October 1st, BYD released the Production and Sales Bulletin for September 2026. Data shows that the company's global cumulative sales from January to September reached 3.1316 million units, a 3.94% year-on-year decline, but September's single-month sales rebounded strongly to 463,600 units, a 16.98% year-on-year increase, and a month-on-month increase of approximately 11%, showing a trend of "low beginning, high ending, monthly recovery". The overseas market became the biggest incremental engine, with overseas sales of passenger cars and pickups reaching 179,900 units in September, a 153.9% year-on-year increase, accounting for 38.8% of total overseas sales. Against the backdrop of intensifying industry competition and a 20.8% year-on-year drop in overall domestic passenger car retail sales, this performance report presents structural changes of "leading overseas, pushing high-end, expanding flash charge volume".

Brand Structure: High-end brand share surpasses 12%, Fang Cheng Bao stands on the 40,000-unit mark for two consecutive months

Individually, Dynasty Network and Ocean Network sold 394,900 units in September combined, up 11.01% year-on-year, continuing to bear the sales basic platform. Regarding high-end brands, Fang Cheng Bao sold 43,200 units in September, up 79.02% year-on-year; Denza sold 18,200 units, up 46.68% year-on-year; Yangwang sold 389 units, accounting for 13.32% of the group.

From a cumulative data perspective, the combined sales of Fang Cheng Bao, Denza, and Yangwang from January to September 2026 reached 408,400 units, up 56.3% year-on-year, with the share of total group sales rising to 13.04%, as the upsaling strategy continues to deepen. Fang Cheng Bao's performance was particularly outstanding, with 285,400 units delivered cumulatively from January to September, standing steadily on the 40,000-unit mark for July, August, and September, officially entering the "40,000 monthly sales tier".

The significance of upsaling lies not only in sales figures, but also in the reshaping of brand perception. When the combined share of the three high-end brands rose from about 9% in the same period of 2025 to 13.04%, BYD is proving itself capable of achieving extreme cost-performance in the mainstream market of 100,000-200,000 yuan, while also establishing product definition rights and brand premium power in the price range above 200,000 yuan.

Overseas Market: From "Incremental Engine" to "Half the Share"

The explosion of the overseas market is the most significant structural change for BYD in 2026. From January to September, overseas cumulative sales of passenger cars and pickups reached 1.3378 million units, up 90.7% year-on-year. Overall, overseas sales share has exceeded 40%. Earlier data shows that BYD's overseas revenue in the first half of 2026 reached 181.3 billion yuan, accounting for 52.57% of total revenue, surpassing domestic revenue for the first time in history. This is a landmark turning point, meaning BYD is no longer just a Chinese automaker, but a global one.

The strategic significance of the overseas market is reflected in three levels. Firstly, optimization of profit structure. The overseas average unit price is about 190,000 yuan, nearly 50% higher than domestic, directly driving the improvement of the overall gross margin level. In the first half of 2026, the gross margin of BYD's auto business was 22.33%. Secondly, the switch of growth engine. In an environment where the domestic price war continues and the industry's total retail volume shrinks, the overseas market provides incremental space independent of domestic competition. Citi gave BYD HK shares a target price of 142 HKD, with a potential increase of about 71%, and the capital market has given explicit recognition to the globalization logic. Thirdly, the deepening of localization operations. Factories in Thailand, Uzbekistan, and Brazil have been completed and put into production, with the Hungary factory to follow soon. The Brazil factory has an annual capacity of about 250,000 units. BYD's new energy vehicles have entered 121 countries and regions globally, with 8 self-owned RoRo ships put into operation. The overseas strategy is accelerating its shift from "product export" to "local manufacturing".

Annual Outlook: 5 Million Unit Target Difficult to Achieve, Steady with 2025's 4.6 Million Units Hopeful, Flash Charge Strategy Builds Systematic Barriers

Based on the cumulative sales of 3.13 million units from January to September, BYD needs to complete approximately 1.5 million units in the fourth quarter to match 2025 levels, corresponding to an average of about 500,000 units per month in Q4. Considering Q4 is the traditional peak season and the delivery pace of flash charge models continues to accelerate, this goal has a foundation for realization. It is estimated that 2026 will have about 1.9 million units, with growth expected to be 90%, domestic sales about 2.7 million units, down about 24% year-on-year, with growth contributed by going overseas.

Supporting this expectation is BYD's systematic layout at the product, technology, and infrastructure levels.

