First profit decline in 4 years: Will BYD's position as the "King of the Auto Industry" be maintained? Will Xunce's performance, the "Token's first stock," see a turning point?

BYD (01211)
Last year’s net profit was 36.219 billion yuan, a year-on-year decline of 19%, marking the first drop in four years and falling short of market expectations; revenue hit a new high, but the growth rate was the slowest in six years; gross margin fell to 17.7%, the lowest in three years. Despite intense competition in the domestic market, BYD’s overseas business performed well; how should we comment on this performance?

“Token First Stock” Xun Ce (03317)
Adjusted annual losses narrowed by 33%, and in the second half of the year, it achieved adjusted net profit of about 50 million for the first time; the implementation of large AI models drove a surge in enterprise-level data demand, with second half revenue increasing by 4.5 times compared to the previous quarter, significantly outperforming the global benchmark company Palantir (US: PLTR) during the same period. The stock price surged to a new high before the earnings report, rising 24% in one day; is the outlook still positive after the results?

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	Profit decline for the first time in four years: Can BYD maintain its position as the "King of the Car Industry"? Is there a turning point in the performance of "Token First Stock" Xun Ce?  

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Editor-in-charge: Ye Miao