INTERIM REPORT
Company Profile
公司簡介
BYD Company Limited (“BYD” or the “Company” together with its 比亞迪股份有限公司（「比亞迪」或「本公司」，連同其 Energy storage: With the technologies accumulated in the fields 儲能領域：依託在電池、電池管理、功率轉換及系統集
subsidiaries, the “Group”; stock code: H shares: 01211 (HKD counter); 附屬公司統稱「本集團」或「集團」；股份代號：H 股： of batteries, battery management, power conversion and system 成等領域的技術積累，本集團不斷提升儲能系統的安全
with technological innovation as its core driving force, adhering to the 002594），是一家以技術創新為核心驅動力的全球化科技 application adaptability of energy storage systems. Its business covers 側、工商業、家庭儲能及其他多元應用場景，在全球市
development philosophy of “technology-based, innovation-oriented”. The 企業，堅持「技術為王、創新為本」的發展理念。主營業 power supply, grid, industry and commerce, household energy storage 場實現規模化應用。
principal operations include new energy vehicles (“NEVs”), electronics, 務涵蓋新能源汽車、電子、二次充電電池及光伏，並利用 and other diverse application scenarios, thus achieving large-scale
as well as rechargeable batteries and photovoltaics. Meanwhile, 自身技術優勢拓展城市軌道交通業務。圍繞汽車電動化和 application in the global market.
with its technological advantage, the Group actively develops urban 智能化、能源存儲與清潔能源應用、智能終端、AI 算力基
rail transportation business segment. Centered around automobile 礎設施解決方案等方向，本集團持續開展關鍵技術攻關與 Photovoltaics: It has an industrial chain layout covering silicon wafer, 光伏領域：業務覆蓋硅片、電池片、光伏組件及光伏系
electrification and intelligence, energy storage and clean energy 前瞻性研究，並依託核心器件自主研發、垂直整合及系統 solar cells, photovoltaic modules and photovoltaic system application, 統應用等產業鏈環節。
applications, smart terminals, AI computing infrastructure solutions 集成能力，推動技術成果向規模化產品轉化，在真實場景 etc.
and other directions, the Group is committed to key technological 與市場反饋中持續迭代。
research and forward-looking studies. Relying on independent research ELECTRONICS BUSINESS 電子業務
and development (R&D), vertical integration and system integration
capabilities of core components, the Group promotes the transformation The Group is a global leading provider of high-tech and innovative 本集團是全球領先的高科技創新產品提供商，業務覆蓋
of technological achievements into scalable products, continuously products, with businesses covering diversified application areas such as 智能終端、AI算力基礎設施等多元化應用領域。
iterating in light of real scenarios and market feedback. smart terminals and AI computing infrastructure.
NEW ENERGY VEHICLE BUSINESS 新能源汽車業務 Leveraging its capabilities in electronic information, AI, 5G and Internet 本集團依託電子信息技術、人工智能技術、5G和物聯網
of Things (IoT), thermal management, new materials, precision molds 技術、熱管理技術、新材料技術、精密模具技術及數字
As a pioneer and leader in the global new energy vehicle industry, 本集團是全球新能源汽車產業的先行者和領導者，圍繞 and digital manufacturing technologies, the Group provides customers 化製造技術等能力，為全球客戶提供涵蓋產品研發、核
the Group is devoted to technological R&D and product innovation on 汽車電動化和智能化持續開展技術研發和產品創新，形 around the world with one-stop product solutions covering product R&D, 心零組件、系統集成、生產製造和供應鏈管理的一站式
the basis of the electrification and intelligence of automobiles, forming 成覆蓋動力電池、電驅動、電控、車規級半導體、整車 core components, system integration, manufacturing, and supply chain 產品解決方案。
a technological landscape covering power batteries, electric drives, 平台、智能底盤、輔助駕駛及智能座艙等領域的技術佈 management.
electronic control, automotive grade semiconductors, vehicle platforms, 局。
intelligent chassis, assisted driving and intelligent cockpits. Smart terminal: It covers fields such as smartphones, computers, smart 智能終端：涵蓋智能手機、電腦、智能家居、遊戲硬
home, gaming hardware, drones, 3D printers, IoT and communication 件、無人機、3D打印機、物聯網及通信設備等領域。
Automobile electrification: The Group adheres to developing battery 汽車電動化：本集團堅持純電動和插電式混合動力「兩 equipment. Centered on customer needs and terminal product 本集團圍繞客戶需求和終端產品發展趨勢，持續開展新
electric vehicles and plug-in hybrid electric vehicles at the same time, 條腿、齊步走」，圍繞動力電池、純電 ╱ 插混平台、功 development trends, the Group continuously conducts R&D on new 材料、新工藝、結構設計、熱管理和系統集成等技術研
and invests in technological R&D in key areas such as power batteries, 率半導體、底盤及補能等關鍵領域持續開展技術研發， materials, new processes, structural design, thermal management and 發，提升產品開發及規模化交付能力，並拓展產品品類
pure electric/plug-in hybrid platforms, power semiconductors, chassis 推動相關技術成果在多品牌、多車型中規模化應用。 system integration to enhance product development and mass delivery 和應用場景。
and energy replenishment, to promote the large-scale application of the capabilities, while expanding product categories and application
technological achievements in multiple vehicle brands and models. scenarios.
Automobile intelligence: Through implementation of the Whole-Vehicle 汽車智能化：本集團貫徹整車智能戰略，圍繞芯片、電 AI computing infrastructure: Relying on technological accumulations AI算力基礎設施：依託在熱管理、新材料、精密製造、
Intelligence strategy, the Group conducts technological R&D for key 子電氣架構、算法、感知系統、智能座艙及車輛控制等 in thermal management, new materials, precision manufacturing, 電源及系統集成等方面的技術積累，圍繞服務器、液
sectors such as chips, electronic and electrical architecture, algorithms, 關鍵環節持續開展技術研發，推動智能化技術與動力、 power supplies and system integration, the Group carries out R&D and 冷、電源及高速互聯等產品開展研發和業務佈局，推動
perception systems, intelligent cabins and vehicle control, so as to 底盤、車身和座艙等整車系統深度協同。面向輔助駕駛 business layout around products such as servers, liquid cooling, power 既有技術和工程能力向新的產品領域延伸。
promote thorough collaboration between intelligent technology and 安全、車輛感知與決策、人機交互和整車協同控制等關 supplies and high-speed connectivity, driving the extension of existing
vehicle systems such as power, chassis, body and cabin. The Group 鍵問題開展技術攻關，推進相關技術與產品開發。 technologies and engineering capabilities into new product areas.
strives for technical breakthroughs on key issues such as assisted
driving safety, vehicle perception and decision-making, human-machine URBAN RAIL TRANSPORTATION BUSINESS 城市軌道交通業務
interaction and vehicle collaborative control, to promote the development
of related technologies and products. With its technology and cost advantages in the area of new energy, the 憑藉在新能源業務領域建立的技術和成本優勢，本集團
Group has successfully developed medium-capacity “SkyRail” and low- 在城市軌道交通領域成功研發出高效率、低成本的中運
RECHARGEABLE BATTERIES AND PHOTOVOLTAICS BUSINESS 二次充電電池及光伏業務 capacity “SkyShuttle” with high efficiency and low cost in the area of 量「雲軌」和低運量「雲巴」產品，配合新能源汽車實現對
urban rail transportation, which, together with NEVs, achieves the three- 城市公共交通的立體化覆蓋，在幫助城市解決交通擁堵
The Group is one of the leading rechargeable battery manufacturers in 本集團是全球領先的二次充電電池製造商之一，業務覆 dimensional coverage of urban public transportation, and drives the long- 和空氣污染的同時，實現本集團的長遠及可持續發展。
the world. Its business covers areas such as consumer batteries, power 蓋消費類電池、動力電池和儲能電池等領域。 term and sustainable development of the Group while addressing urban
batteries and energy storage batteries. traffic congestion and reducing air pollution.
Based on the electrochemical technology, the Group makes efforts in 本集團以電化學技術為基礎，圍繞電池安全、充電效
technological R&D on battery safety, charging efficiency, low-temperature 率、低溫性能、使用壽命及系統應用等方向持續開展技
performance, service life and system applications, promoting the 術研發，推動相關技術成果實現產品化和規模化應用。
productization and large-scale application of technological achievements.
Consumer batteries: They are widely used in various consumer 消費類電池：廣泛應用於各類消費電子產品及新型智能
electronics products and new intelligent products. 產品。
Power batteries: The Group advances the innovation in battery 動力電池：本集團持續推進電池技術創新，推動以刀片
technology and the iteration of technological achievements and 電池和閃充技術為代表的技術成果迭代及產品應用，不
product applications represented by blade batteries and flash charging 斷提升動力電池的安全性、充電性能和環境適應能力。
technology, thereby improving the safety, charging performance and
environmental adaptability of power batteries.
Contents
目錄
Interim Report 2026
二零二六年中期報告 3
CORPORATE INFORMATION
公司資料
EXECUTIVE DIRECTOR 執行董事
Wang Chuan-fu 王傳福
NON-EXECUTIVE DIRECTORS 非執行董事
Lv Xiang-yang 呂向陽
Xia Zuo-quan 夏佐全
INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事
Cai Hong-ping 蔡洪平
Zhang Min 張敏
Yu Ling 喻玲
COMPANY SECRETARY 公司秘書
Li Qian 李黔
AUDIT COMMITTEE 審核委員會
Xia Zuo-quan 夏佐全
Cai Hong-ping 蔡洪平
Zhang Min (Chairman) 張敏（主席）
Yu Ling 喻玲
REMUNERATION COMMITTEE 薪酬委員會
Wang Chuan-fu 王傳福
Xia Zuo-quan 夏佐全
Cai Hong-ping (Chairman) 蔡洪平（主席）
Zhang Min 張敏
Yu Ling 喻玲
NOMINATION COMMITTEE 提名委員會
Wang Chuan-fu 王傳福
Lv Xiang-yang 呂向陽
Cai Hong-ping 蔡洪平
Zhang Min 張敏
Yu Ling (Chairman) 喻玲（主席）
STRATEGY AND SUSTAINABLE DEVELOPMENT 戰略及可持續發展委員會
COMMITTEE
Wang Chuan-fu (Chairman) 王傳褔（主席）
Lv Xiang-yang 呂向陽
Xia Zuo-quan 夏佐全
Cai Hong-ping 蔡洪平
Zhang Min 張敏
BYD Company Limited
CORPORATE INFORMATION
公司資料
AUTHORISED REPRESENTATIVES 授權代表
Wang Chuan-fu 王傳福
Li Qian 李黔
LEGAL ADDRESS 法定地址
No. 1 Yan’an Road 中國
Kuichong Sub-district 廣東省
Dapeng New District 深圳市
Shenzhen 大鵬新區
Guangdong Province 葵涌街道
The PRC 延安路一號
AUDITORS 核數師
Ernst & Young Hua Ming LLP 安永華明會計師事務所（特殊普通合夥）
PLACE OF BUSINESS IN HONG KONG 香港營業地點
Unit 505-510, 5/F, Core Building 1E 香港
Science Park, Pak Shek Kok 大埔白石角科學園東路1號
Tai Po 核心大廈1E號
Hong Kong 5樓505-510室
HONG KONG SHARE REGISTRAR AND TRANSFER 香港股份過戶登記處
OFFICE
Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司
Shops 1712-1716 香港
Wanchai 合和中心17樓
Hong Kong 1712-1716號舖
INVESTOR AND MEDIA RELATIONS CONSULTANT 投資者及傳媒關係顧問
iPR Ltd iPR Ltd
Tel: (852) 2136 6185 電話：(852) 2136 6185
Email: byd@ipr.com.hk 電郵：byd@ipr.com.hk
WEBSITE 公司網址
www.bydglobal.com www.bydglobal.com
STOCK CODE 股票代碼
H Shares: 01211 (HKD counter); 81211 (RMB counter) H股：01211（港幣櫃檯）；81211（人民幣櫃檯）
(trading on The Stock Exchange of Hong Kong Limited （於香港聯合交易所有限公司
(“Hong Kong Stock Exchange”)) （「香港聯交所」）交易）
A Shares: 002594 (trading on the Shenzhen Stock Exchange A股：002594（於深圳證券交易所（「深交所」）交易）
(“SZSE”))
Interim Report 2026
二零二六年中期報告 5
Financial Highlights
財務摘要
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 截至二零二六年六月三十日止六個月（「期
JUNE 2026 (THE “PERIOD”) 內」）中期業績
Revenue -7.13% to RMB344,815 million
營業額 至人民幣344,815百萬元
Gross profit -2.81% to RMB64,989 million
毛利 至人民幣64,989百萬元
Profit attributable to owners of the parent -20.54% to RMB12,325 million
母公司擁有人應佔溢利 至人民幣12,325百萬元
Earnings per share -21.05% to RMB1.35
每股盈利 至人民幣1.35元
HIGHLIGHTS 摘要
for NEV sales and energy storage system shipments and 出貨雙冠，並穩居中國新能源汽車出口第
firmly ranked first in China’s NEV exports, with its brand 一，品牌知名度與美譽度穩步提升；
awareness and reputation showing steady improvement;
in depth, sales achieved leapfrog growth, and the overseas 越式增長，海外本地化進程加速推進，成為
localization process was accelerated, becoming a new 本集團持續高速高質增長的新引擎；
engine for the Group’s sustained high-speed and high-
quality growth;
for the “2nd Generation Blade Battery” and the “FLASH 佈局，解決行業充電效率低和低溫充電難的
Charging” technology, addressing the industry’s pain 痛點，強化產品競爭力，推動新一輪的增
points of low charging efficiency and difficulties in low- 長；
temperature charging, thereby strengthening product
competitiveness and driving a new round of growth;
to deepen cooperation with major domestic and overseas 積極把握AI發展機遇，加快佈局AI算力基礎
customers, actively seized AI development opportunities, 設施等新賽道；
and accelerated its presence in new sectors such as AI
computing infrastructure;
Group effectively offset the impact of upstream raw material 材料價格波動帶來的影響，盈利能力持續改
price fluctuations, resulting in continuous improvement in 善。
profitability.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
PERFORMANCE OVERVIEW
業績概覽
SALES VOLUME REVENUE OVERSEAS NET PROFIT
OF NEVS 營業額 REVENUE ATTRIBUTABLE
快報銷量 境外營業額 TO THE PARENT
COMPANY
歸母淨利潤
R&D INVESTMENT TOTAL DOMESTIC CASH RESERVESNote 2 NET CASH FLOW
研發投入 TAX PAID 現金儲備註2 FROM OPERATING
國內納稅總額 ACTIVITIES
經營現金流淨額
Note 1: RMB1/10 billion=億元, 1/100 million units=萬輛 註1： 億元=RMB1/10 billion，萬輛=1/100 million units
Note 2: Cash reserves include, but not limited to, monetary funds and 註2： 現金儲備包括但不限於：貨幣資金、交易性金
financial assets held for trading 融資產
Interim Report 2026
二零二六年中期報告 7
Management Discussion and Analysis
管理層討論與分析
In the first half of 2026, the international environment was 二零二六年上半年，國際環境複雜嚴峻，地
complex and challenging, with geopolitical risks intensified 緣政治風險顯著上升。中東地緣衝突階段性
increasingly. The phased escalation of geopolitical 升級，衝擊全球能源供應，疊加供應鏈調整
conflicts in the Middle East disrupted global energy supply. 及貿易保護主義加劇，全球去通脹停滯，多
Coupled with supply chain adjustments and rising trade 數經濟體的投資與消費信心承壓。面對外部
protectionism, global disinflation stalled, and investment 挑戰，中國經濟頂壓前行，在「十五五」規劃
and consumer confidence in most economies were under 開局之年展現韌性，動能向新、結構向優，
pressure. Facing external challenges, China’s economy 「 穩 」的 根 基 持 續 夯 實 。 宏 觀 政 策 的 精 準 發
forged ahead against headwinds, demonstrating resilience 力，疊加出口結構優化與新興產業集群的強
in the opening year of the Outline of the 15th Five-Year 勁驅動，產業結構加速向高端化、智能化、
Plan for National Economic and Social Development of the 綠色化轉型，新質生產力培育成果凸顯，成
People’s Republic of China (the 15th Five-Year Plan). Its 為經濟增長重要支撐。據國家統計局數據，
growth drivers pivoted toward innovation and its structure 上半年國內生產總值同比增長4.7%。
advanced toward higher quality, thereby continuously
consolidating the foundation of “stability”. The targeted
implementation of macroeconomic policies, combined
with the optimization of export structures and the strong
driving force of emerging industrial clusters, accelerated
the transition of the industrial structure toward high-end,
intelligent and green development. Progress in fostering
new quality productive forces has become increasingly
evident, serving as a key driver of economic growth.
According to data from the National Bureau of Statistics,
China’s gross domestic product recorded a year-on-year
growth of 4.7% in the first half of the year.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In the first half of 2026, China’s automotive industry 二零二六年上半年，中國汽車產業進入「內
entered a stage of profound adjustment and divergence 冷外熱，舊退新進」的深層調整和分化。內
characterized by “sluggish domestic demand and 需承壓疊加「兩新」政策切換調整、新能源購
robust export growth, alongside the phasing-out of 置稅退坡等多重影響，居民汽車消費意願偏
legacy capacities and the rise of emerging segments”. 謹慎。根據中國汽車工業協會數據，二零二
Affected by multiple factors including subdued domestic 六年上半年中國汽車產銷分別下降 4.0% 和
demand, the transition and adjustment of the large-scale 4.1%，至 1,499.3 萬輛及 1,501.7 萬輛。汽
equipment upgrades and consumer goods trade-in 車行業競爭仍激烈，電動化和智能化技術加
initiatives and the phase-out of purchase tax exemptions 速迭代，新品牌及新車型湧入市場，爭奪市
for new energy vehicles, consumers remained cautious 場份額。車企競爭不止局限技術、品牌、產
about automobile purchases. According to the China 品層面，還同步在工程化能力與交付效率上
Association of Automobile Manufacturers (CAAM), China’s 展開多維博弈。與此同時，大宗商品、原材
total automobile production and sales in the first half of 料、芯片等價格持續上漲進一步擠壓車企利
representing year-on-year declines of 4.0% and 4.1%, 機遇，憑藉完整的產業鏈佈局及多元產品矩
respectively. The automotive industry continued to face 陣，新能源汽車在充滿挑戰的大環境下展現
fierce competition, characterized by accelerated iteration 出強勁發展韌性。憑藉技術迭代與產品力提
of electrification and intelligent technologies, and new 升，新能源汽車引領市場回暖，疊加中東地
brands and models pouring into the market to compete 緣衝突推升燃油價格中樞，新能源和燃油車
for market share. Competition among automakers has 的分化持續顯現。根據中國汽車工業協會數
expanded beyond technology, brand and product offerings 據，二零二六年上半年新能源汽車產銷分別
to encompass various aspects, including engineering 達 743.8 萬輛和 744.6 萬輛，同比分別增長
capabilities and delivery efficiency. Meanwhile, sustained 6.7%和7.3%，新能源汽車國內滲透率單月
price increases in bulk commodities, raw materials and 已突破60%，新舊動能轉化加速，行業格局
chips further squeezed the profit margins of automakers, 經歷深刻變化。
testing the overall industry profitability. However,
competition also fosters opportunities. Leveraging
a well-established full industrial-chain footprint and
diversified product matrix, the new energy vehicle (NEV)
sector demonstrated strong development resilience
amid the challenging operating environment. Driven
by technological iteration and enhanced product
competitiveness, NEVs led the market recovery. Moreover,
the elevated fuel prices driven by geopolitical tensions
in the Middle East further widened the performance gap
between NEVs and internal combustion engine vehicles
(ICEs). According to CAAM data, China’s NEV production
and sales in the first half of 2026 reached 7.438 million and
of NEVs in China has surpassed 60%. The accelerating
transition from old to new growth drivers is profoundly
reshaping the industry landscape.
Interim Report 2026
二零二六年中期報告 9
Management Discussion and Analysis
管理層討論與分析
As China transitions from a major automobile nation to a 從汽車大國邁向汽車強國的進程中，中國車
world-leading automotive powerhouse, Chinese automakers 企正從技術追趕者轉向創新引領者，在全球
are shifting from technology followers to innovation leaders, 汽車產業競爭格局的重塑中佔據關鍵一席。
thereby securing a pivotal position in the reshaping of 根據中國汽車工業協會數據，二零二六年上
the global automotive industry competitive landscape. 半年，中國汽車出口銷量達 509.6 萬輛，同
According to CAAM data, China’s automobile export sales 比增長65.3%，首次半年度突破500 萬輛大
hit 5.096 million units in the first half of 2026, representing 關，新能源汽車出口達 235.5 萬輛，同比大
a year-on-year increase of 65.3% and with the half-year 幅增長120%，6月單月更以52.3萬輛首次超
sales surpassing the 5 million unit milestone for the first 越燃油車出口，中國汽車出海正式邁入「電
time. Notably, NEV exports reached 2.355 million units, 動主導」的新時代。中國汽車出海躍遷的核
surging by 120% year-on-year. In June, NEV exports hit 心驅動力，正是源自自主品牌在電動化與智
first time, marking the advent of an “electric-led” era in the 和持續的產品迭代。二零二六年上半年，
global expansion of Chinese automobiles. The leapfrog 中國品牌國內乘用車市佔率達 71.8%，6 月
growth of Chinese automotive exports was fundamentally 單月突破 75%，實現跨越式躍升。出口「電
driven by the in-depth cultivation of independent brands 動主導」與國內「自主登頂」的雙線共振，為
on the electrification and intelligentization, the robust 「汽車強國」戰略提供了堅實的註腳。
foundation of a complete industrial chain, and continuous
product iteration. In the first half of 2026, the market share
of Chinese brands in the domestic passenger vehicle
segment reached 71.8% and broke through 75% in June
alone, achieving a transformative leap. The dual drivers
of “NEV-dominated export expansion” and the “domestic
brands leading domestic sales” provided solid testament
for the “Automotive Powerhouse” strategy.
Since 2026, continuous breakthroughs in the capabilities of 二零二六年以來，通用大模型能力持續突
general large models and the increasing maturity of agent 破、智能體技術日趨成熟，推動人工智能
technology have accelerated the large-scale application of （Artificial Intelligence，簡稱「AI」）加速規
Artificial Intelligence (AI). As a critical carrier connecting 模化應用。智能體作為連接模型能力與產業
model capabilities with industrial scenarios, agents are 場景的重要載體，正與汽車產業深度融合，
deeply integrated with the automotive industry, driving 推動汽車從「功能載體」向「超級智能體」演
the evolution of automobiles from “functional carriers” to 進。中國新能源汽車行業亦從「電動化上半
“super-intelligent agents”. China’s NEV industry has also 場」的規模化領跑，全面跨入「智能化下半
fully transitioned from leading the large-scale development 場」引領階段。工信部數據顯示，今年以來
in the “first chapter of electrification” to pioneering the 中國L2級組合駕駛輔助功能乘用車滲透率達
“second chapter of intelligence”. Data from the Ministry 到70.5%，領航駕駛輔助(NOA)功能乘用車
of Industry and Information Technology (MIIT) shows that 滲透率達到34.2%，首批L3級有條件自動駕
since the beginning of this year, the penetration rate of 駛車型開始在特定區域上路通行，智能網聯
passenger vehicles equipped with Level 2 combined 汽車從「技術驗證期」邁入「規模化應用期」。
driving assistance functions in China has reached 70.5%,
and the penetration rate of passenger vehicles with
Navigate on Autopilot (NOA) functions has reached 34.2%.
The first batch of Level 3 conditional autonomous driving
models has begun operating on roads in designated
regions, indicating that intelligent connected vehicles have
moved from the “technology verification phase” to the
“large-scale application phase”.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
As China navigates the critical period of industrial 立足產業轉型升級關鍵期，《中華人民共和
transformation and upgrading, the Outline of the 15th 國國民經濟和社會發展第十五個五年規劃綱
Five-Year Plan for National Economic and Social 要》
（簡稱「十五五」規劃）正式通過，「十五
Development of the People’s Republic of China (the 15th 五」規劃將智能網聯新能源汽車納入戰略性
Five-Year Plan) has been officially adopted. The 15th Five- 新興產業重點培育方向，推動人工智能與汽
Year Plan designates intelligent connected NEVs as a 車產業深度融合，圍繞提振汽車消費、完善
key direction for cultivating strategic emerging industries, 補能基礎設施，鼓勵技術創新與業態擴容，
promotes the in-depth integration of AI and the automotive 助力產業加快新舊動能轉換，推動我國由汽
industry, and focuses on boosting automobile consumption 車大國穩步邁向汽車強國。順應「十五五」
and improving energy replenishment infrastructure. 發展大局，國家圍繞新能源汽車產業推出多
It encourages technological innovation and business 項針對性舉措，在刺激需求、提升滲透率的
form expansion, facilitates the industry’s transition from 同時，面向存量市場推動產品品質與技術升
old to new growth drivers, and drives China to steadily 級、業態拓展，並在AI技術快速發展的背景
transform from a major automotive nation to an automotive 下，加快其與汽車產業的融合協同。一月，
powerhouse. In alignment with the broader development 國家發展改革委、財政部印發《關於2026 年
landscape of the 15th Five-Year Plan, the state has rolled 實施大規模設備更新和消費品以舊換新政策
out a number of targeted measures for the NEV industry. 的通知》正式實施，政策透過優化支持範圍
While stimulating demand and increasing penetration 及補貼標準，持續提升政策效能，促進經濟
rates, these measures also promote product quality and 高質量發展，實現經濟結構優化和綠色低碳
technology upgrades as well as business form expansion 轉型。同月，商務部等九部門發佈《關於實
in the existing market, and accelerate the integration 施綠色消費推進行動的通知》，政策響應「十
and synergy between AI and the automotive industry 五五」發展大局，目標擴大綠色消費，促進
amid rapid AI advancements. In January, the Notice 汽車綠色消費，支持消費者購買新能源汽
on the Implementation of the Large-Scale Equipment 車，並做強汽車產業鏈，挖掘二手車、汽車
Replacement and Consumer Goods Trade-in in 2026 租賃、汽車改裝、汽車共享等「後市場」潛
(
《關於二零二六年實施大規模設備更新和消費品以舊換新政 力。六月，工信部等五部門印發通知，部署
), jointly issued by the National Development
策的通知》 開展二零二六年新能源汽車下鄉活動，落實
and Reform Commission (NDRC) and the Ministry of 車購稅、車船稅減免、縣域充換電設施補短
Finance, came into effect. By optimizing the scope of 板等政策，積極擴大新能源汽車鄉村地區消
support and subsidy standards, the policy continuously 費。同月，商務部等八部門發佈《關於加快
enhances its effectiveness, promotes high-quality 「人工智能 + 消費」發展的實施意見》，推動
economic development, and achieves economic structure
optimization as well as green and low-carbon transition.
In the same month, the Ministry of Commerce (MOC)
and eight other departments issued the Notice on
Implementing the Green Consumption Promotion Action
( ). In response to the
《關於實施綠色消費推進行動的通知》
broader development landscape of the 15th Five-Year
Plan, the policy aims to expand green consumption, boost
green consumption of automobiles, support consumers
in purchasing NEVs, strengthen the automotive industry
chain, and tap into the potential of the “aftermarket”
covering used vehicles, car rental, vehicle modification,
car sharing and other segments. In June, the MIIT and
four other departments issued a notice to deploy the 2026
NEVs to the Countryside Campaign, implementing policies
such as vehicle purchase tax and vehicle and vessel tax
Interim Report 2026
二零二六年中期報告 11
Management Discussion and Analysis
管理層討論與分析
exemptions, and addressing shortcomings in county-level 人工智能與消費深度融合，培育消費新增長
battery swapping and charging facilities to actively expand 點，其中包括加力支持智能網聯汽車發展，
the consumption of NEVs in rural areas. In the same 帶動智能化車載終端消費，打造「人、車、
month, the MOC and seven other departments released the 家」全場景聯動的智能產品生態。
Implementation Opinions on Accelerating the Development
of “AI + Consumption” 《關於加快
( 「人工智能+消費」發展的實
), which promotes the in-depth integration of AI and
施意見》
consumption to foster new consumption growth points. The
opinions include intensifying support for the development
of intelligent connected vehicles, driving the consumption
of intelligent in-vehicle terminals, and building an
intelligent product ecosystem that features the full-scenario
interconnection of “people, vehicle and home”.
