[中报]比亚迪(002594):H股公告（2025年中期报告）
原标题:比亚迪:H股公告（2025年中期报告） subsidiaries, “the Group”; stock code: H shares: 01211 (HKD counter); 附屬公司統稱「本集團」或「集團」；股份代號：H股： 81211 (RMB counter); A shares: 002594) is principally engaged in 01211（幣櫃檯）；81211（人民幣櫃檯）；A股： automobile business which mainly includes new energy vehicles, 002594）主要從事以新能源汽車為主的汽車業務、手 handset components and assembly services, rechargeable batteries and 機部件及組裝業務，二次充電電池及光伏業務，同 photovoltaics business. Meanwhile, with its technological superiority, the 時利用自身的技術優勢積極拓展城市軌道交通業務 Group actively develops urban rail transportation business segment. 領域。 As a pioneer and leader in the global new energy vehicle industry, relying 作為全球新能源汽車行業先行和領導，本集團 on its strong technological accumulation in the key fields of automobile 憑借在汽車電動化及智能化等關鍵領域的雄厚技術 electrification and intelligence, and through continuous technological 積累，通過技術的持續創新，打造出長期、可持續 innovation, the Group has developed its long-term and sustainable 的核心競爭優勢，夯實了本集團於全球新能源汽車 core competitive advantages which solidified the leading position of the 行業的領導地位，加速推動全球汽車產業轉型升級 Group in the global new energy vehicle industry and accelerated the 進程。 transformation and upgrade of the global automobile industry.BYD is one of the leading rechargeable battery manufacturers in the 本集團為全球領先的二次充電電池製造商之一。消 world. As to the field of consumer batteries, the Group’s li-ion batteries are 費類電池領域，本集團生產的鋰離子電池廣泛應用 widely used in various consumer electronics products and new intelligent 於各類消費類電子產品及新型智能產品領域。動力 – products. As to the field of power batteries, the Group has developed 電池領域，本集團開發了高度安全的磷酸鐵鋰電池 “Blade Batteries”, the highly safe LFP batteries, to better meet the urgent 「刀片電池」，更好地解決市場安全痛點，加速磷酸 demand of safety in the market, and to speed up the pace of LFP batteries 鐵鋰電池重回動力電池主流賽道，助力全球新能源 returning to the mainstream market of power batteries, thereby boosting 汽車產業行穩致遠。儲能電池領域，本集團在電源 the steady and long-term development of the global new energy vehicle 側儲能、電網儲能、工商業儲能、家庭儲能等應用 industry. As to the field of energy storage batteries, the Group focuses 領域發力，為客戶提供更加清潔可持續的儲能解決 on applications such as power-side energy storage, power grid energy 方案。 storage, industrial and commercial energy storage and household energy storage to provide cleaner and more sustainable energy storage solutions to customers. As an important move of the Group in the field of clean energy, the 光伏業務作為本集團在清潔能源領域的重要佈局之 photovoltaics business is devoted to changing the lifestyle of people with 一，致力於用清潔能源改變人類生活方式，以實現 clean energy. With an aim to achieve the sustainable development of clean 能源的可持續發展為目標，擁有硅片、電池片、光 energy, it has a complete industrial chain layout covering silicon wafer, 伏組件、光伏系統應用等全產業鏈佈局。本集團將 solar cells, photovoltaic modules and photovoltaic system application, 繼續積極佈局新技術，推動產品不斷升級。 etc. The Group will continue to proactively develop new technologies to promote the continuous upgrade of its products. As a global leading provider of high-tech and innovative products, 作為全球領先的高科技創新產品提供商，本集團業 the Group engages in a wide variety of business covering diversified 務廣泛，涵蓋消費電子、AI數據中心等多元化的市 areas including consumer electronics and AI data centers. With its core 場領域，依託電子信息技術、人工智能技術、5G和 advantages in electronic information, AI, 5G and Internet of Things, thermal 物聯網技術、熱管理技術、新材料技術、精密模具 management, new materials, precision molds and digital manufacturing 技術和數字化製造技術等核心優勢，以及高效規模 technologies, as well as efficient and scalable manufacturing experience 化的生產經驗和豐富的產品組合，為全球客戶提供 and a diverse product portfolio, the Group provides customers around the 一站式產品解決方案。 world with one-stop product solutions. With its technology and cost advantages in the area of new energy, 憑藉在新能源業務領域建立的技術和成本優勢，本 the Group has successfully developed medium-capacity “SkyRail” and 集團在城市軌道交通領域成功研發出高效率、低成 low-capacity “SkyShuttle” with high efficiency and low cost in the area 本的中運量「雲軌」和低運量「雲巴」產品，配合新能 of urban rail transportation, which, together with new energy vehicles, 源汽車實現對城市公共交通的立體化覆蓋，在幫助 2 Corporate Information 公司資料 4 Financial Highlights 財務摘要 5 Management Discussion and Analysis 管理層討論及分析 59 Consolidated Balance Sheet 合併資產負債表 62 Consolidated Income Statement 合併利潤表 65 Consolidated Statement of Changes in Owners’ Equity 合併股東權益變動表67 Consolidated Cash Flow Statement 合併現金流量表 70 Notes to Financial Statements 財務報表附註 CORPORATE INFORMATION 公司資料 EXECUTIVE DIRECTOR 執行董事 Wang Chuan-fu 王傳福 NON-EXECUTIVE DIRECTORS 非執行董事 Lv Xiang-yang 呂向陽 Xia Zuo-quan 夏佐全 INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事 Cai Hong-ping 蔡洪平 Zhang Min 張敏 Yu Ling 喻玲 SUPERVISORS 監事 Li Yong-zhao 李永釗 Zhu Ai-yun 朱愛雲 Wang Zhen 王珍 Huang Jiang-feng 黃江鋒 Tang Mei 唐梅 COMPANY SECRETARY 公司秘書 Li Qian 李黔 AUDIT COMMITTEE 審核委員會 Xia Zuo-quan 夏佐全 Cai Hong-ping 蔡洪平 Zhang Min (Chairman) 張敏（主席） Yu Ling 喻玲 REMUNERATION COMMITTEE 薪酬委員會 Wang Chuan-fu 王傳福 Xia Zuo-quan 夏佐全 Cai Hong-ping (Chairman) 蔡洪平（主席） Zhang Min 張敏 Yu Ling 喻玲 NOMINATION COMMITTEE 提名委員會 Wang Chuan-fu 王傳福 Lv Xiang-yang 呂向陽 Cai Hong-ping 蔡洪平 Zhang Min 張敏 Yu Ling (Chairman) 喻玲（主席） STRATEGY AND SUSTAINABLE DEVELOPMENT 戰略及可持續發展委員會 COMMITTEE Wang Chuan-fu (Chairman) 王傳褔（主席） Lv Xiang-yang 呂向陽 Xia Zuo-quan 夏佐全 CORPORATE INFORMATION 公司資料 AUTHORISED REPRESENTATIVES 授權代表 Wang Chuan-fu 王傳福 Li Qian 李黔 LEGAL ADDRESS 法定地址 No. 1 Yan’an Road 中國 Kuichong Sub-district 廣東省 Dapeng New District 深圳市 Shenzhen 大鵬新區 Guangdong Province 葵涌街道 The PRC 延安路一號 AUDITORS 核數師 Ernst & Young Hua Ming LLP 安永華明會計師事務所（特殊普通合夥）PLACE OF BUSINESS IN HONG KONG 香?業地點 Unit 505-510, 5/F, Core Building 1E 香 1 Science Park E Avenue 新界 Science Park, Pak Shek Kok 大埔白石角科學園東路1號 Tai Po 核心大廈1E號 – Hong Kong 5樓505 510室 HONG KONG SHARE REGISTRAR AND TRANSFER 香股份過戶登記處 OFFICE Computershare Hong Kong Investor Services Limited 香中央證券登記有限公司– Shops 1712 1716 香 17th Floor Hopewell Centre 灣仔 183 Queen’s Road East 皇后大道東183號 Wanchai 合和中心17樓 – Hong Kong 1712 1716號舖 INVESTOR AND MEDIA RELATIONS CONSULTANT 投資及傳媒關係顧問iPR Ogilvy Ltd. IPR奧美公關 Tel: (852) 2136 6185 電話：(852)2136 6185 Fax: (852) 3170 6606 傳真：(852)3170 6606 Email: byd@iprogilvy.com 電郵：byd@iprogilvy.com WEBSITE 公司網址 www.bydglobal.com www.bydglobal.com STOCK CODE 股票代碼 H Shares: 01211 (HKD counter); 81211 (RMB counter) H股：01211（幣櫃檯）；81211（人民幣櫃檯）FINANCIAL HIGHLIGHTS 財務摘要 INTERIM RESULTS FOR THE SIX MONTHS ENDED 截至二零二五年六月三十日止六個月中期業30 JUNE 2025 (THE “PERIOD”) 績（期內） Revenue 23.30% to RMB371,281 million ?業額 至人民幣371,281百萬元 Gross profit 18.24% to RMB66,866 million 毛利 至人民幣66,866百萬元 Profit attributable to owners of the parent 13.79% to RMB15,511 million母公司擁有人應佔溢利 至人民幣15,511百萬元 Earnings per share 9.62% to RMB1.71 每股盈利 至人民幣1.71元 HIGHLIGHTS 摘要 1. New energy vehicle sales hit another record high, and the 1. 新能源汽車銷量再創新高，蟬聯中國市場車 Group secured the title of sales champion among Chinese 企及品牌銷量冠軍、全球新能源汽車銷量冠auto manufacturers and brands and in the global new 軍，品牌影力持續擴大；energy vehicle market, with brand influence expanding widely; 2. Technological depth elevated brand stature, and the multi- 2. 以技術深度鑄就品牌高度，多品牌梯度佈局 brand portfolio achieved exquisite refinement, seeing 更趨完善，品牌知名度與美譽度穩步提升，steadily improving brand recognition and reputation and 高端車型佔比持續增長；sustained growth of high-end models; 3. The overseas market gained full momentum, achieving 3. 海外市場全面發力，銷量實現跨越式增長，leapfrog growth in sales, accelerating localization efforts 本地化進程加速推進，成為集團持續高速高and becoming a new engine driving the Group’s sustained, 質增長的新引擎；rapid and high-quality expansion; 4. The electronics division focused on the high-value- 4. 電子業務聚焦消費電子高附加值產品，鞏固added consumer electronics segment, consolidated and 並擴大高端市場領先優勢，積極把握AI發展augmented the leadership in the high-end market, actively 機遇，加快佈局AI數據中心等新賽道；capitalized on the AI development opportunities and accelerated expansion in new frontiers such as AI data centers; 5. During the Period, the industry malpractices such as 5. 期內汽車行業「一口價」、「過度?銷」等亂象 “one-price policy” and “excessive marketing” intensified 頻發，競爭加劇，「全民智駕」戰略亦受影competition, affected the strategy of “Intelligent Driving for ，導致國內盈利能力短期承壓。 All”, and weighed on the short-term profitability of domestic businesses. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 PERFORMANCE OVERVIEW 業績概覽 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 PERFORMANCE OVERVIEW 業績概覽
Note 2: Cash reserves include, but not limited to, monetary funds and financial 註2： 現金儲蓄括但不限於：貨幣資金、交易性金融資產 assets held for trading 1. INDUSTRY ANALYSIS AND REVIEW 1. 行業分析及回顧 1.1 Automobiles and Batteries Business 1.1 汽車及電池業務 In the first half of 2025, the complex and ever-changing 二零二五年上半年，國際環境複雜多變，國international environment has posed challenges to the 際經貿秩序面臨衝擊，全球經濟增長動能減international economic and trade order, resulting in weakened 弱，不穩定性、不確定性增加。面對外部環 global economic growth momentum, and increased instability 境的壓力，中國政府通過積極有為的宏觀政and uncertainty. In the face of external pressures, the 策發力，使中國經濟頂壓前行，延續了穩中Chinese government implemented proactive macro policies, 有進、穩中向好的發展態勢，展現出強大韌enabling the Chinese economy to withstand pressures and 性和發展潛力，成為推進世界經濟的「穩定sustain a stable and favorable development trend. This 源」。據國家統計局發佈的數據，二零二五demonstrated China’s strong resilience and development 年上半年國內生產總值同比增長5.3%，為完potential, positioning itself as a “stabilizing force” for the global 成全年增長5%左右的預期目標打下了紮實基 economy. According to the data released by the National 礎。宏觀經濟指標總體向好，但經濟仍面臨Bureau of Statistics, China’s GDP grew by 5.3% year-on-year 不少風險挑戰，中國經濟轉型的結構性矛盾in the first half of 2025, laying a solid foundation for achieving 尚未根本緩解，消費增長的內生動力仍顯不 the annual growth target of around 5%. Despite the generally 足，經濟運行的基礎還需鞏固。 