New products are being launched intensively. The Dynasty Network flagship sedan "BYD Grand Han" officially launched on October 13th, with a pre-sale price of 249,900-299,900 yuan, the pure electric version's highest CLTC range reaching 1008km, equipped with Yunjian-A dual-chamber air suspension, positioned as a key product for brand upward breakthrough. The Fang Cheng Bao S Series, first equipped with BYD Smart Ecosystem 2.0, launched on September 16th, exploring the personalized high-end market with the cabin concept of "customizable, evolvable, growable". Regarding the Ocean Network, Seal 08 debuted at the Chengdu Auto Show, and the Song Ultra EV, equipped with the second-generation Blade Battery and flash charge technology across the series, officially launched. The second-generation Seagull ("Seagull General") size significantly lengthened, motor power increased from 55kW to 95kW, expected to launch before year-end, expected to further push flash charge and smart driving capabilities down to the 70,000 yuan level market.

The flash charge strategy is accelerating. As of September 24th, BYD has cumulatively built 11,586 flash charge stations, covering 341 cities nationwide and 278 expressways, with the "11 vertical, 11 horizontal" expressway mainline flash charge network basically formed. The 2,000th flash charge expressway station was completed in September at the Baoying Service Area on the Beijing-Shanghai Expressway, completing the annual expressway station construction goal ahead of schedule. The company plans to complete the construction of 20,000 flash charge stations nationwide by the end of 2026, while steadily promoting the global layout of 6,000 overseas flash charge stations. The refueling experience of "5 minutes to fully charge, 9 minutes to be full, only 3 minutes more at -30°C" is transforming charging efficiency from a user pain point into BYD's systematic competitive advantage.

Tech inclusivity continues to deepen. Divine Eye 5.0 integrates reinforcement learning capabilities on the basis of full closed-loop end-to-end, implemented in Song Ultra EV and other models, providing high-order smart driving experience at the 150,000 yuan price level. The second-generation Blade Battery passed the 10x new national standard bottom impact test and 4x new national standard thermal diffusion verification, with cell lifetime warranties, further raising the technical threshold at the safety and lifespan levels. From smart driving inclusivity to flash charge rollout, BYD is injecting frontier technologies into mainstream price bracket products in a scaled manner, forming a positive cycle of "Technology Leading - Scale Diluting - Price Inclusivity - Sales Feedback".

From "Domestic Led" to "Global Dual Wheels", from "Cost-Performance Label" to "Upscaling Realization", from "Product Competition" to "Flash Charge Ecosystem Barriers", the sales structure changes in BYD's first three quarters of 2026 reveal the deep transformation an automaker is undergoing after reaching peak scale. When overseas revenue first surpassed domestic, high-end brand share broke through 12.8%, and the flash charge network grew from zero to over 10,000 stations, BYD's growth logic is no longer relying on price competition in a single market, but is built upon three pillars: globalized capacity, tech inclusivity, and infrastructure ecosystem. The Q4 peak season performance will be the key window to test whether this logic can fulfill the annual goals.

Pada 1 Oktober, BYD melancarkan laporan pengeluaran dan jualan pantas untuk September 2026. Data menunjukkan, pengumpulan jualan global syarikat pada Januari hingga September sebanyak 3,131,600 unit, menurun 3.94% tahun-ke-tahun, namun jualan tunggal bulan September bangkit dengan kuat ke 463,600 unit, meningkat 16.98% tahun-ke-tahun, meningkat kira-kira 11% bulan-ke-bulan, menunjukkan keadaan "awal rendah akhir tinggi, pemulihan bulanan". Pasaran luar negara menjadi enjin penambahan terbesar, jualan luar negara kenderaan penumpang dan pikap pada September mencapai 179,900 unit, meningkat 153.9% tahun-ke-tahun, nisbah jualan luar negara mencapai 38.8%. Dalam persaingan industri yang semakin ketara dan jualan eceran keseluruhan kenderaan penumpang domestik menurun 20.8% tahun-ke-tahun, keputusan ini menunjukkan perubahan struktur "luar negara memimpin, kelas atas naik, cas pantas lonjakan".

