中國 • 深圳，二零二五年十月十五日 於本公告刊發日期，董事會成員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、獨立非執行董事蔡洪平先生、張敏先生及喻玲女士。 董事會會議通告 比亞迪股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二 五年十月三十日（星期四）舉行董事會會議，以考慮及批准（其中包括）本公司截 至二零二五年九月三十日止九個月之未經審核第三季度業績及其發佈，以及處理 任何其他事項（如有）。 承董事會命 比亞迪股份有限公司 主席 王傳福 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佈的內容概不負責，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 ...

Core Viewpoint - Tianjian New Materials Co., Ltd. is racing against time to go public on the Beijing Stock Exchange, facing significant performance challenges and potential buyback obligations if the listing fails [1][4]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 832.38 million, 933.80 million, and 1.13 billion yuan respectively, while net profits were 61.59 million, 82.88 million, and 63.52 million yuan, indicating a decline in profitability [4][5]. - The gross profit margin decreased from 22.25% in 2023 to 16.09% in 2024, primarily due to falling prices of main products [5][6]. Customer Dependency - The company heavily relies on BYD, with revenue from the top five customers accounting for 44.83%, 50.04%, and 51.31% over the reporting period, and BYD's contribution rising from 26.22% to 41.70% [7][8]. - The average selling price of products sold to BYD decreased by 11.61% in 2024, while unit costs increased by 3.01% [6][7]. Accounts Receivable and Liquidity - Accounts receivable increased from 432 million yuan in 2022 to 631 million yuan in 2024, with the ratio of accounts receivable to revenue rising from 51.93% to 55.90% [8]. - The company's asset-liability ratio increased from 61.22% in 2022 to 67.47% in 2024, indicating growing financial pressure [8]. Future Outlook - In the first half of 2025, revenue is expected to increase by 1.13% to 472 million yuan, but net profit is projected to decline by 5.35% [9]. - The company aims to enhance its market share among existing electric vehicle customers and strengthen its competitive position in the 3C electronics sector [9].

比亚迪继续蝉联销冠，9月零售销售达到347353台，环比增长12%，同比下滑10.2%，国内市场份额占比 为15.5%。吉利汽车位列第二，销量为232460辆，环比增加8.6%，同比增长42.8%。第三名为一汽-大 众，销量为138396辆，环比增加14.3%，同比下滑4.6%。第四名为长安汽车，9月销量为138396辆，环 比增幅为13.5%，同比增长32.1%。 奇瑞汽车销量为121257辆，排名榜单第五，环比增幅10.5%，同比下滑3.6%。目前，奇瑞海外市场增幅 喜人，在国内车企出口位列居前。 10月14日，乘联分会公布9月国内汽车品牌销量零售榜。数据显示，自主品牌车企继续保持领跑。 | | | 2025年9月厂商零售销量排行榜 | | | | | --- | --- | --- | --- | --- | --- | | 单位:辆 | | | | | | | NO. | 自 厂商 | 2025.9 | 环比 | 同比 | 份额 | | 1 | 比亚迪汽车 | 347,353 | 12.0% | -10.2% | 15.5% | | 2 | 吉利汽车 | 232,460 | 8.6% | 42.8% ...

