2025 First Quarterly Report BYD Motors China

    2025 First Quarterly Report BYD Motors China

    F1 week ago 4

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    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for 
the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any 
liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this 
announcement.
比亞迪股份有限公司
BYD COMPANY LIMITED
(a joint stock company incorporated in the People’s Republic of China with limited liability)
Stock Code: 01211 (HKD counter) and 81211 (RMB counter)
Website: http://www.bydglobal.com
2025 FIRST QUARTERLY REPORT
This announcement is published simultaneously by BYD Company Limited (the “Company”, together 
with its subsidiaries, the “Group”) in the mainland of the People’s Republic of China pursuant to 
the Rules Governing Listing of Stocks on Shenzhen Stock Exchange and in Hong Kong pursuant to 
the disclosure obligations under Rule 13.09, Rule 13.10B and the Inside Information Provision of the 
Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
IMPORTANT NOTICE:
1. The Board of Directors, Supervisory Committee and the Directors, Supervisors and senior 
management of the Company guarantee that the contents of this quarterly report are true, accurate 
and complete and do not contain false information, misleading statements or material omissions, 
and individually and collectively accept legal responsibility thereof.
2. The Chairman of the Company, Person in charge of Accounting, and Head of Accounting 
Department (Accounting Supervisor) hereby declare that they guarantee the truthfulness, accuracy 
and completeness of the financial information contained in this quarterly report.
3. Whether the first quarterly report is audited or not
□Yes ✔ No
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    I. MAJOR FINANCIAL DATA
(I) Major Accounting Data and Financial Indicators
Retrospective adjustments to or restatement of the accounting data for the prior year by the 
Company
□Yes ✔ No
The Reporting 
Period
The
corresponding
period of last year
Increase/decrease for 
the Reporting Period 
as compared with the 
corresponding period 
of last year (%)
Operating revenue (RMB) 170,360,448,000.00 124,944,397,000.00 36.35%
Net profit attributable to shareholders of 
 the listed company (RMB) 9,154,985,000.00 4,568,793,000.00 100.38%
Net profit attributable to shareholders of 
 the listed company after deduction of 
 extraordinary gains or losses (RMB) 8,171,627,000.00 3,751,980,000.00 117.80%
Net cash flow from operating activities (RMB) 8,580,961,000.00 10,227,984,000.00 -16.10%
Basic earnings per share (RMB/share) 3.12 1.57 98.73%
Diluted earnings per share (RMB/share) 3.12 1.57 98.73%
Weighted average rate of return on net assets (%) 4.37% 3.24% 1.13%
As at the end of
the Reporting
Period
As at the end of
the previous year
Increase/decrease 
as at the end of the 
Reporting Period as 
compared with that 
at the end of the 
previous year (%)
Total assets (RMB) 840,527,145,000.00 783,355,855,000.00 7.30%
Total owners’ equity attributable to shareholders 
 of the listed company (RMB) 233,361,322,000.00 185,251,104,000.00 25.97%
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    (II) Extraordinary Gain or Loss Items and Amounts
✔ Applicable □N/A
Unit: RMB
Item
Amount for the
Reporting Period Explanation
Gains or losses on disposal of non-current assets (including 
 the written-off portion of provisions for asset impairment)
-247,483,000.00
Government grants (except for government grants which are 
 closely related to normal business operations of the Company, 
 in compliance with national policies and regulations, and conform 
 with the amount or quantities at certain standards on an ongoing 
 basis) charged to gains or losses for the period
450,821,000.00 Government grants mainly 
related to the automobiles 
and related products
Gains or losses arising from changes in fair value of financial assets 
 held for trading and financial liabilities held for trading, investment 
 gains from disposal of financial assets held for trading, financial 
 liabilities held for trading and financial assets available for sale, 
 other than effective hedging activities associated with normal 
 business operations of the Company
489,398,000.00
Reversal of provisions for impairment of receivables individually 
 tested for impairment
205,000.00
Other non-operating income and expenses apart from those stated 
 above
496,780,000.00
Less: Effect on income tax 177,664,000.00
 Effect on minority interests (after tax) 28,699,000.00
Total 983,358,000.00
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    Particulars of other gain or loss items conforming with the definition of extraordinary gains or 
losses:
□Applicable ✔ N/A
There are no particulars of other gain or loss items of the Company conforming with the definition 
of extraordinary gains or losses.
Particulars of items of extraordinary gains or losses illustrated in “Notice on Explanation of 
Information Disclosure of Companies Publicly Issuing Securities No. 1 – Extraordinary Gains 
or Losses” (《公開發行證券的公司信息披露解釋性公告第1號-非經常性損益》) that are 
defined as items of recurring gains or losses
□Applicable ✔ N/A
There were no items of extraordinary gains or losses of the Company illustrated in “Notice 
on Explanation of Information Disclosure of Companies Publicly Issuing Securities No. 1 –
Extraordinary Gains or Losses” (《公開發行證券的公司信息披露解釋性公告第1號-非經常
性損益》) that are defined as items of recurring gains or losses.
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    (III) Changes in Major Accounting Data and Financial Indicators and the Reasons Thereof
✔ Applicable □N/A
BALANCE SHEET
Unit: RMB
Item 31 March 2025 31 December 2024 Change Attributable reasons
Receivables financing 5,736,785,000.00 10,449,966,000.00 -45.10% Mainly due to the increase in endorsed or 
discounted notes
Prepayments 5,182,250,000.00 3,974,023,000.00 30.40% Mainly due to the increase in prepayments 
for material procurement
Inventories 154,373,616,000.00 116,036,237,000.00 33.04% Mainly due to the increment of inventories 
in response to increasing orders
Development 
expenditures
859,988,000.00 508,038,000.00 69.28% Mainly due to the increase in capitalised 
development expenditures
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    STATEMENT OF PROFIT OR LOSS
Unit: RMB
Item
January to
March 2025
January to
March 2024 Change Attributable reasons
Operating revenue 170,360,448,000.00 124,944,397,000.00 36.35% Mainly due to the growth of new energy 
vehicle business
Operating costs 136,175,385,000.00 99,074,282,000.00 37.45% Mainly due to the growth of new energy 
vehicle business
Tax and surcharge 3,273,367,000.00 2,141,223,000.00 52.87% Mainly due to the growth of new energy 
vehicle business
Administrative 
expenses
4,905,868,000.00 3,768,509,000.00 30.18% Mainly due to the increase in employee 
remuneration and material consumption
Research and 
 development 
 expenses
14,223,006,000.00 10,610,654,000.00 34.04% Mainly due to the increase in employee 
remuneration and material consumption
Finance expenses -1,908,346,000.00 -193,961,000.00 883.88% Mainly due to the increase in exchange gains
Other income 3,298,167,000.00 1,796,253,000.00 83.61% Mainly due to increase in government grants 
related to daily activities
Gains from changes in 
 fair value
246,269,000.00 142,762,000.00 72.50% Mainly due to the increase in gains on wealth 
management
Impairment losses on 
 credit
-23,694,000.00 -326,448,000.00 -92.74% Mainly due to the decrease in provision for 
bad debts
Income tax 1,747,743,000.00 946,486,000.00 84.66% Mainly due to the increase in profits
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    STATEMENT OF CASH FLOWS
Unit: RMB
Item
January to
March 2025
January to 
March 2024 Change Attributable reasons
Net cash flows from 
 financing activities
38,000,266,000.00 -5,183,543,000.00 833.09% Mainly due to the proceeds from the placing 
of H shares during the Period
II. SHAREHOLDER INFORMATION
(I) Table of the total number of shareholders of ordinary shares and number of shareholders 
of preference shares with voting rights restored and shareholding of top ten shareholders
Unit: shares
Total number of shareholders of ordinary 
shares at the end of the Reporting Period
203,708 (203,606 were holders of A 
shares and 102 were holders of H 
shares)
Total number of shareholders of preference 
shares with voting rights restored at the end of the 
Reporting Period 0
Shareholding of top ten shareholders (excluding shares lent under the securities lending and refinancing arrangement)
Name of shareholders Nature of shareholders
Percentage 
of 
shareholding
Number of 
shares held
Number of 
shares held 
subject to 
lock-up
Pledged, marked or frozen
Status of 
shares Number
HKSCC NOMINEES LIMITED Overseas legal person 40.38% 1,227,261,708 
(Note 1)
0 N/A 0
Wang Chuan-fu Domestic natural 
 person
16.90% 513,623,850 
(Note 2)
385,217,887 N/A 0
Lv Xiang-yang Domestic natural 
 person
7.87% 239,228,620 179,421,465 Pledged 50,326,400
Youngy Investment Holding Group 
 Co., Ltd. 
