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Author | Guo Yue
Editor | Zhi Hao
Car News reported on August 31 that BYD released its financial report for the first half of 2026, showing resilient operations: Operating revenue 344.8 billion yuan, Net profit attributable to parents 12.3 billion yuan, R&D investment 28.9 billion yuan, Cash reserves 167.4 billion yuan.
▲ BYD Financial Data for First Half of 2026
Of note, BYD's Q2 net profit grew 30% year-on-year, gross margin continued its upward trend, reaching 18.9%, hitting a near-one-year high, with profitability steadily improving.
With intensifying competition in the current automotive industry, BYD leverages its solid operational foundation and continuously optimized business structure. Development trends remain positive in the first half, further consolidating its position as an industry leader.
I. Dual Drive of Overseas High-End, Growth Structure Continues to Improve
In the first half, BYD overseas sales reached 790,000 units, a 68% year-on-year increase. Business covers over 120 countries and regions, topping sales charts for new energy vehicle brands in core markets like the UK, Brazil, and Thailand.
With the continuous release of overseas localized production capacity and the perfecting of the channel system, the overseas sector has become an important engine driving BYD's performance growth.
During the same period, the high-end product matrix accelerated volume. The three major brands Fang Cheng Bao, DENZA, and Yangwang achieved combined sales of 228,000 units, up 61% year-on-year, accounting for 12.6% of total sales. Among them, Fang Cheng Bao sales reached 160,000 units, up 163% year-on-year; DENZA also performed brilliantly, June sales first broke 20,000 units, with an average product price of 360,000 yuan; Yangwang is the brand with the fastest sales exceeding 10,000 units among domestic new energy million-yuan luxury cars.
▲ BYD High-End Product Matrix Accelerates Volume
Internationalization and premiumization advance on two tracks, driving continuous optimization of BYD's product structure and steady enhancement of profitability. Q2 net profit grew 30% year-on-year, gross margin reached 18.9%, hitting a near-one-year high.
Although net profit faced short-term pressure, analyzing the reasons, it was mainly due to exchange losses caused by exchange rate fluctuations this year. The company's main business profitability remained stable, and development resilience became increasingly prominent.
II. Huge R&D Investment Builds Moat, Technical Achievements Land Densely
Operational quality climbed steadily, with the core driver being continuous technological breakthroughs.
In the first half of 2026, BYD's R&D investment was 28.9 billion yuan, far exceeding net profit for the same period, remaining the "King of R&D" on the A-share market. Cumulative R&D investment has exceeded 270 billion yuan.
High-intensity R&D investment is accelerating into perceptible technological achievements.
In March this year, BYD released the second-generation Blade Battery and Flash Charge technology, creating a global record for the fastest mass-produced charging speed, overcoming the world-wide difficulties of "slow charging" and "difficulty in low-temperature charging", receiving authoritative recognition from the MIIT.
Beyond technical breakthroughs, second-generation Blade Battery capacity and Flash Charge station construction are speeding up in sync. Relying on the "Flash Charge China" strategy, currently 10,000 Flash Charge stations have been built nationwide, covering 332 cities, and it is planned to deploy 6,000 Flash Charge stations overseas within a year, helping global electrification make a leap-forward development.
▲ BYD has completed construction of 10,000 Flash Charge Stations Nationwide
Key progress was also made in the field of intelligence. Following the safety guarantee for intelligent parking, BYD became the first to promise a safety guarantee for City Pilot in May, becoming the only "double guarantee" enterprise in the world, promoting the popularity of assisted driving with practical actions.
As of July 31, BYD's assisted driving model volume exceeded 3.52 million units. God's Eye generates data exceeding 220 million kilometers daily. The Xuanji A3 released during the same period 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.
In the first half of 2026, BYD's domestic tax total was 22.3 billion yuan, far exceeding net profit for the same period.
In terms of sustainable development, the company firmly targets the goal of achieving "carbon neutrality across the entire value chain by 2045", with ESG performance firmly standing in the first echelon of domestic enterprises. From January to June, BYD new energy vehicle lifecycle carbon emission reduction reached 23.17 million tons, equivalent to planting 386 million trees, contributing concrete power to low-carbon transformation.
Conclusion: BYD Reshapes Growth Logic
In the first half of 2026, the global automotive industry accelerated restructuring, and industry profitability faced pressure. BYD broke through against the trend, and Q2 performance reached a new level.
With the continuous emergence of technological achievements in the second half, the proportion of high-end models steadily rises, and the global layout enters the harvest period. Enterprise profitability and development potential will be further highlighted, and annual performance is expected to improve quarter by quarter and continue to climb.
From technological breakthroughs to global layout, from high-end breakthroughs to social responsibility, the company is reshaping growth logic with all-around competitiveness, leading global industrial transformation.
