Earnings release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the content of this announcement. ʮ̡ BYD COMPANY LIMITED (a joint stock company incorporated in the People ’s Republic of China with limited liability) Stock Code: 01211 (HKD counter) and 81211 (RMB counter) 2026 INTERIM RESULTS ANNOUNCEMENT The board of directors of BYD Company Limited (the “Company ”) is pleased to announce the unaudited results of the Company and its subsidiaries for the six months period ended 30 June 2026. This announcement, containing the full text of the 2026 Interim Report of the Company, is prepared with reference to the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to preliminary announcements of interim results. The audit committee of the Company has reviewed the unaudited results of the Company and its subsidiaries for the six months period ended 30 June 2026. The Company ’s 2026 Interim Report is available for viewing on the HKEXnews website of the Hong Kong Stock Exchange at https://www.hkexnews.hk and website of the Company at http://www.bydglobal.com, and in the event that the shareholders of the Company want to receive the printed version, they may follow the instructions as set out in the notification letter and complete the reply form published by the Company on the aforementioned websites on 29 July 2024. By Order of the Board BYD Company Limited Wang Chuan-fu Chairman Shenzhen, the PRC, 28 August 2026 As at the date of this announcement, the board of directors of the Company comprises Mr. Wang Chuan-fu being the executive Director, Mr. Lv Xiang-yang and Mr. Xia Zuo-quan being the non-executive Directors, and Mr. Cai Hong-ping, Mr. Zhang Min and Ms. Yu Ling being the independent non-executive Directors.
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BYD Company Limited ( “BYD” or the “Company ” together with its subsidiaries, the “Group”; stock code: H shares: 01211 (HKD counter); 81211 (RMB counter); A shares: 002594) is a global technology company with technological innovation as its core driving force, adhering to the development philosophy of “technology-based, innovation-oriented ”. The principal operations include new energy vehicles ( “NEVs”), electronics, as well as rechargeable batteries and photovoltaics. Meanwhile, with its technological advantage, the Group actively develops urban rail transportation business segment. Centered around automobile electrification and intelligence, energy storage and clean energy applications, smart terminals, AI computing infrastructure solutions and other directions, the Group is committed to key technological research and forward-looking studies. Relying on independent research and development (R&D), vertical integration and system integration capabilities of core components, the Group promotes the transformation of technological achievements into scalable products, continuously iterating in light of real scenarios and market feedback. NEW ENERGY VEHICLE BUSINESS As a pioneer and leader in the global new energy vehicle industry, the Group is devoted to technological R&D and product innovation on the basis of the electrification and intelligence of automobiles, forming a technological landscape covering power batteries, electric drives, electronic control, automotive grade semiconductors, vehicle platforms, intelligent chassis, assisted driving and intelligent cockpits. Automobile electrification: The Group adheres to developing battery electric vehicles and plug-in hybrid electric vehicles at the same time, and invests in technological R&D in key areas such as power batteries, pure electric/plug-in hybrid platforms, power semiconductors, chassis and energy replenishment, to promote the large-scale application of the technological achievements in multiple vehicle brands and models. Automobile intelligence: Through implementation of the Whole-Vehicle Intelligence strategy, the Group conducts technological R&D for key sectors such as chips, electronic and electrical architecture, algorithms, perception systems, intelligent cabins and vehicle control, so as to promote thorough collaboration between intelligent technology and vehicle systems such as power, chassis, body and cabin. The Group strives for technical breakthroughs on key issues such as assisted driving safety, vehicle perception and decision-making, human-machine interaction and vehicle collaborative control, to promote the development of related technologies and products. RECHARGEABLE BATTERIES AND PHOTOVOLTAICS BUSINESS The Group is one of the leading rechargeable battery manufacturers in the world. Its business covers areas such as consumer batteries, power batteries and energy storage batteries. Based on the electrochemical technology, the Group makes efforts in technological R&D on battery safety, charging efficiency, low-temperature performance, service life and system applications, promoting the productization and large-scale application of technological achievements. Consumer batteries: They are widely used in various consumer electronics products and new intelligent products. Power batteries: The Group advances the innovation in battery technology and the iteration of technological achievements and product applications represented by blade batteries and flash charging technology, thereby improving the safety, charging performance and environmental adaptability of power batteries. 比亞迪股份有限公司（「比亞迪」或「本公司」，連同其 附屬公司統稱「本集團」或「集團」；股份代號：H 股： 01211（ 港 幣 櫃 台 ）；81211（ 人 民 幣 櫃 台 ）；A 股： 002594），是一家以技術創新為核心驅動力的全球化科技 企業，堅持「技術為王、創新為本」的發展理念。主營業 務涵蓋新能源汽車、電子、二次充電電池及光伏，並利用 自身技術優勢拓展城市軌道交通業務。圍繞汽車電動化和 智能化、能源存儲與清潔能源應用、智能終端、AI 算力基 礎設施解決方案等方向，本集團持續開展關鍵技術攻關與 前瞻性研究，並依託核心器件自主研發、垂直整合及系統 集成能力，推動技術成果向規模化產品轉化，在真實場景 與市場反饋中持續迭代。 新能源汽車業務 本集團是全球新能源汽車產業的先行者和領導者，圍繞 汽車電動化和智能化持續開展技術研發和產品創新，形 成覆蓋動力電池、電驅動、電控、車規級半導體、整車 平台、智能底盤、輔助駕駛及智能座艙等領域的技術佈 局。 汽車電動化：本集團堅持純電動和插電式混合動力 「兩 條腿、齊步走」 ，圍繞動力電池、純電 ╱ 插混平台、功 率半導體、底盤及補能等關鍵領域持續開展技術研發， 推動相關技術成果在多品牌、多車型中規模化應用。 汽車智能化：本集團貫徹整車智能戰略，圍繞芯片、電 子電氣架構、算法、感知系統、智能座艙及車輛控制等 關鍵環節持續開展技術研發，推動智能化技術與動力、 底盤、車身和座艙等整車系統深度協同。面向輔助駕駛 安全、車輛感知與決策、人機交互和整車協同控制等關 鍵問題開展技術攻關，推進相關技術與產品開發。 二次充電電池及光伏業務 本集團是全球領先的二次充電電池製造商之一，業務覆 蓋消費類電池、動力電池和儲能電池等領域。 本集團以電化學技術為基礎，圍繞電池安全、充電效 率、低溫性能、使用壽命及系統應用等方向持續開展技 術研發，推動相關技術成果實現產品化和規模化應用。 消費類電池：廣泛應用於各類消費電子產品及新型智能 產品。 動力電池：本集團持續推進電池技術創新，推動以刀片 電池和閃充技術為代表的技術成果迭代及產品應用，不 斷提升動力電池的安全性、充電性能和環境適應能力。 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 成等領域的技術積累，本集團不斷提升儲能系統的安全 性、可靠性及應用適應能力，業務覆蓋電源側、電網 側、工商業、家庭儲能及其他多元應用場景，在全球市 場實現規模化應用。 光伏領域：業務覆蓋硅片、電池片、光伏組件及光伏系 統應用等產業鏈環節。 電子業務 本集團是全球領先的高科技創新產品提供商，業務覆蓋 智能終端、AI算力基礎設施等多元化應用領域。 本集團依託電子信息技術、人工智能技術、5G 和物聯網 技術、熱管理技術、新材料技術、精密模具技術及數字 化製造技術等能力，為全球客戶提供涵蓋產品研發、核 心零組件、系統集成、生產製造和供應鏈管理的一站式 產品解決方案。 智能終端：涵蓋智能手機、電腦、智能家居、遊戲硬 件、無人機、3D 打印機、物聯網及通信設備等領域。 本集團圍繞客戶需求和終端產品發展趨勢，持續開展新 材料、新工藝、結構設計、熱管理和系統集成等技術研 發，提升產品開發及規模化交付能力，並拓展產品品類 和應用場景。 AI 算力基礎設施：依託在熱管理、新材料、精密製造、 電源及系統集成等方面的技術積累，圍繞服務器、液 冷、電源及高速互聯等產品開展研發和業務佈局，推動 既有技術和工程能力向新的產品領域延伸。 城市軌道交通業務 憑藉在新能源業務領域建立的技術和成本優勢，本集團 在城市軌道交通領域成功研發出高效率、低成本的中運 量 「雲軌」 和低運量 「雲巴」 產品，配合新能源汽車實現對 城市公共交通的立體化覆蓋，在幫助城市解決交通擁堵 和空氣污染的同時，實現本集團的長遠及可持續發展。 Energy storage: With the technologies accumulated in the fields of batteries, battery management, power conversion and system integration, the Group continuously improves the safety, reliability and application adaptability of energy storage systems. Its business covers power supply, grid, industry and commerce, household energy storage and other diverse application scenarios, thus achieving large-scale application in the global market. Photovoltaics: It has an industrial chain layout covering silicon wafer, solar cells, photovoltaic modules and photovoltaic system application, etc. ELECTRONICS BUSINESS The Group is a global leading provider of high-tech and innovative products, with businesses covering diversified application areas such as smart terminals and AI computing infrastructure. Leveraging its capabilities in electronic information, AI, 5G and Internet of Things (IoT), thermal management, new materials, precision molds and digital manufacturing technologies, the Group provides customers around the world with one-stop product solutions covering product R&D, core components, system integration, manufacturing, and supply chain management. Smart terminal: It covers fields such as smartphones, computers, smart home, gaming hardware, drones, 3D printers, IoT and communication equipment. Centered on customer needs and terminal product development trends, the Group continuously conducts R&D on new materials, new processes, structural design, thermal management and system integration to enhance product development and mass delivery capabilities, while expanding product categories and application scenarios. AI computing infrastructure: Relying on technological accumulations in thermal management, new materials, precision manufacturing, power supplies and system integration, the Group carries out R&D and business layout around products such as servers, liquid cooling, power supplies and high-speed connectivity, driving the extension of existing technologies and engineering capabilities into new product areas. URBAN RAIL TRANSPORTATION BUSINESS With its technology and cost advantages in the area of new energy, the Group has successfully developed medium-capacity “SkyRail” and low- capacity “SkyShuttle” with high efficiency and low cost in the area of urban rail transportation, which, together with NEVs, achieves the three- dimensional coverage of urban public transportation, and drives the long- term and sustainable development of the Group while addressing urban traffic congestion and reducing air pollution.
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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
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 3 CORPORATE INFORMATION ࣘ EXECUTIVE DIRECTOR Wang Chuan-fu NON-EXECUTIVE DIRECTORS Lv Xiang-yang Xia Zuo-quan INDEPENDENT NON-EXECUTIVE DIRECTORS Cai Hong-ping Zhang Min Yu Ling COMPANY SECRETARY Li Qian AUDIT COMMITTEE Xia Zuo-quan Cai Hong-ping Zhang Min (Chairman) Yu Ling REMUNERATION COMMITTEE Wang Chuan-fu Xia Zuo-quan Cai Hong-ping (Chairman) Zhang Min Yu Ling NOMINATION COMMITTEE Wang Chuan-fu Lv Xiang-yang Cai Hong-ping Zhang Min Yu Ling (Chairman) STRATEGY AND SUSTAINABLE DEVELOPMENT COMMITTEE Wang Chuan-fu (Chairman) Lv Xiang-yang Xia Zuo-quan Cai Hong-ping Zhang Min 執行董事 王傳福 非執行董事 呂向陽 夏佐全 獨立非執行董事 蔡洪平 張敏 喻玲 公司秘書 李黔 審核委員會 夏佐全 蔡洪平 張敏 （主席） 喻玲 薪酬委員會 王傳福 夏佐全 蔡洪平 （主席） 張敏 喻玲 提名委員會 王傳福 呂向陽 蔡洪平 張敏 喻玲 （主席） 戰略及可持續發展委員會 王傳褔 （主席） 呂向陽 夏佐全 蔡洪平 張敏
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4 BYD Company Limited ʮ̡ CORPORATE INFORMATION ࣘ AUTHORISED REPRESENTATIVES Wang Chuan-fu Li Qian LEGAL ADDRESS No. 1 Yan ’an Road Kuichong Sub-district Dapeng New District Shenzhen Guangdong Province The PRC AUDITORS Ernst & Young Hua Ming LLP PLACE OF BUSINESS IN HONG KONG Unit 505-510, 5/F, Core Building 1E 1 Science Park E Avenue Science Park, Pak Shek Kok Tai Po Hong Kong HONG KONG SHARE REGISTRAR AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited Shops 1712-1716 17th Floor Hopewell Centre 183 Queen ’s Road East Wanchai Hong Kong INVESTOR AND MEDIA RELATIONS CONSULTANT iPR Ltd Tel: (852) 2136 6185 Email: byd@ipr.com.hk WEBSITE www.bydglobal.com STOCK CODE H Shares: 01211 (HKD counter); 81211 (RMB counter) (trading on The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange ”)) A Shares: 002594 (trading on the Shenzhen Stock Exchange (“SZSE”)) 授權代表 王傳福 李黔 法定地址 中國 廣東省 深圳市 大鵬新區 葵涌街道 延安路一號 核數師 安永華明會計師事務所 （特殊普通合夥） 香港營業地點 香港 新界 大埔白石角科學園東路 1號 核心大廈 1E號 5樓505-510 室 香港股份過戶登記處 香港中央證券登記有限公司 香港 灣仔 皇后大道東 183 號 合和中心 17 樓 1712-1716 號舖 投資者及傳媒關係顧問 iPR Ltd 電話：(852) 2136 6185 電郵：byd@ipr.com.hk 公司網址 www.bydglobal.com 股票代碼 H股：01211（港幣櫃檯） ；81211（人民幣櫃檯） （於香港聯合交易所有限公司 （ 「香港聯交所」 ） 交易） A股：002594（於深圳證券交易所 （ 「深交所」 ） 交易）
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5 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Financial Highlights ࠅ INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 (THE “PERIOD”) Revenue 營業額 -7.13% to RMB344,815 million 至人民幣 344,815 百萬元 Gross profit 毛利 -2.81% to RMB64,989 million 至人民幣 64,989 百萬元 Profit attributable to owners of the parent 母公司擁有人應佔溢利 -20.54% to RMB12,325 million 至人民幣 12,325 百萬元 Earnings per share 每股盈利 -21.05% to RMB1.35 至人民幣 1.35 元 HIGHLIGHTS 1. The Group secured the dual global championship titles for NEV sales and energy storage system shipments and firmly ranked first in China ’s NEV exports, with its brand awareness and reputation showing steady improvement; 2. The globalization and high-end strategies were advanced in depth, sales achieved leapfrog growth, and the overseas localization process was accelerated, becoming a new engine for the Group ’s sustained high-speed and high- quality growth; 3. The Group continued to deepen the ecosystem layout for the “2nd Generation Blade Battery ” and the “FLASH Charging ” technology, addressing the industry ’s pain points of low charging efficiency and difficulties in low- temperature charging, thereby strengthening product competitiveness and driving a new round of growth; 4. In terms of the electronics business, the Group continued to deepen cooperation with major domestic and overseas customers, actively seized AI development opportunities, and accelerated its presence in new sectors such as AI computing infrastructure; 5. With the continuous optimization of its product mix, the Group effectively offset the impact of upstream raw material price fluctuations, resulting in continuous improvement in profitability. 截至二零二六年六月三十日止六個月 （ 「期 內」 ） 中期業績 摘要 1. 本集團斬獲全球新能源汽車銷量、儲能系統 出貨雙冠，並穩居中國新能源汽車出口第 一，品牌知名度與美譽度穩步提升； 2. 全球化與高端化戰略縱深推進，銷量實現跨 越式增長，海外本地化進程加速推進，成為 本集團持續高速高質增長的新引擎； 3. 持續深化 「第二代刀片電池」 及 「閃充」 生態 佈局，解決行業充電效率低和低溫充電難的 痛點，強化產品競爭力，推動新一輪的增 長； 4. 電子業務持續深化與海內外大客戶的合作， 積極把握 AI 發展機遇，加快佈局 AI 算力基礎 設施等新賽道； 5. 憑藉產品結構的持續優化，有效對沖上游原 材料價格波動帶來的影響，盈利能力持續改 善。
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6 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 註1： 億元=RMB1/10 billion，萬輛=1/100 million units 註2： 現金儲備包括但不限於：貨幣資金、交易性金 融資產 PERFORMANCE OVERVIEW 業績概覽 Note 1: RMB1/10 billion= 億元, 1/100 million units= 萬輛 Note 2: Cash reserves include, but not limited to, monetary funds and financial assets held for trading SALES VOLUME OF NEVS Ҟజቖඎ 181 萬輛註1 373 億元 NET PROFIT ATTRIBUTABLE TO THE PARENT COMPANY ᓥ͎ଋлᆗ 123.3 億元 R&D INVESTMENT ೯ҳɝ 289 億元 TOTAL DOMESTIC TAX PAID ʫॶᐼᕘ 223 億元 CASH RESERVESNote 2 Ꮇ௪ൗ2 1,674 億元 OVERSEAS REVENUE ྤ̮ᐄุᕘ 1,813 億元 REVENUE ᐄุᕘ 3,448 億元註1 NET CASH FLOW FROM OPERATING ACTIVITIES ଋᕘ
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 7 Management Discussion and Analysis ؓ 1. 行業分析及回顧 1.1 汽車及電池業務 二零二六年上半年，國際環境複雜嚴峻，地 緣政治風險顯著上升。中東地緣衝突階段性 升級，衝擊全球能源供應，疊加供應鏈調整 及貿易保護主義加劇，全球去通脹停滯，多 數經濟體的投資與消費信心承壓。面對外部 挑戰，中國經濟頂壓前行，在 「十五五」 規劃 開局之年展現韌性，動能向新、結構向優， 「穩」 的根基持續夯實。宏觀政策的精準發 力，疊加出口結構優化與新興產業集群的強 勁驅動，產業結構加速向高端化、智能化、 綠色化轉型，新質生產力培育成果凸顯，成 為經濟增長重要支撐。據國家統計局數據， 上半年國內生產總值同比增長 4.7%。 1. INDUSTRY ANALYSIS AND REVIEW 1.1 Automobiles and Batteries Business In the first half of 2026, the international environment was complex and challenging, with geopolitical risks intensified increasingly. The phased escalation of geopolitical conflicts in the Middle East disrupted global energy supply. Coupled with supply chain adjustments and rising trade protectionism, global disinflation stalled, and investment and consumer confidence in most economies were under pressure. Facing external challenges, China ’s economy forged ahead against headwinds, demonstrating resilience in the opening year of the Outline of the 15th Five-Year Plan for National Economic and Social Development of the People ’s Republic of China (the 15th Five-Year Plan). Its growth drivers pivoted toward innovation and its structure advanced toward higher quality, thereby continuously consolidating the foundation of “stability ”. The targeted implementation of macroeconomic policies, combined with the optimization of export structures and the strong driving force of emerging industrial clusters, accelerated the transition of the industrial structure toward high-end, intelligent and green development. Progress in fostering new quality productive forces has become increasingly evident, serving as a key driver of economic growth. According to data from the National Bureau of Statistics, China’s gross domestic product recorded a year-on-year growth of 4.7% in the first half of the year.
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8 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 二零二六年上半年，中國汽車產業進入 「內 冷外熱，舊退新進」 的深層調整和分化。內 需承壓疊加 「兩新」 政策切換調整、新能源購 置稅退坡等多重影響，居民汽車消費意願偏 謹慎。根據中國汽車工業協會數據，二零二 六年上半年中國汽車產銷分別下降 4.0% 和 4.1%，至 1,499.3 萬輛及 1,501.7 萬輛。汽 車行業競爭仍激烈，電動化和智能化技術加 速迭代，新品牌及新車型湧入市場，爭奪市 場份額。車企競爭不止局限技術、品牌、產 品層面，還同步在工程化能力與交付效率上 展開多維博弈。與此同時，大宗商品、原材 料、芯片等價格持續上漲進一步擠壓車企利 潤空間，行業盈利能力面臨考驗。競爭孕育 機遇，憑藉完整的產業鏈佈局及多元產品矩 陣，新能源汽車在充滿挑戰的大環境下展現 出強勁發展韌性。憑藉技術迭代與產品力提 升，新能源汽車引領市場回暖，疊加中東地 緣衝突推升燃油價格中樞，新能源和燃油車 的分化持續顯現。根據中國汽車工業協會數 據，二零二六年上半年新能源汽車產銷分別 達743.8 萬輛和 744.6 萬輛，同比分別增長 6.7% 和7.3%，新能源汽車國內滲透率單月 已突破 60% ，新舊動能轉化加速，行業格局 經歷深刻變化。 In the first half of 2026, China ’s automotive industry entered a stage of profound adjustment and divergence characterized by “sluggish domestic demand and robust export growth, alongside the phasing-out of legacy capacities and the rise of emerging segments ”. Affected by multiple factors including subdued domestic demand, the transition and adjustment of the large-scale equipment upgrades and consumer goods trade-in initiatives and the phase-out of purchase tax exemptions for new energy vehicles, consumers remained cautious about automobile purchases. According to the China Association of Automobile Manufacturers (CAAM), China ’s total automobile production and sales in the first half of 2026 reached 14.993 million and 15.017 million units, representing year-on-year declines of 4.0% and 4.1%, respectively. The automotive industry continued to face fierce competition, characterized by accelerated iteration of electrification and intelligent technologies, and new brands and models pouring into the market to compete for market share. Competition among automakers has expanded beyond technology, brand and product offerings to encompass various aspects, including engineering capabilities and delivery efficiency. Meanwhile, sustained price increases in bulk commodities, raw materials and chips further squeezed the profit margins of automakers, 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.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 9 Management Discussion and Analysis ؓ As China transitions from a major automobile nation to a world-leading automotive powerhouse, Chinese automakers are shifting from technology followers to innovation leaders, thereby securing a pivotal position in the reshaping of the global automotive industry competitive landscape. According to CAAM data, China ’s automobile export sales hit 5.096 million units in the first half of 2026, representing a year-on-year increase of 65.3% and with the half-year sales surpassing the 5 million unit milestone for the first time. Notably, NEV exports reached 2.355 million units, surging by 120% year-on-year. In June, NEV exports hit 0.523 million units, surpassing ICE vehicle exports for the first time, marking the advent of an “electric-led ” era in the global expansion of Chinese automobiles. The leapfrog growth of Chinese automotive exports was fundamentally driven by the in-depth cultivation of independent brands on the electrification and intelligentization, the robust 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 general large models and the increasing maturity of agent technology have accelerated the large-scale application of Artificial Intelligence (AI). As a critical carrier connecting model capabilities with industrial scenarios, agents are deeply integrated with the automotive industry, driving the evolution of automobiles from “functional carriers ” to “super-intelligent agents ”. China ’s NEV industry has also fully transitioned from leading the large-scale development in the “first chapter of electrification ” to pioneering the “second chapter of intelligence ”. Data from the Ministry of Industry and Information Technology (MIIT) shows that since the beginning of this year, the penetration rate of passenger vehicles equipped with Level 2 combined driving assistance functions in China has reached 70.5%, and the penetration rate of passenger vehicles with Navigate on Autopilot (NOA) functions has reached 34.2%. The first batch of Level 3 conditional autonomous driving models has begun operating on roads in designated regions, indicating that intelligent connected vehicles have moved from the “technology verification phase ” to the “large-scale application phase ”. 從汽車大國邁向汽車強國的進程中，中國車 企正從技術追趕者轉向創新引領者，在全球 汽車產業競爭格局的重塑中佔據關鍵一席。 根據中國汽車工業協會數據，二零二六年上 半年，中國汽車出口銷量達 509.6 萬輛，同 比增長 65.3% ，首次半年度突破 500 萬輛大 關，新能源汽車出口達 235.5 萬輛，同比大 幅增長120%， 6月單月更以 52.3 萬輛首次超 越燃油車出口，中國汽車出海正式邁入 「電 動主導」 的新時代。中國汽車出海躍遷的核 心驅動力，正是源自自主品牌在電動化與智 能化賽道上的深耕、完整的產業鏈縱深積累 和持續的產品迭代。二零二六年上半年， 中國品牌國內乘用車市佔率達 71.8%， 6 月 單月突破 75%，實現跨越式躍升。出口 「電 動主導」 與國內 「自主登頂」 的雙線共振，為 「汽車強國」 戰略提供了堅實的註腳。 二零二六年以來，通用大模型能力持續突 破、智能體技術日趨成熟，推動人工智能 （Artificial Intelligence ，簡稱 「AI」 ） 加速規 模化應用。智能體作為連接模型能力與產業 場景的重要載體，正與汽車產業深度融合， 推動汽車從 「功能載體」 向 「超級智能體」 演 進。中國新能源汽車行業亦從 「電動化上半 場」 的規模化領跑，全面跨入 「智能化下半 場」 引領階段。工信部數據顯示，今年以來 中國L2 級組合駕駛輔助功能乘用車滲透率達 到70.5%，領航駕駛輔助 (NOA) 功能乘用車 滲透率達到 34.2%，首批 L3 級有條件自動駕 駛車型開始在特定區域上路通行，智能網聯 汽車從 「技術驗證期」 邁入 「規模化應用期」 。
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10 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ As China navigates the critical period of industrial transformation and upgrading, the Outline of the 15th Five-Year Plan for National Economic and Social Development of the People ’s Republic of China (the 15th Five-Year Plan) has been officially adopted. The 15th Five- Year Plan designates intelligent connected NEVs as a key direction for cultivating strategic emerging industries, promotes the in-depth integration of AI and the automotive industry, and focuses on boosting automobile consumption and improving energy replenishment infrastructure. It encourages technological innovation and business form expansion, facilitates the industry ’s transition from old to new growth drivers, and drives China to steadily transform from a major automotive nation to an automotive powerhouse. In alignment with the broader development landscape of the 15th Five-Year Plan, the state has rolled out a number of targeted measures for the NEV industry. While stimulating demand and increasing penetration rates, these measures also promote product quality and technology upgrades as well as business form expansion in the existing market, and accelerate the integration and synergy between AI and the automotive industry amid rapid AI advancements. In January, the Notice on the Implementation of the Large-Scale Equipment Replacement and Consumer Goods Trade-in in 2026 (《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 策的通知》), jointly issued by the National Development and Reform Commission (NDRC) and the Ministry of Finance, came into effect. By optimizing the scope of support and subsidy standards, the policy continuously enhances its effectiveness, promotes high-quality 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 NEVs to the Countryside Campaign, implementing policies such as vehicle purchase tax and vehicle and vessel tax 立足產業轉型升級關鍵期， 《中華人民共和 國國民經濟和社會發展第十五個五年規劃綱 要》 （簡稱 「十五五」 規劃） 正式通過， 「十五 五」 規劃將智能網聯新能源汽車納入戰略性 新興產業重點培育方向，推動人工智能與汽 車產業深度融合，圍繞提振汽車消費、完善 補能基礎設施，鼓勵技術創新與業態擴容， 助力產業加快新舊動能轉換，推動我國由汽 車大國穩步邁向汽車強國。順應 「十五五」 發展大局，國家圍繞新能源汽車產業推出多 項針對性舉措，在刺激需求、提升滲透率的 同時，面向存量市場推動產品品質與技術升 級、業態拓展，並在 AI 技術快速發展的背景 下，加快其與汽車產業的融合協同。一月， 國家發展改革委、財政部印發 《關於 2026 年 實施大規模設備更新和消費品以舊換新政策 的通知》 正式實施，政策透過優化支持範圍 及補貼標準，持續提升政策效能，促進經濟 高質量發展，實現經濟結構優化和綠色低碳 轉型。同月，商務部等九部門發佈 《關於實 施綠色消費推進行動的通知》 ，政策響應 「十 五五」 發展大局，目標擴大綠色消費，促進 汽車綠色消費，支持消費者購買新能源汽 車，並做強汽車產業鏈，挖掘二手車、汽車 租賃、汽車改裝、汽車共享等 「後市場」 潛 力。六月，工信部等五部門印發通知，部署 開展二零二六年新能源汽車下鄉活動，落實 車購稅、車船稅減免、縣域充換電設施補短 板等政策，積極擴大新能源汽車鄉村地區消 費。同月，商務部等八部門發佈 《關於加快 「人工智能 + 消費」 發展的實施意見》 ，推動
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 11 Management Discussion and Analysis ؓ exemptions, and addressing shortcomings in county-level battery swapping and charging facilities to actively expand the consumption of NEVs in rural areas. In the same month, the MOC and seven other departments released the 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 of energy transition, energy security and AI computing infrastructure development, the global energy storage industry maintains a high prosperity level. Specifically, China ’s new-type energy storage industry has entered a new stage of large-scale development, laying a solid foundation for unlocking the diverse values of new- type energy storage and achieving high-quality industry development. In January, the NDRC and the National Energy Administration (NEA) issued the Notice on Improving Generation-side Capacity Pricing Mechanism (《關於完善發電側容量電價機制的通知》 ), which proposes to establish a capacity pricing mechanism for grid- side independent new-type energy storage. In June, the NDRC and NEA released the 15th Five-Year Plan for New Energy System Construction ( 《新型能源體系建設 「十 五五」 規劃》), which sets out to vigorously develop new- type energy storage, intensify the development of long- duration storage, encourage diverse technology routes, and reach an installed capacity of 300 million kW by 2030. Amid the continuous improvement of the policy system, the growth logic of China ’s energy storage market is shifting from mandatory energy storage allocation for new energy projects to synergistic forces of market mechanisms, new power system construction, and diverse emerging application scenarios. As for the photovoltaic sector, in the first half of 2026, the industry was undergoing profound adjustment, accumulating momentum amid the phase-out of outdated production capacity and the rebalancing of supply and demand. Despite short-term pressures, the long-term positive fundamentals of the photovoltaic industry remain solid, underpinned by the global transition to green energy. 人工智能與消費深度融合，培育消費新增長 點，其中包括加力支持智能網聯汽車發展， 帶動智能化車載終端消費，打造 「人、車、 家」 全場景聯動的智能產品生態。 儲能方面，受益於能源轉型、能源安全及 AI 算力建設三大核心驅動，全球儲能行業維持 高景氣運行。其中，中國新型儲能產業已步 入規模化發展新階段，為新型儲能多元價值 發揮和產業高質量發展奠定堅實基礎。一 月，國家發展改革委、國家能源局印發 《關 於完善發電側容量電價機制的通知》 ，政策 提出建立電網側獨立新型儲能容量電價機 制；六月，國家發展改革委、國家能源局印 發 《新型能源體系建設 「十五五」 規劃》 ，規 劃提出大力發展新型儲能，加力發展長時儲 能，鼓勵多種儲能技術路線發展，二零三零 年新型儲能裝機達到 3 億千瓦。在政策體系 持續健全的背景下，中國儲能市場的驅動邏 輯正從新能源強制配儲為主，轉向市場化機 制、新型電力系統建設與多元新興應用場景 協同驅動。光伏方面，二零二六年上半年， 光伏產業正經歷深度調整，在落後產能出清 和供需再平衡進程中蓄勢前行。儘管短期承 壓，但在全球綠色能源轉型的驅動下，光伏 行業長期向好的基本面依然穩固。
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12 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 1.2 Electronics Business In the smart terminal sector, the deep integration of emerging technologies such as AI and IoT is accelerating the reshaping of the industry landscape. The deployment of generative AI on the device is driving smart terminals to evolve from single devices toward multi-device collaboration and cross-scenario integration, injecting new growth momentum into the industry chain. However, as affected by multiple factors including the occupation of memory production capacity by AI data center demand, rising prices of core components, and high interest rates suppressing consumer demand, terminal market momentum has slowed. During the Period, the global 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 accelerated development of generative AI, Agentic AI, and large model inference applications, AI workloads continue to increase, driving hyperscale data centers and cloud service providers to accelerate the construction of computing infrastructure. Meanwhile, the computing density, rack power, and data throughput of AI servers are steadily rising, shifting the focus of data center construction from computing power alone toward a coordinated evolution of computing, thermal management, power supply, and high-speed connectivity. NVIDIA ’s Vera Rubin, the latest computing platform, adopts a 100% 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. 1.2 電子業務 智能終端業務方面，AI 、物聯網等新興技術 的深度融合正加速重構產業格局，生成式 AI 端側部署推動智能終端從單一設備向多設備 協同、跨場景融合的生態化方向演進，為產 業鏈注入新的增長動能。然而，受 AI 數據中 心需求擠佔存儲器產能、核心零部件價格上 漲及高利率抑制消費需求等多因素影響，終 端市場動能放緩。期內，全球智能手機產業 面臨上游物料成本上升壓力，手機品牌新機 發佈節奏有所放緩。根據 IDC 的統計，二零 二六年上半年全球智能手機出貨量按年下跌 4.8% 至5.71 億部。 AI 算力基礎設施業務方面，隨着生成式 AI 、 代理式 AI(Agentic AI) 及大模型推理應用加 速發展，AI 工作負載持續提升，推動超大規 模數據中心及雲服務商加快算力基礎設施建 設。與此同時，AI 服務器計算密度、機櫃功 率、數據吞吐持續提升，數據中心建設重點 由單一算力進一步向計算、散熱、供電及高 速互聯協同演進。英偉達新一代 Vera Rubin 計算平台採用 100% 液冷架構，其更高的計 算密度及機櫃功率對高效熱管理及電源提出 更高要求，推動液冷、高壓電源在 AI 數據中 心中的應用及滲透。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 13 Management Discussion and Analysis ؓ 2. 業務回顧 比亞迪股份有限公司 （ 「比亞迪」 或 「本公司」 及其附屬公司統稱 「本集團」 ） 主要經營包括 新能源汽車業務、電子業務、二次充電電池 及光伏業務，並積極利用自身技術優勢拓 展城市軌道交通及其他業務。二零二六年 上半年，本集團實現收入約人民幣 344,815 百萬元，同比下降 7.13%，其中汽車、汽車 相關產品及其他產品業務的收入約人民幣 275,341 百萬元，同比下降 8.98%；電子及 其他產品業務的收入約人民幣 69,405 百萬 元，同比增長 0.96%；佔本集團總收入的比 例分別為 79.85% 和20.13%；歸屬於上市公 司股東的淨利潤約人民幣 12,325 百萬元，同 比下降20.54%。 作為一家以技術為驅動的科技公司，本集 團懷揣太陽能、儲能、電動車 「三大綠色夢 想」 ，堅守 「技術為王、創新為本」 的核心發 展理念，秉持 「敢想、敢干、敢堅持」 的工程 師精神。本集團長期深耕新能源汽車、儲能 及半導體等多個關鍵領域，並積極佈局前沿 科技，於二零二六年上半年斬獲全球新能源 汽車銷量、儲能系統出貨雙冠。面對全球清 潔能源轉型與智能化浪潮，本集團持續加碼 科技創新，始終堅持高研發投入，二零二六 年上半年研發投入約人民幣 289 億元，累計 研發投入超人民幣 2,700 億元。 2. BUSINESS REVIEW BYD Company Limited ( “BYD” or the “Company ”, together with its subsidiaries, the “Group ”) is principally engaged in NEVs, electronics business, as well as rechargeable batteries and photovoltaics. Leveraging its technological strengths, the Group also actively expands into urban rail transportation and other sectors. In the first half of 2026, the Group recorded a revenue of approximately RMB344,815 million, representing a year-on-year decrease of 7.13%, among which, the revenue from automobiles and related products and other products amounted to approximately RMB275,341 million, representing a year-on-year decrease of 8.98%; revenue from electronics and other products reached approximately RMB69,405 million, representing a year-on-year growth of 0.96%. 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 the “Three Green Visions ” of solar energy, energy storage, and electric vehicles, adheres to the core development philosophy of “technology-based, innovation-oriented ”, and embodies the engineer spirit of “Dare to Think, Dare to Act, Dare to Persevere ”. The Group has long been deeply engaged in key sectors such as NEVs, energy storage, and semiconductors, and has actively deployed cutting-edge technologies, securing the dual global championship titles for NEV sales and energy storage system shipments in the first half of 2026. Facing the global clean energy transition and the wave of intelligence, the Group continues to ramp 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.
