Facing age-grade teams from European clubs like Barcelona, Atletico Madrid, and Espanyol, how far can a Chinese team with an average age of only 8 years go?

The answer given by the Chinese Football Youths 2018 team is winning all nine matches and taking the championship.

On September 12th to 13th, at the Spanish Brava Cup venue, the Chinese Football Youths broke through from 67 participating teams. Four consecutive wins in the group stage were just an appetizer; once the knockout stage began, the real challenges were just starting. In the semi-final against the Espanyol age-grade team, the young players completed a comeback while trailing by two goals; in the final against Messi's Cornellà age-grade team, the match was tied 2:2 after regular time, eventually securing the victory through a penalty shootout 5:4.

When the children held the trophy and celebrated with the national flag, the moment that Chinese football youths shone on the world stage had the most concrete imagery. The core player of the team, Han Chengjun, also known as "Little George", scored 17 goals in 9 matches and also won the tournament MVP and Golden Boot. Of course, this achievement is eye-catching, but what is more exciting than the goal numbers is the resilience of this team in adversity. Dare to push forward when behind, dare to handle key balls, dare to stand on the penalty spot for a penalty shootout victory, these match qualities are more precious than a single win or loss.

One year ago, at the same tournament, the Chinese Football Youths stopped at the quarter-finals; a year later, they stood on the highest podium. The change did not happen suddenly.

Since 2024, BYD has continuously supported football youths to go to Germany, Japan, Spain, Thailand, Italy, Brazil, etc. for exchange matches, totaling over 200 participations. Go to play against more mature youth training systems, experience high-intensity schedules, and also recognize gaps through wins and losses time and again.

From winning the Asian youth tournament in Thailand, to lifting the cup in Italy, to this time winning all nine matches in Spain, the overseas journey of the Chinese Football Youths is beginning to show a clearer growth trajectory. Players such as Li Haoyan, Liu Kaiyuan, and Lv Mengyang have already signed with Spanish professional club age-grade teams, which also indicates that these cross-border exchanges are leaving longer-term value.

Building cars requires long-term R&D, and youth training has no quick answer. BYD supports these children; the significance is not only in accompanying them to win so many trophies, but more importantly in still willing to provide opportunities to go out and compete when results have not yet appeared and attention has not yet arrived.

This Brava Cup belongs to the little players who dare to fight and strive, and also to every training session that persisted even when no one cheered. The future of Chinese football is far away, but these children have already taken a step forward.

On September 12–13, 2026, the Chinese Youth Football 2018 Team, fully supported by BYD, won the championship at the 2026 Spain Brava Cup with a perfect record of nine wins in nine matches. This team, with an average age of only 8 years, stood out among 67 youth training powerhouses from around the world, ultimately defeating Messi's Cornellà youth team via penalty shootout 5:4, standing on the highest podium of European youth football competitions, with BYD escorting the victory.

The Brava Cup this year gathered top lineups, with youth teams from multiple European top-tier professional clubs such as Barcelona, Atletico Madrid, and Espanyol participating, with the overall competitive level of the tournament ranking at the forefront among international events for the same age group. The Chinese Youth Football 2018 Team delivered a record of four consecutive wins in the group stage and two come-from-behind victories in the knockout stage at this tournament, facing the Espanyol youth team that had previously knocked out the Barcelona youth squad in the semi-finals, after falling two goals behind, they completed a thrilling comeback to win. The final ended 2:2 after regular time. The young players held their nerve and scored all their penalties in the shootout, ultimately defeating the opponent 5:4 to win the championship. Team core player Han Chengjun (George) scored 17 goals in all 9 matches, sweeping both the Golden Boot and MVP honors of this tournament.

This is the Chinese Youth Football team winning the championship again in a top European youth tournament within the past two years, following victories in Thailand's 'Asian Youth Champion Cup' and Italy's 'Mini World Cup'. From the Asian arena to European pitches, BYD has always been a backing force accompanying them throughout. From the early stages of the project, resources were continuously invested to support players traveling overseas for matches and training, helping the youngsters accumulate practical experience on the international stage, breaking external prejudices against Chinese youth football, and finally raising the Five-Star Red Flag on the podium of European competitions.

BYD's long-term investment in Chinese youth football development is in line with its own development philosophy in the new energy vehicle sector. Since 2024, BYD has continuously supported football youngsters traveling to countries such as Germany, Japan, Spain, Thailand, Italy, and Brazil, accumulating over 200 instances of exchange and competition with top local club youth teams, not seeking short-term exposure, but directly deploying resources into actual links such as overseas training, event organization, and player growth. As a relevant executive of BYD Group expressed publicly: Short-term is just the hustle; long-term adherence is true passion. Last year, this team first competed in the Brava Cup and reached the quarter-finals. After a year of systematic accumulation, they successfully topped the podium this year, the result behind which is precisely what long-termism brings. BYD itself has cultivated the new energy field for over twenty years, with cumulative R&D investment exceeding 270 billion yuan, relying on an end-to-end self-developed technology system to step-by-step open up the global market, also proving the development logic that patience and hard work will ultimately harvest glory.