 (融捷投資控股集團有限公司)
Domestic non-state 
 owned legal person
5.11% 155,149,602 0 Pledged 13,570,000
Hong Kong Securities Clearing 
 Company Limited
Overseas legal person 4.13% 125,417,624 0 N/A 0
Xia Zuo-quan Domestic natural 
 person
2.72% 82,635,607 
(Note 3)
61,976,705 Pledged 2,715,000
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    Shareholding of top ten shareholders (excluding shares lent under the securities lending and refinancing arrangement) (cont’d) 
Name of shareholders Nature of shareholders
Percentage 
of 
shareholding
Number of 
shares held
Number of 
shares held 
subject to 
lock-up
Pledged, marked or frozen
Status of 
shares Number
Wang Nian-qiang Domestic natural person 0.60% 18,299,740 0 Pledged 3,130,000
Industrial and Commercial Bank of China 
– Huatai-Pinebridge CSI 300 Exchange 
 Traded Open-ended Index Securities 
 Investment Fund 
 (中國工商銀行股份有限公司-華泰柏瑞
滬深300交易型開放式指數證券投資
基金)
Other 0.49% 14,785,435 0 N/A 0
Central Huijin Asset Management Ltd. State-owned legal
 person
0.39% 11,976,633 0 N/A 0
Li Ke Domestic natural person 0.36% 10,861,400 8,146,050 N/A 0
Note 1: The number includes the 1,000,000 H shares held by Mr. Wang Chuan-fu, the 195,000 H shares and the 305,000 H shares respectively held by Mr. Xia Zuoquan and SIGN INVESTMENTS LIMITED, an overseas company controlled by Mr. Xia Zuo-quan;
Note 2: The number does not include the 1,000,000 H shares held by Mr. Wang Chuan-fu and the 3,727,700 A shares held by Mr. Wang Chuan-fu in No.1 Assets 
Management Plan through E Fund BYD;
Note 3: The number does not include the 195,000 H shares and the 305,000 H shares held by Mr. Xia Zuo-quan and SIGN INVESTMENTS LIMITED, an overseas 
company controlled by Mr. Xia Zuo-quan.
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    Shareholding of top ten shareholders not subject to lock-up
Name of shareholders
Number of shares 
held not subject
to lock-up
Class of shares
Class of shares Number
HKSCC NOMINEES LIMITED 1,227,261,708 
(Note 1)
Overseas listed 
foreign shares
1,227,261,708
Youngy Investment Holding Group Co., Ltd. 
 (融捷投資控股集團有限公司)
155,149,602 RMB ordinary shares 155,149,602
Wang Chuan-fu 128,405,963 
(Note 2)
RMB ordinary shares 128,405,963
Hong Kong Securities Clearing Company 
 Limited
125,417,624 RMB ordinary shares 125,417,624
Lv Xiang-yang 59,807,155 RMB ordinary shares 59,807,155
Xia Zuo-quan 20,658,902 
(Note 3)
RMB ordinary shares 20,658,902
Wang Nian-qiang 18,299,740 RMB ordinary shares 18,299,740
Industrial and Commercial Bank of China –
 Huatai-Pinebridge CSI 300 Exchange 
 Traded Open-ended Index Securities 
 Investment Fund 
 (中國工商銀行股份有限公司-華泰柏瑞
滬深300交易型開放式指數證券投資基金)
14,785,435 RMB ordinary shares 14,785,435
Central Huijin Asset Management Ltd. 11,976,633 RMB ordinary shares 11,976,633
China Construction Bank Corporation – E Fund 
 CSI 300 Open-ended Index Initiating Fund 
 (中國建設銀行股份有限公司-易方達滬深
 300交易型開放式指數發起式證券投資
基金)
10,355,139 RMB ordinary shares 10,355,139
Note 1: The number includes the 1,000,000 H shares held by Mr. Wang Chuan-fu, the 195,000 H shares and the 
305,000 H shares respectively held by Mr. Xia Zuo-quan and SIGN INVESTMENTS LIMITED, an overseas 
company controlled by Mr. Xia Zuo-quan;
Note 2: The number does not include the 1,000,000 H shares held by Mr. Wang Chuan-fu and the 3,727,700 A 
shares held by Mr. Wang Chuan-fu in No.1 Assets Management Plan through E Fund BYD;
Note 3: The number does not include the 195,000 H shares and the 305,000 H shares held by Mr. Xia Zuo-quan and 
SIGN INVESTMENTS LIMITED, an overseas company controlled by Mr. Xia Zuo-quan.
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    Details of the connections among, 
 or concerted actions taken by the above 
 shareholders
1. Mr. Lv Xiang-yang is an older cousin of Mr. Wang Chuan-fu. 
Mr. Lv Xiang-yang and his spouse, Ms. Zhang Chang-hong 
are interested in the equity of Youngy Investment Holding 
Group Co., Ltd. (融捷投資控股集團有限公司) as to 89.5% 
and 10.5% respectively;
2. Shares held by HKSCC NOMINEES LIMITED 
are the aggregate of H shares of the Company 
traded on the trading platform of HKSCC 
NOMINEES LIMITED on its behalf held by 
shareholders;
3. The Company is not aware of any connections 
among other shareholders nor any parties acting 
in concert as defined in the Administrative 
Measures for Acquisitions by Listed Companies.
Details of top ten shareholders 
 participating in securities margin 
 trading
As at the end of the Reporting Period, among top 
10 shareholders not subject to lock-up and top 10 
shareholders, shares held by HKSCC NOMINEES 
LIMITED are the aggregate of H shares of the Company 
traded on the trading platform of HKSCC NOMINEES 
LIMITED on its behalf held by shareholder, and its 
participation in securities margin trading is unknown; 
Except for HKSCC NOMINEES LIMITED, top 
10 shareholders not subject to lock-up and top 10 
shareholders do not hold company stocks through credit 
securities accounts.
