比亚迪电子2026年中期业绩:收入同比仅增2.0%至822亿元,净利润同比暴跌75.4%至4.26亿元

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement

(Incorporated in Hong Kong under the Companies Ordinance with limited liability)

(Stock code: 285)

2026 INTERIM RESULTS ANNOUNCEMENT
The board of directors (the “Board”) of BYD Electronic (International) Company Limited (the
“Company”) is pleased to announce the unaudited results of the Company and its subsidiaries
for the six months period ended 30 June 2026. This announcement, containing the full text of
the 2026 Interim Report of the Company, is prepared with reference to the relevant requirements
of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
in relation to preliminary announcements of interim results. The Company ’ s 2026 Interim
Report is available for viewing on the HKExnews website of the Hong Kong Stock Exchange at
www.hkexnews.hk and website of the Company at http://electronics.byd.com. Printed version of
the interim report will be available to shareholders on request by following the instructions as
set out in the notification letter published by the Company on the aforementioned websites on 1
August 2025.
By Order of the Board of
BYD Electronic (International) Company Limited
WANG Nian-qiang
Director
Hong Kong, 28 August 2026

As at the date of this announcement, the Board consists of Mr. WANG Nian-qiang and Mr. JIANG
Xiang-rong being the executive directors, Mr. WANG Chuan-fu and Mr. WANG Bo being the
non-executive directors and Ms. RONG Xiu-li, Mr. CAO Yu-shan and Ms. WANG Ying being the
independent non-executive directors.

BYD Electronic (International) Company Limited

比亞迪電子（國際）有限公司（「比亞迪

( “ BYD Electronic” or the “ Company” , together with its

電子」或
「本公司」，連同其附屬公司統

subsidiaries known as the “Group”; stock code: 0285)

稱
「本集團」；股份代號：0285）於二零

was spun off from BYD Company Limited (“BYD”, listed

零七年十二月二十日由比亞迪股份有

on The Stock Exchange of Hong Kong Limited (the “Stock

限公司（「比亞迪」，香港聯合交易所有

Exchange”), Stock Code: 01211 (HKD counter); 81211

限公司（「聯交所」）上市，股份代號：

(RMB counter); listed on the Shenzhen Stock Exchange,

01211（港幣櫃台）；81211（人民幣櫃

Stock Code: 002594) and listed on the Main Board of

台）； 深圳證券交易所上市，股份代號：

the Stock Exchange on 20 December 2007. The Group

002594）分拆於聯交所主板獨立上市。

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

products, providing customers around the world with one-

供商，依託電子信息技術、人工智能技

stop product solutions relying on its core advantages

術、5G和物聯網技術、熱管理技術、新

in electronic information, AI, 5G and Internet of Things,

材料技術、精密模具技術和數字化製造

thermal management, new materials, precision molds and

技術等核心優勢，為全球客戶提供一站

digital manufacturing technologies. The Group engages

式產品解決方案。本集團業務廣泛，涉

in a wide variety of businesses across diversified areas,

及智能手機、電腦、新能源汽車、AI算

including smartphones, computers, new energy vehicles,

力基礎設施、智能穿戴、智能家居、遊

AI computing infrastructure, smart wearables, smart home,

戲硬件、無人機、3D打印機、物聯網、

game hardware, unmanned aerial vehicles, 3D printers,

機器人、通信設備等多元化的市場領域。

Internet of Things, robots, communications equipment.

CONTENTS
目 錄

Corporate Information
公司資料

2

Financial Highlights
財務摘要

5

Management Discussion and Analysis
管理層討論及分析

6

Interim Condensed Consolidated Statement of
Profit or Loss
中期簡明合併損益表

29

Interim Condensed Consolidated Statement of
Comprehensive Income
中期簡明合併綜合收益表

30

Interim Condensed Consolidated Statement of
Financial Position
中期簡明合併財務狀況表

31

Interim Condensed Consolidated Statement of
Changes in Equity
中期簡明合併權益變動表

33

Interim Condensed Consolidated Statement of
Cash Flows
中期簡明合併現金流量表

35

Notes to Interim Condensed Consolidated
Financial Information
中期簡明合併財務資料附註

38

CORPORATE INFORMATION
公司資料

EXECUTIVE DIRECTORS

執行董事

Wang Nian-qiang
Jiang Xiang-rong

王念強
江向榮

NON-EXECUTIVE DIRECTORS

非執行董事

Wang Chuan-fu
Wang Bo

王傳福
王渤

INDEPENDENT NON-EXECUTIVE DIRECTORS

獨立非執行董事

Chung Kwok Mo John (retired on 9 June 2026)
Qian Jing-jie (retired on 9 June 2026)

鍾國武（於二零二六年六月九日辭任）
錢靖捷（於二零二六年六月九日辭任）

Rong Xiu-li (appointed on 9 June 2026)
Cao Yu-shan (appointed on 9 June 2026)
Wang Ying

榮秀麗（於二零二六年六月九日獲委任）
曹玉珊（於二零二六年六月九日獲委任）
王瑛

COMPANY SECRETARY

公司秘書

Li Qian
Cheung Hon-wan

李黔
張漢雲

AUDIT COMMITTEE

審核委員會

Wang Chuan-fu
Wang Bo
Chung Kwok Mo John (Chairman) (retired on 9 June 2026)
Qian Jing-jie (retired on 9 June 2026)
Rong Xiu-li (appointed on 9 June 2026)
Cao Yu-shan (Chairman) (appointed on 9 June 2026)
Wang Ying

王傳福
王渤
鍾國武（主席）
（於二零二六年六月九日辭任）
錢靖捷（於二零二六年六月九日辭任）
榮秀麗（於二零二六年六月九日獲委任）
曹玉珊（主席）
（於二零二六年六月九日獲委任）
王瑛

REMUNERATION COMMITTEE

薪酬委員會

Wang Nian-qiang
Wang Chuan-fu
Chung Kwok Mo John (retired on 9 June 2026)

王念強
王傳福
鍾國武（於二零二六年六月九日辭任）

Qian Jing-jie (Chairman) (retired on 9 June 2026)
Rong Xiu-li (Chairman) (appointed on 9 June 2026)
Cao Yu-shan (appointed on 9 June 2026)
Wang Ying

錢靖捷（主席）
（於二零二六年六月九日辭任）
榮秀麗（主席）
（於二零二六年六月九日獲委任）
曹玉珊（於二零二六年六月九日獲委任）
王瑛

NOMINATION COMMITTEE

提名委員會

Jiang Xiang-rong
Wang Chuan-fu (Chairman)
Chung Kwok Mo John (retired on 9 June 2026)
Qian Jing-jie (retired on 9 June 2026)
Rong Xiu-li (appointed on 9 June 2026)
Cao Yu-shan (appointed on 9 June 2026)

江向榮
王傳福（主席）
鍾國武（於二零二六年六月九日辭任）
錢靖捷（於二零二六年六月九日辭任）
榮秀麗（於二零二六年六月九日獲委任）
曹玉珊（於二零二六年六月九日獲委任）

Wang Ying

王瑛

2

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

CORPORATE INFORMATION
公司資料

STRATEGY AND SUSTAINABLE DEVELOPMENT
COMMITTEE (ESTABLISHED ON 27 MARCH 2026)

戰略及可持續發展委員會（於二零二六
年三月二十七日成立）

Wang Nian-qiang
Jiang Xiang-rong
Wang Chuan-fu (Chairman)
Rong Xiu-li (appointed on 9 June 2026)
Wang Ying

王念強
江向榮
王傳福（主席）
榮秀麗（於二零二六年六月九日獲委任）
王瑛

AUTHORISED REPRESENTATIVES

授權代表

Wang Nian-qiang

王念強

Li Qian

李黔

REGISTERED OFFICE

註冊辦事處

Unit 505-510, 5/F, Core Building 1E

香港

1 Science Park E Avenue

新界

Science Park

大埔白石角

Pak Shek Kok

科學園東路1號

Tai Po

核心大廈1E號

Hong Kong

5樓505-510室

HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS IN THE PRC

中國總辦事處及主要營業地點

No. 1

中國

Bibao Second Road

深圳市

Baolong Street

龍崗區

Longgang District

寶龍街道

Shenzhen

比寶二路1號

The PRC

郵編518116

518116

SHARE REGISTRAR AND TRANSFER OFFICE

股份過戶登記處

Computershare Hong Kong Investor Services Limited

香港中央證券登記有限公司

Shops 1712-1716

香港

17th Floor

灣仔

Hopewell Centre

皇后大道東183號

183 Queen’s Road East

合和中心

Wanchai

17樓

Hong Kong

1712-1716號舖

二零二六年中期報告
比亞迪電子（國際）有限公司

3

CORPORATE INFORMATION
公司資料

INVESTOR AND MEDIA RELATIONS CONSULTANT

投資者及傳媒關係顧問

iPR LTD

iPR LTD

Tel: (852) 2136 6185

電話：(852) 2136 6185

Fax: (852) 3170 6606

傳真：(852) 3170 6606

Email: be285@ipr.com.hk

電郵：be285@ipr.com.hk

WEBSITE

公司網址

http://electronics.byd.com

http://electronics.byd.com

STOCK CODE

股份編號

0285

0285

4

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

FINANCIAL HIGHLIGHTS
財務摘要

Interim results for the six months ended 30 June 2026 (the “Period”)
截至二零二六年六月三十日止六個月（「期內」）中期業績
Revenue

營業額

2.02%

Gross profit

毛利

-27.18%

to RMB4,037 million

至人民幣4,037百萬元

Profit attributable to owners of
the parent company
Earnings per share

母公司擁有人應佔溢利

-75.35%

to RMB426 million

至人民幣426百萬元

每股盈利

-75.35%

to RMB0.19

至人民幣0.19元

to RMB82,234 million 至人民幣82,234百萬元

HIGHLIGHTS

摘要

•

•

The Group continued to advance the development of the AI

本集團持續深化AI算力基礎設施業務拓

computing infrastructure business, with its latest-generation liquid

展，海外大客戶最新一代液冷冷板項目已

cooling plate project for major overseas clients entering the mass

進入量產爬坡階段。

production ramp-up stage.
•

The Group’s intelligent automotive product lines continued to

•

汽車智能化產品線持續規模化配套，智能

achieve large-scale deployment, and the penetration of intelligent

懸架產品滲透率提升，帶動新能源汽車業

suspension products increased, driving steady growth in the new

務板塊實現穩健增長。

energy vehicle business segment.
•

The Group’s profitability was temporarily under pressure during
the Period, mainly due to a temporary decline in the smart terminal

•

受智能終端零部件業務階段性回落與匯兌
損失影響，本集團期內盈利暫時性承壓。

components business and foreign exchange losses.

二零二六年中期報告
比亞迪電子（國際）有限公司

5

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
BUSINESS REVIEW

業務回顧

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，

products, providing customers around the world with one-stop

依託電子信息技術、人工智能技術、5G 和物

product solutions relying on its core advantages in electronic

聯網技術、熱管理技術、新材料技術、精密模

information, AI, 5G and Internet of Things, thermal management, new

具技術和數字化製造技術等核心優勢，為全球

materials, precision molds and digital manufacturing technologies. The

客戶提供一站式產品解決方案。本集團業務涵

Group engages in diversified market segments, such as smartphones,

蓋智能手機、電腦、新能源汽車、AI算力基礎

computers, new energy vehicles, AI computing infrastructure,

設施、智能穿戴、智能家居、遊戲硬件、無人

smart wearables, smart home, game hardware, unmanned aerial

機、3D打印機、物聯網、機器人、通信設備等

vehicles, 3D printers, Internet of Things, robots and communications

多元化的市場領域。作為行業發展的參與者與

equipment. As a participant and driver of industry development, the

推動者，本集團始終以戰略遠見引領前行，不

Group has remained committed to advancing with strategic foresight,

斷夯實研發與智造優勢，積極延展業務版圖，

continuously consolidated its R&D and smart manufacturing strengths,

着力構建穿越週期的長期核心競爭力，實現可

actively expanded its business footprint, and strived to build long-term

持續的高質量增長。

core competitiveness capable of navigating cycles, thereby achieving
sustainable and high-quality growth.
In the first half of 2026, the global political and economic environment

二零二六年上半年，全球政經環境延續複雜態

remained complex and challenging. Geopolitical conflicts continued to

勢。地緣政治衝突持續擾動供應鏈，主要經濟

disrupt supply chains, divergence in monetary policies among major

體貨幣政策分化加劇，全球經濟復甦動能放

economies intensified, and the momentum of the global economic

緩。面對外部環境的深刻變化，國家精準有效

recovery slowed down. In response to profound changes in the

實施更加積極有為的宏觀政策，因地制宜發展

external environment, the Chinese government implemented more

新質生產力。國民經濟頂住壓力，國內生產總

proactive and effective macroeconomic policies with precision, and

值同比增長4.7%，延續總體平穩、向新向優的

developed new quality productive forces based on local conditions.

發展態勢，展現出強大的韌性和活力。

The national economy withstood pressures, with gross domestic
product achieving a year-on-year growth of 4.7%, which maintained
an overall stable trend towards innovation-led, high-quality growth,
demonstrating strong resilience and vitality.
Faced with the complex and volatile global political and economic

面對複雜多變的全球政經環境，本集團始終展

environment, the Group has consistently demonstrated strong

現出強勁的經營韌性與系統性競爭實力，深耕

operational resilience and systematic competitive strengths. While

現有核心業務的同時，精準佈局新興賽道，加

continuing to expand its presence in existing core businesses, the

速資源向高價值賽道集聚。期內，本集團正處

Group has precisely positioned itself in emerging growth areas and

於業務結構轉型升級的關鍵過渡期。受全球智

accelerated the allocation of resources towards high-value segments.

能終端市場需求持續疲弱、上游原材料價格波

During the Period, the Group was undergoing a critical transition

動上行、下游核心客戶產品規格迭代等外部因

phase in the transformation and upgrade of its business structure.

素疊加影響，本集團的智能終端零部件業務短

The Group’s smart terminal components business experienced

期經營承壓，毛利率出現階段性波動，盈利能

short-term operational pressure, with gross profit margin subject

力面臨一定挑戰。面對行業環境變化，本集團

to periodic fluctuations and profitability facing certain challenges,

持續深化與海內外頭部核心客戶的長期協同合

due to the combined impact of external factors including continued

作，推進新產品、新項目的落地導入，保障智

weakness in global demand for smart terminals, fluctuations in

能終端業務整體實現穩健經營。同時，AI算力

6

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

upstream raw material prices with an upward trend, and iteration of

基礎設施領域需求持續增長，本集團在該領域

product specifications by key downstream clients. In response to

的戰略佈局成效顯著，服務器產品持續配套多

changes in the industry environment, the Group has continued to

家核心客戶實現批量出貨，海外大客戶最新一

deepen its long-term collaborative partnerships with leading core

代液冷冷板產品取得突破性進展，AI算力基礎

customers in both domestic and overseas markets, and accelerated

設施業務正逐步成長為本集團業務增長的新引

the commercialisation and introduction of new products and projects,

擎。此外，多款新能源汽車產品出貨量提升，

thereby ensuring the overall stable operation of its smart terminal

新能源汽車業務實現同比增長。

business. Meanwhile, as demand in the AI computing infrastructure
sector continued to grow, the Group’s strategic layout in this sector
yielded significant results. In particular, server products continued to
be supplied to multiple key clients and achieved batch shipments, and
its latest-generation liquid cooling plate products for major overseas
clients achieved breakthrough progress, which enabled the AI
computing infrastructure business to gradually become a new engine
for the Group’s business growth. In addition, shipment volumes of
multiple new energy vehicle products increased, driving year-on-year
growth in the Group’s new energy vehicle business.
In the first half of 2026, the Group recorded sales of approximately

二零二六年上半年，本集團錄得銷售額約人民

RMB82,234 million, representing a year-on-year increase of

幣82,234百萬元，同比上升約2.02%。股東應

approximately 2.02%, and profit attributable to shareholders

佔溢利同比下降約75.35%至約人民幣426百萬

decreased by approximately 75.35% year on year to approximately

元，主要是產品結構變化和匯率波動產生的匯

RMB426 million, mainly due to changes in product mix and foreign

兌損失的影響。

exchange losses arising from fluctuations in foreign exchange rates.

Revenue distribution by segment
各業務板塊收入分佈

New energy vehicle

AI computing infrastructure
AI算力基礎設施
0.92%

New energy vehicle

Smart terminal – components

新能源汽車
16.56%

智能終端 - 零部件
14.49%

新能源汽車
15.88%

2025H1

二零二六年
上半年

Note:

Smart terminal – components
智能終端 - 零部件
17.06%

2026H1

Smart terminal – assembly
智能終端 - 組裝
68.03%

AI computing infrastructure
AI算力基礎設施
1.04%

二零二五年
上半年
Smart terminal – assembly
智能終端 - 組裝
66.02%

During the Period, the Group updated the classification of its

附註： 期 內 ， 本 集 團 因 應 業 務 變 化 更 新 了 業 務 分

businesses to reflect changes in its business operations. Accordingly,

類。因此，截至二零二五年六月三十日止六

the revenue distribution by segment for the six months ended 30 June

個月按業務板塊劃分的收入分佈已按本期間

2025 has been reclassified to conform with the presentation for the

的呈列方式重新分類。

current period.

二零二六年中期報告
比亞迪電子（國際）有限公司

7

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the smart terminal sector, the deep integration of emerging
technologies such as AI and Internet of Things is accelerating the
reshaping of the industry landscape. The on-device deployment of
generative AI is driving smart terminals to evolve from standalone
devices towards an ecosystem characterised by multi-device
collaboration and cross-scenario integration, injecting new growth
momentum into the industry chain. However, as affected by multiple
factors including AI data center demand crowding out memory
production capacity, rising prices of core components, and high
interest rates suppressing consumer demand, terminal market
momentum has slowed. During the Period, the global smartphone
industry faced pressure from rising upstream material costs, and the
pace of new model launches by mobile phone brands was delayed.
According to IDC statistics, global smartphone shipments in the first
half of 2026 decreased by 4.8% year on year to 571 million units.
Premiumisation and differentiative innovation are becoming key
pathways for the smartphone industry to achieve breakthroughs, with
leading brands continuously strengthening product competitiveness
through form factor innovation and deeper scenario-based
applications. The technological iteration and form factor innovation of
high-end product series have not only enhanced end-user experience
and broadened application boundaries, but have also effectively driven
the industry chain towards high value-added directions, creating new
growth opportunities for upstream and downstream partners, while
imposing higher standards on system integration capabilities and
precision manufacturing processes. Meanwhile, as cloud-based large
model training shifts towards on-device deployment, generative AI is
accelerating its extension to on-device hardware, which has driven AI
phones, smart wearables, AI robots and other terminals into the stage
of application deployment, gradually becoming new growth points
in the market. During the Period, leveraging its full-chain technology
platform advantages and efficient delivery system, the Group
further built differentiative competitive barriers, deepened strategic
collaboration with global clients, and systematically expanded its
diversified smart terminal product matrix. In the components business,
the Group maintained its key position in the supply chains for high-end
flagship smartphones of domestic and overseas clients, and expanded
into new projects such as AI phones, AI glasses, and handheld
camera devices, achieving mass production and delivery. However,
affected by weak demand in the smartphone market and changes in
some product specifications, revenue from components decreased
year on year, resulting in temporary pressure on profitability. Benefiting
from the contributions of major overseas clients, revenue from the
assembly business increased year on year. During the Period, the
Group recorded revenue of RMB67,862 million in the smart terminal
business segment, comprising approximately RMB11,912 million from
components and approximately RMB55,950 million from assembly.
8

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

智能終端業務方面，AI、物聯網等新興技術的
深度融合正加速重構產業格局，生成式AI端側
部署推動智能終端從單一設備向多設備協同、
跨場景融合的生態化方向演進，為產業鏈注入
新的增長動能。然而，受AI數據中心需求擠佔
存儲器產能、核心零部件價格上漲及高利率
抑制消費需求等多因素影響，終端市場動能放
緩。期內，全球智能手機產業面臨上游物料成
本上升壓力，手機品牌新機發佈節奏有所放
緩。根據 IDC的統計，二零二六年上半年全球
智能手機出貨量按年下跌 4.8% 至 5.71 億部。
高端化與差異化創新正成為智能手機產業突圍
的關鍵路徑，頭部品牌通過形態變革與場景深
耕持續強化產品競爭力。高端產品系列的技術
迭代與形態創新，不僅提升了終端用戶體驗與
應用邊界，更有效推動產業鏈向高附加值方向
躍升，為上下游合作夥伴創造新的增長機遇，
同時對系統集成能力與精密工藝提出更高標
準。與此同時，隨着雲端大模型訓練轉向終端
落地，生成式AI正加速向端側硬件延伸，推動
AI手機、智能穿戴、AI機器人等終端進入應用
落地階段，逐步成為市場新的增長點。期內，
本集團依託全鏈條技術平台優勢與高效交付體
系，進一步構築差異化競爭壁壘，深化與全球
客戶的戰略合作，並有序拓寬多元智能終端產
品矩陣。零部件業務方面，本集團穩守海內外
客戶高端旗艦手機供應鏈的關鍵地位，同時拓
展AI手機、AI眼鏡、手持攝像設備等新項目，
並實現量產交付，但受智能手機市場需求較弱
及部分產品規格變化的影響，零部件收入同比
減少，盈利能力階段性承壓。整機組裝業務受
益於海外大客戶，收入實現同比增長。期內，
本集團在智能終端業務領域錄得人民幣67,862
百萬元的收入，其中零部件收入約人民幣
11,912百萬元，組裝收入約人民幣55,950百萬
元。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the new energy vehicle sector, China’s new energy vehicle industry
maintained its global leading position by virtue of its comprehensive
supply chain and technological first-mover advantages. Industry
competition is shifting from competition for existing market share in
the domestic market to a comprehensive contest over technology and
value in the global market. Currently, the domestic automotive industry
has been affected by factors including subdued consumer demand,
adjustments in industry policies and the phase-out of new energy
vehicle purchase tax credits, resulting in more cautious consumer
sentiment. According to data from the China Association of Automobile
Manufacturers, domestic automobile sales decreased by 21.1% in the
first half of 2026. As domestic automakers actively advanced overseas
expansion and the localisation of supply chains, and domestic and
overseas markets exerted synergies as dual growth drivers, China’s
automobile exports increased by 65.3% year on year, with the exports
of new energy vehicles doubling year on year. Meanwhile, continued
fluctuations and upward movements in the prices of upstream raw
materials and chips have had a certain impact on the overall industry.
As a leading domestic new energy vehicle enterprise, BYD officially
launched the new “FLASH Charging” technology in March, successfully
addressing the two long-standing pain points of “slow charging”
and “difficulty charging at low temperatures” in the industry, and
would continue to advance the scaled application of flash charging
technology. Furthermore, driven by both the intelligent upgrading of
the new energy vehicle industry and the government’s continuous
improvement of the intelligent connected vehicle standard system,
the industry was continuously transitioning from “popularisation of
electrification” to a new stage of “advancement of intelligentisation”.
The Group possesses significant technological first-mover advantages
in areas such as intelligent cockpit systems, intelligent driving systems,
intelligent suspension systems, thermal management, controllers
and sensors, and has achieved multi-product integration and largescale delivery. During the Period, benefiting from the continuous
improvement in intelligentisation, the Group’s new energy vehicle
business achieved year-on-year growth. In particular, intelligent driving,
intelligent cockpits, and thermal management products continued to
be supplied to major clients, the penetration rate of the full range of
intelligent suspension system products increased, and the number of
vehicle models equipped with these products increased significantly
compared to the same period last year; meanwhile, the Group
provided comprehensive supply of flash charging control systems
and core structural components, bringing new incremental growth.
During the Period, the Group’s new energy vehicle business segment
recorded revenue of approximately RMB13,619 million, accounting for
approximately 16.56% of the Group’s total revenue, representing a
year-on-year increase of approximately 6.43%.

新能源汽車業務方面，中國新能源汽車產業憑
藉完善供應鏈與技術先發優勢穩居全球龍頭，
產業競爭正從國內存量博弈轉向全球技術與價
值的綜合較量。當前國內汽車行業受消費需求
承壓、產業政策切換及新能源車輛購置稅退坡
等因素影響，終端消費情緒趨於謹慎。中國
汽車工業協會數據顯示，2026 年上半年國內
汽車銷量下降21.1%。隨着國內車企積極推進
海外佈局與供應鏈本土化落地，國內外市場
協同發力、雙輪驅動，中國汽車出口同比增
長65.3%，其中新能源汽車出口同比翻倍。同
時，上游原材料及芯片價格持續波動上行，給
整體行業帶來一定的影響。作為國內領先新能
源汽車企業，比亞迪於三月正式推出全新「閃
充」技術，成功攻克行業長期面臨的「充電慢」
及「低溫充電難」兩大痛點，並持續推進閃充
技術的規模化應用。此外，中國新能源汽車產
業在智能化升級與國家持續完善智能網聯汽車
標準體系的雙重推動下，持續由「電動化普及」
邁向「智能化深化」的新階段。本集團在智能
座艙系統、智能駕駛系統、智能懸架系統、熱
管理、控制器和傳感器等領域具備明顯的先發
技術優勢，已實現多產品配套與規模化交付。
期內，受益於智能化水平持續提升，本集團的
新能源汽車業務實現同比增長。其中，智能
駕駛、智能座艙、熱管理等產品持續配套大客
戶，智能懸架系統全線產品滲透率提升，搭載
車型較去年同期顯著增加；同時，本集團全面
配套供應閃充控制系統與核心結構件，帶來新
的增量。期內，本集團新能源汽車業務板塊的
收入約人民幣13,619百萬元，佔本集團總體收
入約16.56%，收入同比上升約6.43%。

二零二六年中期報告
比亞迪電子（國際）有限公司

9

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the AI computing infrastructure sector, with the accelerated
development of generative AI, Agentic AI, and large model inference
applications, AI workloads continued to increase, driving hyperscale
data centers and cloud service providers to accelerate the
construction of computing infrastructure. Meanwhile, the computing
density, rack power, and data throughput of AI servers were steadily
rising, shifting the focus of data center construction from computing
power alone towards a coordinated evolution of computing, thermal
management, power supply, and high-speed interconnect. NVIDIA’s
Vera Rubin, the latest computing platform, adopts a 100% liquidcooling architecture. Its elevated computing density and rack power
impose more stringent requirements on efficient thermal management
and power delivery, thereby accelerating the adoption and penetration
of liquid cooling and high-voltage power supplies in AI data centers.
The Group proactively seized the market opportunities presented by
the AI revolution. Leveraging the deep, full-industry-chain technical
expertise accumulated in the smart device sector encompassing
materials R&D, mold design, precision component development,
and automated manufacturing, combined with the mature thermal
management and high-voltage power supply technologies proven
in its automotive business, the Group deeply integrated and
innovatively applied the technological strengths of these two domains.
Centering on the core products of AI computing infrastructure, the
Group executed a comprehensive strategic layout, delivering an
integrated solution spanning servers, liquid cooling, high-voltage
power supplies and high-speed interconnect. For servers, the Group
established a product matrix covering AI servers, general-purpose
servers, and storage servers. These support mainstream computing
architectures including x86 and ARM, and can accommodate diverse
thermal management methods such as air cooling, cold-plate liquid
cooling, and immersion cooling, meeting the requirements of various
computing platforms and application scenarios. For liquid cooling,
the Group continued to refine its full-stack, in-house R&D layout from
key components to system-level solutions, covering core products
including liquid cold plates, UQDs/MQDs, manifolds, and coolant
distribution units (CDUs). For power supplies, to address the power
delivery requirements of AI data centers from the grid side to the
rack side, the Group actively developed products including datacenter-level HVDC systems, Powershelf, Busbar, Uninterruptible
Power Supplies (UPSs) and Solid State Transformers (SSTs). During
the Period, the Group continued to deepen cooperation with multiple
customers, with several server models achieving batch shipments.
The Group has completed the development of the latest-generation
liquid cooling plate products for major overseas clients, with the
project entering the mass production ramp-up stage. Its thermal
efficiency is at the industry-leading level, effectively resolving the
thermal management challenges of high-power chips and helping
customers build green data centers with lower PUE. Furthermore,
the Group collaborated with globally leading customers on the R&D
of next-generation high-voltage power supply products to accelerate
the deployment of HVDC technology and provide multi-tier, highefficiency power supply solutions. During the Period, the Group’s
AI computing infrastructure business segment recorded revenue of
approximately RMB753 million, representing a year-on-year decrease
of approximately 10.57%.
10

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

AI算力基礎設施業務方面，隨着生成式AI、代
理式 AI(Agentic AI) 及大模型推理應用加速發
展，AI工作負載持續提升，推動超大規模數據
中心及雲服務商加快算力基礎設施建設。與
此同時，AI服務器計算密度、機櫃功率、數據
吞吐持續提升，數據中心建設重點由單一算
力進一步向計算、散熱、供電及高速互聯協
同演進。英偉達新一代Vera Rubin計算平台採
用 100% 液冷架構，其更高的計算密度及機櫃
功率對高效熱管理及電源提出更高要求，推
動液冷、高壓電源在AI數據中心中的應用及滲
透。本集團積極把握AI發展帶來的市場機遇，
依託在智能終端領域積淀的全產業鏈深度技術
經驗，涵蓋材料研發、模具設計、精密零部件
開發與自動化製造的完整能力，並疊加在汽車
業務中成熟落地的熱管理與高壓電源技術，將
兩大領域的技術優勢深度融合並創新應用，圍
繞AI算力基礎設施的核心產品，進行了全面戰
略佈局，打造了涵蓋服務器、液冷、高壓電源
及高速互聯的一體化解決方案。服務器方面，
本集團已形成覆蓋AI服務器、通用服務器及存
儲服務器的產品矩陣，支持x86、ARM等主流
計算架構，並可適配風冷、冷板式液冷、浸沒
式液冷等多種散熱方式，滿足不同計算平台及
應用場景需求。液冷方面，本集團持續完善從
關鍵零部件到系統級方案的全棧自研佈局，目
前已覆蓋液冷板(Liquid Cold Plate)、快接頭
(UQD/MQD)、分水器(Manifold)及冷郤分配單
元(CDU)等核心產品。電源方面，本集團圍繞
AI數據中心從電網側到機櫃測的供電需求，積
極佈局機房級HVDC、電源架(Powershelf)、母
排 (Busbar)、不間斷電源 (UPS)、固態變壓器
(SST) 等產品。期內，本集團持續深化與多家
客戶的合作，多款服務器實現批量出貨；已完
成海外大客戶最新一代液冷冷板的產品開發，
項目進入量產爬坡階段，散熱效率處於行業領
先水平，有效解決高功耗芯片的散熱問題，助
力客戶構建更低PUE的綠色數據中心；本集團
與全球領先客戶開展下一代高壓電源產品的研
發，加速推動高壓直流技術的落地應用，提供
多層級高效供電方案。期內，本集團的AI算力
基礎設施業務板塊錄得收入約為人民幣753 百
萬元，同比下降約10.57%。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

R&D AND INNOVATION

研發與創新

Through years of dedicated expertise in innovative materials, precision

憑藉在創新材料、精密模具與精密裝備、產品

molds and equipment, product software and hardware development,

軟硬件開發、零部件及系統整機大規模製造方

and large-scale manufacturing of components and complete

面的多年深耕，本集團已構建出橫跨機理研

systems, the Group has established a comprehensive technology

究、產品開發及系統級交付的完整技術鏈，形

chain spanning fundamental research, product development, and

成獨特且難以複製的競爭優勢。強大的技術平

system-level delivery. This has forged a unique and difficult-to-

台持續驅動本集團研發與創新能力的提升，促

replicate competitive advantage. Our robust technological platform

進跨界產品的突破，為業務可持續發展保駕續

has continuously driven the enhancement of the Group’s R&D and

航。

innovation capabilities, fostering breakthroughs in cross-industry
products and ensuring the sustainable development of our business.
The Group has long been committed to its core strategy of innovation-

本集團長期錨定創新驅動發展核心戰略，在研

driven development and has maintained large-scale investment in

發端持續保持高規模投入，二零二六年上半年

R&D. In the first half of 2026, the R&D investment was RMB1,964

研發投入為人民幣 1,964 百萬元，研發資源重

million, with R&D resources primarily allocated to new AI-related

點向AI相關新業務領域傾斜，同步穩步推進全

business areas. Meanwhile, the Group has steadily promoted full-

體系智能化轉型，加速AI技術在各業務場景的

system intelligent transformation and accelerated the application of AI

落地應用。本集團在汽車產品領域聚焦全產品

technologies in various business scenarios. In the automotive product

線核心技術迭代，在AI算力基礎設施領域圍繞

sector, the Group focused on the iteration of core technologies across

液冷系統、高壓電源系統、服務器系統設計等

its full product portfolio. In the AI computing infrastructure sector, the

核心方向持續加碼前沿技術攻關，為新業務的

Group continued to increase its investment in cutting-edge technology

高速成長築牢底層技術根基；在知識產權與專

development in core areas such as liquid cooling systems, high-

利佈局端，依託前期持續的研發沉澱，本集團

voltage power supply systems, server system design, laying a solid

已形成體系化的專利儲備成果，截至二零二六

technology foundation for the high growth of new businesses. In terms

年六月三十日，本集團累計申請專利 12,296

of intellectual property and patent portfolio, based on its ongoing R&D

項，授權專利達 8,396 項，目前已完成覆蓋汽

accumulation to date, the Group has established a systematic patent

車全產品線的專利佈局，構建起堅實的技術與

portfolio. As of 30 June 2026, the Group had cumulatively filed 12,296

專利壁壘，並在AI算力基礎設施核心賽道沉澱

patent applications, and had been granted 8,396 patents. The Group

了高價值專利，相關新增專利數量同比實現顯

currently has completed comprehensive patent coverage across its

著上升，為汽車業務的長期穩健發展、新業務

full automotive product lines, building solid technological and patent

的快速成長提供了至關重要的技術支撐。

barriers. The Group has also accumulated high-value patents in
core areas of AI computing infrastructure, with a significant year-onyear increase in newly added patents, providing essential technology
support for the long-term stable development of the automotive
business and the rapid growth of new businesses.

二零二六年中期報告
比亞迪電子（國際）有限公司

11

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Leveraging its leading technological capabilities and smart
manufacturing expertise, the Group continued to set high standards
within the industry, and in the first half of 2026, it received high
recognition from clients in terms of R&D, delivery, quality and other
respects, successfully established several key collaborations and
was awarded prizes at national-level quality conferences for several
projects, further elevating its market recognition and consolidating its
leading position in the industry.

