Automobile Manufacturers

BYD COMPANY

LEAPMOTOR

Financial Analysis

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$LEAPMOTOR(09863.HK) released its Q1 2026 results after the HK close on May 15 (BJT). The print marked a departure from Leapmotor’s historically steady execution.Despite a seasonal soft quarter for the industry, volumes were still decent and opex discipline was reasonable. However, both revenue and GP missed, with per-vehicle GP well below street expectations.On the details: revenue missed as ASP fell further on a shift toward lower-end models. Q1 revenue was RMB 10.82bn (+8% YoY)...

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

Leapmotor: Aiming for 1mn Units, Is GPM the First to Slip?

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Q1 revenue returned to positive growth. Back in positive territory.

GE Aerospace

SANHUA

BOYD Gaming

GEELY AUTO

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Geely Auto HK SDR 2to1

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Geely Auto

Tesla

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Xiaomi HK SDR 2to1

Xiaomi Corporation

Sanhua Intelligent Controls: Auto parts back in the black; how long until the robot boom?

Geely

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Q2 GPM is expected to be stable to slightly higher vs. Q1. Product mix should further improve.

Geely Auto (1Q26 Trans): FY export target raised to 750k units

VLVLY

$GEELY AUTO(00175.HK) released its Q1 2026 results at midday in the Hong Kong session on Apr 29, 2026 (Beijing time). While headline revenue and net profit attributable to shareholders missed, core GPM and per-vehicle OP moved higher against the trend, underscoring strong operating resilience:1. Total revenue slightly missed, but per-vehicle ASP remained solid. Quarterly revenue was RMB 83.8bn (+15% YoY), below market est. of RMB 92.3bn.The key investor concern has been a potential QoQ decline in ASP this quarter...

Volvo

Geely: Per-car net profit on par with BYD; big comeback?

Today’s Key News Recap

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0429 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed will hold its policy meeting in Washington this week, with the decision due Wed 2:00pm ET (Thu 2:00am Beijing). Markets will focus on the rate decision, policy stance and forward guidance on the easing path.With growth and inflation still resilient, consensus expects rates to be kept on hold this time. 🐬 Single Stocks 1) $NIO-SW(09866.HK) $NIO Inc(NIO.US) Under Nio’s ONVO brand, the smart dual-cockpit, large five-seat flagship SUV ONVO L80 has been introduced. Pre-sales have started.

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Fed decision due tonight; NIO's ONVO L80 pre-sale in focus | Daily News Recap

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BYD delivered a better-than-feared set of results. Expectations were low, and the outcome was solid.

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XPeng

BYD: Overseas Boom Won't Plug Home-Market Hole

BYD 1Q26 First Take: With Q1 deliveries pre-announced at 700k units (-30% YoY) and sentiment broadly bearish, BYD delivered a 'better-than-feared' print. Despite revenue and profit being dragged by lower volume, ASP, auto GPM, and profit per vehicle all beat street expectations. The core driver was a step-change in the mix of high-margin overseas models. This effectively offset GPM dilution from domestic inventory clearance and negative scale effects. ① Total revenue was RMB 150.2 bn (-11.8% YoY), with auto revenue at RMB 112.0 bn (-16.1% YoY), mainly due to lower auto volume.ASP reached RMB 160k this quarter, up 20% vs. RMB 133k in 1Q25 and above the street’s RMB 144k estimate.Overseas expansion is not only about volume but also price/mix quality.Export mix surged from 21% in the prior-year quarter to 47% in Q1. Given overseas ASP is ~1.5x domestic, this structural shift offset the ASP drag from clearing older models in China. ② Total GP was RMB 28.25 bn (-17.4% YoY).Auto GPM was 23.4%, up 180 bps QoQ and above the street’s 21.7%.In 2H25, BYD’s overseas GPM exceeded domestic by ~1,100 bps. With exports approaching half of volume, BYD has pivoted strategically. It is moving from domestic price competition to prioritizing profit capture globally. ③ Profit per vehicle was RMB 5.8k, down from RMB 6.7k in 4Q25 but above the street’s RMB 3.4k.The QoQ decline was driven by discounts tied to domestic clearance of older inventory and a higher opex ratio on a smaller revenue base (negative operating leverage).In addition, FX losses were recognized (financial expenses fell RMB 4.0 bn YoY vs. 1Q25). Ex-FX and other noise, core OP per vehicle (GP minus taxes and opex) was RMB 5.9k, above RMB 5.6k in the prior-year quarter.Core operating profit was RMB 4.12 bn (-26.5% YoY).$BYD(002594.SZ) $BYD COMPANY(01211.HK) $BYD Company(BYDDY.US)