Shares lent out by shareholders with a shareholding of more than 5%, top ten shareholders and 
top ten shareholders not subject to lock-up for participating in refinancing business
□Applicable ✔ N/A
Changes of top ten shareholders and top ten shareholders not subject to lock-up over the previous 
period due to lending out/returning shares for refinancing
□Applicable ✔ N/A
(II) Table showing total number of shareholders of preference shares of the Company and 
shareholding of top ten shareholders of preference shares
□Applicable ✔ N/A
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    III. OTHER SIGNIFICANT EVENTS
✔ Applicable □N/A
During the Reporting Period, the Company strengthened its capacity to further advance its 
technological capabilities and accelerate its overseas expansion. Further, the Company was able to 
enrich its shareholder base and optimize its structure of assets and liabilities by attracting a number 
of high calibre institutional investors to participate in the placing. The Company completed the 
placing and issue of a total of 129,800,000 new H shares of the Company to not less than six 
placees on 11 March 2025. The placing was carried out within the scope of the general mandate 
granted by the Company at the 2023 annual general meeting and the approval for the listing of, 
and permission to deal in, the placing shares was also obtained from The Stock Exchange of 
Hong Kong Limited. For details, please refer to the Announcement on Placing of New H Shares 
under General Mandate (Announcement No. 2025-007) and the Announcement on Completion 
of Placing of H Shares (Announcement No. 2025-008) disclosed by the Company on CNINFO 
(www.cninfo.com.cn) on 4 March 2025 and 12 March 2025, respectively.
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    IV. QUARTERLY FINANCIAL STATEMENTS
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by: BYD Company Limited
31 March 2025
Unit: RMB
Item
Balance at the 
end of the period
Balance at the
beginning of the year
Current assets:
 Monetary fund 117,406,726,000.00 102,738,734,000.00
 Financial assets held for trading 35,984,229,000.00 40,511,496,000.00
 Trade receivable 53,182,767,000.00 62,298,988,000.00
 Derivative financial assets 118,106,000.00 35,093,000.00
 Purchases of financial assets under 
 resale agreements 79,591,000.00 392,472,000.00
 Receivables financing 5,736,785,000.00 10,449,966,000.00
 Prepayments 5,182,250,000.00 3,974,023,000.00
 Other receivables 3,634,755,000.00 3,616,030,000.00
 Including: Interests receivable
Dividends receivable
 Inventories 154,373,616,000.00 116,036,237,000.00
 Contract assets 1,406,810,000.00 1,410,541,000.00
 Long-term receivables due within one year 11,405,482,000.00 11,379,480,000.00
 Other current assets 21,483,112,000.00 17,729,184,000.00
Total current assets 409,994,229,000.00 370,572,244,000.00
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    Item
Balance at the 
end of the period
Balance at the
beginning of the year
Non-current assets:
 Long-term receivables 10,006,386,000.00 10,206,134,000.00
 Long-term equity investments 19,630,668,000.00 19,082,496,000.00
 Other equity instrument investments 8,268,838,000.00 8,501,093,000.00
 Other non-current financial assets 2,892,352,000.00 2,655,245,000.00
 Investment properties 59,801,000.00 60,228,000.00
 Fixed assets 269,814,106,000.00 262,287,302,000.00
 Construction in progress 25,668,828,000.00 19,954,343,000.00
 Right-of-use assets 10,247,504,000.00 10,575,072,000.00
 Intangible assets 40,143,957,000.00 38,423,925,000.00
 Development expenditure 859,988,000.00 508,038,000.00
 Goodwill 4,427,571,000.00 4,427,571,000.00
 Long-term deferred expenditures 4,812,800,000.00 5,006,717,000.00
 Deferred tax assets 9,308,768,000.00 8,559,492,000.00
 Other non-current assets 24,391,349,000.00 22,535,955,000.00
Total non-current assets 430,532,916,000.00 412,783,611,000.00
Total assets 840,527,145,000.00 783,355,855,000.00
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
1. Consolidated Balance Sheet (Continued)
Unit: RMB
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    Item
Balance at the 
end of the period
Balance at the
beginning of the year
Current liabilities:
 Short-term borrowings 13,144,785,000.00 12,103,272,000.00
 Derivative financial liabilities 1,993,000.00
 Bills payable 1,889,615,000.00 2,383,996,000.00
 Trade payable 250,772,811,000.00 241,643,424,000.00
 Contract liabilities 46,141,085,000.00 43,729,585,000.00
 Employee benefits payable 21,714,175,000.00 21,843,196,000.00
 Taxes payable 7,476,567,000.00 10,096,912,000.00
 Other payables 143,466,215,000.00 144,989,197,000.00
 Including: Interests payable
Dividends payable
 Provision 3,871,044,000.00 3,547,165,000.00
 Non-current liabilities due within one year 12,000,950,000.00 10,222,575,000.00
 Other current liabilities 5,319,828,000.00 5,423,861,000.00
Total current liabilities 505,797,075,000.00 495,985,176,000.00
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
1. Consolidated Balance Sheet (Continued)
Unit: RMB
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    Item
Balance at the 
end of the period
Balance at the
beginning of the year
Non-current liabilities:
 Long-term borrowings 6,339,145,000.00 8,257,786,000.00
 Lease liabilities 9,643,092,000.00 9,875,967,000.00
 Deferred tax liabilities 2,500,174,000.00 2,787,484,000.00
 Other non-current liabilities 70,086,094,000.00 67,761,233,000.00
Total non-current liabilities 88,568,505,000.00 88,682,470,000.00
Total liabilities 594,365,580,000.00 584,667,646,000.00
Shareholders’ equity:
 Share capital 3,039,066,000.00 2,909,266,000.00
 Other equity instruments 15,000,000,000.00 14,894,442,000.00
 Including: Perpetual bond 15,000,000,000.00 14,894,442,000.00
 Capital reserve 99,569,473,000.00 60,679,406,000.00
 Less: treasury stocks 723,968,000.00 723,968,000.00
 Other comprehensive income 1,197,714,000.00 1,440,616,000.00
 Special reserve 30,606,000.00 29,461,000.00
 Surplus reserve 7,374,087,000.00 7,374,087,000.00
 Undistributed profit 107,874,344,000.00 98,647,794,000.00
Total shareholders’ equity attributable to 
 the parent company 233,361,322,000.00 185,251,104,000.00
 Non-controlling interests 12,800,243,000.00 13,437,105,000.00
Total shareholders’ equity 246,161,565,000.00 198,688,209,000.00
Total liabilities and shareholders’ equity 840,527,145,000.00 783,355,855,000.00
Legal representative:
Wang Chuan-fu
Person in charge of 
Accounting:
Zhou Ya-lin
Head of Accounting 
Department:
Liu Hui
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
1. Consolidated Balance Sheet (Continued)
Unit: RMB
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    IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
2. Consolidated Income Statement
Unit: RMB
Item
Amount for the
current period
Amount for the
previous period
(Restated)
I. Total operating revenue 170,360,448,000.00 124,944,397,000.00
Including: Operating revenue 170,360,448,000.00 124,944,397,000.00
II. Total operating costs 162,850,401,000.00 120,733,401,000.00
Including: Operating costs 136,175,385,000.00 99,074,282,000.00
Tax and surcharge 3,273,367,000.00 2,141,223,000.00
Sales expense 6,181,121,000.00 5,332,694,000.00
Administrative expenses 4,905,868,000.00 3,768,509,000.00
Research and development 
 expenses 14,223,006,000.00 10,610,654,000.00
Finance expenses -1,908,346,000.00 -193,961,000.00
 Including: Interest expenses 601,460,000.00 580,449,000.00
Interest income 573,960,000.00 595,128,000.00
Add: Other income 3,298,167,000.00 1,796,253,000.00
Investment income 
 (loss is represented by “-”) 696,730,000.00 621,940,000.00
Including: Investment income in 
 associates and joint ventures 377,476,000.00 456,861,000.00
Gains on derecognition 
 of financial assets 
measured at amortised 
cost -169,000.00
Gains from changes in fair value 
 (loss is represented by “-”) 246,269,000.00 142,762,000.00
Impairment loss on credit 
 (loss is represented by “-”) -23,694,000.00 -326,448,000.00
Impairment loss on assets 
 (loss is represented by “-”) -709,812,000.00 -642,724,000.00
Gains from disposal of assets (loss 
 is represented by “-”) 2,942,000.00 -4,293,000.00
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    Item
