Despite cutthroat industry competition and high R&amp;D investment suppressing short-term profits, BYD Company Limited still firmly secured the foundation of its core automotive business, with its revenue scale reaching another ATH (All-Time High) and sales maintaining the global new energy champion title.
BYD Company Limited released its audited 2025 full-year results on March 27:
Full-year revenue reached 803.96 billion yuan, a year-on-year increase of approximately 3.5%, surpassing the 800 billion yuan mark for the first time; full-year sales of new energy vehicles reached 4.6 million units, securing the global sales crown for the fourth consecutive year.
However, profitability faced its most significant squeeze in recent years:
Net profit attributable to shareholders of the parent company fell sharply from 40.25 billion yuan in 2024 to 32.62 billion yuan, a year-on-year decline of approximately 18.9%; &#34;revenue growth without profit growth&#34; became the core contradiction of the 2025 results.
Positive factors should not be overlooked: overseas exports exceeded one million units for the first time, a year-on-year surge of 140%, with overseas revenue surpassing 310 billion yuan; cash reserves remained at a high level of 167.8 billion yuan.
<h2>Sales Top the Rankings, but Price Wars Erode Per-Vehicle Profit</h2>
In 2025, BYD Company Limited's new energy vehicle sales reached 4.6 million units for the full year, marking its fourth consecutive year as the global sales leader, and its third consecutive year among the top ten global automotive groups, climbing one spot from the previous year to fifth place. This sales achievement is undeniably impressive when compared to any competitor.
However, the impressive shipment volume did not translate into proportional profit growth. Full-year gross profit was 142.66 billion yuan, a year-on-year decrease of approximately 5.6%, and the gross profit margin narrowed from 19% to 18%—marking the lowest gross profit margin for BYD Company Limited in the past five years.
The root cause lies in the prolonged price competition in the domestic market. As the domestic penetration rate of new energy vehicles historically surpassed 50% in 2025, industry competition officially shifted from an &#34;incremental market&#34; to a &#34;struggle in the existing market.&#34; Management's wording in the report was unusually direct: intensified price competition and frequent excessive marketing have significantly squeezed industry profit margins.
Despite BYD Company Limited's relatively leading resilience in the industry due to its vertically integrated supply chain and the cost advantages of its Blade Battery, the 18% gross profit margin still reflects the true intensity of the competition. If the industry price war continues into 2026, whether the gross profit margin can stabilize and rebound will be a core variable in the full-year performance logic.
<h2>R&amp;D Hits Historic Peak, Technology-Driven Strategy Continues to Weigh on Short-Term Profits</h2>
Facing profit contraction, BYD Company Limited conversely chose to increase R&amp;D investment. R&amp;D expenditure in 2025 reached 63.4 billion yuan, a record ATH (All-Time High), accounting for approximately 7.9% of revenue—nearly double the total net profit attributable to the parent company (32.6 billion yuan). As of the end of the reporting period, the company's engineering team exceeded 120,000 people.
Several major technological breakthroughs were achieved during the year.
First, BYD Company Limited released the &#34;Super e-Platform&#34;—the world's first mass-produced passenger vehicle platform with a full-domain kilovolt high-voltage architecture, significantly improving charging efficiency and directly addressing the core pain point of &#34;slow charging&#34; in the electrification race;
Second, the &#34;Eye of the Gods&#34; intelligent driving technology matrix comprehensively covered its five networks and four brands, extending advanced intelligent driving from high-end models to the entire lineup, promoting the democratization of intelligence;
Third, the high-end brand matrix continued to push technological boundaries—the Yangwang U9X set two world records for both top speed and lap time, and the Denza N9 improved its fishhook test speed to 210 km/h, breaking world records three times.
Entering 2026, BYD Company Limited disclosed its second-generation Blade Battery and flash charging technology just before the annual report release:
Charging from 10% to 70% takes only 5 minutes and from 10% to 97% takes only 9 minutes at room temperature, claiming a new record for the fastest charging speed for mass-produced vehicles globally. From the technological roadmap, BYD Company Limited is accelerating into the intelligent driving segment of the electrification era's second half, but the corresponding high R&amp;D expenditures will inevitably continue to create friction for profits in the foreseeable future.
<h2>Overseas Exports Surpass One Million for the First Time, Global Revenue Accounts for Nearly 40%</h2>
2025 was a landmark year in BYD Company Limited's globalization journey.
Full-year overseas exports reached 1.05 million units, a year-on-year increase of approximately 140%, surpassing the one million unit threshold for the first time, and ranking first among Chinese automakers in new energy vehicle exports. Correspondingly, overseas revenue reached 310.7 billion yuan, accounting for approximately 38.6% of total revenue, further expanding from the previous year and making international revenue an important source of incremental performance.
In terms of regional distribution, BYD Company Limited exhibited a trend of &#34;Latin America leading, Europe breaking through, and multi-point growth in Asia-Pacific&#34;: core markets in Latin America continued to hold top sales positions, becoming the cornerstone of overseas growth; major European markets such as the UK, Spain, Italy, Germany, and France achieved exponential growth; in Southeast Asia, sales in countries like Singapore, Thailand, and Indonesia ranked among the top three; the Middle East market gained recognition by precisely targeting high-end travel demands. Currently, BYD Company Limited's new energy vehicle operational footprint covers 119 countries and regions worldwide, ranking among the forefront of Chinese automakers in global coverage.
