比亚迪(002594):H股公告（二零二六年中期业绩公告）
原标题:比亚迪:H股公告（二零二六年中期业绩公告） 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（幣櫃台）及81211（人民幣櫃台） 二零二六年中期業績公告 比亞迪股份有限公司（「本公司」）董事會欣然宣佈本公司及其附屬公司截至二零二六年六月三十日止六個月期間的未經審核業績。本公告載有本公司二零二六年中期報告全文，乃按香聯合交易所有限公司證券上市規則中有關初步中期業績公告的相關規定而編製。本公司審核委員會已審閱本公司及其附屬公司截至二零二六年六月三十日止六個月期間的未經審核業績。 本公司二零二六年中期報告可於香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，二零二六年八月二十八日 於本公告刊發日期，本公司董事會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 “ ” “ ” 儲能領域：依託在電池、電池管理、功率轉換及系統集 BYD Company Limited ( BYD or the Company together with its 比亞迪股份有限公司（「比亞迪」或「本公司」，連同其 Energy storage: With the technologies accumulated in the fields “ ” 成等領域的技術積累，本集團不斷提升儲能系統的安全 subsidiaries, the Group ; stock code: H shares: 01211 (HKD counter); 附屬公司統稱「本集團」或「集團」；股份代號：H股： of batteries, battery management, power conversion and system 性、可靠性及應用適應能力，業務覆蓋電源側、電網 81211 (RMB counter); A shares: 002594) is a global technology company 01211（港幣櫃台）；81211（人民幣櫃台）；A股： integration, the Group continuously improves the safety, reliability and 側、工商業、家庭儲能及其他多元應用場景，在全球市 with technological innovation as its core driving force, adhering to the 002594），是一家以技術創新為核心驅動力的全球化科技 application adaptability of energy storage systems. Its business covers “ ” 場實現規模化應用。 development philosophy of technology-based, innovation-oriented . The 企業，堅持「技術為王、創新為本」的發展理念。主營業 power supply, grid, industry and commerce, household energy storage “ ” principal operations include new energy vehicles ( NEVs ), electronics, 務涵蓋新能源汽車、電子、二次充電電池及光伏，並利用 and other diverse application scenarios, thus achieving large-scale as well as rechargeable batteries and photovoltaics. Meanwhile, 自身技術優勢拓展城市軌道交通業務。圍繞汽車電動化和 application in the global market. with its technological advantage, the Group actively develops urban 智能化、能源存儲與清潔能源應用、智能終端、AI算力基 光伏領域：業務覆蓋硅片、電池片、光伏組件及光伏系 rail transportation business segment. Centered around automobile 礎設施解決方案等方向，本集團持續開展關鍵技術攻關與 Photovoltaics: It has an industrial chain layout covering silicon wafer, 統應用等產業鏈環節。 electrification and intelligence, energy storage and clean energy 前瞻性研究，並依託核心器件自主研發、垂直整合及系統 solar cells, photovoltaic modules and photovoltaic system application, applications, smart terminals, AI computing infrastructure solutions 集成能力，推動技術成果向規模化產品轉化，在真實場景 etc. and other directions, the Group is committed to key technological 與市場反饋中持續迭代。 電子業務 research and forward-looking studies. Relying on independent research ELECTRONICS BUSINESS and development (R&D), vertical integration and system integration 本集團是全球領先的高科技創新產品提供商，業務覆蓋 capabilities of core components, the Group promotes the transformation The Group is a global leading provider of high-tech and innovative 智能終端、AI算力基礎設施等多元化應用領域。 of technological achievements into scalable products, continuously products, with businesses covering diversified application areas such as iterating in light of real scenarios and market feedback. smart terminals and AI computing infrastructure. 本集團依託電子信息技術、人工智能技術、5G和物聯網 NEW ENERGY VEHICLE BUSINESS 新能源汽車業務 Leveraging its capabilities in electronic information, AI, 5G and Internet 技術、熱管理技術、新材料技術、精密模具技術及數字 of Things (IoT), thermal management, new materials, precision molds 化製造技術等能力，為全球客戶提供涵蓋產品研發、核 As a pioneer and leader in the global new energy vehicle industry, 本集團是全球新能源汽車產業的先行者和領導者，圍繞 and digital manufacturing technologies, the Group provides customers 心零組件、系統集成、生產製造和供應鏈管理的一站式 the Group is devoted to technological R&D and product innovation on 汽車電動化和智能化持續開展技術研發和產品創新，形 around the world with one-stop product solutions covering product R&D, 產品解決方案。 the basis of the electrification and intelligence of automobiles, forming 成覆蓋動力電池、電驅動、電控、車規級半導體、整車 core components, system integration, manufacturing, and supply chain a technological landscape covering power batteries, electric drives, 平台、智能底盤、輔助駕駛及智能座艙等領域的技術佈 management. electronic control, automotive grade semiconductors, vehicle platforms, 局。 智能終端：涵蓋智能手機、電腦、智能家居、遊戲硬 intelligent chassis, assisted driving and intelligent cockpits. Smart terminal: It covers fields such as smartphones, computers, smart 件、無人機、3D打印機、物聯網及通信設備等領域。 home, gaming hardware, drones, 3D printers, IoT and communication 本集團圍繞客戶需求和終端產品發展趨勢，持續開展新 Automobile electrification: The Group adheres to developing battery 汽車電動化：本集團堅持純電動和插電式混合動力「兩 equipment. Centered on customer needs and terminal product 材料、新工藝、結構設計、熱管理和系統集成等技術研 electric vehicles and plug-in hybrid electric vehicles at the same time, 條腿、齊步走」，圍繞動力電池、純電╱插混平台、功 development trends, the Group continuously conducts R&D on new 發，提升產品開發及規模化交付能力，並拓展產品品類 and invests in technological R&D in key areas such as power batteries, 率半導體、底盤及補能等關鍵領域持續開展技術研發， materials, new processes, structural design, thermal management and 和應用場景。 