positive macroeconomic indicators, the economy still faced a number of risks and challenges. Structural contradictions arising from China’s economic transformation had not yet been MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 In the first half of 2025, China’s automobile industry continued 二零二五年上半年，中國汽車產業對中國經 to play a crucial role in driving and transforming China’s 濟增長繼續扮演著重要的驅動力和轉型角economic growth, serving as the driver for consumption 色，既是消費回暖的引擎，也是新質生產力recovery and the accelerator for new quality productive forces. 的加速器。年初開始，在穩健復甦的經濟 Since the beginning of the year, driven by steady economic 環境和持續?復的消費需求推動下，「兩新」recovery and sustainable growth in consumer demand, the 政策（新一輪大規模設備更新和消費品以舊“two new” policies (a new round of large-scale equipment 換新政策）及地方補貼持續發力，加上電動renewal and consumer goods trade-ins policies) and local 化、智能化技術加速落地，企業新品供給持subsidies have continued to take effect, and coupled with 續豐富，帶動汽車市場延續去年總體態勢，the accelerated adoption of electrification and intelligent 產銷實現兩位數增長，再上台階。國內市場technologies, and the continuous enrichment of new product 格局加速演變，推升競爭烈度並對產業造成offerings from companies, the automobile market continued 衝擊；海外市場方興未艾，新能源汽車出口the overall trend of last year, achieving a double-digit growth 實現突破性增長。根據中國汽車工業協會的 and reaching a new high. The accelerated evolution of the 數據，二零二五年上半年中國汽車產銷分別domestic market landscape had intensified competition and 達到1,562.1萬輛和1,565.3萬輛，同比分別exerted a significant impact on the industry. The overseas 增長12.5%及11.4%，產銷量再創新高。其market embraced prosperous development, with new energy 中，中國新能源汽車表現持續亮眼，產銷直vehicle exports achieving breakthroughs in growth. According 線上升，分別達696.8萬輛和693.7萬輛，同to the statistics from the China Association of Automobile 比分別增長41.4%和40.3%，新能源汽車新Manufacturers, the production and sales volume of China’s 車銷量達到汽車新車總銷量的44.3%，鞏固automobiles in the first half of 2025 amounted to 15.621 了中國新能源汽車規模化的勢頭。據中國汽million units and 15.653 million units, representing a year-on- 車流通協會乘聯分會的數據顯示，二零二五 year growth of 12.5% and 11.4% respectively, hitting another 年上半年中國新能源乘用車零售滲透率高達record high. In particular, new energy vehicles in China 50.2%，且連續四個月突破50%，標誌著電continued to make dazzling achievements, with production 動化進程邁入「主流階段」。同時，中國自主and sales volume rising sharply to 6.968 million units and 品牌搭乘新能源崛的浪潮，憑藉科技創新6.937 million units, representing year-on-year increases of 與智能化應用雙重驅動，並依托更完整的產41.4% and 40.3%, respectively. The sales volume of new 業鏈，不斷提升產品競爭力與市場認同度，energy vehicles accounted for 44.3% of the total sales volume 發展強勢，領跑新能源汽車市場。根據中國 of new vehicles, further consolidating the development 汽車工業協會的數據，二零二五年上半年中momentum of new energy vehicles in China towards large- 國自主品牌乘用車的市場份額達到68.5%，scale expansion. According to the statistics from the China 同比增長6.6個百分點。在新老交替進程加快Passenger Car Association, the retail penetration rate of new 的大背景下，市場博弈異常激烈、價格競爭 energy passenger cars in China reached as high as 50.2% 加劇、?銷過度現象頻發，產業發展面臨階in the first half of 2025, and has remained above 50% for four 段性不利影。汽車行業正以維護公平競爭 consecutive months, marking the entry of electrification into 秩序、促進行業健康發展為目標共識，推動 the “mainstream stage”. At the same time, China’s domestic 中國汽車產業從規模擴張階段邁向高質量發 brands have capitalized on the rise of new energy vehicles. 展階段。 These brands have demonstrated robust growth and become leaders in the new energy vehicle market, driven by both technological innovation and intelligent applications, a more complete industrial chain, such continuously enhanced product competitiveness, and growing market recognition. According to the statistics from the China Association of Automobile Manufacturers, the market share of Chinese domestic brand passenger cars reached 68.5% in the first half of 2025, representing an increase of 6.6 percentage points year-on-year. The backdrop of accelerated replacement of ICE vehicles with new energy vehicles has led to intense market game, increased price competition, and frequent occurrence of excessive marketing, which had exerted an adverse periodic impact on the development of the industry. The automobile industry is working toward the common goal of maintaining a MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Due to the synergistic effects of technology, scale, 伴隨著中國新能源汽車的技術、規模、產業 industrialization advantages and overseas demand in China’s 化優勢及海外需求的雙向共振，中國製造的new energy vehicle sector, more and more Chinese new 新能源汽車產品越來越多走出國門，在海外 energy vehicle products are expanding into global market, with 的認可度持續提升。根據中國汽車工業協會 growing recognition overseas. According to the statistics from 數據，二零二五年上半年中國汽車出口量升 the China Association of Automobile Manufacturers, China’s 至308.3萬輛，同比增長達10.4%。