For the first three quarters, BYD’s cumulative revenue reached 566.27 billion yuan, a year-on-year increase of 13%, setting a new record high for the same period.
On the evening of October 30, BYD released its financial report for the third quarter of 2025.
Data shows that BYD achieved revenue of 194.99 billion yuan for the quarter, a year-on-year decrease of 3.05%, marking the first negative growth in quarterly revenue in nearly three years. Net profit attributable to shareholders and net profit after deducting non-recurring gains and losses were 7.823 billion yuan and 6.891 billion yuan, respectively, down 32.60% and 36.65% year-on-year.
For the first three quarters, BYD’s cumulative revenue reached 566.27 billion yuan, a year-on-year increase of 13%, while net profit was 23.33 billion yuan, down 7.55% year-on-year.
From an industry development perspective, the decline in BYD’s Q3 revenue and profit was influenced by multiple factors, including industry competition, price competition, and a significant increase in BYD’s R&D investment. For instance, in the first three quarters of this year, BYD’s R&D expenses reached 43.748 billion yuan, a substantial 31% year-on-year increase, representing an additional investment of 10.429 billion yuan compared to the same period last year.
While performance declined, the growth rate of BYD’s vehicle sales in the first three quarters also slowed.
From January to September, BYD’s global cumulative deliveries reached 3.26 million vehicles, ranking first domestically. However, compared to the same period in 2024, BYD’s vehicle sales growth rate dropped from 32.13% to 18.64%.
Looking at the sales trend this year, BYD maintained high monthly sales of around 380,000 vehicles for three consecutive months in the second quarter. Upon entering the third quarter, the growth rate noticeably slowed, with monthly sales of 344,300, 373,600, and 396,300 vehicles, respectively.
Behind the slowdown in growth is the intensifying competition in the new energy vehicle market. BYD launched promotional policies multiple times between March and June 2025, which supported sales in the short term but inevitably impacted product gross margin.
Reflected in the financial data, as of the end of the third quarter of 2025, BYD’s inventory balance reached 152.973 billion yuan, an increase of 31.83% compared to the inventory balance of 116.036 billion yuan at the end of the fourth quarter of 2024.
The announcement stated that the inventory growth was mainly due to the increase in the automotive business. A senior financial analyst noted that in a highly competitive industry, a continuous climb in the inventory balance often indicates increasing pressure on product destocking. The company may face issues such as capital tie-up and rising impairment risks, which will further test its supply chain management and market forecasting capabilities.
The good news is that BYD’s overseas performance in the first three quarters was outstanding. From January to September 2025, BYD’s overseas sales reached 702,000 vehicles, a surge of 132% year-on-year, already covering 117 countries and regions. This has become a new growth point for BYD.
Furthermore, in the automotive business, BYD has been actively promoting its premium strategy this year, attempting to enhance profitability through product structure improvements. In the new energy sector, BYD’s power battery and energy storage battery businesses are also expanding steadily, becoming a second growth pillar.
BYD previously stated that its annual vehicle sales target for this year is 4.6 million vehicles, and it has currently achieved 70.87% of this sales target.
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