BYD (01211 HKD/81211 RMB) published its third quarter 2025 report, revealing that operating revenue for the quarter reached RMB194.98 billion, a year-on-year decrease of 3.05%. Net profit attributable to shareholders amounted to RMB7.82 billion, marking a 32.60% drop compared with the same period last year. From January to September 2025, the company’s total operating revenue grew 12.75% year-on-year to RMB566.27 billion. Over the same nine-month period, net profit attributable to shareholders stood at RMB23.33 billion, down 7.55% year-on-year.

The announcement highlighted several noteworthy changes on the balance sheet as of 30 September 2025. Total assets rose by 15.14% from the end of last year, reaching RMB901.93 billion, while total owners’ equity attributable to shareholders climbed 32.53% to RMB245.52 billion. The company noted increases in inventories and construction in progress, largely driven by the expansion of its automobile business and higher capital investments. Net cash flow from investing activities was reported at negative RMB127.57 billion, attributable primarily to increased expenditures on fixed assets, intangible assets, and other long-term investments. By contrast, net cash flow from financing activities surged to RMB101.66 billion due to proceeds from share placements, bank borrowings, and bond issuances.

The report also mentioned the completion of a profit distribution plan and capital reserve capitalization in July 2025, whereby the total share capital increased from 3,039,065,855 to 9,117,197,565 shares through bonus share issuance and capital reserve conversions. In addition, BYD changed the lot size of H-share trading from 500 shares to 100 shares starting 19 September 2025 to enhance liquidity and lower the participation threshold for investors.