香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。

比亞迪股份有限公司

BYD COMPANY LIMITED（在中華人民共和國註冊成立的股份有限公司）

股份代號：01211（港幣櫃台）及81211（人民幣櫃台）

網站：http://www.bydglobal.com二零二四年中期業績公告

比亞迪股份有限公司（「本公司」）董事會欣然宣佈本公司及其附屬公司截至二零二四年六月三十日止六個月期間的未經審核業績。本公告載有本公司二零二四年中期報告全文，乃按香港聯合交易所有限公司證券上市規則中有關初步中期業績公告的相關規定而編製。本公司二零二四年中期報告可於香港聯合交易所披露易網站https://www.hkexnews.hk 及本公司網站http://www.bydglobal.com 閱覽，如本公司股東欲收取印刷版本，可依照本公司於二零二四年七月二十九日在上述網站發佈之通知信函內指引及填妥回條獲取。

承董事會命比亞迪股份有限公司主席王傳福

中國*深圳，二零二四年八月二十八日於本公告刊發日期，本公司董事會包括執行董事王傳福先生，非執行董事呂向陽先生及夏佐全先生，以及獨立非執行董事蔡洪平先生、張敏先生及喻玲女士。COMPANY PROFILE公司簡介BYD Company Limited (“BYD” or “the Company” together with its 比亞迪股份有限公司（「比亞迪」或「本公司」，連同subsidiaries “the Group”; stock code: H shares: 01211 (HKD counter); 其附屬公司統稱「本集團」或「集團」；股份代號：H

81211 (RMB counter); A shares: 002594) is principally engaged in 股：01211（港幣櫃檯）；81211（人民幣櫃檯）；A股：

automobile business which mainly includes new energy vehicles 002594）主要從事以新能源汽車為主的汽車業務、手機

handset components and assembly services rechargeable batteries and 部件及組裝業務，二次充電電池及光伏業務，同時利用photovoltaics business. Meanwhile with its technological superiority the 自身的技術優勢積極拓展城市軌道交通業務領域。

Group actively develops urban rail transportation business segment.As a pioneer and leader in the global new energy vehicle industry relying 作為全球新能源汽車行業先行者和領導者，集團憑藉在on its strong technological accumulation in the fields of power batteries 動力電池、電機、電控等領域的雄厚技術積累，通過技motors and electronic control and through continuous technological 術的持續創新，打造出長期、可持續的核心競爭優勢，innovation the Group has developed its long-term and sustainable core 奠定了本集團於全球新能源汽車行業的領導地位，加速competitive advantages which established the leading position of the 推動全球汽車產業轉型升級進程。

Group in the global new energy vehicle industry and accelerated the

transformation and upgrade of the global automobile industry.BYD is one of the leading rechargeable battery manufacturers in the global 本集團為全球領先的二次充電電池製造商之一。消費類arena. As to the field of consumer batteries the Group’s li-ion batteries are 電池領域，本集團生產的鋰離子電池廣泛應用於各類消widely used in various consumer electronic products and new intelligent 費類電子產品及新型智能產品領域，主要客戶包括三products major clients of which include leading consumer electronics 星、Dell等消費類電子產品領導廠商，以及科沃斯等全manufacturers such as Samsung and Dell as well as global leading 球領先的機器人專業智造品牌廠商。動力電池領域，本professional robot brands such as Ecovacs. As to the field of power 集團開發了高度安全的磷酸鐵鋰電池 –「 刀片電池」，更batteries the Group has developed “Blade Batteries” the highly safe LFP 好解決市場安全痛點，加速磷酸鐵鋰電池重回動力電池batteries to better meet the urgent demand of safety in the market and 主流賽道。儲能電池領域，本集團在電網儲能、工商業to speed up the pace of LFP batteries returning to the mainstream market 儲能、家庭儲能等應用領域發力，為客戶提供更加清潔of power batteries. As to the field of energy storage batteries the Group 可持續的儲能解決方案。

focuses on applications such as power grid energy storage industrial

and commercial energy storage and household energy storage to provide

cleaner and more sustainable energy storage solutions to customers.As an important move of the Group in the field of clean energy the 光伏業務作為本集團在清潔能源領域的重要佈局之一，photovoltaics business has a complete industrial chain layout covering 擁有矽片、電池片、光伏組件、光伏系統應用等全產業

silicon wafer solar cells photovoltaic modules and photovoltaic system 鏈佈局，打通能源從吸收、存儲到應用的各個環節。本application etc. It connects all processes from energy collection storage 集團將積極佈局新技術，推動產品不斷升級。

to application. The Group will proactively develop new technologies to

promote the continuous upgrade of its products.As a global leading provider of high-tech and innovative products in the 作為全球領先的電子領域高科技創新產品提供商，本集electronics field the Group provides customers around the world with 團依託電子信息技術、人工智能技術、5G和物聯網技

one-stop product solutions relying on its core advantages in electronic 術、熱管理技術、新材料技術、精密模具技術和數字化

information AI 5G and Internet of Things thermal management new 製造技術等核心優勢，為全球客戶提供一站式產品解materials precision molds and digital manufacturing technologies. The 決方案。本集團電子業務廣泛，涉及智能手機、平板Group engages in a wide variety of electronics business ranging from 電腦、AIDC（ AI服務器、熱管理、電源管理等）、智能

smart phones tablet PCs AIDC (AI servers thermal management power 家居、遊戲硬件、無人機、3D打印機、物聯網、機器

management etc.) smart home game hardware unmanned aerial 人、通信設備等多元化的市場領域，本集團高度的垂直vehicles 3D printers Internet of Things robots communication equipment 整合能力可以為客戶提供全面的服務，更快和更有效率to other diversified market areas. Leveraging its competence in highly 地回應市場不斷變化的需求。

vertical integration the Group is able to provide customers with a full range

of services and quickly and efficiently respond to the market’s changing

demands.Urban rail transportation business is an important area for the Group’s 城市軌道交通業務是本集團未來發展的戰略方向之一。

future development. With its technology and cost advantages in the area 憑藉在新能源業務領域業已建立的技術和成本優勢，of new energy the Group has successfully developed medium-capacity 集團成功研發出高效率、低成本的中運量「雲軌」和低運

“SkyRail” and low-capacity “SkyShuttle” with high efficiency and low cost 量「雲巴」產品，配合新能源汽車實現對城市公共交通的which together with new energy vehicles achieves the three-dimensional 立體化覆蓋，在幫助城市解決交通擁堵和空氣污染的同coverage of urban public transportation and drives the long-term and 時，實現集團的長遠及可持續發展。

sustainable development of the Group while helping alleviate urban traffic

jam and air pollution.CONTENTS目錄

2 Corporate Information 公司資料

4 Financial Highlights 財務摘要

5 Management Discussion and Analysis 管理層討論及分析

39 Consolidated Balance Sheet 合併資產負債表

42 Consolidated Income Statement 合併利潤表

45 Consolidated Statement of Changes in Owners’ Equity 合併股東權益變動表

47 Consolidated Cash Flow Statement 合併現金流量表

50 Notes to Financial Statements 財務報表附註2 BYD Company Limited比亞迪股份有限公司

CORPORATE INFORMATION公司資料

EXECUTIVE DIRECTOR 執行董事

Wang Chuan-fu 王傳福

NON-EXECUTIVE DIRECTORS 非執行董事

Lv Xiang-yang 呂向陽

Xia Zuo-quan 夏佐全

INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事

Cai Hong-ping 蔡洪平

Zhang Min 張敏

Yu Ling 喻玲

SUPERVISORS 監事

Li Yong-zhao 李永釗

Zhu Ai-yun 朱愛雲

Wang Zhen 王珍

Huang Jiang-feng 黃江鋒

Tang Mei 唐梅

COMPANY SECRETARY 公司秘書

Li Qian 李黔

AUDIT COMMITTEE 審核委員會

Xia Zuo-quan 夏佐全

Cai Hong-ping 蔡洪平

Zhang Min (Chairman) 張敏（主席）

Yu Ling 喻玲

REMUNERATION COMMITTEE 薪酬委員會

Wang Chuan-fu 王傳福

Xia Zuo-quan 夏佐全

Cai Hong-ping (Chairman) 蔡洪平（主席）

Zhang Min 張敏

Yu Ling 喻玲

NOMINATION COMMITTEE 提名委員會

Wang Chuan-fu 王傳福

Lv Xiang-yang 呂向陽

Cai Hong-ping 蔡洪平

Zhang Min 張敏

Yu Ling (Chairman) 喻玲（主席）

STRATEGY COMMITTEE 戰略委員會

Wang Chuan-fu (Chairman) 王傳褔（主席）

Lv Xiang-yang 呂向陽

Xia Zuo-quan 夏佐全

Cai Hong-ping 蔡洪平

Zhang Min 張敏Interim Report 2024二零二四年中期報告3

CORPORATE INFORMATION公司資料

AUTHORISED REPRESENTATIVES 授權代表

Wang Chuan-fu 王傳福

Li Qian 李黔

LEGAL ADDRESS 法定地址

No. 1 Yan’an Road 中國

Kuichong Sub-district 廣東省

Dapeng New District 深圳市

Shenzhen 大鵬新區

Guangdong Province 葵涌街道

The PRC 延安路一號

AUDITORS 核數師

Ernst & Young Hua Ming LLP 安永華明會計師事務所（特殊普通合夥）

PLACE OF BUSINESS IN HONG KONG 香港營業地點

Unit 1712 17th Floor 香港

Tower 2 Grand Central Plaza 新界

No. 138 Shatin Rural Committee Road 沙田鄉事會路138號

New Territories 新城市中央廣場二期

Hong Kong 17樓1712室

HONG KONG SHARE REGISTRAR AND TRANSFER 香港股份過戶登記處

OFFICE

Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司

Shops 1712–1716 香港

17th Floor Hopewell Centre 灣仔

183 Queen’s Road East 皇后大道東183號

Wanchai 合和中心17樓

Hong Kong 1712–1716號鋪

INVESTOR AND MEDIA RELATIONS CONSULTANT 投資者及傳媒關係顧問

iPR Ogilvy Ltd. iPR奧美公關

Tel: (852) 2136 6185 電話：(852) 2136 6185

Fax: (852) 3170 6606 傳真：(852) 3170 6606

Email: byd@iprogilvy.com 電郵：byd@iprogilvy.com

WEBSITE 公司網址

www.bydglobal.com www.bydglobal.com

STOCK CODE 股票代碼

H Shares: 01211 (HKD counter); 81211 (RMB counter) H股：01211（港幣櫃檯）；81211（人民幣櫃檯）(trading on The Stock Exchange of Hong Kong Limited （於香港聯合交易所有限公司(“Hong Kong Stock Exchange”)) （「香港聯交所」）交易）

A Shares: 002594 (trading on the Shenzhen Stock Exchange (“SZSE”)) A股：002594（於深圳證券交易所（「深交所」）交易）4 BYD Company Limited比亞迪股份有限公司

FINANCIAL HIGHLIGHTS財務摘要

INTERIM RESULTS FOR THE SIX MONTHS ENDED 截至二零二四年六月三十日止六個月中期業

30 JUNE 2024 (THE PERIOD) 績（期內）

Turnover 15.76% to RMB301127 million營業額至人民幣301127百萬元

Gross profit 26.42% to RMB60267 million毛利至人民幣60267百萬元

Profit attributable to owners of the parent 24.44% to RMB13631 million母公司擁有人應佔溢利至人民幣13631百萬元

Earnings per share 24.14% to RMB4.68

每股盈利至人民幣4.68元

HIGHLIGHTS 摘要

1. The sales of new energy vehicles continued to reach a record 1. 新能源汽車銷量持續創新高，穩居全球銷量

high ranking first in the world with increasing market share 冠軍，市佔率進一步提升，品牌影響力持續and expanding brand influence. 擴大。

2. Disruptive technology boosted brand development and 2. 顛覆性技術賦能品牌發展，完善多品牌梯度

improved multi-brand hierarchical deployment which has 佈局，為公司新能源汽車業務打造新高度。

brought the Company’s new energy vehicle business to a new

level.

3. The Company accelerated its expansion in overseas markets 3. 加速海外市場開拓和本地化生產進程，加快

and the progress of localised manufacturing and speeded up 新能源乘用車業務出海，進一步拓展市場空the development of its new energy passenger vehicle business 間。

in overseas markets so as to further expand market space.4. In terms of electronics business the Company continued 4. 電子業務持續加深與海內外大客戶的合作，

to deepen its cooperation with key accounts both at home 不斷優化產品結構，並積極拓寬新型智能產and abroad kept optimizing product structure and actively 品業務領域。

expanded new intelligent product business.

5. With leading innovative technologies in the industry improving 5. 憑藉行業領先的創新技術、不斷提升的品牌

brand strength expanding scale advantage and strong 力、持續擴大的規模優勢和強大的產業鏈成

ability to control industrial chain cost the Company has effectively 本控制能力，有效應對行業競爭加劇帶來的dealt with challenges brought by intensified industrial competition. 挑戰。Interim Report 2024二零二四年中期報告5

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

INDUSTRY ANALYSIS AND REVIEW 行業分析及回顧

Automobiles and Batteries Business 汽車及電池業務

In the first half of 2024 the world economy recovered moderately 二零二四年上半年，世界經濟溫和復甦，經濟韌性with demonstrated resilience. However international geopolitical 凸顯，但國際地緣政治紛擾持續，國際貿易摩擦等disturbances continued international trade frictions and other issues 問題頻發，外部環境更趨複雜嚴峻和不確定，各國occurred frequently the external environment became more complex 經濟復甦表現不同步。中國經濟亦受到國際複雜環severe and uncertain and the economic recovery performance of 境擾動，存在國內有效需求不足、新舊動能轉換陣various countries was out of sync. While affected by the complex 痛等挑戰。中國政府積極主動應對挑戰，深化改革international environment China was encumbered by insufficient 開放，加強宏觀調控，叠加外需回暖、新質生產力effective demands domestically and the hardship of transition to new 加速發展等新支撑，中國整體經濟運行延續了恢復growth drivers from old economic engines. The Chinese government 向好態勢，並呈現出總體平穩、穩中有進的特點。

was actively and proactively addressing the challenges by taking 據國家統計局公佈的數據顯示，二零二四年上半年stronger measures to further promote reform and opening up and 國內生產總值實現同比增長5.0%，為今年國家經濟strengthened macroeconomic controls; as a result the Chinese 實現全年發展預期目標奠定了堅實基礎。

economy also boosted by the rebound of overseas demands and the

accelerated development of new quality productive forces sustained

a positive trend of steady recovery overall stability and continual

progress. According to the data released by the National Bureau of

Statistics China’s GDP grew by 5.0% year-on-year in the first half of

2024 which lays a solid foundation for China to achieve its annual

economic growth target this year.6 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

In the first half of 2024 China’s automobile industry was hampered 上半年，中國汽車行業面對複雜的宏觀環境，存在by the complex macro environment and impeded by slower growth 內需增長相對緩慢、企業庫存壓力較大等問題，同of domestic demand and greater inventory pressure meanwhile 時，愈發激烈的國內市場競爭和國際貿易保護升級encountering further challenges by intensified competition in the 亦給汽車行業發展帶來挑戰。但中國汽車行業展現Chinese market and the aggravated international trade protectionism. 出強大的韌性，隨着國家和地方各項促消費政策、However with strong resilience China’s automobile industry 汽車營銷活動、新車型大量上市等因素共同拉動，rebounded and saw a gradual recovery of automobile consumption 市場回暖，汽車消費逐步復甦。根據中國汽車工amid the consumption stimulus policies announced by the central 業協會的數據，二零二四年上半年中國汽車產銷量and local governments combined with marketing activities offerings 進一步攀上新高峰，同比分別增長4.9%和6.1%至of new models and other factors. According to the statistics from the 1389.1萬輛和1404.7萬輛，產銷量延續增長態勢，China Association of Automobile Manufacturers the production and 汽車行業繼續發揮着工業經濟穩增長「壓艙石」的重

sales volume of automobiles in China reached another record high 要作用。其中，中國新能源汽車亦保持強勁的發展in the first half of 2024 to 13.891 million units and 14.047 million units 勢頭，產銷兩旺，增長亮眼。上半年中國新能源汽respectively registering year-on-year growth of 4.9% and 6.1%. This 車產銷量分別為492.9萬輛和494.4萬輛，同比分別sustained growth momentum underscores the automobile industry’s 增長30.1%和32.0%，新能源汽車滲透率實現逐月vital role as a key stabilizer for the growth of the industrial economy. 攀升，燃油車比重持續下滑，汽車工業新老交替加Notably the sector of new energy vehicles delivered outstanding 速演變。截至二零二四年六月底，國產新能源汽車performance by maintaining robust development momentum and 累計產銷量均已超過3000萬輛，規模化市場已經recording surging production and sales. China’s new energy vehicle 形成。上半年，中國汽車出口延續了強勁的增長勢market witnessed production of 4.929 million units and sales of 頭，繼續領跑全球市場。根據中國汽車工業協會整

4.944 million units in the first half of 2024 growing by 30.1% and 理的海關總署數據顯示，二零二四年上半年中國汽

32.0% year-on-year respectively. The penetration rate of new energy 車出口279.3萬輛，同比增長30.5%，再次實現對

vehicles rose month by month while the proportion of internal 日本的超越，進一步鞏固了全球汽車出口第一的位combustion engine vehicles (ICE vehicles) continued to decline which 置。其中，新能源汽車產業的蓬勃發展，也滿足了accelerated replacement of ICE vehicles with new energy vehicles in 全球消費者對優質產品和服務的需要，為全球汽車the automobile industry. As at the end of June 2024 the cumulative 產業轉型提供了有力支撑，二零二四年上半年中國production and sales volume have both exceeded 30 million units 新能源汽車出口達60.5萬輛，同比增長13.2%。中in China’s new energy vehicle sector signifying the formation of a 國汽車品牌通過技術進步、價值創造、品質提升、

large-scale market. China continued to be the leader in the global 服務升級，產品力和品牌力持續提升，受到更多消market by maintaining strong growth in auto exports in the first half 費者認可，自主品牌的市場份額穩步攀升。根據中of 2024. According to the statistics from the General Administration 國汽車工業協會的數據，二零二四年上半年中國品of Customs of the People’s Republic of China consolidated by the 牌乘用車在國內市場的佔有率突破60%，創歷史新China Association of Automobile Manufacturers China’s auto exports 高，中國汽車市場格局正經歷重塑。

amounted to 2.793 million vehicles in the first half of 2024 representing

a year-on-year increase of 30.5% and China surpassed Japan again

to further consolidate its first place in the global chart of auto exports.It is noteworthy that the flourishing new energy vehicle sector satisfied

overseas consumers’ expectations for high-quality products and

services and became the firm pillar of the transformation of the global

auto industry. In the first half of 2024 exports of China’s new energy

vehicles reached 605000 units registering a year-on-year growth of

13.2%. Through technological advancement value creation improved

quality upgraded services stronger product power and brand power

Chinese automakers have been recognized by more consumers and

witnessed a steady expansion of market shares for the brands they

have developed. The statistics of the China Association of Automobile

Manufacturers showed that in the first half of 2024 the share of

domestic brand passenger vehicles in China’s auto market exceeded

60% setting a record high and China’s auto market landscape is

reshaping.Interim Report 2024二零二四年中期報告7

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

The development of new energy vehicles is the only approach for 發展新能源汽車是我國從汽車大國邁向汽車強國的

China to evolve from a participant to an industry leader and aligns 必由之路，亦是順應全球綠色低碳轉型的發展趨with the global trend of transition to sustainable and low-carbon 勢。中國政府因時制宜出台一系列利好政策，以鞏development. To consolidate and expand the current development 固和擴大當前新能源汽車及智能汽車的發展優勢，advantages of new energy vehicles and intelligent cars the Chinese 推動汽車產業高質量發展。二零二四年一月，工信government has introduced a series of expedient supportive policies 部等五部門印發《五部門關於開展智能網聯汽車「車hoping to promote the high-quality development of the auto industry. 路雲一體化」應用試點工作的通知》，為推動「車路雲In January 2024 the Ministry of Industry and Information Technology 一體化」基礎設施建設，大力推動智能網聯汽車產業(the “MIIT”) and other four departments jointly released the Notice 化發展奠定基礎。三月，國務院印發《推動大規模設on Promoting the Pilot Application Program for “Vehicle-Road-Cloud 備更新和消費品以舊換新行動方案》，組織開展全國Integration” of Intelligent Connected Vehicles 《( 五部門關於開展智 汽車以舊換新促銷活動，鼓勵汽車生產企業、銷售能網聯汽車「車路雲一體化」應用試點工作的通知》) to advance the 企業開展促銷活動，並引導行業有序競爭，促進汽construction of infrastructure of “Vehicle-Road-Cloud Integration” 車梯次消費、更新消費。四月，商務部、財政部等and lay the foundation for the industrial development of intelligent 七部門聯合印發的《汽車以舊換新補貼實施細則》對

connected vehicles. In March the State Council announced the 汽車以舊換新的補貼範圍和標準、補貼申報、審核

Action Plan for the Promotion of the Large Scale Equipment Renewal 和發放等做出明確指導，促進老舊車輛淘汰更新，and Trade-in of Consumer Goods 《( 推動大規模設備更新和消費品 有利於加快新能源汽車普及，同時推動節能減排和以舊換新行動方案》) initiating the marketing campaign for trade- 汽車產業升級，進一步釋放國內汽車消費潛能。五in of automobiles across the whole country encouraging auto 月，工信部、發改委等五部門宣佈開展二零二四年manufacturers and dealers to promote the marketing campaign 新能源汽車下鄉活動，持續優化新能源汽車購買使guiding the virtuous competition of the industry and stimulating 用環境，積極推動新能源汽車在下沉市場進一步滲tiered pricing and renewal consumption. In April seven departments 透。同月，國務院印發《2024–2025年節能降碳行動including the Ministry of Commerce and the Ministry of Finance 方案》，提出逐步取消各地新能源汽車購買限制，落released the Implementation Rules on Subsidies for Trade-in of 實便利新能源汽車通行等支持政策，利好新能源汽Automobi les (《汽車以舊換新補貼實施細則》) providing clear 車市場擴容，為實現碳達峰碳中和目標奠定堅實基guidelines on the scope and standards for offering subsidies for trade- 礎。六月，工信部等四部門聯合公佈《進入智能網聯in of automobiles the application approval and granting procedures of 汽車准入和上路通行試點聯合體基本信息》，意在支such subsidies for the purpose of phasing out vehicles of old models 持L3級別（有條件自動駕駛）自動駕駛汽車的上路通

and old designs which is conducive to expanding the popularity of 行和量產落地，逐步推動中國智能網聯新能源汽車new energy vehicles and aiming to boost the energy conservation and 產業朝向高質量發展。

emission reduction plan and the upgrading of the automobile industry

and to further bolster the potential of automobile consumption in the

domestic market. The MIIT the National Development and Reform

Commission and other three departments activated the campaign

of promoting new energy vehicles to rural areas for 2024 in May

to develop a better environment for buying and driving new energy

vehicles thereby achieving greater new energy vehicle penetration in

lower-tier markets. In the same month the State Council announced

the Action Plan for Energy Conservation and Carbon Reduction for

2024–2025 proposing to lift the restrictions for buying new energy

vehicles gradually implementing supporting policies such as offering

facilitation to new energy vehicles and enabling the expansion of new

energy vehicle market to lay a solid foundation for achieving carbon

peaking and carbon neutrality. In June the MIIT and other three

departments published the Basic Information of Consortiums Admitted

to the Pilot Program for the Access and Road Use of IntelligentConnected Vehicles 《( 進入智能網聯汽車准入和上路通行試點聯合體基本信息》) with an aim to support the road use and mass production

of L3-level (conditional driving automation) driverless cars and drive

China’s intelligent and connected new energy vehicle sector towards

high-quality development.8 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

In terms of rechargeable batteries the consumer electronics industry 二次充電電池方面，二零二四年上半年，消費類電recovered in the first half of 2024 which stimulated the demand for 子行業迎來復甦，帶動其上游電池需求。儲能方upstream batteries. In terms of energy storage the market saw a 面，得益於全球多國紛紛出台利好政策支持，加上sustained prosperity amid the increasing storage demand driven by 能源結構轉型步伐持續加速，技術不斷突破，儲能the favorable policies introduced by many countries around the world 需求維持高增，市場景氣度持續上行。光伏方面，the accelerated energy structure transformation and the continuous 二零二四年上半年，儘管行業面臨諸多挑戰，但我technological breakthrough. As for the photovoltaic industry in the first 國光伏行業新增裝機量再創歷史新高，全球綠色能half of 2024 in spite of various challenges China saw a record high of 源需求依舊旺盛，企業技術創新和產業升級成為行new installed capacity in the photovoltaic industry. Global demand for 業發展的主旋律。

green energy remained strong and technical innovation and industrial

upgrading became the main theme of industry development.Handset Components and Assembly Business 手機部件及組裝業務