Core Insights - BYD has officially launched the Han Long Range version, featuring an electric range of 245 kilometers and a fuel consumption of 3.44 liters per 100 kilometers when out of battery [1][3] - The Han DM-i Long Range version offers four models with prices ranging from 159,800 to 189,800 yuan after subsidies, while the Han EV Long Range version has three models priced between 173,800 and 205,800 yuan, with a 10,000 yuan trade-in subsidy available until October 31 [1][3] Group 1 - The Han DM-i Long Range version is equipped with the fifth-generation DM technology, achieving a pure electric range of 245 kilometers and a total range of 1,560 kilometers [3] - The Han EV Long Range version features a new eight-in-one intelligent electric drive system, with a starting electric range of 635 kilometers and a maximum of 705 kilometers, along with a 0-100 km/h acceleration time of 6.9 seconds [3] - The electric consumption for the Han EV Long Range version has been reduced to 10.6 kWh per 100 kilometers, significantly lowering long-distance travel costs [3] Group 2 - The Han Long Range version offers more personalized options with three new colors: Frosted Gold, Pine Green, and Distant Peak Blue, and upgraded interior materials for a better cabin experience [5] - The vehicle features a smart cooling and heating refrigerator with a capacity of 4.5 liters, active noise cancellation technology, and a smart anti-motion sickness system [5][7] - The Han Long Range version is equipped with the Yun Nian-C intelligent damping body control system, which can identify road conditions up to 15 meters ahead and adjust suspension damping accordingly [7] Group 3 - The vehicle includes the "Tian Shen Zhi Yan" driver assistance system, supporting various driving and parking assistance features, with over 300 parking scenarios supported [7] - BYD has prepared exclusive service rights for all Han owners, including a pick-up and delivery service, as well as parking assistance services at major locations like train stations and airports [8]

Core Insights - The evaluation criteria for companies in China are shifting from a focus on single profit metrics to a multidimensional assessment of capabilities, emphasizing long-term competitiveness through sustained growth in assets, revenue, net profit, R&D investment, and employee compensation [1][19] - A total of 156 companies in the A-share market have met the criteria of achieving positive growth across these five dimensions for three consecutive years, indicating a robust foundation for sustainable development [1][13] Industry Distribution - The 156 companies are primarily distributed across sectors such as machinery, electronics, power equipment, pharmaceuticals, and automotive, highlighting the transformation and upgrading of China's manufacturing industry through technological accumulation and talent investment [2][5] - The automotive sector leads with 30 companies, followed by power equipment (22), machinery (20), electronics (14), and pharmaceuticals (13), collectively accounting for over 63% of the total [3][5] Key Industries and Representative Companies - **Automotive (30 companies)**: This sector includes traditional vehicles, new energy vehicles, and smart solutions, showcasing China's leadership in the global automotive industry transformation [6] - BYD (002594.SZ) has demonstrated strong growth through vertical integration and significant R&D investment, establishing a robust competitive barrier [6] - Fuyao Glass (600660.SH) has capitalized on the trend of automotive intelligence and consumer upgrades, enhancing product value and driving revenue growth [7] - **Power Equipment (22 companies)**: This sector benefits from the dual carbon strategy, with growth driven by advancements in renewable energy technologies and smart grid construction [8] - Sungrow Power Supply (300274.SZ) has seen rapid growth due to its leadership in photovoltaic inverters and energy storage systems [8] - Guoxuan High-tech (002074.SZ) focuses on battery technology, leveraging continuous investment in R&D to build a competitive edge [8] - **Machinery (20 companies)**: This sector reflects the transformation of Chinese manufacturing, with companies benefiting from domestic industrial upgrades [9] - Times Electric (688187.SH) has sustained growth through its core competencies in rail transit equipment and expansion into new industries [9] - Tiandi Technology (600582.SH) leads in intelligent coal mining equipment, achieving steady growth through technological advancements [10] - **Electronics (14 companies)**: This sector has shown significant growth, driven by demand in semiconductors, high-end components, and consumer electronics [11] - Northern Huachuang (002371.SZ) has benefited from the expansion of domestic wafer fabrication, leading to rapid revenue growth [11] - Haiguang Information (688041.SH) has established a strong presence in the domestic CPU market, capitalizing on the demand for localized computing power [11] - **Pharmaceuticals (13 companies)**: This sector is driven by aging populations and increased health awareness, with companies focusing on R&D in innovative drugs and high-end medical devices [12] - Mindray Medical (300760.SZ) has built core competencies through continuous innovation in medical technology [12] - East China Pharmaceutical (000963.SZ) is expanding its growth through innovative drug development and aesthetic medicine [12] Five-Dimensional Growth Logic - Achieving positive growth across the five dimensions is a complex task, with only 156 out of 5,383 A-share companies meeting this standard, indicating a strong correlation between R&D investment and sustainable growth [13][18] - The combination of total assets, revenue, net profit, R&D investment, and employee compensation reflects a company's health and sustainability, with each dimension interlinked [14][15][16]

