大和认为，比亚迪通过优化成本结构，使生产布局与市场需求相匹配，在不同的监管及经济环境下均能 保持竞争力。 中国地区单位生产成本基准约为15万元人民币，而即使在东欧实现本地化生产，欧洲地区单位生产成本 仍相对较高，约为20万元人民币。尽管如此，受惠于较高的平均售价及通过本地生产规避关税的能力， 欧洲市场的利润率仍保持较高水平。 智通财经APP获悉，大和发布研报称，维持比亚迪股份(01211)"买入"评级。据专家预计2026年海外销量 将达150-160万辆，相较2025年同比增60%-80%，乐观情境下可达200万辆。产品组合预计为插电式混合 动力汽车(PHEV)占40%-45%、纯电动汽车(BEV)占55%-60%，出口占总销量比例将提升至25%。 大和表示，集团核心增长驱动力仍为东南亚、欧洲及南美洲市场。受积极的渠道扩张及品牌形象提升推 动，比亚迪欧洲市场销量从2024年的5.7万辆大幅增长至2025年年初至今的超15万辆。目前欧洲市场占 比亚迪海外总销量的约30%，成为其海外销售中最大的区域市场。 ...

中国地区单位生产成本基准约为15万元人民币，而即使在东欧实现本地化生产，欧洲地区单位生产成本 仍相对较高，约为20万元人民币。尽管如此，受惠于较高的平均售价及通过本地生产规避关税的能力， 欧洲市场的利润率仍保持较高水平。 大和认为，比亚迪通过优化成本结构，使生产布局与市场需求相匹配，在不同的监管及经济环境下均能 保持竞争力。 大和表示，集团核心增长驱动力仍为东南亚、欧洲及南美洲市场。受积极的渠道扩张及品牌形象提升推 动，比亚迪欧洲市场销量从2024年的5.7万辆大幅增长至2025年年初至今的超15万辆。目前欧洲市场占 比亚迪海外总销量的约30%，成为其海外销售中最大的区域市场。 智通财经APP获悉，大和发布研报称，维持比亚迪股份(01211)"买入"评级。据专家预计2026年海外销量 将达150-160万辆，相较2025年同比增60%-80%，乐观情境下可达200万辆。产品组合预计为插电式混合 动力汽车(PHEV)占40%-45%、纯电动汽车(BEV)占55%-60%，出口占总销量比例将提升至25%。 ...

Group 1 - BYD, Xpeng, and other car manufacturers have donated a total of 4.1 million Hong Kong dollars to support fire rescue efforts in Tai Po, Hong Kong [1] - BYD announced a donation of 10 million Hong Kong dollars, while Xpeng and Seres each donated 5 million Hong Kong dollars [1] - GAC Group pledged 6 million Hong Kong dollars for emergency medical assistance, temporary housing, and post-disaster reconstruction for affected residents [1] Group 2 - Geely Holding Group, in collaboration with the Li Shufu Public Welfare Foundation, donated 10 million Hong Kong dollars for medical aid, emergency housing, and reconstruction efforts [1] - Chery Automobile donated 10 million Hong Kong dollars through the China Red Cross Foundation for urgent rescue efforts in the Tai Po disaster area [1] - The fire in Tai Po occurred on November 26, resulting in significant casualties, with rescue operations ongoing as of November 28 [1]

Company Overview - The company is Zhuhai Guoneng New Materials Co., Ltd., established on December 24, 2002, and became a joint-stock company on November 15, 2014 [2][4]. - The registered capital is 50.845 million yuan, and the actual capital is also 50.845 million yuan [2]. - The company is located in Zhuhai, Guangdong Province, and specializes in the production and processing of composite materials for mobile communication, aerospace, and military industries [2][4]. Business Focus - Guoneng New Materials is recognized as a national-level specialized and innovative "little giant" enterprise focusing on key basic materials and core component product technology development for strategic emerging industries such as mobile communication and radar communication [4]. - Main products include high-frequency and high-speed copper-clad laminates for radar communication, base station antenna covers widely used by major telecom companies like Huawei and Ericsson, and composite structural components for power and energy storage batteries [4]. Financial Performance - In the first half of 2025, the company achieved a revenue of 92.452 million yuan, representing a year-on-year growth of 55.41% [5][6]. - The net profit attributable to shareholders was 23.812 million yuan, showing a significant increase of 136.01% year-on-year [5][6]. - The gross profit margin for the period was 47.08%, and the basic earnings per share were 0.47 yuan [6].

Group 1 - BYD showcased its main models priced at 200,000 yuan and above at the 2025 Guangzhou Auto Show, including the Han L and Tang L with new colors and OTA upgrades, as well as the U9 Xtreme supercar and U8L SUV from the Yangwang brand [2] - The Han L EV and Tang L EV feature the Super e-platform with a capability of charging 400 kilometers of range in just 5 minutes, while the Han L DM and Tang L DM have fuel consumption rates of 3.9L and 4.9L per 100 kilometers respectively [2] - The U9 Xtreme set a new record for production electric vehicles at the Nürburgring with a time of 6 minutes and 59 seconds, surpassing the previous record held by the Xiaomi SU7 Ultra [2] Group 2 - BYD's "Megawatt Flash Charge" high-voltage platform aims to achieve the same 5-minute charging capability for 400 kilometers of range, while the "Tian Shen Zhi Yan" intelligent driving system has been installed in over 2 million vehicles, generating over 130 million kilometers of driving data daily [3] - In October, BYD's monthly sales reached 441,700 units, with cumulative sales from January to October totaling 3.7019 million units, and total sales of new energy vehicles exceeding 14.2 million units [3] - The high-end brands Tengshi, Fangchengbao, and Yangwang are also performing well, with Fangchengbao delivering 31,000 new vehicles in October, Tengshi exceeding 10,000 units, and Yangwang delivering 654 new vehicles [4]