pure electric/plug-in hybrid platforms, power semiconductors, chassis 推動相關技術成果在多品牌、多車型中規模化應用。 system integration to enhance product development and mass delivery and energy replenishment, to promote the large-scale application of the capabilities, while expanding product categories and application technological achievements in multiple vehicle brands and models. scenarios. AI算力基礎設施：依託在熱管理、新材料、精密製造、 Automobile intelligence: Through implementation of the Whole-Vehicle 汽車智能化：本集團貫徹整車智能戰略，圍繞芯片、電 AI computing infrastructure: Relying on technological accumulations Contents 目錄 3 Corporate Information 公司資料 5 Financial Highlights 財務摘要 6 Management Discussion and Analysis 管理層討論與分析 61 Consolidated Balance Sheet 合併資產負債表 64 Consolidated Income Statement 合併利潤表 67 Consolidated Statement of Changes in Owners’ Equity 合併股東權益變動表 69 Consolidated Cash Flow Statement 合併現金流量表 72 Notes to Financial Statements 財務報表附註 CORPORATE INFORMATION 公司資料 EXECUTIVE DIRECTOR 執行董事 Wang Chuan-fu 王傳福 NON-EXECUTIVE DIRECTORS 非執行董事 Lv Xiang-yang 呂向陽 Xia Zuo-quan 夏佐全 INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事 Cai Hong-ping 蔡洪平 Zhang Min 張敏 Yu Ling 喻玲 COMPANY SECRETARY 公司秘書 Li Qian 李黔 AUDIT COMMITTEE 審核委員會 Xia Zuo-quan 夏佐全 Cai Hong-ping 蔡洪平 Zhang Min (Chairman) 張敏（主席） Yu Ling 喻玲 REMUNERATION COMMITTEE 薪酬委員會 Wang Chuan-fu 王傳福 Xia Zuo-quan 夏佐全 Cai Hong-ping (Chairman) 蔡洪平（主席） Zhang Min 張敏 Yu Ling 喻玲 NOMINATION COMMITTEE 提名委員會 Wang Chuan-fu 王傳福 Lv Xiang-yang 呂向陽 Cai Hong-ping 蔡洪平 Zhang Min 張敏 Yu Ling (Chairman) 喻玲（主席） STRATEGY AND SUSTAINABLE DEVELOPMENT 戰略及可持續發展委員會 COMMITTEE 王傳褔（主席） Wang Chuan-fu (Chairman) 呂向陽 Lv Xiang-yang 夏佐全 Xia Zuo-quan CORPORATE INFORMATION 公司資料 AUTHORISED REPRESENTATIVES 授權代表 Wang Chuan-fu 王傳福 Li Qian 李黔 LEGAL ADDRESS 法定地址 No. 1 Yan’an Road 中國 Kuichong Sub-district 廣東省 Dapeng New District 深圳市 Shenzhen 大鵬新區 Guangdong Province 葵涌街道 The PRC 延安路一號 AUDITORS 核數師 Ernst & Young Hua Ming LLP 安永華明會計師事務所（特殊普通合夥）PLACE OF BUSINESS IN HONG KONG 香港營業地點 Unit 505-510, 5/F, Core Building 1E 香港 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 香港股份過戶登記處 OFFICE Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 Shops 1712-1716 香港 17th Floor Hopewell Centre 灣仔 183 Queen’s Road East 皇后大道東183號 Wanchai 合和中心17樓 Hong Kong 1712-1716號舖 INVESTOR AND MEDIA RELATIONS CONSULTANT 投資者及傳媒關係顧問 iPR Ltd iPR Ltd Tel: (852) 2136 6185 電話：(852) 2136 6185 Email: byd@ipr.com.hk 電郵：byd@ipr.com.hk WEBSITE 公司網址 www.bydglobal.com www.bydglobal.com STOCK CODE 股票代碼 H Shares: 01211 (HKD counter); 81211 (RMB counter) H股：01211（港幣櫃檯）；81211（人民幣櫃檯） (trading on The Stock Exchange of Hong Kong Limited （於香港聯合交易所有限公司 (“Hong Kong Stock Exchange”)) （「香港聯交所」）交易） A Shares: 002594 (trading on the Shenzhen Stock Exchange A股：002594（於深圳證券交易所（「深交所」）交易） Financial Highlights 財務摘要 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 截至二零二六年六月三十日止六個月（「期“ ” JUNE 2026 (THE PERIOD ) 內」）中期業績 Revenue -7.13% to RMB344,815 million 營業額 至人民幣344,815百萬元 Gross profit -2.81% to RMB64,989 million 毛利 至人民幣64,989百萬元 Profit attributable to owners of the parent -20.54% to RMB12,325 million母公司擁有人應佔溢利 至人民幣12,325百萬元 Earnings per share -21.05% to RMB1.35 每股盈利 至人民幣1.35元 HIGHLIGHTS 摘要 1. The Group secured the dual global championship titles 1. 本集團斬獲全球新能源汽車銷量、儲能系統for NEV sales and energy storage system shipments and 出貨雙冠，並穩居中國新能源汽車出口第’ firmly ranked first in Chinas NEV exports, with its brand 一，品牌知名度與美譽度穩步提升；awareness and reputation showing steady improvement; 2. The globalization and high-end strategies were advanced 2. 全球化與高端化戰略縱深推進，銷量實現跨 in depth, sales achieved leapfrog growth, and the overseas 越式增長，海外本地化進程加速推進，成為localization process was accelerated, becoming a new 本集團持續高速高質增長的新引擎；’ engine for the Groups sustained high-speed and high- quality growth; 3. The Group continued to deepen the ecosystem layout 3. 持續深化「第二代刀片電池」及「閃充」生態“ ” “ for the 2nd Generation Blade Battery and the FLASH 佈局，解決行業充電效率低和低溫充電難的Charging” technology, addressing the industry’s pain 痛點，強化產品競爭力，推動新一輪的增points of low charging efficiency and difficulties in low- 長；temperature charging, thereby strengthening product competitiveness and driving a new round of growth; 4. In terms of the electronics business, the Group continued 4. 電子業務持續深化與海內外大客戶的合作， to deepen cooperation with major domestic and overseas 積極把握AI發展機遇，加快佈局AI算力基礎customers, actively seized AI development opportunities, 設施等新賽道；and accelerated its presence in new sectors such as AI computing infrastructure; 5. With the continuous optimization of its product mix, the 5. 憑藉產品結構的持續優化，有效對沖上游原 Group effectively offset the impact of upstream raw material 材料價格波動帶來的影響，盈利能力持續改price fluctuations, resulting in continuous improvement in 善。 profitability. 