本集團憑藉領先的技術實力與智能製造能力，
持續在行業中樹立高標準，並於二零二六年上
半年在研發、交付、品質等方面獲得客戶高度
肯定，成功拓展了多項重點合作，更有多項目
斬獲國家級質量大會獎項，市場認可度再度攀
升，進一步鞏固其在行業內的領導地位。

Furthermore, the Group has been committed to integrating
environmental, social, and governance (ESG) considerations into
the core of its corporate strategy and operational management,
while continuously improving its corporate governance structure. In
March 2026, the Group newly established a Board-level Strategy and
Sustainable Development Committee to promote the alignment of
sustainable development with the Group’s long-term strategy, deeply
implement the board (the “Board”) of directors’ (the “Directors”)
regulatory framework and policy direction, and enhance the level of
corporate compliance and governance and recognition in the capital
markets.

此外，本集團致力將環境、社會和治理融入企
業戰略核心和經營管理，持續完善公司治理結
構 。 二 零 二 六 年 三 月 ， 本 集 團 新 設 董 事（「 董
事」）會（「董事會」）層級的戰略及可持續發展委
員會，促進可持續發展與企業長期戰略同頻共
振，深度貫徹董事會監管框架與政策導向，提
升企業合規治理水平與資本市場認可度。

Upholding the concept of sustainable development, the Group has
actively fulfilled its comprehensive responsibilities to the economy,
environment, and society. The Group fully supported the national
“dual carbon” policy, continuously optimizing green technologies and
solutions to drive product upgrades and process innovation, with
an aim to promote the green and low-carbon transformation of the
industry. In March 2026, BYD Precision Manufacture Co., Ltd. (比亞
迪精密製造有限公司), a subsidiary of the Group, was awarded the
title of 2025 “National Green Factory” by the Ministry of Industry and
Information Technology. The Group has advanced the construction
of green factories across three key dimensions, namely green energy,
smart manufacturing and operational systems. Through technological
innovation and energy-saving upgrades, the Group minimised energy
consumption and emissions, and leveraging intelligent platforms and
digital management, it promoted the operation of the “Intelligence+”
system to comprehensively facilitate the intelligent upgrades of green
factories, thereby achieving sustainable development. Meanwhile,
the Group actively engaged in public welfare and charitable causes,
continuously donating supplies and providing support to those in need.
Through concrete actions, it gave back to society, demonstrating a
high sense of responsibility and compassion as a corporate citizen.

本集團秉持可持續發展理念，積極履行對經
濟、環境與社會的綜合責任，全力響應國家
「雙碳」政策，不斷優化綠色技術及解決方案，
推動產品升級與工藝革新，致力於促進行業綠
色低碳轉型。二零二六年三月，本集團旗下比
亞迪精密製造有限公司榮獲國家工信部頒發二
零二五年度「國家級綠色工廠」稱號。本集團
圍繞綠色能源、智造及體系三大維度推進綠色
工廠建設，透過技術創新與節能改造最小化能
耗排放，並藉助智能化平台與數字化管控推動
「智能+」體系運行，全面賦能綠色工廠智能化
升級，實現可持續發展。同時，本集團積極投
身公益慈善事業，持續向有需要群體捐贈物資
與提供支援，以實際行動回饋社會，展現企業
公民的高度責任感與溫度。

12

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

FUTURE STRATEGY

未來策略

Looking ahead to the second half of 2026, despite numerous global

展望二零二六年下半年，儘管全球政治及經濟

political and economic uncertainties, China’s economy remains on

局勢面臨諸多不確定性，中國經濟基礎穩健、

a solid footing and exhibits strong resilience. The fundamentals for

韌性強勁，長期向好的基本面依然牢固。國家

sustained long-term growth remain robust. The Chinese government

將針對性出台更多精準的宏觀政策與促進措

is expected to introduce more targeted macroeconomic policies and

施，全方位擴大內需，持續優化經濟結構及提

stimulus measures to comprehensively boost domestic demand.

升發展動能，推動經濟平穩運行、向新向優發

This will drive continuous optimisation of the economic structure,

展。國家政策將持續聚焦智能化轉型及「AI+製

enhance growth momentum, and promote the steady, innovative

造」深度融合，重點支持新能源汽車、AI與高端

and high-quality development of the economy. National policies

芯片等電子智能製造領域，積極培育壯大新興

will continue to prioritise intelligent transformation and the deep

產業和未來產業，帶動高端製造、新興消費及

integration of “AI + Manufacturing”, with a focus on sectors such

新業態新模式加速釋放增長潛力。二零二六年

as new energy vehicles, AI and high-end chip manufacturing within

七月，國務院發佈《擴大消費「十五五」規劃》，

the electronic and intelligent manufacturing industry. Efforts will be

強調增加人工智能手機和電腦、智能穿戴、智

intensified to cultivate and expand emerging industries and future

能機器人等新一代智能終端產品的有效供給，

industries, accelerating the release of growth potential in high-end

支持家居家電智能化升級，全鏈條促進汽車消

manufacturing, emerging consumption and new business models

費，深入推進「人工智能+消費」 高質量發展。

and forms. In July 2026, the State Council released the “15th Five-

作為全球領先的高科技創新產品提供商，本集

Year Plan for Expanding Consumption”, which emphasises enhancing

團將持續投入核心技術研發，提升高端製造與

the effective supply of new-generation smart terminal products such

創新實力，鞏固垂直整合競爭壁壘，深化與重

as AI-powered mobile phones and computers, smart wearables,

點客戶的戰略合作，積極佈局未來產業高地。

and intelligent robots, supporting the intelligent upgrading of home

在穩固智能終端行業領先優勢的同時，新能源

furnishings and appliances, promoting automobile consumption along

汽車業務將持續成長，AI算力基礎設施等新興

the entire industry chain, and advancing the high-quality development

業務加速發展，共同推動本集團的高質量發展。

of “AI + consumption”. As a globally leading provider of high-tech
innovative products, the Group will continue to invest in the R&D of
core technologies, enhance high-end manufacturing and innovation
capabilities, consolidate its competitive advantages built on vertical
integration, deepen strategic cooperation with major clients, and
proactively position itself in high-potential future industries. While
consolidating its leading position in the smart terminal industry, the
Group will maintain the growth momentum of its new energy vehicle
business and accelerate the development of emerging businesses
such as AI computing infrastructure, thus collectively driving the
Group’s high-quality development.

二零二六年中期報告
比亞迪電子（國際）有限公司

13

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the smart terminal sector, in the short term, prolonged supply

智能終端業務方面，短期來看，受存儲器等核

shortages and rising prices of core components such as memory

心零部件供應持續短缺及價格上行影響，整機

chips are expected to sustain elevated hardware costs and drive

成本仍將承壓並推高終端售價，預期將持續壓

up selling prices of terminals, and therefore it is expected that the

制市場需求的釋放。Counterpoint Research

release of market demand will continue to be dampened. According

最新報告預測，二零二六年全球智能手機出貨

to the latest forecasts of Counterpoint Research, global smartphone

量將按年下跌13.9%。長期而言，隨着通用AI

shipments are expected to decline by 13.9% year on year in 2026.

及AI智能體加速與終端硬件融合，各類終端產

In the long term, as general AI and AI agents accelerate integration

品正從「被動工具」向「智能交互入口」升級，

with terminal hardware, a broad spectrum of terminal products are

開啟新一輪的產業變革。本集團在AI手機、智

evolving from “passive tools” into “intelligent interaction gateways”,

能穿戴、智能家居等多元智能終端領域的前瞻

ushering in a new round of industrial transformation. The Group’s

佈局，有望受益於本輪科技升級週期帶來的機

forward-looking approach in business presence in the fields of AI

遇。本集團在智能終端領域擁有深厚的技術壁

smartphones, smart wearables, smart home and other diversified

壘及廣泛的生態協同，並與全球主流品牌建立

smart terminals is expected to benefit from the opportunities brought

長期合作關係，這些核心優勢使本集團有信心

by this round of technological upgrading cycle. The Group has built

精準把握 AGI 與 AI 智能體帶來的新機遇。依託

deep technological moats and broad ecosystem synergies in the

在智能終端領域積累的深厚技術壁壘、廣泛的

smart terminal sector, along with long-term partnerships with major

生態協同及與全球主流品牌的長期合作基礎，

global brands. These core strengths underpin the Group’s confidence

本集團已前瞻佈局AI手機、智能穿戴、智能家

in precisely seizing the new opportunities presented by AGI and AI

居等多元智能終端產品，有望精準把握 AGI 與

agents. Relying on high technological moats built in the smart terminal

AI智能體帶來的新機遇。作為全球領先的高科

sector, extensive ecological collaboration and long-term cooperation

技創新產品提供商，本集團將持續深化與客戶

with global mainstream brands, the Group has taken a forward-looking

在高端產品的戰略合作，緊密配合客戶的創新

approach in developing diversified smart terminal products such as AI

步伐，全力確保新項目高質量落地。隨着大客

smartphones, smart wearables and smart home, and is expected to

戶新一輪產品週期的全面鋪開與技術升級迭

accurately grasp the new opportunities brought by AGI and AI agents.

代，智能終端業務有望在明年迎來結構性復

As a globally leading provider of high-tech innovative products, the

甦。同時，本集團將積極把握AI浪潮，開拓高

Group will continue to deepen strategic cooperation with customers

潛力新品類與新興市場，推動智能終端業務向

on high-end products, closely align with customers’ innovation

新一輪AI終端增長曲線延伸，鞏固其在全球高

pace, and fully ensure the high-quality delivery of new projects. With

端智能終端供應鏈中的領先優勢及核心地位。

the full rollout of major customers’ products in the new cycle and
technological iterations, the smart terminal business is expected to
achieve a structural recovery in the coming year. Meanwhile, the
Group will actively embrace the AI wave by exploring high-potential
new categories and emerging markets, and extending its smart
terminal business along a new AI terminal growth curve, to consolidate
its leading position and core role in the global high-end smart terminal
supply chain.

14

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the new energy vehicle sector, China’s new energy vehicle

新能源汽車業務方面，中國新能源汽車產業正

industry is transitioning from “scale expansion” towards a new phase

由「規模擴張」邁向「質量提升」與「價值重塑」

defined by “quality enhancement” and “value reshaping”. Focuses

的新階段，行業競爭重心由價格與配置比拼，

of competition in the industry are gradually shifting from price and

逐步轉向技術架構、智能化體驗、供應鏈效率

configuration to the holistic technology architecture, intelligent user

及品牌力的綜合較量。中國自主品牌憑藉在電

experience, supply chain efficiency, and brand strength. Building on

動化、智能化及產業鏈協同方面的持續積累，

their sustained accumulation in electrification, intelligent technologies,

加快由產品輸出走向研發、製造及服務一體化

and industrial chain collaboration, Chinese domestic brands are

的全球佈局，海外市場認可度與滲透率持續提

accelerating their transition from product exports to an integrated

升。中國汽車工業協會預測，二零二六年中國

global presence that spans R&D, manufacturing, and services,

新能源汽車銷量增長15.2%至1900萬輛。隨着

steadily boosting their recognition and market penetration in overseas

自動駕駛政策、標準與商業模式逐步成熟，車

markets. The China Association of Automobile Manufacturers

載算力平台、端到端智能駕駛算法、智能座艙

forecasts that China’s new energy vehicle sales will increase by

的規模化應用，推動城市NOA等高階智駕功能

15.2% to 19 million units in 2026. As autonomous driving policies,

正加速向主流價位車型滲透，進而帶動智能化

standards, and business models gradually mature, the large-scale

系統解決方案與高性能核心零部件需求提升。

application of in-vehicle computing platforms, end-to-end intelligent

其中，主動懸架系統主動施力對抗顛簸與側

driving algorithms and smart cockpit technologies is accelerating the

傾，結合高階預瞄感知力，大幅提升汽車的舒

penetration of advanced intelligent driving functions such as urban

適性與操控性，滲透勢有望持續提升，推動應

NOA into mainstream-priced vehicle models, thereby driving increasing

用向中低價位下沉。本集團緊抓汽車智能化加

demand for intelligent system solutions and high-performance core

速落地的戰略窗口，充分發揮長期積淀的技術

components. In particular, active suspension systems, by actively

底蘊與經驗優勢，已構建多元化的產品矩陣，

applying force to counteract road irregularities and body roll,

將持續受益於汽車智能化進程的不斷深化。面

combined with advanced preview sensing capabilities, substantially

向未來，本集團將持續投入研發，以技術優勢

enhance both ride comfort and vehicle handling. As a result, their

保障產品競爭力，並積極拓展客戶版圖，持續

penetration rate is expected to continue rising, driving wider adoption

深化與全球整車企業的戰略合作，致力成為新

across mid-to-low-priced vehicle models. Seizing a window of

能源汽車智能化與高端化的領先解決方案提供

strategically accelerating application of automotive intelligence, the

商。

Group fully leveraged its long-standing technological expertise and
experience, and has built a diversified product portfolio, positioning it
to continue benefiting from the deepening of automotive intelligence.
Going forward, the Group will sustain its R&D investments, leveraging
its technological advantages to ensure product competitiveness. It
will also actively broaden its customer base, and continuously deepen
strategic partnerships with global automakers, with an aim to become
a leading provider of intelligent and premium solutions for new energy
vehicles.

二零二六年中期報告
比亞迪電子（國際）有限公司

15

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the AI computing infrastructure sector, ongoing breakthroughs

AI算力基礎設施業務方面，隨着AI技術的持續

in AI technology, coupled with the deepening of global digital

突破疊加全球數字化轉型的縱深推進，算力需

transformation, are driving explosive growth in computing power

求持續爆發增長，AI數據中心市場繼續駛入規

demand. The AI data center market continues to enter a fast-growing

模化建設與高速增長的快車道。IDC預計，二

phase characterised by large-scale deployment and accelerated

零二六年全球AI算力基礎設施支出將達到4,970

expansion. According to IDC, global spending on AI computing

億美元，到二零二九年將突破萬億規模，達

infrastructure is expected to reach US$497.0 billion in 2026 and

1.08 萬億美元。同時，超大規模算力格局仍在

exceed US$1 trillion by 2029, reaching US$1.08 trillion. Meanwhile,

持續演變，資本開支的增長動能從傳統大型雲

the landscape of hyperscale computing infrastructure continues to

服務商向外擴展至新型雲廠商、AI實驗室等主

evolve. The growth momentum of capital expenditure is expanding

體，將進一步拓展服務器、液冷、高壓電源及

beyond traditional major cloud service providers to include emerging

高速互聯等相關產品的市場空間，推動產品迭

cloud service providers, AI laboratories and other participants. This

代升級及規模化應用。此外，數據中心建設也

will further expand the market opportunities for related products such

成為產業關注的核心方向。傳統數據中心存在

as servers, liquid cooling, high-voltage power supplies and high-speed

建設週期長、能耗高、擴展性差等痛點問題，

interconnects, while driving the upgrades and large-scale application

難以適配智算場景下業務快速上線、算力彈性

of products. In addition, data center development has become a key

擴容的發展需求。而模塊化數據中心(MDC)憑

focus of the industry. Traditional data centers face challenges such

藉其高效、節能、靈活的特點，正逐步成為數

as long construction cycles, high energy consumption and limited

據中心建設的新趨勢。面向AI算力產業高速發

scalability, making them less suitable for the rapid deployment of

展的戰略機遇期，本集團將持續深耕核心技術

applications and flexible expansion of computing capacity required

能力建設，完善服務器、液冷、高壓電源及高

in intelligent computing scenarios. Against this backdrop, modular

速互聯等產品矩陣，重點佈局高潛力、高盈

data centers (MDCs), with their advantages in efficiency, energy

利能力的細分賽道，構建覆蓋精密零部件、功

conservation and flexibility, are gradually becoming a new trend in data

能模組到完整系統的全棧解決方案。一方面，

center development. Facing the strategic opportunity arising from the

本集團將加大研發投入，緊跟下一代AI計算平

rapid growth of the AI computing infrastructure industry, the Group will

台及數據中心架構演進，以技術創新推動產品

continue to strengthen its core technological capabilities, and enhance

迭代及落地。本集團將積極拓展新客戶群體，

its product portfolio covering servers, liquid cooling, high-voltage

進一步擴大服務器的業務規模；加快液冷產品

power supplies and high-speed interconnect products, with focus on

規模化量產節奏，並與全球領先客戶共同推動

high-potential and high-profitability market segments, to establish full-

新一代產品的研發和迭代升級；同步推進高壓

stack solutions covering precision components, functional modules

電源、高速互聯等新產品的開發認證及客戶導

and complete systems. On the one hand, the Group will increase its

入。另一方面，面向AI高密度算力擴張建設需

R&D investment, closely follow the evolution of next-generation AI
computing platforms and data center architectures, and drive product
iteration and commercialisation through technological innovation. The
Group will actively expand its new customer base and further scale
up its server business. It will accelerate the mass production of liquid
cooling products and collaborate with global leading customers to
advance the R&D and iterative upgrades of next-generation products.
Meanwhile, the Group will continue to advance the development,
certification and customer adoption of new products, including
high-voltage power supply systems and high-speed interconnect
products. On the other hand, in response to the growing demand
for high-density AI computing infrastructure deployment, the Group
16

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

will leverage its advantages in self-developed core components to

求，本集團將充分發揮核心部件自研優勢，打

establish integrated R&D and manufacturing capabilities across the

通配電、機櫃、CDU等全鏈路設備的研發和

entire value chain including power distribution systems, server racks

生產，實現產品模塊化拆分、按需深度定制，

and CDUs, and through modularised product architectures and highly

為客戶提供高效節能穩定可靠的解決方案。未

customised solutions tailored to specific customer requirements, the

來，AI算力基礎設施業務將帶動本集團進入新

Group will provide customers with efficient, energy-saving, stable

一輪的增長週期，成為本集團中長期發展的重

and reliable solutions. Going forward, the AI computing infrastructure

要增長引擎。

business is expected to lead the Group into a new growth cycle and
serve as a key growth engine for the Group’s medium to long-term
development.
With its long-standing commitment to technological R&D and

本集團長期深耕技術研發與創新，已構建覆蓋

innovation, the Group has established a comprehensive technical

創新材料與工藝、精密模具、產品設計及開

team covering key areas including innovative materials and processes,

發、自動化及信息化等關鍵領域的全鏈條技術

precision molds, product design and development, automation

團隊，持續鞏固核心競爭優勢。依託深厚的技

and information technology, continuously strengthening its core

術積累，本集團緊抓市場發展機遇，深度挖掘

competitive advantages. Leveraging its deep technological expertise,

核心客戶價值，積極拓寬業務邊界。本集團業

the Group will seize market opportunities, delve into the value of its

務已實現戰略延伸，成功從智能終端、新能源

core clients, and actively expand its business horizons. The Group

汽車拓展至AI算力基礎設施等多元賽道，增長

has achieved strategic business expansion, successfully extending its

模式亦從精密製造驅動轉型為研發創新驅動。

business operations from smart terminals and new energy vehicles to

展望未來，本集團將不斷強化自主創新與研發

diversified sectors including AI computing infrastructure. Its growth

能力，力爭在新一輪產業週期中搶佔先機，並

model has also transitioned from precision manufacturing-driven to

全面推進智能製造升級，致力實現高質量、可

R&D innovation-driven. Looking ahead, the Group will continuously

持續發展，為客戶與股東創造更大價值。

strengthen its independent innovation and R&D capabilities, strive to
seize first-mover advantages in the new round of the industrial cycle,
and comprehensively advance smart manufacturing upgrades. The
Group is committed to achieving high-quality, sustainable development
and creating greater value for customers and shareholders.

二零二六年中期報告
比亞迪電子（國際）有限公司

17

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
FINANCIAL REVIEW

財務回顧

During the Period under review, revenue increased by 2.02% as

回顧期內，營業額較去年同期上升2.02%，母

compared to the same period of the previous year, and profit

公司擁有人應佔溢利較去年同期下降75.35%，

attributable to owners of the parent company decreased by 75.35%

主要是產品結構變化和匯率波動產生的匯兌損

as compared to the same period of the previous year, mainly due

失的影響。

to changes in product mix and foreign exchange losses arising from
fluctuations in foreign exchange rates.

SEGMENT INFORMATION

分部資料

The following charts set out comparisons of geographical segments by

以下為本集團於期內及截至二零二五年六月

locations of customers of the Group for the Period and the six months

三十日止六個月按客戶所在地分析的地區分部

ended 30 June 2025:

比較：
PRC (including Hong Kong,
PRC (including Hong Kong,
Macau and Taiwan)
Macau and Taiwan)
中國（包括港澳台地區）
中國（包括港澳台地區）
36%
36%

PRC (including Hong Kong,
PRC (including Hong Kong,
Macau and Taiwan)
Macau and Taiwan)
中國（包括港澳台地區）
中國（包括港澳台地區）
35%
35%

2025H1

2026H1

二零二五年
上半年

二零二六年
上半年
Overseas
Overseas
海外
海外
64%
64%

Overseas
Overseas
海外
海外
65%
65%

GROSS PROFIT AND GROSS PROFIT MARGIN

毛利及毛利率

The Group’s gross profit for the Period decreased by approximately

本集團期內的毛利下降約27.18%至人民幣

27.18% to RMB4,037 million and gross profit margin decreased from

4,037 百萬元，毛利率由二零二五年上半年約

approximately 6.88% in the first half of 2025 to approximately 4.91%

6.88%下降至期內約4.91%，毛利率下降主要

during the Period, which was mainly due to changes in product sales

原因是產品銷售結構的變化。

mix.

LIQUIDITY AND FINANCIAL RESOURCES

流動資金及財務資源

During the Period, the Group recorded operating cash inflow of

期內，本集團錄得經營現金流入約人民幣 844

approximately RMB844 million, compared with cash inflow of

百萬元，而二零二五年上半年則錄得現金流入

approximately RMB10,002 million in the first half of 2025. The

約人民幣10,002百萬元，本集團期內現金流入

decrease in cash inflow of the Group during the Period was mainly

減少主要是銷售商品，提供勞務收到的現金減

due to the decrease in cash received for sales of goods and rendering

少所致。截至二零二六年六月三十日，本集團

services. As of 30 June 2026, the Group had interest-bearing

計息銀行及其他借款約人民幣7,080百萬元（二

bank and other borrowings of approximately RMB7,080 million (31

零二五年十二月三十一日：人民幣 7,184 百萬

December 2025: RMB7,184 million). The maturity profile of the

元）。計息銀行及其他借款在一年內到期。

interest-bearing bank and other borrowings thereof spreads over a
period of one year.

18

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

The Group maintained sufficient liquidity to meet daily liquidity

本集團擁有足夠的流動性以滿足日常流動資金

management and capital expenditure requirements, and control

管理及資本開支需求，並控制內部經營現金流

internal operating cash flows. The Group ’s requirements for

量。本集團借款需求不受季節性影響。期內，

borrowings are unaffected by seasonality. For the Period, turnover

應收貿易賬款及應收款項融資的週轉天數約為

days of trade receivables and receivables financing were approximately

36 日，而截至二零二五年六月三十日止六個

36 days, as compared to approximately 56 days for the six months

月，則約為56 日，變化的主要原因為應收賬

ended 30 June 2025. The change was mainly due to the year-on-year

款平均餘額的同比增幅比營業收入的同期增幅

increase in the average balance of trade receivables being lower than

小。存貨週轉天數截至二零二五年六月三十日

the corresponding increase in revenue. Inventory turnover days were

止六個月及期內均約為47日，無變化。

approximately 47 days for both the six months ended 30 June 2025
and the Period, which showed no change.

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

risk management which operates according to policies implemented

管理工作，並根據高級管理層實行批核的政策

and approved by senior management. As at 30 June 2026, the Group

運作。於二零二六年六月三十日，本集團計

had interest-bearing bank and other borrowings of approximately

息銀行及其他借款約人民幣 7,080 百萬元（二

RMB7,080 million (31 December 2025: RMB7,184 million), which were

零二五年十二月三十一日：人民幣 7,184 百萬

settled in RMB and arranged on a fixed-rate basis, and the Group’s

元），以人民幣結算，按固定利率計息，而本

cash and cash equivalents were primarily held in RMB and US dollars.

集團的現金及現金等價物主要以人民幣及美元

The Group’s current bank deposits and cash balances as well as

持有。本集團目前的銀行存款和現金結存，以

the Group’s credit facilities and net cash generated from operating

及本集團信貸額度和經營活動提供的淨現金將

activities will be sufficient to satisfy the Group’s material commitments

足以滿足本集團的重大承諾和預期營運資金需

and the expected working capital requirements, capital expenditure,

求、資本開支、業務擴展、投資和至少未來

business expansion, investments and debt repayment for at least the

十二個月的債務償還。

next twelve months.
The Group monitors capital using a gearing ratio, which is net liabilities

本集團使用資本負債比率（即淨負債除以權益）

divided by equity. Net liabilities include interest-bearing liabilities less

監察其資本。淨負債包括有息負債，並扣除現

cash and bank balances. Equity represents equity attributable to

金及銀行結餘。權益為母公司擁有人應佔權

owners of the parent. The Group’s policy is to maintain the gearing

益。本集團的政策為將資本負債比率盡可能保

ratio as low as possible. As of 30 June 2026, the gearing ratio of the

持最低。截至二零二六年六月三十日，本集團

Group was 9.78% (31 December 2025: -13.53%).

的資本負債比率為 9.78%（二零二五年十二月
三十一日：-13.53%）。

SIGNIFICANT INVESTMENT HELD

所持重大投資

The Group did not have any significant investments during the Period.

期內本集團概無任何重大投資。

二零二六年中期報告
比亞迪電子（國際）有限公司

19

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

MATERIAL ACQUISITIONS AND DISPOSALS OF
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
AND FUTURE PLANS FOR MATERIAL INVESTMENTS OR
ADDITIONS OF CAPITAL ASSETS

重大收購及出售附屬公司、聯營公司及合
營企業以及未來作重大投資或購入資本資
產的計劃

During the Period under review, there was no material acquisition and

於回顧期內，概無其他重大收購及出售附屬公

disposal of subsidiaries, associates and joint ventures. There was

司、聯營公司及合營企業。於本中期報告日

no plan authorised by the Board of the Company for other material

期，本公司董事會概無授權任何重大投資或購

investments or additions of capital assets as at the date of this interim

入資本資產的計劃。

report.

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

US dollars. During the Period, to manage the foreign exchange risk

算。期內，為管理美元收入及支出帶來的外匯

arising from US dollar income and expenditure, the Group entered

風險，本集團訂立若干外幣遠期合約、匯率掉

into several foreign currency forward contracts, foreign exchange

期合約以及組合產品，以對沖部分外匯風險。

swap contracts and portfolio products to hedge part of the foreign

期內，本集團並無因貨幣匯率的波動而令其營

exchange risk. During the Period, the Group did not experience any

運或流動資金出現任何重大困難或影響。董事

significant difficulties in or impacts on its operations or liquidity due

相信，本集團將有充足外匯應付其外匯需要。

to fluctuations in currency exchange rates. The Directors believe that
the Group will have sufficient foreign exchange to meet its own foreign
exchange needs.

CHARGE ON ASSETS

資產抵押

As at 30 June 2026, the Group had no charge on assets (as at 31

於二零二六年六月三十日，本集團無任何資產

December 2025, dedicated bank deposits amounted to approximately

抵押（於二零二五年十二月三十一日，專款專

RMB2,809,749,000).

用的銀行存款約為人民幣2,809,749,000元）。

EMPLOYMENT, TRAINING AND DEVELOPMENT

僱用、培訓及發展

As at 30 June 2026, the Group had approximately 162,500

於二零二六年六月三十日，本集團僱用約

employees. During the Period, total staff cost accounted for

16.25 萬名僱員。期內，員工成本總額佔本集

a p p r o x i m a t e l y 11.47% o f t h e G r o u p’ s r e v e n u e . E m p l o y e e s’

團營業額約 11.47%。本集團按僱員的表現、

remuneration was determined on the basis of the employees’

資歷及當時的行業慣例釐定給予僱員的報酬，

performance, qualification and prevailing industry practices, with

而酬金政策會定期檢討。根據年度工作表現評

compensation policies being reviewed on a regular basis. Bonuses

核，僱員或會獲發花紅及獎金。獎勵的發放乃

and rewards may also be awarded to employees based on their

作為個人推動力的鼓勵。董事會於二零二五年

annual performance evaluation. Incentives were offered to encourage

三月十七日決議採用股份獎勵計劃。有關股份

personal motivation. On 17 March 2025, the Board resolved to adopt

獎勵計劃的更多詳情，請參閱本公司日期為二

a share award scheme. For further details of the share award scheme,

零二五年三月十七日、二零二五年七月九日及

please refer to the Company’s announcements dated 17 March 2025,

二零二六年三月二十七日的公告。

9 July 2025 and 27 March 2026.

20

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Since 2021, the Group has standardised a three-tier training

自二零二一年起，本集團為新員工規範三級培

framework for new staff members and has carried out specific

訓框架，並開展具體培訓。三級培訓框架的科

training. The subjects, hours and assessment methods of the three-

目、時間和考核方法已明確規定，並根據員工

tier training framework are clearly stated, and safety training materials

工作性質起草安全培訓材料和考核問題。新員

and examination questions are drafted according to the job nature of

工在履新前必須參加培訓並通過考核。

employees. New employees are required to attend the training and
pass the examination before taking on the job.

SHARE CAPITAL

股本

As at 30 June 2026, the share capital of the Company was as follows:

於二零二六年六月三十日，本公司的股本如
下：

Number of issued ordinary shares: 2,253,204,500.

已發行普通股份數目：2,253,204,500。

CAPITAL COMMITMENT

資本承擔

As at 30 June 2026, the Group had capital commitments of

於二零二六年六月三十日，本集團的資本承

approximately RMB408 million (31 December 2025: approximately

擔達約人民幣 408 百萬元（二零二五年十二月

RMB700 million).

三十一日：約人民幣700百萬元）。

EVENTS AFTER THE REPORTING PERIOD

報告期後事項

No other subsequent events occurred that materially affected the

於二零二六年六月三十日後及直至本中期報日

Group’s financial condition or operation after 30 June 2026 and up to

期，並無發生對本集團財務狀況或營運產生重

the date of this interim report.

大影響的其他期後事項。

二零二六年中期報告
比亞迪電子（國際）有限公司

21

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS
AND SHORT POSITIONS IN SHARES

董事及最高行政人員於股份中的權益
及淡倉

As at 30 June 2026, the interests or short positions of the Directors

於二零二六年六月三十日，本公司董事及最高

and chief executive of the Company in the ordinary shares and

行政人員於本公司或其相聯法團（定義見香港

underlying shares of the Company or its associated corporations

法例第571 章證券及期貨條例（「證券及期貨條

(within the meaning of Part XV of the Securities and Futures Ordinance

例」）第XV部）的普通股份及相關股份中，擁有

(Chap. 571 of the Laws of Hong Kong) (the “SFO”)), which were

根據證券及期貨條例第XV部第7及第8分部須知

required to be notified to the Company and the Stock Exchange

會本公司及聯交所的有關權益或淡倉（包括彼

pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests

等根據證券及期貨條例有關條文被當作或視為

or short positions which they are taken or deemed to have under such

擁有的權益或淡倉），或根據證券及期貨條例第

provisions of the SFO) or were required, pursuant to Section 352 of

352 條須記錄於該條文所指的登記冊內，或根

the SFO, to be recorded in the register referred to therein or were

據聯交所證券上市規則（「上市規則」）附錄 C3

required, pursuant to the Model Code for Securities Transactions by

所載上市發行人董事進行證券交易的標準守則

Directors of Listed Issuers (the “Model Code”) as set out in Appendix

（「標準守則」）須知會本公司及聯交所的有關權

C3 under the Rules Governing the Listing of Securities on the Stock

益或淡倉如下：

Exchange (the “Listing Rules”) to be notified to the Company and the
Stock Exchange were as follows:

Name of director

Name of company

Capacity

董事姓名

公司名稱

身份

Mr. Wang Nian-qiang
王念強先生

The Company
本公司
BYD
比亞迪

Beneficial owner and
beneficiary
實益擁有人及受益人
Beneficial owner
實益擁有人

The Company
本公司

Beneficial owner
實益擁有人

Mr. Jiang Xiang-rong
江向榮先生

Interest of spouse
配偶權益
BYD
比亞迪

Beneficial owner
實益擁有人

Mr. Wang Bo
王渤先生

The Company
本公司

Beneficiary
受益人

Mr. Wang Chuan-fu
王傳福先生

BYD
比亞迪

Beneficial owner
實益擁有人

22

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

Number of
issued shares
held
持有已發行
股份數目
17,102,0001
(long position)
（好倉）
54,899,2202
(long position)
（好倉）
95,0973
(long position)
（好倉）
270,000
(long position)
（好倉）
22,5684
(long position)
（好倉）
2,805,0005
(long position)
（好倉）
1,555,054,6506
(long position)
（好倉）

Approximate
percentage of
total issued
shares of that
company
佔該公司已發行
股份總數的
概約百分比
0.76%

0.60%

(<0.01%)

0.01%

(<0.01%)

0.12%

17.06%

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Notes:

附註：

1.

1.

Of which 8,500,000 shares are held by Mr. Wang Nian-qiang and

其中有 8,500,000 股股份由王念強先生持有及

8,602,000 shares are held by Gold Dragonfly Limited (“Gold Dragonfly”), a

8,602,000 股股份由 Gold Dragonfly Limited

company incorporated in the British Virgin Islands and wholly owned by BF

（「Gold Dragonfly」）持有，後者為一家於英屬處

Gold Dragon Fly (PTC) Limited (“BF Trustee”) as the trustee of BF Trust,

女群島註冊成立的公司，由BF Gold Dragon Fly

the beneficiaries of which include Mr. Wang Nian-qiang.

(PTC) Limited（「BF Trustee」）作為BF Trust（王
念強先生為該信託的其中一位受益人）的受託人
全資擁有。

2.

These are A shares of BYD held by Mr. Wang Nian-qiang. The total share

2.

該等股份為王念強先生持有的比亞迪A股。於二

capital of BYD as at 30 June 2026 was RMB9,117,197,565, comprising

零二六年六月三十日，比亞迪的總股本為人民幣

5,433,797,565 A shares and 3,683,400,000 H shares, all of which have

9,117,197,565元，包含5,433,797,565股A股及

a par value of RMB1 each. The A shares of BYD held by Mr. Wang Nian-

3,683,400,000 股H股，彼等股份面值均為人民

qiang represented approximately 1.01% of the total issued A shares of

幣1 元。而王念強先生持有比亞迪之 A股，相當

BYD as at 30 June 2026.

於二零二六年六月三十日比亞迪已發行A股總數
約1.01%。

3.

These are 95,097 underlying shares granted to Mr. Jiang Xiang-rong

3.

