BYD reports YoY net profit slump of 19.51% to RMB 4.066 billion in 2017

Shanghai (Gasgoo)- BYD earned revenue of RMB 105.915 billion in 2017, up 2.36% on an annual basis, according to BYD's 2017 financial report released on Mar. 28. The net profit attributable to the shareholders of listed companies reached RMB 4.066 billion, slumping 19.51% over the previous year. Basic earnings per share dropped 25.53% year on year to RMB 1.4.

Specifically, revenue of vehicles and vehicle-related business reached RMB 56.624 billion, down 0.68% year on year. Mobile phone parts and assembling business saw YoY revenue growth of 3.53% to RMB 40.473 billion. Revenue of secondary rechargeable battery and photovoltaic business totaled RMB 8.767 billion, jumping 19.37% over the previous year. The NEV business gained revenue of RMB 39.06 billion with a YoY growth of 12.83%, taking up 36.88% of BYD's total revenue.

BYD now engages in vehicle business including traditional fuel-powered vehicles and NEVs, mobile phone parts and assembling business as well as secondary rechargeable battery and photovoltaic business. BYD also accelerates efforts in expanding urban rail transportation business via its straddle-type monorail product "Skyrail".

In 2018, BYD will launch a series of blockbuster models, including the all-new Tang and Qin, as well as compact pure electric SUV models and the NEV version of the BYD Song MAX. These new models will adopt all-new Dragon Face exterior design and feature more powerful performance. In addition, BYD will proactively promote the NEVs to second-tier and third-tier cities, helping realize its nationwide sales for NEVs.

By virtue of its popularity and influence, BYD will also spare no efforts to promote the electrification of both global and national buses. It will also uplift its shares in global new energy bus market. Besides, BYD is slated to pay emphasis on popularizing low-carbon environment-friendly Skyrail products to ease the increasingly serious traffic congestion in cities.

In the area of traditional fuel-powered vehicles, BYD will focus on exterior design and product R&D to improve vehicle's quality and appearance, intending to revive sales growth of the traditional fuel-powered vehicles.