记者丨倪雨晴 实习生苏梓丹 业绩和股价齐飞 编辑丨包芳鸣 AI浪潮下的算力竞赛，正在改写全球科技产业的节奏。大模型推理与训练需求急速膨胀，让AI算力一 跃成为基础设施中的"硬通货"。 在英伟达市值冲上4万亿美元之后，这场算力周期的红利，正沿着产业链层层释放。过去一年，从存 储、封装到通信连接，资本市场已经经历过数轮追逐。进入2025年，A股的英伟达产业链热度继续攀 升，AI服务器、光模块、液冷、高端PCB与高速连接等环节全面点燃，龙头公司半年报普遍超预期。 工业富联市值突破万亿，新易盛股价三年累计飙升逾28倍，胜宏科技股价今年以来涨幅超过500%，多 家公司纷纷交出亮眼成绩单。在英伟达转向AI基建企业的过程中，资本与产业共振效应进一步放大， 算力赛道已成为资本市场炙手可热的主线之一。 | 356.20 +1.25 +0.35% | | | | | | 新易盛 立即 300502 交易 | | --- | --- | --- | --- | --- | --- | --- | | SZSE CNY 15:30:06 闭市 | | | | | | 通 融 / △ + | | 麦比 | 46.67% 委差 | 31 ...

Core Viewpoint - The AI wave is driving a competition in computing power, transforming the global technology industry, with AI computing power becoming a crucial infrastructure asset as demand for large model inference and training surges [1] Group 1: Industry Trends - The market has experienced multiple rounds of capital chasing across various segments, including storage, packaging, and communication connections, with the Nvidia industry chain heat continuing to rise in A-shares as of 2025 [1] - Major companies like Industrial Fulian and Xinyi Sheng have seen significant stock price increases, with Xinyi Sheng's stock rising over 28 times in three years and Shenghong Technology's stock increasing over 500% this year [1] - The capital and industry resonance effect is amplifying as Nvidia transitions to an AI infrastructure company, making the computing power sector one of the hottest investment themes in the capital market [1] Group 2: Company Performance - Industrial Fulian reported a market capitalization exceeding 1 trillion CNY, with its revenue and profit reaching record highs in the first half of 2025, driven by AI server sales [6] - Shenghong Technology's revenue for the first half of 2025 was 90.31 billion CNY, an increase of 86%, with net profit soaring by 366% [6][9] - New Yi Sheng's revenue reached 104.37 billion CNY, a staggering growth of 282.64%, with net profit increasing by 355.68% [6][7] Group 3: Specific Segments - AI servers are identified as the core revenue segment, with Industrial Fulian's AI server revenue growing over 60% year-on-year [6] - The optical module market is driven by AI investments, with companies like Zhongji Xuchuang and Tianfu Communication showing strong growth in revenue and net profit [7] - The PCB industry is also experiencing growth, with Shenghong Technology's revenue increasing significantly, although there are concerns about rising raw material costs impacting competition [9] Group 4: Future Outlook - The demand for computing power is expected to continue growing, with major cloud service providers increasing capital expenditures significantly [12] - Nvidia's projected capital expenditures and the anticipated growth in AI infrastructure spending highlight the ongoing investment opportunities in the sector [12][13]

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

Group 1 - The core viewpoint of the article highlights BYD Electronics' mid-term performance for 2025, reporting a revenue of 80.606 billion RMB, a year-on-year increase of 2.58%, and a net profit attributable to shareholders of 1.73 billion RMB, up 13.97% year-on-year, with basic earnings per share of 0.77 RMB [1] - The increase in revenue and net profit is primarily attributed to the growth in the company's new energy vehicle (NEV) business segment and a reduction in expenses [1] - The company has established a comprehensive technology chain that spans mechanism research, product development, and system-level delivery, creating a unique and hard-to-replicate competitive advantage [1] Group 2 - As of June 30, 2025, the company has applied for a total of 11,580 patents, with 8,119 patents granted, indicating a steady strengthening of its intellectual property layout [1] - In the first half of 2025, the company's R&D investment was approximately 2.231 billion RMB, demonstrating its long-term commitment to innovation-driven growth [1] - The company's R&D focus has shifted from traditional consumer electronics to new business areas related to new energy vehicles and AI, while also deepening its smart transformation and promoting the application of AI technology [1] Group 3 - In the automotive product sector, the company has established a patent layout covering multiple product lines, including smart cockpits, intelligent driving assistance systems, smart suspension systems, thermal management systems, connectors, and sensors, creating solid patent and technology barriers [2] - The company has completed a comprehensive patent layout for high-barrier core components and systems in thermal management systems and smart suspension systems, leading the industry in product competitiveness [2]

Core Viewpoint - BYD Electronics (00285.HK) aims to solidify its leadership in the high-end product supply chain while expanding collaborations with overseas major clients, driving steady growth in its consumer electronics segment [1] Group 1: Financial Performance - In the first half of 2025, the company recorded sales of approximately RMB 80.606 billion, representing a year-on-year increase of about 2.58% [1] - Shareholder profit attributable to the company rose by approximately 13.97% to around RMB 1.730 billion [1] Group 2: Business Segments - The AI server shipment volume is rapidly increasing, opening new growth opportunities for the new intelligent product business [1] - The new energy vehicle segment continues to show strong growth momentum, contributing to a record high in the overall business scale of the group [1]

Group 1 - BYD Electronics reported a revenue of 80.606 billion RMB for the first half of 2025, representing a year-on-year increase of 2.58% [1] - The net profit attributable to shareholders reached 1.73 billion RMB, up 13.97% year-on-year, with basic earnings per share of 0.77 RMB [1] - The growth in revenue and net profit is primarily attributed to the expansion of the new energy vehicle business segment and a reduction in expenses [1] Group 2 - The company has established a comprehensive technology chain across mechanism research, product development, and system-level delivery, creating a unique and hard-to-replicate competitive advantage [1] - As of June 30, 2025, the company has applied for a total of 11,580 patents, with 8,119 patents granted, reinforcing its intellectual property layout [1] - The company's R&D investment for the first half of 2025 was approximately 2.231 billion RMB, demonstrating a long-term commitment to innovation-driven growth [1] Group 3 - The company has shifted its R&D focus from traditional consumer electronics to new business areas related to new energy vehicles and AI [1] - In the automotive product sector, the company has developed a patent layout covering multiple product lines, including intelligent cockpits, intelligent driving assistance systems, and thermal management systems [2] - The company has completed a comprehensive patent layout for high-barrier core components and systems in thermal management and intelligent suspension systems, leading to industry-leading product competitiveness [2]

8月29日，比亚迪电子在港交所公告，2025年上半年，集团录得销售额约人民币806.06亿元，同比上升 约2.58%，股东应占溢利同比上升约13.97%至约人民币17.30亿元。 ...

