On the evening of March 27, BYD Company Limited (002594.SZ) released its 2025 annual report, revealing multiple core operating indicators reaching new highs: revenue hit 804 billion yuan, net profit was 32.6 billion yuan, and domestic tax contributions for the same period amounted to a substantial 53.3 billion yuan. Furthermore, research and development expenditure reached 63.4 billion yuan, a 17% year-on-year increase, significantly surpassing the net profit for the period. More notably, cash reserves stood at 167.8 billion yuan, indicating increasingly robust financial health. Against the backdrop of intensifying competition in the automotive industry, BYD's various metrics consistently rank at the forefront of the sector, with its leading advantage becoming more pronounced and its momentum for high-quality development continuously strengthening.

Substantial R&D investments are solidifying its technological edge, with disruptive achievements being realized frequently. The foundation of BYD's leading performance is its long-term commitment to technological innovation. In 2025, the company's R&D expenditure reached 63.4 billion yuan, a 17% increase, bringing cumulative R&D investment to over 240 billion yuan. While maintaining heavy investment in R&D, BYD has also accelerated the implementation of its technological成果. Disruptive technologies such as the Tian Shen Zhi Yan advanced driver-assistance system and the fifth-generation DM technology are continuously optimized, pushing technical boundaries and defining industry standards. In early March of this year, BYD launched its second-generation Blade Battery and flash charging technology, achieving a global mass-production record for charging speed. This technology enables charging from 10% to 70% in just 5 minutes at room temperature, and from 10% to 97% in only 9 minutes. Even at -30°C, charging from 20% to 97% takes merely 12 minutes.

Simultaneous progress in internationalization and premiumization is continuously optimizing the growth structure. The continuous elevation of its technological moat has driven steady sales growth for the company. In 2025, BYD's annual sales exceeded 4.6 million vehicles, not only marking its first entry into the top five global automotive groups by sales but also earning it several honors, including global leader in new energy vehicle sales, sales champion in the Chinese automotive market, and top-selling Chinese brand. While expanding its scale steadily, the company achieved milestone breakthroughs in internationalization and moving upmarket, significantly enhancing the quality of its growth. To date, BYD's business spans 119 countries and regions worldwide, with overseas sales reaching 1.05 million units, a 145% year-on-year increase. With the first vehicle rolling off the production line at its passenger car factory in Brazil and eight vehicle carrier ships entering operation, the company's global layout is entering a new phase. Concurrently, the combined sales of the Fang Cheng Bao, Denza, and Yangwang brands reached 397,000 units last year, a 109% increase, with their share of total sales nearly doubling compared to 2024. The dual breakthroughs in internationalization and premiumization have not only optimized the company's product sales mix but have also significantly bolstered BYD's brand influence and profitability, injecting a strong stimulus for sustained and steady growth.

As an industry leader, BYD actively fulfills its social responsibilities beyond its own development. In 2025, the company's total domestic tax payments amounted to 53.3 billion yuan, far exceeding its net profit for the period, demonstrating a tangible commitment to giving back to society. Regarding sustainable development, BYD is firmly anchored to its goal of "achieving carbon neutrality across the entire value chain by 2045." Its MSCI ESG rating was upgraded to AA, and its S&P Global ESG score also saw a significant improvement, firmly placing it in the top tier of ESG performance among domestic enterprises. According to statistics, the carbon reduction achieved over the full lifecycle of BYD's new energy vehicles in 2025 reached 46.6 million tons, equivalent to planting approximately 777 million trees, injecting strong momentum into green development.

In conclusion, as the global automotive industry remains in a phase of deep transformation and restructuring, BYD, with technological innovation at its core and globalization and premiumization as its wings, has delivered a robust report card demonstrating simultaneous improvements in both scale and quality. Looking ahead, the company will continue to deepen its first-mover technological advantages, fulfill its social responsibilities, and lead the global automotive industry into a new journey of more resilient and high-quality development.