香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。
比亞迪股份有限公司
BYD COMPANY LIMITED（在中華人民共和國註冊成立的股份有限公司）
股份代號：01211（港幣櫃台）及81211（人民幣櫃台）
網站： http://www.bydglobal.com二零二五年年度業績公佈
本公司董事會（「董事會」）欣然公佈本公司及其附屬公司截至二零二五年十二月三十一日止十二個月期間的經審核業績。本公佈載有本公司二零二五年年度報告全文，乃按香港聯合交易所有限公司證券上市規則中有關初步年度業績公佈的相關規定而編製。本公司審核委員會已審閱本公司及其附屬公司截至二零二五年十二月三十一日止十二個月的經審核年度業績。本公司二零二五年年度報告可於香港聯合交易所披露易網站 https://www.hkexnews.hk 及本公司網站 http://www.bydglobal.com 閱覽，如本公司股東欲收取印刷版本，可依照本公司於二零二四年七月二十九日在上述網站發佈之通知信函內指引及填妥回條獲取。
承董事會命比亞迪股份有限公司主席王傳福
中國*深圳，二零二六年三月二十七日於本公告刊發日期，本公司董事會包括執行董事王傳福先生，非執行董事呂向陽先生及夏佐全先生，以及獨立非執行董事蔡洪平先生、張敏先生及喻玲女士。Company Profile公司簡介BYD Company Limited (“BYD” or the “Company” together with its subsidiaries 比亞迪股份有限公司（「比亞迪」或「本公司」，連同the “Group”; stock code: H shares: 01211 (HKD counter); 81211 (RMB 其附屬公司統稱「本集團」或「集團」；股份代號：H
counter); A shares: 002594) is principally engaged in new energy vehicles 股：01211（港幣櫃台）；81211（人民幣櫃台）；A股：
(“NEVs”) handset components and assembly service rechargeable batteries 002594）主要從事新能源汽車業務、手機部件及組裝業
and photovoltaics business. Meanwhile with its technological advantage the 務，二次充電電池及光伏業務，同時利用自身的技術優Group actively develops urban rail transportation business segment. 勢積極拓展城市軌道交通業務領域。
As a pioneer and leader in the global new energy vehicle industry relying on its 作為全球新能源汽車行業先行者和領導者，本集團憑藉strong technological accumulation in the key fields of automobile electrification 在汽車電動化及智能化等關鍵領域的雄厚技術積累，通and intelligence and through continuous technological innovation the Group 過技術的持續創新，打造出長期、可持續的核心競爭優has developed its long-term and sustainable core competitive advantages 勢，夯實了本集團於全球新能源汽車行業的領導地位，which solidified the leading position of the Group in the global new energy 加速推動全球汽車產業轉型升級進程。
vehicle industry and accelerated the transformation and upgrade of the global
automobile industry.BYD is one of the leading rechargeable battery manufacturers in the world. 本集團為全球領先的二次充電電池製造商之一。消費類As to the field of consumer batteries the Group’s li-ion batteries are widely 電池領域，本集團生產的鋰離子電池廣泛應用於各類消used in various consumer electronics products and new intelligent products. 費類電子產品及新型智能產品領域。動力電池領域，本As to the field of power batteries the Group has developed “Blade Batteries” 集團開發了高度安全的磷酸鐵鋰電池－「刀片電池」，the highly safe LFP batteries to better meet the urgent demand of safety 更好地解決市場安全痛點，加速磷酸鐵鋰電池重回動力in the market and to speed up the pace of LFP batteries returning to the 電池主流賽道，助力全球新能源汽車產業行穩致遠。儲mainstream market of power batteries thereby boosting the steady and long- 能電池領域，本集團在電源側儲能、電網儲能、工商業term development of the global new energy vehicle industry. As to the field of 儲能、家庭儲能等應用領域發力，為客戶提供更加清潔energy storage batteries the Group focuses on applications such as power- 可持續的儲能解決方案。
side energy storage power grid energy storage industrial and commercial
energy storage and household energy storage to provide cleaner and more
sustainable energy storage solutions to customers.As an important move of the Group in the field of clean energy the 光伏業務作為本集團在清潔能源領域的重要佈局之一，photovoltaics business is devoted to changing the lifestyle of people with clean 致力於用清潔能源改變人類生活方式，以實現能源的可energy. With an aim to achieve the sustainable development of clean energy 持續發展為目標，擁有硅片、電池片、光伏組件、光伏it has a complete industrial chain layout covering silicon wafer solar cells 系統應用等全產業鏈佈局。本集團將繼續積極佈局新技photovoltaic modules and photovoltaic system application etc. The Group will 術，推動產品不斷升級。
continue to proactively develop new technologies to promote the continuous
upgrade of its products.As a global leading provider of high-tech and innovative products the 作為全球領先的高科技創新產品提供商，本集團業務廣Group engages in a wide variety of business covering diversified areas 泛，涵蓋智能終端、AI 算力基礎設施等多元化領域，依including Smart terminals and AI computing infrastructure. Leveraging its 託電子信息技術、人工智能技術、5G和物聯網技術、熱
core advantages in electronic information AI technology 5G and Internet 管理技術、新材料技術、精密模具技術和數字化製造技
of Things thermal management new materials precision molds and digital 術等核心優勢，以及高效規模化的生產經驗和豐富的產manufacturing technologies as well as efficient and scalable manufacturing 品組合，為全球客戶提供一站式產品解決方案。
experience and a diverse product portfolio the Group provides customers
around the world with one-stop product solutions.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
capacity “SkyShuttle” with high efficiency and low cost in the area of urban 量「雲軌」和低運量「雲巴」產品，配合新能源汽車實rail transportation which together with NEVs achieves the three-dimensional 現對城市公共交通的立體化覆蓋，在幫助城市解決交通coverage of urban public transportation and drives the long-term and 擁堵和空氣污染的同時，實現本集團的長遠及可持續發sustainable development of the Group while addressing urban traffic jam and 展。
reducing air pollution.Contents目錄
2 Financial Highlights 財務摘要
6 Corporate Information 公司資料
8 Chairman’s Statement 主席報告書
20 Management Discussion and Analysis 管理層討論與分析
77 Directors Supervisors and Senior Management 董事、監事及高級管理層
87 Corporate Governance Report 企業管治報告
112 Report of the Directors 董事會報告
129 The Supervisory Committee 監事會
131 Audit Report 審計報告
141 Consolidated Balance Sheet 合併資產負債表
144 Consolidated Income Statement 合併利潤表
146 Consolidated Statement of Changes in Owners’ Equity 合併股東權益變動表
148 Consolidated Cash Flow Statement 合併現金流量表
151 Balance Sheet 資產負債表
153 Income Statement 利潤表
155 Statement of Changes in Owners’ Equity 股東權益變動表
157 Cash Flow Statement 現金流量表
160 Notes to Financial Statements 財務報表附註
368 Five Year Financial Summary 五年財務摘要2 BYD Company Limited比亞迪股份有限公司
Financial Highlights財務摘要
REVENUE BREAKDOWN BY PRODUCT CATEGORIES 按產品類別劃分的營業額
19.230.5
Mobile handset components assembly and other products
手機部件、組裝及其他產品
20252024
Automobiles and related products and other products
汽車、汽車相關產品及其他產品
%%
20252024
二零二五年二零二四年
REVENUE BREAKDOWN BY LOCATIONS OF CUSTOMERS 按客戶所在地劃分的營業額
PRC (including Hong Kong Macau and Taiwan)中國（包括港澳台地區）
20252024
Overseas境外
1.31.467
20252024
二零二五年二零二四年
38.65%
5%
28.55%
5%
4%
9.4
5
7
1%.6880Annual Report 2025二零二五年年報3
Financial Highlights財務摘要
FIVE-YEAR COMPARISON OF KEY FINANCIAL FIGURES 五年主要財務數據之比較
For the year ended 31 December截至十二月三十一日止年度
20252024202320222021
二零二五年二零二四年二零二三年二零二二年二零二一年
RMB’ 000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
(Restated) (Restated) (Restated)（經重述）（經重述）（經重述）
Revenue 營業額 803964958 777102455 602315354 424060635 216142395
Gross profit 毛利 142659797 151055839 111916409 65731123 26916097
Gross profit margin (%) 毛利率(%) 18 19 19 16 12
Profit attributable to 母公司擁有人 32619022 40254346 30040811 16622448 3045188
owners of the parent 應佔溢利
Net profit margin (%) 淨利潤率(%) 4.1 5.2 5.0 3.9 1.4
As at 31 December於十二月三十一日
20252024202320222021
二零二五年二零二四年二零二三年二零二二年二零二一年
RMB’ 000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
(Restated) (Restated) (Restated)（經重述）（經重述）（經重述）Net assets (less non- 淨資產值（扣除非控股 246274606 185251104 138810065 111029299 95069671controlling interests) 權益）
Total assets 資產總值 883729883 783355855 679547670 493860646 295780147
Gearing ratio (%) 資本負債比率(%) 25 -36 -44 -26 -15
(Note 1) （附註1）
Current ratio (times) 流動比率（倍） 0.79 0.75 0.67 0.72 0.97
Receivables turnover 應收類款項周轉天數 29 35 43 53 95
(days) (Note 2) （日）（附註2）
Inventory turnover (days) 存貨周轉天數（日） 72 61 63 63 73
Note 1: Gearing ratio = Total borrowings net of cash and cash 附註1： 資本負債比率=總借貸扣除現金及現金等價值
equivalents/net assets (less minority interests) 物╱淨資產值（扣除少數股東權益）
Note 2: Receivables include trade receivables contract assets and 附註2： 應收類款項包含應收賬款、合同資產、應收款
receivables financing. 項融資。4 BYD Company Limited Annual Report 2025比亞迪股份有限公司 二零二五年年報 5Financial Highlights Financial Highlights
財務摘要 財務摘要6 BYD Company Limited比亞迪股份有限公司
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
SUPERVISORS 監事
Li Yong-zhao（ resigned on 5 December 2025) 李永釗（於二零二五年十二月五日離任）
Zhu Ai-yun（ resigned on 5 December 2025） 朱愛雲（於二零二五年十二月五日離任）
Wang Zhen（ resigned on 5 December 2025） 王珍（於二零二五年十二月五日離任）
Huang Jiang-feng（ resigned on 5 December 2025） 黃江鋒（於二零二五年十二月五日離任）
Tang Mei（ resigned on 5 December 2025） 唐梅（於二零二五年十二月五日離任）
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 COMMITTEE 戰略及可持續發展委員會
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Annual Report 2025二零二五年年報7
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 葵湧街道
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
1 Science Park E Avenue 新界
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 OFFICE 香港股份過戶登記處
Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司
Shops 1712-1716 香港
17th Floor 灣仔
Hopewell Centre 皇后大道東183號
183 Queen’s Road East 合和中心
Wanchai 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（港幣櫃台）；81211（人民幣櫃台）
(The Stock Exchange of Hong Kong Limited （香港聯合交易所有限公司（「香港聯交所」））
(“Hong Kong Stock Exchange”)) A股：002594（深圳證券交易所（「深交所」））
A Shares: 002594 (Shenzhen Stock Exchange (“SZSE”))8 BYD Company Limited比亞迪股份有限公司
Chairman’s Statement主席報告書
Embarking on New Frontiers Growing Toward Greater Heights 向新出發，向高生長，向遠而行and Striving Toward Distant Horizons
Dear Shareholders Partners and Friends: 尊敬的各位股東、合作夥伴、各界朋友：
In 2025 as the global landscape evolved at an accelerated pace 二零二五年，世界格局加速演變，全球汽車工業百the century-long transformation of the global automotive industry 年變革駛入深水區。面對愈加複雜多變的內外部環entered a critical phase. Exposed to an increasingly complex and 境，中國汽車工業頂住壓力、奮力前行，全年產銷volatile domestic and international environment the automotive 再創歷史新高，均超3400萬輛，連續十七年穩居世industry of China withstood pressures and forged ahead with 界第一。年內，新能源汽車國內新車銷量佔比歷史determination achieving record-high annual production and sales 性過半，也就是說每銷售兩輛新車中就有一輛是新both surpassing 34 million units and maintaining its position as 能源。全年汽車出口同比增長超21%，新能源汽車the world’s largest automotive market for the 17th consecutive 出口實現翻倍增長，核心競爭力持續躍升。從二零year. During the year the share of NEVs in domestic new car 零九年登頂全球市場至今，中國汽車產業不僅實現sales exceeded half for the first time in history meaning one out of 了規模的持續領跑，更在新賽道中成功構築了新的every two new cars sold was an NEV. Annual vehicle exports grew 全球發展優勢。
by over 21% year-on-year while NEV exports doubled reflecting
a sustained leap in core competitiveness. Since ascending to
the top of the global market in 2009 China’s automotive industry
has not only maintained its leading position in scale but also
successfully established new advantages for global development
in the emerging domains.Amid the continued expansion of China’s automotive industry 伴隨中國汽車產業規模持續擴張、海外市場大爆
scale and a surge in overseas markets BYD maintained steady 發，二零二五年，比亞迪繼續保持穩健增長，連續growth in 2025 retaining its position as the world’s best-selling 四年穩居全球新能源汽車銷量榜首，連續三年全球NEV brand for the fourth consecutive year ranking among the top 汽車集團銷量前十，並躋身全球汽車集團銷量第ten global automotive groups in sales for the third consecutive 五，較上一年度再提升一個名次。比亞迪汽車全年year and rising to fifth place in global automotive group sales 出口量首次突破百萬，同比增長1.4倍，新能源汽車a one-position improvement from the prior year. BYD’s annual 出口量位居全國首位，全球化發展邁上新台階。同vehicle export volume surpassed one mill ion units for the 時，比亞迪品牌高端化也加快向上突破，仰望、騰first time growing by 140% year-over-year with NEV exports 勢和方程豹全年銷量近40萬輛，佔集團乘用車總銷leading all Chinese automakers – marking a new milestone in its 量比重較二零二四年取得了較大的提升。其中，仰global development. Meanwhile BYD’s brand premiumization
accelerated its upward trajectory. The combined annual sales
of Yangwang DENZA and FANGCHENGBAO approached
400000 units accounting for a significantly higher proportion
of the Group’s total passenger vehicle sales compared to 2024.Annual Report 2025二零二五年年報9
Chairman’s Statement主席報告書
Notably the Yangwang U9X set dual world records for top speed 望U9X跑出全球汽車極速和圈速雙第一紀錄，以極and lap time among global vehicles redefining the benchmark 致技術重塑超豪華標桿；騰勢N9三破高速避讓世界
for ultra-luxury vehicles through cutting-edge technology. The 紀錄，將魚鈎測試駛入速度提升至210km/h，以極DENZA N9 shattered the high-speed avoidance world record 致安全舒適贏得市場認可；方程豹全年銷量同比增
three times achieving a Fishhook Testspeed to 210 km/h 長316%，憑藉硬核性能與獨特設計，讓硬派越野電earning market acclaim through unparalleled safety and comfort. 動車從小眾走向大眾。比亞迪通過技術創新和全球ANGCHENGBAO’s annual sales surged by 316% year-on-year 化雙輪驅動，展現出強大的韌性和增長活力，也為bringing hardcore off-road electric vehicles from niche appeal 全球汽車產業升級和綠色可持續發展注入強勁動能。
to mainstream adoption through its robust performance and
distinctive design. Driven by the dual engines of technological
innovation and globalization BYD has demonstrated remarkable
resilience and growth momentum injecting powerful impetus into
the global automotive industry’s upgrade and the pursuit of green
sustainable development.However we also recognize that competition in the NEV industry 當然我們也看到，新能源汽車產業競爭已經白熱has reached a fever pitch and is undergoing a brutal “knockout 化，正在經歷殘酷的「淘汰賽」。行業大變革期，新stage”. During the era of profound industry transformation 舊動能加速轉換，技術一定唱主角。過去一年，比the transition from legacy to new drivers is accelerating and 亞迪深耕「技術魚池」，夯實技術創新這個根本，發technology will remain the central protagonist. Over the past 展壯大新質生產力。針對上半場的電動化，為解決year BYD has cultivated its “technology pool” solidifying the 用戶痛點，我們發佈全球首個量產的乘用車全域千fundamental role of technological innovation and fostering the 伏高壓架構「超級e平台」，持續提升出行效率。針development of new quality productive forces. For the first phase 對下半場的智能化，通過整車智能戰略，把智駕安of electrification to address key user pain points we launched 全提到新高度；同時引領智能化普及，將「天神之the Super e-Platform the world’s first mass-produced full-domain 眼」技術矩陣覆蓋旗下五網四品牌，讓好技術人人可
1000V high-voltage architecture for passenger vehicles 享。以前我們用新能源汽車滲透率，衡量行業發展
continuously enhancing mobility efficiency. For the second 速度；現在還要用智能化，推動行業高質量發展。
phase of intelligence we elevated intelligent driving safety to
new heights through our Whole-Vehicle Intelligence strategy –
while driving the democratization of intelligent technologies by
extending the “God’s Eye” technology matrix across our five
network systems and four brands making advanced technologies
accessible to everyone. Previously we measured the pace of
industry development through NEV penetration rates; now we
must also leverage intelligent transformation to drive high-quality
industry growth.10 BYD Company Limited比亞迪股份有限公司
Chairman’s Statement主席報告書
The electrification and intelligent transformation in the automotive 中國汽車工業的電動化和智能化變革為中國品牌國
industry of China present opportunities for the internationalization 際化發展帶來機遇，也有利於促進世界汽車產業升of Chinese brands and contribute to the global automotive 級和「雙碳」目標早日實現。二零二五年，比亞迪加industry’s upgrade and the early realization of the “dual carbon” 快出海，新能源汽車運營足跡已遍佈全球119個國goals. In 2025 BYD accelerated its global expansion. Its NEVs 家和地區，出海覆蓋範圍位居中國車企前列，市場now operate in 119 countries and regions worldwide placing BYD 呈現「拉美領跑、歐洲突破、亞太多點開花」的格
among the top Chinese automotive companies in terms of global 局：拉美市場核心國家銷量穩居前列，成為海外增coverage. Its market presence exhibits a pattern characterized 長支柱；歐洲市場多點突破，在英、西、意、德、by “leadership in Latin America breakthroughs in Europe and 法等國實現倍數增長；東南亞及新興市場表現強promising growth across the Asia-Pacific.” Core markets in Latin 勁，成功躋身新加坡、泰國、印尼等國銷量前三；
America consistently rank among the top sellers serving as the 中東市場精準對接高端出行需求，以特色打法收穫primary pillar of overseas growth. Europe saw breakthroughs 優異口碑。同時，海外本地化建設也取得積極進across multiple markets with sales doubling or more in the UK 展，多個基地進入投產或擴產新階段。中國新能源Spain Italy Germany and France. Southeast Asia and other 汽車無論是技術、產品，還是產業鏈，都保持全球emerging markets delivered robust performance securing 領先。這是中國品牌出海的黃金窗口期，我們要以top-three sales positions in countries such as Singapore Thailand 更驚艷的技術和產品，在開放合作、取長補短中，and Indonesia. In the Middle East BYD precisely targeted 滿足全球消費者對美好生活的嚮往。
high-end mobility needs earning an excellent reputation through
its tailored strategies. Furthermore progress has been made in
overseas localized manufacturing with multiple facilities entering
new phases of production or expansion. China’s NEVs continue to
lead the world in technology product quality and industrial chain
integrity. This represents a golden window period of opportunity
for Chinese brands to go global. We must leverage even more
impressive technologies and products fostering openness
cooperation and mutual complementarity to meet the aspirations
of global consumers for a better life.From China to the world every step of BYD’s growth is 從中國到全球，比亞迪的每一步成長，都離不開所inseparable from the long-term trust of our shareholders the 有股東的長期信任，離不開全球用戶和產業鏈夥伴unwavering support of global users and industrial chain partners 的鼎力支持，以及全體員工及其家屬的付出。比亞and the dedication of our employees and their families. BYD 迪將始終把股東和用戶的長遠利益置於公司戰略的
will consistently place the long-term interests of shareholders 核心，以長期價值創造回應每一份託付與信任。二and users at the core of our corporate strategy responding to 零二五年三月，我們成功完成56億美元閃電配售，every entrustment and trust through sustained value creation. In 全球頂級長線投資者、主權基金及中東戰略投資人
March 2025 we successfully completed a US$5.6 billion top-up 紛紛參與，這份認可，既是對比亞迪業務發展和全placement attracting participation from top-tier global long-term 球化佈局的信心，更是對中國新能源產業未來的期investors sovereign wealth funds and strategic investors from 許。二零二六年，基於公司經營現金流的實際情況the Middle East. This recognition reflects not only confidence 及未來發展需要，董事會建議派發二零二五年末期in BYD’s business development and global expansion but also 股息每股人民幣0.358元（含稅），以回饋廣大股東high expectations for the future of China’s NEV industry. In 2026 的堅定支持和厚愛。
considering the Company’s actual operating cash flow and
future development needs the Board of Directors has proposed
the distribution of a final dividend of RMB0.358 per share (tax
inclusive) for the year 2025 as a return of appreciation for the
steadfast support and trust of our shareholders.Annual Report 2025二零二五年年報11
Chairman’s Statement主席報告書
The year 2026 marks the beginning of China’s 15th Five-Year 二零二六年，是中國「十五五」規劃開局之年，也Plan and a pivotal year for the development of NEVs as well. 是新能源汽車發展極其關鍵的一年。各企業都在積Enterprises across the industry are actively exploring ways to 極探索，推動新進展。比亞迪作為新能源汽車引領drive new progress. As a leader in NEVs BYD firmly believes that 者，堅信技術創新帶來的增長才是最安全長久的，growth driven by technological innovation is the safest and most 這也是比亞迪一貫的追求。我們堅持以技術為根、sustainable path which has always been our core pursuit. We 以出海為引擎，奮力向高生長、向遠而行、向新出remain rooted in technology and powered by global expansion 發，打造世界級的中國品牌。
striving to grow toward greater heights stride toward the distant
horizons and embark on new frontiers building a world-class
Chinese brand.“Growing toward greater heights” means using technology as 「向高」是要以技術為根，驅動價值向上、品牌向our foundation to drive value creation and brand premiumization 上。從成立之日起，比亞迪就明確要以技術為立身upward. Since its inception BYD has defined technology as the 之本，紮實沉澱技術。比亞迪依托超12萬工程師foundation of our existence steadily accumulating technological 組成的「技術天團」，將持續深化核心技術攻堅，加expertise. Leveraging our “Technology Dream Team” comprising 速技術成果轉化與規模化落地，用更少的資源，讓over 120000 engineers BYD will continue to deepen core 更高階的技術，創造更高的用戶價值、品牌價值和technological breakthroughs accelerate the commercialization 社會價值。二零二六年三月五日，我們發佈第二代and large-scale deployment of technological achievements 刀片電池和閃充技術，實現「常溫充電，從10%到and utilize fewer resources to deliver higher-order technologies 70%，僅需5分鐘；從10%到97%，僅需9分鐘；零creating greater value for users brands and society. On March 下30℃，從20%到97%僅需12分鐘」，創造全球量
5 2026 we unveiled the 2nd-Generation Blade Battery and 產最快充電速度新紀錄，攻克電動化上半場「充電FLASH Charging Technology achieving “It only takes 5 minutes 慢」和「低溫充電難」的全球難題。同時，發佈「閃充to charge from 10% to 70% 9 minutes from 10% to 97% at normal 中國」戰略，引領中國新能源汽車邁入閃充時代，助temperature and only 12 minutes to charge from 20% to 97% at 力電動化上半場完美收官。在智能化賽道上，我們-30℃”. This sets a new global record for the fastest charging 以人工智能為引擎，加快「天神之眼」迭代升級；我speed in mass-produced EVs overcoming the global challenges 們將推動AI深入研發、製造、服務與出行全場景，of “slow charging” and “difficult low-temperature charging” 讓科技更有溫度，更可感知，更可信賴。同時，我that have characterized the first half of the electrification race. 們將堅持技術降本，通過全鏈條技術創新、材料革Simultaneously we unveiled the “Flash Charging China” strategy 新與技術升級，實現核心部件持續降本、規模效應leading China’s NEV industry into the era of flash charging and 持續擴大，讓高端技術不再昂貴，讓綠色出行真正contributing to a triumphant conclusion to the first half of the 普惠。
electrification race. On the intelligent transformation front we
are leveraging artificial intelligence as an engine to accelerate
the iterative upgrading of “God’s Eye.” We will embed AI across
the entire spectrum of R&D manufacturing services and
mobility making technology more human-centric perceptible
and trustworthy. Simultaneously we will persist in technology-
driven cost reduction achieving continuous cost optimization
for core components and expanding scale through end-to-end
technological innovation material innovation and technological
upgrades. This ensures that high-end technologies are no longer
prohibitively expensive and that green mobility is truly accessible
to all.12 BYD Company Limited比亞迪股份有限公司
Chairman’s Statement主席報告書
“Striding toward distant horizons” means using globalization as an 「向遠」，是要以全球化為引擎，積極打造世界級品engine to actively build a world-class brand. Whether for brand 牌。無論是品牌向上、還是出海發展，全球化是繞premiumization or global expansion globalization is an inevitable 不開的路。特別是新能源汽車大勢已定、趨勢不可path. Given that the trend toward NEVs is firmly established and 逆轉，我們將充分利用兩個市場、兩種資源，攜手irreversible we will fully leverage both domestic and international 全球產業鏈夥伴，打造具有本地品牌屬性的產品，markets and resources. Collaborating with global industrial chain 給全球消費者提供更多綠色技術和環保體驗，同時partners we will develop products with local brand attributes 讓中國新能源汽車產業紅利惠及全球更多同行，共providing global consumers with greener technologies and more 同推進世界汽車向智能化、綠色化、融合化方向發
environmentally friendly experiences. Meanwhile we aim to share 展。我們的夢想很遠大，也很樸素，歸根到底就the benefits of China’s NEV industry with more peers worldwide 是用綠色的技術、創新的發展，給子孫後代帶來幸collectively advancing the global automotive industry toward 福，為地球帶來可持續發展。
intelligence green development and integration. Our dream is
both grand and simple: at its core it is about leveraging green
technology and innovative development to bring happiness to
future generations and achieve sustainable development for our
planet.“Embarking on new frontiers” means taking steady pragmatic 「向新」，是要一步一個腳印，持續加強企業內生steps to continuously strengthen our internal growth drivers. Our 動力。我們的奮鬥目標是要打造基業長青的百年老goal is to build a century-old enterprise with enduring legacy 店，推動三大綠色夢想在全球開花結果。在產業方making our Three Green Dreams flourish across the globe. On the 面，要堅守製造業，努力把生產製造的每一個環節industrial front we will remain dedicated to manufacturing refining 都做到精細化，不斷提質增效，推進綠色製造、低every production step. We will continue to enhance quality and 碳運營與生態保護，實現產業共贏與環境共生，肩efficiency promote green manufacturing low-carbon operations 負企業責任和義務。在人才方面，要大力完善員and ecological protection achieving win-win outcomes for industry 工激勵機制，健全全球人才引、育、用、留體系，and the environment while fulfilling our corporate responsibilities. 強化核心人才攻堅能力與青年人才戰略儲備，夯實In terms of talent we will significantly improve employee incentive 企業發展最堅實的人才根基。在國際化方面，要以mechanisms enhance our global system for attracting cultivating 更長遠的視野和更大格局，在關鍵核心技術上再突deploying and retaining talent and strengthen the capabilities of 破，在新賽道上再快人一步，把綠色夢想推向全球。
core talent for key breakthroughs alongside the strategic reserve
of young talent thereby solidifying the most resilient talent base
for the Company’s development. In terms of internationalization
we will adopt a longer-term vision and a broader perspective to
achieve further breakthroughs in critical core technologies stay
ahead in emerging frontiers and bring our green dreams to the
world.Annual Report 2025二零二五年年報13
Chairman’s Statement主席報告書
Only those who grow toward greater heights shall progress; 惟向上者進，惟向遠者勝，惟向新者強。讓我們攜only those who stride toward distant horizons shall prevail; only 手前行，以不懈的科技創新，加快把美好的願望變those who embarking on new frontiers shall grow strong. Let us 成現實！謹向全體股東、全球合作夥伴和用戶、全
move forward together accelerating the realization of our noble 體員工，以及所有關心中國汽車工業發展的各界朋aspirations through relentless technological innovation! We extend 友，致以最深切的感激和最崇高的敬意！our deepest gratitude and highest respect to all shareholders
global partners users employees and friends from all sectors
who care about the development of China’s automotive industry!
BYD Company Limited 比亞迪股份有限公司
Chairman of the Board 董事長
Wang Chuan-fu 王傳福14 BYD Company Limited比亞迪股份有限公司
Chairman’s Statement主席報告書
PERFORMANCE OVERVIEW業績概覽
ANNUAL SALES OVERSEAS EXPORT REVENUE OVERSEAS
OF NEVS VOLUME OF NEVS 營業額 REVENUE快報銷量快報海外出口量境外營業額
460萬輛註1105萬輛8040億元註13107億元
NET PROFIT R&D INVESTMENT TOTAL DOMESTIC CASH RESERVESNote 2
ATTRIBUTABLE TO 研發投入 TAX PAID 現金儲備註2
THE PARENT 國內納稅總額
COMPANY歸母淨利潤
326億元634億元533億元1678億元
Note 1: 億元=RMB1/10 billion，萬輛=1/100 million units 註1： 億元=RMB1/10 billion，萬輛=1/100 millionunits
Note 2: Cash reserves include but not limited to monetary funds and 註2： 現金儲蓄包括但不限於：貨幣資金、交易性金
financial assets held for trading 融資產Annual Report 2025二零二五年年報15
Chairman’s Statement主席報告書
可持續發展表現卓越，獲國際及國內評級認可Achieved outstanding performance in sustainability receiving international
and domestic rating recognition
* 明晟MSCI ESG評級：AA * 標普全球企業可持續發展評估ESG 評分：60
MSCI ESG Rating: AA S&P Global Corporate Sustainability
Assessment ESG Score: 60
* 恒生可持續發展企業基準指數（「HSSUSB」） * 萬得Wind ESG評級：AAA成份股
Wind ESG Rating: AAA
Hang Seng Sustainable Development
Enterprise Benchmark Index (HSSUSB)
constituent stocks
2025福布斯中國2025鳳凰之星
ESG50榜單 最具社會責任上市公司
2025 Forbes China 2025 Phoenix Star Best Listed
ESG 50 List Companies-CSR Excellence Award網易新聞財經二零二五年第四屆碳中和技術方案征集獎
度ESG典範企業
The 4th Carbon Neutrality
NetEase News Finance Technology Solution
2025 ESG Model Enterprise Collection Award16 BYD Company Limited比亞迪股份有限公司
Chairman’s Statement主席報告書為股東創造價值
Create value for shareholders
本集團始終以股東價值創造為核心，高度重視股東整體投資回報。通過實現可持續的高質量盈利增長、持續鞏固並強化公司核心競爭優勢，結合資本增值與股息分紅，穩步提升股東長期投資回報水平。
Our group has always focused on creating shareholder value and attaches great importance
to the overall investment return of shareholders. By achieving sustainable high-quality profit
growth continuously consolidating and strengthening the company’s core competitive
advantages and combining capital appreciation and dividend distribution we steadily improve
the long-term investment return level of shareholders.股息 Dividend
140
120.77過往近十年(2016-2025)已付本公司股東之
120
股息共：
100 90.12 The total dividends paid to the shareholders
80 of our company in the past decade (2016-
60 2025) are:
4033.25
20人民幣億元
10.01
5.57 RMB 277.36 hundred million4.86 3.85 1.64 4.23 3.06
0
2016201720182019202020212022202320242025
中期派息（人民幣億元）年度派息（人民幣億元）
Mid term dividend payout (hundred million) Annual dividend payout (hundred million)
多工具賦能，篤行長期主義Empowering with multiple tools and adhering to long term principles每10股派發現金股息
在二零二五年內實施的二零二四年利潤分 Distribute cash dividend 39.74 元（稅前）CNY (pre-tax)
配及資本公積金轉增股本方案 for every 10 shares
2024 Profit Distribution and Capital +
Reserve Capital izat ion Plan was 每10股送紅股
implemented in 2025 股Receive bonus shares for 8 shares
every 10 shares股息支付率
Dividend payout ratio 30% +資本公積金每10股轉增股
Capitalization shares for 12 shares
every 10 shares by way
of capitalization of capital
reserveAnnual Report 2025二零二五年年報17
Chairman’s Statement主席報告書
股價 Stock price
1211.HK(比亞迪股份) HSI.HI(恆生指數) 399300.SZ(滬深300) 002594.SZ(比亞迪)
10
9
6
3
0
2016201720182019202020212022202320242025
十年期(2016-2025)股價年均增長率（基數：二零一五年十二月三十一日=1.0）
Ten year (2016 -2025) average annual growth rate of stock prices (base: December 31
2015=1.0)
比亞迪股份(1211.HK) 比亞迪(002594.SZ)
BYD Co. Ltd (1211.HK) 21.62% BYD (002594.SZ) 16.92%
恒生指數(HSI.HI) 滬深300 (399300.SZ)
Hang Seng Index (HSI.HI) 1.58% CSI300 (399300.SZ) 2.18%20 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
1. INDUSTRY ANALYSIS AND REVIEW 1. 行業分析及回顧
1.1 Automobiles and Batteries Business 1.1 汽車及電池業務
In 2025 buoyed by the marginal easing of inflationary 二零二五年，全球經濟在通脹壓力邊際緩pressures and a phased reduction in trade frictions the 解、貿易摩擦階段性緩和的支撐下呈現一定
global economy demonstrated a degree of resilience. 韌性，但受全球投資持續低迷、主要經濟體However constrained by structural headwinds such as 財政空間受限等結構性制約，整體增長動能persistently sluggish global investment and limited fiscal 偏弱，復甦格局分化明顯。面對複雜嚴峻的space in major economies overall growth momentum 外部環境，中國政府實施積極有為的宏觀政remained subdued resulting in a distinctly divergent 策，有力對沖外部風險，在不確定性中穩住recovery. Faced with this complex and challenging 了經濟基本盤、夯實了發展根基。儘管國內e x t e r n a l e n v i r o n m e n t t h e C h i n e s e g o v e r n m e n t 經濟轉型過程中，供需結構性矛盾依然突implemented proactive and effective macroeconomic 出、重點領域風險隱患仍需持續化解、經濟
policies that mitigated external risks. Amidst uncertainty 運行面臨不少老問題與新挑戰，但中國經濟these measures stabilized the economic fundamentals 頂壓前行、向新向優發展。據國家統計局數and secured the foundation for development. Although 據，全年國內生產總值人民幣140.19萬億the domestic economic transformation was marked by 元，同比增長5.0%，「十四五」規劃圓滿收prominent structural supply-demand imbalances the need 官。
to continuously address risks in key areas and a host
of both long-standing and new challenges the Chinese
economy pressed forward under pressure advancing
towards innovation-driven high-quality development.According to data from the National Bureau of Statistics
China’s fu l l -year GDP reached RMB140.19 t r i l l ion
representing a year-on-year growth of 5.0% marking the
successful conclusion of the “14th Five Year Plan”.In 2025 China’s automotive industry withstood external 二零二五年，中國汽車行業頂住貿易保護和headwinds including trade protectionism and global 全球產業鏈重構等外部壓力，克服技術攻關supply chain restructuring while overcoming multifaceted 難題、行業競爭加劇等多重挑戰，在政策賦chal lenges such as technological bott lenecks and 能與技術升級雙輪驅動下，展現出強大的發intensifying competition. Propelled by the dual engines 展韌性和活力，實現了產業規模與發展質量of policy support and technological advancement the 的雙提升。國家以舊換新及設備更新（「兩sector demonstrated remarkable resilience and vitality 新」）政策有效釋放內需潛力，安全規範體achieving simultaneous growth in both scale and quality. 系持續完善，電動化技術加速落地帶動產品National initiatives promoting consumer goods trade- 全面迭代。根據中國汽車工業協會數據，ins and large-scale equipment updates (the “Two New” 二零二五年中國汽車產銷分別達到3453.1
policies) effectively unlocked domestic demand potential 萬輛和3440萬輛，同比分別增長10.4%與while continuous improvements in safety and regulatory 9.4%，產銷規模再創歷史新高，並連續17frameworks alongside the accelerated deployment of 年位居全球首位。其中，中國新能源汽車electri f ication technologies drove a comprehensive 繼續領跑市場，產銷分別達1662.6萬輛和product upgrades. According to the China Association 1649萬輛，同比分別增長29%和28.2%，of Automobile Manufacturers (CAAM) China’s total 連續十一年蟬聯全球第一；新能源汽車國內
automobile production and sales in 2025 reached 34.531 滲透率突破50%，成為了中國汽車市場主導million and 34.40 million units representing year-on-year 力量，產業新動能加速釋放。
increases of 10.4% and 9.4% marked new historical highs
securing China’s position as the world’s largest automotive
market for the 17th consecutive year. Notably China’s
NEVs continued to lead the global landscape. Production
and sales hit 16.626 million and 16.49 million units surging
29% and 28.2% year on year respectively and maintaining
the global top spot for the 11th consecutive year. The
domestic penetration rate of NEVs exceeded 50%. This
milestone establishes NEVs as the dominant force in
China’s passenger car market accelerating the release of
new industrial growth drivers.Annual Report 2025二零二五年年報21
Management Discussion and Analysis管理層討論與分析
Capitalized on the NEV rise Chinese domestic brands 中國自主品牌搭乘新能源崛起的浪潮，憑藉driven by both technological innovation and intelligent 科技創新與智能化應用雙重驅動，並依託更appl icat ions and suppor ted by a more complete 完整的產業鏈，不斷提升產品競爭力與市場industr ial chain have continuously enhancing their 認同度，發展強勢，領跑新能源汽車市場。
product competitiveness and market recognition and 根據中國汽車工業協會的數據，二零二五年have demonstrated robust growth and become leaders 中國自主品牌乘用車市場份額達到69.5%，in the NEV market. According to CAAM data in 2025 較去年同期增長4.3個百分點。在國內市場the market share of Chinese-brand passenger vehicles 實現規模突破的同時，行業競爭格局深度調reached 69.5% a rise of 4.3 percentage points year over 整帶來的挑戰不容忽視。新老交替進程加快year. Alongside these domestic breakthrough however 的大背景下，市場博弈異常激烈，價格競爭the challenges stemming from a profound shift in the 加劇，營銷過度現象頻發，產業盈利空間受competitive landscape remain significant. The backdrop 到擠壓，發展面臨階段性不利影響。面對複of accelerated replacement of ICE vehicles with NEVs has 雜的市場環境，汽車行業積極響應國家關於led to intense market game increased price competition 規範行業競爭秩序、推動高質量發展的相關
and frequent occurrence of excessive marketing which 決策部署。國內汽車市場正從單純追求規模compressed the industry margin and exerted a periodic 擴張為主，轉向更加注重質量效益的內涵式impact on the development of the industry. In response 發展。
to this complex market environment the automotive
industry has actively responded to the state’s policies
and arrangements for regulating industry competition and
promoting high-quality development. China’s auto market
is shifting from purely pursuing scale expansion to an
intensive development model that focuses more on quality
and efficiency.Meanwhile overseas markets have emerged as a critical 與此同時，海外市場成為拉動汽車行業增new driver of growth for the automotive industry. According 長的重要新引擎。據中國汽車工業協會數to CAAM data China’s automobile exports ranked first 據，二零二五年中國汽車出口量連續三年globally for the third consecutive year and reached 全球第一，實現銷量709.8萬輛，同比增長
7.098 million units in 2025 marking a 21.1% year-on-year 21.1%。其中，新能源汽車憑藉強大的硬實
increase. Within this surge NEVs have significantly 力，國際影響力持續提升，全年出口261.5bolstered their international influence by leveraging robust 萬輛，同比實現翻倍增長。新能源汽車出口hard capabilities. NEV exports hit 2.615 million units for 也已不再局限於整車貿易，而是通過品牌全the year representing a two-fold year-on-year growth. NEV 球化和運營本土化等新模式，在全球深化拓expansion has evolved beyond complete vehicle trade. 展。
Instead it will deepen its expansion through new models
such as global branding and localized operations.2025 also witnessed a leap forward in AI. As algorithms 二零二五年亦是人工智能（ A r t i f i c i a llarge models and computing infrastructure matured AI Intelligence，簡稱「AI」）高速演進的一年，drove deep integration across all sectors becoming the 算法、大模型與算力體系持續成熟，推動AIprimary growth engine for the technology industry and 與各行各業深度融合，成為科技產業增長的reshaping the automotive landscape. In the NEV sector 核心引擎，亦重塑汽車產業格局。在新能源AI has transitioned from a conceptual trend to widespread 汽車領域，AI已從概念熱度走向規模化落application. Intelligent driving is advancing on two fronts: 地，智能駕駛呈現「向下普及、向上突破」的“downmarket penetration and high-end breakthroughs”. 雙向加速態勢，既在大眾市場快速滲透，也The technology is rapidly penetrating the mass market 在高階技術上持續突破。AI賦能已超越智能even as it secures continuous breakthroughs in high-end 駕駛單一場景，全面滲透至研發、製造、供capabilities. AI empowerment has transcended the single 應鏈、服務與能源管理等全產業鏈環節，成domain of intelligent driving permeating the entire value 為決定車企未來競爭力、效率邊界與價值創
chain from R&D and manufacturing to supply chains 造能力的關鍵要素。
services and energy management. It is now the critical
determinant of an automaker’s future competitiveness
efficiency ceilings and value creation capabilities.22 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
As a cornerstone of China’s transformation from a 作為我國從汽車製造大國邁向汽車強國的關
leading automobile manufacturer to a global automotive 鍵戰略支點，新能源汽車產業同時承擔著推powerhouse the NEV industry bears the critical mission of 動科技革新、產業協同及全球低碳轉型的重
driving technological innovation industrial synergy and the 要使命。電動化構築了規模化的產業基礎，global low-carbon transformation. While electrification has 智能化則開啟了價值創造的新維度，協同發established a robust industrial foundation intelligentization 力推動產業向全球價值量高端躍升，其持續has unlocked new dimensions of value creation. This 向好發展離不開國家政策的精準賦能。二零dual drive has propelled the industry up the global 二五年，國家圍繞新能源汽車產業推出多value chain with its sustained high-quality development 項針對性舉措，構建起「消費激勵、技術升underpinned by precise national policies. In 2025 the 級、基礎設施完善、合規監管」四位一體的
state introduced several targeted measures establishing a 政策體系。一月，國家發改委及財政部發佈“four-in-one” policy framework encompassing “consumption 《關於2025年加力擴圍實施大規模設備更新incent ives technologica l upgrades in f rast ructure 和消費品以舊換新政策的通知》，同月，商務expansion and compliance supervision”. In January the 部等八部門辦公廳聯合印發《關於做好2025National Development and Reform Commission (NDRC) 年汽車以舊換新工作的通知》；明確補貼範圍
and the Ministry of Finance (MOF) issued the Notice on 與標準，加大政策及超長期特別國債支持力Strengthening and Expanding the Implementation of the 度；四月，工業和信息化部組織制定的強制Large-Scale Equipment Replacement and Consumer 性國家標準《電動汽車用動力蓄電池安全要Goods Trade-in in 2025 《( 關於二零二五年加力擴圍實施大 求》（GB 38031 – 2025）發佈，將於二零二六規模設備更新和消費品以舊換新政策的通知》). In the same 年七月起開始實施，該標準有利於保障消費month eight departments led by the Ministry of Commerce 者生命財產安全、助力先進安全技術應用、
(MOFCOM) released the Notice on the Implementation of 支撐產業高質量發展、加強全球範圍經貿合the 2025 Automobile Trade-in Program 《( 關於做好二零二 作；六月，工信部等五部門發佈的《關於開五年汽車以舊換新工作的通知》) clarifying subsidy scopes 展2025年新能源汽車下鄉活動的通知》正式
and standards while bolstering support through fiscal 實施；九月，工業和信息化部等八部門印發policies and ultra-long-term special sovereign bonds. In
April the Ministry of Industry and Information Technology
(MIIT) released the mandatory national standard ElectricVehicles Traction Battery Safety Requirements 《( 電動汽車用動力蓄電池安全要求》) (GB 38031-2025) taking effect
in July 2026. This standard safeguards consumers’ lives
and property promotes the application of advanced safety
technologies supports high-quality industrial development
and strengthens global economic and trade cooperation.In June the Notice on Launching the 2025 NEV RuralPromot ion Campaign 《( 關於開展二零二五年新能源汽車下鄉活動的通知》) jointly issued by MIIT and four other
departments officially took effect. In September eight
departments including MIIT unveiled the Work AutomotiveAnnual Report 2025二零二五年年報23
Management Discussion and Analysis管理層討論與分析Industry Growth Stabilization Work Plan (2025-2026) 《( 汽 《汽車行業穩增長工作方案（2025 – 2026車行業穩增長工作方案（2025-2026年）》) f ocus ing on 年）》，著力擴大國內消費、提升供給質量、boosting domestic consumption enhancing supply quality 優化產業環境，並加快智能網聯新能源汽optimizing the industrial environment and accelerating the 車發展；十月，工業和信息化部、財政部development of intelligent connected NEVs. In October 及稅務總局聯合印發《關於2026 – 2027年the MIIT MOF and the State Taxation Administration jointly 減免車輛購置稅新能源汽車產品技術要求issued an Announcement on Technical Requirements 的公告》，提高插電式混動車型純電續航里for NEV Products Eligible for Purchase Tax Exemptions 程要求以引導技術升級；同月，國家發展改(2026-2027)《(關於2026-2027年減免車輛購置稅新能源汽革委等部門聯合印發《電動汽車充電設施服車產品技術要求的公告》) raising the pure-electric range 務能力「三年倍增」行動方案（2025 – 2027threshold for plug-in hybrid vehicles to guide technological 年）》，通過持續健全充電網絡、提升充電效upgrading. In the same month the NDRC and relevant 能、優化服務品質、創新產業生態，進一步departments jointly launched the Action Plan to Double EV 提振消費信心，促進電動汽車更大範圍內購Charging Service Capacity in Three Years (2025-2027) 《( 電 置使用；十二月，國家市場監督管理總局發動汽車充電設施服務能力「三年倍增」行動方案（2025-2027佈《汽車行業價格行為合規指南（徵求意見年）》). This initiative aims to boost consumer confidence 稿）》，規範行業定價、遏制惡性競爭，同and promote wider adopt ion of EVs by improving 月，商務部等八部門聯合發佈《2026年汽車the charging network improving charging efficiency 以舊換新補貼實施細則》，優化補貼方式、optimizing service quality and innovating the industrial 擴大補貼範圍，為後續消費激勵奠定基礎。
ecosystem. In December the State Administration for 當月，中央經濟工作會議明確穩中求進、提Market Regulation (SAMR) released the Compliance 質增效總基調，將堅持內需主導、建設強大Guidelines for Pricing Practices in the Automobile Industry 國內市場置於重點任務首位，圍繞擴大汽車(Draft for Public Comment) 《( 汽車行業價格行為合規指南（征 大宗消費、推動產業高質量發展、規範市場求意見稿）》) to regulate industrial pricing and curb vicious 競爭秩序、強化科技創新與綠色轉型作出系
competition. In the same month eight departments led 統部署，為汽車行業營造穩定可預期的政策by MOFCOM issued the Implementation Rules for 2026 環境，繼續指引行業由規模擴張轉向質量提Automobile Trade-In Subsidies 《( 二零二六年汽車以舊換新 升。補貼實施規則》) through optimizing subsidy mechanisms
and expanding coverage to lay the groundwork for future
consumption incentives. The Central Economic WorkConference established the general principle of “seekingprogress while ensuring stability and prioritizing qualityand efficiency”. The strategy emphasizes reinforcing
domestic demand as the primary driver with systematic
plans to expand bulk automobile consumption foster
high-quality industrial development regulate market
competition and accelerate technological innovation and
the green transition. This framework has created a stable
and predictable policy environment guiding the automotive
sector from a phase of scale expansion to quality-driven
growth.24 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
In the f ield of rechargeable batteries in 2025 the 二次充電電池方面，二零二五年，在全球宏consumer electronics industry faced headwinds from 觀經濟環境不穩與消費信心疲弱的雙重影響
a volatile global macroeconomic landscape and weak 下，消費電子行業承受一定壓力，整體市場consumer confidence resulting in a slowdown in overall 動能放緩。然而，受益於全球數字化轉型加momentum. However propelled by the acceleration of 速、AI應用全面擴張以及中國「國補」政策
global digital transformation the rapid proliferation of AI 對終端消費市場的有效提振，電子產品迎來applications and effective “national subsidy” schemes 以性能演進為核心的結構性升級週期，手the sector entered a structural upgrade cycle centered on 機、平板等品類逐步回暖，市場整體保持相performance evolution. While categories like smartphones 對穩定。儲能方面，二零二五年，儲能產業and tablets staged a gradual recovery the broader market 正經歷從「規模擴張」向「價值創造」的深刻
maintained relative stability. In terms of energy storage 變革。隨著全球多國不斷完善政策體系、能
2025 marked a profound transformation for the energy 源結構轉型持續加速，加之前沿AI算力需求
storage industry shifting its focus from “scale expansion” 爆發、數據中心高速建設、電力基礎設施擴
to “value creation”. Driven by continuous policy refinements 容空間不斷擴大，國內外儲能需求呈現快速globally accelerating energy transition surging demand 上升態勢，全球儲能市場步入爆發式增長新for AI computing power rapid data center expansion and 週期，產業規模持續擴大。光伏方面，雖仍the urgent need for power infrastructure upgrades both 面臨產能過剩、需求錯配及低價競爭交織的
domestic and global energy storage demand skyrocketed. 「內卷」壓力，但在國家「雙碳」目標的持續Consequently the global energy storage market entered 引領下，光伏產品長期需求得到堅實支撐。
a new era of exponential growth with industrial capacity 二零二五年全球光伏裝機量繼續保持穩健增
expanding significantly. In the PV sector although the 長，產業整體規模不斷拓展，綠色能源轉型industry continued to grapple with overcapacity demand 趨勢愈發清晰。
mismatches and fierce price competition which are
symptoms of market “involution” long-term demand
remained robust amid China’s “Dual Carbon” goals. Global
PV installations sustained steady growth in 2025. Despite
short-term challenges the industry’s scale continued to
expand and the global trajectory toward a green energy
transition became increasingly unequivocal.
1.2 Handset Components and Assembly Business 1.2 手機部件及組裝業務
The deep integration of emerging technologies like AI A I與物聯網等新興技術的深度融合正重塑
and IoT is reshaping the global technological landscape 全球科技格局，推動智能終端應用場景拓展fueling the expansion of smart terminal applications and 與市場升級。然而，在宏觀經濟環境不穩與accelerating market upgrades. However amid the dual 消費信心疲弱的雙重影響下，整體市場動能impact of an unstable macroeconomic environment and 放緩。期內，在關稅波動、供應鏈擾動以及weak consumer confidence overall market momentum has 多國宏觀經濟承壓等挑戰下，智能手機實現slowed down. During the period smartphones achieved 溫和增長。根據市場研究機構 IDC的統計，moderate growth despite challenges including tariff 二零二五年，全球智能手機出貨量同比上升fluctuations supply chain disruptions and macroeconomic 1.9%至12.6億部，全球PC市場出貨量上升pressures in multiple countries. According to market 8.1%至2.85億部。Omdia的數據顯示，二research firm IDC global smartphone shipments rose by 零二五年全球平板電腦出貨量約1.62億部，
1.9% year-on-year to 1.26 billion units in 2025 while global 同比上升9.8%。
PC shipments increased by 8.1% to 285 million units. Data
from Omdia indicates that global tablet shipments in 2025
were approximately 162 million units representing a year-
on-year increase of 9.8%.Annual Report 2025二零二五年年報25
Management Discussion and Analysis管理層討論與分析
As the AI industry’s focus pivots from model training to 隨著AI產業的發展重心正從模型訓練逐漸轉
inference applications hyperscale data centers and cloud 向推理應用，超大規模數據中心和雲服務供service providers are aggressively investing to fuel a new 應商正加大投入，開啟新一輪應用端佈局，wave of application-layer deployments. This acceleration 全球AI算力基礎設施建設進入加速期，推動in global AI computing infrastructure build-out is driving 服務器、液冷、電源及高速互聯產品等市場
rapid growth in the data center equipment market 快速擴張。Global Market Insights預測，specifically for AI servers liquid cooling power supplies 二零二五年全球AI服務器市場規模達1672
and high-speed connectivity products. According to the 億美元，按年增長30.6%。高功率芯片與算forecast of Global Market Insights the global AI server 力增長帶來散熱與能耗挑戰，散熱技術已成market reached USD167.2 billion in 2025 growing at an 為算力發展的核心瓶頸，液冷技術憑藉高效annual rate of 30.6%. Driven by the heat dissipation and 散熱與節能低碳的優勢，正逐步成為數據中energy consumption challenges posed by high-power 心冷卻的必然選擇。MarketsandMarkets預chips and surging compute demands thermal management 計，二零二五年全球數據中心液冷市場規模has emerged as the critical bottleneck limiting further 將達28.4億美元，同比增長44.9%。
advances in computing power. Consequently l iquid
cooling – leveraging its superior efficiency energy savings
and low carbon footprint – is rapidly becoming the de
facto standard for data center cooling. MarketsandMarkets
forecasted that the global data center liquid cooling market
would reach USD2.84 billion in 2025 representing a
year-over-year growth rate of 44.9%.
2. BUSINESS REVIEW 2. 業務回顧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 in 及其附屬公司統稱「本集團」）主要經營包括
the NEVs handset components and assembly as well as 新能源汽車業務、手機部件及組裝業務、二
rechargeable batteries and photovoltaics. Leveraging its 次充電電池及光伏業務，並積極利用自身技technological strengths the Group also actively expands 術優勢拓展城市軌道交通及其他業務。二零into urban rail transportation and other sectors. In 2025 the 二五年，本集團實現收入約人民幣803965Group recorded a revenue of approximately RMB803965 百萬元，同比增長3.46%，其中汽車、汽車million representing a year-on-year increase of 3.46% 相關產品及其他產品業務的收入約人民幣
among which the revenue from automobiles and related 648646百萬元，同比增長5.06%；手機部products and other products amounted to approximately 件、組裝及其他產品業務的收入約人民幣
RMB648646 million representing a year-on-year increase 155237百萬元，同比減少2.74%；佔本集of 5.06%; revenue from mobile handset components 團總收入的比例分別為80.68%和19.31%；
assembly and other products reached approximately 歸屬於上市公司股東的淨利潤約人民幣
RMB155237 million down 2.74% year-on-year. These 32619百萬元，同比下降18.97%。
two segments accounted for 80.68% and 19.31% of the
total revenue respectively. The net profit attributable
to the Company’s shareholders stood at approximately
RMB32619 million reflecting a year-on-year decline of
18.97%.26 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
The Group is a global technology enterprise driven by core 本集團是以技術創新為核心驅動力的全球化
technological innovation ranking 91st on the 2025 Fortune 科技企業，位列二零二五年《財富》世界500Global 500 list. Guided by its “Three Green Visions” of 強第91位。懷揣太陽能、儲能、電動車「三solar energy energy storage and electric vehicles the 大綠色夢想」，本集團堅守「技術為王、創新Group adheres to the core development philosophy of 為本」的核心發展理念，秉持「敢想、敢干、“technology-based innovation-oriented”. Embodying the 敢堅持」的工程師精神，依託由超12萬名工engineer spirit of “Dare to Think Dare to Act Dare to 程師、超7.1萬項申請專利及超4.2萬項授Persevere” and leveraging a world-class R&D system built 權專利構築的世界級研發體系，在新能源汽with over 120000 engineers more than 71000 patent 車、電池及電子等多個關鍵領域實現顛覆性
applications and over 42000 granted patents the Group 技術突破，於二零二五年斬獲全球新能源汽has achieved disruptive technological breakthroughs in key 車銷量、儲能系統出貨雙冠。面對全球能源sectors such as NEVs batteries and electronics. In 2025 體系從化石能源向清潔能源轉型、以AI為代
it secured the dual global championship titles for NEV sales 表的智能化成為未來社會發展核心引擎的時
and energy storage system shipments. Facing the macro 代大勢，本集團始終堅持高研發投入，二零trends of the global energy system transitioning from fossil 二五年研發投入約人民幣634億元，同比上fuels to clean energy and AI-driven intelligence becoming 升17%，累計研發投入超人民幣2400億元。
the core engine of future societal development the Group
remains committed to high-level R&D investment. In 2025
R&D expenditure amounted to approximately RMB63.4
billion representing a year-on-year increase of 17% with
cumulative R&D investment exceeding RMB240 billion.To fully support future business expansion accelerate 為全面支撐未來業務拓展、加速全球化佈局
global deployment and share the fruits of corporate 並與股東及員工共享企業發展成果，本集團development with shareholders and employees the 年內圍繞資本運作、員工激勵及股東回報等
Group has implemented a series of landmark major 關鍵領域，推動落地一系列標誌性重大舉initiatives during the year focusing on key areas such as 措。在資本市場層面，三月，本集團圓滿完capital operations employee incentives and shareholder 成規模達56億美元的H股閃電配售，創下全returns. In respect of capital markets in March the 球汽車行業有史以來最大規模閃電配售的記
Group successfully completed a USD5.6 billion H-share 錄，成功獲得全球眾多頂級長線基金、主權placing setting a record as the largest placing in the 基金、中東戰略投資人的高度關注與踴躍參
history of the global automotive industry. The placing 與，認購訂單多倍覆蓋，不僅充分體現全球attracted strong interest and enthusiastic participation 投資人對本集團長期發展前景的堅定看好，from top-tier long-only funds sovereign wealth funds 也助力本集團緊抓歷史性發展機遇築牢資本
and Middle Eastern strategic investors with the order 根基；在完善治理與提升經營效率方面，四book oversubscribed by multiple times. This underscores 月，本集團股東會審議通過《2025年員工持global investors’ firm confidence in the Group’s long-term 股計劃》，計劃涉及不超過2.5萬名員工，資prospects and enables the Group to seize historic
development opportunities while strengthens its capital
base. In terms of improving governance and enhancing
operational efficiency in April the Group’s 2025 Employee
Share Ownership Plan was deliberated and approved by
the Group’s shareholders’ meeting covering no more than
25000 employees with a total subscription fund of no moreAnnual Report 2025
二零二五年年報27
Management Discussion and Analysis管理層討論與分析
than RMB4.1 billion. Vesting in three tranches the plan will 金總額不超過41億人民幣，分三期解鎖，further refine the Group’s long-term incentive mechanism 以此進一步優化本集團長期、有效的激勵機
and support the Company in continuously improving both 制，助力本集團持續改善經營質量與效率。
operational quality and efficiency. Regarding shareholder 在回饋股東方面，六月，本集團於股東會returns in June the 2024 Profit Distribution and Capital 通過《2024年度利潤分配及資本公積金轉增Reserve Capitalization Plan was approved at the general 股本方案》，向全體股東每10股派發現金紅meeting with distribution of a cash dividend of RMB39.74 利人民幣39.74元（含稅），每10股送紅股8per 10 shares (including tax) to all shareholders issue 股，以資本公積金每10股轉增12股，與股東of 8 bonus shares for every 10 shares in issue and issue 共享發展成果，並有效降低投資門檻，提升of twelve (12) capitalization shares for every 10 shares 股票流動性。期內，本集團獲納入恒生科技in issue by way of capitalization of capital reserve. The 指數成分股，比重達8%，體現了權威指數編plan was to share the development achievements of 製機構對本集團科技實力、智能化及市場影
the Group with its shareholders and effectively lower 響力的充分認可；亦成功躋身全球百強企業
the investment threshold and improve the liquidity of its 之列，躍居二零二五年《財富》世界500強第shares. This initiative enables shareholders to share in the 91位，排名實現連續四年大幅躍升，充分彰Group’s development achievements effectively lowers the 顯本集團穩健向上的發展勢能及持續提升的
investment threshold and enhances share liquidity. During 全球影響力。
the period the Group was included as a constituent of the
Hang Seng TECH Index with a weighting of 8% reflecting
full recognition by authoritative index compilers of the
Group’s technological strength intelligent capabilities
and market influence. The Group also successfully joined
the ranks of the world’s top 100 companies leaping to
91st place on the 2025 Fortune Global 500. This marks a
significant leap in ranking for the fourth consecutive year
fully demonstrating the Group’s robust upward momentum
and its continuously expanding global influence.
2.1 Automobiles and Batteries Business 2.1 汽車及電池業務
As a pioneer and leader in the global NEV industry 本集團作為全球新能源汽車行業先行者和
the Group has remained deeply committed to the NEV 領導者，深耕新能源汽車領域，憑藉精準sector. Leveraging its precise strategic layout leading 的戰略佈局、領先的技術實力、前瞻的市場
technological prowess forward-looking market insights 洞察、完善的產業體系、持續升級的產品力
comprehensive industrial ecosystem and continuously 及品牌力，衛冕二零二五年中國汽車市場車enhanced product and brand competitiveness the Group 企、中國汽車市場品牌、全球新能源汽車市
retained its “Triple Crown” sales titles among automotive 場銷量「三冠王」，並歷史性登頂全球純電動enterprises in China’s automotive market the top-selling 汽車市場銷量榜首，彰顯出強大的市場主導brand in China’s automotive market and the top seller in 力。年內，本集團海外市場業務高歌猛進，整the global NEV market in 2025 and historically topped 車出口突破百萬輛，同比增長1.4倍，根據中the global pure electric vehicle market in terms of sales 汽協會數據，本集團位列中國新能源汽車出volume demonstrating its strong market dominance.During the year the Group’s overseas market business
developed rapidly with the export of complete vehicles
exceeding one million units representing a year-on-year
increase of 1.4 times. According to data from the China
Association of Automobile Manufacturers the Group28 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
ranking first among China’s NEV exporters and it has 口榜首，且在前十大整車出口企業中增速最the fastest growth rate among the top ten vehicle export 快，全球化佈局再提速；品牌高端化多維突enterprises accelerating its global layout again. With multi- 破，產品結構持續優化，「方程豹」、「騰勢」dimensional breakthroughs in high-end brand development 和「仰望」等品牌合計銷量實現同比翻倍增
and continuous optimization of product mix the combined 長，打造品牌價值新標桿；在大眾市場以技sales volume of brands such as “FANGCHENGBAO” 術普惠推動行業發展，引領行業技術應用趨“Denza” and “Yangwang” more than doubled year-on-year 勢，夯實市場領導者地位。十二月，本集團creating a new benchmark for brand value. In the mass 達成第1500萬輛新能源汽車下線的新里程
market the Group propelled industry development through 碑，成為全球首家達成這一成就的車企。
technological inclusiveness led trends in technology
application and consolidated its position as a market
leader. In December the Group reached a new milestone
with the rollout of its 15 millionth NEV becoming the
world’s first automaker to achieve this feat.As a leading domestic automaker the Group deeply 作為國內龍頭車企，本集團深知規範經營與recognizes that compliant operations and a healthy 健康生態是產業長期發展的根本，始終堅守ecosystem are the bedrock of the industry’s long-term 長期主義理念，堅決抵制汽車行業非理性競development. The Group has always adhered to the 爭行為，紮實開展自糾自查工作，通過科學philosophy of long-termism firmly rejected irrational 合理定價維護市場健康、公平、有序的運行
competition practices in the automotive industry and 秩序，切實保障消費者核心權益。同時，作earnestly conducted self-examination and self-correction. 為新能源汽車產業鏈「鏈主」企業，本集團It maintains a sound fair and orderly market environment 以賦能產業鏈、穩定產業生態為己任，持續through scientific and reasonable pricing practices thereby 深化產業鏈上下游協同，推動全鏈條高效聯effectively protecting the core rights and interests of 動，進一步優化賬期管理與渠道管理，與供consumers. Meanwhile as a leading enterprise in the NEV 應商及經銷商等共建互信、共生、共贏的合
industry chain the Group takes it as its mission to empower 作生態。本集團應付賬款及應付票據周轉天the supply chain and stabilize the industrial ecosystem. 數處於汽車行業較低水平並持續改善，且本The Group deepen collaboration between upstream and 報告期較二零二四年同期進一步下降，以審downstream partners promote efficient linkage across 慎的財務理念、精細化供應鏈管理及高度企
the entire value chain and further optimize payment term 業責任感，彰顯行業領軍者的擔當，為產業management and channel management. The Group’s 集群穩定、健康、可持續發展築牢堅實支
goal is to build a cooperative ecosystem characterized 撐。
by mutual trust shared growth and win-win results with
suppliers dealers and other partners. The turnover days
of the trade payables and bills payables of the Group
remained at relatively low level within the automotive
industry and have continued to improve showing a
further decline during the reporting period compared with
the same period in 2024. Driven by a prudent financial
philosophy refined supply chain management and a
strong sense of corporate responsibility we demonstrate
the commitment of an industry leader laying a solid
foundation for the stable healthy and sustainable
development of the entire industrial cluster.Annual Report 2025二零二五年年報29
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 intelligent terminals
In the area of electrification – Focusing on three core 電動化領域，本集團圍繞純電平台、插電混technological pillars – pure electric platforms plug-in 動平台、智能底盤三大核心技術領域，實現hybrid systems and intelligent chassis the Group has 了從充電速度到動力性能、從能耗優化到底
achieved comprehensive innovation. Its breakthroughs 盤控制的全維度創新。
span charging speed power performance energy
consumption optimization and chassis control.The Group unveiled the “Super e-Platform” the world’s 本集團發佈全球首個量產的乘用車全域千
f irst mass-produced full-domain 1000V high-voltage 伏高壓架構—「超級e平台」，以10C充電倍architecture for passenger vehicles. Anchored by three 率「閃充電池」、全球首款量產3萬轉高性能
core technologies – the 10C “Flash Charging Battery” the 電機和全新一代車規級碳化硅功率芯片為核
world’s first mass-produced 30000-rpm high-performance 心，實現「閃充5分鐘，暢行400公里」的突motor and a new generation of automotive-grade silicon 破性充電體驗。
carbide (SiC) power chips the “Super e-Platform” delivereda breakthrough experience of “5 minutes of flash chargingfor 400 km of range”.The Group’s “fifth-generation DM technology” has further 本集團「第五代DM技術」再進化，以NEDCevolved once again setting a new global record with NEDC 百公里虧電油耗2.6L再度刷新全球紀錄，AIfuel consumption of 2.6L per 100 kilometers in charge- 大模型的智能推演與多維策略優化是實現這
sustaining mode. Intelligent inference of AI large models 一成績的關鍵，標誌著插電混動技術全面邁and multi-dimensional strategy optimization are the keys to 入以智能決策為核心的「精算時代」。
this milestone marking that plug-in hybrid technology has
fully entered the “Precision Calculation Era” with intelligent
decision-making as the core.In the field of intelligent chassis “DiSus” the Group’s 智能底盤方面，本集團新能源專屬智能車身proprietary intelligent body control system for NEVs is 控制系統「雲輦」持續進化、加速普及。年continuously evolving and rapidly gaining widespread 內，本集團攻克技術無人區，全球首款智能adoption. This year the Group conquered uncharted 懸浮車身控制系統「雲輦-Z」首發搭載於新能
technological territory with the launch of “DiSus-Z” the 源旗艦轎車「仰望U7」，以懸浮電機替代傳world’s first intelligent suspension system. Debuting on 統液壓減振器，引領懸架邁入電時代。本集the flagship new energy sedan “Yangwang U7” DiSus-Z 團堅持技術普惠，將智能阻尼車身控制系統replaces traditional hydraulic shock absorbers with floating 「雲輦-C」搭載於「秦L」、「海豹06」、「海獅
motors ushering suspension systems into the electric era. 06」等大眾化市場車型系列，以技術創新賦Adhering to the principle of technological inclusiveness 能產業高質量發展。
the Group equips mass-market model series such as the
“Qin L” “Seal 06” and “SEALION 06” with “DiSus-C”
the intelligent damping body control system thereby
empowering high-quality industrial development through
technological innovation.30 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
In the field of intelligent driving the Group launched 智能化領域，年內，本集團發佈「全民智駕」its “Intelligent Driving for All” strategy earlier this year. 戰略，以「天神之眼」技術矩陣滿足消費者差Leveraging the “God’s Eye” technology matrix to meet the 異化需求，踐行「好技術，就應該人人可享」differentiated needs of consumers the Group embodies 的理念。截至二零二五年年底，本集團輔助its philosophy “good technology should be enjoyed by 駕駛車型保有量超256萬輛，每天生成輔助everyone”. As of the end of 2025 the Group’s assisted 駕駛數據超1.6億公里，帶動行業新能源汽driving models reached over 2.56 million units generating 車輔助駕駛搭載率較年初提升三倍。本集團over 160 million kilometers of assisted driving data daily. 通過規模優勢驅動數據快速積累，使「天神This massive data scale has driven a threefold increase 之眼」算法持續加速迭代，實現車輛「越開越in the industry-wide adoption rate of assisted driving 聰明，越用越安全」。安全是科技的底線，for NEVs compared to the beginning of the year. The 本集團是首個提出「智能泊車兜底承諾」的車
Group drives rapid data accumulation through scale 企，在中國市場為所有搭載「天神之眼」的車advantages. This enables the continuous acceleration 輛提供智能泊車場景下的安全及損失全面兜
of iterations for the “God’s Eye” algorithms realizing a 底，引領智慧生活新標桿。
driving experience where vehicles become “smarter themore they are driven and safer the more they are used”.Safety is the non-negotiable baseline of technology. Asthe first automaker to launch an “Intelligent Parking SafetyGuarantee” the Group provide comprehensive coverage
for safety and potential losses for all vehicles equipped
with the “God’s Eye” system in intelligent parking scenarios
within China. This initiative sets a new benchmark for smart
mobility and lifestyle.Building a sol id brand foundation with deep 以深厚技術築牢品牌根基，以持續創新驅technology dr iv ing value enhancement wi th 動價值提升，以全球視野邁向高端發展continuous innovation and moving towards high-
end development with a global perspective
In the new energy passenger vehicle sector driven 新能源乘用車領域，本集團依託核心技術的by continuous core technology innovation and precise 持續創新與對消費需求的精準洞察，深化consumer insights the Group has solidified its multi-brand 由「比亞迪」、「方程豹」、「騰勢」及「仰望」
por t fo l i o compr is ing “BYD” “FANGCHENGBAO” 構築的多品牌矩陣佈局，全面覆蓋從家用到“Denza” and “Yangwang”. This strategy comprehensively 豪華、從大眾到個性化的全場景市場，持續covers the entire market spectrum from family-oriented 煥新產品矩陣，精準滿足多元用戶需求。二to luxury and f rom mass-market to persona l ized 零二五年，面對宏觀經濟壓力與日趨激烈的segments and continuously refreshes product portfolio 市場競爭，「比亞迪」品牌憑藉核心技術普precisely meeting the diverse needs of users across all 惠持續強化競爭力，穩居國內大眾化市場領scenarios. In 2025 amidst macroeconomic headwinds 導地位，更在海外持續獲得亮眼表現；「方and intensifying market competition the “BYD” brand 程豹」、「騰勢」和「仰望」等品牌協同發力，has cont inuously strengthened i ts compet i t iveness 以技術優勢構築品牌深度並積極進軍海外市
by championing inclusiveness in core technologies 場，合計銷量實現同比翻倍增長，品牌高端consolidating its leadership in the domestic mass market 化戰略成效顯著。
and del iver ing outstanding overseas performance.Meanwhile “FANGCHENGBAO” “Denza” and “Yangwang”
have leveraged their synergy to build brand depth with
technological advantages and actively enter overseas
markets. Consequently the total sales volume more than
doubled year-on-year and our premiumization strategy has
yielded significant results.Annual Report 2025二零二五年年報31
Management Discussion and Analysis管理層討論與分析
“BYD” Brand: 「比亞迪」品牌：
The “BYD” brand is built upon two major product series: 「比亞迪」品牌由「王朝」與「海洋」兩大產品
“Dynasty” and “Ocean” dedicated to creating a product 系列共同構建，致力打造兼具設計美學與科matrix that combines design aesthetics with technological 技實力的產品矩陣。「王朝」系列以「龍顏美strength. Embracing the “Loong Face Aesthetics” design 學」為設計語言，融合中華傳統文化與現代language the “Dynasty” series deeply integrates Chinese 美學，主打「主流、品質、新國潮」定位；
traditional culture with modern aesthetics positioning 「海洋」系列以「海洋美學」為設計核心，融itself as “mainstream premium and neo-Chinese chic”. 合自然意象與科技美學，聚焦「年輕、科技Featuring “Ocean Aesthetics” as its design core the 與個性化」需求。年內，依託於「天神之眼」“Ocean” series blends natural imagery with technological 輔助駕駛系統與「超級e平台」等重磅技術aesthetics catering to the demand for “youth technology 的相繼發佈，以及「第五代DM技術」與「雲and personalization”. Throughout the year the BYD brand 輦」智能車身控制系統等核心技術的持續升
accelerated the evolution of its product matrix driven by 級、應用，「比亞迪」品牌產品矩陣不斷迭代the debut of landmark technologies like the “God’s Eye” 優化，並相繼推出「夏」、「秦L EV」、「海獅ADAS and the “Super e-Platform” coupled with significant 05EV」、「漢L」、「唐L」、「海獅07DM-i」、
upgrades to core innovations such as the fifth-generation 「海豹06EV」、「海豹06DM-i旅行版」及「海
DM technology and the DiSus intelligent body control 獅06」等全新車型，以多元高品質產品滿足system. This technological momentum fueled the rollout 消費者需求，持續加速新能源汽車在主流大of a diverse new lineup including the “Xia” “Qin L EV” 眾市場的全面普及。
“SEALION 05 EV” “Han L” “Tang L” “SEALION 07 DM-i”
“Seal 06 EV” “Seal 06 DM-i Wagon (海豹 06 DM-i 旅行版)” and “SEALION 06”. By offering diverse high-quality
products to meet consumer demand BYD has further
expedited the widespread adoption of NEVs in the
mainstream mass market.“Xia”: medium/large plug-in hybrid electric MPV
「夏」：中大型插混MPV
一月正式上市並於十一月煥新，拓展比亞迪品牌MPV品類佈局，全系標配「第五代DM技術」及「雲輦 -C」智能阻尼車身控制系統，並提供滿足用戶智能化需求的「天神之眼」輔助駕駛系統，更榮膺新版C-NCAP五星、C-IASI優秀雙重安全標準認證。
“Xia”
「夏」
Officially launched in January and refreshed in November the “Xia” expands BYD’s portfolio in the MPV
segment. It comes standard with the “fifth-generation DM technology” and the “DiSus-C” intelligent damping
body control system. The vehicle also offers the “God’s Eye” ADAS to meet users’ intelligence needs.Furthermore it has earned dual safety recognitions: a five-star rating from the new C-NCAP and a “Good” rating
from C-IASI.32 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
“Qin L EV”: A+ class battery electric sedan
「秦L EV」：A+級純電轎車
三月正式上市並於八月加推雲輦型，基於「e平台3.0 Evo」打造，標配「天神之眼C」輔助駕駛系統，
採用前雙球頭麥弗遜、後五連桿獨立懸架，加推「雲輦-C」智能阻尼車身控制系統並同級首搭「TBC」高
速爆胎穩行系統，樹立操控安全雙標桿。
“Qin L EV”
「秦L EV」
Officially launched in March the “Qin L EV” expanded the new “DiSus-C” Edition in August. Built on the
“e-Platform 3.0 Evo” the series comes standard with the “God’s Eye C” ADAS and the combination of a
dual-ball-joint MacPherson front suspension and a five-link independent rear suspension. The integration of
the “DiSus-C” intelligent damping body control system and the segment-first “TBC” (Tire Blowout Control)
high-speed stability system sets a new dual benchmark for both handling precision and safety.“SEALION 05 EV”: A-class battery electric SUV
「海獅05EV」：A級純電SUV
三月正式上市，基於「e平台3.0 Evo」打造，標配「天神之眼C」輔助駕駛系統，搭載前麥弗遜、後五連桿獨立懸架，可實現4.65m同級最小轉彎半徑，榮獲中國汽車消費者研究與評價(CCRT)緊湊型新能
源SUV推薦車型。
“SEALION 05 EV”
「海獅05EV」
Launched in March the “SEALION 05 EV” builds on the “e-Platform 3.0 Evo” MacPherson front and five-link
independent rear suspension and comes standard with “God’s Eye C” ADAS which achieves a class-leading
turning radius of just 4.65 meters. Its excellence has been recognized by the China Automotive Consumer
Research and Evaluation (CCRT) which named it a “Recommended Compact New Energy SUV”.Annual Report 2025二零二五年年報33
Management Discussion and Analysis管理層討論與分析
“Han L” and “Tang L”: C-class flagship sedan/SUV
「漢L」、「唐L」：C級旗艦轎車、SUV
四月正式上市，純電版首搭「超級e平台」，充電體驗再進化；插混版首搭「第五代DM技術」中的「DM-p
王者混動技術」，高效與性能兼備；全系搭載「天神之眼B」輔助駕駛系統與「雲輦-C」智能阻尼車身控制系統。憑藉過硬產品實力，「漢L」斬獲中汽中心電安全專項評價行業首個五星安全評級、「唐L」榮獲
C-NCAP超五星安全評級。
“Han L”
「漢L」
Officially launched in April the BEV version is
equipped with the “Super e-Platform” delivering
an upgraded charging experience; the plug-in hybrid version is equipped with the “DM-p King Hybrid Technology”from the “f i f th-generation DM technology”combining high
efficiency with outstanding performance. The
vehicles come standard with “God’s Eye B”
ADAS and “DiSus-C” intelligent damping body
control system across the entire lineup. Driven
by robust product strength the “Han L” secured “Tang L”
the industry’s first five-star safety rating in the 「唐L」
electric safety special evaluation by the China
Automotive Technology and Research Center
(CATARC) while the “Tang L” became the model
to achieve the C-NCAP “Ultra Five-Star” safety
rating.34 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
“SEALION 07 DM-i”: B+ class plug-in hybrid SUV
「海獅07DM-i」：B+級插混SUV
五月正式上市，全系標配「第五代DM技術」、「天神之眼」輔助駕駛系統及「雲輦-C」智能阻尼車身控制系統，更全系可選「靈鳶」智能車載無人機，以硬核科技組合定義智慧出行，樹立主流家用SUV新標桿和出行新標準。
“SEALION 07 DM-i”
「海獅07DM-i」Launched in May every trim of the SEALION 07 DM-i comes standard-equipped with the “fifth-generationDM technology” “God’s Eye” ADAS and the “DiSus-C” intelligent damping body control system. The “LINGYUAN” intelligent in-vehicle drone system is available as an option across the entire lineup. This synergy of
cutting-edge technologies redefines intelligent mobility setting a new benchmark for mainstream family SUVs.“Seal 06 EV”: A+ class battery electric sedan
「海豹06EV」：A+級純電轎車
六月正式上市，基於「e平台3.0 Evo」打造，全系標配「天神之眼C」輔助駕駛系統，搭載前雙球頭麥弗遜、後五連桿獨立懸架，協同「雲輦-C」智能阻尼車身控制系統，全方位滿足年輕家庭用戶多元用車需求。
“Seal 06 EV”
「海豹06EV」
Officially launched in June the “Seal 06 EV” is built on the “e-Platform 3.0 Evo” and the entire lineup comes
standard with the “God’s Eye C” ADAS. The vehicle features a dual-ball-joint MacPherson front suspension and
a five-link independent rear suspension. Working in synergy with the “DiSus-C” intelligent damping body control
system this setup comprehensively meets the diverse needs of young families.Annual Report 2025二零二五年年報35
Management Discussion and Analysis管理層討論與分析
Seal 06 DM-i Wagon: midsize plug-in hybrid wagon
「海豹06DM-i旅行版」：中型插混旅行車
七月正式上市，兼具轎車靈動駕控基因及SUV級寬適大空間，全系標配「第五代DM技術」及「天神之眼C」輔助駕駛系統，搭載「雲輦-C」智能阻尼車身控制系統，全面顛覆旅行車體驗標準，樹立新能源時代全球旅行車風向標。
“Seal 06 DM-i Wagon”
「海豹06DM-i旅行版」
Launched in July the SEAL 06 DM-i Wagon inherits the agile handling DNA of a sedan while offering SUV-level
spaciousness. Every trim comes standard-equipped with the fifth-generation DM technology “God’s Eye C”
ADAS and the “DiSus-C” intelligent damping body control system. This combination comprehensively subverts
the wagon experience standard setting a global trendsetter for new-energy wagons.“SEALION 06”: B-class pure electric/plug-in hybrid SUV
「海獅06」：B級純電╱插混SUV
七月正式上市，純電版基於「e平台3.0 Evo」打造，插混版搭載「第五代DM技術」，全系標配「天神之眼C」輔助駕駛系統及「雲輦 -C」智能阻尼車身控制系統，更搭載「TSC」高速爆胎穩定控制系統。依託全能越級的深厚產品力，「海獅06」市場表現強勁，上
市第一百天即迎來第十萬輛整車下線，刷新全品類
最快達成十萬輛紀錄，奠定中國汽車市場全新里程碑。
“SEALION 06”
「海獅06」
The “SEALION 06” was officially launched in July. The BEV model is built on the “e-Platform 3.0 Evo” while the
PHEV model is equipped with the “fifth-generation DM technology”. The entire lineup comes standard with the
“God’s Eye C” ADAS and the “DiSus-C” intelligent damping body control system. Notably it is equipped with
the “TSC” (Tire Stability Control) system for high-speed tire blowouts. Relying on its all-around cross-segment
product strength the “SEALION 06” has delivered strong market performance: The 100000th unit rolled off the
production line just 100 days after launch. This sets a new record for the fastest time to reach 100000 units
across all vehicle categories establishing a new milestone in China’s automotive market.36 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
“FANGCHENGBAO” Brand: 「方程豹」品牌：
Centered on the “Leopard Force Aesthetics” design 「方程豹」品牌精準定位新能源個性化賽道，philosophy “FANGCHENGBAO” and positioned precisely 以「豹力美學」設計語言為核心，致力於以技in the personalized new energy sector the brand is 術賦能實現「個性平權」。年內，智能硬派開committed to achieving “Equality of Individuality” through 創者「豹」系列持續迭代並穩步熱銷，「豹5」technological empowerment. Throughout the year the 蟬聯新能源硬派越野冠軍，「豹8」持續領跑intelligent off-road pioneer the “BAO” Series continued 40萬級高端市場；都市潮流引領者「鈦」系列to iterate and achieve steady sales growth. The “BAO 「鈦3」及「鈦7」正式上市並強勢崛起，推動
5” retained its tit le as the champion of new energy 「方盒子」從小眾愛好進入主流視野。憑藉精
off-road SUVs while the “BAO 8” solidified its leadership 準的市場定位與硬核的產品實力，「方程豹」in the premium 400000 RMB segment. Meanwhile the 於二零二六年一月達成三十萬輛累計銷量，“Ti” Series defining a new standard for trendy urban 成為銷量增速第一的新勢力品牌。
mobility launched the “Ti 3” and “Ti 7” with remarkable
momentum successfully propelling ‘boxy’ SUVs from a
niche preference into the mainstream. With precise market
positioning and robust product strength the brand reached
a cumulative sales milestone of 300000 units in January
2026 distinguishing itself as the fastest-growing Chinese
EV startup brand.“Ti 3”: A-class battery electric SUV
「鈦3」：A級純電SUV
四月正式上市並於九月加推新版，定位科技潮品SUV，以「星際戰車」為設計靈感，配備獨有「1機3艙」（「靈鳶」智能車載無人機系統、電動前艙、生態座艙和便捷後艙）配置，疊加「E+2C」智能三件套（「智能EVO+平台」、「天神之眼C」輔助駕駛系統、「雲輦-C」智能阻尼車身控制系統），穩居純電方盒子銷量冠軍。
“Ti 3”
「鈦3」
Officially launched in April and expanded with new variants in September the “Ti 3” is positioned as a
tech-forward trendy SUV drawing inspiration from the “Interstellar Fighter” design concept. Equipped with the
exclusive “1 Drone + 3 Cabins” configuration – comprising the “LING YUAN” intelligent in-vehicle drone system
an electric compartment an cockpit and a rear cabin the “Ti 3” is enhanced by the “E+2C” Intelligent Trio
(“Smart EVO+ Platform” “God’s Eye C” ADAS and “DiSus-C”). It has consistently ranked as the top seller of
pure electric boxy SUV.Annual Report 2025二零二五年年報37
Management Discussion and Analysis管理層討論與分析
“Ti 7” C-class Plug-in Hybrid SUV
「鈦7」：C級插混SUV
九月正式上市，採用「星際方舟」設計語言，搭載
「第五代DM技術」，採用前雙叉臂、後五連桿豪華懸架，配合「雲輦 -C」智能阻尼車身控制系統，實現操控與舒適兼得；標配「天神之眼」輔助駕駛系統
及「TSC」高速爆胎穩定控制系統，打造高級安全保障；更首搭新一代智慧生態，為用戶構建全場景「萬象互聯」體驗。「鈦7」上市即爆火，蟬聯中國混動SUV及方盒子雙料銷量冠軍，並於二零二六年一月達成十萬輛累計銷量。
“Ti 7”
「鈦7」
Officially launched in September “Ti 7” adopts the “Interstellar Ark” design language. Equipped with
“Fifth-Generation DM Technology” it features a premium suspension system with double wishbones at the
front and a five-link setup at the rear and the “DiSus-C” intelligent damping body control system delivering
both handling precision and ride comfort; Standard configuration includes the “God’s Eye” driver assistance
system and “TSC” high-speed tire blowout stability control system delivering premium safety assurance. It also
pioneers the next-generation smart ecosystem to build a full-scenario “omni-connected” experience for users.The “Ti 7” took the market by storm upon launch. It has consistently topped sales charts as China’s best-selling
hybrid SUV and boxy SUV achieving cumulative sales of 100000 units in January 2026.“DENZA” brand: 「騰勢」品牌：
“DENZA” is positioned as a new luxury automotive brand 「騰勢」定位科技安全新豪華汽車品牌，秉持focused on technology and safety embracing the “Aura of 「優雅之勢」設計理念，依託「易三方」、「雲Elegance” design philosophy leveraging core technologies 輦」智能車身控制系統等核心技術打造專屬
such as the “e3 Platform” and “DiSus” intelligent body 智電融合架構，鑄就新能源時代的「安全之control systems to build a proprietary smart-electric 王」。年內，「騰勢D9」持續迭代進化，蟬聯integration architecture so as to forge the “King of Safety” 三年MPV銷量冠軍；科技安全全能旗艦SUVfor the new energy era. During the year the “Denza 「騰勢N9」、大六座安全豪華SUV「騰勢N8L」D9” continued its iterative evolution securing its third 全新上市並贏得高端用戶青睞；概念跑車
consecutive year as the MPV market’s sales champion. 「騰勢Z」亦首發亮相，助力「騰勢」成為全球The technologically advanced safety-focused flagship 首個涵蓋MPV、SUV、轎車與跑車全品類的
SUV “Denza N9” and the spacious six-seat luxury SUV 新能源豪華品牌。
“Denza N8L” made their market debut winning the favor
of premium users. The concept sports car “Denza Z” also
made its first appearance solidifying Denza’s position as
the world’s first luxury new energy brand to encompass the
full spectrum of MPVs SUVs sedans and sports cars.38 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
“Denza N9/Denza N8L”: D-Class Plug-in Hybrid SUV
「騰勢N9╱騰勢N8L」：D級插混SUV
「騰勢N9」三月上市、九月煥新，「騰勢N8L」十月接力上市，以硬核科技安全，分別深耕旗艦性能與家庭出行。雙車均基於「易三方」技術平台打造，全系標配「雲輦 -A」智能空氣車身控制系統、「天神之眼
B」輔助駕駛系統、插混專用2.0T高效發動機及三電機，均實現3.9s零百加速、210km/h魚鈎測試高速避讓不側翻、180km/h高速爆胎不失穩，並配備定眩智能防暈車系統、車位到車位領航輔助等智能舒適配置。「騰勢N9」作為全尺寸旗艦，具備4.65m極“Denza N9”
致轉彎半徑，二排支持雙向橫向調節，可選四座行「騰勢N9」政版，榮獲中汽中心「2025中國十佳底盤」、「最佳The “Denza N9” was launched in March and received 智能獎」雙料權威認證；「騰勢N8L」以「超安全家庭
a refresh in September followed by the “Denza N8L” 大六座、超豪華移動大平層、超智能科技大座駕」精
hitting the market in October. Both vehicles feature 準聚焦家庭場景，上市月餘即達成15000輛下線。
cutting-edge technological safety embracing flagship
performance and family-oriented travel applications
respectively. Both vehicles are built on the “e3”
technology platform. Standard equipment across the
lineup includes: “DiSus-A” intelligent air suspension
control system the “God’s Eye B” driver assistance
system a dedicated 2.0T high-efficiency engine for
plug-in hybrids and three electric motors. All models
achieve 0-100 km/h acceleration in 3.9 seconds
demonstrate no rollover during 210 km/h high-speed
evasion tests and maintain stability after a 180 km/
h tire blowout. Additional intelligent comfort features
include a motion sickness prevention system and
parking-to-parking pilot assist. The “Denza N9” as
a full-size flagship boasts an exceptional turning
radius of 4.65 meters. Its second row seats support “Denza N8L”
dual-direction lateral adjustment with an optional 「騰勢N8L」
four-seat executive version available. It has earned
dual authoritative certifications from CATARC: the
“2025 China Top Ten Chassis” award and the “BestIntel l igent Award”. The “Denza N8L” preciselytargets family scenarios as an “ultra-safe six-seatfamily vehicle ultra-luxurious mobile living spaceand ultra-smart technology flagship”. Approximately
one month after its launch it achieved production of
15000 units.Annual Report 2025
二零二五年年報39
Management Discussion and Analysis管理層討論與分析
“Yangwang” Brand: 「仰望」品牌：
As a premium NEV brand with a million-dollar price 「仰望」作為百萬級高端新能源汽車品牌，從positioning “Yangwang” draws design inspiration from 傳統文化中汲取設計靈感，以「易四方」、traditional Chinese culture. Leveraging cutting-edge 「雲輦」智能車身控制系統等頂尖技術創造極
technologies like the “e4” and “DiSus” intelligent body 致體驗。期內，「仰望」穩居高端新能源汽車control systems i t delivers an unparalleled driving 市場領先地位，成為中國首個銷量破萬的國experience. During the period “Yangwang” maintained 產百萬級汽車品牌。尤為矚目的是，「仰望its leading position in the premium NEV market becoming U9」賽道特別版車型「仰望U9 Xtreme」憑藉
China’s first domestically produced million-dollar-class 496.22km/h的全新成績登頂全球汽車極速
automotive brand to surpass 10000 units in sales. 榜首，並以6:59.157的成績刷新紐北量產電Part icular ly noteworthy is the special t rack model 車圈速紀錄，達成「極速+圈速雙第一」里程“Yangwang U9 Xtreme”. With a new result of 496.22km/h 碑，標誌著中國品牌已在全球高性能汽車領it claimed the top speed of global cars and with a time of 域成為當之無愧的技術引領者。
6:59.157 it also established a new lap record for electric
vehicles of mass production and accomplished the
milestone of “dual firsts in top speed and lap time”. This
signifies that Chinese brands have become undisputed
technological leaders in the global high-performance
automotive sector.“Yangwang U7”: Luxurious flagship sports sedan
「仰望U7」：運動豪華旗艦轎車
三月正式上市，在「易四方」技術賦能下，「仰望U7」擁有超1300匹馬力及2.9秒零百加速能力，靈活性更媲美A0級小車；全系標配「天神之眼A」輔助駕駛
系統三激光版並全球首搭智能懸浮車身控制系統「雲
輦-Z」，為用戶帶來前所未有的駕乘體驗，並榮獲中國汽研「智能底盤標桿車型」權威認證。
“Yangwang U7”
「仰望U7」
Officially launched in March empowered by the “e4” technology “Yangwang U7” boasts over 1300 horsepower
and a 0-100 km/h acceleration time of just 2.9 seconds. Its maneuverability is comparable to that of an A0-class
compact car. The entire lineup comes standard with the “God’s Eye A” a premium driver assistance system
featuring a triple-lidar configuration. The model also pioneers the application of electromagnetic technology in
automotive engineering delivering an unprecedentedly smooth riding experience for users. This innovation has
earned the vehicle the prestigious “Benchmark Intelligent Chassis Model” certification from China Automotive
Technology & Research Center.40 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
“Yangwang U8L”: Full-size Executive Luxury SUV
「仰望U8L」：全尺寸行政豪華SUV
九月正式上市，從中國「鼎」文化中汲取靈感，並打造甲骨文黃金車標，演繹中式豪華新境界。「仰望U8L」採用「2+2+2」大六座空間佈局，擁有同級主流車型最長軸距和車身，以更大空間和行政豪華配置在高端用戶商務接待和多人出行上與「仰望U8」形成場景互補。「仰望U8L」配備「易四方」、「雲輦 -P+」智能液壓車身控制系統、全行業首個全鋁
大車架等多項創新技術，具備應急浮水、高速爆胎穩行等極致安全能力，以極致技術重構行政豪華安全標桿。「仰望U8L」搭載全新3nm領先制程座艙芯片，標配「天神之眼A」輔助駕駛系統三激光版，帶“Yangwang U8L”來科技豪華體驗。
「仰望U8L」
Officially launched in September it draws inspiration from China’s “tripod” cultural heritage. Featuring an oracle
bone script gold emblem it redefines the essence of Chinese luxury. “Yangwang U8L” features a spacious
“2+2+2” six-seat layout boasting the longest wheelbase and body dimensions among mainstream vehicles inits class. With its expansive interior and executive-grade luxury deployments it complements the “YangwangU8” in scenarios such as high-end business hospitality and group travel. “Yangwang U8L” features multiple
innovative technologies such as the “e4” system the “DiSus-P+” intelligent hydraulic body control system
and the industry’s first full-aluminum large chassis. It delivers ultimate safety capabilities such as emergency
water floating and high-speed tire burst stability redefining the benchmark for executive luxury safety through
cutting-edge technology. “Yangwang U8L” features a new 3nm leading-edge cockpit chip and comes standard
with “God’s Eye A” an advanced driver assistance system equipped with triple-lidar sensors delivering a
tech-luxury experience.Annual Report 2025二零二五年年報41
Management Discussion and Analysis管理層討論與分析
Expanding into g lobal markets wi th leading 以領先實力拓展全球市場，海外業務多點capabilities overseas market fully blossoming and 開花，穩居中國新能源汽車出口第一ranking first in China’s NEV exports
In 2025 the Group remained committed to its China-based 二零二五年，本集團堅持立足中國、放眼全global ly or iented strategy steadi ly advancing the 球，穩步推進全球化戰略縱深落地，海外業implementation of its globalization strategy. Overseas 務實現突破性增長。依託產品競爭力持續提operations achieved breakthrough growth. Leveraging 升、品牌影響力不斷擴大及海外渠道網絡日
cont inuous ly enhanced product compet i t i veness 趨完善，本集團強勢領跑中國新能源汽車expanding brand influence and an increasingly robust 出海，整車出口突破百萬輛，同比增長1.4overseas channel network the Group is strongly leading 倍，引領中國汽車產業全球化發展邁入新階the export of NEVs from China with its complete vehicle 段。本集團海外業務以「高舉高打」的定價策exports exceeding 1 million units and surging 1.4 times 略實現優異盈利表現，正加速成為本集團高year-on-year spearheading the Chinese automotive 質量、可持續發展的全新核心增長引擎。
industry’s globalization into a new phase. By adopting a
premium pricing strategy the Group’s overseas business
has achieved outstanding profitability and is rapidly
emerging as a new core growth engine driving the Group’s
high-quality and sustainable development.With the deepening of internationalization strategy the 隨著國際化戰略持續深化，本集團新能源汽Group’s NEV footprint has expanded to 119 countries and 車出海足跡已覆蓋全球六大洲、119個國家
regions across six continents worldwide. Leveraging its 與地區。依託深厚的技術積淀與完善的產品deep technological expertise and comprehensive product 矩陣，本集團因地制宜，持續推出多款純電portfolio the Group tailors its offerings and continuously 及插混車型，精準匹配全球各市場差異化消launches a variety of pure electric and plug-in hybrid 費需求，海外市場認可度持續提升並高效轉models to precisely meet the diverse consumer demands 化為銷售成果。在亞太及拉丁美洲市場，本of global markets. Its growing recognition in overseas 集團登頂泰國、新加坡、巴西等多國新能源
