市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 更多消息，持续更新中 比亚迪：上半年净利润155.11亿元，同比增长13.79%。 风险提示及免责条款 ...

INTERIM REPORT 2025 中期報告 INTERIM REPORT 2025 中期報告 COMPANY PROFILE 公司簡介 BYD Company Limited ("BYD" or "the Company", together with its subsidiaries, "the Group"; stock code: H shares: 01211 (HKD counter); 81211 (RMB counter); A shares: 002594) is principally engaged in automobile business which mainly includes new energy vehicles, handset components and assembly services, rechargeable batteries and photovoltaics business. Meanwhile, with its technological superiority, the Group actively develops urban rail t ...

[Report Overview](index=1&type=section&id=Report%20Overview) [Interim Results Announcement 2025](index=1&type=section&id=Interim%20Results%20Announcement%202025) This announcement contains the unaudited results of BYD Company Limited and its subsidiaries for the six months ended June 30, 2025, reviewed by the audit committee and prepared according to HKEX Listing Rules - This announcement includes the unaudited results of BYD Company Limited and its subsidiaries for the six months ended June 30, 2025[4](index=4&type=chunk) - The company's audit committee has reviewed these unaudited results[4](index=4&type=chunk) - The announcement is prepared in accordance with the relevant provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[4](index=4&type=chunk) [COMPANY PROFILE](index=2&type=section&id=COMPANY%20PROFILE) [Business Segments](index=2&type=section&id=Business%20Segments) BYD Group primarily operates in new energy vehicles, mobile phone components and assembly, rechargeable batteries, and photovoltaic businesses, actively expanding into urban rail transit, leading globally in NEVs and rechargeable batteries - BYD is primarily engaged in the automobile business, mainly new energy vehicles, mobile phone components and assembly, rechargeable batteries, and photovoltaic business[5](index=5&type=chunk)[11](index=11&type=chunk) - The Group actively expands into urban rail transit leveraging its technological advantages[5](index=5&type=chunk)[11](index=11&type=chunk) - The Group is a pioneer and leader in the global new energy vehicle industry, with deep accumulation in vehicle electrification and intelligence[6](index=6&type=chunk)[11](index=11&type=chunk) - The Group is one of the world's leading manufacturers of rechargeable batteries, covering consumer batteries, power batteries (e.g., "Blade Battery"), and energy storage batteries[7](index=7&type=chunk)[11](index=11&type=chunk) [Technological Advantages](index=2&type=section&id=Technological%20Advantages) BYD leverages deep expertise in vehicle electrification, intelligence, battery technology, clean energy, and electronic information, building sustainable core competitive advantages through continuous innovation, and actively developing high-tech products like AI data centers - The Group possesses strong technological accumulation in key areas such as vehicle electrification and intelligence, building core competitive advantages through continuous innovation[6](index=6&type=chunk)[11](index=11&type=chunk) - In the power battery sector, the Group developed the highly safe lithium iron phosphate "Blade Battery", accelerating its return to the mainstream market[7](index=7&type=chunk)[11](index=11&type=chunk) - The photovoltaic business has a full industry chain layout including silicon wafers, cells, photovoltaic modules, and photovoltaic system applications, committed to sustainable clean energy development[8](index=8&type=chunk)[12](index=12&type=chunk) - As a high-tech innovation product provider, the Group's business covers consumer electronics, AI data centers, leveraging core advantages in electronic information, AI, 5G, IoT, thermal management, new materials, precision molds, and digital manufacturing technologies[9](index=9&type=chunk)[12](index=12&type=chunk) [CORPORATE INFORMATION](index=4&type=section&id=CORPORATE%20INFORMATION) [Board of Directors and Supervisors](index=4&type=section&id=Board%20of%20Directors%20and%20Supervisors) The company's Board of Directors includes Executive Director Mr. Wang Chuanfu, Non-executive Directors Mr. Lu Xiangyang and Mr. Xia Zuoquan, and Independent Non-executive Directors Mr. Cai Hongping, Mr. Zhang Min, and Ms. Yu Ling. The Board of Supervisors includes Mr. Li Yongzhao, Ms. Zhu Aiyun, Ms. Wang Zhen, Mr. Huang Jiangfeng, and Ms. Tang Mei - Executive Director: Mr. Wang Chuanfu[15](index=15&type=chunk)[17](index=17&type=chunk) - Non-executive Directors: Mr. Lu Xiangyang, Mr. Xia Zuoquan[15](index=15&type=chunk)[17](index=17&type=chunk) - Independent Non-executive Directors: Mr. Cai Hongping, Mr. Zhang Min, Ms. Yu Ling[15](index=15&type=chunk)[17](index=17&type=chunk) - Supervisors: Mr. Li Yongzhao, Ms. Zhu Aiyun, Ms. Wang Zhen, Mr. Huang Jiangfeng, Ms. Tang Mei[15](index=15&type=chunk)[17](index=17&type=chunk) [Committees and Key Personnel](index=4&type=section&id=Committees%20and%20Key%20Personnel) The company has an Audit Committee, Remuneration Committee, Nomination Committee, and Strategy and Sustainable Development Committee, and has disclosed key information such as authorized representatives, registered address, auditor, Hong Kong place of business, H share registrar, investor and media relations consultant, company website, and stock codes - Audit Committee Chairman: Mr. Zhang Min[15](index=15&type=chunk)[17](index=17&type=chunk) - Remuneration Committee Chairman: Mr. Cai Hongping[15](index=15&type=chunk)[17](index=17&type=chunk) - Nomination Committee Chairman: Ms. Yu Ling[15](index=15&type=chunk)[17](index=17&type=chunk) - Strategy and Sustainable Development Committee Chairman: Mr. Wang Chuanfu[16](index=16&type=chunk)[17](index=17&type=chunk) - Company Secretary: Mr. Li Qian[15](index=15&type=chunk)[17](index=17&type=chunk) - Auditor: Ernst & Young Hua Ming LLP (Special General Partnership)[20](index=20&type=chunk)[21](index=21&type=chunk) - H Share Code: 01211 (HKD counter); 81211 (RMB counter). A Share Code: 002594[21](index=21&type=chunk)[22](index=22&type=chunk) [FINANCIAL HIGHLIGHTS](index=6&type=section&id=FINANCIAL%20HIGHLIGHTS) [Key Financial Metrics](index=6&type=section&id=Key%20Financial%20Metrics) For the six months ended June 30, 2025, BYD's revenue increased by 23.30% to RMB 371,281 million, net profit attributable to owners increased by 13.79% to RMB 15,511 million, and earnings per share were RMB 1.71 Key Financial Data for H1 2025 | Indicator | H1 2025 (RMB million) | YoY Growth Rate | | :--- | :--- | :--- | | Revenue | 371,281 | 23.30% | | Gross Profit | 66,866 | 18.24% | | Profit Attributable to Owners of the Parent | 15,511 | 13.79% | | Earnings Per Share | RMB 1.71 | 9.62% | [Operational Highlights](index=6&type=section&id=Operational%20Highlights) New energy vehicle sales reached new highs, maintaining top sales in China and globally, with expanding brand influence. Overseas markets achieved significant growth, becoming a new growth engine. Electronics business focuses on high-value-added consumer electronics and AI data centers. However, intensified competition in the automotive industry led to short-term pressure on domestic profitability - NEV sales reached new highs, maintaining top sales in China and globally, with brand influence continuously expanding[26](index=26&type=chunk) - Brand influence enhanced through technological depth, multi-brand strategy refined, brand awareness and reputation steadily improved, with increasing proportion of high-end models[26](index=26&type=chunk) - Overseas markets fully engaged, achieving significant sales growth, accelerating localization, becoming a new engine for sustained high-speed and high-quality growth[26](index=26&type=chunk) - Electronics business focuses on high-value-added consumer electronics, consolidating and expanding leading position in high-end market, actively seizing AI opportunities, and accelerating layout in new areas like AI data centers[26](index=26&type=chunk) - Intensified competition in the automotive industry, with "fixed pricing" and "over-marketing" issues, and impact on "Intelligent Driving for All" strategy, leading to short-term pressure on domestic profitability[26](index=26&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=7&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [PERFORMANCE OVERVIEW](index=7&type=section&id=PERFORMANCE%20OVERVIEW) In H1 2025, BYD achieved revenue of RMB 371.3 billion, overseas revenue of RMB 135.4 billion, net profit attributable to owners of RMB 15.51 billion, R&D investment of RMB 30.9 billion, total domestic tax paid of RMB 27.1 billion, cash reserves of RMB 156.1 billion, and net operating cash flow of RMB 31.8 billion Key Performance Data for H1 2025 | Indicator | Amount (RMB) | | :--- | :--- | | Revenue | 371.3 billion | | Overseas Revenue | 135.4 billion | | Net Profit Attributable to Owners of the Parent | 15.51 billion | | R&D Investment | 30.9 billion | | Total Domestic Tax Paid | 27.1 billion | | Cash Reserves | 156.1 billion | | Net Operating Cash Flow | 31.8 billion | [1. INDUSTRY ANALYSIS AND REVIEW](index=7&type=section&id=1.