BYD Annual Report Released: Revenue of 804 billion! R&D investment far exceeds net profit!

(Source: MyBattery)

Intro | mybattery

In 2025, BYD’s full-year sales exceeded 4.6 million units. Not only did it впервые enter the global top five automaker groups by sales, but it also won multiple honors including the global new energy vehicle sales champion, the sales champion among automakers in the China market, and the sales champion of Chinese brands, among others.

On the evening of March 27, BYD (002594.SZ) released its 2025 annual report. Multiple key operating indicators reached new highs again: revenue of 804 billion yuan, net profit of 32.6 billion yuan, and domestic taxes in the same period totaling 53.3 billion yuan; in addition, R&D investment of 63.4 billion yuan, up 17% year over year, far higher than net profit in the same period. Even more noteworthy is that cash reserves reached 167.8 billion yuan, and the company’s financial position is becoming even more solid.

Against the backdrop of intensifying competition in the auto industry, BYD’s chassis development is becoming increasingly solid, with every indicator firmly staying at the forefront of the industry—its industry-leading momentum is becoming more and more obvious.

Major R&D spending strengthens technical advantages; disruptive results roll out in clusters

Behind its sustained leadership in performance is BYD’s long-term commitment to technological innovation. In 2025, the company’s R&D investment reached 63.4 billion yuan, up 17% year over year, with cumulative R&D investment exceeding 240 billion yuan.

While continuing to heavily invest in R&D, BYD has also accelerated the pace at which technological achievements are commercialized. Technologies such as the TianShenEye driver assistance system and the fifth-generation DM are continuously optimized. They keep pushing beyond technical limits and help define industry standards. Earlier this March, BYD released its second-generation Blade Battery and flash-charging technology: at room temperature, charging from 10% to 70% takes only 5 minutes, from 10% to 97% takes only 9 minutes; even at -30°C, charging from 20% to 97% takes only 12 minutes—creating a global record for the fastest charging speed among mass-produced vehicles.

Advancing on both fronts—internationalization and premiumization—while the growth structure continues to improve

The continuous strengthening of its technical moat has driven steady growth in the company’s sales. In 2025, BYD’s full-year sales exceeded 4.6 million units. Not only did it впервые enter the global top five automaker groups by sales, but it also won multiple honors including the global new energy vehicle sales champion, the sales champion among automakers in the China market, and the sales champion of Chinese brands, among others.

While scaling up steadily, the company has achieved milestone breakthroughs in both internationalization and premiumization, with a notable improvement in the quality of its growth.

As of now, BYD’s business covers 119 countries and regions worldwide, and overseas sales reached 1.05 million units, up 145%. With the first passenger car from BYD’s Brazil passenger vehicle plant rolling off the line and eight vehicle transport ships entering operation, the company’s global expansion is stepping into a new stage.

Meanwhile, the brands Fangchengbao, Denza, and Yangwang sold a combined 397,000 units last year, up 109%, and their share of total sales has increased by nearly one倍 compared with 2024. Breaking through on both fronts—internationalization and premiumization—not only optimizes the company’s product sales structure, but also significantly strengthens BYD’s brand influence and profitability, injecting a “shot of adrenaline” for the company’s sustained and steady growth.

Actively Fulfilling Social Responsibility; Repaying Society Through Hard Work

As an industry leader, beyond developing its own business, BYD has always actively fulfilled its social responsibilities. In 2025, the company’s total domestic tax payments reached 53.3 billion yuan, far exceeding net profit in the same period. With concrete actions, it gives back to society. In terms of sustainable development, BYD firmly aligns itself with the goal of achieving carbon neutrality across the full value chain by 2045. Its ESG rating from MSCI (明晟) was awarded an AA grade, and its ESG score from S&P also achieved a significant rise, staying firmly within the top tier of ESG performance among domestic companies. According to statistics, in 2025 BYD’s new energy vehicles achieved 46.6 million tons of carbon emissions reduction across their full life cycle—equivalent to planting about 777 million trees—injecting strong momentum into green development.

C O N C L U S I O N

At present, the global auto industry is still in the “deep-water zone” of transformation and restructuring. With technological innovation at its core and internationalization and premiumization as its wings, BYD delivers a steady answer marked by both volume and quality rising together. Looking ahead, the company will continue to deepen its technological first-mover advantages, fulfill social responsibilities, and lead the global auto industry into a new journey of development that is more resilient and higher quality.

Written by | Changqing

Proofread by | Zhang Qian