markets is being efficiently translated into tangible sales 汽車銷量榜首；在歐洲市場，根據歐洲汽車results. In the Asia-Pacific and Latin American markets 製造商協會統計數據，二零二五年比亞迪新the Group topped the NEV sales charts in multiple 車註冊量同比增長268.6%，顯著領跑該區域countries including Thailand Singapore and Brazil. In the 新能源汽車市場增速，更在英國、意大利、European market according to statistics from the European 西班牙等多國新能源汽車市場名列前茅，持Automobile Manufacturers’ Association BYD’s new vehicle 續推動各地新能源汽車滲透率提升，加速引registrations in 2025 surged by 268.6% year-on-year 領全球新能源汽車轉型進程。
significantly outpacing the regional NEV market growth
rate. The Group also ranked among the top in the NEV
markets of the United Kingdom Italy Spain and other
countries. The Group has continuously driven up NEV
penetration rates across various regions and accelerated
the global transition to NEVs.42 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
In terms of brand globalization the “Denza” brand has 在品牌全球化方面，「騰勢」品牌已正式進officially entered markets across multiple countries and 入多個國家和地區的市場，並於四月在意大regions and held a brand launch event during Milan 利米蘭設計週舉行品牌發佈會，九月及十一Design Week in April followed by appearances at the IAA 月，又先後亮相德國慕尼黑車展及巴西聖保MOBILITY 2025 in Munich Germany in September and the 羅國際車展；同時，本集團持續強化品牌的S?o Paulo International Motor Show in Brazil in November. 國際傳播力，年內與國際米蘭足球俱樂部正Meanwhile the Group has continued to strengthen its 式建立三年期戰略夥伴關係，成為其官方全global brand influence. During the year the Group 球汽車合作夥伴，持續傳遞品牌價值、推廣formally established a three-year strategic partnership 電動化理念。
with FC Internazionale Milano becoming its official global
automotive partner and has consistently conveyed brand
value and promoted the concept of electrification.T o a c h i e v e l o n g - t e r m s u s t a i n a b l e a n d h e a l t h y 為實現海外業務的長期可持續健康發展，本development of its overseas operations the Group built a 集團持續構建自身海外市場「研發+製造+comprehensive operational ecosystem spanning “R&D + 運輸+銷售」的全鏈條運營生態，使得全球Manufacturing + Logistics + Sales” in overseas markets 戰略落地更具深度與效率。年內，本集團海enabling deeper and more efficient implementation of 外工廠建設穩步推進，產能持續釋放。七its global strategy. Throughout the year the Group’s 月，巴西乘用車工廠僅歷時15個月便實現overseas factory construction has progressed steadily 從破土動工到首車下線，成為本集團在拉丁with production capacity being continuously released. In 美洲首個乘用車工廠，為當地經濟發展注July the Brazil passenger vehicle plant rolled out its first 入新動力，亦成為撬動拉美新能源市場的重vehicle in only 15 months after groundbreaking. As the 要戰略支點；同月，泰國工廠迎來投產一Group’s first passenger vehicle facility in Latin America it 週年並順利交付當地第9萬輛新能源汽車，injects new momentum into local economic development 其作為本集團全球智能化標桿基地，已實and serves as a crucial strategic foothold for leveraging 現全流程本土化生產，成為本集團全球戰the region’s new energy market. In the same month the 略的關鍵樞紐與出海業務進展的重要典範。
Thailand plant celebrated its first anniversary of operation
and successfully delivered its 90000th NEV in the local
market. As the Group’s global benchmark for intelligent
manufacturing the Thailand plant has achieved full
localization of production processes making it a pivotal
hub in the Group’s global strategy and a significant
model for its overseas business expansion. The GroupAnnual Report 2025二零二五年年報43
Management Discussion and Analysis管理層討論與分析
also successfully broke ground on its passenger vehicle 本集團柬埔寨乘用車工廠亦於年內順利奠
manufacturing facility in Cambodia during the Year 基，進一步深化本集團於亞太市場的產能佈further strengthening its production capacity layout 局。與此同時，本集團歐洲總部落戶匈牙across the Asia-Pacific market. Meanwhile the Group’s 利，承載銷售與售後、車輛認證及測試、車European headquarters has been established in Hungary 型本地化設計與功能開發三大核心職能，包undertaking three core functions: sales and after-sales 括匈牙利工廠在內的更多海外產能籌備及建
services vehicle certification and testing and localized 設亦穩步推進。為持續強化海外供應鏈保障vehicle design and feature development. Preparations and 能力，本集團自有出海船隊不斷擴容，整車construction for additional overseas production capacity 運輸能力持續提升，累計已有八艘滾裝船投including the Hungarian plant are also progressing 入運營，為本集團全球化發展提供堅實高效steadily. To further enhance overseas supply chain 的供應鏈支撐。此外，本集團秉持合作共贏resilience the Group has steadily expanded its proprietary 的全球化理念，攜手眾多國際頂尖且具深遠export transportation fleet with ongoing improvements 影響力的大型經銷商，加速海外渠道佈局，in its vehicle shipping capacity. To date eight Ro- 全面提升品牌觸達，為全球消費者提供高Ro ships have been deployed into operation providing 品質新能源汽車產品與專業完善的全方位服
robust and efficient supply chain support for the Group’s 務，助力全球汽車電動化轉型。
global expansion. Furthermore embracing a globalization
philosophy of mutual benefit and win-win cooperation the
Group partners with numerous top-tier and highly influential
international distributors to accelerate overseas channel
expansion comprehensively enhance global brand reach
and deliver high-quality NEV products and professional
comprehensive services to consumers worldwide aiming
to drive the global transition to electric mobility.44 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
Leveraging core components as the technological base 以關鍵零部件為技術底座，持續發力新能to keep advancing full-scenario new energy layout 源全域佈局
In the field of new energy commercial vehicles 新能源商用車領域，本集團採取靈活務實的the Group has adopted a f lex ib le and pragmat ic 戰略部署，持續深化市場佈局，依託領先技strategic approach continuously deepening its market 術不斷推出適配多元場景需求的優質產品，footprint. Relying on leading-edge technologies the 穩步提升整體運營效能。根據中國客車統計Group consistent ly introduce high-qual i ty products 信息網數據，二零二五年，本集團新能源客ta i lored to diverse appl icat ion scenar ios s teadi ly 車出口蟬聯年度冠軍，連續三年穩居該排行enhancing overal l operational eff iciency. According 榜首位，市場份額達24%，充分彰顯了本集to the s ta t is t ics re leased by www.ChinaBus. In fo 團在全球綠色交通領域的領導地位和強勁增
the Group’s new energy bus exports once again claimed 長動能。期內，作為業內唯一掌握「三電一the top spot in annual rankings in 2025 securing the 芯」新能源核心技術、並長期專注於新能源
number one position for three consecutive years with a 商用車研發與應用的企業，本集團再次突破market share of 24%. This achievement fully demonstrates 既有技術平台邊界，成功發佈「e-Bus平台the Group’s leadership in the global green transportation 3.0」，推動電動客車邁向「電比油強」的新階sector and its robust growth momentum. During the 段，進一步樹立新能源客車技術新標桿，為Period as the industry’s sole player mastering the core 全球客車電動化發展注入強勁動能。
“three electrics and one core” new energy technologies
while maintaining long-term dedication to the R&D and
application of new energy commercial vehicles the
Group has once again pushed beyond the boundaries
of its existing technology platform. With the successful
launch of the “e-Bus Platform 3.0” the Group has elevatedelectric buses to a new era where “electric outperformsfuel” establishing a new benchmark for new energy bus
technology and injecting powerful momentum into the
global electrification of buses.In the field of rechargeable batteries the Group 二次充電電池領域，本集團持續深化業務continues to deepen its business deployment. Leveraging 佈局，以領先的技術實力及規模化優勢穩leading technological capabilities and economies of scale 居國內前列，業務保持穩健增長。儲能業the Group maintains a top position domestically while 務方面，本集團二零二五年全球系統出貨sustaining steady business growth. In terms of energy 量超60GWh，位列全球儲能系統出貨廠家storage business the Group’s global system delivery 第一。依託全球領先的電池研發製造技術和volume exceeded 60GWh in 2025 ranking first among the 強大的創新能力，本集團以垂直整合構築核global energy storage system suppliers. Relying on the 心優勢，已構建覆蓋「BESS-PCS-EMS」的world’s leading battery R&D and manufacturing technology 儲能「從芯到網」全產業鏈生態，產品涵蓋as well as strong innovation capabilities the Group has 電源側、電網側、工商業、閃充及家庭儲
built core advantages through vertical integration and 能等應用領域，已為國內外超650個大型儲has built a whole energy storage “core-to-grid” industry 能項目提供安全可靠的儲能系統解決方案，chain ecosystem covering “BESS-PCS-EMS” with products 遍及全球110多個國家和地區。年內，本集covering application fields such as utility-scale industrial 團與沙特電力公司成功簽署12.5GWh全球
and commercial flash charging and residential energy 最大電網側儲能項目合同並於四月開始交
storage and has provided safe and reliable energy storage
system solutions for more than 650 large-scale energy
storage projects at home and abroad covering over 110
countries and regions around the world. During the year
the Group successfully signed a 12.5GWh contract with
Saudi Electricity Company for the world’s largest grid-
scale energy storage project and commenced delivery
in April marking a new milestone for the Group in globalAnnual Report 2025二零二五年年報45
Management Discussion and Analysis管理層討論與分析
ultra-large-scale energy storage projects. In September 付，標誌著本集團在全球超大規模儲能項目the Group launched a new generation of “Haohan” energy 上樹立了新的里程碑。九月，本集團首發storage system equipped with the world’s largest 2710Ah 新一代「Haohan」儲能系統，搭載全球最大dedicated blade battery for energy storage achieving a 2710Ah儲能專用刀片電池，實現能量密度leapfrog breakthrough in energy density. “Haohan” ranks 跨越級突破；憑藉14.5MWh的最小單元容
first globally in both minimum unit capacity of 14.5MWh 量（等效20尺容量10MWh）、52.1%的體積
(equivalent to 10MWh for a 20-foot container) and volume 利用率雙項全球之最，將系統集成度推向全utilization rate of 52.1% elevating system integration to 新高度；更以全球最高整機防護等級IP66重
a new level. It also redefines the new standard for all- 新定義儲能全場景應用新標準。動力電池業scenario application of energy storage with IP66 the 務方面，在全面滿足自身新能源汽車動力電world’s highest overall machine protection grade. In terms 池需求的基礎上，本集團亦積極拓展外部戰of the power battery business on the basis of fully meeting 略客戶，為全球知名車企提供高性能電池支its own power battery demand for NEVs the Group has 持，推動新能源汽車滲透率持續提升。
also actively expanded external strategic customers
to provide high-performance battery support to world-
renowned automakers promoting the continuous increase
in the penetration rate of NEVs.46 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
In the field of photovoltaics the Group remains firmly 光伏領域方面，本集團緊扣「雙碳」目標，以commit ted to “ the dual carbon” goals leveraging 前沿研發為驅動，不斷提升綜合競爭力，業c u t t i n g - e d g e R & D t o c o n t i n u o u s l y e n h a n c e i t s 務足跡已遍佈100多個國家和地區。同時，comprehensive compet i t iveness wi th i ts business 本集團還通過在海外建設生產基地的方式，presence covering more than 100 countries and regions. 僱傭本地員工經營，實現了光伏組件的本地Meanwhile the Group has also established overseas 化生產，持續推進光伏產業鏈的高質量發production bases employing local staff to operate these 展。
facilities thereby achieving localized manufacturing of
photovoltaic modules and continuously advancing the
high-quality development of the photovoltaic industry chain.In the field of external cooperation the Group continues 對外合作方面，本集團持續深化全球佈局，to deepen its global footprint actively engaging with 積極聯動世界各領域專業夥伴，致力於共同specialized partners across various sectors worldwide. 推動綠色發展願景落地，通過跨界協作、資Commit ted to jo in t ly advancing the rea l izat ion of 源共創與技術聯動，為社會構建更高質量的green development vision the Group strives to build a 未來出行與生活生態。
higher-quality future mobility and living ecosystem for the
society through cross-industry collaboration resource
co-creation and technological synergy.In October the Group formal ly s igned a strategic 十月，本集團與榮耀正式簽署戰略合作協cooperat ion agreement with Honor joint ly bui lding 議，共建AI驅動的手機車機跨界互融生態體an AI-driven cross-border integrated ecosystem for 系。依託本集團DiLink全新一代智慧生態與smartphones and vehicles. Leveraging the Group’s new- 榮耀車聯解決方案，雙方致力於為用戶打造generation DiLink smart ecosystem and Honor’s vehicle 全場景智慧體驗無縫銜接的高端移動生活空
connectivity solutions the two parties aim to create a 間。
premium mobile living space that delivers seamless
all-scenario smart experiences for users.In November the Group entered in to a s t ra tegic 十一月，本集團與美的達成戰略合作，雙方partnership with Midea. Guided by the core principles of 以開放共贏為核心理念，整合智能汽車、智openness and mutual benefit the two parties integrate their 能家居及AIoT等領域的核心優勢，通過「全core strengths in smart vehicles smart home solutions 品牌、全品類、全領域」的全面互聯，以AIand AIoT. Through full connectivity across “all brands all 重塑「人－車－家」新生態，為全球用戶創categories and all sectors” the collaboration leverages 造更簡單、更美好的智慧生活。
AI to reshape the “human-vehicle-home” ecosystem
del iver ing simpler and smarter l i festy les for users
worldwide.Annual Report 2025二零二五年年報47
Management Discussion and Analysis管理層討論與分析
In the field of cutting-edge technology relying on robust 前沿科技領域，本集團憑藉強大的研發體R&D system the Group has systematically built a future- 系，通過持續孵化新業態、探索新模式與培oriented technology capability matrix by continuously 育新動能，系統性構建面向未來的技術能力incubating new business formats exploring new models 矩陣，進一步夯實在智能化與新能源融合領and cultivating new growth drivers. This further solidifies 域的科技引領地位。
the Group’s technological leadership in the convergence of
intelligent and new energy sectors.The Group actively embraces AI development opportunities. 本集團積極擁抱AI發展機遇，一方面引入AIOn one hand it introduces AI tools to focus on core 工具聚焦核心工作環節、激發研發靈感，推operational processes and spark R&D inspiration driving 動經營效率與質量雙提升；另一方面利用AI
improvements in both operational efficiency and quality. On 賦能動力系統、智能座艙、智能駕駛等領域
the other hand it empowers AI to continuously evolve in 不斷進化，持續優化消費者體驗感，實現產areas such as powertrain systems intelligent cockpits and 品與功能的迭代進化。
autonomous driving consistently enhancing the consumer
experience and achieving iterative evolution in products
and features.Additionally the Group continues to focus on the field 此外，本集團持續聚焦具身智能領域，依託of embodied intelligence. Leveraging its comprehensive 完善的新能源產業鏈佈局、領先的技術創新
new energy industry chain layout leading technological 能力和豐富的場景應用經驗，積極佈局未來i n n o v a t i o n c a p a b i l i t i e s a n d e x t e n s i v e s c e n a r i o 產業。同時，本集團與行業頭部企業在股權application experience the Group actively lays out future 及業務層面開展多維度協同合作，實現關鍵industries. Simultaneously the Group has established 技術與資源的深度互補，全面賦能業務提質multi-dimensional synergistic partnerships with industry 增效。七月，本集團與香港科技大學簽署合leaders at both the equity and operat ional levels 作框架協議，共同成立「香港科技大學－比achieving deep complementarity in key technologies 亞迪具身智能聯合實驗室」，聚焦機器人技and resources to comprehensively empower business 術與智能製造的前沿研究，推動技術創新與quality enhancement and efficiency gains. In July the 產業應用深度融合。同時，雙方還將展開自Group signed a cooperation framework agreement with 動駕駛方向的深度合作，持續提升高階自動the Hong Kong University of Science and Technology to 駕駛技術的安全性和可靠性。
jointly establish the “HKUST-BYD Embodied IntelligenceJoint Laboratory”. Focusing on cutting-edge research in
robotics and intelligent manufacturing the initiative aims
to drive the deep integration of technological innovation
and industrial applications. In addition both parties will
engage in in-depth cooperation in the field of autonomous
driving continuously enhancing the safety and reliability of
advanced autonomous driving technologies.48 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
2.2 Handset Components and Assembly 2.2 手機部件及組裝業務
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，依托電子信息技術、人工智能技術、5Gworld 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、智能家居、遊戲硬件、無人機、3D
smartphones computers AI computing infrastructure 打印機、物聯網、通信設備等多元化的市場
smart home game hardware unmanned aerial vehicles 3D 領域。作為行業發展的參與者與推動者，本printers Internet of Things communication equipment to 集團始終以戰略眼光錨定未來航向，持續鞏other diversified market areas. As a participant and driver 固研發與智造優勢，拓寬業務邊界，著力構of industry development the Group consistently anchors 建穿越週期的長期核心競爭力，實現可持續its future direction with strategic foresight continuously 的高質量增長。
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 relying on its leading 智能終端業務方面，依托領先的技術優勢與technological advantages and outstanding del ivery 卓越的交付能力，本集團持續構建技術及價capabilities the Group has continued to build technological 值護城河，持續深化與全系客戶的合作，持and value moats further deepened cooperation with 續拓寬產品品類。零部件業務方面，本集團a full range of customers and steadily expanded its 保持在海內外客戶高端旗艦手機的供應鏈領
product portfol io. In the components business the 導地位，並持續擴大在可穿戴、智能家居等Group maintained its leadership position in the supply 智能終端領域的合作。但由於受大客戶個別chains for high-end flagship smartphones of domestic 機型需求變化的影響，零部件收入同比減and international clients while continuously expanding 少。組裝業務方面，受益於海外大客戶整機collaborations in smart terminal sectors such as wearables 組裝份額進一步提升，業務規模同比微增。
and smart home devices. However affected by changes in
demand for specific models of major customers revenue
from components decreased year-on-year. In terms of
assembly business benefiting from the further increase
in assembly share for major overseas customers the
business scale recorded a slight increase year-on-year.In the AI computing infrastructure business the Group AI算力基礎設施業務方面，本集團積極把握actively seizes market opportunities arising from AI AI發展帶來的市場機遇，圍繞AI算力基礎設development implementing a comprehensive strategic 施的核心產品，進行了全面戰略佈局，打造planning centered on core AI computing infrastructure 了涵蓋服務器、液冷、電源及高速互聯的一
products. The Group has developed integrated solutions 體化解決方案。本集團的核心優勢之一在於encompassing servers liquid cooling power supplies and 跨領域的技術遷移與複用能力。年內，本集high-speed connectivity. One of the Group’s core strengths 團導入多家服務器新客戶，服務器出貨量同lies in its ability to transfer and reuse technologies across 比增長，多款液冷產品通過認證並開始小批different fields. Within the year the Group onboarded 量試產，多款電源產品亦在積極研發中，為multiple new server customers and server shipments 本集團業務增長注入新動能。
increased year-on-year. Several liquid cooling products
obtained certi f ications and commenced small-batch
trial production and several power supply products
are currently under active development injecting fresh
momentum into the Group’s business growth.Annual Report 2025二零二五年年報49
Management Discussion and Analysis管理層討論與分析
3. PROSPECT AND STRATEGIES 3. 前景及策略
Looking ahead to 2026 the global economy remains in a 展望二零二六年，全球經濟仍處於調整與復phase of adjustment and recovery with the international 甦階段，國際貿易環境充滿不確定性，主要trade environment fraught with uncertainty and growth 經濟體增長動能持續分化。縱然外部變化影momentum continuing to diverge among major economies. 響加深，但中國經濟基礎穩、韌性強、潛能Despite the growing impact of external changes China’s 大，長期向好的支持條件和基本面依然堅economy remains grounded in a solid foundation showing 實。為確保「十五五」順利開局，預期宏觀strong resilience and vast potential. The fundamental 政策將進一步加力，並以「穩中求進、以進condit ions and underlying strengths support ing i ts 促穩」為核心，充分挖掘內需潛能。汽車產long-term positive trajectory remain robust. To ensure a 業在擴大內需中仍扮演著舉足輕重的角色，smooth start of the “15th Five-Year Plan” macroeconomic 新一年，在領先技術迭代升級、產品力顯著policies are expected to be further strengthened with the 增強、消費者需求持續演進以及多維政策積
principles of pursuing progress while ensuring stability 極引導下，新能源乘用車滲透率有望持續增promoting stability through progress fully tapping into the 長。在科技自立自強的推進下，人工智能亦potential of domestic demand. The automotive industry still 將加快產業協同，「飛輪效應」逐步顯現，為plays a pivotal role in expanding domestic demand. In the 製造業升級與新能源汽車產業發展提供堅實
new year driven by leading technological advancements 支撐。在人工智能賦能下，智能駕駛、智能significantly enhanced product capabilities evolving 座艙與智能網聯日益深入人心，成為未來發consumer preferences and proactive multi-dimensional 展趨勢。
policy guidance the penetration rate of new energy
passenger vehicles is expected to maintain steady growth.Driven by greater self-reliance and strength in technologyAI will help accelerate industrial synergy with the “FlywheelEffect” gradually emerging to provide robust support for
manufacturing upgrades and the development of the NEV
industry. Powered by AI intelligent driving smart cockpits
and intelligent connectivity are increasingly gaining traction
and becoming the future trend.At the policy level the state has rolled out a series of 政策層面，國家圍繞汽車消費與智能化推出targeted measures centered on automobile consumption 一系列精準措施。在汽車消費方面，以舊換and in te l l igent technology. Regard ing automobi le 新補貼政策延續並優化，商務部等八部門consumption the trade-in subsidy policy has been 早前聯合發佈的《2026年汽車以舊換新補貼extended and refined. The Detailed Rules for the 2026 實施細則》已於二零二六年一月一日正式執Automobile Trade-in Subsidy Policy 《( 2026年汽車以舊 行，有助於優化市場結構、促進技術升級。換新補貼實施細則》) jointly issued by eight departments 同月，商務部等九部門聯合印發《關於實施including MOFCOM has officially come into effect on 綠色消費推進行動的通知》，順應「十五五」
1 January 2026. This initiative will help optimize market 規劃，加快消費模式綠色轉型。在智能化方
structure and promote technological upgrades. In the 面，國家支持政策亦將持續聚焦智能化升same month MOFCOM and eight other departments jointly 級、「AI+製造」全鏈條融合，重點支持新能issued the Notice on Implementing Actions to Promote 源汽車、AI與高端芯片等電子智能製造領
Green Consumption 《( 關於實施綠色消費推進行動的通知》) 域。一月，工信部等八部門聯合印發的《人to accelerate the green transformation of consumption
patterns in line with the “15th Five-Year Plan”. In terms of
intelligentization national support policies will continue to50 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析focus on intelligent upgrading and the full-chain integration 工智能+製造專項行動實施意見》明確提出要
of “AI + Manufacturing” prioritizing sectors such as NEVs 強化智能芯片、智算設施等核心環節，助力AI and high-end chip manufacturing within the electronic 製造業產業升級。在人工智能浪潮中，自動and intelligent manufacturing industry. The Implementation 駕駛不僅是技術革新，更是汽車產業從「交Guidelines for the Special Action of “AI + Manufacturing” 通工具」邁向「智能消費品」的關鍵。隨著首《( 人工智能+製造專項行動實施意見》) jointly issued by eight 批L3級自動駕駛車型於二零二五年十二月
departments including MIIT in January explicitly calls for 獲准上路試點，二零二六年產業將邁入有序strengthening core areas such as intelligent chips and 商業化階段，加速新能源汽車產品的升級迭intelligent computing facilities to support the industrial 代，帶領行業產品力整體提升。
upgrading of manufacturing. In the wave of AI autonomous
driving represents not only a technological revolution but
also the pivotal shift for the automotive industry from a
means of transportation to an intelligent consumer product.Following the approval of the first batch of Level 3 (L3)
autonomous driving models for road trials in December
2025 the industry will enter an orderly commercialization
phase in 2026. This will accelerate the upgrade and
iteration of NEVs driving an overall enhancement in the
industry’s product capabilities.China’s NEV industry has established a leading position 中國新能源汽車產業已確立全球領先地位，globally but still faces multiple challenges in 2026. At the 但二零二六年仍面臨多重挑戰。市場層面，market level persistent price wars and a highly competitive 持續的價格戰與高度競爭環境正壓縮車企盈
environment are squeezing automakers’ profit margins. 利空間；政策方面，以舊換新政策與地方性On the policy front the dynamic optimization of trade-in 激勵的動態優化，可能短期影響消費節奏；
incentives and regional subsidies may temporarily disrupt 產業鏈方面，關鍵原材料價格波動、核心零consumption patterns. Within the supply chain volatility 部件的穩定供應形成新的挑戰，且地緣政治in key raw material prices and the stable supply of core 緊張局勢可能加劇海外貿易壁壘，阻礙出口components present new challenges while geopolitical 擴張。面對諸多挑戰，本集團作為領軍者，tensions could heighten overseas trade barriers hindering 將以迎難而上的姿態，堅定不移地強化核心export expansion. Facing numerous challenges the Group 技術自主創新，提升上游資源供應保障韌as the industry leader will adopt a proactive stance 性，持續優化產品品牌矩陣，並加速海外本to steadfastly strengthening independent innovation in 地化進程，以有效抵禦外部衝擊，確保在複core technologies enhancing the resilience of upstream 雜多變的市場環境下實現穩健增長，持續引resource supply security continuously optimizing the 領行業發展。
product and brand matrix and accelerate the process of
overseas localization. These measures will effectively shield
us from external shocks ensuring steady growth amid
complex and volatile market conditions while continuing to
lead industry development.Annual Report 2025二零二五年年報51
Management Discussion and Analysis管理層討論與分析
3.1 Automobiles and Batteries Business 3.1 汽車及電池業務
Entering the 15th Five-Year Plan period China’s NEV 進入「十五五」發展週期，中國新能源汽車產industry will usher in a new phase characterized by deep 業將迎來技術深度迭代、智能電動全面融合
technological iteration comprehensive integration of 與全球化縱深拓展的新階段。二零二六年，intelligent and electric technologies and in-depth global 本集團將篤定戰略航向，攻堅核心技術自主expansion. In 2026 the Group will steadfastly pursue 可控，鍛造核心競爭力。面對日新月異的市its strategic direction tackle the challenge of achieving 場格局，本集團將把脈行業趨勢，恪守用戶self-reliance and control over core technologies and forge 至上理念，以差異化產品矩陣豐盈多品牌生its core competitiveness. In the face of a rapidly evolving 態，並加速全球版圖拓展。憑藉新能源汽車market landscape the Group will keep abreast of industry 領域的系統性領先優勢，本集團致力為全球trends adhere to a customer-first philosophy enrich the 用戶呈獻超凡新能源汽車使用體驗，助力中multi-brand ecosystem through a differentiated product 國汽車產業夯實全球新能源革命的引領者地
matrix and accelerate the global expansion. Leveraging 位。
its systematic leadership in the NEV sector the Group is
committed to delivering an exceptional NEV experience for
global users helping China’s automotive industry solidify
its position as a global leader in the new energy revolution.Grounded in technology guided by intelligence and 以技術築底，以智電領航，驅動汽車產業electrification propelling the automotive industry 邁進新世代
into a new era
The NEV industry has entered a new phase of high-quality 新能源汽車產業已邁入高質量發展新階段，development continuously advancing toward premium 持續向品牌高端躍升、配置迭代升級、個性
branding iterative configuration upgrades and reflection 價值彰顯縱深演進。本集團將矢志深耕新能of personalized value. The Group will remain committed to 源領域戰略性技術攻關，聚勢資源投入，以advancing strategic technological breakthroughs in the new 前瞻視野錨定電動化與智能化技術的深度融
energy sector concentrate resources on key initiatives 合與底層創新，全維賦能產業鏈轉型升級，anchor the deep integration and fundamental innovation of 為全球綠色出行貢獻中國方案、彰顯中國力
electrification and intelligent technologies with a forward- 量。
looking vision comprehensively empower the industrial
chain’s transformation and upgrading and contribute
Chinese solutions and showcase China’s strength for
global green mobility.In the realm of electrification the Group will remain 電動化領域，本集團將堅持以用戶需求為原steadfastly user-centric deeply embodying the value 點，深入踐行「好技術人人可享」的價值理proposition that “great technology should be accessible 念，全面推動「全民長續航」願景落地，正to all”. The Group will comprehensively advance the 式開啟「大電池插混」新紀元——旗下多款
realization of “long-range mobility for everyone” vision 熱銷插混轎車重磅加推大電池DM-i版本，officially ushering in a new era of “PHEV with large-capacity CLTC純電續航全面躍升至210km，較同batteries”. Many of those popular PHEV sedans have
launched the upgraded high-capacity battery version. The
CLTC pure-electric range has surged to 210km doubling
that of comparable models while the combined range has52 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
surpassed the 2110km milestone. The Group vigorously 級車型實現翻倍式突破，綜合續航更突破propels the PHEV market toward accelerated evolution 2110km大關，強力牽引插混市場向「長續into a new phase characterized by “long range + high 航+高智能」新階段加速演進，持續擎領新能intelligence” and continue to spearhead the new chapter of 源汽車行業高質量發展新篇。
high-quality development in the NEV industry.The Group has unveiled its 2nd Generation Blade Battery 本集團發佈第二代刀片電池及閃充技術，攻and FLASH Charging Technology overcoming the final 克電動化上半場最後「頑疾」——「充電慢」與
“stubborn challenges” of “slow charging” and “difficulty in 「低溫充電難」，實現了全球量產最快的充電charging at low temperatures” and achieved the world’s 速度——「常溫充電，從10%到70%，僅需fastest mass-produced charging speed. It only takes 5 5分鐘；從10%到97%，僅需9分鐘；零下minutes to charge from 10% to 70% 9 minutes from 10% 30℃，從20%到97%僅需12分鐘」，讓充電to 97% at normal temperature and only 12 minutes to 和加油一樣快。在實現閃充的同時，第二代charge from 20% to 97% at -30°C making charging as 刀片電池能量密度較上一代提升5%以上，fast as refueling. While enabling flash charging the 2nd 支持超1000公里的超長續航；安全標準更
Generation Blade Battery achieves over 5% higher energy 是全面超越新國標，並加碼質保政策，充分density than its predecessor supporting an ultra-long 彰顯本集團對電池核心技術的篤定與自信。
mileage of over 1000 kilometers. Its safety standards far
exceed the new national regulations and the Group has
further enhanced its warranty policies fully demonstrating
the confidence in core battery technologies.Annual Report 2025二零二五年年報53
Management Discussion and Analysis管理層討論與分析
To match the outstanding battery performance the Group 為匹配優異的電池性能，本集團推出了全球has launched the world’s most powerful 1500kW flash 量產單槍功率最大的1500kW閃充樁，採charging pile in mass production featuring the world’s first 用全球首創的「滑軌懸吊式T型樁」與「零重
“sliding rail suspension T-pile” and “zero-gravity charging 力充電槍」設計，使充電線纜更輕巧、乾淨gun” design making the charging cable lighter cleaner 且移動靈活；結合「即插即充，無感支付」and more flexible to move. Combining “plug-and-charge 功能，並配備超級快放儲能系統，構成對社contactless payment” functionality with a super-fast 會電網友好的解決方案。同時，本集團啟動discharge energy storage system it forms a solution that 「閃充中國」戰略，計劃於二零二六年底前在is friendly to the social power grid. Meanwhile the Group 全國建成總計20000座閃充站。其中包括has launched its “Flash Charge China” strategy aiming 18000座與運營商合作的城區「站中站」，to establish a total of 20000 flash charging stations 旨在實現城區90%區域5公里內覆蓋；以及
nationwide by the end of 2026. This includes 18000 urban 2000座「高速站」，覆蓋近三分之一高速服“stations within stations” in collaboration with operators 務區，平均間隔約100公里。
aiming to ensure that 90% of urban areas are coveredwithin a 5-kilometer radius as well as 2000 “highwaystations” covering nearly one-third of highway service
areas spaced approximately 100 kilometers apart on
average.In the field of intelligentization the Group unveiled the 智能化領域，一月，本集團重磅發佈「天神groundbreaking “God’s Eye 5.0” in January. Equipped with 之眼5.0」，搭載最新大模型版本，在全閉環the latest large model version it enhances reinforcement 端到端的基礎上新增強化學習能力，提供行learning capabil i t ies on top of i ts ful ly closed-loop 業領先的輔助駕駛體驗。該系統兼具「超安end-to-end architecture delivering an industry-leading 心、超擬人、超高效」三大核心特性，結合assisted driving experience. The system integrates three 「天神之眼」積累的海量車輛數據，構建起可core characteristics: “ultra-reliability ultra-human-like 快速迭代的核心競爭壁壘，鞏固本集團在智and ultra-efficiency”. By leveraging the massive vehicle 能駕駛領域的領先地位，為本集團在智能化data accumulated through the “God’s Eye” system it has 賽道上的長遠發展持續賦能。
established a rapidly iterating core competitive barrier.This significantly strengthens the Group’s leading position
in the intelligent driving sector and continuously empowers
the Group’s long-term development in the intelligent
technology arena.54 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
Stick to innovat ion and upgrading base on 堅持創新升級，立足用戶需求，全面助力user needs fully empower high-quality brand 品牌高質量發展
development
The Group remains steadfast in its commitment to forging 本集團矢志不渝，以顛覆性技術為矛、高質the core DNA of brands with disruptive technology as its 量產品為盾，鑄就品牌核心基因。面向未spear and high-quality products as its shield. Looking 來，本集團將持續攻堅核心技術，豐盈產品ahead the Group will continue to strive for breakthroughs 矩陣，精進銷售渠道，革新營銷模式，精準in core technologies enrich its product matrix refine sales 回應消費者對安全、智能、便利、環保及極
channels and innovate marketing models and precisely 致體驗的多元個性化訴求，進一步夯實大眾address consumers’ diverse and personalized demands 化市場主流領導地位，並擎領高端品牌邁入for safety intel l igence convenience environmental 新一輪增長週期。
sustainabil i ty and exceptional experiences further
solidifying its leading position in the mainstream mass
market and steering its high-end brands into a new growth
cycle.On the other hand the Group is actively driving brand 另一方面，本集團積極推動品牌突破，二月innovation. In February “Linghui” a new sub-brand of the 份，本集團宣佈全新子品牌「領匯」，定位為Group launched positioning as a “super-value mobility 「超價值出行踐行者」，專注美好出行，擁有provider”. Dedicated to enhancing travel experiences 獨立的渠道體系，致力以高技術、普惠化的“Linghui” leverages an independent sales network to 產品方案，滿足多元市場需求。
deliver high-tech inclusive solutions effectively catering to
diverse market demands.Conquer global markets lead the premium sector 強勢出海，高端領航，鑄就世界新標桿build a new global benchmark
The Group’s automotive business has accelerated its 本集團汽車業務出海步伐全面提速，海外業global expansion with overseas operations emerging as a 務已躍升為全新核心增長極，更成為中國新new core growth driver and becoming a shining emblem 能源汽車走向世界的一張璀璨名片。本集團of China’s NEVs entering the global market. Leveraging 將依託新能源技術與產品實力的全球領先優
its globally leading position in new energy technologies 勢，積極延展產品線、完善海外產能與銷售and products the Group will actively expand its product 網絡、構建全球化供應鏈體系、搭建自有運
portfolio enhance overseas production capacity and sales 力體系；尤為關鍵的是，高端品牌出海是本networks establish a global supply chain system and build 集團出海戰略的關鍵落子，多個車型已陸續its own transportation network. Of particular significance 亮相海外市場，並將漸次面向全球發佈上the overseas expansion of premium brands represents 市，持續縱深全球化戰略佈局。
a pivotal move in the Group’s “going global” strategy.Multiple models have already debuted in overseas markets
and will be progressively launched globally deepening our
worldwide strategic footprint.Annual Report 2025二零二五年年報55
Management Discussion and Analysis管理層討論與分析
Deepen new energy related fields create a global 深耕新能源相關領域，打造全球綠色新未green future 來
The Group w i l l con t inue to p rov ide sus ta inab le 本集團將持續為全球各國家和地區提供可持
zero-emission and intel l igent publ ic transportat ion 續、零排放、智能化的公共交通解決方案，solutions to countries and regions worldwide. Leveraging 依託行業領先的創新技術，推出市場高度認industry-leading innovative technologies the Group will 可的綠色環保高品質公共交通產品與服務，introduce highly market-recognized green environmentally 積極推動低碳社會的快速普及與健康發展。
friendly and high-quality public transportation products
and services actively promoting the rapid adoption and
healthy development of a low-carbon society.In the field of rechargeable batteries the global energy 二次充電電池領域，全球儲能系統集成市場storage system integration market is undergoing in- 正經歷深度重構，行業競爭已由規模與價格depth restructuring and the industry competition has 競爭，升級為技術、品牌及生態的綜合價值been upgraded from scale and price competition to 競爭。本集團將通過全產業鏈整合、全球化comprehensive value competition of technology brand 佈局、技術創新迭代與品牌影響力提升構築
and ecology. The Group will build core barriers through 核心壁壘，持續強化自主研發與技術創新能the integration of the whole industry chain global layout 力，全面加快新產品及前沿技術的產業化落iteration of technological innovation and enhancement of 地；同步深化國內外市場拓展，不斷擴大全brand influence continue to strengthen its independent 球市場覆蓋，以雙輪驅動實現業務規模與發research and development and technological innovation 展質量的協同提升。光伏領域，本集團將緊capabi l i t ies and comprehens ive ly acce lera te the 抓綠色能源轉型戰略機遇，聚力突破關鍵技industr ial izat ion of new products and cutt ing-edge 術與產品迭代升級，精準契合國內外光伏裝technologies. The Group will simultaneously deepen 機需求的多元化演進趨勢，以高品質創新產the expansion of domest ic and overseas markets 品主動應對行業變革與市場挑戰，穩健開拓continuously expand the coverage of global markets 高質量發展新空間。
and achieve synergis t ic improvement of business
scale and development quality with two-wheel drive. In
the photovoltaic sector the Group will seize strategic
opportunities presented by the green energy transition
focus on breakthroughs in key technologies and product
iteration upgrades and precisely align with the evolving
t rends in domest ic and in ternat ional photovo l ta ic
installation demands. By proactively addressing industry
transformations and market challenges with high-quality
innovative products the Group will steadily explore new
avenues for high-quality development.
3.2 Handset Components and Assembly 3.2 手機部件及組裝業務
As a global leading provider of high-tech innovation 作為全球領先的高科技創新產品提供商，本products the Group wi l l cont inue to deepen core 集團將持續深耕核心技術研發，提升高端製technology R&D enhance high-end manufactur ing 造創新能力，不斷加強垂直整合壁壘，深化innovation capabilities strengthen vertical integration 大客戶戰略合作，力圖搶佔未來市場制高barriers and deepen strategic cooperation with major 點。在鞏固智能終端行業龍頭地位的同時，clients striving to secure a commanding position in future 推動AI算力基礎設施新興業務加速成長，共markets. While consolidating its leading position in the 同驅動本集團的長足發展。
smart terminal industry the Group will accelerate the
development in emerging businesses such as AI computing
infrastructure jointly driving the substantial development of
the Group.56 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
In the smart terminal business sector as AI permeates 智能終端業務方面，隨著AI全局滲透加速，all domains at an accelerated pace smart terminals are 智能終端正開啟人機交互的全新週期。情緒ushering in a new era of human-machine interaction. The 消費的崛起，正在重塑消費者的購買邏輯。
rise of emotional consumption is reshaping consumers’ 產品的外觀設計、品牌情感連結所帶來的情
purchasing logic. The emotional value derived from 緒價值已與技術性能同等重要。手機廠商將a product’s appearance design and brand emotional 投入更多資源，通過形態變革、差異化外觀connection has become equally important to its technical 設計等，激發消費者購買意願。AI終端複雜performance. Mobile phone manufacturers will allocate 度攀升與折疊屏市場持續增長，將拉動高強more resources to stimulate consumer purchasing desire 度輕量化零部件及高效散熱器件的需求，為through form factor innovation and distinctive design. 產業帶來新發展機遇。本集團將持續深化與The rising complexity of AI terminals and the sustained 客戶在高端產品的戰略合作，緊密配合客戶growth of the foldable screen market will drive demand 的需求，全面支持客戶產品的升級，持續強for high-strength lightweight components and efficient 化在智能終端領域的龍頭地位。同時，緊扣heat dissipation devices creating new development A I發展機遇，佈局新型AI終端，積極拓展opportunities for the industry. The Group will continue to 高價值有潛力的新品類與新市場。未來，AIdeepen strategic cooperation with customers on high-end 技術迭代與應用場景拓展將驅動智能終端市
products closely align with customer needs fully support 場迎來新一輪的增長，本集團將攜手海內外the upgrade of customer products and continuously 客戶，把握行業增長機遇，推動業務持續發strengthen its leading position in the smart terminal sector. 展。
In addition the Group will seize the AI development
opportunities by deploying new AI-enabled devices and
actively expanding into high-value promising new product
categories and markets. In the future the iteration of AI
technology and the expansion of application scenarios will
drive a new round of growth in the smart terminal market.The Group will work with domestic and international
customers to seize industry growth opportunities and
promote sustainable business development.In terms of AI comput ing infrastructure the rapid AI算力基礎設施業務方面，AI技術快速演進evolution of AI technology and the accelerating pace of 及全球數字化進程持續提速，算力需求呈指global digitalization have driven exponential growth in 數級增長，推動AI數據中心市場進入快速computing power demand propelling the AI data center 擴張階段。本集團在AI算力基礎設施領域and AI server markets into a phase of rapid expansion. 前瞻性投入研發資源，已構建涵蓋服務器、The Group has proactively invested R&D resources in 液冷系統、電源和高速互聯等產品的戰略性
AI computing infrastructure establishing a strategic 佈局，將受益於龐大的市場增量。二零二六portfolio encompassing servers liquid cooling systems 年，受益於算力需求持續攀升，本集團AI算power supplies and high-speed connectivity products. 力基礎設施業務將進入高速增長通道。本集This positioning will enable the Group to capitalize on 團的服務器業務將迎來強勁增長，液冷產品substantial market growth opportunities. In 2026 driven 將進入規模化量產階段。同時，本集團將積by the sustained growth in computing power demand the 極拓展海內外新客戶，加快電源、高速互聯Group’s AI computing infrastructure business will enter a 等新產品落地，打造業務的增長新引擎。
phase of rapid expansion. The Group’s AI server business
is poised for robust growth and liquid cooling products
will enter the scaled mass production stage. At the same
time the Group will actively expand new customers both
domestically and internationally accelerate the launch of
new products such as power supplies and high-speed
connectivity and create a new growth engine for the
business.Annual Report 2025二零二五年年報57
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 Year the Group’s revenue increased by 3.46% as 年內，營業額較二零二四年增加3.46%，主要是新compared to that of 2024 mainly attributable to the growth of NEV 能源汽車業務增加所致。母公司權益持有人應佔溢business. The profit attributable to equity holders of the parent 利較去年同期下降18.97%，主要為產品結構變化導company decreased by 18.97% as compared to the previous 致毛利率下滑。
year mainly attributable to the change of product structure which
led to the decline in gross profit margin.Segmental Information 分部資料
The following charts set out comparisons of the Group’s revenue 下圖為本集團於截至二零二五年及二零二四年十二
by product categories and locations of customers for the years 月三十一日止年度按產品類別和客戶所在地分析的
ended 31 December 2025 and 2024: 營業額比較：
Revenue Breakdown by Product Categories Revenue Breakdown by Locations of Customers按產品類別劃分的營業額按客戶所在地劃分的營業額
19.230.5
2025202420252024
%%
1.47
2025202420252024
二零二五年二零二四年二零二五年二零二四年
Automobiles and Mobile handset PRC (including Hong Overseas
related products and components assembly Kong Macau and 境外
other products and other products Taiwan)
汽車、汽車相關產品及手機部件、組裝及其他中國（包括港澳台地區）其他產品產品
38.65%
61.35%
28.55%
5%
4%.4579
1%
68
80.58 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
Gross Profit and Margin 毛利及邊際利潤
During the Year the Group’ s gross profit decreased by 本集團年內的毛利約下降5.56%至約人民幣142660
approximately 5.56% to approximately RMB142660 million. Gross 百萬元。毛利率由二零二四年約19.44%下降至年內profit margin decreased from approximately 19.44% in 2024 to 約17.74%。毛利率較二零二四年下降，主要是產品approximately 17.74% during the Year. The gross profit margin 結構變化所致。
decreased in comparison with 2024 mainly attributable to the
change of product structure.Liquidity and Financial Resources 流動資金及財務資源
During the Year BYD recorded an operating cash inflow 年內，比亞迪錄得經營現金流入約人民幣59136百of approximately RMB59136 million compared with that of 萬元，而二零二四年則錄得經營現金流入約人民幣approximately RMB133454 million in 2024. The decrease in cash 133454百萬元。本集團期內現金流入減少主要是inflow of the Group during the Period was mainly attributable to 購買商品、接受勞務支付的現金增加所致。於二零the increase in the cash paid for purchase of goods and receipt 二五年十二月三十一日的總借貸包括全部銀行貸款
of services. Total borrowings as at 31 December 2025 including 及債券，約為人民幣113435百萬元，而二零二四all bank loans and bonds were approximately RMB113435 年十二月三十一日的總借貸包括銀行貸款，約為人million compared with approximately RMB28584 million of total 民幣28584百萬元。銀行貸款及債券的到期還款期borrowings as at 31 December 2024 including all bank loans. 限分佈在五年期間，分別須於一年期內償還約人民The maturity profile of the bank loans and bonds thereof spreads 幣47732百萬元，於第二至五年期內償還約人民幣over a period of five years with approximately RMB47732 million 65703百萬元。本集團借款需求不受季節性影響，repayable within one year and approximately RMB65703 million 且本集團擁有足夠的流動性以滿足日常流動資金管
repayable within the second to the fifth years. The Group’s 理及資本開支需求。
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 year ended 31 December 2025 turnover period of 截至二零二五年十二月三十一日止年度，應收類款receivables (including trade receivables contract assets and 項（含應收賬款、合同資產、應收款項融資）週轉期
receivables financing) was approximately 29 days as compared 約為29天，二零二四年約為35天，變化的主要原因to approximately 35 days in 2024 which was mainly due to the 為應收賬款平均餘額的同期增幅比營業收入的同期
fact that the increase of trade receivables balance in average 增幅小所致。截至二零二五年十二月三十一日止年was lower than that of sales revenue over the same period. The 度，存貨週轉期約為72天，二零二四年約為61天，inventory turnover period was approximately 72 days for the year 變化的主要原因為海外業務增加，海運周期長，導ended 31 December 2025 as compared to approximately 61 days. 致存貨平均餘額的同期增幅比營業成本的同期增幅
The primary cause is the expansion of overseas operations and 大。
prolonged shipping cycles which has led to a higher year-on-year
growth rate in average inventory than in cost of goods sold.Please refer to notes 24 32 33 34 35 and 39 to the financial 有關財務資源的詳情，請參閱財務報表附註24、statements for details of financial resources. 32、33、34、35、39。Annual Report 2025二零二五年年報59
Management Discussion and Analysis管理層討論與分析
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implemented and approved by senior management of the Group. 二零二五年十二月三十一日，借貸主要以人民幣結As at 31 December 2025 borrowings were primarily settled in 算，而其現金及現金等價物則主要以人民幣及美元RMB while cash and cash equivalents were primarily held in RMB 持有。本集團計劃於期內維持適當的股本及債務組and US dollar. The Group plans to maintain an appropriate mix of 合，以確保具備有效的資本架構。於二零二五年十equity and debt to ensure an efficient capital structure during the 二月三十一日，本集團未償還貸款均為人民幣貸period. As at 31 December 2025 all of the Group’s outstanding 款，且該等未償還貸款中約有43%（二零二四年：loans were RMB loans and approximately 43% (2024: 70%) of 70%）按固定息率計息，而餘下部分則按浮動息率計such outstanding loans were at fixed interest rates with the 息。
remaining at floating interest rates.The Group monitors capital using a gearing ratio which is net debt 本集團透過使用資本負債比率（即負債淨額除以權divided by equity. The Group’s policy is to maintain the gearing 益）監管其資本。本集團的政策為盡量維持低資本ratio as low as possible. Net debt includes interest-bearing bank 負債比率。負債淨額包括計息銀行及其他借款並扣borrowings and other borrowings less cash and cash equivalents. 除現金及現金等價物。權益為母公司擁有人應佔權Equity represents equity attributable to owners of the parent. 益。因此，本集團於二零二五年十二月三十一日及Therefore the gearing ratios of the Group were 25% and -36% as 二零二四年十二月三十一日的資本負債比率分別為
at 31 December 2025 and 31 December 2024 respectively. 25%及-36%。
As at 31 December 2025 cash and bank balances with carrying 於二零二五年十二月三十一日，賬面價值為人民幣amount of RMB2029690000 (31 December 2024: RMB0) 2029690千元（二零二四年十二月三十一日：0）的
were subject to restrictions as deposits of bank acceptance 貨幣資金作為銀行承兌匯票出票保證金，另有人民bil ls. Additionally RMB4667860000 (31 December 2024: 幣4667860千元（二零二四年十二月三十一日：人RMB204057000) of cash and bank balances were subject to 民幣 204057千元）的貨幣資金作為信用保證金、投
restrictions as guarantee deposits bid bonds and others. 標保證金及其他受限性質而受限。
Exposure to Foreign Exchange Risk 外匯風險
Most of the Group’s income and expenditure are settled in 本集團大部分收入及開支均以人民幣及美元結算。
RMB and US dollars. The Group enters into derivative financial 本集團與銀行訂立了衍生金融工具合同，為外匯遠instruments contracts which are the foreign currency forward 期合同，以減低其匯率風險敞口。有關詳情，請參contracts with banks to reduce its exchange rate risk exposure. 閱本報告財務報表附註十一 .3。期內，本集團並無For further details please refer to note XI. 3 to the financial 因貨幣匯率的波動而令其營運或流動資金出現任何
statements for details. During the period the Group did not 重大困難或影響。董事相信，本集團將有充足外幣experience any significant difficulties in or impacts on its 應付其外匯需要，並將採取切實有效的方法防範外operations or liquidity due to fluctuations in currency exchange 匯匯兌風險。
rates. The Directors 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.60 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
Employment Training and Development 僱用、培訓及發展
As at 31 December 2025 the Group had approximately 於二零二五年十二月三十一日，本集團僱用約86.96
869.6 thousand employees. During the period total staff cost 萬名僱員。期內，員工成本總額佔本集團營業額約
accounted for approximately 15.94% of the Group’s turnover. 15.94%。本集團按僱員的表現、資歷及當時的行Employees’ remuneration was determined based on performance 業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 their annual performance
evaluation. Incentives were offered to encourage personal
motivation.Business competition is rooted in talent and talent is the 企業的競爭歸根到底是人才的競爭，人才是本集團most valuable asset of the Group. The Group is committed to 最寶貴的財富。本集團堅持人才的自主培養，設立independent talent training establishes a professional skilled 覆蓋全體員工的人才培養機制，不斷完善多層次、talent development mechanism covering all employees and 分類型的人才培養體系。
continuously enhances its multi-level and categorised talent
training system.
(1) Empowerment of new employees (1) 新員工賦能
The Group has launched the “Future Star” Graduate 本集團為應屆生量身打造「明日之星」應屆
Training Camp for recent graduates and established a 生訓練營，建立了涵蓋集團、事業群、事comprehensive onboarding training system that covers 業部、部門、崗位5大層級的新員工培訓體
five levels namely group business group business unit 系，並通過應屆生參觀比亞迪歷史博物館、department and position. We organize visits to BYD History 導師帶教等方式，關注應屆生的融入與成Museum for recent graduates and provide mentorship 長，幫助應屆生快速實現從校園人到職場人programs focusing on their integration and growth and 的轉身。
ensuring a smooth transition from campus to the workplace.The Group upholds a talent training philosophy that 本集團堅持訓戰結合的人才培養理念，在實integrates learning and practice enhancing the capabilities 戰中提升應屆生能力。敢用應屆生、善用應of recent graduates through hands-on simulations. The 屆生，安排應屆生進項目、擔課題、接任Group is bold in employing recent graduates and unlocks 務，有機會承擔項目關鍵角色，為集團的快their potential by assigning them to projects entrusting 速發展做出重要貢獻。
them with tasks and offering them opportunities to take
on critical roles which enables them to make significant
contributions to the Group’s rapid growth.Annual Report 2025二零二五年年報61
Management Discussion and Analysis管理層討論與分析
(2) Cultivation of management talent (2) 管理人才培養
The Group continuously provides management training for 本集團面向基層、中層、高層管理人員持續
primary level middle management and senior executives. 開展管理人才培訓。各事業部在集團引領方Each business unit under the guidance of the Group has 向的基礎上，結合業務和員工需求，開展面organised talent training programs based on business 向不同管理層級的人才培訓項目，包括「班needs and employee requirements which include various 組先鋒訓練營」、「科長╱車間主任培訓」、
management training programs for different levels such 「經理研習班」等多個管理人才培訓項目。
as the “Team Leader Pioneer Training Camp” “SectionManager/Workshop Director Training” and the “ManagerStudy Program”.* Team Leader Pioneer Training Camp * 班組先鋒訓練營
The team leader serves as the manager of the 班組長是生產一線最小生產單位的管
smallest frontl ine production unit. The overall 理者，班組長的綜合素質、崗位認知competence positional awareness and mindset 和精氣神直接影響著生產運營結果，of the team leaders directly impact operating 本集團高度重視班組長的管理能力，performance. The Group places great emphasis 持續開展「班組先鋒訓練營」系列培
on strengthening team leaders’ management 訓，為班組長提供標準化的培訓內capabilities and has continuously launched a series 容，全面提升班組長的管理與領導能of training programs of the “Team Leader Pioneer 力。Training Camp” providing standardised training for
team leaders and enhancing their management and
leadership skills comprehensively.
(3) Skilled talent training (3) 技能人才培養
Based on the Company’s business development the Group 本集團立足公司業務發展，根據產業特點、has established a skilled talent development channel 崗位特點，搭建特色技能人才發展通道，更tailored to industry and position-specific characteristics 好的激勵員工的發展。在搭建技能人才專業to better incentivize employee growth. While building a 發展通道的同時，繼續深化技能人才的自主skilled talent development channel the Group continues to 培養體系，積極探索並實踐多元化的培養模deepen our independent training system for skilled talent 式。本集團聚焦集團發展的關鍵技能與緊缺actively exploring and applying diversified training models. 技能崗位，通過「師帶徒」、特色專班、校企The Group focuses on key skills and in-demand skilled 合作等方式，構建全鏈條式管理技能人才。
positions for the Group’s development and builds full-chain management skilled talent through “mentoring andapprenticeship” special classes and school-enterprise
cooperation.In 2025 the Group internally trained over 62000 skilled 二零二五年，本集團已內部培養6.2萬餘技talent. 能人才。
(4) Construction of digital learning platform (4) 數字化學習平台建設
The Group actively advances the construction of digital 本集團積極推進數字化人才培養平台的建設
talent development platforms. It has established an online 工作，搭建了E-learning在線學習平台，讓learning platform E-learning enabling employees to access 員工隨時、隨地都可以獲取知識，也通過在knowledge anytime and anywhere. The platform also 線學習平台為比亞迪知識的萃取、經驗的傳
serves as a tool to share the knowledge and experience of 承，實現了100%培訓覆蓋。
BYD achieving 100% training coverage.62 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
Furthermore the Group also adopted the 2022 Employee Share 此外，本集團亦已採納二零二二年員工持股計劃、Ownership Plan 2024 Employee Share Ownership Plan and 2025 二零二四年員工持股計劃及二零二五年員工持股計
Employee Share Ownership Plan which were approved by the 劃，均已獲本公司股東分別於二零二二年五月二十Shareholders at the extraordinary general meeting of the Company 七日、二零二四年十一月五日及二零二五年四月十
held on 27 May 2022 5 November 2024 and 15 April 2025 五日舉行的臨時股東會上批准。有關二零二二年員respectively. For further details of the 2022 Employment Share 工持股計劃、二零二四年員工持股計劃及二零二五
Ownership Plan 2024 Employee Share Ownership Plan and 2025 年員工持股計劃的進一步詳情，請分別參閱本報告Employee Share Ownership Plan please refer to the sections 以下「二零二二年員工持股計劃」、「二零二四年員工
headed “2022 Employee Share Ownership Plan” “2024 Employee 持股計劃」及「二零二五年員工持股計劃」章節。Share Ownership Plan”and “2025 Employee Share OwnershipPlan” below of this report respectively.SHARE CAPITAL STRUCTURE 股本組成
2024 Prof i t Distr ibut ion Plan and Capital Reserve 二零二四年度利潤分配及資本公積金轉增股本方
Capitalization Plan 案
Reference is made to the announcements of the Company dated 茲提述本公司日期為二零二五年四月二十二日及二
22 April 2025 and 6 June 2025 and the circular of the Company 零二五年六月六日的公告以及本公司日期為二零二
dated 7 May 2025 in relation to the amendments of the 2024 Profit 五年五月七日的通函，內容有關修訂董事會於二零Distribution Plan approved by the Board on 24 March 2025 (which 二五年三月二十四日批准的二零二四年度利潤分配involves the distribution of the 2024 final dividend of the Company 方案（涉及分派本公司二零二四年度末期股息，進一as further detailed in the annual results announcement the 2024 步詳情載於日期為二零二五年三月二十四日的年度annual report of the Company and the final dividend form dated 業績公告、本公司二零二四年年報及末期股息表格）
24 March 2025) and the 2024 Profit Distribution Plan and Capital 以及涉及分派二零二四年度末期股息、紅股發行及
Reserve Capitalization Plan which involves the distribution of the 資本化發行的二零二四年度利潤分配及資本公積金
2024 final dividend the Bonus Issue and Capitalization Issue. 轉增股本方案。
Having considered factors including the operation and financial 鑒於本公司整體經營及財務狀況等因素，為與全體conditions of the Company as a whole and in order to share the 股東分享本公司經營發展成果，董事會於二零二五results of the operation and development of the Company with all 年四月二十二日舉行的董事會會議上通過《關於審議Shareholders the Board passed the “Resolution on 2024 Profit 公司二零二四年度利潤分配及資本公積金轉增股本Distribution Plan and Capital Reserve Capitalization Plan 《( 關 方案的議案》以推薦採納二零二四年度利潤分配及資
於審議公司二零二四年度利潤分配及資本公積金轉增股本方案的議本公積金轉增股本方案如下：以二零二五年四月二案》)” at a Board meeting held on 22 April 2025 to recommend the 十二日的股份總數3039065855股為基數，adoption of the 2024 Profit Distribution Plan and Capital Reserve
Capitalization Plan as follows: based on the total number of issued
Shares of 3039065855 as at 22 April 2025 with
(1) distribution of a cash dividend of RMB39.74 per ten (1) 向全體股東每十(10)股股份派現金股息人民
(10) Shares (including tax) to all Shareholders with the 幣39.74元（含稅）；本公司向全體股東分派
total amount of cash dividends to be distributed by 的現金紅利總額約為人民幣12077248千
the Company to all Shareholders being approximately 元；
RMB12077248000;Annual Report 2025二零二五年年報63
Management Discussion and Analysis管理層討論與分析
(2) issue of Bonus Shares on the basis of eight (8) Bonus (2) 按每持有十(10)股已發行股份獲發八(8)股紅
Shares for every ten (10) Shares in issue; and 股之基準發行紅股；及
(3) issue of Shares on the basis of twelve (12) Capitalization (3) 按每持有十(10)股已發行股份獲發十二(12)
Shares for every ten (10) Shares in issue by way of 股資本化發行股份之基準以資本公積金轉增
capitalization of capital reserve. 股本方式發行股份。
The 2024 Pro f i t D is t r ibu t ion P lan and Capi ta l Reserve 本公司股東於二零二五年六月六日舉行的本公司股
Capitalization Plan was approved by the shareholders of the 東週年大會上批准二零二四年度利潤分配及資本公
Company at the annual general meeting of the Company held on 積金轉增股本方案。於二零二五年七月二十九日：
6 June 2025. On 29 July 2025:
(i) an aggregate of approximately RMB12077248000 was (i) 合計分派約人民幣12077248千元作為二零
distributed as the 2024 final dividend; 二四年度末期股息；
(ii) 2431252684 new shares (comprising 1449012684 (ii) 根據紅股發行配發 2 4 3 1 2 5 2 6 8 4股新Bonus A Shares and 982240000 Bonus H Shares) were 股份（包括 1 449 012 684股A股紅股及allotted under the Bonus Issue; and 982240000股H股紅股）；及
(iii) 3646879026 new shares (comprising 2173519026 (iii) 根據資本化發行配發3646879026股新股Capitalization A Shares and 1473360000 Capitalization H 份（包括2173519026股資本化發行Ａ股及Shares) were allotted under the Capitalization Issue. 1473360000股資本化發行H股）。
Immedia te ly upon comple t ion o f the Bonus Issue and 緊隨紅股發行及資本化發行完成後，因合共增加Capitalization Issue the total number of Shares in issue of the 6078131710股新股份（包括3622531710股Company was increased to 9117197565 Shares (comprising 新A股及2455600000股新H股），故本公司已
5433797565 A Shares and 3683400000 H Shares) as a result 發行股份總數增加至9117197565股股份，包括
of the increase of an aggregate of 6078131710 new Shares 5433797565股A股及3683400000股H股。
(comprising 3622531710 new A Shares and 2455600000 new
H Shares).For further details of the 2024 Profit Distribution Plan and Capital 有關二零二四年度利潤分配及資本公積金轉增股本
Reserve Capitalization Plan please refer to the announcements 方案的進一步詳情，請參閱本公司日期為二零二五of the Company dated 22 April 2025 and 6 June 2025 and the 年四月二十二日及二零二五年六月六日的公告以及
circular of the Company dated 7 May 2025. 本公司日期為二零二五年五月七日的通函。
Change of Board Lot Size 更改每手買賣單位
Reference is made to the announcement of the Company dated 茲提述本公司日期為二零二五年八月二十九的公
29 August 2025 in relation to the change of board lot size of the 告，內容有關本公司H股於香港聯交所買賣的每手H Shares for trading on the Hong Kong Stock Exchange from 買賣單位由500股H股更改為100股H股（「更改每
500 H Shares to 100 H Shares (the “Change of Board Lot Size”). 手買賣單位」）。更改每手買賣單位已於二零二五年
The Change of Board Lot Size has been effective from 9:00 a.m. 九月十九日（星期五）上午九時正起生效。董事會認on Friday 19 September 2025. The Board is of the view that the 為，更改每手買賣單位所導致的每手買賣單位價值reduction in board lot value resulting from the Change in Board 降低，可提升H股的流動性並擴大本公司的股東基Lot Size may improve the liquidity of the H Shares and broaden 礎，且認為更改每手買賣單位符合本公司及股東的the Company’s shareholders base and is of the view that the 整體利益。進一步詳情請參閱本公司日期為二零二Change in Board Lot Size is in the interest of the Company and 五年八月二十九日的公告。
the Shareholders as a whole. For further details please refer to
the announcement of the Company dated 29 August 2025.64 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
As at 31 December 2025 the share capital of the Company was 於二零二五年十二月三十一日，本公司的股本如as follows: 下：
Number of Approximate
shares issued percentage (%)
已發行股份數目約佔百分比(%)
A Shares A股 5433797565 59.60%
H Shares H股 3683400000 40.40%
Total 總數 9117197565 100.00%
2022 EMPLOYEE SHARE OWNERSHIP PLAN 二零二二年員工持股計劃
Reference is made to the announcement dated 22 April 2022 茲提述本公司日期為二零二二年四月二十二日的公and the circular dated 5 May 2022 (the “2022 Circular”) of 告及日期為二零二二年五月五日的通函（「二零二二the Company in relation to among others the adoption of the 年通函」），內容有關（其中包括）採納員工持股計劃Employee Share Ownership Plan (draft) (the “2022 ESOP” or （草案）（「二零二二年員工持股計劃」）。本公司股東the “2022 Employee Share Ownership Plan”). The adoption 於本公司二零二二年五月二十七日舉行的臨時股東
was approved by the Shareholders at the extraordinary general 大會上批准採納。
meeting of the Company held on 27 May 2022.The 2022 Employee Share Ownership Plan is a discretionary 二零二二年員工持股計劃為本公司的一項酌情員工
employee share ownership plan of the Company and does not 持股計劃，並不涉及授出發行新股份或本公司任何involve the grant of options to issue new Shares or any other new 其他新證券的期權。
securities of the Company.The 2022 Employee Share Ownership Plan is beneficial for 二零二二年員工持股計劃有利於本公司建立和完善
the Company to establish and improve the benefit sharing 利益共享機制，提高員工凝聚力和本公司競爭力，mechanism enhance the cohesion of employees and the 實現企業的長遠可持續發展。參與對象包括本公司competi t iveness of the Company real iz ing i ts long-term 的時任職工代表監事、高級管理人員以及本集團的
sustainable development. Participants include the then-employee 中層管理人員、核心骨幹員工，不包括本公司董事representative supervisors senior management of the Company 及最高行政人員及其聯繫人，參與二零二二年員工middle level management and core backbone employees of 持股計劃的總人數不超過12000人，單個員工所持the Group (other than the Directors and chief executives of the 員工持股計劃份額所對應的股票總數累計不超過公
Company and their respective associates). The total number of 司股本總額的1%。二零二二年員工持股計劃通過非participants of the 2022 Employee Share Ownership Plan shall not 交易過戶等法律法規允許的方式受讓公司回購的公
exceed 12000 persons. The entitlement of each participant under 司A股股票，受讓價格為人民幣0元╱股，參與對象the 2022 Employee Share Ownership Plan should not exceed 無需出資。
1% of total share capital of the Company. The 2022 Employee
Share Ownership Plan transfers the A Shares of the Company
repurchased through non-trading transfer and other methods
permitted by laws and regulations. The transfer price is RMB0 per
share and the participants do not need to make payments.Annual Report 2025二零二五年年報65
Management Discussion and Analysis管理層討論與分析
5511024 A Shares held in the Company’ s special repurchase 公司通過回購專用證券賬戶所持有的5511024股A
securities account were fully granted on 15 July 2022 accounting 股股票已於二零二二年七月十五日全部完成授予，for 0.19% of the Company’ s total shares of 2911142855 佔截至二零二二年十二月三十一日止本公司總股份
for the year end 31 December 2022. The closing price of the 數目2911142855股的0.19%。緊接授予日前一交Company’s A shares was RMB323.00 per share on the trading 易日公司A股股票收盤價為人民幣323.00元╱股。
day immediately preceding the grant date.The first second and third lock-up periods of the 2022 ESOP 二零二二年員工持股計劃的第一個、第二個及第三
expired on 15 July 2023 15 July 2024 and 15 July 2025 個鎖定期已分別於二零二三年七月十五日、二零二
respectively. 40% of the total number of shares of the Company 四年七月十五日及二零二五年七月十五日屆滿。第maintained under the 2022 ESOP were vested during the 三個鎖定期已解鎖比例為二零二二年員工持股計劃
third lock-up period which correspond to 2204410 A Shares 持有公司股票總數的40%，對應的標的股票數量為representing approximately 0.073% of the total number of shares 2204410股A股股票，佔二零二二年員工持股計劃of the Company of 3039065855 as at the expiry date of the third 第三個鎖定期屆滿日（二零二五年七月十五日）公司
lock-up period under the 2022 ESOP (15 July 2025). The weighted 總股份數目3039065855股的0.073%。於解鎖日average closing price of the Company’s A shares was RMB318.49 前一交易日，本公司A股股票的加權平均收盤價為人per share on the trading day immediately preceding the vesting 民幣318.49元╱股。
date.As the A Shares held under the 2022 ESOP had all been sold 由於二零二二年員工持股計劃所持有的A股股票已於
on 18 July 2025 the assets held were all monetary funds. 二零二五年七月十八日全部出售完畢，所持資產已The Company terminated the 2022 ESOP and completed the 均為貨幣資金，公司根據相關法律法規和上述員工liquidation of related assets and other work in accordance with 持股計劃相關的規定提前終止上述員工持股計劃及
relevant laws and regulations and the relevant provisions of the 完成了相關資產清算等工作。
2022 ESOP ahead of schedule.66 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
2024 EMPLOYEE SHARE OWNERSHIP PLAN 二零二四年員工持股計劃
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 （「二零二四年通函」），內容有關（其中包括）採納本the adoption of the 2024 Employee Share Ownership Plan (Draft) 公司二零二四年員工持股計劃（草案）（「二零二四年of the Company (“2024 ESOP” or the “2024 Employee Share 員工持股計劃」）。本公司股東於本公司二零二四年Ownership Plan”) which was approved by the shareholders of 十一月五日舉行的臨時股東會上批准採納。
the Company at the extraordinary general meeting 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（「標的permitted by laws and regulations (“Underlying Shares”). The 股票」）。標的股票以「份」作為認購單位，每份份額Underlying Shares are divided into “units” for subscription and 的認購價格為每股A股股票人民幣1.00元。二零二the subscription price for each unit is RMB1.00 per A Share. The 四年員工持股計劃份額合計不超過22000萬份，涉aggregate number of units of the 2024 ESOP shall not exceed 220 及的資金總額不超過人民幣22000萬元。資金來源million and the total amount of subscription funds involved shall 為員工合法薪酬、自籌資金以及法律、行政法規允
not exceed RMB220 million. The sources of funds shall be the 許的其他方式。本公司不以任何方式為二零二四年employees’ legitimate remuneration self-raised funds and other 員工持股計劃的參與對象提供財務資助或為其貸款
sources permitted by laws and regulations. The Company does 提供擔保，亦不涉及第三方為員工參加二零二四年not provide financial assistance of any form to the Participants or 員工持股計劃提供獎勵、資助、補貼、兜底等安排。
guarantees for their loans nor does it 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.Annual Report 2025
二零二五年年報67
Management Discussion and Analysis管理層討論與分析
A total of 664755 A Shares (The Company completed the 二零二四年員工持股計劃已累計購買664755股A股
implementation of the 2024 Profit Distribution Plan and Capital 股票。本公司於二零二五年七月二十九日實施完成Reserve Capitalization Plan on 29 July 2025. For details please 二零二四年度利潤分配方案及資本公積金轉增股本refer to the section “2024 Profit Distribution Plan and Capital 方案，具體請參閱本年報「二零二四年度利潤分配方Reserve Capitalization Plan” in this annual report. Upon the 案及資本公積金轉增股本方案」一節。前述利潤分配completion of the aforementioned profit distribution and capital 及資本公積轉增股本方案實施完成後，二零二四年reserve capitalization plan the total number of A Shares 員工持股計劃累計購買A股股票數量由664755股A
purchased under the 2024 ESOP has been adjusted from 664755 股變更至1994265股A股，佔於本年報日期本公司A Shares to 1994265 A Shares) had been purchased under the 已發行股份總數的0.0219%。單個員工所持二零二
2024 ESOP representing 0.0219% of the total number of shares 四年員工持股計劃份額對應的股票總數累計不超過
of the Company in issue as at the date of this annual report. The 公司已發行股本總額的1%。二零二四年員工持股計total number of Shares held by each individual employee of the 劃第一個鎖定期已於二零二五年十一月二十七日屆
Company corresponding to his/her interests in the unit of the 2024 滿，已解鎖比例為二零二四年員工持股計劃持有公ESOP shall not in aggregate exceed 1% of the total issued share 司股票總數的20%，對應的標的股票數量398853capital of the Company cumulatively. The first lock-up period of 股A股股票（對應為二零二四年度利潤分配方案及資the 2024 ESOP expired on 27 November 2025 and 20% of the 本公積金轉增股本方案實施完成後的股票數量），佔total number of shares of the Company maintained under the 本公司於本報告日期已發行股份總數的0.0044%。
2024 ESOP were vested which corresponds to 398853 A Shares 於解鎖日前一交易日，本公司A股股票的加權平均收
(corresponding to the number of shares after the completion of 盤價為人民幣95.09元╱股。
the 2024 Profit Distribution Plan and Capital Reserve Capitalization
Plan) representing 0.0044% of the total number of shares of
the Company in issue as at the date of this annual 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 and the Company announces the completion of 本公司公告最後一筆標的股票購買完成之日（二零二purchase of the last tranche of the Underlying Shares which is 四年十一月二十七日）起算。因此，截至二零二五年
27 November 2024. Thus the remaining life of the 2024 ESOP is 十二月三十一日，二零二四年員工持股計劃剩餘期
about 59 months as at 31 December 2025. If not extended the 限約為59個月。倘未經延長，二零二四年員工持股
2024 ESOP will be terminated automatically upon the expiry of its 計劃將在存續期屆滿後自動終止。
term.
2025 EMPLOYEE SHARE OWNERSHIP PLAN 二零二五年員工持股計劃
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）（「二零二五the Company (“2025 ESOP”). The adoption was approved by the 年員工持股計劃」）。本公司股東於本公司二零二五shareholders of the Company at the extraordinary general meeting 年四月十五日舉行的臨時股東會上批准採納。
of the Company held on 15 April 2025.68 BYD Company Limited比亞迪股份有限公司
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 and 二零二五年員工持股計劃有利於本公司建立和完善
improve the benefit sharing mechanism improve the corporate 利益共享機制，完善企業管治結構，提高員工凝聚governance structure enhance the cohesion of employees 力和本公司競爭力，實現企業的長遠可持續發展。
and the competitiveness of the Company realizing its long- 參與對象包括本公司時任職工代表監事、高級管理
term sustainable development. Participants include the then- 人員、本集團中層管理人員及核心骨幹員工，不包employee representative supervisors and senior management of 括本公司控股股東、持股5%以上股東、實際控制
the Company and the middle management and core employees 人、董事及最高行政人員及其聯繫人。參與對象的of the Group and do not include the controlling shareholder 總人數不超過25000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 25000 persons.The 2025 ESOP involves A Shares purchased in the secondary 二零二五年員工持股計劃涉及通過二級市場購買（包market ( including but not l imi ted to central ized bidding 括但不限於集中競價交易、大宗交易等）等法律法transactions block transactions etc.) and other methods 規許可的方式取得並持有本公司A股股票（「二零二permitted by laws and regulations (the “2025 ESOP Underlying 五年員工持股計劃標的股票」）。二零二五年員工持Shares”). The 2025 ESOP Underlying Shares are divided into 股計劃標的股票以「份」作為認購單位，每份份額的“units” for subscription and the subscription price for each unit is 認購價格為人民幣1.00元。二零二五年員工持股計RMB1.00. The aggregate number of units of the 2025 ESOP shall 劃份額合計不超過410000萬份，涉及的資金總額not exceed 4100 million and the total amount of subscription 不超過人民幣410000萬元。資金來源為集團提取funds involved shall not exceed RMB4100 million. The sources 的激勵基金、員工合法薪酬、員工自籌資金以及法
of funds shall be the incentive fund withdrawn by the Group the 律、行政法規允許的其他方式。本公司不以任何方legitimate remuneration of employees the self-raised funds of 式為二零二五年員工持股計劃的參與對象提供財務
employees and other sources permitted by laws and regulations. 資助或為其貸款提供擔保，亦不涉及第三方為員工The Company does not provide financial assistance of any form 參加二零二五年員工持股計劃提供獎勵、資助、補
to the participants or guarantees for their loans nor does it 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 2025 ESOP.Annual Report 2025二零二五年年報69
Management Discussion and Analysis管理層討論與分析
A total of 10714990 A Shares (The Company completed 於本報告期內，二零二五年員工持股計劃累計購the implementation of the 2024 Profit Distribution Plan and 買10714990股A股股票。本公司於二零二五年七the Capital Reserve Capitalization Plan on 29 July 2025. For 月二十九日實施完成二零二四年度利潤分配方案及details please refer to the section “2024 Profit Distribution Plan 資本公積金轉增股本方案，具體請參閱本年報「二and Capital Reserve Capitalization Plan” in this annual report. 零二四年度利潤分配方案及資本公積金轉增股本方
Upon the completion of the aforementioned profit distribution 案」一節。前述利潤分配及資本公積轉增股本方案and Capital Reserve Capitalization Plan the total number of A 實施完成後，二零二五年員工持股計劃累計購買AShares purchased under the 2025 ESOP has been changed 股股票數量由10714990股A股變更至32144970
from 10714990 A Shares to 32144970 A Shares) had been 股A股，佔於本年報日期本公司已發行股份總數的purchased under the 2025 ESOP during the reporting period 0.3526%。單個員工所持二零二五年員工持股計劃representing 0.3526% of the total number of issued shares of the 份額對應的股票總數累計不超過本公司已發行股本
Company as at the date of this annual report. The total number 總額的1%。二零二五年員工持股計劃的存續期為48of Shares held by each individual employee of the Company 個月，自二零二五年員工持股計劃經本公司股東會corresponding to his/her interests in the unit of the 2025 ESOP 審議通過且本公司公告最後一筆二零二五年員工持shall not in aggregate exceed 1% of the total issued share capital 股計劃標的股票購買完成之日（二零二五年五月二of the Company. The term of the 2025 ESOP shall be 48 months 十三日）起算。因此，截至二零二五年十二月三十from the date on which the 2025 ESOP was considered and 一日，二零二五年員工持股計劃剩餘期限約為41個approved at the general meeting and the Company announced 月。倘未經延長，二零二五年員工持股計劃將在存the completion of purchase of the last tranche of the 2025 ESOP 續期屆滿後自動終止。
Underlying Shares which is 23 May 2025. Thus the remaining life
of the 2025 ESOP is about 41 months as of 31 December 2025.If not extended the 2025 ESOP will be terminated automatically
upon the expiry of its term.As the 2022 ESOP the 2024 ESOP and the 2025 ESOP only 由於二零二二年員工持股計劃、二零二四年員工持
involve existing Shares no new Shares may be issued pursuant 股計劃及二零二五年員工持股計劃僅涉及現有股
to the 2022 ESOP 2024 ESOP and/or 2025 ESOP. The number 份，故概不會根據二零二二年員工持股計劃及╱或of Shares that may be issued under the 2022 Employee Share 二零二四年員工持股計劃及╱或二零二五年員工持
Ownership Plan the 2024 ESOP and the 2025 ESOP during the 股計劃發行新股份。於二零二五財政年度根據二零financial year of 2025 divided by weighted average number of 二二年員工持股計劃、二零二四年員工持股計劃及
Shares in issue for the financial year of 2025 is nil. 二零二五年員工持股計劃可能發行的股份數目除以二零二五財政年度已發行股份的加權平均數為零。
For details of the 2022 ESOP the 2024 ESOP and the 2025 有關二零二二年員工持股計劃，二零二四年員工持ESOP please refer to the table below and note 13 to the financial 股計劃及二零二五年員工持股計劃具體內容詳見下
statements in this report. 方表格以及本報告財務報表附註十三。70 BYD Company Limited比亞迪股份有限公司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 下文載列於本報告期內及直至本報告日期二零二二
the 2022 ESOP the 2024 ESOP and the 2025 ESOP during the 年員工持股計劃、二零二四年員工持股計劃及二零
Reporting Period and up to the date of this report: 二五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 No. of available for
grant (or unvested A grant (or
subscription)/ shares Closing price No. of subscription)/
ungranted granted (or No. of of A shares A shares No. of ungranted
(or subscription) A shares immediately cancelled A shares (or
unsubscribed) during the vested during preceding during lapsed during unsubscribed)
as at 1 January Reporting the Reporting the vesting the Reporting the Reporting as at 31
2025 Period Period date (RMB) Period Period December 2025
於於二零二五年二零二五年一月一日十二月三十一日可供授予於可供授予（或認購）的本報告期內緊接（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 於本報告期內 的A股股票 於本報告期內 於本報告期內 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
2022 Employee Share Ownership Plan 二零二二年員工持股計劃
The then-employee 公司的時任職工代表監事、 0 0 2204410 318.49 0 0 0
representative supervisors and 高級管理人員； (Note 2) (Note 3) (Note 3) (Note 4) (Note 4) (Note 2)
senior management of the Company; 比亞迪集團的中層管理人員、 （附註2） （附註3） （附註3） （附註4） （附註4） （附註2）
middle level management and 核心骨幹員工（附註1）
core backbone employees of
BYD Group (Note 1)
Including: Five highest paid individuals 其中：截至二零二五年十二月 0 0 11422 318.49 0 0 0
during the financial year ended 三十一日止財政年度薪酬最高的 (Note 2) (Note 3) (Note 3) (Note 4) (Note 4) (Note 2)
31 December 2025 前五名僱員 （附註2） （附註3） （附註3） （附註4） （附註4） （附註2）
2024 Employee Share Ownership Plan 二零二四年員工持股計劃
Middle level management and 比亞迪集團的中層管理人員及 0 0 398853 95.09 0 0 0
core backbone employees of 核心骨幹員工（附註1） (Note 5) (Note 5) (Note 6) (Note 6) (Note 4) (Note 4) (Note 5)
BYD Group (Note 1) （附註5） （附註5） （附註6） （附註6） （附註4） （附註4） （附註5）
Including: Five highest paid individuals 其中：截至二零二五年十二月 0 0 0 N/A 0 0 0
during the financial year ended 三十一日止財政年度薪酬最高的 (Note 5) (Note 5) (Note 6) 不適用 (Note 4) (Note 4) (Note 5)
31 December 2025 前五名僱員 （附註5） （附註5） （附註6） (Note 6) （附註4） （附註4） （附註5）（附註6）
2025 Employee Share Ownership Plan 二零二五年員工持股計劃
The then-employee 公司的時任職工代表監事、 N/A 32144970 0 N/A 0 0 0
representative supervisors and 高級管理人員 不適用 (Note 7) (Note 7) 不適用 (Note 4) (Note 4) (Note 7)
senior management of the Company 比亞迪集團的中層管理人員及 (Note 7) （附註7） （附註7） (Note 7) （附註4） （附註4） （附註7）
Middle level management and 核心骨幹員工（附註1） （附註7） （附註7）
core backbone employees of
BYD Group (Note 1)
Including: Five highest paid individuals 其中：截至二零二五年十二月 N/A 37775 0 N/A 0 0 0
during the financial year ended 三十一日止財政年度薪酬最高的 不適用 (Note 7) (Note 7) 不適用 (Note 4) (Note 4) (Note 7)
31 December 2025 前五名僱員 (Note 7) （附註7） （附註7） (Note 7) （附註4） （附註4） （附註7）（附註7） （附註7）Annual Report 2025二零二五年年報71
Management Discussion and Analysis管理層討論與分析
Notes: 註：
(1) The participants of the 2022 ESOP 2024 ESOP and 2025 (1) 二零二二年員工持股計劃、二零二四年員工持
ESOP do not include Directors chief executives or substantial 股計劃及二零二五年員工持股計劃參與對象均
Shareholders or their respective associates; or any related 不含本公司董事、最高行政人員或主要股東又
entities or service providers of the Company. There were 或其各自的聯繫人；亦不含本公司關連實體參
no participants who were granted awards exceeding a 1% 與者或服務提供者；沒有任何參與對象獲得超
individual limit. 過1%個人限額的獎勵。
(2) All the 5511024 repurchased A Shares were granted on (2) 5511024股回購A股股票已於二零二二年七月
15 July 2022. The closing price of the Company’s A shares 十五日全部授予。緊接授予日前一交易日本公
was RMB323.00 per share on the trading day immediately 司A股股票收盤價為人民幣323.00元╱股。根preceding the grant date. Pursuant to the appl icable 據適用會計政策及基於授予日期的A股股票收
accounting policy and based on the closing price of A Share of 盤價人民幣338.19元，於授予日期，授予股票RMB338.19 as at the date of grant the fair value of the granted 的公允價值為人民幣1863773206.56元。根shares as at the date of the grant was RMB1863773206.56. 據二零二二年員工持股計劃，二零二二年員工Pursuant to the 2022 ESOP the A Shares under the 2022 持股計劃持有的本公司A股股票分三批解鎖：
Employee Share Ownership Plan would be unlocked in three
tranches:
(a) The first unlocking period shall be of 12 months (a) 第一個解鎖期，自本公司公告最後一筆commencing from the date of the last transfer of A A股股票過戶至二零二二年員工持股計
Shares by the 2022 Employee Share Ownership Plan 劃名下之日起算滿12個月，解鎖數量為and the relevant announcement by the Company with 二零二二年員工持股計劃所持有A股股
the number of shares unlocked being 30% of the total 票總數的30%；
number of A Shares under the 2022 Employee Share
Ownership Plan;
(b) The second unlocking period shall be of 24 months (b) 第二個解鎖期，自本公司公告最後一筆commencing from the date of the last transfer of A A股股票過戶至二零二二年員工持股計
Shares by the 2022 Employee Share Ownership Plan 劃名下之日起算滿24個月，解鎖數量為and the relevant announcement by the Company with 二零二二年員工持股計劃所持有A股股
the number of shares unlocked being 30% of the total 票總數的30%；
number of A Shares under the 2022 Employee Share
Ownership Plan;
(c) The third unlocking period shall be of 36 months (c) 第三個解鎖期，自本公司公告最後一筆commencing from the date of the last transfer of A A股股票過戶至二零二二年員工持股計
Shares by the 2022 Employee Share Ownership Plan 劃名下之日起算滿36個月，解鎖數量為and the relevant announcement by the Company with 二零二二年員工持股計劃所持有A股股
the number of shares unlocked being 40% of the total 票總數的40%；
number of A Shares under the 2022 Employee Share
Ownership Plan;72 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
(d) The vesting of the shares granted is subject to the (d) 授予股票需滿足相關具體條件才可解
fulfillment of relevant specific conditions. For details of 鎖。關於授予股票解鎖的具體標準，請the specific conditions of the vesting of shares granted 參閱二零二二年通函；
please refer to the 2022 Circular;
(e) The company performance appraisal indicator for the (e) 二零二二年員工持股計劃第三個解鎖期
third unlocking of shares under the 2022 Employee 公司層面的業績考核指標為以二零二三
Share Ownership Plan is the growth rate of operating 年營業收入為基數，二零二四年的營業income for the year of 2023 compared with the year 收入增長率不低於20%。個人層面的考of 2024 which should reach at least 20% and the 核指標為：(1)業績考核為待改進的，individual performance indicator should reach (1) “to 個人層面解鎖比例為80%；(2)業績考be improved” to be 80% unlocked (2) “qualified” to be 核為達標及以上的，個人層面解鎖比例
100% unlocked. 為100%。
(3) During the Reporting Period the third lock-up period of the (3) 於本報告期內，二零二二年員工持股計劃第三
2022 Employee Share Ownership Plan had on 15 July 2025 個鎖定期已於二零二五年七月十五日屆滿，已
and 40% of the total number of shares of the Company 解鎖比例為二零二二年員工持股計劃持有公
maintained under the 2022 Employee Share Ownership Plan 司股票總數的40%，對應的標的股票數量為were vested which corresponds to 2204410 A Shares (The 2204410股A股股票（二零二二年員工持股計third unlocking period of the 2022 Employee Shareholding 劃第三個解鎖期發生於二零二四年度利潤分配
Plan occurred before the implementat ion of the Prof i t 方案及資本公積金轉增股本方案實施完成前，Distribution Plan and Capital Reserve Capitalization Plan 因此對應為實施完成前的股數）。於解鎖日前一in 2024. Therefore it refers to the number of shares before 交易日，本公司A股股票的加權平均收盤價為the implementation was completed). The weighted average 人民幣318.49元╱股。2204410股A股股票closing price of the Company’s A shares was RMB318.49 per 中，11422股A股股票解鎖予截至二零二五年share on the trading day immediately preceding the vesting 十二月三十一日止財政年度薪酬最高的前五名
date. Out of the 2204410 A Shares 11422 A Shares were 僱員，餘下2192988股A股股票解鎖予其他參vested to the five highest paid individuals for the financial year 與對象，包括公司的時任職工代表監事、高級ended 31 December 2025 and the remaining 2192988 A 管理人員，比亞迪集團的中層管理人員、核心Shares were vested to other participants including The then- 骨幹員工。
employee representative supervisors and senior management
of the Company middle level management and core backbone
employees of the BYD Group.
(4) During the Reporting Period no A Shares were cancelled or (4) 於本報告期內，二零二二年員工持股計劃、二
lapsed in the 2022 Employee Share Ownership Plan 2024 零二四年員工持股計劃及二零二五年員工持股
Employee Share Ownership Plan and 2025 Employee Share 計劃並無任何A股股票被註銷或失效。
Ownership Plan.Annual Report 2025二零二五年年報73
Management Discussion and Analysis管理層討論與分析
(5) The purchase of the underlying shares based on employees’ (5) 二零二四年員工持股計劃使用員工合法薪酬及
legitimate remuneration and self-raised funds in the secondary 自籌資金於二級市場購買標的股票已於二零二
market under the 2024 ESOP was completed on 27 November 四年十一月二十七日完成，合計購買664755
2024 in which an aggregate of 664755 A Shares was 股A股股票。所有標的股票已全部於二零二四
purchased. All underlying shares were fully subscribed on 27 年十一月二十七日完成認購。緊接全部完成認November 2024. The closing price of the Company’s A shares 購日期前一交易日本公司A股股票收盤價為人
was RMB281.01 per share on the trading day immediately 民幣281.01元╱股。根據適用會計政策及基於preceding the date of completion of full subscription. Pursuant 認購日期的A股股票收盤價人民幣281.00元，to the applicable accounting policy and based on the closing 於全部完成認購日期，認購股票的公允價值為price of A Shares of RMB281.00 on the subscription date the 人民幣186796155元。
fair value of the subscribed shares as at the date of completion
of full subscription was RMB186796155.The A Shares under the 2024 ESOP will be unlocked in five 二零二四年員工持股計劃持有的A股股票分五
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 f rom 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12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
2024) with the number of shares to be unlocked being 的股票總數的20%；
20% of the total number of underlying shares under the
2024 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 f rom 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24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
2024) with the number of shares to be unlocked being 的股票總數的20%；
20% of the total number of underlying shares under the
2024 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 f rom 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
2024) with the number of shares to be unlocked being 的股票總數的20%；
20% of the total number of underlying shares under the
2024 ESOP;
(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 f rom 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
2024) with the number of shares to be unlocked being 的股票總數的20%；
20% of the total number of underlying shares under the
2024 ESOP; and74 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
(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 f rom 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
2024) with the number of shares to be unlocked being 的股票總數的20%；及
20% of the total number of underlying shares under the
2024 ESOP.
（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. 件。
(6) During the Reporting Period the first lock-up period of the (6) 於報告期內，二零二四年員工持股計劃第一個
2024 ESOP expired on 27 November 2025 and 20% of the 鎖定期已於二零二五年十一月二十七日屆滿，
total number of shares of the Company maintained under 已解鎖比例為二零二四年員工持股計劃持有
the 2024 ESOP were vested which corresponds to 398853 公司股票總數的20%，對應的標的股票數量A Shares (corresponding to the number of shares after the 398853股A股股票（對應為二零二四年度利潤completion of the 2024 Profit Distribution Plan and Capital 分配方案及資本公積金轉增股本方案實施完成Reserve Capitalization Plan) representing 0.0044% of the 後的股票數量），佔本公司於本報告日期總股本total share capital of the Company as at the date of this 的0.0044%。於解鎖日前一交易日，本公司Aannual report. The weighted average closing price of the 股股票的加權平均收盤價為人民幣95.09元╱
Company’s A Shares was RMB95.09 per share on the trading 股。398853股A股股票全部解鎖予其他參與對day immediately preceding the vesting date. All 398853 A 象，包括比亞迪集團的中層管理人員、核心骨shares were vested to other participants including middle 幹員工；本年度二零二四年員工持股計劃解鎖
level management and core backbone employees of the BYD 對象未涉及截至二零二五年十二月三十一日止
Group. No part of the 2024 Employee Share Ownership Plan 財政年度薪酬最高的前五僱員。
vested during the year related to any of the top five highest
paid employees for the financial year ended 31 December
2025.
