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+Reasons for changes in results
+7
+MO
+BYD Company Limited
+Interim Report 2015
+Management Discussion & Analysis
+Rechargeable Battery and Photovoltaic Business
+For the business of rechargeable batteries, the Group will, on the one hand, continue to expand the scope of application of lithium-ion batteries
+and nickel batteries in order to consolidate its market position; on the other hand it will endeavor to strengthen the research and development of
+LFP batteries with the aim of improving their performance and will steadily expand the production capacity for LFP batteries to cater for the huge
+demand that arises from the booming development of the Group's new energy automobile business. BYD, the world's leading power storage solution
+provider, will put efforts to promote the application of storage system in more countries and regions across the globe. For the photovoltaic business,
+the domestic and international operating environment is still complicated and volatile, but the value chain of the industry has begun to show signs of
+improvement. The Group will continue to expand into new overseas markets, enrich product types, expand the scope of application and enhance the
+revenue and profitability of this business.
+With the increasing recognition of metal casing amongst consumers and higher requirements for product quality amongst the mobile phone
+manufacturers, more domestic and overseas mobile phone brands will adopt metal cases in their products to improve their mechanical performance,
+appearance, texture and signal reception, and the market penetration of metal components will continue to increase. The Group will enhance product
+quality through technical innovation, actively develop its businesses in the relevant markets, and continue to secure cooperation with new and old
+customers, and thus enhance its comprehensive competitiveness.
+Estimated Operating Results from January to September 2015
+388.54%
+to
+434.83%
+from January to September 2015
+Change (in range) of net profit attributable to owners of the parent (RMB10,000)
+from January to September 2015
+190,000
+Change of net profit attributable to owners of the parent
+to
+An IDC report estimates that, in 2018, one third of the world's consumers will be smartphone users, and that technological upgrade will drive growth
+in demand for mobile communication terminals. Leveraging improving quality and technology, it is expected that the handset manufacturers of local
+brands in China will continue to enhance its the brand recognition and product sales. In the future, the Group will proactively expand its cooperation
+with local leading brand manufacturers and work aggressively to secure more orders of mid-to-high-end models, so as to drive the continuous growth
+of the Group's handset components and assembly business.
+In the area of public transportation, the Group will strive to increase market penetration and market share, and at the same time will expedite its
+market expansion into other domestic and foreign cities so as to improve the overall sales volumes. In addition, the Group will actively implement its "7
++ 4" strategy, with the seven regular areas being sanitation trucks, vehicles for urban commodity logistics, automobiles for passenger transportation
+on roads and vehicles for logistics of urban construction in addition to conventional private cars, taxis and buses, and the other four special areas
+being vehicles for warehousing, mining, ports and airports. The Group has laid the good foundations for the overall development of its new energy
+automobiles business. Moreover, mini pure electric vehicles and mini plug-in hybrid vehicles which are targeted at the market of urban commodity
+logistics will also be launched successively.
+BYD Company Limited
+Interim Report 2015
+Management Discussion & Analysis
+In June 2015, the shareholders of the Company approved an employee shareholding scheme, under which 96 participants (including some senior
+management personnel, supervisors and key employees) may borrow interest-free capital from Mr. Wang Chuan-fu, the Chairman of the Group, to
+purchase approximately 32.59 million A shares from Mr. Wang Chuan-fu by way of subscription of interests in the employee shareholding scheme, with
+a lockup period of one year, commencing from the date of the last acquisition of A shares under the scheme to the date of the relevant announcement
+published by the Company (ie. 23 June 2015) in order to share the benefits brought by the Company's long-term growth. The scheme aims to establish
+and perfect the system of benefits sharing between labour and owners, with a view to achieve the same level of benefits among the Company,
+shareholders and employees, attract and retain outstanding management talents and core members in business and improve the bonds among
+employees as well as the Company's competitiveness. This can help driving the Company's long-term, continuous and healthy development, and deliver
+more efficient and sustainable returns for shareholders. Further details of the scheme are set out in, amongst others, the circular of the Company dated
+26 May 2015 and the announcements of the Company dated 17 June 2015 and 23 June 2015.
+In June 2015, the Group announced its intention of a non-public offering of not more than about 261.32 million A shares with an aim to raise funding
+of up to RMB15 billion, which will be used for projects such as expanding production capacity for lithium ferrous phosphate ("LFP") batteries and for
+research and development of new energy vehicles, so as to improve the Group's production capacity of power batteries, eliminate the bottleneck in
+the production capacity of power batteries and safeguard the Group's supply of power batteries for new energy vehicles for the time being and in the
+future. Meanwhile, it can also serviced accelerate the research and development of basic technologies and new models, enrich product lines and
+improve technological level of new energy vehicles, as well as to drive the rapid development of new energy vehicles business. The completion of the
+non-public offering will also significantly improve the Group's capital strength and optimize the capital structure, thereby laying a solid foundation for
+the Company's strategic objectives. Further details of the scheme are set out in, amongst others, the circular of the Company dated 3 July 2015 and
+the announcements of the Company dated 21 July 2015.
+Prospect and Strategy
+Growth in China's automobile market for traditional fuel vehicles is decelerating, and this has become a trend. The overall operating environment for
+the automobile industry becomes more challenging. However, self-developed SUV brands still enjoy significant advantages in terms of versatility, driving
+experience and performance-price ratio, and it will add impetus to China's automobile market. The Group will seize the opportunity in the SUV market
+and will actively develop new SUV models, position its products accurately for different consumer groups and enhance market segmentation in order
+to boost the development of its traditional fuel vehicle business. In addition, the Group will continue to pursue "Smart Strategy" to provide an integrated
+smart solution to driving which will bring convenient, comfortable and safe driving experience to the consumers.
+Looking ahead to the second half of the year, China's economy will maintain a steady growth, which will also be reflected on a number of economic
+indicators due to the transformation of China's economy and the deepening of its restructuring and the government measures to stabilize growth
+and expand investment yield results. Being the best solution for energy safety and air pollution problem in China, it is expected that the new energy
+automobiles sector will receive continuous and strong support from the government and maintain its rapid growth. The Group will continue to uphold
+the development philosophy of "Technology, Quality and Responsibility" and will focus on the development of new energy-related businesses with
+its leading technological advantages in the industries of automobiles and batteries and its three core technologies, namely new energy automobile
+batteries, motors and electrical control. The Group will strive to develop its new energy automobile business and leverage its breakthrough to achieve
+corner overtaking of self-developed brands in China's automobile industry, at the same time promote the reform of the global automobile industry
+towards a green and environmentally-friendly industry.
+Management Discussion & Analysis
+BYD Company Limited
+Interim Report 2015
+M
+Automobile Business
+The Central Government has put the development of new energy automobiles on the agenda of the national development strategy. As such, the Central
+Government and all provincial and municipal governments have proposed various solutions in respect of the procurement and promotion of new
+energy automobiles, development of the value chain of the industry, and construction of auxiliary facilities. This certainly will give full support to the
+development in all aspects of the new energy automobile industry. On the other hand, as new energy automobiles' performance is being enhanced and
+their economic efficiency manifests, the development of new energy automobiles will be driven more by the industry's fundamentals than government
+policies and will enter a phase of acceleration in full force. In particular, plug-in hybrid vehicles effectively solved the problem of the power system
+and mileage, becoming a more suitable choice for the private car consumers. The Group is confident about the prospect of its new energy automobile
+business.
+According to its new energy vehicle strategy, BYD will conduct an all-out market deployment to replace its dual drivers of private cars and public
+transports in the future. The Company will expand the scope of application of its new energy automobiles. For its private car business, the Group
+expects that its highly sought-after model "Qin" will continue to be the bestseller, especially on the back of the steady expansion of production capacity.
+"Tang", a SUV model launched in the first half of this year also received a great popularity in the market. The Group will successively speed up the
+delivery of these SUVs in the second half of this year, which is expected to effectively boost the sales of the Group's new energy vehicles. By leveraging
+the advantages of new energy automobiles and the rise of self-developed brands in the SUV market, the Group will launch a medium-sized plug-in
+hybrid SUV called "Song" and a compact plug-in hybrid SUV called "Yuan" in order to further enrich the product lines of the Group's new energy
+automobiles.
+6
+208,000
+Net profit attributable to owners of the parent (RMB10,000)
+from January to September 2014
+38,891
+Automobile and
+related products
+Handset components
+and assembly
+business
+9%
+Rechargeable batteries and
+photovoltaic business
+2014
+56%
+1H 2014
+During the Period, the new energy vehicle business of the Group grew significantly, driving an increase in the proportion of automobile and related
+products, while the proportion of handset components and assembly business decreased, and the proportion of rechargeable batteries and photovoltaic
+business decreased.
+Gross Profit and Margin
+During the Period, the Group's gross profit increased by approximately 21.41% to approximately RMB4,575 million. Gross profit margin increased from
+approximately 14.94% in the first half of 2014 to approximately 15.03% during the Period. The increase in gross profit margin was attributable to the
+increase in proportion of revenue from new energy automobile business which has a higher gross profit margin.
+Liquidity and Financial Resources
+During the Period, BYD recorded an operating cash inflow of approximately RMB3,022 million, compared with an operating cash outflow of
+approximately RMB544 million in the first half of last year. Total borrowings as at 30 June 2015, including all bank loans, bond payables and other
+secured loans, were approximately RMB31,857 million, compared with approximately RMB30,152 million as at 31 December 2014. The maturity
+profile of bank loans, bond payables and other secured loans spread over a period of ten years, with approximately RMB18,746 million repayable within
+one year and approximately RMB7,405 million repayable in the second year, approximately RMB5,706 million repayable within three to five years. The
+Group maintained adequate cash to meet its daily liquidity management and capital expenditure requirements and controlled its internal operating cash
+flows.
+6
+48%
+Automobile and
+related products
+43%
+1H 2015
+2015
+The aforesaid net profit includes the profit before taxation of approximately RMB1,629 million brought
+by the Group's disposal of three businesses, namely flexible circuit boards, LCD modules and webcam
+products, to Holitech, which will be included in the net profit of the third quarter after deducting the
+relevant income tax expense. It is expected that the equity transfer under this business restructuring will
+be completed in the third quarter, which will drive a significant growth in net profit in the third quarter. (For
+details, please refer to the circular dated 21 March 2015 and the subsequent related announcements
+published by the Group)
+Looking forward to the third quarter, the Group expects that its highly sought-after plug-in hybrid vehicle
+model, "Qin", will continue to be the bestseller, and the sales of "Tang", a newly-launched plug-in hybrid
+SUV model, will also increase steadily driven by the steady expansion of production capacity and the
+strengthened efforts on promotion. Meanwhile, the Group will expedite the delivery of orders for the
+markets of public transport and special vehicles. The Group's new energy automobile business will continue
+to maintain the positive momentum of rapid growth. However, the competition in the traditional vehicle
+market is still fierce, exerting pressure on the Group's traditional vehicle business to a certain extent. With
+the continuous development of the metal component business, it is expected that the handset components
+and assembly business will achieve sound development in the third quarter. In respect of the solar power
+business, as product prices remained low, it is expected that it will have certain adverse impact on the
+Group's overall results.
+80
+Management Discussion & Analysis
+BYD Company Limited
+Interim Report 2015
+Financial Review
+Turnover and Profit Attributable to Owners of the Parent
+During the Period, turnover increased by 20.70% as compared to that of the first half of 2014, mainly driven by the growth in automobile and related
+products. Profit attributable to owners of the parent increased by 29.38% as compared to the same period last year, mainly due to the increase in
+automobile business.
+Segmental Information
+The chart below sets out comparisons of the Group's turnover by product category for the six months ended 30 June 2015 and 2014:
+37%
+Handset components
+and assembly
+business
+7%
+Rechargeable batteries and
+photovoltaic business
+MOE
+5
+Handset Components and Assembly Business
+Optimization of Business Structure and Capital Structure
+to RMB467 million
+26.67%
+to RMBO.19
+Highlights
+New energy vehicle business developed rapidly, and the sales income increased significantly by approximately 1.2 times year-on-year to
+approximately RMB5,870 million
+The product mix of handset components and assembly business has improved, while the metal components business grew rapidly
+With a view to sharpen the Group's strategic focus, accelerate its business transformation and upgrade, optimize asset structure and resource
+allocation and motivate the Group to concentrate resources on the development of its core businesses, the Group entered into "the strategic
+cooperation, asset transfer in consideration of non-public offering shares and cash framework agreement" with Holitech Technology Co., Ltd. (ƒ
+*H) in February 2015. According to the agreement, the Group shall sell its entire equity interest in Shenzhen BYD Electronic
+Components Co., Ltd. under the Group to dispose of three major businesses, namely flexible circuit boards, LCD modules and webcam products. The
+Consideration for the disposal will be RMB2,300 million and the Group expects to record profit before taxation of approximately RMB1,629 million
+from the transaction, which is calculated with reference to the difference between the consideration and the carrying amount of the target company
+attributable to the Group. The actual gain as a result of the disposal to be recorded by the Group is subject to audit and will be assessed after
+completion of the disposal. It is expected that the equity transfer under the strategic restructuring will be completed during the year. Further details of
+the transaction are set out in, amongst others, the circular of the Company dated 21 March 2015 and the announcements of the Company dated 3
+April 2015, 7 April 2015 and 9 July 2015.
+Rechargeable battery and photovoltaic business recorded a slight decrease, with sales income of approximately RMB2, 198 million
+BYD Company Limited
+Interim Report 2015
+Management Discussion & Analysis
+Industry Analysis and Review
+Automobile Business
+Looking back to the first half of this year, there can hardly be any real ground for optimism about the global economy, which was characterized by
+the volatile debt crisis in Greece, weak recoveries of developed countries and a widening gap between the emerging markets with better and worse
+performance. Meanwhile, the Chinese government pressed on with reforms and economic restructuring, but China still faced severe downward
+pressure on its economy, which grew by 7% in the first half of this year, hitting its lowest level in recent years. Against the backdrop of the complicated
+domestic and international economic situation, China's automobile market shifted down a gear to slower growth from the rapid one that had lasted for a
+decade. The first half of this year could mark the beginning of an era of slight growth in that market.
+MOE
+to RMB4,575 million
+21.41%
+to RMB30,435 million
+Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for
+the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim
+any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the content
+of this announcement.
+BYD
+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: 1211)
+Website:http://www.byd.com.cn
+2015 INTERIM RESULTS ANNOUNCEMENT
+The Board of Directors of the Company (the “Board”) is pleased to announce the unaudited
+results of the Company and its subsidiaries for the six months period ended 30 June 2015. This
+announcement, containing the full text of the 2015 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. Printed version of the Company's 2015 Interim Report will be delivered to the Company's
+shareholders and is also available for viewing on the websites of Hong Kong Exchanges and
+Clearing Limited at http://www.hkex.com.hk and of the Company at http://www.byd.com.cn.
+By Order of the Board of
+BYD Company Limited
+Wang Chuan-fu
+Chairman
+Interim Results for the Six Months Ended 30 June 2015
+Turnover
+Gross profit
+Profit attributable to owners of the parent
+Earnings per share
+BYD Company Limited
+Interim Report 2015
+20.70%
+According to the statistics released by China Association of Automobile Manufacturers, in the first half of 2015, the country produced 12.10 million
+automobiles and sold 11.85 million units, representing year-on-year increases of 2.6% and 1.4%, respectively. The growths were approximately
+seven percentage points lower than those for the same period last year. Among which, sport utility vehicles ("SUV") maintained its enormous sales and
+bucked the overall market downtrend, which made it an important growth engine of China's automobile market. In the first half of this year, sales of
+Chinese brand passenger vehicles rose by 14.6% year on year to 4.18 million units, accounting for 41.5% (up by 3.5 percentage points) of total sales
+of passenger vehicles in the country, reversing the downward trend in the past four consecutive years. However, during the period, joint venture brands
+successively announced to slash the official prices of their products in an attempt to gain more market share by lowering their prices, thus intensifying
+the competition of China's automobile market.
+On the other hand, new energy automobile was the highlight of the market in the first half of this year which achieved flourishing development.
+According to the statistics of China Association of Automobile Manufacturers, sales of new energy automobiles in the country surged by 2.6 times year
+on year to 73,000 units in the first half of this year, which equaled the sales volume for the whole of last year. In particular, pure electric vehicle sales
+increased by 2.9 times year on year to 46,000 units while plug-in hybrid vehicle sales rose by 2.0 times year on year to 26,000 units.
+29.38%
+Management Discussion & Analysis
+The Company has been investing in the expansion of the production capacity for new energy automobile batteries since last year. Its current production
+capacity has been gradually put into operation. The completion of the new power battery factory will lay a solid foundations for the growth of the sales
+of new energy vehicles. The Company will closely examine the market situation over the next few years, and will steadily expand its battery production
+capacity to match the rapidly increasing downstream demand.
+In the first half of 2015, the total automobile sales of BYD amounted to approximately 210,000 units, representing an increase of 13.98% as compared
+with that of last year. As for the traditional fuel vehicle business, the sales of BYD vehicles rose 6 percent year on year to approximately 190,000 units.
+The Group actively tapped the strong demand in the domestic SUV market, and put efforts to promote its high-end SUV model S7. S7 was launched
+in the second half of 2014, and has recorded a continuous increase in sales due to its superior performance in terms of power, fuel consumption,
+comfort, interior design and performance-to-price ratio. The new F3 models drove the sales of BYD's passenger vehicles in this business segment, and
+BYD's 3 Series models (L3 and F3) remained hot, providing continuous growth momentum to the sales of the Group's traditional fuel vehicles.
+With the rapid development of internet technology, the automobile and the Internet are getting deeply integrated. Connecting vehicle to the Internet will
+be an important direction of future development of the automobile computerization. In view of this, BYD has been actively developing a cloud platform
+for vehicles, including a front-loading vehicle infotainment system which is both safe and available to enable access to cloud-based service platform
+through multiple terminals, and will be operated with high-speed, economical and stable network transmission channels and protocols in order to meet
+consumers' needs for vehicle safety, comfort and automobile computerization.
+In 2014, the Group was approved to establish a joint venture, BYD Auto Finance Company Limited ({{\¥Â¤®) ("BYD Auto
+Finance"), with Bank of Xi'an to provide relevant services, including granting financial loans to car dealers and consumers. This will help boost the sales
+of BYD automobiles and bring meaningful contribution to the Group's income and profit. On 2 February 2015, the Group received the approval from the
+Shaanxi office of the China Banking Regulatory Commission for the commencement of operations of BYD Auto Finance, a subsidiary of the Group. The
+registered capital of BYD Auto Finance is RMB500 million, of which BYD has contributed RMB400 million, representing 80% equity interest, and Bank
+of Xi'an has contributed RMB100 million, representing 20% equity interest.
+BYD Company Limited
+Interim Report 2015
+M
+Management Discussion & Analysis
+Handset Components and Assembly Business
+As for metal components business, the Group possesses advanced technologies and mature and comprehensive manufacturing techniques, which
+has satisfactorily met different consumers' requirements for performance and design of mobile phones in all aspects and has been well received by
+smart phone manufacturers at home and abroad. This has become an important development trend in the mid-to-high-end smartphone market. During
+the Period, the Group won contracts from international leading mobile manufacturers to produce high-end flagship models. The Group provided metal
+cases and other handset components for these manufacturers, driving up the revenue from sales of metal components by more than 100%. The
+Group's assembly business continued to cooperate with internationally renowned brands in driving the development of the businesses of smart phones,
+tablet PCs and other mobile intelligent terminals. However, the revenue from the business segment was affected by the sluggish demand in the industry
+to a certain extent during the Period.
+Rechargeable Battery and Photovoltaic Businesses
+The Group's rechargeable batteries mainly include lithium-ion batteries and nickel batteries, which are widely used in mobile phones, digital cameras,
+power tools, electric toys, and other portable electronic devices. In addition, the Group also actively developed lithium-iron-phosphate batteries
+("Ferrous battery") and solar cells, which are used in the new energy automobiles, energy storage stations and solar farms, etc. During the Period, the
+Group's rechargeable batteries and photovoltaic businesses generated revenue of approximately RMB2,198 million, down by 7.02% year on year.
+Facing the slowdown in global consumer electronic device market and falling commodity prices, the Group actively consolidated and strengthened its
+cooperation with clients and broadened the scope of product application during the Period in order to alleviate the pressure on the Group's revenue that
+resulted from weak demand. For Ferrous batteries, the Group continued to strengthen research and development, increase energy density, optimize
+the work flow and expand production capacity at the same time in order to reduce unit production cost through economies of scale and further
+enhance the overall competitive edge of BYD's new energy automobiles.
+BYD continued to step up its efforts in its energy storage business to develop overseas markets for accelerating the growth of new energy market
+during the Period. In May this year, the Group won a contract of a 31.5 MW commercial energy storage project of Invenergy LLC, a world-renowned
+clean energy enterprise in Illinois. This represented the largest volume of orders of the same kind placed by an energy storage project in the United
+States. In addition, the Group obtained orders for its energy storage systems from a power transmission system firm in Italy and also succeeded in
+developing other overseas markets such as Germany and Australia.
+As the major solution for global shortage of energy resources and environmental pollution problem, as well as an important mean to achieve corner
+overtaking in China's automobile industry and transformation and upgrade of the manufacturing sector, the new energy automobiles sector has
+developed rapidly as it has become a national strategy with strong support from the government. In April 2015, four departments including the
+Ministry of Finance and the National Development and Reform Commission, jointly issued the “Notice on 2016-2020 Financial Policy for Promoting
+the Application of New Energy Automobiles", which stated that the policy on promoting the application of new energy automobiles with subsidies will
+be implemented consistently from 2016 to 2020. The measure ensured policy continuity with an aim to accelerate the development of new energy
+automobile industry. In addition, the State Council announced the strategy for national development, "Made in China 2025", which marks energy saving
+and new energy automobile as tasks of strategic importance. The Ministry of Industry and Information Technology specified the annual sales target of
+more than one million units of the country's local brand pure electric vehicles and plug-in new energy automobiles for the year 2020 which would also
+account for a more than 70% share of the domestic market.
+The Group is one of the most competitive handset component and assembly service suppliers in the world. It provides complete handset design,
+component manufacturing and assembly services for both domestic and overseas handset manufacturers through a one-stop business model which
+features vertical integration. With the rising requirements for handset appearance by the consumers, the application of components with better user
+experience have been broadened in mid-to-high-end smart phone market. Metal components have become a focus of the development of the Group's
+handset components and assembly business. The revenue from the handset components and assembly business of the Group during the Period
+amounted to approximately RMB11,275 million, up by approximately 3.32% year on year.
+Interim Report 2015
+In the market of public transport, BYD continued to spearhead the pure electrification of the global public transportation system. During the Period,
+the Group continued to promote the use of pure electric buses and electric taxis in both domestic and foreign markets. The sales of K9 pure electric
+buses and e6 pure electric taxi grew steadily. By the end of June 2015, the accumulated mileage of pure electric buses and electric taxis in Shenzhen
+reached 75.25 million kilometers and 313 million kilometers respectively, while the highest mileage of an individual vehicle from each of the two
+categories reached 260,000 km and 700,000 km respectively, which are currently the highest records in the world. In addition, the market coverage of
+Group's new energy automobiles has been extended to more than 10 cities in China, including Nanjing, Hangzhou, Zhuhai, Dalian, Tianjin, Guangzhou,
+Xi'an and Changsha. The Group also expanded its overseas markets to include more than 36 countries and regions in the five continents, namely North
+America, South America, Europe, Australia and Asia. The Group achieved a breakthrough in the Asian market in February this year by providing five K9
+electric buses to Japan, becoming China's first Chinese automobile brand formally establishing its footprint in the Japanese market. This underlines
+BYD's advantages of high technological standards and product quality. In addition, the Group received orders for 60 K9 pure electric buses from Long
+Beach Transit, the bus operators in California, in April this year, breaking a record in terms of the volume of orders for electric buses in the United
+States.
+Rechargeable Batteries and Photovoltaic Business
+According to statistics from IDC, an authoritative global market research institution, the smartphone shipments in the world grew by 14.1% year
+on year to 670 million units in the first half of 2015, indicating a slowdown. However, 4G mobile phones, which is still unfolding, has become the
+new growth engine of the market for mobile intelligent terminal products. One of the leading mobile phone manufacturers in Asia regained its top
+position in the global sales ranking by launching new high-end flagship models. The brand manufacturers in China also introduced new smartphone
+products of higher performance and growing brand influence which contributed to consistently rapid growth in sales. In the first half of the year,
+China's smartphone shipments grew by 7.5% year on year to 210 million units, maintaining the products' market penetration rate at a high level.
+Domestic local brands, such as Huawei, VIVO and OPPO, continuously launched new models with advanced and new performance, resulting in rapid
+growth in shipments and speedy enhancement of brand influence and market share. Leveraging the sound mechanic performance and outstanding
+appearance, metallic cases have seen increasing popularity among consumers. The application of metallic casings and metallic structural components
+has gradually extended from high-end models to mid-range models and the penetration rate of metal components in the domestic and overseas
+smartphone market was rising, indicating huge room for growth for suppliers who have comprehensive technologies and a diverse customer base.
+2
+BYD Company Limited
+Interim Report 2015
+Management Discussion & Analysis
+M
+BYD Company Limited
+On the back of the continuous promotion and popularity of new energy automobiles, the demand for power batteries used in new energy automobiles
+has been increasing, further incentivizing the battery manufacturers around the world to put more efforts to develop that kind of batteries, from
+increasing the lifespan to enhancing safety and charging efficiency. They also expanded their production capacity to ease the shortage on the market.
+As to traditional batteries, the growth in demand for lithium and nickel batteries slackened during the period because global sales of electronic
+equipment started to slow down. In contrast, the country's photovoltaic industry recovered after a slump - thanks to a number of favorable policies.
+However, the market competition is still fierce and product prices remain low. It is still too early to be optimistic about the prospect of the photovoltaic
+industry.
+Handset components and assembly business
+Business Review
+Automobile Business
+New energy automobile industry has flourished. Against this backdrop, BYD actively seized the valuable opportunity to enhance R&D and investment
+in this business. As a pioneer in the innovation of and commercial promotion for new energy automobiles, BYD continued to reinforce its technological
+advantages, introduce superior new models, expand its battery production capacity to meet the strong market demand for its new energy automobiles
+during the Period, and consolidated its leading position in the new energy automobile industry. During the Period, with the launch of new battery
+production capacity, the sales of its new energy automobiles surged by about 2.6 times year on year. In particular, plug-in hybrid vehicle "Qin", a
+major product of the Company, topped the new energy vehicle sales chart in China again. According to information released by the China Association
+of Automobile Manufacturers, BYD's share of the new energy automobile market was 29.8% in the first half of 2015, while its share of the market
+for plug-in hybrid vehicles continued to grow. BYD continued to dominate the market for private new energy automobiles. According to the statistics
+announced by d1ev.com, BYD surpassed its domestic and overseas competitors in sales of new energy automobiles and became the No. 1 brand in the
+world for the first time in May 2015.
+As for passenger vehicles, "Qin" maintained its popularity amongst consumers with the demand of the product exceeding the supply. In May 2015,
+the Group launched "Qin" crown version, which is superior in terms of appearance and interior design and surpassed the previous model in terms
+of configuration and function. This newly launched model is the first model to be equipped with BYD's self-developed mobile energy storage station
+technology which the in-car electricity can be used for load outside the vehicles to meet the various needs of power usage, giving consumers more
+convenient and more user-friendly driving experience. In addition, during the Period, the Group also launched a new dual-mode hybrid SUV called
+"Tang" with 2.0Ti engine and motors at both front and rear of the car, acceleration to one hundred miles per hour in just 4.9 seconds, a maximum
+speed of 180 km per hour and the longest mileage of 80 km by pure electric mode. Since its launch, the new SUV has received overwhelming
+response from consumers. It is expected to provide growth momentum for the Company's new energy automobile business in term of sales and profits.
+On the other hand, the sales volume of "DENZA”, a pure electric vehicle which is jointly launched by the Group and Daimler, continued to rise during the
+Period by leveraging both parties' technological strengths and brand influence. The sales performance is in line with the Group's expectations.
+3
+MOE
+BYD Company Limited ("BYD" or the "Company" and its subsidiaries which are collectively referred to as the "Group") are principally engaged in
+the automobile business, including new energy automobiles and traditional fuel vehicles, and handset components and assembly business, as well
+as rechargeable battery and photovoltaic business. For the six months ended 30 June 2015 (the "Period”), the Group's revenue was approximately
+RMB30,435 million, representing a year on year increase of 20.70%. Among which, the business of automobiles and related products realized a
+revenue of approximately RMB16,962 million, up by 42.08% year on year. In particular, the revenue from the new energy automobile business was
+approximately RMB5,870 million, representing a year on year increase of about 1.2 times and its proportion in the Group's total revenue increased
+to 19.29%. The revenue of the handset components and assembly business was approximately RMB11,275 million, up by 3.32% year on year. The
+revenue of the rechargeable battery and photovoltaic businesses was about RMB2, 198 million, down by 7.02% year on year. These three businesses
+accounted for 55.73%, 37.05% and 7.22%, respectively, of the Group's total revenue.
+237,684
+254,408
+329,309
+(985,814)
+(1,201,130)
+LO
+327,984
+5
+Purchase, Sale or Redemption of Shares
+4,575,235
+(21,446,810)
+(25,859,539)
+25,215,183
+30,434,774
+(743,982)
+5
+3,768,373
+(769,525)
+Total
+BYD Company Limited
+RMB'000
+H shares
+A shares
+As at 30 June 2015, the share capital of the Company was as follows:
+Share Capital
+As at 30 June 2015, the Group had approximately 200,000 employees. During the Period, total staff cost accounted for approximately 20.57% of the
+Group's turnover. Employees' remuneration was determined based on performance, qualification and prevailing industry practices, with compensation
+policies being reviewed on a regular basis. Bonuses and commissions may also be awarded to employees based on their annual performance
+appraisal. Incentives were offered to encourage personal development.
+Employment, Training and Development
+Most of the Group's income and expenditure are settled in Renminbi and US dollars. During the Period, the Group did not experience any significant
+difficulties in or impacts on its operations or liquidity due to fluctuations in currency exchange rates. The Directors believe that the Group has sufficient
+foreign exchange to meet its own foreign exchange requirements and will adopt practical and effective measures to prevent exposure to exchange rate
+risk.
+Foreign Exchange Risk
+The Group monitors its capital by using gearing ratio, which is net debt divided by equity. The Group's policy is to maintain the gearing ratio as low as
+possible. Net debt includes interest-bearing bank and other borrowings less cash and cash equivalents. Equity represents equity attributable to owners
+of the parent. Therefore, the gearing ratios of the Group was 111% and 103% as at 30 June 2015 and 31 December 2014, respectively.
+The Group's Financial Division is responsible for the Group's financial risk management which operates according to policies implemented and
+approved by the senior management. As at 30 June 2015, borrowings were primarily settled in Renminbi, while cash and cash equivalents were
+primarily held in Renminbi and US dollars. The Group plans to maintain an appropriate mix of share capital and debt to ensure an efficient capital
+structure during the Period. The loans remaining outstanding as at 30 June 2015 were at fixed interest rates or floating interest rates for Renminbi
+loans and foreign currency loans.
+Capital Structure
+Turnover days of trade and bills receivables increased to approximately 124 days for the six months ended 30 June 2015, compared to approximately
+106 days for the same period in 2014. Increase in turnover days of trade and bills receivables was mainly due to the increase in average balance of
+trade and bills receivables. Inventory turnover days were approximately 84 days for the six months ended 30 June 2015, compared to approximately
+76 days for the same period in 2014. The change in inventory turnover days was primarily due to the higher year-on-year increase in average inventory
+than the year-on-year increase in cost of sales.
+Management Discussion & Analysis
+Interim Report 2015
+MOE
+(Unaudited)
+BYD Company Limited
+Interim Report 2015
+RMB'000
+Cost of sales
+REVENUE
+For the Six Months ended 30 June 2015
+Consolidated Statement of Profit or Loss
+Interim Condensed
+Interim Report 2015
+BYD Company Limited
+Gross profit
+17
+BlackRock, Inc. was deemed to be interested in 50,511,367 H shares (L) and had a short position in 359,500 H shares through its controlled corporations.
+Of these shares, 264,000 H shares (L) were held by BlackRock Investment Management LLC; 471,500 H shares (L) were held by BlackRock Financial
+Management Inc.; 9,505,800 H shares (L) and 359,500 H shares (S) were held by BlackRock Institutional Trust Company, National Association; 17,542,500
+H shares (L) were held by BlackRock Fund Advisors; 27,500 H shares (L) were held by BlackRock Advisors, LLC; 663,500 H shares (L) were held by
+BlackRock Japan Co., Ltd.; 76,500 H shares (L) were held by BlackRock Asset Management Canada Limited; 74,000 H shares (L) were held by BlackRock
+Investment Management (Australia) Limited; 448,635 H shares (L) were held by BlackRock Asset Management North Asia Limited; 154,000 H shares (L)
+were held by BlackRock (Netherlands) B.V.; 14,724,130 H shares (L) were held by Blackrock Advisors (UK) Limited; 397,000 H shares (L) were held by
+BlackRock International Limited; 4,014,000 H shares (L) were held by BlackRock Asset Management Ireland Limited; 125,000 H shares (L) were held by
+BlackRock (Luxembourg) S.A.; 1,720,702 H Shares (L) were held by BlackRock Investment Management (UK) Ltd.; 299,600 H shares (L) were held by
+BlackRock Fund Managers Ltd.; and 3,000 H shares (L) were held by BlackRock Asset Management (Schweiz) AG. All of these entities are either controlled
+or indirectly controlled by BlackRock, Inc. Among the 50,511,367 H shares (L) held by BlackRock, Inc., 349,000 H shares (L) were held through derivatives.
+3.
+LL Group, LLC was deemed to be interested in 57,404,700 H shares (L) through its controlled corporation, Himalaya Capital Investors, L.P. (formerly known
+as LL Investment Partners, L.P.). Li Lu, being the controlling shareholder of Capital Investors, L.P. (formerly known as LL Group, LLC), was also deemed to be
+interested in 57,404,700 H shares.
+Berkshire Hathaway Inc. was deemed to be interested in 225,000,000 H shares (L) through its controlled corporation, Berkshire Hathaway Energy (formerly
+known as MidAmerican Energy Holdings Company), for the 225,000,000 H shares directly held by it.
+2.
+1.
+Number of
+shares issued
+As at 30 June 2015, the total issued share capital of the Company was RMB2,476,000,000, divided into 1,561,000,000 A Shares of RMB1.00
+each and 915,000,000 H shares of RMB1.00 each, all have been fully paid up.
+30 June 2014
+Other income and gains
+Selling and distribution costs
+(Unaudited)
+For the six months ended
+30 June 2015
+Notes
+18
+Earnings per share attributable to ordinary equity holders of the parent
+- basic and diluted for the period
+Owners of the parent
+Non-controlling interests
+Attributable to:
+Government grants and subsidies
+PROFIT FOR THE PERIOD
+PROFIT BEFORE TAX
+Associates
+Joint ventures
+Share of profits and losses of:
+Finance costs
+Other expenses
+Research and development costs
+Administrative expenses
+Income tax expense
+Percentage (%)
+630,193
+63.05
+5,997
+(4,487)
+(4,261)
+(226)
+561,582
+624,196
+(Unaudited)
+RMB'000
+30 June 2014
+(Unaudited)
+RMB'000
+30 June 2015
+For the six months ended
+Reclassification adjustments for gain included in the interim
+condensed consolidated statement of profit or loss-gain
+on disposal
+Changes in fair value
+Available-for-sale investments:
+profit or loss in subsequent periods:
+43,455
+Exchange differences on translation of foreign operations
+OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX
+5,997
+M
+10
+19
+600,550
+Notes:
+192,594
+156,421
+Other comprehensive income to be reclassified to
+407,956
+Non-controlling interests
+Owners of the parent
+Attributable to:
+600,550
+630,193
+TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
+38,968
+473,772
+OTHER COMPREHENSIVE INCOME
+PROFIT FOR THE PERIOD
+For the Six Months ended 30 June 2015
+(1,730)
+(331)
+(9,716)
+(90,474)
+(680,615)
+(687,696)
+6
+7
+00
+(1,181,572)
+(1,513,757)
+10
+The Company did not redeem any of its shares during the period from 1 January 2015 to 30 June 2015. During the Period, neither the Company nor
+any of its subsidiaries purchased or sold any of the Company's shares.
+100.00
+36.95
+915,000,000
+2,476,000,000
+(91,044)
+1,561,000,000
+830,538
+8
+Consolidated Statement of Comprehensive Income
+Interim Condensed
+BYD Company Limited
+Interim Report 2015
+RMBO.15
+RMBO.19
+561,582
+624,196
+648,931
+200,891
+360,691
+466,660
+6
+561,582
+624,196
+(87,349)
+(206,342)
+157,536
+(L)-Long Position (S)- Short Position
+(56,138)
+0.04%
+Note:
+(L) - Long Position
+Xia Zuo-quan (Director)
+Lv Xiang-yang (Director)
+Wang Chuan-fu (Director)
+Name
+A Shares of RMB1.00 each
+As at 30 June 2015, the interests of each of the directors, supervisors and chief executives of the Company in the shares, underlying shares and
+debentures of the Company or any associated corporation (within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the
+Laws of Hong Kong) (the "SFO")) which were required to be notified to the Company and The Stock Exchange of Hong Kong Limited ("Hong Kong
+Stock Exchange") pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests which are taken or deemed to be owned under the relevant
+provisions of the SFO), or which were required to be recorded in the register specified in section 352 of the SFO, or which were required to be notified
+to the Company and the Hong Kong Stock Exchange pursuant to the Model Code of Securities Transactions by Directors of Listed Issuers under the
+Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (for this purpose, the relevant provisions of the SFO will be interpreted as
+applicable to the supervisors) were as follows:-
+Directors', Supervisors' and Chief Executives' Interests
+Supplementary Information
+BYD Company Limited
+Interim Report 2015
+BMOEK
+13
+The Board does not recommend the payment of interim dividend for the reporting period (For the six months ended 30 June 2014: Nil).
+The Audit Committee consists of three independent non-executive directors and one non-executive director. A meeting was convened by the Company's
+Audit Committee on 26 August 2015 to review the accounting policies and practices adopted by the Group and to discuss matters of auditing,
+internal control, risk management and financial reporting (including the financial statements for the six months ended 30 June 2015) before making
+recommendations to the Board for approval of the relevant matters.
+1.
+14
+Approximate
+percentage of
+H Shares of RMB1.00 each
+Supplementary Information
+Of the 401,810,480 A Shares, 239,228,620 A shares were held by Mr. Lv in his personal capacity and 162,581,860 A Shares were held by Youngy Investment
+Holding Group Co., Ltd. (2) ("Youngy Investment”, formerly known as Guangzhou Youngy Management & Investment Group
+Company Limited). Youngy Investment was in turn held by Mr. Lv and his spouse as to 89.5% and 10.5% equity interests, respectively. Mr. Lv was therefore
+deemed to be interested in 162,581,860 A Shares under the SFO.
+4.81%
+7.62%
+(Note 1)
+118,977,060
+20.69%
+16.23%
+Audit Committee
+32.82%
+25.74%
+shareholding in
+the total issued
+share capital (%)
+of issued
+A Shares (%)
+Number of
+A Shares
+the total number
+percentage of
+shareholding in
+Approximate
+512,393,520 (L)
+401,810,480 (L)
+Name
+The Board has adopted the Diversity Policy, which sets out the approach to diversity of Board members. In determining the Board composition, the
+Company considers a range of diversity elements, including but not limited to gender, age, cultural and education background, professional experience,
+skills and knowledge. All appointments of the Board will be made based on merit and objective criteria while taking into full account of the interest of
+Board's diversity.
+During the six months ended 30 June 2015, neither the Company nor any of its subsidiaries purchased, sold or redeemed any listed securities of the
+Company.
+BYD Company Limited
+BMOEK
+11
+Please refer to note 18 to the financial statements for details of post balance sheet events.
+Post Balance Sheet Events
+Please refer to note 14 to the financial statements for details of contingent liabilities.
+Contingent Liabilities
+Please refer to note 15 to the financial statements for details of capital commitments for business.
+Capital Commitments
+Saved as disclosed in this report, the Group did not have any other material investment, acquisition and disposal of subsidiaries, joint ventures and
+associates during the Period.
+Details of the above transaction were set out in the circular dated 21 March 2015 in relation to the Company's disposal of 100% equity interest in
+Electronic Components in return for cash and consideration shares, which was subject to shareholders' approval. Details of the final consideration of
+the above transaction were set out in the voluntary announcement dated 3 April 2015. The transaction was considered and approved at the 2015 first
+extraordinary general meeting held on 7 April 2015. On 9 July 2015, the above transaction was reviewed and conditionally approved by the Listed
+Companies Merger and Reorganization Approval Committee of the China Securities Regulatory Commission ("CSRC") at its 58th work meeting in 2015.
+On 12 February 2015, the Company and Holitech Technology Co., Ltd.* (ENERSGR) ("Holitech") entered into the strategic
+cooperation, asset transfer in consideration of non-public offering shares and cash framework agreement (ŒÂ¶±¾Â¯¾BS&H
+RAHIÂÀER), pursuant to which the Company intended to sell 100% equity interest (the "Subject Assets") of Shenzhen BYD Electronic
+Components Co., Ltd. ("Electronic Components") to Holitech. Electronic Components was originally engaged in the research and development,
+production and sales of flexible circuit board products. After the integration by the Company, Electronic Components will form three complete business
+systems, namely flexible circuit boards, LCD display and modules, and webcam products. On 3 April 2015, the Company and Holitech entered into the
+agreement for strategic cooperation, asset transfer in consideration of non-public offering shares and cash (H¾ORS&H
+¸Â¯ÏÂÀß). Pursuant to the agreement, based on the appraised value of the Subject Assets determined in the asset appraisal report issued
+by an asset appraisal institution with relevant qualification in the securities business, the parties negotiated and agreed that the final consideration
+for the transaction of the 100% equity interest in Electronic Components was RMB2,300 million. Holitech shall conduct the acquisition by way of a
+combination of offering shares and cash, of which RMB1,725 million of the consideration would be satisfied by issuing 178,941,908 shares and
+RMB575 million of the consideration would be satisfied in cash. It is expected that the disposal will be completed during the year.
+Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures
+Management Discussion & Analysis
+0.01%
+Interim Report 2015
+Supplementary Information
+Corporate Governance
+Compliance with the Code on Corporate Governance Practices
+Purchase, Sale or Redemption of the Company's Listed Securities
+Saved as disclosed above, there is no other information required to be disclosed pursuant to Rule 13.51B (1) of the Listing Rules.
+Since the publication of the latest annual report of the Company, Mr. Wang Zi-dong was appointed as an independent non-executive director of Beijing
+Easpring Material Technology Co., Ltd. (Stock Code: 300073) on 16 April 2015. This company is listed on the Shenzhen Stock Exchange.
+Disclosure Pursuant to Rule 13.51B (1) of the Listing Rules
+M
+BYD Company Limited
+Interim Report 2015
+Supplementary Information
+The Board's Diversity Policy
+12
+The Company has adopted the Model Code for Securities Transactions by Directors of Listed Companies as set out in Appendix 10 to the Listing Rules
+Compliance with the Model Code for Securities Transactions by Directors of Listed Companies
+Mr. Wang Chuan-fu is the Chairman and Chief Executive Officer of the Company. The Board considers that this structure will not impair the balance
+of rights and authorities between the Board and the management. The Board of the Company comprises experienced and high calibre individuals
+and meets regularly every three months to discuss issues affecting operations of the Group. Through the operation of the Board, a sufficient balance
+between rights and authorities is assured. The Board believes that this structure is conducive to a strong and consistent leadership, enabling the Group
+to make and implement decisions promptly and efficiently. The Board has full confidence in Mr. Wang and believes his appointment to the posts of
+Chairman and Chief Executive Officer is beneficial to the business development of the Company.
+Code A.2.1 stipulates that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual.
+Code A.2.1
+The Board has emphasized on maintaining a quality Board with various expertise among directors, high transparency and an effective system for
+accountability, in order to enhance shareholders' value. The Board is of the view that the Company has complied with the applicable code provisions of
+the Code as set out in Appendix 14 to the Listing Rules during the Period except for the following deviation:
+The Board of Directors of the Company (the "Board") is committed to maintaining and ensuring high standards of corporate governance practices.
+(the "Model Code") as the code of conduct regarding directors' securities transactions. After making specific enquiries to all directors, all directors have
+confirmed that they have complied with the required standard set out in the Model Code during the Period.
+Wang Chuan-fu (Director)
+Interim Dividend
+(L) - Long Position
+225,000,000 (L)
+Berkshire Hathaway Inc. (Note 1)
+of issued
+H Shares (%)
+Approximate
+percentage of
+shareholding in
+the total number
+Number of
+H Shares
+Interim Report 2015
+BYD Company Limited
+24.59%
+Name
+2.
+Supplementary Information
+Youngy Investment was owned by Mr. Lv Xiang-yang, a non-executive director of the Company as to 89.5%. Mr.Lv was therefore, deemed to be interested in
+162,581,860 A Shares held by Youngy Investment under the SFO.
+6.57%
+10.42%
+162,581,860 (L)
+the total issued
+share capital (%)
+H Shares of RMB1.00 each
+shareholding in
+9.09%
+225,000,000 (L)
+2.04%
+359,500 (S)
+Xia Zuo-quan (Director)
+5.52%
+50,511,367 (L)
+BlackRock Inc. (Note 3)
+2.32%
+Berkshire Hathaway Energy (Note 1)
+6.27%
+LL Group, LLC (Note 2)
+2.32%
+6.27%
+57,404,700 (L)
+Li Lu (Note 2)
+9.09%
+24.59%
+57,404,700 (L)
+percentage of
+Approximate
+percentage of
+shareholding in
+the total issued
+share capital (%)
+Number of
+A Shares
+2.
+0.02%
+0.05%
+0.04%
+0.11%
+1,000,000 (L)
+500,000 (L)
+(Note 2)
+the total issued
+share capital (%)
+Of the 500,000 H Shares, 195,000 H shares were held by Mr. Xia as a beneficial owner and 305,000 H shares were held by Sign Investments Limited, which was
+wholly-owned by Mr. Xia.
+percentage of
+shareholding in
+of issued
+H Shares (%)
+percentage of
+shareholding in
+the total number
+Approximate
+H Shares
+shareholding in
+the total number
+of issued
+A Shares (%)
+BYD Company Limited
+Interim Report 2015
+Note:
+Approximate
+Saved as disclosed above, as at 30 June 2015, none of the directors, supervisors or chief executives of the Company had an interest or short position
+in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which
+was required to be (a) recorded in the register to be kept by the Company pursuant to Section 352 of the SFO; or (b) notified to the Company and the
+Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers.
+Number of
+BMOEK
+15
+Approximate
+Approximate
+1.
+Note:
+(L) - Long Position
+Youngy Investment (Note 1)
+Name
+percentage of
+A Shares of RMB1.00 each
+1.
+As at 30 June 2015, to the best knowledge of the Directors of the Company, the following persons (other than the directors, supervisors and chief
+executives of the Company) had interests or short positions in the shares and underlying shares of the Company which were required to be disclosed to
+the Company and the Hong Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO or entered in the register kept by the
+Company pursuant to Section 336 of the SFO:
+Shareholders with Notifiable Interests
+Supplementary Information
+16
+BYD Company Limited
+Interim Report 2015
+(226)
+The government subsidies designated to
+1,965,745* (110,429)* 10,742,502*
+2013 dividend declared
+Issue of shares
+Total comprehensive income for the period
+43,455
+51,752
+51,752
+(4,261)
+-- (4,261) ---- (4,261)
+(226)
+in the interim condensed consolidated
+statement of profit or loss-gain on disposal
+of available-for-sale investments
+Exchange differences on translation of
+foreign operations
+- (226)
+increase the capital reserve
+(8,297)
+At 30 June 2014
+192,594
+22
+Reclassification adjustments for gain included
+25,336,008 3,317,052 28,653,060
+2,476,000 5,863,613* 4,398,577*
+(4,234)
+4,234
+(117,705) (123,800) (22,219) (146,019)
+-- (6,095)
+22
+3,342,088
+600,550
+407,956
+360,691
+51,752
+(4,487)
+3,220,188
+121,900
+3,342,088
+Other comprehensive income for the period:
+Changes in fair value of available-for-sale
+investments, net of tax
+Attributable to owners of the parent
+200,891
+final
+Retained
+fluctuation
+surplus
+reserve fund
+capital account
+(Unaudited) (Unaudited) (Unaudited)
+(Unaudited)
+RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
+reserve
+Capital
+controlling
+premium
+Non-
+Proposed
+Exchange
+Statutory
+Share
+continued/...
+Profit for the period
+Issued
+561,582
+Total
+profits
+3,146,677 24,856,441
+10,392,140 117,705 21,709,764
+360,691
+360,691
+2,643,425 4,398,830 1,965,745 (162,181)
+2,354,100
+RMB'000 RMB'000
+RMB'000
+RMB'000
+reserve
+(Unaudited)
+(Unaudited)
+(Unaudited)
+(Unaudited)
+(Unaudited)
+interests
+Total
+dividend
+(Unaudited)
+BYD Company Limited
+Interim Report 2015
+(100,000)
+Consolidated Statement of Changes in Equity
+2,076
+466,660
+10,637,614
+(153,624)
+2,109,406
+5,863,563 4,432,638
+2,476,000
+7,112
+(Unaudited)
+RMB'000
+Total
+interests
+(Unaudited) (Unaudited)
+RMB'000 RMB'000
+dividend
+(Unaudited)
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+equity
+25,365,597
+466,660
+3,528,840 28,894,437
+157,536
+29,424,630
+3,585,261
+25,839,369
+At 1 January 2014
+(100,000)
+(146,512)* 11,102,198*
+2,476,000 5,863,563* 4,434,714* 2,109,406*
+(2,076)
+630,193
+156,421
+473,772
+466,660
+7,112
+5,997
+(1,115)
+7,112
+624,196
+RMB'000
+Interim Condensed
+(Unaudited)
+(Unaudited)
+Share
+Attributable to owners of the parent
+At 30 June 2015
+to increase the capital reserve
+The government subsidies designated
+of subsidiaries
+Reduction of equity interests in
+Statutory
+the period
+of foreign operations
+Exchange differences on translation
+the period:
+Other comprehensive income for
+Profit for the period
+At 1 January 2015
+For the Six Months ended 30 June 2015
+Total comprehensive income for
+Exchange
+Proposed
+Non-
+(Unaudited)
+(Unaudited)
+(Unaudited)
+profits
+reserve
+Total
+controlling
+final
+Retained
+fluctuation
+surplus
+reserve fund
+reserve
+account
+capital
+Capital
+premium
+Issued
+(Unaudited)
+For the Six Months ended 30 June 2015
+3,693,278
+Interim Condensed
+18,703,314
+12
+9,978,317
+13,250,603
+12
+Trade and bills receivables
+11
+22,434,973
+Inventories
+53,174,613
+55,874,896
+833,875
+855,953
+965,486
+1,084,497
+35,000
+CURRENT ASSETS
+35,000
+Prepayments, deposits and other receivables
+2,923,167
+Total current assets
+3,950,415
+3,196,585
+139,051
+362,211
+363,698
+317,716
+2,986,285
+67,729
+Cash and cash equivalents
+Short-term deposits
+Pledged deposits
+Completed property held for sale
+976,892
+504,935
+Due from the joint ventures and associates
+61,822
+339,118
+354,714
+1,074,435
+Prepaid land lease payments
+36,379,422
+36,957,275
+10
+Property, plant and equipment
+NON-CURRENT ASSETS
+2014
+(Audited)
+RMB'000
+4,510,050
+31 December
+Notes
+As at 30 June 2015
+Consolidated Statement of Financial Position
+Interim Condensed
+Interim Report 2015
+BYD Company Limited
+These reserve amounts comprise the consolidated reserves of RMB23,363,369,000 in the interim condensed consolidated statement of financial position as at 30 June
+2015.
