比亚迪股份2025年中期报告

COMPANY PROFILE BYD Company Limited (“BYD” or “the Company”, together with itssubsidiaries, “the Group”; stock code: H shares: 01211 (HKD counter);81211 (RMB counter); A shares: 002594) is principally engaged inautomobile business which mainly includes new energy vehicles,handset components and assembly services, rechargeable batteries andphotovoltaics business. Meanwhile, with its technological superiority, theGroup actively develops urban rail transportation business segment. H0121181211A002594 As a pioneer and leader in the global new energy vehicle industry, relyingon its strong technological accumulation in the key fields of automobileelectrification and intelligence, and through continuous technologicalinnovation, the Group has developed its long-term and sustainablecore competitive advantages which solidified the leading position of theGroup in the global new energy vehicle industry and accelerated thetransformation and upgrade of the global automobile industry. – BYD is one of the leading rechargeable battery manufacturers in theworld. As to the field of consumer batteries, the Group’s li-ion batteries arewidely used in various consumer electronics products and new intelligentproducts. As to the field of power batteries, the Group has developed“Blade Batteries”, the highly safe LFP batteries, to better meet the urgentdemand of safety in the market, and to speed up the pace of LFP batteriesreturning to the mainstream market of power batteries, thereby boostingthe steady and long-term development of the global new energy vehicleindustry. As to the field of energy storage batteries, the Group focuseson applications such as power-side energy storage, power grid energystorage, industrial and commercial energy storage and household energystorage to provide cleaner and more sustainable energy storage solutionsto customers. As an important move of the Group in the field of clean energy, thephotovoltaics business is devoted to changing the lifestyle of people withclean energy. With an aim to achieve the sustainable development of cleanenergy, it has a complete industrial chain layout covering silicon wafer,solar cells, photovoltaic modules and photovoltaic system application,etc. The Group will continue to proactively develop new technologies topromote the continuous upgrade of its products. AI5G As a global leading provider of high-tech and innovative products,the Group engages in a wide variety of business covering diversifiedareas including consumer electronics and AI data centers. With its coreadvantages in electronic information, AI, 5G and Internet of Things, thermalmanagement, new materials, precision molds and digital manufacturingtechnologies, as well as efficient and scalable manufacturing experienceand a diverse product portfolio, the Group provides customers around theworld with one-stop product solutions. With its technology and cost advantages in the area of new energy,the Group has successfully developed medium-capacity “SkyRail” andlow-capacity “SkyShuttle” with high efficiency and low cost in the areaof urban rail transportation, which, together with new energy vehicles,achieves the three-dimensional coverage of urban public transportation,and drives the long-term and sustainable development of the Group whileaddressing urban traffic jam and reducing air pollution. 2Corporate Information4Financial Highlights5Management Discussion and Analysis59Consolidated Balance Sheet62Consolidated Income Statement65Consolidated Statement of Changes in Owners’ Equity67Consolidated Cash Flow Statement70Notes to Financial Statements CORPORATE INFORMATION EXECUTIVE DIRECTORWang Chuan-fu NON-EXECUTIVE DIRECTORS Lv Xiang-yangXia Zuo-quan INDEPENDENT NON-EXECUTIVE DIRECTORS Cai Hong-pingZhang MinYu Ling SUPERVISORS Li Yong-zhaoZhu Ai-yunWang ZhenHuang Jiang-fengTang Mei COMPANY SECRETARYLi Qian AUDIT COMMITTEE Xia Zuo-quanCai Hong-pingZhang Min (Chairman)Yu Ling REMUNERATION COMMITTEE Wang Chuan-fuXia Zuo-quanCai Hong-ping (Chairman)Zhang MinYu Ling NOMINATION COMMITTEE Wang Chuan-fuLv Xiang-yangCai Hong-pingZhang MinYu Ling (Chairman) STRATEGY AND SUSTAINABLE DEVELOPMENTCOMMITTEE Wang Chuan-fu (Chairman)Lv Xiang-yangXia Zuo-quanCai Hong-pingZhang Min CORPORATE INFORMATION AUTHORISED REPRESENTATIVES Wang Chuan-fuLi Qian LEGAL ADDRESS No. 1 Yan’an RoadKuichong Sub-districtDapeng New DistrictShenzhenGuangdong ProvinceThe PRC AUDITORS Ernst & Young Hua Ming LLP PLACE OF BUSINESS IN HONG KONG Unit 505-510, 5/F, Core Building 1E1 Science Park E AvenueScience Park, Pak Shek KokTai PoHong Kong 11E5505–510 HONG KONG SHARE REGISTRAR AND TRANSFEROFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–171617th Floor Hopewell Centre183 Queen’s Road EastWanchaiHong Kong INVESTOR AND MEDIA RELATIONS CONSULTANT IPR(852)2136 6185(852)3170 6606byd@iprogilvy.com iPR Ogilvy Ltd.Tel: (852) 2136 6185Fax: (852) 3170 6606Email: byd@iprogilvy.com www.bydglobal.com W