BYD (002594.SZ) Hot Stock Analysis: Record 4.6 Million Annual Sales, Institutional Research and Foreign Holdings Increase Spark Market Attention

BYD (002594.SZ) made it to the hot list on January 23, 2026, with a significant rise in market attention. This popularity is mainly due to the company’s recently disclosed 2025 full-year sales data and the intensive institutional research activities.

During institutional research, BYD disclosed that its 2025 vehicle sales reached

, a year-on-year increase of 7.73%, setting a new annual sales record for the second consecutive year and winning three championships in one go [1][2][3]:

Championship Category	Achievement
China Auto Market Automaker Sales Champion	Consecutive Winner
China Auto Market Brand Sales Champion	Four-time Consecutive Winner
Global NEV Market Sales Champion	Four-time Consecutive Winner

This achievement fully demonstrates BYD’s leading position in the domestic auto market and its absolute competitive advantage in the global new energy vehicle (NEV) sector. Winning the global NEV sales championship for four consecutive years further solidifies its position as an industry benchmark.

In 2025, BYD’s annual overseas sales exceeded

for the first time, with a year-on-year increase of [1][3]. This breakthrough growth marks the entry of the company’s internationalization strategy into a substantive harvest period; NEV bus sales increased by over 18% year-on-year, and BYD has won the annual NEV bus export championship for three consecutive years. The rapid expansion of overseas markets provides BYD with a new growth engine, reducing the risk of dependence on a single market.

Combined sales of the three high-end brands Denza, Yangwang, and Fangchengbao reached nearly

, with a year-on-year increase of [1][2]. This data indicates that BYD’s brand upgrading strategy has achieved a substantive breakthrough, and its brand premium capability has significantly improved. The success of high-end brands not only helps improve the company’s overall gross margin level but also sets a benchmark for the upward development of Chinese auto brands.

: Multiple institutions including Zhongou Fund (Fund Manager Yuan Weide, Researcher Jiang Weilong) and Changjiang Securities (Analyst Gao Yinan) conducted on-site research [1][3]. : JPMorgan Chase increased its long position ratio in BYD H-shares from 5.2% to [4]. The intensive institutional research and continuous increase in foreign holdings reflect professional investors’ recognition of BYD’s long-term development prospects.

During the research, BYD stated that the company has successfully delivered

, with applications spanning worldwide [5]. The rapid development of the energy storage business opens up new growth space for BYD and is expected to become another core business pillar for the company following NEVs.

Despite BYD’s record-high 2025 sales, its stock performance has been weak recently: a 3.15% decline in 5 days, a 4.55% YTD decline, and a 16.90% decline in 6 months [0]. This divergence between stock performance and strong fundamentals may reflect market concerns about the company’s profit margin pressure. The Q3 revenue was 9.35% below expectations [0] and the potential price war risk caused by intensified competition in the NEV market are the main factors affecting market sentiment.

The current P/E ratio is 22.26x (TTM), which is relatively high compared to traditional automakers, but considering the company’s leading position in the NEV sector and its sustained high-growth characteristics, this valuation is within a reasonable range [0]. The excellent ROE of 17.62% indicates the company’s strong profitability, but the current ratio of 0.87 and quick ratio of 0.56 are relatively low, suggesting that the company needs to pay attention to short-term solvency.

The market expects BYD’s 2026 sales target to be 5-5.5 million units (a year-on-year increase of 9%-20%) [7]. Combined with the industry outlook that China’s NEV sales are expected to reach 19 million units in 2026, a year-on-year increase of 15.2% [1][3], BYD is expected to maintain a steady growth momentum. Continuous breakthroughs in overseas markets and rapid growth in high-end brand sales will be the main drivers of the company’s future growth.

Risk Type	Specific Description	Risk Level
Valuation Risk	P/E ratio of 22.26x, relatively high compared to traditional automakers, requires high growth to support	Medium
Price War Risk	Intensified competition in the NEV market may compress profit margins	High
Liquidity Risk	Current ratio of 0.87 < 1, need to pay attention to short-term debt repayment pressure	Medium
Stock Price Risk	Currently near the 52-week low, facing technical pressure	Medium
Revenue Growth Risk	Q3 revenue was below expectations, need to pay attention to profit margin pressure	Medium

• Overseas Market Breakthrough
  : Overseas sales exceeded 1 million units for the first time, the internationalization logic is gradually being realized, providing the company with a new growth engine
• High-End Brand Growth
  : Sales of Denza, Yangwang, and Fangchengbao doubled, brand premium capability improved, expected to boost overall gross margin
• Energy Storage Business Layout
  : Delivered over 500 projects, covering more than 110 countries and regions, a new growth engine for the future
• Increased Institutional Attention
  : On-site research by leading institutions such as Zhongou Fund and Changjiang Securities, and JPMorgan Chase’s shareholding increase, reflecting recognition from professional investors

📉 Support Levels: ¥91.50 (52-week low, strong support) → ¥93.00 (psychological integer level)
📈 Resistance Levels: ¥96.86 (20-day moving average pressure) → ¥100 (psychological integer level) → ¥101.45 (recent high)

BYD became a hot stock mainly driven by the

; the company has won the global NEV sales championship for four consecutive years, achieved a breakthrough of 1 million units in overseas markets, and its high-end brand strategy has delivered remarkable results. The intensive institutional research activities and JPMorgan Chase’s shareholding increase have further boosted market attention.

Although the stock performance has been weak recently, the company’s fundamentals remain sound: sustained sales growth, overseas market breakthroughs, high-end brand momentum, and global layout of the energy storage business. The 2026 sales target is expected to be 5-5.5 million units, and the industry outlook remains positive. It is recommended that investors

, but need to be aware of short-term technical pressure and valuation risks; they may consider accumulating positions on dips near the support level (around ¥91.50), while monitoring changes in trading volume and subsequent performance forecasts.

:

• Current Price: ¥93.65, -0.50% on the day
• P/E Ratio: 22.26x (TTM)
• ROE: 17.62%
• Trading Volume: 38.33 million shares (higher than the daily average of 35.41 million shares)
• 52-Week Price Range: ¥91.50 - ¥138.70