6 比亞迪股份有限公司 Management Discussion and Analysis 管理層討論與分析 PERFORMANCE OVERVIEW 業績概覽 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 the first half of 2026, the international environment was 二零二六年上半年，國際環境複雜嚴峻，地complex and challenging, with geopolitical risks intensified 緣政治風險顯著上升。中東地緣衝突階段性increasingly. The phased escalation of geopolitical 升級，衝擊全球能源供應，疊加供應鏈調整conflicts in the Middle East disrupted global energy supply. 及貿易保護主義加劇，全球去通脹停滯，多Coupled with supply chain adjustments and rising trade 數經濟體的投資與消費信心承壓。面對外部protectionism, global disinflation stalled, and investment 挑戰，中國經濟頂壓前行，在「十五五」規劃and consumer confidence in most economies were under 開局之年展現韌性，動能向新、結構向優，’ pressure. Facing external challenges, Chinas economy 「穩」的根基持續夯實。宏觀政策的精準發forged ahead against headwinds, demonstrating resilience 力，疊加出口結構優化與新興產業集群的強in the opening year of the Outline of the 15th Five-Year 勁驅動，產業結構加速向高端化、智能化、Plan for National Economic and Social Development of the 綠色化轉型，新質生產力培育成果凸顯，成’ Peoples Republic of China (the 15th Five-Year Plan). Its 為經濟增長重要支撐。據國家統計局數據，growth drivers pivoted toward innovation and its structure 上半年國內生產總值同比增長4.7%。 advanced toward higher quality, thereby continuously “ ” consolidating the foundation of stability . The targeted implementation of macroeconomic policies, combined with the optimization of export structures and the strong driving force of emerging industrial clusters, accelerated the transition of the industrial structure toward high-end, intelligent and green development. Progress in fostering new quality productive forces has become increasingly evident, serving as a key driver of economic growth. According to data from the National Bureau of Statistics, ’ Chinas gross domestic product recorded a year-on-year growth of 4.7% in the first half of the year. Management Discussion and Analysis 管理層討論與分析 In the first half of 2026, China’s automotive industry 二零二六年上半年，中國汽車產業進入「內entered a stage of profound adjustment and divergence 冷外熱，舊退新進」的深層調整和分化。內characterized by “sluggish domestic demand and 需承壓疊加「兩新」政策切換調整、新能源購robust export growth, alongside the phasing-out of 置稅退坡等多重影響，居民汽車消費意願偏legacy capacities and the rise of emerging segments”. 謹慎。根據中國汽車工業協會數據，二零二Affected by multiple factors including subdued domestic 六年上半年中國汽車產銷分別下降4.0%和demand, the transition and adjustment of the large-scale 4.1%，至1,499.3萬輛及1,501.7萬輛。汽equipment upgrades and consumer goods trade-in 車行業競爭仍激烈，電動化和智能化技術加initiatives and the phase-out of purchase tax exemptions 速迭代，新品牌及新車型湧入市場，爭奪市for new energy vehicles, consumers remained cautious 場份額。車企競爭不止局限技術、品牌、產about automobile purchases. According to the China 品層面，還同步在工程化能力與交付效率上Association of Automobile Manufacturers (CAAM), China’s 展開多維博弈。與此同時，大宗商品、原材total automobile production and sales in the first half of 料、芯片等價格持續上漲進一步擠壓車企利2026 reached 14.993 million and 15.017 million units, 潤空間，行業盈利能力面臨考驗。競爭孕育representing year-on-year declines of 4.0% and 4.1%, 機遇，憑藉完整的產業鏈佈局及多元產品矩respectively. The automotive industry continued to face 陣，新能源汽車在充滿挑戰的大環境下展現fierce competition, characterized by accelerated iteration 出強勁發展韌性。憑藉技術迭代與產品力提of electrification and intelligent technologies, and new 升，新能源汽車引領市場回暖，疊加中東地brands and models pouring into the market to compete 緣衝突推升燃油價格中樞，新能源和燃油車for market share. Competition among automakers has 的分化持續顯現。根據中國汽車工業協會數expanded beyond technology, brand and product offerings 據，二零二六年上半年新能源汽車產銷分別to encompass various aspects, including engineering 達743.8萬輛和744.6萬輛，同比分別增長capabilities and delivery efficiency. Meanwhile, sustained 6.7%和7.3%，新能源汽車國內滲透率單月price increases in bulk commodities, raw materials and 已突破60%，新舊動能轉化加速，行業格局chips further squeezed the profit margins of automakers, 經歷深刻變化。 testing the overall industry profitability. However, competition also fosters opportunities. Leveraging a well-established full industrial-chain footprint and diversified product matrix, the new energy vehicle (NEV) sector demonstrated strong development resilience amid the challenging operating environment. Driven by technological iteration and enhanced product competitiveness, NEVs led the market recovery. Moreover, the elevated fuel prices driven by geopolitical tensions in the Middle East further widened the performance gap between NEVs and internal combustion engine vehicles (ICEs). According to CAAM data, China’s NEV production and sales in the first half of 2026 reached 7.438 million and 7.446 million units, representing year-on-year growth of 6.7% and 7.3%, respectively. The monthly penetration rate of NEVs in China has surpassed 60%. The accelerating transition from old to new growth drivers is profoundly reshaping the industry landscape. Management Discussion and Analysis 管理層討論與分析 As China transitions from a major automobile nation to a 從汽車大國邁向汽車強國的進程中，中國車world-leading automotive powerhouse, Chinese automakers 企正從技術追趕者轉向創新引領者，在全球are shifting from technology followers to innovation leaders, 汽車產業競爭格局的重塑中佔據關鍵一席。 