In terms of energy storage, driven by the three core forces 儲能方面，受益於能源轉型、能源安全及AI
of energy transition, energy security and AI computing 算力建設三大核心驅動，全球儲能行業維持
infrastructure development, the global energy storage 高景氣運行。其中，中國新型儲能產業已步
industry maintains a high prosperity level. Specifically, 入規模化發展新階段，為新型儲能多元價值
China’s new-type energy storage industry has entered 發揮和產業高質量發展奠定堅實基礎。一
a new stage of large-scale development, laying a solid 月，國家發展改革委、國家能源局印發《關
foundation for unlocking the diverse values of new- 於完善發電側容量電價機制的通知》，政策
type energy storage and achieving high-quality industry 提出建立電網側獨立新型儲能容量電價機
development. In January, the NDRC and the National 制；六月，國家發展改革委、國家能源局印
Energy Administration (NEA) issued the Notice on 發《新型能源體系建設「十五五」規劃》，規
Improving Generation-side Capacity Pricing Mechanism 劃提出大力發展新型儲能，加力發展長時儲
(
《關於完善發電側容量電價機制的通知》), which proposes 能，鼓勵多種儲能技術路線發展，二零三零
to establish a capacity pricing mechanism for grid- 年新型儲能裝機達到 3 億千瓦。在政策體系
side independent new-type energy storage. In June, 持續健全的背景下，中國儲能市場的驅動邏
the NDRC and NEA released the 15th Five-Year Plan for 輯正從新能源強制配儲為主，轉向市場化機
New Energy System Construction 《新型能源體系建設
( 「十 制、新型電力系統建設與多元新興應用場景
), which sets out to vigorously develop new-
五五」規劃》 協同驅動。光伏方面，二零二六年上半年，
type energy storage, intensify the development of long- 光伏產業正經歷深度調整，在落後產能出清
duration storage, encourage diverse technology routes, 和供需再平衡進程中蓄勢前行。儘管短期承
and reach an installed capacity of 300 million kW by 2030. 壓，但在全球綠色能源轉型的驅動下，光伏
Amid the continuous improvement of the policy system, the 行業長期向好的基本面依然穩固。
growth logic of China’s energy storage market is shifting
from mandatory energy storage allocation for new energy
projects to synergistic forces of market mechanisms,
new power system construction, and diverse emerging
application scenarios. As for the photovoltaic sector, in the
first half of 2026, the industry was undergoing profound
adjustment, accumulating momentum amid the phase-out
of outdated production capacity and the rebalancing of
supply and demand. Despite short-term pressures, the
long-term positive fundamentals of the photovoltaic industry
remain solid, underpinned by the global transition to green
energy.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In the smart terminal sector, the deep integration of 智能終端業務方面，AI、物聯網等新興技術
emerging technologies such as AI and IoT is accelerating 的深度融合正加速重構產業格局，生成式AI
the reshaping of the industry landscape. The deployment 端側部署推動智能終端從單一設備向多設備
of generative AI on the device is driving smart terminals 協同、跨場景融合的生態化方向演進，為產
to e volve from single devices towar d m u l t i - d e v i c e 業鏈注入新的增長動能。然而，受AI數據中
collaboration and cross-scenario integration, injecting new 心需求擠佔存儲器產能、核心零部件價格上
growth momentum into the industry chain. However, as 漲及高利率抑制消費需求等多因素影響，終
affected by multiple factors including the occupation of 端市場動能放緩。期內，全球智能手機產業
memory production capacity by AI data center demand, 面臨上游物料成本上升壓力，手機品牌新機
rising prices of core components, and high interest 發佈節奏有所放緩。根據IDC的統計，二零
rates suppressing consumer demand, terminal market 二六年上半年全球智能手機出貨量按年下跌
momentum has slowed. During the Period, the global 4.8%至5.71億部。
smartphone industry faced pressure from rising upstream
material costs, and the pace of new model launches by
mobile phone brands was delayed. According to IDC
statistics, global smartphone shipments in the first half of
In the AI computing infrastructure sector, with the AI算力基礎設施業務方面，隨着生成式AI、
accelerated development of generative AI, Agentic AI, 代理式AI(Agentic AI)及大模型推理應用加
and large model inference applications, AI workloads 速發展，AI工作負載持續提升，推動超大規
continue to increase, driving hyperscale data centers and 模數據中心及雲服務商加快算力基礎設施建
cloud service providers to accelerate the construction 設。與此同時，AI服務器計算密度、機櫃功
of computing infrastructure. Meanwhile, the computing 率、數據吞吐持續提升，數據中心建設重點
density, rack power, and data throughput of AI servers 由單一算力進一步向計算、散熱、供電及高
are steadily rising, shifting the focus of data center 速互聯協同演進。英偉達新一代Vera Rubin
construction from computing power alone toward a 計算平台採用 100% 液冷架構，其更高的計
coordinated evolution of computing, thermal management, 算密度及機櫃功率對高效熱管理及電源提出
power supply, and high-speed connectivity. NVIDIA’s 更高要求，推動液冷、高壓電源在AI數據中
Vera Rubin, the latest computing platform, adopts a 100% 心中的應用及滲透。
liquid-cooling architecture. Its elevated computing density
and rack power impose more stringent requirements on
efficient thermal management and power delivery, thereby
accelerating the adoption and penetration of liquid cooling
and high-voltage power supplies in AI data centers.
Interim Report 2026
二零二六年中期報告 13
Management Discussion and Analysis
管理層討論與分析
BYD Company Limited (“BYD” or the “Company”, together 比亞迪股份有限公司（「比亞迪」或「本公司」
with its subsidiaries, the “Group”) is principally engaged 及其附屬公司統稱「本集團」）主要經營包括
in NEVs, electronics business, as well as rechargeable 新能源汽車業務、電子業務、二次充電電池
batteries and photovoltaics. Leveraging its technological 及光伏業務，並積極利用自身技術優勢拓
strengths, the Group also actively expands into urban 展城市軌道交通及其他業務。二零二六年
rail transportation and other sectors. In the first half of 上半年，本集團實現收入約人民幣344,815
RMB344,815 million, representing a year-on-year decrease 相關產品及其他產品業務的收入約人民幣
of 7.13%, among which, the revenue from automobiles 275,341 百萬元，同比下降8.98%；電子及
and related products and other products amounted 其他產品業務的收入約人民幣 69,405 百萬
to approximately RMB275,341 million, representing a 元，同比增長0.96%；佔本集團總收入的比
year-on-year decrease of 8.98%; revenue from electronics 例分別為79.85%和20.13%；歸屬於上市公
and other products reached approximately RMB69,405 司股東的淨利潤約人民幣12,325百萬元，同
million, representing a year-on-year growth of 0.96%. 比下降20.54%。
These two segments accounted for 79.85% and 20.13% of
the total revenue, respectively. The net profit attributable
to the Company’s shareholders stood at approximately
RMB12,325 million, representing a year-on-year decline of
As a technology-driven company, the Group embraces 作為一家以技術為驅動的科技公司，本集
the “Three Green Visions” of solar energy, energy storage, 團懷揣太陽能、儲能、電動車「三大綠色夢
and electric vehicles, adheres to the core development 想」，堅守「技術為王、創新為本」的核心發
philosophy of “technology-based, innovation-oriented”, 展理念，秉持「敢想、敢干、敢堅持」的工程
and embodies the engineer spirit of “Dare to Think, Dare to 師精神。本集團長期深耕新能源汽車、儲能
Act, Dare to Persevere”. The Group has long been deeply 及半導體等多個關鍵領域，並積極佈局前沿
engaged in key sectors such as NEVs, energy storage, and 科技，於二零二六年上半年斬獲全球新能源
semiconductors, and has actively deployed cutting-edge 汽車銷量、儲能系統出貨雙冠。面對全球清
technologies, securing the dual global championship titles 潔能源轉型與智能化浪潮，本集團持續加碼
for NEV sales and energy storage system shipments in the 科技創新，始終堅持高研發投入，二零二六
first half of 2026. Facing the global clean energy transition 年上半年研發投入約人民幣 289 億元，累計
and the wave of intelligence, the Group continues to ramp 研發投入超人民幣2,700億元。
up investment in technological innovation and remains
committed to high R&D investment. In the first half of 2026,
R&D investment amounted to approximately RMB28.9
billion, with cumulative R&D investment exceeding RMB270
billion.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
As a pioneer and leader in the global NEV industry, the 本集團作為全球新能源汽車行業先行者和領
Group adheres to long-termism. Leveraging its precise 導者，堅守長期主義，憑藉精準的戰略佈
strategic positioning, leading technological prowess, 局、領先的技術實力、前瞻的市場洞察、完
forward-looking market insights, comprehensive industrial 善的產業體系、持續升級的產品力及品牌
ecosystem, and continuously enhanced product and brand 力，蟬聯二零二六年上半年全球新能源汽車
competitiveness, the Group once again topped global NEV 市場銷量冠軍，彰顯卓越的市場主導力。
sales in the first half of 2026, demonstrating its outstanding
market dominance.
In the first half of 2026, the Group made significant 二零二六年上半年，本集團全球化與高端化
breakthroughs in its globalization and high-end strategies, 戰略實現跨越式突破，汽車業務結構優化成
with remarkable results in the optimization of its automotive 效顯著。海外市場方面，根據中國汽車工業
business structure. In terms of overseas markets, 協會數據，期內本集團出口達 79.2 萬輛，
according to CAAM data, the Group’s exports reached 同比增加67.8%，出口佔總銷量比重實現大
year increase of 67.8%, and the proportion of exports 引領中國智造走向全球。國內市場方面，儘
in total sales recorded a surge, continuously leading 管競爭持續加大，一季度國內需求階段性承
China’s NEV exports and driving Chinese intelligent 壓，但本集團旗下「方程豹」、「騰勢」與「仰
manufacturing onto the global stage. In terms of domestic 望」品牌憑藉新技術和新產品的持續迭代，
markets, despite intensifying competition and temporary 期內合計銷量同比增長61.0%，佔本集團乘
challenges to domestic demand in the first quarter, the 用車總銷量比重提升至12.8%，高端化戰略
Group’s brands such as “FANGCHENGBAO”, “Denza” 持續深化。期內，本集團圍繞「電動化」與
and “Yangwang”, relying on continuous iteration of new 「 智 能 化 」兩 大 核 心 技 術 方 向 ， 加 速 優 化 產
technology and products, achieved a year-on-year growth 品矩陣佈局，以卓越產品力驅動訂單持續增
in total sales volume of 61.0% during the Period, with 長，助力銷量實現逐月回升態勢。
the proportion rising to 12.8% of the Group’s total sales
volume of passenger vehicles, continuing to deepen the
high-end strategy. During the Period, the Group focused
on the two core technology directions of “electrification”
and “intelligence”, accelerated the optimization of product
matrix, and drove the continuous order growth with
exceptional product competitiveness to achieve a month-
on-month sales recovery.
In April, the Group reached a new milestone with the 四月，本集團第 1,600 萬輛新能源汽車正式
rollout of its 16 millionth NEV, becoming the world’s first 下線，成為全球首家達成這一里程碑的車
automaker to achieve this feat, writing a new chapter in the 企，書寫了全球新能源發展史上的新篇章。
global NEV history.
Interim Report 2026
二零二六年中期報告 15
Management Discussion and Analysis
管理層討論與分析
Driven by electrification and intelligence, the Group 電動化、智能化作為突破口，推動汽車從
is transforming automobiles from mere modes of 單一的交通工具向移動智能終端轉型
transportation into mobile smart terminals
In the field of electrification 電動化領域
The Group adheres to vertical integration and has long 本集團堅持垂直整合，長期深耕動力電池、
cultivated deep expertise in multiple core electrification 儲能、功率半導體等多個電動化核心領域。
fields including power batteries, energy storage, and power 三月，本集團舉辦「閃充中國 改變世界」發
semiconductors. In March, the Group held the “FLASH 佈會，正式推出「第二代刀片電池」及全新
Charging China, Changing the World” press conference, 「閃充」技術，並發佈「閃充中國」戰略，以
officially launching the “2nd Generation Blade Battery” 「閃充生態」為新能源汽車產業電動化上半場
and the “FLASH Charging” technology, and announcing 交出里程碑式答卷。
the “FLASH Charging China” strategy. With the “FLASH
Charging Ecosystem”, the Group delivered a milestone
achievement for the first chapter of the NEV industry
defined by electrification.
The “FLASH Charging” technology has achieved the 「閃充」技術以「5 分鐘充好、9 分鐘充飽；零
world’s fastest mass-produced charging speed by 下30度，只多3分鐘」創下全球量產最快充電
“Ready in 5, Full in 9, -30°C Add 3”. It has successfully 速度新紀錄，成功攻克行業長期面臨的「充
overcome the two long-standing industry pain points of 電慢」及「低溫充電難」兩大痛點，率先實現
“slow charging” and “difficult low-temperature charging”, 「油電同速」的高效補能體驗，解決電動化最
delivering refueling-equivalent charging efficiency and 後「頑疾」。
eliminating the last persistent pain points of electrification.
In terms of power batteries, the “2nd Generation Blade 在動力電池方面，「第二代刀片電池」重新定
Battery” has set a new global benchmark for power 義全球動力電池的新標桿，成功突破閃充與
batteries by successfully overcoming the industry-wide 高能量密度難以兼顧的行業瓶頸。其能量密
challenge of reconciling flash charging with high energy 度較一代提升逾5%，在實現極速閃充的同時
density. Its energy density has increased by over 5% 支持超 1,000 公里超長續航，並以遠超新國
compared to its predecessor, supporting an ultra-long 標的安全性能築牢底線。與此同時，質保政
range of over 1,000 kilometers while enabling flash 策亦全面加碼，為用戶構築全生命週期的安
charging with safety performance far surpassing the latest 心保障。
national standards. At the same time, the warranty policy
has also been comprehensively upgraded, providing users
with full-lifecycle peace of mind.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In terms of charging infrastructure, the Group has 在充電設施方面，本集團同步推出全新
simultaneously launched the new self-developed FLASH 自主研發的閃充樁，單槍充電功率達到
Charging pile – the world’s highest-power mass-produced 1,500kW，為全球量產單槍功率最高的充電
the world’s first “sliding rail suspended T-shaped charging 與「零重力充電槍」設計，使充電線纜更輕
pile” and “zero-gravity charging gun” designs, making the 巧、乾淨且移動靈活。為突破電網容量限
charging cable lighter, neater, and easier to maneuver. 制，本集團將充電樁與超級快放的儲能系統
To overcome the grid capacity constraints, the Group 深度融合，在不增加電網負擔的前提下實現
has deeply integrated the charging pile with the super 大功率充電，構成高效可持續的充電解決方
fast-discharging energy storage system, which enables 案。
high-power charging without increasing the grid load,
forming an efficient and sustainable charging solution.
The Group has also launched its “FLASH Charging China” 本集團亦啟動「閃充中國」戰略，計劃於年
strategy, aiming to establish 20,000 FLASH Charging 底建成20,000座閃充站，截至六月底已建成
stations by the end of the year. As of the end of June, 7,018 7,018 座。期內，「閃充」技術於巴黎歌劇院
stations were already operational. During the Period, the 完成歐洲首秀，標誌着「閃充生態」正式邁向
“FLASH Charging” technology made its European debut 全球。未來，本集團計劃進一步在海外規模
at the Palais Garnier, marking the official global expansion 化落地閃充站，從「閃充中國」邁向「閃充星
of the “FLASH Charging Ecosystem”. Going forward, the 球」，以「閃充生態」助力全球電動化跨越式
Group plans to further scale up the deployment of FLASH 發展。
Charging stations overseas, moving from “FLASH Charging
China” to “FLASH Charging Planet” to drive the leapfrog
development of global electrification through the “FLASH
Charging Ecosystem”.
Interim Report 2026
二零二六年中期報告 17
Management Discussion and Analysis
管理層討論與分析
In the field of intelligence 智能化領域
AI technologies continue to make breakthroughs, with their AI技術持續突破，其與物理世界的交互能力
capabilities to interact with the physical world deepening 亦不斷深化，正加速賦能研發創新、生產提
steadily, accelerating systematic upgrades in areas such 效等方面的系統性升級。本集團依託多元化
as R&D innovation and production efficiency enhancement. 應用場景及規模化真實數據，在AI技術驅動
Leveraging its diversified application scenarios and large- 下加速釋放場景價值。其中，汽車智能化被
scale real-world data, the Group is accelerating the 視為具身智能的重要載體。
unlocking of scenario value driven by AI technologies.
Notably, automotive intelligence is regarded as a key
carrier of embodied intelligence.
In the second chapter of the NEV industry defined by 在汽車智能化下半場的角逐中，「天神之眼」
intelligence, as the industry’s first whole-vehicle intelligent 作為行業首個整車智能輔助駕駛系統，於期
assisted driving system, “God’s Eye” underwent four major 內迎來四大升級：架構方面，升級為「璇璣
upgrades during the Period: in terms of architecture, it 架構2.0」，搭載艙駕電三合一中央大腦；傳
was upgraded to the “XUANJI Architecture 2.0”, equipped 感器方面，行業首創衛星架構；算法方面，
with a central brain integrating cockpit, driving, and 在全閉環端到端的基礎上，升級為物理AI大
electrification; in terms of sensors, it adopted the industry’s 模型；數據方面，依託行業最大的數據底
pioneering satellite architecture; in terms of algorithms, 座，充分釋放海量數據價值，驅動智駕模型
it was upgraded to the Physical AI foundation model on 快速迭代。截至六月底，本集團輔助駕駛車
the basis of full closed-loop end-to-end capability; and 型保有量超333 萬輛，「天神之眼」輔助駕駛
in terms of data, by relying on the industry’s largest data 每天生成數據超 2.1 億公里。基於中國車企
foundation, it fully unlocked the value of massive data to 領先的規模、數據與研發優勢，本集團率先
drive the rapid iteration of the intelligent driving models. 承諾為城市領航安全兜底，成為全球首個實
As of the end of June, the Group has a fleet of over 3.33 現城市領航與智能泊車安全「雙兜底」的企
million intelligent driving assistance vehicles on the road, 業，「迪迪都兜」讓輔助駕駛真正融入用戶的
and collects data generated by the “God’s Eye” intelligent 日常出行和生活。
driving assistance system, with over 210 million kilometers
logged daily. Leveraging the leading scale, data and R&D
advantages of Chinese automakers, the Group has taken
the lead in committing to providing safety guarantee for
urban navigation-assisted driving, becoming the world’s
first enterprise to offer “dual safety guarantee” for both
urban navigation and intelligent parking ( 迪迪都兜 ),
enabling assisted driving to truly integrate into users’ daily
travel and life.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In May, the Group launched and commenced mass 本集團於五月發布並量產中國首款4nm智駕
production of China’s first 4nm intelligent driving chip 芯片「璇璣 A3」，支持 L3/ L4 級自動駕駛。
“XUANJI A3”, which supports Level 3/4 autonomous 三顆芯片協同總算力超 2,100T O P S，制程
driving. The combined computing power of three chips 與算力均處行業領先；單位算力功耗較同級
operating in synergy exceeds 2,100 TOPS, with both the 低20%，結合自研算法使算力利用率提升
process node and computing power leading the industry. 100%，顯著提升快速響應能力、複雜場景
Power consumption per unit of computing power is 20% 處理能力與安全可靠性。
lower than comparable solutions. Combined with self-
developed algorithms, this increases computing power
utilization by 100%, significantly enhancing response
speed, complex scenario processing capability, as well as
safety and reliability.
Furthermore, the Group launched the super intelligent 此 外 ， 本 集 團 發 佈 超 級 智 能 體「 迪 迪 蝦 」，
agent “DiDi Xia” to empower the DiLink AI intelligent 賦能DiLink AI智能座艙，以「聊得來、搞得
cockpit, driving the continuous upgrading of human-vehicle 定、玩得轉」三大硬核能力推動人車交互持
interaction with three core capabilities of “great 續升級。
conversational rapport, reliable task execution, and
full-scenario compatibility”.
Technology fortifies brand foundation, driving value 技術夯實品牌根基，創新驅動價值躍升，
uplift via innovation, and advancing toward high-end 全球佈局邁向高端未來
future with a global perspective
In the new energy passenger vehicle sector, with leading 新能源乘用車領域，本集團以領先的核心技
core technologies as the engine and guided by deep 術為引擎，以深刻的消費者需求洞察為導
consumer insights, the Group has continuously promoted 向，持續推動產品力與品牌力協同提升。依
the coordinated enhancement of product competitiveness 託「比亞迪」、「方程豹」、「騰勢」及「仰望」
and brand strength. Leveraging its multi-brand portfolio 等構成的多品牌矩陣，全面覆蓋從家用到豪
comprising “BYD”, “FANGCHENGBAO”, “Denza”, and 華、從大眾到個性化的全場景市場。
“Yangwang”, the Group comprehensively covers the entire
market spectrum from family-oriented to luxury, and from
mass-market to personalized segments.
Interim Report 2026
二零二六年中期報告 19
Management Discussion and Analysis
管理層討論與分析
“BYD” Brand
「比亞迪」品牌
「王朝」及「海洋」兩大產品系列共同構成面向大眾
市場的「比亞迪」品牌，分別以「龍顏美學」和「海
洋美學」為核心設計語言，搭載不斷進化的電動
化及智能化技術，持續打造差異化且具競爭力的
產品矩陣，滿足消費者的多元化需求，加速推動
新能源汽車於主流大眾市場的滲透與普及。
期內，依託顛覆性「第二代刀片電池」及「閃充」
技術的發佈，全新閃充車型「海豹 07EV」、「宋
“Grand Tang EV” Ultra EV」及「大唐EV」正式上市，「海獅06EV」、
「大唐EV」 「 海 豹 0 6 G T 」、「 海 獅 0 5 E V 」、「 漢 E V 」及「 元
PLUS」等多款車型亦陸續加推閃充版。其中，
「宋Ultra EV」上市首月累計訂單突破6萬輛；全
The “BYD” brand is built upon two major product series: 尺寸SUV「大唐EV」預售14天訂單突破10萬輛；
“Dynasty” and “Ocean”. With the “Loong Face Aesthetics” 第三代「元PLUS」上市首周訂單突破3 萬輛。此
and “Ocean Aesthetics” as its design core, and equipped with 外，「秦PLUS DM-i」、「海豹06DM-i」及「宋Pro
continuously evolving electrification and intelligent technologies, D M - i」等多款插混車型相繼加推大電池版本，
the brand will continuously build a differentiated and competitive 「宋Ultra DM-i」亦於期內上市，持續豐富消費者
product matrix to meet the diverse needs of consumers and 選擇。與此同時，「王朝」9系旗艦轎車「大漢」與
accelerate the penetration and popularization of NEVs in the 「海洋」8系雙旗艦「海豹08」、「海獅08」於期內預
mainstream mass market. 熱，進一步推動品牌向上。
During the Period, following the launch of the disruptive
“2nd Generation Blade Battery” and the “FLASH Charging”
technology, the all-new flash charging models, including “Seal
launched. Multiple other models including “SEALION 06 EV”,
“Seal 06GT”, “SEALION 05 EV”, “Han EV”, and “Yuan PLUS”
also successively rolled out their flash charging versions. Among
them, the cumulative orders for “Song Ultra EV” exceeded
“Grand Tang EV” recorded over 100,000 units of orders in 14
days of pre-sale; and the third-generation “Yuan PLUS” saw
its orders surpass 30,000 units within the first week of launch.
In addition, multiple plug-in hybrid models such as “Qin PLUS
DM-i”, “Seal 06 DM-i”, and “Song Pro DM-i” successively
launched their high-capacity battery versions, while “Song
Ultra DM-i” was also launched during the Period, continuously
enriching consumer choices. Meanwhile, the “Dynasty” 9 Series “Seal 08 EV”
flagship sedan “Grand Han” and the “Ocean” 8 Series dual 「海豹08EV」
flagships “Seal 08” and “SEALION 08” were previewed during
the Period to further promote the brand’s upward development.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
“FANGCHENGBAO” Brand
「方程豹」品牌
「方程豹」聚焦個性化市場，以獨具辨識度的「豹
力美學」為設計語言，致力於用開創性技術解決
用戶需求中的二元對立，持續推出包括電驅越野
類、個性硬派類、轎車類以及皮卡等產品，讓一
切未知世界都有解，讓美好生活不一樣。
「方程豹」自成立以來成交均價超22 萬元，期內
完成全家族矩陣產品煥新，旗下都市潮流引領者
「鈦」系列及智能硬派開創者「豹」系列持續迭代
“Ti 7 EV” 升級，市場反響熱烈，以「豹發之勢」重塑市場
格局。其中，「鈦3」於三月加推閃充版，並榮獲
「鈦7EV」
上半年中國純電方盒子銷量冠軍；「鈦7」在插混
“FANGCHENGBAO” focuses on the personalized market. 版基礎上，於四月推出「鈦7EV」閃充版，並於五
Adopting the distinctive “Leopard Force Aesthetics” as its 月實現 15 萬輛累計銷量，更榮膺上半年中國混
design language, it is committed to resolving the binary 動全品類銷量冠軍；「豹5」及「豹8」閃充版亦於
oppositions in user demands with pioneering technologies. The 五月上市，並首搭全球首款全場景智能液壓車身
brand continues to launch products including electric-powered 控制系統「雲輦-P Ultra」，進一步夯實在新能源
off-road vehicles, distinctive rugged vehicles, sedans, and 高端越野市場的競爭優勢。同時，全新「方程」
pickup trucks, finding solutions for every uncharted world and 系列亦於期內發佈，轎車「方程 S」系列與跑車
redefining a better life with unique style. 「FORMULA X」全球首秀，持續為用戶提供個性
全場景解決方案。
Since its launch, “FANGCHENGBAO” has recorded an average
transaction price exceeding RMB220,000, and completed the
product refresh of its entire family matrix during the Period. Its
“Ti” Series, defining a new standard for trendy urban mobility,
and the “BAO” Series, the intelligent off-road pioneer, have
undergone continuous iterative upgrades, receiving enthusiastic
market feedback, reshaping the market landscape with
“Leopard-like Momentum”. Among them, the “Ti 3” launched
a flash charging version in March and won the championship
of China’s pure electric boxy model sales in the first half of the
year. Following the plug-in hybrid version, the “Ti 7” launched
the “Ti 7 EV” flash charging version in April, achieved cumulative
sales of 150,000 units by May, and was further honored as the
sales champion of all hybrid vehicle categories in China in the
first half of the year. The flash charging versions of “BAO 5” and
“BAO 8” were also launched in May, featuring the world’s first “FORMULA SL”
full-scenario intelligent hydraulic body control system “DiSus-P 「方程SL」
Ultra”, further consolidating their competitive advantages in the
high-end new energy off-road vehicle market. Meanwhile, the
brand-new “FORMULA” Series was also released during the
Period, with the global debut of the “FORMULA S” sedan series
and the “FORMULA X” sports car, continuing to provide users
with personalized full-scenario solutions.
Interim Report 2026
二零二六年中期報告 21
Management Discussion and Analysis
管理層討論與分析
“DENZA” brand
「騰勢」品牌
「騰勢」定位科技安全新豪華汽車品牌，將豪華美
學基因與科技力量融為一體，秉承「優雅之勢」設
計理念，依託「易三方」及「雲輦」智能車身控制
系統等核心技術，打造MPV、SUV、轎車與跑車
全品類豪華矩陣。
期內，隨着「第二代刀片電池」及「閃充」技術全
面落地，全新「騰勢Z9GT」、第二代「騰勢D9」、
「 騰 勢 N 9 」閃 充 版 及「 騰 勢 N 8 L 」閃 充 版 陸 續 發
“Denza Z9GT”
佈，上市即熱銷；其中，全新「騰勢Z9GT」實現
「騰勢Z9GT」
超1,000公里超長純電續航，更連續3個月蟬聯豪
華GT銷量冠軍。此外，全球首款智能電動超跑
“DENZA” is positioned as a new luxury automotive brand
「騰勢Z」於四月全球首秀，並於七月在英國古德
focused on technology and safety, integrating luxurious
伍德速度節完成全球首發。
aesthetic essence with technological power. By embracing
the “Aura of Elegance” design philosophy and leveraging core
technologies such as the “e?” and the “DiSus” intelligent body
control system, it aims to build a luxury matrix encompassing
the full spectrum of MPVs, SUVs, sedans, and sports cars.
During the Period, with the full implementation of the “2nd
Generation Blade Battery” and the “FLASH Charging”
technology, the all-new “Denza Z9GT”, the second-generation
“Denza D9”, and the flash charging versions of “Denza N9” and
“Denza N8L” were successively released, achieving immediate
sales success upon launch. Among them, the all-new “Denza
Z9GT” achieved an ultra-long pure electric range of over 1,000
kilometers and has topped the luxury GT sales charts for three
consecutive months. In addition, the world’s first intelligent
electric supercar, “Denza Z”, made its global debut in April and
completed its official launch at the Goodwood Festival of Speed
in the United Kingdom in July. “Denza Z”
「騰勢Z」
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
“Yangwang” Brand
「仰望」品牌
作為中國首個百萬級高端新能源汽車品牌，「仰
望」深度融合傳統文化底蘊與前沿科技創新，以
「易四方」平台及「雲輦」智能車身控制系統等顛
覆性技術為支撐，為用戶帶來前所未有的極致安
全、極致性能與極致體驗。
三月，2026 款「仰望 U7」、「仰望 U8」及「仰望
U8L」同步重磅上市，均升級搭載「第二代刀片電
池」及「閃充」技術，重塑高端出行體驗。四月，
全球首台按照量產標準打造的「仰望U9 Xtreme」
與大四座佈局「仰望U8L」鼎藏版全球首秀，充分
“Yangwang U9 Xtreme”
展現「仰望」品牌在極致性能與極致豪華兩大領域
「仰望U9 Xtreme」 的深度探索。
As China’s first premium NEV brand with a million-yuan price positioning, “Yangwang” deeply integrates
traditional cultural depth with cutting-edge technological innovation. Supported by disruptive technologies
such as the “e4” and the “DiSus” intelligent body control system, it brings users unprecedented ultimate safety,
ultimate performance, and ultimate experience.
In March, the 2026 versions of “Yangwang U7”, “Yangwang U8”, and “Yangwang U8L” were simultaneously
launched, all upgraded with the “2nd Generation Blade Battery” and the “FLASH Charging” technology to
reshape the high-end travel experience. In April, the world’s first mass-production-standard “Yangwang
U9 Xtreme” and the spacious four-seat “Yangwang U8L” Dingcang Edition made their global debuts, fully
demonstrating the “Yangwang” brand’s in-depth exploration in the two major fields of ultimate performance and
ultimate luxury.
Interim Report 2026
二零二六年中期報告 23
Management Discussion and Analysis
管理層討論與分析
Diversified layout driving growth as global 多元佈局驅動增長，全球拓展成效顯現，
expansion efforts bear fruit, firmly ranking first in 穩居中國新能源汽車出口第一
China’s NEV exports
In the first half of 2026, the Group steadily advanced its 二零二六年上半年，本集團堅定推進全球化
globalization strategy. Its overseas business maintained 戰略，海外業務延續強勁增長態勢，於歐
robust growth momentum, delivering strong results across 洲、拉美、亞太及中東非全面開花，全球知
Europe, Latin America, Asia-Pacific, and the Middle East 名度及美譽度持續攀升，有力助推全球汽車
and Africa. Its global brand awareness and reputation 電動化進程。依託領先技術與豐富的品牌及
showed steady improvement, strongly boosting the global 產品矩陣，本集團新能源汽車業務版圖已覆
automotive electrification process. Leveraging its leading 蓋全球六大洲、121 個國家和地區。隨着國
technologies and rich brand and product matrix, the 際化佈局深化，海外業務已成長為本集團高
Group’s NEV business footprint has covered 121 countries 質量發展的核心增長極。
and regions across six continents. With the deepening
of its international layout, overseas business has grown
into a core growth driver for the Group’s high-quality
development.