To date, BYD new energy vehicle products have taken the local market sales champion in over 120 countries and regions including Spain, Italy, and Thailand, completing a global layout from product output to ecosystem establishment with hardcore technical strength. Relying on its own 'champion footprint' in the global market, BYD has also built a broader international exchange network for the Chinese Youth Football: Previously, young players were organized to visit top European clubs such as Inter Milan and Manchester City, attend Serie A and international top-tier event venues personally, and exchange face-to-face with first-team professional players. With BYD's continuous support, 3 players in the project, Li Haoyan, Liu Kaiyuan, and Lu Mengyang, have successfully signed contracts with La Liga professional youth teams, officially embarking on the growth path of European professional football.

In the future, BYD will continue to deeply integrate its own global resources with the development of Chinese youth football, on one hand, continuing to promote links with international top football IPs, on the other hand, feeding global football resources back into the domestic youth training system, accompanying more Chinese football youngsters to leave their own champion marks on world stages, and jointly expanding the champion map belonging to Chinese brands and Chinese football youngsters around the globe.

On September 2, Charlotte Economic Club, North Carolina, USA.

Sitting in the audience were all people from the US industry.

US Treasury Secretary Bessent stood on stage and suddenly posed a question:

"Have any of you in the room seen BYD cars?"

Then he gave the answer himself:

"This is the best car in the $70,000 class that you can get for $35,000."

The whole venue went silent.

This quote later flooded Chinese social media. Netizens' first reaction was amusement: US Treasury Secretary personally advertising for a Chinese car company?

But don't get happy too quickly. After Bessent praised it, he immediately added a sting. He said BYD is "heavily subsidized," claiming China uses industrial subsidies to distort global competition.

Praise first, then step on.

This tactic is played very smoothly.

The question is, this step he took was completely exposed with data.

A report from the US Rhodium Group calculated this year: BYD's per-vehicle cost advantage over Tesla is about $4,700.

Out of these $4,700, how much comes from direct government subsidies?

$292.

Less than 5%.

Then where was the rest of the money saved from?

Vertical integration. BYD manufactures its own parts; this alone saves about $2,369. Plus lower operating costs and economies of scale.

That is to say, that "$70,000 experience" is not built by someone dumping money. It relies on manufacturing batteries, motors, and control systems in-house, relying on generations of iteration, and squeezing out cost cent by cent through mass production.

This is truly what makes Bessent uncomfortable.

If BYD was just "cheap," he wouldn't mention it at all. Cheap goods do not constitute a threat.

The real pain point is: spend $35,000, get something worth $70,000.

This is not a price war, it is a value war.

You can block it behind your borders with tariffs, but you can't explain to consumers why, for the same money, others give more.

Data does not lie.

In August, BYD sold 189,000 vehicles overseas, up 134.6% year-on-year, setting a record for the fifth consecutive month. From January to August, cumulative sales reached 1.158 million vehicles, surpassing last year's full year of 1.0496 million vehicles.

Overseas sales account for 43.4% of total deliveries. For every 10 cars sold, more than 4 are handed over to overseas users.

In the first half of this year, BYD's overseas revenue was 181.268 billion yuan, accounting for 52.6% of total revenue.

A Chinese car company, for the first time, earned more than half of its money from abroad.

Moreover, overseas car sales gross margins are nearly 2 percentage points higher than domestic.

It is not low-price volume chasing, but actually making money.

UK sales for the first four months were 26,396 vehicles, an increase of 124%. Latin America growth was 142.8%, and Brazil became the largest overseas market. Thailand, Singapore, Italy, Spain, Saudi Arabia, UAE, South Africa, one after another topping local new energy sales charts.

The factory in Szeged, Hungary, will start production in Q4 of this year.

There is another interesting detail.

Bessent is not the first US official stimulated by BYD.

In April this year, US Commerce Secretary Lutnick was asked if he would allow BYD to build a joint venture factory in the US. He replied with only one word: "No."

Late in April, 74 House Democrats sent a joint letter to the White House, the wording was almost begging: "We must absolutely not hand over the US auto industry to a strategic competitor determined to dominate the world."

In May, another legislator proposed a bill that not only bans Chinese connected car imports, but also plugs loopholes allowing Canadian and Mexican residents to drive temporarily into the country.

From ministers to legislators, from executive orders to legislative proposals, almost every gear of the US political machine is spinning at high speed around "how to block Chinese cars."

The more anxious they are, the more it indicates one thing:

They are scared.

Afraid of what?

It's not that they are afraid of cheap prices. They are afraid that the brand premium game played for decades suddenly stopped working.

In the past, whether a car was worth this price was decided by brand history, by the badge, by circle consensus. A large chunk of the money consumers spent was buying that badge.

What BYD did was to overturn this pricing logic: it doesn't see who you are, it sees what you provide.

Three-electric system independent and controllable, 10,000 fast charging stations built covering 332 cities, charging time only increases by 3 minutes at minus 30 degrees.

These things are hard assets. Whether you like this brand or not, it is right there.

So the dilemma Americans now face is: you can prevent BYD from entering, but you cannot let domestic consumers not know that there is a car outside that spends half the money for double the experience.

Bessent's words were originally meant to say "they rely on subsidies."

As a result, after speaking, everyone remembers only the first half.

$35,000, $70,000 experience.

This is probably the most expensive slip of the tongue.