thereby securing a pivotal position in the reshaping of 根據中國汽車工業協會數據，二零二六年上the global automotive industry competitive landscape. 半年，中國汽車出口銷量達509.6萬輛，同According to CAAM data, China’s automobile export sales 比增長65.3%，首次半年度突破500萬輛大hit 5.096 million units in the first half of 2026, representing 關，新能源汽車出口達235.5萬輛，同比大 a year-on-year increase of 65.3% and with the half-year 幅增長120%，6月單月更以52.3萬輛首次超sales surpassing the 5 million unit milestone for the first 越燃油車出口，中國汽車出海正式邁入「電time. Notably, NEV exports reached 2.355 million units, 動主導」的新時代。中國汽車出海躍遷的核surging by 120% year-on-year. In June, NEV exports hit 心驅動力，正是源自自主品牌在電動化與智0.523 million units, surpassing ICE vehicle exports for the 能化賽道上的深耕、完整的產業鏈縱深積累first time, marking the advent of an “electric-led” era in the 和持續的產品迭代。二零二六年上半年， global expansion of Chinese automobiles. The leapfrog 中國品牌國內乘用車市佔率達71.8%，6月growth of Chinese automotive exports was fundamentally 單月突破75%，實現跨越式躍升。出口「電driven by the in-depth cultivation of independent brands 動主導」與國內「自主登頂」的雙線共振，為on the electrification and intelligentization, the robust 「汽車強國」戰略提供了堅實的註腳。 foundation of a complete industrial chain, and continuous product iteration. In the first half of 2026, the market share of Chinese brands in the domestic passenger vehicle segment reached 71.8% and broke through 75% in June alone, achieving a transformative leap. The dual drivers of “NEV-dominated export expansion” and the “domestic brands leading domestic sales” provided solid testament for the “Automotive Powerhouse” strategy. Since 2026, continuous breakthroughs in the capabilities of 二零二六年以來，通用大模型能力持續突general large models and the increasing maturity of agent 破、智能體技術日趨成熟，推動人工智能technology have accelerated the large-scale application of （Artificial Intelligence，簡稱「AI」）加速規 Artificial Intelligence (AI). As a critical carrier connecting 模化應用。智能體作為連接模型能力與產業 model capabilities with industrial scenarios, agents are 場景的重要載體，正與汽車產業深度融合，deeply integrated with the automotive industry, driving 推動汽車從「功能載體」向「超級智能體」演the evolution of automobiles from “functional carriers” to 進。中國新能源汽車行業亦從「電動化上半“super-intelligent agents”. China’s NEV industry has also 場」的規模化領跑，全面跨入「智能化下半fully transitioned from leading the large-scale development 場」引領階段。工信部數據顯示，今年以來in the “first chapter of electrification” to pioneering the 中國L2級組合駕駛輔助功能乘用車滲透率達 “second chapter of intelligence”. Data from the Ministry 到70.5%，領航駕駛輔助(NOA)功能乘用車of Industry and Information Technology (MIIT) shows that 滲透率達到34.2%，首批L3級有條件自動駕since the beginning of this year, the penetration rate of 駛車型開始在特定區域上路通行，智能網聯passenger vehicles equipped with Level 2 combined 汽車從「技術驗證期」邁入「規模化應用期」。 driving assistance functions in China has reached 70.5%, and the penetration rate of passenger vehicles with Navigate on Autopilot (NOA) functions has reached 34.2%. The first batch of Level 3 conditional autonomous driving models has begun operating on roads in designated Management Discussion and Analysis 管理層討論與分析 As China navigates the critical period of industrial 立足產業轉型升級關鍵期，《中華人民共和transformation and upgrading, the Outline of the 15th 國國民經濟和社會發展第十五個五年規劃綱Five-Year Plan for National Economic and Social 要》（簡稱「十五五」規劃）正式通過，「十五Development of the People’s Republic of China (the 15th 五」規劃將智能網聯新能源汽車納入戰略性Five-Year Plan) has been officially adopted. The 15th Five- 新興產業重點培育方向，推動人工智能與汽Year Plan designates intelligent connected NEVs as a 車產業深度融合，圍繞提振汽車消費、完善key direction for cultivating strategic emerging industries, 補能基礎設施，鼓勵技術創新與業態擴容，promotes the in-depth integration of AI and the automotive 助力產業加快新舊動能轉換，推動我國由汽industry, and focuses on boosting automobile consumption 車大國穩步邁向汽車強國。順應「十五五」and improving energy replenishment infrastructure. 發展大局，國家圍繞新能源汽車產業推出多It encourages technological innovation and business 項針對性舉措，在刺激需求、提升滲透率的form expansion, facilitates the industry’s transition from 同時，面向存量市場推動產品品質與技術升old to new growth drivers, and drives China to steadily 級、業態拓展，並在AI技術快速發展的背景transform from a major automotive nation to an automotive 下，加快其與汽車產業的融合協同。一月，powerhouse. In alignment with the broader development 國家發展改革委、財政部印發《關於2026年landscape of the 15th Five-Year Plan, the state has rolled 實施大規模設備更新和消費品以舊換新政策out a number of targeted measures for the NEV industry. 的通知》正式實施，政策透過優化支持範圍While stimulating demand and increasing penetration 及補貼標準，持續提升政策效能，促進經濟rates, these measures also promote product quality and 高質量發展，實現經濟結構優化和綠色低碳technology upgrades as well as business form expansion 轉型。