Financial Performance - For the six months ended June 30, 2025, the Group recorded revenue of approximately RMB80,606 million, representing a year-on-year increase of 2.58%[11] - Gross profit for the same period increased by 3.05% to RMB5,543 million[11] - Profit attributable to owners of the parent company rose by 13.97% to approximately RMB1,730 million[11] - Earnings per share increased by 13.97% to RMB0.77[11] - The group's net profit attributable to shareholders rose by approximately 13.97% to about RMB 1.730 billion in the same period[17] - Revenue for the six months ended June 30, 2025, increased to RMB 80,605,678, up 2.6% from RMB 78,580,818 in the same period of 2024[151] - Profit for the period reached RMB 1,729,777, an increase of 13.9% from RMB 1,517,800 in the previous year[152] - Total comprehensive income for the period was RMB 1,745,558,000, which includes foreign exchange differences of RMB 15,110,000[161] Business Segments - The new energy vehicles business segment sustained robust growth, contributing significantly to the Group's overall performance[12] - The AI data center business achieved a sharp increase in server shipments, unlocking new growth opportunities[12] - The consumer electronics business generated revenue of RMB 60.947 billion, with components revenue at approximately RMB 13.752 billion and assembly revenue at approximately RMB 47.195 billion[22][24] - In the first half of 2025, new energy vehicles accounted for 44.3% of total sales volume in the industry, with production and sales volumes reaching 6.968 million and 6.937 million units, representing year-on-year increases of 41.4% and 40.3% respectively[31] - The Group's revenue from the new energy vehicle business segment amounted to approximately RMB12,450 million, representing a year-on-year increase of approximately 60.50%, accounting for 15.45% of total revenue[31] Market Trends - Global smartphone shipments increased by only 0.1% to 586 million units in the first half of 2025, while China's smartphone market size grew by 0.4% year-on-year to 139 million units[20] - The foldable-screen smartphone market in China saw shipments of approximately 4.984 million units, marking a year-on-year increase of 12.6%[20] - The global AI data center market is projected to reach USD 236.44 billion in 2025, indicating a year-on-year growth of 40.9%[26] - The global AI server market is expected to grow by 27.6% year on year to USD 39.23 billion in 2025, reaching USD 132.81 billion by 2030[49] - The global new energy vehicle sales are projected to increase by approximately 25% year-on-year to 22 million units in 2025, with about two-thirds of sales expected to be in China[55] Research and Development - The Group's R&D investment in the first half of 2025 was approximately RMB2,231 million, reflecting a strong commitment to innovation-driven growth[34] - The Group is actively investing in new product research and development, particularly in AI data centers and AI robotics, to capitalize on emerging market opportunities[26] - The Group has established a comprehensive patent portfolio in the AI data center segment, covering liquid cooling systems, power systems, and AI server system design, supporting rapid growth in this new business[39] - The Group has applied for a total of 11,580 patents and has been granted 8,119 patents as of June 30, 2025, demonstrating a strong commitment to intellectual property development[37] Financial Position - Operating cash inflow was approximately RMB 10,002 million, a significant increase from RMB 183 million in the first half of 2024[66] - As of June 30, 2025, interest-bearing bank and other borrowings were approximately RMB 9,652 million, down from RMB 10,807 million at the end of 2024[73] - The gearing ratio as of June 30, 2025, was -5.27%, indicating a strong financial position compared to 18.01% at the end of 2024[74] - Cash and cash equivalents at the end of the period stood at RMB 13,080,158, up from RMB 8,130,150 in the previous year, marking an increase of approximately 61%[168] Corporate Governance - The Board emphasized maintaining high standards of corporate governance and compliance with the Corporate Governance Code during the reporting period[122][123] - The Company has confirmed compliance with the Model Code regarding securities transactions by its Directors, with no incidents of non-compliance noted during the Period[125] - The Company has implemented measurable objectives for Board diversity, including gender, age, and cultural background[136] Sustainability and Future Outlook - The Group is committed to sustainable development, aligning with national policies on carbon neutrality and continuously refining green technologies[42] - The Group aims to strengthen core technology R&D and expand its advantages in vertical integration to seize future market opportunities[44] - Emerging business segments such as servers, AI data centers, and AI robots are expected to grow rapidly, driving the Group's sustainable development[45]

[Company Information](index=4&type=section&id=公司資料) BYD Electronic (International) Company Limited was spun off from BYD Company Limited and listed on the HKEX main board on December 20, 2007, operating as a global leading provider of high-tech innovative products across diverse markets - BYD Electronic (International) Company Limited was spun off from BYD Company Limited and listed on the HKEX main board on **December 20, 2007**[4](index=4&type=chunk)[5](index=5&type=chunk) - The Group is a global leading provider of high-tech innovative products, with businesses covering smartphones, new energy vehicles, AI data centers, smart homes, and other fields[4](index=4&type=chunk)[5](index=5&type=chunk) - Board members include executive directors Mr. Wang Nianqiang and Mr. Jiang Xiangrong; non-executive directors Mr. Wang Chuanfu and Mr. Wang Bo; and independent non-executive directors Mr. Zhong Guowu, Mr. Qian Jingjie, and Ms. Wang Ying[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Highlights](index=6&type=section&id=財務摘要) The Group's interim results for the six months ended June 30, 2025, show revenue of RMB 80,606 million, gross profit of RMB 5,543 million, and profit attributable to owners of the parent of RMB 1,730 million, with EPS of RMB 0.77 Interim Results Highlights for the Six Months Ended June 30, 2025 | Indicator | H1 2025 (RMB millions) | YoY Change | | :--- | :--- | :--- | | Revenue | 80,606 | +2.58% | | Gross Profit | 5,543 | +3.05% | | Profit attributable to owners of the parent | 1,730 | +13.97% | | Earnings per share | RMB 0.77 | +13.97% | - The Group's consumer electronics business achieved steady growth, with improved operational efficiency and profitability[13](index=13&type=chunk) - The new energy vehicle business segment maintained rapid growth, benefiting from the automotive industry's intelligent transformation trend[13](index=13&type=chunk) - The AI data center business achieved leapfrog growth, with rapid increase in server shipments and multiple liquid cooling and power products passing client certification[13](index=13&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=管理層討論及分析) [Business Review](index=7&type=section&id=業務回顧) In H1 2025, despite global economic challenges, China's economy showed resilience, and the Group expanded market