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In early 2025, a little-known report quietly entered the financial system. Within days, it was being passed between analysts, investors, and regulators. Not because of who wrote it — but because of what it claimed. The report came from GMT Research. And inside it was a number that didn’t align with reality. According to the company’s official filings, BYD carried roughly ¥27 billion in debt. But GMT’s analysis suggested something very different. A figure closer to ¥323 billion, once supply chain

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