BYD 2025 1H Financial Report: Largely as I Anticipated, with a Few Notable Developments - CleanTechnica

The BYD 2025 first half financial report showed overall solid year-over-year growth in sales, revenue, gross profits, and net earnings, though results fell short of some forecasts and the second quarter was notably weaker than the first. Margins declined slightly year-over-year and dropped significantly in 2Q, marking the first quarterly net profit decline since early 2022. Despite this, BYD’s margins remain higher than most competitors amid a challenging industry environment. The company’s balance sheet strengthened, with total shareholder equity rising 32% year-over-year and liabilities remaining low by automotive industry standards. A key highlight was BYD’s substantial 53% year-over-year increase in R&D spending, more than double net earnings growth, supported by a new campus housing around 60,000 senior researchers and engineers. This investment underpins BYD’s expanding technological capabilities and product pipeline, although no major new product announcements were made in the report. BYD’s overseas revenue has rapidly increased, particularly in