The Group demonstrated strong dominance through the 本集團憑藉純電與插混「雙輪驅動」展現出強
“dual-drive” strategy of pure electric and plug-in hybrid 大的統治力，品牌勢能正加速轉化為市場份
vehicles, with brand momentum accelerating its conversion 額。根據JATO Dynamics數據，二零二六
into market share. According to data from JATO Dynamics, 年上半年，本集團在全球多個市場取得領先
the Group achieved leading results across multiple global 成績：在歐洲，於英國、意大利及西班牙斬
markets in the first half of 2026: in Europe, it claimed the 獲新能源汽車品牌銷量冠軍；在美洲，以近
NEV brand sales title in the UK, Italy, and Spain; in the 10萬輛的絕對優勢登頂巴西新能源汽車品牌
Americas, it topped the NEV brand sales chart in Brazil 銷量榜首；在亞太，位列泰國及印度尼西亞
with a commanding lead of nearly 100,000 units; in the 新能源汽車品牌銷量第一，包攬新加坡乘用
Asia-Pacific region, it firmly maintained its position as the 車及新能源汽車品牌雙冠，並於澳大利亞位
best-selling NEV brand in Thailand and Indonesia, swept 列全品牌銷量第二、新能源汽車品牌銷量第
both the passenger vehicle and NEV brand sales titles in 一；在中東非，於沙特、阿聯酋及南非榮膺
Singapore, and ranked second in overall brand sales and 新能源汽車品牌銷量冠軍。
first in NEV brand sales in Australia; in the Middle East
and Africa, it was named the NEV brand sales champion in
Saudi Arabia, the United Arab Emirates, and South Africa.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
Meanwhile, the internationalization process of the Group’s 與此同時，本集團高端品牌國際化進程全面
high-end brands has been fully accelerated. During the 提速。期內，「騰勢」與博鰲亞洲論壇達成戰
Period, “Denza” formed a strategic partnership with the 略合作，成為首個服務論壇盛事的中國豪華
Boao Forum For Asia, becoming the first Chinese luxury 新能源品牌，旗下車型為全球政商代表提供
NEV brand to serve the forum’s signature event, with its 尊 享 出 行 服 務 。 四 月 ，「 騰 勢 」於 法 國 巴 黎
models providing exclusive mobility services for global 歌劇院舉行歐洲上市發佈會，正式推出旗艦
political and business representatives. In April, “Denza” 車型「騰勢Z9GT」與「騰勢D9」，其中「騰勢
held a European launch conference at the Palais Garnier in Z9GT」官方售價約11.5萬歐元起。憑藉豪華
France, officially launching its flagship models, the “Denza 品質與創新體驗，本集團正以中國高端智造
Z9GT” and “Denza D9”. Among them, the official starting 實力，突破海外高端汽車市場壁壘，加速引
price of the “Denza Z9GT” is approximately EUR115,000. 領全球新能源汽車浪潮。
Driven by premium quality and innovative experiences,
the Group is leveraging the strength of China’s high-end
intelligent manufacturing to break into the overseas
high-end automotive market and accelerate its leadership
in the global wave of NEVs.
Interim Report 2026
二零二六年中期報告 25
Management Discussion and Analysis
管理層討論與分析
The Group is committed to achieving sustainable and 本集團致力於實現海外業務的可持續及高質
high-quality development of its overseas business by 量發展，持續完善「研發、製造、物流、銷
continuously improving the integrated full-chain operation 售」一體化全鏈條運營體系，不斷提升全球
system covering “R&D, Manufacturing, Logistics, Sales”, 化運營能力。本地化生產方面，本集團正加
and continuously enhancing its global operational 速全球產能佈局，全面提升海外供應保障能
capabilities. In terms of localized production, the Group 力，巴西、泰國等地已投入運營的工廠為公
is accelerating its global production capacity layout and 司出海業務提供有力支撐。目前，更多海外
comprehensively enhancing its overseas supply assurance 工廠的拓展與建設計劃正在穩步推進中。海
capabilities. The factories that have already been put 外物流體系方面，本集團自有出海船隊已有
into operation in Brazil, Thailand, and other regions are 八艘滾裝船投入運營，在複雜外部環境下持
providing strong support for the Company’s overseas 續強化供應保障能力，有效提升全球交付效
business. At present, the expansion and construction plans 率與供應鏈韌性，進一步鞏固海外經銷商對
for more overseas factories are progressing steadily. In 品牌長期發展的信心。全球銷售渠道建設方
terms of the overseas logistics system, the Group’s self- 面，本集團秉持合作共贏理念，攜手國際頂
owned overseas fleet has put eight roll-on/roll-off vessels 尖經銷商，加速完善渠道網絡佈局，持續提
into operation, continuously strengthening supply support 升品牌觸達力。此外，本集團立足全球多元
capabilities amid the complex external environment, 化需求，針對海外市場定制化推出符合當地
effectively enhancing the global delivery efficiency 消 費 者 需 要 的 產 品 。 其 中 ，「 鯊 魚 」皮 卡 、
and supply chain resilience, and further consolidating 「元UP」插混版及「海豚」插混版於海外首發
overseas distributors’ confidence in the brand’s long- 後廣受市場好評，進一步完善本集團海外產
term development. In terms of global sales channel 品矩陣。通過提供高品質產品與全週期專業
construction, the Group, upholding the concept of win-win 服務，本集團致力於為全球消費者創造卓越
cooperation, cooperates with top international distributors 的綠色出行價值，全面助推全球汽車產業電
to accelerate the improvement of the channel network 動化轉型。
layout, and continuously enhance brand reach. In addition,
based on diverse global needs, the Group has launched
customized products tailored to local consumers for
overseas markets. Notably, the “BYD SHARK” pickup, the
“Yuan UP” plug-in hybrid version, and the “Dolphin” plug-in
hybrid version have received widespread market acclaim
following their international debuts, further refining the
Group’s overseas product matrix. By offering high-quality
products and full-cycle professional services, the Group
is committed to creating excellent green mobility value for
global consumers and fully advancing the electrification
transformation of the global automotive industry.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In terms of international standard-setting and discourse 在國際標準與話語權建設上，本集團亦取得
power building, the Group has also achieved a 里程碑突破。三月，本集團正式加入國際汽
milestone breakthrough. In March, the Group officially 車工作組(IATF)，彰顯了中國車企在參與國
joined the International Automotive Task Force (IATF), 際標準制定上的重要進展，也印證了本集團
which demonstrates the significant progress made by 作為全球新能源領軍企業的核心技術與質量
Chinese automakers in participating in the formulation 管理實力。
of international standards, and also testifies to the core
technology and quality management capabilities of the
Group as a leader in the global NEV industry.
Leveraging core components as a technological 以核心零部件為技術動力源，全速驅動新
engine to fully accelerate the layout of the new 能源產業鏈佈局
energy industry chain
In the field of new energy commercial vehicles 新能源商用車領域
The Group adheres to a flexible and pragmatic strategy 本集團堅持靈活務實的戰略，依託領先技術
by leveraging cutting-edge technology to continuously 持續推出適配多元場景的優質產品，穩步提
launch high-quality products tailored for diverse 升營運效能，實現全球多洲、高端與新興市
scenarios. It steadily enhances operational efficiency and 場同步深耕的全域開花格局。根據中國客車
achieves synchronized, deep-rooted expansion across 統計信息網數據，期內，本集團新能源客車
multiple continents and both premium and emerging 出口量穩居行業首位，市場份額超22%，彰
markets globally. According to the statistics released by 顯本集團在全球綠色交通領域的領先地位與
www.ChinaBus.Info, during the Period, the export volumes 強勁增長動能。
of the Group’s new energy buses maintained a leading
position in the industry, with a market share exceeding
global green transportation sector and its robust growth
momentum.
Interim Report 2026
二零二六年中期報告 27
Management Discussion and Analysis
管理層討論與分析
In the field of rechargeable batteries 二次充電電池領域
With leading technological R&D capabilities, large-scale 憑藉領先的技術研發能力、規模化製造優勢
manufacturing advantages, and full-industry-chain synergy 及全產業鏈協同能力，本集團持續完善產業
strengths, the Group has continuously refined its industrial 佈局，鞏固行業領先地位。
layout and consolidated its leading position in the industry.
In terms of the power battery business, while meeting its 動力電池業務方面，在保障自身新能源汽車
own power battery demand for NEVs, the Group upholds 動力電池需求的基礎上，本集團保持開放合
an open and cooperative attitude, collaborating with 作，攜手產業夥伴共同推動新能源汽車滲透
industry partners to steadily raise NEV penetration rates. 率持續提升。
In terms of the energy storage business, the Group 儲能業務方面，本集團延續快速增長勢頭，
maintained the rapid-growth momentum, with the 儲能系統累計出貨量持續領跑行業。面對全
cumulative shipment of energy storage systems leading 球儲能應用場景的差異化需求，本集團持續
the industry. Confronted with the differentiated demands of 構建全域儲能應用生態，產品遠銷全球110
global energy storage application scenarios, the Group has 多個國家和地區，覆蓋源網側儲能、工商業
continuously built an all-domain energy storage application 儲能、戶用儲能、AIDC 算力儲能等多元場
ecosystem, with products sold to over 110 countries and 景。根據InfoLink數據，二零二六上半年，
regions, covering diverse scenarios such as source-grid- 本集團位列全球儲能系統出貨廠家第一。
side energy storage, industrial and commercial energy
storage, household energy storage, and energy storage for
AIDC. According to InfoLink data, the Group ranked first
among the global energy storage system suppliers in the
first half of 2026.
Leveraging its world-leading battery R&D and manufacturing 依託全球領先的電池研發製造技術與持續創
expertise and continuous product innovation capabilities, the 新的產品開發能力，本集團充分發揮垂直一
Group has fully leveraged its vertical integration strengths, 體化優勢，構建起從3C（電芯、功率芯片、
building a system featuring full-stack in-house R&D, 智算芯片）到3S（BESS、PCS、EMS）的全
end-to-end supply, closed-loop operation and large-scale 棧自研、全鏈供應、全鏈閉環及規模化量產
mass production, spanning 3C (cell, power chip, intelligent 體系，具備提供 GW 級構網型儲能解決方案
computing chip) to 3S (BESS, PCS, EMS), and the Group is 的能力。期內，本集團新一代大容量儲能系
capable of providing GW-level grid-forming energy storage 統「BYD Haohan」啟動批量交付，該產品
solution. During the Period, the Group’s new-generation 搭載全球最大 2710Ah 儲能專用刀片電池，
large-capacity energy storage system “BYD Haohan” 協同新一代「GC Flux PCS」與「GC Master
commenced mass delivery. Equipped with the world’s E M S」，助力國內外多個 G W 級儲能項目落
largest 2710Ah energy storage-specific blade battery, and 地。與此同時，本集團前瞻佈局鈉離子儲能
supported by the new-generation “GC Flux PCS” and “GC 等新型電池技術的研發與示範應用，已推動
Master EMS”, the product facilitated the implementation of 百兆瓦時級鈉電儲能項目實現商業化落地，
several GW-level energy storage projects both domestically 並持續加速新一代鈉電儲能產品的迭代升
and internationally. Meanwhile, the Group has proactively 級，以多元技術儲備增強中長期技術韌性。
positioned itself R&D and demonstration application of new
battery technologies such as sodium-ion energy storage.
It has achieved the commercialization of 100 MWh-level
sodium-ion energy storage projects and continued to
accelerate the iterative upgrade of next-generation sodium-
ion energy storage products, enhancing its medium- and
long-term technological resilience with diversified technology
reserves.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
With the synergy of technology and products, the Group's 憑藉技術與產品的協同發力，本集團儲能
energy storage business has become increasingly 業務全球競爭力穩步增強。期內，本集團
competitive in the global market. During the Period, the 儲能重大訂單持續落地、標桿項目順利投
Group continuously delivered material energy storage 運。海外市場方面，本集團與 Masdar 簽署
orders and facilitated the successful operation of 11.275GWh 儲能供貨協議，助力阿聯酋二
benchmark projects. In overseas markets, the Group 零五零年碳中和目標戰略落地；與Grenergy
signed an 11.275GWh energy storage supply agreement 達成2.6GWh儲能供貨合作，持續拓展區域
with Masdar to support the implementation of the UAE's 業務合作規模；亦促成智利Elena 3.5GWh
expanding regional business scale; it also contributed to 中標中廣核1.2GWh儲能系統框採等重點項
the official operation of the Elena photovoltaic and energy 目，有力支撐國內新型電力系統建設。
storage power station in Chile with a total capacity of
base in the Atacama Desert. In the domestic market,
the Group won the bids for key projects such as CGN’s
robustly supporting the construction of the new-type power
system in China.
Interim Report 2026
二零二六年中期報告 29
Management Discussion and Analysis
管理層討論與分析
In the field of photovoltaics business 光伏業務領域
The Group has been continuously deepening its strategic 本集團圍繞「雙碳」目標持續深化戰略佈局，
layout centered on the “dual carbon” goal, and has a 擁有硅片、電池片、光伏組件、光伏系統應
complete industry chain layout covering silicon wafers, 用等全產業鏈佈局，業務足跡遍佈全球100
solar cells, photovoltaic modules and photovoltaic system 多個國家和地區，為全球客戶提供高效、可
applications, etc. Its business presence spans over 100 靠的產品與服務。
countries and regions around the world, providing efficient
and reliable products and services to global customers.
In the field of cutting-edge technology 前沿科技領域
Relying on its well-established and robust R&D system, 本集團依託完善且強大的研發體系，持續孵
the Group has systematically built a technology capability 化新業態、探索新模式、培育新動能，系統
matrix for the AI era by continuously incubating new 構建面向AI時代的技術能力矩陣，進一步鞏
business forms, exploring new models, and cultivating 固在智能化與新能源融合發展領域的領先優
new growth drivers, which further solidifies the Group’s 勢。
leadership in the integration of intelligent and new energy
sectors.
The Group has actively seized the development 本集團積極把握AI技術發展機遇。一方面，
opportunities brought by AI technology. On one hand, it 以AI工具全鏈路賦能研發、生產、供應鏈
applies AI tools to empower the entire process of R&D, 及運營管理，推動經營效率與運營質量協同
production, supply chain, and operational management, 躍升；另一方面，持續深化AI技術在動力
promoting a coordinated improvement in operational 系統、智能座艙及智能駕駛等核心領域的應
efficiency and quality; on the other hand, it continuously 用，特別是在智駕領域提出物理AI大模型，
deepens the application of AI technology in core fields 將真實世界的物理規律與駕駛場景深度融
such as powertrain systems, intelligent cockpits and 合，使智能駕駛從數據驅動邁向物理認知驅
intelligent driving. In particular, in the field of intelligent 動的新階段，顯著提升系統在複雜場景下的
driving, the Physical AI foundation model was proposed 理解、預測與決策能力，加速產品迭代與用
to deeply integrate real-world physical laws with driving 戶體驗升級，進一步強化市場競爭力。
scenarios, which enables intelligent driving to shift
from the data-driven stage to a new stage of physical
cognition-driven development, significantly enhancing the
system’s ability to understand, predict and make decisions
in complex scenarios, accelerating product iteration and
user experience optimization, and further strengthening its
market competitiveness.
The Group has continuously deepened its strategic layout 本集團持續深化具身智能戰略佈局，依託新
of embodied intelligence by leveraging the advantages 能源汽車產業鏈、技術創新及場景應用優
of the NEV industry chain, technological innovation and 勢，前瞻培育新增長動能。此外，在產業協
scenario applications to prospectively cultivate new 同方面，本集團已通過股權投資佈局帕西尼
growth momentum. Furthermore, in terms of industrial 感知科技、智元機器人等領先企業，覆蓋觸
collaboration, the Group has made equity investments in 覺感知、人形機器人整機等關鍵細分領域，
leading enterprises such as PaXini Tech and AGIBOT,
covering key sub-sectors like tactile perception and
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
humanoid robots (complete units), and formed deep 並與行業夥伴在技術研發、業務合作等層面
complementarity with industry partners in areas such as 深度互補，加速構建「核心部件 － 整機 － 應
technological R&D and business cooperation, accelerating 用場景」的產業生態閉環。
the construction of a closed-loop industrial ecosystem
of “core components – complete units – application
scenarios”.
Collaborating with global professional partners to 攜手全球專業夥伴，共促綠色可持續發展
advance green and sustainable development
The Group has continuously expanded its global presence 本集團持續深化全球佈局，積極聯動世界各
by actively collaborating with professional partners from 領域專業夥伴，致力於共同推動綠色發展願
various fields around the world, committed to jointly 景落地，通過跨界協作、資源共創與技術聯
advancing the implementation of the green development 動，為社會構建更高質量的未來出行與生活
vision. Through cross-sector collaboration, resource co- 生態。
creation, and technological integration, the Group has
helped build a higher-quality future mobility and living
ecosystem for society.
Leveraging the “FLASH Charging China” strategy, the 依託「閃充中國」戰略，本集團持續深化產業
Group has continuously deepened its collaboration along 鏈及跨界協同，推動充電網絡、數字服務與
the industry chain and across sectors, promoting the 智能出行生態的融合發展。期內，本集團多
integrated development of charging networks, digital 個跨界合作項目落地：三月，攜手京東打造
services, and the intelligent mobility ecosystem. During 「人•車•補能」一體化生態，推動補能服務與
the Period, several cross-sector cooperation projects of 互聯網深度融合；四月，聯合肯德基推出「9
the Group were successfully implemented: in March, it 分鐘一站式人車補能」新體驗，並率先在「鈦
teamed up with JD.com to build an integrated ecosystem 7」搭載車速取智能點餐功能；同月，與高德
of “People • Vehicles • Energy Replenishment”, promoting 地圖達成戰略合作，依託精準定位與實時數
the deep integration of energy replenishment services with 據實現閃充「可見即可達」，有效緩解續航焦
the internet; in April, it launched a new “9-Minute One-stop 慮；五月，與神州租車簽署10萬台車輛採購
Energy Replenishment for Passengers and Vehicles” 協議，推進「車、樁、店、站」一體化佈局，
experience with KFC, and pioneered the integration of a 助力綠色出行基礎設施升級；六月，與中國
smart drive-thru ordering function into the “Ti 7” model; 石化深化戰略合作，圍繞「萬站聚能、加油
in the same month, it forged a strategic partnership with 閃充」共建智慧能源生態，加快構建覆蓋更
Amap to leverage precise positioning and real-time data, 廣、補能更快的新能源補能網絡。
realizing “see it, charge it” within the FLASH Charging
network and effectively alleviating range anxiety; in May,
it signed a 100,000-vehicle purchase agreement with
CAR, promoting the integrated layout of “Vehicles, Piles,
Stores, and Stations”, and facilitating the upgrading of
green mobility infrastructure; in June, it deepened strategic
cooperation with Sinopec, jointly building a smart energy
ecosystem centered around “Ten-Thousand-Station
Energy Aggregation, Joint Refueling and FLASH Charging”
and accelerating the development of a new energy
replenishment network with broader coverage and faster
charging.
Interim Report 2026
二零二六年中期報告 31
Management Discussion and Analysis
管理層討論與分析
The Group is a global leading provider of high-tech and 本集團是全球領先的高科技創新產品提供
innovative products, providing customers around the 商，依託電子信息技術、人工智能技術、5G
world with one-stop product solutions relying on its core 和物聯網技術、熱管理技術、新材料技術、
advantages in electronic information, AI, 5G and Internet 精密模具技術和數字化製造技術等核心優
of Things, thermal management, new materials, precision 勢，為全球客戶提供一站式產品解決方案。
molds and digital manufacturing technologies. The Group 本集團業務涵蓋智能手機、電腦、AI算力基
engages in a wide variety of businesses ranging from 礎設施、智能穿戴、智能家居、遊戲硬件、
smartphones, computers, AI computing infrastructure, 無人機、3D打印機、物聯網、通信設備等多
smart wearables, smart home, game hardware, 元化的市場領域。作為行業發展的參與者與
unmanned aerial vehicles, 3D printers, Internet of Things, 推動者，本集團始終以戰略遠見引領前行，
communication equipment to other diversified market 不斷夯實研發與智造優勢，積極延展業務版
areas. As a participant and driver of industry development, 圖，着力構建穿越週期的長期核心競爭力，
the Group is consistently guided by strategic foresight, 實現可持續的高質量增長。
continuously consolidates its R&D and smart manufacturing
strengths, expands its business boundaries, and focuses
on building long-term core competitiveness resilient to
cycles to achieve sustainable, high-quality growth.
In the smart terminal business, the Group has leveraged 智能終端業務方面，本集團依託全鏈條技術
its advantages in the full-chain technology platform and 平台優勢與高效交付體系，進一步構築差異
efficient delivery system to further build a differentiated 化競爭壁壘，深化與全球客戶的戰略合作，
competitive moat, deepen strategic cooperation with 並有序拓展多元智能終端產品矩陣。零部件
global customers, and expand the diversified portfolio 業務方面，本集團穩守海內外客戶高端旗艦
for smart terminal products in an orderly manner. In the 手機供應鏈的關鍵地位，同時拓展AI手機、
component business, the Group maintained its key position AI眼鏡、手持攝像設備等新項目，並實現
in the supply chains for high-end flagship smartphones of 量產交付，但受智能手機市場需求較弱及部
domestic and overseas clients, and expanded into new 分產品規格變化的影響，零部件收入同比減
projects such as AI phones, AI glasses, and handheld 少。整機組裝業務受益於海外大客戶，收入
camera devices, achieving mass production and delivery. 實現同比增長。
However, affected by weak demand in the smartphone
market and changes in some product specifications,
revenue from components decreased year on year. In the
assembly business, the Group achieved revenue growth
year on year, benefiting from major overseas clients.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In the AI computing infrastructure business, the Group AI算力基礎設施業務方面，本集團積極把
proactively seized the market opportunities presented 握AI發展帶來的市場機遇，依託在智能終
by the AI development. Leveraging the deep, full- 端領域積淀的全產業鏈深度技術經驗，涵蓋
industry-chain technical expertise accumulated in the 材料研發、模具設計、精密零部件開發與自
smart terminal sector encompassing materials R&D, 動化製造的完整能力，並疊加在汽車業務中
mold design, precision component development, and 成熟落地的熱管理與高壓電源技術，將兩大
automated manufacturing, combined with the mature 領域的技術優勢深度融合併創新應用，圍繞
thermal management and high-voltage power supply AI算力基礎設施的核心產品，進行了全面戰
technologies proven in its automotive business, the 略佈局，打造了涵蓋服務器、液冷、高壓電
Group deeply integrated and innovatively applied the 源及高速互聯的一體化解決方案。期內，本
technological strengths of these two domains. Centering on 集團持續深化與多家客戶的合作，多款服務
the core products of AI computing infrastructure, the Group 器實現批量出貨；已完成海外大客戶最新一
executed a comprehensive strategic layout, delivering an 代液冷冷板的產品開發，項目進入量產爬坡
integrated solution spanning servers, liquid cooling, high- 階段；多款高壓電源及高速互聯產品亦在積
voltage power supply, and high-speed connectivity. During 極研發中，多元佈局為本集團業務增添新引
the Period, the Group continued to deepen cooperation 擎。
with multiple customers, with several server models
achieving bulk shipment. The Group has completed the
product development of the latest-generation liquid cooling
cold plates for major overseas clients, and the project has
now entered the mass production ramp-up phase. Multiple
high-voltage power supply and high-speed connectivity
products were under active development. This diversified
layout created new engines to the Group’s business.
Looking ahead to the second half of 2026, it is expected 展望二零二六年下半年，全球地緣衝突持續
that intensifying global geopolitical conflicts, rising 加劇、國際經貿壁壘不斷增多，以及主要經
international economic and trade barriers, and continued 濟體貨幣政策走向仍存在不確定性，預計將
uncertainty over monetary policies in major economies will 繼續為全球經濟增長及國際貿易環境帶來挑
continue to pose challenges to global economic growth 戰。面對複雜多變的外部形勢，中國政府將
and the international trade environment. In response to 採取更加積極的財政政策和適度寬鬆的貨幣
the complex and volatile external situation, the Chinese 政策，進一步促進內需潛力釋放，推動消費
government will adopt a more proactive fiscal policy and 結構升級。同時，國家亦將加快培育新質生
a moderately loose monetary policy to further unlock 產力，大力發展戰略性新興產業，促進產業
domestic demand potential and promote the upgrading of 與科技深度融合及協同創新，推動高質量發
the consumption structure. Meanwhile, the state will also 展行穩致遠。
accelerate the cultivation of new quality productive forces
and vigorously advance strategic emerging industries,
so as to promote the deep integration and collaborative
innovation of industry and technology, and drive steady
and sustained progress in high-quality development.
Interim Report 2026
二零二六年中期報告 33
Management Discussion and Analysis
管理層討論與分析
As an important representative industry of high-quality 作為高質量消費的重要代表產業，新能源汽
consumption, NEVs play a crucial role in unleashing 車在釋放內需潛力及推動經濟增長方面發揮
domestic demand potential and promoting economic 關鍵作用。經過上半年需求結構的調整後，
growth. After the first-half demand structure adjustment, 市場逐步回歸健康發展軌道，新能源汽車滲
the market gradually returned to a healthy development 透率持續提升，自主品牌的技術實力及市場
trajectory, with the NEV penetration rate continuing to 認可度進一步增強。儘管下半年內需復甦力
rise and the technical strength and market recognition 度仍有待進一步鞏固，供應鏈穩定性亦可能
of domestic brands further improving. Although the 面臨反覆挑戰，但行業整體基本面依然穩健
momentum of domestic demand recovery in the second 向好。從中期維度看，支撐因素持續向好。
half of the year still needs to be consolidated, and the 隨着充電基礎設施持續完善，消費者的補能
stability of the supply chain may also be tested by 焦慮將進一步緩解，為市場擴容創造有利條
recurring disruptions, the overall fundamentals of the 件；自主車企在供應鏈管理方面的優勢正逐
industry remain stable and positive. From a mid-term 步顯現；海外市場拓展亦有望成為新的增長
perspective, the supporting factors remain favorable. As 動力。從需求維度看，終端消費驅動因子不
charging infrastructure continues to improve, consumer 斷增多，在國際油價高企及節能減排趨勢帶
range anxiety will be further alleviated, creating favorable 動下，消費者向新能源汽車轉型的意願預計
conditions for market expansion; the supply chain 將進一步提升，為下半年行業銷售表現提供
management advantages of domestic automakers are 堅實支撐，並推動新能源汽車市場保持穩健
gradually becoming evident; and overseas market 增長態勢。放眼長期技術發展，在科技自立
expansion is also expected to become a new growth 自強的推進下，人工智能將加快產業協同，
driver. On the demand side, the driving forces for 「飛輪效應」逐步顯現，亦為製造業升級與新
terminal consumption are continuously strengthening. 能源汽車產業發展提供堅實支撐。
Driven by high international oil prices and the trend of
energy conservation and emission reduction, consumers’
willingness to shift to NEVs is expected to further increase,
which will lay a solid foundation for the industry’s sales
performance in the second half of the year and promote
the steady growth of the NEV market. Looking at long-term
technological development, underpinned by greater self-
reliance and self-improvement in science and technology,
AI will help accelerate industrial synergy, with the “Flywheel
Effect” gradually taking shape to provide robust support for
manufacturing upgrading and the development of the NEV
industry.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In the second half of the year, automobile and related 下半年汽車及相關政策仍有望在供需兩端協
policies are still expected to exert their influence on both 同發力，年初落實的《2026 年汽車以舊換新
supply and demand sides simultaneously. The Detailed 補貼實施細則》繼續實施，優化市場結構、
Rules for the 2026 Automobile Trade-in Subsidy Policy 促進技術升級的效益將持續顯現，有效催化
( 2 0 2 6 年 汽 車 以 舊 換 新 補 貼 實 施 細 則 》) p r o m u l g a t e d a t
《 新舊動能轉換。七月，國務院發佈《擴大消
the beginning of the year will remain in effect. Its role in 費「十五五」規劃》，進一步聚焦汽車消費升
optimizing market structure and promoting technological 級，從補能基建擴容、延伸消費鏈條到打造
upgrading will continue to unfold, effectively catalyzing 全生命週期生態，為市場注入強勁動力。同
the transition from old to growth drivers. In July, the State 月，工信部發佈《智能網聯汽車組合駕駛輔
Council released the 15th Five-Year Plan for Expanding (GB 47955-2026)為組合駕
助系統安全要求》
Consumption 《擴大消費
( 「十五五」規劃》), which further 駛輔助系統明確統一的安全規範，對提升智
prioritizes the upgrading of automobile consumption, 能網聯汽車安全水平、保障產業健康可持續
injecting strong impetus into the market through the 發展具有重要意義。
expansion of energy supply infrastructure, extension of
the consumption chain, and development of a full-lifecycle
ecosystem. In the same month, the MIIT released the
Intelligent and Connected Vehicle – Safety Requirements
of Combined Driver Assistance System 《智能網聯汽車組合
(
) (GB 47955-2026), which specifies
駕駛輔助系統安全要求》
unified safety standards for combined driver assistance
systems. This is of great significance for enhancing the
safety performance of intelligent and connected vehicles
and ensuring the healthy and sustainable development of
the industry.
Faced with profound reforms in the industry, the Group, 面對行業深刻變革，本集團作為新能源汽車
as a leader in the NEV revolution, firmly adheres to its 革命的引領者，篤定戰略航向，恪守用戶至
strategic direction and user-centric principle, pursuing full 上，攻堅核心技術自主可控，深化與AI等前
independent control over core technologies and deepening 沿科技的融合協同，持續鍛造核心競爭力。
integration and synergy with cutting-edge technologies
including AI, to continuously forge its core competitiveness.
Leveraging its advantages of vertical integration and 本集團將依託垂直整合優勢與智電技術深度
in-depth application of intelligent and electrification 應用，進一步鞏固自身領先地位。同時，隨
technologies, the Group will further consolidate its 着全球化佈局提速，本集團正穩步提升全球
leading position. Meanwhile, as its global expansion 市場競爭力，夯實新能源汽車全球領先優
accelerates, the Group is steadily enhancing its global 勢，助力中國汽車產業引領全球新能源革
market competitiveness and solidifying its leading position 命。七月，本集團第 1,700 萬輛新能源汽車
in the NEV sector, contributing to the global new energy 下線，成為全球首家達成該里程碑的企業，
revolution spearheaded by the Chinese automotive 標誌着中國智造邁向新高度。
industry. In July, the Group’s 17 millionth NEV rolled off the
production lines, making it the world’s first enterprise to
achieve this milestone, which marks a new high for China’s
intelligent manufacturing.
Interim Report 2026
二零二六年中期報告 35
Management Discussion and Analysis
管理層討論與分析
Reshaping mobility through intelligence and 以智電創新重塑出行，以技術實力引領未
electrification innovation, leading the future with 來
technological strength
The NEV industry is entering a new phase of high-quality 新能源汽車行業正邁向高質量發展新階段。
development. Looking ahead, the Group will advance the 本集團將堅定深耕核心技術攻關，集中優勢
deep integration of electrification and intelligence through 資源，以前瞻視野推動電動化與智能化深度
firmly deepening efforts to make breakthroughs in core 融合，以技術創新作為應對競爭、驅動長期
technologies and concentrating its superior resources. 增長的核心引擎，全方位賦能產業鏈轉型升
It will utilize technological innovation as the core engine 級，為全球綠色出行貢獻中國方案。
to adapt to competition and drive long-term growth, and
comprehensively empower transformation and upgrading
of the industrial chain, contributing the Chinese solutions
for global green mobility.