share, achieving steady business development with record-high overall business scale driven by robust consumer electronics, new opportunities from AI server shipments, and strong new energy vehicle growth - In H1 2025, China's GDP grew by **5.3% year-on-year**, with macro-economic policies showing effectiveness[16](index=16&type=chunk)[18](index=18&type=chunk) Group Sales and Profit Attributable to Shareholders for H1 2025 | Indicator | Amount (RMB) | YoY Growth | | :--- | :--- | :--- | | Sales | 80.606 billion | 2.58% | | Profit attributable to shareholders | 1.730 billion | 13.97% | [Consumer Electronics Business](index=8&type=section&id=消費電子業務) Despite market pressure, the Group focused on high-value products, strengthened its position in flagship model supply chains, and improved profitability in precision components through automation, while increasing overseas major client assembly share and focusing on high-end Android services - Global smartphone shipments in H1 2025 slightly increased by **0.1% to 586 million units**, with China market growing by **0.4% to 139 million units**[21](index=21&type=chunk) - Global tablet shipments increased by **8.9% year-on-year to 76 million units**[21](index=21&type=chunk) - China's foldable smartphone market shipments increased by **12.6% year-on-year to approximately 4.984 million units**[21](index=21&type=chunk) H1 2025 Consumer Electronics Business Revenue | Business Type | Revenue (RMB) | | :--- | :--- | | Total Consumer Electronics Business Revenue | 60.947 billion | | Component Revenue | 13.752 billion | | Assembly Revenue | 47.195 billion | [New Smart Products Business](index=9&type=section&id=新型智能產品業務) The convergence of AI, 5G, and IoT reshapes the tech landscape, driving new smart product markets, with AI data centers expanding rapidly and liquid cooling becoming mainstream, as the Group actively deploys in AI data centers and AI robots, achieving strong AI server shipment growth, client certification for data center liquid cooling and power products, and large-scale internal application of intelligent logistics robots - IDC forecasts servers with embedded GPUs to grow by **46.7% year-on-year in 2025**, accounting for nearly **50% of the global server market value**[27](index=27&type=chunk)[29](index=29&type=chunk) - MarketsandMarkets predicts the global AI data center market size will reach **USD 236.44 billion in 2025**, a **40.9% year-on-year increase**[27](index=27&type=chunk)[29](index=29&type=chunk) H1 2025 New Smart Products Business Revenue | Indicator | Revenue (RMB) | | :--- | :--- | | New Smart Products Business Revenue | 7.209 billion | [New Energy Vehicle Business](index=10&type=section&id=新能源汽車業務) China's new energy vehicle market continues to lead globally with high growth in production, sales, and exports, accelerating intelligent transformation, while the Group leverages its first-mover technological advantages in smart cockpits, intelligent driving assistance, smart suspension, and thermal management, achieving mass production and significant shipment growth for multiple products, with smart suspension systems now being mass-produced for mainstream car models - In H1 2025, new energy vehicle production reached **6.968 million units** and sales reached **6.937 million units**, increasing by **41.4% and 40.3% year-on-year**, respectively[32](index=32&type=chunk)[33](index=33&type=chunk) - New energy vehicle exports in H1 2025 reached **1.06 million units**, a **75.2% year-on-year increase**[32](index=32&type=chunk)[33](index=33&type=chunk) - In June, the retail penetration rate of new energy passenger vehicles was as high as **53.3%**, with autonomous brand new energy vehicle penetration at **75.4%**[32](index=32&type=chunk)[33](index=33&type=chunk) H1 2025 New Energy Vehicle Business Revenue | Indicator | Revenue (RMB) | YoY Growth | % of Total Revenue | | :--- | :--- | :--- | :--- | | New Energy Vehicle Business Revenue | 12.450 billion | 60.50% | 15.45% | [R&D and Innovation](index=12&type=section&id=研發與創新) The Group has built a complete technology chain and unique competitive advantages through deep accumulation in innovative materials, precision molds, software/hardware development, and large-scale manufacturing, shifting its R&D focus to new energy vehicles and AI-related businesses while continuously deepening intelligent transformation, with 11,580 patent applications and 8,119 granted patents as of June 30, 2025, and R&D investment of approximately RMB 2.231 billion in H1 2025 - As of June 30, 2025, the Group had cumulatively applied for **11,580 patents** and been granted **8,119 patents**[35](index=35&type=chunk)[38](index=38&type=chunk) - R&D investment in H1 2025 was approximately **RMB 2.231 billion**[35](index=35&type=chunk)[38](index=38&type=chunk) - The R&D focus has shifted from traditional consumer electronics to new energy vehicles and AI-related business areas[36](index=36&type=chunk)[38](index=38&type=chunk) - In the automotive product sector, a patent layout covering smart cockpits, intelligent driving assistance systems, smart suspension systems, and thermal management systems has been formed[37](index=37&type=chunk)[38](index=38&type=chunk) - In the AI data center sector, extensive patent reserves have been established for liquid cooling systems, power systems, and AI server system design[40](index=40&type=chunk)[44](index=44&type=chunk) - Large-scale application of AMR intelligent logistics robots and active development of AI robots and core components to improve manufacturing efficiency[41](index=41&type=chunk)[44](index=44&type=chunk) [Future Strategy](index=14&type=section&id=未來策略) For H2 2025, with China's economic resilience and strengthened macro policies to expand domestic demand and foster new consumption growth, the Group will continue to deepen core technology R&D, enhance vertical integration advantages, strengthen strategic cooperation with major clients, consolidate its leading position in consumer electronics, drive high growth in new energy vehicle business, and accelerate the development of emerging businesses like AI data centers and AI robots for sustainable growth - The state will continue to deepen policy support, focusing on new energy vehicles and electronic intelligent manufacturing represented by AI and high-end chips[45](index=45&type=chunk)[46](index=46&type=chunk) - The Ministry of Commerce issued the "Notice on Organizing and Launching the 2025 New Energy Consumption Season Activities in Thousands of Counties and Ten Thousand Towns" to promote new energy vehicles in rural areas[45](index=45&type=chunk)[46](index=46&type=chunk) - The Group will continue to deepen core technology R&D and enhance high-end manufacturing innovation capabilities, strengthen vertical integration barriers, and deepen strategic cooperation with major clients[45](index=45&type=chunk)[46](index=46&type=chunk) [Consumer Electronics Business Outlook](index=15&type=section&id=消費電子業務展望) Rapid development of edge AI technology is expected to stimulate a new wave of replacement demand, with AI smartphone penetration projected to reach 34% in 2025, supported by national consumption promotion policies, especially trade-in subsidies for phones and tablets, while the foldable phone market will fully develop, with the entry of