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BYD Company (1211) investor relations material

BYD Company Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Aug, 2025

Executive summary

  • Revenue for the first half of 2025 rose 23.30% year-over-year to RMB371,281 million, driven by robust new energy vehicle (NEV) sales and global expansion.

  • Net profit attributable to shareholders increased 13.79% year-over-year to RMB15,511 million, with EPS up 9.62% to RMB1.71.

  • Gross profit grew 18.24% to RMB66,866 million, though gross margin declined to 18.01% from 18.78% due to intensified competition in the NEV sector.

  • Overseas NEV sales surged 130% year-over-year, with products now available in over 110 countries.

  • Announced unaudited interim results for the six months ended 30 June 2025, prepared in accordance with Hong Kong Stock Exchange listing rules and reviewed by the audit committee.

Financial highlights

  • Operating revenue: RMB371,281 million (+23.30% YoY).

  • Gross profit: RMB66,866 million (+18.24% YoY); gross margin: 18.01% (down from 18.78%).

  • Net profit attributable to shareholders: RMB15,511 million (+13.79% YoY).

  • Basic and diluted EPS: RMB1.71 (vs. RMB1.56 in 2024H1).

  • Operating cash flow: RMB31,833 million (vs. RMB14,178 million in 2024H1).

  • Total assets: RMB846,343 million; total equity: RMB244,750 million.

Outlook and guidance

  • NEV market penetration expected to rise further, supported by ongoing policy incentives and technology upgrades.

  • The company will accelerate global expansion, enhance product competitiveness, and invest in electrification and intelligence.

  • Government trade-in policies and subsidies to drive further NEV sales growth in H2 2025.

  • Focus on premiumization, intelligence, and globalization to sustain long-term growth.

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Frequently asked questions

EVs, Battery Tech, and More

BYD Company Limited is a Chinese multinational conglomerate that specializes in manufacturing a wide array of products ranging from electronic components to various types of vehicles. Its vehicle business, BYD Auto, is its largest and most famous division and focuses on EVs. Besides vehicles, BYD's product portfolio includes rechargeable batteries, photovoltaic products, and various electronic components. The firm also provides assembly services for whole products and is also active in renewable energy solutions and urban rail transit systems. The company is headquartered in Shenzhen, Guangdong, China, and its shares are listed on the Hong Kong and Shenzhen Stock Exchanges​​​​​​.

Founding and Growth

BYD was founded in 1995, with an initial focus on rechargeable phone batteries. In 2003, BYD ventured into the automotive industry by acquiring the state-owned automobile manufacturer Tsinchuan Automobile Company, which allowed it to commence car production under the BYD Auto brand. In the years to follow, BYD gained international recognition for its advancements in battery technology, particularly in lithium-ion batteries, which are used in mobile phones, electric EVs, and other electronic devices. Notably, Warren Buffet’s legendary Berkshire Hathaway invested in the company in 2009. BYD has continued to diversify its business operations, venturing into electric buses, trucks, monorail systems, and large-scale energy storage solutions.

BYD Auto

BYD Auto specializes in the development, manufacturing, and sale of various types of vehicles, focusing particularly on electric vehicles, which include battery-electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. The business segment produces vehicles of all kinds, including private cars, commercial vehicles, trucks, buses, and more.

BYD Electronics

BYD's electronics business is a major global player in the manufacturing of components and providing assembly services for consumer electronics, telecommunications, and IT industries. It specializes in rechargeable batteries, with a product range that includes cell phone batteries, laptop batteries, and batteries for other portable electronics. This segment also produces photovoltaic products, including solar panels and solar energy storage solutions.

Besides automotive and electronics, BYD also operates an energy division, a rail transit division, a semiconductor division, and more.

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