Struktur Jenama: Keperluan jenama premium melebihi 12%, Fang Cheng Bao terus berdiri di tangga 40,000 selama dua bulan berturut-turut

Dari segi jenama, gabungan Jaringan Dinasti dan Jaringan Lautan pada September menjual 394,900 unit, meningkat 11.01% tahun-ke-tahun, terus担当 pangkalan jualan. Dari segi jenama premium, Fang Cheng Bao menjual 43,200 unit pada September, meningkat 79.02% tahun-ke-tahun; Denza menjual 18,200 unit, meningkat 46.68% tahun-ke-tahun; Yangwang menjual 389 unit, mencapai 13.32% daripada kumpulan syarikat.

Dari data terkumpul, pengumpulan jualan tiga jenama Fang Cheng Bao, Denza dan Yangwang pada Januari hingga September 2026 sebanyak 408,400 unit, meningkat 56.3% tahun-ke-tahun, nisbah kepada jualan kumpulan keseluruhan meningkat kepada 13.04%, strategi premiumisasi terus diperdalam. Prestasi Fang Cheng Bao sangat menonjol, pengumpulan serahan pada Januari hingga September sebanyak 285,400 unit, Julai, Ogos, September stabil berdiri di tangga 40,000, secara rasmi memasuki "kelompok jualan bulanan 40,000".

Makna premiumisasi bukan hanya pada angka jualan, tetapi pada pembinaan semula pengiktirafan jenama. Apabila nisbah gabungan tiga jenama premium meningkat daripada kira-kira 9% pada tempoh yang sama 2025 kepada 13.04%, BYD sedang membuktikan dirinya bukan sahaja mampu mencapai kos efektiviti tertinggi di pasaran utama 100,000 sehingga 200,000 Yuan, tetapi juga mampu membina hak definisi produk dan kemampuan premium jenama pada jalur harga di atas 200,000 Yuan.

Pasaran Luar Negara: Dari "Enjin Tambahan" kepada "Setengah Pasaran"

Letupan pasaran luar negara adalah perubahan struktur paling ketara pada 2026 BYD. Januari hingga September, pengumpulan jualan luar negara kenderaan penumpang dan pikap sebanyak 1,337,800 unit, meningkat 90.7% tahun-ke-tahun, keseluruhannya, nisbah jualan luar negara sudah melebihi 40%. Data lebih awal menunjukkan, pendapatan operasi BYD luar negara pada separuh pertama 2026 mencapai 181.3 bilion Yuan, 52.57% daripada jumlah pendapatan operasi, untuk pertama kalinya melebihi pendapatan domestik - ini adalah titik penting yang menandakan, BYD tidak lagi hanya sebuah syarikat automotif China, tetapi sebuah syarikat automotif global.

Kepentingan strategik pasaran luar negara tercermin dalam tiga lapisan. Pertama, penyesuaian struktur keuntungan. Purata harga setiap kenderaan luar negara kira-kira 190,000 Yuan, hampir 50% lebih tinggi daripada domestik, terus membawa kepada pengubahan tahap marjin kasar keseluruhan. Pada separuh pertama 2026, marjin kasar perniagaan automotif BYD 22.33%. Kedua, peralihan enjin pertumbuhan. Dalam persekitaran perang harga domestik yang berterusan dan jumlah eceran industri mengecut, pasaran luar negara menyediakan ruang tambahan yang bebas daripada persaingan domestik. Citi memberikan harga sasaran saham BYD HKD 142, kenaikan berpotensi kira-kira 71%, pasaran modal memberikan pengiktirafan jelas kepada logik globalisasi. Ketiga, pendalaman operasi tempatan. Kilang Thailand, Uzbekistan, Brazil sudah siap dibina dan beroperasi, kilang Hungary akan beroperasi, kapasiti tahunan kilang Brazil kira-kira 250,000 unit. Kenderaan baharu BYD sudah masuk ke 121 negara dan wilayah di seluruh dunia, 8 kapal Roll-on/Roll-off sendiri telah beroperasi, strategi luar negara semakin beralih dari "ekspor produk" kepada "pengeluaran tempatan".

Pandangan Setahun: Sasaran 5 juta unit sukar dicapai, setara dengan 4.6 juta pada 2025 ada harapan, strategi cas pantas membina pagar sistemik

Berdasarkan pengumpulan jualan 3.13 juta Januari hingga September, BYD perlu mencapai kira-kira 1.5 juta unit pada suku keempat untuk setara dengan 2025, sepadan purata bulanan suku keempat kira-kira 500,000 unit. Mengikut pertimbangan suku keempat merupakan musim puncak tradisional, dan irama serahan model cas pantas terus bertambah laju, sasaran ini mempunyai asas untuk dicapai. Dianggarkan 2026 kira-kira 1.9 juta unit, pertumbuhan dijangkakan 90%, jualan domestik kira-kira 2.7 juta unit, menurun kira-kira 24% tahun-ke-tahun, pertumbuhan disumbangkan oleh ke luar negara.