It is important to note that the rapidly expanding overseas footprint is a double-edged sword.
Multiple localized manufacturing bases are entering the production or expansion phase, and continuously rising capital expenditures are one of the key drivers for the company's net debt turning positive. The successful $5.6 billion lightning placement completed in March 2025 attracted top global long-term investors, sovereign funds, and strategic Middle Eastern capital, replenishing ammunition for global expansion to some extent, but it also means the pressure of equity dilution on earnings per share cannot be ignored.
<h2>High-End Transformation Accelerates, Sales of Three Major Brands Surge</h2>
Brand high-endization is another clear strategic theme for BYD Company Limited in 2025. The three high-end brands—Yangwang, Denza, and Fangchengbao—collectively sold nearly 400,000 units for the full year, a significant increase in their proportion of the group's total passenger vehicle sales compared to 2024.
Among them, Fangchengbao's full-year sales increased by 316% year-on-year. With its hardcore off-road performance and differentiated design, it successfully brought electric hard-core off-road vehicles from a niche market to mass public awareness; the Denza N9 gained market recognition for its safety performance by breaking world records three times in high-speed avoidance maneuvers; the Yangwang brand continued to strengthen its technical image in the ultra-luxury segment through its dual world records for speed and lap times.
The deeper significance of the high-end strategy lies in structurally improving per-vehicle profitability—high-end models have significantly higher average selling prices and gross profit margins than mass-market models. If the proportion of high-end brand sales continues to increase in the next two years, it is expected to structurally offset the profit erosion caused by price wars in mainstream segments, becoming one of the important paths for BYD Company Limited's profit margin recovery.
<h2>Changes in Asset-Liability Structure, Transition from Net Cash to Net Debt</h2>
From the perspective of balance sheet changes, net assets (excluding non-controlling interests) at the end of 2025 increased from 185.25 billion yuan at the end of the previous year to 246.27 billion yuan, and total assets expanded from 783.36 billion yuan to 883.73 billion yuan, with the momentum of scale expansion remaining undiminished.
However, the debt structure underwent a change worthy of deep consideration. The capital debt ratio (total borrowings net cash/net assets) surged from -36% in 2024 to +25% in 2025, meaning the company transitioned from a net cash position to a net debt position. The company's year-end cash reserves were 167.8 billion yuan, still substantial, but the total debt balance has exceeded this level.
The current ratio slightly increased from 0.75 to 0.79, remaining below 1, indicating that short-term debt repayment pressure should not be underestimated. Inventory turnover days lengthened from 61 days to 72 days, reflecting to some extent a slowdown in industry demand or structural changes in production capacity rhythm. Relatively positively, accounts receivable turnover days compressed from 35 days to 29 days, indicating improved collection efficiency and showing the company has maintained considerable proactivity in cash flow management.
<h2>Dividends Maintained, Ten-Year Average Annual Stock Return Exceeds 21%</h2>
Despite a year-on-year net profit decrease of nearly 19%, the board still proposed a final dividend for 2025 of RMB 0.358 per share (tax inclusive), maintaining a dividend payout ratio of about 30%, demonstrating management's continuous commitment to shareholder returns.
From a longer-term perspective, from 2016 to 2025, the company cumulatively distributed approximately 27.736 billion yuan in dividends to shareholders. The ten-year average annual compound growth rate of H-shares (1211.HK) was 21.62%, and A-shares (002594.SZ) was 16.92%, both significantly outperforming the Hang Seng Index (1.58%) and the CSI 300 (2.18%) during the same period.
Looking ahead to 2026, BYD Company Limited will adhere to the strategic guideline of &#34;technology as the root, internationalization as the engine,&#34; continuously deepening the scaled implementation of core technologies such as the second-generation Blade Battery, Super e-Platform, and Eye of the Gods. In the context of the new energy vehicle industry officially entering the competitive landscape of the second half of intelligent development, rebuilding profit margins amidst the internal challenges of a continuing price war and the external demand for capital for overseas expansion will be the true test of BYD Company Limited's strategic determination and execution capabilities in the next phase.

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Full-year revenue reached a new ATH (All-Time High) of 803.965 billion yuan, a year-on-year increase of 3.46%; net profit attributable to the parent company was 32.619 billion yuan, a year-on-year decrease of 18.97%; sales of new energy vehicles reached 4.6 million units, maintaining the top spot in global NEV sales for the fourth consecutive year, with vehicle exports exceeding 1 million units for the first time, a year-on-year surge of 140%

- BYD reported a record revenue of 803.96 billion yuan in 2025, with 4.6 million electric vehicles sold, maintaining its position as the global leader in new energy vehicle sales.  
- Despite high sales, net profit fell by about 18.9% to 32.62 billion yuan, highlighting a key conflict of "increased revenue but decreased profit" amid intense domestic price competition.  
- The company’s overseas sales surpassed one million units for the first time, contributing approximately 38.6% to total revenue, indicating the importance of international markets in future growth amid ongoing price pressures.

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BYD Company Limited 2025 Revenue Surpasses 800 Billion Yuan, Vehicle Exports Double, Exceeding 1 Million Units for the First Time | Earnings Insights