(7) The 2025 ESOP was adopted on 15 April 2025. The purchase (7) 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 10714990 A Shares was purchased. All underlying shares 日完成，合計購買10714990股A股股票。所were fully subscribed on 23 May 2025. Upon the completion of 有標的股票已全部於二零二五年五月二十三日
the 2024 Profit Distribution and Capital Reserve Capitalization 完成認購。於完成二零二四年度利潤分配及資Plan the total number of A Shares purchased (and subscribed) 本公積金轉增股本方案後，根據二零二五年under the 2025 ESOP has been increased from 10714990 員工持股計劃購買（及認購）的A股總數已由
to 32144970. The closing price of the Company’s A shares 10714990股增至32144970股。緊接全部完was RMB398.80 per share on the trading day immediately 成認購日期前一交易日本公司A股股票收盤價
preceding the date of completion of full subscription. Pursuant 為人民幣398.80元╱股。根據適用會計政策及to the applicable accounting policy and based on the closing 基於認購日期的A股股票收盤價人民幣405.00
price of A Shares of RMB405.00 per share on the subscription 元╱股，於全部完成認購日期，認購股票的公date the fair value of the subscribed shares as at the date of 允價值為人民幣4339570950元。
completion of full subscription was RMB4339570950.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 f rom 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;Annual Report 2025二零二五年年報75
Management Discussion and Analysis管理層討論與分析
(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 f rom 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 f rom 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) In particular the company performance appraisal (e) 二零二五年員工持股計劃第一個解鎖期
indicator for the first unlocking of shares under the 公司層面的業績考核指標為以二零二四
2025 ESOP is the growth rate of operating income 年營業收入為基數，二零二五年的營業
for the year of 2025 compared with the year of 2024 收入增長率不低於10%。個人層面的考which should reach at least 10% and the individual 核指標為：(1)業績考核為待改進的，performance indicator should reach (1) “ to be 個人層面解鎖比例為80%；(2)業績考improved” to be 80% unlocked (2) “qualified” to be 核為達標及以上的，個人層面解鎖比例
100% unlocked. 為100%。
Save as disclosed no share options were exercised lapsed or 除所披露者外，截至本報告期，概無股權期權獲行cancelled during the Reporting Period. 使、失效或註銷。
For further details of the exercise period performance appraisal 有關行使期、作為權益工具行使條件的績效考核目
objectives (as conditions of the exercise of the equity instrument) 標的進一步詳情，請參閱相關通函及本報告的財務please refer to the relevant Circular and note 13 to the financial 報表附註十三。
statements in this report.76 BYD Company Limited比亞迪股份有限公司
Management Discussion and Analysis管理層討論與分析
PURCHASE SALE OR REDEMPTION OF COMPANY’S 購買、出售或贖回本公司上市證券
LISTED SECURITIES
During the reporting period neither the Company nor any of its 於本報告期內，本公司或其任何附屬公司概無其他subsidiaries otherwise purchased or sold any of the Company’s 購買或出售任何本公司上市證券（包括庫存股（如適listed securities（ including the treasury shares as applicable）. 用））。
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 reporting period there was no other significant 於本報告期內，概無其他所持重大投資及重大收購investment held material acquisition and disposal of subsidiaries 及出售附屬公司、聯營公司及合營公司。
associates and joint ventures.CAPITAL COMMITMENT 資本承擔
Please refer to note XIV.1 to the financial statements for details of 有關資本承擔業務的詳情，請參閱財務報表附註十capital commitments. 四、1。
CONTINGENT LIABILITIES 或有負債
Please refer to note XIV.2 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十四、
contingent liabilities. 2。
ENVIRONMENTAL PROTECTION AND SOCIAL SECURITY 環保及社會安全情況
During the reporting period the Company had no significant 報告期內，本公司不存在重大環保或社會安全問題。
environmental protection or social security issues.Annual Report 2025二零二五年年報77
Directors Supervisors and Senior Management
董事、監事及高級管理層
EXECUTIVE DIRECTOR 執行董事
Wang Chuan-fu 王傳福
Mr. Wang Chuan-fu aged 60 is a Chinese national a master’s 王傳福先生，60歲，中國國籍，碩士研究生學歷，degree holder and a professorate senior engineer an expert with 正高級工程師、國務院特殊津貼專家，擔任聯合國special allowances from the State Council serves as a founding 「可持續發展顧問委員會」創始成員、「十三五」、
member of the Sustainable Development Advisory Committee of 「十四五」、「十五五」國家發展規劃專家委員會委員
the United Nations Development Programme a member of the 等社會職務。王先生於一九八七年畢業於中南工業National Development Planning Expert Committee during the 大學（現為中南大學），主修冶金物理化學，獲學士
13th 14th and 15th Five-Year Plans and other social positions. 學位；並於一九九零年畢業於北京有色金屬研究總
Mr. Wang graduated from Central South University of Technology 院，主修冶金物理化學，獲碩士學位。王先生歷任(中南工業大學) (currently known as Central South University (中 北京有色金屬研究總院三零一室副主任、深圳市比
南大學)) in 1987 with a bachelor’s degree majoring in Metallurgy 格電池有限公司總經理，並於一九九五年二月與呂Physical Chemistry and then graduated from Beijing General 向陽先生共同註冊成立深圳市比亞迪實業有限公司Research Institute for Nonferrous Metals (北京有色金屬研究總院) （「比亞迪實業」，於二零零二年六月十一日變更為比in 1990 with a master’s degree majoring in Metallurgy Physical 亞迪股份有限公司）任總經理；現任本公司董事長、
Chemistry. Mr. Wang held positions as vice supervisor in Room 執行董事兼總裁，負責本公司一般營運及制定本公
301 of Beijing General Research Institute for Nonferrous Metals 司各項業務策略，並擔任比亞迪電子（國際）有限公
(北京有色金屬研究總院) and general manager in Shenzhen Bige 司的非執行董事及主席、比亞迪半導體股份有限公
Battery Co. Limited (深圳市比格電池有限公司). In February 1995 司董事長、深圳騰勢新能源汽車有限公司董事長。
he incorporated Shenzhen BYD Battery Company Limited (深圳
市比亞迪實業有限公司) (“BYD Battery”) (became BYD Company
Limited (比亞迪股份有限公司) on 11 June 2002) with Mr. Lv
Xiang-yang and took the position of general manager. He is the
Chairman executive Director and President of the Company
and is responsible for the general operations of the Company
and the development of business strategies for the Company. He
is a non-executive director and the chairman of BYD Electronic
(International) Company Limited (比亞迪電子(國際)有限公司) the
chairman of BYD Semiconductor Company Limited (比亞迪半導
體股份有限公司) the chairman of Shenzhen DENZA New Energy
Automotive Co. Ltd. (深圳騰勢新能源汽車有限公司).Mr. Wang Chuan-fang a senior management member of the 本公司高級管理人員王傳方先生為王傳福先生之
Company is the elder brother of Mr. Wang Chuan-fu; Mr. Lv 兄；本公司非執行董事呂向陽先生為王傳福先生之
Xiang-yang a non-executive Director of the Company is the 表兄。
cousin of Mr. Wang Chuan-fu.Mr.Wang has been on the list of TIME100: The Most Influential 王先生入選二零二四《時代》周刊全球最具影響力
People of 2024 China’s 50 Most Influential Business Leaders in 100人、二零二三《財富》中國最具影響力的50位商
2023 by the Fortune and China’s Best CEOs nominated by the 界領袖，並連續五年進入「福布斯中國最佳CEO」榜
Forbes for five years in a row. 單。78 BYD Company Limited比亞迪股份有限公司Directors Supervisors and Senior Management
董事、監事及高級管理層
NON-EXECUTIVE DIRECTORS 非執行董事
Lv Xiang-yang 呂向陽
Mr. Lv Xiang-yang aged 64 is a Chinese national and an 呂向陽先生，64歲，中國國籍，經濟師。呂先生曾economist. Mr. Lv worked at Chaohu Branch of the People’s Bank 在中國人民銀行巢湖分行工作，一九九五年二月與of China (中國人民銀行巢湖分行). In February 1995 he founded 王傳福先生共同創辦比亞迪實業，現任本公司副董BYD Battery with Mr. Wang Chuan-fu and is currently the Vice 事長兼非執行董事，並擔任融捷投資控股集團有限Chairman and a non-executive Director of the Company and also 公司董事長、融捷股份有限公司董事長、融捷健康
a chairman of Youngy Investment Holding Group Co. Ltd. (融捷 科技股份有限公司董事、南京融捷康生物科技有限
投資控股集團有限公司) a chairman of Youngy Co. Ltd. (融捷股份 公司董事長、安華農業保險股份有限公司董事、廣
有限公司) a director of Youngy Health Technology Co. Ltd. (融捷 東省製造業協會名譽會長、廣東省產業發展促進會
健康科技股份有限公司) chairman of Nanjing Regenecore Biotech 名譽會長等職。
Co. Ltd. (南京融捷康生物科技有限公司) a director of Anhua
Agricultural Insurance Company Limited (安華農業保險股份有限公
司) honorary chairman of Guangdong Manufacturers Association
(廣東省製造業協會) honorary chairman of Guangdong Association
for the Promotion of Industrial Development (廣東省產業發展促進
會) and so on.Xia Zuo-quan 夏佐全
Mr. Xia Zuo-quan aged 63 is a Chinese national and a master’s 夏佐全先生，63歲，中國國籍，碩士研究生學歷。
degree holder. Mr. Xia studied computer science in Beijing 夏先生於一九八五年至一九八七年期間在北京鋼鐵
Institute of Iron and Steel Engineering (北京鋼鐵學院) (now known 學院（現為北京科技大學）修讀計算機科學；並於二
as University of Science & Technology Beijing (北京科技大學)) 零零七年獲北京大學光華管理學院高級工商管理碩
from 1985 to 1987 and he graduated from Guanghua School of 士學位；夏先生曾在中國人民保險公司湖北分公司
Management of Peking University (北京大學光華管理學院) with an 工作，並於一九九七年加入比亞迪實業；曾任本公EMBA in 2007. Mr. Xia worked in the Hubei branch of The People’s 司執行董事、副總裁，現任本公司非執行董事，並Insurance Company (中國人民保險公司湖北分公司) and joined BYD 擔任深圳市正軒投資有限公司、深圳市正軒前瞻創
Battery in 1997 and held positions as an executive Director and 業投資有限公司、深圳正軒前海股權投資基金管理
Vice President of the Company. He is a non-executive Director of 有限公司、北京正軒投資有限責任公司董事長、深
the Company and chairman of Shenzhen Zhengxuan Investment 圳市優必選科技股份有限公司董事、聯合利豐供應
(Ho ld ings) Co. L td . (深圳市正軒投資有限公司 ) Shenzhen 鏈股份有限公司董事、安諾優達基因科技（北京）股Zhengxuan Qianzhan Venture Capital Co. Ltd（. 深圳市正軒前瞻創 份有限公司董事長、深圳市蓮夏慈善基金會副理事業投資有限公司） Shenzhen Zhengxuan Qianhai Equity Investment 長等職。
Fund Management Co. Ltd. (深圳正軒前海股權投資基金管理有限公
司) and Beijing Zhengxuan Investment Co. Ltd. (北京正軒投資有
限責任公司) a director of UBTECH ROBOTICS CORP LTD. (深圳市
優必選科技股份有限公司) a director of Uni-Fortune Supply Chain
Co. Ltd. (聯合利豐供應鏈股份有限公司) chairman of Annoroad
Gene Technology (Beijing) Co. Ltd. （安諾優達基因科技（北京）股份有限公司） and vice chairman of Shenzhen Lianxia Charity
Foundation (深圳市蓮夏慈善基金會).Annual Report 2025二零二五年年報79
Directors Supervisors and Senior Management
董事、監事及高級管理層
INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事
Cai Hong-ping 蔡洪平
Mr. Cai Hong-ping aged 72 is a Chinese (Hong Kong) national 蔡洪平先生，72歲，中國香港籍，本科學歷。蔡先and a bachelor’s degree holder. Mr. Cai graduated from Fudan 生於一九八八年畢業於復旦大學，獲新聞學學士學University (復旦大學 ) in 1988 with a bachelor’s degree in 位。蔡先生曾任德意志銀行投行亞太區執行主席；
journalism. Mr. Cai served as an executive chairman of Deutsche 瑞銀投行亞洲區主席；法國巴黎資本（亞太）有限公
Bank (德意志銀行) in the Asia Pacific region chairman of the 司中國區主席；百富勤投資銀行高級副總裁、董事
investment banking division of UBS AG （瑞銀投行） in Asia 總經理；國務院國家體改委中國企業海外上市指導
chairman of China of BNP Paribas Capital (Asia Pacific) Limited 小組辦公室成員及中國H股公司董事會秘書聯席會
(法國巴黎資本(亞太)有限公司) senior vice president and managing 議主席。蔡先生現任本公司獨立非執行董事，漢德director of banking division of Peregrine Investments Holdings 資本主席、創始合夥人，並擔任上海浦東發展銀行Limited (百富勤投資銀行) member of the Overseas Listing Team 股份有限公司以及中國太平保險控股有限公司獨立
Office for Chinese Enterprises under the Restructuring Committee 董事。
of the State Council (國務院國家體改委中國企業海外上市指導小
組辦公室) and the chairman of the Joint Committee of Board
Secretaries for H Share Companies in the PRC (中國 H 股公司董事
會秘書聯席會議). Mr. Cai currently serves as an independent non-
executive Director of the Company the chairman and founding
partner of AGIC (漢德資本) an independent director of Shanghai
Pudong Development Bank Co. Ltd. (上海浦東發展銀行股份有限公
司) and China Taiping Insurance Holdings Company Limited (中國
太平保險控股有限公司).Zhang Min 張敏
Mr. Zhang Min aged 49 is a Chinese national a doctoral degree 張敏先生，49歲，中國國籍，博士研究生學歷，會holder and a professor of accounting. Mr. Zhang graduated from 計學教授。張先生於一九九九年畢業於北京物資學Beijing Wuzi University (北京物資學院) in 1999 with a bachelor’s 院，主修會計學，管理學學士學位，於二零零五年degree in management majoring in accounting from Zhongnan 畢業於中南財經政法大學，主修會計學，管理學碩University of Economics and Law (中南財經政法大學) in 2005 with 士學位，於二零零八年畢業於中國人民大學，主修a master’s degree in management majoring in accounting from 會計學，獲管理學博士學位，並於二零一零年從北Renmin University of China (中國人民大學) in 2008 with a doctor’s 京大學光華管理學院博士後出站。張先生現任本公degree in management majoring in accounting and completed his 司獨立非執行董事，中國人民大學商學院會計系教post-doctoral program in Peking University Guanghua School of 授、博士生導師、會計系主任，並擔任中國南玻集Management (北京大學光華管理學院) in 2010. Mr. Zhang currently 團股份有限公司獨立董事。
serves as an independent non-executive Director of the Company
the accounting professor supervisor for Ph.D. candidates and
accounting director of Business School Renmin University of
China (中國人民大學商學院) as well as an independent director of
CSG Holding Co. Ltd. (中國南玻集團股份有限公司).80 BYD Company Limited比亞迪股份有限公司
Directors Supervisors and Senior Management
董事、監事及高級管理層
Yu Ling 喻玲
Ms. Yu Ling aged 49 is a Chinese national a doctoral degree 喻玲女士，49歲，中國國籍，博士研究生學歷，法holder and a professor of law. Ms. Yu graduated from Xiangtan 學教授。喻女士於二零零一年畢業於湘潭工學院（現Polytechnic University (湘潭工學院) (currently known as Hunan 湖南科技大學）、湘潭大學，獲法學學士學位，二University of Science and Technology (湖南科技大學)) and 零零四年畢業於江西財經大學，獲經濟法學碩士學Xiangtan University (湘潭大學) in 2001 with a bachelor’s degree 位，後於華東政法大學獲經濟法學博士學位。喻女in law from Jiangxi University of Finance and Economics (江西財 士在合規、監管及風險防控方面擁有豐富經驗，尤經大學) in 2004 with a master degree in economic law and then 其熟悉反壟斷合規、反洗錢及法律風險管理。曾主obtained a doctoral degree in economic law from East China 持國家市場監督管理總局課題六項，主導設計反壟University of Political Science and Law (華東政法大學). Ms. Yu 斷合規指引框架，並為企業提供法律風險識別與防has extensive experience in compliance regulation and risk 控方案；喻女士亦參與了二零二五年一月一日起正
control and particularly familiar with anti-monopoly compliance 式實施的《中華人民共和國反洗錢法》的修訂工作。
anti-money laundering and legal risk management. She has 喻女士現任本公司獨立非執行董事，並擔任中國經presided over six research projects of the State Administration 濟法學研究會、財稅法學研究會、案例法學研究會
for Market Regulation led the design of the anti-monopoly 理事，同時擔任新餘農村商業銀行股份有限公司、compliance guidelines framework and provided plans of legal 江西潤田實業股份有限公司以及江西洪城環境股份
risk identification and prevention for enterprises. Ms. Yu also 有限公司獨立董事。
participated in the revision of the Anti-Money Laundering Law of
the People’s Republic of China which officially came into effect
on 1 January 2025. Ms. Yu currently serves as an independent
non-executive Director of the Company a director of Economic
Law Research Association of China (中國經濟法學研究會) Fiscal
and Tax Law Research Association (財稅法學研究會) and Case
Law Research Association (案例法學研究會) and currently an
independent director of Xinyu Rural Commercial Bank Co. Ltd. (新
餘農村商業銀行股份有限公司) Jiangxi Runtian Industry Co. Ltd.(江西潤田實業股份有限公司) and Jiangxi Hongcheng Environment
Co. Ltd. (江西洪城環境股份有限公司).SENIOR MANAGEMENT 高級管理層
Li Ke 李柯
Ms. Li Ke aged 56 is a Chinese national and a bachelor’s degree 李柯女士，56歲，中國國籍，本科學歷。李女士於holder. Ms. Li graduated from Fudan University (復旦大學) in 一九九二年畢業於復旦大學，獲統計學學士學位。
1992 with a bachelor’s degree in statistics. Ms. Li worked at Asia 李女士曾任職於亞洲資源，並於一九九六年九月加
Resources (亞洲資源) and joined BYD Battery in September 1996. 入比亞迪實業，歷任市場部經理、銷售總經理、比She served various positions including marketing manager and 亞迪電子（國際）有限公司執行董事及行政總裁等
general sales manager executive director and chief executive 職，現任本公司執行副總裁兼比亞迪美洲地區總officer of BYD Electronic (International) Company Limited (比亞 裁、歐洲汽車銷售事業部總經理、中東非洲汽車銷
迪電子(國際)有限公司) and is an Executive Vice President of the 售事業部總經理以及比亞迪慈善基金會副理事長。
Company the President of BYD in America the General Manager
of the Automobile Sales Division in Europe the General Manager
of the Automobile Sales Division in the Middle East and Africa and
vice chairman of BYD Charity Foundation.Annual Report 2025二零二五年年報81
Directors Supervisors and Senior Management
董事、監事及高級管理層
He Zhi-qi 何志奇
Mr. He Zhi-qi aged 54 is a Chinese national and a master’s 何志奇先生，54歲，中國國籍，碩士學歷。何先生degree holder. Mr. He graduated from Changchun Institute of 於一九九八年畢業於中科院長春應用化學研究所，Applied Chemistry Chinese Academy of Sciences (中科院長春 主修無機化學，獲碩士學位；二零一零年獲中歐工應用化學研究所) in 1998 with a master’s degree majoring in 商管理學院工商管理碩士學位。何先生於一九九八inorganic chemistry and then graduated from China Europe 年七月加入比亞迪實業，歷任公司中研部、品質部International Business School (中歐工商管理學院) with an MBA 經理、第四事業部總經理、採購處總經理等職，現in 2010. Mr. He joined BYD Battery in July 1998 and served 任本公司執行副總裁及乘用車事業群首席運營官以
various posts including central research manager quality control 及深圳騰勢新能源汽車有限公司董事。
manager general manager of Division 4 and general manager of
Purchasing Office of the Company. He is currently an Executive
Vice President and the chief operating officer of Passenger Car
Division of the Company and a director of Shenzhen DENZA New
Energy Automotive Co. Ltd. (深圳騰勢新能源汽車有限公司).He Long 何龍
Mr. He Long aged 54 is a Chinese national and a master’s 何龍先生，54歲，中國國籍，碩士研究生學歷。何degree holder. Mr. He graduated from Peking University (北京 先生於一九九九年畢業於北京大學，先後獲得應用大學) in 1999 and obtained a bachelor’s degree of science in 化學理學學士學位、法學學士學位及無機化學碩士
applied chemistry an LLB and a master’s degree in inorganic 學位。何先生於一九九九年七月加入比亞迪實業，chemistry. Mr. He joined BYD Battery in July 1999 and held 曾任第一事業部、第二事業部質量部經理，第二事positions as quality control manager of Division 1 and Division 業部副總經理，佛山市金輝高科光電材料有限公司
2 deputy general manager of Division 2 and vice-chairman of 副董事長。現任本公司執行副總裁、弗迪電池有限
Foshan Jinhui Hi-Tech Optoelectronic Material Co. Ltd. (佛山市金 公司董事長，並擔任西藏日喀則紮布耶鋰業高科技輝高科光電材料有限公司). He is an Executive Vice President of the 有限公司董事、中冶瑞木新能源科技有限公司董事
Company chairman of FinDreams Battery Co. Ltd. (弗迪電池有限 以及比亞迪慈善基金會理事。
公司) a director of Tibet Zabuye Lithium Industry Co. Ltd. (西藏
日喀則紮布耶鋰業高科技有限公司) a director of MCC Ramu New
Energy Technology Co. Ltd (中冶瑞木新能源科技有限公司) and a
director of BYD Charity Foundation.Luo Hong-bin 羅紅斌
Mr. Luo Hong-bin aged 60 is a Chinese national a master’s 羅紅斌先生，60歲，中國國籍，碩士研究生學歷，degree holder and a professorate senior engineer. Mr. Luo 教授級高級工程師職稱。羅先生主修計算機應用，obtained a master’s degree in computer application. Mr. Luo 獲碩士學位。羅先生於二零零三年十月加入本集joined the Group in October 2003. He served various posts 團，歷任第十五事業部電子三部經理，電動汽車研including manager of the third Electronics Sub-division of Division 究所所長，電力科學研究院院長、第十四事業部總
15 director of the Institute of Electric vehicles president of the 經理、第十七事業部總經理等職務，現任本公司高
Electric Power Research Institute general manager of Division 14 級副總裁、第十四事業部總經理，弗迪動力有限公and general manager of Division 17. He is currently a Senior Vice 司董事長、深圳比亞迪汽車實業有限公司董事長以
President of the Company general manager of Division 14 the 及比亞迪慈善基金會理事。
chairman of FinDreams Powertrain Co. Ltd. (弗迪動力有限公司)
the chairman of Shenzhen BYD Auto Industrial Co. Ltd. (深圳比亞
迪汽車實業有限公司) and a director of BYD Charity Foundation.82 BYD Company Limited比亞迪股份有限公司
Directors Supervisors and Senior Management
董事、監事及高級管理層
Zhou Ya-lin 周亞琳
Ms. Zhou Ya-lin aged 49 is a Chinese national and a master’s 周亞琳女士，49歲，中國國籍，碩士研究生學歷。
degree holder. Ms. Zhou graduated from Jiangxi University of 周女士於一九九九年畢業於江西財經大學，獲經濟Finance and Economics (江西財經大學) in 1999 with a bachelor’s 學學士學位，二零二四年六月，獲清華大學工商管degree in economics and then graduated from Tsinghua 理碩士學位。周女士於一九九九年三月加入比亞迪University (清華大學) with an MBA in June 2024. Ms. Zhou joined 實業，現任本公司高級副總裁兼財務總監，並擔任BYD Battery in March 1999 and is a Senior Vice President and 比亞迪電子（國際）有限公司財務總監、比亞迪半導
chief financial officer of the Company. She is also the chief 體股份有限公司董事、比亞迪汽車金融有限公司董
financial officer of BYD Electronic (International) Company Limited 事長、深圳比亞迪財產保險有限公司董事長、比亞
(比亞迪電子(國際)有限公司) a director of BYD Semiconductor 迪豐田電動車科技有限公司監事以及比亞迪慈善基
Company Limited (比亞迪半導體股份有限公司 ) chairman of 金會監事等職。
BYD Auto Finance Company Limited (比亞迪汽車金融有限公司)
chairman of Shenzhen BYD Property Insurance Co. Ltd. (深圳比亞
迪財產保險有限公司) a supervisor of BYD TOYOTA EV Technology
Co. Ltd. (比亞迪豐田電動車科技有限公司) and a supervisor of BYD
Charity Foundation etc.Yang Dong-sheng 楊冬生
Mr. Yang Dong-sheng aged 47 is a Chinese national a master’s 楊冬生先生，47歲，中國國籍，碩士學歷，正高級degree holder and a senior engineer. Mr. Yang graduated from 工程師。楊先生二零零五年三月畢業於東北大學，Northeastern University (東北大學) in March 2005 with a master’s 獲碩士學位。楊先生於二零零五年加入本集團，歷degree. Mr. Yang joined the Group in 2005 and has held positions 任公司汽車工程研究院高級工程師、汽車工程研究
including senior engineer in Automotive Engineering Research 院底盤部副經理、總裁高級業務秘書、產品及技術
Institute vice manager in the Chassis Division of the Automotive 規劃處總經理等職，現任本公司高級副總裁兼汽車Engineering Research Institute senior business secretary of the 新技術研究院院長。
President general manager of the Product and Technical Planning
Division. He is presently a Senior Vice President of the Company
and the dean of New Automotive Technology Research Institute.Liu Huan-ming 劉煥明
Mr. Liu Huan-ming aged 63 is a Chinese national a master’s 劉煥明先生，63歲，中國國籍，碩士研究生學歷，degree holder and a senior engineer. Mr. Liu graduated from 高級工程師。劉先生於一九八八年畢業於東北工學Northeastern Institute of Technology (東北工學院) (currently known 院（現為東北大學），主修冶金物理化學，先後取得as Northeastern University) in 1988 with a bachelor’s degree and 學士學位和碩士學位。劉先生曾在四川攀枝花鋼鐵later a master’s degree in metallurgical physical chemistry. Mr. Liu 公司鋼鐵研究院、遼寧本溪鋼鐵公司任職，並於一worked for the Iron and Steel Institute of Panzhihua Iron and Steel 九九七年三月加入比亞迪實業，曾任人力資源處總Company in Sichuan (四川攀枝花鋼鐵公司鋼鐵研究院) and Benxi 經理、新能源車直營管理事業部總經理、軌道業務
Iron and Steel Company in Liaoning (遼寧本溪鋼鐵公司). He joined 第三事業部總經理，現任本公司副總裁、黨委副書BYD Battery in March 1997 and served as general manager of 記、紀委書記、審計監察處總經理及比亞迪慈善基
the Human Resources Office general manager of the Department 金會理事，同時分管比亞迪知識產權及法務處、信of New Energy Vehicle Direct Sale Management and general 息中心等部門。
manager of Division 3 of the Rail Department of the Company. He
is currently a Vice President of the Company deputy secretary of
the Party Committee secretary of the Commission for Discipline
Inspection general manager of the Audit Inspection Division and
a director of BYD Charity Foundation. He is also in charge of the
Intellectual Property and Legal Department and the Information
Center.Annual Report 2025二零二五年年報83
Directors Supervisors and Senior Management
董事、監事及高級管理層
Wang Chuan-fang 王傳方
Mr. Wang Chuan-fang aged 65 is a Chinese national. Mr. Wang 王傳方先生，65歲，中國國籍。王先生於一九九六joined BYD Battery in August 1996 and held positions including 年八月加入比亞迪實業，歷任人事部經理、後勤部personnel manager and logistics manager. He is currently a Vice 經理；現任本公司副總裁、後勤處總經理，並擔任President of the Company general manager of Logistics Division 比亞迪慈善基金會理事。
and a director of BYD Charity Foundation.Ren Lin 任林
Mr. Ren Lin aged 59 is a Chinese national a bachelor’s degree 任林先生，59歲，中國國籍，本科學歷，教授級高holder and a professorate senior engineer. Mr. Ren graduated 工。任先生於一九八九年畢業於北京理工大學，主from Beijing Institute of Technology (北京理工大學) in 1989 with a 修機械設計製造及其自動化，獲學士學位；工作期bachelor’s degree majoring in mechanical design manufacturing 間曾多次於日本、清華大學、北京理工大學進修。
and automation. He went to Japan Tsinghua University (清華 任先生曾在陝西秦川汽車有限責任公司任職，並於大學) and Beijing Institute of Technology (北京理工大學) for 二零零三年一月加入本集團，歷任汽車工程研究院multiple times for further study during his terms of office. Mr. Ren 常務副院長等職，現任本公司副總裁、第二十一事once worked in Shaanxi Qinchuan Motor Co. Ltd. (陝西秦川汽 業部總經理、比亞迪慈善基金會理事、中國城市軌
車有限責任公司) and joined the Group in January 2003 holding 道交通協會低運能系統分會副會長、中國城市軌道
positions including as executive Vice President of Automotive 交通協會單軌分會副會長、中國城市軌道交通協會
Engineering Research Institute (汽車工程研究院). He is currently 專家和學術委員會專家委員等職務。
a Vice President of the Company general manager of Division
21 a director of BYD Charity Foundation the vice chairman of
the Low-capacity System Branch of China Association of Metros
(中國城市軌道交通協會低運能系統分會) the vice chairman of the
Monorail Branch of China Association of Metros (中國城市軌道交通
協會單軌分會) an expert of China Association of Metros (中國城市
軌道交通協會) and an expert member of the Academic Committee
of China Association of Metros (中國城市軌道交通協會).Zhao Jian-ping 趙儉平
Mr. Zhao Jian-ping aged 49 is a Chinese national and a 趙儉平先生，49歲，中國國籍，本科學歷。趙先生bachelor’s degree holder. Mr. Zhao graduated from Peking 於一九九九年七月畢業於北京大學，獲化學學士學University (北京大學) in July 1999 with a bachelor’s degree in 位。趙先生於一九九九年加入比亞迪實業，歷任公chemistry. Mr. Zhao joined BYD Battery in 1999 and held positions 司第十一事業部品質部副經理、汽車產業群品質處
as vice manager of the Quality Control Sub-division of Division 總經理，現任公司副總裁兼品質處總經理。
11 and general manager of the Quality Control Department of
the Automobile Industry Group. He is currently the Vice President
and the general manager of the Quality Control Department of the
Company.Luo Zhong-liang 羅忠良
Mr. Luo Zhong-liang aged 47 is a Chinese national and a 羅忠良先生，47歲，中國國籍，碩士研究生學歷。
master’s degree holder. Mr. Luo graduated from Dalian University 羅先生於二零零五年畢業於大連理工大學機械電子
of Technology (大連理工大學) in 2005 with a master’s degree 工程專業，獲碩士學位。羅先生於二零零五年加入majoring in mechatronic engineering. Mr. Luo joined BYD in 2005 比亞迪，歷任中央研究院高級工程師、第十五事業and held positions as senior engineer of the Central Research 部廠長助理、廠長、第十五事業部總經理、第十六
Institute (中央研究院) assistant to plant manager plant manager 事業部總經理（兼），現任本公司副總裁、弗迪科技and general manager of Division 15 general manager of Division 有限公司董事長、第十五事業部兼商用車事業部總
16 (concurrently). He is currently the Vice President of the 經理。
Company and the chairman of Fudi Technology Co. Ltd. (弗迪科
技有限公司) and general manager of Division 15 and Commercial
Vehicle Division.84 BYD Company Limited比亞迪股份有限公司
Directors Supervisors and Senior Management
董事、監事及高級管理層
Li Wei 李巍
Ms. Li Wei aged 44 is a Chinese national and a bachelor’s 李巍女士，44歲，中國國籍，本科學歷。李女士於degree holder. Ms. Li graduated from Xi’an Jiaotong University (西 二零零五年畢業於西安交通大學，獲學士學位。李安交通大學) in 2005 with a bachelor’s degree. Ms. Li joined BYD 女士於二零零五年加入比亞迪，歷任比亞迪集團總in 2005 and held positions as secretary of the President of BYD 裁秘書、海外事業部高級商務經理、新加坡國家經
Group senior business manager of Overseas Business Division 理、海外事業部市場總監、集團品牌及公關處總經
manager of Singapore market market director of Overseas 理，現任本公司副總裁、總裁辦公室主任、比亞迪Business Division and general manager of Group Brand and 慈善基金會秘書長，並擔任廣東省第十四屆人大代Public Relations Office. She is currently the Vice President and the 表。
officer of the President’s Office secretary-general of BYD Charity
Foundation and a deputy to the 14th Guangdong Provincial
People’s Congress.Li Qian 李黔
Mr. Li Qian aged 53 is a Chinese national and a master’s degree 李黔先生，53歲，中國國籍，碩士研究生學歷。李holder. Mr. Li graduated from Jiangxi University of Finance and 先生於一九九七年畢業於江西財經大學，獲經濟學Economics (江西財經大學) in 1997 with a bachelor’s degree in 學士學位，二零一六年七月，獲北京大學光華管理economics. He graduated from Guanghua School of Management 學院高級工商管理碩士學位。李先生曾於普華永道of the Peking University (北京大學光華管理學院) with an EMBA in 會計師事務所、安達信會計師事務所、中興通訊股July 2016. Mr. Li served in PwC China (普華永道會計師事務所) 份有限公司任職。李先生為香港公司治理公會（前身Arthur Andersen (安達信會計師事務所) and ZTE Corporation (中興 為「香港特許秘書公會」）資深會士，並曾擔任深圳通訊股份有限公司). Mr. Li is a fellow member of The Hong Kong 證券交易所第十屆上市委員會委員、深圳證券交易
Chartered Governance Institute (formerly known as The Hong 所第一屆創業板上市委員會委員。李先生於二零零Kong Institute of Chartered Secretaries) and members of the tenth 五年八月加入本集團，現任本公司董事會秘書、公Listing Committee of Shenzhen Stock Exchange and the first GEM 司秘書、投資處總經理以及比亞迪電子（國際）有限
Listing Committee of Shenzhen Stock Exchange. Mr. Li joined the 公司之聯席公司秘書、比亞迪半導體股份有限公司
Group in August 2005 and currently serves as a secretary to the 董事、深圳市比亞迪投資管理有限公司董事長、深
Board Company secretary and general manager of Investment 圳市弗迪創業投資有限公司董事長、深圳華大北斗
Department of the Company. He is also a joint company secretary 科技股份有限公司副董事長、青海鹽湖比亞迪資源
of BYD Electronic (International) Company Limited (比亞迪電 開發有限公司董事、盛新鋰能集團股份有限公司董
子(國際)有限公司) a director of BYD Semiconductor Company 事、四川路橋建設集團股份有限公司董事、無錫邑
Limited (比亞迪半導體股份有限公司) chairman of Shenzhen BYD 文微電子科技股份有限公司董事等職。
Investment Management Co. Ltd. (深圳市比亞迪投資管理有限公
司) chairman of Shenzhen Fudi Venture Capital Co. Ltd. (深圳
市弗迪創業投資有限公司) vice chairman of Allystar Technology
(Shenzhen) Co. Ltd. (深圳華大北斗科技股份有限公司) a director of
Qinghai Salt Lake BYD Resources Development Co. Ltd. (青海鹽
湖比亞迪資源開發有限公司) a director of Chengxin Lithium Group
Co. Ltd. (盛新鋰能集團股份有限公司) a director of Sichuan Road
& Bridge Group Co. Ltd. (四川路橋建設集團股份有限公司) and a
director of Advanced Materials Technology & Engineering Inc. (無
錫邑文微電子科技股份有限公司) etc.Annual Report 2025二零二五年年報85
Directors Supervisors and Senior Management
董事、監事及高級管理層
DIRECTORS’ SUPERVISORS’ AND SENIOR MANAGEMENT’S 報告期內董事、監事和高級管理人員報酬
REMUNERATION DURING THE REPORTING PERIOD
Total remuneration
received from the
Company
(Unit: RMB0’ 000)從公司獲得的
Name Position held within the Company Status of employment 報酬總額
姓名於本公司擔任的職務任職狀態（單位：人民幣萬元）
Wang Chuan-fu Chairman Executive Director and President Incumbent 813.90
王傳福董事長、執行董事、總裁現任
Lv Xiang-yang Vice-chairman and non-executive Director Incumbent 30.00
呂向陽副董事長、非執行董事現任
Xia Zuo-quan Non-executive Director Incumbent 30.00夏佐全非執行董事現任
Cai Hong-ping Independent non-executive Director Incumbent 30.00蔡洪平獨立非執行董事現任
Zhang Min Independent non-executive Director Incumbent 30.00張敏獨立非執行董事現任
Yu Ling Independent non-executive Director Incumbent 30.00喻玲獨立非執行董事現任
Li Yong-zhao Supervisor and chairman of the supervisory Resigned (effective from 5 December 2025) 18.60
committee
李永釗監事、監事會主席離任（自二零二五年十二月五日起生效）
Zhu Ai-yun Supervisor Resigned (effective from 5 December 2025) 18.60
朱愛雲監事離任（自二零二五年十二月五日起生效）
Wang Zhen Supervisor Resigned (effective from 5 December 2025) 236.30
王珍監事離任（自二零二五年十二月五日起生效）
Huang Jiang-feng Supervisor Resigned (effective from 5 December 2025) 18.60
黃江鋒監事離任（自二零二五年十二月五日起生效）
Tang Mei Supervisor Resigned (effective from 5 December 2025) 191.60
唐梅監事離任（自二零二五年十二月五日起生效）
Li Ke Executive Vice President Incumbent 1426.10李柯執行副總裁現任
He Zhi-qi Executive Vice President Incumbent 1096.70何志奇執行副總裁現任
He Long Executive Vice President Incumbent 1190.00何龍執行副總裁現任
Luo Hong-bin Senior Vice President Incumbent 1209.90
羅紅斌 高級副總裁 現任86 BYD Company Limited比亞迪股份有限公司
Directors Supervisors and Senior Management
董事、監事及高級管理層
DIRECTORS’ SUPERVISORS’ AND SENIOR MANAGEMENT’S 報告期內董事、監事和高級管理人員報酬
REMUNERATION DURING THE REPORTING PERIOD （續）
(CON’T)
Total remuneration
received from the
Company
(Unit: RMB0’ 000)從公司獲得的
Name Position held within the Company Status of employment 報酬總額
姓名於本公司擔任的職務任職狀態（單位：人民幣萬元）
Zhou Ya-lin Senior Vice President Incumbent 1013.50周亞琳高級副總裁現任
Chief Financial Officer Incumbent財務總監現任
Yang Dong-sheng Senior Vice President Incumbent 1001.00楊冬生高級副總裁現任
Liu Huan-ming Vice President Incumbent 704.30劉煥明副總裁現任
Wang Chuan-fang Vice President Incumbent 659.60王傳方副總裁現任
Ren Lin Vice President Incumbent 780.50任林副總裁現任
Zhao Jian-ping Vice President Incumbent 769.60趙儉平副總裁現任
Luo Zhong-liang Vice President Incumbent 732.00儸忠良副總裁現任
Li Wei Vice President Incumbent 747.00李巍副總裁現任
Li Qian Secretary to the Board Company Secretary Incumbent 565.10
李黔董事會秘書、公司秘書現任
Total 總計 – – 13342.90Annual Report 2025二零二五年年報87
Corporate Governance Report企業管治報告
The Board believes that good corporate governance is a key 董事會相信，良好的企業管治是提高現有及未來股element in enhancing the confidence of current and potential 東、投資者、僱員、業務夥伴及整體社會信心的關
shareholders investors employees business partners and the 鍵因素。在這方面，公司一直致力推廣及貫徹執行community as a whole. To this end the Company has been 企業管治的最高標準。
committed to promoting and upholding the highest standard of
corporate governance.The Company has put in place corporate governance practices 本公司已實施企業管治常規，以遵照上市規則附錄to comply with all the Principles code provisions and most of the C1《企業管治守則》（「守則」）的所有管治原則、守則
recommended best practices of the Corporate Governance Code 條文及大部分建議最佳應用守則，惟偏離守則條文(the “Code”) set out in Appendix C1 to the Listing Rules except 第C.2.1條及C.1.5條者除外。
for the deviation from the Code Provisions C.2.1 and C.1.5.Code provision C.2.1 provides that the roles of chairman and 守則條文第C.2.1條規定，主席及行政總裁的角色應chief executive officer should be separate and should not be 有區分，並不應由一人同時兼任。王傳福先生為本performed by one person. Mr. Wang Chuan-fu is the chairman and 公司的主席兼行政總裁。董事會認為此架構不會影chief executive officer of the Company. The Board considers that 響董事會與管理層兩者之間的權利和職權的平衡。
this structure will not impair the balance of power and authority 董事會由極具經驗和才幹的成員組成，並定期開between the Board and the management. The Board comprises 會，以商討影響本集團運作的事項。透過董事會的experienced and high-caliber members and meets regularly 運作，足以確保權利和職權得到平衡。董事會相信to discuss issues affecting operations of the Group. Balance 此架構有助於建立穩健而一致的領導權，使本集團of power and authority is ensured through the operation of the 能夠迅速及有效地作出及實施各項決定。董事會對Board. The Board believes that this structure is conducive to 王先生充滿信心，相信委任他出任主席兼行政總裁strong and consistent leadership enabling the Group to make and 之職，會有利於本公司的業務發展。
implement decisions promptly 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.Code provision C.1.5 stipulates that independent non-executive 守則條文第C.1.5條規定，獨立非執行董事及其他非Directors and other non-executive Directors should attend general 執行董事應出席股東會。鑒於部分非執行董事在報meetings. Given that some non-executive Directors had other 告期內因有重要公務，故並非均出席於二零二五年important business engagement during the Reporting Period not 四月十五日及於二零二五年十二月五日舉行的臨時
all of them attended the extraordinary general meeting held on 股東會。其他出席臨時股東會的董事均具備足夠的
15 April 2025 and 5 December 2025. The rest of the Directors 知識和能力，能夠應對會議上的提問，確保與股東
who were present at the extraordinary general meetings were 進行充分有效的溝通，並收集股東意見。
sufficiently knowledgeable and capable to address questions at
such meetings ensuring sufficient and effective communication
with and gathered views from the Shareholders.During the Reporting Period except for the deviation from Code 報告期內，除偏離如上述所釋的守則條文第C.2.1條provisions C.2.1 and C.1.5 as explained above the Directors are 及C.1.5條外，董事認為，本公司已遵守所有適用守of the opinion that the Company had complied with all applicable 則條文。
code provisions of the Code.88 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
CHANGES IN INFORMATION OF DIRECTORS AND 董事及監事資料變動
SUPERVISORS
Pursuant to Rule 13.51B (1) of the Listing Rules the changes in 根據上市規則第13.51B(1)條，自本公司的二零二五the information of the Directors since the date of the Company’s 年中期報告，披露的董事資料的變動如下：
interim report for 2025 were as follows:
Mr. Cai Hong-ping ceased to be a supervisor of China Merchants 蔡洪平先生不再擔任招商銀行股份有限公司監事，Bank Co. Ltd. with effect from 18 December 2025. 自二零二五年十二月十八日起生效。
Mr. Zhang Min ceased to be an independent director of SDIC 張敏先生不再擔任國投資本股份有限公司獨立董
Capital Co. Ltd. with effect from 28 October 2025. 事，自二零二五年十月二十八日起生效。
Ms. Yu Ling ceased to be an independent director of Jiangxi Anyi 喻玲女士不再擔任江西安義農村商業銀行股份有限
Rural Commercial Bank Co. Ltd. with effect from 31 December 公司獨立董事，自二零二五年十二月三十一日起生
2025.效。
Pursuant to the resolution passed by the shareholders of 根據本公司股東於二零二五年十二月五日舉行的臨
the Company on the extraordinary general meeting of the 時股東會（「臨時股東會」）上通過有關修訂本公司
Company held on 5 December 2025 (the “EGM”) in relation to 《公司章程》的決議案，本公司不再設有監事會或任the amendments of the articles of association of the Company 何監事。李永釗先生、朱愛雲女士、王珍女士、黃the Company no longer maintains the Board of Supervisors or 江鋒先生、唐梅女士不再擔任本公司監事，自二零any Supervisors. Mr. Li Yong-zhao Ms. Zhu Ai-yun Ms. Wang 二五年十二月五日起生效。
Zhen Mr. Huang Jiang-feng and Ms. Tang Mei ceased to act as
supervisors of the Company with effect from 5 December 2025.Save as disclosed above there is no other information required to 除上文所披露者，概無其他資料須根據上市規則第be disclosed pursuant to Rule 13.51B (1) of the Listing Rules. 13.51B(1)條予以披露。
BOARD OF DIRECTORS 董事會
Accountable to the Shareholders the Board is collectively 董事會對股東負責，並共同負責制定本集團的策略responsible for formulating the strategic business direction of 業務方針及為管理層制定目標、監督其表現及評估
the Group and setting objectives for management overseeing 管理層各項策略的效率。董事會亦負責並已於年內its performance and assessing the effectiveness of management 履行守則項下第A.2.1條所載企業管治職責（包括確strategies. The Board is also responsible for and has during the 定本公司企業管治政策）。
Year performed the corporate governance duties set out in Code
provision A.2.1 of the Code (including the determination of the
corporate governance policy of the Company).DIRECTORS 董事
As at the date of this report the Board comprises of six Directors 於本報告刊發日期，董事會由六名董事組成，包括including one executive Director who is the President two 一名執行董事（為總裁），兩名非執行董事及三名獨non-executive Directors and three independent non-executive 立非執行董事。每位董事專業經驗及對本集團成功Directors. Detailed biographies outlining each individual Director’s 長期運作的適合性的簡歷載於本年報第77頁至第80
range of specialist experience and suitability of the successful 頁。
long-term operation of the Group are set out on pages 77 to 80 of
this annual report.Annual Report 2025二零二五年年報89
Corporate Governance Report企業管治報告
The Group believes that the composition of its executive and non- 本集團相信，執行董事及非執行董事有關本集團業executive Directors is well balanced with each Director having 務經營及發展的良好知識、經驗及╱或專才可與各
sound knowledge experience and/or expertise relevant to the 董事達致平衡。所有董事均知悉其須對股東負擔的business operations and development of the Group. All Directors 共同及個別責任，並已恪盡職守，謹慎勤勉地履行are aware of their collective and individual responsibilities to the 其職責，為本集團於年內的成功表現作出貢獻。
Shareholders and have exercised their duties with care skill and
diligence contributing to the successful performance of the Group
for the Year.The Company has received from each of the independent 本公司已收到獨立非執行董事根據上市規則規定有
non-executive Directors an annual confirmation of his/her 關其獨立性的年度確認函。本公司認為，所有獨立independence as required under the Listing Rules. The Company 非執行董事繼續展現高度的獨立判斷，亦不牽涉任considers that all independent non-executive Directors continued 何可影響其有效履行職責的業務或其他關係。因to demonstrate strong independence in judgement and were free 此，本公司認為所有獨立非執行董事均為獨立。於from any business or other relationship which could interfere with 本報告日期，全體獨立非執行董事的服務年限均短their ability to discharge their duties effectively. Accordingly the 於9年。倘董事會希望向股東會尋求委任任何已服務Company considers that all independent non-executive Directors 9年以上的獨立非執行董事，根據守則條文第B.2.3to be independent. As at the date of this report the years of 條，應將關於委任的議案以獨立決議案形式提交股service of all independent non-executive Directors are less than 9 東會審議通過。雖然彼等的服務年限長，但仍應於years. Should the Board wish to seek for the further appointments 提交至股東的相關文件中包含證明彼等獨立性及重
of any independent non-executive Directors serving more than 9 選（包括董事會（或提名委員會）作出該決定時所考years from the general meetings separate resolutions on such 慮的因素、程序及討論）的依據。
appointments should be proposed to the general meetings for
consideration and approval with the reasons to justify their
independence and re-election including the factors considered
the process and the discussion of the Board (or the nomination
committee) in arriving at such determination despite of the
length of their services to be contained in relevant papers to the
Shareholders in accordance with Code provision B.2.3.The Company has arranged appropriate insurance coverage 本公司已就其董事及高級管理人員可能面對的法律
in respect of legal actions against its Directors and senior 訴訟安排適當的投保，並將每年檢討該等保險。
management with the extent of such insurance being reviewed
each year.The Board held nine meetings during the Year to discuss the 董事會於年內舉行九次會議，以討論本集團的整體Group’s overall strategy operation financial performance and 策略、營運、財務表現及檢討對守則的遵守情況。
review the status of regulatory compliance. The Board also 董事會還確保及時獲提供所有必要的資料，以便可ensures that it is supplied in a timely manner with all necessary 履行其職務。董事會所有會議按呈交予董事會審議information in a form and of a quality appropriate to enable it 的正式議事程序進行。於董事會會議上討論的事項to discharge its duties. All Board meetings adhere to a formal 包括（其中包括）：季度、中期及年度業績；董事及
agenda in which a schedule of matter is specifically addressed to 高管薪酬建議；核數師的推薦建議；批准重大資本
the Board for its decision. The matters discussed at these Board 項目；股息政策；以及其他重要經營及財務事項。
meetings include among others quarterly interim and annual
results; recommendations on the remuneration of Directors and
senior management recommendations of auditors approval of
major capital projects; dividend policies; and other significant
operational and financial matters.90 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
The Directors decide on various corporate strategies approve 董事決定各項公司策略、批准整體業務計劃及代表
overall business plans and supervise the Group’s financial 股東監督本集團的財務表現、管理層及組織。董事performance management and organization on behalf of the 會委任本集團管理層的特別任務，包括編製年度、Shareholders. Specific tasks that the Board delegates to the 中期及季度報告供董事會批准以向公眾發表；實施
Group’ s management included the preparation of annual interim 董事會批准的各項策略；實施內部監控程序，以及and quarterly accounts for the Board’s approval before public 確保遵照有關法律規定及其他法規及規則。
reporting; the implementation of strategies approved by the
Board; the implementation of internal control procedures; and the
ensuring of compliance with relevant statutory requirements and
other regulations and rules.Under the articles of association of the Company (the “Articles”) 根據本公司《公司章程》（「公司章程」），董事任期the term of office for Directors is three years. The Company held 三年。本公司於二零二三年九月十九日舉行臨時股an extraordinary general meeting on 19 September 2023 to re- 東大會以重選董事及選舉新董事。其中，王傳福先elect Directors and elect new Directors. Mr. Wang Chuan-fu Mr. 生、呂向陽先生、夏佐全先生、蔡洪平先生及張敏
Lv Xiang-yang Mr. Xia Zuo-quan Mr. Cai Hong-ping and Mr. 先生已獲本公司董事會及提名委員會提名為董事候
Zhang Min have been nominated by the Board and the nomination 選人，並獲股東於二零二三年九月十九日舉行的本committee of the Company as candidates for Directors and have 公司臨時股東大會上重選。喻玲女士亦於同日的臨been re-elected by the Shareholders at the extraordinary general 時股東大會結束後，獲委任為本公司獨立非執行董meeting of the Company held on 19 September 2023. Ms. Yu Ling 事。根據《公司章程》及相關董事會決議，各董事會was also appointed as an independent non-executive Director 成員的委任年期為期三年，為二零二三年九月十九of the Company after the conclusion of the extraordinary general 日至二零二六年九月十八日。
meeting on the same day. According to the Articles and relevant
Board resolutions the term of office of each member of the Board
is three years from 19 September 2023 to 18 September 2026.Mr. Wang Chuan-fu Mr. Lv Xiang-yang Mr. Xia Zuo-quan Mr. Cai 於截至二零二五年十二月三十一日止年度，王傳福Hong-ping Mr. Zhang Min and Ms. Yu Ling were the Directors 先生、呂向陽先生、夏佐全先生、蔡洪平先生、張
during the year ended 31 December 2025 and they had obtained 敏先生以及喻玲女士為公司董事，並於二零二三年the legal advice referred to in the corresponding rules of the 九月十九日取得上市規則相應規則所述的法律意
Listing Rules on 19 September 2023. The above-mentioned 見。前述人士均已確認了解作為董事的責任。
Directors have confirmed that they understood their obligations as
Directors.Annual Report 2025二零二五年年報91
Corporate Governance Report企業管治報告
BOARD PERFORMANCE REVIEW 董事會表現評核
In compliance with Code provision B.1.4 the Company has 遵從守則條文B.1.4條，本公司已在本報告期內進行conducted a board performance review during the Reporting 董事會表現評核。
Period.Board Review Process 董事會評核程式
▼▼
Agree on the review methodology and scope 協定評核方法和範圍
▼▼
Directors complete questionnaires 董事完成問卷
▼▼
Submit review results to the Board of the Company 向本公司董事會提交評核結果
Key Areas Covered in the 2025 Board Review of the Company 二零二五年本公司董事會評核涵蓋的主要範疇
* Composition and skills of the Board * 董事會的組成和技能
* Roles and responsibilities of the Board * 董事會的角色和職責
* Board procedures and Directors interactions * 董事會程序及董事互動
* Relationship with stakeholders * 與持份者的關係
* Review of the composition roles and responsibilities of the * 審核委員會、提名委員會、薪酬委員會以及戰略
Audit Committee Nomination Committee Remuneration 及可持續發展委員會的組成以及角色和職責
Committee and Strategy and Sustainable Development
Committee
BOARD SKILLS MATRIX 董事會技能表
In compliance with Code provision B.1.5 the Company has 遵從守則條文B.1.5條，本公司已編製董事技能表，maintained a board skills matrix. The particulars of the board skills 以下列載董事會技能表：
matrix are as follows:
Skills Area Description Importance (Note) Adequacy
技術領域描述重要性（見註）充分性
Strategy Ability to identify strategic opportunities and threats E 6/6
whilst developing and implementing plans to achieve
corporate objectives
策略識別戰略機會及威脅的能力，同時又能制定及實施計劃以實現企業目標
Leadership Ability to lead corporate teams and implement plans E 6/6
and policies領導能力領導企業團隊及實施計劃及政策的能力
Industry knowledge and An understanding of the company’s business daily E 6/6
experience operations market development competitors
technology and innovation
行業知識及經驗熟悉公司的日常業務運作、市場發展、競爭對手、技術及創新
Financial literacy/business Ability to read and comprehend corporate accounts E 6/6
acumen financial materials and financial reporting requirements
財務知識╱商業觸覺 能閱讀並理解公司賬目、財務資料及財務匯報要求92 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
Skills Area Description Importance (Note) Adequacy
技術領域描述重要性（見註）充分性
Risk management Ability and experience in implementing managing or E 6/6
and compliance overseeing risk management and internal control
systems for legal and regulatory compliance
風險管理及合規具備實施、管理或監督涉及法律與監管合規的風險管理及內部監控系統的能力及經驗
People management experience Experience at a senior level with responsibilities for E 6/6
people management and successful implementation
of change
人員管理經驗高級管理層的經驗，負責人員管理及成功實施變革Diversity Contribution to board diversity in terms of age gender F 6/6
(e.g. age gender culture) cultural background etc.多元化（如年齡、性別、文化等）在年齡、性別、文化背景等方面對董事會多元化的貢獻
Emerging topics Understanding and knowledge of emerging topics to F 6/6
(e.g. artificial intelligence) ensure that the company is forward-thinking
新興議題（如人工智能）了解及對新興議題的認知，確保公司具備前瞻性思維Qualifications Formal qualifications in relevant fields to assist the E 6/6
board in its decision-making for example
accounting/finance economics/business law
資歷在會計╱金融、經濟╱商業、法律等可協助董事會決策的相關領域的正式資格
Environmental Social and Thorough understanding and practical experience in E 6/6
Governance identifying and managing threats and opportunities
related to sustainable development and
decarbonization transformation
環境、社會及企業管治對永續發展和脫碳轉型相關的威脅與機會的識別和管理有充分的理解和實踐經驗
Notes: 註:
“E” = essential skills that should currently be in the board’s possession “E”= 董事會目前必須具備的技能
“F” = skills that should be acquired for future purposes/in light of “F”= 日後╱ 因應預期情況應增添的新技能
anticipated emerging needs
“A/D” = skills that are not necessary but desirable or aspirational in “A/D”= 非必要的技能 但如有則更佳或更理想
natureAnnual Report 2025二零二五年年報93
Corporate Governance Report企業管治報告
CONTINUOUS PROFESSIONAL DEVELOPMENT OF 董事持續專業發展
DIRECTORS
Newly appointed Directors will be provided with relevant induction 本公司董事就任時，本公司提供相關就任須知材materials to assist them to fully understand the Company’s 料，以幫助董事完全理解本公司經營、業務及管operat ions business and governance pol ic ies and their 治政策以及上市規則等相關法律法規規定的董事
responsibilities and duties as a Director under the requirements of 職責，並提供有助董事瞭解本公司業務及經營情況the relevant laws and regulations such as the Listing Rules. They 的資料；為確保獨立非執行董事充分履行職責，本will also be provided with materials to help them to gain insights 公司亦會組織獨立非執行董事進行實地考察，並與in the Company’s business and operation. In order to ensure 管理層進行充分溝通。根據企業管治要求，董事參due performance of duties by the independent non-executive 與持續專業發展計劃，以發展及更新彼等知識及技Directors the Company will also arrange on-site visits and ensure 能，以下列載年內每位董事培訓詳情：
sufficient communication between the management and the
independent non-executive Directors. Pursuant to the corporate
governance requirements the Directors participated in continuous
professional development programme to develop and update
their knowledge and skills. The particulars of the trainings of each
Director during the Year are as follows:
Risk
Listing Rules Corporate Management Industry and
Board and and Hong Kong Governance and Internal Business Total number
Name of Directors Directors’ duties Law Compliance and ESG Controls Updates of hours
董事會及《上市規則》及企業管治風險管理及行業及業務
董事姓名 董事職責 香港法律法規 及ESG 內部監控 最新發展 總時數
Wang Chuan-fu 王傳福 1.5 1 6.8 0.5 4.6 1.4 23 38.8
Lv Xiang-yang 呂向陽 1.5 1 3.2 0.5 0.6 0.7 10 17.5
Xia Zuo-quan 夏佐全 1.5 1 3.2 0.5 0.6 0.7 10 17.5
Cai Hong-ping 蔡洪平 9.5 9 3.2 0.5 0.6 0.7 23.5
Zhang Min 張敏 1.5 1 3.2 1.5 0.5 0.6 2 0.7 11
Yu Ling 喻玲 4.5 3 3.2 3 3.5 0.6 1.7 19.5
Note: internal training 註：內部培訓
Note: external training 註：外部培訓
Note: self-study 註：自學
Note: others such as attending industry event as speaker or 註：其他，例如作為講者或小組討論成員參加業界活動panelist94 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
INDEPENDENT VIEWS 獨立意見
In compliance with Code provision B.1.3 of the Code the 根據守則第B.1.3守則條文，本公司採取多種方式Company has maintained various measures and mechanisms to 及方法，以確保董事會可獲得獨立意見及建議。例ensure that independent views and inputs are made available 如，根據守則條文C.5.6及C.5.9條，董事會及其委to the Board. For instance in compliance with Code provisions 員可獲得充分資料，並可單獨及獨立接觸本公司高C.5.6 and C.5.9 the Board and its committees are provided with 級管理層，以作出知情決定。尤其是，董事會全體adequate information and have separate and independent access 成員均有權及時獲取本集團資料（包括但不限於管理to the senior management of the Company for purpose of making 賬目、經營業績及統計數據、審計結果及其他行業informed decisions. In particular all members of the Board are 及市場相關信息及預測）、尋求公司秘書的協助及專
entitled to have timely access to the information of the Group 業意見（倘有），費用由本公司承擔。此外，本公司(including but not limited to management accounts operational 審核委員會亦有權每年與本公司外部核數師聯絡及
results and statistics audit results and other relevant industry 討論以履行其職責，亦鼓勵董事會成員於適當情況and market information and forecasts) as well as assistance of 下徵求其他成員、僱員、其他持份者及投資者（透過the company secretary and professional advice if necessary at 投資者關係渠道）意見，以確保於決策過程中可全面the expense of the Company. Besides the audit committee of 考慮不同觀點。
the Company is also entitled to contact and has discussed with
external auditors of the Company on an annual basis to discharge
its duties. Board members are also encouraged to seek inputs
from other members employees other stakeholders as well as
investors (via the investor relations channels) in appropriate
circumstances to ensure that different perspectives are taken into
account in the decision-making process.The implementation and effectiveness of the relevant measures 董事會每年檢討相關方式及方法之實施情況及成
and mechanisms are reviewed by the Board on an annual basis. 效。董事會信納其有效及充分的正式或非正式渠The Board is satisfied that there are effective and sufficient formal 道，此舉確保董事會層面達成獨立意見及建議。
or informal channels in place to ensure that independent views
and inputs are reached at the Board level.Annual Report 2025二零二五年年報95
Corporate Governance Report企業管治報告
BOARD MEETINGS 董事會會議
To ensure high level of attendance of Directors written notices 為了保證高水平的董事出席率，定期董事會會議於are sent to all Directors 14 days before a regular board meeting; 十四天前以書面通知各董事；臨時董事會會議於兩
written notices are sent to all Directors 2 days before a provisional 天前以書面通知各董事。會議議程於諮詢董事會成board meeting. The meeting agenda is set in consultation with 員後制定。年內共舉行九次董事會會議。董事於年members of the Board. The Board held nine meetings in the Year. 內的董事會會議及股東會的個人出席情況載列如
The attendance of individual Director at the Board meetings as 下：
well as general meetings in the Year is set out below:
Annual Extraordinary
Board General General
Meetings Meeting Meetings
Members of the Board 董事會成員 董事會會議 股東週年大會 股東特別大會
Executive Director 執行董事
Wang Chuan-fu 王傳福 9/9 1/1 2/2
Non-executive Directors 非執行董事
Lv Xiang-yang 呂向陽 9/9 1/1 1/2
Xia Zuo-quan 夏佐全 9/9 1/1 0/2
Independent non-executive Directors 獨立非執行董事
Cai Hong-ping 蔡洪平 9/9 1/1 2/2
Zhang Min 張敏 9/9 1/1 0/2
Yu Ling 喻玲 9/9 1/1 1/2
In furtherance of good corporate governance the Board has set 為進一步實施良好企業管治，董事會已成立數個委up a number of committees including: 員會，包括：
– the audit committee; － 審核委員會；
– the remuneration committee; － 薪酬委員會；
– the nomination committee; and － 提名委員會；及
– the strategy and sustainable development committee. － 戰略及可持續發展委員會。
Each committee reports regularly to the Board addressing major 各委員會定期向董事會作出報告，以表達各重大發issues and findings with valuable recommendations for the 現及寶貴建議供董事會作出決定。該等委員會的詳decision making of the Board. The particulars of these Committees 情載列如下。
are set out hereunder.In compliance with C.2.7 of the Code the Chairman of the Board 遵照守則條文第C.2.7條，董事會主席已於年內在並also held a meeting with the independent non-executive Directors 無其他董事列席的情況下，與獨立非執行董事舉行without the presence of other Directors during the Year. 會議。96 BYD Company Limited比亞迪股份有限公司Corporate Governance Report企業管治報告
AUDIT COMMITTEE 審核委員會
One of the primary duties of the audit committee is to review the 審核委員會的主要職責之一是審閱本集團的財務報
financial reporting process and the risk management and internal 告程序以及風險管理及內部控制制度。於二零二五control systems of the Group. As at 31 December 2025 the audit 年十二月三十一日，審核委員會包括三名獨立非執committee consists of three independent non-executive Directors 行董事，即蔡洪平先生、張敏先生及喻玲女士，以namely Mr. Cai Hong-ping Mr. Zhang Min and Ms. Yu Ling and 及一名非執行董事夏佐全先生，而張敏先生出任主a non-executive Director Mr. Xia Zuo-quan with Mr. Zhang Min 席。本公司的審核委員會與核數師舉行會議，以檢as the chairman. Meetings were convened by the audit committee 討本集團所採納的會計政策及常規，及討論審核、and the Company’s auditors to review the accounting policies and 內部監控、風險管理及財務報告事項，以向董事會practices adopted by the Group and to discuss auditing internal 推薦批准。
control risk management and financial reporting matters before
recommending them to the Board for approval.According to the currently effective Company Law of the People’s 根據現行有效的《中華人民共和國公司法》、《上市Republic of China 《( 中華人民共和國公司法》) the Guidelines 公司章程指引》（中國證監會公告[2025]6號）、《上for the Articles of Association of Listed Companies (CSRC 市公司股東會規則》（中國證監會公告[2025]7號）、
Announcement [2025] No. 6) 《( 上市公司章程指引》（中國證監會公 《深圳證券交易所股票上市規則（2025年修訂）》、告[2025]6號）) the Rules for the Shareholders’ Meetings of Listed 《深圳證券交易所上市公司自律監管指引第1號－主Companies (CSRC Announcement [2025] No. 7) 《( 上市公司股東會 板上市公司規範運作（2025年修訂）》及香港上市規規則》（中國證監會公告[2025]7號）) the Governing the Listing of 則等相關法律法規、規章和規範性文件的規定，並Stocks on the Shenzhen Stock Exchange (Revised in 2025) 《( 深 結合公司治理的實際情況，本公司董事會已於二零圳證券交易所股票上市規則(2025年修訂)》) the Guidelines No. 二五年十月三十日決議通過有關《審核委員會實施細
1 of the Shenzhen Stock Exchange for Self-regulation of Listed 則》的修訂。詳情請參閱本公司於二零二五年十月三
Companies – Standard Operation of Companies Listed on the 十日發佈的公告。根據守則條文第D.3.4條，經修訂Main Board (Revised in 2025) 《( 深圳證券交易所上市公司自律監管 《審核委員會實施細則》（前稱「《審核委員會職權範
指引第1號 – 主板上市公司規範運作(2025年修訂)》) and Hong Kong 圍書》」）已刊載於聯交所及本公司網站。
Listing Rules and relevant laws regulations rules and normative
documents and by taking into account the actual situation of the
corporate governance of the Company the Board has resolved
to approve the amendments to the Implementation Rules for the
Audit Committee on 30 October 2025. For details please refer to
the announcement of the Company dated 30 October 2025. The
updated Implementation Rules of the Audit Committee (formerly
known as the Terms of Reference of the Audit Committee)
is published on the websites of the Stock Exchange and the
Company pursuant to code provision D.3.4 of the Code.The terms of reference of the audit committee follow the guidelines 審核委員會的職權範圍已遵照香港會計師公會所制
set by the Hong Kong Institute of Certified Public Accountants the 定的指引、上市規則及守則的規定。
Listing Rules and the provisions of the Code.The audit committee held five meetings in 2025 to review the 於二零二五年，審核委員會舉行五次會議，以審閱internal and external audit findings the accounting principles 內部及外部審核的發現、本集團所採納的會計準則
and pract ices adopted by the Group List ing Rules and 及常規、遵照上市規則及法律、參照外部核數師所
statutory compliance to consider its relationship remuneration 履行的工作後，審議與外部核數師的關係、其酬金and appointment terms and independence with the external 及聘任條款及獨立性，並就建議重新委任外部核數auditor with reference to its work performance and to make 師向董事會提出建議，及討論審核、內部監控、風recommendations to the Board regarding the reappointment ofAnnual Report 2025二零二五年年報97
Corporate Governance Report企業管治報告the external auditor to discuss auditing internal controls risk 險管理及財務報告事項（包括審核截至二零二四年management and financial reporting matters (including auditing 十二月三十一日止年度、截至二零二五年三月三十
the financial statements for the year ended 31 December 2024 一日止三個月、截至二零二五年六月三十日止六個
the three months ended 31 March 2025 the six months ended 月及截至二零二五年九月三十日止九個月的財務報
30 June 2025 and the nine months ended 30 September 2025) 表），以向董事會推薦批准，及履行守則下的其他的
before recommending them to the Board for approval and to 職責。其成員的出席情況載列如下：
perform its other duties under the Code. The attendance of its
members is set out as follows:
Number of
Committee
Meetings Attended Attendance Rate
Members of the Audit Committee 審核委員會成員 出席委員會會議次數 出席率
Xia Zuo-quan 夏佐全 5 100%
Zhang Min (Chairman) 張敏（主席） 5 100%
Cai Hong-ping 蔡洪平 5 100%
Yu Ling 喻玲 5 100%
REMUNERATION COMMITTEE 薪酬委員會
The Board established a remuneration committee on 27 June 董事會已於二零零五年六月二十七日成立薪酬委員
2005. The primary roles of the remuneration committee is to 會。薪酬委員會的主要角色是定期檢討人力資源管
regularly review human resource management policies make 理政策、對董事及高級行政人員的薪酬組合、補償
recommendations on the remuneration packages compensation 及福利計劃提出建議，審閱及╱或批准上市規則第and benefit plans of Directors and senior executives review and/ 十七章項下的股份計劃相關事項以及制定本集團高
or approve matters relating to share schemes under Chapter 級管理人員的表現目標。於二零二五年十二月三十
17 of the Listing Rules as well as set performance goals for 一日，薪酬委員會包括一名執行董事王傳福先生、senior management of the Group. As at 31 December 2025 the 一名非執行董事夏佐全先生、及三名獨立非執行董
Remuneration Committee comprises of an executive Director 事蔡洪平先生、張敏先生及喻玲女士，而蔡洪平先Mr. Wang Chuan-fu a non-executive Director Mr. Xia Zuo-quan 生出任主席。
and three independent non-executive Directors namely Mr.Cai Hong-ping Mr. Zhang Min and Ms. Yu Ling with Mr. Cai
Hong-ping as the chairman.According to the currently effective Company Law of the People’s 根據現行有效的《中華人民共和國公司法》、《上市Republic of China 《( 中華人民共和國公司法》) the Guidelines for the 公司章程指引》（中國證監會公告[2025]6號）、《上Articles of Association of Listed Companies (CSRC Announcement 市公司股東會規則》（中國證監會公告[2025]7號）、
[2025] No. 6) 《( 上市公司章程指引》（中國證監會公告[2025]6號）) 《深圳證券交易所股票上市規則（2025年修訂）》、the Rules for the Shareholders’ Meetings of Listed Companies 《深圳證券交易所上市公司自律監管指引第1號－主
(CSRC Announcement [2025] No. 7) 《( 上市公司股東會規則》（中國 板上市公司規範運作（2025年修訂）》及香港上市規證監會公告[2025]7號）) the Governing the Listing of Stocks on the 則等相關法律法規、規章和規範性文件的規定，並Shenzhen Stock Exchange (Revised in 2025) 《( 深圳證券交易所股 結合公司治理的實際情況，本公司董事會已於二零票上市規則(2025年修訂)》) the Guidelines No. 1 of the Shenzhen 二五年十月三十日決議通過有關《薪酬委員會實施細Stock Exchange for Self-regulation of Listed Companies – Standard 則》的修訂。詳情請參閱本公司於二零二五年十月三Operation of Companies Listed on the Main Board (Revised in 十日發佈的公告。根據守則條文第E.1.3條，經修訂2025)《(深圳證券交易所上市公司自律監管指引第1號–主板上市公司《薪酬委員會實施細則》（前稱「《薪酬委員會職權範規範運作(2025年修訂)》) and Hong Kong Listing Rules and relevant 圍書》」）已刊載於聯交所及本公司網站。
laws regulations rules and normative documents and by taking
into account the actual situation of the corporate governance of the
Company the Board has resolved to approve the amendments to the
Implementation Rules for the Remuneration Committee on 30 October
2025. For details please refer to the announcement of the Company
dated 30 October 2025. The updated Implementation Rules of the
Remuneration Committee (formerly known as the Terms of Reference
of the Remuneration Committee) is published on the websites of the
Stock Exchange and the Company pursuant to code provision E.1.3
of the Code.98 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告In 2025 the remuneration committee has reviewed its terms of 於二零二五年，薪酬委員會已檢討其職權範圍（其職reference which is available on the websites of the Hong Kong 權範圍可於香港聯交所及本公司網站查閱），以符合Stock Exchange and the Company to comply with the Code. 守則。
In terms of the summary of the work of the remuneration 薪酬委員會的履職概述方面，於二零二五年，薪酬committee the remuneration committee held two meetings in 2025 委員會舉行兩次會議，以（其中包括）決定執行董to among others determine the policy for the remuneration of 事的薪酬政策並批准其聘用合同，評估執行董事的executive Directors and approve the terms of executive Directors’ 表現，審閱本公司董事及高級管理人員的薪酬及審service contracts assess the performance of executive Directors 閱╱批准與上市規則第17章項下股份計劃有關的事
review the remuneration of directors and senior management 項。其成員出席情況載列如下：
of the Company and review/approve matters relating to share
schemes under Chapter 17 of the Listing Rules. The attendance of
its members is set out as follows:
Number of
Committee
Members of the Remuneration Meetings Attended Attendance Rate
Committee 薪酬委員會成員 出席委員會會議次數 出席率
Wang Chuan-fu 王傳福 2 100%
Xia Zuo-quan 夏佐全 2 100%
Cai Hong-ping (Chairman) 蔡洪平（主席） 2 100%
Zhang Min 張敏 2 100%
Yu Ling 喻玲 2 100%
REMUNERATION POLICY FOR DIRECTORS 董事薪酬政策
The primary goal of the Group’s remuneration policy for executive 本集團對執行董事薪酬政策的主要目標是讓本公司
Directors is to enable the Company to retain and motivate 可透過將執行董事的補償與其個人表現掛鈎並與公
executive Directors by linking their compensation with their 司目標及本集團的經營業績相衡量，同時考慮可比individual performance measuring the compensation against 較的市場條件，以挽留及激勵執行董事。就執行董the corporate objectives and the Group’s operating results and 事及高級管理層薪酬而言，薪酬委員會向董事會就taking into account of comparable market conditions. For the 個別執行董事及高級管理層的薪酬組合提出建議（採remuneration of the executive Directors and senior management 納企業管治守則條文第E.1.2(c)(i i)條所述模式）並
the remuneration committee makes recommendations to the Board 將由董事會審閱及採納批准，同時執行董事的薪酬on the remuneration packages of individual executive Directors 組合方案還須經股東會批准。年內，公司董事會及and senior management (adopting the model described in Code 薪酬委員會並未就任何薪酬及補償安排產生任何分
provision E.1.2(c)(ii) of the Code) which would then be reviewed 歧。執行董事在公司擔任管理職務，按照其所擔任and subject to approval by the Board. The remuneration package 的管理職務領取薪酬。非執行董事的薪酬主要包括of the executive Directors would also be subject to approval 董事袍金。董事於履行其作為董事職責時所發生的by Shareholders at general meetings. During the Year there 開支，本公司會作出合理補償。
is no disagreement between the Board and the remuneration
committee on any remuneration or compensation arrangements.The executive Director holds a management position in the
Company and receives remuneration based on his management
role. The remuneration of non-executive Directors includes mainly
the Director’s fee. The Company reimburses reasonable expenses
incurred by Directors in the course of their carrying out of duties
as Directors.Annual Report 2025二零二五年年報99
Corporate Governance Report企業管治報告
Directors do not participate in the decisions on their own 董事不參與釐定其本身的薪酬。
remuneration.The emoluments paid to each Director for the year ended 31 截至二零二五年十二月三十一日止年度，支付予各December 2025 are set out on page 85 of this annual report. 董事的酬金載於本年報第85頁。
Remuneration of Senior Management During the Year 年內高級管理人員薪酬
Number of Senior
Management
Remuneration by bands 按等級劃分的酬金 高級管理層人數
RMB0 to RMB5 million 人民幣零元至人民幣500萬元 0
RMB5 million to RMB8 million 人民幣500萬元至人民幣800萬元 7
RMB8 million to RMB11 million 人民幣800萬元至人民幣1100萬元 4
RMB11 million to RMB14 million 人民幣1100萬元至人民幣1400萬元 2
Over RMB14 million 人民幣1400萬元以上 1
NOMINATION COMMITTEE 提名委員會
The Group has established the nomination committee. As at 本集團已成立提名委員會。於二零二五年十二月三
31 December 2025 the nomination committee comprises of 十一日，提名委員會由一名執行董事王傳福先生、an executive Director Mr. Wang Chuan-fu a non-executive 一名非執行董事呂向陽先生、及三名獨立非執行董
Director Mr. Lv Xiang-yang and three independent non-executive 事蔡洪平先生、張敏先生及喻玲女士組成，而喻玲Directors namely Mr. Cai Hong-ping Mr. Zhang Min and Ms. 女士為主席。提名委員會已獲授權力及權限，以審Yu Ling with Ms. Yu Ling as the chairman. The nomination 閱董事會的架構、規模及組成，就挑選董事及高級committee has been delegated with the powers and authorities 管理層候任人選、委任及重新委任董事及計劃董事
to review the structure size and composition of the Board make 繼任向董事會提供建議，亦負責評估獨立非執行董recommendations to the Board on the selection of candidates 事的獨立性及決定董事提名的政策。
nominated for directorships and senior management appointment
and reappointment of Directors and succession planning for
Directors assess the independence of independent non-executive
Directors and determine the policy for the nomination of Directors.According to the currently effective Company Law of the People’s 根據現行有效的《中華人民共和國公司法》、《上市Republic of China 《( 中華人民共和國公司法》) the Guidelines for the 公司章程指引》（中國證監會公告[2025]6號）、《上Articles of Association of Listed Companies (CSRC Announcement 市公司股東會規則》（中國證監會公告[2025]7號）、
[2025] No. 6) 《( 上市公司章程指引》（中國證監會公告[2025]6號）) 《深圳證券交易所股票上市規則（2025年修訂）》、the Rules for the Shareholders’ Meetings of Listed Companies 《深圳證券交易所上市公司自律監管指引第1號－主
(CSRC Announcement [2025] No. 7) 《( 上市公司股東會規則》（中國 板上市公司規範運作（2025年修訂）》及香港上市規證監會公告[2025]7號）) the Governing the Listing of Stocks on the 則等相關法律法規、規章和規範性文件的規定，並Shenzhen Stock Exchange (Revised in 2025) 《( 深圳證券交易所股 結合公司治理的實際情況，本公司董事會已於二零票上市規則(2025年修訂)》) the Guidelines No. 1 of the Shenzhen 二五年十月三十日決議通過有關《提名委員會實施細Stock Exchange for Self-regulation of Listed Companies – Standard 則》的修訂。詳情請參閱本公司於二零二五年十月三Operation of Companies Listed on the Main Board (Revised in 十日發佈的公告。根據守則條文第B.3.2條，經修訂2025)《(深圳證券交易所上市公司自律監管指引第1號–主板上市公司《提名委員會實施細則》（前稱「《提名委員會職權範規範運作(2025年修訂)》) and Hong Kong Listing Rules and relevant 圍書》」）已刊載於聯交所及本公司網站。
laws regulations rules and normative documents and by taking
into account the actual situation of the corporate governance of the
Company the Board has resolved to approve the amendments to the
Implementation Rules for the Nomination Committee on 30 October
2025. For details please refer to the announcement of the Company
dated 30 October 2025. The updated Implementation Rules of the
Nomination Committee (formerly known as the Terms of Reference of
the Nomination Committee) is published on the websites of the Stock
Exchange and the Company pursuant to code provision B.3.2 of the
Code.100 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
In terms of the summary of the work of the nomination committee 提名委員會的履職概述方面，截至二零二五年十二during the financial year ended 31 December 2025 there was no 月三十一日止財政年度內，本公司董事會組成未發change to the composition of the Board of the Company and no 生變動，亦無新任董事擬獲委派或連任。儘管如new director was proposed for appointment or re-appointment. 此，提名委員會仍通過通訊方式及成員間非正式磋The annual review of the Board’s structure size composition 商方式，完成了對董事會架構、規模、構成以及獨and assessment of independence of independent non-executive 立非執行董事獨立性評估和董事時間投入情況的年
Directors and time commitment of Directors were nevertheless 度審查，相關結果已向董事會匯報並獲其知悉。
conducted by the Nomination Committee through communication
and informal consultation among its members the results of which
were reported to and noted by the Board.The nomination committee is committed to promoting diversity in 提名委員會致力於通過考慮企業管治結構的多項因
our Company to the extent practicable by taking into consideration 素，在切實可行的情況下促進本公司多元化。
a number of factors in respect of our corporate governance
structure.The nomination committee has also adopted a nomination policy 提名委員會亦已採納一項提名政策，當中列載新委which includes the selection criteria and nomination procedures 任及重新委任董事之甄選準則及提名程序。用以評of new appointments and re-appointments of Directors. The 估候選人的甄選準則包括（尤其是）其學歷背景及專
selection criteria for assessing candidates include in particular 業資格、與行業有關之經驗、品格、誠信及彼是否
his/her educational background and professional qualifications 能如多元化政策所述為董事會多元化作出貢獻。重experiences in the industry personality and integrity as well as 新委任董事方面，提名委員會將考慮如退任董事所his/her contributions to the diversity of the Board according to the 作出貢獻等因素。倘候選人獲委任獨立非執行董事board diversity policy. In the case of re-appointment of Directors 職位，提名委員會將參考上市規則所載列之要求評the nomination committee would take into account factors such 估彼之獨立性。在委任新董事時，提名委員會及╱as contribution from the retiring Directors. Where the candidate is 或董事會會先物色適合人選。經提名委員會根據甄appointed for the position of independent non-executive Director 選準則評估候選人後，提名委員會將提名一位或多the nomination committee will also assess his/her independence 位合資格候選人供董事會考慮，且董事會將決定並with reference to the requirements set out in the Listing Rules. 同意一位最佳候選人。本公司及╱或董事會主席將In appointing a new Director the nomination committee and/ 與最佳候選人協商委任之條款。最後，董事會主席or the Board will first identify potential candidates. After the 經諮詢薪酬委員會主席及提名委員會主席後將落實
nomination committee evaluated the candidates based on the 委任書，予董事會批准。提名委員會應確保挑選程selection criteria the nomination committee will nominate one or 序透明及公平，於委聘程序中維持採用多元化甄選more qualified candidates for the Board’s consideration and the 準則，同時考慮年齡、教育背景、專業經驗、行業Board will determine and agree on a preferred candidate. The 技能及專業知識等多項特質。自成立以來，提名委Company and/or the chairman of the Board will then negotiate 員會已肩負檢討在提名方面應用多元化甄選政策之
the terms of appointment with the preferred candidate. Finally 責任，確保董事具備多元化視野及不同教育背景及the chairman of the Board in consultation with the chairman of 專業知識。
the remuneration committee and the chairman of the nomination
committee will then finalise a letter of appointment for the Board’s
approval. The nomination committee shall ensure the transparency
and fairness of the selection procedure and continue to adopt
diversified selection criteria during the appointment procedure
taking into consideration a range of elements such as age
educational background professional experience industrial
skills and professional knowledge. Since its establishment the
nomination committee has assumed the role of reviewing the
application of such diversified selection policy at the nomination
level maintaining a diversified spectrum of varying perspectives
educational background and professional knowledge in the Board.Annual Report 2025二零二五年年報101
Corporate Governance Report企業管治報告
The Board’s Diversity Policy 董事會多元化政策
The Board has adopted the board diversity policy which sets 董事會已採納董事會多元化政策，其中載有董事會out the approach to the diversity of the Board. The Company 多元化之方針。本公司認同董事會成員多元化對企recognises the importance of diversity to corporate governance 業管治及董事會行之有效的重要性，董事會成員多and an effective Board. The board diversity policy aims to set 元化政策旨在列載為達致董事會成員多元化而採取
out the approach to achieve Board diversity so as to ensure 的方針，以確保董事會根據本公司業務所需具備適that the Board members possess appropriate skills experience 當的技能、經驗及多元化觀點。董事會及提名委員and diverse views necessary for the business of the Company. 會在設定董事會成員組合時，會從多方面考慮董事In determining the Board composition the Board and nomination 會成員多元化，包括但不限於性別、年齡、文化及committee consider a range of diversity elements including but 教育背景、專業經驗、技能及知識。董事會所有委not limited to gender age cultural and educational background 任均以用人唯才為原則，並以客觀準則考慮人選，professional experience skills and knowledge. All appointments 充分顧及董事會多元化的裨益。
of the Board will be made based on merit and objective criteria
while taking into full account the interest of the Board’s diversity.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 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 of 事會在技能、經驗、知識、服務年限及獨立性方面
the selection of candidates and the review of the implementation 充分表現多樣化格局。
and 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.102 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
The current session of the Board was considered and approved by 本公司本屆董事會於二零二三年九月一日經提名委
the nomination committee and the Seventh Session of the Board 員會及第七屆董事會審核通過，並提交公司股東於on 1 September 2023. In addition they were appointed after 二零二三年九月十九日的臨時股東大會上審議通過
consideration and approval at the extraordinary general meeting 並予以委任（合稱「本屆董事會委任程序」）。認識到of the Company held on 19 September 2023 (collectively the 性別多元化的重要性及益處後，董事會的可計量目“Appointment Procedures for the Current Session of the Board”). 標之一乃於董事會中包含至少一名女性董事。於二Recognising the importance and benefits of gender diversity it is 零二五年十二月三十一日，本屆董事會其中一名董one of the measurable objectives of the Board to include at least 事為女性，董事會性別多元化有所增進。董事會將one female Director in the Board. As at 31 December 2025 one of 繼續採取積極措施物色合適候選人，以建立一個可the members of the current session of the Board is female which 以達到董事會成員性別多元化的潛在董事繼任人通
shows an improvement in gender diversity in the Board. The 道，並著重將性別納入本公司實現董事會多元化的Board will continue to take proactive measures to identify suitable 考量因素之一。
candidates to develop a pipeline of potential successors to the
Board to enhance gender diversity among members of the Board
and will emphasize to include gender as a factor to be taken into
consideration for achieving the Board diversity.The Company is committed to promoting gender diversity 本公司致力於促進董事會、高級管理層乃至整個員not only within the Board and senior management but also 工隊伍的性別多元化。本公司遵守《聯合國人權公among its entire workforce. The Company complies with the 約》，並根據《世界人權宣言》、《聯合國商業與人權International Covenant on Human Rights 《( 聯合國人權公約》) and 指導原則》、中國以及其他運營所在地的用工法律法
has established a comprehensive set of code of conduct and 規，結合各類質量管理、職業健康、環境安全、社human resources management systems in accordance with the 會責任等標準體系，建立了一套完善的公司行為準Universal Declaration of Human Rights 《( 世界人權宣言》) the UN 則及人力資源管理制度。本集團堅持「機會平等、量Guiding Principles on Business and Human Rights 《( 聯合國商業與 才錄用」的原則，致力於消除招聘和用工過程中的國人權指導原則》) labor laws and regulations of the PRC and other 籍、種族、性別、宗教信仰等歧視行為，並嚴禁強jurisdictions where the Company operates as well as various 迫勞動、販賣勞工和使用童工等侵犯人權的用工行
standard systems covering quality management occupational 為。於本報告日期，本集團高級管理層中女性員工health environmental safety and social responsibil i ty. We 的數量約佔高級管理層人數的23.08%，女性員工的adhere to the principles of “equal opportunity and merit- 數量約佔全體員工總人數的30.47%（包括高級管理based employment” strive to eliminate discrimination based on 層）。董事會認為本集團員工隊伍目前已實現員工性nationality race gender religious belief and other grounds in 別多元化。儘管如此，本集團將在為本集團業務招recruitment and employment and strictly prohibit any human 募和選擇關鍵管理人員及其他人員時繼續提高員工
rights-violating employment practices such as forced labor 隊伍的性別多元化。
human trafficking and child labor. As at the date of this report the
number of female senior management of the Group accounted for
approximately 23.08% of the total number of senior management
and the number of female employees of the Group accounted
for approximately 30.47% of the total workforce (including senior
management). The Board is of the view that the Group has
achieved gender diversity among employees. Nevertheless the
Group will continue to improve gender diversity in the workforce
when recruiting and selecting key management and other
personnel across the Group’s operations.The Group’s recrui tment strategy is underpinned by the 本集團的招聘策略為合適的崗位聘用合適的員工，appointment of the right employee for the right position in order 從員工的性別、年齡、文化、及教育背景、專業經to achieve employee diversity for all employees (including senior 驗、技能及知識等方面實現全體員工（包括高級管理management) in terms of gender age cultural and educational 人員）的多元化。
background expertise skills and know-how.Annual Report 2025二零二五年年報103
Corporate Governance Report企業管治報告
STRATEGY AND SUSTAINABLE DEVELOPMENT 戰略及可持續發展委員會
COMMITTEE
The Group established the strategy committee on 20 March 本集團於二零零八年三月二十日成立戰略委員會，
2008 and it was renamed as the strategy and sustainable 並於二零二五年三月二十四日更名為戰略及可持續
development committee on 24 March 2025. As at 31 December 發展委員會。於二零二五年十二月三十一日，戰略
2025 the strategy and sustainable development committee 及可持續發展委員會由一名執行董事王傳福先生、comprises of one executive Director Mr. Wang Chuan-fu two 兩名非執行董事呂向陽先生及夏佐全先生，以及兩non-executive Directors namely Mr. Lv Xiang-yang and Mr. 名獨立非執行董事蔡洪平先生及張敏先生組成，王Xia Zuo-quan and two independent non-executive Directors 傳福先生為主席。戰略及可持續發展委員會主要職namely Mr. Cai Hong-ping and Mr. Zhang Min with Mr. Wang 責是對公司長期可持續發展戰略和重大投資決策進
Chuan-fu as the chairman. The main duty of the strategy and 行研究並提出建議。
sustainable development committee is to consider and make
recommendations on the Company’s long-term sustainable
development strategy and major investment decisions.Regarding the overview of the responsibilities of the strategy and 戰略及可持續發展委員會的履職概述方面，於二零sustainable development committee in 2025 the strategy and 二五年，戰略及可持續發展委員會舉行一次會議，sustainable development committee held one meeting to review 以審閱本公司二零二四年度可持續發展報告。其成the 2024 sustainability report of the Company. The attendance of 員出席情況載列如下：
its members is as follows:
Number of
Members of the Strategy and Committee
Sustainable Development 戰略及可持續發展 Meetings Attended Attendance Rate
Committee 委員會成員 出席委員會會議次數 出席率
Wang Chuan-fu (Chairman) 王傳福（主席） 1 100%
Lv Xiang-yang 呂向陽 1 100%
Xia Zuo-quan 夏佐全 1 100%
Cai Hong-ping 蔡洪平 1 100%
Zhang Min 張敏 1 100%
COMPANY SECRETARY 公司秘書
Mr. Li Qian the company secretary of the Company is a full-time 本公司之公司秘書李黔先生為本集團全職僱員，並staff of the Group and is familiar with the daily affairs of the 對本公司的日常事務有所認識。於本財政年度，公Company. During the financial year the company secretary had 司秘書已遵守上市規則第3.29條的相關專業培訓要
complied with the relevant professional training requirements 求。公司秘書的履歷詳情載於本年報「董事、監事及under Rule 3.29 of the Listing Rules. The biographical details 高級管理層」一節中。
of the company secretary are set out in the section headed
“Directors Supervisors and Senior Management” in this annual
report.104 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
INDEPENDENT AUDITORS AND THEIR REMUNERATION 獨立核數師及其薪酬
For the year ended 31 December 2025 the total remuneration 截至二零二五年十二月三十一日止年度，獨立核數paid to the independent auditor Ernst & Young Hua Ming LLP 師安永華明會計師事務所（特殊普通合夥）為本公司
was RMB6830000 for audit services and non-audit services 及其子公司提供核數服務和非核數服務的薪酬總額
provided for the Company and its subsidiaries. The audit fee 為人民幣6830000元。核數費已獲董事會批准。於was approved by the Board. During the Reporting Period the 報告期內，提供審核本集團中期業績有關非核數服total remuneration in respect of the non-audit services provided 務的薪酬總額為人民幣900000元。
was RMB900000 in relation to review of the interim results of the
Group.The Directors have acknowledged that they are responsible for 董事確認彼等負責編製本公司截至二零二五年十二
preparing the consolidated financial statements of the Company 月三十一日止年度的合併財務報表。
for the year ended 31 December 2025.The statement of the independent auditor of the Company about 本公司獨立核數師有關其對本公司截至二零二五年
its reporting responsibilities on the Company’s consolidated 十二月三十一日止年度的合併財務報表的申報責任
financial statements for the year ended 31 December 2025 is set 的陳述書，載於本年報的「審計報告」內。
out in the section headed “Audit Report” in this annual report.RISK MANAGEMENT AND INTERNAL CONTROL 風險管理及內部監控
The Board confirms its responsibility for risk management and 董事會確認對風險管理及內部監控系統負責，並通internal control systems and for reviewing their effectiveness 過審核委員會至少每年檢討其有效性。審核委員會through the audit committee at least annually. The audit 協助董事會履行其監察及企業管制職責，涵蓋本公committee assists the Board in performing its responsibilities 司的財務、運營、合規、風險管理及內部監控，和of supervision and corporate governance covering financial 內部審計職能。董事會進而確認風險管理及內部監operational compliance risk management and internal control as 控系統可適當及有效達到守則原則D.2所述的目的。
well as internal audit functions of the Company. The Board further
confirms that the risk management and internal systems are
appropriate and effective for the purposes set out in Principle D.2
of the Code.Various measures have been designed for safeguarding assets 本公司已設計各項措施，以保障資產不被非法使用against unauthorised use or disposition; for maintaining good 或出售、保持良好會計記錄及用於業務或公佈的財
accounting records and for the reliability of financial data used 務數據的可靠性。風險管理及內部監控系統旨在管within the business or for publication. The Company’s systems of 理而非消除未能達成業務目標的風險，而且就避免risk management and internal control are designed to manage 重大錯誤、損失或欺騙行為而言，僅能作出合理而rather than eliminate the risk of failure to achieve business 非絕對的保證。董事會信納本公司已全面遵守守則objectives and can only provide reasonable but not absolute 所載風險管理和內部監控條文。
assurance against material errors losses or fraud. The Board
considers that the Company is fully compliant with the provisions
of risk management and internal control as set forth in the Code.Annual Report 2025二零二五年年報105
Corporate Governance Report企業管治報告
Risk Management and Internal Control Framework 風險管理及內部監控框架
The Company’s risk management system is composed of a 本公司風險管理包含完善之組織架構，以及全面之well-established organizational structure as well as all-rounded 政策和程序。各業務及職能部門之職責均清楚列policies and procedures. The responsibilities of each business 明，以確保有效之制衡。本公司的風險管理及內部and functional department are clearly defined to ensure effective 監控架構包括下列各項：
balance. The Company’s risk management and internal control
structure comprises of:
Board of Directors 董事會
* Evaluating and determining the nature and magnitude of * 負責評估並釐定本公司承受的風險性質及程
the risks to be assumed by the Company to achieve its 度，以達成其業務策略目標；
business and strategic goals;
* Ensuring that the Company has established and maintained * 確保本公司建立及維持合適及有效的風險管
appropriate and effective risk management and internal 理及內部監控系統；
control systems;
* Supervising the designing implementation and inspection * 監督管理層對風險管理及內部監控系統的設
of the risk management and internal control systems by the 計、實施及監察。
management team.Audit Committee 審核委員會
* Assisting the Board in performing its duties of risk * 協助董事會執行其風險管理及內部監控系統
management and internal control systems; 的職責；
* Supervising the Company’s risk management and internal * 持續監督本公司的風險管理及內部監控系
control systems on an ongoing basis to provide opinions 統，對風險管理及內部監控系統管理制度的and suggestions with regard to the improvement of the risk 健全和完善提出意見和建議；
management and internal control systems;
* Reviewing the effectiveness of the Company’ s risk * 至少每年一次檢討本公司的風險管理及內部
management and internal control systems at least once a 監控系統是否有效；
year;
* Ensuring that the Company has sufficient resources staff * 確保本公司在會計、內部審核及財務匯報職
qualifications and experiences and training programs in 能，以及本集團環境、社會及管治表現及匯accounting internal audit and financial reporting functions 報方面有足夠的資源，員工資歷和經驗以及as well as those relating to the Group’s environmental 培訓。
social and governance performance and reporting.106 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
Management Team 管理層
* Des ign ing implement ing and inspect ing the r i sk * 負責設計、執行及監察風險管理及內部監控
management and internal control systems; 系統；
* Identifying evaluating and managing risks (including * 識別、評估及管理可能對運作之主要程序構environmental social and governance risks) that may exert 成潛在影響之風險（包括環境、社會及管治potential impacts on major operational procedures; 風險）；
* Responding to and following up in a timely manner on * 對內部審計提出的有關風險管理及內部監控
the investigation results of risk management and internal 事宜之調查結果，作出及時回應和跟進；
control issues raised by the internal audit department;
* Providing conf irmat ion to the Board and the audit * 向董事會及審核委員會提供有關風險管理及
committee on the effectiveness of the risk management 內部監控系統是否有效的確認。
and internal control systems.Internal Audit Department 內部審計
* Reviewing the due effectiveness of the Company’s risk * 審核本公司風險管理及內部監控制度是否足
management and internal control systems; 夠有效；
* Reporting the audit results or f indings and making * 向審核委員會匯報審核結果或發現並作出建
suggestions to the audit committee to improve major 議，以改善制度重大不足之處或發現監控缺drawbacks of the systems or identify the deficiency of the 失。
control.IDENTIFICATION EVALUATION AND MANAGEMENT 識別、評估及管理重大風險
OF MAJOR RISKS
The management team and relevant staff identify risks (including 管理層及相關員工識別可能對公司及運營構成潛在
environmental social and governance risks) that may exert 影響之風險（包括環境、社會及管治風險），評估potential impacts on the Company and its operation and evaluate 監控環境和流程方面的風險。通過比較風險評估結and monitor risks in the environment and process. Through 果，排列風險優先次序，釐定風險管理策略及內部comparison of the risk appraisal results and risk prioritization 監控程序，以防止、避免或降低風險。
risk management strategies and internal control procedures are
determined to prevent avoid or reduce risks.Major risks (including environmental social and governance risks) 主要風險（包括環境、社會及管治風險）與相關監
and related control measures are reviewed and upgraded on an 控措施，均持續檢討和更新，以確保設有適當的內ongoing basis to ensure proper internal control procedures in 部監控程序。根據測試結果，於出現任何重大變動place. Based on the testing results persons in charge confirm 時，有關的負責人員向高層管理人員確認內部監控with the senior management that internal control measures have 措施發揮預期作用，或已在確定的監控弱點予以糾played their roles as expected their weakness identified in the 正，修訂風險管理政策及內部監控程序。董事會及control have been corrected and risk management policies and 審核委員會監督管理層的監控活動以致監控措施的
internal control procedures have been revised in the event of any 成效。
major changes. The Board and the audit committee supervise
the control activities of the management team to ensure the
effectiveness of the control measures.Annual Report 2025二零二五年年報107
Corporate Governance Report企業管治報告
Annual Assessment 年度評估
In 2025 the Board through the audit committee reviewed the 二零二五年，董事會經過審核委員會已對集團的風soundness and effectiveness of the Group’s risk management 險管理及內部控制體系（包括財務、經營及合規控and internal control systems covering financial operational 制）的健全性和有效性進行了檢討，包括考慮本集團and compliance control and considerations on the adequacy of 在會計、內部審核、財務匯報職能方面以及與本集
resources staff qualifications and experience training programs 團環境、社會及管治表現和匯報相關的資源、員工
for staff and budget of the Group’s accounting internal audit 資歷及經驗，以及員工所接受的培訓課程及有關預and financial reporting functions as well as those relating to the 算是否足夠，並出具了內部控制自我評價報告。同Group’s ESG performance and reporting with a self-evaluation 時，公司還聘請了審計師對公司財務報告相關的內report issued on the internal control. In addition the Company 部控制有效性進行審計，以審計報告的形式提供獨engaged an auditor to audit the effectiveness of the internal 立客觀的評價與建議。董事會認為，公司的風險管control related to the Company’s financial reports and to provide 理及內部控制體系有效且充分。
independent and objective assessments and suggestions in the
form of audit report. The Board considers that the Company’s
risk management and internal control systems are effective and
adequate.Internal Audit 內部審核
The Group has an internal audit department equipped with an 本集團設有審計部門，推行獨立的內部審計制度，independent internal audit system plays an important role in the 在本集團的風險管理及內部監控框架扮演重要角
Group’s risk management and internal control framework. The 色。該部門直接向審核委員會匯報，內部審核部門department reports directly to the audit committee. The annual and 的年度、季度工作計劃報審核委員會審閱，並定quarterly work plans of the internal audit department are reviewed 期向審核委員會作出報告，重要審核發現需及時報by the audit committee and reported to the audit committee 告，由審核委員會審議後向董事會、管理層提出建regularly. Major audit findings shall be reported on a timely basis. 議，並通過後續跟蹤的方式檢討整改計劃的落實情Based on its consideration the audit committee will provide 況。
advice to the Board and the senior management with subsequent
follow-up measures taken to review the implementation of the
rectification and improvement plans.Disclosure of Inside Information 披露內幕消息
The Group has put in place a set of policy for the disclosure of 本集團制定一套有關披露內幕消息的政策，載列符inside information which sets out the procedures and internal 合（香港法例第571章）證券及期貨條例及時處理及
controls for the handling and dissemination of inside information in 發佈內幕消息的程序及內部監控措施。除非內幕消a timely manner and in compliance with the Securities and Futures 息屬於證券及期貨條例所允許任何安全港範圍內，Ordinance (Chapter 571 of the Laws of Hong Kong). Unless the 否則本集團需透過香港聯交所營運之電子登載系統
inside information falls within any of the safe harbors as permitted 及時向公眾人士發佈有關資料。所有董事、高級管under the Securities and Futures Ordinance the Group is required 理人員及相關僱員須在刊發公佈前採取合理預防措
to disseminate such information through the electronic publication 施，將內幕消息及相關公佈（如適用）保密。倘本集system operated by the Hong Kong Stock Exchange to the 團認為無法維持必要的保密程度，本集團將及時在public in a timely manner. All Directors senior management and 合理可行情況下盡快向公眾披露有關資料。該政策relevant employees are required to take reasonable precautions 及其有效性須進行定期檢討。
for preserving the confidentiality of inside information and the
relevant announcement (if applicable) before publication. If
the Group believes that the necessary degree of confidentiality
cannot be maintained the Group will in a timely manner disclose
the information to the public as soon as reasonably practicable.The policy and its effectiveness are subject to review on a regular
basis.108 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
Whistleblowing and Anti-corruption Policy 舉報及反貪污政策
The Company has zero-tolerance towards corruption implements 本公司對貪腐零容忍，全員反腐，褒獎舉報人。
anti-corruption policies that apply to all staff and rewards the
whistleblowers.The Company formulated a series of rules and measures 本公司制定了《比亞迪行為準則》、《集團員工職業including the BYD Code of Conduct the Group Employee 道德規範》及《比亞迪公司員工對外公務交往管理規Professional Ethic Guidelines and BYD Guidelines for Employee 定》等一系列規章制度，嚴格禁止提供、接受、索取Business Activities with External Entities to prohibit any offering 賄賂、禮物、招待或其它形式的，意在影響或可能accepting or claiming bribery gifts hospitality and any other form 影響比亞迪相關業務決定的，獲取非正常或不適當of activity intended to affect the Company’s relevant business 優勢的做法。
decisions for abnormal or inappropriate advantages.The Company also established BYD Whistleblower Protection and 本公司還制定了《比亞迪公司舉報人保護和獎勵規Incentive Measures and opened special channels for honesty 定》，並開設專門的廉潔問題舉報渠道（包括電話、issues reporting (including via telephone email WeChat official 郵箱、微信公眾號等），鼓勵舉報人參與到本公司廉account) to encourage whistleblowers to perform the honesty 潔監督體系中，積極舉報貪污、腐敗等違法違規行supervision system of the Company and actively report cases 為和其他違反本公司規章制度的行為。本公司每年of embezzlement corruption and other violations of laws 檢討該等舉報及反貪污政策。
regulations and the rules and measures of the Company. These
whistleblowing and anti-corruption policies are reviewed on an
annual basis.For further details please refer to the section headed “Honest and 更多詳情，請參閱本公司二零二五年度可持續發展Upright Conduct” in the 2025 sustainability report of the Company. 報告誠信守正一章。
DIRECTORS’ SECURITIES TRANSACTIONS 董事的證券交易
The Company has adopted the Model Code for Securities 本公司已採納上市規則附錄C3所載上市發行人董事
Transactions by Directors of Listed Issuers (the “Model Code”) 進行證券交易的標準守則（「標準守則」），作為本公contained in Appendix C3 of the Listing Rules as the Company’s 司董事進行有關證券交易的行為守則。在向所有的code of conduct regarding securities transactions by its Directors. 董事作出特定查詢後，於年內，無任何本公司董事Having made specific inquiry of all Directors the Company 買賣本公司證券，且所有董事均已遵守標準守則項confirmed that none of the Directors have purchased or sold any 下的義務。
securities of the Company and all Directors have complied with
their obligations under the Model Code during the Year.Specified employees who are likely to be in possession of 可能擁有本集團尚未公佈內幕消息的指定人士亦須
unpublished inside information of the Group are also subject to 遵守標準守則條款。於二零二五年，本公司並無發compliance with the Model Code. No incident of non-compliance 現違規事件。
was noted by the Company in 2025.Annual Report 2025二零二五年年報109
Corporate Governance Report企業管治報告
SHAREHOLDERS’ RIGHTS 股東權利
Under the Articles any one or more Shareholders holding not 根據《公司章程》，持有本公司百分之十以上股份的less than one-tenth of the shares of the Company could by written 任何一名或多名股東，將可以書面要求董事會召開requisition to the Board to require an extraordinary general 臨時股東或類別股東會，以審議要求中所指明的任meeting and a class meeting to be called by the Board for 何事項，在股東會決議公告前，召集股東持股比例considering any matters specified in such requisition and before 不得低於10%。
the announcement of the shareholders’ meeting resolution the
shareholding proportion of the shareholders who convene the
meeting must not be less than 10%.Any Shareholder holding not less than 1% of the paid-up share 持有本公司百分之一以上有表決權股份的股東，可capital of the Company carrying the right of voting at general 以作為徵集人，自行或者委託證券公司、證券服務meetings of the Company may as a proxy solicitor publicly solicit 機構，公開向公司股東徵集代理人代為出席股東proxies either by himself/herself or by appointing a securities 會，並代為行使提案權、表決權等股東權利。
company or securities service institute from the Shareholders to
attend general meetings and exercise the right to make proposals
right to vote and other rights of Shareholders on their behalf.Any one or more Shareholders holding not less than 1% of the 持有本公司百分之一以上股份的任何一名或多名股
paid-up capital of the Company carrying the right of voting 東，可以在股東會召開10日前提出臨時提案並書面at general meetings of the Company may make a provisional 提交會議召集人；召集人應當在收到提案後2日內發
proposal and submit it in writing to the convener of the meeting 出股東會補充通知，公告臨時提案的內容。
ten days prior to the date of the general meeting. The convener
shall within two days upon receipt of the proposal issue a
supplementary notice of the general meeting announcing the
contents of such provisional proposal.Furthermore a Shareholder may propose a person other than a 此外，股東可推舉一名本公司退任董事以外之人士retiring Director for election as a Director at a general meeting. 於股東會上參選董事。就此目的而言，股東須於不For such purpose the Shareholder must send to the Board a 早於寄發有關股東會通告翌日，亦不遲於有關股東notice in writing of the intention to propose a person for election 會之日期前七日，向董事會送達表明提名參選董事as a Director and notice in writing by that person of his or her 人選意向之書面通知以及該獲提名人士發出表明其
willingness to be so elected no earlier than the day after the 參選意願之書面通知。
dispatch of the notice of the relevant general meeting and not
later than 7 days prior to the date appointed for the relevant
general meeting.Shareholders may send their requisitions and inquiries requiring 股東可將其需要董事會關注的申請書及查詢寄至本
the Board’s attention to the company secretary at the Company’s 公司的公司秘書，地址為本公司於香港的主要營業principal place of business in Hong Kong at Unit 505-510 5/F 地點香港新界大埔白石角科學園東路1號核心大廈
Core Building 1E 1 Science Park E Avenue Science Park Pak 1E號5樓505-510室。其他一般查詢可透過本公司的Shek Kok Tai Po Hong Kong. Other general inquiries can be 投資者及傳媒關係顧問交予本公司。投資者及傳媒directed to the Company through our investor and media relations 關係顧問的聯絡資料已在本年報「公司資料」一節披
consultant whose contact information is disclosed in the section 露。
headed “Corporate Information” of this annual report.110 BYD Company Limited比亞迪股份有限公司
Corporate Governance Report企業管治報告
INVESTOR RELATIONS 與投資者的關係
The Company believes that effective communication with 本公司相信，與投資者的有效溝通對增進投資者對investors is essential for enhancing investors’ knowledge and 本公司的認識及暸解乃至關重要。為達致該目標，understanding of the Company. To achieve this the Company 本公司實施促進投資者關係及溝通的積極政策。因pursues a proactive policy in promoting investor relations and 此，本公司的投資者關係政策主要乃旨在讓投資者communications. The main purpose of the Company’s investor 可公平和及時取得作出最佳投資決策時所合理需要
relations policy therefore is to enable investors to have access 的資料。
on a fair and timely basis to information that is reasonably
required for making the best investment decisions.Information relating to the Group is mainly communicated to 本公司主要通過在本公司及香港聯交所網站刊發通
Shareholders upon receiving their requests through publication 告、公告及通函，在收到股東要求時向股東寄發中of notices announcements and circulars at the websites of the 期報告、年度報告及通函，以及業績說明會、投資Company and the Hong Kong Stock Exchange and despatch of 者調研、日常郵件及電話詢問等方式向股東及投資
interim reports annual reports and circulars to the Shareholders 者提供有關本集團的資料，解答股東疑問。本公司as well as performance presentations investor surveys and 遵照上市規則舉行股東會，確保與股東的溝通互動。
regular email/phone contacts where Shareholders’ inquiries
will be answered. Shareholders’ general meetings are held in
compliance with the Listing Rules and other legal requirements to
ensure communication and interaction with Shareholders.The Board reviews the investor relations policy on an annual 董事會每年檢討投資者關係政策，並作出其認為必basis and makes any changes it considers necessary to ensure 要的任何變動，確保有關政策的有效性及股東及投its effectiveness and that the legal interests of Shareholders and 資者的合法權益得到充分保障。
investors are substantially protected.The Board has conducted a review of the implementation and 董事會已檢討本公司投資者關係政策的實施情況及
effectiveness of the investor relations policy of the Company. 有效性。經考慮已落實多元化的溝通渠道，董事會Having considered the diverse channels of communication in 信納截至二零二五年十二月三十一日止年度已妥善