該等股份為根據董事會於二零二五年三月十七日

on 9 July 2025 but not yet vested pursuant to the share award scheme

決議採用的股份獎勵計劃，並於二零二五年七月

adopted on 17 March 2025 by way of a Board resolution. A total of

九日授予江向榮先生但尚未歸屬的95,097 股相

135,853 underlying shares were granted to Mr. Jiang Xiang-rong under

關股份。該股份獎勵計劃合共授予江向榮先生

the share award scheme, and since the Company’s performance appraisal

135,853股相關股份，其中該股份獎勵計劃未達

indicators for the first unlocking tranche under the share award scheme

第一個解鎖期的本公司業績考核指標，授予持有

were not met, 30% of the Underlying Shares (namely the award shares

人的30%標的股票（即第一個解鎖期相應的獎勵

corresponding to the first unlocking tranche totaling 40,756 underlying

股份共40,756 股相關股份）不會解鎖（即不會歸

shares) granted to the holder were not unlocked (i.e. not vested). For

屬），進一步詳情請參閱本公司日期為二零二六

further details, please refer to the announcement of the Company dated

年三月二十七日的公告。

27 March 2026.
4.

These are 22,568 underlying shares granted to Mr. Jiang Xiang-rong on

4.

該等股份為根據比亞迪於二零二五年四月十五日

23 May 2025 but not yet vested pursuant to the 2025 employee share

舉行的臨時股東會上批准採納的二零二五年員工

ownership plan approved by BYD at its extraordinary general meeting

持股計劃，並於二零二五年五月二十三日授予

held on 15 April 2025. A total of 32,240 underlying shares were granted

江向榮先生但尚未歸屬的22,568 股相關股份。

to Mr. Jiang Xiang-rong under the 2025 employee share ownership

該二零二五年員工持股計劃合共授予江向榮先

plan, and since the Company’s performance appraisal indicators for the

生32,240 股相關股份，其中該二零二五年員工

first unlocking tranche under the 2025 employee share ownership plan

持股計劃未達第一個解鎖期的本公司業績考核指

were not met, 30% of the Underlying Shares (namely the award shares

標，授予持有人的30%標的股票（即第一個解鎖

corresponding to the first unlocking tranche totaling 9,672 underlying

期相應的獎勵股份共9,672 股相關股份）不會解

shares) granted to the holder were not unlocked (i.e. not vested). For

鎖（即不會歸屬），進一步詳情請參閱比亞迪於

further details, please refer to the circular published by BYD on 21 March

二零二五年三月二十一日發佈的通函。

2025.

二零二六年中期報告
比亞迪電子（國際）有限公司

23

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
5.

These shares are held by Gold Dragonfly, a company wholly owned by

5.

該等股份由Gold Dragonfly持有，而Gold

BF Trustee as the trustee of BF Trust, one of the beneficiaries of which

Dragonfly為一家由BF Trustee作為BF Trust（王

includes Mr. Wang Bo.

渤先生為該信託的其中一位受益人）的受託人全
資擁有的公司。

6.

These are 1,540,871,550 A shares held by Mr. Wang Chuan-fu,
11,183,100 A shares held in No.1 Assets Management Plan through E

6.

該等股份為王傳福先生持有的比亞迪
1,540,871,550 股A股，通過易方達資產比亞迪

Fund BYD and 3,000,000 H shares of BYD held by Mr. Wang Chuan-

增持1號資產管理計劃持有的11,183,100股A股

fu, which represented approximately 28.56% and approximately 0.08%

及王傳福先生持有的比亞迪3,000,000 股H股，

of the total issued A shares and H shares of BYD as at 30 June 2026,

分別相當於二零二六年六月三十日比亞迪已發行

respectively.

A股總數約28.56%及H股總數約0.08%。

Save as disclosed above, none of the Directors or chief executive

除上文所披露者外，於二零二六年六月三十

had or was deemed to have any interests or short positions in any

日，董事或最高行政人員概無於本公司或其任

shares, underlying shares or debentures of the Company or any of its

何相聯法團（定義見證券及期貨條例第XV部）的

associated corporations (within the meaning of Part XV of the SFO) as

任何股份、相關股份或債券證中擁有或視為擁

at 30 June 2026.

有任何權益或淡倉。

DIRECTORS’ RIGHTS TO ACQUIRE SHARES

董事認購股份的權利

Save as disclosed under the heading “DIRECTORS’ AND CHIEF

除上文「董事及最高行政人員於股份中的權益

EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES”

及淡倉」所披露者外，於期內的任何時間，本

above, at no time during the Period was the Company, its holding

公司、其控股公司或其同系附屬公司及附屬公

company or any of its fellow subsidiaries and subsidiaries, a party to

司概無訂立任何安排，令本公司董事或最高行

any arrangements to enable the Directors or the chief executive of

政人員或其聯繫人可透過購入本公司或任何其

the Company or their associates to acquire benefits by means of the

他法團的股份而獲益。

acquisition of shares in the Company or any other body corporate.

24

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

SUBSTANTIAL SHAREHOLDERS

主要股東

As at 30 June 2026, so far as being known to the Directors, the

於二零二六年六月三十日，就董事所知，以下

following persons (other than the Directors and chief executive of

人士（不包括本公司董事及最高行政人員）於本

the Company) had interests or short positions in the ordinary shares

公司普通股及相關股份中，擁有根據證券及期

and underlying shares of the Company which were required to

貨條例第XV部第2及第3分部的規定須向本公司

be disclosed to the Company and the Stock Exchange under the

及聯交所披露或須記錄於本公司根據證券及期

provisions of Divisions 2 and 3 of Part XV of the SFO, or which were

貨條例第336條須存置登記冊內的權益或淡倉：

recorded in the register required to be kept by the Company under
Section 336 of the SFO:
Number of ordinary
shares in which the

Name of Shareholders

Nature of interest

股東名稱

權益性質

Golden Link Worldwide Limited
(“Golden Link”)

interested party has or

Approximate

is deemed to have

percentage of

interests or short

total issued

positions

shares

權益持有人持有或視為持有

佔已發行股份

權益或淡倉的普通股數目

總數的概約百分比

Beneficial interest (note)

1,481,700,000

65.76%

實益權益

(long position)

（附註）

Golden Link Worldwide Limited

（好倉）

（「Golden Link」）
BYD (H.K.) Co., Limited (“BYD HK”)
BYD (H.K.) Co., Limited（「BYD HK」）

1,481,700,000

Interest of controlled
corporation

65.76%

(long position)

(note)

受控制法團權益（附註）

（好倉）

BYD Company Limited (“BYD”)

Interest of controlled

1,481,700,000

比亞迪股份有限公司（「比亞迪」）

corporation (note)

(long position)

受控制法團權益（附註）
Note:

65.76%

（好倉）
附註：

BYD is the sole shareholder of BYD HK, which in turn is the sole shareholder of

比亞迪為BYD HK的唯一股東，而BYD HK則為

Golden Link. As such, both BYD HK and BYD were deemed to be interested in

Golden Link的唯一股東。因此，BYD HK及比亞迪均

the shares of the Company held by Golden Link.

被視為於Golden Link持有的本公司股份中擁有權益。

Save as disclosed above, as at 30 June 2026, the Company had

除上文所披露者外，於二零二六年六月三十

not been notified by any persons (other than the Directors or chief

日，本公司並不知悉任何人士（本公司董事或

executive of the Company) who had interests or short positions in

最高行政人員除外）於本公司普通股或相關股

the ordinary shares or underlying shares of the Company which were

份中擁有根據證券及期貨條例第XV部第2及第3

required to be disclosed to the Company and the Stock Exchange

分部的規定須向本公司及聯交所披露或記錄於

under the provisions of Divisions 2 and 3 of Part XV of the SFO,

本公司根據證券及期貨條例第336 條須存置登

or which were recorded in the register required to be kept by the

記冊內的權益或淡倉。

Company under Section 336 of the SFO.
二零二六年中期報告
比亞迪電子（國際）有限公司

25

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

CORPORATE GOVERNANCE

企業管治

COMPLIANCE WITH THE CORPORATE GOVERNANCE
CODE (THE “CODE”)

遵守企業管治守則（「守則」）

The Board is committed to maintaining and ensuring high standards of

董事會致力維持並確保企業管治常規處於高水

corporate governance practices.

平。

The Board puts emphasis on maintaining a quality Board with the

董事會強調維持董事會的質素，各董事須具備

balance of skill set of Directors, high transparency and effective

不同的專長，透明度高而問責制度有效，務求

accountability system in order to enhance shareholders’ value. In the

提升股東價值。董事會認為，本公司於期內符

opinion of the Board, the Company had complied with the applicable

合上市規則附錄C1第二部分所載的適用守則條

provisions of the Code as set out in Part 2 of Appendix C1 to the

文。

Listing Rules during the Period.

COMPLIANCE WITH THE MODEL CODE FOR
SECURITIES TRANSACTIONS BY DIRECTORS OF
LISTED ISSUERS

遵守上市發行人董事進行證券交易的
標準守則

The Company has adopted the Model Code as set out in Appendix

本公司已採用上市規則附錄C3所載標準守則作

C3 to the Listing Rules as the Company’s code of conduct regarding

為本公司董事進行證券交易的操守守則。經向

securities transactions by its Directors. Specific enquiry has been

全體董事作出特定查詢後，各董事確認在期內

made to all Directors, who have confirmed that they had complied with

已遵守標準守則的規定標準。

the required standard set out in the Model Code during the Period.
Specified employees who are likely to be in possession of inside

可能擁有本集團內幕消息的指定人士亦須遵守

information of the Group are also subject to compliance with terms

標準守則條款。於期內，本公司並無發現違規

of the Model Code. No incident of non-compliance was noted by the

事件。

Company during the Period.

DISCLOSURE PURSUANT TO RULE 13.51B(1) OF THE
LISTING RULES

根據上市規則第13.51B(1)條進行的披
露

There was no information required to be disclosed pursuant to Rule

於本報告期內，概無資料須根據上市規則第

13.51B(1) of the Listing Rules during the Period.

13.51B(1)條予以披露。

26

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S
LISTED SECURITIES

買賣或贖回本公司上市證券

During the Period, neither the Company nor any of its subsidiaries

於期內，本公司或其任何附屬公司均概無買賣

purchased, sold or redeemed any listed securities (including sale of

或贖回本公司任何上市證券（包括出售庫存股

treasury shares) of the Company.

份）。

BOARD DIVERSITY POLICY

董事會多元化政策

The Board adopted a Board Diversity Policy in compliance with

董事會遵照守則第一部分 J 段採納董事會成員

Paragraph J of Part 1 of the Code.

多元化政策。

The Company recognises the importance of board diversity to

本公司認同董事會成員多元化對企業管治及董

corporate governance and an effective Board. The Board Diversity

事會行之有效的重要性，董事會成員多元化政

Policy aims to set out the approach to achieve Board diversity, so

策旨在列載為達致董事會成員多元化而採取的

as to ensure that the Board members possess appropriate skills,

方針，以確保董事會根據本公司業務所需具備

experience and diverse views necessary for the business of the

適當的技能、經驗及多元化觀點。董事會所有

Company. To realise Board diversity, all appointments of the Board

委任均以用人唯才為原則，將按年討論及協議

members will be made based on merit, and measurable objectives will

可計量目標，以落實董事會多元化。這些可計

be discussed and negotiated on an annual basis. Such measurable

量目標應包括但不限於性別、年齡、文化及教

objectives shall include, but are not limited to, gender, age, cultural

育背景、專業經驗、技能、知識及 ╱ 或服務年

and educational background, professional experience, skills,

期等，最終決定將基於人選的長處及可為董事

knowledge and/or terms of service, etc. The ultimate decision will be

會帶來的貢獻。本公司已確認及執行將協助發

based on merits and contributions that the selected candidates will

展更全面及更多樣化的熟練和經驗豐富的高級

bring to the Board. The Company has confirmed and implemented

管理人員的安排，經考慮本公司業務需求，提

the arrangement of skilled and experienced senior management,

名委員會認為現任董事會在技能、經驗、知識

as they will facilitate a more comprehensive and diversified

及獨立性方面充分表現多樣化格局。彼等之技

development. Having considered the business needs of the Company,

能將為其加入董事職位做好準備。

the Nomination Committee considers that the current Board is
sufficiently diversified in terms of its skills, experience, knowledge and
independence. Moreover, the skills they are equipped with will prepare
them prior to commencing their roles as Directors.
In terms of gender diversity, as at 30 June 2026, two of the members

在性別多元化方面，於二零二六年六月三十

of the current session of the Board were female, which shows an

日，本屆董事會其中兩名董事為女性，董事會

improvement in gender diversity in the Board. The Board will continue

性別多元化有所增進。董事會將繼續採取積極

to take proactive measures to ensure the gender diversity of Board

措施，確保董事會成員保持性別多元化，並著

members, and will emphasize on including gender as one of the

重將性別納入本公司實現董事會多元化的考量

factors to be taken into consideration by the Company for achieving

因素之一。

Board diversity.

二零二六年中期報告
比亞迪電子（國際）有限公司

27

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

The Company is committed to promoting gender diversity not only

本公司致力於促進董事會乃至整個員工隊伍的

within the Board but among its workforce generally. As at the date of

性別多元化。於本報告日期，本集團境內女性

this report, the number of domestic female employees of the Group

員工的數量約佔全體員工總人數的39.36%。董

accounted for approximately 39.36% of the total workforce. The Board

事會認為本集團員工隊伍目前已實現員工性別

is of the view that the Group has achieved gender diversity among

多元化。

employees.
The Group’s recruitment strategy is underpinned by the appointment

本集團的招聘策略為合適的崗位聘用合適的員

of the right employee for the right position, in order to achieve

工，從員工的性別、年齡、文化、及教育背

employee diversity for all employees (including the senior management)

景、專業經驗、技能及知識等方面實現全體員

in terms of gender, age, cultural and educational background,

工（包括高級管理人員）的多元化。

expertise, skills and know-how.

AUDIT COMMITTEE

審核委員會

The Audit Committee consists of three independent non-executive

審核委員會包括三名獨立非執行董事以及兩名

Directors and two non-executive Directors. A meeting was convened

非執行董事。審核委員會於二零二六年八月

by the Audit Committee on 28 August 2026 to review the accounting

二十八日召開會議，審閱本集團採用的會計政

policies and practices adopted by the Group and to discuss auditing,

策及常規，並討論核數、內部監控、風險管理

internal control, risk management and financial reporting matters

及財務申報事項（包括審閱期內的財務報表），

(including reviewing the financial statements for the Period) before

以向董事會建議批准有關事宜。

recommending them to the Board for approval.
The Audit Committee has reviewed the unaudited results of the Group

審核委員會已審閱本集團期內的未經審核業績。

for the Period.

INTERIM DIVIDEND

中期股息

The Board does not recommend the distribution of interim dividend for

董事會不建議派付期內之中期股息（截至二零

the Period (six months ended 30 June 2025: Nil).

二五年六月三十日止六個月：無）。

28

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
中期簡明合併損益表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月

REVENUE 收入

30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

4

82,234,197

80,605,678

(78,197,621)

(75,062,713)

4,036,576

5,542,965

385,529

690,850

Cost of sales 銷售成本
Gross profit 毛利
Other income and gains 其他收入及收益

473,690

53,809

(1,963,705)

(2,230,952)

Selling and distribution expenses 銷售及分銷開支

(773,815)

(1,042,891)

Administrative expenses 行政開支

(727,448)

(887,497)

(2,546)

43,613

出售以攤餘成本計量的金融資產的虧損

(22,492)

(13,838)

Other expenses 其他開支

(796,895)

(84,656)

Finance costs 融資成本

(128,052)

(174,933)

Government grants and subsidies 政府補助及補貼
Research and development expenses 研究及開發費用

Impairment losses on financial assets, net
金融資產減值虧損淨值
Loss on disposal of financial assets measured at amortised cost

PROFIT BEFORE TAX 除稅前溢利

5

480,842

1,896,470

Income tax expense 所得稅開支

6

(54,510)

(166,693)

PROFIT FOR THE PERIOD 期內溢利

426,332

1,729,777

Attributable to owners of the parent 母公司擁有人應佔

426,332

1,729,777

RMB 0.19

RMB 0.77

人民幣0.19元

人民幣0.77元

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT – Basic and diluted for the period
母公司普通股權益持有人應佔每股盈利 － 期內基本及攤薄

8

二零二六年中期報告
比亞迪電子（國際）有限公司

29

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
中期簡明合併綜合收益表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

RMB’000

RMB’000

人民幣千元

人民幣千元

426,332

1,729,777

(310)

671

(96,039)

15,110

(96,349)

15,781

期內其他綜合收益，扣除稅項

(96,349)

15,781

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 期內綜合收益總額

329,983

1,745,558

Attributable to owners of the parent 母公司擁有人應佔

329,983

1,745,558

PROFIT FOR THE PERIOD 期內溢利
OTHER COMPREHENSIVE INCOME 其他綜合收益
Other comprehensive income that may be reclassified to profit or loss
in subsequent periods:
其後期間可重新分類至損益的其他綜合收益：
Receivables financing: 應收款項融資：
Changes in fair value 公允價值變動
Exchange differences on translation of foreign operations
換算境外業務的匯兌差額
Net other comprehensive income that may be reclassified to profit or loss
in subsequent periods
其後期間可重新分類至損益的其他綜合收益淨值
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX

30

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明合併財務狀況表
AS AT 30 JUNE 2026 於二零二六年六月三十日

30 June

31 December

2026

2025

於二零二六年

於二零二五年

六月三十日 十二月三十一日
(Unaudited)

(Audited)

（未經審核）

（經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

9

15,840,135

17,798,131

2,189,015

2,142,297

NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備
Right-of-use assets 使用權資產
Prepayments, other receivables and other assets
492,668

588,244

4,361,657

4,361,657

Other intangible assets 其他無形資產

2,312,797

2,777,131

Deferred tax assets 遞延稅項資產

1,018,950

817,144

464,101

449,878

26,679,323

28,934,482

20,947,957

18,481,951

17,235,017

14,893,165

199,443

105,879

1,678,335

2,679,587

預付款項、其他應收賬款及其他資產
Goodwill 商譽

Other non-current financial assets 其他非流動金融資產
Total non-current assets 非流動資產總值
CURRENT ASSETS 流動資產
Inventories 存貨
Trade receivables 應收貿易款項
Receivables financing 應收款項融資

10

Prepayments, other receivables and other assets
預付款項、其他應收賬款及其他資產
Financial assets at fair value through profit or loss
8,261,367

2,155,183

2,769

2,809,749

Cash and cash equivalents 現金及現金等價物

5,474,767

13,552,178

Total current assets 流動資產總值

53,799,655

54,677,692

Total assets 資產總值

80,478,978

83,612,174

以公允價值計量並計入損益的金融資產
Restricted deposits 受限制存款

二零二六年中期報告
比亞迪電子（國際）有限公司

31

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明合併財務狀況表
AS AT 30 JUNE 2026 於二零二六年六月三十日

30 June

31 December

2026

2025

於二零二六年

於二零二五年

六月三十日 十二月三十一日
(Unaudited)

(Audited)

（未經審核）

（經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

11

27,735,026

29,476,037

7,021,357

8,403,807

Lease liabilities 租賃負債

542,427

607,651

Derivative financial instruments 衍生金融工具

11,831

79,406

Tax payable 應付稅項

859,097

876,755

Dividend payable 應付股息

351,500

–

Interest-bearing loans 計息貸款

7,079,913

7,183,992

Total current liabilities 流動負債總額

43,601,151

46,627,648

NET CURRENT ASSETS 流動資產淨值

10,198,504

8,050,044

TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債

36,877,827

36,984,526

CURRENT LIABILITIES 流動負債
Trade and bills payables 應付貿易賬款及應付票據
Other payables, other liabilities and accruals
其他應付賬款、其他負債及應計費用

NON-CURRENT LIABILITIES 非流動負債
552,886

711,063

Lease liabilities 租賃負債

1,226,013

1,098,888

Deferred income 遞延收入

185,672

276,717

Provision 預計負債

432,305

455,908

Total non-current liabilities 非流動負債總額

2,396,876

2,542,576

Net assets 資產淨值

34,480,951

34,441,950

Deferred tax liabilities 遞延稅項負債

EQUITY 權益
4,052,228

4,052,228

Reserves 儲備

30,428,723

30,389,722

Total equity 權益總額

34,480,951

34,441,950

Share capital 股本

32

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

12

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
中期簡明合併權益變動表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

Fair value
reserve of
financial
assets at
fair value
through other

Contributed

Statutory

Exchange

Share comprehensive

surplus

Treasury

surplus

fluctuation

Retained

Total

capital

reserve

shares

reserve

reserve

profits

equity

實繳盈餘儲備

庫存股份

法定盈餘儲備

外匯波動儲備

留存溢利

權益總額

income
以公允價值
計量並計入
其他綜合收益
的金融資產的

股本

公允價值儲備

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

4,052,228

(1,383)*

(46,323)*

–

1,000,893*

(159,324)* 27,555,573*

32,401,664

–

–

–

–

–

–

1,729,777

1,729,777

–

671

–

–

–

–

–

671

–

–

–

–

–

15,110

–

15,110

期內綜合收益總額

–

671

–

–

–

15,110

1,729,777

1,745,558

Repurchase of ordinary shares 回購普通股

–

–

–

(38,071)

–

–

–

(38,071)

股份支付計入股東權益的金額

–

–

14,218

–

–

–

–

14,218

2024 final dividend declared 已宣派二零二四年末期股息

–

–

–

–

–

–

(1,279,820)

(1,279,820)

4,052,228

(712)*

(32,105)*

(38,071)*

1,000,893*

(144,214)* 28,005,530*

32,843,549

(note 12)
（附註12）
At 1 January 2025 於二零二五年一月一日
Profit for the period 期內溢利
Changes in fair value of receivables financing
應收款項融資的公允價值變動
Exchange differences on translation of foreign operations
換算境外業務的匯兌差額
Total comprehensive income for the period

Share-based payment recognized in shareholders’ equity

At 30 June 2025 於二零二五年六月三十日

二零二六年中期報告
比亞迪電子（國際）有限公司

33

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
中期簡明合併權益變動表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

Fair value
reserve of
financial
assets at
fair value
through other Share-based Contributed

Statutory

Exchange

Share comprehensive

payment

surplus

Treasury

surplus

fluctuation

Retained

Total

capital

reserve

reserve

shares

reserve

reserve

profits

equity

庫存股份 法定盈餘儲備 外匯波動儲備

留存溢利

權益總額

(unaudited)

(unaudited)

income
以公允價值
計量並計入
其他綜合收益
的金融資產的

股本

公允價值儲備 股份支付儲備 實繳盈餘儲備

(unaudited)

(unaudited)

（未經審核）

（未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核）

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

4,052,228

(377)*

66,488*

(46,323)*

(208,005)*

1,000,893*

(213,279)* 29,790,325*

34,441,950

–

–

–

–

–

–

–

426,332

426,332

–

(310)

–

–

–

–

–

–

(310)

–

–

–

–

–

–

(96,039)

–

(96,039)

–

(310)

–

–

–

–

(96,039)

426,332

329,983

–

–

60,518

–

–

–

–

–

60,518

–

–

–

–

–

–

–

(351,500)

(351,500)

4,052,228

(687)

127,006

(46,323)

(208,005)

1,000,893

(309,318)

29,865,157

34,480,951

(note 12)
（附註12）
At 1 January 2026 於二零二六年一月一日
Profit for the Period 期內溢利
Changes in fair value of receivables financing
應收款項融資的公允價值變動
Exchange differences on translation of foreign
operations
換算境外業務的匯兌差額
Total comprehensive income for the Period
期內綜合收益總額
Share-based payment recognized in
shareholders’ equity
股份支付計入股東權益的金額
2025 final dividend declared
已宣派二零二五年末期股息
At 30 June 2026 於二零二六年六月三十日
*

These reserve accounts comprise the consolidated reserves of

34

*

該等儲備賬包括於二零二六年六月三十日的中

RMB30,428,723,000 (31 December 2025: RMB30,389,722,000) in the

期簡明合併財務狀況表內的合併儲備人民幣

interim condensed consolidated statement of financial position as at 30

30,428,723,000 元（二零二五年十二月三十一

June 2026.

日：人民幣30,389,722,000元）。

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

5

480,842

1,896,470

Finance costs 融資成本

128,052

174,933

Interest income 利息收入

(161,904)

(173,034)

Government grants and subsidies 政府補助及補貼

(116,550)

(30,221)

5

10,267

6,352

(34)

(117,379)

5

2,538,664

2,261,345

CASH FLOWS FROM OPERATING ACTIVITIES 經營活動產生的現金流量
Profit before tax 除稅前溢利
Adjustments for: 調整：

Losses on disposal of items of property, plant and equipment
出售物業、廠房及設備項目的虧損
Gain on disposal of right-of-use assets 出售使用權資產的收益
Depreciation of property, plant and equipment 物業、廠房及設備折舊
Amortisation of other intangible assets 其他無形資產攤銷

5

464,314

465,599

Depreciation of right-of-use assets 使用權資產折舊

5

294,398

282,278

Impairment of trade receivables, net 應收貿易款項減值淨值

5

2,836

(43,632)

(290)

19

40,150

200,219

Impairment of other receivables, net 其他應收賬款減值淨值
Write-down of inventories to net realisable value 存貨撇減至可變現淨值

5

Fair value gains, net: 公允價值收益，淨值：
Derivative instruments 衍生工具
Other non-current financial assets 其他非流動金融資產

472

17,037

(14,223)

(22,461)

Gains on disposal of financial assets at fair value through
profit or loss (“FVTPL”)
出售以公允價值計量並計入損益的金融資產的收益

(51,461)

–

Equity-settled share option expense 以權益結算的購股權開支

60,518

14,218

3,676,051

4,931,743

二零二六年中期報告
比亞迪電子（國際）有限公司

35

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月

Increase in inventories 存貨增加

30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

(2,506,156)

(1,850,330)

Decrease in restricted bank deposits and pledged deposits
受限制銀行存款及已抵押存款減少

2,806,980

–

(Increase)/decrease in trade receivables 應收貿易款項（增加）╱ 減少

(2,344,704)

15,141,196

(93,874)

244,070

(Increase)/decrease in receivables financing 應收款項融資（增加）╱ 減少
Decrease/(increase) in prepayments, other receivables and other assets
預付款項、其他應收賬款及其他資產減少 ╱（增加）

1,136,643

(185,622)

Decrease in trade and bills payables 應付貿易賬款及應付票據減少

(1,705,959)

(8,174,595)

143,220

84,287

Increase in other payables, other liabilities and accruals
其他應付賬款、其他負債及應計費用增加
Increase/(decrease) in deferred income 遞延收入增加 ╱（減少）

25,505

(11,356)

(Decrease)/increase in provision for warranties 預計負債（減少）╱ 增加

(23,076)

120,780

1,114,630

10,300,173

Interest received 已收利息

161,904

173,034

Tax paid 已付稅項

(432,527)

(471,059)

Net cash flows from operating activities 經營活動產生的現金流量淨值

844,007

10,002,148

Cash generated from operations 經營產生的現金

36

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

(2,466,597)

(2,134,624)

(26,613)

(4,493)

(12)

(1,356)

–

(389,284)

CASH FLOWS FROM INVESTING ACTIVITIES 投資活動產生的現金流量
Purchases of items of property, plant and equipment
購買物業、廠房及設備項目
Purchases of items of leasehold land included in right-of-use assets
購買計入使用權資產的租賃土地項目
Purchases of other intangible assets 購買其他無形資產
Acquisition of a subsidiary 收購附屬公司
Proceeds from disposal of items of property, plant and equipment
202,775

287,329

Purchase of finance products 購買金融產品

(8,100,000)

–

Proceeds from disposal of finance products 出售金融產品的所得款項

1,977,231

–

(8,413,216)

(2,242,428)

New loans 新增貸款

13,200,000

5,300,000

Repayment of loans 償還貸款

出售物業、廠房及設備項目的所得款項

Net cash flows used in investing activities
投資活動所用的現金流量淨值
CASH FLOWS FROM FINANCING ACTIVITIES 融資活動產生的現金流量
(13,225,206)

(6,497,631)

Interest paid 已付利息

(171,643)

(94,116)

Lease payments 支付租賃款項

(293,174)

(249,724)

–

(38,071)

–

(170,025)

(490,023)

(1,749,567)

現金及現金等價物增加 ╱（減少）淨值

(8,059,232)

6,010,153

Cash and cash equivalents at beginning of period 期初現金及現金等價物

13,552,178

7,052,024

(18,179)

17,981

5,474,767

13,080,158

Acquisition of non-controlling interests 收購非控股權益
Increase in restricted bank deposits and pledged deposits
受限制銀行存款及已抵押存款增加
Net cash flows used in financing activities 融資活動所用的現金流量淨值
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

Effect of foreign exchange rate changes, net 匯率變動的影響，淨值
CASH AND CASH EQUIVALENTS AT END OF PERIOD
期末現金及現金等價物

二零二六年中期報告
比亞迪電子（國際）有限公司

37

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

1. CORPORATE AND GROUP INFORMATION
The Company was incorporated in Hong Kong with limited liability

本公司於二零零七年六月十四日在香港註

on 14 June 2007.

冊成立為有限公司。

The Company’s shares have been listed on the Stock Exchange

本公司股份已於二零零七年十二月二十日

of Hong Kong Limited (the “Stock Exchange”) since 20 December

在香港聯合交易所有限公司（「聯交所」）上

2007.

市。

The registered office of the Company is located at Unit 505-510,

本公司註冊辦事處位於香港新界大埔白

5/F, Core Building 1E, 1 Science Park E Avenue, Science Park,

石角科學園東路1 號核心大廈1E號5 樓

Pak Shek Kok, Tai Po, Hong Kong.

505-510室。

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

products, providing customers around the world with one-stop

商。依託電子信息技術、人工智能技術、

product solutions relying on its core advantages in electronic

5G和物聯網技術、熱管理技術、新材料技

information, AI, 5G and Internet of Things, thermal management,

術、精密模具技術和數字化製造技術等核

new materials, precision molds and digital manufacturing

心優勢，為全球客戶提供一站式產品解決

technologies. The Group engages in diversified market segments,

方案。本集團業務涵蓋智能手機、電腦、

such as smartphones, computers, new energy vehicles, AI

新能源汽車、AI算力基礎設施、智能穿

computing infrastructure, smart wearables, smart home, game

戴、智能家居、遊戲硬件、無人機、3D打

hardware, unmanned aerial vehicles, 3D printers, Internet of

印機、物聯網、機器人、通信設備等多元

Things, robots and communications equipment.

化的市場領域。

In the opinion of the directors, the immediate holding company

董事認為，本公司的直接控股公司為

of the Company is Golden Link Worldwide Limited, an enterprise

Golden Link Worldwide Limited（一間於英

incorporated in the British Virgin Islands, and the ultimate holding

屬處女群島註冊成立的企業），本公司的最

company of the Company is BYD Company Limited, a company

終控股公司為比亞迪股份有限公司（一間於

established in the PRC whose H shares are listed on the Main

中國成立的公司，其 H 股於聯交所主板上

Board of the Stock Exchange and A shares are listed on the Main

市，其A股於深圳證券交易所主板上市）。

Board of Shenzhen Stock Exchange.

38

1. 公司及集團資料

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION

2. 會計政策
2.1 編製基準

The interim condensed consolidated financial information for

截至二零二六年六月三十日止六個月

the six months ended 30 June 2026 has been prepared in

的 中 期 簡 明 合 併 財 務 資 料 乃 按 照《 香

accordance with HKAS 34 Interim Financial Reporting . The

港會計準則》第 34 號中期財務報告 而

interim condensed consolidated financial information does

編製。中期簡明合併財務資料並未包

not include all the information and disclosures required in the

括年度財務報表所要求的所有信息及

annual financial statements, and should be read in conjunction

披露資料，因而應與本集團截至二零

with the Group’s annual consolidated financial statements for

二五年十二月三十一日止年度的年度

the year ended 31 December 2025.

合併財務報表一併閱讀。

The financial information relating to the year ended 31

截至二零二五年十二月三十一日止年

December 2025 that is included in the interim condensed

度的財務資料作為比較資料載入中期

consolidated statement of financial position as comparative

簡明合併財務狀況表，雖然源於本公

information does not constitute the Company’s statutory

司於該年度的財務報表，但不構成本

annual consolidated financial statements for that year but is

公司於該年度的法定年度合併財務報

derived from those financial statements. Further information

表。《香港公司條例》第 436 條要求披

relating to those statutory financial statements required to be

露有關該等法定財務報表的進一步資

disclosed in accordance with section 436 of the Hong Kong

料如下：

Companies Ordinance is as follows:
The Company has delivered the financial statements for the

按 照《 香 港 公 司 條 例 》第 6 6 2 ( 3 ) 條 及

year ended 31 December 2025 to the Registrar of Companies

附表6 第3 部的要求，本公司已向公

as required by section 662(3) of, and Part 3 of Schedule 6

司註冊處處長遞交截至二零二五年

to, the Hong Kong Companies Ordinance. The Company’s

十二月三十一日止年度的財務報表。

auditors have reported on the financial statements for the

本公司核數師已就截至二零二五年

year ended 31 December 2025. The auditor’s report was

十二月三十一日止年度的財務報表作

unqualified; and did not contain a statement under sections

出報告。該核數師報告並無保留意

406(2), 407(2) or 407(3) of the Hong Kong Companies

見，亦無載有根據《香港公司條例》第

Ordinance.

406(2)、407(2) 或 407(3) 條作出的陳
述。

二零二六年中期報告
比亞迪電子（國際）有限公司

39

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

2.2 會計政策及披露的變動

2.2 C H A N G E S I N A C C O U N T I N G P O L I C I E S A N D
DISCLOSURES
The accounting policies adopted in the preparation of the

編製中期簡明合併財務資料所採用的

interim condensed consolidated financial information are

會計政策與編製本集團截至二零二五

consistent with those applied in the preparation of the Group’s

年十二月三十一日止年度的年度合併

annual consolidated financial statements for the year ended

財務報表所應用者一致，惟下列於本

31 December 2025, except for the adoption of the following

期間財務資料首次採用的經修訂《香港

amended HKFRS Accounting Standards for the first time for

財務報告準則會計準則》除外。

the current period’s financial information.
Amendments to

Amendments to the Classification and Measurement

HKFRS 9 and HKFRS 7

of Financial Instruments

《香港財務報告準則》第9號及

金融工具分類及計量的修訂

《香港財務報告準則》第7號的修訂
Amendments to

Contracts Referencing Nature-dependent Electricity

HKFRS 9 and HKFRS 7
《香港財務報告準則》第9號及

涉及依賴自然能源生產電力的合同

《香港財務報告準則》第7號的修訂

Annual Improvements to

Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7

HKFRS Accounting
Standards – Volume 11
《香港財務報告準則會計準則》
的年度改進 － 第11卷

《香港財務報告準則》第1號、《香港財務報告準則》第7號、
《香港財務報告準則》第9號、《香港財務報告準則》第10號及
《香港會計準則》第7號的修訂

40

The nature and impact of the amended HKFRS Accounting

經修訂《香港財務報告準則會計準則》之性質及

Standards are described below:

影響於下文闡述：

Amendments to HKFRS 9 and HKFRS 7 Amendments to

《香港財務報告準則》第9號及《香港財務報告準

the Classification and Measurement of Financial Instruments

則》第7號的修訂金融工具分類及計量的修訂 闡

clarify that a financial asset is derecognised when the entity’s

明，實體於收取合同現金流量的權利到期或轉

rights to the contractual cash flows expire or are transferred,

移時終止確認金融資產；而於結算日終止確認

while a financial liability is derecognised on the settlement

金融負債。該等修訂引入一項會計政策選擇，

date. The amendments introduce an accounting policy option

在符合特定條件的情況下，終止確認於結算

to derecognise a financial liability that is settled through an

日前透過電子付款系統結算的金融負債。該等

electronic payment system before the settlement date if

修訂釐清如何評估具有環境、社會及管治以及

specified criteria are met. The amendments clarify how to

其他類似或有特徵的金融資產的合同現金流量

assess the contractual cash flow characteristics of financial

特徵。此外，該等修訂釐清具有無追索權特徵

assets with environmental, social and governance and other

的金融資產及合同掛鈎工具的分類要求。該等

similar contingent features. Moreover, the amendments

修訂亦包括指定以公允價值計量並計入其他綜

clarify the requirements for classifying financial assets with

合收益的權益工具投資及具有或有特徵的金融

non-recourse features and contractually linked instruments.

