SPT

$BYD COMPANY(01211.HK) released its Q1 2025 earnings after Hong Kong market close on April 25 Beijing time. Key highlights: 1. Another stunning auto gross margin report card - BYD's cost-cutting prowess is undeniable: Even at the cyclical bottom of auto sales in Q1, BYD achieved impressive vehicle gross margin (24% vs market expectation of 22.3%). From a historically comparable gross-to-sales spread perspective (accounting adjustments moved warranty provisions from SG&A to COGS, naturally depressing gross margin)...