Core Viewpoint - Huawei's foldable screens and BYD's Yangwang U8 have become standard luxury items among wealthy individuals in the Middle East, indicating a trend towards high-end technology and automotive products in this region [1] Group 1 - Huawei's foldable screens are recognized as a premium product, appealing to affluent consumers who value quality [1] - BYD's Yangwang U8 is also highlighted as a luxury vehicle choice for the wealthy in the Middle East, showcasing the brand's growing influence in the high-end automotive market [1] - The article emphasizes that wealthy individuals are discerning in their choices, indicating a market trend towards high-quality and innovative products [1]

"我们可以被人欺负，但不能欺负别人"，王传福感慨道，比亚迪将始终坚持不拉踩，要用技术感动 消费者，成为行业的榜样。 来源：财中社 编辑：小羊 12月5日， 比亚迪 在深圳坪山举行临时股东大会。会上，有股东提及公司近年被恶意造谣攻击，王 传福表示，作为行业龙头，比亚迪坚持不拉踩同行，虽然短期可能损失市场份额，但能赢得长期口 碑，以及国家与行业认可。 "龙头企业要承受得起委屈，国家也希望我们要带好头"，王传福透露，公司内部经过反复讨论，虽 然可能会为此丢掉一两个季度的业绩增长，但比亚迪能因此赢得长期的口碑。 ...

Group 1 - The core viewpoint of the article highlights the challenges faced by BYD in the domestic market, including a decline in sales and increased competition due to technology homogenization [2][3] - BYD's domestic sales of new energy vehicles in November reached 480,000 units, a year-on-year decrease of 5.3%, while sales of new energy passenger vehicles were 475,000 units, down 5.8% year-on-year [2] - The company has acknowledged that its technology is currently not as leading as in previous years, and there is a need for breakthroughs to address user pain points such as slow low-temperature charging [2] Group 2 - The article notes that BYD's plug-in hybrid models are facing significant market challenges, attributed to increased competition from other brands like Geely, Chery, and Great Wall, which have launched numerous plug-in hybrid models this year [3] - Internal analysis from BYD indicates that the decline in the sales proportion of plug-in hybrid models is primarily due to intensified competition rather than changes in tax standards [3]

（编辑 王雪儿） 证券日报网讯 12月5日，科德数控在互动平台回答投资者提问时表示，公司已与比亚迪、奥迪等汽车领 域用户建立合作关系，公司的高端五轴机床KMC系列、KHMC系列、德创DMC系列等产品已批量用于 新能源汽车以及传统汽车零部件加工，如电池电机壳体、副车架、发动机缸盖、变速器壳体、增压器壳 体、轮毂、仪表盘、汽车模具等零部件的加工。 ...

比亚迪总裁王传福在12月5日临时股东大会上进行的发言：比亚迪绝不拉踩别人 我们要成为行业的榜 样。 责任编辑：刘万里 SF014 责任编辑：刘万里 SF014 来源：雷飞 来源：雷飞 比亚迪总裁王传福在12月5日临时股东大会上进行的发言：比亚迪绝不拉踩别人 我们要成为行业的榜 样。 ...

Core Viewpoint - The article emphasizes that Midea is transitioning from a focus on individual product features to creating a comprehensive ecosystem in the smart home sector, driven by AI and data integration [2][10]. Group 1: Midea's Smart Home Strategy - Midea showcased two distinct smart living "operating systems" at the AIE, targeting both high-end and broader consumer markets [4]. - The high-end system, centered around AI HOME, aims to provide integrated smart home solutions for affluent users, featuring advanced AI capabilities and a "smart home brain" that learns and adapts to user needs [5][7]. - The mass-market approach, branded as Smart for Joy, focuses on user-friendly products that simplify smart home experiences, appealing to younger consumers and lowering the entry barrier for smart technology [8][10]. Group 2: Strategic Partnerships and Ecosystem Development - Midea's collaboration with BYD aims to create a "people-car-home" smart ecosystem, integrating data and control between smart appliances and vehicles [11][13]. - This partnership is expected to generate a "data flywheel" effect, enhancing user experience through seamless interaction between home and vehicle environments, while providing Midea with valuable user behavior data [13][14]. - The integration of diverse business segments within Midea allows for innovative service models, potentially transforming the company from hardware sales to ongoing service and data monetization [14][15]. Group 3: Long-term Value and Market Positioning - Midea's dual strategy of high-end and mass-market offerings positions it to capture a wide consumer base while establishing a strong brand presence in the smart home sector [10][11]. - The company's focus on creating a cohesive ecosystem enhances customer retention and creates significant switching costs for users, thereby increasing customer lifetime value [14]. - Midea's ability to redefine living paradigms and leverage its extensive user ecosystem for service monetization is seen as a key driver of its long-term valuation potential [15].

