BYD’s four-year profit run ends, eyes global markets as next engine of growth

China’s electric vehicle (EV) king BYD posted its first annual profit drop in four years as it faced intensifying competition from domestic rivals in a cutthroat market. The Shenzhen-based company reported a net profit of 32.6 billion yuan (US$4.72 billion) for 2025, down 18.97 per cent from a year earlier, according to a filing to the Hong Kong and Shenzhen stock exchanges. That missed a consensus forecast of 35.4 billion yuan in a Bloomberg survey of analysts. Revenue grew 3.46 per cent to...