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。 比 亞 迪 股 份 有 限 公 司 BYD COMPANY LIMITED （在中華人民共和國註冊成立的股份有限公司） （股份代號：01211（港幣櫃台）及：81211（人民幣櫃台）） 自願公告 2025年12月產銷快報 此乃比亞迪股份有限公司（「本公司」）作出的自願公告。 本公司董事會謹此宣佈，本公司於2025年12月產、銷量詳細如下（單位：輛）： | | | | 產量 | | | | | 銷量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 項目類別 | 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 | 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 | | 新能源汽車 | 419,804 | 466,441 | 4,537,356 | 4,304,073 | 5.42% ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 比亚迪股份有限公司 呈交日期: 2026年1月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01211 | | 說明 | | | | | | | | 多櫃檯證券代號 | 81211 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 3,683,400,000 | RMB | | 1 RMB | | 3,683,400,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | | 3,683,400,000 | RMB ...

Core Viewpoint - The Chinese automotive market is undergoing a significant transformation, with a shift from traditional fuel vehicles to electric vehicles (EVs), leading to a competitive landscape focused on profitability and safety in the face of potential negative growth in 2026 [2][5][20]. Group 1: Market Transformation - The penetration rate of new energy vehicles in China rose from 5.4% in 2020 to 53.6% by November 2025, indicating a rapid transition compared to Europe [3]. - The automotive industry's value metrics have shifted from traditional components to new standards such as range, smart cabin experience, and assisted driving capabilities [3]. - By 2025, the market dynamics have changed, with new energy vehicles becoming the dominant force, moving from trendsetters to market leaders [3]. Group 2: Competitive Landscape - In 2025, the focus for automotive companies will shift from competing between new energy and fuel vehicles to finding ways to remain profitable in a low-margin environment [5][20]. - The market is witnessing a significant increase in market share for domestic brands, with projections indicating that domestic brands will exceed 65% market share [8]. - The sales performance of new entrants like Xiaomi has been inconsistent, highlighting the challenges of maintaining consumer trust amid safety concerns [10]. Group 3: Safety and Technology - The automotive industry is experiencing a profound value return, with safety becoming a critical factor rather than a cost option [12]. - By 2025, many vehicles are equipped with L2-level smart driving features, and advancements in battery technology have led to significant improvements in range and charging speed [12][14]. - New regulations are set to enforce stricter safety standards for electric vehicle batteries, emphasizing the importance of safety in the competitive landscape [16][18]. Group 4: Future Outlook - The automotive market is expected to face a potential decline in growth, with forecasts suggesting a 1% to 3% increase or a possible 2% negative growth in 2026 [20][21]. - Policy changes, such as the reduction of tax incentives for new energy vehicles, may impact sales growth, particularly in the price-sensitive segment [21][23]. - Companies are encouraged to explore global markets and innovate in technology to create new value, with a focus on L3-level autonomous driving and smart vehicle integration [25][28].

Core Viewpoint - The article discusses the challenges and opportunities for Chinese automotive companies as they expand into international markets, particularly Europe, emphasizing the need for compliance with stringent regulations and effective brand building [1][4]. Group 1: Export Performance and Trends - In 2025, China's automotive exports are projected to reach 8 million units, driven primarily by a 62% increase in new energy vehicle exports, totaling 3.01 million units [2]. - The export landscape is shifting, with Chinese automakers aggressively targeting Europe while also expanding into emerging markets [2][6]. - The growth engine for exports is transitioning from pure electric vehicles to hybrid models, which are gaining traction in response to high tariffs on electric vehicles [6]. Group 2: Strategic Shifts and Innovations - Chinese automotive companies are increasingly focusing on local production and resource integration in overseas markets, moving from merely exporting vehicles to establishing local manufacturing capabilities [6][8]. - The trend of "collaborative globalization" is emerging, with companies like BYD and CATL establishing production facilities abroad, indicating a shift towards a more integrated global supply chain [8]. - The automotive industry is witnessing a significant transformation, with a focus on technology output and the establishment of new standards in global markets [7][8]. Group 3: Future Challenges and Compliance - By 2026, the European market will present significant compliance challenges for Chinese automotive companies, with new regulations on materials, safety, and environmental standards set to be implemented [11][12]. - The need for brand reputation management will become critical as Chinese brands enter the European market, with a focus on sustainability and service continuity [12]. - Companies are exploring innovative models to mitigate risks associated with entering the European market, including partnerships with local suppliers and research institutions [12].

