BYD Company (1211) Q4 2025 earnings summary

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.