Hang Seng · EV & battery vertical integration · Blade LFP (captive + external)
BYD
BYD holds the world No.2 spot in EV batteries through its FinDreams unit, maker of the Blade LFP cell. Its 2025 battery installations reached 194.8 GWh for a 16.4 percent global share, second only to CATL. Most output is consumed captively in BYD's own EVs, but external supply to Tesla (energy storage) and Toyota is growing fast.
1211.HK Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, BYD is directly linked to 7 companies (5 supply, 3 revenue, 1 investment relationships) and reaches 10 companies within two hops; the links are backed by 16 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue RMB 803.97bn (autos & related 80.7%)
- Customer concentration · Battery mostly captive; external-supply ratio risen to ~35%
- Segments · Automobiles & related (battery in-house) · Mobile components & assembly · External battery supply (FinDreams)
Revenue from
- BYD in-house EV (captive) High confidence· volume 4,602,436 NEVs · 2025 · BYD NEV sales
Most battery output is consumed captively in its own NEVs (4.6M units in 2025). External-supply ratio rose from ~15% to ~35% during 2024, but captive use dominates. - Tesla High confidence· capacity 8 GWh/yr · 2025~ · Tesla ESS LFP cell supply (~RMB 3.5bn order)
FinDreams supplies LFP cells for Tesla's Shanghai Megafactory (40 GWh/yr) — up to 8 GWh/yr, ~RMB 3.5bn order value, >20% of Megapack orders, deliveries from Q1 2025.Confirms ZH OFweek Energy Storage Published Jun 6, 2024: BYD FinDreams wins Tesla energy-storage battery orderConfirms EN CnEVPost Published Jun 5, 2024: BYD FinDreams unit to supply battery cells to Tesla Shanghai Megafactory - BYD Electronics High confidence
Supplies batteries, parts and materials to subsidiary BYD Electronics — an in-group source for its electronics and energy products.Confirms EN BYD Electronic (International) Published Apr 22, 2026: BYD Electronic (International) — Annual Report 2025 (HKEX) - 샤오미 (핀드림스 LFP) High confidence
FinDreams sells LFP batteries for Xiaomi's SU7 and YU7. - FAW (FAW-FinDreams JV) Medium confidence· capacity 45 GWh · JV · FAW-FinDreams JV plant (RMB 13.5bn)
BYD and FAW formed a JV battery plant (FAW-FinDreams) with RMB 13.5bn investment and 45 GWh capacity, producing Blade packs.Confirms ZH China Battery Network Published Jun 1, 2024: BYD accelerates external battery supply (FAW JV detail) - Toyota (bZ3, BTET JV) Medium confidence
Via the BYD-Toyota EV Technology JV (BTET), BYD supplies Blade LFP batteries and FinDreams motors to the co-developed Toyota bZ3 sedan.Confirms EN Toyota Global Newsroom Published Apr 2, 2020: BYD, Toyota Launch BYD TOYOTA EV TECHNOLOGY Joint Venture
Pays to
- BYD Electronics High confidence
Sources smart-cockpit, intelligent-driving and thermal-management electronics for its EVs from subsidiary BYD Electronics — internalizing electronics supply through vertical integration.Confirms EN BYD Electronic (International) Published Apr 22, 2026: BYD Electronic (International) — Annual Report 2025 (HKEX) - LFP cathode material (in-house + external) Medium confidence· capacity 50,000 tonnes/yr · 2025~ · Chile LFP cathode rights (≥$290M)
Makes much LFP cathode in-house (Chile CORFO 50,000 t/yr rights, ≥$290M, online by end-2025) but buys large external LFP cathode volumes when demand spikes. - BTR New Material Group Co., Ltd Medium confidence
BYD sources anode material from BTR New Material, the world's top anode maker.Confirms EN PR Newswire Published Aug 7, 2024: BTR's Indonesian facility becomes largest anode plant outside China - Yunnan Energy New Material (SEMCORP) Medium confidence
BYD is one of Enjie's 50-plus cell customers, sourcing wet-process separators.Confirms EN Yunnan Energy New Material FY2024 Annual Report (English) Published Jun 10, 2025: 2024 Annual Report of Yunnan Energy New Material Co., Ltd. - Lithium refiners (Ganfeng · Tianqi etc.) Medium confidence
Secures upstream lithium directly (Latin America) while also buying from major refiners like Ganfeng and Tianqi.Confirms ZH news18a Auto Published May 1, 2024: BYD deepens lithium resource layout, joins Latin America lithium mining - Lotte Energy Materials Medium confidence
BYD is reported to buy copper foil from Lotte Energy Materials.Confirms EN KED Global Published Jun 21, 2024: Lotte Energy Materials sets sights beyond copper foil: CEO Kim - Tinci Materials Medium confidence
Alongside CATL, a major customer of Tinci's electrolyte; the Chinese battery and EV giant is part of Tinci's large cell-customer base.Confirms ZH Eastmoney (broker report) Published Nov 17, 2025: Tinci Materials: electrolyte leader benefiting from the lithium-battery recovery - materials · equipment (undisclosed) Low confidence
Some separator/electrolyte materials and cell-manufacturing equipment are externally sourced, but BYD does not disclose specific suppliers (heavy vertical integration).
Investments
- BYD전자 High confidence
Controlling stake in the HK-listed electronics subsidiary (Apple assembly, AI servers).Mentions EN MiniChart (research digest) Published May 29, 2025: BYD Electronic: Apple and AI hypergrowth forecast
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| Tesla | lead1 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| BYD Electronics | lead1 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
| BYD | node | -6.5 | +10.5 | -28.5 | +58.9 | +8.7 | -12.7 |
| Yunnan Energy New Material (SEMCORP) | benef1 | +92.8 | -38.6 | -72.6 | -29.2 | +76.4 | +7.5 |
| Tinci Materials | benef1 | +68.3 | +5.6 | -61.4 | -0.7 | +124.2 | -1 |
| Lotte Energy Materials | benef1 | +31.5 | -32.9 | -49.3 | -30 | +75.8 | -8.4 |
| BYD Electronics | benef1 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
| Lotte Chemical | benef2 | -22.5 | -3.6 | -24.4 | -56.1 | +50.1 | -25.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
A vertically integrated giant spanning EVs, cells and materials that holds the world's No.2 battery spot (2025 installations 194.8 GWh, 16.4% share) through its FinDreams unit, maker of the Blade LFP cell. Autos and related products make up 80.7% of revenue and most battery output is consumed captively in its own 4.6M NEVs, but external supply — Tesla's Shanghai Megafactory ESS (8 GWh/yr, ~RMB 3.5bn), Toyota's bZ3, Xiaomi's SU7 — is growing fast, lifting the external ratio to ~35%. Its cost axis runs on lithium (direct Chile CORFO investment plus Ganfeng/Tianqi), cathode, separators (Yunnan Energy) and anode (BTR), with upstream internalization ongoing. The watch points are the pace of external-customer diversification and margins under China's EV price war; graph-wise, its ripple is broad on both the materials upstream (Yunnan Energy, BTR, Tinci, Lotte Energy) and the automaker downstream.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 0 · Sell 0 · Avg. target HK$135 · Price HK$84.9 (07-10) · Upside +59%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| UBS | Buy | HK$135 | Jun 18, 2026 | Report ↗ |
UBS and UOB Kay Hian raised targets to HK$135 on surging overseas sales and stabilizing domestic share, sustaining the buy consensus.
Analyses covering this node
- The cathode paradox: cells turned, materials did not Jul 3, 2026
- What revived the battery cycle is ESS, not EVs, and its root is again the AI datacenter Jun 24, 2026