Core Insights - Apple is expanding its manufacturing operations in Vietnam to enter the smart home market and reduce reliance on China [1][2] - The company is developing a range of new home devices, including an indoor security camera and a smart home display, set to launch next year [1] - A more advanced desktop robot is planned for release in 2027, capable of autonomous movement [1] Product Details - The new smart home display features a 7-inch screen similar to an iPad, capable of running applications and controlling smart home devices [1] - Two versions of the smart home display are being developed: one for wall mounting and another for desktop use, both equipped with FaceTime cameras and user recognition sensors [1] - The target price for the smart home display is approximately $350, which is higher than similar products from Amazon and Google [2] Collaboration and Production - Apple plans to collaborate with BYD for the assembly, testing, and packaging of the new smart home display and future desktop robot [2] - BYD, known for electric vehicles, is increasingly important in Apple's hardware supply chain [2] - Apple is also looking to expand iPad production in Vietnam in partnership with BYD [2]

Group 1 - Apple plans to expand production in Vietnam, launching new home devices including an indoor security camera and a home control display in 2024, followed by a mobile desktop robot in 2027 [1] - The new home control device features a 7-inch display and was initially set to launch in March 2025, but has been delayed to spring 2026 due to AI software issues [1][2] - Apple is collaborating with BYD for the assembly, testing, and packaging of these new products, as well as expanding iPad production in Vietnam [1] Group 2 - The new home control device will be priced around $350, which is approximately $50 more than the full-sized HomePod, with efforts underway to reduce manufacturing costs [2] - The indoor security camera, code-named J450, is expected to launch by the end of next year, while the desktop robot's development has been delayed by about two years due to complex design and AI application challenges [2] - The desktop robot will feature a 9-inch display and is inspired by Apple's previously discontinued autonomous vehicle project, focusing on robotics research [3]

苹果正与比亚迪合作在越南组装设备。 ...

Core Viewpoint - BYD has launched the Han Long Range version, which includes significant advancements in battery life and energy consumption, addressing key user concerns in the electric vehicle market [1] Pricing and Models - The Han DM-i Long Range version offers four models with post-subsidy prices ranging from 159,800 to 189,800 yuan; the Han EV Long Range version includes three models priced between 173,800 and 205,800 yuan, with a 10,000 yuan super replacement subsidy available until October 31 [1] Performance and Technology - The Han DM-i Long Range version features the fifth-generation DM technology, achieving a pure electric range of 245 kilometers and a low fuel consumption of 3.44L/100km, with a comprehensive range of 1560 kilometers, catering to users' weekly commuting needs without fuel costs [1] - The Han EV Long Range version is equipped with a new eight-in-one intelligent electric drive system, offering a starting pure electric range of 635 kilometers and a maximum of 705 kilometers, with a 0-100 km/h acceleration time of 6.9 seconds and an energy consumption of 10.6 kWh per 100 kilometers, setting a new efficiency benchmark for mid-to-large electric sedans [1] Advanced Features - The Han Long Range version is equipped with a high-end intelligent chassis system, the Yun Niao-C intelligent damping body control system, which can identify road conditions up to 15 meters ahead and adjust suspension damping accordingly, enhancing ride comfort and safety [1]

Core Insights - BYD's Song PLUS is set to be discontinued, with the Sea Lion 06 being its successor, indicating a normal product transition [1] Group 1: Product Performance - Song PLUS, launched in 2020, is a compact SUV priced between 100,000 to 200,000 yuan [1] - It is notable for being BYD's first model to achieve monthly sales exceeding 50,000 units [1] - The vehicle has surpassed 1.57 million units in total sales, making it the fastest-selling new energy SUV to reach the million mark [1]