BYD 2025 Annual Results: 60 GWh Storage Shipped, #1 Globally, but No Standalone ESS Revenue Disclosed

Key takeaways

• BYD shipped over 60 GWh of energy storage systems globally in 2025, ranking #1 among ESS system shippers worldwide, across 650+ large-scale projects in 110+ countries (p.26).
• BYD does not break out energy-storage revenue or margin. Storage sits inside the transport-equipment and electrical-manufacturing segment together with power batteries, PV, and rail — so there is no standalone ESS revenue, cost, or profit figure in the report.
• BYD signed a 12.5 GWh grid-side storage contract with Saudi Electricity Company, described in the filing as the world’s largest single grid-side storage contract, with deliveries beginning in April (p.26).
• The Haohan (浩瀚) next-generation storage system, launched September 2025, is the first to use a storage-dedicated 2,710 Ah blade cell, with a minimum unit of 14.5 MWh and 52.1 % volumetric utilization (p.26, p.32).
• Group net income fell 18.97 % to RMB 32.62 billion even as revenue rose 3.46 %, with the filing citing auto price-war margin pressure. Overseas revenue rose 40.05 %, lifting the overseas share to 38.65 % (p.11, p.29).

1. Energy storage: 60 GWh shipped, #1 globally

The clearest energy-storage disclosure in BYD’s 2025 annual report is a shipment figure. BYD states that its energy storage system shipments exceeded 60 GWh globally in 2025, ranking the company #1 worldwide among ESS system shippers (p.26).

That volume is spread across a large installed footprint: BYD reports 650+ large-scale storage projects across 110+ countries (p.26). The company frames its offering as a full “BESS-PCS-EMS” cell-to-grid (“从芯到网”) ecosystem covering power-side, grid-side, commercial and industrial, flash-charge, and home storage applications (p.26).

The single largest disclosed order is with Saudi Electricity Company: a 12.5 GWh grid-side storage contract, described in the filing as the world’s largest single grid-side storage contract, with deliveries beginning in April (p.26).

The report does not break the 60 GWh down by application or region, and it does not disclose an ESS average selling price.

2. ESS revenue and margins: not separately disclosed

BYD does not report standalone energy-storage revenue, cost, gross margin, or net income in its 2025 annual report.

Storage is embedded inside the transport-equipment and electrical-manufacturing segment (交通运输设备及电气制造), which the filing groups together with power batteries, lithium-ion batteries, photovoltaics, iron batteries, and rail transit (p.29, p.250). Because storage is not carved out of that segment, there is no way to derive an ESS revenue or margin figure from the disclosed numbers, and no such figure is stated in the report.

For context, that combined segment generated RMB 648.65 billion in 2025 (80.68 % of group revenue), up 5.06 % year-on-year, at a gross margin of 20.49 % — down 1.82 percentage points (p.29). The remaining segment, everyday electronic devices, generated RMB 155.24 billion (19.31 %), down 2.74 %, at a 6.29 % gross margin (p.29). Neither line isolates storage.

Any BYD ESS revenue figure circulating elsewhere is an estimate, not a company disclosure.

3. Group headline numbers

Because storage is not broken out, the group financials are the relevant context. BYD reported the following for the year ended December 31, 2025 (figures in RMB; USD conversions approximate at ~7.1 RMB/USD):

Revenue rose 3.46 % while net income fell nearly 19 %, and net income excluding non-recurring items fell 20.38 % (p.11). Operating cash flow declined 55.69 % year-on-year (p.11).

R&D expensed reached RMB 57.98 billion (+8.99 %), while total R&D investment was RMB 63.44 billion (+17.13 %), equal to 7.89 % of revenue; cumulative R&D exceeds RMB 240 billion (p.31, p.39, p.16). BYD reported 869,622 employees, including 127,665 R&D personnel (p.69, p.39), and ranked 91st on the Fortune Global 500 (p.16).

4. Products and capacity

BYD detailed several storage product developments in the report.

Haohan (浩瀚)

Launched in September 2025, the Haohan next-generation storage system is described as the first to use a storage-dedicated 2,710 Ah blade cell (p.26, p.32). Its minimum unit is 14.5 MWh (a 20-ft container is around 10 MWh), with 52.1 % volumetric utilization and IP66 rating (p.26, p.32). BYD reports near-term Haohan cell-line capacity of 14 GWh, with long-term planned capacity of 40 GWh (p.32–33). These are the only group-level ESS-related capacity figures disclosed.

Sodium-ion storage

BYD began mass production of a storage-dedicated polyanionic sodium-ion battery and system in 2025. It states it delivered the world’s first storage-dedicated polyanionic sodium-ion battery system in January 2025, and the world’s largest-scale polyanionic sodium-ion storage station in July 2025 (p.32–33).

PCS

Two power conversion systems — the GC Flux PCS 2.0 and the Honghu (鸿鹄) PCS — were at the sample stage at year-end, with a target market launch in 2026 (p.33).

The report does not disclose group-level ESS production capacity beyond the Haohan cell-line figures.

5. Geographic revenue

BYD’s geographic split shows a pronounced shift toward overseas markets (p.29):

Overseas revenue grew 40.05 % while domestic revenue fell 11.17 %, lifting the overseas share of total revenue from 28.55 % in 2024 to 38.65 % in 2025 (p.29). Overseas gross margin (19.46 %) exceeded domestic (16.66 %). The split is group-wide and is not broken out by storage.

6. Market context

BYD’s report characterizes the storage industry as shifting from “scale expansion” to “value creation,” and describes global storage as entering an explosive-growth cycle (p.16). The filing states that the ESS integration market is undergoing deep restructuring, with competition upgrading from scale and price toward technology, brand, and ecosystem (p.50).

On risks, the report cites the automotive price war compressing margins, policy volatility, raw-material price and supply risk, and geopolitical and trade-barrier risk (p.48–50).

7. What to watch

Several points from the annual report are worth monitoring:

No ESS revenue visibility. BYD does not disclose standalone energy-storage revenue, cost, or margin — storage is embedded in the transport-equipment and electrical-manufacturing segment. Until BYD carves out storage, ESS financial performance cannot be tracked from the filing, only shipment volume (60+ GWh) and project counts.

Overseas mix is climbing. Overseas revenue rose 40.05 % and now accounts for 38.65 % of group revenue, up from 28.55 %. The Saudi 12.5 GWh grid-side contract, with deliveries beginning in April, is the largest single disclosed storage order and sits within this overseas expansion.

Haohan ramp and sodium-ion. BYD’s disclosed Haohan cell-line plan runs from 14 GWh near-term to 40 GWh long-term, and it reports the world’s largest-scale polyanionic sodium-ion storage station delivered in July 2025, with its first such system delivered in January 2025. The pace of these ramps will shape BYD’s storage capacity going forward.

PCS launch in 2026. The GC Flux PCS 2.0 and Honghu PCS were at sample stage at year-end, with market launch targeted for 2026 — extending BYD’s cell-to-grid ecosystem into power conversion.

8. Sources

All data in this article is sourced from BYD’s 2025 Annual Report (full text, Chinese), audited by EY Hua Ming, filed on the Shenzhen Stock Exchange via CNINFO. Page references are to that filing.

• BYD 2025 Annual Report (PDF) — Filed on SZSE via CNINFO, full financial statements and MD&A
• BYD Manufacturer Profile — BESS Manufacturers directory page