In the end, the best certification often comes from the person who most wants to deny you.

He is not praising you, he is stating a fact that gives him a headache.

And this fact is a vote cast by tens of millions of overseas users with real money.

Win world recognition with product power—This phrase sounds like a slogan, but in today's context, it is just plain speak:

You are good enough, even your opponent cannot hide it.

What do you think?

August 25, BYD served as the full-travel partner for the "2026 Silk Road 10,000 Li Journey · Path of Enlightenment", which concluded in Singapore. The fleet departed from Xi'an on July 24, spanning 33 days, crossing six provinces in China, traversing Thailand and Malaysia, and finally arriving in Singapore.

Ya Li feels that what is most thought-provoking about this conclusion is not how far the fleet traveled, but where it stopped — Singapore. As one of the markets with the highest cost of car ownership globally, the threshold for buying a car is absurdly high, and consumers choose cars more skillfully than anyone. Yet precisely here, BYD has been the sales champion across all passenger car brands for 19 consecutive months as of July 2026. From January to July, the market share reached 24.7%, with the pure electric market share surging to 40.3%. Other cars rely on price cuts for overseas expansion, but BYD sells for more in Singapore than in China and still ranks first — being able to pull off this "high-end game" and gain full prestige relies truly not on luck.

The 33-day 10,000 Li field test also speaks for BYD. Flash charging technology achieves "5 minutes to charge, 9 minutes to full charge". Relying on the network layout of nearly 10,000 flash charging stations nationwide, it completely bids farewell to anxiety about energy replenishment on long-distance EV trips. The Heavenly Eye driver assistance system relies on more than 220 million kilometers of actual driving data daily for continuous iteration, alleviating fatigue on long-distance driving.

At the conclusion ceremony, the four major Silk Road artifacts — Bozhou fragrant medicine, Jingdezhen porcelain, Hangzhou AI Silk, and Wuyi Rock Tea — made their first overseas collective appearance. These products circulated along the Silk Road a thousand years ago; today they are replaced by new energy vehicles and intelligent technology — from "goods exchange" to "co-construction of technology, industry, and ecology", the path of going overseas has completely changed. Singaporean Chinese representative Fu Huode said well: "Xi'an is the starting point, Singapore is the intersection point, and blending is the eternal endpoint."

In January to July 2026, BYD's overseas cumulative sales exceeded 970,000 units, with year-on-year growth of about 76%. From Xi'an to Singapore, this 10,000 Li journey concluded, but BYD's rhythm of "random refresh" on the global map clearly has only just begun.

On August 25, the "2026 Silk Road 10,000-Li Journey · Road of Enlightenment", with BYD serving as the mobility partner for the entire journey, officially concluded in Singapore.

This event was packed with highlights. The Silk Road 10,000-Li Journey departed from Xi'an on July 24. Led by a new energy vehicle fleet composed of BYD's Dynasty, Ocean, Denza, Fang Cheng Bao, and YangWang, five lines and four brands, it traversed six provinces within the country, then crossed the sea to Thailand and Malaysia, finally arriving in Singapore. The entire journey lasted 33 days and covered over 10,000 kilometers, placing high demands on the adaptability of BYD's new energy vehicles to various regional climates and road conditions.

Traveling along the Silk Road accompanied by green energy, the BYD fleet completed driving in various scenarios including highways, mountain roads, and urban congested sections. It withstood the test of the 10,000-Li Journey thanks to two core technologies: Flash Charging and the Heavenly Eye Assist Driving System. Especially the Flash Charging technology, room temperature 5 minutes to charge effectively (10%-70%), 9 minutes to fully charge (97%), extreme cold from 20%-97% takes only 3 minutes extra. It can accommodate most driving scenarios and also improves the efficiency of the Silk Road fleet's journey.

It is worth mentioning that as of now, the number of BYD Flash Charging stations built is nearly 10,000 (by August 28, BYD had built 10,000 Flash Charging stations). It is planned that by the end of 2026, 20,000 Flash Charging stations will be built nationwide, making energy replenishment more convenient.

The conclusion of this Silk Road 10,000-Li Journey event in Singapore also reflects BYD's "clever moves". Singapore has strict access standards and a high-end consumer market, known as the pressure test field for cars from various countries. As of July 2026, BYD has become the top-selling passenger car brand in Singapore for 19 consecutive months. Moreover, in many overseas countries, BYD is also regarded as a high-end brand. Choosing Singapore as the destination also helps BYD expand its influence there.

In the context of the gradually saturating domestic market, going overseas has become a path that Chinese cars must take. BYD's performance in Singapore can directly prove its reliability and provides richer experience for its future push into the global market. Coupled with the popularity of this Silk Road 10,000-Li Journey event, it is believed that BYD will be more popular in the ASEAN market.

On August 25, the highly anticipated "2026 Silk Road 10,000-Li Journey · Enlightenment Path" event concluded successfully in beautiful Singapore, putting a wonderful finale to this transnational journey spanning mountains and seas. BYD served as the exclusive travel partner for the entire event, escorting the entire Silk Road journey with its hardcore green energy strength. Green energy accompanied the Silk Road long journey. At the closing ceremony site, Li Yunfei, General Manager of the Brand and Public Relations Department of BYD Group, and Zhang Lianye, Party Committee Secretary, Chairman, and Station Director of Shaanxi Broadcasting Media Group (TV), jointly announced that this transnational Silk Road trip had concluded successfully and ended with honors.