工具的額外披露。由於本集團過往年度終止確

The amendments also include additional disclosures for

認金融資產及金融負債的會計政策符合該等修

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

investments in equity instruments designated at fair value

訂，且本集團並無持有該等修訂所涉及的金融

through other comprehensive income and financial instruments

資產，因此該等修訂對中期簡明合併財務資料

with contingent features. Since the Group’s accounting

並無任何影響。

policy for the derecognition of financial assets and liabilities
in prior years aligned with the amendments and the Group
did not have the financial assets that were addressed by the
amendments, the amendments did not have any impact on
the interim condensed consolidated financial information.
Amendments to HKFRS 9 and HKFRS 7 Contracts

《香港財務報告準則》第9號及《香港財務報告準

Referencing Nature-dependent Electricity clarify the application
of the “own-use” requirements for in-scope contracts and

則》第7號的修訂涉及依賴自然能源生產電力的
合同 釐清範圍內合同「自用」規定的應用，並修

amend the designation requirements for a hedged item in a

訂範圍內合同現金流量對沖關係中被對沖項目

cash flow hedging relationship for in-scope contracts. The

的指定規定。該等修訂亦包括額外披露，使財

amendments also include additional disclosures that enable

務報表使用者能夠了解該等合同對實體財務表

users of financial statements to understand the effects these

現及未來現金流量的影響。由於本集團並無任

contracts have on an entity’s financial performance and future

何屬於該等修訂範圍內的合同，因此該等修訂

cash flows. As the Group did not have any contracts that

對中期簡明合併財務資料並無產生任何影響。

are in the scope of the amendments, the amendments did
not have any impact on the interim condensed consolidated
financial information.

Annual Improvements to HKFRS Accounting Standards – 《香港財務報告準則會計準則》的年度改進 － 第
Volume 11 set out narrow scope amendments to HKFRS 1,

11 卷 載列對《香港財務報告準則》第 1 號、《香

HKFRS 7 (and the accompanying Guidance on implementing

港財務報告準則》第 7 號（及實施《香港財務報

H K F R S 7) , H K F R S 9, H K F R S 10 a n d H K A S 7. T h e

告準則》第7號的隨附指引）、《香港財務報告準

amendments include clarifications, simplifications, corrections

則》第9號、《香港財務報告準則》第10號及《香

or changes to improve consistency in the corresponding

港會計準則》第7號的小範圍修訂。該等修訂包

HKFRS Accounting Standards. The amendments did not have

括為提升對應《香港財務報告準則會計準則》之

any impact on the interim condensed consolidated financial

一致性而作出之釐清、簡化、更正或變動。該

information.

等修訂對中期簡明合併財務資料並無產生任何
影響。

二零二六年中期報告
比亞迪電子（國際）有限公司

41

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

3. OPERATING SEGMENT INFORMATION
The Group’s primary business is the manufacture, assembly and
sale of smart terminals, new energy vehicles and AI computing
infrastructure products. For management purposes, the Group is
organized into one operating segment based on industry practice
and management’s vertical integration strategy. Management
monitors the results of the Group as a whole for the purpose of
making decisions about resource allocation and performance
assessment. No further analysis thereof is presented. Segment
performance is evaluated based on the revenue and profit before
tax which is consistent with the Group’s revenue and profit before
tax.

4. REVENUE
Disaggregated revenue information for revenue from contracts
with customers

3. 經營分部資料
本集團的主要業務為製造、組裝及銷售智
能終端、新能源汽車及 AI 算力基礎設施產
品。為進行管理，本集團按行業慣例及管
理垂直整合策略組成為一個經營分部。管
理層監察本集團的整體業績以就資源分配
及表現評估作出決策。概無進一步就此呈
報分析。分部表現根據收入及除稅前溢利
（與本集團的收入及除稅前溢利一致）評估。

4. 收入
客戶合同收入之分類收入資料

For the six months ended
30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Types of goods or services 貨品或服務類別
Sales of smart terminals, new energy vehicles and AI computing
infrastructure products
智能終端、新能源汽車及AI算力基礎設施產品銷售
Rendering of services 服務提供

81,614,668
619,529

80,014,514
591,164

Total revenue from contracts with customers 客戶合同收入總額

82,234,197

80,605,678

中國（包括香港、澳門及台灣）
Overseas 海外

29,578,074
52,656,123

28,606,080
51,999,598

Total revenue from contracts with customers 客戶合同收入總額

82,234,197

80,605,678

Timing of revenue recognition 收入確認時間
Goods transferred at a point in time 按時間點轉讓之貨品
Services transferred over time 於一段時間轉移之服務

81,878,480
355,717

80,299,796
305,882

82,234,197

80,605,678

Segments
分部

Geographical markets 地理市場
The PRC (including Hong Kong, Macau, and Taiwan)

Total revenue from contracts with customers
客戶合同收入總額
42

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

5. PROFIT BEFORE TAX

5. 除稅前溢利

The Group’s profit before tax is arrived at after charging:

本集團除稅前溢利已扣除下列各項：
For the six months ended
30 June
截至六月三十日止六個月

Note
附註
Cost of inventories sold# 銷售存貨的成本 #
Cost of services provided# 提供服務的成本 #
Depreciation of property, plant and equipment 物業、廠房及設備折舊
Depreciation of right-of-use assets 使用權資產折舊
Amortisation of intangible assets 無形資產攤銷
Impairment of trade receivables, net 應收貿易款項減值淨值
Write-down of inventories to net realisable value #

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

77,724,406
433,065
2,538,664
294,398
464,314
2,836

74,302,273
560,221
2,261,345
282,278
465,599
(43,632)

40,150

200,219

10,267

6,352

701,912

(200,253)

存貨撇減至可變現淨值 #
Loss on disposal of items of property, plant and equipment
9

出售物業、廠房及設備項目的虧損
Foreign exchange loss/(gain), net
匯兌損失 ╱（收益）淨額
#

Cost of inventories sold, cost of services provided and write-down of

#

銷售存貨的成本、提供服務的成本及存貨

inventories to net realisable value are included in “Cost of sales” in the

撇減至可變現淨值包含在合併損益表「銷售

consolidated statement of profit or loss.

成本」內。

6. INCOME TAX

6. 所得稅

The Group is subject to income tax on an entity basis on profits
arising in or derived from the jurisdictions in which members of the
Group are domiciled and operate.

本集團須就本集團成員公司所處及經營所
在的司法權區所產生或賺取的溢利，按實
體基準繳納所得稅。

Under the relevant income tax law, the PRC subsidiaries are
subject to corporate income tax (“CIT”) at a statutory rate of 25%
on their respective taxable income during the year.

根據相關所得稅法，中國附屬公司須就其
年內各自的應課稅收入按法定稅率25%繳
納企業所得稅（「企業所得稅」）。

BYD Precision renewed its status of a high and new technology
enterprise in 2024, and was entitled to a reduced enterprise
income tax rate of 15% from 2024 to 2026.

比亞迪精密於二零二四年重續為高新技術
企業，並於二零二四年至二零二六年期間
可享受減按15%的稅率繳納企業所得稅。

Huizhou Electronic renewed its status of a high and new
technology enterprise in 2024, and was entitled to a reduced
enterprise income tax rate of 15% from 2024 to 2026.

惠州電子於二零二四年重續為高新技術企
業，並於二零二四年至二零二六年期間可
享受減按15%的稅率繳納企業所得稅。
二零二六年中期報告
比亞迪電子（國際）有限公司

43

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

6. INCOME TAX (Continued)

6. 所得稅（續）

Xi’an Electronic which operates in Mainland China was entitled

西安電子於中國內地經營業務，根據西部

to a reduced enterprise income tax rate of 15% of the estimated

大開發政策就其年內估計應課稅溢利可享

assessable profits for the year pursuant to the Western

受減按15%的稅率繳納企業所得稅。

Development Policy.
Chengdu Electronic which operates in Mainland China was

成都電子於中國內地經營業務，根據西部

entitled to a reduced enterprise income tax rate of 15% of the

大開發政策就其年內估計應課稅溢利可享

estimated assessable profits for the year pursuant to the Western

受減按15%的稅率繳納企業所得稅。

Development Policy.
Shantou Electronic is due for re-certification as a high and new

汕頭電子預期於二零二六年重新認定高新

technology enterprise in 2026, and will be entitled to a reduced

技術企業資格，於二零二六年至二零二八

enterprise income tax rate of 15% from 2026 to 2028.

年期間可享受減按15%的稅率繳納企業所
得稅。

Taxes on taxable profits overseas have been calculated at

海外應課稅溢利的稅項乃根據本集團經營

the rates of tax prevailing in the countries in which the Group

所在地國家有關稅項方面的現有法律、詮

operates, based on existing legislation, interpretations and

釋及慣例，按現行稅率計算。

practices in respect thereof.
The major components of the income tax expense for the year are

年內所得稅開支的主要組成部分載列如

as follows:

下：
For the six months ended
30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

346,486

330,236

68,008

23,965

414,494

354,201

(359,984)

(187,508)

54,510

166,693

Current – China 即期 － 中國
Charge for the period 期內支出
Current – Elsewhere 即期 － 其他地區
Charge for the period 期內支出

Deferred 遞延
Total tax charge for the period 期內稅項支出總額

44

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

6. INCOME TAX (Continued)

6. 所得稅（續）

The Group is within the scope of the Pillar Two model rules. The
Group has applied the mandatory exception to recognising and
disclosing information about deferred tax assets and liabilities
arising from Pillar Two income taxes, and will account for the
Pillar Two income taxes as current tax when incurred. Pillar Two
legislation has been enacted and in effect as at 30 June 2026 in
certain jurisdiction in which the Group operates.

本集團屬於支柱二立法模版範圍。本集團
於確認及披露支柱二所得稅產生的遞延稅
項資產及負債的資料時應用強制性例外規
定，並於產生時將支柱二所得稅作為即期
稅入賬。截至二零二六年六月三十日，支
柱二立法已於本集團運營所在若干司法權
區頒佈及生效。

The Group has assessed its potential exposure based on the
information available regarding the financial performance of the
Group in the current period. As such, it may not be entirely
representative of future circumstances. Based on the assessment,
the enactment or substantial enactment of Pillar Two legislation in
additional jurisdictions in which the Group operates does not have
a material impact to the Group’s overall exposure to Pillar Two
income taxes.

本集團已根據有關本集團本期間財務表現
的可得資料評估其潛在風險。因此，其可
能不完全代表未來情況。根據評估，本集
團經營所在的其他司法權區頒佈或實質頒
佈支柱二立法對本集團的支柱二所得稅總
體風險並無重大影響。

7. DIVIDENDS

7. 股息
For the six months ended
30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000

2025
二零二五年
RMB’000

人民幣千元
(Unaudited)
（未經審核）

人民幣千元
(Unaudited)
（未經審核）

351,500

1,279,820

Final declared – RMB0.156 (2025: RMB0.568) per ordinary share
末期宣派 － 每股普通股人民幣0.156元（二零二五年：人民幣0.568元）

8. EARNINGS PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE PARENT

8. 母公司普通股權益持有人應佔每股
盈利

The calculation of the basic earnings per share amount for the
Period is based on the profit for the Period attributable to ordinary
equity holders of the parent, and the weighted average number of
ordinary shares of 2,246,108,500 (2025: 2,253,204,500) in issue
during the Period.

期內每股基本盈利乃按期內母公司普通股
權益持有人應佔溢利及期內已發行普通股
加權平均數 2,246,108,500 股（二零二五
年：2,253,204,500股）計算。

No adjustment has been made to the basic earnings per share
amounts presented for the six months ended 30 June 2026 and
2025 in respect of a dilution as the Group had no potentially
dilutive ordinary shares in issue during those periods.

截至二零二六年及二零二五年六月三十日
止六個月，就攤薄而言概無調整呈列之每
股基本盈利金額，乃因本集團於該等期間
並無任何具潛在攤薄影響的已發行普通股。
二零二六年中期報告
比亞迪電子（國際）有限公司

45

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

8. EARNINGS PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE PARENT
(Continued)

8. 母公司普通股權益持有人應佔每股
盈利（續）

The calculation of basic earnings per share is based on:

每股基本盈利按以下基準計算：
For the six months ended
30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

426,332

1,729,777

940

–

425,392

1,729,777

Earnings 盈利
Profit attributable to ordinary equity holders of the parent,
used in the basic earnings per share calculation
用於計算每股基本盈利的母公司普通股權益持有人應佔溢利
Less: net profit attributable to unvested restricted shares
減：未歸屬受限制股份應佔淨溢利
Adjusted profit attributable to ordinary equity holders of the parent
母公司普通股持有人應佔經調整溢利

Number of shares
股份數目
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

2,246,108,500

2,253,204,500

Shares 股份
Weighted average number of ordinary shares in issue during the period
used in the basic earnings per share calculation
用於計算每股基本盈利的期內已發行普通股加權平均數

46

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

9. PROPERTY, PLANT AND EQUIPMENT

9. 物業、廠房及設備

During the six months ended 30 June 2026, the Group

截至二零二六年六月三十日止六個月，本

acquired assets at a cost of RMB866,197,000 (30 June 2025:

集團以人民幣866,197,000元（二零二五年

RMB2,508,509,000).

六月三十日：人民幣2,508,509,000 元）的
成本添置資產。

Assets with a net book value of RMB213,042,000 were disposed

截至二零二六年六月三十日止六個月，本

of by the Group during the six months ended 30 June 2026 (30

集團處置賬面淨值為人民幣 213,042,000

June 2025: RMB293,681,000), resulting in a net loss on disposal

元（ 二 零 二 五 年 六 月 三 十 日 ： 人 民 幣

of RMB10,267,000 (30 June 2025: loss of RMB6,352,000).

293,681,000元）的資產，產生處置虧損淨
值人民幣10,267,000 元（二零二五年六月
三十日：虧損人民幣6,352,000元）。

10. TRADE RECEIVABLES

10. 應收貿易款項
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日

Trade receivables 應收貿易款項
Impairment 減值
Net carrying amount 賬面淨值

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

17,276,278

14,931,606

(41,261)

(38,441)

17,235,017

14,893,165

二零二六年中期報告
比亞迪電子（國際）有限公司

47

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

10. TRADE RECEIVABLES (Continued)

10. 應收貿易款項（續）

An aging analysis of the trade receivables as at the end of the

於報告期末，應收貿易款項按收入確認時

reporting period, based on the time of revenue recognition and net

間及扣除虧損撥備後的賬齡分析如下：

of loss allowance, is as follows:
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

16,414,827

14,553,789

91 to 180 days 91日至180日

760,907

328,748

181 to 360 days 181日至360日

59,283

10,628

17,235,017

14,893,165

Within 90 days 90日內

Total 總計
The net carrying amount of due from the holding companies and

上文所載應收控股公司及同系附屬公司款

fellow subsidiaries included in the above are as follows:

項之賬面淨值如下：
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Due from the ultimate holding company 應收最終控股公司款項

171,782

157,471

Due from the intermediate holding company 應收中介控股公司款項

137,672

146,779

Due from fellow subsidiaries 應收同系附屬公司款項

9,275,986

7,142,065

Due from other related parties 應收其他關聯方款項

584

175

9,586,024

7,446,490

Total 總計
The balances are unsecured, non-interest-bearing and on credit

該等結餘乃無抵押、免息且其信貸條款與

terms similar to those offered to the major customers of the

向本集團主要客戶提供者相若。

Group.

48

RMB’000

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

11. TRADE AND BILLS PAYABLES

11. 應付貿易賬款及應付票據

An aging analysis of the trade and bills payables as at the end of

於報告期末，應付貿易賬款及應付票據按

the reporting period, based on the invoice date, is as follows:

發票日期的賬齡分析如下：
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

27,660,702

29,448,177

1 to 2 years 1至2年

59,175

15,307

Over 2 years 2年以上

15,149

12,553

27,735,026

29,476,037

Within one year 1年以內

Total 總計
The trade payables are non-interest-bearing and normally settled

應付貿易賬款乃免息，一般於一年內結算。

within one year.
The aging of trade payables is based on the time of recognizing

應付貿易賬款的賬齡乃根據購買材料及商

the purchase of materials and goods or accepting services.

品或接受服務的確認時間釐定。

The balances due to the holding companies, fellow subsidiaries

上文所載應付控股公司、同系附屬公司及

and other related companies included in the above are as follows:

其他關連公司結餘如下：
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

145,391

134,946

Due to the intermediate holding company 應付中介控股公司款項

10,101,822

12,005,074

Due to fellow subsidiaries 應付同系附屬公司款項

3,213,236

3,241,464

Total 總計

13,460,449

15,381,484

Due to the ultimate holding company 應付最終控股公司款項

The balances are unsecured, non-interest-bearing and repayable

該等結餘乃無抵押、免息且須按要求償還。

on demand.
二零二六年中期報告
比亞迪電子（國際）有限公司

49

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

12. SHARE CAPITAL
SHARES

12. 股本
股份
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

4,052,228

4,052,228

Issued and fully paid 已發行及繳足
2,253,204,500 (2025: 2,253,204,500) ordinary shares
2,253,204,500股（二零二五年：2,253,204,500股）普通股

13. COMMITMENTS
The Group had the following capital commitments at the end of

13. 承擔
本集團於報告期末擁有下列資本承擔：

the reporting period:
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Contracted, but not provided for: 已訂約，但未計提撥備：
Plant and machinery 廠房及機器

367,866

408,428

Land and buildings 土地及樓宇

39,973

291,387

407,839

699,815

Total 總計

50

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. 關聯方交易

14. RELATED PARTY TRANSACTIONS
(a) In addition to the transactions detailed elsewhere in these

(a) 除該等財務報表其他部分詳述的交易

financial statements, the Group had the following material

外，本集團與關聯方於期內進行以下

transactions with related parties during the Period:

重大交易：
For the six months ended
30 June
截至六月三十日止六個月

Nature of transactions
交易性質

Notes
附註

Related parties
關聯方

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核） （未經審核）
Sales of plant and machinery

(i)

Ultimate holding company

出售廠房及機器

(i)

最終控股公司

2,997

1,635

2,316

7,337

111

251

13,006

5,195

138,182

114,154

798,633

1,261,099

33,684

24,402

13,269,852

12,137,745

71,910

73,850

422,249

410,439

9,911

37,830

293,107

325,132

Fellow subsidiaries
同系附屬公司
Purchases of plant and machinery

(i)

Ultimate holding company

購買廠房及機器

(i)

最終控股公司
Fellow subsidiaries
同系附屬公司

Purchases of inventories

(ii)

Ultimate holding company

購買存貨

(ii)

最終控股公司
Fellow subsidiaries
同系附屬公司

Sales of inventories

(ii)

出售存貨

(ii)

Ultimate holding company
最終控股公司
Fellow subsidiaries
同系附屬公司

Lease and ancillary services payments

(iii)

Ultimate holding company

租賃及配套服務付款

(iii)

最終控股公司
Fellow subsidiaries
同系附屬公司

Exclusive processing services received

(iv)

獲提供獨家加工服務

(iv)

Ultimate holding company
最終控股公司
Fellow subsidiaries
同系附屬公司

二零二六年中期報告
比亞迪電子（國際）有限公司

51

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. RELATED PARTY TRANSACTIONS (Continued)

14. 關聯方交易（續）

(a) In addition to the transactions detailed elsewhere in these

(a) 除該等財務報表其他部分詳述的交易

financial statements, the Group had the following material

外，本集團與關聯方於期內進行以下

transactions with related parties during the Period: (Continued)

重大交易：（續）
For the six months ended
30 June
截至六月三十日止六個月

Nature of transactions
交易性質

Notes
附註

Related parties
關聯方

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核） （未經審核）
Exclusive processing services provided

(iv)

Ultimate holding company

提供獨家加工服務

(iv)

最終控股公司

1,310

1,095

555,013

529,327

52,384

35,689

–

3,236

2,170

1,260

73,971

54,286

Fellow subsidiaries
同系附屬公司
Agent fee for procurement service

(v)

Intermediate holding company

採購服務的代理費

(v)

中介控股公司
Fellow subsidiaries
同系附屬公司

Electricity fee received

(vi)

Ultimate holding company

收取電費

(vi)

最終控股公司
Fellow subsidiaries
同系附屬公司

Notes:

附註：

(i)

(i)

The sales and purchases of plant and machinery were made at
net book values.

(ii)

The sales and purchases of inventories were conducted in
accordance with prices and terms mutually agreed between the

出售及購買廠房及機器乃按賬面淨值
進行。

(ii)

出售及購買存貨乃按各方共同協定的
價格及條款進行。

parties.
(iii) The payments were charged on an actually incurred basis or in
accordance with terms mutually agreed between the parties.

52

(iii) 付款乃按實際產生金額或按各方共同
協定的條款支付。

(iv) The processing service fees and revenue were charged and

(iv) 於截至二零二六年六月三十日止年度

received for the depreciation of the relevant machinery and

內就有關機器及設備的折舊而支付及

equipment during the year ended 30 June 2026.

收取加工服務費及收入。

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. RELATED PARTY TRANSACTIONS (Continued)

14. 關聯方交易（續）

(a) In addition to the transactions detailed elsewhere in these

(a) 除該等財務報表其他部分詳述的交易

financial statements, the Group had the following material

外，本集團與關聯方於期內進行以下

transactions with related parties during the Period: (Continued)

重大交易：（續）

Notes: (Continued)

附註：（續）

(v)

(v)

The agent fee for the procurement service was charged on a

採購服務代理費乃按同系附屬公司及

certain percentage of the total amount of procurement provided

中介控股公司代表本集團提供的採購

by the fellow subsidiaries and intermediate holding company on

總金額之若干百分比收取。

behalf of the Group.
(vi) The sales of power supply services were conducted in
accordance with prices and terms mutually agreed between the

(vi) 銷售能源供應服務乃按各方共同協定
的價格及條款進行。

parties.

In the opinion of the directors, all the transactions were

董事認為，全部交易均於日常業務過

conducted in the ordinary and usual course of business.

程中進行。

(b) Outstanding balances with related parties:

(b) 與關聯方的結餘：

BYD Electronic Company Limited obtained a loan of

BYD Electronic Company Limited

RMB7,076,000,000 from Golden Link Worldwide Limited, the

自本公司直接控股公司 G o l d e n L i n k

immediate holding company of the Company. The loan was

Worldwide Limited 獲取貸款人民幣

bearing a fixed interest rate of 1.78%-1.90%.

7,076,000,000元。該貸款按固定利率
1.78%-1.90%計息。

Details of the Group’s trade balances with the holding

本集團於報告期末與控股股東、同系

shareholder, fellow subsidiaries and other related companies

附屬公司及其他關連公司的貿易結餘

as at the end of the reporting period are disclosed in notes 10

之詳情披露於財務報表附註10 及附註

and 11 to the financial statements.

11。

二零二六年中期報告
比亞迪電子（國際）有限公司

53

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. RELATED PARTY TRANSACTIONS (Continued)
(b) Outstanding balances with related parties: (Continued)
As at 30 June 2026, the Group had total lease liabilities with
these related companies under non-cancellable leases falling
due as follows:

14. 關聯方交易（續）
(b) 與關聯方的結餘：（續）
於二零二六年六月三十日，本集團根
據不可撤銷租賃與該等關連公司的到
期應付租賃負債總額如下：
30 June
31 December
2026
2025
二零二六年
二零二五年
六月三十日 十二月三十一日
RMB’000
RMB’000
人民幣千元
人民幣千元

Lease liabilities – current 租賃負債 － 流動
Ultimate holding company 最終控股公司
Fellow subsidiaries 同系附屬公司
Lease liabilities – non-current 租賃負債 － 非流動
Ultimate holding company 最終控股公司
Fellow subsidiaries 同系附屬公司
Total 總計
As at 30 June 2026, the net carrying amount of right-ofuse assets relating to such rental contracts amounted to
RMB275,428,000 (31 December 2025: RMB360,524,000).

(c) Compensation of key management personnel of the Group:

138,229
183,882

140,477
218,207

36,914
28,179

72,999
19,139

387,204

450,822

於二零二六年六月三十日，與該等租
金合同相關的使用權資產賬面淨值為
人 民 幣 2 7 5 , 4 2 8 , 0 0 0 元（ 二 零 二 五 年
十二月三十一日：人民幣360,524,000
元）。
(c) 本集團主要管理人員的報酬：
For the six months ended
30 June
截至六月三十日止六個月
2026
2025
二零二六年
二零二五年
RMB’000
RMB’000
人民幣千元
人民幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）

Short-term employee benefits 短期僱員福利
Pension scheme contributions 退休金計劃供款
Share-based payment expenses 股份支付開支

7,817
28
1,170

9,102
29
–

Total 總計

9,015

9,131

The related party transactions in respect of items set out in
(a) above also constitute connected transactions or continuing
connected transactions as defined in Chapter 14A of the
Listing Rules.

54

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

與上文 (a) 所載項目有關的關聯方交易
亦構成上市規則第14A章所界定的關連
交易或持續關連交易。

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS

15. 金融工具的公允價值及公允價值層
級

There are no significant differences between the carrying amounts

本集團金融工具的賬面價值與公允價值之

and the fair values of the Group’s financial instruments.

間並無重大差額。

Management has assessed that the fair values of short-term

管理層已評估短期存款、現金及現金等價

deposits, cash and cash equivalents, pledged deposits, trade

物、已抵押存款、應收貿易款項、應收款

receivables, receivables financing, trade and bills payables,

項融資、應付貿易賬款及應付票據、計入

financial assets included in prepayments, deposits and other

預付款項、按金及其他應收賬款的金融資

receivables, financial liabilities included in other payables, amounts

產、計入其他應付賬款的金融負債、應

due from/to subsidiaries, amounts due from/to the ultimate holding

收 ╱ 應付附屬公司款項、應收 ╱ 應付最終

company and the immediate holding company approximate to

控股公司及直接控股公司款項的公允價值

their carrying amounts largely due to the short term maturities of

與其賬面價值相若，此乃主要由於該等工

these instruments.

具屬於短期性質。

The Group’s corporate finance team headed by the finance

財務經理領導的本集團公司財務團隊負責

manager is responsible for determining the policies and

制定金融工具公允價值計量的政策及程

procedures for the fair value measurement of financial instruments.

序。公司財務團隊直接向財務總監報告。

The corporate finance team reports directly to the chief financial

於各報告日期，公司財務團隊分析金融工

officer. At each reporting date, the corporate finance team

具價值的變動，並確定在估值中應用的主

analyses the movements in the values of financial instruments and

要輸入值。估值由財務總監審核及批准。

determines the major inputs applied in the valuation. The valuation
is reviewed and approved by the chief financial officer.
The fair values of the financial assets and liabilities are included

金融資產及負債的公允價值以該工具於自

at the amount at which the instrument could be exchanged in a

願交易方（而非強迫或清盤銷售）當前交易

current transaction between willing parties, other than in a forced

下的可交易金額入賬。下述方法及假設用

or liquidation sale. The following methods and assumptions were

於評估公允價值：

used to estimate the fair values:

二零二六年中期報告
比亞迪電子（國際）有限公司

55

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)

15. 金融工具的公允價值及公允價值層
級（續）

The fair values of the unlisted equity investments have been valued

非上市股權投資的公允價值按市場法進行

based on a market-based valuation technique. This valuation

估值。該估值要求本集團釐定可資比較上

requires the Group to determine the comparable listed companies,

市公司、選擇價格倍數並對缺乏流動性折

select the price multiple, and make estimates about the discount

價進行估計，因此具有不確定性。

for lack of liquidity, and hence they are subject to uncertainty.
The fair values of the interest-bearing bank and other borrowings

計息銀行及其他借款的公允價值乃通過使

have been calculated by discounting the expected future cash

用具有類似條款、信貸風險及剩餘到期日

flows using rates currently available for instruments with similar

的工具的當前可用利率，對預期未來現金

terms, credit risk and remaining maturities. The changes in fair

流量進行折現計算。於二零二六年六月

value as a result of the Group’s own non-performance risk for

三十日，由於本集團對計息銀行及其他借

interest-bearing bank and other borrowings as at 30 June 2026

款的非履約風險而導致的公允價值變動評

were assessed to be insignificant.

估為並不重大。

The Group enters into derivative financial instruments and

本集團與多個對手方訂立衍生金融工具及

receivables financing with various counterparties. The carrying

應收款項融資。該等衍生金融工具及應收

amounts of these derivative financial instruments and receivables

款項融資的賬面價值與其公允價值相同。

financing are the same as their fair values. The derivative financial

衍生金融工具及應收款項融資以現值計算

instruments and receivables financing are measured using

並按遠期價格相似之估值技巧計量。此等

valuation techniques similar to forward pricing, using present value

模式計入不同市場可觀察輸入值，包括

calculations. The models incorporate various market observable

對手方信貸質素，以及外匯即期及遠期匯

inputs including the credit quality of counterparties and foreign

率。該等衍生金融工具及應收款項融資的

exchange spot and forward rates. The carrying amounts of

賬面價值與其公允價值相同。

derivative financial instruments and receivables financing are the
same as their fair values.

56

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY

公允價值層級

The following tables illustrate the fair value measurement hierarchy

下表說明本集團金融工具的公允價值計量

of the Group’s financial instruments:

層級：

Assets measured at fair value:

以公允價值計量的資產：

As at 30 June 2026

於二零二六年六月三十日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices
in active

Significant

Significant

observable unobservable

markets

inputs

inputs

活躍市場的

重大可觀察

重大不可

報價

輸入值

觀察輸入值

(Level 1)

(Level 2)

(Level 3)

（第一級）

（第二級）

（第三級）

總計

RMB’000

RMB’000

RMB’000

RMB’000

Total

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核） （未經審核） （未經審核） （未經審核）
–

199,443

–

199,443

–

8,261,367

–

8,261,367

其他非流動金融資產

–

–

464,101

464,101

Total 總計

–

8,460,810

464,101

8,924,911

Receivables financing 應收款項融資
Financial assets at fair value through profit or loss
以公允價值計量並計入損益的金融資產
Other non-current financial assets

二零二六年中期報告
比亞迪電子（國際）有限公司

57

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY (Continued)

公允價值層級（續）

The following tables illustrate the fair value measurement hierarchy

下表說明本集團金融工具的公允價值計量

of the Group’s financial instruments: (Continued)

層級：（續）

Assets measured at fair value: (Continued)

以公允價值計量的資產：（續）

As at 31 December 2025

於二零二五年十二月三十一日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices
in active

Significant

Significant

observable unobservable

markets

inputs

inputs

活躍市場的

重大可觀察

重大不可

報價

輸入值

觀察輸入值

(Level 1)

(Level 2)

(Level 3)

（第一級）

（第二級）

（第三級）

總計

RMB’000

RMB’000

RMB’000

RMB’000

Total

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核） （未經審核） （未經審核） （未經審核）
Receivables financing 應收款項融資

–

105,879

–

105,879

–

2,155,183

–

2,155,183

其他非流動金融資產

–

–

449,878

449,878

Total 總計

–

2,261,062

449,878

2,710,940

Financial assets at fair value through profit or loss
以公允價值計量並計入損益的金融資產
Other non-current financial assets

58

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY (Continued)

公允價值層級（續）

Liabilities measured at fair value:
As at 30 June 2026

以公允價值計量的負債：
於二零二六年六月三十日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices
in active
markets
活躍市場的
報價
(Level 1)
（第一級）
RMB’000
人民幣千元
–

Derivative financial instruments 衍生金融工具

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察
重大不可
輸入值
觀察輸入值
(Level 2)
(Level 3)
（第二級）
（第三級）
RMB’000
RMB’000
人民幣千元
人民幣千元
11,831

–

Total
總計
RMB’000
人民幣千元
11,831

During the Period, there were no transfers of fair value
measurements between Level 1 and Level 2 and no transfers into
or out of Level 3 (2025: Nil).

期內，第一級與第二級之間並無公允價值
計量轉撥，亦無自第三級轉入或轉出（二零
二五年：無）。

Liabilities for which fair values are disclosed:
As at 30 June 2026

已披露公允價值的負債：
於二零二六年六月三十日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
Significant
Significant
prices
in active observable unobservable
inputs
inputs
markets
活躍市場的
重大可觀察
重大不可
報價
輸入值
觀察輸入值
(Level 1)
(Level 2)
(Level 3)
Total
（第一級）
（第二級）
（第三級）
總計
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）

Loan from the immediate holding company
自直接控股公司貸款

–

7,079,913

–

7,079,913

Total 總計

–

7,079,913

–

7,079,913

二零二六年中期報告
比亞迪電子（國際）有限公司

59

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY (Continued)

公允價值層級（續）

Liabilities for which fair values are disclosed: (Continued)

已披露公允價值的負債：（續）

As at 31 December 2025

於二零二五年十二月三十一日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices

Significant

in active

Significant

observable unobservable

markets

inputs

inputs

活躍市場的

重大可觀察

重大不可

報價

輸入值

觀察輸入值

(Level 1)

(Level 2)

(Level 3)

（第一級）

（第二級）

（第三級）

總計

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Audited)

(Audited)

(Audited)

(Audited)

（經審核）

（經審核）

（經審核）

（經審核）

自中介控股公司貸款

–

7,183,992

–

7,183,992

Total 總計

–

7,183,992

–

7,183,992

Total

Loan from the intermediate holding company

16. APPROVAL OF THE FINANCIAL STATEMENTS

60

16. 審批財務報表

The financial statements were approved and authorised for issue

財務報表已由董事會於二零二六年八月

by the board of directors on 28 August 2026.

