Record revenue, doubled loss: Harmony Auto's BYD-overseas bet

Zhengzhou's Harmony Auto listed in Hong Kong in 2013 as a luxury-car dealer — BMW, MINI, Lexus and Maserati among its marques. As China's price war squeezed combustion-engine luxury, the group bet on a second identity: exporting China's EV boom. It became BYD's exclusive distributor in Hong Kong, bought the assets of Lian Da Auto for HK$150 million in November 2024 after BYD ended that dealer's agency, and pushed into 25 countries and 54 cities. The bet was that overseas distribution could replace a shrinking domestic 4S network.

FY2025 delivered the promised growth and the bill together: revenue ¥20.027 billion, up 28.2%, a record; new-car sales 71,498, up 77.6%. The engine was overseas — HK and overseas revenue ¥8.575 billion, up almost fourfold, 42.8% of the total; 40,499 cars delivered there, nearly five times 2024 and 56.6% of all sales. The loss widened 118.2% to ¥635 million attributable (¥291 million in 2024), EPS -¥0.417, no dividend; gross profit ¥1.178 billion on the record top line. Mainland revenue fell 17.2% to ¥11.452 billion.

The gap between record revenue and doubled loss: over ¥430 million of non-recurring items — ¥177 million written off in store adjustments, about ¥189 million of impairments on property and right-of-use assets, ¥57.2 million of credit losses on after-sales receivables, ¥42.1 million of convertible-bond fair-value losses — plus rising selling, administrative and finance costs and a 40.3% jump in staff costs for 7,200 employees. A 45% subsidiary stake was sold. BYD became Hong Kong's sales champion in 2025; the share still fell 5.88% to HK$1.12 on April 2, 2026.