$比亚迪股份(01211.HK)于北京时间 4 月 25 日晚,港股盘后发布了 2025 年第一季度业绩。要点如下:1. 再次交出惊艳的汽车毛利率答卷,比亚迪强降本能力毋庸置疑:在一季度卖车周期底部,比亚迪仍然实现了非常不错的卖车毛利率水平(一季度汽车毛利率 24%,超市场预期 22.3%)。而从历史可比性的毛销差角度来看(会计调整将质保金从销售费用端拉到销售成本端,天然拉低毛利率),一季度毛销差...
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