Produced by Leida Finance | Written by Peng Cheng | Edited by Meng Shuai

On March 5, Wang Chuanfu stood under the spotlight at the Shenzhen Universiade Center Gymnasium, unveiling BYD's second-generation Blade Battery and flash charging technology in a bid to redefine industry technical benchmarks.

At the event, a series of astonishing data points drew widespread attention: charging from 10% to 70% in just 5 minutes; from 10% to 97% in only 9 minutes; and from 20% to 97% in sub-zero 30°C conditions, taking just 3 minutes longer than at room temperature...

Behind BYD's technological surge, the company delivered impressive sales results last year: annual sales reached 4.6024 million vehicles, securing its fourth consecutive year as the global leader in new energy vehicle sales, with overseas sales surpassing 1 million units for the first time.

However, alongside these eye-catching (eye-catching) sales figures, the company's financial data signaled a "cooling" in performance.

In the third quarter of 2025, BYD reported quarterly revenue of RMB 194.985 billion, down 3.05% year-on-year—its first quarterly revenue decline since the second quarter of 2020.

During the same period, the company recorded a net profit attributable to shareholders of RMB 7.823 billion, a sharp 32.6% year-on-year decrease, marking the second consecutive quarter of decline.

Entering 2026, BYD faced mounting sales pressure. In January and February, monthly sales stood at 210,100 and 190,200 units, respectively, down 30.1% and 41.1% year-on-year.

Whether the newly launched second-generation Blade Battery and flash charging technology can revive sales remains to be seen, pending further market validation.

BYD Flexes Its Muscles, Leading EVs into the Flash Charging Era

On March 5, BYD hosted the "Flash Charge China, Change the World" event at the Shenzhen Universiade Center Gymnasium, officially launching its second-generation Blade Battery and flash charging technology.

Technologically, BYD's second-generation Blade Battery set a new global record for mass-produced charging speed. According to data released at the event, charging from 10% to 70% takes just 5 minutes, while 10% to 97% requires only 9 minutes.

Addressing the long-standing issue of slow charging in cold climates, BYD revealed that at -30°C, charging from 20% to 97% takes just 3 minutes longer than at room temperature.

Wang Chuanfu proudly declared at the event, "BYD's second-generation Blade Battery makes 'EVs not crossing the Shanhai Pass' a thing of the past."

To resolve the conflict between "flash charging" and "high energy density," BYD announced a 5%+ increase in energy density compared to the first-generation Blade Battery while achieving flash charging.

Combined with lightweight and efficient vehicle innovations, the Denza Z9GT, equipped with the second-generation Blade Battery, achieves a range of 1,036 kilometers.

In terms of battery longevity and safety, BYD strengthened its warranty policy, improving the "capacity retention rate" warranty for the second-generation Blade Battery by 2.5% overall, while maintaining a "lifetime warranty" for cells. The battery has passed a series of safety tests exceeding new national standards.

To enable the flash charging speed of the second-generation Blade Battery, BYD developed a new flash charging pile. With a single-gun charging power of 1,500 kW, BYD calls it the "world's highest-power mass-produced single-gun charging pile."

According to BYD, the charging pile, paired with a super-fast discharge energy storage system, overcomes grid capacity limitations without harming the grid.

For user experience, BYD's flash charging pile features a globally pioneering "sliding suspension T-type pile" design, offering a lightweight feel, tangle-free suspended cables, and "plug-and-charge, seamless payment" functionality.

BYD also unveiled its "Flash Charge China" strategy, planning to build 20,000 flash charging stations by the end of this year.

The plan has two parts: First, BYD will collaborate with national charging network operators to accelerate the construction of 18,000 "flash stations within stations" covering urban areas, aiming for flash charging coverage within 3 km in first- and second-tier cities, 5 km in third- and fourth-tier cities, and 6 km in fifth- and sixth-tier cities.

Second, BYD's highway flash charging stations will cover nearly one-third of highway service areas, with 2,000 stations expected to be operational by the end of this year, averaging one station every 100+ km.

Additionally, Wang Chuanfu announced that all owners of flash-charging vehicles equipped with the second-generation Blade Battery will enjoy one year of free flash charging at national stations from the delivery date. After the free period, pricing will align with industry standards without additional premiums.

Subsequently, BYD will launch the "Dream Building Station" program for flash charging users, allowing four BYD vehicle owners to jointly apply for station construction in eligible areas, with stations open to the public.

