Kuai Technology, October 29 — BYD has released its Q3 2026 financial report, with quarterly profit successfully breaking the 10 billion yuan mark.

Third-quarter revenue reached 221.488 billion yuan, up 13.59% year-on-year, while net profit attributable to shareholders hit 10.020 billion yuan, surging 28.08% year-on-year.

For the first three quarters combined, total revenue came in at 566.304 billion yuan, essentially flat year-on-year with a marginal 0.01% increase; net profit attributable to shareholders was 22.345 billion yuan, down 4.24% year-on-year.

However, net profit after deducting non-recurring gains and losses stood at 21.004 billion yuan, still posting a 2.51% year-on-year increase — a sign that the core business remains profitable in its own right.

Cash flow is a bright spot in this report. In the first three quarters, net cash flow from operating activities reached 54.470 billion yuan, up 33.36% year-on-year, indicating that the company's actual cash position is strengthening and its operating cash collection remains relatively healthy.

It is clear that BYD faced considerable pressure overall in the first half of this year, and the third quarter marked a strong rebound, with quarterly profit accounting for nearly half of the first three quarters' total.

Currently, price competition in China's new energy vehicle market is intense, with all players embroiled in price wars that are squeezing profit margins across the industry. BYD's ability to grow profit in the third quarter can be attributed partly to sales scale — continuous volume growth in overseas markets brought incremental gains — and partly to effective internal cost control.

Impressive as the Q3 report card is, overall revenue for the first three quarters was almost flat, indicating that pressure from the industry environment persists.

Looking ahead, BYD will continue to grapple with domestic involution while also needing to maintain its edge in overseas markets. Strong quarterly growth is a good signal, but whether this momentum can be sustained into the fourth quarter remains to be seen.