This was a romantic expedition to mountains and seas, and an era-forward march dedicated to the Silk Road! A 33-day journey of galloping, the Silk Road车队 traveled over 10,000 kilometers. Setting off proudly from the start of the Silk Road, it spanned across six major provinces domestically, passed through Southeast Asian countries such as Thailand and Malaysia, and finally landed smoothly in Singapore, a key maritime Silk Road hub city. It witnessed the blending beauty of the Land and Maritime Silk Roads along the way, writing new stories of green travel for the Silk Road in the new era.

2026 is a year of extraordinary significance, coinciding with the fifth anniversary of the establishment of the China-ASEAN Comprehensive Strategic Partnership. Based on this important era node, this event, with the vivid theme of "Technology Innovating Towards New · Civilization Converging Towards Heart", cleverly connected two key coordinates: the ancient land Silk Road starting point in Xi'an and the core maritime Silk Road hub in Singapore. It deeply integrated three core kernels: cultural exchange, technological dialogue, and trade interconnection, vividly interpreting the new development pattern of land-sea linkage and mutual empowerment in the Belt and Road Initiative. The scene was star-studded, with elites from all sectors at home and abroad, representatives of overseas Chinese, and peers from mainstream media gathering in the Lion City, jointly witnessing the new vitality of the land-sea Silk Road in the new era, and listening to the new echoes of mutual learning between civilizations.

The closing ceremony gala was full of wonderful activities. Cai Shandi, Cultural Counselor of the Chinese Embassy in Singapore, and Wang Gang, Chairman of Singapore Shaanxi Association, took the stage successively to speak, endorsing this Silk Road event and sending best wishes for China-Singapore cultural and trade exchanges and green industry cooperation.

The long Silk Road journey was a comprehensive and rigorous test of vehicle performance, range capability, and intelligent driving. BYD presented a perfect score with its full matrix of new energy products! The exclusive fleet for this event gathered the five product matrices of BYD Dynasty, Ocean, Denza, Fang Cheng Bao, and Yangwang, and four high-end brands, fully covering various travel scenarios. From smooth highway sections, winding mountain roads to congested urban blocks, the complex and changeable road conditions increased layer by layer, fully testing the comprehensive hard strength of the vehicles.

After tempering in a 10,000-kilometer real-world journey, BYD's two core black technologies emerged from the crowd, firmly standing out! The self-developed Flash Charge Technology achieved super-strong performance of "5 minutes efficient energy replenishment, 9 minutes full power range", matching with a perfect energy replenishment network built by nearly 10,000 Flash Charge stations across the country, completely solving the anxiety of energy replenishment for long-distance travel, making cross-city and cross-country long-distance travel easy and worry-free. At the same time, the "Heavenly Eye" high-level assisted driving system continuously iterated and optimized with huge real driving data of over 220 million kilometers per day, smartly escorting every journey, greatly relieving the fatigue of long-distance driving, ensuring the fleet galloped smoothly and arrived at the Nanyang shore safely throughout the journey. From the ancient scene of camel team rest stations replenishing supplies on the ancient Silk Road, to the modern transnational expedition empowered by new energy technology, the upgrade of Silk Road travel fully displays the hard strength and era responsibility of Chinese technology.

Deeply cultivating the Singapore market, BYD, relying on outstanding product power and high quality reputation, continues to lead the local new energy market! Data witnesses strength. As of July 2026, BYD has achieved the excellent result of 19 consecutive months ranking first in sales across all passenger car brands in Singapore. From January to July 2026, BYD's passenger car market share in the local area broke through 24.7% strongly, where the pure electric vehicle market share reached as high as 40.3%, stably occupying the head position of the industry. Nowadays, walking on the streets of Singapore, whether on main urban roads, core business districts, or popular shopping centers, BYD new energy vehicles are everywhere, brand awareness and national recognition are rising continuously, and deeply rooted in the local market.

As is well known, Singapore is one of the markets with extremely high car purchase costs globally. Strict purchase thresholds make local consumers especially cautious and quality-focused when choosing a car. Even in such a high-standard, high-demand market environment, BYD models still continue to sell well and stay at the forefront despite a not-low sales price, relying on high-end quality, intelligent experience, and hard strength, fully verifying strong product competitiveness, and giving local dealers full confidence to deeply cultivate the Singapore market in the long term. Currently, BYD has laid out 16 high-quality retail touchpoints in Singapore, with multiple stores forcefully entering core urban shopping centers. With the continuous climb of brand influence and market recognition, local dealers continue to add resources to terminal construction, comprehensively upgrading store site selection, space specifications, brand display, service systems, etc., to create a high-standard brand service experience.

Not only deeply cultivating the Southeast Asian market, in 2026 BYD's overseas business accelerated comprehensively, unstoppable, opening a new journey of global high-speed growth! Latest data shows that from January to July this year, BYD's overseas cumulative sales exceeded 970,000 units, surging 76% year-on-year; only the single month of July overseas sales reached 179,800 units, a year-on-year increase of up to 124.3%, with a very rapid growth momentum. So far, BYD's new energy vehicle footprint has covered more than 120 countries and regions globally, letting Chinese Smart Manufacturing and Chinese Green Energy go to the world.

