BYD announced its 2026 interim results today, with both revenue and net profit declining, primarily dragged down by its automotive business. However, the company's gross profit margin bucked the trend, rising to 18.85%, mainly due to the growth of its overseas new energy vehicle business. In the first half of the year, the company exported 792,000 vehicles, a year-on-year increase of 67.8%; overseas operating revenue reached 181.268 billion yuan, a year-on-year increase of approximately 33.9%. Additionally, BYD's R&D investment in the first half of the year was approximately 28.9 billion yuan, and its operating cash flow reached 37.335 billion yuan, higher than the same period last year.