Marina Lyubimova
BYD earned 4.08 billion yuan in Q1, implying approximately 8.25 billion yuan in Q2 — more than double the previous quarter.
| Net income | RMB bn |
| Q1 2026 | 4.08 |
| Q2 2026 | *8.25 |
| H1 2026 | 12.33 |
*Q2 calculated as H1 net income minus Q1.
The implied 102% quarter-over-quarter increase suggests BYD's earnings pressure was heavily concentrated at the start of the year.
That is important after Q1 net profit plunged 55.4% YoY, alongside an 11.8% decline in revenue to 150.2 billion yuan. China's EV price competition and weaker domestic sales have been the main drag on profitability.
At the same time, BYD is increasingly relying on international markets. Overseas vehicle sales have continued to expand rapidly, reducing the company's dependence on China's highly competitive mass-market EV segment.
The key question for H2 is whether the Q2 recovery is sustainable. Maintaining the Q2 profit run rate would produce roughly 16.5 billion yuan of H2 earnings and put full-year net income near 28.8 billion yuan, before accounting for any further improvement or deterioration.
The most important number in BYD's H1 report may therefore not be the 20.5% YoY decline, but the implied jump in quarterly profit from 4.08 billion to 8.25 billion yuan. If confirmed by the detailed quarterly results, it would indicate that BYD's earnings contraction has already begun to moderate.
Marina Lyubimova
