As the global new energy vehicle industry leader, BYD (002594.SZ/01211.HK) released its 2025 audited financial report on March 27, 2026. Amid intense domestic competition and price wars, the report shows "scale leadership, profit battles, and accelerated globalization."
Core Performance
BYD achieved record revenue of 8,039.65 billion yuan (up 3.46% YoY), surpassing the 8,000 billion yuan milestone for the first time. However, net profit fell 18.97% YoY to 326.19 billion yuan due to price wars, high R&D costs, and overseas expansion expenses.
New energy vehicle sales reached 460.24 million units (up 7.73% YoY), maintaining global leadership. Pure electric vehicle sales hit 226 million units, surpassing Tesla for the first time.
Business Structure
The automotive business remains dominant, contributing 80.68% of revenue (6,486.46 billion yuan). High-end brands like Yawn, Tengfei, and Equation Leopard saw 109% YoY growth in sales.
Non-automotive segments (e.g., mobile components) declined slightly (-2.74% YoY) but remain stable due to core manufacturing capabilities.
Globalization Acceleration
Overseas sales surged 145% YoY to 105 million units, becoming the core growth driver. Revenue from international markets reached 3,107.41 billion yuan (up 40.05% YoY).
R&D Investment
BYD increased R&D spending to 634 billion yuan (up 17% YoY), focusing on tech innovations like the "super e platform" and blade battery technology.
Financial & Operational Highlights
Total assets grew to 8,837.3 billion yuan, with cash reserves at 1,678 billion yuan. The company plans to invest up to 600 billion yuan in idle funds for higher returns.
Conclusion
While short-term profits face pressure, BYD's scale, tech leadership, and global expansion position it for long-term success in the new energy vehicle industry.