- BYD's full-year net profit for 2025 fell 19% year-on-year to 32.62 billion yuan ($4.72 billion).
- Full-year revenue posted a 3.46% growth as overseas expansion partially offset the pressure from the domestic price war.
BYD reported a decline in its full-year net profit for 2025, as China's broader new energy vehicle (NEV) industry remains plagued by price wars.
Net profit fell 19% year-on-year to 32.62 billion yuan ($4.72 billion), missing the 35.65 billion yuan estimated by analysts in a Bloomberg survey, according to its financial report released Friday.
"China's NEV industry has established a leading position globally, but still faces multiple challenges in 2026. At the market level, persistent price wars and a highly competitive environment are squeezing automakers' profit margins," BYD said.
The company's revenue achieved modest growth, with total revenue reaching 803.97 billion yuan in 2025, up 3.46% year-on-year. However, the figure also fell short of the market consensus of 836.26 billion yuan.
This indicates a slowdown in overall sales momentum amid fierce industry competition and macroeconomic pressures.
Throughout 2025, BYD sold 4,602,436 NEVs, a year-on-year increase of 7.73%, meeting its downward-adjusted sales target of 4.6 million units.
| Year | NEV Sales |
|---|---|
| 2020 | 189,689 |
| 2021 | 603,783 |
| 2022 | 1,863,494 |
| 2023 | 3,024,417 |
| 2024 | 4,272,145 |
| 2025 | 4,602,436 |
The automobiles and related products business remains the company's core revenue driver, contributing 648.65 billion yuan during the year.
This core segment posted a 5.06% year-on-year increase, accounting for 80.68% of the group's total annual revenue.
Meanwhile, revenue from the mobile handset components and assembly business declined, dropping 2.74% year-on-year to 155.24 billion yuan.
Margin compression was the primary reason for the net profit slump. According to the annual report, its overall gross profit margin narrowed to 17.74% from 19.44%.
Management attributed the margin decline mainly to a shift in product mix, noting that the domestic auto industry is undergoing a brutal "knockout stage." This has forced many automakers to sacrifice profit margins to maintain or expand their market share.
Despite domestic headwinds, BYD made breakthroughs in overseas markets, with its annual NEV exports surpassing the 1 million mark for the first time.
Overseas exports reached 1.05 million units, representing a 1.4-fold year-on-year increase, as the international business emerges as a new growth engine for the company.
Earlier this year, BYD set a target of selling 1.3 million vehicles in overseas markets in 2026, representing an increase of about 24%.
BYD continued to invest heavily in technological innovation, with research and development spending hitting 63.4 billion yuan in 2025, up 17% year-on-year.
Furthermore, considering the company's actual operating cash flow, the board of directors proposed a final dividend of 0.358 yuan per share for 2025.
Facing intense competition, BYD unveiled its second-generation Blade Battery and flash charging technology earlier this month, enabling vehicles to charge from 10% to 70% in just five minutes.
BYD plans to build 20,000 flash-charging stations nationwide by the end of 2026; these initiatives further enhance the market competitiveness of its NEV models, accelerating the replacement of gasoline-powered vehicles.
($1 = 6.9138 yuan)