%20INDUSTRY%20ANALYSIS%20AND%20REVIEW) In H1 2025, China's economy grew steadily with GDP up 5.3%. The automotive industry saw robust production and sales, with NEV penetration exceeding 50% and increased market share for domestic brands. Overseas NEV exports achieved breakthrough growth. Consumer electronics demand faced pressure, but new intelligent product markets, especially AI data centers, expanded rapidly - In H1 2025, China's GDP grew by **5.3%**, laying the foundation for the full-year growth target[29](index=29&type=chunk)[30](index=30&type=chunk) - China's automotive production and sales reached **15.621 million** and **15.653 million** units respectively, increasing by **12.5%** and **11.4%** YoY, setting new records[32](index=32&type=chunk)[33](index=33&type=chunk) - China's NEV production and sales reached **6.968 million** and **6.937 million** units respectively, increasing by **41.4%** and **40.3%** YoY, with NEVs accounting for **44.3%** of new car sales[32](index=32&type=chunk)[33](index=33&type=chunk) - China's NEV passenger vehicle retail penetration rate reached **50.2%**, exceeding 50% for four consecutive months, marking the entry into a "mainstream phase" of electrification[32](index=32&type=chunk)[33](index=33&type=chunk) - China's automobile exports rose to **3.083 million** units, up **10.4%** YoY; NEV exports reached **1.06 million** units, up **75.2%** YoY[34](index=34&type=chunk)[36](index=36&type=chunk) - Overall demand in the consumer electronics market faced pressure, with global smartphone shipments increasing by only **0.1%** YoY to **586 million** units[42](index=42&type=chunk)[43](index=43&type=chunk) - The AI data center market expanded rapidly, with IDC projecting embedded GPU servers to grow by **46.7%** YoY in 2025, accounting for nearly **50%** of the total global server market value[42](index=42&type=chunk)[43](index=43&type=chunk) [1.1 Automobiles and Batteries Business](index=7&type=section&id=1.1%20Automobiles%20and%20Batteries%20Business) In H1 2025, China's automotive market achieved double-digit growth driven by policy support and technological innovation, with strong NEV production and sales, and penetration exceeding 50%. Domestic brands significantly increased market share, and NEV exports saw breakthrough growth. The government introduced various policies to support NEV development, including equipment upgrades, consumer trade-ins, and charging infrastructure construction. Rechargeable battery and photovoltaic businesses also maintained steady development, but the consumer electronics industry faced pressure - China's automotive industry production and sales achieved double-digit growth, with NEVs performing exceptionally well[32](index=32&type=chunk)[33](index=33&type=chunk) - China's NEV passenger vehicle retail penetration rate reached **50.2%**, exceeding 50% for four consecutive months[32](index=32&type=chunk)[33](index=33&type=chunk) - China's domestic brand passenger vehicle market share reached **68.5%**, an increase of **6.6 percentage points** YoY[32](index=32&type=chunk)[33](index=33&type=chunk) - China's NEV exports reached **1.06 million** units, an increase of **75.2%** YoY[34](index=34&type=chunk)[36](index=36&type=chunk) - Government introduced a series of favorable policies, including "Notice on Implementing Large-scale Equipment Renewal and Consumer Goods Trade-in Policies in 2025" and "Notice on Carrying out Pilot Work for Automobile Circulation and Consumption Reform"[35](index=35&type=chunk)[37](index=37&type=chunk) - Energy storage demand maintained rapid growth, with expanding market size; global photovoltaic installed capacity maintained steady growth, and profitability improved[40](index=40&type=chunk)[41](index=41&type=chunk) [1.2 Handset Components and Assembly Business](index=12&type=section&id=1.2%20Handset%20Components%20and%20Assembly%20Business) In H1 2025, global consumer electronics market demand faced pressure, with slow growth in smartphone shipments. However, the integration of emerging technologies like AI, 5G, and IoT drove the development of new intelligent product markets, especially the AI data center equipment market, which expanded rapidly due to explosive demand for AI infrastructure - Global smartphone shipments increased by only **0.1%** YoY to **586 million** units; China market increased by **0.4%** YoY to **139 million** units, but decreased by **4%** YoY in Q2[42](index=42&type=chunk)[43](index=43&type=chunk) - Integration of emerging technologies like AI, 5G communication, and IoT rapidly expanded application scenarios for next-generation intelligent products, continuously driving the development of new intelligent product markets[42](index=42&type=chunk)[43](index=43&type=chunk) - Explosive global demand for AI infrastructure drove rapid expansion of markets for AI servers, thermal management, power management, and other AI data center equipment[42](index=42&type=chunk)[43](index=43&type=chunk) - IDC expects servers with embedded GPUs to grow by **46.7%** YoY in 2025, accounting for nearly **50%** of the total global server market value[42](index=42&type=chunk)[43](index=43&type=chunk) [2. BUSINESS REVIEW](index=13&type=section&id=2.%20BUSINESS%20REVIEW) In H1 2025, BYD Group's revenue increased by 23.30% to RMB 371,281 million, with automotive business contributing 81.48%. The Group continued to increase R&D investment, up 53.05%. NEV business maintained top sales in China and globally, with significant growth in overseas markets. The Group continuously enhanced product competitiveness through a multi-brand strategy and technological innovation. Mobile phone components and assembly business focused on high-value-added products and new AI data center segments Business Revenue Composition for H1 2025 | Business Segment | Revenue (RMB million) | YoY Growth Rate | % of Total Revenue | | :--- | :--- | :--- | :--- | | Automobiles, related products, and other products | 302,506 | 32.49% | 81.48% | | Mobile phone components, assembly, and other products | 68,744 | -5.54% | 18.51% | | **Total Revenue** | **371,281** | **23.30%** | **100%** | - R&D investment approximately **RMB 30,880 million**, an increase of **53.05%** YoY[44](index=44&type=chunk)[46](index=46&type=chunk) - Net profit attributable to listed company shareholders approximately **RMB 15,510 million**, an increase of **13.79%** YoY[44](index=44&type=chunk)[46](index=46&type=chunk) - Group completed a **USD 5.6 billion** H-share block placement, the largest ever in the global automotive industry[48](index=48&type=chunk)[49](index=49&type=chunk) - Approved "2025 Employee Stock Ownership Plan" involving no more than **25,000 employees**, with a total fund not exceeding **RMB 4.1 billion**[48](index=48&type=chunk)[49](index=49&type=chunk) - Included in Hang Seng Tech Index as a constituent stock, with a weighting of **8%**[48](index=48&type=chunk)[49](index=49&type=chunk) [2.1 Automobiles and Batteries Business](index=15&type=section&id=2.1%20Automobiles%20and%20Batteries%20Business) In H1 2025, BYD's NEV sales increased by over 33.0% YoY, with market share growing to 13.7%, maintaining top sales in China and globally. The Group achieved breakthroughs in electrification and intelligence through its "Super e-platform" and "Intelligent Driving for All" strategy. A multi-brand strategy (BYD, Fang Cheng Bao, Denza, Yangwang) covers diverse markets, with multiple new models launched. Overseas sales increased by 1.3 times