+30 June
+2015
+(Unaudited)
+RMB'000
+4,448,034
+Goodwill
+Other intangible assets
+1,528,855
+315,311
+405,148
+2,411,053
+3,258,288
+6,306,965
+6,819,202
+65,914
+65,914
+Total non-current assets
+Property under development
+Deferred tax assets
+Available-for-sale investments
+Investments in associates
+Investments in joint ventures
+Long-term receivable
+Non-current prepayments
+39,383,471
+40,834,242
+CURRENT LIABILITIES
+Trade and bills payables
+12,092,294
+14,217,009
+2,974
+4,724
+10,979,299
+1,110,021
+1,101,293
+13,110,992
+29,424,630
+31 December
+2014
+(Audited)
+RMB'000
+Notes
+Net assets
+Total non-current liabilities
+Other liabilities
+Deferred income
+Interest-bearing bank and other borrowings
+NON-CURRENT LIABILITIES
+30 June
+2015
+(Unaudited)
+RMB'000
+28,894,437
+EQUITY
+Equity attributable to owners of the parent
+BYD Company Limited
+Interim Report 2015
+21
+21
+28,894,437
+29,424,630
+3,528,840
+3,585,261
+25,365,597
+25,839,369
+Total equity
+Non-controlling interests
+22,889,597
+23,363,369
+Reserves
+2,476,000
+2,476,000
+Issued capital
+As at 30 June 2015
+Consolidated Statement of Changes in Equity
+Consolidated Statement of Financial Position
+BYD Company Limited
+Interim Report 2015
+132,769
+19,172,635
+146,406
+187,780
+18,746,347
+Due to related parties
+Due to joint ventures and associates
+Interest-bearing bank and other borrowings
+23,948
+Deferred income
+2,117,358
+Advances from customers
+3,632,713
+25,851,020
+25,959,581
+13
+Other payables
+3,582,610
+29,385
+61,533
+Tax payable
+20
+20
+continued/...
+40,986,731
+43,641,639
+TOTAL ASSETS LESS CURRENT LIABILITIES
+(12,187,882)
+(12,233,257)
+NET CURRENT LIABILITIES
+53,022,124
+51,616,728
+Total current liabilities
+408,381
+407,989
+Provision
+142,878
+342,241
+Interim Condensed
+23
+equity
+BYD Company Limited
+from sales of raw materials, properties
+Others including other gross income
+30,434,774
+3,362,058
+309,560
+847,359
+2,205,139
+Intersegment sales
+16,961,570
+11,275,068
+and disposal of scrap materials
+2,198,136
+RMB'000
+Total
+Corporate
+and others
+RMB'000
+RMB'000
+products
+service
+RMB'000
+RMB'000
+and related
+and assembly
+Sales to external customers
+152,678
+143,100
+186,031
+4,568,822
+Profit before tax
+Finance costs
+Corporate and other unallocated expenses
+Government grants and subsidies and
+Interest income
+Elimination of intersegment results
+Reconciliation:
+Segment results
+Revenue sales to external customers
+Elimination of taxes and surcharges
+Elimination of other gross income
+Elimination of intersegment sales
+Reconciliation:
+660,930
+486,663
+4,854
+288
+581,534
+66,239
+12,869
+Taxes and surcharges
+business
+photovoltaic
+Automobiles
+Mobile handset
+components
+26
+The Group has not early adopted any standard interpretation or amendment that was issued but not yet effective.
+The adoption of the above new or revised standards, interpretation and amendments has had no material financial effect on the accounting
+policies of the Group and the methods of computation in the interim condensed consolidated financial statements.
+Amendments to a number of HKFRSS
+Defined benefit plans: Employee contributions
+Amendments to a number of HKFRSS
+2011-2013 Cycle
+Annual Improvements
+2010-2012 Cycle
+Annual Improvements
+Amendments to HKAS 19
+The condensed consolidated financial statements have been prepared on the historical cost basis. Taxes on income for the interim period are
+accrued using the tax rates that would be applicable to expected total annual assessable profits.
+The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the
+preparation of the Group's annual consolidated financial statements for the year ended 31 December 2014, except for the adoption of the new
+standards and interpretations as noted below.
+3. Changes in accounting policy and disclosures
+Despite the Group's net current liabilities of approximately RMB12,233,257,000 as at 30 June 2015, the interim condensed consolidated
+financial statements have been prepared on a going concern basis on the basis of the directors' contention that the Group has sufficient cash
+flows in the foreseeable future to enable it to continue its operations and meet its liabilities as and when they fall due.
+The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial
+statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2014.
+The interim condensed consolidated financial statements for the six months ended 30 June 2015 have been prepared in accordance with Hong
+Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants.
+2. Basis of preparation
+The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are the research, development, manufacture
+and sale of rechargeable battery and photovoltaic business, automobiles and related products, handset components, LCD and other electronic
+products.
+BYD Company Limited (the "Company") is a joint stock limited liability company registered in the People's Republic of China (the "PRC"). The
+Company's H shares and A shares have been listed on the Stock Exchange of Hong Kong Limited and Shenzhen Stock Exchange since 31 July
+2002 and 30 June 2011, respectively. The registered office of the Company is located at Yan An Road, Kuichong, Longgang District, Shenzhen,
+Guangdong Province, the PRC.
+1. Corporate information
+For the Six Months ended 30 June 2015
+Notes to Interim Condensed
+12,331,766
+Consolidated Financial Statements
+BYD Company Limited
+Interim Report 2015
+Rechargeable
+battery and
+Segment revenue
+28
+Six months ended 30 June 2015 (Unaudited)
+The following tables present revenue and profit information regarding the Group's reportable operating segments for the six months ended 30
+June 2015 and 2014, respectively.
+4. Segment information (continued)
+For the Six Months ended 30 June 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+Interim Report 2015
+BYD Company Limited
+27
+27
+Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing
+market prices.
+Segment liabilities exclude interest-bearing bank and other borrowings, tax payable, dividend payable and other unallocated head office and
+corporate liabilities as these liabilities are managed on a group basis.
+Segment assets exclude deferred tax assets, goodwill, available-for-sale investments, tax to be deductible in the future and other unallocated
+head office and corporate assets, as these assets are managed on a group basis.
+Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resources allocation
+and performance assessment. Segment performance is evaluated based on reportable segment profit, which is a measure of adjusted profit
+before tax. The adjusted profit before tax is measured consistently with the Group's profit before tax except that interest income, government
+grants and subsidies, finance costs, as well as head office and corporate expenses and gains are excluded from such measurement.
+the automobiles and related products segment comprises the manufacture and sale of automobiles and auto-related moulds and
+components.
+the mobile handset components and assembly service segment comprises the manufacture and sale of mobile handset components such
+as housings, keypads and the provision of assembly services; and
+the rechargeable battery and photovoltaic business segment comprises the manufacture and sale of lithium-ion batteries and nickel
+batteries principally for mobile phones, electric tools and other portable electronic instruments and photovoltaic products;
+For management purposes, the Group is organised into business units based on their products and services and has three reportable operating
+segments as follows:
+4. Segment information
+For the Six Months ended 30 June 2015
+Consolidated Financial Statements
+18,038,695
+34,944,425
+123,178
+324,106
+378,121
+1,036,446
+Taxes and surcharges
+7,439
+49,290
+384,918
+22,430
+211,041
+464,077
+11,522,288
+12,781,511
+400,551
+28,562,000
+Reconciliation:
+Elimination of intersegment sales
+Elimination of other gross income
+Elimination of taxes and surcharges
+Revenue sales to external customers
+3,857,650
+and disposal of scrap materials
+from sales of raw materials, properties
+Others including other gross income
+23
+photovoltaic
+business
+RMB'000
+Mobile handset
+components
+and assembly
+Automobiles
+and related
+service
+RMB'000
+products
+RMB'000
+Corporate
+and others
+RMB'000
+Segment revenue
+Total
+RMB'000
+Sales to external customers
+2,364,034
+10,913,277
+11,937,872
+Intersegment sales
+1,275,136
+436,543
+134,615
+25,215,183
+1,846,294
+Segment results
+Reconciliation:
+Elimination of intersegment results
+Interest income
+4. Segment information (continued)
+For the Six Months ended 30 June 2015
+Consolidated Financial Statements
+Notes to Interim Condensed
+Interim Report 2015
+BYD Company Limited
+830,538
+(687,696)
+(252,027)
+299,709
+37,994
+(622,599)
+2,055,157
+150
+1,289,975
+658,208
+106,824
+30,434,774
+(660,930)
+(486,663)
+(3,362,058)
+Six months ended 30 June 2014 (Unaudited)
+5,142
+Rechargeable
+29
+Government grants and subsidies and
+unallocated gains
+Corporate and other unallocated expenses
+Finance costs
+Profit before tax
+(1,846,294)
+(1,036,446)
+(464,077)
+25,215,183
+114,058
+865,730
+414,639
+2,456
+1,396,883
+(205,520)
+58,359
+355,588
+(275,764)
+(680,615)
+648,931
+29
+battery and
+Notes to Interim Condensed
+unallocated gains
+BYD Company Limited
+(993,598)
+(3,387,529)
+Decrease in completed property held for sale
+Increase in property under development
+(Increase)/decrease in long term receivable
+joint ventures and associates
+Decrease/(increase) in amounts due from
+Increase in prepayments, deposits and other receivables
+Decrease/(increase) in trade and bills receivables
+3,685,005
+Increase in inventories
+4,052,767
+215,275
+348,129
+51,620
+50,778
+(44,130)
+(14,068)
+7
+Amortisation of other intangible assets
+3,276,793
+(2,397,855)
+(153,923)
+(220,780)
+13,221
+108,821
+227,972
+(1,465,252)
+Decrease in amount due to the related parties
+Increase in amounts due to joint ventures and associates
+(Decrease)/increase in advances from customers
+59,568
+(6,558)
+(Decrease)/increase in other payables
+(583,232)
+(85,693)
+Decrease in trade and bills payables
+380,541
+24,736
+(1,030)
+(1,799)
+14,839
+(89,837)
+(374,152)
+471,957
+Recognition of prepaid land lease payments
+Impairment losses of trade receivables reversed
+53,166
+60,572
+11,446
+90,805
+Share of profits and losses of joint ventures and associates
+680,615
+687,696
+6
+Finance costs
+Adjustments for:
+648,931
+830,538
+Profit before tax
+(Unaudited)
+RMB'000
+RMB'000
+2014
+For the six months ended 30 June
+2015
+(Unaudited)
+Note
+Interim Report 2015
+For the Six Months ended 30 June 2015
+Consolidated Statement of Cash Flows
+Interim Condensed
+Interim Report 2015
+Bank interest income
+(32,148)
+5
+(58,358)
+7
+Impairment of trade receivables
+98,719
+115,243
+7
+Impairment of inventories
+1,777,259
+1,942,665
+7
+Depreciation
+(1,466)
+Dividend received from available-for-sale investments
+(4,261)
+Available-for-sale investments (transfer from equity on disposal)
+Fair value gains, net:
+16,384
+3,763
+Loss on disposal of items of non-current assets
+(169,873)
+(23,894)
+Government grants and subsidies
+(37,994)
+(Decrease)/increase in provision for warranties
+CASH FLOWS FROM OPERATING ACTIVITIES
+Interest received
+3,342,088
+(3,802,541)
+(4,711,035)
+(315,000)
+(16,000)
+(676,780)
+Increase in pledged deposits
+Interest paid
+Repayment of bank loans
+New bank loans
+Proceeds from issue of shares
+CASH FLOWS FROM FINANCING ACTIVITIES
+Net cash flows used in investing activities
+Capital contributions to joint ventures
+Capital contributions to an associate
+(30,000)
+Purchases of available-for-sale investments
+1,466
+Dividend received from available-for-sale investments
+4,261
+Proceeds from settlement of available-for-sale investments
+80,000
+11,276,295
+Disposal of a subsidiary
+15,200,234
+(10,170,335)
+25
+Cash generated from/(used in) operations
+25
+3,196,585
+CASH AND CASH EQUIVALENTS AT END OF PERIOD
+54,983
+14,197
+Effect of foreign exchange rate changes, net
+4,510,942
+3,950,415
+Cash and cash equivalents at beginning of period
+3,491,247
+(768,027)
+NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
+7,837,457
+920,967
+Net cash flows from financing activities
+240,286
+45,982
+(774,816)
+(831,898)
+(9,569,412)
+53,999
+8,057,172
+equipment and other intangibles assets
+Note
+For the Six Months ended 30 June 2015
+Consolidated Statement of Cash Flows
+Interim Condensed
+BYD Company Limited
+Interim Report 2015
+24
+24
+continued/...
+(543,669)
+For the six months ended 30 June
+2015
+(Unaudited)
+RMB'000
+3,022,041
+(111,396)
+58,358
+37,994
+(136,108)
+5
+(490,631)
+3,120,155
+107,082
+1,499,354
+Taxes paid
+Net cash flows from/(used in) operating activities
+2014
+(392)
+CASH FLOWS FROM INVESTING ACTIVITIES
+(Unaudited)
+RMB'000
+Proceeds from disposal of items of property, plant and
+(804,240)
+Additions to other intangible assets
+(981,472)
+6,087
+56,540
+290,766
+39,539
+Withdrawal of short-term deposits
+Receipt of government grants
+(262,699)
+Investment in short-term deposits
+(35,797)
+Purchases of items of property, plant and equipment
+(114,304)
+208,610
+(108,234)
+(Increase)/decrease in non-current prepayments
+Increase in prepaid land lease payments
+(2,680,378)
+(403,617)
+(4,325,677)
+For the Six Months ended 30 June 2015
+Consolidated Financial Statements
+4
+Interim Report 2015
+BYD Company Limited
+5. Revenue, other income and gains
+Notes to Interim Condensed
+Revenue, which is also the Group's turnover, represents the net invoiced value of goods sold, after allowances for returns and trade discounts,
+and the value of assembly services rendered during the period.
+Bank interest income
+Others
+Revenue
+Sales of goods
+Assembly services income
+Others
+Other income and gains
+Gain on disposal of scrap and materials
+Gain on sales of properties (i)
+31
+Notes:
+An analysis of revenue, other income and gains is as follows:
+9,326,866
+statement of profit or loss
+2,328,433
+91,582,258
+(i)
+12,269
+4,170,050
+94,008,855
+4,066,268
+8,563,595
+23,613,540
+36,243,403
+5,061,181
+(1,755,722)
+65,114,418
+Impairment losses recognised in the
+Depreciation and amortisation
+41,492
+736,954
+195,545
+1,158,304
+56,847
+2,419,588
+293,884
+4,314,846
+Capital expenditure
+1,937,252
+30,626,737
+(1,755,722)
+151
+22
+254,408
+237,684
+The Group develops properties for sale to its employees. The gain on sales of properties related to the sales of properties with the property cost of RMB4,702,000 (six
+months ended 30 June 2014: RMB375,661,000) and business tax of RMB288,000 (six months ended 30 June 2014: RMB22,431,000) to the employees during the
+period. The sales amount has been fully paid by the employees as at the period ends.
+Notes to Interim Condensed
+Consolidated Financial Statements
+For the Six Months ended 30 June 2015
+6. Finance costs
+Interest on bank and other borrowings
+Bank expenses for discounted bills receivables
+Less: Interest capitalised
+71,141
+BYD Company Limited
+Interim Report 2015
+For the six months ended
+30 June 2015
+(Unaudited)
+RMB'000
+(Unaudited)
+RMB'000
+804,919
+726,721
+27,784
+77,600
+832,703
+804,321
+(145,007)
+30 June 2014
+32
+110,377
+37,994
+For the six months ended
+30 June 2015
+(Unaudited)
+RMB'000
+30 June 2014
+(Unaudited)
+RMB'000
+25,958,570
+4,469,950
+6,254
+20,242,597
+4,972,586
+58,358
+30,434,774
+30 June 2014
+(Unaudited)
+For the six months ended
+30 June 2015
+(Unaudited)
+RMB'000
+RMB'000
+105,886
+105,730
+2,455
+25,215,183
+55,658,767
+Impairment losses recognized in the
+14,580,188
+business
+RMB'000
+Mobile handset
+components
+and assembly
+service
+RMB'000
+Automobiles
+and related
+products
+RMB'000
+Total
+RMB'000
+14,932,288
+22,072,546
+55,364,170
+92,369,004
+(1,710,084)
+(157,609)
+4,757,056
+95,258,367
+4,379,356
+8,667,697
+22,057,814
+photovoltaic
+Rechargeable
+battery and
+Other segment information:
+Total liabilities
+(123,706)
+BYD Company Limited
+Interim Report 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+For the Six Months ended 30 June 2015
+4. Segment information (continued)
+The following table presents segment assets of the Group's operating segments as at 30 June 2015 and 31 December 2014:
+Six months ended 30 June 2015 (Unaudited)
+35,104,867
+Segment assets
+Elimination of intersegment receivables
+Elimination of unrealised profit of
+intersegment sales
+Corporate and other unallocated assets
+Total assets
+Segment liabilities
+Reconciliation:
+Elimination of intersegment payables
+Corporate and other unallocated liabilities
+Reconciliation:
+(1,710,084)
+32,438,954
+65,833,737
+Corporate and other unallocated assets
+Total assets
+Segment liabilities
+Reconciliation:
+Elimination of intersegment payables
+Corporate and other unallocated liabilities
+Total liabilities
+Other segment information:
+BYD Company Limited
+intersegment sales
+Interim Report 2015
+battery and
+photovoltaic
+Mobile handset
+components
+and assembly
+Automobiles
+and related
+business
+RMB'000
+service
+RMB'000
+products
+RMB'000
+Total
+RMB'000
+Rechargeable
+21,343,303
+Elimination of unrealised profit of
+Reconciliation:
+statement of profit or loss
+Depreciation and amortization
+67,632
+127,600
+91,079
+844,478
+3,036
+1,369,494
+161,747
+2,341,572
+Capital expenditure
+898,525
+2,072,433
+Elimination of intersegment receivables
+2,521,182
+30
+30
+Capital expenditure consists of additions to other intangible assets, property, plant and equipment, prepaid land lease payments and prepayment for equipment.
+Notes to Interim Condensed
+Consolidated Financial Statements
+For the Six Months ended 30 June 2015
+4. Segment information (continued)
+Year ended 31 December 2014 (Audited)
+Segment assets
+5,492,140
+687,696
+87,349
+The average capitalisation rate for the period used to determine the amount of borrowing costs eligible for capitalisation was 5.81% (six months
+ended 30 June 2014: 5.76%).
+25,851,020
+(a) Action against Foxconn
+On 11 June 2007, a Hong Kong High Court (the "Court") action (the "June 2007 Action") was commenced by a subsidiary and an affiliate
+of Foxconn International Holdings Limited (the "Plaintiffs") against the Company and certain subsidiaries of the Group (the "Defendants")
+for using confidential information alleged to have been obtained improperly from the Plaintiffs. The Plaintiffs alleged that the Defendants
+have directly or indirectly through the assistance of certain employees of the Plaintiffs, induced and procured certain former employees
+of the Plaintiffs (some of whom were subsequently employed by the Group) to breach their contractual and fiduciary duties with their
+former employer, the Plaintiffs, by disclosing to the Defendants confidential information that such employees have acquired through their
+employment with the Plaintiffs. In addition, it was alleged that the Defendants knew or ought to have known the confidential nature of
+such information and that the Defendants allowed or acquiesced its misuse in establishing a handset production system that is highly
+similar to the Plaintiffs' handset production system and using the Plaintiffs' confidential information with respect to their suppliers and
+customers. The Plaintiffs discontinued the June 2007 Action on 5 October 2007 with the effect that the June 2007 Action has been
+wholly discontinued against all the Defendants named in the action and that this finally disposed of the June 2007 Action without any
+liability to the Defendants. On the same day, the Plaintiffs initiated a new set of legal proceedings in the Court (the "October 2007 Action").
+The Defendants named in the October 2007 Action are the same as the Defendants in the June 2007 Action, and the claims made by
+the Plaintiffs in the October 2007 Action are based on the same facts and the same grounds in the June 2007 Action. In essence, the
+Plaintiffs alleged that the Defendants have misappropriated and misused confidential information belonging to the Plaintiffs. The remedies
+sought by the Plaintiffs in the October 2007 Action included an injunction restraining the Defendants from using the alleged confidential
+information, an order for the disgorgement of profit made by the Defendants through the use of the confidential information, damages
+based on the loss suffered by the Plaintiffs and exemplary damages. The Plaintiffs have quantified part of their claim for damages,
+consisting of the estimated cost of producing the alleged confidential information of RMB2,907,000 and an amount of RMB3,600,000
+which allegedly represents compensation paid by the Plaintiffs to other parties to whom they owed a duty to keep confidential the alleged
+confidential information. The damages otherwise sought by the Plaintiffs in the October 2007 Action have not been quantified.
+Regarding the October 2007 Action, the Company has given an indemnity in favour of other Defendants for all liabilities, losses, damages,
+costs and expenses (if any) incurred arising out of, or in connection with the October 2007 Action. The indemnity given by the Company to
+the indemnified parties will not cover loss of future profit and revenue as well as any obligation, such as ceasing to use certain information,
+on the part of the indemnified parties to comply with any injunction order or any court order to deliver up documents. The service of writs
+on all of the Defendants has been duly acknowledged.
+BYD Company Limited
+Interim Report 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+For the Six Months ended 30 June 2015
+14. Contingent liabilities (continued)
+(a) Action against Foxconn (continued)
+On 2 November 2007, the Company and its subsidiary, BYD Hong Kong Limited ("BYD Hong Kong"), which had been served with the writ
+at that time, applied for a stay of the legal proceedings. The hearing of the stay application took place on 11 and 12 June 2008 and the
+judgement in respect of the stay application was handed down on 27 June 2008. The stay application was turned down and an order was
+issued, of which the legal cost for the application of stay by the Plaintiffs is to be borne by the Company and BYD Hong Kong. The legal
+cost, if not agreed, will be determined by the Court. On 2 September 2009, the above-mentioned Plaintiffs made an amendment to the
+writ with the Court for inclusion of Foxconn Precision Component (Beijing) Co., Ltd. as a plaintiff.
+On 2 October 2009 the Defendants instituted a counter-action against Hon Hai Precision Industry Co., Ltd., Foxconn International Holdings
+Limited, Shenzhen Futaihong Precision Industry Co., Ltd. and Hongfujin Precision Industry (Shenzhen) Co., Ltd. for their intervention,
+by means of illegal measures, in the operations involving the Company and certain of its subsidiaries, collusions, written and verbal
+defamation, and the economic loss as a result of the said activities, and made requests in respect of the action as follows: The Company
+requested the Court to issue an injunction banning Hon Hai Precision Industry Co., Ltd. and Foxconn International Holdings Limited from
+spreading, releasing and procuring the release of statements against the Company or any similar wording to discredit the Company.
+Requests were also made to order Hon Hai Precision Industry Co., Ltd. to compensate for the damage (including aggravated damages
+and punitive damages) arising from its written and oral defamation, to order Foxconn International Holdings Limited to compensate for the
+damage (including aggravated damages and punitive damages) arising from its written defamation, and to order Hon Hai Precision Industry
+Co., Ltd., Foxconn International Holdings Limited, Shenzhen Futaihong Precision Industry Co., Ltd. and Hongfujin Precision Industry
+(Shenzhen) Co., Ltd. to compensate for the losses due to unlawful interference with the operations of the Company and its subsidiaries,
+and the loss, interest, costs and other relief caused by their collusion.
+On 21 January 2010, the Plaintiffs applied to the court rejecting the contents of some paragraphs in the defendant's counterclaim. On
+24 August 2010, the court made a judgement dismissing the application for elimination. On 28 September 2010, the Plaintiffs appealed
+against the aforesaid judgement. On 31 December 2010, the Court granted leave for the appeal application. In response to the appeal
+application, the court held hearings on 16 September 2011 and 24 May 2012. On 20 June 2012, the court handed down the judgement
+to dismiss the appeal relating to the elimination request from the plaintiff.
+On 30 January 2012, the Plaintiffs filed an application to the Hong Kong High Court requesting it to send a letter of request to the
+Shenzhen Intermediate People's Court for copying information in the mobile hard drive maintained in the Shenzhen Intermediate People's
+Court. On 13 April 2012, the Defendants made a reply to the application, requesting that apart from the Shenzhen Intermediate People's
+Court, the letter of request should also be sent to the Supreme People's Court of the PRC, the Shenzhen Bao'an District People's Court
+and the Shenzhen Longgang District People's Court through which the letter of request should be passed to the Bao'an Branch of the
+Shenzhen Public Security Bureau and the Beijing Jiuzhoushichu Intellectual Property Rights Forensic Center, requesting the aforesaid
+authorities or units to assist in the transfer or disclosure of evidence materials such as computers, copies of mobile hard disks and case
+files of parties closely related to this case. On 11 October 2012, the Hong Kong High Court decided to postpone the hearing for the above
+application originally scheduled to be held on 18 October 2012 to a time to be further decided.
+25,959,581
+On 6 June 2013, Hong Hai Precision Industry Co., Ltd., Foxconn International Holdings Limited, Shenzhen Futaihong Precision Industry
+Co., Ltd. and Hongfujin Precision Industrial (Shenzhen) Co., Ltd. (defendants of the counterclaim) replied to the counterclaim from the
+Defendants and argued that the alleged intervention in the operations of the Defendants and the collusions were not actionable pursuant
+to the PRC laws, and the alleged charges of written and verbal defamation were legal disclosures under Taiwanese laws, therefore, the
+counterclaim made by the Defendants against them was groundless. On 27 June 2013, the Defendants made an application to the High
+Court for raising a defence against the reply from the defendants of the counterclaim. On 6 December 2013, the Defendants submitted a
+response against the above-mentioned defence of Foxconn. On 4 July 2014 the two parties exchanged the list of evidence.
+37
+33
+BYD Company Limited
+Interim Report 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+For the Six Months ended 30 June 2015
+14. Contingent liabilities (continued)
+(b) As at the end of the reporting period, contingent liabilities not provided for in the financial statements
+were as follows:
+2015
+RMB'000
+Group
+30 June
+31 December
+2014
+The ultimate outcome of the litigation is not yet determinable given the preliminary stage of the legal proceedings. Accordingly,
+whether the litigation may lead to compensation obligations on the part of the Group is uncertain. Moreover, if the litigation may lead to
+compensation obligations, the amount cannot be measured reliably and no related estimated liabilities have been recorded by the Group.
+Company
+62,368
+52,162
+For the Six Months ended 30 June 2015
+13. Trade and bills payables
+An aged analysis of the trade and bills payables as at the end of reporting period, based on the invoice date, is as follows:
+Within three months
+Four to six months
+Seven months to one year
+One to two years
+Two to three years
+Over three years
+The trade payables are non-interest-bearing and are normally settled within terms of 30 to 120 days.
+14. Contingent liabilities
+36
+30 June
+2015
+65,536
+31 December
+(Unaudited)
+(Audited)
+RMB'000
+RMB'000
+19,064,098
+18,673,577
+6,622,914
+6,903,766
+118,270
+88,615
+45,465
+70,532
+43,298
+2014
+30 June
+31 December
+(Unaudited)
+5,621,879
+BYD Company Limited
+Interim Report 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+For the Six Months ended 30 June 2015
+15. Commitments (continued)
+680,615
+BYD Auto Company Limited ("BYD Auto"), a subsidiary of the Company, will invest in the construction of the "BYD Automobile Plant
+Il Project" in the Xi'an High-Tech Zone. The investment amount of the project, which is for the production of vehicles and automobile
+components, is RMB4.46 billion.
+(b) Long-term purchase commitments for polysilicon materials
+In October 2010, Shangluo BYD entered into an irrevocable silicon supply contract (the "Supply Contract") with Jiangxi LDK PV Silicon
+Technology Co., Ltd. ("LDKPV") and Jiangxi LDK Solar Hi-Tech Co., Ltd. ("LDK Solar"), both of which are silicon material suppliers. The
+Supply Contract provides that during the contract term from January 2011 to December 2012, the Purchaser shall purchase 3,000 tonnes
+of polysilicon materials from the Vendor at a price of $650,000/tonne (the "Initial Purchase Price") for a total contract value of RMB1.95
+billion. The agreed prepayment amounts was RMB97,500,000, equivalent to 5% of the consideration. The Supply Contract also provides
+that if the prevailing market price fluctuates more than 5% over the Initial Purchase Price, the parties shall negotiate about adjusting the
+purchase price by reference to the market price. The parties complied with the provisions of the contract in 2012.
+In December 2012, Shangluo BYD entered into the Supplemental Agreement I to the Supply Contract with LDKPV and LDK Solar. The
+Supplemental Agreement I provides that the three parties agree to extend the performance period under the original Supply Contract
+for a period of one year, i.e. the Supplemental Agreement I shall be valid from 1 January 2013 to 31 December 2013. It is agreed that
+the Vendor shall not be required to make deliveries should it fail to fulfil its monthly delivery obligation of 125 tonnes for the period from
+January 2011 to December 2012 by 31 December 2012. None of the parties shall pursue a claim against each other during the valid term
+of the agreement. Furthermore, defaults on overdue payment and unfulfilled deliveries by both parties are waived during the valid term.
+In February 2015, Shangluo BYD, BYD Lithium Batteries Co., Ltd. and BYD Supply Chain Management Co., Ltd. entered into the
+Supplemental Agreement II to the Supply Contract with LDKPV and LDK Solar. The Supplemental Agreement II provides that the three
+parties agree to extend the performance period under the original Supply Contract for a period of five years to 31 December 2018. It is
+agreed that the both parties guarantee not to pursue related default claims against the Vendors (for unfulfilled and unfinished delivery
+obligations) and the Purchaser (for unfinished purchases and payment obligations) under the original Supply Contract. As at 30 June 2015,
+the prepayment balance related to the Supply Contract amounted to RMB65,462,000.
+5,706,558
+In addition, the Group's share of the joint ventures' own capital commitments, which are not included in the above, is as follows:
+Capital contribution payable to joint ventures
+30 June
+2015
+(Unaudited)
+RMB'000
+31 December
+2014
+(Audited)
+RMB'000
+80,624
+66,035
+48,020
+175,800
+128,644
+241,835
+39
+Contracted but not provided for
+1,816,656
+1,506,001
+Authorised but not contracted for
+RMB'000
+(Audited)
+2015
+RMB'000
+(Unaudited)
+2014
+RMB'000
+(Audited)
+Guarantees given to banks in
+connection with facilities
+granted to subsidiaries
+- - 45,600,336
+43,942,046
+As at 30 June 2015, the banking facilities granted to subsidiaries and BDNT subject to guarantees given to banks by the Company were
+utilised to the extent of approximately RMB12,290,139,000 (31 December 2014: RMB11,789,796,000) and RMB586,955,000 (31
+December 2014: RMB102,370,000) respectively.
+(c) The Group entered into tri-lateral finance lease cooperation contracts ("Lease Cooperation Contracts") with certain end-user customers
+and a third-party leasing company (the "Third-party Leasing Company"). Under the joint leasing arrangement, the Group provides a
+leaseback guarantee to the Third-party Leasing Company that in the event of customer default, the Company is entitled to repossess and
+sell the subject leased new energy vehicle. At the same time, the Company will be required to compensate to the leasing company for its
+share of the outstanding lease payments due from the end-user customer, and retain any proceeds in excess of the repayments made to
+the leasing company. Management believes that the repossessed vehicles will be able to be sold for proceeds that are not significantly
+different from the outstanding lease payments due from the end-user customer. As at 30 June 2015, the Company's maximum exposure
+to the arrangement was RMB844,643,000. The term of these leaseback guarantees is in line with the tenure of the lease contracts. For
+the six months ended 30 June 2015, there was no default of payments from end-user customers which required the Company to make
+payments.
+15. Commitments
+The Group had the following capital commitments at the end of the reporting period:
+38
+Contracted but not provided for
+Land and buildings
+Plant and machinery
+30 June
+2015
+(Unaudited)
+RMB'000
+31 December
+2014
+(Audited)
+RMB'000
+904,165
+696,758
+3,296,392
+3,108,465
+4,200,557
+3,805,223
+Consolidated Financial Statements
+Notes to Interim Condensed
+(a) BYD Automobile Plant II Project
+BYD Company Limited
+33
+BYD Company Limited
+Interim Report 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+For the Six Months ended 30 June 2015
+8. Income tax expense
+Current - Mainland China
+Current Hong Kong
+Deferred
+-
+Total tax charge for the period
+For the six months ended
+30 June 2015
+(Unaudited)
+RMB'000
+9,608
+30 June 2014
+325,353
+110,220
+1,021
+(119,011)
+(23,892)
+206,342
+Taxes on profits assessable have been calculated at the rates of tax prevailing in the countries in which the Group operates, based on existing
+legislation, interpretations and practices in respect thereof.
+The prevailing corporate income tax rate in Mainland China where the Group primarily operates is 25%. Certain subsidiaries operating in
+Mainland China are approved to be high and new technology enterprises and are entitled to enjoy reduced enterprise income tax rates of 15% of
+the estimated assessable profits for the period.
+9. Earnings per share attributable to ordinary equity holders of the parent
+The calculation of the basic earnings per share amount 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 2,476,000,000 (six months ended 30 June 2014: 2,364,258,000) in issue during the
+period.
+34
+34
+Earnings
+(Unaudited)
+RMB'000
+3,763
+Loss on disposal of items of property, plant and equipment
+98,719
+Interim Report 2015
+7. Profit before tax
+The Group's profit before tax is arrived after charging/(crediting):
+For the six months ended
+30 June 2015
+30 June 2014
+(Unaudited)
+RMB'000
+(Unaudited)
+RMB'000
+Cost of inventories sold
+Cost of services provided
+Depreciation
+Amortisation of other intangible assets
+21,431,891
+16,727,672
+4,312,405
+4,620,419
+1,942,665
+1,777,259
+348,129
+215,275
+Impairment of trade receivables
+60,572
+53,166
+Impairment losses of trade receivables reversed
+(14,068)
+(44,130)
+Write-down of inventories to net realisable value
+115,243
+Profit attributable to ordinary equity holders of the parent,
+used in the basic earnings per share calculation
+2,917,277
+Weighted average number of ordinary shares in issue during the period,
+4,050,915
+2,789,720
+668,610
+550,286
+13,250,603
+9,978,317
+As at 30 June 2015, the Group's inventories with a carrying amount of RMB459,718,000 (2014: RMB238,212,000) were pledged as security
+for the Group's bank loans.
+12. Trade and bills receivables
+For sales under traditional fuel-engined automobiles and related products within automobile segment, payment in advance, mainly in the form
+of bank bills, and commercial bills, are normally required. For sales under new energy automobiles and related products within automobile
+segment, the Group's trading terms with its customers are mainly on credit. For sales under other segments, the Group's trading terms with its
+customers are mainly on credit, except for new customers, where payment in advance is normally required. The credit period is generally for a
+period of one to three months except for new energy automobiles customers which the Group may allow to make instalment payments within one
+to two years.
+The aged analysis of the trade and bills receivables as at the end of the reporting period, based on the invoice date and net of provisions, is as
+follows:
+Within three months
+Four to six months
+Seven months to one year
+Over one year
+30 June
+2015
+(Unaudited)
+RMB'000
+31 December
+2014
+(Audited)
+RMB'000
+8,748,892
+17,220,962
+4,954,723
+2,388,325
+3,493,541
+1,843,477
+982,209
+18,703,314
+22,434,973
+The directors are of the opinion that the carrying amounts of trade and bills receivables approximate to their fair values.
+Shares
+35
+4,147,742
+5,613,801
+1,506,158
+RMB'000
+For the six months ended
+30 June 2015
+2,490,569
+used in the basic earnings per share calculation
+RMB'000
+466,660
+For the six months ended
+30 June 2015
+2,476,000,000
+No diluted earnings per share amount has been presented for the period as no diluting events existed during these period.
+360,691
+30 June 2014
+2,364,258,000
+BYD Company Limited
+Interim Report 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+30 June 2014
+RMB'000
+10. Property, plant and equipment
+(Unaudited)
+For the Six Months ended 30 June 2015
+31 December
+30 June
+2015
+RMB'000
+Mould held for production
+2014
+Work-in-progress
+During the six months ended 30 June 2015, the Group acquired assets with a cost of RMB4,040,223,000 (six months ended 30 June 2014:
+RMB2,217,328,000) on additions to property, plant and equipment.
+Assets with a net book value of RMB1,509,332,000 were disposed of by the group during the six months ended 30 June 2015 (six months
+ended 30 June 2014: RMB70,381,000), resulting in a net loss on disposal of RMB3,763,000 (six months ended 30 June 2014: loss of
+RMB9,608,000). Of which, the Group has entered into a sales and leaseback agreement (the "Agreement") with a third party lease company
+and Shenzhen BYD International Financial Lease Co., Ltd. (the "Lessor"). Pursuant to the Agreement, the Group sold the fixed assets with a net
+carrying amount of RMB1,444,053,000 (the "Subject Assets") to the Lessor and subsequently leased back the Subject Assets for a term of three
+years during which the Group is requested to pay a rental fee of RMB402,208,000 per annum.
+Finished goods
+(Audited)
+11. Inventories
+Raw materials
+("Hangzhou Xihu Operation")
+Hangzhou Xihu New Energy Auto Operation Co.,Ltd.
+65,426
+182,919
+43,185
+127,175
+663,956
+219,816
+The amount due from joint ventures and associates:
+Shenzhen BYD Daimler New Technology Co., Ltd. ("BDNT")
+Tianjin BYD Automobile Company Limited ("Tianjin BYD")
+Nanjing Jiangnan Electric Car Rental Company Limited
+("Jiangnan Chuzu")
+63
+BYD Company Limited
+Interim Report 2015
+31 December
+2015
+(Unaudited)
+RMB'000
+30 June
+(c) Outstanding balances with related parties:
+16. Related party transactions (continued)
+For the Six Months ended 30 June 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+40
+44,866
+40
+2014
+(Audited)
+RMB'000
+Shenzhen Pengcheng Electric Car Rental Company Limited
+Development Co.,Ltd. ("Tibet Changdu Tianhui")
+7,611
+In 2011, the Group entered into a series of agreements (the "Agreements") with BDNT, including a Service Agreement on Development of
+New Electronic Vehicles In China and a Framework Agreement on the Production and Distribution of New Electronic Vehicles. According to
+the Agreements, the Group will provide services to BDNT on design and development of new electric vehicles (the "Vehicles"), manufacture
+and sell the Vehicles to BDNT. The transactions occurred under the Agreements in the six months ended 30 June 2015 were detailed in
+note 16(a) to the financial statements.
+Northern Qinchuan
+The amount due to other related parties:
+The balances are unsecured, interest-free and have no fixed terms of repayment.
+International Financial Lease
+Tianjin BYD
+BDNT
+The amount due to joint ventures and associates:
+("International Financial Lease")
+Shenzhen BYD International Financial Lease Co.,Ltd.
+15
+("Pengcheng Chuzu")
+15
+914
+6,255
+Shenzhen BYD Electric Car Investment Co. Ltd. ("BYD Electric Car")
+1,828
+("Qianhai Green transport")
+Shenzhen Qianhai Green transportation Co.,Ltd.
+10,000
+10,000
+("Shan Mei Ling Qiu Bi Xing")
+Shan Mei Ling Qiu Bi Xing Industry Development Co.,Ltd.
+6,968
+Tibet Changdu Region Tianhui New Energy Technology
+(b) Commitments with related parties:
+Purchase of products and raw materials
+(vii)
+Cangzhou Mingzhu
+70,172
+108,238
+Service income
+171,149
+(ii)
+Sales of machinery and equipment
+340,929
+441,356
+(i)
+Sales of products and raw materials
+Joint ventures and associates
+RMB'000
+RMB'000
+30 June 2014
+(Unaudited)
+(Unaudited)
+For the six months ended
+30 June 2015
+(a) In addition to the transactions detailed elsewhere in the interim condensed consolidated financial
+statements, the Group had the following transactions with related parties during the period:
+16. Related party transactions
+For the Six Months ended 30 June 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+Interim Report 2015
+BYD Company Limited
+313
+The purchase of products from Cangzhou Mingzhu Company Ltd. ("Cangzhou Mingzhu"), a company of which an independent non-executive director of the
+Company is the independent director of the board, were charged at prices mutually agreed between the Group and the Cangzhou Mingzhu.
+13,256
+(v)
+The purchase of products from Xi'an Northern Qinchuan Company Ltd. ("Northern Qinchuan"), a company of which a supervisor of the Company is the
+chairman of the board, were charged at prices mutually agreed between the Group and the Northern Qinchuan;
+(vi)
+The rental expense was charged at prices mutually agreed between the Group and the associate;
+(v)
+The purchase of products and raw materials from the joint ventures and associates were charged at prices mutually agreed between the Group and the joint
+ventures and associates;
+(iv)
+The service income was charged at prices mutually agreed between the Group and the joint ventures and associates;
+(iii)
+(ii)
+The sales of machinery and equipment to an associate were charged at prices mutually agreed between the Group and the associate;
+The sales of products and raw materials to the joint ventures and associates were charged at prices mutually agreed between the Group and the joint ventures
+and associates;
+(i)
+Notes:
+26,881
+(vii)
+Cangzhou Mingzhu
+Purchase of products and service from
+3,941
+75
+(vi)
+Northern Qinchuan
+Purchase of products and service from
+86,754
+Rental expense
+90,815
+For the six months ended
+30 June 2015
+976,892
+31,857,339
+30,151,934
+31,857,339
+Interest-bearing bank and other borrowings
+Financial liabilities
+(Unaudited)
+(Audited)
+2015
+RMB'000
+RMB'000
+2014
+(Audited)
+2014
+RMB'000
+31 December
+30 June
+Fair values
+Carrying amounts
+30 June
+2015
+RMB'000
+(Unaudited)
+315,311
+405,148
+315,311
+42
+42
+405,148
+Financial assets
+Long-term receivable
+30,151,934
+(Audited)
+BYD Company Limited
+Interim Report 2015
+For the Six Months ended 30 June 2015
+As at the date of this announcement, the board of directors of the Company comprises
+Mr. Wang Chuan-fu being the executive Director, Mr. Lv Xiang-yang and Mr. Xia Zuo-quan being
+the non-executive Directors, and Mr. Wang Zi-dong, Mr. Zou Fei, and Ms. Zhang Ran being the
+independent non-executive Directors.
+26 August 2015, Shenzhen, PRC
+44
+2015.
+These interim condensed consolidated financial statements were approved and authorised for issue by the board of directors on 26 August
+20. Approval of the interim condensed consolidated financial statements
+The Board does not recommend the payment of interim dividend for the reporting period (For the six months ended 30 June 2014: Nil).
+19. Interim Dividend
+For the Six Months ended 30 June 2015
+Consolidated Financial Statements
+Notes to Interim Condensed
+Interim Report 2015
+BYD Company Limited
+43
+On 30 June 2015, the CSRC issued the "Approval on the Public Issuance of Corporate Bonds by BYD Company Limited to Eligible Investors"
+(KHASÆLERSÁRAJÁ¤¤¤¤Âƒ¾ÍA]£#§#P)) (Zheng Jian Xu Ke [2015] No. 1461), granting the
+approval to the Company to issue corporate bonds publicly in an aggregate nominal value of not more than RMB3 billion to eligible investors.
+These Corporate Bonds would be issued in multiple tranches, with the first tranche to be issued within twelve months from the date of approval
+of the issue and the other tranches to be issued within 24 months from the date of approval of the issue. On 10 August 2015, the Company
+published an announcement on the issuance of the 2015 corporate bonds (first tranche) (hereinafter referred to as the "Bonds"). The total
+issuing amount of the Bonds was RMB1.5 billion, which are three-year unsecured fixed rate bonds. The interest of the Bonds shall be calculated
+per annum by adopting the simple interest method and the compound interest shall not be calculated. From 12 August 2015 to 14 August 2015,
+the Company issued the Bonds offline at a coupon rate of 4.10% to eligible investors. On 14 August 2015, the issuance of the Bonds had been
+completed.
+On 9 July 2015, the Listed Companies Merger and Reorganisation Approval Committee of the CSRC held its 58th work meeting in 2015 during
+which it conditionally approved the transactions, including the subscription of shares issued by Holitech and the acquisition of the 100% equity
+interests of the Target Company by way of cash payment. Currently, the Company has not yet received the official approval document from the
+CSRC for the transactions.
+On 12 February 2015, the board of directors resolved to dispose of the entire equity interest of Shenzhen BYD Electronic Components Co., Ltd..
+The Company has entered into "The strategic cooperation, asset purchase in consideration of non-public offering shares and cash framework
+agreement" with Holitech Technology Co., Ltd. ("Holitech"), an unrelated third party, to dispose of the entire equity interest of Shenzhen BYD
+Electronic Components Co., Ltd. ("Electronic Components" or "Target Company") to Holitech. On 3 April 2015, the Company entered into "The
+strategic cooperation, asset transfer in consideration of non-public offering shares and cash agreement" with Holitech. Pursuant to the aforesaid
+agreements, the Company and Holitech negotiated the consideration for the transfer based on the appraised value of the entire equity interest
+of the Target Company in an asset report issued by an appraisal institution with qualifications in the securities business and agreed that the
+aggregate consideration for the disposal was RMB2,300,000,000, of which (i) 75% of the consideration shall be satisfied by the allotment and
+issue, credited as fully paid, of 178,941,908 consideration shares at an issue price of RMB9.64 per share to the Company by Holitech and (ii)
+the remaining 25% of the consideration shall be satisfied in cash.
+18. Post balance sheet events
+The fair values of the interest-bearing bank and other borrowings have been calculated by discounting the expected future cash flows using rates
+currently available for instruments with similar terms, credit risk and remaining maturities. The Group's own non-performance risk for interest-
+bearing bank and other borrowings as at 30 June 2015 was assessed to be insignificant.
+The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
+transaction between willing parties, other than in a forced or liquidation sale.
+The Group's corporate finance team headed by the finance manager is responsible for determining the policies and procedures for the fair value
+measurement of financial instruments. The corporate finance team reports directly to the chief financial officer and the audit committee. At
+each reporting date, the corporate finance team analyses the movements in the values of financial instruments and determines the major inputs
+applied in the valuation. The valuation is reviewed and approved by the chief financial officer. The valuation process and results are discussed
+with the audit committee twice a year for interim and annual financial reporting.
+Management has assessed that the fair values of short term deposits, cash and cash equivalents, pledged deposits, trade and bills receivables,
+trade and bills payables, financial assets included in prepayments, deposits and other receivables, financial liabilities included in other payables,
+amounts due from/to the joint ventures and associates approximate to their carrying amounts largely due to the short term maturities of these
+instruments.
+17. Fair value of financial instruments (continued)
+Notes to Interim Condensed
+Consolidated Financial Statements
+504,935
+(Unaudited)
+RMB'000
+16. Related party transactions (continued)
+For the Six Months ended 30 June 2015
+Notes to Interim Condensed
+Consolidated Financial Statements
+Interim Report 2015
+BYD Company Limited
+41
+61,533
+29,385
+61,533
+11
+29,374
+RMB'000
+2014
+(Audited)
+31 December
+RMB'000
+30 June
+2015
+(Unaudited)
+23,948
+132,769
+530
+2,197
+8,713
+129
+14,705
+130,443
+(d) Other transactions with related parties:
+(Audited)
+As at 30 June 2015, the Company has guaranteed certain bank loans made to BDNT of up to RMB586,955,000 (31 December 2014:
+RMB102,370,000).
+Compensation of key management personnel of the Group:
+2014
+2015
+RMB'000
+RMB'000
+2014
+(Unaudited)
+2015
+RMB'000
+31 December
+Fair values
+30 June
+31 December
+Carrying amounts
+30 June
+Group
+The carrying amounts and fair values of the Group's and the Company's financial instruments, other than those with carrying amounts that
+reasonably approximate to fair values, are as follows:
+17. Fair value of financial instruments
+16,266
+18,624
+16,155
+111
+(Unaudited)
+RMB'000
+18,461
+163
+RMB'000
+(Unaudited)
+30 June 2014
+Pension scheme contributions
+Short term employee benefits
+(e) Others
+31 December
+19,018,263
+21,709,764
+Zou Fei
+Authorized Representatives
+Wang Chuan-fu
+Li Qian
+Legal Address
+No. 1, Yan' an Road
+Kuichong Street
+Dapeng New District
+Shenzhen
+Guangdong Province
+Wang Zi-dong
+The PRC
+Lv Xiang-yang
+Wang Zi-dong
+Zou Fei
+Zhang Ran (Chairman)
+Remuneration Committee
+Wang Chuan-fu
+Xia Zuo-quan
+Wang Zi-dong
+Zou Fei (Chairman)
+Audit Committee
+International Auditors
+Xia Zuo-quan
+Strategy Committee
+Wang Chuan-fu (Chairman)
+Lv Xiang-yang
+Xia Zuo-quan
+Independent Non-executive Directors
+Wang Zi-dong
+Zou Fei
+Zhang Ran
+Supervisors
+Dong Jun-qing
+Li Yong-zhao
+Lv Xiang-yang
+Wang Zhen
+Huang Jiang-feng
+Company Secretary
+Li Qian
+Nomination Committee
+Wang Chuan-fu
+Lv Xiang-yang
+Wang Zi-dong (Chairman)
+Zou Fei
+Zhang Ran
+Yan Chen
+Non-executive Directors
+Ernst & Young
+Ernst & Young Hua Ming (LLP)
+H Shares: 01211 (The Stock Exchange of Hong Kong Limited) ("Hong Kong Stock Exchange")
+A Shares: 002594 (Shenzhen Stock Exchange)
+5
+6
+BYD Company Limited Annual Report 2016
+Chairman's Statement
+Dear shareholders,
+On behalf of the Board of Directors of BYD Company Limited ("BYD"
+or the "Company") and its subsidiaries (collectively referred to as the
+"Group"), I hereby present the annual report of the Group for the year
+ended 31 December 2016 (the "Year").
+2016 is the first year of China's "13th Five-Year Plan" and China's
+economic development entered the "new_normal". Focusing on
+promoting the supply-side structural reforms, the Central Government
+put fostering strategic emerging industries in a more outstanding
+position in economic and social development. During the Year,
+benefiting from purchase tax concessions policy, the production and
+sales of passenger vehicles hit record high again and SUV is still the
+main growth driver for China's automobile market. Affected by the
+fraud investigations and changes of policies, growth of new energy
+automobile industry slowed down during the Year, and nevertheless, it
+still attained relatively rapid growth. As for the handset industry, China's
+branded smartphone shipments remained strong. With an increasingly
+mature manufacturing technology of metal parts, its cost was declining
+and remained to lead the trend of the industry. As for the rechargeable
+battery industry, the market for traditional batteries is still developing
+steadily. With a declining module cost, the development pace of
+distributed photovoltaic industry clearly accelerated and photovoltaic
+industry showed a continuous recovery, but the market competition is
+still fierce.
+Stock Code
+Against this backdrop, turnover of the Group increased by 29.11% to
+RMB100,208 million during the Year. Profit attributable to owners of the
+parent company increased by 78.94% to RMB5,052 million. Earnings
+per share were RMB1.88. The Board recommended the payment of
+final dividends of RMBO.178 per share (tax inclusive) for the year ended
+31 December 2016.
+During the Year, the straddle monorail "Skyrail” for which the Group
+spent 5 years for its research and development was officially launched.
+In addition, the first "Skyrail” line with proprietary intellectual property
+right, was completed and commenced operation, which marked BYD's
+official entry into the urban rail transportation industry. "Skyrail", as
+part of the multilevel transportation system, has an exclusive road
+right similar to metro and is capable for high-speed mass transit with
+construction cost and conditions significantly lower than metro, and
+therefore, it can bring good social and economic benefits, and play
+a significant role in improving urban traffic situation. The launch of
+"Skyrail" not only can solve the growing urban traffic problem, but also
+help the Group realize a layout of public transportation with a multilevel
+coverage from the ground to the air, thus bringing the Group to a new
+blue ocean and creating new opportunities for the long-term growth of
+the Group.
+As for the handset component and assembly business, leveraging on
+rich experience, leading technology and well-developed techniques
+accumulated in metal parts area, the Group continued to maintain close
+cooperation with leading handset manufacturers at home and abroad
+and actively sought business from new clients. The metal parts business
+maintained its fast growth during the Year, making a decent contribution
+to the profit of the Group. In the rechargeable battery business,
+traditional battery business maintained stable development, while
+photovoltaic business achieved rapid growth in revenue but continued
+certain losses.
