比亚迪股份2025年年报

Company Profile公司簡介 比亞迪股份有限公司（「比亞迪」或「本公司」，連同其附屬公司統稱「本集團」或「集團」；股份代號：H股：01211（港幣櫃台）；81211（人民幣櫃台）；A 股：002594）主要從事新能源汽車業務、手機部件及組裝業務，二次充電電池及光伏業務，同時利用自身的技術優勢積極拓展城市軌道交通業務領域。 BYD Company Limited (“BYD” or the “Company” together with its subsidiaries,the “Group”; stock code: H shares: 01211 (HKD counter); 81211 (RMBcounter); A shares: 002594) is principally engaged in new energy vehicles(“NEVs”), handset components and assembly service, rechargeable batteriesand photovoltaics business. Meanwhile, with its technological advantage, theGroup actively develops urban rail transportation business segment. 作為全球新能源汽車行業先行者和領導者，本集團憑藉在汽車電動化及智能化等關鍵領域的雄厚技術積累，通過技術的持續創新，打造出長期、可持續的核心競爭優勢，夯實了本集團於全球新能源汽車行業的領導地位，加速推動全球汽車產業轉型升級進程。 As a pioneer and leader in the global new energy vehicle industry, relying on itsstrong technological accumulation in the key fields of automobile electrificationand intelligence, and through continuous technological innovation, the Grouphas developed its long-term and sustainable core competitive advantageswhich solidified the leading position of the Group in the global new energyvehicle industry and accelerated the transformation and upgrade of the globalautomobile industry. 本集團為全球領先的二次充電電池製造商之一。消費類電池領域，本集團生產的鋰離子電池廣泛應用於各類消費類電子產品及新型智能產品領域。動力電池領域，本集團開發了高度安全的磷酸鐵鋰電池－「刀片電池」，更好地解決市場安全痛點，加速磷酸鐵鋰電池重回動力電池主流賽道，助力全球新能源汽車產業行穩致遠。儲能電池領域，本集團在電源側儲能、電網儲能、工商業儲能、家庭儲能等應用領域發力，為客戶提供更加清潔可持續的儲能解決方案。 BYD is one of the leading rechargeable battery manufacturers in the world.As to the field of consumer batteries, the Group’s li-ion batteries are widelyused in various consumer electronics products and new intelligent products.As to the field of power batteries, the Group has developed “Blade Batteries”,the highly safe LFP batteries, to better meet the urgent demand of safetyin the market, and to speed up the pace of LFP batteries returning to themainstream market of power batteries, thereby boosting the steady and long-term development of the global new energy vehicle industry. As to the field ofenergy storage batteries, the Group focuses on applications such as power-side energy storage, power grid energy storage, industrial and commercialenergy storage and household energy storage to provide cleaner and moresustainable energy storage solutions to customers. 光伏業務作為本集團在清潔能源領域的重要佈局之一，致力於用清潔能源改變人類生活方式，以實現能源的可持續發展為目標，擁有硅片、電池片、光伏組件、光伏系統應用等全產業鏈佈局。本集團將繼續積極佈局新技術，推動產品不斷升級。 As an important move of the Group in the field of clean energy, thephotovoltaics business is devoted to changing the lifestyle of people with cleanenergy. With an aim to achieve the sustainable development of clean energy,it has a complete industrial chain layout covering silicon wafer, solar cells,photovoltaic modules and photovoltaic system application, etc. The Group willcontinue to proactively develop new technologies to promote the continuousupgrade of its products. 作為全球領先的高科技創新產品提供商，本集團業務廣泛，涵蓋智能終端、AI 算力基礎設施等多元化領域，依託電子信息技術、人工智能技術、5G 和物聯網技術、熱管理技術、新材料技術、精密模具技術和數字化製造技術等核心優勢，以及高效規模化的生產經驗和豐富的產品組合，為全球客戶提供一站式產品解決方案。 As a global leading provider of high-tech and innovative products, theGroup engages in a wide variety of business covering diversified areasincluding Smart terminals and AI computing infrastructure. Leveraging itscore advantages in electronic information, AI technology, 5G and Internetof Things, thermal management, new materials, precision molds and digitalmanufacturing technologies, as well as efficient and scalable manufacturingexperience and a diverse product portfolio, the Group provides customersaround the world with one-stop product solutions. 憑藉在新能源業務領域建立的技術和成本優勢，本集團在城市軌道交通領域成功研發出高效率、低成本的中運量「雲軌」和低運量「雲巴」產品，配合新能源汽車實現對城市公共交通的立體化覆蓋，在幫助城市解決交通擁堵和空氣污染的同時，實現本集團的長遠及可持續發展。 With its technology and cost advantages in the area of new energy, theGroup has successfully developed medium-capacity “SkyRail” and low-capacity “SkyShuttle” with high efficiency and low cost in the area of urbanrail transportation, which, together with NEVs, achieves the three-dimensionalcoverage of urban public transportation, and drives the long-term andsustainable development of the Group while addressing urban traffic jam andreducing air pollution. Contents目錄 2Financial Highlights財務摘要6Corporate Information公司資料8Chairman’s Statement主席報告書20Management Discussion and Analysis管理層討論與分析77Directors, Supervisors and Senior Management董事、監事及高級管理層87Corporate Governance Report企業管治報告112Report of the Directors董事會報告129The Supervisory Committee監事會131Audit Report審計報告141Consolidated Balance Sheet合併資產負債表144Consolidated Income Statement合併利潤表146Consolidated Statement of Changes in Owners’ Equity合併股東權益變動表148Consolidated Cash Flow Statement合併現金流量表151Balance Sheet資產負債表153Income Statement利潤表155Statement of Changes in Owners’ Equity股東權益變動表157Cash Flow Statement現金流量表160Notes to Financial Statements財務報表附註368Five Year Financial Summary五年財務摘要 Financial Highlights REVENUE BREAKDOWN BY PRODUCT CATEGORIES按產品類別劃分的營業額 Mobile handset components, assembly and other products手機部件、組裝及其他產品 Automobiles and related prod