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0428 | Dolphin Research Focus: 🐬 Macro/Industry. 1) The CPC Politburo met on Apr 28 to assess the current economy and economic work.It said the economy remains broadly stable with a solid start, and recovery resilience continues to build. However, endogenous momentum still needs consolidation, and the foundation for the upturn is not yet firm.The meeting reaffirmed the principle of seeking progress while maintaining stability. Policy will stay proactive on the fiscal side and prudent on the monetary side, using targeted measures to stabilize the macro backdrop.Priorities include boosting domestic demand and defusing property and local gov. debt risks in an orderly manner. It will also push forward 'AI+' and other industrial upgrade initiatives...

TENCENT

Tencent Holdings Limited

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CATL HK SDR 30to1

CATL's discounted equity raise rattles market; Tencent Cloud up for a third straight session YTD | Daily News Recap

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The company targets a 50/50 split between overseas and domestic markets. This is the share mix it aims to achieve.

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Toyota Motor

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BYD (4Q25 Trans): 2026 overseas sales target 1.5mn+ units

$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...

BYD: Crown Lost; A 'Toyota' Abroad Next?

BYD launches new intelligent in-car radio with off-grid communication support

BYD's Fang Cheng Bao 'Leopard' Smart Charging Pile Relaunched

BYD, Mercedes, and Red Bull Consortium Bid for Alpine Team Shares and Engine Plant

Pop Star Wang Leehom Confirms Entire Denza Endorsement Fee Was Used to Purchase BYD Stock

BYD Executive Confirms Talks with Stellantis and Other Carmakers to Acquire Idle European Factories

BYD and other auto giants discuss the future of smart mobility in Thailand

A shipment of nearly 5,000 BYD vehicles is heading to Australia to meet growing local demand for electric and plug-in hybrid vehicles.

People's Daily Explores the 'Talent Code' of the New Energy Vehicle Industry, Citing BYD as an Example

BYD Executive Responds to 'Flash Charging Damages Battery' Concerns

BYD's Fang Cheng Bao 'Bao 3' Flash Charging Edition Models Begin Normal Delivery

BYD SHARK Pickup to Launch in China in the Second Half of 2026

BYD postpones flagship electric SUV launch due to over 100,000 pre-orders

BYD delays flagship SUV 'Datang' launch due to surging demand, bookings exceed 100k

BYD leadership visits Inokom plant in Malaysia, hinting at a pivot in local assembly plans

BYD reportedly delays launch of new 'Tang' series model due to tight battery supply

Processing Fees for Lithium Iron Phosphate (LFP) Battery Materials Generally Increase by 1500 Yuan/Ton

BYD launches Song Pro DM-i Feichi Edition in Zhengzhou, a 100,000-yuan class PHEV SUV with 300km pure electric range

BYD is reportedly interested in acquiring a stake in the F1 Alpine team and Renault's engine factory

BYD applies for a patent on multi-domain controller redundant backup to enhance system stability.

BYD Ranks Fifth in 2026 Kantar BrandZ Top 10 Global Automotive Brands

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GHPC

Ordinary dividend (cash)

Ex Date: 2026.06.11, Cash dividend 0.4051 HKD

BYD's chief technology officer, Sun Huajun, assured that their new 9-minute flash charging technology does not harm battery life, following extensive testing. The technology allows rapid charging from 10% to 97% in nine minutes and operates efficiently even in extreme temperatures. BYD plans to build 20,000 flash-charging stations in China by 2026. Despite initial battery capacity issues affecting deliveries, BYD expects sales to rise as production stabilizes.