+During the Year, the Group completed the non-public offering of A
+shares and raised total funds of about RMB14.473 billion with strategic
+investment from SDIC Advanced Manufacturing Industry Investment
+Fund (¸£À¤¤¤¥1) and Samsung Group, thus
+the capital strength of the Group was greatly enhanced, and sufficient
+fund was provided for the Group's future development. Meanwhile,
+in order to protect the upstream supply of key resources for new
+energy automobile power batteries, the Group signed a "Cooperative
+Framework Agreement on the Exploitation of Lithium Resources in Salt
+Lake" with Qinghai Salt Lake Industry Co., Ltd. (I☀
+1) during the Year, pursuant to which, the parties have
+agreed to set up a joint venture in Qinghai engaging in the development,
+processing and sales of lithium resources in the Salt Lake, by which the
+Group realized its layout regarding the upstream industry chain of its
+new energy automobiles.
+BYD Company Limited Annual Report 2016
+7
+Chairman's Statement
+Looking into 2017, BYD will make additional investments to expand
+production capacity, improve product competitiveness, accelerate
+research and development and launch more new models with the
+aim of satisfying the market's growing demand. Currently, as the
+construction of rail transportation has been included into major
+development projects by the "13th Five-year Plan" in several provinces
+and municipalities, the Group will focus on developing low-carbon and
+green "Skyrail" and strive to cooperate with more cities in China to cope
+with the increasingly severe traffic problems in cities.
+In the handset component and assembly business, the Group will
+continue to make efforts to develop its metal parts business and also
+actively seek business from new customers at home and abroad to
+establish a more diverse customers base. In respect of the application
+of new materials, the Group will focus on developing technology
+and techniques related to 3D glass, enhancing product yield rate
+and expanding product capacity, in order to be well-prepared for
+the customers' diversified product needs in the future and achieve
+sustainable development of its handset component and assembly
+business. For the business of rechargeable batteries, the Group will
+continue to maintain the stable development of its traditional battery
+business, while actively expanding the domestic and international
+photovoltaic and energy storage markets, with a view to promoting the
+development of photovoltaic business and energy storage business, and
+striving to increase the revenue and profitability.
+During the Year, BYD proactively rushed forward the development of the
+new energy automobile business, and maintained its leading position in the
+world's new energy automobiles field, topping the global market again in
+terms of sales volume. Of which, the Group's plug-in hybrid vehicle model
+"Tang" ranked first in terms of sales of China's new energy automobiles.
+The vehicle models "Qin EV300" and "e5" received overwhelming response
+from consumers once launched and became the leading models in Beijing
+market. In respect of traditional automobile business, the Group's first
+small-sized SUV model "Yuan" which was launched in April, improved the
+Group's SUV product line. The "matchless edition" of "Song", launched in
+September 2016, has recorded monthly sales of over 10,000 units for three
+consecutive months. The impressive sales of SUV models, provided driving
+force for the continuous improvement in the Group's traditional automobile
+product structure.
+Domestic Auditors
+www.byd.com.cn
+Fax: (852) 3170 6606
+Zhang Ran
+BYD Company Limited Annual Report 2016
+Corporate Information
+Place of Business in Hong Kong
+Unit 1712, 17th Floor
+Tower 2 Grand Central Plaza
+No. 138 Shatin Rural Committee Road
+New Territories
+Hong Kong
+Website
+Hong Kong Share Registrar and Transfer Office
+Shops 1712-1716
+17th Floor
+Hopewell Centre
+183 Queen's Road East
+Wanchai
+Hong Kong
+Investor and Media Relations Consultant
+iPR Ogilvy Ltd.
+Tel: (852) 2136 6185
+Computershare Hong Kong Investor Services Limited
+Wang Chuan-fu
+Executive Director
+Corporate Information
+Total assets
+Gearing ratio (%) (Note)
+Current ratio (times)
+Trade and bills receivables turnover (days)
+Inventory turnover (days)
+2016
+RMB'000
+2015
+RMB'000
+As at 31 December
+2014
+RMB'000
+Net assets (less minority interests)
+2013
+RMB'000
+25,365,597
+2012
+RMB'000
+21,196,984
+145,070,778
+115,485,755
+94,008,855
+78,014,834
+70,007,807
+74
+109
+51,255,929 32,294,404
+103
+0.2
+81,377
+55,366,384
+49,767,887
+44,380,858
+7,623,458
+6,516,314
+5,126,328
+Gross profit margin (%)
+19
+15
+1
+14
+12
+Profit attributable to equity holders of the parent
+5,052,154
+2,823,441
+Net profit margin (%)
+5.0
+3.6
+433,525
+0.8
+553,059
+13
+94
+71
+1.00
+U.S.A.
+Europe
+Others
+BYD Company Limited Annual Report 2016
+3
+Financial Highlights
+7%
+2015
+2015
+China
+2016
+3.7%
+OO
+2016
+%8*76
+2015
+2015
+%7*06
+4
+BYD Company Limited Annual Report 2016
+1.8%
+·
+Turnover Breakdown by Locations of Customers
+2016
+0.82
+0.77
+0.69
+0.63
+132
+116
+118
+86
+83
+76
+73
+71
+68
+67
+Note: Gearing ratio = Total borrowings net of cash and cash equivalents/net assets (less minority interests)
+Turnover Breakdown by Product Categories
+Rechargeable Battery and Photovoltaic
+7%
+Handset and Assembly Services
+Automobiles
+2016
+New energy automobiles and "Skyrail" are the key strategic
+development directions of BYD in the future, and through new
+energy automobiles and "Skyrail", BYD will provide cities with a
+comprehensive solution from addressing pollution to traffic congestion.
+BYD is committed to solving the problem of air pollution and traffic
+congestion commonly found in cities, with an aim to keep improving
+the living environment of cities while achieving continuous growth of
+BYD. On behalf of BYD, I would like to express sincere gratitude to our
+customers, business partners, investors and shareholders for their
+support and trust in the Group. I also give my heartful thanks to all the
+staff members for their loyalty, hard work and professionalism in the
+past year. BYD will continue to expedite the development of all of its
+businesses and focus on maximizing returns for shareholders.
+Wang Chuan-fu
+77,611,985
+11,859,244
+Shenzhen, the PRC, 28 March 2017
+4 Corporate Information
+Financial Highlights
+2
+Contents
+新能源業務是比亞迪未來發展的重要範疇,憑藉自身在新能源業務領域的技術和品質優勢,集團將積極拓展新能源產品領域的相關業務,推動業務長遠及可
+持續發展。
+二零零八年九月,Berkshire Hathaway旗下附屬公司MidAmerican Energy Holdings Company(中美能源控股公司,現更名為Berkshire Hathaway Energy)與本公司簽署協議,
+認購本公司2.25億股H股(佔目前本公司總股本的約8.25%),成為集團的長期投資戰略夥伴。二零一一年二月,集團與Daimler AG(戴姆勒)的合資公司正式成
+立,以共同研究及開發電動車。二零一一年六月,公司首次向中國社會公眾公開發行人民幣普通股(A股)7,900萬股並在深圳證券交易所(「深交所」)中小企業
+板上市。
+自二零零三年拓展汽車業務以來,憑藉集團產品領先的技術及成本優勢及具備國際標準的卓越質量,集團的汽車業務實現高速增長,迅速成長為領先的中國
+自主品牌汽車廠商。作為全球新能源汽車研發和推廣的先驅,集團於新能源汽車領域擁有雄厚的技術積累、領先的市場份額,奠定了比亞迪於全球新能源汽
+車領域的行業領導地位。
+作為全球領先的手機部件及組裝業務的供應商之一,本集團可以為客戶提供從整機設計、部件生產到整機組裝的垂直整合的一站式服務,產品覆蓋手機、平
+板電腦、筆記本電腦及其他消費類電子產品等領域,但不生產自有品牌的整機產品。該業務的主要客戶包括三星、蘋果、華為、聯想、vivo、華碩等智能移動
+終端領導廠商。
+比亞迪為全球領先的二次充電電池製造商之一,主要客戶包括三星、華為等手機領導廠商,以及博世、庫柏等全球性的電動工具及其他便攜式電子設備廠
+商。本集團生產的鋰離子電池及鎳電池廣泛應用於手機、數碼相機、電動工具、電動玩具等各種便攜式電子設備和電動產品。
+比亞迪股份有限公司(「比亞迪」或「本公司」,連同其附屬公司統稱「本集團」;股份代號:(H股:01211:A股:002594)主要從事二次充電電池及光伏業務、
+手機部件及組裝業務,以及包含傳統燃油汽車及新能源汽車在內的汽車業務,同時利用自身的技術優勢積極拓展新能源產品領域的相關業務。
+New energy business is an important area for BYD's future development. By leveraging its technology and quality advantages in the new energy sector, the Group will actively develop
+business relating to the area of new energy products to facilitate its long-term and sustainable development.
+In September 2008, MidAmerican Energy Holdings Company (now renamed as Berkshire Hathaway Energy), a subsidiary of Berkshire Hathaway, entered into an agreement with
+the Company, pursuant to which MidAmerican Energy Holdings Company acquired 225 million H Shares of the Company, representing approximately 8.25% of the Company's total
+capital at present, to become the Group's long term strategic partner. In February 2011, the joint venture of the Group and Daimler AG was formally established for the joint research
+and development of electric vehicles. In June 2011, the Company made an IPO of 79 million RMB ordinary shares (A shares) which were listed on the SME Board of Shenzhen Stock
+Exchange ("the Shenzhen Stock Exchange").
+Since tapping into the automobile business in 2003, by leveraging on its advanced technology and cost advantages and international quality products, the Group has achieved
+remarkable growth in automobile business and has rapidly grown into a leading automobile manufacturer in China with domestic self-owned brand. As a pioneer in the research and
+development and promotion of new energy vehicles in the world, the Group has accelerated extensive skills and gained leading market share in the new energy vehicles area, which
+has established the leading position of BYD in the global new energy vehicles sector.
+As one of the world's leading suppliers for handset components and assembly operations, the Group can provide customers with vertically integrated one-stop services from whole
+product design, components manufacturing to whole product assembly services, with the product portfolio covering handsets, tablets, notebook computers and other consumer
+electronic products, but the Group does not produce its own brand of whole products. Main customers of the business include Samsung, Apple, Huawei, Lenovo, Vivo, Asus and other
+intelligent mobile terminal leaders.
+BYD is one of the leading rechargeable battery manufacturers in the global arena. Major clients include leading handset manufacturers such as Samsung and Huawei, as well as
+global electric power tools and other portable electronic equipment manufacturers such as Bosch and Cooper. Lithium-ion and nickel batteries produced by the Group are widely
+applied on handsets, digital cameras, power tools, electric toys and other portable electronic devices and electric products.
+BYD Company Limited (“BYD” or “the Company" together with its subsidiaries, “the Group"; stock code: H Shares: 01211; A Shares: 002594) is principally engaged in rechargeable
+battery and photovoltaic business, handset components and assembly services, as well as automobile business which includes traditional fuel-engined vehicles and new energy
+vehicles while taking advantage of its technological superiority to actively develop business relating to the area of new energy products.
+公司簡介
+Company Profile
+The Board of Directors of the Company (the "Board") is pleased to announce the audited results
+of the Company and its subsidiaries for the twelve months period ended 31 December 2016. This
+announcement, containing the full text of the 2016 Annual 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 annual
+results. Printed version of the Company's 2016 Annual Report will be delivered to the Company's
+shareholders and will also be available for viewing on the websites of Hong Kong Exchanges and
+Clearing Limited at http://www.hkex.com.hk and of the Company at http://www.byd.com.cn.
+2016 ANNUAL RESULTS ANNOUNCEMENT
+Website: http://www.byd.com.cn
+(Stock Code: 1211)
+(A joint stock company incorporated in the People's Republic of China with limited liability)
+比亞迪股份有限公司
+BYD
+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.
+Chairman
+6 Chairman's Statement
+10 Management Discussion and Analysis
+BYD COMPANY LIMITED
+27 Corporate Governance Report
+20 Directors, Supervisors and Senior Management
+E
+F
+HE
+100,207,703
+Gross profit
+Turnover
+2012
+RMB'000
+2013
+RMB'000
+2014
+RMB'000
+2015
+RMB'000
+RMB'000
+2016
+For the year ended 31 December
+*****
+Financial Highlights
+Five-Year Comparison of Key Financial Figures
+42 Independent Auditor's Report
+47 Consolidated Statement of Profit or Loss
+48 Consolidated Statement of Comprehensive Income
+49 Consolidated Statement of Financial Position
+41 Report of the Supervisory Committee
+53 Consolidated Statement of Cash Flows
+BYD Company Limited Annual Report 2016
+51 Consolidated Statement of Changes in Equity
+2
+34 Report of the Directors
+55 Notes to Financial Statements
+132 Five Year Financial Summary
+export storage, technologies
+49%
+Co., Ltd. ("Hangzhou BYD Xihu Auto")
+40%
+RMB1,500,000,000
+PRC/Mainland China
+80%*
+80%
+80%
+used vehicles, import and
+BYD Auto Finance Company Limited
+("BYD Auto Finance")
+issuance of financial bonds,
+New energy vehicle technology,
+internet technology
+development,technical
+services and advice
+Auto financing lease, auto loan,
+car finance consulting
+agency
+Investment, operation of energy
+Hubei Energy Storage Co. Ltd.
+("Hubei Energy Storage")
+RMB100,000,000
+PRC/Mainland China
+55%*
+and agency
+49%
+interest
+RMB100,000,000
+60%
+94
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+18. Investments in joint ventures (continued)
+Name
+Particulars of
+registered
+capital held
+Place of
+registration
+Ownership
+Percentage of
+Voting
+PRC/Mainland China
+Profit
+power
+sharing
+Principal activities
+Beijing Hualin Loading Co., Ltd
+("Beijing Hualin")
+RMB100,000,000
+PRC/Mainland China
+49%
+40%
+49%
+Production and sale for special-
+Hangzhou BYD Xihu New Energy Auto
+and business
+55%
+1,390,108
+Xi'an Infrastructure Yadi Automobile
+service Co., Ltd
+Non-current assets, excluding goodwill
+Financial liabilities, excluding trade and other payables
+Other current liabilities
+1,724,043
+2,402,268
+337,716
+211,400
+1,252,234
+996,806
+Current liabilities
+1,589,950
+1,208,206
+Non-current financial liabilities, excluding trade and other payables
+1,485,000
+1,324,161
+Net assets
+39,201
+1,338,714
+Net assets, excluding goodwill
+39,201
+1,338,714
+Reconciliation to the Group's interest in the joint venture:
+Proportion of the Group's ownership
+1,468,813
+93
+843,195
+1,062,012
+RMB10,000,000 PRC/Mainland China
+40%
+40%
+40%
+Automobile and parts sales;
+Automobile maintenance
+("Xi'an Infrastructure")
+**
+According to the articles of association of these investees, board resolution requires unanimous consent of two-thirds majority all board of directors. Thus, the Group
+does not have control even though the Group's ownership interests in these investees are greater than 50%.
+At 7 November 2016, Shenzhen BYD Daimler New Technology Co., Ltd, officially changed its name to Shenzhen Denza New Energy Automotive Co., Ltd.
+DENZA, which is considered a material joint venture of the Group, is a strategic partner of the Group primarily engaged in the research and
+development and sales of automobile products and is accounted for using the equity method.
+storage
+BYD Company Limited Annual Report 2016
+18. Investments in joint ventures (continued)
+31 December 2016
+The following table illustrates the summarised financial information in respect of DENZA adjusted for any differences in accounting policies, and
+reconciled to the carrying amount in the consolidated financial statements.
+Cash and cash equivalents
+Other current assets
+Current assets
+2016
+RMB'000
+2015
+RMB'000
+328,096
+625,618
+Notes to Financial Statements
+and sales
+RMB10,000,000
+automobiles
+1,522,017
+1,751,159
+1,522,017
+The Group's trade receivable balances due from and due to the joint ventures are disclosed in note 39(c) to the financial statements.
+Particulars of the Group's joint ventures are as follows:
+Name
+Particulars of
+registered
+capital held
+Place of
+registration
+and business
+Ownership
+Percentage of
+Voting
+interest
+power
+Profit
+sharing
+Principal activities
+Shenzhen Pengcheng Electric Car
+RMB20,000,000 PRC/Mainland China
+45%
+40%
+45%
+Taxi business, advertising and
+Rental Company Limited
+rental of electric vehicles
+("Pengcheng Chuzu")
+1,751,159
+2015
+RMB'000
+2016
+RMB'000
+31 December 2016
+At 31 December 2015:
+Cost
+9,406,925
+63,295
+Accumulated amortisation and impairment
+(2,478,431)
+(60,226)
+8,963
+(6,253)
+432,917
+9,912,100
+(264,374)
+Shenzhen Denza New Energy
+(2,809,284)
+6,928,494
+3,069
+2,710
+168,543
+7,102,816
+An impairment provision of RMB169,854,000 was made to development costs related to the reportable segment of automobiles and related products in the year
+ended 31 December 2016. The economic performance of the item of development cost is worse than expected. The recoverable amount of the development costs in
+relation to particular projects is the value in use determined by the present value of the cash generating unit's estimated future cash flows. The discount rate used in
+the current estimate of value in use is 13%.
+Deferred development costs are stated at cost less any impairment losses. The development costs are amortised using the straight-line basis
+over the commercial lives of the underlying products not exceeding five years, except for those of new energy vehicles which are amortised using
+the unit of production method, commencing from the date when the products are put into commercial production.
+18. Investments in joint ventures
+Shares of net assets
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+Net carrying amount at 31 December 2015
+RMB2,360,000,000
+PRC/Mainland China
+50%
+50%
+New energy investment and the
+Investment Co., Ltd.
+("BYD Electric Car")
+establishment of industrial
+electric vehicle industry
+Guangzhou Guang Qi BYD New
+RMB300,000,000
+PRC/Mainland China
+51%*
+50%
+60%
+51%
+Energy Bus Co., Ltd.
+("Guang Qi BYD")
+Shenzhen Didi New Energy Auto
+RMB140,000,000
+PRC/Mainland China
+60%*
+66.67%
+60%
+Lease Co.,Ltd. ("Shenzhen Didi")
+auto parts and accessories
+and manufacture of
+Manufacturing and design of
+Electric car and fuel car rental
+50%
+50%
+50%
+50%
+Research, development and
+Automotive Co., Ltd. ("DENZA")**
+sale of automobiles
+Tianjin BYD Automobile Company
+Limited ("Tianjin BYD")
+RMB350,000,000
+PRC/Mainland China
+50%
+50%
+50%
+PRC/Mainland China
+Assembly and sale of
+Nanjing Jiangnan Electric Car
+RMB20,000,000
+PRC/Mainland China
+60%*
+60%
+60%
+Taxi business and rental of
+Rental Company Limited
+electric vehicles
+("Jiangnan Chuzu")
+Shenzhen BYD Electric Car
+automobiles and coaches
+50%
+18. Investments in joint ventures (continued)
+19,600
+vehicle maintenance and repair
+("Qianhai Green Transportation")
+Shenzhen Chongdian Easy Co., Ltd
+("Chongdian Easy")
+RMB50,000,000 PRC/Mainland China
+20%
+25%
+20%
+Shenzhen Yichong Technology
+Co., Ltd ("Yichong")
+RMB10,000,000 PRC/Mainland China
+30%
+30%
+Power equipment maintenance;
+Electric vehicle charging
+infrastructure design;
+New energy, charging
+equipment technology
+development, consultation,
+transfer, and services
+30% Computer network platform
+software development and
+e-commerce; Network
+business services, database
+services, database
+management; Development of
+new energy charging
+technology, technology
+information consulting,
+technology transfer,
+technical services
+The following table illustrates the aggregate financial information of the Group's associates that are not individually material:
+2016
+RMB'000
+Transportation Co., Ltd.
+Car rental Public transportation
+19%
+29%
+Particulars of
+registered
+capital held
+Place of
+registration
+and business
+Percentage of
+Ownership
+Voting
+Profit
+interest
+power
+sharing Principal activities
+Hangzhou Xihu New Energy Auto
+RMB50,000,000
+2015
+RMB'000
+PRC/Mainland China
+29%
+20%
+29%
+Operation Co., Ltd.
+("Hangzhou Xihu Operation”)
+Taxi service Electric vehicle
+rental Electric vehicle charging
+infrastructure
+Shenzhen Qianhai Green
+RMB20,000,000
+PRC/Mainland China
+19%
+7,102,816
+Share of the associates' profit for the year
+Share of the associates' total comprehensive income
+Elimination of unrealised profit
+At 31 December
+Development expenditure, at cost:
+At the beginning of year
+Additions
+At 31 December
+2016
+RMB'000
+2015
+RMB'000
+684,950
+684,950
+684,950
+At the beginning of year
+684,950
+150,851
+6,682
+78,760
+236,293
+229,611
+921,243
+914,561
+Property under development expected to be recovered:
+After more than one year
+921,243
+914,561
+229,611
+Name
+Land in Mainland China held under medium term leases, at cost:
+The above investments consist of investments in equity securities which were designated as available-for-sale financial assets and have no fixed
+maturity date or coupon rate.
+19,366
+(19,612)
+19,366
+(19,612)
+(737)
+3,648
+Aggregate carrying amount of the Group's investments in the associates
+493,599
+359,879
+98
+BYD Company Limited Annual Report 2016
+21. Property under development and completed property held for sale
+Notes to Financial Statements
+20. Available-for-sale investments
+Listed equity investments, at fair value:
+Unlisted equity investments, at cost:
+2016
+RMB'000
+2015
+RMB'000
+3,206,386
+18,852
+3,036,215
+35,142
+3,225,238
+3,071,357
+As at 31 December 2016, certain unlisted equity investments with a carrying amount of RMB18,852,000 (2015: RMB35,142,000) were stated
+at cost less impairment because the range of reasonable fair value estimates is so significant that the directors are of the opinion that their fair
+value cannot be measured reliably. The Group does not intend to dispose of them in the near future.
+During the year, the gain in respect of the Group's available-for-sale investments recognised in other comprehensive income amounted to
+RMB127,629,000 (2015: RMB983,411,000), of which Nil (2015: Nil) was reclassified from other comprehensive income to the statement of
+profit or loss for the year.
+31 December 2016
+Group's share of net assets of the joint venture, excluding goodwill
+97
+31 December 2016
+The following table illustrates the summarised aggregate financial information of the Group's joint ventures that are not individually material:
+2016
+2015
+RMB'000
+RMB'000
+Share of joint ventures' profit for the year
+(10,602)
+(29,588)
+Share of the joint ventures' total comprehensive income
+(10,602)
+(29,588)
+Elimination of unrealised profit
+1,285
+58,672
+Aggregate carrying amount of the Group's investments in the joint ventures
+1,751,159
+819,179
+19. Investments in associates
+Shares of net assets
+Goodwill on acquisition
+Provision for impairment
+Particulars of the Group's associates are as follows:
+2016
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+96
+669,358
+Unrealised gain arising from transactions with the Group
+(19,600)
+(80,138)
+Carrying amount of the investment
+589,220
+Revenue
+Other expense
+Interest income
+Depreciation and amortisation
+Interest expenses
+2015
+Total comprehensive loss for the year
+484,020
+758,108
+14,476
+5,659
+151,365
+66,514
+103,518
+65,476
+(1,299,514)
+(569,447)
+95
+432,059
+RMB'000
+RMB'000
+363,384
+Solar power Ecosystem
+remediation Agricultural
+("Shan Mei Ling Qiu Bi Xing")
+Shenzhen BYD International
+PRC/Mainland China
+30%
+33%
+30%
+Financial Lease Co., Ltd.
+products
+Financial lease Financial lease
+advisory service
+20%
+("International Financial Lease")
+40%
+20%
+40%
+("Shenzhen Electric Power Sales")
+Electric power engineering Design,
+install, operation of electric
+vehicle charging infrastructure,
+and electricity selling
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+19. Investments in associates (Continued)
+Shenzhen Electric Power Sales Co., Ltd. RMB200,000,000 PRC/Mainland China
+97
+20%
+PRC/Mainland China
+235,460
+131,238
+131,238
+(1,023)
+493,599
+366,698
+Name
+Particulars of
+registered
+capital held
+Place of
+registration
+and business
+Percentage of
+Ownership
+20%
+Voting
+interest
+power
+sharing Principal activities
+Tibet Zabuye Lithium Industry Co. Ltd
+("Zabuye Lithium")
+RMB930,000,000 PRC/Mainland China
+18%
+18%
+18%
+Products of Lithium and Boron
+Mineral salt
+Shan Mei Ling Qiu Bi Xing Industry
+Development Co., Ltd.
+RMB10,000,000
+Profit
+RMB400,000,000
+168,543
+3,069
+Accumulated impairment
+Cost
+At 31 December 2016:
+Cost and net carrying amount at 31 December 2016
+Cost at 1 January 2016, net of accumulated impairment
+Impairment during the year
+Net carrying amount
+Net carrying amount
+Accumulated impairment
+65,914
+Cost and net carrying amount at 31 December 2015
+65,914
+Cost at 1 January 2015, net of accumulated impairment
+Impairment during the year
+65,914
+Net carrying amount
+At 31 December 2015:
+Cost
+75,585
+(9,671)
+65,914
+RMB'000
+Automobiles and related products
+2016
+Carrying amount of goodwill
+The carrying amount of goodwill allocated to the cash-generating unit is as follows:
+Goodwill acquired through business combinations is allocated to the automobiles and related products cash-generating unit, which is a
+reportable segment, for impairment testing:
+Impairment testing of goodwill
+16. Goodwill (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+65,914
+(9,671)
+75,585
+65,914
+65,914
+(9,671)
+2015
+RMB'000
+75,585
+Cost
+2015
+RMB'000
+2016
+RMB'000
+Non-current portion
+Current portion included in prepayments, deposits and other receivables
+Carrying amount at 31 December
+Exchange realignment
+4,763,086
+643,086
+Recognised during the year
+Additions
+Carrying amount at 1 January
+15. Prepaid land lease payments
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+Disposal
+4,549,179
+321,843
+(4,745)
+At 1 January 2015:
+RMB'000
+2,710
+16. Goodwill
+As at 31 December 2016, the Group was still in the process of obtaining the land use right certificates for certain parcels of leasehold land with
+a carrying amount of RMB503,049,000 (2015: RMB71,629,000). In the opinion of the directors, there is no major barrier for the Group to obtain
+the land use right certificates.
+4,655,610
+5,182,739
+(107,476)
+(113,721)
+4,763,086
+5,296,460
+(190)
+1,057
+(103,001)
+(110,769)
+Accumulated impairment
+65,914
+65,914
+Assumptions were used in the value in use calculation of the automobiles and related products cash-generating unit for 31 December 2016
+and 31 December 2015. The following describes each key assumption on which management has based its cash flow projections to undertake
+impairment testing of goodwill.
+1,985
+1,643
+6,561,350
+At 31 December 2016
+(1,607,975)
+(169,854)
+9
+9
+194,133
+Exchange realignment
+Impairment*
+(58,496)
+(736)
+(1,533)
+(1,547,210)
+Amortisation provided during the year
+(169,854)
+6,759,111
+At 31 December 2016:
+Cost
+1,985
+1,643
+6,561,350
+Net carrying amount at 31 December 2016
+(4,645,412)
+(275,942)
+(3,512)
+(170,463)
+(4,195,495)
+Accumulated amortisation and impairment
+11,404,523
+470,075
+5,497
+172,106
+10,756,845
+84,195
+84,077
+11
+107
+RMB'000
+costs
+proprietary
+Development
+Industrial
+17. Other intangible assets
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+92
+91
+The values assigned to key assumptions are consistent with external information sources.
+Raw materials price inflation - The basis used to determine the value assigned to raw materials price inflation is the forecast price index during
+the budget year.
+Discount rate - The discount rate used is before tax and reflects specific risks relating to the relevant unit.
+Budgeted gross margins – The basis used to determine the value assigned to the budgeted gross margins is the average gross margins
+achieved in the year immediately before the budget year, increased for expected efficiency improvements and expected market development.
+rights
+RMB'000
+90
+Know-how
+RMB'000
+Additions acquired
+1,349,920
+1,349,920
+Additions internal development
+-
+7,102,816
+168,543
+2,710
+3,069
+6,928,494
+amortisation and impairment
+Cost at 1 January 2016, net of accumulated
+31 December 2016
+Total
+RMB'000
+RMB'000
+Software
+89
+The recoverable amount of the automobiles and related products cash-generating unit has been determined based on a value in use calculation
+using cash flow projections based on financial budgets covering a five-year period approved by senior management. The discount rate applied to
+the cash flow projections is 13% (2015: 13%). The growth rate used to extrapolate the cash flows of the automobiles and related products cash
+- generating unit beyond the five-year period is 3% (2015: 3%), which is less than the long term average growth rate of the automobile industry.
+5,757,798
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+14. Property, plant and equipment (continued)
+At 31 December 2016, certain items of the Group's land and buildings with a net carrying amount of approximately RMB79,509,000 (2015:
+RMB75,506,000) were pledged to secure general banking facilities granted to the Group; and certain items of the Group's construction in
+progress with a net carrying amount of approximately RMB9,778,000 (2015: RMB9,153,000) were pledged to secure general banking facilities
+granted to the Group (note 29(a)).
+As in 2014, the Group entered into sale and leaseback arrangement contracts with third-party leasing companies totalling RMB4,790,000,000,
+with contract terms ranging from three to five years. The substance of the arrangement is that the lessors provide finance to the Group with
+the asset as security. The Group continues to account for the assets in its consolidated statement of financial position. The sales proceeds are
+recorded as other borrowings in the consolidated statement of financial position. As at 31 December 2016, the aggregate book value of the
+assets is RMB3,207,115,000 and the balance of other borrowings amounted to RMB1,858,010,000, of which RMB971,848,000 is recorded
+as a current liability and RMB886,162,000 is recorded as a non-current liability on the Group's consolidated statement of financial position (note
+29(g)).
+31 December 2015
+Freehold
+land and Leasehold
+buildings* improvements
+RMB'000 RMB'000
+Machinery
+and
+equipment
+RMB'000
+Office
+Motor
+vehicles
+RMB'000
+equipment
+and fixtures
+RMB'000
+Construction
+in progress
+RMB'000
+Total
+RMB'000
+At 31 December 2014 and at 1 January 2015:
+Cost
+12,062,597
+Accumulated depreciation and impairment
+(1,528,950)
+61,785 30,354,982
+(21,791) (13,042,486)
+306,145 4,706,908
+(127,536) (2,756,849)
+6,364,617 53,857,034
+(17,477,612)
+Net carrying amount
+10,533,647
+39,994
+194,133
+6,759,111
+31 December 2015
+Cost at 1 January 2015, net of accumulated
+6,928,494
+13
+13
+(116,871)
+38,126,333
+(45,555)
+(735)
+(3,851)
+(777,855)
+(116,871)
+(56)
+(56)
+63,897
+17,312,496
+○ - 300 - 63,597
+150,544
+3,445
+6,620
+At 31 December 2015
+Exchange realignment
+Amortisation provided during the year
+Impairment*
+Disposal of a subsidiary
+Additions acquired
+1,676,864
+Additions - internal development
+6,146,356
+amortisation and impairment
+6,306,965
+1,676,864
+178,609 1,950,059
+(827,996)
+At 1 January 2015, net of accumulated
+582
+2,951,731
+(1,767)
+38,045
+418,686 (4,261,614)
+1,685
+(316)
+184
+At 31 December 2015, net of accumulated
+depreciation and impairment
+8,967
+18,756,518
+314,019
+2,206,900 5,757,798
+Exchange realignment
+38,126,333
+Cost
+12,949,368
+Accumulated depreciation and impairment
+(1,867,237)
+27,622 33,550,787
+(18,655) (14,794,269)
+470,540 5,516,779 5,757,798 58,272,894
+(156,521) (3,309,879)
+(20,146,561)
+Net carrying amount
+11,082,131
+8,967
+18,756,518
+314,019 2,206,900
+6,364,617 36,379,422
+At 31 December 2015:
+853,152
+11,082,131
+33,431
+(4,485,620)
+(65,100)
+(3,373,221)
+(5,989)
+(338,681)
+Depreciation provided during the year
+(218,232)
+(38,765)
+(19)
+(179,448)
+Disposals of a subsidiary
+(1,749,363)
+(81,904) (12,119)
+8,199,942
+6,364,617 36,379,422
+1,950,059
+661,769 3,666,914
+178,609
+170,629
+(9,830)
+39,994 17,312,496
+6,714 3,660,485
+(31,752) (1,613,758)
+Disposals
+Additions
+10,533,647
+Transfers
+depreciation and impairment
+(702,629)
+RMB'000
+124,083
+291,660
+Receivables that were neither past due nor impaired relate to a large number of diversified customers for whom there was no recent history of
+default.
+486,100
+RMB'000
+2015
+Receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the Group.
+Based on past experience, the directors of the Company are of the opinion that no provision for impairment is necessary in respect of these
+balances as there has not been any significant change in credit quality and the balances are still considered fully recoverable.
+234,658
+2016
+RMB'000
+101
+102
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+24. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES
+2016
+31 December 2016
+(86,108)
+(35,208)
+(18,636)
+2016
+RMB'000
+43,635,353
+1,702,560
+117,467
+24,572,076
+1,691,008
+101,639
+45,455,380
+One to two years past due
+Less than one years past due
+RMB'000
+Neither past due nor impaired
+The aged analysis of the trade and bills receivables that are not individually nor collectively considered to be impaired is as follows:
+The individually impaired trade receivables relate to customers that were in financial difficulties or were in default in both interest and/or principal
+payments and only a portion of the receivables is expected to be recovered.
+Included in the above provision for impairment of trade receivables is a provision for individually impaired trade receivables of RMB505,556,000
+(2015: RMB486,100,000) with a carrying amount before provision of RMB783,061,000 (2015: RMB800,016,000).
+26,364,723
+486,100
+505,556
+(81)
+117
+(4,929)
+2015
+2015
+RMB'000
+Short-term deposits
+Prepayment for items of property, plant and equipment
+334,438
+83,546
+54,392
+4,635,440
+3,280,091
+At 31 December 2016, an impairment loss of RMB149,478,000 (2015: RMB149,635,000) has been provided against deposits of RMB149,478,000 paid to two
+suppliers (2015: RMB149,635,000).
+Expect for the two suppliers aforementioned, none of the financial assets included in the above balances is past due. The financial
+assets included in the above balances relate to receivables for which there was no recent history of default, except for the two suppliers
+aforementioned.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+25. Cash and cash equivalents, restricted bank deposits and short term deposits
+Notes
+2016
+RMB'000
+2015
+RMB'000
+Cash and bank balances
+Time deposits
+Less: Restricted bank deposits
+319,666
+2,891,261
+4,232,228
+(149,635)
+4,567,407
+3,997,044
+4,567,407
+3,997,044
+Current portion
+Deposits and other receivables
+Impairment*
+Pledged deposits
+Non-current portion
+7,693,666
+346,717
+6,249,709
+7,446,306
+247,360
+Cash and cash equivalents
+Prepayments
+Loans to staff
+4,381,706
+3,040,896
+(149,478)
+At 31 December
+Amount written off as uncollectible
+Exchange realignments
+26,678,639
+At 1 January
+6,783
+Additions
+67,729
+56,038
+At the beginning of year
+Completed property held for sale, at cost:
+2015
+RMB'000
+2016
+RMB'000
+21. Property under development and completed property held for sale (continued)
+31 December 2016
+7,063,692
+5,264,831
+535,385
+856,363
+17,378,439
+At 31 December 2016, there were no inventories (2015: RMB89,878,000) of the Group pledged as security for Group's bank loans.
+15,750,550
+61,865
+Other transfers
+(9,423)
+(64,047)
+6,596,426
+5,935,112
+6,350,115
+3,694,244
+3,429,247
+2015
+RMB'000
+2016
+RMB'000
+Moulds held for production
+99
+Finished goods
+Raw materials
+22. Inventories
+56,038
+33,840
+At 31 December
+(9,509)
+(19,558)
+Recognised in the statement of profit or loss (note 5)
+Work in progress
+Impairment losses recognized (note 6)
+Impairment losses reversed (note 6)
+100
+Notes to Financial Statements
+2016
+RMB'000
+2015
+RMB'000
+21,630,073
+22,185,206
+9,066,113
+2,268,121
+8,588,520
+1,320,239
+6,448,179
+905,073
+45,732,885
+26,678,639
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+23. Trade and bills receivables (continued)
+At 31 December 2016, there were no bills receivable pledged to secure the Group's bank loans (2015: Nil).
+The movements in provision for impairment of trade and bills receivables are as follows:
+The government subsidies of new energy automobiles sales are included in the above trade receivables.
+Over one year
+Seven months to one year
+Four to six months
+31 December 2016
+23. Trade and bills receivables
+Trade receivables
+Bills receivable
+Impairment
+2016
+RMB'000
+2015
+RMB'000
+39,876,063
+20,365,929
+BYD Company Limited Annual Report 2016
+6,362,378
+(505,556)
+(486,100)
+45,732,885
+For sales of traditional fuel-engined automobiles, payment in advance, mainly in the form of bank bills, is normally required. For sales of
+new energy automobiles, the Group generally provides the customers with a credit period of one to twelve months or allow the customers to
+make instalment payment in twelve to twenty-four months. For retention receivables, the due date usually ranges from one to five years after
+acceptance of the vehicles by the customers.
+For sales under other segments, the Group's trading terms with its customers are mainly on credit, except for new customers, where payment in
+advance is normally required. The credit period is generally one to three months. Each customer has a maximum credit limit.
+The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue
+balances are reviewed regularly by senior management. At the end of the reporting period, the Group had certain concentrations of credit
+risk as 8% (2015: 18%) and 24% (2015: 31%) of the Group's trade receivables were due from the Group's largest customer and the five
+largest customers respectively. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade
+receivables are non-interest-bearing.
+The aged analysis of the trade and bills receivables as at the end of the reporting period, based on the invoice date and net of provisions, is as
+follows:
+Within three months
+6,798,810
+(247,360)
+103
+(i)
+Total
+Deferred tax payment
+arising from disposal
+of a subsidiary
+Fair value adjustment
+arising from derivative
+financial instruments
+RMB'000
+RMB'000
+Fair value adjustments
+arising from available-
+for-sale investments
+Deferred tax liabilities
+The movements in deferred tax liabilities and assets during the year are as follows:
+31. Deferred tax
+The Group provides warranties on automobiles and the undertaking to repair or replace items that fail to perform satisfactorily. The amount of the
+provision for the warranties is estimated based on sales volumes and past experience of the level of repairs and returns. The estimation basis is
+reviewed on an ongoing basis and revised where appropriate.
+778,577
+1,292,666
+(351,932)
+(599,002)
+722,128
+1,113,091
+408,381
+778,577
+2015
+RMB'000
+Product warranties
+2016
+RMB'000
+At 31 December
+Amounts utilised during the year
+RMB'000
+Additional provision
+RMB'000
+327,804
+Deferred tax assets
+31. Deferred tax (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+108
+107
+549,903
+179,557
+370,346
+At 31 December 2016
+Gross deferred tax liabilities
+42,542
+42,542
+(60,788)
+(59,852)
+(936)
+Deferred tax debited to the statement of profit or loss during the year
+Deferred tax debited to equity during the year
+568,149
+239,409
+936
+At 1 January 2016
+At 1 January
+30. Provision
+As in 2014, the Group entered into sale and leaseback arrangement contracts with third-party leasing companies totalling RMB4,790,000,000, with contract terms
+ranging from three to five years. The substance of the arrangement is that the lessors provide finance to the Group with the asset as security. The Group continues
+to account for the assets in its consolidated statement of financial position. The sales proceeds are recorded as other borrowings in the consolidated statement
+of financial position. As at 31 December 2016, the aggregate book value of the assets is RMB3,207,115,000 and the balance of other borrowings amounted
+to RMB1,858,010,000, of which RMB971,848,000 is recorded as a current liability and RMB886,162,000 is recorded as a non-current liability on the Group's
+consolidated statement of financial position.
+2,990,681
+4,490,584
+2,993,281
+2,996,780
+30,165,534
+34,779,597
+314,433
+963,176
+1,854,611
+943,380
+4,576,911
+2,941,380
+23,419,579
+29,931,661
+2015
+RMB'000
+2016
+RMB'000
+(ii)
+(i)
+Certain of the Group's bank loans are secured by:
+(a)
+Notes:
+1,493,265
+7,487,364
+7,477,227
+42,266,961
+On 12 August 2015, the Company issued RMB denominated 1,500,000,000 corporate bonds. The bonds have a maturity of three years due in 2018, and bear a fixed
+interest rate of 4.1% per annum from and including 12 August 2015 payable annually. In addition, the bonds were unsecured with simple interest rate. The bonds
+were listed on the Shenzhen Stock Exchange on 10 August 2015.
+On 23 September 2013, the Company issued RMB denominated 3,000,000,000 corporate bonds. The bonds have a maturity of five years due in 2018, and bear a
+fixed interest rate of 6.35% per annum from and including 23 September 2013 payable annually. Investors have the right to sell back all or part of their bonds at par
+value to the Company on the third interest payment date (23 September 2016), or release the investor sell-back option. On 23 September 2016 certain investors sell
+back 700,000 corporate bonds to the company, and the maturity of the bonds is fixed to 23 September 2018. The bonds were listed on the Shenzhen Stock Exchange
+on 15 November 2013.
+(g)
+(f)
+(e)
+Notes (continued):
+31 December 2016
+29. Interest-bearing bank and other borrowings (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+Depreciation
+On 19 June 2012, the company issued RMB denominated 3,000,000,000 corporate bonds. The bonds have a maturity of five years due in 2017, and bear a fixed
+interest rate of 5.25% per annum from and including 19 June 2012 payable annually. Investors have the right to sell back all or part of their bonds at par value to
+the Company on the third interest payment date (19 June 2015), or release the investor sell-back option. Due to investors did not exercise the option to sell back the
+bonds after the third interest payment date, the maturity date of the bonds is fixed to 19 June 2017, therefore, the bonds were reclassified as bonds payable due in
+one year on 31 December 2016. The bonds were listed on the Shenzhen Stock Exchange on 16 July 2012.
+(d)
+(c)
+The carrying amounts of the Group's and the Company's bank borrowings approximate to their fair values.
+(b)
+In addition, the Company has guaranteed certain of the Group's bank loans of up to RMB24,365,908,000 (2015: RMB16,047,517,000) as at the end of the reporting
+period.
+floating charges over certain of the Group's inventory bills totalling Nil (2015: RMB89,878,000) (note 22);
+(iii)
+mortgages over certain of the Group's construction in progress, which had an aggregate carrying value at the end of the reporting period of approximately
+RMB9,778,000 (2015: RMB9,153,000) (note 14);
+mortgages over certain of the Group's land and buildings, which had an aggregate carrying value at the end of the reporting period of approximately
+RMB79,509,000 (2015: RMB75,506,000) (note 14);
+37,642,761
+Except for bank loans of RMB873,277,000 (2015: RMB2,956,233,000) and RMB153,264,000 (2015: RMB148,826,000) which are denominated in United States
+dollars and Euro respectively, all borrowings are in RMB.
+In the third to fifth years
+Unrealised
+profits from
+(1,494)
+(332)
+(3,560)
+2015
+Disposal of subsidiary in year
+120,362
+1,947
+29,569
+(42,944)
+79,399
+55,721
+685
+(4,015)
+during the year
+to the statement of profit or loss
+Deferred tax credited/(debited)
+965,486
+14,632
+66,857
+261,844
+42,306
+(46)
+171,641
+(5,432)
+357,900
+Deferred tax assets have not been recognised in respect of the above items as it is not considered probable that taxable profits will be available
+against which the above items can be utilised.
+2,803,841
+3,781,493
+1,722,015
+2,516,994
+1,081,826
+1,264,499
+2015
+RMB'000
+2016
+RMB'000
+Deductible temporary differences
+Tax losses
+Deferred tax assets have not been recognised in respect of the following items:
+The Group has accumulated tax losses arising in Mainland China of RMB1,139,989,000 (2015: RMB1,030,274,000) that will expire in one
+to five years for offsetting against future taxable profits. The Group has a tax loss of RMB124,510,000 (2015: RMB51,552,000) arising from
+other jurisdictions that will expire in one to eight years for offsetting against future taxable profits. Deferred tax assets have not been recognised
+in respect of these losses as they have arisen in subsidiaries that have been loss-making for some time and it is not considered probable that
+taxable profits will be available against which the tax losses can be utilised.
+The Group has recognised the deferred tax assets related to tax losses arising in Mainland China of RMB309,046,000 (2015: RMB522,213,000)
+that will expire in one to five years for offsetting against future taxable profits.
+1,080,416
+16,533
+96,426
+217,406
+121,705
+227,362
+43,084
+At 31 December 2015
+42,731
+365,475
+At 1 January 2015
+357,900
+At 1 January 2016
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+Total
+reversed
+Tax losses
+warranties
+grants transactions
+Unpaid
+payable not
+provision for
+Government intercompany
+Impairment
+allowance of inventories
+depreciation
+Accruals and
+43,084
+227,362
+121,705
+217,406
+1,448,262
+49,347
+342,740
+263,214
+209,505
+51,181
+532,275
+At 31 December 2016
+367,846
+(16,533)
+in excess of
+(47,079)
+141,509
+(17,857)
+8,097
+174,375
+during the year
+to the statement of profit or loss
+Deferred tax credited/(debited)
+1,080,416
+16,533
+96,426
+125,334
+(268,600)
+In the second year (note (e)&(f))
+Corporate bonds
+(419,268)
+1,701,737
+1,873,978
+(159,282)
+(595,061)
+604,592
+767,302
+1,256,427
+1,701,737
+2015
+RMB'000
+2016
+RMB'000
+4,557,156
+5,929,004
+2,118,495
+2,978,565
+2,438,661
+2,950,439
+2015
+RMB'000
+2016
+RMB'000
+30,655,830
+34,663,130
+(155,629)
+75,517
+1,454,710
+Various government grants have been received for basic research and development activities. Government grants received for which related
+expenditure has not yet been undertaken are included in deferred income in the statement of financial position. A certain grant received relates
+to an asset is also credited to deferred income and is released to the statement of profit or loss over the expected useful life of the relevant asset
+by equal annual instalments.
+2016
+3.92-5.88
+19,789,611
+2017
+3.92-4.35
+Bank loans - secured
+Current
+RMB'000
+Maturity
+(%)
+RMB'000
+Maturity
+(%)
+Effective
+interest rate
+Effective
+interest rate
+2015
+2016
+31 December 2016
+29. Interest-bearing bank and other borrowings
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016 105
+1,546,108
+85,625
+36,156
+15,776
+Within three months
+An aged analysis of the trade and bills payables as at the end of the reporting period, based on the invoice date, is as follows:
+26. Trade and bills payables
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+104
+Notes to Financial Statements
+Cash at banks earns interest at floating rates based on daily bank deposit rates. Most of the bank balances and pledged deposits are deposited with creditworthy
+banks with no recent history of default.
+The weighted average effective interest rate for the short-term deposits of the Group with an initial term of three to six months for the year ended 31 December 2016
+was 1.92% (2015: 1.61%). The carrying value of the short term deposits with an initial term of three to six months approximated to their fair value as at 31 December
+2016. Short-term deposits with an initial term of three to six months were denominated in RMB and were neither past due nor impaired.
+At the end of the reporting period, cash and cash equivalents of the Group denominated in Renminbi ("RMB") amounted to RMB4,748,662,000 (2015:
+RMB4,814,745,000). The RMB is not freely convertible into other currencies. However, under Mainland China's Foreign Exchange Control Regulations and
+Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks
+authorised to conduct foreign exchange business.
+At 31 December 2016, the pledged bank deposit of RMB335,072,000 (2015: RMB316,895,000) was pledged for bank acceptance bills of RMB217,836,000 (2015:
+RMB226,876,000), letter of credit of RMB51,016,000 (2015: RMB8,021,000) and various projects as required of RMB66,220,000 (2015: RMB81,998,000).
+(iv)
+(ii)
+(i)
+Notes:
+6,010,931
+7,111,234
+(ii)
+(316,895)
+(335,072)
+Three to six months
+Six months to one year
+One to two years
+Two to three years
+67,591
+97,624
+114,698
+528,055
+7,353,079
+23,008,789
+25,797,936
+8,138,114
+2015
+RMB'000
+2016
+RMB'000
+Non-current portion
+13,209,248
+Less: Portion classified as current liabilities
+Released to the statement of profit or loss
+Received during the year
+At 1 January
+28. Deferred income
+Other payables are non-interest-bearing and have an average term of three months.
+Accrued payroll
+Other payables
+27. Other payables
+The trade payables are non-interest-bearing and are normally settled within terms of 30 to 120 days.
+Over three years
+At 31 December
+Within one year (note (d))
+Bank loans - unsecured
+2017
+(g)
+5.44-5.84
+886,163
+5.44-5.84
+Other borrowings-secured
+1,111,773
+2018
+200,000 LIBOR+280-350bps
+2018
+LIBOR+280-350bps
+1,825,669
+2025
+2.65-6.3
+986,284
+2019
+3.35-4.75
+Bank loans unsecured
+129,486
+2019
+LIBOR+550bps
+26,667
+1,862,684
+2018
+4,847,936
+Corporate bonds-unsecured
+Beyond five years
+In the third to fifth years, inclusive
+In the second year
+Within one year
+Bank loans repayable:
+Analysed into:
+29. Interest-bearing bank and other borrowings (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+106
+37,642,761
+42,266,961
+11,229,901
+9,338,520
+4,483,946
+(d) & (f)
+4.1-5.25
+4,490,584
+(d) & (f)
+4.1-6.35
+6,745,955
+LIBOR+550bps
+1,816,343
+2030
+2017
+2.65-4.75
+bank loans - unsecured
+Current portion of long term
+1,034,011
+2016
+3.25-6.3
+2,066,888
+2017
+3.60-4.89
+bank loans - secured
+Current portion of long term
+1,863,800
+2016
+577,611 LIBOR+100-280bps
+2017
+LIBOR+100-170bps
+4,870,752
+2016
+4.35-5.6
+4,642,389
+1,883,314
+3.38-6.45
+2016
+1,345,210
+3.25-6.3
+2,748,822
+2030
+4.28-4.90
+Bank loans secured
+26,412,860
+32,928,441
+Non-current
+2,993,281
+6.35
+4.09-4.35
+2,996,780
+Corporate bonds-unsecured
+23,419,579
+29,931,661
+1,096,558
+5.44-5.84
+971,848
+(g)
+5.44-5.84
+borrowings - secured
+Current portion of other
+5.25
+BYD Company Limited Annual Report 2016
+Group
+(ix)
+At 31 December 2015 and 1 January 2016
+Non-public offering (Note (a))
+Notes:
+(a)
+Number of
+shares in issue
+Share capital
+RMB'000
+2,476,000,000
+At 1 January 2015
+2,476,000
+2,476,000
+252,142,855
+252,143
+2,728,142,855
+2,728,143
+In July 2016, 252,142,855 A shares which were issued at an issue price of RMB57.40 per share which have been listed on the Shenzhen Stock Exchange
+since 25 July 2016. The A shares were issued to six subscribers who were professional, institutional and/or other investors. The Company raised net proceeds
+of RMB14,369,070,026 (being the balance of the total proceeds of RMB14,472,999,877 after the deduction of issue expenses of RMB103,929,851 but before
+deduction of tax) from the non-public offering. The registered capital of the Company was increased by RMB252,142,855 (being the aggregate nominal value of the A
+shares issued under the non-public offering) to RMB2,728,142,855 following the completion of the non-public offering, with all the new capital being monetary capital
+contribution.