Amount for the
current period
Amount for the
previous period
(Restated)
III. Operating profit 
 (loss is represented by “-”) 11,020,649,000.00 5,798,486,000.00
Add: Non-operating income 585,882,000.00 247,476,000.00
Less: Non-operating expenses 415,648,000.00 328,597,000.00
IV. Total profit 
 (total loss is represented by “-”) 11,190,883,000.00 5,717,365,000.00
Less: Income tax expense 1,747,743,000.00 946,486,000.00
V. Net profit 
 (net loss is represented by “-”) 9,443,140,000.00 4,770,879,000.00
(I) Classified by continuity of operation
1. Net profit from continued 
 operation (net loss is 
 represented by “-”) 9,443,140,000.00 4,770,879,000.00
2. Net profit from discontinued 
 operation (net loss is 
 represented by “-”)
(II) Classified by ownership
1. Net profit attributable to 
 shareholders of the parent 
 company 9,154,985,000.00 4,568,793,000.00
2. Non-controlling interests 288,155,000.00 202,086,000.00
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
2. Consolidated Income Statement (Continued)
Unit: RMB
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    Item
Amount for the
current period
Amount for the
previous period
(Restated)
VI. Other comprehensive income, 
 net of tax -241,917,000.00 -425,437,000.00
Other comprehensive income attributable 
 to shareholders of the parent company, 
 net of tax -242,902,000.00 -425,699,000.00
(I) Other comprehensive income that 
 cannot be reclassified to profit or 
 loss -164,403,000.00 -270,918,000.00
1. Changes from re-measurement 
 of defined benefit plans
2. Other comprehensive income 
 that cannot be transferred to 
 profit or loss under the equity 
 method
3. Changes in fair value of 
 other equity instrument 
 investments -242,708,000.00 -360,774,000.00
4. Changes in fair value of the 
 company’s own credit risk
5. Income tax effect 78,305,000.00 89,856,000.00
6. Others
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
2. Consolidated Income Statement (Continued)
Unit: RMB
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    Item
Amount for the
current period
Amount for the
previous period
(Restated)
(II) Other comprehensive income that 
 will be reclassified to profit or 
 loss -78,499,000.00 -154,781,000.00
1. Other comprehensive income 
 that may be transferred to 
 profit or loss under the equity 
 method
2. Changes in fair value of other 
 debt investments
3. Amount of financial 
 assets reclassified to other 
 comprehensive income
4. Credit impairment provisions 
 for other debt investments
5. Reserves for cash flows hedges -99,585,000.00
6. Difference on foreign currency 
 translation -86,781,000.00 -61,795,000.00
7. Changes in fair value of 
 receivables financing 8,282,000.00 6,599,000.00
8. Credit impairment provisions 
 for receivables financing
9. Others
Other comprehensive income attributable 
 to minority shareholders, net of tax 985,000.00 262,000.00
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
2. Consolidated Income Statement (Continued)
Unit: RMB
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    Item
Amount for the
current period
Amount for the
previous period
(Restated)
VII. Total comprehensive income 9,201,223,000.00 4,345,442,000.00
Total comprehensive income attributable 
 to shareholders of the parent company 8,912,083,000.00 4,143,094,000.00
Total comprehensive income attributable 
 to minority shareholders 289,140,000.00 202,348,000.00
VIII. Earnings per share:
(I) Basic earnings per share 3.12 1.57
(II) Diluted earnings per share 3.12 1.57
For the business combination under common control effected in the current period, the net 
profit recognised by the merged party before the combination was RMB0.00, and the net profit 
recognised by the merged party in the previous period was RMB0.00.
Legal representative:
Wang Chuan-fu
Person in charge of 
Accounting:
Zhou Ya-lin
Head of 
Accounting Department:
Liu Hui
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
2. Consolidated Income Statement (Continued)
Unit: RMB
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    IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
3. Consolidated Cash Flow Statement
Unit: RMB
Item
Amount for the
current period
Amount for the
previous period
I. Cash flows from operating activities:
Cash received from sales of goods and 
 provision of services 186,993,954,000.00 124,156,838,000.00
Tax rebates received 5,022,700,000.00 3,605,599,000.00
Cash received from other activities 
 relating to operations 6,814,256,000.00 3,519,489,000.00
Sub-total of cash inflows from operating 
 activities 198,830,910,000.00 131,281,926,000.00
Cash paid for goods and services 135,218,162,000.00 85,416,879,000.00
Cash paid to and on behalf of employees 33,265,156,000.00 23,477,009,000.00
Cash paid for various types of taxes 13,560,344,000.00 7,927,455,000.00
Cash paid for other activities relating to 
 operations 8,206,287,000.00 4,232,599,000.00
Sub-total of cash outflows from operating 
 activities 190,249,949,000.00 121,053,942,000.00
Net cash flows from operating activities 8,580,961,000.00 10,227,984,000.00
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    Item
Amount for the
current period
Amount for the
previous period
II. Cash flows from investing activities:
Cash received from disposal of 
 investments 34,650,000.00
Cash received from gains in investment 300,287,000.00 114,226,000.00
Net cash received from disposals of fixed 
 assets, intangible assets and other long-
 term assets 324,254,000.00 36,987,000.00
Net cash received from disposals 
 of subsidiaries and other operating 
entities 2,000,000.00
Cash received from other activities 
 relating to investments 10,089,505,000.00 440,000,000.00
Sub-total of cash inflows from investing 
 activities 10,750,696,000.00 591,213,000.00
Cash paid for purchase and construction 
 of fixed assets, intangible assets and 
 other long-term assets 37,276,487,000.00 26,094,349,000.00
Cash paid for investments 691,999,000.00 1,606,462,000.00
Net cash paid for acquisitions of 
 subsidiaries and other operating 
entities 283,821,000.00
Cash paid for other activities relating to 
 investments 5,238,110,000.00 160,000,000.00
Sub-total of cash outflows from investing 
 activities 43,490,417,000.00 27,860,811,000.00
Net cash flows from investing activities -32,739,721,000.00 -27,269,598,000.00
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
3. Consolidated Cash Flow Statement (Continued)
Unit: RMB
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    Item
Amount for the
current period
Amount for the
previous period
III. Cash flows from financing activities:
Cash received from capital injection 40,221,971,000.00
Including: Cash received by subsidiaries 
 from minority shareholders’
 investment 147,000,000.00
Cash received from borrowings 4,175,713,000.00 12,703,500,000.00
Cash received relating to other financing 
 activities
Sub-total of cash inflows from financing 
 activities 44,397,684,000.00 12,703,500,000.00
Cash paid for repayment of debts 3,253,592,000.00 17,136,272,000.00
Cash payments for distribution of 
 dividends, profits or interest expenses 177,469,000.00 232,182,000.00
Including: Dividends and profits paid to 
 minority shareholders 
 by subsidiaries
Cash paid relating to other financing 
 activities 2,966,357,000.00 518,589,000.00
Sub-total of cash outflows from financing 
 activities 6,397,418,000.00 17,887,043,000.00
Net cash flows from financing activities 38,000,266,000.00 -5,183,543,000.00
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
3. Consolidated Cash Flow Statement (Continued)
Unit: RMB
23
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    Item
Amount for the
current period
Amount for the
previous period
IV. Effect of foreign exchange rate changes 
 on cash and cash equivalents 120,564,000.00 -107,840,000.00
V. Net increase in cash and cash 
 equivalents 13,962,070,000.00 -22,332,997,000.00
Add: Opening balance of cash and cash 
 equivalents 102,256,542,000.00 108,511,745,000.00
VI. Closing balance of cash and cash
 equivalents 116,218,612,000.00 86,178,748,000.00
(II) Audit Report
Whether the first quarterly report is audited or not
□Yes ✔ No
The first quarterly report of the Company is unaudited.
