BYD's net profit fell 42% from the same period last year, and R & D costs affected performance to a certain extent.

SMM4, April 22: on April 21, BYD released its 2019 annual report, showing that the company's revenue for the whole of 2019 was about 127.739 billion yuan, down 1.78 percent from the same period last year, and the net profit attributable to shareholders of listed companies was about 1.614 billion yuan, down 41.93 percent from the same period last year.

As for the decline in net profit attributable to shareholders of listed companies, BYD explained that this was mainly due to industry and policy changes and the impact of rising R & D costs for the current period. BYD spent about 5.629 billion yuan on research and development for the whole of 2019, an increase of 12.83 percent over 2018, according to the report. In 2019, BYD's management, finance and R & D expenses increased by 10.12%, 14.37% and 12.83%, respectively. BYD's R & D staff rose 15.11 per cent to 35788 in 2019 from a year earlier.

Revenue from BYD's auto and related products business was about 63.266 billion yuan in 2019, down 16.76 percent from a year earlier, according to the results. In the automotive and related products business revenue decline at the same time, the other two business sectors showed a positive growth trend. Of this total, revenue from mobile phone components and assembly business was about 53.38 billion yuan in 2019, an increase of 26.40 percent over the same period last year, while revenue from secondary rechargeable batteries and photovoltaic business was about 10.506 billion yuan in 2019, an increase of 17.38 percent over the same period last year.

BYD believes that the sharp decline in domestic subsidies for new energy vehicles in 2019 and the early switching of "six" emission standards in some areas have led to a decline in production and sales in the automobile industry for the first time compared with the same period last year, and sales of BYD new energy vehicles have also declined. BYD sold about 229500 new energy vehicles in 2019, down 7.39 per cent from a year earlier, according to the results.

In 2019, BYD sold less than expected for the full year, meeting a target of 70.98 per cent of its annual sales target of 650000 vehicles. With the overall weakening of the new energy vehicle market, total sales of BYD vehicles and year-on-year growth rates of new energy vehicles have been negative since July last year. Sales of new energy vehicles fell sharply in the second half of last year, affected by the retreat of new energy subsidies, according to the China Association of Automobile Manufacturers. For the whole of 2019, sales of new energy vehicles were 1.206 million, down 4 per cent from a year earlier, the first year-on-year decline in nearly a decade.

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