BYD BYDDY

Public, OTCMKTS, reports in CNY. Founded 1995.
Theme: Electric cars. Tesla of China with own batteries.

2025-08-01 — Potential for better margins than Tesla

Financials millions, CNY

Period	Revenue	Growth %	Gross margin %	R&D %	Operating income	Operating margin %	Net income	EPS (diluted)	Rule of 40
2025	804.0bn CNY	–	17.7 %	7.2 %	38.5bn CNY	4.8 %	32.6bn CNY	3.58	–
2024	104.3bn USD	25.4 %	17.4 %	7.0 %	6.3bn USD	6.0 %	5.5bn USD	–	31.4
2023	83.2bn USD	38.3 %	–	–	–	–	–	–	–
2022	60.1bn USD	–	–	–	–	–	–	–	–
2026-Q2	194.6bn CNY	-3.2 %	18.9 %	6.1 %	14.6bn CNY	7.5 %	8.2bn CNY	–	4.3
2026-Q1	150.2bn CNY	-11.8 %	18.8 %	7.6 %	7.2bn CNY	4.8 %	4.1bn CNY	0.45	-7.0
2025-Q4	237.7bn CNY	–	17.4 %	6.0 %	13.2bn CNY	5.6 %	9.3bn CNY	–	–
2025-Q2	200.9bn CNY	–	16.3 %	7.7 %	6.2bn CNY	3.1 %	6.4bn CNY	–	–
2025-Q1	170.4bn CNY	–	20.1 %	8.3 %	8.9bn CNY	5.2 %	9.2bn CNY	1.04	–

Sources

2025: 2025_10-K_Summary_2026-07-10.xlsx — BYD 803.965 CNY 6.9931 #NAME? BYD 2025 Annual Report, published 27 Mar 2026 (FY2025 revenue CNY803,965m)
2024: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2023: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2022: 2025_10-K_Summary_2026-07-10.xlsx — sheet value USD-converted; re-enter in reporting currency for growth
2026-Q2: yfinance
2026-Q1: yfinance
2025-Q4: yfinance
2025-Q2: yfinance
2025-Q1: yfinance

Period	Cash from operations	Capex	Free cash flow	FCF margin %	CFO / net income %	NOPAT	Unlevered FCF	Levered FCF	Net change in cash
2025	59.1bn CNY	156.8bn CNY	-97.7bn CNY	-12.1 %	181.3 %	32.7bn CNY	-102.6bn CNY	-12.9bn CNY	-33.7bn CNY

NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.