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BYD: Crown Lost; A 'Toyota' Abroad Next?
$BYD COMPANY(01211.HK) released its Q4 2025 results after the Hong Kong close on Mar. 27 (Beijing time). Key takeaways are below.
1. Revenue beat was driven by BYD Electronics; auto revenue in line: Q4 revenue was RMB 237.7bn, slightly above the RMB 236.7bn consensus, largely on strong QoQ growth in non-core businesses. In the core auto segment, revenue was RMB 181.5bn, broadly in line, but ASPs kept slipping.
In the core auto sales line, Q4 revenue reached RMB 181.5bn, matching market expectations. However, vehicle ASPs continued to trend down.
2. ASP still on a downtrend: In Q4, auto ASP fell by RMB 1,500 QoQ to RMB 135,000, as clearance discounts offset the mix-upside from premiumization and exports. Inventory-clearing pressure restrained the structural ASP benefits.
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