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14 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 2.1 Automobiles and Batteries Business As a pioneer and leader in the global NEV industry, the Group adheres to long-termism. Leveraging its precise strategic positioning, leading technological prowess, forward-looking market insights, comprehensive industrial ecosystem, and continuously enhanced product and brand competitiveness, the Group once again topped global NEV sales in the first half of 2026, demonstrating its outstanding market dominance. In the first half of 2026, the Group made significant breakthroughs in its globalization and high-end strategies, with remarkable results in the optimization of its automotive business structure. In terms of overseas markets, according to CAAM data, the Group ’s exports reached 792,000 units during the Period, representing a year-on- year increase of 67.8%, and the proportion of exports in total sales recorded a surge, continuously leading China ’s NEV exports and driving Chinese intelligent manufacturing onto the global stage. In terms of domestic markets, despite intensifying competition and temporary challenges to domestic demand in the first quarter, the Group ’s brands such as “FANGCHENGBAO ”, “Denza ” and “Yangwang ”, relying on continuous iteration of new technology and products, achieved a year-on-year growth in total sales volume of 61.0% during the Period, with 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 rollout of its 16 millionth NEV, becoming the world ’s first automaker to achieve this feat, writing a new chapter in the global NEV history. 2.1 汽車及電池業務 本集團作為全球新能源汽車行業先行者和領 導者，堅守長期主義，憑藉精準的戰略佈 局、領先的技術實力、前瞻的市場洞察、完 善的產業體系、持續升級的產品力及品牌 力，蟬聯二零二六年上半年全球新能源汽車 市場銷量冠軍，彰顯卓越的市場主導力。 二零二六年上半年，本集團全球化與高端化 戰略實現跨越式突破，汽車業務結構優化成 效顯著。海外市場方面，根據中國汽車工業 協會數據，期內本集團出口達 79.2 萬輛， 同比增加 67.8%，出口佔總銷量比重實現大 幅躍升，並持續領跑中國新能源汽車出口， 引領中國智造走向全球。國內市場方面，儘 管競爭持續加大，一季度國內需求階段性承 壓，但本集團旗下 「方程豹」 、 「騰勢」 與 「仰 望」 品牌憑藉新技術和新產品的持續迭代， 期內合計銷量同比增長 61.0%，佔本集團乘 用車總銷量比重提升至 12.8%，高端化戰略 持續深化。期內，本集團圍繞 「電動化」 與 「智能化」 兩大核心技術方向，加速優化產 品矩陣佈局，以卓越產品力驅動訂單持續增 長，助力銷量實現逐月回升態勢。 四月，本集團第 1,600 萬輛新能源汽車正式 下線，成為全球首家達成這一里程碑的車 企，書寫了全球新能源發展史上的新篇章。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 15 Management Discussion and Analysis ؓ Driven by electrification and intelligence, the Group is transforming automobiles from mere modes of transportation into mobile smart terminals In the field of electrification The Group adheres to vertical integration and has long cultivated deep expertise in multiple core electrification fields including power batteries, energy storage, and power semiconductors. In March, the Group held the “FLASH Charging China, Changing the World ” press conference, officially launching the “2nd Generation Blade Battery ” and the “FLASH Charging ” technology, and announcing 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 world ’s fastest mass-produced charging speed by “Ready in 5, Full in 9, -30 °C Add 3 ”. It has successfully overcome the two long-standing industry pain points of “slow charging ” and “difficult low-temperature charging ”, delivering refueling-equivalent charging efficiency and eliminating the last persistent pain points of electrification. In terms of power batteries, the “2nd Generation Blade Battery ” has set a new global benchmark for power batteries by successfully overcoming the industry-wide challenge of reconciling flash charging with high energy density. Its energy density has increased by over 5% compared to its predecessor, supporting an ultra-long range of over 1,000 kilometers while enabling flash charging with safety performance far surpassing the latest national standards. At the same time, the warranty policy has also been comprehensively upgraded, providing users with full-lifecycle peace of mind. 電動化、智能化作為突破口，推動汽車從 單一的交通工具向移動智能終端轉型 電動化領域 本集團堅持垂直整合，長期深耕動力電池、 儲能、功率半導體等多個電動化核心領域。 三月，本集團舉辦 「閃充中國 改變世界」 發 佈會，正式推出 「第二代刀片電池」 及全新 「閃充」 技術，並發佈 「閃充中國」 戰略，以 「閃充生態」 為新能源汽車產業電動化上半場 交出里程碑式答卷。 「閃充」 技術以 「5分鐘充好、9 分鐘充飽；零 下30 度，只多 3分鐘」 創下全球量產最快充電 速度新紀錄，成功攻克行業長期面臨的 「充 電慢」 及 「低溫充電難」 兩大痛點，率先實現 「油電同速」 的高效補能體驗，解決電動化最 後 「頑疾」 。 在動力電池方面， 「第二代刀片電池」 重新定 義全球動力電池的新標桿，成功突破閃充與 高能量密度難以兼顧的行業瓶頸。其能量密 度較一代提升逾 5%，在實現極速閃充的同時 支持超 1,000 公里超長續航，並以遠超新國 標的安全性能築牢底線。與此同時，質保政 策亦全面加碼，為用戶構築全生命週期的安 心保障。
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16 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ In terms of charging infrastructure, the Group has simultaneously launched the new self-developed FLASH Charging pile – the world ’s highest-power mass-produced 1,500kW single-gun FLASH Charging pile. It also adopts the world ’s first “sliding rail suspended T-shaped charging pile” and “zero-gravity charging gun ” designs, making the charging cable lighter, neater, and easier to maneuver. To overcome the grid capacity constraints, the Group has deeply integrated the charging pile with the super fast-discharging energy storage system, which enables high-power charging without increasing the grid load, forming an efficient and sustainable charging solution. The Group has also launched its “FLASH Charging China ” strategy, aiming to establish 20,000 FLASH Charging stations by the end of the year. As of the end of June, 7,018 stations were already operational. During the Period, the “FLASH Charging ” technology made its European debut at the Palais Garnier, marking the official global expansion of the “FLASH Charging Ecosystem ”. Going forward, the Group plans to further scale up the deployment of FLASH Charging stations overseas, moving from “FLASH Charging China” to “FLASH Charging Planet ” to drive the leapfrog development of global electrification through the “FLASH Charging Ecosystem ”. 在充電設施方面，本集團同步推出全新 自主研發的閃充樁，單槍充電功率達到 1,500kW，為全球量產單槍功率最高的充電 樁，並採用全球首創的 「滑軌懸吊式 T型樁」 與 「零重力充電槍」 設計，使充電線纜更輕 巧、乾淨且移動靈活。為突破電網容量限 制，本集團將充電樁與超級快放的儲能系統 深度融合，在不增加電網負擔的前提下實現 大功率充電，構成高效可持續的充電解決方 案。 本集團亦啟動 「閃充中國」 戰略，計劃於年 底建成 20,000 座閃充站，截至六月底已建成 7,018 座。期內， 「閃充」 技術於巴黎歌劇院 完成歐洲首秀，標誌着 「閃充生態」 正式邁向 全球。未來，本集團計劃進一步在海外規模 化落地閃充站，從 「閃充中國」 邁向 「閃充星 球」 ，以 「閃充生態」 助力全球電動化跨越式 發展。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 17 Management Discussion and Analysis ؓ In the field of intelligence AI technologies continue to make breakthroughs, with their capabilities to interact with the physical world deepening steadily, accelerating systematic upgrades in areas such as R&D innovation and production efficiency enhancement. Leveraging its diversified application scenarios and large- scale real-world data, the Group is accelerating the 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 intelligence, as the industry ’s first whole-vehicle intelligent assisted driving system, “God’s Eye ” underwent four major upgrades during the Period: in terms of architecture, it was upgraded to the “XUANJI Architecture 2.0 ”, equipped with a central brain integrating cockpit, driving, and electrification; in terms of sensors, it adopted the industry ’s pioneering satellite architecture; in terms of algorithms, it was upgraded to the Physical AI foundation model on the basis of full closed-loop end-to-end capability; and in terms of data, by relying on the industry ’s largest data foundation, it fully unlocked the value of massive data to drive the rapid iteration of the intelligent driving models. As of the end of June, the Group has a fleet of over 3.33 million intelligent driving assistance vehicles on the road, and collects data generated by the “God’s Eye ” intelligent driving assistance system, with over 210 million kilometers logged daily. Leveraging the leading scale, data and R&D advantages of Chinese automakers, the Group has taken the lead in committing to providing safety guarantee for urban navigation-assisted driving, becoming the world ’s first enterprise to offer “dual safety guarantee ” for both urban navigation and intelligent parking ( 迪迪都兜 ), enabling assisted driving to truly integrate into users ’ daily travel and life. 智能化領域 AI 技術持續突破，其與物理世界的交互能力 亦不斷深化，正加速賦能研發創新、生產提 效等方面的系統性升級。本集團依託多元化 應用場景及規模化真實數據，在 AI 技術驅動 下加速釋放場景價值。其中，汽車智能化被 視為具身智能的重要載體。 在汽車智能化下半場的角逐中， 「天神之眼」 作為行業首個整車智能輔助駕駛系統，於期 內迎來四大升級：架構方面，升級為 「璇璣 架構2.0 」 ，搭載艙駕電三合一中央大腦；傳 感器方面，行業首創衛星架構；算法方面， 在全閉環端到端的基礎上，升級為物理 AI 大 模型；數據方面，依託行業最大的數據底 座，充分釋放海量數據價值，驅動智駕模型 快速迭代。截至六月底，本集團輔助駕駛車 型保有量超 333 萬輛， 「天神之眼」 輔助駕駛 每天生成數據超 2.1 億公里。基於中國車企 領先的規模、數據與研發優勢，本集團率先 承諾為城市領航安全兜底，成為全球首個實 現城市領航與智能泊車安全 「雙兜底」 的企 業， 「迪迪都兜」 讓輔助駕駛真正融入用戶的 日常出行和生活。
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18 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ In May, the Group launched and commenced mass production of China ’s first 4nm intelligent driving chip “XUANJI A3 ”, which supports Level 3/4 autonomous driving. The combined computing power of three chips operating in synergy exceeds 2,100 TOPS, with both the process node and computing power leading the industry. Power consumption per unit of computing power is 20% 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 agent “DiDi Xia ” to empower the DiLink AI intelligent cockpit, driving the continuous upgrading of human-vehicle interaction with three core capabilities of “great conversational rapport, reliable task execution, and full-scenario compatibility ”. Technology fortifies brand foundation, driving value uplift via innovation, and advancing toward high-end future with a global perspective In the new energy passenger vehicle sector, with leading core technologies as the engine and guided by deep consumer insights, the Group has continuously promoted the coordinated enhancement of product competitiveness and brand strength. Leveraging its multi-brand portfolio comprising “BYD ”, “FANGCHENGBAO ”, “Denza ”, and “Yangwang ”, the Group comprehensively covers the entire market spectrum from family-oriented to luxury, and from mass-market to personalized segments. 本集團於五月發布並量產中國首款 4nm 智駕 芯片 「璇璣A3」 ，支持L3/L4 級自動駕駛。 三顆芯片協同總算力超 2,100TOPS，制程 與算力均處行業領先；單位算力功耗較同級 低 20%，結合自研算法使算力利用率提升 100%，顯著提升快速響應能力、複雜場景 處理能力與安全可靠性。 此外，本集團發佈超級智能體 「迪迪蝦」 ， 賦能DiLink AI 智能座艙，以 「聊得來、搞得 定、玩得轉」 三大硬核能力推動人車交互持 續升級。 技術夯實品牌根基，創新驅動價值躍升， 全球佈局邁向高端未來 新能源乘用車領域，本集團以領先的核心技 術為引擎，以深刻的消費者需求洞察為導 向，持續推動產品力與品牌力協同提升。依 託 「比亞迪」 、 「方程豹」 、 「騰勢」 及 「仰望」 等構成的多品牌矩陣，全面覆蓋從家用到豪 華、從大眾到個性化的全場景市場。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 19 Management Discussion and Analysis ؓ “BYD” Brand 「王朝」 及 「海洋」 兩大產品系列共同構成面向大眾 市場的 「比亞迪」 品牌，分別以 「龍顏美學」 和 「海 洋美學」 為核心設計語言，搭載不斷進化的電動 化及智能化技術，持續打造差異化且具競爭力的 產品矩陣，滿足消費者的多元化需求，加速推動 新能源汽車於主流大眾市場的滲透與普及。 期內，依託顛覆性 「第二代刀片電池」 及 「閃充」 技術的發佈，全新閃充車型 「海豹 07EV」、「 宋 Ultra EV」及「 大 唐EV」 正式上市， 「海獅06EV」、 「海豹 06GT」、「 海 獅05EV」、「 漢EV 」及「 元 PLUS 」 等多款車型亦陸續加推閃充版。其中， 「宋Ultra EV 」 上市首月累計訂單突破6萬輛；全 尺寸SUV「大唐 EV」預 售14 天訂單突破 10 萬輛； 第三代 「元PLUS 」 上市首周訂單突破3 萬輛。此 外， 「秦PLUS DM-i 」、「 海 豹06DM-i 」及「 宋Pro DM-i 」 等多款插混車型相繼加推大電池版本， 「宋Ultra DM-i 」 亦於期內上市，持續豐富消費者 選擇。與此同時， 「王朝」9系旗艦轎車 「大漢」 與 「海洋」8系雙旗艦 「海豹08」、「 海 獅08」 於期內預 熱，進一步推動品牌向上。 The “BYD ” brand is built upon two major product series: “Dynasty ” and “Ocean ”. With the “Loong Face Aesthetics ” and “Ocean Aesthetics ” as its design core, and equipped with continuously evolving electrification and intelligent technologies, the brand will continuously build a differentiated and competitive product matrix to meet the diverse needs of consumers and accelerate the penetration and popularization of NEVs in the mainstream mass market. During the Period, following the launch of the disruptive “2nd Generation Blade Battery ” and the “FLASH Charging ” technology, the all-new flash charging models, including “Seal 07 EV ”, “Song Ultra EV ”, and “Grand Tang EV ”, were officially launched. Multiple other models including “SEALION 06 EV ”, “Seal 06GT ”, “SEALION 05 EV ”, “Han EV ”, and “Yuan PLUS ” also successively rolled out their flash charging versions. Among them, the cumulative orders for “Song Ultra EV ” exceeded 60,000 units within the first month of launch; the full-size SUV “Grand Tang EV ” recorded over 100,000 units of orders in 14 days of pre-sale; and the third-generation “Yuan PLUS ” saw its orders surpass 30,000 units within the first week of launch. In addition, multiple plug-in hybrid models such as “Qin PLUS DM-i ”, “Seal 06 DM-i ”, and “Song Pro DM-i ” successively launched their high-capacity battery versions, while “Song Ultra DM-i ” was also launched during the Period, continuously enriching consumer choices. Meanwhile, the “Dynasty” 9 Series flagship sedan “Grand Han ” and the “Ocean” 8 Series dual flagships “Seal 08 ” and “SEALION 08 ” were previewed during the Period to further promote the brand ’s upward development. 「比亞迪」 品牌 “Seal 08 EV ” 「海豹08EV」 “Grand Tang EV ” 「大唐EV」
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20 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 「方程豹」 聚焦個性化市場，以獨具辨識度的 「豹 力美學」 為設計語言，致力於用開創性技術解決 用戶需求中的二元對立，持續推出包括電驅越野 類、個性硬派類、轎車類以及皮卡等產品，讓一 切未知世界都有解，讓美好生活不一樣。 「方程豹」 自成立以來成交均價超 22 萬元，期內 完成全家族矩陣產品煥新，旗下都市潮流引領者 「鈦」 系列及智能硬派開創者 「豹」 系列持續迭代 升級，市場反響熱烈，以 「豹發之勢」 重塑市場 格局。其中， 「鈦3」 於三月加推閃充版，並榮獲 上半年中國純電方盒子銷量冠軍； 「鈦 7」 在插混 版基礎上，於四月推出 「鈦7EV」 閃充版，並於五 月實現 15 萬輛累計銷量，更榮膺上半年中國混 動全品類銷量冠軍； 「豹5」及「 豹8」 閃充版亦於 五月上市，並首搭全球首款全場景智能液壓車身 控制系統 「雲輦-P Ultra 」 ，進一步夯實在新能源 高端越野市場的競爭優勢。同時，全新 「方程」 系列亦於期內發佈，轎車 「方程 S」 系列與跑車 「FORMULA X 」 全球首秀，持續為用戶提供個性 全場景解決方案。 “FANGCHENGBAO ” focuses on the personalized market. Adopting the distinctive “Leopard Force Aesthetics ” as its design language, it is committed to resolving the binary oppositions in user demands with pioneering technologies. The brand continues to launch products including electric-powered off-road vehicles, distinctive rugged vehicles, sedans, and pickup trucks, finding solutions for every uncharted world and redefining a better life with unique style. Since its launch, “FANGCHENGBAO ” has recorded an average transaction price exceeding RMB220,000, and completed the product refresh of its entire family matrix during the Period. Its “Ti” Series, defining a new standard for trendy urban mobility, and the “BAO” Series, the intelligent off-road pioneer, have undergone continuous iterative upgrades, receiving enthusiastic market feedback, reshaping the market landscape with “Leopard-like Momentum ”. Among them, the “Ti 3 ” launched a flash charging version in March and won the championship of China ’s pure electric boxy model sales in the first half of the year. Following the plug-in hybrid version, the “Ti 7 ” launched the “Ti 7 EV ” flash charging version in April, achieved cumulative sales of 150,000 units by May, and was further honored as the sales champion of all hybrid vehicle categories in China in the first half of the year. The flash charging versions of “BAO 5” and “BAO 8 ” were also launched in May, featuring the world ’s first full-scenario intelligent hydraulic body control system “DiSus-P Ultra”, further consolidating their competitive advantages in the high-end new energy off-road vehicle market. Meanwhile, the brand-new “FORMULA ” Series was also released during the Period, with the global debut of the “FORMULA S ” sedan series and the “FORMULA X ” sports car, continuing to provide users with personalized full-scenario solutions. “FANGCHENGBAO ” Brand 「方程豹」 品牌 “FORMULA SL ” 「方程SL」 “Ti 7 EV ” 「鈦7EV」
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 21 Management Discussion and Analysis ؓ 「騰勢」 定位科技安全新豪華汽車品牌，將豪華美 學基因與科技力量融為一體，秉承 「優雅之勢」 設 計理念，依託 「易三方」 及 「雲輦」 智能車身控制 系統等核心技術，打造 MPV 、SUV 、轎車與跑車 全品類豪華矩陣。 期內，隨着 「第二代刀片電池」 及 「閃充」 技術全 面落地，全新 「騰勢Z9GT」 、第二代 「騰勢D9」、 「騰勢 N9」 閃充版及 「騰勢N8L」 閃充版陸續發 佈，上市即熱銷；其中，全新 「騰勢 Z9GT」實 現 超1,000 公里超長純電續航，更連續 3個月蟬聯豪 華GT 銷量冠軍。此外，全球首款智能電動超跑 「騰勢 Z」 於四月全球首秀，並於七月在英國古德 伍德速度節完成全球首發。 “Denza Z9GT ” 「騰勢Z9GT」 “DENZA ” is positioned as a new luxury automotive brand focused on technology and safety, integrating luxurious aesthetic essence with technological power. By embracing the “Aura of Elegance ” design philosophy and leveraging core technologies such as the “e³” and the “DiSus” intelligent body control system, it aims to build a luxury matrix encompassing the full spectrum of MPVs, SUVs, sedans, and sports cars. During the Period, with the full implementation of the “2nd Generation Blade Battery ” and the “FLASH Charging ” technology, the all-new “Denza Z9GT ”, the second-generation “Denza D9 ”, and the flash charging versions of “Denza N9 ” and “Denza N8L ” were successively released, achieving immediate sales success upon launch. Among them, the all-new “Denza Z9GT” achieved an ultra-long pure electric range of over 1,000 kilometers and has topped the luxury GT sales charts for three consecutive months. In addition, the world ’s first intelligent electric supercar, “Denza Z ”, made its global debut in April and completed its official launch at the Goodwood Festival of Speed in the United Kingdom in July. “DENZA” brand 「騰勢」 品牌 “Denza Z ” 「騰勢Z」
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22 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 作為中國首個百萬級高端新能源汽車品牌， 「仰 望」 深度融合傳統文化底蘊與前沿科技創新，以 「易四方」 平台及 「雲輦」 智能車身控制系統等顛 覆性技術為支撐，為用戶帶來前所未有的極致安 全、極致性能與極致體驗。 三月，2026 款 「仰望U7」、「 仰 望U8」及「 仰 望 U8L」 同步重磅上市，均升級搭載 「第二代刀片電 池」 及 「閃充」 技術，重塑高端出行體驗。四月， 全球首台按照量產標準打造的 「仰望U9 Xtreme 」 與大四座佈局 「仰望U8L」 鼎藏版全球首秀，充分 展現 「仰望」 品牌在極致性能與極致豪華兩大領域 的深度探索。 As China ’s first premium NEV brand with a million-yuan price positioning, “Yangwang ” deeply integrates traditional cultural depth with cutting-edge technological innovation. Supported by disruptive technologies such as the “e4” and the “DiSus ” intelligent body control system, it brings users unprecedented ultimate safety, ultimate performance, and ultimate experience. In March, the 2026 versions of “Yangwang U7 ”, “Yangwang U8 ”, and “Yangwang U8L ” were simultaneously launched, all upgraded with the “2nd Generation Blade Battery ” and the “FLASH Charging ” technology to reshape the high-end travel experience. In April, the world ’s first mass-production-standard “Yangwang U9 Xtreme ” and the spacious four-seat “Yangwang U8L ” Dingcang Edition made their global debuts, fully demonstrating the “Yangwang ” brand ’s in-depth exploration in the two major fields of ultimate performance and ultimate luxury. “Yangwang ” Brand 「仰望」 品牌 “Yangwang U9 Xtreme ” 「仰望U9 Xtreme」
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 23 Management Discussion and Analysis ؓ 多元佈局驅動增長，全球拓展成效顯現， 穩居中國新能源汽車出口第一 二零二六年上半年，本集團堅定推進全球化 戰略，海外業務延續強勁增長態勢，於歐 洲、拉美、亞太及中東非全面開花，全球知 名度及美譽度持續攀升，有力助推全球汽車 電動化進程。依託領先技術與豐富的品牌及 產品矩陣，本集團新能源汽車業務版圖已覆 蓋全球六大洲、121 個國家和地區。隨着國 際化佈局深化，海外業務已成長為本集團高 質量發展的核心增長極。 本集團憑藉純電與插混 「雙輪驅動」 展現出強 大的統治力，品牌勢能正加速轉化為市場份 額。根據 JATO Dynamics 數據，二零二六 年上半年，本集團在全球多個市場取得領先 成績：在歐洲，於英國、意大利及西班牙斬 獲新能源汽車品牌銷量冠軍；在美洲，以近 10 萬輛的絕對優勢登頂巴西新能源汽車品牌 銷量榜首；在亞太，位列泰國及印度尼西亞 新能源汽車品牌銷量第一，包攬新加坡乘用 車及新能源汽車品牌雙冠，並於澳大利亞位 列全品牌銷量第二、新能源汽車品牌銷量第 一；在中東非，於沙特、阿聯酋及南非榮膺 新能源汽車品牌銷量冠軍。 Diversified layout driving growth as global expansion efforts bear fruit, firmly ranking first in China ’s NEV exports In the first half of 2026, the Group steadily advanced its globalization strategy. Its overseas business maintained robust growth momentum, delivering strong results across Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Its global brand awareness and reputation showed steady improvement, strongly boosting the global automotive electrification process. Leveraging its leading technologies and rich brand and product matrix, the Group ’s NEV business footprint has covered 121 countries and regions across six continents. With the deepening of its international layout, overseas business has grown into a core growth driver for the Group ’s high-quality development. The Group demonstrated strong dominance through the “dual-drive ” strategy of pure electric and plug-in hybrid vehicles, with brand momentum accelerating its conversion into market share. According to data from JATO Dynamics, the Group achieved leading results across multiple global markets in the first half of 2026: in Europe, it claimed the NEV brand sales title in the UK, Italy, and Spain; in the Americas, it topped the NEV brand sales chart in Brazil with a commanding lead of nearly 100,000 units; in the Asia-Pacific region, it firmly maintained its position as the best-selling NEV brand in Thailand and Indonesia, swept both the passenger vehicle and NEV brand sales titles in Singapore, and ranked second in overall brand sales and first in NEV brand sales in Australia; in the Middle East and Africa, it was named the NEV brand sales champion in Saudi Arabia, the United Arab Emirates, and South Africa.
