BYD First Half Revenue Reaches 344.8 Billion, Resilient Growth Solidifies Industry Position

The 'Early Car Insight' latest report indicates that BYD released its 2026 first-half financial report on the evening of August 28, with key indicators remaining stable: operating revenue of 344.8 billion yuan, net profit attributable to parent company shareholders of 12.3 billion yuan, R&D investment of 28.9 billion yuan, and cash reserves of 167.4 billion yuan. Of note, net profit in the second quarter grew 30% year-on-year, gross margin continued its upward trend, reaching 18.9%, setting a new high for the past year, with steadily improving profitability, resilient growth solidifying its industry standing.

Amidst intensifying competition in the automotive industry, BYD relies on its solid operational foundation and continuously optimized business structure, with positive development trends in the first half, further consolidating its industry leader position.

In the first half, BYD's overseas sales reached 790,000 units, up 68% year-on-year. Business covers over 120 countries and regions, topping the EV brand sales charts in core markets like the UK, Brazil, and Thailand. With the release of overseas localized production capacity and the continuous improvement of the channel system, the overseas sector has become an important engine driving company performance growth.

At the same time, the high-end product matrix accelerated volume growth. The combined sales of Fang Cheng Bao, Denza, and Yangwang brands reached 228,000 units, a 61% year-on-year increase, accounting for 12.6% of total sales. Among them, Fang Cheng Bao brand sales reached 160,000 units, up 163% year-on-year; Denza brand also performed well, with June sales breaking 20,000 units for the first time, average product price reaching 360,000 yuan; Yangwang is the domestic new energy brand with the fastest sales breakthrough to 10,000 units in the million-yuan luxury car segment.

Internationalization and high-endization advancing on two tracks, promoting continuous optimization of company product structure and steady enhancement of profitability. Net profit in the second quarter grew 30% year-on-year, gross margin reached 18.9%, setting a new high in nearly a year. Although net profit faced short-term pressure, upon detailed analysis, this was mainly due to exchange losses from currency fluctuations this year. The company's main business profitability remained stable, and development resilience became increasingly prominent.

Operating quality steadily climbed. The core driver lies in continuous technological breakthroughs. In the first half of 2026, company R&D investment was 28.9 billion yuan, far exceeding net profit for the same period, ranking as the A-share "King of R&D" again, with cumulative R&D investment exceeding 270 billion yuan.

High-intensity R&D investment is accelerating the transformation into perceivable technological achievements. Released in March this year, the second-generation Blade Battery and Flash Charge technology created a global production record for fastest charging speed, tackling the global problems of "slow charging" and "difficult charging at low temperatures", receiving authoritative recognition from the Ministry of Industry and Information Technology. Beyond technological breakthroughs, second-generation Blade Battery production capacity and Flash Charging station construction are speeding up simultaneously. Relying on the "Flash Charge China" strategy, 10,000 Flash Charging stations have been built nationwide covering 332 cities, and plans are in place to deploy 6,000 stations overseas within a year, helping global electrification leapfrog development.

Intelligent driving field also achieved key progress. After ensuring safety for smart parking, BYD took the lead in May to promise safety backing for city navigation, becoming the only enterprise globally with "dual safety backing", promoting assisted driving popularization with practical actions. As of July 31, BYD assisted driving models in fleet size over 3.52 million units, Divine Eye generates over 220 million kilometers of data daily. Xuanji A3 released at the same time is China's first self-developed 4nm process intelligent driving chip. From underlying chips to system software, BYD continues to promote vertical integration and full-stack self-research, leading the intelligent transformation of the global automotive industry.

Practicing social responsibility, BYD answers with action. In the first half of 2026, BYD's total domestic tax payment was 22.3 billion yuan, far exceeding net profit for the same period. In terms of sustainable development, the company firmly anchors the goal of "achieving carbon neutrality across the entire value chain by 2045", ESG performance remains in the first tier of domestic enterprises. From January to June, BYD new energy vehicle full life cycle carbon emission reduction reached 23.17 million tons, equivalent to planting 386 million trees, contributing practical power to low-carbon transition.

Insight into Cars:

In the view of "Early Car Insight", in the first half of 2026, the global automotive industry accelerated restructuring, industry profitability generally faced pressure. BYD broke through against the trend, second-quarter performance reached a new level. With technological achievements continuing to emerge in the second half, the proportion of high-end models steadily rising, and global layout entering the harvest period, corporate profitability and development potential will become more prominent. Annual performance is expected to improve quarter by quarter and continue climbing. From technological breakthroughs to global layout, from high-end breakthrough to responsibility, the company is reshaping growth logic with comprehensive competitiveness and leading the global industry transformation.

It is understood that BYD will continue to deepen education and charity causes in the future, orderly launch new energy science popularization exhibition project, promote inclusive sharing of high-quality sci-tech resources, cultivate new era youth innovation power, empower education with sci-tech, and assist development with low carbon, practicing corporate sustainable development mission with practical actions.