The global smart phone market recovered in the first half of 2024 as 二零二四年上半年，受益於新興市場消費表現強勁it was fueled by the strong consumption of emerging markets and the 及高端機型升級趨勢，全球智能手機市場需求於二upgrading of high-end models. According to the statistics from IDC 零二四年上半年迎來復甦。根據市場研究機構IDC的the shipment of global smart phones increased by 7.1% to 575 million 統計，二零二四年上半年，全球智能手機出貨量上units in the first half of 2024. Driven by the rapid evolution of artificial 升7.1%至5.75億部。在人工智能(AI)技術快速發展intelligence (AI) technology and the replacement cycle China’s smart 及換機週期的驅動下，中國智能手機市場上半年呈phone market was in an upswing in the first half of 2024. According 現出積極的增長態勢。中國信息通信研究院發表的to the data released by the China Academy of Information and 數據顯示，二零二四年上半年，國內手機市場整體Communications Technology in the first half of 2024 the shipment 出貨量累計1.47億部，同比增長13.2%，其中5G手of domestic mobile phones reached 147 million units representing 機出貨量為1.24億部，同比上升21.5%，佔同期手機a year-on-year increase of 13.2%; in particular the shipment of 5G 出貨量的84.4%。PC方面，全球AI風潮持續升溫，smart phones was 124 million units representing a year-on-year 其應用面廣闊，AI賦能的創新PC消費電子產品剛性growth of 21.5% accounting for 84.4% of the shipment of mobile 需求日益增加。根據市場研究機構IDC的統計，二phones in the corresponding period. In terms of the PC field the rising 零二四年上半年全球PC市場出貨量上升2.2%至1.25

AI wave around the world expanded the scope of applications and 億部。全球平板電腦出貨量約0.65億部，同比上升the rigid demand for AI-enabled PCs experienced continuous growth 10.9%。

accordingly. The statistics from IDC showed that global PC shipments

increased by 2.2% year-on-year to 125 million units in the first half of

2024. The global tablet computers shipments reached 65 million units

representing a year-on-year increase of 10.9%.Interim Report 2024二零二四年中期報告9

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

BUSINESS REVIEW 業務回顧BYD Company Limited (“BYD” or “the Company” together with its 比亞迪股份有限公司（「比亞迪」或「本公司」及其附subsidiaries “the Group”) is principally engaged in the automobile 屬公司統稱「本集團」）主要經營包括以新能源汽車

business which mainly includes new energy vehicles handset 為主的汽車業務，手機部件及組裝業務，二次充電components and assembly business rechargeable batteries and 電池及光伏業務，並積極利用自身技術優勢拓展城photovoltaic business. Meanwhile with its technological superiority 市軌道交通及其他業務。於二零二四年上半年，本the Group actively develops urban rail transportation and other 集團實現收入約人民幣301127百萬元，同比增長business segments. In the first half of 2024 the Group recorded a 15.76%，其中汽車、汽車相關產品及其他產品業務revenue of approximately RMB301127 million representing a year- 的收入約人民幣228317百萬元，同比增長9.33%；

on-year increase of 15.76% among which the revenue from the 手機部件、組裝及其他產品業務的收入約人民幣

automobiles and related products and other products amounted 72778百萬元，同比增長42.45%；佔本集團總收入to approximately RMB228317 million representing a year-on- 的比例分別為75.82%和24.17%。

year increase of 9.33%; the revenue from the handset components

assembly service and other products amounted to approximately

RMB72778 million representing a year-on-year increase of 42.45%.These business segments accounted for 75.82% and 24.17% of the

Group’s total revenue respectively.Automobiles and Batteries Business 汽車及電池業務

As a pioneer and leader in the global new energy vehicle industry 本集團作為全球新能源汽車行業先行者和領導者，relying on its precise strategic layout leading technical strength 憑藉精準的戰略佈局、領先的技術實力、前瞻的市

forward-looking market insights and well-developed industrial system 場洞察、完善的產業體系，穩步提升品牌力，汽車the Group has steadily improved its brand power and speeded up the 業務出海全面提速，為中國汽車打開新的市場窗口global expansion of its automobiles business in a comprehensive way 和國際化機遇。在新能源汽車與燃油車競爭日趨激creating opportunities for the Chinese automobile industry to enter 烈的背景下，本集團積極擁抱並參與競爭，推動新into new international markets. Under the background of increasingly 能源汽車滲透率加速提升，在競爭中打造世界級fierce market competition between new energy vehicles and ICE 品牌，助力行業更深層次變革，實現業務的長足發vehicles the Group embraces and participates in competition in a 展。根據中汽協數據，二零二四年上半年，本集團proactive way to accelerate the increase of the penetration rate of new 新能源汽車市佔率進一步提升，蟬聯國內汽車銷量energy vehicles build a world-class brand during competition and 冠軍，穩居全球新能源汽車銷量第一。

contribute to a more profound change in the industry thus achieving

substantial development in its business. According to data from the

China Association of Automobile Manufacturers in the first half of

2024 the market share of the Group’s new energy vehicles further

increased winning the sales champion of the domestic automobiles

retaining its No. 1 position in the global sales of new energy vehicles.10 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

Being committed to independent innovation the Group vigorously 本集團始終堅持自主創新，用顛覆性技術催生壯大applies disruptive technologies to boost new quality productive 新質生產力，為行業高質量發展注入新動能。憑藉forces thereby fostering new drivers for the high-quality development 強大的研發基因和濃厚的工程師文化，本集團超十of the industry. With strong R&D genes and rich engineer culture the 萬名工程師團隊深耕核心技術領域，加速推出一系Group’s team of more than 100000 engineers has carried out in-depth 列全球領先的前瞻性、顛覆性技術，從電動化到智development in core technology fields to accelerate the launch of a 能化，逐步構建出獨特的競爭力。一月，本集團舉series of world-leading forward-looking and revolutionary technologies 辦「2024比亞迪夢想日」發佈會，首發智能化發展全from electrification to intelligence thereby creating its unique 新戰略「整車智能」，並展示智能駕駛、智能泊車、competitiveness step by step. During the BYD Dream Day 2024 held 智能座艙等眾多技術成果，展現本集團的智能化實in January the Group unveiled its Integrated Vehicle Intelligence 力和未來戰略佈局，引領行業智能化發展新方向，strategy the new strategy of the Group in relation to intelligent 並於期內入選全國首批智能網聯汽車准入和上路通

development and showcased its technological achievements such 行試點名單（L3級別），獲得來自政策層面對本集團as intelligent driving intelligent parking and intelligent cockpit 在智能駕駛研發水平和技術實力的認可。五月，本demonstrating the Group’s strengths in intelligentization and its 集團發佈「e平台3.0 Evo」，集合十二合一智能電驅、strategic plans for the future and marking that the Group is leading 智能寬溫域高效熱泵、全域智能快充、CTB整車安

the industry to pursue intelligent vehicles in a new direction. The 全架構及智能運動控制等五大全球首創技術集群，Group was also selected as one of the first batch on the pilot list of 讓汽車具備更安全、更高效、更智能的駕乘體驗。

access and on-road traffic of intelligent connected vehicles (L3 level) 本集團亦於五月推出「第五代DM技術」，得益於以in China during the Period representing the recognition of the Group’s 電為主的動力架構、全溫域整車熱管理架構、智電

R&D level and technological strength in intelligent driving at the policy 融合電子電氣架構等強大的技術基底，實現全球量level. In May the Group rolled out the “e-Platform 3.0 Evo” which 產最高發動機熱效率46.06%、全球最低百公里虧電

integrated five globally pioneering technology clusters including 12- 油耗2.9L和全球最長綜合續航2100公里，開創油耗in-1 intelligent electric drive intelligent heat pump system with wide 「2」時代，重新定義插混技術新標杆，推動全球插混temperature range and high efficiency global domain intelligent 進入中國時刻，引領新一輪技術變革浪潮。

fast charging CTB whole vehicle safety architecture and intelligent

motion control with an aim to making auto driving experience safer

more efficient and more intelligent. The Group also launched its

“Fifth-generation DM Technology” in May. Benefiting from its strong

technological foundation of electric-based powertrain architecture

vehicle thermal management architecture with full temperature range

and electronic and electrical architecture with intelligent-electric

fusion the Group has achieved the world’s highest engine thermal

efficiency of 46.06% available for mass production the world’s lowest

fuel consumption at low battery charge level of 2.9L per 100km and

the world’s longest mileage of 2100km creating a new era of “2”

fuel consumption and redefining a new benchmark for plug-in hybrid

electric technology. It represents China’s leading position in plug-in

hybrid electric technology around the world and leads a new wave of

technological innovation.In the field of new energy passenger vehicles relying on the repeated 新能源乘用車領域，依托於核心技術的迭代與創新iteration and innovation of the core technologies and the precise 以及對消費者需求的精準洞察，本集團逐步完善由insights into consumer demand the Group has gradually improved 「比亞迪」品牌、「方程豹」品牌、「騰勢」品牌及「仰

the multi-brand gradient layout consisting of the “BYD” brand the 望」品牌所構建的多品牌梯度佈局，覆蓋從家用到豪“FANGCHENGBAO” brand the “Denza” brand and the “Yangwang” 華、從大眾到個性化，更好地滿足用戶多方位全場brand covering from home to luxury from mass to personalized 景用車需求。二零二四年上半年，儘管宏觀經濟形better satisfying users’ automobile needs in all scenarios. In the first 勢複雜以及市場競爭愈趨激烈，各品牌攜手並進，half of 2024 despite the complexity of the macroeconomic situation 推動本集團銷量穩步增長，屢破前高。

and the increasingly fierce competition in the market the brands

worked together to drive the Group’s sales volume to steadily grow

and hit record highs.Interim Report 2024二零二四年中期報告11

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

As the Group’s first passenger vehicle brand the “BYD” brand 「比亞迪」品牌作為本集團首個乘用車品牌，進一步further consolidated and strengthened the leading position of the 夯實、強化本集團在大眾化市場的領導地位，逐Group in the mass market and gradually developed into two series 步形成了「王朝」和「海洋」等兩大系列產品。二零二of products the “Dynasty” and the “Ocean”. In the first half of 四年上半年，本集團積極優化「比亞迪」品牌產品矩2024 the Group actively optimized the product matrix of the “BYD” 陣，通過產品優化及技術升級開啓全新產品週期，

brand initiated a new product cycle through product optimization 推出多款迭代及全新車型，實現「電比油低」，加速and technology upgrades and launched several iterative and new 推動新能源汽車對傳統燃油車的顛覆。「王朝」系列models realizing “NEV cheaper than ICE” and accelerating the 將領先的科技與國潮文化完美融合，打造國潮、智promotion of the subversion of new energy vehicles to traditional fuel- 能的新能源汽車，旗下擁有「漢」、「唐」、「宋」、「秦」powered vehicles. The “Dynasty” series perfectly integrate the leading 和「元」五大家族式產品。「漢」作為中國自主品牌高technology and Chinese fashion trend to create Chinese fashion 端化的旗幟之一，自上市以來持續熱銷，市場熱度and smart new energy vehicles with five family products of “Han” 不減，六月更成為B+C級轎車市場銷冠。「唐」作為“Tang” “Song” “Qin” and “Yuan”. As one of the signature products 本集團中大型旗艦SUV系列產品於期內煥新，產品of domestic brands’ high-end process “Han” has remained popular 競爭力進一步加強。「宋」家族以強大的產品力持續on the market since its launch and even became the sales champion 引領主流SUV市場。「秦」家族中，首搭「第五代DM技in the B+C-class sedan market in June. As the Group’s medium/large 術」的「秦L DM-i」五月上市即引爆市場，供不應求，flagship SUV series product “Tang” was launched with renewed 從省油、技術、設計、空間、駕乘、智能、安全各

designs during the Period which further strengthened its product 個維度，引領中級轎車市場。「元」家族中，「元UP」competitiveness. The “Song” family continued to lead the mainstream 作為首款搭載「e平台3.0」的A0級純電SUV，於三月SUV market with strong product strength. For the “Qin” family as the 正式上市，成為都市純電代步的新選擇。

first model equipped with the “Fifth-generation DM technology” “QinL DM-i” shocked the market immediately after its launch in May with

demand outstripping supply leading the mid-sized sedan market in

terms of various dimensions from fuel efficiency technology design

space driving intelligence to safety. For the “Yuan” family “Yuan UP”

as the first A0-class pure electric SUV equipped with “e-Platform 3.0”

was officially launched in March becoming a new choice for urban

pure electric travel mode.12 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

The “Ocean” series adopts the design concept of ocean aesthetics 「海洋」系列採用海洋美學的設計理念，以更年輕的with a product position aimed at younger generations to further satisfy 產品定位，進一步滿足客戶多元化消費需求。期the diversified needs of consumers. During the Period the “Ocean” 內，「海洋」系列產品陸續煥新升級，進一步增強產series of products successively represented an upgrading of the 品競爭力。新車型方面，中型都市智電SUV「海獅previous editions further enhancing the product competitiveness. In 07 EV」於五月正式上市，依托全新一代「e平台3.0terms of new models relying on the new generation of “e-Platform Evo」，全面搭載12項全球首創硬核技術，集安全、

3.0 Evo” the mid-sized urban intelligent-electric SUV “Sea Lion 07 舒適、智能、性能、效率、顏值於一身，實現從技EV” was officially launched in May and equipped with 12 world’s 術到產品再到體驗的全面領先，為用戶構建起全場first hardcore technologies combining safety comfort intelligence 景智電出行新方式。同月，同樣首搭「第五代DM技performance efficiency and appearance aesthetics realizing a 術」的「海豹06 DM-i」，與「秦L DM-i」一同上市，進一comprehensive lead in every aspects from technology to products 步完善本集團產品矩陣。

and further to experience and building a new intelligent-electric travel

mode covering all scenarios for its users. In the same month the

“Seal 06 DM-i” which was also equipped with the “Fifth-generationDM Technology” was launched together with the “Qin L DM-i” which

further refined the Group’s product matrix.“FANGCHENGBAO” a professional and personalized brand is 專業個性化品牌「方程豹」依托專業新能源技術平台

built on professional new energy technology platform and vehicle 和整車架構，與用戶共同探索不同個性化場景下獨architecture inviting users to explore unique driving experience 特的用車體驗和全新生活方式。「方程豹」品牌於四and a new lifestyle in different personalized scenarios. In April the 月舉行春季發佈會，全新產品矩陣正式發佈，包括“FANGCHENGBAO” brand held its Spring Launch Event officially 「豹5」、「豹8」、概念車「SUPER 3」構成的「583」硬派

unveiling its new product matrix including the “583” hardcore family 家族，展示「方程豹」對於汽車產品形態與用戶生活composed of “BAO 5” “BAO 8” and concept vehicle “SUPER 3” 的全新求解。同月，超級混動硬派SUV「豹5」加推demonstrating “FANGCHENGBAO’s” novel solutions for automotive 「雲輦豪華版」，讓更多用戶享受「雲輦-P」智能液壓車product forms and user lifestyles. Also in April “BAO 5” the super 身控制系統（標準版）帶來的無限自由出行生活和舒

hybrid hardcore SUV further launched “DiSus luxury version” 適體驗。

allowing more users to enjoy the boundless freedom and comfortable

experience of the “DiSus-P” intelligent hydraulic body control system

(standard version).Interim Report 2024二零二四年中期報告13

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

Focusing on the new energy luxury vehicle market the “Denza” 「騰勢」品牌立足新能源豪華汽車市場，以領先的新brand builds its three core competitiveness with leading new energy 能源與安全技術、智能豪華產品質量以及用戶生態

and safety technologies smart luxury product quality and user eco- 服務體系，構建品牌三大核心競爭力，致力於從中services system and endeavors to grow from the path-breaker of 國豪華市場的破局者邁向新能源豪華科技品牌領先

China’s luxury new energy vehicle market to the leader of technologies 者。「騰勢」品牌首款豪華MPV「騰勢D9」集豪華、智enabling luxury new energy vehicles. “Denza D9” the first luxury MPV 能、動力、安全於一身，自上市以來持續熱銷，並under the “Denza” brand that integrates luxury intelligence power 於三月煥新，蟬聯中國MPV全市場月銷冠軍並榮獲and safety has remained popular since its launch and was launched 半年度累銷冠軍，成為中國高端豪華新能源MPV新with renewed designs in March retaining the title of China’s MPV 標杆。四月，全新「騰勢N7」正式上市，並通過OTAmonthly sales champion and winning the semi-annual cumulative 推送城市領航功能，為用戶帶來常用常新的新豪華sales champion becoming the new benchmark for China’s high-end 智能用車體驗。此外，智能豪華旗艦轎車「騰勢Z9luxury new energy MPVs. In April the brand new “Denza N7” was GT」於期內正式亮相，首搭本集團又一顛覆性技術平officially launched and pushed the City Navigation function with OTA 台，顛覆傳統豪華。六月，「騰勢」品牌正式登陸中to provide users with a constantly refreshed new luxury intelligent 國香港並首發亮相「騰勢D9」右舵版，香港首家騰勢driving experience. Additionally “Denza Z9 GT” the intelligent luxury 旗艦店已於六月底開業，為用戶提供新豪華全優出flagship sedan was officially unveiled during the Period debuting the 行體驗。

Group’s next disruptive technology platform and redefining traditionalluxury. In June the “Denza “ brand was officially launched in HongKong with the debut of the right-hand drive “Denza D9”. Hong Kong’s

first Denza flagship store opened at the end of June bringing a new

luxury travel experience.Leveraging the Group’s innovative technologies top-tier industrial 依托本集團創新技術、頂尖工業體系實力和前瞻性

capabilities and forward-thinking design the high-end brand 設計，高端品牌「仰望」以顛覆性的技術和跨時代產“Yangwang” opened up the million-RMB-worth new energy market with 品開拓百萬級新能源市場，重塑新能源時代高端品subversive technologies and epoch-defining products and reshaped 牌價值觀。二月，百萬級純電性能超跑「仰望U9」正the high-end brand values in the new energy era. In February the 式上市，搭載「易四方」技術平台和「雲輦-X」智能全主million-RMB-worth pure electric performance supercar “Yangwang 動車身控制系統兩大核心技術，配合極具辨識度的U9” was officially launched equipped with two core technologies 車身設計，跳出傳統超跑的性能和體驗框架，提供such as “e4 Platform” technology platform and the “DiSus-X” intelligent 「可賽、可街、可玩」的用戶體驗。四月，「仰望U8」all-active body control system. With its distinctive body design 越野玩家版正式上市，除搭載標誌性的「易四方」和and beyond the traditional supercar performance and experience 「雲輦-P」智能液壓車身控制系統外，亦擁有全球首“Yangwang U9” offers the tastes of “track racing urban driving and 創深度融合的車載無人機系統，刷新越野體驗新標leisure off-road fun”. In April the Off-Road Player Edition of “Yangwang 準，突破越野安全新高度。此外，百萬級新能源旗U8” was officially launched equipped with the iconic “e4 Platform” 艦轎車「仰望U7」亦同步亮相，備受市場矚目。

technology and “DiSus -P” intelligent hydraulic body control systems

as well as the world’s first deeply integrated in-vehicle drone system

setting a new standard for off-road experiences and enhancing

safety in off-road driving. Additionally the million-RMB-worth new

energy flagship sedan “Yangwang U7” was also unveiled garnering

significant market attention.14 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

To align with the new phase featuring intensive product launches 為配合產品密集推出、渠道快速擴張、市場規模快

rapid channel expansion and swift market growth both the 速增長的新階段，「騰勢」品牌及「方程豹」品牌加速“Denza” and “FANGCHENGBAO” brands accelerated their channel 渠道佈局，於六月宣佈引入經銷商夥伴模式，構建development. In June the two brands announced the introduction of 多元渠道體系，為更多地區用戶提供更高質量的服a dealer partnership model to establish a diversified channel system 務。

providing higher-quality services to users in more regions.While consolidating and expanding its development advantages in the 在鞏固和擴大國內市場發展優勢的同時，本集團依domestic market the Group has been accelerating the globalization 托「科技領先、安全領先、品質領先、市場領先」的

of its passenger vehicle business by relying on its comprehensive 全面實力，緊抓時間窗口發展機遇，加速乘用車業strength of “leading technology leading safety leading quality and 務全球化佈局。截至二零二四年六月，本集團新能leading market” and seizing the time window and development 源乘用車已進入巴西、德國、日本、泰國等77個國

opportunities. As of June 2024 the Group’s new energy passenger 家和地區，深受全球消費者青睞，躋身多國新能源vehicles have entered 77 countries and regions including Brazil 汽車熱銷前列。期內，本集團不斷豐富車型矩陣，Germany Japan and Thailand becoming a favourite among global 多品牌車型紛紛在國際亮相與上市，純電動、插consumers and ranking among the best-selling new energy vehicles in 混共同發力，為全球消費者提供卓越的綠色出行選several countries. During the Period the Group continuously enriched 擇。

its vehicle matrix with multiple brand models making their international

debuts and launches which involved pure electric models and plug-

in hybrid electric models offering exceptional green travel options to

consumers worldwide.Interim Report 2024二零二四年中期報告15

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

With the accelerated global layout of i ts passenger vehicle 隨著乘用車業務全球化加速佈局，本集團積極推進business the Group proactively boosted the progress of localized 本地化生產進程。一月，本集團烏茲別克斯坦工廠manufacturing. In January the Group’s factory in Uzbekistan 啓動生產，首批量產新能源車型「宋PLUS DM-i冠軍commenced production with “Song PLUS DM-i Champion Edition” 版」於六月正式下線。同時，本集團泰國、巴西以the first batch of mass-produced new energy model being rolling 及匈牙利的工廠建設亦穩步推進。此外，本集團秉off the production line in June. Meanwhile steady progress was 承合作共贏的理念，攜手眾多全球優質經銷商，為seen in the construction of the Group’s factories in Thailand Brazil 當地消費者提供優質的新能源汽車產品及服務，積and Hungary. In addition adhering to the concept of win-win 極搭建自營船隊，加大品牌建設與宣傳，推動全球cooperation the Group joined hands with many high-quality global 汽車電動化轉型。一月，本集團首條汽車運輸滾裝dealers to provide local consumers with high-quality new energy 船首航成功，標誌着本集團海外市場拓展進入新階vehicle products and services actively built its own shipping fleet and 段。期內，本集團分別成為「2024歐洲盃」及「2024enhanced brand development and promotion thereby promoting the 美洲盃」拉美區域官方合作夥伴，通過多種活動方transformation of global vehicle electrification. In January the first Ro- 式，傳遞運動精神，推廣綠色出行理念。

Ro ships for automobile transportation of the Group successfully made

its maiden voyage marking a new phase in the overseas market

expansion of the Group. During the Period the Group became the

official partner for the UEFA EURO 2024 and the CONMEBOL COPA

AMERICA USA 2024 in the Latin American region promoting the spirit

of sport and advocating for green travel through various activities.In the first half of 2024 sound profitability continued in the new energy 二零二四年上半年，憑藉行業領先的創新技術、不passenger vehicle business of the Group by virtue of the industry- 斷提升的品牌力、快速發展的出海業務、持續擴大

leading innovative technology the improving brand power the fast- 的規模優勢和強大的產業鏈成本控制能力，本集團developing overseas business the continuous expansion of scale 新能源乘用車業務繼續保持較好的盈利能力。

advantages and the strong industry chain cost control capability.In the field of battery electric buses the Group continued to carry 純電動大巴領域，本集團持續深化市場佈局，以領out in-depth market development launched quality products with 先技術不斷推出優質產品以滿足不同市場的需求，leading technology to meet the needs of different markets optimized 優化經營模式，攜手眾多合作夥伴持續提升城市公its business models and worked with various partners to continuously 交服務質量，引領全球公交電動化改革。

improve the quality of urban public transportation services and lead

the transformation of electrification of the global public transportation.16 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

In the field of urban rail transit the Group focused on solving urban 城市軌道交通領域，本集團圍繞解決城市微循環和microcirculation and last-mile problems by steadily promoting the 最後一公里問題，穩步推進具有完全自主知識產權application of the medium-capacity “SkyRail” and low-capacity 及全產業鏈核心技術的中運量「雲軌」和低運量「雲

“SkyShuttle” with proprietary intellectual property rights and core 巴」的應用，為解決全球城市治理交通擁堵問題提供technology of the whole industrial chain providing effective solutions 有效方案。

to traffic jams in cities all over the world.In terms of external cooperation the Group actively strengthened 對外合作方面，本集團積極與全球不同專業領域夥cooperation with partners in different professional fields around the 伴加強合作。二月，本集團與殼牌旗下巴西能源公world. In February the Group established a strategic partnership 司Raízen Power達成戰略合作夥伴關係，計劃未來with Raízen Power a Brazilian energy firm owned by Shell aiming 三年在巴西八座主要城市建設比亞迪 – 殼牌電動汽

to establish BYD-Shell electric vehicle charging stations in eight 車充電中心，為當地用戶提供便捷、高效的充電服major cities across Brazil over the next three years thus providing 務。同月，本集團亦與法巴安諾集團（ARVAL）簽署convenient and efficient charging services for local users. In the same 戰略合作諒解備忘錄，正式建立戰略合作關係，雙month the Group also signed a Memorandum of Understanding 方將攜手致力為歐洲各類客戶提供適應其減排目標