YoY, accelerating localization and becoming a new growth engine. In rechargeable battery and energy storage businesses, the Group maintains technological leadership and continues to expand in international markets - NEV sales increased by over **33.0%** YoY, with automotive market share increasing by **2.2 percentage points** to **13.7%**[50](index=50&type=chunk)[51](index=51&type=chunk) - Ranked second in H1 vehicle exports, and fastest growing among top ten vehicle exporters, with a **1.3-fold** increase YoY[50](index=50&type=chunk)[51](index=51&type=chunk) - Launched the world's first mass-produced passenger vehicle full-domain kilovolt high-voltage architecture – "Super e-platform", with comprehensive upgrades to core three-electric systems, introducing **10C** fast-charging "Flash Battery", the world's first mass-produced **30,000 rpm** motor, and a new generation automotive-grade silicon carbide power chip[53](index=53&type=chunk)[55](index=55&type=chunk) - Launched "Intelligent Driving for All" strategy, with all models to feature advanced intelligent driving technology, bringing advanced intelligent driving to models under **RMB 100,000**[56](index=56&type=chunk)[58](index=58&type=chunk) - As of end of May 2025, cumulative sales of intelligent driving models exceeded **710,000** units, generating over **44 million kilometers** of intelligent driving data daily[56](index=56&type=chunk)[58](index=58&type=chunk) - Deepened multi-brand strategy comprising "BYD", "Fang Cheng Bao", "Denza", and "Yangwang"[57](index=57&type=chunk)[59](index=59&type=chunk) - Overseas sales increased by **1.3 times** YoY, with products distributed across **6 continents** and over **110 countries and regions** globally[96](index=96&type=chunk)[98](index=98&type=chunk) - Laid foundation for passenger vehicle factory in Sihanoukville, Cambodia, established European headquarters in Budapest, Hungary, and signed cooperation agreement with Voestalpine Group[99](index=99&type=chunk)[101](index=101&type=chunk) - Cumulative number of roll-on/roll-off vessels in operation reached six, injecting new momentum into globalization[99](index=99&type=chunk)[101](index=101&type=chunk) - NEV bus exports continued to rank first in the industry in H1[100](index=100&type=chunk)[102](index=102&type=chunk) - Partnered with Xiaoju Charging and Xindiantu to jointly build **10,000** and **5,000** megawatt flash charging stations respectively, promoting the popularization of megawatt flash charging ecosystem[104](index=104&type=chunk)[107](index=107&type=chunk) - Actively focusing on embodied AI robotics, strategically planning for future industries[105](index=105&type=chunk)[107](index=107&type=chunk) [2.2 Handset Components and Assembly Business](index=29&type=section&id=2.2%20Handset%20Components%20and%20Assembly%20Business) As a high-tech innovation product provider, the Group continues to focus on high-value-added consumer electronics, consolidating its leading position in the high-end market, and actively seizing AI development opportunities to accelerate its layout in new segments like AI data centers, achieving leapfrog business growth - Continued focus on high-value-added product areas, consolidating and expanding its leading position in the high-end market, covering core product lines such as titanium alloy phones, other metal phones, and foldable phones[109](index=109&type=chunk)[111](index=111&type=chunk) - In overseas major client business, complete machine assembly business share continued to increase, driving YoY growth in shipments and revenue[109](index=109&type=chunk)[111](index=111&type=chunk) - Actively embracing AI development opportunities, accelerating layout in new segments like AI data centers, achieving leapfrog growth in AI data center business[110](index=110&type=chunk)[112](index=112&type=chunk) - Large shipments of AI servers, with data center liquid cooling and power products certified by industry leading enterprises, injecting new momentum into business growth[110](index=110&type=chunk)[112](index=112&type=chunk) [3. PROSPECT AND STRATEGY](index=30&type=section&id=3.%20PROSPECT%20AND%20STRATEGY) Looking ahead to H2 2025, BYD will continue to strengthen independent and controllable core technologies, enhance product competitiveness, accelerate overseas expansion, and deepen its multi-brand matrix construction. It will continue to invest in electrification and intelligence, driving industry transformation. The mobile phone components and assembly business will seize AI development opportunities, expand into new businesses like AI data centers, and achieve sustainable development - In H2 2025, China's economy shows significant resilience and long-term positive trends, with the government continuing to strengthen macro policies[113](index=113&type=chunk)[114](index=114&type=chunk) - NEV passenger vehicle penetration rate is expected to continue to rise, with trade-in policies and national subsidies remaining in effect[113](index=113&type=chunk)[114](index=114&type=chunk) - 2025 will be the "Year of Intelligent Driving" in China, with intelligence becoming the most important competitive factor in the automotive industry[113](index=113&type=chunk)[114](index=114&type=chunk) - Group will continue to strengthen technological investment in NEV sector, focusing on deepening and integrating core technologies in electrification and intelligence[116](index=116&type=chunk)[118](index=118&type=chunk) - "Fifth-generation DM technology" further evolved, with fuel consumption at low battery charge setting a new global low of **2.6L per 100 km**[116](index=116&type=chunk)[118](index=118&type=chunk) - Continued advancement of "Eye of God" upgrade, covering parking, driving, and safety, with a commitment to fully cover safety and losses in intelligent parking scenarios[116](index=116&type=chunk)[118](index=118&type=chunk) - Accelerated pace of automotive business going global, with overseas business becoming a new core growth pole and a shining example of Chinese NEVs going global[120](index=120&type=chunk)[123](index=123&type=chunk) - Mobile phone components and assembly business will continue to deepen core technology R&D and enhance high-end manufacturing innovation capabilities, expanding into new businesses like AI data centers[126](index=126&type=chunk)[129](index=129&type=chunk) [3.1 Automobiles and Batteries Business](index=31&type=section&id=3.1%20Automobiles%20and%20Batteries%20Business) In H2 2025, BYD will continue to strengthen independent and controllable core technologies, enhance product competitiveness, accelerate overseas expansion, and deepen its multi-brand matrix construction. In electrification, DM 5.0 technology will further evolve, setting new lows for fuel consumption at low battery charge; in intelligence, "Eye of God" will continue to upgrade, providing comprehensive coverage for intelligent parking safety and losses. The Group will actively expand overseas markets, improve global supply chains and self-owned shipping capacity, and deepen development in NEV-related fields, including rechargeable batteries and photovoltaic business - Group's **13 millionth** NEV rolled off the production line, further strengthening its leading position in the global NEV market[115](index=115&type=chunk)[117](index=117&type=chunk) - "Fifth-generation DM technology" further evolved through newly developed engine AI models and three-electric system AI models, refreshing fuel consumption at low battery charge to **2.6L per 100 km**[116](index=116&type=chunk)[118](index=118&type=chunk) - "Eye of God" will continue to upgrade, covering parking, driving, and safety, and commits to fully cover safety and losses in intelligent parking scenarios[116](index=116&type=chunk)[118](index=118&type=chunk) - Actively expanding product lines, improving overseas production capacity and sales networks, building a global supply chain, and establishing self-owned shipping capacity[120](index=120&type=chunk)[123](index=123&type=chunk) - "Denza" and "Yangwang" brands will gradually be launched in overseas markets, continuously deepening the global strategic layout[120](index=120&type=chunk)[123](index=123&type=chunk) - In rechargeable batteries, will enhance independent R&D and technological innovation, accelerate application of new products