其中，中auto exports increased to 3.083 million units in the first half of 國新能源汽車出口繼續實現突破性增長，達 2025, representing a year-on-year increase of 10.4%. Notably, 106萬輛，同比增長75.2%。中國車企出海不 exports of China’s new energy vehicles continued to achieve 僅僅是產品輸出，更重要的是要在海外構建breakthrough, reaching 1.06 million units, representing a 價值生態，推動中國汽車從「世界工廠」向「全 year-on-year increase of 75.2%. The globalization initiatives 球創新」躍遷。 of China’s automakers are not merely about product exports. More importantly, these enterprises aim to build value ecosystems overseas, driving the transformation of China’s automobile industry from “world’s factory” to “global innovator”.The development of new energy vehicle industry has become 發展新能源汽車已成為我國從汽車製造大國a strategic cornerstone for China’s transformation from a 邁向汽車強國的戰略支點，不僅彰顯產業轉major automobile country to a leading automobile power. 型升級的決心，也為全球綠色交通和低碳轉This initiative not only demonstrates China’s commitment to 型注入新動能。二零二五年上半年，在中國industrial transformation and upgrade, but also contributes 新能源汽車提速發展的態勢下，中國政府適new momentum to global green transportation and low-carbon 時制定並實施一系列行業利好政策，助力持transformation. In the first half of 2025, amid the accelerating 續推動新能源汽車及智能汽車的高品質發 development of new energy vehicles nationwide, the Chinese 展，促進新能源汽車在縣鄉區域消費潛力的government formulated and implemented a series of policies 釋放，並有效支了車市銷量。一月，發favorable to the industry in a timely manner to continuously 改委、財政部發佈《關於2025年加力擴圍實facilitate the high-quality development of new energy vehicles 施大規模設備更新和消費品以舊換新政策and intelligent vehicles, and release the consumption 的通知》，通過加大政策支持力度，增加超potential of new energy vehicles in counties and townships, 長期特別國債的支持，加力推進設備更新，thereby effectively supporting vehicle sales. In January, 擴圍支持消費品以舊換新，加快提升回收循the National Development and Reform Commission and the 環利用水平等，從而促進經濟高質量發展，Ministry of Finance issued the Notice on Strengthening and 實現經濟結構優化和綠色低碳轉型。同月，Expanding the Implementation of the Large-Scale Equipment 商務部等八部門辦公廳印發《關於開展汽車Replacement and Consumer Goods Trade-in in 2025 《關( 流通消費改革試點工作的通知》，將於二零於2025年加力擴圍實施大規模設備更新和消費品以舊換新政 二五年至二零二七年開展汽車流通消費改革策的通知》), which aims to promote high-quality economic 試點工作，以穩定和擴大汽車消費、促進二development, optimize economic structure, and achieve 手車高效流通、?造汽車文化氛圍。二月，green and low-carbon transformation by increasing policy 工業和信息化部、市場監管總局發佈《關於support, enhancing the support of ultra-long-term special 進一步加強智能網聯汽車產品准入、召回及treasury bonds, intensifying equipment upgrades, expanding 軟件在線升級管理的通知》，為健全完善智support for consumer goods replacement, and accelerating 能網聯汽車安全管理體系，有序發展技術、improvements in recycling utilization levels. In the same month, the General Office of eight ministries, including the Ministry of Commerce, jointly issued the Notice on Launching a Pilot Reform of Automobile Circulation and Consumption (《關於開 展汽車流通消費改革試點工作的通知》), which proposes that a pilot reform of automobile circulation and consumption will be MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 of used vehicles, and cultivate the environment of automobile 模式和產品的創新與推廣應用提供了規範。 culture. In February, the Ministry of Industry and Information 三月，中共中央辦公廳、國務院辦公廳印發 Technology and the State Administration for Market Regulation 《提振消費專項行動方案》，支持地方加力 issued the Circular on Further Strengthening the Admission, 推進消費品以舊換新，推動汽車等大宗耐用Recall, and Online Software Update Management for Intelligent 消費品綠色化、智能化升級，並積極延伸汽 Connected Vehicles (《關於進一步加強智能網聯汽車產品准 車消費產業鏈、拓展汽車後市場消費。同入、召回及軟件在線升級管理的通知》), formulating regulations 月，工業和信息化部組織制定的強制性國家 to improve the safety management system for intelligent 標準《電動汽車用動力蓄電池安全要求》（GB – connected vehicles and promote the orderly development of 38031 2025）由國家市場監督管理總局、國technological, model, and product innovation and application. 家標準化管理委員會批准發佈，將於二零二 In March, the General Office of the Communist Party of China 六年七月一日開始實施，該標準有利於保Central Committee and the General Office of the State Council 障消費生命財產安全、助力先進安全技issued the Special Action Plan for Boosting Consumption 術應用、支產業高質量發展、加強全球範《(提振消費專項行動方案》), supporting local governments 圍經貿合作。二季度，政府圍繞新能源汽車in further promoting consumer goods trade-ins, promoting 消費的薄弱市場推出系列舉措。