BYD Electronic (International) Company (285) H2 2025 earnings summary

Executive summary

• Revenue increased by 1.22% year-over-year to RMB179,477 million, while profit attributable to shareholders declined by 17.61% to RMB3,515 million due to a shift in product mix toward lower-margin products.

• Gross profit fell by 12.56% to RMB10,757 million, with gross margin decreasing from 6.94% to 5.99%.

• The smart terminal components business declined due to changing customer demand, but assembly business grew slightly; new energy vehicle and AI computing infrastructure segments saw robust growth.

Financial highlights

• EBITDA decreased by 17.61% year-over-year to RMB3,515 million.

• Earnings per share dropped to RMB1.56 from RMB1.89 in the prior year.

• Proposed final dividend of RMB0.156 per share, down from RMB0.568 per share last year.

• Cash inflow from operations rose to RMB18,768 million from RMB6,714 million in 2024.

• Interest-bearing borrowings decreased to RMB7,184 million from RMB10,807 million.

Outlook and guidance

• The company expects continued growth in new energy vehicles and AI computing infrastructure, supported by favorable government policies and rising demand for intelligent solutions.

• Short-term headwinds anticipated in smart terminal demand due to rising component costs, but long-term prospects remain positive with AI-driven innovation.

• The company will deepen R&D in core technologies and expand strategic partnerships to secure future market leadership.