place the Board is satisfied that an effective investor relations 實施有效的投資者關係政策。
policy has been properly implemented throughout the year ended
31 December 2025.
SHAREHOLDERS ENGAGEMENT 股東互動
Pursuant to paragraph L(d) of Part 1 of the Code and Code provision 根據守則第一部分L(d)段及守則條文第F.1.1條，F.1.1 during the Reporting Period the Board has engaged in 本報告期內，董事會已與股東進行建設性互動，以constructive engagement with Shareholders to understand their 了解股東對影響本公司事宜的看法，包括就本公司views on matters affecting the Company including governance 治理和企業策略的表現。股東互動的性質包括股東and performance against the Company’s corporate strategy. The 會、特定對象調研、業績說明會及路演活動，範圍nature of Shareholders engagement comprised Shareholders’ 涵蓋本公司機構股東及中小股東，年內本公司共進meetings specific target surveys results presentations and 行了47場互動。其中，由公司代表，包括本公司董roadshows covering the Company’s institutional shareholders and 事會主席、獨立非執行董事及本公司高級管理人員
minority shareholders. The Company conducted a total of 47 such 參與互動的頻次為每季度至少1次。依託多元化投資interactions during the Year. Among them the representatives of 者溝通機制，本公司通過開展投資者滿意度調研、the Company including the Chairman of the Board independent 定期歸集並梳理股東問詢，及時予以專業回應與解non-executive Directors and senior management of the Company 答等方式，跟進與股東的互動結果。
participated in the interaction at least once for every quarter.Leveraging a diversified investor communication mechanism the
Company follows up on Shareholder engagement outcomes by
conducting investor satisfaction surveys compiling and analyzing
Shareholder enquiries on a regular basis and providing timely
professional responses and clarifications.Annual Report 2025二零二五年年報111
Corporate Governance Report企業管治報告
CONSTITUTIONAL DOCUMENT 組織章程文件
According to the currently effective Company Law of the People’s 根據現行有效的《中華人民共和國公司法》、《上市Republic of China 《( 中華人民共和國公司法》) the Guidelines for the 公司章程指引》（中國證監會公告[2025]6號）、《上Articles of Association of Listed Companies (CSRC Announcement 市公司股東會規則》（中國證監會公告[2025]7號）以
[2025] No.6) 《( 上市公司章程指引》)（中國證監會公告[2025]6號） 及《深圳證券交易所股票上市規則（2025年修訂）》、the Rules for the Shareholders’ Meetings of Listed Companies 《深圳證券交易所上市公司自律監管指引第1號－主
(CSRC Announcement [2025] No.7) 《( 上市公司股東會規則》（) 中 板上市公司規範運作（2025年修訂）》等法律法規、國證監會公告[2025]7號） the Rules Governing the Listing of 規章和規範性文件的規定，並結合公司治理的實際Stocks on the Shenzhen Stock Exchange (Revised in 2025) 《( 深 需要，本公司根據本公司股東於二零二五年十二月圳證券交易所股票上市規則(2025年修訂)》) and the Guidelines No. 五日通過的特別決議案對《公司章程》進行修訂。修
1 of the Shenzhen Stock Exchange for Self-regulation of Listed 訂詳情載於本公司日期為二零二五年十一月十二日
Companies – Standard Operation of Companies Listed on the 的通函。
Main Board (Revised in 2025) 《( 深圳證券交易所上市公司自律監管指引第1號－主板上市公司規範運作 (2025年修訂)》) and other
laws regulations rules and normative documents and by taking
into account the actual needs of the corporate governance of the
Company the Company has amended its Articles pursuant to the
special resolution passed by the shareholders of the Company on
5 December 2025. Details of the amendments are set out in the
circular of the Company dated 12 November 2025.Further in light of the changes to the Company’s registered capital 此外，鑒於根據二零二四年度利潤分配及資本公積and total share capital pursuant to the 2024 Profit Distribution 金轉增股本方案，導致本公司註冊資本及總股本出Plan and Capital Reserve Capitalization Plan the Company has 現變動，本公司根據本公司股東於二零二五年六月amended its Articles pursuant to the special resolutions passed 六日通過的特別決議案對《公司章程》進行修訂。修by the shareholders of the Company on 6 June 2025. Details of 訂詳情載於本公司日期為二零二五年五月七日的通
the amendments are set out in the circular of the Company dated 函。
7 May 2025.
A copy of the Company’s amended Articles is available on the 本公司的經修訂《公司章程》可於本公司及香港聯交
websites of the Company and the Hong Kong Stock Exchange. 所網站查閱。
Save as disclosed above there was no material change to the 除上文所披露者外，本公司章程於年內並無任何重Articles during the Year. 大變動。112 BYD Company Limited比亞迪股份有限公司Report of the Directors董事會報告
The board of directors of the Company (the “Board”) agreed 本公司董事會（「董事會」）同意謹將比亞迪股份有限
to hereby submit the annual report together with the audited 公司（以下簡稱「本公司」）及其附屬公司（連同本公consolidated financial statements of BYD Company Limited (the 司統稱「本集團」）截至二零二五年十二月三十一日
“Company”) and its subsidiaries (together with the Company 止年度報告連同已經審核的合併財務報表呈覽。
hereinafter collectively referred to as the “Group”) for the year
ended 31 December 2025.PRINCIPAL ACTIVITIES AND GEOGRAPHICAL ANALYSIS 主要業務及營運地區的分析
OF OPERATIONS
The Group is principally engaged in automobiles and batteries 本集團的主要業務為汽車及電池業務、手機部件及
business handset components and assembly service while 組裝業務，同時利用自身的技術優勢積極拓展城市taking advantage of its technological superiority to actively 軌道交通及其他業務領域，而本公司的附屬公司的develop urban rail transportation and other business segment. 業務則詳載於財務報表八、1。截至二零二五年十二
The activities of the Company’s subsidiaries are set out in VIII.1 月三十一日止年度，本集團主要業務性質並無重大to the financial statements. There were no significant changes in 改變。有關主要業務的進一步討論及分析，詳見載the nature of the Group’s principal activities for the year ended 於本年報第20頁至76頁的管理層討論及分析。
31 December 2025. Further discussion and analysis of principal
activities are set out in the Management Discussion and Analysis
on pages 20 to 76 of this annual report.An analysis of the Group’s performance for the year ended 31 截至二零二五年十二月三十一日止年度按業務類型
December 2025 by business and geographical segments of 及營運地區分類的本集團業績表現分析載於財務報
operations is set out in note XVI.1 to the financial statements. 表附註十六、1。
RESULTS AND APPROPRIATIONS 業績及分配
The results of the Group for the year ended 31 December 2025 本集團截至二零二五年十二月三十一日止年度的業
are set out in the consolidated financial statements and their notes 績載於本年報合併財務報表及其附註第141頁至第
on pages 141 to 368 of this annual report. 368頁。
Dividend Distribution Policy 派付股息政策
(I) The Company’s dividend distribution policy shall focus on （一） 公司股息政策應重視對投資者的合理投資回
providing investors with reasonable investment returns as 報，並兼顧公司的可持續發展，公司股息分well as maintaining the sustainable development of the 派不得超過累計可分配利潤的範圍，不得損Company. The Company’s dividend distribution shall not 害公司持續經營能力，實行持續、穩定的股exceed the range of the accumulated distributable profits 息分配政策。
or damage the Company’s ability to continue as a going
concern. A sustainable and steady profit distribution policy
shall be implemented.(II) The Company may distr ibute dividends in cash in （二） 公司可以採取現金、股票、現金與股票相結
shares or in a combination of both cash and shares or as 合或者法律、法規允許的其他方式分派股
otherwise permitted by the laws and regulations. When the 息。在滿足現金分紅的條件下，應優先採用conditions for cash dividend are satisfied cash dividend 現金分紅的方式分配股息。
shall be the priority method of profit distribution.Annual Report 2025二零二五年年報113
Report of the Directors董事會報告
(III) The Company’s dividend distribution shall be prepared by （三） 公司股息分派由董事會根據公司經營狀況和
the Board in accordance with the Company’s operating 中國證監會的有關規定擬定，由股東會審議condit ions and the relevant requirements of China 決定。
Securities Regulatory Commission and shall be considered
and approved at the Shareholders’ general meeting.After the profit distribution plan is approved at the general 公司股東會對利潤分配方案作出決議後，公meeting of the Company the Board shall complete the 司董事會須在股東會召開後2個月內完成股
distribution of dividends within two months after convening 息的派發事項。
the Shareholders’ general meeting.(IV) The profit distributed by the Company in cash each year （四） 公司在滿足下列現金分紅條件，且滿足公司shall not be less than 10% of the realized distributable 正常生產經營和發展的資金需求情況下，每profit for the year provided that the following cash 年以現金方式分配的利潤應不低於當年實現
dividend conditions are satisfied and the capital needs for 的可分配利潤的10%，任意連續三年以現金the normal production operation and development of the 方式累計分配的利潤應不少於該三年實現的
Company are met. The cumulative profit for distribution in 年均可分配利潤的30%：
cash for any three consecutive years shall not be less than
30% of the average annual distributable profit for such
three years:
(1) The distributable profit (i.e. the Company’s profit (1) 公司該年度或半年度實現的可分配利after tax net of loss and contribution of reserve 潤（即公司彌補虧損、提取公積金後funds) realized by the Company for the year or 所餘的稅後利潤）為正值且現金流充
half year is positive in value and the cash flow is 裕，實施現金分紅不會影響公司後續sufficient. The payment of cash dividends will not 持續經營；
affect the subsequent continuing operation of the
Company;
(2) The cumulative distributable profit of the Company (2) 公司累計可供分配利潤為正值；
is positive in value;
(3) The audit firm issues an unqualified audit report on (3) 審計機構對公司的該年度財務報告出
the financial report of the Company for the year. 具標準無保留意見的審計報告。
(V) The Board may propose to the Company to make interim （五） 在滿足現金分紅條件下，公司董事會可以根cash distribution according to the Company’s earnings 據公司的盈利狀況及資金需求狀況提議公司
and capital requirement conditions provided that the cash 進行中期現金分配。
dividend conditions are satisfied.(VI) Depending on the profitability and business growth for the （六） 公司可以根據年度的盈利情況及業績增長狀
year the Company may distribute profits by way of shares 況，在滿足最低現金分紅比例和公司股本規to match share capital expansion with business growth 模及股權結構合理的條件下，為保持股本擴provided that the minimum cash dividend payout ratio and 張與業績增長相適應，公司可以採用股票股an optimal share capital base and shareholding structure 利方式進行利潤分配。
are maintained.114 BYD Company Limited比亞迪股份有限公司
Report of the Directors董事會報告
(VII) When considering and conducting profit distribution the （七） 在考慮及實際分紅時，公司董事會應當考慮Board shall take into account certain circumstances and 不時修訂的公司章程中列出的情況及因素。
factors as set out in the Articles as amended from time to
time.(VIII) According to the existing dividend distribution policy of （八） 依照本公司目前的股息分派政策，公司向內the Company the Company shall calculate declare and 資股股東支付股利以及其他款項，以人民幣pay dividends and other amounts which are payable 計價和宣佈，在公司章程規定的期限內用人to holders of domestic shares in Renminbi within the 民幣支付；公司向外資股股東支付股利及其
period as prescribed by the Articles. The Company shall 他款項，以人民幣計價和宣佈，在不時修訂calculate and declare dividends and other payments 的公司章程規定的範圍和期限內以相應幣種
which are payable to holders of overseas-listed foreign 支付。兌換率應以宣派股利或其他分派當日shares in Renminbi and shall pay such amounts in the 前五個工作天中國人民銀行所報的相關外幣
corresponding currencies within the scope and the period 兌人民幣的平均收市價折算，公司需向外資as prescribed by the Articles as amended from time to 股股東支付的外幣，應當按照國家有關外匯time. The applicable exchange rate shall be the average 管理的規定辦理。經股東會授權，董事會可closing rate for the relevant foreign currency announced 決定分配中期股利或紅利。
by the People’s Bank of China of the five working days
prior to the announcement of payment of dividend and
other amounts. The Company shall pay foreign currencies
to holders of overseas-listed foreign shares in accordance
with the relevant foreign exchange control regulations of
the State. With authorisation from general meetings the
Board may determine to distribute interim dividends or
bonuses.The Board has resolved to recommend the payment of final 董事會已議決建議派發截至二零二五年十二月三十dividend of RMB0.358 per share (including tax) for the year ended 一日止年度末期股息每股人民幣0.358元（包含稅31 December 2025 (2024 Profit Distribution Plan and Capital 項）（二零二四年度利潤分配方案及資本公積金轉增Reserve Capitalization Plan: based on the total number of issued 股本方案：以二零二五年四月二十二日的股份總數
Shares of 3039065855 as at 22 April 2025 with (i) distribution 3039065855股為基數，(i)向全體股東每十(10)股of a cash dividend of RMB39.74 per ten (10) shares (including 股份派現金股息人民幣39.74元（含稅）；(ii)按每持
tax) to all Shareholders; (ii) issue of Bonus Shares on the basis 有十(10)股已發行股份獲發八(8)股紅股之基準發行
of eight (8) Bonus Shares for every ten (10) Shares in issue; and 紅股；及(iii)按每持有十(10)股已發行股份獲發十二
(iii) issue of Shares on the basis of twelve (12) Capitalization (12)股資本化發行股份之基準以資本公積金轉增股Shares for every ten (10) Shares in issue by way of capitalization 本方式發行股份）。如實施權益分派股權登記日公司of capital reserve). If there is a change in the total share capital of 總股本發生變動，公司擬維持分配總額不變，相應the Company on the date of registration of the implementation of 調整每股分配金額。建議末期股息須待本公司將召the equity distribution the Company intends to maintain the total 開的股東週年大會（「股東週年大會」）上審議及批准
distribution amount unchanged and adjusts the distribution amount 後方可作實。
per share accordingly. The proposed final dividend is subject to the
consideration and approval of the Shareholders at the forthcoming
annual general meeting (the “AGM”) of the Company.Annual Report 2025二零二五年年報115
Report of the Directors董事會報告
The Company will publish announcement circular and notice 本公司將根據上市規則及《公司章程》就股東週年大
regarding the AGM in accordance with the Listing Rules and the 會刊發公告、通函及股東週年大會通告。本公司亦Articles. The Company will also make separate announcement 將另行刊發有關記錄日期及因向H股股東派付末期
regarding the record date and date of closure of register of 股息而暫停辦理股份過戶登記手續的日期的公告。
members for the payment of the final dividend to the holders of 預期末期股息將於二零二六年八月九日前分派。
H shares. It is expected that the final dividend will be distributed
before 9 August 2026.The final dividend will be denominated and declared in RMB. 末期股息將以人民幣計值和宣派，以人民幣向A股股The holders of A shares will be paid in RMB and the holders of H 東發放，以港元或人民幣向H股股東發放（詳情請參shares will be paid in Hong Kong dollars or RMB (please refer to 見本公司於本報告披露日期同日披露的派息表格）。
the dividend table disclosed by the Company on the same date 以港元發放的股息計算的匯率以在特別股東會宣派
as this report). The exchange rate for the dividend to be paid in 股息日之前五個工作日的中國人民銀行公佈的港元
Hong Kong dollars will be the mean of the exchange rates of Hong 兌換人民幣平均基準匯率為準。
Kong dollar to RMB as announced by the People’s Bank of China
during the five business days prior to the date of declaration of
the dividend at the extraordinary general meeting.TAX AND TAX RELIEF 稅項與稅項減免In accordance with the Enterprise Income Tax Law of the People’s 根據自二零零八年一月一日起施行的《中華人民共和Republic of China and its implementation regulations which 國企業所得稅法》及其實施條例，本公司向名列於Hcame into effect on 1 January 2008 the Company is required 股股東名冊上的非居民企業股東派發現金股息時，to withhold and pay enterprise income tax at the rate of 10% on 有義務代扣代繳企業所得稅，稅率為10%。任何以behalf of the non-resident enterprise Shareholders whose names 非個人股東名義，包括以香港中央結算（代理人）有appear on the register of members for H shares when distributing 限公司、其他代名人、代理人或受託人、其他組織
the cash dividends. Any H shares not registered under the name 及團體名義登記的H股股份皆被視為非居民企業股
of an individual Shareholder including HKSCC Nominees Limited 東所持的股份，因此，其應得股息將被扣除企業所other nominees agents or trustees or other organisations or 得稅。如H股股東需要更改股東身份，請向代理人groups will be deemed as shares held by non-resident enterprise 或受託人查詢相關手續。本公司將嚴格依法或根據Shareholders. Therefore the enterprise income tax will be withheld 政府相關部門的要求，並依照截至末期股息記錄日from dividends payable to such Shareholders. If holders of H 期的H股股東名冊代扣代繳企業所得稅。
shares intend to change its Shareholder status please enquire
about the relevant procedures with your agents or trustees. The
Company will strictly comply with the law or the requirements of
the relevant government authority and withhold and pay enterprise
income tax on behalf of the relevant shareholders based on the
register of members for H shares as at the record date of the final
dividend.116 BYD Company Limited比亞迪股份有限公司
Report of the Directors董事會報告
In accordance with the Circular on Certain Issues Concerning 根據財政部、國家稅務總局於一九九四年五月十三
the Policies of Individual Income Tax (Cai Shui Zi [1994] No. 日發佈的《關於個人所得稅若干政策問題的通知》
020) promulgated by the Ministry of Finance and the State （財稅字[1994]020號）的規定，外籍個人從外商投
Administration of Taxation on 13 May 1994 overseas individuals 資企業取得的股息、紅利所得，暫免徵收個人所得are temporarily exempted from the PRC individual income tax for 稅。根據國家稅務總局於一九九四年七月二十六日dividend or bonuses received from foreign-invested enterprises. 發佈的《外籍個人持有中國境內上市公司股票所取得In accordance with the Letter of the State Administration of 的股息有關稅收問題的函》（國稅函發[1994]440號）
Taxation concerning Taxation Issues of Dividends Received by 的規定，對持有B股或海外股（包括H股）的外籍個Foreign Individuals Holding Shares of Companies Listed in China 人，從發行該B股或海外股的中國境內企業所取得的(Guo Shui Han Fa [1994] No. 440) as promulgated by the State 股息（紅利）所得，暫免徵收個人所得稅。據此，本Administration of Taxation on 26 July 1994 dividends (capital 公司在派付末期股息時，本公司對名列於公司H股bonuses) received by foreign individuals holding B shares or 股東名冊上的個人股東將不代扣代繳中國個人所得
overseas shares (including H shares) from Chinese enterprises 稅。
issuing such B shares or overseas shares are temporarily
exempted from individual income tax. Accordingly in the payment
of final dividends the Company will not withhold and pay the
individual income tax on behalf of individual Shareholders
when the Company distributes the final dividend to individual
shareholders whose names appear on the register of members of
H shares of the Company.Shareholders are recommended to consult their tax advisor 股東務須向彼等的稅務顧問諮詢有關擁有及處置本
regarding the tax implications in the PRC Hong Kong and other 公司H股所涉及中國、香港及其他稅務司法管轄區
jurisdictions arising from ownership and disposal of H shares of 影響的意見。
the Company.Shareholders of the Company are subject to tax and/or enjoy tax 本公司股東依據上述規定繳納相關稅項和╱或享受
relief in accordance with the aforementioned regulations. 稅項減免。
BUSINESS REVIEW 業務回顧
The business review set out on pages 25 to 48 of the annual 業務回顧載於年報第25頁至48頁，構成董事會報告report shall form an integral part of this report of the Directors. 的一部分。
Principal Risks and Uncertainties Faced by the Group 本集團面對的主要風險及不確定因素
Please refer to X to the financial statements for details of 有關本集團所面臨主要財務風險及本集團關於該等
the main financial risks faced by the Group and the Group’s 風險的管理目標及政策的詳情，請參閱財務報表management objectives and policies regarding such risks. In 十。除該等財務風險外，董事認為，有關政府政策addition to such financial risks the Directors are of the view that （如中國政府的經濟發展及環境保護政策）的任何重
any material change in relevant government policies (such as 大變動亦為可能影響本集團業務的主要風險及不確
the PRC Government’s policies on economic development and 定因素之一。
environmental protection) is also one of the principal risks and
uncertainties that may affect the Group’s business.Annual Report 2025二零二五年年報117
Report of the Directors董事會報告
Environmental Policies 環保政策
The Group has been taking part in responding to environmental 本集團積極響應環保政策。在通過綠色產品來減少protection policies. While helping to reduce energy consumption 能耗的同時，本集團亦注重減輕其運營對環境的直through green products the Group also focuses on reducing the 接影響。比亞迪通過引進能源管理系統、推進以可direct impacts of its operation on the environment. By introducing 再生能源替代傳統能源及通過技術與管理方式節約
an energy management system promoting the replacement of 能源，持續減少其自身能耗及二氧化碳排放。
traditional energy with renewable energy and saving energy
through technical and management means BYD continues
to reduce its own energy consumption and carbon dioxide
emissions.Regulatory Compliance 守則遵守情況
BYD strictly complies with laws social norms professional 比亞迪於全球運營範圍內均嚴格遵守法律、社會規
ethics and internal regulations in its worldwide operations. The 範、職業道德準則及內部規定。本集團已成立風險Group has established the risk management committee the 管理委員會、內部控制委員會及合規委員會，負責internal control committee and the compliance committee which 定期及不時監測、監督及檢查各部門的法律法規管
monitor supervise and inspect regularly and from time to time 理及執行情況，且評估其於該等領域的執行及遵守the management and implementation of laws and regulations 情況。於年內，本公司知悉，概無重大違反或不遵in various departments and evaluate their implementation and 守本集團適用法律法規，且對本集團業務及經營造compliance in such areas. During the Year as far as the Company 成重要影響的事件。
is aware there was no material breach of or non-compliance
with applicable laws and regulations by the Group that has a
significant impact on the business and operations of the Group.Relationship with Employees 與僱員的關係
Since employees are the foundation for development the Group 由於僱員為發展的基石，本集團於人力資源管理方adheres to the “people-oriented” principle in its human resources 面堅持「以人為本」的原則，創造平等的就業機會並management and provides equal employment opportunities 禁止一切職業歧視。本集團定期檢討其僱員薪酬政and prohibits any career discrimination. The Group reviews its 策，且根據年度工作表現評核，僱員會獲發花紅及employee compensation policies on a regular basis and bonuses 獎金。本集團亦於住房、交通及兒童教育等方面努and commission may be awarded to employees based on their 力幫助僱員。
annual performance evaluation. Efforts have also been made to
help employees in the aspects of housing transportation and
children’s education etc.Relationship with Customers and Suppliers 與客戶及供應商的關係
The Group strives to build and maintain long term and strong 本集團努力與客戶建立及維持長期牢固關係。比亞relationships with customers. BYD has established a customer 迪已建立客戶滿意度管理系統，以瞭解及滿足客戶satisfaction management system with a view to understanding and 的需求，並提高其滿意度。於供應商方面，本集團fulfilling customers’ demands and enhancing their satisfaction. 的目的在於，與所有供應商保持互利共贏的夥伴關In terms of suppliers the Group’s objective is to keep mutually 係。同時，本集團會定期評核供應商的表現（包括供beneficial and win-win partnerships with all suppliers. At the 應商的社會責任）。
same time the Group regularly evaluates the performance of our
suppliers including suppliers’ social responsibility.118 BYD Company Limited比亞迪股份有限公司
Report of the Directors董事會報告
RESERVES 儲備
Details of movements in the reserves of the Group and the 本集團及本公司在本年度的儲備變動詳情載於合併
Company during the Year are set out in the consolidated 股東權益變動表。
statement of changes in owners’ equity.DONATIONS 捐款
Charitable and other donations made by the Group during the 本集團在年內作出慈善及其他捐贈款合共人民幣Year amounted to RMB157223000 (2024: RMB29965000). 157223000元（二零二四年：人民幣29965000元）。
PROPERTY PLANT AND EQUIPMENT 物業、廠房及設備
Details of the movements in property plant and equipment of the 本集團及本公司的物業、廠房及設備的變動詳情載
Group and the Company are set out in note 15 to the financial 於財務報表附註15。
statements.SHARE CAPITAL 股本
Details of the movements in share capital of the Company are set 本公司的股本變動詳情載於財務報表附註五、40。
out in note V.40 to the financial statements.During the Year save as disclosed in the section headed 年內，除本報告「購買、出售或贖回股份」一節所披“Purchase Sale or Redemption of Shares” in this report neither 露外，本公司或其任何附屬公司均概無買賣或贖回the Company nor any of its subsidiaries purchased sold or 本公司任何上市證券。
redeemed any of the Company’s listed securities.DISTRIBUTABLE RESERVES 可供分派儲備
Distributable reserves of the Company as at 31 December 2025 按照本公司註冊成立地點中國的適用法律計算，本calculated under the relevant legislation applicable in the PRC 公司於二零二五年十二月三十一日可供分派儲備約the Company’s place of incorporation amounted to approximately 為人民幣3504244000元（二零二四年：人民幣RMB3504244000 (2024: RMB14519182000). 14519182000元）。
BANK LOANS 銀行貸款
As at 31 December 2025 details of bank loans of the Group are 於二零二五年十二月三十一日，本集團的銀行貸款set out in notes 24 32 33 34 and 35 to the financial statements. 詳情載於財務報表附註24、32、33、34、35。
PRE-EMPTIVE RIGHTS 優先購股權
There is no provision for pre-emptive rights under the Articles and 本公司的組織章程中並無優先購股權的條文，而中there is no restriction similar to such pre-emptive rights under the 國與股份有限責任公司相關的法律亦無此等權利相
laws of the PRC in respect of joint stock limited companies which 類似的限制，規定本公司須向現有股東按比例發售would oblige the Company to offer new shares on a pro-rata basis 新股。
to existing shareholders.FIVE-YEAR FINANCIAL SUMMARY 五年財務數據摘要
A summary of the results and of the assets and liabilities of the 本集團上五個財政年度的業績及資產負債摘要載於
Group for the last five financial years is set out on page 2 and 368 本年報第2頁和368頁。
of this annual report.Annual Report 2025二零二五年年報119
Report of the Directors董事會報告
DIRECTORS 董事
The Directors who held office during the Year and up to the date 年內及至本報告日期在任的董事如下：
of this report are:
– Executive Director: － 執行董事：
Mr. Wang Chuan-fu 王傳福先生
– Non-executive Directors: － 非執行董事：
Mr. Lv Xiang-yang 呂向陽先生
Mr. Xia Zuo-quan 夏佐全先生
– Independent non-executive Directors: － 獨立非執行董事：
Mr. Cai Hong-ping 蔡洪平先生
Mr. Zhang Min 張敏先生
Ms. Yu Ling 喻玲女士
DIRECTORS’ SERVICE CONTRACTS 董事的服務合約
All existing Directors had signed or renewed their service 所有現任董事已與本公司簽訂或重續彼等的服務合
contracts or letters of appointment with the Company for a term of 約或委任函，由二零二三年九月十九日起計為期三three years commencing on 19 September 2023. 年。
None of the above-mentioned contracts and letters of appointment 上述合約及委任函為不可於一年內無須支付賠償（法are determinable within one year without payment of compensation 定賠償除外）而予以終止之合約。
(other than statutory compensation).DIRECTORS’ AND SUPERVISORS’ INTERESTS IN 董事和監事的合約權益
CONTRACTS
No transactions arrangement or contracts of significance in 於年終或本年度任何時間，本集團概無簽訂任何涉relation to the Group’s business to which the Group was a party 及本集團的業務而本公司的董事、時任監事及與本
and in which a Director then-supervisor of the Company or 公司董事或時任監事有關連的實體直接或間接在其
an entity connected with a Director or a then-supervisor of the 中擁有重大權益的重要交易、安排或合約。
Company had a material interest whether directly or indirectly
subsisted at the end of the Year or at any time during the Year.DIRECTORS’ REMUNERATION 董事酬金
The emolument payable to each executive Director is based on (i) 應付各執行董事的酬金為根據(i)其職責及責任；(ii)
his/her duties and responsibilities; (ii) prevailing market conditions; 現行市況；及 ( i i i )本公司的業績表現及盈利能力而
and (iii) performance and profitability of the Company. 定。
The emolument payable to each non-execut ive Director 應付各非執行董事（包括獨立非執行董事）的酬金為
(including independent non-executive Director) is based on his 根據其責任及向董事會作出的承諾，並計及其經驗responsibilities and undertaking to the Board taking into account 及市場有關該職位的慣例。
his experience and market practice for such post.120 BYD Company Limited比亞迪股份有限公司
Report of the Directors董事會報告
Details of the remuneration of the Directors are set out on page 85 有關董事的酬金詳情載於本年報第85頁。
of this annual report.BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR 董事及高級管理層的個人簡歷
MANAGEMENT
Brief biographical details of Directors and senior management of 本公司董事及高級管理層的個人簡歷載於年報第77
the Company are set out on pages 77 to 84 of this annual report. 頁至第84頁。
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS 董事及最高行政人員的權益
As at 31 December 2025 the interests and short positions of 於二零二五年十二月三十一日，本公司董事及最高each of the Directors and chief executives of the Company in 行政人員各自於本公司或任何相聯法團（定義見香港the shares underlying shares and debentures of the Company 法例第571章證券及期貨條例（「證券及期貨條例」）or any associated corporation (within the meaning of Part XV of 第XV部）的股份、相關股份及債券中擁有根據證券
the Securities and Futures Ordinance (Cap 571 of the Laws of 及期貨條例第XV部第7及8分部須知會本公司及香港Hong Kong) (“SFO”)) which were required to be notified to the 聯交所的權益及淡倉（包括根據證券及期貨條例有關Company and Hong Kong Stock Exchange pursuant to Divisions 7 條文持有或被視為擁有的權益），或根據證券及期貨and 8 of Part XV of the SFO (including interests which he is taken 條例第352條須記錄於指定登記冊，或根據上市規or deemed to have under such provisions of the SFO) or were 則的標準守則須知會本公司及香港聯交所的權益及
required pursuant to Section 352 of the SFO to be entered into 淡倉如下：
the register referred to therein or which were required pursuant
to the Model Code under Listing Rules to be notified to the
Company and the Hong Kong Stock Exchange were as follows:
A shares of RMB1.00 each 每股人民幣1.00元之A股
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(%)
Wang Chuan-fu (Director and President) 王傳福（董事兼總裁） 1540871550 (L) 28.36% 16.90%
(Note 1)（附註1）
Lv Xiang-yang (Director) 呂向陽（董事） 1183134666 (L) 21.77% 12.98%
(Note 2)（附註2）
Xia Zuo-quan (Director) 夏佐全（董事） 247906821 (L) 4.56% 2.72%
(L) – Long Position (L)－好倉Annual Report 2025二零二五年年報121
Report of the Directors董事會報告
Notes: 附註：
1. The 1540871550 A shares did not include the 11183100 1. 在該1540871550股A股之中，不包含王傳福
A shares held by Mr. Wang Chuan-fu in No. 1 Assets 先生通過易方達資產比亞迪增持1號資產管理計
Management Plan through E Fund BYD; 劃持有的11183100股A股股份；
2. Of the 1183134666 A shares 717685860A shares were held 2. 在該1183134666股A股之中，717685860
by Mr. Lv Xiang-yang in his personal capacity and 465448806 股 A 股由呂向陽先生以個人身份持有及
A shares were held by Youngy Investment Holding Group 465448806股A股由融捷投資控股集團有限公Co. Ltd. (融捷投資控股集團有限公司) (“Youngy Investment” 司（融捷投資，前稱為廣州融捷投資管理集團formerly known as Guangzhou Youngy Management & 有限公司）持有。融捷投資則由呂向陽先生及Investment Group Company Limited). Youngy Investment was 其配偶分別持有89.5%股權及10.5%股權，因in turn held by Mr. Lv Xiang-yang and his spouse as to 89.5% 此根據證券及期貨條例，呂向陽先生被視為於and 10.5% of equity interests respectively. Mr. Lv Xiang-yang 465448806股A股中擁有權益。
was therefore deemed to be interested in the 465448806 A
shares under the SFO.H shares of RMB1.00 each 每股人民幣1.00元之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） 3000000 (L) 0.08% 0.03%
Xia Zuo-quan (Director) 夏佐全（董事） 1500000 (L) 0.04% 0.02%
(Note)（附註）
(L) – Long Position (L)－好倉
Note: 附註：
Of the 1500000 H shares 585000 H shares were held by Mr. Xia 於1500000股H股中，夏佐全先生以實益擁有人身份Zuo-quan as a beneficial owner and 915000 H shares were held by 持有585000股H股，而由夏佐全先生全資擁有的SignSign Investments Limited which was wholly-owned by Mr. Xia Zuo- Investments Limited則持有915000股H股。
quan.122 BYD Company Limited比亞迪股份有限公司
Report of the Directors董事會報告
Saved as disclosed above as at 31 December 2025 none of the 除上述披露者外，於二零二五年十二月三十一日，Directors or chief executives of the Company had any interest 概無本公司董事或最高行政人員於本公司或其任何
or short position in the shares underlying shares or debentures 相聯法團（定義見證券及期貨條例第XV部）的股份、
of the Company or any of its associated corporations (within the 相關股份或債權證中擁有權益或淡倉而須(a)記錄於
meaning of Part XV of the SFO) which was required to be (a) 本公司根據證券及期貨條例第352條存置的登記冊
recorded in the register to be kept by the Company pursuant to 內；或 (b)根據標準守則須知會本公司及香港聯交
Section 352 of the SFO; or (b) notified to the Company and the 所。
Hong Kong Stock Exchange pursuant to the Model Code.SHAREHOLDERS WITH NOTIFIABLE INTERESTS 擁有須予知會權益的股東
As at 31 December 2025 to the knowledge of the Directors of 於二零二五年十二月三十一日，就本公司董事所the Company the following persons (other than the directors and 知，以下人士（不包括本公司董事及最高行政人員）chief executives of the Company) had interests or short positions 於本公司股份及相關股份中擁有根據證券及期貨條
in the shares and underlying shares of the Company which were 例第XV部第2及3分部須向本公司及香港聯交所披露
required to be disclosed to the Company and the Hong Kong 或根據證券及期貨條例第336條載入本公司存置的
Stock Exchange under the provisions of Divisions 2 and 3 of Part 登記冊的權益或淡倉：
XV of the SFO or were required to be entered in the register kept
by the Company pursuant to Section 336 of the SFO:
1. A shares of RMB1.00 each 1. 每股人民幣1.00元的A股
Approximate
percentage of Approximate
shareholding in total percentage of
issued A shares shareholding in total
(%) 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） 465448806 (L) 8.57% 5.11%
(L) – Long Position Note: (L)－好倉
Note: 附註：
Youngy Investment is owned by Mr. Lv Xiang-yang a non-executive 融捷投資由非執行董事呂向陽先生及其配偶分別擁有
Director and his spouse as to 89.5% and 10.5% respectively. Mr. Lv 89.5%及10.5%權益。因此，根據證券及期貨條例，呂is therefore deemed to be interested in the 465448806 A shares held 先生被視為於融捷投資持有的465448806股A股中擁
by Youngy Investment under the SFO. 有權益。Annual Report 2025二零二五年年報123
Report of the Directors董事會報告
2. H shares of RMB1.00 each 2. 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(%)
BlackRock Inc. (Note 1) BlackRock Inc.（ 附註1） 254449346 (L) 6.91% 2.79%
5243700 (S) 0.14% 0.06%
JP Morgan Chase & Co. (Note 2) JP Morgan Chase & Co（. 附註2） 198882844(L) 5.39% 2.18%
77083273(S) 2.09% 0.85%
110319469(P) 2.99% 1.21%
(L) – Long Position (S) – Short position (P) – Lending pool (L)－好倉 (S)－淡倉 (P)－可供借出的股份
Notes: 附註：
1. The interests of BlackRock Inc. were held through its various 1. BlackRock Inc.的權益乃通過其各控制公司持
controlled corporations and of which 3210900 shares (L) 有，其中3210900股好倉，5243700股淡倉
5243700 shares (S) were cash settled unlisted derivatives 為現金交收非上市衍生工具及218895股好倉
and 218895 shares (L) were convertible instruments listed 為可轉換文書的上市衍生工具。
derivatives.
2. The interests of JP Morgan Chase & Co. were held through 2. JP Morgan Chase & Co.的權益乃通過其
its various controlled corporations and of which 23638558 各控制公司持有，其中 2 3 6 3 8 5 5 8股好倉shares (L) and 11176037 shares (S) were physically settled 及11176037股淡倉為實物交收上市衍生工
listed derivatives 39070 shares (L) and 2456051 shares (S) 具，39070股好倉及2456051股淡倉為現were cash settled listed derivatives 17901181 shares (L) 金交收上市衍生工具，17901181股好倉及and 29609684 shares (S) were physically settled unlisted 29609684股淡倉為實物交收非上市衍生工
derivatives 16001785 shares (L) and 16549200 shares (S) 具，16001785股好倉及16549200股淡倉為were cash settled unlisted derivatives and 467847 shares (L) 現金交收非上市衍生工具，467847股好倉及and 12645591 shares (S) were convertible instruments listed 12645591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 31 December 於二零二五年十二月三十一日，本公司已發
2025 was RMB9117197565 divided into 5433797565 A shares 行股本總額為人民幣 9 1 1 7 1 9 7 5 6 5元，分為
of RMB1.00 each and 3683400000 H shares of RMB1.00 each 5433797565股每股面值人民幣1.00元的A股及
all fully paid up. 3683400000股每股面值人民幣1.00元的H股，全部為實收資本。124 BYD Company Limited比亞迪股份有限公司Report of the Directors董事會報告
PERMITTED INDEMNITY PROVISION 獲准許之彌償條文
Pursuant to the Articles the Company may take out liability 根據本公司《公司章程》，經股東會批准，本公司可insurance for the Directors and other senior management 以為董事和其他高級管理人員購買責任保險，為彼members with the content of the Shareholders’ general meeting to 等提供適當保障。
provide appropriate cover for them.The Company has taken out and maintained directors’ liability 本公司在報告期內已投保責任險，為公司董事及高insurance during the Reporting Period which provides appropriate 級管理人員提供適當的保障。
cover for the Directors and other senior management members of
the Company.At no time during the financial year and up to the date of this 於本財政年度及直至本報告日期止任何時間，概不report there was or is any permitted indemnity provision being in 存在任何以本公司任何（前任）董事（不論是否由本force for the benefit of any of the (then) directors of the Company 公司或以其他方式制定）或聯營公司（倘由本公司制(whether made by the Company or otherwise) or an associated 定）為受益人的獲准許彌償條文。
company (if made by the Company).MANAGEMENT CONTRACTS 管理合約
No contract concerning the management or administration of the 年內，本公司並無就整體業務或任何重要業務的管whole or any substantial part of the business of the Company was 理或行政工作簽訂或存有任何合約。
entered into or existed during the Year.COMPETING BUSINESS 競爭業務
During the financial year no Directors acquired benefits by 於本財政年度，概無董事從事與本公司或其任何附engaging in business that competes with that of the Company or 屬公司競爭業務中取得利益。
its subsidiaries.In September 2009 Mr. Wang Chuan-fu the control l ing 二零零九年九月，本集團控股股東王傳福先生簽署shareho lder o f the Group s igned the Non-compet i t ion 《不競爭承諾》，向本公司確認其遵守不參與競爭事Undertakings to confirm with the Company that he would abide 業的承諾。董事（包括獨立非執行董事）已審核遵守by the undertaking of not engaging in business that competes 情況並確認控股股東已遵守不競爭契約的所有承諾。
with that of the Company. Directors including independent
non-executive Directors have examined his compliance and
confirmed that the controlling shareholder has abided by all the
undertakings.Annual Report 2025二零二五年年報125
Report of the Directors董事會報告
RETIREMENT SCHEME 退休計劃
Currently all PRC subsidiaries of the Group participate in defined 現時本集團的各中國附屬公司參與一些由中國當地contribution retirement schemes (the “Schemes”) launched by 省市政府機關籌辦的定額供款退休福利計劃（「該等local provincial and municipal governments in China pursuant 計劃」），據此，本集團須按合資格僱員薪金的適用to which the Group makes contributions to the Schemes in 比率向該等計劃作出供款。地方政府機關就應付退accordance with the applicable percentage of the salary of 休僱員的全部退休金承擔責任。
eligible staff. Local government authorities assume the obligation
in respect of all the pensions payable to retired staff.Save for the above contributions the Group does not have any 除上述供款外，本集團並無其他的重大退休金福利other major payment obligation in respect of pension benefits. 付款責任。
MAJOR CUSTOMERS AND SUPPLIERS 主要客戶及供應商
The percentage of purchases and sales for the year ended 31 本集團的主要供應商及客戶佔截至二零二五年十二
December 2025 attributable to the Group’s major suppliers and 月三十一日止年度的採購額及銷售額百分比如下：
customers are as follows:
Purchases 採購額
–the largest supplier –最大供應商 9.74%
–the five largest suppliers combined –五位最大供應商合計 15.31%
Sales 銷售額
–the largest customer –最大客戶 12.53%
–the five largest customers combined –五位最大客戶合計 18.12%None of the Directors their close associates or any Shareholder 董事、彼等的緊密聯繫人或任何股東（指據董事所知(who to the knowledge of the Directors owns more than 5% of 擁有本公司5%以上已發行股本的股東）並無於上述
the Company’s issued share capital) had an interest in any of the 的任何主要供應商或客戶中擁有任何權益。
major suppliers or customers noted above.126 BYD Company Limited比亞迪股份有限公司
Report of the Directors董事會報告
FUND RAISING AND USE OF PROCEEDS 籌集資金及所得款項用途
During the reporting period the Company entered into a placing 於本報告期內，本公司與高盛（亞洲）有限責任公agreement (the “Placing Agreement”) with Goldman Sachs (Asia) 司、UBS AG Hong Kong Branch及中信里昂證券
L.L.C. UBS AG Hong Kong Branch and CLSA Limited (the 有限公司（「配售代理」）於二零二五年三月三日（「配“Placing Agents”) on 3 March 2025 (“Placing Agreement Date”) 售協議日期」）訂立了配售協議（「配售協議」），據pursuant to which the Company agrees to issue 129800000 new 此，本公司同意發行129800000 股新H股（「配售H Shares (the “Placing Shares”) and the Placing Agents agree 股份」），而配售代理各自獨立地作為本公司的代on a several basis as agents of the Company to procure on 理，同意按盡力基準尋找不少於六名承配人，按配a best efforts basis not less than six placees to purchase the 售價及根據配售協議所載條款及條件購買配售股份
Placing Shares at the Placing Price and on the terms and subject （「配售事項」）。
to the conditions set out in the Placing Agreement (the “Placing”).The Placing Price is HK$335.2 per Placing Share representing: 每股配售股份的配售價335.2港元： (a )較香港聯(a) a discount of approximately 11.8% to the average closing 交所所報配售協議日期前（即配售事項的主要條款price of HK$380.1 per H Share as quoted on the Hong Kong 訂立日期，含該日）最後連續十個交易日之平均收Stock Exchange for the last 10 consecutive trading days up to 市價每股H股380.1港元折讓約11.8%；(b)較香港
and including the Placing Agreement Date being the date on 聯交所所報配售協議日期前（含該日）最後連續五
which the material terms of the Placing were fixed; (b) a discount 個交易日之平均收市價每股H股382.2港元折讓約
of approximately 12.3% to the average closing price of HK$382.2 12.3%；及(c)較配售協議日期於香港聯交所所報之
per H Share as quoted on the Hong Kong Stock Exchange for the 收市價每股H股363.6港元折讓約7.8%。配售股份last 5 consecutive trading days up to and including the Placing 相當於於配售協議日期已發行1098000000股H股
Agreement Date; and (c) a discount of approximately 7.8% to 的約11.82%，及於配售協議日期已發行股份總數的the closing price of HK$363.6 per H Share as quoted on the 約4.46%。配售股份約佔經擴大已發行H股數目約Hong Kong Stock Exchange on Placing Agreement Date. The 10.57%及配售股份配發及發行後經擴大已發行股份
Placing Shares represent approximately 11.82% of the number 總數的約4.27%。配售事項的配售股份總面額為人of H Shares in issue as at the Placing Agreement Date being 民幣129800000元。
1098000000 H Shares and approximately 4.46% of the number
of total issued Shares as at the Placing Agreement Date. The
Placing Shares represent approximately 10.57% of the number of
issued H Shares and approximately 4.27% of the number of total
issued Shares in each case as enlarged by the allotment and
issue of the Placing Shares. The aggregate nominal value of the
Placing Shares under the Placing is RMB129800000.The Placing Agents placed the Placing Shares to not less than 配售代理向不少於六名承配人配售配售股份，承配six placees who are independent professional institutional and/ 人為獨立專業、機構及╱或其他投資者。承配人or other investors. The placees and their ultimate beneficial 及其最終實益擁有人為獨立於本公司、本公司之關
owners are third parties independent of and not connected 連人士、本公司或其任何附屬公司之任何董事、監
with the Company connected persons of the Company and 事、最高行政人員或主要股東或彼等各自之聯繫人
any of the Directors supervisors chief executive or substantial 並概無關連的第三方。配售事項為本公司進一步提shareholder(s) of the Company or any of its subsidiaries or 升技術實力、提速出海進程，亦通過吸引若干高品their respective associates. The Placing had strengthened 質機構投資者參與配售事項，進一步豐富本公司股the Company’s capacity to further advance its technological 東基礎。配售協議所載所有條件已獲達成，配售事capabilities and accelerated its overseas expansion. Further the 項已於二零二五年三月十一日完成。配售事項的詳Company was able to enrich its shareholder base by attracting a 情於本公司日期為二零二五年三月四日及二零二五
number of high calibre investors to participate in the Placing. All 年三月十一日的公告中披露。
the conditions set out in the Placing Agreement have been fulfilled
and the Placing was completed on 11 March 2025. Details of the
Placing were disclosed in the Company’s announcements dated
on 4 March 2025 and 11 March 2025.Annual Report 2025二零二五年年報127
Report of the Directors董事會報告
The aggregate gross proceeds from the Placing are approximately 配售事項所得款項總額約為43509百萬港元，於扣HK$43509 mil l ion and the aggregate net proceeds (after 除佣金和估計費用後，配售事項所得款項淨額約為deduction of the commissions and estimated expenses) from 43383百萬港元（相當於約人民幣40075百萬元）。
the Placing are approximately HK$43383 million representing 每股H股募集的淨價（扣除佣金及預計開支後）約為
approximately RMB40075 million; the net price (after deduction 334.2港元。配售事項所得款項淨額擬用作本集團研of the commissions and estimated expenses) raised per H Share 發投入、海外業務發展、補充營運資金以及一般企
is approximately HK$334.2. The net proceeds from the Placing 業用途。於二零二五年十二月三十一日，所得款項are intended to be used by the Group to invest in research 淨額已根據本公司此前披露的計劃已悉數使用。所and development expand overseas businesses supplement 得款項淨額的使用情況如下：
its working capital and for general corporate purpose. As at
31 December 2025 the net proceeds had been fully utilized
according to the intentions previously disclosed by the Company.The use of the net proceeds was as follows:
Approximate
amount of
net proceeds Approximate
utilitzed during amount of
the reporting unutilitzed net
period proceeds
Intended and actual use of net proceeds (RMB million) (RMB million)於本報告期內已動用所得款項未動用所得款項概約淨額概約淨額
所得款項淨額擬定及實際用途（人民幣百萬元）（人民幣百萬元）
Investment in research and development and 13178 –
for general corporate purpose研發投入及一般企業用途
Expansion of the overseas businesses of the Group 19697 –本集團海外業務擴展
Working capital 7200 –營運資金
Save as disclosed in this annual report the Company did not have 除本年度報告所披露者外，截至二零二五年十二月any other fund-raising activity for the year ended 31 December 三十一日止年度及截至本報告日期，本公司並無進
2025 and up to the date of this report. 行任何其他集資活動。
RELATED PARTY TRANSACTIONS 關聯方交易
A summary of the related party transactions undertaken by the 本集團年內從事的關聯方交易概況載列於財務報表Group during the Year is set out in note XII “Related Parties 附註十二、關聯方關係及其交易。該等關聯方交易and Related Party Transactions” to the financial statements. 並不構成上市規則第14A章界定的本集團的關連交
Such related party transactions did not constitute connected 易。
transactions of the Group under Chapter 14A of the Listing Rules.There was no connected transaction entered into by the Group 截至二零二五年十二月三十一日止年度，本集團並for the year ended 31 December 2025 which is required to be 無任何根據上市條例所需披露之關連人士交易，且disclosed under the Listing Rules and the Group has complied 本集團已遵守上市規則第14A章的規定。
with the requirements under Chapter 14A of the Listing Rules.128 BYD Company Limited比亞迪股份有限公司
Report of the Directors董事會報告
EVENTS AFTER THE REPORTING PERIOD 報告期後事項
Details of significant subsequent events of the Group are set out 本集團之重大結算日後事項詳情載於財務報表附註
in note XV of the financial statements. 十五。
SUFFICIENCY OF PUBLIC FLOAT 公眾持股量的足夠性
Based on the information that is publicly available to the Company 於本報告日期，根據本公司可從公開途徑取得的資and within the knowledge of its directors as at the date of this 料以及就董事所知，董事確認本公司的公眾持股量report the Directors confirm that the Company had sufficient 符合上市規則的規定。
public float as required by the Listing Rules.CONFIRMATION OF INDEPENDENCE 確認獨立性
Each independent non-executive Director has provided a written 每位獨立非執行董事已提供書面確認函，確認其根statement confirming his/her independence to the Company 據上市規則第3.13條規定，對本公司的獨立性。經pursuant to Rule 3.13 of the Listing Rules. The Company assessed 評估後，本公司認為各獨立非執行董事均為獨立人that each independent non-executive Director continues to be 士。
independent.AUDITORS 核數師The term of Ernst & Young Hua Ming LLP the Company’s auditor 公司之核數師安永華明會計師事務所（特殊普通合is about to expire. Resolutions will be proposed at the forthcoming 夥）之任期將屆滿。將於召開的股東週年大會上討論AGM for Shareholders to consider and approve the appointment 聘任安永華明會計師事務所（特殊普通合夥）為本公
of Ernst & Young Hua Ming LLP as the auditor of the Company for 司二零二五年度核數師。對於該聘任事項，審核委
2025. There is no disagreement with the audit committee on such 員會並無任何分歧。本公司於過去三年未有更換核
appointment. The Company did not replace its auditor in the past 數師。
three years.On behalf of the Board 承董事會命
Wang Chuan-fu 主席
Chairman 王傳福
Shenzhen PRC 27 March 2026 中國深圳，二零二六年三月二十七日Annual Report 2025二零二五年年報129
The Supervisory Committee監事會
From 1 January 2025 to 5 December 2025 in accordance with 自二零二五年一月一日起至二零二五年十二月五
the principle of being accountable to all Shareholders the 日止，公司監事會根據《中華人民共和國公司法》supervisory committee of the Company fully complied with the （「《公司法》」）、《公司章程》及有關法規的規定，duties to supervise and ensure that the resolutions as passed 本著對全體股東負責的精神，認真履行了監督的職in general meetings were consistently implemented the legal 責，確保股東會決議的貫徹落實，維護了股東的合interest of Shareholders was protected and the duties conferred 法權益，完成了《公司章程》和股東會賦予的任務，under the Articles and in the general meetings were completed 對公司規範運作和持續發展發揮了較好的作用。
in accordance with the Company Law of the People’s Republic
of China (the “PRC Company Law”) the Articles and the relevant
provisions facilitating a disciplined operation and sustainable
development of the Company.
1. MEETINGS OF THE SUPERVISORY COMMITTEE 1. 報告期內監事會的會議情況和決議內
DURING THE REPORTING PERIOD AND RESOLUTIONS 容
PASSED IN SUCH MEETINGS
On 17 March 2025 the supervisory committee convened 二零二五年三月十七日，在公司辦事處召開its meeting at the office of the Company where the 2025 監事會會議，會議審議通過《比亞迪股份有Employee Share Ownership Plan (Draft) of BYD and its 限公司二零二五年員工持股計劃（草案）》及summary and Management Measures for BYD Company 其摘要、《比亞迪股份有限公司二零二五年Limited 2025 Employee Share Ownership Plan were 員工持股計劃管理辦法》。
considered and approved accordingly.On 24 March 2025 the supervisory committee convened 二零二五年三月二十四日，在公司辦事處召its meeting at the office of the Company where the annual 開監事會會議，會議審議通過公司二零二四report of the Company for 2024 was considered and 年年度報告。
approved accordingly.On 22 April 2025 the supervisory committee convened its 二零二五年四月二十二日，在公司辦事處召meeting at the office of the Company where the 2024 Profit 開監事會會議，會議審議通過公司二零二四Distribution Plan and Capital Reserve Capitalization Plan of 年度利潤分配及資本公積金轉增股本方案。
the Company was considered and approved accordingly.On 25 April 2025 the supervisory committee convened 二零二五年四月二十五日，在公司辦事處召its meeting at the office of the Company where the 2025 開監事會會議，會議審議通過公司二零二五first quarterly report of the Company was considered and 年第一季度報告。
approved accordingly.On 29 August 2025 the supervisory committee convened 二零二五年八月二十九日，在公司辦事處召its meeting at the office of the Company where the interim 開監事會會議，會議審議通過公司二零二五report of the Company for 2025 was considered and 年中期報告。
approved accordingly.On 30 October 2025 the supervisory committee convened 二零二五年十月三十日，在公司辦事處召開its meeting at the office of the Company where the 2025 監事會會議，會議審議通過公司二零二五年third quarterly report was considered and approved 第三季度報告。
accordingly.130 BYD Company Limited比亞迪股份有限公司
The Supervisory Committee監事會
2. PROGRESS OF THE WORK OF THE SUPERVISORY 2. 報告期內監事會的工作情況
COMMITTEE DURING THE REPORTING PERIOD
From 1 January 2025 to 5 December 2025 the supervisory 自二零二五年一月一日起至二零二五年十二
committee of the Company performed its supervisory 月五日止，公司監事會忠實履行了監督職functions in a fiduciary manner. The supervisory committee 能，對公司的財務、董事會執行股東會決議duly supervised and examined the Company’ s financial 的情況、管理層的經營決策、公司的依法運
si tuat ion the Board’s execut ion of the resolut ions 作、公司董事、監事及高級管理人員的經營
passed in general meetings operational decisions of the 行為與控股股東的關聯交易進行了認真的
management the operations of the Company in compliance 監督和檢查，公司監事會認為在履職期間with the laws the acts of the Directors supervisors and 內：(1) 集團在經營活動中不存在違反《公司senior management of the Company and the related party 法》、《公司章程》、財務會計制度及國家法
transactions entered into with its controlling shareholder. 律、法規的行為。(2) 公司董事、監事及高The supervisory committee believed that during the 級管理人員在行使職責時，能忠於職守、守period of performing duties (1) the operating activities 法經營、規範管理、開拓創新、尊重和維護
of the Group did not violate the PRC Company Law the 了全體股東的利益，不存在違反《公司法》、Articles financial accounting procedures and the laws 《公司章程》及國家法律、法規的行為。
and regulations of the PRC; and (2) during the discharge
of their duties the Directors supervisors and senior
management of the Company fulfilled their fiduciary duties
by acting lawfully regularized management explored for
innovation with discipline to protect the interests of all the
shareholders of the Company. None of the parties named
above was found in breach of the PRC Company Law the
Articles or the laws and regulations of the PRC.In accordance with the resolution passed on the extraordinary 根據二零二五年十二月五日舉行的臨時股東會上通
general meeting of the Company held on 5 December 2025 in 過有關修訂本公司《公司章程》的決議案，本公司不relation to the amendments of the articles of association of the 再設有監事會或任何監事。本公司所有監事於上述Company the Company no longer has the Board of Supervisors or 臨時股東會結束後離任。
any Supervisors. All supervisors of the Company resigned upon the
conclusion of the aforesaid EGM.Annual Report 2025二零二五年年報131
Audit Report審計報告
Ernst & Young Hua Ming (2026) Shen Zi No. 70013328_H01
安永華明（2026）審字第70013328_H01號
BYD Company Limited比亞迪股份有限公司
To the Shareholders of BYD Company Limited: 比亞迪股份有限公司全體股東：
I. AUDIT OPINION 一、 審計意見
We have audited the financial statements of BYD Company 我們審計了比亞迪股份有限公司的財務報
Limited which comprise the consolidated and company 表，包括二零二五年十二月三十一日的合併balance sheets as at 31 December 2025 and the 及公司資產負債表，二零二五年度合併及公consolidated and company income statements statements 司利潤表、股東權益變動表和現金流量表以
of changes in owners’ equity and cash flow statement 及相關財務報表附註。
for the year ended 31 December 2025 and notes to the
financial statements.In our opinion the accompanying financial statements of 我們認為，後附的比亞迪股份有限公司的財BYD Company Limited have been prepared in accordance 務報表在所有重大方面按照企業會計準則的
with the PRC Account ing Standards for Bus iness 規定編製，公允反映了比亞迪股份有限公司Enterprises (the “PRC ASBEs”) in all material aspects and 二零二五年十二月三十一日的合併及公司的
give a fair view of the consolidated and company financial 財務狀況以及二零二五年度的合併及公司的
position of BYD Company Limited as at 31 December 2025 經營成果和現金流量。
and the consolidated and company results of operation
and cash flows of BYD Company Limited for 2025.132 BYD Company Limited比亞迪股份有限公司
Audit Report審計報告
II. BASIS FOR OPINION 二、 形成審計意見的基礎
We conducted our audit in accordance with the Auditing 我們按照中國註冊會計師審計準則的規定執
Standards for Certified Public Accountants of China. 行了審計工作。審計報告的「註冊會計師對Our responsibilities under those standards are further 財務報表審計的責任」部分進一步闡述了我described in the section headed “Certified Accountants’ 們在這些準則下的責任。按照《中國註冊會Responsibilities for the Audit of the Financial Statements” 計師獨立性準則第1號——財務報表審計和of our report. We are independent of BYD Company 審閱業務對獨立性的要求》和中國註冊會計
Limited in accordance with the requirements of China 師職業道德守則，我們獨立於比亞迪股份有Standard on Independence for Assurance Engagements 限公司，並履行了職業道德方面的其他責No.1 – Independence Requirements for Audit and Review 任。我們在審計中遵循了對公眾利益實體審Engagements and the Code of Ethics for Chinese Certified 計的獨立性要求。我們相信，我們獲取的審Public Accountants and we have fulfilled our other ethical 計證據是充分、適當的，為發表審計意見提responsibilities in accordance with these requirements. 供了基礎。
We have complied with the independence requirements
applicable to the audit of public interest entit ies in
conducting our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.III. KEY AUDIT MATTERS 三、 關鍵審計事項
Key audit matters are those matters that in our professional 關鍵審計事項是我們根據職業判斷，認為對judgment were of most significance in our audit of the 本期財務報表審計最為重要的事項。這些事financial statements of the current period. These matters 項的應對以對財務報表整體進行審計並形成
were addressed in the context of our audit of the financial 審計意見為背景，我們不對這些事項單獨發statements as a whole and in forming our opinion thereon 表意見。我們對下述每一事項在審計中是如and we do not provide a separate opinion on these 何應對的描述也以此為背景。
matters. For each matter below our description of how our
audit addressed the matter is provided in that context.We have fulfilled the responsibilities described in the 我們已經履行了本報告「註冊會計師對財務section headed “Certified Accountants’ Responsibilities 報表審計的責任」部分闡述的責任，包括與for the Audit of the Financial Statements” of our report 這些關鍵審計事項相關的責任。相應地，我including those in relation to these matters. Accordingly 們的審計工作包括執行為應對評估的財務報
our audit included the performance of procedures 表重大錯報風險而設計的審計程序。我們執designed to respond to our assessment of the risks of 行審計程序的結果，包括應對下述關鍵審計material misstatement of the financial statements. The 事項所執行的程序，為財務報表整體發表審results of our audit procedures including the procedures 計意見提供了基礎。
performed to address the key audit matter below provide
the basis for our audit opinion on the accompanying
financial statements as a whole.Annual Report 2025二零二五年年報133
Audit Report審計報告
Key audit matters: How the matter was addressed in the audit:
關鍵審計事項：該事項在審計中是如何應對：
Revenue recognition 收入確認
The operating revenue of BYD Company Limited is mainly The audit procedures performed in relation to the
from the sales of automobiles and related products and revenue recognition in our audit mainly included:
other products and mobile handset components assembly
and other products. In 2025 BYD Company Limited 我們在審計過程中對收入確認執行的審計程序主要包括：
recorded a revenue of RMB804.0 billion in the consolidated
financial statements representing an increase of RMB26.9 * U n d e r s t o o d a s s e s s e d a n d t e s t e d t h e
billion or 3% as compared to the total revenue in 2024. effectiveness of the design and operation of
internal controls related to revenue recognition;
比亞迪股份有限公司的營業收入主要來自於汽車、汽車相關產
品及其他產品、手機部件、組裝及其他產品。二零二五年度，*了解、評價和測試與營業收入相關的內部控制的設計比亞迪股份有限公司合併財務報表中營業收入金額為人民幣及執行有效性；
8040億元，較二零二四年度增加人民幣269億元，增長率為
3%。 * Obtained main sales contracts checked and
ident i f ied the terms and condit ions in the
contracts which were related to the transfer of
control and revenue recognition and assessed
whether the accounting policies on revenue
recognit ion had been compliance with the
requirements of with the PRC ASBEs;
*獲取主要的銷售合同，檢查和識別與控制權轉移及收入確認相關的合同條款與條件，評價收入確認的會計政策是否符合企業會計準則的要求；
* Confirmed on a sample basis the current sales
with major customers in line with confirmation of
accounts receivable and conducted alternative
test on samples without reply;
*結合應收賬款函證，以抽樣方式向主要客戶函證本期銷售額，對未回函的樣本執行替代測試；
* Selected samples from goods sales around the
balance sheet date and checked supporting
documents such as outbound delivery orders
and logistics documents to assess whether
relevant revenue had been recognised during the
appropriate accounting period;
*就資產負債表日前後的銷售商品交易選取樣本，檢查出庫單和物流單據等支持性文件，評價相關收入是否被記錄於恰當的會計期間；134 BYD Company Limited比亞迪股份有限公司
Audit Report審計報告
Key audit matters: How the matter was addressed in the audit:
關鍵審計事項：該事項在審計中是如何應對：
Taking into consideration that the Group's revenue is * Selected samples depending on different revenue
material and the variety of customers business types models conducted detailed test on revenue
involved inappropriate recognition of revenue might have recognition and checked supporting documents
a material effect on the financial statements. Therefore such as sales orders outbound delivery orders
revenue recognition was identified as a key audit matter. logistics records and signed receipts bank
statements export declarat ions and sales
考慮到本集團收入金額重大且涉及不同類型的客戶以及不同的 invoices;
業務類型，收入的不恰當確認對財務報表有重大影響。因此，我們將收入確認識別為關鍵審計事項。*根據不同的收入模式，選取樣本，執行收入確認的細節測試，檢查銷售訂單、出庫單、物流單、簽收單、For the disclosures of th is account ing pol icy 銀行流水、出口報關單及銷售發票等支持性文件；
significant accounting judgments and estimates as well
as relevant financial statements please refer to notes * Conducted analytical review procedures to
III. 24 25 and 32 and note V.45. compare the movements of various revenues
and gross prof i t margins and analyse the
該會計政策、重大會計判斷和估計以及相關財務報表披露參見 reasonableness of the movements;
附註三、24、25、32，以及附註五、45。
*執行分析性複核程序，對比各類別收入及毛利率的變動情況，分析收入與毛利率變動的合理性；
* Checked whether there was any significant
reversal of revenue or sales return after the
Reporting Period;
*檢查報告期後是否存在重大收入沖回或大額退貨的情況；
* Reviewed the disclosures of operating revenue in
the notes to the consolidated financial statements.* 複核合併財務報表附註中有關營業收入的披露。Annual Report 2025二零二五年年報135
Audit Report審計報告
Key audit matters: How the matter was addressed in the audit:
關鍵審計事項：該事項在審計中是如何應對：
Expected credit losses on trade receivable and long- 應收賬款和長期應收款的預期信用損失
term receivables
BYD Company Limited recorded a carrying amount of The audit procedures performed in relation to the
trade receivables of RMB37 billion and a carrying amount expected credit losses on trade receivables and long-
of long-term receivables (including the portion due within term receivables in our audit mainly included:
one year) of RMB24.4 billion as at 31 December 2025 in
the consolidated financial statements which accounted for 我們在審計過程中對應收賬款和長期應收款的預期信用損失
a significant portion of the total assets in the consolidated 執行的審計工作主要包括：
financial statements.* U n d e r s t o o d a s s e s s e d a n d t e s t e d t h e
截止二零二五年十二月三十一日，比亞迪股份有限公司合併財 effectiveness of the design and operation of務報表中應收賬款賬面價值為人民幣370億元，長期應收款（包 internal controls related to the estimates of括一年內到期部分）賬面價值為人民幣244億元，對合併財務報 expected credit losses on trade receivables and表總資產而言金額重大。 long-term receivables;BYD Company Limited applied a simplified measurement * 了解、評價和測試與應收賬款和長期應收款預期信用
method which grouped different portfolios based on their 損失估計相關的內部控制設計和運行的有效性；
risk characteristics and used a credit risk matrix to assess
the expected credit losses of the financial assets above. * Discussed with management on the groupings
For an item of trade receivable of significant amount and of credit risk characteristic and the estimates of
with objective evidence indicating that the credit risk of expected credit losses assessed their accuracy
such differs significantly from that of other receivables based on historical loss rate and evaluated
the expected credit loss is calculated by the difference the reasonableness of management’s expected
between the present value of all contractual cash flows credit loss model considering current economic
related to such trade receivable under the single contract conditions;
and the present value of all expected cash flows. For
other receivables the management has considered the * 與管理層討論信用風險特徵組合類別的劃分、預期信
characteristics of credit risks related to different customers 用損失率的估計，根據歷史損失率評估其準確性，並and assessed the expected credit losses by aging 結合當前經濟狀況來評價管理層使用的預期信用損失
group. Management’s estimate of expected credit losses 模型的合理性；
has taken into consideration all reasonable and reliable
information including the credit ratings of customers
aging of closing balance existence of disputes and
historic payments as well as forward-looking information in
line with expected macro-economic environment and other
factors.比亞迪股份有限公司運用簡化計量方法，按照風險特徵劃分不同組合，採用信用風險矩陣對上述金融資產的預期信用損失進行評估。對於單項金額重大且存在客觀證據表明該單項應收款項的信用風險與其他應收款項的信用風險有顯著不同的，按照該單項合同下應收款項的所有合同現金流量現值與預期收取的所有現金流量現值之間的差額計提預期信用損失。對於其他的應收款項，管理層考慮了不同客戶的信用風險特徵，以賬齡組合為基礎評估預期信用損失。管理層對預期信用損失的估計考慮所有合理且有依據的信息，包括客戶信用評級、期末餘額的賬齡、是否存在糾紛以及歷史回款情況等信息，還需要結合預期宏觀經濟環境等因素考慮前瞻性信息。136 BYD Company Limited比亞迪股份有限公司Audit Report審計報告
Key audit matters: How the matter was addressed in the audit:
關鍵審計事項：該事項在審計中是如何應對：
As the groupings of trade receivables and long-term * For trade receivable with individual bad debt
receivables with different credit risk characteristics by provision discussed with management on the
management and the estimates of expected credit loss reasonableness of identification and analyzed the
rates involved significant judgements and estimates the recoverability of such receivables;
expected credit losses on trade receivables and long-term
receivables were identified as a key audit matter. * 對單項計提壞賬準備的應收款項，與管理層討論劃分標準的合理性並對該類款項的可回收性進行分析；
管理層對應收賬款和長期應收款不同的信用風險特徵組合類別
的劃分、預期信用損失率的估計等涉及重大的判斷和估計，因 * For trade receivables for which provision for bad此我們將應收賬款和長期應收款的預期信用損失識別為關鍵審 debts has been made on group basis by credit計事項。 risk characteristics verified the accuracy of thecalculation of the receivables’ migration rate and
For the disclosures of th is account ing pol icy considered the reasonableness of inputs such as
significant accounting judgments and estimates as well customers’ debt repayment capacity historical
as relevant financial statements please refer to notes repayment performance industry-specific and
III.10 and 32 and notes V.3 and 11. macroeconomic indicators;
該會計政策、重大會計判斷和估計以及相關財務報表披露參見*對按信用風險特徵組合計提壞賬準備的應收款項，檢附註三、10、32，以及附註五、3、11。查應收款項遷徙率計算的準確性，考慮客戶償債能
力、歷史回款情況、行業和宏觀經濟指標等參數的合理性；
* Recalculated the calculation of expected credit
losses on trade receivables and long-term
receivables checked the accuracy of the aging
of trade receivables and reviewed the amounts of
impairment provision;
*重新測算應收賬款和長期應收款預期信用損失的計算過程，檢查應收賬款賬齡的準確性，複核減值準備的金額；
* Checked the subsequent payments and reviewed
supporting documents such as bank statements
bank slips and other supporting documents.*檢查期後回款情況，查看銀行對賬單、銀行回單等支持性文件。Annual Report 2025二零二五年年報137
Audit Report審計報告
IV. OTHER INFORMATION 四、 其他信息
The management of BYD Company Limited are responsible 比亞迪股份有限公司管理層對其他信息負
for the other information. The other information comprises 責。其他信息包括年度報告中涵蓋的信息，the information included in the annual report other than the 但不包括財務報表和我們的審計報告。
financial statements and our auditor’s report thereon.Our audit opinion on the financial statements does not 我們對財務報表發表的審計意見不涵蓋其他
cover the other information and we do not express any 信息，我們也不對其他信息發表任何形式的form of assurance conclusion thereon. 鑑證結論。
In connection with our audit of the financial statements our 結合我們對財務報表的審計，我們的責任是responsibility is to read the other information and in doing 閱讀其他信息，在此過程中，考慮其他信息so consider whether the other information is materially 是否與財務報表或我們在審計過程中了解到
inconsistent with the financial statements or our knowledge 的情況存在重大不一致或者似乎存在重大錯
obtained in the audit or otherwise appears to be materially 報。
misstated.If based on the work we have performed we conclude that 基於我們已執行的工作，如果我們確定其他there is a material misstatement of this other information 信息存在重大錯報，我們應當報告該事實。
we are required to report that fact. We have nothing to 在這方面，我們無任何事項需要報告。
report in this regard.V. RESPONSIBILITIES OF THE MANAGEMENT AND 五、 管理層和治理層對財務報表的責任
THE GOVERNANCE BODY FOR THE FINANCIAL
STATEMENTS
The management are responsible for the preparation of 管理層負責按照企業會計準則的規定編製財
the financial statements that give a fair view in accordance 務報表，使其實現公允反映，並設計、執行with the PRC ASBEs and for the design execution and 和維護必要的內部控制，以使財務報表不存maintenance of such internal control as is necessary to 在由於舞弊或錯誤導致的重大錯報。
enable the preparation of financial statements that are free
from material misstatement whether due to fraud or error.In preparing the financial statements the management 在編製財務報表時，管理層負責評估比亞迪are responsible for assessing BYD Company Limited’s 股份有限公司的持續經營能力，披露與持續ability to continue as a going concern disclosing as 經營相關的事項（如適用），並運用持續經營applicable matters related to going concern and using the 假設，除非計劃進行清算、終止運營或別無going concern basis of accounting unless there are plans 其他現實的選擇。
for liquidation or cessation or there are no other realistic
alternatives.The governance body is responsible for overseeing BYD 治理層負責監督比亞迪股份有限公司的財務
Company Limited’s financial reporting process. 報告過程。138 BYD Company Limited比亞迪股份有限公司Audit Report審計報告
VI. CERTIFIED ACCOUNTANT’S RESPONSIBILITIES 六、 註冊會計師對財務報表審計的責任
FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about 我們的目標是對財務報表整體是否不存在由
whether the financial statements as a whole are free from 於舞弊或錯誤導致的重大錯報獲取合理保
material misstatement whether due to fraud or error and 證，並出具包含審計意見的審計報告。合理to issue an auditor’s report that includes our audit opinion. 保證是高水平的保證，但並不能保證按照審Reasonable assurance is a high level of assurance but 計準則執行的審計在某一重大錯報存在時總
is not a guarantee that an audit conducted in accordance 能發現。錯報可能由於舞弊或錯誤導致，如with audit standards wi l l a lways detect a mater ial 果合理預期錯報單獨或匯總起來可能影響財
misstatement when it exists. Misstatements can arise from 務報表使用者依據財務報表作出的經濟決
fraud or error and are considered material if individually 策，則通常認為錯報是重大的。
or in the aggregate they could reasonably be expected
to influence the economic decisions of users taken on the
basis of these financial statements.As part of an audit in accordance with audit standards we 在按照審計準則執行審計工作的過程中，我exercise professional judgment and maintain professional 們運用了職業判斷，並保持職業懷疑。同skepticism throughout the audit. We also: 時，我們也執行以下工作：
(1) Identify and assess the risks of material misstatement (1) 識別和評估由於舞弊或錯誤導致的財
of the consolidated financial statements whether 務報表重大錯報風險，設計和實施審due to fraud or error design and perform audit 計程序以應對這些風險，並獲取充procedures responsive to those risks and obtain 分、適當的審計證據，作為發表審計audit evidence that is sufficient and appropriate to 意見的基礎。由於舞弊可能涉及串provide a basis for our audit opinion. The risk of not 通、偽造、故意遺漏、虛假陳述或凌
detecting a material misstatement resulting from 駕於內部控制之上，未能發現由於舞fraud is higher than for one resulting from error 弊導致的重大錯報的風險高於未能發
as fraud may involve collusion forgery intentional 現由於錯誤導致的重大錯報的風險。
omissions misrepresentations or the override of
internal control.
(2) Obtain an understanding of internal control relevant (2) 了解與審計相關的內部控制，以設計
to the audit in order to design audit procedures that 恰當的審計程序。
are appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies (3) 評價管理層選用會計政策的恰當性和
used and the reasonableness of account ing 作出會計估計及相關披露的合理性。
estimates and related disclosures made by the
management.Annual Report 2025二零二五年年報139
Audit Report審計報告
(4) Conclude on the appropriateness of management’s (4) 對管理層使用持續經營假設的恰當性
use of the going concern basis of accounting and 得出結論。同時，根據獲取的審計證based on the audit evidence obtained whether 據，就可能導致對比亞迪股份有限公a material uncertainty exists related to events or 司持續經營能力產生重大疑慮的事項
conditions that may cast significant doubt on BYD 或情況是否存在重大不確定性得出結
Company Limited’s ability to continue as a going 論。如果我們得出結論認為存在重大concern. If we conclude that a material uncertainty 不確定性，審計準則要求我們在審計exists we are required to draw attention in our 報告中提請報表使用者注意財務報表
auditor’s report to the related disclosures in the 中的相關披露；如果披露不充分，financial statements or if such disclosures are 我們應當發表非無保留意見。我們的inadequate to issue a qualif ied opinion. Our 結論基於截至審計報告日可獲得的
conclusions are based on the audit evidence 信息。然而，未來的事項或情況可能obtained up to the date of our auditor’s report. 導致比亞迪股份有限公司不能持續經
However future events or conditions may cause 營。
BYD Company Limited to cease to continue as a
going concern.(5) Evaluate the overall presentation structure and (5) 評價財務報表的總體列報（包括披content of the financial statements including the 露）、結構和內容，並評價財務報表disclosures and whether the financial statements 是否公允反映相關交易和事項。
represent the underlying transactions and events in
a manner that achieves fair presentation.