and cutting-edge technologies, and deepen domestic and international client expansion[125](index=125&type=chunk)[128](index=128&type=chunk) - Photovoltaic business will focus on technological breakthroughs and product upgrades, responding to industry changes and market challenges with high-quality innovative products[125](index=125&type=chunk)[128](index=128&type=chunk) [3.2 Handset Components and Assembly Business](index=33&type=section&id=3.2%20Handset%20Components%20and%20Assembly%20Business) The Group will continue to deeply cultivate core technology R&D and high-end manufacturing innovation, strengthen vertical integration advantages, and deepen strategic cooperation with major clients. Consumer electronics business will seize opportunities in edge AI and foldable phones, focusing on high-value-added products. New intelligent product business will increase R&D investment in AI data centers, build a complete product portfolio, and actively promote cooperation with domestic and international clients to cultivate new business growth engines - Continued deep cultivation of core technology R&D and enhancement of high-end manufacturing innovation capabilities, further strengthening vertical integration barriers, and comprehensively deepening strategic cooperation with major clients[126](index=126&type=chunk)[129](index=129&type=chunk) - Consumer electronics business will seize opportunities from rapid development of edge AI technology and innovation upgrades in high-end products, focusing on high-value-added high-end products[127](index=127&type=chunk)[129](index=129&type=chunk) - New intelligent product business will continue to increase R&D investment in data centers, having built a complete portfolio of high-barrier products including AI servers, liquid cooling systems, power management, and high-speed communication[130](index=130&type=chunk)[131](index=131&type=chunk) - In H2 2025, sustained growth in computing power demand will be the main driver for rapid development of AI server business, and market demand for liquid cooling products will significantly increase[130](index=130&type=chunk)[131](index=131&type=chunk) [FINANCIAL REVIEW](index=35&type=section&id=FINANCIAL%20REVIEW) In H1 2025, the Group's revenue increased by 23.30% to RMB 371,281 million, and net profit attributable to owners increased by 13.79% to RMB 15,510 million, primarily due to growth in the NEV business. Gross profit margin slightly decreased to 18.01%. Operating cash flow significantly increased, liquidity was ample, and the capital-to-debt ratio was -28% Financial Performance for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 371,281 | 301,127 | +23.30% | | Profit Attributable to Owners of the Parent | 15,510 | 13,631 | +13.79% | | Gross Profit | 66,866 | 56,552 | +18.24% | | Gross Profit Margin | 18.01% | 18.78% | -0.77 ppts | Business Revenue Proportion for H1 2025 | Business Category | H1 2025 Proportion | H1 2024 Proportion | | :--- | :--- | :--- | | Automobiles, related products, and other products | 81.48% | 75.82% | | Mobile phone components, assembly, and other products | 18.51% | 24.17% | - Net operating cash inflow approximately **RMB 31,833 million**, a significant increase from **RMB 14,178 million** in the same period last year[140](index=140&type=chunk)[144](index=144&type=chunk) - Accounts receivable turnover period approximately **33 days**, a decrease from **48 days** in the same period of 2024[141](index=141&type=chunk)[144](index=144&type=chunk) - Inventory turnover period approximately **79 days**, no significant change from the same period of 2024 (**77 days**)[141](index=141&type=chunk)[144](index=144&type=chunk) - As of June 30, 2025, capital-to-debt ratio was **-28%**, compared to **-36%** as of December 31, 2024[143](index=143&type=chunk)[145](index=145&type=chunk) - As of June 30, 2025, the Group employed approximately **885,400** employees, with total employee costs accounting for approximately **17.42%** of revenue[148](index=148&type=chunk)[153](index=153&type=chunk) [EMPLOYEE SHARE OWNERSHIP PLANS AND SHARE OPTION SCHEME](index=38&type=section&id=EMPLOYEE%20SHARE%20OWNERSHIP%20PLANS%20AND%20SHARE%20OPTION%20SCHEME) Company implemented 2022, 2024, and 2025 employee stock ownership plans to establish a profit-sharing mechanism and enhance employee cohesion and company competitiveness. The 2022 plan terminated in July 2025. The 2024 and 2025 plans involve A-share purchases with phased unlocking mechanisms. BYD Semiconductor's share option plan terminated in May 2024 - 2022 Employee Stock Ownership Plan terminated on July 18, 2025, with all A shares granted[168](index=168&type=chunk)[173](index=173&type=chunk) - 2024 Employee Stock Ownership Plan involved no more than **150** middle-level managers and core backbone employees, purchased **664,755** A shares, with a duration of **72 months** and unlocking in five batches[171](index=171&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) - 2025 Employee Stock Ownership Plan involved no more than **25,000** employees, purchased **10,714,990** A shares, with a total fund not exceeding **RMB 4.1 billion**, a duration of **48 months**, and unlocking in three batches[179](index=179&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - First unlocking period performance target for 2025 Employee Stock Ownership Plan is a revenue growth rate of not less than **10%** for the company[194](index=194&type=chunk)[195](index=195&type=chunk) - BYD Semiconductor Co., Ltd. Share Option Incentive Plan terminated on May 11, 2024, with all granted but unexercised share options cancelled[202](index=202&type=chunk)[204](index=204&type=chunk) [SHARE CAPITAL](index=49&type=section&id=SHARE%20CAPITAL) As of June 30, 2025, the company's total share capital was 3,039,065,855 shares, with A shares accounting for 59.60% and H shares for 40.40%. After the reporting period, due to the 2024 profit distribution and capital reserve capitalization plan, the total share capital increased to 9,117,197,565 shares Share Capital Structure as of June 30, 2025 | Share Class | Number of Issued Shares | Approx. Percentage (%) | | :--- | :--- | :--- | | A Shares | 1,811,265,855 | 59.60 | | H Shares | 1,227,800,000 | 40.40 | | **Total** | **3,039,065,855** | **100.00** | - After the reporting period, on July 29, 2025, due to bonus share issue and capitalization issue, the total number of issued shares increased to **9,117,197,565** shares[209](index=209&type=chunk)[210](index=210&type=chunk)[231](index=231&type=chunk)[234](index=234&type=chunk) Share Capital Structure After Reporting Period (July 29, 2025) | Share Class | Number of Issued Shares | Approx. Percentage (%) | | :--- | :--- | :--- | | A Shares | 5,433,797,565 | 59.60 | | H Shares | 3,683,400,000 | 40.40 | | **Total** | **9,117,197,565** | **100.00** | [SIGNIFICANT INVESTMENT HELD AND MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES](index=50&type=section&id=SIGNIFICANT%20INVESTMENT%20HELD%20AND%20MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20SUBSIDIARIES%2C%20ASSOCIATES%20AND%20JOINT%20VENTURES) During the reporting period, the company held no significant investments and there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, there were no significant investments held, nor material acquisitions or disposals of subsidiaries, associates, or joint ventures[212](index=212&type=chunk)[217](index=217&type=chunk) [CAPITAL COMMITMENT](index=50&type=section&id=CAPITAL%20COMMITMENT) As of June 30, 2025, the Group's total capital commitments were RMB 39,294,235 thousand, and investment commitments were RMB 240,391 thousand. Currently, there are no specific plans to acquire significant investments or capital assets beyond ordinary business activities Capital Commitment Status | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital Commitments | 39,053,844 | 35,169,398 | | Investment Commitments | 240,391 | 568,455 | | **Total** | **39,294,235** | **35,737,853** | - As of the report date, other than those undertaken in the ordinary course of business, the Group currently has no specific plans to acquire any significant investments or capital assets[213](index=213&type=chunk)[218](index=218&type=chunk) [CONTINGENT LIABILITIES](index=50&type=section&id=CONTINGENT%20LIABILITIES) The Group faces a Foxconn