# BYD Electronic International (0285.HK)

Canonical: https://gigainvestors.com/s/0285.HK

Analysis as of: 2026-10-16T07:36:53.613Z. Financial observations: FY2004–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 22.38 per share; close as of 2026-10-15.

Estimated value: low HKD 35.68 per share, central HKD 47.05 per share, high HKD 54.26 per share. Buy at or below the central value HKD 47.05 per share. Valuation as of 2026-10-16T07:36:53.613Z; scenarios are not confidence intervals.

Expected annual return: 19.5% at the stated quote. About 19.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.08×

- FY2018: 0.06×

- FY2019: 0.03×

- FY2020: 0.08×

- FY2021: 0.02×

- FY2022: 0.01×

- FY2023: 0.03×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 6.6%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 7.5%

- Recent gross margin (lower of latest and 3-year median): 6.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 11.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.9%

- FY2017: 23.1%

- FY2018: 20.5%

- FY2019: 10.3%

- FY2020: 23.6%

- FY2021: 6.6%

- FY2022: 2.8%

- FY2023: 12.2%

- FY2024: 10.4%

- FY2025: 12.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 16B

- Net income, five-year total: CNY 16B

- Return on incremental invested capital: 25.6%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 7.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.90×

- FY2023: 0.91×

- FY2024: 0.92×

- FY2025: 1.36×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.5% vs 12.2%

- Per-share earnings: 0.55 to 1.79 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: CNY 53B

- Cumulative retained earnings: CNY 23B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.0%

- Per-share value change: CNY 1.25

- Per-share value, starting three-year median: CNY 0.55

- Per-share value, ending three-year median: CNY 1.79

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 15B

- Cumulative net income, 10 years: CNY 29B

- ROIC, first three-year median: 20.5%

- ROIC, last three-year median: 12.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.55

- FY2017: CNY 1.15

- FY2018: CNY 0.97

- FY2019: CNY 0.71

- FY2020: CNY 2.41

- FY2021: CNY 1.03

- FY2022: CNY 0.82

- FY2023: CNY 1.79

- FY2024: CNY 1.89

- FY2025: CNY 1.56

### accounting: pass

- Sloan accruals: -20.7%

- Receivables to sales index (DSRI): 0.42×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.2%

- FY2017: 2.8%

- FY2018: -10.0%

- FY2019: 4.3%

- FY2020: 5.9%

- FY2021: -9.8%

- FY2022: -7.2%

- FY2023: -7.1%

- FY2024: -2.7%

- FY2025: -20.7%

## Holders

## Price story

Down 55% since Feb 2025 · sales +1.2%

Story as of 2026-10-16T10:00:08.311Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.7% a year for ten years

### Sales · FY2024–2025

sales +1.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 37B 

- FY2017: CNY 39B 

- FY2018: CNY 41B 

- FY2019: CNY 53B 

- FY2020: CNY 73B 

- FY2021: CNY 89B 

- FY2022: CNY 107B 

- FY2023: CNY 130B 

- FY2024: CNY 177B 

- FY2025: CNY 179B 

### Gross margin · FY2025

gross margin 6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 7.6% 

- FY2017: 11.0% 

- FY2018: 10.2% 

- FY2019: 7.5% 

- FY2020: 13.2% 

- FY2021: 6.8% 

- FY2022: 5.9% 

- FY2023: 8.0% 

- FY2024: 6.9% 

- FY2025: 6.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are CNY 179.5 billion.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2025-12-31 (filed 2026-10-16T07:36:53.613Z); FY2025: revenue 179477404000; grossProfit 10756665000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0285.HK: BYD Electronic (International) Company Limited, an investment holding company, primarily engages in the design, manufacture, assembly, and sale of mobile handset components, modules, and other products in the People's Republic of China and internationally. The company is involved in various businesses comprising smartphones, computers, new energy vehicles, AI computing infrastructure, smart home solutions, game hardware, unmanned aerial vehicles, 3D printers, Internet of Things, robots, communication equipment, and others. It also provides assembly services; and manufactures and sells smart products, as well as components for consumer electronics products. The company was incorporated in 2007 and is headquartered in Shenzhen, China. BYD Electronic (International) Company Limited is a subsidiary of Golden Link Worldwide Ltd.

