BYD Company (1211) Q4 2025 earnings summary

Financial highlights

• Operating revenue reached RMB803.96 billion, up 3.46% year-over-year; net profit attributable to shareholders was RMB32.62 billion, down 18.97% year-over-year, mainly due to product mix changes and lower gross margin.

• Gross profit margin decreased to 17.74% from 19.44% in 2024; operating cash inflow was RMB59.14 billion, down from RMB133.45 billion in 2024.

• Total assets grew to RMB883.73 billion, with net assets attributable to shareholders at RMB246.27 billion; gearing ratio increased to 25% from -36% last year.

• R&D investment reached RMB63.4 billion, up 17% year-over-year; cash reserves stood at RMB167.8 billion.

• Dividend payout proposed at RMB0.358 per share (tax inclusive) for 2025.

Segment performance

• Automobiles and related products contributed 80.68% of revenue, up 5.06% year-over-year; mobile handset components and assembly accounted for 19.31%, down 2.74% year-over-year.

• Overseas revenue surged to 38.65% of total, up from 28.55% in 2024, reflecting strong export growth.

• NEV exports exceeded 1 million units, up 140% year-over-year; premium brands (Yangwang, Denza, Fangchengbao) sales doubled, nearing 400,000 units.

Outlook and guidance

• The company expects continued growth in NEV penetration, driven by technology upgrades, policy support, and global expansion.

• Plans to accelerate global deployment, enhance product and brand matrix, and deepen localization overseas.

• Focus on innovation in electrification (long-range PHEVs, 2nd-gen Blade Battery, flash charging) and intelligence (God's Eye 5.0, AI-driven features).