（根據公司條例於香港註冊成立的有限公司） （股份代號：285） 董事會會議通告 比亞迪電子（國際）有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二五 年八月二十九日（星期五）舉行董事會會議，以考慮及批准（其中包括）本公司截至 二零二五年六月三十日止六個月之中期業績及其發佈，以及處理任何其他事項 （如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 王念強 香港，二零二五年八月八日 於本公告刊發日期，董事會成員包括執行董事王念強先生及江向榮先生；非執 行董事王傳福先生及王渤先生；及獨立非執行董事鍾國武先生、錢靖捷先生及 王瑛女士。 承董事會命 比亞迪電子（國際）有限公司 董事 ...

Core Insights - The top short-selling ratios for the last trading day were recorded at 100% for New World Development Co. Ltd. (80016), Anta Sports Products Ltd. (82020), and Li Ning Company Limited (82331) [1][2] - The highest short-selling amounts were for Tencent Holdings Ltd. (00700) at 2.284 billion, Alibaba Group Holding Ltd. (09988) at 1.855 billion, and Meituan (03690) at 1.779 billion [1][2] - The highest deviation values were for New World Development Co. Ltd. (80016) at 47.23%, Hang Seng Bank Ltd. (80011) at 43.60%, and China International Marine Containers (Group) Co., Ltd. (02039) at 39.58% [1][3] Short-Selling Ratios - New World Development Co. Ltd. (80016) had a short-selling amount of 170,500 with a 100% short-selling ratio and a deviation of 47.23% [2] - Anta Sports Products Ltd. (82020) reported a short-selling amount of 131,200 with a 100% short-selling ratio and a deviation of 32.87% [2] - Li Ning Company Limited (82331) had a short-selling amount of 91,300 with a 100% short-selling ratio and a deviation of 32.41% [2] Short-Selling Amounts - Tencent Holdings Ltd. (00700) led with a short-selling amount of 2.284 billion and a short-selling ratio of 19.43% [2] - Alibaba Group Holding Ltd. (09988) followed with a short-selling amount of 1.855 billion and a short-selling ratio of 21.48% [2] - Meituan (03690) had a short-selling amount of 1.779 billion with a short-selling ratio of 32.58% [2] Deviation Values - New World Development Co. Ltd. (80016) had a deviation value of 47.23% with a short-selling amount of 170,500 and a short-selling ratio of 100% [3] - Hang Seng Bank Ltd. (80011) reported a deviation value of 43.60% with a short-selling amount of 612,100 and a short-selling ratio of 89.42% [3] - China International Marine Containers (Group) Co., Ltd. (02039) had a deviation value of 39.58% with a short-selling amount of 16.5625 million and a short-selling ratio of 55.28% [3]

切入AIDC 及机器人等高速发展赛道，开辟公司第三增长曲线。大模型训练和推理催生算力需求，推动 数据中心市场规模快速扩容，公司切入这一赛道较晚但布局积极且全面；此外，公司也自主研发并推出 了AMR 产品。老业务板块稳中有升，新业务陆续落地，公司新型智能产品业务未来可期。 机构：民生证券 汽车智能化加速，智驾平权推动新能源汽车业务进入高速增长通道。背靠母公司比亚迪，公司自2013 年进入汽车业务领域后，其汽车电子业务快速崛起。 研究员：方竞/卢瑞琪 平台型高端制造龙头持续扩容，营收规模再攀高峰。比亚迪电子是比亚迪股份的子公司，于2020 年被 纳入香港恒生科技指数，依托垂直整合优势，现已发展成为拥有消费电子业务、新型智能产品业务和新 能源汽车业务三大业务板块的平台型高端制造龙头。2024 年，公司实现营收1773.06 亿元， YoY+36.4%；归母净利润42.66 亿元，YoY+5.6%。分业务来看，消费电子业务/新型智能产品业务/新能 源汽车业务分别贡献营收1412.33/155.60/205.13 亿元，在总营收中的占比分别为79.7%/8.8%/11.6%。此 外，自2020 年公司切入北美大客户的核 ...

