证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 问题三：公司在汽车智能化上的进展？ 答：智能化作为新能源汽车行业发展的下半场，公司切实落实"整 车智能"战略，构建起"天神之眼"技术矩阵。截至 2025 年 12 月底，公司辅助驾驶车型保有量超 256 万辆、天神之眼辅助驾驶 每天生成数据超 1.6 亿公里。通过规模优势驱动数据快速积累， "天神之眼"算法加速迭代，实现越开越好开，越用越安全。根 据比亚迪用户年度出行报告，2025 年全年用户智能泊车激活比 例高达 85.97%、辅助驾驶激活比例高达 94.13%，AEB（自动紧 | 急刹车系统）触发次数 万次。公司将持续推进辅助驾驶的研 933 | | --- | | 发，持续进步以满足广大用户的需求。 | | 问题四：公司以创新为核心，通过哪些具体举措凸显科技属性， | | 传递技术理念？ | | 答：公司以创新为核心驱动力，持续不断地推出一系列具有原创 | | 性、颠覆性的技术和产品，坚定不移地推动全球绿色可持续发展， | | 致力于在解决社会问题的过程中发展自己。 | | 技术是品牌的底色，公司致力于把一项项领先的核心技术打造成 | | 一 ...

Group 1: Core Insights - The automotive industry is shifting its focus from hardware to software-defined vehicles with continuous evolution capabilities, as highlighted by the advancements in AI technology at CES 2026 [1][2][3] - Geely Auto Group introduced its AI technology system, including the WAM model and the G-ASD platform for advanced driving assistance, showcasing its commitment to integrating AI across various vehicle domains [2][3] - The competition in the automotive sector is increasingly centered around the development of intelligent systems that can learn and adapt, moving beyond traditional functionalities [1][3] Group 2: Geely's Innovations - Geely's WAM (World Action Model) represents a significant upgrade to its AI technology, enabling cross-domain integration and the development of a vehicle's "brain" with judgment capabilities [2][3] - The introduction of the Eva super-human emotional intelligence system marks a transition from functional modules to a comprehensive vehicle intelligence hub [3] - Geely's new generation of the G-ASD driving assistance system features high data capacity and advanced hardware, enhancing the overall driving experience [3] Group 3: Other Automotive Players - Great Wall Motors showcased multiple global strategic models and advanced engine technologies, emphasizing its strength in vehicle intelligence and core power technologies [1][4] - Leap Motor announced the world's first cross-domain integration solution featuring Qualcomm's Snapdragon cockpit platform, with its flagship model D19 set to debut this technology [4] Group 4: Supply Chain Innovations - Bosch presented its new AI smart cockpit platform, which integrates personalized features and advanced sensor technologies, enhancing user interaction and driving assistance capabilities [6] - The seventh-generation millimeter-wave radar, launched by Bosch, offers enhanced precision and long-range detection, improving safety in complex traffic environments [6] - Hesai showcased its new L3 automotive-grade lidar solutions, which are set to double production capacity by 2026, reflecting the growing demand for advanced driver-assistance systems [7][8]

Core Insights - Beijing Automotive's strategic focus is on transforming its operations through the development of "AI Virtual Driver" and "AI Super Assistant" as core product lines, aiming to overcome current development bottlenecks and advance towards intelligent vehicles and comprehensive connectivity [3][8]. Group 1: Technological Advancements - The company has made significant progress in smart technology, exemplified by the creation of the Yuanjing AI model platform, which integrates top-tier specialized models such as DeepSeek and Doubao [5][10]. - The Yuanjing AI model platform has been implemented in multiple models from the Arcfox and Beijing Off-road brands, supporting high-frequency services like AI scheduling assistant and AI pre-vehicle preparation, with cumulative usage exceeding 800 million times [6][10]. - The Arcfox Alpha S5 received the "Automotive Cockpit AI Model Intelligent Interaction Verification Certificate" in February, setting a new benchmark for intelligent interaction in the industry [6][10].