In the realm of electrification 電動化領域
The Group will continue to deepen its presence in 本集團將持續深化「第二代刀片電池」及「閃
the “2nd Generation Blade Battery” and the “FLASH 充」技術佈局。隨着相關產能穩步提升，公
Charging” technology. With steady enhancement in 司將進一步加快旗下各系列車型的訂單交付
relevant production capacity, the Company will further 節奏，有效緩解供應緊張局面。同時，本集
accelerate delivery schedules of orders under all its series 團正積極推進「閃充生態」的全球化佈局，
of models, effectively alleviating the supply shortage 計劃在海外佈局 6,000 座閃充站。隨着全球
situation. Meanwhile, the Group is actively advancing 補能網絡的加速成型，本集團將進一步完善
global expansion of the “FLASH Charging Ecosystem”, 新能源汽車基礎設施生態，全面提升用戶體
planning to deploy 6,000 flash charging stations overseas. 驗，持續夯實本集團在全球新能源汽車市場
As global energy supply network continues to take shape 的領先優勢。
at an accelerated pace, the Group will further enhance
infrastructure ecosystem for NEVs, significantly improve the
user experience, and continuously strengthen its leading
position in the global NEVs market.
In the field of intelligence 智能化領域
Empowered by AI technologies, the automotive industry 汽車產業在AI技術的賦能下正加速邁入智能
is accelerating into the deep-water stage of intelligent 化深水區。智駕技術路線已進入端到端模型
development. The intelligent driving technology route 驅動的無圖方案階段，通過海量真實駕駛數
has entered the era of map-free solutions driven by end- 據的持續積累與訓練，系統得以在複雜多變
to-end models. Through continuous accumulation and 的現實場景中顯著提升泛化能力與擬人化決
training of massive real-world driving data, the system 策水平。在此趨勢之下，行業競爭的核心已
can significantly improve its generalization capability and 聚焦於「數據、算法、算力」三大要素。
human-like decision-making in complex and dynamic real-
life scenarios. Against this backdrop, industry competition
has focused on three key elements: data, algorithms, and
computing power.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In terms of data, the Group leverages its vast vehicle fleet 在數據方面，本集團憑藉龐大的車型保有量
and massive real-world driving data to build an industry- 與海量真實路況數據，結合與雲服務合作夥
leading data foundation in close collaboration with cloud 伴的緊密配合，構建行業領先的數據底座；
service partners. In terms of algorithms, it has introduced 在算法方面，引入物理AI大模型，使智能駕
the Physical AI foundation model, advancing intelligent 駛從傳統的數據驅動邁向物理認知驅動的新
driving from traditional data-driven approaches to a new 階段；在算力方面，依託與英偉達等智駕芯
stage of physics-aware cognition. In terms of computing 片合作夥伴的戰略協同和自研智駕芯片的規
power, backed by strategic synergy with intelligent driving 模化量產，為高階智駕築牢硬件基礎。三大
chip partners such as NVIDIA and the mass production 要素共同驅動智駕模型持續快速迭代，實現
of self-developed intelligent driving chips, the Group has 「越用越好用、越用越安心」的良性循環。
laid a solid hardware foundation for advanced intelligent
driving. These three elements together drive the continuous
and rapid iteration of intelligent driving models, realizing a
virtuous cycle of “better with every use, more reliable with
every use”.
While solidifying its own technological barriers, the 在夯實自身技術壁壘的同時，本集團將始終
Group will always maintain an open mindset and actively 保持開放心態，積極與產業鏈上下游夥伴深
deepen cooperations with partners at the upstream and 化合作，攜手推動智能化技術的規模化應用
downstream ends of industry chain, jointly promoting 與普及，共同實現智能化時代的全面領先。
large-scale application and popularization of intelligent
technologies, and jointly achieving comprehensive
leadership in the era of intelligence.
Committed to innovation-led development and 創新引領發展，深耕用戶價值，釋放品牌
continuously exploring user value to unleash the 增長動能
momentum for brand growth
The Group remains committed to technological innovation 本集團堅持以技術創新為核心驅動力，搭載
as its core driving force. New models across its various 「閃充」等前沿技術的各品牌新車型正有序推
brands equipped with cutting-edge technologies such 出，覆蓋從主流到高端的多元細分市場，精
as “FLASH Charging” are being launched in an orderly 準滿足消費者差異化需求。隨着「閃充」車型
manner, covering diverse market segments ranging from 矩陣全面鋪開及「第二代刀片電池」產能持
the mainstream market to the upmarket, to precisely cater 續提升，本集團發展動能將進一步增強。未
to differentiated consumer needs. With the full-scale 來，本集團將繼續堅定研發投入，同時打磨
deployment of “FLASH Charging” technology in vehicles 車型設計、精進渠道與營銷，推動技術優勢
and the continuous increase in production capacity of 與品牌升級相互賦能，持續鞏固主流市場領
the “2nd Generation Blade Battery”, the Group’s growth 先地位，並驅動高端品牌發展邁上新台階。
momentum is expected to be further strengthened. Looking
forward, the Group will continue to firmly invest in R&D,
while refining model design, and enhancing channel
development and marketing capabilities, to promote
mutual empowerment of technological advantages and
brand upgrading, thereby continuously consolidating its
leading position in the mainstream market, and driving the
development of its premium brands to a new level.
Interim Report 2026
二零二六年中期報告 37
Management Discussion and Analysis
管理層討論與分析
Further accelerating global presence to enter a new 全球佈局再提速，高端發展啟新篇
stage of development in the upmarket
In terms of overseas operations, the Group’s overseas 海外業務方面，本集團海外增長動能將持續
growth momentum will continue to be unleashed, which 釋放，繼續成為本集團銷售的重要支撐。在
remains an important support for the Group’s sales. In 推進全球化進程中，本集團堅持深度本土化
advancing its global expansion, the Group adheres to 戰略，精準響應各地市場需求並量身定制產
in-depth localization strategy by accurately responding 品，進一步鞏固中國新能源汽車品牌的全球
to the demands in various markets and developing 影響力。例如，專為日本市場開發的純電
customized products, to further consolidate its global K-Car「 海獺(RACCO)」已正式上市，憑藉高
influence as a Chinese new energy vehicle brand. For 度契合當地法規與用戶習慣的產品力，廣受
example, the pure-electric K-Car model, the “RACCO”, 海內外消費者好評。
developed specifically for the Japanese market, has been
officially launched. With the product power highly aligned
with local regulations and user habits, it has received
widespread recognition from consumers both domestically
and overseas.
In July, the Group’s Brazil factory witnessed a significant 七月，本集團巴西工廠迎來第10 萬輛新能
milestone that the 100,000th new energy vehicle 源汽車正式下線的重要發展里程碑，員工規
officially rolled off the production line. Meanwhile, the 模同步突破 5,500 人，充分印證本集團本土
number of employees at the plant exceeded 5,500, 化製造戰略的紮實成效。展望未來，本集團
fully demonstrating the effectiveness of the Group’s 將持續以本土化製造為核心，加速擴展海外
manufacturing localization strategy. Looking forward, the 產能佈局，深度挖掘全球新能源轉型帶來的
Group will continue to focus on localized manufacturing, 產業紅利，為全球綠色出行事業持續貢獻力
accelerate the expansion of overseas production capacity, 量。
deeply capture the industrial opportunities arising from
the global transition towards new energy, to constantly
contribute to the development of global green mobility.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
Striving for synergies across various business areas 多元賽道協同發力，共築全球綠色能源新
to build a new global green energy ecosystem 生態
In new energy commercial vehicle sector, the Group will 新能源商用車領域，本集團將依託領先技
continue to improve its localized product portfolio by 術、可靠品質與優質服務，不斷完善本地化
leveraging its leading technologies, reliable product quality 產品佈局，為全球公共交通綠色低碳轉型提
and high-quality services, to provide safer, more efficient 供更加安全、高效、智能的新能源解決方
and intelligent new energy solutions for the transition of 案。
global public transportation towards green and low-carbon
development.
In the energy storage sector, the Group will capture the 儲能方面，本集團將緊抓全球新能源轉型與
dual strategic opportunities arising from the transition AI算力需求釋放的雙重戰略機遇，堅持以技
towards new energy globally and the release of demands 術創新為核心驅動力，依託全產業鏈垂直整
for AI computing power. Taking technological innovation 合能力與品牌優勢，構築差異化競爭壁壘。
as the core driver, the Group will utilize its vertical 同時，本集團將持續深化產品佈局，健全配
integration capabilities across the full industry chain and 套服務體系，精準響應全球新型儲能應用場
brand advantages to establish differentiated competitive 景的多元化需求，推動業務規模擴張與發展
barriers. Meanwhile, the Group will continuously deepen 質效協同提升，鞏固行業領先地位。
product matrix, establish comprehensive supporting
service system, precisely respond to diversified needs of
global new-type energy storage application scenarios, and
promote coordinated enhancement in both business scale
expansion and development quality, to reinforce its leading
position in the industry.
In the photovoltaic sector, photovoltaic power is evolving 光伏方面，光伏發電正從補充電源成長為保
from a supplemental energy source into an important 障電力供應和綠色低碳轉型的重要力量。本
pillar for safeguarding power supply and green and 集團將緊抓轉型關口，以優質創新產品積極
low-carbon transition. The Group will seize the transition 應對行業變革與市場挑戰，穩步開拓國內外
opportunity, and actively respond to industry changes and 高質量發展新空間。
market challenges with premium and innovative products,
to steadily explore new opportunities for high-quality
development in both domestic and overseas markets.
Interim Report 2026
二零二六年中期報告 39
Management Discussion and Analysis
管理層討論與分析
As a global leading provider of high-tech and innovative 作為全球領先的高科技創新產品提供商，本
products, the Group will continue to invest in the R&D 集團將持續投入核心技術研發，提升高端製
of core technologies, enhance high-end manufacturing 造與創新實力，鞏固垂直整合競爭壁壘，深
and innovation capabilities, consolidate its competitive 化與重點客戶的戰略合作，積極佈局未來產
advantages built on vertical integration, deepen strategic 業高地。在穩固智能終端行業領先優勢的同
cooperation with major clients, and proactively position 時，推動AI算力基礎設施新興業務加速發
itself in high-potential future industries. While consolidating 展，共同推動本集團的高質量發展。
its leading position in the smart terminal industry, the Group
will expedite the development of its emerging business
such as AI computing infrastructure, thus collectively
driving the Group’s high-quality development.
In the smart terminal sector, as general AI and AI agents 智能終端業務方面，隨着通用AI及AI智能體
accelerate integration with terminal hardware, a broad 加速與終端硬件融合，推動各類終端產品正
spectrum of terminal products are evolving from “passive 從「被動工具」向「智能交互入口」升級，開
tools” into “intelligent interaction gateways”, ushering 啟新一輪的產業變革。依託在智能終端領域
in a new round of industrial transformation. Relying on 積累的深厚技術壁壘、廣泛的生態協同及與
high technological moats built in the smart terminal 全球主流品牌的長期合作基礎，本集團已前
sector, extensive ecological collaboration and long-term 瞻佈局AI手機、智能穿戴、智能家居等多元
cooperation with global mainstream brands, the Group 智能終端產品，有望精準把握AGI與AI智能
has vigorously developed various types of smart terminal 體帶來的新機遇。本集團將持續深化與客戶
products such as AI smartphones, smart wearables and 在高端產品的戰略合作，緊密配合客戶的創
smart home, which is expected to accurately grasp the 新步伐，全力確保新項目高質量落地。隨着
new opportunities brought by AGI and AI agents. The 客戶新一輪產品週期的全面鋪開與技術升級
Group will continue to deepen strategic cooperation 迭代，智能終端業務有望在明年迎來結構性
with customers on high-end products, closely align with 復甦。同時，本集團將積極把握AI浪潮，佈
customers’ innovation pace, and fully ensure the high- 局新型AI終端，開拓高潛力新品類與新興市
quality delivery of new projects. With the full rollout 場，推動智能終端業務向新一輪AI終端增長
of customers’ next product cycles and technological 曲線延伸，鞏固其在全球高端智能終端供應
iterations, the smart terminal business is expected 鏈中的領先優勢及核心地位。
to achieve a structural recovery in the coming year.
Meanwhile, the Group will actively embrace the AI wave by
deploying new AI terminals, exploring high-potential new
categories and emerging markets, and extending its smart
terminal business along a new AI terminal growth curve, to
consolidate its leading position and core role in the global
high-end smart terminal supply chain.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In terms of AI computing infrastructure business, AI算力基礎設施業務方面，AI技術的持續突
ongoing breakthroughs in AI technology, coupled with 破疊加全球數字化轉型的縱深推進，算力需
the deepening of global digital transformation, are 求持續爆發增長，AI數據中心市場繼續駛入
driving explosive growth in computing power demand. 規模化建設與高速增長的快車道。同時，超
Consequently, the AI data center market continues to ride 大規模算力格局仍在持續演變，資本開支的
the fast track of large-scale construction and rapid growth. 增長動能從傳統大型雲服務商向外擴展至新
Meanwhile, the landscape of hyperscale computing 型雲廠商、AI實驗室等主體，將進一步拓展
infrastructure continues to evolve. The growth momentum 服務器、液冷、高壓電源及高速互聯等相關
of capital expenditure is expanding beyond traditional 產品的市場空間，推動產品迭代升級及規模
major cloud service providers to include emerging cloud 化應用。面向AI算力產業高速發展的戰略
providers, AI laboratories and other participants. This 機遇期，本集團將持續深耕核心技術能力建
will further expand the market opportunities for related 設，完善服務器、液冷、高壓電源及高速互
products such as servers, liquid cooling, high-voltage 聯等產品矩陣，重點佈局高潛力、高盈利能
power supply and high-speed connectivity products, 力的細分賽道，構建覆蓋精密零部件、功能
while driving the upgrades and large-scale application of 模組到完整系統的全棧解決方案。本集團將
products. Facing the strategic opportunity arising from the 積極拓展新客戶群體，進一步擴大服務器的
rapid growth of the AI computing infrastructure industry, 業務規模；加快液冷產品規模化量產節奏，
the Group will continue to strengthen its core technological 並與全球領先客戶共同推動新一代產品的研
capabilities, and enhance its product portfolio covering 發和迭代升級；同步推進高壓電源、高速互
servers, liquid cooling, high-voltage power supply 聯等新產品的開發認證及客戶導入，培育業
and high-speed connectivity products, with focus on 務的新增長動能。
high-potential and high-profitability market segments,
to establish full-stack solutions covering precision
components, functional modules and complete systems.
The Group will actively expand its new customer base and
further scale up its server business. It will accelerate the
mass production of liquid cooling products and collaborate
with global leading clients to advance the R&D and
iterative upgrades of next-generation products. Meanwhile,
the Group will continue to advance the development,
certification and customer adoption of new products,
including high-voltage power supply and high-speed
connectivity products, cultivating new growth drivers for its
business.
Interim Report 2026
二零二六年中期報告 41
Management Discussion and Analysis
管理層討論與分析
FINANCIAL REVIEW 財務回顧
Revenue and Profit Attributable to Owners of the Parent 營業額及母公司擁有人應佔溢利
Company
During the Period, the Group’s revenue decreased by 7.13% 期內，營業額較二零二五年上半年下降7.13%，主
as compared to the first half of 2025, mainly attributable to 要是新能源汽車業務減少所致。母公司權益持有人
the decrease in the new energy vehicle business. The profit 應佔溢利較去年同期下降20.54%，主要系新能源汽
attributable to equity holders of the parent company decreased by 車業務減少及匯率波動產生的匯兌損失所致。
attributable to the decrease in the new energy vehicle business
and foreign exchange losses from changes in foreign exchange
rates.
Segmental Information 分部資料
Comparisons of the Group’s revenue by product categories for 以下為本集團於截至二零二六年及二零二五年六月
the six months ended 30 June 2026 and 2025 are illustrated as 三十日止六個月按產品類別分析的營業額比較：
follows:
Electronics and
Electronics and
other products (note)
other products (note)
電子及
電子及
其他產品（附註） 79.85% 其他產品（附註）
related products, Automobiles and
related products,
and other products
and other products
汽車、汽車相關產品
汽車、汽車相關產品
及其他產品
及其他產品
二零二六年上半年 二零二五年上半年
Note: During the Period, the Group renamed its business segment 附註：期內，本集團的業務分類名稱由「手機部件、組
from “Mobile Handset Components, Assembly and Other Products” 裝及其他產品」更新至「電子及其他產品」，本期間該業
to “Electronics and Other Products”. The revenue distribution of this 務板塊劃分的收入分佈與截至二零二五年六月三十日止
business segment for the current period follows the same classification 六個月的分類相同。
as that for the six months ended 30 June 2025.
Gross Profit and Gross Profit Margin 毛利及毛利率
The Group’s gross profit for the Period decreased by 本集團期內的毛利下降約2.81%至約人民幣64,989百
approximately 2.81% to approximately RMB64,989 million. The 萬元。毛利率由二零二五年上半年約18.01%上升至
gross profit margin increased from approximately 18.01% for the 期內約18.85%。毛利率上升主要受海外新能源汽車
first half of 2025 to approximately 18.85% for the Period. The 業務增加影響。
increase in gross profit margin was mainly driven by the growth of
overseas new energy vehicle business.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
Liquidity and Financial Resources 流動資金及財務資源
During the Period, the Group recorded an operating cash inflow 期內，本集團錄得經營現金流入約人民幣37,335 百
of approximately RMB37,335 million, as compared to an operating 萬元，而去年上半年則錄得經營現金流入約人民幣
cash inflow of approximately RMB31,833 million in the first half 31,833 百萬元，本集團期內現金流入增加主要是
of last year. The increase in cash inflow of the Group during the 購買商品，接受勞務支付的現金減少所致。於二零
Period was mainly attributable to the decrease in the cash paid 二六年六月三十日的總借貸包括全部銀行貸款及債
for purchase of goods and receipt of services. Total borrowings 券，約為人民幣120,055 百萬元，而二零二五年十
as at 30 June 2026, including all bank loans and bonds, were 二月三十一日總借貸包括全部銀行貸款及債券，約
approximately RMB120,055 million, compared with approximately 為人民幣113,435 百萬元。銀行貸款及債券的到期
RMB113,435 million of total borrowings as at 31 December 還款期限分佈在五年期間，分別須於一年期內償還
bank loans and bonds spread over a period of five years, with 約人民幣76,195 百萬元。本集團借款需求不受季節
approximately RMB43,860 million repayable within one year, 性影響，且本集團擁有足夠的流動性以滿足日常流
approximately RMB76,195 million repayable within the second 動資金管理及資本開支需求。
to fifth years. The Group’s requirements for borrowings are
unaffected by seasonality and the Group had adequate liquidity
to meet its daily liquidity management and capital expenditure
requirements.
For the six months ended 30 June 2026, the turnover days of 截至二零二六年六月三十日止六個月，應收類款項
receivables (including trade receivables, contract assets and （ 含 應 收 賬 款 ， 合 同 資 產 ， 應 收 款 項 融 資 ）週 轉 期
financing receivables) were approximately 30 days as compared 約 30 日，而截至二零二五年同期則約為 33 日，無
to approximately 33 days for the corresponding period in 2025, 明顯變化。存貨週轉期截至二零二六年六月三十日
with no significant change. The inventory turnover days were 止六個月約為 109 日，截至二零二五年同期則約為
approximately 109 days for the six months ended 30 June 2026 79 日，變化的主要原因為海外業務增加，海運週期
as compared to approximately 79 days for the corresponding 長，導致存貨平均餘額的同期增幅比營業成本的同
period in 2025, which was mainly due to the increase in overseas 期增幅大。
business and the long shipping cycle, leading to a higher period-
on-period growth in the average balance of inventories than that
of the operating costs.
Capital Structure 資本架構
The Group’s financial division is responsible for the Group’s 本集團財務處的職責是負責本集團的財務風險管理
financial risk management which operates according to policies 工作並根據高級管理層實行批核的政策運作。於二
implemented and approved by senior management. As at 30 零二六年六月三十日，借貸主要以人民幣結算，而
June 2026, borrowings were mainly settled in RMB, while its 其現金及現金等價物則主要以人民幣及美元持有。
cash and cash equivalents were mainly held in RMB and USD. 本集團於期內維持適當的股本及債務組合，以確保
The Group maintained an appropriate mix of equity and debt 具備有效的資本架構。於二零二六年六月三十日，
to ensure an effective capital structure during the Period. As at 本集團尚未償還貸款包括人民幣貸款及外幣貸款，
loans and foreign currency loans, of which approximately 48% (31 一日：43%）按固定利率計息，其餘則按浮動利率計
December 2025: 43%) bore fixed interest rates and the rest bore 息。
floating interest rates.
Interim Report 2026
二零二六年中期報告 43
Management Discussion and Analysis
管理層討論與分析
The Group monitors its capital using a gearing ratio, which is 本集團透過使用資本負債比率（即負債淨額除以權
net debt divided by equity. The Group’s policy is to maintain the 益）監管其資本。本集團的政策為盡量維持低資本負
gearing ratio as low as possible. Net debt includes debt capital 債比率。負債淨額包括債務資本減去貨幣資金。權
less monetary funds. Equity represents equity attributable to 益為母公司擁有人應佔權益。故本集團於二零二六
owners of the parent company. Therefore, the Group’s gearing 年六月三十日及二零二五年十二月三十一日的資本
ratio as at 30 June 2026 and 31 December 2025 was 31% and 負債比率為31%和25%。
As at 30 June 2026 and 31 December 2025, there were no 於二零二六年六月三十日及二零二五年十二月三十
assets of the Group which were pledged as collateral for long- 一日，本集團均無以任何資產作為抵押取得長期借
term borrowings. As at 30 June 2026, the Group had cash and 款。於二零二六年六月三十日，本集團有人民幣約
bank balances of approximately RMB481,451,000 (31 December 481,451千元（二零二五年十二月三十一日：人民幣
as deposits of bank acceptance bills and cash and bank 保證金而受限，另有人民幣約2,400,367千元（二零
balances of approximately RMB2,400,367,000 (31 December 二五年十二月三十一日：人民幣4,667,860千元）作
guarantee deposits, bid bond and others.
Exposure to Foreign Exchange Risk 外匯風險
Most of the Group’s income and expenditure are settled in RMB 本集團大部分收入及開支以人民幣及美元結算。本
and US dollars. The derivative financial instruments contracts 集團與銀行訂立了衍生金融工具合同，為外匯遠期
entered into by the Group are the foreign currency forward 合同，以減低其匯率風險敞口。有關詳情，請參閱
contracts with banks to reduce its exchange rate risk exposure. 本報告財務報表附註15.(3)。期內，本集團並無因貨
For details, please refer to note 15.(3) to the financial statements 幣匯率的波動而令其營運或流動資金出現任何重大
in this report. During the Period, the Group did not experience any 困難或影響。董事相信，本集團將有充足外幣應付
significant difficulties in or impacts on its operations or liquidity 其外匯需要，並將採取切實有效的方法防範外匯匯
due to fluctuations in currency exchange rates. The Directors 兌風險。
believe that the Group has sufficient foreign exchange to meet
its own foreign exchange requirements and will adopt practical
measures to prevent exposure to exchange rate risk.
Employment, Training and Development 僱用、培訓及發展
As at 30 June 2026, the Group had approximately 911.9 於二零二六年六月三十日，本集團僱用約 91.19 萬
t ho usand employees. During the Period, to t a l s t a f f c o s t 名員工。期內，員工成本總額佔本集團營業額約
accounted for approximately 17.9% of the Group’s turnover. 17.9%。本集團按僱員的表現、資歷及當時的行業
Employees’ remuneration was determined based on performance, 慣例釐定給予僱員的報酬，而酬金政策會定期檢
qualifications and prevailing industry practices, with compensation 討。根據年度工作表現評核，僱員或會獲發花紅及
policies being reviewed on a regular basis. Bonuses were also 獎金。發放獎勵乃作為個人推動力的鼓勵。
awarded to employees based on the appraisal of their annual
performance. Incentives were offered to encourage personal
motivation.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
In order to better cultivate and retain talent, BYD has established 為了更好地培養和留住人才，比亞迪建立了獨特的
a unique talent training system, created a multi-level and 人才培訓體系，營造了多層次、全方位的學習與發
comprehensive learning and development organizational 展組織氛圍，持續提升公司的人才競爭力。
atmosphere, and continuously improved the Company’ s talent
competitiveness.
BYD has designed and established a multi-channel talent training 比亞迪為員工設計並建立了管理、技術、技能、專
system for employees in terms of management, technology, skills, 業等多通道的人才培養體系，針對不同群體的員工
and specialties, and has set up corresponding training projects 設置了相應的培養專項，通過案例教學、導師制、
for different groups of employees. Through case teaching, 鐵軍訓練營、訓戰結合等方式，用「優秀培養優秀，
mentorship system, the Tiejun training camp, and a combination of 讓成功複製成功」，持續提升人才梯隊的戰鬥力。
training and practice, etc., the Company leverages the philosophy
“cultivating excellence with excellence, allowing success to
replicate success”, to continuously improve the talent echelon’s
competitiveness.
In terms of employee career development, BYD aims to establish 在員工職業發展方面，比亞迪的目標是建立一個公
a fair and just talent development platform. Through management 平、公正的人才發展平台。我們通過管理指標評
indicator evaluation, technical title certification and skill level 審、技術職稱認證、技能等級認證體系，打造「管理
certification system, the Company has built a multi-talent +技術+技能+專業」的多人才發展通道。
development channel of “management, technology, skills, and
specialties”.
In addition, the Group had also adopted the 2024 Employee 此外，本集團亦已採納二零二四年員工持股計劃
Share Ownership Plan (the “2024 ESOP”) and the 2025 Employee （「二零二四年員工持股計劃」）及二零二五年員工持
Share Ownership Plan (the “2025 ESOP”), which were approved 股計劃（「二零二五年員工持股計劃」），均已獲本公
by the shareholders of the Company at the extraordinary 司股東分別於二零二四年十一月五日及二零二五年
general meetings held on 5 November 2024 and 15 April 2025 四月十五日舉行的臨時股東會上批准。於二零二六
respectively. As at 30 June 2026, the 2024 ESOP and the 2025 年六月三十日，二零二四年員工持股計劃及二零二
ESOP were effective employee share ownership plans of the 五年員工持股計劃為本公司有效員工持股計劃。
Company.
For further details of the 2024 ESOP and the 2025 ESOP, please 有關二零二四年員工持股計劃及二零二五年員工持
refer to the sections headed “2024 Employee Share Ownership 股計劃的進一步詳情，請分別參閱本報告以下標題
Plan” and “2025 Employee Share Ownership Plan” below of this 為「二零二四年員工持股計劃」及「二零二五年員工
report respectively. 持股計劃」章節。
Interim Report 2026
二零二六年中期報告 45
Management Discussion and Analysis
管理層討論與分析
Reference is made to the circular dated 18 October 2024 (the 茲提述本公司日期為二零二四年十月十八日的通函
“2024 Circular”) of the Company in relation to, among others, the （「二零二四年通函」），內容有關（其中包括）採納本
adoption of the 2024 Employee Share Ownership Plan (Draft) of 公司二零二四年員工持股計劃（草案）。本公司股東
the Company. The adoption was approved by the shareholders 於本公司二零二四年十一月五日舉行的臨時股東會
of the Company at the extraordinary general meeting of the 上批准採納。
Company held on 5 November 2024.
The 2024 ESOP is a discretionary employee share ownership plan 二零二四年員工持股計劃為本公司的一項酌情員工
of the Company and does not involve the grant of options to issue 持股計劃，並不涉及授出發行新股份或本公司（或其
new Shares or any other new securities of the Company (or any of 任何附屬公司）任何其他新證券的期權。
its subsidiaries).
The 2024 ESOP is beneficial for the Company to establish 二零二四年員工持股計劃有利於本公司建立和完善
and improve the benefit sharing mechanism, further improve 利益共享機制，進一步完善企業管治結構，提高員
the corporate governance structure, enhance the cohesion of 工凝聚力和本公司競爭力，實現企業的長遠可持續
employees and the competitiveness of the Company, realizing 發展。參與對象包括本集團中層管理人員及核心骨
its long-term sustainable development. Participants include 幹員工，不包括本公司控股股東、持股 5% 以上股
middle management and core employees of the Group and do 東、實際控制人、董事、時任監事及高級管理人
not include the controlling shareholder, shareholders holding 員。參與對象的總人數不超過 150 人，最終人數及
more than 5% of the Shares, the actual controller, directors, then- 名單根據員工實際繳款情況確定，不涉及公司的關
supervisors and senior management of the Company. The total 連人士。
number of participants shall not exceed 150 persons and the final
number and list of participants shall be determined based on the
actual contributions made by them. No connected person of the
Company may participate as a participant.
The 2024 ESOP involves A Shares purchased in secondary market 二零二四年員工持股計劃涉及通過二級市場購買（包
(including but not limited to centralized bidding transactions, 括但不限於集中競價交易、大宗交易、協議轉讓等）
block transactions, transfer by agreement, etc.) and other methods 等法律法規許可的方式取得並持有A股股票（「二零
permitted by laws and regulations (the “2024 ESOP Underlying 二四年員工持股計劃標的股票」）。二零二四年員工
Shares”). The 2024 ESOP Underlying Shares are divided into 持 股 計 劃 標 的 股 票 以「 份 」作 為 認 購 單 位 ， 每 份 份
“units” for subscription and the subscription price for each unit is 額的認購價格為人民幣1.00 元。二零二四年員工持
RMB1.00. The aggregate number of units of the 2024 ESOP shall 股計劃份額合計不超過22,000 萬份，涉及的資金總
not exceed 220 million, and the total amount of subscription funds 額不超過人民幣22,000 萬元。資金來源為員工合法
involved shall not exceed RMB220 million. The sources of funds 薪酬、自籌資金以及法律、行政法規允許的其他方
shall be the legitimate remuneration of employees, self-raised 式。本公司不以任何方式為二零二四年員工持股計
funds and other sources permitted by laws and regulations. The 劃的參與對象提供財務資助或為其貸款提供擔保，
Company does not provide financial assistance of any form to 亦不涉及第三方為員工參加本員工持股計劃提供獎
the participants or provide guarantees for their loans, nor does it 勵、資助、補貼、兜底等安排。
involve any arrangement from any third party providing incentives,
grants, subsidies or making up the balance to employees for their
participation in the 2024 ESOP.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
A total of 664,755 A Shares had been purchased under the 2024 於二零二四年，二零二四年員工持股計劃已累計購
ESOP in 2024. Upon the completion of the 2024 Profit Distribution 買664,755股A股股票。本公司於二零二五年七月二
Plan and Capital Reserve Capitalization Plan on 29 July 2025 of 十九日實施完成二零二四年度利潤分配方案及資本
the Company (“2024 Profit Distribution Plan and Capital Reserve 公積金轉增股本方案（「二零二四年度利潤分配方案
Capitalization Plan”), the total number of A Shares purchased 及資本公積金轉增股本方案」）後，二零二四年員工
under the 2024 ESOP has been adjusted from 664,755 A Shares 持股計劃累計購買A股股票數量由664,755股變更至
to 1,994,265 A Shares, representing approximately 0.0219% of 1,994,265股，約佔於本報告日本公司已發行股份總
the total number of shares of the Company in issue as at the date 數的0.0219%。單個員工所持二零二四年員工持股
of this report. The total number of Shares held by each individual 計劃份額對應的股票總數累計不超過公司已發行股
employee of the Company corresponding to his/her interests in 本總額的1%。二零二四年員工持股計劃第一個鎖定
the unit of the 2024 ESOP shall not in aggregate exceed 1% of the 期已於二零二五年十一月二十七日屆滿，已解鎖比
total issued share capital of the Company cumulatively. The first 例為二零二四年員工持股計劃持有公司股票總數的
lock-up period of the 2024 ESOP expired on 27 November 2025, 20%，對應的標的股票數量398,853股A股股票（對
and 20% of the total number of shares of the Company maintained 應為二零二四年度利潤分配方案及資本公積金轉增
under the 2024 ESOP were vested, which corresponds to 398,853 股本方案實施完成後的股票數量），約佔本公司於本
A Shares (corresponding to the number of shares after the 報告日已發行股份總數的0.0044%。於解鎖日前一
completion of the 2024 Profit Distribution Plan and Capital Reserve 交易日，本公司A股股票的加權平均收盤價為人民幣
Capitalization Plan), representing approximately 0.0044% of the 95.09元 ╱ 股。
total number of shares of the Company in issue as at the date of
this report. The weighted average closing price of the Company’s
A Shares was RMB95.09 per share on the trading day immediately
preceding the vesting date.