Good news arrives frequently in markets around the world, highlighting BYD's globalization hard strength! In the first half of 2026, BYD took the championship throne of new energy vehicle sales in Thailand and Singapore at once; it successfully topped the new energy vehicle sales list in two European markets, Italy and Spain; UK market sales exceeded 38,000 units; Brazil market sales approached 100,000 units, continuing to stably rank first in local new energy vehicle sales. In addition, in multiple countries such as Saudi Arabia, UAE, and South Africa, BYD also stays at the first place of local new energy vehicle sales, and the global market map continues to expand.

A Silk Road 10,000-Li journey, a technology dream-chasing road! This "Silk Road 10,000-Li Journey" event innovatively deeply integrated the exploration of millennia-old Silk Road culture with new energy transnational travel, intuitively displaying the latest achievements of Chinese brands assisting green traffic upgrades and low-carbon industry development in countries along the Belt and Road Initiative. In the future, BYD will continue to use new energy vehicles as the core carrier, continuously output high-quality products, intelligent manufacturing technology, and perfect service systems, deeply participate in the collaborative development of the global automotive industry, help the global traffic green and low-carbon transformation, and continue to bloom the brilliance of Chinese brands on the world stage!

On the evening of August 28, BYD released its performance report for the first half of 2026. Against the backdrop of price wars in the automotive industry where profits of many car companies were being "squeezed thin", this financial report sends a somewhat different signal: Operating revenue 344.8 billion yuan, net profit attributable to owners 12.3 billion yuan, R&D investment 28.9 billion yuan, cash reserves 167.4 billion yuan.

A more noteworthy set of data is: Net profit in the second quarter grew by 30% year-on-year, gross margin rose to 18.9%, hitting a new high in nearly a year. In other words, in the first half of the year when the industry was generally under pressure, BYD's ability to make money became stronger. Where does the confidence of this "growth against the trend" come from?

Overseas sales surged by 68%, high-end model proportion rose to 12.6%

Let's look at the change in growth structure. In the past, when mentioning BYD, many people thought of "volume". But from this semi-annual report, overseas markets and high-end brands are becoming increasingly important growth engines. In the first half of the year, BYD's overseas sales reached 790,000 units, a 68% year-on-year increase, with business covering over 120 countries and regions. In core markets such as the UK, Brazil, and Thailand, BYD took the sales champion of new energy vehicle brands. With the continuous release of overseas local production capacity and the gradual improvement of the channel system, the overseas sector has changed from "icing on the cake" to "solid pulling power". Meanwhile, high-end strategy is accelerating. The three brands Fangchengbao, Denza, and Yangwang combined sales of 228,000 units in the first half of the year, a 61% year-on-year increase, with the proportion of total sales rising to 12.6%. Among them, Fangchengbao sales reached 160,000 units, a 163% year-on-year increase; Denza's single-month sales in June exceeded 20,000 units for the first time, with an average product price of about 360,000 yuan; Yangwang became the brand with the fastest sales exceeding 10,000 units among domestic new energy million-level luxury cars. On one hand, the overseas market opens up space, on the other hand, high-end products raise the unit price. These two lines jointly promoted the optimization of BYD's product structure, and was directly reflected in the gross margin—the 18.9% gross margin in the second quarter is a quantitative embodiment of this trend.

There is another detail worth noting in the financial report: The growth rate of net profit in the first half of the year was relatively moderate, mainly because exchange rate fluctuations resulted in exchange losses. If this factor is excluded, the profitability of the main business remains stable, and the resilience of the operating foundation has not been shaken.

28.9 billion yuan in R&D investment, more than double the net profit

More "generous" than profits is BYD's spending power on R&D. In the first half of the year, BYD's R&D investment was 28.9 billion yuan, more than double the net profit for the same period, continuing to hold the title of "King of R&D" on the A-share market. Cumulative R&D investment has broken through 270 billion yuan. What did such high investment bring about? In March this year, BYD released the second-generation Blade Battery and flash charging technology, setting a record for the fastest charging speed in global mass production, solving the two major problems of "slow charging" and "difficult charging in low temperatures", and obtained the recognition of the Ministry of Industry and Information Technology. Technology landing is also accelerating: Relying on the "Flash Charge China" strategy, 10,000 flash charging stations have been built nationwide, covering 332 cities, and it is planned to deploy 6,000 flash charging stations overseas within a year.

In terms of intelligence, BYD took the lead in May to promise to underwrite urban navigation safety, plus previously underwriting intelligent parking safety, becoming the world's only "double underwriting" enterprise. As of July 31, the volume of BYD assisted driving models exceeded 3.52 million units, with "God's Eyes" generating over 220 million km of data daily. The released Xuanji A3 chip released during the same period is China's first self-developed 4nm process smart driving chip—from underlying chips to system software, BYD's "vertical integration" in the smart driving field is becoming visible product power.

Taxed 22.3 billion yuan, carbon emission reduction 23.17 million tons, another side behind the financial report

Beyond financial data, this semi-annual report also disclosed two numbers that are easily overlooked.

