Research Update | BYD accepts survey from all investors: 2025 energy storage shipment volume to exceed 60GWh, ranking first globally

April 1, BYD Co., Ltd. (hereinafter referred to as “BYD”) held its 2025 annual performance briefing via a live online webcast, providing all investors with an explanation of the company’s strategic layout and business progress. The company’s Chairman and President Wang Chuanfu, Independent Director Zhang Min, Executive Vice President and Chief Financial Officer Zhou Yalin, Secretary to the Board of Directors Li Qian, and Securities Affairs Representative Wu Yue and other executives attended the meeting to respond to the key questions investors care about, including sales guidance, technological innovation, and overseas expansion.

Investor Activity Basic Information

Investor activity relationship category: Performance briefing
Time: April 1, 2026 15:00-17:00
Location: Online webcast (Viewing address:
Participating entity name: All investors
Listed company attendees: Chairman and President Wang Chuanfu, Independent Director Zhang Min, Executive Vice President and Chief Financial Officer Zhou Yalin, Secretary to the Board of Directors Li Qian, Securities Affairs Representative Wu Yue

Core Business Progress and Strategic Layout

Global-leading energy storage business; 2025 shipment volume exceeds 60GWh

BYD stands out in the energy storage sector. In 2025, the company’s global system shipments exceeded 60GWh, ranking first among global energy storage system shipment manufacturers. Leveraging its vertical integration advantages, the company has built a whole-industry-chain “from chip to grid” energy storage ecosystem covering “BESS-PCS-EMS.” Its products cover multiple scenarios including the power generation side, grid side, industrial and commercial, flash charging, and residential energy storage. It has already provided solutions for more than 650 large-scale energy storage projects in more than 110 countries and regions worldwide. In addition, the company was the first to launch the world’s first poly anion-type sodium-ion batteries and energy storage systems dedicated to energy storage. In 2025, it achieved large-scale production and delivered the world’s first megawatt-class and largest-scale sodium-ion battery energy storage power stations.

R&D investment continues to ramp up; cumulative exceeds 240 billion yuan

Technological innovation is BYD’s core competitive strength. In 2025, the company’s R&D expenditure was approximately 63.4 billion yuan, up 17% year over year, and cumulative R&D spending exceeded 240 billion yuan. At present, the company has more than 120k engineers, more than 71k cumulative patent applications, and more than 42k cumulative authorized patents. Its R&D system covers key areas such as new energy vehicles, batteries, and energy storage, providing solid support for technological leadership.

Flash-charging station construction accelerates; will reach 20k sites by year-end

To address users’ charging anxiety, BYD is accelerating the rollout of its “Flash Charging China” strategy. As of now, the 5,000th flash-charging station, which is also the first batch of national flash-charging expressway high-speed stations, has been put into operation. The company expects that by the end of 2026, 20,000 flash-charging stations will be built, including 2,000 flash-charging expressway high-speed stations that will cover nearly one-third of high-speed service areas. Meanwhile, the company has launched a flash-charging user “Dream-Building Stations” plan: as long as four BYD vehicle owners jointly propose the needs and the conditions are met, the station can be planned and built—“build where users need it,” and open and share flash-charging station resources with the entire society.

Denza Motors: 2025 sales of 157,134 units; up 24.7%

The company’s premium brand Denza Motors achieved cumulative sales of 157,134 vehicles in 2025, up 24.7% year over year. Among them, the Denza D9 continues to iterate and evolve, retaining the title of China MPV winner across the full market for three consecutive years. The newly launched technology-and-safety all-around flagship SUV Denza N9 and the six-seat safety-luxury SUV Denza N8L have also won the favor of premium users, further consolidating the company’s position in the premium market.

Deepening overseas layout; leveraging both its own fleets and localized factories

BYD continues to build an overseas “R&D + manufacturing + transportation + sales” end-to-end operating ecosystem. Its own roll-on/roll-off (Ro-Ro) ship fleet has already been put into operation with eight vessels, significantly improving vehicle transportation capacity. Overseas factory construction is progressing steadily; factories in Uzbekistan, Thailand, and Brazil have been put into production one after another, providing efficient supply-chain support for its globalization strategy.

Battery recycling closed-loop system takes shape; 2025 recycling exceeds 10k tons

The company has deeply laid out the recycling and utilization of traction batteries and built a closed-loop recycling system across the entire industry chain. In 2025, the company recycled more than 10,000 tons of traction batteries and other types of batteries. It achieves resource recycling and reuse through tiered utilization (production of battery systems at the Shanghai and Shanwei bases, products such as solar streetlights, etc.) and recycling for regeneration (fine-grained disassembly and recovery of key metals), improving the sustainability of the industrial chain.

Financial and Market Valuation Management Strategy

For financial operations, the company plans to use no more than 60 billion yuan of its own idle funds to purchase wealth management products or bond products with high safety and good liquidity from financial institutions such as banks and securities firms. The authorization period will be twelve months from the date the board of directors approves the matter. The funds can be used on a rolling basis. In terms of market valuation management, the company will return value to investors by improving performance, paying cash dividends, and converting capital and distributing bonus shares, among other measures. In 2025, it implemented stock dividends and capital surplus conversion into share capital for the first time, and also completed share buy-ins by executives and key personnel, demonstrating confidence in the company’s development prospects.

Outlook: Technology-driven growth; multi-brand matrix covers all scenarios

BYD states that in 2026, the first year of the “15th Five-Year Plan” period, it will adhere to the strategy of “technology as the foundation, going abroad as the engine.” Through innovations such as the second-generation blade batteries and flash-charging technology, it will strengthen its leadership position in the mass market and push premium brands into a new growth cycle. At the same time, leveraging the multi-brand matrix of BYD, Fangchengbao, Denza, and Yangwang, covering all-scenario markets from home use to luxury and from mass appeal to personalization, it will continue to meet consumers’ diverse needs.

(Note: All data and information in this article are sourced from the investment relationship activity record for BYD Co., Ltd. dated April 1, 2026.)

Statement: The market involves risk; investment is需谨慎. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoints. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there is any discrepancy, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

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