BYD: Earnings Return to Growth, Putting Shares Back in Focus

ANDRIEVSKII.CH | October 30, 2026

BYD delivered a stronger third quarter in 2026. Revenue rose 13.59% year over year to RMB 221.49 billion, while net profit climbed 28.08% to RMB 10.02 billion. Adjusted net profit increased 25.25% to RMB 8.63 billion, reinforcing the evidence of an earnings recovery.

The key takeaway is that profit grew roughly twice as fast as revenue. Quarterly net profit margin reached approximately 4.5%, compared with 4.0% a year earlier. In a highly competitive automotive market, that improvement matters: BYD is generating more profit from each yuan of sales.

Still, one strong quarter does not resolve every concern. Net profit for January–September totaled RMB 22.35 billion, down 4.24% year over year. Nine-month revenue reached RMB 566.3 billion, while sales of battery electric vehicles and plug-in hybrids totaled 3.13 million units.

The third quarter accounted for approximately 39% of nine-month revenue and nearly 45% of net profit, highlighting its contribution to the recovery. Investors will now look for evidence that BYD can sustain its improved profitability.

Andrievskii Verdict

In my view, BYD shares deserve closer attention following their correction. The 28% increase in quarterly earnings and improving margins are difficult to ignore. If the company maintains this momentum, further earnings growth could support a revaluation of the stock.

My verdict is gradual accumulation, based on a continued recovery in profitability. Potentially oversold conditions add to the appeal of the entry point, but the central investment argument is BYD’s ability to grow earnings. Confirmation in subsequent quarterly reports would strengthen that case.

Disclaimer: This publication is provided for informational purposes only and does not constitute personalised investment advice or a recommendation to buy or sell securities. Investments in financial instruments involve risks, including the potential loss of capital.

Aleksei Andrievskii | Advisory Board Member, Bendura Bank AG | Liechtenstein