+109
+110
+2,476,000,000
+BYD Company Limited Annual Report 2016
+A summary of movements in the Company's share capital is as follows:
+2,728,143
+8,165
+21,418
+249
+338,332
+The sales of products and service from Electronic Components, a company of which executives of the Company were the chairman and director of the board in
+the past twelve months, were made according to the published prices offered to the other customers of the Group; the purchase of products and service from
+Electronic Components was made according to the published prices offered by Electronic Components to its other customers;
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+2,476,000
+31. Deferred tax (continued)
+Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign
+investment enterprises established in Mainland China. The requirement is effective from 1 January 2008 and applies to earnings after 31
+December 2007. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign
+investors. For the Group, the applicable rate is 10%. The Group is therefore liable for withholding taxes on dividends distributed by those
+subsidiaries established in Mainland China in respect of earnings generated from 1 January 2008.
+At 31 December 2016, no provision has been made to recognise deferred tax liabilities arising on the future distribution of retained profits
+from these subsidiaries as the Company controls the dividend policy of these subsidiaries and in the opinion of the directors, it is not probable
+that these subsidiaries will distribute such earnings in the foreseeable future. The aggregate amount of temporary differences associated
+with investments in subsidiaries in Mainland China for which deferred tax liabilities have not been recognised totalled approximately
+RMB9,289,855,000 at 31 December 2016 (2015: RMB7,642,956,000).
+32. Share capital
+Shares
+2016
+RMB'000
+2015
+RMB'000
+Authorised, issued and fully paid:
+2,728,142,855 (2015: 2,476,000,000) ordinary shares of RMB1 each
+Deferred tax assets (continued)
+308,749
+Notes to Financial Statements
+33. Reserves
+These perpetual loans do not have specific maturity. The Company has the right to defer interests or to redeem the notes. The Company does
+not have the contractual obligation to deliver cash or other financial assets to other parties. So the perpetual loans are recognised as an equity.
+The interest paid on the perpetual loans in 2016 was RMB185,155,000 (note 12).
+35. Disposal of a subsidiary
+Net assets disposed of:
+Property, plant and equipment
+Prepayments, deposits and other receivables
+Other non-current assets
+Trade and bills payables
+Accruals and other payables
+the borrower reduces registered capital.
+Loss on disposal of a subsidiary
+122,323
+15,754
+137,570
+(63,983)
+(27,064)
+184,600
+174,600
+10,000
+2016
+RMB'000
+31 December 2016
+.
+•
+The amounts of the Group's reserves and the movements therein for the current and prior years are presented in the consolidated statement of
+changes in equity on pages 51 to 52 of the financial statements.
+Pursuant to the relevant laws and regulations for business enterprises, a portion of the profits of the Group's entities which are registered in
+the PRC has been transferred to the statutory surplus reserve fund which is restricted as to use. When the balance of the reserve fund reaches
+50% of the Group's capital, any further appropriation is optional. The statutory surplus reserve can be utilised to offset prior year's losses or to
+increase capital. However, the balance of the statutory surplus reserve must be maintained at least 25% of capital after this usage.
+34. Perpetual loans
+The Company issued three tranches of perpetual loans on 9 August 2015, 23 September 2015 and 25 December 2015, respectively, with a
+total principal amount of RMB3.2 billion. The loans will have a perpetual term until redemption by the Company in accordance with the terms
+of issuance, and will mature at the redemption by the Company. At the third maturity date and each maturity date thereafter, the Company
+has the right to redeem the notes with a principal amount plus all deferred interests. The interest rate for the first three years is 6.25%-6.50%
+per annum. In 2016, the company signed a supplementary agreement with the borrower to change the interest rate of the first three years to
+Shibor 3M+2.408%, Shibor 3M+2.503%, and Shibor 3M+2.4998% respectively, effecting on 17 May 2016. On 31 December 2016, the latest
+interest is 5.28%, 5.74%, and 5.76%. If the Company will not redeem the loans, the interest rate will be reset every year after the first three
+years. The interest rate for the first extended year will be reset to that the last effective interest rate plus 300 basis points per annum. Thereafter,
+the interest rate for each year will be reset to that period benchmark interest rate plus 300 basis points per annum until the interest rate is 18%.
+As long as the compulsory interest payment events have not occurred, the Company has the right to choose to defer the interests payment at
+each interest payment date to the next without time limit of deferral, which does not cause the Company for breach of contract. The compound
+interests will be charged to the deferred interests by the interest rate of the deferred period.
+The Company could not defer current interests and all deferred interests before 12 months of the interest payment date when below compulsory
+interest payment events occur:
+.
+to declare and pay dividend to ordinary shareholders;
+the borrower declares dividend to the holders of ordinary shares;
+•
+to decrease share capital.
+In 2016, the Company issued medium term notes at par of RMB200 million and RMB400 million on 24 February 2016 and 26 February 2016,
+respectively, with a total amount of RMB600 million (RMB595.8 million after deducting listing expenses). The current medium term notes have
+a term of 5+N years. On or after the fifth interest payment date, the issuer has the right to redeem the current medium-term notes at par plus
+accrued interest (including any deferred interest payments). If the issuer decides to exercise the redemption rights at the time provided in the
+above mentioned terms of redemption rights, the issuer shall publish the Announcement of Early Redemption through media designated by the
+competent department according to related provisions one month before the redemption and the redemption process shall be completed by the
+Shanghai Clearing House as the agent. Reset the fixed interest rate: For the current medium term notes, the coupon interest rate of the first 5
+years for which interest is accruable is 5.1% per annum. If the issuer does not exercise the redemption rights, the coupon interest rate will be
+adjusted to the then base rate plus initial spread and 300 basis points from the 6th year, and remains unchanged from the 6th year to the 10th
+year for which interest is accruable. The coupon interest rate is reset every 5 years.
+Unless mandatory interest payment event happens, before each of the interest payment date of medium-term notes, the issuer can choose to
+have the current interest and all the deferred interest to be paid at the next interest payment date, which is not subject to any restrictions on the
+number of deferred interest payments. The foregoing deferred interest payment does not constitute the issuer's default to pay the interest in full
+according to the contract. In the event that the issuer decides to defer the interest payments, the issuer and the related agency shall disclose
+such arrangement in an announcement of deferred interest payments five days before the interest payment date.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+34. Perpetual loans (continued)
+The issuer shall not defer the interest payment of the interest accrual period and all the interest and the underlying yields that were deferred
+according to the Investment Agreement and the contractual agreement if any of the followings occurs within 12 months before the interest
+payment date:
+to pay any financial instruments that has priority lower than the perpetual loans;
+6111
+249
+2015
+RMB'000
+Notes to Financial Statements
+31 December 2016
+39. Related party transactions (continued)
+(c) Outstanding balances with related parties:
+2016
+2015
+RMB'000
+RMB'000
+65,354
+The amount due from joint ventures and associates:
+543,995
+440,280
+Tianjin BYD
+646,385
+581,269
+Pengcheng Chuzu
+7,396
+Jiangnan Chuzu
+DENZA
+2,239
+BYD Company Limited Annual Report 2016
+117
+(xi)
+(xii)
+(xiii)
+(xiv)
+The sales of products and service to Saidi New Energy, a company of which an executive of the Company is the director of the board, were made according to
+the published prices offered by Shenzhen Saidi to its other customers; the purchase of products and service from Saidi New Energy was made according to the
+published prices offered by Saidi New Energy;
+The purchase of products and service from Xi'an Northern Qinchuan Company Ltd. ("Northern Qinchuan"), a company of which a supervisor of the Company is
+the chairman of the board, was made according to the published prices offered by Northern Qinchuan to its other customers;
+The purchase of products and service from Cangzhou Mingzhu Company Ltd. ("Cangzhou Mingzhu"), which is the subsidiary of the related party "Mingzhu
+Plastics", was made according to the published prices offered by Cangzhou Mingzhu to its other customers;
+The purchase of products and service from Beijing Easpring Material Technology Co., Ltd. ("Easpring Technology"), a company of which an independent
+non-executive director of the Company is the independent director of the board, was made according to the published prices offered by Easpring Technology to
+its other customers;
+118
+The purchase of products and service from Mingzhu Plastics, a company of which an independent non-executive director of the Company is the independent
+director of the board, was made according to the published prices offered by Mingzhu Plastics to its other customers;
+Loan Guarantees
+(i)
+As at 31 December 2016, the Company provided a guarantee to the bank for the borrowing of DENZA New Energy amounting to
+RMB742,500,000 (31 December 2015: 662,080,000).
+(ii) As at 31 December 2016, the Company provided a guarantee to the bank for the borrowing of BYD Auto Finance amounting to
+RMB2,560,000,000 (31 December 2015: 360,000,000).
+Repurchase Guarantee
+The Group entered into a tri-lateral finance lease cooperation contract ("Lease Cooperation Contract") with related parties and International
+Finance Lease. Under the leasing arrangement, the Group provides a repurchase guarantee to International Finance Lease. The term of the
+repurchase guarantee coincides with the tenure of the lease contract. In the event of the default of related parties, the Group is required
+to make payment to International Finance Lease for its share of the outstanding lease payment due from related parties. Management
+believes that the repossessed vehicles will be able to be sold for proceeds that are not significantly different from the amount of guarantee
+payments. At the same time, the Group is entitled to repossess and sell the leased new energy vehicle, and retain any net proceeds in
+excess of the guarantee payments made to International Finance Lease. As of 31 December 2016, there was no default of payments from
+end-user customers which required the Group to make any payment.
+(iii) As at 31 December 2016, the Group's maximum exposure of guarantees to Shenzhen Didi and its subsidiary was RMB433,716,000
+(31 December 2015: nil).
+(iv) As at 31 December 2016, the Group's maximum exposure of guarantees to Jiangnan Chuzu was RMB45,057,000 (31 December
+2015: 56,896,000).
+Guarantees provided to related parties:
+71
+Hangzhou Xihu Operation
+5,500
+Beijing Hualin
+2,299
+17,670
+Shenzhen Electric Power Sales
+4,716
+Adrastea Cars Ltd
+2,988
+Xi'an Infrastructure
+1,850
+825,000
+1,800,859
+The amounts due from other related parties:
+Electronic Components
+Ramos Digital
+Holitech
+Yinghe Technology
+2016
+RMB'000
+2,879,284
+46,956
+Shenzhen Didi
+19,985
+4,247
+Shan Mei Ling Qiu Bi Xing
+BYD Electric Car
+International Financial Lease
+Qianhai Green Transportation
+BYD Auto Finance
+10,000
+10,000
+6,083
+123,827
+89,992
+3
+114
+56
+Hangzhou BYD Xihu Auto
+141,749
+629,356
+Guang Qi BYD
+516,117
+2016
+RMB'000
+Satisfied by
+Cash
+An analysis of the net inflow of cash and cash equivalents in respect of the disposal of a subsidiary is as follows:
+10,000
+In November 2015, LDK PV and LDK Solar commenced restructuring procedures and the Company has filed claims under the restructuring procedures of
+the two companies in accordance with law. On 30 September 2016, the Intermediate People's Court of Xinyu City, Jiangxi Province, approved the draft of
+composition plan for LDK Photovoltaic Silicon Technology and LDK Solar Energy, and the composition plan formally entered a stage of implementation. The
+settlement percentage of the Company's debt as one of LDK Photovoltaic Silicon Technology's ordinary creditors amounted to 11.49% by way of conversion
+of debts into equity, while that of the Company's debt as one of LDK Solar Energy's ordinary creditors amounted to 6.62% by way of conversion of debts into
+equity, pending on the approval from China Securities Regulatory Commission. As of 31 December, 2016, the Company provided the receivers of LDKPV and
+LDK Solar with relevant information according to requirements of the composition plan, and the Company's debt will be settled according to the composition
+plan after implementation of such plan.
+In addition, the Group's share of the joint ventures' own capital commitments, which are not included in the above, is as follows:
+Contracted, but not provided for:
+Capital contribution payable to joint ventures
+2016
+RMB'000
+2015
+RMB'000
+47,395
+44,000
+In December 2012, Shangluo BYD entered into a supplemental agreement I to the Supply Contract with LDKPV and LDK Solar. The supplemental agreement I
+provides that the performance period under the Supply Contract will be extended for a period of one year to 31 December 2013. In February 2015, Shangluo
+BYD, BYD Lithium Batteries Co., Ltd ("BYD Lithium Batteries") and BYD Supply Chain Management Co., Ltd ("BYD Supply Chain Management") entered into a
+supplemental agreement II to the Supply Contract with the Vendors. The supplemental agreement II provides that the contracting parties agree to extend the
+performance period under the original Supply Contract for a period of five years to 31 December 2018; the parties of the Supply Contract were expanded as
+follows: the Purchasers include Shangluo BYD, BYD Lithium Batteries and BYD Supply Chain Management, the Vendors include LDKPV and LDK Solar; the
+original deposits payable by Shangluo BYD under the Supply Contract (namely RMB97,500,000) will be changed to prepayments payable by all Purchasers to
+all Vendors, and when the Purchasers buy from the Vendors, the payables to the Vendors could be deducted from the prepayment already paid by Shangluo
+BYD. According to both supplemental agreement I and the supplemental agreement II, the Purchaser shall not pursue a claim against the Vendors for
+unfulfilled and unfinished delivery obligations and the Vendors shall not pursue a claim against the Purchaser for unfinished purchases or payment obligations
+during the term of the agreement.
+162,520
+209,915
+116
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+39. Related party transactions
+(a) In addition to the transactions detailed elsewhere in these financial statements, the Group had the following transactions with related
+parties during the year:
+Notes
+44,000
+2016
+RMB'000
+In October 2010, Shangluo BYD Co., Ltd ("Shangluo BYD" or the "Purchaser") entered into the Material Supply Contract (the "Supply Contract") with Jiangxi
+LDK PV Silicon Technology Co., Ltd. ("LDKPV" or the "Vendor") and Jiangxi LDK Solar Hi-Tech Co., Ltd. ("LDK Solar" or the "Guarantor"), both of which are
+silicon material suppliers. LDK Solar as the Guarantor provides the Purchaser with guarantee of several liability for all debts incurred from the Supply Contract
+by the Vendor. The Supply Contract provides that during the contract term from January 2011 to December 2012, the Purchaser shall purchase 3,000 tonnes
+of polysilicon materials from the Vendor at a price of RMB650,000/tonne (the "Initial Purchase Price") for a total contract value of RMB1.95 billion. The Supply
+Contract provides that Shangluo BYD shall pay deposits of RMB97,500,000 to the Vendor. The Supply Contract also provides that if the prevailing market price
+fluctuates more than 5% over the Initial Purchase Price, the parties shall negotiate about adjusting the purchase price by reference to the market price.
+(b)
+788,022
+3,972,449
+3,418,080
+4,478,731
+4,260,102
+679,644
+900,207
+5,158,375
+Long-term purchase commitments for polysilicon materials
+5,106,309
+Notes:
+BYD Company Limited Annual Report 2016 115
+Notes to Financial Statements
+31 December 2016
+(i) Included in the above capital commitment is a commitment with regard to the BYD Automobile Plant II Project mentioned below with the amount of RMB101,328,000
+(2015: RMB169,092,000):
+(a)
+BYD Automobile Plant II Project
+BYD Auto, a subsidiary of the Company, will invest in the construction of the "BYD Automobile Plant II Project" in the Xi'an High-Tech Zone. The investment
+amount of the project, which is for the production of vehicles and automobile components, is RMB4.46 billion.
+38. Commitments (continued)
+2015
+RMB'000
+Joint ventures and associates:
+Sales of products
+72,556
+(vii)
+7,331
+71,773
+(viii)
+249,664
+419,601
+Sales of products and service to Saidi New Energy
+240,171
+Purchase of products and service from Northern Qinchuan
+(x)
+(xi)
+4,991
+2,125
+282
+103
+Purchase of products and service from Cangzhou Mingzhu
+(xii)
+(ix)
+(vi)
+319,642
+299,824
+Sales of machinery and equipment
+Sales of raw materials
+Service income
+Rental expense
+Purchases of products and service
+Sales of products to Romos Digital
+Sales of products and service to Electronic Component
+Sales of products and service to Zhongbei Didi
+(i)
+3,185,362
+2,287,819
+(ii)
+171,149
+14,761
+8,118
+(iv)
+47,789
+151,012
+(v)
+506,282
+(x)
+2015
+RMB'000
+Authorised but not contracted for
+RMB'000
+74,586,430
+54,088,970
+As at 31 December 2016, the banking facilities granted to subsidiaries and joint ventures subject to guarantees given to banks by the
+Company were utilised to the extent of approximately RMB24,365,908,000 (2015: RMB16,047,517,000) and RMB3,302,500,000 (2015:
+RMB1,022,080,000) respectively.
+(c) Financial guarantee issued
+The Group entered into tri-lateral finance lease arrangement contracts with certain end-user customers and third-party or related leasing
+companies. Under the joint leasing arrangement, the Group provides a guarantee to the third-party or related leasing companies that in
+the event of end-user customer default, the Group is required to make payment to the leasing companies for its share of the outstanding
+lease payments due from the end-user customer. Management believes that the repossessed vehicles will be able to be sold for proceeds
+that are not significantly different from the amount of guarantee payments. At the same time, the Group is entitled to repossess and
+sell the leased new energy vehicle, and retain any net proceeds in excess of the guarantee payments made to the leasing companies.
+As at 31 December 2016, the Group's maximum exposure to this guarantee was RMB4,180,316,000 (2015: RMB1,561,754,000).
+The term of these guarantees coincides with the tenure of the lease contracts. For the year ended 31 December 2016, there was no
+default of payments from end-user customers which required the Group to make guarantee payments to the third-party or related leasing
+companies.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+RMB'000
+31 December 2016
+(d) Contingent liabilities arising from the profit compensation agreement relating to Shenzhen BYD
+Electronic Components Co., Ltd ("Electronic Components")
+The Company and Holitech Technology Co., Ltd. ("Holitech") (the "transferee") entered into the strategic cooperation, asset transfer in
+consideration of Non-public Offering shares and cash consideration asset transport framework agreement (
+BB&ŹH¸à¤¤ÈERB¥) on 3 April 2015, pursuant to which, the Company sold to the transferee 100% equity interests
+in Electronic Components, a subsidiary of the Company. On 30 September 2015, the transfer of 100% equity interests in Electronic
+Components has been duly registered with the industrial and commercial authorities.
+Pursuant to the profit compensation agreement and its supplemental agreement entered into between the Company and Holitech in
+respect of Electronic Components, the terms of profit compensation mainly comprises of two parts:
+(i)
+The company guaranteed that the three-year accumulated profit of Electronic Components shall not be less than RMB714,066,600.
+Any shortfall of the three-year accumulated profit shall be compensated by the shares of Holitech held by the Company with any
+shortfall being compensated by cash.
+After the expiry of the profit compensation period of 2015, 2016 and 2017 as agreed in the agreement, Holitech shall conduct
+impairment tests on the target assets. Where the impairment amount of the target assets as at the end of the profit compensation
+period exceeds the total amount of compensation, the Company shall provide further compensation.
+As of the date of disposal and as at the end of current Period, the profit compensation agreement constitutes a contingent liability and the
+management considered the amount of fair value of financial liability arising from the contingent event is immaterial.
+36. Contingent liabilities (continued)
+37. Operating lease arrangements
+2015
+Guarantees given to banks in connection with facilities granted to subsidiaries
+Satisfied by
+Cash consideration
+2016
+RMB'000
+10,000
+Cash and bank balances disposed of
+Net inflow of cash and cash equivalents in respect of the disposal of a subsidiary
+10,000
+111
+2016
+112
+Notes to Financial Statements
+31 December 2016
+36. Contingent liabilities
+(a) Action against Foxconn
+On 11 June 2007, a Hong Kong High Court action (the "June 2007 Action") was commenced by a subsidiary and an affiliate of Foxconn
+International Holdings Limited (the "Plaintiffs") against the Company and certain subsidiaries of the Group (the "Defendants") for using
+confidential information alleged to have been obtained improperly from the Plaintiffs. The Plaintiffs discontinued the June 2007 Action on
+5 October 2007 with the effect that the June 2007 Action has been wholly discontinued against all the Defendants named in the action
+and this finally disposed of the June 2007 Action without any liability to the Defendants. On the same day, the Plaintiffs initiated a new
+set of legal proceedings in the Court (the "October 2007 Action"). The Defendants named in the October 2007 Action are the same as
+the Defendants in the June 2007 Action, and the claims made by the Plaintiffs in the October 2007 Action are based on the same facts
+and the same grounds in the June 2007 Action. The remedies sought by the Plaintiffs in the October 2007 Action include an injunction
+restraining the Defendants from using the alleged confidential information, an order for the disgorgement of profit made by the Defendants
+through the use of the confidential information, damages based on the loss suffered by the Plaintiffs and exemplary damages. The total
+damages sought by the Plaintiffs in the October 2007 Action have not been quantified.
+On 2 October 2009 the Defendants instituted a counter-action against Foxconn International Holdings Limited and certain of its affiliates
+for their intervention, by means of illegal measures, in the operations involving the Company and certain of its subsidiaries, collusions,
+written and verbal defamation, and the economic loss as a result of the said activities.
+As at reporting date, the case remains in the process of legal proceedings. With assistance from the Company's legal counsel representing
+the Company for the case, the directors are of the view that the estimate of ultimate outcome and amount to settle the obligation, if any, of
+the litigation cannot be made reliably up to date.
+(b) At the end of the reporting period, contingent liabilities not provided for in the financial statements were
+as follows:
+BYD Company Limited Annual Report 2016
+As lessor
+The Group leases certain of its properties and vehicles under operating lease arrangements, with leases negotiated for terms ranging from one to
+ten years. The terms of the leases generally also require the tenants to pay security deposits and provide for periodic rent adjustments according
+to the then prevailing market conditions.
+At 31 December 2016, the Group had total future minimum lease receivables under non-cancellable operating leases with its tenants falling due
+as follows:
+Within one year
+In the second to fifth years, inclusive
+After five years
+2016
+RMB'000
+2015
+RMB'000
+435,506
+489,276
+386,981
+650,814
+At 31 December 2016, the Group had total future minimum lease payments under non-cancellable operating leases falling due as follows:
+71,912
+894,399
+1,146,202
+As at 31 December 2016, the Group had a leaseback agreement with a leasing company and BYD International Lease Finance Corp (the
+lessor). According to the leaseback agreement, the Group sold certain machinery and equipment (the "Asset") with a net book value of
+RMB1,281,969,000 for the transaction price equivalent to the net book value and subsequently leased back for lease term of three years (March
+2015 to March 2018) during which the Group is requested to pay a rental fee of RMB286,531,000 per annum. The Group has been granted
+the option to buy back the Asset at 30% of original transaction price, return the equipment to the leasing company or renew the rent based on
+renegotiation between the Group and the leasing company by the end of the lease term. The Group has defined the process of purchasing and
+selling the Assets as purchasing and selling items of property, plant and equipment under this bargaining condition.
+38. Commitments
+In addition to the operating lease commitments detailed in note 37 above, the Group had the following capital commitments at the end of the
+reporting period:
+Contracted, but not provided for:
+Land and buildings (i)
+Plant and machinery
+6,112
+There were no contingent rentals, renewal or purchase options, escalation clauses or any restrictions imposed on dividends, additional debt and
+further leasing within the lease arrangements.
+The Group leases certain of its office properties and office equipment under operating lease arrangements. Leases for properties are negotiated
+for terms ranging from three to five years.
+As lessor (continued)
+Within one year
+In the second to fifth years, inclusive
+After five years
+2016
+RMB'000
+2015
+RMB'000
+89,648
+51,667
+150,143
+136,195
+25,659
+32,010
+265,450
+219,872
+113
+114
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+37. Operating lease arrangements (continued)
+2016
+RMB'000
+The sales of products and service to Zhongbei Didi, a company of which an executive of the Company is the chairman of the board, were made according to
+the published prices offered by Zhongbei Didi to its other customers;
+128,804
+Purchase of products and service from Saidi New Energy
+Purchase of products and service from Mingzhu Plastics
+Purchase of products and service from Electronic Components
+Purchase of products and service from Beijing Easpring Technology
+(viii)
+645,555
+259,500
+(xiii)
+2,241
+65,133
+(x)
+14,468
+(xiv)
+145,559
+Notes:
+The sales of products to the joint ventures and associates were made according to the published prices offered to other customers of the Group;
+(ii)
+The sales of machinery and equipment to an associate were charged at prices mutually agreed between the Group and the associate;
+(i)
+The sales of raw materials to the joint ventures and associates were made according to the published prices offered to other customers of the Group;
+(viii)
+(a) In addition to the transactions detailed elsewhere in these financial statements, the Group had the following transactions with related
+parties during the year: (continued)
+39. Related party transactions (continued)
+31 December 2016
+(iii)
+BYD Company Limited Annual Report 2016
+The sales of products to Shenzhen Ramos Digital Technology Co., LTD ("Ramos Digital"), a company of which an Non-executive Director of the Company was
+the chairman of the board in the past twelve months, were made according to the published prices offered by Ramos Digital to its other customers;
+Notes to Financial Statements
+The purchase of products and service from the joint ventures and associates were made according to the published prices offered by the joint ventures to their
+other customers;
+(vi)
+The rental expense was charged at prices mutually agreed between the Group and the associate;
+(v)
+The service income was received at prices mutually agreed between the Group and the joint ventures and associates;
+(iv)
+(vii)
+RMB'000
+Fair value hierarchy (continued)
+2016
+31 December 2016
+(c) Outstanding balances with related parties (continued):
+39. Related party transactions (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+Assets for which fair values are disclosed:
+Long-term receivable
+Long-term receivable
+Interest-bearing bank and other borrowings
+As at 31 December 2015
+Long-term receivable
+Interest-bearing bank and other borrowings
+Quoted prices
+in active
+2015
+RMB'000
+As at 31 December 2016
+The amounts due to joint ventures and associates:
+4,981
+443,686
+Shenzhen Electric Power Sales
+199
+Fair value measurement using
+Significant
+observable
+Guang Qi BYD
+12
+12
+Qianhai Green Transportation
+540
+Hangzhou BYD Xihu Auto
+63,956
+Tianjin BYD
+187
+Jiangnan Chuzu
+28,424
+4,962
+International Financial Lease
+296,097
+DENZA
+Significant
+unobservable
+42,520,629
+inputs
+inputs
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+RMB'000
+RMB'000
+RMB'000
+Total
+RMB'000
+65,773
+37,642,761
+65,773
+37,642,761
+37,642,761
+65,773
+37,708,534
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+markets
+Significant
+unobservable
+observable
+in active
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+Total
+RMB'000
+RMB'000
+RMB'000
+markets
+RMB'000
+42,266,961
+253,668
+42,266,961
+42,266,961
+253,668
+9,474
+Fair value measurement using
+Quoted prices
+Significant
+253,668
+4,740
+Pension scheme contributions
+14
+249
+Due from related parties
+2,879,284
+Due from joint ventures and associates
+45,732,885
+Trade and bills receivables
+Derivative financial instruments
+253,668
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+Total
+for-sale
+investments
+Held for
+trading
+Loans and
+receivables
+Available-
+Financial assets included in prepayments,
+Available-for-sale investments
+deposits and other receivables
+Pledged deposits
+247,360
+335,072
+290,569
+249
+2,879,284
+45,732,885
+3,206,386
+3,206,386
+253,668
+||||
+Financial liabilities
+56,850,321
+7,111,234
+Cash and cash equivalents
+247,360
+Short-term deposits
+335,072
+290,569
+Long-term receivable
+253,668
+2016
+2015
+RMB'000
+2016
+RMB'000
+31 December 2016
+Short term employee benefits
+Compensation of key management personnel of the Group:
+The balances are unsecured, interest-free and have no fixed terms of repayment.
+Easpring Technology
+Mingzhu Plastics
+Zhongbei Didi
+Romos Digital
+Northern Qinchuan
+Saidi New Energy
+Electronic Components
+Cangzhou Mingzhu
+The amounts due to other related parties:
+393,428
+463,856
+117
+77,927
+315,464
+12,011
+19
+2,760
+35
+101,212
+470
+36,038
+The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows:
+40. Financial instruments by category
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+120
+119
+The related party transactions in respect of the items set out in note 39(a) do not constitute connected transactions as defined in Chapter
+14A of the Listing Rules.
+Shenzhen Chongdian Easy Company Limited ("Chongdian Easy")
+Further details of directors' emoluments are included in note 9 to the financial statements.
+45,391
+37,135
+326
+45,063
+328
+2015
+RMB'000
+RMB'000
+2016
+429,429
+116,624
+37,461
+42. Financial risk management objectives and policies
+225
+The main risks arising from the Group's financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. The
+Group's accounting policies in relation to derivatives are set out in note 2.4 to the financial statements.
+3 to
+less than
+On demand
+RMB'000
+3 months
+RMB'000
+12 months
+RMB'000
+1 to 5 years
+RMB'000
+Over
+5 years
+RMB'000
+Total
+RMB'000
+3,550,890 19,567,407 4,835,419
+214,433
+28,168,149
+179,265
+22,185,931
+393,428
+8,290,634
+30,655,830
+393,428
+429,429
+645,119
+Less than
+936,886
+2015
+4,180,316
+Total
+RMB'000
+199,024
+5,627,748 25,123,318
+25,217,456
+463,856
+116,624
+464,016 1,080,447
+4,956,595
+88,525
+9,246,651
+35,796,186
+34,663,131
+463,856
+116,624
+981,202
+2,525,665
+3,406,235 4,755,177
+8,161,412
+663,040 32,506,131
+38,757,406 9,711,772
+88,525
+81,726,874
+4,180,316
+493,954
+409,500 8,161,500
+429,429
+Gearing ratio
+42,266,961
+37,642,761
+(7,111,234)
+(6,010,931)
+35,155,727
+31,631,830
+47,460,129*
+29,094,404*
+74%
+109%
+Equity attributable to owners of the parent has deducted the amount of perpetual loan of RMB3,795,800,000 (2015: RMB3,200,000,000).
+43. Transferred financial assets that are derecognised in their entirety
+At 31 December 2016, the Group endorsed certain bills receivable accepted by certain banks in Mainland China (the "Derecognised Bills") to
+certain of its suppliers in order to settle the trade payables due to these suppliers with a carrying amount in aggregate of RMB3,063,070,000.
+The Derecognised Bills had a maturity of one to twelve months at the end of the reporting period. In accordance with the Law of Negotiable
+Instruments in the PRC, the holders of the Derecognised Bills have a right of recourse against the Group if the PRC banks default (the
+"Continuing Involvement”). In the opinion of the directors, the Group has transferred substantially all risks and rewards relating to the
+Derecognised Bills. Accordingly, it has derecognised the full carrying amounts of the Derecognised Bills and the associated trade payables. The
+maximum exposure to loss from the Group's Continuing Involvement in the Derecognised Bills and the undiscounted cash flows to repurchase
+these Derecognised Bills is equal to their carrying amounts. In the opinion of the directors, the fair values of the Group's Continuing Involvement
+in the Derecognised Bills are not significant.
+During the year ended 31 December 2016, the Group has not recognised any gain or loss on the date of transfer of the Derecognised Bills. No
+gains or losses were recognised from the Continuing Involvement, both during the year or cumulatively.
+44. Events after the reporting period
+A final dividend in respect of the ended 31 December 2016 of RMBO.178 per share (tax inclusive) was proposed pursuant to a resolution passed
+by the Board of Directors on 28 March 2017. This intended to distribute cash dividends of RMB485,609,000 in aggregate based on the total
+share capital of 2,728,142,855 shares of the Company as at 28 March 2017. The proposal of the final dividend is subject to consideration and
+approval at the Company's forthcoming general meeting. This proposed dividend is not reflected as dividend payable in the consolidated financial
+statements.
+Equity attributable to owners of the parent
+Net debt
+Less: Cash and cash equivalents
+Interest-bearing bank and other borrowings
+2,075,959
+8,571,000
+824,384 27,496,564 28,761,495 12,996,919
+214,433 70,293,795
+1,561,754
+1,561,754
+127
+128
+Over
+5 years
+RMB'000
+BYD Company Limited Annual Report 2016
+31 December 2016
+42. Financial risk management objectives and policies (continued)
+Capital management
+The primary objectives of the Group's capital management are to safeguard the Group's ability to continue as a going concern and to maintain a
+healthy capital ratio in order to support its business and maximise shareholders' value.
+The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the
+capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is
+not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital
+during the years ended 31 December 2016 and 31 December 2015.
+The Group monitors capital using a gearing ratio, which is net debt divided by equity. The Group's policy is to maintain the gearing ratio as low as
+possible. Net debt includes interest-bearing bank and other borrowings less cash and cash equivalents. Equity represents equity attributable to
+owners of the parent. The gearing ratios as at the end of the reporting periods were as follows:
+2016
+RMB'000
+2015
+RMB'000
+Notes to Financial Statements
+RMB'000
+1 to 5 years
+12 months
+RMB'000
+Notes to Financial Statements
+31 December 2016
+42. Financial risk management objectives and policies (continued)
+Foreign currency risk
+The Group has transactional currency exposures. Those exposures arise from sales or purchases by operating units in currencies other than the
+units' functional currencies, where the revenue is predominately in US$ and RMB and a certain portion of the bank loans is denominated in US$.
+The Group takes rolling forecast on foreign currency revenue and expenses and matches the currency and amount incurred, so as to alleviate the
+impact on business due to exchange rate fluctuation.
+The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the US$ exchange rate,
+with all other variables held constant, of the Group's profit before tax (due to changes in the fair value of monetary assets and liabilities) and the
+Group's equity.
+Increase/(decrease)
+in US$ rate
+%
+Increase/(decrease)
+in profit before tax
+RMB'000
+Increase/(decrease)
+in owners' equity*
+RMB'000
+2016
+If RMB weakens against US$
+If RMB strengthens against US$
+2015
+If RMB weakens against US$
+BYD Company Limited Annual Report 2016
+126
+125
+Excluding retained profits and exchange fluctuation reserve.
+Interest rate risk
+The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long term debt obligations with floating
+interest rates.
+The Group's policy is to manage its interest cost using a mix of fixed and variable rate debts. At 31 December 2016, approximately 66% (2015:
+52%) of the Group's interest-bearing borrowings bore interest at fixed rates.
+The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the
+Group's and the Company's profit before tax (through the impact on floating rate borrowings) and the Group's and the Company's equity.
+Increase/(decrease)
+in basis points
+Increase/(decrease)
+in profit before tax
+RMB'000
+Increase/(decrease)
+in equity*
+RMB'000
+If RMB strengthens against US$
+2016
+RMB
+2015
+RMB
+RMB
+25
+(25)
+(16,946)
+16,946
+7,111,234
+(23,525)
+(25)
+23,525
+RMB
+The Group's principal financial instruments, other than derivatives, comprise bank loans, restricted bank deposits, and cash and short term
+deposits. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has various other financial
+assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.
+Excluding retained profits and exchange fluctuation reserve.
+55
+Corporate bonds
+Financial guarantee issued (note 36(c))
+Maximum amount guaranteed
+Interest-bearing bank and other borrowings
+Trade and bills payables
+Due to joint ventures
+Due to related parties
+Other payables
+Corporate bonds
+Financial guarantee issued (note 36(c))
+Maximum amount guaranteed
+2016
+Less than
+3 to
+less than
+On demand
+RMB'000
+3 months
+RMB'000
+Other payables
+Due to related parties
+Due to joint ventures
+Trade and bills payables
+55
+146,523
+(146,523)
+(43,932)
+43,932
+The Group trades only with recognised and creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms
+are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Group's exposure to bad
+debts is not significant.
+The credit risk of the Group's other financial assets, which comprise cash and cash equivalents and other receivables, arises from default of the
+counterparty, with a maximum exposure equal to the carrying amounts of these instruments.
+Since the Group trades only with recognised and creditworthy third parties, there is no requirement for collateral. Concentrations of credit risk are
+managed by analyses by customer. At the end of the reporting period, the Group had certain concentrations of credit risk as 8% (2015: 18%)
+and 24% (2015: 31%) the Group's trade receivables were due from the Group's largest customer and the five largest customers, respectively.
+Further quantitative data in respect of the Group's exposure to credit risk arising from trade receivables are disclosed in note 23 to the financial
+statements.
+Liquidity risk
+Credit risk
+The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial
+instruments and financial assets (e.g., trade receivables) and projected cash flows from operations.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+42. Financial risk management objectives and policies (continued)
+Liquidity risk (continued)
+The maturity profile of the Group's financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is
+as follows:
+Financial liabilities
+Interest-bearing bank and other borrowings
+The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank borrowings and corporate
+bonds. In addition, banking facilities have been put in place for contingency purposes. Except for the non-current portion of interest-bearing bank
+borrowings and certain corporate bonds, all borrowings would mature in less than one year at the end of the reporting period.
+41. Fair value and fair value hierarchy of financial instruments (continued)
+Financial assets
+inputs
+RMB'000
+2015
+RMB'000
+42,266,961
+37,642,761
+42,266,961
+37,642,761
+Management has assessed that the fair values of short term deposits, cash and cash equivalents, pledged deposits, trade and bills receivables,
+trade and bills payables, financial assets included in prepayments, deposits and other receivables, financial liabilities included in other payables,
+amounts due from the joint ventures and amounts due from/to subsidiaries approximate to their carrying amounts largely due to the short - term
+maturities of these instruments.
+The Group's corporate finance team headed by the finance manager is responsible for determining the policies and procedures for the fair value
+measurement of financial instruments. The corporate finance team reports directly to the chief financial officer and the audit committee. At
+each reporting date, the corporate finance team analyses the movements in the values of financial instruments and determines the major inputs
+applied in the valuation. The valuation is reviewed and approved by the chief financial officer. The valuation process and results are discussed
+with the audit committee twice a year for interim and annual financial reporting.
+The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
+transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the
+fair values:
+The fair values of the interest-bearing bank and other borrowings have been calculated by discounting the expected future cash flows using
+rates currently available for instruments with similar terms, credit risk and remaining maturities. The Group's own non-performance risk for
+interest-bearing bank and other borrowings as at 31 December 2016 was assessed to be insignificant.
+The fair values of listed equity investments are based on quoted market prices.
+The Group enters into derivative financial instruments with various counterparties, principally financial institutions with AAA credit ratings.
+Derivative financial instruments, including forward currency contracts are measured using valuation techniques similar to forward pricing
+and swap models, using present value calculations. The models incorporate various market observable inputs including the credit quality of
+counterparties, foreign exchange spot and forward rates. The carrying amounts of forward currency contracts are the same as their fair values.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+41. Fair value and fair value hierarchy of financial instruments (continued)
+Fair value hierarchy
+The following tables illustrate the fair value measurement hierarchy of the Group's and the Company's financial instruments:
+Assets measured at fair value:
+As at 31 December 2016
+Fair value measurement using
+2015
+RMB'000
+Quoted prices
+2016
+RMB'000
+Carrying amounts
+liabilities at
+Financial
+60,056,707
+3,206,386
+65,773
+253,668
+65,773
+Derivative financial instruments
+18,207
+18,207
+Available-for-sale investments - listed equity investments
+3,206,386
+3,071,357
+3,206,386
+3,071,357
+Financial liabilities
+Interest-bearing bank and other borrowings
+3,460,054
+3,155,337
+3,460,054
+3,155,337
+Fair values
+in active
+Significant
+observable
+Significant
+unobservable
+(Level 2)
+(Level 3)
+RMB'000
+RMB'000
+RMB'000
+Total
+RMB'000
+Available-for-sale investments - listed equity investments
+Derivative financial instruments
+3,036,215
+18,207
+3,036,215
+18,207
+3,036,215
+18,207
+3,054,422
+During the year, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 (2015:
+Nil).
+123
+124
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+(Level 1)
+inputs
+inputs
+markets
+markets
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+Total
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+amortised cost
+RMB'000
+Available-for-sale investments - listed equity investments
+Derivative financial instruments
+As at 31 December 2015
+3,206,386
+Fair value measurement using
+3,206,386
+- 3,206,386
+Quoted prices
+in active
+Significant
+observable
+Significant
+unobservable
+3,206,386
+Total
+RMB'000
+2016
+34,663,130
+Due to joint ventures and associates
+30,655,830
+30,655,830
+Trade and bills payables
+Total
+RMB'000
+RMB'000
+Financial
+liabilities at
+amortised cost
+38,914,501
+3,071,357
+18,207
+35,824,937
+Financial liabilities
+6,010,931
+6,010,931
+Cash and cash equivalents
+268,600
+268,600
+Short-term deposits
+316,895
+316,895
+Pledged deposits
+393,428
+393,428
+Trade and bills payables
+429,429
+Financial assets
+2015
+RMB'000
+2016
+RMB'000
+2015
+RMB'000
+Fair values
+Carrying amounts
+2016
+RMB'000
+The carrying amounts and fair values of the Group's and the Company's financial instruments, other than those with carrying amounts that
+reasonably approximate to fair values, are as follows:
+41. Fair value and fair value hierarchy of financial instruments
+31 December 2016
+Notes to Financial Statements
+344,908
+BYD Company Limited Annual Report 2016
+121
+71,197,407
+71,197,407
+37,642,761
+37,642,761
+Interest-bearing bank and other borrowings
+2,075,959
+2,075,959
+Financial liabilities included in other payables
+429,429
+122
+344,908
+Due to related parties
+Financial assets included in prepayments,
+2015
+At 31 December 2016, the Group endorsed certain bills receivable accepted by banks in the PRC (the "Endorsed Bills") with a carrying amount of
+RMB6,569,000 (31 December 2015: RMB27,190,000) to certain of its suppliers in order to settle the trade payables due to those suppliers (the
+"Endorsement"). In the opinion of the directors, the Group has retained the substantial risks and rewards, which include default risks relating to
+such Endorsed Bills, and accordingly, it continued to recognise the full carrying amounts of the Endorsed Bills and the associated trade payables
+settled. Subsequent to the Endorsement, the Group does not retain any rights on the use of the Endorsed Bills, including sale, transfer or pledge
+of the Endorsed Bills to any other third parties. The aggregate carrying amount of the trade payables settled by the Endorsed Bills during the year
+to which the suppliers have recourse was RMB6,569,000 (31 December 2015: RMB27,190,000) as at 31 December 2016.
+The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows (continued):
+40. Financial instruments by category (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+80,036,235
+80,036,235
+42,266,961
+Financial assets
+Interest-bearing bank and other borrowings
+2,525,664
+Financial liabilities included in other payables
+116,624
+116,624
+Due to related parties
+463,856
+463,856
+Due to joint ventures and associates
+34,663,130
+deposits and other receivables
+2,525,664
+Available-
+42,266,961
+26,678,639
+Loans and
+receivables
+RMB'000
+338,332
+Due from related parties
+1,800,859
+1,800,859
+Due from joint ventures and associates
+26,678,639
+Trade and bills receivables
+338,332
+18,207
+18,207
+65,773
+3,071,357
+3,071,357
+Available-for-sale investments
+-
+65,773
+Long-term receivable
+Total
+RMB'000
+for-sale
+investments
+RMB'000
+Held for
+trading
+RMB'000
+Derivative financial instruments
+243,813
+Other payables
+348,948
+97,390
+380,249
+Advances from customers
+5,863,563
+8,282
+Interest-bearing bank and other borrowings
+Trade and bills payables
+10,189,084
+5,378
+CURRENT LIABILITIES
+39,199
+25,528,194
+1,347,846
+1,694
+200
+63,808
+3,746
+Total current assets
+Cash and cash equivalents
+Restricted bank deposits
+Derivative financial instruments
+Due from the related parties
+11,274,135
+27,108,089
+Due to the related parties
+Interest-bearing bank and other borrowings
+Due to the jointly-controlled entities
+Total non-current liabilities
+93,250
+Other non-current liabilities
+Deferred tax liabilities
+NON-CURRENT LIABILITIES
+45. Statement of financial position of the company (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+130
+continued/...
+23,860,689
+36,346,513
+TOTAL ASSETS LESS CURRENT LIABILITIES
+11,417,136
+11,831,007
+NET CURRENT ASSETS
+15,690,953
+13,697,187
+Total current liabilities
+3,799,647
+2,905,002
+Due to subsidiaries
+23,461
+4,962
+107,789
+55,559
+758,004
+25,227,787
+311,825
+371,825
+553,000
+1,353,000
+6,584,944
+17,585,944
+1,681,450
+1,735,189
+2015
+RMB'000
+2016
+RMB'000
+Total non-current assets
+23,525
+Available-for-sale investments
+Investments in associates
+Prepaid land lease payments
+Other intangible assets
+Non-current prepayments
+Deferred tax assets
+Investments in joint ventures
+Investments in subsidiaries
+Property, plant and equipment
+NON-CURRENT ASSETS
+Information about the statement of financial position of the Company at the end of the reporting period is as follows:
+45. Statement of financial position of the company
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016 129
+Net assets
+Long term receivable
+24,207
+126,376
+115,469
+24,767,583
+Due from subsidiaries
+38,607
+291,144
+Prepayments, deposits and other receivables
+3,039
+3,039
+Tax recoverable
+273,424
+267,663
+Trade and bills receivables
+79,497
+79,198
+Inventories
+CURRENT ASSETS
+12,443,553
+24,515,506
+3,041,215
+3,211,386
+14,840
+14,840
+80,935
+54,590
+35,668
+38,831
+Due from the jointly-controlled entities
+2016
+RMB'000
+(56,215)
+5,676,868
+677,121
+798,446
+581,177
+710,939
+Government grants and subsidies
+423,332
+550,387
+456,199
+1,991,326
+926,216
+Other income and gains
+5,126,328
+6,516,314
+7,623,458
+922,648
+Selling and distribution costs
+(4,196,339)
+(2,867,992)
+(629,203)
+Other expenses
+(2,055,016)
+(2,073,516)
+(2,600,600)
+(3,690,339) (3,428,963)
+Administrative expenses
+(1,150,419)
+(1,278,910)
+(1,864,695)
+(1,998,499)
+(3,171,694)
+(1,511,797)
+(2,011,845)
+(2,228,758)
+11,859,244
+19,018,263
+Gross profit
+100,207,703 77,611,985 55,366,384 49,767,887
+(81,189,440) (65,752,741) (47,742,926) (43,251,573) (39,254,530)
+5,863,563
+885,633
+19,980,490
+At 31 December 2016
+13,879,570
+595,800
+(960,786)
+(23,306)
+23,306
+Appropriate to statutory surplus reserve fund
+127,629
+14,116,927
+Total comprehensive income for the year
+(1,001,228)
+(185,155)
+(185,155)
+(1,001,228)
+624,334
+(581,505)
+2,104,902
+46. Approval of the financial statements
+44,380,858
+2012
+RMB'000
+2013
+RMB'000
+2014
+RMB'000
+2015
+RMB'000
+2016
+RMB'000
+Cost of sales
+REVENUE
+A summary of the results and of the assets, liabilities and minority interests of the Group for the last five financial years, as extracted from the
+published audited financial statements and restated/reclassified as appropriate, is set out below.
+As 31 December 2016
+Five Year Financial Summary
+BYD Company Limited Annual Report 2016
+132
+131
+The financial statements were approved and authorised for issue by the board of directors on 28 March 2017.
+3,795,800 27,391,159
+(257,330)
+(387,556)
+(205,148)
+775,866
+739,870
+3,138,196
+5,480,012
+131,513
+222,807
+306,345
+314,755
+427,858
+Minority interests
+81,377
+553,059
+433,525
+2,823,441
+5,052,154
+212,890
+Equity holders of the parent
+TOTAL ASSETS
+NON-CONTROLLING INTERESTS
+8,341,302
+101,564
+983,411
+2,203,682
+499,464
+(225,407)
+2015
+RMB'000
+As at the date of this announcement, the board of directors of the Company comprises Mr. Wang Chuan-fu being the
+executive director of the Company, Mr. Lv Xiang-yang and Mr. Xia Zuo-quan being the non-executive directors of the
+Company, Mr. Wang Zi-dong, Mr. Zou Fei and Ms. Zhang Ran being the independent non-executive directors of the
+Company.
+28 March 2017, Shenzhen, PRC
+Chairman
+By Order of the Board
+BYD Company Limited
+Wang Chuan-fu
+32,294,404 25,365,597 21,709,764 21,196,984
+51,255,929
+145,070,778 115,485,755 94,008,855 78,014,834 70,007,807
+(89,661,415) (79,456,514) (65,114,418) (53,158,393) (45,863,436)
+(4,153,434) (3,734,837) (3,528,840) (3,146,677) (2,947,387)
+NET ASSETS (EXCLUDING NON-CONTROLLING
+INTERESTS)
+TOTAL LIABILITIES
+(103,930)
+Attributable to:
+775,866
+3,003
+(24,709)
+(36,309)
+(121,276)
+(245,802)
+(619,528)
+19,704
+Associates
+Joint ventures
+Share of profits and losses of:
+(862,439)
+(1,017,318)
+(1,396,828)
+(1,517,003)
+(1,799,609)
+Finance costs
+(1,113)
+212,890
+(12,099)
+PROFIT BEFORE TAX
+739,870
+3,138,196
+5,480,012
+PROFIT FOR THE YEAR
+(77,835)
+986,876 3,200,000 5,170,287
+(101,564)
+(134,082)
+(656,790)
+(1,088,398)
+Income tax expense
+290,725
+832,081
+873,952
+3,794,986
+6,568,410
+206
+14,220,857
+Research and development costs
+--595,800
+Total comprehensive income for the year
+Appropriate to statutory surplus reserve fund
+At 31 December 2015
+Profit for the year
+Other comprehensive income for the year:
+Change in fair value of available-for-sale
+investments, net of tax
+Issue of perpetual loans (note 34)
+Issue of shares
+Share issue expenses
+Perpetual loan interest paid (note 12)
+Interim 2016 dividend
+31 December 2016
+Share
+premium
+Statutory
+Capital
+Note
+account
+RMB'000
+reserve
+RMB'000
+surplus
+reserve fund
+RMB'000
+Retained
+profits
+RMB'000
+At 1 January 2015
+Perpetual
+loans
+RMB'000
+45. Statement of financial position of the company (continued)
+BYD Company Limited Annual Report 2016
+549,903
+440
+7,303,656
+568,149
+1,295
+6,227,211
+7,873,100
+30,119,302
+15,987,589
+EQUITY
+Equity attributable to equity holders of the Company
+Share capital
+2,728,143
+2,476,000
+Reserves
+595,800
+10,311,589
+Perpetual loan
+Total equity
+3,795,800
+3,200,000
+30,119,302
+15,987,589
+Note:
+A summary of the Company's reserves is as follows:
+Notes to Financial Statements
+Total
+RMB'000
+23,595,359
+225,597
+225,597
+127,629
+601,028
+127,629
+14,220,857
+(103,930)
+3,088,994 3,200,000 13,511,589
+Rechargeable Battery and Photovoltaic
+2016
+2015
+Automobiles
+Please refer to note 36 to the financial statements for details of
+contingent liabilities.
+Environmental Protection and Social Security
+During the reporting period, the Company had no significant
+environmental protection or social security issues.
+2015
+China
+2016
+2016
+17
+Handset and Assembly Services
+Contingent Liabilities
+13
+14
+Capital Commitment
+2016
+7%
+Turnover Breakdown by Locations of Customers
+Turnover Breakdown by Product Categories
+The charts below set out comparisons of the Group's turnover by product category for the years ended 31 December 2016 and 2015:
+Segmental Information
+During the Year, turnover increased by 29.11% as compared to that of 2015, which was mainly driven by significant growth in sales of new energy
+automobiles and strong performance of metal components and assembly business. Profit attributable to equity holders of the parent company
+increased by 78.94% as compared to the same period of the previous year, mainly attributable to expansion of the new energy automobile business.
+Turnover and Profit attributable to Owners of the Parent Company
+Financial Review
+Management Discussion and Analysis
+BYD Company Limited Annual Report 2016
+%Є*76
+3.7%
+2015
+U.S.A.
+As at 31 December 2016, the Group had approximately 194,000
+employees. During the period, total staff cost accounted for
+approximately 15.81% of the Group's turnover. Employees'
+remuneration was determined based on performance, experience and
+prevailing industry practices, with compensation policies being reviewed
+on a regular basis. Bonuses and commission were also awarded to
+employees, based on their annual performance evaluation. Incentives
+were offered to encourage personal motivation.