(6) Obtain sufficient and appropriate audit evidence (6) 就比亞迪股份有限公司中實體或業務
regarding the financial information of the entities or 活動的財務信息獲取充分、適當的審
business activities within BYD Company Limited to 計證據，以對財務報表發表審計意express an audit opinion on the financial statements. 見。我們負責指導、監督和執行集團We are responsible for the direction supervision 審計，並對審計意見承擔全部責任。
and performance of the group audit. We remain
solely responsible for our audit opinion.We communicate with the governance body regarding 我們與治理層就計劃的審計範圍、時間安排
among other matters the planned scope and timing of 和重大審計發現等事項進行溝通，包括溝通the audit and significant audit findings including any 我們在審計中識別出的值得關注的內部控制
significant deficiencies in internal control that we identify 缺陷。
during our audit.We also provide the governance body with a statement 我們還就已遵守與獨立性相關的職業道德要
that we have complied with relevant ethical requirements 求向治理層提供聲明，並與治理層溝通可能regarding independence and to communicate with them 被合理認為影響我們獨立性的所有關係和其
all relationships and other matters that may reasonably 他事項，以及相關的防範措施（如適用）。
be thought to bear on our independence and where
applicable related safeguards.140 BYD Company Limited比亞迪股份有限公司
Audit Report審計報告
From the matters communicated with the governance body 從與治理層溝通過的事項中，我們確定哪些we determine those matters that were of most significance 事項對本期財務報表審計最為重要，因而構in the audit of the financial statements of the current period 成關鍵審計事項。我們在審計報告中描述這and are therefore the key audit matters. We describe these 些事項，除非法律法規禁止公開披露這些事matters in our auditor’s report unless law or regulation 項，或在極少數情形下，如果合理預期在審precludes public disclosure about the matter or when in 計報告中溝通某事項造成的負面後果超過在
extremely rare circumstances we determine that a matter 公眾利益方面產生的益處，我們確定不應在should not be communicated in our audit report because 審計報告中溝通該事項。
the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of
such communication.Ernst & Young Hua Ming LLP 安永華明會計師事務所（特殊普通合夥）
PRC certified public accountant: 中國註冊會計師：
Li Jianguang (李劍光) 李劍光
(Partner in charge) （項目合夥人）
PRC certified public accountant: 中國註冊會計師：
Hu Die (胡蝶) 胡蝶
Beijing the PRC 中國北京
27 March 2026 二零二六年三月二十七日Annual Report 2025
二零二五年年報141
Consolidated Balance Sheet合併資產負債表
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
31 December 31 December
20252024
Note V 二零二五年 二零二四年
Assets 資產 附註五 十二月三十一日 十二月三十一日
Current assets 流動資產
Monetary funds 貨幣資金 1 75424747 102738734
Financial assets held for trading 交易性金融資產 2 54532541 40511496
Derivative financial assets 衍生金融資產 – 35093
Purchases of financial assets under resale 買入返售金融資產 – 392472
agreements
Trade receivables 應收賬款 3 37004685 62298988
Receivables financing 應收款項融資 4 5484126 10449966
Prepayments 預付款項 6 5024873 3974023
Other receivables 其他應收款 5 3153552 3616030
Inventories 存貨 7 138420580 116036237
Contract assets 合同資產 8 1165068 1410541
Non-current assets due within one year 一年內到期的非流動資產 9 20533911 11379480
Other current assets 其他流動資產 10 30723475 17729184
Total current assets 流動資產合計 371467558 370572244
Non-current assets 非流動資產
Long-term receivables 長期應收款 11 13056606 10206134
Long-term equity investments 長期股權投資 12 21781418 19082496
Other equity instrument investments 其他權益工具投資 13 8610322 8501093
Other non-current financial assets 其他非流動金融資產 14 3079960 2655245
Investment properties 投資性房地產 58520 60228
Fixed assets 固定資產 15 292775929 262287302
Construction in progress 在建工程 16 48293781 19954343
Right-of-use assets 使用權資產 17 9082775 10575072
Intangible assets 無形資產 18 41485229 38423925
Development expenditures 開發支出 5971312 508038
Goodwill 商譽 19 4427571 4427571
Long-term deferred expenditures 長期待攤費用 20 4171222 5006717
Deferred tax assets 遞延所得稅資產 21 15358088 8559492
Other non-current assets 其他非流動資產 22 44109592 22535955
Total non-current assets 非流動資產合計 512262325 412783611
Total assets 資產總計 883729883 783355855
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
statements142 BYD Company Limited比亞迪股份有限公司
Consolidated Balance Sheet合併資產負債表
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
31 December 31 December
20252024
Note V 二零二五年 二零二四年
Liabilities 負債 附註五 十二月三十一日 十二月三十一日
Current liabilities 流動負債
Short-term borrowings 短期借款 24 38484710 12103272
Derivative financial liabilities 衍生金融負債 550144 1993
Bills payables 應付票據 25 22463883 2383996
Trade payables 應付賬款 26 186742375 241643424
Contract liabilities 合同負債 27 51471055 43729585
Employee benefits payables 應付職工薪酬 28 16025385 21843196
Tax payables 應交稅費 29 10716012 10096912
Other payables 其他應付款 30 119482902 144989197
Provision 預計負債 31 5384983 3547165
Non-current liabilities due within one year 一年內到期的非流動負債 32 6311964 10222575
Other current liabilities 其他流動負債 33 10817944 5423861
Total current liabilities 流動負債合計 468451357 495985176
Non-current liabilities 非流動負債
Long-term borrowings 長期借款 34 60705569 8257786
Bond payables 應付債券 35 4997910 –
Lease liabilities 租賃負債 36 8620487 9875967
Deferred tax liabilities 遞延所得稅負債 21 1617317 2787484
Other non-current liabilities 其他非流動負債 37 80798058 67761233
Total non-current liabilities 非流動負債合計 156739341 88682470
Total liabilities 負債合計 625190698 584667646
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
statementsAnnual Report 2025二零二五年年報143
Consolidated Balance Sheet合併資產負債表
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
31 December 31 December
20252024
Note V 二零二五年 二零二四年
Shareholders’ equity 股東權益 附註五 十二月三十一日 十二月三十一日
Shareholders’ equity 股東權益
Share capital 股本 38 9117198 2909266
Other equity instruments 其他權益工具 39 18733984 14894442
Including: Perpetual bond 其中：永續債 18733984 14894442
Capital reserve 資本公積 40 95276659 60679406
Less: treasury shares 減：庫存股 41 3988271 723968
Other comprehensive income 其他綜合收益 42 3251842 1440616
Special reserve 專項儲備 31078 29461
Surplus reserve 盈餘公積 43 7794688 7374087
Undistributed profit 未分配利潤 44 116057428 98647794
Total shareholders’ equity attributable to the 歸屬於母公司股東權益合計 246274606 185251104
parent company
Non-controlling interests 少數股東權益 12264579 13437105
Total shareholders’ equity 股東權益合計 258539185 198688209
Total liabilities and shareholders’ equity 負債和股東權益總計 883729883 783355855
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：王傳福主管會計工作負責人：周亞琳會計機構負責人：劉惠
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
statements144 BYD Company Limited比亞迪股份有限公司
Consolidated Income Statement合併利潤表
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
Note V 2025 2024附註五二零二五年二零二四年
(Restated)（經重述）
I. Operating revenue 一、 營業收入 45 803964958 777102455
Less: Operating costs 減：營業成本 45 661305161 626046616
Tax and surcharge 稅金及附加 46 13580544 14752402
Selling expenses 銷售費用 47 26184568 24085317
Administrative expenses 管理費用 48 20199944 18644661
Research and development expenses 研發費用 49 57978105 53194745
Finance expenses 財務費用 50 (649350) 1216206
Including: Interest expenses 其中：利息費用 50 2551657 2093781
Interest income 利息收入 50 2436953 2483756
Add: Other income 加：其他收益 51 13800300 14051650
Investment income 投資收益 52 2856608 2291475
Including: Investment income in 其中：對聯 營企業和合營
associates and joint ventures 企業的投資收益 1007213 1468954
Loss on derecognition of financial assets 以攤餘成本計量的金融資產終止
measured at amortised cost 確認損失 (797013) (7411)
Gains from changes in fair value 公允價值變動收益 53 364238 531933
Impairment losses on credit 信用減值損失 54 (407137) (1553315)
Impairment losses on asset 資產減值損失 55 (1823082) (3871677)
Gains on disposal of assets 資產處置收益 56 27796 (126527)
II. Operating profit 二、 營業利潤 40184709 50486047
Add: Non-operating income 加：營業外收入 57 1132191 1251576
Less: Non-operating expenses 減：營業外支出 58 1563851 2056946
III. Total profit 三、 利潤總額 39753049 49680677
Less: Income tax expenses 減：所得稅費用 59 5992291 8092737
IV. Net profit 四、 淨利潤 33760758 41587940
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 33760758 41587940
VI. Classified by ownership 六、 按所有權歸屬分類
Net profit attributable to shareholders 歸屬於母公司所有者的淨利潤
of the parent company 32619022 40254346
Non-controlling interests 少數股東損益 1141736 1333594
VII. Earnings per share (RMB/share) 七、 每股收益（元╱股）
Basic earnings per share 基本每股收益 60 3.58 4.61
Diluted earnings per share 稀釋每股收益 3.58 4.61
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
statementsAnnual Report 2025二零二五年年報145
Consolidated Income Statement合併利潤表
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
Note V 2025 2024附註五二零二五年二零二四年
(Restated)（經重述）
VIII. Other comprehensive income 八、 其他綜合收益 1793151 843398
Other comprehensive income that cannot be 不能重分類進損益的其他綜合收益
reclassified to profit or loss
Changes in fair value of other equity instrument 其他權益工具投資公允價值變動
investments 1628614 408375
Income tax impact 所得稅影響 (361275) (40823)
1267339367552
Other comprehensive income that will be 將重分類進損益的其他綜合收益
reclassified to profit or loss
Changes in fair value of receivables financing 應收款項融資公允價值變動 14609 (12095)
Exchange difference on foreign currency 外幣報表折算差額
translation 529278 481496
543887469401
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 42 (18075) 6445
IX. Total comprehensive income 九、 綜合收益總額 35553909 42431338
Among which: 其中：
Total comprehensive income attributable to 歸屬於母公司股東的綜合收益總額
shareholders of the parent company 34430248 41091299
Total comprehensive income attributable to 歸屬於少數股東的綜合收益總額
non-controlling interests 1123661 1340039
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
statements146 BYD Company Limited比亞迪股份有限公司
Consolidated Statement of Changes in Owners’ Equity合併股東權益變動表
For 2025二零二五年度
RMB’000人民幣千元
2025
二零二五年
Shareholders’ equity attributable to the parent company歸屬於母公司股東權益
Share Other equity Capital Less: Other Special Surplus Undistributed Sub-total Non- Total
capital instruments reserve treasury comprehensive reserve reserve profit controlling shareholders’
shares income interests equity其他其他少數股東股東權益
股本權益工具資本公積減：庫存股綜合收益專項儲備盈餘公積未分配利潤小計權益合計
I. Closing balance for the previous year and 一、 上年年末及本年年初餘額 2909266 14894442 60679406 723968 1440616 29461 7374087 98647794 185251104 13437105 198688209
opening balance for the year
II. Amount of change in the current year 二、 本年增減變動金額
(I) Total comprehensive income （一） 綜合收益總額
1 Amounts incurred for the year 1 本年發生 – – – – 1708047 – – 32619022 34327069 1123661 35450730
2 Others 2 其他 – – – – 103179 – – (103179) – – –
(II) Capital contribution and reduction by （二） 股東投入和減少資本
shareholders
1 Ordinary shares contributed by 1 股東投入的普通股 129800 – 39944968 – – – – – 40074768 112245 40187013
shareholders
2 Capital contribution by other equity 2 其他權益工具持有者投入資本 – 31550661 – – – – – – 31550661 – 31550661
instruments holders
3 Capital reduction by other equity 3 其他權益工具持有者減少資本 – (27711119) (288881) – – – – – (28000000) – (28000000)
instruments holders
4 Repurchase of ordinary shares 4 回購普通股 – – – 3988271 – – – – (3988271) – 3998271
5 S hare-based payment recognized in 5 股 份支付計入股東權益的金額 – – 911981 – – – – – 911981 – 911981
shareholders’ equity (note XIII) （附註十三）
6 Effect of the vesting of restricted shares 6 解鎖限制性股票的影響 – – (723968) (723968) – – – – – – –
7 Others 7 其他 – – (1599968) – – – – – (1599968) (1970222) (3570190)
(III) Profit distribution （三） 利潤分配
1 Surplus reserve withdrawal 1 提取盈餘公積 – – – – – – 420601 (420601) – – –2 Distribution to other equity instruments 2 對股東的分配（附註五、44) 2431253 – – – – – – (14508500) (12077247) (438210) (12515457)holders
3 Distribution to other equity instruments 3 對其他權益工具持有者的分配 – – – – – – – (177108) (177108) – (177108)
holders
(IV) Transfers within equity (四) 股東權益內部結轉
1 Capitalization of capital reserve 1 資本公積轉增股本 3646879 – (3646879) – – – – – – – –
(V) Special reserve (五) 專項儲備
1 Appropriation for the year 1 本年提取 – – – – – 1617 – – 1617 – 1617
III. Closing balance for the year 三、 本年年末餘額 9117198 18733984 95276659 3988271 3251842 31078 7794688 116057428 246274606 12264579 258539185
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Annual Report 2025二零二五年年報147
Consolidated Statement of Changes in Owners’ Equity合併股東權益變動表
For 2025二零二五年度
RMB’000人民幣千元
2024
二零二四年
Shareholders’ equity attributable to the parent company歸屬於母公司股東權益
Share Other equity Capital Less: Other Special Surplus Undistributed Sub-total Non- Total
capital instruments reserve treasury comprehensive reserve reserve profit controlling shareholders’
shares income interests equity
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少數股東權益股東權益合計
I. Closing balance for the previous year and 一、 上年年末及本年年初餘額 2911143 – 62041774 1266944 603663 22370 7374087 67123972 138810065 11652048 150462113
opening balance for the year
II. Amount of change in the current year 二、 本年增減變動金額
(I) Total comprehensive income （一） 綜合收益總額
1 Amounts incurred for the year 1 本年發生 – – – – 1118922 – – 40254346 41373268 1340039 42713307
2 Others 2 其他 – – – – (281969) – – 281969 – – –
(II) Capital contribution and reduction by （二） 股東投入和減少資本
shareholders
1 Ordinary shares contributed by 1 股東投入的普通股 – – – – – – – – – 98000 98000
shareholders
2 Capital contribution by other equity 2 其他權益工具持有者投入資本 – 14894442 – – – – – – 14894442 – 14894442
instruments holders
3 Repurchase of ordinary shares 3 回購普通股 (1877) – (398151) – – – – – (400028) – (400028)
4 Share-based payment recognized in 4 股 份支付計入股東權益的金額 – – 396933 – – – – – 396933 3471 400404
shareholders’ equity (note XIII) （附註十三）
5 Effect of the vesting of restricted shares 5 解鎖限制性股票的影響 – – (542976) (542976) – – – – – – –
6 Others 6 其他 – – (818174) – – – – – (818174) 758613 (59561)
(III) Profit distribution （三） 利潤分配
1 Distribution to shareholders (note V.44) 1 對股東的分配（附註五、44） – – – – – – – (9012493) (9012493) (415066) (9427559)
(IV) Special reserve （四） 專項儲備
1 Appropriation for the year 1 本年提取 – – – – – 7091 – – 7091 – 7091
III. Closing balance for the year 三、 本年年末餘額 2909266 14894442 60679406 723968 1440616 29461 7374087 98647794 185251104 13437105 198688209
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148 BYD Company Limited比亞迪股份有限公司
Consolidated Cash Flow Statement合併現金流量表
For 2025二零二五年度
RMB’000人民幣千元
Note V 2025 2024附註五二零二五年二零二四年
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、提供勞務收到的現金
provision of services 821214650 774347395
Tax rebates received 收到的稅費返還 17048237 12073925
Cash received from other activities 收到其他與經營活動有關的現金
relating to operations 61 23477220 28396310
Sub-total of cash inflows from operating 經營活動現金流入小計
activities 861740107 814817630
Cash paid for goods and services 購買商品、接受勞務支付的現金 579332669 489866241
Cash paid to and on behalf of employees 支付給職工以及為職工支付的現金 130434959 117067584
Cash paid for various types of taxes 支付的各項稅費 53801954 52697132
Cash paid for other activities relating to 支付其他與經營活動有關的現金
operations 61 39034981 21732800
Sub-total of cash outflows from operating 經營活動現金流出小計
activities 802604563 681363757
Net cash flow from operating activities 經營活動產生的現金流量淨額 62 59135544 133453873
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
statementsAnnual Report 2025二零二五年年報149
Consolidated Cash Flow Statement合併現金流量表
For 2025二零二五年度
RMB’000人民幣千元
Note V 2025 2024附註五二零二五年二零二四年
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 1727438 128755
Cash received from disposals of associates 處置合營或聯營公司所收到的現金
or joint ventures 134183 13898
Cash received from gains in investment 取得投資收益收到的現金 360609 469217
Net cash received from disposals of 處置子公司及其他營業單位收到的
subsidiaries and other operating entities 現金淨額 66961 7776
Net cash received from disposals of fixed 處置固定資產、無形資產和其他長期
assets intangible assets and other 資產收回的現金淨額
long-term assets 2097658 1068016
Cash received from other activities relating 收到其他與投資活動有關的現金
to investments 61 21204926 13712511
Sub-total of cash inflows from investing 投資活動現金流入小計
activities 25591775 15400173
Cash paid for purchase and construction of 購建固定資產、無形資產和其他長期
fixed assets intangible assets and other 資產支付的現金
long-term assets 156807853 97359768
Cash paid for acquisition of subsidiaries and 收購子公司及其他營業單位支付的現金
other operating entities net 淨額 183492 125437
Cash paid for investments 投資支付的現金 2814568 3666259
Cash paid for other activities relating to 支付其他與投資活動有關的現金
investments 61 63248971 43330991
Sub-total of cash outflows from investing 投資活動現金流出小計
activities 223054884 144482455
Net cash flows used in investing activities 投資活動使用的現金流量淨額 (197463109) (129082282)
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
statements150 BYD Company Limited比亞迪股份有限公司
Consolidated Cash Flow Statement合併現金流量表
For 2025二零二五年度
RMB’000人民幣千元
Note V 2025 2024附註五二零二五年二零二四年
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 40222013 98000
Including: Ca sh 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 147245 98000
Cash received from borrowings 取得借款收到的現金 134006370 37663666
Cash received from bonds issuance 發行債券收到的現金 19997500 2960000
Cash contribution by other equity 其他權益工具持有者投入的現金
instrument holders 32039999 14894442
Cash received relating to other financing 收到的其他與籌資活動有關的現金
activities – 105558
Sub-total of cash inflows from financing 籌資活動現金流入小計
activities 226265882 55721666
Cash paid for repayment of debts 償還債務支付的現金 69220472 50103695
Cash payments for distribution of dividends 分配股利、利潤或償付利息支付的現金
profits or interest expenses 14125279 10051081
Including: Div idends and profits paid to minority 其中：子公司 支付給少數股東的股利、
shareholders by subsidiaries 利潤 438210 415066
Interests paid to other equity owners 支付給其他權益所有者利息 546796 –
Cash paid for redemption of other equity 其他權益工具持有者贖回支付的現金
instruments 28000000 –
Cash paid for other activities relating to 支付其他與籌資活動有關的現金
financing 61 10306261 5834437
Sub-total of cash outflows from financing 籌資活動現金流出小計
activities 121652012 65989213
Net cash flows from/(used in) financing 籌資活動產生╱（使用）的現金流量淨額
activities 104613870 (10267547)
IV. Ef fect of foreign exchange rate changes 四、 匯率變動對現金及現金等價物的影響
on cash and cash equivalents (147650) (359247)
V. Net decrease in cash and cash equivalents 五、 現金及現金等價物淨減少額 62 (33861345) (6255203)
Add: op ening balance of cash and cash 加：年初現金及現金等價物餘額
equivalents 62 102256542 108511745
VI. Cl osing balance of cash and cash 六、 年末現金及現金等價物餘額
equivalents 62 68395197 102256542
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
statementsAnnual Report 2025二零二五年年報151
Balance Sheet資產負債表
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
31 December 31 December
20252024
Note XVII 二零二五年 二零二四年
Assets 資產 附註十七 十二月三十一日 十二月三十一日
Current assets 流動資產
Monetary funds 貨幣資金 16513550 30794989
Financial assets held for trading 交易性金融資產 6909454 5285514
Trade receivables 應收賬款 1 622288 2363347
Receivables financing 應收款項融資 – 34640
Prepayments 預付款項 33517 14357
Other receivables 其他應收款 2 43823897 32953005
Inventories 存貨 20829 186545
Non-current assets due within one year 一年內到期的非流動資產 4323595 –
Other current assets 其他流動資產 175898 126910
Total current assets 流動資產合計 72423028 71759307
Non-current assets 非流動資產
Long-term equity investments 長期股權投資 3 80550853 69312088
Other equity instrument investments 其他權益工具投資 4957701 5174153
Other non-current financial assets 其他非流動金融資產 1687653 1456192
Investment properties 投資性房地產 49123 50732
Fixed assets 固定資產 683825 706441
Construction in progress 在建工程 24035 4357
Right-of-use assets 使用權資產 9523 41537
Intangible assets 無形資產 1268316 1558967
Other non-current assets 其他非流動資產 3177195 79799
Total non-current assets 非流動資產合計 92408224 78384266
Total assets 資產總計 164831252 150143573
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
statements152 BYD Company Limited比亞迪股份有限公司
Balance Sheet資產負債表
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
31 December 31 December
20252024
二零二五年二零二四年
Liabilities and shareholders’ equity 負債和股東權益 十二月三十一日 十二月三十一日
Current liabilities 流動負債
Trade payables 應付賬款 147961 2024742
Contract liabilities 合同負債 114475 16898
Employee benefits payables 應付職工薪酬 52105 57888
Tax payables 應交稅費 19151 6690
Other payables 其他應付款 514120 52235910
Non-current liabilities due within one year 一年內到期的非流動負債 2159787 2697937
Other current liabilities 其他流動負債 5261090 106309
Total current liabilities 流動負債合計 8268689 57146374
Non-current liabilities 非流動負債
Long-term borrowings 長期借款 26993000 2092500
Bond payables 應付債券 4997910 –
Lease liabilities 租賃負債 – 8978
Deferred tax liabilities 遞延所得稅負債 478209 227656
Other non-current liabilities 其他非流動負債 145 9525
Total non-current liabilities 非流動負債合計 32469264 2338659
Total liabilities 負債合計 40737953 59485033
Shareholders’ equity 股東權益
Share capital 股本 9117198 2909266
Other equity instruments 其他權益工具 18733984 14894442
Including: Perpetual bond 其中：永續債 18733984 14894442
Capital reserve 資本公積 92481436 56312492
Less: treasury shares 減：庫存股 3988271 723968
Other comprehensive income 其他綜合收益 2143129 1066148
Surplus reserve 盈餘公積 2101579 1680978
Undistributed profit 未分配利潤 3504244 14519182
Total shareholders’ equity attributable 歸屬於母公司股東權益合計 124093299 90658540
to the parent company
Total shareholders’ equity 股東權益合計 124093299 90658540
Total liabilities and shareholders’ equity 負債和股東權益總計 164831252 150143573
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
statementsAnnual Report 2025二零二五年年報153
Income Statement利潤表
For 2025二零二五年度
RMB’000人民幣千元
Note XVII 2025 2024附註十七二零二五年二零二四年
Operating revenue 營業收入 4 1525075 4280965
Less: Operating costs 減：營業成本 4 1238668 3758305
Tax and surcharge 稅金及附加 32296 19190
Selling expenses 銷售費用 25396 21948
Administrative expenses 管理費用 1232099 502130
Research and development expenses 研發費用 260851 231599
Finance expenses 財務費用 (600541) (447093)
Including: Interest expenses 其中：利息費用 468287 157293
Interest income 利息收入 927332 641445
Add: Other income 加：其他收益 5388 43238
Investment income 投資收益 5 4610058 14308810
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 729094 1271765
Loss on derecognition 以攤餘成本計量的金融
of financial assets 資產終止確認損失
measured at amortised
cost – –
Gains from changes in fair value 公允價值變動收益 255628 177820
Impairment losses on credit 信用減值損失 (34286) 45811
Impairment losses on asset 資產減值損失 (3) (638262)
Gains on disposal of assets 資產處置收益 721 200
Operating profit 營業利潤 4173812 14132503
Add: Non-operating income 加：營業外收入 29342 19733
Less: Non-operating expenses 減：營業外支出 35928 39074
Total profit 利潤總額 4167226 14113162
Less: Income tax expenses 減：所得稅費用 (38786) (58794)
Net profit 淨利潤 4206012 14171956
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
statements154 BYD Company Limited比亞迪股份有限公司
Income Statement利潤表
For 2025二零二五年度
RMB’000人民幣千元
20252024
二零二五年二零二四年
Classified by continuity of operation 按經營持續性分類
Including: N et profit from continuing 其中：持續經營淨利潤
operations 4206012 14171956
Other comprehensive income 其他綜合收益 1076981 165034
Other comprehensive income that cannot 不能重分類進損益的其他綜合收益
be reclassified to profit or loss
Changes in fair value of other equity 其他權益工具投資公允價值變動
instrument investments 1435810 220169
Income tax impact 所得稅影響 (358952) (55042)
1076858165127
Other comprehensive income that will be 將重分類進損益的其他綜合收益
reclassified to profit or loss
Changes in fair value of receivables 應收款項融資公允價值變動
financing 123 (93)
123(93)
Total comprehensive income 綜合收益總額 5282993 14336990
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
statementsAnnual Report 2025二零二五年年報155
Statement of Changes in Owners’ Equity股東權益變動表
For 2025二零二五年度
RMB’000人民幣千元
2025二零二五年
Less: Other Total
Share Other equity Capital treasury comprehensive Surplus Undistributed shareholders’
capital instruments reserve shares income reserve profit equity
股本其他權益工具資本公積減：庫存股其他綜合收益盈餘公積未分配利潤股東權益合計
I. C losing balance for the previous year and opening 一、 上年年末及本年年初餘額 2909266 14894442 56312492 723968 1066148 1680978 14519182 90658540
balance for the year
II. Amount of change in the current year 二、 本年增減變動金額
(I) Total comprehensive income （一） 綜合收益總額
1 Amounts incurred for the year 1 本年發生 – – – – 962240 – 4206012 5168252
2 Others 2 其他 – – – – 114741 – (114741) –
(II) C apital contribution and reduction by （二） 股東投入和減少資本
shareholders
1 Capital contribution by shareholders 1 股東投入資本 129800 – 39944968 – – – – 40074768
2 Capital contribution by other equity 2 其他權益工具持有者投入資本 – 31550661 – – – – – 31550661
instruments holders
3 C apital reduction by other equity instruments 3 其他權益工具持有者減少資本 – (27711119) (288881) – – – – (28000000)
holders
4 S hare-based payment recognized in 4 股份支付計入股東權益的金額 – – 883704 – – – – 883704
shareholders’ equity
5 E ffect of the vesting of restricted shares 5 解鎖限制性股票的影響 – – (723968) (723968) – – – –
6 Repurchase of ordinary shares 6 回購普通股 – – – 3988271 – – – (3988271)
(III) Profit distribution （三） 利潤分配
1 Surplus reserve withdrawal 1 提取盈餘公積 – – – – – 420601 (420601) –2 Distribution to shareholders (note V.44) 2 對股東的分配（附註五、44) 2431253 – – – – – (14508500) (12077247)
3 Distribution to other equity instruments 3 對其他權益工具持有者的分配 – – – – – – (177108) (177108)
(IV) Transfers within equity (四) 股東權益內部結轉
1 Capitalization of capital reserve 1. 資本公積轉增股本 3646879 – (3646879) – – – – –
III. Closing balance for the year 三、 本年年末餘額 9117198 18733984 92481436 3988271 2143129 2101579 3504244 124093299
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
statements156 BYD Company Limited比亞迪股份有限公司
Statement of Changes in Owners’ Equity股東權益變動表
For 2025二零二五年度
RMB’000人民幣千元
2024二零二四年
Share Other equity Capital Less: Other Surplus Undistributed Total
capital instruments reserve treasury comprehensive reserve profit shareholders’
shares income equity
股本其他權益工具資本公積減：庫存股其他綜合收益盈餘公積未分配利潤股東權益合計
I. C losing balance for the previous year and opening 一、 上年年末及本年年初餘額 2911143 – 56865744 1266944 901114 1680978 9077750 70169785
balance for the year
II. Amount of change in the current year 二、 本年增減變動金額
(I) Total comprehensive income （一） 綜合收益總額
1 Amounts incurred for the year 1 本年發生 – – – – 447003 – 14171956 14618959
2 Others 2 其他 – – – – (281969) – 281969 –
(II) C apital contribution and reduction by （二） 股東投入和減少資本
shareholders
1 C apital contribution by other equity 1 其他權益工具持有者投入資本 – 14894442 – – – – – 14894442
instruments holders
2 Share-based payment recognized in 2 股份支付計入股東權益的金額 – – 387875 – – – – 387875
shareholders’ equity
3 E ffect of the vesting of restricted shares 3 解鎖限制性股票的影響 – – (542976) (542976) – – – –
4 Repurchase of ordinary shares 4 回購普通股 (1877) – (398151) – – – – (400028)
5 Others 5 其他 – – – – – – – –
(III) Profit distribution （三） 利潤分配
1 Distribution to shareholders (note V.44) 1 對股東的分配（附註五、44） – – – – – – (9012493) (9012493)
III. Closing balance for the year 三、 本年年末餘額 2909266 14894442 56312492 723968 1066148 1680978 14519182 90658540
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
statementsAnnual Report 2025二零二五年年報157
Cash Flow Statement現金流量表
For 2025二零二五年度
RMB’000人民幣千元
20252024
二零二五年二零二四年
I. Cash flows from operating activities: 一、 經營活動產生的現金流量：
Cash received from sales of goods 銷售商品、提供勞務收到的現金 3741844 4055589
and provision of services
Tax rebates received 收到的稅費返還 6716 5809
Cash received from other activities 收到其他與經營活動有關的現金 974689 7503562
relating to operations
Sub-total of cash inflows from 經營活動現金流入小計 4723249 11564960
operating activities
Cash paid for goods and services 購買商品、接受勞務支付的現金 2999080 3162303
Cash paid to and on behalf of 支付給職工以及為職工支付的現金 444824 445544
employees
Cash paid for various types of taxes 支付的各項稅費 53273 22041
Cash paid for other activities relating 支付其他與經營活動有關的現金 59193759 1779614
to operations
Sub-total of cash outflows from 經營活動現金流出小計 62690936 5409502
operating activities
Net cash flow (used in)/from 經營活動（使用）╱產生的現金流量淨額 (57967687) 6155458
operating activities
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
statements158 BYD Company Limited比亞迪股份有限公司
Cash Flow Statement現金流量表
For 2025二零二五年度
RMB’000人民幣千元
20252024
二零二五年二零二四年
II. Cash flows from investing activities: 二、 投資活動產生的現金流量：
Cash received from gains in investment 取得投資收益收到的現金 53154 7989708
Net cash received from disposals of 處置固定資產、無形資產和其他 9453 2263
fixed assets intangible assets and 長期資產收回的現金淨額
other long-term assets
Net cash received from disposals of 處置子公司及其他營業單位收到的 1645161 346983
subsidiaries and other operating 現金淨額
entities
Cash received from disposal of 收回投資收到的現金 195082 –
investments
Cash received from other activities 收到其他與投資活動有關的現金 3891 359806
relating to investments
Sub-total of cash inflows from 投資活動現金流入小計 1906741 8698760
investing activities
Cash paid for purchase and 購建固定資產、無形資產和其他 1095018 1746971
construction of fixed assets 長期資產支付的現金
intangible assets and other
long-term assets
Cash paid for investments 投資支付的現金 8571867 6539986
Cash paid for other activities relating 支付其他與投資活動有關的現金 8500000 5260000
to investments
Sub-total of cash outflows from 投資活動現金流出小計 18166885 13546957
investing activities
Net cash flows used in investing 投資活動使用的現金流量淨額 (16260144) (4848197)
activities
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
statementsAnnual Report 2025二零二五年年報159
Cash Flow Statement現金流量表
For 2025二零二五年度
RMB’000人民幣千元
20252024
二零二五年二零二四年
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 40074768 –
Cash received from borrowings 取得借款收到的現金 27000000 3000000
Cash received from bonds issuance 發行債券收到的現金 19997500 –
Cash contribution by other equity 其他權益工具持有者投入的現金 32039999 14894442
instrument holders
Cash received relating to other 收到的其他與籌資活動有關的現金 689485 16060281
financing activities
Sub-total of cash inflows from financing 籌資活動現金流入小計 119801752 33954723
activities
Cash paid for repayment of debts 償還債務所支付的現金 12660000 7260000
Cash payments for distribution of 分配股利、利潤或償付利息支付的現金 13010077 9170390
dividends profits or interest expenses
Including: Interest paid for other equity 其中：支付的其他權益工具利息 546796 –
instruments
Cash redeemed by holders of other 其他權益工具持有者贖回的現金 28000000 –
equity instruments
Cash paid for other activities relating 支付其他與籌資活動有關的現金 6205184 3295549
to financing
Sub-total of cash outflows from 籌資活動現金流出小計 59875261 19725939
financing activities
Net cash flows from financing activities 籌資活動產生的現金流量淨額 59926491 14228784
IV. Ef fect of foreign exchange rate 四、 匯率變動對現金及現金等價物的影響 168055 (6714)
changes on cash and cash
equivalents
V. Net (decrease)/increase in cash and 五、 現金及現金等價物（減少）╱增加額 (14133285) 15529331
cash equivalents
Add: op ening balance of cash and 加：年初現金及現金等價物餘額 30349027 14819696
cash equivalents
VI. Clo sing balance of cash and cash 六、 年末現金及現金等價物餘額 16215742 30349027
equivalents at the end of the year
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
statements160 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
I. CORPORATE BACKGROUND 一、 基本情況
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 L im i ted (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] 比亞迪實業有限公司以二零零二年四月三No.153) and the approval document “Reply of Consenting 十日經審計的淨資產為基礎，於二零零二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 Battery Company Limited (深圳市比亞迪實 《企業法人營業執照》（統一社會信用代碼：業有限公司) was overall restructured into the Company on 91440300192317458F），截至二零二五年
11 June 2002 based on the audited net assets value as at 十二月三十一日，本公司所發行人民幣普通
30 April 2002. The Company currently holds the Enterprise 股A股為5433798千股已在深圳證券交易所
Legal Person Business License issued by the Shenzhen 上市，H股3683400千股已在香港聯交所上Administration for Market Regulation (unif ied social 市。本公司住所為廣東省深圳市大鵬新區葵credit code: 91440300192317458F). As at 31 December 涌街道延安路1號，辦公地址為廣東省深圳
2025 5433798000 ordinary shares (A shares) and 市坪山新區比亞迪路3009號。
3683400000 H shares issued by the Company were listed
on the Shenzhen Stock Exchange and the Hong Kong
Stock Exchange respectively. The Company is domiciled
at 1 Yan’ An Road Kui Chong Street Dapeng New District
Shenzhen Guangdong Province with an office address
at No.3009 BYD Road Pingshan New District Shenzhen
Guangdong Province.The Group is pr inc ipa l ly engaged in new energy 本集團主要從事新能源汽車業務、手機部件
vehicle business handset components and assembly 及組裝業務，二次充電電池及光伏業務，同rechargeable batteries and photovoltaics business. 時利用自身的技術優勢積極拓展城市軌道交
Meanwhile with its technological superiority the Group 通業務領域。
actively develops urban rail 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 三月二十七日決議批准報出。根據本公司章
27 March 2026. According to the Articles of Association 程，本財務報表將遞交股東大會審議。
the financial statements will be submitted to the general
meeting for approval.Annual Report 2025二零二五年年報161
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
II. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS 二、 財務報表的編製基礎
1. Basis of preparation 1. 編製基礎The f inanc ia l s ta tements 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 會計準則、解釋以及其他相關規定（統稱「企of Finance and the specif ic accounting standards 業會計準則」）編製。此外，本財務報表還按interpretations and other relevant regulations issued and 照《公開發行證券的公司信息披露編報規則revised thereafter (collectively known as the “ASBE”). 第15號——財務報告的一般規定》披露有關
In addition relevant financial information as required 財務信息。
under the “Compilation Rules for Information Disclosuresby Companies Offering Securities to the Public No. 15— General Provisions on Financial Reports” has been
disclosed in the financial statements.
2. Going concern 2. 持續經營
The financial statements have been prepared on a going 本財務報表以持續經營為基礎列報。截至二concern basis. As at 31 December 2025 the Group had 零二五年十二月三十一日，本集團淨流動負net current liabilities of RMB96983799000. Based on 債為人民幣96983799千元，根據本公司管the cash flow forecast prepared by the management of 理層編製的現金流預測，並考慮本集團經營the Company and taking into account the net cash flow 活動產生的現金流量淨額、擁有的金融信貸
generated from the operating activities of the Group 額度以及資本性投入的速度，本集團董事認available financial credit facilities and the expected rate 為，本集團將有足夠的營運資金支付其自二of capital investments the directors of the Company are 零二五年十二月三十一日起未來十二個月到
of the opinion that the Group will have sufficient working 期的負債和義務，因此，本財務報告以持續capital to meet its liabilities and obligations falling due 經營為基礎編製是適當的。
within the next twelve months from 31 December 2025;
therefore it is appropriate to prepare the financial report
on a going concern basis.162 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計
ESTIMATES
The specific accounting policies and accounting estimates 本集團根據實際生產經營特點制定了具體會
prepared by the Group based on actual production 計政策和會計估計，主要體現在收入確認和and operation characteristics mainly include revenue 計量、應收款項預期信用損失、固定資產折
recognition and measurement expected credit losses 舊、無形資產攤銷、開發階段支出資本化條
on trade receivables depreciat ion of f ixed assets 件、非流動資產減值等。
amortisation of intangible assets capitalisation conditions
for development phase expenses and impairment of non-
current assets.
1. Statement of compliance with ASBE 1. 遵循企業會計準則的聲明
The f inanc ia l s ta tements have been prepared in 本財務報表符合企業會計準則的要求，真accordance with the ASBE and presented truly and 實、完整地反映了本公司及本集團於二零二
completely the financial position of the Company and the 五年十二月三十一日的財務狀況以及二零二
Group as at 31 December 2025 and the results of their 五年度的經營成果和現金流量。
operations and their cash flows for the year 2025.
2. Financial year 2. 會計期間
The financial year of the Group is from 1 January to 31 本集團會計年度採用公曆年度，即每年自一December of each calendar year. 月一日起至十二月三十一日止。
3. Reporting currency 3. 記賬本位幣
The Company’s reporting currency and the currency used 本公司記賬本位幣和編製本財務報表所採用
in preparing the financial statements were Renminbi. The 的貨幣均為人民幣，除有特別說明外，均以amounts in the financial statements were denominated in 人民幣千元為單位表示。
thousands of Renminbi unless otherwise stated.The Group’s subsidiaries joint ventures and associates 本集團下屬子公司、合營企業及聯營企業，determine their reporting currency according to the major 根據其經營所處的主要經濟環境自行決定其
economic environment in which they operate the business 記賬本位幣，編製本財務報表時折算為人民and translate it into Renminbi when preparing the financial 幣。
statements.Annual Report 2025二零二五年年報163
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
4. Method and basis for determination of materiality 4. 財務報表披露遵循的重要性標準確定方法
applied in the disclosure of the financial statements 和選擇依據
Materiality standard重要性標準
Significant recovery or reversal of provision for bad The recovery or reversal amount for a single item
debt of trade receivables accounts for more than 10% of the total provision for
bad debt of trade receivables and exceeds RMB300
million
應收款項壞賬準備收回或轉回金額重要的單項收回或轉回金額佔各類應收款項壞賬準備總額的10%以上且金額大於3億
Significant write-off of trade receivables The write-off amount for a single item accounts for more
than 10% of the total provision for bad debt of trade
receivables and exceeds RMB300 million
重要的應收款項實際核銷單項核銷金額佔應收款項壞賬準備總額的10%以上且金額大於3億
Prepayments of significant amounts and with aging of The amount of a single prepayment with aging of
over 1 year over 1 year accounts for more than 10% of the total
prepayments and exceeds for RMB300 million
賬齡超過1年且金額重要的預付款項單項賬齡超過1年的預付款項佔預付款項總額的10%以上且金額大於3億
Significant change in the carrying amount of contract The amount of change in the carrying amount of
assets contract assets accounts for more than 30% of the total
contract assets
合同資產賬面價值發生重大變動合同資產賬面價值變動金額佔合同資產總額的30%以上
Significant recovery or reversal of provision for The recovery or reversal amount for a single item
impairment of contract assets accounts for more than 10% of the total provision for
impairment of contract assets and exceeds RMB300
million
合同資產減值準備收回或轉回金額重要的單項收回或轉回金額佔合同資產減值準備總額的10%以上且金額大於3億
Major construction in progress The balance of industrial parks under construction in a
single geographical area accounts for more than 10%
of the balance of the total construction in progress and
exceeds RMB1000 million重要的在建工程單個地理區域內的工業園在建工程餘額大於總在建工程餘
額的10%且金額大於10億164 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
4. Method and basis for determination of materiality 4. 財務報表披露遵循的重要性標準確定方法
applied in the disclosure of the financial statements 和選擇依據（續）
(continued)
Materiality standard重要性標準
Significant capitalised R&D projects The balance of development expenditures of a single
project at the end of the period accounts for more
than 10% of the closing balance of total development
expenditures and exceeds RMB500 million
重要的資本化研發項目單個項目期末餘額佔開發支出期末餘額10%以上且金額大於5億
Significant outsourced in-process R&D projects The development expenditures of a single project
accounts for more than 10% of the total development
expenditures
重要的外購在研項目單項佔研發投入總額的10%以上
Significant contract changes The amount of change/adjustment accounts for more
than 30% of the original contract value and the effect
on the revenue of the period accounts for more than 1%
of the total revenue of the period
重要的合同變更變更╱調整金額佔原合同額的30%以上，且對本期收入影響金額佔本期收入總額的1%以上
Significant contract liabilities with aging of over 1 year The amount of a single contract liability with aging of
over 1 year accounts for more than 10% of the total
contract liabilities and exceeds RMB500 million
賬齡超過一年的重要合同負債單項賬齡超過1年的合同負債佔合同負債總額的10%以上且金額大於5億
Significant changes in the carrying amount of contract The amount of change in the carrying amount of
liabilities contract liabilities accounts for more than 30% of the
total contract liabilities
合同負債賬面價值發生重大變動合同負債賬面價值變動金額佔合同負債總額的30%以上
Significant trade payables and other payables The amount of a single item of trade payable/other
payable with aging of over 1 year accounts for more
than 10% of the total trade payables/other payables
and exceeds RMB500 million
重要的應付賬款、其他應付款賬齡超過1年的單項應付賬款╱其他應付款佔應付賬款╱
其他應付款總額的10%以上且金額大於5億Annual Report 2025二零二五年年報165
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
4. Method and basis for determination of materiality 4. 財務報表披露遵循的重要性標準確定方法
applied in the disclosure of the financial statements 和選擇依據（續）
(continued)
Materiality standard重要性標準
Significant investments The amount of a single investment accounts for more
than 10% of the total cash inflow or outflow related to
investing activities and exceeds RMB1000 million重要投資活動單項投資活動佔收到或支付投資活動相關的現金流入或流
出總額的10%以上且金額大於10億
Material joint ventures and associates The carrying amount of the long-term equity investment
in an investee accounts for more than 5% of the Group’s
net assets attributable to the parent company and the
gains or losses on the long-term equity investment
measured under the equity method accounts for more
than 10% of the Group’s consolidated net profit重要的合營企業或聯營企業對單個被投資單位的長期股權投資賬面價值佔集團歸屬母
公司淨資產的5%以上，且長期股權投資權益法下投資損益佔集團合併淨利潤的10%以上
Major subsidiaries The net assets of a subsidiary accounts for more than
5% of the Group’s net assets attributable to the parent
company or the net profit of a subsidiary accounts for
more than 10% of the Group’s consolidated net profit
重要子公司子公司淨資產佔集團歸屬母公司淨資產5%以上，或子公司淨利潤佔集團合併淨利潤的10%以上
Subsidiaries with significant minority interests The net assets of a subsidiary accounts for more
than 5% of the Group’s net assets attributable to the
parent company and the non-controlling interests of a
subsidiary accounts for more than 1% of the Group’s
net assets
存在重要少數股東權益的子公司子公司淨資產佔集團歸屬母公司淨資產5%以上，且單個子公司少數股東權益佔集團淨資產的1%以上
Significant activities which do not involve cash receipts The activity does not involve current cash receipts
and disbursements for the current period and disbursements with its effect on the financial
statements of the period accounting for more than
10% of the net assets or the expected effect on the
future cash flow accounting for more than 10% of the
corresponding total cash inflow or outflow
不涉及當期現金收支的重大活動不涉及當期現金收支，對當期報表影響超過淨資產10%，或預計對未來現金流影響超過相對應現金流入或流出總額
的10%的活動166 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
5. Business combination 5. 企業合併
Business combinations are classif ied into business 企業合併分為同一控制下企業合併和非同一
combinations involving entities under common control and 控制下企業合併。
business combinations not involving entities under common
control.A business combination involving entities under common 參與合併的企業在合併前後均受同一方或相
control is a business combination in which all of the 同的多方最終控制，且該控制並非暫時性combining entities are ultimately controlled by the same 的，為同一控制下企業合併。合併方在同一party or parties both before and after the business 控制下企業合併中取得的資產和負債（包括combination and that control is not transitory. Assets and 最終控制方收購被合併方而形成的商譽），liabilities obtained by combining party in the business 按合併日在最終控制方財務報表中的賬面價
combination involving entities under common control 值為基礎進行相關會計處理。合併方取得的(including goodwill arising from the acquisition of the 淨資產賬面價值與支付的合併對價的賬面價
merged party by the ultimate controller) are recognised 值（或發行股份面值總額）的差額，調整資本on the basis of their carrying amounts at the combination 公積中的股本溢價，不足沖減的則調整留存date recorded on the financial statements of the ultimate 收益。
controlling party. The difference between the carrying
amount of the consideration paid for the combination
(or aggregate face values of the shares issued) and the
carrying amount of the net assets obtained is adjusted
to capital reserves. If the capital reserve is not sufficient
to absorb the difference any excess shall be adjusted
against retained earnings.A business combination not involving entit ies under 參與合併的企業在合併前後不受同一方或相
common control is a business combination in which all of 同的多方最終控制的，為非同一控制下企業the combining entities are not ultimately controlled by the 合併。非同一控制下企業合併中所取得的被same party or parties both before and after the business 購買方可辨認資產、負債及或有負債在收購
combination. The acquiree’s identifiable assets liabilities 日以公允價值計量。合併成本大於合併中取and contingent liabilities are recognised at their fair values 得的被購買方可辨認淨資產公允價值份額的
at the acquisition date. The excess of the sum of the cost 差額，確認為商譽，並以成本減去累計減值for business combination over the share of the attributable 損失進行後續計量。合併成本小於合併中取net identifiable assets of the acquiree measured at fair 得的被購買方可辨認淨資產公允價值份額
value was recognised as goodwill which is subsequently 的，對取得的被購買方各項可辨認資產、負measured at cost less cumulative impairment loss. In case 債及或有負債的公允價值以及合併成本的計
the cost for business combination is less than the fair value 量進行複核，複核後合併成本仍小於合併中of the share of the attributable net identifiable assets of the 取得的被購買方可辨認淨資產公允價值份額
acquiree a review of the measurement of the fair values of 的，其差額計入當期損益。
the identifiable assets liabilities and contingent liabilities
the cost for business combination is conducted. If the
review indicates that the fair value of the sum of the cost
for business combination is indeed less than the fair value
of the share of the attributable net identifiable assets of the
acquiree the difference is recognised in profit or loss.Annual Report 2025二零二五年年報167
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
6. Consolidated financial statements 6. 合併財務報表
The consol idat ion scope for consol idated f inancial 合併財務報表的合併範圍以控制為基礎確
statement is determined based on the concept of control 定，包括本公司及全部子公司的財務報表。
including the Company and all subsidiaries’ financial 子公司，是指被本集團控制的主體（含企statements. Subsidiaries are those enterprises or entities 業、被投資單位中可分割的部分，以及本公which the Group has control over (including enterprises 司所控制的結構化主體等）。當且僅當投資separable components of investee units and structured 方具備下列三要素時，投資方能夠控制被投entities controlled by the Company). The investor can 資方：投資方擁有對被投資方的權力；因
control the investee if and only if the investor meets the 參與被投資方的相關活動而享有可變回報；
following three elements: power over the investee; the 有能力運用對被投資方的權力影響其回報金
entitlement to variable return through involvement in the 額。
activities of the investee; the ability to influence the amount
of return using the power over the investee.Where the accounting policies or accounting periods 子公司與本公司採用的會計政策或會計期間
adopted by subsidiaries are inconsistent with those of 不一致的，在編製合併財務報表時，按照本the Company appropriate adjustments are made to the 公司的會計政策和會計期間對子公司財務報
subsidiaries’ financial statements in accordance with 表進行必要的調整。本集團內部各公司之間the accounting policies and accounting periods of the 的所有交易產生的資產、負債、權益、收
Company. All assets liabilities equities income costs and 入、費用和現金流量於合併時全額抵銷。
cash flows arising from intercompany transactions and
dividends are eliminated on consolidation.The excess of current loss attr ibutable to minori ty 子公司少數股東分擔的當期虧損超過了少數
shareholders of a subsidiary over their entitlements to the 股東在該子公司期初股東權益中所享有的份
opening balance of shareholders’ equity shall be charged 額的，其餘額仍沖減少數股東權益。
to minority interests.For subsidiaries obtained through a business combination 對於通過非同一控制下企業合併取得的子公
not invo lv ing ent i t ies under common cont ro l the 司，被購買方的經營成果和現金流量自本集operating results and cash flows of the acquirees will 團取得控制權之日起納入合併財務報表，直be recognised in consolidated financial statements from 至本集團對其控制權終止。在編製合併財務the date the Group effectively obtains the control until 報表時，以購買日確定的各項可辨認資產、the date that control is terminated. When consolidated 負債及或有負債的公允價值為基礎對子公司
financial statement is prepared the subsidiaries’ financial 的財務報表進行調整。
statements will be adjusted based on the fair values of the
identifiable assets liabilities and contingent liabilities at the
acquisition date.168 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
6. Consolidated financial statements (continued) 6. 合併財務報表（續）
For subsidiaries obtained through a business combination 對於通過同一控制下企業合併取得的子公
involving entities under common control the operating 司，被合併方的經營成果和現金流量自合併result and cash flow of the party being combined will 當期期初納入合併財務報表。編製比較合併be recognised in consol idated f inancial statement 財務報表時，對前期財務報表的相關項目進from the beginning of the current period during which 行調整，視同合併後形成的報告主體，自最the combination occurs. In preparing the comparative 終控制方開始實施控制時一直存在。
consolidated financial statements adjustments were made
to relevant items in financial statements in previous periods
as if the reporting entity formed after the consolidation
had been in existence since the ultimate controlling party
started to exercise effective control.In the event of the change in one or more elements 如果相關事實和情況的變化導致對控制要素
of control as a result of changes in relevant facts and 中的一項或多項發生變化的，本集團重新評conditions the Group reassesses whether it has control 估是否控制被投資方。
over the investee.Where there is no loss of control the change in minority 不喪失控制權情況下，少數股東權益發生變interests is accounted for as equity transaction. 化作為權益性交易。
7. Classification of joint venture arrangements and 7. 合營安排分類及共同經營
joint operation
Joint venture arrangements are in the form of joint 合營安排分為共同經營和合營企業。共同經operation and joint venture enterprise. A joint operation is 營，是指合營方享有該安排相關資產且承擔a joint venture arrangement under which the joint venture 該安排相關負債的合營安排。合營企業，是parties are entitled to assets and undertake liabilities 指合營方僅對該安排的淨資產享有權利的合
under the arrangement. A joint venture enterprise is a joint 營安排。
venture arrangement under which the joint venture parties
are only entitled to the net assets under such arrangement.The following items should be recognised by a joint venture 合營方確認其與共同經營中利益份額相關的
party in relation to its share of profit in the joint operation: 下列項目：確認單獨所持有的資產，以及按solely held assets as well as jointly held assets according 其份額確認共同持有的資產；確認單獨所承
to its share; solely assumed liabilities as well as jointly 擔的負債，以及按其份額確認共同承擔的負assumed liabilities according to its share; income derived 債；確認出售其享有的共同經營產出份額所
from its entitled share of production of the joint operation; 產生的收入；按其份額確認共同經營因出售
income derived from the sales of production of the joint 產出所產生的收入；確認單獨所發生的費
operation according to its share; solely incurred expenses 用，以及按其份額確認共同經營發生的費as well as expenses incurred by the joint operation 用。
according to its share.Annual Report 2025二零二五年年報169
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
8. Cash and cash equivalents 8. 現金及現金等價物
Cash represents cash on hand and deposits readily available 現金，是指本集團的庫存現金以及可以隨時for payments. Cash equivalents represent short-term highly 用於支付的存款；現金等價物，是指本集團liquid investments which are readily convertible to known 持有的期限短、流動性強、易於轉換為已知
amounts of cash and subject to an insignificant risk of 金額的現金、價值變動風險很小的投資。
changes in value.
9. Foreign currency translation 9. 外幣業務和外幣報表折算
For foreign currency transactions the Group translates the 本集團對於發生的外幣交易，將外幣金額折foreign currency into its functional currency. 算為記賬本位幣金額。
Upon initial recognition foreign currency transactions are 外幣交易在初始確認時，採用交易發生當月translated into the functional currency using the median 月初中國人民銀行公佈的中間匯率（除非匯exchange rate published by the PBOC at the beginning of 率波動使得採用該匯率折算不適當，則採用the month in which transactions occur (unless the adoption 交易發生日的即期匯率折算）將外幣金額折
of such exchange rate is considered inappropriate owing 算為記賬本位幣金額，但投資者以外幣投入to exchange rate fluctuations in which case the spot 的資本以交易發生日的即期匯率折算。於資exchange rate prevailing on the date of transaction shall 產負債表日，對於外幣貨幣性項目採用資產be adopted). However the capital invested by investors in 負債表日即期匯率折算。由此產生的結算和foreign currencies is translated using the spot exchange rate 貨幣性項目折算差額，除屬於與購建符合資at the dates of the transactions. At the balance sheet date 本化條件的資產相關的外幣專門借款產生的
foreign currency monetary items are translated using the 差額按照借款費用資本化的原則處理外，均spot exchange rate at the balance sheet date. The translation 計入當期損益。以歷史成本計量的外幣非貨differences arising from the settlement and foreign currency 幣性項目，仍採用初始確認時所採用的匯率monetary items except those relating to foreign currency 折算，不改變其記賬本位幣金額。以公允價monetary items eligible for the capitalisation shall be dealt 值計量的外幣非貨幣性項目，採用公允價值with according to the principle of capitalisation of borrowing 確定日的即期匯率折算，由此產生的差額根costs are recognised in profit or loss. Foreign currency non- 據非貨幣性項目的性質計入當期損益或其他
monetary items measured at historical cost continue to be 綜合收益。
translated using the exchange rate at initial recognition and it
does not change its carrying amount in functional currency.Foreign currency non-monetary items measured at fair values
will be translated using the spot exchange rate at the date
the fair value is determined; the exchange differences are
recognised in profit or loss or other comprehensive income
for the current period depending on the characteristics of the
non-monetary items.170 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
9. Foreign currency translation (continued) 9. 外幣業務和外幣報表折算（續）
For foreign operations the Group translates their functional 對於境外經營，本集團在編製財務報表時將currency amounts into RMB when preparing the financial 其記賬本位幣折算為人民幣：對資產負債表
statements as follows: the assets and liabilities are translated 中的資產和負債項目，採用資產負債表日的using the spot exchange rate at the balance sheet date 即期匯率折算，所有者權益項目除「未分配and owners’ equity items except for “undistributed profits” 利潤」項目外，其他項目採用發生時的即期are translated at the spot exchange rates when such items 匯率折算；利潤表中的收入和費用項目，採arose; income and expense items in the income statement 用交易發生當期平均匯率（除非匯率波動使are translated using the average exchange rates for the 得採用該匯率折算不適當，則採用交易發生periods when transactions occur (unless the adoption of 日的即期匯率折算）折算。按照上述折算產such exchange rate is considered inappropriate owing to 生的外幣財務報表折算差額，確認為其他綜exchange rate fluctuations in which case the spot exchange 合收益。處置境外經營時，將與該境外經營rate prevailing on the date of transaction shall be adopted). 相關的其他綜合收益轉入處置當期損益，部Translation differences arising from the aforesaid translation 分處置的按處置比例計算。對於在可預見的of financial statements denominated in foreign currency shall 未來無需償還、實質構成對境外子公司的淨
be recognised as other comprehensive income. When foreign 投資的外幣貨幣性項目，以母子公司的記賬operations are disposed other comprehensive income 本位幣以外的貨幣反映的，管理層將母子公relating to the foreign operation is transferred to profit or 司的此項外幣貨幣性項目產生的匯兌差額相
loss. Partial disposal shall be recognized on a pro-rata basis. 互抵消，差額計入外幣報表折算差額。
For foreign currency monetary items that are not repayable
in the foreseeable future and that in substance constitute a
net investment in a foreign subsidiary and are reflected in
a currency other than the reporting currency of the parent
subsidiary management eliminates the exchange differences
arising from such foreign currency monetary items of the
parent subsidiary and the difference is included in exchange
difference on foreign currency translation.Cash flows denominated in foreign currencies and foreign 外幣現金流量以及境外子公司的現金流量，subsidiaries’ cash flows are translated using the average 採用現金流量發生當期平均匯率（除非匯率波exchange rate for the period when cash flows occur 動使得採用該匯率折算不適當，則採用現金(unless the adoption of such exchange rate is considered 流量發生日的即期匯率折算）折算。匯率變動inappropriate owing to exchange rate fluctuations in 對現金的影響額作為調節項目，在現金流量which case the spot exchange rate prevailing on the date 表中單獨列報。
on which the cash flow is incurred shall be adopted). The
impact on cash by the fluctuation of exchange rates is
presented as a separate line item of reconciliation in the
cash flow statement.Annual Report 2025二零二五年年報171
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments 10. 金融工具
Financial instruments refer to the contracts which give rise 金融工具，是指形成一個企業的金融資產，to a financial asset in one entity and a financial liability or 並形成其他單位的金融負債或權益工具的合
equity instrument in another entity. 同。
(1) Recogn i t ion and derecogn i t ion o f f i nanc ia l (1) 金融工具的確認和終止確認
instruments
The Group recognises a financial asset or a financial 本集團於成為金融工具合同的一方時
liability when it becomes a party to the contractual 確認一項金融資產或金融負債。
provisions of the financial instrument.A financial asset (or part of it or a part of a group 滿足下列條件的，終止確認金融資of similar financial asset) is derecognised when 產（或金融資產的一部分，或一組類one of the following criteria is met that is when a 似金融資產的一部分），即將之前確previously recognised financial asset is transferred 認的金融資產從資產負債表中予以轉
from balance sheet: 出：
1) The r igh t o f rece iv ing the cash f l ow 1) 收取金融資產現金流量的權利
generated from the f inancial asset has 屆滿；
expired;
2) The right of receiving cash flow generated 2) 轉移了收取金融資產現金流量
by the financial assets is transferred or an 的權利，或在「過手」協議下obligation of paying the full amount of cash 承擔了及時將收取的現金流量
flow received to third parties in a timely 全額支付給第三方的義務；並manner has been undertaken under “pass- 且實質上轉讓了金融資產所有through” agreements where substantially 權上幾乎所有的風險和報酬，all risks and rewards of the ownership of 或雖然實質上既沒有轉移也沒
such type of financial assets have been 有保留金融資產所有權上幾乎
transferred or control over such type of 所有的風險和報酬，但放棄了financial assets has not been retained even 對該金融資產的控制。
though substantially all risks and rewards of
the ownership of such type of financial assets
have been neither transferred nor retained.172 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(1) Recogn i t ion and derecogn i t ion o f f i nanc ia l (1) 金融工具的確認和終止確認（續）
instruments (continued)
If the obligation of financial liability has been 如果金融負債的責任已履行、撤銷或
fulfilled cancelled or expired the financial liability 屆滿，則對金融負債進行終止確認。
is derecognised. If the present financial liability 如果現有金融負債被同一債權人以實
is substituted by the same debtor with another 質上幾乎完全不同條款的另一金融負
liability differing in substance or the terms of the 債所取代，或者現有負債的條款幾乎present liability have been substantially modified 全部被實質性修改，則此類替換或修this substitution or modif ication is treated as 改作為終止確認原負債和確認新負債
derecognition of the present liability and recognition 處理，差額計入當期損益。
of a new liabil ity with any arising differences
recognised in profit or loss.Conventional dealings in f inancial assets are 以常規方式買賣金融資產，按交易日recognised or derecognised under the trade day 會計進行確認和終止確認。以常規方accounting method. Conventional dealings in 式買賣金融資產，是指按照合同規定financial assets are purchases or sales of financial 購買或出售金融資產，並且該合同條assets in accordance with the terms of a contract 款規定，根據通常由法規或市場慣例which specifies that the delivery of the financial 所確定的時間安排來交付金融資產。
assets will take place according to the schedule 交易日，是指本集團承諾買入或賣出determined by regulations or market practices. The 金融資產的日期。
trade day is the date on which the Group undertakes
to buy or sell a financial asset.
(2) Classification and valuation of financial assets (2) 金融資產分類和計量
At init ial recognit ion the Group classif ies its 本集團的金融資產於初始確認時根據
financial assets into: financial assets at amortised 本集團管理金融資產的業務模式和金
cost financial assets at fair value through other 融資產的合同現金流量特徵分類為：
comprehensive income or financial assets at fair 以攤餘成本計量的金融資產、以公允
value through profit or loss according to the Group’s 價值計量且其變動計入其他綜合收益
business model for managing financial assets and 的金融資產、以公允價值計量且其變
the contract cash flow characteristics of the financial 動計入當期損益的金融資產。當且僅assets. Only if the Group changes its business 當本集團改變管理金融資產的業務模
model for managing financial assets all affected 式時，才對所有受影響的相關金融資related financial assets can be reclassified. 產進行重分類。
Financial assets are measured at fair value at initial 金融資產在初始確認時以公允價值計
recognition provided that trade receivables or 量，但是因銷售商品或提供服務等產bills receivable not containing significant financing 生的應收賬款或應收票據未包含重大
components or for which financing components 融資成份或不考慮不超過一年的融資
of not more than 1 year are not taken in to 成份的，按照交易價格進行初始計consideration shall be measured at their transaction 量。
prices at initial recognition.Annual Report 2025二零二五年年報173
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(2) Classification and valuation of financial assets (2) 金融資產分類和計量（續）
(continued)
For financial assets at fair value through profit or 對於以公允價值計量且其變動計入當
loss the relevant transaction costs are directly 期損益的金融資產，相關交易費用直recognised in profit or loss; for other financial 接計入當期損益，其他類別的金融資asse ts t he re levan t t r ansac t i on cos ts a re 產相關交易費用計入其初始確認金
recognised in their initial recognition amount. 額。
The subsequent measurement of financial assets is 金融資產的後續計量取決於其分類：
dependent on its classification:
Debt instrument investments at amortised cost 以攤餘成本計量的債務工具投資
Financial assets ful f i l l ing al l of the fol lowing 金融資產同時符合下列條件的，分類conditions are classified as financial assets at 為以攤餘成本計量的金融資產：管理
amort ised cost: the object ive of the Group’s 該金融資產的業務模式是以收取合同
business management model in respect of such 現金流量為目標；該金融資產的合同
type of financial assets is to generate contract cash 條款規定，在特定日期產生的現金流flow; the contract terms of such type of financial 量僅為對本金和以未償付本金金額為
assets provide that cash flow generated on specific 基礎的利息的支付。此類金融資產採dates represents interest payment in relation to 用實際利率法確認利息收入，其終止principal amounts based on outstanding principal 確認、修改或減值產生的利得或損
amounts only. Interest income from such type of 失，均計入當期損益。
financial assets are recognised using the effective
interest rate method and any profit or loss arising
from derecognition amendments or impairment shall
be charged to profit or loss.174 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(2) Classification and valuation of financial assets (2) 金融資產分類和計量（續）
(continued)
Debt instrument investments at fair value through 以公允價值計量且其變動計入其他綜
other comprehensive income 合收益的債務工具投資
Financial assets ful f i l l ing al l of the fol lowing 金融資產同時符合下列條件的，分類conditions are classified as financial assets at fair 為以公允價值計量且其變動計入其他
value through other comprehensive income: the 綜合收益的金融資產：本集團管理該
objective of the Group’s business management 金融資產的業務模式是既以收取合同
model in respect of such type of financial assets 現金流量為目標又以出售金融資產為
is both to generate contract cash flow and to sell 目標；該金融資產的合同條款規定，such type of financial assets; the contract terms of 在特定日期產生的現金流量僅為對本
such type of financial assets provide that cash flow 金和以未償付本金金額為基礎的利息
generated on specific dates represents interest 的支付。此類金融資產採用實際利率payment in relation to principal amounts based on 法確認利息收入。除利息收入、減值outstanding principal amounts only. Interest income 損失及匯兌差額確認為當期損益外，from this type of financial assets are recognized 其餘公允價值變動計入其他綜合收
using the effective interest rate method. Other than 益。當金融資產終止確認時，之前計interest income impairment loss and exchange 入其他綜合收益的累計利得或損失從
differences which shall be recognised as profit or 其他綜合收益轉出，計入當期損益。
loss other fair value changes shall be included in
other comprehensive income. Upon derecognition of
the financial assets the cumulative gains or losses
previously included in other comprehensive income
shall be transferred from other comprehensive
income to profit or loss.Equity instrument investments at fair value through 以公允價值計量且其變動計入其他綜
other comprehensive income 合收益的權益工具投資
The Group irrevocably chooses to designate 本集團不可撤銷地選擇將部分非交易
certain non-trading equity instrument investments 性權益工具投資指定為以公允價值計
as financial assets measured at fair value through 量且其變動計入其他綜合收益的金融other comprehens ive income and on ly the 資產，僅將相關股利收入（明確作為relevant dividend income (excluding dividend 投資成本部分收回的股利收入除外）
income explicitly recovered as part of investment 計入當期損益，公允價值的後續變動cost) is included in profit or loss for the period. 計入其他綜合收益，不需計提減值準Subsequent changes in fair value are included in 備。當金融資產終止確認時，之前計other comprehensive income with no impairment 入其他綜合收益的累計利得或損失從
provision required. When the financial assets are 其他綜合收益轉出，計入留存收益。
derecognised the cumulative gains or losses
previously recognised in other comprehensive
income are transferred from it and included in
retained earnings.Annual Report 2025二零二五年年報175
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(2) Classification and valuation of financial assets (2) 金融資產分類和計量（續）
(continued)
Financial assets measured at fair value through 以公允價值計量且其變動計入當期損
profit or loss 益的金融資產
Financial assets other than the above-mentioned 上述以攤餘成本計量的金融資產和以
financial assets measured at amortised cost and 公允價值計量且其變動計入其他綜合
financial assets measured at fair value through other 收益的金融資產之外的金融資產，分comprehensive income are classified as financial 類為以公允價值計量且其變動計入當
assets at fair value through profit or loss. For such 期損益的金融資產。對於此類金融資financial assets fair value is used for subsequent 產，採用公允價值進行後續計量，除measurement and all changes in fair value are 與套期會計有關外，所有公允價值變recognised in profit or loss for the period except for 動計入當期損益。
those involving the hedge accounting.
(3) Classification and valuation of financial liabilities (3) 金融負債分類和計量
Except for financial guarantee contracts signed 除了簽發的財務擔保合同以外，本集the Group classifies its financial liabilities at initial 團的金融負債於初始確認時分類為：
recognition: financial liabilities at fair value through 以公允價值計量且其變動計入當期損
profit or loss and financial liabilities at amortised 益的金融負債、以攤餘成本計量的金
cost. For financial liabilities at fair value through 融負債。對於以公允價值計量且其變profit or loss the relevant transaction costs are 動計入當期損益的金融負債，相關交directly recognised in profit or loss; for financial 易費用直接計入當期損益，以攤餘成liabilities at amortised cost the relevant transaction 本計量的金融負債的相關交易費用計
costs are recognised in their initial recognition 入其初始確認金額。
amount.176 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(3) Classification and valuation of financial liabilities (3) 金融負債分類和計量（續）
(continued)
The subsequent measurement of financial liabilities 金融負債的後續計量取決於其分類：
is dependent on its classification:
Financial liabilities at fair value through profit or loss 以公允價值計量且其變動計入當期損益的金融負債
Financial liabilities at fair value through profit or 以公允價值計量且其變動計入當期損
loss include financial liabilities held for trading 益的金融負債，包括交易性金融負債(comprising derivatives classif ied as financial （含屬於金融負債的衍生工具）和初始
liabilities) and financial liabilities designated at 確認時指定為以公允價值計量且其變
initial recognition to be measured at fair value 動計入當期損益的金融負債。交易性through profit or loss. Financial liabilities held 金融負債（含屬於金融負債的衍生工for trading (comprising derivatives classified as 具），按照公允價值進行後續計量，financial liabilities) are subsequently measured 除與套期會計有關外，所有公允價值at fair value and except for those involving the 變動均計入當期損益。對於指定為以hedge accounting all changes in fair value are 公允價值計量且其變動計入當期損益
included in profit or loss. The Group subsequently 的金融負債，按照公允價值進行後續measures financial liabilities that are designated at 計量，除由本集團自身信用風險變動fair value through profit or loss at fair value. Except 引起的公允價值變動計入其他綜合收
that changes in fair value arising from changes to 益之外，其他公允價值變動計入當期the Group’s own credit risks are recorded in other 損益；如果由本集團自身信用風險
comprehensive income other changes in fair value 變動引起的公允價值變動計入其他綜
are recorded in profit or loss. Unless inclusion of 合收益會造成或擴大損益中的會計錯changes in fair value arising from changes to the 配，本集團將所有公允價值變動（包Group’s own credit risks in other comprehensive 括自身信用風險變動的影響金額）計
income will cause or expand accounting mismatch 入當期損益。
in the gains or losses the Group records all
changes in fair value (including affected amount of
changes to the own credit risks) in the profit or loss.Financial liabilities at amortised cost 以攤餘成本計量的金融負債
Subsequent to initial recognition these financial 對於此類金融負債，採用實際利率liabilities are carried at amortised cost using the 法，按照攤餘成本進行後續計量。
effective interest method.Annual Report 2025二零二五年年報177
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(4) Impairment of financial instruments (4) 金融工具減值
Determination and accounting treatment of expected 預期信用損失的確定方法及會計處理
credit losses 方法
The Group performs impairment assessment 本集團以預期信用損失為基礎，對以on f inancia l assets at amort ised cost debt 攤餘成本計量的金融資產及以公允價
instrument investments at fair value through other 值計量且其變動計入其他綜合收益的
comprehensive income contract assets and 債務工具投資、合同資產及財務擔保
financial guarantee contracts based on expected 合同進行減值處理並確認損失準備。
cred i t l osses and recogn ises prov is ion fo r
impairment losses.For receivables and contract assets that do not 對於不含重大融資成份的應收款項以
contain signif icant f inancing components the 及合同資產，本集團運用簡化計量方Group adopts a simplified measurement method to 法，按照相當於整個存續期內的預期measure provision for impairment losses based on 信用損失金額計量損失準備。
an amount equivalent to expected credit losses for
the entire period.For receivables and contract assets that contain 對於包含重大融資成份的應收款項以
signi f icant f inancing components the Group 及合同資產，本集團選擇運用簡化計chooses to adopt a simplified measurement method 量方法，按照相當於整個存續期內的to measure provision for impairment losses based 預期信用損失金額計量損失準備。
on an amount equivalent to expected credit losses
for the entire period.178 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(4) Impairment of financial instruments (continued) (4) 金融工具減值（續）
Determination and accounting treatment of expected 預期信用損失的確定方法及會計處理
credit losses (continued) 方法（續）
For f inancial assets and f inancial guarantee 除上述採用簡化計量方法以外的金融
contracts other than those measured with simplified 資產及財務擔保合同，本集團在每個valuation methods the Group evaluates at each 資產負債表日評估其信用風險自初始
balance sheet date whether its credit risk has 確認後是否已經顯著增加，如果信用significantly increased since initial recognition. The 風險自初始確認後未顯著增加，處於period during which credit risk has not significantly 第一階段，本集團按照相當於未來12increased since initial recognition is considered 個月內預期信用損失的金額計量損失
the first stage at which the Group shall measure 準備，並按照賬面餘額和實際利率計impairment loss provision based on the amount 算利息收入；如果信用風險自初始確
of expected credit loss for the next 12 months 認後已顯著增加但尚未發生信用減值
and shall compute interest income according to 的，處於第二階段，本集團按照相當the book balance and effective interest rate; the 於整個存續期內預期信用損失的金額
period during which credit risk has significantly 計量損失準備，並按照賬面餘額和實increased since initial recognition although no credit 際利率計算利息收入；如果初始確認
impairment has occurred is considered the second 後發生信用減值的，處於第三階段，stage at which the Group shall measure impairment 本集團按照相當於整個存續期內預期
loss provision based on the amount of expected 信用損失的金額計量損失準備，並按credit loss for the entire period and shall compute 照攤餘成本和實際利率計算利息收
interest income according to the book balance and 入。對於資產負債表日只具有較低信effective interest rate; the period during which credit 用風險的金融工具，本集團假設其信impairment has occurred after initial recognition 用風險自初始確認後未顯著增加。
is considered the third stage at which the Group
shall measure impairment loss provision based on
the amount of expected credit loss for the entire
period and shall compute interest income according
to the amortised cost and effective interest rate.For financial instruments with relatively low credit
risk at the balance sheet date the Group assumes
its credit risk has not significantly increased since
initial recognition.Annual Report 2025二零二五年年報179
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(4) Impairment of financial instruments (continued) (4) 金融工具減值（續）
Determination and accounting treatment of expected 預期信用損失的確定方法及會計處理
credit losses (continued) 方法（續）
For the Group’s criteria for judging whether credit 關於本集團對信用風險顯著增加判斷
risks have significantly increased the definition of 標準、已發生信用減值資產的定義等
assets subjected to credit impairment please refer 披露參見附註十、2。
to Note X.2.The Group’s measurement of expected credit loss 本集團計量金融工具預期信用損失的
of financial instruments reflects factors including 方法反映的因素包括：通過評價一系
unbiased probability weighted average amount 列可能的結果而確定的無偏概率加權
recognized by assessing a series of possible 平均金額、貨幣時間價值，以及在資results t ime value of money reasonable and 產負債表日無須付出不必要的額外成
supportable information related to historical events 本或努力即可獲得的有關過去事項、
current condition and forecast of future economic 當前狀況以及未來經濟狀況預測的合
position that is available without undue cost or effort 理且有依據的信息。
at the balance sheet date.Categories of groups for collective assessment 按照信用風險特徵組合計提減值準備
based on credit risk characteristics and basis for 的組合類別及確定依據
determination
Considering the credit r isk characterist ics of 本集團考慮了不同客戶的信用風險特
dif ferent customers the Group assesses the 徵，以共同風險特徵為依據，以賬齡expected credit losses of financial instruments with 組合為基礎評估金融工具的預期信用
shared risk characteristics based on their ageing 損失。
portfolio.Aging calculation method of credit risk characteristic 基於賬齡確認信用風險特徵組合的賬
collective assessment based on aging 齡計算方法
The aging profile is determined based on the 本集團根據確認收入的日期確定賬
revenue recognition date. 齡。180 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(4) Impairment of financial instruments (continued) (4) 金融工具減值（續）
Criteria for assessing impairment provisions for bad 按照單項計提壞賬減值準備的單項計
debts on an individual basis 提判斷標準
When a counterparty is significantly different from 若某一對手方信用風險特徵與組合中
other counterparties in the group in terms of credit 其他對手方顯著不同，對應收該對手risk characteristics the individual approach is 方款項按照單項計提損失準備。本集adopted for receivables due from this counterparty. 團對於* 已發生信用減值的金融資產
The Group* assessed the expected credit losses of 基於單項評估預期信用損失；* 與對
the credit-impaired financial assets on the individual 手方修改或重新議定合同，未導致金basis; * assessed the expected credit losses 融資產終止確認，但導致合同現金流of the financial assets on the individual basis in 量發生變化的金融資產基於單項評估
case a modification or re-negotiation of a contract 預期信用損失。
between the Group and a counterparty may result
in a change to the contractual cash flows without
resulting in the derecognition of the financial assets.Write-off of impairment provision 減值準備的核銷
When the Group no longer reasonably expects to 當本集團不再合理預期能夠全部或部
be able to fully or partially recover the contract cash 分收回金融資產合同現金流量時，本flow of financial assets the Group directly writes 集團直接減記該金融資產的賬面餘
down the book balance of such financial assets. 額。
(5) Offsetting of financial instruments (5) 金融工具抵銷
If the following conditions are met financial assets 同時滿足下列條件的，金融資產和金and financial liabilities are presented in the balance 融負債以相互抵銷後的淨額在資產負
sheet with the net amount after offsetting each other: 債表內列示：具有抵銷已確認金額的
there is a currently enforceable legal right to offset 法定權利，且該種法定權利是當前可the recognised amount; and there is an intention to 執行的；計劃以淨額結算，或同時變settle on a net basis or simultaneous realisation of 現該金融資產和清償該金融負債。
the financial assets and settlement of the financial
liabilities.Annual Report 2025二零二五年年報181
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(6) Financial guarantee contracts (6) 財務擔保合同
A financial guarantee contract is a contract under 財務擔保合同，是指特定債務人到期which the issuer shall indemnify the contract holder 不能按照債務工具條款償付債務時，suffering losses with a specified amount in the event 發行方向蒙受損失的合同持有人賠付
that the debtor fails to repay its debt in accordance 特定金額的合同。財務擔保合同在初with the terms of the debt instrument. Financial 始確認時按照公允價值計量，除指定guarantee contracts are measured at fair value at 為以公允價值計量且其變動計入當期
initial recognition other than financial guarantee 損益的金融負債的財務擔保合同外，contracts designated as financial liabilities at fair 其餘財務擔保合同在初始確認後按照
value through profit or loss after initial recognition 資產負債表日確定的預期信用損失準
other f inancial guarantee contracts shal l be 備金額和初始確認金額扣除按照收入
subsequently measured at the higher of the amount 確認原則確定的累計攤銷額後的餘額
of provision for expected credit loss determined as 兩者孰高者進行後續計量。
at the balance sheet date and the amount at initial
recognition less the cumulative amortised amount
determined in accordance with revenue recognition
principles.
(7) Derivative financial instruments (7) 衍生金融工具
The Group uses derivative financial instruments. 本集團使用衍生金融工具。衍生金融Such derivative financial instruments are initially 工具初始以衍生交易合同簽訂當日的
measured at fair value on the date on which 公允價值進行計量，並以其公允價值a derivative contract is entered into and are 進行後續計量。公允價值為正數的衍subsequently re-measured at fair value. Derivatives 生金融工具確認為一項資產，公允價are recognised as assets when the fair value is 值為負數的確認為一項負債。
positive and as liabilities when the fair value is
negative.Except for those involving the hedge accounting 除與套期會計有關外，衍生工具公允profit or loss arising from changes in the fair value 價值變動產生的利得或損失直接計入
of derivative instruments shall be directly recognised 當期損益。
in profit or loss.182 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
10. Financial instruments (continued) 10. 金融工具（續）
(8) Transfer of financial assets (8) 金融資產轉移
If the Group has transferred substantially all the 本集團已將金融資產所有權上幾乎所
risks and rewards associated with the ownership of 有的風險和報酬轉移給轉入方的，終a financial asset to the transferee the asset should 止確認該金融資產；保留了金融資產
be derecognised. If the Group retains substantially 所有權上幾乎所有的風險和報酬的，all the risks and rewards of ownership of a financial 不終止確認該金融資產。
asset the asset should not be derecognised.When the Group has neither transferred nor retained 本集團既沒有轉移也沒有保留金融資
substantially all the risks and rewards of ownership 產所有權上幾乎所有的風險和報酬
of the financial asset it may either derecognise 的，分別下列情況處理：放棄了對該the financial asset and recognise any associated 金融資產控制的，終止確認該金融資assets and liabilities if control of the financial asset 產並確認產生的資產和負債；未放棄
has not been retained; or recognises the financial 對該金融資產控制的，按照其繼續涉asset to the extent of its continuing involvement in 入所轉移金融資產的程度確認有關金
the transferred financial asset and recognises an 融資產，並相應確認有關負債。
associated liability if control has been retained.Assets formed by the continuing involvement by way 通過對所轉移金融資產提供財務擔保
of the provision of financial guarantee in respect of 方式繼續涉入的，按照金融資產的賬the transferred financial assets shall be recognised 面價值和財務擔保金額兩者之中的較
as the lower of the carrying value of the financial 低者，確認繼續涉入形成的資產。財asset and the amount of financial guarantee. The 務擔保金額，是指所收到的對價中，amount of financial guarantee means the maximum 將被要求償還的最高金額。
amount among considerations received to be
required for repayment.Annual Report 2025二零二五年年報183
Notes to Financial Statements財務報表附註
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ESTIMATES (CONTINUED)
11. Inventories 11. 存貨
Inventories include raw materials work-in-progress 存貨包括原材料、在產品、庫存商品、周轉
finished goods turnover materials etc. 材料等。
Inventories are initially measured at costs. Inventories’ 存貨按照成本進行初始計量。存貨成本包括costs include purchasing costs processing costs and other 採購成本、加工成本和其他成本。發出存costs. Actual costs of goods delivered are recognised 貨，採用加權平均法確定其實際成本。周轉using the weighted average method. Turnover materials 材料主要包括包裝物，領用時採用一次轉銷mainly include packing materials which are charged to the 法計入成本費用。
costs and expenses when fetched using the one-off write-
off method.Inventories are valued using the perpetual inventories 存貨盤存制度採用永續盤存制。
stock – take system.At the balance sheet date inventories are measured at the 於資產負債表日，存貨按照成本與可變現淨lower of cost or net realisable value. If the cost is higher 值孰低計量，對成本高於可變現淨值的，計than the new realizable value provision for impairment of 提存貨跌價準備，計入當期損益。
inventories is made and recognized in profit or loss.Net realisable values represent estimated selling prices in 可變現淨值，是指在日常活動中，存貨的估the ordinary course of business less any estimated costs 計售價減去至完工時估計將要發生的成本、
to be incurred to completion estimated selling expenses 估計的銷售費用以及相關稅費後的金額。計and relevant tax amounts. The provision for impairment 提存貨跌價準備時，汽車及汽車相關業務中of inventories in the segment of automobiles and related 的庫存商品按單個存貨項目計提，以估計售products is recognised on the item-by-item basis and the 價為基礎確定可變現淨值。汽車及汽車相關net realisable value is determined on the basis of estimated 業務中的其他存貨以及手機業務存貨以歷史
selling price. The net realisable value of other inventories 損失情況與業務風險為基礎，考慮不同類型in the segment of automobiles and related products and 存貨呆滯過時風險及未來市場需求、產品迭
of the inventories of the segment of mobile handset is 代及項目變更風險，結合庫齡情況估計可變determined based on historical losses and business risks 現淨值經驗數據來確定相關存貨的可變現淨
taking into account the risk of slow-moving inventory and 值。
obsolete inventory future market demands and the risk
of product iteration and project change as well as aging
profile and the experience in estimating net realisable
value.184 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
12. Long-term equity investments 12. 長期股權投資
Long-term equity investments include equity investments in 長期股權投資包括對子公司以及合營企業和
subsidiaries joint ventures and associates. 聯營企業的權益性投資。
Long-term equity investments were initially measured at 長期股權投資在取得時以初始投資成本進行
initial investment cost on acquisition. For a long-term equity 初始計量。通過同一控制下企業合併取得的investment acquired by the business combination involving 長期股權投資，以合併日取得被合併方所有entities under common control the initial investment cost 者權益在最終控制方合併財務報表中的賬面
is recognised as the share of the investee’s equity in the 價值的份額作為初始投資成本；初始投資成
carrying amount presented in the consolidated financial 本與合併對價賬面價值之間差額，調整資本statements of the ultimate controller. The difference 公積（不足沖減的，沖減留存收益）。通過非between the initial investment cost and the carrying amount 同一控制下企業合併取得的長期股權投資，of consolidated consideration is charged to the capital 以合併成本作為初始投資成本（通過多次交reserve (or recognised as write-down in the retained profit 易分步實現非同一控制下企業合併的，以購if the capital reserve is not available). For long-term equity 買日之前所持被購買方的股權投資的賬面價
investments acquired through the business combination 值與購買日新增投資成本之和作為初始投資of entities not under common control the initial investment 成本）。除企業合併形成的長期股權投資以cost shall be the cost of combination (for business 外方式取得的長期股權投資，按照下列方法combinations of enti t ies not under common control 確定初始投資成本：支付現金取得的，以實achieved in stages through multiple transactions the initial 際支付的購買價款及與取得長期股權投資直
investment cost shall be the sum of the carrying amount 接相關的費用、稅金及其他必要支出作為初
of the equity investment in the acquired party held prior to 始投資成本；發行權益性證券取得的，以the date of acquisition and new investment cost incurred 發行權益性證券的公允價值作為初始投資成
as at the date of acquisition). The initial investment cost of 本。
long – term equity investments other than those acquired
through business combination shall be recognised in
accordance with the following: for those acquired by way
of cash payments the initial investment cost shall be the
consideration actually paid plus expenses tax amounts
and other necessary outgoings directly related to the
acquisition of the long-term equity investments. For long-
term equity investments acquired by way of the issue of
equity securities the initial investment cost shall be the fair
value of the equity securities issued.In the financial statements of the Company the cost 本公司能夠對被投資單位實施控制的長期股
method is used for long-term equity investments in 權投資，在本公司個別財務報表中採用成本investees over which the Company exercises control. 法核算。控制，是指擁有對被投資方的權Control is defined as the power exercisable over the 力，通過參與被投資方的相關活動而享有可investee the entit lement to variable return through 變回報，並且有能力運用對被投資方的權力involvement in the activities of the investee and the ability 影響回報金額。
to influence the amount of return using the power over the
investee.Annual Report 2025二零二五年年報185
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
12. Long-term equity investments (continued) 12. 長期股權投資（續）
When the cost method is used long- term equi ty 採用成本法時，長期股權投資按初始投資成investments are measured at initial cost on acquisition. 本計價。追加或收回投資的，調整長期股權When additional investments are made or investments are 投資的成本。被投資單位宣告分派的現金股recouped the cost of long-term equity investments shall be 利或利潤，確認為當期投資收益。
adjusted. Cash dividend or profit distribution declared by
the investee shall be recognised as investment gains for
the period.The equity method is used to account for long-term equity 本集團對被投資單位具有共同控制及重大影
investments when the Group can jointly control and 響的，長期股權投資採用權益法核算。共同has significant influence over the invested entity. Joint 控制，是指按照相關約定對某項安排所共有control is the contractually agreed sharing of control of an 的控制，並且該安排的相關活動必須經過分arrangement which exists only when decisions about the 享控制權的參與方一致同意後才能決策。重relevant activities require the unanimous consent of the 大影響，是指對一個被投資單位的財務和經parties sharing control. Significant influence means having 營政策有參與決策的權力，但並不能夠控制the authority to take part in the decision over the financial 或者與其他方一起共同控制這些政策的制
and operational policies but not the authority to control 定。
or jointly control with other parties the formulation of such
policies.Under the equity method any excess of the init ial 採用權益法時，長期股權投資的初始投資成investment cost of a long-term equity investment over 本大於投資時應享有被投資單位可辨認淨資
the Company’s share of the fair value of the investment’s 產公允價值份額的，歸入長期股權投資的初identifiable net assets is included in the initial investment 始投資成本；長期股權投資的初始投資成本
cost of the long – term equity investment. When the 小於投資時應享有被投資單位可辨認淨資產
initial investment cost of a long-term equity investment 公允價值份額的，其差額計入當期損益，同is less than the Company’s share of the fair value of the 時調整長期股權投資的成本。
investment’s identifiable net assets the difference is
recognised in profit or loss for the current period and
debited to long-term equity investment.186 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
12. Long-term equity investments (continued) 12. 長期股權投資（續）
Under the equity method after the long-term equity 採用權益法時，取得長期股權投資後，按照investments are acquired investment gains or losses and 應享有或應分擔的被投資單位實現的淨損益
other comprehensive income are recognised according 和其他綜合收益的份額，分別確認投資損益to the entitled share of net profit or loss and other 和其他綜合收益並調整長期股權投資的賬面
comprehensive income of the investee and the carrying 價值。在確認應享有被投資單位淨損益的份amount of the long – term equity investment is adjusted 額時，以取得投資時被投資單位可辨認資產accordingly. When recognising the Group’s share of 等的公允價值為基礎，按照本集團的會計政the net profit or loss of the invested entity the Group 策及會計期間，並抵銷與聯營企業及合營企makes adjustments based on fair values of the investees’ 業之間發生的內部交易損益按照應享有的比identifiable assets and liabilities at the acquisition date 例計算歸屬於投資方的部分（但內部交易損in accordance with the Group’s accounting policy and 失屬於資產減值損失的，應全額確認），對accounting period to investee’s net profits eliminating 被投資單位的淨利潤進行調整後確認，但投pro-rata profit or loss from internal transactions between 資或出售的資產構成業務的除外。按照被投associates and joint ventures attributed to investor (except 資單位宣告分派的利潤或現金股利計算應享
that loss from inter-group transactions deemed as asset 有的部分，相應減少長期股權投資的賬面價impairment loss shall be fully recognised) provided that 值。本集團確認被投資單位發生的淨虧損，invested or sold assets constituting businesses shall be 以長期股權投資的賬面價值以及其他實質上
excluded. When the invested enterprise declares profit 構成對被投資單位淨投資的長期權益減記至
appropriations or cash dividends the carrying amount 零為限，本集團負有承擔額外損失義務的除of long-term equity investment is adjusted down by the 外。對於被投資單位除淨損益、其他綜合收Group’s share of the profit appropriations and dividends. 益和利潤分配以外所有者權益的其他變動，The Group shall discontinue recognising its share of the 調整長期股權投資的賬面價值並計入股東權
losses of the investee after the long-term equity investment 益。
together with any long-term interests that in substance
forms part of the Group’s net investment in the investee
are reduced to zero except to the extent that the Group
has incurred obligations to assume additional losses. The
Group also adjusts the carrying amount of long-term equity
investments for other changes in owner’s equity of the
investees (other than the net-off of net profits or losses
other comprehensive income and profit allocation of the
investee) and includes the corresponding adjustment in
equity.Annual Report 2025二零二五年年報187
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
13. Investment properties 13. 投資性房地產
Investment properties are properties held to earn rentals 投資性房地產，是指為賺取租金或資本增and/or for capital appreciation. 值，或兩者兼有而持有的房地產。
Investment properties are initially measured at cost. 投資性房地產按照成本進行初始計量。與投Subsequent expenses relating to the investment properties 資性房地產有關的後續支出，如果與該資產are charged to investment property costs if there is a 有關的經濟利益很可能流入且其成本能夠可
probable inflow of economic benefits relating to the asset 靠地計量，則計入投資性房地產成本。否and its cost can be reliably measured. Otherwise those 則，於發生時計入當期損益。
expenditures are recognised in profit or loss as incurred.The Group uses the cost model for subsequent measurement 本集團採用成本模式對投資性房地產進行後
of investment properties. 續計量。
Buildings in investment properties are depreciated using 投資性房地產中的房屋及建築物折舊採用年
the straight-line method with estimated useful life of 30 限平均法計提，估計使用年限為30-50年。
-50 years. The useful lives estimated net residual values 本集團至少於每年年度終了，對投資性房地and depreciation methods of investment properties are 產的使用壽命、預計淨殘值和折舊方法進行
reviewed and adjusted as appropriate at least at each 複核，必要時進行調整。
year-end.
14. Fixed assets 14. 固定資產
A fixed asset is recognised when and only when it is 固定資產僅在與其有關的經濟利益很可能流
probable that future economic benefits that are associated 入本集團，且其成本能夠可靠地計量時才予with the fixed asset will flow to the Group and the cost can 以確認。與固定資產有關的後續支出，符合be measured reliably. Subsequent expenditures related to 該確認條件的，計入固定資產成本，並終止a fixed asset are recognised in the carrying amount of the 確認被替換部分的賬面價值；否則，在發生fixed asset if the above recognition criteria are met and 時按照受益對象計入當期損益。
the carrying value of the replaced part is derecognised;
otherwise those expenditures are recognised in profit or
loss as incurred according to the beneficiaries.Fixed assets are initially recognised at cost. Cost of 固定資產按照成本進行初始計量。購置固定purchased fixed assets includes purchasing price relevant 資產的成本包括購買價款，相關稅費，以及taxes and any directly attributable expenditure for bringing 為使固定資產達到預定可使用狀態前所發生
the asset to working conditions for its intended use. 的可直接歸屬於該資產的其他支出。188 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
14. Fixed assets (continued) 14. 固定資產（續）
Except freehold lands account no depreciation and except 除永久業權土地不計提折舊以及除機器設備
moulds in machinery equipment are depreciated on a unit 中的模具按工作量法折舊外，其餘均採用年of production method others are all depreciated on a 限平均法計提。按照年限平均法折舊的固定straight-line basis. The estimated useful lives estimated 資產的估計使用年限、預計淨殘值率及年折
residual value ratio and annual depreciation rates of the 舊率如下：
fixed assets that are depreciated on a straight-line basis
are as follows:
Estimated net Annual
Estimated useful life residual value ratio depreciation rate估計使用年限預計淨殘值率年折舊率
Buildings 3-70 years 0%-5% 1.4%-33.3%
房屋及建築物3-70年Machinery equipment 3-12 years 0%-5% 7.9%-33.3%
機器設備3-12年Motor vehicles and marine 3-20 years 0%-5% 4.8%-33.3%
運輸工具及船舶3-20年Office and other equipment 10 years and below 0%-5% 9.5% and above
辦公及其他設備10年及10年以下9.5%及9.5%以上
The Group reviews at least at each year end useful lives 本集團至少於每年年度終了，對固定資產的estimated residual values and depreciation methods of 使用壽命、預計淨殘值和折舊方法進行複
fixed assets and makes adjustments if necessary. 核，必要時進行調整。
15. Construction in progress 15. 在建工程
Construction in progress is measured at the actual 在建工程成本按實際工程支出確定，包括在construction expenditures including necessary project 建期間發生的各項必要工程支出、工程達到
work expenses incur red dur ing the per iod wh i le 預定可使用狀態前的應予資本化的借款費用
construction is in progress borrowing costs subject to 以及其他相關費用等。
capitalisation before they can be put into use and other
related fees.Annual Report 2025二零二五年年報189
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
15. Construction in progress (continued) 15. 在建工程（續）
Construction in progress is transferred into fixed assets 在建工程在達到預定可使用狀態時轉入固定
when it is ready for its intended use. The criteria are as 資產。標準如下：
follows:
Criteria of transfer to fixed assets結轉固定資產的標準
Buildings The earlier of completion acceptance or
actual commencement of the usage
房屋及建築物完工驗收╱實際開始使用孰早
Machinery equipment The earlier of installation and acceptance or
actual commencement of the usage
機器設備完成安裝並驗收╱實際開始使用孰早
Office and other equipment The earlier of installation and acceptance or
actual commencement of the usage
辦公及其他設備完成安裝並驗收╱實際開始使用孰早
16. Borrowing costs 16. 借款費用
Borrowing costs directly attributable to the acquisition 可直接歸屬於符合資本化條件的資產的購建
construction or production of a qualifying asset are 或者生產的借款費用，予以資本化，其他借capitalised. Other borrowing costs incurred are recorded 款費用計入當期損益。當資本支出和借款費in the profit or loss for the period. The capitalisation of 用已經發生，且為使資產達到預定可使用或borrowing costs commences when expenditure for the 可銷售狀態所必要的購建或生產活動已經開
asset is being incurred borrowing costs are being incurred 始時，借款費用開始資本化。
and activities of acquisition construction or production that
are necessary to prepare the asset for its intended use are
in progress.The capitalisation of such borrowing costs ceases when the 購建或者生產符合資本化條件的資產達到預
qualifying asset being acquired constructed or produced 定可使用或者可銷售狀態時，借款費用停止becomes ready for its intended use or sale. Borrowing 資本化。之後發生的借款費用計入當期損costs incurred afterwards are recognised in profit or loss. 益。190 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
16. Borrowing costs (continued) 16. 借款費用（續）
During capitalisation interest of each accounting period 在資本化期間內，每一會計期間的利息資本is recognised using the following methods: for specific 化金額，按照下列方法確定：專門借款以當borrowings the borrowing costs eligible for capitalisation 期實際發生的利息費用，減去暫時性的存款are the actual interest costs incurred during the current 利息收入或投資收益後的金額確定；佔用的
period deducted by any temporary interest or investment 一般借款，根據累計資產支出超過專門借款income; for general borrowings the borrowing costs 部分的資產支出加權平均數乘以所佔用一般
eligible for capitalisation are determined by applying a 借款的加權平均利率計算確定。
capitalisation rate to the excess amounts of cumulative
expenditures on the asset over the weighted average
of cumulative expenditures on the asset of specific
borrowings multiplying the weight average rate of general
borrowings.Except for expected suspension under normal situation 符合資本化條件的資產在購建或者生產過程
of qualifying assets capitalisation should be suspended 中，發生除達到預定可使用或者可銷售狀態during periods in which abnormal interruption has lasted for 必要的程序之外的非正常中斷、且中斷時
more than three months during the process of acquisition 間連續超過3個月的，暫停借款費用的資本construction or production. The borrowing cost incurred 化。在中斷期間發生的借款費用確認為費during interruption should be recognised as expenses and 用，計入當期損益，直至資產的購建或者生recorded in profit or loss until the acquisition construction 產活動重新開始。
or production activities of assets resume.
17. Intangible assets 17. 無形資產
(1) Useful life of intangible assets (1) 無形資產使用壽命
Intangible assets formed by new energy vehicle 除新能源汽車研發支出所形成的無形
R&D expenditures are amortised by the output 資產按照生產總量法計算攤銷之外，method and other intangible assets are amortised 其餘無形資產在使用壽命內採用直線
over the useful life on the straight-line basis the 法攤銷，其使用壽命如下：
useful life is as follows:
Category Estimated useful life Basis of determination類別使用壽命確定依據
Land use rights 30-99 years Term of land use rights
土地使用權30-99年土地使用權期限
Industrial property rights and 2-10 years The shorter of the patent term and the estimated useful life
proprietary technologies
工業產權及專有技術2-10年專利權期限與預計使用期限孰短
Non-patented technologies and 1-5 years The shorter of the useful lives and estimated useful
software lives of non-patented technologies and software
非專利技術及軟件1-5年非專利技術及軟件使用年限與預計使用年限孰短
Customer relationships 5 years Expected beneficial lives of customer relationships
客戶關係 5年 預計客戶關係受益年限Annual Report 2025二零二五年年報191
Notes to Financial Statements財務報表附註
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ESTIMATES (CONTINUED)
17. Intangible assets (continued) 17. 無形資產（續）
(2) Development expenditures (2) 研發支出
The Group classifies the expenses for in-house 本集團將內部研究開發項目的支出，research and development as research costs and 區分為研究階段支出和開發階段支
development costs. All research costs are charged 出。研究階段的支出，於發生時計入to the profit or loss as incurred. Development costs 當期損益。開發階段的支出，只有在are capitalised only when all the following conditions 同時滿足下列條件時，才能予以資本are met: the Group can demonstrate the technical 化，即：完成該無形資產以使其能夠feasibility of completing the intangible asset so that 使用或出售在技術上具有可行性；具
it will be available for use or sale; its intention to 有完成該無形資產並使用或出售的意
complete and its ability to use or sell the asset; how 圖；無形資產產生經濟利益的方式，the asset will generate economic benefits (including 包括能夠證明運用該無形資產生產的
demonstration that the product derived from the 產品存在市場或無形資產自身存在市
intangible asset or the intangible asset itself will 場，無形資產將在內部使用的，能夠be marketable or in the case of internal use the 證明其有用性；有足夠的技術、財務
usefulness of the intangible asset as such); the 資源和其他資源支持，以完成該無形availability of technical and financial resources to 資產的開發，並有能力使用或出售該complete the project and procure the use or sale 無形資產；歸屬於該無形資產開發階
of the intangible asset; and the ability to measure 段的支出能夠可靠地計量。不滿足上reliably the expenditure during the development. 述條件的開發支出，於發生時計入當Development costs which do not meet these criteria 期損益。
are recorded in profit or loss when incurred.Where the conditions stated above are satisfied the 本集團相應項目在滿足上述條件，在works of the research stage have been completed 研究階段的工作已完成，預計該項目and it is certain that the intangible assets arising 開發形成的無形資產滿足市場需求已
from the development of the project cater to 明確、技術方案已確定、能夠給企業
market demands and the technical solutions are 帶來經濟利益等條件時，經本集團評developed to generate economic benefits the 審通過後進入開發階段，開發階段發Group may advance the corresponding project to 生的支出在滿足上述資本化條件後開
the development stage after assessment capitalise 始資本化。在項目結題驗收達到預計the expenses of the development stage when the 可使用狀態時結轉無形資產。
capitalisation conditions are satisfied and transfer
the capitalised expenses to intangible assets when
the project passes the completion acceptance to
become ready for the intended use.192 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
18. Impairment 18. 資產減值
The Group assesses impairment of assets other than 對除存貨、合同資產及與合同成本有關的資
inventories contract assets and assets related to contract 產、遞延所得稅、金融資產外的資產減值，costs deferred tax assets and financial assets using the 按以下方法確定：
methods described below:
The Group assesses at each balance sheet date whether 於資產負債表日判斷資產是否存在可能發生
there is an indication that an asset may be impaired. If 減值的跡象，存在減值跡象的，本集團將估any such indication exists the Group makes an estimate 計其可收回金額，進行減值測試；對因企業of the asset’s recoverable amount and performs a test 合併所形成的商譽、使用壽命不確定的無形
of impairment for the asset. For goodwill generated from 資產和尚未達到可使用狀態的無形資產，無business combination intangible assets with indefinite 論是否存在減值跡象，至少於每年末進行減useful lives and intangible assets not yet available for 值測試。
use tests for impairment are performed at least annually
regardless of whether there are indications of impairment.Recoverable amount is the higher of the asset’s fair value 可收回金額根據資產的公允價值減去處置費
less costs to sell and the present value of its estimated 用後的淨額與資產預計未來現金流量的現值
future cash flows. The Group estimates the recoverable 兩者之間較高者確定。本集團以單項資產為amount of individual assets on item-by-item basis. When it 基礎估計其可收回金額；難以對單項資產的
is difficult to estimate individually the recoverable amount 可收回金額進行估計的，以該資產所屬的資of the cash generating unit which the assets belong to 產組為基礎確定資產組的可收回金額。資產will be estimated. The definition of a cash generating unit 組的認定，以資產組產生的主要現金流入是
(CGU) is determined on the basis of whether the primary 否獨立於其他資產或者資產組的現金流入為
cash inflows generated by that group are independent of 依據。
those from other assets or CGUs.When the carrying amount of an asset or a CGU exceeds 當資產或資產組的可收回金額低於其賬面價
its recoverable amount the carrying amount is written down 值時，本集團將其賬面價值減記至可收回金to the recoverable amount and the amount of write-down 額，減記的金額計入當期損益，同時計提相is recognised in profit or loss with provision for impairment 應的資產減值準備。
provided accordingly.In connection with impairment tests for goodwill the 就商譽的減值測試而言，對於商譽的賬面價carrying amount of goodwill is allocated to relevant CGUs 值，自購買日起按照合理的方法分攤至相關or CGU group from the date of acquisition on a reasonable 的資產組或者資產組組合。相關的資產組或basis. A relevant CGU or CGU group is defined as one 資產組組合，是能夠從企業合併的協同效應which can benefit from the synergies of the business 中受益的資產組或者資產組組合，且不大於combination and is not larger than the operating segments 本集團確定的經營分部。
determined by the Group.Annual Report 2025二零二五年年報193
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
18. Impairment (continued) 18. 資產減值（續）
The carrying amount and recoverable amount of CGU or 比較包含商譽的資產組或者資產組組合的賬
CGU group that comprise goodwill should be compared. 面價值與可收回金額，如可收回金額低於賬Where the recoverable amount is lower than the carrying 面價值的，減值損失金額首先抵減分攤至資amount the impairment loss should first be offset against 產組或資產組組合中商譽的賬面價值，再根the carrying amount of the goodwill allocated to CGUs or 據資產組或資產組組合中除商譽之外的其他
CGU groups and then against the carrying amount of other 各項資產的賬面價值所佔比重，按比例抵減assets in the CGUs or CGU groups other than goodwill in 其他各項資產的賬面價值。
proportion to the weighting of these assets.Previously recognised impairment losses are not reversed 上述資產減值損失一經確認，在以後會計期in subsequent periods. 間不再轉回。
19. Long-term deferred expenditures 19. 長期待攤費用
Long-term deferred expenditures are expenses which the 長期待攤費用是指本公司已經支出、期限在
Company has paid and carries a term of more than one 1年以上的各項費用。長期待攤費用按直線year. Long-term deferred expenditures are amortised on 法攤銷。
straight-line basis.Category Amortisation Period類別攤銷期
Improvement costs of right-of-use assets Lease term or expected useful life whichever is shorter使用權資產的改良支出租賃期與預計可使用壽命孰短
20. Employee remuneration 20. 職工薪酬
Employee remuneration includes all kinds of rewards or 職工薪酬，指本集團為獲得職工提供的服務compensation other than share-based payments incurred 或解除勞動關係而給予的，除股份支付以外by the Group in exchange for service rendered by 的各種形式的報酬或補償。職工薪酬包括短employees or in the termination of employment. Employee 期薪酬、離職後福利、辭退福利和其他長期
remuneration includes short-term remuneration post- 職工福利。
employment benefits termination benefits and other long-
term employees’ benefits.
(1) Short-term remuneration (1) 短期薪酬
For accounting periods during which services are 在職工提供服務的會計期間，將實際rendered by employees short-term remuneration 發生的短期薪酬確認為負債，並計入incurred is recognised as liability and included in 當期損益或相關資產成本。
profit or loss or related asset costs.194 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
20. Employee remuneration (continued) 20. 職工薪酬（續）
(2) Post-employment benefits (defined contribution (2) 離職後福利（設定提存計劃）
scheme)
The Group’s employees are participants of the 本集團的職工參加由當地政府管理的
pension and unemployment insurance schemes 養老保險和失業保險，相應支出在發managed by local governments and the relevant 生時計入相關資產成本或當期損益。
expenses are recorded in related asset costs or
profit or loss when incurred.
(3) Termination benefits (3) 辭退福利
Where terminat ion benef i ts are prov ided to 本集團向職工提供辭退福利的，在下employees liabilities in employee remuneration are 列兩者孰早日確認辭退福利產生的職
recognised in profit or loss when: the company is 工薪酬負債，並計入當期損益：企業not in a position to withdraw termination benefits 不能單方面撤回因解除勞動關係計劃
provided under termination plans or redundancy 或裁減建議所提供的辭退福利時；企
plans or costs or expenses re lat ing to the 業確認與涉及支付辭退福利的重組相
restructuring exercise which involves the payment 關的成本或費用時。
of termination benefits are recognised whichever is
earlier.