The term of the 2024 ESOP shall be 72 months from the date 二零二四年員工持股計劃的存續期為72個月，自二
on which the 2024 ESOP was considered and approved at the 零二四年員工持股計劃經本公司股東會審議通過且
general meeting of the Company and the Company announces 本公司公告最後一筆標的股票購買完成之日（二零二
the completion of purchase of the last tranche of the Underlying 四年十一月二十七日）起算。因此，截至二零二六年
Shares, which is 27 November 2024. Thus, the remaining life of 六月三十日，二零二四年員工持股計劃剩餘期限約
the 2024 ESOP is about 53 months as of 30 June 2026. If not 為53 個月。倘未經延長，二零二四年員工持股計劃
extended, the 2024 ESOP will be terminated automatically upon 將在存續期屆滿後自動終止。
the expiry of its term.
Reference is made to the circular dated 21 March 2025 (the 茲提述本公司日期為二零二五年三月二十一日的通
“2025 Circular”) of the Company in relation to, among others, the 函（「二零二五年通函」），內容有關（其中包括）採納
adoption of the 2025 Employee Share Ownership Plan (Draft) of 本公司二零二五年員工持股計劃（草案）。本公司股
the Company. The adoption was approved by the shareholders 東於本公司二零二五年四月十五日舉行的臨時股東
of the Company at the extraordinary general meeting of the 會上批准採納。
Company held on 15 April 2025.
Interim Report 2026
二零二六年中期報告 47
Management Discussion and Analysis
管理層討論與分析
The 2025 ESOP is a discretionary employee share ownership plan 二零二五年員工持股計劃為本公司的一項酌情員工
of the Company and does not involve the grant of options to issue 持股計劃，並不涉及授出發行新股份或本公司（或其
new Shares or any other new securities of the Company (or any of 任何附屬公司）任何其他新證券的期權。
its subsidiaries).
The 2025 ESOP is beneficial for the Company to establish 二零二五年員工持股計劃有利於本公司建立和完善
and improve the benefit sharing mechanism, further improve 利益共享機制，進一步完善企業管治結構，提高員
the corporate governance structure, enhance the cohesion of 工凝聚力和本公司競爭力，實現企業的長遠可持續
employees and the competitiveness of the Company, realizing its 發展。參與對象包括本公司時任職工代表監事、高
long-term sustainable development. Participants include the then- 級管理人員、本集團中層管理人員及核心骨幹員
employee representative supervisors and senior management of 工，不包括本公司控股股東、持股5%以上股東、實
the Company, and the middle management and core employees 際控制人、董事及最高行政人員及其聯繫人。參與
of the Group and do not include the controlling shareholder, 對象的總人數不超過25,000人。
shareholders holding more than 5% of the Shares, the actual
controller, directors and chief executives and their respective
associates of the Company. The total number of participants shall
not exceed 25,000 persons.
The 2025 ESOP involves A Shares purchased in secondary market 二零二五年員工持股計劃涉及通過二級市場購買（包
(including but not limited to centralized bidding transactions, 括但不限於集中競價交易、大宗交易等）等法律法
block transactions, etc.) and other methods permitted by laws 規許可的方式取得並持有本公司A股股票（「二零二
and regulations (the “2025 ESOP Underlying Shares”). The 2025 五年員工持股計劃標的股票」）。二零二五年員工持
ESOP Underlying Shares are divided into “units” for subscription 股計劃標的股票以「份」作為認購單位，每份份額的
and the subscription price for each unit is RMB1.00. The 認購價格為人民幣1.00 元。二零二五年員工持股計
aggregate number of units of the 2025 ESOP shall not exceed 劃份額合計不超過410,000 萬份，涉及的資金總額
shall not exceed RMB4,100 million. The sources of funds shall 的激勵基金、員工合法薪酬、員工自籌資金以及法
be the incentive fund withdrawn by the Group, the legitimate 律、行政法規允許的其他方式。本公司不以任何方
remuneration of employees, the self-raised funds of employees 式為二零二五年員工持股計劃的參與對象提供財務
and other sources permitted by laws and regulations. The 資助或為其貸款提供擔保，亦不涉及第三方為員工
Company does not provide financial assistance of any form to the 參加本員工持股計劃提供獎勵、資助、補貼、兜底
participants or provides guarantees for their loans, nor does it 等安排。
involve any arrangement from any third party providing incentives,
grants, subsidies or making up the balance to employees for their
participation in the 2025 ESOP.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
A total of 10,714,990 A Shares had been purchased under the 於二零二五年，二零二五年員工持股計劃累計購
Distribution Plan and Capital Reserve Capitalization Plan on 月二十九日實施完成二零二四年度利潤分配方案及
purchased under the 2025 ESOP has been enlarged from 計劃累計購買A股股票數量由10,714,990 股擴大至
approximately 0.3526% of the total number of issued shares of the 總數的0.3526%。單個員工所持二零二五年員工持
Company as at the date of this report. The total number of Shares 股計劃份額對應的股票總數累計不超過本公司已發
held by each individual employee of the Company corresponding 行股本總額的1%。二零二五年員工持股計劃的存續
to his/her interests in the unit of the 2025 ESOP shall not in 期為48 個月，自二零二五年員工持股計劃經本公司
aggregate exceed 1% of the total issued share capital of the 股東會審議通過且本公司公告最後一筆二零二五年
Company. The term of the 2025 ESOP shall be 48 months from the 員工持股計劃標的股票購買完成之日（二零二五年五
date on which the 2025 ESOP was considered and approved at 月二十三日）起算。因此，截至二零二六年六月三
the general meeting of the Company and the Company announced 十日，二零二五年員工持股計劃剩餘期限約為35 個
the completion of purchase of the last tranche of the 2025 ESOP 月。倘未經延長，二零二五年員工持股計劃將在存
Underlying Shares, which is 23 May 2025. Thus, the remaining life 續期屆滿後自動終止。
of the 2025 ESOP is about 35 months as of 30 June 2026. If not
extended, the 2025 ESOP will be terminated automatically upon
the expiry of its term.
As the 2024 ESOP and the 2025 ESOP only involve existing 由於二零二四年員工持股計劃及二零二五年員工持
Shares, no new Shares will be issued pursuant to the 2024 ESOP 股計劃僅涉及現有股份，故概不會根據二零二四年
and/or the 2025 ESOP. The number of Shares that may be issued 員工持股計劃及 ╱ 或二零二五年員工持股計劃發行
under the 2024 ESOP and the 2025 ESOP during the Period 新股份。於期內根據二零二四年員工持股計劃及二
divided by the weighted average number of Shares in issue for 零二五年員工持股計劃可能發行的股份數目除以於
the Period is nil. 期內已發行股份的加權平均數為零。
For details of the 2024 ESOP and the 2025 ESOP, please refer 有關二零二四年員工持股計劃及二零二五年員工持
to the table below and note 11 to the financial statements in this 股計劃的具體內容分別詳見下方表格以及本報告財
report, respectively. 務報表附註11。
Interim Report 2026
二零二六年中期報告 49
Management Discussion and Analysis
管理層討論與分析
List out below are the details of movement of the A Shares under 下文載列於期內二零二四年員工持股計劃及二零二
the 2024 ESOP and the 2025 ESOP during the Period: 五年員工持股計劃項下A股股票的變動詳情：
No. of No. of
A shares A shares
available for available for
grant (or No. of grant (or
subscription)/ unvested A Closing price subscription)/
ungranted shares of A shares No. of ungranted
(or granted (or No. of immediately A shares No. of (or
unsubscribed) subscription) A shares preceding cancelled A shares unsubscribed)
as at 1 January during the vested during the vesting during lapsed during as at
於 於
二零二六年 二零二六年
一月一日 六月三十日
可供授予 可供授予
（或認購）的 於期內 緊接 （或認購）的
A股股票╱ 授予（或認購） 解鎖日期前 A股股票╱
未授予 的未解鎖 於期內 的A股股票 於期內 於期內 未授予
（或未認購） A股 解鎖的A股 收盤價 註銷的A股 失效的A股 （或未認購）
Type of participants 參與對象類別 A股股票數目 股票數目 股票數目 （人民幣元） 股票數目 股票數目 A股股票數目
Middle level management and 比亞迪集團的中層管理人員及 0 0 0 N/A 0 0 0
core backbone employees of 核心骨幹員工（附註1） (Note 2) (Note 2) 不適用 (Note 2)
BYD Group (Note 1) （附註2） （附註2） （附註2）
The then-employee 公司的時任職工代表監事、 0 0 0 N/A 0 9,643,491 0
representative supervisors and 高級管理人員、比亞迪集團的 (Note 3) (Note 3) 不適用 (Note 4) (Note 3)
senior management of the Company, 中層管理人員及核心骨幹員工 （附註3） （附註3） （附註4） （附註3）
middle level management and （附註1）
core backbone employees of
BYD Group (Note 1)
Notes: 註：
(1) The participants of the 2024 ESOP and the 2025 ESOP do not (1) 二零二四年員工持股計劃及二零二五年員工持
include Directors, chief executives or substantial Shareholders 股計劃參與對象均不含本公司董事、最高行政
or their respective associates; or any related entities or service 人員或主要股東又或其各自的聯繫人；不含本
providers of the Company. There were no participants who 公司關連實體參與者或服務提供者；沒有任何
were granted awards exceeding a 1% individual limit. 參與對象獲得超過1%個人限額的獎勵。
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
(2) The purchase of the underlying shares based on (2) 二零二四年員工持股計劃使用員工合法薪酬及
employees’ legitimate remuneration and self-raised 自籌資金於二級市場購買標的股票已於二零二
funds in the secondary market under the 2024 ESOP 四年十一月二十七日完成，合計購買 664,755
was completed on 27 November 2024, in which an 股 A 股股票。所有二零二四年員工持股計劃標
aggregate of 664,755 A Shares were purchased. 的股票已全部於二零二四年十一月二十七日完
All underlying shares under the 2024 ESOP were 成認購。於完成二零二四年度利潤分配方案及
fully subscribed on 27 November 2024. Upon the 資本公積金轉增股本方案後，根據二零二四年
completion of the 2024 Profit Distribution Plan and 員工持股計劃購買的A股總數由664,755股擴大
Capital Reserve Capitalization Plan, the total number 至 1,994,265 股。緊接全部完成認購日期前一
of A Shares purchased under the 2024 ESOP has 交易日本公司A股股票收盤價為人民幣281.01
been enlarged from 664,755 A Shares to 1,994,265 元 ╱ 股。根據適用會計政策及基於認購日期
A Shares. The closing price of the Company’s A 的A股股票收盤價人民幣281.00 元，於全部完
shares was RMB281.01 per share on the trading day 成認購日期，認購股票的公允價值為人民幣
immediately preceding the date of completion of full 186,796,155元。
subscription. Pursuant to the applicable accounting
policy and based on the closing price of A Shares of
RMB281.00 on the subscription date, the fair value of
the subscribed shares as at the date of completion of
full subscription was RMB186,796,155.
The A Shares under the 2024 ESOP will be unlocked in 二零二四年員工持股計劃持有的 A 股股票分五
five tranches: 批解鎖：
(a) The first unlocking period shall be after 12 (a) 第一個解鎖期，自本公司公告最後一筆
months commencing from the date when 標的股票購買完成之日（二零二四年十
the Company announces the completion of 一月二十七日）起算滿12 個月，解鎖數
purchase of the last tranche of the underlying 量為二零二四年員工持股計劃所持有標
shares (i.e. 27 November 2024), with the 的股票總數的20%；
number of shares to be unlocked being 20% of
the total number of underlying shares under the
(b) The second unlocking period shall be after (b) 第二個解鎖期，自本公司公告最後一筆
the Company announces the completion of 一月二十七日）起算滿24 個月，解鎖數
purchase of the last tranche of the underlying 量為二零二四年員工持股計劃所持有標
shares (i.e. 27 November 2024), with the 的股票總數的20%；
number of shares to be unlocked being 20% of
the total number of underlying shares under the
Interim Report 2026
二零二六年中期報告 51
Management Discussion and Analysis
管理層討論與分析
(c) The third unlocking period shall be after 36 months (c) 第三個解鎖期，自本公司公告最後一筆
commencing from the date when the Company 標的股票購買完成之日（二零二四年十
announces the completion of purchase of the last 一月二十七日）起算滿36 個月，解鎖數
tranche of the underlying shares (i.e. 27 November 量為二零二四年員工持股計劃所持有標
(d) The fourth unlocking period shall be after 48 months (d) 第四個解鎖期，自本公司公告最後一筆
commencing from the date when the Company 標的股票購買完成之日（二零二四年十
announces the completion of purchase of the last 一月二十七日）起算滿48 個月，解鎖數
tranche of the underlying shares (i.e. 27 November 量為二零二四年員工持股計劃所持有標
(e) The fifth unlocking period shall be after 60 months (e) 第五個解鎖期，自本公司公告最後一筆
commencing from the date when the Company 標的股票購買完成之日（二零二四年十
announces the completion of purchase of the last 一月二十七日）起算滿60 個月，解鎖數
tranche of the underlying shares (i.e. 27 November 量為二零二四年員工持股計劃所持有標
（f） The unlocking of the shares to be granted is not subject （f） 擬授予股份的解鎖無須滿足相關特定條
to the fulfillment of specific conditions. For further 件。有關二零二四年員工持股計劃的進
details of the 2024 ESOP, please refer to the 2024 一步詳情，請參閱二零二四年通函。
Circular.
(3) The 2025 ESOP was adopted on 15 April 2025. The purchase (3) 二零二五年員工持股計劃於二零二五年四月十
of underlying shares in the secondary market under the 2025 五日獲採納。二零二五年員工持股計劃於二級
ESOP was completed on 23 May 2025, in which an aggregate 市場購買標的股票已於二零二五年五月二十三
of 10,714,990 A Shares were purchased. All underlying shares 日完成，合計購買10,714,990 股A股股票。所
under the 2025 ESOP were fully subscribed on 23 May 2025. 有二零二五年員工持股計劃標的股票已全部於
Upon the completion of the 2024 Profit Distribution Plan and 二零二五年五月二十三日完成認購。於完成二
Capital Reserve Capitalization Plan, the total number of A 零二四年度利潤分配方案及資本公積金轉增股
Shares purchased (and subscribed) under the 2025 ESOP 本方案後，根據二零二五年員工持股計劃購
has been increased from 10,714,990 to 32,144,970. The 買（及認購）的 A 股總數已由 10,714,990 股增
closing price of the Company’s A shares was RMB398.80 per 至32,144,970股。緊接全部完成認購日期前一
share on the trading day immediately preceding the date of 交易日本公司A股股票收盤價為人民幣398.80
completion of full subscription. Pursuant to the applicable 元 ╱ 股。根據適用會計政策及基於認購日期的
accounting policy and based on the closing price of A Shares A股股票收盤價人民幣405.00 元 ╱ 股，於全部
of RMB405.00 per share on the subscription date, the fair 完成認購日期，認購股票的公允價值為人民幣
value of the subscribed shares as at the date of completion of 4,339,570,950元。
full subscription was RMB4,339,570,950.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
The A Shares under the 2025 ESOP will be unlocked in three 二零二五年員工持股計劃持有的 A 股股票分三
tranches: 批解鎖：
(a) The first unlocking period shall be after 12 months (a) 第一個解鎖期，自本公司公告最後一筆
commencing from the date when the Company 標的股票購買完成之日（二零二五年五
announces the completion of purchase of the last 月二十三日）起算滿12 個月，解鎖數量
tranche of the underlying shares (i.e. 23 May 2025), 為二零二五年員工持股計劃所持有標的
with the number of shares to be unlocked being 30% of 股票總數的30%；
the total number of underlying shares under the 2025
ESOP;
(b) The second unlocking period shall be after 24 months (b) 第二個解鎖期，自本公司公告最後一筆
commencing from the date when the Company 標的股票購買完成之日（二零二五年五
announces the completion of purchase of the last 月二十三日）起算滿24 個月，解鎖數量
tranche of the underlying shares (i.e. 23 May 2025), 為二零二五年員工持股計劃所持有標的
with the number of shares to be unlocked being 30% of 股票總數的30%；
the total number of underlying shares under the 2025
ESOP;
(c) The third unlocking period shall be after 36 months (c) 第三個解鎖期，自本公司公告最後一筆
commencing from the date when the Company 標的股票購買完成之日（二零二五年五
announces the completion of purchase of the last 月二十三日）起算滿36 個月，解鎖數量
tranche of the underlying shares (i.e. 23 May 2025), 為二零二五年員工持股計劃所持有標的
with the number of shares to be unlocked being 40% of 股票總數的40%；
the total number of underlying shares under the 2025
ESOP;
(d) The unlocking of the shares to be granted is subject (d) 授予股票需滿足相關具體條件才可解
to the fulfillment of relevant specific conditions. For 鎖。關於授予股票解鎖的具體標準，請
the specific conditions for the unlocking of the shares, 參閱二零二五年通函；及
please refer to the 2025 Circular; and
(e) The company performance appraisal indicator for the (e) 二零二五年員工持股計劃第一個解鎖期
first unlocking of shares under the 2025 ESOP is the 公司層面的業績考核指標為以二零二四
growth rate of operating income for the year of 2025 年營業收入為基數，二零二五年的營業
compared with the year of 2024, which should reach 收入增長率不低於10%。個人層面的考
at least 10%, and the individual performance indicator 核指標為：(1) 業績考核為待改進的，
should reach (1) “to be improved” to be 80% unlocked, 個人層面解鎖比例為 80%；(2) 業績考
(2) “qualified or above” to be 100% unlocked. 核為達標及以上的，個人層面解鎖比例
為100%。
(4) According to the 2025 ESOP, subject to the fulfilment of the (4) 根據二零二五年員工持股計劃，待達成上
unlocking conditions for unlocking the A Shares as detailed 文附註 3(e) 所詳述解鎖A 股的解鎖條件後，
in note 3(e) above, 9,643,491 A Shares shall be vested on 23 9,643,491股A股將於二零二五年員工持股計
May 2026 upon the expiry of the first lock-up period of the 劃的第一個鎖定期屆滿時於二零二六年五月
number of Shares of the Company as at the date of this report. 總數約0.1058%。由於根據上文附註3(e)所
As the unlocking conditions for unlocking the A Shares detailed 詳述解鎖 A 股股票的解鎖條件未獲達成，該
in note 3(e) above had not been fulfilled, such A Shares have 等A股股票已失效。
lapsed.
Save as disclosed, no share awards had been vested, lapsed or 除所披露者外，於截至二零二六年六月三十日止六
cancelled during the six months ended 30 June 2026. 個月，概無股份獎勵已歸屬、失效或註銷。
For further details of the vesting period, performance appraisal 有關歸屬期、作為權益工具歸屬條件的績效考核目
objectives (as conditions of the vesting of the equity instrument), 標的進一步詳情，請參閱本公司相關通函及本報告
please refer to the relevant circular of the Company and note 11 的財務報表附註11。
to the financial statements in this report.
Interim Report 2026
二零二六年中期報告 53
Management Discussion and Analysis
管理層討論與分析
SHARE CAPITAL 股本
As of 30 June 2026, the share capital of the Company is as 於二零二六年六月三十日，本公司的股本如下：
follows:
Number of Approximate
shares in issue percentage (%)
已發行股份數目 約佔百分比(%)
A Shares A股 5,433,797,565 59.60%
H Shares H股 3,683,400,000 40.40%
Total 總數 9,117,197,565 100.00%
SIGNIFICANT INVESTMENT HELD AND MATERIAL 所持重大投資及重大收購及出售附屬公司、
ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES, 聯營公司及合營公司
ASSOCIATES AND JOINT VENTURES
During the Period, there was no significant investment held and no 於期內，概無所持重大投資及重大收購及出售附屬
material acquisition or disposal of subsidiaries, associates or joint 公司、聯營公司及合營公司。
ventures.
CAPITAL COMMITMENT 資本承擔
Please refer to note 13 to the financial statements for details 有關資本承擔業務的詳情，請參閱財務報表附註
of capital commitments. As at the date of this report, there are 13。於本報告日期，除於本集團日常業務過程中所
currently no concrete plans to acquire any material investment or 進行者外，本集團目前並無收購任何重大投資或資
capital assets other than those conducted in the Group’s ordinary 本資產的具體計劃。
course of business.
CONTINGENT LIABILITIES 或有負債
Please refer to note 12 to the financial statements for details of 有關或有負債的詳情，請參閱財務報表附註12。
contingent liabilities.
EVENTS AFTER THE BALANCE SHEET DATE 資產負債表日後事項
Please refer to note 16 to the financial statements for details of 有關資產負債表日後事項的詳情，請參閱財務報表
events after the balance sheet date. 附註16。
CORPORATE GOVERNANCE 企業管治
COMPLIANCE WITH THE CORPORATE GOVERNANCE 遵守企業管治守則（「守則」）
CODE (THE “CODE”)
The board of directors of the Company (the “Board”) is committed 本公司董事會（「董事會」）致力維持並確保企業管治
to maintaining and ensuring high standards of corporate 常規處於高水平。
governance practices.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
The Company has put in place corporate governance practices to 本公司已實施企業管治常規，以遵照上市規則附錄
comply with all the provisions and most of the recommended best C1 所載守則的所有條文及大部分建議最佳應用守
practices of the Code as set out in Appendix C1 to the Listing 則，惟偏離守則條文第C.2.1條者除外。
Rules, except for the deviation from the code provision C.2.1.
Code Provision C.2.1 守則條文C.2.1
Code provision C.2.1 stipulates that the roles of chairman and 守則條文 C.2.1 規定主席與行政總裁的角色應有區
chief executive should be separate and should not be performed 分，並不應由一人同時兼任。
by the same individual.
Mr. Wang Chuan-fu is the Chairman and Chief Executive Officer 王傳福先生為本公司的主席兼行政總裁。董事會認
of the Company. The Board considers that this structure will not 為此架構不會影響董事會與管理層兩者之間的權利
impair the balance of power and authority between the Board and 和職權的平衡。董事會由極具經驗和才幹的成員組
the management. The Board comprises experienced and high 成，並定期開會，以商討影響本集團運作的事項。
caliber individuals and meets regularly to discuss issues affecting 透過董事會的運作，足以確保權利和職權得到平
operations of the Group. The balance of power and authority is 衡。董事會相信此架構有助於建立穩健而一致的領
ensured by the operation of the Board. The Board believes that 導權，使本集團能夠迅速及有效地作出及實施各項
this structure is conducive to strong and consistent leadership, 決定。董事會對王先生充滿信心，相信委任他出任
enabling the Group to make and implement decisions promptly 主席兼行政總裁之職，會有利於本公司的業務發展。
and efficiently. The Board has full confidence in Mr. Wang and
believes that his appointment to the posts of Chairman and Chief
Executive Officer is beneficial to the business development of the
Company.
COMPLIANCE WITH THE MODEL CODE FOR 遵守上市發行人董事進行證券交易的標準守
SECURITIES TRANSACTIONS BY DIRECTORS OF 則
LISTED ISSUERS
The Company has adopted the Model Code for Securities 本公司已採用上市規則附錄C3所載的上市發行人董
Transactions by Directors of Listed Issuers (the “Model Code”) 事進行證券交易的標準守則（「標準守則」）作為董事
as set out in Appendix C3 to the Listing Rules as the code of 進行證券交易的操守守則。經向全體董事作出特定
conduct regarding securities transactions by the Directors. Having 查詢後，各董事確認在本期間內已遵守標準守則的
made specific enquiry of all Directors, each of the Directors has 規定標準。
confirmed compliance with the required standard set out in the
Model Code during the Period.
Interim Report 2026
二零二六年中期報告 55
Management Discussion and Analysis
管理層討論與分析
DISCLOSURE PURSUANT TO RULE 13.51B(1) OF 根據上市規則第13.51B(1)條進行的披露
THE LISTING RULES
Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in the 根據上市規則第13.51B(1)條，自本公司二零二五年
information on Directors since the Company’s 2025 annual report 年報，披露的董事資料變動如下：
are set out as follows:
Ms. Yu Ling has ceased to be an independent director of Jiangxi 喻玲女士不再擔任江西潤田實業股份有限公司獨立
Runtian Industry Co., Ltd. (江西潤田實業股份有限公司) with effect 董事，自二零二六年八月十一日起生效。
from 11 August 2026.
Save as disclosed above, there is no information required to be 除上文所披露者，概無資料須根據上市規則第
disclosed pursuant to Rule 13.51B(1) of the Listing Rules. 13.51B(1)條予以披露。
ISSUE, PURCHASE, SALE OR REDEMPTION OF THE 發行、買賣或贖回本公司上市證券
COMPANY’S LISTED SECURITIES
Neither the Company nor any of its subsidiaries made any other 截至二零二六年六月三十日止六個月，本公司或其
purchase, sale, or redemption of any of the Company’s listed 任何附屬公司概無其他買賣或贖回本公司任何上市
securities (including the treasury shares, as applicable) during 證券（包括庫存股（如適用））。截至二零二六年六月
the six months ended 30 June 2026. There has been no issue 三十日止六個月，本公司概無發行股本證券（包括出
of equity securities (including sale of treasury shares) by the 售庫存股）以換取現金。
Company for cash during the six months ended 30 June 2026.
BOARD DIVERSITY POLICY 董事會多元化政策
The Board has adopted the Board Diversity Policy, which sets out 董事會已採用多元化政策，其中載有董事會多元化
the approach to the diversity of Board. The Company recognises 之方針。本公司認同董事會成員多元化對企業管治
the importance of diversity to corporate governance and an 及董事會行之有效的重要性，董事會成員多元化政
effective Board. The Board Diversity Policy aims to set out the 策旨在列載為達致董事會成員多元化而採取的方
approach to achieve Board diversity, so as to ensure that the 針，以確保董事會根據本公司業務所需具備適當的
Board members possess appropriate skills, experience and 技能、經驗及多元化觀點。本公司董事會及提名
diverse views necessary for the business of the Company. In 委員會在設定董事會成員組合時，會從多方面考慮
determining the Board composition, the Board and Nomination 董事會成員多元化，包括但不限於性別、年齡、文
Committee of the Company consider a range of diversity elements, 化及教育背景、專業經驗、技能及知識。董事會所
including but not limited to gender, age, cultural and educational 有委任均以用人唯才為原則，並以客觀準則考慮人
background, professional experience, skills and knowledge. All 選，充分顧及董事會多元化的裨益。
appointments of the Board will be made based on merit and
objective criteria while taking into full account the interest of the
Board’s diversity.
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
The selection of candidates will be based on a range of diversity 甄選人選將基於一系列多元化觀點及將定期審閱的
elements and measurable objectives which will be reviewed 可計量目標。這些可計量目標包括但不限於性別、
regularly. Such measurable objectives shall include, but not be 年齡、文化背景、教育背景、專業經驗、技能、知
limited to, gender, age, cultural and educational background, 識及 ╱ 或服務年期等。最終將按所選人選的優點及
professional experience, skills, knowledge and/or terms of service. 其將為董事會帶來的貢獻而作出決定。此外，根據
The final decision will be made according to the strengths of the 守則第一部分J(a)段，董事會應每年檢討發行人的
candidate and his/her contribution that would bring to the Board. 董事會多元化政策的實施情況及有效性。提名委員
Furthermore, pursuant to paragraph J(a) of Part 1 of the Code, 會已履行其年內上述職責，包括甄選人選及審閱公
the Board should review the implementation and effectiveness 司的董事會多元化政策的實施情況及有效性。經考
of the issuer’s policy on board diversity on an annual basis. The 慮本公司業務及發展需求，提名委員會認為現任董
Nomination Committee has performed the above duties in terms 事會在技能、經驗、知識、服務年限及獨立性方面
of selection of candidates and review of the implementation and 充分表現多樣化格局。
effectiveness of the Company’s diversity policy during the year.
Having considered the business and development needs of the
Company, the Nomination Committee considers that the current
Board is sufficiently diversified in terms of its skills, experience,
knowledge, length of service and independence.
It is one of the measurable objectives of the Board to include 本公司董事會的可計量目標之一乃於董事會中包含
at least one female Director on the Board. During the Period, 至少一名女性董事。於期內，本屆董事會其中一名
one member of the current session of the Board was female. 董事為女性，董事會將繼續採取積極措施，確保董
The Board will continue to take proactive measures to ensure 事會成員保持性別多元化，並着重將性別納入本公
the gender diversity of Board members, and will emphasise 司實現董事會多元化的考量因素之一。
the inclusion of gender as one of the factors to be taken into
consideration by the Company for achieving Board diversity.
AUDIT COMMITTEE 審核委員會
A meeting was convened by the Company’s Audit Committee of 本公司董事會下的審核委員會於二零二六年八月二
the Board on 28 August 2026 to review the accounting policies 十八日召開會議，審閱本集團採用的會計政策及慣
and practices adopted by the Group and to discuss auditing, 例，並討論核數、內部監控、風險管理及財務申報
internal control, risk management and financial reporting matters 事宜（包括截至二零二六年六月三十日止六個月的未
(including reviewing the unaudited financial statements for the six 經審計財務報表），其後方向董事會建議批准有關事
months ended 30 June 2026) before recommending them to the 宜。
Board for approval.
