D
BYD: Price cuts to drive volume at home; is the overseas 'lifeline' failing too?
Overseas volume ramp is being diluted by lower per-vehicle margin. By 2027, likely more volume but no profit uplift.
BYD
D
+10
Home-market ASP war: Is BYD banking on exports to save the day?
BYD has again raised its export target, lifting it from 1.5mn units set at the start of the year to 1.7–1.8mn. It could even push toward 1.9mn.
+10D![EV]()
![BYD Auto Financial Data Overview Unit： CNY 100M 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q]()
![BYD毛利率和毛销差 单位：% 毛利率 毛销差 26% 24% DolphinResearch DolphinResearch DolphinResearch]()
![比亚迪出海+高端车型在销售结构中占比 单位：% 70% 高端占比 出海占比 高端+出海占比 60% 海豚投研 DolphinResearch DolphinRe]()
+13
BYD: Overseas Boom Won't Plug Home-Market Hole
BYD delivered a better-than-feared set of results. Expectations were low, and the outcome was solid.
D![EV]()
![比亚迪汽车财报数据概览 单位：亿元 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q]()
BYD (4Q25 Trans): 2026 overseas sales target 1.5mn+ units
The company targets a 50/50 split between overseas and domestic markets. This is the share mix it aims to achieve.
D![EV]()
![BYD毛利率和毛销差 单位：% --·毛利率 26% 24% 22% DolphinResearch 毛销差 22.1% olphinResearch 21.9]()
![比亚迪出海+高端车型在销售结构中占比 单位：% 40% 高端占比 出海占比 高端+出海占比 37.2% 35% 30% 海豚投研 DolphinResearch]()
![D&A分配到销售成本 单位：(Rmb亿元) D&A分配到销售成本 D&A分配到销售成本/Revenue 400 1 10% 851 350 9% 300 Dol]()
+15
BYD: Crown Lost; A 'Toyota' Abroad Next?
$BYD COMPANY(01211.HK) released its 2025 Q4 results after the HK close on the evening of Mar. 27 (Beijing time). Key points:
1) Revenue beat but driven by BYD Electronics; auto sales revenue in line: In Q4, total revenue was RMB 237.7bn, slightly above the RMB 236.7bn consensus, mainly on strong QoQ growth in non-core businesses, notably BYD Electronics.Auto sales revenue was RMB 181.5bn, in line with expectations, but vehicle ASP continued to trend down.2) Vehicle ASP still on a downward path: Vehicle ASP remains on a downward trajectory.In Q4...D![EV]()
![现有电池与快充技术、充电网络对比 车企 入门厂商建议零售 代表车型 续航里程 呈 电 电池容量 电池技术 充电平台 超充网络 各 是否对外 国内超充站数量 充电]()
![二代刀片电池核心升级 升级维度 核心升级项 具体技术方案与参数 相对上代的核心提升 材料体系升级 正极材料 从单一磷酸铁锂体系，升级为磷酸锰铁锂 为能量密度跃升]()
BYD: 'Disruptive' launch—can it reclaim the auto-universe crown?---
2nd-gen Blade Battery & fast charging: disruptive enough?
D![旧 换新 一]()
![维度 2025年现行 2026年新政 核心变化 报废更新补贴 政策时间 2025.1.17发布汽车补贴政策，但追溯至 2025.12.30发布，2026.1.1]()
New subsidy plan is out — are NEVs saved in 2026?
Does the auto trade-in program align with market expectations? Does it meet what the market had anticipated?
D![8DM XEV]()
![比亚迪汽车财报数据概览 单位：亿元 1Q23 2023 3Q23 4Q23 1024 2Q24 3024 4Q24 1Q25 2025 2025E 2Q25 G]()
![500 Unit：亿元 比亚迪资本开支 450 400 350 海豚投研 300 DolphinResearch 250 200 150 100 50 0 49]()
![BYD毛利率和毛销差 单位：% 毛利率 毛销差 26% 24% 22% 海豚投研 DolphinResearch 22.1% 21.9% 21.2% 海豚投研]()
+14
BYD: The King of Competition Under Siege, Has the Former 'Butcher's Knife' Become a Double-Edged Sword?
The gross profit margin from car sales has declined significantly!
D![图片 1，共 10 张]()
![图片 2，共 10 张]()
![图片 3，共 10 张]()
![图片 4，共 10 张]()
+6
Chinese Automakers Pledge 60-Day Payment Terms: A Make-or-Break Test for Cash Flow?
Regarding the next Evergrande issue in the automotive sector, Dolphin Research provides a detailed analysis of the accounts payable issues in the automotive supply chain through the article "BYD: Will...