同月，商務部等九部門發佈《關於實in the existing market, and accelerate the integration 施綠色消費推進行動的通知》，政策響應「十and synergy between AI and the automotive industry 五五」發展大局，目標擴大綠色消費，促進amid rapid AI advancements. In January, the Notice 汽車綠色消費，支持消費者購買新能源汽on the Implementation of the Large-Scale Equipment 車，並做強汽車產業鏈，挖掘二手車、汽車Replacement and Consumer Goods Trade-in in 2026 租賃、汽車改裝、汽車共享等「後市場」潛《關於二零二六年實施( 大規模設備更新和消費品以舊換新政 力。六月，工信部等五部門印發通知，部署策的通知》), jointly issued by the National Development 開展二零二六年新能源汽車下鄉活動，落實and Reform Commission (NDRC) and the Ministry of 車購稅、車船稅減免、縣域充換電設施補短Finance, came into effect. By optimizing the scope of 板等政策，積極擴大新能源汽車鄉村地區消support and subsidy standards, the policy continuously 費。同月，商務部等八部門發佈《關於加快enhances its effectiveness, promotes high-quality 「人工智能+消費」發展的實施意見》，推動economic development, and achieves economic structure optimization as well as green and low-carbon transition. In the same month, the Ministry of Commerce (MOC) and eight other departments issued the Notice on Implementing the Green Consumption Promotion Action 《關於實施綠色消費推進行動的通知》( ). In response to the broader development landscape of the 15th Five-Year Plan, the policy aims to expand green consumption, boost green consumption of automobiles, support consumers in purchasing NEVs, strengthen the automotive industry chain, and tap into the potential of the “aftermarket” covering used vehicles, car rental, vehicle modification, car sharing and other segments. In June, the MIIT and four other departments issued a notice to deploy the 2026 Management Discussion and Analysis 管理層討論與分析 exemptions, and addressing shortcomings in county-level 人工智能與消費深度融合，培育消費新增長battery swapping and charging facilities to actively expand 點，其中包括加力支持智能網聯汽車發展，the consumption of NEVs in rural areas. In the same 帶動智能化車載終端消費，打造「人、車、month, the MOC and seven other departments released the 家」全場景聯動的智能產品生態。 Implementation Opinions on Accelerating the Development of “AI + Consumption” (《關於加快「人工智能+消費」發展的實施意見》), which promotes the in-depth integration of AI and consumption to foster new consumption growth points. The opinions include intensifying support for the development of intelligent connected vehicles, driving the consumption of intelligent in-vehicle terminals, and building an intelligent product ecosystem that features the full-scenario interconnection of “people, vehicle and home”. In terms of energy storage, driven by the three core forces 儲能方面，受益於能源轉型、能源安全及AIof energy transition, energy security and AI computing 算力建設三大核心驅動，全球儲能行業維持infrastructure development, the global energy storage 高景氣運行。其中，中國新型儲能產業已步industry maintains a high prosperity level. Specifically, 入規模化發展新階段，為新型儲能多元價值China’s new-type energy storage industry has entered 發揮和產業高質量發展奠定堅實基礎。一a new stage of large-scale development, laying a solid 月，國家發展改革委、國家能源局印發《關foundation for unlocking the diverse values of new- 於完善發電側容量電價機制的通知》，政策type energy storage and achieving high-quality industry 提出建立電網側獨立新型儲能容量電價機development. In January, the NDRC and the National 制；六月，國家發展改革委、國家能源局印Energy Administration (NEA) issued the Notice on 發《新型能源體系建設「十五五」規劃》，規Improving Generation-side Capacity Pricing Mechanism 劃提出大力發展新型儲能，加力發展長時儲《關於完善發電側容量電價機制的通知》( ), which proposes 能，鼓勵多種儲能技術路線發展，二零三零to establish a capacity pricing mechanism for grid- 年新型儲能裝機達到3億千瓦。在政策體系side independent new-type energy storage. In June, 持續健全的背景下，中國儲能市場的驅動邏the NDRC and NEA released the 15th Five-Year Plan for 輯正從新能源強制配儲為主，轉向市場化機New Energy System Construction 《(新型能源體系建設「十 制、新型電力系統建設與多元新興應用場景五五」規劃》), which sets out to vigorously develop new- 協同驅動。光伏方面，二零二六年上半年，type energy storage, intensify the development of long- 光伏產業正經歷深度調整，在落後產能出清duration storage, encourage diverse technology routes, 和供需再平衡進程中蓄勢前行。儘管短期承and reach an installed capacity of 300 million kW by 2030. 壓，但在全球綠色能源轉型的驅動下，光伏Amid the continuous improvement of the policy system, the 行業長期向好的基本面依然穩固。 growth logic of China’s energy storage market is shifting from mandatory energy storage allocation for new energy projects to synergistic forces of market mechanisms, new power system construction, and diverse emerging application scenarios. As for the photovoltaic sector, in the first half of 2026, the industry was undergoing profound adjustment, accumulating momentum amid the phase-out of outdated production capacity and the rebalancing of supply and demand. Despite short-term pressures, the long-term positive fundamentals of the photovoltaic industry Management Discussion and Analysis 管理層討論與分析 1.2 Electronics Business 1.2 電子業務 In the smart terminal sector, the deep integration of 智能終端業務方面，AI、物聯網等新興技術emerging technologies such as AI and IoT is accelerating 的深度融合正加速重構產業格局，生成式AIthe reshaping of the industry landscape. The deployment 端側部署推動智能終端從單一設備向多設備of generative AI on the device is driving smart terminals 協同、跨場景融合的生態化方向演進，為產to evolve from single devices toward multi-device 業鏈注入新的增長動能。