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

BYD (01211)
announced its full-year results for 2025, with revenue of 803.96 billion yuan (RMB, the same below), up 3% year-on-year, of which 310.7 billion yuan was from overseas sales, and net profit was 32.62 billion yuan, down 19% year-on-year.

BYD’s final dividend per share is 0.358 yuan; after a 1-for-3 stock split last year, the final dividend for 2024 is 3.974 yuan, with a bonus issue of 20 shares (8 bonus shares and 12 capitalized shares). In terms of total cash dividends, the forecast for the 2025 fiscal year is 3.26 billion yuan, a decrease of 73% compared to 12.08 billion yuan in 2024.

BYD’s ADR is converted to 98.32 HKD, which is 7.7% lower than the closing price of 106.5 HKD.

BYD pointed out that the preliminary sales volume was 4.6 million vehicles, with preliminary overseas exports of 1.05 million vehicles, R&D investment was 63.4 billion yuan, up 17%, and cash reserves amounted to 167.8 billion yuan.

During the period, revenue from automobiles, automotive-related products, and other products was 648.65 billion yuan, up 5% year-on-year, of which revenue from contracts with customers in China (including Hong Kong, Macau, and Taiwan) was 457.04 billion yuan, down 12%, while overseas revenue was 191.35 billion yuan, a significant increase of 92%.

As for revenue from mobile phone components, assembly, and other products, it was 155.2 billion yuan, down 3%, of which revenue from contracts with customers in China (including Hong Kong, Macau, and Taiwan) was 35.9 billion yuan, down 4%, and overseas revenue was 119.29 billion yuan, down 2%.

BYD Chairman Wang Chuanfu stated that in March of this year, the second-generation blade battery and flash charging technology were released, achieving “room temperature charging, from 10% to 70% in just 5 minutes; from 10% to 97% in just 9 minutes; at minus 30 degrees, from 20% to 97% in just 12 minutes,” creating a new record for the fastest charging speed in global mass production, overcoming the global challenges of “slow charging” and “difficult low-temperature charging” in the first half of electrification. At the same time, the “Flash Charging China” strategy was released, leading China’s new energy vehicles into the era of flash charging, helping to perfectly conclude the first half of electrification.

As for BYD Electronics (00285)
last year’s revenue was 179.48 billion yuan, up 1.2%, with a net profit of 3.52 billion yuan, down 17.6%, and the final dividend per share was 0.156 yuan, a year-on-year decrease of 73%.