BYD Company released its unaudited first-quarter report for 2026. Operating revenue fell 11.82% year on year to RMB 150.23 billion, while net profit attributable to shareholders contracted 55.38% to RMB 4.08 billion. Excluding extraordinary items, core net profit was RMB 4.15 billion, a 49.24% decrease.
Profitability indicators weakened across the board. Basic and diluted earnings per share dropped to RMB 0.4480, and the weighted return on equity slipped to 1.65%, down 2.72 percentage points from a year earlier.
Key cost and income movements • Operating costs declined 10.46% to RMB 121.97 billion, broadly in line with the top-line contraction. • Taxes and surcharges fell 42.47% to RMB 1.88 billion, reflecting lower consumption-tax outlays. • Finance expenses swung from a gain to an expense, reaching RMB 2.10 billion versus a RMB 1.91 billion gain a year earlier, mainly due to exchange losses. • Investment income slumped 87.68% to RMB 0.09 billion, weighed by higher losses on derecognition of financial assets measured at amortised cost. • Government grants contributed RMB 0.18 billion, offset by RMB 0.15 billion of losses on disposal of non-current assets; the net extraordinary loss was RMB 0.06 billion.
Balance-sheet highlights (31 March 2026 vs. 31 December 2025) • Total assets rose 2.08% to RMB 902.08 billion; owners’ equity attributable to shareholders increased 1.48% to RMB 249.92 billion. • Development expenditures expanded 38.75% to RMB 8.29 billion, underlining continued in-house R&D. • Short-term borrowings surged 72.27% to RMB 66.30 billion, and bills payable more than doubled to RMB 48.60 billion, reflecting higher near-term funding and settlement needs. • Non-current liabilities due within one year declined 37.41% after repayment of long-term borrowings.
Cash-flow performance • Net cash from operating activities dropped 67.48% to RMB 2.79 billion, mainly due to lower cash receipts from sales and services. • Net investing cash outflow narrowed 38.15% to RMB 20.25 billion as capital spending on fixed and intangible assets moderated. • Net financing cash inflow totaled RMB 23.06 billion, comparing with RMB 38.00 billion in the prior-year period; the 2025 base included a large H-share placement.
Shareholder structure HKSCC Nominees Limited remained the largest shareholder with a 40.38% stake, followed by Chairman Wang Chuan-fu at 16.90%. A- and H-share holders together numbered 718,724 at quarter-end.
The report is unaudited and was released simultaneously in Shenzhen and Hong Kong on 28 April 2026.
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