Breaking news! Wang Chuanfu resigns as chairman of BYD Lithium Battery!
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According to the Tianyancha App, Shenzhen BYD Lithium Battery Co., Ltd. recently underwent industrial and commercial changes. Wang Chuanfu resigned as the legal representative and chairman, and was replaced by He Long.
Recently, BYD has frequently undergone industrial and commercial changes. On September 26, Bengbu BYD Industrial Co., Ltd. underwent industrial and commercial changes. Wang Chuanfu resigned as the legal representative and chairman, Ren Lin resigned as the general manager, and Wang Chuanfu's brother Wang Chuanfang was appointed as the legal representative, executive director and general manager.
It is understood that before this, Wang Chuanfu had resigned as the legal representative or chairman of many BYD subsidiaries, including Hangzhou BYD Auto Co., Ltd., Wuhan BYD Auto Co., Ltd., Shanghai BYD Co., Ltd., Xi'an BYD Industrial Co., Ltd., Shantou BYD Industrial Co., Ltd., etc.
Public information shows that Wang Chuanfu was born in February 1966, graduated from Central South University with a major in metallurgical physical chemistry in 1987, founded BYD Company in 1995, entered the automotive industry in 2003, and is the chairman and president of BYD Co., Ltd. and chairman of BYD Electronics (International) Co., Ltd.
According to BYD's 2022 annual report, He Long was born in 1972, has Chinese nationality, no right of residence abroad, and holds a master's degree. He graduated from Peking University in 1999 and obtained a bachelor's degree in applied chemistry, a bachelor's degree in law, and a master's degree in inorganic chemistry. Mr. He joined BYD in July 1999 and served as the quality manager of the first and second business units, the deputy general manager of the second business unit, and the vice chairman of Foshan Jinhui Hi-Tech Optoelectronic Materials Co., Ltd. He is currently the senior vice president of BYD Company and the chairman of Fudi Battery Co., Ltd. He also serves as a director of Tibet Shigatse Zabuye Lithium Industry High-tech Co., Ltd., a director of MCC Ruimu New Energy Technology Co., Ltd., and a director of BYD Charity Foundation.
BYD made a profit of 11.5 billion in the third quarter
BYD's performance forecast shows that in the third quarter alone, the company achieved a net profit attributable to the parent company of 9.546 billion yuan to 11.546 billion yuan, a month-on-month increase of 40% to 69%. The year-on-year growth is expected to double, reaching 61.29% to 101.99%.
Looking back at BYD's past performance, its highest net profit attributable to shareholders in a single quarter was in the fourth quarter of last year, when BYD made a profit of 7.311 billion yuan in a single quarter. In the third quarter of this year, BYD is expected to hit a record high and achieve a net profit attributable to shareholders of more than 10 billion yuan in a single quarter for the first time.
It is worth mentioning that in the first half of the year, BYD's net profit attributable to its parent company was 10.954 billion yuan. It is not difficult to see that BYD's third-quarter profit is expected to exceed the entire first half of the year. In this quarter, BYD made an average of 104 million to 122.5 million yuan per day.
From the first three quarters, BYD expects to achieve a total net profit attributable to shareholders of RMB 20.5 billion to RMB 22.5 billion, a year-on-year increase of 120.16% to 141.64% from RMB 9.311 billion in the same period last year. The non-net profit is expected to be RMB 18.3 billion to RMB 20.2 billion, a year-on-year increase of 118.78% to 141.49% from RMB 8.365 billion in the same period last year.
BYD said that although industry competition continued to intensify in the third quarter, its profits continued to improve thanks to its continuously expanding scale advantages and cost control capabilities in the industrial chain.
At the same time, the company said that its mobile phone components and assembly business benefited from the increase in share of major overseas customers, the recovery of demand from Android customers, the continued rapid growth of new energy vehicles and new smart products, and the continuous improvement of production capacity utilization, further optimization of business structure, and continuous improvement in profitability.
In fact, BYD's substantial improvement in profitability is closely related to its entry into the high-end market and the improvement of the profitability of each vehicle. At the end of September, BYD's Yangwang brand's first product, the Yangwang U8 Deluxe Edition, was officially launched at a price of 1.098 million yuan. BYD also hopes to share the "cake" of the million-level luxury car market through it.
In mid-August, BYD also launched the professional personalized brand Formula Leopard. It is reported that the blind order price of Leopard 5 is between 300,000 and 400,000 yuan. In addition, BYD's Denza D9 has sold 92,600 units in the first nine months. With an average transaction price of 420,000 yuan, it has been the top seller in the luxury MPV market above 300,000 yuan for nine consecutive months.
Battery installed capacity exceeded 100GWh in the first three quarters
On the evening of October 2, BYD Co., Ltd. announced on the Hong Kong Stock Exchange that the installed capacity of new energy vehicle power and energy storage batteries in September 2023 was about 14.348GWh, an increase of about 66.6% compared with the same period last year and about 3% month-on-month. The cumulative installed capacity in the first three quarters of 2023 was about 100.931GWh.
In September 2023, BYD's sales of new energy vehicles were 287,454 units, compared with 201,259 units in the same period last year; the cumulative sales from January to September were 2,079,638 units, a year-on-year increase of 76.23%. Among them, overseas sales of new energy passenger vehicles totaled 28,039 units in September 2023.
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