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24 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 與此同時，本集團高端品牌國際化進程全面 提速。期內， 「騰勢」 與博鰲亞洲論壇達成戰 略合作，成為首個服務論壇盛事的中國豪華 新能源品牌，旗下車型為全球政商代表提供 尊享出行服務。四月， 「騰勢」 於法國巴黎 歌劇院舉行歐洲上市發佈會，正式推出旗艦 車型 「騰勢Z9GT」與「 騰 勢D9 」 ，其中 「騰勢 Z9GT」 官方售價約11.5 萬歐元起。憑藉豪華 品質與創新體驗，本集團正以中國高端智造 實力，突破海外高端汽車市場壁壘，加速引 領全球新能源汽車浪潮。 Meanwhile, the internationalization process of the Group ’s high-end brands has been fully accelerated. During the Period, “Denza ” formed a strategic partnership with the Boao Forum For Asia, becoming the first Chinese luxury NEV brand to serve the forum ’s signature event, with its models providing exclusive mobility services for global political and business representatives. In April, “Denza ” held a European launch conference at the Palais Garnier in France, officially launching its flagship models, the “Denza Z9GT” and “Denza D9 ”. Among them, the official starting price of the “Denza Z9GT ” is approximately EUR115,000. Driven by premium quality and innovative experiences, the Group is leveraging the strength of China ’s high-end intelligent manufacturing to break into the overseas high-end automotive market and accelerate its leadership in the global wave of NEVs.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 25 Management Discussion and Analysis ؓ The Group is committed to achieving sustainable and high-quality development of its overseas business by continuously improving the integrated full-chain operation system covering “R&D, Manufacturing, Logistics, Sales ”, and continuously enhancing its global operational capabilities. In terms of localized production, the Group is accelerating its global production capacity layout and comprehensively enhancing its overseas supply assurance capabilities. The factories that have already been put into operation in Brazil, Thailand, and other regions are providing strong support for the Company ’s overseas business. At present, the expansion and construction plans for more overseas factories are progressing steadily. In terms of the overseas logistics system, the Group ’s self- owned overseas fleet has put eight roll-on/roll-off vessels into operation, continuously strengthening supply support capabilities amid the complex external environment, effectively enhancing the global delivery efficiency and supply chain resilience, and further consolidating overseas distributors ’ confidence in the brand ’s long- term development. In terms of global sales channel construction, the Group, upholding the concept of win-win cooperation, cooperates with top international distributors to accelerate the improvement of the channel network layout, and continuously enhance brand reach. In addition, based on diverse global needs, the Group has launched customized products tailored to local consumers for overseas markets. Notably, the “BYD SHARK ” pickup, the “Yuan UP ” plug-in hybrid version, and the “Dolphin ” plug-in hybrid version have received widespread market acclaim following their international debuts, further refining the Group ’s overseas product matrix. By offering high-quality products and full-cycle professional services, the Group is committed to creating excellent green mobility value for global consumers and fully advancing the electrification transformation of the global automotive industry. 本集團致力於實現海外業務的可持續及高質 量發展，持續完善 「研發、製造、物流、銷 售」 一體化全鏈條運營體系，不斷提升全球 化運營能力。本地化生產方面，本集團正加 速全球產能佈局，全面提升海外供應保障能 力，巴西、泰國等地已投入運營的工廠為公 司出海業務提供有力支撐。目前，更多海外 工廠的拓展與建設計劃正在穩步推進中。海 外物流體系方面，本集團自有出海船隊已有 八艘滾裝船投入運營，在複雜外部環境下持 續強化供應保障能力，有效提升全球交付效 率與供應鏈韌性，進一步鞏固海外經銷商對 品牌長期發展的信心。全球銷售渠道建設方 面，本集團秉持合作共贏理念，攜手國際頂 尖經銷商，加速完善渠道網絡佈局，持續提 升品牌觸達力。此外，本集團立足全球多元 化需求，針對海外市場定制化推出符合當地 消費者需要的產品。其中， 「鯊魚」 皮卡、 「元 UP 」 插混版及 「海豚」 插混版於海外首發 後廣受市場好評，進一步完善本集團海外產 品矩陣。通過提供高品質產品與全週期專業 服務，本集團致力於為全球消費者創造卓越 的綠色出行價值，全面助推全球汽車產業電 動化轉型。
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26 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 在國際標準與話語權建設上，本集團亦取得 里程碑突破。三月，本集團正式加入國際汽 車工作組 (IATF) ，彰顯了中國車企在參與國 際標準制定上的重要進展，也印證了本集團 作為全球新能源領軍企業的核心技術與質量 管理實力。 以核心零部件為技術動力源，全速驅動新 能源產業鏈佈局 新能源商用車領域 本集團堅持靈活務實的戰略，依託領先技術 持續推出適配多元場景的優質產品，穩步提 升營運效能，實現全球多洲、高端與新興市 場同步深耕的全域開花格局。根據中國客車 統計信息網數據，期內，本集團新能源客車 出口量穩居行業首位，市場份額超 22% ，彰 顯本集團在全球綠色交通領域的領先地位與 強勁增長動能。 In terms of international standard-setting and discourse power building, the Group has also achieved a milestone breakthrough. In March, the Group officially joined the International Automotive Task Force (IATF), which demonstrates the significant progress made by Chinese automakers in participating in the formulation of international standards, and also testifies to the core technology and quality management capabilities of the Group as a leader in the global NEV industry. Leveraging core components as a technological engine to fully accelerate the layout of the new energy industry chain In the field of new energy commercial vehicles The Group adheres to a flexible and pragmatic strategy by leveraging cutting-edge technology to continuously launch high-quality products tailored for diverse scenarios. It steadily enhances operational efficiency and achieves synchronized, deep-rooted expansion across multiple continents and both premium and emerging markets globally. According to the statistics released by www.ChinaBus.Info, during the Period, the export volumes of the Group ’s new energy buses maintained a leading position in the industry, with a market share exceeding 22%, demonstrating the Group ’s leadership in the global green transportation sector and its robust growth momentum.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 27 Management Discussion and Analysis ؓ In the field of rechargeable batteries With leading technological R&D capabilities, large-scale manufacturing advantages, and full-industry-chain synergy strengths, the Group has continuously refined its industrial layout and consolidated its leading position in the industry. In terms of the power battery business, while meeting its own power battery demand for NEVs, the Group upholds an open and cooperative attitude, collaborating with industry partners to steadily raise NEV penetration rates. In terms of the energy storage business, the Group maintained the rapid-growth momentum, with the cumulative shipment of energy storage systems leading the industry. Confronted with the differentiated demands of global energy storage application scenarios, the Group has continuously built an all-domain energy storage application ecosystem, with products sold to over 110 countries and regions, covering diverse scenarios such as source-grid- side energy storage, industrial and commercial energy storage, household energy storage, and energy storage for AIDC. According to InfoLink data, the Group ranked first among the global energy storage system suppliers in the first half of 2026. Leveraging its world-leading battery R&D and manufacturing expertise and continuous product innovation capabilities, the Group has fully leveraged its vertical integration strengths, building a system featuring full-stack in-house R&D, end-to-end supply, closed-loop operation and large-scale mass production, spanning 3C (cell, power chip, intelligent computing chip) to 3S (BESS, PCS, EMS), and the Group is capable of providing GW-level grid-forming energy storage solution. During the Period, the Group ’s new-generation large-capacity energy storage system “BYD Haohan ” commenced mass delivery. Equipped with the world ’s largest 2710Ah energy storage-specific blade battery, and supported by the new-generation “GC Flux PCS ” and “GC Master EMS ”, the product facilitated the implementation of several GW-level energy storage projects both domestically and internationally. Meanwhile, the Group has proactively positioned itself R&D and demonstration application of new battery technologies such as sodium-ion energy storage. It has achieved the commercialization of 100 MWh-level sodium-ion energy storage projects and continued to accelerate the iterative upgrade of next-generation sodium- ion energy storage products, enhancing its medium- and long-term technological resilience with diversified technology reserves. 二次充電電池領域 憑藉領先的技術研發能力、規模化製造優勢 及全產業鏈協同能力，本集團持續完善產業 佈局，鞏固行業領先地位。 動力電池業務方面，在保障自身新能源汽車 動力電池需求的基礎上，本集團保持開放合 作，攜手產業夥伴共同推動新能源汽車滲透 率持續提升。 儲能業務方面，本集團延續快速增長勢頭， 儲能系統累計出貨量持續領跑行業。面對全 球儲能應用場景的差異化需求，本集團持續 構建全域儲能應用生態，產品遠銷全球 110 多個國家和地區，覆蓋源網側儲能、工商業 儲能、戶用儲能、 AIDC 算力儲能等多元場 景。根據 InfoLink 數據，二零二六上半年， 本集團位列全球儲能系統出貨廠家第一。 依託全球領先的電池研發製造技術與持續創 新的產品開發能力，本集團充分發揮垂直一 體化優勢，構建起從 3C（電芯、功率芯片、 智算芯片） 到3S（BESS 、PCS 、EMS ）的 全 棧自研、全鏈供應、全鏈閉環及規模化量產 體系，具備提供 GW 級構網型儲能解決方案 的能力。期內，本集團新一代大容量儲能系 統「BYD Haohan 」 啟動批量交付，該產品 搭載全球最大 2710Ah 儲能專用刀片電池， 協同新一代 「GC Flux PCS」與「GC Master EMS 」 ，助力國內外多個GW 級儲能項目落 地。與此同時，本集團前瞻佈局鈉離子儲能 等新型電池技術的研發與示範應用，已推動 百兆瓦時級鈉電儲能項目實現商業化落地， 並持續加速新一代鈉電儲能產品的迭代升 級，以多元技術儲備增強中長期技術韌性。
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28 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 憑藉技術與產品的協同發力，本集團儲能 業務全球競爭力穩步增強。期內，本集團 儲能重大訂單持續落地、標桿項目順利投 運。海外市場方面，本集團與 Masdar 簽署 11.275GWh 儲能供貨協議，助力阿聯酋二 零五零年碳中和目標戰略落地；與 Grenergy 達成 2.6GWh 儲能供貨合作，持續拓展區域 業務合作規模；亦促成智利 Elena 3.5GWh 光儲電站正式投運，為阿塔卡馬沙漠新能源 基地提供穩定支撐。國內市場方面，本集團 中標中廣核 1.2GWh 儲能系統框採等重點項 目，有力支撐國內新型電力系統建設。 With the synergy of technology and products, the Group's energy storage business has become increasingly competitive in the global market. During the Period, the Group continuously delivered material energy storage orders and facilitated the successful operation of benchmark projects. In overseas markets, the Group signed an 11.275GWh energy storage supply agreement with Masdar to support the implementation of the UAE's 2050 carbon neutrality strategy; the Group entered into a 2.6GWh supply cooperation with Grenergy, continuously expanding regional business scale; it also contributed to the official operation of the Elena photovoltaic and energy storage power station in Chile with a total capacity of 3.5GWh, supporting the stable operation of the new energy base in the Atacama Desert. In the domestic market, the Group won the bids for key projects such as CGN ’s 1.2GWh energy storage system framework procurement, robustly supporting the construction of the new-type power system in China.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 29 Management Discussion and Analysis ؓ In the field of photovoltaics business The Group has been continuously deepening its strategic layout centered on the “dual carbon ” goal, and has a complete industry chain layout covering silicon wafers, solar cells, photovoltaic modules and photovoltaic system applications, etc. Its business presence spans over 100 countries and regions around the world, providing efficient and reliable products and services to global customers. In the field of cutting-edge technology Relying on its well-established and robust R&D system, the Group has systematically built a technology capability matrix for the AI era by continuously incubating new business forms, exploring new models, and cultivating new growth drivers, which further solidifies the Group ’s leadership in the integration of intelligent and new energy sectors. The Group has actively seized the development opportunities brought by AI technology. On one hand, it applies AI tools to empower the entire process of R&D, production, supply chain, and operational management, promoting a coordinated improvement in operational efficiency and quality; on the other hand, it continuously deepens the application of AI technology in core fields such as powertrain systems, intelligent cockpits and intelligent driving. In particular, in the field of intelligent driving, the Physical AI foundation model was proposed to deeply integrate real-world physical laws with driving scenarios, which enables intelligent driving to shift from the data-driven stage to a new stage of physical cognition-driven development, significantly enhancing the system ’s ability to understand, predict and make decisions in complex scenarios, accelerating product iteration and user experience optimization, and further strengthening its market competitiveness. The Group has continuously deepened its strategic layout of embodied intelligence by leveraging the advantages of the NEV industry chain, technological innovation and scenario applications to prospectively cultivate new growth momentum. Furthermore, in terms of industrial collaboration, the Group has made equity investments in leading enterprises such as PaXini Tech and AGIBOT, covering key sub-sectors like tactile perception and 光伏業務領域 本集團圍繞 「雙碳」 目標持續深化戰略佈局， 擁有硅片、電池片、光伏組件、光伏系統應 用等全產業鏈佈局，業務足跡遍佈全球 100 多個國家和地區，為全球客戶提供高效、可 靠的產品與服務。 前沿科技領域 本集團依託完善且強大的研發體系，持續孵 化新業態、探索新模式、培育新動能，系統 構建面向 AI 時代的技術能力矩陣，進一步鞏 固在智能化與新能源融合發展領域的領先優 勢。 本集團積極把握 AI 技術發展機遇。一方面， 以 AI 工具全鏈路賦能研發、生產、供應鏈 及運營管理，推動經營效率與運營質量協同 躍升；另一方面，持續深化 AI 技術在動力 系統、智能座艙及智能駕駛等核心領域的應 用，特別是在智駕領域提出物理 AI 大模型， 將真實世界的物理規律與駕駛場景深度融 合，使智能駕駛從數據驅動邁向物理認知驅 動的新階段，顯著提升系統在複雜場景下的 理解、預測與決策能力，加速產品迭代與用 戶體驗升級，進一步強化市場競爭力。 本集團持續深化具身智能戰略佈局，依託新 能源汽車產業鏈、技術創新及場景應用優 勢，前瞻培育新增長動能。此外，在產業協 同方面，本集團已通過股權投資佈局帕西尼 感知科技、智元機器人等領先企業，覆蓋觸 覺感知、人形機器人整機等關鍵細分領域，
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30 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ humanoid robots (complete units), and formed deep complementarity with industry partners in areas such as technological R&D and business cooperation, accelerating the construction of a closed-loop industrial ecosystem of “core components – complete units – application scenarios ”. Collaborating with global professional partners to advance green and sustainable development The Group has continuously expanded its global presence by actively collaborating with professional partners from various fields around the world, committed to jointly advancing the implementation of the green development vision. Through cross-sector collaboration, resource co- creation, and technological integration, the Group has helped build a higher-quality future mobility and living ecosystem for society. Leveraging the “FLASH Charging China ” strategy, the Group has continuously deepened its collaboration along the industry chain and across sectors, promoting the integrated development of charging networks, digital services, and the intelligent mobility ecosystem. During the Period, several cross-sector cooperation projects of the Group were successfully implemented: in March, it teamed up with JD.com to build an integrated ecosystem of “People • Vehicles • Energy Replenishment ”, promoting the deep integration of energy replenishment services with the internet; in April, it launched a new “9-Minute One-stop Energy Replenishment for Passengers and Vehicles ” experience with KFC, and pioneered the integration of a smart drive-thru ordering function into the “Ti 7 ” model; in the same month, it forged a strategic partnership with Amap to leverage precise positioning and real-time data, realizing “see it, charge it ” within the FLASH Charging network and effectively alleviating range anxiety; in May, it signed a 100,000-vehicle purchase agreement with CAR, promoting the integrated layout of “Vehicles, Piles, Stores, and Stations ”, and facilitating the upgrading of green mobility infrastructure; in June, it deepened strategic cooperation with Sinopec, jointly building a smart energy ecosystem centered around “Ten-Thousand-Station Energy Aggregation, Joint Refueling and FLASH Charging ” and accelerating the development of a new energy replenishment network with broader coverage and faster charging. 並與行業夥伴在技術研發、業務合作等層面 深度互補，加速構建 「核心部件 － 整機 － 應 用場景」 的產業生態閉環。 攜手全球專業夥伴，共促綠色可持續發展 本集團持續深化全球佈局，積極聯動世界各 領域專業夥伴，致力於共同推動綠色發展願 景落地，通過跨界協作、資源共創與技術聯 動，為社會構建更高質量的未來出行與生活 生態。 依託 「閃充中國」 戰略，本集團持續深化產業 鏈及跨界協同，推動充電網絡、數字服務與 智能出行生態的融合發展。期內，本集團多 個跨界合作項目落地：三月，攜手京東打造 「人•車•補能」 一體化生態，推動補能服務與 互聯網深度融合；四月，聯合肯德基推出 「 9 分鐘一站式人車補能」 新體驗，並率先在 「鈦 7」 搭載車速取智能點餐功能；同月，與高德 地圖達成戰略合作，依託精準定位與實時數 據實現閃充 「可見即可達」 ，有效緩解續航焦 慮；五月，與神州租車簽署 10 萬台車輛採購 協議，推進 「車、樁、店、站」 一體化佈局， 助力綠色出行基礎設施升級；六月，與中國 石化深化戰略合作，圍繞 「萬站聚能、加油 閃充」 共建智慧能源生態，加快構建覆蓋更 廣、補能更快的新能源補能網絡。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 31 Management Discussion and Analysis ؓ 2.2 電子業務 本集團是全球領先的高科技創新產品提供 商，依託電子信息技術、人工智能技術、 5G 和物聯網技術、熱管理技術、新材料技術、 精密模具技術和數字化製造技術等核心優 勢，為全球客戶提供一站式產品解決方案。 本集團業務涵蓋智能手機、電腦、AI 算力基 礎設施、智能穿戴、智能家居、遊戲硬件、 無人機、3D 打印機、物聯網、通信設備等多 元化的市場領域。作為行業發展的參與者與 推動者，本集團始終以戰略遠見引領前行， 不斷夯實研發與智造優勢，積極延展業務版 圖，着力構建穿越週期的長期核心競爭力， 實現可持續的高質量增長。 智能終端業務方面，本集團依託全鏈條技術 平台優勢與高效交付體系，進一步構築差異 化競爭壁壘，深化與全球客戶的戰略合作， 並有序拓展多元智能終端產品矩陣。零部件 業務方面，本集團穩守海內外客戶高端旗艦 手機供應鏈的關鍵地位，同時拓展 AI 手機、 AI 眼鏡、手持攝像設備等新項目，並實現 量產交付，但受智能手機市場需求較弱及部 分產品規格變化的影響，零部件收入同比減 少。整機組裝業務受益於海外大客戶，收入 實現同比增長。 2.2 Electronics Business The Group is a global leading provider of high-tech and innovative products, providing customers around the world with one-stop product solutions relying on its core advantages in electronic information, AI, 5G and Internet of Things, thermal management, new materials, precision molds and digital manufacturing technologies. The Group engages in a wide variety of businesses ranging from smartphones, computers, AI computing infrastructure, smart wearables, smart home, game hardware, unmanned aerial vehicles, 3D printers, Internet of Things, communication equipment to other diversified market areas. As a participant and driver of industry development, the Group is consistently guided by strategic foresight, continuously consolidates its R&D and smart manufacturing strengths, expands its business boundaries, and focuses on building long-term core competitiveness resilient to cycles to achieve sustainable, high-quality growth. In the smart terminal business, the Group has leveraged its advantages in the full-chain technology platform and efficient delivery system to further build a differentiated competitive moat, deepen strategic cooperation with global customers, and expand the diversified portfolio for smart terminal products in an orderly manner. In the component business, the Group maintained its key position in the supply chains for high-end flagship smartphones of domestic and overseas clients, and expanded into new projects such as AI phones, AI glasses, and handheld camera devices, achieving mass production and delivery. However, affected by weak demand in the smartphone market and changes in some product specifications, revenue from components decreased year on year. In the assembly business, the Group achieved revenue growth year on year, benefiting from major overseas clients.
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32 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ In the AI computing infrastructure business, the Group proactively seized the market opportunities presented by the AI development. Leveraging the deep, full- industry-chain technical expertise accumulated in the smart terminal sector encompassing materials R&D, mold design, precision component development, and automated manufacturing, combined with the mature thermal management and high-voltage power supply technologies proven in its automotive business, the Group deeply integrated and innovatively applied the technological strengths of these two domains. Centering on the core products of AI computing infrastructure, the Group executed a comprehensive strategic layout, delivering an integrated solution spanning servers, liquid cooling, high- voltage power supply, and high-speed connectivity. During the Period, the Group continued to deepen cooperation with multiple customers, with several server models achieving bulk shipment. The Group has completed the product development of the latest-generation liquid cooling cold plates for major overseas clients, and the project has now entered the mass production ramp-up phase. Multiple high-voltage power supply and high-speed connectivity products were under active development. This diversified layout created new engines to the Group ’s business. 3. PROSPECTS AND STRATEGIES Looking ahead to the second half of 2026, it is expected that intensifying global geopolitical conflicts, rising international economic and trade barriers, and continued uncertainty over monetary policies in major economies will continue to pose challenges to global economic growth and the international trade environment. In response to the complex and volatile external situation, the Chinese government will adopt a more proactive fiscal policy and a moderately loose monetary policy to further unlock domestic demand potential and promote the upgrading of the consumption structure. Meanwhile, the state will also accelerate the cultivation of new quality productive forces and vigorously advance strategic emerging industries, so as to promote the deep integration and collaborative innovation of industry and technology, and drive steady and sustained progress in high-quality development. AI 算力基礎設施業務方面，本集團積極把 握 AI 發展帶來的市場機遇，依託在智能終 端領域積淀的全產業鏈深度技術經驗，涵蓋 材料研發、模具設計、精密零部件開發與自 動化製造的完整能力，並疊加在汽車業務中 成熟落地的熱管理與高壓電源技術，將兩大 領域的技術優勢深度融合併創新應用，圍繞 AI 算力基礎設施的核心產品，進行了全面戰 略佈局，打造了涵蓋服務器、液冷、高壓電 源及高速互聯的一體化解決方案。期內，本 集團持續深化與多家客戶的合作，多款服務 器實現批量出貨；已完成海外大客戶最新一 代液冷冷板的產品開發，項目進入量產爬坡 階段；多款高壓電源及高速互聯產品亦在積 極研發中，多元佈局為本集團業務增添新引 擎。 3. 前景及策略 展望二零二六年下半年，全球地緣衝突持續 加劇、國際經貿壁壘不斷增多，以及主要經 濟體貨幣政策走向仍存在不確定性，預計將 繼續為全球經濟增長及國際貿易環境帶來挑 戰。面對複雜多變的外部形勢，中國政府將 採取更加積極的財政政策和適度寬鬆的貨幣 政策，進一步促進內需潛力釋放，推動消費 結構升級。同時，國家亦將加快培育新質生 產力，大力發展戰略性新興產業，促進產業 與科技深度融合及協同創新，推動高質量發 展行穩致遠。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 33 Management Discussion and Analysis ؓ As an important representative industry of high-quality consumption, NEVs play a crucial role in unleashing domestic demand potential and promoting economic growth. After the first-half demand structure adjustment, the market gradually returned to a healthy development trajectory, with the NEV penetration rate continuing to rise and the technical strength and market recognition of domestic brands further improving. Although the momentum of domestic demand recovery in the second half of the year still needs to be consolidated, and the stability of the supply chain may also be tested by recurring disruptions, the overall fundamentals of the industry remain stable and positive. From a mid-term perspective, the supporting factors remain favorable. As charging infrastructure continues to improve, consumer range anxiety will be further alleviated, creating favorable conditions for market expansion; the supply chain management advantages of domestic automakers are gradually becoming evident; and overseas market expansion is also expected to become a new growth driver. On the demand side, the driving forces for terminal consumption are continuously strengthening. Driven by high international oil prices and the trend of energy conservation and emission reduction, consumers ’ willingness to shift to NEVs is expected to further increase, which will lay a solid foundation for the industry ’s sales performance in the second half of the year and promote the steady growth of the NEV market. Looking at long-term technological development, underpinned by greater self- reliance and self-improvement in science and technology, AI will help accelerate industrial synergy, with the “Flywheel Effect ” gradually taking shape to provide robust support for manufacturing upgrading and the development of the NEV industry. 作為高質量消費的重要代表產業，新能源汽 車在釋放內需潛力及推動經濟增長方面發揮 關鍵作用。經過上半年需求結構的調整後， 市場逐步回歸健康發展軌道，新能源汽車滲 透率持續提升，自主品牌的技術實力及市場 認可度進一步增強。儘管下半年內需復甦力 度仍有待進一步鞏固，供應鏈穩定性亦可能 面臨反覆挑戰，但行業整體基本面依然穩健 向好。從中期維度看，支撐因素持續向好。 隨着充電基礎設施持續完善，消費者的補能 焦慮將進一步緩解，為市場擴容創造有利條 件；自主車企在供應鏈管理方面的優勢正逐 步顯現；海外市場拓展亦有望成為新的增長 動力。從需求維度看，終端消費驅動因子不 斷增多，在國際油價高企及節能減排趨勢帶 動下，消費者向新能源汽車轉型的意願預計 將進一步提升，為下半年行業銷售表現提供 堅實支撐，並推動新能源汽車市場保持穩健 增長態勢。放眼長期技術發展，在科技自立 自強的推進下，人工智能將加快產業協同， 「飛輪效應」 逐步顯現，亦為製造業升級與新 能源汽車產業發展提供堅實支撐。
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34 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ In the second half of the year, automobile and related policies are still expected to exert their influence on both supply and demand sides simultaneously. The Detailed Rules for the 2026 Automobile Trade-in Subsidy Policy (《2026 年汽車以舊換新補貼實施細則》 ) promulgated at the beginning of the year will remain in effect. Its role in optimizing market structure and promoting technological upgrading will continue to unfold, effectively catalyzing the transition from old to growth drivers. In July, the State Council released the 15th Five-Year Plan for Expanding Consumption ( 《擴大消費 「十五五」 規劃》), which further prioritizes the upgrading of automobile consumption, injecting strong impetus into the market through the expansion of energy supply infrastructure, extension of the consumption chain, and development of a full-lifecycle ecosystem. In the same month, the MIIT released the Intelligent and Connected Vehicle – Safety Requirements of Combined Driver Assistance System ( 《智能網聯汽車組合 駕駛輔助系統安全要求》) (GB 47955-2026), which specifies unified safety standards for combined driver assistance systems. This is of great significance for enhancing the safety performance of intelligent and connected vehicles and ensuring the healthy and sustainable development of the industry. 3.1 Automobiles and Batteries Business Faced with profound reforms in the industry, the Group, as a leader in the NEV revolution, firmly adheres to its strategic direction and user-centric principle, pursuing full independent control over core technologies and deepening integration and synergy with cutting-edge technologies including AI, to continuously forge its core competitiveness. Leveraging its advantages of vertical integration and in-depth application of intelligent and electrification technologies, the Group will further consolidate its leading position. Meanwhile, as its global expansion accelerates, the Group is steadily enhancing its global market competitiveness and solidifying its leading position in the NEV sector, contributing to the global new energy revolution spearheaded by the Chinese automotive industry. In July, the Group ’s 17 millionth NEV rolled off the production lines, making it the world ’s first enterprise to achieve this milestone, which marks a new high for China ’s intelligent manufacturing. 下半年汽車及相關政策仍有望在供需兩端協 同發力，年初落實的 《2026 年汽車以舊換新 補貼實施細則》 繼續實施，優化市場結構、 促進技術升級的效益將持續顯現，有效催化 新舊動能轉換。七月，國務院發佈 《擴大消 費 「十五五」 規劃》 ，進一步聚焦汽車消費升 級，從補能基建擴容、延伸消費鏈條到打造 全生命週期生態，為市場注入強勁動力。同 月，工信部發佈 《智能網聯汽車組合駕駛輔 助系統安全要求》(GB 47955-2026) 為組合駕 駛輔助系統明確統一的安全規範，對提升智 能網聯汽車安全水平、保障產業健康可持續 發展具有重要意義。 3.1 汽車及電池業務 面對行業深刻變革，本集團作為新能源汽車 革命的引領者，篤定戰略航向，恪守用戶至 上，攻堅核心技術自主可控，深化與 AI 等前 沿科技的融合協同，持續鍛造核心競爭力。 本集團將依託垂直整合優勢與智電技術深度 應用，進一步鞏固自身領先地位。同時，隨 着全球化佈局提速，本集團正穩步提升全球 市場競爭力，夯實新能源汽車全球領先優 勢，助力中國汽車產業引領全球新能源革 命。七月，本集團第 1,700 萬輛新能源汽車 下線，成為全球首家達成該里程碑的企業， 標誌着中國智造邁向新高度。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 35 Management Discussion and Analysis ؓ Reshaping mobility through intelligence and electrification innovation, leading the future with technological strength The NEV industry is entering a new phase of high-quality development. Looking ahead, the Group will advance the deep integration of electrification and intelligence through firmly deepening efforts to make breakthroughs in core technologies and concentrating its superior resources. It will utilize technological innovation as the core engine to adapt to competition and drive long-term growth, and comprehensively empower transformation and upgrading of the industrial chain, contributing the Chinese solutions for global green mobility. In the realm of electrification The Group will continue to deepen its presence in the “2nd Generation Blade Battery ” and the “FLASH Charging ” technology. With steady enhancement in relevant production capacity, the Company will further accelerate delivery schedules of orders under all its series of models, effectively alleviating the supply shortage situation. Meanwhile, the Group is actively advancing global expansion of the “FLASH Charging Ecosystem ”, planning to deploy 6,000 flash charging stations overseas. As global energy supply network continues to take shape at an accelerated pace, the Group will further enhance infrastructure ecosystem for NEVs, significantly improve the user experience, and continuously strengthen its leading position in the global NEVs market. In the field of intelligence Empowered by AI technologies, the automotive industry is accelerating into the deep-water stage of intelligent development. The intelligent driving technology route has entered the era of map-free solutions driven by end- to-end models. Through continuous accumulation and training of massive real-world driving data, the system can significantly improve its generalization capability and human-like decision-making in complex and dynamic real- life scenarios. Against this backdrop, industry competition has focused on three key elements: data, algorithms, and computing power. 以智電創新重塑出行，以技術實力引領未 來 新能源汽車行業正邁向高質量發展新階段。 本集團將堅定深耕核心技術攻關，集中優勢 資源，以前瞻視野推動電動化與智能化深度 融合，以技術創新作為應對競爭、驅動長期 增長的核心引擎，全方位賦能產業鏈轉型升 級，為全球綠色出行貢獻中國方案。 電動化領域 本集團將持續深化 「第二代刀片電池」 及 「閃 充」 技術佈局。隨着相關產能穩步提升，公 司將進一步加快旗下各系列車型的訂單交付 節奏，有效緩解供應緊張局面。同時，本集 團正積極推進 「閃充生態」 的全球化佈局， 計劃在海外佈局 6,000 座閃充站。隨着全球 補能網絡的加速成型，本集團將進一步完善 新能源汽車基礎設施生態，全面提升用戶體 驗，持續夯實本集團在全球新能源汽車市場 的領先優勢。 智能化領域 汽車產業在 AI 技術的賦能下正加速邁入智能 化深水區。智駕技術路線已進入端到端模型 驅動的無圖方案階段，通過海量真實駕駛數 據的持續積累與訓練，系統得以在複雜多變 的現實場景中顯著提升泛化能力與擬人化決 策水平。在此趨勢之下，行業競爭的核心已 聚焦於 「數據、算法、算力」 三大要素。
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36 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ In terms of data, the Group leverages its vast vehicle fleet and massive real-world driving data to build an industry- leading data foundation in close collaboration with cloud service partners. In terms of algorithms, it has introduced the Physical AI foundation model, advancing intelligent driving from traditional data-driven approaches to a new stage of physics-aware cognition. In terms of computing power, backed by strategic synergy with intelligent driving chip partners such as NVIDIA and the mass production of self-developed intelligent driving chips, the Group has laid a solid hardware foundation for advanced intelligent driving. These three elements together drive the continuous and rapid iteration of intelligent driving models, realizing a virtuous cycle of “better with every use, more reliable with every use ”. While solidifying its own technological barriers, the Group will always maintain an open mindset and actively deepen cooperations with partners at the upstream and downstream ends of industry chain, jointly promoting large-scale application and popularization of intelligent technologies, and jointly achieving comprehensive leadership in the era of intelligence. Committed to innovation-led development and continuously exploring user value to unleash the momentum for brand growth The Group remains committed to technological innovation as its core driving force. New models across its various brands equipped with cutting-edge technologies such as “FLASH Charging ” are being launched in an orderly manner, covering diverse market segments ranging from the mainstream market to the upmarket, to precisely cater to differentiated consumer needs. With the full-scale deployment of “FLASH Charging ” technology in vehicles and the continuous increase in production capacity of the “2nd Generation Blade Battery ”, the Group ’s growth momentum is expected to be further strengthened. Looking forward, the Group will continue to firmly invest in R&D, while refining model design, and enhancing channel development and marketing capabilities, to promote mutual empowerment of technological advantages and brand upgrading, thereby continuously consolidating its leading position in the mainstream market, and driving the development of its premium brands to a new level. 在數據方面，本集團憑藉龐大的車型保有量 與海量真實路況數據，結合與雲服務合作夥 伴的緊密配合，構建行業領先的數據底座； 在算法方面，引入物理 AI 大模型，使智能駕 駛從傳統的數據驅動邁向物理認知驅動的新 階段；在算力方面，依託與英偉達等智駕芯 片合作夥伴的戰略協同和自研智駕芯片的規 模化量產，為高階智駕築牢硬件基礎。三大 要素共同驅動智駕模型持續快速迭代，實現 「越用越好用、越用越安心」 的良性循環。 在夯實自身技術壁壘的同時，本集團將始終 保持開放心態，積極與產業鏈上下游夥伴深 化合作，攜手推動智能化技術的規模化應用 與普及，共同實現智能化時代的全面領先。 創新引領發展，深耕用戶價值，釋放品牌 增長動能 本集團堅持以技術創新為核心驅動力，搭載 「閃充」 等前沿技術的各品牌新車型正有序推 出，覆蓋從主流到高端的多元細分市場，精 準滿足消費者差異化需求。隨着 「閃充」 車型 矩陣全面鋪開及 「第二代刀片電池」 產能持 續提升，本集團發展動能將進一步增強。未 來，本集團將繼續堅定研發投入，同時打磨 車型設計、精進渠道與營銷，推動技術優勢 與品牌升級相互賦能，持續鞏固主流市場領 先地位，並驅動高端品牌發展邁上新台階。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 37 Management Discussion and Analysis ؓ 全球佈局再提速，高端發展啟新篇 海外業務方面，本集團海外增長動能將持續 釋放，繼續成為本集團銷售的重要支撐。在 推進全球化進程中，本集團堅持深度本土化 戰略，精準響應各地市場需求並量身定制產 品，進一步鞏固中國新能源汽車品牌的全球 影響力。例如，專為日本市場開發的純電 K-Car「海獺(RACCO) 」 已正式上市，憑藉高 度契合當地法規與用戶習慣的產品力，廣受 海內外消費者好評。 七月，本集團巴西工廠迎來第 10 萬輛新能 源汽車正式下線的重要發展里程碑，員工規 模同步突破 5,500 人，充分印證本集團本土 化製造戰略的紮實成效。展望未來，本集團 將持續以本土化製造為核心，加速擴展海外 產能佈局，深度挖掘全球新能源轉型帶來的 產業紅利，為全球綠色出行事業持續貢獻力 量。 Further accelerating global presence to enter a new stage of development in the upmarket In terms of overseas operations, the Group ’s overseas growth momentum will continue to be unleashed, which remains an important support for the Group ’s sales. In advancing its global expansion, the Group adheres to in-depth localization strategy by accurately responding to the demands in various markets and developing customized products, to further consolidate its global influence as a Chinese new energy vehicle brand. For example, the pure-electric K-Car model, the “RACCO ”, developed specifically for the Japanese market, has been officially launched. With the product power highly aligned with local regulations and user habits, it has received widespread recognition from consumers both domestically and overseas. In July, the Group ’s Brazil factory witnessed a significant milestone that the 100,000th new energy vehicle officially rolled off the production line. Meanwhile, the number of employees at the plant exceeded 5,500, fully demonstrating the effectiveness of the Group ’s manufacturing localization strategy. Looking forward, the Group will continue to focus on localized manufacturing, accelerate the expansion of overseas production capacity, deeply capture the industrial opportunities arising from the global transition towards new energy, to constantly contribute to the development of global green mobility.
