Overview

• August output slipped to 353,090 vehicles, the second monthly decline and the first back‑to‑back drop since 2020, with China sales down 14.3% year over year to 292,813.
• BYD has achieved about 52.1% of its 5.5 million unit annual target through August, and some analysts cut forecasts, including CMBI’s revision to 4.9 million.
• Second‑quarter net profit fell roughly 30% to about 6.36 billion yuan as gross margin narrowed to around 18% under heavy discounting.
• The company attributed weaker short‑term profitability to sectorwide discounting and what it called “excessive marketing,” even as first‑half overseas revenue jumped about 50%.
• Shares fell as much as 8% in Hong Kong after the earnings miss, while filings show rising R&D spending, higher borrowings near 39.1 billion yuan, and a shift to faster supplier payments that could tighten cash flow.