Interim Report 2026
二零二六年中期報告 57
Management Discussion and Analysis
管理層討論與分析
The Audit Committee has reviewed the unaudited results of the 審核委員會已審閱本集團截至二零二六年六月三十
Group for the six months ended 30 June 2026. 日止六個月的未經審計業績。
INTERIM DIVIDEND 中期股息
The Board does not recommend the distribution of interim 董事會不建議派付截至二零二六年六月三十日止六
dividend for the six months ended 30 June 2026 (six months 個月期間的中期股息（截至二零二五年六月三十日止
ended 30 June 2025: Nil). 六個月：無）。
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS 董事及最高行政人員權益
As at 30 June 2026, the interests and short positions of each 於二零二六年六月三十日，本公司董事及最高行政
of the Directors and chief executives of the Company in the 人員各自於本公司或任何相聯法團（定義見香港法例
shares, underlying shares and debentures of the Company or 第571章證券及期貨條例（「證券及期貨條例」）第XV
any associated corporation (within the meaning of Part XV of the 部）的股份、相關股份及債券中擁有根據證券及期貨
Securities and Futures Ordinance (Cap 571 of the Laws of Hong 條例第XV部第7及8分部須知會本公司及香港聯交所
Kong) (“SFO”)) which were required to be notified to the Company 的權益及淡倉（包括根據證券及期貨條例有關條文持
and the Hong Kong Stock Exchange pursuant to Divisions 7 and 有或被視為擁有的權益），或根據證券及期貨條例第
or deemed to have under such provisions of the SFO) or were 券上市規則的上市發行人董事進行證券交易的標準
required, pursuant to Section 352 of the SFO, to be entered into 守則須知會本公司及香港聯交所的權益如下：
the register referred to therein, or which were required, pursuant
to the Model Code for Securities Transactions by Directors of
Listed Issuers under the Rules Governing the Listing of Securities
on the Hong Kong Stock Exchange, to be notified to the Company
and the Hong Kong Stock Exchange were as follows:
A shares of RMB1.00 each 每股面值人民幣1.00元的A股
Approximate Approximate
percentage of percentage of
shareholding shareholding
in total issued in total issued
A shares share capital
(%) (%)
持股量佔已發行 持股量佔已發行
Number of A shares A股總數的 股本總額的
Name 姓名 A股數目 概約百分比(%) 概約百分比(%)
Wang Chuan-fu (Director and President) 王傳福（董事兼總裁） 1,540,871,550 (L) 28.36% 16.90%
(Note 1)
（附註1）
Lv Xiang-yang (Director) 呂向陽（董事） 1,183,134,666 (L) 21.77% 12.98%
(Note 2)
（附註2）
Xia Zuo-quan (Director) 夏佐全（董事） 247,906,821 (L) 4.56% 2.72%
(L) – Long Position (L)－ 好倉
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
Notes: 附註：
shares held by Mr. Wang Chuan-fu in No.1 Assets Management 先生通過易方達資產比亞迪增持1號資產管理計
Plan through E Fund BYD. 劃持有的11,183,100股A股股份。
held by Mr. Lv Xiang-yang in his personal capacity and 股A股由呂向陽先生以個人身份持有及
Holding Group Co., Ltd. (融捷投資控股集團有限公司) 司（「融捷投資」，前稱為廣州融捷投資管理集
(“Youngy Investment”, formerly known as Guangzhou Youngy 團有限公司）持有。融捷投資則由呂向陽先生
Management & Investment Group Company Limited (廣州融捷 及其配偶分別持有89.5%及10.5%股權，因此
投資管理集團有限公司)). Youngy Investment was in turn held by 根據證券及期貨條例，呂向陽先生被視為於該
Mr. Lv Xiang-yang and his spouse as to 89.5% and 10.5% of 465,448,806股A股中擁有權益。
equity interests, respectively. Mr. Lv Xiang-yang was therefore
deemed to be interested in the 465,448,806 A shares under
the SFO.
H shares of RMB1.00 each 每股人民幣1.00元的H股
Approximate Approximate
percentage of percentage of
shareholding in total shareholding in total
issued H shares issued share capital
(%) (%)
Number of H shares 持股量佔已發行H股 持股量佔已發行股本
Name 姓名 H股數目 總數的概約百分比(%) 總額的概約百分比(%)
Wang Chuan-fu (Director and President) 王傳福（董事兼總裁） 3,000,000 (L) 0.08% 0.03%
Xia Zuo-quan (Director) 夏佐全（董事） 1,500,000 (L) 0.04% 0.02%
(Note)
（附註）
(L) – Long Position (L)－ 好倉
Note: 附註：
Of the 1,500,000 H shares, 585,000 H shares were held by Mr. Xia 於1,500,000 股H股之中，夏佐全先生以實益擁有人身
Zuo-quan as a beneficial owner and 915,000 H shares were held by 份持有 585,000 股 H 股，而由夏佐全先生全資擁有的
Sign Investments Limited, which was wholly-owned by Mr. Xia Zuo- Sign Investments Limited則持有915,000股H股。
quan.
Save as disclosed above, as at 30 June 2026, none of the 除上述披露者外，於二零二六年六月三十日，概無
Directors, or chief executives of the Company had any interest 本公司董事或最高行政人員於本公司或其任何相聯
or short position in the shares, underlying shares or debentures 法團（定義見證券及期貨條例第XV部）的股份、相關
of the Company or any of its associated corporations (within the 股份或債權證中擁有權益或淡倉而須(a)記錄於本公
meaning of Part XV of the SFO) which was required to be (a) 司根據證券及期貨條例第 352 條存置的登記冊內；
recorded in the register to be kept by the Company pursuant 或(b)根據上市發行人董事進行證券交易的標準守則
to Section 352 of the SFO; or (b) notified to the Company and 須知會本公司及香港聯交所。
the Hong Kong Stock Exchange pursuant to the Model Code for
Securities Transactions by Directors of Listed Issuers.
Interim Report 2026
二零二六年中期報告 59
Management Discussion and Analysis
管理層討論與分析
SHAREHOLDERS WITH NOTIFIABLE INTERESTS 擁有須予知會權益的股東
As at 30 June 2026, to the knowledge of the Directors of the 於二零二六年六月三十日，就本公司董事所知（根據
Company based on the disclosure of interests made by relevant 相關人士於聯交所披露易網站所作出的權益披露），
persons on the HKEXnews website, the following persons (other 以下人士（不包括本公司董事及最高行政人員）於本
than the Directors and chief executives of the Company) had 公司股份及相關股份中擁有根據證券及期貨條例第
interests or short positions in the shares and underlying shares of XV部第2及3分部條文須向本公司及香港聯交所披露
the Company which were required to be disclosed to the Company 或根據證券及期貨條例第 336 條載入本公司存置的
and the Hong Kong Stock Exchange under the provisions of 登記冊的權益或淡倉：
Divisions 2 and 3 of Part XV of the SFO, or were required to be
entered in the register kept by the Company pursuant to Section
Approximate Approximate
percentage of percentage of
shareholding in total shareholding in total
issued A shares issued share capital
(%) (%)
Number of A shares 持股量佔已發行A股 持股量佔已發行股本
Name 姓名 A股數目 總數的概約百分比(%) 總額的概約百分比(%)
Youngy Investment (Note) 融捷投資（附註） 465,448,806 (L) 8.57% 5.11%
(L) – Long Position (L)－ 好倉
Note: 附註：
Youngy Investment is owned by Mr. Lv Xiang-yang, a non-executive 融捷投資由本公司非執行董事呂向陽先生及其配偶分
Director of the Company, and his spouse, as to 89.5% and 10.5%, 別擁有89.5%及10.5%權益。因此，根據證券及期貨條
respectively. Mr. Lv is therefore deemed to be interested in the 例，呂先生被視為於融捷投資持有的465,448,806 股A
BYD Company Limited
Management Discussion and Analysis
管理層討論與分析
Approximate Approximate
percentage of percentage of
shareholding in total shareholding in total
issued H shares issued share capital
(%) (%)
Number of H shares 持股量佔已發行H股 持股量佔已發行股本
Name 姓名 H股數目 總數的概約百分比(%) 總額的概約百分比(%)
BlackRock, Inc. (Note 1) BlackRock, Inc.（附註1） 250,136,922 (L) 6.79% 2.74%
JPMorgan Chase & Co. (Note 2) JPMorgan Chase & Co.（附註2） 219,944,299 (L) 5.97% 2.41%
(L) – Long Position (L)－ 好倉
(S) – Short position (S)－ 淡倉
(P) – Lending pool (P)－ 可供借出的股份
Notes: 附註：
controlled corporations, and of which 1,970,300 shares (L), 有，其中1,970,300股好倉，4,263,700股淡倉
and 615,353 shares (L) were convertible instruments listed 為可轉換文書的上市衍生工具。
derivatives.
its various controlled corporations, and of which 12,873,500 控制公司持有，其中12,873,500 股好倉及
shares (L) and 10,004,500 shares (S) were physically settled 10,004,500 股淡倉為實物交收上市衍生工
listed derivatives, 30,950 shares (L) and 1,455,849 shares 具，30,950 股好倉及1,455,849 股淡倉為現
(S) were cash settled listed derivatives, 7,666,065 shares (L) 金交收上市衍生工具，7,666,065 股好倉及
and 15,859,319 shares (S) were physically settled unlisted 15,859,319 股淡倉為實物交收非上市衍生工
derivatives, 59,851,928 shares (L) and 13,942,163 shares (S) 具，59,851,928股好倉及13,942,163股淡倉為
were cash settled unlisted derivatives, and 375,153 shares (L) 現金交收非上市衍生工具，375,153 股好倉及
and 12,645,591 shares (S) were convertible instruments listed 12,645,591 股淡倉為可轉換文書的上市衍生工
derivatives. 具。
The total issued share capital of the Company as at 30 June 2026 於二零二六年六月三十日，本公司已發行股本總額
was RMB9,117,197,565, divided into 5,433,797,565 A shares of 為人民幣9,117,197,565元，分為5,433,797,565股
RMB1.00 each and 3,683,400,000 H shares of RMB1.00 each, all 每股面值人民幣1.00元的A股及3,683,400,000股每
fully paid up. 股面值人民幣1.00元的H股，全部為實收資本。
Interim Report 2026
二零二六年中期報告 61
Consolidated Balance Sheet
合併資產負債表
二零二六年六月三十日
RMB’000
人民幣千元
二零二六年 二零二五年
六月三十日 十二月三十一日
Note (Unaudited) (Audited)
附註 （未經審計） （經審計）
Assets 資產
Current assets 流動資產
Monetary funds 貨幣資金 58,737,867 75,424,747
Financial assets held for trading 交易性金融資產 69,940,449 54,532,541
Derivative financial assets 衍生金融資產 536 –
Trade receivables 應收賬款 7 50,126,342 37,004,685
Receivables financing 應收款項融資 9,430,688 5,484,126
Other receivables 其他應收款 3,937,074 3,153,552
Prepayments 預付款項 5,911,328 5,024,873
Inventories 存貨 189,990,772 138,420,580
Contract assets 合同資產 834,612 1,165,068
Non-current assets due within one year 一年內到期的非流動資產 12,691,165 20,533,911
Other current assets 其他流動資產 33,992,658 30,723,475
Total current assets 流動資產合計 435,593,491 371,467,558
Non-current assets 非流動資產
Long-term receivables 長期應收款 7,790,464 13,056,606
Long-term equity investments 長期股權投資 22,391,316 21,781,418
Other equity instrument investments 其他權益工具投資 12,814,042 8,610,322
Other non-current financial assets 其他非流動金融資產 3,289,585 3,079,960
Investment properties 投資性房地產 49,550 58,520
Fixed assets 固定資產 266,102,326 292,775,929
Construction in progress 在建工程 68,990,056 48,293,781
Right-of-use assets 使用權資產 9,230,371 9,082,775
Intangible assets 無形資產 45,692,713 41,485,229
Development expenditures 開發支出 6,484,382 5,971,312
Goodwill 商譽 4,427,571 4,427,571
Long-term deferred expenditures 長期待攤費用 3,212,627 4,171,222
Deferred tax assets 遞延所得稅資產 18,665,723 15,358,088
Other non-current assets 其他非流動資產 36,544,207 44,109,592
Total non-current assets 非流動資產合計 505,684,933 512,262,325
Total assets 資產總計 941,278,424 883,729,883
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
BYD Company Limited
Consolidated Balance Sheet
合併資產負債表
二零二六年六月三十日
RMB’000
人民幣千元
二零二六年 二零二五年
六月三十日 十二月三十一日
Note (Unaudited) (Audited)
附註 （未經審計） （經審計）
Liabilities 負債
Current liabilities 流動負債
Short-term borrowings 短期借款 37,645,979 38,484,710
Derivative financial liabilities 衍生金融負債 31,622 550,144
Bills payables 應付票據 8 53,413,166 22,463,883
Trade payables 應付賬款 9 176,356,021 186,742,375
Contract liabilities 合同負債 79,796,755 51,471,055
Employee benefits payables 應付職工薪酬 15,366,010 16,025,385
Tax payables 應交稅費 7,863,037 10,716,012
Other payables 其他應付款 105,921,363 119,482,902
Provision 預計負債 6,375,357 5,384,983
Non-current liabilities due within one year 一年內到期的非流動負債 3,452,964 6,311,964
Other current liabilities 其他流動負債 14,153,042 10,817,944
Total current liabilities 流動負債合計 500,375,316 468,451,357
Non-current liabilities 非流動負債
Long-term borrowings 長期借款 61,201,246 60,705,569
Bond payables 應付債券 14,993,800 4,997,910
Lease liabilities 租賃負債 8,610,454 8,620,487
Deferred tax liabilities 遞延所得稅負債 1,448,648 1,617,317
Other non-current liabilities 其他非流動負債 81,278,145 80,798,058
Total non-current liabilities 非流動負債合計 167,532,293 156,739,341
Total liabilities 負債合計 667,907,609 625,190,698
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
Interim Report 2026
二零二六年中期報告 63
Consolidated Balance Sheet
合併資產負債表
二零二六年六月三十日
RMB’000
人民幣千元
二零二六年 二零二五年
六月三十日 十二月三十一日
Note (Unaudited) (Audited)
附註 （未經審計） （經審計）
Shareholders’ equity 股東權益
Shareholders’ equity 股東權益
Share capital 股本 10 9,117,198 9,117,198
Other equity instruments 其他權益工具 20,846,860 18,733,984
Including: Perpetual bond 其中：永續債 20,846,860 18,733,984
Capital reserve 資本公積 95,621,643 95,276,659
Less: treasury shares 減：庫存股 3,988,271 3,988,271
Other comprehensive income 其他綜合收益 6,274,797 3,251,842
Special reserve 專項儲備 32,637 31,078
Surplus reserve 盈餘公積 7,794,688 7,794,688
Undistributed profit 未分配利潤 125,118,879 116,057,428
Total shareholders’ equity attributable to 歸屬於母公司股東權益合計
the parent company 260,818,431 246,274,606
Non-controlling interests 少數股東權益 12,552,384 12,264,579
Total shareholders’ equity 股東權益合計 273,370,815 258,539,185
Total liabilities and shareholders’ equity 負債和股東權益總計 941,278,424 883,729,883
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
The financial statements were signed by the following persons: 財務報表由以下人士簽署：
Legal representative: Chief Financial Officer: Head of Accounting Department:
Wang Chuan-fu Zhou Ya-lin Liu Hui
法定代表人： 主管會計工作負責人： 會計機構負責人：
王傳福 周亞琳 劉惠
BYD Company Limited
Consolidated Income Statement
合併利潤表
Six months ended 30 June 2026
截至二零二六年六月三十日止六個月期間
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
Note (Unaudited) (Unaudited)
附註 （未經審計） （未經審計）
I. Operating revenue 一、 營業收入 4 344,815,421 371,280,948
Less: Operating costs 減：營業成本 4 279,826,859 304,415,089
Tax and surcharge 稅金及附加 4,261,911 5,996,077
Selling expenses 銷售費用 12,523,014 12,410,973
Administrative expenses 管理費用 10,365,436 10,386,267
Research and development expenses 研發費用 23,307,152 29,596,366
Finance expenses 財務費用 5,096,026 (3,247,033)
Including: Interest expenses 其中：利息費用 1,915,063 972,045
Interest income 利息收入 1,696,913 1,078,159
Add: Other income 加：其他收益 7,206,897 6,621,747
Investment (loss)/income 投資（損失）╱ 收益 (177,085) 1,375,879
Including: Investment income in 其中：對聯營企業和合營
associates and joint 企業的投資收益
ventures 519,299 654,547
Loss on derecognition of 以攤餘成本計量的金融
financial assets measured 資產終止確認損失
at amortised cost (953,060) (47,946)
Gains from changes in fair value 公允價值變動收益 225,782 373,458
Impairment losses on credit 信用減值損失 (465,413) (102,848)
Impairment losses on asset 資產減值損失 (1,536,741) (1,254,303)
Gains/(losses) on disposal of assets 資產處置收益 ╱（損失） 55,115 (17,633)
II. Operating profit 二、 營業利潤 14,743,578 18,719,509
Add: Non-operating income 加：營業外收入 267,415 805,131
Less: Non-operating expenses 減：營業外支出 396,906 614,625
III. Total profit 三、 利潤總額 14,614,087 18,910,015
Less: Income tax expenses 減：所得稅費用 5 2,280,028 2,871,076
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
Interim Report 2026
二零二六年中期報告 65
Consolidated Income Statement
合併利潤表
Six months ended 30 June 2026
截至二零二六年六月三十日止六個月期間
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
Note (Unaudited) (Unaudited)
附註 （未經審計） （未經審計）
IV. Net profit 四、 淨利潤 12,334,059 16,038,939
V. Classified by continuity of operation 五、 按經營持續性分類
Net profit from continuing operations 持續經營淨利潤 12,334,059 16,038,939
VI. Classified by ownership 六、 按所有權歸屬分類
Net profit attributable to shareholders of 歸屬於母公司所有者的淨利潤
the parent company 12,325,408 15,510,533
Non-controlling interests 少數股東損益 8,651 528,406
VII. Earnings per share (RMB/share) 七、 每股收益（元 ╱ 股）
Basic earnings per share 基本每股收益 6 1.35 1.71
Diluted earnings per share 稀釋每股收益 6 1.35 1.71
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
BYD Company Limited
Consolidated Income Statement
合併利潤表
Six months ended 30 June 2026
截至二零二六年六月三十日止六個月期間
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
Note (Unaudited) (Unaudited)
附註 （未經審計） （未經審計）
VIII. Other comprehensive income 八、 其他綜合收益 2,990,041 856,060
Other comprehensive income/(loss) that cannot be 不能重分類進損益的其他綜合
reclassified to profit or loss 收益 ╱（虧損）
Changes in fair value of other equity 其他權益工具投資公允價值變動
instrument investments 4,101,311 (142,007)
Income tax impact 所得稅影響 (200,056) 44,864
Other comprehensive (loss)/income that will 將重分類進損益的其他綜合
be reclassified to profit or loss （虧損）╱ 收益
Exchange difference on foreign currency 外幣報表折算差額
translation (867,094) 942,345
Changes in fair value of receivables financing 應收款項融資公允價值變動 (11,206) 5,444
(878,300) 947,789
Other comprehensive income attributable to 歸屬於少數股東的其他綜合收益的
non-controlling interests, net of tax 稅後淨額 (32,914) 5,414
IX. Total comprehensive income 九、 綜合收益總額 15,324,100 16,894,999
Among which: 其中：
Total comprehensive income attributable 歸屬於母公司股東的綜合收益
to shareholders of the parent company 總額 15,348,363 16,361,179
Total comprehensive income attributable 歸屬於少數股東的綜合收益
to non-controlling interests 總額 (24,263) 533,820
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
For the six months ended 30 June 2026 (Unaudited) 截至二零二六年六月三十日止六個月期間（未經審計）
Shareholders’ equity attributable to the parent company
歸屬於母公司股東權益
Other Less: Other Non- Total
Share equity Capital treasury comprehensive Special Surplus Undistributed controlling shareholders’
capital instruments reserve shares income reserve reserve profit Sub-total interests equity
少數股東 股東權益
股本 其他權益工具 資本公積 減：庫存股 其他綜合收益 專項儲備 盈餘公積 未分配利潤 小計 權益 合計
I. Opening balance for the period 一、 本期期初餘額 9,117,198 18,733,984 95,276,659 3,988,271 3,251,842 31,078 7,794,688 116,057,428 246,274,606 12,264,579 258,539,185
II. Amount of change in the current period 二、 本期增減變動金額
(I) Total comprehensive income （一） 綜合收益總額 – – – – 3,022,955 – – 12,325,408 15,348,363 (24,263) 15,324,100
(II) Capital contribution and reduction by （二） 股東投入和減少資本
shareholders
shareholders – – – – – – – – – 392,000 392,000
in shareholders’ equity 權益的金額
(note 11) （附註十一） – – 593,872 – – – – – 593,872 40,422 634,294
equity instruments holders 者投入資本 – 18,863,988 – – – – – – 18,863,988 – 18,863,988
equity instruments holders 者減少資本 – (16,751,112) (248,888) – – – – – (17,000,000) – (17,000,000)
(III) Profit distribution （三） 利潤分配
(IV) Special reserve （四） 專項儲備
Appropriation for the period 本期提取 – – – – – 1,559 – – 1,559 – 1,559
III. Closing balance for the period 三、 本期期末餘額 9,117,198 20,846,860 95,621,643 3,988,271 6,274,797 32,637 7,794,688 125,118,879 260,818,431 12,552,384 273,370,815
後附財務報表附註為本財務報表的組成部分
人民幣千元
RMB’000
截至二零二六年六月三十日止六個月期間
Six months ended 30 June 2026
合併股東權益變動表
Consolidated Statement of Changes in Owners’ Equity
二零二六年中期報告
Interim Report 2026
The accompanying notes form an integral part of these financial statements
For the six months ended 30 June 2025 (Unaudited) 截至二零二五年六月三十日止六個月期間（未經審計）
RMB’000
Shareholders’ equity attributable to the parent company
人民幣千元
歸屬於母公司股東權益
比亞迪股份有限公司
Other Less: Other Non- Total
BYD Company Limited
Share equity Capital treasury comprehensive Special Surplus Undistributed controlling shareholders’
capital instruments reserve shares income reserve reserve profit Sub-total interests equity
少數股東 股東權益
股本 其他權益工具 資本公積 減：庫存股 其他綜合收益 專項儲備 盈餘公積 未分配利潤 小計 權益 合計
Six months ended 30 June 2026
I. Opening balance for the period 一、 本期期初餘額 2,909,266 14,894,442 60,679,406 723,968 1,440,616 29,461 7,374,087 98,647,794 185,251,104 13,437,105 198,688,209
II. Amount of change in the current period 二、 本期增減變動金額
截至二零二六年六月三十日止六個月期間
合併股東權益變動表
(I) Total comprehensive income （一） 綜合收益總額 – – – – 850,646 – – 15,567,329 16,417,975 533,820 16,951,795
(II) Capital contribution and reduction by （二） 股東投入和減少資本
shareholders
shareholders 129,800 – 39,944,968 – – – – – 40,074,768 112,000 40,186,768
recognized in shareholders’ 權益的金額
equity (note 11) （附註十一） – – 392,079 – – – – – 392,079 – 392,079
equity instruments holders 者投入資本 – 16,748,087 – – – – – – 16,748,087 – 16,748,087
equity instruments holders 者減少資本 – (9,929,334) (70,666) – – – – – (10,000,000) – (10,000,000)
of restricted shares 股票影響 – – – 3,988,271 – – – – (3,988,271) (3,988,271)
(III) Profit distribution （三） 利潤分配
instruments holders 持有者的分配 – – – – – – – (132,941) (132,941) – (132,941)
(IV) Special reserve （四） 專項儲備
Appropriation for the period 本期提取 – – – – – 1,408 – – 1,408 – 1,408
III. Closing balance for the period 三、 本期期末餘額 3,039,066 21,713,195 100,425,189 4,712,239 2,291,262 30,869 7,374,087 102,004,934 232,166,363 12,583,829 244,750,192
Consolidated Statement of Changes in Owners’ Equity
The accompanying notes form an integral part of these financial statements 後附財務報表附註為本財務報表的組成部分
Interim Report 2026
二零二六年中期報告 69
Consolidated Cash Flow Statement
合併現金流量表
Six months ended 30 June 2026
截至二零二六年六月三十日止六個月期間
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
Note (Unaudited) (Unaudited)
附註 （未經審計） （未經審計）
I. Cash flows from operating activities: 一、 經營活動產生的現金流量：
Cash received from sales of goods and 銷售商品、提供服務收到的現金
provision of services 368,775,408 402,581,644
Tax rebates received 收到的稅費返還 13,658,521 8,717,878
Cash received from other activities 收到其他與經營活動有關的現金
relating to operations 10,160,478 11,435,207
Sub-total of cash inflows from operating 經營活動現金流入小計
activities 392,594,407 422,734,729
Cash paid for goods and services 購買商品、接受服務支付的現金 256,109,689 279,759,478
Cash paid to and on behalf of employees 支付給職工以及為職工支付的現金 58,977,378 64,426,198
Cash paid for various types of taxes 支付的各項稅費 26,181,733 31,494,335
Cash paid for other activities relating to 支付其他與經營活動有關的現金
operations 13,990,863 15,221,247
Sub-total of cash outflows from operating 經營活動現金流出小計
activities 355,259,663 390,901,258
Net cash flow from operating activities 經營活動產生的現金流量淨額 37,334,744 31,833,471
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
BYD Company Limited
Consolidated Cash Flow Statement
合併現金流量表
Six months ended 30 June 2026
截至二零二六年六月三十日止六個月期間
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
Note (Unaudited) (Unaudited)
附註 （未經審計） （未經審計）
II. Cash flows from investing activities: 二、 投資活動產生的現金流量：
Cash received from disposal of investments 收回投資收到的現金 30,941 40,997
Cash received from disposals of 處置合營或聯營公司所收到的現金
joint ventures or associates 42,000 –
Cash received from gains in investment 取得投資收益收到的現金 81,605 307,446
Net cash received from disposals of 處置子公司及其他營業單位收到
subsidiaries and other operating entities 的現金淨額 14,258 66,961
Net cash received from disposals of fixed 處置固定資產、無形資產和其他
assets, intangible assets and other 長期資產收回的現金淨額
long-term assets 1,245,987 1,372,011
Cash received from other activities relating 收到其他與投資活動有關的現金
to investments 29,054,214 17,662,221
Sub-total of cash inflows from investing 投資活動現金流入小計
activities 30,469,005 19,449,636
Cash paid for purchase and construction of 購建固定資產、無形資產和其他
fixed assets, intangible assets and other 長期資產支付的現金
long-term assets 44,703,066 80,524,516
Net cash paid for acquisition of subsidiaries 收購子公司及其他營業單位支付
and other operating entities 的現金淨額 48,677 183,492
Cash paid for investments 投資支付的現金 612,311 1,331,702
Cash paid for other activities relating to 支付其他與投資活動有關的現金
investments 40,675,415 11,905,673
Sub-total of cash outflows from investing 投資活動現金流出小計
activities 86,039,469 93,945,383
Net cash flows used in investing activities 投資活動使用的現金流量淨額 (55,570,464) (74,495,747)
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
Interim Report 2026
二零二六年中期報告 71
Consolidated Cash Flow Statement
合併現金流量表
Six months ended 30 June 2026
截至二零二六年六月三十日止六個月期間
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
Note (Unaudited) (Unaudited)
附註 （未經審計） （未經審計）
III. Cash flows from financing activities: 三、 籌資活動產生的現金流量：
Cash received from capital injection 吸收投資收到的現金 392,000 40,221,768
Including: Cash received by subsidiaries 其中：子公司吸收少數股東投資
from capital contributions of 收到的現金
minority shareholders 392,000 147,000
Cash received from borrowings 取得借款收到的現金 56,616,967 24,295,394
Cash received from bonds issuance 發行債券收到的現金 14,995,284 9,999,048
Cash contribution by other equity instrument 其他權益工具持有者投入的
holders 現金 19,300,000 17,000,000
Sub-total of cash inflows from financing 籌資活動現金流入小計
activities 91,304,251 91,516,210
Cash paid for repayment of debts 償還債務支付的現金 65,080,208 23,761,503
Cash payments for distribution of dividends, 分配股利、利潤或償付利息支付
profits or interest expenses 的現金 1,354,529 474,212
Including: Interests paid to other equity 其中：支付給其他權益所有者
owners 利息 270,435 250,417
Cash paid for redemption of perpetual bonds 贖回永續債支付的現金 17,000,000 10,000,000
Cash paid for other activities relating to 支付其他與籌資活動有關的
financing 現金 1,481,667 7,622,756
Sub-total of cash outflows from financing 籌資活動現金流出小計
activities 84,916,404 41,858,471
Net cash flows from financing activities 籌資活動產生的現金流量淨額 6,387,847 49,657,739
IV. Effect of foreign exchange rate changes 四、 匯率變動對現金及現金等價物的
on cash and cash equivalents 影響 (928,239) 464,775
V. Net increase/(decrease) in cash and 五、 現金及現金等價物
cash equivalents 淨增加 ╱（減少）額 (12,776,112) 7,460,238
Add: balance of cash and cash equivalents 加：期初現金及現金等價物餘額
at the beginning of the period 68,395,197 102,256,542
VI. Balance of cash and cash equivalents 六、 期末現金及現金等價物餘額
at the end of the period 55,619,085 109,716,780
The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
statements
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
BYD Company Limited (the “Company”) is a joint stock 比亞迪股份有限公司（「本公司」）是一家在
company incorporated in Guangdong Province, the 中華人民共和國廣東省註冊成立的股份有限
People’s Republic of China with limited liability. The 公司。本公司前身為深圳市比亞迪實業有
Company, formerly known as Shenzhen BYD Battery 限公司，二零零二年經原國家經貿委以《關
Company Limited (深圳市比亞迪實業有限公司), was 於同意設立比亞迪股份有限公司的批覆》
approved by the former State Economic and Trade （國經貿企改 [2002]153 號）以及《關於同意
Commission in 2002, as evidenced by the approval 比亞迪股份有限公司調整股本結構的複函》
document “Reply of Consenting to the Establishment of （國經貿廳企改[2002]348 號）批准，深圳市
BYD Company Limited” (Guo Jing Mao Qi Gai [2002] No. 比亞迪實業有限公司以二零零二年四月三
to the Adjustment of Capital Structure of BYD Company 年六月十一日整體變更設立本公司。本公
Limited” (Guo Jing Mao Ting Qi Gai [2002] No. 348). 司目前持有深圳市市場監督管理局頒發的
Shenzhen BYD Industrial Company Limited (深圳市比亞迪 《企業法人營業執照》
（統一社會信用代碼：
實業有限公司) was overall restructured into the Company 91440300192317458F)。截至二零二六年
on 11 June 2002 based on the audited net assets value 六月三十日，本公司所發行人民幣普通股 A
as at 30 April 2002. The Company currently holds the 股為5,433,798 千股已在深圳證券交易所上
Enterprise Legal Person Business License issued by the 市，H 股 3,683,400 千股已在香港聯交所上
Shenzhen Administration for Market Regulation (unified 市。本公司住所為廣東省深圳市大鵬新區葵
social credit code: 91440300192317458F). As at 30 June 涌街道延安路 1 號，辦公地址為廣東省深圳
listed on the Shenzhen Stock Exchange and the Hong
Kong Stock Exchange, respectively. The Company is
domiciled at No. 1 Yan’an Road, Kui Chong Street, Dapeng
New District, Shenzhen, Guangdong Province, with an
office address at No. 3009, BYD Road, Pingshan District,
Shenzhen, Guangdong Province.
