On October 29, 2026, BYD filed its 2026 third-quarter report with the Hong Kong Stock Exchange. Operating revenue for July–September was RMB 221,488.25 million, up 13.59% year on year, and net profit attributable to shareholders of the parent was RMB 10,019.57 million, up 28.08%. Earnings per share were RMB 1.10. The figures are unaudited.

Revenue and profit up in July–September, while the year to date is still flat

For January–September, operating revenue was RMB 566,303.67 million, up 0.01% year on year, and net profit was RMB 22,344.98 million, down 4.24%. The July–September recovery brought cumulative revenue back to last year's level. Operating cash flow was RMB 54,469.57 million, up 33.36%.

BYD new energy vehicle sales (2026)
July–September sales were about 19% higher than a year earlier, and about 40% were exports
Jul–Sep sales
1,323thousand units
+18.7% YoY (1,114 thousand)

July 419k → August 440k → September 464k

Of which exports
551thousand units
41.6% of Jul–Sep sales
Jan–Sep cumulative sales
3,132thousand units
−3.94% YoY

Compiled from monthly production and sales volumes disclosed by BYD on the Hong Kong Stock Exchange

Adding up the monthly disclosures, BYD's new energy vehicle sales for July–September were 1,323,065 units, about 19% more than a year earlier (1,114,192). Of these, exports were 550,704 units, about 40% of sales. Cumulative sales for January–September were 3,131,576 units (down 3.94% year on year), with BEVs up 1.50% and PHEVs down 10.19%.

Overseas expansion swells inventories and receivables

The balance sheet shows the burden of export growth. At the end of September, inventories were RMB 221,577.51 million, up 60.08% from the end of 2025, and accounts receivable were RMB 56,472.62 million, up 52.61%. The company cited the expansion of its overseas automotive business for both. Contract liabilities (advance receipts) were RMB 92,946.40 million, up 80.58%, and notes payable rose 251.07% to RMB 78,863.36 million as more payments were settled by notes.

BYD balance sheet: increase from end-2025 (end of September 2026)
Inventories are up 60%. Notes payable to suppliers have grown 3.5-fold
Notes payable（RMB 78.86 billion）
251.07%
Contract liabilities (advance receipts)（RMB 92.95 billion）
80.58%
Inventories（RMB 221.58 billion）
60.08%
Accounts receivable（RMB 56.47 billion）
52.61%

Figures in notes are end-September balances. Source: BYD 2026 third-quarter report (Hong Kong Stock Exchange filing)

Asset impairment losses for January–September were RMB 2,710.37 million, up 67.60% year on year. The company said this was because it increased inventory write-downs as the scale of its inventory grew.

What it means for corporate planning and procurement teams

  • Export dependence has risen further: about 40% of July–September sales were exports. China will cut the export VAT rebate rate for new energy vehicles from 13% to 9% in April 2027. Export margins will come under further pressure in 2027
  • Watch for discounting pressure overseas: inventories rose by about RMB 83 billion in nine months, and write-downs increased. If pricing measures to clear inventory in overseas markets intensify, they will also affect the pricing strategies of competing automakers in each region
  • Supplier cash flow: notes payable have grown 3.5-fold, while short-term borrowings have halved. Companies supplying parts to BYD should check for changes in payment terms (note tenors)
  • What has not been disclosed: the quarterly report does not give revenue by region, export margins, or how much of the inventory is held overseas

Referenced Fact Cards