然而，受AI數據中collaboration and cross-scenario integration, injecting new 心需求擠佔存儲器產能、核心零部件價格上growth momentum into the industry chain. However, as 漲及高利率抑制消費需求等多因素影響，終affected by multiple factors including the occupation of 端市場動能放緩。期內，全球智能手機產業memory production capacity by AI data center demand, 面臨上游物料成本上升壓力，手機品牌新機rising prices of core components, and high interest 發佈節奏有所放緩。根據IDC的統計，二零rates suppressing consumer demand, terminal market 二六年上半年全球智能手機出貨量按年下跌momentum has slowed. During the Period, the global 4.8%至5.71億部。 smartphone industry faced pressure from rising upstream material costs, and the pace of new model launches by mobile phone brands was delayed. According to IDC statistics, global smartphone shipments in the first half of 2026 decreased by 4.8% year-on-year to 571 million units. In the AI computing infrastructure sector, with the AI算力基礎設施業務方面，隨着生成式AI、accelerated development of generative AI, Agentic AI, 代理式AI(Agentic AI)及大模型推理應用加and large model inference applications, AI workloads 速發展，AI工作負載持續提升，推動超大規continue to increase, driving hyperscale data centers and 模數據中心及雲服務商加快算力基礎設施建cloud service providers to accelerate the construction 設。與此同時，AI服務器計算密度、機櫃功of computing infrastructure. Meanwhile, the computing 率、數據吞吐持續提升，數據中心建設重點density, rack power, and data throughput of AI servers 由單一算力進一步向計算、散熱、供電及高are steadily rising, shifting the focus of data center 速互聯協同演進。英偉達新一代Vera Rubinconstruction from computing power alone toward a 計算平台採用100%液冷架構，其更高的計coordinated evolution of computing, thermal management, 算密度及機櫃功率對高效熱管理及電源提出power supply, and high-speed connectivity. NVIDIA’s 更高要求，推動液冷、高壓電源在AI數據中Vera Rubin, the latest computing platform, adopts a 100% 心中的應用及滲透。 liquid-cooling architecture. Its elevated computing density and rack power impose more stringent requirements on efficient thermal management and power delivery, thereby accelerating the adoption and penetration of liquid cooling and high-voltage power supplies in AI data centers. Management Discussion and Analysis 管理層討論與分析 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 及其附屬公司統稱「本集團」）主要經營包括 in NEVs, electronics business, as well as rechargeable 新能源汽車業務、電子業務、二次充電電池batteries and photovoltaics. Leveraging its technological 及光伏業務，並積極利用自身技術優勢拓strengths, the Group also actively expands into urban 展城市軌道交通及其他業務。二零二六年rail transportation and other sectors. In the first half of 上半年，本集團實現收入約人民幣344,8152026, the Group recorded a revenue of approximately 百萬元，同比下降7.13%，其中汽車、汽車RMB344,815 million, representing a year-on-year decrease 相關產品及其他產品業務的收入約人民幣of 7.13%, among which, the revenue from automobiles 275,341百萬元，同比下降8.98%；電子及and related products and other products amounted 其他產品業務的收入約人民幣69,405百萬to approximately RMB275,341 million, representing a 元，同比增長0.96%；佔本集團總收入的比year-on-year decrease of 8.98%; revenue from electronics 例分別為79.85%和20.13%；歸屬於上市公and other products reached approximately RMB69,405 司股東的淨利潤約人民幣12,325百萬元，同million, representing a year-on-year growth of 0.96%. 比下降20.54%。 These two segments accounted for 79.85% and 20.13% of the total revenue, respectively. The net profit attributable to the Company’s shareholders stood at approximately RMB12,325 million, representing a year-on-year decline of 20.54%. As a technology-driven company, the Group embraces 作為一家以技術為驅動的科技公司，本集the “Three Green Visions” of solar energy, energy storage, 團懷揣太陽能、儲能、電動車「三大綠色夢and electric vehicles, adheres to the core development 想」，堅守「技術為王、創新為本」的核心發philosophy of “technology-based, innovation-oriented”, 展理念，秉持「敢想、敢干、敢堅持」的工程and embodies the engineer spirit of “Dare to Think, Dare to 師精神。本集團長期深耕新能源汽車、儲能Act, Dare to Persevere”. The Group has long been deeply 及半導體等多個關鍵領域，並積極佈局前沿engaged in key sectors such as NEVs, energy storage, and 科技，於二零二六年上半年斬獲全球新能源semiconductors, and has actively deployed cutting-edge 汽車銷量、儲能系統出貨雙冠。面對全球清technologies, securing the dual global championship titles 潔能源轉型與智能化浪潮，本集團持續加碼for NEV sales and energy storage system shipments in the 科技創新，始終堅持高研發投入，二零二六first half of 2026. Facing the global clean energy transition 年上半年研發投入約人民幣289億元，累計and the wave of intelligence, the Group continues to ramp 研發投入超人民幣2,700億元。 up investment in technological innovation and remains committed to high R&D investment. In the first half of 2026, R&D investment amounted to approximately RMB28.9 billion, with cumulative R&D investment exceeding RMB270 billion. Management Discussion and Analysis 管理層討論與分析 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, the 本集團作為全球新能源汽車行業先行者和領Group adheres to long-termism. Leveraging its precise 導者，堅守長期主義，憑藉精準的戰略佈strategic positioning, leading technological prowess, 局、領先的技術實力、前瞻的市場洞察、完forward-looking market insights, comprehensive industrial 善的產業體系、持續升級的產品力及品牌ecosystem, and continuously enhanced product and brand 力，蟬聯二零二六年上半年全球新能源汽車competitiveness, the Group once again topped global NEV 市場銷量冠軍，彰顯卓越的市場主導力。 