Summary of BYD Electronics Conference Call Company Overview - **Company**: BYD Electronics - **Industry**: Consumer Electronics and Automotive Key Points Financial Performance - **2024 Revenue**: Approximately 410 to 430 billion RMB, with a growth primarily driven by the acquisition of Jabil's structural components and increased automotive shipments from the parent company [2][4] - **2024 Net Profit**: Expected to be between 5 to 5.5 billion RMB, which is below market expectations [2][4] - **2025 Revenue Forecast**: Anticipated to be between 190 to 200 billion RMB, with a year-on-year growth of nearly 20% [2][6] - **2025 Net Profit Forecast**: Expected to be between 5 to 5.5 billion RMB, indicating a low price-to-earnings ratio and potential for price appreciation [2][11] Business Segments - **Consumer Electronics**: Remains the primary revenue source, with total revenue around 1,400 billion RMB in 2024, including 350 billion RMB from components and 1,050 billion RMB from mobile and tablet assembly [4] - **New Smart Products**: Revenue from new smart products (e.g., home storage, drones, 3D printing, servers) declined to approximately 150 billion RMB due to reduced inventory shipments [4] - **Automotive Business**: Achieved 20.5 billion RMB in revenue in 2024, a 45% increase driven by increased shipments and new products [4] Future Development Focus - **High-End Mobile Phones**: Targeting growth in high-end mobile segments, particularly with significant upgrades in Apple’s new models [7] - **Automotive Value Enhancement**: Focus on increasing the per-vehicle value through advanced driver-assistance systems (ADAS), thermal management, and suspension systems [7][12] - **AI Server Components**: Anticipating growth in AI server components, including liquid cooling and power management, with expected certification from North American clients [7] Market Concerns - **Self-Driving Technology**: Market is closely monitoring the performance of self-driving technology and the demand for ADAS, alongside R&D expenditure [8] - **Profitability Fluctuations**: Concerns arose from lower-than-expected profits in Q4 of the previous year due to stock incentive costs and R&D investments [8][9] - **Seasonal Variability**: Q1 profits showed a slight increase of 2%, but overall profit margins did not significantly improve due to seasonal impacts and reduced high-end mobile shipments [8][9] Stock Buyback Impact - **Stock Buyback**: Recently completed a stock buyback of approximately 200 million RMB, positively influencing market sentiment and stock price [10] Robotics and AI Server Components - **Robotics**: The company is expanding into logistics robots and robotic arms, with expectations for increased market attention and product shipments in 2025 [3][13] - **AI Server Components**: Performance in 2025 is expected to be below expectations, but significant growth is anticipated in 2026 due to rising demand for high-end chips from major tech companies [14] Long-Term Outlook - **Stock Price Potential**: The company is viewed as having strong long-term growth potential across various sectors, suggesting significant opportunities for stock price appreciation [15]

深市港股通前十大成交活跃股中，成交额居首的是晶泰控股，成交金额21.30亿港元；其次是阿里巴巴- W、美团-W，成交金额分别为20.54亿港元、18.55亿港元。以净买卖金额统计，有7只股为净买入，净 买入金额最多的是腾讯控股，净买入8.00亿港元，该股收盘上涨1.70%。净卖出金额最多的是美团-W， 净卖出3.84亿港元，收盘股价下跌1.46%。（数据宝） 8月6日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 港股通(沪) | 455358.46 | 71753.88 | 1.70 | | 02228 | 晶泰控股 | 港股通(沪) | 451811.07 | 47520.46 | 12.42 | | 09988 | 阿里巴巴-W | 港股通(沪) | 316394.87 | 67793.11 | 0.60 | | 00981 | 中芯国际 | 港股通(沪) | 233003.74 | 36379.08 | 3.14 | | ...

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是晶泰控股，合计成交额66.48亿港元， 腾讯控股、阿里巴巴-W成交额紧随其后，分别成交63.65亿港元、52.18亿港元。以净买卖金额统计，净 买入的个股共有7只，腾讯控股净买入额为15.18亿港元，净买入金额居首，该股收盘股价上涨1.70%， 阿里巴巴-W净买入额为8.76亿港元，中芯国际净买入额为6.12亿港元。净卖出金额最多的是小米集团- W，净卖出2.29亿港元，该股收盘股价下跌0.55%，泡泡玛特、美团-W遭净卖出2.23亿港元、1.48亿港 元。 8月6日恒生指数上涨0.03%，南向资金全天合计成交金额为1259.74亿港元，其中，买入成交677.30亿港 元，卖出成交582.44亿港元，合计净买入金额94.85亿港元。具体来看，港股通（深）累计成交金额 471.73亿港元，买入成交260.95亿港元，卖出成交210.78亿港元，合计净买入金额50.16亿港元；港股通 （沪）累计成交金额788.01亿港元，买入成交416.35亿港元，卖出成交371.66亿港元，合计净买入金额 44.69亿港元。 从连续性进行统计， 有4只股获南向资金连续3天 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 晶泰控股(02228) | 21.30 亿元 | +5750.15 万元 | | 阿里巴巴-W(09988) | 20.54 亿元 | +1.98 亿元 | | 美团-W(03690) | 18.55 亿元 | -3.84 亿元 | | 腾讯控股(00700) | 18.12 亿元 | +8.00 亿元 | | 理想汽车-W(02015) | 13.94 亿元 | -3918.97 万元 | | 泡泡玛特(09992) | 13.49 亿元 | +8996.36 万元 | | 中芯国际(00981) | 12.78 亿元 | +2.48 亿元 | | 小米集团-W(01810) | 10.05 亿元 | -1.44 亿元 | | 比亚迪电子(00285) | 9.79 亿元 | +2.18 亿元 | | 康方生物(09926) | 7.28 亿元 | +1.38 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 45.54 亿元 | +7.18 ...

