On the evening of October 29, BYD (002594.SZ) disclosed the 2026 three-quarter report. According to the data, in the third quarter of this year, the company achieved revenue of 221.5 billion yuan, an increase of 14% year on year; net profit of 10 billion yuan, up 28% year on year, while net interest rate rose to 4.52%. Despite increased competition in the industry, the company's core operating indicators bucked the trend.
Looking at the first three quarters, BYD's revenue remained steady, with a cumulative total of 566.3 billion yuan; R&D expenses were 36.3 billion yuan, far exceeding net profit of 22.3 billion yuan during the same period, and the undertones of “the king of A-share R&D” remained unchanged.
Behind its impressive performance, BYD continues to invest in R&D with real money. Up to now, the total R&D investment has exceeded 280 billion yuan, driving more disruptive technological achievements to the market faster. The second-generation blade battery and flash charging technology released in March set a record for the fastest charging speed in mass production in the world, overcoming the worldwide problems of “slow charging” and “difficult charging at low temperatures.” At the same time, energy charging networks are also being rapidly deployed. As of October 7, 12,165 flash charging stations and 2,111 high-speed flash charging stations have been built across the country, covering 341 cities, and it is planned to complete 20,000 flash charging stations within the year, making flash charging truly spread all over China.
The intelligent layout ushered in an iconic milestone in May. BYD became the only “double bottom” enterprise in the world for smart parking and city navigation, promoting assisted driving into thousands of households. As of September 30, BYD had more than 3.95 million driver-assisted driving models, and Tenjin Eye generated more than 240 million kilometers of data every day. The Xuanji A3, which was released at the same time, is the first self-developed 4nm smart driving chip in China. The company has long insisted on full-stack self-development and vertical integration, and continues to lead industry transformation.
Overseas business is an important engine driving the company's performance growth. From January to September of this year, the company's overseas sales volume reached 1.34 million vehicles, a year-on-year surge of 91%, and its business covered more than 120 countries and regions around the world. Over the same period, the share of high-end models increased steadily. The total sales volume of the three major brands, Equation Bao, Tension, and Yangwang, reached 410,000 units, an increase of 75% over the previous year, accounting for more than 13% of total sales. Internationalization and high-end collaborated to continuously optimize the product structure and consolidate profit levels. The gross margin increased year-on-year in the first three quarters, showing strong development resilience.
This year, many new models of BYD were unveiled one after another, and the product matrix continued to expand. At the Goodwood Festival of Speed in the UK in July, Tense Z debuted in the world; in September, Equation Panther launched the Equation S&S GT double sedan; in October, the dynasty's first 9 Series flagship sedan, was launched in Dahan; Looking Up is also about to release the ultra-luxury executive flagship sedan Dingyao. Furthermore, as an official partner of the 2026 APEC conference, many models under BYD became designated vehicles for the conference, serving international events with products and continuously strengthening global brand power.
Many international brokerage firms are optimistic about BYD's development prospects. According to the latest Goldman Sachs research report, BYD's domestic market share is picking up at an accelerated pace, overseas growth momentum is getting stronger, and flash charging models are also expected to drive up the average price of bicycles. In view of this, as major technologies continue to be introduced, the product matrix continues to be improved, and the global layout is advanced, the company's annual performance will rise steadily, and profitability and long-term value will be further highlighted, injecting new momentum into the transformation of the global automobile industry.