leading US phone brands potentially being a turning point, and AI PCs becoming a core driver of PC industry transformation, as the Group continues to expand its leading edge in precision manufacturing technology, focusing on high-value premium products, and deepening strategic cooperation with overseas major clients and Android clients - Canalys predicts AI smartphone penetration will reach **34% in 2025**, and expects AI smartphones to maintain a high penetration trend from **2025 to 2026**[48](index=48&type=chunk)[51](index=51&type=chunk) - New purchase subsidy policies for consumer electronics such as mobile phones and tablets will continue until **December 31, 2025**[48](index=48&type=chunk)[51](index=51&type=chunk) - TrendForce predicts foldable smartphone shipments will reach **19.8 million units in 2025**, with market penetration remaining at approximately **1.6%**[48](index=48&type=chunk)[51](index=51&type=chunk) - Counterpoint expects over half of laptops to feature AI capabilities by **2026**, with AI PC demand becoming a significant growth driver[48](index=48&type=chunk)[51](index=51&type=chunk) [New Smart Products Business Outlook](index=16&type=section&id=新型智能產品業務展望) The integration of AI and 5G technologies creates vast market demand, with AI and large model technologies accelerating evolution, driving explosive growth in the AI data center and AI server markets, as liquid cooling becomes mainstream for green data centers and the industrial robot market continues to grow, while the Group will increase R&D investment in data centers, build high-barrier product layouts for AI servers and liquid cooling systems, and leverage the commonality of AI robot and smart vehicle technologies to comprehensively deploy in AI robot core components and complete systems - MarketsandMarkets expects the global AI data center market size to reach **USD 236.44 billion by 2030**, with a **CAGR of 31.6% from 2025 to 2030**[50](index=50&type=chunk)[52](index=52&type=chunk) - Precedence predicts the global AI server market size will grow by **27.6% year-on-year to USD 39.23 billion in 2025**, reaching **USD 132.81 billion by 2030**[50](index=50&type=chunk)[52](index=52&type=chunk) - Research Nester expects the global data center liquid cooling market size to reach **USD 89.77 billion by 2037**, with a **CAGR of 40.3% from 2025 to 2037**[54](index=54&type=chunk)[55](index=55&type=chunk) - Fortune Business Insights expects the global industrial robot market size to grow from **USD 21.94 billion in 2025 to USD 55.55 billion in 2032**, with a **CAGR of 14.2%**[54](index=54&type=chunk)[55](index=55&type=chunk) [New Energy Vehicle Business Outlook](index=18&type=section&id=新能源汽車業務展望) China's new energy vehicle industry is transitioning from scale leadership to technological leadership, entering a new stage of intelligent and high-quality development, with policy-driven consumption potential unleashed and intelligent connected features becoming a competitive focus, as 2025 is seen as the "Year of Intelligent Driving Parity" with accelerated popularization of intelligent driving technology, while the Group will continue to benefit from automotive industry changes and increased intelligent driving penetration, with smart cockpit, thermal management, and intelligent driving assistance product shipments maintaining growth, smart suspension products being fitted to more models, and per-vehicle value steadily increasing - China Association of Automobile Manufacturers predicts China's new energy vehicle sales will reach **16 million units in 2025**, with electrification penetration expected to exceed **50%**[56](index=56&type=chunk)[59](index=59&type=chunk) - BloombergNEF expects global new energy vehicle sales to grow by approximately **25% year-on-year to 22 million units in 2025**, with about two-thirds from China[56](index=56&type=chunk)[59](index=59&type=chunk) - Mordor Intelligence expects the global ADAS market size to grow from **USD 38.54 billion in 2025 to USD 68.68 billion by 2030**, with a **CAGR of 12.3%**[56](index=56&type=chunk)[59](index=59&type=chunk) - MarketsandMarkets predicts the global L3 autonomous passenger vehicle market size will grow from **291,000 units in 2025 to 8.7 million units by 2035**, with a **CAGR of 40.5%**[56](index=56&type=chunk)[59](index=59&type=chunk) - Global Info Research predicts the global smart suspension market size will reach **USD 3.6 billion by 2031**, with a **CAGR of 6.6% from 2025 to 2031**[58](index=58&type=chunk)[59](index=59&type=chunk) [Financial Review](index=21&type=section&id=財務回顧) In H1 2025, the Group's revenue increased by 2.58% year-on-year, and profit attributable to owners of the parent increased by 13.97% year-on-year, primarily due to growth in the new energy vehicle business and reduced expenses, with a significant increase in operating cash inflow and ample liquidity, and the capital gearing ratio significantly improved from 18.01% at the end of 2024 to -5.27% - Revenue increased by **2.58%** year-on-year, and profit attributable to owners of the parent increased by **13.97%** year-on-year[63](index=63&type=chunk)[69](index=69&type=chunk) - Gross profit increased by approximately **3.05% to RMB 5,543 million**, with gross margin remaining stable at approximately **6.88%** from 6.85% in H1 2024[66](index=66&type=chunk)[72](index=72&type=chunk) [Operating Results](index=21&type=section&id=經營業績) In H1 2025, the Group's revenue reached RMB 80,606 million, a 2.58% year-on-year increase; gross profit was RMB 5,543 million, a 3.05% year-on-year increase; and profit attributable to owners of the parent was RMB 1,730 million, a 13.97% year-on-year increase H1 2025 Operating Results | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 80,606 | 78,581 | +2.58% | | Gross Profit | 5,543 | 5,379 | +3.05% | | Profit attributable to owners of the parent | 1,730 | 1,518 | +13.97% | [Segment Information](index=21&type=section&id=分部資料) In H1 2025, the Group's revenue from China (including Hong Kong, Macau, and Taiwan) accounted for 35% of total revenue, with overseas revenue accounting for 65%, showing an increase in China's revenue share and a slight decrease in overseas revenue share compared to H1 2024 Regional Segment Revenue by Customer Location | Region | H1 2025 | H1 2024 | | :--- | :--- | :--- | | China (including Hong Kong, Macau, and Taiwan) | 35% | 32% | | Overseas | 65% | 68% | [Liquidity and Financial Resources](index=21&type=section&id=流動資金與財務資源) In H1 2025, the Group's operating cash inflow significantly increased to approximately RMB 10,002 million from RMB 183 million in H1 2024, primarily due to increased cash received from sales of goods and services, while interest-bearing bank and other borrowings decreased to approximately RMB 9,652 million as of June 30, 2025, from RMB 10,807 million at the end of 2024, indicating ample liquidity and a capital gearing ratio improvement from 18.01% at the end of 2024 to -5.27% Key Liquidity and Financial Resources Indicators | Indicator | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :--- | :--- | :--- | | Operating cash inflow | 10,002 | 183 | | Interest-bearing bank and other borrowings (period-end) | 9,652 | 10,807 (end of 2024) | | Trade receivables and financing turnover days | 56 days | 54 days | | Inventory turnover