By Order of the Board
BYD Company Limited
Wang Chuan-fu
Chairman
Shenzhen, PRC, 25 April 2025
As at the date of this announcement, the Board of the Company consists of Mr. Wang Chuan-fu being the 
executive Director, Mr. Lv Xiang-yang and Mr. Xia Zuo-quan being the non-executive Directors, and 
Mr. Cai Hong-ping, Mr. Zhang Min and Ms. Yu Ling being the independent non-executive Directors.
This announcement is prepared in Chinese and translated into English, and the Chinese text shall 
prevail over the English text in case of any inconsistency.
IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED)
(I) Financial Statements (Continued)
3. Consolidated Cash Flow Statement (Continued)
Unit: RMB
24
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    2025 First Quarterly Report BYD Motors China

    • 1. 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. 比亞迪股份有限公司 BYD COMPANY LIMITED (a joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 01211 (HKD counter) and 81211 (RMB counter) Website: http://www.bydglobal.com 2025 FIRST QUARTERLY REPORT This announcement is published simultaneously by BYD Company Limited (the “Company”, together with its subsidiaries, the “Group”) in the mainland of the People’s Republic of China pursuant to the Rules Governing Listing of Stocks on Shenzhen Stock Exchange and in Hong Kong pursuant to the disclosure obligations under Rule 13.09, Rule 13.10B and the Inside Information Provision of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. IMPORTANT NOTICE: 1. The Board of Directors, Supervisory Committee and the Directors, Supervisors and senior management of the Company guarantee that the contents of this quarterly report are true, accurate and complete and do not contain false information, misleading statements or material omissions, and individually and collectively accept legal responsibility thereof. 2. The Chairman of the Company, Person in charge of Accounting, and Head of Accounting Department (Accounting Supervisor) hereby declare that they guarantee the truthfulness, accuracy and completeness of the financial information contained in this quarterly report. 3. Whether the first quarterly report is audited or not □Yes ✔ No 1
    • 2. I. MAJOR FINANCIAL DATA (I) Major Accounting Data and Financial Indicators Retrospective adjustments to or restatement of the accounting data for the prior year by the Company □Yes ✔ No The Reporting Period The corresponding period of last year Increase/decrease for the Reporting Period as compared with the corresponding period of last year (%) Operating revenue (RMB) 170,360,448,000.00 124,944,397,000.00 36.35% Net profit attributable to shareholders of the listed company (RMB) 9,154,985,000.00 4,568,793,000.00 100.38% Net profit attributable to shareholders of the listed company after deduction of extraordinary gains or losses (RMB) 8,171,627,000.00 3,751,980,000.00 117.80% Net cash flow from operating activities (RMB) 8,580,961,000.00 10,227,984,000.00 -16.10% Basic earnings per share (RMB/share) 3.12 1.57 98.73% Diluted earnings per share (RMB/share) 3.12 1.57 98.73% Weighted average rate of return on net assets (%) 4.37% 3.24% 1.13% As at the end of the Reporting Period As at the end of the previous year Increase/decrease as at the end of the Reporting Period as compared with that at the end of the previous year (%) Total assets (RMB) 840,527,145,000.00 783,355,855,000.00 7.30% Total owners’ equity attributable to shareholders of the listed company (RMB) 233,361,322,000.00 185,251,104,000.00 25.97% 2
    • 3. (II) Extraordinary Gain or Loss Items and Amounts ✔ Applicable □N/A Unit: RMB Item Amount for the Reporting Period Explanation Gains or losses on disposal of non-current assets (including the written-off portion of provisions for asset impairment) -247,483,000.00 Government grants (except for government grants which are closely related to normal business operations of the Company, in compliance with national policies and regulations, and conform with the amount or quantities at certain standards on an ongoing basis) charged to gains or losses for the period 450,821,000.00 Government grants mainly related to the automobiles and related products Gains or losses arising from changes in fair value of financial assets held for trading and financial liabilities held for trading, investment gains from disposal of financial assets held for trading, financial liabilities held for trading and financial assets available for sale, other than effective hedging activities associated with normal business operations of the Company 489,398,000.00 Reversal of provisions for impairment of receivables individually tested for impairment 205,000.00 Other non-operating income and expenses apart from those stated above 496,780,000.00 Less: Effect on income tax 177,664,000.00 Effect on minority interests (after tax) 28,699,000.00 Total 983,358,000.00 3
    • 4. Particulars of other gain or loss items conforming with the definition of extraordinary gains or losses: □Applicable ✔ N/A There are no particulars of other gain or loss items of the Company conforming with the definition of extraordinary gains or losses. Particulars of items of extraordinary gains or losses illustrated in “Notice on Explanation of Information Disclosure of Companies Publicly Issuing Securities No. 1 – Extraordinary Gains or Losses” (《公開發行證券的公司信息披露解釋性公告第1號-非經常性損益》) that are defined as items of recurring gains or losses □Applicable ✔ N/A There were no items of extraordinary gains or losses of the Company illustrated in “Notice on Explanation of Information Disclosure of Companies Publicly Issuing Securities No. 1 – Extraordinary Gains or Losses” (《公開發行證券的公司信息披露解釋性公告第1號-非經常 性損益》) that are defined as items of recurring gains or losses. 4
    • 5. (III) Changes in Major Accounting Data and Financial Indicators and the Reasons Thereof ✔ Applicable □N/A BALANCE SHEET Unit: RMB Item 31 March 2025 31 December 2024 Change Attributable reasons Receivables financing 5,736,785,000.00 10,449,966,000.00 -45.10% Mainly due to the increase in endorsed or discounted notes Prepayments 5,182,250,000.00 3,974,023,000.00 30.40% Mainly due to the increase in prepayments for material procurement Inventories 154,373,616,000.00 116,036,237,000.00 33.04% Mainly due to the increment of inventories in response to increasing orders Development expenditures 859,988,000.00 508,038,000.00 69.28% Mainly due to the increase in capitalised development expenditures 5
    • 6. STATEMENT OF PROFIT OR LOSS Unit: RMB Item January to March 2025 January to March 2024 Change Attributable reasons Operating revenue 170,360,448,000.00 124,944,397,000.00 36.35% Mainly due to the growth of new energy vehicle business Operating costs 136,175,385,000.00 99,074,282,000.00 37.45% Mainly due to the growth of new energy vehicle business Tax and surcharge 3,273,367,000.00 2,141,223,000.00 52.87% Mainly due to the growth of new energy vehicle business Administrative expenses 4,905,868,000.00 3,768,509,000.00 30.18% Mainly due to the increase in employee remuneration and material consumption Research and development expenses 14,223,006,000.00 10,610,654,000.00 34.04% Mainly due to the increase in employee remuneration and material consumption Finance expenses -1,908,346,000.00 -193,961,000.00 883.88% Mainly due to the increase in exchange gains Other income 3,298,167,000.00 1,796,253,000.00 83.61% Mainly due to increase in government grants related to daily activities Gains from changes in fair value 246,269,000.00 142,762,000.00 72.50% Mainly due to the increase in gains on wealth management Impairment losses on credit -23,694,000.00 -326,448,000.00 -92.74% Mainly due to the decrease in provision for bad debts Income tax 1,747,743,000.00 946,486,000.00 84.66% Mainly due to the increase in profits 6
