A-share EV+battery+storage; MSCI:Yes / Northbound:Track / QFII:Yes / Pool:Core / Priority:Weekly brief + monthly deep-dive / First piece: Overseas mix, 2nd-gen Blade, charging capex, guarantee scenarios.
Notes
BYD's 1H26 revenue fell 7%, but Zheshang sees a flash-charge-driven turnaround. We read between the lines: ASP recovery and overseas localization are real, but FX losses of RMB 4.7bn and surging notes payable deserve equal attention.
Research
BYD (002594.SZ / 01211.HK) Deep Dive: Analyzing H1 2026 financials, Blade 2.0 tech, overseas growth, and valuation risks.
Unpacking the Gap
Unpacking BYD's 1H26 gap: Look beyond the -7% revenue. Overseas expansion, Blade 2.0, and flash-charging dictate the real valuation anchor.