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In the first half of the year, BYD achieved strong growth in revenue, gross profit, and net profit. The new energy vehicles once again topped the domestic car sales, and remained the world's leading new energy vehicle seller.

On August 28, BYD announced its financial report for the first half of 2024. The following are the main financial figures:

Revenue: The company's revenue in the first half of the year increased by 15.8% year-on-year, reaching 301.13 billion yuan;

Profit: The gross profit in the first half of the year increased by 26.42% year-on-year, reaching 60.28 billion yuan, with a gross margin of 20%, up from 18.33% in the same period last year.

Net profit was 13.63 billion yuan, a year-on-year increase of 24.4%; earnings per share increased by 24.1% year-on-year to 4.68 yuan.

BYD maintains a positive attitude towards future performance, expecting to continue to benefit from the growth of the global new energy vehicle market, technological innovation, global market expansion, and industry chain integration. The company will increase R&D investment, promote product upgrades, seize policy support, to consolidate its industry leadership and achieve sustained growth.

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Automobile revenue increased by 9.3% year-on-year, with new energy vehicle sales remaining the world's number one.

The growth in performance was mainly due to the strong performance of the mobile phone assembly business, and the new energy vehicle business also achieved steady expansion.

In the first half of the year, the revenue from the automobile, automobile-related products, and other products business was 228.32 billion yuan, a year-on-year increase of 9.3%;

The revenue from the mobile phone components, assembly, and other products business was about 72.78 billion yuan, a year-on-year increase of 42.5%. The two major businesses accounted for 75.82% and 24.17% of the group's total revenue, respectively.In its financial report announcement, BYD stated that in the first half of the year, the group's new energy vehicle (NEV) market share has further increased, retaining its title as the domestic car sales champion and maintaining its position as the world's number one in NEV sales.

According to the financial report, BYD is actively expanding into the global market, with its NEV business having entered 77 countries and regions, and is highly favored by global consumers. The company has also made significant progress in localizing its production layout in overseas markets, including the steady advancement of factory construction in Thailand, Brazil, and Hungary.

In the electronic business sector, BYD continues to deepen cooperation with major domestic and international customers, optimize product structure, and actively expand into new areas of smart product business.

On the same day, BYD's subsidiary, BYD Electronics, announced its financial report showing that the company achieved a revenue of 78.6 billion yuan in the first half of the year, a year-on-year increase of 40%. However, profitability has declined slightly, with a gross margin of 6.85% in the first half, slightly lower than the 7.85% of the same period last year, and a net profit of 1.52 billion yuan, a year-on-year increase of 0.1%.

R&D increased by 41.9% year-on-year, with R&D investment amounting to 19.62 billion yuan in the first half of the year, a year-on-year increase of 41.9%. BYD continues to increase its R&D investment, which has driven technological advancements and product innovations in the fields of NEVs, batteries, and electronics.

The financial report indicates that BYD's R&D team consists of over one hundred thousand engineers, who have introduced several new technologies in the past year, including but not limited to the "blade battery" technology (a highly safe and high energy density battery technology), as well as the new electric vehicle platform "e-platform 3.0".

Previously, BYD announced that the company received a proposal from its actual controller, Chairman, and President Wang Chuanfu regarding the repurchase of the company's A-shares. Wang Chuanfu proposed to repurchase the company's A-shares through the centralized competitive trading method of the Shenzhen Stock Exchange, with a total repurchase fund of 200 million yuan. The repurchased shares will be used for employee stock ownership plans, equity incentive plans, or to reduce registered capital, with the specific use to be determined by the board of directors.