二十八日審批並獲授權刊發。

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

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依賴
該等內容而引致的任何損失承擔任何責任。

（根據公司條例於香港註冊成立的有限公司）

（股份代號：285）

二零二六年中期業績公告
比 亞 迪 電 子（ 國 際 ）有 限 公 司（「 本 公 司 」）董 事 會（「董 事 會 」）欣 然 宣 佈 本 公 司
及其附屬公司截至二零二六年六月三十日止六個月期間的未經審核業績。本
公告載有本公司二零二六年中期報告全文，乃按香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
六年中期報告可於香港聯合交易所披露易網站 www.hkexnews.hk 及本公司網
站 http://electronics.byd.com 閱覽，如本公司股東需瀏覽印刷版本，可依照本公司
於二零二五年八月一日在上述網站發佈之通知信函內指引獲取。
承董事會命
比亞迪電子（國際）有限公司
董事
王念強
香港，二零二六年八月二十八日

於本公告刊發日期，董事會成員包括執行董事王念強先生及江向榮先生；非執行
董事王傳福先生及王渤先生；及獨立非執行董事榮秀麗女士、曹玉珊先生及王瑛
女士。

BYD Electronic (International) Company Limited

比亞迪電子（國際）有限公司（「比亞迪

( “ BYD Electronic” or the “ Company” , together with its

電子」或
「本公司」，連同其附屬公司統

subsidiaries known as the “Group”; stock code: 0285)

稱
「本集團」；股份代號：0285）於二零

was spun off from BYD Company Limited (“BYD”, listed

零七年十二月二十日由比亞迪股份有

on The Stock Exchange of Hong Kong Limited (the “Stock

限公司（「比亞迪」，香港聯合交易所有

Exchange”), Stock Code: 01211 (HKD counter); 81211

限公司（「聯交所」）上市，股份代號：

(RMB counter); listed on the Shenzhen Stock Exchange,

01211（港幣櫃台）；81211（人民幣櫃

Stock Code: 002594) and listed on the Main Board of

台）； 深圳證券交易所上市，股份代號：

the Stock Exchange on 20 December 2007. The Group

002594）分拆於聯交所主板獨立上市。

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

products, providing customers around the world with one-

供商，依託電子信息技術、人工智能技

stop product solutions relying on its core advantages

術、5G和物聯網技術、熱管理技術、新

in electronic information, AI, 5G and Internet of Things,

材料技術、精密模具技術和數字化製造

thermal management, new materials, precision molds and

技術等核心優勢，為全球客戶提供一站

digital manufacturing technologies. The Group engages

式產品解決方案。本集團業務廣泛，涉

in a wide variety of businesses across diversified areas,

及智能手機、電腦、新能源汽車、AI算

including smartphones, computers, new energy vehicles,

力基礎設施、智能穿戴、智能家居、遊

AI computing infrastructure, smart wearables, smart home,

戲硬件、無人機、3D打印機、物聯網、

game hardware, unmanned aerial vehicles, 3D printers,

機器人、通信設備等多元化的市場領域。

Internet of Things, robots, communications equipment.

CONTENTS
目 錄

Corporate Information
公司資料

2

Financial Highlights
財務摘要

5

Management Discussion and Analysis
管理層討論及分析

6

Interim Condensed Consolidated Statement of
Profit or Loss
中期簡明合併損益表

29

Interim Condensed Consolidated Statement of
Comprehensive Income
中期簡明合併綜合收益表

30

Interim Condensed Consolidated Statement of
Financial Position
中期簡明合併財務狀況表

31

Interim Condensed Consolidated Statement of
Changes in Equity
中期簡明合併權益變動表

33

Interim Condensed Consolidated Statement of
Cash Flows
中期簡明合併現金流量表

35

Notes to Interim Condensed Consolidated
Financial Information
中期簡明合併財務資料附註

38

CORPORATE INFORMATION
公司資料

EXECUTIVE DIRECTORS

執行董事

Wang Nian-qiang
Jiang Xiang-rong

王念強
江向榮

NON-EXECUTIVE DIRECTORS

非執行董事

Wang Chuan-fu
Wang Bo

王傳福
王渤

INDEPENDENT NON-EXECUTIVE DIRECTORS

獨立非執行董事

Chung Kwok Mo John (retired on 9 June 2026)
Qian Jing-jie (retired on 9 June 2026)

鍾國武（於二零二六年六月九日辭任）
錢靖捷（於二零二六年六月九日辭任）

Rong Xiu-li (appointed on 9 June 2026)
Cao Yu-shan (appointed on 9 June 2026)
Wang Ying

榮秀麗（於二零二六年六月九日獲委任）
曹玉珊（於二零二六年六月九日獲委任）
王瑛

COMPANY SECRETARY

公司秘書

Li Qian
Cheung Hon-wan

李黔
張漢雲

AUDIT COMMITTEE

審核委員會

Wang Chuan-fu
Wang Bo
Chung Kwok Mo John (Chairman) (retired on 9 June 2026)
Qian Jing-jie (retired on 9 June 2026)
Rong Xiu-li (appointed on 9 June 2026)
Cao Yu-shan (Chairman) (appointed on 9 June 2026)
Wang Ying

王傳福
王渤
鍾國武（主席）
（於二零二六年六月九日辭任）
錢靖捷（於二零二六年六月九日辭任）
榮秀麗（於二零二六年六月九日獲委任）
曹玉珊（主席）
（於二零二六年六月九日獲委任）
王瑛

REMUNERATION COMMITTEE

薪酬委員會

Wang Nian-qiang
Wang Chuan-fu
Chung Kwok Mo John (retired on 9 June 2026)

王念強
王傳福
鍾國武（於二零二六年六月九日辭任）

Qian Jing-jie (Chairman) (retired on 9 June 2026)
Rong Xiu-li (Chairman) (appointed on 9 June 2026)
Cao Yu-shan (appointed on 9 June 2026)
Wang Ying

錢靖捷（主席）
（於二零二六年六月九日辭任）
榮秀麗（主席）
（於二零二六年六月九日獲委任）
曹玉珊（於二零二六年六月九日獲委任）
王瑛

NOMINATION COMMITTEE

提名委員會

Jiang Xiang-rong
Wang Chuan-fu (Chairman)
Chung Kwok Mo John (retired on 9 June 2026)
Qian Jing-jie (retired on 9 June 2026)
Rong Xiu-li (appointed on 9 June 2026)
Cao Yu-shan (appointed on 9 June 2026)

江向榮
王傳福（主席）
鍾國武（於二零二六年六月九日辭任）
錢靖捷（於二零二六年六月九日辭任）
榮秀麗（於二零二六年六月九日獲委任）
曹玉珊（於二零二六年六月九日獲委任）

Wang Ying

王瑛

2

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

CORPORATE INFORMATION
公司資料

STRATEGY AND SUSTAINABLE DEVELOPMENT
COMMITTEE (ESTABLISHED ON 27 MARCH 2026)

戰略及可持續發展委員會（於二零二六
年三月二十七日成立）

Wang Nian-qiang
Jiang Xiang-rong
Wang Chuan-fu (Chairman)
Rong Xiu-li (appointed on 9 June 2026)
Wang Ying

王念強
江向榮
王傳福（主席）
榮秀麗（於二零二六年六月九日獲委任）
王瑛

AUTHORISED REPRESENTATIVES

授權代表

Wang Nian-qiang

王念強

Li Qian

李黔

REGISTERED OFFICE

註冊辦事處

Unit 505-510, 5/F, Core Building 1E

香港

1 Science Park E Avenue

新界

Science Park

大埔白石角

Pak Shek Kok

科學園東路1號

Tai Po

核心大廈1E號

Hong Kong

5樓505-510室

HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS IN THE PRC

中國總辦事處及主要營業地點

No. 1

中國

Bibao Second Road

深圳市

Baolong Street

龍崗區

Longgang District

寶龍街道

Shenzhen

比寶二路1號

The PRC

郵編518116

518116

SHARE REGISTRAR AND TRANSFER OFFICE

股份過戶登記處

Computershare Hong Kong Investor Services Limited

香港中央證券登記有限公司

Shops 1712-1716

香港

17th Floor

灣仔

Hopewell Centre

皇后大道東183號

183 Queen’s Road East

合和中心

Wanchai

17樓

Hong Kong

1712-1716號舖

二零二六年中期報告
比亞迪電子（國際）有限公司

3

CORPORATE INFORMATION
公司資料

INVESTOR AND MEDIA RELATIONS CONSULTANT

投資者及傳媒關係顧問

iPR LTD

iPR LTD

Tel: (852) 2136 6185

電話：(852) 2136 6185

Fax: (852) 3170 6606

傳真：(852) 3170 6606

Email: be285@ipr.com.hk

電郵：be285@ipr.com.hk

WEBSITE

公司網址

http://electronics.byd.com

http://electronics.byd.com

STOCK CODE

股份編號

0285

0285

4

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

FINANCIAL HIGHLIGHTS
財務摘要

Interim results for the six months ended 30 June 2026 (the “Period”)
截至二零二六年六月三十日止六個月（「期內」）中期業績
Revenue

營業額

2.02%

Gross profit

毛利

-27.18%

to RMB4,037 million

至人民幣4,037百萬元

Profit attributable to owners of
the parent company
Earnings per share

母公司擁有人應佔溢利

-75.35%

to RMB426 million

至人民幣426百萬元

每股盈利

-75.35%

to RMB0.19

至人民幣0.19元

to RMB82,234 million 至人民幣82,234百萬元

HIGHLIGHTS

摘要

•

•

The Group continued to advance the development of the AI

本集團持續深化AI算力基礎設施業務拓

computing infrastructure business, with its latest-generation liquid

展，海外大客戶最新一代液冷冷板項目已

cooling plate project for major overseas clients entering the mass

進入量產爬坡階段。

production ramp-up stage.
•

The Group’s intelligent automotive product lines continued to

•

汽車智能化產品線持續規模化配套，智能

achieve large-scale deployment, and the penetration of intelligent

懸架產品滲透率提升，帶動新能源汽車業

suspension products increased, driving steady growth in the new

務板塊實現穩健增長。

energy vehicle business segment.
•

The Group’s profitability was temporarily under pressure during
the Period, mainly due to a temporary decline in the smart terminal

•

受智能終端零部件業務階段性回落與匯兌
損失影響，本集團期內盈利暫時性承壓。

components business and foreign exchange losses.

二零二六年中期報告
比亞迪電子（國際）有限公司

5

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
BUSINESS REVIEW

業務回顧

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，

products, providing customers around the world with one-stop

依託電子信息技術、人工智能技術、5G 和物

product solutions relying on its core advantages in electronic

聯網技術、熱管理技術、新材料技術、精密模

information, AI, 5G and Internet of Things, thermal management, new

具技術和數字化製造技術等核心優勢，為全球

materials, precision molds and digital manufacturing technologies. The

客戶提供一站式產品解決方案。本集團業務涵

Group engages in diversified market segments, such as smartphones,

蓋智能手機、電腦、新能源汽車、AI算力基礎

computers, new energy vehicles, AI computing infrastructure,

設施、智能穿戴、智能家居、遊戲硬件、無人

smart wearables, smart home, game hardware, unmanned aerial

機、3D打印機、物聯網、機器人、通信設備等

vehicles, 3D printers, Internet of Things, robots and communications

多元化的市場領域。作為行業發展的參與者與

equipment. As a participant and driver of industry development, the

推動者，本集團始終以戰略遠見引領前行，不

Group has remained committed to advancing with strategic foresight,

斷夯實研發與智造優勢，積極延展業務版圖，

continuously consolidated its R&D and smart manufacturing strengths,

着力構建穿越週期的長期核心競爭力，實現可

actively expanded its business footprint, and strived to build long-term

持續的高質量增長。

core competitiveness capable of navigating cycles, thereby achieving
sustainable and high-quality growth.
In the first half of 2026, the global political and economic environment

二零二六年上半年，全球政經環境延續複雜態

remained complex and challenging. Geopolitical conflicts continued to

勢。地緣政治衝突持續擾動供應鏈，主要經濟

disrupt supply chains, divergence in monetary policies among major

體貨幣政策分化加劇，全球經濟復甦動能放

economies intensified, and the momentum of the global economic

緩。面對外部環境的深刻變化，國家精準有效

recovery slowed down. In response to profound changes in the

實施更加積極有為的宏觀政策，因地制宜發展

external environment, the Chinese government implemented more

新質生產力。國民經濟頂住壓力，國內生產總

proactive and effective macroeconomic policies with precision, and

值同比增長4.7%，延續總體平穩、向新向優的

developed new quality productive forces based on local conditions.

發展態勢，展現出強大的韌性和活力。

The national economy withstood pressures, with gross domestic
product achieving a year-on-year growth of 4.7%, which maintained
an overall stable trend towards innovation-led, high-quality growth,
demonstrating strong resilience and vitality.
Faced with the complex and volatile global political and economic

面對複雜多變的全球政經環境，本集團始終展

environment, the Group has consistently demonstrated strong

現出強勁的經營韌性與系統性競爭實力，深耕

operational resilience and systematic competitive strengths. While

現有核心業務的同時，精準佈局新興賽道，加

continuing to expand its presence in existing core businesses, the

速資源向高價值賽道集聚。期內，本集團正處

Group has precisely positioned itself in emerging growth areas and

於業務結構轉型升級的關鍵過渡期。受全球智

accelerated the allocation of resources towards high-value segments.

能終端市場需求持續疲弱、上游原材料價格波

During the Period, the Group was undergoing a critical transition

動上行、下游核心客戶產品規格迭代等外部因

phase in the transformation and upgrade of its business structure.

素疊加影響，本集團的智能終端零部件業務短

The Group’s smart terminal components business experienced

期經營承壓，毛利率出現階段性波動，盈利能

short-term operational pressure, with gross profit margin subject

力面臨一定挑戰。面對行業環境變化，本集團

to periodic fluctuations and profitability facing certain challenges,

持續深化與海內外頭部核心客戶的長期協同合

due to the combined impact of external factors including continued

作，推進新產品、新項目的落地導入，保障智

weakness in global demand for smart terminals, fluctuations in

能終端業務整體實現穩健經營。同時，AI算力

6

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

upstream raw material prices with an upward trend, and iteration of

基礎設施領域需求持續增長，本集團在該領域

product specifications by key downstream clients. In response to

的戰略佈局成效顯著，服務器產品持續配套多

changes in the industry environment, the Group has continued to

家核心客戶實現批量出貨，海外大客戶最新一

deepen its long-term collaborative partnerships with leading core

代液冷冷板產品取得突破性進展，AI算力基礎

customers in both domestic and overseas markets, and accelerated

設施業務正逐步成長為本集團業務增長的新引

the commercialisation and introduction of new products and projects,

擎。此外，多款新能源汽車產品出貨量提升，

thereby ensuring the overall stable operation of its smart terminal

新能源汽車業務實現同比增長。

business. Meanwhile, as demand in the AI computing infrastructure
sector continued to grow, the Group’s strategic layout in this sector
yielded significant results. In particular, server products continued to
be supplied to multiple key clients and achieved batch shipments, and
its latest-generation liquid cooling plate products for major overseas
clients achieved breakthrough progress, which enabled the AI
computing infrastructure business to gradually become a new engine
for the Group’s business growth. In addition, shipment volumes of
multiple new energy vehicle products increased, driving year-on-year
growth in the Group’s new energy vehicle business.
In the first half of 2026, the Group recorded sales of approximately

二零二六年上半年，本集團錄得銷售額約人民

RMB82,234 million, representing a year-on-year increase of

幣82,234百萬元，同比上升約2.02%。股東應

approximately 2.02%, and profit attributable to shareholders

佔溢利同比下降約75.35%至約人民幣426百萬

decreased by approximately 75.35% year on year to approximately

元，主要是產品結構變化和匯率波動產生的匯

RMB426 million, mainly due to changes in product mix and foreign

兌損失的影響。

exchange losses arising from fluctuations in foreign exchange rates.

Revenue distribution by segment
各業務板塊收入分佈

New energy vehicle

AI computing infrastructure
AI算力基礎設施
0.92%

New energy vehicle

Smart terminal – components

新能源汽車
16.56%

智能終端 - 零部件
14.49%

新能源汽車
15.88%

2025H1

二零二六年
上半年

Note:

Smart terminal – components
智能終端 - 零部件
17.06%

2026H1

Smart terminal – assembly
智能終端 - 組裝
68.03%

AI computing infrastructure
AI算力基礎設施
1.04%

二零二五年
上半年
Smart terminal – assembly
智能終端 - 組裝
66.02%

During the Period, the Group updated the classification of its

附註： 期 內 ， 本 集 團 因 應 業 務 變 化 更 新 了 業 務 分

businesses to reflect changes in its business operations. Accordingly,

類。因此，截至二零二五年六月三十日止六

the revenue distribution by segment for the six months ended 30 June

個月按業務板塊劃分的收入分佈已按本期間

2025 has been reclassified to conform with the presentation for the

的呈列方式重新分類。

current period.

二零二六年中期報告
比亞迪電子（國際）有限公司

7

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the smart terminal sector, the deep integration of emerging
technologies such as AI and Internet of Things is accelerating the
reshaping of the industry landscape. The on-device deployment of
generative AI is driving smart terminals to evolve from standalone
devices towards an ecosystem characterised by multi-device
collaboration and cross-scenario integration, injecting new growth
momentum into the industry chain. However, as affected by multiple
factors including AI data center demand crowding out memory
production capacity, rising prices of core components, and high
interest rates suppressing consumer demand, terminal market
momentum has slowed. During the Period, the global smartphone
industry faced pressure from rising upstream material costs, and the
pace of new model launches by mobile phone brands was delayed.
According to IDC statistics, global smartphone shipments in the first
half of 2026 decreased by 4.8% year on year to 571 million units.
Premiumisation and differentiative innovation are becoming key
pathways for the smartphone industry to achieve breakthroughs, with
leading brands continuously strengthening product competitiveness
through form factor innovation and deeper scenario-based
applications. The technological iteration and form factor innovation of
high-end product series have not only enhanced end-user experience
and broadened application boundaries, but have also effectively driven
the industry chain towards high value-added directions, creating new
growth opportunities for upstream and downstream partners, while
imposing higher standards on system integration capabilities and
precision manufacturing processes. Meanwhile, as cloud-based large
model training shifts towards on-device deployment, generative AI is
accelerating its extension to on-device hardware, which has driven AI
phones, smart wearables, AI robots and other terminals into the stage
of application deployment, gradually becoming new growth points
in the market. During the Period, leveraging its full-chain technology
platform advantages and efficient delivery system, the Group
further built differentiative competitive barriers, deepened strategic
collaboration with global clients, and systematically expanded its
diversified smart terminal product matrix. In the components business,
the Group maintained its key position in the supply chains for high-end
flagship smartphones of domestic and overseas clients, and expanded
into new projects such as AI phones, AI glasses, and handheld
camera devices, achieving mass production and delivery. However,
affected by weak demand in the smartphone market and changes in
some product specifications, revenue from components decreased
year on year, resulting in temporary pressure on profitability. Benefiting
from the contributions of major overseas clients, revenue from the
assembly business increased year on year. During the Period, the
Group recorded revenue of RMB67,862 million in the smart terminal
business segment, comprising approximately RMB11,912 million from
components and approximately RMB55,950 million from assembly.
8

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

智能終端業務方面，AI、物聯網等新興技術的
深度融合正加速重構產業格局，生成式AI端側
部署推動智能終端從單一設備向多設備協同、
跨場景融合的生態化方向演進，為產業鏈注入
新的增長動能。然而，受AI數據中心需求擠佔
存儲器產能、核心零部件價格上漲及高利率
抑制消費需求等多因素影響，終端市場動能放
緩。期內，全球智能手機產業面臨上游物料成
本上升壓力，手機品牌新機發佈節奏有所放
緩。根據 IDC的統計，二零二六年上半年全球
智能手機出貨量按年下跌 4.8% 至 5.71 億部。
高端化與差異化創新正成為智能手機產業突圍
的關鍵路徑，頭部品牌通過形態變革與場景深
耕持續強化產品競爭力。高端產品系列的技術
迭代與形態創新，不僅提升了終端用戶體驗與
應用邊界，更有效推動產業鏈向高附加值方向
躍升，為上下游合作夥伴創造新的增長機遇，
同時對系統集成能力與精密工藝提出更高標
準。與此同時，隨着雲端大模型訓練轉向終端
落地，生成式AI正加速向端側硬件延伸，推動
AI手機、智能穿戴、AI機器人等終端進入應用
落地階段，逐步成為市場新的增長點。期內，
本集團依託全鏈條技術平台優勢與高效交付體
系，進一步構築差異化競爭壁壘，深化與全球
客戶的戰略合作，並有序拓寬多元智能終端產
品矩陣。零部件業務方面，本集團穩守海內外
客戶高端旗艦手機供應鏈的關鍵地位，同時拓
展AI手機、AI眼鏡、手持攝像設備等新項目，
並實現量產交付，但受智能手機市場需求較弱
及部分產品規格變化的影響，零部件收入同比
減少，盈利能力階段性承壓。整機組裝業務受
益於海外大客戶，收入實現同比增長。期內，
本集團在智能終端業務領域錄得人民幣67,862
百萬元的收入，其中零部件收入約人民幣
11,912百萬元，組裝收入約人民幣55,950百萬
元。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the new energy vehicle sector, China’s new energy vehicle industry
maintained its global leading position by virtue of its comprehensive
supply chain and technological first-mover advantages. Industry
competition is shifting from competition for existing market share in
the domestic market to a comprehensive contest over technology and
value in the global market. Currently, the domestic automotive industry
has been affected by factors including subdued consumer demand,
adjustments in industry policies and the phase-out of new energy
vehicle purchase tax credits, resulting in more cautious consumer
sentiment. According to data from the China Association of Automobile
Manufacturers, domestic automobile sales decreased by 21.1% in the
first half of 2026. As domestic automakers actively advanced overseas
expansion and the localisation of supply chains, and domestic and
overseas markets exerted synergies as dual growth drivers, China’s
automobile exports increased by 65.3% year on year, with the exports
of new energy vehicles doubling year on year. Meanwhile, continued
fluctuations and upward movements in the prices of upstream raw
materials and chips have had a certain impact on the overall industry.
As a leading domestic new energy vehicle enterprise, BYD officially
launched the new “FLASH Charging” technology in March, successfully
addressing the two long-standing pain points of “slow charging”
and “difficulty charging at low temperatures” in the industry, and
would continue to advance the scaled application of flash charging
technology. Furthermore, driven by both the intelligent upgrading of
the new energy vehicle industry and the government’s continuous
improvement of the intelligent connected vehicle standard system,
the industry was continuously transitioning from “popularisation of
electrification” to a new stage of “advancement of intelligentisation”.
The Group possesses significant technological first-mover advantages
in areas such as intelligent cockpit systems, intelligent driving systems,
intelligent suspension systems, thermal management, controllers
and sensors, and has achieved multi-product integration and largescale delivery. During the Period, benefiting from the continuous
improvement in intelligentisation, the Group’s new energy vehicle
business achieved year-on-year growth. In particular, intelligent driving,
intelligent cockpits, and thermal management products continued to
be supplied to major clients, the penetration rate of the full range of
intelligent suspension system products increased, and the number of
vehicle models equipped with these products increased significantly
compared to the same period last year; meanwhile, the Group
provided comprehensive supply of flash charging control systems
and core structural components, bringing new incremental growth.
During the Period, the Group’s new energy vehicle business segment
recorded revenue of approximately RMB13,619 million, accounting for
approximately 16.56% of the Group’s total revenue, representing a
year-on-year increase of approximately 6.43%.

新能源汽車業務方面，中國新能源汽車產業憑
藉完善供應鏈與技術先發優勢穩居全球龍頭，
產業競爭正從國內存量博弈轉向全球技術與價
值的綜合較量。當前國內汽車行業受消費需求
承壓、產業政策切換及新能源車輛購置稅退坡
等因素影響，終端消費情緒趨於謹慎。中國
汽車工業協會數據顯示，2026 年上半年國內
汽車銷量下降21.1%。隨着國內車企積極推進
海外佈局與供應鏈本土化落地，國內外市場
協同發力、雙輪驅動，中國汽車出口同比增
長65.3%，其中新能源汽車出口同比翻倍。同
時，上游原材料及芯片價格持續波動上行，給
整體行業帶來一定的影響。作為國內領先新能
源汽車企業，比亞迪於三月正式推出全新「閃
充」技術，成功攻克行業長期面臨的「充電慢」
及「低溫充電難」兩大痛點，並持續推進閃充
技術的規模化應用。此外，中國新能源汽車產
業在智能化升級與國家持續完善智能網聯汽車
標準體系的雙重推動下，持續由「電動化普及」
邁向「智能化深化」的新階段。本集團在智能
座艙系統、智能駕駛系統、智能懸架系統、熱
管理、控制器和傳感器等領域具備明顯的先發
技術優勢，已實現多產品配套與規模化交付。
期內，受益於智能化水平持續提升，本集團的
新能源汽車業務實現同比增長。其中，智能
駕駛、智能座艙、熱管理等產品持續配套大客
戶，智能懸架系統全線產品滲透率提升，搭載
車型較去年同期顯著增加；同時，本集團全面
配套供應閃充控制系統與核心結構件，帶來新
的增量。期內，本集團新能源汽車業務板塊的
收入約人民幣13,619百萬元，佔本集團總體收
入約16.56%，收入同比上升約6.43%。

二零二六年中期報告
比亞迪電子（國際）有限公司

9

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the AI computing infrastructure sector, with the accelerated
development of generative AI, Agentic AI, and large model inference
applications, AI workloads continued to increase, driving hyperscale
data centers and cloud service providers to accelerate the
construction of computing infrastructure. Meanwhile, the computing
density, rack power, and data throughput of AI servers were steadily
rising, shifting the focus of data center construction from computing
power alone towards a coordinated evolution of computing, thermal
management, power supply, and high-speed interconnect. NVIDIA’s
Vera Rubin, the latest computing platform, adopts a 100% liquidcooling architecture. Its elevated computing density and rack power
impose more stringent requirements on efficient thermal management
and power delivery, thereby accelerating the adoption and penetration
of liquid cooling and high-voltage power supplies in AI data centers.
The Group proactively seized the market opportunities presented by
the AI revolution. Leveraging the deep, full-industry-chain technical
expertise accumulated in the smart device sector encompassing
materials R&D, mold design, precision component development,
and automated manufacturing, combined with the mature thermal
management and high-voltage power supply technologies proven
in its automotive business, the Group deeply integrated and
innovatively applied the technological strengths of these two domains.
Centering on the core products of AI computing infrastructure, the
Group executed a comprehensive strategic layout, delivering an
integrated solution spanning servers, liquid cooling, high-voltage
power supplies and high-speed interconnect. For servers, the Group
established a product matrix covering AI servers, general-purpose
servers, and storage servers. These support mainstream computing
architectures including x86 and ARM, and can accommodate diverse
thermal management methods such as air cooling, cold-plate liquid
cooling, and immersion cooling, meeting the requirements of various
computing platforms and application scenarios. For liquid cooling,
the Group continued to refine its full-stack, in-house R&D layout from
key components to system-level solutions, covering core products
including liquid cold plates, UQDs/MQDs, manifolds, and coolant
distribution units (CDUs). For power supplies, to address the power
delivery requirements of AI data centers from the grid side to the
rack side, the Group actively developed products including datacenter-level HVDC systems, Powershelf, Busbar, Uninterruptible
Power Supplies (UPSs) and Solid State Transformers (SSTs). During
the Period, the Group continued to deepen cooperation with multiple
customers, with several server models achieving batch shipments.
The Group has completed the development of the latest-generation
liquid cooling plate products for major overseas clients, with the
project entering the mass production ramp-up stage. Its thermal
efficiency is at the industry-leading level, effectively resolving the
thermal management challenges of high-power chips and helping
customers build green data centers with lower PUE. Furthermore,
the Group collaborated with globally leading customers on the R&D
of next-generation high-voltage power supply products to accelerate
the deployment of HVDC technology and provide multi-tier, highefficiency power supply solutions. During the Period, the Group’s
AI computing infrastructure business segment recorded revenue of
approximately RMB753 million, representing a year-on-year decrease
of approximately 10.57%.
10

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

AI算力基礎設施業務方面，隨着生成式AI、代
理式 AI(Agentic AI) 及大模型推理應用加速發
展，AI工作負載持續提升，推動超大規模數據
中心及雲服務商加快算力基礎設施建設。與
此同時，AI服務器計算密度、機櫃功率、數據
吞吐持續提升，數據中心建設重點由單一算
力進一步向計算、散熱、供電及高速互聯協
同演進。英偉達新一代Vera Rubin計算平台採
用 100% 液冷架構，其更高的計算密度及機櫃
功率對高效熱管理及電源提出更高要求，推
動液冷、高壓電源在AI數據中心中的應用及滲
透。本集團積極把握AI發展帶來的市場機遇，
依託在智能終端領域積淀的全產業鏈深度技術
經驗，涵蓋材料研發、模具設計、精密零部件
開發與自動化製造的完整能力，並疊加在汽車
業務中成熟落地的熱管理與高壓電源技術，將
兩大領域的技術優勢深度融合並創新應用，圍
繞AI算力基礎設施的核心產品，進行了全面戰
略佈局，打造了涵蓋服務器、液冷、高壓電源
及高速互聯的一體化解決方案。服務器方面，
本集團已形成覆蓋AI服務器、通用服務器及存
儲服務器的產品矩陣，支持x86、ARM等主流
計算架構，並可適配風冷、冷板式液冷、浸沒
式液冷等多種散熱方式，滿足不同計算平台及
應用場景需求。液冷方面，本集團持續完善從
關鍵零部件到系統級方案的全棧自研佈局，目
前已覆蓋液冷板(Liquid Cold Plate)、快接頭
(UQD/MQD)、分水器(Manifold)及冷郤分配單
元(CDU)等核心產品。電源方面，本集團圍繞
AI數據中心從電網側到機櫃測的供電需求，積
極佈局機房級HVDC、電源架(Powershelf)、母
排 (Busbar)、不間斷電源 (UPS)、固態變壓器
(SST) 等產品。期內，本集團持續深化與多家
客戶的合作，多款服務器實現批量出貨；已完
成海外大客戶最新一代液冷冷板的產品開發，
項目進入量產爬坡階段，散熱效率處於行業領
先水平，有效解決高功耗芯片的散熱問題，助
力客戶構建更低PUE的綠色數據中心；本集團
與全球領先客戶開展下一代高壓電源產品的研
發，加速推動高壓直流技術的落地應用，提供
多層級高效供電方案。期內，本集團的AI算力
基礎設施業務板塊錄得收入約為人民幣753 百
萬元，同比下降約10.57%。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

R&D AND INNOVATION

研發與創新

Through years of dedicated expertise in innovative materials, precision

憑藉在創新材料、精密模具與精密裝備、產品

molds and equipment, product software and hardware development,

軟硬件開發、零部件及系統整機大規模製造方

and large-scale manufacturing of components and complete

面的多年深耕，本集團已構建出橫跨機理研

systems, the Group has established a comprehensive technology

究、產品開發及系統級交付的完整技術鏈，形

chain spanning fundamental research, product development, and

成獨特且難以複製的競爭優勢。強大的技術平

system-level delivery. This has forged a unique and difficult-to-

台持續驅動本集團研發與創新能力的提升，促

replicate competitive advantage. Our robust technological platform

進跨界產品的突破，為業務可持續發展保駕續

has continuously driven the enhancement of the Group’s R&D and

航。

innovation capabilities, fostering breakthroughs in cross-industry
products and ensuring the sustainable development of our business.
The Group has long been committed to its core strategy of innovation-

本集團長期錨定創新驅動發展核心戰略，在研

driven development and has maintained large-scale investment in

發端持續保持高規模投入，二零二六年上半年

R&D. In the first half of 2026, the R&D investment was RMB1,964

研發投入為人民幣 1,964 百萬元，研發資源重

million, with R&D resources primarily allocated to new AI-related

點向AI相關新業務領域傾斜，同步穩步推進全

business areas. Meanwhile, the Group has steadily promoted full-

體系智能化轉型，加速AI技術在各業務場景的

system intelligent transformation and accelerated the application of AI

落地應用。本集團在汽車產品領域聚焦全產品

technologies in various business scenarios. In the automotive product

線核心技術迭代，在AI算力基礎設施領域圍繞

sector, the Group focused on the iteration of core technologies across

液冷系統、高壓電源系統、服務器系統設計等

its full product portfolio. In the AI computing infrastructure sector, the

核心方向持續加碼前沿技術攻關，為新業務的

Group continued to increase its investment in cutting-edge technology

高速成長築牢底層技術根基；在知識產權與專

development in core areas such as liquid cooling systems, high-

利佈局端，依託前期持續的研發沉澱，本集團

voltage power supply systems, server system design, laying a solid

已形成體系化的專利儲備成果，截至二零二六

technology foundation for the high growth of new businesses. In terms

年六月三十日，本集團累計申請專利 12,296

of intellectual property and patent portfolio, based on its ongoing R&D

項，授權專利達 8,396 項，目前已完成覆蓋汽

accumulation to date, the Group has established a systematic patent

車全產品線的專利佈局，構建起堅實的技術與

portfolio. As of 30 June 2026, the Group had cumulatively filed 12,296

專利壁壘，並在AI算力基礎設施核心賽道沉澱

patent applications, and had been granted 8,396 patents. The Group

了高價值專利，相關新增專利數量同比實現顯

currently has completed comprehensive patent coverage across its

著上升，為汽車業務的長期穩健發展、新業務

full automotive product lines, building solid technological and patent

的快速成長提供了至關重要的技術支撐。

barriers. The Group has also accumulated high-value patents in
core areas of AI computing infrastructure, with a significant year-onyear increase in newly added patents, providing essential technology
support for the long-term stable development of the automotive
business and the rapid growth of new businesses.

二零二六年中期報告
比亞迪電子（國際）有限公司

11

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Leveraging its leading technological capabilities and smart
manufacturing expertise, the Group continued to set high standards
within the industry, and in the first half of 2026, it received high
recognition from clients in terms of R&D, delivery, quality and other
respects, successfully established several key collaborations and
was awarded prizes at national-level quality conferences for several
projects, further elevating its market recognition and consolidating its
leading position in the industry.

本集團憑藉領先的技術實力與智能製造能力，
持續在行業中樹立高標準，並於二零二六年上
半年在研發、交付、品質等方面獲得客戶高度
肯定，成功拓展了多項重點合作，更有多項目
斬獲國家級質量大會獎項，市場認可度再度攀
升，進一步鞏固其在行業內的領導地位。

Furthermore, the Group has been committed to integrating
environmental, social, and governance (ESG) considerations into
the core of its corporate strategy and operational management,
while continuously improving its corporate governance structure. In
March 2026, the Group newly established a Board-level Strategy and
Sustainable Development Committee to promote the alignment of
sustainable development with the Group’s long-term strategy, deeply
implement the board (the “Board”) of directors’ (the “Directors”)
regulatory framework and policy direction, and enhance the level of
corporate compliance and governance and recognition in the capital
markets.