四月，財政green and intelligent upgrading of durable consumer goods 部、工業和信息化部、交通運輸部宣佈將開– such as automobiles, actively extending the automobile 展《2024 2026年縣域充換電設施補短板試consumption industrial chain, and expanding the automobile 點工作》，開展「百縣千站萬樁」試點工程，aftermarket consumption. In the same month, the mandatory national standard Electric Vehicles Traction Battery Safety Requirements (《電動汽車用動力蓄電池安全要求》) (GB 38031- 2025), formulated by the Ministry of Industry and Information Technology, was approved and published by the State Administration for Market Regulation and the Standardization Administration of China, and will take effect on 1 July 2026. This standard will help ensure the safety of consumers’ lives and property, promote the application of advanced safety technologies, support high-quality industrial development, and strengthen global economic and trade cooperation. In the second quarter, the government introduced a series of measures targeting the weak market for new energy vehicle consumption. In April, the Ministry of Finance, the Ministry of Industry and Information Technology, and the Ministry of Transport announced the launch of the 2024-2026 County- Level Charging and Battery Swapping Facilities Enhancement Pilot Program (《2024-2026年縣域充換電設施補短板試點工 作》), which includes the “100 Counties, 1,000 Stations, 10,000 Charging Piles” pilot program to strengthen the planning and construction of new energy vehicle charging and battery MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 swapping facilities in key villages and townships. In June, 加強重點村鎮新能源汽車充換電設施規劃建 multiple national ministries jointly launched and executed 設。六月，國家多部門聯合開展的《2025年the 2025 New Energy Vehicles to the Countryside Campaign 新能源汽車下鄉活動》正式實施，商務部發佈 《( 2025年新能源汽車下鄉活動》). The Ministry of Commerce 《2025年千縣萬鎮新能源汽車消費季活動的issued the Notice on the 2025 New Energy Vehicle Promotion 通知》，選取並推廣滿足縣鄉地區需求的優 Season for Thousands of Counties and Towns (《2025年千縣 質新能源車型，協同充換電服務、金融配套萬鎮新能源汽車消費季活動的通知》), selecting and promoting 服務，完善當地新能源汽車購買使用環境， high-quality new energy vehicle models that meet the needs 助力新能源汽車落地生根。 of counties and towns. This initiative integrates charging and battery swapping services and financial support services to improve the local environment for purchasing and using new energy vehicles, thereby facilitating the widespread adoption of new energy vehicles. In terms of rechargeable batteries, in the first half of 2025, 二次充電電池方面，二零二五年上半年，受 the consumer electronics industry was under pressure due to 經濟不確定性及消費疲弱影，消費電子行economic uncertainty and weak consumption. However, the 業面臨壓力。但受益於全球數字化轉型、人global digital transformation, the exponential development 工智能爆發，以及中國「國補」政策對終端消of artificial intelligence, and China’s “state subsidy” policy to 費市場的激活，帶動手機、平板等品類結構 stimulate the end consumer market have driven a structural 性復甦，市場維持穩定。儲能方面，隨著全recovery in product categories such as smartphones and 球多國進一步完善政策支持及能源結構持續tablets, and maintained market stability. In terms of energy 深度轉型，可再生能源技術持續創新突破，storage, with further policy support from many countries around 儲能需求保持快速增長，市場規模持續擴 the world as well as the ongoing in-depth transformation of 大。光伏方面，二零二五年上半年全球光伏energy structures, renewable energy technologies continued to 裝機量保持穩健增長，產業規模不斷提升， undergo innovation and breakthroughs, thereby driving rapid 由於全球供應鏈優化，終端產品價格漸趨穩growth in energy storage demand and market expansion. As 定，盈利能力有所改善，但在階段性供給過for the photovoltaic industry, global photovoltaic installation 剩下行業仍面臨一定的競爭壓力。 capacity maintained steady growth in the first half of 2025, with continuous expansion in the scale of the industry. Optimization of the global supply chain has led to gradually stabilizing end-product prices and improved profitability. However, the industry still faced certain competitive pressures amid periodic overcapacity. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 1.2 Handset Components and Assembly Business 1.2 手機部件及組裝業務The overall demand in the consumer electronics market 受全球經濟不明朗及消費信心疲弱影，消was under pressure amid global economic uncertainty 費電子市場整體需求承壓。根據市場研究機and weakened consumer confidence. Global smartphone 構Canalys的統計，二零二五年上半年，全shipments rose just 0.1% year-on-year to 586 million 球智能手機出貨量僅同比上升0.1%至5.86units in the first half of 2025, according to statistics of the 億部。中國智能手機市場在二零二五年上半 market researcher Canalys. In the first half of 2025, China’s 年同比上漲0.4%至1.39億部，其中第二季smartphone market size increased by 0.4% year-on-year to 度同比下跌4%。AI、5G通信和物聯網等新139 million units, yet in the second quarter, market growth rate 興技術的融合，迅速拓寬下一代智能產品的 slowed down by a 4% decline year-on-year. The integration of 應用場景，不斷升級的用戶需求持續驅動AI, 5G communications, Internet of Things and other emerging 新型智能產品市場發展。作為數字化轉型technologies is rapidly expanding application scenarios for 的核心與智能時代的算力基石，AI數據中心next-generation smart devices, and evolving user demands 為大規模AI模型訓練和推理提供強大算力。 are persistently propelling growth of the new intelligent product 超大規模數據中心和雲服務供應商正以前 market. Serving as the pillar of digital transformation and the 所未有的規模投入巨資，以支下一代AI發 computational cornerstone of the intelligent era, AI data centers 展，全球AI基礎設施的爆炸性需求帶動AI服 deliver massive computing power for large-scale AI model 務器、熱管理、電源管理等AI數據中心設備training and inference. Hyper-scale data center operators and 的市場迅速擴張。IDC預計，二零二五年具cloud service providers are making unprecedented capital 備嵌入式GPU的服務器將按年增長46.7%，investments to promote next-generation AI advancement, 將佔據接近50%的全球服務器市場總價值。 