### Why customers stay

Margins ranged from 6% to 8% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2023-12-31 (filed 2026-10-16T07:36:53.613Z); FY2023: grossProfit / revenue = 8%.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2024-12-31 (filed 2026-10-16T07:36:53.613Z); FY2024: grossProfit / revenue = 6.9%.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2025-12-31 (filed 2026-10-16T07:36:53.613Z); FY2025: grossProfit / revenue = 6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.613Z); 10-year return on capital observations [[2016,0.15861968944469157],[2017,0.23070657879796547],[2018,0.2052558741660678],[2019,0.10329148472454],[2020,0.23560311529041789],[2021,0.06580323865865552],[2022,0.027696705943338097],[2023,0.12180424860024404],[2024,0.10447822329152716],[2025,0.12350953919544709]]; median 0.12265689389784556. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 8.2% of cash earnings; earns 25.6% on new investment.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2016-12-31 (filed 2026-10-16T07:36:53.613Z); FY2016: growth capex 142761000; upkeep 1735676000; owner earnings 1233491000. Growth capex / owner earnings = 0.11573736654746569.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2017-12-31 (filed 2026-10-16T07:36:53.613Z); FY2017: growth capex 464411102.5022173; upkeep 1859650897.4977827; owner earnings 2319684102.5022173. Growth capex / owner earnings = 0.20020445973710913.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2018-12-31 (filed 2026-10-16T07:36:53.613Z); FY2018: growth capex 480488940.1074493; upkeep 1984809059.8925507; owner earnings 2129363940.1074493. Growth capex / owner earnings = 0.22564904526522764.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2019-12-31 (filed 2026-10-16T07:36:53.613Z); FY2019: growth capex 579156000; upkeep 2275909000; owner earnings 1447226600. Growth capex / owner earnings = 0.4001833576027417.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2020-12-31 (filed 2026-10-16T07:36:53.613Z); FY2020: growth capex 867463000; upkeep 2042129000; owner earnings 5294255000. Growth capex / owner earnings = 0.1638498712283409.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2021-12-31 (filed 2026-10-16T07:36:53.613Z); FY2021: growth capex 1488254000; upkeep 2557006000; owner earnings 2207929000. Growth capex / owner earnings = 0.6740497543172811.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2022-12-31 (filed 2026-10-16T07:36:53.613Z); FY2022: growth capex 1330824000; upkeep 2916884000; cash acquisitions 166221000; owner earnings 1672633800. Growth capex plus acquisitions / owner earnings = 0.8950225685980996.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2023-12-31 (filed 2026-10-16T07:36:53.613Z); FY2023: growth capex 759442000; upkeep 3159502000; cash acquisitions 14077769000; owner earnings 3666120200. Growth capex plus acquisitions / owner earnings = 4.047115258250398.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2024-12-31 (filed 2026-10-16T07:36:53.613Z); FY2024: growth capex 61274000; upkeep 2787817000; cash acquisitions 0; owner earnings 3935203600. Growth capex plus acquisitions / owner earnings = 0.015570731842184734.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2025-12-31 (filed 2026-10-16T07:36:53.613Z); FY2025: growth capex 0; upkeep 3981290152; cash acquisitions 389284000; owner earnings 4775954048. Growth capex plus acquisitions / owner earnings = 0.08150915944491098.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.613Z); Incremental return on capital 0.2562411271721272, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.613Z); Dividend observations: [[2016,150965000],[2017,155471000],[2018,518237000],[2019,439375000],[2020,159978000],[2021,543022000],[2022,232080000],[2023,371779000],[2024,1212224000],[2025,1246696839]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/0285.HK.json#2025-12-31 (filed 2026-10-16T07:36:53.613Z); FY2025: cash repurchases 202621599 CNY.

### Are managers owners

Insiders own 66.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0285.HK SharesStats.PercentInsiders = 66.149 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.7% yearly over ten years; actual growth was 18.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:53.613Z); Ten-year compound average after fade. Initial solved rate -0.09284394796558984. Price 22.38; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.40304597296872074 → FY2025 2.1243556417286. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 6.12 per share

