问题三：公司未来在技术和产品方面有哪些期待？ 答：公司秉承"技术为王 创新为本"的发展理念，研发投入居 A 股上市公司前列，始终以技术创新推动自身和行业高速发展。 例如"刀片电池"解决了新能源汽车安全性的问题，"DM-i 超 级混动"解决了新能源汽车经济性的问题，更有像"易四方"、 "云辇"等行业颠覆性技术发布，以极致的安全、性能和舒适满 足不同消费者的需求。今年以来，公司陆续发布"天神之眼"、 "兆瓦闪充"等技术，同时量产并搭载在公司车型上，持续巩固 公司技术护城河。未来，公司也将持续解决行业发展痛点，推出 消费者切身需求的优质产品，助力新能源汽车产业高质量发展。 证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 投资者关系活动记录表 编号：2025-44 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他 （电话会议） 参与单位名 称及人员姓 名 美银美林、分析师、Ming Hsun Lee 等 60 人 时间 2025-11-21 10:00-11:00 地点 比亚迪六角大楼 上市公司接 待人员姓名 吴越、黄悦 投资者 ...

Group 1: Company Overview and Strategy - BYD is an innovative technology enterprise focused on four major industries: automotive, electronics, new energy, and rail transit [1] - The company emphasizes "technology as king, innovation as fundamental" to meet consumer demands for a better life [1] - In the electric vehicle sector, BYD leads with a dual approach of pure electric and plug-in hybrid technologies [2] Group 2: Sales Performance - From January to October 2025, BYD sold 3.7 million vehicles, a year-on-year increase of 13.9%, maintaining its position as the global leader in electric vehicle sales [4] - Cumulative sales of new energy vehicles have surpassed 14.2 million units [4] - In October alone, sales exceeded 440,000 vehicles, marking a new high for the year [4] Group 3: International Expansion - BYD's products are now available in over 110 countries and regions across six continents, significantly increasing its global market penetration [7] - The company delivered its 40,000th electric vehicle in Uzbekistan and the 100,000th in Thailand, highlighting its growth in international markets [7] - The establishment of production facilities in Thailand, Uzbekistan, and Brazil supports its global expansion strategy [7] Group 4: Technological Advancements - BYD has developed the "blade battery," a highly safe lithium iron phosphate battery, addressing market safety concerns and becoming a supplier for several well-known automotive brands [2] - The company launched the "全民智驾" (Universal Smart Driving) strategy, enhancing its smart driving capabilities with over 1.7 million vehicles equipped with the "天神之眼" (Sky Eye) algorithm [6] - The company aims to achieve L4-level smart parking capabilities, ensuring safety and reliability for consumers [6] Group 5: Energy Storage Business - BYD's energy storage division has been operational since 2008, providing comprehensive solutions across various applications, including grid and commercial storage [8] - The company has delivered energy storage systems globally, with significant projects in Germany and other countries [9] - As of October 2025, BYD's total installed capacity for electric vehicle and energy storage batteries exceeded 230 GWh, representing a year-on-year increase of over 55% [9]

Group 1 - The new Deep Blue S07 was officially launched and delivered on September 19 at the Nanjing Smart Factory, which holds significant meaning as the factory's address corresponds to the internal development code for the S07 [2][4] - Deep Blue has a strong connection with Nanjing, as the local industrial fund participated in the company's A-round financing, and the first S07 rolled off the production line in Nanjing [4][6] - The Nanjing factory is now designated as Deep Blue's first exclusive factory in China, with plans for another exclusive factory in Chongqing [6] Group 2 - The new S07 offers five models with both range-extended and pure electric powertrains, priced between 156,900 and 173,900 yuan, and is the first model in its price range to feature Huawei's advanced driving technology [7][8] - Over 30% of last year's Deep Blue vehicle buyers opted for Huawei's driving technology, indicating a growing consumer preference for intelligent driving features [7] - The penetration rate of intelligent driving in the 150,000 to 200,000 yuan segment is approximately 57% [7] Group 3 - The Nanjing Smart Factory is a national-level 5G smart factory with a cumulative output value exceeding 80 billion yuan, established in 2022 and featuring high automation [10] - The factory supports over 3,000 personalized configuration options, utilizing AGV (Automated Guided Vehicle) systems for flexible production, allowing for rapid adaptation to market demands [10][11] - The average time from order to delivery for the S07 is currently 16 working days [11] Group 4 - Deep Blue's international expansion began with the S05 model, which has seen good sales in various countries, and the company plans to launch new products in 15 overseas markets in September [11][13] - The company aims to achieve a sales target of 100,000 units overseas by next year, with half produced domestically and half abroad [13] - Deep Blue's strategy includes local production using local supply chains and KD (knock-down) assembly methods for international markets [13] Group 5 - The appointment of Jiang Hairong as CEO, who has nearly 20 years of experience at Huawei, is expected to strengthen Deep Blue's marketing capabilities [14] - The company is focused on enhancing the S07's market position through strategic moves, including the integration of Huawei's driving technology and the establishment of exclusive manufacturing facilities [14]