公开数据显示，2025年前11个月，比亚迪累计销售新能源汽车418.2万辆，同比增长11.3%。具体看，11 月，比亚迪出口新能源汽车合计13.19万辆，较去年同期2.81万辆增长369.4%。国内市场看，2025年11 月，比亚迪新能源汽车乘用车销售47.49万辆，较去年同期销售50.4万辆降低5.77%。其中，插电式混合动 力汽车销售23.74万辆，较去年同期销售30.59万辆降低22.39%。 王传福表示，今年以来，公司新能源汽车销售稳步增长，主要是来自海外市场的销量增长。由于行业同质 化竞争加剧、产品技术周期放缓，国内市场出现一定压力。 不过，王传福也说，比亚迪是一家以技术驱动的企业，公司麾下12万工程师团队，是公司后续技术攻坚、 重塑领先优势的关键底气与支撑。"我之所以说目前技术不够领先，是因为后面还有重磅技术发布，但目 前不方便透露。" 推动AI技术快速落地应用 12月5日，比亚迪2025年第二次临时股东会在深圳坪山举行。 记者在现场看到，早上9时起，不少股东陆续前往比亚迪全球总部，排队进场等候；还有不少股东积极参 与方程豹试驾体验。会议开始前10分钟，主会场上座率超过九成。 "公司在AI上不会掉 ...

Market Overview - The Shanghai Composite Index rose by 0.7% to 3902.81, while the Shenzhen Component Index increased by 1.08% to 13147.68, and the ChiNext Index gained 1.36% to 3109.30 [1][2] - A total of 4427 stocks closed higher, while 914 stocks closed lower, indicating a positive market sentiment [1][3] - The trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion, an increase of 176.8 billion compared to the previous trading day [1] Performance Metrics - The 20-day performance for the Shanghai Composite Index showed a decline of 2.37%, while the Shenzhen Component Index experienced a decrease of 1.91% [2] - The annual performance for the Shanghai Composite Index is up by 16.44%, and the Shenzhen Component Index has increased by 26.24% [2] - The ChiNext Index has seen a significant annual increase of 45.19% [2] Sector Performance - Sectors such as insurance, precious metals, and commercial aerospace showed strong gains, while traditional sectors like Chinese medicine and film exhibition faced declines [2] - The electric aluminum concept stocks experienced volatility, with companies like Hongchuang Holdings and Yun Aluminum reaching historical highs [2] - The robotics sector saw a rebound, with companies like Boke Technology rising over 10% [2] Notable Stock Movements - The stock of Moer Thread opened high with a 468% increase, leading to significant profits for investors [2] - Companies in the Fujian sector, such as Sanmu Group and Haixin Food, reached their daily limit [2] - The AI glasses concept saw a surge, with Doctor's Glasses rising over 10% [2] Market Sentiment - The overall market sentiment is improving, with a board sealing rate close to 80% [2] - The National Development and Reform Commission has allocated 35.5 billion for investment projects, indicating government support for economic growth [2]

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。 2 下表載列於臨時股東會上以投票方式進行的表決結果： 特別決議案 投票數 （佔投票總數的百分比） 投票總數 贊成 反對 棄權 (1) 考慮及批准本公司該通函附錄 一所載的對本公司之《公司章 程》的修訂。 4,712,756,957 95.1260% 224,957,907 4.5407% 16,509,202 0.3332% 4,954,224,066 由於出席臨時股東會的股東及受委代表所投票數中逾三分之二(2/3)贊成該項決議案，因此該 項決議案作為特別決議案獲通過。 (2) 考慮及批准該通函附錄二所載 的本公司經修訂的《股東會議 事規則》。 3,766,159,662 76.0192% 1,173,942,830 23.6958% 14,121,574 0.2850% 4,954,224,066 由於出席臨時股東會的股東及受委代表所投票數中逾三分之二(2/3)贊成該項決議案，因此該 項決議案作為特別決 ...

於本公告刊發日期，本公司董事會包括執行董事王傳福先生，非執行董事呂向陽先生及夏 佐全先生，以及獨立非執行董事蔡洪平先生、張敏先生及喻玲女士。 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分內容而產生 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） 網站：http://www.bydglobal.com 海 外 監 管 公 告 以下為比亞迪股份有限公司於深圳證券交易所網站所刊發之「比亞迪股份有限公司 2025年員工持股計劃第二次持有人會議決議公告」。 承董事會命 比亞迪股份有限公司 主席 王傳福 中國‧深圳，二零二五年十二月五日 本次会议由管理委员会召集，管理委员会主任李黔先生主持。本次会议的召 集、召开和表决程序符合相关法律法规和《比亚迪股份有限公司2025年员工持股 计划管理办法》的相关规定。与会持有人经过审议，以记名投票方式 ...