---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/29152277.md"
description: "$BYD COMPANY(01211.HK) Earnings Quick Interpretation: Overall, Dolphin Research believes BYD delivered a solid performance, although at first glance, vehicle sales revenue fell short of expectations, dragging down the top-line total revenue. However, Dolphin Research thinks the market had overly high expectations for BYD's vehicle sales revenue per unit. While Q1 saw a boost from overseas expansion, with overseas sales reaching a new high (likely the core reason for market expectations of sequential price increases this quarter), Dolphin Research learned that BYD was still primarily clearing old inventory in Q1 with significant price cuts. Additionally, the actual launch of smart-driving models was delayed, so the vehicle sales price was within Dolphin Research's expectations.What surprised Dolphin Research was the Q1 vehicle gross margin, which reached 24%. Due to accounting adjustments (moving warranty reserves from sales expenses to cost of sales, naturally lowering gross margin), Dolphin Research believes gross-to-sales spread is a more appropriate metric.In Q1 this year, the gross-to-sales spread hit 16.4%, matching Q1 last year! (Recall that last year's Q1 vehicle gross margin far exceeded analyst expectations.) Sequentially, despite the strong sales push in Q4, it only declined by 0.6 percentage points, reflecting the continued strength of supply chain premium pricing + high vertical integration + high-margin overseas expansion. Meanwhile, in terms of core net profit per vehicle and net profit attributable to shareholders, although BYD had already issued preliminary guidance, the actual figures still slightly exceeded expectations, primarily due to high automotive gross margins and strict control over sales expenses.With Q1's inventory clearance cycle behind, Q2 will focus on smart-driving model sales. Dolphin Research believes BYD's vehicle sales fundamentals are highly likely to continue improving in Q2 (especially given the strong cost-cutting capabilities observed in Q1). Stay tuned for further earnings commentary."
datetime: "2025-04-25T11:18:17.000Z"
locales:
  - [en](https://longbridge.com/en/topics/29152277.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/29152277.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/29152277.md)
author: "[Dolphin Research](https://longbridge.com/zh-CN/news/dolphin.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/29152277.md) | [繁體中文](https://longbridge.com/zh-HK/topics/29152277.md)


# $BYD COMPANY(01211.HK) Earnings Quick Interpretati…


### 相关股票

- [BYD Company Limited (BYDDF.US)](https://longbridge.com/zh-CN/quote/BYDDF.US.md)
- [BYD Company (BYDDY.US)](https://longbridge.com/zh-CN/quote/BYDDY.US.md)
- [BYD (002594.CN)](https://longbridge.com/zh-CN/quote/002594.CN.md)
- [BYD COMPANY-R (81211.HK)](https://longbridge.com/zh-CN/quote/81211.HK.md)
- [BYD COMPANY (01211.HK)](https://longbridge.com/zh-CN/quote/01211.HK.md)
- [BYD HK SDR 10to1 (HYDD.SG)](https://longbridge.com/zh-CN/quote/HYDD.SG.md)

## 评论 (17)

- **新用户_ZLhOSJ · 2025-04-27T16:01:09.000Z**: After reading the comments, here's a quick summary:1. Their perception of BYD is still stuck in the 'Ocean Network' era, thinking BYD is just synonymous with low-end and cheap.2. The same old baseless rhetoric that can't stand scrutiny. Seeing you guys slander the 'King of BYD' like this makes me ev
- **事缓则圆～ · 2025-04-26T10:19:36.000Z**: Hey, I'm holding BYD and HONGHAO STOCK, both are doing great.
- **不信 · 2025-04-26T01:38:00.000Z · 👍 1**: I personally bought two BYDs, and last week I helped a relative buy one. I also hold half of my portfolio in BYD. Many people are evaluating the price of the car, but in fact, BYD's car prices are the most suitable at the same time, which is the reason for the high sales. As for price cuts, is there
  - **Dolphin Research** (2025-04-27T07:14:59.000Z): BYD's cost performance is indeed high.
  - **幸运123** (2025-04-29T01:06:48.000Z): I'm a BYD employee. Electric cars under 200,000 RMB offer great value for money and have good growth potential. For cars above 200,000 RMB, I'm bullish on Xiaomi.
- **Ryan Leeee · 2025-04-25T17:11:55.000Z**: Has the Q1 2025 report been released? Why does Longbridge show it will be out on April 26th?
  - **Dolphin Research** (2025-04-27T01:26:03.000Z): Are you looking at the A-share market? The A-share market needs to be calculated one day ahead.
- **自然熟 · 2025-04-25T16:55:10.000Z**: How does it compare to Toyota's gross margin?
- **長野原烟花店交易员 · 2025-04-25T13:24:36.000Z**: Do you like my 300-day statement?
- **長野原烟花店交易员 · 2025-04-25T13:24:10.000Z · 👍 2**: Strong cost-cutting capability ×Strong blood-sucking capability, sucking the supply chain dry and holding government debt hostage
  - **Dolphin Research** (2025-04-27T01:29:10.000Z): It's a world where whoever has the say calls the shots😂
- **谢钢城 · 2025-04-25T12:52:57.000Z · 👍 3**: Stop squeezing the supply chain and pay them what you owe
- **蓝山。 · 2025-04-25T11:22:51.000Z · 👍 6**: With such gross margin and unit price, you can judge the quality by yourself.
  - **谢钢城** (2025-04-25T12:53:14.000Z): Hahaha, those who know will know
  - **不信** (2025-04-26T01:34:45.000Z): Compared to the quality of Maybach, who do you think is more conscientious? At least they don't look down on you for being poor.
  - **Dolphin Research** (2025-04-27T01:27:51.000Z): 😂