days | 47 days | 49 days | | Capital gearing ratio (period-end) | -5.27% | 18.01% (end of 2024) | [Other Financial Matters](index=22&type=section&id=其他財務事項) In H1 2025, the Group had no significant investments, acquisitions, or disposals of subsidiaries, with controllable foreign exchange risk as most receipts and payments are settled in RMB and USD, while employing approximately 156,000 employees with staff costs accounting for about 12.81% of revenue, capital commitments of approximately RMB 620 million, and an ongoing lawsuit with Foxconn whose final outcome and compensation amount cannot be reliably estimated - In H1 2025, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures[76](index=76&type=chunk)[77](index=77&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - As of June 30, 2025, the Group employed approximately **156,000 employees**, with total staff costs accounting for approximately **12.81% of revenue**[85](index=85&type=chunk)[92](index=92&type=chunk) Capital Commitments | Item | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | | :--- | :--- | :--- | | Total Capital Commitments | 620 | 807 | - The lawsuit with Foxconn is still in legal proceedings, and the final outcome and the amount of relevant payments (if applicable) for settlement cannot be reliably estimated[95](index=95&type=chunk)[53](index=53&type=chunk)[235](index=235&type=chunk) [Shareholders and Corporate Governance](index=24&type=section&id=股東及企業管治) This section discloses directors' and chief executive's interests in shares of the company and associated corporations, the implementation of the share award scheme, major shareholders' holdings, and the company's compliance with corporate governance, including board diversity policy and audit committee operations, with the Board not recommending an interim dividend for H1 2025 - The company has adopted a share award scheme, with an intended participation of no more than **3,000 people**, including executive directors, management, middle management, and core employees[103](index=103&type=chunk)[106](index=106&type=chunk) - The total capital involved in the share award scheme does not exceed **RMB 250 million**, and the purchase of target shares in the secondary market was completed on July 9, 2025, totaling **7,096,000 shares**[108](index=108&type=chunk)[109](index=109&type=chunk) - The company has complied with the applicable code provisions in Appendix C1 Part 2 of the Listing Rules and the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3[124](index=124&type=chunk)[125](index=125&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - The Board has adopted a board diversity policy and achieved gender diversity on the Board as of June 30, 2025, with one female director[136](index=136&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - The Board does not recommend the payment of an interim dividend for H1 2025[146](index=146&type=chunk)[150](index=150&type=chunk) [Directors' and Chief Executive's Interests](index=24&type=section&id=董事及最高行政人員權益) As of June 30, 2025, the company's directors and chief executive held interests in shares of the company and BYD Company Limited, with Mr. Wang Nianqiang holding 0.76% of the Company's shares and 0.60% of BYD's shares, and Mr. Wang Chuanfu holding 17.06% of BYD's shares Directors' and Chief Executive's Interests in Shares | Director Name | Company Name | Capacity | Number of Issued Shares Held | Approximate % of Total Issued Shares of the Company | | :--- | :--- | :--- | :--- | :--- | | Mr. Wang Nianqiang | The Company | Beneficial Owner and Beneficiary | 17,102,000 | 0.76% | | Mr. Wang Nianqiang | BYD | Beneficial Owner | 18,299,740 | 0.60% | | Mr. Jiang Xiangrong | The Company | Spouse's Interest | 169,000 | <0.01% | | Mr. Wang Bo | The Company | Beneficiary | 2,805,000 | 0.12% | | Mr. Wang Chuanfu | BYD | Beneficial Owner | 518,351,550 | 17.06% | | Mr. Qian Jingjie | The Company | Beneficial Owner | 5,000 | <0.01% | [Share Scheme](index=25&type=section&id=股份計劃) The company adopted a share award scheme on March 17, 2025, to incentivize executive directors, management, and core employees, with a total amount not exceeding RMB 250 million, and completed the secondary market purchase of 7,096,000 target shares for approximately HKD 227.48 million on July 9, 2025, with awards subject to vesting schedules and performance metrics - The share award scheme is intended for no more than **3,000 participants**, including executive directors, management, middle management, and core employees[103](index=103&type=chunk)[106](index=106&type=chunk) - The total capital involved in this share award scheme does not exceed **RMB 250 million**[108](index=108&type=chunk) - On July 9, 2025, the purchase of target shares under this share award scheme was completed in the secondary market, totaling **7,096,000 shares**, representing approximately **0.31% of the total issued shares**, for a total consideration of approximately **HKD 227,481,425**[109](index=109&type=chunk) [Major Shareholders](index=27&type=section&id=主要股東) As of June 30, 2025, Golden Link Worldwide Limited, BYD (H.K.) Co., Limited, and BYD Company Limited were the company's major shareholders, each holding 65.76% of the company's shares Major Shareholder Holdings | Shareholder Name | Nature of Interest | Number of Ordinary Shares Held | Approximate % of Total Issued Shares | | :--- | :--- | :--- | :--- | | Golden Link Worldwide Limited | Beneficial Interest | 1,481,700,000 | 65.76% | | BYD (H.K.) Co., Limited | Interest in Controlled Corporation | 1,481,700,000 | 65.76% | | BYD Company Limited | Interest in Controlled Corporation | 1,481,700,000 | 65.76% | - BYD Company Limited is the sole shareholder of BYD HK, which in turn is the sole shareholder of Golden Link, thus BYD HK and BYD Company Limited are deemed to have an interest in the Company's shares held by Golden Link[119](index=119&type=chunk)[121](index=121&type=chunk) [Corporate Governance](index=28&type=section&id=企業管治) The Board is committed to maintaining high standards of corporate governance, complying with the Corporate Governance Code and the Model Code for Securities Transactions by Directors, with changes in Board members in H1 2025 including Mr. Zhong Guowu's cessation as an independent non-executive director of Tokyo Chuo Auction Holdings Limited, Mr. Jiang Xiangrong's appointment as Vice President of BYD, and Ms. Wang Ying's appointment as an independent director of Huanlejia Food Group Co., Ltd., while the Board has adopted a diversity policy and improved gender diversity, with female employees accounting for approximately 33.30% of total domestic staff, and the Audit Committee has reviewed the unaudited results for the period - Mr. Zhong Guowu ceased to be an independent non-executive director of Tokyo Chuo Auction Holdings Limited effective **June 20, 2025**[127](index=127&type=chunk)[132](index=132&type=chunk) - Mr. Jiang Xiangrong was appointed as Vice President of BYD effective **June 21, 2025**[128](index=128&type=chunk)[132](index=132&type=chunk) - Ms. Wang Ying was appointed as an independent director of Huanlejia Food Group Co., Ltd. effective **June 23, 2025**[128](index=128&type=chunk)[132](index=132&type=chunk) - As of the report date, the number of female employees in the Group's domestic operations