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38 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 多元賽道協同發力，共築全球綠色能源新 生態 新能源商用車領域，本集團將依託領先技 術、可靠品質與優質服務，不斷完善本地化 產品佈局，為全球公共交通綠色低碳轉型提 供更加安全、高效、智能的新能源解決方 案。 儲能方面，本集團將緊抓全球新能源轉型與 AI 算力需求釋放的雙重戰略機遇，堅持以技 術創新為核心驅動力，依託全產業鏈垂直整 合能力與品牌優勢，構築差異化競爭壁壘。 同時，本集團將持續深化產品佈局，健全配 套服務體系，精準響應全球新型儲能應用場 景的多元化需求，推動業務規模擴張與發展 質效協同提升，鞏固行業領先地位。 光伏方面，光伏發電正從補充電源成長為保 障電力供應和綠色低碳轉型的重要力量。本 集團將緊抓轉型關口，以優質創新產品積極 應對行業變革與市場挑戰，穩步開拓國內外 高質量發展新空間。 Striving for synergies across various business areas to build a new global green energy ecosystem In new energy commercial vehicle sector, the Group will continue to improve its localized product portfolio by leveraging its leading technologies, reliable product quality and high-quality services, to provide safer, more efficient and intelligent new energy solutions for the transition of global public transportation towards green and low-carbon development. In the energy storage sector, the Group will capture the dual strategic opportunities arising from the transition towards new energy globally and the release of demands for AI computing power. Taking technological innovation as the core driver, the Group will utilize its vertical integration capabilities across the full industry chain and brand advantages to establish differentiated competitive barriers. Meanwhile, the Group will continuously deepen product matrix, establish comprehensive supporting service system, precisely respond to diversified needs of global new-type energy storage application scenarios, and promote coordinated enhancement in both business scale expansion and development quality, to reinforce its leading position in the industry. In the photovoltaic sector, photovoltaic power is evolving from a supplemental energy source into an important pillar for safeguarding power supply and green and low-carbon transition. The Group will seize the transition opportunity, and actively respond to industry changes and market challenges with premium and innovative products, to steadily explore new opportunities for high-quality development in both domestic and overseas markets.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 39 Management Discussion and Analysis ؓ 3.2 電子業務 作為全球領先的高科技創新產品提供商，本 集團將持續投入核心技術研發，提升高端製 造與創新實力，鞏固垂直整合競爭壁壘，深 化與重點客戶的戰略合作，積極佈局未來產 業高地。在穩固智能終端行業領先優勢的同 時，推動 AI 算力基礎設施新興業務加速發 展，共同推動本集團的高質量發展。 智能終端業務方面，隨着通用 AI 及AI 智能體 加速與終端硬件融合，推動各類終端產品正 從 「被動工具」 向 「智能交互入口」 升級，開 啟新一輪的產業變革。依託在智能終端領域 積累的深厚技術壁壘、廣泛的生態協同及與 全球主流品牌的長期合作基礎，本集團已前 瞻佈局 AI 手機、智能穿戴、智能家居等多元 智能終端產品，有望精準把握 AGI 與AI 智能 體帶來的新機遇。本集團將持續深化與客戶 在高端產品的戰略合作，緊密配合客戶的創 新步伐，全力確保新項目高質量落地。隨着 客戶新一輪產品週期的全面鋪開與技術升級 迭代，智能終端業務有望在明年迎來結構性 復甦。同時，本集團將積極把握 AI 浪潮，佈 局新型 AI 終端，開拓高潛力新品類與新興市 場，推動智能終端業務向新一輪 AI 終端增長 曲線延伸，鞏固其在全球高端智能終端供應 鏈中的領先優勢及核心地位。 3.2 Electronics Business As a global leading provider of high-tech and innovative products, the Group will continue to invest in the R&D of core technologies, enhance high-end manufacturing and innovation capabilities, consolidate its competitive advantages built on vertical integration, deepen strategic cooperation with major clients, and proactively position itself in high-potential future industries. While consolidating its leading position in the smart terminal industry, the Group will expedite the development of its emerging business such as AI computing infrastructure, thus collectively driving the Group ’s high-quality development. In the smart terminal sector, as general AI and AI agents accelerate integration with terminal hardware, a broad spectrum of terminal products are evolving from “passive tools ” into “intelligent interaction gateways ”, ushering in a new round of industrial transformation. Relying on high technological moats built in the smart terminal sector, extensive ecological collaboration and long-term cooperation with global mainstream brands, the Group has vigorously developed various types of smart terminal products such as AI smartphones, smart wearables and smart home, which is expected to accurately grasp the new opportunities brought by AGI and AI agents. The Group will continue to deepen strategic cooperation with customers on high-end products, closely align with customers ’ innovation pace, and fully ensure the high- quality delivery of new projects. With the full rollout of customers ’ next product cycles and technological iterations, the smart terminal business is expected to achieve a structural recovery in the coming year. Meanwhile, the Group will actively embrace the AI wave by deploying new AI terminals, exploring high-potential new categories and emerging markets, and extending its smart terminal business along a new AI terminal growth curve, to consolidate its leading position and core role in the global high-end smart terminal supply chain.
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40 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ AI 算力基礎設施業務方面，AI 技術的持續突 破疊加全球數字化轉型的縱深推進，算力需 求持續爆發增長，AI 數據中心市場繼續駛入 規模化建設與高速增長的快車道。同時，超 大規模算力格局仍在持續演變，資本開支的 增長動能從傳統大型雲服務商向外擴展至新 型雲廠商、AI 實驗室等主體，將進一步拓展 服務器、液冷、高壓電源及高速互聯等相關 產品的市場空間，推動產品迭代升級及規模 化應用。面向 AI 算力產業高速發展的戰略 機遇期，本集團將持續深耕核心技術能力建 設，完善服務器、液冷、高壓電源及高速互 聯等產品矩陣，重點佈局高潛力、高盈利能 力的細分賽道，構建覆蓋精密零部件、功能 模組到完整系統的全棧解決方案。本集團將 積極拓展新客戶群體，進一步擴大服務器的 業務規模；加快液冷產品規模化量產節奏， 並與全球領先客戶共同推動新一代產品的研 發和迭代升級；同步推進高壓電源、高速互 聯等新產品的開發認證及客戶導入，培育業 務的新增長動能。 In terms of AI computing infrastructure business, ongoing breakthroughs in AI technology, coupled with the deepening of global digital transformation, are driving explosive growth in computing power demand. Consequently, the AI data center market continues to ride the fast track of large-scale construction and rapid growth. Meanwhile, the landscape of hyperscale computing infrastructure continues to evolve. The growth momentum of capital expenditure is expanding beyond traditional major cloud service providers to include emerging cloud providers, AI laboratories and other participants. This will further expand the market opportunities for related products such as servers, liquid cooling, high-voltage power supply and high-speed connectivity products, while driving the upgrades and large-scale application of products. Facing the strategic opportunity arising from the rapid growth of the AI computing infrastructure industry, the Group will continue to strengthen its core technological capabilities, and enhance its product portfolio covering servers, liquid cooling, high-voltage power supply and high-speed connectivity products, with focus on high-potential and high-profitability market segments, to establish full-stack solutions covering precision components, functional modules and complete systems. The Group will actively expand its new customer base and further scale up its server business. It will accelerate the mass production of liquid cooling products and collaborate with global leading clients to advance the R&D and iterative upgrades of next-generation products. Meanwhile, the Group will continue to advance the development, certification and customer adoption of new products, including high-voltage power supply and high-speed connectivity products, cultivating new growth drivers for its business.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 41 Management Discussion and Analysis ؓ FINANCIAL REVIEW Revenue and Profit Attributable to Owners of the Parent Company During the Period, the Group ’s revenue decreased by 7.13% as compared to the first half of 2025, mainly attributable to the decrease in the new energy vehicle business. The profit attributable to equity holders of the parent company decreased by 20.54% as compared to the same period of previous year, mainly attributable to the decrease in the new energy vehicle business and foreign exchange losses from changes in foreign exchange rates. Segmental Information Comparisons of the Group ’s revenue by product categories for the six months ended 30 June 2026 and 2025 are illustrated as follows: 財務回顧 營業額及母公司擁有人應佔溢利 期內，營業額較二零二五年上半年下降 7.13%，主 要是新能源汽車業務減少所致。母公司權益持有人 應佔溢利較去年同期下降 20.54% ，主要系新能源汽 車業務減少及匯率波動產生的匯兌損失所致。 分部資料 以下為本集團於截至二零二六年及二零二五年六月 三十日止六個月按產品類別分析的營業額比較： Note: During the Period, the Group renamed its business segment from “Mobile Handset Components, Assembly and Other Products ” to “Electronics and Other Products ”. The revenue distribution of this business segment for the current period follows the same classification as that for the six months ended 30 June 2025. Gross Profit and Gross Profit Margin The Group ’s gross profit for the Period decreased by approximately 2.81% to approximately RMB64,989 million. The gross profit margin increased from approximately 18.01% for the first half of 2025 to approximately 18.85% for the Period. The increase in gross profit margin was mainly driven by the growth of overseas new energy vehicle business. 附註：期內，本集團的業務分類名稱由 「手機部件、組 裝及其他產品」 更新至 「電子及其他產品」 ，本期間該業 務板塊劃分的收入分佈與截至二零二五年六月三十日止 六個月的分類相同。 毛利及毛利率 本集團期內的毛利下降約 2.81%至約人民幣64,989 百 萬元。毛利率由二零二五年上半年約 18.01% 上升至 期內約 18.85% 。毛利率上升主要受海外新能源汽車 業務增加影響。 2025H1 ɚཧɚʞϋɪ̒ϋ 2026H1 ɚཧɚʬϋɪ̒ϋ 2026H1 81.48% Automobile s and related products, and other products ۜ ۜ note) 18.51% Electronics and other product s ཥɿʿ ൗ 79.85% Automobiles and related products, and other products ۜ ۜ note) 20.13% Electronics and other product s ཥɿʿ ൗ 2025H1
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42 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 流動資金及財務資源 期內，本集團錄得經營現金流入約人民幣 37,335 百 萬元，而去年上半年則錄得經營現金流入約人民幣 31,833 百萬元，本集團期內現金流入增加主要是 購買商品，接受勞務支付的現金減少所致。於二零 二六年六月三十日的總借貸包括全部銀行貸款及債 券，約為人民幣 120,055 百萬元，而二零二五年十 二月三十一日總借貸包括全部銀行貸款及債券，約 為人民幣 113,435 百萬元。銀行貸款及債券的到期 還款期限分佈在五年期間，分別須於一年期內償還 約人民幣 43,860 百萬元，於第二至第五年期內償還 約人民幣 76,195 百萬元。本集團借款需求不受季節 性影響，且本集團擁有足夠的流動性以滿足日常流 動資金管理及資本開支需求。 截至二零二六年六月三十日止六個月，應收類款項 （含應收賬款，合同資產，應收款項融資） 週轉期 約30 日，而截至二零二五年同期則約為 33 日，無 明顯變化。存貨週轉期截至二零二六年六月三十日 止六個月約為 109 日，截至二零二五年同期則約為 79 日，變化的主要原因為海外業務增加，海運週期 長，導致存貨平均餘額的同期增幅比營業成本的同 期增幅大。 資本架構 本集團財務處的職責是負責本集團的財務風險管理 工作並根據高級管理層實行批核的政策運作。於二 零二六年六月三十日，借貸主要以人民幣結算，而 其現金及現金等價物則主要以人民幣及美元持有。 本集團於期內維持適當的股本及債務組合，以確保 具備有效的資本架構。於二零二六年六月三十日， 本集團尚未償還貸款包括人民幣貸款及外幣貸款， 該等尚未償還貸款中約 48%（二零二五年十二月三十 一日：43%） 按固定利率計息，其餘則按浮動利率計 息。 Liquidity and Financial Resources During the Period, the Group recorded an operating cash inflow of approximately RMB37,335 million, as compared to an operating cash inflow of approximately RMB31,833 million in the first half of last year. The increase in cash inflow of the Group during the Period was mainly attributable to the decrease in the cash paid for purchase of goods and receipt of services. Total borrowings as at 30 June 2026, including all bank loans and bonds, were approximately RMB120,055 million, compared with approximately RMB113,435 million of total borrowings as at 31 December 2025, including all bank loans and bonds. The maturity profile of bank loans and bonds spread over a period of five years, with approximately RMB43,860 million repayable within one year, approximately RMB76,195 million repayable within the second to fifth years. The Group ’s requirements for borrowings are unaffected by seasonality and the Group had adequate liquidity to meet its daily liquidity management and capital expenditure requirements. For the six months ended 30 June 2026, the turnover days of receivables (including trade receivables, contract assets and financing receivables) were approximately 30 days as compared to approximately 33 days for the corresponding period in 2025, with no significant change. The inventory turnover days were approximately 109 days for the six months ended 30 June 2026 as compared to approximately 79 days for the corresponding period in 2025, which was mainly due to the increase in overseas business and the long shipping cycle, leading to a higher period- on-period growth in the average balance of inventories than that of the operating costs. Capital Structure The Group ’s financial division is responsible for the Group ’s financial risk management which operates according to policies implemented and approved by senior management. As at 30 June 2026, borrowings were mainly settled in RMB, while its cash and cash equivalents were mainly held in RMB and USD. The Group maintained an appropriate mix of equity and debt to ensure an effective capital structure during the Period. As at 30 June 2026, all of the Group ’s outstanding loans include RMB loans and foreign currency loans, of which approximately 48% (31 December 2025: 43%) bore fixed interest rates and the rest bore floating interest rates.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 43 Management Discussion and Analysis ؓ The Group monitors its capital using a gearing ratio, which is net debt divided by equity. The Group ’s policy is to maintain the gearing ratio as low as possible. Net debt includes debt capital less monetary funds. Equity represents equity attributable to owners of the parent company. Therefore, the Group ’s gearing ratio as at 30 June 2026 and 31 December 2025 was 31% and 25%, respectively. As at 30 June 2026 and 31 December 2025, there were no assets of the Group which were pledged as collateral for long- term borrowings. As at 30 June 2026, the Group had cash and bank balances of approximately RMB481,451,000 (31 December 2025: RMB2,029,690,000) which were subject to restrictions as deposits of bank acceptance bills and cash and bank balances of approximately RMB2,400,367,000 (31 December 2025: RMB4,667,860,000) which were subject to restrictions as guarantee deposits, bid bond and others. Exposure to Foreign Exchange Risk Most of the Group ’s income and expenditure are settled in RMB and US dollars. The derivative financial instruments contracts entered into by the Group are the foreign currency forward contracts with banks to reduce its exchange rate risk exposure. For details, please refer to note 15.(3) to the financial statements in this report. During the Period, the Group did not experience any significant difficulties in or impacts on its operations or liquidity due to fluctuations in currency exchange 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. Employment, Training and Development As at 30 June 2026, the Group had approximately 911.9 thousand employees. During the Period, total staff cost accounted for approximately 17.9% of the Group ’s turnover. Employees ’ remuneration was determined based on performance, qualifications and prevailing industry practices, with compensation policies being reviewed on a regular basis. Bonuses were also awarded to employees based on the appraisal of their annual performance. Incentives were offered to encourage personal motivation. 本集團透過使用資本負債比率 （即負債淨額除以權 益） 監管其資本。本集團的政策為盡量維持低資本負 債比率。負債淨額包括債務資本減去貨幣資金。權 益為母公司擁有人應佔權益。故本集團於二零二六 年六月三十日及二零二五年十二月三十一日的資本 負債比率為 31% 和25%。 於二零二六年六月三十日及二零二五年十二月三十 一日，本集團均無以任何資產作為抵押取得長期借 款。於二零二六年六月三十日，本集團有人民幣約 481,451 千元 （二零二五年十二月三十一日：人民幣 2,029,690 千元） 的貨幣資金作為銀行承兌匯票出票 保證金而受限，另有人民幣約 2,400,367 千元 （二零 二五年十二月三十一日：人民幣 4,667,860 千元） 作 為信用保證金、投標保證金及其他受限性質而受限。 外匯風險 本集團大部分收入及開支以人民幣及美元結算。本 集團與銀行訂立了衍生金融工具合同，為外匯遠期 合同，以減低其匯率風險敞口。有關詳情，請參閱 本報告財務報表附註 15.(3)。期內，本集團並無因貨 幣匯率的波動而令其營運或流動資金出現任何重大 困難或影響。董事相信，本集團將有充足外幣應付 其外匯需要，並將採取切實有效的方法防範外匯匯 兌風險。 僱用、培訓及發展 於二零二六年六月三十日，本集團僱用約 91.19 萬 名員工。期內，員工成本總額佔本集團營業額約 17.9%。本集團按僱員的表現、資歷及當時的行業 慣例釐定給予僱員的報酬，而酬金政策會定期檢 討。根據年度工作表現評核，僱員或會獲發花紅及 獎金。發放獎勵乃作為個人推動力的鼓勵。
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44 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 為了更好地培養和留住人才，比亞迪建立了獨特的 人才培訓體系，營造了多層次、全方位的學習與發 展組織氛圍，持續提升公司的人才競爭力。 比亞迪為員工設計並建立了管理、技術、技能、專 業等多通道的人才培養體系，針對不同群體的員工 設置了相應的培養專項，通過案例教學、導師制、 鐵軍訓練營、訓戰結合等方式，用 「優秀培養優秀， 讓成功複製成功」 ，持續提升人才梯隊的戰鬥力。 在員工職業發展方面，比亞迪的目標是建立一個公 平、公正的人才發展平台。我們通過管理指標評 審、技術職稱認證、技能等級認證體系，打造 「管理 +技術+技能+專業」 的多人才發展通道。 此外，本集團亦已採納二零二四年員工持股計劃 （ 「二零二四年員工持股計劃」 ） 及二零二五年員工持 股計劃 （ 「二零二五年員工持股計劃」 ） ，均已獲本公 司股東分別於二零二四年十一月五日及二零二五年 四月十五日舉行的臨時股東會上批准。於二零二六 年六月三十日，二零二四年員工持股計劃及二零二 五年員工持股計劃為本公司有效員工持股計劃。 有關二零二四年員工持股計劃及二零二五年員工持 股計劃的進一步詳情，請分別參閱本報告以下標題 為 「二零二四年員工持股計劃」 及 「二零二五年員工 持股計劃」 章節。 In order to better cultivate and retain talent, BYD has established a unique talent training system, created a multi-level and comprehensive learning and development organizational atmosphere, and continuously improved the Company ’ s talent competitiveness. BYD has designed and established a multi-channel talent training system for employees in terms of management, technology, skills, and specialties, and has set up corresponding training projects for different groups of employees. Through case teaching, mentorship system, the Tiejun training camp, and a combination of training and practice, etc., the Company leverages the philosophy “cultivating excellence with excellence, allowing success to replicate success ”, to continuously improve the talent echelon ’s competitiveness. In terms of employee career development, BYD aims to establish a fair and just talent development platform. Through management indicator evaluation, technical title certification and skill level certification system, the Company has built a multi-talent development channel of “management, technology, skills, and specialties ”. In addition, the Group had also adopted the 2024 Employee Share Ownership Plan (the “2024 ESOP ”) and the 2025 Employee Share Ownership Plan (the “2025 ESOP ”), which were approved by the shareholders of the Company at the extraordinary general meetings held on 5 November 2024 and 15 April 2025 respectively. As at 30 June 2026, the 2024 ESOP and the 2025 ESOP were effective employee share ownership plans of the Company. For further details of the 2024 ESOP and the 2025 ESOP, please refer to the sections headed “2024 Employee Share Ownership Plan” and “2025 Employee Share Ownership Plan ” below of this report respectively.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 45 Management Discussion and Analysis ؓ 2024 EMPLOYEE SHARE OWNERSHIP PLAN Reference is made to the circular dated 18 October 2024 (the “2024 Circular ”) of the Company in relation to, among others, the adoption of the 2024 Employee Share Ownership Plan (Draft) of the Company. The adoption was approved by the shareholders of the Company at the extraordinary general meeting of the Company held on 5 November 2024. The 2024 ESOP is a discretionary employee share ownership plan of the Company and does not involve the grant of options to issue new Shares or any other new securities of the Company (or any of its subsidiaries). The 2024 ESOP is beneficial for the Company to establish and improve the benefit sharing mechanism, further improve the corporate governance structure, enhance the cohesion of employees and the competitiveness of the Company, realizing its long-term sustainable development. Participants include middle management and core employees of the Group and do not include the controlling shareholder, shareholders holding more than 5% of the Shares, the actual controller, directors, then- supervisors and senior management of the Company. The total 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 (including but not limited to centralized bidding transactions, block transactions, transfer by agreement, etc.) and other methods permitted by laws and regulations (the “2024 ESOP Underlying Shares ”). The 2024 ESOP Underlying Shares are divided into “units” for subscription and the subscription price for each unit is RMB1.00. The aggregate number of units of the 2024 ESOP shall not exceed 220 million, and the total amount of subscription funds involved shall not exceed RMB220 million. The sources of funds shall be the legitimate remuneration of employees, self-raised funds and other sources permitted by laws and regulations. The Company does not provide financial assistance of any form to the participants or provide 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. 二零二四年員工持股計劃 茲提述本公司日期為二零二四年十月十八日的通函 （ 「二零二四年通函」 ） ，內容有關 （其中包括） 採納本 公司二零二四年員工持股計劃 （草案） 。本公司股東 於本公司二零二四年十一月五日舉行的臨時股東會 上批准採納。 二零二四年員工持股計劃為本公司的一項酌情員工 持股計劃，並不涉及授出發行新股份或本公司 （或其 任何附屬公司） 任何其他新證券的期權。 二零二四年員工持股計劃有利於本公司建立和完善 利益共享機制，進一步完善企業管治結構，提高員 工凝聚力和本公司競爭力，實現企業的長遠可持續 發展。參與對象包括本集團中層管理人員及核心骨 幹員工，不包括本公司控股股東、持股 5% 以上股 東、實際控制人、董事、時任監事及高級管理人 員。參與對象的總人數不超過 150 人，最終人數及 名單根據員工實際繳款情況確定，不涉及公司的關 連人士。 二零二四年員工持股計劃涉及通過二級市場購買 （包 括但不限於集中競價交易、大宗交易、協議轉讓等） 等法律法規許可的方式取得並持有 A股股票 （ 「二零 二四年員工持股計劃標的股票」 ） 。二零二四年員工 持股計劃標的股票以 「份」 作為認購單位，每份份 額的認購價格為人民幣 1.00 元。二零二四年員工持 股計劃份額合計不超過 22,000 萬份，涉及的資金總 額不超過人民幣 22,000 萬元。資金來源為員工合法 薪酬、自籌資金以及法律、行政法規允許的其他方 式。本公司不以任何方式為二零二四年員工持股計 劃的參與對象提供財務資助或為其貸款提供擔保， 亦不涉及第三方為員工參加本員工持股計劃提供獎 勵、資助、補貼、兜底等安排。
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46 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ A total of 664,755 A Shares had been purchased under the 2024 ESOP in 2024. Upon the completion of the 2024 Profit Distribution Plan and Capital Reserve Capitalization Plan on 29 July 2025 of the Company ( “2024 Profit Distribution Plan and Capital Reserve Capitalization Plan ”), the total number of A Shares purchased under the 2024 ESOP has been adjusted from 664,755 A Shares to 1,994,265 A Shares, representing approximately 0.0219% of the total number of shares of the Company in issue as at the date of this report. The total number of Shares held by each individual employee of the Company corresponding to his/her interests in the unit of the 2024 ESOP shall not in aggregate exceed 1% of the total issued share capital of the Company cumulatively. The first lock-up period of the 2024 ESOP expired on 27 November 2025, and 20% of the total number of shares of the Company maintained under the 2024 ESOP were vested, which corresponds to 398,853 A Shares (corresponding to the number of shares after the completion of the 2024 Profit Distribution Plan and Capital Reserve Capitalization Plan), representing approximately 0.0044% of the total number of shares of the Company in issue as at the date of this report. The weighted average closing price of the Company ’s A Shares was RMB95.09 per share on the trading day immediately preceding the vesting date. The term of the 2024 ESOP shall be 72 months from the date on which the 2024 ESOP was considered and approved at the general meeting of the Company and the Company announces the completion of purchase of the last tranche of the Underlying Shares, which is 27 November 2024. Thus, the remaining life of the 2024 ESOP is about 53 months as of 30 June 2026. If not extended, the 2024 ESOP will be terminated automatically upon the expiry of its term. 2025 EMPLOYEE SHARE OWNERSHIP PLAN Reference is made to the circular dated 21 March 2025 (the “2025 Circular ”) of the Company in relation to, among others, the adoption of the 2025 Employee Share Ownership Plan (Draft) of the Company. The adoption was approved by the shareholders of the Company at the extraordinary general meeting of the Company held on 15 April 2025. 於二零二四年，二零二四年員工持股計劃已累計購 買664,755 股A股股票。本公司於二零二五年七月二 十九日實施完成二零二四年度利潤分配方案及資本 公積金轉增股本方案 （ 「二零二四年度利潤分配方案 及資本公積金轉增股本方案」 ） 後，二零二四年員工 持股計劃累計購買 A股股票數量由 664,755 股變更至 1,994,265 股，約佔於本報告日本公司已發行股份總 數的 0.0219%。單個員工所持二零二四年員工持股 計劃份額對應的股票總數累計不超過公司已發行股 本總額的 1%。二零二四年員工持股計劃第一個鎖定 期已於二零二五年十一月二十七日屆滿，已解鎖比 例為二零二四年員工持股計劃持有公司股票總數的 20%，對應的標的股票數量 398,853 股A股股票 （對 應為二零二四年度利潤分配方案及資本公積金轉增 股本方案實施完成後的股票數量） ，約佔本公司於本 報告日已發行股份總數的 0.0044%。於解鎖日前一 交易日，本公司 A股股票的加權平均收盤價為人民幣 95.09 元╱股 。 二零二四年員工持股計劃的存續期為 72 個月，自二 零二四年員工持股計劃經本公司股東會審議通過且 本公司公告最後一筆標的股票購買完成之日 （二零二 四年十一月二十七日） 起算。因此，截至二零二六年 六月三十日，二零二四年員工持股計劃剩餘期限約 為53 個月。倘未經延長，二零二四年員工持股計劃 將在存續期屆滿後自動終止。 二零二五年員工持股計劃 茲提述本公司日期為二零二五年三月二十一日的通 函 （ 「二零二五年通函」 ） ，內容有關 （其中包括） 採納 本公司二零二五年員工持股計劃 （草案） 。本公司股 東於本公司二零二五年四月十五日舉行的臨時股東 會上批准採納。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 47 Management Discussion and Analysis ؓ The 2025 ESOP is a discretionary employee share ownership plan of the Company and does not involve the grant of options to issue new Shares or any other new securities of the Company (or any of its subsidiaries). The 2025 ESOP is beneficial for the Company to establish and improve the benefit sharing mechanism, further improve the corporate governance structure, enhance the cohesion of employees and the competitiveness of the Company, realizing its long-term sustainable development. Participants include the then- employee representative supervisors and senior management of the Company, and the middle management and core employees of the Group and do not include the controlling shareholder, shareholders holding more than 5% of the Shares, the actual controller, directors and chief executives and their respective associates of the Company. The total number of participants shall not exceed 25,000 persons. The 2025 ESOP involves A Shares purchased in secondary market (including but not limited to centralized bidding transactions, block transactions, etc.) and other methods permitted by laws and regulations (the “2025 ESOP Underlying Shares ”). The 2025 ESOP Underlying Shares are divided into “units” for subscription and the subscription price for each unit is RMB1.00. The aggregate number of units of the 2025 ESOP shall not exceed 4,100 million, and the total amount of subscription funds involved shall not exceed RMB4,100 million. The sources of funds shall be the incentive fund withdrawn by the Group, the legitimate remuneration of employees, the self-raised funds of employees and other sources permitted by laws and regulations. The Company does not provide financial assistance of any form to the participants or provides 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 2025 ESOP. 二零二五年員工持股計劃為本公司的一項酌情員工 持股計劃，並不涉及授出發行新股份或本公司 （或其 任何附屬公司） 任何其他新證券的期權。 二零二五年員工持股計劃有利於本公司建立和完善 利益共享機制，進一步完善企業管治結構，提高員 工凝聚力和本公司競爭力，實現企業的長遠可持續 發展。參與對象包括本公司時任職工代表監事、高 級管理人員、本集團中層管理人員及核心骨幹員 工，不包括本公司控股股東、持股 5% 以上股東、實 際控制人、董事及最高行政人員及其聯繫人。參與 對象的總人數不超過 25,000 人。 二零二五年員工持股計劃涉及通過二級市場購買 （包 括但不限於集中競價交易、大宗交易等） 等法律法 規許可的方式取得並持有本公司 A股股票 （ 「二零二 五年員工持股計劃標的股票」 ） 。二零二五年員工持 股計劃標的股票以 「份」 作為認購單位，每份份額的 認購價格為人民幣 1.00 元。二零二五年員工持股計 劃份額合計不超過 410,000 萬份，涉及的資金總額 不超過人民幣 410,000 萬元。資金來源為集團提取 的激勵基金、員工合法薪酬、員工自籌資金以及法 律、行政法規允許的其他方式。本公司不以任何方 式為二零二五年員工持股計劃的參與對象提供財務 資助或為其貸款提供擔保，亦不涉及第三方為員工 參加本員工持股計劃提供獎勵、資助、補貼、兜底 等安排。