and the explosive demands for AI infrastructure across the MarketsandMarkets預測，二零二五年全球world are driving rapid market expansion for AI data center AI數據中心市場規模達2,364.4億美元，同比equipment, including AI servers, thermal management and 增長40.9%。 power management systems. IDC forecasts that servers with embedded GPU will achieve 46.7% year-on-year growth in 2025, accounting for nearly 50% of the total value of global server market. MarketsandMarkets projects that the value of global AI data center market will reach US$236.44 billion in 2025, indicating a year-on-year growth of 40.9%. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 2. BUSINESS REVIEW 2. 業務回顧 BYD Company Limited (“BYD” or “the Company”, together 比亞迪股份有限公司（「比亞迪」或「本公司」 with its subsidiaries, “the Group”) is principally engaged in 及其附屬公司統稱「本集團」）主要經?括 the automobile business which mainly includes new energy 以新能源汽車為主的汽車業務、手機部件及vehicles, handset components and assembly business, 組裝業務、二次充電電池及光伏業務，並積rechargeable batteries and photovoltaic business. Meanwhile, 極利用自身技術優勢拓展城市軌道交通及with its technological superiority, the Group actively develops 其他業務。二零二五年上半年，本集團實 urban rail transportation and other business segments. 現收入約人民幣371,281百萬元，同比增長In the first half of 2025, the Group recorded a revenue of 23.30%，其中汽車、汽車相關產品及其他approximately RMB371,281 million, representing a year-on- 產品業務的收入約人民幣302,506百萬元，year increase of 23.30%, among which, the revenue from 同比增長32.49%；手機部件、組裝及其他the automobiles and related products, and other products 產品業務的收入約人民幣68,744百萬元，amounted to approximately RMB302,506 million, representing a 同比降低5.54%；佔本集團總收入的比例分year-on-year increase of 32.49%; the revenue from the handset 別為81.48%和18.51%；研發投入約人民幣components, assembly service and other products amounted 30,880百萬元，同比增長53.05%；歸屬於to approximately RMB68,744 million, representing a year-on- 上市公司股東的淨利潤約人民幣15,510百萬year decrease of 5.54%. These business segments accounted 元，同比增長13.79%。 for 81.48% and 18.51% of the Group’s total revenue, respectively. In the first half of 2025, the Group invested approximately RMB30,880 million in R&D , representing a year-on-year increase of 53.05%, and net profit attributable to the shareholders of the Company was approximately RMB15,510 million, representing a year-on-year increase of 13.79%. The Group steadfastly adheres to the “technology-based, 本集團堅守「技術為王、創新為本」的發展理innovation-oriented” development philosophy, taking it as 念不動搖，以引領中國品牌自主創新為己our mission to lead independent innovation among Chinese 任，憑藉「敢想、敢幹、敢堅持」的工程師精brands. With the engineer spirit of “Dare to Think, Dare to Act, 神及不斷壯大的研發團隊，成功在電池、電 Dare to Persevere” and an ever-growing R&D team, the Group 子及新能源汽車等多個領域持續創新，全面has achieved continuous innovation across multiple fields, 引領行業發展，打破海外品牌長期壟斷，更including batteries, electronics and new energy vehicles, 推動全球市場格局重塑，展現中國智造的嶄leading industry development in a comprehensive way. The 新高度。本集團以創新為核心驅動力，持續Group has broken the long-standing monopolies of overseas 不斷地推出一系列具有原創性、顛覆性的技brands and promoted the reshaping of the global market 術和產品，堅定不移地推動全球綠色可持續landscape, showcasing the new heights of the intelligent 發展，致力於在解決社會問題的過程中發展manufacturing in China. Taking innovation as its core growth 自己，向世界級品牌目標篤定前行。 driver, the Group consistently introduces a series of original and disruptive technologies and products. The Group remains committed to advancing global green and sustainable development, striving to grow by addressing social problems as it marches resolutely toward the goal of becoming a world-class brand. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 To better support business growth, deepen global layout and 為更好地助力業務發展、深化全球化佈局、 share operating results with shareholders and employees, 向股東和員工共享經?成果以實現成為世界thereby achieving the goal of becoming a world-class brand, 級品牌的目標，三月，本集團完成H股閃電 in March, the Group completed an H-share accelerated 配售56億美元，成為全球汽車行業有史以bookbuild offering, raising USD5.6 billion, making it the largest 來規模最大的閃電配售項目，成功吸引了全 accelerated bookbuild offering in the history of the global 球眾多頂級長線、主權基金、中東戰略投資automotive industry. The transaction successfully attracted 人在內的投資參與，認購訂單多倍覆蓋， participation from top-notch long-onlys, sovereign wealth 充分彰顯了全球投資人對本集團發展前景的funds, and Middle East strategic investors, with orderbook 堅定看好，也助力本集團緊抓歷史性發展機multiple times covered, underscoring global investors’ firm 遇；四月，本集團審議通過了《2025年員工belief in the Group’s growth prospects and enabling the 持股計劃》，涉及不超過2.5萬名員工，資金Group to seize historic development opportunities. In April, the 總額不超過人民幣41億元，計劃分三期解 2025 Employee Share Ownership Plan was considered and 鎖，將進一步健全本集團長期、有效的激勵approved with no more than 25,000 employees involved and a 機制，有效提高經?