BYD vs Changan Automobile: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Changan Automobile reported ~$22.8B of revenue in FY2025 and ~$566.5M of net income.
Latest financial snapshot
BYD
- Latest revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.0%
- Revenue growth
- +29.7% a year, FY2018–FY2025
Changan Automobile
- Latest revenue
- ~$22.8B (FY2025)
- Net income
- ~$566.5M
- Net margin
- 2.5%
- Revenue growth
- +11.8% a year, FY2021–FY2025
Financial summary
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Changan Automobile
Chongqing Changan Automobile reported FY2025 revenue of ~$22.8 billion (CN¥164.0 billion), up 2.7%. Net profit attributable to shareholders fell 44.3% to ~$567 million (CN¥4.08 billion), while net profit excluding one-off items rose 8.0% to ~$389 million (CN¥2.80 billion). Gross margin was 15.5%. R&D spending rose 23.8% to ~$1.75 billion (CN¥12.6 billion), about 7.7% of revenue. Cash and equivalents were above ~$7.51 billion (CN¥54 billion) at year-end. Results weakened in H1 2026: revenue was ~$9.12 billion (CN¥65.63 billion) (down 9.7%) and net profit attributable to shareholders was ~$114 million (CN¥817 million) (down 64.3%). Q2 revenue alone was ~$4.57 billion (CN¥32.9 billion) (down 14.5%). The board proposed a 2025 cash dividend of CN¥1.15 per 10 shares. In late August 2026, the market value was about CN¥63.8 billion (roughly $8.9 billion).
Revenue and profit by year
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Changan Automobile
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$22.8B | ~$566.5M | 2.5% | +2.7% | Source |
| FY2024 | ~$22.2B | ~$1B | 4.6% | +5.6% | Source |
| FY2023 | ~$21B | ~$1.6B | 7.5% | +24.8% | Source |
| FY2022 | ~$16.9B | ~$1.1B | 6.4% | +15.3% | Source |
| FY2021 | ~$14.6B | ~$493.8M | 3.4% | — | Source |
Where the revenue comes from
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Changan Automobile
No segment breakdown is published.
Business model and strategy
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Changan Automobile
How it makes money
Changan makes money by building and selling vehicles, and it does this in two ways. The first and largest is its own brands: mass-market Changan petrol and hybrid cars (CS-series SUVs, UNI-series crossovers), the Deepal and Avatr electric brands, Changan Qiyuan family NEVs, and Kaicene light commercial vehicles. These sales show up directly in Changan's consolidated revenue.
Growth strategy
Changan's growth plan rests on two levers that are both meant to double by 2030: NEVs and exports. On NEVs, it runs three brands. Deepal sells mass-market BEV and range-extended models, Avatr sells premium smart EVs, and Qiyuan sells family cars. These are supported by the in-house SDA architecture and Blue Core hybrids. On exports, it now sells in 118 countries and regions through 1,124 outlets.
Competitive advantage
Changan's edge combines scale, state backing and in-house technology. It has made more than 30 million vehicles in total and sold 2.913 million in 2025. Its group R&D team of about 24,000 people holds 20,935 patents. China's National Enterprise Technology Center assessment has ranked it first for 14 consecutive years.
Questions about BYD vs Changan Automobile
Which company has higher revenue — BYD Company Ltd or Changan Automobile?
BYD Company Ltd reported ~$111.8B (FY2025), while Changan Automobile reported ~$22.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Changan Automobile reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Changan Automobile?
BYD Company Ltd's market capitalisation stands at $113.4B, while Changan Automobile's is $8.9B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Changan Automobile.
Which is more financially efficient — BYD Company Ltd or Changan Automobile?
BYD Company Ltd generates $123k / employee in revenue per employee, while Changan Automobile generates $391k / employee. Changan Automobile shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BYD Company Ltd and Changan Automobile make money?
BYD Company Ltd and Changan Automobile generate revenue in fundamentally different ways. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Changan Automobile: Changan makes money by building and selling vehicles, and it does this in two ways.
Which company is valued higher relative to revenue — BYD Company Ltd or Changan Automobile?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Changan Automobile at 0.4x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Changan Automobile. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than Changan Automobile?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Changan Automobile (~$22.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BYD vs Changan Automobile overview