On August 29, BYD released its 2025 interim financial results, reporting revenue of CNY 371.3 billion, up 23.3% year-on-year and hitting a record high, surpassing Tesla’s revenue of CNY 299.5 billion in the same period for the first time. R&D investment reached CNY 30.9 billion, a sharp increase of 53% year-on-year, accounting for more than 8% of revenue.
Net profit attributable to shareholders was CNY 15.51 billion, up 13.79%, while gross margin fell to 18.01%, reflecting profit pressure under the price war.
The new energy vehicle business remained the core growth driver, with sales keeping BYD as the world’s No. 1, contributing over 80% of revenue. In its electronics business, the company focused on AI data center products, building complete solutions in servers, liquid cooling, and power systems to tap new growth opportunities.
Overseas revenue reached CNY 135.4 billion, up 130% year-on-year, becoming a key growth engine. BYD now covers more than 110 countries and regions across six continents and is accelerating localization and capacity building in markets such as Europe and Southeast Asia.
The company also launched the “Super e-Platform” and “Universal Intelligent Driving” strategy, introduced a 10C ultra-fast charging battery, and brought advanced driver-assistance systems into mass-market models priced around CNY 100,000. Its multi-brand portfolio is maturing, with premium brand Yangwang (仰望) surpassing 10,000 units sold, setting a new benchmark for million-yuan Chinese vehicles.