29 September 2025 | 12:43PM CST Equity Research BYD Co. (002594.SZ): Denza N8L prelaunch: driving further premium-segment market share gain into 4Q25/2026; Buy On Sep 26, BYD's premium brand Denza pre-launched N8L, a D-segment 6-seat SUV, with pre-sale prices starting at Rmb318.9k. Based on our product comps analysis (Exhibit 1), Denza N8L scores the highest among Rmb300k-400k NEV SUVs, with top scores in all four areas of our comparison framework, i.e. price, range, size, autopilot. In this Rmb300k-400k NE ...