Core Viewpoint - BYD has recruited nearly 10,000 graduates in 2025, highlighting its commitment to engineering talent as a core driver of its success [1] Group 1: Engineering Talent - BYD's engineering team has reached 120,000 members, showcasing the company's emphasis on technical expertise [1] - Chairman Wang Chuanfu has repeatedly stressed the value of the technical team, stating that the company can recover as long as the engineers are retained [1] Group 2: Leadership Insights - The insights from key executives, including Li Yunfei (General Manager of Brand and Public Relations), Sun Huajun (CTO of the Battery Business Group), and Ye Zi (General Manager of Human Resources), provide a deep analysis of the role of engineering talent in BYD's rise [1]

Group 1 - BYD Toyota Electric Vehicle Technology Co., Ltd. has obtained a patent for a "door limit structure," with the announcement number CN223733048U and an application date of December 2024 [1] - The patent involves a door limit structure that includes a first limit component fixed to the vehicle floor, a second limit component fixed to the vehicle door, and a connecting component that adjusts the distance between the first and second limit components, enhancing painting efficiency and quality during vehicle spraying [1] - The company was established in 2020 and is located in Shenzhen, primarily engaged in the automotive manufacturing industry, with a registered capital of 34.5 million RMB [1] Group 2 - According to Tianyancha data, BYD Toyota Electric Vehicle Technology Co., Ltd. has participated in one bidding project, holds 44 trademark information entries, and has 142 patent entries, along with 13 administrative licenses [1]

Group 1 - Chinese automakers, led by MG, BYD, and Chery, are expected to surpass 200,000 new car sales in the UK by 2025, potentially capturing 10% of the local market share [2] - In Spain and Norway, 10% of new car sales come from Chinese brands, while the average in Western Europe is 6% [2] - China's leading position in the global electric vehicle industry is attributed to its dominance in the lithium-ion battery supply chain, which has driven the growth of Chinese car sales [2] Group 2 - Despite facing EU tariff pressures, Chinese automakers are expected to maintain strong expansion momentum in the European market by 2025, with a projected market share of 12.8% in the electric vehicle sector [2] - In the rapidly growing hybrid vehicle segment, Chinese brands have surpassed a 13% market share across the EU, EFTA countries, and the UK [2] - Chinese car manufacturers are adopting flexible strategies to counter the impact of additional tariffs, absorbing some costs while shifting focus to unaffected areas like hybrid models and non-EU markets [2] Group 3 - Brands such as BYD and SAIC, along with new entrants like Chery and Leap Motor, are intensifying their efforts in the European market by 2025 [3] - Leap Motor's electric vehicle sales in Europe have surged over 4000% by October 2025, supported by a joint venture with Stellantis NV [3] - Chery's Omoda brand has seen a 1100% increase in electric vehicle sales during the same period [3]

Group 1 - BYD Company Limited has applied for a patent titled "Single Photon Avalanche Diode and Its Preparation Method, Array, and Image Sensor," with publication number CN121240561A, filed on August 2025 [1] - The patent application reveals a single photon avalanche diode design that includes an epitaxial layer with a first conductive type and a second conductive type contact region, aimed at improving photon detection efficiency and time jitter characteristics [1] - The structure of the diode includes a multiplication junction and a well region, which enhances the depletion region and optimizes performance [1] Group 2 - BYD Company Limited, established in 1995 and located in Shenzhen, primarily engages in the automotive manufacturing industry, with a registered capital of approximately 9117.20 million RMB [2] - The company has invested in 108 enterprises, participated in 1010 bidding projects, and holds 5000 patents along with 1820 trademark registrations [2] - BYD Semiconductor Co., Ltd., founded in 2004, focuses on research and development, with a registered capital of approximately 456.22 million RMB, and has invested in 9 enterprises and participated in 511 bidding projects [2]