One is taxation. BYD's domestic tax total in the first half of the year was 22.3 billion yuan, far exceeding the net profit for the same period. This comparison placed in the current environment is heavy.

Another is carbon reduction. From January to June, BYD new energy vehicles lifecycle carbon emission reduction reached 23.17 million tons, equivalent to planting 386 million trees. Under the goal of "achieving carbon neutrality throughout the value chain by 2045", ESG performance remains firmly in the first echelon of domestic enterprises.

Panda Review: A sample of "structural upgrade" to traverse the cycle

In the first half of 2026, what is truly worth attention in this semi-annual report is not the rise or fall of a single item data, but the systematic improvement of growth quality. When the industry enters the stage of "good enough" from "whether available", the way of simply competing on sales and scale is becoming increasingly difficult. BYD's response idea is very clear: Use R&D investment to exchange for technical barriers, use technical barriers to support high-end strategy, use high-end strategy to improve profit structure, and then use overseas markets to open up incremental space. This is a chain of linked paths, rather than short-term prosperity supported by a certain hit model. The significance of the gross margin setting a new high in nearly a year also lies here—it indicates that BYD's improvement in profitability is not an accidental "quarterly fluctuation", but a trend change brought by structural optimization. In the current global automotive industry accelerating reconstruction, BYD provides a realistic sample of "traversing the cycle": When others consume profits in price wars, it chooses to invest profits in farther places. This may be the signal worth reading out in the semi-annual report most.

On August 25, the closing ceremony of the 2026 Silk Road 10,000-Kilometer Expedition · Enlightenment Road was held in Singapore, marking the official conclusion of this cross-border journey. BYD, as the full-time travel partner for this event, successfully completed the escort work. At the closing ceremony site, Li Yunfei, General Manager of Brand and PR at BYD Group, and Zhang Lianye, Party Secretary, Chairman, and Station Director of Shaanxi Broadcasting and Television Media Group (Station), jointly announced the completion of the entire itinerary.

The entire journey lasted 33 days. The convoy departed from Xi'an, the starting point of the land Silk Road, crossing six provinces domestically, then traveling abroad through Thailand and Malaysia, finally arriving at Singapore, the hub of the maritime Silk Road, covering over 10,000 kilometers. 2026 marks the 5th anniversary of the establishment of the China-ASEAN Comprehensive Strategic Partnership. This event took "Technology for Innovation · Civilization for Connection" as its theme, combining cultural exchange, on-site technology verification, and trade dialogue. Guests from home and abroad, overseas Chinese representatives, and media attended together to witness the modern linkage development of the land and maritime Silk Roads. At the closing site, Cai Shandi, Cultural Attaché of the Chinese Embassy in Singapore, and Wang Gang, President of the Shaanxi Society in Singapore, also delivered speeches.

Green energy accompanies the Silk Road journey. The convoy participating in this expedition gathered models from BYD Dynasty, Ocean, Denza, Fang Cheng Bao, and Yangwang five networks and four brands, undergoing real-world tests on highways, mountain curves, and city congestion. Long-distance cross-border travel faces two major realistic challenges: energy replenishment efficiency and driving safety. BYD Flash Charging technology and the God's Eye assisted driving system underwent on-site trials on this 10,000-kilometer journey. The Flash Charging capability of "Charge well in 5 minutes, charge full in 9 minutes", combined with the network foundation of nearly 10,000 flash charging stations domestically, effectively alleviates recharging anxiety during long-distance driving. The God's Eye intelligent driving system relies on real driving data exceeding 220 million kilometers daily to iterate continuously, effectively reducing fatigue from long-distance driving and ensuring the convoy arrives safely in Southeast Asia. Thousands of years ago, the ancient Silk Road relied on relay stations for camel team supplies; now, new energy technology has completed cross-regional expeditions in a new era.

Singapore itself belongs to a market with high global car purchasing costs and high ownership thresholds; local consumers are generally rational and prudent in car selection. However, BYD has already established a foothold locally. As of July 2026, the brand has ranked first in overall passenger car sales among all brands in Singapore for 19 consecutive months. From January to July 2026, BYD's overall passenger car market share in Singapore reached 24.7%, with the BEV segment market share reaching 40.3%. Even though the models are not priced cheaply locally, they have still gained market recognition and strengthened the confidence of local dealers. Currently, BYD has arranged 16 retail touchpoints in Singapore; many stores are directly located in core business district shopping malls, offline channel specifications are continuously upgrading, and BYD vehicles can be seen everywhere in street business districts.

Green energy accompanies the Silk Road journey. This 10,000-kilometer expedition is also a microcosm of BYD's overseas development trend. In 2026, overseas market business maintained high-speed expansion. From January to July, BYD's overseas cumulative sales broke through 970,000 units, an increase of about 76% year-on-year. In July alone, overseas sales reached 179,800 units, a year-on-year increase of 124.3%. Products have been sold to over 120 countries and regions worldwide.

Regional markets blossomed in multiple points. In the first half of the year, BYD secured the new energy vehicle sales championship in Thailand and Singapore, topped the new energy vehicle list in Italy and Spain. The UK's sales from January to July reached 38,000 units. The Brazil market sales approached 100,000 units, consistently holding the top spot in local new energy vehicle sales. Markets such as Saudi Arabia, UAE, and South Africa also ranked at the top of new energy vehicle sales.

