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<Research>JPM: Mkt Expectations for BYD's Earnings Rebound Too Aggressive; CN Carmakers Likely to See Better Earnings in 3Q
JPMorgan has issued a research report predicting Chinese carmakers to deliver largely in-line results for 3Q25 and record better earnings compared to 2Q25.The brokered considered t...
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<Research>JPM: Mkt Expectations for BYD's Earnings Rebound Too Aggressive; CN Carmakers Likely to See Better Earnings in 3Q
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JPMorgan has issued a research report predicting Chinese carmakers to deliver largely in-line results for 3Q25 and record better earnings compared to 2Q25.

The brokered considered the market's expectations for BYD COMPANY's (01211.HK)  -1.000 (-0.921%)    Short selling $352.65M; Ratio 43.886%   earnings rebound in 2H25 as overly aggressive. Although it is possible that a V-shaped rebound may occur, the extent may fall short of expectations. The 2025-26 earnings forecasts for BYD COMPANY were reduced by 10-12%.

Related NewsM Stanley Raises 2025 CN Auto Sales Forecasts, Optimistic About XPENG-W/ HESAI-W/ Others
In contrast, JPMorgan estimated GEELY AUTO's (00175.HK)  +0.080 (+0.417%)    Short selling $168.29M; Ratio 22.516%   earnings to sustain an upside trend. On the back of the launch of higher-priced new models, it also has room for improved profitability. The 2025-26 earnings forecasts for GEELY AUTO were lifted by about 13%.

In addition, JPMorgan highlighted the auto shows or overseas launch events that will impact industry and stock performance, such as the unveiling of LEAPMOTOR's (09863.HK)  -2.350 (-3.923%)    Short selling $5.84M; Ratio 4.431%   first large 6-seater SUV in Paris on October 16, BYD COMPANY's announcement of new designs at the Tokyo and Guangzhou auto shows, and XPENG-W's (09868.HK)  -3.000 (-3.497%)    Short selling $169.16M; Ratio 28.313%   detailed roadmap for humanoid robots.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-10-16 12:25.)

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