sales in the first half of 2026, demonstrating its outstanding market dominance. In the first half of 2026, the Group made significant 二零二六年上半年，本集團全球化與高端化breakthroughs in its globalization and high-end strategies, 戰略實現跨越式突破，汽車業務結構優化成with remarkable results in the optimization of its automotive 效顯著。海外市場方面，根據中國汽車工業 business structure. In terms of overseas markets, 協會數據，期內本集團出口達79.2萬輛，according to CAAM data, the Group’s exports reached 同比增加67.8%，出口佔總銷量比重實現大792,000 units during the Period, representing a year-on- 幅躍升，並持續領跑中國新能源汽車出口，year increase of 67.8%, and the proportion of exports 引領中國智造走向全球。國內市場方面，儘in total sales recorded a surge, continuously leading 管競爭持續加大，一季度國內需求階段性承China’s NEV exports and driving Chinese intelligent 壓，但本集團旗下「方程豹」、「騰勢」與「仰manufacturing onto the global stage. In terms of domestic 望」品牌憑藉新技術和新產品的持續迭代，markets, despite intensifying competition and temporary 期內合計銷量同比增長61.0%，佔本集團乘challenges to domestic demand in the first quarter, the 用車總銷量比重提升至12.8%，高端化戰略Group’s brands such as “FANGCHENGBAO”, “Denza” 持續深化。期內，本集團圍繞「電動化」與and “Yangwang”, relying on continuous iteration of new 「智能化」兩大核心技術方向，加速優化產technology and products, achieved a year-on-year growth 品矩陣佈局，以卓越產品力驅動訂單持續增in total sales volume of 61.0% during the Period, with 長，助力銷量實現逐月回升態勢。 the proportion rising to 12.8% of the Group’s total sales volume of passenger vehicles, continuing to deepen the high-end strategy. During the Period, the Group focused on the two core technology directions of “electrification” and “intelligence”, accelerated the optimization of product matrix, and drove the continuous order growth with exceptional product competitiveness to achieve a month- on-month sales recovery. In April, the Group reached a new milestone with the 四月，本集團第1,600萬輛新能源汽車正式rollout of its 16 millionth NEV, becoming the world’s first 下線，成為全球首家達成這一里程碑的車automaker to achieve this feat, writing a new chapter in the 企，書寫了全球新能源發展史上的新篇章。 global NEV history. Management Discussion and Analysis 管理層討論與分析 Driven by electrification and intelligence, the Group 電動化、智能化作為突破口，推動汽車從is transforming automobiles from mere modes of 單一的交通工具向移動智能終端轉型transportation into mobile smart terminals In the field of electrification 電動化領域 The Group adheres to vertical integration and has long 本集團堅持垂直整合，長期深耕動力電池、cultivated deep expertise in multiple core electrification 儲能、功率半導體等多個電動化核心領域。 fields including power batteries, energy storage, and power 三月，本集團舉辦「閃充中國 改變世界」發semiconductors. In March, the Group held the “FLASH 佈會，正式推出「第二代刀片電池」及全新Charging China, Changing the World” press conference, 「閃充」技術，並發佈「閃充中國」戰略，以officially launching the “2nd Generation Blade Battery” 「閃充生態」為新能源汽車產業電動化上半場and the “FLASH Charging” technology, and announcing 交出里程碑式答卷。 the “FLASH Charging China” strategy. With the “FLASH Charging Ecosystem”, the Group delivered a milestone achievement for the first chapter of the NEV industry defined by electrification. The “FLASH Charging” technology has achieved the 「閃充」技術以「5分鐘充好、9分鐘充飽；零world’s fastest mass-produced charging speed by 下30度，只多3分鐘」創下全球量產最快充電“Ready in 5, Full in 9, -30°C Add 3”. It has successfully 速度新紀錄，成功攻克行業長期面臨的「充overcome the two long-standing industry pain points of 電慢」及「低溫充電難」兩大痛點，率先實現“slow charging” and “difficult low-temperature charging”, 「油電同速」的高效補能體驗，解決電動化最 delivering refueling-equivalent charging efficiency and 後「頑疾」。 eliminating the last persistent pain points of electrification.In terms of power batteries, the “2nd Generation Blade 在動力電池方面，「第二代刀片電池」重新定Battery” has set a new global benchmark for power 義全球動力電池的新標桿，成功突破閃充與batteries by successfully overcoming the industry-wide 高能量密度難以兼顧的行業瓶頸。其能量密challenge of reconciling flash charging with high energy 度較一代提升逾5%，在實現極速閃充的同時density. Its energy density has increased by over 5% 支持超1,000公里超長續航，並以遠超新國compared to its predecessor, supporting an ultra-long 標的安全性能築牢底線。與此同時，質保政range of over 1,000 kilometers while enabling flash 策亦全面加碼，為用戶構築全生命週期的安charging with safety performance far surpassing the latest 心保障。 national standards. At the same time, the warranty policy has also been comprehensively upgraded, providing users with full-lifecycle peace of mind. Management Discussion and Analysis 管理層討論與分析 In terms of charging infrastructure, the Group has 在充電設施方面，本集團同步推出全新 simultaneously launched the new self-developed FLASH 自主研發的閃充樁，單槍充電功率達到 Charging pile – the world’s highest-power mass-produced 1,500kW，為全球量產單槍功率最高的充電 1,500kW single-gun FLASH Charging pile. It also adopts 樁，並採用全球首創的「滑軌懸吊式T型樁」 the world’s first “sliding rail suspended T-shaped charging 與「零重力充電槍」設計，使充電線纜更輕 pile” and “zero-gravity charging gun” designs, making the 巧、乾淨且移動靈活。