Group 1: Market Outlook and Sales Performance - The penetration rate of new energy passenger vehicles has exceeded 50% for several consecutive months, indicating a strong market trend towards electrification [1] - From January to October 2025, the company achieved cumulative sales of 3.7 million vehicles, a year-on-year increase of 13.9%, maintaining its position as the global sales leader in new energy vehicles [2] - In October 2025, the company sold over 440,000 vehicles, setting a new record for the year, with overseas sales of passenger vehicles and pickups reaching 83,524 units, a year-on-year increase of 155.5% [2] Group 2: Product Development and Consumer Demand - The company emphasizes "technology as king, innovation as fundamental" and continuously optimizes product design to meet diverse consumer needs [3] - The launch of the "Titan 7" model, featuring a unique design and spacious interior, achieved sales of over 20,000 units in its first full month, with an average transaction price exceeding 210,000 [3] Group 3: Smart Technology and Innovation - The company is implementing its "Smart Vehicle" strategy, leveraging its extensive vehicle cloud database and engineering team to enhance advanced driver assistance systems [5] - As of September 2025, over 1.7 million vehicles equipped with the "Heavenly Eye" technology have been sold, generating over 110 million kilometers of data daily [5] Group 4: Global Expansion and Market Penetration - The company has expanded its global presence, with products available in over 110 countries and regions, significantly increasing new energy vehicle penetration in Europe, Latin America, and Asia-Pacific [6] - The company’s factory in Thailand celebrated its first anniversary, delivering its 90,000th new energy vehicle in the market [6] Group 5: Energy Storage Business Highlights - The company has established a complete industrial chain for energy storage, with a focus on system development and application since 2008 [7] - The "Hao Han" energy storage product, featuring the world's largest dedicated energy storage battery, was launched, significantly enhancing system reliability and performance [7] - As of October 2025, the total installed capacity of the company's new energy vehicle power batteries and energy storage batteries exceeded 230 GWh [7]

Core Insights - BYD Han Long Range Edition has officially launched, featuring significant improvements in electric range and fuel efficiency [1][3] - The Han DM-i Long Range Edition offers a pure electric range of 245 kilometers and a fuel consumption of only 3.44L/100km, while the Han EV Long Range Edition boasts a lower energy consumption of 10.6kW·h per 100 kilometers [1][3] Pricing and Models - The Han DM-i Long Range Edition is available in four models with prices ranging from 159,800 to 189,800 yuan after subsidies [3] - The Han EV Long Range Edition comes in three models priced between 173,800 and 205,800 yuan after subsidies [3] Performance and Features - The Han EV Long Range Edition features a new eight-in-one intelligent electric drive system, with a starting pure electric range of 635 kilometers and a maximum of 705 kilometers, achieving 0-100 km/h in as fast as 6.9 seconds [3] - The vehicle's comprehensive range reaches 1560 kilometers, enhancing long-distance travel convenience [3] Design and Comfort - The Han Long Range Edition introduces three new colors: Frosted Gold, Pine Shadow Green, and Distant Peak Blue, along with upgraded materials and interior configurations [3] - Key comfort features include a 4.5-liter intelligent cooling and heating refrigerator, ANC active noise cancellation technology, and a specially developed anti-motion sickness system [3] Intelligent Systems - The vehicle is equipped with the Yun Nian-C intelligent damping chassis control system, which can identify road conditions up to 15 meters ahead and adjust suspension damping accordingly [4] - The "Tian Shen Zhi Yan" driver assistance system supports various driving and parking scenarios, with over 300 parking scenarios currently supported [6] Safety Enhancements - The Han Long Range Edition includes the TBC high-speed tire blowout stability system, which responds in milliseconds to tire blowouts at speeds up to 190 km/h, significantly enhancing driving safety [6]