21. Provisions 21. 預計負債
Other than cont ingent considerat ion and assumed 除了非同一控制下企業合併中的或有對價及
contingent liabilities in a business combination involving 承擔的或有負債之外，與或有事項相關的義parties not under common control the Group recognises 務是本集團承擔的現時義務且該義務的履行
as provision when an obligation is a present obligation 很可能會導致經濟利益流出本集團，同時有assumed by the Group and it is probable that an outflow of 關金額能夠可靠地計量的，本集團將其確認economic benefits will result from the performance of the 為預計負債。
obligation and the obligation can be reliably measured.Provisions are initially valued according to the best 預計負債按照履行相關現時義務所需支出的
est imate of expenses for per formance of present 最佳估計數進行初始計量，並綜合考慮與或obligations taking account of the risk uncertainty and time 有事項有關的風險、不確定性和貨幣時間價
value of the currency that are associated with contingent 值等因素。於資產負債表日對預計負債的賬matters. The carrying amount of the provisions would be 面價值進行複核並進行適當調整以反映當前
reassessed and adjusted to reflect the best estimate on 最佳估計數。
balance sheet date.A contingent liability of the acquiree gained in a business 非同一控制下企業合併中取得的被購買方或
combination not involving entities under common control 有負債在初始確認時按照公允價值計量，在is initially measured at its fair value. Subsequently it 初始確認後，按照預計負債確認的金額，和is measured at the higher of the amount that would be 初始確認金額扣除收入確認原則確定的累計
recognised on the basis of estimated liabilities or the 攤銷額後的餘額，以兩者之中的較高者進行balance of cumulative amortisation amount determined 後續計量。
in the principle of the amount initially recognised less
revenue.Annual Report 2025二零二五年年報195
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
22. Share-based payments 22. 股份支付
Share-based payments can be distinguished into equity- 股份支付，分為以權益結算的股份支付和以settled share-based payments and cash-settled share- 現金結算的股份支付。以權益結算的股份支based payments. Equity-settled share-based payments 付，是指本集團為獲取服務以股份或其他權are transactions of the Group settled through the payment 益工具作為對價進行結算的交易。
of shares or other equity instruments in consideration for
receiving services.Equity-settled share-based payments made in exchange 以權益結算的股份支付換取職工提供服務
for services rendered by employees are measured at the 的，以授予職工權益工具的公允價值計量。
fair value of equity instruments granted to employees. 授予後立即可行權的，在授予日按照公允價Instruments which are vested immediately upon the grant 值計入相關成本或費用，相應增加資本公are charged to relevant costs or expenses at the fair value 積；完成等待期內的服務或達到規定業績條
on the date of grant and the capital reserve is credited 件才可行權的，在等待期內每個資產負債表accordingly. Instruments of which vesting is conditional 日，以對可行權權益工具數量的最佳估計為upon completion of services or fulfillment of performance 基礎，按照授予日的公允價值，將當期取得conditions are measured by recognising services rendered 的服務計入相關成本或費用，相應增加資本during the period in relevant costs or expenses and 公積。
crediting the capital reserve accordingly at each balance
sheet date during the vesting period based on the best
estimate of the quantity of equity instruments that are
exercisable and the fair value at the grant date.Where the terms of an equi ty-set t led share-based 如果修改了以權益結算的股份支付的條款，payment are modified as a minimum services obtained 至少按照未修改條款的情況確認取得的服
are recognised as if the terms had not been modified. In 務。此外，增加所授予權益工具公允價值的addition any modification that increases the fair value 修改，或在修改日對職工有利的變更，均確of the equity instrument granted or is beneficial to the 認取得服務的增加。
employee as measured at the date of modification is
recognised as increment of services obtained.Where an equity-settled award is cancelled it is treated 如果取消了以權益結算的股份支付，則於取as if it had been vested on the date of cancellation 消日作為加速行權處理，立即確認尚未確認and any expense not yet recognised for the award is 的金額。職工或其他方能夠選擇滿足非可行recognised immediately. Where employees or other parties 權條件但在等待期內未滿足的，作為取消以are permitted to choose to fulfill non-vesting conditions 權益結算的股份支付處理。但是，如果授予but have not fulfilled such conditions during the vesting 新的權益工具，並在新權益工具授予日認定period equity-settled share-based payments are deemed 所授予的新權益工具是用於替代被取消的權
cancelled. However if a new award is substituted for the 益工具的，則以與處理原權益工具條款和條cancelled award and designated as a replacement award 件修改相同的方式，對所授予的替代權益工on the date when it is granted the new award is treated as 具進行處理。
if it was a modification of the original award.196 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
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III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
23. Other equity instruments 23. 其他權益工具
Perpetual bonds issued by the Group are classified as 本集團發行的永續債沒有到期日或到期後本
equity instrument if there is no expiration date or if the 集團有權不限次數展期，本集團並無合同義Group has the right to extend for unlimited number of 務支付現金或其他金融資產，分類為權益工times or has no contractual obligation to pay cash or other 具。
financial assets after the expiration thereof.
24. Revenue from contracts with customers 24. 與客戶之間的合同產生的收入
The Group recognises its revenue upon the fulfilment of 本集團在履行了合同中的履約義務，即在客performance obligations under a contract namely when 戶取得相關商品或服務控制權時確認收入。
the customer obtains control over the relevant products or 取得相關商品或服務的控制權，是指能夠主services. The acquisition of control over relevant products 導該商品的使用或該服務的提供並從中獲得
or services shall mean the ability to direct the use of the 幾乎全部的經濟利益。
products or the provision of the services and receive
substantially all economic benefits derived therefrom.
(1) Contract for the sales of products (1) 銷售商品合同
The product sales contract between the Group 本集團與客戶之間的銷售商品合同通
and its customers typically includes contractual 常僅包含轉讓商品的履約義務。本集performance obligations for the transfer of products. 團在綜合考慮了下列因素的基礎上，The Group recognises its revenue at the time of 在交付且客戶接受商品的時點確認收
delivery and customers’ acceptance of the products 入：取得商品的現時收款權利、商品
taking into account the fol lowing factors: the 所有權上的主要風險和報酬的轉移、
acquisition of the current right to receive payments 商品的法定所有權的轉移、商品實物
for the products the transfer of major risks and 資產的轉移、客戶接受該商品。
rewards pertaining to the ownership of the products
the transfer of the legal title of the products the
transfer of the physical assets of the products and
customers’ acceptance of the products.The transaction price refers to the amount of 本集團將因向客戶轉讓商品而預期有
consideration that the Group is entitled to receive 權收取的對價金額作為交易價格，並as a result of its transfer of goods to customers 根據合同條款，結合以往的商業慣例and is determined in accordance with the terms 予以確定。本集團按照期望值或最有of contract taking into account historical business 可能發生金額對折扣做出最佳估計，practices. The Group determines the best estimates 以估計折扣後的交易價格不超過在相
of discounts based on the expected value or 關不確定性消除時累計已確認收入極
the most probable amount and recognises the 可能不會發生重大轉回的金額為限計
transaction prices provided that the transaction 入交易價格，並在每一個資產負債表prices after estimated discount shall not exceed the 日進行重新估計。
cumulative amount of recognised revenue upon the
removal of relevant uncertainties in connection with
which a significant reversal is highly unlikely and is
re-estimated at each balance sheet date.Annual Report 2025二零二五年年報197
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
24. Revenue from contracts with customers (continued) 24. 與客戶之間的合同產生的收入（續）
(1) Contract for the sales of products (continued) (1) 銷售商品合同（續）
Where a contract contains a significant financing 對於合同中存在重大融資成份的，本component the Group determines the transaction 集團按照假定客戶在取得商品控制權
price based on amounts payable assumed to be 時即以現金支付的應付金額確定交易
settled in cash by customers immediately upon 價格，使用將合同對價的名義金額折the acquisi t ion of control over the products. 現為商品現銷價格的折現率，將確定The difference between such transaction price 的交易價格與合同承諾的對價金額之
and contract consideration is amortised over 間的差額在合同期間內採用實際利率
the contract period using the effective interest 法攤銷。對於預計客戶取得商品控制rate method based on a ratio that discounts the 權與客戶支付價款間隔未超過一年
nominal contractual consideration to the current 的，本集團未考慮合同中存在的重大selling price of the products. The Group shall not 融資成份。
give consideration to any significant financing
component in a contract if the gap between the
customer’s acquisition of control over the products
and payment of consideration is expected to be less
than one year.Customers who sell products under some of the 本集團的部分銷售商品合同中銷售商
Group’s contracts for the sales of products are 品的客戶同時也是該商品製造中關鍵
also the suppliers of key materials used in the 材料的供應商。本集團判斷其是主要manufacturing of the products. The Group needs 責任人還是代理人時，需要對在向客to determine whether they are principals or agents 戶轉讓商品前是否擁有對上述關鍵材
in these transactions by ascertaining whether they 料的控制權進行分析。如果本集團獲have control over the above key materials before 取上述關鍵材料的控制權，那麼本集they transfer products to customers. If the Group 團為主要責任人，並按照已收或應收acquires control of the aforesaid key materials 對價總額確認收入。否則，本集團為the Group is the principal and recognises revenue 代理人，按照預期有權收取的佣金或by total considerations received or receivable. 手續費的金額確認收入。
Otherwise the Group is an agent and recognises
revenue by the amounts of commissions or service
charges expected to receive.198 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
24. Revenue from contracts with customers (continued) 24. 與客戶之間的合同產生的收入（續）
(1) Contract for the sales of products (continued) (1) 銷售商品合同（續）
The Group provides quality assurance for products 根據合同約定、法律規定等，本集團sold in accordance with contract terms and laws 為所銷售的商品提供質量保證，屬於and regulations. The accounting treatment of 為向客戶保證所銷售的商品符合既定
quality assurance in the form of warranty assuring 標準的保證類質量保證，本集團按照customers that products sold are in compliance 附註三、21進行會計處理。本集團
with required standards is set out in Note III.21. The 為客戶提供了超過法定質保期限或範
Group provides warranty to customers beyond the 圍的質量保證，屬於對所銷售的商品statutory period or scope which is a standalone 符合既定標準之外提供了一項單獨服
service in addition to the assurance of compliance 務，本集團將其作為一項單項履約義of products with required standards such warranty 務。本集團按照提供商品和服務類質is treated as a standalone contractual performance 量保證的單獨售價的相對比例，將部obligation. The Group allocates a portion of the 分交易價格分攤至服務類質量保證，transaction price to the service warranty based on a 並在客戶取得服務控制權時確認收
percentage of the standalone price for the provision 入。
of product and service warranty with the revenue
recognised when the customer acquires control of
the service.
(2) Contract for the rendering of services (2) 提供服務合同
For the performance obligations under the contracts 本集團與客戶之間的提供服務合同通
for rendering of services between the Group and 常包含維修服務、運輸服務、技術服
its customers which usually include maintenance 務、平台服務等履約義務，如果本集services transportation services technological 團履約的同時客戶即取得並消耗本集
serv ices p lat form serv ices etc. the Group 團履約所帶來的經濟利益，本集團considers them as performance obligations to be 將其作為在某一時段內履行的履約義
fulfilled over a period of time and recognises the 務，按照履約進度確認收入，履約進revenue according to the progress of performance 度不能合理確定的除外。本集團按照(except when the performance progress cannot 投入法確定提供服務的履約進度。對be reasonably determined) if customers are able 於履約進度不能合理確定時，本集團to obtain and consume the economic benefits 已經發生的成本預計能夠得到補償
brought by the Group’s contractual performance 的，按照已經發生的成本金額確認when the Group performs the contracts. The 收入，直到履約進度能夠合理確定為Group determines the performance progress for 止。對於不能滿足在某一時段內履行the services provided in accordance with the 履約義務的服務合同，本集團在服務input method. When the performance progress 完成時點確認收入。
cannot be reasonably determined the revenue
will be recognised based on the amount of costs
incurred if such costs incurred by the Group are
expected to be compensated until the performance
progress can be reasonably determined. For service
contracts whose performance obligations cannot be
fulfilled over a period of time the Group recognises
revenue at the time when services are provided.Annual Report 2025二零二五年年報199
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
24. Revenue from contracts with customers (continued) 24. 與客戶之間的合同產生的收入（續）
(3) Construction contract (3) 建造合同
The Group fulfils the performance obligations by 本集團通過向客戶提供建造服務履行
providing construction services to customers. As 履約義務，由於客戶能夠控制本集團the customers have control over the assets under 履約過程中的在建資產，本集團將其construction during the Group’s performance of 作為在某一時段內履行的履約義務，contracts the Group considers these obligations 按照履約進度確認收入，履約進度不as performance obligations to be fulfilled over 能合理確定的除外。本集團按照產出a period of t ime and recognises the revenue 法，根據實際測量的完工進度確定建according to the progress of performance (except 造服務的履約進度。對於履約進度不when the per fo rmance progress cannot be 能合理確定時，本集團已經發生的成reasonably determined). The Group determines 本預計能夠得到補償的，按照已經發the performance progress for the construction 生的成本金額確認收入，直到履約進services in accordance with the output method 度能夠合理確定為止。
and on the basis of completion stage measured
practically. When the performance progress cannot
be reasonably determined the revenue will be
recognised based on the amount of costs incurred
if such costs incurred by the Group are expected
to be compensated until the performance progress
can be reasonably determined.
25. Contract assets and contract liabilities 25. 合同資產與合同負債
The Group presents contract assets or contract liabilities 本集團根據履行履約義務與客戶付款之間的
on the balance sheet according to the relationship between 關係在資產負債表中列示合同資產或合同負
contractual performance obl igat ions and customer 債。本集團將同一合同下的合同資產和合同payments. Contract assets and contract liabilities under the 負債相互抵銷後以淨額列示。
same contract are presented on a net basis after set-off.
(1) Contract assets (1) 合同資產
A contract asset is recognised when goods or 在客戶實際支付合同對價或在該對價
services are transferred to a customer and the 到期應付之前，已向客戶轉讓商品customer has a right to receive the consideration 或服務而有權收取對價的權利（且該which are dependent on factors other than the 權利取決於時間流逝之外的其他因passage of time before the customer actually pays 素），確認為合同資產；後續取得無the contract consideration or such consideration 條件收款權時，轉為應收款項。
becomes due. It is transferred to a receivable
when the unconditional right to receive payment is
subsequently obtained.For detai ls of the Group’s determination and 本集團對合同資產的預期信用損失的
accounting treatment of expected credit losses from 確定方法及會計處理方法詳見附註
contract assets please refer to Note III. 10. 三、10。200 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
25. Contract assets and contract liabilities (continued) 25. 合同資產與合同負債（續）
(2) Contract liabilities (2) 合同負債
Obligat ions to t ransfer goods or services to 在向客戶轉讓商品或服務之前，已收customers for which considerat ion has been 客戶對價或取得無條件收取對價權利
received from the customer or for which an 而應向客戶轉讓商品或服務的義務，unconditional right to receive consideration has 確認為合同負債。
been acquired before the transfer of the goods or
services to the customer are recognised as contract
liabilities.
26. Assets relating to contract costs 26. 與合同成本有關的資產
The Group’s assets relating to contract costs include 本集團與合同成本有關的資產包括合同取得
contract acquisition costs and contract performance costs 成本和合同履約成本。根據其流動性，分別presented respectively under inventories other current 列報在存貨、其他流動資產和其他非流動資
assets and other non-current assets according to their 產中。
liquidity.Where the Group expects the incremental costs for 本集團為取得合同發生的增量成本預期能夠
acquiring a contract to be recoverable such contract 收回的，作為合同取得成本確認為一項資acquisition costs are recognised as an asset (unless the 產，除非該資產攤銷期限不超過一年。
amortisation period of the asset is not more than one year).Costs incurred by the Group for the performance of 本集團為履行合同發生的成本，不適用存a contract are recognised as an asset as contract 貨、固定資產或無形資產等相關準則的規範
performance costs if they do not fall under the scope of the 範圍的，且同時滿足下列條件的，作為合同relevant standards for inventories fixed assets or intangible 履約成本確認為一項資產：
assets but meet all the following conditions:
1) they are directly related to a current or anticipated 1) 該成本與一份當前或預期取得的合同
contract including direct labour direct materials 直接相關，包括直接人工、直接材manufacturing expenses (or similar expenses) to 料、製造費用（或類似費用）、明確由
be borne by customers as specifically stipulated 客戶承擔的成本以及僅因該合同而發
and otherwise incurred solely in connection with the 生的其他成本；
contract;
2) they increase the resources to be utilised in the 2) 該成本增加了企業未來用於履行履約
Company’s future performance of its contractual 義務的資源；
obligations;
3) they are expected to be recoverable. 3) 該成本預期能夠收回。Annual Report 2025
二零二五年年報201
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
26. Assets relating to contract costs (continued) 26. 與合同成本有關的資產（續）
The Group amortises assets relating to contract costs 本集團對與合同成本有關的資產採用與該資
on the same basis as that for the recognition of revenue 產相關的收入確認相同的基礎進行攤銷，計relating to such assets and recognises the amortised 入當期損益。
assets in profit or loss.For assets relating to contract costs whose carrying 與合同成本有關的資產，其賬面價值高於下amount is higher than the difference between the following 列兩項差額的，本集團將超出部分計提減值two items the Group makes provision for impairment for 準備，並確認為資產減值損失：
the excess to be recognised as asset impairment losses:
(1) the remaining considerat ion expected to be (1) 因轉讓與該資產相關的商品或服務預
obtained as a result of the transfer of goods or 期能夠取得的剩餘對價；
services relating to such assets;
(2) estimated costs to be incurred in connection with (2) 為轉讓該相關商品或服務估計將要發
the transfer of relevant goods or services. 生的成本。
27. Government grants 27. 政府補助
Government grants are recognised when there is 政府補助在能夠滿足其所附的條件並且能夠
reasonable assurance that the grant will be received and 收到時，予以確認。政府補助為貨幣性資產all attaching conditions will be complied with. The grant is 的，按照收到或應收的金額計量。政府補助measured as the amount received or receivable where it 為非貨幣性資產的，按照公允價值計量；公takes the form of a cash asset or at fair value where it is 允價值不能可靠取得的，按照名義金額計not a cash asset. Where the fair value cannot be reliably 量。
obtained it should be measured at the nominal value.Government grants are accounted for using the gross 政府補助採用總額法核算。
method.In accordance with the stipulations of the government 政府文件規定用於購建或以其他方式形成長
i ns t ruments government g ran ts app l ied towards 期資產的，作為與資產相關的政府補助；政acquisition or the formation of long-term assets in other 府文件不明確的，以取得該補助必須具備的manners are asset-related government grants; grants 基本條件為基礎進行判斷，以購建或其他方with unspecific reference in government instruments and 式形成長期資產為基本條件的作為與資產相
requiring the exercise of judgement based on the basic 關的政府補助，除此之外的作為與收益相關conditions for receiving such grants are treated as asset- 的政府補助。
related government grants that take acquisition of long-
term assets or formation in other manners as essential
condition; otherwise grants are recognised as income-
related government grants.202 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
27. Government grants (continued) 27. 政府補助（續）
Income-related government grants if applied to make up 與收益相關的政府補助，用於補償以後期間for related costs or losses in future periods are recognised 的相關成本費用或損失的，確認為遞延收as deferred income and recorded in profit or loss in the 益，並在確認相關成本費用或損失的期間計period when relevant costs or losses are recognised; if 入當期損益；用於補償已發生的相關成本費
applied to make up for related costs or losses that have 用或損失的，直接計入當期損益。與資產相been incurred recognised directly in profit or loss. Asset- 關的政府補助，確認為遞延收益，在相關資related government grants are recognised as deferred 產使用壽命內按照合理、系統的方法分期計
income and included in profit or loss over the useful life of 入損益。但按照名義金額計量的政府補助，relevant assets by reasonable and systematic instalments. 直接計入當期損益。相關資產在使用壽命結Government grants measured at nominal value are directly 束前被出售、轉讓、報廢或發生毀損的，尚recognised in profit or loss. Where the assets concerned 未分配的相關遞延收益餘額轉入資產處置當
are disposed of transferred retired or damaged prior 期的損益。
to the end of the useful life the balance of the deferred
income yet to be allocated is transferred to the profit or
loss for the period when the assets are disposed of.For loans provided to the Group at policy-based favorable 財政將貼息資金撥付給貸款銀行，由貸款銀interest rates by banks which are supported by the 行以政策性優惠利率向本集團提供貸款的，financial authorities with discount interest rate funds the 以借款的公允價值作為借款的入賬價值並按
fair value of borrowings is recognised as the carrying 照實際利率法計算借款費用，實際收到的金amount and the borrowing costs are calculated by the 額與借款公允價值之間的差額確認為遞延收
effective rate method with the difference between the 益，在借款存續期內採用實際利率法攤銷，amount actually received and the fair value of borrowing 沖減相關借款費用。財政將貼息資金直接撥recognised as deferred income and the effective rate 付給本集團的，將對應的貼息沖減相關借款method adopted for amortisation during the loan term to 費用。
write off borrowing costs. If discount interest rate funds
are directly offered to the Group the Group shall adopt
the corresponding discount interest to write off relevant
borrowing costs.Annual Report 2025二零二五年年報203
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
28. Deferred tax 28. 遞延所得稅
The Group recognises deferred taxes by balance sheet 本集團根據資產與負債於資產負債表日的賬
liability method and according to the temporary difference 面價值與計稅基礎之間的暫時性差異，以及between the carrying amount of assets and liabilities 未作為資產和負債確認但按照稅法規定可以
as at the balance sheet date and the tax base and the 確定其計稅基礎的項目的賬面價值與計稅基
temporary difference between the carrying amount of items 礎之間的差額產生的暫時性差異，採用資產that have not been recognised as assets and liabilities but 負債表債務法計提遞延所得稅。
of which the tax base can be determined and the tax base.Deferred tax liabilities are recognised for all taxable 各種應納稅暫時性差異均據以確認遞延所得
temporary differences except: 稅負債，除非：
1) where the taxable temporary difference arises 1) 應納稅暫時性差異是在以下交易中產
from the initial recognition of goodwill or the initial 生的：商譽的初始確認，或者具有以recognition of an asset or liability in a transaction 下特徵的單項交易中產生的資產或負
that is not a business combination and at the time 債的初始確認：該交易不是企業合
of the transaction affects neither the accounting 併、交易發生時既不影響會計利潤也
profit nor taxable profit or loss and the assets and 不影響應納稅所得額或可抵扣虧損、
liabilities initially recognised do not result in equal 且初始確認的資產和負債未導致產生
amounts of taxable temporary differences and 等額應納稅暫時性差異和可抵扣暫時
deductible temporary differences; 性差異；
2) in respect of the taxable temporary differences 2) 對於與子公司及合營企業及聯營企業
associated with investments in subsidiaries joint 投資相關的應納稅暫時性差異，該暫ventures and associates where the timing of 時性差異轉回的時間能夠控制並且該
the reversal of the temporary differences can be 暫時性差異在可預見的未來很可能不
controlled and it is probable that the temporary 會轉回。
differences will not be reversed in the foreseeable
future.204 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
28. Deferred tax (continued) 28. 遞延所得稅（續）
Deferred tax assets are recognised for all deductible 對於可抵扣暫時性差異、能夠結轉以後年度
temporary differences carry forward of unused tax credits 的可抵扣虧損和稅款抵減，本集團以很可能and unused tax losses to the extent that it is probable that 取得用來抵扣可抵扣暫時性差異、可抵扣虧
taxable profit will be available against which the deductible 損和稅款抵減的未來應納稅所得額為限，確temporary differences and the carry forward of unused tax 認由此產生的遞延所得稅資產，除非：
credits and unused tax losses can be utilised except:
1) where the deductible temporary difference arises 1) 可抵扣暫時性差異是在以下單項交易
from transaction that is not a business combination 中產生的：該交易不是企業合併、交
and at the time of the transaction affects neither 易發生時既不影響會計利潤也不影響
the accounting profit nor taxable profit or loss and 應納稅所得額或可抵扣虧損、且初始
the assets and liabilities initially recognised do 確認的資產和負債未導致產生等額
not result in equal amounts of taxable temporary 應納稅暫時性差異和可抵扣暫時性差
differences and deductible temporary differences; 異；
2) where deductible temporary differences associated 2) 對於與子公司及合營企業投資及聯營
with investments in subsidiaries it is probable that 企業相關的可抵扣暫時性差異，暫時the temporary differences will be reversed in the 性差異在可預見的未來很可能轉回且
foreseeable future and it is probable that taxable 未來很可能獲得用來抵扣該暫時性差
profit will be available against which the deductible 異的應納稅所得額。
temporary differences can be utilised.As at the balance sheet date deferred tax assets and 本集團於資產負債表日，對於遞延所得稅資liabilities are measured in accordance with relevant tax 產和遞延所得稅負債，依據稅法規定，按照laws at the tax rates that are expected to apply to the 預期收回該資產或清償該負債期間的適用稅
period when the assets are realised or the liabilities are 率計量，並反映資產負債表日預期收回資產settled and the Group reports the tax consequences that 或清償負債方式的所得稅影響。
would follow the manner in which the Group expects at
the balance sheet date to recover the assets or settle the
liabilities.The carrying amount of deferred tax assets are reviewed 於資產負債表日，本集團對遞延所得稅資產at the balance sheet date and reduced to the extent that 的賬面價值進行複核，如果未來期間很可能it is no longer probable that sufficient taxable profit will be 無法獲得足夠的應納稅所得額用以抵扣遞延
available to allow all or part of the deferred tax asset to be 所得稅資產的利益，減記遞延所得稅資產的utilised. Unrecognised deferred tax assets are reassessed 賬面價值。於資產負債表日，本集團重新評at the balance sheet date and are recognised to the extent 估未確認的遞延所得稅資產，在很可能獲得that it has become probable that sufficient taxable profit 足夠的應納稅所得額可供所有或部分遞延所
will be available to allow all or part of the deferred tax 得稅資產轉回的限度內，確認遞延所得稅資asset to be recovered. 產。Annual Report 2025二零二五年年報205
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
28. Deferred tax (continued) 28. 遞延所得稅（續）
Deferred tax assets and deferred tax liabilities are offset 如果擁有以淨額結算遞延所得稅資產及遞延
and presented as a net amount if the Group has the 所得稅負債的法定權利，且遞延所得稅與同legal right to set off deferred tax assets and deferred tax 一應納稅主體和同一稅收徵管部門相關，但liabilities and the deferred taxes relate to the same taxable 在未來每一具有重要性的遞延所得稅資產和
entity and the same taxation authority but the taxable 遞延所得稅負債轉回的期間內，涉及的納稅entity concerned intends to settle current tax assets and 主體意圖以淨額結算當期所得稅資產及當期
liabilities on a net basis or to realise the assets and settle 所得稅負債或是同時取得資產、清償債務，the liabilities simultaneously in each future period in which 則將遞延所得稅資產和遞延所得稅負債以抵
significant amounts of deferred tax liabilities or assets are 銷後的淨額列示。
expected to be settled or recovered.
29. Leases 29. 租賃
At the inception of a contract the Group assesses whether 在合同開始日，本集團評估合同是否為租賃the contract is or contains a lease. If one party to the 或者包含租賃，如果合同中一方讓渡了在一contract conveys a right to control the use of one or more 定期間內控制一項或多項已識別資產使用的
identified assets for a period of time in exchange for 權利以換取對價，則該合同為租賃或者包含consideration such contract is or contains a lease. 租賃。
(1) As a lessee (1) 作為承租人
The Group recognized right-of-use assets and lease 除了短期租賃和低價值資產租賃，本liabilities for leases except for short-term leases and 集團對租賃確認使用權資產和租賃負
leases of low-value assets. 債。
If a contract contains lease components and non- 合同中同時包含租賃和非租賃部分
lease components at the same time the Group will 的，本集團按照各部分單獨價格的相allocate the consideration in the contract to each 對比例分攤合同對價。
component on the basis of their respective relative
stand-alone price.206 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
29. Leases (continued) 29. 租賃（續）
(1) As a lessee (continued) (1) 作為承租人（續）
At the inception of a lease term the rights to use 在租賃期開始日，本集團將其可在租lease assets during the lease term is recognised 賃期內使用租賃資產的權利確認為使
as right-of-use assets initially measured at cost. 用權資產，按照成本進行初始計量。
The costs of right-of-use assets include: the initially 使用權資產成本包括：租賃負債的初
measured amount of lease liabilities; the lease 始計量金額；在租賃期開始日或之前
payment incurred at or prior to the lease inception 支付的租賃付款額扣除已享受的租賃
date less the lease incentive amount received; 激勵相關金額；承租人發生的初始直
initial direct expenses incurred by the lessee; 接費用；承租人為拆卸及移除租賃資
estimated cost to be incurred by the lessee for 產、復原租賃資產所在場地或將租賃
demolishing and removing lease assets restoring 資產恢復至租賃條款約定狀態預計將
the premises at which the lease assets are located 發生的成本。本集團因租賃付款額變or restoring the lease assets to the agreed state 動重新計量租賃負債的，相應調整使under the lease terms. If the Group remeasures 用權資產的賬面價值。本集團後續lease liabilities due to changes in lease payments 採用年限平均法對使用權資產計提折
the carrying amount of the right-of-use asset is 舊。能夠合理確定租賃期屆滿時取得adjusted accordingly. In subsequent measurement 租賃資產所有權的，本集團在租賃資the Group provides depreciation of the right-of- 產剩餘使用壽命內計提折舊。無法合use assets using the averaging method over the 理確定租賃期屆滿時能夠取得租賃資
lease term. Where it can be reasonably ascertained 產所有權的，本集團在租賃期與租賃that the ownership over the lease assets can be 資產剩餘使用壽命兩者孰短的期間內
obtained upon the conclusion of the lease term 計提折舊。
depreciation is provided over the remaining useful
life of the lease assets. Where the acquisition of
the ownership over the lease assets upon the
conclusion of the lease term cannot be reasonably
ascertained depreciation is provided over the lease
term or the remaining useful life of the lease assets
whichever is shorter.At the inception of a lease term outstanding lease 在租賃期開始日，本集團將尚未支付payments are recognised as lease liabilities at 的租賃付款額的現值確認為租賃負
their present value with the exception of short- 債，短期租賃和低價值資產租賃除term leases and low-value asset leases. The lease 外。租賃付款額包括固定付款額及實payments comprises f ixed payments and in- 質固定付款額扣除租賃激勵後的金
substance fixed payments less any lease incentives 額、取決於指數或比率的可變租賃付
variable lease payment that depends on an index or 款額、根據擔保餘值預計應支付的款
a rate amounts expected to be paid under residual 項，還包括購買選擇權的行權價格或value guarantees and it also comprises exercise 行使終止租賃選擇權需支付的款項，price of a purchase option or payments required 前提是本集團合理確定將行使該選擇
to be made under an option to terminate the lease 權或租賃期反映出本集團將行使終止
provided that the Group is reasonably certain to 租賃選擇權。
exercise that option or the lease term reflects the
Group is going to exercise an option to terminate
the lease.Annual Report 2025二零二五年年報207
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
29. Leases (continued) 29. 租賃（續）
(1) As a lessee (continued) (1) 作為承租人（續）
Variable lease payments not included in lease 未納入租賃負債計量的可變租賃付款
liabilities are charged to profit or loss as and when 額於實際發生時計入當期損益，但另incurred except the presentation in related asset 有規定計入相關資產成本的除外。
costs required by other standards.Where there are changes in the substantial fixed 當實質固定付款額發生變動、擔保餘
payment amount changes in amounts payable 值預計的應付金額發生變化、用於確
expected of the remaining value of guarantees 定租賃付款額的指數或比率發生變
changes in the index or ratio used to determine 動、購買選擇權、續租選擇權或終止
lease payment amounts and changes in the 選擇權的評估結果或實際行權情況發
assessment outcome relating to or actual exercise 生變化時，本集團按照變動後的租賃of the call option renewal option and termination 付款額的現值重新計量租賃負債。
option the Group re-measures the lease liabilities
based on present value of the modified lease
payment.A lease with a term of not more than 12 months at 本集團將在租賃期開始日，租賃期不the inception of the lease term and without any call 超過12個月，且不包含購買選擇權的option is recognised as a short-term lease; lease 租賃認定為短期租賃；將單項租賃資
comprising an individual lease asset in brand new 產為全新資產時價值較低的租賃認定
conditions and with low value is recognised as 為低價值資產租賃。本集團轉租或預a low-value asset lease. If the Group sub-leases 期轉租租賃資產的，原租賃不認定為or expects to sub-lease such leased assets the 低價值資產租賃。本集團對短期租賃original lease shall not be recognised as a low-value 和低價值資產租賃選擇不確認使用權
asset lease. For short-term leases and low-value 資產和租賃負債，在租賃期內各個期asset leases the Group elects not to recognise 間按照直線法計入相關的資產成本或
right-of-use assets and lease liabilities which are 當期損益。
instead charged to relevant asset costs or profit or
loss over the respective periods during the lease
term on a straight-line basis.208 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
29. Leases (continued) 29. 租賃（續）
(2) As a lessor (2) 作為出租人
Other than leases that transfer substantially all risks 租賃開始日實質上轉移了與租賃資產
and rewards relating to the ownership of leased 所有權有關的幾乎全部風險和報酬的
assets at inception which are recognised as finance 租賃為融資租賃，除此之外的均為經leases all leases are recognised as operating 營租賃。
leases.
(For operating leases) Rental income under an （適用於經營租賃）經營租賃的租金收
operating lease is recognised as profit or loss 入在租賃期內各個期間按直線法確認
over the respective periods of the lease term on a 為當期損益，未計入租賃收款額的可straightline basis and variable lease payments not 變租賃付款額在實際發生時計入當期
included in lease receivables are charged to profit 損益。初始直接費用資本化，在租賃or loss as and when incurred. Initial direct costs are 期內按照與租金收入確認相同的基礎
capitalised and amortised on the same basis as the 進行分攤，分期計入當期損益。
recognition of rental income over the lease term
and are included in the profit or loss by instalments.(For finance leases) At the commencement date （適用於融資租賃）在租賃期開始日，of the lease term the Group recognises finance 本集團對融資租賃確認應收融資租賃
lease receivables and derecognises f inancial 款，並終止確認融資租賃資產。本集leased assets. The Group initially measures finance 團對應收融資租賃款進行初始計量
lease receivables in the amount of net investment 時，以租賃投資淨額作為應收融資租in the lease. Net investment in the lease is the 賃款的入賬價值。租賃投資淨額為未sum of unguaranteed residual value and the 擔保餘值和租賃期開始日尚未收到的
present value of lease payments not received at 租賃收款額按照租賃內含利率折現的
the commencement date being discounted at the 現值之和，包括初始直接費用。本集interest rate contained in the lease including initial 團按照固定的週期性利率計算並確認
direct costs. The Group calculates and recognises 租賃期內各個期間的利息收入。本集interest income in each period during the lease term 團取得的未納入租賃投資淨額計量的
based on a constant periodic rate of interest. The 可變租賃付款額在實際發生時計入當
variable lease payments that are not included in the 期損益。
measurement of the net investment in the lease are
recognised in profit or loss when incurred.Annual Report 2025二零二五年年報209
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
30. Share repurchase 30. 回購股份
Considerations and transaction fees paid for repurchase 回購自身權益工具支付的對價和交易費用，of equity instruments of the Group result in decrease of 減少股東權益。除股份支付之外，發行（含shareholders’ equity. Other than share-based payments 再融資）、回購、出售或註銷自身權益工
issuance (including re-financing) repurchase selling or 具，作為權益的變動處理。
cancellation of equity instruments of the Group are treated
as changes of equity.
31. Fair value measurement 31. 公允價值計量
The fair value hierarchy to which an asset or liability 在財務報表中以公允價值計量或披露的資產
measured or disclosed in the financial statements at fair 和負債，根據對公允價值計量整體而言具有value will be determined on the basis of the lowest level 重要意義的最低層次輸入值，確定所屬的公of input which is significant for the fair value measurement 允價值層次：第一層次輸入值，在計量日能as a whole. Input at the first level represents unadjusted 夠取得的相同資產或負債在活躍市場上未經
quoted prices in an active market for the acquisition of 調整的報價；第二層次輸入值，除第一層次the same asset or liability on the measurement date. 輸入值外相關資產或負債直接或間接可觀察
Input at the second level represents input that is directly 的輸入值；第三層次輸入值，相關資產或負or indirectly observable for related assets or liabilities 債的不可觀察輸入值。
apart from input at the first level. Input at the third level
represents unobservable input for the asset or liability.At each balance sheet date the Group reassesses the 每個資產負債表日，本集團對在財務報表中assets and liabilities measured at fair value on an ongoing 確認的持續以公允價值計量的資產和負債進
basis recognised in the financial statements to determine 行重新評估，以確定是否在公允價值計量層whether the level of fair value measurement should be 次之間發生轉換。
changed.210 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
32. Significant accounting judgements and estimates 32. 重大會計判斷和估計
The preparation of the financial statements requires 編製財務報表要求管理層作出判斷、估計和
management to make judgements est imations and 假設，這些判斷、估計和假設會影響收入、assumpt ion that a f fect the repor ted amounts and 費用、資產和負債的列報金額及其披露以及
disclosures of revenues expenses assets and liabilities 資產負債表日或有負債的披露。這些假設和and the disclosure of contingent liabilities at the balance 估計的不確定性所導致的結果可能造成對未
sheet date. The uncertain nature of these assumptions and 來受影響的資產或負債的賬面價值進行重大
estimations could result in outcomes that could require a 調整。
material adjustment to the carrying amounts of the assets
or liabilities affected in the future.
(1) Judgements (1) 判斷
In the process of applying the Group’s accounting 在應用本集團的會計政策的過程中，policies the management has made the following 管理層作出了以下對財務報表所確認
judgements which have the most s igni f icant 的金額具有重大影響的判斷：
effect on the amounts recognised in the financial
statements:
Business model 業務模式
The classification of f inancial assets at init ial 金融資產於初始確認時的分類取決於
recognition depends on the business model the 本集團管理金融資產的業務模式，在Group adopts to manage financial assets. In judging 判斷業務模式時，本集團考慮包括企the business model the Group considers among 業評價和向關鍵管理人員報告金融資
others the methods by which it assesses and the 產業績的方式、影響金融資產業績的
way by which it reports to the key managers about 風險及其管理方式以及相關業務管理
the results of financial assets the risks confronted 人員獲得報酬的方式等。在評估是否by the results of financial assets and relevant risks 以收取合同現金流量為目標時，本集management methods and the way determining 團需要對金融資產到期日前的出售原
the compensation of business operators. When 因、時間、頻率和價值等進行分析判
determining whether the business model maintained 斷。
for the purpose of receiving contractual cash flows
the Group needs to analyse the reasons for selling
financial assets before expiry dates the time
frequency and consideration of the selling.Contractual cash flow characteristics 合同現金流量特徵
The classification of f inancial assets at init ial 金融資產於初始確認時的分類取決於
recognit ion depends on the f inancial asset’s 金融資產的合同現金流量特徵，需要contractual cash flow characteristics and the 判斷合同現金流量是否僅為對本金和
judgements on whether the contractual cash flows 以未償付本金為基礎的利息的支付
are solely payments of principal and interest on 時，包含對貨幣時間價值的修正進行the principal amount outstanding including when 評估時，需要判斷與基準現金流量相assessing the modification of the time value of 比是否具有顯著差異等。
money the judgement on whether there is any
significant difference from the benchmark cash flow
etc.Annual Report 2025二零二五年年報211
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
32. Significant accounting judgements and estimates 32. 重大會計判斷和估計（續）
(continued)
(1) Judgements (continued) (1) 判斷（續）
Principal versus agent 主要責任人與代理人
The Group sells products to a customer who is 本集團向客戶銷售商品，客戶同時也also the supplier of key materials used in the 是該商品製造中關鍵材料的供應商。
manufacturing of products. The Group needs to 本集團判斷其是主要責任人還是代理
determine whether it is a principal or an agent 人時，需要對在向客戶轉讓商品前是in these transactions by ascertaining whether it 否擁有對上述關鍵材料的控制權進行
has control over the above key materials before it 分析。如果本集團獲取上述關鍵材料transfers products to the customer. If it acquires 的控制權，那麼本集團為主要責任control of the aforesaid key materials the Group 人，並按照已收或應收對價總額確認is the principal and recognises revenue by total 收入。否則，本集團為代理人，按照considerations received or receivable. Otherwise 預期有權收取的佣金或手續費的金額
the Group is an agent and recognises revenue by 確認收入。本集團在判斷向客戶轉the amounts of commissions or service charges 讓商品前是否擁有對該商品的控制權
expected to receive. The determination of the Group 時，不僅局限於合同的法律形式而且on whether it has controls over goods before they 應綜合考慮所有相關事實和情況。
are transferred to customers not only depends on
legal contracts but also takes into consideration of
all relevant facts and conditions.Deferred tax liabilities in relation to withholding 股利分配引起的代扣代繳所得稅之遞
income taxes for dividend payment 延所得稅負債
Whether the Group’s overseas subsidiaries need to 本集團對於其境外子公司來源於其中
pay withholding income taxes for the dividends paid 國境內子公司分派的股利是否需要計
by their subsidiaries based in Mainland Chinese 提代扣代繳所得稅取決於股利實際支
is associated with the timing of dividend payment. 付時點。本集團若預計該盈利不會在If the Group estimates that the profit will not be 可預見的未來予以分派，且能控制該distributed in the foreseeable future and the time of 等子公司由股利分派產生的暫時性差
writing back the temporary difference arising from 異的轉回時間，則不需計提上述代扣dividend payment made by such subsidiaries can 代繳所得稅產生的遞延所得稅負債。
be controlled then it is not necessary to recognise 詳見附註五、21。
deferred tax liabilities for the aforesaid withholding
income taxes. For details please refer to Note V.21.212 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
32. Significant accounting judgements and estimates 32. 重大會計判斷和估計（續）
(continued)
(2) Estimation uncertainty (2) 估計的不確定性
The key assumptions concerning the future and 以下為於資產負債表日有關未來的關
other key sources of estimation uncertainty at the 鍵假設以及估計不確定性的其他關鍵
balance sheet date that have a significant risk 來源，可能會導致未來會計期間資產of causing a material adjustment to the carrying 和負債賬面價值重大調整。
amounts of assets and liabilities within the future
accounting periods are described below.Impairment of financial instruments and contract 金融工具和合同資產減值
assets
The Group has adopted the expected credit loss 本集團採用預期信用損失模型對金融
model to evaluate the impairment of f inancial 工具和合同資產的減值進行評估，應instruments and contract assets. The application of 用預期信用損失模型需要做出重大判
the expected credit loss model requires significant 斷和估計，需考慮所有合理且有依據judgement and estimates and the consideration 的信息，包括前瞻性信息。在做出這of all reasonable and soundly based information 些判斷和估計時，本集團根據歷史還including forward-looking information. In making 款數據結合經濟政策、宏觀經濟指
such judgement and estimates the Group estimates 標、行業風險等因素推斷債務人信用
the changes of the debtor’s credit risk according 風險的預期變動。不同的估計可能會to past repayment records taking into account 影響減值準備的計提，已計提的減值economic policies macro-economic indicators 準備可能並不等於未來實際的減值損
industry risks and other factors. Differences in 失金額。
estimates may have an impact on the provision for
impairment. A provision for impairment may not be
equal to the actual amount of impairment losses in
the future.Annual Report 2025二零二五年年報213
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
32. Significant accounting judgements and estimates 32. 重大會計判斷和估計（續）
(continued)
(2) Estimation uncertainty (continued) (2) 估計的不確定性（續）
Impairment of non-current assets other than financial 除金融資產之外的非流動資產減值
assets (excluding goodwill) （除商譽外）
The Group assesses whether there are any 本集團於資產負債表日對除金融資產
indications of impairment for non-current assets 之外的非流動資產判斷是否存在可能
other than financial assets at the balance sheet 發生減值的跡象。對使用壽命不確定date. Impairment tests are performed every year 和尚未達到可使用狀態的無形資產，for intangible assets with indefinite useful life and 除每年進行的減值測試外，當其存在those that are not ready for intended use; these 減值跡象時，也進行減值測試。其他assets are also tested when indications show that 除金融資產之外的非流動資產，當存they may be impaired. Non-current assets other 在跡象表明其賬面價值不可收回時，than financial assets are tested for impairment when 進行減值測試。當資產或資產組的賬there are indications that the carrying amounts may 面價值高於可收回金額，即公允價值not be recoverable. An impairment exists when the 減去處置費用後的淨額和預計未來現
carrying amount of an asset or CGU exceeds its 金流量的現值中的較高者，表明發生recoverable amount which is the higher of the fair 了減值。公允價值減去處置費用後的value less cost to sell and the present value of its 淨額，參考公平交易中類似資產的銷future cash flows. The net amount of the fair value 售協議價格或可觀察到的市場價格，less cost to sell is based on agreed selling prices 減去可直接歸屬於該資產處置的增量
of similar assets in fair trades or observable market 成本確定。預計未來現金流量現值prices less incremental costs for disposing of the 時，管理層必須估計該項資產或資產asset. When estimating the present value of future 組的預計未來現金流量，並選擇恰當cash flows the management must estimate the 的折現率確定未來現金流量的現值。
expected future cash flows of the asset or CGU and 詳見附註五、12、15-18、20、22。
adopts the appropriate discount rate to calculate
the present value of future cash flows. For details
please refer to Note V.12，15-18，20 and 22.Goodwill impairment 商譽減值
The Company tests the goodwill for impairment at 本集團至少每年測試商譽是否發生減
least annually. This requires making an estimate of 值。這要求對分配了商譽的資產組或the current value of the future cash flow of the CGU 者資產組組合的未來現金流量的現值
or CGU group that have distributed goodwill. When 進行預計。對未來現金流量的現值進making an estimate of the current value of future 行預計時，本集團需要預計未來資產cash flows the Group needs to make an estimate of 組或者資產組組合產生的現金流量，the future cash flows generated by the CGU or CGU 同時選擇恰當的折現率確定未來現金
group and simultaneously adopts the appropriate 流量的現值。詳見附註五、19。
discount rate to calculate the present value of future
cash flows. For details please refer to Note V.19.214 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
32. Significant accounting judgements and estimates 32. 重大會計判斷和估計（續）
(continued)
(2) Estimation uncertainty (continued) (2) 估計的不確定性（續）
Development expenditures 開發支出
In determining the amount of capitalisation the 確定資本化的金額時，管理層必須做management must make assumptions concerning 出有關資產的預計未來現金流量，適the expected future cash flows of assets applicable 用的折現率以及預計受益期間的假
discount rates and expected beneficial periods. 設。
Deferred tax assets 遞延所得稅資產
Deferred tax assets are recognised for all unused 在很可能有足夠的應納稅所得額用以
tax losses to the extent that it is likely that taxable 抵扣可抵扣虧損的限度內，應就所有profit will be available against which the losses can 尚未利用的可抵扣虧損確認遞延所得
be utilised. Significant judgments are needed from 稅資產。這需要管理層運用大量的判the management to estimate the timing and amount 斷來估計未來取得應納稅所得額的時
of taxable profit in the future and the corresponding 間、金額以及相應的稅率，結合納稅tax rate wi th considerat ion of tax p lanning 籌劃策略，以決定應確認的遞延所得strategies to determine the amount of the deferred 稅資產的金額。
tax assets that should be recognised.Variable consideration involving sales discounts 涉及銷售折扣的可變對價
The Group makes reasonable estimates on discount 本集團對具有類似特徵的合同組合，rates in respect of contract groups with similar 根據銷售歷史數據、當前銷售情況，characteristics based on the historic data and 考慮客戶需求變化、市場變化等全部
current conditions of sales taking into consideration 相關信息後，對折扣率予以合理估all relevant information such as customer changes 計。估計的折扣率可能並不等於未來and market changes among others. The estimate 實際的折扣率，本集團至少於每一資of the discount rates may not be equal to the actual 產負債表日對折扣率進行重新評估，discount rates in the future. The Group reassesses 並根據重新評估後的折扣率確定會計
the discount rates at least annually at least on each 處理。
balance sheet date and determines its accounting
method based on the reassessed discount rates.Annual Report 2025二零二五年年報215
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
32. Significant accounting judgements and estimates 32. 重大會計判斷和估計（續）
(continued)
(2) Estimation uncertainty (continued) (2) 估計的不確定性（續）
Provision for warranty 產品質量保證的預計負債
The Group makes reasonable es t imates on 本集團對具有類似特徵的合同組合，warranty fee rates in respect of contract groups 根據歷史保修數據、當前保修情況，with similar characteristics based on the historic 考慮產品改進、市場變化等全部相關
data and current conditions of warranty taking 信息後，對保修費率予以合理估計。
into consideration all relevant information such as 估計的保修費率可能並不等於未來實
product improvements and market changes among 際的保修費率，本集團至少於每一資others. The estimate of the warranty fee rate may 產負債表日對保修費率進行重新評
not be equal to the actual warranty fee rate in the 估，並根據重新評估後的保修費率確future. The Group reassesses the warranty fee rates 定預計負債。
at least annually at least on each balance sheet
date and determines its estimated liabilities based
on the reassessed warranty fee rates.Provision for inventory impairment based on net 以可變現淨值為基礎計提存貨跌價準
realizable value 備
The Group measures inventor ies by cost or 本集團存貨按成本和可變現淨值孰低
net realisable value whichever is lower. The 計量。估計存貨可變現淨值要求在取determination of the net realisable value requires 得確鑿證據，並且考慮持有存貨的目the acquisition of conclusive evidence by the 的、資產負債表日後事項的影響等因
management who should also take into account 素的基礎上作出判斷和估計。實際的factors such as the purpose of stocking the 結果與原先估計的差異將在估計被改
inventory and the impact of post-balance sheet date 變的期間影響存貨的賬面價值及存貨
events before making judgments and estimates. 跌價準備的計提或轉回。
The difference between the actual outcome and the
original estimates shall affect the carrying amount of
the inventory and charge or reversal of impairment
provision for the period during which the estimates
were revised.216 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
III. PRINCIPAL ACCOUNTING POLICIES AND ACCOUNTING 三、 重要會計政策及會計估計（續）
ESTIMATES (CONTINUED)
32. Significant accounting judgements and estimates 32. 重大會計判斷和估計（續）
(continued)
(2) Estimation uncertainty (continued) (2) 估計的不確定性（續）
Depreciation and amortisation 折舊及攤銷
When assets are ready for intended use the 本集團於資產達到預定可使用狀態起
Group provides depreciation of fixed assets and 按有關的估計使用壽命及淨殘值以年
amortisation of intangible assets by the straight- 限平均法或生產總量法計算固定資產
line method or the output method based on the 的折舊及無形資產的攤銷，反映了管estimated useful life and the net residual value 理層就本集團擬從使用該固定資產及
which reflects the management’s estimate for the 無形資產獲得未來經濟利益的期間的
periods in which the Group expects to receive 估計。
economic benefits from the use of such fixed assets
and intangible assets.Incremental loan interest rate for the lessee 承租人增量借款利率
Where the implied interest rate cannot be available 對於無法確定租賃內含利率的租賃，the Group adopts the incremental loan interest rate 本集團採用承租人增量借款利率作為
for the lessee as the discount rate for calculating the 折現率計算租賃付款額的現值。確定present value of lease payment. In determining the 增量借款利率時，本集團根據所處經incremental loan interest rate the Group considers 濟環境，以可觀察的利率作為確定the economic environment refers to the observable 增量借款利率的參考基礎，在此基礎interest rate as the basis and adjusts the reference 上，根據自身情況、標的資產情況、rate to the applicable extent by considering its own 租賃期和租賃負債金額等租賃業務具
conditions the conditions of target assets the lease 體情況對參考利率進行調整以得出適
term the amount of lease liabilities and other factors 用的增量借款利率。
that are specific to the lease.Fair value of unlisted equity investments 非上市股權投資之公允價值
The Group applies the quoted market prices to 本集團對於上市的權益工具投資，以determine the fair value of listed equity instrument 市場報價確定公允價值。對於限售股investments. For investments in restricted shares 票、非上市的權益工具投資，利用近and un l is ted equ i ty ins t ruments the Group 期交易法或者採用估值技術來確定其
adopts the recent transaction method or applies 公允價值，估值技術包括市場乘數valuat ion techniques to determine the i r fa i r 法、期權定價模型等。其公允價值的value while valuation techniques include market 計量採用了重要的不可觀察參數，比multiplier method option pricing models etc. 如企業價值╱收入（「EV/Revenue」）
The measurement of fair value uses significant 比率、流動性折扣等。這要求本集團unobservable parameters including enterprise 確定可比上市公司、選擇市場乘數
value-to-revenue (“EV/Revenue”) ratio liquidity 法、期權定價模型、信用風險、波動
discount etc. This requires the Group to determine 和折現率等，因此具有不確定性。詳comparable listed companies selection of market 情載於附註十一。
multiplier method option pricing models credit
risk fluctuations discount rate etc. which are of
uncertainties. For details please refer to Note XI.Annual Report 2025二零二五年年報217
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
IV. TAXATION 四、 稅項
1. Principal tax items and tax rates 1. 主要稅種及稅率
Tax base Tax rate計稅依據稅率
Value-added Tax (“VAT”) Difference arising from the deduction of deductible 3% 6% 9% or 13%
input VAT from sales revenue and output VAT
based on applicable tax rate
增值稅銷售額和適用稅率計算的銷項稅額，抵扣准予抵扣的3%、6%、9%或13%進項稅額後的差額
Consumption tax Ad valorem collection for sales revenue of taxable Vehicles: 1%-10%
consumer goods
消費稅從價計徵應稅消費品銷售額汽車：1%-10%
City maintenance and Actual payment of VAT and consumption tax 1%-7%
construction tax
城市維護建設稅實際繳納的增值稅、消費稅稅額1%-7%
Enterprise income tax Taxable income Note 1企業所得稅應納稅所得額註1
Education surcharge Actual payment of VAT and consumption tax 3%
教育費附加實際繳納的增值稅、消費稅稅額3%
Local education surcharge Actual payment of VAT and consumption tax 2%
地方教育附加實際繳納的增值稅、消費稅稅額2%
Overseas tax Calculation based on the tax laws and regulations of
other countries and regions海外稅項根據境外各國家和地區的稅收法規計算
Note 1: Save for the subsidiaries that enjoy tax concessions 註1： 除附註四、2所述享受企業所得稅優惠
as stated in Note IV. 2 the Company’s branches and 的子公司外，本公司主要境內分、子公subsidiaries based in Mainland China are subject to the 司法定企業所得稅稅率為25%。
statutory enterprise income tax rate of 25%.218 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
IV. TAXATION (CONTINUED) 四、 稅項（續）
2. Tax concessions and relevant documents 2. 稅收優惠及批文
Enterprise income tax 企業所得稅
Company name Preferential tax rate Duration公司名稱優惠稅率適用年份
BYD Auto Co. Ltd. 15% (national high-tech enterprise) 2025-2027
比亞迪汽車有限公司15%（國家級高新技術企業）2025-2027
Wuwei FinDreams Battery Co. Ltd. 15% (national high-tech enterprise) 2025-2027
無為弗迪電池有限公司15%（國家級高新技術企業）2025-2027
Zhengzhou FinDreams Battery Co. Ltd. 15% (national high-tech enterprise) 2025-2027
鄭州弗迪電池有限公司15%（國家級高新技術企業）2025-2027
Huizhou BYD Battery Co. Ltd. 15% (national high-tech enterprise) 2025-2027
惠州比亞迪電池有限公司15%（國家級高新技術企業）2025-2027
BYD (Shaoguan) Co. Ltd. 15% (national high-tech enterprise) 2025-2027
韶關比亞迪實業有限公司15%（國家級高新技術企業）2025-2027
Ningbo BYD Semiconductor Co. Ltd. 15% (national high-tech enterprise) 2025-2027
寧波比亞迪半導體有限公司15%（國家級高新技術企業）2025-2027
CHANGSHA BYD AUTO CO. LTD. 15% (national high-tech enterprise) 2025-2027
長沙市比亞迪汽車有限公司15%（國家級高新技術企業）2025-2027
BYD Auto Industry Company Limited 15% (national high-tech enterprise) 2024-2026
比亞迪汽車工業有限公司15%（國家級高新技術企業）2024-2026
Shanwei BYD Industrial Co. Ltd. 15% (national high-tech enterprise) 2024-2026
汕尾比亞迪實業有限公司15%（國家級高新技術企業）2024-2026
Shenzhen BYD Auto Industrial Co. Ltd. 15% (national high-tech enterprise) 2024-2026
深圳比亞迪汽車實業有限公司15%（國家級高新技術企業）2024-2026
Jinan BYD Auto Co. Ltd. 15% (national high-tech enterprise) 2024-2026
濟南比亞迪汽車有限公司15%（國家級高新技術企業）2024-2026
Jinan FinDreams Battery Co. Ltd. 15% (national high-tech enterprise) 2024-2026
濟南弗迪電池有限公司15%（國家級高新技術企業）2024-2026
Zhengzhou BYD Auto Co. Ltd. 15% (national high-tech enterprise) 2024-2026
鄭州比亞迪汽車有限公司15%（國家級高新技術企業）2024-2026
BYD Lithium Battery Co. Ltd. 15% (national high-tech enterprise) 2024-2026
深圳市比亞迪鋰電池有限公司15%（國家級高新技術企業）2024-2026
Huizhou BYD Electronics Co. Ltd. 15% (national high-tech enterprise) 2024-2026
惠州比亞迪電子有限公司 15%（國家級高新技術企業） 2024-2026Annual Report 2025二零二五年年報219
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
IV. TAXATION (CONTINUED) 四、 稅項（續）
2. Tax concessions and relevant documents (continued) 2. 稅收優惠及批文（續）
Enterprise income tax (continued) 企業所得稅（續）
Company name Preferential tax rate Duration公司名稱優惠稅率適用年份
Beijing BYD Mould Co. Ltd. 15% (national high-tech enterprise) 2024-2026
北京比亞迪模具有限公司15%（國家級高新技術企業）2024-2026
BYD Precision Manufacturing Co. Ltd. 15% (national high-tech enterprise) 2024-2026
比亞迪精密製造有限公司15%（國家級高新技術企業）2024-2026
Guangdong BYD Energy Conservation 15% (national high-tech enterprise) 2024-2026
Technology Co. Ltd.廣東比亞迪節能科技有限公司15%（國家級高新技術企業）2024-2026
Changzhou BYD Auto Co. Ltd. 15% (national high-tech enterprise) 2023-2025
常州比亞迪汽車有限公司15%（國家級高新技術企業）2023-2025
Hefei BYD Auto Co. Ltd. 15% (national high-tech enterprise) 2023-2025
合肥比亞迪汽車有限公司15%（國家級高新技術企業）2023-2025
Changsha FinDreams Battery Co. Ltd. 15% (national high-tech enterprise) 2023-2025
長沙弗迪電池有限公司15%（國家級高新技術企業）2023-2025
FAW Fudi New Energy Technology 15% (national high-tech enterprise) 2023-2025
Co. Ltd.一汽弗迪新能源科技有限公司15%（國家級高新技術企業）2023-2025
Shanghai BYD Co. Ltd. 15% (national high-tech enterprise) 2023-2025
上海比亞迪有限公司15%（國家級高新技術企業）2023-2025
Shantou BYD Electronics Co. Ltd. 15% (national high-tech enterprise) 2023-2025
汕頭比亞迪電子有限公司15%（國家級高新技術企業）2023-2025
BYD Signal & Communication Company 15% (national high-tech enterprise) 2023-2025
Limited
比亞迪通信信號有限公司15%（國家級高新技術企業）2023-2025
Shanwei BYD Auto Co. Ltd. 15% (national high-tech enterprise) 2023-2025
汕尾比亞迪汽車有限公司15%（國家級高新技術企業）2023-2025
Chongqing BYD Battery Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
重慶比亞迪鋰電池有限公司15%（西部大開發優惠政策）2025
Xi’an BYD Auto Parts Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
西安比亞迪汽車零部件有限公司15%（西部大開發優惠政策）2025
Qinghai Fudi Lithium Energy Technology 15% (Preferential Policies for the Development of 2025
Co. Ltd. Western China)
青海弗迪鋰能科技有限公司15%（西部大開發優惠政策）2025
Chengdu BYD Semiconductor Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
成都比亞迪半導體有限公司 15%（西部大開發優惠政策） 2025220 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
IV. TAXATION (CONTINUED) 四、 稅項（續）
2. Tax concessions and relevant documents (continued) 2. 稅收優惠及批文（續）
Enterprise income tax (continued) 企業所得稅（續）
Company name Preferential tax rate Duration公司名稱優惠稅率適用年份
Xi’an FinDreams Battery Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
西安弗迪電池有限公司15%（西部大開發優惠政策）2025
Xi’an BYD Electronics Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
西安比亞迪電子有限公司15%（西部大開發優惠政策）2025
Guilin BYD Industrial Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
桂林比亞迪實業有限公司15%（西部大開發優惠政策）2025
Qinghai FinDreams Industry Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
青海弗迪實業有限公司15%（西部大開發優惠政策）2025
Chongqing FinDreams Battery Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
重慶弗迪鋰電池有限公司15%（西部大開發優惠政策）2025
Guiyang FinDreams Battery Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
貴陽弗迪電池有限公司15%（西部大開發優惠政策）2025
Guang’an BYD Industrial Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
廣安比亞迪實業有限公司15%（西部大開發優惠政策）2025
FinDreams Battery Gui’an Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
貴安新區弗迪電池有限公司15%（西部大開發優惠政策）2025
FinDreams Powertrain Guiyang Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
貴陽弗迪動力有限公司15%（西部大開發優惠政策）2025
Chongqing FinDreams Battery R&D 15% (Preferential Policies for the Development of 2025
Institute Co. Ltd. Western China)
重慶弗迪電池研究院有限公司15%（西部大開發優惠政策）2025
Qinghai FinDreams Battery Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
青海弗迪電池有限公司15%（西部大開發優惠政策）2025
Shangluo BYD Industrial Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
商洛比亞迪實業有限公司15%（西部大開發優惠政策）2025
Baoji BYD Industrial Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
寶雞比亞迪實業有限公司 15%（西部大開發優惠政策） 2025Annual Report 2025二零二五年年報221
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
IV. TAXATION (CONTINUED) 四、 稅項（續）
2. Tax concessions and relevant documents (continued) 2. 稅收優惠及批文（續）
Enterprise income tax (continued) 企業所得稅（續）
Company name Preferential tax rate Duration公司名稱優惠稅率適用年份
Chengdu BYD Electronics Co. Ltd. 15% (Preferential Policies for the Development of 2025
Western China)
成都比亞迪電子有限公司15%（西部大開發優惠政策）2025
FinDreams Battery Guangxi ASEAN 9% (Preferential Policies for the Development of Western 2025
Co. Ltd. China and Tax Incentives for the Beibu Gulf Economic
Zone Guangxi)
廣西東盟弗迪電池有限公司9%（西部大開發優惠政策+廣西北部灣經濟區稅收優惠政策）2025
FinDreams Battery Nanning Co. Ltd. 9% (Preferential Policies for the Development of Western 2025
China and Tax Incentives for the Beibu Gulf Economic
Zone Guangxi)
南寧弗迪電池有限公司9%（西部大開發優惠政策+廣西北部灣經濟區稅收優惠政策）2025
Guangxi FinDreams Battery Co. Ltd. 9% (Preferential Policies for the Development of Western 2025
China and Tax Incentives for the Beibu Gulf Economic
Zone Guangxi)
廣西弗迪電池有限公司9%（西部大開發優惠政策+廣西北部灣經濟區稅收優惠政策）2025
Nanning BYD New Materials Co. Ltd. 9% (Preferential Policies for the Development of Western 2025
China and Tax Incentives for the Beibu Gulf Economic
Zone Guangxi)
南寧比亞迪新材料有限公司9%（西部大開發優惠政策+廣西北部灣經濟區稅收優惠政策）2025
BYD Semiconductor Company Limited 10% (national key integrated circuit design enterprise) To be
reviewed;
provisionally
at 10%
比亞迪半導體股份有限公司10%（國家級重點集成電路企業）複審，暫按10%Shenzhen FinDreams Financial Leasing 15% (enterprise classified into the category of 2025
Co. Ltd. encouraged industries in Hengqin in Guangdong
Province Pingtan in Fujian Province and Qianhai
in Shenzhen)深圳弗迪融資租賃有限公司15%（廣東橫琴、福建平潭、深圳前海等地區的鼓勵類2025產業企業）
BYD (Shenzhen) Supply Chain 15% (enterprise classified into the category of 2025
Management Co. Ltd. encouraged industries in Hengqin in Guangdong
Province Pingtan in Fujian Province and Qianhai
in Shenzhen)深圳市比亞迪供應鏈管理有限公司15%（廣東橫琴、福建平潭、深圳前海等地區的鼓勵類2025產業企業）
Shenzhen Di Lian Technology Co. Ltd. 15% (enterprise classified into the category of 2025
encouraged industries in Hengqin in Guangdong
Province Pingtan in Fujian Province and Qianhai
in Shenzhen)深圳迪鏈科技有限公司15%（廣東橫琴、福建平潭、深圳前海等地區的鼓勵類2025產業企業）222 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
IV. TAXATION (CONTINUED) 四、 稅項（續）
2. Tax concessions and relevant documents (continued) 2. 稅收優惠及批文（續）
Other tax concessions 其他稅收優惠
According to the Announcement No. 43 [2023] of the 根據財政部、稅務總局公告二零二三年第43Ministry of Finance and the State Taxation Administration 號《關於先進製造業企業增值稅加計抵減政“Not ice on the Addi t ional Value-Added Tax (VAT) 策的公告》，自二零二三年一月一日至二零Deduction Policy for Advanced Manufacturing Enterprises 二七年十二月三十一日，允許先進製造業企《(關於先進製造業企業增值稅加計抵減政策的公告》)”業按照當期可抵扣進項稅額加計5%抵減應
from 1 January 2023 to 31 December 2027 advanced 納增值稅稅額（以下稱加計抵減政策），比manufacturing enterprises are allowed to deduct an 亞迪汽車工業有限公司、深圳市比亞迪鋰電
additional 5% of the input VAT that can be credited in the 池有限公司、惠州比亞迪電子有限公司、北
current period from the output VAT payable (hereinafter 京比亞迪模具有限公司、廣東比亞迪節能科
referred to as the “Additional Deduction Policy”). BYD Auto 技有限公司、惠州比亞迪電池有限公司、韶
Industry Company Limited BYD Lithium Battery Co. Ltd. 關比亞迪實業有限公司、寧波比亞迪半導體
Huizhou BYD Electronics Co. Ltd. Beijing BYD Mould Co. 有限公司、常州比亞迪汽車有限公司、長沙
Ltd. Guangdong BYD Energy-Saving Technology Co. 市比亞迪汽車有限公司、汕頭比亞迪電子有
Ltd. Huizhou BYD Battery Co. Ltd. BYD (Shaoguan) Co. 限公司、汕尾比亞迪汽車有限公司、上海比
Ltd. Ningbo BYD Semiconductor Co. Ltd. Changzhou 亞迪有限公司（複審中，暫適用）、長沙弗迪BYD Auto Co. Ltd. CHANGSHA BYD AUTO CO. LTD. 電池有限公司、合肥比亞迪汽車有限公司、
Shantou BYD Electronics Co. Ltd. Shanwei BYD Auto Co. 一汽弗迪新能源科技有限公司、濟南比亞迪
Ltd. SHANGHAI BYD COMPANY LIMITED (to be reviewed 汽車有限公司、濟南弗迪電池有限公司、比
temporarily applicable) Changsha FinDreams Battery Co. 亞迪汽車有限公司、汕尾比亞迪實業有限公
Ltd. Hefei BYD Auto Co. Ltd. FAW-FINDREAMS New 司、深圳比亞迪汽車實業有限公司適用該加
Energy Technology Co. Ltd. Jinan BYD Auto Co. Ltd. 計抵減政策。
Jinan FinDreams Battery Co. Ltd. BYD Auto Co. Ltd.BYD (Shanwei) Company Limited and Shenzhen BYD
Auto Industrial Co. Ltd. are applicable to the Additional
Deduction Policy.According to the Announcement No. 17 [2023] of the 根據財政部、稅務總局公告二零二三年第17Ministry of Finance and the State Taxation Administration 號《關於集成電路企業增值稅加計抵減政策“Notice on the Additional Value-Added Tax Deduction 的公告》，自二零二三年一月一日至二零二Policy for Integrated Circuit Enterprises 《( 關於集成電路企 七年十二月三十一日，允許集成電路設計、業增值稅加計抵減政策的公告》)” from 1 January 2023 to 生產、封測、裝備、材料企業（以下稱集成
31 December 2027 integrated circuit design production 電路企業），按照當期可抵扣進項稅額加計packag ing and tes t ing equ ipment and mater ia l 15%抵減應納增值稅稅額（以下稱加計抵減enterprises (hereinafter referred to as the “Integrated 政策），比亞迪半導體股份有限公司適用該Circuit Enterprises”) are allowed to deduct an additional 加計抵減政策。
15% of the input VAT that can be credited in the current
period from the output VAT payable (hereinafter referred to
as the “Additional Deduction Policy”). BYD Semiconductor
Company Limited is applicable to the Additional Deduction
Policy.Annual Report 2025二零二五年年報223
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋
FINANCIAL STATEMENTS
1. Cash and bank balances 1. 貨幣資金
20252024
二零二五年二零二四年
Cash 庫存現金 795 952
Bank deposit 銀行存款 40641446 60528123
Other cash and bank balances 其他貨幣資金 34782506 42209659
Total 合計 75424747 102738734
Including: Aggregate of funds deposited 其中：存放在境外的款項總額 11323430* 10382455
overseas
As at 31 December 2025 cash and bank balances which 於二零二五年十二月三十一日，本集團存放the Group placed overseas and were subject to restrictions 在境外且資金匯回受到限制的貨幣資金為人on fund repatriation amounted to RMB175812000 (31 民幣175812千元（二零二四年十二月三十一December 2024: RMB8561000). 日：人民幣8561千元）。
* Excluding Hong Kong Macao and Taiwan regions * 不含港澳台地區
2. Financial assets held for trading 2. 交易性金融資產
20252024
二零二五年二零二四年
Financial assets at fair value through profit 以公允價值計量且其變動計入當期
or loss 損益的金融資產
Wealth management and other products 理財及其他產品 54532541 40511496224 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
3. Trade receivables 3. 應收賬款
(1) Disclosure by aging (1) 按賬齡披露
The aging of trade receivables is recognised based 應收賬款賬齡按收入確認的時間予以
on the time of revenue recognition. The aging 確認，應收賬款的賬齡分析如下：
analysis of trade receivables is as follows:
20252024
二零二五年二零二四年
Within 1 year 1年以內 34395603 53521437
1 to 2 years 1年至2年 1814306 7054299
2 to 3 years 2年至3年 2263344 1193105
Over 3 years 3年以上 2781612 4987183
4125486566756024
Less: Provision for bad debt of 減：應收賬款壞賬準備 4250180 4457036
trade receivables
Total 合計 37004685 62298988
The subsidies for new energy vehicle sales are 上述應收賬款含應收新能源汽車補貼
included in the above trade receivables. 款。Annual Report 2025二零二五年年報225
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
3. Trade receivables (continued) 3. 應收賬款（續）
(2) Disclosure by the method of provision for bad debt (2) 按壞賬計提方法分類披露
2025二零二五年
Book balance Provision for bad debt賬面餘額壞賬準備
Percentage Provision rate Carrying
Amount (%) Amount (%) amount比例計提比例
金額(%)金額(%)賬面價值
Provision for bad debt 單項計提壞賬準備 809662 1.96 809662 100.00 –
based on individual
assessment
Provision for bad debt 按信用風險特徵組合計 40445203 98.04 3440518 8.51 37004685
based on collective 提壞賬準備
assessment by credit
risk portfolio
Total 合計 41254865 100.00 4250180 37004685
2024二零二四年
Book balance Provision for bad debt賬面餘額壞賬準備
Percentage Provision rate Carrying
Amount (%) Amount (%) amount比例計提比例
金額(%)金額(%)賬面價值
Provision for bad debt 單項計提壞賬準備 1005795 1.51 1005795 100.00 –
based on individual
assessment
Provision for bad debt 按信用風險特徵組合計 65750229 98.49 3451241 5.25 62298988
based on collective 提壞賬準備
assessment by credit
risk portfolio
Total 合計 66756024 100.00 4457036 62298988226 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
3. Trade receivables (continued) 3. 應收賬款（續）
(2) Disclosure by the method of provision for bad debt (2) 按壞賬計提方法分類披露（續）
(continued)
Trade receivables with provision for bad debt based 單項計提壞賬準備的應收賬款情況如
on individual assessment are shown as follows: 下：
2025
二零二五年
Book Provision for Provision Reason of
balance bad debt rate (%) provision計提比例
賬面餘額壞賬準備(%)計提理由
Customer 1 客戶一 156202 156202 100.00 Expected to be
unrecoverable預計無法收回
Customer 2 客戶二 110377 110377 100.00 Expected to be
unrecoverable預計無法收回
Customer 3 客戶三 84616 84616 100.00 Expected to be
unrecoverable預計無法收回
Customer 4 客戶四 74601 74601 100.00 Expected to be
unrecoverable預計無法收回
Customer 5 客戶五 57223 57223 100.00 Expected to be
unrecoverable預計無法收回
Others 其他 326643 326643 100.00
Total 合計 809662 809662Annual Report 2025二零二五年年報227
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
3. Trade receivables (continued) 3. 應收賬款（續）
(2) Disclosure by the method of provision for bad debt (2) 按壞賬計提方法分類披露（續）
(continued)
As at 31 December 2025 t rade receivables 於二零二五年十二月三十一日，組合with provision for bad debt based on collective 計提壞賬準備的應收賬款情況如下：
assessment are shown as follows:
Provision for Provision rate
Book balance impairment (%)
賬面餘額減值準備計提比例(%)
Within 1 year (inclusive) 1年以內（含1年） 34327019 836527 2.44
1-2 years (inclusive) 1-2年（含2年） 1814277 322398 17.77
2-3 years (inclusive) 2-3年（含3年） 2147615 584857 27.23
Over 3 years 3年以上 2156292 1696736 78.69
Total 合計 40445203 3440518
As at 31 December 2024 t rade receivables 於二零二四年十二月三十一日，組合with provision for bad debt based on collective 計提壞賬準備的應收賬款情況如下：
assessment are shown as follows:
Provision for Provision rate
Book balance impairment (%)
賬面餘額減值準備計提比例(%)
Within 1 year (inclusive) 1年以內（含1年） 53514942 684342 1.28
1-2 years (inclusive) 1-2年（含2年） 6966459 752057 10.80
2-3 years (inclusive) 2-3年（含3年） 1145020 322356 28.15
Over 3 years 3年以上 4123808 1692486 41.04
Total 合計 65750229 3451241228 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
3. Trade receivables (continued) 3. 應收賬款（續）
(3) Details of provision for bad debt (3) 壞賬準備的情況
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
difference
Provision Reversal on foreign
Opening for the in the Write-off currency Closing
balance year year in the year translation balance外幣報表年初餘額本年計提本年轉回本年核銷折算差額年末餘額
2025二零二五年44570361450158(1437032)(233166)131844250180
2024二零二四年35836171871790(933484)(47269)(17618)4457036
In 2025 there was no recovery of provision for bad 於二零二五年度，無壞賬準備收回或debt or reversal of significant amounts or write-off of 轉回金額重要的款項，無重要的應收significant trade receivables. 賬款核銷款項。
(4) Details of top five trade receivables and contract (4) 按欠款方歸集的年末餘額前五名的應
assets with the closing balances classified by 收賬款和合同資產情況
debtors
As at 31 December 2025 the total trade receivables 於二零二五年十二月三十一日，應收and contract assets of the five greatest amounts 賬款和合同資產合計金額前五名共計
were RMB7010339000 accounting for 16.26% of 人民幣7010339千元，佔應收賬款和the aggregate closing balance of trade receivables 合同資產期末餘額合計數的16.26%，and contract assets. The aggregate closing balance 應收賬款和合同資產合計金額前五名
of the provision impairment on assets for the total 的資產減值準備期末餘額共計人民幣
trade receivables and contract assets of the five 46961千元。
greatest amounts were RMB46961000.For details of the transfer of trade receivables 關於應收賬款轉移，參見附註十、4。
please refer to Note X.4.Annual Report 2025二零二五年年報229
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
4. Receivables financing 4. 應收款項融資
(1) Classification of receivables financing (1) 應收款項融資分類列示
20252024
二零二五年二零二四年
Bank acceptance bills 銀行承兌匯票 2705105 6841475
Trade receivables 應收賬款 2807952 3652031
Original carrying amount 年末賬面原值 5513057 10493506
at the end of the year
Less: Other comprehensive income 減：其他綜合收益 28931 43540
– change in fair value －公允價值變動
Fair value at the end of the year 年末公允價值 5484126 10449966
The business model of the Company for the 企業對應收票據與信用證管理的業務
management of notes receivable and letters of 模式既以收取合同現金流為目標又以
credit is for the purposes of receiving contractual 出售為目標，分類為以公允價值計量cash flows and trading. Financial assets classified 且其變動計入其他綜合收益的金融資
as fair value through other comprehensive income 產，列報為應收款項融資。
are presented as receivables financing.Endorsed or discounted notes receivable which 已背書或貼現但在資產負債表日尚未
have not become due at the balance sheet date are 到期的應收票據如下：
as follows:
20252024
二零二五年二零二四年
Not Not
Derecognised derecognised Derecognised derecognised終止確認未終止確認終止確認未終止確認
Bank acceptance bills 銀行承兌匯票 119197696 – 154983146 –
Details of transfer of financial assets related to notes 與應收票據相關的金融資產轉移詳見
receivable are set out in Note X.4. 附註十、4。230 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
5. Other receivables 5. 其他應收款
20252024
二零二五年二零二四年
Other receivables 其他應收款 3153552 3616030
(1) Disclosure by aging (1) 按賬齡披露
20252024
二零二五年二零二四年
Within 1 year 1年以內 2395238 2633552
1 to 2 years 1年至2年 224779 504828
2 to 3 years 2年至3年 246359 294290
Over 3 years 3年以上 464921 360306
33312973792976
Less: Bad debt provision for other 減：其他應收款壞賬準備 177745 176946
receivables
Total 合計 3153552 3616030Annual Report 2025二零二五年年報231
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
5. Other receivables (continued) 5. 其他應收款（續）
(2) Analysed by nature (2) 按款項性質分類情況
20252024
二零二五年二零二四年
Deposits and guarantees 保證金及押金 987642 979368
Export refunds and other 出口退稅及稅金
tax receivables 289596 335164
Transfer from prepayments before 未發貨預付款轉入 175703 174793
shipment
Social security contribution on behalf of 代扣代繳員工社保 1021560 982689
employees
Advance for equipment 設備款 43719 386442
Others 其他 813077 934520
Total 合計 3331297 3792976
(3) Details of provision for bad debt (3) 壞賬準備計提情況
2025二零二五年
Book balance Bad debt provision賬面餘額壞賬準備
Percentage Provision Carrying
Amount (%) Amount rate (%) amount比例計提比例
金額(%)金額(%)賬面價值
Provision for bad debt based 單項計提壞賬準備 175703 5.27 175703 100.00 –
on individual assessment
Provision for bad debt based 按信用風險特徵組合計提 3155594 94.73 2042 0.06 3153552
on collective assessment by 壞賬準備
credit risk portfolio
Total 合計 3331297 100.00 177745 3153552232 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
5. Other receivables (continued) 5. 其他應收款（續）
(3) Details of provision for bad debt (continued) (3) 壞賬準備計提情況（續）
2024二零二四年
Book balance Bad debt provision賬面餘額壞賬準備
Percentage Provision Carrying
Amount (%) Amount rate (%) amount比例計提比例
金額(%)金額(%)賬面價值
Provision for bad debt based 單項計提壞賬準備 174793 4.61 174793 100.00 –
on individual assessment
Provision for bad debt based 按信用風險特徵組合計提 3618183 95.39 2153 0.06 3616030
on collective assessment by 壞賬準備
credit risk portfolio
Total 合計 3792976 100.00 176946 3616030
Other receivables with provision for bad debt based 單項計提壞賬準備的其他應收款情況
on individual assessment are shown as follows: 如下：
2025
二零二五年
Book Provision for Provision
balance bad debt rate (%) Reason of provision計提比例
賬面餘額壞賬準備(%)計提理由
Customer 1 客戶一 94616 94616 100.00 Expected to be unrecoverable預計無法收回
Customer 2 客戶二 79700 79700 100.00 Expected to be unrecoverable預計無法收回
Customer 3 客戶三 1387 1387 100.00 Expected to be unrecoverable預計無法收回
Total 合計 175703 175703Annual Report 2025二零二五年年報233
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
5. Other receivables (continued) 5. 其他應收款（續）
(3) Details of provision for bad debt (continued) (3) 壞賬準備計提情況（續）
Changes of provis ion for bad debt of other 其他應收款按照12個月預期信用損失
receivables based on 12-month expected credit loss 及整個存續期預期信用損失分別計提
and lifetime expected credit loss are as follows: 的壞賬準備的變動如下：
Stage 1 Stage 2 Stage 3
第一階段第二階段第三階段
Lifetime Lifetime
expected expected
credit loss credit loss
12-month (no credit (credit
expected impairment impairment
credit loss incurred) incurred) Total整個整個存續期預期存續期預期信用損失信用損失未來12個月（未發生信用（已發生信用預期信用損失減值）減值）合計
Opening balance 年初餘額 1177 976 174793 176946
Opening balance transfer
during the year 年初餘額在本年階段轉換 (91) 91 – –
Provision for the year 本年計提 544 – 910 1454
Reversal in the year 本年轉回 – (655) – (655)
Offset in the year 本年轉銷 – – – –
Write-off in the year 本年核銷 – – – –
Other changes 其他變動 – – – –
Closing balance 年末餘額 1630 412 175703 177745234 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
5. Other receivables (continued) 5. 其他應收款（續）
(4) Details of provision for bad debt (4) 壞賬準備的情況
Changes of provis ion for bad debt of other 其他應收款壞賬準備的變動如下：
receivables are as follows:
Recovery
Provision or
Opening for the reversal Write-off Closing
balance year in the year in the year balance本年收回年初餘額本年計提或轉回本年核銷年末餘額
Provision for bad debt of 其他應收款壞賬準備 176946 1454 (655) – 177745
other receivables
In 2025 there was no recovery of provision for bad 於二零二五年度，無壞賬準備收回或debt or reversal of significant amounts or write off of 轉回金額重要的款項，無重要的其他significant trade receivables. 應收款核銷款項。Annual Report 2025二零二五年年報235
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
5. Other receivables (continued) 5. 其他應收款（續）
(5) Top five other receivables amounts with the closing (5) 按欠款方歸集的年末餘額其他應收款
balance classified by the debtors 金額前五名
Proportion
to total Provision for
other bad debt at
Closing receivables the end of
balance (%) Nature Aging the year佔其他應收款餘額合計數壞賬準備
年末餘額的比例(%)性質賬齡年末餘額
GUOTONG Trust Co. Ltd. 170000 5.10 Deposits and Within 1 170
國通信託有限責任公司 guarantees year保證金及押金1年以內
Shenzhen Eastern Metro 108945 3.27 Others Over 3 109
Investment Construction years
Co. Ltd.深圳東部雲軌投資建設有限公司其他3年以上
U.S. Customs Border Protection 102941 3.09 Export refunds and Within 1 –
U.S. Customs Border Protection other tax year
receivables出口退稅及稅金1年以內
Mobility Access Philippines 99226 2.98 Others Within 1 99
Ventures Inc. year
Mobility Access Philippines 其他 1年以內
Ventures Inc.WoongJin Polysilicon Co. Ltd 94616 2.84 Transfer from Over 3 94616
WoongJin Polysilicon Co. Ltd prepayments years
before shipment未發貨預付款轉入3年以上
Total 575728 17.28 94994
合計236 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
6. Prepayments 6. 預付款項
(1) Prepayments by aging (1) 預付款項按賬齡列示
20252024
二零二五年二零二四年
Book Book
balance Percentage balance Percentage賬面餘額比例賬面餘額比例
Within 1 year 1年以內 4468356 88.92% 3584288 90.20%
1 to 2 years 1年至2年 227511 4.53% 213975 5.38%
2 to 3 years 2年至3年 173617 3.46% 74863 1.88%
Over 3 years 3年以上 155389 3.09% 100897 2.54%
Total 合計 5024873 100% 3974023 100.00%
As at 31 December 2025 prepayments of five 於二零二五年十二月三十一日，預付grea tes t amoun ts t o t a l RMB1134 202 000 款項前五名共計人民幣1134202千
account ing fo r 22.59% o f the to ta l c los ing 元，佔預付款項期末餘額合計數的比balance of prepayments (31 December 2024: 例為22.59%。（二零二四年十二月三RMB1045864000 accounting for 26.31% of total 十一日人民幣1045864千元，佔預prepayments). 付賬款總額的26.31%）
7. Inventories 7. 存貨
(1) Classification of inventories (1) 存貨分類
20252024
二零二五年二零二四年
Book Provision for Carrying Book Provision for Carrying
balance impairment amount balance impairment amount
跌價準備╱跌價準備╱賬面餘額減值準備賬面價值賬面餘額減值準備賬面價值
Raw materials 原材料 17102224 990567 16111657 21483662 1138785 20344877
Work in progress 在產品 35828537 563650 35264887 38166867 989613 37177254
Finished goods 庫存商品 85645740 2642273 83003467 57667094 2915597 54751497
Circulating materials周轉材料 4045395 4826 4040569 3767696 5087 3762609
Total 合計 142621896 4201316 138420580 121085319 5049082 116036237Annual Report 2025二零二五年年報237
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
7. Inventories (continued) 7. 存貨（續）
(2) Provision for inventory impairment (2) 存貨跌價準備
2025二零二五年
Opening Provision Decrease Closing
balance for the year in the year balance年初餘額本年計提本年減少年末餘額
Reversal
or write-off轉回或轉銷
Raw materials 原材料 1138785 531126 (679344) 990567
Work in progress 在產品 989613 349950 (775913) 563650
Finished goods 庫存商品 2915597 740630 (1013954) 2642273
Circulating materials 周轉材料 5087 6316 (6577) 4826
Total 合計 5049082 1628022 (2475788) 4201316
The provision for inventory impairment based on 按組合計提存貨跌價準備的情況如
collective assessment by portfolio is shown as 下：
follows:
20252024
二零二五年二零二四年
Provision Provision Provision Provision
Book for inventory rate Book for inventory rate
balance impairment (%) balance impairment (%)計提比例計提比例
賬面餘額跌價準備(%)賬面餘額跌價準備(%)
Automobiles and related 汽車、汽車相關產品 125695841 3758565 2.99 102820706 4500112 4.38
products and other products 及其他產品
Raw materials 原材料 13959462 879444 6.30 18532166 1058411 5.71
Work in progress 在產品 31979127 543544 1.70 32876488 958808 2.92
Finished goods 庫存商品 76783107 2332866 3.04 48420926 2479190 5.12
Circulating materials 周轉材料 2974145 2711 0.09 2991126 3703 0.12
Mobile handset components 手機部件、組裝及 16926055 442751 2.62 18264613 548970 3.01
assembly and other products 其他產品
Total 合計 142621896 4201316 2.95 121085319 5049082 4.17238 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
7. Inventories (continued) 7. 存貨（續）
(2) Provision for inventory impairment (continued) (2) 存貨跌價準備（續）
The provision for impairment of major goods in 汽車及汽車相關業務中的庫存商品按
the segment of automobiles and related products 單個存貨項目計提，以估計售價為基is recognised on the item-by-item basis and the 礎確定可變現淨值。汽車及汽車相關net realisable value is determined on the basis of 業務中的其他存貨以及手機業務存貨
estimated selling price. The net realisable value 以歷史損失情況與業務風險為基礎，of other inventories in the segment of automobiles 考慮不同類型存貨呆滯過時風險及未
and related products and of the inventories of the 來市場需求、產品迭代及項目變更風
segment of mobile handset is estimated based on 險，結合庫齡分別評估相關存貨的可historical losses and business risks taking into 變現淨值。同時基於謹慎性原則，對account the risk of slow-moving inventory and 手機業務1年以上庫齡的存貨全額計
obsolete inventory future market demands and 提跌價準備。
the risk of product iteration and project change
as well as aging profile. Based on the principle of
prudence the provision for inventory impairment is
recognised in full for inventories of the segment of
mobile handset aged over one year.The reversal or write-off of provision for inventory 本年轉回或轉銷存貨跌價準備的原因
impairment in the year is attributable to rebound of 為產品價格回升或因產品銷售相應轉
prices of products or sales of products. 銷存貨跌價準備。
8. Contract assets 8. 合同資產
(1) Details of Contract assets (1) 合同資產情況
20252024
二零二五年二零二四年
Provision Provision
Book for Carrying Book for Carrying
balance impairment amount balance impairment amount賬面餘額減值準備賬面價值賬面餘額減值準備賬面價值
Contract assets 合同資產 1866816 701748 1165068 1886300 475759 1410541
Contract assets represent the rights to receive 合同資產，是指企業已向客戶轉讓商cons iderat ions for the t ransfer o f goods to 品而有權收取對價的權利。履約義務customers. Contract assets arise when the fulfillment 的履行早於合同中約定的付款進度則
of performance obligations is earlier than the 會出現合同資產，在合同達到無條件progress payments agreed in the contract which 收款權條件時，轉入應收賬款。
would be transferred to trade receivables when
the contract meets the conditions for unconditional
rights to receive payments.Annual Report 2025二零二五年年報239
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
8. Contract assets (continued) 8. 合同資產（續）
(2) Disclosure of classification based on the method of (2) 按合同資產減值準備計提方法分類披
provision for impairment of contract asset 露
2025二零二五年
Book balance Provision for impairment賬面餘額減值準備
Percentage Provision Carrying
Amount (%) Amount rate (%) amount比例計提比例
金額(%)金額(%)賬面價值
Provision for impairment based 單項計提減值準備 267772 14.34 267772 100.00 –
on individual assessment
Provision for impairment based 按信用風險特徵組合計 1599044 85.66 433976 27.14 1165068
on collective assessment by 提減值準備
credit risk portfolio
Total 合計 1866816 100.00 701748 1165068
2024二零二四年
Book balance Provision for impairment賬面餘額減值準備
Percentage Provision Carrying
Amount (%) Amount rate (%) amount比例計提比例
金額(%)金額(%)賬面價值
Provision for impairment based 單項計提減值準備 242810 12.87 242810 100.00 –
on individual assessment
Provision for impairment based 按信用風險特徵組合計 1643490 87.13 232949 14.17 1410541
on collective assessment by 提減值準備
credit risk portfolio
Total 合計 1886300 100.00 475759 1410541240 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
8. Contract assets (continued) 8. 合同資產（續）
(2) Disclosure of classification based on the method (2) 按合同資產減值準備計提方法分類披
of provision for impairment of contract asset 露（續）
(continued)
Contract assets with provision for impairment based 單項計提減值準備的合同資產情況如
on individual assessment are as follows: 下：
2025
二零二五年
Provision for Provision
Book balance impairment rate (%) Reason of provision
賬面餘額減值準備計提比例(%)計提理由
Customer 1 客戶一 267772 267772 100.00 Expected to be unrecoverable預計無法收回
(3) Details of provision for impairment of contract assets (3) 合同資產減值準備的情況
Exchange
difference
on foreign
Opening Provision Reversal Write-off currency Closing
balance for the year in the year in the year translation balance外幣報表年初餘額本年計提本年轉回本年核銷折算差額年末餘額
2025二零二五年475759205977(5110)–25122701748
2024二零二四年427764183556(73768)–(61793)475759
In 2025 and 2024 there were no significant reversal 於二零二五年度及二零二四年度，無write-off or recovery of provision for impairment of 重大合同資產減值準備轉回、核銷或
contract assets. 收回情況。Annual Report 2025二零二五年年報241
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
9. Non-current assets due within one year 9. 一年內到期的非流動資產
20252024
二零二五年二零二四年
Long-term receivables due within one year 一年內到期的長期應收款(Note V.11) （附註五、11) 11354347 11379480Fixed deposits due within one year 一年內到期的定期存款 9179564 –
Total 合計 20533911 11379480
10. Other current assets 10. 其他流動資產
20252024
二零二五年二零二四年
Deductible Tax 待抵扣稅金 26313816 16392714
Cost of property held for sale (Note 1) 待出售房產成本（註1） 1556052 1065831
Others 其他 2853607 270639
Total 合計 30723475 17729184
Note 1: In 2017 the Group acquired the entire property that 註1： 二零一七年本集團向第三方開發商整體
has been completely developed Yadi Sancun from 購入已完成開發的房產（亞迪三村）以
a third-party developer. Additional fully developed 及二零二五年新增已完成開發的房產
property (Yadi Sicun) was acquired in 2025. Some （亞迪四村）。本年部分完成交付，確認parts of the properties have been delivered in the 營業收入金額為人民幣82794千元（二year and generate revenue of RMB82794000 (2024: 零二四年：人民幣89721千元）。
RMB89721000).