lawsuit, with the final outcome and potential compensation obligations not reliably estimable. Additionally, the Group provided guarantees for subsidiaries, with actual guaranteed amount of RMB 35,409,098 thousand, and assumed repurchase obligations for certain customer financing, with a maximum exposure of RMB 404,782 thousand - The Foxconn lawsuit is still in litigation, and the final outcome and compensation obligations (if any) cannot be reliably estimated[397](index=397&type=chunk)[399](index=399&type=chunk) Contingent Liabilities from Guarantees Provided by the Group | Guarantee Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Guarantees to banks for financing granted to subsidiaries | 130,588,920 | 125,886,603 | | Actual guarantees provided for subsidiaries | 35,409,098 | 37,826,863 | - The Group's maximum exposure to customer financing repurchase obligations is **RMB 404,782 thousand**, with no payments made due to customer defaults[403](index=403&type=chunk)[404](index=404&type=chunk) [FUND RAISING AND USE OF PROCEEDS](index=50&type=section&id=FUND%20RAISING%20AND%20USE%20OF%20PROCEEDS) During the reporting period, the company completed an H-share placement in March 2025, raising net proceeds of approximately RMB 40,075 million. The proceeds were primarily used for R&D investment and general corporate purposes, overseas business expansion, and working capital, with RMB 10,769 million for overseas business expansion remaining unutilized - A placement agreement was entered into on March 3, 2025, for **129,800,000** new H shares at a price of **HKD 335.2** per share[215](index=215&type=chunk)[216](index=216&type=chunk)[220](index=220&type=chunk) - Net proceeds from the placement were approximately **HKD 43,383 million** (approximately **RMB 40,075 million**)[222](index=222&type=chunk)[223](index=223&type=chunk) Use of Net Proceeds (as of June 30, 2025) | Use | Approx. Net Proceeds Utilized (RMB million) | Approx. Net Proceeds Unutilized (RMB million) | Expected Timeline for Utilizing Remaining Net Proceeds | | :--- | :--- | :--- | :--- | | R&D investment and general corporate purposes | 13,178 | – | Not applicable | | Overseas business expansion of the Group | 8,928 | 10,769 | Before December 31, 2025 | | Working capital | 7,200 | – | Not applicable | [2024 PROFIT DISTRIBUTION PLAN AND CAPITAL RESERVE CAPITALIZATION PLAN](index=52&type=section&id=2024%20PROFIT%20DISTRIBUTION%20PLAN%20AND%20CAPITAL%20RESERVE%20CAPITALIZATION%20PLAN) The company's Board of Directors approved on April 22, 2025, and shareholders approved on June 6, 2025, the 2024 profit distribution and capital reserve capitalization plan, including a cash dividend of RMB 39.74 per 10 shares, a bonus share issue of 8 shares per 10 shares, and a capitalization issue of 12 shares per 10 shares, totaling 6,078,131,710 new shares - Plan approved by the Board on April 22, 2025, and by the Annual General Meeting on June 6, 2025[228](index=228&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[234](index=234&type=chunk) - Cash dividend of **RMB 39.74** (tax inclusive) per ten (10) shares to all shareholders, totaling approximately **RMB 12,077,248 thousand**[230](index=230&type=chunk)[236](index=236&type=chunk) - Bonus share issue on the basis of eight (8) bonus shares for every ten (10) issued shares held, totaling **2,431,252,684** new shares[230](index=230&type=chunk)[236](index=236&type=chunk) - Capitalization issue on the basis of twelve (12) capitalization shares for every ten (10) issued shares held, totaling **3,646,879,026** new shares[230](index=230&type=chunk)[236](index=236&type=chunk) - Immediately after the bonus share issue and capitalization issue, the total number of issued shares of the company increased to **9,117,197,565** shares[231](index=231&type=chunk)[234](index=234&type=chunk) [EVENTS AFTER THE BALANCE SHEET DATE](index=53&type=section&id=EVENTS%20AFTER%20THE%20BALANCE%20SHEET%20DATE) In addition to the 2024 profit distribution and capital reserve capitalization plan, the company successfully issued two tranches of technology innovation bonds in July and August 2025, each totaling RMB 5,000,000 thousand - On July 30, 2025, the company successfully issued the third tranche of 2025 technology innovation bonds, totaling **RMB 5,000,000 thousand**, with a term of **183 days** and an interest rate of **1.48%**[455](index=455&type=chunk)[459](index=459&type=chunk) - On August 25, 2025, the company successfully issued the fourth tranche of 2025 technology innovation bonds, totaling **RMB 5,000,000 thousand**, with a term of **3 years** and an interest rate of **1.82%**[456](index=456&type=chunk)[459](index=459&type=chunk) [CORPORATE GOVERNANCE](index=54&type=section&id=CORPORATE%20GOVERNANCE) The company's Board of Directors is committed to maintaining high standards of corporate governance, complying with all code provisions and most recommended best practices in Appendix C1 of the Listing Rules, except for C.2.1 (merger of Chairman and CEO roles) and C.1.5 (some directors not attending EGM). The Board has adopted a diversity policy and regularly reviews its effectiveness. The Audit Committee has reviewed the interim results, and the Board does not recommend an interim dividend - Company has implemented corporate governance practices, complying with all code provisions and most recommended best practices in Appendix C1 of the Listing Rules, with deviations from code provisions C.2.1 and C.1.5[238](index=238&type=chunk)[242](index=242&type=chunk) - Mr. Wang Chuanfu serves as both Chairman and CEO, a structure the Board believes contributes to robust and consistent leadership[240](index=240&type=chunk)[243](index=243&type=chunk) - Some non-executive and independent non-executive directors did not attend the EGM held on April 15, 2025, due to other commitments[241](index=241&type=chunk)[244](index=244&type=chunk) - Board has adopted a diversity policy, with selection based on diverse perspectives including gender, age, cultural and educational background, professional experience, skills, knowledge, and length of service[252](index=252&type=chunk)[253](index=253&type=chunk)[256](index=256&type=chunk) - One of the Board's measurable objectives is to include at least one female director, and currently there is one female director[254](index=254&type=chunk)[257](index=257&type=chunk) - Audit Committee has reviewed the Group's unaudited results for the six months ended June 30, 2025[259](index=259&type=chunk)[263](index=263&type=chunk) - Board does not recommend payment of an interim dividend for the six months ended June 30, 2025[260](index=260&type=chunk)[264](index=264&type=chunk) [DIRECTORS', SUPERVISORS' AND CHIEF EXECUTIVES' INTERESTS](index=57&type=section&id=DIRECTORS%27%2C%20SUPERVISORS%27%20AND%20CHIEF%20EXECUTIVES%27%20INTERESTS) As of June 30, 2025, the company's directors, supervisors, and chief executives held interests in the company's A and H shares. Mr. Wang Chuanfu held 513,623,850 A shares and 1,000,000 H shares. Mr. Lu Xiangyang held 394,378,222 A shares (including those held through Rongjie Investment). Mr. Xia Zuoquan held 82,635,607 A shares and 500,000 H shares A Shareholdings of Directors, Supervisors, and Chief Executives (as of June 30, 2025) | Name | Number of A Shares | Approx. % of Total Issued A Shares | Approx. % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Wang Chuanfu (Director & President) | 513,623,850 (L) | 28.36 | 16.90 | | Lu Xiangyang (Director) | 394,378,222 (L) | 21.77 | 12.98 | | Xia Zuoquan (Director) | 82,635,607 (L) | 4.56 | 2.72 | | Zhu Aiyun (Supervisor) | 615,965 (L) | 0.03 | 0.02 | H Shareholdings of Directors, Supervisors, and Chief Executives (as of June 30, 2025) | Name | Number of H Shares | Approx. % of Total Issued H Shares | Approx. % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Wang Chuanfu (Director & President) | 1,000,000 (L) | 0.08 | 0.03 | | Xia Zuoquan (Director) | 500,000 (L) | 0.04 | 0.02 | - Mr. Lu Xiangyang is deemed to have an interest in **155,149,602** A shares held by Rongjie Investment Holding Group Co., Ltd[268](index=268&type=chunk)[273](index=273&type=chunk) - Of the **500,000** H shares held by Mr. Xia Zuoquan, **305,000** shares are held by Sign Investments Limited, a wholly-owned company[270](index=270&type=chunk)[272](index=272&type=chunk) [SHAREHOLDERS