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48 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ A total of 10,714,990 A Shares had been purchased under the 2025 ESOP in 2025. Upon the completion of the 2024 Profit Distribution Plan and Capital Reserve Capitalization Plan on 29 July 2025 of the Company, the total number of A Shares purchased under the 2025 ESOP has been enlarged from 10,714,990 A shares to 32,144,970 A shares, representing approximately 0.3526% of the total number of issued shares of the Company as at the date of this report. The total number of Shares held by each individual employee of the Company corresponding to his/her interests in the unit of the 2025 ESOP shall not in aggregate exceed 1% of the total issued share capital of the Company. The term of the 2025 ESOP shall be 48 months from the date on which the 2025 ESOP was considered and approved at the general meeting of the Company and the Company announced the completion of purchase of the last tranche of the 2025 ESOP Underlying Shares, which is 23 May 2025. Thus, the remaining life of the 2025 ESOP is about 35 months as of 30 June 2026. If not extended, the 2025 ESOP will be terminated automatically upon the expiry of its term. As the 2024 ESOP and the 2025 ESOP only involve existing Shares, no new Shares will be issued pursuant to the 2024 ESOP and/or the 2025 ESOP. The number of Shares that may be issued under the 2024 ESOP and the 2025 ESOP during the Period divided by the weighted average number of Shares in issue for the Period is nil. For details of the 2024 ESOP and the 2025 ESOP, please refer to the table below and note 11 to the financial statements in this report, respectively. 於二零二五年，二零二五年員工持股計劃累計購 買10,714,990 股A股股票。本公司於二零二五年七 月二十九日實施完成二零二四年度利潤分配方案及 資本公積金轉增股本方案後，二零二五年員工持股 計劃累計購買 A股股票數量由 10,714,990 股擴大至 32,144,970 股，約佔於本報告日本公司已發行股份 總數的 0.3526%。單個員工所持二零二五年員工持 股計劃份額對應的股票總數累計不超過本公司已發 行股本總額的 1%。二零二五年員工持股計劃的存續 期為48 個月，自二零二五年員工持股計劃經本公司 股東會審議通過且本公司公告最後一筆二零二五年 員工持股計劃標的股票購買完成之日 （二零二五年五 月二十三日） 起算。因此，截至二零二六年六月三 十日，二零二五年員工持股計劃剩餘期限約為 35 個 月。倘未經延長，二零二五年員工持股計劃將在存 續期屆滿後自動終止。 由於二零二四年員工持股計劃及二零二五年員工持 股計劃僅涉及現有股份，故概不會根據二零二四年 員工持股計劃及 ╱ 或二零二五年員工持股計劃發行 新股份。於期內根據二零二四年員工持股計劃及二 零二五年員工持股計劃可能發行的股份數目除以於 期內已發行股份的加權平均數為零。 有關二零二四年員工持股計劃及二零二五年員工持 股計劃的具體內容分別詳見下方表格以及本報告財 務報表附註 11。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 49 Management Discussion and Analysis ؓ List out below are the details of movement of the A Shares under the 2024 ESOP and the 2025 ESOP during the Period: Type of participants 參與對象類別 No. of A shares available for grant (or subscription)/ ungranted (or unsubscribed) as at 1 January 2026 No. of unvested A shares granted (or subscription) during the Period No. of A shares vested during the Period Closing price of A shares immediately preceding the vesting date (RMB) No. of A shares cancelled during the Period No. of A shares lapsed during the Period No. of A shares available for grant (or subscription)/ ungranted (or unsubscribed) as at 30 June 2026 於 二零二六年 一月一日 可供授予 （或認購） 的 A股股票 ╱ 未授予 （或未認購） A股股票數目 於期內 授予 （或認購） 的未解鎖 A股 股票數目 於期內 解鎖的A股 股票數目 緊接 解鎖日期前 的A股股票 收盤價 （人民幣元） 於期內 註銷的A股 股票數目 於期內 失效的A股 股票數目 於 二零二六年 六月三十日 可供授予 （或認購） 的 A股股票 ╱ 未授予 （或未認購） A股股票數目 2024 ESOP 二零二四年員工持股計劃 Middle level management and core backbone employees of BYD Group (Note 1) 比亞迪集團的中層管理人員及 核心骨幹員工（附註1） 0 (Note 2) （附註2） 0 (Note 2) （附註2） 0 N/A 不適用 0 0 0 (Note 2) （附註2） 2025 ESOP 二零二五年員工持股計劃 The then-employee representative supervisors and senior management of the Company, middle level management and core backbone employees of BYD Group (Note 1) 公司的時任職工代表監事、 高級管理人員、比亞迪集團的 中層管理人員及核心骨幹員工 （附註1） 0 (Note 3) （附註3） 0 (Note 3) （附註3） 0 N/A 不適用 0 9,643,491 (Note 4) （附註4） 0 (Note 3) （附註3） Notes: (1) The participants of the 2024 ESOP and the 2025 ESOP do not include Directors, chief executives or substantial Shareholders or their respective associates; or any related entities or service providers of the Company. There were no participants who were granted awards exceeding a 1% individual limit. 下文載列於期內二零二四年員工持股計劃及二零二 五年員工持股計劃項下 A股股票的變動詳情： 註： (1) 二零二四年員工持股計劃及二零二五年員工持 股計劃參與對象均不含本公司董事、最高行政 人員或主要股東又或其各自的聯繫人；不含本 公司關連實體參與者或服務提供者；沒有任何 參與對象獲得超過 1%個人限額的獎勵。
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50 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ (2) 二零二四年員工持股計劃使用員工合法薪酬及 自籌資金於二級市場購買標的股票已於二零二 四年十一月二十七日完成，合計購買 664,755 股A 股股票。所有二零二四年員工持股計劃標 的股票已全部於二零二四年十一月二十七日完 成認購。於完成二零二四年度利潤分配方案及 資本公積金轉增股本方案後，根據二零二四年 員工持股計劃購買的 A股總數由 664,755 股擴大 至1,994,265 股。緊接全部完成認購日期前一 交易日本公司 A股股票收盤價為人民幣 281.01 元 ╱ 股。根據適用會計政策及基於認購日期 的A股股票收盤價人民幣 281.00 元，於全部完 成認購日期，認購股票的公允價值為人民幣 186,796,155 元。 二零二四年員工持股計劃持有的 A 股股票分五 批解鎖： (a) 第一個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二四年十 一月二十七日） 起算滿12 個月，解鎖數 量為二零二四年員工持股計劃所持有標 的股票總數的 20%； (b) 第二個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二四年十 一月二十七日） 起算滿24 個月，解鎖數 量為二零二四年員工持股計劃所持有標 的股票總數的 20%； (2) The purchase of the underlying shares based on employees ’ legitimate remuneration and self-raised funds in the secondary market under the 2024 ESOP was completed on 27 November 2024, in which an aggregate of 664,755 A Shares were purchased. All underlying shares under the 2024 ESOP were fully subscribed on 27 November 2024. Upon the completion of the 2024 Profit Distribution Plan and Capital Reserve Capitalization Plan, the total number of A Shares purchased under the 2024 ESOP has been enlarged from 664,755 A Shares to 1,994,265 A Shares. The closing price of the Company ’s A shares was RMB281.01 per share on the trading day immediately preceding the date of completion of full subscription. Pursuant to the applicable accounting policy and based on the closing price of A Shares of RMB281.00 on the subscription date, the fair value of the subscribed shares as at the date of completion of full subscription was RMB186,796,155. The A Shares under the 2024 ESOP will be unlocked in five tranches: (a) The first unlocking period shall be after 12 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 27 November 2024), with the number of shares to be unlocked being 20% of the total number of underlying shares under the 2024 ESOP; (b) The second unlocking period shall be after 24 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 27 November 2024), with the number of shares to be unlocked being 20% of the total number of underlying shares under the 2024 ESOP;
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 51 Management Discussion and Analysis ؓ (c) The third unlocking period shall be after 36 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 27 November 2024), with the number of shares to be unlocked being 20% of the total number of underlying shares under the 2024 ESOP; (d) The fourth unlocking period shall be after 48 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 27 November 2024), with the number of shares to be unlocked being 20% of the total number of underlying shares under the 2024 ESOP; (e) The fifth unlocking period shall be after 60 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 27 November 2024), with the number of shares to be unlocked being 20% of the total number of underlying shares under the 2024 ESOP; and （f） The unlocking of the shares to be granted is not subject to the fulfillment of specific conditions. For further details of the 2024 ESOP, please refer to the 2024 Circular. (3) The 2025 ESOP was adopted on 15 April 2025. The purchase of underlying shares in the secondary market under the 2025 ESOP was completed on 23 May 2025, in which an aggregate of 10,714,990 A Shares were purchased. All underlying shares under the 2025 ESOP were fully subscribed on 23 May 2025. Upon the completion of the 2024 Profit Distribution Plan and Capital Reserve Capitalization Plan, the total number of A Shares purchased (and subscribed) under the 2025 ESOP has been increased from 10,714,990 to 32,144,970. The closing price of the Company ’s A shares was RMB398.80 per share on the trading day immediately preceding the date of completion of full subscription. Pursuant to the applicable accounting policy and based on the closing price of A Shares of RMB405.00 per share on the subscription date, the fair value of the subscribed shares as at the date of completion of full subscription was RMB4,339,570,950. (c) 第三個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二四年十 一月二十七日） 起算滿36 個月，解鎖數 量為二零二四年員工持股計劃所持有標 的股票總數的 20%； (d) 第四個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二四年十 一月二十七日） 起算滿48 個月，解鎖數 量為二零二四年員工持股計劃所持有標 的股票總數的 20%； (e) 第五個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二四年十 一月二十七日） 起算滿60 個月，解鎖數 量為二零二四年員工持股計劃所持有標 的股票總數的 20%；及 （f） 擬授予股份的解鎖無須滿足相關特定條 件。有關二零二四年員工持股計劃的進 一步詳情，請參閱二零二四年通函。 (3) 二零二五年員工持股計劃於二零二五年四月十 五日獲採納。二零二五年員工持股計劃於二級 市場購買標的股票已於二零二五年五月二十三 日完成，合計購買 10,714,990 股A股股票。所 有二零二五年員工持股計劃標的股票已全部於 二零二五年五月二十三日完成認購。於完成二 零二四年度利潤分配方案及資本公積金轉增股 本方案後，根據二零二五年員工持股計劃購 買 （及認購） 的A 股總數已由 10,714,990 股增 至32,144,970 股。緊接全部完成認購日期前一 交易日本公司 A股股票收盤價為人民幣 398.80 元 ╱ 股。根據適用會計政策及基於認購日期的 A股股票收盤價人民幣 405.00 元 ╱ 股，於全部 完成認購日期，認購股票的公允價值為人民幣 4,339,570,950 元。
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52 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ The A Shares under the 2025 ESOP will be unlocked in three tranches: (a) The first unlocking period shall be after 12 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 23 May 2025), with the number of shares to be unlocked being 30% of the total number of underlying shares under the 2025 ESOP; (b) The second unlocking period shall be after 24 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 23 May 2025), with the number of shares to be unlocked being 30% of the total number of underlying shares under the 2025 ESOP; (c) The third unlocking period shall be after 36 months commencing from the date when the Company announces the completion of purchase of the last tranche of the underlying shares (i.e. 23 May 2025), with the number of shares to be unlocked being 40% of the total number of underlying shares under the 2025 ESOP; (d) The unlocking of the shares to be granted is subject to the fulfillment of relevant specific conditions. For the specific conditions for the unlocking of the shares, please refer to the 2025 Circular; and (e) The company performance appraisal indicator for the first unlocking of shares under the 2025 ESOP is the growth rate of operating income for the year of 2025 compared with the year of 2024, which should reach at least 10%, and the individual performance indicator should reach (1) “to be improved ” to be 80% unlocked, (2) “qualified or above ” to be 100% unlocked. (4) According to the 2025 ESOP, subject to the fulfilment of the unlocking conditions for unlocking the A Shares as detailed in note 3(e) above, 9,643,491 A Shares shall be vested on 23 May 2026 upon the expiry of the first lock-up period of the 2025 ESOP, representing approximately 0.1058% of the total number of Shares of the Company as at the date of this report. As the unlocking conditions for unlocking the A Shares detailed in note 3(e) above had not been fulfilled, such A Shares have lapsed. Save as disclosed, no share awards had been vested, lapsed or cancelled during the six months ended 30 June 2026. For further details of the vesting period, performance appraisal objectives (as conditions of the vesting of the equity instrument), please refer to the relevant circular of the Company and note 11 to the financial statements in this report. 二零二五年員工持股計劃持有的 A 股股票分三 批解鎖： (a) 第一個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二五年五 月二十三日） 起算滿12 個月，解鎖數量 為二零二五年員工持股計劃所持有標的 股票總數的 30%； (b) 第二個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二五年五 月二十三日） 起算滿24 個月，解鎖數量 為二零二五年員工持股計劃所持有標的 股票總數的 30%； (c) 第三個解鎖期，自本公司公告最後一筆 標的股票購買完成之日 （二零二五年五 月二十三日） 起算滿36 個月，解鎖數量 為二零二五年員工持股計劃所持有標的 股票總數的 40%； (d) 授予股票需滿足相關具體條件才可解 鎖。關於授予股票解鎖的具體標準，請 參閱二零二五年通函；及 (e) 二零二五年員工持股計劃第一個解鎖期 公司層面的業績考核指標為以二零二四 年營業收入為基數，二零二五年的營業 收入增長率不低於 10%。個人層面的考 核指標為：(1) 業績考核為待改進的， 個人層面解鎖比例為 80%； (2) 業績考 核為達標及以上的，個人層面解鎖比例 為100%。 (4) 根據二零二五年員工持股計劃，待達成上 文附註 3(e) 所詳述解鎖 A 股的解鎖條件後， 9,643,491 股A股將於二零二五年員工持股計 劃的第一個鎖定期屆滿時於二零二六年五月 二十三日歸屬，佔於本報告日期本公司股份 總數約 0.1058%。由於根據上文附註 3(e) 所 詳述解鎖 A 股股票的解鎖條件未獲達成，該 等A股股票已失效。 除所披露者外，於截至二零二六年六月三十日止六 個月，概無股份獎勵已歸屬、失效或註銷。 有關歸屬期、作為權益工具歸屬條件的績效考核目 標的進一步詳情，請參閱本公司相關通函及本報告 的財務報表附註 11。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 53 Management Discussion and Analysis ؓ SHARE CAPITAL As of 30 June 2026, the share capital of the Company is as follows: Number of shares in issue Approximate percentage (%) 已發行股份數目 約佔百分比 (%) A Shares A股 5,433,797,565 59.60% H Shares H股 3,683,400,000 40.40% Total 總數 9,117,197,565 100.00% SIGNIFICANT INVESTMENT HELD AND MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES During the Period, there was no significant investment held and no material acquisition or disposal of subsidiaries, associates or joint ventures. CAPITAL COMMITMENT Please refer to note 13 to the financial statements for details of capital commitments. As at the date of this report, there are currently no concrete plans to acquire any material investment or capital assets other than those conducted in the Group ’s ordinary course of business. CONTINGENT LIABILITIES Please refer to note 12 to the financial statements for details of contingent liabilities. EVENTS AFTER THE BALANCE SHEET DATE Please refer to note 16 to the financial statements for details of events after the balance sheet date. CORPORATE GOVERNANCE COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE (THE “CODE”) The board of directors of the Company (the “Board”) is committed to maintaining and ensuring high standards of corporate governance practices. 股本 於二零二六年六月三十日，本公司的股本如下： 所持重大投資及重大收購及出售附屬公司、 聯營公司及合營公司 於期內，概無所持重大投資及重大收購及出售附屬 公司、聯營公司及合營公司。 資本承擔 有關資本承擔業務的詳情，請參閱財務報表附註 13。於本報告日期，除於本集團日常業務過程中所 進行者外，本集團目前並無收購任何重大投資或資 本資產的具體計劃。 或有負債 有關或有負債的詳情，請參閱財務報表附註 12。 資產負債表日後事項 有關資產負債表日後事項的詳情，請參閱財務報表 附註16。 企業管治 遵守企業管治守則 （ 「守則」 ） 本公司董事會 （ 「董事會」 ） 致力維持並確保企業管治 常規處於高水平。
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54 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 本公司已實施企業管治常規，以遵照上市規則附錄 C1 所載守則的所有條文及大部分建議最佳應用守 則，惟偏離守則條文第 C.2.1 條者除外。 守則條文 C.2.1 守則條文 C.2.1 規定主席與行政總裁的角色應有區 分，並不應由一人同時兼任。 王傳福先生為本公司的主席兼行政總裁。董事會認 為此架構不會影響董事會與管理層兩者之間的權利 和職權的平衡。董事會由極具經驗和才幹的成員組 成，並定期開會，以商討影響本集團運作的事項。 透過董事會的運作，足以確保權利和職權得到平 衡。董事會相信此架構有助於建立穩健而一致的領 導權，使本集團能夠迅速及有效地作出及實施各項 決定。董事會對王先生充滿信心，相信委任他出任 主席兼行政總裁之職，會有利於本公司的業務發展。 遵守上市發行人董事進行證券交易的標準守 則 本公司已採用上市規則附錄 C3 所載的上市發行人董 事進行證券交易的標準守則 （ 「標準守則」 ） 作為董事 進行證券交易的操守守則。經向全體董事作出特定 查詢後，各董事確認在本期間內已遵守標準守則的 規定標準。 The Company has put in place corporate governance practices to comply with all the provisions and most of the recommended best practices of the Code as set out in Appendix C1 to the Listing Rules, except for the deviation from the code provision C.2.1. Code Provision C.2.1 Code provision C.2.1 stipulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Mr. Wang Chuan-fu is the Chairman and Chief Executive Officer of the Company. The Board considers that this structure will not impair the balance of power and authority between the Board and the management. The Board comprises experienced and high caliber individuals and meets regularly to discuss issues affecting operations of the Group. The balance of power and authority is ensured by the operation of the Board. The Board believes that this structure is conducive to strong and consistent leadership, enabling the Group to make and 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. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) as set out in Appendix C3 to the Listing Rules as the code of conduct regarding securities transactions by the Directors. Having made specific enquiry of all Directors, each of the Directors has confirmed compliance with the required standard set out in the Model Code during the Period.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 55 Management Discussion and Analysis ؓ DISCLOSURE PURSUANT TO RULE 13.51B(1) OF THE LISTING RULES Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in the information on Directors since the Company ’s 2025 annual report are set out as follows: Ms. Yu Ling has ceased to be an independent director of Jiangxi Runtian Industry Co., Ltd. ( 江西潤田實業股份有限公司 ) with effect from 11 August 2026. Save as disclosed above, there is no information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules. ISSUE, PURCHASE, SALE OR REDEMPTION OF THE COMPANY ’S LISTED SECURITIES Neither the Company nor any of its subsidiaries made any other purchase, sale, or redemption of any of the Company ’s listed securities (including the treasury shares, as applicable) during the six months ended 30 June 2026. There has been no issue of equity securities (including sale of treasury shares) by the Company for cash during the six months ended 30 June 2026. BOARD DIVERSITY POLICY The Board has adopted the Board Diversity Policy, which sets out the approach to the diversity of Board. The Company recognises the importance of diversity to corporate governance and an effective Board. The Board Diversity Policy aims to set out the approach to achieve Board diversity, so as to ensure that the Board members possess appropriate skills, experience and diverse views necessary for the business of the Company. In determining the Board composition, the Board and Nomination Committee of the Company consider a range of diversity elements, including but not limited to gender, age, cultural and educational background, professional experience, skills and knowledge. All appointments of the Board will be made based on merit and objective criteria while taking into full account the interest of the Board ’s diversity. 根據上市規則第 13.51B(1) 條進行的披露 根據上市規則第 13.51B(1) 條，自本公司二零二五年 年報，披露的董事資料變動如下： 喻玲女士不再擔任江西潤田實業股份有限公司獨立 董事，自二零二六年八月十一日起生效。 除上文所披露者，概無資料須根據上市規則第 13.51B(1) 條予以披露。 發行、買賣或贖回本公司上市證券 截至二零二六年六月三十日止六個月，本公司或其 任何附屬公司概無其他買賣或贖回本公司任何上市 證券 （包括庫存股 （如適用） ） 。截至二零二六年六月 三十日止六個月，本公司概無發行股本證券 （包括出 售庫存股） 以換取現金。 董事會多元化政策 董事會已採用多元化政策，其中載有董事會多元化 之方針。本公司認同董事會成員多元化對企業管治 及董事會行之有效的重要性，董事會成員多元化政 策旨在列載為達致董事會成員多元化而採取的方 針，以確保董事會根據本公司業務所需具備適當的 技能、經驗及多元化觀點。本公司董事會及提名 委員會在設定董事會成員組合時，會從多方面考慮 董事會成員多元化，包括但不限於性別、年齡、文 化及教育背景、專業經驗、技能及知識。董事會所 有委任均以用人唯才為原則，並以客觀準則考慮人 選，充分顧及董事會多元化的裨益。
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56 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 甄選人選將基於一系列多元化觀點及將定期審閱的 可計量目標。這些可計量目標包括但不限於性別、 年齡、文化背景、教育背景、專業經驗、技能、知 識及 ╱ 或服務年期等。最終將按所選人選的優點及 其將為董事會帶來的貢獻而作出決定。此外，根據 守則第一部分 J(a) 段，董事會應每年檢討發行人的 董事會多元化政策的實施情況及有效性。提名委員 會已履行其年內上述職責，包括甄選人選及審閱公 司的董事會多元化政策的實施情況及有效性。經考 慮本公司業務及發展需求，提名委員會認為現任董 事會在技能、經驗、知識、服務年限及獨立性方面 充分表現多樣化格局。 本公司董事會的可計量目標之一乃於董事會中包含 至少一名女性董事。於期內，本屆董事會其中一名 董事為女性，董事會將繼續採取積極措施，確保董 事會成員保持性別多元化，並着重將性別納入本公 司實現董事會多元化的考量因素之一。 審核委員會 本公司董事會下的審核委員會於二零二六年八月二 十八日召開會議，審閱本集團採用的會計政策及慣 例，並討論核數、內部監控、風險管理及財務申報 事宜 （包括截至二零二六年六月三十日止六個月的未 經審計財務報表） ，其後方向董事會建議批准有關事 宜。 The selection of candidates will be based on a range of diversity elements and measurable objectives which will be reviewed regularly. Such measurable objectives shall include, but not be limited to, gender, age, cultural and educational background, professional experience, skills, knowledge and/or terms of service. The final decision will be made according to the strengths of the candidate and his/her contribution that would bring to the Board. Furthermore, pursuant to paragraph J(a) of Part 1 of the Code, the Board should review the implementation and effectiveness of the issuer ’s policy on board diversity on an annual basis. The Nomination Committee has performed the above duties in terms of selection of candidates and review of the implementation 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. It is one of the measurable objectives of the Board to include at least one female Director on the Board. During the Period, one member of the current session of the Board was female. The Board will continue to take proactive measures to ensure the gender diversity of Board members, and will emphasise the inclusion of gender as one of the factors to be taken into consideration by the Company for achieving Board diversity. AUDIT COMMITTEE A meeting was convened by the Company ’s Audit Committee of the Board on 28 August 2026 to review the accounting policies and practices adopted by the Group and to discuss auditing, internal control, risk management and financial reporting matters (including reviewing the unaudited financial statements for the six months ended 30 June 2026) before recommending them to the Board for approval.
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 57 Management Discussion and Analysis ؓ The Audit Committee has reviewed the unaudited results of the Group for the six months ended 30 June 2026. INTERIM DIVIDEND The Board does not recommend the distribution of interim dividend for the six months ended 30 June 2026 (six months ended 30 June 2025: Nil). DIRECTORS ’ AND CHIEF EXECUTIVES ’ INTERESTS As at 30 June 2026, the interests and short positions of each of the Directors and chief executives of the Company in the shares, underlying shares and debentures of the Company or any associated corporation (within the meaning of Part XV of the Securities and Futures Ordinance (Cap 571 of the Laws of Hong Kong) ( “SFO”)) which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests which he is taken or deemed to have under such provisions of the SFO) or were required, pursuant to Section 352 of the SFO, to be entered into the register referred to therein, or which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers under the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, to be notified to the Company and the Hong Kong Stock Exchange were as follows: A shares of RMB1.00 each Name 姓名 Number of A shares A股數目 Approximate percentage of shareholding in total issued A shares (%) 持股量佔已發行 A股總數的 概約百分比 (%) Approximate percentage of shareholding in total issued share capital (%) 持股量佔已發行 股本總額的 概約百分比 (%) Wang Chuan-fu (Director and President) 王傳福 （董事兼總裁） 1,540,871,550 (L) (Note 1) （附註1） 28.36% 16.90% Lv Xiang-yang (Director) 呂向陽 （董事） 1,183,134,666 (L) (Note 2) （附註2） 21.77% 12.98% Xia Zuo-quan (Director) 夏佐全 （董事） 247,906,821 (L) 4.56% 2.72% (L) – Long Position 審核委員會已審閱本集團截至二零二六年六月三十 日止六個月的未經審計業績。 中期股息 董事會不建議派付截至二零二六年六月三十日止六 個月期間的中期股息 （截至二零二五年六月三十日止 六個月：無） 。 董事及最高行政人員權益 於二零二六年六月三十日，本公司董事及最高行政 人員各自於本公司或任何相聯法團 （定義見香港法例 第571 章證券及期貨條例 （ 「證券及期貨條例」 ） 第XV 部） 的股份、相關股份及債券中擁有根據證券及期貨 條例第XV 部第7及8分部須知會本公司及香港聯交所 的權益及淡倉 （包括根據證券及期貨條例有關條文持 有或被視為擁有的權益） ，或根據證券及期貨條例第 352 條須記錄於指定登記冊，或根據香港聯交所證 券上市規則的上市發行人董事進行證券交易的標準 守則須知會本公司及香港聯交所的權益如下： 每股面值人民幣 1.00 元的A股 (L)－ 好倉
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58 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 附註： 1. 在該1,540,871,550 股A股之中，不包含王傳福 先生通過易方達資產比亞迪增持 1號資產管理計 劃持有的 11,183,100 股A股股份。 2. 在該1,183,134,666 股A股之中，717,685,860 股 A 股由呂向陽先生以個人身份持有及 465,448,806 股A股由融捷投資控股集團有限公 司 （ 「融捷投資」 ，前稱為廣州融捷投資管理集 團有限公司） 持有。融捷投資則由呂向陽先生 及其配偶分別持有 89.5% 及10.5% 股權，因此 根據證券及期貨條例，呂向陽先生被視為於該 465,448,806 股A股中擁有權益。 每股人民幣 1.00 元的H股 Notes: 1. The 1,540,871,550 A shares did not include the 11,183,100 A shares held by Mr. Wang Chuan-fu in No.1 Assets Management Plan through E Fund BYD. 2. Of the 1,183,134,666 A shares, 717,685,860 A shares were held by Mr. Lv Xiang-yang in his personal capacity and 465,448,806 A shares were held by Youngy Investment Holding Group Co., Ltd. ( 融捷投資控股集團有限公司 ) (“Youngy Investment ”, formerly known as Guangzhou Youngy Management & Investment Group Company Limited ( 廣州融捷 投資管理集團有限公司 )). Youngy Investment was in turn held by Mr. Lv Xiang-yang and his spouse as to 89.5% and 10.5% of equity interests, respectively. Mr. Lv Xiang-yang was therefore deemed to be interested in the 465,448,806 A shares under the SFO. H shares of RMB1.00 each Name 姓名 Number of H shares H股數目 Approximate percentage of shareholding in total issued H shares (%) 持股量佔已發行 H股 總數的概約百分比 (%) Approximate percentage of shareholding in total issued share capital (%) 持股量佔已發行股本 總額的概約百分比 (%) Wang Chuan-fu (Director and President) 王傳福 （董事兼總裁） 3,000,000 (L) 0.08% 0.03% Xia Zuo-quan (Director) 夏佐全 （董事） 1,500,000 (L) (Note) （附註） 0.04% 0.02% (L) – Long Position Note: Of the 1,500,000 H shares, 585,000 H shares were held by Mr. Xia Zuo-quan as a beneficial owner and 915,000 H shares were held by Sign Investments Limited, which was wholly-owned by Mr. Xia Zuo- quan. Save as disclosed above, as at 30 June 2026, none of the Directors, or chief executives of the Company had any interest or short position in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which was required to be (a) recorded in the register to be kept by the Company pursuant to Section 352 of the SFO; or (b) notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers. (L)－ 好倉 附註： 於1,500,000 股H股之中，夏佐全先生以實益擁有人身 份持有 585,000 股H 股，而由夏佐全先生全資擁有的 Sign Investments Limited 則持有915,000 股H股。 除上述披露者外，於二零二六年六月三十日，概無 本公司董事或最高行政人員於本公司或其任何相聯 法團 （定義見證券及期貨條例第XV 部） 的股份、相關 股份或債權證中擁有權益或淡倉而須 (a) 記錄於本公 司根據證券及期貨條例第 352 條存置的登記冊內； 或(b) 根據上市發行人董事進行證券交易的標準守則 須知會本公司及香港聯交所。
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Interim Report 2026 ɚཧɚʬϋʕಂజѓ 59 Management Discussion and Analysis ؓ 擁有須予知會權益的股東 於二零二六年六月三十日，就本公司董事所知 （根據 相關人士於聯交所披露易網站所作出的權益披露） ， 以下人士 （不包括本公司董事及最高行政人員） 於本 公司股份及相關股份中擁有根據證券及期貨條例第 XV 部第2及3分部條文須向本公司及香港聯交所披露 或根據證券及期貨條例第 336 條載入本公司存置的 登記冊的權益或淡倉： 1. 每股面值人民幣 1.00 元的A股 (L)－ 好倉 附註： 融捷投資由本公司非執行董事呂向陽先生及其配偶分 別擁有 89.5% 及10.5% 權益。因此，根據證券及期貨條 例，呂先生被視為於融捷投資持有的 465,448,806 股A 股中擁有權益。 SHAREHOLDERS WITH NOTIFIABLE INTERESTS As at 30 June 2026, to the knowledge of the Directors of the Company based on the disclosure of interests made by relevant persons on the HKEXnews website, the following persons (other than the Directors and chief executives of the Company) had interests or short positions in the shares and underlying shares of the Company which were required to be disclosed to the Company and the Hong Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO, or were required to be entered in the register kept by the Company pursuant to Section 336 of the SFO: 1. A shares of RMB1.00 each Name 姓名 Number of A shares A股數目 Approximate percentage of shareholding in total issued A shares (%) 持股量佔已發行 A股 總數的概約百分比 (%) Approximate percentage of shareholding in total issued share capital (%) 持股量佔已發行股本 總額的概約百分比 (%) Youngy Investment (Note) 融捷投資（附註） 465,448,806 (L) 8.57% 5.11% (L) – Long Position Note: Youngy Investment is owned by Mr. Lv Xiang-yang, a non-executive Director of the Company, and his spouse, as to 89.5% and 10.5%, respectively. Mr. Lv is therefore deemed to be interested in the 465,448,806 A shares held by Youngy Investment under the SFO.