(MOU) with Arbal BNP Paribas Group (ARVAL) officially establishing 的電動出行方案，共同推動歐洲綠色轉型。

a strategic cooperative relationship. Both parties will work together to

provide electric mobility solutions tailored to the emission reduction

objectives of European customers jointly promoting Europe’s

transition to a sustainable and eco-friendly landscape.In terms of rechargeable batteries the Group continued to carry out in- 二次充電電池方面，本集團持續深耕，技術規模國depth development and maintained its leading position in technology 內領先，期內產品研發進展順利，助力電池業務穩in China. Product R&D went smoothly during the Period which 步發展。在保障自身動力電池需求的同時，本集團contributed to the steady development of the battery business. While 亦積極拓展外部客戶，並取得良好進展，加速全球meeting its own power battery demand the Group also achieved 化市場佈局。儲能業務方面，本集團深耕儲能市場success in actively expanding external customers accelerating the 多年，全面覆蓋電源側儲能、電網側儲能、工商業market deployment for globalization. Thanks to extensive efforts in 儲能、家庭儲能等應用領域，為全球客戶提供全場energy storage market in the past years the Group’s energy storage 景、全價值、全生態的儲能解決方案，推動新型儲business covered such areas of applications as power source energy 能產業實現跨越式發展。光伏業務方面，在「雙碳」storage grid energy storage industrial and commercial energy 目標的引領下，本集團加速新技術研發佈局，進一storage household energy storage providing global customers 步構建綜合競爭優勢，為行業的快速發展做好準with full-scenario full-value and ecosystem-based energy storage 備。

solutions and facilitating the new energy storage industry to achieve

leapfrog development. In respect of the photovoltaic business under

the guidance of the “carbon peaking and carbon neutrality” goal

the Group accelerated new technology R&D to further build up its

comprehensive competitive advantages and prepare for the rapid

development of the industry.Interim Report 2024二零二四年中期報告17

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

Handset Components and Assembly Business 手機部件及組裝業務

The Group is a global leading provider of high-tech and innovative 本集團是全球領先的高科技創新產品提供商，依托products providing customers around the world with one-stop product 電子信息技術、人工智能技術、5G和物聯網技術、

solutions relying on its core advantages in electronic information 熱管理技術、新材料技術、精密模具技術和數字化

AI 5G and Internet of Things thermal management new materials 製造技術等核心優勢，為全球客戶提供一站式產品precision molds and digital manufacturing technologies. The Group 解決方案。本集團業務涵蓋消費電子、新型智能產engages in businesses segments covering consumer electronics new 品等多元化的市場領域。憑藉行業領先的研發和製intelligent products and other diversified market segments. With its 造實力、豐富的產品線以及強大的客戶基礎，本集industry-leading R&D and manufacturing strength extensive product 團已開啓新一輪增長曲線。回顧期內，縱然國際政lines and strong customer base the Group has embarked on a new 經環境複雜多變，本集團依然展現出強大的韌性，phase of business growth. During the period under review despite 實現銷售規模的持續攀升。

the complex and ever-changing international political and economic

environment the Group still showed strong resilience and achieved a

continuous increase in sales scale.In terms of consumer electronics business the Group relying on top- 消費電子業務方面，本集團依托領先的技術優勢及notch technological superiority and strong manufacturing capabilities 強大的製造實力，深度參與眾多客戶的新材料應用has been deeply involved in the application of new materials and the 及新產品開發，助力產品的迭代與創新，與客戶攜development of new products for several customers contributing to 手搶佔發展先機。本集團持續聚焦安卓高端市場，the iteration and innovation of their products and seizing development 為客戶提供高品質的全方位服務，期內，受益於國opportunities together with our customers. The Group continued to 內和海外客戶需求改善，安卓零部件和整機組裝業focus on the high-end Android market providing a full range of high- 務均實現大幅增長。在海外大客戶業務方面，憑藉quality services to customers. During the Period benefiting from the 出色的業務表現，本集團的業務份額進一步提升，increased demand from both domestic and overseas customers the 帶動出貨量和收入實現同比增長。此外，本集團於Android components and assembly business achieved substantial 二零二三年年底完成收購的業務帶來消費電子零部

growth. With respect to the business with major overseas customers 件業務規模的快速擴大和更多的長期發展機遇，進the Group’s shares of the business have further enhanced due to 一步夯實本集團行業龍頭地位。

its outstanding business performance which has resulted in a year-

on-year increase in shipment and revenue. In addition the newly

acquired business at the end of 2023 has brought in rapid expansion

of the consumer electronics components business scale and more

long-term development opportunities further consolidating the

Group’s leading position in the industry.In terms of new intelligent product business the Group continued 新型智能產品業務方面，本集團持續加強與各板塊to enhance strategic cooperation with industry-leading customers 行業頭部客戶的戰略合作，無人機、智能家居、遊in various segments. Business segments such as unmanned aerial 戲硬件等業務板塊均穩中有進。同時，本集團在新vehicles smart home and gaming hardware all maintained steady 產品上持續投入研發，把握市場發展機遇，積極培development while ensuring stability. At the same time the Group 育新業務，完善在AIDC、工業機器人等高增長賽道continued to invest in the R&D of new products to embrace market 的佈局。

development opportunities actively expanded new businesses and

enhanced its business layout in AIDC industrial robots and other high-

growth segments.18 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

PROSPECT AND STRATEGY 前景及策略

Looking forward to the second half of 2024 the continued geopolitical 展望二零二四年下半年，地緣政治緊張局勢持續，tensions and the rising trade protectionism will pose a certain level of 貿易保護主義抬頭，將給全球經濟增長帶來一定挑challenges to global economic growth. Despite the complex external 戰。面對錯綜複雜的外部政經環境，中國經濟底盤political and economic environment China’s economic maintained 牢、韌性強、潛力大、動能足，穩中向好、長期向stable development with a favorable long-term trend by virtue of its 好的發展態勢依舊，預期國家將繼續積極實施有力solid foundation strong resilience great potential and sufficient growth 的宏觀政策，更大力度激發市場活力和內生動力，momentum. It is anticipated that the government will proactively keep 持續促進經濟高質量及健康發展。新能源汽車作為implementing strong macro policies to continuously boost high-quality 中國發展新質生產力的重要載體之一，順應產業變and healthy economic development through vigorously energizing the 革的趨勢。七月，改革委、財政部印發《關於加力支market and endogenous momentum. New energy vehicles are one 持大規模設備更新和消費品以舊換新的若干措施》

of the important carriers of new quality productive forces in China’s 的通知，提高了汽車報廢更新補貼標準，亦利好新development and are in line with the trend of the industrial revolution. 能源汽車消費。同月，工信部等多部門發佈《智能In July the National Development and Reform Commission and 網聯汽車「車路雲一體化」應用試點城市名單》，確定the Ministry of Finance issued the Notice on Certain Measures on 20個城市為智能網聯汽車「車路雲一體化」應用試點

Strengthening Support for Large-Scale Equipment Replacement and 城市，車路協同智能網聯加速，「政策+產業」共振向Consumer Goods Replacement 《( 關於加力支持大規模設備更新和 上，助力新能源滲透率持續增長，推動智能網聯汽消費品以舊換新的若干措施》) to increase the subsidy standards for 車產業高質量發展。隨着新能源汽車技術的不斷成scrapping old cars which is also favorable to the consumption of new 熟和消費者認知度的提高，加之政策支持，新能源energy vehicles. In the same month multiple ministries including the 汽車市場將迎來更加廣闊的發展空間，繼續保持強MIIT issued the List of Pilot Cities for Applying “Vehicle-Road-Cloud 勁快速的增長態勢，滲透率有望再度突破。Integration” of Intelligent Connected Vehicles 《( 智能網聯汽車「車路雲一體化」應用試點城市名單》) to designate 20 cities as pilot cities

for applying “vehicle-road-cloud integration” of intelligent connected

vehicles accelerating the development of the intelligent connected

vehicle-road cooperativeness. Driven by the “policies + industries”

synergy the penetration rate of new energy vehicle increased

continuously promoting the high-quality development of the intelligent

connected vehicle industry. With the maturing of new energy vehicle

technologies and rise of consumer awareness together with policy

support there will be a broader development space in the new energy

vehicle market and the strong and rapid growth momentum will be

maintained and the penetration rate is expected to hit another record

high.Interim Report 2024二零二四年中期報告19

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

Automobiles and Batteries Business 汽車及電池業務

The Group will adhere to its development strategy strengthen the 本集團將堅定發展戰略，強化核心技術的自主可independence and controllability of its core technologies and 控，持續提升產品競爭力；緊跟市場趨勢，堅持以continue to enhance the competitiveness of its products. Focusing 消費者需求為導向，持續推進多品牌矩陣建設；加on market trend and aligning with consumer demands the Group 速業務出海進程，以新能源汽車領域的全面實力，will further improve its multi-brand matrix. The Group will accelerate 為全球消費者提供卓越的新能源汽車產品，助力中the global expansion of its business to provide global consumers 國汽車產業引領全球新能源汽車變革。

with excellent new energy vehicle products with its comprehensive

strength in new energy vehicle area and to help China’s automobile

industry to lead the global new energy vehicle transformation.In the field of new energy passenger vehicles the Group will continue 在新能源乘用車領域，本集團將持續深化核心電動to deepen the R&D of core electric and intelligent technologies drive 化、智能化技術研發，以創新技術推動產品升級，product upgrade with innovative technologies and empower multi- 賦能多品牌梯度佈局，滿足消費者差異化的用車需brand and multi-gradient layout to meet customers’ differentiated 求，鞏固、加強本集團領先地位。「比亞迪」品牌方driving needs thus consolidating and strengthening the leading 面，搭載「第五代DM技術」的「宋L DM-i」及「宋PLUSposition of the Group. In terms of the “BYD” brand the “Song L DM-i” DM-i」於七月同步上市，鞏固「宋」家族在SUV市場的and “Song PLUS DM-i” equipped with the “Fifth-generation DM 領先地位。八月，「2025款海豹」、「海豹07DM-i」正Technology” have been unveiled simultaneously in July reinforcing 式上市，分別升級「e平台3.0 Evo」和「第五代DM技the leading position of “Song” family in the SUV market. In August 術」等兩項最新技術，為用戶帶來更好的用車體驗和the “2025 Seal EV” and “Seal 07 DM-i” have been officially introduced 更高的產品價值。此外，「方程豹」品牌於一週年之to the market which were equipped with two latest technologies 際宣佈開啓品牌煥新戰略，針對未來產品線進行全of “e-Platform 3.0 Evo” and the “Fifth-generation DM Technology” 面擴充，從偏細分窄眾的個性擴展至包容主流價值respectively providing users with better driving experience and higher 的個性，致力於滿足更多元、更廣泛用戶人群的個product value. In addition the “FANGCHENGBAO” brand announced 性用車需求。

the launch of brand renewal strategy at its first anniversary which

involves a full expansion to future product lines with features

expanding from niche fields to inclusive of mainstream values aiming

to cater with the personalized driving needs of a more diverse and

wider user base.In the field of overseas passenger vehicle business the Group 海外乘用車業務領域，本集團將憑藉新能源技術與will leverage its leading strengths in terms of new energy vehicle 產品實力的領先優勢，加速完善海外多區域產能佈technologies and product capabilities to accelerate the improvement 局及銷售網絡搭建，拓寬產品矩陣，繼續攜手合作of multi-region capacity layout and the establishment of sales 夥伴深耕海外各市場，為全球消費者提供差異化、network and expand its product matrix. The Group will continue 具有競爭力的產品和優質的服務。七月，本集團泰to work together with its partners to develop overseas markets and 國工廠正式竣工投產，並迎來本集團第800萬輛新provide global consumers with differentiated and competitive products 能源汽車下線，實現新能源汽車跨越式增長，助力and quality services. In July the Group’s Thailand factory has its 泰國汽車產業鏈轉型升級。同月，本集團與國際移construction completed and was put into operation and witnessed the 動出行及配送科技公司優步（Uber）達成全球戰略合

Group’s 8 millionth new energy vehicle roll-off achieving a leapfrog 作，共同推動新能源汽車的普及。

growth in the new energy vehicle business also contributing to the

transformation and upgrade of Thailand’s automobile industry chain. In

the same month the Group established a global strategic partnership

with Uber an international tech company in movement and delivery to

jointly promote the penetration of new energy vehicles.20 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

In the field of battery electric buses the Group will continue to 純電動大巴領域，本集團將繼續助力全球公交系統empower green upgrades in global public transportation systems 的綠色升級，為不同國家和地區帶來可持續、零污provide sustainable zero-pollution and intelligent public transportation 染、智能化的公共交通解決方案，通過行業領先的solutions to different countries and regions launch zero-emission 創新技術，推出受市場認可的零排放高質量綠色環high quality green and environmentally friendly public transportation 保公共交通產品及服務，促進低碳社會快速普及健products and services recognized by the market through industrial 康發展。

leading-edge innovative technologies and promote rapid and healthy

development of a low-carbon society.In terms of urban rail transit the Group will continue to innovate in the 城市軌道交通方面，本集團將在綠色低碳、智能智areas of green and low-carbon intelligent and smart integrated and 慧、集成高效等方面不斷創新，將電動車產業鏈延efficient development extend the electric vehicle industry chain to the 伸到軌道交通領域，着力推廣低碳環保的城市軌道field of rail transit focus on promoting low-carbon and environmentally 產品「雲軌」及「雲巴」，不斷開拓城市應用和國際合friendly urban rail transit products namely “SkyRail” and “SkyShuttle” 作，助力城市打造低碳交通，實現綠色智能交通高and continuously expand urban applications and international 質量、可持續發展。

cooperation to help cities build low-carbon transportation and achieve

high-quality and sustainable development of green and intelligent

transportation.In terms of rechargeable batteries the Group will continue to enhance 二次充電電池方面，本集團將繼續提升自主創新和its independent innovation and R&D capabilities actively promote the 研發能力，積極推進新技術應用及產品升級；進一application of new technologies and product upgrades further expand 步拓展客戶基礎，持續擴大國內外業務範圍，拓展its customer base continue to enlarge its domestic and international 市場份額，推動相關業務持續發展。光伏業務方business coverage expand market shares and facilitate sustainable 面，本集團將積極緊抓市場發展趨勢，集中資源投development of relevant businesses. In terms of photovoltaics 入，着力推動技術突破，完善產品升級轉型，以高business the Group will actively grasp the development trend of the 品質產品迎接行業的增長機遇。

market concentrate resources focus on promotion of technology

breakthrough improve product upgrading and transformation to

usher in the growth opportunities of the industry with high-quality

products.Handset Components and Assembly Business 手機部件及組裝業務

In the second half of 2024 the Group will continue to deepen its layout 二零二四年下半年，本集團將持續深化佈局核心技on the R&D and innovation of core technologies further enhance its 術研發及創新，進一步提升垂直整合優勢，深耕大vertical integration advantage carry out in-depth development of its 客戶策略及積極把握市場機遇。在保持傳統業務的key account strategy and actively grasp market opportunity. While 行業領導地位的同時，超前佈局的新興業務的相關maintaining our industry-leading position in traditional businesses 產品線亦將保持良好發展勢頭，引領本集團業務及the advanced deployment in the relevant product lines of emerging 收入規模持續增長。

businesses will maintain a good development momentum leading the

continuous growth of the Group’s business and revenue scale.Interim Report 2024二零二四年中期報告21

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

In terms of consumer electronics business the market demand is 消費電子業務方面，市場需求逐漸回暖，叠加AI應gradually recovering coupled with the accelerated implementation of 用加速落地及產品升級革新，有助於推動消費者換AI applications and product upgrade innovation it will help to drive 機需求，為消費電子行業注入新的動力。作為全球consumers’ demand for replacement injecting new momentum into 領先的高科技創新產品提供商，本集團將持續強化the consumer electronics industry. As a global leading high-tech 技術領先優勢，充分把握市場復甦及AI賦能所帶來innovative product provider the Group will continue to strengthen its 的新發展機遇。本集團將持續深挖海外大客戶的核leading technology advantages fully grasping the new development 心業務潛力，進一步提高產品份額，積極拓展新品opportunities brought by market recovery and AI empowerment. The 類領域，持續壯大業務規模。安卓業務方面，本集Group will continue to deeply explore the core business potential 團繼續深化與客戶在高端產品的戰略合作，配合客of its major overseas customers further increase the product share 戶的業務發展需求，持續助力客戶產品的迭代和升and actively expand into new categories to continue to expand its 級。未來，本集團將繼續加大拓展國內外市場，加business scale. In terms of Android business the Group will continue 強全球化佈局，持續拉動消費電子領域的海內外客to deepen its strategic cooperation with customers in high-end 戶業務增長。

products support the business development needs of customers and

continuously assist in the iteration and upgrade of customer products.Going forward the Group will continue to expand the domestic and

international markets strengthen its global layout and constantly

drive the business growth of domestic and overseas customers in the

consumer electronic sector.In terms of new intelligent product business leveraging world-class 新型智能產品業務方面，依託世界一流的研發實R&D capabilities global layout and vertical integration advantages 力、全球化佈局和垂直整合優勢，本集團將持續開the Group will continue to explore other new product categories and 拓其他具備增長潛力的新品類和新市場，AIDC、工new markets with growth potential. New businesses such as AIDC and 業機器人等新業務將開始逐步落地，持續帶動新型industrial robots will start to be implemented gradually continuously 智能產品業務長期可持續發展。本集團看好AIDC的driving the long-term sustainable development of new intelligent 發展前景，積極投入研發資源進行深度佈局，打造product businesses. The Group is optimistic about the development 新的業務增長動能。目前，本集團已形成涵蓋企業prospects of AIDC and is actively investing R&D resources for in- 級通用服務器、存儲服務器、AI服務器、熱管理、

depth layout creating new business growth momentum. At present 電源管理等產品及解決方案。

the Group has established a range of products and solutions covering

enterprise-level general servers storage servers AI servers thermal

management and power management.22 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

FINANCIAL REVIEW 財務回顧

Revenue and Profit Attributable to Owners of the Parent 營業額及母公司擁有人應佔溢利

Company

During the Period the Group’s revenue increased by 15.76% as 期內，營業額較二零二三年上半年上升15.76%，compared to the first half of 2023 mainly attributable to the growth 主要是新能源汽車業務和手機部件及組裝業務增加

of the new energy vehicle business and the handset components 所致。母公司權益持有人應佔溢利較去年同期上升and assembly business. The profit attributable to equity holders of 24.44%，主要是新能源汽車業務增長所致。

the parent company increased by 24.44% as compared to the same

period of previous year mainly attributable to the growth of the new

energy vehicle business.Segmental Information 分部資料

Comparisons of the Group’s revenue by product categories for the six 以下為本集團於截至二零二四年及二零二三年六月

months ended 30 June 2024 and 2023 are illustrated as follows: 三十日止六個月按產品類別分析的營業額比較：

24%20%

Mobile handset Mobile handset

components components

assembly and assembly and

other products other products

手機部件、組裝及 2024H1 手機部件、組裝及 2023H1

其他產品76%其他產品80%

Automobiles and Automobiles and

related products related products

and other products and other products

汽車、汽車相關產品汽車、汽車相關產品及其他產品及其他產品

2024H1 2023H1

二零二四年上半年二零二三年上半年

Gross Profit and Margin 毛利及邊際利潤

The Group’s gross profit for the Period increased by approximately 本集團期內的毛利上升約26.42%至約人民幣60267

26.42% to approximately RMB60267 million. The gross profit margin 百萬元。毛利率由二零二三年上半年約18.33%上升

increased from approximately 18.33% for the first half of 2023 to 至期內約20.01%。毛利率上升主要是新能源汽車業approximately 20.01% for the Period. The increase in gross profit 務增加所致。

margin was mainly due to the growth of the new energy vehicle

business.Interim Report 2024二零二四年中期報告23

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

Liquidity and Financial Resources 流動資金及財務資源

During the Period the Group recorded an operating cash inflow 期內，本集團錄得經營現金流入約人民幣14178百of approximately RMB14178 million as compared to an operating 萬元，而去年上半年則錄得經營現金流入約人民幣cash inflow of approximately RMB81971 million in the first half of 81971百萬元，本集團期內現金流入減少主要是購last year. The decrease in cash inflow of the Group during the Period 買商品、接受勞務支付的現金增加所致。於二零二was mainly attributable to the increase in cash paid for goods and 四年六月三十日的總借貸包括全部銀行貸款，約為services. Total borrowings as at 30 June 2024 including all bank 人民幣27672百萬元，而二零二三年十二月三十一loans were approximately RMB27672 million as compared to the 日總借貸包括全部銀行貸款，約為人民幣36545百total borrowings as at 31 December 2023 including all bank loans of 萬元。銀行貸款的到期還款期限分佈在五年期間，approximately RMB36545 million. The maturity profile of bank loans 分別須於一年期內償還約人民幣16367百萬元，於spread over a period of five years with approximately RMB16367 第二至第五年期內償還約人民幣11305百萬元。本million repayable within one year approximately RMB11305 million 集團擁有足夠的流動性以滿足日常流動資金管理及

repayable within the second to fifth years. The Group had adequate 資本開支需求，並控制內部經營現金流量。

liquidity to meet daily liquidity management and capital expenditure

requirements and controlled internal operating cash flows.For the six months ended 30 June 2024 the turnover days of 截至二零二四年六月三十日止六個月，應收類款項receivables (including trade receivables contract assets and （含應收賬款，合同資產，應收款項融資）週轉期約financing receivables) were approximately 48 days as compared 48日，而截至二零二三年同期則約為46日，無明顯to approximately 46 days for the corresponding period in 2023 變化。存貨週轉期截至二零二四年六月三十日止六which had no significant change. The inventory turnover days were 個月約為78日，截至二零二三年同期則約為72日，approximately 78 days for the six months ended 30 June 2024 as 變化的主要原因為存貨平均餘額的同比增幅比營業

compared to approximately 72 days for the corresponding period 成本的同比增幅大。

in 2023. The change was mainly due to the fact that the year-on-

year increase of average inventory balance was higher than that of

operating costs.Capital Structure 資本架構

The Group’s financial division is responsible for the Group’s financial 本集團財務處的職責是負責本集團的財務風險管理

risk management which operates according to policies implemented 工作並根據高級管理層實行批核的政策運作。於二and approved by senior management. As at 30 June 2024 borrowings 零二四年六月三十日，借貸主要以人民幣結算，而were mainly settled in RMB while its cash and cash equivalents were 其現金及現金等價物則主要以人民幣及美元持有。

mainly held in RMB and USD. The Group maintained an appropriate 本集團於期內維持適當的股本及債務組合，以確保mix of equity and debt to ensure an effective capital structure during 具備有效的資本架構。於二零二四年六月三十日，the Period. As at 30 June 2024 all of the Group’s outstanding loans 本集團尚未償還貸款均為人民幣貸款，該等尚未償were RMB loans of which approximately 67% (31 December 2023: 還貸款中約67%（二零二三年十二月三十一日：67%）

67%) bore fixed interest rates and the rest bore floating interest rates. 按固定利率計息，其餘則按浮動利率計息。

The Group monitors its capital using a gearing ratio which is net debt 本集團透過使用資本負債比率（即負債淨額除以權divided by equity. The Group’s policy is to maintain the gearing ratio 益）監管其資本。本集團的政策為盡量維持低資本負as low as possible. Net debt includes debt capital less monetary 債比率。負債淨額包括債務資本減去貨幣資金。權funds. Equity represents equity attributable to owners of the parent 益為母公司擁有人應佔權益。故本集團於二零二四company. Therefore the Group’s gearing ratio as at 30 June 2024 and 年六月三十日及二零二三年十二月三十一日的資本

31 December 2023 was -11% and -44% respectively. 負債比率為-11%和-44%。24 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

As at 30 June 2024 there were no land and buildings of the Group 於二零二四年六月三十日，本集團並未以任何土地which were pledged as collateral for long-term borrowings (31 及房屋建築物作為抵押取得長期借款（二零二三年十December 2023: nil). As at 30 June 2024 there were no cash and 二月三十一日：無）。於二零二四年六月三十日，本bank balances (31 December 2023: nil) which were subject to 集團無任何貨幣資金作為銀行承兌匯票出票保證金

restrictions as deposits of bank acceptance bills; cash and bank 而受限（二零二三年十二月三十一日：無），另有人balances with book value of approximately RMB222496000 (31 民幣約222496千元（二零二三年十二月三十一日：December 2023: RMB124124000) were subject to restrictions as 人民幣124124千元）為信用保證金、投標保證金及

guarantee deposits bid bond and others. 其他受限性質而受限。

Exposure to Foreign Exchange Risk 外匯風險

Most of the Group’s income and expenditure are settled in RMB and 本集團大部分收入及開支以人民幣及美元結算。期US dollars. During the Period the Group did not experience any 內，本集團並無因貨幣匯率的波動而令其營運或流significant difficulties in or impacts on its operations or liquidity due 動資金出現任何重大困難或影響。董事相信，本集to fluctuations in currency exchange rates. The Directors believe that 團將有充足外幣應付其外匯需要，並將採取切實有the Group has sufficient foreign exchange to meet its own foreign 效的方法防範外匯匯兌風險。

exchange requirements and will adopt practical measures to prevent

exposure to exchange rate risk.Employment Training and Development 僱用、培訓及發展

As at 30 June 2024 the Group had approximately 750 thousand 於二零二四年六月三十日，本集團僱用約75萬employees. During the Period total staff cost accounted for 名員工。期內，員工成本總額佔本集團營業額約approximately 17.54% of the Group’s turnover. Employees’ 17.54%。本集團按僱員的表現、資歷及當時的行remuneration was determined based on performance qualifications 業慣例釐定給予僱員的報酬，而酬金政策會定期檢and prevailing industry practices with compensation policies 討。根據年度工作表現評核，僱員或會獲發花紅及being reviewed on a regular basis. Bonuses were also awarded to 獎金。發放獎勵乃作為個人推動力的鼓勵。

employees based on the appraisal on their annual performance.Incentives were offered to encourage personal motivation.In addition the Group also adopted 2022 Employee Share Ownership 此外，本集團亦已採納二零二二年員工持股計劃Plan (the “Employee Share Ownership Plan”) and Share Option （「員工持股計劃」）及比亞迪半導體股份有限公司股權

