BYD Tops A-Share R&D Spending with ¥63.4B in 2025, Pays Over ¥53.3B in Taxes

BYD recently released its 2025 financial report and ESG report, revealing R&D expenditures of RMB 63.4 billion for the year—accounting for 7.89% of its revenue—and maintaining its position as the top A-share listed company in R&D investment for the second consecutive year. The company employs 120,000 R&D personnel and has filed over 71,000 patent applications globally to date. In 2025, BYD paid RMB 53.3 billion in taxes and donated RMB 1.57 billion. It also established a RMB 3 billion education-focused charitable fund, collaborating with 127 universities to support more than 6,000 students. On the ESG front, BYD’s MSCI ESG rating was upgraded to AA, and it scored 60 points in S&P’s ESG assessment, placing it among the leading Chinese enterprises. The company sold 4.6 million new energy vehicles (NEVs) globally, retaining its position as the world’s top NEV seller, and ranked first worldwide in energy storage shipments. Its solar business was included in BloombergNEF’s Tier 1 list. BYD’s NEVs helped reduce carbon emissions by 46.6 million tons in 2025—equivalent to planting 777 million trees—and the company consumed 7.29 billion kWh of green electricity. Three of its industrial parks have been designated as national-level zero-carbon parks.