+Share Capital
+As at 31 December 2016, the share capital of the Company was as
+follows:
+Number of
+shares issued
+Percentage
+(%)
+Domestic shares
+H shares
+Total
+1,813,142,855
+66.46
+915,000,000
+33.54
+2,728,142,855
+100.00
+Purchase, Sale or Redemption of Shares
+The Company did not redeem any of its shares during the period from
+1 January 2016 to 31 December 2016. During the period, neither
+the Company nor any of its subsidiaries purchased or sold any of the
+Company's shares.
+Employment, Training and Development
+significant difficulties in or impacts on its operations or liquidity due to
+fluctuations in currency exchange rates. The directors believe that the
+Group has sufficient foreign exchange to meet its own foreign exchange
+requirements and will adopt practical measures to prevent exposure to
+exchange rate risk.
+Most of the Group's income and expenditure are settled in RMB
+and US dollar. During the period, the Group did not experience any
+Exposure to Foreign Exchange Risk
+Europe
+Others
+2015
+%7*06
+Gross Profit and Margin
+During the Year, the Group's gross profit increased by approximately 60.37% to approximately RMB19,018 million. Gross profit margin increased from
+approximately 15.28% in 2015 to approximately 18.98% during the year. The increase in gross profit margin was mainly due to higher percentage of
+revenue from new energy automobile business to total revenue and the increased gross profit margin of new energy automobile business.
+Liquidity and Financial Resources
+16
+During the Year, BYD generated operating cash outflow of approximately RMB1,846 million, compared with operating cash inflow of approximately
+RMB3,842 million in 2015. Cash outflow of the Group during the period was mainly arising from the increase in purchase of goods and services during
+operating activities and slow return payment of subsidies receivables of new energy automobiles. Total borrowings as at 31 December 2016, including
+all bank loans and bonds, were approximately RMB42,267 million, compared with approximately RMB37,643 million as at 31 December 2015. The
+maturity profile of the bank loans and bonds thereof spread over a period of fourteen years, with approximately RMB32,928 million repayable within
+one year, approximately RMB7,432 million in the second year, approximately RMB2,943 million within the third to the fifth years and approximately
+RMB964 million over five years. The Group had adequate liquidity to meet its daily management and capital expenditure requirements and control
+internal operating cash flows.
+BYD Company Limited Annual Report 2016
+Management Discussion and Analysis
+Capital Structure
+The Group's Financial Division is responsible for the Group's financial
+risk management which operates according to policies implemented
+and approved by senior management. As at 31 December 2016,
+borrowings were primarily settled in RMB, while cash and cash
+equivalents were primarily held in RMB and US dollar. The Group plans
+to maintain an appropriate mix of equity and debt to ensure an efficient
+capital structure during the period. As at 31 December 2016, the
+Group's outstanding loans included RMB loans and foreign currency
+loans and approximately 66% (31 December 2015: 52%) of such
+outstanding loans were at fixed interest rates, with the remaining at
+floating interest rates.
+The Group monitors its capital by using gearing ratio, which is net debt
+divided by equity. The Group's policy is to maintain the gearing ratio
+as low as possible. Net debt includes interest-bearing bank and other
+borrowings less cash and cash equivalents. Equity represents equity
+attributable to owners of the parent. Therefore, the gearing ratios of the
+Group was 74% and 109% as at 31 December 2016 and 31 December
+2015, respectively.
+The Group completed the issue of 2016 Tranche | Medium Term Notes
+("Tranche | Notes") and 2016 Tranche II Medium Term Notes ("Tranche
+Il Notes") on 24 February 2016 and 26 February 2016, respectively.
+The tranche | Notes and Tranche II Notes were issued at par of RMB100
+each for a term of 5+N years (due upon redemption by the Company
+pursuant to the terms of the issue) to raise RMB200 million and
+RMB400 million, respectively for funding bank loan repayments. A total
+of RMB595.8 million (after deducting listing expenses) was raised. The
+coupon interest rate for the first 5 years for which interest is accruable
+is 5.1% per annum. Starting from the 6th year for which interest is
+accruable, the coupon interest rate is reset every 5 years.
+15
+At 31 December 2016, certain items of the Group's land and buildings
+with a net carrying amount of approximately RMB79,509,000 (2015:
+RMB75,506,000) were pledged to secure general banking facilities
+granted to the Group; and certain items of the Group's construction in
+progress with a net carrying amount of approximately RMB9,778,000
+(2015: RMB9,153,000) were pledged to secure general banking
+facilities granted to the Group. Further, at 31 December 2016, a
+pledged bank deposit of RMB335,072,000 (2015: RMB316,895,000)
+was pledged for bank acceptance bills of RMB217,836,000 (2015:
+RMB226,876,000), letter of credit of RMB51,016,000 (2015:
+RMB8,021,000) and various projects as required of RMB66,220,000
+(2015: RMB81,998,000).
+For the year ended 31 December 2016, turnover period of accounts and bills receivables was approximately 132 days, as compared to approximately
+116 days for the same period in 2015. The increase in trade and bill receivables turnover days is mainly due to the increase in the new energy
+automobile business which has a longer account receivable turnover period. The inventory turnover period was approximately 76 days for the year
+ended 31 December 2016 as compared to about 73 days for the same period in 2015 without significant change.
+15
+Please refer to note 38 to the financial statements for details of capital
+commitments.
+85,071
+According to the latest data released by China Academy of
+Telecommunication Research, domestic handset shipments grew by
+8.0% year-on-year to 560 million units in 2016, including 522 million
+units of smartphones, which represented a year-on-year increase of
+14.0%, accounting for 93.2% of domestic handset shipments for the
+same period. China's smartphone brands maintained strong growth in
+sales. Domestic smartphone manufacturers have improved the brand
+positioning and increased the market share of domestic high-end
+smartphones through technical innovation. The slowdown in the market
+growth has resulted in increasingly fierce competition between domestic
+and overseas manufacturers of smartphones and the focus on the
+pursuit for difference in exterior design to attract consumers, continually
+heading up the demand for metal casings and metal middle frames.
+The penetration rate of metal parts, with manufacturing technology and
+scale gaining rapid achievements and maturing, increased constantly
+during the year, with costs continually decreasing, and continued to lead
+the industrial trend. During the year, metal parts are being widely used
+in more mobile intelligent devices and consumer electronic products
+with market scale continuing to expand.
+According to the report from IDC the global smartphone market
+shipments was 1.47 billion units, which grew by only 2.3%
+year-on-year. The historical rapid growth trend in China, the United
+States, Brazil and other major markets was terminated.
+Handset components and assembly business
+To promote the sustainable and healthy development of the new energy
+automobile industry, the National Ministry of Finance, the Ministry
+of Science and Technology, the Ministry of Industry and Information
+Technology, and the Development and Reform Commission jointly
+released the Notice on Adjusting the Financial Subsidy Policies for the
+Promotion and Application of New Energy Vehicles ( KAJ*
+新能源汽車推廣應用財政補貼政策的通知》) in December
+2016, which improved the access threshold for financial subsidies
+from vehicle energy consumption, driving range, battery performance
+and safety requirements, etc. Under the premise of maintaining the
+overall continuity of the subsidy policy from 2016 to 2020, the notice
+improved the subsidy-use efficiency by adjusting and improving the
+forms of subsidies and formulating reduction plans. At the same time,
+the construction of charging facilities in China has accelerated rapidly,
+and a large-scale charging service network has been built in Beijing,
+Shanghai and Shenzhen, which has steadily pushed forward the
+charging infrastructure construction to meet the rapid development of
+new energy vehicles. According to the data disclosed by the Ministry
+of Industry and Information Technology, the number of new built public
+charging piles in China in 2016 reached 100,000, representing 10
+times as compared to that of 2015.
+Management Discussion and Analysis
+BYD Company Limited Annual Report 2016
+Affected by fraud investigations and policy changes, the new
+energy vehicles market slowed its growth. However, it still realized
+a fast development. According to statistics from China Association
+of Automobile Manufacturers, the production and sales of new
+energy vehicles in China reached 517,000 units and 507,000 units
+respectively, representing an increase of 51.7% and 53% year-on-year
+respectively, ranking first in the world for two consecutive years. In
+which, sales of pure electric vehicles increased by 65.1% year-on-year
+to 409,000 units, while sales of plug-in hybrid vehicle rose by 17.1%
+year-on-year to 98,000 units.
+Specifically, sport utility vehicles ("SUVS"), the sales of which rose
+by 44.59% year-on-year to 9,047,000 units, remained an important
+growth engine of China's automobile market. At the same time, sales
+of Chinese branded passenger vehicles exceeded ten million for the
+first time, increasing by 20.5% year-on-year to 10,529,000 units,
+accounting for 43.2% of the total sales of passenger vehicles, up by 2
+percentage points as compared to last year.
+Driven by the policy stimulus, China's automobile market has recovered
+strongly during the year. According to statistics from China Association
+of Automobile Manufacturers, the production and sales of automobiles
+in China reached a record high in 2016, and the production and sales
+for the whole year reached 28,119,000 units and 28,028,000 units
+respectively, increasing by 14.5% and 13.7% year-on-year respectively,
+ranking first globally for eight consecutive years.
+Looking back on 2016, the global situation was complex and volatile.
+The economic growth of developed economies remained sluggish and
+the economic growth of emerging countries was slow but tended to
+be stable. As for China, its economic growth further slowed down to
+6.7%. Facing on-going economic downward pressure, the Chinese
+government stepped up the optimization and transformation of industrial
+structure by mainly promoting the supply-side structural reforms and
+continued to expand strategic emerging industries, with a view to
+creating a new engine for economic and social development.
+Automobile business
+Industry analysis and review
+Management Discussion and Analysis
+BYD Company Limited Annual Report 2016
+10
+New Energy
+New Future
+BYD Company Limited Annual Report 2016
+Management Discussion and Analysis
+In July 2016, the Group issued 252,142,855 A shares at RMB57.40
+per share through non-public offering with an aim to raise total funds of
+approximately RMB14.473 billion. Such issued shares have been listed
+on the Shenzhen Stock Exchange. The raised funds will be used for
+expansion of production capacity for lithium ferrous phosphate batteries
+and for research and development of new energy vehicles, as well as
+supplement of working capital and repayment of bank borrowings. As
+the non-public offering successfully attracted the investments from
+SDIC Advanced Manufacturing Industry Investment Fund (
+£X£À¤KA) and Samsung Group, their involvement in
+this additional issuance has fully demonstrated the recognition for
+BYD's technical strength and industrial leading position from national
+and industrial level, which will accelerate the communication and
+collaboration between each parties in the future. The completion of
+the non-public offering has significantly enhanced our capital strength,
+which has provided sufficient financial support for the continuous
+development of our new energy automobile business, and laid a solid
+foundation for achieving our strategic targets. Meanwhile, the non-
+public offering has also optimized our capital structure, and lowered
+the debt level and finance costs of the Group, which made a significant
+contribution to reduce our financial burdens.
+Prospect and Strategy
+Looking ahead to 2017, the global economy is expected to remain
+complicated with additional uncertainties. At the end of November
+2016, State Council published a notice on issuing the "Guideline on
+Emerging Sectors of Strategic Importance during the 13th Five-year
+Plan Period (2016-20)"( +R®®¢¥ªÀ¤¾®µ
+Rechargeable batteries and photovoltaic business
+During the year, the global sales volume of consumer electronic
+products remained stable. Along with the intense competition, market
+demand for lithium batteries and nickel batteries was weak. In the
+photovoltaic industry, global newly installed capacity of solar power
+reached 76 gigawatts with a year-on-year growth of 48%, in 2016,
+based on the statistics provided by SolarPower Europe (the European
+Photovoltaic Industry Association). In particular, China ranked first in
+the world with newly installed capacity amounting to 34.2 gigawatts,
+representing a year-on-year growth of 125%. With the strong support of
+national and local policies, the photovoltaic industry recovery has been
+driven by notably accelerated development of distributed photovoltaic
+power generation and the decreased cost of modules, and however, the
+market competition remained fierce.
+Business review
+BYD Company Limited ("BYD" or the "Company") and its subsidiaries
+(collectively referred to as the "Group") are principally engaged in the
+automobile business, including new energy automobiles and traditional
+fuel vehicles, and handset components and assembly business, as
+well as rechargeable battery and photovoltaic business. During the
+year, the Group's revenue was approximately RMB100,208 million,
+representing a year-on-year increase of 29.11%. Revenue generated
+by the business of automobiles and related products rose by 41.32%
+year-on-year to approximately RMB55,022 million. The revenue
+from the handset components and assembly business amounted to
+approximately RMB38,083 million, up by 15.65% year-on-year. The
+revenue from the rechargeable battery and photovoltaic businesses
+was approximately RMB7, 103 million, up by 23.53% year-on-year. The
+automobile business, handset components and assembly business and
+rechargeable battery and photovoltaic business accounted for 54.91%,
+38.00% and 7.09% of the Group's total revenue, respectively.
+Optimization of Business Structure and Capital Structure
+In June 2016, the Group signed a "Cooperative Framework Agreement
+on the Exploitation of Lithium Resources in Salt Lake" with Qinghai Salt
+Lake Industry Co., Ltd. (), pursuant
+to which, the parties have agreed to set up a joint venture in Qinghai
+engaging in the development, processing and sales of products with
+lithium resources in the Salt Lake, Qinghai. Through the cooperation,
+the Group achieved its strategic planning for upstream core resources
+in new energy automobile industry and optimized its new energy
+automobile industry chain, thus securing an abundant supply of lithium
+resources for the Group's new energy automobiles in the future and
+enhancing its ability to control the cost of raw materials.
+During the year, the Group's rechargeable battery business remained
+stable, with the photovoltaic business growing rapidly but continued
+certain losses. The Group actively developed the international market to
+develop "photovoltaic + energy storage" pattern, and launched products
+in the new household and grid-connection concept. During the year, the
+86 MW project fully using the BYD solar modules in South Africa was
+fully completed, which marked the largest single solar power plant with
+local module in Africa was formally completed.
+The Group's rechargeable batteries mainly include lithium-ion batteries
+and nickel batteries, which are widely used in portable electronic
+devices, including handsets, digital cameras, power tools and electrical
+toys. In addition, the Group has also been actively expanding into the
+field businesses such as energy storage stations and solar power
+stations. In 2016, the Group's rechargeable battery and photovoltaic
+business recorded revenue of approximately RMB7,103 million,
+representing a year-on-year increase of 23.53%.
+Rechargeable batteries and photovoltaic business
+During the year, the market share and sales of domestic smartphone
+manufacturers with self-owned brands increased constantly, and the
+penetration of metal parts continued to increase. Leveraging on the
+longtime experiences, leading technologies and mature processes
+accumulated in the metal parts field, the Group continues to maintain
+close cooperation with leading handset brands manufacturers in
+domestic and overseas, and is actively seeking for new clients. During
+the year, the metal parts business developed strongly and its income
+increased by over 50% year-on-year. During the Year, the assembly
+business achieved sound development with continuous smartphone
+EMS orders from the leading brands.
+As one of the most competitive handset component and assembly
+service suppliers in the world, BYD provides one-stop services from
+design, component manufacturing to complete handset assembly
+services for both domestic and overseas handset manufacturers
+through a one-stop business model which features vertical integration.
+In 2016, the revenue from the handset components and assembly
+business of the Group amounted to RMB38,083 million, up by 15.65%
+year-on-year.
+Handset components and assembly business
+In the international market, the Group took the public transportation as
+a breakthrough point, and continued to advance the development and
+application for new energy automobiles in the field of urban buses and
+taxis. Currently, our new energy automobiles have been successfully
+operated in over 200 cities of more than 50 global countries and
+regions in six continents, including America, Japan, the United Kingdom,
+Brazil, Netherlands and Australia.
+Management Discussion and Analysis
+BYD Company Limited Annual Report 2016
+), which emphasizes to highlight the strategic emerging industry
+in economic and social development with an aim to drive the low carbon
+industries such as new energy automobile, new energy and energy
+saving and environmental protection to become pillar industries. As a
+leader of new energy vehicles industry, BYD will continue to uphold the
+development philosophy of "Technology, Quality and Responsibility".
+With its technological advantages in the industries of automobiles and
+batteries and its three core technologies, namely batteries, motors
+and electric control, BYD will focus on the development of new energy
+automobiles and skyrail businesses and promote long-term and
+sustainable development of the Group.
+As for rail transportation, the "Skyrail” monorail train on which the Group
+spent 5 years for research and development was launched in Shenzhen
+in October, marking the Group's official entrance into the emerging rail
+transit industry. "Skyrail" uses lightweight material and technology, and
+is equipped with energy recycling system. Its costs and construction
+period are far below that of metro, largely applicable to market demand
+in small and medium-sized cities. Since development of rail transit is
+specially mentioned in the 13th Five Year Plan of China, "Skyrail" is
+expected to have a rapid development. Up to now, there are a lot of
+cities planning to construct rail transit, and the market size may reach
+trillions. As the strategic product of the Group, "Skyrail” can effectively
+solve the urban traffic congestion problem, and realize the multi-level
+layout, from the ground to the air, in public transportation of the Group,
+which pioneers a new ground for the long-term development of the
+Group.
+During the year, the overall revenue generated from new energy
+automobile business rose by approximately 80.97% year-on-year
+to approximately RMB34,095 million, accounting for approximately
+34.02% of the Group's total revenue, becoming a major source of
+revenue and profit of the Group.
+On the other hand, the Group continued to promote the development
+strategy of electrification of public transport. Pure electric buses and
+taxis maintained a strong development in both domestic and overseas
+markets. According to the statistics released by the Ministry of Industry
+and Information Technology, the rank of pure electric buses of the
+Group in the industry rose from the fifth in 2015 to the second in 2016.
+According to the statistics released by www.ChinaBus.Info, the sales
+of pure electric buses with the length over 10 meters ranked first in
+the industry for three consecutive years. As of the end of December
+2016, "e6" pure electric taxis and "K9" pure electric buses which were
+put into operation in Shenzhen, reached accumulated mileages of 420
+million km and 140 million km respectively. The maximum mileage for
+a single "e6" pure electric taxi vehicle reached 927,000 km while that
+of a single "K9" pure electric bus reached 370,000 km, continuing to
+maintain the world record for the longest ride in public transportation.
+As for passenger vehicles, plug-in hybrid vehicle model "Tang" topped
+the sales of Chinese new energy automobiles in 2016, with sales
+of approximately 25 thousand units and a significant year-on-year
+increase of 44.54%. Plug-in hybrid passenger vehicle "Qin" and
+pure electric passenger vehicle "e6" ranked the second and third
+respectively. As for pure electric passenger vehicles, the model "Qin
+EV300" and "e5", launched in the end of March by the Group received
+overwhelming response from consumers since its introduction and
+rapidly expanded the Group's market in Beijing. Furthermore, e5
+became a new growth driver for the Group with a sales of approximately
+13 thousand units.
+increased by 120.68% year-on-year over 10 thousand units, with its
+market share substantially increased. According to the data released by
+www.d1ev.com, the global market share of BYD new energy vehicles
+reached 13% and its market share in China reached 23%, thereby
+making its industry position consolidated.
+Management Discussion and Analysis
+BYD Company Limited Annual Report 2016
+12
+11
+In 2016, with the continuous policy support from governments at all
+levels and the continuous rapid growth of the industry, BYD vigorously
+took landmark opportunities and enhanced the development of new
+energy automobile business, which helped maintain the Company's
+global leading position in the new energy automobile industry. Sales of
+the Group's new energy automobile surged by 69.85% year-on-year
+to 96 thousand units during the year, ranking No. 1 in the world.
+In particular, sales of new energy passenger vehicles increased by
+65.41% to approximately 86 thousand units, leading the new energy
+passenger vehicle market once again. Sales of pure electric buses
+Automobile business
+While focusing on new energy vehicle market, the Group also promoted
+the development of traditional fuel vehicle business. During the year,
+the Group's sales of traditional fuel vehicles increased by approximately
+1.78% year-on-year to approximately 326 thousand units. In particular,
+SUV remained to be a key growth driver, particularly, the sales of
+"Song" matchless Version recorded more than 10 thousand units each
+month since its launch in September 2016 for three months in a row.
+During the year, the Group continued to improve its products layout and
+launched small SUV model in April 2016, so as to further enrich the
+product line of SUV and promote continual improvement in our product
+structure and continual increase in average selling price per unit.
+During the first quarter of 2017, it is expected that adjustments will be made in new energy
+vehicle in short period influenced by the changes in grants polices of new energy vehicle. The new
+energy vehicle business of the Group will also suffer pressure, so it is expected that the sales and
+gains of new energy vehicle will decrease. Traditional automobile business is expected to maintain
+steady progress. In terms of handset components and assembly business, the penetration of
+metal parts continues to increase. The Group continues to secure the orders for high-end flagship
+handset models from global leading smartphones manufactures, which is expected to promote
+the rapid growth of the Group's handset components business. In terms of solar business, market
+competition remains fierce and the price pressure of products is still high.
+Automobile business
+In the field of passenger vehicles, “Qin 100" and "Tang 100", the
+upgraded versions of plug-in hybrid vehicles “Qin” and “Tang” have
+been launched at the end of February 2017, with emphasis on
+improving performance of power system and electronic equipment,
+making the driving range under pure electric mode reaching up to 100
+km and the core competitiveness of products further enhanced. In
+addition, more vehicles including “Song PHEV" and "Yuan PHEV" will be
+launched successively, which will provide more diversified options for
+consumers and consolidate the Group's leading position for new energy
+vehicles industry.
+According to the "Guideline on Emerging Sectors of Strategic
+Importance during the 13th Five-year Plan Period (2016-20)"( <+
+=*£¥¥¥\\), China advocated for
+strengthening of technological innovation, improvement of industry
+chain, optimization of matching environment, and implementation
+and improvement of the supporting policies, so as to increase the
+industrialization level of pure electric vehicles and plug-in hybrid
+electric vehicles, and realize large-scale application of new energy
+automobiles. As a leader in new energy vehicles industry, BYD will grasp
+the opportunities for development and will make additional investments
+to expand production capacity, improve product competitiveness,
+accelerate research and development and launch of more new models
+with the aim of satisfying the market's fast growing demand.
+For the business of rechargeable batteries, the Group will continue to widen the range of applications of lithium-ion batteries and nickel batteries in
+order to consolidate its leading market position. For the photovoltaic businesses, the Group will continue to expand both the domestic and overseas
+markets in 2017, improve capacity utilization and sales volume, actively control costs and enhance the revenue and profitability of this business.
+Forecasted operating results for January to March 2017
+Estimated operating results for January to March 2017:
+Change (in percentage) of net profit attributable to shareholders of the
+listed company for January to March 2017
+-35.35%
+to
+-23.59%
+Rechargeable battery and photovoltaic business
+55,000
+to
+Range of net profit attributable to shareholders of the listed company
+(RMB10,000) for January to March 2017
+Net profit attributable to shareholders of the listed company (RMB10,000)
+for January to March 2016
+11
+7
+BYD Company Limited Annual Report 2016
+65,000
+In the field of public transportation, the Group devotes to increasing its penetration and market share in domestic and overseas markets, enhancing
+its brand recognition and influence, and building an international brand. The urban rail transit in China will come to a development peak in the "13th
+Five-year Plan" period. Currently, the construction of rail transit has been brought into the list of key development projects in the "13th Five-year Plan"
+of a number of provinces and cities. The Group will focus on the development of low-carbon and green "Skyrail" products, and strive to cooperate with
+more medium and small-sized cities of the country to solve the increasingly serious traffic congestion problems. In the field of traditional fuel vehicles,
+the Group will continue to promote the sales of SUV models actively to boost the development of the traditional fuel vehicle business.
+Management Discussion and Analysis
+Handset components and assembly business
+As a leading manufacturer in the handset components and assembly industry, the Group will continue to make effort to develop its metal parts
+business and widen the range of applications of metal casings and metal structural components in 2017. As for application of new materials, the
+Group will actively expand new businesses including glass and porcelain, and provide more comprehensive solutions to our customers. The Group
+will also actively seek business from new customers at home and abroad to establish a broader client network with the aim of achieving sustainable
+development of its handset component and assembly business. In the future, the Group will actively expand new businesses including automotive
+electronics, unmanned plane and consumer electronic products to create new growth point for the continuous development of the Group.
+Reasons for changes in results
+The National Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the Development
+and Reform Commission launched new subsidy policies on new energy automobiles at the end of 2016, which would have a significant effect on
+new energy automobile industry. Since the subsidies of the central government of 2017 decreased by 20% as compared to that of 2016 and local
+financial subsidy shall not exceed 50% of central government's subsidies to each automobile, some manufacturers with smaller size and no effective
+competitiveness might withdraw from the market gradually, and the overall market concentration would be further intensified. Leading enterprises will
+be benefited a lot, and the continued and healthy development of new energy industry will be ultimately promoted.
+BYD Company Limited Annual Report 2016
+and the chairman of Xi'an Northern Qinchuan Company Ltd. (
+方秦川集團有限公司).
+), a supervisor of Shenzhen Shendianneng Electricity
+Co., Ltd (深圳市深電能售電有限公司),supervisor of East
+Shenzhen Rail Transportation Company Limited, supervisor of Qinghai
+Salt Lake BYD Resources Development Co., Ltd. (
+)) in the PRC in 1998, majoring in Spanish language and
+obtained a bachelor degree. Ms. Wang joined BYD Industries in 1998
+and has been working in the President's office. She is a Supervisor
+of the Company and officer of the President's office, a supervisor of
+Shenzhen Qianhai Green Transportation Co., Ltd. (
+Ms. Wang Zhen, born in 1976, Chinese national with no right of
+abode overseas, bachelor's degree holder. Ms. Wang graduated from
+Guangdong University of Foreign Studies (廣東外語外貿大學)
+(formerly known as Guangzhou Institute of Foreign Languages (
+Wang Zhen
+2008 and now serves as the deputy general manager of China North
+Industries Group Corporation (中國兵器西北工業集團有限公司)
+) and was engaged in research and development work
+in our Company. He has been a Supervisor and the chairman of the
+Supervisory Committee since July 2002.
+office head, deputy director, director, deputy plant manager and held
+other posts in state-owned, 615 Factory, China Industries Group
+Corporation (中國兵器工業集團公司). He also acted as the
+general manager of the Sino-foreign joint venture named Baoji Xingbao
+Machinery & Electric Co., Ltd. (), plant manager
+of state-owned Factory 843 since May 2002, director and general
+Imanager of Xi'an Northern Qinchuan Machinery Corporation Co., Ltd.
+(西安北方秦川機械工業有限公司), director and the general
+manager of Xi'an Northern Qinchuan Company Ltd. (ŁÑ¾)||
+Independent Non-executive Directors
+Wang Zi-dong
+Mr. Wang Zi-dong, born in 1958, Chinese national with no right of
+abode overseas, bachelor's degree holder and a senior engineer. Mr.
+Wang graduated from Beijing Industrial Institute (currently known as
+Beijing Institute of Technology) (北京工業學院(現北京理工大
+)) in 1982 with a bachelor's degree in engineering. Mr. Wang has
+been an independent Director of the Company since September 2014
+and now serves as a researcher in China North Vehicle Research
+Institute (t), a director of China North Vehicle
+Research Institute (Battery Test Center of National 863 Electric Vehicle)
+(中國北方車輛研究所(國家863電動車動力電池測試中
+C)), an independent non-executive director of Cangzhou Mingzhu
+Plastic Material Co., Ltd (滄州明珠塑料股份有限公司) and
+Shenzhen Yinghe Polytron Technologies Inc. (AN
+), and an independent director of Beijing Easpring Material
+Technology Co., Ltd (北京當升材料科技股份有限公司).
+Zou Fei
+Mr. Zou Fei, born in 1973, Chinese national, doctoral degree holder,
+chartered financial analyst, member of Chinese Finance Association
+of America, and expert listed in "Thousand Talents Program" of the
+Organisation Department of the CPC Central Committee. Mr. Zou
+graduated from University of Texas in the United States with a master's
+degree in economics and a doctorate in finance. Mr. Zou served as a
+fund manager of American Century Investments and was managing
+director of the special investment department of China Investment
+Corporation (¶¶¶¯). He has also served in other
+capacities including as the former chairman of the board of Chinese
+Finance Association of America and the former board observer of Noble
+Group of Singapore. He has been as an independent Director of the
+Company since September 2014 and now serves as the president of
+Synergy Capital and an independent director of Delta Dunia Makmur
+TBK PT in Indonesia. He is also an independent director of China
+Modern Dairy Holdings Ltd. (中國現代牧業控股有限公司).
+22
+BYD Company Limited Annual Report 2016
+Directors, Supervisors and Senior Management
+Zhang Ran
+Ms. Zhang Ran, born in 1977, Chinese national with no right of abode
+overseas, doctoral degree holder and associate professor. Ms. Zhang
+graduated from Beijing Jiao Tong University () in 2002 with
+a bachelor degree of accountancy and a master degree in economics. She
+obtained a doctoral degree in accountancy from Leeds School of Business,
+University of Colorado at Boulder. Ms. Zhang held positions as a part-time
+lecturer in Leeds School of Business, University of Colorado at Boulder, and
+as an accounting and auditing tax commissioner in Bill Brooks CPA, Boulder,
+CO, USA. She has been an independent director of the Company since
+September 2014 and now serves as an associate professor of accounting
+and doctoral tutor in Guanghua School of Management of Peking University
+(北京大學光華管理學院), an independent director of Beijing Novogene
+Technology Co., Ltd. (北京諾禾致源科技股份有限公司) and an
+independent director of DMG Entertainment and Media Co., Ltd. (
+樂傳媒股份有限公司).
+Supervisors
+Dong Jun-qing
+Mr. Dong Jun-qing, born in 1934, Chinese national with no right of
+abode overseas, bachelor's degree holder, and a senior engineer at
+professor level. Mr. Dong graduated from Non-Ferrous Metal and Gold
+Faculty in Moscow, USSR in 1959, with a bachelor's degree majoring
+in aluminium and magnesium metallurgy, and obtained the title of
+USSR engineer. Mr. Dong lectured at Non-Ferrous Metallurgy Faculty
+of the Northeast University (東北大學有色冶金系) in the PRC and
+researched at Beijing Non-Ferrous Research Institute (¤¤Â
+Li Yong-zhao
+Mr. Li Yong-zhao, born in 1961, Chinese national with no right of abode
+overseas, bachelor's degree holder, and a researcher level senior
+engineer. Mr. Li graduated from Xi'an Institute of Technology (
+I) in August 1982 with a bachelor's degree in Mechanical
+Manufacturing Technology and Equipment. Mr. Li worked as technician,
+). He has been a Supervisor of the Company since June
+) and Secretary-General of BYD Charity Foundation.
+), executive director of Shenzhen Youngy Internet Financial
+Services Company Limited (深圳融捷互聯網金融服務有限公
+), executive director of Shenzhen Qianhai Youngy High Technology
+Investment Company Limited (深圳前海融捷高新技術投資有限
+公司), chairman of Huaxun Fangzhou Co., Ltd (華訊方舟股份有限
+A), chairman of Hainan Shiyin Energy Technology Co., Ltd (
+世銀能源科技有限公司), chairman of Shenzhen Huaxun Fangzhou
+Technology Co.,Ltd (深圳市華訊方舟科技有限公司), director
+of Xinjiang Tianhai Tenghui Technology Co., Ltd (OKEN
+技股份有限公司),vice chairman of Guangzhou OED Technologies
+Co., Ltd (廣州奧翼電子科技有限公司), chairman of Anhui
+Youngy Investment Co., Ltd (), executive
+director of Guangdong Youngy Asset Management Co., Ltd (
+#Ẫ¥ÁRA), executive director of Guangzhou Youngy
+Venture Capital Co., Ltd (ĦRAƑ]), executive
+director of Shenzhen Qianhai Youngy Supply Chain Factoring Services
+Co., Ltd (深圳前海融捷供應鏈保理服務有限公司),executive
+director of Guangzhou Youngy Equity Investment Co., Ltd (
+捷股權投資有限公司),vice chairman of Guangzhou Shengguang
+Microelectronics Limited (廣州盛光微電子有限公司),director of
+仕達國際控股有限公司), a director of Shenzhen Joint Factoring
+Co., Ltd. (深圳聯合保理有限公司) managing partner of Shenzhen
+Zhengxuan Space IT Development Partnership (Limited Partnership) (
+圳正軒空間信息技術開發合夥企業(有限合夥)),chairman
+of Shenzhen Zhengxuan Qianhai Equity Investment Fund Management
+Co., Ltd (深圳正軒前海股權投資基金管理有限公司),executive
+(managing) director of Shenzhen Zhengxuan Makerspace Technology
+Limited (深圳市正軒創客空間科技有限公司), chairman of
+Lv Xiang-yang
+Non-executive Directors
+2015 etc.
+from the State Council. In June 2003, he was awarded Star of Asia
+by BusinessWeek. He was awarded with Mayor award of Shenzhen in
+2004 (E), "The 2008 CCTV Man of the
+Year China Economy Innovation Award" (=\CCTV+
+濟年度人物年度創新獎), Southern Guangdong Meritorious Service
+Award (in 2011, and Zayed Future Energy Prize Lifetime
+Achievement Award (扎耶德未來能源獎個人終身成就獎) in
+2014 and Best Business Leader in China (+) in
+Mr. Wang, being a technology expert, enjoyed special allowances
+vice chairman of Shenzhen Pengcheng Electric
+Automobiles Renting Co. Ltd. (深圳市鵬程電動汽車出租有限公
+]), a director of Tianjin BYD Auto Co., Ltd. (XOR
+A), chairman of Sheng Shi Xin Di Electric Automobile Service Co.,
+Ltd (盛世新迪電動汽車服務有限公司), an independent director
+of Renren Inc., a director of South University of Science and Technology
+of China () and a director of BYD Charity Foundation.
+BYD Battery Company Limited (深圳市比亞迪實業有限公司)
+("BYD Industries", became BYD Company Limited on 11 June 2002)
+with Mr. Lv Xiang-yang and took the position of general manager. He is
+the Chairman, an Executive Director and the President of the Company
+and is responsible for the general operations of the Group and the
+development of business strategies for the Group. He is a non-executive
+director and the chairman of BYD Electronic (International) Company
+Limited, a director of Shenzhen DENZA New Energy Automotive Co., Ltd.
+(深圳騰勢新能源汽車有限公司) (formerly known as Shenzhen
+BYD Daimler New Technology Co., Ltd.MOD
+Mr. Lv Xiang-yang, born in 1962, Chinese national with no right of
+abode overseas, bachelor's degree holder, economist and elder cousin
+of Mr. Wang Chuan-fu. Mr. Lv worked at Chaohu Centre Branch of the
+People's Bank of China (+ŒÙÍ). In February
+1995, he founded BYD Industries with Mr. Wang Chuan-fu. He is the
+Vice Chairman and a Non-Executive Director of the Company and also
+Mr. Wang Chuan-fu, born in 1966, Chinese national with no right of
+abode overseas, master's degree holder, senior engineer, younger
+brother of Mr. Wang Chuan-fang and younger cousin of Mr. Lv
+Xiang-yang. Mr. Wang graduated from Central South University of
+Technology (*) (currently Central South University)
+in 1987 with a bachelor's degree majoring in metallurgy physical
+chemistry, and then graduated from Beijing Non-Ferrous Research
+Institute (¿ÂƒÀ¼À) in the PRC in 1990 with a
+master's degree majoring in metallurgy physical chemistry. Mr. Wang
+held positions as vice supervisor in Beijing Non-Ferrous Research
+Institute, general manager in Shenzhen Bi Ge Battery Co. Limited (
+). In February 1995, he founded Shenzhen
+Executive Director
+Directors, Supervisors and Senior Management
+BYD Company Limited Annual Report 2016
+20
+Continuous Development
+Move Ahead
+Steadily
+6
+Directors, Supervisors and Senior Management
+Wang Chuan-fu
+the chairman of Youngy Investment Holding Group Co., Ltd.
+投資控股集團有限公司), Youngy Co., Ltd (融捷股份有限公
+), and Guangdong Youngy Financing Guarantee Company Limited
+(RAIA), executive director of Shenzhen
+Youngy Guarantee Company Limited (
+B), executive director of Guangdong Youngy Financing Service
+Company Limited (廣東融捷融資服務有限公司),chairman of
+Guangdong Youngy Financing Renting Company Limited (
+R), executive director of Guangdong Youngy
+Optoelectronics Technology Co., Ltd (AIN),
+chairman of Hefei Youngy Technology Industrial Company Limited (A
+), executive director of Guangdong Youngy
+]), a director of Guangdong Beizhi Cepin Network Technology Co., Ltd.
+(廣東倍智測聘網路科技股份有限公司), independent director of
+China Baofeng (International) Limited (formerly known as Mastercraft
+International_Holdings Limited) (中國寶豐國際有限公司,前稱馬
+Chain Service Co., Ltd.(深圳市聯合利豐供應鏈管理有限公
+), chairman of Shenzhen Zhengxuan Venture Capital Co. Ltd. (
+圳市正軒創業投資有限公司), chairman of Annuo Youda Gene
+Technology (Beijing) Co. Ltd. (C)
+A), a director of Shenzhen UniFortune Supply
+Œ&&) and Beijing Zhengxuan Investment Co.,
+Ltd (北京正軒投資有限責任公司), a director of Sinocompound
+Catalysts Co. Ltd. (formerly known as Zhangjiagang Applica Technology
+Co., Ltd.) (江蘇欣諾科催化劑有限公司, 前稱張家港雅普利
+)) from 1985 to 1987 and he graduated from Guanghua School of
+Management of Peking University (±ˆ‡‡) with
+an MBA in 2007. Mr. Xia worked in the Hubei branch of The People's
+Insurance Company (+) and joined BYD Industries
+in 1997 and held positions as an executive Director and Vice President
+of the Company. He is a non-executive Director of the Company and
+chairman of Shenzhen Zhengxuan Investment (Holdings) Co., Ltd (
+Mr. Xia Zuo-quan, born in 1963, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Xia studied computer science in
+Beijing Institute of Iron and Steel Engineering ()(now
+known as University of Science & Technology of Beijing (ÀĦĦA
+Xia Zuo-quan
+), vice chairman of Guangzhou Shengguang Microelectronics
+Technology Limited (廣州盛光微電子科技有限公司), chairman
+of Onyx International Inc. (廣州文石信息科技有限公司), honorary
+chairman of Anhui Chamber of Commerce in Guangdong province (
+). and vice chairman of BYD Charity Foundation.
+Technology Company Limited (NR), chairman
+of Wuhu Youngy Ark Intelligence Material Company Limited (
+融捷方舟智能材料有限公司), chairman of Wuhu Youngy Ark Wise
+Technology Company Limited (蕪湖市融捷方舟智慧科技有限公
+), chairman of Shenzhen Manqian Network Technology Limited(
+圳市慢錢網絡科技有限公司),chairman of Wuhu Taihezhi
+Information System Company Limited (蕪湖泰賀知信息系統有限
+A), chairman of Wuhu Youngy Optoelectronic Material Technology
+Company Limited(蕪湖融捷光電材料科技有限公司), chairman
+of Chengdu Jieyi Electronic Technology Limited (RTN
+(安華農業保險股份有限公司), chairman of Youngy Education
+A), director of Anhua Agricultural Insurance Company Limited
+Guangdong Rongda Financial Trading Limited (
+Directors, Supervisors and Senior Management
+24
+21
+BYD Company Limited Annual Report 2016
+Supply Chain Management Co., Ltd (
+]), chairman of Shenzhen Youngy Asset Management Co., Ltd (
+A), executive director of Shenzhen Qianhai
+Youngy Financial Services Company Limited
+WÊR
+Shenzhen Dichuanghui Technology Limited (深圳市迪創會科技有
+A) and vice chairman of BYD Charity Foundation.
+Yan Chen
+Independent
+Huang Jiang-feng
+Vice president and Chief Financial Officer
+Wu Jing-sheng
+1,859
+Incumbent
+Supervisor
+Yan Chen
+1,859
+Incumbent
+Supervisor
+Wang Zhen
+550
+Incumbent
+Supervisor
+Huang Jiang-feng
+Incumbent
+Supervisor
+Li Yong-zhao
+the supervisory committee
+50
+Incumbent
+Supervisor and chairman of
+150
+Incumbent
+Incumbent
+5,254
+Li Ke
+Vice president
+Secretary to the Board and Company Secretary
+Li Qian
+Zhou Ya-lin
+4,331
+Incumbent
+Vice president
+Luo Hong-bin
+4,008
+Incumbent
+Vice president
+Zhang Jin-tao
+4,268
+Independent non-executive Director
+Incumbent
+Liu Huan-ming
+4,378
+Incumbent
+Vice president
+He Long
+6,130
+Incumbent
+Vice president
+Lian Yu-bo
+4,569
+Incumbent
+Vice president
+Dong Jun-qing
+Zhang Ran
+150
+Ms. Zhou Ya-lin, born in 1977, Chinese national with no right of abode
+overseas, bachelor's degree holder. Ms. Zhou graduated from Jiangxi
+University of Finance and Economics () in 1999, with
+a bachelor's degree in economics. Ms. Zhou joined BYD Industries in
+March 1999 and is the Chief Accountant of the Company. She is also
+the chief financial officer of BYD Electronic (International) Company
+Limited, a director of Shenzhen BYD Electric Car Investment Co., Ltd.
+(深圳市比亞迪電動汽車投資有限公司), a director of Shenzhen
+Zhou Ya-lin
+Mr. Li Qian, born in 1973, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Li graduated from Jiangxi
+University of Finance and Economics (I) in 1997, with a
+bachelor's degree in economics. He graduated from Guanghua School
+of Management of the Peking University (北京大學光華管理學院)
+with an MBA in July 2016. Mr. Li was the auditor and business adviser
+of PwC China and Arthur Andersen, respectively, and the securities
+business representative of ZTE Corporation (ĦRA
+). Mr. Li joined the Company in August 2005 and is the secretary to
+the Board and Company Secretary of the Company. He is also a joint
+company secretary of BYD Electronic (International) Company Limited
+(stock code: 0285) and a supervisor of Tibet Shigatse Zhabuye Lithium
+High-Tech Co., Ltd ().
+Li Qian
+I) and School of Automotive Studies of Beijing Institute of
+Technology (北京理工大學汽車學院) for multiple times for further
+study in automotive design and manufacturing during his terms of
+office. Mr. Ren once worked in Shanxi Qinchuan Motor Co., Ltd. (
+#). He joined the Company in January 2003
+and held positions as manager of Overall Department of Automotive
+Engineering Institute (), manager of vehicle
+model project and executive Vice President. He is also a member of
+Guangdong Standardization Technical Committee (
+*¶¯), and now serves as dean of Light Rail Research
+Institute () of the Company.
+bachelor's degree majoring in mechanical design, manufacturing and
+automation. He went to Suzuki Motor Corporation in Japan, Department
+of Automotive Engineering of Tsinghua University (#★¾¾
+Mr. Ren Lin, born in 1967, Chinese national with no right of abode
+overseas, bachelor's degree holder, and a senior engineer. Mr.
+Ren graduated from Beijing Institute of Technology in 1989, with a
+Ren Lin
+Mr. Wang Chuan-fang, born in 1961, Chinese national with no right
+of abode overseas, who is the elder brother of Mr. Wang Chuan-fu.
+Mr. Wang joined BYD Industries in August 1996 and held positions
+including Personnel Manager and Logistics Manager. He currently is
+general manager of Logistics Division and general manager of Rail
+Engineering Department.
+Wang Chuan-fang
+Mr. Luo Hong-bin, born in 1966, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Luo graduated from Air Force
+Engineering University in 1990, with a master's degree in computer
+application. Mr. Luo joined the Company in October 2003. He served
+various posts including manager of the third Electronics Sub-division of
+Division 15 and director of the Institute of Electric vehicles. He currently
+is a Vice President of the Company, general manager of Division 14,
+president of the Electric Power Research Institute and a director of BYD
+Charity Foundation.
+25
+Luo Hong-bin
+and Monkey King Group Company (), and was a
+member of National Welding Committee for Standardization (
+標準化委員會) and Welding Slice Technology Committee (電焊條
+✯), and the vice-chairman of Hubei Province Machinery
+Directors, Supervisors and Senior Management
+BYD Company Limited Annual Report 2016
+Mr. Zhang Jin-tao, born in 1958, Chinese national with no right of
+abode overseas, bachelor's degree holder, and a senior engineer. Mr.
+Zhang graduated from Wuhan Institute of Technology (I
+E) (currently known as "Wuhan University of Technology") in 1982,
+majoring in casting process and equipment, with a bachelor's degree in
+engineering. From April 1997 to February 1998, he went to Fukushima
+Hightech Center in Japan for further study. Mr. Zhang worked for
+several companies, including state-owned Factory 612, Factory 446
+Zhang Jin-tao
+) (currently known as "Northeastern University") in 1988 with a
+bachelor's degree and later a master's degree in Metallurgical physics.
+Mr. Liu worked for the Iron and Steel Institute of Panzhihua Iron and
+Steel Company in Sichuan (四川攀枝花鋼鐵公司鋼鐵研究院) and
+Benxi Iron and Steel Company in Liaoning (). He
+joined BYD Industries in March 1997, currently being a Vice-President
+of the Company, general manager of Human Resources Office and
+Department of New Energy Vehicle Direct Sale Management, and a
+director of BYD Charity Foundation.
+Mr. Liu Huan-ming, born in 1963, Chinese national with no right of
+abode overseas, master's degree holder, and a senior engineer. Mr.
+Liu graduated from Northeastern Institute of Technology (I
+Liu Huan-ming
+Material Co., Ltd. (U¾¾XIMHARA). He is
+a Vice President of the Company, general manager of Division 2, a
+director of Tibet Shigatse Zhabuye Lithium High-Tech Co., Ltd. (
+喀則紮布耶鋰業高科技有限公司), a director of Qinghai Salt Lake
+BYD Resources Development Co., Ltd. (OILEDƑH¾
+A) and a director of BYD Charity Foundation.
+Mr. He Long, born in 1972, Chinese national with no right of abode
+overseas, master's degree holder. Mr. He graduated from Peking
+University in 1999 and obtained a bachelor's degree of science in
+applied chemistry, an LLB and a master's degree in inorganic chemistry.
+Mr. He joined BYD Industries in July 1999 and held positions as quality
+control manager of Division 1 and Division 2, deputy general manager
+of Division 2 and vice-chairman of Foshan Jinhui Hi-Tech Optoelectronic
+He Long
+Manufacturing Technology Association (湖北省機械製造工藝協會).
+Mr. Zhang joined BYD Industries in February 2000, holding posts such
+as manager of Engineering Department, manager of Electric Vehicle
+Project Department, and general manager of Division 14 and Division
+8. He currently is a Vice President of the Company, general manager
+of Division 17, president of the Truck and Specialized Vehicle Research
+Institute () and director of Hangzhou West Lake
+BYD_New Energy Automobile Co., Ltd. (杭州西湖比亞迪新能源汽
+), director of Beijing Hualin Special Vehicle Co., Ltd. (
+#MEER) and chairman of BYD Charity Foundation.
+Incumbent
+BYD Company Limited Annual Report 2016
+Dicheng New Energy Co., Ltd () and a director of Shenzhen Qianhai Green Transportation Co., Ltd. (e
+交通有限公司), a supervisor of Shenzhen BYD International Financial Leasing Co., Ltd (深圳比亞迪國際融資租賃有限公司), a director of BYD
+Auto Finance Company Limited (X2), a supervisor of Hangzhou West Lake BYD New Energy Automobile Co., Ltd. (N
+湖比亞迪新能源汽車有限公司), a supervisor of Beijing Hualin Special Vehicle Co., Ltd. (北京華林特裝車有限公司), a supervisor of Xi'an
+Urban Investment Yadi Automobile Service Limited Liability Company), a supervisor of Shenzhen East Rail
+Transit Co., Ltd. (¥Â¥¤ˆ), a director of Qinghai Salt Lake BYD Resources Development Co., Ltd. (ÐA
+) and a supervisor of BYD Charity Foundation.
+Incumbent
+Independent non-executive Director
+Zou Fei
+150
+Incumbent
+Independent non-executive Director
+Wang Zi-dong
+150
+Incumbent
+Non-executive director
+Xia Zuo-quan
+Directors, Supervisors and Senior Management
+150
+Vice-chairman and non-executive director
+Lv Xiang-yang
+4,106
+Incumbent
+Chairman, Executive Director and President
+Wang Chuan-fu
+Total remuneration
+received from
+the Company
+(Unit: RMB'000)
+Status of employment
+Position
+Name
+Directors', supervisors' and senior management's remuneration during the reporting period
+Incumbent
+1,870
+Chief Accountant
+Incumbent
+2) (formerly known as Shenzhen BYD Daimler New
+Technology Co., Ltd. (深圳比亞迪戴姆勒新技術有限公司)) and a
+director of BYD Charity Foundation.
+the Nomination Committee; and
+the Remuneration Committee;
+the Audit Committee;
+In furtherance of good corporate governance, the Board has set up a
+number of committees, including:
+✓
+✓
+Ms. Zhang Ran
+Mr. Zou Fei
+Mr. Wang Zi-dong
+Non-executive Director
+in aircraft manufacturing engineering. In September 2000, he obtained
+a professional MBA degree from Nanjing University. Mr. Lian joined the
+Company in February 2004 and is a Vice President of the Company,
+chief engineer of the automobile business. He is also a director of
+Shenzhen DENZA New Energy Automotive Co., Ltd. (KÆ
+Mr. Xia Zuo-quan
+Non-executive Director
+Executive Director
+Mr. Wang Chuan-fu
+0/1
+0/1
+12/12
+ZHANG Ran
+1/1
+0/1
+12/12
+ZOU Fei
+0/1
+Mr. Lv Xiang-yang
+0/1
+) in July 1986, with a bachelor's degree majoring
+Lian Yu-bo
+Mr. Huang Jiang-feng, born in 1980, Chinese national with no right
+of abode overseas, bachelor's degree holder. Mr. Huang graduated
+from Zhongnan University of Economics and Law (+UKE
+) in 2003 with a bachelor's degree in administration. Mr. Huang
+held positions in Sinopec Chenzhou Petroleum Branch in Hunan (+
+), Dongguan Hsu Fu Chi Foods Co.,
+Ltd. () and Guangzhou Office of Guosen
+Securities (N). He has been working in Youngy
+Investment Holding Group Co., Ltd. (RA
+) since August 2008, and has been a supervisor of the Company
+since September 2014 and now serves as a director and vice president
+of Youngy Investment Holding Group Co., Ltd. (#R
+), general manager of Shenzhen Qianhai Youngy Financial
+Services Company Limited (深圳前海融捷金融服務有限公司),
+a supervisor of Shenzhen Qianhai Youngy High Technology Investment
+Company Limited (深圳前海融捷高新技術投資有限公司), a
+supervisor of Shenzhen Youngy Internet Financial Services Company
+Limited (深圳融捷互聯網金融服務有限公司),director and
+manager of Guangdong Youngy Financing Renting Company Limited (
+東融捷融資租賃有限公司), general manager of Shenzhen Qianhai
+Youngy Supply Chain Factoring Services Co., Ltd (
+), manager of Guangdong Youngy Equity
+Investment Co., Ltd (), manager of
+Guangdong Youngy Financing Service Company Limited (
+RA), manager of Guangdong Youngy Supply Chain
+Management Co., Ltd (IR).
+Senior Management
+Wu Jing-sheng
+Mr. Wu Jing-sheng, born in 1963, Chinese national with no right of
+abode overseas, master's degree holder. Mr. Wu graduated from Anhui
+Normal University (9), majoring in Chinese language.
+He took part in National Examination for Lawyers (A)
+and obtained qualification as a lawyer from the Department of Justice
+of Anhui Province () in 1992. Mr. Wu also passed
+the National Examination for Certified Public Accountants (ỀÌ
+Mr. Lian Yu-bo, born in 1964, Chinese national with no right of abode
+overseas, master's degree holder, and a senior engineer. Mr. Lian
+graduated from Nanjing University of Aeronautics and Astronautics (
+) and obtained qualification as a PRC Certified Public
+Accountant in 1995. In July 2006, he graduated from Guanghua School
+of Management of the Peking University (¥*#*!!
+E) with an MBA. Mr. Wu worked at Guangzhou Youngy Management
+& Investment Group Company Limited (4£!
