BYD: Looking Forward To 2H26 Comebacks Amid New Models And Iterations

2026-04-15 05:18:13 ET

BYD's ( BYDDF ) FY25 results missed expectations slightly due to strong sales headwinds in 2H25. Revenue reached CNY803 billion vs. 777 billion in the previous year. The rise of "anti-involution" was a growth headwind and a reason for my previous downgrade , noting the price advantage of BYD relative to peers. A natural strategy for it to pursue was undercutting competitors, which it could have done with years of consolidating its vertical integration "moat". That said, such practices were widely frowned upon within the agenda. As a result, sales have taken a drastic hit....

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