Incentive Scheme (the “Subsidiary Share Option Scheme”) of BYD 期權激勵計劃（「子公司股權期權計劃」），均已獲本公Semiconductor Company Limited (比亞迪半導體股份有限公司) 司股東分別於二零二二年五月二十七日及二零二一

which were approved by the shareholders of the Company at the 年六月十六日舉行的臨時股東大會上批准。有關員extraordinary general meeting held on 27 May 2022 and 16 June 2021 工持股計劃及子公司股權期權計劃的進一步詳情，respectively. For further details of the Employee Share Ownership Plan 請分別參閱本報告以下標題為「二零二二年員工持股

and the Subsidiary Share Option Scheme please refer to the sections 計劃」及「子公司股權期權計劃」章節。

headed “2022 Employee Share Ownership Plan” and “SubsidiaryShare Option Scheme” below of this report respectively.Interim Report 2024二零二四年中期報告25

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

2022 EMPLOYEE SHARE OWNERSHIP PLAN 二零二二年員工持股計劃

References are made to the announcement dated 22 April 2022 茲提述本公司日期為二零二二年四月二十二日的公

and the circular dated 5 May 2022 (the “Circular”) of the Company 告及日期為二零二二年五月五日的通函（該通函），in relation to among others the adoption of the Employee Share 內容有關（其中包括）採納員工持股計劃（草案）。本公Ownership Plan (draft). The adoption was approved by the 司股東於本公司於二零二二年五月二十七日舉行的

shareholders of the Company at the extraordinary general meeting of 臨時股東大會上批准採納。

the Company held on 27 May 2022.The Employee Share Ownership Plan is a discretionary employee 本次員工持股計劃為本公司的一項酌情員工持股計

share ownership plan of the Company and does not involve the grant 劃，並不涉及授出發行新股份或本公司任何其他新of options to issue new Shares or any other new securities of the 證券的期權。本次員工持股計劃有利於本公司建立Company. The Employee Share Ownership Plan is beneficial for the 和完善利益共享機制，提高員工凝聚力和本公司競Company to establish and improve the benefit sharing mechanism 爭力，實現企業的長遠可持續發展。參與對象包括enhance the cohesion of employees and the competitiveness of 本公司的職工代表監事、高級管理人員以及比亞迪

the Company realizing its long-term sustainable development. 集團的中層管理人員、核心骨幹員工，不包括本公Participants include employee representative supervisors senior 司董事及最高行政人員及其聯繫人，參與本次員工management of the Company middle level management and core 持股計劃的總人數不超過12000人，單個員工所持backbone employees of BYD Group (other than the Directors and 員工持股計劃份額所對應的股票總數累計不超過公

chief executives of the Company and their respective associates). 司股本總額的1%。本次員工持股計劃通過非交易過The total number of participants of the Employee Share Ownership 戶等法律法規允許的方式受讓公司回購的公司A股

Plan shall not exceed 12000 and the entitlement of each employee 股票，受讓價格為人民幣0元╱股，參與對象無需出under the Employee Share Ownership Plan shall not exceed 1% of 資。

the Company’s total share capital. The Employee Share Ownership

Plan transfers the A shares of the Company repurchased through non-

trading transfer and other methods permitted by laws and regulations.The transfer price is RMB0 per share and the participants do not

need to make any payments.The 5511024 A Shares held by the designated securities repurchase 公司回購專用證券賬戶所持有的5511024股公司A

account of the Company have all been granted and the closing price 股股票已全部完成授予，緊接授予日前一交易日公of the Company’s A shares was RMB323.00 per share on the trading 司A股股票收盤價為人民幣323.00元╱股。於本報告day immediately preceding the grant date. The aforesaid number of 日期，上述過戶股票數量約佔公司已發行的總股本shares transferred accounted for approximately 0.189% of the total 的比例為0.189%。

issued share capital of the Company as at the date of this report.The first lock-up period of the Employee Share Ownership Plan had 本次員工持股計劃第一個鎖定期已於二零二三年七

expired on 15 July 2023 and 30% of the total number of shares of 月十五日屆滿，已解鎖比例為本次員工持股計劃the Company maintained under the Employee Share Ownership Plan 持有公司股票總數的30%，對應的標的股票數量為were vested which correspond to 1653307 A Shares representing 1653307股A股股票，約佔本公司於本報告日期已approximately 0.057% of the total issued share capital of the Company 發行總股本2909265855股的0.057%。於解鎖日前of 2909265855 shares as at the date of this report. The closing price 一交易日，本公司A股股票的收盤價為人民幣264.41of the Company’s A shares was RMB264.41 per share on the trading 元╱股。

day immediately preceding the aforementioned vesting date.26 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

The second lock-up period of the Employee Share Ownership Plan 本次員工持股計劃第二個鎖定期已於二零二四年七

had expired on 15 July 2024 and 30% of the total number of shares of 月十五日屆滿，已解鎖比例為本次員工持股計劃the Company maintained under the Employee Share Ownership Plan 持有公司股票總數的30%，對應的標的股票數量為were vested which corresponds to 1653307 A shares representing 1653307股A股股票，佔本公司於本報告日期總股

0.057% of the total share capital of the Company of 2909265855 本2909265855股的0.057%。於解鎖日前一交易

shares as at the date of this report. The closing price of the Company’s 日，本公司A股股票的收盤價為人民幣262.62元╱A shares was RMB262.62 per share on the trading day immediately 股。

preceding the vesting date.The term of the Employee Share Ownership Plan shall be 48 months 本次員工持股計劃的存續期為48個月，自本次員工from the date on which the Employee Share Ownership Plan is 持股計劃經股東大會審議通過且本公司公告最後一

considered and approved at the general meeting and the Company 筆標的股票過戶至本員工持股計劃名下之日起算。

announces that the last batch of the underlying shares is transferred 因此，截至二零二四年六月三十日，本次員工持股to the Employee Share Ownership Plan. Thus the remaining life of the 計劃剩餘期限約為25個月。

Employee Share Ownership Plan is about 25 months as at 30 June

2024.

For details of the Employee Share Ownership Plan and repurchase of 有關本次員工持股計劃及回購本公司A股股票的具

A shares of the Company please refer to the table below and note 11 體內容分別詳見下方表格以及本報告財務報表附註

to the financial statements in this report respectively. 11。

List out below are the details of movement of the A Shares under the 下文載列於本報告期內及直至本報告日期本次員工

Employee Share Ownership Plan during the reporting period and up 持股計劃項下A股股票的變動詳情：

to the date of this report:

No. of A shares

No. of A shares No. of unvested available for

available for A shares granted No. of A shares No. of A shares No. of A shares grant/unvested

grant as at during the vested during cancelled during the lapsed during A shares as at

Type of participants 1 January 2024 reporting period the reporting period reporting period the reporting period 30 June 2024於二零二四年於二零二四年於本報告期內六月三十日

一月一日可供授予 授予的未解鎖 於本報告期內 於本報告期內 於本報告期內 可供授予的A股股票╱

參與對象類別 A股股票數目 A股股票數目 解鎖的A股股票數目 註銷的A股股票數目 失效的A股股票數目 未解鎖A股股票數目

Employee participants (note 1)

僱員參與者(附註1)

Employee representative supervisors 0 (note 2) 0 0 0 (note 3) 0 (note 3) 0 (note 2)

and senior management of the

Company middle level management

and core backbone employees of BYD

Group

本公司職工代表監事及高級管理人員、（0附註2）00（0附註3）（0附註3）（0附註2）比亞迪集團的中層管理人員及核心

骨幹員工Interim Report 2024二零二四年中期報告27

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

Notes: 註：

(1) The participants of the Employee Share Ownership Plan do not (1) 本次員工持股計劃參與對象不含本公司董事、include directors chief executives or substantial shareholders of 最高行政人員或主要股東又或其各自的聯繫

the Company or their respective associates; or any related entities 人；亦不含本公司關連實體參與者或服務提供

or service providers of the Company. 者。

(2) All the 5511024 repurchased A Shares were granted on 15 (2) 5511024股回購A股股票已於二零二二年七

July 2022. The closing price of the Company’s A shares was 月十五日全部授予。緊接授予日前一交易日本RMB323.00 per share on the trading day immediately preceding 公司A股股票收盤價為人民幣323.00元╱股。

the grant date. The fair value of the granted shares as at the date 於授予日期，授予股票的公允價值為人民幣of the grant was RMB1863773206.56. 1863773206.56元。

The A Shares under the Employee Share Ownership Plan will be 本次員工持股計劃持有的本公司A股股票分三批

unlocked in three tranches: 解鎖：

(a) The first period shall be of 12 months commencing from (a) 第一個解鎖期，自本公司公告最後一筆the date of the last transfer of A Shares by the Employee A股股票過戶至本次員工持股計劃名下

Share Ownership Plan and the relevant announcement by 之日起滿12個月，解鎖數量為本次員工the Company with the number of shares unlocked being 持股計劃所持有A股股票總數的30%；

30% of the total number of A Shares under the Employee

Share Ownership Plan;

(b) The second period shall be of 24 months commencing from (b) 第二個解鎖期，自本公司公告最後一筆the date of the last transfer of A Shares by the Employee A股股票過戶至本員工持股計劃名下之

Share Ownership Plan and the relevant announcement by 日起算滿24個月，解鎖數量為本次員工the Company with the number of shares unlocked being 持股計劃所持有A股股票總數的30%；

30% of the total number of A Shares under the Employee

Share Ownership Plan;

(c) The third period shall be of 36 months commencing from (c) 第三個解鎖期，自本公司公告最後一筆the date of the last transfer of A Shares by the Employee A股股票過戶至本次員工持股計劃名下

Share Ownership Plan and the relevant announcement by 之日起算滿36個月，解鎖數量為本員工the Company and the number of shares unlocked being 持股計劃所持有A股股票總數的40%；

40% of the total number of A Shares under the Employee

Share Ownership Plan;

(d) The unlocking and vesting of the shares granted is subject （d） 授予股票需滿足相關具體條件才可解鎖

to the fulfillment of relevant specific conditions. For the 及歸屬。關於授予股票解鎖及歸屬的具specific conditions for the unlocking and vesting of the 體標準，請參閱該通函；及shares granted please refer to the Circular; and

(e) The company-level performance indicators for the vesting （e） 本次員工持股計劃第一個解鎖期解鎖公

of shares in the first unlocking period of the Employee 司層面的業績指標為以二零二一年營業

Share Ownership Plan are based on the operating income 收入為基數，二零二二年的營業收入in 2021 and the operating income growth rate in 2022 增長率不低於30%。個人層面的考核指is not less than 30%. The assessment indicators at the 標為：(1)業績考核為待改進的，個人individual level are: (1) if the performance assessment is 層面解鎖比例為80%；（2）業績考核為

for “to be improved” the unlocking ratio at the individual 合格及以上的，個人層面解鎖比例為level will be 80%; (2) if the performance assessment is 100%。

“qualified or above” the unlocking ratio at the individual

level will be 100%.

(3) No A Shares were cancelled or lapsed under the Employee Share (3) 於本報告期內，本次員工持股計劃並無任何A股

Ownership Plan during the reporting period. 股票被註銷或失效。28 BYD Company Limited比亞迪股份有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

SUBSIDIARY SHARE OPTION SCHEME 子公司股權期權計劃

References are made to the announcement dated 11 May 2021 and 茲提述本公司日期為二零二一年五月十一日的公the circular dated 31 May 2021 (the “Circular”) of the Company in 告及日期為二零二一年五月三十一日的通函（「該通relation to among others the proposed adoption of the Subsidiary 函」），內容有關（其中包括）建議採納子公司股權期權Share Option Scheme. The adoption of the Subsidiary Share Option 計劃。股東於本公司於二零二一年六月十六日舉行Scheme was approved by the shareholders of the Company at the 的臨時股東大會上批准採納子公司股權期權計劃。

extraordinary general meeting held on 16 June 2021. The Subsidiary 該子公司股權期權計劃不構成上市規則十七章下規

Share Option Scheme does not constitute a share option scheme of a 定的主要子公司股權期權計劃。

principal subsidiary of the Company under Chapter 17 of the Listing

Rules.The purpose of the Subsidiary Share Option Scheme is to among 子公司股權期權計劃旨在（其中包括）進一步建立及

others further establish and improve the incentive mechanism of BYD 完善比亞迪半導體的激勵機制、挽留及激勵人才以

Semiconductor retain and motivate talents and allow all participants 及允許全體參與方聚焦比亞迪半導體的長期發展並

to focus on the long-term development of BYD Semiconductor and 共同促進其可持續發展。

jointly promote its sustainable development.There are 36 participants in the Subsidiary Share Option Scheme 子公司股權期權計劃有36名參與者，包括比亞迪半including directors (excluding independent non-executive directors) 導體董事（不包括獨立非執行董事）、高級管理層及

senior management and key personnel (excluding supervisors) of BYD 關鍵人員（不包括監事）。子公司股權期權計劃乃僅Semiconductor. The Subsidiary Share Option Scheme is tailored to be 為上述36名參與者量身定制的一次性激勵安排。概a one-off incentive arrangement for the aforesaid 36 participants only. 無子公司股權期權計劃的36名激勵參與者乃本公司

None of the 36 incentive participants of the Subsidiary Share Option 層面的關連人士。有關上述參與者的身份及職位，Scheme is a connected person at the Company level. For details of 請參閱該通函。

the identity and positions of the aforesaid participants please refer to

the Circular.The number of shares of BYD Semiconductor in respect of which the 涉 及 股 權 期 權 的 比 亞 迪 半 導 體 股 份 數 目 為share options involved is 33088235 shares (representing 7.353% 33088235股（於本報告日期佔比亞迪半導體註冊of the registered share capital of BYD Semiconductor as at the date 股本的7.353%）。子公司股權期權計劃項下涉及的of this report) and the cumulative total number of shares of BYD 比亞迪半導體累計股份總數及比亞迪半導體所有其

Semiconductor involved under the Subsidiary Share Option Scheme 他計劃不應超過比亞迪半導體於二零二一年六月十and all other schemes of BYD Semiconductor shall not exceed 10% 六日（本公司臨時股東大會批准子公司股權期權計of the total share capital of BYD Semiconductor in issue on 16 June 劃之日）已發行股本總額的10%。於本報告日期，

2021 which was the date of approval of the Subsidiary Share Option 根據子公司股權期權計劃的條款及條件按行權價格

Scheme by the extraordinary general meeting of the Company. As 每股人民幣4.54元授予比亞迪半導體36名僱員合共at the date of this report an aggregate of 33088235 share options 33088235份股權期權（即子公司股權期權計劃項下representing all the share options which could be granted under the 可授予的所有股權期權）。

Subsidiary Share Option Scheme were granted to 36 employees

of BYD Semiconductor pursuant to the terms and conditions of the

Subsidiary Share Option Scheme at the exercise price of RMB4.54 per

share.Interim Report 2024二零二四年中期報告29

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

The validity period of the Subsidiary Share Option Scheme shall 子公司股權期權計劃的有效期自股權期權授予日起

commence from the grant date of the share options and end on 至激勵對象獲授的股權期權全部行權或註銷之日

the date on which all the share options granted to the incentive 止，不應超過十年。根據子公司股權期權計劃授予participants have been exercised or cancelled which shall not 的股權期權應分三期行使，相應等待期應自授予日exceed 10 years. The share options granted under the Subsidiary 期起分別為24個月、36個月及48個月。截至二零二Share Option Scheme shall be exercised in three tranches and the 四年六月三十日止，314627份股權期權因僱員辭任corresponding vesting periods shall be 24 months 36 months and 而失效並註銷，子公司股權期權計劃第一個行權期

48 months respectively from the grant date. As at 30 June 2024 的可行權股權期權為9826411份，其中6218756份

314627 share options had been lapsed and cancelled as a result 股權期權獲行權，剩餘3607655份股權期權因逾期

of the resignation of an employee and there were 9826411 share 未行權已註銷。於二零二四年五月十一日，比亞迪options available for exercise under the first exercise period of the 半導體董事會及股東決議註銷子公司股權期權計劃

Subsidiary Share Option Scheme of which 6218756 share options 第二及第三個行權期已授出但未行權的所有股權期

had been exercised and the remaining 3607655 share options had 權（即22928295份股權期權）。

been cancelled as they were not exercised during the exercise period.On 11 May 2024 the board and shareholders of BYD Semiconductor

have resolved to cancel all share options (i.e. 22928295 share

options) granted but have not been exercised in the second and third

exercise period of the Subsidiary Share Option Scheme.Save as disclosed no share options had been exercised lapsed or 除所披露者外，於截至二零二四年六月三十日止六cancelled during the six months ended 30 June 2024. 個月，概無股權期權獲行使、失效或註銷。

For further details of the exercise period performance appraisal 有關行使期、作為股權期權行使條件的績效考核目

objectives (as conditions of the exercise of the share options) and the 標及子公司股權期權計劃的進一步詳情，請參閱該Subsidiary Share Option Scheme please refer to the Circular and note 通函及本報告的財務報表附註11。

11 to the financial statements in this report.30 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

SHARE CAPITAL 股本

As of 30 June 2024 the share capital of the Company is as follows: 於二零二四年六月三十日，本公司的股本如下：

Number of Approximate

shares in issue percentage (%)

已發行股份數目約佔百分比(%)

A Shares A股 1811265855 (Note（) 附註） 62.26

H Shares H股 1098000000 37.74

Total 總數 2909265855 100.00

Note: 附註：

Of which 3857717 A Shares were purchased A Shares which were 其中包括根據本中期報告上文所詳述員工持股計劃，通recognized as treasury shares held through the designated securities 過回購專用證券賬戶以集中競價交易的方式回購並以非

account for repurchase by way of centralized bidding transactions and 交易過戶方式過戶至員工持股計劃專用證券賬戶，作為transferred to the designated securities account for the Employee Share 庫存股確認的3857717股A股股份。該等庫存股不計入Ownership Plan by ways of non-trade transfer pursuant to the Employee 有權出席本公司股東大會及╱或A股類別股東大會並就

Share Ownership Plan as detailed above in this interim report. Such 會上所提呈決議案投票的已發行股份總數。

treasury shares were recognized as excluded from the total number of

issued shares entitled to attend and vote on the resolution(s) proposed at

the general meetings and/or A Shares class meetings of the Company.SIGNIFICANT INVESTMENT HELD AND MATERIAL 所持重大投資及重大收購及出售附屬公司、

ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES 聯營公司及合營公司

ASSOCIATES AND JOINT VENTURES

During the reporting period there was no significant investment held 於本報告期內，概無所持重大投資及重大收購及出material acquisition and disposal of subsidiaries associates and joint 售附屬公司、聯營公司及合營公司。

ventures.CAPITAL COMMITMENT 資本承擔

Please refer to note 13 to the financial statements for details of capital 有關資本承擔業務的詳情，請參閱財務報表附註commitments. 13。

CONTINGENT LIABILITIES 或有負債

Please refer to note 12 to the financial statements for details of 有關或有負債的詳情，請參閱財務報表附註12。

contingent liabilities.EVENTS AFTER THE BALANCE SHEET DATE 資產負債表日後事項

Please refer to note 16 to the financial statements for details of events 有關資產負債表日後事項的詳情，請參閱財務報表after the balance sheet date. 附註16。Interim Report 2024二零二四年中期報告31

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

CORPORATE GOVERNANCE 企業管治

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE 遵守企業管治守則（「守則」）

(THE “CODE”)

The board of directors of the Company (the “Board”) is committed to 本公司董事會（「董事會」）致力維持並確保企業管治常

maintaining and ensuring high standards of corporate governance 規處於高水平。

practices.The Company has put in place corporate governance practices to 本公司已實施企業管治常規，以遵照上市規則附錄comply with all the provisions and most of the recommended best C1所載守則的所有條文及大部分建議最佳應用守

practices of the Code as set out in Appendix C1 of the Listing Rules 則，惟偏離守則條文第C.2.1條及C.1.6條者除外。

except for the deviation from the code provisions C.2.1 and C.1.6.Code Provision C.2.1 守則條文C.2.1

Code provision C.2.1 stipulates that the roles of chairman and chief 守則條文C.2.1規定主席與行政總裁的角色應有區

executive should be separate and should not be performed by the 分，並不應由一人同時兼任。

same individual.Mr. Wang Chuan-fu is the Chairman and Chief Executive Officer of 王傳福先生為本公司的主席兼行政總裁。董事會認the Company. The Board considers that this structure will not impair 為此架構不會影響董事會與管理層兩者之間的權利

the balance of power and authority between the Board and the 和職權的平衡。董事會由極具經驗和才幹的成員組management. The Board comprises experienced and high caliber 成，並定期開會，以商討影響本集團運作的事項。

individuals and meets regularly to discuss issues affecting operations 透過董事會的運作，足以確保權利和職權得到平of the Group. The balance of power and authority is ensured by 衡。董事會相信此架構有助於建立穩健而一致的領the operation of the Board. The Board believes that this structure is 導權，使本集團能夠迅速及有效地作出及實施各conducive to strong and consistent leadership enabling the Group 項決定。董事會對王先生充滿信心，相信委任他出to make and implement decisions promptly and efficiently. The Board 任主席兼行政總裁之職，會有利於本公司的業務發has full confidence in Mr. Wang and believes that his appointment to 展。

the posts of Chairman and Chief Executive Officer is beneficial to the

business development of the Company.Code Provision C.1.6 守則條文C.1.6

Code provision C.1.6 stipulates that independent non-executive 守則條文第C.1.6條規定，獨立非執行董事及非執行directors and non-executive directors should attend general meetings. 董事應出席股東大會。鑒於部分非執行董事在相關Some of the non-executive Directors did not attend the extraordinary 時間因有其他公務，故並非均出席於二零二四年四general meeting the class meeting of holders of A shares and the 月十九日舉行的臨時股東大會、A股類別股東大會及

class meeting of holders of H shares held on 19 April 2024 due to H股類別股東大會。獨立非執行董事及非執行董事均other affairs at the relevant time. All of the independent non-executive 出席於二零二四年六月六日舉行的股東週年大會。

directors and non-executive directors attended the annual general

meeting held on 6 June 2024.32 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES 遵守上市公司董事進行證券交易的標準守則

TRANSACTIONS BY DIRECTORS OF LISTED COMPANIES

The Company has adopted the Model Code for Securities Transactions 本公司已採用上市規則附錄C3所載的上市公司董事

by Directors of Listed Issuers (the “Model Code”) as set out in 進行證券交易的標準守則（「標準守則」）作為董事進行

Appendix C3 to the Listing Rules as the code of conduct regarding 證券交易的操守守則。經向全體董事作出特定查詢securities transactions by the Directors. Having made specific enquiry 後，各董事確認在本期間內已遵守標準守則的規定of all Directors each of the Directors has confirmed compliance with 標準。

the required standard set out in the Model Code during the Period.DISCLOSURE PURSUANT TO RULE 13.51B(1) OF THE LISTING 根據上市規則第13.51B (1)條進行的披露

RULES

Mr. Cai Hong-ping has no longer served as an independent non- 蔡洪平先生已自二零二四年四月二十九日起不再擔executive director of China Eastern Airlines Corporation Limited (中國 任中國東方航空股份有限公司（一間於香港聯交所東方航空股份有限公司) (a company listed on the Hong Kong Stock 及深交所上市的公司，股份代號：H股：00670；AExchange (stock code: 00670) and the SZSE (stock code: 600115)) 股：600115）的獨立董事。

with effect from 29 April 2024.Ms. Yu Ling has been appointed as an independent director of 喻玲女士自二零二四年四月八日起擔任江西洪城環Jiangxi Hongcheng Environment Co. Ltd. (江西洪城環境股份有限公 境股份有限公司（一間於上海證券交易所上市的公司 a company listed on the Shanghai Stock Exchange (stock code: 司，股份代號：600461）的獨立董事。

600461)) with effect from 8 April 2024.