- 2016-11: HKD 6.90 per share

- 2016-12: HKD 6.10 per share

- 2017-01: HKD 6.25 per share

- 2017-02: HKD 8.40 per share

- 2017-03: HKD 10.80 per share

- 2017-04: HKD 11.88 per share

- 2017-05: HKD 14.90 per share

- 2017-06: HKD 15.48 per share

- 2017-07: HKD 19.74 per share

- 2017-08: HKD 21.60 per share

- 2017-09: HKD 23.10 per share

- 2017-10: HKD 21.10 per share

- 2017-11: HKD 18.70 per share

- 2017-12: HKD 17.02 per share

- 2018-01: HKD 19.28 per share

- 2018-02: HKD 19.40 per share

- 2018-03: HKD 14.72 per share

- 2018-04: HKD 12.06 per share

- 2018-05: HKD 12.46 per share

- 2018-06: HKD 10.74 per share

- 2018-07: HKD 9.16 per share

- 2018-08: HKD 8.25 per share

- 2018-09: HKD 11.52 per share

- 2018-10: HKD 9.19 per share

- 2018-11: HKD 10.98 per share

- 2018-12: HKD 9.84 per share

- 2019-01: HKD 9.64 per share

- 2019-02: HKD 10.04 per share

- 2019-03: HKD 10.12 per share

- 2019-04: HKD 14.02 per share

- 2019-05: HKD 10.32 per share

- 2019-06: HKD 11.16 per share

- 2019-07: HKD 12.42 per share

- 2019-08: HKD 9.43 per share

- 2019-09: HKD 11.74 per share

- 2019-10: HKD 13.52 per share

- 2019-11: HKD 14.00 per share

- 2019-12: HKD 14.98 per share

- 2020-01: HKD 15.24 per share

- 2020-02: HKD 14.60 per share

- 2020-03: HKD 12.94 per share

- 2020-04: HKD 17.94 per share

- 2020-05: HKD 14.84 per share

- 2020-06: HKD 17.74 per share

- 2020-07: HKD 27.15 per share

- 2020-08: HKD 32.85 per share

- 2020-09: HKD 38.95 per share

- 2020-10: HKD 33.30 per share

- 2020-11: HKD 38.35 per share

- 2020-12: HKD 40.60 per share

- 2021-01: HKD 53.70 per share

- 2021-02: HKD 43.25 per share

- 2021-03: HKD 45.40 per share

- 2021-04: HKD 41.35 per share

- 2021-05: HKD 51.00 per share

- 2021-06: HKD 51.00 per share

- 2021-07: HKD 39.30 per share

- 2021-08: HKD 35.50 per share

- 2021-09: HKD 27.45 per share

- 2021-10: HKD 23.15 per share

- 2021-11: HKD 28.95 per share

- 2021-12: HKD 28.55 per share

- 2022-01: HKD 23.35 per share

- 2022-02: HKD 21.90 per share

- 2022-03: HKD 15.80 per share

- 2022-04: HKD 16.06 per share

- 2022-05: HKD 17.42 per share

- 2022-06: HKD 24.75 per share

- 2022-07: HKD 20.15 per share

- 2022-08: HKD 20.90 per share

- 2022-09: HKD 18.96 per share

- 2022-10: HKD 22.80 per share

- 2022-11: HKD 25.40 per share

- 2022-12: HKD 25.10 per share

- 2023-01: HKD 27.05 per share

- 2023-02: HKD 22.85 per share

- 2023-03: HKD 24.40 per share

- 2023-04: HKD 23.65 per share

- 2023-05: HKD 22.80 per share

- 2023-06: HKD 23.70 per share

- 2023-07: HKD 29.90 per share

- 2023-08: HKD 36.35 per share

- 2023-09: HKD 35.70 per share

- 2023-10: HKD 32.60 per share

- 2023-11: HKD 35.65 per share

- 2023-12: HKD 36.60 per share

- 2024-01: HKD 26.75 per share

- 2024-02: HKD 29.60 per share

- 2024-03: HKD 28.85 per share

- 2024-04: HKD 26.60 per share

- 2024-05: HKD 33.80 per share

- 2024-06: HKD 39.00 per share

- 2024-07: HKD 30.40 per share

- 2024-08: HKD 28.70 per share

- 2024-09: HKD 32.55 per share

- 2024-10: HKD 33.50 per share

- 2024-11: HKD 34.55 per share

- 2024-12: HKD 42.05 per share

- 2025-01: HKD 42.30 per share

- 2025-02: HKD 50.10 per share

- 2025-03: HKD 40.30 per share

- 2025-04: HKD 32.30 per share

- 2025-05: HKD 31.15 per share

- 2025-06: HKD 31.80 per share

- 2025-07: HKD 32.90 per share

- 2025-08: HKD 41.18 per share

- 2025-09: HKD 41.34 per share

- 2025-10: HKD 36.54 per share

- 2025-11: HKD 33.16 per share

- 2025-12: HKD 33.64 per share

- 2026-01: HKD 33.40 per share

- 2026-02: HKD 32.26 per share

- 2026-03: HKD 27.60 per share

- 2026-04: HKD 26.46 per share

- 2026-05: HKD 29.18 per share

- 2026-06: HKD 20.92 per share

- 2026-07: HKD 23.48 per share

- 2026-08: HKD 27.00 per share

- 2026-09: HKD 22.98 per share

- 2026-10: HKD 22.38 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 10.02 per share, central HKD 13.76 per share, high HKD 15.94 per share

- FY2017: low HKD 11.50 per share, central HKD 15.12 per share, high HKD 17.53 per share

- FY2018: low HKD 13.75 per share, central HKD 18.76 per share, high HKD 21.69 per share

- FY2019: low HKD 12.47 per share, central HKD 17.05 per share, high HKD 19.94 per share

- FY2020: low HKD 27.88 per share, central HKD 39.38 per share, high HKD 46.08 per share

- FY2021: low HKD 30.82 per share, central HKD 39.14 per share, high HKD 45.50 per share

- FY2022: low HKD 19.98 per share, central HKD 23.01 per share, high HKD 26.31 per share

- FY2023: low HKD 30.29 per share, central HKD 41.05 per share, high HKD 47.31 per share

- FY2024: low HKD 32.93 per share, central HKD 46.26 per share, high HKD 54.02 per share

- FY2025: low HKD 38.18 per share, central HKD 49.55 per share, high HKD 56.75 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.