accounted for approximately **33.30% of the total workforce**[142](index=142&type=chunk)[147](index=147&type=chunk) - The Audit Committee convened a meeting on **August 29, 2025**, to review the accounting policies and practices adopted by the Group and discuss auditing, internal control, risk management, and financial reporting matters[144](index=144&type=chunk)[148](index=148&type=chunk) [Interim Dividend](index=30&type=section&id=中期股息) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil) - The Board does not recommend the payment of an interim dividend for the period (six months ended June 30, 2024: nil)[146](index=146&type=chunk)[150](index=150&type=chunk) [Financial Statements](index=31&type=section&id=財務報表) [Interim Condensed Consolidated Statement of Profit or Loss](index=31&type=section&id=中期簡明合併損益表) For the six months ended June 30, 2025, the Group recorded revenue of RMB 80,605,678 thousand, gross profit of RMB 5,542,965 thousand, profit for the period of RMB 1,729,777 thousand, and earnings per share of RMB 0.77 Interim Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 80,605,678 | 78,580,818 | | Cost of sales | (75,062,713) | (73,201,786) | | Gross profit | 5,542,965 | 5,379,032 | | Research and development expenses | (2,230,952) | (2,472,846) | | Selling and distribution expenses | (1,042,891) | (902,902) | | Administrative expenses | (887,497) | (795,484) | | Profit before tax | 1,896,470 | 1,635,780 | | Income tax expense | (166,693) | (117,980) | | Profit for the period | 1,729,777 | 1,517,800 | | Earnings per share | RMB 0.77 | RMB 0.67 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=32&type=section&id=中期簡明合併綜合收益表) For the six months ended June 30, 2025, the Group's profit for the period was RMB 1,729,777 thousand, with net other comprehensive income of RMB 15,781 thousand, primarily from fair value changes of receivables financing and exchange differences on translation of foreign operations, resulting in total comprehensive income of RMB 1,745,558 thousand for the period Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period | 1,729,777 | 1,517,800 | | Receivables financing: fair value changes | 671 | 298 | | Exchange differences on translation of foreign operations | 15,110 | 8,703 | | Net other comprehensive income for the period | 15,781 | 9,001 | | Total comprehensive income for the period | 1,745,558 | 1,526,801 | [Interim Condensed Consolidated Statement of Financial Position](index=33&type=section&id=中期簡明合併財務狀況表) As of June 30, 2025, the Group's total assets were RMB 82,589,653 thousand, a decrease from RMB 90,347,204 thousand at the end of 2024, with net current assets of RMB 5,846,495 thousand and total equity of RMB 32,843,549 thousand, a slight increase from RMB 32,401,664 thousand at the end of 2024 Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total non-current assets | 29,481,231 | 29,931,693 | | Total current assets | 53,108,422 | 60,415,511 | | Total assets | 82,589,653 | 90,347,204 | | Total current liabilities | 47,261,927 | 50,823,330 | | Total non-current liabilities | 2,484,177 | 7,122,210 | | Total equity | 32,843,549 | 32,401,664 | [Interim Condensed Consolidated Statement of Changes in Equity](index=35&type=section&id=中期簡明合併權益變動表) For the six months ended June 30, 2025, the Group's total equity increased from RMB 32,401,664 thousand on January 1, 2025, to RMB 32,843,549 thousand, primarily due to profit for the period of RMB 1,729,777 thousand, repurchase of ordinary shares of RMB 38,071 thousand, share-based payments recognized in equity of RMB 14,218 thousand, and declaration of 2024 final dividend of RMB 1,279,820 thousand Interim Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Item | Share Capital (RMB thousands) | Retained Profits (RMB thousands) | Total Equity (RMB thousands) | | :--- | :--- | :--- | :--- | | As at January 1, 2025 | 4,052,228 | 27,555,573 | 32,401,664 | | Profit for the period | – | 1,729,777 | 1,729,777 | | Repurchase of ordinary shares | – | – | (38,071) | | Share-based payments recognized in equity | – | – | 14,218 | | 2024 final dividend | – | (1,279,820) | (1,279,820) | | As at June 30, 2025 | 4,052,228 | 28,005,530 | 32,843,549 | [Interim Condensed Consolidated Statement of Cash Flows](index=37&type=section&id=中期簡明合併現金流量表) For the six months ended June 30, 2025, the Group generated net cash flow from operating activities of RMB 10,002,148 thousand, used net cash flow in investing activities of RMB 2,242,428 thousand, and used net cash flow in financing activities of RMB 1,749,567 thousand, resulting in a significant increase in cash and cash equivalents at period-end to RMB 13,080,158 thousand compared to the beginning of the period Interim Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows from operating activities | 10,002,148 | 182,990 | | Net cash flows used in investing activities | (2,242,428) | (1,554,924) | | Net cash flows used in financing activities | (1,749,567) | (1,067,246) | | Net increase/(decrease) in cash and cash equivalents | 6,010,153 | (2,439,180) | | Cash and cash equivalents at end of period | 13,080,158 | 8,130,150 | [Notes to the Financial Information](index=40&type=section&id=財務資料附註) [Company and Group Information](index=40&type=section&id=公司及集團資料) The Company was incorporated in Hong Kong on June 14, 2007, and listed on the HKEX on December 20, 2007, operating as a global leading provider of high-tech innovative products across diverse markets including smartphones, new energy vehicles, and AI data centers, with BYD Company Limited as its ultimate controlling company - The Company was incorporated in Hong Kong on **June 14, 2007**, and its shares were listed on the HKEX on **December 20, 2007**[170](index=170&type=chunk)[174](index=174&type=chunk) - The Group is a global leading provider of high-tech innovative products, with businesses covering smartphones, tablets, new energy vehicles, AI data centers, smart homes, and other diversified market segments[171](index=171&type=chunk)[174](index=174&type=chunk) - The Company's ultimate controlling company is BYD Company Limited[172](index=172&type=chunk)[174](index=174&type=chunk) [Accounting Policies](index=40&type=section&id=會計政策) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and consistent with the accounting policies used in the 2024 consolidated financial statements, except for the first-time adoption of the revised HKFRS 21, which addresses currency exchangeability assessment but has no material impact on the Group's financial information - The interim condensed consolidated financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"**[173](index=173&type=chunk)[175](index=175&type=chunk) - Accounting policies are consistent with the 2024 consolidated financial statements, except for the first-time adoption of the revised **HKFRS 21 "Lack of Exchangeability"**[177](index=177&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - The amendments to **HKAS 21** relate to the assessment of currency exchangeability, but as the Group's transaction and functional currencies are exchangeable, there is no impact on the interim condensed consolidated financial information[181](index=181&type=chunk)[183](index=183&type=chunk) [Operating Segment Information](index=42&type=section&id=經營分部資料) The Group's primary business involves