此外，本集團致力將環境、社會和治理融入企
業戰略核心和經營管理，持續完善公司治理結
構 。 二 零 二 六 年 三 月 ， 本 集 團 新 設 董 事（「 董
事」）會（「董事會」）層級的戰略及可持續發展委
員會，促進可持續發展與企業長期戰略同頻共
振，深度貫徹董事會監管框架與政策導向，提
升企業合規治理水平與資本市場認可度。

Upholding the concept of sustainable development, the Group has
actively fulfilled its comprehensive responsibilities to the economy,
environment, and society. The Group fully supported the national
“dual carbon” policy, continuously optimizing green technologies and
solutions to drive product upgrades and process innovation, with
an aim to promote the green and low-carbon transformation of the
industry. In March 2026, BYD Precision Manufacture Co., Ltd. (比亞
迪精密製造有限公司), a subsidiary of the Group, was awarded the
title of 2025 “National Green Factory” by the Ministry of Industry and
Information Technology. The Group has advanced the construction
of green factories across three key dimensions, namely green energy,
smart manufacturing and operational systems. Through technological
innovation and energy-saving upgrades, the Group minimised energy
consumption and emissions, and leveraging intelligent platforms and
digital management, it promoted the operation of the “Intelligence+”
system to comprehensively facilitate the intelligent upgrades of green
factories, thereby achieving sustainable development. Meanwhile,
the Group actively engaged in public welfare and charitable causes,
continuously donating supplies and providing support to those in need.
Through concrete actions, it gave back to society, demonstrating a
high sense of responsibility and compassion as a corporate citizen.

本集團秉持可持續發展理念，積極履行對經
濟、環境與社會的綜合責任，全力響應國家
「雙碳」政策，不斷優化綠色技術及解決方案，
推動產品升級與工藝革新，致力於促進行業綠
色低碳轉型。二零二六年三月，本集團旗下比
亞迪精密製造有限公司榮獲國家工信部頒發二
零二五年度「國家級綠色工廠」稱號。本集團
圍繞綠色能源、智造及體系三大維度推進綠色
工廠建設，透過技術創新與節能改造最小化能
耗排放，並藉助智能化平台與數字化管控推動
「智能+」體系運行，全面賦能綠色工廠智能化
升級，實現可持續發展。同時，本集團積極投
身公益慈善事業，持續向有需要群體捐贈物資
與提供支援，以實際行動回饋社會，展現企業
公民的高度責任感與溫度。

12

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

FUTURE STRATEGY

未來策略

Looking ahead to the second half of 2026, despite numerous global

展望二零二六年下半年，儘管全球政治及經濟

political and economic uncertainties, China’s economy remains on

局勢面臨諸多不確定性，中國經濟基礎穩健、

a solid footing and exhibits strong resilience. The fundamentals for

韌性強勁，長期向好的基本面依然牢固。國家

sustained long-term growth remain robust. The Chinese government

將針對性出台更多精準的宏觀政策與促進措

is expected to introduce more targeted macroeconomic policies and

施，全方位擴大內需，持續優化經濟結構及提

stimulus measures to comprehensively boost domestic demand.

升發展動能，推動經濟平穩運行、向新向優發

This will drive continuous optimisation of the economic structure,

展。國家政策將持續聚焦智能化轉型及「AI+製

enhance growth momentum, and promote the steady, innovative

造」深度融合，重點支持新能源汽車、AI與高端

and high-quality development of the economy. National policies

芯片等電子智能製造領域，積極培育壯大新興

will continue to prioritise intelligent transformation and the deep

產業和未來產業，帶動高端製造、新興消費及

integration of “AI + Manufacturing”, with a focus on sectors such

新業態新模式加速釋放增長潛力。二零二六年

as new energy vehicles, AI and high-end chip manufacturing within

七月，國務院發佈《擴大消費「十五五」規劃》，

the electronic and intelligent manufacturing industry. Efforts will be

強調增加人工智能手機和電腦、智能穿戴、智

intensified to cultivate and expand emerging industries and future

能機器人等新一代智能終端產品的有效供給，

industries, accelerating the release of growth potential in high-end

支持家居家電智能化升級，全鏈條促進汽車消

manufacturing, emerging consumption and new business models

費，深入推進「人工智能+消費」 高質量發展。

and forms. In July 2026, the State Council released the “15th Five-

作為全球領先的高科技創新產品提供商，本集

Year Plan for Expanding Consumption”, which emphasises enhancing

團將持續投入核心技術研發，提升高端製造與

the effective supply of new-generation smart terminal products such

創新實力，鞏固垂直整合競爭壁壘，深化與重

as AI-powered mobile phones and computers, smart wearables,

點客戶的戰略合作，積極佈局未來產業高地。

and intelligent robots, supporting the intelligent upgrading of home

在穩固智能終端行業領先優勢的同時，新能源

furnishings and appliances, promoting automobile consumption along

汽車業務將持續成長，AI算力基礎設施等新興

the entire industry chain, and advancing the high-quality development

業務加速發展，共同推動本集團的高質量發展。

of “AI + consumption”. As a globally leading provider of high-tech
innovative products, the Group will continue to invest in the R&D of
core technologies, enhance high-end manufacturing and innovation
capabilities, consolidate its competitive advantages built on vertical
integration, deepen strategic cooperation with major clients, and
proactively position itself in high-potential future industries. While
consolidating its leading position in the smart terminal industry, the
Group will maintain the growth momentum of its new energy vehicle
business and accelerate the development of emerging businesses
such as AI computing infrastructure, thus collectively driving the
Group’s high-quality development.

二零二六年中期報告
比亞迪電子（國際）有限公司

13

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the smart terminal sector, in the short term, prolonged supply

智能終端業務方面，短期來看，受存儲器等核

shortages and rising prices of core components such as memory

心零部件供應持續短缺及價格上行影響，整機

chips are expected to sustain elevated hardware costs and drive

成本仍將承壓並推高終端售價，預期將持續壓

up selling prices of terminals, and therefore it is expected that the

制市場需求的釋放。Counterpoint Research

release of market demand will continue to be dampened. According

最新報告預測，二零二六年全球智能手機出貨

to the latest forecasts of Counterpoint Research, global smartphone

量將按年下跌13.9%。長期而言，隨着通用AI

shipments are expected to decline by 13.9% year on year in 2026.

及AI智能體加速與終端硬件融合，各類終端產

In the long term, as general AI and AI agents accelerate integration

品正從「被動工具」向「智能交互入口」升級，

with terminal hardware, a broad spectrum of terminal products are

開啟新一輪的產業變革。本集團在AI手機、智

evolving from “passive tools” into “intelligent interaction gateways”,

能穿戴、智能家居等多元智能終端領域的前瞻

ushering in a new round of industrial transformation. The Group’s

佈局，有望受益於本輪科技升級週期帶來的機

forward-looking approach in business presence in the fields of AI

遇。本集團在智能終端領域擁有深厚的技術壁

smartphones, smart wearables, smart home and other diversified

壘及廣泛的生態協同，並與全球主流品牌建立

smart terminals is expected to benefit from the opportunities brought

長期合作關係，這些核心優勢使本集團有信心

by this round of technological upgrading cycle. The Group has built

精準把握 AGI 與 AI 智能體帶來的新機遇。依託

deep technological moats and broad ecosystem synergies in the

在智能終端領域積累的深厚技術壁壘、廣泛的

smart terminal sector, along with long-term partnerships with major

生態協同及與全球主流品牌的長期合作基礎，

global brands. These core strengths underpin the Group’s confidence

本集團已前瞻佈局AI手機、智能穿戴、智能家

in precisely seizing the new opportunities presented by AGI and AI

居等多元智能終端產品，有望精準把握 AGI 與

agents. Relying on high technological moats built in the smart terminal

AI智能體帶來的新機遇。作為全球領先的高科

sector, extensive ecological collaboration and long-term cooperation

技創新產品提供商，本集團將持續深化與客戶

with global mainstream brands, the Group has taken a forward-looking

在高端產品的戰略合作，緊密配合客戶的創新

approach in developing diversified smart terminal products such as AI

步伐，全力確保新項目高質量落地。隨着大客

smartphones, smart wearables and smart home, and is expected to

戶新一輪產品週期的全面鋪開與技術升級迭

accurately grasp the new opportunities brought by AGI and AI agents.

代，智能終端業務有望在明年迎來結構性復

As a globally leading provider of high-tech innovative products, the

甦。同時，本集團將積極把握AI浪潮，開拓高

Group will continue to deepen strategic cooperation with customers

潛力新品類與新興市場，推動智能終端業務向

on high-end products, closely align with customers’ innovation

新一輪AI終端增長曲線延伸，鞏固其在全球高

pace, and fully ensure the high-quality delivery of new projects. With

端智能終端供應鏈中的領先優勢及核心地位。

the full rollout of major customers’ products in the new cycle and
technological iterations, the smart terminal business is expected to
achieve a structural recovery in the coming year. Meanwhile, the
Group will actively embrace the AI wave by exploring high-potential
new categories and emerging markets, and extending its smart
terminal business along a new AI terminal growth curve, to consolidate
its leading position and core role in the global high-end smart terminal
supply chain.

14

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the new energy vehicle sector, China’s new energy vehicle

新能源汽車業務方面，中國新能源汽車產業正

industry is transitioning from “scale expansion” towards a new phase

由「規模擴張」邁向「質量提升」與「價值重塑」

defined by “quality enhancement” and “value reshaping”. Focuses

的新階段，行業競爭重心由價格與配置比拼，

of competition in the industry are gradually shifting from price and

逐步轉向技術架構、智能化體驗、供應鏈效率

configuration to the holistic technology architecture, intelligent user

及品牌力的綜合較量。中國自主品牌憑藉在電

experience, supply chain efficiency, and brand strength. Building on

動化、智能化及產業鏈協同方面的持續積累，

their sustained accumulation in electrification, intelligent technologies,

加快由產品輸出走向研發、製造及服務一體化

and industrial chain collaboration, Chinese domestic brands are

的全球佈局，海外市場認可度與滲透率持續提

accelerating their transition from product exports to an integrated

升。中國汽車工業協會預測，二零二六年中國

global presence that spans R&D, manufacturing, and services,

新能源汽車銷量增長15.2%至1900萬輛。隨着

steadily boosting their recognition and market penetration in overseas

自動駕駛政策、標準與商業模式逐步成熟，車

markets. The China Association of Automobile Manufacturers

載算力平台、端到端智能駕駛算法、智能座艙

forecasts that China’s new energy vehicle sales will increase by

的規模化應用，推動城市NOA等高階智駕功能

15.2% to 19 million units in 2026. As autonomous driving policies,

正加速向主流價位車型滲透，進而帶動智能化

standards, and business models gradually mature, the large-scale

系統解決方案與高性能核心零部件需求提升。

application of in-vehicle computing platforms, end-to-end intelligent

其中，主動懸架系統主動施力對抗顛簸與側

driving algorithms and smart cockpit technologies is accelerating the

傾，結合高階預瞄感知力，大幅提升汽車的舒

penetration of advanced intelligent driving functions such as urban

適性與操控性，滲透勢有望持續提升，推動應

NOA into mainstream-priced vehicle models, thereby driving increasing

用向中低價位下沉。本集團緊抓汽車智能化加

demand for intelligent system solutions and high-performance core

速落地的戰略窗口，充分發揮長期積淀的技術

components. In particular, active suspension systems, by actively

底蘊與經驗優勢，已構建多元化的產品矩陣，

applying force to counteract road irregularities and body roll,

將持續受益於汽車智能化進程的不斷深化。面

combined with advanced preview sensing capabilities, substantially

向未來，本集團將持續投入研發，以技術優勢

enhance both ride comfort and vehicle handling. As a result, their

保障產品競爭力，並積極拓展客戶版圖，持續

penetration rate is expected to continue rising, driving wider adoption

深化與全球整車企業的戰略合作，致力成為新

across mid-to-low-priced vehicle models. Seizing a window of

能源汽車智能化與高端化的領先解決方案提供

strategically accelerating application of automotive intelligence, the

商。

Group fully leveraged its long-standing technological expertise and
experience, and has built a diversified product portfolio, positioning it
to continue benefiting from the deepening of automotive intelligence.
Going forward, the Group will sustain its R&D investments, leveraging
its technological advantages to ensure product competitiveness. It
will also actively broaden its customer base, and continuously deepen
strategic partnerships with global automakers, with an aim to become
a leading provider of intelligent and premium solutions for new energy
vehicles.

二零二六年中期報告
比亞迪電子（國際）有限公司

15

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

In the AI computing infrastructure sector, ongoing breakthroughs

AI算力基礎設施業務方面，隨着AI技術的持續

in AI technology, coupled with the deepening of global digital

突破疊加全球數字化轉型的縱深推進，算力需

transformation, are driving explosive growth in computing power

求持續爆發增長，AI數據中心市場繼續駛入規

demand. The AI data center market continues to enter a fast-growing

模化建設與高速增長的快車道。IDC預計，二

phase characterised by large-scale deployment and accelerated

零二六年全球AI算力基礎設施支出將達到4,970

expansion. According to IDC, global spending on AI computing

億美元，到二零二九年將突破萬億規模，達

infrastructure is expected to reach US$497.0 billion in 2026 and

1.08 萬億美元。同時，超大規模算力格局仍在

exceed US$1 trillion by 2029, reaching US$1.08 trillion. Meanwhile,

持續演變，資本開支的增長動能從傳統大型雲

the landscape of hyperscale computing infrastructure continues to

服務商向外擴展至新型雲廠商、AI實驗室等主

evolve. The growth momentum of capital expenditure is expanding

體，將進一步拓展服務器、液冷、高壓電源及

beyond traditional major cloud service providers to include emerging

高速互聯等相關產品的市場空間，推動產品迭

cloud service providers, AI laboratories and other participants. This

代升級及規模化應用。此外，數據中心建設也

will further expand the market opportunities for related products such

成為產業關注的核心方向。傳統數據中心存在

as servers, liquid cooling, high-voltage power supplies and high-speed

建設週期長、能耗高、擴展性差等痛點問題，

interconnects, while driving the upgrades and large-scale application

難以適配智算場景下業務快速上線、算力彈性

of products. In addition, data center development has become a key

擴容的發展需求。而模塊化數據中心(MDC)憑

focus of the industry. Traditional data centers face challenges such

藉其高效、節能、靈活的特點，正逐步成為數

as long construction cycles, high energy consumption and limited

據中心建設的新趨勢。面向AI算力產業高速發

scalability, making them less suitable for the rapid deployment of

展的戰略機遇期，本集團將持續深耕核心技術

applications and flexible expansion of computing capacity required

能力建設，完善服務器、液冷、高壓電源及高

in intelligent computing scenarios. Against this backdrop, modular

速互聯等產品矩陣，重點佈局高潛力、高盈

data centers (MDCs), with their advantages in efficiency, energy

利能力的細分賽道，構建覆蓋精密零部件、功

conservation and flexibility, are gradually becoming a new trend in data

能模組到完整系統的全棧解決方案。一方面，

center development. Facing the strategic opportunity arising from the

本集團將加大研發投入，緊跟下一代AI計算平

rapid growth of the AI computing infrastructure industry, the Group will

台及數據中心架構演進，以技術創新推動產品

continue to strengthen its core technological capabilities, and enhance

迭代及落地。本集團將積極拓展新客戶群體，

its product portfolio covering servers, liquid cooling, high-voltage

進一步擴大服務器的業務規模；加快液冷產品

power supplies and high-speed interconnect products, with focus on

規模化量產節奏，並與全球領先客戶共同推動

high-potential and high-profitability market segments, to establish full-

新一代產品的研發和迭代升級；同步推進高壓

stack solutions covering precision components, functional modules

電源、高速互聯等新產品的開發認證及客戶導

and complete systems. On the one hand, the Group will increase its

入。另一方面，面向AI高密度算力擴張建設需

R&D investment, closely follow the evolution of next-generation AI
computing platforms and data center architectures, and drive product
iteration and commercialisation through technological innovation. The
Group will actively expand its new customer base and further scale
up its server business. It will accelerate the mass production of liquid
cooling products and collaborate with global leading customers to
advance the R&D and iterative upgrades of next-generation products.
Meanwhile, the Group will continue to advance the development,
certification and customer adoption of new products, including
high-voltage power supply systems and high-speed interconnect
products. On the other hand, in response to the growing demand
for high-density AI computing infrastructure deployment, the Group
16

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

will leverage its advantages in self-developed core components to

求，本集團將充分發揮核心部件自研優勢，打

establish integrated R&D and manufacturing capabilities across the

通配電、機櫃、CDU等全鏈路設備的研發和

entire value chain including power distribution systems, server racks

生產，實現產品模塊化拆分、按需深度定制，

and CDUs, and through modularised product architectures and highly

為客戶提供高效節能穩定可靠的解決方案。未

customised solutions tailored to specific customer requirements, the

來，AI算力基礎設施業務將帶動本集團進入新

Group will provide customers with efficient, energy-saving, stable

一輪的增長週期，成為本集團中長期發展的重

and reliable solutions. Going forward, the AI computing infrastructure

要增長引擎。

business is expected to lead the Group into a new growth cycle and
serve as a key growth engine for the Group’s medium to long-term
development.
With its long-standing commitment to technological R&D and

本集團長期深耕技術研發與創新，已構建覆蓋

innovation, the Group has established a comprehensive technical

創新材料與工藝、精密模具、產品設計及開

team covering key areas including innovative materials and processes,

發、自動化及信息化等關鍵領域的全鏈條技術

precision molds, product design and development, automation

團隊，持續鞏固核心競爭優勢。依託深厚的技

and information technology, continuously strengthening its core

術積累，本集團緊抓市場發展機遇，深度挖掘

competitive advantages. Leveraging its deep technological expertise,

核心客戶價值，積極拓寬業務邊界。本集團業

the Group will seize market opportunities, delve into the value of its

務已實現戰略延伸，成功從智能終端、新能源

core clients, and actively expand its business horizons. The Group

汽車拓展至AI算力基礎設施等多元賽道，增長

has achieved strategic business expansion, successfully extending its

模式亦從精密製造驅動轉型為研發創新驅動。

business operations from smart terminals and new energy vehicles to

展望未來，本集團將不斷強化自主創新與研發

diversified sectors including AI computing infrastructure. Its growth

能力，力爭在新一輪產業週期中搶佔先機，並

model has also transitioned from precision manufacturing-driven to

全面推進智能製造升級，致力實現高質量、可

R&D innovation-driven. Looking ahead, the Group will continuously

持續發展，為客戶與股東創造更大價值。

strengthen its independent innovation and R&D capabilities, strive to
seize first-mover advantages in the new round of the industrial cycle,
and comprehensively advance smart manufacturing upgrades. The
Group is committed to achieving high-quality, sustainable development
and creating greater value for customers and shareholders.

二零二六年中期報告
比亞迪電子（國際）有限公司

17

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
FINANCIAL REVIEW

財務回顧

During the Period under review, revenue increased by 2.02% as

回顧期內，營業額較去年同期上升2.02%，母

compared to the same period of the previous year, and profit

公司擁有人應佔溢利較去年同期下降75.35%，

attributable to owners of the parent company decreased by 75.35%

主要是產品結構變化和匯率波動產生的匯兌損

as compared to the same period of the previous year, mainly due

失的影響。

to changes in product mix and foreign exchange losses arising from
fluctuations in foreign exchange rates.

SEGMENT INFORMATION

分部資料

The following charts set out comparisons of geographical segments by

以下為本集團於期內及截至二零二五年六月

locations of customers of the Group for the Period and the six months

三十日止六個月按客戶所在地分析的地區分部

ended 30 June 2025:

比較：
PRC (including Hong Kong,
PRC (including Hong Kong,
Macau and Taiwan)
Macau and Taiwan)
中國（包括港澳台地區）
中國（包括港澳台地區）
36%
36%

PRC (including Hong Kong,
PRC (including Hong Kong,
Macau and Taiwan)
Macau and Taiwan)
中國（包括港澳台地區）
中國（包括港澳台地區）
35%
35%

2025H1

2026H1

二零二五年
上半年

二零二六年
上半年
Overseas
Overseas
海外
海外
64%
64%

Overseas
Overseas
海外
海外
65%
65%

GROSS PROFIT AND GROSS PROFIT MARGIN

毛利及毛利率

The Group’s gross profit for the Period decreased by approximately

本集團期內的毛利下降約27.18%至人民幣

27.18% to RMB4,037 million and gross profit margin decreased from

4,037 百萬元，毛利率由二零二五年上半年約

approximately 6.88% in the first half of 2025 to approximately 4.91%

6.88%下降至期內約4.91%，毛利率下降主要

during the Period, which was mainly due to changes in product sales

原因是產品銷售結構的變化。

mix.

LIQUIDITY AND FINANCIAL RESOURCES

流動資金及財務資源

During the Period, the Group recorded operating cash inflow of

期內，本集團錄得經營現金流入約人民幣 844

approximately RMB844 million, compared with cash inflow of

百萬元，而二零二五年上半年則錄得現金流入

approximately RMB10,002 million in the first half of 2025. The

約人民幣10,002百萬元，本集團期內現金流入

decrease in cash inflow of the Group during the Period was mainly

減少主要是銷售商品，提供勞務收到的現金減

due to the decrease in cash received for sales of goods and rendering

少所致。截至二零二六年六月三十日，本集團

services. As of 30 June 2026, the Group had interest-bearing

計息銀行及其他借款約人民幣7,080百萬元（二

bank and other borrowings of approximately RMB7,080 million (31

零二五年十二月三十一日：人民幣 7,184 百萬

December 2025: RMB7,184 million). The maturity profile of the

元）。計息銀行及其他借款在一年內到期。

interest-bearing bank and other borrowings thereof spreads over a
period of one year.

18

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

The Group maintained sufficient liquidity to meet daily liquidity

本集團擁有足夠的流動性以滿足日常流動資金

management and capital expenditure requirements, and control

管理及資本開支需求，並控制內部經營現金流

internal operating cash flows. The Group ’s requirements for

量。本集團借款需求不受季節性影響。期內，

borrowings are unaffected by seasonality. For the Period, turnover

應收貿易賬款及應收款項融資的週轉天數約為

days of trade receivables and receivables financing were approximately

36 日，而截至二零二五年六月三十日止六個

36 days, as compared to approximately 56 days for the six months

月，則約為56 日，變化的主要原因為應收賬

ended 30 June 2025. The change was mainly due to the year-on-year

款平均餘額的同比增幅比營業收入的同期增幅

increase in the average balance of trade receivables being lower than

小。存貨週轉天數截至二零二五年六月三十日

the corresponding increase in revenue. Inventory turnover days were

止六個月及期內均約為47日，無變化。

approximately 47 days for both the six months ended 30 June 2025
and the Period, which showed no change.

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

risk management which operates according to policies implemented

管理工作，並根據高級管理層實行批核的政策

and approved by senior management. As at 30 June 2026, the Group

運作。於二零二六年六月三十日，本集團計

had interest-bearing bank and other borrowings of approximately

息銀行及其他借款約人民幣 7,080 百萬元（二

RMB7,080 million (31 December 2025: RMB7,184 million), which were

零二五年十二月三十一日：人民幣 7,184 百萬

settled in RMB and arranged on a fixed-rate basis, and the Group’s

元），以人民幣結算，按固定利率計息，而本

cash and cash equivalents were primarily held in RMB and US dollars.

集團的現金及現金等價物主要以人民幣及美元

The Group’s current bank deposits and cash balances as well as

持有。本集團目前的銀行存款和現金結存，以

the Group’s credit facilities and net cash generated from operating

及本集團信貸額度和經營活動提供的淨現金將

activities will be sufficient to satisfy the Group’s material commitments

足以滿足本集團的重大承諾和預期營運資金需

and the expected working capital requirements, capital expenditure,

求、資本開支、業務擴展、投資和至少未來

business expansion, investments and debt repayment for at least the

十二個月的債務償還。

next twelve months.
The Group monitors capital using a gearing ratio, which is net liabilities

本集團使用資本負債比率（即淨負債除以權益）

divided by equity. Net liabilities include interest-bearing liabilities less

監察其資本。淨負債包括有息負債，並扣除現

cash and bank balances. Equity represents equity attributable to

金及銀行結餘。權益為母公司擁有人應佔權

owners of the parent. The Group’s policy is to maintain the gearing

益。本集團的政策為將資本負債比率盡可能保

ratio as low as possible. As of 30 June 2026, the gearing ratio of the

持最低。截至二零二六年六月三十日，本集團

Group was 9.78% (31 December 2025: -13.53%).

的資本負債比率為 9.78%（二零二五年十二月
三十一日：-13.53%）。

SIGNIFICANT INVESTMENT HELD

所持重大投資

The Group did not have any significant investments during the Period.

期內本集團概無任何重大投資。

二零二六年中期報告
比亞迪電子（國際）有限公司

19

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

MATERIAL ACQUISITIONS AND DISPOSALS OF
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
AND FUTURE PLANS FOR MATERIAL INVESTMENTS OR
ADDITIONS OF CAPITAL ASSETS

重大收購及出售附屬公司、聯營公司及合
營企業以及未來作重大投資或購入資本資
產的計劃

During the Period under review, there was no material acquisition and

於回顧期內，概無其他重大收購及出售附屬公

disposal of subsidiaries, associates and joint ventures. There was

司、聯營公司及合營企業。於本中期報告日

no plan authorised by the Board of the Company for other material

期，本公司董事會概無授權任何重大投資或購

investments or additions of capital assets as at the date of this interim

入資本資產的計劃。

report.

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

US dollars. During the Period, to manage the foreign exchange risk

算。期內，為管理美元收入及支出帶來的外匯

arising from US dollar income and expenditure, the Group entered

風險，本集團訂立若干外幣遠期合約、匯率掉

into several foreign currency forward contracts, foreign exchange

期合約以及組合產品，以對沖部分外匯風險。

swap contracts and portfolio products to hedge part of the foreign

期內，本集團並無因貨幣匯率的波動而令其營

exchange risk. During the Period, the Group did not experience any

運或流動資金出現任何重大困難或影響。董事

significant difficulties in or impacts on its operations or liquidity due

相信，本集團將有充足外匯應付其外匯需要。

to fluctuations in currency exchange rates. The Directors believe that
the Group will have sufficient foreign exchange to meet its own foreign
exchange needs.

CHARGE ON ASSETS

資產抵押

As at 30 June 2026, the Group had no charge on assets (as at 31

於二零二六年六月三十日，本集團無任何資產

December 2025, dedicated bank deposits amounted to approximately

抵押（於二零二五年十二月三十一日，專款專

RMB2,809,749,000).

用的銀行存款約為人民幣2,809,749,000元）。

EMPLOYMENT, TRAINING AND DEVELOPMENT

僱用、培訓及發展

As at 30 June 2026, the Group had approximately 162,500

於二零二六年六月三十日，本集團僱用約

employees. During the Period, total staff cost accounted for

16.25 萬名僱員。期內，員工成本總額佔本集

a p p r o x i m a t e l y 11.47% o f t h e G r o u p’ s r e v e n u e . E m p l o y e e s’

團營業額約 11.47%。本集團按僱員的表現、

remuneration was determined on the basis of the employees’

資歷及當時的行業慣例釐定給予僱員的報酬，

performance, qualification and prevailing industry practices, with

而酬金政策會定期檢討。根據年度工作表現評

compensation policies being reviewed on a regular basis. Bonuses

核，僱員或會獲發花紅及獎金。獎勵的發放乃

and rewards may also be awarded to employees based on their

作為個人推動力的鼓勵。董事會於二零二五年

annual performance evaluation. Incentives were offered to encourage

三月十七日決議採用股份獎勵計劃。有關股份

personal motivation. On 17 March 2025, the Board resolved to adopt

獎勵計劃的更多詳情，請參閱本公司日期為二

a share award scheme. For further details of the share award scheme,

零二五年三月十七日、二零二五年七月九日及

please refer to the Company’s announcements dated 17 March 2025,

二零二六年三月二十七日的公告。

9 July 2025 and 27 March 2026.

20

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Since 2021, the Group has standardised a three-tier training

自二零二一年起，本集團為新員工規範三級培

framework for new staff members and has carried out specific

訓框架，並開展具體培訓。三級培訓框架的科

training. The subjects, hours and assessment methods of the three-

目、時間和考核方法已明確規定，並根據員工

tier training framework are clearly stated, and safety training materials

工作性質起草安全培訓材料和考核問題。新員

and examination questions are drafted according to the job nature of

工在履新前必須參加培訓並通過考核。

employees. New employees are required to attend the training and
pass the examination before taking on the job.

SHARE CAPITAL

股本

As at 30 June 2026, the share capital of the Company was as follows:

於二零二六年六月三十日，本公司的股本如
下：

Number of issued ordinary shares: 2,253,204,500.

已發行普通股份數目：2,253,204,500。

CAPITAL COMMITMENT

資本承擔

As at 30 June 2026, the Group had capital commitments of

於二零二六年六月三十日，本集團的資本承

approximately RMB408 million (31 December 2025: approximately

擔達約人民幣 408 百萬元（二零二五年十二月

RMB700 million).

三十一日：約人民幣700百萬元）。

EVENTS AFTER THE REPORTING PERIOD

報告期後事項

No other subsequent events occurred that materially affected the

於二零二六年六月三十日後及直至本中期報日

Group’s financial condition or operation after 30 June 2026 and up to

期，並無發生對本集團財務狀況或營運產生重

the date of this interim report.

大影響的其他期後事項。

二零二六年中期報告
比亞迪電子（國際）有限公司

21

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS
AND SHORT POSITIONS IN SHARES

董事及最高行政人員於股份中的權益
及淡倉

As at 30 June 2026, the interests or short positions of the Directors

於二零二六年六月三十日，本公司董事及最高

and chief executive of the Company in the ordinary shares and

行政人員於本公司或其相聯法團（定義見香港

underlying shares of the Company or its associated corporations

法例第571 章證券及期貨條例（「證券及期貨條

(within the meaning of Part XV of the Securities and Futures Ordinance

例」）第XV部）的普通股份及相關股份中，擁有

(Chap. 571 of the Laws of Hong Kong) (the “SFO”)), which were

根據證券及期貨條例第XV部第7及第8分部須知

required to be notified to the Company and the Stock Exchange

會本公司及聯交所的有關權益或淡倉（包括彼

pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests

等根據證券及期貨條例有關條文被當作或視為

or short positions which they are taken or deemed to have under such

擁有的權益或淡倉），或根據證券及期貨條例第

provisions of the SFO) or were required, pursuant to Section 352 of

352 條須記錄於該條文所指的登記冊內，或根

the SFO, to be recorded in the register referred to therein or were

據聯交所證券上市規則（「上市規則」）附錄 C3

required, pursuant to the Model Code for Securities Transactions by

所載上市發行人董事進行證券交易的標準守則

Directors of Listed Issuers (the “Model Code”) as set out in Appendix

（「標準守則」）須知會本公司及聯交所的有關權

C3 under the Rules Governing the Listing of Securities on the Stock

益或淡倉如下：

Exchange (the “Listing Rules”) to be notified to the Company and the
Stock Exchange were as follows:

Name of director

Name of company

Capacity

董事姓名

公司名稱

身份

Mr. Wang Nian-qiang
王念強先生

The Company
本公司
BYD
比亞迪

Beneficial owner and
beneficiary
實益擁有人及受益人
Beneficial owner
實益擁有人

The Company
本公司

Beneficial owner
實益擁有人

Mr. Jiang Xiang-rong
江向榮先生

Interest of spouse
配偶權益
BYD
比亞迪

Beneficial owner
實益擁有人

Mr. Wang Bo
王渤先生

The Company
本公司

Beneficiary
受益人

Mr. Wang Chuan-fu
王傳福先生

BYD
比亞迪

Beneficial owner
實益擁有人

22

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

Number of
issued shares
held
持有已發行
股份數目
17,102,0001
(long position)
（好倉）
54,899,2202
(long position)
（好倉）
95,0973
(long position)
（好倉）
270,000
(long position)
（好倉）
22,5684
(long position)
（好倉）
2,805,0005
(long position)
（好倉）
1,555,054,6506
(long position)
（好倉）

Approximate
percentage of
total issued
shares of that
company
佔該公司已發行
股份總數的
概約百分比
0.76%

0.60%

(<0.01%)

0.01%

(<0.01%)

0.12%

17.06%

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

Notes:

附註：

1.

1.

Of which 8,500,000 shares are held by Mr. Wang Nian-qiang and

其中有 8,500,000 股股份由王念強先生持有及

8,602,000 shares are held by Gold Dragonfly Limited (“Gold Dragonfly”), a

8,602,000 股股份由 Gold Dragonfly Limited

company incorporated in the British Virgin Islands and wholly owned by BF

（「Gold Dragonfly」）持有，後者為一家於英屬處

Gold Dragon Fly (PTC) Limited (“BF Trustee”) as the trustee of BF Trust,

女群島註冊成立的公司，由BF Gold Dragon Fly

the beneficiaries of which include Mr. Wang Nian-qiang.

(PTC) Limited（「BF Trustee」）作為BF Trust（王
念強先生為該信託的其中一位受益人）的受託人
全資擁有。

2.

These are A shares of BYD held by Mr. Wang Nian-qiang. The total share

2.

該等股份為王念強先生持有的比亞迪A股。於二

capital of BYD as at 30 June 2026 was RMB9,117,197,565, comprising

零二六年六月三十日，比亞迪的總股本為人民幣

5,433,797,565 A shares and 3,683,400,000 H shares, all of which have

9,117,197,565元，包含5,433,797,565股A股及

a par value of RMB1 each. The A shares of BYD held by Mr. Wang Nian-

3,683,400,000 股H股，彼等股份面值均為人民

qiang represented approximately 1.01% of the total issued A shares of

幣1 元。而王念強先生持有比亞迪之 A股，相當

BYD as at 30 June 2026.

於二零二六年六月三十日比亞迪已發行A股總數
約1.01%。

3.

These are 95,097 underlying shares granted to Mr. Jiang Xiang-rong

3.

該等股份為根據董事會於二零二五年三月十七日

on 9 July 2025 but not yet vested pursuant to the share award scheme

決議採用的股份獎勵計劃，並於二零二五年七月

adopted on 17 March 2025 by way of a Board resolution. A total of

九日授予江向榮先生但尚未歸屬的95,097 股相

135,853 underlying shares were granted to Mr. Jiang Xiang-rong under

關股份。該股份獎勵計劃合共授予江向榮先生

the share award scheme, and since the Company’s performance appraisal

135,853股相關股份，其中該股份獎勵計劃未達

indicators for the first unlocking tranche under the share award scheme

第一個解鎖期的本公司業績考核指標，授予持有

were not met, 30% of the Underlying Shares (namely the award shares

人的30%標的股票（即第一個解鎖期相應的獎勵

corresponding to the first unlocking tranche totaling 40,756 underlying

股份共40,756 股相關股份）不會解鎖（即不會歸

shares) granted to the holder were not unlocked (i.e. not vested). For

屬），進一步詳情請參閱本公司日期為二零二六

further details, please refer to the announcement of the Company dated

年三月二十七日的公告。

27 March 2026.
4.

These are 22,568 underlying shares granted to Mr. Jiang Xiang-rong on

4.