WITH NOTIFIABLE INTERESTS](index=59&type=section&id=SHAREHOLDERS%20WITH%20NOTIFIABLE%20INTERESTS) As of June 30, 2025, in addition to directors, supervisors, and chief executives, Rongjie Investment Holding Group Co., Ltd. and BlackRock, Inc. held notifiable interests. Rongjie Investment held 155,149,602 A shares, while BlackRock, Inc. held 229,584,635 H shares long position and 1,259,505 H shares short position A Shareholdings of Shareholders with Notifiable Interests (as of June 30, 2025) | Name | Number of A Shares | Approx. % of Total Issued A Shares | Approx. % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Rongjie Investment (Note) | 155,149,602 (L) | 8.57 | 5.11 | H Shareholdings of Shareholders with Notifiable Interests (as of June 30, 2025) | Name | Number of H Shares | Approx. % of Total Issued H Shares | Approx. % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | BlackRock, Inc. (Note) | 229,584,635 (L) | 6.23 | 2.51 | | | 1,259,505 (S) | 0.03 | 0.01 | - BlackRock, Inc.'s H share interests have been adjusted to account for the bonus share issue and capitalization issue under the 2024 profit distribution and capital reserve capitalization plan[279](index=279&type=chunk)[281](index=281&type=chunk) [Consolidated Balance Sheet](index=61&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total assets were RMB 846,342,643 thousand, total liabilities were RMB 601,592,451 thousand, and total equity attributable to owners of the parent was RMB 232,166,363 thousand. Current assets primarily included cash and cash equivalents and inventories, while current liabilities mainly comprised trade payables and contract liabilities Summary of Consolidated Balance Sheet (as of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Assets | 846,342,643 | 783,355,855 | | Total Current Assets | 390,635,460 | 370,572,244 | | Total Non-current Assets | 455,707,183 | 412,783,611 | | Total Liabilities | 601,592,451 | 584,667,646 | | Total Current Liabilities | 513,355,792 | 495,985,176 | | Total Non-current Liabilities | 88,236,659 | 88,682,470 | | Total Equity Attributable to Owners of the Parent | 232,166,363 | 185,251,104 | | Non-controlling Interests | 12,583,829 | 13,437,105 | | Total Equity | 244,750,192 | 198,688,209 | - Cash and cash equivalents were **RMB 111,734,283 thousand**, and financial assets held for trading were **RMB 35,694,505 thousand**[283](index=283&type=chunk) - Inventories were **RMB 140,839,351 thousand**, and property, plant and equipment were **RMB 280,794,676 thousand**[283](index=283&type=chunk) - Trade payables were **RMB 235,214,038 thousand**, and contract liabilities were **RMB 48,908,232 thousand**[284](index=284&type=chunk) [Consolidated Income Statement](index=64&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group achieved operating revenue of RMB 371,280,948 thousand, a 23.30% increase YoY. Net profit was RMB 16,038,939 thousand, with net profit attributable to owners of the parent being RMB 15,510,533 thousand. Basic earnings per share were RMB 1.71 Summary of Consolidated Income Statement (for the six months ended June 30, 2025) | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Operating Revenue | 371,280,948 | 301,126,713 | | Operating Costs | 304,415,089 | 244,577,008 | | Operating Profit | 18,719,509 | 17,323,276 | | Total Profit | 18,910,015 | 17,228,138 | | Income Tax Expense | 2,871,076 | 3,114,922 | | Net Profit | 16,038,939 | 14,113,216 | | Net Profit Attributable to Owners of the Parent | 15,510,533 | 13,631,257 | | Basic Earnings Per Share (RMB/share) | 1.71 | 1.56 | | Diluted Earnings Per Share (RMB/share) | 1.71 | 1.56 | - R&D expenses were **RMB 29,596,366 thousand**, a significant increase from **RMB 19,620,756 thousand** in the same period last year[288](index=288&type=chunk) - Finance expenses were negative **RMB 3,247,033 thousand**, compared to positive **RMB 69,006 thousand** in the same period last year, primarily affected by interest income and exchange gains/losses[288](index=288&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=67&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the parent increased from RMB 185,251,104 thousand at the beginning of the period to RMB 232,166,363 thousand at the end of the period, primarily due to increases in share capital, capital reserve, and other equity instruments Summary of Changes in Equity Attributable to Owners of the Parent (for the six months ended June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 3,039,066 | 2,909,266 | | Other Equity Instruments | 21,713,195 | 14,894,442 | | Capital Reserve | 100,425,189 | 60,679,406 | | Less: Treasury Stock | 4,712,239 | 723,968 | | Other Comprehensive Income | 2,291,262 | 1,440,616 | | Surplus Reserve | 7,374,087 | 7,374,087 | | Retained Earnings | 102,004,934 | 98,647,794 | | **Total Equity Attributable to Owners of the Parent** | **232,166,363** | **185,251,104** | - Share capital increased by **RMB 129,800 thousand** during the period, primarily due to the completion of the additional issuance of overseas listed foreign shares in March 2025[374](index=374&type=chunk) - Capital reserve increased by **RMB 39,944,968 thousand**, mainly from the H-share additional issuance[374](index=374&type=chunk) - Other equity instruments increased by **RMB 16,748,087 thousand**[295](index=295&type=chunk) [Consolidated Cash Flow Statement](index=69&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash flow from operating activities was RMB 31,833,471 thousand, net cash flow used in investing activities was RMB 74,495,747 thousand, and net cash flow from financing activities was RMB 49,657,739 thousand. Cash and cash equivalents at the end of the period totaled RMB 109,716,780 thousand Summary of Consolidated Cash Flow Statement (for the six months ended June 30, 2025) | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 31,833,471 | 14,178,310 | | Net Cash Flow Used in Investing Activities | (74,495,747) | (55,874,075) | | Net Cash Flow from Financing Activities | 49,657,739 | (12,358,424) | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 464,775 | (230,984) | | Net Increase (Decrease) in Cash and Cash Equivalents | 7,460,238 | (54,285,173) | | Cash and Cash Equivalents at End of Period | 109,716,780 | 54,226,572 | - Cash received from sales of goods and rendering of services was **RMB 402,581,644 thousand**, a significant increase from **RMB 297,083,766 thousand** in the same period last year[300](index=300&type=chunk) - Cash paid for acquisition of property, plant and equipment, intangible assets, and other long-term assets was **RMB 80,524,516 thousand**, a significant increase from **RMB 47,225,661 thousand** in the same period last year[302](index=302&type=chunk) - Cash received from investments was **RMB 40,221,768 thousand**, compared to **RMB 98,000 thousand** in the same period last year, primarily due to capital injection[304](index=304&type=chunk) [Notes to Financial Statements](index=72&type=section&id=Notes%20to%20Financial%20Statements) [1. CORPORATE INFORMATION](index=72&type=section&id=1.%20CORPORATE%20INFORMATION) BYD Company Limited is a joint stock company registered in the People's Republic of China, with its H shares listed on the Hong Kong Stock Exchange since July 31, 2002. Its registered office is located in Kuaichong Town, Dapeng New District, Shenzhen, Guangdong Province, China - BYD Company Limited is a joint stock company registered in the People's Republic of China[305](index=305&type=chunk)[308](index=308&type=chunk) - H shares have been listed on The Stock Exchange of Hong Kong Limited since July 31, 2002[305](index=305&type=chunk)[308](index=308&type=chunk) [2. BASIS OF PREPARATION](index=72&type=section&id=2.%20BASIS%20OF%20PREPARATION) The financial statements are prepared in accordance with Accounting Standards for Business Enterprises issued by the Ministry of Finance and presented on a going concern basis. Despite net current liabilities of RMB 122,720,332 thousand as of June 30, 2025, management believes the Group has sufficient liquidity and financial credit lines to continue as a going concern - Financial statements are prepared in accordance with Accounting Standards for Business Enterprises issued by the Ministry of Finance[306](index=306&type=chunk)[309](index=309&type=chunk) - Financial statements are presented on a going concern basis[307](index=307&type=chunk)[309](index=309&type=chunk) - As of June 30, 2025, the Group's net current liabilities were **RMB 122,720,332 thousand**[307](index=307&type=chunk)[309](index=309&type=chunk) - Management believes the Group has sufficient liquidity and financial credit lines to continue as a going concern[307](index=307&type=chunk)[309](index=309&type=chunk) [3. SEGMENT REPORTING](index=73&type=section&id=3.