BYD's net profit of 32.6 billion yuan in 2025 drops by 19%, with exports surpassing one million vehicles for the first time becoming a highlight

1、 Core performance: Increased revenue and reduced profits, profit under pressure

Revenue scale: The total revenue for the year was 803.96 billion yuan, a year-on-year increase of 3.4%, breaking through the 800 billion yuan mark for the first time. However, the growth rate has significantly slowed down compared to previous years and is lower than the market's expected range of 830-8600 billion yuan.

Profit performance: Net profit attributable to the parent company was 32.62 billion yuan, a year-on-year decrease of 18.9%; Earnings per share are 3.58 yuan. The board of directors recommends distributing a final dividend of 0.358 yuan per share.

Gross profit margin: The overall gross profit margin for the year was 17.74%, a decrease of 1.7 percentage points from 19.44% in 2024, which is the lowest point in nearly five years. The company explained that the main reason for the decline in gross profit margin is the change in product structure and the adoption of more aggressive pricing strategies to cope with fierce competition.

2、 Main reason for profit decline: domestic price war intensifies, trading price for quantity

In 2025, the Chinese new energy vehicle market will shift from "incremental competition" to "stock competition", and price wars will spread from low-end to all categories, with BYD as the industry leader bearing the brunt.

Bicycle profits are squeezed: In order to maintain market share, BYD was forced to follow suit and reduce prices, with main models such as the Qin PLUS DM-i experiencing a maximum reduction of 30000 yuan, directly leading to a significant decline in net profit for bicycles. Data shows that in the second half of 2025, the domestic bicycle selling price dropped to 127000 yuan, and the gross profit margin fell below 18% at one point.

Changes in the competitive landscape: BYD, which once had a near monopoly in the plug-in hybrid market, has seen its market share slip from nearly 40% to 28.9%, being eroded by competitors such as Geely and Wanjie through a "low price, high configuration" strategy. In the core price range of 100000 to 200000 yuan, close combat has led to a continuous compression of profit margins.

High R&D investment: The annual R&D expenses reached 63.4 billion yuan, almost all of which were expensed, directly reducing current profits. This investment scale even exceeded the annual net profit, demonstrating its strategic bet on technological leadership.

3、 The biggest highlight: exports exceed one million, and the globalization strategy is effective

While facing pressure in the domestic market, BYD's overseas business has experienced explosive growth, becoming a key force in hedging domestic risks.

Export sales: By 2025, the export volume of new energy vehicles will reach 1.05 million units, a year-on-year increase of about 140%, surpassing the million unit mark for the first time and ranking first among Chinese car companies in terms of exports.

Overseas revenue: Overseas revenue was 310.74 billion yuan, a year-on-year increase of 40.05%, accounting for nearly 40% of total revenue.

Profit quality: The gross profit margin of overseas business reached 19.46%, higher than the 16.66% in the domestic market, and increased by 1.88 percentage points year-on-year, becoming a "ballast stone" for profits. At present, BYD's products have covered 119 countries and regions worldwide, and the global layout has achieved significant results.