---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/39582588.md"
description: "BYD 4Q25 First Take: Overall, Q4 results still missed expectations. Revenue beat, but the outperformance came mainly from the non-core BYD Electronics unit. As for the core auto biz: ① Q4 auto revenue was RMB 181.5bn, in line with the Street. However, ASPs continued to decline. ② Auto GPM and net profit per vehicle missed. The Street had expected at least a 200bps QoQ rebound in auto GPM to 22.5% on a cooler price war, Q4 scale benefits, and a stronger overseas mix. Net profit per vehicle was expected to recover to RMB 7.1k, still well below the ~RMB 9.0k run-rate in 2024. However, auto GPM and net profit per vehicle still fell short, with net profit per vehicle at only RMB 6.7k. Insufficient unit-cost declines and a sharp QoQ jump in selling expenses constrained margin expansion. Domestic auto sales remained under heavy pressure in Q4. $BYD(002594.SZ) $BYD COMPANY(01211.HK)"
datetime: "2026-03-27T13:57:42.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/39582588.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/39582588.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/39582588.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# BYD 4Q25 First Take: Overall, Q4 results still mis…


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## Comments (1)

- **Heroic Lifesaver · 2026-03-29T11:47:58.000Z**: Great take on the results. Consumers are rather weak at the moment and that will also need sorting out before revenue shows. Unless AI revenue picks up substantially to take up the flak, I would not expect much from upcoming quarters.


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**