Save as disclosed above there is no information required to be 除上文所披露者，於本報告期內，概無資料須根據disclosed pursuant to Rule 13.51B(1) of the Listing Rules during the 上市規則第13.51B(1)條予以披露。

reporting period.PURCHASE SALE OR REDEMPTION OF THE COMPANY’S 買賣或贖回本公司上市證券

LISTED SECURITIES

Reference is made to the circular dated 20 March 2024 of the 謹此提述本公司日期為二零二四年三月二十日的通

Company regarding the 2024 share repurchase plan and grant of 函，內容有關二零二四年回購公司股份的方案及授mandate to the board and its authorized persons to deal with matters 權董事會及其授權人士全權辦理回購公司A股股份相

in relation to the repurchase of A Shares of the Company in full 關事項（以下簡稱「本次回購」）。

discretion (hereinafter referred to as the “Repurchase”).Resolutions relating to the Repurchase were approved at the 5th 本公司分別於二零二四年三月六日召開了第八屆董

meeting of the eighth session of the Board and the 3rd meeting of 事會第五次會議和第八屆監事會第三次會議，於二the eighth session of the supervisory committee of the Company held 零二四年四月十九日召開了臨時股東大會、A股類別

on 6 March 2024 and the extraordinary general meeting the class 股東大會及H股類別股東大會，審議通過了本次回購meeting of holders of A shares and the class meeting of holders 的相關議案，同意本公司使用自有資金按不超過人of H shares held on 19 April 2024 respectively authorizing the 民幣270元╱A股的價格回購A股股份，回購總額為Company to use its own funds to repurchase its A shares at prices not 人民幣4億元，因股票價格導致回購資金總額非億元exceeding RMB270 per A share with a total repurchase amount of 整數時，以四捨五入法算取億元的整數。回購股份RMB400 million and if the total repurchase amount is not an integer 期限自公司臨時股東大會、A股類別股東大會及H股

of RMB0.1 billion due to the prices of the shares the rounding method 類別股東大會審議通過本次回購方案之日起12個月

shall be used to calculate the integer of RMB0.1 billion. The period 內。回購的股份將用於註銷以減少註冊資本。

for repurchasing shares is 12 months from the date of the Company’s

extraordinary general meeting class meeting of holders of A shares

and class meeting of holders of H shares at which the plan for the

Repurchase was considered and approved. The repurchased shares

shall be used for cancellation to reduce the registered capital.Interim Report 2024二零二四年中期報告33

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

The Company announced the next day disclosure returns in relation 本公司分別於二零二四年四月二十五日、二零二四

to the progress of the Repurchase on 25 April 2024 26 April 2024 年四月二十六日及二零二四年五月十三日公佈內容

and 13 May 2024 respectively. On 25 April 2024 and 26 April 有關本次回購進展的翌日披露報表。於二零二四年

2024 the Company repurchased a total of 1877000 A Shares (the 四月二十五日、二零二四年四月二十六日，本公司

“Repurchased A Shares”) representing approximately 0.06452% of 合共回購A股股份1877000股（「回購的A股股份」），the total issued share capital of the Company as at the date of this 佔公司於本報告之日已發行總股本約0.06452%，最report. The highest and lowest trading prices were RMB219.58 per 高成交價為人民幣219.58元╱股，最低成交價為人A Share and RMB206.62 per A Share respectively. The total amount 民幣206.62元╱股，回購資金總額約為人民幣4億元of funds for the Repurchase was approximately RMB0.4 billion (if the （因股票價格導致回購資金總額非億元整數時，以四total repurchase amount is not an integer of RMB0.1 billion due to the 捨五入法算取億元的整數）。截至二零二四年四月二prices of the shares the rounding method shall be used to calculate 十六日，本次回購方案已實施完畢。於二零二四年the integer of RMB0.1 billion). The implementation of the plan for the 五月十三日，經中國證券登記結算有限責任公司深Repurchase was completed on 26 April 2024. On 13 May 2024 as 圳分公司確認，本次回購的A股股份均於二零二四年confirmed by the Shenzhen branch of China Securities Depository 五月十日完成註銷，已發行A股總數減少1877000and Clearing Corporation Limited all the Repurchased A Shares were 股。

cancelled and the total number of issued A Shares was reduced by

1877000 on 10 May 2024.

Save as disclosed above neither the Company nor any of its 除上文所披露者，於截至二零二四年六月三十日止subsidiaries purchased sold or redeemed any of the Company’s 六個月，本公司或其任何附屬公司概無其它買賣或listed securities (including the treasury shares as applicable) during 贖回本公司任何上市證券（包括庫存股（如適用））。

the six months ended 30 June 2024.THE BOARD’S DIVERSITY POLICY 董事會多元化政策

The Board has adopted the Board Diversity Policy which sets out 董事會已採用多元化政策，其中載有董事會多元化the approach to the diversity of Board. The Company recognises the 之方針。本公司認同董事會成員多元化對企業管治importance of diversity to corporate governance and an effective 及董事會行之有效的重要性，董事會成員多元化政Board. The Board Diversity Policy aims to set out the approach to 策旨在列載為達致董事會成員多元化而採取的方

achieve Board diversity so as to ensure that the Board members 針，以確保董事會根據本公司業務所需具備適當的possess appropriate skills experience and diverse views necessary 技能、經驗及多元化觀點。本公司董事會及提名for the business of the Company. In determining the Board 委員會在設定董事會成員組合時，會從多方面考慮composition the Board and Nomination Committee of the Company 董事會成員多元化，包括但不限於性別、年齡、文consider a range of diversity elements including but not limited to 化及教育背景、專業經驗、技能及知識。董事會所gender age cultural and educational background professional 有委任均以用人唯才為原則，並以客觀準則考慮人experience skills and knowledge. All appointments of the Board will 選，充分顧及董事會多元化的裨益。

be made based on merit and objective criteria while taking into full

account the interest of the Board’s diversity.34 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

The selection of candidates will be based on a range of diversity 甄選人選將基於一系列多元化觀點及將定期審閱的

elements and measurable objectives which will be reviewed regularly. 可計量目標。這些可計量目標包括但不限於性別、Such measurable objectives shall include but be not limited to 年齡、文化背景、教育背景、專業經驗、技能、知

gender age cultural and educational background professional 識及╱或服務年期等。最終將按所選人選的優點及experience skills knowledge and/or terms of service. The final 其將為董事會帶來的貢獻而作出決定。此外，根據decision will be made according to the strengths of the candidate 守則第B.1.3守則條文，董事會應每年檢討發行人的and his/her contribution that would bring to the Board. Furthermore 董事會多元化政策的實施情況及有效性。提名委員pursuant to code provision B.1.3 of the Code the Board should 會已履行其年內上述職責，包括甄選人選及審閱公review the implementation and effectiveness of the issuer’s policy on 司的董事會多元化政策的實施情況及有效性。經考board diversity on an annual basis. The Nomination Committee has 慮本公司業務及發展需求，提名委員會認為現任董performed the above duties in terms of selection of candidates and 事會在技能、經驗、知識、服務年限及獨立性方面

review of the implementation and effectiveness of the Company’s 充分表現多樣化格局。

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 本公司董事會的可計量目標之一乃於董事會中包含

one female director in the Board. The Board will continue to take 至少一名女性董事。董事會將繼續採取積極措施，proactive measures to ensure the gender diversity of Board members 確保董事會成員保持性別多元化，並著重將性別納and will emphasise on including gender as one of the factors to 入本公司實現董事會多元化的考量因素之一。

be taken into consideration by the Company for achieving Board

diversity.AUDIT COMMITTEE 審核委員會

A meeting was convened by the Company’s audit committee of the 本公司董事會下的審核委員會於二零二四年八月二

Board on 28 August 2024 to review the accounting policies and 十八日召開會議，審閱本集團採用的會計政策及慣practices adopted by the Group and to discuss auditing internal 例，並討論核數、內部監控、風險管理及財務申報control risk management and financial reporting matters (including 事宜（包括截至二零二四年六月三十日止六個月的財reviewing the financial statements for the six months ended 30 June 務報表），其後方向董事會建議批准有關事宜。

2024) before recommending them to the Board for approval.

The audit committee has reviewed the results of the Group for the six 審核委員會已審閱本集團截至二零二四年六月三十

months ended 30 June 2024. 日止六個月的業績。

INTERIM DIVIDEND 中期股息

The Board does not recommend the distribution of interim dividend for 董事會不建議派付截至二零二四年六月三十日止六the six months ended 30 June 2024 (for the six months ended 30 June 個月期間的中期股息（截至二零二三年六月三十日止

2023: Nil). 六個月：無）。Interim Report 2024

二零二四年中期報告35

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

DIRECTORS’ SUPERVISORS’ AND CHIEF EXECUTIVES’ 董事、監事及最高行政人員權益

INTERESTS

As at 30 June 2024 the interests and short positions of each of the 於二零二四年六月三十日，本公司董事、監事及最Directors supervisors and chief executives of the Company in the 高行政人員各自於本公司或任何相聯法團（定義見香shares underlying shares and debentures of the Company or any 港法例第571章證券及期貨條例（「證券及期貨條例」）associated corporation (within the meaning of Part XV of the Securities 第XV部）的股份、相關股份及債券中擁有根據證券及

and Futures Ordinance (Cap 571 of the Laws of Hong Kong) (“SFO”)) 期貨條例第XV部第7及8分部須知會本公司及香港聯which were required to be notified to the Company and the Hong 交所的權益及淡倉（包括根據證券及期貨條例有關條Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the 文持有或被視為擁有的權益），或根據證券及期貨條SFO (including interests which he is taken or deemed to have under 例第352條須記錄於指定登記冊，或根據香港聯交所such provisions of the SFO) or were required pursuant to Section 352 證券上市規則的上市公司董事進行證券交易的標準of the SFO to be entered into the register referred to therein or which 守則須知會本公司及香港聯交所的權益（就此目的而were required pursuant to the Model Code for Securities Transactions 言，證券及期貨條例的相關條文將詮釋為適用於監by Directors of Listed Issuers under the Rules Governing the Listing 事）如下：

of Securities on the Hong Kong Stock Exchange to be notified to the

Company and the Hong Kong Stock Exchange (for this purpose the

relevant provisions of the SFO will be interpreted as if they applied to

the supervisors) were as follows:

A shares of RMB1.00 each 每股面值人民幣1.00元的A股

Approximate

Approximate percentage of

percentage of shareholding

shareholding in total

in total issued issued share

A shares(note) (%) capital(note) (%)

Number of 持股量佔已發行 持股量佔已發行

A shares A股總數的 股本總額的

Name 姓名 A股數目 概約百分比（附註）(%) 概約百分比（附註）(%)

Wang Chuan-fu (Director and President) 王傳福（董事兼總裁） 513623850 (L) 28.36 17.65

(Note 1)（附註1）

Lv Xiang-yang (Director) 呂向陽（董事） 394378222 (L) 21.77 13.56

(Note 2)（附註2）

Xia Zuo-quan (Director) 夏佐全（董事） 82635607 (L) 4.56 2.84

Zhu Ai-yun（ Supervisor) 朱愛云（監事） 615965 (L) 0.03 0.02

(L) – Long Position (L) – 好倉36 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

Notes: 附註：

1. The 513623850 A shares did not include the 3727700 A shares 1. 在該513623850股A股之中，不包含王先生通

held by Mr. Wang in No.1 Assets Management Plan through E 過易方達資產比亞迪增持1號資產管理計劃持有

Fund BYD. 的3727700股A股股份。

2. Of the 394378222 A shares 239228620 A shares were held by 2. 在該394378222股A股之中，239228620股A

Mr. Lv in his personal capacity and 155149602 A shares were 股由呂先生以個人身份持有及155149602股Aheld by Youngy Investment Holding Group Co. Ltd. (融捷投資 股由融捷投資控股集團有限公司（「融捷投資」，控股集團有限公司) (“Youngy Investment” formerly known as 前稱為廣州融捷投資管理集團有限公司）持有。

Guangzhou Youngy Management & Investment Group Company 融捷投資則由呂先生及其配偶分別持有89.5%

Limited (廣州融捷投資管理集團有限公司)). Youngy Investment 及10.5%股權，因此根據證券及期貨條例，呂was in turn held by Mr. Lv and his spouse as to 89.5% and 10.5% 先生被視為於該155149602股A股中擁有權

of equity interests respectively. Mr. Lv was therefore deemed to 益。

be interested in the 155149602 A shares under the SFO.H shares of RMB1.00 each 每股人民幣1.00元的H股

Approximate Approximate

percentage of percentage of

shareholding in shareholding

total issued in total issued

H shares (%) share capital (%)

Number of 持股量佔已發行 持股量佔已發行

H shares H股總數的 股本總額的

Name 姓名 H股數目 概約百分比(%) 概約百分比(%)

Wang Chuan-fu (Director and President) 王傳福（董事兼總裁） 1000000 (L) 0.09 0.03

Xia Zuo-quan (Director) 夏佐全（董事） 500000 (L) 0.05 0.02

(Note)（附註）

(L) – Long Position (L) – 好倉

Note: 附註：

Of the 500000 H shares 195000 H shares were held by Mr. Xia as a 於500 000股H股之中，夏先生以實益擁有人身份beneficial owner and 305000 H shares were held by Sign Investments 持有195000股H股，而由夏先生全資擁有的S ignLimited which was wholly-owned by Mr. Xia. Investments Limited則持有305000股H股。

Saved as disclosed above as at 30 June 2024 none of the Directors 除上述披露者外，於二零二四年六月三十日，概無supervisors or chief executives of the Company had any interest or 本公司董事、監事或最高行政人員於本公司或其任

short position in the shares underlying shares or debentures of the 何相聯法團（定義見證券及期貨條例第XV部）的股

Company or any of its associated corporations (within the meaning 份、相關股份或債權證中擁有權益或淡倉而須(a)記

of Part XV of the SFO) which was required to be (a) recorded in 錄於本公司根據證券及期貨條例第352條存置的登記

the register to be kept by the Company pursuant to Section 352 of 冊內；或(b)根據上市公司董事進行證券交易的標準

the SFO; or (b) notified to the Company and the Hong Kong Stock 守則須知會本公司及香港聯交所。

Exchange pursuant to the Model Code for Securities Transactions by

Directors of Listed Issuers.Interim Report 2024二零二四年中期報告37

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

SHAREHOLDERS WITH NOTIFIABLE INTERESTS 擁有須予知會權益的股東As at 30 June 2024 to the knowledge of the Directors of the Company 於二零二四年六月三十日，就本公司董事所知（根據based on the disclosure of interests made by relevant persons on the 相關人士於聯交所披露易所作出的權益披露），以下HKEXnews website the following persons (other than the Directors 人士（不包括本公司董事、監事及最高行政人員）於

supervisors and chief executives of the Company) had interests or 本公司股份及相關股份中擁有根據證券及期貨條例

short positions in the shares and underlying shares of the Company 第XV部第2及3分部須向本公司及香港聯交所披露或

which were required to be disclosed to the Company and the Hong 根據證券及期貨條例第336條載入本公司存置的登記

Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part 冊的權益或淡倉：

XV of the SFO or were required to be entered in the register kept by

the Company pursuant to Section 336 of the SFO:

1. A shares of RMB1.00 each 1、 每股面值人民幣1.00元的A股

Approximate

Approximate percentage of

percentage of shareholding

shareholding in in total issued

total issued share capital(note 1)

A shares(note 1) (%) (%)

Number of 持股量佔已發行 持股量佔已發行

A shares A股總數的 股本總額的

Name 名稱 A股數目 概約百分比（附註1）(%) 概約百分比（附註1）(%)

Youngy Investment (Note 2) 融捷投資（附註2） 155149602 (L) 8.57 5.33

(L) – Long Position (L) – 好倉

Notes: 附註：

Youngy Investment is owned by Mr. Lv Xiang-yang a non-executive 融捷投資由本公司非執行董事呂向陽先生擁有89.5%權

Director of the Company as to 89.5%. Mr. Lv is therefore deemed to be 益。因此，根據證券及期貨條例，呂先生被視為於融捷interested in the 155149602 A shares held by Youngy Investment under 投資持有的155149602股A股中擁有權益。

the SFO.38 BYD Company Limited比亞迪股份有限公司

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

2. H shares of RMB1.00 each 2、 每股面值人民幣1.00元的H股

Approximate

Approximate percentage of

percentage of shareholding

shareholding in total

in total issued issued share

H shares (%) capital (%)

Number of 持股量佔已發行 持股量佔已發行

H shares H股總數的 股本總額的

Name 名稱 H股數目 概約百分比(%) 概約百分比(%)

Berkshire Hathaway Inc. (Note 1) Berkshire Hathaway Inc（. 附註1） 65853142 (L) 5.99 2.26

Berkshire Hathaway Energy (Note 1) Berkshire Hathaway Energy（ 附註1） 65853142 (L) 5.99 2.26

Western Capital Group LLC (Note 1) Western Capital Group LLC（ 附註1） 65853142 (L) 5.99 2.26

BlackRock Inc. (Note 2) BlackRock Inc（. 附註2） 69843967 (L) 6.36 2.40

429500 (S) 0.04 0.02

(L) – Long Position (L) – 好倉

Notes: 附註：

1. According to the disclosure of interests notice filed on 24 June 1. 根據於二零二四年六月二十四日提交的

2024 each of Berkshire Hathaway Inc. and Berkshire Hathaway 披露權益通知Berkshi re Hathaway Inc.及Energy Company (formerly known as MidAmerican Energy Berkshire Hathaway Energy Company（原名Holdings Company) is deemed to be interested in 65853142 為MidAmerican Energy Holdings Company)

H Shares (L) through 65853142 H Shares directly held by its 分別被視為透過其間接控制公司及全資持有公

indirectly controlled corporation and wholly-owned corporation 司Western Capital Group LLC所直接持有的

Western Capital Group LLC respectively. 65853142股H股，於65853142股H股(L)之中擁有權益。

2. The interests of BlackRock Inc. were held through its various 2. BlackRock Inc.的權益乃通過其各控制公司持

controlled corporations and of which 7500 long positions were 有，其中7500股好倉為現金結算非上市衍生工cash settled unlisted derivatives and 424500 short positions were 具，及424500股淡倉為現金結算非上市衍生工cash settled unlisted derivatives. 具。

The total issued share capital of the Company as at 30 June 2024 was 於二零二四年六月三十日，本公司已發行股本總額RMB2909265855 divided into 1811265855 A shares (including 為人民幣2909265855元，分為1811265855股3857717 treasury shares) of RMB1.00 each and 1098000000 H 每股面值人民幣1.00元的A股（包括3857717股庫shares of RMB1.00 each all fully paid up. 存股）及1098000000股每股面值人民幣1.00元的H股，全部為實收資本。Interim Report 2024二零二四年中期報告39

Consolidated Balance Sheet合併資產負債表

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

Note (Unaudited) (Audited)附註（未經審計）（經審計）

Assets 資產

Current assets 流動資產

Monetary funds 貨幣資金 53053301 109094408

Purchases of financial assets under resale 買入返售金融資產

agreements 1760305 –

Financial assets held for trading 交易性金融資產 17388054 9562550

Trade receivables 應收賬款 7 71814516 61866019

Receivables financing 應收款項融資 6292399 5564924

Other receivables 其他應收款 3063158 2757912

Prepayments 預付款項 5030675 2215413

Inventories 存貨 112753013 87676748

Contract assets 合同資產 2395091 2660319

Long-term receivables due within one year 一年內到期的長期應收款 9340887 7508351

Other current assets 其他流動資產 15540211 13214802

Total current assets 流動資產合計 298431610 302121446

Non-current assets 非流動資產

Long-term receivables 長期應收款 8084736 8238190

Long-term equity investments 長期股權投資 18542811 17647212

Other equity instrument investments 其他權益工具投資 6421882 5327283

Other non-current financial assets 其他非流動金融資產 2814097 2696374

Investment properties 投資性房地產 61081 82510

Fixed assets 固定資產 230030358 230903820

Construction in progress 在建工程 43275332 34726196

Right-of-use assets 使用權資產 10168909 9678956

Intangible assets 無形資產 36269466 37236261

Development expenditures 開發支出 832937 541000

Goodwill 商譽 4427571 4427571

Long-term deferred expenditures 長期待攤費用 5265659 4062529

Deferred tax assets 遞延所得稅資產 6860746 6584422

Other non-current assets 其他非流動資產 14757515 15273900

Total non-current assets 非流動資產合計 387813100 377426224

Total assets 資產總計 686244710 679547670

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statements40 BYD Company Limited比亞迪股份有限公司

Consolidated Balance Sheet合併資產負債表

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

Note (Unaudited) (Audited)附註（未經審計）（經審計）

Liabilities 負債

Current liabilities 流動負債

Short-term borrowings 短期借款 10048017 18323216

Financial liabilities held for trading 交易性金融負債 – 7713

Bills payables 應付票據 8 2259388 4053314

Trade payables 應付賬款 9 207517115 194429817

Contract liabilities 合同負債 36755236 34698510

Employee benefits payables 應付職工薪酬 18993094 17138836

Tax payables 應交稅費 5900956 7852324

Other payables 其他應付款 157496850 164972849

Provision 預計負債 2942627 2620325

Non-current liabilities due within one year 一年內到期的非流動負債 8059790 7740491

Other current liabilities 其他流動負債 2769730 1829276

Total current liabilities 流動負債合計 452742803 453666671

Non-current liabilities 非流動負債

Long-term borrowings 長期借款 11305318 11975139

Lease liabilities 租賃負債 9357356 8847186

Deferred tax liabilities 遞延所得稅負債 3269829 3950836

Other non-current liabilities 其他非流動負債 54958326 50645725

Total non-current liabilities 非流動負債合計 78890829 75418886

Total liabilities 負債合計 531633632 529085557

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statementsInterim Report 2024二零二四年中期報告41

Consolidated Balance Sheet合併資產負債表

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

Note (Unaudited) (Audited)附註（未經審計）（經審計）

Shareholders’ equity 股東權益

Shareholders’ equity 股東權益

Share capital 股本 10 2909266 2911143

Capital reserve 資本公積 61913790 62041774

Less: Treasury shares 減：庫存股 1266944 1266944

Other comprehensive income 其他綜合收益 88224 603663

Special reserve 專項儲備 25795 22370

Surplus reserve 盈餘公積 7374087 7374087

Undistributed profit 未分配利潤 71742986 67123972

Total shareholders’ equity attributable to 歸屬於母公司股東權益合計

the parent company 142787204 138810065

Non-controlling interests 少數股東權益 11823874 11652048

Total shareholders’ equity 股東權益合計 154611078 150462113

Total liabilities and shareholders’ equity 負債和股東權益總計 686244710 679547670

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statements

The financial statement was signed by the following persons: 財務報表由以下人士簽署：

Legal representative: Chief Financial Officer: Head of Accounting Department:

Wang Chuan-fu Zhou Ya-lin Liu Hui

法定代表人：主管會計工作負責人：會計機構負責人：

王傳福 周亞琳 劉惠42 BYD Company Limited比亞迪股份有限公司

Consolidated Income Statement合併利潤表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至二零二四年截至二零二三年六月三十日止六月三十日止六個月期間六個月期間

Note (Unaudited) (Unaudited)附註（未經審計）（未經審計）

I. Operating revenue 一、 營業收入 4 301126713 260124143

Less: Operating costs 減： 營業成本 4 240859982 212451556

Tax and surcharge 稅金及附加 5294231 4648323

Selling expenses 銷售費用 14316951 10838054

Administrative expenses 管理費用 7694969 6818637

Research and development expenses 研發費用 19620756 13834648

Finance expenses 財務費用 69006 (1102954)

Including: Interest expenses 其中：利息費用 1116060 977473

Interest income 利息收入 1192620 1168146

Add: Other income 加： 其他收益 4824359 1857641

Investment gain 投資收益 1209337 590770

Including: Investment gains 其中：對 聯營企業和合營企業

in associates and 的投資收益

joint ventures 913659 597938

Loss on derecognition of 以攤餘成本計量的金融

financial assets measured 資產終止確認損失

at amortised cost – –

Gains from changes in fair value 公允價值變動收益 347721 86896

Impairment losses on credit 信用減值損失 (789516) (610523)

Impairment losses on asset 資產減值損失 (1531034) (905154)

Gains/(losses) from disposal of assets 資產處置收益╱(損失) (8409) 75774

II. Operating profit 二、 營業利潤 17323276 13731283

Add: Non-operating income 加：營業外收入 476512 305965

Less: Non-operating expenses 減：營業外支出 571650 637328

III. Total profit 三、 利潤總額 17228138 13399920

Less: Income tax expenses 減：所得稅費用 5 3114922 1960201

IV. Net profit 四、 淨利潤 14113216 11439719

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statementsInterim Report 2024二零二四年中期報告43

Consolidated Income Statement合併利潤表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至二零二四年截至二零二三年六月三十日止六月三十日止六個月期間六個月期間

Note (Unaudited) (Unaudited)附註（未經審計）（未經審計）

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 14113216 11439719

VI. Classified by ownership 六、 按所有權歸屬分類

Net profit attributable to shareholders of 歸屬於母公司所有者的

the parent company 淨利潤 13631257 10954145

Non-controlling interests 少數股東損益 481959 485574

VII. Earnings per share (RMB/share) 七、 每股收益(元╱股)

Basic earnings per share 基本每股收益 6 4.68 3.77

Diluted earnings per share 稀釋每股收益 6 4.68 3.77

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statements44 BYD Company Limited比亞迪股份有限公司

Consolidated Income Statement合併利潤表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至二零二四年截至二零二三年六月三十日止六月三十日止六個月期間六個月期間

Note (Unaudited) (Unaudited)附註（未經審計）（未經審計）

VIII. Other comprehensive income/(loss) 八、 其他綜合收益╱(虧損) (511977) 450683

Other comprehensive income/(loss) that 不能重分類進損益的其他綜合

cannot be reclassified to profit or loss 收益╱(虧損)

Changes in fair value of other equity 其他權益工具投資公允價值變動

instrument investments (621795) 496027

Income tax impact 所得稅影響 160296 (122515)

Other comprehensive income/(loss) that 將重分類進損益的其他綜合

will be reclassified to profit or loss 收益╱(虧損)

