（文 / 观察者网 周盛明 编辑 / 高莘） 在今日开幕的2025东京车展上，比亚迪正式发布旗下首款K-car车型——比亚迪Racco。 比亚迪表示，Racco的名称取自日语"ラッコ"（海獭），寓意着与自然和谐共生的环保理念与生命关怀。 比亚迪Racco 观察者网摄 比亚迪Racco 比亚迪 新车采用纯电的动力形式，采用四座布局，并且专为日本市场打造。该车符合日本轻型车法规，计划于2026年夏季在日本市场开启预售。 比亚迪Racco 观察者网摄 据悉，K-Car（轻型车）是日本特有的一类小型乘用车类别。它的产生背景是为了解决战后日本城市道路狭窄、油价高、税负重、停车难等问题，同时促进 国民普及型出行。 铃木汽车社长铃木俊宏 日经中文网 "世界上有许多小型车的标准，比亚迪选择了日本的轻型车标准。我感到非常高兴。新的竞争即将开始，我认为比亚迪是一个巨大的威胁。不过，在EV销售 中不应进行价格竞争……"铃木俊宏表示。 值得注意的是，日本K-Car车型大部分仍使用燃油发动机，2024年，日本纯电K-Car的销量仅占总销量的2.1%，以日产的Sakura（2.29万辆）和三菱的eK X EV（0.25万辆）为主。 比亚 ...

Group 1 - The company reported a revenue of 28.079 billion yuan for the first half of 2025, a decrease of 23% compared to the same period last year [2][3] - The net profit attributable to the parent company was 0.2 billion yuan, reflecting a significant decline of 96.12% year-on-year [2][3] - The company's net profit after deducting non-recurring gains and losses was -0.377 billion yuan, representing a decrease of 232.68% compared to the previous year [2][3] Group 2 - The commercial vehicle market has become increasingly competitive since 2025, entering a phase of stock game, with multiple factors such as accelerated energy structure transformation and structural differentiation of products [3] - The company maintains the largest market share in the domestic heavy-duty truck segment and has effectively expanded its overseas exports [3] - The company has established over 120 primary dealers and nearly 300 service outlets globally, with subsidiaries in countries like South Africa and Tanzania, and plans to set up subsidiaries in eight countries to support its international strategy [3] Group 3 - The company covers five major categories in the new energy sector, including pure electric, hybrid, and fuel cell technologies, aiming to meet market demands and address user pain points [3] - The company is focused on product development that emphasizes low cost, low weight, low energy consumption, and high reliability, while also enhancing differentiated competitiveness [3] - In the second half of the year, the company plans to implement its strategy and annual work arrangements, focusing on customer-centric approaches and quality-driven growth [4]

Core Viewpoint - The report highlights the financial performance and market dynamics of the company, indicating a significant decline in net profit and revenue, while also showcasing growth in total assets and cash flow from operating activities. The commercial vehicle industry is experiencing structural changes with varying demand across segments, particularly in the context of increasing competition and the transition to new energy vehicles [1][2][3]. Financial Performance - As of June 30, 2025, the company reported total assets of 79.663 billion yuan, a year-on-year increase of 9.50% [1] - The operating revenue for the reporting period was 28.079 billion yuan, reflecting a decrease of 23.00% compared to the previous year [2] - The net profit attributable to shareholders was 0.20 billion yuan, down 96.12% year-on-year [2] - Cash flow from operating activities increased by 72.71% to 7.635 billion yuan [2] - Basic and diluted earnings per share dropped by 96.35% to 0.0040 yuan [2] Market Dynamics - The heavy-duty truck market demand reached 599,000 units, a year-on-year growth of 4.2%, while the light truck market demand was 321,000 units, up 12.7% [1] - The overseas demand for commercial vehicles has declined by 8%, marking the first drop in recent years, while new energy vehicle demand surged by 136% to 160,000 units [1] - The industry is characterized by stable domestic demand, slight declines in overseas markets, and rapid growth in new energy vehicles, indicating a structural differentiation in demand [1][3] Company Strategy and Vision - The company aims to be a leading provider of green and intelligent transportation solutions, focusing on product and service innovation to enhance competitiveness [4] - It has established a robust R&D system, with over 3,000 personnel dedicated to developing advanced technologies and products [5] - The marketing and procurement strategy emphasizes customer value, supported by a comprehensive service network across China [7][8] Production and Manufacturing - The company possesses a complete manufacturing system, with production bases capable of producing 418,000 vehicles annually [8] - It has established strategic partnerships with leading companies to enhance product reliability and service quality [8] International Expansion - The company is actively pursuing international markets, with exports covering over 100 countries and regions [9] - Plans for establishing subsidiaries in eight countries, including Uzbekistan and Indonesia, are underway to support its international strategy [9] New Energy Focus - The company is committed to developing a wide range of new energy commercial vehicles, focusing on low cost, low weight, and high reliability [10] - Continuous product and technology upgrades are aimed at maintaining a competitive edge in the new energy vehicle market [10]

Core Viewpoint - BYD is aggressively expanding its presence in the Japanese commercial vehicle market, leveraging its experience and production advantages to challenge local competitors, particularly in the light-duty electric vehicle (EV) segment. Group 1: Market Entry and Strategy - BYD entered the Japanese market in 2005 and established a local subsidiary, acquiring technology through the purchase of a major Japanese automotive mold company in 2010 [3]. - The company plans to enter the Japanese truck market by 2026, focusing on light-duty vehicles, which are classified as micro and small in Japan [4]. - BYD aims to become the leading importer of vehicles in Japan, with a strong emphasis on commercial vehicles, particularly light-duty trucks [5]. Group 2: Sales Performance and Market Dynamics - BYD's global sales of commercial vehicles surged to 27,726 units from January to May, a sixfold increase compared to the same period last year [5]. - The company is responding to intense competition in the Chinese automotive market by reducing prices, such as cutting the price of its small EV "Seagull" by 20% [5][6]. - In May 2023, BYD's new car sales reached 382,476 units, reflecting a 15% year-on-year growth, although the growth rate has slowed since March 2024 [6]. Group 3: Competitive Landscape - Japanese automakers have launched fewer than 20 EV models, indicating a lag in the EV market compared to BYD [7]. - Major Japanese companies are developing their own light-duty commercial EVs, with plans to launch by 2025, highlighting the competitive pressure BYD will face [8]. - The success of BYD in Japan could set a precedent for expansion into other global markets, particularly if it can overcome local safety and performance expectations [8].