- BYD conducted extensive cycle and reliability testing, including 1,000 full flash-charging cycles, to ensure their new battery technology's reliability.  
- The second-generation Blade Battery supports ultra-fast charging at 1,500 kilowatts and can charge from 10% to 97% in nine minutes, even in extreme temperatures.  
- BYD plans to build 20,000 flash-charging stations in China by the end of 2026, aiming for widespread urban coverage, despite current battery capacity tightness affecting deliveries.

CnEVPost

BYD top scientist says 9-minute flash charging won't damage battery life

BYD launched an upgraded Denza N9 SUV at a starting price of 409,800 yuan, marking a shift towards a premium market. The new model features over 100 upgrades, including improved battery range and fast-charging capabilities. Denza aims to capture the luxury segment, with 70% of buyers being former owners of high-end brands. Despite a 41.5% drop in sales this year, BYD is focusing on Denza for its export strategy, recently promoting the brand in Europe with actor Daniel Craig.

- BYD launched an upgraded version of its Denza SUV at a starting price of 409,800 yuan ($77,118), marking a shift towards a more profitable image.  
- The new Denza N9 includes over 100 upgrades, such as enhanced battery range and a fast-charging capability, appealing to buyers who previously owned luxury brands like BMW and Mercedes-Benz.  
- Despite facing a 41.5% drop in sales in early 2026, BYD aims to leverage Denza for high-margin exports, recently introducing the brand in Europe during a prominent event.

Asiaone

Bayerische Motoren Werke AG

BAYERISCHE MOTOREN WERKE AG ADR EACH REPR 0.33333 SHS SPONSORED

Mercedes-Benz Group AG

Toyota Motor Corp.

ZEEKR Intelligent Tech

Bayerische Motoren Werke AG Pref

BYD unveils upgraded flagship Denza SUV to bolster premium market push

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Pop star Wang Leehom has exchanged his endorsement fee from Denza, a BYD brand, for BYD stock, expressing regret for not investing in the company earlier. He believes in BYD's long-term potential after a decade of collaboration. The Denza N9 flash charging edition was launched, featuring advanced battery technology and a starting price of 409,800 yuan. BYD's shares have seen a 6% decline this year.

- Renowned musician Wang Leehom announced that he used his endorsement fee from Denza to purchase BYD shares, expressing confidence in the company's long-term prospects.  
- He recalled his regret over not investing in BYD a decade ago, stating that such an investment could have yielded fivefold returns today.  
- The Denza N9 flash charging edition was launched with advanced features, including rapid charging capabilities and a high-performance tri-motor system, starting at 409,800 yuan ($60,290).

Hua Xia CSI New Energy Vehicles ETF

Hwabao WP CSI Intelligent Electric Vehicle ETF

Pop star Wang Leehom swaps Denza endorsement fee for BYD stock

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BYD's premium brand Denza has launched the N9 flash charging edition SUV, starting at 409,800 yuan ($60,260), lower than the previous pre-sales price. The model features a second-generation BYD Blade Battery, capable of charging to 97% in just 9 minutes. It offers a range of 420 kilometers on electric power and a combined range of 1,520 kilometers. The N9 is equipped with advanced technology, including a powerful 2.0T engine and smart driving assistance systems.

- The Denza N9 flash charging edition SUV is launched at a starting price of 409,800 yuan ($60,260), lower than the previously announced pre-sales price of 450,000 yuan.  
- Equipped with BYD's second-generation Blade Battery, it can charge from 10% to 97% in just 9 minutes, achieving a combined range of 1,520 kilometers.  
- Denza aims to expand flash charging station coverage within a 3-kilometer radius in major Chinese cities by the end of 2026.