%20SEGMENT%20REPORTING) The Group is divided into mobile phone components, assembly, and other products segment, and automobiles, automotive-related products, and other products segment. In H1 2025, external transaction revenue from automotive business was RMB 302,506,271 thousand, and from mobile phone components business was RMB 68,743,903 thousand. Overseas operating revenue was RMB 135,357,667 thousand. A single major customer contributed RMB 42,142,580 thousand in operating revenue - Group primarily consists of mobile phone components, assembly, and other products segment, and automobiles, automotive-related products, and other products segment[310](index=310&type=chunk)[313](index=313&type=chunk) Segment External Transaction Revenue for H1 2025 | Segment | External Transaction Revenue (RMB thousand) | | :--- | :--- | | Mobile phone components, assembly, and other products | 68,743,903 | | Automobiles, related products, and other products | 302,506,271 | | **Total** | **371,280,948** | Geographical Distribution of Operating Revenue for H1 2025 | Region | Operating Revenue (RMB thousand) | | :--- | :--- | | China (including Hong Kong, Macau, and Taiwan) | 235,923,281 | | Overseas | 135,357,667 | | **Total** | **371,280,948** | - For the six months ended June 30, 2025, operating revenue of **RMB 42,142,580 thousand** was from a single customer[323](index=323&type=chunk)[325](index=325&type=chunk) [4. REVENUE AND COST OF OPERATING](index=77&type=section&id=4.%20REVENUE%20AND%20COST%20OF%20OPERATING) In H1 2025, the Group's main business revenue was RMB 362,287,018 thousand, and main business cost was RMB 297,763,090 thousand. Revenue breakdown shows China contributed RMB 235,823,467 thousand and overseas contributed RMB 135,324,865 thousand. Most revenue is recognized at a point in time Operating Revenue and Operating Costs for H1 2025 | Item | Revenue (RMB thousand) | Cost (RMB thousand) | | :--- | :--- | :--- | | Main Business Revenue | 362,287,018 | 297,763,090 | | Other Business Revenue | 8,993,930 | 6,651,999 | | **Total** | **371,280,948** | **304,415,089** | Geographical Breakdown of Revenue from Contracts with Customers for H1 2025 | Operating Region | Mobile Phone Components, Assembly, and Other Products (RMB thousand) | Automobiles, Related Products, and Other Products (RMB thousand) | Other (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | China (including Hong Kong, Macau, and Taiwan) | 16,489,271 | 219,304,004 | 30,192 | 235,823,467 | | Overseas | 52,230,977 | 83,093,888 | – | 135,324,865 | | **Total** | **68,720,248** | **302,397,892** | **30,192** | **371,148,332** | - Most revenue from transfer of goods is recognized at a point in time, totaling **RMB 369,878,044 thousand**[332](index=332&type=chunk) - Major contracted performance obligations that are unfulfilled or partially unfulfilled are expected to be recognized as revenue within **1 year**[339](index=339&type=chunk) [5. INCOME TAX EXPENSES](index=83&type=section&id=5.%20INCOME%20TAX%20EXPENSES) In H1 2025, income tax expense was RMB 2,871,076 thousand, a decrease from RMB 3,114,922 thousand in the same period last year. The difference between income tax expense and total profit was mainly affected by different tax rates applicable to subsidiaries and deductible temporary differences for which deferred tax assets were not recognized Composition of Income Tax Expense (for the six months ended June 30, 2025) | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax Expense | 5,499,947 | 3,911,959 | | Deferred Income Tax Expense | (2,628,871) | (797,037) | | **Total** | **2,871,076** | **3,114,922** | - The difference between income tax expense and total profit was mainly affected by different tax rates applicable to subsidiaries (reducing by **RMB 1,689,614 thousand**) and deductible temporary differences for which deferred tax assets were not recognized (increasing by **RMB 3,171,715 thousand**)[344](index=344&type=chunk) - R&D expenses and other tax-deductible items reduced income tax expense by **RMB 2,654,288 thousand**[344](index=344&type=chunk) [6. EARNINGS PER SHARE](index=85&type=section&id=6.%20EARNINGS%20PER%20SHARE) In H1 2025, basic and diluted earnings per share were both RMB 1.71, an increase from RMB 1.56 in the same period last year. The calculation of earnings per share has been adjusted for the bonus share issue and capitalization issue that occurred after the reporting period Earnings Per Share (for the six months ended June 30, 2025) | Item | H1 2025 (RMB/share) | H1 2024 (RMB/share) | | :--- | :--- | :--- | | Basic Earnings Per Share | 1.71 | 1.56 | | Diluted Earnings Per Share | 1.71 | 1.56 | - Net profit attributable to ordinary shareholders of the company for the current period was **RMB 15,510,533 thousand**[348](index=348&type=chunk) - The weighted average number of shares has been adjusted for the bonus share issue and capitalization issue that occurred in July 2025, resulting in **9,117,197,565** ordinary shares[348](index=348&type=chunk) [7. TRADE RECEIVABLES](index=87&type=section&id=7.%20TRADE%20RECEIVABLES) As of June 30, 2025, total trade receivables were RMB 47,581,730 thousand, with the majority (83.70%) aged within 1 year. Total allowance for doubtful accounts was RMB 4,200,188 thousand. The top five trade receivables and contract assets totaled RMB 12,422,984 thousand Aging Analysis of Trade Receivables (as of June 30, 2025) | Aging | Amount (RMB thousand) | Proportion (%) | | :--- | :--- | :--- | | Within 1 year | 39,827,889 | 83.70 | | 1 to 2 years | 2,763,299 | 5.81 | | 2 to 3 years | 1,308,214 | 2.75 | | Over 3 years | 3,682,328 | 7.74 | | **Total** | **47,581,730** | **100.00** | Allowance for Doubtful Accounts for Trade Receivables (as of June 30, 2025) | Type of Allowance | Amount (RMB thousand) | Provision Rate (%) | | :--- | :--- | :--- | | Individually assessed allowance | 986,410 | 100.00 | | Collectively assessed allowance based on credit risk characteristics | 3,213,778 | 6.90 | | **Total** | **4,200,188** | | - The top five trade receivables and contract assets totaled **RMB 12,422,984 thousand**, accounting for **25.16%** of the total balance of trade receivables and contract assets at period-end[362](index=362&type=chunk)[363](index=363&type=chunk) [8. BILLS PAYABLES](index=91&type=section&id=8.%20BILLS%20PAYABLES) As of June 30, 2025, total bills payables were RMB 1,471,593 thousand, primarily comprising commercial acceptance bills and bank acceptance bills. At period-end, RMB 7,103 thousand of bills payables were overdue Composition of Bills Payables (as of June 30, 2025) | Bill Type | Amount (RMB thousand) | | :--- | :--- | | Commercial Acceptance Bills | 845,703 | | Bank Acceptance Bills | 625,890 | | **Total** | **1,471,593** | - As of June 30, 2025, the Group had overdue bills payables totaling **RMB 7,103 thousand**, due to holders not initiating collection at maturity[366](index=366&type=chunk) [9. TRADE PAYABLES](index=92&type=section&id=9.%20TRADE%20PAYABLES) As of June 30, 2025, total trade payables were RMB 235,214,038 thousand, with the vast majority (RMB 233,687,932 thousand) aged within 1 year. Trade payables are non-interest bearing and typically settled within one year Aging Analysis of Trade Payables (as of June 30, 2025) | Aging | Amount (RMB thousand) | | :--- | :--- | | Within 1 year | 233,687,932 | | 1 to 2 years | 917,485 | | 2 to 3 years | 227,064 | | Over 3 years | 381,557 | | **Total** | **235,214,038** | - Trade payables are non-interest bearing and typically settled within **one year**[369](index=369&type=chunk)[371](index=371&type=chunk) - As of June 30, 2025, there were no significant trade payables with an aging over **1 year**[370](index=370&type=chunk)[371](index=371&type=chunk) [10. SHARE CAPITAL](index=92&type=section&id=10.