Exchange difference on foreign currency 外幣報表折算差額

translation (32475) 29382

Changes in fair value of receivables financing 應收款項融資公允價值變動 (1758) 41092

Provision for credit impairment of receivables 應收款項融資信用減值準備

financing – (2120)

Reserve for cash flow hedge 現金流量套期儲備 (19707) –

Other comprehensive income/(loss) 歸屬於少數股東的其他綜合

attributable to non-controlling interests 收益╱(虧損)的稅後淨額

net of tax 3462 8817

IX. Total comprehensive income 九、 綜合收益總額 13601239 11890402

Among which: 其中：

Total comprehensive income 歸 屬於母公司股東的綜合收益

attributable to shareholders of 總額

the parent company 13115818 11396011

Total comprehensive income 歸屬於少數股東的綜合收益總額

attributable to non-controlling interests 485421 494391

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statementsInterim Report 2024二零二四年中期報告45

Consolidated Statement of Changes in Owners’ Equity合併股東權益變動表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the six months ended 30 June 2024 (Unaudited) 截至二零二四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

Less: Other Non- Total

Share Capital Treasury comprehensive Special Surplus Undistributed controlling shareholders’

capital reserve shares income reserve reserve profit Sub-total interests equity其他綜合少數股東股東權益

股本資本公積減：庫存股收益專項儲備盈餘公積未分配利潤小計權益合計

I. Opening balance for the period 一、 本期期初餘額 2911143 62041774 1266944 603663 22370 7374087 67123972 138810065 11652048 150462113

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 – – – (515439) – – 13631257 13115818 485421 13601239

(II) Capital contribution and reduction by (二) 股東投入和減少資本

shareholders

1 Ordinary shares contributed by 1 股東投入的普通股

shareholders (1877) (398151) – – – – – (400028) 98000 (302028)

2 Share-based payment recognized 2 股份支付計入股東

in shareholders’ equity 權益的金額

(note 11) （附註11） – 270449 – – – – – 270449 3471 273920

3 Others 3 其他 – (282) – – – – – (282) – (282)

(III) Profit distribution (三) 利潤分配

1 Appropriation to surplus reserve 1 提取盈餘公積 – – – – – – – – – –

2 Distribution to shareholders 2 對股東的分配 – – – – – – (9012243) (9012243) (415066) (9427309)

(IV) Special reserve (四) 專項儲備

Appropriation for the period 本期提取 – – – – 3425 – – 3425 – 3425

III. Closing balance for the period 三、 本期期末餘額 2909266 61913790 1266944 88224 25795 7374087 71742986 142787204 11823874 154611078

The accompanying notes form an integral part of these financial statements 後附財務報表附註為本財務報表的組成部分46 BYD Company Limited比亞迪股份有限公司

Consolidated Statement of Changes in Owners’ Equity合併股東權益變動表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the six months ended 30 June 2023 (Unaudited) 截至二零二三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

Less: Other Non- Total

Share Capital Treasury comprehensive Special Surplus Undistributed controlling shareholders’

capital reserve shares loss reserve reserve profit Sub-total interests equity其他綜合少數股東股東權益

股本資本公積減：庫存股虧損專項儲備盈餘公積未分配利潤小計權益合計

I. Opening balance for the period 一、 本期期初餘額 2911143 61705893 1809920 428332 12078 6838541 40943232 111029299 10360538 121389837

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 – – – 441866 – – 10954145 11396011 494391 11890402

(II) Capital contribution and reduction by (二) 股東投入和減少資本

shareholders

1 Ordinary shares contributed by 1 股東投入的普通股

shareholders – – – – – – – – – –

2 Share-based payment recognized 2 股份支付計入股東

in shareholders’ equity 權益的金額（note 11） （附註11） – 559798 – – – – – 559798 8057 567855

3 Others 3 其他 – 26 – – – – – 26 (75) (49)

(III) Profit distribution (三) 利潤分配

1 Appropriation to surplus reserve 1 提取盈餘公積 – – – – – – – – – –

2 Distribution to shareholders 2 對股東的分配 – – – – – – (3324525) (3324525) (127297) (3451822)

(IV) Special reserve (四) 專項儲備

Appropriation for the period 本期提取 – – – – 4933 – – 4933 – 4933

III. Closing balance for the period 三、 本期期末餘額 2911143 62265717 1809920 870198 17011 6838541 48572852 119665542 10735614 130401156

The accompanying notes form an integral part of these financial statements 後附財務報表附註為本財務報表的組成部分Interim Report 2024二零二四年中期報告47

Consolidated Cash Flow Statement合併現金流量表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至二零二四年截至二零二三年六月三十日止六月三十日止六個月期間六個月期間

Note (Unaudited) (Unaudited)

附註(未經審計)(未經審計)

I. Cash flows from operating activities: 一、 經營活動產生的現金流量：

Cash received from sales of goods and 銷售商品、提供服務收到的現金

provision of services 297083766 251313806

Tax rebates received 收到的稅費返還 6797295 7798280

Cash received from other activities relating to 收到其他與經營活動有關的現金

operations 7132449 11038425

Sub-total of cash inflows from operating 經營活動現金流入小計

activities 311013510 270150511

Cash paid for goods and services 購買商品、接受服務支付的現金 217491368 125042780

Cash paid to and on behalf of employees 支付給職工以及為職工支付的現金 50466622 37357054

Cash paid for various types of taxes 支付的各項稅費 19325411 14055372

Cash paid for other activities relating to 支付其他與經營活動有關的現金

operations 9551799 11724128

Sub-total of cash outflows from operating 經營活動現金流出小計

activities 296835200 188179334

Net cash flow from operating activities 經營活動產生的現金流量淨額 14178310 81971177

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statements48 BYD Company Limited比亞迪股份有限公司

Consolidated Cash Flow Statement合併現金流量表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至二零二四年截至二零二三年六月三十日止六月三十日止六個月期間六個月期間

Note (Unaudited) (Unaudited)

附註(未經審計)(未經審計)

II. Cash flows from investing activities: 二、 投資活動產生的現金流量：

Cash received from disposal of investments 收回投資收到的現金 16500 –

Cash received from disposals of joint ventures 處置合營或聯營公司所收到的現金

or associates 13898 72968

Cash received from gains in investment 取得投資收益收到的現金 351307 154379

Net cash received from disposals of 處置子公司及其他營業單位收到的

subsidiaries and other operating entities 現金淨額 2497 73840

Net cash received from disposals of fixed 處置固定資產、無形資產和其他長

assets intangible assets and other long- 期資產收回的現金淨額

term assets 310810 241715

Cash received from other activities relating to 收到其他與投資活動有關的現金

investments 470000 18467236

Sub-total of cash inflows from investing 投資活動現金流入小計

activities 1165012 19010138

Cash paid for purchase and construction of 購建固定資產、無形資產和其他長

fixed assets intangible assets and other 期資產支付的現金

long-term assets 47225661 65936866

Cash paid for investments 投資支付的現金 1753172 960274

Cash paid for other activities relating to 支付其他與投資活動有關的現金

investments 8060254 10649269

Sub-total of cash outflows from investing 投資活動現金流出小計

activities 57039087 77546409

Net cash flows used in investing activities 投資活動使用的現金流量淨額 (55874075) (58536271)

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statementsInterim Report 2024二零二四年中期報告49

Consolidated Cash Flow Statement合併現金流量表

Six months ended 30 June 2024截至二零二四年六月三十日止六個月期間

RMB’000 人民幣千元

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至二零二四年截至二零二三年六月三十日止六月三十日止六個月期間六個月期間

Note (Unaudited) (Unaudited)

附註(未經審計)(未經審計)

III. Cash flows from financing activities: 三、 籌資活動產生的現金流量：

Cash received from capital injection 吸收投資收到的現金 98000 –

Cash received from borrowings 取得借款收到的現金 13260782 17114038

Cash received relating to other financing 收到的其他與籌資活動有關的現金

activities – 28233

Sub-total of cash inflows from financing 籌資活動現金流入小計

activities 13358782 17142271

Cash paid for repayment of debts 償還債務支付的現金 23687916 11667955

Cash payments for distribution of dividends 分配股利、利潤或償付利息支付的

profits or interest expenses 現金 333758 853406

Cash paid relating to other financing activities 支付其他與籌資活動有關的現金 1695532 570698

Sub-total of cash outflows from financing 籌資活動現金流出小計

activities 25717206 13092059

Net cash flows from/(used in) financing 籌資活動產生╱(使用)的現金流量

activities 淨額 (12358424) 4050212

IV. Effect of foreign exchange rate changes 四、 匯率變動對現金及現金等價物的

on cash and cash equivalents 影響 (230984) 560785

V. Net increase/(decrease) in cash and cash 五、 現金及現金等價物淨增加╱(減少)額

equivalents (54285173) 28045903

Add: balance of cash and cash equivalents 加：期 初現金及現金等價物餘額

at the beginning of the period 108511745 51182457

VI. Balance of cash and cash equivalents 六、 期末現金及現金等價物餘額

at the end of the period 54226572 79228360

The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分

statements50 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

1. CORPORATE INFORMATION 1、 公司資料

BYD Company Limited (the “Company”) is a joint stock limited 比亞迪股份有限公司（「本公司」）是在中華人

company registered in the People’s Republic of China (the 民共和國（「中國」）登記的股份有限公司。本“PRC”). The Company’s H shares have been listed on The 公司的H股自二零零二年七月三十一日起在

Stock Exchange of Hong Kong Limited since 31 July 2002. The 香港聯合交易所有限公司上市。本公司的註registered office of the Company is located at Yan An Road 冊辦事處位於中國廣東省深圳市大鵬新區葵

Kuichong Dapeng District Shenzhen Guangdong Province 涌鎮延安路。

the PRC.

2. BASIS OF PREPARATION 2、 編製基礎The financial statements have been prepared in accordance 本財務報表按照財政部頒佈的《企業會計準with the “Accounting Standards for Business Enterprises 則 – 基本準則》以及其後頒佈及修訂的具體– Basic Standard” issued by the Ministry of Finance and 會計準則、應用指南、解釋以及其他相關規

the specific accounting standards application guidelines 定(統稱「企業會計準則」)編製。此外，本財interpretations and other relevant regulations issued and 務報表還按照《公開發行證券的公司信息披revised thereafter (collectively known as the “ASBE”). In 露編報規則第15號 –– 財務報告的一般規定》

addition relevant financial information as required under the 披露有關財務信息。

“Compilation Rules for Information Disclosures by CompaniesOffering Securities to the Public No. 15 – General Provisionson Financial Reports” has been disclosed in the financial

statements.The financial statements are prepared on a going concern 本財務報表以持續經營為基礎列報。截至二basis. As at 30 June 2024 the Group had net current liabilities 零二四年六月三十日，本集團淨流動負債為of RMB154311193000. In view of such circumstances the 人民幣154311193千元，鑒於這種情況，management of the Company has given consideration to the 本公司管理層在評估本集團是否具備足夠財

future liquidity and financial resources available to the Group 務資源以持續經營時，已考慮本集團的未來which mainly include the net cash flows generated from the 流動資金狀況以及可動用的財務資源，主要Group’s operating activities and sufficient financial credit 包括本集團經營活動產生的現金流量淨額和

facilities in assessing whether the Group will have sufficient 擁有充足的金融信貸額度，不會因營運資金financial resources to continue as a going concern and will 的短缺而面臨有關持續經營方面的問題，因not have any going concern issue as a result of the shortage of 此，本公司管理層認為以持續經營為基礎編working capital. Therefore the management of the Company 製本財務報表是適當的。

is of the opinion that it is appropriate to prepare the financial

statements on a going concern basis.Interim Report 2024二零二四年中期報告51

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

3. SEGMENT REPORTING 3、 分部報告

Operating segment 經營分部

For management purposes the Group is organised into 出於管理目的，本集團根據產品和服務劃分business units based on their products and services. The 業務單元。本集團目前有二個報告分部，分Group currently has two reportable segments as follows: 別如下：

a) the mobile handset components assembly service and a) 手機部件、組裝及其他產品分部包括

other products segment comprises the manufacture 製造和銷售外殼等手機及電子產品部

and sale of mobile handset components such as 件並提供整機組裝服務；

housings and electronic components and the provision

of assembly services;

b) the automobiles and related products and other b) 汽車、汽車相關產品及其他產品分部

products segment comprises the manufacture and sale 包括製造和銷售汽車、汽車相關的模

of automobiles and auto-related molds and components 具及零部件、汽車租賃和汽車的售後

and automobile leasing and after sales services 服務、汽車動力電池、鋰離子電池、

automobile power batteries lithium-ion batteries 光伏產品以及鐵電池產品、軌道交通

photovoltaic products and iron battery products rail 及其相關業務。

transport and its related business.Management monitors the results of the Group’s operating 管理層出於配置資源和評價業績的決策目

segments separately for the purpose of making decisions 的，對各業務單元的經營成果分開進行管about resources allocation and performance assessment. 理。分部業績以報告的分部利潤為基礎進行Segment performance is evaluated based on reportable 評價。該指標系對利潤總額進行調整後的指segment profit. The adjusted profit before tax is measured 標，除不包括公允價值變動損益、財務費用consistently with the Group’s profit before tax except that gains (除租賃負債利息支出和匯兌損益)、營業外

or losses arising from changes in fair value finance costs 收入、其他收益、資產處置損失、營業外支

(excluding interest expenses on lease liabilities and exchange 出、投資收益(除對聯營企業和合營企業的投

gains or losses) non-operating income other income losses 資收益外)、銷售房產收入、對應的成本和稅

on disposal of assets non- operating expenses investment 費以及本公司作為集團總部發生的管理費用

income (excluding investment income from associates and joint 之外，該指標與本集團利潤總額是一致的。

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 分部資產不包括遞延所得稅資產、商譽、交

assets held for trading other equity instrument investments 易性金額資產、其他權益工具投資、其他非

other non-current financial assets investment properties and 流動金融資產、投資性房地產和本公司作為

assets occupied by the Company as the Group’s headquarter 集團總部佔用的資產，原因在於這些資產均as these assets are managed on a group basis. 由本集團統一管理。52 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

3. SEGMENT REPORTING (CONTINUED) 3、 分部報告（續）

Operating segment (continued) 經營分部（續）

Segment liabilities exclude deferred income tax liabilities tax 分部負債不包括遞延所得稅負債、應交稅

payable other current liabilities other non-current liabilities 費、其他流動負債、其他非流動負債、短期

short-term borrowings long-term borrowings bonds payable 借款、長期借款、應付債券、其他應付款中

interest payable and dividends payable in other payables 的應付利息和應付股利、交易性金融負債和

financial liabilities held for trading and liabilities assumed by 本公司作為集團總部而負擔的負債，原因在the Company as the Group’s headquarter as these liabilities 於這些負債均由本集團統一管理。

are managed on a group basis.Transfer pricing in operating segments is determined with 經營分部間的轉移定價，按照經營分部間的reference to the agreed price among operating segments. 協議價格制定。

Mobile

handset

components Automobiles

assembly and related Adjustments

service and products and and

other products other products eliminations Total

手機部件、汽車、

For the six months ended 30 June 2024 截至二零二四年六月三十日 組裝及 汽車相關產品

(Unaudited) 止六個月期間（未經審計） 其他產品 及其他產品 調整和抵銷 合計

Revenue from external trading 對外交易收入 72778443 228316903 31367 301126713

Revenue from inter-segment trading 分部間交易收入 6619862 1717729 (8337591) –

Total 合計 79398305 230034632 (8306224) 301126713

Income from investment in joint ventures and associates 對合營和聯營企業的投資收益 – 913659 – 913659

Depreciation and amortization 折舊及攤銷 3099702 28584509 – 31684211

Total profit 利潤總額 1397057 12827989 3003092 17228138

Income tax expense 所得稅費用 125494 2989428 – 3114922

Capital expenditure 資本性支出 2772134 37198077 – 39970211

As of 30 June 2024 (Unaudited) 截至二零二四年六月三十日（未經審計）

Total assets 資產總額 84503178 586367115 15374417 686244710

Total liabilities 負債總額 37153902 448568869 45910861 531633632

Other disclosures 其他披露

Long-term equity investments in joint ventures 對合營和聯營企業的長期股權投資

and associates – 18542811 – 18542811Interim Report 2024二零二四年中期報告53

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

3. SEGMENT REPORTING (CONTINUED) 3、 分部報告（續）

Operating segment (continued) 經營分部（續）

Mobile

handset

components Automobiles

assembly and related Adjustments

service and products and and

other products other products eliminations Total

手機部件、汽車、

For the six months ended 30 June 2023 截至二零二三年六月三十日 組裝及 汽車相關產品

(Unaudited) 止六個月期間（未經審計） 其他產品 及其他產品 調整和抵銷 合計

Revenue from external trading 對外交易收入 51090165 208823603 210375 260124143

Revenue from inter-segment trading 分部間交易收入 5248582 2924979 (8173561) –

Total 合計 56338747 211748582 (7963186) 260124143

Income from investment in joint ventures and associates 對合營和聯營企業的投資收益 – 597938 – 597938

Depreciation and amortization 折舊及攤銷 1561892 16563268 – 18125160

Total profit/(losses) 利潤╱(虧損)總額 1425768 12355046 (380894) 13399920

Income tax expense 所得稅費用 178588 1781613 – 1960201

Capital expenditure 資本性支出 2078439 81517697 – 83596136

As of 30 June 2023 (Unaudited) 截至二零二三年六月三十日（未經審計）

Total assets 資產總額 62118380 518685011 10330016 591133407

Total liabilities 負債總額 23443124 399274267 38014860 460732251

Other disclosures 其他披露

Long-term equity investments in joint 對合營和聯營企業的長期股權投資

ventures and associates – 16473886 – 1647388654 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

3. SEGMENT REPORTING (CONTINUED) 3、 分部報告（續）

Other information 其他信息

Geographical information 地區信息

Operating revenue 營業收入

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至截至二零二四年二零二三年六月三十日止六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

PRC (including Hong Kong Macau and 中國（包括港澳台地區）

Taiwan) 211180522 195714569

Overseas 境外 89946191 64409574

Total 合計 301126713 260124143

Revenue from external transactions is attributed to the location 對外交易收入歸屬於客戶所處區域。

of customers.Total non-current assets 非流動資產總額

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

PRC (including Hong Kong Macau and 中國（包括港澳台地區）

Taiwan) 351067248 343398654

Overseas 境外 8136820 6753730

Total 合計 359204068 350152384

Non-current assets exclude goodwill other equity instrument 非流動資產按該資產所處區域統計，不包括investments other non-current financial assets long-term 商譽、其他權益工具投資、其他非流動金融

receivables and deferred income tax assets attributed to the 資產、長期應收款和遞延所得稅資產。

region where the assets are located.Interim Report 2024二零二四年中期報告55

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

3. SEGMENT REPORTING (CONTINUED) 3、 分部報告（續）

Other information (continued) 其他信息（續）

Information about major customers 主要客戶信息

For the six months ended 30 June 2024 operating revenue 截至二零二四年六月三十日止六個月期間，of RMB41683152000 (for the six months ended 30 June 營業收入人民幣41683152千元(截至二零

2023: RMB27246971000) was derived from sales to a single 二三年六月三十日止六個月期間：人民幣

customer. 27246971千元)為對某一單個客戶的收入。

4. REVENUE AND COST OF OPERATING 4、 營業收入及成本

For the six months ended For the six months ended

30 June 2024 30 June 2023

截至二零二四年六月三十日止截至二零二三年六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

Revenue Cost Revenue Cost收入成本收入成本

Revenue from principal operations 主營業務收入 294766371 236305988 254744317 208184122

Other operating revenue 其他業務收入 6360342 4553994 5379826 4267434

Total 合計 301126713 240859982 260124143 212451556

Operating revenue is as follows: 營業收入列示如下：

For the For the

six months six months

ended ended

30 June 2024 30 June 2023

截至截至二零二四年二零二三年六月三十日止六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

Revenue from contracts with customers 與客戶之間合同產生的收入

Sales of goods and construction services 銷售商品及建造服務 296886000 258701798

Rendering of services 提供服務 4098822 1266532

300984822259968330

Rental income 租賃收入 141891 155813

Total 合計 301126713 26012414356 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

4. REVENUE AND COST OF OPERATING 4、 營業收入及成本（續）

(CONTINUED)

Disaggregation of revenue from contracts with customers is as 與客戶之間合同產生的營業收入分解情況如

follows: 下：

Mobile

handset

components Automobiles

assembly and related

service and products and

other products other products Others Total

手機部件、汽車、

January to June 2024 (Unaudited) 二零二四年一至六月（未經審計） 組裝及 汽車相關產品

Reportable segments 報告分部 其他產品 及其他產品 其他 合計

Type of product 產品類型

Sales of goods and construction services 銷售商品及建造服務 72731758 224123687 30555 295886000

Rendering of services 提供服務 25059 4073763 – 4098822

Total 合計 72756817 228197450 30555 300984822

Place of operation 經營地區

PRC (including Hong Kong Macau and Taiwan) 中國(包括港澳台地區) 19054624 192009530 30555 211094709

Overseas 境外 53702193 36187920 – 89890113

Total 合計 72756817 228197450 30555 300984822

Timing of goods transferred 商品轉讓的時間

At a point in time 在某一時點轉讓 72750977 226770721 30555 299552253

Over time 在某一時段內轉讓 5840 1426729 – 1432569

Total 合計 72756817 228197450 30555 300984822Interim Report 2024二零二四年中期報告57

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

4. REVENUE AND COST OF OPERATING 4、 營業收入及成本（續）

(CONTINUED)

Disaggregation of revenue from contracts with customers is as 與客戶之間合同產生的營業收入分解情況如

follows (continued): 下（續）：

Mobile

handset

components Automobiles

assembly and related

service and products and

other products other products Others Total

手機部件、汽車、

January to June 2023 (Unaudited) 二零二三年一至六月（未經審計） 組裝及 汽車相關產品

Reportable segments 報告分部 其他產品 及其他產品 其他 合計

Type of product 產品類型

Sales of goods and construction services 銷售商品及建造服務 51040237 207451667 209894 258701798

Rendering of services 提供服務 22234 1244298 – 1266532

Total 合計 51062471 208695965 209894 259968330

Place of operation 經營地區

PRC (including Hong Kong Macau and Taiwan) 中國(包括港澳台地區) 13659142 181706895 209894 195575931

Overseas 境外 37403329 26989070 – 64392399

Total 合計 51062471 208695965 209894 259968330

Timing of goods transferred 商品轉讓的時間

At a point in time 在某一時點轉讓 51053339 207560428 209894 258823661

Over time 在某一時段內轉讓 9132 1135537 – 1144669

Total 合計 51062471 208695965 209894 25996833058 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

4. REVENUE AND COST OF OPERATING 4、 營業收入及成本（續）

(CONTINUED)

Disaggregation of cost from contracts with customers in the 本期與客戶之間合同產生的營業成本分解信

current period is as follows: 息如下：

Mobile

handset

components Automobiles

assembly and related

service products

and other and other

products products Others Total

手機部件、汽車、組裝及汽車相關產品

Reportable segments 報告分部 其他產品 及其他產品 其他 合計

Type of product 產品類型

Sales of goods and construction services 銷售商品及建造服務 67123631 171330802 27340 238481773

Rendering of services 提供服務 21922 2299951 – 2321873

Total 合計 67145553 173630753 27340 240803646

Place of operation 經營地區

PRC (including Hong Kong Macau and Taiwan) 中國(包括港澳台地區) 17726456 148807346 27340 166561142

Overseas 境外 49419097 24823407 – 74242504

Total 合計 67145553 173630753 27340 240803646

Timing of goods transferred 商品轉讓的時間

At a point in time 在某一時點轉讓 67140265 172621554 27340 239789159

Over time 在某一時段內轉讓 5288 1009199 – 1014487

Total 合計 67145553 173630753 27340 240803646Interim Report 2024二零二四年中期報告59

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

4. REVENUE AND COST OF OPERATING 4、 營業收入及成本（續）

(CONTINUED)

Revenue of recognition in the current period included in the 當期確認的包括在合同負債期初賬面價值中

opening carrying amounts under contract liability is as follows: 的收入如下：

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至截至二零二四年二零二三年六月三十日止六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

Sales of goods 銷售商品 27064838 2841325760 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

4. REVENUE AND COST OF OPERATING 4、 營業收入及成本（續）

(CONTINUED)

Information about the Group’s performance obligations is 本集團與履約義務相關的信息如下：

summarised below:

Time of fulfilling Type of

performance Important Committed refunds warranty and

obligations payment terms Nature of goods transferred Principal or not to customers related obligations承擔的預期將退還提供的質量保證履行履約義務的時間重要的支付條款承諾轉讓商品的性質是否為主要責任人給客戶的款項類型及相關義務

Sales of goods Time of delivery Advance/payment Sales of automobiles related Yes Nil Assurance-type

and acceptance by upon delivery products mobile handset warranty

customers components assembly service

and other products

銷售商品交付且客戶接受時預收╱到貨收款主要銷售汽車、汽車相關產品、是無保證類質保

手機部件、組裝及其他產品

Rendering of services Term of service/time Service progress Rendering of maintenance Yes Nil Nil

of delivery payment/payment transportation platform and

upon completion of technological services

services

提供服務服務期間╱交付時服務進度收款╱服務主要提供維修、運輸、平台服務是無無完成收款及技術服務等

Construction services Term of service Progress payment Construction of rail transport Yes Nil Assurance-type

infrastructure warranty建造服務服務期間完工進度收款軌道交通建造是無保證類質保

As at 30 June 2024 the major contracted obligations that 於二零二四年六月三十日，主要的已簽訂合have not been fulfilled or not yet fulfilled are expected to be 同、但尚未履行或尚未履行完畢的履約義務

recognized as revenue within one year. 預計於1年以內確認為收入。Interim Report 2024二零二四年中期報告61