Guotai CSI 800 Automobile and Parts ETF

ChinaAMC CSI Hong Kong Connect Automobile Industry Thematic ETF

BYD Denza launches N9 flash charging edition, featuring 9-minute fast charging

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BYD has won a landmark defamation case against auto blogger 'Brother Long Talks EVs', securing 2 million yuan ($293,510) in damages. The court ruled that the blogger's false claims about BYD's products constituted unfair competition. This ruling is one of the largest for similar cases in China, as the auto industry combats 'black PR' campaigns. The blogger has faced multiple lawsuits from automakers, including Seres and Xpeng, for similar offenses.

- BYD has won a significant court case against an auto blogger, awarding 2 million yuan ($293,510) in damages for defamation.  
- The ruling, one of the highest of its kind in China, found that the blogger disseminated false information about defects in BYD's components, constituting unfair competition.  
- This case highlights a broader trend in the Chinese auto industry, as companies push back against negative publicity and regulatory bodies intensify efforts to combat misinformation.

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First Trust S-Network Future Vehicles & Tech ETF

SERES

Auto influencer ordered to pay hefty damages to BYD in landmark defamation ruling

BYD's premium sub-brand Denza has reached a production milestone of 500,000 vehicles, celebrating its 16th anniversary. The Denza N9 flash charging edition, set to launch on May 18, features a price range of 450,000 to 500,000 yuan and boasts advanced charging technology, allowing full charge in just 9 minutes. Despite a 38.05% decline in sales in early 2025, Denza sold 157,134 vehicles in 2024, marking a 24.67% increase from the previous year.

- Denza, BYD's premium sub-brand, will launch the Denza N9 flash charging edition on May 18 after pre-sales began on April 7, priced between 450,000 yuan ($66,080) and 500,000 yuan.  
- This flagship SUV features BYD's second-generation Blade Battery with a capacity over 75 kWh and can achieve a pure electric range of 420 kilometers under the CLTC standard, with a charging time of just 9 minutes.  
- Denza, now wholly owned by BYD, celebrated its 500,000th vehicle milestone while recording a 24.67 percent sales increase in 2025, though sales in the early months of 2026 showed a decline.

BYD Denza hits 500,000-vehicle production milestone with N9 flash charging edition

BYD chairman Wang Chuanfu announced that the company expects monthly sales to rise as battery capacity improves, despite current tightness. In April, BYD sold 321,123 units, a 6.96% increase from March but a 15.51% year-on-year decline. The company is launching new models with advanced technologies to combat a price war and has seen record overseas shipments. However, net profit fell 55.38% in Q1 due to market pressures.

- BYD chairman Wang Chuanfu announced that the company’s battery capacity is currently tight as several key models ramp up production, impacting overall deliveries.  
- Despite an 8-month decline in year-on-year sales, BYD expects monthly sales to rise as battery supply improves, with sales reaching 321,123 units in April.  
- The automaker is launching new models featuring advanced technologies to enhance competitiveness, while facing challenges from a price war and declining profits.

E Fund CSI Auto Components Thematic ETF

Ping An CSI Auto Components Thematic ETF

HFT CSI Auto Components Thematic ETF

ChinaAMC CSI Auto Components Thematic ETF

BYD sees monthly sales climbing on battery capacity ramp-up

STLA

BYD is in discussions with several automakers, including Stellantis, to acquire factories in Europe as part of its strategy to expand new energy vehicle exports. The company aims to utilize existing production capacity and has reported significant growth in exports, exceeding 100,000 units monthly for six consecutive months.

- BYD is exploring the acquisition of factories in Europe from other automakers as part of its strategy to expand new energy vehicle exports.  
- The company is in negotiations with Stellantis and other automakers to take over existing plants to better utilize production capacity.  
- BYD's export numbers have surged, with monthly new energy vehicle exports exceeding 100,000 units for six consecutive months, totaling 456,263 vehicles in the first four months of this year.

TechNode

BYD in talks with automakers over European factory takeovers