BYD Q3 2025 results: Quarterly revenue falls YoY for the first time, overseas sales jump 136%

Key Points

Q3 revenue and profit dip: Single-quarter revenue was ¥1,949.85亿元 (down 3.05% YoY) and single-quarter net profit fell to ¥78.23亿元 (down 32.6% YoY), the first quarterly revenue decline since 2022.
Rapid overseas growth: Overseas sales reached 697,100 units (69.71万辆), up 136.00% YoY and accounting for 21.38% of vehicle sales, outpacing domestic headwinds.
Rising inventory and margin pressure: Inventory climbed to ¥1,529.73亿元 (≈+32% vs. start of year), prompting price actions (e.g., a ¥10,000 cut on some Qin 秦 models) and pressure on margins.
Cash flow and investment mix: Operating cash inflow fell to ¥408.45亿元 (down 27.42% YoY) while R&D rose to ¥437.48亿元 (up 31.3% YoY) and financing inflows surged, signaling heavier reliance on external funding for expansion.

BYD Q3 2025 results: BYD (Biyadi 比亚迪) reported a rare single-quarter revenue decline even as its overseas growth accelerated sharply.

Headline results — quick snapshot

For the first nine months of 2025 BYD delivered revenue of ¥5,662.65亿元 RMB ($78.65 billion USD).

Net profit attributable to shareholders (first nine months) was ¥233.33亿元 RMB ($3.24 billion USD).

Year-to-date revenue still rose 12.75% versus the prior year, but single-quarter performance shows a turning point.

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First single-quarter revenue decline since 2022

In Q3 2025 BYD recorded single-quarter revenue of ¥1,949.85亿元 RMB ($27.08 billion USD).

That figure represents a year-on-year decline of 3.05%, the first single-quarter drop since 2022.

Single-quarter net profit attributable to shareholders was ¥78.23亿元 RMB ($1.09 billion USD), down 32.6% year-on-year.

This is the second consecutive quarter with a significant YoY fall in quarterly net profit, another first since 2022.

Sales, inventory, and margin pressure

BYD’s new-energy vehicle (xinnengyuan 新能源) monthly sales growth slowed starting in Q3.

In September 2025 NEV sales declined year-on-year for the first time this year, falling 5.52% to 396,300 vehicles.

Through the first nine months of 2025 BYD sold 3,260,100 vehicles (326.01万辆), remaining the market leader in China.

Year-to-date growth slowed from 32.13% (2024 same period) to 18.64% in 2025.

Inventory rose materially to ¥1,529.73亿元 RMB ($21.25 billion USD) at the end of September 2025.

That is nearly a 32% increase from ¥1,160.36亿元 RMB ($16.12 billion USD) at the start of the year.

BYD says the inventory increase is mainly due to expansion in its automotive business.

Lower margins across the industry and intensified price competition have pressured BYD’s profitability.

BYD responded with higher investment in R&D and sales support to defend market share.

R&D and development expenses for the first three quarters were ¥437.48亿元 RMB ($6.08 billion USD), up 31.3% YoY.

Selling expenses totaled ¥185.08亿元 RMB ($2.57 billion USD), up 11.21% YoY.

BYD also implemented targeted price cuts, such as a limited-time ¥10,000 RMB reduction on some Qin (Qin 秦) series models in late September.

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Cash flow and financing signals

Operating cash flow from business activities slowed through the first three quarters.

Net cash from operating activities was ¥408.45亿元 RMB ($5.67 billion USD), down 27.42% YoY.

Net cash used in investing activities was ¥1,275.71亿元 RMB ($17.72 billion USD), up 47.23% YoY.

The investing outflow mainly reflects payments for construction of fixed assets, intangible assets and other long-term assets.

Net cash from financing activities surged to ¥1,016.63亿元 RMB ($14.12 billion USD), a 949.92% increase YoY.

That jump was driven by placement proceeds from H-share allotments, borrowings and bond issuances compared with the prior-year period.

Global expansion: the bright spot

BYD is continuing capacity expansion globally as part of its growth playbook.

In late June 2025 Hungary’s government said BYD would invest about $94.0 million USD (¥676.8 million RMB) to build a new factory in Komárom.

The Komárom plant would raise local annual output of electric buses and trucks to roughly 1,250 units — about triple previous capacity.

Recent reports also suggest BYD is eyeing Spain as a preferred site for a third European factory.

Overseas sales through the first nine months of 2025 reached 697,100 vehicles (69.71万辆), up 136.00% YoY.

That overseas volume already exceeds BYD’s total overseas sales for 2024.

Overseas markets accounted for 21.38% of BYD’s vehicle sales in the period.

Targets and outlook

At the start of 2025 BYD publicly set an ambitious full-year target of 5.5 million NEV sales, roughly 30% higher than 2024.

BYD expected more than 800,000 of those sales to come from overseas markets.

Reports in early September indicated BYD may have internally reduced that target by about 16% to roughly 4.6 million units.

BYD did not publicly comment on the reported internal revision at the time.

China’s NEV market appears to be shifting into a “stock competition” phase, meaning companies compete more for existing demand than for new demand creation.

That shift increases pressure on margins and challenges growth models that relied on near-term unit expansion at premium prices.

BYD’s near-term strategy looks to emphasize improving operating quality and accelerating globalization.

At the same time BYD continues elevated R&D and sales investments to defend and extend market share.

What investors, founders, and market watchers should note

Profit vs. growth trade-off: Rising R&D and selling expenses show BYD prioritizing long-term product strength and market share over near-term margins.
Inventory buildup: A ~32% inventory increase can pressure working capital and signal softer near-term demand or production ramp mismatches.
Cash flow mix: Operating cash flow is down 27.42% YoY while financing inflows climbed sharply, indicating reliance on external funding for capex and expansion.
Global diversification: Overseas sales growth of 136.00% YoY is the clearest growth lever and a hedge against domestic market saturation.
Pricing environment: Targeted price cuts like the ¥10,000 RMB Qin (Qin 秦) reduction show competitive pressure in lower-price segments.

Key figures (first nine months / Q3 2025)

Revenue (first nine months): ¥5,662.65亿元 RMB ($78.65 billion USD).
Net profit attributable to parent (first nine months): ¥233.33亿元 RMB ($3.24 billion USD).
Single-quarter revenue (Q3): ¥1,949.85亿元 RMB ($27.08 billion USD) — down 3.05% YoY.
Single-quarter net profit (Q3): ¥78.23亿元 RMB ($1.09 billion USD) — down 32.6% YoY.
Vehicle sales (first nine months): 3,260,100 units (326.01万辆).
Overseas vehicle sales (first nine months): 697,100 units (69.71万辆), +136.00% YoY.
Inventory (end of Sept): ¥1,529.73亿元 RMB ($21.25 billion USD), +~32% vs. start of year.
R&D & development (first nine months): ¥437.48亿元 RMB ($6.08 billion USD), +31.3% YoY.
Selling expenses (first nine months): ¥185.08亿元 RMB ($2.57 billion USD), +11.21% YoY.
Net cash from operating activities (first nine months): ¥408.45亿元 RMB ($5.67 billion USD), -27.42% YoY.
Net cash used in investing activities: ¥1,275.71亿元 RMB ($17.72 billion USD).
Net cash from financing activities: ¥1,016.63亿元 RMB ($14.12 billion USD).

Note on currency conversions: RMB → USD conversions in this article use an illustrative rate of ¥7.20 RMB = $1 USD.

Figures are rounded for clarity.

References

BYD Q3 2025 results show a company at an inflection point with slowing domestic growth, rising inventories, and a rapid overseas expansion that investors and founders should watch closely.