On April 3, 2026, Byd Company Limited (002594) announced that it participated in an institutional investor research session on April 2, 2026, which included an analyst from Goldman Sachs.
When asked about the rationale for the company's substantial ongoing research and development expenditures, the company responded that it is a global technology enterprise driven by technological innovation, adhering to a core development philosophy of "technology first, innovation fundamental," aiming to grow by addressing societal challenges. In the context of the global energy transition from fossil fuels to clean energy and the emergence of AI as a core engine for future societal development, the company maintains high R&D investment to build long-term competitive advantages. In 2025, R&D expenditure reached approximately 63.4 billion yuan, a 17% year-on-year increase, with cumulative R&D investment exceeding 240 billion yuan. The first-generation Blade Battery, launched in 2020, along with subsequent technologies like DM-i, has addressed safety and cost-effectiveness concerns in new energy vehicles, guiding the industry's direction and helping increase the company's sales from 400,000 to 4.6 million units. The new energy vehicle sector still holds significant potential, and the company will continue to focus on resolving industry pain points to support the global automotive industry's transition to new energy.
Regarding the characteristics of the newly released flash-charging battery, the company stated that its second-generation Blade Battery and flash-charging technology have overcome the major challenges of the first phase of electrification—"slow charging" and "difficult charging in low temperatures." It achieves the world's fastest mass-produced charging speed: "5 minutes for a standard charge and 9 minutes for a full charge at normal temperatures; at -30 degrees Celsius, it only takes an additional 3 minutes," making charging as fast as refueling. While enabling flash charging, the energy density of the second-generation Blade Battery has also improved compared to the previous generation, supporting a range of over 1,000 kilometers. Its safety standards comprehensively exceed the new national standards, and it comes with an enhanced warranty policy, fully demonstrating the company's confidence in its core battery technology.
Beyond the flash-charging battery itself, the flash-charging ecosystem features other highlights. Optimizing individual components is increasingly insufficient for enhancing the overall user experience of new energy vehicles. To match the superior battery performance, the company has launched the world's most powerful mass-produced 1,500kW flash-charging pile. It utilizes the globally首创 "sliding rail suspended T-type pile" and "zero-gravity charging gun" design, making the cable lighter, cleaner, and more flexible. Combined with "plug-and-charge, seamless payment" functionality and equipped with a super-fast discharge energy storage system, it overcomes grid capacity limitations, offering a grid-friendly solution. Additionally, the company initiated the "Flash-Charging China" strategy, planning to build a total of 20,000 flash-charging stations across the country by the end of this year. This includes 18,000 urban "station-within-a-station" facilities in partnership with operators, aiming for 90% coverage within 5 kilometers in urban areas, and 2,000 "highway stations" covering nearly one-third of highway service areas, with an average spacing of about 100 kilometers.
Concerning sales performance for March, the company sold 300,222 vehicles in March 2026, securing the top sales position among Chinese automakers. Overseas sales of passenger vehicles and pickup trucks reached 119,591 units, a 65.2% year-on-year increase, demonstrating strong growth momentum. For the first quarter of 2026, cumulative sales reached 700,463 vehicles, with cumulative overseas sales of passenger vehicles and pickup trucks totaling 319,751 units. The overseas business is rapidly becoming a core growth engine for the group's high-quality and sustainable development.
Regarding progress in the energy storage business, last year the company's global system shipments exceeded 60GWh, ranking first globally among energy storage system suppliers. Leveraging world-leading battery R&D, manufacturing technology, and strong innovation capabilities, the group has built a core advantage through vertical integration, establishing a comprehensive "from core to grid" industrial chain ecosystem covering BESS-PCS-EMS. Its products span application areas including power generation side, grid side, commercial and industrial, flash charging, and residential energy storage, providing safe and reliable energy storage system solutions for over 650 large-scale energy storage projects in more than 110 countries and regions worldwide. In terms of product innovation, in September of last year, the company launched the new-generation "Haohan" energy storage system, equipped with the world's largest 2,710Ah dedicated Blade Battery for energy storage, achieving a breakthrough in energy density. With the world's highest minimum unit capacity of 14.5MWh (equivalent to 10MWh for a 20-foot container) and a 52.1% volume utilization rate, it sets a new standard for system integration. Furthermore, it redefines application standards for energy storage across all scenarios with the world's highest overall equipment protection rating of IP66.
Byd Company Limited's main business involves automotive operations primarily focused on new energy vehicles, mobile handset components and assembly services, secondary rechargeable batteries and photovoltaic businesses, while also utilizing its technological strengths to expand into the urban rail transit sector. According to the company's 2025 annual report, annual operating revenue was 803.965 billion yuan, up 3.46% year-on-year; net profit attributable to shareholders was 32.619 billion yuan, down 18.97% year-on-year; and net profit after deducting non-recurring items was 29.446 billion yuan, down 20.38% year-on-year. In the fourth quarter of 2025 alone, quarterly operating revenue was 237.699 billion yuan, down 13.52% year-on-year; quarterly net profit attributable to shareholders was 9.286 billion yuan, down 38.16% year-on-year; and quarterly net profit after deducting non-recurring items was 8.955 billion yuan, down 35.06% year-on-year. The debt-to-asset ratio was 70.74%, investment income was 2.857 billion yuan, financial expenses were -649 million yuan, and the gross profit margin was 17.74%. Within the last 90 days, a total of 23 institutions have issued ratings for the stock, with 19 recommending "Buy" and 4 recommending "Overweight." The average institutional target price over the past 90 days was 188.0. Data on margin trading and securities lending shows a net inflow of 1.072 billion yuan in financing over the past three months, with an increase in the financing balance, and a net inflow of 1.3417 million yuan in securities lending, with an increase in the securities lending balance.
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