31 October 2025 | 6:57AM CST Equity Research BYD Co. (002594.SZ): 3Q25 First Take: Below expectation on declining sales volume but margin improvement qoq on cost reduction BYD reported below-expected 3Q25 results on both revenue and net profit. Key areas of surprise: Negatives: (1) revenue was -3% yoy/qoq and -11% vs. GSe. With no segment breakdown provided, we believe this is partly due to -2%/-3% yoy/qoq sales volume decline coupled with product mix shifting to lower-priced models in the quarter (e.g. Yua ...