营收层面，比亚迪交出了一份极具分量的成绩单。3月27日晚，公司发布2025年财报，全年实现营收8039.6亿元，同比增长3.5%。在行业价格竞争持续加剧的大环境下，这样的增速并不激进，但足够稳健，更重要的是背后的经营质量——现金流充沛、资金储备超过1600亿元，展现出头部车企应有的抗压能力。
On the revenue front, BYD delivered a heavyweight performance. On March 27, it reported 2025 revenue of 803.96 billion RMB, up 3.5% year-on-year. Amid intensifying price competition, the growth may not look explosive, but it is solid—and more importantly, supported by strong fundamentals, including healthy cash flow and over 160 billion RMB in reserves.
如果说规模是结果，那么研发才是底层逻辑。2025年，比亚迪研发投入达到634亿元，同比增长17%，几乎是当期净利润（326.2亿元）的两倍。在普遍追求短期盈利的行业环境中，这种“反周期式投入”显得尤为罕见。也正是这种持续高强度研发，推动了刀片电池、DM技术的持续迭代，让比亚迪在电动化与混动技术上始终保持领先。
If scale is the result, then R&D is the underlying logic. In 2025, BYD invested 63.4 billion RMB in R&D, up 17% YoY—nearly double its net profit of 32.62 billion RMB. In an industry chasing short-term gains, this kind of counter-cyclical investment is rare. It is precisely this commitment that keeps BYD ahead in both EV and hybrid technologies.
放在更大的产业背景下，这份财报的意义被进一步放大。2025年，中国车企全球销量约2700万辆，历史性超越日本车企的约2500万辆。汽车产业百年来的权力结构，正在发生又一次清晰的转移。从欧洲到美国，再到日本，如今轮到中国站上舞台中央。
In a broader context, the significance of this report becomes even clearer. In 2025, Chinese automakers reached around 27 million global sales, surpassing Japanese brands’ 25 million for the first time. The century-long power structure of the auto industry is shifting once again—from Europe to the U.S., then Japan, and now China takes center stage.
在这股浪潮中，比亚迪无疑是最具代表性的样本。全年销量突破460万辆，不仅继续稳居全球新能源销冠，同时在纯电领域对特斯拉形成实质性超越，开始跻身全球汽车集团第一梯队。这不再只是“新势力”的故事，而是传统产业格局被重塑的过程。
Within this wave, BYD stands out as the most representative player. With annual sales exceeding 4.6 million units, it not only retained its global NEV leadership but also surpassed Tesla in the BEV segment, entering the top tier of global auto groups. This is no longer just a “new force” narrative—it’s a restructuring of the entire industry.
将西亚跨境设为“星标★”，第一时间收获最新推送
与此同时，全球化也在加速落地。比亚迪海外销量突破105万辆，同比增长超过1.4倍，从东南亚到欧洲，再到拉美市场，中国汽车正在以技术与成本双重优势快速渗透。过去依赖单一市场的增长模式，正在被多区域协同所取代。
At the same time, globalization is accelerating. BYD’s overseas sales surpassed 1.05 million units, growing over 1.4x year-on-year. From Southeast Asia to Europe and Latin America, Chinese automakers are expanding rapidly with advantages in both technology and cost. The old single-market growth model is being replaced by multi-regional expansion.
当技术、规模与全球化三条曲线开始在同一时间点交汇，中国汽车的角色也随之发生变化——不再只是参与者，而是规则的制定者。从能耗标准到智能驾驶，从供应链到生态体系，一个新的产业中心正在成型。
As technology, scale, and globalization converge, the role of Chinese automakers is evolving—from participants to rule-makers. From energy efficiency standards to smart driving, from supply chains to ecosystems, a new industry center is taking shape.
某种程度上，“弯道超车”已经不再是一个愿景，而是一段正在发生的现实。
In many ways, “overtaking on the curve” is no longer a vision—it is a reality already unfolding.
往期精选
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新能源车｜小鹏冲击高端：全新大型SUV G02曝光
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