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60 BYD Company Limited ʮ̡ Management Discussion and Analysis ؓ 2. 每股面值人民幣 1.00 元的H股 (L)－ 好倉 (S)－ 淡倉 (P)－ 可供借出的股份 附註： 1. BlackRock, Inc. 的權益乃通過其各控制公司持 有，其中 1,970,300 股好倉，4,263,700 股淡倉 為現金交收非上市衍生工具及 615,353 股好倉 為可轉換文書的上市衍生工具。 2. JPMorgan Chase & Co. 的權益乃通過其各 控制公司持有，其中 12,873,500 股好倉及 10,004,500 股淡倉為實物交收上市衍生工 具，30,950 股好倉及 1,455,849 股淡倉為現 金交收上市衍生工具， 7,666,065 股好倉及 15,859,319 股淡倉為實物交收非上市衍生工 具，59,851,928 股好倉及 13,942,163 股淡倉為 現金交收非上市衍生工具，375,153 股好倉及 12,645,591 股淡倉為可轉換文書的上市衍生工 具。 於二零二六年六月三十日，本公司已發行股本總額 為人民幣 9,117,197,565 元，分為 5,433,797,565 股 每股面值人民幣 1.00 元的A股及3,683,400,000 股每 股面值人民幣 1.00 元的H股，全部為實收資本。 2. H shares of RMB1.00 each Name 姓名 Number of H shares H股數目 Approximate percentage of shareholding in total issued H shares (%) 持股量佔已發行 H股 總數的概約百分比 (%) Approximate percentage of shareholding in total issued share capital (%) 持股量佔已發行股本 總額的概約百分比 (%) BlackRock, Inc. (Note 1) BlackRock, Inc. （附註1） 250,136,922 (L) 4,498,300 (S) 6.79% 0.12% 2.74% 0.05% JPMorgan Chase & Co. (Note 2) JPMorgan Chase & Co. （附註2） 219,944,299 (L) 106,905,562 (S) 111,842,770 (P) 5.97% 2.90% 3.03% 2.41% 1.17% 1.23% (L) – Long Position (S) – Short position (P) – Lending pool Notes: 1. The interests of BlackRock, Inc. were held through its various controlled corporations, and of which 1,970,300 shares (L), 4,263,700 shares (S) were cash settled unlisted derivatives and 615,353 shares (L) were convertible instruments listed derivatives. 2. The interests of JPMorgan Chase & Co. were held through its various controlled corporations, and of which 12,873,500 shares (L) and 10,004,500 shares (S) were physically settled listed derivatives, 30,950 shares (L) and 1,455,849 shares (S) were cash settled listed derivatives, 7,666,065 shares (L) and 15,859,319 shares (S) were physically settled unlisted derivatives, 59,851,928 shares (L) and 13,942,163 shares (S) were cash settled unlisted derivatives, and 375,153 shares (L) and 12,645,591 shares (S) were convertible instruments listed derivatives. The total issued share capital of the Company as at 30 June 2026 was RMB9,117,197,565, divided into 5,433,797,565 A shares of RMB1.00 each and 3,683,400,000 H shares of RMB1.00 each, all fully paid up.
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61 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Consolidated Balance Sheet ڌ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 Note (Unaudited) (Audited) 附註 （未經審計） （經審計） Assets 資產 Current assets 流動資產 Monetary funds 貨幣資金 58,737,867 75,424,747 Financial assets held for trading 交易性金融資產 69,940,449 54,532,541 Derivative financial assets 衍生金融資產 536 – Trade receivables 應收賬款 7 50,126,342 37,004,685 Receivables financing 應收款項融資 9,430,688 5,484,126 Other receivables 其他應收款 3,937,074 3,153,552 Prepayments 預付款項 5,911,328 5,024,873 Inventories 存貨 189,990,772 138,420,580 Contract assets 合同資產 834,612 1,165,068 Non-current assets due within one year 一年內到期的非流動資產 12,691,165 20,533,911 Other current assets 其他流動資產 33,992,658 30,723,475 Total current assets 流動資產合計 435,593,491 371,467,558 Non-current assets 非流動資產 Long-term receivables 長期應收款 7,790,464 13,056,606 Long-term equity investments 長期股權投資 22,391,316 21,781,418 Other equity instrument investments 其他權益工具投資 12,814,042 8,610,322 Other non-current financial assets 其他非流動金融資產 3,289,585 3,079,960 Investment properties 投資性房地產 49,550 58,520 Fixed assets 固定資產 266,102,326 292,775,929 Construction in progress 在建工程 68,990,056 48,293,781 Right-of-use assets 使用權資產 9,230,371 9,082,775 Intangible assets 無形資產 45,692,713 41,485,229 Development expenditures 開發支出 6,484,382 5,971,312 Goodwill 商譽 4,427,571 4,427,571 Long-term deferred expenditures 長期待攤費用 3,212,627 4,171,222 Deferred tax assets 遞延所得稅資產 18,665,723 15,358,088 Other non-current assets 其他非流動資產 36,544,207 44,109,592 Total non-current assets 非流動資產合計 505,684,933 512,262,325 Total assets 資產總計 941,278,424 883,729,883 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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62 BYD Company Limited ʮ̡ Consolidated Balance Sheet ڌ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 Note (Unaudited) (Audited) 附註 （未經審計） （經審計） Liabilities 負債 Current liabilities 流動負債 Short-term borrowings 短期借款 37,645,979 38,484,710 Derivative financial liabilities 衍生金融負債 31,622 550,144 Bills payables 應付票據 8 53,413,166 22,463,883 Trade payables 應付賬款 9 176,356,021 186,742,375 Contract liabilities 合同負債 79,796,755 51,471,055 Employee benefits payables 應付職工薪酬 15,366,010 16,025,385 Tax payables 應交稅費 7,863,037 10,716,012 Other payables 其他應付款 105,921,363 119,482,902 Provision 預計負債 6,375,357 5,384,983 Non-current liabilities due within one year 一年內到期的非流動負債 3,452,964 6,311,964 Other current liabilities 其他流動負債 14,153,042 10,817,944 Total current liabilities 流動負債合計 500,375,316 468,451,357 Non-current liabilities 非流動負債 Long-term borrowings 長期借款 61,201,246 60,705,569 Bond payables 應付債券 14,993,800 4,997,910 Lease liabilities 租賃負債 8,610,454 8,620,487 Deferred tax liabilities 遞延所得稅負債 1,448,648 1,617,317 Other non-current liabilities 其他非流動負債 81,278,145 80,798,058 Total non-current liabilities 非流動負債合計 167,532,293 156,739,341 Total liabilities 負債合計 667,907,609 625,190,698 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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63 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Consolidated Balance Sheet ڌ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 後附財務報表附註為本財務報表的組成部分 財務報表由以下人士簽署： 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 Note (Unaudited) (Audited) 附註 （未經審計） （經審計） Shareholders ’ equity 股東權益 Shareholders ’ equity 股東權益 Share capital 股本 10 9,117,198 9,117,198 Other equity instruments 其他權益工具 20,846,860 18,733,984 Including: Perpetual bond 其中：永續債 20,846,860 18,733,984 Capital reserve 資本公積 95,621,643 95,276,659 Less: treasury shares 減：庫存股 3,988,271 3,988,271 Other comprehensive income 其他綜合收益 6,274,797 3,251,842 Special reserve 專項儲備 32,637 31,078 Surplus reserve 盈餘公積 7,794,688 7,794,688 Undistributed profit 未分配利潤 125,118,879 116,057,428 Total shareholders ’ equity attributable to the parent company 歸屬於母公司股東權益合計 260,818,431 246,274,606 Non-controlling interests 少數股東權益 12,552,384 12,264,579 Total shareholders ’ equity 股東權益合計 273,370,815 258,539,185 Total liabilities and shareholders ’ equity 負債和股東權益總計 941,278,424 883,729,883 The accompanying notes form an integral part of these financial statements The financial statements were signed by the following persons: Legal representative: Wang Chuan-fu Chief Financial Officer: Zhou Ya-lin Head of Accounting Department: 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
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64 BYD Company Limited ʮ̡ Consolidated Income Statement ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 Note (Unaudited) (Unaudited) 附註 （未經審計） （未經審計） I. Operating revenue 一、 營業收入 4 344,815,421 371,280,948 Less: Operating costs 減：營業成本 4 279,826,859 304,415,089 Tax and surcharge 稅金及附加 4,261,911 5,996,077 Selling expenses 銷售費用 12,523,014 12,410,973 Administrative expenses 管理費用 10,365,436 10,386,267 Research and development expenses 研發費用 23,307,152 29,596,366 Finance expenses 財務費用 5,096,026 (3,247,033) Including: Interest expenses 其中：利息費用 1,915,063 972,045 Interest income 利息收入 1,696,913 1,078,159 Add: Other income 加：其他收益 7,206,897 6,621,747 Investment (loss)/income 投資 （損失） ╱ 收益 (177,085) 1,375,879 Including: Investment income in associates and joint ventures 其中：對聯營企業和合營 企業的投資收益 519,299 654,547 Loss on derecognition of financial assets measured at amortised cost 以攤餘成本計量的金融 資產終止確認損失 (953,060) (47,946) Gains from changes in fair value 公允價值變動收益 225,782 373,458 Impairment losses on credit 信用減值損失 (465,413) (102,848) Impairment losses on asset 資產減值損失 (1,536,741) (1,254,303) Gains/(losses) on disposal of assets 資產處置收益 ╱ （損失） 55,115 (17,633) II. Operating profit 二、 營業利潤 14,743,578 18,719,509 Add: Non-operating income 加：營業外收入 267,415 805,131 Less: Non-operating expenses 減：營業外支出 396,906 614,625 III. Total profit 三、 利潤總額 14,614,087 18,910,015 Less: Income tax expenses 減：所得稅費用 5 2,280,028 2,871,076 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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65 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Consolidated Income Statement ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 Note (Unaudited) (Unaudited) 附註 （未經審計） （未經審計） IV. Net profit 四、 淨利潤 12,334,059 16,038,939 V. Classified by continuity of operation 五、 按經營持續性分類 Net profit from continuing operations 持續經營淨利潤 12,334,059 16,038,939 VI. Classified by ownership 六、 按所有權歸屬分類 Net profit attributable to shareholders of the parent company 歸屬於母公司所有者的淨利潤 12,325,408 15,510,533 Non-controlling interests 少數股東損益 8,651 528,406 VII. Earnings per share (RMB/share) 七、 每股收益 （元 ╱ 股） Basic earnings per share 基本每股收益 6 1.35 1.71 Diluted earnings per share 稀釋每股收益 6 1.35 1.71 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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66 BYD Company Limited ʮ̡ Consolidated Income Statement ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 Note (Unaudited) (Unaudited) 附註 （未經審計） （未經審計） VIII. Other comprehensive income 八、 其他綜合收益 2,990,041 856,060 Other comprehensive income/(loss) that cannot be reclassified to profit or loss 不能重分類進損益的其他綜合 收益 ╱ （虧損） Changes in fair value of other equity instrument investments 其他權益工具投資公允價值變動 4,101,311 (142,007) Income tax impact 所得稅影響 (200,056) 44,864 3,901,255 (97,143) Other comprehensive (loss)/income that will be reclassified to profit or loss 將重分類進損益的其他綜合 （虧損） ╱ 收益 Exchange difference on foreign currency translation 外幣報表折算差額 (867,094) 942,345 Changes in fair value of receivables financing 應收款項融資公允價值變動 (11,206) 5,444 (878,300) 947,789 Other comprehensive income attributable to non-controlling interests, net of tax 歸屬於少數股東的其他綜合收益的 稅後淨額 (32,914) 5,414 IX. Total comprehensive income 九、 綜合收益總額 15,324,100 16,894,999 Among which: 其中： Total comprehensive income attributable to shareholders of the parent company 歸屬於母公司股東的綜合收益 總額 15,348,363 16,361,179 Total comprehensive income attributable to non-controlling interests 歸屬於少數股東的綜合收益 總額 (24,263) 533,820 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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67 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Consolidated Statement of Changes in Owners’ Equity ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ For the six months ended 30 June 2026 (Unaudited) 截至二零二六年六月三十日止六個月期間 （未經審計） Shareholders ’ equity attributable to the parent company 歸屬於母公司股東權益 Share capital Other equity instruments Capital reserve Less: treasury shares Other comprehensive income Special reserve Surplus reserve Undistributed profit Sub-total Non- controlling interests Total shareholders ’ 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. Opening balance for the period 一、 本期期初餘額 9,117,198 18,733,984 95,276,659 3,988,271 3,251,842 31,078 7,794,688 116,057,428 246,274,606 12,264,579 258,539,185 II. Amount of change in the current period 二、 本期增減變動金額 (I) Total comprehensive income （一） 綜合收益總額 – – – – 3,022,955 – – 12,325,408 15,348,363 (24,263) 15,324,100 1 Amounts incurred for the period 1 本期發生 – – – – 3,022,955 – – 12,325,408 15,348,363 (24,263) 15,324,100 (II) Capital contribution and reduction by shareholders （二） 股東投入和減少資本 1 Ordinary shares contributed by shareholders 1 股東投入的普通股 – – – – – – – – – 392,000 392,000 2 Share-based payment recognized in shareholders ’ equity (note 11) 2 股份支付計入股東 權益的金額 （附註十一） – – 593,872 – – – – – 593,872 40,422 634,294 3 Capital contribution by other equity instruments holders 3 其他權益工具持有 者投入資本 – 18,863,988 – – – – – – 18,863,988 – 18,863,988 4 Capital reduction by other equity instruments holders 4 其他權益工具持有 者減少資本 – (16,751,112) (248,888) – – – – – (17,000,000) – (17,000,000) (III) Profit distribution （三） 利潤分配 1 Distribution to shareholders 1 對股東的分配 – – – – – – – (3,263,957) (3,263,957) (120,354) (3,384,311) (IV) Special reserve （四） 專項儲備 Appropriation for the period 本期提取 – – – – – 1,559 – – 1,559 – 1,559 III. Closing balance for the period 三、 本期期末餘額 9,117,198 20,846,860 95,621,643 3,988,271 6,274,797 32,637 7,794,688 125,118,879 260,818,431 12,552,384 273,370,815 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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68 BYD Company Limited ʮ̡ Consolidated Statement of Changes in Owners’ Equity ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ For the six months ended 30 June 2025 (Unaudited) 截至二零二五年六月三十日止六個月期間 （未經審計） Shareholders ’ equity attributable to the parent company 歸屬於母公司股東權益 Share capital Other equity instruments Capital reserve Less: treasury shares Other comprehensive income Special reserve Surplus reserve Undistributed profit Sub-total Non- controlling interests Total shareholders ’ 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. Opening balance for the period 一、 本期期初餘額 2,909,266 14,894,442 60,679,406 723,968 1,440,616 29,461 7,374,087 98,647,794 185,251,104 13,437,105 198,688,209 II. Amount of change in the current period 二、 本期增減變動金額 (I) Total comprehensive income （一） 綜合收益總額 – – – – 850,646 – – 15,567,329 16,417,975 533,820 16,951,795 1 Amounts incurred for the period 1 本期發生 – – – – 907,442 – – 15,510,533 16,417,975 16,417,975 2 Others 2 其他 – – – – (56,796) – – 56,796 – – – (II) Capital contribution and reduction by shareholders （二） 股東投入和減少資本 1 Ordinary shares contributed by shareholders 1 股東投入的普通股 129,800 – 39,944,968 – – – – – 40,074,768 112,000 40,186,768 2 Share-based payment recognized in shareholders ’ equity (note 11) 2 股份支付計入股東 權益的金額 （附註十一） – – 392,079 – – – – – 392,079 – 392,079 3 Capital contribution by other equity instruments holders 3 其他權益工具持有 者投入資本 – 16,748,087 – – – – – – 16,748,087 – 16,748,087 4 Capital reduction by other equity instruments holders 4 其他權益工具持有 者減少資本 – (9,929,334) (70,666) – – – – – (10,000,000) – (10,000,000) 5 Effect of the grant and vesting of restricted shares 5 授予和解鎖限制性 股票影響 – – – 3,988,271 – – – – (3,988,271) (3,988,271) 6 Others 6 其他 – – (520,598) – – – – – (520,598) (1,060,886) (1,581,484) (III) Profit distribution （三） 利潤分配 1 Distribution to shareholders 1 對股東的分配 – – – – – – – (12,077,248) (12,077,248) (438,210) (12,515,458) 2 Distribution to other equity instruments holders 2 對其他權益工具 持有者的分配 – – – – – – – (132,941) (132,941) – (132,941) (IV) Special reserve （四） 專項儲備 Appropriation for the period 本期提取 – – – – – 1,408 – – 1,408 – 1,408 III. Closing balance for the period 三、 本期期末餘額 3,039,066 21,713,195 100,425,189 4,712,239 2,291,262 30,869 7,374,087 102,004,934 232,166,363 12,583,829 244,750,192 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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69 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Consolidated Cash Flow Statement ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 Note (Unaudited) (Unaudited) 附註 （未經審計） （未經審計） I. Cash flows from operating activities: 一、 經營活動產生的現金流量： Cash received from sales of goods and provision of services 銷售商品、提供服務收到的現金 368,775,408 402,581,644 Tax rebates received 收到的稅費返還 13,658,521 8,717,878 Cash received from other activities relating to operations 收到其他與經營活動有關的現金 10,160,478 11,435,207 Sub-total of cash inflows from operating activities 經營活動現金流入小計 392,594,407 422,734,729 Cash paid for goods and services 購買商品、接受服務支付的現金 256,109,689 279,759,478 Cash paid to and on behalf of employees 支付給職工以及為職工支付的現金 58,977,378 64,426,198 Cash paid for various types of taxes 支付的各項稅費 26,181,733 31,494,335 Cash paid for other activities relating to operations 支付其他與經營活動有關的現金 13,990,863 15,221,247 Sub-total of cash outflows from operating activities 經營活動現金流出小計 355,259,663 390,901,258 Net cash flow from operating activities 經營活動產生的現金流量淨額 37,334,744 31,833,471 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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70 BYD Company Limited ʮ̡ Consolidated Cash Flow Statement ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 Note (Unaudited) (Unaudited) 附註 （未經審計） （未經審計） II. Cash flows from investing activities: 二、 投資活動產生的現金流量： Cash received from disposal of investments 收回投資收到的現金 30,941 40,997 Cash received from disposals of joint ventures or associates 處置合營或聯營公司所收到的現金 42,000 – Cash received from gains in investment 取得投資收益收到的現金 81,605 307,446 Net cash received from disposals of subsidiaries and other operating entities 處置子公司及其他營業單位收到 的現金淨額 14,258 66,961 Net cash received from disposals of fixed assets, intangible assets and other long-term assets 處置固定資產、無形資產和其他 長期資產收回的現金淨額 1,245,987 1,372,011 Cash received from other activities relating to investments 收到其他與投資活動有關的現金 29,054,214 17,662,221 Sub-total of cash inflows from investing activities 投資活動現金流入小計 30,469,005 19,449,636 Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets 購建固定資產、無形資產和其他 長期資產支付的現金 44,703,066 80,524,516 Net cash paid for acquisition of subsidiaries and other operating entities 收購子公司及其他營業單位支付 的現金淨額 48,677 183,492 Cash paid for investments 投資支付的現金 612,311 1,331,702 Cash paid for other activities relating to investments 支付其他與投資活動有關的現金 40,675,415 11,905,673 Sub-total of cash outflows from investing activities 投資活動現金流出小計 86,039,469 93,945,383 Net cash flows used in investing activities 投資活動使用的現金流量淨額 (55,570,464) (74,495,747)
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71 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Consolidated Cash Flow Statement ڌ Six months ended 30 June 2026 ˜ಂග RMB’000 ɛ͏࿆ɷʩ For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 Note (Unaudited) (Unaudited) 附註 （未經審計） （未經審計） III. Cash flows from financing activities: 三、 籌資活動產生的現金流量： Cash received from capital injection 吸收投資收到的現金 392,000 40,221,768 Including: Cash received by subsidiaries from capital contributions of minority shareholders 其中： 子公司吸收少數股東投資 收到的現金 392,000 147,000 Cash received from borrowings 取得借款收到的現金 56,616,967 24,295,394 Cash received from bonds issuance 發行債券收到的現金 14,995,284 9,999,048 Cash contribution by other equity instrument holders 其他權益工具持有者投入的 現金 19,300,000 17,000,000 Sub-total of cash inflows from financing activities 籌資活動現金流入小計 91,304,251 91,516,210 Cash paid for repayment of debts 償還債務支付的現金 65,080,208 23,761,503 Cash payments for distribution of dividends, profits or interest expenses 分配股利、利潤或償付利息支付 的現金 1,354,529 474,212 Including: Interests paid to other equity owners 其中： 支付給其他權益所有者 利息 270,435 250,417 Cash paid for redemption of perpetual bonds 贖回永續債支付的現金 17,000,000 10,000,000 Cash paid for other activities relating to financing 支付其他與籌資活動有關的 現金 1,481,667 7,622,756 Sub-total of cash outflows from financing activities 籌資活動現金流出小計 84,916,404 41,858,471 Net cash flows from financing activities 籌資活動產生的現金流量淨額 6,387,847 49,657,739 IV. Effect of foreign exchange rate changes on cash and cash equivalents 四、 匯率變動對現金及現金等價物的 影響 (928,239) 464,775 V. Net increase/(decrease) in cash and cash equivalents 五、 現金及現金等價物 淨增加 ╱ （減少） 額 (12,776,112) 7,460,238 Add: balance of cash and cash equivalents at the beginning of the period 加：期初現金及現金等價物餘額 68,395,197 102,256,542 VI. Balance of cash and cash equivalents at the end of the period 六、 期末現金及現金等價物餘額 55,619,085 109,716,780 後附財務報表附註為本財務報表的組成部分The accompanying notes form an integral part of these financial statements
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72 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 1、 基本情況 比亞迪股份有限公司 （ 「本公司」 ） 是一家在 中華人民共和國廣東省註冊成立的股份有限 公司。本公司前身為深圳市比亞迪實業有 限公司，二零零二年經原國家經貿委以 《關 於同意設立比亞迪股份有限公司的批覆》 （國經貿企改 [2002]153 號） 以及 《關於同意 比亞迪股份有限公司調整股本結構的複函》 （國經貿廳企改 [2002]348 號） 批准，深圳市 比亞迪實業有限公司以二零零二年四月三 十日經審計的淨資產為基礎，於二零零二 年六月十一日整體變更設立本公司。本公 司目前持有深圳市市場監督管理局頒發的 《企業法人營業執照》 （統一社會信用代碼： 91440300192317458F)。截至二零二六年 六月三十日，本公司所發行人民幣普通股 A 股為 5,433,798 千股已在深圳證券交易所上 市，H 股3,683,400 千股已在香港聯交所上 市。本公司住所為廣東省深圳市大鵬新區葵 涌街道延安路 1 號，辦公地址為廣東省深圳 市坪山區比亞迪路 3009 號。 本集團主要從事新能源汽車業務、電子業 務，二次充電電池及光伏業務，同時利用自 身的技術優勢積極拓展城市軌道交通業務領 域。 本公司直接第一大股東和最終第一大股東均 為自然人王傳福，持股比例為 17.06%。 本財務報表業經本公司董事會於二零二六年 八月二十八日決議批准報出。 1. CORPORATE BACKGROUND BYD Company Limited (the “Company ”) is a joint stock company incorporated in Guangdong Province, the People ’s Republic of China with limited liability. The Company, formerly known as Shenzhen BYD Battery Company Limited ( 深圳市比亞迪實業有限公司 ), was approved by the former State Economic and Trade Commission in 2002, as evidenced by the approval document “Reply of Consenting to the Establishment of BYD Company Limited ” (Guo Jing Mao Qi Gai [2002] No. 153) and the approval document “Reply of Consenting to the Adjustment of Capital Structure of BYD Company Limited ” (Guo Jing Mao Ting Qi Gai [2002] No. 348). Shenzhen BYD Industrial Company Limited ( 深圳市比亞迪 實業有限公司 ) was overall restructured into the Company on 11 June 2002 based on the audited net assets value as at 30 April 2002. The Company currently holds the Enterprise Legal Person Business License issued by the Shenzhen Administration for Market Regulation (unified social credit code: 91440300192317458F). As at 30 June 2026, 5,433,798,000 ordinary shares (A shares) and 3,683,400,000 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 No. 1 Yan ’an Road, Kui Chong Street, Dapeng New District, Shenzhen, Guangdong Province, with an office address at No. 3009, BYD Road, Pingshan District, Shenzhen, Guangdong Province. The Group is principally engaged in new energy vehicle business, electronics business, rechargeable batteries, and photovoltaics business. Meanwhile, with its technological superiority, the Group actively develops the urban rail transportation business segment. The Company ’s direct largest shareholder and ultimate largest shareholder is Wang Chuan-fu, a natural person, with a shareholding percentage of 17.06%. The financial statements were approved for issue by the board of directors of the Company by way of resolution on 28 August 2026.
