Shanghai (Gasgoo)- On August 29, BYD released its financial results for the first half of 2025 (H1 2025), highlighting solid revenue growth, a sharp increase in R&D spending, and strong momentum in overseas markets.
The company posted revenue of around 371.3 billion yuan for the H1 period, up 23.3% year-on-year. Net profit attributable to shareholders reached 15.51 billion yuan, a 13.8% year-on-year increase, while adjusted net profit rose 10.4% from a year ago to 13.599 billion yuan. Cash reserves stood at 156.1 billion yuan by H1, underscoring its financial strength.
Revenue continued to expand at a brisk pace, though profitability has been tempered by pricing pressures in a crowded market. The company's gross margin for the first six months of 2025 came in at 18%, broadly unchanged from a year earlier.
Automobiles and related products generated 302.5 billion yuan in revenue, a 32.5% year on year leap and now accounting for 81.5% of total sales. In contrast, revenue from handset components and assembly fell 5.5% over a year earlier to 68.7 billion yuan. The shift underscores the growing dominance of BYD's auto business as the group's main growth engine.
Overseas sales were a standout. Revenue from international markets surged 130% year on year to 135.4 billion yuan, with models in key countries such as Germany, Brazil, Israel, Australia, and Thailand often priced higher than in China. In some cases, BYD's premium models are approaching the sticker levels of Mercedes-Benz and BMW, boosting profitability abroad.
BYD has been accelerating its global footprint. In May, it established a European headquarters in Hungary; in April, it broke ground on a plant in Cambodia. At the same time, the company has begun operating its own shipping fleet to support global deliveries.
Investment in R&D reached 30.88 billion yuan in H1 2025, up 53% year-on-year and far outpacing net profit. Since its founding, BYD has poured more than 210 billion yuan into R&D, underlining its technology-driven strategy.
By July, BYD had sold 2.49 million vehicles globally this year, up 27.4% year-on-year. Overseas deliveries surpassed 550,000 units—already exceeding full-year 2024 levels—representing growth of more than 130%.