Core Viewpoint - BYD's Han Long Range version has been officially launched, focusing on luxury upgrades across six dimensions: aesthetics, comfort, ecology, intelligence, safety, and efficiency [1] Product Features - The Han DM-i Long Range version offers a pure electric range of 245 kilometers, with a low fuel consumption of 3.44L/100km when the battery is depleted, and a comprehensive range of 1560 kilometers [3] - The Han EV Long Range version features a new eight-in-one intelligent electric drive system, starting with a pure electric range of 635 kilometers and reaching up to 705 kilometers, with a 0-100 km/h acceleration time of 6.9 seconds and a power consumption of 10.6 kW·h per 100 kilometers [3] Aesthetic and Comfort Upgrades - The Han Long Range version introduces three new colors: Frosted Gold, Pine Shadow Green, and Distant Peak Blue, catering to the aesthetic preferences of younger consumers [5] - The interior has been upgraded with high-quality materials, including a laser-etched panel on the dashboard and easy-to-clean leather materials, enhancing the overall luxury experience [7] Comfort Features - Key comfort features include a 4.5-liter intelligent cooling and heating refrigerator, active noise cancellation technology, and a smart anti-motion sickness system, creating a serene travel environment [9] - The vehicle is equipped with the DiLink 100 intelligent cockpit, which integrates new functionalities such as hand-car connectivity and karaoke without a microphone [11] Safety Enhancements - The Han Long Range version is equipped with the TBC high-speed tire blowout stability system, which enhances safety during high-speed driving by providing immediate response to tire blowouts [17] - The vehicle also features the "Eye of God" driver assistance system, supporting various driving and parking assistance functions, with a commitment to cover any safety issues arising from the system [15] Customer Services - BYD offers exclusive services for Han owners, including vehicle pick-up and delivery services, and parking assistance at key locations such as train stations and airports, all free of charge [19] - The company is also providing promotional offers, including a 10,000 yuan reduction on the final payment for the Han EV 506KM model, along with a 10,000 yuan super replacement subsidy until October 31 [19]

Core Insights - BYD's Han Long Range Edition was officially launched on October 11, 2025, focusing on six luxury dimensions: aesthetics, comfort, ecology, intelligence, safety, and efficiency [1] - The Han family has achieved cumulative sales of over one million vehicles, establishing a significant market milestone [1] Group 1: Powertrain and Efficiency - The Han DM-i Long Range Edition 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 [2] - The Han EV Long Range Edition offers a starting pure electric range of 635 kilometers, reaching up to 705 kilometers, with a 0-100 km/h acceleration time of 6.9 seconds and an energy consumption of 10.6 kW·h per 100 kilometers [2] Group 2: Aesthetics and Comfort - The Han Long Range Edition introduces three new colors: Frosted Gold, Pine Shadow Green, and Distant Peak Blue, catering to the aesthetic preferences of younger consumers [3] - The interior features upgrades such as a laser-brushed panel and high-quality materials, along with a fully upgraded electronic gear shift for a premium cabin atmosphere [3] Group 3: Smart Features and Safety - The vehicle is equipped with the DiLink 100 smart cockpit and integrates Deepseek's large model, enhancing connectivity and entertainment options [4] - The Han Long Range Edition includes a TBC high-speed tire blowout stability system, which enhances safety during high-speed driving by providing real-time responses to tire blowouts [6] Group 4: Intelligent Ecosystem - The vehicle integrates with various smart products for family travel, ensuring comfort and safety for users [5] - The Han Long Range Edition features the Yunlian-C intelligent damping control system, which adjusts suspension based on real-time road conditions [5]

Core Viewpoint - BYD's mid-term performance for the first half of 2025 shows significant growth in revenue and profit, highlighting its leadership in the global electric vehicle market and strong market presence in China [1][2][8] Financial Performance - BYD reported a revenue of RMB 371.28 billion for the six months ending June 30, 2025, representing a year-on-year increase of 23.30% [1] - The net profit attributable to shareholders was RMB 15.51 billion, up 13.79% year-on-year, with earnings per share at RMB 1.71 [1] Automotive and Battery Business - In the first half of 2025, BYD's sales of new energy vehicles increased by over 33.0%, solidifying its leading position in the market [2] - The overall market share for BYD's automotive business rose by 2.2 percentage points to 13.7%, making it the second-largest exporter of complete vehicles in the first half of the year [2] Technological Innovation - BYD launched the world's first mass-produced passenger vehicle with a full-domain kilovolt high-voltage architecture, enhancing its core electric systems [3] - The company introduced a 10C charging battery and the world's first mass-produced 30,000 RPM motor, leading advancements in pure electric technology [3] Brand Strategy - BYD's multi-brand strategy includes brands like "BYD," "Equation Leopard," "Tengshi," and "Yangwang," catering to various market segments from family to luxury vehicles [4] - The "Tengshi" brand is advancing in the high-end market, while "Yangwang" focuses on high-end products with advanced technology [4] Global Expansion - BYD's products are now available in over 110 countries and regions across six continents, with significant sales growth in markets like the UK, Brazil, and Singapore [5] - The company is establishing local manufacturing and operational processes, including a new passenger vehicle factory in Cambodia and a European headquarters in Hungary [5] Collaboration and Future Outlook - BYD is deepening partnerships with global players to enhance its green vision and accelerate the development of charging infrastructure [6] - The company is also focusing on AI and smart products, with significant growth in its AI data center business [7] - BYD aims to strengthen its competitive edge and continue its global expansion in the new energy vehicle sector [8]