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73 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the “Accounting Standards for Business Enterprises – Basic Standard ” issued by the Ministry of Finance and the specific accounting standards, application guidelines, interpretations and other relevant regulations issued and revised thereafter (collectively known as the “ASBE ”). In addition, relevant financial information as required under the “Compilation Rules for Information Disclosures by Companies Offering Securities to the Public No. 15 – General Provisions on Financial Reports ” has been disclosed in the financial statements. The financial statements are prepared on a going concern basis. As at 30 June 2026, the Group had net current liabilities of RMB64,781,825,000. Based on the cash flow forecast prepared by the management of the Company, and taking into account the net cash flow generated from the operating activities of the Group, available financial credit facilities and the expected rate of capital investments, the directors of the Group are of the opinion that the Group will have sufficient working capital to meet its liabilities and obligations falling due within the next twelve months from 30 June 2026; therefore, it is appropriate to prepare the financial report on a going concern basis. 2、 財務報表的編製基礎 本財務報表按照財政部頒佈的 《企業會計準 則 － 基本準則》 以及其後頒佈及修訂的具體 會計準則、應用指南、解釋以及其他相關規 定 （統稱 「企業會計準則」 ） 編製。此外，本財 務報表還按照 《公開發行證券的公司信息披 露編報規則第 15 號 － 財務報告的一般規定》 披露有關財務信息。 本財務報表以持續經營為基礎列報。截至二 零二六年六月三十日，本集團淨流動負債為 人民幣 64,781,825 千元，根據本公司管理層 編製的現金流預測，並考慮本集團經營活動 產生的現金流量淨額、擁有的金融信貸額度 以及資本性投入的速度，本集團董事認為， 本集團將有足夠的營運資金支付其自二零二 六年六月三十日起未來十二個月到期的負債 和義務，因此，本財務報告以持續經營為基 礎編製是適當的。
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74 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 3. SEGMENT REPORTING (1) Operating segment For management purposes, the Group is organised into business units based on their products and services. The Group currently has two reportable segments as follows: a) the electronics and other products segment principally comprises the manufacturing and sales of components for mobile phones and other electronic products (including casings) and AI computing infrastructure, and the provision of whole-unit assembly services; b) the automobiles and related products and other products segment comprises the manufacture and sale of automobiles and auto-related molds and components and automobile leasing and after sales services, automobile power batteries, lithium-ion batteries, photovoltaic products and iron battery products, rail transport and its related business. Management monitors the results of the Group ’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit. The adjusted profit before tax is measured consistently with the Group ’s profit before tax except that gains or losses arising from changes in fair value, finance costs (excluding interest expenses on lease liabilities and exchange gains or losses), non-operating income, other income, losses on disposal of assets, non-operating expenses, investment income (excluding investment income from associates and joint ventures), income from sales of properties, the corresponding costs and tax expenses, as well as administrative expenses incurred by the Company as the Group ’s headquarter are excluded from such measurement. Segment assets exclude deferred tax assets, goodwill, financial assets held for trading, other equity instrument investments, other non-current financial assets, investment properties and assets occupied by the Company as the Group ’s headquarter as these assets are managed on a group basis. 3、 分部報告 (1) 經營分部 出於管理目的，本集團根據產品和服務劃分 業務單元。本集團目前有兩個報告分部，分 別如下： a) 電子及其他產品分部包括製造和銷售 外殼等手機及電子產品部件、AI 算力 基礎設施等，並提供整機組裝服務； b) 汽車、汽車相關產品及其他產品分部 包括製造和銷售汽車、汽車相關的模 具及零部件、汽車租賃和汽車的售後 服務、汽車動力電池、鋰離子電池、 光伏產品以及鐵電池產品、軌道交通 及其相關業務。 管理層出於配置資源和評價業績的決策目 的，對各業務單元的經營成果分開進行管 理。分部業績以報告的分部利潤為基礎進行 評價。該指標系對利潤總額進行調整後的指 標，除不包括公允價值變動損益、財務費用 （除租賃負債利息支出和匯兌損益） 、營業外 收入、其他收益、資產處置損失、營業外支 出、投資收益 （除對聯營企業和合營企業的 投資收益外） 、銷售房產收入、對應的成本 和稅費以及本公司作為集團總部發生的管理 費用之外，該指標與本集團利潤總額是一致 的。 分部資產不包括遞延所得稅資產、商譽、交 易性金融資產、其他權益工具投資、其他非 流動金融資產、投資性房地產和本公司作為 集團總部佔用的資產，原因在於這些資產均 由本集團統一管理。
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75 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 3. SEGMENT REPORTING (CONTINUED) (1) Operating segment (continued) Segment liabilities exclude deferred income tax liabilities, tax payable, other current liabilities, other non-current liabilities, short-term borrowings, long-term borrowings, bonds payable, interest payable and dividends payable in other payables, financial liabilities held for trading and liabilities assumed by the Company as the Group ’s headquarter as these liabilities are managed on a group basis. Transfer pricing in operating segments is determined with reference to the agreed price among operating segments. 3、 分部報告 （續） (1) 經營分部 （續） 分部負債不包括遞延所得稅負債、應交稅 費、其他流動負債、其他非流動負債、短期 借款、長期借款、應付債券、其他應付款中 的應付利息和應付股利、交易性金融負債和 本公司作為集團總部而負擔的負債，原因在 於這些負債均由本集團統一管理。 經營分部間的轉移定價，按照經營分部間的協 議價格制定。 Electronics and other products Automobiles and related products, and other products Adjustments and eliminations Total For the six months ended 30 June 2026 (Unaudited) 截至二零二六年六月三十日 止六個月期間 （未經審計） 電子及 其他產品 汽車、 汽車相關產品 及其他產品 調整和抵銷 合計 Revenue from external trading 對外交易收入 69,404,994 275,341,358 69,069 344,815,421 Revenue from inter-segment trading 分部間交易收入 13,810,741 904,273 (14,715,014) – Total 合計 83,215,735 276,245,631 (14,645,945) 344,815,421 Income from investments accounted for using the equity method 用權益法核算的投資收益 – 519,299 – 519,299 Depreciation and amortisation 折舊及攤銷 2,992,023 35,712,114 478,651 39,182,788 Total profit 利潤總額 193,589 11,160,544 3,259,954 14,614,087 Income tax expense 所得稅費用 54,510 2,225,518 – 2,280,028 Capital expenditure (Note) 資本性支出（註） 836,308 31,550,949 328,219 32,715,476 As of 30 June 2026 (Unaudited) 截至二零二六年六月三十日 （未經審計） Total assets 資產總額 65,687,290 818,663,316 56,927,818 941,278,424 Total liabilities 負債總額 43,012,736 512,691,489 112,203,384 667,907,609 Other disclosures 其他披露 Long-term equity investments accounted for using the equity method 用權益法核算的長期股權 投資 – 22,391,316 – 22,391,316
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76 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 3、 分部報告 （續） (1) 經營分部 （續） Electronics and other products Automobiles and related products, and other products Adjustments and eliminations Total For the six months ended 30 June 2025 (Unaudited) 截至二零二五年六月三十日 止六個月期間 （未經審計） 電子及 其他產品 汽車、 汽車相關產品 及其他產品 調整和抵銷 合計 Revenue from external trading 對外交易收入 68,743,903 302,506,271 30,774 371,280,948 Revenue from inter-segment trading 分部間交易收入 12,691,059 2,095,846 (14,786,905) – Total 合計 81,434,962 304,602,117 (14,756,131) 371,280,948 Income from investments accounted for using the equity method 用權益法核算的投資收益 – 654,547 – 654,547 Depreciation and amortisation 折舊及攤銷 2,593,356 34,194,211 524,101 37,311,668 Total profit 利潤總額 1,334,834 12,804,937 4,770,244 18,910,015 Income tax expense 所得稅費用 169,684 2,701,392 – 2,871,076 Capital expenditure (Note) 資本性支出（註） 2,439,221 75,030,724 421,456 77,891,401 As of 30 June 2025 (Unaudited) 截至二零二五年六月三十日 （未經審計） Total assets 資產總額 76,005,442 721,435,763 48,901,438 846,342,643 Total liabilities 負債總額 44,852,198 507,150,656 49,589,597 601,592,451 Other disclosures 其他披露 Long-term equity investments accounted for using the equity method 用權益法核算的長期股權 投資 – 20,353,959 – 20,353,959 註： 資本性支出包括固定資產、無形資產等長期資 產的增加。 3. SEGMENT REPORTING (CONTINUED) (1) Operating segment (continued) Note: Capital expenditure includes the acquisition of long-term assets such as fixed assets and intangible assets.
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77 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 3、 分部報告 （續） (2) 其他信息 地區信息 營業收入 For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 (Unaudited) (Unaudited) （未經審計） （未經審計） PRC (including Hong Kong, Macau and Taiwan) 中國 （包括港澳台地區） 163,547,247 235,923,281 Overseas 境外 181,268,174 135,357,667 Total 合計 344,815,421 371,280,948 對外交易收入歸屬於客戶所處區域。 非流動資產總額 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） PRC (including Hong Kong, Macau and Taiwan) 中國 （包括港澳台地區） 419,862,253 435,904,638 Overseas 境外 38,835,295 31,825,140 Total 合計 458,697,548 467,729,778 非流動資產按該資產所處區域統計，不包括 商譽、其他權益工具投資、其他非流動金融 資產、長期應收款和遞延所得稅資產。 3. SEGMENT REPORTING (CONTINUED) (2) Other information Geographical information Operating revenue Revenue from external transactions is attributed to the location of customers. Total non-current assets Non-current assets exclude goodwill, other equity instrument investments, other non-current financial assets, long-term receivables and deferred income tax assets attributed to the region where the assets are located.
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78 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 3、 分部報告 （續） (2) 其他信息 （續） 主要客戶信息 截至二零二六年六月三十日止六個月期間， 營業收入人民幣 46,017,488 千元 （截至二零 二五年六月三十日止六個月期間：人民幣 42,142,580 千元） 為對某一單個客戶的收入。 4、 營業收入及成本 (1) 營業收入和營業成本情況 For the six months ended 30 June 2026 (Unaudited) For the six months ended 30 June 2025 (Unaudited) 截至二零二六年六月三十日 止六個月期間 （未經審計） 截至二零二五年六月三十日 止六個月期間 （未經審計） Revenue Cost Revenue Cost 收入 成本 收入 成本 Revenue from principal operations 主營業務收入 336,101,513 273,410,522 362,287,018 297,763,090 Other operating revenue 其他業務收入 8,713,908 6,416,337 8,993,930 6,651,999 Total 合計 344,815,421 279,826,859 371,280,948 304,415,089 3. SEGMENT REPORTING (CONTINUED) (2) Other information (continued) Information about major customers For the six months ended 30 June 2026, operating revenue of RMB46,017,488,000 (for the six months ended 30 June 2025: RMB42,142,580,000) was derived from sales to a single customer. 4. REVENUE AND COST OF OPERATING (1) Operating revenue and operating costs
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79 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 4. REVENUE AND COST OF OPERATING (CONTINUED) (1) Operating revenue and operating costs (continued) Operating revenue is as follows: 4、 營業收入及成本 （續） (1) 營業收入和營業成本情況 （續） 營業收入列示如下： For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日 止六個月期間 截至二零二五年 六月三十日 止六個月期間 (Unaudited) (Unaudited) （未經審計） （未經審計） Revenue from contracts with customers 與客戶之間合同產生的收入 Electronics and other products 電子及其他產品 69,375,150 68,720,248 Automobiles and related products, and other products 汽車、汽車相關產品及其他 產品 275,068,371 302,397,892 Others 其他 67,852 30,192 344,511,373 371,148,332 Rental income 租賃收入 304,048 132,616 Total 合計 344,815,421 371,280,948
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80 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 4、 營業收入及成本 （續） (2) 營業收入分解信息 Electronics and other products Automobiles and related products, and other products Others Total January to June 2026 (Unaudited) Reportable segments 二零二六年一至六月 （未經審計） 報告分部 電子及 其他產品 汽車、汽車 相關產品及 其他產品 其他 合計 Place of operation 經營地區 PRC (including Hong Kong, Macau and Taiwan) 中國 （包括港澳台地區） 17,704,156 145,581,263 67,852 163,353,271 Overseas 境外 51,670,994 129,487,108 – 181,158,102 Total 合計 69,375,150 275,068,371 67,852 344,511,373 Timing of goods transferred 商品轉讓的時間 At a point in time 在某一時點轉讓 69,326,243 274,197,023 67,852 343,591,118 Over time 在某一時段內轉讓 48,907 871,348 – 920,255 Total 合計 69,375,150 275,068,371 67,852 344,511,373 4. REVENUE AND COST OF OPERATING (CONTINUED) (2) Disaggregation of revenue
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81 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 4. REVENUE AND COST OF OPERATING (CONTINUED) (2) Disaggregation of revenue (continued) 4、 營業收入及成本 （續） (2) 營業收入分解信息 （續） Electronics and other products Automobiles and related products, and other products Others Total January to June 2025 (Unaudited) Reportable segments 二零二五年一至六月 （未經審計） 報告分部 電子及 其他產品 汽車、汽車 相關產品及 其他產品 其他 合計 Place of operation 經營地區 PRC (including Hong Kong, Macau and Taiwan) 中國 （包括港澳台地區） 16,489,271 219,304,004 30,192 235,823,467 Overseas 境外 52,230,977 83,093,888 – 135,324,865 Total 合計 68,720,248 302,397,892 30,192 371,148,332 Timing of goods transferred 商品轉讓的時間 At a point in time 在某一時點轉讓 68,705,266 301,142,586 30,192 369,878,044 Over time 在某一時段內轉讓 14,982 1,255,306 – 1,270,288 Total 合計 68,720,248 302,397,892 30,192 371,148,332
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82 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 4、 營業收入及成本 （續） (3) 營業成本分解信息 Electronics and other products Automobiles and related products, and other products Others Total January to June 2026 (Unaudited) Reportable segments 二零二六年一至六月 （未經審計） 報告分部 電子及 其他產品 汽車、汽車 相關產品及 其他產品 其他 合計 Place of operation 經營地區 PRC (including Hong Kong, Macau and Taiwan) 中國 （包括港澳台地區） 16,880,209 120,835,630 55,631 137,771,470 Overseas 境外 48,998,898 92,711,580 – 141,710,478 Total 合計 65,879,107 213,547,210 55,631 279,481,948 Timing of goods transferred 商品轉讓的時間 At a point in time 在某一時點轉讓 65,851,587 212,788,761 55,631 278,695,979 Over time 在某一時段內轉讓 27,520 758,449 – 785,969 Total 合計 65,879,107 213,547,210 55,631 279,481,948 (4) 履約義務 確認的收入來源於： For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日 止六個月期間 截至二零二五年 六月三十日 止六個月期間 (Unaudited) (Unaudited) （未經審計） （未經審計） Opening carrying amount of contract liabilities – sales of goods and provision of services 合同負債年初賬面價值 － 銷售商品及提供服務 39,118,002 35,858,260 4. REVENUE AND COST OF OPERATING (CONTINUED) (3) Disaggregation of cost (4) Performance obligations The recognised revenue is sourced from:
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83 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 4、 營業收入及成本 （續） (4) 履約義務 （續） 本集團與履約義務相關的信息如下： Time of fulfilling performance obligations Important payment terms Nature of goods transferred Principal or not Committed refunds to customers Type of warranty and related obligations 履行履約義務的時間 重要的支付條款 承諾轉讓商品的性質 是否為主要責任人 承擔的預期將退還 給客戶的款項 提供的質量保證 類型及相關義務 Sales of goods Time of delivery and acceptance by customers Advance/payment upon delivery Sales of automobiles, related products, electronics and other products Yes Yes Assurance-type warranty 銷售商品 交付且客戶接受時 預收 ╱ 到貨收款 主要銷售汽車、汽車相關產 品、電子及其他產品 是 有 保證類質保 Rendering of services Term of service/time of delivery Service progress payment/payment upon completion of services Rendering of maintenance, transportation, platform and technological services Yes Nil Nil 提供服務 服務期間 ╱ 交付時 服務進度收款 ╱ 服務 完成收款 主要提供維修、運輸、平台 服務及技術服務等 是 無 無 Construction services Term of service Progress payment Construction of rail transport infrastructure Yes Nil Assurance-type warranty 建造服務 服務期間 完工進度收款 軌道交通建造 是 無 保證類質保 於二零二六年六月三十日，主要的已簽訂合 同、但尚未履行或尚未履行完畢的履約義務 預計於一年以內確認為收入。 4. REVENUE AND COST OF OPERATING (CONTINUED) (4) Performance obligations (continued) Information about the Group ’s performance obligations is summarised below: As at 30 June 2026, the main performance obligations that have signed the contract but have not been fulfilled or not yet fulfilled are expected to be recognized as revenue within one year.
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84 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 5、 所得稅費用 For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日 止六個月期間 截至二零二五年 六月三十日 止六個月期間 (Unaudited) (Unaudited) （未經審計） （未經審計） Current income tax expenses 當期所得稅費用 5,956,387 5,499,947 Deferred income tax expenses 遞延所得稅費用 (3,676,359) (2,628,871) Total 合計 2,280,028 2,871,076 5. INCOME TAX EXPENSES
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85 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 5、 所得稅費用 （續） 所得稅費用與利潤總額的關係列示如下： For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日 止六個月期間 截至二零二五年 六月三十日 止六個月期間 (Unaudited) (Unaudited) （未經審計） （未經審計） Total profit 利潤總額 14,614,087 18,910,015 Income tax at the statutory tax rate (Note 1) 按法定稅率計算的所得稅（註1） 3,653,522 4,727,504 Effect of different tax rates applicable to subsidiaries 子公司適用不同稅率的影響 (625,275) (1,689,614) Profit or loss attributable to joint ventures and associates 歸屬於合營企業和聯營企業的 損益 (135,253) (152,185) Tax impact of non-deductible cost, expenses and losses 不可抵扣的成本、費用和損失的 影響 245,175 194,178 Effect on deductible temporary differences or deductible losses for which deferred tax assets are not recognized for the period 本期未確認遞延所得稅資產的 可抵扣暫時性差異的影響或 可抵扣虧損的影響 2,278,625 3,171,715 Effect of use of deductible losses on previously unrecognised deferred tax assets 使用前期未確認遞延所得稅 資產的可抵扣虧損的影響 (1,382,973) (967,423) Effect of changes in tax rate on the balance of deferred income tax at the beginning of the period 稅率變動對期初遞延所得稅 餘額的影響 (48,061) 241,189 Research and development expenses and other additional deduction as required by taxation laws 研發費用及其他稅法規定的加計 扣除 (1,705,732) (2,654,288) Income tax expenses at the Group ’s effective tax rate 按本集團實際稅率計算的所得稅 費用 2,280,028 2,871,076 註1： 本集團所得稅按在中國境內取得的估計 應納稅所得額及法定稅率計提。 5. INCOME TAX EXPENSES (CONTINUED) The reconciliation between income tax expenses and total profit is as follows: Note 1: The Group ’s income tax has been provided at the statutory rate based on the estimated taxable profits arising in the PRC.
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86 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 6、 每股收益 For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日 止六個月期間 截至二零二五年 六月三十日 止六個月期間 (Unaudited) (Unaudited) （未經審計） （未經審計） Basic earnings per share 基本每股收益 Continuing operations 持續經營 1.35 1.71 Diluted earnings per share 稀釋每股收益 Continuing operations 持續經營 1.35 1.71 基本每股收益的分子以歸屬於本公司普通股 股東的當期淨利潤，減去歸屬於預計未來可 解鎖限制性股票的淨利潤確定。 基本每股收益分母為發行在外的普通股的加 權平均數。 稀釋每股收益的分子以歸屬於本公司普通股 股東的當期淨利潤確定，即分子在計算的時 候加回計算基本每股收益分子時已扣除的歸 屬於預計未來可解鎖限制性股票的淨利潤。 稀釋每股收益的分母等於下列兩項之和：(1) 基本每股收益中母公司已發行普通股的加權 平均數；及 (2) 假定稀釋性潛在普通股轉換為 普通股而增加的普通股的加權平均數。 在計算稀釋性潛在普通股轉換為已發行普通 股而增加的普通股股數的加權平均數時，以 前期間發行的稀釋性潛在普通股，假設在當 期期初轉換；當期發行的稀釋性潛在普通 股，假設在發行日轉換。 6. EARNINGS PER SHARE The numerator of basic earnings per share is determined based on the net profit for the Period attributable to ordinary shareholders of the Company, less net profit attributable to the restricted shares expected to be vested in the future. The denominator of basic earnings per share is the weighted average number of ordinary shares outstanding. The numerator of diluted earnings per share is determined based on the net profit for the Period attributable to ordinary shareholders of the Company, which means that when calculating the numerator, net profit attributable to the restricted shares expected to be vested in the future which are deducted in calculating the basic earnings per share are added back. The denominator of diluted earnings per share is equal to the sum of: (1) the weighted average number of ordinary shares in issue of the parent company in basic earnings per share; and (2) increase in the weighted average number of ordinary shares assuming conversion of dilutive potential ordinary shares into ordinary shares. In calculating the weighted average number of ordinary shares increased upon conversion of dilutive potential ordinary shares into ordinary shares in issue, the dilutive potential ordinary shares issued in previous periods are assumed to be converted at the beginning of the Period; the dilutive potential ordinary shares issued in the Period are assumed to be converted on the issue date.
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87 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 6、 每股收益 （續） 基本與稀釋每股收益的具體計算如下： For the six months ended 30 June 2026 For the six months ended 30 June 2025 截至二零二六年 六月三十日止 六個月期間 截至二零二五年 六月三十日止 六個月期間 (Unaudited) (Unaudited) （未經審計） （未經審計） Revenue 收益 Net profit for the Period attributable to ordinary shareholders of the Company 歸屬於本公司普通股股東的當期 淨利潤 12,325,408 15,510,533 Less: Deductible net profit attributable to restricted shares which are expected to be vested in the future 減去：應扣除歸屬於預計 未來可解鎖限制性 股票的淨利潤 30,419 65,937 Interests for the year distributed to other equity instruments holders 分配其他權益工具持有 者的本年利息 – 132,941 Adjusted net profit for the Period attributable to ordinary shareholders of the Company 調整後歸屬於本公司普通股 股東的當期淨利潤 12,294,989 15,311,655 Shares 股份 Weighted average number of outstanding ordinary shares of the Company (thousands) (Note) 本公司發行在外普通股的加權 平均數 （千股）（註） 9,085,053 8,958,979 Diluted effect – weighted average number of ordinary shares 稀釋效應 － 普通股的加權平均數 Restricted shares (thousands) 限制性股票 （千股） – 3,459 Adjusted weighted average number of outstanding ordinary shares of the Company (thousands) 調整後本公司發行在外普通股 的加權平均股數 （千股） 9,085,053 8,962,438 二零二六年六月三十日，本公司的限制性股 票對每股收益無稀釋影響，因此稀釋每股收 益與基本每股收益金額相同。 6. EARNINGS PER SHARE (CONTINUED) The calculations of basic and diluted earnings per share are based on: As at 30 June 2026, the restricted shares of the Company did not have any diluted effect on earnings per share. Therefore, the diluted earnings per share are identical to the basic earnings per share.
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88 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 7、 應收賬款 應收賬款賬齡按收入確認的時間予以確認， 應收賬款的賬齡分析如下： 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Within 1 year 1年以內 47,024,667 34,395,603 1 to 2 years 1年至2年 2,040,763 1,814,306 2 to 3 years 2年至3年 2,353,692 2,263,344 Over 3 years 3年以上 3,473,057 2,781,612 Total 合計 54,892,179 41,254,865 Less: Provision for bad debt of trade receivables 減：應收賬款壞賬準備 4,765,837 4,250,180 Total 合計 50,126,342 37,004,685 上述應收賬款含應收新能源汽車補貼款。 7. TRADE RECEIVABLES The aging of trade receivables is recognised based on the time of revenue recognition. The aging analysis of trade receivables is as follows: The subsidies for new energy vehicle sales are included in the above trade receivables.
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89 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 7. TRADE RECEIVABLES (CONTINUED) 7、 應收賬款 （續） 30 June 2026 (Unaudited) 二零二六年六月三十日 （未經審計） Book balance Provision for bad debt Carrying amount 賬面餘額 壞賬準備 賬面價值 Amount Percentage (%) Amount Provision rate (%) 金額 比例(%) 金額 計提比例 (%) Provision for bad debt based on individual assessment 單項計提壞賬準備 804,893 1.47 804,893 100.00 – Provision for bad debt based on collective assessment by credit risk portfolio 按信用風險特徵組合 計提壞賬準備 54,087,286 98.53 3,960,944 7.32 50,126,342 Total 合計 54,892,179 100.00 4,765,837 50,126,342 31 December 2025 (Audited) 二零二五年十二月三十一日 （經審計） Book balance Provision for bad debt Carrying amount 賬面餘額 壞賬準備 賬面價值 Amount Percentage (%) Amount Provision rate (%) 金額 比例(%) 金額 計提比例 (%) Provision for bad debt based on individual assessment 單項計提壞賬準備 809,662 1.96 809,662 100.00 – Provision for bad debt based on collective assessment by credit risk portfolio 按信用風險特徵組合 計提壞賬準備 40,445,203 98.04 3,440,518 8.51 37,004,685 Total 合計 41,254,865 100.00 4,250,180 37,004,685
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90 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 7、 應收賬款 （續） 單項計提壞賬準備的應收賬款情況如下： 30 June 2026 (Unaudited) 二零二六年六月三十日 （未經審計） Book balance Provision for bad debt Provision rate (%) Reason of provision 賬面餘額 壞賬準備 計提比例 (%) 計提理由 Customer 1 客戶一 156,202 156,202 100.00 Expected to be unrecoverable 預計無法收回 Customer 2 客戶二 110,377 110,377 100.00 Expected to be unrecoverable 預計無法收回 Customer 3 客戶三 84,616 84,616 100.00 Expected to be unrecoverable 預計無法收回 Customer 4 客戶四 74,601 74,601 100.00 Expected to be unrecoverable 預計無法收回 Customer 5 客戶五 56,880 56,880 100.00 Expected to be unrecoverable 預計無法收回 Others 其他 322,217 322,217 100.00 Total 合計 804,893 804,893 100.00 7. TRADE RECEIVABLES (CONTINUED) Trade receivables with provision for bad debt based on individual assessment are shown as follows:
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91 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 7、 應收賬款 （續） 於二零二六年六月三十日，組合計提壞賬準 備的應收賬款情況如下： Book balance Provision for impairment Provision rate (%) 賬面餘額 減值準備 計提比例 (%) Within 1 year (inclusive) 1年以內 （含1年） 46,989,744 746,464 1.59 1-2 years (inclusive) 1-2 年（ 含2年） 2,040,733 468,440 22.95 2-3 years (inclusive) 2-3 年（ 含3年） 2,342,094 557,270 23.79 Over 3 years 3年以上 2,714,715 2,188,770 80.63 Total 合計 54,087,286 3,960,944 於二零二五年十二月三十一日，組合計提壞 賬準備的應收賬款情況如下： Book balance Provision for impairment Provision rate (%) 賬面餘額 減值準備 計提比例 (%) Within 1 year (inclusive) 1年以內 （含1年） 34,327,019 836,527 2.44 1-2 years (inclusive) 1-2 年（ 含2年） 1,814,277 322,398 17.77 2-3 years (inclusive) 2-3 年（ 含3年） 2,147,615 584,857 27.23 Over 3 years 3年以上 2,156,292 1,696,736 78.69 Total 合計 40,445,203 3,440,518 7. TRADE RECEIVABLES (CONTINUED) As at 30 June 2026, trade receivables with provision for bad debt based on collective assessment are shown as follows: As at 31 December 2025, trade receivables with provision for bad debt based on collective assessment are shown as follows:
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92 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 7、 應收賬款 （續） 應收賬款壞賬準備的變動如下： Balance at beginning of the Period/year Charge for the Period/year Reversal for the Period/year Write-off during the Period/year Exchange differences on translation of foreign operations Balance at the end of the Period/year 期╱年 初 餘額 本 期╱年 計提 本 期╱年 轉回 本 期╱年 轉銷 外幣報表 折算差額 期╱年 末 餘額 30 June 2026 (Unaudited) 二零二六年六月三十日 （未經審計） 4,250,180 1,398,103 (845,802) (37,160) 516 4,765,837 31 December 2025 (Audited) 二零二五年十二月三十一日 （經審計） 4,457,036 1,450,158 (1,437,032) (233,166) 13,184 4,250,180 截至二零二六年六月三十日期間，無壞賬準 備收回或轉回金額重要的款項，無重要的應 收賬款核銷款項。 於二零二六年六月三十日，應收賬款和合同 資產合計金額前五名共計人民幣 11,525,143 千元，佔應收賬款和合同資產期末餘額合計 數的20.53%，應收賬款和合同資產合計金額 前五名的資產減值準備期末餘額共計人民幣 30,590 千元。 8、 應付票據 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Bills payables 應付票據 53,413,166 22,463,883 於二零二六年六月三十日，由於持票人未 發起到期托收，本集團尚有餘額為人民幣 2,692 千元的應付票據到期未付。 7. TRADE RECEIVABLES (CONTINUED) The movements of provision for bad debt of trade receivables are as follows: For the period ended 30 June 2026, there was no recovery of provision for bad debt or reversal of significant amounts or write-off of significant trade receivables. As at 30 June 2026, the total trade receivables and contract assets of the five greatest amounts were RMB11,525,143,000, accounting for 20.53% of the aggregate closing balance of trade receivables and contract assets. The aggregate closing balance of the provision impairment on assets for the total trade receivables and contract assets of the five greatest amounts were RMB30,590,000. 8. BILLS PAYABLES As at 30 June 2026, the outstanding balance of bills payables due of the Group was RMB2,692,000 due to the fact that the bearer did not make collection at maturity.
