BYD Company (1211) Q2 2025 earnings summary

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.