效率並改善經?成果；total amount of subscription funds of no more than RMB4,100 六月，本集團於股東大會通過《2024年度利million. The scheme will be unlocked in three tranches, which 潤分配及資本公積金轉增股本方案》，向全 will further improve its long-term and effective incentive 體股東每10股派發現金紅利人民幣39.74元mechanism, enhance operational efficiency and drive better （含稅），每10股送紅股8股，以資本公積金operating performance. In June, the 2024 Profit Distribution 每10股轉增12股，與股東共享發展成果，and Capital Reserve Capitalization Plan was approved at 並有效降低投資門檻，提升股票流動性。此the general meeting with distribution of a cash dividend of 外，本集團於期內獲納入恒生科技指數成分RMB39.74 per 10 shares (including tax) to all shareholders, 股，比重達8%，體現了權威指數編製機構對issue of 8 bonus shares for every 10 shares in issue and issue 本集團科技實力及智能化的充分認可。 of twelve (12) capitalization shares for every 10 shares in issue by way of capitalization of capital reserve. The plan was to share the development achievements of the Group with its shareholders and effectively lower the investment threshold and improve the liquidity of its shares. In addition, during the Period, the Group was included as a constituent stock of the Hang Seng TECH Index, with a weighting of 8%. This reflected the full recognition by the authoritative index compiler of the Group’s technical strength and intelligent capabilities. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 2.1 Automobiles and Batteries Business 2.1 汽車及電池業務 As a pioneer and leader in the global new energy vehicle 本集團作為全球新能源汽車行業先行和領industry, relying on its precise strategic layout, leading 導，憑藉精準的戰略佈局、領先的技術實technical strength, forward-looking market insights and 力、前瞻的市場洞察、完善的產業體系，蟬well-developed industrial system, the Group once again 聯中國市場車企、品牌銷量冠軍，蟬聯全球secured the title of sales championship among automotive 新能源汽車市場銷量冠軍。期內，本集團汽enterprises and the top-selling brand in China’s automotive 車業務出海全面開花，實現跨越式增長；品market and the top seller in the global new energy vehicle 牌高端化破局突圍，樹立自主品牌新高度；market. During the Period, the global expansion of the 大眾市場推陳出新，市場引領地位進一步Group’s automobiles business achieved fruitful results with 夯實，為中國汽車產業打開了新的市場窗exponential growth. Breakthroughs were made in the premium 口和國際化機遇。根據中汽協會數據，二零brand strategy, setting new benchmarks for homegrown 二五年上半年本集團新能源汽車銷量同比automakers. Continuous innovation in the mass market has 增長超33.0%，新能源汽車龍頭地位穩固；further consolidated the leadership position of the Group, 汽車全市場市佔率亦同比增長2.2個百分點creating opportunities for the Chinese automobile industry to 至13.7%，帶領新能源汽車進一步成為汽車enter into new international markets. According to data from 市場主流；本集團亦位列上半年整車出口企the China Association of Automobile Manufacturers, in the 業第二，且在前十大整車出口企業中增速最first half of 2025, the sales volume of the Group’s new energy 快，同比增長1.3倍。 vehicles achieved a year-on-year growth of over 33.0%, further strengthening its leading position in the new energy vehicle industry. The Group’s overall market share in the automotive industry also rose by 2.2 percentage points year-on-year to 13.7%, leading new energy vehicles to become an increasingly dominant force in the mainstream automotive market. The Group also ranked second among complete vehicle exporters in the first half of the year and recorded the fastest growth rate among the top 10 complete vehicle exporters, with export volume surging by130% year-on-year. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 During the Period, competition in China’s automotive industry 期內，中國汽車行業競爭進入白熱化階段， intensified to a fever pitch, with industry malpractices such 出現「一口價」、「過度?銷」等行業亂象，競 as “one-price policy” and “excessive marketing” emerging 爭愈演愈烈，極大地擾亂正常的商業秩序，which intensified competition, severely disrupted normal 阻礙產業高質量發展進程。作為國內龍頭車business order and hindered the progress of high-quality 企，本集團積極履行企業社會責任，堅決維industrial development. As a leading domestic automaker, 護公平有序的市場環境，切實保障消費的the Group actively fulfilled its corporate social responsibility 根本利益，堅持通過技術升級、效率提升及 by resolutely upholding a fair and orderly market environment 規模效應實現以高端化、智能化與全球化為 and safeguarding the fundamental interests of consumers. The 核心的長期可持續發展，助力汽車行業行穩Group remains committed to achieving long-term sustainable 致遠。此外，本集團持續加深與產業鏈上下development centered on premiumization, intelligence 游的協同，積極推動多部門、多環節高效協and globalization through technical upgrades, efficiency 同，進一步優化賬期管理及渠道管理，積極improvements and economies of scale, contributing to the ?造與供應商、經銷商等各方互利共贏局steady and enduring progress of the automotive industry. In 面。本集團應付賬款及應付票據周轉天數處addition, the Group continued to deepen the collaboration with 於汽車行業較低水平，且本報告期與二零二 upstream and downstream partners across the industrial chain, 四年同期相比進一步下降，以實際行動詮釋 actively promoted the efficient collaboration of multi-sector and 了行業領軍的責任與擔當，促進了產業集 multi-process, and further optimized credit period and channel 群的穩定可持續發展。 