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93 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 9. TRADE PAYABLES Trade payables are non-interest-bearing and are normally settled within one year. The aging of trade payables is based on the time of recognising the purchase of materials and goods or accepting services. As at 30 June 2026 and 31 December 2025, the Group had no significant trade payables that were aged over one year. 10. SHARE CAPITAL The registered and paid-in capital of the Company is analysed as follows: 9、 應付賬款 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Within one year 1年以內 174,817,972 185,250,981 1 to 2 years 1年至2年 931,232 910,151 Over 2 years 2年以上 606,817 581,243 Total 合計 176,356,021 186,742,375 應付賬款不計息，並通常在一年以內清償。 應付賬款的賬齡是以購買材料、商品或接受 勞務等確認的時間為基準。 於二零二六年六月三十日及二零二五年十二 月三十一日，無賬齡超過一年的重要應付賬 款。 10、 股本 本公司註冊及實收股本分析如下： 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Registered and paid-in capital 註冊及實收股本 9,117,198 9,117,198
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94 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 11. SHARE-BASED PAYMENTS 1. Equity instruments (1) 2025 Employee Share Ownership Plan of the Group On 17 March 2025, the Company convened the 15th meeting of the 8th session of the Board and the 9th meeting of the 8th session of the then- Supervisory Committee, at which the Resolution Regarding Review of the BYD Company Limited 2025 Employee Share Ownership Plan (Draft) and its Summary and the Resolution Regarding the Review of Management Measures for BYD Company Limited 2025 Employee Share Ownership Plan and other related resolutions were considered and approved. For the 2025 Employee Share Ownership Plan (the “ESOP”), the participants of the ESOP include senior management of the Company and the mid-level management and core backbone employees of the Group. The total number of participants of the ESOP shall not exceed 25,000. A total of 10,714,990 A shares of the Company have been purchased in the secondary market via centralised bidding transactions under the ESOP, representing approximately 0.3526% of the total share capital of the Company, with an average transaction price of approximately RMB372.18 per share and a total transaction amount of RMB3,987,912,042.01 (excluding transaction costs). The purchase of shares under the ESOP has been completed. The funds for the purchase of shares were sourced from incentive funds allocated by the Group, employees ’ legitimate remuneration, employees ’ self-raised funds and other sources permitted by laws and administrative regulations. The shares under the ESOP are divided into “units ” for subscription and the subscription price for each unit is RMB1.00 per share, and the actual number of units for subscription is 3,988,270,580. 11、 股份支付 1. 各項權益工具 (1) 二零二五年本集團之員工持股計劃 本公司於二零二五年三月十七日召開 了第八屆董事會第十五次會議及第八 屆監事會第九次會議，審議通過了 《關於審議 <比亞迪股份有限公司二零 二五年員工持股計劃 （草案）>及其摘 要的議案》 及 《關於審議<比亞迪股份 有限公司二零二五年員工持股計劃管 理辦法>的議案》 等相關議案。 本公司二零二五年員工持股計劃 （以 下簡稱 「本員工持股計劃」 ） 參與對象 包括高級管理人員以及本集團的中層 管理人員、核心骨幹員工。參與本員 工持股計劃的總人數不超過 25,000 人。 本員工持股計劃已通過二級市場以集 中競價交易的方式累計買入公司 A股 股票 10,714,990 股，約佔公司總股 本的 0.3526%，成交均價約為人民 幣372.18 元 ╱ 股，成交金額為人民 幣3,987,912,042.01 元 （不含交易費 用） ，本員工持股計劃已完成股票的 購買，購買股票的資金來源為集團 提取的激勵基金、員工合法薪酬、 員工自籌資金以及法律、行政法規 允許的其他方式。本員工持股計劃 以 「份」 作為認購單位，每份份額的 認購價格為 1.00 元，實際認購份額為 3,988,270,580 份。
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95 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 11. SHARE-BASED PAYMENTS (CONTINUED) 1. Equity instruments (continued) (1) 2025 Employee Share Ownership Plan of the Group (continued) The Company completed the 2024 Profit Distribution and Capital Reserve Capitalization Plan on 29 July 2025. Specifically, based on the total share capital of 3,039,065,855 shares of the Company as at the date of the 17th meeting of the 8th session of the Board, being 22 April 2025, the Company distributed a cash dividend of RMB39.74 (tax inclusive) per 10 shares to all shareholders, issued 8 bonus shares for every 10 shares, and issued 12 shares for every 10 shares by way of capitalization of capital reserve. Upon the completion of the aforesaid profit distribution and capital reserve capitalization plan, the number of shares held under the ESOP increased from 10,714,990 A shares to 32,144,970 A shares. The Underlying Shares held under the ESOP will be unlocked in three tranches. These three tranches of Underlying Shares will be unlocked after 12 months, 24 months and 36 months commencing from the date on which the Company announces the completion of purchase of the last tranche of the Underlying Shares, respectively. The Underlying Shares to be unlocked under each tranche account for 30%, 30% and 40% of the total Underlying Shares under the ESOP respectively, with the specific unlocking proportion and number subject to the results of company-level and individual-level performance appraisal. The first lock-up period of the ESOP expired on 23 May 2026. The Underlying Shares involved account for 30% of the total shares of the Company held under the ESOP, which corresponds to 9,643,491 Underlying Shares, representing 0.1058% of the Company ’s current total share capital of 9,117,197,565 shares. The company- level performance appraisal indicator for the first unlocking period is the growth rate of operating income for the year of 2025 compared with the year of 2024, which should reach at least 10%. As the unlocking conditions for the first unlocking period were not achieved, the award shares corresponding to the first unlocking period under the ESOP will not be unlocked. 11、 股份支付 （續） 1. 各項權益工具 （續） (1) 二零二五年本集團之員工持股計劃 （續） 公司於二零二五年七月二十九日實施 完成二零二四年度利潤分配及資本公 積金轉增股本方案，具體為以第八屆 董事會第十七次會議召開日即二零 二五年四月二十二日的公司總股本 3,039,065,855 股為基數，向全體股 東每10 股派發現金紅利人民幣 39.74 元 （含稅） ，每10 股送紅股 8 股，以 資本公積金每 10 股轉增 12 股。前述 利潤分配及資本公積金轉增股本方 案實施完成後，本員工持股計劃持 股A 股數量由 10,714,990 股增加至 32,144,970 股。 本員工持股計劃持有的標的股票分三 期解鎖，解鎖時點分別為自公司公告 最後一筆標的股票購買完成之日起 滿12 個月、24 個月、36 個月，每期 解鎖的標的股票比例分別為 30%、 30%、 40%。每期具體解鎖比例和數 量根據公司業績考核及個人業績考核 結果確定。 本員工持股計劃第一個鎖定期於二零 二六年五月二十三日屆滿，涉及標的 股票比例為本員工持股計劃持有公司 股票總數的 30%，對應的標的股票 數量為 9,643,491 股，佔公司目前總 股本9,117,197,565 股的0.1058%。 第一個解鎖期公司層面的業績考核指 標為以二零二四年營業收入為基數， 二零二五年的營業收入增長率不低於 10%。由於第一個解鎖期解鎖條件未 達成，本員工持股計劃的第一個解鎖 期相應的獎勵股份將不會解鎖。
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96 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 11. SHARE-BASED PAYMENTS (CONTINUED) 1. Equity instruments (continued) (2) 2025 Share Award Scheme of the Group ’s Subsidiary, BYD Electronic On 17 March 2025, the board of BYD Electronic approved the BYD Electronic (International) Company Limited 2025 Share Award Scheme (the “Share Award Scheme ”). The Share Award Scheme does not constitute a scheme involving issue of new shares within the meaning of Chapter 17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the adoption of which will not be subject to the approval of shareholders of BYD Electronic. The total number of persons who participate in the Share Award Scheme is intended to be not more than 3,000, and the participants include (i) executive directors and senior management of BYD Electronic; and (ii) mid-level management and core backbone employees of BYD Electronic. The employees who meet the above criteria may participate in the Share Award Scheme on the basis of following BYD Electronic ’s independent discretion, the principle of voluntary participation by employees and self-assumed risk, with no instances of compulsory involvement through methods such as apportionment or forced allocation for employees. BYD Electronic will narrow down the final list of participants therefrom. The total amount involved in the Share Award Scheme shall not exceed RMB250 million. The board of BYD Electronic or its authorised person(s) may purchase the shares of BYD Electronic through the secondary market with the aforesaid funds at the prevailing market price at such time as it thinks fit in accordance with the relevant provisions of the Share Award Scheme, which will be the source of the Underlying Shares under the Share Award Scheme. 11、 股份支付 （續） 1. 各項權益工具 （續） (2) 二零二五年本集團之子公司比亞迪電 子集團股份獎勵計劃 比亞迪電子董事會於二零二五年三月 十七日通過比亞迪電子 （國際） 有限 公司二零二五年股份獎勵計劃 （以下 簡稱： 「本股份獎勵計劃」 ） 。本股份 獎勵計劃並不構成香港聯合交易所有 限公司證券上市規則第十七章所指的 涉及發行新股的計劃以至本股份獎勵 計劃的採納將無須比亞迪電子股東批 准。 本股份獎勵計劃的參與人數擬不超 過3,000 人，本股份獎勵計劃參與對 象包括 (i) 比亞迪電子的執行董事、高 級管理人員；(ii) 比亞迪電子集團的 中層管理人員、核心骨幹員工。符合 上述標準的員工參與本股份獎勵計劃 遵循比亞迪電子自主決定，員工自願 參與、風險自擔的原則，不存在以攤 派、強制分配等方式強制員工參與的 情形。比亞迪電子將從中選出最終名 單。 本股份獎勵計劃所涉及的資金總額不 超過人民幣 25,000 萬元。比亞迪電子 董事會或其授權人士將可按本股份獎 勵計劃的相關規定於其認為合適的時 間用上述資金按當時的市價通過二級 市場購買比亞迪電子股票，該股票為 本股份獎勵計劃的標的股票來源。
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97 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 11、 股份支付 （續） 1. 各項權益工具 （續） (2) 二零二五年本集團之子公司比亞迪電 子集團股份獎勵計劃 （續） 本股份獎勵計劃的標的股票分三期解 鎖，解鎖時點分別為自最後一筆標的 股票購買完成之次日起滿 12 個月、 24 個月、36 個月，每期解鎖的標的 股票比例分別為 30%、 30%、 40%。 每期具體解鎖比例和數量根據公司業 績考核及個人業績考核結果確定。 本股份獎勵計劃未達第一個解鎖期的 本公司業績考核指標。因此，根據本 股份獎勵計劃於二零二五年七月九日 授予持有人的 30% 標的股票 （即第一 個解鎖期相應的獎勵股份） 將不會解 鎖。 2. 以權益結算的股份支付情況 For the six months ended 30 June 2026 截至二零二六年六月三十日止六個月期間 The basis for determining the quantity of equity instruments available for exercise Based on the best estimate of the management 可行權權益工具數量的確定依據 管理層的最佳估計數 The reason for the significant difference between the current year ’s estimate and the previous year ’s estimate Nil 本年估計與上年估計有重大差異的原因 無 The cumulative amount of equity-settled share-based payments credited to capital reserve 以權益結算的股份支付計入資本公積的累計金額 3,600,864 11. SHARE-BASED PAYMENTS (CONTINUED) 1. Equity instruments (continued) (2) 2025 Share Award Scheme of the Group ’s Subsidiary, BYD Electronic (continued) The Underlying Shares held under the Share Award Scheme will be unlocked in three tranches. These three tranches of Shares will be unlocked after 12 months, 24 months and 36 months commencing from the next day upon the completion of the last purchase of the Underlying Shares, respectively. The Underlying Shares to be unlocked under each tranche account for 30%, 30% and 40% of the total Underlying Shares under the Share Award Scheme, respectively, with the specific unlocking proportion and number subject to the results of company-level and individual-level performance appraisal. As the Company ’s performance appraisal indicators for the first unlocking period under the Share Award Scheme were not achieved, 30% of the Underlying Shares (namely the award shares corresponding to the first unlocking period) granted to the holders under the Share Award Scheme on 9 July 2025 will not be unlocked. 2. Equity-settled share-based payments
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98 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 11、 股份支付 （續） 3. 本期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 285,007 Management personnel 管理人員 168,831 Sales personnel 銷售人員 59,859 Manufacturing and other personnel 製造及其他人員 120,597 Total 合計 634,294 12. 或有事項 本集團提供擔保形成的或有負債及其財務影 響列示如下： 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Guarantees that the Company can provide to banks for financing granted to subsidiaries 就授予子公司的融資能夠 向銀行提供的擔保 122,889,988 142,880,707 於二零二六年六月三十日，本公司為其子 公司實際提供的擔保為人民幣 83,728,661 千元 （二零二五年十二月三十一日：人民幣 84,864,506 千元） ，無為關聯方提供的擔保 （二零二五年十二月三十一日：無） 。 11. SHARE-BASED PAYMENTS (CONTINUED) 3. The share-based payments incurred during the Period 12. CONTINGENT EVENTS The contingent liabilities arising from the guarantee provided by the Group and its financial impact are as follows: As at 30 June 2026, the actual guarantees provided by the Company for its subsidiaries were RMB83,728,661,000 (31 December 2025: RMB84,864,506,000), and there were no guarantees provided for related parties (31 December 2025: nil).
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99 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 12. CONTINGENT EVENTS (CONTINUED) The Group entered into cooperation contracts and documents with certain customers (including end customers) and third parties or related financial institutions. According to the arrangements of the relevant cooperation contracts and documents, the Company undertakes the repurchase obligations to these financial institutions. If a customer defaults or specific conditions stipulated in the contract occur, the Company inherits all the creditor ’s rights and related interests, and has the right to take relief measures such as recovery and sale of NEVs to repay the remaining debts owed by the customer to the financing institutions, and would reserve the right to pursue recourse for the balance of the creditor ’s rights to the remaining debts. Management is of the opinion that the recovered assets will be able to be realised, and the proceeds from the sales will basically cover the remaining debts due to the financing institutions. As of 30 June 2026, the Group ’s maximum exposure to these obligations was RMB64,022,000 (31 December 2025: RMB133,841,000), and there was no customer default or specific conditions as stipulated in the contracts for which the Company was required to make any payment. 13. MATERIAL COMMITMENTS 12. 或有事項 （續） 本集團與某些客戶 （含終端客戶） 及第三方或 關聯融資機構簽訂合作合同及文件，根據相 關合作合同及文件的安排，本公司向該等融 資機構承擔回購義務，若客戶違約或發生合 同約定的特定條件，本公司繼承全部債權以 及相關權益，並有權自行採取收回並變賣新 能源汽車等救濟措施，以償付客戶對融資機 構的剩餘欠款，並保留任何對剩餘欠款債權 餘額進行追索的權利。管理層認為，收回的 資產能夠變賣，而變賣收入基本能夠支付對 融資機構的剩餘欠款。截至二零二六年六月 三十日，本集團對該等義務的最大敞口為人 民幣 64,022 千元 （二零二五年十二月三十一 日：人民幣 133,841 千元） ，且未發生因客戶 違約或合同約定的特定條件而令本公司需予 以支付任何款項的情況。 13. 重要承諾事項 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Capital commitments 資本承諾 35,335,193 32,842,743 Investment commitments 投資承諾 379,559 223,986 Total 合計 35,714,752 33,066,729
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100 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 14. 關聯方交易 (1) 關聯方商品及勞務交易 自關聯方購買商品和接受勞務 Details of transactions January-June 2026 Transaction limit approved Excess of transaction limit January-June 2025 交易內容 二零二六年 一至六月 獲批的 交易額度 是否超過 交易額度 二零二五年 一至六月 (Unaudited) (Unaudited) （未經審計） （未經審計） Joint ventures Purchase of goods and accepting services 456,744 1,041,676 No 否 233,613 合營企業 採購商品和接受勞務 Associates Purchase of goods and accepting services 3,594,578 7,741,325 No 否 5,465,115 聯營企業 採購商品和接受勞務 Other related parties Purchase of goods and accepting services 70,593 653,489 No 否 57,152 其他關聯方 採購商品和接受勞務 Total 4,121,915 9,436,490 5,755,880 合計 向關聯方銷售商品及提供勞務 Details of transactions January-June 2026 January-June 2025 交易內容 二零二六年一至六月 二零二五年一至六月 (Unaudited) (Unaudited) （未經審計） （未經審計） Joint ventures Sales of goods and rendering of services 342,764 622,465 合營企業 出售商品和提供勞務 Associates Sales of goods and rendering of services 164,873 241,166 聯營企業 出售商品和提供勞務 Other related parties Sales of goods and rendering of services 325,166 21,334 其他關聯方 出售商品和提供勞務 Total 832,803 884,965 合計 上述關聯方交易價格由雙方根據市場價格協 商確定。 14. RELATED PARTY TRANSACTIONS (1) Related party transactions of goods and services Purchase of goods and accepting services from related parties Sales of goods and rendering of services to related parties The prices of the above-mentioned related party transactions were determined through mutual negotiation based on market prices.
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101 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 14. 關聯方交易 （續） (2) 關聯方資產轉讓 Details of transactions January-June 2026 January-June 2025 交易內容 二零二六年一至六月 二零二五年一至六月 (Unaudited) (Unaudited) （未經審計） （未經審計） Associates Purchase of fixed assets 8,202 294,909 聯營企業 購買固定資產 Other related parties Purchase of fixed assets 22,674 46,580 其他關聯方 購買固定資產 Total 30,876 341,489 合計 (3) 其他 January-June 2026 January-June 2025 二零二六年一至六月 二零二五年一至六月 (Unaudited) (Unaudited) （未經審計） （未經審計） Key management compensation 關鍵管理人員薪酬 53,706 60,405 本公司關鍵管理人員獲授的二零二五年員工 持股計劃於二零二六年一至六月確認的股份 支付費用為人民幣 14,462 千元，上述薪酬未 包含該項金額。 14. RELATED PARTY TRANSACTIONS (CONTINUED) (2) Transfer of related parties assets (3) Others The share-based payment expense recognised from January to June 2026 granted to key management personnel of the Company under the 2025 Employee Share Ownership Plan was RMB14,462,000. The above compensation does not include these amounts.
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102 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 14. 關聯方交易 （續） (4) 應收款項 30 June 2026 31 December 2025 二零二六年六月三十日 二零二五年十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Book balance Provision for bad debts Book balance Provision for bad debts 賬面餘額 壞賬準備 賬面餘額 壞賬準備 Joint ventures 合營企業 279,421 48,421 1,190,172 73,194 Associates 聯營企業 247,120 33,547 166,917 33,470 Other related parties 其他關聯方 280,167 25,343 39,136 26,184 Total 合計 806,708 107,311 1,396,225 132,848 (5) 應付款項 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） Joint ventures 合營企業 53,435 93,302 Associates 聯營企業 2,854,357 3,115,406 Other related parties 其他關聯方 168,190 105,876 Total 合計 3,075,982 3,314,584 除租賃負債外，應收應付關聯方款項均不計 利息、無擔保。 14. RELATED PARTY TRANSACTIONS (CONTINUED) (4) Receivables (5) Payables Except for lease liabilities, the amounts due from and due to related parties are interest-free and unsecured.
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103 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 14. 關聯方交易 （續） (6) 存放關聯方的貨幣資金 30 June 2026 31 December 2025 二零二六年 六月三十日 二零二五年 十二月三十一日 (Unaudited) (Audited) （未經審計） （經審計） BYD Auto Finance Co., Ltd. 比亞迪汽車金融有限公司 7,292,543 24,610,777 本期上述存款年利率按照中國人民銀行公佈 的同期存款基準利率加上上浮幅度不高於 3.00%，二零二六年一至六月確認利息收入 人民幣214,301 千元 （二零二五年度：不高於 3.20%，二零二五年一至六月確認利息收入 人民幣356,222 千元） 。 截至二零二六年六月三十日止六個月，本集 團並無任何根據上市規則所需披露之關連交 易，且本集團已遵守上市規則第 14A 章的規 定。 14. RELATED PARTY TRANSACTIONS (CONTINUED) (6) Monetary funds deposited with related parties The annual interest rate of the above deposits for the Period is no more than 3.00% calculated based on the benchmark interest rate published by the People ’s Bank of China for deposits of the same period plus an upward adjustment, and an interest income of RMB214,301,000 was recognised in January to June 2026 (2025: no more than 3.20%, and an interest income of RMB356,222,000 was recognised in January to June 2025). There was no connected transaction entered into by the Group for the six months ended 30 June 2026 which is required to be disclosed under the Listing Rules, and the Group has complied with the requirements under Chapter 14A of the Listing Rules.
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104 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. 公允價值的披露 (1) 以公允價值計量的資產和負債 二零二六年六月三十日 （未經審計） Fair value measurement using 公允價值計量使用的輸入值 Quoted prices in active markets Significant observable inputs Significant unobservable inputs 活躍市場報價 重要可觀察 輸入值 重要不可觀察 輸入值 Level 1 Level 2 Level 3 Total 第一層次 第二層次 第三層次 合計 Financial assets held for trading 交易性金融資產 – 69,940,449 – 69,940,449 Derivative financial assets 衍生金融資產 – 536 – 536 Other equity instrument investments 其他權益工具投資 3,380,850 1,080,095 8,353,097 12,814,042 Other non-current financial assets 其他非流動金融資產 – 1,547,358 1,742,227 3,289,585 Receivables financing 應收款項融資 – 9,430,688 – 9,430,688 Total 合計 3,380,850 81,999,126 10,095,324 95,475,300 Derivative financial liabilities 衍生金融負債 – 31,622 – 31,622 Total 合計 – 31,622 – 31,622 15. DISCLOSURE OF FAIR VALUE (1) Assets and liabilities measured at fair value 30 June 2026 (Unaudited)
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105 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. 公允價值的披露 （續） (1) 以公允價值計量的資產和負債 （續） 二零二五年十二月三十一日 （經審計） Fair value measurement using 公允價值計量使用的輸入值 Quoted prices in active markets Significant observable inputs Significant unobservable inputs 活躍市場報價 重要可觀察 輸入值 重要不可觀察 輸入值 Level 1 Level 2 Level 3 Total 第一層次 第二層次 第三層次 合計 Financial assets held for trading 交易性金融資產 – 54,532,541 – 54,532,541 Other equity instrument investments 其他權益工具投資 2,837,383 1,375,137 4,397,802 8,610,322 Other non-current financial assets 其他非流動金融資產 – 1,238,556 1,841,404 3,079,960 Receivables financing 應收款項融資 – 5,484,126 – 5,484,126 Total 合計 2,837,383 62,630,360 6,239,206 71,706,949 Derivative financial liabilities 衍生金融負債 – 550,144 – 550,144 Total 合計 – 550,144 – 550,144 (2) 第一層次公允價值計量 上市的權益工具投資，以市場報價確定公允 價值。 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (1) Assets and liabilities measured at fair value (continued) 31 December 2025 (Audited) (2) The fair value measurement in Level 1 The fair values of listed equity instrument investments are based on quoted market prices.
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106 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (3) The fair value measurement in Level 2 The Group has entered into derivative financial instruments contracts which are the foreign currency forward contracts with banks and adopts valuation techniques similar to forward pricing and present value methods for measurement. The model incorporates various market observable inputs including the credit quality of counterparties and foreign exchange spot and forward rates and yield curve. The carrying amounts of foreign currency forward contracts are the same as their fair values. The mark to market value of derivative financial assets is the net value after offsetting the credit valuation adjustment attributable to the default risk of derivative 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 profit or loss and receivables financing, the Group will estimate their fair values by using a discounted cash flow valuation model based on the market interest rates of instruments with similar terms and risks. For the equity instruments at fair value, the Group will estimate their fair values based on a combination of market information and valuation models. (4) The fair value measurement in Level 3 For investments in restricted shares and unlisted equity instruments, the Group adopts the recent transaction method or applies valuation techniques to determine their fair value, while valuation techniques include market multiplier method, option pricing models, etc. The measurement of fair value uses significant unobservable parameters, including enterprise value-to-revenue ( “EV/ Revenue ”) ratio, average EV/EBITDA ratio, average EV/ Net profit margin, liquidity discount, volatility, net value of underlying investment, etc. The financial instruments measured at fair value in Level 3 on a recurring basis were not significantly sensitive to a reasonable change in these unobservable inputs. The Group believes that the estimated fair values based on the valuation techniques and the related changes are reasonable, and they were the most appropriate values at the balance sheet date. 15. 公允價值的披露 （續） (3) 第二層次公允價值計量 本集團與銀行訂立了衍生金融工具合同，為 外匯遠期合同，採用類似於遠期定價以及現 值方法的估值技術進行計量。模型涵蓋了多 個市場可觀察到的輸入值，包括交易對手的 信用質量、即期和遠期匯率和利率曲線。外 匯遠期合同的賬面價值與公允價值相同。衍 生金融資產的盯市價值，是抵銷了歸屬於衍 生工具交易對手違約風險的信用估值調整之 後的淨值。交易對手信用風險的變化，對於 套期關係中指定衍生工具的套期有效性的評 價和其他以公允價值計量的金融工具，均無 重大影響。 以公允價值計量且其變動計入損益的理財產 品、應收款項融資，本集團會利用條款及風 險相類似的工具之市場利率按照貼現現金流 量估值模型估算公允價值。以公允價值計量 的權益工具，本集團以市場數據和估值模型 相結合為基礎估算公允價值。 (4) 第三層次公允價值計量 對於限售股票、非上市的權益工具投資，利 用近期交易法或者採用估值技術來確定其公 允價值，估值技術包括市場乘數法、期權定 價模型等。其公允價值的計量採用了重要的 不可觀察參數，比如企業價值 ╱ 收入 （ 「EV/ Revenue 」 ） 比率、平均企業價值 ╱ 息稅折舊 前利潤比率、平均企業價值 ╱ 淨利潤比率、 流動性折扣、波動率、投資標的淨值等。持 續第三層次公允價值計量的金融工具對這些 不可觀察輸入值的合理變動無重大敏感性。 本集團相信，以估值技術估計的公允價值及 其變動，是合理的，並且亦是於資產負債表 日最合適的價值。
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107 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (4) The fair value measurement in Level 3 (continued) Below is the summary of significant unobservable inputs for main fair value measurement in Level 3: 30 June 2026 (Unaudited) 15. 公允價值的披露 （續） (4) 第三層次公允價值計量 （續） 如下為主要的第三層次公允價值計量的重要 不可觀察輸入值概述： 二零二六年六月三十日 （未經審計） Fair value at the end of the year Valuation technique Unobservable inputs Range (the weighted 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 其他權益工具投資 3,277,650 Market approach 市場法 P/E ratio 市盈率 63.22-129.93 P/S ratio 市銷率 2.58-38.81 P/B ratio 市淨率 1.66-10.87 Average EV/Revenue ratio 平均企業價值 ╱ 收入比率 5.02 Other non-current financial assets 其他非流動金融資產 247,180 Market approach 市場法 P/S ratio 市銷率 21.3 Average EV/R&D expense ratio 平均企業價值 ╱ 研發費用比率 56.06 Other equity instrument investments 其他權益工具投資 5,075,447 Option pricing model 期權定價模型 Volatility of underlying asset price 標的資產價格的波動率 8.49%-68.73% Other non-current financial assets 其他非流動金融資產 1,495,047 Net value method of underlying investment 投資標的淨值法 Net value of underlying investment 投資標的的淨值 RMB791,449,000- RMB46,346,674,000 人民幣791,449 千元- 人民幣46,346,674 千元
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108 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. 公允價值的披露 （續） (4) 第三層次公允價值計量 （續） 二零二五年十二月三十一日 （經審計） Fair value at the end of the year Valuation technique Unobservable inputs Range (the weighted 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 其他權益工具投資 3,492,778 Market approach 市場法 P/E ratio 市盈率 63.22-129.93 P/S ratio 市銷率 2.58-38.81 P/B ratio 市淨率 1.66-10.87 Average EV/Revenue ratio 平均企業價值 ╱ 收入比率 5.02 Other non-current financial assets 其他非流動金融資產 283,003 Market approach 市場法 P/S ratio 市銷率 21.3 Average EV/R&D expense ratio 平均企業價值 ╱ 研發費用比率 56.06 Other equity instrument investments 其他權益工具投資 905,024 Option pricing model 期權定價模型 Volatility of underlying asset price 標的資產價格的波動率 4.49%-70.96% Other non-current financial assets 其他非流動金融資產 1,558,401 Net value method of underlying investment 投資標的淨值法 Net value of underlying investment 投資標的的淨值 RMB721,219,000- RMB47,800,610,000 人民幣721,219 千元- 人民幣47,800,610 千元 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (4) The fair value measurement in Level 3 (continued) 31 December 2025 (Audited)
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109 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. 公允價值的披露 （續） (5) 持續第三層次公允價值計量的調節信息 持續的第三層次公允價值計量的調節信息如 下： 截至二零二六年六月三十日止六個月期間 （未經審計） Total gains or losses for the current period 當期利得或損失總額 Opening balance Transfer to Level 3 Transfer out of level 3 Through profit or loss Through other comprehensive income Purchase Disposal Closing balance Changes in unrealised gains or losses of assets held at the end of the period through profit or loss 期初餘額 轉入 第三層次 轉出 第三層次 計入損益 計入其他 綜合收益 購買 出售 期末餘額 期末持有的 資產計入 損益的當期 未實現利得或 損失的變動 Other equity instrument investments 其他權益工具投資 4,397,802 503,055 (136,606) – 3,587,646 1,200 – 8,353,097 – Other non-current financial assets 其他非流動金融資產 1,841,404 – – (75,693) – 7,457 (30,941) 1,742,227 (75,693) 6,239,206 503,055 （136,606) (75,693) 3,587,646 8,657 (30,941) 10,095,324 (75,693) 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (5) The adjustment information of continuous fair value measurement in Level 3 Below is the adjustment information of continuous fair value measurement in Level 3: For the six months ended 30 June 2026 (Unaudited)
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110 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. 公允價值的披露 （續） (5) 持續第三層次公允價值計量的調節信息 （續） 二零二五年 （經審計） Total gains or losses for the current period 當期利得或損失總額 Opening balance Transfer to Level 3 Transfer out of level 3 Through profit or loss Through other comprehensive income Purchase Disposal Closing balance Changes in unrealised gains or losses of assets held at the end of the year through profit or loss 年初餘額 轉入 第三層次 轉出 第三層次 計入損益 計入其他 綜合收益 購買 出售 年末餘額 年末持有的 資產計入 損益的當期 未實現利得或 損失的變動 Other equity instrument investments 其他權益工具投資 3,584,181 1,856,801 (1,446,445) – 273,035 130,230 – 4,397,802 – Other non-current financial assets 其他非流動金融資產 1,777,081 108,165 (124,890) (72,004) – 205,135 (52,083) 1,841,404 (72,004) 5,361,262 1,964,966 (1,571,335) (72,004) 273,035 335,365 (52,083) 6,239,206 (72,004) 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (5) The adjustment information of continuous fair value measurement in Level 3 (continued) 2025 (Audited)
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111 Interim Report 2026 ɚཧɚʬϋʕಂజѓ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (6) Hierarchical transfers among continuous fair value measurement From January to June 2026, the other equity instrument investments held by the Group had quotations in an active market due to the release of lockup period, and their fair values were transferred from Level 3 to Level 1, with a transfer amount of RMB60,599,000. Certain financial instruments held by the Group were valued using Level 2 valuation techniques as there were quotations of identical or similar assets or liabilities in an inactive market due to the new financings of investees within the past year, and their fair values were transferred from Level 3 to Level 2, with a transfer amount of RMB76,007,000. Certain financial instruments of the Group were valued using Level 3 valuation techniques as there were no observable inputs available, and their fair values were transferred from Level 2 to Level 3, with a transfer amount of RMB503,055,000. In addition, there were no other significant transfers among fair value hierarchies of financial instruments of the Group during the period from January to June 2026. In 2025, the other equity instrument investments held by the Group had quotations in an active market due to the release of lockup period, and their fair values were transferred from Level 3 to Level 1, with a transfer amount of RMB1,183,323,000. Certain financial instruments held by the Group were valued using Level 2 valuation techniques as there were quotations of identical or similar assets or liabilities in an inactive market due to the new financings of investees within the past year, and their fair values were transferred from Level 3 to Level 2, with a transfer amount of RMB388,012,000. Certain financial instruments of the Group were valued using Level 3 valuation techniques as there were no observable inputs available, and their fair values were transferred from Level 2 to Level 3, with a transfer amount of RMB1,964,966,000. In addition, there were no other significant transfers among fair value hierarchies of financial instruments of the Group in 2025. 15. 公允價值的披露 （續） (6) 持續公允價值計量的層次轉換 二零二六年一至六月，本集團持有的其他權 益工具投資因限售期解除，存在活躍市場報 價，其公允價值從第三層次轉入第一層次， 轉移金額為人民幣 60,599 千元。本集團持有 的部分金融工具由於被投資公司近一年內新 增融資，存在非活躍市場中相同或類似資產 或負債的報價，因此採用第二層次估值技術 予以估值，並將其公允價值從第三層次轉入 第二層次，轉移金額為人民幣 76,007 千元。 本集團部分金融工具因無法獲取可觀察輸入 值而採用第三層次估值技術予以估值，並將 其公允價值從第二層次轉移到第三層次，轉 移金額為人民幣 503,055 千元。除此之外， 二零二六年一至六月本集團金融工具的公允 價值層次之間無其他重大轉移。 二零二五年度，本集團持有的其他權益工具 投資因限售期解除，存在活躍市場報價，其 公允價值從第三層次轉入第一層次，轉移金 額為人民幣 1,183,323 千元。本集團持有的 部分金融工具由於被投資公司近一年內新增 融資，存在非活躍市場中相同或類似資產或 負債的報價，因此採用第二層次估值技術予 以估值，並將其公允價值從第三層次轉入第 二層次，轉移金額為人民幣 388,012 千元。 本集團部分金融工具因無法獲取可觀察輸入 值而採用第三層次估值技術予以估值，並將 其公允價值從第二層次轉移到第三層次， 轉移金額為人民幣 1,964,966 千元。除此之 外，二零二五年度本集團金融工具的公允價 值層次之間無其他重大轉移。
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112 BYD Company Limited ʮ̡ Notes to Financial Statements ൗ 30 June 2026 ɚཧɚʬϋʬ˜ɧɤ˚ RMB’000 ɛ͏࿆ɷʩ 15. DISCLOSURE OF FAIR VALUE (CONTINUED) (7) The change of valuation techniques There was no change of valuation techniques by the Group during the period from January to June 2026. 16. EVENTS AFTER THE BALANCE SHEET DATE Nil 17. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved and authorised for issue by the Board on 28 August 2026. 15. 公允價值的披露 （續） (7) 估值技術變更 二零二六年一至六月，本集團未發生變更估 值技術的情況。 16. 資產負債表日後事項 無 17. 審批財務報表 董事會已於二零二六年八月二十八日審批及 授權刊發財務報表。