（文章来源：证券日报） 证券日报网讯 12月16日，比亚迪在互动平台回答投资者提问时表示，公司近三年现金分红总额持续提 升，公司在未来三年在现金分红方面，将以积极回报投资者为核心导向，在充分考虑公司的经营发展情 况、高成长性需求及资金储备水平的基础上，参照过去三年的现金分红比例，努力加大现金分红力度， 积极考虑投资者的现金分红回报。公司也将持续优化利润分配策略，保证利润分配政策的持续性、稳定 性与可预期性。 ...

Core Insights - BYD's Ocean Network has achieved cumulative sales of over 6 million vehicles in just four years, establishing itself as an industry benchmark in the new energy vehicle sector [1][5][14] Group 1: Sales and Market Performance - The Ocean Network's sales figures from 2021 to 2024 were 60,000, 700,000, 1.38 million, and 1.94 million vehicles respectively, with a 17.9% year-on-year growth in the first eleven months of 2025, reaching 2.03 million vehicles [6][8] - The Ocean Network's rapid growth contrasts with traditional joint venture car manufacturers, which typically take over 15 years to reach similar sales milestones [5] Group 2: Product Development and Innovation - The Ocean Network has introduced key models such as the Song PLUS, Dolphin, and Seal, which have all achieved over 1 million sales, creating a product matrix that caters to various market segments [3][8] - The launch of the Dolphin model in 2021, based on the e-platform 3.0, marked a significant achievement as it became the fastest A0-class car in China to sell over 1 million units [8] Group 3: User Engagement and Brand Strategy - The Ocean Network emphasizes user-centric development, integrating user feedback into its product design and innovation processes through various channels [12][14] - The company has cultivated a strong emotional connection with its users, transforming them into brand advocates and creating a community that supports mutual growth [14] Group 4: Future Plans and High-End Positioning - The Ocean Network has announced its new flagship series, the Ocean 8 series, which includes the Seal 08 and Lion 08, aimed at high-end markets and set to launch in the first quarter of 2026 [10][14] - The company plans to enhance its high-end positioning and continue focusing on user needs, aiming to provide smarter and more comfortable travel experiences [14]

Core Insights - The article highlights the significant achievements of BYD's Ocean Network, which has sold over 6 million vehicles in just four years, matching the sales growth of traditional joint venture brands over a decade [1][3] - The Ocean Network's success is attributed to its user-driven approach and innovative product offerings, establishing a new benchmark in the high-end electric vehicle market with the launch of the Ocean 8 series [7][9] Group 1: Sales Achievements - The Ocean Network reached a cumulative sales milestone of 6 million vehicles within four years, showcasing a remarkable growth rate that rivals traditional brands [3] - The brand has successfully introduced four major models—Song PLUS, Haima, Dolphin, and Seal—each surpassing one million units sold, contributing to a robust product matrix [3][5] Group 2: Product Innovation - The Dolphin model has been particularly successful, becoming the fastest A0-class electric car to reach one million sales in China and winning the domestic A0-class market sales championship from 2022 to 2024 [3][5] - The newly announced Ocean 8 series, including the Seal 08 and Lion 08, aims to redefine high-end intelligent vehicles, incorporating advanced technologies and design aesthetics [7][9] Group 3: User Engagement and Feedback - The Ocean Network emphasizes a user-centric approach, utilizing multiple channels for feedback, which fosters a cycle of demand collection, rapid response, and experience enhancement [12] - The brand has implemented personalized options for models and is addressing user concerns regarding range with new hybrid products set to launch in late 2025 [12] Group 4: Future Directions - Moving forward, the Ocean Network plans to focus on high-end product development centered around the Ocean 8 series, aiming to enhance user experience and integrate creative interactions into daily life [12] - The company is committed to driving high-quality development in the industry by continuously adapting to user needs and preferences [12]