Combining Silk Road cultural exploration with new energy cross-border travel, this expedition intuitively demonstrates China's new energy vehicles' practice of participating in the "Belt and Road" green transportation construction. With the continuous outward export of products, manufacturing systems, and service networks, BYD is using new energy vehicles as a carrier to deeply participate in global automotive industry collaboration, aiding the green transition in the global transportation sector.

August 25, the "2026 Silk Road 10,000 Li · Enlightenment Road", for which BYD served as the full-ride partner, concluded in Singapore. Li Yunfei, General Manager of the Brand and Public Relations Department of BYD Group, and Zhang Lianye, Party Secretary, Chairman, and Station Master of Shaanxi Broadcasting Media Group (TV), jointly announced the successful completion of the event. The convoy traveled for 33 days, covering over 10,000 kilometers, crossing six provinces in China, traversing Thailand and Malaysia, and finally arriving in Singapore.

2026 marks the 5th anniversary of the establishment of a comprehensive strategic partnership between China and ASEAN. This event, themed "Tech for Innovation, Civilization for Unity", is based on the starting point of the Land Silk Road in Xi'an and the hub of the Maritime Silk Road in Singapore, integrating cultural fusion, technology dialogue, and economic and trade connectivity to demonstrate the contemporary proposition of Belt and Road land-sea linkage development. Guests from all sectors of society both at home and abroad, representatives from overseas Chinese communities, and media colleagues gathered in the Lion City to witness the new era land-sea silk roads ringing with new civilization.

Cultural Attaché of the Chinese Embassy in Singapore, Cai Shandi, Delivers Speech

Wang Gang, President of Singapore Shaanxi Association, Delivers Speech

During the event, BYD's Dynasty, Ocean, Denza, Fang Cheng Bao, and Yangwang five brand networks and four brands formed a new energy vehicle fleet, completing driving in various scenarios including expressways, mountain roads, and urban congestion areas. The two core technologies of Flash Charging and Sky-Eye Pilot Assist System passed the test of over 10,000 kilometers of actual scenes: The "Charge well in 5 minutes, charge full in 9 minutes" charging ability, relying on the network layout of nearly 10,000 flash charging stations nationwide, solved the long-distance energy replenishment problem; Sky-Eye relies on average daily over 220 million kilometers of real driving data for continuous iteration, effectively reducing long-distance driving pressure and ensuring the convoy traveled smoothly to Nanyang. From Xi'an to Singapore, the scene of caravan stations on the ancient Silk Road for supplies has evolved into the modern expedition empowered by technology today.

As of July 2026, BYD has ranked No. 1 in total brand passenger car sales in Singapore for 19 consecutive months. From January to July 2026, BYD's passenger car market share reached 24.7%, and the pure electric market share reached 40.3%. The consistently leading sales performance further enhanced BYD's brand recognition locally. Now, BYD's presence can be frequently seen on city roads, core business districts, and shopping centers in Singapore.

Singapore is one of the global markets with higher vehicle ownership costs. The higher purchase threshold also makes local consumers more cautious in brand and model selection. In such a market environment, although BYD models have relatively high overall pricing, they continue to maintain good sales performance, further enhancing local dealers' confidence in the brand's long-term development. Currently, BYD has arranged 16 retail touchpoints locally, with some stores entering core shopping centers. With brand influence and market recognition continuing to improve, local dealers continue to increase terminal investment, maintaining high standards in store scale, location selection, space design, and brand display.

In 2026, BYD's overseas business continued to maintain high-speed growth. From January to July, overseas cumulative sales exceeded 970,000 units, representing a year-on-year increase of approximately 76%; July overseas sales reached 179,800 units, a year-on-year increase of 124.3%. As of now, BYD new energy vehicles have entered over 120 countries and regions globally.

In the first half of this year, BYD won new energy vehicle sales champion titles in Thailand and Singapore; it topped the local new energy vehicle sales charts in Italy and Spain, with UK sales reaching 38,000 units; Brazil sales reached nearly 100,000 units, maintaining No. 1 in local new energy vehicle sales. In Saudi Arabia, UAE, and South Africa, BYD also ranked No. 1 in new energy vehicle sales.

This Silk Road 10,000 Li event assisted in jointly building a green Silk Road, combining Silk Road culture visits with new energy vehicle cross-border travel, presenting the latest progress of Chinese brands participating in the green transportation development of "Belt and Road" countries. As automotive products, intelligent manufacturing, and services land in more overseas markets, BYD is, with new energy vehicles as the carrier, continuously participating in global automotive industry collaboration and green transformation.

July 28, 2026, the 2026 Fortune Global 500 list was officially released, BYD ranked for the fifth consecutive year, securing the 91st position, becoming the only Chinese automaker to enter the global top 100. This heavy-weight top 100 seat is not a casual gift of short-term market dividends, but BYD's comprehensive answer sheet for years of deep cultivation in technology, opening up the global market, and practicing green sustainable development, and more is the era microcosm of China's new energy vehicle industry from following, running side by side to leading.

