BYD Company
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BYD Company (1211) investor relations material

BYD Company Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Mar, 2026

Executive summary

  • Revenue reached RMB803.96 billion, up 3.46% year-over-year, driven by NEV business growth.

  • Net profit attributable to shareholders was RMB32.62 billion, down 18.97% year-over-year due to product mix changes and lower gross margin.

  • Gross profit margin declined to 17.74% from 19.44% in 2024.

  • Overseas revenue surged to RMB310.7 billion, accounting for 38.65% of total revenue.

  • R&D investment reached RMB63.4 billion, up 17% year-over-year.

Financial highlights

  • Operating revenue: RMB803.96 billion (+3.46% YoY).

  • Net profit attributable to shareholders: RMB32.62 billion (-18.97% YoY).

  • Gross profit: RMB142.66 billion (-5.56% YoY).

  • Gross margin: 17.74% (down from 19.44%).

  • Basic and diluted EPS: RMB3.58 (down from RMB4.61).

  • Operating cash inflow: RMB59.14 billion (down from RMB133.45 billion in 2024).

  • Total assets: RMB883.73 billion; net assets: RMB246.27 billion.

Outlook and guidance

  • NEV penetration expected to continue rising, supported by policy incentives and technological innovation.

  • Focus on global expansion, especially in Europe, Latin America, and Asia-Pacific.

  • Continued investment in R&D, intelligentization, and electrification to drive product upgrades and premiumization.

  • Targeting further growth in overseas sales and localized manufacturing.

Growth outlook for AI computing infrastructure
Execution of the Flash Charging China strategy
Strategic value of Honor and Midea partnerships
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