Core Viewpoint - The recent IPO developments of multiple companies on the Shanghai Stock Exchange, including Changyu Group, indicate a growing interest in the chemical new materials sector, particularly in zirconium products and specialty nylon [2][3]. Company Overview - Changyu Group, established in April 2019 and headquartered in Zibo, Shandong Province, focuses on the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [3][4]. - The company is controlled by Liu Qiyong and Liu Ce, who hold 53.20% of the shares, with Liu Qiyong serving as the chairman and general manager [4]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 1.669 billion, 1.608 billion, 1.638 billion, and 896 million respectively, with net profits of 260 million, 196 million, 215 million, and 114 million [8]. - In the first nine months of 2025, Changyu Group reported a revenue of 1.321 billion, an increase of 8.49% year-on-year, and a net profit of 179 million, up 14.78% year-on-year [8]. Product Segmentation - Zirconium products accounted for 76.17%, 72.43%, 70.85%, and 69.78% of the company's main business revenue during the reporting periods, making it the primary source of income [10]. - Specialty nylon products contributed approximately 14% to 20% of the revenue in recent years, with sales volumes increasing steadily [10][11]. Market Position - Changyu Group holds a market share of approximately 30% in the zirconium market, making it a leading player in the industry [19][25]. - The global zirconium market is projected to reach $750 million by 2030, while the specialty nylon market is expected to grow to $3.337 billion by 2025, indicating strong growth potential for Changyu Group [21][23]. Competitive Landscape - The zirconium products industry is characterized by a concentration of private enterprises, with Changyu Group competing against major players like Dongfang Zirconium and Sanxiang New Materials [25]. - In the specialty nylon sector, competition includes international giants such as DuPont and Arkema, which dominate the high-end new materials market [25]. Research and Development - As of June 2025, Changyu Group employed 1,163 people, with 112 dedicated to research and development, representing 9.63% of the workforce [18]. - The company's R&D expenses for the reporting periods were 55.28 million, 50.03 million, 52.31 million, and 27.05 million, with R&D expense ratios of 3.31%, 3.11%, 3.19%, and 3.02% respectively [18].

Core Insights - The event celebrated the fourth anniversary of BYD's Ocean Network, highlighting its significant achievements in the electric vehicle market [1] - The Ocean Network has achieved cumulative sales of over 6 million vehicles in four years, showcasing rapid growth comparable to traditional joint venture brands [3][4] - The introduction of the new flagship series, Ocean 8, marks a strategic shift towards high-end positioning in the market [10][12] Sales Performance - The Ocean Network's sales growth has reached 6 million vehicles in just four years, a pace that rivals the ten-year accumulation of traditional brands [4] - The Dolphin model has become a key success, being the fastest A0-class car in China to surpass 1 million sales, contributing to the brand's strong market presence [5][7] Product Strategy - The Ocean Network has established a product matrix with four major models: Song PLUS, Sea Gull, Dolphin, and Sea Leopard, each achieving over 1 million sales [7] - The company focuses on user-driven demand, creating differentiated competitive advantages through precise market segmentation [9] New Product Launch - The Ocean 8 series, including the Sea Leopard 08 and Sea Lion 08, is set to redefine high-end intelligent vehicles, expected to launch in Q1 2026 [10][12] - These new models will incorporate advanced technologies and design, aiming to meet comprehensive user needs for premium travel experiences [10][12] User Engagement - The Ocean Network emphasizes user collaboration and feedback through various channels, fostering a cycle of demand collection, rapid response, and experience enhancement [15] - The company aims to create a vibrant lifestyle around electric vehicle usage, integrating user experiences into product development [17]

Group 1 - The Land Transport Authority (LTA) of Singapore has awarded six contracts for the procurement of 660 new electric buses, including 360 single-deck buses and 300 double-deck buses, with successful bidders including BYD, Yutong, and a consortium involving CRRC and Zhongtong [1][2] - The new buses are set to gradually enter passenger service starting from the end of 2026, replacing diesel buses that are nearing their legal lifespan [1] - ST Engineering Mobility Services, in collaboration with CRRC, won a contract for 100 single-deck buses and 150 double-deck buses, with contract values of approximately 35.7 million SGD and 79 million SGD respectively [1] Group 2 - This marks the first large-scale procurement of electric double-deck buses by the LTA, which will feature three doors and two staircases for improved passenger flow [2] - The new buses will be equipped with advanced battery technology, passenger information display systems, and various safety assistance systems, including onboard CCTV and fatigue monitoring [2] - Singapore aims to achieve a 100% clean energy public bus fleet by 2040, with electric buses expected to make up half of the public bus fleet by 2030 [2]