為突破電網容量限 charging cable lighter, neater, and easier to maneuver. 制，本集團將充電樁與超級快放的儲能系統 To overcome the grid capacity constraints, the Group 深度融合，在不增加電網負擔的前提下實現 has deeply integrated the charging pile with the super 大功率充電，構成高效可持續的充電解決方 fast-discharging energy storage system, which enables 案。 high-power charging without increasing the grid load, forming an efficient and sustainable charging solution. The Group has also launched its “FLASH Charging China” 本集團亦啟動「閃充中國」戰略，計劃於年 strategy, aiming to establish 20,000 FLASH Charging 底建成20,000座閃充站，截至六月底已建成 stations by the end of the year. As of the end of June, 7,018 7,018座。期內，「閃充」技術於巴黎歌劇院 stations were already operational. During the Period, the 完成歐洲首秀，標誌着「閃充生態」正式邁向 “FLASH Charging” technology made its European debut 全球。未來，本集團計劃進一步在海外規模 at the Palais Garnier, marking the official global expansion 化落地閃充站，從「閃充中國」邁向「閃充星Management Discussion and Analysis 管理層討論與分析 In the field of intelligence 智能化領域 AI technologies continue to make breakthroughs, with their AI技術持續突破，其與物理世界的交互能力 capabilities to interact with the physical world deepening 亦不斷深化，正加速賦能研發創新、生產提 steadily, accelerating systematic upgrades in areas such 效等方面的系統性升級。本集團依託多元化 as R&D innovation and production efficiency enhancement. 應用場景及規模化真實數據，在AI技術驅動 Leveraging its diversified application scenarios and large- 下加速釋放場景價值。其中，汽車智能化被 scale real-world data, the Group is accelerating the 視為具身智能的重要載體。 unlocking of scenario value driven by AI technologies. Notably, automotive intelligence is regarded as a key carrier of embodied intelligence. In the second chapter of the NEV industry defined by 在汽車智能化下半場的角逐中，「天神之眼」 intelligence, as the industry’s first whole-vehicle intelligent 作為行業首個整車智能輔助駕駛系統，於期 assisted driving system, “God’s Eye” underwent four major 內迎來四大升級：架構方面，升級為「璇璣 upgrades during the Period: in terms of architecture, it 架構2.0」，搭載艙駕電三合一中央大腦；傳 was upgraded to the “XUANJI Architecture 2.0”, equipped 感器方面，行業首創衛星架構；算法方面， with a central brain integrating cockpit, driving, and 在全閉環端到端的基礎上，升級為物理AI大 electrification; in terms of sensors, it adopted the industry’s 模型；數據方面，依託行業最大的數據底 pioneering satellite architecture; in terms of algorithms, 座，充分釋放海量數據價值，驅動智駕模型 it was upgraded to the Physical AI foundation model on 快速迭代。截至六月底，本集團輔助駕駛車 the basis of full closed-loop end-to-end capability; and 型保有量超333萬輛，「天神之眼」輔助駕駛 in terms of data, by relying on the industry’s largest data 每天生成數據超2.1億公里。基於中國車企Management Discussion and Analysis 管理層討論與分析 In May, the Group launched and commenced mass 本集團於五月發布並量產中國首款4nm智駕production of China’s first 4nm intelligent driving chip 芯片「璇璣A3」，支持L3/L4級自動駕駛。 “XUANJI A3”, which supports Level 3/4 autonomous 三顆芯片協同總算力超2,100TOPS，制程driving. The combined computing power of three chips 與算力均處行業領先；單位算力功耗較同級operating in synergy exceeds 2,100 TOPS, with both the 低20%，結合自研算法使算力利用率提升process node and computing power leading the industry. 100%，顯著提升快速響應能力、複雜場景Power consumption per unit of computing power is 20% 處理能力與安全可靠性。 lower than comparable solutions. Combined with self- developed algorithms, this increases computing power utilization by 100%, significantly enhancing response speed, complex scenario processing capability, as well as safety and reliability. Furthermore, the Group launched the super intelligent 此外，本集團發佈超級智能體「迪迪蝦」，agent “DiDi Xia” to empower the DiLink AI intelligent 賦能DiLink AI智能座艙，以「聊得來、搞得cockpit, driving the continuous upgrading of human-vehicle 定、玩得轉」三大硬核能力推動人車交互持interaction with three core capabilities of “great 續升級。 conversational rapport, reliable task execution, and full-scenario compatibility”. Technology fortifies brand foundation, driving value 技術夯實品牌根基，創新驅動價值躍升，uplift via innovation, and advancing toward high-end 全球佈局邁向高端未來future with a global perspective In the new energy passenger vehicle sector, with leading 新能源乘用車領域，本集團以領先的核心技core technologies as the engine and guided by deep 術為引擎，以深刻的消費者需求洞察為導consumer insights, the Group has continuously promoted 向，持續推動產品力與品牌力協同提升。依the coordinated enhancement of product competitiveness 託「比亞迪」、「方程豹」、「騰勢」及「仰望」and brand strength. Leveraging its multi-brand portfolio 等構成的多品牌矩陣，全面覆蓋從家用到豪comprising “BYD”, “FANGCHENGBAO”, “Denza”, and 華、從大眾到個性化的全場景市場。 “Yangwang”, the Group comprehensively covers the entire market spectrum from family-oriented to luxury, and from mass-market to personalized segments. 19 二零二六年中期報告 Management Discussion and Analysis 管理層討論與分析 比亞迪股份有限公司 Management Discussion and Analysis 管理層討論與分析 二零二六年中期報告 Management Discussion and Analysis 管理層討論與分析 比亞迪股份有限公司 Management Discussion and Analysis 管理層討論與分析  |