11. Long-term receivables 11. 長期應收款
(1) Details of Long-term Receivables (1) 長期應收款情況
20252024
二零二五年二零二四年
Provision Provision
Book for bad Carrying Book for bad Carrying Range of
balance debt amount balance debt amount discount rate賬面餘額壞賬準備賬面價值賬面餘額壞賬準備賬面價值折現率區間
Long-term receivables 長期應收款 26009598 1598645 24410953 23161224 1575610 21585614
Including: Long-term 其中：一年內到期的 12743385 1389038 11354347 12719820 1340340 11379480
receivables due within 長期應收款
one year (Note V.9) （附註五、9）
13266213 209607 13056606 10441404 235270 10206134 4.75%-9.80%242 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
11. Long-term receivables (continued) 11. 長期應收款（續）
(1) Details of long-term receivables (continued) (1) 長期應收款情況（續）
2025二零二五年
Book balance Provision for bad debt賬面餘額壞賬準備
Percentage Provision Carrying
Amount (%) Amount rate (%) amount金額比例金額計提比例
(%)(%)賬面價值
Provision for bad debt based on 按信用風險特徵組合 26009598 100.00 1598645 6.15 24410953
collective assessment by credit 計提壞賬準備
risk portfolio
2024二零二四年
Book balance Provision for bad debt賬面餘額壞賬準備
Percentage Provision Carrying
Amount (%) Amount rate (%) amount金額比例金額計提比例
(%)(%)賬面價值
Provision for bad debt based on 按信用風險特徵組合 23161224 100.00 1575610 6.80 21585614
collective assessment by credit 計提壞賬準備
risk portfolioAnnual Report 2025二零二五年年報243
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
11. Long-term receivables (continued) 11. 長期應收款（續）
(1) Details of long-term receivables (continued) (1) 長期應收款情況（續）
As at 31 December 2025 long-term receivables 於二零二五年十二月三十一日，組合with provision for bad debt based on collective 計提壞賬準備的長期應收款情況如
assessment are shown as follows: 下：
Provision for Provision
Book balance impairment rate (%)
賬面餘額減值準備計提比例(%)
Portfolio 1 組合1 24566470 463517 1.89
Portfolio 2 組合2 1443128 1135128 78.66
Total 合計 26009598 1598645
Changes of provision for bad debt of long-term 長期應收款壞賬準備的變動如下：
receivables are as follows:
Exchange
difference
on foreign
Opening Provision Reversal Write-off currency Closing
balance for the year in the year in the year translation balance外幣報表年初餘額本年計提本年轉回本年轉銷折算差額年末餘額
2025二零二五年23527055658(52578)(28743)–209607
2024 二零二四年 150010 114940 (29680) – – 235270244 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
12. Long-term equity investments 12. 長期股權投資
(1) Details of long-term equity investments (1) 長期股權投資情況
31 December 2025 二零二五年十二月三十一日
Movement during the year本年變動
Provision Provision
for Investment for
impairment gains impairment
Opening at the Increase Decrease under Other Other Cash Provision Closing as at
carrying beginning of of equity comprehensive equity dividend for carrying the end of
Joint ventures amount of the year investment investment method income movement declared impairment Others amount the year年初賬面年初減值權益法下其他綜合其他權益宣告現金計提減值年末賬面年末減值合營企業價值準備追加投資減少投資投資收益收益變動股利準備其他價值準備
BYD Auto Finance Co. Ltd. 11243316 – – – 761506 – – – – – 12004822 –比亞迪汽車金融有限公司
Hengqin Hexie Dingtai 693018 – – – 13762 – – (15293) – – 691487 –
Equity Investment LP橫琴和諧鼎泰股權投資企業（有限合夥）
Community Fund LP 502677 – 966975 – 9121 – – – – – 1478773 –
Community Fund LP
Shenzhen Didi New Energy 494102 – – – 76789 – – – – – 570891 –
Vehicle Technology Co. Ltd.深圳市迪滴新能源汽車科技有限公司
Other joint ventures 1194220 – 476743 – 185238 – – (17915) – (277425) 1560861 –其他合營企業
Sub-total 14127333 – 1443718 – 1046416 – – (33208) – (277425) 16306834 –
小計Annual Report 2025二零二五年年報245
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
12. Long-term equity investments (continued) 12. 長期股權投資（續）
(1) Details of long-term equity investments (continued) (1) 長期股權投資情況（續）
31 December 2025 二零二五年十二月三十一日
Movement during the year本年變動
Provision
for Investment Provision
impairment gains for
Opening at the Increase Decrease under Other Other Cash Provision Closing impairment
carrying beginning of of equity comprehensive equity dividend for carrying at the end
Associates amount of the year investment investment method income movement declared impairment Others amount of the year年初賬面年初減值權益法下其他綜合其他權益宣告現金計提減值年末賬面年末減值聯營企業價值準備追加投資減少投資投資收益收益變動股利準備其他價值準備Chengxin Lithium Group Co. Ltd. 1351673 (638157) – – （36765) – – – – – 1314908 (638157)盛新鋰能集團股份有限公司
Tibet Zabuye Lithium Industry 478572 – – – (15571) – – – – – 463001 –
Co. Ltd.西藏日喀則紥布耶鋰業高科技有限公司
Shenzhen Faurecia Auto 643011 – – – 117847 – – (169189) – – 591669 –
Parts Co. Ltd.深圳佛吉亞汽車部件有限公司
Other associates 2481907 – 795357 (105637) (53958) – – (19158) – 6495 3105006 –其他聯營企業
Sub-total 4955163 (638157) 795357 (105637) 11553 – – (188347) – 6495 5474584 (638157)小計
Total 19082496 (638157) 2239075 (105637) 1057969 – – (221555) – (270930) 21781418 (638157)
合計246 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
13. Other Equity Instrument Investments 13. 其他權益工具投資
(1) Details of Other Equity Instrument Investments (1) 其他權益工具投資情況
Reason
for being
designated as
Gains Losses Accumulative measured
included included Accumulative losses at fair value
in other in other gains included included through
comprehensive comprehensive in other in other Dividend other
Opening income income Increases Decrease comprehensive comprehensive income Closing comprehensive
balance during the year during the year during the year during the year Others income income during the year balance income指定為以公允價值計量且其本年計入本年計入累計計入累計計入變動計入其他綜合其他綜合其他綜合其他綜合其他綜合年初餘額收益的利得收益的損失本年增加本年減少其他收益的利得收益的損失本年股利收入年末餘額收益的原因
Listed equity 3284471 1887460 (192069) 107772 (1772170) 426945 2552408 (31901) 63082 3742409 Strategic
instrument holding
investments上市權益工具投資戰略持有
Unlisted 5216622 230707 (297484) 145013 – (426945) 923379 (48494) 61999 4867913 Strategic
equity holding
instrument
investments非上市權益工具投資戰略持有
Total 8501093 2118167 (489553) 252785 (1772170) – 3475787 (80395) 125081 8610322合計
14. Other non-current financial assets 14. 其他非流動金融資產
20252024
二零二五年二零二四年
Financial assets at fair value through 以公允價值計量且其變動計入 3079960 2655245
profit or loss 當期損益的金融資產
The financial assets above include fund investments and 上述金融資產包括基金投資和其他股權投
other equity investments. 資。Annual Report 2025二零二五年年報247
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
15. Fixed assets 15. 固定資產
(1) Details of fixed assets (1) 固定資產情況
2025二零二五年
Motor Office
Machinery and vehicles and and other
Freehold land Buildings equipment marine equipment Total永久業權土地房屋及建築物機器設備運輸工具及船舶辦公及其他設備合計
Cost 原價
Opening balance 年初餘額 1396298 113152739 249637130 6064208 35375453 405625828
Acquisitions 購置 101642 1222454 37748734 9954812 10582861 59610503
Transfer from construction in progress 在建工程轉入 – 16658155 27053058 22124 1766654 45499991
Disposal or retirement 處置或報廢 – (329375) (4173031) (2656764) (1048875) (8208045)
Exchange difference on foreign 外幣報表折算差額 22379 98252 130248 79137 8816 338832
currency translation
Closing balance 年末餘額 1520319 130802225 310396139 13463517 46684909 502867109
Accumulated depreciation 累計折舊
Opening balance 年初餘額 – 11861362 108333754 2179202 20701101 143075419
Provision 計提 – 4710007 54672475 1735044 10929104 72046630
Disposals or retirement 處置或報廢 – (75747) (3342173) (997387) (916237) (5331544)
Exchange difference on foreign 外幣報表折算差額 – (1782) 16612 28655 126 43611
currency translation
Closing balance 年末餘額 – 16493840 159680668 2945514 30714094 209834116
Provision for impairment 減值準備
Opening balance 年初餘額 – 171502 89009 2386 210 263107
Disposal 處置 – – (2504) 126 (3665) (6043)
Closing balance 年末餘額 – 171502 86505 2512 (3455) 257064
Carrying amount 賬面價值
As at the end of the year 年末 1520319 114136883 150628966 10515491 15974270 292775929
As at the beginning of the year 年初 1396298 101119875 141214367 3882620 14674142 262287302248 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
15. Fixed assets (continued) 15. 固定資產（續）
(1) Details of fixed assets (continued) (1) 固定資產情況（續）
2024二零二四年
Machinery and Motor Office and other
Freehold land Buildings equipment Vehicles equipment Total永久業權土地房屋及建築物機器設備運輸工具辦公及其他設備合計
Cost 原價
Opening balance 年初餘額 427672 83953599 207313830 5124395 28254514 325074010
Acquisitions 購置 961699 3724904 14856235 2564430 6257179 28364447
Transfer from investment property 投資性房地產轉入 – 25500 – – – 25500
Transfer from construction in progress 在建工程轉入 – 25830185 34420592 13836 2269660 62534273
Disposal or retirement 處置或報廢 – (368555) (6907358) (1576781) (1400683) (10253377)
Exchange difference on foreign 外幣報表折算差額
currency translation 6927 (12894) (46169) (61672) (5217) (119025)
Closing balance 年末餘額 1396298 113152739 249637130 6064208 35375453 405625828
Accumulated depreciation 累計折舊
Opening balance 年初餘額 – 8386308 70456707 1639918 13573887 94056820
Provision 計提 – 3608658 43825633 1214367 8271404 56920062
Transfer from investment property 投資性房地產轉入 – 4925 – – – 4925
Disposal or retirement 處置或報廢 – (130928) (5935052) (646308) (1141208) (7853496)
Exchange difference on foreign 外幣報表折算差額
currency translation – (7601) (13534) (28775) (2982) (52892)
Closing balance 年末餘額 – 11861362 108333754 2179202 20701101 143075419
Provision for impairment 減值準備
Opening balance 年初餘額 – 42353 71017 – – 113370
Provision 計提 – 129149 19703 2386 210 151448
Disposal 處置 – – (1711) – – (1711)
Closing balance 年末餘額 – 171502 89009 2386 210 263107
Carrying amount 賬面價值
As at the end of the year 年末 1396298 101119875 141214367 3882620 14674142 262287302
As at the beginning of the year 年初 427672 75524938 136786106 3484477 14680627 230903820
As at 31 December 2025 and 31 December 2024 於二零二五年十二月三十一日及二零
the Group had no fixed assets that were temporarily 二四年十二月三十一日，本集團無暫idle. 時閒置的固定資產。Annual Report 2025二零二五年年報249
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
15. Fixed assets (continued) 15. 固定資產（續）
(2) Fixed assets leased out through operating leases (2) 經營性租出固定資產
Initial asset Accumulated Net carrying
value depreciation amount資產原值累計折舊賬面淨值
Buildings 房屋及建築物 730430 (160389) 570041
Motor vehicles 運輸工具 2855375 (182217) 2673158
Total 合計 3585805 (342606) 3243199
(3) Fixed assets with outstanding certificates of title (3) 未辦妥產權證書的固定資產
Carrying
amount Reasons for outstanding certificates of title賬面價值未辦妥產權證書的原因
Buildings 41744687 All procedures yet to be completed房屋及建築物尚未辦完所有手續
16. Construction in progress 16. 在建工程
20252024
二零二五年二零二四年
Construction in progress 在建工程 42814774 13170384
Materials for construction 工程物資 5479007 6783959
Total 合計 48293781 19954343250 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
16. Construction in progress (continued) 16. 在建工程（續）
Construction in progress 在建工程
(1) Details of construction in progress (1) 在建工程情況
20252024
二零二五年二零二四年
Provision for Carrying Provision for Carrying
Book balance impairment amount Book balance impairment amount賬面餘額減值準備賬面價值賬面餘額減值準備賬面價值
Southern China 華南工業園
Industrial Park 13939902 – 13939902 5961134 – 5961134
Eastern China 華東工業園
Industrial Park 8602692 – 8602692 3388297 – 3388297
Central China 華中工業園
Industrial Park 5215991 – 5215991 607081 – 607081
Northwest China 西北工業園
Industrial Park 4339884 37752 4302132 683373 37752 645621
Southwest China 西南工業園
Industrial Park 1702105 – 1702105 502311 – 502311
Other Industrial 其他工業園
parks 9115027 63075 9051952 2129015 63075 2065940
Total 合計 42915601 100827 42814774 13271211 100827 13170384
Note: The projects above consist of certain related sub- 註： 以上工程項目均由若干相關的
projects. 分項目組成。
(2) Changes in major construction in progress (2) 重要的在建工程變動情況
Increase Transfer to Construction contribution
Opening during fixed assets Other Closing as a percentage of budget
Item Budget balance the year during the year reduction balance Source of funds (%)本年轉入工程投入佔預算比例
項目名稱預算數年初餘額本年增加固定資產其他減少年末餘額資金來源(%)
South China Industrial Park 42907781 5961134 19303532 (11324764) – 13939902 Self-raised funds 59%華南工業園自籌資金
East China Industrial Park 39341691 3388297 20244686 (15030291) – 8602692 Self-raised funds 60%華東工業園自籌資金
Central China Industrial Park 29441556 607081 12775580 (8166670) – 5215991 Self-raised funds 45%華中工業園自籌資金
Northwest China Industrial Park 16164748 683373 11254671 (7598160) – 4339884 Self-raised funds 74%西北工業園自籌資金
Southwest China Industrial Park 5040632 502311 3459840 (2260046) – 1702105 Self-raised funds 91%西南工業園自籌資金
Other Industrial parks 32799524 2129015 8106072 (1120060) – 9115027 Self-raised funds 31%其他工業園自籌資金
Total 165695932 13271211 75144381 (45499991) – 42915601合計
As at 31 December 2025 there was no capitalised 於二零二五年十二月三十一日，本集interests on borrowings for the construction in 團在建工程中無借款費用利息資本化
progress of the Group. 金額。Annual Report 2025二零二五年年報251
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
16. Construction in progress (continued) 16. 在建工程（續）
Materials for construction 工程物資
20252024
二零二五年二零二四年
Book Provision for Carrying Book Provision for Carrying
balance impairment amount balance impairment amount
Item 項目 賬面餘額 減值準備 賬面價值 賬面餘額 減值準備 賬面價值
Equipment and engineering 設備及工程類 5479007 – 5479007 6783959 – 6783959
17. Right-of-use assets 17. 使用權資產
(1) Details of right-of-use assets (1) 使用權資產情況
31 December 2025 二零二五年十二月三十一日
Buildings Other equipment Total房屋及建築物其他設備合計
Cost 原價
Opening balance 年初餘額 9855647 5159521 15015168
Increase during the year 本年新增 1651247 60760 1712007
Disposal or retirement 處置或報廢 (1527565) (2485) (1530050)
Exchange difference on foreign currency 外幣報表折算差額
translation 34759 3770 38529
Closing balance 年末餘額 10014088 5221566 15235654
Accumulated depreciation 累計折舊
Opening balance 年初餘額 3781804 658292 4440096
Provision 計提 2010741 643864 2654605
Disposal or retirement 處置或報廢 (949723) (1987) (951710)
Exchange difference on foreign currency 外幣報表折算差額
translation 9304 584 9888
Closing balance 年末餘額 4852126 1300753 6152879
Carrying amount 賬面價值
As at the end of the year 年末 5161962 3920813 9082775
As at the beginning of the year 年初 6073843 4501229 10575072252 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
17. Right-of-use assets (continued) 17. 使用權資產（續）
(1) Details of right-of-use assets (continued) (1) 使用權資產情況（續）
31 December 2024 二零二四年十二月三十一日
Buildings Other equipment Total房屋及建築物其他設備合計
Cost 原價
Opening balance 年初餘額 8220720 3610591 11831311
Increase during the year 本年新增 2340756 1571508 3912264
Disposal or retirement 處置或報廢 (685252) (22071) (707323)
Exchange difference on foreign currency 外幣報表折算差額
translation (20577) (507) (21084)
Closing balance 年末餘額 9855647 5159521 15015168
Accumulated depreciation 累計折舊
Opening balance 年初餘額 2003058 149297 2152355
Provision 計提 2114412 528829 2643241
Disposal or retirement 處置或報廢 (320609) (19500) (340109)
Exchange difference on foreign currency 外幣報表折算差額
translation (15057) (334) (15391)
Closing balance 年末餘額 3781804 658292 4440096
Carrying amount 賬面價值
As at the end of the year 年末 6073843 4501229 10575072
As at the beginning of the year 年初 6217662 3461294 9678956Annual Report 2025二零二五年年報253
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
18. Intangible assets 18. 無形資產
(1) Details of intangible assets (1) 無形資產情況
31 December 2025 二零二五年十二月三十一日
Industrial
proprietary Non-
rights and patentable
Land use technology technologies Customer
rights know-how and software relationships Total工業產權及非專利土地使用權專有技術技術及軟件客戶關係合計
Cost 原價
Opening balance 年初餘額 34713607 23807725 4405728 4608955 67536015
Acquisitions 購置 5783510 10574 1137498 – 6931582
Business combinations 企業合併 – – 233 – 233
Disposals 處置 (1283) (91) (17456) – (18830)
Exchange difference on 外幣報表折算差額
foreign currency translation (3617) 638 2106 – (873)
Closing balance 年末餘額 40492217 23818846 5528109 4608955 74448127
Accumulated amortisation 累計攤銷
Opening balance 年初餘額 3099356 22579727 2152743 921791 28753617
Provision for the year 本年計提 856281 791974 1297605 921791 3867651
Business combinations 企業合併 – – 233 – 233
Decrease during the year 本年減少 – (91) (16916) – (17007)
Exchange difference on 外幣報表折算差額
foreign currency translation (429) 3 357 – (69)
Closing balance 年末餘額 3955208 23371613 3434022 1843582 32604425
Provision for impairment 減值準備
Opening balance 年初餘額 – 358473 – – 358473
Provision for the year 本年計提 – – – – –
Decrease during the year 本年減少 – – – – –
Closing balance 年末餘額 – 358473 – – 358473
Carrying amount 賬面價值
As at the end of the year 年末 36537009 88760 2094087 2765373 41485229
As at the beginning of the year 年初 31614251 869525 2252985 3687164 38423925254 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
18. Intangible assets (continued) 18. 無形資產（續）
(1) Details of intangible assets (continued) (1) 無形資產情況（續）
As at 31 December 2024 二零二四年十二月三十一日
Industrial
proprietary Non-
rights and patentable
Land use technology technologies Customer
rights know-how and software relationships Total工業產權及非專利土地使用權專有技術技術及軟件客戶關係合計
Cost 原價
Opening balance 年初餘額 31034498 23342314 2412750 4608955 61398517
Acquisitions 購置 3679103 16389 2012709 – 5708201
In-house R&D 內部研發 – 999181 – – 999181
Business combinations 企業合併 – – – – –
Disposals 處置 – (548581) (17625) – (566206)
Exchange difference on 外幣報表折算差額
foreign currency translation 6 (1578) (2106) – (3678)
Closing balance 年末餘額 34713607 23807725 4405728 4608955 67536015
Accumulated amortisation 累計攤銷
Opening balance 年初餘額 2385599 20106935 1283253 – 23775787
Provision for the year 本年計提 713726 2993383 885139 921791 5514039
Decrease during the year 本年減少 – (520586) (15064) – (535650)
Exchange difference on 外幣報表折算差額
foreign currency translation 31 (5) (585) – (559)
Closing balance 年末餘額 3099356 22579727 2152743 921791 28753617
Provision for impairment 減值準備
Opening balance 年初餘額 – 386469 – – 386469
Provision for the year 本年計提 – – – – –
Decrease during the year 本年減少 – (27996) – – (27996)
Closing balance 年末餘額 – 358473 – – 358473
Carrying amount 賬面價值
As at the end of the year 年末 31614251 869525 2252985 3687164 38423925
As at the beginning of the year 年初 28648899 2848910 1129497 4608955 37236261Annual Report 2025二零二五年年報255
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
18. Intangible assets (continued) 18. 無形資產（續）
(1) Details of Intangible assets (continued) (1) 無形資產情況（續）
As at 31 December 2025 intangible assets formed 於二零二五年十二月三十一日，通過through in-house R&D accounted for 0.21% (2024: 內部研發形成的無形資產佔無形資產2.26%) of the carrying amount of intangible assets 年末餘額的比例為0.21%（二零二四as at the end of the period. 年：2.26%）。
(2) Intangible assets with outstanding certificates of title (2) 未辦妥產權證書的無形資產
Item 31 December 2025 Reasons for outstanding certificates of title二零二五年項目十二月三十一日未辦妥產權證書的原因
Carrying amount賬面價值
Land use rights 282788 In process土地使用權正在辦理中
19. Goodwill 19. 商譽
(1) Cost of goodwill (1) 商譽原值
Increase Decrease
Opening during the during the Closing
balance year year balance年初餘額本年增加本年減少年末餘額
Business
combinations企業合併
BYD Auto Co. Ltd. 比亞迪汽車有限公司 63399 – – 63399
BYD Electric Buses & Trucks 比亞迪電動大巴&卡車匈牙利
Hungary Co. Ltd. 有限公司 4875 – – 4875
TATEBAYASHI MOULDING CO. LTD. 館林模具株式會社 7311 – – 7311
Juno Newco Juno Newco 4361657 – – 4361657
Total 合計 4437242 – – 4437242
(2) Impairment provision for goodwill (2) 商譽減值準備
Increase Decrease
Opening during the during the Closing
balance year year balance年初餘額本年增加本年減少年末餘額
BYD Auto Co. Ltd. 比亞迪汽車有限公司 4796 – – 4796
BYD Electric Buses & Trucks 比亞迪電動大巴&卡車匈牙利
Hungary Co. Ltd. 有限公司 4875 – – 4875
Total 合計 9671 – – 9671256 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
19. Goodwill (continued) 19. 商譽（續）
(3) Relevant information of the CGU or the CGU group (3) 商譽所在資產組或資產組組合的相關
to which goodwill belongs 信息
Whether
Composition and basis of the CGU consistent with
or CGU group Business segment and basis previous year是否與以前所屬資產組或資產組組合的構成及依據所屬經營分部及依據年度保持一致
Juno Newco The mobility business which manufactures The asset group is allocated to the Yes
precision structural components for mobile handset components assembly
mobile intelligent terminals the cash and other products segment based
inflows from which are basically on its principal business and the
independent of those from other assets management planning of the Group.or asset groups
Juno Newco 移動智能終端精密結構件的移動電子製造業 基於其主營業務及集團管理規劃，該資產組 是務，產生的現金流入基本上獨立於其他資歸屬於手機部件、組裝及其他產品分部產或者資產組產生的現金流入
(4) Specific determination methods for recoverable (4) 可收回金額的具體確定方法
amount
The recoverable amount is determined by the 可收回金額按預計未來現金流量的現
present value of expected future cash flows: 值確定的：
Term of Key parameters of Basis for determination
estimate/ estimate/forecast Key parameters of of key parameters of
forecast period period stable period stable period
預算╱預算╱預測期的穩定期的關鍵參數的確預測期的年限關鍵參數穩定期的關鍵參數定依據
Juno Newco* 5 The recoverable Forecast period growth Estimated cash flow is
amount is rate of 2%~5% based on the 5-year
determined using the Discount rate of cash flow projection
present value of the 14.67% approved by the
future cash flows Terminal growth rate management of the
of 2.0% Company
Juno Newco* 5 可收回金額按照未來現 預測期增長率2%~5% 預計現金流量根據經公
金流量的現值計算折現率14.67%司管理層審批的5年現
永續增長率2.0%金流量預測為基礎
* The recoverable amount calculated based * 採用資產組組合的預計未來現
on the present value of expected future cash 金流量現值計算的可收回金額
flows of CGU group is higher than the carrying 高於資產組賬面價值，上述參amount of CGU group. Reasonable changes 數的合理變化不會導致商譽出
in the above parameters would not result in 現減值。
goodwill impairment.Annual Report 2025二零二五年年報257
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
19. Goodwill (continued) 19. 商譽（續）
(4) Specific determination methods for recoverable (4) 可收回金額的具體確定方法（續）
amount (continued)
Other Goodwill acquired as a result of corporate 企業合併取得的其他商譽已經分配至
merger has been allocated to the following asset 下列資產組以進行減值測試：
groups for the purpose of impairment testing:
As the synergistic benefits of the acquisitions of 由於比亞迪汽車有限公司、比亞迪電
BYD Auto Co. Ltd. BYD Electric Buses & Trucks 動大巴&卡車匈牙利有限公司、館林
Hungary Co. Ltd. (比亞迪電動大巴&卡車匈牙利有 模具株式會社收購的協同效應受益對
限公司) and TATEBAYASHI MOULDING CO. LTD. 象是整個汽車及相關產品分部，且難(館林模具株式會社) are for the entire automobile 以分攤至各資產組，所以將商譽分攤and related products segment and are difficult 至汽車及相關產品資產組，該資產組to apportion to each asset group so goodwill is 構成與以前年度保持一致。汽車及相apportioned to the automobile and related products 關產品資產組商譽的賬面金額為人民asset group and the composition of the asset group 幣65914千元（二零二四年：人民幣remains consistent with that in previous years. The 65914千元）。可收回金額採用資產carrying amount of goodwill of the automobile and 組組合的預計未來現金流量的現值，related products asset group is RMB65914000 根據管理層批准的5年期的財務預算
(2024: RMB65914000). The recoverable amount is 基礎上的現金流量預測來確定。該期
determined using the present value of the estimated 間內現金流量的增長率均為4%。現future cash flows of the asset group mix based on 金流量預測所用的折現率是13%（二cash flow projections based on the financial budget 零二四年：13%)，用於推斷5年以後approved by management for a five-year period. 的汽車及相關產品的穩定期現金流量The growth rate of cash flows over the period 的增長率是3%（二零二四年：3%)。is 4%. The discount rate used for the cash flow 該增長率低於汽車行業長期平均增長
projections is 13% (2024: 13%) and the growth rate 率。
used to extrapolate the steady-period cash flows for
automobiles and related products beyond the five-
year period is 3% (2024: 3%). Such growth rate is
lower than the long-term average growth rate for the
automotive industry.258 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
19. Goodwill (continued) 19. 商譽（續）
(4) Specific determination methods for recoverable (4) 可收回金額的具體確定方法（續）
amount (continued)
The following illustrates the key assumptions made 以下說明了管理層為進行商譽減值測
by management in determining the cash flow 試，在確定現金流量預測時作出的關projections for the purpose of impairment testing of 鍵假設：
goodwill:
Revenue growth rate – Management determined 收入增長率－管理層根據歷史經驗及
the revenue growth rate for the five-year detailed 對市場發展的預測確定五年詳細預測
forecast period based on historical experience and 期收入增長率。
projections of market developments.B u d g e t e d g r o s s m a r g i n s – T h e b a s i s o f 預算毛利率－確定基礎是在預算年度
determination is based on the average gross 前一年實現的平均毛利率基礎上，根margins achieved in the year prior to the budget 據預計效率的提高及預計市場開發情
year with an appropriate increase in that average 況適當提高該平均毛利率。
gross margins based on expected eff iciency
improvements and expected market development.Discount rate – The discount rate used is a pre- 折現率－採用的折現率是反映相關資
tax discount rate that reflects specific risks of the 產組特定風險的稅前折現率。
relevant asset groups.The amounts allocated to the key assumptions 分配至上述資產組的關鍵假設的金額
for the above asset groups are consistent with 與本集團歷史經驗及外部信息一致。
the Group’s historical experience and external
information.Annual Report 2025二零二五年年報259
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
20. Long-term deferred expenditures 20. 長期待攤費用
Increase
Opening during the Amortisation Other Closing
balance year for the year reduction balance年初餘額本年增加本年攤銷其他減少年末餘額
Improvement costs of 使用權資產的
right-of-use assets 改良支出 5006717 1262338 (1955190) (142643) 4171222
21. Deferred tax assets/liabilities 21. 遞延所得稅資產╱負債
(1) Deferred tax assets not offset (1) 未經抵銷的遞延所得稅資產
20252024
二零二五年二零二四年
Deductible Deductible
temporary Deferred temporary Deferred
differences tax assets differences tax assets可抵扣遞延可抵扣遞延暫時性差異所得稅資產暫時性差異所得稅資產
Impairment provision 減值準備 6221118 1039397 6165840 1011779
Depreciation of fixed assets and 固定資產折舊、無形資產攤銷
amortisation of intangible assets 35964164 6084108 23748690 3964930
Lease liabilities 租賃負債 10749491 1945919 11875571 2216535
Accruals and provisions 預提費用和預計負債 34203317 5637245 34005846 5713632
Deferred income 遞延收益 3406629 668473 3989080 751141
Deductible tax losses 可抵扣虧損 13982821 2193015 2547277 407763
Unrealised gains from intra-group 來自集團內交易的未實現盈利
transactions 23991804 3756016 11998827 1969008
Share-based payments 股份支付 929123 142070 765118 116504
Others 其他 584603 87691 75003 11251
Total 合計 130033070 21553934 95171252 16162543260 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
21. Deferred tax assets/liabilities (continued) 21. 遞延所得稅資產╱負債（續）
(2) Deferred tax liabilities not offset (2) 未經抵銷的遞延所得稅負債
20252024
二零二五年二零二四年
Taxable Taxable
temporary Deferred tax temporary Deferred
differences liabilities differences tax liabilities應納稅遞延應納稅遞延暫時性差異所得稅負債暫時性差異所得稅負債
Other equity instrument 其他權益工具投資
investments 2960807 734012 1491953 372736
Depreciation of fixed assets 固定資產折舊 23600892 4213441 36298143 6582834
Right-of-use assets 使用權資產 9082775 1796717 10575072 2122626
Financial assets at fair value 公允價值變動計入當期損益的
through profit or loss 金融資產 1837076 363270 1342865 273218
Appreciation in asset value 非同一控制下企業合併引起的
arising from business 資產增值
combinations not involving
entities under common control 2793947 460573 3725263 614097
Others 其他 1736676 245150 2972020 425024
Total 合計 42012173 7813163 56405316 10390535
(3) The net amount of deferred tax assets or liabilities (3) 以抵銷後淨額列示的遞延所得稅資產
after set-off 或負債
20252024
二零二五年二零二四年
Amount of Balance Amount of Balance
set-off after set-off set-off after set-off抵銷金額抵銷後餘額抵銷金額抵銷後餘額
Deferred tax assets 遞延所得稅資產 6195846 15358088 7603051 8559492
Deferred tax liabilities 遞延所得稅負債 6195846 1617317 7603051 2787484Annual Report 2025二零二五年年報261
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
21. Deferred tax assets/liabilities (continued) 21. 遞延所得稅資產╱負債（續）
(4) Breakdown of unrecognised deferred tax assets (4) 未確認遞延所得稅資產明細
20252024
二零二五年二零二四年
Deductible temporary differences 可抵扣暫時性差異 45671546 39802622
Deductible tax losses 可抵扣虧損 38554196 34020733
Total 合計 84225742 73823355
(5) Analysis on maturity dates of the deductible tax (5) 未確認遞延所得稅資產的可抵扣虧損
losses for which deferred tax assets have not been 的到期日分析
recognised
20252024
二零二五年二零二四年
2025二零二五年–314088
2026二零二六年372052548193
2027二零二七年19121922194063
2028二零二八年11095581979954
2029 and afterwards 二零二九年及以後 35160394 28984435
Total 合計 38554196 34020733262 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
21. Deferred tax assets/liabilities (continued) 21. 遞延所得稅資產╱負債（續）
(5) Analysis on maturity dates of the deductible tax (5) 未確認遞延所得稅資產的可抵扣虧損
losses for which deferred tax assets have not been 的到期日分析（續）
recognised (continued)
The Group does not recognise deferred tax assets 由於產生上述虧損的相關公司預計在
for the above tax losses as there exists great 未來盈利具有較大不確定性，不存在uncertainty that the relevant companies generating 可足以抵扣虧損的盈利，本集團並未the above losses will be profitable in the future and 對上述稅務虧損確認遞延所得稅資
there are no gains sufficient to offset the losses. 產。
The Group recognises deferred tax assets arising 本集團以未來期間很可能取得的用以
from deductible temporary differences to the 抵扣可抵扣暫時性差異和可抵扣虧損
extent that it is probable that taxable income will 的應納稅所得額為限，按照預期收回be available against which deductible temporary 該資產或清償該負債期間的適用稅
differences and deductible tax losses can be 率，計算確認由可抵扣暫時性差異產utilized in future periods calculated at the tax rates 生的遞延所得稅資產。
applicable to the periods during which the assets
are expected to be recovered or the liabilities are
expected to be settled.According to the provisions of the Enterprise Income 根據《中華人民共和國企業所得稅法》
Tax Law of the People’s Republic of China and its 及其實施條例的規定，二零零八年一implementation regulations dividends received by 月一日起，境外投資者從中國大陸成foreign investors from foreign-invested enterprises 立的外商投資企業獲得的股息將按照
established in Mainland China will be subject to 10%的稅率徵收預提所得稅。該規定withholding income tax at a rate of 10% from 1 適用於自二零零八年一月一日起取得
January 2008. The provision applies to profits 的利潤。倘若中國與該境外投資者的received from 1 January 2008 onwards. A lower 司法管轄區簽訂了稅收協定，則可能rate of withholding income tax may be applied if 採用較低預提所得稅稅率。本集團須a tax treaty is in place between the PRC and the 就中國大陸成立的某些子公司自二零
jurisdiction of such foreign investor. The Group is 零八年一月一日起產生的利潤而派發
subject to withholding income tax on dividends 的股息預提所得稅。
paid on profits derived from certain subsidiaries
established in Mainland China from 1 January 2008.As at 31 December 2025 the Group has recognised 於二零二五年十二月三十一日，本集RMB121662000 of deferred tax liabilities (2024: 團就預計若干附屬公司於可預見未來
RMB121662000) in respect o f the earn ing 將匯出的盈利確認相關的遞延所得稅expected to be remitted by certain subsidiaries 負債人民幣121662千元（二零二四in the foreseeable future. Based on a number of 年：人民幣121662千元）。根據包factors including the management’s estimation of 括管理層對境外資金需求估計在內的
the need for funds outside the PRC the Group has 多項因素，本集團並未就預期由中國not provided for withholding income tax in respect 附屬公司保留且不會於可預見未來匯
of earnings that were expected to be retained by 給境外投資者的盈利撥備預提所得
the PRC subsidiaries and would not be remitted to 稅。
foreign investors in the foreseeable future.Annual Report 2025二零二五年年報263
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
22. Other non-current assets 22. 其他非流動資產
20252024
二零二五年二零二四年
Book Provision for Carrying Book Provision for Carrying
balance impairment amount balance impairment amount賬面餘額減值準備賬面價值賬面餘額減值準備賬面價值
Fixed deposits and Large 定期存款和大額存單 22317745 – 22317745 – – –
certificate of deposit
Prepayments for engineering 預付工程設備款 16102626 – 16102626 19033450 – 19033450
equipment
Asset-backed notes 資產支持票據 1357000 – 1357000 – – –
Funds from continuing 繼續涉入資產 1357000 – 1357000 – – –
involvement
Prepayments for intangible 預付無形資產款 511720 – 511720 1336029 – 1336029
assets
Others 其他 2463501 – 2463501 2166476 – 2166476
Total 合計 44109592 – 44109592 22535955 – 22535955
23. Assets with restrictive ownership title or right of use 23. 所有權或使用權受到限制的資產
2025二零二五年
Book balance Carrying amount Restricted types Restrictions賬面餘額賬面價值受限類型受限情況
Monetary funds 貨幣資金 6697550 6697550 Deposit and Restricted
special account 使用受限保證金及專款專用
Other non-current assets 其他非流動資產 849080 849080 Restricted Restricted (note)
statutory deposits 使用受限（註）
and interests存出資本保證金及利息
Total 合計 7546630 7546630264 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
23. Assets with restrictive ownership title or right of use 23. 所有權或使用權受到限制的資產（續）
(continued)
2024二零二四年
Book balance Carrying amount Restricted types Restrictions賬面餘額賬面價值受限類型受限情況
Monetary funds 貨幣資金 204057 204057 Deposit and Restricted
special account 使用受限保證金及專款專用
Other non-current assets 其他非流動資產 844495 844495 Restricted statutory Restricted (note)
deposits and 使用受限（註）
interests存出資本保證金及利息
Total 合計 1048552 1048552
Note: Statutory deposits for insurance operations are placed 註： 根據《保險法》等有關規定，本集團從事with PRC national commercial banks in accordance with 保險業務的子公司按其註冊資本的20%
the Insurance Law and relevant regulations issued by 提取資本保證金，存放於符合監管機構regulatory authorities based on 20% of the registered 規定條件的全國性中資商業銀行。資本capital for subsidiaries engaged in insurance business 保證金僅當保險公司清算時用於清償債
within the Group. Statutory deposits for insurance 務。
operations can only be utilized to settle liabilities during
liquidation of insurance companies.Annual Report 2025二零二五年年報265
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
24. Short-term borrowings 24. 短期借款
(1) Classification of short-term borrowings (1) 短期借款分類
20252024
二零二五年二零二四年
Credit borrowings 信用借款 38484710 12103272
As at 31 December 2025 and 31 December 2024 於二零二五年十二月三十一日及二零
the Group had no short-term borrowings that were 二四年十二月三十一日，本集團無已due but outstanding. 到期但尚未償還的短期借款。
25. Bills payables 25. 應付票據
20252024
二零二五年二零二四年
Commercial acceptance bills 商業承兌匯票 10414044 1257930
Bank acceptance bills 銀行承兌匯票 12049839 1126066
Total 合計 22463883 2383996
As at 31 December 2025 the outstanding balance of bills 於二零二五年十二月三十一日，由於持票人payables due of the Group was RMB7109000 (2024: 未發起到期托收，本集團尚有餘額為人民RMB7107000) due to the fact that the bearer did not 幣7109千元（二零二四年：人民幣7107千make collection at maturity. 元）的應付票據到期未付。266 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
26. Trade payables 26. 應付賬款
20252024
二零二五年二零二四年
Within 1 year 1年以內 185250981 240418157
1 to 2 years 1年至2年 910151 667782
2 to 3 years 2年至3年 220938 199805
Over 3 years 3年以上 360305 357680
Total 合計 186742375 241643424
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 31 December 2025 and 31 December 2024 the 於二零二五年十二月三十一日及二零二四年
Group had no significant trade payables that were aged 十二月三十一日，本集團無賬齡超過1年或over one year or overdue. 逾期的重要應付賬款。
27. Contract liabilities 27. 合同負債
20252024
二零二五年二零二四年
Advance receipts from the sale of housing 預收購房款（附註五、10）
(Note V.10) 595842 604661
Advance receipts from goods 預收貨款 50875213 43124924
Total 合計 51471055 43729585
As at 31 December 2025 and 31 December 2024 the 於二零二五年十二月三十一日及二零二四年
Group had no significant contract liabilities aged over one 十二月三十一日，本集團無賬齡超過一年的year. 重要合同負債。
Contract liabilities refer to the obligation to transfer goods 合同負債，是指企業已收或應收客戶對價而to customers in consideration of payments received or 應向客戶轉讓商品的義務。合同中約定的付receivable from customers. Contract liabilities are incurred 款進度早於履約義務的履行則會出現合同負
when the payment schedule agreed under the contract is 債。
ahead of the performance of contract obligations.Annual Report 2025二零二五年年報267
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
28. Employee benefits payables 28. 應付職工薪酬
(1) Disaggregation of employee benefits payables (1) 應付職工薪酬列示
Increase Decrease
Opening during during Closing
balance the year the year balance年初餘額本年增加本年減少年末餘額
Short-term remuneration 短期薪酬 21829629 113525662 (119346252) 16009039
Retirement benefits (Defined 離職後福利
contribution scheme) （設定提存計劃） 13567 14490065 (14487286) 16346
Termination benefits 辭退福利 – 174800 (174800) –
Total 合計 21843196 128190527 (134008338) 16025385
(2) Disaggregation of short-term remuneration (2) 短期薪酬列示
Increase Decrease
Opening during during Closing
balance the year the year balance年初餘額本年增加本年減少年末餘額
Salary bonuses allowances and 工資、獎金、津貼和補貼
subsidies 17679252 100087341 (106267537) 11499056
Staff welfare 職工福利費 8512 1446237 (1446474) 8275
Labor dispatch fees 勞務派遣費 26054 106742 (118686) 14110
Social insurance 社會保險費 12268 6182948 (6184373) 10843
Including: Medical 其中：醫療保險費 5188 5118112 (5121801) 1499
Work injuries 工傷保險費 634 668058 (668527) 165
Maternity 生育保險費 566 219296 (219730) 132
Others 其他 5880 177482 (174315) 9047
Housing fund 住房公積金 8742 4088298 (4079958) 17082
Labour union fund and employee 工會經費和職工教育經費
education fund 4094801 1614096 (1249224) 4459673
Total 合計 21829629 113525662 (119346252) 16009039268 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
28. Employee benefits payables (continued) 28. 應付職工薪酬（續）
(3) Disaggregation of defined contribution schemes (3) 設定提存計劃列示
Increase Decrease
Opening during during Closing
balance the year the year balance年初餘額本年增加本年減少年末餘額
Basic pension premium 基本養老保險費 13213 13873614 (13871823) 15004
Unemployment insurance premium 失業保險費 354 616451 (615463) 1342
Total 合計 13567 14490065 (14487286) 16346
The Group makes contributions towards defined 本集團的設定提存計劃是按照當地政
c o n t r i b u t i o n s c h e m e s b a s e d o n a c e r t a i n 府政策和法規要求，以員工工資為繳percentage of employees’ salaries in accordance 費基數，按一定比例計提和繳納。
with the requirements of local government policies
and regulations.
29. Taxes payables 29. 應交稅費
20252024
二零二五年二零二四年
Enterprise income tax 企業所得稅 6486777 6844315
Value-added tax 增值稅 1696632 779656
Consumption tax 消費稅 694797 1042792
Housing property tax 房產稅 238319 172990
Individual income tax 個人所得稅 414508 390712
Others 其他 1184979 866447
Total 合計 10716012 10096912
Please refer to Note IV Taxation for the basis and tax rates 應交各項稅金繳納基礎及稅率參見附註四、
for the payment of various tax payables. 稅項。Annual Report 2025二零二五年年報269
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
30. Other payables 30. 其他應付款
20252024
二零二五年二零二四年
Other external current accounts 外部往來款 117816027 142518138
Guarantee deposits 保證金 1384948 2239873
Medical fund 醫療基金 281927 231186
Total 合計 119482902 144989197
31. Provisions 31. 預計負債
Movement
2024 during the year 2025
二零二四年本年變動二零二五年
Provision for product warranties 產品質量保證 22720381 8552903 31273284
Liabilities from continuing involvement 繼續涉入負債 － 1357000 1357000
Total 合計 22720381 9909903 32630284
Including: Current portion 其中：流動部分 3547165 1837818 5384983
Non-current portion (Note V.37) 非流動部分（附註五、37） 19173216 8072085 27245301
The Group undertakes to repair or replace the product 本集團對汽車以及其他提供保修的產品承諾
components that fa i l to per form sat is factor i ly fo r 維修或更換運行不良的產品部件。預計負債automobiles and other products with warranty. Provisions 為基於銷售量以及過往維修程度及退換記錄
are the estimated amount of warranties based on sales 而作出的保用金額預計。本集團持續對保用金額而產生的預計負債的估計標準進行複
volume as well as the past maintenance level and return核，並在必要時進行調整。
and replacement records. The Group reviews the basis
for estimating its provisions arising from the amount of
warranties on an ongoing basis and revises the same when
necessary.
32. Non-current liabilities due within one year 32. 一年內到期的非流動負債
20252024
二零二五年二零二四年
Long-term borrowings due within one year 一年內到期的長期借款
(Note V.34) （附註五、34） 4184334 7031370
Bond payables due within one year 一年內到期的應付債券
(Note V.35) （附註五、35） 31663 1191601
Lease liabilities due within one year 一年內到期的租賃負債
(Note V.36) （附註五、36） 2095967 1999604
–
Total 合計 6311964 10222575270 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
33. Other current liabilities 33. 其他流動負債
20252024
二零二五年二零二四年
Output tax to be transferred 待轉銷項稅 1944113 3071548
Unearned premium reserve 未到期責任準備金 1574762 1215998
Outstanding claims reserve 未決賠款準備金 1275642 334217
Shareholder’s redemption right 股東投資回購權 636152 621362
Super & short-term commercial paper 超短期融資券 5031145 –
Others 其他 356130 180736
Total 合計 10817944 5423861
Information about super & short-term commercial paper is 超短期融資券相關信息列示如下：
presented as follows:
Interests
Issued provided Repaid
Nominal Coupon Date of Term of Issue Opening during during Amortisation during Closing
value rate (%) issue bonds amount balance the year the year of discount the year balance票面本年
面值利率(%)發行日期債券期限發行金額年初餘額本年發行計提利息折價攤銷本年償還年末餘額
2025 the first 2025年度第一期 5000000 1.47 24 June 184 days 4999524 – 4999524 37052 476 5037052 –
tranche of super 超短期融資券 2025 一百八十四日
& short-term 二零二五年
commercial 六月二十四日
paper
2025 the second 2025年度第二期 5000000 1.47 24 June 184 days 4999524 – 4999524 37052 476 5037052 –
tranche of super 超短期融資券 2025 一百八十四日
& short-term 二零二五年
commercial 六月二十四日
paper
2025 the third 2025年度第三期 5000000 1.48 30 July 183 days 4999527 – 4999527 31222 396 – 5031145
tranche of super 超短期融資券 2025 一百八十三日
& short-term 二零二五年
commercial 七月三十日
paper
Total 合計 14998575 – 14998575 105326 1348 10074104 5031145Annual Report 2025二零二五年年報271
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
34. Long-term borrowings 34. 長期借款
20252024
二零二五年二零二四年
Credit borrowings 信用借款 64889903 15289156
Less: Long-term borrowings due within one 減：一年內到期的長期借款
year 4184334 7031370
607055698257786
As at 31 December 2025 the annual interest rate of 於二零二五年十二月三十一日，上述借款the above borrowings ranged from 1.5% to 2.98% (31 的年利率為1.5%-2.98%（二零二四年十二December 2024: 1.85% to 2.98%). 月三十一日：1.85%-2.98%）。
As at 31 December 2025 and 31 December 2024 the 於二零二五年十二月三十一日及二零二四
Group has no long-term borrowings matured but not yet 年十二月三十一日，本集團無已到期但尚repaid. 未償還的長期借款。
#Aging profile of long-/short-term bank borrowings #長╱短期銀行借款賬齡
20252024
二零二五年二零二四年
Listed as: 列示為：
Bank loans repayables 應償付的銀行貸款
In one year 一年之內 42669044 19134642
In the second year 第二年內 1232985 6979176
In the third to fifth years inclusive 第三至第五年內，包括首尾兩年 59472584 1278610
10337461327392428
Bonds payable 應付債券
Within one year 一年之內 31663 1191601
In the second to fifth years inclusive 第二至第五年內，包括首尾兩年 4997910 –
50295731191601
108404186 28584029272 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
35. Bonds payable 35. 應付債券
(1) Bonds payable (1) 應付債券
20252024
二零二五年二零二四年
Bonds payable 應付債券 5029573 1191601
Less: Bonds payable due within one year 減：一年內到期的應付債券 31663 1191601
4997910–
(2) Increase/decrease in bonds payable (2) 應付債券的增減變動
Interest
Issued provided Amortisation Repaid
Nominal Coupon Date of Term of Issue Opening during during the of discount during Closing Default
value rate (%) issue bonds amount balance the year year and premium the year balance or not票面利率發行本年折溢
面值(%)日期債券期限發行金額年初餘額本年發行計提利息價攤銷本年償還年末餘額是否違約
2025 fourth tranche of 二零二五年度第四期 5000000 1.82% 25 3 years 4997642 – 4997642 31663 268 – 5029573 No
science and 科技創新債券 August 3年 否
technology innovation 2025
bonds 二零二五年八月二十五日
Total 合計 4997642 – 4997642 31663 268 – 5029573
As at 31 December 2025 and 31 December 2024 the 於二零二五年十二月三十一日及二零二四年
Group didn’t have any bonds past due. 十二月三十一日，本集團無逾期的債券。
36. Lease liabilities 36. 租賃負債
20252024
二零二五年二零二四年
Opening balance 年初餘額 11875571 10341223
Addition for the year 本年新增 1757859 3927776
Disposals for the year 本年處置 (750857) (390192)
Interest expense 利息費用 532558 567329
Payments for the year 本年支付 (2698677) (2570565)
Closing balance 年末餘額 10716454 11875571
Less: Lease liabilities due within 減：一年以內到期的租賃負債
one year (Note V.32) （附註五、32） 2095967 1999604
8620487 9875967Annual Report 2025
二零二五年年報273
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
37. Other non-current liabilities 37. 其他非流動負債
20252024
二零二五年二零二四年
Deferred income 遞延收益 44320300 39717206
Provisions (Note V.31) 預計負債（附註五、31） 27245301 19173216
Other external current accounts 外部往來款 9232457 8861588
Long-term financial guarantee contracts 長期財務擔保合同 – 9223
8079805867761233
Deferred income 遞延收益
Opening Increase Decrease Closing
balance during during balance
the year the year年初餘額本年增加本年減少年末餘額
Automobiles and automobiles related 39477064 16264327 (11697954) 44043437汽車及汽車相關
Mobile handset related 240142 807140 (770419) 276863手機相關
Total 39717206 17071467 (12468373) 44320300合計
38. Share capital 38. 股本
20252024
二零二五年二零二四年
Registered and paid-in capital 註冊及實收股本 9117198 2909266
For details of the changes in the registered and paid-in 本年註冊及實收股本變動詳見附註五、40。
capital of the Company please refer to Note V. 40.The shares of the Company have a par value of RMB1 per 本公司每股面值人民幣1元。
share.274 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
39. Other equity instruments 39. 其他權益工具
Opening Increase Decrease Closing
carrying during during carrying
amount the year the year amount年初賬面價值本年增加本年減少年末賬面價值
Guotong Trust 國通信託永續債 Note 1 9929334 27616763 22746011 14800086
Perpetual Bond註1
Bohai Trust 渤海信託永續債 4965108 4965108
Perpetual Bond
Cofco Trust 中糧信託永續債 Note 2 3933898 – 3933898
Perpetual Bond註2
Total 合計 14894442 31550661 27711119 18733984
Note 1: In December 2024 May 2025 June 2025 September 註1： 本公司分別於2024年12月、2025年5
2025 and December 2025 the Company entered into 月、2025年6月、2025年9月以及2025perpetual bond investment contracts with Guotong 年12月與國通信託有限責任公司（「國Trust Co. Ltd. (“Guotong Trust”) with principal amounts 通信託」）簽訂本金金額分別為人民幣
of RMB10.0 billion RMB10.0 billion RMB3.0 billion 100億元、100億元、30億元、40億元
RMB4.0 billion and RMB11.04 billion respectively. Both 以及110.4億元的永續債券投資合同，parties confirmed that the perpetual bond investment 雙方確認該永續債權投資期限為無固定
has no fixed term. Among them the initial investment 期限。其中2025年12月的永續債權投period of the perpetual bond investment made in 資初始投資週期不超過12個月，且初始December 2025 shall not exceed 12 months and the 投資週期超過6個月的不超過50億元；
portion with an initial investment period exceeding 其餘各期永續債權投資的初始投資週期
6 months shall not exceed RMB5.0 billion. For the 不超過6個月，初始投資週期屆滿後每
remaining tranches of perpetual bond investments the 一年為一個利率重置期。本公司有權在initial investment period shall not exceed 6 months 任何一期永續債權投資資金投放後且初
and upon the expiration of the initial investment period 始投資週期屆滿前任何一天或初始投資
each subsequent year constitutes an interest rate reset 週期屆滿日及之後任何一天行使贖回
period. The Company has the right to exercise the 權。如本公司決定行使贖回權，應提前redemption right at any time after the funds for any 一個月通知國通信託。
tranche of the perpetual bond investment are deployed
and before the expiration of the initial investment
period or on the expiration date of the initial investment
period and any day thereafter. If the Company decides
to exercise the redemption right it shall notify Guotong
Trust one month in advance.Annual Report 2025二零二五年年報275
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
39. Other equity instruments (continued) 39. 其他權益工具（續）
Reset interest rate: For the above mentioned perpetual 重置利率：上述永續債債權在初始投資
bonds during the ini t ial investment period the 週期內，2024年12月永續債權第一期initial investment interest rate for the first tranche of 初始投資利率為3.18%，其餘永續債權perpetual bonds in December 2024 is 3.18% and 第一期初始投資利率為2.80%，如初始the initial investment interest rate for the first tranche 投資週期屆滿本公司不行使贖回權，且of the remaining perpetual bonds is 2.80%. If the 該期永續債權進入利率重置期，初始投Company does not exercise the redemption right upon 資週期屆滿日起至第一個利率重置期屆
the expiration of the initial investment period and the 滿日的期間，各期永續債權投資利率perpetual bonds enter the interest rate reset period 按以下兩項孰高計算，且最高設定為the investment interest rate for each tranche during the 6%╱年：(1)投資利率=該期永續債權
period from the expiration date of the initial investment 初始投資利率+300BP；(2)投資利率=
period to the expiration date of the first interest rate 該期永續債權初始投資週期屆滿日的基
reset period shall be calculated based on the higher of 準利率+初始利差+300BP。
the following two items with a maximum cap of 6% per
annum: (1) investment interest rate = initial investment
interest rate of the perpetual bonds + 300 BP; (2)
investment interest rate = benchmark interest rate on
the expiration date of the initial investment period of
perpetual bonds + initial spread + 300 BP.Unless a mandatory interest payment event as 除非發生合同約定的強制付息事件，本stipulated in the contract occurs the Company may 公司可自行選擇將當期利息以及按照本
at its discretion choose to defer the payment of the 條款已經遞延的所有利息及其孶息推遲
current interest and all previously deferred interest 至下一個付息日支付，且不受到任何遞and its accrued interest to the next interest payment 延支付利息次數的限制，前述利息遞延date without being subject to any limit on the number 不應視為本公司未按照合同約定支付利
of interest deferrals. Such deferral of interest shall 息的違約事件。本公司決定遞延支付利not be considered a default event under the contract 息的，本公司需在當個計息日前30個工for failure to pay interest as agreed. If the Company 作日書面通知國通信託。在每個付息日decides to defer the payment of interest it shall 前12個月內，發生以下事件之一，本公provide written notice to Guotong Trust 30 working 司不得遞延當期利息以及按照本條款已
days prior to the current interest payment date. Within 經遞延的所有利息及其孶息：(1)本公
12 months prior to each interest payment date if any 司向普通股股東分紅；(2)本公司減少
of the following events occurs the Company shall 註冊資本；(3)本公司宣佈清算。
not defer the payment of the current interest and all
previously deferred interest and its accrued interest:
(1) the Company distributes dividends to its ordinary
shareholders; (2) the Company reduces its registered
capital; or (3) the Company declares liquidation.276 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
39. Other equity instruments (continued) 39. 其他權益工具（續）
Since the Company distr ibuted dividends to i ts 由於本公司在付息日的前12個月內向普
ordinary shareholders within the 12 months prior to 通股股東進行了分紅，因此部分利息無the interest payment date a portion of the interest 法遞延支付，上述永續債權投資本金合cannot be deferred. The principal amount of the 計人民幣38040000千元，其中無法遞aforementioned perpetual bond investments totaled 延支付的利息人民幣493903千元計入
RMB38040000000 of which RMB493903000 of 債務工具，本年內贖回部分國通信託債non-deferrable interest was classif ied as a debt 券人民幣22746011千元，剩餘部分人instrument. During this year a portion of the GUOTONG 民幣14800086千元，由於本公司有權trust bonds were redeemed with a total amount of 利避免以交付現金或其他金融資產的方
RMB22746011000. while the remaining balance 式向出借人支付利息和本金，故將其劃of RMB14800086000 was classified as an equity 分為權益類工具。
instrument because the Company has the right to
avoid paying interest and principal to the lender by
delivering cash or other financial assets.Note 2: In June 2025 the Company entered into a perpetual 註2： 本公司於2025年6月與中糧信託有限責
bond investment contract with COFCO Trust Co. Ltd. 任公司（「中糧信託」）簽訂本金金額人
(“COFCO Trust”) with a principal amount of RMB4.0 民幣40億元的永續債券投資合同，雙billion. Both parties confirmed that the perpetual bond 方確認該永續債權投資期限為無固定期
investment has no fixed term.The investment period 限，各筆投資資金的投資期限自該筆for each tranche of investment funds is calculated 投資資金的劃款日（含當日）起計算，from the drawdown date (inclusive) of such tranche 至該筆投資資金的到期日（不含當日）
of investment funds to the maturity date (exclusive) of 止。如果該日為非工作日，則順延至該such tranche of investment funds. If such day falls on 日後的第一個工作日。
a non-business day it shall be postponed to the first
business day following such day.Annual Report 2025二零二五年年報277
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
39. Other equity instruments (continued) 39. 其他權益工具（續）
Reset interest rate: The investment yield under this 重置利率：本合同項下投資收益率為固
Agreement is a fixed rate. The base annual investment 定利率，每筆投資資金的基礎年投資收yield for each tranche of investment funds is 2.78% 益率為2.78%（以下稱「基礎投資收益(the “Base Investment Yield”) which shall apply from 率」），自該筆投資資金的投資收益起算and including its interest commencement date. The 日（含當日）起開始執行。若發生下列investment yield for a tranche of investment funds shall 情形之一，則該筆投資資金的投資收益be reset in accordance with the following provisions 率按照下方約定予以重置：(1)自該筆
upon the occurrence of e i ther of the fo l lowing 投資資金的投資收益起算日起滿25個月
events: (1) From and including the day immediately 的對應日的次日（含當日）起，該筆投資following the date that is 25 months after its interest 資金的年投資收益率每年在上一年適用
commencement date the annual investment yield 的年投資收益率基礎上另上調300BP計
for such tranche shall increase by an additional 300 算，可累計調升，但年投資收益率最高basis points each year over the rate applicable in 不超過6%；(2)若本公司在該筆投資資
the immediately preceding year. Such increases are 金的投資期限內選擇按照合同約定遞延
cumulative; however the annual investment yield shall 支付投資收益，該筆投資資金在遞延期not exceed 6%. (2) If the Company elects to defer the 間內適用的年投資收益率為該筆投資資
payment of investment income in accordance with the 金屆時所適用的年投資收益率的基礎上
terms of this Agreement during the investment term of a 另上調300BP計算且遞延期間發生重複
tranche the annual investment yield applicable to such 遞延的，每次遞延調升300BP，但年投tranche during any deferral period shall be the rate 資收益率最高不超過6%。
otherwise applicable increased by 300 basis points.If payments are deferred on multiple occasions the
rate shall increase by an additional 300 basis points
for each such deferral; however the annual investment
yield shall not exceed 6%.Unless a mandatory interest payment event as 除非發生合同約定的強制付息事件，本stipulated in the contract occurs the Company may 公司可自行選擇將當期利息以及按照本
at its discretion choose to defer the payment of the 條款已經遞延的所有利息及其孶息推遲
current interest and all previously deferred interest 至下一個付息日支付，且不受到任何遞and its accrued interest to the next interest payment 延支付利息次數的限制，前述利息遞延date without being subject to any limit on the number 不應視為本公司未按照合同約定支付利
of interest deferrals. Such deferral of interest shall 息的違約事件。本公司決定遞延支付利not be considered a default event under the contract 息的，本公司需在當個計息日前30個工for failure to pay interest as agreed. If the Company 作日書面通知中糧信託。在每個付息日decides to defer the payment of interest it shall 前12個月內，發生以下事件之一，本公provide written notice to COFCO Trust 30 working 司不得遞延當期利息以及按照本條款已
days prior to the current interest payment date. Within 經遞延的所有利息及其孶息：(1)本公
12 months prior to each interest payment date if any 司向股東以任何方式分配股息、紅利；
of the following events occurs the Company shall (2)本公司減少註冊資本或返還股東其
not defer the payment of the current interest and all 他形式出資；(3)本公司以任何形式向
previously deferred interest and its accrued interest: 計入公司權益核算的融資工具支付投資
(1) the Company distributes dividends or bonuses to its 收益╱利息或本金。
shareholders in any manner; (2) the Company reduces
its registered capital or makes other forms of capital
distributions to its shareholders; (3) the Company pays
investment income/interest or principal on any financing
instrument classified as equity in any manner.278 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
39. Other equity instruments (continued) 39. 其他權益工具（續）
The first tranche of bond funds under this Agreement 本合同項下首筆債券資金為人民幣
is RMB4000000000. As the Company declared 4000000千元，由於本公司在付息日dividends to its ordinary shareholders within the 的前12個月內向普通股股東進行了分
twelve-month period prior to the interest payment 紅，因此部分利息無法遞延支付，本金date a portion of the interest could not be deferred. 人民幣4000000千元，其中無法遞延Of this RMB4000000000 principal amount the non- 支付的利息人民幣66102千元計入債
deferrable interest of RMB66102000 is classified 務工具，剩餘部分人民幣3933898千as a debt instrument. The remaining amount of 元，由於本公司有權利避免以交付現金RMB3933898000 is classified as an equity instrument 或其他金融資產的方式向出借人支付利
because the Company has the right to avoid delivering 息和本金，故將其劃分為權益類工具。
cash or other financial assets to the lender for the
payment of interest and principal.
40. Capital reserves 40. 資本公積
Increase Decrease
Opening during during Closing
balance the year the year balance年初餘額本年增加本年減少年末餘額
Share premium 股本溢價 59939010 39944968 (3656545) 96227433
Others 其他 740396 911981 (2603151) (950774)
Total 合計 60679406 40856949 (6259696) 95276659
In 2025 the increase in the Group’s capital reserve – 二零二五年本集團資本公積其他的增加主要
other was mainly due to the provision for share-based 是由於計提股份支付費用以及限制性股票解
payment expenses and vesting of restricted shares 鎖，將與解鎖限制性股票有關的庫存股及資which transferred the treasury shares and capital reserve 本公積－其他結轉至股本溢價。詳見附註十– other related to the vesting of restricted shares to share 三。
premium. For details please refer to note XIII.The increase in capital reserve – share premium was 資本公積－股本溢價的增加主要是本公司
primarily due to the issuance of 129800000 additional 於二零二五年三月完成增發境外上市外資
overseas listed foreign shares by the Company in March 股129800千股，導致股本溢價增加人民幣
2025 which increased capital reserve – share premium 39944968千元；資本公積－股本溢價的減
by RMB39944968000. The decrease in share premium 少主要是本公司於二零二五年七月資本公積
was primarily due to the capitalization of capital reserves 轉增股本3646879千股，派發後的發行在of 3646879000 to increase share capital. Following these 外普通股股數為9117198千股。因此，資transactions the number of ordinary shares outstanding 本公積股本溢價減少人民幣3646879千元。
was 9117198000. Consequently share premium capital
reserve – decreased by RMB3646879000.Annual Report 2025二零二五年年報279
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
41. Treasury shares 41. 庫存股
Increase Decrease
Opening during during Closing
balance the year the year balance年初餘額本年增加本年減少年末餘額
Repurchase by equity incentive 實行股權激勵回購 723968 3988271 (723968) 3988271
Movements in treasury shares during the year primarily 庫存股本的變動為本年回購以及限制性股票
arose from share repurchases and the vesting of restricted 解鎖所致。
shares.
42. Other comprehensive income 42. 其他綜合收益
The balances of other comprehensive income attributable 資產負債表中歸屬於母公司的其他綜合收益
to the parent company in the balance sheet: 餘額：
2025二零二五年
1 January Increase/ 31 December
2025 decrease 2025
二零二五年二零二五年一月一日增減變動十二月三十一日
Changes in fair value of other equity 其他權益工具投資公允價值變動 1395768 1267339 2663107
instrument investments
Changes in fair value of receivables financing 應收款項融資公允價值變動 (43540) 14609 (28931)
Exchange difference on foreign currency 外幣報表折算差額 88388 529278 617666
translation
144061618112263251842
2024二零二四年
1 January Increase/ 31 December
2024 decrease 2024
二零二四年二零二四年一月一日增減變動十二月三十一日
Changes in fair value of other equity 其他權益工具投資公允價值變動 1028216 367552 1395768
instrument investments
Changes in fair value of receivables financing 應收款項融資公允價值變動 (31445) (12095) (43540)
Exchange difference on foreign currency 外幣報表折算差額 (393108) 481496 88388
translation
603663 836953 1440616280 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
42. Other comprehensive income (continued) 42. 其他綜合收益（續）
The amounts of other comprehensive income: 其他綜合收益發生額：
2025二零二五年
Attributable to
shareholders Attributable
Pretax of the parent to the
amount Income tax company minority歸屬於歸屬於稅前發生額所得稅母公司股東少數股東
Other comprehensive income that 不能重分類進損益的其他綜合收益
cannot be reclassified to profit
or loss
Changes in fair value of other 其他權益工具投資公允價值變動 1628614 (361275) 1267339 –
equity instrument investments
Other comprehensive income that 將重分類進損益的其他綜合收益
will be reclassified to profit or loss
Changes in fair value of receivables 應收款項融資公允價值變動 14609 – 14609 –
financing
Provision for credit impairment of 應收款項融資信用減值準備 – – – –
receivables financing
Exchange difference on foreign 外幣報表折算差額 511203 – 529278 (18075)
currency translation
2154426 (361275) 1811226 (18075)Annual Report 2025
二零二五年年報281
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
42. Other comprehensive income (continued) 42. 其他綜合收益（續）
2024二零二四年
Attributable to
shareholders Attributable
Pretax of the parent to the
amount Income tax company minority歸屬於歸屬於稅前發生額所得稅母公司股東少數股東
Other comprehensive income that 不能重分類進損益的其他綜合收益
cannot be reclassified to profit
or loss
Changes in fair value of other 其他權益工具投資公允價值變動 408375 (40823) 367552 –
equity instrument investments
Other comprehensive income that 將重分類進損益的其他綜合收益
will be reclassified to profit or loss
Changes in fair value of receivables 應收款項融資公允價值變動 (12095) – (12095) –
financing
Provision for credit impairment of 應收款項融資信用減值準備 – – – –
receivables financing
Exchange difference on foreign 外幣報表折算差額 487941 – 481496 6445
currency translation
884221 (40823) 836953 6445282 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
43. Surplus reserve 43. 盈餘公積
Increase Decrease
Opening during during Closing
balance the year the year balance年初餘額本年增加本年減少年末餘額
Statutory surplus reserve 法定盈餘公積 7374087 420601 – 7794688
In accordance with the Company Law and the Articles 根據公司法、本公司章程的規定，本公司按of Association the Company is required to allocate 10% 淨利潤的10%提取法定盈餘公積金，法定盈of its net profit to the statutory surplus reserve until the 餘公積金累計額為本公司註冊資本50%以上
accumulated statutory surplus reserve has reached 50% of 的，可以不再提取。
the registered capital of the Company.
44. Retained profits 44. 未分配利潤
20252024
二零二五年二零二四年
Retained earnings at the beginning of 年初未分配利潤 98647794 67123972
the year
Net profit attributable to shareholders of 本年歸屬於母公司股東的淨利潤 32619022 40254346
the parent for the year
Less: Appropriation to statutory surplus 減：提取法定盈餘公積 420601 –
reserve
Cash dividends payable for ordinary 支付普通股現金股利 14508500 9012493
shares
Distributions to holders of other equity 對其他權益工具持有者的分配 177108 –
instruments
Disposal of other equity instruments 處置其他權益工具 103179 (281969)
Retained profits at the end of the year 年末未分配利潤 116057428 98647794Annual Report 2025二零二五年年報283
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
45. Operating revenue and operating costs 45. 營業收入和營業成本
(1) Operating revenue and operating costs (1) 營業收入和營業成本情況
20252024
二零二五年二零二四年
Revenue Cost Revenue Cost收入成本收入成本
Revenue from principal 主營業務收入 785675542 647135552 761135162 614031918
operations
Other operating revenue 其他業務收入 18289416 14169609 15967293 12014698
Total 合計 803964958 661305161 777102455 626046616
Disaggregation of operating revenue is as follows: 營業收入列示如下：
20252024
二零二五年二零二四年
Revenue from contracts with 與客戶之間合同產生的收入
customers
Mobile handset components 手機部件、組裝及其他產品 155186689 159568013
assembly and other products
Automobiles and related products 汽車、汽車相關產品及其他產品 648393278 617147559
and other products
Others 其他 81667 110375
803661634776825947
Rental income 租賃收入 303324 276508
Total 合計 803964958 777102455284 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
45. Operating revenue and operating costs (continued) 45. 營業收入和營業成本（續）
(2) Disaggregation of operating revenue (2) 營業收入分解信息
2025二零二五年
Mobile
handset Automobiles
components and related
assembly products
and other and other
products products Others Total
手機部件、汽車、汽車組裝及相關產品及
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 中國（包括港澳台地區） 35897253 457044255 81667 493023175
Macau and Taiwan)
Overseas 境外 119289436 191349023 – 310638459
15518668964839327881667803661634
Timing of goods transferred 商品轉讓的時間
At a point in time 在某一時點轉讓 155159790 645184241 81667 800425698
Over time 在某一時段內轉讓 26899 3209037 – 3235936
155186689 648393278 81667 803661634Annual Report 2025
二零二五年年報285
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
45. Operating revenue and operating costs (continued) 45. 營業收入和營業成本（續）
(2) Disaggregation of operating revenue (continued) (2) 營業收入分解信息（續）
2024二零二四年
Mobile
handset Automobiles
components and related
assembly products
and other and other
products products Others Total
手機部件、汽車、汽車組裝及相關產品及
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 中國（包括港澳台地區） 37503823 517409835 110375 555024033
Macau and Taiwan)
Overseas 境外 122064190 99737724 – 221801914
159568013617147559110375776825947
Timing of goods transferred 商品轉讓的時間
At a point in time 在某一時點轉讓 159248360 614622917 110375 773981652
Over time 在某一時段內轉讓 319653 2524642 – 2844295
159568013 617147559 110375 776825947286 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
45. Operating revenue and operating costs (continued) 45. 營業收入和營業成本（續）
(3) Disaggregation of operating costs (3) 營業成本分解信息
2025二零二五年
Mobile
handset Automobiles
components and related
assembly products
and other and other
products products Others Total
手機部件、汽車、汽車組裝及相關產品及
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 中國（包括港澳台地區） 33526802 377348078 68232 410943112
Macau and Taiwan)
Overseas 境外 111897006 138254803 – 250151809
14542380851560288168232661094921
Timing of goods transferred 商品轉讓的時間
At a point in time 在某一時點轉讓 145398617 512751092 68232 658217941
Over time 在某一時段內轉讓 25191 2851789 – 2876980
14542380851560288168232661094921
(4) Performance obligations (4) 履約義務
The recognised revenue is sourced from: 確認的收入來源於：
20252024
二零二五年二零二四年
Opening carrying amount of contract 合同負債年初賬面價值－銷售商品 38044739 31922629
liabilities – sales of goods and 及提供服務
provision of servicesAnnual Report 2025二零二五年年報287
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
45. Operating revenue and operating costs (continued) 45. 營業收入和營業成本（續）
(4) Performance obligations (continued) (4) 履約義務（續）
In format ion about the Group’s per formance 本集團與履約義務相關的信息如下：
obligations is summarized below:
Time of fulfilling Important payment Nature of Goods Principal or Committed Type of
performance terms transferred not refunds to warranty
obligations customers and related
obligations承擔的預期提供的質量是否為將退還給保證類型及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主要責任人客戶的款項相關義務
Sales of goods 銷售商品 Time of delivery and Advance/payment upon Sales of automobiles Yes Yes Assurance-
acceptance by delivery related products type
customers mobile handset warranty
components assembly
and other products
交付且客戶接受時預收╱到貨收款主要銷售汽車、汽車相關是有保證類質保
產品、手機部件、組裝及其他產品
Rendering of 提供服務 Term of service/time of Service progress Rendering of Yes Nil Nil
services delivery payment/payment maintenance
upon completion of transportation
services platform and
technological services
服務期間╱交付時服務進度收款╱服務完成主要提供維修、運輸、平是無無收款台服務及技術服務等
Construction 建造服務 Term of service Progress payment Construction of rail Yes Nil Assurance-
services transport infrastructure type
warranty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 31 December 2025 the main performance 於二零二五年十二月三十一日，主要obligations that have signed the contract but have 的已簽訂合同、但尚未履行或尚未履
not been fulfilled or not yet fulfilled are expected to 行完畢的履約義務預計於1年以內確
be recognized within one year. 認為收入。288 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
46. Taxes and surcharges 46. 稅金及附加
20252024
二零二五年二零二四年
Consumption tax 消費稅 6563898 8377348
City maintenance and construction tax 城市維護建設稅 1912080 1732104
Education surcharge 教育費附加 1471302 1312280
Property tax 房產稅 1120766 898438
Land use tax 土地使用稅 485699 418929
Others 其他 2026799 2013303
Total 合計 13580544 14752402
47. Selling expenses 47. 銷售費用
20252024
二零二五年二零二四年
Advertising and exhibition expenses 廣告展覽費 8791474 7847450
Employee benefits 職工薪酬 7718854 7436708
Depreciation and amortisation 折舊及攤銷 3919053 3600415
Material consumption 物料消耗 835565 1242761
Office expenses 辦公費用 805808 816451
Travelling expenses 差旅費 567690 595326
Share-based payment 股份支付 85953 38345
Others 其他 3460171 2507861
Total 合計 26184568 24085317Annual Report 2025二零二五年年報289
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
48. Administrative expenses 48. 管理費用
20252024
二零二五年二零二四年
Employee benefits 職工薪酬 12980453 12627537
Depreciation and amortisation 折舊及攤銷 4219458 3161948
Material consumption 物料消耗 979943 1291159
Share-based payment 股份支付 248378 121769
Others 其他 1771712 1442248
Including: Audit expenses# 其中：審計費# 6830 6350
Total 合計 20199944 18644661
49. Research and development expenses 49. 研發費用
20252024
二零二五年二零二四年
Employee benefits 職工薪酬 31364565 31772136
Material consumption 物料消耗 13834269 12281826
Depreciation and amortisation 折舊及攤銷 5128109 3527974
Testing expenses 檢測費 3693284 2224632
Share-based payment 股份支付 395229 179543
Others 其他 3562649 3208634
Total 合計 57978105 53194745
50. Finance costs 50. 財務費用
20252024
二零二五年二零二四年
Interest expenses 利息支出 2551657 2093781
Less: Interest income 減：利息收入 2436953 2483756
Foreign exchange (gain)/loss 匯兌（收益）╱損失 (1033771) 1531645
Others 其他 269717 74536
Total 合計 (649350) 1216206290 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
51. Other income 51. 其他收益
20252024
二零二五年二零二四年
Government subsidy related to daily activities 與日常活動相關的政府補助 12468373 10406200
Others 其他 1331927 3645450
Total 合計 13800300 14051650
52. Investment income 52. 投資收益
20252024
二零二五年二零二四年
Long-term equity investment income 按權益法核算的長期股權投資收益 1007213 1468954
accounted for under the equity method
Investment income from disposal of financial 處置交易性金融資產或負債的投資 1313554 380019
assets or liabilities held for trading 收益
Investment income from investing in wealth 投資理財產品與債權投資產生的 1096941 271779
management products and debt investment 投資收益
Investment income from the disposal of 處置長期股權投資產生的投資收益 105059 108138
long-term equity interests
Dividend income on other equity instrument 仍持有的其他權益工具投資的股利 125081 63867
investments held 收入
Investment income from holding other 其他非流動金融資產在持有期間 8189 4869
non-current financial assets 取得的投資收益
Investment income/(loss) from the disposal of 處置子公司的投資收益╱（損失） (2416) 1260
subsidiaries
Loss on derecognition of financial assets 以攤餘成本計量的金融資產終止 (797013) (7411)
measured at amortised cost 確認損失
Total 合計 2856608 2291475Annual Report 2025二零二五年年報291
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
53. Gains from changes in fair value 53. 公允價值變動收益
20252024
二零二五年二零二四年
Financial assets held for trading 交易性金融資產 683647 366222
Derivative financial instruments 衍生金融工具 (550094) 33100
Other non-current financial assets 其他非流動金融資產 230685 132611
Total 合計 364238 531933
54. Impairment loss on credit 54. 信用減值損失
20252024
二零二五年二零二四年
Loss of bad debts for accounts receivable 應收款項類壞賬損失 416360 1606076
Impairment loss on financial guarantee 財務擔保合同相關減值損失 (9223) (52761)
contracts
Total 合計 407137 1553315
55. Impairment loss on asset 55. 資產減值損失
20252024
二零二五年二零二四年
Impairment loss on inventory 存貨跌價損失 1622215 2899021
Impairment loss on fixed assets 固定資產減值損失 – 132200
Impairment loss on construction in progress 在建工程減值損失 – 92511
Impairment loss on contract assets 合同資產減值損失 200867 109788
Impairment loss on long-term equity 長期股權投資減值損失 – 638157
investments
Total 合計 1823082 3871677
56. Gains on disposal of assets 56. 資產處置收益
20252024
二零二五年二零二四年
Gains/(losses) on disposal of fixed assets 固定資產處置收益╱（損失） 27796 (126527)292 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
57. Non-operating income 57. 營業外收入
Included
in 2025
non-recurring
2025 2024 profit or loss
計入二零二五年度非經常性二零二五年二零二四年損益
Government subsidy 政府補助 – 387 –
Liquidated damages and compensation 違約金及損失賠款 510517 786690 510517
for losses
Others 其他 621674 464499 621674
Total 合計 1132191 1251576 1132191
58. Non-operating expenses 58. 營業外支出
Included
in 2025
non-recurring
2025 2024 profit or loss
計入二零二五年度非經常性二零二五年二零二四年損益
Losses on disposal of non-current assets 非流動資產清理損失 883356 1632109 883356
Donation 捐贈支出 157223 29965 157223
Others 其他 523272 394872 523272
Total 合計 1563851 2056946 1563851
59. Income tax expenses 59. 所得稅費用
20252024
二零二五年二零二四年
Current income tax expenses 當期所得稅費用 14237669 11262547
Pillar Two income tax – current tax 支柱二所得稅－當期稅 84661 9435
Deferred income tax expenses 遞延所得稅費用 (8330039) (3179245)
Total 合計 5992291 8092737Annual Report 2025二零二五年年報293
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
59. Income tax expense (continued) 59. 所得稅費用（續）
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:
20252024
二零二五年二零二四年
Total profit 利潤總額 39753049 49680677
Income tax calculated at the statutory tax 按法定稅率計算的所得稅（註1）
rate (Note 1) 9938262 12420103
Effect of different tax rates applicable to 子公司適用不同稅率的影響
subsidiaries (3667163) (6000834)
Profit or loss attributable to joint ventures 歸屬於合營企業和聯營企業的損益
and associates (237687) (350323)
Tax impact of non-deductible cost expenses 不可抵扣的成本、費用和損失的
and losses 影響 571928 230034
Pillar Two income tax – current tax (Note 2) 支柱二所得稅－當期稅（註2） 84661 9435
Effect on deductible temporary differences 本期未確認遞延所得稅資產的可
or deductible losses for which deferred tax 抵扣暫時性差異的影響或可抵
assets are not recognized for the period 扣虧損的影響 4017596 8169879
Effect of use of deductible losses on 使用前期未確認遞延所得稅資產的
previously unrecognised deferred tax 可抵扣虧損的影響
assets (945069) (646074)
Effect of changes in tax rate on the balance 稅率變動對期初遞延所得稅餘額的
of deferred income tax at the beginning 影響
of the period (100335) (400271)
Research and development expenses and 研發費用及其他稅法規定的加計
other additional deduction as required 扣除
by taxation laws (3669902) (5339212)
Income tax expenses at the Group’s effective 按本集團實際稅率計算的所得稅
tax rate 費用 5992291 8092737294 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
59. Income tax expense (continued) 59. 所得稅費用（續）
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.Note 2: The Group falls within the scope of the Global Anti- 註2： 本集團屬於全球算稅基侵蝕(GloBE)規Base Erosion (GloBE) Model Rules (the “Pillar Two 則立法模板（以下簡稱支柱二立法模板）Model Rules”). The Group is temporarily exempt from 的使用範圍內。本集團暫時豁免因實施recognising and disclosing information about deferred 支柱二立法模板產生的遞延所得稅資產
tax assets or liabilities arising from the implementation 或負債的確認以及相關信息的披露，並of the Pillar Two Model Rules and will accounted for 將在支柱二所得稅產生時核算於當期所
the Pillar Two income tax as current tax when incurred. 得稅中。二零二五年度，本集團經營所In 2025 a jurisdiction where the Group operates has 涉及的特定司法轄區已實施支柱二相關
implemented relevant Pillar Two regulations. Based 法規。基於現有可得信息，本集團已對on currently available information the Group has 本年度財務業績相關的潛在風險敞口進
assessed the potential risk exposure related to the 行了評估，該評估結果可能無法完全反financial performance for the current year the results 映未來實際情況。根據評估結果，本集of which may not fully reflect the actual situation in 團針對在特定司法管轄區計提了人民幣
the future. According to the assessment results the 84661千元的支柱二稅收準備金，因為Group has made a provision of RMB84661000 for the 在該特定司法轄區，由於特定的稅收激Pillar Two tax in the jurisdiction where due to certain 勵措施，支柱二有效稅率低於15%。鑒tax incentives the effective Pillar Two tax rate is below 於更多國家即將頒佈支柱二立法，本集
15%. Given that more countries are expected to enact 團將持續跟進經營所涉司法轄區的相關
Pillar Two legislation the Group will continue to monitor 立法動態，以評估其未來對財務報表的the legislative developments in the jurisdictions where 潛在影響。
it operates to assess their potential impact on the
financial statements in the future.Annual Report 2025二零二五年年報295
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
60. Earnings per share 60. 每股收益
20252024
二零二五年二零二四年
RMB RMB
per share per share
元╱股元╱股
(Restated)（經重述）
Basic earnings per share 基本每股收益
Continuing operations 持續經營 3.58 4.61
Diluted earnings per share 稀釋每股收益
Continuing operations 持續經營 3.58 4.61
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，扣除歸屬於預計未來可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 稀釋每股收益的分母等於下列兩項之和：基
to the sum of: the weighted average number of ordinary 本每股收益中母公司已發行普通股的加權平
shares in issue of the parent company in basic earnings 均數；及假定稀釋性潛在普通股轉換為普通
per share; and increase in the weighted average number 股而增加的普通股的加權平均數。
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.296 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
60. Earnings per share (continued) 60. 每股收益（續）
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:
20252024
二零二五年二零二四年
(Restated)（經重述）
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 32619022 40254346
Less: Deductible net profit attributable 減去：應扣除歸屬於預計未來可解
to restricted shares which are 鎖限制性股票的淨利潤
expected to be vested in the
future 115007 30502
Deductible net profit attributable 應扣除歸屬於預計未來其他
to holders of other equity 權益工具持有者的淨利潤
instruments expected to be
vested in the future 177108 –
Adjusted net profit for the Period 調整後歸屬於本公司普通股股東的
attributable to ordinary shareholders 當期淨利潤
of the Company 32326907 40223844
Shares 股份
Weighted average number of 本公司發行在外普通股的加權
outstanding ordinary shares of the 平均數（千股）
Company (thousands) 9026249 8720541
Diluted effect – weighted average 稀釋效應—普通股的加權平均數
number of ordinary shares
Restricted shares (thousands) 限制性股票（千股） – 4815
Adjusted weighted average number 調整後本公司發行在外普通股的
of outstanding ordinary shares of the 加權平均股數
Company 9026249 8725356
Note: In July 2025 the Company distributed stock dividends 註： 於2025年7月，本公司派發股票股利of 2431252684 shares and capitalization of capital 2431252684股，資本公積轉增股本reserve of 3646879026 shares. Following such 3646879026股，派發後的發行在外distribution the number of ordinary shares outstanding 普通股股數為9117197565股。因was 9117197565 shares. Accordingly earnings per 此，以調整後的股數為基礎計算各列報share for each period presented have been calculated 期間的每股收益。
based on the adjusted number of shares.In 2025 the restricted shares of the Company did not 二零二五年，本公司的限制性股票對每股收have any diluted effect on earnings per share. Therefore 益無稀釋影響，因此稀釋每股收益與基本每the diluted earnings per share are identical to the basic 股收益金額相同。
earnings per share.Annual Report 2025二零二五年年報297
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
61. Notes to cash flow statement 61. 現金流量表項目註釋
Cash related to operating activities 與經營活動有關的現金
20252024
二零二五年二零二四年
Significant cash inflows received from other 收到其他與經營活動有關的大額
activities relating to operations are 現金流入列示如下：
presented as follows:
Other income proceeds 其他收益款 9594083 19600017
Recover the guarantee deposits 收回保證金 5892785 5397783
Interest income 利息收入 2395635 2256777
Significant cash outflows paid for other 支付其他與經營活動有關的大額
activities relating to operations are 現金流出列示如下：
presented as follows:
Selling and promoting expenses 銷售及推廣費用 14504480 9425061
Research and development expenses 研發及開發費用 7244933 5441533
Pay the guarantee deposits 支付保證金 6732271 4884851
Administration and management related 行政及管理相關費用 1771712 1437080
expenses
Cash related to investing activities 與投資活動有關的現金
20252024
二零二五年二零二四年
Significant cash inflows received from other 收到其他與投資活動有關的大額
activities relating to investments are 現金流入列示如下：
presented as follows:
Recovery of wealth management products 收回理財產品及其他投資款 19197721 12495370
and other investments
Significant cash outflows paid for other 支付其他與投資活動有關的大額
activities relating to investments are 現金流出列示如下：
presented as follows:
Purchase of wealth management products 購買理財產品及其他投資款 63248971 43323278
and other investments298 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
61. Notes to cash flow statement (continued) 61. 現金流量表項目註釋（續）
Cash related to financing activities 與籌資活動有關的現金
20252024
二零二五年二零二四年
Significant cash outflows paid for other 支付其他與籌資活動有關的的大額
activities relating to financing are 現金流出列示如下：
presented as follows:
Repurchase payments of minority interests 少數股東權益回購款 3622378 2863844
Increase of treasury stock 庫存股增加 3985206 400028
Payment of lease liabilities 支付租賃負債 2698677 2570565
The movements in each of the liabilities arising from 籌資活動產生的各項負債的變動如下：
financing activities are as follows:
Increase during the year Decrease during the year本年增加本年減少
Opening Cash Non-cash Cash Non-cash Closing
balance changes changes changes changes balance年初餘額現金變動非現金變動現金變動非現金變動年末餘額
Short-term borrowings 短期借款 12103272 74435874 – 48022349 32087 38484710
Long-term borrowings 長期借款 15289156 59570496 38493 10008242 – 64889903
Bonds payable 應付債券 1191601 4997500 30353 1189881 – 5029573
Lease liabilities 租賃負債 11875571 – 2290417 2698677 750857 10716454
Other non-current liabilities 其他非流動負債 – 15000000 31145 10000000 – 5031145
Total 合計 40459600 154003870 2390408 71919149 782944 124151785Annual Report 2025二零二五年年報299
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
62. Supplemental information on cash flow statement 62. 現金流量表補充資料
(1) Supplemental information on cash flow statement (1) 現金流量表補充資料
Reconciliation of net profit to cash flows from 將淨利潤調節為經營活動現金流量：
operating activities:
20252024
二零二五年二零二四年
Net profit 淨利潤 33760758 41587940
Add: Provision for credit impairment 加：信用減值準備 407137 1553315
Provision for asset impairment 資產減值準備 1823082 3871677
Depreciation of fixed assets 固定資產折舊 72046630 56920062
Depreciation of right-of-use assets 使用權資產折舊 2654605 2643241
Depreciation of investment 投資性房地產折舊
17081707
properties
Amortisation of intangible assets 無形資產攤銷 3867651 5514039
Amortisation of long-term deferred 長期待攤費用攤銷
19551901827327
expenditures
Loss on disposal of fixed assets 處置固定資產和其他長期資產
8555601758636
and other long-term assets 的損失
Gains from changes in fair value 公允價值變動收益 (364238) (531933)
Finance costs 財務費用 2044011 1907942
Investment income 投資收益 (3653621) (2298886)
Increase in deferred tax assets 遞延所得稅資產增加 (6798596) (1975070)
Decrease in deferred tax liabilities 遞延所得稅負債減少 (1531443) (1204175)
Increase in inventories 存貨的增加 (23970233) (31248137)
Decrease/(increase) in operating 經營性應收項目的減少╱（增加）
12398330(14841203)
receivables
(Decrease)/increase in operating 經營性應付項目的（減少）╱增加
(37198431)67559896
payables
Others 其他 837444 407495
Net cash flow from operating activities 經營活動產生的現金流量淨額 59135544 133453873
Major non-cash investing and financing activities: 不涉及現金的重大投資和籌資活動：
20252024
二零二五年二零二四年
New right-of-use assets 新增使用權資產 1712007 3912264300 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
62. Supplemental information on cash flow statement 62. 現金流量表補充資料（續）
(continued)
(1) Supplemental information on cash flow statement (1) 現金流量表補充資料（續）
(continued)
Net movements in cash and bank balances: 現金及現金等價物淨變動：
20252024
二零二五年二零二四年
Closing balance of cash and cash 現金及現金等價物的年末餘額 68395197 102256542
equivalents
Less: Opening balance of cash and 減：現金及現金等價物的年初餘額 102256542 108511745
cash equivalents
Net decrease in cash and cash 現金及現金等價物淨減少額 (33861345) (6255203)
equivalents
(2) Net cash paid for acquisitions of subsidiaries and (2) 取得子公司及其他營業單位的現金淨
other operating entities 額
20252024
二零二五年二零二四年
Cash and cash equivalents paid in 本年取得子公司及其他營業單位
the year for acquisitions of 於本年支付的現金和現金等價物
subsidiaries and other operating
entities during the year 479285 142684
Less: Cash and cash equivalents held 減：購買日子公司及其他營業單位
by subsidiaries and other 持有的現金和現金等價物
operating entities at the
acquisition date 295793 17247
Add: Cash and cash equivalents paid 加：以前年度取得子公司及其他
in the year for acquisitions of 營業單位於本年支付的現金
subsidiaries and other 和現金等價物
operating entities during the
previous years – –
Net cash paid for acquisitions of 取得子公司及其他營業單位支付的
subsidiaries and other operating 現金淨額
entities 183492 125437Annual Report 2025二零二五年年報301
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
62. Supplemental information on cash flow statement 62. 現金流量表補充資料（續）
(continued)
(3) Net cash received from disposals of subsidiaries (3) 處置子公司及其他營業單位的現金淨
and other operating entities 額
20252024
二零二五年二零二四年
Cash and cash equivalents received 本年處置子公司及其他營業單位
in the year for disposals of 於本年收到的現金和現金等價物
subsidiaries and other operating
entities during the year – 7779
Less: Cash and cash equivalents held 減：喪失控制權日子公司及其他
by subsidiaries and other 營業單位持有的現金和現金
operating entities at the date 等價物
of losing control rights – 3
Add: Cash and cash equivalents paid 加：以前年度處置子公司及其他
in the year for disposals of 營業單位於本年支付的現金
subsidiaries and other 和現金等價物
operating entities during the
previous years 66961 –
Net cash received from disposals of 處置子公司及其他營業單位收到的
subsidiaries and other operating 現金淨額
entities 66961 7776302 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
62. Supplemental information on cash flow statement 62. 現金流量表補充資料（續）
(continued)
(4) Composition of cash and cash equivalents (4) 現金及現金等價物的構成
20252024
二零二五年二零二四年
Cash 現金 68395197 102256542
Including: Cash on hand 其中：庫存現金 795 952
Bank deposits on demand 可隨時用於支付的銀行存款 43429960 60004283
Other monetary funds on 可隨時用於支付的其他貨幣
demand 資金 24964442 41858835
Financial assets purchased 三個月以內到期的買入返售
under resale agreements 金融資產
due within three months – 392472
Closing balance of cash and cash 年末現金及現金等價物餘額
equivalents 68395197 102256542
(5) Monetary funds that are not cash and cash (5) 不屬於現金及現金等價物的貨幣資金
equivalents
2025 2024 Reason
二零二五年二零二四年理由
Deposit and special account 保證金、專款專用 6697550 204057 Restricted使用受限
Interest accrued 應計利息 332000 670607 Cannot be withdrawn at
any time不可隨時支取
Total 合計 7029550 874664Annual Report 2025二零二五年年報303
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
63. Foreign currency monetary items 63. 外幣貨幣性項目
2025
二零二五年
Original Exchange Translated
currency rate RMB原幣匯率折合人民幣
Cash 現金
JPY 日元 4621 0.0448 207
USD 美元 2 7.0288 14
Other currencies 其他幣種 4
Sub-total 小計 225
Bank deposits 銀行存款
USD 美元 2974525 7.0288 20907341
BRL 巴西雷亞爾 3569290 1.2832 4579934
EUR 歐元 348604 8.2355 2870928
GBP 英鎊 131110 9.4346 1236971
JPY 日元 2957944 0.0448 132507
HKD 港幣 43782 0.9032 39545
Other currencies 其他幣種 2024078
Sub-total 小計 31791304
Other monetary funds 其他貨幣資金
HKD 港幣 3110800 0.9032 2809737
USD 美元 1261 7.0288 8863
Other currencies 其他幣種 172296
Sub-total 小計 2990896
Total 合計 34782425
Trade receivables 應收賬款
USD 美元 1318150 7.0288 9265013
EUR 歐元 485795 8.2355 4000765
BRL 巴西雷亞爾 1310729 1.2832 1681862
GBP 英鎊 112170 9.4346 1058279
INR 印度盧比 9689067 0.0783 758654
Other currencies 其他幣種 3730006
Total 合計 20494579304 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
63. Foreign currency monetary items (continued) 63. 外幣貨幣性項目（續）
2025
二零二五年
Original Exchange Translated
currency rate RMB原幣匯率折合人民幣
Other receivables 其他應收款
EUR 歐元 30773 8.2355 253431
USD 美元 16914 7.0288 118885
PHP 菲律賓比索 839204 0.1195 100285
BRL 巴西雷亞爾 21351 1.2832 27398
JPY 日元 523320 0.0448 23445
SGD 新加坡元 3302 5.4586 18024
Other currencies 其他幣種 65675
607143
trade payables 應付賬款
USD 美元 2072820 7.0288 14569437
BRL 巴西雷亞爾 1984493 1.2832 2546402
EUR 歐元 123262 8.2355 1015124
INR 印度盧比 10330024 0.0783 808841
GBP 英鎊 22948 9.4346 216505
JPY 日元 3136675 0.0448 140523
Other currencies 其他幣種 1951602
21248434
Other payables 其他應付款
EUR 歐元 275217 8.2355 2266551
USD 美元 46973 7.0288 330161
GBP 英鎊 34154 9.4346 322227
JPY 日元 2082274 0.0448 93286
HUF 匈牙利福林 2316268 0.0213 49427
Other currencies 其他幣種 1360438
4422090Annual Report 2025
二零二五年年報305
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
V. NOTES TO KEY ITEMS OF THE CONSOLIDATED 五、 合併財務報表主要項目註釋（續）
FINANCIAL STATEMENTS (CONTINUED)
64. Lease 64. 租賃
(1) As a lessee (1) 作為承租人
20252024
二零二五年二零二四年
Interest expense on lease liabilities 租賃負債利息費用 532558 567329
Short-term lease expenses and lease 計入當期損益的採用簡化處理的短期
expenses of low-value assets 租賃費用和低價值資產租賃費用
through profit or loss using
simplified approach 1201359 1545926
Total cash outflows related to leases 與租賃相關的總現金流出 3900036 4116491
Lease assets rented by the Group included 本集團承租的租賃資產包括經營過程
buildings machinery and equipment required in the 中使用的房屋及建築物和機器設備，course of business. Buildings are typically leased 房屋及建築物的租賃期通常為1-20
for terms of 1-20 years machinery and equipment 年，機器設備的租賃期通常為1-20is typically leased for terms of 1-20 years. The lease 年。租賃合同通常約定本集團不能將contract usually stipulates that the Group shall not 租賃資產進行轉租。
sublease the leased assets.
(2) As a lessor (2) 作為出租人
The Group leases part of buildings equipment 本集團將部分房屋建築物、設備用於
for a lease term of 1-20 years which constitutes 出租，租賃期為1-20年，形成經營租operating leases. According to the lease contracts 賃。根據租賃合同，每年需根據市場the rental is required to be adjusted annually based 租金狀況對租金進行調整。因預計存on the market conditions. In light of the expected 在二手市場，租賃資產餘值風險不重secondhand market the residual risk of lease assets 大。
is not significant.Operating leases 經營租賃
Profit or loss related to operating lease is shown as 與經營租賃有關的損益列示如下：
follows:
20252024
二零二五年二零二四年
Rental income 租賃收入 303324 276508306 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
VI. DEVELOPMENT EXPENDITURE 六、 研發支出
1. Classification by nature 1. 按性質列示
20252024
二零二五年二零二四年
Employee benefits 職工薪酬 34345993 32449433
Material consumption 物料消耗 14438590 12407888
Depreciation and amortisation 折舊及攤銷 5312283 3551939
Testing expenses 檢測費 3876325 2264419
Share-based payment 股份支付 487712 185029
Others 其他 4980476 3302256
Total 合計 63441379 54160964
Including: Expensed development expenditures 其中：費用化研發支出 57978105 53194745
Capitalised development expenditures 資本化研發支出 5463274 966219
2. Development expenditures of R&D projects qualified 2. 符合資本化條件的研發項目開發支出
for capitalisation
Increase during the year Decrease during the year本年增加本年減少
Opening In-house Others Recognition Charged Closing
balance development as Intangible to profit balance
assets or loss年初金額內部開發其他確認無形資產計入當期損益年末餘額
Automobile projects
汽車項目5080385463274–––5971312
VII. CHANGES TO THE SCOPE OF CONSOLIDATION 七、 合併範圍的變更
(1) Disposal of subsidiaries (1) 處置子公司
In 2025 the Group recorded 1 d isposal o f 二零二五年度，本集團處置1家子公subsidiaries (2024: 2). 司（二零二四年：2家）。
(2) Changes to the scope of consolidation for (2) 其他原因的合併範圍變動
other reasons
In 2025 the Group added 24 subsidiaries (2024: 二零二五年度，本集團新增24家子公
55).司（二零二四年：55家）。
In 2025 the Group reduced 1 subsidiary through 二零二五年度，本集團吸收合併減少absorption merger (2024: 1). 1家子公司（二零二四年：1家）。
(3) New major subsidiaries (3) 新設重要子公司
In 2025 the Group had no new major subsidiaries 二零二五年度，本集團無重要的新設
(2024: nil). 子公司（二零二四年：無）。
(4) Deregistration of subsidiaries (4) 註銷子公司
In 2025 the Group deregistered 9 subsidiaries 二零二五年度，本集團註銷9家子公
(2024: 9). 司（二零二四年：9家）。Annual Report 2025二零二五年年報307
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
VIII. INTERESTS IN OTHER ENTITIES 八、 在其他主體中的權益
1. Interests in subsidiaries 1. 在子公司中的權益
(1) Composition of the group (1) 企業集團的構成
Principal
place of Place of Business Registered capital/ Percentage of shareholding
Full Name of Subsidiary business registration nature Share Capital (%)
子公司全稱主要經營地註冊地業務性質註冊資本╱股本持股比例(%)
Direct Indirect直接間接
Major subsidiaries acquired by way of establishment or investment通過設立或投資等方式取得的重要子公司
BYD Auto Industry Company Limited Shenzhen Shenzhen Manufacture USD3757654524 96.79 3.21比亞迪汽車工業有限公司深圳深圳製造美元3757654524
CHANGSHA BYD AUTO CO. LTD. Changsha Changsha Manufacture RMB1000000000 – 99.88長沙比亞迪汽車有限公司長沙長沙製造人民幣1000000000元
Zhengzhou BYD Auto Co. Ltd. Zhengzhou Zhengzhou Manufacture RMB50000000 – 100.00鄭州比亞迪汽車有限公司鄭州鄭州製造人民幣50000000元
Hefei BYD Auto Co. Ltd. Hefei Hefei Manufacture RMB2000000000 – 100.00合肥比亞迪汽車有限公司合肥合肥製造人民幣2000000000元
Guangxi FinDreams Battery Co. Ltd. Nanning Nanning Manufacture RMB50000000 – 100.00廣西弗迪電池有限公司南寧南寧製造人民幣50000000元
BYD Electronic (International) Hong Kong Hong Kong Investment HKD440000000 – 65.76 Note 2
Company Limited 香港 香港 holding 港元440000000 註2
比亞迪電子（國際）有限公司投資控股
BYD Precision Manufacture Co. Ltd. Shenzhen Shenzhen Manufacture USD145000000 – 65.76 Note 1比亞迪精密製造有限公司深圳深圳製造美元145000000註1
Huizhou BYD Electronics Co. Ltd. Huizhou Huizhou Manufacture USD110000000 – 65.76 Note 1惠州比亞迪電子有限公司惠州惠州製造美元110000000註1
Changzhou BYD Auto Co. Ltd. Changzhou Changzhou Manufacture RMB50000000 – 100.00常州比亞迪汽車有限公司常州常州製造人民幣50000000元
BYD (H.K.) CO. LIMITED Hong Kong Hong Kong Investment HKD15176599778 100.00 –
比亞迪（香港）有限公司 香港 香港 holding 港元15176599778投資控股
Subsidiaries acquired by business combinations not involving entities under common control非同一控制下企業合併取得的子公司
BYD Auto Co. Ltd. Xi’an Xi’an Manufacture RMB4381313131 99.00 –
比亞迪汽車有限公司 西安 西安 製造 人民幣4381313131元308 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
VIII. INTERESTS IN OTHER ENTITIES (CONTINUED) 八、 在其他主體中的權益（續）
1. Interests in subsidiaries (continued) 1. 在子公司中的權益（續）
(1) Composition of the group (continued) (1) 企業集團的構成（續）
Note 1: These major subsidiaries are wholly owned 註1： 該等重要子公司是通過比亞迪
by BYD Electronic (International) Company 電子（國際）有限公司全資持
Limited and the corresponding non-controlling 有，相應的少數股東權益已在interests have been reflected in BYD Electronic 比亞迪電子（國際）有限公司反
(International) Company Limited. 映。
Note 2: BYD Electronic (International) Company Limited 註2： 比亞迪電子（國際）有限公司為
is a company listed on the Hong Kong Stock 香港聯交所上市公司，股本為Exchange with a share capital of HKD440 4.4億港幣。截至二零二五年十mill ion. As at 31 December 2025 Golden 二月三十一日，金菱環球有限Link Worldwide Limited accounted for 65.76% 公司佔該公司65.76%權益，故interest of the company and was therefore 將其作為子公司納入合併範圍。
included in the scope of consolidation as a
subsidiary.
