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