Core Viewpoint - The Land Transport Authority (LTA) of Singapore has awarded six contracts for the procurement of 660 new electric buses, which includes 360 single-deck buses and 300 double-deck buses, to companies such as BYD, Yutong, and a consortium involving CRRC and Zhongtong Bus [1] Group 1 - The new electric buses are set to gradually enter passenger service starting from the end of 2026 [1] - The procurement aims to replace diesel buses that are approaching their legal lifespan [1]

Core Viewpoint - The Land Transport Authority (LTA) of Singapore has awarded six contracts for the procurement of 660 new electric buses, marking a significant step towards transitioning to cleaner public transport solutions [1][5]. Group 1: Contract Awards - ST Engineering Mobility Services, in collaboration with CRRC, won a contract for 100 electric single-deck buses and 150 electric double-deck buses, with contract values of approximately 35.7 million SGD and 79 million SGD respectively [1]. - BYD (Singapore) Pte Ltd secured a contract for 160 electric single-deck buses and 50 electric double-deck buses, with contract values of approximately 71.3 million SGD and 34.5 million SGD respectively [2]. - Cycle & Carriage, in partnership with Zhongtong Bus, received a contract for 100 electric double-deck buses, valued at approximately 57.8 million SGD [3]. - Yutong International Trade, in collaboration with Yutong Bus, obtained a contract for 100 electric single-deck buses, with a contract value of approximately 43.9 million SGD [4]. Group 2: Features and Specifications - The new electric double-deck buses will feature three doors and two staircases, facilitating smoother boarding and alighting for passengers [4]. - The buses will be equipped with advanced battery technology, passenger information display systems, and various safety assistance systems, including onboard CCTV and fatigue monitoring [4]. Group 3: Future Goals - Singapore aims to achieve a 100% clean energy public bus fleet by 2040, with electric buses expected to comprise half of the public bus fleet by 2030 [5].

Core Viewpoint - The article highlights the introduction of two new car models, the Sea Leopard 08 and Sea Lion 08, which maintain the design aesthetics of the Ocean-S concept car showcased at the Shanghai Auto Show this year [1] Group 1: Design and Features - Both new models feature a sleek headlight design that reflects the grandeur and beauty of the ocean [1] - The Sea Leopard 08 and Sea Lion 08 are positioned as flagship models, indicating a premium market strategy [1] Group 2: Technology Integration - The vehicles will be equipped with BYD's latest battery technology, enhancing performance and efficiency [1] - They will also include the "Eye of God" system and an interactive cockpit system, showcasing advanced technological integration [1]

Core Viewpoint - BYD announced the upcoming launch of its "Ocean 8 Series" flagship models, the Seal 08 sedan and the Sea Lion 08 SUV, expected to debut in the first quarter of next year [1] Group 1: Product Launches - The "Ocean 8 Series" includes the Seal 08 sedan and Sea Lion 08 SUV, set to be unveiled in Q1 2024 [1] - During the event, BYD also showcased two concept cars: the Dynasty-D and Ocean-S, with the Dynasty-D targeting the high-end SUV market priced around 400,000 yuan [1] - The Ocean-S concept car features a new generation of ocean aesthetic design [1] Group 2: Sales Milestones - BYD's Dolphin model reached a significant milestone with the production of its one-millionth unit [1] - The Dolphin is positioned as a pure electric compact car, with the 2025 model starting at 99,800 yuan and offering a range of 420 km [1] - From January to November, BYD's cumulative sales reached 4.18 million units, reflecting an 11.3% year-on-year increase, while the Ocean series sold 2.03 million units, up 17.9% [1]