Core Viewpoint - The launch and large-scale delivery of the new Deep Blue S07 in Nanjing marks a significant milestone for the company, emphasizing its deep connection with the city and its strategic importance in the company's operations [1][2]. Company Developments - Deep Blue's chairman, Deng Chenghao, highlighted the historical ties between Deep Blue and Nanjing, noting that the first S07 model was produced at the Nanjing factory, which also received investment from the local industrial fund during its A-round financing [2]. - The Nanjing factory has officially become Deep Blue's first dedicated factory in China, alongside another factory in Thailand that commenced production in May [3]. - The new S07 model offers five variants with both range-extended and pure electric power options, priced between 156,900 to 173,900 yuan [4]. - The S07 is the first model in the 150,000 yuan price range to feature Huawei's advanced driving technology as standard [4]. Market Insights - User preferences indicate that appearance, space, and intelligent driving are the top three factors influencing car purchases, with over 30% of last year's Deep Blue buyers opting for Huawei's intelligent driving features [4]. - The penetration rate of intelligent driving in the 150,000 to 200,000 yuan segment is approximately 57% [5]. Production and Delivery - The Nanjing smart factory, which has a cumulative output value exceeding 80 billion yuan, is designed for high efficiency, achieving a production cycle of 102 seconds per vehicle [9][8]. - The factory supports over 3,000 customizable configurations, allowing for rapid adaptation to market demands through an AGV (Automated Guided Vehicle) system [10]. - Customers can expect to receive their S07 vehicles within 16 working days after placing an order via the app [10]. International Expansion - Deep Blue has recently begun its international expansion, with plans to launch new products in 15 overseas countries by September [11]. - The company aims to achieve sales of 100,000 units overseas by next year, with half produced domestically and half abroad [13]. - The strategy for international markets includes local production using local supply chains and KD (knock-down) assembly from China [12]. Leadership Changes - The appointment of Jiang Hairong as CEO, who has extensive experience from Huawei, is expected to enhance Deep Blue's marketing capabilities [13][14].

Strategic Decisions - Alibaba Group has made a strategic investment in Hello's Robotaxi business, aiming to co-develop foundational models in vision, voice, and language, as well as specialized models for smart cabins [2] - This investment signifies a deepening of the partnership between Alibaba and Hello, focusing on the commercialization and scaling of autonomous driving technologies [2] Major Announcements - Anta Sports has initiated a special anti-corruption campaign, resulting in the dismissal of 74 employees for serious misconduct and the referral of 46 individuals to judicial authorities [3] - The campaign aims to purify the internal ecosystem and enhance compliance, which is expected to safeguard profits and brand reputation [3] Performance Announcements - BYD's "Heavenly Eye" model has achieved cumulative sales exceeding 1.4 million units, with 263,721 units sold in August alone, representing a 90% share of domestic sales for assisted driving models [4] - The success is attributed to BYD's "Universal Smart Driving" strategy, which emphasizes technology accessibility and cost control [4] Operational Measures - Xiaomi has announced a recall of 116,887 units of its SU7 standard electric vehicles produced between February 6, 2024, and August 30, 2025, due to safety concerns related to the L2 highway navigation assistance feature [5][6] - This proactive recall is expected to mitigate potential damage to consumer trust [6] New Product Launches - BYD has launched its third-generation electric bus technology platform, e-Bus 3.0, which includes the new C11 electric bus with a range exceeding 400 kilometers [4] - This launch sets a new benchmark in electric bus technology and aims to drive the electrification of global bus markets [4] Important Collaborations - Li Auto and CATL have signed a five-year comprehensive strategic cooperation agreement, focusing on battery safety and ultra-fast charging technology [7] - This partnership aims to enhance Li Auto's offerings with high-performance battery systems and support its global expansion efforts [7]

Group 1: Automotive Market Overview - In August 2025, the comprehensive inventory coefficient of automotive dealers in China was 1.31, a year-on-year increase of 12.9%, but a month-on-month decrease of 3.0%, indicating inventory levels are below the warning line but above the reasonable range [1] - The retail sales of passenger cars in China reached 2 million units in August, a year-on-year increase of 4.6% and a month-on-month increase of 8.2%, with cumulative retail sales for the year at 14.74 million units, up 9.5% year-on-year [1] Group 2: Company Developments - BYD's senior management and core personnel increased their holdings by a total of 488,200 shares, amounting to approximately 52.33 million yuan [2] - NIO announced a $1 billion stock issuance, pricing American Depositary Shares at $5.57 each and A-class ordinary shares at HK$43.36, with plans to use the proceeds for R&D and network expansion [3] - Zhijie Automotive reported over 21,000 pre-orders for its new model within 15 days of launch, with prices starting at 249,800 yuan [4] - XPeng Motors officially opened its first R&D center in Munich, Germany, marking its ninth global R&D site [5] - BYD applied for trademarks related to "全民智驾" (Universal Smart Driving), focusing on enhancing vehicle intelligence through smart driving technology [6] - The Tengshi brand aims for a monthly sales target of 20,000 units, with aspirations to reach 30,000 units, driven by the launch of the Titanium 7 model [7] - FAW-Volkswagen launched the new generation of the Sagitar L, with prices starting at 114,900 yuan [8] - Zhongke Chuangda, in collaboration with Geely and NVIDIA, launched the AIBOX product at the IAA Mobility 2025 event [9] - SAIC established a new automotive sales service company with a registered capital of 30 million yuan [10] - Faraday Future announced the successful completion of its compliance monitoring period with NASDAQ, restoring its normal listing status [11]

