BYD Reports 20.54% Decline in Net Profit for First Half of 2026

BYD Company Limited reported a 20.54% year-on-year decrease in net profit attributable to shareholders, reaching RMB12,325 million for the six months ended June 30, 2026. This decline accompanied a 7.13% reduction in operating revenue to RMB344,815 million compared to the same period in 2025.

The revenue decrease was primarily attributed to a slowdown in the new energy vehicle business. While the company’s assembly business experienced year-on-year revenue growth, benefiting from overseas clients, this was insufficient to offset the broader contraction. Revenue from automobiles and related products fell 8.98% year-on-year to approximately RMB275,341 million, while revenue from electronics and other products rose slightly, increasing 0.96% to RMB69,405 million. These two segments accounted for 79.85% and 20.13% of total revenue, respectively.

Earnings per share also decreased, falling 21.05% to RMB1.35. The company’s interim report detailed its financial performance, noting that the numerator for basic earnings per share is based on net profit less any attributable to restricted shares expected to vest in the future. The denominator is the weighted average number of outstanding ordinary shares. Diluted earnings per share were identical to basic earnings per share as restricted shares did not have a dilutive effect.

The filing also details changes to BYD’s corporate governance, including proposals to increase the number of directors and expand the duties of the Board Secretary to include monitoring for anomalies in regular reports. Mr. Lv Xiang-yang, a non-executive Director, received a director’s fee of RMB300,000 before tax for the year ended December 31, 2025.

These results reflect a challenging macroeconomic environment and a cooling in the growth trajectory of the new energy vehicle market. The decrease in both revenue and profitability signals a shift from the rapid expansion experienced in previous periods and highlights the impact of external factors such as exchange rate volatility on the company's financial performance.