該等股份為根據比亞迪於二零二五年四月十五日

23 May 2025 but not yet vested pursuant to the 2025 employee share

舉行的臨時股東會上批准採納的二零二五年員工

ownership plan approved by BYD at its extraordinary general meeting

持股計劃，並於二零二五年五月二十三日授予

held on 15 April 2025. A total of 32,240 underlying shares were granted

江向榮先生但尚未歸屬的22,568 股相關股份。

to Mr. Jiang Xiang-rong under the 2025 employee share ownership

該二零二五年員工持股計劃合共授予江向榮先

plan, and since the Company’s performance appraisal indicators for the

生32,240 股相關股份，其中該二零二五年員工

first unlocking tranche under the 2025 employee share ownership plan

持股計劃未達第一個解鎖期的本公司業績考核指

were not met, 30% of the Underlying Shares (namely the award shares

標，授予持有人的30%標的股票（即第一個解鎖

corresponding to the first unlocking tranche totaling 9,672 underlying

期相應的獎勵股份共9,672 股相關股份）不會解

shares) granted to the holder were not unlocked (i.e. not vested). For

鎖（即不會歸屬），進一步詳情請參閱比亞迪於

further details, please refer to the circular published by BYD on 21 March

二零二五年三月二十一日發佈的通函。

2025.

二零二六年中期報告
比亞迪電子（國際）有限公司

23

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
5.

These shares are held by Gold Dragonfly, a company wholly owned by

5.

該等股份由Gold Dragonfly持有，而Gold

BF Trustee as the trustee of BF Trust, one of the beneficiaries of which

Dragonfly為一家由BF Trustee作為BF Trust（王

includes Mr. Wang Bo.

渤先生為該信託的其中一位受益人）的受託人全
資擁有的公司。

6.

These are 1,540,871,550 A shares held by Mr. Wang Chuan-fu,
11,183,100 A shares held in No.1 Assets Management Plan through E

6.

該等股份為王傳福先生持有的比亞迪
1,540,871,550 股A股，通過易方達資產比亞迪

Fund BYD and 3,000,000 H shares of BYD held by Mr. Wang Chuan-

增持1號資產管理計劃持有的11,183,100股A股

fu, which represented approximately 28.56% and approximately 0.08%

及王傳福先生持有的比亞迪3,000,000 股H股，

of the total issued A shares and H shares of BYD as at 30 June 2026,

分別相當於二零二六年六月三十日比亞迪已發行

respectively.

A股總數約28.56%及H股總數約0.08%。

Save as disclosed above, none of the Directors or chief executive

除上文所披露者外，於二零二六年六月三十

had or was deemed to have any interests or short positions in any

日，董事或最高行政人員概無於本公司或其任

shares, underlying shares or debentures of the Company or any of its

何相聯法團（定義見證券及期貨條例第XV部）的

associated corporations (within the meaning of Part XV of the SFO) as

任何股份、相關股份或債券證中擁有或視為擁

at 30 June 2026.

有任何權益或淡倉。

DIRECTORS’ RIGHTS TO ACQUIRE SHARES

董事認購股份的權利

Save as disclosed under the heading “DIRECTORS’ AND CHIEF

除上文「董事及最高行政人員於股份中的權益

EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES”

及淡倉」所披露者外，於期內的任何時間，本

above, at no time during the Period was the Company, its holding

公司、其控股公司或其同系附屬公司及附屬公

company or any of its fellow subsidiaries and subsidiaries, a party to

司概無訂立任何安排，令本公司董事或最高行

any arrangements to enable the Directors or the chief executive of

政人員或其聯繫人可透過購入本公司或任何其

the Company or their associates to acquire benefits by means of the

他法團的股份而獲益。

acquisition of shares in the Company or any other body corporate.

24

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

SUBSTANTIAL SHAREHOLDERS

主要股東

As at 30 June 2026, so far as being known to the Directors, the

於二零二六年六月三十日，就董事所知，以下

following persons (other than the Directors and chief executive of

人士（不包括本公司董事及最高行政人員）於本

the Company) had interests or short positions in the ordinary shares

公司普通股及相關股份中，擁有根據證券及期

and underlying shares of the Company which were required to

貨條例第XV部第2及第3分部的規定須向本公司

be disclosed to the Company and the Stock Exchange under the

及聯交所披露或須記錄於本公司根據證券及期

provisions of Divisions 2 and 3 of Part XV of the SFO, or which were

貨條例第336條須存置登記冊內的權益或淡倉：

recorded in the register required to be kept by the Company under
Section 336 of the SFO:
Number of ordinary
shares in which the

Name of Shareholders

Nature of interest

股東名稱

權益性質

Golden Link Worldwide Limited
(“Golden Link”)

interested party has or

Approximate

is deemed to have

percentage of

interests or short

total issued

positions

shares

權益持有人持有或視為持有

佔已發行股份

權益或淡倉的普通股數目

總數的概約百分比

Beneficial interest (note)

1,481,700,000

65.76%

實益權益

(long position)

（附註）

Golden Link Worldwide Limited

（好倉）

（「Golden Link」）
BYD (H.K.) Co., Limited (“BYD HK”)
BYD (H.K.) Co., Limited（「BYD HK」）

1,481,700,000

Interest of controlled
corporation

65.76%

(long position)

(note)

受控制法團權益（附註）

（好倉）

BYD Company Limited (“BYD”)

Interest of controlled

1,481,700,000

比亞迪股份有限公司（「比亞迪」）

corporation (note)

(long position)

受控制法團權益（附註）
Note:

65.76%

（好倉）
附註：

BYD is the sole shareholder of BYD HK, which in turn is the sole shareholder of

比亞迪為BYD HK的唯一股東，而BYD HK則為

Golden Link. As such, both BYD HK and BYD were deemed to be interested in

Golden Link的唯一股東。因此，BYD HK及比亞迪均

the shares of the Company held by Golden Link.

被視為於Golden Link持有的本公司股份中擁有權益。

Save as disclosed above, as at 30 June 2026, the Company had

除上文所披露者外，於二零二六年六月三十

not been notified by any persons (other than the Directors or chief

日，本公司並不知悉任何人士（本公司董事或

executive of the Company) who had interests or short positions in

最高行政人員除外）於本公司普通股或相關股

the ordinary shares or underlying shares of the Company which were

份中擁有根據證券及期貨條例第XV部第2及第3

required to be disclosed to the Company and the Stock Exchange

分部的規定須向本公司及聯交所披露或記錄於

under the provisions of Divisions 2 and 3 of Part XV of the SFO,

本公司根據證券及期貨條例第336 條須存置登

or which were recorded in the register required to be kept by the

記冊內的權益或淡倉。

Company under Section 336 of the SFO.
二零二六年中期報告
比亞迪電子（國際）有限公司

25

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

CORPORATE GOVERNANCE

企業管治

COMPLIANCE WITH THE CORPORATE GOVERNANCE
CODE (THE “CODE”)

遵守企業管治守則（「守則」）

The Board is committed to maintaining and ensuring high standards of

董事會致力維持並確保企業管治常規處於高水

corporate governance practices.

平。

The Board puts emphasis on maintaining a quality Board with the

董事會強調維持董事會的質素，各董事須具備

balance of skill set of Directors, high transparency and effective

不同的專長，透明度高而問責制度有效，務求

accountability system in order to enhance shareholders’ value. In the

提升股東價值。董事會認為，本公司於期內符

opinion of the Board, the Company had complied with the applicable

合上市規則附錄C1第二部分所載的適用守則條

provisions of the Code as set out in Part 2 of Appendix C1 to the

文。

Listing Rules during the Period.

COMPLIANCE WITH THE MODEL CODE FOR
SECURITIES TRANSACTIONS BY DIRECTORS OF
LISTED ISSUERS

遵守上市發行人董事進行證券交易的
標準守則

The Company has adopted the Model Code as set out in Appendix

本公司已採用上市規則附錄C3所載標準守則作

C3 to the Listing Rules as the Company’s code of conduct regarding

為本公司董事進行證券交易的操守守則。經向

securities transactions by its Directors. Specific enquiry has been

全體董事作出特定查詢後，各董事確認在期內

made to all Directors, who have confirmed that they had complied with

已遵守標準守則的規定標準。

the required standard set out in the Model Code during the Period.
Specified employees who are likely to be in possession of inside

可能擁有本集團內幕消息的指定人士亦須遵守

information of the Group are also subject to compliance with terms

標準守則條款。於期內，本公司並無發現違規

of the Model Code. No incident of non-compliance was noted by the

事件。

Company during the Period.

DISCLOSURE PURSUANT TO RULE 13.51B(1) OF THE
LISTING RULES

根據上市規則第13.51B(1)條進行的披
露

There was no information required to be disclosed pursuant to Rule

於本報告期內，概無資料須根據上市規則第

13.51B(1) of the Listing Rules during the Period.

13.51B(1)條予以披露。

26

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S
LISTED SECURITIES

買賣或贖回本公司上市證券

During the Period, neither the Company nor any of its subsidiaries

於期內，本公司或其任何附屬公司均概無買賣

purchased, sold or redeemed any listed securities (including sale of

或贖回本公司任何上市證券（包括出售庫存股

treasury shares) of the Company.

份）。

BOARD DIVERSITY POLICY

董事會多元化政策

The Board adopted a Board Diversity Policy in compliance with

董事會遵照守則第一部分 J 段採納董事會成員

Paragraph J of Part 1 of the Code.

多元化政策。

The Company recognises the importance of board diversity to

本公司認同董事會成員多元化對企業管治及董

corporate governance and an effective Board. The Board Diversity

事會行之有效的重要性，董事會成員多元化政

Policy aims to set out the approach to achieve Board diversity, so

策旨在列載為達致董事會成員多元化而採取的

as to ensure that the Board members possess appropriate skills,

方針，以確保董事會根據本公司業務所需具備

experience and diverse views necessary for the business of the

適當的技能、經驗及多元化觀點。董事會所有

Company. To realise Board diversity, all appointments of the Board

委任均以用人唯才為原則，將按年討論及協議

members will be made based on merit, and measurable objectives will

可計量目標，以落實董事會多元化。這些可計

be discussed and negotiated on an annual basis. Such measurable

量目標應包括但不限於性別、年齡、文化及教

objectives shall include, but are not limited to, gender, age, cultural

育背景、專業經驗、技能、知識及 ╱ 或服務年

and educational background, professional experience, skills,

期等，最終決定將基於人選的長處及可為董事

knowledge and/or terms of service, etc. The ultimate decision will be

會帶來的貢獻。本公司已確認及執行將協助發

based on merits and contributions that the selected candidates will

展更全面及更多樣化的熟練和經驗豐富的高級

bring to the Board. The Company has confirmed and implemented

管理人員的安排，經考慮本公司業務需求，提

the arrangement of skilled and experienced senior management,

名委員會認為現任董事會在技能、經驗、知識

as they will facilitate a more comprehensive and diversified

及獨立性方面充分表現多樣化格局。彼等之技

development. Having considered the business needs of the Company,

能將為其加入董事職位做好準備。

the Nomination Committee considers that the current Board is
sufficiently diversified in terms of its skills, experience, knowledge and
independence. Moreover, the skills they are equipped with will prepare
them prior to commencing their roles as Directors.
In terms of gender diversity, as at 30 June 2026, two of the members

在性別多元化方面，於二零二六年六月三十

of the current session of the Board were female, which shows an

日，本屆董事會其中兩名董事為女性，董事會

improvement in gender diversity in the Board. The Board will continue

性別多元化有所增進。董事會將繼續採取積極

to take proactive measures to ensure the gender diversity of Board

措施，確保董事會成員保持性別多元化，並著

members, and will emphasize on including gender as one of the

重將性別納入本公司實現董事會多元化的考量

factors to be taken into consideration by the Company for achieving

因素之一。

Board diversity.

二零二六年中期報告
比亞迪電子（國際）有限公司

27

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析

The Company is committed to promoting gender diversity not only

本公司致力於促進董事會乃至整個員工隊伍的

within the Board but among its workforce generally. As at the date of

性別多元化。於本報告日期，本集團境內女性

this report, the number of domestic female employees of the Group

員工的數量約佔全體員工總人數的39.36%。董

accounted for approximately 39.36% of the total workforce. The Board

事會認為本集團員工隊伍目前已實現員工性別

is of the view that the Group has achieved gender diversity among

多元化。

employees.
The Group’s recruitment strategy is underpinned by the appointment

本集團的招聘策略為合適的崗位聘用合適的員

of the right employee for the right position, in order to achieve

工，從員工的性別、年齡、文化、及教育背

employee diversity for all employees (including the senior management)

景、專業經驗、技能及知識等方面實現全體員

in terms of gender, age, cultural and educational background,

工（包括高級管理人員）的多元化。

expertise, skills and know-how.

AUDIT COMMITTEE

審核委員會

The Audit Committee consists of three independent non-executive

審核委員會包括三名獨立非執行董事以及兩名

Directors and two non-executive Directors. A meeting was convened

非執行董事。審核委員會於二零二六年八月

by the Audit Committee on 28 August 2026 to review the accounting

二十八日召開會議，審閱本集團採用的會計政

policies and practices adopted by the Group and to discuss auditing,

策及常規，並討論核數、內部監控、風險管理

internal control, risk management and financial reporting matters

及財務申報事項（包括審閱期內的財務報表），

(including reviewing the financial statements for the Period) before

以向董事會建議批准有關事宜。

recommending them to the Board for approval.
The Audit Committee has reviewed the unaudited results of the Group

審核委員會已審閱本集團期內的未經審核業績。

for the Period.

INTERIM DIVIDEND

中期股息

The Board does not recommend the distribution of interim dividend for

董事會不建議派付期內之中期股息（截至二零

the Period (six months ended 30 June 2025: Nil).

二五年六月三十日止六個月：無）。

28

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
中期簡明合併損益表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月

REVENUE 收入

30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

4

82,234,197

80,605,678

(78,197,621)

(75,062,713)

4,036,576

5,542,965

385,529

690,850

Cost of sales 銷售成本
Gross profit 毛利
Other income and gains 其他收入及收益

473,690

53,809

(1,963,705)

(2,230,952)

Selling and distribution expenses 銷售及分銷開支

(773,815)

(1,042,891)

Administrative expenses 行政開支

(727,448)

(887,497)

(2,546)

43,613

出售以攤餘成本計量的金融資產的虧損

(22,492)

(13,838)

Other expenses 其他開支

(796,895)

(84,656)

Finance costs 融資成本

(128,052)

(174,933)

Government grants and subsidies 政府補助及補貼
Research and development expenses 研究及開發費用

Impairment losses on financial assets, net
金融資產減值虧損淨值
Loss on disposal of financial assets measured at amortised cost

PROFIT BEFORE TAX 除稅前溢利

5

480,842

1,896,470

Income tax expense 所得稅開支

6

(54,510)

(166,693)

PROFIT FOR THE PERIOD 期內溢利

426,332

1,729,777

Attributable to owners of the parent 母公司擁有人應佔

426,332

1,729,777

RMB 0.19

RMB 0.77

人民幣0.19元

人民幣0.77元

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT – Basic and diluted for the period
母公司普通股權益持有人應佔每股盈利 － 期內基本及攤薄

8

二零二六年中期報告
比亞迪電子（國際）有限公司

29

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
中期簡明合併綜合收益表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

RMB’000

RMB’000

人民幣千元

人民幣千元

426,332

1,729,777

(310)

671

(96,039)

15,110

(96,349)

15,781

期內其他綜合收益，扣除稅項

(96,349)

15,781

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 期內綜合收益總額

329,983

1,745,558

Attributable to owners of the parent 母公司擁有人應佔

329,983

1,745,558

PROFIT FOR THE PERIOD 期內溢利
OTHER COMPREHENSIVE INCOME 其他綜合收益
Other comprehensive income that may be reclassified to profit or loss
in subsequent periods:
其後期間可重新分類至損益的其他綜合收益：
Receivables financing: 應收款項融資：
Changes in fair value 公允價值變動
Exchange differences on translation of foreign operations
換算境外業務的匯兌差額
Net other comprehensive income that may be reclassified to profit or loss
in subsequent periods
其後期間可重新分類至損益的其他綜合收益淨值
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX

30

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明合併財務狀況表
AS AT 30 JUNE 2026 於二零二六年六月三十日

30 June

31 December

2026

2025

於二零二六年

於二零二五年

六月三十日 十二月三十一日
(Unaudited)

(Audited)

（未經審核）

（經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

9

15,840,135

17,798,131

2,189,015

2,142,297

NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備
Right-of-use assets 使用權資產
Prepayments, other receivables and other assets
492,668

588,244

4,361,657

4,361,657

Other intangible assets 其他無形資產

2,312,797

2,777,131

Deferred tax assets 遞延稅項資產

1,018,950

817,144

464,101

449,878

26,679,323

28,934,482

20,947,957

18,481,951

17,235,017

14,893,165

199,443

105,879

1,678,335

2,679,587

預付款項、其他應收賬款及其他資產
Goodwill 商譽

Other non-current financial assets 其他非流動金融資產
Total non-current assets 非流動資產總值
CURRENT ASSETS 流動資產
Inventories 存貨
Trade receivables 應收貿易款項
Receivables financing 應收款項融資

10

Prepayments, other receivables and other assets
預付款項、其他應收賬款及其他資產
Financial assets at fair value through profit or loss
8,261,367

2,155,183

2,769

2,809,749

Cash and cash equivalents 現金及現金等價物

5,474,767

13,552,178

Total current assets 流動資產總值

53,799,655

54,677,692

Total assets 資產總值

80,478,978

83,612,174

以公允價值計量並計入損益的金融資產
Restricted deposits 受限制存款

二零二六年中期報告
比亞迪電子（國際）有限公司

31

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明合併財務狀況表
AS AT 30 JUNE 2026 於二零二六年六月三十日

30 June

31 December

2026

2025

於二零二六年

於二零二五年

六月三十日 十二月三十一日
(Unaudited)

(Audited)

（未經審核）

（經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

11

27,735,026

29,476,037

7,021,357

8,403,807

Lease liabilities 租賃負債

542,427

607,651

Derivative financial instruments 衍生金融工具

11,831

79,406

Tax payable 應付稅項

859,097

876,755

Dividend payable 應付股息

351,500

–

Interest-bearing loans 計息貸款

7,079,913

7,183,992

Total current liabilities 流動負債總額

43,601,151

46,627,648

NET CURRENT ASSETS 流動資產淨值

10,198,504

8,050,044

TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債

36,877,827

36,984,526

CURRENT LIABILITIES 流動負債
Trade and bills payables 應付貿易賬款及應付票據
Other payables, other liabilities and accruals
其他應付賬款、其他負債及應計費用

NON-CURRENT LIABILITIES 非流動負債
552,886

711,063

Lease liabilities 租賃負債

1,226,013

1,098,888

Deferred income 遞延收入

185,672

276,717

Provision 預計負債

432,305

455,908

Total non-current liabilities 非流動負債總額

2,396,876

2,542,576

Net assets 資產淨值

34,480,951

34,441,950

Deferred tax liabilities 遞延稅項負債

EQUITY 權益
4,052,228

4,052,228

Reserves 儲備

30,428,723

30,389,722

Total equity 權益總額

34,480,951

34,441,950

Share capital 股本

32

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

12

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
中期簡明合併權益變動表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

Fair value
reserve of
financial
assets at
fair value
through other

Contributed

Statutory

Exchange

Share comprehensive

surplus

Treasury

surplus

fluctuation

Retained

Total

capital

reserve

shares

reserve

reserve

profits

equity

實繳盈餘儲備

庫存股份

法定盈餘儲備

外匯波動儲備

留存溢利

權益總額

income
以公允價值
計量並計入
其他綜合收益
的金融資產的

股本

公允價值儲備

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

（未經審核）

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

4,052,228

(1,383)*

(46,323)*

–

1,000,893*

(159,324)* 27,555,573*

32,401,664

–

–

–

–

–

–

1,729,777

1,729,777

–

671

–

–

–

–

–

671

–

–

–

–

–

15,110

–

15,110

期內綜合收益總額

–

671

–

–

–

15,110

1,729,777

1,745,558

Repurchase of ordinary shares 回購普通股

–

–

–

(38,071)

–

–

–

(38,071)

股份支付計入股東權益的金額

–

–

14,218

–

–

–

–

14,218

2024 final dividend declared 已宣派二零二四年末期股息

–

–

–

–

–

–

(1,279,820)

(1,279,820)

4,052,228

(712)*

(32,105)*

(38,071)*

1,000,893*

(144,214)* 28,005,530*

32,843,549

(note 12)
（附註12）
At 1 January 2025 於二零二五年一月一日
Profit for the period 期內溢利
Changes in fair value of receivables financing
應收款項融資的公允價值變動
Exchange differences on translation of foreign operations
換算境外業務的匯兌差額
Total comprehensive income for the period

Share-based payment recognized in shareholders’ equity

At 30 June 2025 於二零二五年六月三十日

二零二六年中期報告
比亞迪電子（國際）有限公司

33

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
中期簡明合併權益變動表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

Fair value
reserve of
financial
assets at
fair value
through other Share-based Contributed

Statutory

Exchange

Share comprehensive

payment

surplus

Treasury

surplus

fluctuation

Retained

Total

capital

reserve

reserve

shares

reserve

reserve

profits

equity

庫存股份 法定盈餘儲備 外匯波動儲備

留存溢利

權益總額

(unaudited)

(unaudited)

income
以公允價值
計量並計入
其他綜合收益
的金融資產的

股本

公允價值儲備 股份支付儲備 實繳盈餘儲備

(unaudited)

(unaudited)

（未經審核）

（未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） （未經審核）

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

4,052,228

(377)*

66,488*

(46,323)*

(208,005)*

1,000,893*

(213,279)* 29,790,325*

34,441,950

–

–

–

–

–

–

–

426,332

426,332

–

(310)

–

–

–

–

–

–

(310)

–

–

–

–

–

–

(96,039)

–

(96,039)

–

(310)

–

–

–

–

(96,039)

426,332

329,983

–

–

60,518

–

–

–

–

–

60,518

–

–

–

–

–

–

–

(351,500)

(351,500)

4,052,228

(687)

127,006

(46,323)

(208,005)

1,000,893

(309,318)

29,865,157

34,480,951

(note 12)
（附註12）
At 1 January 2026 於二零二六年一月一日
Profit for the Period 期內溢利
Changes in fair value of receivables financing
應收款項融資的公允價值變動
Exchange differences on translation of foreign
operations
換算境外業務的匯兌差額
Total comprehensive income for the Period
期內綜合收益總額
Share-based payment recognized in
shareholders’ equity
股份支付計入股東權益的金額
2025 final dividend declared
已宣派二零二五年末期股息
At 30 June 2026 於二零二六年六月三十日
*

These reserve accounts comprise the consolidated reserves of

34

*

該等儲備賬包括於二零二六年六月三十日的中

RMB30,428,723,000 (31 December 2025: RMB30,389,722,000) in the

期簡明合併財務狀況表內的合併儲備人民幣

interim condensed consolidated statement of financial position as at 30

30,428,723,000 元（二零二五年十二月三十一

June 2026.

日：人民幣30,389,722,000元）。

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

5

480,842

1,896,470

Finance costs 融資成本

128,052

174,933

Interest income 利息收入

(161,904)

(173,034)

Government grants and subsidies 政府補助及補貼

(116,550)

(30,221)

5

10,267

6,352

(34)

(117,379)

5

2,538,664

2,261,345

CASH FLOWS FROM OPERATING ACTIVITIES 經營活動產生的現金流量
Profit before tax 除稅前溢利
Adjustments for: 調整：

Losses on disposal of items of property, plant and equipment
出售物業、廠房及設備項目的虧損
Gain on disposal of right-of-use assets 出售使用權資產的收益
Depreciation of property, plant and equipment 物業、廠房及設備折舊
Amortisation of other intangible assets 其他無形資產攤銷

5

464,314

465,599

Depreciation of right-of-use assets 使用權資產折舊

5

294,398

282,278

Impairment of trade receivables, net 應收貿易款項減值淨值

5

2,836

(43,632)

(290)

19

40,150

200,219

Impairment of other receivables, net 其他應收賬款減值淨值
Write-down of inventories to net realisable value 存貨撇減至可變現淨值

5

Fair value gains, net: 公允價值收益，淨值：
Derivative instruments 衍生工具
Other non-current financial assets 其他非流動金融資產

472

17,037

(14,223)

(22,461)

Gains on disposal of financial assets at fair value through
profit or loss (“FVTPL”)
出售以公允價值計量並計入損益的金融資產的收益

(51,461)

–

Equity-settled share option expense 以權益結算的購股權開支

60,518

14,218

3,676,051

4,931,743

二零二六年中期報告
比亞迪電子（國際）有限公司

35

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月

Increase in inventories 存貨增加

30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

(2,506,156)

(1,850,330)

Decrease in restricted bank deposits and pledged deposits
受限制銀行存款及已抵押存款減少

2,806,980

–

(Increase)/decrease in trade receivables 應收貿易款項（增加）╱ 減少

(2,344,704)

15,141,196

(93,874)

244,070

(Increase)/decrease in receivables financing 應收款項融資（增加）╱ 減少
Decrease/(increase) in prepayments, other receivables and other assets
預付款項、其他應收賬款及其他資產減少 ╱（增加）

1,136,643

(185,622)

Decrease in trade and bills payables 應付貿易賬款及應付票據減少

(1,705,959)

(8,174,595)

143,220

84,287

Increase in other payables, other liabilities and accruals
其他應付賬款、其他負債及應計費用增加
Increase/(decrease) in deferred income 遞延收入增加 ╱（減少）

25,505

(11,356)

(Decrease)/increase in provision for warranties 預計負債（減少）╱ 增加

(23,076)

120,780

1,114,630

10,300,173

Interest received 已收利息

161,904

173,034

Tax paid 已付稅項

(432,527)

(471,059)

Net cash flows from operating activities 經營活動產生的現金流量淨值

844,007

10,002,148

Cash generated from operations 經營產生的現金

36

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2026 截至二零二六年六月三十日止六個月

For the six months ended
截至下列日期止六個月
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

Notes

RMB’000

RMB’000

附註

人民幣千元

人民幣千元

(2,466,597)

(2,134,624)

(26,613)

(4,493)

(12)

(1,356)

–

(389,284)

CASH FLOWS FROM INVESTING ACTIVITIES 投資活動產生的現金流量
Purchases of items of property, plant and equipment
購買物業、廠房及設備項目
Purchases of items of leasehold land included in right-of-use assets
購買計入使用權資產的租賃土地項目
Purchases of other intangible assets 購買其他無形資產
Acquisition of a subsidiary 收購附屬公司
Proceeds from disposal of items of property, plant and equipment
202,775

287,329

Purchase of finance products 購買金融產品

(8,100,000)

–

Proceeds from disposal of finance products 出售金融產品的所得款項

1,977,231

–

(8,413,216)

(2,242,428)

New loans 新增貸款

13,200,000

5,300,000

Repayment of loans 償還貸款

出售物業、廠房及設備項目的所得款項

Net cash flows used in investing activities
投資活動所用的現金流量淨值
CASH FLOWS FROM FINANCING ACTIVITIES 融資活動產生的現金流量
(13,225,206)

(6,497,631)

Interest paid 已付利息

(171,643)

(94,116)

Lease payments 支付租賃款項

(293,174)

(249,724)

–

(38,071)

–

(170,025)

(490,023)

(1,749,567)

現金及現金等價物增加 ╱（減少）淨值

(8,059,232)

6,010,153

Cash and cash equivalents at beginning of period 期初現金及現金等價物

13,552,178

7,052,024

(18,179)

17,981

5,474,767

13,080,158

Acquisition of non-controlling interests 收購非控股權益
Increase in restricted bank deposits and pledged deposits
受限制銀行存款及已抵押存款增加
Net cash flows used in financing activities 融資活動所用的現金流量淨值
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

Effect of foreign exchange rate changes, net 匯率變動的影響，淨值
CASH AND CASH EQUIVALENTS AT END OF PERIOD
期末現金及現金等價物

二零二六年中期報告
比亞迪電子（國際）有限公司

37

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

1. CORPORATE AND GROUP INFORMATION
The Company was incorporated in Hong Kong with limited liability

本公司於二零零七年六月十四日在香港註

on 14 June 2007.

冊成立為有限公司。

The Company’s shares have been listed on the Stock Exchange

本公司股份已於二零零七年十二月二十日

of Hong Kong Limited (the “Stock Exchange”) since 20 December

在香港聯合交易所有限公司（「聯交所」）上

2007.

市。

The registered office of the Company is located at Unit 505-510,

本公司註冊辦事處位於香港新界大埔白

5/F, Core Building 1E, 1 Science Park E Avenue, Science Park,

石角科學園東路1 號核心大廈1E號5 樓

Pak Shek Kok, Tai Po, Hong Kong.

505-510室。

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

products, providing customers around the world with one-stop

商。依託電子信息技術、人工智能技術、

product solutions relying on its core advantages in electronic

5G和物聯網技術、熱管理技術、新材料技

information, AI, 5G and Internet of Things, thermal management,

術、精密模具技術和數字化製造技術等核

new materials, precision molds and digital manufacturing

心優勢，為全球客戶提供一站式產品解決

technologies. The Group engages in diversified market segments,

方案。本集團業務涵蓋智能手機、電腦、

such as smartphones, computers, new energy vehicles, AI

新能源汽車、AI算力基礎設施、智能穿

computing infrastructure, smart wearables, smart home, game

戴、智能家居、遊戲硬件、無人機、3D打

hardware, unmanned aerial vehicles, 3D printers, Internet of

印機、物聯網、機器人、通信設備等多元

Things, robots and communications equipment.

化的市場領域。

In the opinion of the directors, the immediate holding company

董事認為，本公司的直接控股公司為

of the Company is Golden Link Worldwide Limited, an enterprise

Golden Link Worldwide Limited（一間於英

incorporated in the British Virgin Islands, and the ultimate holding

屬處女群島註冊成立的企業），本公司的最

company of the Company is BYD Company Limited, a company

終控股公司為比亞迪股份有限公司（一間於

established in the PRC whose H shares are listed on the Main

中國成立的公司，其 H 股於聯交所主板上

Board of the Stock Exchange and A shares are listed on the Main

市，其A股於深圳證券交易所主板上市）。

Board of Shenzhen Stock Exchange.

38

1. 公司及集團資料

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION

2. 會計政策
2.1 編製基準

The interim condensed consolidated financial information for

截至二零二六年六月三十日止六個月

the six months ended 30 June 2026 has been prepared in

的 中 期 簡 明 合 併 財 務 資 料 乃 按 照《 香

accordance with HKAS 34 Interim Financial Reporting . The

港會計準則》第 34 號中期財務報告 而

interim condensed consolidated financial information does

編製。中期簡明合併財務資料並未包

not include all the information and disclosures required in the

括年度財務報表所要求的所有信息及

annual financial statements, and should be read in conjunction

披露資料，因而應與本集團截至二零

with the Group’s annual consolidated financial statements for

二五年十二月三十一日止年度的年度

the year ended 31 December 2025.

合併財務報表一併閱讀。

The financial information relating to the year ended 31

截至二零二五年十二月三十一日止年

December 2025 that is included in the interim condensed

度的財務資料作為比較資料載入中期

consolidated statement of financial position as comparative

簡明合併財務狀況表，雖然源於本公

information does not constitute the Company’s statutory

司於該年度的財務報表，但不構成本

annual consolidated financial statements for that year but is

公司於該年度的法定年度合併財務報

derived from those financial statements. Further information

表。《香港公司條例》第 436 條要求披

relating to those statutory financial statements required to be

露有關該等法定財務報表的進一步資

disclosed in accordance with section 436 of the Hong Kong

料如下：

Companies Ordinance is as follows:
The Company has delivered the financial statements for the

按 照《 香 港 公 司 條 例 》第 6 6 2 ( 3 ) 條 及

year ended 31 December 2025 to the Registrar of Companies

附表6 第3 部的要求，本公司已向公

as required by section 662(3) of, and Part 3 of Schedule 6

司註冊處處長遞交截至二零二五年

to, the Hong Kong Companies Ordinance. The Company’s

十二月三十一日止年度的財務報表。

auditors have reported on the financial statements for the

本公司核數師已就截至二零二五年

year ended 31 December 2025. The auditor’s report was

十二月三十一日止年度的財務報表作

unqualified; and did not contain a statement under sections

出報告。該核數師報告並無保留意

406(2), 407(2) or 407(3) of the Hong Kong Companies

見，亦無載有根據《香港公司條例》第

Ordinance.

406(2)、407(2) 或 407(3) 條作出的陳
述。

二零二六年中期報告
比亞迪電子（國際）有限公司

39

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

2.2 會計政策及披露的變動

2.2 C H A N G E S I N A C C O U N T I N G P O L I C I E S A N D
DISCLOSURES
The accounting policies adopted in the preparation of the

編製中期簡明合併財務資料所採用的

interim condensed consolidated financial information are

會計政策與編製本集團截至二零二五

consistent with those applied in the preparation of the Group’s

年十二月三十一日止年度的年度合併

annual consolidated financial statements for the year ended

財務報表所應用者一致，惟下列於本

31 December 2025, except for the adoption of the following

期間財務資料首次採用的經修訂《香港

amended HKFRS Accounting Standards for the first time for

財務報告準則會計準則》除外。

the current period’s financial information.
Amendments to

Amendments to the Classification and Measurement

HKFRS 9 and HKFRS 7

of Financial Instruments

《香港財務報告準則》第9號及

金融工具分類及計量的修訂

《香港財務報告準則》第7號的修訂
Amendments to

Contracts Referencing Nature-dependent Electricity

HKFRS 9 and HKFRS 7
《香港財務報告準則》第9號及

涉及依賴自然能源生產電力的合同

《香港財務報告準則》第7號的修訂

Annual Improvements to

Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7

HKFRS Accounting
Standards – Volume 11
《香港財務報告準則會計準則》
的年度改進 － 第11卷

《香港財務報告準則》第1號、《香港財務報告準則》第7號、
《香港財務報告準則》第9號、《香港財務報告準則》第10號及
《香港會計準則》第7號的修訂

40

The nature and impact of the amended HKFRS Accounting

經修訂《香港財務報告準則會計準則》之性質及

Standards are described below:

影響於下文闡述：

Amendments to HKFRS 9 and HKFRS 7 Amendments to

《香港財務報告準則》第9號及《香港財務報告準

the Classification and Measurement of Financial Instruments

則》第7號的修訂金融工具分類及計量的修訂 闡

clarify that a financial asset is derecognised when the entity’s

明，實體於收取合同現金流量的權利到期或轉

rights to the contractual cash flows expire or are transferred,

移時終止確認金融資產；而於結算日終止確認

while a financial liability is derecognised on the settlement

金融負債。該等修訂引入一項會計政策選擇，

date. The amendments introduce an accounting policy option

在符合特定條件的情況下，終止確認於結算

to derecognise a financial liability that is settled through an

日前透過電子付款系統結算的金融負債。該等

electronic payment system before the settlement date if

修訂釐清如何評估具有環境、社會及管治以及

specified criteria are met. The amendments clarify how to

其他類似或有特徵的金融資產的合同現金流量

assess the contractual cash flow characteristics of financial

特徵。此外，該等修訂釐清具有無追索權特徵

assets with environmental, social and governance and other

的金融資產及合同掛鈎工具的分類要求。該等

similar contingent features. Moreover, the amendments

修訂亦包括指定以公允價值計量並計入其他綜

clarify the requirements for classifying financial assets with

合收益的權益工具投資及具有或有特徵的金融

non-recourse features and contractually linked instruments.