In terms of model adoption, BYD's second-generation Blade Battery is rolling out rapidly. The initial launch covers 10 models across the Dynasty, Ocean, Denza, Fangchengbao, and Yangwang networks, spanning multiple price tiers and showcasing BYD's ambition to apply the battery to mainstream consumer segments.

Last Year's Sales Soared, But Early 2026 Saw Slump

Tianyancha data shows BYD listed on the Hong Kong and A-share markets in 2002 and 2011, respectively.

According to BYD's official sales data, the company sold 4.6024 million vehicles in 2025, setting a new annual sales record. It not only retained its title as China's top-selling automaker but also secured its fourth consecutive year as the global leader in new energy vehicle sales.

In December 2025, BYD produced its 15 millionth new energy vehicle, becoming the first automaker worldwide to reach this milestone.

BYD's 2025 performance showcased significant "premium breakthroughs" and "global expansion."

In the premium segment, the Fangchengbao, Denza, and Yangwang brands collectively sold over 396,000 units in 2025, accounting for 8.6% of total group sales, up from less than 5% in 2024.

Fangchengbao led with 234,600 units sold in 2025, surging 316.1% year-on-year, while Denza sold 157,100 units, up 24.7% year-on-year.

Globally, BYD's passenger vehicle and pickup truck overseas sales reached 1.0496 million units in 2025, up 145% year-on-year, surpassing 1 million units for the first time and covering over 119 countries and regions.

However, in early 2026, affected by the Lunar New Year holiday and product transition gaps, BYD's sales dropped significantly.

In January and February, monthly sales stood at 210,100 and 190,200 units, down 30.1% and 41.1% year-on-year, respectively.

In contrast, Geely sold 270,200 and 206,200 units in January and February, respectively, surpassing BYD for two consecutive months to top the domestic brand sales chart.

In specific product lines, competitors are striking back with "equal specs at lower prices" or "higher specs at equal prices."

For example, the Geely Galaxy L6 EM-i, priced at RMB 79,800, offers 2.9L fuel consumption under battery depletion and standard L2 autonomous driving, directly challenging the BYD Qin PLUS.

In the pure electric compact car market, the Geely Starwish, with more space and a lower price, nearly overtook the long-dominant BYD Seagull within a year.

Besides Geely, brands like Changan and Chery are also launching competitors targeting BYD.

Notably, in February 2026, BYD's overseas sales exceeded 100,000 units, up 41.4% year-on-year, accounting for over half of total sales—its first overseas sales surpass domestic sales.

Q3 Performance Under Pressure: Is the New Energy Giant Hitting the Brakes?

Despite the grand unveiling, BYD faces significant performance challenges at this stage.

The latest financials show BYD's Q3 2025 revenue at RMB 194.985 billion, down 3.05% year-on-year—its first quarterly revenue decline since Q2 2020.

Net profit attributable to shareholders in Q3 2025 stood at RMB 7.823 billion, down 32.6% year-on-year, marking the second consecutive quarter of sharp decline.

Additionally, BYD's inventory levels rose from RMB 116.036 billion at the end of 2024 to RMB 152.973 billion by late September 2025, up nearly 32%.

Net cash from operating activities in the first three quarters of 2025 reached RMB 40.845 billion, down 27.42% year-on-year, indicating slower cash reflow (repayment) from core operations.

To maintain its technological edge, BYD's R&D expenses in the first three quarters of 2025 hit RMB 43.748 billion, up 31.3% year-on-year.

However, at the 2025 Extraordinary General Meeting, Wang Chuanfu made two key observations: any new technology can only lead for 18 months, and BYD may lose one or two months—or even quarters—of growth.

Analysts note that while BYD rolled out its "Tian Shen Zhi Jia" (Divine Eye) intelligent driving system on a large scale in early 2025 via "original pricing with upgraded specs," its market impact was limited due to a "follower" strategy lacking early user mindshare, failing to drive sustained growth.

Moreover, BYD's premium segment sales performance raises concerns. Despite the 2025 sales increase for its three premium brands, the Denza brand—equipped with top-tier technology—averaged just 13,000 monthly sales, far below its internal target of 30,000 units per month, according to 21 Auto·Yijian Auto.

Some argue that in the premium market above RMB 300,000, users demand strong brand heritage and emotional value, areas where BYD's brand premium still needs strengthening.

In 2026, the success of BYD's key premium models in countering competitors like the Li L Series and Seres M Series, while managing internal competition with its Dynasty network models, will directly determine its profit margins in the premium segment.

Leida Finance will continue to monitor BYD's developments.