On the evening of August 29th, BYD Company Limited (hereinafter referred to as “BYD”) officially released its interim results for 2025. The financial report shows that in the first half of 2025, BYD achieved an operating revenue of 371.28 billion yuan, a year-on-year increase of 23.30%. The net profit attributable to shareholders of the listed company was 15.51 billion yuan, a year-on-year increase of 13.79%; the net profit after deducting non-recurring gains and losses was 13.60 billion yuan, a year-on-year increase of 10.43%. It is worth noting that BYD’s half-year revenue exceeded that of Tesla. Tesla’s operating revenue in the first half of the year was 41.8 billion US dollars, equivalent to approximately 298 billion yuan.
BYD’s operating revenue mainly comes from two segments: mobile phone components, assembly and other products; and automobiles, auto-related products and other products. In the first half of the year, the operating revenue from mobile phone components, assembly and other products reached 68.74 billion yuan, a year-on-year decrease of 5.54%, accounting for 18.51% of the total revenue, with a year-on-year increase of 0.09% in gross profit margin. The revenue from automobiles, auto-related products and other products in the first half was 302.51 billion yuan, a year-on-year increase of 32.49%, accounting for 81.48% of the total revenue, while the gross profit margin decreased by 1.99% year-on-year.
In the financial report, BYD stated that competition in China’s automotive industry has entered a white-hot stage, with industry chaos such as “fixed low prices” and “excessive marketing” emerging. These phenomena have seriously disrupted the normal business order and hindered the high-quality development process of the automotive industry. This is likely the main reason why BYD’s automotive business saw a sharp increase in revenue in the first half of the year while its gross profit margin declined year-on-year. The financial report shows that BYD’s gross profit margin in the first half of the year was 18.01%, compared with 18.78% in the same period of the previous year, reflecting the highly competitive market and pricing pressure.
According to BYD’s data, the sales volume of its new energy vehicles (NEVs) in the first half of the year was 2.1460 million units, a year-on-year increase of 33.04%. Among them, the sales volume of battery electric vehicles (BEVs) was 1.0234 million units, a year-on-year increase of 40.93%; the sales volume of plug-in hybrid electric vehicles (PHEVs) was 1.0899 million units, a year-on-year increase of 23.71%. In terms of monthly sales, although BYD is far ahead of other competitors, the growth rate of its monthly sales in the first half of 2025 has slowed down, which also reflects the competitive pressure in the market. Currently, BYD has deployed four major brands: BYD (Dynasty/Ocean), Denza, Fang Cheng Bao, and Yangwang. Among them, BYD (Dynasty/Ocean) is the main source of sales. The cumulative sales of the Dynasty Network in the first half of the year reached 920,300 units, and that of the Ocean Network was 1.0308 million units.
The overseas market has become BYD’s second growth driver. The financial report shows that in the first half of the year, BYD’s overseas revenue was 135.36 billion yuan, accounting for 36.46% of the total operating revenue, with a gross profit margin of 19.82% and a year-on-year increase of 50.49%. It is worth noting that the pricing of BYD models launched overseas is usually much higher than that in China. In five major export markets including Germany, Brazil, Israel, Australia, and Thailand, the pricing of BYD models is generally 2 to 3 times that in China. For example, the starting price of BYD’s compact SUV model ATTO 3 (known as Yuan PLUS in China) in European markets such as Germany is 38,000 euros (equivalent to approximately 316,000 yuan), which is more than twice the price in China. The price of the high-end version of Han EV in Brazil and other regions has reached the same level as luxury cars such as Mercedes-Benz and BMW. Such a premium level has greatly improved BYD’s profitability in overseas markets.
In the first half of this year, BYD continued to increase its R&D investment, which reached 30.88 billion yuan, a year-on-year increase of 53.05%, and the amount was twice that of the net profit. In March this year, BYD released the world’s first mass-produced passenger car full-domain 1000V high-voltage architecture “Super e-Platform”, and launched the 10C charging rate “Flash Charge Battery”, the world’s first mass-produced 30,000-rpm motor, and a new generation of automotive-grade silicon carbide (SiC) power chips. In the financial report, BYD stated that in terms of automotive and battery businesses, the company will continue to strengthen its technical investment in the new energy vehicle field, focus on the deepening and integration of core technologies in electrification and intelligentization, and empower the transformation of the entire industrial chain.
Data shows that in July this year, the sales volume of BYD’s new energy vehicles was 344,300 units, a year-on-year increase of 0.56%. It is understood that BYD has set a sales target of 5.5 million units for 2025, and the cumulative sales volume in the first seven months of 2025 reached 2.49 million units. Calculated based on this, by the end of July, BYD had only completed 45.28% of its full-year sales target for 2025.
In the financial report, BYD stated that the penetration rate of new energy passenger vehicles is expected to continue to rise. The policy of replacing old vehicles with new ones and national subsidies will be continuously implemented. It is expected that central funds for the third quarter and the fourth quarter will be allocated in July and October respectively to promote the phase-out of old fuel vehicles and the replacement of new energy vehicles, further drive consumption upgrading, and help maintain steady growth in new energy vehicle sales.