工具的額外披露。由於本集團過往年度終止確

The amendments also include additional disclosures for

認金融資產及金融負債的會計政策符合該等修

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

investments in equity instruments designated at fair value

訂，且本集團並無持有該等修訂所涉及的金融

through other comprehensive income and financial instruments

資產，因此該等修訂對中期簡明合併財務資料

with contingent features. Since the Group’s accounting

並無任何影響。

policy for the derecognition of financial assets and liabilities
in prior years aligned with the amendments and the Group
did not have the financial assets that were addressed by the
amendments, the amendments did not have any impact on
the interim condensed consolidated financial information.
Amendments to HKFRS 9 and HKFRS 7 Contracts

《香港財務報告準則》第9號及《香港財務報告準

Referencing Nature-dependent Electricity clarify the application
of the “own-use” requirements for in-scope contracts and

則》第7號的修訂涉及依賴自然能源生產電力的
合同 釐清範圍內合同「自用」規定的應用，並修

amend the designation requirements for a hedged item in a

訂範圍內合同現金流量對沖關係中被對沖項目

cash flow hedging relationship for in-scope contracts. The

的指定規定。該等修訂亦包括額外披露，使財

amendments also include additional disclosures that enable

務報表使用者能夠了解該等合同對實體財務表

users of financial statements to understand the effects these

現及未來現金流量的影響。由於本集團並無任

contracts have on an entity’s financial performance and future

何屬於該等修訂範圍內的合同，因此該等修訂

cash flows. As the Group did not have any contracts that

對中期簡明合併財務資料並無產生任何影響。

are in the scope of the amendments, the amendments did
not have any impact on the interim condensed consolidated
financial information.

Annual Improvements to HKFRS Accounting Standards – 《香港財務報告準則會計準則》的年度改進 － 第
Volume 11 set out narrow scope amendments to HKFRS 1,

11 卷 載列對《香港財務報告準則》第 1 號、《香

HKFRS 7 (and the accompanying Guidance on implementing

港財務報告準則》第 7 號（及實施《香港財務報

H K F R S 7) , H K F R S 9, H K F R S 10 a n d H K A S 7. T h e

告準則》第7號的隨附指引）、《香港財務報告準

amendments include clarifications, simplifications, corrections

則》第9號、《香港財務報告準則》第10號及《香

or changes to improve consistency in the corresponding

港會計準則》第7號的小範圍修訂。該等修訂包

HKFRS Accounting Standards. The amendments did not have

括為提升對應《香港財務報告準則會計準則》之

any impact on the interim condensed consolidated financial

一致性而作出之釐清、簡化、更正或變動。該

information.

等修訂對中期簡明合併財務資料並無產生任何
影響。

二零二六年中期報告
比亞迪電子（國際）有限公司

41

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

3. OPERATING SEGMENT INFORMATION
The Group’s primary business is the manufacture, assembly and
sale of smart terminals, new energy vehicles and AI computing
infrastructure products. For management purposes, the Group is
organized into one operating segment based on industry practice
and management’s vertical integration strategy. Management
monitors the results of the Group as a whole for the purpose of
making decisions about resource allocation and performance
assessment. No further analysis thereof is presented. Segment
performance is evaluated based on the revenue and profit before
tax which is consistent with the Group’s revenue and profit before
tax.

4. REVENUE
Disaggregated revenue information for revenue from contracts
with customers

3. 經營分部資料
本集團的主要業務為製造、組裝及銷售智
能終端、新能源汽車及 AI 算力基礎設施產
品。為進行管理，本集團按行業慣例及管
理垂直整合策略組成為一個經營分部。管
理層監察本集團的整體業績以就資源分配
及表現評估作出決策。概無進一步就此呈
報分析。分部表現根據收入及除稅前溢利
（與本集團的收入及除稅前溢利一致）評估。

4. 收入
客戶合同收入之分類收入資料

For the six months ended
30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Types of goods or services 貨品或服務類別
Sales of smart terminals, new energy vehicles and AI computing
infrastructure products
智能終端、新能源汽車及AI算力基礎設施產品銷售
Rendering of services 服務提供

81,614,668
619,529

80,014,514
591,164

Total revenue from contracts with customers 客戶合同收入總額

82,234,197

80,605,678

中國（包括香港、澳門及台灣）
Overseas 海外

29,578,074
52,656,123

28,606,080
51,999,598

Total revenue from contracts with customers 客戶合同收入總額

82,234,197

80,605,678

Timing of revenue recognition 收入確認時間
Goods transferred at a point in time 按時間點轉讓之貨品
Services transferred over time 於一段時間轉移之服務

81,878,480
355,717

80,299,796
305,882

82,234,197

80,605,678

Segments
分部

Geographical markets 地理市場
The PRC (including Hong Kong, Macau, and Taiwan)

Total revenue from contracts with customers
客戶合同收入總額
42

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

5. PROFIT BEFORE TAX

5. 除稅前溢利

The Group’s profit before tax is arrived at after charging:

本集團除稅前溢利已扣除下列各項：
For the six months ended
30 June
截至六月三十日止六個月

Note
附註
Cost of inventories sold# 銷售存貨的成本 #
Cost of services provided# 提供服務的成本 #
Depreciation of property, plant and equipment 物業、廠房及設備折舊
Depreciation of right-of-use assets 使用權資產折舊
Amortisation of intangible assets 無形資產攤銷
Impairment of trade receivables, net 應收貿易款項減值淨值
Write-down of inventories to net realisable value #

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

77,724,406
433,065
2,538,664
294,398
464,314
2,836

74,302,273
560,221
2,261,345
282,278
465,599
(43,632)

40,150

200,219

10,267

6,352

701,912

(200,253)

存貨撇減至可變現淨值 #
Loss on disposal of items of property, plant and equipment
9

出售物業、廠房及設備項目的虧損
Foreign exchange loss/(gain), net
匯兌損失 ╱（收益）淨額
#

Cost of inventories sold, cost of services provided and write-down of

#

銷售存貨的成本、提供服務的成本及存貨

inventories to net realisable value are included in “Cost of sales” in the

撇減至可變現淨值包含在合併損益表「銷售

consolidated statement of profit or loss.

成本」內。

6. INCOME TAX

6. 所得稅

The Group is subject to income tax on an entity basis on profits
arising in or derived from the jurisdictions in which members of the
Group are domiciled and operate.

本集團須就本集團成員公司所處及經營所
在的司法權區所產生或賺取的溢利，按實
體基準繳納所得稅。

Under the relevant income tax law, the PRC subsidiaries are
subject to corporate income tax (“CIT”) at a statutory rate of 25%
on their respective taxable income during the year.

根據相關所得稅法，中國附屬公司須就其
年內各自的應課稅收入按法定稅率25%繳
納企業所得稅（「企業所得稅」）。

BYD Precision renewed its status of a high and new technology
enterprise in 2024, and was entitled to a reduced enterprise
income tax rate of 15% from 2024 to 2026.

比亞迪精密於二零二四年重續為高新技術
企業，並於二零二四年至二零二六年期間
可享受減按15%的稅率繳納企業所得稅。

Huizhou Electronic renewed its status of a high and new
technology enterprise in 2024, and was entitled to a reduced
enterprise income tax rate of 15% from 2024 to 2026.

惠州電子於二零二四年重續為高新技術企
業，並於二零二四年至二零二六年期間可
享受減按15%的稅率繳納企業所得稅。
二零二六年中期報告
比亞迪電子（國際）有限公司

43

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

6. INCOME TAX (Continued)

6. 所得稅（續）

Xi’an Electronic which operates in Mainland China was entitled

西安電子於中國內地經營業務，根據西部

to a reduced enterprise income tax rate of 15% of the estimated

大開發政策就其年內估計應課稅溢利可享

assessable profits for the year pursuant to the Western

受減按15%的稅率繳納企業所得稅。

Development Policy.
Chengdu Electronic which operates in Mainland China was

成都電子於中國內地經營業務，根據西部

entitled to a reduced enterprise income tax rate of 15% of the

大開發政策就其年內估計應課稅溢利可享

estimated assessable profits for the year pursuant to the Western

受減按15%的稅率繳納企業所得稅。

Development Policy.
Shantou Electronic is due for re-certification as a high and new

汕頭電子預期於二零二六年重新認定高新

technology enterprise in 2026, and will be entitled to a reduced

技術企業資格，於二零二六年至二零二八

enterprise income tax rate of 15% from 2026 to 2028.

年期間可享受減按15%的稅率繳納企業所
得稅。

Taxes on taxable profits overseas have been calculated at

海外應課稅溢利的稅項乃根據本集團經營

the rates of tax prevailing in the countries in which the Group

所在地國家有關稅項方面的現有法律、詮

operates, based on existing legislation, interpretations and

釋及慣例，按現行稅率計算。

practices in respect thereof.
The major components of the income tax expense for the year are

年內所得稅開支的主要組成部分載列如

as follows:

下：
For the six months ended
30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

346,486

330,236

68,008

23,965

414,494

354,201

(359,984)

(187,508)

54,510

166,693

Current – China 即期 － 中國
Charge for the period 期內支出
Current – Elsewhere 即期 － 其他地區
Charge for the period 期內支出

Deferred 遞延
Total tax charge for the period 期內稅項支出總額

44

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

6. INCOME TAX (Continued)

6. 所得稅（續）

The Group is within the scope of the Pillar Two model rules. The
Group has applied the mandatory exception to recognising and
disclosing information about deferred tax assets and liabilities
arising from Pillar Two income taxes, and will account for the
Pillar Two income taxes as current tax when incurred. Pillar Two
legislation has been enacted and in effect as at 30 June 2026 in
certain jurisdiction in which the Group operates.

本集團屬於支柱二立法模版範圍。本集團
於確認及披露支柱二所得稅產生的遞延稅
項資產及負債的資料時應用強制性例外規
定，並於產生時將支柱二所得稅作為即期
稅入賬。截至二零二六年六月三十日，支
柱二立法已於本集團運營所在若干司法權
區頒佈及生效。

The Group has assessed its potential exposure based on the
information available regarding the financial performance of the
Group in the current period. As such, it may not be entirely
representative of future circumstances. Based on the assessment,
the enactment or substantial enactment of Pillar Two legislation in
additional jurisdictions in which the Group operates does not have
a material impact to the Group’s overall exposure to Pillar Two
income taxes.

本集團已根據有關本集團本期間財務表現
的可得資料評估其潛在風險。因此，其可
能不完全代表未來情況。根據評估，本集
團經營所在的其他司法權區頒佈或實質頒
佈支柱二立法對本集團的支柱二所得稅總
體風險並無重大影響。

7. DIVIDENDS

7. 股息
For the six months ended
30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000

2025
二零二五年
RMB’000

人民幣千元
(Unaudited)
（未經審核）

人民幣千元
(Unaudited)
（未經審核）

351,500

1,279,820

Final declared – RMB0.156 (2025: RMB0.568) per ordinary share
末期宣派 － 每股普通股人民幣0.156元（二零二五年：人民幣0.568元）

8. EARNINGS PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE PARENT

8. 母公司普通股權益持有人應佔每股
盈利

The calculation of the basic earnings per share amount for the
Period is based on the profit for the Period attributable to ordinary
equity holders of the parent, and the weighted average number of
ordinary shares of 2,246,108,500 (2025: 2,253,204,500) in issue
during the Period.

期內每股基本盈利乃按期內母公司普通股
權益持有人應佔溢利及期內已發行普通股
加權平均數 2,246,108,500 股（二零二五
年：2,253,204,500股）計算。

No adjustment has been made to the basic earnings per share
amounts presented for the six months ended 30 June 2026 and
2025 in respect of a dilution as the Group had no potentially
dilutive ordinary shares in issue during those periods.

截至二零二六年及二零二五年六月三十日
止六個月，就攤薄而言概無調整呈列之每
股基本盈利金額，乃因本集團於該等期間
並無任何具潛在攤薄影響的已發行普通股。
二零二六年中期報告
比亞迪電子（國際）有限公司

45

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

8. EARNINGS PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE PARENT
(Continued)

8. 母公司普通股權益持有人應佔每股
盈利（續）

The calculation of basic earnings per share is based on:

每股基本盈利按以下基準計算：
For the six months ended
30 June
截至六月三十日止六個月
2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核）

（未經審核）

426,332

1,729,777

940

–

425,392

1,729,777

Earnings 盈利
Profit attributable to ordinary equity holders of the parent,
used in the basic earnings per share calculation
用於計算每股基本盈利的母公司普通股權益持有人應佔溢利
Less: net profit attributable to unvested restricted shares
減：未歸屬受限制股份應佔淨溢利
Adjusted profit attributable to ordinary equity holders of the parent
母公司普通股持有人應佔經調整溢利

Number of shares
股份數目
30 June 2026

30 June 2025

二零二六年

二零二五年

六月三十日

六月三十日

2,246,108,500

2,253,204,500

Shares 股份
Weighted average number of ordinary shares in issue during the period
used in the basic earnings per share calculation
用於計算每股基本盈利的期內已發行普通股加權平均數

46

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

9. PROPERTY, PLANT AND EQUIPMENT

9. 物業、廠房及設備

During the six months ended 30 June 2026, the Group

截至二零二六年六月三十日止六個月，本

acquired assets at a cost of RMB866,197,000 (30 June 2025:

集團以人民幣866,197,000元（二零二五年

RMB2,508,509,000).

六月三十日：人民幣2,508,509,000 元）的
成本添置資產。

Assets with a net book value of RMB213,042,000 were disposed

截至二零二六年六月三十日止六個月，本

of by the Group during the six months ended 30 June 2026 (30

集團處置賬面淨值為人民幣 213,042,000

June 2025: RMB293,681,000), resulting in a net loss on disposal

元（ 二 零 二 五 年 六 月 三 十 日 ： 人 民 幣

of RMB10,267,000 (30 June 2025: loss of RMB6,352,000).

293,681,000元）的資產，產生處置虧損淨
值人民幣10,267,000 元（二零二五年六月
三十日：虧損人民幣6,352,000元）。

10. TRADE RECEIVABLES

10. 應收貿易款項
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日

Trade receivables 應收貿易款項
Impairment 減值
Net carrying amount 賬面淨值

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

17,276,278

14,931,606

(41,261)

(38,441)

17,235,017

14,893,165

二零二六年中期報告
比亞迪電子（國際）有限公司

47

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

10. TRADE RECEIVABLES (Continued)

10. 應收貿易款項（續）

An aging analysis of the trade receivables as at the end of the

於報告期末，應收貿易款項按收入確認時

reporting period, based on the time of revenue recognition and net

間及扣除虧損撥備後的賬齡分析如下：

of loss allowance, is as follows:
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

16,414,827

14,553,789

91 to 180 days 91日至180日

760,907

328,748

181 to 360 days 181日至360日

59,283

10,628

17,235,017

14,893,165

Within 90 days 90日內

Total 總計
The net carrying amount of due from the holding companies and

上文所載應收控股公司及同系附屬公司款

fellow subsidiaries included in the above are as follows:

項之賬面淨值如下：
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Due from the ultimate holding company 應收最終控股公司款項

171,782

157,471

Due from the intermediate holding company 應收中介控股公司款項

137,672

146,779

Due from fellow subsidiaries 應收同系附屬公司款項

9,275,986

7,142,065

Due from other related parties 應收其他關聯方款項

584

175

9,586,024

7,446,490

Total 總計
The balances are unsecured, non-interest-bearing and on credit

該等結餘乃無抵押、免息且其信貸條款與

terms similar to those offered to the major customers of the

向本集團主要客戶提供者相若。

Group.

48

RMB’000

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

11. TRADE AND BILLS PAYABLES

11. 應付貿易賬款及應付票據

An aging analysis of the trade and bills payables as at the end of

於報告期末，應付貿易賬款及應付票據按

the reporting period, based on the invoice date, is as follows:

發票日期的賬齡分析如下：
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

27,660,702

29,448,177

1 to 2 years 1至2年

59,175

15,307

Over 2 years 2年以上

15,149

12,553

27,735,026

29,476,037

Within one year 1年以內

Total 總計
The trade payables are non-interest-bearing and normally settled

應付貿易賬款乃免息，一般於一年內結算。

within one year.
The aging of trade payables is based on the time of recognizing

應付貿易賬款的賬齡乃根據購買材料及商

the purchase of materials and goods or accepting services.

品或接受服務的確認時間釐定。

The balances due to the holding companies, fellow subsidiaries

上文所載應付控股公司、同系附屬公司及

and other related companies included in the above are as follows:

其他關連公司結餘如下：
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

145,391

134,946

Due to the intermediate holding company 應付中介控股公司款項

10,101,822

12,005,074

Due to fellow subsidiaries 應付同系附屬公司款項

3,213,236

3,241,464

Total 總計

13,460,449

15,381,484

Due to the ultimate holding company 應付最終控股公司款項

The balances are unsecured, non-interest-bearing and repayable

該等結餘乃無抵押、免息且須按要求償還。

on demand.
二零二六年中期報告
比亞迪電子（國際）有限公司

49

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

12. SHARE CAPITAL
SHARES

12. 股本
股份
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

4,052,228

4,052,228

Issued and fully paid 已發行及繳足
2,253,204,500 (2025: 2,253,204,500) ordinary shares
2,253,204,500股（二零二五年：2,253,204,500股）普通股

13. COMMITMENTS
The Group had the following capital commitments at the end of

13. 承擔
本集團於報告期末擁有下列資本承擔：

the reporting period:
30 June

31 December

2026

2025

二零二六年

二零二五年

六月三十日 十二月三十一日
RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Contracted, but not provided for: 已訂約，但未計提撥備：
Plant and machinery 廠房及機器

367,866

408,428

Land and buildings 土地及樓宇

39,973

291,387

407,839

699,815

Total 總計

50

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. 關聯方交易

14. RELATED PARTY TRANSACTIONS
(a) In addition to the transactions detailed elsewhere in these

(a) 除該等財務報表其他部分詳述的交易

financial statements, the Group had the following material

外，本集團與關聯方於期內進行以下

transactions with related parties during the Period:

重大交易：
For the six months ended
30 June
截至六月三十日止六個月

Nature of transactions
交易性質

Notes
附註

Related parties
關聯方

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核） （未經審核）
Sales of plant and machinery

(i)

Ultimate holding company

出售廠房及機器

(i)

最終控股公司

2,997

1,635

2,316

7,337

111

251

13,006

5,195

138,182

114,154

798,633

1,261,099

33,684

24,402

13,269,852

12,137,745

71,910

73,850

422,249

410,439

9,911

37,830

293,107

325,132

Fellow subsidiaries
同系附屬公司
Purchases of plant and machinery

(i)

Ultimate holding company

購買廠房及機器

(i)

最終控股公司
Fellow subsidiaries
同系附屬公司

Purchases of inventories

(ii)

Ultimate holding company

購買存貨

(ii)

最終控股公司
Fellow subsidiaries
同系附屬公司

Sales of inventories

(ii)

出售存貨

(ii)

Ultimate holding company
最終控股公司
Fellow subsidiaries
同系附屬公司

Lease and ancillary services payments

(iii)

Ultimate holding company

租賃及配套服務付款

(iii)

最終控股公司
Fellow subsidiaries
同系附屬公司

Exclusive processing services received

(iv)

獲提供獨家加工服務

(iv)

Ultimate holding company
最終控股公司
Fellow subsidiaries
同系附屬公司

二零二六年中期報告
比亞迪電子（國際）有限公司

51

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. RELATED PARTY TRANSACTIONS (Continued)

14. 關聯方交易（續）

(a) In addition to the transactions detailed elsewhere in these

(a) 除該等財務報表其他部分詳述的交易

financial statements, the Group had the following material

外，本集團與關聯方於期內進行以下

transactions with related parties during the Period: (Continued)

重大交易：（續）
For the six months ended
30 June
截至六月三十日止六個月

Nature of transactions
交易性質

Notes
附註

Related parties
關聯方

2026

2025

二零二六年

二零二五年

RMB’000

RMB’000

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

（未經審核） （未經審核）
Exclusive processing services provided

(iv)

Ultimate holding company

提供獨家加工服務

(iv)

最終控股公司

1,310

1,095

555,013

529,327

52,384

35,689

–

3,236

2,170

1,260

73,971

54,286

Fellow subsidiaries
同系附屬公司
Agent fee for procurement service

(v)

Intermediate holding company

採購服務的代理費

(v)

中介控股公司
Fellow subsidiaries
同系附屬公司

Electricity fee received

(vi)

Ultimate holding company

收取電費

(vi)

最終控股公司
Fellow subsidiaries
同系附屬公司

Notes:

附註：

(i)

(i)

The sales and purchases of plant and machinery were made at
net book values.

(ii)

The sales and purchases of inventories were conducted in
accordance with prices and terms mutually agreed between the

出售及購買廠房及機器乃按賬面淨值
進行。

(ii)

出售及購買存貨乃按各方共同協定的
價格及條款進行。

parties.
(iii) The payments were charged on an actually incurred basis or in
accordance with terms mutually agreed between the parties.

52

(iii) 付款乃按實際產生金額或按各方共同
協定的條款支付。

(iv) The processing service fees and revenue were charged and

(iv) 於截至二零二六年六月三十日止年度

received for the depreciation of the relevant machinery and

內就有關機器及設備的折舊而支付及

equipment during the year ended 30 June 2026.

收取加工服務費及收入。

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. RELATED PARTY TRANSACTIONS (Continued)

14. 關聯方交易（續）

(a) In addition to the transactions detailed elsewhere in these

(a) 除該等財務報表其他部分詳述的交易

financial statements, the Group had the following material

外，本集團與關聯方於期內進行以下

transactions with related parties during the Period: (Continued)

重大交易：（續）

Notes: (Continued)

附註：（續）

(v)

(v)

The agent fee for the procurement service was charged on a

採購服務代理費乃按同系附屬公司及

certain percentage of the total amount of procurement provided

中介控股公司代表本集團提供的採購

by the fellow subsidiaries and intermediate holding company on

總金額之若干百分比收取。

behalf of the Group.
(vi) The sales of power supply services were conducted in
accordance with prices and terms mutually agreed between the

(vi) 銷售能源供應服務乃按各方共同協定
的價格及條款進行。

parties.

In the opinion of the directors, all the transactions were

董事認為，全部交易均於日常業務過

conducted in the ordinary and usual course of business.

程中進行。

(b) Outstanding balances with related parties:

(b) 與關聯方的結餘：

BYD Electronic Company Limited obtained a loan of

BYD Electronic Company Limited

RMB7,076,000,000 from Golden Link Worldwide Limited, the

自本公司直接控股公司 G o l d e n L i n k

immediate holding company of the Company. The loan was

Worldwide Limited 獲取貸款人民幣

bearing a fixed interest rate of 1.78%-1.90%.

7,076,000,000元。該貸款按固定利率
1.78%-1.90%計息。

Details of the Group’s trade balances with the holding

本集團於報告期末與控股股東、同系

shareholder, fellow subsidiaries and other related companies

附屬公司及其他關連公司的貿易結餘

as at the end of the reporting period are disclosed in notes 10

之詳情披露於財務報表附註10 及附註

and 11 to the financial statements.

11。

二零二六年中期報告
比亞迪電子（國際）有限公司

53

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

14. RELATED PARTY TRANSACTIONS (Continued)
(b) Outstanding balances with related parties: (Continued)
As at 30 June 2026, the Group had total lease liabilities with
these related companies under non-cancellable leases falling
due as follows:

14. 關聯方交易（續）
(b) 與關聯方的結餘：（續）
於二零二六年六月三十日，本集團根
據不可撤銷租賃與該等關連公司的到
期應付租賃負債總額如下：
30 June
31 December
2026
2025
二零二六年
二零二五年
六月三十日 十二月三十一日
RMB’000
RMB’000
人民幣千元
人民幣千元

Lease liabilities – current 租賃負債 － 流動
Ultimate holding company 最終控股公司
Fellow subsidiaries 同系附屬公司
Lease liabilities – non-current 租賃負債 － 非流動
Ultimate holding company 最終控股公司
Fellow subsidiaries 同系附屬公司
Total 總計
As at 30 June 2026, the net carrying amount of right-ofuse assets relating to such rental contracts amounted to
RMB275,428,000 (31 December 2025: RMB360,524,000).

(c) Compensation of key management personnel of the Group:

138,229
183,882

140,477
218,207

36,914
28,179

72,999
19,139

387,204

450,822

於二零二六年六月三十日，與該等租
金合同相關的使用權資產賬面淨值為
人 民 幣 2 7 5 , 4 2 8 , 0 0 0 元（ 二 零 二 五 年
十二月三十一日：人民幣360,524,000
元）。
(c) 本集團主要管理人員的報酬：
For the six months ended
30 June
截至六月三十日止六個月
2026
2025
二零二六年
二零二五年
RMB’000
RMB’000
人民幣千元
人民幣千元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）

Short-term employee benefits 短期僱員福利
Pension scheme contributions 退休金計劃供款
Share-based payment expenses 股份支付開支

7,817
28
1,170

9,102
29
–

Total 總計

9,015

9,131

The related party transactions in respect of items set out in
(a) above also constitute connected transactions or continuing
connected transactions as defined in Chapter 14A of the
Listing Rules.

54

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

與上文 (a) 所載項目有關的關聯方交易
亦構成上市規則第14A章所界定的關連
交易或持續關連交易。

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS

15. 金融工具的公允價值及公允價值層
級

There are no significant differences between the carrying amounts

本集團金融工具的賬面價值與公允價值之

and the fair values of the Group’s financial instruments.

間並無重大差額。

Management has assessed that the fair values of short-term

管理層已評估短期存款、現金及現金等價

deposits, cash and cash equivalents, pledged deposits, trade

物、已抵押存款、應收貿易款項、應收款

receivables, receivables financing, trade and bills payables,

項融資、應付貿易賬款及應付票據、計入

financial assets included in prepayments, deposits and other

預付款項、按金及其他應收賬款的金融資

receivables, financial liabilities included in other payables, amounts

產、計入其他應付賬款的金融負債、應

due from/to subsidiaries, amounts due from/to the ultimate holding

收 ╱ 應付附屬公司款項、應收 ╱ 應付最終

company and the immediate holding company approximate to

控股公司及直接控股公司款項的公允價值

their carrying amounts largely due to the short term maturities of

與其賬面價值相若，此乃主要由於該等工

these instruments.

具屬於短期性質。

The Group’s corporate finance team headed by the finance

財務經理領導的本集團公司財務團隊負責

manager is responsible for determining the policies and

制定金融工具公允價值計量的政策及程

procedures for the fair value measurement of financial instruments.

序。公司財務團隊直接向財務總監報告。

The corporate finance team reports directly to the chief financial

於各報告日期，公司財務團隊分析金融工

officer. At each reporting date, the corporate finance team

具價值的變動，並確定在估值中應用的主

analyses the movements in the values of financial instruments and

要輸入值。估值由財務總監審核及批准。

determines the major inputs applied in the valuation. The valuation
is reviewed and approved by the chief financial officer.
The fair values of the financial assets and liabilities are included

金融資產及負債的公允價值以該工具於自

at the amount at which the instrument could be exchanged in a

願交易方（而非強迫或清盤銷售）當前交易

current transaction between willing parties, other than in a forced

下的可交易金額入賬。下述方法及假設用

or liquidation sale. The following methods and assumptions were

於評估公允價值：

used to estimate the fair values:

二零二六年中期報告
比亞迪電子（國際）有限公司

55

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)

15. 金融工具的公允價值及公允價值層
級（續）

The fair values of the unlisted equity investments have been valued

非上市股權投資的公允價值按市場法進行

based on a market-based valuation technique. This valuation

估值。該估值要求本集團釐定可資比較上

requires the Group to determine the comparable listed companies,

市公司、選擇價格倍數並對缺乏流動性折

select the price multiple, and make estimates about the discount

價進行估計，因此具有不確定性。

for lack of liquidity, and hence they are subject to uncertainty.
The fair values of the interest-bearing bank and other borrowings

計息銀行及其他借款的公允價值乃通過使

have been calculated by discounting the expected future cash

用具有類似條款、信貸風險及剩餘到期日

flows using rates currently available for instruments with similar

的工具的當前可用利率，對預期未來現金

terms, credit risk and remaining maturities. The changes in fair

流量進行折現計算。於二零二六年六月

value as a result of the Group’s own non-performance risk for

三十日，由於本集團對計息銀行及其他借

interest-bearing bank and other borrowings as at 30 June 2026

款的非履約風險而導致的公允價值變動評

were assessed to be insignificant.

估為並不重大。

The Group enters into derivative financial instruments and

本集團與多個對手方訂立衍生金融工具及

receivables financing with various counterparties. The carrying

應收款項融資。該等衍生金融工具及應收

amounts of these derivative financial instruments and receivables

款項融資的賬面價值與其公允價值相同。

financing are the same as their fair values. The derivative financial

衍生金融工具及應收款項融資以現值計算

instruments and receivables financing are measured using

並按遠期價格相似之估值技巧計量。此等

valuation techniques similar to forward pricing, using present value

模式計入不同市場可觀察輸入值，包括

calculations. The models incorporate various market observable

對手方信貸質素，以及外匯即期及遠期匯

inputs including the credit quality of counterparties and foreign

率。該等衍生金融工具及應收款項融資的

exchange spot and forward rates. The carrying amounts of

賬面價值與其公允價值相同。

derivative financial instruments and receivables financing are the
same as their fair values.

56

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY

公允價值層級

The following tables illustrate the fair value measurement hierarchy

下表說明本集團金融工具的公允價值計量

of the Group’s financial instruments:

層級：

Assets measured at fair value:

以公允價值計量的資產：

As at 30 June 2026

於二零二六年六月三十日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices
in active

Significant

Significant

observable unobservable

markets

inputs

inputs

活躍市場的

重大可觀察

重大不可

報價

輸入值

觀察輸入值

(Level 1)

(Level 2)

(Level 3)

（第一級）

（第二級）

（第三級）

總計

RMB’000

RMB’000

RMB’000

RMB’000

Total

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核） （未經審核） （未經審核） （未經審核）
–

199,443

–

199,443

–

8,261,367

–

8,261,367

其他非流動金融資產

–

–

464,101

464,101

Total 總計

–

8,460,810

464,101

8,924,911

Receivables financing 應收款項融資
Financial assets at fair value through profit or loss
以公允價值計量並計入損益的金融資產
Other non-current financial assets

二零二六年中期報告
比亞迪電子（國際）有限公司

57

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY (Continued)

公允價值層級（續）

The following tables illustrate the fair value measurement hierarchy

下表說明本集團金融工具的公允價值計量

of the Group’s financial instruments: (Continued)

層級：（續）

Assets measured at fair value: (Continued)

以公允價值計量的資產：（續）

As at 31 December 2025

於二零二五年十二月三十一日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices
in active

Significant

Significant

observable unobservable

markets

inputs

inputs

活躍市場的

重大可觀察

重大不可

報價

輸入值

觀察輸入值

(Level 1)

(Level 2)

(Level 3)

（第一級）

（第二級）

（第三級）

總計

RMB’000

RMB’000

RMB’000

RMB’000

Total

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

（未經審核） （未經審核） （未經審核） （未經審核）
Receivables financing 應收款項融資

–

105,879

–

105,879

–

2,155,183

–

2,155,183

其他非流動金融資產

–

–

449,878

449,878

Total 總計

–

2,261,062

449,878

2,710,940

Financial assets at fair value through profit or loss
以公允價值計量並計入損益的金融資產
Other non-current financial assets

58

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY (Continued)

公允價值層級（續）

Liabilities measured at fair value:
As at 30 June 2026

以公允價值計量的負債：
於二零二六年六月三十日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices
in active
markets
活躍市場的
報價
(Level 1)
（第一級）
RMB’000
人民幣千元
–

Derivative financial instruments 衍生金融工具

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察
重大不可
輸入值
觀察輸入值
(Level 2)
(Level 3)
（第二級）
（第三級）
RMB’000
RMB’000
人民幣千元
人民幣千元
11,831

–

Total
總計
RMB’000
人民幣千元
11,831

During the Period, there were no transfers of fair value
measurements between Level 1 and Level 2 and no transfers into
or out of Level 3 (2025: Nil).

期內，第一級與第二級之間並無公允價值
計量轉撥，亦無自第三級轉入或轉出（二零
二五年：無）。

Liabilities for which fair values are disclosed:
As at 30 June 2026

已披露公允價值的負債：
於二零二六年六月三十日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
Significant
Significant
prices
in active observable unobservable
inputs
inputs
markets
活躍市場的
重大可觀察
重大不可
報價
輸入值
觀察輸入值
(Level 1)
(Level 2)
(Level 3)
Total
（第一級）
（第二級）
（第三級）
總計
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元
人民幣千元
人民幣千元
人民幣千元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）

Loan from the immediate holding company
自直接控股公司貸款

–

7,079,913

–

7,079,913

Total 總計

–

7,079,913

–

7,079,913

二零二六年中期報告
比亞迪電子（國際）有限公司

59

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
中期簡明合併財務資料附註
30 JUNE 2026 二零二六年六月三十日

15. 金融工具的公允價值及公允價值層
級（續）

15. FAIR VALUE AND FAIR VALUE HIERARCHY OF
FINANCIAL INSTRUMENTS (Continued)
FAIR VALUE HIERARCHY (Continued)

公允價值層級（續）

Liabilities for which fair values are disclosed: (Continued)

已披露公允價值的負債：（續）

As at 31 December 2025

於二零二五年十二月三十一日
Fair value measurement using
公允價值計量使用的輸入值
Quoted
prices

Significant

in active

Significant

observable unobservable

markets

inputs

inputs

活躍市場的

重大可觀察

重大不可

報價

輸入值

觀察輸入值

(Level 1)

(Level 2)

(Level 3)

（第一級）

（第二級）

（第三級）

總計

RMB’000

RMB’000

RMB’000

RMB’000

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(Audited)

(Audited)

(Audited)

(Audited)

（經審核）

（經審核）

（經審核）

（經審核）

自中介控股公司貸款

–

7,183,992

–

7,183,992

Total 總計

–

7,183,992

–

7,183,992

Total

Loan from the intermediate holding company

16. APPROVAL OF THE FINANCIAL STATEMENTS

60

16. 審批財務報表

The financial statements were approved and authorised for issue

財務報表已由董事會於二零二六年八月

by the board of directors on 28 August 2026.

二十八日審批並獲授權刊發。

INTERIM REPORT 2026

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED