【1211 Performance】BYD ADR down 8% in Hong Kong; earnings decreased by 19% last year; final dividend of 0.358 RMB

BYD (01211)
Reports full-year 2025 results: revenue was 8039.6 billion yuan (RMB, the same below), up 3% year over year. Of this, 310.7 billion yuan was revenue from overseas operations, and net profit was 32.62 billion yuan, down 19% year over year.

BYD declared a final dividend of 0.358 yuan per share. After BYD’s last share subdivision last year into three shares, the 2024 final dividend was 3.974 yuan, with 20 shares to be issued for every 10 shares held (including 8 bonus shares and 12 shares from capitalisation and bonus shares).

BYD’s ADR is equivalent to HK$98.32, which is 7.7% lower than the HK close price of HK$106.5.

BYD said that it sold 4.6 million vehicles in the “express” period, with overseas exports of 1.05 million vehicles, and R&D spending of 63.4 billion yuan, up 17%. Cash reserves were 167.8 billion yuan.

During the period, revenue from automobiles, automobile-related products and other products was 648.65 billion yuan, up 5% year over year. Of this, revenue from the China region (including Hong Kong, Macau and Taiwan regions) generated under contracts with customers was 457.04 billion yuan, down 12%, while overseas revenue was 191.35 billion yuan, surging 92%.

As for revenue from phone components, assembly and other products, it was 155.2 billion yuan, down 3%. Of this, revenue from the China region (including Hong Kong, Macau and Taiwan regions) generated under contracts with customers was 35.9 billion yuan, down 4%, while overseas revenue was 119.29 billion yuan, down 2%.

BYD chairman Wang Chuanfu said that in March this year, it released the second-generation Blade battery and fast-charging technology, achieving “charging at room temperature, from 10% to 70% in only 5 minutes; from 10% to 97% in only 9 minutes; at -30 degrees, from 20% to 97% in only 12 minutes,” setting a new global record for the fastest charging speed among mass-produced vehicles. It also tackled the global challenges in the first half of electrification—“slow charging” and “difficulty charging at low temperatures.” At the same time, it rolled out the “Fast Charging China” strategy to usher China’s new-energy vehicles into the fast-charging era, helping to deliver a perfect close to the first half of electrification.

As for BYD Electronics (00285)
Last year, revenue was 179.48 billion yuan, up 1.2%, while net profit was 35.2 billion yuan, down 17.6%. Final dividend per share was 0.156 yuan, down 73% year over year.