Core Insights - The automotive industry is transitioning from price competition to a focus on systematic and ecological strategies [3][23] - In 2025, the penetration rate of new energy vehicles (NEVs) reached a historic high, indicating a significant shift in consumer acceptance and market dynamics [5][13] - Traditional fuel vehicle manufacturers are struggling to maintain their market position against the rising dominance of domestic brands [6][14] Group 1: Market Dynamics - The price war initiated by domestic brands has continued into 2025, impacting the average profit margins across the industry [8][6] - The penetration rate of NEVs reached 62.2% in early December 2025, marking a significant milestone in the market [13] - Domestic brands are leading the charge in the NEV sector, with a penetration rate of 79.6% for new energy passenger vehicles [13] Group 2: Company Performance - Leading new energy vehicle manufacturers like Xiaopeng and Leap Motor have exceeded their annual sales targets, showcasing strong market adaptability [18][19] - Traditional brands like Geely and BYD are also performing well, with Geely's NEV sales reaching 153.4 million units, a 97% year-on-year increase [19][20] - In contrast, some joint venture brands are struggling, with Nissan and Honda experiencing significant declines in sales [20][21] Group 3: Technological Advancements - The introduction of the new battery safety standard (GB38031-2025) is expected to drive technological upgrades across the industry [11][12] - The focus on intelligent driving technology has intensified, but recent incidents have raised concerns about safety and regulatory standards [9][10] - Companies are increasingly collaborating with tech firms to enhance their smart driving capabilities, as seen with Audi and BMW partnering with Huawei [28][29] Group 4: Strategic Shifts - The competition is evolving from price wars to a comprehensive battle over ecosystem capabilities and technological integration [23][24] - Companies are adjusting their strategies to focus on product-market fit, intelligent configurations, and supply chain efficiency [21][22] - The future of the automotive industry will depend on the ability to integrate diverse technological pathways and create unique value for consumers [30]

Core Insights - The 2025 China Private Equity Investment Annual Rankings have been released by Qianlong, highlighting several venture capital and private equity firms from Shenzhen [1][12]. Group 1: Top Venture Capital Firms - Shenzhen has 12 firms listed in the top 50 venture capital institutions in China, with Shenzhen Capital Group ranked 2nd, Dachen Caizhi at 7th, and Tongchuang Weiye at 11th [3][15]. - Other notable firms include Songhe Capital (12th), Langmafeng Venture Capital (16th), and Dongfang Fuhai (18th) [3][16]. Group 2: Top Private Equity Firms - Six Shenzhen firms are recognized in the top 50 private equity institutions in China, with China Merchants International Capital at 5th, China Merchants Capital at 6th, and Cornerstone Capital at 8th [4][16]. - Other firms include Qianhai Ark (15th) and Tencent Investment (21st) [4][16]. Group 3: Top Early-Stage Investors - The top 10 early-stage investors in China include Qi Fu Capital at 3rd and Lihe Venture Capital at 21st [4][17]. - The top 10 private equity investors feature Zhou Kexiang from China Merchants International Capital and Zhang Wei from Cornerstone Capital [5][17]. Group 4: Specialized Investment Institutions - The rankings include a list of 50 specialized investment institutions, with Shenzhen Capital Group, Cornerstone Capital, and Dachen Caizhi among the top [7][19]. - The top 30 investment institutions in advanced manufacturing include Shenzhen Capital Group and Dachen Caizhi [8][21]. Group 5: Sector-Specific Investment Institutions - Shenzhen Capital Group is recognized in multiple sector-specific rankings, including the top 20 in new energy, semiconductor, and digital economy fields [10][22][23]. - Other firms like Donghai Investment and Songhe Capital are also noted in these specialized sectors [10][22].