(2) Major subsidiaries with non-controlling interests (2) 存在重要少數股東權益的子公司
31 December 2025 二零二五年十二月三十一日
Ratio of Profit Dividend Accumulated
non- or loss payment non-
controlling attributable to non- controlling
interests to non- controlling interests
(%) controlling interests at the end
interests of the year少數股東歸屬於少數向少數股東年末累計
持股比例(%)股東的損益支付股利少數股東權益
BYD Electronic (International) Company 比亞迪電子（國際）有限公司 34.24 1203389 438210 11859507
LimitedAnnual Report 2025二零二五年年報309
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
VIII. INTERESTS IN OTHER ENTITIES (CONTINUED) 八、 在其他主體中的權益（續）
1. Interests in subsidiaries (continued) 1. 在子公司中的權益（續）
(3) Key financial information of the major subsidiaries (3) 存在重要少數股東權益的子公司的主
with non-controlling interests 要財務信息
The key financial information of the consolidated 下表列示了上述子公司合併財務報表
financial statements of the above subsidiaries is as 的主要財務信息。這些信息為本集團follows. The amounts listed below are the amounts 內各企業之間相互抵消前的金額：
before group intraeliminations:
20252024
二零二五年二零二四年
Current assets 流動資產 54677694 60415511
Non-current assets 非流動資產 28934481 29931693
Total assets 資產合計 83612175 90347204
Current liabilities 流動負債 46627648 50823330
Non-current liabilities 非流動負債 2542576 7122210
Total liabilities 負債合計 49170224 57945540
Operating revenue 營業收入 181203522 178938029
Net profit 淨利潤 3514572 4265638
Total comprehensive income 綜合收益總額 3461623 4283499
Net cash flow from operating activities 經營活動產生的現金流量淨額 18768443 6713671
Transactions resulting in changes of equity held in 在子公司的股東權益份額發生變化且
subsidiaries with no effect on the right of control: 未影響控制權的交易：
There were no transactions in 2025 in which some 二零二五年無處置部分子公司的股權
equity investments in subsidiaries were disposed of 投資，但未喪失對子公司的控制權的without loss of control over the subsidiaries. 交易。310 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
RMB’000人民幣千元
VIII. INTERESTS IN OTHER ENTITIES (CONTINUED) 八、 在其他主體中的權益（續）
2. Interests in joint ventures and associates 2. 在合營企業和聯營企業中的權益
(1) Material joint ventures and associates (1) 重要的合營企業或聯營企業
There are no material joint ventures and associates 本集團本年無重要合營企業及聯營企
of the Group during the year. 業。
(2) Summarised financial information of insignificant (2) 不重要的合營企業和聯營企業的匯總
joint ventures and associates 財務信息
The following table sets out summarised financial 下表列示了對本集團單項不重要的合
information of insignif icant joint ventures and 營企業和聯營企業的匯總財務信息：
associates of the Group:
20252024
二零二五年二零二四年
Joint ventures 合營企業
Aggregate carrying amount of investments 投資賬面價值合計 16306834 14127333
Net profit 淨利潤 998956 1349075
Total comprehensive income 綜合收益總額 998956 1349075
Adjustments 調整事項 44492 (41531)
Associates 聯營企業
Aggregate carrying amount of investments 投資賬面價值合計 5474584 4955163
Net profit 淨利潤 8257 119876
Total comprehensive income 綜合收益總額 8257 119876
Adjustments 調整事項 6265 (3574)
Unconfirmed commitments related to investments in 與對合營企業投資相關的未確認承諾：
joint ventures:
20252024
二零二五年二零二四年
The Group’s capital contribution 本集團對合營企業的出資承諾 540851 223691
commitments to joint venturesAnnual Report 2025二零二五年年報311
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
IX. GOVERNMENT GRANTS 九、 政府補助
1. Liability items related to government grants 1. 涉及政府補助的負債項目
Increase Decrease
Opening during during Closing
balance the year the year balance年初餘額本年增加本年減少年末餘額
Deferred income
遞延收益3971720617071467(12468373)44320300
2. Government grants included in profit or loss 2. 計入當期損益的政府補助
20252024
二零二五年二零二四年
Government grants related to assets 與資產相關的政府補助
Included in other income 計入其他收益 9967765 6625463
Included in non-operating income 計入營業外收入 – 387
Government grants related to income 與收益相關的政府補助
Included in other income 計入其他收益 2500608 3780737
Write-down of financial expenses 沖減財務費用 165252 253291
Total 合計 12633625 10659878312 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險
1. Offsetting of financial instruments 1. 金融工具抵銷
The Group has entered into a netting agreement on trade 本集團就應收賬款簽訂了淨額結算協議。根receivables. According to the agreement the Group has 據該協議，本集團具有應收債權人的金額全the legal right to offset all or part of the amount due to 部或部分抵銷應付債權人的金額的法定權
creditors with the amount due from such creditors. 利。
Financial assets that are offset and financial assets subject 抵銷的金融資產以及遵循可執行的總互抵協
to the enforceable master netting agreement or similar 議或類似協議下的金融資產如下：
agreements are as follows:
2025二零二五年
Total recognised Net amount
Total recognised financial assets listed in the
financial assets that are offset balance sheet已確認金融抵銷的已確認資產負債資產的總額金融資產的總額表中列示的淨額
Trade receivables 應收賬款 15125856 (15052742) 73114
2024二零二四年
Total recognised Net amount
Total recognised financial assets listed in the
financial assets that are offset balance sheet已確認金融抵銷的已確認資產負債資產的總額金融資產的總額表中列示的淨額
Trade receivables 應收賬款 19079551 (18850783) 228768Annual Report 2025二零二五年年報313
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
1. Offsetting of financial instruments (continued) 1. 金融工具抵銷（續）
Financial liabilities that are offset and financial liabilities 抵銷的金融負債以及遵循可執行的總互抵協
subject to the enforceable master netting agreement or 議或類似協議下的金融負債如下：
similar agreements are as follows:
2025二零二五年
Total recognised Net amount
Total recognised financial liabilities listed in the
financial liabilities that are offset balance sheet已確認金融抵銷的已確認資產負債負債的總額金融負債的總額表中列示的淨額
Trade payables 應付賬款 15164196 (15052742) 111454
2024二零二四年
Total recognised Net amount
Total recognised financial liabilities listed in the
financial liabilities that are offset balance sheet已確認金融抵銷的已確認資產負債負債的總額金融負債的總額表中列示的淨額
Trade payables 應付賬款 18978209 (18850783) 127426
2. Risks of financial instruments 2. 金融工具風險
Financial risk management objectives and policies 金融風險管理目標及政策
The Group’s daily activities expose it to the risks of a 本集團在日常活動中面臨各種金融工具的風
variety of financial instruments mainly including credit 險，主要包括信用風險、流動性風險及市場risk liquidity risk and market risk. The Group’s accounting 風險。本集團有關衍生工具的會計政策載於policies on derivatives are set out in Note III.10 to the 財務報表附註三、10。
financial statements.
(1) Credit risk (1) 信用風險
The Group only t rades wi th recognised and 本集團僅與經認可的、信譽良好的第
creditworthy third parties. It is the Group’s policy 三方進行交易。按照本集團的政策，that all customers who wish to trade on credit terms 需對所有要求採用信用方式進行交易
are subject to credit verification procedures. In 的客戶進行信用審核。另外，本集團addition receivable balances and contract assets 對應收賬款以及合同資產餘額進行持
are monitored on an ongoing basis to ensure that 續監控，以確保本集團不致面臨重大the Group is not exposed to significant bad debt 壞賬風險。對於未採用相關經營單位risk. For transactions that are not denominated in 的記賬本位幣結算的交易，除非本集the bookkeeping base currency of the relevant 團信用控制部門特別批准，否則本集operating unit the Group does not offer credit terms 團不提供信用交易條件。
without the special approval of its credit control
department.314 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
2. Risks of financial instruments (continued) 2. 金融工具風險（續）
(1) Credit risk (continued) (1) 信用風險（續）
Since monetary funds receivables financing and 由於貨幣資金、應收款項融資和衍生
derivative financial instruments are placed with 金融工具的交易對手是聲譽良好並擁
creditworthy banks with high credit ratings the 有較高信用評級的銀行，這些金融工credit risk of these financial instruments is relatively 具信用風險較低。
low.The Group’s other f inancial assets comprise 本集團其他金融資產包括貨幣資金、
monetary funds trade receivables other receivables 應收賬款、其他應收款及長期應收
and long-term receivables. The credit r isk of 款，這些金融資產以及合同資產的信such financial assets and contract assets arises 用風險源自交易對方違約，最大風險from default of the counterparty with a maximum 敞口等於這些工具的賬面價值。本集exposure equalling to the carrying amounts of these 團還因提供財務擔保而面臨信用風
instruments. The Group also faces credit risk due 險，詳見附註十四、2中披露。
to the provision of financial guarantees details of
which are disclosed in Note XIV.2.Since the Group only trades with recognised and 由於本集團僅與經認可的且信譽良好
creditworthy third parties there is no requirement 的第三方進行交易，所以無需擔保for collateral. Credit risk management is centralized 物。信用風險集中按照客戶╱交易對according to customers/counterparties geographic 手、地理區域和行業進行管理。於二regions and industries. As at 31 December 2025 零二五年十二月三十一日，本集團具the Group had certain concentrations of credit risk 有特定信用風險集中，本集團應收賬as 6% (31 December 2024: 23%) and 16% (31 款和合同資產合計餘額的6%（二零二December 2024: 32%) of the total balance of the 四年十二月三十一日：23%）及16%
Group’s trade receivables and contract assets were （二零二四年十二月三十一日：32%）
due from the Group’s customer and five customers 分別來源於應收賬款和合同資產合計
with the largest book value of trade receivables and 餘額最大客戶及前五大客戶。本集團contract assets respectively. The Group did not 對應收賬款或合同資產餘額未持有任
hold any collateral or credit enhancements for the 何擔保物或其他信用增級。
balance of trade receivables or contract assets.Annual Report 2025二零二五年年報315
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
2. Risks of financial instruments (continued) 2. 金融工具風險（續）
(1) Credit risk (continued) (1) 信用風險（續）
Criteria for judging significant increase in credit risk 信用風險顯著增加判斷標準
The Group assesses whether or not the credit risk 本集團在每個資產負債表日評估相關
of the relevant financial instruments has increased 金融工具的信用風險自初始確認後是
significantly since the initial recognition at each 否已顯著增加。本集團判斷信用風險balance sheet date. The Group adopts overdue 顯著增加的主要標準為逾期天數超過
period of more than 30 days or significant changes 30日，或者以下一個或多個指標發生in one or more of the following indicators as the 顯著變化：債務人所處的經營環境、
principal criterion for judging whether the credit 內外部信用評級、實際或預期經營成
risk has increased significantly: material adverse 果出現重大不利變化等。
changes in the business environment which the
debtor is subject to and the debtor’s internal and
external credit ratings actual or expected operating
results.Definition of credit-impaired assets 已發生信用減值資產的定義
The Group adopts overdue period of more than 本集團判斷已發生信用減值的主要標
90 days as the principal criterion for judging 準為逾期天數超過90日，但在某些情
whether credit impairment has incurred. But the 況下，如果內部或外部信息顯示，在Group would also recognise credit impairment in 考慮所持有的任何信用增級之前，可some circumstances where internal or external 能無法全額收回合同金額，本集團也information indicates that the contract value cannot 會將其視為已發生信用減值。
be fully recovered without considering any credit
enhancement held.The credit impairment on a financial asset may 金融資產發生信用減值，有可能是多be caused by the combined effect of multiple 個事件的共同作用所致，未必是可單events and may not be necessarily due to a single 獨識別的事件所致。
identifiable event.Credit risk exposures 信用風險敞口
For the credit risk exposures to trade receivables 應收賬款、其他應收款、合同資產、
other receivables contract assets and long-term 長期應收款的信用風險敞口詳見附註
receivables please refer to the disclosure in Note 五、3，附註五、5，附註五、8，附
V.3 Note V.5 Note V.8 and Note V.11. 註五、11的披露。316 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
2. Risks of financial instruments (continued) 2. 金融工具風險（續）
(2) Liquidity risk (2) 流動性風險
The Group’s objective is to maintain balance 本集團的目標是運用多種融資手段、
between sustainability and flexibility of financing 以保持融資的持續性與靈活性的平
through the use of multiple financing channels. 衡。本集團通過經營和借款等產生的The Group finances business operation by funds 資金為經營融資。
acquired by operating activities and borrowings.The maturity analysis of financial liabilities based on 下表概括了金融負債按未折現的合同
undiscounted contractual cash flow is summarised 現金流量所作的到期期限分析：
as follows:
31 December 2025 二零二五年十二月三十一日
Within 1 year 1 to 5 years Over 5 years Total
Financial Liability 金融負債 1年以內 1年至5年 5年以上 合計
Bank borrowings and other secured 銀行借款及其他抵押借款 43455360 61876552 – 105331912
borrowings
Trade payables 應付賬款 186742375 – – 186742375
Bills payables 應付票據 22463883 – – 22463883
Lease liabilities 租賃負債 2502762 7138099 2634209 12275070
Other payables 其他應付款 119482902 – – 119482902
Bonds payables 應付債券 91000 5182000 – 5273000
Other current liabilities 其他流動負債 8873831 – – 8873831
Other non-current liabilities 其他非流動負債 – 9232457 – 9232457
383612113834291082634209469675430
31 December 2024 二零二四年十二月三十一日
Within 1 year 1 to 5 years Over 5 years Total
Financial Liability 金融負債 1年以內 1年至5年 5年以上 合計
Bank borrowings and other secured 銀行借款及其他抵押借款 19260222 8286593 – 27546815
borrowings
Trade payables 應付賬款 241643424 – – 241643424
Bills payables 應付票據 2383996 – – 2383996
Lease liabilities 租賃負債 2480451 8045753 3280085 13806289
Other payables 其他應付款 144989197 – – 144989197
Bonds payables 應付債券 1193120 – – 1193120
Other current liabilities 其他流動負債 2352313 – – 2352313
Other non-current liabilities 其他非流動負債 – 8861588 – 8861588
414302723 25193934 3280085 442776742Annual Report 2025
二零二五年年報317
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
2. Risks of financial instruments (continued) 2. 金融工具風險（續）
(3) Market risk (3) 市場風險
Exchange rate risk 匯率風險
The Group is exposed to trading exchange rate 本集團面臨交易性的匯率風險。此類risks. Such exposures arise from sales or purchases 風險由於經營單位以其記賬本位幣以
by operating units in currencies other than the units’ 外的貨幣進行的銷售或採購所致。
bookkeeping base currency.The Group adopts foreign exchange forward 本集團採用外匯遠期合同減少匯率風
contracts to reduce its exchange rate risk exposure. 險敞口。
The following table is the sensitivity analysis of 下表為匯率風險的敏感性分析，反映exchange rate risk reflecting the impact on net 了在其他變量不變的假設下，人民幣profit (due to changes in the fair value of monetary 對美元在合理的範圍內波動時，將對assets and liabilities) and shareholders’ equity when 淨利潤（由於貨幣性資產和貨幣性負RMB fluctuates against USD within a reasonable 債的公允價值變化）和股東權益產生
range under the assumption that other variables 的影響。
remain unchanged.Increase/
(decrease) Increase/
in other (decrease)
Increase/ Increase/ comprehensive in total
(decrease) in (decrease) in income net shareholders’
basis points total profit of tax equity *其他綜合收益基點的利潤總額的的稅後淨額股東權益合計
增加╱（減少）增加╱（減少）增加╱（減少）增加╱（減少）*
RMB’ 000 RMB’ 000 RMB’ 000人民幣千元人民幣千元人民幣千元
31 December 2025 二零二五年十二月三十一日
RMB weakens against USD 人民幣對美元貶值 5% 1293332 – 1293332
RMB strengthens against USD人民幣對美元升值 (5%) (1293332) – (1293332)
31 December 2024 二零二四年十二月三十一日
RMB weakens against USD 人民幣對美元貶值 5% 1206285 – 1206285
RMB strengthens against USD人民幣對美元升值 (5%) (1206285) – (1206285)
* Excluding retained income and exchange * 不包括留存收益和外幣報表折
differences on translation of foreign operations 算差額318 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
2. Risks of financial instruments (continued) 2. 金融工具風險（續）
(3) Market risk (continued) (3) 市場風險（續）
Price risk of equity instrument investments 權益工具投資價格風險
Price risk of equity instrument investments is the 權益工具投資價格風險，是指權益性risk that the fair values of equity investments 投資的公允價值因股票指數水平和個
decrease as a result of changes in the levels of 別證券價值、股權價值的變化而降低
share indexes the value of individual securities 的風險。於二零二五年十二月三十一and the equity value. As at 31 December 2025 日，本集團暴露於因分類為以公允價the Group was exposed to the price risk of equity 值計量且其變動計入其他綜合收益的
instrument investments arising from the individual 權益工具投資和以公允價值計量且其
equity instrument investment classified as equity 變動計入當期損益的權益工具投資的
instrument investment at fair value through other 個別權益工具投資而產生的權益工具
comprehensive income and equity instrument 投資價格風險之下。本集團通過持有investment at fair value through profit or loss. The 不同風險的投資組合來管理風險。
Group manages this exposure by maintaining a
portfolio of investments with different risks.The following table demonstrates the sensitivity 下表說明了，在所有其他變量保持不of the Group’s net prof i t or loss and other 變的假設下，本集團的淨損益和其他comprehensive income net of tax to every 5% 綜合收益的稅後淨額對權益工具投資change (based on the carrying amounts at the 的公允價值的每5%的變動（以資產負balance sheet date) in the fair values of equity 債表日的賬面價值為基礎）的敏感性。
instrument investments under the assumption that
all other variables remain unchanged.
31 December 2025 二零二五年十二月三十一日
Carrying Increase/ Increase/
amounts Increase/ (decrease) (decrease)
of equity (decrease) in other in total
instrument in net profit comprehensive shareholders’
investments or loss income net of tax equity其他綜合收益權益工具投資淨損益的稅後淨額股東權益合計
Financial assets 金融資產 賬面價值 增加╱（減少） 增加╱（減少） 增加╱（減少）
Equity instrument investments 權益工具投資
Equity instrument investments at 以公允價值計量且其變動計入
fair value through profit or loss 當期損益的權益工具投資 2514716 94302/(94302) – 94302/(94302)
Equity instrument investments at 以公允價值計量且其變動計入
fair value through other 其他綜合收益的權益工具
comprehensive income 投資 8610322 – 322887/(322887) 322887/(322887)Annual Report 2025二零二五年年報319
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
2. Risks of financial instruments (continued) 2. 金融工具風險（續）
(3) Market risk (continued) (3) 市場風險（續）
Pr ice r isk o f equ i ty ins t rument inves tments 權益工具投資價格風險（續）
(continued)
31 December 2024 二零二四年十二月三十一日
Carrying Increase/ Increase/
amounts Increase/ (decrease) (decrease)
of equity (decrease) in other in total
instrument in net profit comprehensive shareholders’
investments or loss income net of tax equity其他綜合收益權益工具投資淨損益的稅後淨額股東權益合計
Financial assets 金融資產 賬面價值 增加╱（減少） 增加╱（減少） 增加╱（減少）
Equity instrument investments 權益工具投資
Equity instrument investments at 以公允價值計量且其變動計入
fair value through profit or loss 當期損益的權益工具投資 2123977 79649/(79649) – 79649/(79649)
Equity instrument investments at 以公允價值計量且其變動計入
fair value through other 其他綜合收益的權益工具
comprehensive income 投資 8501093 – 318791/(318791) 318791/(318791)320 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
3. Capital management 3. 資本管理
The primary objectives of the Group’s capital management 本集團資本管理的主要目標是確保本集團持
are to safeguard the Group’s ability to continue as a 續經營的能力，並保持健康的資本比率，以going concern and to maintain a healthy capital ratio in 支持業務發展並使股東價值最大化。
order to support its business development and maximise
shareholders’ value.The Group manages its capital structure and makes 本集團根據經濟形勢以及相關資產的風險特
adjustments to it in the light of changes in economic 徵的變化管理資本結構並對其進行調整。為conditions and in the risk profiles of relevant assets. To 維持或調整資本結構，本集團可以調整對股maintain or adjust the capital structure the Group may 東的利潤分配、向股東歸還資本或發行新
adjust the dividend payment to shareholders return capital 股。本集團不受外部強制性資本要求約束。
to shareholders or issue new shares. The Group is not 二零二五年度和二零二四年度，資本管理目subject to any externally imposed capital requirements. In 標、政策或程序未發生變化。
2025 and 2024 there were no changes in the objectives
policies or processes of the Group’s capital management.The Group manages its capital using a gearing ratio which 本集團採用槓桿比率來管理資本，槓桿比率is the ratio of net debt to net capital. The Group’s policy is 是指淨負債和淨資本的比率。本集團的政策to maintain the gearing ratio as low as possible. Net debt 為使該槓桿比率保持在盡量低的水平。淨負includes debt capital less the net value of monetary funds. 債包括債務資本減去貨幣資金的淨值，債務Debt capital includes short-term borrowings non-current 資本包括短期借款、一年內到期的非流動負
liabilities due within one year long-term borrowings bond 債、長期借款、應付債券和租賃負債，淨資payables and lease liabilities. Net capital represents 產為歸屬於母公司股東權益。本集團於資產shareholders’ equity attributable to the parent company. 負債表日的槓桿比率如下：
The Group’s gearing ratio as at the balance sheet date was
as follows:
20252024
二零二五年二零二四年
Gearing ratio 資本負債率 25% (36%)Annual Report 2025二零二五年年報321
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
X. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS 十、 與金融工具相關的風險（續）
(CONTINUED)
4. Transfers of financial assets 4. 金融資產轉移
Amount of
Nature of Transferred Transferred
Method of Transfer Financial Assets Financial Assets Derecognition Status Basis for Judgement on Derecognition已轉移金融轉移方式已轉移金融資產性質資產金額終止確認情況終止確認情況的判斷依據
Bill Endorsement/Bill Discounting Receivables Financing 119197696 Derecognised Substantially all risks and rewards have
been transferred
票據背書╱票據貼現應收款項融資終止確認已經轉移了其幾乎所有的風險和報酬
Factoring Trade Receivables 34064189 Derecognised Substantially all risks and rewards have
been transferred保理應收賬款終止確認已經轉移了其幾乎所有的風險和報酬
Asset Securitisation Long-term Receivables 23497407 Continuing Involvement Neither transferred nor retained
substantially all risks and rewards of the
ownership and retained control over the
relevant financial assets資產票據化長期應收款繼續涉入既沒有轉移也沒有保留金融資產所有權上幾乎
所有的風險和報酬，且保留了對相關金融資產的控制
Total 176759292合計
Financial assets derecognised upon transfer are as follows: 因轉移而終止確認的金融資產如下：
Amount of Gain or (Loss)
Method of Transfer of Derecognised Related to
Financial Assets Financial Assets Derecognition終止確認的與終止確認相關的
金融資產轉移的方式金融資產金額利得或（損失）
Receivables Financing 應收款項融資 Bill Endorsement/Bill 票據背書╱票據貼現 119197696 (190904)
Discounting
Trade Receivables 應收賬款 Factoring 保理 34064189 (105958)
Total 合計 153261885 (296862)
Transferred financial assets with continuing involvement 繼續涉入的轉移金融資產如下：
are as follows:
Amount of Assets Amount of Liabilities
Formed by Formed by
Continuing Continuing
Method of Asset Transfer Involvement Involvement繼續涉入形成的繼續涉入形成的資產轉移方式資產金額負債金額
Long-term Receivables 長期應收款 Asset Securitisation 資產票據化 1357000 1357000322 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE 十一、 公允價值的披露
1. Assets and liabilities measured at fair value 1. 以公允價值計量的資產和負債
31 December 2025 二零二五年十二月三十一日
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活躍市場重要可觀察重要不可觀察報價輸入值輸入值
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 – 54532541 – 54532541
Other equity instrument investments 其他權益工具投資 2837383 1375137 4397802 8610322
Other non-current financial assets 其他非流動金融資產 – 1238556 1841404 3079960
Receivables financing 應收款項融資 – 5484126 – 5484126
Total 合計 2837383 62630360 6239206 71706949
Derivative financial liabilities 衍生金融負債 – 550144 – 550144
Total 合計 – 550144 – 550144Annual Report 2025二零二五年年報323
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE (CONTINUED) 十一、 公允價值的披露（續）
1. Assets and liabilities measured at fair value 1. 以公允價值計量的資產和負債（續）
(continued)
31 December 2024 二零二四年十二月三十一日
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活躍市場重要可觀察重要不可觀察報價輸入值輸入值
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 – 40511496 – 40511496
Derivative financial assets 衍生金融資產 – 35093 – 35093
Other equity instrument investments 其他權益工具投資 2140761 2776151 3584181 8501093
Other non-current financial assets 其他非流動金融資產 – 878164 1777081 2655245
Receivables financing 應收款項融資 – 10449966 – 10449966
Total 合計 2140761 54650870 5361262 62152893
Derivative financial liabilities 衍生金融負債 – 1993 – 1993
Total 合計 – 1993 – 1993
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。324 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE (CONTINUED) 十一、 公允價值的披露（續）
3. The fair value measurement in Level 2 3. 第二層次公允價值計量
The Group enters 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 fore ign 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 var ious 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 method 用近期交易法或者採用估值技術來確定其公
or applies valuation techniques to determine their fair 允價值，估值技術包括市場乘數法、期權定value while valuation techniques include market multiplier 價模型等。其公允價值的計量採用了重要的method option pricing models etc. The measurement 不可觀察參數，比如企業價值╱收入（「EV/of fair value uses significant unobservable parameters Revenue」）比率、平均企業價值╱息稅折舊
including enterprise value-to-revenue (“EV/Revenue”) ratio 前利潤比率、平均企業價值╱淨利潤比率、
Average EV/EBITDA ratio Average EV/Net profit margin 流動性折扣、波動率、投資標的淨值等。持liquidity discount volatility investment underlying net 續第三層次公允價值計量的金融工具對這些
value etc. The financial instruments measured at the fair 不可觀察輸入值的合理變動無重大敏感性。
value in Level 3 on a recurring basis was not significantly 本集團相信，以估值技術估計的公允價值及sensitive to a reasonable change in these unobservable 其變動，是合理的，並且亦是於資產負債表inputs. The Group believes that the estimated fair values 日最合適的價值。
resulting from the valuation technique and the related
changes in fair values are reasonable and they were the
most appropriate values at the balance sheet date.Annual Report 2025二零二五年年報325
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE (CONTINUED) 十一、 公允價值的披露（續）
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：
31 December 2025 二零二五年十二月三十一日
Fair value at the Range (the weighted
end of the year Valuation 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 3492778 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 283003 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 ratio 56.06
平均企業價值╱研發費用比率
Other non-current financial assets 905024 Option pricing model Volatility of underlying asset price 4.49%-70.96%其他權益工具投資期權定價模型標的資產價格的波動率
Other non-current financial assets 1558401 Investment underlying Net value of underlying investment RMB721219000 –
其他非流動金融資產 net value method 投資標的的淨值 RMB47800610000
投資標的淨值法人民幣721219千元-
人民幣47800610千元326 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE (CONTINUED) 十一、 公允價值的披露（續）
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: (continued) 不可觀察輸入值概述：（續）
31 December 2024 二零二四年十二月三十一日
Fair value at the Valuation technique Unobservable inputs Range (the weighted
end of the year 估值技術 不可觀察輸入值 average value)
年末公允價值範圍區間（加權平均值）
Other equity instrument investments 2440471 Market approach P/E ratio 20.09-58.21其他權益工具投資市場法市盈率
P/S ratio 1.42-25.59市銷率
P/B ratio 1.54市淨率
Average EV/Revenue ratio 2.43-2.68
平均企業價值╱收入比率
Average EV/EBITDA ratio 17.34-46.68
平均企業價值╱息稅折舊前利潤比率
Average EV/R&D expense 55.61
ratio
平均企業價值╱研發費用比率
Other non-current financial assets 428843 Market approach P/E ratio 29.62-47.15其他非流動金融資產市場法市盈率
P/S ratio 9.23-17.74市銷率
Average EV/R&D expense 41.83
ratio
平均企業價值╱研發費用比率
Other equity instrument investments 1143711 Option pricing model Volatility of underlying 5.88%-56.82%
其他權益工具投資 期權定價模型 asset price標的資產價格的波動率
Other non-current financial assets 39612 Option pricing model Volatility of underlying 33.82%
其他非流動金融資產 期權定價模型 asset price標的資產價格的波動率
Other non-current financial assets 1308625 Investment underlying Net value of underlying RMB654576000 –
其他非流動金融資產 net value method investment RMB41933687000
投資標的淨值法投資標的的淨值人民幣654576千元-
人民幣41933687千元Annual Report 2025二零二五年年報327
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE (CONTINUED) 十一、 公允價值的披露（續）
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：
2025二零二五年
Total gains or losses當期利得或損失總額
Changes in
unrealised
gains or
losses of
assets held
at the end
Through Through other of the year
Opening Transfer to Transfer out profit comprehensive Closing through
balance Level 3 of Level 3 or loss income Purchases Disposals balance profit or loss年末持有的資產計入損益的當期未實現計入其他利得或損失年初餘額轉入第三層次轉出第三層次計入損益綜合收益購買出售年末餘額的變動
Other equity instrument 其他權益工具
investments 投資 3584181 1856801 (1446445) – 273035 130230 – 4397802 –
Other non-current financial 其他非流動金融
assets 資產 1777081 108165 (124890) (72004) – 205135 (52083) 1841404 (72004)
5361262 1964966 (1571335) (72004) 273035 335365 (52083) 6239206 (72004)328 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE (CONTINUED) 十一、 公允價值的披露（續）
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）
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: (continued) 下：（續）
2024二零二四年
Total gains or losses當期利得或損失總額
Changes in
unrealised
gains or
losses of
assets held
at the end
Through other of the year
Opening Transfer to Transfer out of Through profit comprehensive Closing through
balance Level 3 Level 3 or loss income Purchases Disposals balance profit or loss年末持有的資產計入損益的當期未實現計入其他利得或損失的年初餘額轉入第三層次轉出第三層次計入損益綜合收益購買出售年末餘額變動
Other equity instrument 其他權益工具
investments 投資 3015408 898938 (1409861) – 369482 710214 – 3584181 –
Other non-current financial 其他非流動金融
assets 資產 1471261 554519 – (207660) – 22702 (63741) 1777081 (207660)
4486669 1453457 (1409861) (207660) 369482 732916 (63741) 5361262 (207660)Annual Report 2025
二零二五年年報329
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XI. DISCLOSURE OF FAIR VALUE (CONTINUED) 十一、 公允價值的披露（續）
6. Transfers among continuous fair value hierarchies 6. 持續公允價值計量的層次轉換
In 2025 the other equity instrument investment 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 投資因限售期解除，存在活躍市場報價，其to the release of lockup period and its fair value was 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1183323千元。本集團持有的of RMB1183323000. 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388012千元。
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 RMB388012000. 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1964966千元。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 RMB1964966000. 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.In 2024 the other equity instrument investment held 二零二四年度，本集團持有的其他權益工具by the Group had quotations in an active market due 投資因限售期解除，存在活躍市場報價，其to the release of lockup period and its fair value was 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1224836千元。本集團持有的of RMB1224836000. 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185025千元。
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 RMB185025000. 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1453457千元。除此之fair values were transferred from Level 2 to Level 3 with 外，二零二四年度本集團金融工具的公允價a transfer amount of RMB1453457000. 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 2024.
7. The change of valuation techniques 7. 估值技術變更
There is no change of valuation techniques by the Group in 二零二五年度，本集團未發生變更估值技術
2025. 的情況。330 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易
TRANSACTIONS
1. Related parties with controlling relationship 1. 存在控制關係的關聯方
Number of
shares in Percentage of Percentage of
Name Relationship with the Group the Company shareholdings voting rights名稱與本企業關係佔本公司股份持股比例表決權比例
Wang Chuan-fu The largest shareholder and chairman of the Company 1555054650 17.06% 17.06%
王傳福公司第一大股東、董事長
Note: The total number and proportion of shares held by 註： 王傳福先生持股總數及持股比例中均包
Mr. Wang Chuan-fu include 3000000 H shares held 括持有的3000000股H股股份，也包by him as well as the 11183100 A shares held by 括王傳福先生通過易方達資產比亞迪增
Mr. Wang Chuan-fu in No.1 Assets Management Plan 持1號資產管理計劃持有的11183100
through E Fund BYD. 股A股股份。
2. Subsidiaries 2. 子公司
Details of the subsidiaries are set out in Note VIII.1. 子公司詳見附註八、1。
3. Joint ventures and associates 3. 合營企業和聯營企業
Joint ventures and associates having transactions with the 與本集團發生交易的合營企業和聯營企業如
Group are as follows: 下：
Company’s name Relationship with related parties公司名稱關聯方關係
Shenzhen Shell BYD Electric Vehicle Investment Co. Ltd. Associate深圳殼牌比亞迪電動汽車投資有限公司聯營企業
Shenzhen BYD International Financial Leasing Co. Ltd. Joint venture深圳比亞迪國際融資租賃有限公司合營企業
BYD Auto Finance Co. Ltd. Joint venture比亞迪汽車金融有限公司合營企業
Hangzhou BYD Xihu New Energy Auto Co. Ltd. Joint venture杭州西湖比亞迪新能源汽車有限公司合營企業
Shenzhen Didi New Energy Vehicle Technology Co. Ltd. Joint venture深圳市迪滴新能源汽車科技有限公司合營企業
Shenzhen Faurecia Automotive Parts. Ltd. Associate
深圳佛吉亞汽車部件有限公司 聯營企業Annual Report 2025二零二五年年報331
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易（續）
TRANSACTIONS (CONTINUED)
3. Joint ventures and associates (continued) 3. 合營企業和聯營企業（續）
Company’s name Relationship with related parties公司名稱關聯方關係
Beijing Hualin Loading Co. Ltd. Joint venture北京華林特裝車有限公司合營企業
Yinchuan Sky Rail Operation Co. Ltd. Associate銀川雲軌運營有限公司聯營企業
Tianjin Hongdi Financial Lease Co. Ltd. Associate天津宏迪融資租賃有限公司聯營企業
BYD TOYOTA EV Technology Co. Ltd. Joint venture比亞迪豐田電動車科技有限公司合營企業
Shenzhen Micro Grid Digital Battery Technology Co. Ltd. Associate深圳市微網數電科技有限公司聯營企業
Shenzhen Dipai Zhixing Technology Co. Ltd. Joint venture深圳市迪派智行科技有限公司合營企業
LA SkyRail Express Holding LLC Joint venture
LA SkyRail Express Holding LLC 合營企業
Chengxin Lithium Group Co. Ltd. Associate盛新鋰能集團股份有限公司聯營企業
Zhejiang Chnbel Energy Technology Co. Ltd. Associate浙江中貝能源科技有限公司聯營企業
Shangshui Smartech Ltd. Associate深圳市尚水智能股份有限公司聯營企業
BYD UZBEKISTAN FACTORY LLC Joint venture
BYD UZBEKISTAN FACTORY LLC 合營企業
Tianjin Sanying Precision Instruments Co. Ltd. Associate天津三英精密儀器股份有限公司聯營企業
Advanced Materials Technology & Engineering Inc. Associate無錫邑文微電子科技股份有限公司聯營企業
Shan Mei Ling Qiu Bi Xing Industry Development Co. Ltd. Associate
山煤靈丘比星實業開發有限公司 聯營企業332 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易（續）
TRANSACTIONS (CONTINUED)
3. Joint ventures and associates (continued) 3. 合營企業和聯營企業（續）
Company’s name Relationship with related parties公司名稱關聯方關係
Foshan Greifen New Energy Co. Ltd. Associate佛山市格瑞芬新能源有限公司聯營企業
Carbon One New Energy Group Co. Ltd. Associate碳一新能源集團有限責任公司聯營企業
Xiamen VIA Intelligent Technology Co. Ltd. Associate廈門微亞智能科技股份有限公司聯營企業
Hebei Haiwei Electronic New Material Technology Co. Ltd. Associate河北海偉電子新材料科技股份有限公司聯營企業
Shenzhen Xinyuan New Materials Co. Ltd. Associate深圳芯源新材料有限公司聯營企業
Shenzhen Zhuoyu Technology Co. Ltd. Associate深圳市卓馭科技有限公司聯營企業
Qinghong Electronic (Suzhou) Co. Ltd. Associate
慶虹電子（蘇州）有限公司聯營企業
Yangtze River Delta Integration Demonstration Zone Associate
(Jiashan Zhejiang) Jiaxin Semiconductor Equipment
Technology Co. Ltd.長三角一體化示範區（浙江嘉善）嘉芯半導體設備科技有限公司聯營企業
New Yidong (Beijing) Technology Co. Ltd Associate
新毅東（北京）科技有限公司聯營企業
PaXini Technology (Shenzhen) Co. Ltd. Associate
帕西尼感知科技（深圳）有限公司 聯營企業Annual Report 2025二零二五年年報333
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易（續）
TRANSACTIONS (CONTINUED)
4. Other related parties 4. 其他關聯方
Company’s name Relationship with related parties公司名稱關聯方關係
UBTECH ROBOTICS CORP LTD A non-executive director of the Company is a director of this company深圳市優必選科技股份有限公司本公司一名非執行董事為該公司董事
Youngy Investment Holding Group Co. Ltd. A non-executive director of the Company is a director of this company融捷投資控股集團有限公司本公司一名非執行董事為該公司董事
YOUNGY Co. Ltd. A non-executive director of the Company is a director of this company融捷股份有限公司本公司一名非執行董事為該公司董事
Sichuan Changhe Huali Technology This company is indirectly controlled by a non-executive director of
Co. Ltd. the Company四川長和華鋰科技有限公司該公司是本公司一名非執行董事間接控制的公司
Chengdu Youngy Lithium Technology This company is indirectly controlled by a non-executive director of
Co. Ltd. the Company成都融捷鋰業科技有限公司該公司是本公司一名非執行董事間接控制的公司
Dongguan Tec-Rich Engineering Co. Ltd. This company is indirectly controlled by a non-executive director of
the Company東莞市德瑞精密設備有限公司該公司是本公司一名非執行董事間接控制的公司
Sichuan Road & Bridge Group Co. Ltd. A senior management of the Company is a director of this company
四川路橋建設集團股份有限公司 本公司一名高級管理人員為該公司董事334 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易（續）
TRANSACTIONS (CONTINUED)
5. Related party transactions 5. 關聯方交易
(1) Related party transactions of goods and services (1) 關聯方商品及勞務交易
Purchase of goods and accepting service from 自關聯方購買商品和接受勞務
related parties
Transaction Excess of
limit transaction
Details of transactions 2025 approved limit 2024是否超過交易內容二零二五年獲批的交易額度交易額度二零二四年
Joint ventures Purchase of goods and accepting 510386 1092132 No 761775
service合營企業採購商品和接受勞務否
Associates Purchase of goods and accepting 10229099 7026264 No 9453770
service聯營企業採購商品和接受勞務否
Other related parties Purchase of goods and accepting 68075 979000 No 177570
service其他關聯方採購商品和接受勞務否
Total 10807560 9097396 10393115
合計Annual Report 2025二零二五年年報335
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易（續）
TRANSACTIONS (CONTINUED)
5. Related party transactions (continued) 5. 關聯方交易（續）
(1) Related party transactions of goods and services (1) 關聯方商品及勞務交易（續）(continued)）
Sales of goods and rendering of services to related 向關聯方銷售商品及提供勞務
parties
Details of transactions 2025 2024交易內容二零二五年二零二四年
Joint ventures Sales of goods and rendering of 1098273 2494111
services合營企業出售商品和提供勞務
Associates Sales of goods and rendering of 418917 455939
services聯營企業出售商品和提供勞務
Other related parties Sales of goods and rendering of 43439 29147
services其他關聯方出售商品和提供勞務
Total 1560629 2979197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
transactions were determined through mutual 價格協商確定。
negotiation based on market prices.336 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易（續）
TRANSACTIONS (CONTINUED)
5. Related party transactions (continued) 5. 關聯方交易（續）
(2) Transfer of related parties assets (2) 關聯方資產轉讓
Details of transactions 2025 2024交易內容二零二五年二零二四年
Joint ventures Purchase of fixed assets – 4163合營企業購買固定資產
Associates Purchase of fixed assets 561388 125960聯營企業購買固定資產
Other related parties Purchase of fixed assets 96971 30948其他關聯方購買固定資產
Total 658359 161071合計
(3) Others (3) 其他
20252024
二零二五年二零二四年
Key management compensation 關鍵管理人員薪酬 133429 139925
The share-based payment expense recognised 本公司關鍵管理人員獲授的二零二二
in 2025 for the 2022 Employee Share Ownership 年員工持股計劃於二零二五年確認的
Plan granted to key management personnel of the 股份支付費用為人民幣8007千元，Company was RMB8007000 and the share-based 二零二五年員工持股計劃於二零二
payment expenses recognised in 2025 for the 五年確認的股份支付費用為人民幣
2025 Employee Share Ownership Plan amounted to 18045千元，上述薪酬未包含該項金
RMB18045000. The above compensation does not 額。
include these amounts.Annual Report 2025二零二五年年報337
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XII. RELATED PARTIES AND RELATED PARTY 十二、 關聯方關係及其交易（續）
TRANSACTIONS (CONTINUED)
6. Balance of related parties receivables and payables 6. 關聯方應收應付款項餘額
(1) Receivables (1) 應收款項
20252024
二零二五年二零二四年
Provision for Provision for
Book balance bad debts Book 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 1190172 73194 1442769 397172
Associates 聯營企業 166917 33470 191160 31037
Other related parties 其他關聯方 39136 26184 49996 29184
Total 合計 1396225 132848 1683925 457393
(2) Payables (2) 應付款項
20252024
二零二五年二零二四年
Joint ventures 合營企業 93302 1012796
Associates 聯營企業 3115406 4216545
Other related parties 其他關聯方 105876 179398
Total 合計 3314584 5408739
Except for lease liabilities the amounts due from and 除租賃負債外，應收應付關聯方款項due to related parties are interest-free and unsecured. 均不計利息、無擔保。
7. Monetary funds deposited with related parties 7. 存放關聯方的貨幣資金
20252024
二零二五年二零二四年
BYD Auto Finance Co. Ltd. 比亞迪汽車金融有限公司 24610777 22146767
The annual interest rate of the above deposits in 2025 is 二零二五年，上述存款年利率按照中國人民no more than 3.20% above the benchmark interest rate 銀行公佈的同期存款基準利率加上上浮幅度
published by the People’s Bank of China for deposits 不高於3.20%，二零二五年度確認利息收入of the same period plus an upward adjustment and an 人民幣780856千元（二零二四年度：不高interest income of RMB780856000 was recognised in 於3.20%，確認利息收入人民幣171996千
2025 (2024: no more than 3.20% an interest income of 元）。
RMB171996000 was recognised).338 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XIII. SHARE-BASED PAYMENTS 十三、 股份支付
1. Equity instruments 1. 各項權益工具
(1) 2022 Employee Share Ownership Plan of the Group (1) 二零二二年本集團之員工持股計劃
On 22 April 2022 BYD Company Limited held the 二零二二年四月二十二日，比亞迪股twenty-first meeting of the Seventh Session of the 份有限公司召開比亞迪股份有限公
Board of Directors of BYD Company Limited (the 司（以下簡稱「公司」）第七屆董事會“Company”) at which the resolution in relation to the 第二十一次會議，審議通過了《比亞
2022 Employee Share Ownership Plan (Draft) of BYD 迪股份有限公司二零二二年員工持股Company Limited and its summary was considered 計劃（草案）》及其摘要的議案，擬對and approved. It was proposed to implement the 比亞迪股份有限公司職工代表監事、
2022 Employee Share Ownership Plan of BYD 高級管理人員以及比亞迪集團的中層Company Limited (the “Employee Share Ownership 管理人員、核心骨幹員工實施《比亞Plan”) for the employee representative supervisors 迪股份有限公司二零二二年員工持股and senior management of BYD Company Limited 計劃》（以下簡稱「員工持股計劃」）。
and the mid-level management and core backbone 公司於二零二二年五月二十七日召開
employees of BYD Group. The Employee Share 二零二二年第一次臨時股東大會，Ownership Plan was considered and approved at 審議通過了員工持股計劃。公司通the 2022 First Extraordinary General Meeting of 過回購專用證券賬戶以集中競價交
the Company held on 27 May 2022. The Company 易的方式累計回購A股股份的數量為
repurchased a total of 5511024 A shares through 5511024股，佔公司於本報告之日the designated securities account for repurchase by 已發行股本的0.1813%，並於二零二way of centralised bidding transactions accounting 二年六月完成回購，二零二二年七月for approximately 0.1813% of the issued share 完成過戶登記。本員工持股計劃認購capital of the Company as at the date of this report. 價0元╱股，參與對象無需出資。本The repurchase was completed in June 2022 and 員工持股計劃的存續期為48個月，自the transfer registration was completed in July 本員工持股計劃經股東大會審議通過
2022. The subscription price of the Employee 且公司公告最後一筆標的股票過戶至
Share Ownership Plan is RMB0 per share and 本員工持股計劃名下之日起算。
no capital contribution is required to be made by
the participants. The term of the Employee Share
Ownership Plan shall be 48 months from the date
on which the Employee Share Ownership Plan is
considered and approved at the general meeting
and the Company announces that the last batch of
the underlying shares is transferred to the Employee
Share Ownership Plan.Annual Report 2025二零二五年年報339
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XIII. SHARE-BASED PAYMENTS (CONTINUED) 十三、 股份支付（續）
1. Equity instruments (continued) 1. 各項權益工具（續）
(2) 2025 Employee Share Ownership Plan of the Group (2) 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
15th meeting of the 8th session of the Board 了第八屆董事會第十五次會議及第八
and the 9th meeting of the 8th session of the 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2025 Employee Share Ownership Plan (Draft) and 要的議案》及《關於審議<比亞迪股份its Summary and the Resolution Regarding the 有限公司二零二五年員工持股計劃管Review of Management Measures for BYD Company 理辦法>的議案》等相關議案。
Limited 2025 Employee Share Ownership Plan were
considered and approved.For the 2025 Employee Share Ownership Plan 本公司二零二五年員工持股計劃（以(“ESOP”) the participants of the ESOP include 下簡稱「本次員工持股計劃」）參與對
Senior Management of the Company and middle 象包括高級管理人員以及比亞迪集團
management and core employees of BYD Group. 的中層管理人員、核心骨幹員工。參The total number of participants of the ESOP shall 與本次員工持股計劃的總人數不超過
not exceed 25000. 25000人。
A total of 10714990 A shares of the Company had 本員工持股計劃已通過二級市場以集
been purchased in secondary market via centralized 中競價交易的方式累計買入公司A股
bidding transactions under this ESOP representing 股票10714990股，約佔公司總股approximately 0.3526% of the Company’s total 本的0.3526%，成交均價約為人民share capital with an average transaction price 幣372.18元╱股，成交金額為人民of approximately RMB372.18 per share and a 幣3987912042.01元（不含交易費total transaction amount of RMB3987912042.01 用），本員工持股計劃已完成股票的(excluding transaction costs). The purchase of 購買，購買股票的資金來源為集團shares under the ESOP has been completed. The 提取的激勵基金、員工合法薪酬、
funds for the purchase of shares were sourced from 員工自籌資金以及法律、行政法規
incentive funds allocated by the Group employees’ 允許的其他方式。本員工持股計劃legitimate remuneration employees’ self-raised 以「份」作為認購單位，每份份額的funds and other sources permitted by laws and 認購價格為1.00元，實際認購份額為administrative regulations. The shares under this 3988270580份。
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 3988270580.340 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XIII. SHARE-BASED PAYMENTS (CONTINUED) 十三、 股份支付（續）
1. Equity instruments (continued) 1. 各項權益工具（續）
(2) 2025 Employee Share Ownership Plan of the Group (2) 二零二五年本集團之員工持股計劃
(continued) （續）
The underlying shares held under this 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 accounts 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.
(3) 2025 Share Award Scheme o f the Group ’s (3) 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 ( In ternat ional ) 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 Hong Kong Stock Exchange and the adoption 計劃的採納無須比亞迪電子股東批
of which was not be subject to the approval of 准。
shareholders of BYD Electronic.The total number of persons who participate in the 本股份獎勵計劃的參與人數擬不超
Share Award Scheme is intended to be not more 過3000人，本股份獎勵計劃參與對than 3000 and the participants include (i) executive 象包括(i)比亞迪電子的執行董事、高
directors and senior management of BYD Electronic; 級管理人員；( i i )比亞迪電子集團的
and (ii) mid-level management and core backbone 中層管理人員、核心骨幹員工。符合employees of BYD Electronic. The employees who 上述標準的員工參與本股份獎勵計劃
meet the above criteria in the Share Award Scheme 遵循比亞迪電子自主決定，員工自願may participate on the basis of BYD Electronic’s 參與、風險自擔的原則，不存在以攤independent discretion voluntary participation by 派、強制分配等方式強制員工參與的
employees and self-assumed risk with no instances 情形。比亞迪電子將從中選出最終名of compulsory involvement through methods such as 單。
apportionment or forced allocation for employees.BYD Electronic will narrow down the final list of
participants therefrom.Annual Report 2025二零二五年年報341
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XIII. SHARE-BASED PAYMENTS (CONTINUED) 十三、 股份支付（續）
1. Equity instruments (continued) 1. 各項權益工具（續）
(3) 2025 share award scheme of the group’s subsidiary (3) 二零二五年本集團之子公司比亞迪電
BYD Electronic (continued) 子集團股份獎勵計劃（續）
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25000萬元。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.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 phases. 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 ratio of each tranche of the Underlying Shares 績考核及個人業績考核結果確定。
to be unlocked is 30% 30% and 40% respectively
with the specific unlocking proportion and number
subject to the resul ts of company- level and
individual-level performance appraisal.The equity instruments are as follows: 各項權益工具如下：
Vested for the year Cancelled for the year本年解鎖本年註銷
Quantity Quantity
(thousand) Amount* (thousand) Amount*數量（千股）金額*數量（千股）金額*
Sales personnel 銷售人員 204 65857 – –
Management personnel 管理人員 748 241543 – –
Research personnel 研發人員 1051 339447 – –
Manufacturing and other 製造及其他人員 202 65288 – –
personnel
Total 合計 2205 712135 – –
* Vested for the year represents the vested * 本年解鎖為本集團之員工持股計劃
quantity of the Employee Share Ownership Plan 解鎖數量，解鎖的權益工具以在解of the Group and the vested equity instruments 鎖日的公允價值計算。
are calculated based on the fair value at the
vesting date.342 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XIII. SHARE-BASED PAYMENTS (CONTINUED) 十三、 股份支付（續）
1. Equity instruments (continued) 1. 各項權益工具（續）
The weighted average share price for share vested 二零二五年解鎖的股份於解鎖日的
in 2025 as at the vesting date was RMB323.05 per 加權平均股價為人民幣323.05元╱share (2024: RMB261.71 per share). 股（二零二四年：人民幣261.71元╱股）。
The exercise price of the equity instruments 年末發行在外的各項權益工具行權價
outstanding as at the end of the year was RMB0 為0元，合同剩餘期限為5-43個月。
with remaining contractual terms ranging from 5 to
43 months.
2. Equity-settled share-based payments 2. 以權益結算的股份支付情況
2025
二零二五年
The basis for determining the quantity of equity 可行權權益工具數量的確定依據 Based on the best
instruments available for exercise estimate of the
management管理層的最佳估計數
The reason for the significant difference between 本年估計與上年估計有重大差異的 Nil
the current year’s estimate and the previous 原因 無
year’s estimate
The cumulative amount of equity-settled 以權益結算的股份支付計入資本 2966570
share-based payments credited to capital reserve 公積的累計金額Annual Report 2025二零二五年年報343
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XIII. SHARE-BASED PAYMENTS (CONTINUED) 十三、 股份支付（續）
3. The share-based payments incurred during the year 3. 本年發生的股份支付費用
Equity-settled
share-based payments以權益結算的股份支付費用
Research personnel 研發人員 395229
Management personnel 管理人員 248378
Sales personnel 銷售人員 85953
Manufacturing and other personnel 製造及其他人員 182421
Total 合計 911981
XIV. COMMITMENTS AND CONTINGENT EVENTS 十四、 承諾及或有事項
1. Material commitments 1. 重要承諾事項
20252024
二零二五年二零二四年
Capital commitments 資本承諾 32842743 35169398
Investment commitments 投資承諾 223986 568455
Total 合計 33066729 35737853
2. Contingent events 2. 或有事項
The contingent l iabilit ies 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:
20252024
二零二五年二零二四年
Guarantees that the Company can 就授予子公司的融資能夠向銀行
provide to banks for financing 提供的擔保額度
granted to subsidiaries 142880707 125886603344 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XIV. COMMITMENTS AND CONTINGENT EVENTS 十四、 承諾及或有事項（續）
(CONTINUED)
2. Contingent events (continued) 2. 或有事項（續）
The contingent l iabilit ies 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：（續）
follows: (continued)
As at 31 December 2025 the actual guarantees provided by 於二零二五年十二月三十一日，本公司為其the Company for its subsidiaries were RMB84864506000 子公司實際提供的擔保為人民幣84864506(31 December 2024: RMB37826863000) and there were no 千元（二零二四年十二月三十一日：人民guarantees provided for related parties (31 December 2024: 幣37826863千元)，無為關聯方提供的擔RMB2541000000). 保（二零二四年十二月三十一日：人民幣
2541000千元）。
The Group entered into cooperat ion contracts and 本集團與某些客戶（含終端客戶）及第三方或
documents wi th cer ta in customers ( inc luding 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。截至二零二五年十二institution and would reserve the right to pursue recourse 月三十一日，本集團對該等義務的最大敞口for the balance of the creditor’s rights. Management is of 為人民幣133841千元（二零二四年十二月三the opinion that the recovered assets will be able to be 十一日：人民幣828127千元），且未發生因realised and the proceeds from the sales will basically 客戶違約或合同約定的特定條件而令本公司
cover the remaining debts due to the financing institutions. 需予以支付任何款項的情況。
As of 31 December 2025 the Group’s maximum exposure
to these obligations was RMB133841000 (31 December
2024: RMB828127000) and there was no customer
default or specific conditions as stipulated in the contracts
which the Company was required to make any payment.Annual Report 2025二零二五年年報345
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XV. EVENTS AFTER THE BALANCE SHEET DATE 十五、 資產負債表日後事項
1. 2025 profit distribution plan 1. 二零二五年度利潤分配預案
The 2025 Profit Distribution Plan was approved at the 經二零二六年三月二十七日本公司第八屆董
22nd meeting of the 8th session of the Board on 27 March 事會第二十二次會議批准二零二五年度利潤
2026. Based on the total share capital of 9117197565 分配預案，以二零二五年十二月三十一日總
Shares as at 31 December 2025 cash dividends totalling 股本9117197565股為基數，分配現金股RMB3263957000 (i.e. a cash dividend of RMB0.358 per 利人民幣3263957千元（即每股現金股利人Share (tax inclusive)) will be distributed which is subject 民幣0.358元（含稅）），該股利分配方案尚待to consideration and approval by the shareholders at the 股東大會審議批准。
general meeting of the Company.XVI. OTHER SIGNIFICANT MATTERS 十六、 其他重要事項
1. Segment reporting 1. 分部報告
(1) Operating segment (1) 經營分部
For management purposes the Group is organised 出於管理目的，本集團根據產品和服into business units based on their products and 務劃分業務單元。本集團目前有兩個services. The Group currently has two reportable 報告分部，分別如下：
segments as follows:
a) the mobile handset components assembly a) 手機部件、組裝及其他產品分
and other products segment comprises the 部包括製造和銷售外殼等手機
manufacture and sale of mobile handset 及電子產品部件並提供整機組
components such as housings and electronic 裝服務；
components and the provision of assembly
service;
b) the automobiles and related products and b) 汽車、汽車相關產品及其他產
other products segment comprises the 品分部包括製造和銷售汽車、
manufacture and sale of automobiles and 汽車相關的模具及零部件、汽
auto-related molds and components and 車租賃和汽車的售後服務、汽
automobile leasing and after sales services 車動力電池、鋰離子電池、光
automobi le power batter ies l i th ium-ion 伏產品以及鐵電池產品、軌道
batteries photovoltaic products and iron 交通及其相關業務。
battery products rail transport and its related
business.346 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
1. Segment reporting (continued) 1. 分部報告（續）
(1) Operating segment (continued) (1) 經營分部（續）
Management monitors the results of the Group’s 管理層出於配置資源和評價業績的決
operating segments separately for the purpose of 策目的，對各業務單元的經營成果分making decisions about resources allocation and 開進行管理。分部業績以報告的分部performance assessment. Segment performance is 利潤為基礎進行評價。該指標系對利evaluated based on reportable segment profit. The 潤總額進行調整後的指標，除不包括adjusted profit before tax is measured consistently 公允價值變動損益、財務費用（除租with the Group’s profit before tax except that 賃負債利息支出和匯兌損益）、營業
gains or losses arising from changes in fair value 外收入、其他收益、資產處置損失、finance costs (excluding interest expenses on 營業外支出、投資收益（除對聯營企lease liabilities and exchange gains or losses) 業和合營企業的投資收益外）、銷售
non-operating income other income losses on 房產收入、對應的成本和稅費以及本
disposal of assets non-operat ing expenses 公司作為集團總部發生的管理費用之
investment income (excluding investment income 外，該指標與本集團利潤總額是一致from associates and joint ventures) income from 的。
sales of propert ies the corresponding costs
and tax expenses as wel l as administrat ive
expenses incurred by the Company as the Group’s
headquarter are excluded from such measurement.Segment assets exclude deferred tax assets 分部資產不包括遞延所得稅資產、商
goodwill financial assets held for trading other 譽、交易性金融資產、其他權益工具
equity instrument investments other non-current 投資、其他非流動金融資產、投資性
f inanc ia l assets investment proper t ies and 房地產和本公司作為集團總部佔用的
assets occupied by the Company as the Group’s 資產，原因在於這些資產均由本集團headquarter as these assets are managed on a 統一管理。
group basis.Segment liabilities exclude deferred income tax 分部負債不包括遞延所得稅負債、應
liabilities tax payable other current liabilities other 交稅費、其他流動負債、其他非流動
non-current liabilities short-term borrowings long- 負債、短期借款、長期借款、應付債
term borrowings bonds payable interest payable 券、其他應付款中的應付利息和應付
and dividends payable in other payables financial 股利、交易性金融負債和本公司作為
liabilities held for trading and liabilities assumed by 集團總部而負擔的負債，原因在於這the Company as the Group’s headquarter as these 些負債均由本集團統一管理。
liabilities are managed on a group basis.T rans fe r p r i c i ng i n ope ra t i ng segmen ts i s 經營分部間的轉移定價，按照經營分determined with reference to the agreed price 部間的協議價格制定。
among operating segments.Annual Report 2025二零二五年年報347
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
1. Segment reporting (continued) 1. 分部報告（續）
(1) Operating segment (continued) (1) 經營分部（續）
Mobile
handset Automobiles
components and related
assembly products Adjustments
and other and other and
products products eliminations Total
手機部件、汽車、汽車組裝及相關產品及
2025二零二五年其他產品其他產品調整和抵銷合計
Revenue from external trading 對外交易收入 155236528 648645636 82794 803964958
Revenue from inter-segment trading 分部間交易收入 26342005 3836361 (30178366) –
Total 合計 181578533 652481997 (30095572) 803964958
Income from investments accounted 採用權益法核算的投資收益 – 1007213 – 1007213
for using the equity method
Depreciation and amortisation 折舊及攤銷 5326998 71456480 1082994 77866472
Total profit 利潤總額 2749565 28417336 8586148 39753049
Income tax expense 所得稅費用 408139 5584152 – 5992291
Capital expenditure (Note) 資本性支出（註） 5021669 134491587 708875 140222131
Total assets 資產總額 74447221 754393307 54889355 883729883
Total liabilities 負債總額 46065788 477110060 102014850 625190698
Other disclosures 其他披露
Long-term equity investments 採用權益法核算的長期
accounted for using the equity 股權投資
method － 21781418 – 21781418348 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
1. Segment reporting (continued) 1. 分部報告（續）
(1) Operating segment (continued) (1) 經營分部（續）
Mobile Automobiles Adjustments Total
handset and related and
components products eliminations
assembly and other
and other products
products
手機部件、汽車、汽車組裝及相關產品及
2024二零二四年其他產品其他產品調整和抵銷合計
Revenue from external trading 對外交易收入 159608577 617381933 111945 777102455
Revenue from inter-segment trading 分部間交易收入 19523856 3348995 (22872851) –
Total 合計 179132433 620730928 (22760906) 777102455
Income from investments accounted 採用權益法核算的投資收益 – 1468954 – 1468954
for using the equity method
Depreciation and amortisation 折舊及攤銷 5751722 57820157 691257 64263136
Total profit 利潤總額 4246624 36332561 9101492 49680677
Income tax expense 所得稅費用 486188 7606549 – 8092737
Capital expenditure (Note) 資本性支出（註） 2984340 87970727 1579048 92534115
Total assets 資產總額 84730119 639641360 58984376 783355855
Total liabilities 負債總額 55863180 498882921 29921545 584667646
Other disclosures 其他披露
Long-term equity investments 採用權益法核算的長期 – 19082496 – 19082496
accounted for using the equity 股權投資
method
Note: Capital expenditure includes the acquisition 註： 資本性支出包括固定資產、無
of long-term assets such as fixed assets and 形資產等長期資產的增加。
intangible assets.Annual Report 2025二零二五年年報349
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
1. Segment reporting (continued) 1. 分部報告（續）
(2) Other information (2) 其他信息
Geographical information 地區信息
Operating revenue 營業收入
20252024
二零二五年二零二四年
PRC (including Hong Kong 中國（包括港澳台地區） 493223970 555217682
Macau and Taiwan)
Overseas 境外 310740988 221884773
Total 合計 803964958 777102455
Revenue from external trading is attributed to the 對外交易收入按客戶所處區域統計。
location of customers.Total non-current assets 非流動資產總額
20252024
二零二五年二零二四年
PRC (including Hong Kong 中國（包括港澳台地區） 435904638 363092866
Macau and Taiwan)
Overseas 境外 31825140 15341210
Total 合計 467729778 378434076
Non-current assets exclude goodwill other equity 非流動資產按該資產所處區域統計，instrument investments other non-current financial 不包括商譽、其他權益工具投資、其
assets long-term receivables and deferred income 他非流動金融資產、長期應收款和遞
tax assets attributed to the region where the assets 延所得稅資產。
are located.Information about major customers 主要客戶信息
In 2025 operating revenue of RMB100736686000 二 零 二 五 年 的 營 業 收 入 人 民 幣(2024: RMB98561168000) was derived from sales 100736686千元（二零二四年：人to a single customer. 民幣98561168千元）為對某一單個客戶的收入。350 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
2. #Directors’ and supervisors’ remuneration 2. #董事及監事薪酬
Directors’ and supervisors’ remuneration for the year 按照上市規則、香港公司條例第383(1)(a)、
disclosed pursuant to the Listing Rules section 383(1)(a) (b)、(c)及(f)條和公司（披露董事利益資料）
(b) (c) and (f) of the Hong Kong Companies Ordinance 規例第2部，本年度董事及監事的薪酬披露and Part 2 of the Companies (Disclosure of Information 如下：
about Benefits of Directors) Regulation is as follows:
The remuneration of directors and supervisors is as follows: 董事及監事薪酬如下：
20252024
二零二五年二零二四年
Fees 袍金 1500 1500
Other emoluments: 其他薪酬：
Salaries allowances and benefits 工資、津貼及福利 12818 16013
Pension scheme contributions 養老金計劃 158 150
Total 合計 14476 17663
Note: The share-based payment expenses recognised 註： 本公司監事獲授的二零二二年員工持股
in 2025 for the 2022 Employee Share Ownership 計劃於二零二五年確認的股份支付費用
Plan granted to the supervisors of the Company 為人民幣101千元，二零二五年員工持was to RMB101000 and the share-based payment 股計劃於二零二五年確認的股份支付費
expenses recognised in 2025 for the 2025 Employee 用為人民幣227千元，未包含在上述薪Share Ownership Plan was to RMB227000 which 酬中（二零二四年：人民幣299千元）。
are not included in the above remuneration (2024:
RMB299000).There was no arrangement under which a director or a 本年度不存在董事或監事放棄或同意放棄任
supervisor waived or agreed to waive any remuneration 何酬金，本集團無向本公司董事或監事支付and no emoluments paid by the Group to a director or a 任何酬金，作為鼓勵加入或加入本集團的薪supervisor of the Company as an inducement to join or 金，或作為離職補償（二零二四年：無）。
upon joining the Group or as compensation for loss of
office during the year (2024: nil).Annual Report 2025二零二五年年報351
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
2. #Directors’ and supervisors’ remuneration (continued) 2. #董事及監事薪酬（續）
Independent non-executive directors: 獨立非執行董事：
20252024
二零二五年二零二四年
Mr. Cai Hong-ping 蔡洪平先生 300 300
Mr. Zhang Min 張敏先生 300 300
Ms. Yu Ling 喻玲女士 300 300
Total 合計 900 900
Executive director non-executive directors and supervisors: 執行董事、非執行董事及監事：
2025二零二五年
Salaries Pension
allowances scheme
Fees and benefits contributions Total
工資、津貼袍金及福利養老金計劃總額
Executive director 執行董事
Mr. Wang Chuan-fu 王傳福先生 – 8082 57 8139
Non-executive directors 非執行董事
Mr. Lv Xiang-yang 呂向陽先生 300 – – 300
Mr. Xia Zuo-quan 夏佐全先生 300 – – 300
Supervisors 監事
Mr. Li Yong-zhao 李永釗先生 – 186 – 186
Ms. Zhu Ai-yun 朱愛雲女士 – 186 – 186
Mr. Huang Jiang-feng 黃江鋒先生 – 186 – 186
Ms. Wang Zhen 王珍女士 – 2315 48 2363
Ms. Tang Mei 唐梅女士 – 1863 53 1916
Total 合計 600 12818 158 13576
Note: Pursuant to the resolution passed by the shareholders 註： 根據本公司股東於二零二五年十二月五
of the Company on the extraordinary general meeting 日舉行的臨時股東會上通過有關修訂本
of the Company held on 5 December 2025 in relation 公司《公司章程》的決議案，本公司不to the amendments of the articles of association of the 再設有監事會或任何監事。李永釗先Company the Company no longer has the Board of 生、朱愛雲女士、王珍女士、黃江鋒先
Supervisors or any Supervisors. Mr. Li Yong-zhao Ms. 生、唐梅女士不再擔任本公司監事，自Zhu Ai-yun Ms. Wang Zhen Mr. Huang Jiang-feng and 二零二五年十二月五日起生效。
Ms. Tang Mei ceased to be supervisors of the Company
with effect from 5 December 2025.352 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
2. #Directors’ and supervisors’ remuneration (continued) 2. #董事及監事薪酬（續）
2024二零二四年
Salaries Pension
allowances scheme
Fees and benefits contributions Total
工資、津貼袍金及福利養老金計劃總額
Executive director 執行董事
Mr. Wang Chuan-fu 王傳福先生 – 7605 50 7655
Non-executive directors 非執行董事
Mr. Lv Xiang-yang 呂向陽先生 300 – – 300
Mr. Xia Zuo-quan 夏佐全先生 300 – – 300
Supervisors 監事
Mr. Li Yong-zhao 李永釗先生 – 200 – 200
Ms. Zhu Ai-yun 朱愛雲女士 – 200 – 200
Mr. Huang Jiang-feng 黃江鋒先生 – 200 – 200
Ms. Wang Zhen 王珍女士 – 5695 50 5745
Ms. Tang Mei 唐梅女士 – 2113 50 2163
Total 合計 600 16013 150 16763
3. #Five highest paid employees of the Group during 3. #本集團本年度薪酬最高的前五名僱員
the year
The five highest paid employees of the Group during 本集團本年度薪酬最高的前五名僱員均為非
the year were all non-director employees (2024: all non- 董事僱員（二零二四年：均為非董事僱員），director employees) details of the directors’ remuneration 二零二五年董事的薪酬詳見上文。其餘詳情in 2025 are set out above. Details for the remaining are as 如下：
follows:
20252024
二零二五年二零二四年
Salaries allowances and benefits 工資、津貼及福利 60287 60924
Pension scheme contributions 養老金計劃 191 216
6047861140
Note: The share-based payment expense recognised in 2025 註： 上述本集團本年度薪酬最高的前五名非
for the 2022 Employee Share Ownership Plan granted 董事僱員獲授的二零二二年員工持股計
to the five highest paid non-director employees of 劃於二零二五年確認的股份支付費用為
the Group during the year above was RMB694000 人民幣694千元，二零二五年員工持股and the share-based payment expense recognised 計劃於二零二五年確認的股份支付費用
in 2025 for the 2025 Employee Share Ownership Plan 為人民幣882千元，未包含在上述薪酬was RMB882000 which are not included in the above 中（二零二四年：人民幣2069千元）。
remuneration (2024: RMB2069000).Annual Report 2025二零二五年年報353
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVI. OTHER SIGNIFICANT MATTERS (CONTINUED) 十六、 其他重要事項（續）
3. #Five highest paid employees of the Group during 3. #本集團本年度薪酬最高的前五名僱員（續）
the year (continued)
The number of the five highest paid non-director employees 屬於以下薪酬範圍的本集團本年度薪酬最高
of the Group during the year whose remuneration fell within 的前五名非董事僱員人數如下：
the following bands is as follows:
20252024
二零二五年二零二四年
RMB8500001 to RMB10000000 人民幣8500001元至人民幣10000000元 – 1
RMB10000001 to RMB11500000 人民幣10000001元至人民幣11500000元 2 –
RMB11500001 to RMB13000000 人民幣11500001元至人民幣13000000元 2 3
RMB13000001 to RMB14500000 人民幣13000001元至人民幣14500000元 1 1
55
There were no emoluments paid by the Group to five 本集團無向本年度薪酬最高的前五名僱員支
highest paid employees during the year as an inducement 付任何酬金，作為鼓勵加入本集團的薪金，to join the Group or as compensation for loss of office 或作為離職補償（二零二四年：無）。
(2024: nil).
4. #Net current liabilities 4. #淨流動負債
20252024
二零二五年二零二四年
Current assets 流動資產 371467558 370572244
Less: Current liabilities 減：流動負債 468451357 495985176
Net current liabilities 淨流動負債 (96983799) (125412932)
5. #Total assets less current liabilities 5. #總資產減流動負債
20252024
二零二五年二零二四年
Total assets 總資產 883729883 783355855
Less: Current liabilities 減：流動負債 468451357 495985176
Total assets less current liabilities 總資產減流動負債 415278526 287370679354 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋
FINANCIAL STATEMENTS OF THE COMPANY
1. Trade receivables 1. 應收賬款
(1) Disclosure by aging (1) 按賬齡披露
The aging of trade receivables is recognized based 應收賬款賬齡按收入確認的時間予以
on the time of revenue recognition. The aging 確認，應收賬款的賬齡分析如下：
analysis of trade receivables is as follows:
20252024
二零二五年二零二四年
Within 1 year 1年以內 623847 2370224
1 to 2 years 1年至2年 44525 2920
2 to 3 years 2年至3年 70 76
6684422373220
Less: Provision for bad debts of trade減 ：應收賬款壞賬準備 46154 9873
receivables
Total 合計 622288 2363347
(2) Disclosure by the method of provision for bad debt (2) 按壞賬計提方法分類披露
2025二零二五年
Book balance Provision for bad debt Carrying
amount賬面餘額壞賬準備賬面價值
Amount Percentage Amount Percentage
(%)(%)金額比例金額計提比例
(%)(%)
Provision for bad debt 單項計提壞賬準備 – – – – –
based on individual
assessment
Provision for bad debt 按信用風險特徵組合
based on collective 計提壞賬準備
assessment by credit risk
portfolio 668442 100.00 46154 6.90 622288
Total 合計 668442 46154 622288Annual Report 2025二零二五年年報355
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
1. Trade receivables (continued) 1. 應收賬款（續）
(2) Disclosure by the method of provision for bad debt (2) 按壞賬計提方法分類披露（續）
(continued)
2024二零二四年
Carrying
Book balance Provision for bad debt amount賬面餘額壞賬準備賬面價值
Amount Percentage Amount Percentage
(%)(%)金額比例金額計提比例
(%)(%)
Provision for bad debt 單項計提壞賬準備 – – – – –
based on individual
assessment
Provision for bad debt 按信用風險特徵組合
based on collective 計提壞賬準備
assessment by credit
risk portfolio 2373220 100.00 9873 0.42 2363347
Total 合計 2373220 9873 2363347
As at 31 December 2025 there were no trade 於二零二五年十二月三十一日，無單receivables with provision for bad debt based on 項計提壞賬準備的應收賬款。（二零individual assessment (31 December 2024: nil). 二四年十二月三十一日：無）。
As at 31 December 2025 t rade receivables 於二零二五年十二月三十一日，組合with provision for bad debt based on collective 計提壞賬準備的應收賬款情況如下：
assessment are shown as follows:
Book Provision for Provision
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） 623847 1559 0.25
Over 1 year 1年以上 44595 44595 100.00
668442 46154356 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
1. Trade receivables (continued) 1. 應收賬款（續）
(2) Disclosure by the method of provision for bad debt (2) 按壞賬計提方法分類披露（續）
(continued)
As a t 31 December 2024 de ta i l s o f t rade 於二零二四年十二月三十一日，組合receivables with provision for bad debt based on 計提壞賬準備的應收賬款情況如下：
collective assessment are shown as follows:
Book Provision for Provision
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） 2370225 6881 0.29
Over 1 year 1年以上 2995 2992 99.90
23732209873
(3) Provision for bad debt (3) 壞賬準備的情況
Write-off
Opening Provision for Reversal for during Closing
balance the year the year the year balance年初餘額本年計提本年轉回本年核銷年末餘額
2025二零二五年987343933(7652)–46154
2024二零二四年44376142(706)–9873
In 2025 and 2024 there was no recovery of 於二零二五年度及二零二四年度，無provision for bad debt or reversal of significant 壞賬準備收回或轉回金額重要的款
amounts or write-off of significant trade receivables. 項，無重要的應收賬款核銷款項。
(4) Trade receivables from top five debtors by year-end (4) 按欠款方歸集的年末餘額前五名的應
balance 收賬款情況
A s a t 31 D e c e m b e r 2025 t h e t o t a l t r a d e 於二零二五年十二月三十一日，receivables from the top five debtors amounted 應收賬款金額前五名共計人民幣
to RMB474996000 representing 71.06% of the 474996千元，佔應收賬款期末餘額year-end balance of trade receivables. The year- 的71.06%，應收賬款金額前五名的end balance of impairment provisions for the trade 資產減值準備期末餘額共計人民幣
receivables from the top five debtors totalled 29215千元。
RMB29215000.Annual Report 2025二零二五年年報357
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
2. Other receivables 2. 其他應收款
20252024
二零二五年二零二四年
Dividends receivables 應收股利 16550000 12950000
Other receivables 其他應收款 27273897 20003005
4382389732953005
Other receivables 其他應收款
(1) Analysed by nature (1) 按款項性質分類情況
20252024
二零二五年二零二四年
Receivables from subsidiaries 應收子公司款項 26983990 19966462
Deposits and guarantees 保證金及押金 209910 –
Others 其他 107194 56513
2730109420022975
Less: Bad debt provision for 減：其他應收款壞賬準備 27197 19970
other receivables
2727389720003005
(2) Disclosure by aging (2) 按賬齡披露
20252024
二零二五年二零二四年
Within 1 year 1年以內 27300105 20020899
Over 1 year 1年以上 989 2076
2730109420022975
Less: Bad debt provision for 減：其他應收款壞賬準備 27197 19970
other receivables
27273897 20003005358 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
2. Other receivables (continued) 2. 其他應收款（續）
Other receivables (continued) 其他應收款（續）
(3) Details of provision for bad debt (3) 壞賬準備計提情況
The change of provision for bad debts for other 其他應收款按照12個月預期信用損失
receivables based on the 12-months expected 及整個存續期預期信用損失分別計提
credit losses and the lifetime expected credit losses 的壞賬準備的變動如下：
are as follows:
2025二零二五年
Stage 1 Stage 2 Stage 3
第一階段第二階段第三階段
Lifetime Lifetime
expected expected
credit losses credit losses
12-months (no credit (credit
expected impairment impairment
credit losses incurred) incurred) Total整個存續期整個存續期未來12個月預期信用預期信用預期信用損失（未發生損失（已發生損失信用減值）信用減值）合計
Opening balance 年初餘額 19970 – – 19970
Opening balance transfer 年初餘額在本年階段轉換 – – – –
during the year
Provision for the year 本年計提 7227 – – 7227
Reversal for the year 本年轉回 – – – –
Write-off during the year 本年轉銷 – – – –
Charge-off during the year 本年核銷 – – – –
Other changes 其他變動 – – – –
Closing balance 年末餘額 27197 – – 27197Annual Report 2025二零二五年年報359
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
2. Other receivables (continued) 2. 其他應收款（續）
Other receivables (continued) 其他應收款（續）
(3) Details of provision for bad debt (continued) (3) 壞賬準備計提情況（續）
2024二零二四年
Stage 1 Stage 2 Stage 3
第一階段第二階段第三階段
Lifetime Lifetime
expected expected
credit losses credit losses
12-months (no credit (credit
expected impairment impairment
credit losses incurred) incurred) Total整個存續期整個存續期未來12個月預期信用預期信用預期信用損失（未發生損失（已發生損失信用減值）信用減值）合計
Opening balance 年初餘額 18454 – – 18454
Opening balance transfer 年初餘額在本年階段轉換 – – – –
during the year
Provision for the year 本年計提 1516 – – 1516
Reversal for the year 本年轉回 – – – –
Write-off during the year 本年轉銷 – – – –
Charge-off during the year 本年核銷 – – – –
Other changes 其他變動 – – – –
Closing balance 年末餘額 19970 – – 19970360 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
2. Other receivables (continued) 2. 其他應收款（續）
Other receivables (continued) 其他應收款（續）
(4) Top five other receivables amounts with the closing (4) 按欠款方歸集的年末餘額其他應收款
balance classified by the debtors 金額前五名
Percentage
of total other
Closing receivables Provision
balance Aging (%) for bad debts佔其他應收款總額的比例
年末餘額賬齡(%)壞賬準備
BYD Auto Industry Company Limited 13535239 Within 1 year 49.58 13535比亞迪汽車工業有限公司一年以內
BYD (H.K.) CO. LIMITED 13415930 Within 1 year 49.14 13416
BYD (H.K.) CO. LIMITED 一年以內
BYD Precision Manufacture Co. Ltd. 18250 Within 1 year 0.07 18比亞迪精密製造有限公司一年以內
BYD Semiconductor Company Limited 4561 Within 1 year 0.02 5比亞迪半導體股份有限公司一年以內
BYD Lithium Battery Co. Ltd. 4231 Within 1 year 0.02 4深圳市比亞迪鋰電池有限公司一年以內
26978211 98.83 26978Annual Report 2025
二零二五年年報361
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
3. Long-term equity investments 3. 長期股權投資
(1) Long-term equity investments (1) 長期股權投資情況
Changes for the year本年變動
Other Investment Allowance Impairment
Opening increase/ gains under Other Other Cash for provision
Opening impairment Increase of (decrease) Decrease of equity comprehensive equity dividend impairment Closing at the end
balance provision investment (Note) investment method income movements declared provision balance of the year
年初其他增加╱權益法下其他其他宣告計提年末年末
年初餘額減值準備追加投資（減少（）註）減少投資投資收益綜合收益權益變動現金股利減值準備餘額減值準備
Cost method: 成本法：
BYD USA Co. Ltd. 比亞迪美國有限公司 248 – – – – – – – – – 248 –
BYD Europe 比亞迪歐洲公司 755 – – – – – – – – – 755 –
BYD Lithium Battery Co. Ltd. 深圳市比亞迪
鋰電池有限公司6530708––14924––––––6545632–
SHANGHAI BYD COMPANY LIMITED 上海比亞迪有限公司 389015 – – 9240 – – – – – – 398255 –
BYD Auto Co. Ltd. 比亞迪汽車有限公司 4251178 – – 22000 – – – – – – 4273178 –
BYD (H.K.) Co. Limited 比亞迪（香港）有限公司 6092288 – 7844880 – – – – – – – 13937168 –
Shanghai BYD Electric Vehicle 上海比亞迪電動車有限公司 9000 – – – – – – – – – 9000 –
Co. Ltd.Beijing BYD Mould Co. Ltd. 北京比亞迪模具有限公司 70533 – – (2049) – – – – – – 68484 –
BYD Auto Sales Co. Ltd. 比亞迪汽車銷售有限公司 66411 – – 3526 – – – – – – 69937 –
BYD Semiconductor Company 比亞迪半導體股份有限公司 3406936 – 2178535 1836 – – – – – – 5587307 –
Limited
BYD JAPAN BYD JAPAN株式會社 16153 – – – – – – – – – 16153 –
BYD Auto Industry Company Limited 比亞迪汽車工業有限公司 24092349 – – (7054) – – – – – – 24085295 –
Huizhou BYD Industrial Co. Ltd. 惠州比亞迪實業有限公司 555642 – – (103) – – – – – – 555539 –362 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
3. Long-term equity investments (continued) 3. 長期股權投資（續）
(1) Long-term equity investments (continued) (1) 長期股權投資情況（續）
Changes for the year本年變動
Other Investment Allowance Impairment
Opening increase/ gains under Other Other Cash for provision
Opening impairment Increase of (decrease) Decrease of equity comprehensive equity dividend impairment Closing at the end
balance provision investment (Note) investment method income movements declared provision balance of the year
年初其他增加╱權益法下其他其他宣告計提年末
年初餘額減值準備追加投資（減少（）註）減少投資投資收益綜合收益權益變動現金股利減值準備年末餘額減值準備
Cost method: 成本法：
Huizhou BYD Battery Co. Ltd. 惠州比亞迪電池有限公司 117499 – – 484 – – – – – – 117983 –
Shenzhen Chuangxin Materials 深圳比亞迪創芯材料
Co. Ltd. 有限公司 11820 – – – – – – – – – 11820 –
Shangluo BYD Industrial Co. Ltd. 商洛比亞迪實業有限公司 1002074 – – (75) – – – – – – 1001999 –
BYD (Shenzhen) Supply Chain 深圳市比亞迪供應鏈
Management Co. Ltd. 管理有限公司 3500154 – – 20 – – – – – – 3500174 –
Shenzhen BYD Investment 深圳市比亞迪投資
Management Co. Ltd. 管理有限公司 20000 – – – – – – – – – 20000 –
BYD Construction Engineering 比亞迪建設工程有限公司
Co. Ltd. 106001 – – (646) – – – – – – 105355 –
BYD Signal & Communication 比亞迪通信信號有限公司
Company Limited 126616 – – (1699) – – – – – – 124917 –
Shenzhen FinDreams Venture 深圳市弗迪創業
Capital Co. Ltd. 投資有限公司 3000 – – – (3000) – – – – – – –
Shenzhen FinDreams Financial 深圳弗迪融資租賃有限公司
Leasing Co. Ltd. 3756192 – – 486 – – – – – – 3756678 –
FinDreams Technology Co. Ltd. 弗迪科技有限公司 100737 – – (35) – – – – – – 100702 –
FinDreams Battery Co. Ltd. 弗迪電池有限公司 300090 – – 234 – – – – – – 300324 –Annual Report 2025二零二五年年報363
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
3. Long-term equity investments (continued) 3. 長期股權投資（續）
(1) Long-term equity investments (continued) (1) 長期股權投資情況（續）
Changes for the year本年變動
Other Investment Allowance Impairment
Opening increase/ gains under Other Other Cash for provision
Opening impairment Increase of (decrease) Decrease of equity comprehensive equity dividend impairment Closing at the end
balance provision investment (Note) investment method income movements declared provision balance of the year
年初其他增加╱權益法下其他其他宣告計提年末
年初餘額減值準備追加投資（減少（）註）減少投資投資收益綜合收益權益變動現金股利減值準備年末餘額減值準備
Cost method: 成本法：
Yichun BYD Mining Co. Ltd. 宜春比亞迪礦業
有限責任公司65000–––(65000)–––––––
Guangzhou Guang Qi BYD 廣州廣汽比亞迪新能源
New Energy Bus Co. Ltd. 客車有限公司 103879 – – – – – – – – – 103879 –
Others (share-based payment) 其他（股份支付） 105151 – – 143254 – – – – – – 248405 –
Equity method 權益法
BYD Auto Finance Co. Ltd. 比亞迪汽車金融有限公司 10824616 – – – – 732950 – – – – 11557566 –
Other joint ventures 其他合營企業 315459 – 150000 – – 34384 – – (17915) – 481928 –
Chengxin Lithium Group Co. Ltd. 盛新鋰能集團股份有限公司 1351673 (638157) – – – (36765) – – – – 1314908 (638157)
Tibet Zabuye Lithium Industry Co. 西藏日喀則扎布耶鋰業
Ltd. 高科技有限公司 478572 – – – – (15571) – – – – 463001 –
Other associates 其他聯營企業 1542339 – 357076 – (100089) 14096 – – (19159) – 1794263 –
Total 合計 69312088 (638157) 10530491 184343 (168089) 729094 – – (37074) – 80550853 (638157)
Note: Other increase represents the effect of equity- 註： 其他增加為集團內本公司與子
settled inter-company share-based payment 公司基於以自身權益結算的集
arrangement between the Company and its 團內股份支付安排的影響。
subsidiaries within the Group.364 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
4. Revenue and cost of operating 4. 營業收入及成本
(1) Operating revenue and operating costs (1) 營業收入和營業成本情況
20252024
二零二五年二零二四年
Revenue Cost Revenue Cost收入成本收入成本
Revenue from principal 主營業務收入 420896 403175 2963250 2927810
operations
Other operating revenue 其他業務收入 1104179 835493 1317715 830495
Total 合計 1525075 1238668 4280965 3758305
Operating revenue is as follows: 營業收入列示如下：
20252024
二零二五年二零二四年
Revenue from contracts with 與客戶之間合同產生的收入
customers
Automobiles and related products 汽車、汽車相關產品及其他產品 1321966 4042775
and other products
Rental income 租賃收入 203109 238190
Total 合計 1525075 4280965Annual Report 2025二零二五年年報365
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、 公司財務報表主要項目註釋（續）
FINANCIAL STATEMENTS OF THE COMPANY
(CONTINUED)
5. Investment income 5. 投資收益
20252024
二零二五年二零二四年
Dividends of subsidiaries within the 合併範圍內子公司股利 3601853 12950000
scope of consolidation
Income from long-term equity 按權益法核算的長期股權投資收益 729094 1271765
investments under equity method
Investment income from investing in 投資理財產品與債權投資產生的
wealth management products and 投資收益
debt investment 237891 59606
Investment income generated from 處置長期股權投資產生的投資收益
disposal of long-term equity investments 28294 –
Dividend income on other equity 仍持有的其他權益工具投資的股利
instrument investments held 收入 14218 25690
Investment income from holding other 其他非流動金融資產在持有期間取得
non-current financial assets 的投資收益 9 1549
Investment income from disposal of 處置交易性金融資產或負債的投資
financial assets or liabilities held for 收益
trading – 200
Investment loss on disposal of subsidiaries 處置子公司的投資損失 (1301) –
Total 合計 4610058 14308810366 BYD Company Limited比亞迪股份有限公司
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVIII. SUPPLEMENTARY INFORMATION 十八、 補充資料
1. Breakdown of non-recurring profit or loss 1. 非經常性損益明細表
Amount金額
Gains or losses from the disposal of non-current 非流動性資產處置損益，包括已計提資產減 (752916)assets (including the written-off portion of 值準備的沖銷部分
provisions for asset impairment)Government grants (except for government grants 計入當期損益的政府補助（與正常經營業務密 2512971which are closely related to normal business 切相關，符合國家政策規定、按照確定的operations of the Company in compliance with 標準享有、對損益產生持續影響的政府national policies and regulations and influence 補助除外）
the profit and loss on an ongoing basis) charged
to gains or losses for the period
Non-financial business’s gains or losses from fair 除同正常經營業務相關的有效套期保值 1913354
value change arising from trading financial 業務外，非金融企業持有金融資產和assets and trading financial liabilities held and 金融負債產生的公允價值變動損益以及
gains or losses from disposal of trading financial 處置金融資產和金融負債產生的損益
assets and trading financial liabilities other than
effective value protection hedges relating to the
Company’s ordinary course of business
Reversal of impairment provision for individually 單獨進行減值測試的應收款項減值準備轉回 9903
tested receivables
Other non-operating income and expenses other 除上述各項之外的其他營業外收入和支出 451696
than the above
Effect on income tax 所得稅影響 (674811)
Effects of non-controlling interests (after tax) 少數股東權益影響（稅後） (286878)
Total 合計 3173319The Group recognises non-recurr ing prof i t or loss 本集團對非經常性損益項目的確認按照《公in accordance with the provis ions of “Explanatory 開發行證券的公司信息披露解釋性公告第1Announcement No. 1 on Information Disclosure by 號——非經常性損益》（證監會公告[2023]65Companies Offering Securities to the Public – Non- 號）的規定執行。
recurring Profits and Losses” (CSRC Announcement [2023]
No. 65).Annual Report 2025二零二五年年報367
Notes to Financial Statements財務報表附註
RMB’000人民幣千元
XVIII. SUPPLEMENTARY INFORMATION (CONTINUED) 十八、 補充資料（續）
2. Return ratio on net assets and earnings per share 2. 淨資產收益率和每股收益
Weighted
average
return ratio
on net assets Earnings per share
(%) (RMB)加權平均淨資產收益率每股收益
(%)（人民幣元）
Basic Diluted基本稀釋
2025二零二五年
Net profit attributable to ordinary 歸屬於母公司普通股股東的淨利潤 15.31 3.58 3.58
shareholders of the parent company
Net profit after non-recurring profit or loss 扣除非經常性損益後歸屬於母公司
attributable to ordinary shareholders of 普通股股東的淨利潤
the parent company 13.82 3.23 3.23
The Group did not have any dilutive potential ordinary 本集團無稀釋性潛在普通股。
shares.368 BYD Company Limited比亞迪股份有限公司
Five Year Financial Summary五年財務摘要
31 December 2025
二零二五年十二月三十一日
RMB’000人民幣千元
20252024202320222021
二零二五年二零二四年二零二三年二零二二年二零二一年
(Restated) (Restated) (Restated)（經重述）（經重述）（經重述）
I. Operating revenue 一、 營業收入 803964958 777102455 602315354 424060635 216142395
Less: Operating costs 減：營業成本 661305161 626046616 490398945 358329512 189226298
Tax and surcharge 稅金及附加 13580544 14752402 10349628 7267110 3034878
Selling expenses 銷售費用 26184568 24085317 15370800 8546844 4853069
Administrative expenses 管理費用 20199944 18644661 13461708 10007370 5710193
Research and development expenses 研發費用 57978105 53194745 39574945 18654453 7990974
Finance expenses 財務費用 (649350) 1216206 (1474894) (1617957) 1786927
Including: Interest expenses 其中：利息費用 2551657 2093781 1827605 1316350 1907642
Interest income 利息收入 2436953 2483756 2796195 1829617 631841
Add: Other income 加：其他收益 13800300 14051650 5253459 1721136 2270196
Investment income/(loss) 投資收益╱（損失） 2856608 2291475 1635141 (791903) (57134)
Including: Investment gain/(loss) in 其中：對聯 營企業和合營 1007213 1468954 1277455 (685885) (145295)
associates and joint 企業的投資
ventures 收益╱（損失）
Loss on derecognition of 以 攤餘成本計量的 (797013) (7411) – (22719) (88765)
financial assets measured 金融資產終止
at amortised cost 確認損失
Gains/(losses) from changes in fair value 公允價值變動收益╱（損失） 364238 531933 257740 126098 47356
Impairment losses on credit 信用減值損失 (407137) (1553315) (1579612) (989521) (388074)
Impairment losses on asset 資產減值損失 (1823082) (3871677) (2188219) (1386458) (857475)
Gains/(losses) on disposal of assets 資產處置收益╱（損失） 27796 (126527) 90364 (10836) 77067
II. Operating profit 二、 營業利潤 40184709 50486047 38103095 21541819 4631992
Add: Non-operating income 加：營業外收入 1132191 1251576 711370 526974 337654
Less: Non-operating expenses 減：營業外支出 1563851 2056946 1545828 989064 451643
III. Total profit 三、 利潤總額 39753049 49680677 37268637 21079729 4518003
Less: Income tax expenses 減：所得稅費用 5992291 8092737 5924567 3366625 550737
IV. Net profit 四、 淨利潤 33760758 41587940 31344070 17713104 3967266
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 33760758 41587940 31344070 17713104 3967266
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 32619022 40254346 30040811 16622448 3045188
the parent company
Non-controlling interests 少數股東損益 1141736 1333594 1303259 1090656 922078
Total assets 資產總計 883729883 783355855 679547670 493860646 295780147
Total liabilities 負債合計 625190698 584667646 529085557 372470809 191535938
Total shareholders’ equity attributable to 歸屬於母公司股東權益合計 246274606 185251104 138810065 111029299 95069671
the parent company
Total shareholders’ equity 股東權益合計 258539185 198688209 150462113 121389837 104244209
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