---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/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/topics/39582588.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39582588.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39582588.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39582588.md) | [简体中文](https://longbridge.com/zh-CN/topics/39582588.md)


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


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## 評論 (2)

- **00后富一代 · 2026-03-27T14:42:07.000Z**: It's going to be a bloodbath on Monday.
- **無人扶我青雲志 · 2026-03-27T14:05:19.000Z**: Monday: A respectful drop first