Core Viewpoint - The Hong Kong stock market saw significant net buying from Northbound capital, totaling HKD 94.85 billion on August 6, with Tencent, Alibaba, and SMIC being the most favored stocks, while Xiaomi faced the highest net selling pressure [1][2]. Group 1: Northbound Capital Activity - Northbound capital recorded a net buying of HKD 94.85 billion, with HKD 44.69 billion from the Shanghai Stock Connect and HKD 50.16 billion from the Shenzhen Stock Connect [1]. - The top net buying stocks included Tencent (00700), Alibaba-W (09988), and SMIC (00981) [1]. - Xiaomi Group-W (01810) experienced the highest net selling, amounting to HKD 2.29 billion [6]. Group 2: Individual Stock Performance - Tencent Holdings (00700) had a net inflow of HKD 7.18 billion, driven by positive market sentiment regarding its upcoming mobile game "无畏契约," which has over 50 million pre-registrations [4][5]. - Alibaba-W (09988) saw a net inflow of HKD 6.78 billion, following the launch of a new membership system that integrates various services across its platforms [5]. - SMIC (00981) recorded a net inflow of HKD 3.64 billion, with expectations of a revenue decline in Q2 but positioned as a core beneficiary of high-end replacements [5][6]. - Crystal Technology (02228) gained a net inflow of HKD 5.32 billion due to a significant partnership with DoveTree for drug development [6]. - Ideal Auto-W (02015) had a net inflow of HKD 1.58 billion after announcing adjustments to its vehicle configurations based on user feedback [6].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 94.85 billion HKD on August 6, 2023, indicating strong investor interest in certain stocks, particularly Tencent, Alibaba, and SMIC, while Xiaomi faced notable net selling [1][4]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect saw a net buy of 44.69 billion HKD from Shanghai and 50.16 billion HKD from Shenzhen [1]. - The most bought stocks included Tencent (00700), Alibaba-W (09988), and SMIC (00981) [1]. - Xiaomi Group-W (01810) was the most sold stock, with a net sell of 2.29 billion HKD [6]. Group 2: Individual Stock Performance - Tencent Holdings (00700) had a net buy of 26.36 billion HKD, with total trading volume of 45.54 billion HKD, reflecting a net inflow of 7.18 billion HKD [2]. - Alibaba-W (09988) saw a net buy of 19.21 billion HKD, with total trading volume of 31.64 billion HKD, resulting in a net inflow of 6.78 billion HKD [2]. - SMIC (00981) recorded a net buy of 13.47 billion HKD, with a total trading volume of 23.30 billion HKD, leading to a net inflow of 3.64 billion HKD [2]. Group 3: Company-Specific News - Tencent's new mobile game "无畏契约" is anticipated to generate annual revenue of 5 to 6 billion CNY, with over 50 million pre-registrations [4]. - Alibaba launched a new membership system integrating various services, marking a strategic shift towards a comprehensive consumer platform [5]. - SMIC is expected to report a quarterly revenue decline for the first time in two years, with a guidance range of 4% to 6% [5]. - Crystal Technology (02228) secured a record order of approximately 470 billion HKD (59.9 billion USD) for drug development collaboration [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is positioned as a leading platform in high-end manufacturing, with significant revenue growth driven by its diversified business segments, including consumer electronics, new intelligent products, and new energy vehicles [1][2][3]. - The acquisition of Jabil has strengthened the company's position in the consumer electronics sector, enhancing its market share among overseas clients [2][49]. - The company is actively entering high-growth sectors such as AIDC and robotics, which are expected to contribute to its future growth [2][54]. - The acceleration of automotive intelligence and the push for equal access to smart driving technology are propelling the company's new energy vehicle business into a high-growth phase [3][26]. Summary by Sections 1. Platform Expansion and Revenue Growth - The company has achieved a revenue of 177.3 billion RMB in 2024, representing a year-on-year growth of 36.4%, with a net profit of 4.27 billion RMB, up 5.6% [1][17]. - The revenue contributions from the three main business segments are as follows: consumer electronics (79.7%), new intelligent products (8.8%), and new energy vehicles (11.6%) [1][28]. 2. Deepening Consumer Electronics Sector - The company has over 20 years of experience in the consumer electronics field and has become a core supplier globally, with expectations for continued growth due to recovering market demand [2][34]. - The acquisition of Jabil is expected to expand the company's overseas client base and solidify its leadership in the consumer electronics market [2][49]. 3. Entry into High-Growth Sectors - The company is actively participating in the rapidly growing AIDC and robotics sectors, with a focus on AI-driven data center solutions [2][54]. - The company has launched new products in AI servers and is investing in R&D to support its growth in these areas [54][57]. 4. Growth in New Energy Vehicles - The company’s new energy vehicle segment has seen significant growth, with revenue reaching 20.51 billion RMB in 2024, a year-on-year increase of 45.5% [3][28]. - The company benefits from its relationship with BYD, which enhances its product offerings in the smart driving and intelligent cockpit systems [3][26]. 5. Financial Forecast and Valuation - The company is projected to achieve revenues of 198.21 billion RMB in 2025, 218.93 billion RMB in 2026, and 242.96 billion RMB in 2027, with corresponding net profits of 5.27 billion RMB, 6.45 billion RMB, and 7.63 billion RMB respectively [3][5].