Core Insights - BYD showcased its latest models at the 2025 Guangzhou Auto Show, focusing on vehicles priced at 200,000 yuan and above, including the Han L and Tang L with new colors and OTA upgrades [1] - The Han L EV and Tang L EV feature the Super e-platform with a capability of charging for 400 kilometers in just 5 minutes, while the Han L DM and Tang L DM have fuel consumption rates of 3.9L and 4.9L per 100 kilometers respectively [1] - The U9 Xtreme from the Yangwang brand set a new record for production electric vehicles at the Nürburgring with a time of 6 minutes and 59 seconds [1] Technology Highlights - BYD emphasized its "Megawatt Flash Charge" high-voltage platform, aiming for a charging time of 5 minutes for 400 kilometers of range [2] - The "Tian Shen Zhi Yan" intelligent driving system has been installed in over 2 million vehicles, generating an average of 130 million kilometers of driving data daily [2] Market Performance - In October, BYD achieved a monthly sales figure of 441,700 vehicles, bringing the total sales for the year to 3,701,900 units, with cumulative sales of over 14.2 million electric vehicles [2] - The high-end brands Tengshi, Fangchengbao, and Yangwang are also performing well, with Fangchengbao delivering 31,000 new vehicles in October, Tengshi exceeding 10,000 units, and Yangwang delivering 654 new vehicles [2]

BYD COMPANY LIMITED 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 (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 關於2024年員工持股計劃第一個鎖定期屆滿的公告」。 承董事會命 比亞迪股份有限公司 王傳福 中國‧深圳，二零二五年十一月二十七日 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。 主席 证券代码：002594 证券简称：比亚迪 公告编号：2025-062 比亚迪股份有限公司 关于2024年员工持股计划第一个锁定期届满的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， ...

Core Insights - During the Guangzhou Auto Show, BYD showcased 93 new car models, with a total of 1,085 vehicles on display, including 629 new energy vehicles [1] - BYD's "Tian Shen Zhi Yan" intelligent driving assistance system is central to its "Universal Intelligent Driving" strategy, which aims to cover high-end to mainstream markets with three versions of the system [1] - BYD's penetration rate for intelligent driving models has reached 71%, and the company announced OTA upgrades for its Han L and Tang L models, enhancing their smart driving capabilities [1] Company Strategy - BYD demonstrates strategic flexibility in the smart technology sector, utilizing self-developed systems to create technological barriers while also engaging in open collaborations to expand its ecosystem [2] - The company has established a "dual-track" strategy, ensuring core technology remains under its control while avoiding the risks associated with insular development, as seen in the case of the Fangcheng Leopard 8 equipped with Huawei's ADS [2] - BYD's "technology iron triangle" consists of blade batteries, DM technology, and the Tian Shen Zhi Yan system, positioning the company with a comprehensive advantage across the energy and smart technology sectors [2] Industry Trends - The Chinese automotive industry has transitioned from a phase of "scale expansion" to a high-quality development stage driven by "electrification and intelligentization" [2] - Increasing numbers of Chinese automotive brands are leveraging innovative technologies and optimizing ecosystems to enhance industry quality and efficiency [2]

比亚迪股份有限公司（以下简称"公司"）于2024年10月18日召开了第八届 董事会第十次会议及第八届监事会第七次会议，并于2024年11月5日召开了2024 年第二次临时股东会，通过了《关于审议<比亚迪股份有限公司2024年员工持股 计划（草案）>及其摘要的议案》、《关于审议<比亚迪股份有限公司2024年员工 持股计划管理办法>的议案》及《关于提请股东会授权董事会及其授权人士全权 办理比亚迪股份有限公司2024年员工持股计划相关事项的议案》。具体内容详见 公司在巨潮资讯网（www.cninfo.com.cn）上披露的《比亚迪股份有限公司2024 年员工持股计划》（以下简称"本员工持股计划"）及其他相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易 所上市公司自律监管指引第1号——主板上市公司规范运作》的相关规定，本员 工持股计划第一个锁定期已于2025年11月27日届满，现将本员工持股计划第一个 锁定期届满的相关情况公告如下： 一、本员工持股计划持股情况和第一个锁定期届满的情况说明 截至2024年11月27日，本员工持股计划已通过二级市场以集中竞价交易的方 式累计买入公司股票664 ...

Core Viewpoint - Several companies, including BYD, Anta Group, Li Ning Group, 361° Group, and Xtep Group, have announced significant donations to support victims of a severe fire in Hong Kong's Tai Po district, demonstrating corporate social responsibility and community support during crises [1][3][7][10]. Company Contributions - **BYD**: Donated 10 million HKD for medical assistance, emergency housing, and disaster recovery efforts, while expressing respect for frontline rescue workers [1]. - **Anta Group**: Committed a total of 30 million HKD, which includes 10 million HKD in cash and 20 million HKD in cold-weather gear, aimed at providing emergency housing and basic living support for affected individuals [3]. - **361° Group**: Announced a donation of 15 million HKD in cash and equipment to support local rescue and housing efforts, emphasizing collaboration with the community [5][6]. - **Li Ning Group**: Pledged 20 million HKD in cash and equipment to assist affected residents in overcoming the disaster [7]. - **Xtep Group**: Also donated 20 million HKD in cash and equipment specifically for the disaster relief and housing needs of the affected community [10].