BYD Company (1211) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB344,815 million, down 7.13% year-over-year, with net profit attributable to shareholders at RMB12,325 million, down 20.54%.

• Gross profit declined 2.81% to RMB64,989 million, but gross margin improved to 18.85% from 18.01% due to growth in overseas NEV business.

• The Group maintained global leadership in NEV sales and energy storage shipments, with robust overseas expansion and high-end brand development.

• R&D investment reached RMB28.9 billion in H1 2026, with cumulative R&D exceeding RMB270 billion.

Financial highlights

• Operating cash inflow was RMB37,335 million, up from RMB31,833 million in H1 2025.

• Total borrowings as of June 30, 2026, were RMB120,055 million, up from RMB113,435 million at year-end 2025.

• Gearing ratio increased to 31% from 25% at year-end 2025.

• Basic and diluted EPS were RMB1.35, down 21.05% year-over-year.

• Inventory turnover days increased to 109 from 79, reflecting higher overseas business and longer shipping cycles.

Outlook and guidance

• The Group will deepen its focus on electrification and intelligence, expanding the "FLASH Charging Ecosystem" globally and targeting 6,000 overseas flash charging stations.

• NEV market fundamentals remain strong, with rising penetration rates and robust overseas expansion expected to drive growth.

• The Group aims to consolidate its leading position in NEVs, accelerate high-end and global strategies, and focus on innovation and premium brand development.