BYD on March 27 released its audited 2025 results, according to disclosures compiled by Sina Finance, showing steady revenue growth but a notable decline in profitability amid intensifying competition.
The company reported revenue of about CNY 804 billion (approx. US$116 billion), up roughly 3.5% from a year earlier, while net profit attributable to shareholders fell 19% to CNY 32.6 billion. Profit excluding nonrecurring items declined 20.4% to CNY 29.4 billion. Total assets reached CNY 883.7 billion at year-end.
Fourth-quarter performance reflected mounting pressure. Revenue fell 13.5% from a year earlier, even as it rebounded sequentially, while net profit dropped more sharply. Estimates cited by Sina Finance suggest per-vehicle profitability declined significantly, highlighting pricing pressure in China's crowded electric vehicle market.
The board approved a dividend plan based on roughly 9.12 billion shares outstanding, proposing a cash payout of CNY 3.58 per 10 shares, for a total distribution of about CNY 32.6 billion. The accounts received a standard unqualified audit opinion from Ernst & Young Hua Ming.
Operationally, BYD continued to expand. Sales of new energy passenger vehicles rose 7.7% to 4.6 million units in 2025, driven by a 27.9% increase in fully electric vehicles, while plug-in hybrid model sales declined modestly. Higher-end brands—including Denza, Fangchengbao, and Yangwang—saw combined sales more than double, though they still represent a relatively small share of total volume.
The company is also leaning on technology to sharpen its edge. In March, it introduced its second-generation blade battery and fast-charging system, aiming to address long-standing constraints such as charging speed and cold-weather performance.
Overseas, growth has accelerated sharply. Exports surged more than 150% to just over one million vehicles, with strong demand across Latin America, Europe, and Southeast Asia. BYD has been expanding localized production and pushing its premium brands into global markets, moves analysts say could become a key driver of future growth.
Despite near-term margin pressure, analysts cited by Sina Finance say BYD's long-term outlook remains tied to its ability to scale advanced technologies, expand globally, and move further into higher-end segments.
Article edited by Jack Wu