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

5. INCOME TAX EXPENSES 5、 所得稅費用

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至截至二零二四年二零二三年六月三十日止六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

Current income tax expenses 當期所得稅費用 3911959 3008479

Deferred income tax expenses 遞延所得稅費用 (797037) (1048278)

Total 合計 3114922 196020162 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

5. INCOME TAX EXPENSES (CONTINUED) 5、 所得稅費用（續）

The reconciliation between income tax expenses and total 所得稅費用與利潤總額的關係列示如下：

profit is as follows:

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至截至二零二四年二零二三年六月三十日止六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

Total profit 利潤總額 17228138 13399920

Income tax at the statutory tax rate (Note) 按法定稅率計算的所得稅（註） 4307034 3349980

Effect of different tax rates applicable to 子公司適用不同稅率的影響

subsidiaries (2019325) (1024471)

Profit or loss attributable to joint ventures and 歸屬於合營企業和聯營企業的損益

associates (227780) (146874)

Tax impact of non-deductible cost expenses 不可抵扣的成本、費用和損失的

and losses 影響 184082 189501

Effect on deductible temporary differences 本期未確認遞延所得稅資產的可抵

or deductible losses for which deferred tax 扣暫時性差異的影響或可抵扣

assets are not recognized for the period 虧損的影響 3884561 1545087

Effect of use of deductible losses on 使用前期未確認遞延所得稅資產的

previously unrecognised deferred tax 可抵扣虧損的影響

assets (170808) (709162)

Effect of changes in tax rate on the balance 稅率變動時對期初遞延所得稅餘額

of deferred income tax at the beginning of 的影響

the period – 49946

Research and development expenses and 研發費用及其他稅法規定的加計

other additional deduction as required by 扣除

taxation laws (2842842) (1293806)

Income tax expenses at the Group’s effective 按本集團實際稅率計算的所得稅

tax rate 費用 3114922 1960201

Note: The Group’s income tax has been provided at the statutory 註： 本集團所得稅按在中國境內取得的估計

rate based on the estimated taxable profits arising in the 應納稅所得額及法定稅率計提。

PRC.Interim Report 2024二零二四年中期報告63

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

6. EARNINGS PER SHARE 6、 每股收益

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至截至二零二四年二零二三年六月三十日止六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

Basic earnings per share 基本每股收益

Continuing operations 持續經營 4.68 3.77

Diluted earnings per share 稀釋每股收益

Continuing operations 持續經營 4.68 3.77

The numerator of basic earnings per share is determined 基本每股收益的分子以歸屬於本公司普通股

based on the net profit for the Period attributable to ordinary 股東的當期淨利潤，扣除歸屬於預計未來可shareholders of the Company less net profit attributable to the 解鎖限制性股票的淨利潤確定。

restricted shares expected to be vested in the future.The denominator of basic earnings per share is the weighted 基本每股收益分母為發行在外的普通股的加

average number of ordinary shares outstanding. 權平均數。

The numerator of diluted earnings per share is determined 稀釋每股收益的分子以歸屬於本公司普通股

based on the net profit for the Period attributable to ordinary 股東的當期淨利潤確定，即分子在計算的時shareholders of the Company which means that when 候加回計算基本每股收益分子時已扣除的歸

calculating the numerator net profit attributable to the 屬於預計未來可解鎖限制性股票的淨利潤。

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 稀釋每股收益的分母等於下列兩項之和：（1）

sum of: (1) the weighted average number of ordinary shares 基本每股收益中母公司已發行普通股的加權

in issue of the parent company in basic earnings per share; 平均數；及（2）假定稀釋性潛在普通股轉換為

and (2) increase in the weighted average number of ordinary 普通股而增加的普通股的加權平均數。

shares assuming conversion of dilutive potential ordinary

shares into ordinary shares.In calculating the weighted average number of ordinary shares 在計算稀釋性潛在普通股轉換為已發行普通

increased upon conversion of dilutive potential ordinary 股而增加的普通股股數的加權平均數時，以shares into ordinary shares in issue the dilutive potential 前期間發行的稀釋性潛在普通股，假設在當ordinary shares issued in previous periods are assumed to be 期期初轉換；當期發行的稀釋性潛在普通

converted at the beginning of the Period; the dilutive potential 股，假設在發行日轉換。

ordinary shares issued in the Period are assumed to be

converted on the issue date.64 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

6. EARNINGS PER SHARE (CONTINUED) 6、 每股收益（續）

The calculations of basic and diluted earnings per share are 基本與稀釋每股收益的具體計算如下：

based on:

For the For the

six months six months

ended ended

30 June 30 June

20242023

截至截至二零二四年二零二三年六月三十日止六月三十日止六個月期間六個月期間

(Unaudited) (Unaudited)（未經審計）（未經審計）

Revenue 收益

Net profit for the Period attributable to ordinary 歸屬於本公司普通股股東的當期

shareholders of the Company 淨利潤 13631257 10954145

Less: D eductible net profit attributable to 減去：應 扣除歸屬於預計未來

restricted shares which are expected 可解鎖限制性股票的

to be vested in the future 淨利潤 18075 –

Adjusted net profit for the Period attributable to 調整後歸屬於本公司普通股股東的

ordinary shareholders of the Company 當期淨利潤 13613182 10954145

Shares 股份

Weighted average number of outstanding 本公司發行在外普通股的加權平均

ordinary shares of the Company (thousand) 數（千股） 2906756 2905632

Diluted effect – weighted average number of 稀釋效應 –– 普通股的加權平均數

ordinary shares

Restricted shares (thousand) 限制性股票（千股） 2568 2371

Adjusted weighted average number of 調整後本公司發行在外普通股的

outstanding ordinary shares of the Company 加權平均股數（千股）

(thousand) 2909324 2908003

As at 30 June 2024 the restricted shares of the Company did 二零二四年六月三十日，本公司的限制性股not have any diluted effect on earnings per share. Therefore 票對每股收益無稀釋影響，因此稀釋每股收the diluted earnings per share are identical to the basic 益與基本每股收益金額相同。

earnings per share.Interim Report 2024二零二四年中期報告65

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

7. TRADE RECEIVABLES 7、 應收賬款

The aging of trade receivables is recognised based on the time 應收賬款賬齡按收入確認的時間予以確認，of revenue recognition. The aging analysis of trade receivables 應收賬款的賬齡分析如下：

is as follows:

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

Within 1 year 1年以內 62193317 55779350

1 to 2 years 1年至2年 6281993 2063458

2 to 3 years 2年至3年 1879277 3139994

Over 3 years 3年以上 5447302 4466834

Total 合計 75801889 65449636

Less: P rovision for bad debt of trade 減：應收賬款壞賬準備

receivables 3987373 3583617

Total 合計 71814516 61866019

The subsidies for new energy vehicle sales are included in the 上述應收賬款含應收新能源汽車補貼款。

above trade receivables.66 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

7. TRADE RECEIVABLES (CONTINUED) 7、 應收賬款（ 續）

30 June 2024 (Unaudited)

二零二四年六月三十日（未經審計）

Provision for Carrying

Book balance bad debt amount賬面餘額壞賬準備賬面價值

Amount Percentage (%) Amount Percentage (%)

金額比例（%）金額計提比例（%）

Provision for bad debt based on 單項計提壞賬準備

individual assessment 1016528 1.34 1007661 99.13 8867

Provision for bad debt based on collective 按信用風險特徵組合計提

assessment by credit risk portfolio 壞賬準備 74785361 98.66 2979712 3.98 71805649

Total 合計 75801889 100.00 3987373 71814516

31 December 2023 (Audited)

二零二三年十二月三十一日（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 Percentage (%)

金額比例（%）金額計提比例（%）

Provision for bad debt based on 單項計提壞賬準備

individual assessment 1021450 1.56 1005380 98.43 16070

Provision for bad debt based on collective 按信用風險特徵組合計提

assessment by credit risk portfolio 壞賬準備 64428186 98.44 2578237 4.00 61849949

Total 合計 65449636 100.00 3583617 61866019Interim Report 2024二零二四年中期報告67

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

7. TRADE RECEIVABLES (CONTINUED) 7、 應收賬款（ 續）

Trade receivables with provision for bad debt based on 單項計提壞賬準備的應收賬款情況如下：

individual assessment are shown as follows:

30 June 2024 (Unaudited)

二零二四年六月三十日（未經審計）

Book Provision for Provision

balance bad debt 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 156202 156202 100.00 Expected to be

unrecoverable預計無法收回

Customer 2 客戶二 110377 110377 100.00 Expected to be

unrecoverable預計無法收回

Customer 3 客戶三 84616 84616 100.00 Expected to be

unrecoverable預計無法收回

Customer 4 客戶四 80034 80034 100.00 Expected to be

unrecoverable預計無法收回

Customer 5 客戶五 74601 74601 100.00 Expected to be

unrecoverable預計無法收回

Others 其他 510698 501831 98.26

Total 合計 1016528 100766168 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

7. TRADE RECEIVABLES (CONTINUED) 7、 應收賬款（ 續）

As at 30 June 2024 trade receivables with provision for bad 於二零二四年六月三十日，組合計提壞賬準debt based on collective assessment are shown as follows: 備的應收賬款情況如下：

Book Provision for Provision

balance impairment rate (%)

賬面餘額減值準備計提比例（%）

Within 1 year (inclusive) 1年以內(含1年) 62173949 434374 0.70

1–2 years (inclusive) 1–2年(含2年) 6237466 269843 4.33

2–3 years (inclusive) 2–3年(含3年) 1867613 188745 10.11

3–4 years (inclusive) 3–4年(含4年) 2230105 378305 16.96

4–5 years (inclusive) 4–5年(含5年) 1105853 538070 48.66

Over 5 years 5年以上 1170375 1170375 100.00

Total 合計 74785361 2979712

As at 31 December 2023 trade receivables with provision 於二零二三年十二月三十一日，組合計提壞for bad debt based on collective assessment are shown as 賬準備的應收賬款情況如下：

follows:

Book Provision for Provision

balance impairment rate (%)

賬面餘額減值準備計提比例（%）

Within 1 year (inclusive) 1年以內(含1年) 55717119 726642 1.30

1–2 years (inclusive) 1–2年(含2年) 2062784 99861 4.84

2–3 years (inclusive) 2–3年(含3年) 3074633 208900 6.79

3–4 years (inclusive) 3–4年(含4年) 1905098 160374 8.42

4–5 years (inclusive) 4–5年(含5年) 503007 216915 43.12

Over 5 years 5年以上 1165545 1165545 100.00

Total 合計 64428186 2578237Interim Report 2024二零二四年中期報告69

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

7. TRADE RECEIVABLES (CONTINUED) 7、 應收賬款（ 續）

The movements of provision for bad debt of trade receivables 應收賬款壞賬準備的變動如下：

are as follows:

Exchange

Balance at differences Balance

beginning Charge Reversal Write-off on translation at the end

of the for the for the during the of foreign of the

Period/year Period/year Period/year Period/year operations Period/year

期╱年初本期╱年本期╱年本期╱年外幣報表期╱年末餘額計提轉回轉銷折算差額餘額

30 June 2024 二零二四年六月三十日

(Unaudited) （未經審計） 3583617 647482 (276583) 34349 (1492) 3987373

31 December 2023 二零二三年十二月三十一日

(Audited) （經審計） 2789698 1328105 (444490) (93220) 3524 3583617

For the period ended 30 June 2024 there was no recovery 於截至二零二四年六月三十日期間，無壞賬of provision for bad debt or reversal of significant amounts or 準備收回或轉回金額重要的款項，無重要的write-off of significant trade receivables. 應收賬款核銷款項。

As at 30 June 2024 the total trade receivables and contract 於二零二四年六月三十日，應收賬款和合同assets of the five greatest amounts were RMB25578326000 資產合計金額前五名共計人民幣25578326

accounting for 32.56% of the aggregate closing balance of 千元，佔應收賬款和合同資產期末餘額合計trade receivables and contract assets. The aggregate closing 數的32.56%，應收賬款和合同資產合計金額balance of the provision impairment on assets for the total 前五名的資產減值準備期末餘額共計人民幣

trade receivables and contract assets of the five greatest 33166千元。

amounts were RMB33166000.

8. BILLS PAYABLES 8、 應付票據

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

Commercial acceptance bills 商業承兌匯票 1946782 3555967

Bank acceptance bills 銀行承兌匯票 312606 497347

Total 合計 2259388 4053314

As at 30 June 2024 the outstanding balance of bills payables 於二零二四年六月三十日，由於持票人未of the Group was RMB11536000 due to the fact that the 發起到期託收，本集團尚有餘額為人民幣bearer did not make collection at maturity. 11536千元的應付票據到期未付。70 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

9. TRADE PAYABLES 9、 應付賬款

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

Within one year 1年以內 206239257 193266994

1 to 2 years 1年至2年 572152 551922

2 to 3 years 2年至3年 250566 264242

Over 3 years 3年以上 455140 346659

Total 合計 207517115 194429817

Trade payables are non-interest-bearing and are normally 應付賬款不計息，並通常在一年以內清償。

settled within one year. The aging of trade payables is based 應付賬款的賬齡是以購買材料、商品或接受

on the time of recognising the purchase of materials and 勞務等確認的時間為基準。

goods or accepting services.As at 30 June 2024 and 31 December 2023 the Group had no 於二零二四年六月三十日及二零二三年十二

significant trade payables that were aged over one year. 月三十一日，無賬齡超過1年的重要應付賬款。

10. SHARE CAPITAL 10、 股本

The registered and paid-in capital of the Company is analysed 本公司註冊及實收股本分析如下：

as follows:

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

Registered and paid-in capital 註冊及實收股本 2909266 2911143

The Group completed the repurchase and cancellation of 本集團於本期完成回購並註銷 A股股份

1877000 A shares of RMB1 each during the period leading 1877000股，每股面值人民幣1元，導致本

to a decrease in the share capital of RMB1877000 for the 期股本減少人民幣1877千元。

period.Interim Report 2024二零二四年中期報告71

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

11. SHARE-BASED PAYMENTS 11、 股份支付

(1) 2022 Employee Share Ownership Plan of the (1) 二零二二年本集團之員工持股計劃

Group

On 22 April 2022 BYD Company Limited held the 二零二二年四月二十二日，比亞迪股twenty-first meeting of the Seventh Session of the Board 份有限公司召開比亞迪股份有限公司

of Directors of BYD Company Limited (the “Company”) （以下簡稱「公司」）第七屆董事會第二at which the resolution in relation to the 2022 Employee 十一次會議，審議通過了《比亞迪股Share Ownership Plan (Draft) of BYD Company Limited 份有限公司二零二二年員工持股計劃and its summary was considered and approved. （草案）》及其摘要的議案，擬對比亞It was proposed to implement the 2022 Employee 迪股份有限公司職工代表監事、高級

Share Ownership Plan of BYD Company Limited (the 管理人員以及比亞迪集團的中層管理“Employee Share Ownership Plan”) for the employee 人員、核心骨幹員工實施《比亞迪股representative supervisors and senior management of 份有限公司二零二二年員工持股計BYD Company Limited and the mid-level management 劃》（以下簡稱「員工持股計劃」）。公and core backbone employees of BYD Group. The 司於二零二二年五月二十七日召開二

Employee Share Ownership Plan was considered 零二二年第一次臨時股東大會，審議and approved at the 2022 First Extraordinary General 通過了員工持股計劃。公司通過回購Meeting of the Company held on 27 May 2022. 專用證券賬戶以集中競價交易的方式

The Company repurchased a total of 5511024 A 累計回購A股股份的數量為5511024

shares through the designated securities account for 股，佔公司總股本的0.189%，並於repurchase by way of centralised bidding transactions 二零二二年六月完成回購，二零二二accounting for 0.189% of the total share capital of the 年七月完成過戶登記。本員工持股計Company. The repurchase was completed in June 2022 劃認購價0元╱股，參與對象無需出and the transfer registration was completed in July 資。本員工持股計劃的存續期為48

2022. The subscription price of the Employee Share 個月，自本員工持股計劃經股東大會

Ownership Plan is RMB0 per share and no capital 審議通過且公司公告最後一筆標的股

contribution is required to be made by the participants. 票過戶至本員工持股計劃名下之日起

The term of the Employee Share Ownership Plan shall 算。

be 48 months from the date on which the Employee

Share Ownership Plan is considered and approved at

the general meeting and the Company announces that

the last batch of the underlying shares is transferred to

the Employee Share Ownership Plan.72 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

11. SHARE-BASED PAYMENTS (CONTINUED) 11、 股份支付（續）

(2) 2020 Share Option Incentive Scheme of the (2) 2020年本集團之子公司比亞迪半導

Group’s subsidiary BYD Semiconductor 體股權期權激勵計劃

On 10 May 2021 and 16 June 2021 the Company held 二零二一年五月十日及二零二一年六

the 11th Meeting of the Seventh Session of the Board 月十六日，本公司分別召開第七屆董and the extraordinary general meeting respectively 事會第十一次會議及臨時股東大會，during which the Company considered and approved 審議通過了《關於比亞迪半導體股份the Resolution on Proposed Implementation of the 有限公司擬實施股權激勵計劃的議Share Option Incentive Scheme by BYD Semiconductor 案》，批准採納比亞迪半導體股份有Company Limited and approved the adoption of 限公司2020年股權期權激勵計劃（「子the 2020 Share Option Incentive Scheme of BYD 公司股權期權計劃」）。子公司期權激Semiconductor Company Limited (the “Subsidiary 勵計劃向包括比亞迪半導體的董事Share Option Scheme”). The Subsidiary Share Option （不包括獨立非執行董事）、高級管理

Scheme granted 33088200 share options to 36 人員、核心骨幹人員（但不包括監事）

incentive grantees including directors (excluding 在內的36個激勵對象授予3308.82萬

independent non-execut ive d i rectors) sen ior 份股權期權，佔比亞迪半導體當時註management and core key personnel (but excluding 冊資本的比例為7.353%。

supervisors) of BYD Semiconductor representing

7.353% of the then regis tered capi ta l o f BYD

Semiconductor.The share options granted under the Subsidiary Share 本次子公司股權期權計劃授予的股權

Option Scheme shall be exercised in three tranches 期權分三次行權，對應的等待期分別and the corresponding vesting periods shall be 24 為自授予日起24個月、36個月、48

months 36 months and 48 months from the date of 個月。

grant respectively.On 11 May 2024 BYD Semiconductor Company 比亞迪半導體股份有限公司於二零二

Limited held the 2024 first extraordinary general 四年五月十一日召開二零二四年第meeting at which the Resolution on the Cancellation 一次臨時股東大會審議通過了《關於of Outstanding Share Options Granted in the Second 註銷公司2020年股權期權計劃的第

and Third Tranches of the 2020 Share Opt ion 二、三期已授予未行權股權期權的議Incentive Scheme of the Company was considered 案》，同意註銷公司2020年股權期權and approved. It agreed on the cancellation of all 計劃的第二、三期已授予但尚未行權

outstanding share options granted in the second and 的全部股權期權，擬註銷股票期權共third tranches of the 2020 Share Option Incentive 計2292.83萬份。

Scheme of the company and proposed to cancel a

total of 22928300 share options.Except for the abovementioned 22928300 share 除上述比亞迪半導體股份有限公司擬

options of BYD Semiconductor Company Limited 註銷的股票期權2292.83萬份外，本proposed to be cancelled the Group did not have 集團本期無行權、解鎖以及失效的權

any outstanding vested and lapsed equity instrument 益工具。

during the period.Interim Report 2024二零二四年中期報告73

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

11. SHARE-BASED PAYMENTS (CONTINUED) 11、 股份支付（續）

The equity instruments outstanding as at the end of the period 期末發行在外的各項權益工具如下：

are as follows:

Other equity instruments其他權益工具

The range of The remaining

option price life of contract行權價格的範圍合同剩餘期限

Sales personnel 銷售人員 RMB0 per share 1 – 13 months

0元╱股1個月-13個月

1 – 13 months

RMB0 per share 1個月-13個月

Management personnel 管理人員 0元╱股 1 – 13 months

RMB0 per share 1個月-13個月

1 – 13 months

Research personnel 研發人員 0元╱股 1個月-13個月

Manufacturing and other personnel 製造及其他人員 RMB0 per share 1 – 13 months

0元╱股1個月-13個月

Equity-settled share-based payments are as follows: 以權益結算的股份支付情況如下：

For the six months ended 30 June 2024 (unaudited)

截至2024年6月30日止6個月期間（未經審計）

The determination of the fair value of equity instrument Based on the closing price of the shares

as at the date of grant on the date of grant or the binomial model

to determine授予日權益工具公允價值的確定方法根據授予日股票收盤價或是二項式模型確定

The important parameters of the fair value of equity Based on the closing price of the shares

instrument as at the date of grant on the date of grant; or the expected volatility

or the risk-free interest rate

授予日權益工具公允價值的重要參數授予日股票收盤價；或是預計波動率、無風險利率

The basis for determining the quantity of equity Based on the best estimate of the management

instruments available for exercise可行權權益工具數量的確定依據管理層的最佳估計數

The reason for the significant difference between the Nil

current year’s estimate and the previous year’s

estimate本年估計與上年估計有重大差異的原因無

The cumulative amount of equity-settled share-based

payments credited to in capital reserve

以權益結算的股份支付計入資本公積的累計金額 137148174 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

11. SHARE-BASED PAYMENTS (CONTINUED) 11、 股份支付（續）

The share-based payments incurred during the period are as 本期發生的股份支付費用如下：

follows:

Equity-settled

share-based

payments以權益結算的股份支付費用

Sales personnel 銷售人員 26753

Management personnel 管理人員 83755

Research personnel 研發人員 123521

Manufacturing and other personnel 製造及其他人員 39891

Total 合計 273920Interim Report 2024二零二四年中期報告75

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

12. CONTINGENT EVENTS 12、 或有事項

Contingent liabilities arising from pending litigation or 未決訴訟或仲裁形成的或有負債及其財務

arbitration and its financial impact 影響

Action against Foxconn 富士康訴訟案件

On 11 June 2007 a Hong Kong High Court (the “Court”) action 於二零零七年六月十一日，富士康國際控股(the “June 2007 Action”) was commenced by a subsidiary of 有限公司旗下一間下屬子公司及一間與其同

Foxconn International Holdings Limited and a company jointly 受最終控股公司控制的公司（「原告」）向香港

controlled by its ultimate holding company (the “Plaintiffs”) 高等法院（「法院」）展開訴訟（「二零零七年六against the Company and certain subsidiaries of the Group 月訴訟」），指控本公司及本集團若干下屬子(the “Defendants”) for using confidential information alleged to 公司（「被告」）使用指稱自原告處非法獲得的

have been obtained improperly from the Plaintiffs. The Plaintiffs 機密資料。原告已於二零零七年十月五日停discontinued the June 2007 Action on 5 October 2007 without 止二零零七年六月訴訟，針對被告的二零零any liability to the Defendants. On the same day the plaintiffs 七年六月訴訟被全面撤銷，同時該訴訟未判initiated a new set of legal proceedings in the Hong Kong High 令被告承擔任何責任。同日，原告向香港高Court (the “October 2007 Action”). The Defendants named in 等法院提起新一輪的法律程序（「二零零七年the October 2007 Action are the same as the Defendants in 十月訴訟」）。二零零七年十月訴訟的被告與the June 2007 Action and the claims made by the Plaintiffs 二零零七年六月訴訟的被告相同，且原告在in the October 2007 Action are based on the same facts and 二零零七年十月訴訟中提出的申索均基於二

grounds in the June 2007 Action. The remedies sought by 零零七年六月訴訟中的相同事實及理由。原the Plaintiffs in the October 2007 Action include an injunction 告在二零零七年十月訴訟中提出的補救方法

restraining the Defendants from using the alleged confidential 包括強令禁止被告使用有關機密資料、強令

information an order for the disgorgement of profit made by 被告交出因使用機密資料所獲得的利潤以及

the Defendants through the use of the confidential information 賠償原告遭受的損失及支付懲罰性賠償金。

damages based on the loss suffered by the Plaintiffs and 原告在二零零七年十月訴訟中主張的賠償金

exemplary penalties. The total damages sought by the 總金額尚未確定。二零零九年十月二日，被Plaintiffs in the October 2007 Action have not been quantified. 告對富士康國際控股有限公司及其某些附屬

On 2 October 2009 the Defendants instituted a counter-action 子公司提起反訴，對該等公司自二零零六年against Foxconn International Holdings Limited and certain 以來利用不合法手段干涉本公司及控股子公

of its subsidiaries for their intervention by means of illegal 司的經營、共謀行為、書面及口頭誹謗，導measures in the operations involving the Company and certain 致經濟損失的行為提出訴訟請求。

of its subsidiaries collusion written and verbal defamation

and the economic loss as a result of the said activities since

2006.

