Financial risk analysis and control of new energy vehicle companies——Taking BYD Company as an example

China plans to peak CO2 emissions before 2030 and achieve carbon neutrality before 2060. Under this "dual carbon" strategic goal, the new energy vehicle (NEV) market continues to expand, and financial risks are becoming increasingly prominent. In this paper, we took BYD as a case study and analyzed its financial risks from four dimensions, financing, investment, operation, and growth, using financial ratio analysis and horizontal comparison with SAIC Motor, Great Wall Motor, and Tesla over the period 2019-2024. The results revealed that (1) BYD's current ratio declined from 0.99 in 2019 to 0.75 in 2024, while its quick ratio fell from 0.75 to 0.51 over the same period, indicating deteriorating short-term solvency. (2) The cash ratio improved from 0.12 in 2019 to 0.31 in 2024, suggesting strengthening immediate payment capacity. (3) BYD's debt-to-asset ratio remained high, rising from 68.00% in 2019 to 74.6% in 2024, exceeding the industry average of approximately 60%, reflecting significant long-term solvency risk. (4) Net cash flow from investing activities was consistently negative from 2019 to 2024, reaching -1,291 billion yuan in 2024, indicating insufficient investment-related cash liquidity. (5) Accounts receivable turnover increased substantially from 2.74 times in 2019 to 12.52 times in 2024, while inventory turnover improved modestly from 4.12 to 6.03 times, though both remained below peer levels. To mitigate these risks, we proposed measures, including optimizing the capital structure, strengthening investment benefit analysis, improving accounts receivable and inventory management, and increasing R&D investment.