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among fixed assets, machinery and equipment account for nearly two-thirds, and the depreciation period is much lower than that of land/houses. this makes enterprises have to face heavy burdens when facing technological iterations. photovoltaic cells have entered the era of monocrystalline silicon, and polycrystalline silicon cell production lines (no matter how new) have lost their competitiveness, and related machinery and equipment can only be sold or scrapped. for new energy vehicle companies, this is undoubtedly a potential risk that cannot be ignored.

byd has adopted an accelerated depreciation and elimination strategy to cope with this pressure. by actively disposing of and scrapping obsolete equipment, the company attempts to reduce its asset-liability ratio and lower future investment costs. this reflects the company's strategic decision-making in responding to challenges. in 2024, byd's completion rate of projects under construction was high, but its net cash flow from operating activities showed a downward trend.

however, this change is not entirely negative. on the one hand, by settling accounts payable to suppliers, byd has eased the financial pressure on upstream suppliers and improved the "supply chain ecology." on the other hand, the company has also actively reduced investment costs and reduced capital expenditures.

although net cash flow from operating activities declined, byd was not in trouble. it actively raised funds to reduce financial risks.

byd's response strategy demonstrates its sensitivity to market changes and strategic thinking. however, the future is still full of challenges, and the company needs to continue to innovate in order to achieve sustained success in the fiercely competitive market.