Impressive Operating Data, Building the Foundation of Industry Leadership

Strong operating strength is the underlying support for BYD to secure its position in the global top 100. In 2025, BYD turned in an outstanding report card with 804 billion yuan in annual revenue and 32.6 billion yuan in net profit. Annual new energy vehicle sales reached 4.6 million units, securing both the title of global new energy vehicle sales champion and Chinese automaker sales champion. Growth momentum continued into 2026, with cumulative sales exceeding 1.8 million units in the first half of the year; in July, the company reached a historic milestone — the 17 millionth new energy vehicle officially rolled off the production line, becoming the world's first automotive company to achieve this production record, refreshing the global new energy manufacturing capacity speed record.

Behind the ten-million-scale production and sales is the confidence of a complete independent industrial chain. From batteries, motors, electronic controls to automotive-grade chips, BYD achieves full-chain independent research and production, breaking away from overseas technical constraints, not only ensuring stable delivery but also continuously bringing cutting-edge technology to mass-market models, making high-end new energy experiences no longer exclusive to luxury cars.

Continuous Deep Investment in Billions of Yuan R&D, Technological Innovation Builds a Core Moat

"Technology is King, Innovation is the Root," is the core creed throughout BYD's development. High and continuous R&D investment is the fundamental code for its global leadership. In 2025, BYD's R&D investment reached 63.4 billion yuan, up 17% year-on-year, ranking first in R&D investment among A-share listed companies for two consecutive years; in just the first quarter of 2026, R&D expenditure reached 11.3 billion yuan, far ahead of domestic peers and top new energy brands. As of now, the company's cumulative R&D investment has exceeded 250 billion yuan, with massive funds continuously irrigating cutting-edge tracks such as batteries, intelligent driving, and charging infrastructure.

Continuous investment quickly transforms into disruptive mass-production technologies: In March 2026, the 2nd Generation Blade Battery and Flash Charging technology officially launched, solving user range anxiety with ultra-fast recharging; the company simultaneously planned 20,000 flash charging stations nationwide and 6,000 overseas, building a high-efficiency recharging network covering the globe. In May, BYD became the first to commit to a one-year safety guarantee for city pilot-assisted driving. All models can be equipped with the Divine Eye B Laser Smart Driving System, truly ushering in an era of mass high-level intelligent driving and redefining intelligent mobility safety standards. From battery safety, ultra-fast recharging to autonomous driving responsibility allocation, BYD continuously breaks through industry boundaries and sets new benchmarks for global new energy vehicle technology with self-developed technology.

In-depth Globalization Implementation, Chinese Smart Manufacturing Goes to 121 Countries Worldwide

Today, BYD has long transcended a single domestic market, building a global development pattern of "leading in Latin America, breakthrough in Europe, and flowering in multiple points across Asia-Pacific". Overseas sales exceeded 1 million units for the first time in 2025, a 145% year-on-year surge; in the first half of 2026, overseas sales reached a new high again, with cumulative sales exceeding 780,000 units. The overseas market has become the second growth curve.

Overseas layout is no longer simple complete vehicle export, but in-depth localization: The first overseas Cloud Rail was implemented in Brazil, and the local factory completed the 100,000th new energy vehicle roll-off; Denza high-end models landed in Europe, creating a Chinese luxury new energy business card; the model Sea Otter specifically developed for the Japanese market officially landed; the Thailand factory celebrated its second anniversary of production, and Southeast Asian capacity is continuously released. As of now, BYD's business map covers 121 countries and regions worldwide, completing the upgrade from "product going global" to "industry going global, technology going global", making Chinese new energy technology, manufacturing standards, and mobility solutions go global.

Practicing Greenness and Social Responsibility, Anchoring the Long-term Vision of "Cooling the Earth by 1℃"

While developing at high speed, BYD has always incorporated sustainable development and social responsibility into its core corporate strategy. As of June 30, compared to traditional fuel vehicles, BYD's new energy vehicles have cumulatively achieved carbon emission reductions of 149 million tons in the full energy lifecycle, equivalent to planting 2.48 billion trees, assisting the global realization of "Dual Carbon" goals with tens of millions of green vehicles.

The enterprise also did not forget to give back to society: Setting up a 3 billion yuan education charity fund, reaching donation cooperation with 127 universities nationwide, cumulatively incentivizing over 6,000 young students to grow, empowering talent cultivation with industrial strength while balancing commercial value and social value. "Cooling the Earth by 1℃" is not just a brand slogan, but a long-term mission BYD practices with green technology, global layout, and sustainable manufacturing.

Five Years on the Top 100 List, Steps Continue on the Road Ahead

Five years ago, BYD first ranked in the Fortune Global 500; five years later, it is firmly stable in the global top 100, rewriting the industry pattern long dominated by European/American and Japanese automakers for top 100 seats. From rank 436 to a stable 91st, the upward ranking witnesses the leapfrog rise of China's new energy vehicle industry.

Facing the future, BYD will continue to adhere to the main line of technological innovation, perfect the global production, recharging, and sales integrated network, and continuously output green mobility solutions. With 250 billion yuan in R&D accumulation as the foundation, with 17 million units in production and sales as the starting point, and with a global layout spread across 121 countries as the stage, this new energy leading enterprise originating from China is continuously proving to the world: Chinese Smart Manufacturing, is reshaping the future of the global automotive industry.