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 ...

Domestic News - Shanghai leads the world in the promotion of new energy vehicles, with over 220,000 units promoted from January to September 2025, a year-on-year increase of 25.4%. The cumulative promotion volume has reached 1.87 million units, ranking first among global cities [5] - Xiaopeng Motors unveiled its second-generation VLA large model, featuring 72 billion parameters and a cloud computing power cluster of 30,000 cards. The model will support "no navigation automatic driving" and is set to launch in December 2025 [6] - Volkswagen China announced plans to develop its own system-on-chip (SoC) for advanced driving assistance systems (ADAS) and future autonomous driving (AD) capabilities, enhancing local R&D capabilities [7] - Porsche has officially opened its R&D center in China, which will significantly shorten development cycles and enhance responsiveness, with a core team of over 300 engineers [8] - BYD will produce its best-selling plug-in hybrid vehicle, Seal U, in Turkey, marking a significant expansion in its European operations [9] - Pony.ai launched its seventh-generation Robotaxi, designed for a lifespan of 600,000 kilometers, showcasing its commitment to scaling up autonomous taxi operations [10] - Nissan established a joint venture for import and export in China, marking a new phase in its local development strategy [11] - Schaeffler has sold its turbocharger business in China to optimize its business structure, focusing on core competencies [12] International News - In Canada, new car sales in October 2025 decreased by 1.8% year-on-year, totaling 159,000 units [13] - The UK saw a slight increase in new car registrations in October 2025, up 0.5% year-on-year, with electric vehicles accounting for 25.4% of the market [14] - France's new passenger car registrations grew by 2.94% year-on-year in October 2025, reaching 139,513 units, although the cumulative registrations for the first ten months fell by 5.36% [15] - The EU plans to announce new regulations in December 2025 to promote affordable small electric vehicles, aiming to enhance competitiveness against Chinese manufacturers [16] Commercial Vehicles - BYD's T4 electric truck is set to be officially launched at the Wuhan Commercial Vehicle Exhibition on November 13, 2025 [19] - A new ultra-fast charging network for electric logistics has been launched in Linyi, China, marking a significant milestone in low-carbon logistics [20] - Jinbei (Shenyang) Automobile Co., Ltd. has entered a strategic cooperation with Toyota Tsusho, focusing on market channel collaboration and targeting the Saudi market [21] - Great Wall's Haval Shanhai Cannon Hi4-T has officially launched in Chile, marking a significant step in its global strategy [22]

Core Viewpoint - The European automotive market is experiencing a recovery driven by policy support, expanding demand, and technological advancements, particularly in electric and hybrid vehicles [1][2]. Market Overview - In July, the European new car market (EU + EFTA + UK) saw a year-on-year growth of 5.9% to 1.0854 million units, marking the largest increase since April 2024, primarily due to the popularity of electric and hybrid vehicles [3][4]. - Despite the growth in July, the cumulative new car registrations in Europe as of July still showed a slight year-on-year decrease of 0.04% [4]. Electric and Hybrid Vehicle Trends - Plug-in hybrid vehicles (PHEVs) have emerged as the dominant force in reshaping the market, with sales in July increasing by 52% year-on-year [5]. - In Spain, new car registrations surged by 17.1% in July, supported by the "Moves III plan," which allocates €400 million for electric vehicle purchases and charging infrastructure [5][6]. Regional Insights - In Northern Europe, the share of pure electric vehicles exceeds 80%, with Norway's electric vehicle registration in July growing by 56.6% to 9,291 units, achieving a 97.2% market share [6]. - Overall, from the beginning of the year to July, the sales of pure electric vehicles in Europe increased by 25.9% to 1,376,720 units, with a market share growth of 17.4% compared to the previous year [7]. Manufacturer Performance - In July, BYD's new car registrations surged by 225.3%, while Volkswagen Group's registrations grew by 11.6%, maintaining its leading position in the European market [10][11]. - The ID series from Volkswagen has been particularly successful, with the ID.7 achieving a monthly sales record of 2,402 units in Germany, tripling year-on-year [8][10]. Future Developments - BYD plans to introduce two new hybrid models in Germany this year to cater to diverse consumer needs [13]. - The introduction of low-cost electric vehicles is becoming a key battleground for automakers in Europe, with several new models priced below €25,000 expected to launch [14]. Battery Technology and Supply Chain - The export volume of lithium iron phosphate (LFP) batteries from China reached 39.4 GWh in the first seven months, a year-on-year increase of 42% [19]. - Major Chinese battery manufacturers are increasingly partnering with European automakers, with companies like Gotion High-Tech and Guoxuan High-Tech supplying LFP batteries to brands like Mercedes and Volkswagen [20][21]. Conclusion - The European automotive market is undergoing significant transformation, with electric and hybrid vehicles leading the charge, supported by favorable policies and technological advancements, while Chinese manufacturers are making substantial inroads into the market through strategic partnerships and innovative products [1][2][4].