Menyokong jangkaan ini, adalah susun atur sistemik BYD di peringkat produk, teknologi dan infrastruktur.

Pelancaran produk baharu yang padat. Kereta flagship Jaringan Dinasti "BYD Han" secara rasmi dilancarkan pada 13 Oktober, harga pra-pelancaran 249,900-299,900 Yuan, versi elektrik penuh jarak CLTC tertinggi mencapai 1008km, dilengkapi suspension udara DiSus-A double chamber, memposisikan sebagai produk penting untuk terobosan kelas atas jenama. Siri Fang Cheng S pertama kali dilancarkan BYD Smart Ecological 2.0, dilancarkan pada 16 September, membuka pasaran premium personal dengan konsep kabin "boleh menyesuaikan, boleh berkembang, boleh berkembang". Dari segi Jaringan Lautan, Sea Lion 08 pertama kali dilihat pada Pameran Automotif Chengdu, Song Ultra EV keseluruhan siri dilancarkan dengan Bateri Pisau Generasi Kedua dan teknologi cas pantas. Generasi Kedua Seagull (Seagull General) saiz semakin panjang, kuasa motor meningkat daripada 55kW kepada 95kW, dijangka dilancarkan sebelum hujung tahun, berpotensi membawa keupayaan cas pantas dan pandu automatik ke pasaran tahap 70,000 Yuan lebih jauh.

Strategi cas pantas dipercepat. Sehingga 24 September, BYD telah membina kumulatif 11,586 stesen cas pantas, meliputi 341 bandar di seluruh negara dan 278 lebuh raya, rangkaian utama lebuh raya "11 Menegak 11 Melintang" cas pantas hampir lengkap. Stesen cas pantas lebuh raya ke-2000 sudah dibina di Pusat Servis Baoying Lebuh Raya Beijing-Shanghai pada September, sasaran pembinaan stesen lebuh raya tahunan selesai lebih awal. Syarikat merancang pada hujung 2026 siap membina 20,000 stesen cas pantas di seluruh negara, secara stabil memajukan pelan globalisasi 6,000 stesen cas pantas di luar negara. Pengalaman pengisian tenaga "5 minit cukup, 9 minit penuh, -30℃ hanya tambah 3 minit", sedang mengubah kecekapan pengecasan daripada kesakitan pengguna kepada kelebihan sistemik BYD.

Demokratisasi teknologi terus diperdalam. Sky-Eye 5.0 pada asas hujung ke hujung tertutup penuh dimasukkan keupayaan pembelajaran penguatan, model seperti Song Ultra EV sudah dilengkapi, memberikan pengalaman pandu automatik tinggi pada harga 150,000 Yuan. Bateri Pisau Generasi Kedua lulus ujian hentakan dasar 10 kali piawaian negara baharu dan pengesahan penyebaran haba 4 kali piawaian negara baharu, sel bateri memberi jaminan seumur hidup, pada tahap keselamatan dan hayat lagi menarik tinggi ambang teknologi. Dari pandu automatik merata ke cas pantas turun, BYD sedang memasukkan teknologi terbaharu ke produk jalur harga utama secara berskala, membentuk kitaran positif "kepemimpinan teknologi - kos berskala - harga merata - jualan memulihara".

Dari "Domestik Utama" kepada "Dua Roda Global", dari "Label Kos Efektif" kepada "Realisasi Premiumisasi", dari "Persaingan Produk" kepada "Pagar Ekosistem Cas Pantas", perubahan struktur jualan BYD tiga suku pertama 2026, mendedahkan transformasi mendalam yang sedang dialami oleh sebuah syarikat automotif selepas pencapaian puncak skala. Apabila pendapatan operasi luar negara pertama kali melebihi domestik, nisbah jenama premium melebihi 12.8%, rangkaian cas pantas dibina lebih 10,000 buah dari sifar, logik pertumbuhan BYD sudah tidak lagi bergantung pada persaingan harga pasaran tunggal, tetapi dibina di atas tiga tiang产能 globalisasi, demokratisasi teknologi dan ekosistem infrastruktur. Prestasi musim puncak suku keempat, akan menjadi tetingkap penting untuk menguji sama ada logik ini boleh realisasikan sasaran tahunan.