    • 7. STATEMENT OF CASH FLOWS Unit: RMB Item January to March 2025 January to March 2024 Change Attributable reasons Net cash flows from financing activities 38,000,266,000.00 -5,183,543,000.00 833.09% Mainly due to the proceeds from the placing of H shares during the Period II. SHAREHOLDER INFORMATION (I) Table of the total number of shareholders of ordinary shares and number of shareholders of preference shares with voting rights restored and shareholding of top ten shareholders Unit: shares Total number of shareholders of ordinary shares at the end of the Reporting Period 203,708 (203,606 were holders of A shares and 102 were holders of H shares) Total number of shareholders of preference shares with voting rights restored at the end of the Reporting Period 0 Shareholding of top ten shareholders (excluding shares lent under the securities lending and refinancing arrangement) Name of shareholders Nature of shareholders Percentage of shareholding Number of shares held Number of shares held subject to lock-up Pledged, marked or frozen Status of shares Number HKSCC NOMINEES LIMITED Overseas legal person 40.38% 1,227,261,708 (Note 1) 0 N/A 0 Wang Chuan-fu Domestic natural person 16.90% 513,623,850 (Note 2) 385,217,887 N/A 0 Lv Xiang-yang Domestic natural person 7.87% 239,228,620 179,421,465 Pledged 50,326,400 Youngy Investment Holding Group Co., Ltd. (融捷投資控股集團有限公司) Domestic non-state owned legal person 5.11% 155,149,602 0 Pledged 13,570,000 Hong Kong Securities Clearing Company Limited Overseas legal person 4.13% 125,417,624 0 N/A 0 Xia Zuo-quan Domestic natural person 2.72% 82,635,607 (Note 3) 61,976,705 Pledged 2,715,000 7
    • 8. Shareholding of top ten shareholders (excluding shares lent under the securities lending and refinancing arrangement) (cont’d) Name of shareholders Nature of shareholders Percentage of shareholding Number of shares held Number of shares held subject to lock-up Pledged, marked or frozen Status of shares Number Wang Nian-qiang Domestic natural person 0.60% 18,299,740 0 Pledged 3,130,000 Industrial and Commercial Bank of China – Huatai-Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund (中國工商銀行股份有限公司-華泰柏瑞 滬深300交易型開放式指數證券投資 基金) Other 0.49% 14,785,435 0 N/A 0 Central Huijin Asset Management Ltd. State-owned legal person 0.39% 11,976,633 0 N/A 0 Li Ke Domestic natural person 0.36% 10,861,400 8,146,050 N/A 0 Note 1: The number includes the 1,000,000 H shares held by Mr. Wang Chuan-fu, the 195,000 H shares and the 305,000 H shares respectively held by Mr. Xia Zuoquan and SIGN INVESTMENTS LIMITED, an overseas company controlled by Mr. Xia Zuo-quan; Note 2: The number does not include the 1,000,000 H shares held by Mr. Wang Chuan-fu and the 3,727,700 A shares held by Mr. Wang Chuan-fu in No.1 Assets Management Plan through E Fund BYD; Note 3: The number does not include the 195,000 H shares and the 305,000 H shares held by Mr. Xia Zuo-quan and SIGN INVESTMENTS LIMITED, an overseas company controlled by Mr. Xia Zuo-quan. 8
    • 9. Shareholding of top ten shareholders not subject to lock-up Name of shareholders Number of shares held not subject to lock-up Class of shares Class of shares Number HKSCC NOMINEES LIMITED 1,227,261,708 (Note 1) Overseas listed foreign shares 1,227,261,708 Youngy Investment Holding Group Co., Ltd. (融捷投資控股集團有限公司) 155,149,602 RMB ordinary shares 155,149,602 Wang Chuan-fu 128,405,963 (Note 2) RMB ordinary shares 128,405,963 Hong Kong Securities Clearing Company Limited 125,417,624 RMB ordinary shares 125,417,624 Lv Xiang-yang 59,807,155 RMB ordinary shares 59,807,155 Xia Zuo-quan 20,658,902 (Note 3) RMB ordinary shares 20,658,902 Wang Nian-qiang 18,299,740 RMB ordinary shares 18,299,740 Industrial and Commercial Bank of China – Huatai-Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund (中國工商銀行股份有限公司-華泰柏瑞 滬深300交易型開放式指數證券投資基金) 14,785,435 RMB ordinary shares 14,785,435 Central Huijin Asset Management Ltd. 11,976,633 RMB ordinary shares 11,976,633 China Construction Bank Corporation – E Fund CSI 300 Open-ended Index Initiating Fund (中國建設銀行股份有限公司-易方達滬深 300交易型開放式指數發起式證券投資 基金) 10,355,139 RMB ordinary shares 10,355,139 Note 1: The number includes the 1,000,000 H shares held by Mr. Wang Chuan-fu, the 195,000 H shares and the 305,000 H shares respectively held by Mr. Xia Zuo-quan and SIGN INVESTMENTS LIMITED, an overseas company controlled by Mr. Xia Zuo-quan; Note 2: The number does not include the 1,000,000 H shares held by Mr. Wang Chuan-fu and the 3,727,700 A shares held by Mr. Wang Chuan-fu in No.1 Assets Management Plan through E Fund BYD; Note 3: The number does not include the 195,000 H shares and the 305,000 H shares held by Mr. Xia Zuo-quan and SIGN INVESTMENTS LIMITED, an overseas company controlled by Mr. Xia Zuo-quan. 9
    • 10. Details of the connections among, or concerted actions taken by the above shareholders 1. Mr. Lv Xiang-yang is an older cousin of Mr. Wang Chuan-fu. Mr. Lv Xiang-yang and his spouse, Ms. Zhang Chang-hong are interested in the equity of Youngy Investment Holding Group Co., Ltd. (融捷投資控股集團有限公司) as to 89.5% and 10.5% respectively; 2. Shares held by HKSCC NOMINEES LIMITED are the aggregate of H shares of the Company traded on the trading platform of HKSCC NOMINEES LIMITED on its behalf held by shareholders; 3. The Company is not aware of any connections among other shareholders nor any parties acting in concert as defined in the Administrative Measures for Acquisitions by Listed Companies. Details of top ten shareholders participating in securities margin trading As at the end of the Reporting Period, among top 10 shareholders not subject to lock-up and top 10 shareholders, shares held by HKSCC NOMINEES LIMITED are the aggregate of H shares of the Company traded on the trading platform of HKSCC NOMINEES LIMITED on its behalf held by shareholder, and its participation in securities margin trading is unknown; Except for HKSCC NOMINEES LIMITED, top 10 shareholders not subject to lock-up and top 10 shareholders do not hold company stocks through credit securities accounts. Shares lent out by shareholders with a shareholding of more than 5%, top ten shareholders and top ten shareholders not subject to lock-up for participating in refinancing business □Applicable ✔ N/A Changes of top ten shareholders and top ten shareholders not subject to lock-up over the previous period due to lending out/returning shares for refinancing □Applicable ✔ N/A (II) Table showing total number of shareholders of preference shares of the Company and shareholding of top ten shareholders of preference shares □Applicable ✔ N/A 10
    • 11. III. OTHER SIGNIFICANT EVENTS ✔ Applicable □N/A During the Reporting Period, the Company strengthened its capacity to further advance its technological capabilities and accelerate its overseas expansion. Further, the Company was able to enrich its shareholder base and optimize its structure of assets and liabilities by attracting a number of high calibre institutional investors to participate in the placing. The Company completed the placing and issue of a total of 129,800,000 new H shares of the Company to not less than six placees on 11 March 2025. The placing was carried out within the scope of the general mandate granted by the Company at the 2023 annual general meeting and the approval for the listing of, and permission to deal in, the placing shares was also obtained from The Stock Exchange of Hong Kong Limited. For details, please refer to the Announcement on Placing of New H Shares under General Mandate (Announcement No. 2025-007) and the Announcement on Completion of Placing of H Shares (Announcement No. 2025-008) disclosed by the Company on CNINFO (www.cninfo.com.cn) on 4 March 2025 and 12 March 2025, respectively. 11
