Core Viewpoint - BYD's recent organizational restructuring aims to enhance efficiency and resource integration within its automotive division, focusing on solidifying its leadership in the electric vehicle sector [1][11]. Adjustment Details - The restructuring involves the dissolution of the former 13th division, which was established in 2005 and focused on automotive parts development and manufacturing, including mold design and production, lighting, and rail transit components [3][4]. - The mold business is now integrated into the Automotive Engineering Research Institute, while the lighting business has been transferred to the 11th division, enhancing the seamless connection between key components and vehicle manufacturing [4]. Strategic Intent - The adjustment is a proactive response to intensified competition in the electric vehicle market, with the core goal of "divesting non-core functions and strengthening vertical management" to improve R&D efficiency and reduce inter-departmental collaboration costs [7]. - By eliminating the 13th division, BYD aims to streamline operations, allowing for quicker alignment between technical requirements and manufacturing capabilities, thus enhancing overall productivity [7]. Market and Brand Effects - The organizational optimization is crucial for expanding into overseas markets and enhancing high-end brand development, as it allows for faster response to market demands and shorter product development cycles [10]. - The restructuring enhances the automotive division's ability to coordinate R&D across passenger and commercial vehicles, leveraging advanced technologies to create differentiated competitive advantages and elevate brand value [10]. Overall Implications - BYD's restructuring is not merely a departmental merger but a strategic choice focused on "efficiency first and core focus," paving the way for accelerated technological development, optimized cost control, and deeper overseas expansion [11].

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳威迈斯新能源股份有限公司 Shenzhen VMAX New Energy Co., Ltd. （地址：深圳市南山区北环路第五工业区风云科技大楼 501 之一） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （地址：上海市黄浦区中山南路 318 号东方国际金融广场 2 号楼 24 层） 深圳威迈斯新能源股份有限公司 首次公开发行股票并在科创板上市招股说明书 声明及发行概况 一、声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人 ...