+A) and was responsible for finance and related duties. He
+joined BYD Industries in September 1995 as its financial manager. He
+is the Senior Vice President and Chief Financial Officer of the Company,
+and held various positions including a non-executive director of BYD
+Electronic (International) Company Limited, a director of Tibet Shigatse
+Zhabuye Lithium High-Tech Co., Ltd. (*
+23
+24
+BYD Company Limited Annual Report 2016
+Directors, Supervisors and Senior Management
+(Shenzhen) Co., Ltd. (+(
+]), the chairman of Shenzhen BYD International Financial Leasing Co.,
+Ltd (深圳比亞迪國際融資租賃有限公司), a director of Shenzhen
+Shendianneng Electricity Co., Ltd. (TÆTTARA),
+chairman of Shenzhen Didi New Energy Vehicle Rental Co., Ltd. (
+市迪滴新能源汽車租賃有限公司), chairman of BYD Auto Finance
+Company Limited (比亞迪汽車金融有限公司), chairman of Energy
+Storage Power Station (Hubei) Co., Ltd. ()
+A), a director of Shenzhen Easy Charging Technology Co., Ltd. (
+圳充電���科技有限公司), chairman of Nanjing Zhongbei Didi New
+Energy Vehicle Rental Service Co., Ltd. (
+A), executive director and general manager of
+Hangzhou BYD Vehicle Rental Co., Ltd. (
+A), a director of BYD Charity Foundation.
+Li Ke
+Ms. Li Ke, born in 1970, Chinese national with the right of abode in the
+US, bachelor's degree holder. Ms. Li graduated from Fudan University
+in 1992 with a bachelor's degree in statistics. Ms. Li worked at Asia
+Resources () and joined BYD Industries in September 1996.
+She served various positions including Marketing Manager and General
+Sales Manager, executive director and chief executive officer of BYD
+Electronic (International) Company Limited and is a Vice President of the
+Company and a director of BYD Charity Foundation.
+), a Supervisor of Qianhai Insurance Exchange Centre
+Ms. Yan Chen, born in 1977, Chinese national with no right of abode
+overseas, bachelor's degree holder. Ms. Yan graduated from Beijing
+University of Aeronautics & Astronautics) in
+July 2000 with a bachelor's degree. Ms. Yan joined BYD Industries in
+2000 and held positions as system engineer, secretary to the president,
+chief office director of the management department of Shanghai BYD
+Company Limited(上海比亞迪有限公司), manager of the regional
+administration department for Shanghai and Xi'an. She is a Supervisor
+of the Company and the chief executive officer of Shenzhen DENZA
+New Energy Automotive Co., Ltd. (深圳比亞迪戴姆勒新技術有限
+A) (formerly known as Shenzhen BYD Daimler New Technology Co.,
+Ltd. (深圳比亞迪戴姆勒新技術有限公司)) and also a supervisor
+of BYD Charity Foundation.
+12/12
+Non-executive Director
+Corporate Governance Report
+BYD Company Limited Annual Report 2016
+28
+The Directors decide on corporate strategies, approve overall business
+plans and supervise the Group's financial performance, management
+and organization on behalf of the shareholders. Specific tasks that the
+Board delegates to the Group's management included the preparation
+of annual and interim accounts for the Board's approval before public
+reporting; implementation of strategies approved by the Board; the
+implementation of internal control procedures; and the ensuring of
+compliance with relevant statutory requirements and other regulations
+and rules.
+The Board met twelve times this year to discuss the Group's overall
+strategy, operation, financial performance and review the status of
+regulatory compliance. The Board also ensures that it is supplied
+in a timely manner with all necessary information in a form and of
+a quality appropriate to enable it to discharge its duties. All Board
+meetings adhere to a formal agenda in which a schedule of matter is
+specifically addressed to the Board for its decision. Topics discussed
+at these Board meetings include quarterly, interim and annual results;
+recommendations on the remuneration of Directors and supervisors,
+recommendations of auditors, approval of major capital project;
+dividend policies; and other significant operational and financial matters.
+The Company has arranged appropriate insurance cover in respect
+of legal actions against its Directors and senior management with the
+extent of this insurance being reviewed each year.
+The Company has received from each of the independent non-executive
+Directors an annual confirmation of his independence as required under
+the Rules Governing the Listing of Securities on the Hong Kong Stock
+Exchange (the "Listing Rules"). The Company considers all independent
+non-executive Directors to be independent.
+The Group believes that its non-executive and independent
+non-executive Directors composition are well balanced with each
+Director having sound knowledge, experience and/or expertise
+relevant to the business operations and development of the Group. All
+Directors are aware of their collective and individual responsibilities to
+the Shareholders and have exercised their duties with care, skill and
+diligence, contributing to the successful performance of the Group for
+the Year under review.
+As of the date of this report, the Board comprises six Directors. There
+is one executive Director who is the President, two non-executive
+Directors and three independent non-executive Directors. Detailed
+biographies outlining each individual Director's range of specialist
+experience and suitability of the successful long-term running of the
+Group are set out on page 20 to page 22 of this annual report.
+The Directors
+Accountable to the Shareholders, the Board of Directors is collectively
+responsible for formulating the strategic business direction of the Group
+and setting objectives for management, overseeing its performance and
+assessing the effectiveness of management strategies. The Board is
+also responsible for, and has during the Year performed the corporate
+governance duties set out in code provision D.3.1 of the Code (including
+the determining of the corporate governance policy of the Company).
+In accordance with the Company's Articles of Association and related
+Board resolutions, each Board member and each member of the
+Supervisory Committee is appointed for a term of 3 years, being the
+period from 10 September 2014 to 10 September 2017.
+Board of Directors
+Code provision A.6.7 stipulates that independent non-executive
+Directors and non-executive Directors should attend general meetings.
+Due to important business engagements and logistics reasons at
+the relevant time, not all independent non-executive Directors and
+non-executive Directors attended the annual general meeting of the
+Company held on 6 June 2016 and the extraordinary general meeting
+held on 1 November 2016.
+Code provision A.2.1 provides that the roles of chairman and chief
+executive officer should be separate and should not be performed by
+the same individual. Mr. Wang Chuan-fu is the Chairman and Chief
+Executive Officer of the Company. The Board considers that this
+structure will not impair the balance of power and authority between the
+Board and the management of the Company. The balance of power and
+authority is ensured by the operations of the Board, which comprises
+experienced and high caliber individuals and meets regularly to discuss
+issues affecting operations of the Group. The Board believes that this
+structure is conducive to strong and consistent leadership, enabling
+the Group to make and implement decisions promptly and efficiently.
+The Board has full confidence in Mr. Wang and believes that this
+appointment to the posts of Chairman and Chief Executive Officer is
+beneficial to the business prospects of the Company.
+The Company has put in place corporate governance practices to
+comply with all the provisions and most of the recommended best
+practices of the Corporate Governance Code (the "Code") except for the
+deviation from the code provisions A.2.1 and A.6.7.
+the Strategy Committee.
+The Board of Directors believes that good corporate governance is
+an essential element in enhancing the confidence of current and
+potential shareholders, investors, employees, business partners and the
+community as a whole. To this end, we strive to promote and uphold the
+highest standard of corporate governance.
+Corporate Governance Report
+27
+BYD Company Limited Annual Report 2016
+45,391
+Total
+1,859
+During the reporting period, except for the deviation from code
+provisions A.2.1 and A.6.7 as explained above, the Directors are of the
+opinion that the Company had complied with all applicable provisions of
+the Code.
+WANG Zi-dong
+Continuous Professional Development of
+Directors
+Name of Director
+Independent
+participated Reading materials
+Training/seminars
+0/1
+1/1
+12/12
+0/1
+12/12
+Non-executive Director
+LV Xiang-yang
+XIA Zuo-quan
+등등
+0/1
+Newly appointed Directors of the Company will be provided with
+relevant induction materials to assist them to fully understand their
+duties as a director under the requirements of the relevant laws
+and regulations, such as the Listing Rules. This will also help the
+directors to gain insights in the Company's business and operation. In
+order to ensure adequate performance of duties by the independent
+non-executive Directors, the Company will also arrange on-site
+visits and sufficient communication with the management for the
+independent non-executive Directors. Pursuant to the corporate
+governance requirements, the Directors should participate in continuous
+professional development programme to develop and update their
+knowledge and skills. The particulars of the trainings of each Director
+are as follow:
+1/1
+12/12
+Executive Director
+WANG Chuan-fu
+Meeting
+Meeting
+Board Meeting
+Members of the Board
+Extraordinary
+General
+General
+Annual
+To ensure the highest attendance of Directors, written notices are sent
+to all Directors 14 days before a regular board meeting; written notices
+are sent to all Directors 2 days before a provisional board meeting.
+The meeting agenda is set in consultation with members of the Board.
+The Board held twelve meetings in 2016. The attendance of individual
+Director at the Board meetings as well as general meetings in 2016 is
+set out below:
+Board Meetings
+1/1
+26
+Each Committee reports regularly to the Board of Directors, addressing
+major issues and findings with valuable recommendations for the
+decision making of the Board of Directors. The particulars of these
+Committees are set out hereunder.
+100%
+BYD Company Limited Annual Report 2016
+Report of the Directors
+The statement of external auditor of the Company about his reporting
+responsibilities on the Company's consolidated financial statements
+for the year ended 31 December 2016 is set out in the section headed
+"Independent Auditor's Report" in this annual report.
+The Directors have acknowledged their responsibilities for preparing the
+consolidated financial statements of the Company for the year ended 31
+December 2016.
+RMB1,003,000
+RMB48,000
+RMB1,050,000
+RMB100,000
+Review of interim results
+Other non-audit services
+2015
+2016
+Item
+For the year ended 31 December 2016, the total remuneration paid
+to the international auditors, Ernst & Young and the domestic auditors,
+Ernst & Young Hua Ming (LLP), was RMB7,000,000 for audit services
+and non-audit services provided for the Company and its subsidiaries.
+The audit fee was approved by the Board. During the reporting period,
+the total remuneration in respect of the non-audit services provided was
+RMB1,150,000.
+Independent Auditors and their Remuneration
+Corporate Governance Report
+31
+BYD Company Limited Annual Report 2016
+Mr. Li Qian, Company Secretary of the Company, is a full-time staff
+of the Group, and is familiar with the daily affairs of the Company.
+During the financial year, the Company Secretary had complied with
+the relevant professional training requirements under Rule 3.29 of the
+Listing Rules. The biographical details of the Company Secretary are set
+out in the section "Directors, Supervisors and Senior Management" in
+this annual report.
+Company Secretary
+The Group established the Strategy Committee on 20 March 2008. As
+at 31 December 2016, the Strategy Committee comprised Mr. Wang
+Chuan-fu, Mr. Lv Xiang-yang, Mr. Xia Zuo-quan, Mr. Wang Zi-dong and
+Mr. Zou Fei, with Mr. Wang Chuan-fu as the chairman. The main duty of
+the Strategy Committee is to consider and make recommendations on
+the Company's long-term development strategy and major investment
+decisions.
+Strategy Committee
+The Group has established the Nomination Committee. As at 31
+December 2016, the Nomination Committee comprises Mr. Wang
+Chuan-fu, Mr. Lv Xiang-yang, Mr. Wang Zi-dong, Mr. Zou Fei and Ms.
+Zhang Ran, with Mr. Wang Zi-dong as the chairman. The Nomination
+Committee has been delegated with the powers and authorities
+to review the structure, size and composition of the Board, make
+recommendation to the Board on selection of individuals nominated for
+directorships and senior management, appointment and reappointment
+of Directors and succession planning for Directors and assess the
+independence of independent non-executive Directors and determine
+the policy for the nomination of Directors.
+Nomination Committee
+The above table has included Mr. Wang Chuan-fu, the executive Director,
+who is also a senior management of the Company, but has not included
+Mr. Wang Chuan-fang and Mr. Ren Lin who became senior management
+of the Group after the Year from 3 January 2017.
+2 8
+management
+senior
+Number of
+RMB3 million to RMB6.5 million
+38
+The 512,623,820 A shares did not include the 3,727,700 A shares held
+by Mr. Wang in No.1 Assets Management Plan through E Fund BYD;
+1.
+Notes:
+Biographical Details of Directors, Supervisors
+and Senior Management
+Brief biographical details of Directors, supervisors and senior
+management of the Company are set out on pages 20 to 26 of this
+annual report.
+Directors', Supervisors' and Chief Executives'
+Interests
+As at 31 December 2016, the interests and short positions of each
+of the directors, supervisors and chief executives of the Company in
+the shares, underlying shares and debentures of the Company or any
+associated corporation (within the meaning of Part XV of the Securities
+and Futures Ordinance (Cap 571) ("SFO")) which were required to be
+notified to the Company and The Stock Exchange of Hong Kong Limited
+(the "Hong Kong Stock Exchange") pursuant to Divisions 7 and 8 of
+Part XV of the SFO (including interests which he is taken or deemed
+to have under such provisions of the SFO) or were required, pursuant
+to section 352 of the SFO, to be entered into the register referred
+to therein, or which were required, pursuant to the Model Code for
+Securities Transactions by Directors of Listed Issuers under the Rules
+Governing the Listing of Securities on the Hong Kong Stock Exchange to
+be notified to the Company and the Hong Kong Stock Exchange (for this
+purpose, the relevant provisions of the SFO will be interpreted as if they
+applied to the supervisors) were as follows:
+A shares of RMB1.00 each
+Name
+Approximate
+The Board has proposed to re-appoint Ernst & Young as the
+international auditor of the Company for 2017 and Ernst & Young
+Hua Ming (LLP) as the domestic auditors for 2017, which is subject
+to approval by shareholders at the forthcoming annual general
+meeting. There was no disagreement between the Board and the Audit
+Committee on the selection and reappointment of the external auditor
+during the year under review.
+percentage of
+percentage of
+shareholding in
+shareholding in
+Number of
+A shares
+RMBO to RMB3 million
+total issued
+A shares (%)
+share capital (%)
+Mr. Wang Chuan-fu
+(Director)
+Mr.Lv Xiang-yang
+(Director)
+Mr. Xia Zuo-quan
+(Director)
+512,623,820 (L)
+28.27%
+18.79%
+(Note 1)
+401,910,480 (L)
+22.17%
+14.73%
+(Note 2)
+115,977,060 (L)
+6.40%
+4.25%
+(L) - Long Position
+total issued
+Details of the remuneration of the Directors are set out in note 9 to the
+financial statements.
+Remuneration by bands
+The Nomination Committee has performed the above duties during the
+Year.
+100%
+1
+WANG Zi-dong
+100%
+1
+100%
+1
+1
+WANG Chuan-fu
+XIA Zuo-quan
+ZOU Fei
+Committee
+the Remuneration
+Attendance Rate
+Attended
+Meetings
+Committee
+Member of
+Number of
+The Remuneration Committee held one meeting in 2016 to review the
+remuneration of Directors, supervisors and senior management of the
+Group. The individual attendance of its members of the meetings is set
+out as follows:
+The Remuneration Committee has reviewed its terms of reference in
+2016 to comply with the Code.
+The Board of Directors established a Remuneration Committee on
+27 June 2005. The primary role of the Remuneration Committee
+is to regularly review human resource management policies, make
+recommendations on the remuneration packages, compensation and
+benefit plans of Directors and senior management, as well as setting
+performance goals for senior management of the Group. As at 31
+December 2016, the Remuneration Committee comprises Mr. Wang
+Chuan-fu, Mr. Xia Zuo-quan, Mr. Wang Zi-dong, Mr. Zou Fei and Ms.
+Zhang Ran, with Mr. Zou Fei as the chairman.
+Remuneration Committee
+The Audit Committee held four meetings in 2016 to review the internal
+and external audit findings, the accounting principles and practices
+adopted by the Group, Listing Rules and statutory compliance,
+deliberate its relationship, remuneration and appointment terms
+and independence with the external auditor with reference to its
+work performance and to make recommendations to the Board of
+Directors regarding the reappointment of the external auditor, as
+well as to discuss auditing, internal controls, risk management and
+financial reporting matters including financial statements for the year
+ended 31 December 2015, the three months ended 31 March 2016,
+the six months ended 30 June 2016 and the nine months ended
+30 September 2016, before recommending them to the Board for
+approval, and performed its other duties under the Code. The individual
+attendance of its members of the meetings is set out as follows:
+The terms of reference of the Audit Committee follow the guidelines set
+out by the Hong Kong Institute of Certified Public Accountants and the
+provisions of the Code.
+One of the primary duties of the Audit Committee is to review the
+financial reporting process and the risk management and internal
+control systems of the Group. As at 31 December 2016, Audit
+Committee consists of three independent non-executive Directors,
+namely Mr. Wang Zi-dong, Mr. Zou Fei and Ms. Zhang Ran, and a
+non-executive Director, Mr. Lv Xiang-yang, with Ms. Zhang Ran as the
+chairman. Meetings were convened by the Company's Audit Committee
+and the Company's auditors to review the accounting policies and
+practices adopted by the Group and to discuss auditing, internal control,
+risk management and financial reporting matters before recommending
+them to the Board for approval.
+Audit Committee
+Corporate Governance Report
+29
+ZHANG Ran
+1
+100%
+Number of
+The selection of candidate will be based on a range of diversity
+elements. The final decision will be made according to the strengths of
+the candidate and his/her contribution that would bring to the Board.
+The Board has adopted the Diversity Policy, which sets out the approach
+to diversity of Board members. In determining the Board composition,
+the Board and Nomination Committee consider a range of diversity
+elements, including but not limited to gender, age, cultural and
+education background, professional experience, skills and knowledge.
+All appointments of the Board will be made based on merit and
+objective criteria while taking into full account of the interest of Board's
+diversity.
+The Board's Diversity Policy
+The emoluments paid to each Director of the Company for the year
+ended 31 December 2016 are set out in note 9 to the financial
+statements.
+Directors do not participate in decisions on their own remuneration.
+The primary goal of the Group's remuneration policy for executive
+Directors is to enable the Company to retain and motivate executive
+Directors by linking their compensation with their individual
+performance as measured against the corporate objectives and the
+Group's operating results and taking into account of comparable market
+conditions. The principal elements of the remuneration package of
+executive Directors include basic salary and discretionary bonus. The
+remuneration of non-executive Directors includes mainly the Director's
+fee. The Company reimburses reasonable expenses incurred by
+Directors in the course of their carrying out of duties as Directors.
+Remuneration Policy for Directors
+Corporate Governance Report
+BYD Company Limited Annual Report 2016
+30
+100%
+4
+ZOU Fei
+Remuneration of Senior Management During the Year
+100%
+WANG Zi-dong
+100%
+4
+ZHANG Ran
+100%
+4
+LV Xiang-yan
+Attendance Rate
+Attended
+the Audit Committee
+Meetings
+Member of
+Committee
+4
+The emolument payable to each Non-Executive Director (including
+Independent Non-Executive Director) is based on the responsibilities
+and undertaking to the Board taking into account his experience and
+market practice for such post.
+The emolument payable to each Executive Director is based on (i) his
+duties and responsibilities; (ii) prevailing market conditions; and (iii)
+performance and profitability of the Company.
+Directors Remuneration
+Approximate
+Annual Review
+Major risks and related control measures are reviewed and upgraded on
+an ongoing basis to ensure proper internal control procedures in place.
+Based on the testing results, persons in charge confirm with the Senior
+Management that internal control measures have played their roles as
+expected, their weakness identified in the control have been corrected,
+and risk management policies and internal control procedures have
+been revised, in the event of any major changes. The Board and the
+Audit Committee supervise the control activities of the management
+team to ensure the effectiveness of the control measures.
+The management team and relevant staff identify risks that may exert
+potential impacts on the Company and its operation, and evaluate risks
+in environment and process of the control. Through comparison of the
+risk appraisal results and risk prioritization, risk management strategies
+and internal control procedures are determined to prevent, avoid or
+reduce risks.
+Identification, Evaluation and Management of
+Major Risks
+Reporting the audit results and making suggestions to the Audit
+Committee, to improve major drawbacks of the systems or finding
+the deficiency of the control.
+Reviewing the due effectiveness of the Company's risk
+management and internal control systems;
+•
+Internal Audit Department
+Providing opinions to the Board and the Audit Committee on the
+acknowledgment of the effectiveness of the risk management and
+internal control systems.
+Responding to and following up with in a timely manner with
+regard to the investigation results of risk management and
+internal control issues raised by the Internal Audit Department;
+Identifying, evaluating and managing risks that may exert
+potential impacts on major operational procedures;
+Designing, implementing and inspecting the risk management
+and internal control systems;
+.
+Management Team
+Ensuring that the Company has sufficient resources, staff
+qualifications and experiences in accounting, internal audit and
+financial reporting functions.
+Reviewing the effectiveness of the Company's risk management
+and internal control systems at least once a year;
+Supervising the Company's risk management and internal control
+system on an ongoing basis, to provide opinions and suggestions
+with regard to the improvement of the risk management and
+internal control systems;
+Assisting the Board in performing its duties of risk management
+and internal control systems;
+•
+Audit Committee
+Corporate Governance Report
+BYD Company Limited Annual Report 2016
+32
+Supervising the designing, implementation and inspection of the
+risk management and internal control system by the management
+team.
+Ensuring that the Company has established and maintained
+appropriate and effective risk management and internal control
+system;
+Evaluating and determining the nature and magnitude of the
+risks to be assumed by the Company, to achieve its business and
+strategic goals;
+In 2016, the Board reviewed the soundness and effectiveness of
+the Group's risk management and internal control systems, with an
+self-evaluation report issued on the internal control. In addition, the
+Company retained an auditor to audit the effectiveness of the internal
+control related to the Company's financial reports, and to provide
+independent and objective assessment and suggestions in the form
+of auditor's report. The Board considers that the Company's risk
+managements and internal control systems are effective and adequate.
+BYD Company Limited Annual Report 2016
+33
+Corporate Governance Report
+In accordance with the Enterprise Income Tax Law of the People's
+Republic of China (中華人民共和國企業所得稅法) and its
+implementation regulations which came into effect on 1 January 2008,
+the Company is required to withhold and pay enterprise income tax at
+the rate of 10% on behalf of the non-resident enterprise shareholders
+whose names appear on the register of members for H shares when
+distributing the cash dividends. Any H shares not registered under the
+name of an individual shareholder, including HKSCC Nominees Limited,
+other nominees, agents or trustees, or other organisations or groups,
+will be deemed as shares held by non-resident enterprise shareholders.
+Therefore, enterprise income tax will be withheld from dividends
+payable to such shareholders. If holders of H shares intend to change its
+shareholder status, please enquire about the relevant procedures with
+your agents or trustees. The Company will strictly comply with the law
+or the requirements of the relevant government authority and withhold
+and pay enterprise income tax on behalf of the relevant shareholders
+based on the register of members for H shares as at the record date of
+the proposed final dividend.
+The final dividend will be denominated and declared in RMB. The
+holders of A shares will be paid in RMB and the holders of H shares will
+be paid in Hong Kong dollars. The exchange rate for the dividend to be
+paid in Hong Kong dollars will be the mean of the exchange rates of
+Hong Kong dollars to RMB as announced by the People's Bank of China
+during the five business days prior to the date of declaration of the
+dividend at the AGM.
+The Company will publish announcement, circular and notice of general
+meeting regarding the AGM in accordance with the Listing Rules and
+the articles of association of the Company. The Company will also
+make separate announcement regarding the record date and date of
+closure of register of members for the payment of the final dividend
+to the holders of H shares. It is expected that the final dividend will be
+distributed before 31 August 2017.
+The Board has resolved to recommend the payment of final dividend of
+RMBO.178 per share (including tax) for the year ended 31 December
+2016 (for the year ended 31 December 2015: nil). The proposed
+final dividend is subject to the consideration and approval of the
+shareholders at the forthcoming annual general meeting (the "AGM") of
+the Company.
+The Company paid an interim cash dividend of RMBO.367 per share
+(including tax) to shareholders during the year (for the six months ended
+30 June 2015: nil), with its total dividends amounting to approximately
+RMB1,001,228,000.
+The results of the Group for the year ended 31 December 2016 are set
+out in the consolidated financial statements and their notes on page 47
+to page 131 of this annual report.
+Results and Appropriations
+An analysis of the Group's performance for the year ended 31
+December 2016 by business and geographical segments is set out in
+Note 4 to the financial statements.
+The principal activities of the Group are rechargeable battery and
+photovoltaic business, handset components and assembly business as
+well as automobile business (including traditional fuel-powered vehicles
+and new energy vehicles). The activities of the Company's subsidiaries
+are set out in note 1 to the financial statements. There were no
+significant changes in the nature of the Group's principal activities for
+the year ended 31 December 2016. Further discussion and analysis
+of principal activities are set out in the Management Discussion and
+Analysis on pages 10 to 15 of the annual report.
+Principal Activities and Geographical Analysis
+of Operations
+The directors of the Company ("Board") submit their report together
+with the audited consolidated accounts of BYD Company Limited (the
+"Company") and its subsidiaries (together with the Company hereinafter
+collectively referred to as the "Group") for the year ended 31 December
+2016.
+Report of the Directors
+BYD Company Limited Annual Report 2016
+Board of Directors
+34
+The Company believes that effective communication with investors is
+essential for enhancing investors' knowledge and understanding of the
+Company. To achieve this, the Company pursues a proactive policy of
+promoting investor relations and communications. The main purpose
+of the Company's investor relations policy, therefore, is to enable
+investors to have access, on a fair and timely basis, to information that
+is reasonably required for making the best investment decisions.
+Investor Relations
+Shareholders may send their requisitions and enquiries requiring
+the Board's attention to the Company Secretary at the Company's
+principal place of business in Hong Kong. Other general enquiries can
+be directed to the Company through our Investor and Media Relations
+Consultant, whose contact information is disclosed in "Corporate
+Information" of this annual report.
+Further, pursuant to the Company's Articles of Association, Shareholders
+individually or jointly holding no less than 3% of the Company's shares
+may submit an extempore proposal to the convener of a general
+meeting in writing ten days prior to date of the meeting. The convener
+shall dispatch a supplementary notice of general meeting and announce
+the contents of such extempore proposal within two days upon receipt
+of the proposal.
+Under the Company's Articles of Association, any one or more
+Shareholders holding not less than one-tenth of the paid up capital of
+the Company carrying the right of voting at general meetings of the
+Company shall at all times have the right, by written requisition to the
+Board to require an extraordinary general meeting to be called by the
+Board for considering any matters specified in such requisition.
+Shareholders' Rights
+Specified employees who are likely to be in possession of inside
+information of the Group are also subject to compliance with the Model
+Code. No incident of non-compliance was noted by the Company in
+2016.
+The Company has adopted the Model Code for Securities Transactions
+by Directors of Listed Issuers (the "Model Code") contained in Appendix
+10 of the Listing Rules as the Company's code of conduct regarding
+securities transactions by its Directors. Having made specific enquiry
+of all Directors, the Company confirmed all Directors have complied
+with their obligations under the Model Code regarding their securities
+transactions during the Year.
+Directors' Securities Transactions
+The Group has put in place a set of policy for the disclosure of inside
+information which sets out the procedures and internal controls for the
+handling and dissemination of inside information in a timely manner and
+in compliance with the Securities and Futures Ordinance. The policy and
+its effectiveness are subject to review on a regular basis.
+Disclosure of Inside Information
+The Group has an Internal Audit Department which, equipped with
+independent internal audit system, plays an important role in the
+Group's risk management and internal control framework. The Internal
+Audit Department reports directly to the Audit Committee. The annual
+and quarterly work plans of the Internal Audit Department are reviewed
+by the Audit Committee and reported to the Audit Committee regularly.
+Major audit findings will be reported on timely basis. Based on its
+consideration, the Audit Committee will provide advices to the Board
+and the Senior Management, with subsequent measures taken to
+review the implementation of the rectification and improvement plans.
+Internal Audit
+On 30 September 2016, the Company adopted a new set of Articles of
+Association which mainly updated the business scope and registered
+capital of the Company.
+Risk Management and Internal Control Framework
+The Company's risk management system is composed of
+well-established organizational structure as well as all-rounded policies
+and procedures. Responsibilities of each business and functional
+department are clearly defined to ensure effective balance. The
+Company's risk management and internal control structure comprises
+of:
+Various measures have been designed for safeguarding assets against
+unauthorized use or disposition; for maintaining proper accounting
+records and for the reliability of financial information used within
+the business or for publication. The Company's systems of risk
+management and internal control are designed to manage rather than
+eliminate the risk of failure to achieve business objectives, and can
+only provide reasonable but not absolute assurance against material
+errors, losses or fraud. The Board considers that the Company is fully
+compliant with the provisions of risk management and internal control
+as set forth in the Corporate Governance Code.
+The Board confirms its responsibility for risk management and
+internal control, and for reviewing their effectiveness through the Audit
+Committee at least annually. The Audit Committee assists the Board in
+performing its responsibilities for supervision and corporate governance,
+covering financial, operational, compliance, risk management and
+internal control functions of the Company.
+For details, please refer to the announcements of the Company dated
+4 June 2015, 21 July 2015, 17 September 2015, 29 October 2015,
+23 December 2015 and 2 February 2016; and (ii) the circular of the
+Company dated 3 July 2015.
+Distributable Reserves
+Distributable reserves of the Company as at 31 December 2016,
+calculated under the relevant legislation applicable in the PRC,
+the Company's place of incorporation, amounted to approximately
+RMB2,053,252,000 (2015: RMB3,056,839,000).
+Bank Loans
+As at 31 December 2016, details of bank loans of the Group are set out
+in note 29 to the financial statements.
+Material Acquisitions and Disposals of
+Subsidiaries and Associates
+During the reporting period, there was no material acquisition and
+disposal of subsidiaries and associates.
+Pre-Emptive Rights
+There is no provision for pre-emptive rights under the Company's Article
+of Association and there is no similar restriction against such rights
+under the laws of the PRC in respect of joint stock limited company,
+which would oblige the Company to offer new shares on a pro-rata
+basis to existing shareholders.
+Five-Year Financial Summary
+A summary of the results and of the assets and liabilities of the Group
+for the last five financial years is set out on page 2 and page 132 of this
+annual report.
+Directors
+The Directors who held office during the year ended 31 December
+2016 and up to the date of this report are:
+After deduction of fees of sponsor and underwriters (and the relevant
+tax), approximately RMB6,000,000,000, RMB5,000,000,000 and
+RMB3,369,070,000 of the proceeds raised are intended to be applied
+to the specified uses described in the Company's circular dated 3
+July 2015, namely, (i) the expansion project for production of Li-ion
+ferrous power batteries; (ii) research and development project of new
+energy vehicles; and (iii) additional working capital and repayment
+of bank loans, respectively. As at 31 December 2016, approximately
+RMB2,824,814,900, RMB1,050,515,400 and RMB3,372,141,700
+have been applied to the above specified uses, respectively. The
+Company currently expects to continue to apply the remaining net
+proceeds raised in accordance with the aforesaid specified uses.
+Executive director:
+Non-executive directors:
+Mr. Lv Xiang-yang
+Mr. Xia Zuo-quan
+Independent non-executive directors:
+Mr. Wang Zi-dong
+Mr. Zou Fei
+Ms. Zhang Ran
+BYD Company Limited Annual Report 2016
+37
+Report of the Directors
+Directors' and Supervisors' Service Contracts
+All existing Directors had signed or renewed their service contracts
+or letters of appointment with the Company for a term of three years
+commencing on 10 September 2014.
+All existing supervisors had signed or renewed their service or
+employment contracts with the Company for a term of three years
+commencing on 10 September 2014.
+None of the above mentioned contracts and letters of appointment are
+not determinable within one year without payment of compensation
+(other than statutory compensation).
+Directors' Interests in Contracts
+No transactions, arrangement or contracts of significance in relation to
+the Group's business to which the Group was a party and in which a
+Director or supervisor and an entity related to a Director or supervisor
+of the Company had a material interest, whether directly or indirectly,
+subsisted at the end of the Year or at any time during the Year.
+Mr. Wang Chuan-fu
+BYD Company Limited Annual Report 2016
+In July 2016, the Company completed a non-public issuance of A
+shares and raised a total proceeds of RMB14,472,999,877.00 (net
+proceeds at RMB14,369,070,026.11 after deduction of relevant
+issue expenses but before deduction of tax) mainly to (i) facilitate the
+Company in expanding its production of Li-ion ferrous power batteries;
+(ii) further meet the needs for the new energy vehicle business; and (ii)
+provide additional working capital with a view to benefit the Company
+in reducing financial risks and optimising its overall financial position.
+A total of 252,142,855 A shares were issued at RMB57.40 each to six
+subscribers.
+During the Year, neither the Company nor any of its subsidiaries
+purchased, sold or redeemed any of the listed securities of the
+Company.
+Risk Management and Internal Control
+BYD Company Limited Annual Report 2016
+35
+Report of the Directors
+Shareholders are recommended to consult their tax advisor regarding
+the ownership and disposal of H shares of the Company in the PRC and
+in Hong Kong and other tax effects.
+Business Review
+The business review set out on page 11 to 14 of the annual report shall
+form an integral part of this Report of the Directors.
+Principal risks and uncertainties facing the Group
+Please refer to note 42 to the financial statements for details of the
+main financial risks facing the Group and the Group's management
+objectives and policies regarding such risks. In addition to such financial
+risks, the Directors are of the view that any material change in relevant
+government policies (such as the Chinese Government's policies on
+economic development and environmental protection) is also one of the
+principal risks and uncertainties that may affect the Group's business.
+Environmental policies
+The Group has been a positive respondent to environmental protection.
+While helping reduce energy consumption through green products,
+the Group also focuses on reducing the direct impacts of its operation
+on the environment. By introducing an energy management system,
+promoting the replacement of traditional energy with renewable energy
+and saving energy through technical and management means, BYD
+continues to reduce its own energy consumption and carbon dioxide
+emissions.
+Regulatory compliance
+BYD requires stringent compliance with laws, social norms, professional
+ethics and internal regulations in its worldwide operations. The Group
+has established a Law and Regulation Management Committee which
+monitors, supervises and inspects, regularly and from time to time, the
+management and implementation of laws and regulations in various
+departments, and evaluates their implementation and compliance in
+such areas. During the year of 2016, as far as the Company is aware,
+there was no material breach of or non-compliance with applicable
+laws and regulations by the Group that has a significant impact on the
+business and operations of the Group.
+Issue of shares
+Relationship with employees
+Relationship with customers and suppliers
+The Group strives to build and maintain long term and strong
+relationships with customers. BYD has established a customer
+satisfaction management system with a view to understand and
+fulfil customers' demands and enhance their satisfaction. In terms
+of suppliers, the Group's objective is to keep mutually beneficial and
+win-win partnerships with all suppliers. At the same time, the Group
+regularly evaluate the performance of our suppliers including suppliers'
+social responsibility.
+Reserves
+Details of movements in the reserves of the Group and the Company
+during the Year are set out in the Consolidated Statement of Changes in
+Equity and note 33 to the financial statements, respectively.
+Donations
+Charitable and other donations made by the Group during the year
+ended 31 December 2016 amounted to RMB17,626,000 (2015:
+RMB12,440,000).
+Property, Plant and Equipment
+Details of the movements in property, plant and equipment of the Group
+and the Company are set out in note 14 to the financial statements.
+36
+BYD Company Limited Annual Report 2016
+Report of the Directors
+Share Capital
+Details of the movements in share capital of the Company are set out in
+note 32 to the financial statements.
+Since employees are the foundation for development, the Group
+adheres to the "people-oriented” principle in its human resources
+management and practice equal employment opportunities and
+prohibit any career discrimination. The Group reviews its employees
+compensation policies on a regular basis and bonuses and commission
+may be awarded to employees based on their annual performance
+evaluation. Efforts have also been made to help employees in the
+aspects of housing, transportation and children education, etc.
+In accordance with the "Circular on Certain Issues Concerning the
+Policies of Individual Income Tax” (Cai Shui Zi [1994] No.020) (
+於個人所得稅若干政策問題的通知》(財稅字[1994]020號))
+promulgated by the Ministry of Finance and the State Administration
+of Taxation on 13 May 1994, overseas individuals are, temporarily,
+exempted from the PRC individual income tax for dividend or bonuses
+received from foreign invested enterprises. In accordance with the
+"Letter of the State Administration of Taxation concerning Taxation
+Issues of Dividends Received by Foreign Individuals Holding Shares of
+Companies Listed in China" (Guo Shui Han Fa [1994] No. 440) (<
+籍個人持有中國境內上市公司股票所取得的股息有關稅
+收問題的函》 (國稅函發[1994]440號)) as promulgated by the
+State Administration of Taxation on 26 July 1994, dividends (capital
+bonuses) received by foreign individuals holding B shares or overseas
+shares (including H shares) from Chinese enterprises issuing such B
+shares or overseas shares are temporarily exempted from individual
+income tax. Accordingly, in the payment of final dividend, the Company
+will not withhold and pay the individual income tax on behalf of
+individual Shareholders when the Company distributes the final dividend
+to individual Shareholders whose names appear on the register of
+members of H shares of the Company.
+Of the 401,910,480 A shares, 239,228,620 A shares were held by Mr.
+Lv in his personal capacity and 162,681,860 A shares were held by
+Youngy Investment Holding Group Co., Ltd. (K¶¶Ð
+Approximate
+percentage of
+percentage of
+shareholding in
+shareholding in
+total issued
+share capital (%)
+Mr. Wang Chuan-fu
+(Director)
+1,000,000 (L)
+0.11%
+0.04%
+Mr. Xia Zuo-quan
+(Director)
+500,000 (L)
+(Note 1)
+0.05%
+0.02%
+Youngy Investment
+(Note 1)
+162,681,860 (L)
+8.97%
+5.96%
+total issued
+A shares (%)
+(L) - Long Position
+Number of
+A shares
+share capital
+2.
+A) ("Youngy Investment", formerly known as Guangzhou Youngy
+Management & Investment Group Company Limited). Youngy Investment
+was in turn held by Mr. Lv and his spouse as to 89.5% and 10.5%
+of equity interests, respectively. Mr. Lv was therefore deemed to be
+interested in the 162,681,860 A shares under the SFO.
+H shares of RMB1.00 each
+Shareholders with Notifiable Interests
+As at 31 December 2016, to the best knowledge of the Directors of the
+Company, the following persons (other than the Directors, supervisors
+and chief executives of the Company) had interests or short positions in
+the shares and underlying shares of the Company which were required
+to be disclosed to the Company and the Hong Kong Stock Exchange
+under the provisions of Divisions 2 and 3 of Part XV of the SFO, or were
+required to be entered in the register kept by the Company pursuant to
+Section 336 of the SFO:
+A shares of RMB1.00 each
+Approximate
+Approximate
+1.
+percentage of
+percentage of
+shareholding in
+shareholding in
+Number of
+total issued
+total issued
+Name
+H shares
+H shares (%)
+Name
+(L) - Long Position
+Approximate
+Note:
+225,000,000 (L)
+24.59%
+8.25%
+Energy (note 1)
+Li Lu (note 2)
+75,387,200 (L)
+3.04%
+LL Group, LLC (note 2)
+75,387,200 (L)
+8.24%
+3.04%
+Morgan Stanley (note 3)
+51,286,006 (L)
+5.60%
+1.88%
+46,600,197 (S)
+5.09%
+Note:
+1.71%
+Berkshire Hathaway
+8.25%
+8.24%
+225,000,000 (L)
+1.
+24.59%
+Of the 500,000 H shares, 195,000 H shares were held by Mr. Xia as a
+beneficial owner and 305,000 H shares were held by Sign Investments
+Limited, which was wholly-owned by Mr. Xia.
+Saved as disclosed above, as at 31 December 2016, none of the
+Directors, supervisors or chief executives of the Company had an
+interest or short position in the shares, underlying shares or debentures
+of the Company or any of its associated corporations (within the
+meaning of Part XV of the SFO) which was required to be (a) recorded in
+the register to be kept by the Company pursuant to Section 352 of the
+SFO; or (b) notified to the Company and the Hong Kong Stock Exchange
+pursuant to the Model Code for Securities Transactions by Directors of
+Listed Issuers.
+2.
+Name
+Youngy Investment is owned by Mr. Lv Xiang-yang, a non-executive
+director of the Company, as to 89.5%. Mr. Lv is therefore deemed to be
+interested in the 162,681,860 A shares held by Youngy Investment under
+the SFO.
+H shares of RMB1.00 each
+Number of
+H shares
+Approximate
+1.
+percentage of
+Approximate
+share capital (%)
+total issued
+total issued
+H shares (%)
+Berkshire Hathaway Inc
+(note 1)
+shareholding in
+percentage of
+shareholding in
+(3) The auditors presented an unqualified auditors' report. The
+report indicates the financial statements give a true and fair
+view of the financial results and operations of the Company.
+On 26 August 2016, the Supervisory Committee convened its
+meeting at the office of the Company, where the interim report of
+the Company for 2016 was considered and approved accordingly.
+(2) During the discharge of their duties in 2016, the directors,
+supervisors and senior management of the Company
+fulfilled their fiduciary duties by acting lawfully, regularized
+management, explored for innovation, with discipline
+to protect the interests of all the shareholders of the
+Company. None of the parties named above was found in
+breach of the Company Law, the Articles of Association or
+the laws and regulations of the PRC.
+The operating activities of the Company and its subsidiaries
+in 2016 did not violate the Company Law, the Articles of
+Association, financial accounting procedures and the laws
+and regulations of the PRC.
+(1)
+During the reporting period, the Supervisory Committee
+of the Company performed its supervisory functions in a
+fiduciary manner. The Supervisory Committee duly supervised
+and examined the Company's financial situation, the Board
+of Directors' execution of the resolutions passed in the
+Shareholders' General Meeting, operational decisions of the
+management, the operations of the Company in compliance
+with the laws, the acts of the Directors, supervisors and senior
+management, and the connected transactions entered into
+with its controlling shareholder. The Supervisory Committee
+considered that:
+2. Progress of the Work of the Supervisory
+Committee during the Reporting Period
+On 28 October 2016, the Supervisory Committee convened its
+meeting at the office of the Company, where the third quarterly
+report of the Company for 2016 was considered and approved
+accordingly.
+On 15 August 2016, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on
+replacement of self-raised funds invested in advance in proceeds
+investment projects with raised proceeds and the resolution on
+utilisation of idle proceeds to temporarily supplement working
+capital by two wholly-owned subsidiaries were considered and
+approved accordingly.
+In 2016, in accordance with the principle of being accountable to all
+shareholders, the Supervisory Committee of the Company fully complied
+with the duties to supervise and ensure that the resolutions as passed
+in the Shareholders' General Meetings were consistently implemented,
+the legal interest of shareholders was protected and the duties
+conferred under the Articles of Association and in the Shareholders'
+General Meetings were completed in accordance with the Company
+Law, the Articles of Association and the relevant provisions, in order to
+facilitate a disciplined operation and sustainable development of the
+Company.
+On 28 March 2016, the Supervisory Committee convened its
+meeting at the office of the Company, where the annual report of
+the Company for 2015 was considered and approved accordingly.
+1. Meetings of the Supervisory Committee
+during the Reporting Period and
+Resolutions Passed in Such Meetings
+Report of the Supervisory Committee
+BYD Company Limited Annual Report 2016 41
+Shenzhen, the PRC, 28 March 2017
+Wang Chuan-fu
+Chairman
+On behalf of the Board
+The Supervisory Committee is confident in the prospects of the
+Company and will proceed to carry out effective supervision on
+the operation of the Company to safeguard the interests of the
+Shareholders and the Company as a whole.
+On 28 April 2016, the Supervisory Committee convened its
+meeting at the office of the Company, where the first quarterly
+report of the Company for 2016 was considered and approved
+accordingly.
+Dong Jun-qing
+43
+28 March 2017
+Ernst & Young, the Company's international auditor, and Ernst & Young
+Hua Ming (LLP), the Company's domestic accountant, will retire. A
+resolution will be proposed at the forthcoming AGM to appoint Ernst &
+Young as the international auditor of the Company for 2017 and Ernst &
+Young Hua Ming (LLP) as the domestic accountant for 2017.
+BYD Company Limited Annual Report 2016
+We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our
+report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of
+the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to
+address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.
+Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements
+of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our
+opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the
+matter is provided in that context.
+Key audit matters
+We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAS") issued by the HKICPA. Our responsibilities under those
+standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are
+independent of the Group in accordance with the HKICPA's Code of Ethics for Professional Accountants (the "Code"), and we have fulfilled our other
+ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
+basis for our opinion.
+Basis for opinion
+In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December
+2016, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial
+Reporting Standards ("HKFRSS”) issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and have been properly prepared in
+compliance with the disclosure requirements of Hong Kong Companies Ordinance.
+We have audited the consolidated financial statements of BYD Company Limited (the "Company") and its subsidiaries (the "Group") set out on pages
+47 to 131 which comprise the consolidated statement of financial position as at 31 December 2016, and the consolidated statement of profit or loss,
+the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows
+for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
+Opinion
+To the shareholders of BYD Company Limited
+(Registered in the People's Republic of China with limited liability)
+Fax: +852 2868 4432
+www.ey.com
+Tel 電話: +852 2846 9888
+安永會計師事務所
+香港中環添美道1號
+中信大廈22樓
+Ernst & Young
+22/F, CITIC Tower
+1 Tim Mei Avenue
+Central, Hong Kong
+EY安永
+Independent Auditor's Report
+Government grants and subsidies
+42
+Chairman of the Supervisory Committee
+Auditors
+Selling and distribution expenses
+Confirmation of Independence
+In September 2009, Mr. Wang Chuan-fu, controlling shareholder of the
+Group, signed the Non-competition Undertakings to confirm with the
+Company that he would abide by the undertaking of not engaging in
+business that competes with that of the Company. Directors, including
+independent non-executive directors, have examined its compliance
+and confirmed that the controlling shareholder has abided by all the
+undertakings.
+During the financial year, no director acquired benefits by engaging in
+business that competes with that of the Company or its subsidiaries.
+Competing Business
+No contract concerning the management and administration of the
+whole or any substantial part of the business of the Company were
+entered into or existed during the year ended 31 December 2016.
+Management Contracts
+The total issued share capital of the Company as at 31 December 2016
+was RMB2,728,142,855, divided into 1,813,142,855 A shares of
+RMB1.00 each and 915,000,000 H shares of RMB1.00 each, all fully
+paid up.
+Among the 51,286,006 H shares (L) held by Morgan Stanley, 21,832,892
+H shares (L) were held through derivatives. Among the 46,600,197 H
+shares(S) held by Morgan Stanley, 4,219,571 H shares (S) were held
+through derivatives.
+Morgan Stanley was deemed to be interested in a total of 51,286,006
+H shares (L) and had a short position in 46,600,197 H shares through
+its controlled corporations. Of these shares, 34,542,844 H shares
+(L) and 25,211,246 H shares (S) were held by Morgan Stanley & Co.
+International plc; 9,821,663 H shares (L) and 570,945 H shares (S) were
+held by Morgan Stanley Capital Services LLC; 5,174,447 H shares (L)
+and 20,818,006 H shares (S) were held by Morgan Stanley & Co. LLC;
+1,580,552 H shares (L) were held by Morgan Stanley Smith Barney LLC;
+and 166,500 H shares (L) were held by FUNDLOGIC SAS. All of these
+entities are indirectly controlled by Morgan Stanley.
+LL Group, LLC was deemed to be interested in 75,387,200 H shares
+(L) through its controlled corporation, Himalaya Capital Investors, L.P.
+(formerly known as LL Investment Partners, L.P.). Li Lu, being the
+controlling shareholder of Capital Investors, L.P. (formerly known as LL
+Group, LLC), was also deemed to be interested in 75,387,200 H shares.
+Berkshire Hathaway Inc. was deemed to be interested in 225,000,000 H
+shares (L) through its controlled corporation, Berkshire Hathaway Energy
+(formerly known as MidAmerican Energy Holdings Company) for the
+225,000,000 H shares directly held by it.
+3.
+2.
+1.
+Notes:
+(L)-Long Position, (S)- Short Position
+Report of the Directors
+39
+BYD Company Limited Annual Report 2016
+Independent Auditor's Report
+Retirement Scheme
+Each Independent Non-Executive Director has provided a written
+statement confirming his independence to the Company pursuant
+to Rule 3.13 of the Listing Rules. The Company assessed that each
+Independent Non-Executive Director continues to be independent.
+Currently, all PRC subsidiaries of the Group participate in defined
+contribution retirement schemes (the “Schemes") launched by local
+provincial and municipal governments in China, pursuant to which the
+Group makes contributions to the Schemes in accordance with the
+applicable percentage of the salary of eligible staff. Local government
+authorities assume the obligation in respect of all the pensions payable
+to retired staff.
+Major Customers and Suppliers
+Based on information which is publicly available to the Company and
+within the knowledge of its directors as at the date of this report,
+the directors confirm that the Company had sufficient public float as
+required by the Listing Rules.
+Sufficiency of Public Float
+There was no connected transaction entered into by the Group during
+the year ended 31 December 2016 which is required to be disclosed
+under the Listing Rules.
+A summary of the related party transactions undertaken by the Group
+during the year are set out in note 39 to the financial statements. Such
+related party transactions did not constitute connected transactions of
+the Group under Chapter 14 A of the Listing Rules.
+Related Party Transactions and Connected
+Transactions
+Report of the Directors
+BYD Company Limited Annual Report 2016
+40
+None of the directors, their close associates or any shareholder (which
+to the knowledge of the Directors owns more than 5% of the Company's
+issued share capital) had an interest in any of the major suppliers or
+customers noted above.
+15.30%
+35.65%
+― the five largest customers combined
+- the largest customer
+Sales
+16.70%
+- the five largest suppliers combined
+8.01%
+-the largest supplier
+Purchases
+The percentage of purchases and sales for the year ended 31
+December 2016 attributable to the Group's major suppliers and
+customers are as follows:
+Save for the above contributions, the Group does not have any other
+major payment obligation in respect of pension benefits.
+Key audit matter
+BYD Company Limited Annual Report 2016
+How our audit addressed the key audit matter
+3,138,196
+5,480,012
+2015
+RMB'000
+2016
+RMB'000
+Note
+Exchange differences on translation of foreign operations
+Income tax effect
+Other income and gains
+in subsequent periods:
+Other comprehensive income to be reclassified to profit or loss
+OTHER COMPREHENSIVE INCOME
+PROFIT FOR THE YEAR
+Year ended 31 December 2016
+Consolidated Statement of Comprehensive Income
+BYD Company Limited Annual Report 2016
+48
+47
+RMB1.12
+RMB1.88
+- For profit for the year
+Basic and diluted
+13
+EQUITY HOLDERS OF THE PARENT
+170,171
+EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY
+1,311,215
+(42,542)
+4,102,018
+5,653,325
+305,997
+470,287
+3,796,021
+5,183,038
+Non-controlling interests
+Owners of the parent
+Attributable to:
+4,102,018
+5,653,325
+TOTAL COMPREHENSIVE INCOME FOR THE YEAR
+963,822
+173,313
+OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX
+Net other comprehensive income to be reclassified to
+profit or loss in subsequent periods
+963,822
+173,313
+(19,589)
+45,684
+983,411
+127,629
+(327,804)
+31
+3,138,196
+5,480,012
+314,755
+Finance costs
+(581,505)
+(629,203)
+Other expenses
+(3,428,963)
+(3,690,339)
+Administrative expenses
+(1,998,499)
+(3,171,694)
+6
+(2,867,992)
+(4,196,339)
+581,177
+710,939
+1,991,326
+926,216
+CO
+57
+Research and development costs
+11,859,244
+19,018,263
+(65,752,741)
+(81,189,440)
+8
+(1,799,609)
+(1,517,003)
+Share of profits and losses of:
+427,858
+2,823,441
+5,052,154
+13
+3,138,196
+5,480,012
+(656,790)
+(1,088,398)
+11
+3,794,986
+6,568,410
+Gross profit
+6
+Owners of the parent
+Attributable to:
+PROFIT FOR THE YEAR
+Income tax expense
+PROFIT BEFORE TAX
+3,003
+19,704
+Associates
+(245,802)
+(619,528)
+Joint ventures
+Non-controlling interests
+Amortisation and impairment assessment of other intangible assets
+Cost of sales
+100,207,703
+Obtained confirmations and reviewed whether the balances were
+agreed by both parties;
+Tested the information used to determine the impairment of trade
+receivables by reviewing the calculation of aging, industry index,
+customers' financial condition, historic payment pattern, subsequent
+settlement and retrospectively review of historical bad debts
+provision;
+For the trade receivables due from government arising from
+subsidies on sales of new energy automobiles, we have re-
+performed the computation of trade receivables arising from
+subsidies in accordance with government policies, obtained the list
+of long aged trade receivables arising from subsidies and evaluated
+the recoverability and obtained the management's estimation over
+government's settlement schedule of such subsidy.