The Group is principally engaged in new energy vehicle 本集團主要從事新能源汽車業務、電子業
business, electronics business, rechargeable batteries, and 務，二次充電電池及光伏業務，同時利用自
photovoltaics business. Meanwhile, with its technological 身的技術優勢積極拓展城市軌道交通業務領
superiority, the Group actively develops the urban rail 域。
transportation business segment.
The Company’s direct largest shareholder and ultimate 本公司直接第一大股東和最終第一大股東均
largest shareholder is Wang Chuan-fu, a natural person, 為自然人王傳福，持股比例為17.06%。
with a shareholding percentage of 17.06%.
The financial statements were approved for issue by the 本財務報表業經本公司董事會於二零二六年
board of directors of the Company by way of resolution on 八月二十八日決議批准報出。
Interim Report 2026
二零二六年中期報告 73
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
STATEMENTS
The financial statements have been prepared in 本財務報表按照財政部頒佈的《企業會計準
accordance with the “Accounting Standards for Business 則 － 基本準則》以及其後頒佈及修訂的具體
Enterprises – Basic Standard” issued by the Ministry of 會計準則、應用指南、解釋以及其他相關規
Finance and the specific accounting standards, application 定（統稱「企業會計準則」）編製。此外，本財
guidelines, interpretations and other relevant regulations 務報表還按照《公開發行證券的公司信息披
issued and revised thereafter (collectively known as the 露編報規則第15 號 － 財務報告的一般規定》
“ASBE”). In addition, relevant financial information as 披露有關財務信息。
required under the “Compilation Rules for Information
Disclosures by Companies Offering Securities to the Public
No. 15 – General Provisions on Financial Reports” has
been disclosed in the financial statements.
The financial statements are prepared on a going concern 本財務報表以持續經營為基礎列報。截至二
basis. As at 30 June 2026, the Group had net current 零二六年六月三十日，本集團淨流動負債為
liabilities of RMB64,781,825,000. Based on the cash flow 人民幣64,781,825千元，根據本公司管理層
forecast prepared by the management of the Company, 編製的現金流預測，並考慮本集團經營活動
and taking into account the net cash flow generated 產生的現金流量淨額、擁有的金融信貸額度
from the operating activities of the Group, available 以及資本性投入的速度，本集團董事認為，
financial credit facilities and the expected rate of capital 本集團將有足夠的營運資金支付其自二零二
investments, the directors of the Group are of the opinion 六年六月三十日起未來十二個月到期的負債
that the Group will have sufficient working capital to 和義務，因此，本財務報告以持續經營為基
meet its liabilities and obligations falling due within the 礎編製是適當的。
next twelve months from 30 June 2026; therefore, it is
appropriate to prepare the financial report on a going
concern basis.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) Operating segment (1) 經營分部
For management purposes, the Group is organised into 出於管理目的，本集團根據產品和服務劃分
business units based on their products and services. The 業務單元。本集團目前有兩個報告分部，分
Group currently has two reportable segments as follows: 別如下：
a) the electronics and other products segment a) 電子及其他產品分部包括製造和銷售
principally comprises the manufacturing and 外殼等手機及電子產品部件、AI算力
sales of components for mobile phones and other 基礎設施等，並提供整機組裝服務；
electronic products (including casings) and AI
computing infrastructure, and the provision of
whole-unit assembly services;
b) the automobiles and related products and other b) 汽車、汽車相關產品及其他產品分部
products segment comprises the manufacture and 包括製造和銷售汽車、汽車相關的模
sale of automobiles and auto-related molds and 具及零部件、汽車租賃和汽車的售後
components and automobile leasing and after sales 服務、汽車動力電池、鋰離子電池、
services, automobile power batteries, lithium-ion 光伏產品以及鐵電池產品、軌道交通
batteries, photovoltaic products and iron battery 及其相關業務。
products, rail transport and its related business.
Management monitors the results of the Group’s operating 管理層出於配置資源和評價業績的決策目
segments separately for the purpose of making decisions 的，對各業務單元的經營成果分開進行管
about resources allocation and performance assessment. 理。分部業績以報告的分部利潤為基礎進行
Segment performance is evaluated based on reportable 評價。該指標系對利潤總額進行調整後的指
segment profit. The adjusted profit before tax is measured 標，除不包括公允價值變動損益、財務費用
consistently with the Group’s profit before tax except that （除租賃負債利息支出和匯兌損益）、營業外
gains or losses arising from changes in fair value, finance 收入、其他收益、資產處置損失、營業外支
costs (excluding interest expenses on lease liabilities 出、投資收益（除對聯營企業和合營企業的
and exchange gains or losses), non-operating income, 投資收益外）、銷售房產收入、對應的成本
other income, losses on disposal of assets, non-operating 和稅費以及本公司作為集團總部發生的管理
expenses, investment income (excluding investment 費用之外，該指標與本集團利潤總額是一致
income from associates and joint ventures), income from 的。
sales of properties, the corresponding costs and tax
expenses, as well as administrative expenses incurred by
the Company as the Group’s headquarter are excluded
from such measurement.
Segment assets exclude deferred tax assets, goodwill, 分部資產不包括遞延所得稅資產、商譽、交
financial assets held for trading, other equity instrument 易性金融資產、其他權益工具投資、其他非
investments, other non-current financial assets, investment 流動金融資產、投資性房地產和本公司作為
properties and assets occupied by the Company as the 集團總部佔用的資產，原因在於這些資產均
Group’s headquarter as these assets are managed on a 由本集團統一管理。
group basis.
Interim Report 2026
二零二六年中期報告 75
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) Operating segment (continued) (1) 經營分部（續）
Segment liabilities exclude deferred income tax liabilities, 分部負債不包括遞延所得稅負債、應交稅
tax payable, other current liabilities, other non-current 費、其他流動負債、其他非流動負債、短期
liabilities, short-term borrowings, long-term borrowings, 借款、長期借款、應付債券、其他應付款中
bonds payable, interest payable and dividends payable 的應付利息和應付股利、交易性金融負債和
in other payables, financial liabilities held for trading 本公司作為集團總部而負擔的負債，原因在
and liabilities assumed by the Company as the Group’s 於這些負債均由本集團統一管理。
headquarter as these liabilities are managed on a group
basis.
Transfer pricing in operating segments is determined with 經營分部間的轉移定價，按照經營分部間的協
reference to the agreed price among operating segments. 議價格制定。
Automobiles
and related Adjustments
Electronics and products, and and
other products other products eliminations Total
汽車、
For the six months ended 30 June 2026 截至二零二六年六月三十日 電子及 汽車相關產品
(Unaudited) 止六個月期間（未經審計） 其他產品 及其他產品 調整和抵銷 合計
Revenue from external trading 對外交易收入 69,404,994 275,341,358 69,069 344,815,421
Revenue from inter-segment trading 分部間交易收入 13,810,741 904,273 (14,715,014) –
Total 合計 83,215,735 276,245,631 (14,645,945) 344,815,421
Income from investments accounted for 用權益法核算的投資收益
using the equity method – 519,299 – 519,299
Depreciation and amortisation 折舊及攤銷 2,992,023 35,712,114 478,651 39,182,788
Total profit 利潤總額 193,589 11,160,544 3,259,954 14,614,087
Income tax expense 所得稅費用 54,510 2,225,518 – 2,280,028
Capital expenditure (Note) 資本性支出（註） 836,308 31,550,949 328,219 32,715,476
As of 30 June 2026 (Unaudited) 截至二零二六年六月三十日
（未經審計）
Total assets 資產總額 65,687,290 818,663,316 56,927,818 941,278,424
Total liabilities 負債總額 43,012,736 512,691,489 112,203,384 667,907,609
Other disclosures 其他披露
Long-term equity investments accounted 用權益法核算的長期股權
for using the equity method 投資 – 22,391,316 – 22,391,316
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) Operating segment (continued) (1) 經營分部（續）
Automobiles
and related Adjustments
Electronics and products, and and
other products other products eliminations Total
汽車、
For the six months ended 30 June 2025 截至二零二五年六月三十日 電子及 汽車相關產品
(Unaudited) 止六個月期間（未經審計） 其他產品 及其他產品 調整和抵銷 合計
Revenue from external trading 對外交易收入 68,743,903 302,506,271 30,774 371,280,948
Revenue from inter-segment trading 分部間交易收入 12,691,059 2,095,846 (14,786,905) –
Total 合計 81,434,962 304,602,117 (14,756,131) 371,280,948
Income from investments accounted for 用權益法核算的投資收益
using the equity method – 654,547 – 654,547
Depreciation and amortisation 折舊及攤銷 2,593,356 34,194,211 524,101 37,311,668
Total profit 利潤總額 1,334,834 12,804,937 4,770,244 18,910,015
Income tax expense 所得稅費用 169,684 2,701,392 – 2,871,076
Capital expenditure (Note) 資本性支出（註） 2,439,221 75,030,724 421,456 77,891,401
As of 30 June 2025 (Unaudited) 截至二零二五年六月三十日
（未經審計）
Total assets 資產總額 76,005,442 721,435,763 48,901,438 846,342,643
Total liabilities 負債總額 44,852,198 507,150,656 49,589,597 601,592,451
Other disclosures 其他披露
Long-term equity investments accounted 用權益法核算的長期股權
for using the equity method 投資 – 20,353,959 – 20,353,959
Note: Ca pit al ex pendit ur e includes t he a c q u i s i t i o n o f 註： 資本性支出包括固定資產、無形資產等長期資
long-term assets such as fixed assets and intangible 產的增加。
assets.
Interim Report 2026
二零二六年中期報告 77
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(2) Other information (2) 其他信息
Geographical information 地區信息
Operating revenue 營業收入
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
(Unaudited) (Unaudited)
（未經審計） （未經審計）
PRC (including Hong Kong, Macau 中國（包括港澳台地區）
and Taiwan) 163,547,247 235,923,281
Overseas 境外 181,268,174 135,357,667
Total 合計 344,815,421 371,280,948
Revenue from external transactions is attributed to the 對外交易收入歸屬於客戶所處區域。
location of customers.
Total non-current assets 非流動資產總額
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
PRC (including Hong Kong, Macau 中國（包括港澳台地區）
and Taiwan) 419,862,253 435,904,638
Overseas 境外 38,835,295 31,825,140
Total 合計 458,697,548 467,729,778
Non-current assets exclude goodwill, other equity 非流動資產按該資產所處區域統計，不包括
instrument investments, other non-current financial assets, 商譽、其他權益工具投資、其他非流動金融
long-term receivables and deferred income tax assets 資產、長期應收款和遞延所得稅資產。
attributed to the region where the assets are located.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(2) Other information (continued) (2) 其他信息（續）
Information about major customers 主要客戶信息
For the six months ended 30 June 2026, operating revenue 截至二零二六年六月三十日止六個月期間，
of RMB46,017,488,000 (for the six months ended 30 June 營業收入人民幣46,017,488 千元（截至二零
single customer. 42,142,580千元）為對某一單個客戶的收入。
(1) Operating revenue and operating costs (1) 營業收入和營業成本情況
For the six months ended For the six months ended
截至二零二六年六月三十日 截至二零二五年六月三十日
止六個月期間（未經審計） 止六個月期間（未經審計）
Revenue Cost Revenue Cost
收入 成本 收入 成本
Revenue from principal operations 主營業務收入 336,101,513 273,410,522 362,287,018 297,763,090
Other operating revenue 其他業務收入 8,713,908 6,416,337 8,993,930 6,651,999
Total 合計 344,815,421 279,826,859 371,280,948 304,415,089
Interim Report 2026
二零二六年中期報告 79
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) Operating revenue and operating costs (continued) (1) 營業收入和營業成本情況（續）
Operating revenue is as follows: 營業收入列示如下：
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日 六月三十日
止六個月期間 止六個月期間
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Revenue from contracts with customers 與客戶之間合同產生的收入
Electronics and other products 電子及其他產品 69,375,150 68,720,248
Automobiles and related products, and 汽車、汽車相關產品及其他
other products 產品 275,068,371 302,397,892
Others 其他 67,852 30,192
Rental income 租賃收入 304,048 132,616
Total 合計 344,815,421 371,280,948
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(2) Disaggregation of revenue (2) 營業收入分解信息
Automobiles
and related
Electronics products,
and other and other
products products Others Total
汽車、汽車
January to June 2026 (Unaudited) 二零二六年一至六月（未經審計） 電子及 相關產品及
Reportable segments 報告分部 其他產品 其他產品 其他 合計
Place of operation 經營地區
PRC (including Hong Kong, Macau 中國（包括港澳台地區）
and Taiwan) 17,704,156 145,581,263 67,852 163,353,271
Overseas 境外 51,670,994 129,487,108 – 181,158,102
Total 合計 69,375,150 275,068,371 67,852 344,511,373
Timing of goods transferred 商品轉讓的時間
At a point in time 在某一時點轉讓 69,326,243 274,197,023 67,852 343,591,118
Over time 在某一時段內轉讓 48,907 871,348 – 920,255
Total 合計 69,375,150 275,068,371 67,852 344,511,373
Interim Report 2026
二零二六年中期報告 81
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(2) Disaggregation of revenue (continued) (2) 營業收入分解信息（續）
Automobiles
and related
Electronics products,
and other and other
products products Others Total
汽車、汽車
January to June 2025 (Unaudited) 二零二五年一至六月（未經審計） 電子及 相關產品及
Reportable segments 報告分部 其他產品 其他產品 其他 合計
Place of operation 經營地區
PRC (including Hong Kong, Macau 中國（包括港澳台地區）
and Taiwan) 16,489,271 219,304,004 30,192 235,823,467
Overseas 境外 52,230,977 83,093,888 – 135,324,865
Total 合計 68,720,248 302,397,892 30,192 371,148,332
Timing of goods transferred 商品轉讓的時間
At a point in time 在某一時點轉讓 68,705,266 301,142,586 30,192 369,878,044
Over time 在某一時段內轉讓 14,982 1,255,306 – 1,270,288
Total 合計 68,720,248 302,397,892 30,192 371,148,332
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(3) Disaggregation of cost (3) 營業成本分解信息
Automobiles
and related
Electronics products,
and other and other
products products Others Total
汽車、汽車
January to June 2026 (Unaudited) 二零二六年一至六月（未經審計） 電子及 相關產品及
Reportable segments 報告分部 其他產品 其他產品 其他 合計
Place of operation 經營地區
PRC (including Hong Kong, Macau 中國（包括港澳台地區）
and Taiwan) 16,880,209 120,835,630 55,631 137,771,470
Overseas 境外 48,998,898 92,711,580 – 141,710,478
Total 合計 65,879,107 213,547,210 55,631 279,481,948
Timing of goods transferred 商品轉讓的時間
At a point in time 在某一時點轉讓 65,851,587 212,788,761 55,631 278,695,979
Over time 在某一時段內轉讓 27,520 758,449 – 785,969
Total 合計 65,879,107 213,547,210 55,631 279,481,948
(4) Performance obligations (4) 履約義務
The recognised revenue is sourced from: 確認的收入來源於：
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日 六月三十日
止六個月期間 止六個月期間
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Opening carrying amount of contract 合同負債年初賬面價值
liabilities – sales of goods and provision － 銷售商品及提供服務
of services 39,118,002 35,858,260
Interim Report 2026
二零二六年中期報告 83
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(4) Performance obligations (continued) (4) 履約義務（續）
Information about the Group’s performance obligations is 本集團與履約義務相關的信息如下：
summarised below:
Time of fulfilling Committed Type of warranty
performance Important payment Nature of goods refunds to and related
obligations terms transferred Principal or not customers obligations
承擔的預期將退還 提供的質量保證
履行履約義務的時間 重要的支付條款 承諾轉讓商品的性質 是否為主要責任人 給客戶的款項 類型及相關義務
Sales of goods Time of delivery and Advance/payment Sales of automobiles, Yes Yes Assurance-type
acceptance by upon delivery related products, warranty
customers electronics and other
products
銷售商品 交付且客戶接受時 預收 ╱ 到貨收款 主要銷售汽車、汽車相關產 是 有 保證類質保
品、電子及其他產品
Rendering of services Term of service/time Service progress Rendering of Yes Nil Nil
of delivery payment/payment maintenance,
upon completion transportation, platform
of services and technological
services
提供服務 服務期間 ╱ 交付時 服務進度收款 ╱ 服務 主要提供維修、運輸、平台 是 無 無
完成收款 服務及技術服務等
Construction services Term of service Progress payment Construction of rail Yes Nil Assurance-type
transport infrastructure warranty
建造服務 服務期間 完工進度收款 軌道交通建造 是 無 保證類質保
As at 30 June 2026, the main performance obligations that 於二零二六年六月三十日，主要的已簽訂合
have signed the contract but have not been fulfilled or 同、但尚未履行或尚未履行完畢的履約義務
not yet fulfilled are expected to be recognized as revenue 預計於一年以內確認為收入。
within one year.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日 六月三十日
止六個月期間 止六個月期間
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Current income tax expenses 當期所得稅費用 5,956,387 5,499,947
Deferred income tax expenses 遞延所得稅費用 (3,676,359) (2,628,871)
Total 合計 2,280,028 2,871,076
Interim Report 2026
二零二六年中期報告 85
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
The reconciliation between income tax expenses and total 所得稅費用與利潤總額的關係列示如下：
profit is as follows:
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日 六月三十日
止六個月期間 止六個月期間
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Total profit 利潤總額 14,614,087 18,910,015
Income tax at the statutory tax rate (Note 1) 按法定稅率計算的所得稅（註1） 3,653,522 4,727,504
Effect of different tax rates applicable to 子公司適用不同稅率的影響
subsidiaries (625,275) (1,689,614)
Profit or loss attributable to joint ventures 歸屬於合營企業和聯營企業的
and associates 損益 (135,253) (152,185)
Tax impact of non-deductible cost, expenses 不可抵扣的成本、費用和損失的
and losses 影響 245,175 194,178
Effect on deductible temporary differences 本期未確認遞延所得稅資產的
or deductible losses for which deferred tax 可抵扣暫時性差異的影響或
assets are not recognized for the period 可抵扣虧損的影響 2,278,625 3,171,715
Effect of use of deductible losses on 使用前期未確認遞延所得稅
previously unrecognised deferred 資產的可抵扣虧損的影響
tax assets (1,382,973) (967,423)
Effect of changes in tax rate on the balance 稅率變動對期初遞延所得稅
of deferred income tax at the beginning 餘額的影響
of the period (48,061) 241,189
Research and development expenses and 研發費用及其他稅法規定的加計
other additional deduction as required by 扣除
taxation laws (1,705,732) (2,654,288)
Income tax expenses at the Group’s 按本集團實際稅率計算的所得稅
effective tax rate 費用 2,280,028 2,871,076
Note 1: The Group’s income tax has been provided at the 註1： 本集團所得稅按在中國境內取得的估計
statutory rate based on the estimated taxable profits 應納稅所得額及法定稅率計提。
arising in the PRC.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日 六月三十日
止六個月期間 止六個月期間
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Basic earnings per share 基本每股收益
Continuing operations 持續經營 1.35 1.71
Diluted earnings per share 稀釋每股收益
Continuing operations 持續經營 1.35 1.71
The numerator of basic earnings per share is determined 基本每股收益的分子以歸屬於本公司普通股
based on the net profit for the Period attributable to 股東的當期淨利潤，減去歸屬於預計未來可
ordinary shareholders of the Company, less net profit 解鎖限制性股票的淨利潤確定。
attributable to the restricted shares expected to be vested
in the future.
The denominator of basic earnings per share is the 基本每股收益分母為發行在外的普通股的加
weighted average number of ordinary shares outstanding. 權平均數。
The numerator of diluted earnings per share is determined 稀釋每股收益的分子以歸屬於本公司普通股
based on the net profit for the Period attributable to 股東的當期淨利潤確定，即分子在計算的時
ordinary shareholders of the Company, which means that 候加回計算基本每股收益分子時已扣除的歸
when calculating the numerator, net profit attributable to 屬於預計未來可解鎖限制性股票的淨利潤。
the restricted shares expected to be vested in the future
which are deducted in calculating the basic earnings per
share are added back.
The denominator of diluted earnings per share is equal to 稀釋每股收益的分母等於下列兩項之和：(1)
the sum of: (1) the weighted average number of ordinary 基本每股收益中母公司已發行普通股的加權
shares in issue of the parent company in basic earnings 平均數；及(2)假定稀釋性潛在普通股轉換為
per share; and (2) increase in the weighted average 普通股而增加的普通股的加權平均數。
number of ordinary shares assuming conversion of dilutive
potential ordinary shares into ordinary shares.
In calculating the weighted average number of ordinary 在計算稀釋性潛在普通股轉換為已發行普通
shares increased upon conversion of dilutive potential 股而增加的普通股股數的加權平均數時，以
ordinary shares into ordinary shares in issue, the dilutive 前期間發行的稀釋性潛在普通股，假設在當
potential ordinary shares issued in previous periods are 期期初轉換；當期發行的稀釋性潛在普通
assumed to be converted at the beginning of the Period; 股，假設在發行日轉換。
the dilutive potential ordinary shares issued in the Period
are assumed to be converted on the issue date.
Interim Report 2026
二零二六年中期報告 87
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
The calculations of basic and diluted earnings per share 基本與稀釋每股收益的具體計算如下：
are based on:
For the For the
six months six months
ended ended
截至二零二六年 截至二零二五年
六月三十日止 六月三十日止
六個月期間 六個月期間
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Revenue 收益
Net profit for the Period attributable to 歸屬於本公司普通股股東的當期
ordinary shareholders of the Company 淨利潤 12,325,408 15,510,533
Less: Deductible net profit attributable to 減去：應扣除歸屬於預計
restricted shares which are expected 未來可解鎖限制性
to be vested in the future 股票的淨利潤 30,419 65,937
Interests for the year distributed to 分配其他權益工具持有
other equity instruments holders 者的本年利息 – 132,941
Adjusted net profit for the Period attributable 調整後歸屬於本公司普通股
to ordinary shareholders of the Company 股東的當期淨利潤 12,294,989 15,311,655
Shares 股份
Weighted average number of outstanding 本公司發行在外普通股的加權
ordinary shares of the Company （註）
平均數（千股）
(thousands) (Note) 9,085,053 8,958,979
Diluted effect – weighted average number 稀釋效應 － 普通股的加權平均數
of ordinary shares
Restricted shares (thousands) 限制性股票（千股） – 3,459
Adjusted weighted average number of 調整後本公司發行在外普通股
outstanding ordinary shares of the 的加權平均股數（千股）
Company (thousands) 9,085,053 8,962,438
As at 30 June 2026, the restricted shares of the Company 二零二六年六月三十日，本公司的限制性股
did not have any diluted effect on earnings per share. 票對每股收益無稀釋影響，因此稀釋每股收
Therefore, the diluted earnings per share are identical to 益與基本每股收益金額相同。
the basic earnings per share.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
The aging of trade receivables is recognised based on the 應收賬款賬齡按收入確認的時間予以確認，
time of revenue recognition. The aging analysis of trade 應收賬款的賬齡分析如下：
receivables is as follows:
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Within 1 year 1年以內 47,024,667 34,395,603
Over 3 years 3年以上 3,473,057 2,781,612
Total 合計 54,892,179 41,254,865
Less: Provision for bad debt of trade 減：應收賬款壞賬準備
receivables 4,765,837 4,250,180
Total 合計 50,126,342 37,004,685
The subsidies for new energy vehicle sales are included in 上述應收賬款含應收新能源汽車補貼款。
the above trade receivables.
Interim Report 2026
二零二六年中期報告 89
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
二零二六年六月三十日（未經審計）
Carrying
Book balance Provision for bad debt amount
賬面餘額 壞賬準備 賬面價值
Amount Percentage (%) Amount Provision rate (%)
金額 比例(%) 金額 計提比例(%)
Provision for bad debt based on individual 單項計提壞賬準備
assessment 804,893 1.47 804,893 100.00 –
Provision for bad debt based on collective 按信用風險特徵組合
assessment by credit risk portfolio 計提壞賬準備 54,087,286 98.53 3,960,944 7.32 50,126,342
Total 合計 54,892,179 100.00 4,765,837 50,126,342
二零二五年十二月三十一日（經審計）
Carrying
Book balance Provision for bad debt amount
賬面餘額 壞賬準備 賬面價值
Amount Percentage (%) Amount Provision rate (%)
金額 比例(%) 金額 計提比例(%)
Provision for bad debt based on individual 單項計提壞賬準備
assessment 809,662 1.96 809,662 100.00 –
Provision for bad debt based on collective 按信用風險特徵組合
assessment by credit risk portfolio 計提壞賬準備 40,445,203 98.04 3,440,518 8.51 37,004,685
Total 合計 41,254,865 100.00 4,250,180 37,004,685
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
Trade receivables with provision for bad debt based on 單項計提壞賬準備的應收賬款情況如下：
individual assessment are shown as follows:
二零二六年六月三十日（未經審計）
Book Provision for Provision Reason of provision
balance bad debt rate (%)
賬面餘額 壞賬準備 計提比例(%) 計提理由
Customer 1 客戶一 156,202 156,202 100.00 Expected to be
unrecoverable
預計無法收回
Customer 2 客戶二 110,377 110,377 100.00 Expected to be
unrecoverable
預計無法收回
Customer 3 客戶三 84,616 84,616 100.00 Expected to be
unrecoverable
預計無法收回
Customer 4 客戶四 74,601 74,601 100.00 Expected to be
unrecoverable
預計無法收回
Customer 5 客戶五 56,880 56,880 100.00 Expected to be
unrecoverable
預計無法收回
Others 其他 322,217 322,217 100.00
Total 合計 804,893 804,893 100.00
Interim Report 2026
二零二六年中期報告 91
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
As at 30 June 2026, trade receivables with provision for 於二零二六年六月三十日，組合計提壞賬準
bad debt based on collective assessment are shown as 備的應收賬款情況如下：
follows:
Provision for Provision
Book balance impairment rate (%)
賬面餘額 減值準備 計提比例(%)
Within 1 year (inclusive) 1年以內（含1年） 46,989,744 746,464 1.59
Over 3 years 3年以上 2,714,715 2,188,770 80.63
Total 合計 54,087,286 3,960,944
As at 31 December 2025, trade receivables with provision 於二零二五年十二月三十一日，組合計提壞
for bad debt based on collective assessment are shown as 賬準備的應收賬款情況如下：
follows:
Provision for Provision
Book balance impairment rate (%)
賬面餘額 減值準備 計提比例(%)
Within 1 year (inclusive) 1年以內（含1年） 34,327,019 836,527 2.44
Over 3 years 3年以上 2,156,292 1,696,736 78.69
Total 合計 40,445,203 3,440,518
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
The movements of provision for bad debt of trade 應收賬款壞賬準備的變動如下：
receivables are as follows:
Exchange
Balance at differences Balance
beginning Charge Reversal Write-off on translation at the end
of the for the for the during the of foreign of the
Period/year Period/year Period/year Period/year operations Period/year
期╱年初 本期╱年 本期╱年 本期╱年 外幣報表 期╱年末
餘額 計提 轉回 轉銷 折算差額 餘額
For the period ended 30 June 2026, there was no recovery 截至二零二六年六月三十日期間，無壞賬準
of provision for bad debt or reversal of significant amounts 備收回或轉回金額重要的款項，無重要的應
or write-off of significant trade receivables. 收賬款核銷款項。
As at 30 June 2026, the total trade receivables and contract 於二零二六年六月三十日，應收賬款和合同
assets of the five greatest amounts were RMB11,525,143,000, 資產合計金額前五名共計人民幣11,525,143
accounting for 20.53% of the aggregate closing balance 千元，佔應收賬款和合同資產期末餘額合計
of trade receivables and contract assets. The aggregate 數的20.53%，應收賬款和合同資產合計金額
closing balance of the provision impairment on assets for 前五名的資產減值準備期末餘額共計人民幣
the total trade receivables and contract assets of the five 30,590千元。
greatest amounts were RMB30,590,000.
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Bills payables 應付票據 53,413,166 22,463,883
As at 30 June 2026, the outstanding balance of bills 於二零二六年六月三十日，由於持票人未
payables due of the Group was RMB2,692,000 due to the 發起到期托收，本集團尚有餘額為人民幣
fact that the bearer did not make collection at maturity. 2,692千元的應付票據到期未付。
Interim Report 2026
二零二六年中期報告 93
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Within one year 1年以內 174,817,972 185,250,981
Over 2 years 2年以上 606,817 581,243
Total 合計 176,356,021 186,742,375
Trade payables are non-interest-bearing and are normally 應付賬款不計息，並通常在一年以內清償。
settled within one year. The aging of trade payables is 應付賬款的賬齡是以購買材料、商品或接受
based on the time of recognising the purchase of materials 勞務等確認的時間為基準。
and goods or accepting services.
As at 30 June 2026 and 31 December 2025, the Group 於二零二六年六月三十日及二零二五年十二
had no significant trade payables that were aged over one 月三十一日，無賬齡超過一年的重要應付賬
year. 款。
The registered and paid-in capital of the Company is 本公司註冊及實收股本分析如下：
analysed as follows:
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Registered and paid-in capital 註冊及實收股本 9,117,198 9,117,198
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) 2025 Employee Share Ownership Plan of the Group (1) 二零二五年本集團之員工持股計劃
On 17 March 2025, the Company convened the 本公司於二零二五年三月十七日召開
the 9th meeting of the 8th session of the then- 屆監事會第九次會議，審議通過了
Supervisory Committee, at which the Resolution 《關於審議<比亞迪股份有限公司二零
Regarding Review of the BYD Company Limited 二五年員工持股計劃（草案）>及其摘
Summary and the Resolution Regarding the Review 有限公司二零二五年員工持股計劃管
of Management Measures for BYD Company Limited 理辦法>的議案》等相關議案。
related resolutions were considered and approved.
