicle technologies [4] Financial Performance - Total revenue for 2023 was 602.3 billion yuan, with a projected increase to 996.7 billion yuan by 2025, reflecting a growth rate of 28.3% [5] - The net profit attributable to shareholders is expected to rise from 30 billion yuan in 2023 to 54.8 billion yuan in 2025, indicating a growth rate of 36.1% [5] - The gross margin is projected to improve from 18.6% in 2023 to 19.9% in 2025 [5] R&D and Technological Advancements - BYD's R&D expenses for 2024 were 53.2 billion yuan, a 34.4% increase year-on-year, with a focus on integrating electric and smart technologies [4] - The company launched several new technologies in 2024, including the "e platform 3.0 Evo" and the fifth-generation DM technology [4] Global Expansion - BYD's electric vehicles are now present in over 100 countries and regions across six continents [4] - The company is enhancing its global logistics capabilities with the launch of two automobile transport ships in 2024 [4] Profit Forecast - The forecasted net profit for BYD is 54.8 billion yuan in 2025, 66.5 billion yuan in 2026, and 79.7 billion yuan in 2027, with corresponding P/E ratios of 21, 18, and 15 [4]