+Other information included in the Annual Report
+The directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report,
+other than the consolidated financial statements and our auditor's report thereon.
+Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion
+thereon.
+In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider
+whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise
+appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
+information, we are required to report that fact. We have nothing to report in this regard.
+Responsibilities of the directors for the consolidated financial statements
+Obtained an understanding of the management's process of
+recoverability assessment in respect of trade receivables and its
+design and operating effectiveness;
+The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance
+with HKFRSS issued by the HKICPA and the disclosure requirements of Hong Kong Companies Ordinance, and for such internal control as the directors
+determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or
+BYD Company Limited Annual Report 2016
+45
+Independent Auditor's Report
+In preparing the consolidated financial statements, the directors of the Company are responsible for assessing the Group's ability to continue as a
+going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors of the
+Company either intend to liquidate the Company or to cease operations or have no realistic alternative but to do so.
+The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group's financial reporting
+process.
+Auditor's responsibilities for the audit of the consolidated financial statements
+Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
+misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Our report is made solely to you, as a body, and
+for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.
+Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAS will always detect a
+material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
+could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
+error.
+As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
+Details of trade receivables are disclosed in note 2.4, 3 and 23 to the
+financial statements.
+The balance of trade receivables are significant to the total assets of the We performed the following procedures in related to trade receivables:
+Group. Trade receivables relating to sales of new energy automobiles are
+long aged or under long credit period.
+Obtained an understanding of the amortisation model and
+assumptions used by the Group;
+Industrial property, proprietary technology and capitalised development We performed the following audit procedures in related to other intangible
+cost are significant to the total assets of the Company and the Group. assets:
+The capitalised development cost for new energy vehicles is amortized
+using the unit of production method of which the estimated total units
+of production are relevant and important input. Due to the uncertainty
+of estimation, adjustment is necessarily to be made to the amount of
+amortization if there is significant difference between estimated and •
+actual units of production.
+The Group also need to perform annual impairment test on capitalised
+development cost that is not yet available for use. For the rest of other
+intangible assets, impairment test is only performed when impairment
+indicator exists. Estimation of recoverable amount of other intangible
+assets is based on management's judgements and assumptions including
+projected sales volume, gross margin, working capital, terminal growth
+rates, discount rate and etc.
+The assessment process is complex and requires significant estimation,
+including the prediction for future market trend and macro-economy •
+situation. Therefore we identify it as a key audit matter.
+Details of the Group's other intangible assets are disclosed in note 2.4, 3
+and 17 to the financial statements.
+Tested the reasonableness of estimated useful life and annual units
+of production applied in calculating the amortization method and
+performed sensitivity analysis;
+Compared the differences between the estimated and actual
+amount of units of production and inquired with management the
+reason of variance;
+Obtained an understanding of the management's process of
+impairment assessment in respect of other intangible assets and its
+design and operating effectiveness;
+The determination of the recoverability of trade receivables involves
+management judgement including the aging, existence of disputes,
+historical payment record and any other available information that may ⚫
+impact the creditworthiness of the debtors.
+Assessed the appropriateness of the management's assumptions
+used in the valuation model;
+Evaluated the assumptions and parameters used by retrospectively
+reviewing the accuracy of management's forecasts made
+historically, reviewing the forecasted future economic trend and
+corroborating the assumptions with current market trend;
+Reviewed the sufficiency and completeness of disclosure included in
+the footnotes to the financial statements.
+44
+BYD Company Limited Annual Report 2016
+Independent Auditor's Report
+Key audit matter
+How our audit addressed the key audit matter
+Recoverability of trade receivables
+Involved internal valuation experts to evaluate the reasonableness
+of assumptions and parameters, including discount rates, terminal
+growth rates and etc., used in the valuation model;
+77,611,985
+Available-for-sale investments:
+Changes in fair value
+We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and to
+communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related
+safeguards.
+Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the
+directors.
+Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained,
+whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going
+concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures
+in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
+evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a
+going concern.
+Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the
+consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
+Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express
+an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We
+remain solely responsible for our audit opinion.
+46
+BYD Company Limited Annual Report 2016
+Independent Auditor's Report
+We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
+including any significant deficiencies in internal control that we identify during our audit.
+Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and
+perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
+The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
+forgery, intentional omissions, misrepresentations, or the override of internal control.
+From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated
+financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law
+or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
+communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
+such communication.
+Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
+but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
+The engagement partner on the audit resulting in this independent auditor's report is Chan Yuen Tao.
+Certified Public Accountants
+Hong Kong
+28 March 2017
+BYD Company Limited Annual Report 2016
+Consolidated Statement of Profit or Loss
+Year ended 31 December 2016
+Notes
+2016
+RMB'000
+2015
+RMB'000
+REVENUE
+5
+Ernst & Young
+5,183,038
+470,287
+for the year:
+capital account
+5,052,154
+5,653,325
+3,255
+127,629
+Total comprehensive income for the year
+3,200,000 32,294,404 3,734,837 36,029,241
+5,052,154 427,858 5,480,012
+(164,455)* 13,102,844*
+5,052,154
+2,476,000 5,863,563* 5,431,701* 2,384,751*
+RMB'000 RMB'000
+RMB'000
+equity
+interests
+Total
+for-sale investments, net of tax
+Total
+controlling
+Retained Perpetual
+Non-
+Change in fair value of available-
+Exchange
+fluctuation
+reserve profits
+RMB'000 RMB'000
+(note 32)
+RMB'000 RMB'000
+RMB'000
+Statutory
+surplus
+reserve fund
+reserve
+Exchange differences on translation
+- - 127,629 - - -
+127,629
+127,629
+of foreign operations
+3,255
+3,255 42,429
+45,684
+RMB'000
+(note 33)
+loans
+RMB'000
+31 December 2016
+252,143
+Impairment of trade receivables
+Impairment of inventories
+560
+Loss on disposal of investment in a jointly-controlled entity
+Depreciation
+(526)
+Gain on disposal of investment in associates
+(1,376)
+Gain on disposal of finance product
+(13,012)
+(26,068)
+Gain on disposal of derivative financial instrument
+18,207
+Available-for-sale investments (transfer from equity on disposal)
+Fair value gains, net:
+(1,438,165)
+158,341
+Loss/(gain) on disposal of subsidiaries
+36,051
+136,717
+6
+Loss on disposal of items of non-current assets
+(159,282)
+(204,899)
+Impairment of prepayments, deposits and other receivables
+Impairment losses of trade receivables reversed
+16222
+14
+Capital
+15
+57
+Amortisation of other intangible assets
+Recognition of prepaid land lease payments
+1,023
+Impairment of investment in associate
+116,871
+17
+Impairment of other intangible assets
+(157)
+Government grants and subsidies
+Impairment losses of prepayments, deposits and other receivables reversed
+(86,108)
+23
+54,748
+24
+234,660
+124,083
+23
+180,577
+357,036
+4,485,620
+5,308,825
+(35,208)
+(1,466)
+(5,254)
+Dividend income from available-for-sale investments
+688,622
+(43,033)
+43,033
+(51,690) (1,052,918)
+(185,155)
+(185,155)
+(1,001,228)
+(1,001,228)
+At 31 December 2016
+reserve fund
+Appropriation to statutory surplus
+increase the capital reserve
+(688,622)
+Government subsidies designated to
+(185,155)
+Perpetual loan interest paid (note 12)
+595,800
+595,800 595,800
+Issue of a perpetual loan (note 34)
+(103,930)
+(103,930)
+14,473,000
+14,473,000
+14,220,857
+(103,930)
+Share issue expenses
+Interim 2016 dividend
+Issue of shares (note 32)
+2,728,143 19,980,490* 5,602,363* 3,073,373*
+3,795,800 51,255,929
+(53,421)
+(152,701)
+5
+Bank interest income
+242,799
+599,824
+Share of profits and losses of joint ventures and associates
+1,517,003
+1,799,609
+8
+Finance costs
+(161,200)* 16,236,960*
+Adjustments for:
+6,568,410
+Profit before tax
+2015
+RMB'000
+2016
+RMB'000
+Notes
+CASH FLOWS FROM OPERATING ACTIVITIES
+Year ended 31 December 2016
+Consolidated Statement of Cash Flows
+BYD Company Limited Annual Report 2016
+These reserve accounts comprise the consolidated reserves of RMB44,731,986,000 (2015: RMB26,618,404,000) in the consolidated statement of financial position.
+4,153,434 55,409,363
+3,794,986
+premium
+CURRENT ASSETS
+Share
+Deferred income
+2,438,009
+1,850,792
+Advances from customers
+4,557,156
+5,929,004
+27
+30,655,830
+34,663,130
+26
+22
+Other payables
+Trade and bills payables
+CURRENT LIABILITIES
+54,519,142
+78,353,803
+Total current assets
+338,332
+21
+33,840
+56,038
+18,207
+25
+28
+335,072
+25
+247,360
+268,600
+25
+7,111,234
+6,010,931
+316,895
+419,268
+155,629
+Interest-bearing bank and other borrowings
+778,577
+Total current liabilities
+78,317,604
+66,110,124
+NET CURRENT ASSETS/(LIABILITIES)
+TOTAL ASSETS LESS CURRENT LIABILITIES
+1,292,666
+36,199
+66,753,174
+49,375,631
+continued/...
+50
+BYD Company Limited Annual Report 2016
+Consolidated Statement of Financial Position
+(11,590,982)
+249
+30
+Provision
+29
+32,928,441
+26,412,860
+Due to joint ventures and associates
+39(b)
+463,856
+30
+393,428
+39(b)
+116,624
+429,429
+Tax payable
+653,823
+289,206
+Due to related parties
+39(b)
+Cash and cash equivalents
+Short-term deposits
+4,567,407
+65,914
+7,102,816
+3,997,044
+Long-term receivable
+253,668
+65,773
+Investments in joint ventures
+24
+18
+Available-for-sale investments
+20
+Deferred tax assets
+31
+Property under development
+21
+Investments in associates
+8222
+Non-current prepayments
+38,126,333
+4,655,610
+BYD Company Limited Annual Report 2016 49
+Consolidated Statement of Financial Position
+31 December 2016
+Notes
+2016
+RMB'000
+2015
+RMB'000
+65,914
+6,759,111
+NON-CURRENT ASSETS
+Prepaid land lease payments
+Goodwill
+Other intangible assets
+1567
+14
+42,048,635
+5,182,739
+Property, plant and equipment
+TOTAL ASSETS LESS CURRENT LIABILITIES
+1,751,159
+19
+45,732,885
+26,678,639
+Prepayments, deposits and other receivables
+24
+4,635,440
+3,280,091
+23
+Due from the joint ventures and associates
+2,879,284
+1,800,859
+Due from the related parties
+Completed property held for sale
+Derivative financial instruments
+Pledged deposits
+39(b)
+1,522,017
+Trade and bills receivables
+17,378,439
+493,599
+366,698
+3,225,238
+3,071,357
+1,448,262
+1,080,416
+15,750,550
+921,243
+Total non-current assets
+66,716,975
+60,966,613
+110,769
+Inventories
+22
+912,635
+NON-CURRENT LIABILITIES
+Interest-bearing bank and other borrowings
+Deferred tax liabilities
+Profit for the year
+2,823,441
+2,823,441
+314,755 3,138,196
+Other comprehensive income
+for the year:
+3,528,840 28,894,437
+Change in fair value of available-
+983,411
+Exchange differences on translation
+of foreign operations
+(10,831)
+Total comprehensive income for the year
+983,411
+for-sale investments, net of tax
+(10,831) 2,823,441
+25,365,597
+2,109,406*
+Total equity
+RMB'000
+RMB'000 RMB'000
+(note 32)
+RMB'000
+(note 33)
+RMB'000
+(153,624)* 10,637,614*
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+At 1 January 2015
+2,476,000
+5,863,563* 4,432,638*
+RMB'000
+interests
+Disposal of a subsidiary
+Issue of a perpetual loan (note 34)
+(15,652)
+(305,888)
+At 31 December 2015
+2,476,000 5,863,563* 5,431,701* 2,384,751*
+(164,455)* 13,102,844* 3,200,000 32,294,404 3,734,837 36,029,241
+51
+3,200,000
+(36,671)
+52
+Consolidated Statement of Changes in Equity
+Year ended 31 December 2016
+At 1 January 2016
+Profit for the year
+Other comprehensive income
+Attributable to owners of the parent
+BYD Company Limited Annual Report 2016
+(30,543)
+3,200,000
+(36,671)
+3,200,000
+Perpetual loan interest paid
+Government subsidies designated to
+increase the capital reserve
+15,652
+Appropriation to statutory surplus
+reserve fund
+(36,671)
+305,888
+983,411
+(10,831)
+(8,758) (19,589)
+3,796,021
+305,997 4,102,018
+(30,543) (100,000) (130,543)
+983,411
+Share
+Total
+profits
+9,338,520
+11,229,901
+28
+549,903
+1,454,710
+678
+568,149
+1,546,108
+22
+2,232
+13,346,390
+55,409,363
+36,029,241
+333
+32
+2,728,143
+11,343,811
+2,476,000
+31
+49,375,631
+Deferred income
+Other liabilities
+Total non-current liabilities
+Net assets
+EQUITY
+Equity attributable to owners of the parent
+Share capital
+29
+Reserves
+Non-controlling interests
+Total equity
+Notes
+2016
+RMB'000
+2015
+RMB'000
+66,753,174
+Perpetual loans
+loans
+33
+26,618,404
+Exchange
+Non-
+Share
+premium
+Capital
+surplus
+Statutory
+fluctuation
+Perpetual
+controlling
+capital account
+reserve
+reserve fund
+reserve
+Retained
+44,731,986
+Share
+Year ended 31 December 2016
+34
+3,795,800
+3,200,000
+51,255,929
+32,294,404
+4,153,434
+Attributable to owners of the parent
+3,734,837
+Director
+Lv Xiang-yang
+55,409,363
+36,029,241
+BYD Company Limited Annual Report 2016
+Consolidated Statement of Changes in Equity
+Director
+Wang Chuan-fu
+103,001
+169,854
+1,607,975
+65.76%
+US$110,000,000
+PRC/
+Huizhou BYD Electronic Co., Ltd
+("Huizhou Electronic”)***^
+Investment holding
+65.76%
+HK$440,000,000
+Hong Kong
+BYD Electronic (International) Co., Ltd
+("BYD Int'l")*
+Principal activities
+Indirect
+Direct
+Percentage of
+equity attributable
+to the Company
+registered
+share capital
+business
+Name
+Place of
+incorporation/
+registration and
+Information about subsidiaries (continued)
+1. Corporate and Group information (continued)
+High-level assembly
+Mainland China
+Xi'an BYD Electronic Co., Ltd
+("Xi'an Electronic")****^
+BYD (Wuhan) Electronic Co., Ltd
+("Wuhan Electronic”)****^
+PRC/Mainland China
+RMB
+PRC/Mainland China
+Changsha BYD Auto Co., Ltd
+("BYD Auto Sales")**
+99.88%
+1,050,000,000
+Mainland China
+94.76%
+4.29%
+31 December 2016
+RMB
+BYD Auto Sales Co., Ltd
+handset components
+Manufacture and sale of mobile
+65.76%
+RMB10,000,000
+PRC/Mainland China
+Manufacture and sale of mobile
+handset components
+65.76%
+RMB100,000,000
+PRC/
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+56
+of mobile handset components
+and modules
+Manufacture, assembly and sale
+Research, development, sale and
+manufacture of automobiles
+Mainland China
+65.76%
+PRC/ US$145,000,000
+BYD Precision Manufacture Co., Ltd
+("BYD Precision")***^
+Mainland China
+99%
+BYD (Huizhou) Co., Ltd ("BYD HZ")***
+PRC/ RMB1,351,010,101
+Research, development, sale and
+manufacture of Li-ion batteries
+Mainland China
+("BYD SH")***
+25%
+75%
+US$63,500,000
+PRC/
+Shanghai BYD Co., Ltd
+Research, development, sale and
+manufacture of Li-ion batteries
+BYD Auto Co., Ltd ("BYD Auto")***
+("Changsha Auto")**
+PRC/ US$150,000,000
+45%
+55
+continued/...
+Research, development, sale and
+manufacture of automobiles
+Mainland China
+10.00%
+89.57%
+PRC/ US$1,207,654,387
+BYD Auto Industry Co., Ltd
+("BYD Auto Industry")***
+manufacture of Li-ion batteries
+and accessories
+55%
+Research, development, sale and
+components of mobile
+handsets and other consumer
+manufacture and sale of
+Mainland China
+90%
+10%
+PRC/ US$150,000,000
+Huizhou BYD Battery Co., Ltd
+("BYD HZ Battery")***
+Mainland China
+Research, development,
+electronics; Development,
+sale and leasing of residential
+properties and property
+management (provided only to
+employees of the Company);
+1,000,000,000
+BYD (Shangluo) Industrial Company Limited PRC/Mainland China
+RMB
+HKFRS 9
+Amendments to HKFRS 4
+Amendments to HKFRS 2
+The Group has not applied the following revised HKFRSS, that have been issued but are not yet effective, in these financial statements.
+2.3 Issued but not yet effective Hong Kong financial reporting standards
+Amendments to HKAS 16 and HKAS 38 clarify the principle in HKAS 16 and HKAS 38 that revenue reflects a pattern of economic benefits
+that are generated from operating a business (of which the asset is part) rather than the economic benefits that are consumed through
+the use of the asset. As a result, a revenue-based method cannot be used to depreciate property, plant and equipment and may only be
+used in very limited circumstances to amortise intangible assets. The amendments are applied prospectively. The amendments have had
+no impact on the financial position or performance of the Group as the Group has not used a revenue-based method for the calculation of
+depreciation of its non-current assets.
+(b)
+Furthermore, the amendments clarify the requirements that apply when additional subtotals are presented in the statement of financial position
+and the statement of profit or loss. The amendments have had no significant impact on the Group's financial statements.
+2.2 Changes in accounting policies and disclosures (continued)
+Amendments to HKFRS 10 and HKAS 28 (2011)
+31 December 2016
+BYD Company Limited Annual Report 2016
+58
+410
+57
+(iv) that the share of other comprehensive income of associates and joint ventures accounted for using the equity method must be
+presented in aggregate as a single line item, and classified between those items that will or will not be subsequently reclassified to
+profit or loss.
+that entities have flexibility as to the order in which they present the notes to financial statements; and
+that specific line items in the statement of profit or loss and the statement of financial position may be disaggregated;
+(ii)
+the materiality requirements in HKAS 1;
+Notes to Financial Statements
+(i)
+HKFRS 15
+HKFRS 16
+17
+The Group does not expect that the adoption of HKFRS 9 will have a significant impact on the classification and measurement of its
+financial assets. It expects to continue measuring at fair value all financial assets currently held at fair value. Equity investments currently
+held as available for sale will be measured at fair value through other comprehensive income as the investments are intended to be held
+for the foreseeable future and the Group expects to apply the option to present fair value changes in other comprehensive income. Gains
+and losses recorded in other comprehensive income for the equity investments cannot be recycled to profit or loss when the investments
+are derecognised.
+(a) Classification and measurement
+In September 2014, the HKICPA issued the final version of HKFRS 9, bringing together all phases of the financial instruments project to replace
+HKAS 39 and all previous versions of HKFRS 9. The standard introduces new requirements for classification and measurement, impairment and
+hedge accounting. The Group expects to adopt HKFRS 9 from 1 January 2018. During 2016, the Group performed a high-level assessment of
+the impact of the adoption of HKFRS 9. This preliminary assessment is based on currently available information and may be subject to changes
+arising from further detailed analyses or additional reasonable and supportable information being made available to the Group in the future. The
+expected impacts arising from the adoption of HKFRS 9 are summarised as follows:
+Further information about those HKFRSS that are expected to be applicable to the Group is as follows:
+No mandatory effective date yet determined but available for adoption.
+4
+Effective for annual periods beginning on or after 1 January 2019.
+3
+Amendments to HKFRS 15
+Effective for annual periods beginning on or after 1 January 2018.
+1 Effective for annual periods beginning on or after 1 January 2017.
+Recognition of Deferred Tax Assets for Unrealised Losses¹
+Disclosure Initiative¹
+Leases³
+Clarifications to HKFRS 15 Revenue from Contracts with Customers²
+Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
+Revenue from Contracts with Customers²
+Classification and Measurement of Share-based Payment Transactions²
+Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts²
+Financial Instruments²
+Amendments to HKAS 12
+Amendments to HKAS 7
+2
+Mainland China
+Amendments to HKAS 1 include narrow-focus improvements in respect of the presentation and disclosure in financial statements. The
+amendments clarify:
+Amendments to a number of HKFRSS
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+2.1 Basis of preparation (continued)
+The consolidated financial statements include the financial statements of the Group for the year ended 31 December 2016. A subsidiary is an
+entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has
+rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee
+(i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).
+Basis of consolidation
+These financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSS") (which include all
+Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASS") and Interpretations) issued by the Hong Kong Institute
+of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong
+Kong Companies Ordinance. They have been prepared under the historical cost convention, except for certain available-for-sale investment and
+derivative financial instruments, which has been measured at fair value. These financial statements are presented in Renminbi ("RMB") and all
+values are rounded to the nearest thousand except when otherwise indicated.
+2.1 Basis of preparation
+Λ These subsidiaries were wholly owned by BYD Int'l, one of the Company's subsidiaries.
+These subsidiaries are registered as wholly-foreign-owned enterprises under PRC law.
+31 December 2016
+****
+Research, development,
+manufacture and sale of solar
+batteries and solar arrays
+Research and development of
+auto mobiles and components
+Sale and distribution of
+automobiles; provision of
+related after-sales services
+These subsidiaries are registered as limited liability companies under PRC law.
+BYD Int'l is a subsidiary incorporated in Hong Kong and with its shares listed on the Stock Exchange of Hong Kong limited.
+2,600,000,000
+("Shangluo BYD")***
+60.92%
+38.5%
+These subsidiaries are registered as Sino-foreign joint ventures under PRC law.
+Except for the amendments to HKFRS 10, HKFRS 12 and HKAS 28 (2011), and certain amendments included in the Annual Improvements
+2012-2014 Cycle, which are not relevant to the preparation of the Group's financial statements, the nature and the impact of the amendments
+are described below:
+Basis of consolidation (continued)
+(a)
+Equity Method in Separate Financial Statements
+Clarification of Acceptable Methods of Depreciation and Amortisation
+Disclosure Initiative
+Investment Entities: Applying the Consolidation Exception
+Annual Improvements 2012-2014 Cycle
+Amendments to HKAS 27 (2011)
+Amendments to HKAS 16 and HKAS 38
+Amendments to HKAS 1
+HKFRS 12 and HKAS 28 (2011)
+When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant
+facts and circumstances in assessing whether it has power over an investee, including:
+Amendments to HKFRS 10,
+2.2 Changes in accounting policies and disclosures
+If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying
+amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the
+consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group's share of
+components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same
+basis as would be required if the Group had directly disposed of the related assets or liabilities.
+The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
+three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
+equity transaction.
+Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the
+non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity,
+income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
+The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies.
+The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that
+such control ceases.
+the Group's voting rights and potential voting rights.
+(c)
+(b) rights arising from other contractual arrangements; and
+the contractual arrangement with the other vote holders of the investee;
+The Group has adopted the following new and revised HKFRSS for the first time for the current year's financial statements.
+100%
+Issued ordinary/
+PRC/
+(4,839,296)
+Increase in non-current prepayments
+CASH FLOWS USED IN INVESTING ACTIVITIES
+Purchases of items of property, plant and equipment
+2015
+RMB'000
+2016
+RMB'000
+Notes
+Year ended 31 December 2016
+Consolidated Statement of Cash Flows
+BYD Company Limited Annual Report 2016
+54
+53
+continued/...
+3,842,094
+(1,845,571)
+Net cash flows (used in)/from operating activities
+(399,438)
+(1,151,981)
+Taxes paid
+53,419
+(4,091,011)
+(6,193,790)
+(6,217,655)
+Increase in prepaid land lease payments
+500
+5,700
+Disposal of associates
+420
+Disposal of a jointly-controlled entity
+526,182
+9,971
+35
+604,592
+152,701
+75,993
+273,921
+(635,348)
+(252,681)
+Disposal of a subsidiary
+Receipt of government grants
+Withdrawal of short-term deposits
+Investment in short-term deposits
+(321,843)
+(643,086)
+505,799
+Interest received
+4,188,113
+(846,291)
+(41,301)
+(8,608)
+249,538
+(187,895)
+289,809
+(1,162,299)
+(740,342)
+(75,817)
+(5,282,230)
+(19,086,431)
+Increase in derivative financial instrument
+(6,223,543)
+Increase in property under development
+(Increase)/decrease in a long-term receivable
+Increase in amounts due from joint ventures and associates
+(Increase)/decrease in prepayments, deposits and other receivables
+Increase in trade and bills receivables
+Increase in inventories
+9,893,232
+16,484,670
+827,996
+(1,984,925)
+Additions to other intangible assets
+(18,207)
+(587,217)
+Cash (used in)/generated from operations
+370,196
+514,089
+Increase in provision for warranties
+RMB6,160,000,000
+(238,301)
+(Decrease)/increase in amounts due to related parties
+369,480
+70,428
+Decrease in advances from customers
+Increase in amounts due to joint ventures and associates
+1,237,772
+Increase in other payables
+5,599,511
+3,734,088
+Increase in trade and bills payables
+11,691
+22,198
+Decrease in a completed property held for sale
+(1,139,340)
+903,680
+Receipt of disposal of derivative financial instrument
+367,896
+(1,659,651)
+6,010,931
+Cash and cash equivalents at beginning of year
+1,855,890
+1,003,244
+NET INCREASE IN CASH AND CASH EQUIVALENTS
+8,749,785
+16,270,217
+46,803
+(18,177)
+3,950,415
+(1,001,228)
+(36,671)
+(185,155)
+(1,725,996)
+(1,970,560)
+(18,760,798)
+(26,691,182)
+24,534,345
+31,223,339
+(103,930)
+(51,690)
+14,473,000
+Effect of foreign exchange rate changes, net
+CASH AND CASH EQUIVALENTS AT END OF YEAR
+BYD Lithium Batteries Co., Ltd.
+("BYD Li-ion")***
+(1,377,278)
+26,068
+Principal activities
+Indirect
+Direct
+Percentage of
+equity attributable
+to the Company
+Issued ordinary/
+registered
+share capital
+business
+Name
+97,059
+Place of
+incorporation/
+registration and
+Information about subsidiaries
+The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are the research, development, manufacture
+and sale of rechargeable battery and photovoltaic business, automobiles and related products, handset components and other electronic
+products.
+BYD Company Limited (the "Company") is a joint stock limited liability company registered in the People's Republic of China (the "PRC"). The
+Company's H shares have been listed on The Stock Exchange of Hong Kong Limited since 31 July 2002. The registered office of the Company is
+located at Yan An Road, Kuichong, Dapeng New District, Shenzhen, Guangdong Province, the PRC.
+1. Corporate and Group information
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+6,010,931
+7,111,234
+Particulars of the Company's principal subsidiaries are as follows:
+32
+204,626
+32
+Prepayment of shareholding in a subsidiary
+(709,780)
+(912,893)
+Capital contributions to joint ventures
+(76,213)
+(14,012)
+Capital contributions to associates
+(200,000)
+Decrease/(increase) in financial product
+(284,600)
+16,290
+1,808,561
+196,641
+other intangibles assets
+Proceeds from disposal of items of property, plant and equipment and
+1,466
+5,254
+32
+Dividend income from available-for-sale investments
+13,012
+Withdrawal of available-for-sale investments
+(13,421,402)
+201,376
+Dividends paid to a non-controlling shareholder
+(10,735,989)
+Net cash flows from financing activities
+(Increase)/decrease in pledged deposits
+Dividends paid to owners of the parent
+3,200,000
+1,500,000
+Perpetual loan interest distributed
+(7,898)
+Interest paid
+New borrowings
+Repayment of borrowings
+Shares issue expenses
+Proceeds from issue of shares
+Corporate bond issue expenses
+Proceeds from issue of corporate bonds
+44
+34
+Proceeds from issue of a perpetual loan
+CASH FLOWS FROM FINANCING ACTIVITIES
+Net cash flows used in investing activities
+595,800
+Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognised on the straight-line basis over the
+lease terms.
+Sale and leaseback
+When the lease payments cannot be allocated reliably between the land and buildings elements, the entire lease payments are included in the
+cost of the land and buildings as a finance lease in property, plant and equipment.
+When a sale and leaseback transaction results in a finance lease, the transaction in substance is a mean whereby the lessor provides finance to
+the lessee, with the asset as security. An excess of sales proceeds over the carrying amount is deferred and amortised over the lease term. The
+previous carrying value of the asset is left unchanged, with the sales proceeds being shown as a liability. The creditor balance is recorded as
+other borrowings on the consolidated statement of financial position.
+Notes to Financial Statements
+Assets acquired through hire purchase contracts of a financing nature are accounted for as finance leases, but are depreciated over their
+estimated useful lives.
+Leases (continued)
+Investments and other financial assets
+31 December 2016
+2.4 Summary of significant accounting policies (continued)
+Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Where
+the Group is the lessor, assets leased by the Group under operating leases are included in non-current assets, and rentals receivable under the
+operating leases are credited to the statement of profit or loss on the straight-line basis over the lease terms. Where the Group is the lessee,
+rentals payable under operating leases net of any incentives received from the lessor are charged to the statement of profit or loss on the
+straight-line basis over the lease terms.
+Initial recognition and measurement
+65
+All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase
+or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period
+generally established by regulation or convention in the marketplace.
+Subsequent measurement
+Loans and receivables
+Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After
+initial measurement, such assets are subsequently measured at amortised cost using the effective interest rate method less any allowance for
+impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and includes fees or costs that are an
+integral part of the effective interest rate. The effective interest rate amortisation is included in other income and gains in the statement of profit
+or loss. The loss arising from impairment is recognised in the statement of profit or loss in finance costs for loans and in other expenses for
+receivables.
+Available-for-sale financial investments
+Available-for-sale financial investments are non-derivative financial assets in listed and unlisted equity investments and debt securities. Equity
+investments classified as available for sale are those which are neither classified as held for trading nor designated as at fair value through
+profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in
+response to needs for liquidity or in response to changes in market conditions.
+66
+31 December 2016
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss and loans, receivables and available-for
+sale financial investments, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. When financial assets are
+recognised initially, they are measured at fair value plus transaction costs that are attributable to the acquisition of the financial assets, except in
+the case of financial assets recorded at fair value through profit or loss.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+Leases
+5%
+2.4 Summary of significant accounting policies (continued)
+The unit of production method is used to write off the cost of moulds.
+63
+64
+BYD Company Limited Annual Report 2016
+31 December 2016
+2.4 Summary of significant accounting policies (continued)
+Property, plant and equipment and depreciation (continued)
+Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis
+among the parts and each part is depreciated separately. Residual values, useful lives and depreciation methods are reviewed, and adjusted if
+appropriate, at least at each financial year end.
+An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future
+economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the statement of profit or loss
+in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.
+Leases that transfer substantially all the rewards and risks of ownership of assets to the Group, other than legal title, are accounted for as
+finance leases. At the inception of a finance lease, the cost of the leased asset is capitalised at the present value of the minimum lease
+payments and recorded together with the obligation, excluding the interest element, to reflect the purchase and financing. Assets held under
+capitalised finance leases, including prepaid land lease payments under finance leases, are included in property, plant and equipment, and
+depreciated over the shorter of the lease terms and the estimated useful lives of the assets. The finance costs of such leases are charged to the
+statement of profit or loss so as to provide a constant periodic rate of charge over the lease terms.
+Construction in progress representing property and plant under construction is stated at cost less any impairment losses, and is not depreciated.
+Cost comprises the direct costs of construction and capitalised borrowing costs on related borrowed funds during the period of construction.
+Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.
+Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
+combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible
+assets with finite lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an indication
+that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are
+reviewed at least at each financial year end.
+Research and development costs
+All research costs are charged to the statement of profit or loss as incurred.
+Expenditure incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate the technical
+feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the
+asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure
+reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when
+incurred.
+Deferred development costs are stated at cost less any impairment losses. The development costs are amortised using the straight-line basis
+over the commercial lives of the underlying products not exceeding five years, except for those of new energy vehicles which are amortised using
+the unit of production method, commencing from the date when the products are put into commercial production.
+Industrial proprietary rights
+Industrial proprietary rights are stated at cost less any impairment losses and are amortised on the straight-line basis over their estimated useful
+lives of five to ten years.
+Know-how
+Know-how is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful life of five years.
+Software
+Software is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful life of five years.
+Intangible assets (other than goodwill)
+Investments and other financial assets (continued)
+Financial liabilities at fair value through profit or loss
+After initial recognition, available-for-sale financial investments are subsequently measured at fair value, with unrealised gains or losses
+recognised as other comprehensive income in the available-for-sale investment revaluation reserve until the investment is derecognised, at
+which time the cumulative gain or loss is recognised in the statement of profit or loss in other income, or until the investment is determined to
+be impaired, when the cumulative gain or loss is reclassified from the available-for-sale investment revaluation reserve to the statement of profit
+or loss in other gains or losses. Interest and dividends earned whilst holding the available-for-sale financial investments are reported as interest
+income and dividend income, respectively and are recognised in the statement of profit or loss as other income in accordance with the policies
+set out for “Revenue recognition" below.
+67
+68
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+2.4 Summary of significant accounting policies (continued)
+Financial liabilities and financial instruments
+Initial recognition and measurement
+Financial liabilities and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the
+substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
+An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity
+instruments issued by the Group are recognised at the proceeds received net of direct issue costs.
+Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or as
+derivatives designated as hedging instruments in an effective hedge, as appropriate.
+The determination of what is "significant" or "prolonged" requires judgement. In making this judgement, the Group evaluates, among other
+factors, the duration or extent to which the fair value of an investment is less than its cost.
+All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs.
+Subsequent measurement
+The subsequent measurement of financial liabilities depends on their classification as follows:
+Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
+recognition as at fair value through profit or loss.
+Financial liabilities are classified as held for trading if they are acquired for the purpose of repurchasing in the near term. This category includes
+derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by
+HKAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
+Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. The net fair value gain or loss recognised in the
+statement of profit or loss does not include any interest charged on these financial liabilities.
+Financial liabilities designated upon initial recognition as at fair value through profit or loss are designated at the date of initial recognition and
+only if the criteria in HKAS 39 are satisfied.
+Loans and borrowings
+After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate
+method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in the
+statement of profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.
+Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
+effective interest rate. The effective interest rate amortisation is included in finance costs in the statement of profit or loss.
+Financial guarantee contracts
+Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it
+incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. A financial guarantee
+contract is recognised initially as a liability at its fair value, adjusted for transaction costs that are directly attributable to the issuance of the
+guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contract at the higher of: (i) the amount of the best
+estimate of the expenditure required to settle the present obligation at the end of the reporting period; and (ii) the amount initially recognised
+less, when appropriate, cumulative amortisation.
+years and below
+The Group's financial liabilities include trade and other payables, and interest-bearing bank and other borrowings.
+Available-for-sale financial investments (continued)
+In the case of equity investments classified as available for sale, objective evidence would include a significant or prolonged decline in the fair
+value of an investment below its cost. "Significant" is evaluated against the original cost of the investment and "prolonged" against the period in
+which the fair value has been below its original cost. Where there is evidence of impairment, the cumulative loss – measured as the difference
+between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognised in the statement of
+profit or loss is removed from other comprehensive income and recognised in the statement of profit or loss. Impairment losses on equity
+instruments classified as available for sale are not reversed through the statement of profit or loss. Increases in their fair value after impairment
+are recognised directly in other comprehensive income.
+For available-for-sale financial investments, the Group assesses at the end of each reporting period whether there is objective evidence that an
+investment or a group of investments is impaired.
+When the fair value of unlisted equity investments cannot be reliably measured because (a) the variability in the range of reasonable fair value
+estimates is significant for that investment or (b) the probabilities of the various estimates within the range cannot be reasonably assessed and
+used in estimating fair value, such investments are stated at cost less any impairment losses.
+The Group evaluates whether the ability and intention to sell its available-for-sale financial assets in the near term are still appropriate. When, in
+rare circumstances, the Group is unable to trade these financial assets due to inactive markets, the Group may elect to reclassify these financial
+assets if management has the ability and intention to hold the assets for the foreseeable future or until maturity.
+For a financial asset reclassified from the available-for-sale category, the fair value carrying amount at the date of reclassification becomes
+its new amortised cost and any previous gain or loss on that asset that has been recognised in equity is amortised to profit or loss over the
+remaining life of the investment using the effective interest rate. Any difference between the new amortised cost and the maturity amount is also
+amortised over the remaining life of the asset using the effective interest rate. If the asset is subsequently determined to be impaired, then the
+amount recorded in equity is reclassified to the statement of profit or loss.
+Derecognition of financial assets
+A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e.,
+removed from the Group's consolidated statement of financial position) when:
+•
+the rights to receive cash flows from the asset have expired; or
+the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
+without material delay to a third party under a "pass-through" arrangement; and either (a) the Group has transferred substantially all the
+risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but
+has transferred control of the asset.
+When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if
+and to what extent it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all
+the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the
+Group's continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability
+are measured on a basis that reflects the rights and obligations that the Group has retained.
+Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
+the asset and the maximum amount of consideration that the Group could be required to repay.
+Impairment of financial assets
+If an available-for-sale asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortisation)
+and its current fair value, less any impairment loss previously recognised in the statement of profit or loss, is removed from other comprehensive
+income and recognised in the statement of profit or loss.
+The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial
+assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact on the
+estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment
+may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or
+principal payments, the probability that they will enter bankruptcy or other financial reorganisation and observable data indicating that there is a
+measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
+Notes to Financial Statements
+31 December 2016
+2.4 Summary of significant accounting policies (continued)
+Impairment of financial assets (continued)
+Financial assets carried at amortised cost
+For financial assets carried at amortised cost, the Group first assesses whether impairment exists individually for financial assets that are
+individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence
+of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets
+with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for
+which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
+The amount of any impairment loss identified is measured as the difference between the asset's carrying amount and the present value of
+estimated future cash flows (excluding future credit losses that have not yet been incurred). The present value of the estimated future cash flows
+is discounted at the financial asset's original effective interest rate (i.e., the effective interest rate computed at initial recognition).
+The carrying amount of the asset is reduced or through the use of an allowance account and the loss is recognised in the statement of profit or
+loss. Interest income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows
+for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no
+realistic prospect of future recovery and all collateral has been realised or has been transferred to the Group.
+If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the
+impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a write-off
+is later recovered, the recovery is credited to the statement of profit or loss.
+Financial assets carried at cost
+If there is objective evidence that an impairment loss has been incurred on an unquoted equity instrument that is not carried at fair value
+because its fair value cannot be reliably measured, the amount of the loss is measured as the difference between the asset's carrying amount
+and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Impairment
+losses on these assets are not reversed.
+Available-for-sale financial investments
+BYD Company Limited Annual Report 2016
+5
+The subsequent measurement of financial assets depends on their classification as follows:
+5%
+31 December 2016
+2.4 Summary of significant accounting policies (continued)
+Business combinations and goodwill
+Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair
+value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former
+owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the
+Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a
+proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquiree's identifiable net assets. All
+other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred.
+When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in
+accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation
+of embedded derivatives in host contracts of the acquiree.
+If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any
+resulting gain or loss is recognised in profit or loss.
+Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration
+classified as an asset or liability is measured at fair value with changes in fair value recognised in profit or loss. Contingent consideration that is
+classified as equity is not remeasured and subsequent settlement is accounted for within equity.
+Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for
+non-controlling interests and any fair value of the Group's previously held equity interests in the acquiree over the identifiable net assets acquired
+and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is,
+after reassessment, recognised in profit or loss as a gain on bargain purchase.
+After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more
+frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment
+test of goodwill as at 31 December. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition
+date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies
+of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.
+Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the
+goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an
+impairment loss is recognised. An impairment loss recognised for goodwill is not reversed in a subsequent period.
+Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is
+disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain
+or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the
+portion of the cash-generating unit retained.
+61
+62
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+2.4 Summary of significant accounting policies (continued)
+Fair value measurement
+The Group measures its available-for-sale investment at fair value at the end of each reporting period. Fair value is the price that would be
+received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
+value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal
+market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or
+the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that
+market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
+A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the
+asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
+The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
+maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
+All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
+described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
+Level 1
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+When an investment in an associate or a joint venture is classified as held for sale, it is accounted for in accordance with HKFRS 5 Non-current
+Assets Held for Sale and Discontinued Operations.
+If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the
+investment continues to be accounted for under the equity method. In all other cases, upon loss of significant influence over the associate or joint
+control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying
+amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and
+proceeds from disposal is recognised in profit or loss.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+2.3 Issued but not yet effective Hong Kong financial reporting standards (continued)
+(b) Impairment
+HKFRS 9 requires an impairment on debt instruments recorded at amortised cost or at fair value through other comprehensive income,
+lease receivables, loan commitments and financial guarantee contracts that are not accounted for at fair value through profit or loss under
+HKFRS 9, to be recorded based on an expected credit loss model either on a twelve-month basis or a lifetime basis. The Group expects to
+apply the simplified approach and record lifetime expected losses that are estimated based on the present value of all cash shortfalls over
+the remaining life of all of its trade and other receivables. The Group will perform a more detailed analysis which considers all reasonable
+and supportable information, including forward-looking elements, for estimation of expected credit losses on its trade and other receivable
+upon the adoption of HKFRS 9.
+The amendments to HKFRS 10 and HKAS 28 (2011) address an inconsistency between the requirements in HKFRS 10 and in HKAS 28 (2011) in
+dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition
+of a gain or loss when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a
+transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor's profit or
+loss only to the extent of the unrelated investor's interest in that associate or joint venture. The amendments are to be applied prospectively. The
+previous mandatory effective date of amendments to HKFRS 10 and HKAS 28 (2011) was removed by the HKICPA in January 2016 and a new
+mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However,
+the amendments are available for application now.
+HKFRS 15 establishes a new five-step model to account for revenue arising from contracts with customers. Under HKFRS 15, revenue
+is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or
+services to a customer. The principles in HKFRS 15 provide a more structured approach for measuring and recognising revenue. The standard
+also introduces extensive qualitative and quantitative disclosure requirements, including disaggregation of total revenue, information about
+performance obligations, changes in contract asset and liability account balances between periods and key judgements and estimates. The
+standard will supersede all current revenue recognition requirements under HKFRSS. In June 2016, the HKICPA issued amendments to HKFRS
+15 to address the implementation issues on identifying performance obligations, application guidance on principal versus agent and licences of
+intellectual property, and transition. The amendments are also intended to help ensure a more consistent application when entities adopt HKFRS
+15 and decrease the cost and complexity of applying the standard. The Group expects to adopt HKFRS 15 on 1 January 2018. The Group is
+currently assessing the impact of the adoption of HKFRS 15.
+HKFRS 16 replaces HKAS 17 Leases, HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease, HK(SIC)-Int 15 Operating Leases
+Incentives and HK(SIC)-Int 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles
+for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognise assets and liabilities for most leases.
+The standard includes two recognition exemptions for lessees leases of low-value assets and short-term leases. At the commencement
+-
+date of a lease, a lessee will recognise a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the
+underlying asset during the lease term (i.e., the right-of-use asset). The right-of-use asset is subsequently measured at cost less accumulated
+depreciation and any impairment losses unless the right-of-use asset meets the definition of investment property in HKAS 40. The lease
+liability is subsequently increased to reflect the interest on the lease liability and reduced for the lease payments. Lessees will be required to
+separately recognise the interest expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees will also be
+required to remeasure the lease liability upon the occurrence of certain events, such as change in the lease term and change in future lease
+payments resulting from a change in an index or rate used to determine those payments. Lessees will generally recognise the amount of the
+remeasurement of the lease liability as an adjustment to the right-of-use asset. Lessor accounting under HKFRS 16 is substantially unchanged
+from the accounting under HKAS 17. Lessors will continue to classify all leases using the same classification principle as in HKAS 17 and
+distinguish between operating leases and finance leases. The Group expects to adopt HKFRS 16 on 1 January 2019 and is currently assessing
+the impact of HKFRS 16 upon adoption.
+based on quoted prices (unadjusted) in active markets for identical assets or liabilities
+59
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+31 December 2016
+Office equipment and fixtures
+Amendments to HKAS 7 require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising
+from financing activities, including both changes arising from cash flows and non-cash changes. The amendments will result in additional
+disclosure to be provided in the financial statements. The Group expects to adopt the amendments from 1 January 2017.
+2.4 Summary of significant accounting policies
+Investments in associates and joint ventures
+An associate is an entity in which the Group has a long term interest of generally not less than 20% of the equity voting rights and over which it
+is in a position to exercise significant influence. Significant influence is the power to participate in the financial and operating policy decisions of
+the investee, but is not control or joint control over those policies.
+A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
+joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant
+activities require the unanimous consent of the parties sharing control.
+The Group's investments in associates and joint ventures are stated in the consolidated statement of financial position at the Group's share of
+net assets under the equity method of accounting, less any impairment losses.
+The Group's share of the post-acquisition results and other comprehensive income of associates and joint ventures is included in the
+consolidated statement of profit or loss and consolidated other comprehensive income, respectively. In addition, when there has been a change
+recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when applicable, in the
+consolidated statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and its associates or
+joint ventures are eliminated to the extent of the Group's investments in the associates or joint ventures, except where unrealised losses provide
+evidence of an impairment of the asset transferred. Goodwill arising from the acquisition of associates or joint ventures is included as part of the
+Group's investments in associates or joint ventures.
+60
+Level 2
+2.3 Issued but not yet effective Hong Kong financial reporting standards (continued)
+-
+Level 3
+5 years
+5%
+5 to 10 years
+Over the shorter of the lease terms and 5 years
+5%
+10 to 50 years
+Not depreciated
+Motor vehicles
+Machinery and equipment
+Leasehold improvements
+(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent
+of the Group.
+Buildings
+Residual value
+Estimated useful lives
+Except for moulds, depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its
+residual value over its estimated useful life. The estimated useful lives and residual value are as follows:
+Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment
+losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the
+asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put
+into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In
+situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset
+as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such
+parts as individual assets with specific useful lives and depreciates them accordingly.
+(iv)
+one entity is a joint venture of a third entity and the other entity is an associate of the third entity;
+(v)
+the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;
+(vi)
+the entity is controlled or jointly controlled by a person identified in (a);
+(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or
+of a parent of the entity); and
+Freehold land
+the entity and the Group are joint ventures of the same third party;
+Property, plant and equipment and depreciation
+one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);
+31 December 2016
+the entity and the Group are members of the same group;
+(i)
+the party is an entity where any of the following conditions applies:
+is a member of the key management personnel of the Group or of a parent of the Group;
+(iii)
+has significant influence over the Group; or
+(ii)
+has control or joint control over the Group;
+(i)
+the party is a person or a close member of that person's family and that person,
+(a)
+or
+Related parties
+A party is considered to be related to the Group if:
+based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable,
+either directly or indirectly
+based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
+Impairment of non-financial assets
+Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, completed property
+held-for-sale, financial assets, goodwill and non-current assets), the asset's recoverable amount is estimated. An asset's recoverable amount is
+the higher of the asset's or cash-generating unit's value in use and its fair value less costs of disposal, and is determined for an individual asset,
+unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the
+recoverable amount is determined for the cash-generating unit to which the asset belongs.
+For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have
+occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value
+measurement as a whole) at the end of each reporting period.
+An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised impairment losses
+may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised
+impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable
+amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/
+amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to the
+statement of profit or loss in the period in which it arises, unless the asset is carried at a revalued amount, in which case the reversal of the
+impairment loss is accounted for in accordance with the relevant accounting policy for that revalued asset.
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+2.4 Summary of significant accounting policies (continued)
+An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the
+estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
+time value of money and the risks specific to the asset. An impairment loss is charged to the statement of profit or loss in the period in which it
+arises in those expense categories consistent with the function of the impaired asset.
+Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability
+is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
+Notes to Financial Statements
+The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable
+that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are
+reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be
+available to allow all or part of the deferred tax asset to be recovered.
+Income tax (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2016
+BYD Company Limited Annual Report 2016
+in respect of taxable temporary differences associated with investments in subsidiaries, joint ventures and associates, when the timing
+of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
+foreseeable future.
+when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a
+transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
+loss; and
+.
+Deferred tax assets are recognised for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses.
+Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary
+differences, and the carryforward of unused tax credits and unused tax losses can be utilised, except:
+when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
+combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
+Deferred tax liabilities are recognised for all taxable temporary differences, except:
+Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of
+assets and liabilities and their carrying amounts for financial reporting purposes.
+Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax
+liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
+in respect of deductible temporary differences associated with investments in subsidiaries, joint ventures and associate, deferred tax
+assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable
+profit will be available against which the temporary differences can be utilised.
+Government grants
+(f) subcontracting income and assembly service income, when the relevant services have been rendered.
+Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of profit or loss over
+the expected useful life of the relevant asset by equal annual instalments or deducted from the carrying amount of the asset and released to the
+statement of profit or loss by way of a reduced depreciation charge.
+72
+71
+Provision is made for foreseeable losses as soon as they are anticipated by management. Where contract costs incurred to date plus recognised
+profits less recognised losses exceed progress billings, the surplus is treated as an amount due from contract customers. Where progress billings
+exceed contract costs incurred to date plus recognised profits less recognised losses, the surplus is treated as an amount due to contract customers.
+Revenue from the rendering of services is recognised based on the percentage of completion of the transaction, provided that the revenue, the
+costs incurred and the estimated costs to completion can be measured reliably. The percentage of completion is established by reference to the
+costs incurred to date as compared to the total costs to be incurred under the transaction. Where the outcome of a contract cannot be measured
+reliably, revenue is recognised only to the extent that the expenses incurred are eligible to be recovered.
+Contract revenue on the rendering of services comprises the agreed contract amount. Costs of rendering services comprise labour and other
+costs of personnel directly engaged in providing the services and attributable overheads.
+Contracts for services
+Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax
+rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations
+and practices prevailing in the countries in which the Group operates.
+Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching
+conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods
+that the costs, which it is intended to compensate, are expensed.
+dividend income, when the shareholders' right to receive payment has been established and;
+rental income, on a time proportion basis over the lease terms;
+(c)
+from the rendering of services, on the percentage of completion basis, as further explained in the accounting policy for "Contracts for
+services" below;
+from the sale of goods, when the significant risks and rewards of ownership have been transferred to the buyer, provided that the Group
+maintains neither managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold;
+(a)
+Revenue is recognised when it is probable that the economic benefits will flow to the Group and when the revenue can be measured reliably, on
+the following bases:
+Revenue recognition
+(d) interest income, on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future
+cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the
+financial asset;
+Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss,
+either in other comprehensive income or directly in equity.
+(a)
+Provisions for product warranties granted by the Group on certain products are recognised based on sales volume and past experience of the
+level of repairs and returns, discounted to their present values as appropriate.
+Properties under development are intended to be held for sale after completion.
+Properties under development
+Any gains or losses arising from changes in fair value of derivatives are taken directly to the statement of profit or loss, except for the effective
+portion of cash flow hedges, which is recognised in other comprehensive income and later reclassified to profit or loss when the hedged item
+affects profit or loss.
+The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risk. Those derivative financial
+instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at
+fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.
+Initial recognition and subsequent measurement
+Derivative financial instruments
+Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently
+enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the
+liabilities simultaneously.