Financial Performance - In the first half of 2025, the company's revenue reached 371.28 billion yuan, representing a year-on-year increase of 23.3% [2][3] - The net profit attributable to shareholders was 15.51 billion yuan, up 13.79% year-on-year, while the net profit excluding non-recurring items was 13.6 billion yuan, reflecting a growth of 10.43% [2][3] - The company's total assets amounted to 846.34 billion yuan, an increase of 8.04% compared to the previous year, and the net assets attributable to shareholders rose by 25.33% to 232.17 billion yuan [2][3] Business Segments - Revenue from automotive and related products was approximately 302.51 billion yuan, showing a significant growth of 32.49%, while revenue from mobile components and assembly decreased by 5.54% to about 687.44 billion yuan [2][3] - The automotive segment accounted for 81.48% of total revenue, while mobile components and assembly represented 18.51% [2] Research and Development - The company invested approximately 30.88 billion yuan in R&D, marking a substantial increase of 53.05% year-on-year [2] Strategic Initiatives - In February, the company launched its "Smart Vehicle" strategy, introducing the "Tian Shen Eye" technology matrix and the "Universal Smart Driving" strategy, aiming to integrate advanced driving technologies across its vehicle lineup [2] - By May 2025, the cumulative sales of smart driving models exceeded 710,000 units, generating over 44 million kilometers of driving data daily [2] Technological Advancements - In March, the company unveiled the world's first mass-produced passenger vehicle with a full-domain kilovolt high-voltage architecture, enhancing its electric vehicle technology platform [4] - The "Flash Charging Battery" was introduced, capable of achieving a peak charging speed of 1 megawatt (1,000 kW), allowing for a charging experience of "2 kilometers in 1 second" and "400 kilometers in 5 minutes" [5] Capital Market Activities - The company completed a significant H-share placement of 5.6 billion USD in March, marking the largest placement in automotive history, attracting numerous top-tier long-term investors [5] - In April, the company initiated a 2025 employee stock ownership plan involving approximately 25,000 employees, with a total funding of about 4.1 billion yuan [5] Shareholder Returns - In June, the company approved a profit distribution plan, offering a cash dividend of 39.74 yuan per 10 shares and a stock bonus of 8 shares for every 10 shares held, along with a capital reserve conversion of 12 shares for every 10 shares [6]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.5 billion to 10 billion yuan in the first quarter of 2025, representing a year-on-year increase of 86.0% to 118.9% [2] - BYD's vehicle sales reached 1 million units in the first quarter of 2025, a year-on-year increase of 59.8%, with a single vehicle net profit of 8500 to 10,000 yuan, reflecting a year-on-year increase of 16.4% to 40.0% [2] - The company's overseas sales grew significantly, with 206,000 units sold in the first quarter of 2025, a year-on-year increase of 110% [2] - BYD's R&D investment exceeded 54.2 billion yuan in 2024, a year-on-year increase of 35.7%, focusing on smart and electric vehicle technologies [2] - The company forecasts net profits of 54.8 billion, 66.5 billion, and 79.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20x, 16x, and 14x, maintaining a "Buy" rating [2] Financial Summary - Total revenue for 2023 was 60.23 billion yuan, with projected revenues of 77.71 billion yuan in 2024 and 99.67 billion yuan in 2025, reflecting growth rates of 42.0%, 29.0%, and 28.3% respectively [3] - The net profit attributable to shareholders for 2023 was 30 billion yuan, with projections of 40.3 billion yuan in 2024 and 54.8 billion yuan in 2025, indicating year-on-year growth rates of 80.7%, 34.0%, and 36.1% respectively [3] - The gross profit margin is expected to improve from 18.6% in 2023 to 20.8% by 2027 [3] - The return on equity (ROE) is projected to remain stable around 24.5% from 2025 to 2027 [3]