BYD H1 2026 Revenue Falls 7.13% to RMB344.8B, Net Profit Drops 20.54%

In the first half of 2026, BYD Co. , Ltd. reported operating revenue of RMB344.815 billion, a year-on-year decrease of 7.13%. Net profit attributable to shareholders of the listed company stood at RMB12.325 billion, down 20.54% year-on-year, with basic earnings per share of RMB1.35. The company attributed the decline to temporary pressure on domestic demand in the first quarter and intensifying industry competition. On a quarterly basis, the second quarter showed marked improvement, with revenue of approximately RMB194.590 billion, up about 29.53% quarter-on-quarter, and net profit attributable to shareholders of approximately RMB8.240 billion, up about 101.7% quarter-on-quarter.

By business segment, the automotive, automotive-related products, and other products business generated revenue of approximately RMB275.341 billion in the first half, down 8.98% year-on-year, accounting for 79.85% of total revenue. The electronics and other products business recorded revenue of approximately RMB69.405 billion, up 0.96% year-on-year, representing 20.13% of total revenue. BYD sold 1.81 million new energy vehicles in the first half, up 14.87% year-on-year.

Overseas markets became a key growth driver in the period. According to the financial report, overseas operating revenue reached RMB181.268 billion, up 33.92% year-on-year, accounting for 52.57% of total revenue. Automobile exports totaled 792,000 units, up 67.8% year-on-year. The company maintained its position as China's largest new energy vehicle exporter, with operations covering more than 120 countries and regions, and achieved sales leadership in markets including the United Kingdom, Brazil, and Thailand. Its Brazil plant produced its 100,000th new energy vehicle, a custom pure-electric K-Car model named RACCO was launched for the Japanese market, and eight self-owned roll-on/roll-off vessels were put into operation. Energy storage system shipments ranked first globally, with products sold to more than 110 countries and regions.

In the domestic market, combined sales of the Fangchengbao, Denza, and Yangwang brands rose 61.0% year-on-year in the first half, lifting their combined share of the group's total passenger vehicle sales to 12.8%. In March, the company launched its second-generation blade battery and new flash-charging technology, and unveiled the "Flash Charge China" strategy. New flash-charging models, including the Seagull 07 EV, Song Ultra EV, and Tang EV, were officially launched. The Song Ultra EV received over 60,000 cumulative orders in its first month on sale, while the full-size SUV Tang EV surpassed 100,000 orders within 14 days of pre-sale.

On research and development, the company invested approximately RMB28.861 billion in the first half, bringing cumulative R&D investment to over RMB270 billion. In May, BYD launched and began mass production of the Xuanji A3, China's first 4nm intelligent driving chip, supporting L3/L4 autonomous driving, with three-chip coordinated computing power exceeding 2,100 TOPS. The company also released the super intelligent agent Didi Xia, powering the DiLink AI intelligent cockpit. Additionally, BYD conducted R&D and business deployment in AI computing infrastructure, covering servers, liquid cooling, power supplies, and high-speed interconnect products.

On shareholder changes, the National Social Security Fund Portfolio 114 increased its holdings by 12.7189 million shares during the reporting period, ending with 51.7407 million shares. In terms of share price, BYD's A-shares rose 20.61% in July, with some pullback since August. On August 28, the stock closed at RMB92.32, up 0.91% for the day.