%20SHARE%20CAPITAL) As of June 30, 2025, the company's registered and paid-up share capital was RMB 3,039,066 thousand. During the period, share capital increased by RMB 129,800 thousand, and share premium increased by RMB 39,944,968 thousand, primarily due to the completion of the additional issuance of overseas listed foreign shares in March 2025 Registered and Paid-up Share Capital (as of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Registered and Paid-up Share Capital | 3,039,066 | 2,909,266 | - The company completed an additional issuance of **129,800 thousand** overseas listed foreign shares in March 2025, with a par value of **RMB 1** per share, leading to an increase in share capital of **RMB 129,800 thousand** and an increase in share premium of **RMB 39,944,968 thousand** during the period[374](index=374&type=chunk) [11. SHARE-BASED PAYMENTS](index=93&type=section&id=11.%20SHARE-BASED%20PAYMENTS) The company implemented 2022 and 2025 employee stock ownership plans, and its subsidiary BYD Electronic implemented the 2025 share award scheme. The 2022 plan granted 5,511,024 A shares. The 2025 plan purchased 10,714,990 A shares, totaling no more than RMB 4.1 billion. BYD Electronic's share award scheme is expected to involve no more than 3,000 participants, with a total fund not exceeding RMB 250 million. All plans have phased unlocking mechanisms linked to company and individual performance assessments - 2022 Employee Stock Ownership Plan granted **5,511,024** A shares at a subscription price of **RMB 0** per share, with no capital contribution required from participants[375](index=375&type=chunk)[376](index=376&type=chunk) - 2025 Employee Stock Ownership Plan cumulatively purchased **10,714,990** A shares through secondary market centralized bidding transactions, with an average transaction price of approximately **RMB 372.18** per share, and a transaction amount of **RMB 3,987,912,042.01**[379](index=379&type=chunk)[380](index=380&type=chunk) - Shares held under the 2025 Employee Stock Ownership Plan are unlocked in three tranches, with unlocking ratios of **30%**, **30%**, and **40%** respectively, determined by company and individual performance assessments[382](index=382&type=chunk)[384](index=384&type=chunk) - BYD Electronic's 2025 Share Award Scheme is expected to involve no more than **3,000** participants, with a total fund not exceeding **RMB 250 million**[387](index=387&type=chunk)[388](index=388&type=chunk)[390](index=390&type=chunk)[391](index=391&type=chunk) Share-based Payment Expenses for H1 2025 | Personnel Category | Equity-settled Share-based Payment Expenses (RMB thousand) | | :--- | :--- | | R&D personnel | 174,656 | | Management personnel | 110,756 | | Sales personnel | 37,025 | | Manufacturing and other personnel | 69,642 | | **Total** | **392,079** | [12. CONTINGENT EVENTS](index=98&type=section&id=12.%20CONTINGENT%20EVENTS) The Group faces a Foxconn lawsuit, with the final outcome and potential compensation obligations not reliably estimable. Additionally, the Group provided guarantees for subsidiaries, with actual guaranteed amount of RMB 35,409,098 thousand as of June 30, 2025. The Group also assumed repurchase obligations for certain customer financing, with a maximum exposure of RMB 404,782 thousand - The Foxconn lawsuit is still in litigation, and the Board believes the final outcome and compensation obligations (if any) cannot be reliably estimated[397](index=397&type=chunk)[399](index=399&type=chunk) Contingent Liabilities from Guarantees Provided by the Group (as of June 30, 2025) | Guarantee Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Guarantees to banks for financing granted to subsidiaries | 130,588,920 | 125,886,603 | | Actual guarantees provided for subsidiaries | 35,409,098 | 37,826,863 | - The Group's maximum exposure to customer financing repurchase obligations is **RMB 404,782 thousand**, and no payments have been made due to customer defaults[403](index=403&type=chunk)[404](index=404&type=chunk) [13. COMMITMENTS](index=100&type=section&id=13.%20COMMITMENTS) As of June 30, 2025, the Group's total capital commitments were RMB 39,053,844 thousand, and investment commitments were RMB 240,391 thousand. Currently, there are no specific plans to acquire significant investments or capital assets beyond ordinary business activities Commitments (as of June 30, 2025) | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital Commitments | 39,053,844 | 35,169,398 | | Investment Commitments | 240,391 | 568,455 | | **Total** | **39,294,235** | **35,737,853** | - As of the report date, other than those undertaken in the ordinary course of business, the Group currently has no specific plans to acquire any significant investments or capital assets[213](index=213&type=chunk)[218](index=218&type=chunk) [14. RELATED PARTIES TRANSACTIONS](index=100&type=section&id=14.%20RELATED%20PARTIES%20TRANSACTIONS) In H1 2025, the Group engaged in transactions with related parties for goods and services, with total purchases of RMB 5,755,880 thousand and total sales of RMB 884,965 thousand. Key management personnel compensation was RMB 60,405 thousand. Related party receivables totaled RMB 1,204,346 thousand, and payables totaled RMB 4,159,205 thousand. Cash and cash equivalents of RMB 27,024,363 thousand were deposited with BYD Auto Finance Co., Ltd Purchases of Goods and Acceptance of Services from Related Parties for H1 2025 | Related Party Category | Transaction Content | H1 2025 (RMB thousand) | | :--- | :--- | :--- | | Joint Ventures | Purchases of goods and acceptance of services | 233,613 | | Associates | Purchases of goods and acceptance of services | 5,465,115 | | Other Related Parties | Purchases of goods and acce

本报讯 （记者刘钊）8月29日，比亚迪（002594）王朝网秦家族旗下秦L EV正式推出545KM云辇型新车，同时针对全 系车型启动限时价格调整。秦L EV全系价值重塑，推出"秦定七夕 限时狂欢价"即日起至9月30日，全系车型限时售价 10.98万元-12.98万元，为用户提供了中级纯电轿车新选择。 据了解，云辇-C智能阻尼车身控制系统主要作用于车辆垂直方向的动态控制。在实际行驶中，该系统可根据路面状况 与驾驶操作实时调整悬架阻尼，在起步、刹车时提升车身稳定性，在颠簸路段优化乘坐舒适性，同时在急转弯、紧急 避险等场景下减少车身倾斜与滑动，兼顾日常通勤的舒适性与偶尔驾控的运动需求。 公司供图 作为此次上新的核心车型，秦L EV545KM云辇型在配置上进行了重点升级。该车型搭载了比亚迪云辇-C智能阻尼车 身控制系统与TBC高速爆胎稳行系统，这两项技术此前多应用于品牌高端车型，此次下放至中级纯电轿车领域，成为 同级车型中少有的同时配备这两项配置的产品。 从配置来看，全系车型入门即搭载前双球头麦弗逊独立悬架、后五连杆独立悬架，采用后驱布局，并配备CTB电池车 身一体化技术、天神之眼C-辅助驾驶三目版（DiPilot ...

Core Insights - The Chengdu Auto Show has become a critical platform for the automotive industry, showcasing new models and technologies, particularly in the context of smart driving and electric vehicles [2][3][4][5][6][7]. Group 1: Smart Driving and Technology - Chengdu is emerging as a key hub for smart driving commercialization, with a significant focus on the practical application of advanced driving technologies [4][5]. - The Chengdu Auto Show features major automotive brands unveiling their latest smart driving systems, indicating a shift from technology validation to large-scale implementation [5][6]. - The price range of 150,000 to 200,000 yuan is identified as a critical segment for the penetration of advanced driving technologies, aligning with the market's demand for affordable smart vehicles [5][6]. Group 2: Electric Vehicle Market Dynamics - The city of Chengdu has become a central player in China's electric vehicle market, with a significant increase in the production and sales of new energy vehicles [7][9][10]. - As of mid-2023, Chengdu's electric vehicle ownership reached 1.08 million, making it the leading non-restricted city in terms of electric vehicle penetration [10][11]. - The region is projected to become a "third pole" for new energy vehicles in China, with expectations of producing over 3 million units by 2025 [10][11]. Group 3: Industry Ecosystem and Infrastructure - Chengdu's automotive ecosystem includes over 500 supporting enterprises, creating a comprehensive supply chain from manufacturing to component production [14]. - The city is addressing challenges related to charging infrastructure, with plans to significantly increase the number of charging stations by 2030 [18]. - Innovations in charging technology, such as high-voltage fast charging, are being showcased at the Chengdu Auto Show, reflecting the industry's response to infrastructure challenges [19].

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。 ...

格隆汇8月29日丨比亚迪股份(01211.HK)发布公告，H股于联交所买卖的每手买卖单位将由500股H股更 改为100股H股，自2025年9月19日（星期五）上午九时正起生效。 ...