BYD Electronic (International) Company Limited reported FY2025 revenue of RMB179.48 billion, up 1.22% year-on-year, supported by expansion in assembly operations and sustained growth in new-energy vehicle (NEV) and server businesses. However, gross profit fell 12.56% to RMB10.76 billion, and profit attributable to shareholders declined 17.61% to RMB3.52 billion as the sales mix shifted toward lower-margin products.

Gross margin narrowed to 5.99% from 6.94% a year earlier, while EBITDA retreated 10.35% to RMB10.45 billion. Basic earnings per share decreased to RMB1.56 (2024: RMB1.89). The Board proposes a final dividend of RMB0.156 per share (2024: RMB0.568), implying a payout of about RMB0.35 billion, subject to shareholder approval.

Segment highlights • Smart terminals delivered revenue of RMB151.51 billion. Components sales contracted to RMB29.33 billion amid softer demand from key customers, while assembly revenue rose to RMB122.18 billion on higher volumes for overseas clients. • NEV products maintained momentum, with revenue climbing 27.69% to RMB27.03 billion, representing 15.06% of group turnover. • AI computing infrastructure (servers, liquid-cooling and power products) achieved revenue of RMB0.94 billion, up 31.70%.

Geographically, 66% of revenue came from overseas markets and 34% from the Greater China region. Two major customers accounted for 56% of sales (Customer A: RMB99.52 billion; Customer B: RMB26.10 billion).

Cost management & R&D Cost of sales rose 2.25% to RMB168.72 billion, outpacing top-line growth. R&D expenditure reached RMB4.47 billion, or 2.49% of revenue, as the company intensified investment in NEV components and AI server technologies. Employee expenses totaled RMB18.11 billion, representing 11.34% of revenue.

Cash flow & balance-sheet metrics Operating cash inflow surged to RMB18.77 billion (2024: RMB6.71 billion), aided by higher cash receipts. Cash and cash equivalents stood at RMB13.55 billion, up from RMB7.05 billion. Interest-bearing borrowings declined to RMB7.18 billion, all due within one year. Net cash position drove the gearing ratio to -13.53% (2024: 18.01%). Capital commitments totaled RMB0.70 billion.

Management commentary Management attributed profit pressure mainly to an unfavourable product mix. While the smart-terminal component business faces demand volatility, the company highlighted ongoing growth in NEVs and the emerging AI computing infrastructure segment as future drivers. BYD Electronic continues to invest in R&D, reinforce its intellectual-property portfolio (8,279 patents granted to date) and scale smart-manufacturing capabilities.

The group foresees opportunities from China’s policies supporting “AI + manufacturing” and NEV expansion, while committing to maintain prudent capital management and sustainable dividends.