BYD Company (1211) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue rose 23.30% YoY to RMB371.281bn and profit attributable to owners rose 13.79% to RMB15.511bn, driven mainly by NEV growth.

• NEV sales grew over 33% YoY; automotive market share reached 13.7%, while overseas sales rose 130%.

• Gross margin fell to 18.01% from 18.78% as intensified domestic price competition pressured short-term profitability.

Financial highlights

• Revenue was RMB371.281bn, up 23.30% YoY; gross profit was RMB66.866bn, up 18.24%; attributable profit was RMB15.511bn, up 13.79%.

• EPS was RMB1.71, up 9.62% YoY; R&D investment rose 53.05% to RMB30.880bn; no interim dividend was recommended.

• Operating cash flow was RMB31.833bn versus RMB14.178bn in H1 2024, mainly reflecting higher cash receipts from sales and services.

Outlook and guidance

• H2 NEV penetration is expected to rise, supported by product upgrades, trade-in policies, consumption upgrades and subsidies; no specific financial forecast was stated.

• Priorities include core technology, overseas production and sales networks, global supply chains, in-house logistics and expansion of the multi-brand portfolio.

• AI-server demand and data-center liquid cooling are expected to support H2 growth in the intelligent-products and handset-components businesses.