    • 12. IV. QUARTERLY FINANCIAL STATEMENTS (I) Financial Statements 1. Consolidated Balance Sheet Prepared by: BYD Company Limited 31 March 2025 Unit: RMB Item Balance at the end of the period Balance at the beginning of the year Current assets: Monetary fund 117,406,726,000.00 102,738,734,000.00 Financial assets held for trading 35,984,229,000.00 40,511,496,000.00 Trade receivable 53,182,767,000.00 62,298,988,000.00 Derivative financial assets 118,106,000.00 35,093,000.00 Purchases of financial assets under resale agreements 79,591,000.00 392,472,000.00 Receivables financing 5,736,785,000.00 10,449,966,000.00 Prepayments 5,182,250,000.00 3,974,023,000.00 Other receivables 3,634,755,000.00 3,616,030,000.00 Including: Interests receivable Dividends receivable Inventories 154,373,616,000.00 116,036,237,000.00 Contract assets 1,406,810,000.00 1,410,541,000.00 Long-term receivables due within one year 11,405,482,000.00 11,379,480,000.00 Other current assets 21,483,112,000.00 17,729,184,000.00 Total current assets 409,994,229,000.00 370,572,244,000.00 12
    • 13. Item Balance at the end of the period Balance at the beginning of the year Non-current assets: Long-term receivables 10,006,386,000.00 10,206,134,000.00 Long-term equity investments 19,630,668,000.00 19,082,496,000.00 Other equity instrument investments 8,268,838,000.00 8,501,093,000.00 Other non-current financial assets 2,892,352,000.00 2,655,245,000.00 Investment properties 59,801,000.00 60,228,000.00 Fixed assets 269,814,106,000.00 262,287,302,000.00 Construction in progress 25,668,828,000.00 19,954,343,000.00 Right-of-use assets 10,247,504,000.00 10,575,072,000.00 Intangible assets 40,143,957,000.00 38,423,925,000.00 Development expenditure 859,988,000.00 508,038,000.00 Goodwill 4,427,571,000.00 4,427,571,000.00 Long-term deferred expenditures 4,812,800,000.00 5,006,717,000.00 Deferred tax assets 9,308,768,000.00 8,559,492,000.00 Other non-current assets 24,391,349,000.00 22,535,955,000.00 Total non-current assets 430,532,916,000.00 412,783,611,000.00 Total assets 840,527,145,000.00 783,355,855,000.00 IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 1. Consolidated Balance Sheet (Continued) Unit: RMB 13
    • 14. Item Balance at the end of the period Balance at the beginning of the year Current liabilities: Short-term borrowings 13,144,785,000.00 12,103,272,000.00 Derivative financial liabilities 1,993,000.00 Bills payable 1,889,615,000.00 2,383,996,000.00 Trade payable 250,772,811,000.00 241,643,424,000.00 Contract liabilities 46,141,085,000.00 43,729,585,000.00 Employee benefits payable 21,714,175,000.00 21,843,196,000.00 Taxes payable 7,476,567,000.00 10,096,912,000.00 Other payables 143,466,215,000.00 144,989,197,000.00 Including: Interests payable Dividends payable Provision 3,871,044,000.00 3,547,165,000.00 Non-current liabilities due within one year 12,000,950,000.00 10,222,575,000.00 Other current liabilities 5,319,828,000.00 5,423,861,000.00 Total current liabilities 505,797,075,000.00 495,985,176,000.00 IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 1. Consolidated Balance Sheet (Continued) Unit: RMB 14
    • 15. Item Balance at the end of the period Balance at the beginning of the year Non-current liabilities: Long-term borrowings 6,339,145,000.00 8,257,786,000.00 Lease liabilities 9,643,092,000.00 9,875,967,000.00 Deferred tax liabilities 2,500,174,000.00 2,787,484,000.00 Other non-current liabilities 70,086,094,000.00 67,761,233,000.00 Total non-current liabilities 88,568,505,000.00 88,682,470,000.00 Total liabilities 594,365,580,000.00 584,667,646,000.00 Shareholders’ equity: Share capital 3,039,066,000.00 2,909,266,000.00 Other equity instruments 15,000,000,000.00 14,894,442,000.00 Including: Perpetual bond 15,000,000,000.00 14,894,442,000.00 Capital reserve 99,569,473,000.00 60,679,406,000.00 Less: treasury stocks 723,968,000.00 723,968,000.00 Other comprehensive income 1,197,714,000.00 1,440,616,000.00 Special reserve 30,606,000.00 29,461,000.00 Surplus reserve 7,374,087,000.00 7,374,087,000.00 Undistributed profit 107,874,344,000.00 98,647,794,000.00 Total shareholders’ equity attributable to the parent company 233,361,322,000.00 185,251,104,000.00 Non-controlling interests 12,800,243,000.00 13,437,105,000.00 Total shareholders’ equity 246,161,565,000.00 198,688,209,000.00 Total liabilities and shareholders’ equity 840,527,145,000.00 783,355,855,000.00 Legal representative: Wang Chuan-fu Person in charge of Accounting: Zhou Ya-lin Head of Accounting Department: Liu Hui IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 1. Consolidated Balance Sheet (Continued) Unit: RMB 15
    • 16. IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 2. Consolidated Income Statement Unit: RMB Item Amount for the current period Amount for the previous period (Restated) I. Total operating revenue 170,360,448,000.00 124,944,397,000.00 Including: Operating revenue 170,360,448,000.00 124,944,397,000.00 II. Total operating costs 162,850,401,000.00 120,733,401,000.00 Including: Operating costs 136,175,385,000.00 99,074,282,000.00 Tax and surcharge 3,273,367,000.00 2,141,223,000.00 Sales expense 6,181,121,000.00 5,332,694,000.00 Administrative expenses 4,905,868,000.00 3,768,509,000.00 Research and development expenses 14,223,006,000.00 10,610,654,000.00 Finance expenses -1,908,346,000.00 -193,961,000.00 Including: Interest expenses 601,460,000.00 580,449,000.00 Interest income 573,960,000.00 595,128,000.00 Add: Other income 3,298,167,000.00 1,796,253,000.00 Investment income (loss is represented by “-”) 696,730,000.00 621,940,000.00 Including: Investment income in associates and joint ventures 377,476,000.00 456,861,000.00 Gains on derecognition of financial assets measured at amortised cost -169,000.00 Gains from changes in fair value (loss is represented by “-”) 246,269,000.00 142,762,000.00 Impairment loss on credit (loss is represented by “-”) -23,694,000.00 -326,448,000.00 Impairment loss on assets (loss is represented by “-”) -709,812,000.00 -642,724,000.00 Gains from disposal of assets (loss is represented by “-”) 2,942,000.00 -4,293,000.00 16
    • 17. Item Amount for the current period Amount for the previous period (Restated) III. Operating profit (loss is represented by “-”) 11,020,649,000.00 5,798,486,000.00 Add: Non-operating income 585,882,000.00 247,476,000.00 Less: Non-operating expenses 415,648,000.00 328,597,000.00 IV. Total profit (total loss is represented by “-”) 11,190,883,000.00 5,717,365,000.00 Less: Income tax expense 1,747,743,000.00 946,486,000.00 V. Net profit (net loss is represented by “-”) 9,443,140,000.00 4,770,879,000.00 (I) Classified by continuity of operation 1. Net profit from continued operation (net loss is represented by “-”) 9,443,140,000.00 4,770,879,000.00 2. Net profit from discontinued operation (net loss is represented by “-”) (II) Classified by ownership 1. Net profit attributable to shareholders of the parent company 9,154,985,000.00 4,568,793,000.00 2. Non-controlling interests 288,155,000.00 202,086,000.00 IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 2. Consolidated Income Statement (Continued) Unit: RMB 17
