Nearly 40% of overseas revenue: BYD is becoming more and more capable of "running"

The Science and Technology Innovation Board Daily reported on March 27 (Reporter: Yang Xiaoxiao) that BYD’s revenue has surpassed 800 billion for the first time.

The report shows that in 2025, BYD achieved a revenue of approximately 803.965 billion yuan, a year-on-year increase of about 3.46%; net profit attributable to the parent company was approximately 32.619 billion yuan.

From the revenue structure perspective, during the reporting period, BYD’s automotive and related products and other product business revenue was approximately 648.6 billion yuan, a year-on-year increase of about 5.06%, accounting for more than 80% of total revenue; while mobile phone components, assembly, and other product business revenue was approximately 155.237 billion yuan.

In terms of gross margin, the gross margin level for automotive and related businesses reached about 20.49%; while mobile phone components and others were around 6.29%. In terms of sales volume, BYD’s total sales of new energy vehicles for the year were approximately 4.54 million units, a year-on-year increase of about 6.9%. It can be seen that BYD’s growth momentum is further concentrating on its main business of new energy vehicles.

Regionally, BYD’s overseas revenue indicators saw a significant improvement in 2025. Based on customer location statistics, overseas revenue was approximately 310.741 billion yuan, accounting for about 38.65%, an increase of about 10 percentage points compared to 28.55% in 2024.

It is worth mentioning that BYD’s overseas business gross margin reached 19.46%, higher than the domestic gross margin level of 16.66%.

According to data disclosed by BYD, as of now, its business has covered 119 countries and regions globally, with overseas vehicle sales reaching 1.05 million units, a year-on-year increase of 145%.

Currently, BYD’s investment in overseas business continues to increase, and its overseas model is gradually shifting from pure product export to localized operations and systematic layout.

The annual report shows that during the reporting period, BYD advanced the construction of production bases in places like Brazil and Thailand, with the Brazilian factory already in operation and the Thai factory achieving localized production; at the same time, the company’s European headquarters has settled in Hungary, undertaking functions such as sales, certification, and localized development, and supporting the construction of a roll-on/roll-off fleet to facilitate vehicle transportation.

Industry insiders analyzed to the Science and Technology Innovation Board Daily reporter that compared to the model primarily based on complete vehicle exports, localized operations emphasize local manufacturing capabilities and channel system development, which for automotive companies means more resources need to be invested in capacity construction, channel layout, and brand cultivation in the early stages, resulting in a relatively extended business return cycle. At the same time, different regional markets have variations in policy environments and cost structures, which also pose higher requirements for enterprises’ localized operational capabilities.

In terms of R&D investment, the annual report shows that BYD’s R&D investment in 2025 was approximately 63.4 billion yuan, a year-on-year increase of about 17%, and the proportion of R&D investment to revenue further increased.

In terms of results, BYD has continuously advanced product iterations around intelligent driving and power systems, including updates to the assisted driving system and plug-in hybrid technology platform. In the battery field, BYD released its second-generation blade battery and fast charging technology in March this year, optimizing issues such as charging efficiency and low-temperature performance.

As one of the few automotive companies that have achieved self-research in core links, BYD continues to maintain a synergistic advantage in the fields of batteries, core components, and vehicle manufacturing. It can be seen that during the reporting period, the company strengthened this industrial chain support capability through internal resource integration.

The aforementioned industry insiders believe that this systematic capability allows BYD to possess stronger volatility resistance and expansion flexibility against the backdrop of intensified industry competition.

Overall, BYD is currently in a stage of simultaneous scale-driven and investment expansion, with the momentum for high-quality development continuing to consolidate. However, as the new energy vehicle industry gradually enters a phase of deepening competition from high-speed growth, the growth model relying solely on sales and scale expansion is facing marginal changes.

Against this backdrop, BYD is attempting to gradually build a comprehensive competitive capability centered on technology, systems, and global operations by increasing R&D investment, promoting overseas localization layout, and strengthening industrial chain synergy. However, under the continuous investment and expansion rhythm, its capital utilization efficiency, cash flow performance, and profitability of overseas businesses still need to be further validated in subsequent operations.