2021-03-29 14:58Financial Performance - BYD's revenue for 2020 reached RMB 153.47 billion, a 26% increase from RMB 121.78 billion in 2019[3] - Gross profit for 2020 was RMB 27.24 billion, up from RMB 18.08 billion in 2019, resulting in a gross profit margin of 18%[3] - Profit attributable to equity holders of the parent increased significantly to RMB 4.23 billion in 2020, compared to RMB 1.61 billion in 2019[3] - The net profit margin improved to 2.8% in 2020, up from 1.3% in 2019[3] - BYD recorded a revenue of approximately RMB 153,469 million in 2020, representing a year-on-year increase of 26.02%[57] - Revenue from automobiles and related products amounted to approximately RMB 81,958 million, with a year-on-year increase of 37.66%[57] - BYD's net profit for 2020 reached RMB 5 billion, which is a 15% increase from 2019[139] - BYD Company Limited reported a revenue of RMB 156.6 billion for the year 2020, representing a year-on-year increase of 22.5%[154] - BYD's net profit for 2020 was RMB 4.3 billion, reflecting a growth of 162.5% year-on-year[154] Assets and Financial Ratios - Total assets as of December 31, 2020, were RMB 201.02 billion, an increase from RMB 195.64 billion in 2019[4] - The gearing ratio decreased to 69% in 2020 from 124% in 2019, indicating improved financial stability[4] - Current ratio improved to 1.05 in 2020, compared to 0.99 in 2019, reflecting better liquidity[4] - Total borrowings as of December 31, 2020, were approximately RMB 51,271 million, down from RMB 75,978 million in 2019[110] - The turnover period of receivables improved to approximately 141 days in 2020 from 190 days in 2019[111] - The inventory turnover period decreased to approximately 83 days in 2020 from about 92 days in 2019[111] Market and Sales Performance - The sales volume of new energy vehicles in China reached 1,367,000 units, marking a year-on-year growth of 10.9%[14] - In 2020, BYD's production and sales volume of new energy vehicles reached 1.366 million and 1.367 million units, representing year-on-year increases of 7.5% and 10.9% respectively[49] - The overall automobile sales volume in China was approximately 25,311,000 units, reflecting a year-on-year decrease of 1.9%[14] - BYD's market share of pure electric buses in Europe exceeded 20% in 2020, with sales volume growing against the market downtrend[64] - BYD's international sales grew by 35% in 2020, driven by increased demand in Europe and North America[154] Product Development and Innovation - BYD aims to actively develop new energy vehicles and urban rail transportation products for sustainable growth[1] - The company has established a leading position in the global new energy vehicles sector, leveraging its technological advantages[1] - BYD launched the all-new flagship model "Han" and a facelift flagship SUV "Tang," which received positive consumer feedback[15] - The "blade battery," released in March 2020, features six technological innovations, significantly enhancing safety and performance standards in the industry[62] - BYD launched three models of DM-i super hybrid automobiles, achieving fuel consumption of only 3.8 L/100 kilometers and a combined travel range exceeding 1,200 kilometers[83] - The company is focusing on technological innovations such as "blade batteries" and super hybrid DMi to promote the electrification of the automobile industry[82] Strategic Partnerships and Collaborations - A joint venture with Toyota was established to focus on electric vehicle research and development, further accelerating the marketization process[19] - The company collaborated with DiDi to develop the world's first customized online ride-hailing vehicle, D1, catering to the needs of online ride-hailing users[15] - BYD established BYD TOYOTA EV Technology Co., Ltd. in collaboration with Toyota to promote the development of new energy passenger cars[69] - The company has made strategic alliances with Hino Motors to develop BEVs and electric vehicle parts, aiming to accelerate the global adoption of electric commercial vehicles[69] Research and Development - BYD is investing RMB 10 billion in research and development for new battery technologies and electric vehicle models over the next three years[141] - The company is focusing on the development of autonomous driving technologies, with a projected investment of RMB 2 billion in this area by 2023[138] - The Group plans to expand its product lines and increase R&D investment in emerging business areas such as electronic atomization equipment, drones, and smart home products[100] - Strategic investment in Horizon Robotics aims to advance BYD's automotive intelligence capabilities, leveraging complementary advantages in chip technology[92] Corporate Governance and Management - The company has implemented corporate governance practices in compliance with the Corporate Governance Code, with some deviations noted[190] - The Board consists of six directors, including one executive director, two non-executive directors, and three independent non-executive directors[198] - The company believes that the dual role of Chairman and CEO held by Wang Chuan-fu does not impair the balance of power within the organization[191] - The company aims to uphold the highest standards of corporate governance to enhance stakeholder confidence[189] - The management team has extensive experience in both domestic and international markets, enhancing the company's strategic positioning[162][165] Sustainability and Future Goals - BYD has set a target to achieve carbon neutrality in its operations by 2025, aligning with global sustainability goals[140] - The company aims to deepen cooperation with automotive OEMs to realize long-term development in its automotive intelligent system business[99] - The photovoltaic business will focus on high-quality products to capture market opportunities and expand both domestic and international market shares[102]