For the 2025 Employee Share Ownership Plan (the 本公司二零二五年員工持股計劃（以
“ESOP”), the participants of the ESOP include senior 下簡稱「本員工持股計劃」）參與對象
management of the Company and the mid-level 包括高級管理人員以及本集團的中層
management and core backbone employees of the 管理人員、核心骨幹員工。參與本員
Group. The total number of participants of the ESOP 工持股計劃的總人數不超過 25,000
shall not exceed 25,000. 人。
A total of 10,714,990 A shares of the Company 本員工持股計劃已通過二級市場以集
have been purchased in the secondary market via 中競價交易的方式累計買入公司A股
centralised bidding transactions under the ESOP, 股票 10,714,990 股，約佔公司總股
representing approximately 0.3526% of the total 本的0.3526%，成交均價約為人民
share capital of the Company, with an average 幣 372.18 元 ╱ 股，成交金額為人民
transaction price of approximately RMB372.18 幣3,987,912,042.01 元（不含交易費
per share and a total transaction amount of 用），本員工持股計劃已完成股票的
RMB3,987,912,042.01 (excluding transaction costs). 購買，購買股票的資金來源為集團
The purchase of shares under the ESOP has been 提取的激勵基金、員工合法薪酬、
completed. The funds for the purchase of shares 員工自籌資金以及法律、行政法規
were sourced from incentive funds allocated by 允許的其他方式。本員工持股計劃
the Group, employees’ legitimate remuneration, 以「份」作為認購單位，每份份額的
employees’ self-raised funds and other sources 認購價格為1.00元，實際認購份額為
permitted by laws and administrative regulations. 3,988,270,580份。
The shares under the ESOP are divided into “units”
for subscription and the subscription price for each
unit is RMB1.00 per share, and the actual number of
units for subscription is 3,988,270,580.
Interim Report 2026
二零二六年中期報告 95
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) 2025 Employee Share Ownership Plan of the Group (1) 二零二五年本集團之員工持股計劃
(continued) （續）
The Company completed the 2024 Profit Distribution 公司於二零二五年七月二十九日實施
and Capital Reserve Capitalization Plan on 29 完成二零二四年度利潤分配及資本公
July 2025. Specifically, based on the total share 積金轉增股本方案，具體為以第八屆
capital of 3,039,065,855 shares of the Company as 董事會第十七次會議召開日即二零
at the date of the 17th meeting of the 8th session 二五年四月二十二日的公司總股本
of the Board, being 22 April 2025, the Company 3,039,065,855 股為基數，向全體股
distributed a cash dividend of RMB39.74 (tax 東每10 股派發現金紅利人民幣39.74
inclusive) per 10 shares to all shareholders, issued 元（ 含 稅 ）， 每 1 0 股 送 紅 股 8 股 ， 以
shares for every 10 shares by way of capitalization 利潤分配及資本公積金轉增股本方
of capital reserve. Upon the completion of the 案實施完成後，本員工持股計劃持
aforesaid profit distribution and capital reserve 股 A 股數量由 10,714,990 股增加至
capitalization plan, the number of shares held under 32,144,970股。
the ESOP increased from 10,714,990 A shares to
The Underlying Shares held under the ESOP will be 本員工持股計劃持有的標的股票分三
unlocked in three tranches. These three tranches 期解鎖，解鎖時點分別為自公司公告
of Underlying Shares will be unlocked after 12 最後一筆標的股票購買完成之日起
months, 24 months and 36 months commencing 滿12 個月、24 個月、36 個月，每期
from the date on which the Company announces 解鎖的標的股票比例分別為30%、
the completion of purchase of the last tranche of 30%、40%。每期具體解鎖比例和數
the Underlying Shares, respectively. The Underlying 量根據公司業績考核及個人業績考核
Shares to be unlocked under each tranche account 結果確定。
for 30%, 30% and 40% of the total Underlying
Shares under the ESOP respectively, with the
specific unlocking proportion and number subject
to the results of company-level and individual-level
performance appraisal.
The first lock-up period of the ESOP expired on 本員工持股計劃第一個鎖定期於二零
account for 30% of the total shares of the Company 股票比例為本員工持股計劃持有公司
held under the ESOP, which corresponds to 股票總數的30%，對應的標的股票
capital of 9,117,197,565 shares. The company- 第一個解鎖期公司層面的業績考核指
level performance appraisal indicator for the first 標為以二零二四年營業收入為基數，
unlocking period is the growth rate of operating 二零二五年的營業收入增長率不低於
income for the year of 2025 compared with the year 10%。由於第一個解鎖期解鎖條件未
of 2024, which should reach at least 10%. As the 達成，本員工持股計劃的第一個解鎖
unlocking conditions for the first unlocking period 期相應的獎勵股份將不會解鎖。
were not achieved, the award shares corresponding
to the first unlocking period under the ESOP will not
be unlocked.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(2) 2025 Share Award Scheme of the Group ’s (2) 二零二五年本集團之子公司比亞迪電
Subsidiary, BYD Electronic 子集團股份獎勵計劃
On 17 March 2025, the board of BYD Electronic 比亞迪電子董事會於二零二五年三月
approved the BYD Electronic (International) 十七日通過比亞迪電子（國際）有限
Company Limited 2025 Share Award Scheme (the 公司二零二五年股份獎勵計劃（以下
“Share Award Scheme”). The Share Award Scheme 簡稱：「本股份獎勵計劃」）。本股份
does not constitute a scheme involving issue of 獎勵計劃並不構成香港聯合交易所有
new shares within the meaning of Chapter 17 of 限公司證券上市規則第十七章所指的
the Rules Governing the Listing of Securities on 涉及發行新股的計劃以至本股份獎勵
The Stock Exchange of Hong Kong Limited and the 計劃的採納將無須比亞迪電子股東批
adoption of which will not be subject to the approval 准。
of shareholders of BYD Electronic.
The total number of persons who participate in 本股份獎勵計劃的參與人數擬不超
the Share Award Scheme is intended to be not 過3,000 人，本股份獎勵計劃參與對
more than 3,000, and the participants include (i) 象包括(i)比亞迪電子的執行董事、高
executive directors and senior management of 級管理人員；( i i ) 比亞迪電子集團的
BYD Electronic; and (ii) mid-level management 中層管理人員、核心骨幹員工。符合
and core backbone employees of BYD Electronic. 上述標準的員工參與本股份獎勵計劃
The employees who meet the above criteria may 遵循比亞迪電子自主決定，員工自願
participate in the Share Award Scheme on the 參與、風險自擔的原則，不存在以攤
basis of following BYD Electronic’s independent 派、強制分配等方式強制員工參與的
discretion, the principle of voluntary participation by 情形。比亞迪電子將從中選出最終名
employees and self-assumed risk, with no instances 單。
of compulsory involvement through methods such as
apportionment or forced allocation for employees.
BYD Electronic will narrow down the final list of
participants therefrom.
The total amount involved in the Share Award 本股份獎勵計劃所涉及的資金總額不
Scheme shall not exceed RMB250 million. The 超過人民幣25,000萬元。比亞迪電子
board of BYD Electronic or its authorised person(s) 董事會或其授權人士將可按本股份獎
may purchase the shares of BYD Electronic through 勵計劃的相關規定於其認為合適的時
the secondary market with the aforesaid funds at the 間用上述資金按當時的市價通過二級
prevailing market price at such time as it thinks fit in 市場購買比亞迪電子股票，該股票為
accordance with the relevant provisions of the Share 本股份獎勵計劃的標的股票來源。
Award Scheme, which will be the source of the
Underlying Shares under the Share Award Scheme.
Interim Report 2026
二零二六年中期報告 97
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(2) 2025 Share Award Scheme of the Group ’s (2) 二零二五年本集團之子公司比亞迪電
Subsidiary, BYD Electronic (continued) 子集團股份獎勵計劃（續）
The Underlying Shares held under the Share Award 本股份獎勵計劃的標的股票分三期解
Scheme will be unlocked in three tranches. These 鎖，解鎖時點分別為自最後一筆標的
three tranches of Shares will be unlocked after 12 股票購買完成之次日起滿 12 個月、
months, 24 months and 36 months commencing 24 個月、36 個月，每期解鎖的標的
from the next day upon the completion of the last 股票比例分別為30%、30%、40%。
purchase of the Underlying Shares, respectively. 每期具體解鎖比例和數量根據公司業
The Underlying Shares to be unlocked under each 績考核及個人業績考核結果確定。
tranche account for 30%, 30% and 40% of the total
Underlying Shares under the Share Award Scheme,
respectively, with the specific unlocking proportion
and number subject to the results of company-level
and individual-level performance appraisal.
As the Company’s performance appraisal indicators 本股份獎勵計劃未達第一個解鎖期的
for the first unlocking period under the Share Award 本公司業績考核指標。因此，根據本
Scheme were not achieved, 30% of the Underlying 股份獎勵計劃於二零二五年七月九日
Shares (namely the award shares corresponding 授予持有人的30%標的股票（即第一
to the first unlocking period) granted to the holders 個解鎖期相應的獎勵股份）將不會解
under the Share Award Scheme on 9 July 2025 will 鎖。
not be unlocked.
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月期間
The basis for determining the quantity of equity instruments Based on the best estimate of the management
available for exercise
可行權權益工具數量的確定依據 管理層的最佳估計數
The reason for the significant difference between the current Nil
year’s estimate and the previous year’s estimate
本年估計與上年估計有重大差異的原因 無
The cumulative amount of equity-settled share-based
payments credited to capital reserve
以權益結算的股份支付計入資本公積的累計金額 3,600,864
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
Period
Equity-settled
share-based
payments
以權益結算的
股份支付費用
Research personnel 研發人員 285,007
Management personnel 管理人員 168,831
Sales personnel 銷售人員 59,859
Manufacturing and other personnel 製造及其他人員 120,597
Total 合計 634,294
The contingent liabilities arising from the guarantee 本集團提供擔保形成的或有負債及其財務影
provided by the Group and its financial impact are as 響列示如下：
follows:
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Guarantees that the Company can 就授予子公司的融資能夠
provide to banks for financing 向銀行提供的擔保
granted to subsidiaries 122,889,988 142,880,707
As at 30 June 2026, the actual guarantees provided by 於二零二六年六月三十日，本公司為其子
the Company for its subsidiaries were RMB83,728,661,000 公司實際提供的擔保為人民幣 83,728,661
(31 December 2025: RMB84,864,506,000), and there were 千元（二零二五年十二月三十一日：人民幣
no guarantees provided for related parties (31 December 84,864,506 千元），無為關聯方提供的擔保
Interim Report 2026
二零二六年中期報告 99
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
The Group entered into cooperation contracts and 本集團與某些客戶（含終端客戶）及第三方或
documents with certain customers (including end 關聯融資機構簽訂合作合同及文件，根據相
customers) and third parties or related financial institutions. 關合作合同及文件的安排，本公司向該等融
According to the arrangements of the relevant cooperation 資機構承擔回購義務，若客戶違約或發生合
contracts and documents, the Company undertakes the 同約定的特定條件，本公司繼承全部債權以
repurchase obligations to these financial institutions. If a 及相關權益，並有權自行採取收回並變賣新
customer defaults or specific conditions stipulated in the 能源汽車等救濟措施，以償付客戶對融資機
contract occur, the Company inherits all the creditor’s 構的剩餘欠款，並保留任何對剩餘欠款債權
rights and related interests, and has the right to take relief 餘額進行追索的權利。管理層認為，收回的
measures such as recovery and sale of NEVs to repay the 資產能夠變賣，而變賣收入基本能夠支付對
remaining debts owed by the customer to the financing 融資機構的剩餘欠款。截至二零二六年六月
institutions, and would reserve the right to pursue recourse 三十日，本集團對該等義務的最大敞口為人
for the balance of the creditor’s rights to the remaining 民幣64,022 千元（二零二五年十二月三十一
debts. Management is of the opinion that the recovered 日：人民幣133,841千元），且未發生因客戶
assets will be able to be realised, and the proceeds 違約或合同約定的特定條件而令本公司需予
from the sales will basically cover the remaining debts 以支付任何款項的情況。
due to the financing institutions. As of 30 June 2026, the
Group’s maximum exposure to these obligations was
RMB64,022,000 (31 December 2025: RMB133,841,000),
and there was no customer default or specific conditions
as stipulated in the contracts for which the Company was
required to make any payment.
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Capital commitments 資本承諾 35,335,193 32,842,743
Investment commitments 投資承諾 379,559 223,986
Total 合計 35,714,752 33,066,729
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) Related party transactions of goods and services (1) 關聯方商品及勞務交易
Purchase of goods and accepting services from related 自關聯方購買商品和接受勞務
parties
January-June Transaction Excess of January-June
Details of transactions 2026 limit approved transaction limit 2025
二零二六年 獲批的 是否超過 二零二五年
交易內容 一至六月 交易額度 交易額度 一至六月
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Joint ventures Purchase of goods and 456,744 1,041,676 No 233,613
accepting services
合營企業 採購商品和接受勞務 否
Associates Purchase of goods and 3,594,578 7,741,325 No 5,465,115
accepting services
聯營企業 採購商品和接受勞務 否
Other related parties Purchase of goods and 70,593 653,489 No 57,152
accepting services
其他關聯方 採購商品和接受勞務 否
Total 4,121,915 9,436,490 5,755,880
合計
Sales of goods and rendering of services to related parties 向關聯方銷售商品及提供勞務
January-June January-June
Details of transactions 2026 2025
交易內容 二零二六年一至六月 二零二五年一至六月
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Joint ventures Sales of goods and rendering of services 342,764 622,465
合營企業 出售商品和提供勞務
Associates Sales of goods and rendering of services 164,873 241,166
聯營企業 出售商品和提供勞務
Other related parties Sales of goods and rendering of services 325,166 21,334
其他關聯方 出售商品和提供勞務
Total 832,803 884,965
合計
The prices of the above-mentioned related party 上述關聯方交易價格由雙方根據市場價格協
transactions were determined through mutual negotiation 商確定。
based on market prices.
Interim Report 2026
二零二六年中期報告 101
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(2) Transfer of related parties assets (2) 關聯方資產轉讓
January-June January-June
Details of transactions 2026 2025
交易內容 二零二六年一至六月 二零二五年一至六月
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Associates Purchase of fixed assets 8,202 294,909
聯營企業 購買固定資產
Other related parties Purchase of fixed assets 22,674 46,580
其他關聯方 購買固定資產
Total 30,876 341,489
合計
(3) Others (3) 其他
January-June January-June
二零二六年一至六月 二零二五年一至六月
(Unaudited) (Unaudited)
（未經審計） （未經審計）
Key management compensation 關鍵管理人員薪酬 53,706 60,405
The share-based payment expense recognised from 本公司關鍵管理人員獲授的二零二五年員工
January to June 2026 granted to key management 持股計劃於二零二六年一至六月確認的股份
personnel of the Company under the 2025 Employee 支付費用為人民幣14,462千元，上述薪酬未
Share Ownership Plan was RMB14,462,000. The above 包含該項金額。
compensation does not include these amounts.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(4) Receivables (4) 應收款項
二零二六年六月三十日 二零二五年十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Book Provision for Book Provision for
balance bad debts balance bad debts
賬面餘額 壞賬準備 賬面餘額 壞賬準備
Joint ventures 合營企業 279,421 48,421 1,190,172 73,194
Associates 聯營企業 247,120 33,547 166,917 33,470
Other related parties 其他關聯方 280,167 25,343 39,136 26,184
Total 合計 806,708 107,311 1,396,225 132,848
(5) Payables (5) 應付款項
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
Joint ventures 合營企業 53,435 93,302
Associates 聯營企業 2,854,357 3,115,406
Other related parties 其他關聯方 168,190 105,876
Total 合計 3,075,982 3,314,584
Except for lease liabilities, the amounts due from and due 除租賃負債外，應收應付關聯方款項均不計
to related parties are interest-free and unsecured. 利息、無擔保。
Interim Report 2026
二零二六年中期報告 103
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(6) Monetary funds deposited with related parties (6) 存放關聯方的貨幣資金
二零二六年 二零二五年
六月三十日 十二月三十一日
(Unaudited) (Audited)
（未經審計） （經審計）
BYD Auto Finance Co., Ltd. 比亞迪汽車金融有限公司 7,292,543 24,610,777
The annual interest rate of the above deposits for the 本期上述存款年利率按照中國人民銀行公佈
Period is no more than 3.00% calculated based on the 的同期存款基準利率加上上浮幅度不高於
benchmark interest rate published by the People’s Bank 3.00%，二零二六年一至六月確認利息收入
of China for deposits of the same period plus an upward 人民幣214,301千元（二零二五年度：不高於
adjustment, and an interest income of RMB214,301,000 3.20%，二零二五年一至六月確認利息收入
was recognised in January to June 2026 (2025: no more 人民幣356,222千元）。
than 3.20%, and an interest income of RMB356,222,000
was recognised in January to June 2025).
There was no connected transaction entered into by the 截至二零二六年六月三十日止六個月，本集
Group for the six months ended 30 June 2026 which is 團並無任何根據上市規則所需披露之關連交
required to be disclosed under the Listing Rules, and the 易，且本集團已遵守上市規則第14A章的規
Group has complied with the requirements under Chapter 定。
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) Assets and liabilities measured at fair value (1) 以公允價值計量的資產和負債
Fair value measurement using
公允價值計量使用的輸入值
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
重要可觀察 重要不可觀察
活躍市場報價 輸入值 輸入值
Level 1 Level 2 Level 3 Total
第一層次 第二層次 第三層次 合計
Financial assets held for trading 交易性金融資產 – 69,940,449 – 69,940,449
Derivative financial assets 衍生金融資產 – 536 – 536
Other equity instrument investments 其他權益工具投資 3,380,850 1,080,095 8,353,097 12,814,042
Other non-current financial assets 其他非流動金融資產 – 1,547,358 1,742,227 3,289,585
Receivables financing 應收款項融資 – 9,430,688 – 9,430,688
Total 合計 3,380,850 81,999,126 10,095,324 95,475,300
Derivative financial liabilities 衍生金融負債 – 31,622 – 31,622
Total 合計 – 31,622 – 31,622
Interim Report 2026
二零二六年中期報告 105
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(1) Assets and liabilities measured at fair value (1) 以公允價值計量的資產和負債（續）
(continued)
Fair value measurement using
公允價值計量使用的輸入值
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
重要可觀察 重要不可觀察
活躍市場報價 輸入值 輸入值
Level 1 Level 2 Level 3 Total
第一層次 第二層次 第三層次 合計
Financial assets held for trading 交易性金融資產 – 54,532,541 – 54,532,541
Other equity instrument investments 其他權益工具投資 2,837,383 1,375,137 4,397,802 8,610,322
Other non-current financial assets 其他非流動金融資產 – 1,238,556 1,841,404 3,079,960
Receivables financing 應收款項融資 – 5,484,126 – 5,484,126
Total 合計 2,837,383 62,630,360 6,239,206 71,706,949
Derivative financial liabilities 衍生金融負債 – 550,144 – 550,144
Total 合計 – 550,144 – 550,144
(2) The fair value measurement in Level 1 (2) 第一層次公允價值計量
The fair values of listed equity instrument investments are 上市的權益工具投資，以市場報價確定公允
based on quoted market prices. 價值。
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(3) The fair value measurement in Level 2 (3) 第二層次公允價值計量
The Group has entered into derivative financial instruments 本集團與銀行訂立了衍生金融工具合同，為
contracts which are the foreign currency forward 外匯遠期合同，採用類似於遠期定價以及現
contracts with banks and adopts valuation techniques 值方法的估值技術進行計量。模型涵蓋了多
similar to forward pricing and present value methods 個市場可觀察到的輸入值，包括交易對手的
for measurement. The model incorporates various 信用質量、即期和遠期匯率和利率曲線。外
market observable inputs including the credit quality of 匯遠期合同的賬面價值與公允價值相同。衍
counterparties and foreign exchange spot and forward 生金融資產的盯市價值，是抵銷了歸屬於衍
rates and yield curve. The carrying amounts of foreign 生工具交易對手違約風險的信用估值調整之
currency forward contracts are the same as their fair 後的淨值。交易對手信用風險的變化，對於
values. The mark to market value of derivative financial 套期關係中指定衍生工具的套期有效性的評
assets is the net value after offsetting the credit valuation 價和其他以公允價值計量的金融工具，均無
adjustment attributable to the default risk of derivative 重大影響。
instrument counterparties. The change of counterparty
credit risk has no significant impact on the evaluation of
hedging effectiveness of designated derivatives in hedging
relationship and other financial instruments measured at
fair value.
For the wealth management products at fair value through 以公允價值計量且其變動計入損益的理財產
profit or loss and receivables financing, the Group will 品、應收款項融資，本集團會利用條款及風
estimate their fair values by using a discounted cash 險相類似的工具之市場利率按照貼現現金流
flow valuation model based on the market interest rates 量估值模型估算公允價值。以公允價值計量
of instruments with similar terms and risks. For the equity 的權益工具，本集團以市場數據和估值模型
instruments at fair value, the Group will estimate their fair 相結合為基礎估算公允價值。
values based on a combination of market information and
valuation models.
(4) The fair value measurement in Level 3 (4) 第三層次公允價值計量
For investments in restricted shares and unlisted equity 對於限售股票、非上市的權益工具投資，利
instruments, the Group adopts the recent transaction 用近期交易法或者採用估值技術來確定其公
method or applies valuation techniques to determine 允價值，估值技術包括市場乘數法、期權定
their fair value, while valuation techniques include 價模型等。其公允價值的計量採用了重要的
market multiplier method, option pricing models, etc. The 不可觀察參數，比如企業價值 ╱ 收入（「EV/
measurement of fair value uses significant unobservable Revenue」）比率、平均企業價值 ╱ 息稅折舊
parameters, including enterprise value-to-revenue (“EV/ 前利潤比率、平均企業價值 ╱ 淨利潤比率、
Revenue”) ratio, average EV/EBITDA ratio, average EV/ 流動性折扣、波動率、投資標的淨值等。持
Net profit margin, liquidity discount, volatility, net value 續第三層次公允價值計量的金融工具對這些
of underlying investment, etc. The financial instruments 不可觀察輸入值的合理變動無重大敏感性。
measured at fair value in Level 3 on a recurring basis 本集團相信，以估值技術估計的公允價值及
were not significantly sensitive to a reasonable change in 其變動，是合理的，並且亦是於資產負債表
these unobservable inputs. The Group believes that the 日最合適的價值。
estimated fair values based on the valuation techniques
and the related changes are reasonable, and they were the
most appropriate values at the balance sheet date.
Interim Report 2026
二零二六年中期報告 107
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(4) The fair value measurement in Level 3 (continued) (4) 第三層次公允價值計量（續）
Below is the summary of significant unobservable inputs for 如下為主要的第三層次公允價值計量的重要
main fair value measurement in Level 3: 不可觀察輸入值概述：
Fair value
at the end Valuation Range (the weighted
of the year technique Unobservable inputs average value)
年末公允價值 估值技術 不可觀察輸入值 範圍區間 （加權平均值）
Other equity instrument investments 3,277,650 Market approach P/E ratio 63.22-129.93
其他權益工具投資 市場法 市盈率
P/S ratio 2.58-38.81
市銷率
P/B ratio 1.66-10.87
市淨率
Average EV/Revenue ratio 5.02
平均企業價值 ╱ 收入比率
Other non-current financial assets 247,180 Market approach P/S ratio 21.3
其他非流動金融資產 市場法 市銷率
Average EV/R&D expense 56.06
ratio
平均企業價值 ╱ 研發費用比率
Other equity instrument investments 5,075,447 Option pricing Volatility of underlying 8.49%-68.73%
其他權益工具投資 model asset price
期權定價模型 標的資產價格的波動率
Other non-current financial assets 1,495,047 Net value method Net value of underlying RMB791,449,000-
其他非流動金融資產 of underlying investment RMB46,346,674,000
investment 投資標的的淨值 人民幣791,449千元-
投資標的淨值法 人民幣46,346,674千元
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(4) The fair value measurement in Level 3 (continued) (4) 第三層次公允價值計量（續）
Fair value
at the end Valuation Range (the weighted
of the year technique Unobservable inputs average value)
年末公允價值 估值技術 不可觀察輸入值 範圍區間（加權平均值）
Other equity instrument investments 3,492,778 Market approach P/E ratio 63.22-129.93
其他權益工具投資 市場法 市盈率
P/S ratio 2.58-38.81
市銷率
P/B ratio 1.66-10.87
市淨率
Average EV/Revenue ratio 5.02
平均企業價值 ╱ 收入比率
Other non-current financial assets 283,003 Market approach P/S ratio 21.3
其他非流動金融資產 市場法 市銷率
Average EV/R&D expense 56.06
ratio
平均企業價值 ╱ 研發費用比率
Other equity instrument investments 905,024 Option pricing Volatility of underlying asset 4.49%-70.96%
其他權益工具投資 model price
期權定價模型 標的資產價格的波動率
Other non-current financial assets 1,558,401 Net value method Net value of underlying RMB721,219,000-
其他非流動金融資產 of underlying investment RMB47,800,610,000
investment 投資標的的淨值 人民幣721,219千元-
投資標的淨值法 人民幣47,800,610千元
Interim Report 2026
二零二六年中期報告 109
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(5) The adjustment information of continuous fair value (5) 持續第三層次公允價值計量的調節信息
measurement in Level 3
Below is the adjustment information of continuous fair value 持續的第三層次公允價值計量的調節信息如
measurement in Level 3: 下：
For the six months ended 30 June 2026 (Unaudited) 截至二零二六年六月三十日止六個月期間
（未經審計）
Total gains or losses for the current period
當期利得或損失總額
Changes in
unrealised
gains or
losses of
assets held
Through at the end
Through other of the period
Opening Transfer to Transfer out profit comprehensive Closing through
balance Level 3 of level 3 or loss income Purchase Disposal balance profit or loss
期末持有的
資產計入
損益的當期
轉入 轉出 計入其他 未實現利得或
期初餘額 第三層次 第三層次 計入損益 綜合收益 購買 出售 期末餘額 損失的變動
Other equity instrument 其他權益工具投資
investments 4,397,802 503,055 (136,606) – 3,587,646 1,200 – 8,353,097 –
Other non-current financial 其他非流動金融資產
assets 1,841,404 – – (75,693) – 7,457 (30,941) 1,742,227 (75,693)
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(5) The adjustment information of continuous fair value (5) 持續第三層次公允價值計量的調節信息
measurement in Level 3 (continued) （續）
Total gains or losses for the current period
當期利得或損失總額
Changes in
unrealised
gains or
losses of
assets held
Through at the end
other of the year
Opening Transfer to Transfer out Through comprehensive Closing through
balance Level 3 of level 3 profit or loss income Purchase Disposal balance profit or loss
年末持有的
資產計入
損益的當期
轉入 轉出 計入其他 未實現利得或
年初餘額 第三層次 第三層次 計入損益 綜合收益 購買 出售 年末餘額 損失的變動
Other equity instrument 其他權益工具投資
investments 3,584,181 1,856,801 (1,446,445) – 273,035 130,230 – 4,397,802 –
Other non-current financial 其他非流動金融資產
assets 1,777,081 108,165 (124,890) (72,004) – 205,135 (52,083) 1,841,404 (72,004)
Interim Report 2026
二零二六年中期報告 111
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(6) Hierarchical transfers among continuous fair value (6) 持續公允價值計量的層次轉換
measurement
From January to June 2026, the other equity instrument 二零二六年一至六月，本集團持有的其他權
investments held by the Group had quotations in an active 益工具投資因限售期解除，存在活躍市場報
market due to the release of lockup period, and their 價，其公允價值從第三層次轉入第一層次，
fair values were transferred from Level 3 to Level 1, with 轉移金額為人民幣60,599千元。本集團持有
a transfer amount of RMB60,599,000. Certain financial 的部分金融工具由於被投資公司近一年內新
instruments held by the Group were valued using Level 2 增融資，存在非活躍市場中相同或類似資產
valuation techniques as there were quotations of identical 或負債的報價，因此採用第二層次估值技術
or similar assets or liabilities in an inactive market due to 予以估值，並將其公允價值從第三層次轉入
the new financings of investees within the past year, and 第二層次，轉移金額為人民幣76,007千元。
their fair values were transferred from Level 3 to Level 2, 本集團部分金融工具因無法獲取可觀察輸入
with a transfer amount of RMB76,007,000. Certain financial 值而採用第三層次估值技術予以估值，並將
instruments of the Group were valued using Level 3 其公允價值從第二層次轉移到第三層次，轉
valuation techniques as there were no observable inputs 移金額為人民幣503,055 千元。除此之外，
available, and their fair values were transferred from Level 二零二六年一至六月本集團金融工具的公允
addition, there were no other significant transfers among
fair value hierarchies of financial instruments of the Group
during the period from January to June 2026.
In 2025, the other equity instrument investments held 二零二五年度，本集團持有的其他權益工具
by the Group had quotations in an active market due to 投資因限售期解除，存在活躍市場報價，其
the release of lockup period, and their fair values were 公允價值從第三層次轉入第一層次，轉移金
transferred from Level 3 to Level 1, with a transfer amount 額為人民幣1,183,323 千元。本集團持有的
of RMB1,183,323,000. Certain financial instruments held by 部分金融工具由於被投資公司近一年內新增
the Group were valued using Level 2 valuation techniques 融資，存在非活躍市場中相同或類似資產或
as there were quotations of identical or similar assets or 負債的報價，因此採用第二層次估值技術予
liabilities in an inactive market due to the new financings 以估值，並將其公允價值從第三層次轉入第
of investees within the past year, and their fair values were 二層次，轉移金額為人民幣388,012 千元。
transferred from Level 3 to Level 2, with a transfer amount 本集團部分金融工具因無法獲取可觀察輸入
of RMB388,012,000. Certain financial instruments of the 值而採用第三層次估值技術予以估值，並將
Group were valued using Level 3 valuation techniques 其公允價值從第二層次轉移到第三層次，
as there were no observable inputs available, and their 轉移金額為人民幣1,964,966 千元。除此之
fair values were transferred from Level 2 to Level 3, with 外，二零二五年度本集團金融工具的公允價
a transfer amount of RMB1,964,966,000. In addition, 值層次之間無其他重大轉移。
there were no other significant transfers among fair value
hierarchies of financial instruments of the Group in 2025.
BYD Company Limited
Notes to Financial Statements
財務報表附註
二零二六年六月三十日
RMB’000
人民幣千元
(7) The change of valuation techniques (7) 估值技術變更
There was no change of valuation techniques by the Group 二零二六年一至六月，本集團未發生變更估
during the period from January to June 2026. 值技術的情況。
Nil 無
The financial statements were approved and authorised for 董事會已於二零二六年八月二十八日審批及
issue by the Board on 28 August 2026. 授權刊發財務報表。
科技 绿色 明天
TECHNOLOGY GREEN FUTURE
首页
微信公众号
证券之星APP