manufacturing, assembling, and selling mobile phone components, modules, and other products, and for management purposes, it is organized into a single operating segment based on industry practice and vertical integration strategy, with management monitoring overall performance for resource allocation and evaluation - The Group's principal business is the manufacturing, assembly, and sale of mobile phone components, modules, and other products[182](index=182&type=chunk)[184](index=184&type=chunk) - The Group is organized into a single operating segment based on industry practice and management's vertical integration strategy[182](index=182&type=chunk)[184](index=184&type=chunk) [Revenue](index=43&type=section&id=收入) For the six months ended June 30, 2025, the Group's total revenue was RMB 80,605,678 thousand, predominantly from sales of mobile phone components, modules, and other products, with a smaller portion from service provision, and geographically, overseas revenue accounted for 65% while China (including Hong Kong, Macau, and Taiwan) accounted for 35% Revenue Information by Category from Customer Contracts (For the six months ended June 30, 2025) | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Type of goods or services** | | | | Sales of mobile phone components, modules and other products | 80,014,514 | 77,964,893 | | Provision of services | 591,164 | 615,925 | | **Geographical markets** | | | | China (including Hong Kong, Macau and Taiwan) | 28,606,080 | 25,105,612 | | Overseas | 51,999,598 | 53,475,206 | | **Timing of revenue recognition** | | | | Goods transferred at a point in time | 80,299,796 | 78,221,936 | | Services transferred over time | 305,882 | 358,882 | [Profit Before Tax](index=44&type=section&id=除稅前溢利) The Group's profit before tax is stated after deducting costs such as cost of inventories sold, cost of services provided, depreciation of property, plant and equipment, depreciation of right-of-use assets, amortization of intangible assets, net impairment loss on trade receivables, write-down of inventories to net realizable value, and loss on disposal of items of property, plant and equipment Items Deducted from Profit Before Tax (For the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 74,302,273 | 72,439,220 | | Cost of services provided | 560,221 | 570,163 | | Depreciation of property, plant and equipment | 2,261,345 | 2,318,456 | | Depreciation of right-of-use assets | 282,278 | 295,167 | | Amortization of intangible assets | 465,599 | 466,623 | | Net impairment loss on trade receivables | (43,632) | 4,267 | | Write-down of inventories to net realizable value | 200,219 | 192,403 | | Loss on disposal of items of property, plant and equipment | 6,352 | 16,849 | [Income Tax](index=45&type=section&id=所得稅) The Group is subject to income tax on profits in the jurisdictions where it operates, with Chinese subsidiaries generally taxed at a statutory rate of 25%, while certain high-tech enterprises (e.g., BYD Precision, Huizhou Electronics, Shantou Electronics) and Western Development policy beneficiaries (e.g., Xi'an Electronics, Chengdu Electronics) enjoy a preferential rate of 15%, and the Group has assessed the potential risks of Pillar Two legislative models, applying mandatory exceptions and concluding no material impact - Chinese subsidiaries are subject to corporate income tax at a statutory rate of **25%**[192](index=192&type=chunk)[196](index=196&type=chunk) - BYD Precision, Huizhou Electronics, and Shantou Electronics, as high-tech enterprises, enjoy a preferential corporate income tax rate of **15%**[193](index=193&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - Xi'an Electronics and Chengdu Electronics enjoy a preferential corporate income tax rate of **15%** under the Western Development policy[194](index=194&type=chunk)[196](index=196&type=chunk) Major Components of Income Tax Expense (For the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current – China | 330,236 | 505,726 | | Current – Other regions | 23,965 | 13,651 | | Deferred | (187,508) | (401,397) | | Total tax expense for the period | 166,693 | 117,980 | - The Group has applied the mandatory exception and determined there is no material impact when recognizing and disclosing information on deferred tax assets and liabilities arising from Pillar Two income tax[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) [Dividends](index=47&type=section&id=股息) The Board has declared a final dividend of RMB 0.568 per ordinary share for 2024, totaling RMB 1,279,820 thousand Declared Dividends (For the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Final declared – RMB 0.568 per ordinary share (2024: RMB 0.538) | 1,279,820 | 1,212,224 | [Earnings Per Share](index=48&type=section&id=每股盈利) For the six months ended June 30, 2025, basic earnings per share were RMB 0.77, calculated based on profit attributable to ordinary equity holders of the parent of RMB 1,729,777 thousand and a weighted average of 2,253,204,500 ordinary shares outstanding, with no potentially dilutive ordinary shares outstanding during the period Basic Earnings Per Share Calculation (For the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent used in calculating basic earnings per share | 1,729,777 | 1,517,800 | | Weighted average number of ordinary shares outstanding during the period used in calculating basic earnings per share (shares) | 2,253,204,500 | 2,253,204,500 | [Property, Plant and Equipment](index=49&type=section&id=物業、廠房及設備) For the six months ended June 30, 2025, the Group added assets at a cost of RMB 2,508,509 thousand, disposed of assets with a net book value of RMB 293,681 thousand, resulting in a net loss on disposal of RMB 6,352 thousand Changes in Property, Plant and Equipment (For the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of additions | 2,508,509 | 1,922,675 | | Net book value of assets disposed | 293,681 | 67,726 | | Net loss on disposal | 6,352 | 16,849 | [Trade Receivables](index=50&type=section&id=應收貿易款項) As of June 30, 2025, the net book value of trade receivables was RMB 17,208,452 thousand, a significant decrease from RMB 32,306,016 thousand at the end of 2024, with the majority due within 90 days, and receivables from controlling companies, fellow subsidiaries, and other related parties totaling RMB 5,405,910 thousand Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 90 days | 16,856,646 | 31,715,854 | | 91 to 180 days | 223,656 | 578,315 | | 181 to 360 days | 128,150 | 11,847 | | Total | 17,208,452 | 32,306,016 | Receivables from Related Parties (As of June 30, 2025) | Related Party | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Receivables from ultimate controlling company | 156,284 | 157,134 | | Receivables from intermediate controlling company | 144,284 | 143,763 | | Receivables from fellow subsidiaries | 5,103,760 | 7,872,492 | | Receivables from other related parties | 1,582 | 364 | | Total | 5,405,910 | 8,173,753 | [Trade Payables and Bills Payable](index=51&type=section&id=應付貿易賬款及應付票據) As of June 30, 2025, total trade payables and bills payable were RMB 27,100,653 thousand, a decrease from RMB 35,331,180 thousand at the end of 2024, with the majority due within 90 days, and payables to controlling companies, fellow subsidiaries, and other related companies totaling RMB 