As of the date of this report the case is still in proceedings. 截至本報告日，該案件仍在訴訟程序中。在With the assistance of the legal adviser responsible for the 代表本公司負責該案件的法律顧問協助下，case on behalf of the Company the Board believes that the 董事會認為，該訴訟的最終結果及賠償義務final result of the proceeding and compensation obligations (if (如有)不能可靠的估計。

any) cannot be estimated reliably.76 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

12. CONTINGENT EVENTS (CONTINUED) 12、 或有事項（續）

The contingent liabilities arising from the guarantee provided 本集團提供擔保形成的或有負債及其財務影

by the Group and its financial impact are as follows: 響列示如下：

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)

(未經審計)(經審計)

Guarantees that the Company can provide to 就授予子公司的融資能夠向銀行提

banks for financing granted to subsidiaries 供的擔保 118173488 115028008

As at 30 June 2024 the actual guarantees provided by 於二零二四年六月三十日，本公司為其the Company for its subsidiaries and related parties were 子公司及關聯方實際提供的擔保為人民

RMB36058002000 and RMB14144239000 (31 December 幣36058002千元及人民幣14144239千

2023: RMB43872398000 and RMB18319231000). 元 (二零二三年十二月三十一日：人民幣

43872398千元及人民幣18319231千元)。

The Group entered into cooperation contracts and documents 本集團與某些客戶(含終端客戶)及第三方或

with certain customers (including end customers) and 關聯融資機構簽訂合作合同及文件，根據相third parties or related financial institutions. According to 關合作合同及文件的安排，本公司向該等融the arrangements of the relevant cooperation contracts 資機構承擔回購義務，若客戶違約或發生合and documents the Company undertakes the repurchase 同約定的特定條件，本公司繼承全部債權以obligations to these financial institutions. If a customer defaults 及相關權益，並有權自行採取收回並變賣新or specific conditions stipulated in the contract occur the 能源汽車等救濟措施，以償付客戶對融資機Company inherits all the creditor’s rights and related interests 構的剩餘欠款，並保留任何對剩餘欠款債權and has the right to take relief measures such as recovery and 餘額進行追索的權利。管理層認為，收回的sale of new energy vehicles to repay the remaining debts owed 資產能夠變賣，而變賣收入基本能夠支付對by the customer to the financing institution and would reserve 融資機構的剩餘欠款。截至二零二四年六月the right to pursue recourse for the balance of the creditor’s 三十日，本集團對該等義務的最大敞口為人rights. Management is of the opinion that the recovered assets 民幣1284549千元(二零二三年十二月三十

will be able to be realised and the proceeds from the sales 一日：人民幣1615016千元)，且未發生因will basically cover the remaining debts due to the financing 客戶違約或合同約定的特定條件而令本公司

institutions. As of 30 June 2024 the Group’s maximum 需予以支付任何款項的情況。

exposure to these obligations was RMB1284549000 (31

December 2023: RMB1615016000) and there was no

customer default or specific conditions as stipulated in the

contracts which the Company was required to make any

payment.The Group made an impairment on financial guarantee 本集團以預期信用損失為基礎，對財務擔保contracts and recognised a loss allowance of RMB49090000 合同進行減值處理並確認損失準備人民幣

(2023: RMB61984000) based on expected credit losses. 49090千元(二零二三年：人民幣61984千元)。Interim Report 2024二零二四年中期報告77

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

13. COMMITMENTS 13、 承諾事項

30 June 31 December

20242023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)

(未經審計)(經審計)

Capital commitments 資本承諾 27670598 35727463

Investment commitments 投資承諾 486232 535527

Total 合計 28156830 36262990

14. RELATED PARTIES TRANSACTIONS 14、 關聯交易

(1) Related party transactions of goods and services (1) 關聯方商品及勞務交易

Purchase of goods and accepting service from related 自關聯方購買商品和接受勞務

parties

January-June Transaction Excess of January-June

Details of transactions 2024 limit approved transaction limit 2023二零二四年獲批的是否超過二零二三年交易內容一至六月交易額度交易額度一至六月

(unaudited) (unaudited)

(未經審計)(未經審計)

Joint ventures Purchase of goods and 447991 2138615 No 519256

合營企業 accepting service 否採購商品和接受勞務

Associates Purchase of goods and 4126713 8633471 No 5325008

聯營企業 accepting service 否採購商品和接受勞務

Other related parties Purchase of goods and 100032 2104356 No 32459

其他關聯方 accepting service 否採購商品和接受勞務

Total 4674736 12876442 5876723

合計78 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

14. RELATED PARTIES TRANSACTIONS 14、 關聯交易（續）

(CONTINUED)

(1) Related party transactions of goods and services (1) 關聯方商品及勞務交易（續）

(continued)

Sales of goods and rendering of services to related 向關聯方銷售商品及提供勞務

parties

January-June January-June

Details of transactions 2024 2023二零二四年二零二三年交易內容一至六月一至六月

(unaudited) (unaudited)

(未經審計)(未經審計)

Joint ventures Sales of goods and 1155928 845184

合營企業 rendering of services出售商品和提供勞務

Associates Sales of goods and 156101 224731

聯營企業 rendering of services出售商品和提供勞務

Other related parties Sales of goods and 12682 66260

其他關聯方 rendering of services出售商品和提供勞務

Total 1324711 1136175

合計Interim Report 2024二零二四年中期報告79

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

14. RELATED PARTIES TRANSACTIONS 14、 關聯交易（續）

(CONTINUED)

(2) Leases with related parties (2) 關聯方租賃

As lessees 作為承租人

January-June 2024 (Unaudited) 二零二四年一至六月(未經審計)

Lease

payments Variable

for short-term lease

leases and payments

leases of not included

low-value in the Interest

assets with measurement expenses Additions to

Type of simplified of lease Rental on lease right-of-use

leased assets approach liabilities paid liabilities assets簡化處理的短期租賃未納入和低價值資產租賃負債承擔的租賃資產租賃的計量的可變支付的租賃負債增加的種類租金費用租賃付款額租金利息支出使用權資產

Hangzhou BYD Xihu New Energy Auto Co. Ltd. Housing – – 3536 35 –杭州西湖比亞迪新能源汽車有限公司房屋

Tianjin BYD Auto Co. Ltd. Housing – – 3515 29 1495天津比亞迪汽車有限公司房屋

Total – – 7051 64 1495

合計80 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

14. RELATED PARTIES TRANSACTIONS 14、 關聯交易（續）

(CONTINUED)

(2) Leases with related parties (continued) (2) 關聯方租賃（續）

As lessees (continued) 作為承租人（續）

January-June 2023 (Unaudited) 二零二三年一至六月(未經審計)

Lease

payments for Variable

short-term lease

leases and payments

leases of not included

low-value in the Interest

assets with measurement expenses Additions to

Type of simplified of lease Rental on lease right-of-use

leased assets approach liabilities paid liabilities assets簡化處理的短期租賃和低價值資產未納入租賃增加的租賃資產租賃的負債計量的承擔的租賃使用權種類租金費用可變租賃付款額支付的租金負債利息支出資產

Hangzhou BYD Xihu New Energy Auto Co. Ltd. Housing – – 555 36 –杭州西湖比亞迪新能源汽車有限公司房屋

Tianjin BYD Auto Co. Ltd. Housing – – 1718 35 3442天津比亞迪汽車有限公司房屋

Total – – 2273 71 3442

合計Interim Report 2024二零二四年中期報告81

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

14. RELATED PARTIES TRANSACTIONS 14、 關聯交易（續）

(CONTINUED)

(3) Providing guarantees to related parties (3) 為關聯方提供擔保

Loan guarantees 借款擔保

30 June 2024 (Unaudited) 二零二四年六月三十日(未經審計)

Whether guarantee

Commencement date Maturity date has been

Guarantee amount of guarantee of guarantee performed擔保金額擔保起始日擔保到期日擔保是否履行完畢

BYD Auto Finance Co. Ltd. 14087150 13 July 2023 – 13 July 2027 – No

比亞迪汽車金融有限公司 5 February 2024 5 February 2028 否二零二三年七月十三日二零二七年七月十三日至至二零二四年二月五日二零二八年二月五日

Tianjin Hongdi Financial Lease Co. Ltd. 19255 31 December 2022 7 December 2024 – No

天津宏迪融資租賃有限公司 二零二二年十二月三十一日 19 February 2025 否二零二四年十二月七日至二零二五年二月十九日

MCC Ramu New Energy Technology 37750 5 January 2022 5 April 2030 No

Co. Ltd. 二零二二年一月五日 二零三零年四月五日 否中冶瑞木新能源科技有限公司

Hubei Energy Storage Co. Ltd. 84 1 February 2019 1 February 2026 No

儲能電站（湖北）有限公司二零一九年二月一日二零二六年二月一日否

(4) Transfer of related parties assets (4) 關聯方資產轉讓

January-June January-June

Details of transaction 2024 2023二零二四年二零二三年交易內容一至六月一至六月

(Unaudited) (Unaudited)

(未經審計)(未經審計)

Joint ventures Purchase of fixed assets合營企業購買固定資產41635045

Associates Purchase of fixed assets聯營企業購買固定資產59847386590

Other related parties Purchase of fixed assets其他關聯方購買固定資產16658258704

Total 80668 650339

合計82 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

14. RELATED PARTIES TRANSACTIONS 14、 關聯交易（續）

(CONTINUED)

(5) Others (5) 其他

January-June January-June

20242023

二零二四年二零二三年一至六月一至六月

(Unaudited) (Unaudited)（未經審計）（未經審計）

Key Management Compensation 關鍵管理人員薪酬 55215 50636

The share-based payment expense recognised from 本公司關鍵管理人員獲授的二零二二年員工

January to June 2024 for the 2022 Employee Share 持股計劃於二零二四年一至六月確認的股份

Ownership Plan granted to key management personnel 支付費用為人民幣12457千元，上述薪酬未of the Company was RMB12457000. The above 包含該項金額。

compensation does not include this amount.

(6) Balance of related parties receivables (6) 關聯方應收款項餘額

30 June 2024 31 December 2023

二零二四年六月三十日二零二三年十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

Book Provision for Book Provision for

balance bad debts balance bad debts賬面餘額壞賬準備賬面餘額壞賬準備

Joint ventures 合營企業 2268834 472024 2044479 651160

Associates 聯營企業 191431 27153 152234 27355

Other related parties 其他關聯方 55076 72 48045 83

Total 合計 2515341 499249 2244758 678598Interim Report 2024二零二四年中期報告83

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

14. RELATED PARTIES TRANSACTIONS 14、 關聯交易（續）

(CONTINUED)

(7) Balance of related parties payables (7) 關聯方應付款項餘額

30 June 2024 31 December 2023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

Joint ventures 合營企業 618023 379093

Associates 聯營企業 3464446 3857503

Other related parties 其他關聯方 265350 352222

Total 合計 4347819 4588818

The amounts due from and due to related parties are 應收應付關聯方款項均不計利息、無

interest-free and unsecured. 擔保。

(8) Monetary funds deposited with related parties (8) 存放關聯方的貨幣資金

30 June 2024 31 December 2023

二零二四年二零二三年六月三十日十二月三十一日

(Unaudited) (Audited)（未經審計）（經審計）

BYD Auto Finance Co. Ltd. 比亞迪汽車金融有限公司 – 3505856

The annual interest rate of the above deposits for the 本期上述存款年利率按照中國人民

current period is 3.0%-3.1% above the benchmark 銀行公佈的同期存款基準利率上浮

interest rate published by the People’s Bank of China 為3.0%-3.1%，二零二四年一至六月for deposits of the same period and an interest income 確認利息收入人民幣33536千元(二

of RMB33536000 was recognised in January to June 零二三年度：3.1%-3.2%，二零二

2024 (2023: 3.1%-3.2% and an interest income of 三年一至六月確認利息收入人民幣RMB129476000 was recognised in January to June 129476千元）。

2023).84 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE 15、 公允價值披露

(1) Assets and liabilities measured at fair value (1) 以公允價值計量的資產和負債

30 June 2024 (Unaudited) 二零二四年六月三十日(未經審計)

Fair value measurement using公允價值計量使用的輸入值

Quoted prices Significant Significant

in active observable unobservable

markets inputs inputs重要可觀察重要不可觀察活躍市場報價輸入值輸入值

Level 1 Level 2 Level 3 Total

第一層次第二層次第三層次合計

Financial assets held for trading 交易性金融資產 – 17388054 – 17388054

Other equity instrument investments 其他權益工具投資 1581315 3042675 1797892 6421882

Other non-current financial assets 其他非流動金融資產 – 1462130 1351967 2814097

Receivables financing 應收款項融資 – 6292399 – 6292399

1581315 28185258 3149859 32916432Interim Report 2024

二零二四年中期報告85

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(1) Assets and liabilities measured at fair value (1) 以公允價值計量的資產和負債（續）

(continued)

31 December 2023 (Audited) 二零二三年十二月三十一日(經審計)

Fair value measurement using公允價值計量使用的輸入值

Quoted prices Significant Significant

in active observable unobservable

markets inputs inputs重要可觀察重要不可觀察活躍市場報價輸入值輸入值

Level 1 Level 2 Level 3 Total

第一層次第二層次第三層次合計

Financial assets held for trading 交易性金融資產 – 9562550 – 9562550

Other equity instrument investments 其他權益工具投資 1014460 1297415 3015408 5327283

Other non-current financial assets 其他非流動金融資產 – 1225113 1471261 2696374

Receivables financing 應收款項融資 – 5564924 – 5564924

101446017650002448666923151131

Financial liabilities held for trading 交易性金融負債 – 7713 – 7713

(2) The fair value measurement in Level 1 (2) 第一層次公允價值計量

The fair values of listed equity instrument investments 上市的權益工具投資，以市場報價確are based on quoted market prices. 定公允價值。86 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(3) The fair value measurement in Level 2 (3) 第二層次公允價值計量

The Group enters into derivative financial instruments 本集團與銀行訂立了衍生金融工具合

contracts which are the foreign currency forward 同，為外匯遠期合同，採用類似於遠contracts with banks and adopts valuation techniques 期定價以及現值方法的估值技術進行

similar to forward pricing and present value methods 計量。模型涵蓋了多個市場可觀察到for measurement. The model incorporates various 的輸入值，包括交易對手的信用質market observable inputs including the credit quality 量、即期和遠期匯率和利率曲線。外of counterparties and foreign exchange spot and 匯遠期合同的賬面價值與公允價值相

forward rates and yield curve. The carrying amounts 同。於二零二四年六月三十日，衍生of foreign currency forward contracts are the same 金融資產的盯市價值，是抵銷了歸屬as their fair values. As at 30 June 2024 the mark to 於衍生工具交易對手違約風險的信用

market value of derivative financial assets is the net 估值調整之後的淨值。交易對手信用value after offsetting the credit valuation adjustment 風險的變化，對於套期關係中指定衍attributable to the default risk of derivative instrument 生工具的套期有效性的評價和其他以

counterparties. The change of counterparty credit risk 公允價值計量的金融工具，均無重大has no significant impact on the evaluation of hedging 影響。

effectiveness of designated derivatives in hedging

relationship and other financial instruments measured

at fair value.For the wealth management products at fair value 以公允價值計量且其變動計入損益的

through profit or loss and receivables financing 理財產品、應收款項融資，本集團會the Group will estimate their fair values by using a 利用條款及風險相類似的工具之市場

discounted cash flow valuation model based on the 利率按照貼現現金流量估值模型估算

market interest rates of instruments with similar terms 公允價值。以公允價值計量的權益工and risks. For the equity instruments at fair value 具，本集團以市場數據和估值模型相the Group will estimate their fair values based on a 結合為基礎估算公允價值。

combination of market data and valuation models.Interim Report 2024二零二四年中期報告87

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(4) The fair value measurement in Level 3 (4) 第三層次公允價值計量

The Group’s finance department is responsible for 本集團的財務部負責制定金融工具公

determining the policies and procedures for the fair 允價值計量的政策和程序，並直接向value measurement of financial instruments and 主管會計機構負責人報告。每個資產reports directly to the person in charge of accounting 負債表日，財務部分析金融工具價值institution. At each balance sheet date the finance 變動，確定估值適用的主要輸入值，department analyses the movements in the values of 並經主管會計機構負責人審核批准。

financial instruments and determines the major inputs

applied in the valuation. The valuation is reviewed

and approved by the person in charge of accounting

institution.For investments in restricted shares and unlisted equity 對於限售股票、非上市的權益工具投

instruments the Group adopts the recent transaction 資，利用近期交易法或者採用估值技method or applies valuation techniques to determine 術來確定其公允價值，估值技術包括their fair value while valuation techniques include 市場乘數法、期權定價模型等。其公market multiplier method option pricing models 允價值的計量採用了重要的不可觀etc. The measurement of fair value uses significant 察參數，比如企業價值╱收入（「EV/unobservable parameters including enterprise value- Revenue」）比率、平均企業價值╱息

to-revenue (“EV/Revenue”) ratio Average EV/EBITDA 稅折舊前利潤比率、平均企業價值╱

ratio Average EV/Net profit margin liquidity discount 淨利潤比率、流動性折扣、波動率、

volatility investment underlying net value etc. The 投資標的淨值等。持續第三層次公允financial instruments measured at the fair value in Level 價值計量的金融工具對這些不可觀察

3 on a recurring basis was not significantly sensitive to 輸入值的合理變動無重大敏感性。本

a reasonable change in these unobservable inputs. The 集團相信，以估值技術估計的公允價Group believes that the estimated fair values resulting 值及其變動，是合理的，並且亦是於from the valuation technique and the related changes 資產負債表日最合適的價值。

in fair values are reasonable and they were the most

appropriate values at the balance sheet date.88 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(4) The fair value measurement in Level 3 (4) 第三層次公允價值計量（續）

(continued)

Below is the summary of significant unobservable 如下為主要的第三層次公允價值計量

inputs for main fair value measurement in Level 3: 的重要不可觀察輸入值概述：

30 June 2024 (Unaudited) 二零二四年六月三十日(未經審計)

Fair value

at the end of Valuation Range (the weighted

the Period technique Unobservable inputs average value)

期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 1484819 Market approach Average EV/Revenue ratio 1.15–18.49

investments 市場法 平均企業價值╱收入比率

其他權益工具投資 Average EV/EBITDA ratio 2.22–21.67

平均企業價值╱息稅折舊前利潤比率

Average EV/Net profit

margin

平均企業價值╱淨利潤51.72比率

Other equity instrument 313073 Option pricing Volatility of underlying 14.84%-52.72%

investments model asset price其他權益工具投資期權定價模型標的資產價格的波動率

Other non-current financial 1351967 Investment Net value of underlying RMB589981000 to

assets underlying net value investment RMB36312206000

其他非流動金融資產 method 投資標的的淨值 人民幣589981千元-

投資標的淨值法 人民幣36312206千元Interim Report 2024二零二四年中期報告89

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(4) The fair value measurement in Level 3 (4) 第三層次公允價值計量（續）

(continued)

31 December 2023 (Audited) 二零二三年十二月三十一日(經審計)

Fair value at the Range (the weighted

end of the year Valuation technique Unobservable inputs average value)

年末公允價值估值技術不可觀察輸入值範圍區間（加權平均值）

Other equity instrument 1682140 Market approach Average EV/Revenue ratio 1.15–18.49

investments 市場法 平均企業價值╱收入比率

其他權益工具投資 Average EV/EBITDA ratio 2.22–21.67

平均企業價值╱息稅折舊

前利潤比率51.72

Average EV/Net profit

margin

平均企業價值╱淨利潤比率

Other equity instrument 1333268 Option pricing Volatility of underlying 27.60%-47.83%

investments model asset price其他權益工具投資期權定價模型標的資產價格的波動率

Other non-current financial 99216 Option pricing Volatility of underlying 10.31%

assets model asset price其他非流動金融資產期權定價模型標的資產價格的波動率

Other non-current financial 1372045 Investment Net value of underlying RMB64453000 to

assets underlying net value Investment RMB35884267000

其他非流動金融資產 method 投資標的的淨值 人民幣64453千元 –

投資標的淨值法 人民幣35884267千元90 BYD Company Limited比亞迪股份有限公司

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(5) The adjustment information of continuous fair (5) 持續第三層次公允價值計量的調節

value measurement in Level 3 信息

Below is the adjustment information of continuous fair 持續的第三層次公允價值計量的調節

value measurement in Level 3: 信息如下：

30 June 2024 (Unaudited) 二零二四年六月三十日(未經審計)

Changes in

unrealised gains

Total gains or losses or losses of

當期利得或損失總額 assets held at

Through other the end of the

Opening Transfer to Transfer out Through profit comprehensive Closing period through

balance Level 3 of level 3 or loss income Purchases Disposal balance profit or loss期末持有的資產計入損益的期初轉入轉出計入其他期末當期未實現利得

餘額第三層次第三層次計入損益綜合收益購買出售餘額或損失的變動

Other equity instrument 其他權益工具投資 3015408 – (1297687) – (19045) 99216 – 1797892 –

investments

Other non-current 其他非流動金融資產 1471261 – – (21361) – 14993 (112926) 1351967 (21361)

financial assets

4486669 – (1297687) (21361) (19045) 114209 (112926) 3149859 (21361)Interim Report 2024

二零二四年中期報告91

Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(5) The adjustment information of continuous fair (5) 持續第三層次公允價值計量的調節

value measurement in Level 3 (continued) 信息（續）

2023 (Audited) 二零二三年（經審計）

Changes in

unrealised gains

Total gains or losses or losses of

當期利得或損失總額 assets held at

Through other the end of the

Transfer to Transfer out Through profit comprehensive Closing year through

Opening balance Level 3 of level 3 or loss income Purchases balance profit or loss年末持有的資產計入損益的年初轉入轉出計入其他年末當期未實現利得

餘額第三層次第三層次計入損益綜合收益購買餘額或損失的變動

Other equity instrument investments 其他權益工具投資 1827125 1229687 (24670) – (66736) 50002 3015408 –

Other non-current financial assets 其他非流動金融資產 1238846 114278 – (100458) – 218595 1471261 (100458)

30659711343965(24670)(100458)(66736)2685974486669(100458)

(6) Transfers among continuous fair value (6) 持續公允價值計量的層次轉換

hierarchies

During the period from January to June 2024 the 於二零二四年一至六月期間，本集團other equity instrument investment held by the Group 持有的其他權益工具投資因限售期解

had quotations in an active market due to the release 除，存在活躍市場報價，其公允價值of lock-up period and its fair value was transferred 從第三層次轉入第一層次，轉移金額from Level 3 to Level 1 with a transfer amount of 為人民幣1184472千元，從第三層RMB1184472000 and its fair value was transferred 次轉入第二層次，轉移金額為人民幣from Level 3 to Level 2 with a transfer amount of 113215千元。除此之外，二零二四RMB113215000. In addition there were no other 年一至六月本集團金融工具的公允價

significant transfers among fair value hierarchies of 值層次之間無其他重大轉移。

financial instruments of the Group during the period

from January to June 2024.In 2023 the other equity instrument investment held 二零二三年度，本集團持有的其他權by the Group had quotations in an active market 益工具投資因限售期解除，存在活due to the release of lock-up period and its fair 躍市場報價，其公允價值從第三層value was transferred from Level 3 to Level 1 with a 次轉入第一層次，轉移金額為人民transfer amount of RMB24670000. Certain financial 幣24670千元。本集團部分金融工具instruments of the Group were valued using Level 3 因無法獲取可觀察輸入值而採用第三

valuation techniques as there were no observable 層次估值技術予以估值，並將其公允inputs available and their fair values were transferred 價值從第二層次轉移到第三層次，轉from Level 2 to Level 3 with a transfer amount of 移金額為人民幣1343965千元。除RMB1343965000. In addition there were no other 此之外，二零二三年度本集團金融工significant transfers among fair value hierarchies of 具的公允價值層次之間無其他重大轉

financial instruments of the Group in 2023. 移。92 BYD Company Limited比亞迪股份有限公司Notes to Financial Statements財務報表附註

30 June 2024

二零二四年六月三十日

RMB’000 人民幣千元

15. DISCLOSURE OF FAIR VALUE (CONTINUED) 15、 公允價值披露（續）

(7) The change of valuation techniques (7) 估值技術變更

There is no change of valuation techniques by the 於二零二四年一至六月期間，本集團Group during the period from January to June 2024. 未發生變更估值技術的情況。

16. EVENTS AFTER THE BALANCE SHEET DATE 16、 資產負債表日後事項

Upon approval of “Zhong Shi Xie Zhu [2024] No. ABN42” 經中國銀行間市場交易商協會「中市協注

issued by the National Association of Financial Market [2024]ABN42號」文核准，深圳弗迪融資租Institutional Investors Shenzhen FinDreams Financial Leasing 賃有限公司獲准向合格投資者公開發行面值

Co. Ltd. is approved to issue green assets-backed notes 總額不超過100億元的綠色資產支持票據，with a total amount of not more than RMB10 billion to qualified 採用分期發行方式，第一期發行工作已於二investors in tranches. The issuance of the first tranche has 零二四年七月十二日結束，發行價格為每張been closed on 12 July 2024 with an issue price of RMB100 100元，已發行規模為人民幣31.16億元。

each and an issuance scale of RMB3.116 billion.

17. APPROVAL OF THE FINANCIAL STATEMENTS 17、 審批財務報表

The financial statements were approved and authorised for 董事會已於二零二四年八月二十八日審批及

issue by the Board on 28 August 2024. 授權刊發財務報表。