Group 1 - BYD has applied for the trademarks "BYD Universal Intelligent Driving" and "Tianshen Eye Universal Intelligent Driving," with the current status being in the registration application phase [1] - The concept of Universal Intelligent Driving aims to enhance vehicle intelligence through smart driving technology, proposed by BYD's chairman Wang Chuanfu in February 2025 [1] - The core objective of Universal Intelligent Driving is to lower costs to promote the widespread adoption of advanced intelligent driving systems [1]

Core Insights - BYD Company Limited has recently applied for the registration of trademarks "BYD Universal Intelligent Driving" and "Tianshen Eye Universal Intelligent Driving" under the international classification for website services, currently in the status of awaiting substantive examination [1] - The company was established in February 1995, with a registered capital of approximately 9.117 billion RMB, and is co-owned by Hong Kong Central Clearing Limited, Wang Chuanfu, and Lv Xiangyang [1] - The concept of Universal Intelligent Driving, proposed by BYD's chairman Wang Chuanfu in February 2025, aims to enhance vehicle intelligence through smart driving technology, focusing on reducing costs to popularize advanced intelligent driving systems [1]

Group 1 - The company has set a global sales target of 800,000 units for overseas markets in 2025, and current market performance indicates that this target is achievable [1] - From January to August 2025, the company's global sales of new energy vehicles reached approximately 2.86 million units, representing a year-on-year growth of 23% [1] - The overseas sales of passenger cars and pickups exceeded 630,000 units, significantly surpassing the total sales for the previous year [1] Group 2 - The company believes that Chinese automotive brands are entering a prime period for globalization, with expectations that more Chinese brands will enter the global top ten [3] - The company introduced new models equipped with the "Tianshen Eye" technology at the Chengdu Auto Show, emphasizing that smart technology should not be exclusive to luxury vehicles [4] - The company aims to accelerate the popularization of smart driving technology, with a goal for 2025 to be the year of widespread smart driving adoption [4] Group 3 - As of early August, the company has over 1.2 million vehicles equipped with the "Tianshen Eye" smart driving assistance system, contributing to a total of over 5 million L2-level assistance vehicles in the Chinese market [4][5] - The company has a robust team of over 5,000 smart driving engineers and the largest production scale of new energy vehicles globally, enabling better technology and lower costs for smart driving [5] - The company expects overseas sales to exceed 800,000 units this year, with the proportion of overseas sales in total sales increasing from 10% last year to 20% in the first half of this year [6] Group 4 - The company has entered over 112 countries and regions globally, achieving the highest sales of new energy vehicles in several countries including Italy, Turkey, Spain, and Brazil [6] - Local production is accelerating, with factories in Thailand and Uzbekistan already operational, and a production base in Hungary set to commence operations [6] - The company plans to continue its global and localization strategies, believing that the globalization of Chinese automotive brands is just beginning [6]

Core Viewpoint - BYD aims to establish itself as a national brand by leveraging its systematic capabilities, focusing on both domestic automotive culture and international market expansion [2][4]. Group 1: Intelligent Driving and Market Position - BYD's "全民智驾" initiative has sparked a trend in intelligent driving, with over 1.2 million vehicles equipped with the "天神之眼" system and a total of over 5 million vehicles with L2 level assistance in China [2][10]. - The company has the largest scale of new energy production globally and the largest team of intelligent driving engineers, exceeding 5,000 personnel [2][10]. - BYD's overseas sales target for this year is set at 800,000 units, with 470,000 units sold in the first half of the year, indicating strong growth potential [2][6]. Group 2: Historical Context and Growth - BYD's overseas expansion has been a long-term effort, with three major waves of internationalization since 1997, transitioning from consumer electronics to electric buses and now passenger vehicles [6][8]. - The company faced challenges in the European market, with monthly sales dropping below 100 units three years ago, but has since rebounded to over 3,000 units monthly in key markets [7][8]. Group 3: Racing Culture and Infrastructure Development - BYD is investing 5 billion yuan to build racetracks, aiming to cultivate a racing culture in China, which currently lacks sufficient infrastructure compared to its automotive market size [15][16]. - The company has already opened racetracks in Zhengzhou and Hefei, with plans for more facilities to enhance public engagement with motorsports [15][19]. - The goal is to create a safe and enjoyable racing environment, promoting both safety and fun for the general public [17][19]. Group 4: Intelligent Parking and Safety Initiatives - BYD has introduced an "Intelligent Parking Safety Guarantee," covering all accidents occurring in the intelligent parking scenario, reflecting confidence in its technology [12][13]. - The accident rate for intelligent parking scenarios is reported to be less than one in a million, contributing to consumer trust and high usage rates of 70% [12][13].