management, so as to proactively foster a mutually beneficial situation with suppliers, dealers and other stakeholders. The turnover days of the trade payables and bills payables of the Group were at low level in the automotive industry and further declined during the reporting period as compared to the same period in 2024. This demonstrates the Group’s commitment to responsibility as an industry leader with concrete actions, and contributed to the stable and sustainable development of the industrial cluster. Committed to independent innovation to guide the 堅持自主創新引領行業發展，推動產業核心development, and promoting the transformation of core 技術變革 industrial technologies – 電動化領域—三月，本集團發佈全球首個 In the area of electrification In March, the Group unveiled – 量產的乘用車全域千伏高壓架構「超級e平 the “Super e-Platform”, the world’s first mass-produced full-台」，核心三電全維升級，推出10C充電倍 domain kilovolt high-voltage architecture for passenger 率「閃充電池」、全球首款量產3萬轉電機和 vehicles. The platform has upgraded its 3 core electric 全新一代車規級碳化硅功率芯片，引領全球 components, featuring “flash-charging battery” with a 純電技術平台的發展趨勢。同時，本集團宣 charging rate of 10C, the world’s first mass-produced 30,000-佈將通過自建及合作的方式在中國各地建 rpm electric motor and a new generation of automotive- 設兆瓦閃充站，補齊兆瓦充電生態的最後一 grade silicon carbide power chips, leading the development 環，解決純電動汽車補能痛點。「閃充電池」 trend of pure electric technology platforms around the world. 在超高電壓1,000V和超大電流1,000A的加 Meanwhile, the Group has announced plans to construct 持下，可以做到全球量產最大充電功率1兆 megawatt-level flash-charging stations across China through 瓦（1,000kW），實現「1秒2公里」的峰值充電 速度和「閃充5分鐘，暢行400公里」的充電效 both self-built projects and collaboration, completing the final 果，讓「人等車」變為「車等人」，為用戶帶來 piece of the megawatt charging ecosystem and addressing 極致的充電體驗，開啟「油電同速」新時代。 the pain points of pure electric vehicle energy replenishment. Powered by ultra-high voltage (1,000V) and ultra-high current (1,000A), the “flash-charging battery” achieves the world’s highest mass-produced charging power of 1 megawatt (1,000 kW), a peak charging speed of “2 kilometers per second” and a charging effect of “5 minutes of charging for 400 kilometers MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 – In the area of intelligence In February, the Group rigorously 智能化領域—二月，本集團切實落實「整車 implemented its “Integrated Vehicle Intelligence” strategy 智能」戰略，構建「天神之眼」技術矩陣， through establishing the “God’s Eye” technology matrix and 重磅發佈「全民智駕」戰略，旗下全系車型將 announced the heavyweight strategy of “Intelligent Driving 搭載高階智駕技術。憑藉中國最大的車雲數for All” to equip its entire vehicle lineup with advanced 據庫、全球最大的工程師團隊和全球最大規 intelligent driving technology. With the largest vehicle cloud 模的新能源汽車生產製造基地三大優勢，本 database in China, the world’s largest team of engineers, 集團將高階智駕帶入10萬級以內車型，加速 and the largest production base of new energy vehicles, the 高階智駕普及，讓好技術人人可享。此外，Group brings advanced intelligent driving to models priced 通過規模優勢驅動數據快速積累，「天神之below RMB100,000, accelerating the widespread application 眼」算法加速迭代，實現越開越好開，越用of advanced intelligent driving and making cutting-edge 越安全。截至二零二五年五月底，本集團智technology accessible to all. Moreover, owing to the rapid 駕車型累銷超71萬輛，每天智駕數據生成accumulation of data driven by economies of scale, the 超4,400萬公里。本集團秉承開放、容的algorithm of the “God’s Eye” iterates faster, delivering a driving 態度，以車為核心，與不同領域的夥伴共同 experience that improves with every mile and enhances safety 打造「智能車+」的生態。三月，本集團攜手 with every use. By the end of May 2025, the Group has sold 大疆發佈智能車載無人機系統「靈鳶」，支持over 710,000 intelligent driving-equipped vehicles, generating 一鍵自動降、智能避障與精確回收，適用 more than 44 million kilometers of intelligent driving data 於拍攝記錄、地形探勘、緊急救援等多元場daily. Embracing an open and inclusive approach, the Group 景，推動智能車載無人機系統的產業化和規is building an “intelligent vehicle +” ecosystem with partners 模化發展。 across various industries with vehicles at the core. In March, the Group partnered with DJI to launch “LING YUAN”, an intelligent vehicle-mounted drone system, featuring one-touch automatic takeoff/landing, intelligent obstacle avoidance and precise recovery. The system is suitable for diverse scenarios such as recording, terrain exploration and emergency rescue, and drives the industrialization and large-scale development of the intelligent vehicle-mounted drone system. Technological depth forging brand strength, contributing 技術深度鑄就品牌高度，助力打造世界級to the building of a world-class brand 品牌 In the field of new energy passenger vehicles, relying on 新能源乘用車領域，依託於核心技術的創新the innovation and repeated iteration of core technologies 與迭代以及對消費需求的精準洞察，本集and precise insights into consumer demands, the Group 團持續深化由「比亞迪」、「方程豹」、「騰勢」continued to deepen the multi-brand gradient layout consisting 及「仰望」所構建的多品牌梯度佈局，全面覆（未完）  |