BYD’s Q2 Profit Rose About 30% While Revenue Fell. Overseas Auto Revenue Was Up 55.8% in H1.

BYD’s filed first-half and first-quarter results point to a second-quarter profit rebound even though revenue remained below the year-earlier level. Subtracting BYD’s filed Q1 figures from its filed H1 figures yields Q2 revenue of about RMB 194.59 billion, down 3.15% year over year, and profit attributable to owners of the parent of about RMB 8.24 billion, up 29.66%.¹²

Those Q2 figures are newsroom calculations from BYD’s two filings, not a separately reported standalone quarterly table. The underlying H1 result was still weaker: BYD reported first-half revenue of RMB 344.82 billion, down 7.13%, and attributable profit of RMB 12.33 billion, down 20.54%. The interim financial statements are unaudited.¹

The filing adds another split that is easy to miss in a top-line earnings summary. BYD reported H1 automotive-and-related revenue of RMB 275.07 billion, down about 9.04% overall. Within that category, overseas revenue rose about 55.83% to RMB 129.49 billion, while the corresponding PRC revenue fell about 33.62% to RMB 145.58 billion.¹

That is a revenue comparison, not a vehicle-volume comparison. BYD separately reported 1,808,511 new-energy vehicle sales for the first half, down 15.72% from a year earlier.³ The geographic revenue table does not establish that overseas unit sales rose 55.8%.¹

Group margin improved despite the weaker H1 totals

BYD’s group gross margin increased to 18.85% in the first half from 18.01% a year earlier.¹ BYD said the improvement was mainly driven by growth in its overseas new-energy vehicle business.¹ That is the company’s explanation for the margin change; the filing does not establish that overseas expansion caused the second-quarter profit rebound.¹

BYD also attributed the year-over-year decline in H1 attributable profit mainly to a decrease in its new-energy vehicle business and foreign-exchange losses.¹ The two statements can coexist: the company reported lower H1 revenue and profit overall while also reporting a higher group gross margin and much stronger overseas automotive-and-related revenue.

The second-quarter direction is therefore more favorable than the first-half headline alone suggests, but it does not amount to a full top-line recovery. The primary filings show Q2 attributable profit above the year-earlier quarter while Q2 revenue remained lower, and the H1 totals still finished below last year on both revenue and attributable profit.¹²

Sources

Footnotes

1. BYD Company Limited — 2026 Interim Results Announcement — HKEX disclosure system, Aug. 28, 2026. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082801633.pdf Establishes BYD’s unaudited H1 2026 consolidated results, automotive-and-related revenue, geographic revenue split, group gross margin, and management explanations used above. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹

2. BYD Company Limited — 2026 First Quarterly Report — HKEX disclosure system, Apr. 28, 2026. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042803001.pdf Establishes the filed Q1 2026 and Q1 2025 revenue and attributable-profit figures used with S001 to calculate the Q2 values. ↩ ↩²

3. BYD Company Limited — Production and Sales Volume for June 2026 — HKEX disclosure system, July 1, 2026. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0701/2026070100033.pdf Establishes BYD’s company-reported H1 2026 new-energy vehicle sales volume and year-over-year comparison. ↩