    • 18. Item Amount for the current period Amount for the previous period (Restated) VI. Other comprehensive income, net of tax -241,917,000.00 -425,437,000.00 Other comprehensive income attributable to shareholders of the parent company, net of tax -242,902,000.00 -425,699,000.00 (I) Other comprehensive income that cannot be reclassified to profit or loss -164,403,000.00 -270,918,000.00 1. Changes from re-measurement of defined benefit plans 2. Other comprehensive income that cannot be transferred to profit or loss under the equity method 3. Changes in fair value of other equity instrument investments -242,708,000.00 -360,774,000.00 4. Changes in fair value of the company’s own credit risk 5. Income tax effect 78,305,000.00 89,856,000.00 6. Others IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 2. Consolidated Income Statement (Continued) Unit: RMB 18
    • 19. Item Amount for the current period Amount for the previous period (Restated) (II) Other comprehensive income that will be reclassified to profit or loss -78,499,000.00 -154,781,000.00 1. Other comprehensive income that may be transferred to profit or loss under the equity method 2. Changes in fair value of other debt investments 3. Amount of financial assets reclassified to other comprehensive income 4. Credit impairment provisions for other debt investments 5. Reserves for cash flows hedges -99,585,000.00 6. Difference on foreign currency translation -86,781,000.00 -61,795,000.00 7. Changes in fair value of receivables financing 8,282,000.00 6,599,000.00 8. Credit impairment provisions for receivables financing 9. Others Other comprehensive income attributable to minority shareholders, net of tax 985,000.00 262,000.00 IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 2. Consolidated Income Statement (Continued) Unit: RMB 19
    • 20. Item Amount for the current period Amount for the previous period (Restated) VII. Total comprehensive income 9,201,223,000.00 4,345,442,000.00 Total comprehensive income attributable to shareholders of the parent company 8,912,083,000.00 4,143,094,000.00 Total comprehensive income attributable to minority shareholders 289,140,000.00 202,348,000.00 VIII. Earnings per share: (I) Basic earnings per share 3.12 1.57 (II) Diluted earnings per share 3.12 1.57 For the business combination under common control effected in the current period, the net profit recognised by the merged party before the combination was RMB0.00, and the net profit recognised by the merged party in the previous period was RMB0.00. Legal representative: Wang Chuan-fu Person in charge of Accounting: Zhou Ya-lin Head of Accounting Department: Liu Hui IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 2. Consolidated Income Statement (Continued) Unit: RMB 20
    • 21. IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 3. Consolidated Cash Flow Statement Unit: RMB Item Amount for the current period Amount for the previous period I. Cash flows from operating activities: Cash received from sales of goods and provision of services 186,993,954,000.00 124,156,838,000.00 Tax rebates received 5,022,700,000.00 3,605,599,000.00 Cash received from other activities relating to operations 6,814,256,000.00 3,519,489,000.00 Sub-total of cash inflows from operating activities 198,830,910,000.00 131,281,926,000.00 Cash paid for goods and services 135,218,162,000.00 85,416,879,000.00 Cash paid to and on behalf of employees 33,265,156,000.00 23,477,009,000.00 Cash paid for various types of taxes 13,560,344,000.00 7,927,455,000.00 Cash paid for other activities relating to operations 8,206,287,000.00 4,232,599,000.00 Sub-total of cash outflows from operating activities 190,249,949,000.00 121,053,942,000.00 Net cash flows from operating activities 8,580,961,000.00 10,227,984,000.00 21
    • 22. Item Amount for the current period Amount for the previous period II. Cash flows from investing activities: Cash received from disposal of investments 34,650,000.00 Cash received from gains in investment 300,287,000.00 114,226,000.00 Net cash received from disposals of fixed assets, intangible assets and other long- term assets 324,254,000.00 36,987,000.00 Net cash received from disposals of subsidiaries and other operating entities 2,000,000.00 Cash received from other activities relating to investments 10,089,505,000.00 440,000,000.00 Sub-total of cash inflows from investing activities 10,750,696,000.00 591,213,000.00 Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets 37,276,487,000.00 26,094,349,000.00 Cash paid for investments 691,999,000.00 1,606,462,000.00 Net cash paid for acquisitions of subsidiaries and other operating entities 283,821,000.00 Cash paid for other activities relating to investments 5,238,110,000.00 160,000,000.00 Sub-total of cash outflows from investing activities 43,490,417,000.00 27,860,811,000.00 Net cash flows from investing activities -32,739,721,000.00 -27,269,598,000.00 IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 3. Consolidated Cash Flow Statement (Continued) Unit: RMB 22
    • 23. Item Amount for the current period Amount for the previous period III. Cash flows from financing activities: Cash received from capital injection 40,221,971,000.00 Including: Cash received by subsidiaries from minority shareholders’ investment 147,000,000.00 Cash received from borrowings 4,175,713,000.00 12,703,500,000.00 Cash received relating to other financing activities Sub-total of cash inflows from financing activities 44,397,684,000.00 12,703,500,000.00 Cash paid for repayment of debts 3,253,592,000.00 17,136,272,000.00 Cash payments for distribution of dividends, profits or interest expenses 177,469,000.00 232,182,000.00 Including: Dividends and profits paid to minority shareholders by subsidiaries Cash paid relating to other financing activities 2,966,357,000.00 518,589,000.00 Sub-total of cash outflows from financing activities 6,397,418,000.00 17,887,043,000.00 Net cash flows from financing activities 38,000,266,000.00 -5,183,543,000.00 IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 3. Consolidated Cash Flow Statement (Continued) Unit: RMB 23
    • 24. Item Amount for the current period Amount for the previous period IV. Effect of foreign exchange rate changes on cash and cash equivalents 120,564,000.00 -107,840,000.00 V. Net increase in cash and cash equivalents 13,962,070,000.00 -22,332,997,000.00 Add: Opening balance of cash and cash equivalents 102,256,542,000.00 108,511,745,000.00 VI. Closing balance of cash and cash equivalents 116,218,612,000.00 86,178,748,000.00 (II) Audit Report Whether the first quarterly report is audited or not □Yes ✔ No The first quarterly report of the Company is unaudited. By Order of the Board BYD Company Limited Wang Chuan-fu Chairman Shenzhen, PRC, 25 April 2025 As at the date of this announcement, the Board of the Company consists of Mr. Wang Chuan-fu being the executive Director, Mr. Lv Xiang-yang and Mr. Xia Zuo-quan being the non-executive Directors, and Mr. Cai Hong-ping, Mr. Zhang Min and Ms. Yu Ling being the independent non-executive Directors. This announcement is prepared in Chinese and translated into English, and the Chinese text shall prevail over the English text in case of any inconsistency. IV. QUARTERLY FINANCIAL STATEMENTS (CONTINUED) (I) Financial Statements (Continued) 3. Consolidated Cash Flow Statement (Continued) Unit: RMB 24


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