Byd Company Limited has released its 2025 annual report, marking a recurrence of revenue growth without corresponding profit gains after a four-year interval. The company reported operating revenue of 8039.65 billion yuan, a year-on-year increase of 3.46%, while net profit attributable to shareholders declined by 18.97% to 326.19 billion yuan.
Chairman Wang Chuanfu stated in his annual report address that the new energy vehicle industry is witnessing intense competition and is undergoing a rigorous elimination phase. As of March 27, Byd Company Limited's A-share price closed at 105.30 yuan per share, with a total market capitalization of 9188 billion yuan.
This is the first instance of revenue growth without profit improvement since 2021. In that year, the company reported operating revenue of 2161.42 billion yuan, up 38.02% year-on-year, but net profit fell by 28.08% to 30.45 billion yuan.
In 2025, both of Byd Company Limited's core business segments experienced year-on-year declines in gross profit margins. The gross margin for the automotive and related products division decreased by 1.82 percentage points to 20.49%, approaching the level seen in 2022. From 2022 to 2024, the automotive business gross margins were 20.39%, 23.02%, and 22.31%, respectively.
Byd Company Limited primarily operates in new energy vehicles, mobile handset components and assembly, secondary rechargeable batteries and photovoltaic products, and also leverages its technological expertise to expand into urban rail transit. In 2025, automotive business revenue accounted for over 80% of total revenue.
The company's performance deterioration accelerated in the second half of 2025. Third and fourth quarter operating revenue declined by 3.05% and 13.52% year-on-year respectively, while net profit fell by 32.60% and 38.16% during the same periods.
Monthly sales performance was generally weak in the latter half of 2025, with domestic sales showing multiple year-on-year declines. During the fourth quarter, Byd Company Limited failed to surpass the monthly sales threshold of 500,000 vehicles for three consecutive months, with October, November, and December sales reaching 441,700, 480,200, and 420,400 units respectively. This contrasts with the period starting October 2024, when monthly sales exceeded 500,000 units for three consecutive months with a sustained upward trend.
While overseas monthly sales reached new highs during the fourth quarter of 2025, domestic sales experienced significant year-on-year declines of 24.11%, 26.81%, and 37.24% in October, November, and December respectively.
The company's proposed annual cash dividend distribution shows substantial contraction. Based on the current total share capital of 9.117 billion shares, Byd Company Limited plans to distribute a cash dividend of 3.58 yuan per share (before tax), resulting in total cash dividends of 3.264 billion yuan for 2025. This compares to 9.012 billion yuan and 12.077 billion yuan in 2023 and 2024 respectively.
The dividend payout ratio relative to net profit has dropped to 10.01% for 2025, significantly lower than the 30% maintained in both 2023 and 2024. Wang Chuanfu attributed this reduction to the company's actual operating cash flow situation and future development requirements.
Net cash flow from operating activities amounted to 591.36 billion yuan by the end of 2025, representing a decrease of 55.69% year-on-year. The company explained that maintaining the dividend payout ratio below 30% enables strategic allocation of resources to capture historical opportunities in the global acceleration of new energy vehicle adoption, including expediting production capacity layout worldwide, enhancing channel system development, and accelerating the popularization of next-generation fast-charging infrastructure.
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