12,107,428 thousand Ageing Analysis of Trade Payables and Bills Payable (As of June 30, 2025) | Ageing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 90 days | 23,894,220 | 33,978,257 | | 91 to 180 days | 2,708,424 | 1,088,433 | | 181 to 360 days | 436,115 | 227,180 | | 1 to 2 years | 52,792 | 29,492 | | Over 2 years | 9,102 | 7,818 | | Total | 27,100,653 | 35,331,180 | Payables to Related Parties (As of June 30, 2025) | Related Party | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Payables to ultimate controlling company | 202,364 | 233,081 | | Payables to intermediate controlling company | 6,796,984 | 10,485,778 | | Payables to fellow subsidiaries | 5,108,080 | 12,516,371 | | Total | 12,107,428 | 23,235,230 | [Share Capital](index=52&type=section&id=股本) As of June 30, 2025, the Company's issued and fully paid ordinary shares totaled 2,253,204,500 shares, with a total share capital of RMB 4,052,228 thousand Share Capital (As of June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Number of issued and fully paid ordinary shares | 2,253,204,500 | 2,253,204,500 | | Total share capital | 4,052,228 | 4,052,228 | [Contingent Liabilities](index=53&type=section&id=或然負債) The Group is involved in a lawsuit with Foxconn International Holdings Limited, initiated in 2007, alleging illegal use of confidential information, and as of the report date, the lawsuit remains in legal proceedings, with the Board deeming it difficult to reliably estimate the final outcome and the amount payable for settlement - The Group is involved in a lawsuit with Foxconn International Holdings Limited, alleging the use of illegally obtained confidential information[231](index=231&type=chunk)[234](index=234&type=chunk) - As of the report date, the lawsuit remains in legal proceedings, and the final outcome and the amount of relevant payments (if applicable) for settlement cannot be reliably estimated[233](index=233&type=chunk)[235](index=235&type=chunk) [Capital Commitments](index=54&type=section&id=資本承擔) As of June 30, 2025, the Group's total capital commitments were approximately RMB 620,380 thousand, primarily for contracted but unprovided expenditures on plant and machinery and buildings Capital Commitments (As of June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Plant and machinery | 584,547 | 767,040 | | Buildings | 35,833 | 39,866 | | Total | 620,380 | 806,906 | [Related Party Transactions](index=54&type=section&id=關聯方交易) In H1 2025, the Group engaged in several significant related party transactions, including sales and purchases of plant and machinery and inventories, lease and processing service fees, and procurement service agency fees and electricity charges, all conducted in the ordinary course of business and in compliance with Listing Rules, with outstanding balances including loans and lease liabilities with related parties as of June 30, 2025 Summary of Related Party Transactions (For the six months ended June 30, 2025) | Nature of Transaction | Related Party | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Sale of plant and machinery | Ultimate controlling company/Fellow subsidiaries | 8,972 | 11,126 | | Purchase of plant and machinery | Ultimate controlling company/Fellow subsidiaries | 5,446 | 8,371 | | Purchase of inventories | Ultimate controlling company/Fellow subsidiaries | 1,375,253 | 1,004,119 | | Sale of inventories | Ultimate controlling company/Fellow subsidiaries | 12,162,147 | 6,256,606 | | Lease and ancillary service payments | Ultimate controlling company/Fellow subsidiaries | 484,289 | 424,421 | | Exclusive processing services received | Ultimate controlling company/Fellow subsidiaries | 362,962 | 544,099 | | Exclusive processing services provided | Ultimate controlling company/Fellow subsidiaries | 530,422 | 364,560 | | Agency fees for procurement services | Intermediate controlling company/Fellow subsidiaries | 38,925 | 40,834 | | Electricity charges received | Ultimate controlling company/Fellow subsidiaries | 55,546 | 50,242 | - The Company's wholly-owned subsidiary, Lingyu, obtained a loan of **RMB 9,600,000 thousand** from intermediate controlling company BYD HK Co., Ltd., bearing fixed interest rates of **3.18%-3.77%**[246](index=246&type=chunk)[247](index=247&type=chunk) Lease Liabilities with Related Parties (As of June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current lease liabilities – Ultimate controlling company | 133,130 | 78,884 | | Current lease liabilities – Fellow subsidiaries | 258,858 | 92,910 | | Non-current lease liabilities – Ultimate controlling company | 123,966 | 31,129 | | Non-current lease liabilities – Fellow subsidiaries | 101,848 | 25,769 | | Total | 617,802 | 228,692 | Key Management Personnel Remuneration (For the six months ended June 30, 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 9,102 | 7,680 | | Contributions to pension schemes | 29 | 41 | | Total | 9,131 | 7,721 | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=58&type=section&id=金融工具的公允價值及公允價值層級) There are no significant differences between the carrying amounts and fair values of the Group's financial instruments, with management assessing that the fair values of short-term deposits, cash and cash equivalents, and trade receivables are similar to their carrying amounts, while non-listed equity investments are valued using the market approach and interest-bearing bank and other borrowings are valued by discounting expected future cash flows, and derivative financial instruments and receivables financing have fair values equal to their carrying amounts, measured using valuation techniques similar to forward prices - There are no significant differences between the carrying amounts and fair values of the Group's financial instruments[256](index=256&type=chunk)[259](index=259&type=chunk) - The fair value of non-listed equity investments is valued using the market approach, and the fair value of interest-bearing bank and other borrowings is calculated by discounting expected future cash flows[261](index=261&type=chunk)[262](index=262&type=chunk)[264](index=264&type=chunk) Assets Measured at Fair Value (As of June 30, 2025) | Item | Level 2 (RMB thousands) | Level 3 (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Receivables financing | 227,948 | – | 227,948 | | Other non-current financial assets | – | 443,783 | 443,783 | | Total | 227,948 | 443,783 | 671,731 | Liabilities Measured at Fair Value (As of June 30, 2025) | Item | Level 2 (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | | Derivative financial instruments | 17,037 | 17,037 | Liabilities with Disclosed Fair Value (As of June 30, 2025) | Item | Level 2 (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | | Loan from intermediate controlling company | 9,651,536 | 9,651,536 | [Approval of Financial Statements](index=62&type=section&id=審批財務報表) The financial statements were approved and authorized for issue by the Board on August 29, 2025 - The financial statements were approved and authorized for issue by the Board on **August 29, 2025**[279](index=279&type=chunk)[280](index=280&type=chunk)

Group 1 - The Hang Seng Index closed up by 0.32% [1] - The Hang Seng Tech Index increased by 0.54% [1] - BYD Electronics rose over 7% [1] - WuXi Biologics and CSPC Pharmaceutical Group both increased by over 6% [1]