+Properties under development are stated at the lower of cost and net realisable value and comprise land costs, construction costs, borrowing
+costs, professional fees and other costs directly attributable to such properties incurred during the development period.
+Offsetting of financial instruments
+A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
+31 December 2016
+Derecognition of financial liabilities
+2.4 Summary of significant accounting policies (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+For management purposes, the Group is organised into business units based on their products and services and has three reportable operating
+segments as follows:
+When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
+are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new
+liability, and the difference between the respective carrying amounts is recognised in the statement of profit or loss.
+Income tax
+Properties under development are classified as current assets unless the construction period of the relevant property development project is
+expected to complete beyond the normal operating cycle. On completion, the properties are transferred to completed properties held for sale.
+Completed properties held for sale are stated at the lower of cost and net realisable value. Cost is determined by an apportionment of the total
+land and buildings costs attributable to unsold properties. Net realisable value is estimated by the directors based on the prevailing market
+prices, on an individual property basis.
+When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of
+the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the
+passage of time is included in finance costs in the statement of profit or loss.
+A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future
+outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.
+Provisions
+Term deposits with an initial term of over three months but less than one year were classified as short-term deposits on the consolidated
+statement of financial position.
+Short-term deposits
+2.4 Summary of significant accounting policies (continued)
+31 December 2016
+Completed properties held for sale
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+69
+For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including
+term deposits and assets similar in nature to cash, which are not restricted as to use.
+For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short
+term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value,
+and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an
+integral part of the Group's cash management.
+Cash and cash equivalents
+Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average basis and, in the case of work in
+progress and finished goods, comprises direct materials, direct labour and an appropriate proportion of overheads. Cost of moulds is determined
+at the actual cost incurred in the production process. Net realisable value is based on estimated selling prices less any estimated costs to be
+incurred to completion and disposal.
+Inventories
+BYD Company Limited Annual Report 2016
+70
+31 December 2016
+2.4 Summary of significant accounting policies (continued)
+Intersegment sales
+10,764,415
+38,082,566
+983,803
+55,022,092
+806,285
+100,207,703
+12,554,503
+Others including other gross income from
+The Group, pursuant to the accounting policy for inventories, writes down inventories from cost to net realisable value and makes reserves for
+slow-moving items and obsolescence by using the lower of cost and net realisable value rule. The Group re-estimates the allowance to reduce
+the valuation of inventories to net realisable value item by item at the end of each reporting period.
+Write-down of inventories based on the lower of cost and net realisable value
+Management makes provision for doubtful accounts by determining whether there is any objective evidence affecting collectability, like the
+insolvency of the debtor or the possibility of serious financial difficulties. Management re-estimates the allowance for doubtful receivables at the
+end of each reporting period.
+Allowance for doubtful receivables
+Estimation uncertainty (continued)
+3. Significant accounting judgements and estimates (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016 75
+Provisions for product warranties granted by the Group are recognised based on sales volume and past experience of the level of repairs and
+returns, discounted to their present values as appropriate. Management reviews and adjusts the provision to recognise the best estimate at the
+end of the each reporting period.
+Warranty provisions
+Development costs are capitalised in accordance with the accounting policy for research and development costs in note 2.4 to the financial
+statements. Determining the amounts to be capitalised requires management to make assumptions regarding the expected future cash
+generation of the assets, discount rates to be applied and the expected period of benefits. At 31 December 2016, the best estimate of the
+carrying amount of capitalised development costs was RMB6,561,350,000 (2015: RMB6,928,494,000). Further details are contained in note 17
+to the financial statements.
+Development costs
+Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the
+losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised,
+based upon the likely timing and level of future taxable profits together with future tax planning strategies. The carrying value of deferred tax
+assets relating to recognised tax losses at 31 December 2016 was RMB49,347,000 (2015: RMB96,426,000). The amount of unrecognised tax
+losses at 31 December 2016 was RMB1,264,499,000 (2015: RMB1,081,826,000). Further details are contained in note 31 to the financial
+statements.
+7,103,045
+Sales to external customers
+Segment revenue
+Total
+RMB'000
+the rechargeable battery and photovoltaic business segment comprises the manufacture and sale of lithium-ion batteries and nickel
+batteries, photovoltaic products and iron batteries products (including energy storage stations and iron battery pack), principally for mobile
+phones, electric tools and other portable electronic instruments, photovoltaic products, energy storage products and electric vehicles;
+the mobile handset components and assembly service segment comprises the manufacture and sale of mobile handset components such
+as housings, keypads and the provision of assembly services; and
+(c) the automobiles and related products segment comprises the manufacture and sale of automobiles and auto-related moulds and
+components and automobiles leasing and after sales service.
+Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resources allocation
+and performance assessment. Segment performance is evaluated based on reportable segment profit, which is a measure of adjusted profit
+before tax. The adjusted profit before tax is measured consistently with the Group's profit before tax except that finance costs, interest income,
+government grants and subsidies, as well as head office and corporate expenses and gains are excluded from such measurement.
+Segment assets exclude deferred tax assets, goodwill, available-for-sale investments and other unallocated head office and corporate assets, as
+these assets are managed on a group basis.
+Segment liabilities exclude deferred tax liability, tax payable, interest-bearing bank and other borrowings and other unallocated head office and
+corporate liabilities as these liabilities are managed on a group basis.
+Transfer pricing in operating segment is determined with reference to the agreed price among operation segments.
+76
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+Deferred tax assets
+31 December 2016
+Rechargeable
+batteries and
+Mobile handset
+components
+Automobiles
+Year ended 31 December 2016
+photovoltaic
+business
+and assembly
+RMB'000
+service
+RMB'000
+and related
+products
+RMB'000
+Corporate
+and others
+RMB'000
+4. Operating segment information (continued)
+The Group calculates the depreciation of items of property, plant and equipment and amortisation of intangible assets on the straight-line basis
+over their estimated useful lives or on the unit of production basis and after taking into account their estimated residual value, estimated useful
+lives or estimated total production quantities, commencing from the date the items of property, plant and equipment and intangible assets are
+placed into use. The estimated useful lives or the total production quantities reflect the directors' estimate of the period that the Group intends to
+derive future economic benefits from the use of the Group's items of property, plant and equipment or intangible assets.
+Depreciation and amortisation
+The Group assesses whether there are any indicators of impairment for all non-financial assets at the end of each reporting period. Indefinite
+life intangible assets are tested for impairment annually and at other times when such an indicator exists. Other non-financial assets are tested
+for impairment when there are indicators that the carrying amounts may not be recoverable. Impairment exists when the carrying value of
+an asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use.
+The calculation of the fair value less costs to sell is based on available data from binding sales transactions in an arm's length transaction of
+similar assets or observable market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken,
+management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order
+to calculate the present value of those cash flows.
+2.4 Summary of significant accounting policies (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+These financial statements are presented in RMB, which is the Company's functional and presentation currency. Each entity in the Group
+determines its own functional currency and items included in the financial statements of each entity are measured using that functional
+currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency
+rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional
+currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are
+recognised in the statement of profit or loss.
+Foreign currencies
+Final dividends are recognised as a liability when they are approved by the shareholders in a general meeting.
+Dividends
+Where funds have been borrowed generally, and used for the purpose of obtaining qualifying assets, a capitalisation rate ranging between
+4.12% and 5.57% has been applied to the expenditure on the individual assets.
+Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e., assets that necessarily take a
+substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. The capitalisation of
+such borrowing costs ceases when the assets are substantially ready for their intended use or sale. Investment income earned on the temporary
+investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs capitalised. All other
+borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in
+connection with the borrowing of funds.
+Foreign currencies (continued)
+The Group contributes on a monthly basis to a defined contribution housing fund plan operated by the local municipal government. Contributions
+to this plan by the Group are expensed as incurred.
+The Group contributes on a monthly basis to various defined contribution plans organised by the relevant governmental authorities in various
+areas other than Mainland China. The Group's liability in respect of these plans is limited to the contributions payable at the end of each period.
+Contributions to these plans are expensed as incurred.
+Pension schemes - non-Mainland China
+The employees of the Group's subsidiaries, which operate in Mainland China, are required to participate in a central pension scheme operated
+by the local municipal government. These subsidiaries are required to contribute a certain percentage of their payroll costs to the central pension
+scheme. The contributions are charged to the statement of profit or loss as they become payable in accordance with the rules of the central
+pension scheme.
+Pension schemes - Mainland China
+The Group's contributions to various defined contribution medical benefit plans organised by the relevant municipal and provincial governments
+in the PRC are expensed as incurred.
+Medical benefits
+Employees' entitlements to sick leave and maternity leave are not recognised until the time of leave.
+Employees' entitlements to annual leave and long service leave are recognised when they accrue to employees. A provision is made for the
+estimated liability for annual leave and long service leave as a result of services rendered by employees up to the end of the reporting period.
+Employees' leave entitlements
+Employee benefits
+Housing fund - Mainland China
+Notes to Financial Statements
+Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of
+the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date
+when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with
+the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is
+recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).
+The resulting exchange differences are recognised in other comprehensive income and accumulated in the exchange fluctuation reserve. On
+disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in the
+statement of profit or loss.
+Impairment of non-financial assets (other than goodwill)
+The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the
+cash-generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected
+future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash
+flows. The carrying amount of goodwill at 31 December 2016 was RMB65,914,000 (2015: RMB65,914,000). Further details are given in note
+16 to the financial statements.
+Impairment of goodwill
+The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a
+significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described
+below.
+Estimation uncertainty
+3. Significant accounting judgements and estimates (continued)
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+74
+The functional currencies of certain overseas subsidiaries are currencies other than the RMB. As at the end of the reporting period, the assets
+and liabilities of these entities are translated into RMB at the exchange rates prevailing at the end of the reporting period and their statements of
+profit or loss are translated into RMB at the weighted average exchange rates for the year.
+73
+Deferred tax on withholding tax arising from the distributions of dividends
+In 2013, the Group has entered into a sale and leaseback agreement as a lessee with a third party lease company regarding certain machinery
+and equipment (the "Assets"). The fair value of the Assets was determined using the replacement cost approach. The Group compares the
+fair value of the Assets with the present value of minimum lease payments and considers whether it is reasonably certain that the option to
+purchase the Assets will be exercised at the inception of the lease, as well as other terms and conditions of the sale and leaseback agreement,
+to determine the classification of the lease.
+The Group has entered into contractual operating contracts on certain land and buildings. As a lessee, the Group has determined, based on
+evaluation of terms and conditions of the agreements, as all the rewards and risks of ownership of these assets have not been transferred to the
+Group, they are accounted for as operating leases.
+Lease classification
+In the process of applying the Group's accounting policies, management has made the following judgements, apart from those involving
+estimations, which have the most significant effect on the amounts recognised in the financial statements:
+Judgements
+The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the
+reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities.
+Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of
+the assets or liabilities affected in the future.
+3. Significant accounting judgements and estimates
+The Group treats specific inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net
+investment. When a foreign operation is sold, such exchange differences are recognised in the statement of profit or loss as part of the gain or
+loss on sale.
+Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities
+arising on acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.
+The Group's determination as to whether to accrue for withholding taxes arising from the distributions of dividends from certain subsidiaries
+levied in the relevant tax jurisdiction is subject to judgement on the timing of the payment of the dividends. The Group considers that if the
+earnings will not be probable to be distributed in the foreseeable future, then no deferred tax liabilities on such withholding tax should be
+provided. Further details are included in note 31 to the financial statements.
+Borrowing costs
+4. Operating segment information
+and disposal of scrap materials
+1,740,139
+11,020
+282,087
+2,749,552
+Investments in associates
+Capital expenditure
+Investments in joint ventures
+7,027,569
+4,014,507
+1,751,159
+2,062,095
+Depreciation and amortisation
+565,731
+235,743
+155,879
+174,109
+statement of profit or loss
+950,967
+Impairment losses recognised in the
+211,512
+1,776,520
+and assembly
+Mobile handset
+components
+RMB'000
+photovoltaic
+business
+Year ended 31 December 2015
+Rechargeable
+batteries and
+493,599
+4. Operating segment information (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+78
+77
+12,384,399
+7,858,327
+31 December 2016
+service
+RMB'000
+(19,704)
+619,528
+Corporate
+and others
+RMB'000
+92,021,966
+25,981,418
+20,048,615
+and related
+products
+RMB'000
+service
+RMB'000
+Total
+RMB'000
+Automobiles
+Other segment information
+Total liabilities
+Corporate and other unallocated liabilities
+Elimination of intersegment payables
+Reconciliation:
+Segment liabilities
+Mobile handset
+components
+and assembly
+(12,096)
+138,051,999
+(1,445,102)
+619,548
+(20)
+(7,608)
+Associates
+Joint ventures
+Share of (profits)/losses of:
+89,661,415
+(1,326,293)
+43,792,299
+47,195,409
+27,828,626
+12,525,256
+6,841,527
+145,070,778
+9,790,174
+(1,326,293)
+Total assets
+Automobiles
+Corporate
+and others
+RMB'000
+77,611,985
+(1,267,326)
+(1,141,475)
+(9,684,716)
+Total assets
+Corporate and other unallocated assets
+987,745
+intersegment sales
+Elimination of intersegment receivables
+Reconciliation:
+Segment assets
+Profit before tax
+Finance costs
+Corporate and other unallocated expenses
+Elimination unrealised profit of
+Dividend income and unallocated gains
+1,276,502
+529
+115,485,755
+7,235,429
+(457,475)
+(1,203,526)
+109,911,327
+67,188,915
+3,691,052
+25,953,481
+3,794,986
+(1,517,003)
+(749,060)
+53,421
+1,931,812
+(1,880,012)
+5,955,828
+16,768,931
+and related
+products
+RMB'000
+Interest income
+Reconciliation:
+262,754
+316,376
+and disposal of scrap materials
+sales of properties and raw materials
+Others including other gross income from
+77,611,985
+9,684,716
+Taxes and surcharges
+38,933,859
+489,354
+7,938,761
+Intersegment sales
+5,750,007
+Sales to external customers
+Segment revenue
+Total
+RMB'000
+32,928,119
+1,256,601
+Elimination of intersegment results
+25,510
+552,307
+1,169,037
+Segment results
+Revenue sales to external customers
+Elimination of taxes and surcharges
+Elimination of other gross income
+Elimination of intersegment sales
+Reconciliation:
+72,115
+89,705,502
+41,144,557
+34,519,589
+14,030,654
+1,267,326
+1,141,475
+10,038
+664
+10,702
+sales of properties and raw materials
+Corporate and other unallocated assets
+Elimination unrealised profit of
+Interest income
+Elimination of intersegment results
+Reconciliation:
+Segment results
+Revenue sales to external customers
+Elimination of taxes and surcharges
+Elimination of other gross income
+179,472
+842,514
+Taxes and surcharges
+61,374
+169,010
+707,719
+1,280,537
+20,873
+796
+1,750,578
+18,108,306
+40,077,893
+57,816,633
+21,669
+116,024,501
+Reconciliation:
+Elimination of intersegment sales
+intersegment sales
+Dividend income and unallocated gains
+Corporate and other unallocated expenses
+1,511,717
+Profit before tax
+Reconciliation:
+Finance costs
+Segment assets
+Rechargeable
+batteries and
+photovoltaic
+business
+RMB'000
+Year ended 31 December 2016
+Elimination of intersegment receivables
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+6,568,410
+(1,799,609)
+(631,240)
+4. Operating segment information (continued)
+152,701
+100,094
+(1,511,717)
+(1,750,578)
+1,287,817
+1,745,929
+100,207,703
+1,315
+9,109,473
+(363,009)
+6,074,412
+(12,554,503)
+At 31 December 2016, net of accumulated
+31,131
+1,834
+11,485
+(843)
+18,655
+2,274,356
+(4,968,167)
+592,551
+46,757
+2,054,503
+Transfers
+(5,308,825)
+(792,811)
+Exchange realignment
+depreciation and impairment
+Net carrying amount
+6,816
+(118,882)
+As at 31 December 2016, the Group was still in the process of obtaining the property ownership certificates for certain buildings with a net
+carrying amount of RMB5,008,819,000 (2015: RMB3,952,360,000). In the opinion of the directors, there is no major barrier for the Group to
+obtain the property ownership certificates.
+42,048,635
+2,827,895 4,565,424
+574,727
+6,816 21,188,698
+12,885,075
+12,885,075
+823,025 6,487,784 4,565,424 65,397,657
+(248,298) (3,659,889)
+(23,349,022)
+Accumulated depreciation and impairment
+15,110,077
+Cost
+At 31 December 2016:
+2,827,895 4,565,424 42,048,635
+574,727
+21,188,698
+17,824 38,393,523
+(11,008) (17,204,825)
+(364,815)
+8,967 18,756,518
+9,564,811
+Total
+RMB'000
+Construction
+in progress
+RMB'000
+and fixtures
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+vehicles
+equipment
+equipment
+Motor
+and
+Leasehold
+land and
+buildings*_improvements
+Office
+Machinery
+Freehold
+At 31 December 2015 and at 1 January 2016:
+31 December 2016
+Group
+14. Property, plant and equipment
+31 December 2016
+Notes to Financial Statements
+Cost
+(22,364)
+12,949,368
+(1,867,237)
+5,757,798 38,126,333
+3,798,157
+314,019 2,206,900
+329,562 857,324
+(8,214) (37,903)
+8,967 18,756,518
+2,768 4,456,772
+(449) (277,687)
+(4,470) (4,020,418)
+(372,244)
+Depreciation provided during the year
+(18,198)
+Disposals
+120,228
+Additions
+11,082,131
+depreciation and impairment
+At 1 January 2016, net of accumulated
+38,126,333
+5,757,798
+314,019 2,206,900
+11,082,131
+Net carrying amount
+58,272,894
+(20,146,561)
+(3,309,879)
+5,757,798
+5,516,779
+470,540
+(156,521)
+27,622 33,550,787
+(18,655) (14,794,269)
+Accumulated depreciation and impairment
+(2,225,002)
+Notes to Financial Statements
+87
+13,694,734
+Pension scheme contributions
+Welfare
+Wages and salaries
+senior executive officers' remuneration (note 39d)):
+Employee benefit expense (excluding directors', supervisors' and
+11,801,659
+6,395
+390,151
+472,679
+Auditors' remuneration
+Minimum lease payments under operating leases
+88
+2,776,352
+7,000
+4,718,904
+122,156
+948,991
+749,251
+23
+Impairment of trade receivables*
+126,220
+(222,280)
+36,051
+136,717
+84,213
+103,001
+15
+Foreign exchange differences, net****
+Loss on disposal of items of non-current assets
+Amortisation of land lease payments
+12,635,123
+14,765,881
+110,769
+1,998,499
+3,171,694
+Current year expenditure
+21,898,869
+Cost of services provided
+46,570,585
+58,933,535
+Cost of inventories sold
+2015
+RMB'000
+19,001,578
+2016
+RMB'000
+The Group's profit before tax is arrived at after charging/(crediting):
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+6. Profit before tax
+The Group develops properties for sale to its employees. The gain on sales of properties related to revenue from the sales of properties to the employees during the
+year after deduction of property cost of RMB19,558,000 (note 21) and business tax of RMB796,000. The sales amount has been fully paid by the employees as at the
+year end.
+Notes
+Depreciation
+Impairment of other intangible assets*
+Amortisation of other intangible assets other than development costs***
+777,853
+1,547,210
+17
+Deferred expenditure amortised
+Research and development costs:
+50,143
+60,765
+17
+116,871
+169,854
+17
+4,485,620
+5,308,825
+14
+#77
+124,083
+1,991,326
+234,658
+54,749
+264,326
+Others
+Subsidies on tax refund
+Subsidies on interest
+Subsidies on operating expense
+Subsidies on employee benefit expense (note (f))
+288,330
+related products (notes (d), (e))
+Related to income
+52,741
+89,187
+2,275
+22,887
+83,850
+Subsidies on research and development activities for automobiles and
+79,780
+32,065
+1,594
+In 2008, BYD Auto Industry Co., Ltd. ("BYD Auto Industry"), a subsidiary of the Company, received government grants with an aggregate amount of RMB864,647,000
+which were provided by the local government to support automotive research and development activities. The government grants did not specify any repayment terms
+or other conditions that are required to be met. The amount had been recognized as deferred income when received from government, and would be recognized as
+government grant income year by year according to the depreciation of relevant assets. The amount recognised in the statement of profit or loss for the year ended 31
+December 2016 is RMB13,045,000 (2015: RMB20,417,000).
+(f)
+(e)
+(d)
+(c)
+(b)
+46,650
+(a)
+581,177
+710,939
+73,113
+176,212
+12,207
+33,437
+Notes:
+Subsidies on industry development fund for Changsha Automobile Zone (note (b))
+Subsidies on research and development for battery of electronic vehicle (note (c))
+Others
+20,417
+13,045
+35
+30
+Additional product warranty provision
+Loss on disposal of subsidiaries*
+180,578
+357,036
+Impairment of inventories**
+158,341
+1,023
+(157)
+Impairment losses of prepayments, deposits and other receivables reversed*
+(35,208)
+(86,108)
+23
+Impairment losses of trade receivables reversed*
+Impairment of investment in joint ventures and associates*
+1,113,091
+722,128
+***
+Subsidies on research and development activities for automobile and
+related products (note (a))
+2015
+RMB'000
+RMB'000
+2016
+Related to assets
+7. Government grants and subsidies
+31 December 2016
+Notes to Financial Statements
+BYD Company Limited Annual Report 2016
+82
+81
+The foreign exchange differences is included in "other income and gains" and "other Expenses" in the consolidated statement of profit or loss for the current year and
+the prior year respectively
+The amortisation of other intangible assets other than development costs for the year is included in "Administrative expenses" in the consolidated statement of profit or
+loss.
+The impairment of inventories for the year is included in "Cost of sales" in the consolidated statement of profit or loss.
+The impairment of trade receivables, impairment of other receivables, impairment losses of trade receivables reversed, impairment losses of prepayments, deposits
+and other receivables reversed, loss on disposal of a subsidiary, impairment of other intangible assets and impairment of investment in joint ventures and associates
+for the year are included in "Other expenses" in the consolidated statement of profit or loss.
+Impairment of other receivables*
+In 2010 and 2012, Changsha BYD Automobile Co., Ltd. ("Changsha Auto"), a subsidiary of the Company, received government grants with an aggregate amount
+of RMB874,184,000 which were provided by the Changsha Yuhua District Development Zone Committee (H¾&¥¥¥¸ª) to support
+the industry development for the Changsha Automobile Zone. The amount recognised in the statement of profit or loss for the year ended 31 December 2016 is
+RMB79,780,000 (2015: RMB83,850,000).
+926,216
+Note:
+3,136,717
+274,480
+2,084,818
+5,416,617
+1,522,017
+551,648
+245,802
+(3,003)
+1,516,517
+92,218
+6,119,184
+5,500
+231,601
+66,328
+1,451,779
+694,581
+253,719
+Capital expenditure
+Investments in associates
+3,270,257
+Investments in joint ventures
+366,698
+Geographical information
+2,717,577
+69,968,212
+92,502,263
+2015
+RMB'000
+2016
+RMB'000
+Others
+11,340,719
+PRC
+India
+The revenue information above is based on the locations of the customers.
+Europe
+Others
+United States of America
+PRC
+Revenue from external customers
+(a)
+(b) Non-current assets
+Depreciation and amortisation
+statement of profit or loss
+Impairment losses recognised in the
+Automobiles
+Mobile handset
+components
+and assembly
+service
+RMB'000
+Other segment information
+Total liabilities
+Corporate and other unallocated liabilities
+Elimination of intersegment payables
+and related
+Reconciliation:
+RMB'000
+business
+Year ended 31 December 2015
+Rechargeable
+batteries and
+photovoltaic
+4. Operating segment information (continued)
+31 December 2016
+Segment liabilities
+products
+RMB'000
+5,904,615
+12,707,474
+| |
+(3,054)
+51
+Associates
+245,802
+Joint ventures
+Share of (profits)/losses of:
+79,456,514
+39,208,271
+(1,203,526)
+41,451,769
+Total
+RMB'000
+RMB'000
+Corporate
+and others
+22,839,680
+2,888,867
+(i)
+1,429,896
+3,557,967
+280,981
+Gain on disposal of scrap and materials
+57,831
+72,899
+Gross service income
+21,717
+256,029
+37,615
+222,280
+Foreign exchange gain, net
+53,421
+152,701
+Bank interest income
+77,611,985
+Gross rental income
+100,207,703
+Penalty from suppliers
+77,890
+70,738
+50,751
+13,012
+26,068
+Derivative financial instruments
+Others
+1,992
+76,352
+5,254
+Available-for-sale investment
+Fair value gains, net:
+Gain on disposal of subsidiaries
+531
+1,315
+Gain on sales of properties (i)
+1,438,165
+22,758
+25,767
+58,209,904
+19,379,323
+80
+79
+The non-current asset information above is based on the locations of the assets and excludes goodwill, financial instruments and deferred
+tax assets.
+56,683,153
+61,723,893
+310,941
+BYD Company Limited Annual Report 2016
+152,481
+60,947,437
+157,886
+618,570
+2015
+RMB'000
+2016
+RMB'000
+77,611,985
+100,207,703
+3,391,475
+56,219,731
+Notes to Financial Statements
+31 December 2016
+4. Operating segment information (continued)
+78,107,416
+22,074,520
+RMB'000
+2015
+2016
+RMB'000
+Note
+Other income and gains
+Others
+Assembly service income
+Sale of goods
+Revenue
+An analysis of revenue, other income and gains is as follows:
+Revenue represents the net invoiced value of goods sold, after allowances for returns and trade discounts and the value of assembly services
+rendered.
+5. Revenue, other income and gains
+Revenue of approximately RMB15,329,793,000 (2015: RMB9,266,135,000) was derived from sales made by the rechargeable batteries and
+photovoltaic products segment and the mobile handset components and assembly service segment to a single customer and a group of entities
+which are under common control with that customer.
+Information about a major customer
+1,363,431
+In 2014 and 2015, the BYD Lithium Batteries Co., Ltd., a subsidiary of the Company, received government grants with an aggregate amount of RMB205,000,000
+from National Development and Reform Commission () and Ministry of Industry and Information Technology of PRC (I) for research and development
+for battery of electronic vehicle (). The amount recognised in the statement of profit or loss for the year ended 31 December 2016 is
+RMB22,887,000 (2015: RMB2,275,000).
+BYD Company Limited Annual Report 2016
+In 2016, Shanwei Automobile, a subsidiary of the Company, received government grants with an amount of RMB50,376,000 from local government to accelerate
+research and development activities in that area. Since related expenditure has been incurred, RMB50,376,000 has been fully recognised as government grant
+income this year.
+Deferred
+Total tax charge for the year
+2016
+RMB'000
+2015
+RMB'000
+6,364
+203
+Charge for the year
+1,504,305
+6,363
+(428,634)
+119,983
+1,088,398
+656,790
+A reconciliation of the tax expense applicable to profit before tax at the statutory rate for the jurisdiction in which the Company and the majority of
+its subsidiaries are domiciled to the tax expense at the effective tax rate, and a reconciliation of the applicable rate (i.e., the statutory tax rate) to
+the effective tax rate, are as follows:
+536,604
+Profit before tax
+Current - Elsewhere
+-
+1
+5
+4
+86
+BYD Company Limited Annual Report 2016
+Notes to Financial Statements
+Charge for the year
+31 December 2016
+Hong Kong profits tax has been provided at the rate of 16.5% (2015: 16.5%) on the estimated assessable profits arising in Hong Kong during
+the year. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates.
+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.
+Certain subsidiaries operating in Mainland China are approved to be high and new technology enterprises ("HNTE”) and are entitled to enjoy a
+reduced enterprise income tax rate of 15% of the estimated assessable profits for the year. The HNTE certificates need to be renewed every
+three years so as to enable those subsidiaries to enjoy the reduced tax rate of 15%.
+Certain subsidiaries operating in Mainland China are entitled to enjoy a reduced enterprise income tax rate of 15% of the estimated assessable
+profits for the year pursuant to the Western Development Policy. These subsidiaries need to file the relevant document to the in-charge tax
+bureau for record every year so as to be entitled to the reduced rate of 15%.
+Current Hong Kong
+Charge for the year
+Current Mainland China
+11. Income tax
+2016
+2015
+RMB'000
+Expenses not deductible for tax
+74,897
+1.1
+28,241
+0.7
+Tax losses and deductible temporary differences not recognised
+1.2
+316,193
+272,026
+7.2
+Tax losses utilised from previous periods
+(59,236)
+(0.9)
+(136,100)
+4.8
+44,729
+93,320
+Losses attributable to joint ventures and associates
+%
+RMB'000
+%
+6,568,410
+3,794,986
+Tax at the statutory tax rate
+1,642,101
+25.0
+948,329
+25.0
+Lower tax rate for specific provinces or enacted by local authority
+(726,057)
+(11.0)
+(343,138)
+(9.0)
+RMB8,000,001 to RMB8,500,000
+(3.6)
+RMB6,500,001 to RMB8,000,000
+RMB6,000,001 to RMB6,500,000
+150
+150
+Supervisors:
+Ms. Yan Chen
+Ms. Wang Zhen
+Mr. Dong Jun-qing
+Mr. Li Yong-zhao
+Mr. Xia Zuo-quan
+Mr. Huang Jiang-feng
+4,090
+24
+4,114
+150
+150
+1,307
+10. Five highest paid employees
+26
+Mr. Lv Xiang-yang
+Mr. Wang Chuan-fu
+BYD Company Limited Annual Report 2016
+85
+Notes to Financial Statements
+9. Directors' and supervisors' remuneration (continued)
+(b) Executive director, non-executive directors and the supervisors (continued)
+2015
+Non-executive directors:
+Executive director:
+Fees
+RMB'000
+Salaries,
+allowances and
+benefits in kind
+RMB'000
+Pension scheme
+contributions
+RMB'000
+Total
+remuneration
+RMB'000
+Changsha Automobile, a subsidiary of the Company, received government grants from the Changsha Yuhua District Development Zone Committee (A
+H¾&¥¥¥Q®) to support automotive research and development activities. For the year ended 31 December 2016, RMB213,950,000 was recognised as
+government grant income (2015: RMB80,000,000).
+31 December 2016
+1,333
+1,304
+26
+The number of non-director and highest paid employees whose remuneration fell within the following bands is as follows:
+Number of employees
+2016
+2015
+2
+1
+- |2|
+16,611
+1
+RMB3,000,001 to RMB3,500,000
+RMB3,500,001 to RMB4,000,000
+RMB4,000,001 to RMB4,500,000
+RMB4,500,001 to RMB5,000,000
+RMB5,000,001 to RMB5,500,000
+RMB5,500,001 to RMB6,000,000
+1
+28,816
+16,492
+119
+28,670
+146
+1,330
+50
+50
+50
+50
+50
+50
+300
+6,851
+76
+7,227
+The five highest paid employees during the year included five non-directors (2015: one director and four non-directors). Details of the
+remuneration for the year of five (2015: four) non-director and highest paid employees are as follows:
+Salaries, allowances and benefits in kind
+Pension scheme contributions
+2016
+RMB'000
+2015
+RMB'000
+1
+Super-deduction of research and development costs
+1.4
+(3.8)
+Mr. Zou Fei
+Mr. Wang Zi-dong
+Mr. Zhang Ran
+The fees paid to independent non-executive directors during the year were as follows:
+(a) Independent non-executive directors
+9. Directors' and supervisors' remuneration (continued)
+2016
+31 December 2016
+BYD Company Limited Annual Report 2016
+84
+83
+7,677
+8,724
+6,927
+Notes to Financial Statements
+2015
+(252,820)
+RMB'000
+Supervisors:
+Mr. Xia Zuo-quan
+Mr. Lv Xiang-yang
+Non-executive directors:
+Mr. Wang Chuan-fu
+Executive director:
+2016
+(b) Executive director, non-executive directors and the supervisors
+There was no other emolument payable to the independent non-executive directors during the year (2015: Nil).
+150
+150
+150
+150
+150
+150
+7,974
+Ms. Yan Chen
+76
+6,851
+47,243
+1,717,849
+1,820,453
+103,421
+2015
+RMB'000
+2016
+RMB'000
+31 December 2016
+1,923,874
+Notes to Financial Statements
+Less: Interest capitalised
+Bank charges for discounted notes
+Interest on bank and other loans
+An analysis of finance costs is as follows:
+8. Finance costs
+In 2016, the BYD group received government grants with an aggregate amount of RMB32,065,000 as subsidies on employee benefit expense. Since related
+expenditure has been incurred, RMB32,065,000 has been fully recognised as government grant income this year.
+BYD Company Limited Annual Report 2016
+1,765,092
+(124,265)
+(248,089)
+7,898
+750
+750
+BYD Company Limited Annual Report 2016
+2015
+RMB'000
+2016
+RMB'000
+Pension scheme contributions
+Salaries, allowances and benefits in kind
+Other emoluments:
+Fees
+Directors' and supervisors' remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong
+Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:
+9. Directors' and supervisors' remuneration
+The average capitalisation rate for the year used to determine the amount of borrowing costs eligible for capitalisation was 4.88% (2015:
+5.49%).
+1,517,003
+1,799,609
+76
+Ms. Wang Zhen
+RMB'000
+Mr. Li Yong-zhao
+2015
+RMB'000
+RMB'000
+Profit attributable to ordinary equity holders of the parent
+5,052,154
+2,823,441
+2016
+Interests paid for perpetual loans for the year
+(36,671)
+Accumulated unpaid interests attributable to perpetual loans for the year
+(31,125)
+(4,158)
+Profit used in the basic earnings per share calculation
+4,840,032
+(180,997)
+2,782,612
+Mr. Dong Jun-qing
+No adjustment has been made to the basic earnings per share amounts presented for the years ended 31 December 2016 and 2015 in respect
+of a dilution as the Group had no potentially dilutive ordinary shares in issue during those years.
+(157,297)
+(4.1)
+Tax charge at the Group's effective rate
+1,088,398
+16.6
+656,790
+The calculation of basic earnings per share is based on:
+17.3
+Notes to Financial Statements
+31 December 2016
+12. Perpetual loan interest paid
+The interests paid on perpetual loans in 2016 is RMB185,155,000. The group's perpetual loan is disclosed in note 34 to the financial statement.
+13. Earnings per share attributable to ordinary equity holders of the parent
+8,274
+The calculation of the basic earnings per share amount is based on the profit for the year attributable to ordinary equity holders of the parent
+adjusted for interest paid or payable for perpetual loans, and the weighted average number of ordinary shares of 2,581,060,000 (2015:
+2,476,000,000) in issue during this year.
+BYD Company Limited Annual Report 2016
+Shares
+Earnings
+Number of shares
+2016
+4,106
+24
+4,082
+300
+| | | |
+150
+150
+remuneration
+Total
+Pension scheme
+contributions
+RMB'000
+Salaries,
+allowances and
+benefits in kind
+RMB'000
+Fees
+RMB'000
+450
+450
+Mr. Huang Jiang-feng
+Weighted average number of ordinary shares in issue during the year, used in
+the basic earnings per share calculation
+150
+150
+RMB'000
+1,833
+2015
+2,581,060,000
+2,476,000,000
+There was no arrangement under which a director waived or agreed to waive any remuneration during the year (2015: Nil).
+76
+5550
+50
+7,898
+50
+1,859
+26
+1,833
+1,859
+26
+50
+In the field of traditional fuel vehicle business, due to the impact of
+product life cycle of old models and the new model was launched late
+last year, during the Year, sales volume of the Group's traditional fuel
+vehicles declined. In September 2017, the Group launched "Song Max",
+the first model featuring the new Dragon Face appearance design,
+which showed remarkable improvement in appearance, performance,
+configuration and details and received overwhelming response from
+Dear Shareholders,
+During the Year, BYD proactively pushed forward the new energy vehicle
+business, and reinforced its leading position in the global market. In
+2017, the Group achieved sales volume of over 110,000 units of new
+energy vehicles, up by over 15% year-on-year. It topped the global
+market in terms of sales volume for three consecutive years. Of which,
+the competitiveness of BYD electric buses continued to increase, with
+the market share increased by 3.16 percentage points year-on-year to
+14.73%. In respect of passenger vehicles, BYD's plug-in hybrid electric
+vehicles still maintained leading market position and accounted for 60%
+market share in the plug-in hybrid electric passenger vehicle market.
+RMB1.40. The Board recommended the payment of final dividends of
+RMBO.141 per share (tax inclusive) for the year ended 31 December
+2017.
+Revenue of the Group increased by 2.44% to RMB102,651 million
+during the Year. Profit attributable to owners of the parent company
+decreased by 19.51% to RMB4,066 million. Earnings per share were
+In 2017, China reversed the six-year slowdown in the pace of economic
+growth, with gross domestic product up by 6.9%. Macroeconomic
+improvement provided favorable external factors for the development of
+automobile industry. During the Year, the sales volume of automobiles
+in China reached 28,879,000 units, up by 3% year-on-year, ranking
+the first in the world for nine consecutive years. As for the new energy
+vehicles, the sales volume continued to maintain rapid growth during
+the Year, which increased by 53.3% year-on-year to 777,000 units,
+continuing to lead the global market. However, owing to the impact of
+subsidy policy change, sales volume of new energy vehicles declined
+substantially in the first quarter which affected the profitability of new
+energy vehicles industry to a certain extent.
+On behalf of the Board of Directors of BYD Company Limited ("BYD"
+or the "Company") and its subsidiaries (collectively referred to as the
+"Group"), I hereby present the annual report of the Group for the year
+ended 31 December 2017 (the "Year").
+Chairman's Statement
+H Shares: 01211 (The Stock Exchange of Hong Kong Limited) ("Hong
+6
+Corporate Information
+BYD Company Limited Annual Report 2017 5
+A Shares: 002594 (Shenzhen Stock Exchange)
+Kong Stock Exchange")
+Stock Code
+B4D
+BYD Company Limited Annual Report 2017
+捷運也能保有限公司
+BYD COMPANY 
+LIMITED
+比娅
+越发车工业有限公司
+BYD AUTO INDUSTRY 
+CO.LTD.
+Wang Chuan-fu
+Chairman
+世
+www.byd.com.cn
+Shenzhen, the PRC, 27 March 2018
+Lastly, on behalf of BYD, I would like to express sincere gratitude to
+our customers, business partners, investors and shareholders for their
+support in the Group. I also give my heartfelt thanks to all the staff
+members for their efforts and professionalism in the past year. BYD will
+continue to seize market opportunities, exert our unique advantages,
+endeavour to promote the development of the Group and focus on
+maximizing returns for shareholders.
+In light of the new development trend, BYD will actively transform
+its operating strategies, open up its supply and distribution
+system, increase marketization of every product line, foster more
+efficient competitive culture, enhance operating efficiency and the
+comprehensive competitiveness of all businesses, strive to realize the
+long-term prosperity and business growth of the Group and establish
+BYD as a century-old enterprise of China's national industry
+Going forward, BYD will continue to regard new energy vehicles and
+"Skyrail" as the key strategic development directions. BYD will provide
+cities with a comprehensive solution to address problems ranging from
+air pollution to traffic congestion through new energy vehicles and
+"Skyrail". BYD is committed to solving the problems of air pollution and
+traffic congestion in cities while achieving sustainable growth of the
+Group in the long term.
+For the business of rechargeable batteries, the Group will continue
+to maintain the development of its traditional battery business, while
+actively expanding its presence in the domestic and international
+photovoltaic and energy storage markets, with a view to propelling
+the growth of photovoltaic business and energy storage business, and
+striving to increase the revenue and profitability.
+and expand product capacity, so as to grasp the industry opportunities
+and achieve sustainable growth of the Group's handset component and
+assembly business.
+For the handset component and assembly business, the Group will
+continue to push forward with the development of its metal parts and
+glass casings business and also actively seek business from new
+customers at home and abroad to establish a more diverse customer
+base. Meanwhile, the Group will strive to enhance product yield rate
+Looking into 2018, it will be a year for BYD to get back on a fast
+growth track. The Group is confident of the development of its various
+businesses. In the field of automobile business, the Group expects
+that the adoption of brand new appearance design in the new vehicle
+series will significantly enhance the competitiveness of the automobiles
+products, drive the sales of automobiles to resume rapid growth and
+usher in the new product cycle of the Group's automobiles business.
+In addition, the implementation of dual-credit scheme in the future will
+bring sale profits of credit, bringing additional profit contribution to the
+Group's new energy vehicle business.
+Regarding the field of rechargeable battery and photovoltaic, while the
+sales of the Group's traditional batteries increased significantly, its solar
+business remained mired in loss due to intensified market competition.
+As for the handset component and assembly business, major global
+handset manufacturers introduced popular models during the Year,
+BYD, as the leading supplier, continued to provide them with products
+of metal casings and metal middle frames, with the continuous growth
+in the scale of sales, thereby driving the robust growth in the profits of
+the metal parts business. In addition, the Group already made sufficient
+technology preparation for and put strategic production capacity plans
+in place for the field of 3D glass. The Group started shipping 3D glass
+products to the global leading handset brand manufacturers during
+the Year, laying a foundation for the long-term sustained growth of the
+handset components business.
+In September 2017, the first commercially operated "Skyrail" line
+with proprietary intellectual property right, completed construction in
+Yinchuan and was delivered and put into operation, heralding the official
+commercial operation of BYD's urban rail transportation business.
+the market. The monthly sales volume of "Song Max" exceeded 10,000
+units quickly and continued to rise, which rapidly became the new
+growth point of the Group's automobiles business.
+Chairman's Statement
+7
+BYD Company Limited Annual Report 2017
+NO 3008 CVD Bond. Men
+山新区
+Website
+Audit Committee
+Tel: (852) 2136 6185
+Total assets
+Net assets (less minority interests)
+1
+553,059
+433,525
+0.8
+3.6
+5.0
+4.0
+Net profit margin (%)
+2,823,441
+5,052,154
+Gearing ratio (%) (Note)
+4,066,478
+13
+14
+15
+19
+17
+Gross profit margin (%)
+6,516,314
+7,623,458
+49,767,887
+55,366,384
+77,611,985
+11,859,244
+Profit attributable to equity holders of the parent
+100,207,703
+19,018,263
+Current ratio (times)
+Inventory turnover (days)
+0.77
+0.82
+1.00
+0.98
+94
+103
+109
+74
+93
+78,014,834
+94,008,855
+Accounts and bills receivables turnover (days)
+115,485,755
+178,099,430
+2013
+RMB'000
+21,709,764
+25,365,597
+32,294,404
+51,255,929
+55,004,194
+2014
+RMB'000
+RMB'000
+As at 31 December
+2015
+2016
+RMB'000
+2017
+RMB'000
+145,070,778
+0.69
+17,935,074
+102,650,614
+2
+Contents
+新能源汽車和雲軌業務是比亞迪未來發展的重要範疇,憑藉自身在相關業務領域的技術和品質優勢,集團將積極拓展新能源汽車及雲軌於國內外的應用,推
+動集團的長遠及可持續發展。
+二零零八年九月,Berkshire Hathaway旗下附屬公司MidAmerican Energy Holdings Company(中美能源控股公司,現更名為Berkshire Hathaway Energy)與本公司簽署協議,
+認購本公司2.25億股H股(佔目前本公司總股本的約8.25%),成為集團的長期投資戰略夥伴。二零一一年二月,集團與Daimler AG(戴姆勒)的合資公司正式成
+立,以共同研究及開發電動車。二零一一年六月,公司首次向中國社會公眾公開發行人民幣普通股(A股)7,900萬股並在深圳證券交易所(「深交所」)中小企業
+板上市。
+比亞迪為全球領先的二次充電電池製造商之一,主要客戶包括三星、華為等手機領導廠商,以及博世、庫柏等全球性的電動工具及其他便攜式電子設備廠
+商。本集團生產的鋰離子電池及鎳電池廣泛應用於手機、數碼相機、電動工具、電動玩具等各種便攜式電子設備和電動產品。
+作為全球領先的手機部件及組裝服務的供應商之一,本集團可以為客戶提供從整機設計、部件生產到整機組裝的垂直整合的一站式服務,產品覆蓋手機、平
+板電腦、筆記本電腦及其他消費類電子產品等領域,但不生產自有品牌的整機產品。該業務的主要客戶包括三星、華為、蘋果、聯想、vivo、小米等智能移動
+終端領導廠商。
+自二零零三年拓展汽車業務以來,憑藉集團產品領先的技術及成本優勢及具備國際標準的卓越質量,集團的汽車業務實現高速增長,迅速成長為領先的中國
+自主品牌汽車廠商。作為全球新能源汽車研發和推廣的引領者,集團於新能源汽車領域擁有雄厚的技術積累、領先的市場份額,奠定了比亞迪於全球新能源
+汽車領域的行業領導地位。
+比亞迪股份有限公司(「比亞迪」或「本公司」,連同其附屬公司統稱「本集團」;股份代號:(H股:01211:A股:002594))主要從事包含傳統燃油汽車及新能源
+汽車在內的汽車業務、手機部件及組裝業務,以及二次充電電池及光伏業務,同時利用自身的技術優勢積極拓展城市軌道交通業務領域。
+New energy vehicles and sky rails businesses are important areas for BYD's future development. By leveraging its technology and quality advantages in related business areas, the
+Group will actively develop the application of new energy vehicles and sky rails at home and abroad to facilitate the Group's long-term and sustainable development.
+In September 2008, MidAmerican Energy Holdings Company (now renamed as Berkshire Hathaway Energy), a subsidiary of Berkshire Hathaway, entered into an agreement with
+the Company, pursuant to which MidAmerican Energy Holdings Company acquired 225 million H Shares of the Company, representing approximately 8.25% of the Company's total
+capital at present, to become the Group's long term investment strategic partner. In February 2011, the joint venture of the Group and Daimler AG was formally established for the
+joint research and development of electric vehicles. In June 2011, the Company made an IPO of 79 million RMB ordinary shares (A shares) which were listed on the SME Board of
+Shenzhen Stock Exchange ("the Shenzhen Stock Exchange").
+BYD is one of the leading rechargeable battery manufacturers in the global arena. Major clients include leading handset manufacturers such as Samsung and Huawei, as well as
+global electric power tools and other portable electronic equipment manufacturers such as Bosch and Cooper. Lithium-ion and nickel batteries produced by the Group are widely
+applied in handsets, digital cameras, power tools, electric toys and other portable electronic devices and electric products.
+Financial Highlights
+As one of the world's leading suppliers for handset components and assembly services, the Group can provide customers with vertically integrated one-stop services from whole
+product design, components manufacturing to whole product assembly services, with the product portfolio covering handsets, tablets, notebook computers and other consumer
+electronic products, but the Group does not produce its own brand of whole products. Main customers of the business include Samsung, Huawei, Apple, Lenovo, vivo, Xiaomi and
+other intelligent mobile terminal leaders.
+BYD Company Limited (“BYD” or “the Company" together with its subsidiaries, “the Group”; stock code: H Shares: 01211; A Shares: 002594) is principally engaged in automobile
+business which includes traditional fuel-engined vehicles and new energy vehicles, handset components and assembly services, as well as rechargeable battery and photovoltaic
+business while taking advantage of its technological superiority to actively develop urban rail transportation business segment.
+公司簡介
+Company Profile
+K9
+比亚連接电话
+THE NEXT
+LEGEND
+2017 Annual Report
+MAX
+Stock Code 股份代號:1211
+BYD COMPANY LIMITED
+BW 比亞迪股份有限公司
+Since tapping into the automobile business in 2003, by leveraging on its advanced technology and cost advantages and international quality products, the Group has achieved
+remarkable growth in automobile business and has rapidly grown into a leading automobile manufacturer in China with domestic self-owned brand. As a pioneer in the research and
+development and promotion of new energy vehicles in the world, the Group has accumulated extensive skills and gained leading market share in the new energy vehicles area, which
+has established the leading position of BYD in the global new energy vehicles sector.
+Gross profit
+4 Corporate Information
+20 Directors, Supervisors and Senior Management
+Revenue
+2013
+RMB'000
+2014
+RMB'000
+RMB'000
+2015
+2016
+RMB'000
+RMB'000
+2017
+For the year ended 31 December
+Five-Year Comparison of Key Financial Figures
+Financial Highlights
+10 Management Discussion and Analysis
+BYD Company Limited Annual Report 2017
+140 Five Year Financial Summary
+55 Notes to Financial Statements
+53 Consolidated Statement of Cash Flows
+51 Consolidated Statement of Changes in Equity
+49 Consolidated Statement of Financial Position
+48 Consolidated Statement of Comprehensive Income
+47 Consolidated Statement of Profit or Loss
+42 Independent Auditor's Report
+41 Report of the Supervisory Committee
+34 Report of the Directors
+27 Corporate Governance Report
+2
+175
+132
+116
+Wang Chuan-fu
+Authorized Representatives
+Zou Fei
+Wang Zi-dong
+Xia Zuo-quan
+Lv Xiang-yang
+Strategy Committee
+Wang Chuan-fu (Chairman)
+Zhang Ran
+Zou Fei
+Wang Zi-dong (Chairman)
+Lv Xiang-yang
+Li Qian
+Wang Chuan-fu
+Zou Fei (Chairman)
+Wang Zi-dong
+Xia Zuo-quan
+Wang Chuan-fu
+Remuneration Committee
+Zhang Ran (Chairman)
+Zou Fei
+Wang Zi-dong
+Lv Xiang-yang
+Li Qian
+Company Secretary
+Nomination Committee
+Yang Dong-sheng
+Huang Jiang-feng
+Legal Address
+Dapeng New District
+iPR Ogilvy Ltd.
+Investor and Media Relations Consultant
+Hong Kong
+Wanchai
+183 Queen's Road East
+Hopewell Centre
+17th Floor
+Shops 1712-1716
+Computershare Hong Kong Investor Services Limited
+Hong Kong Share Registrar and Transfer Office
+Hong Kong
+No. 1, Yan' an Road
+Kuichong Street
+New Territories
+Tower 2 Grand Central Plaza
+Unit 1712, 17th Floor
+Place of Business in Hong Kong
+Zhang Ran
+Ernst & Young Hua Ming (LLP)
+Domestic Auditors
+Ernst & Young
+International Auditors
+The PRC
+Guangdong Province
+Shenzhen
+No. 138 Shatin Rural Committee Road
+Wang Zhen
+Li Yong-zhao
+Dong Jun-qing
+Asia Pacific (excluding PRC)
+Macau and Taiwan)
+PRC (including Hong Kong,
+Revenue Breakdown by Locations of Customers
+Financial Highlights
+3
+BYD Company Limited Annual Report 2017
+39%
+2017
+2017
+8%
+U.S.A.
+Automobiles and related products
+Rechargeable Battery and Photovoltaic
+Revenue Breakdown by Product Categories
+Note: Gearing ratio = Total borrowings net of cash and cash equivalents/net assets (less minority interests)
+88
+68
+71
+73
+76
+81
+86
+118
+Handset components and Assembly
+Services
+Others
+2%
+%8
+Supervisors
+Zhang Ran
+Zou Fei
+Wang Zi-dong
+Independent Non-executive Directors
+Xia Zuo-quan
+Lv Xiang-yang
+Non-executive Directors
+Wang Chuan-fu
+Executive Director
+Corporate Information
+BYD Company Limited Annual Report 2017
+4
+%26
+2016
+2016
+38%
+2%
+2016
+2016
+7%
+%99
+%48
+2017
+2017
+Fax: (852) 3170 6606
+6 Chairman's Statement
+RMB10,000,000
+Notes to Financial Statements
+12,949,368
+At 31 December 2015 and at 1 January 2016:
+Cost
+Total
+RMB'000
+Construction
+in progress
+RMB'000
+Office
+equipment
+and fixtures
+RMB'000
+vehicles
+RMB'000
+RMB'000
+RMB'000
+Accumulated depreciation and impairment
+RMB'000
+Motor
+Machinery
+and
+Leasehold
+improvements
+buildings*
+Freehold
+land and
+31 December 2016
+As in 2014, the Group entered into sale and leaseback arrangement contracts with third-party leasing companies totalling RMB4,790,000,000,
+with contract terms ranging from three to five years. The substance of the arrangement is that the lessors provide finance to the Group with
+the asset as security. The Group continues to account for the assets in its consolidated statement of financial position. The sales proceeds are
+recorded as other borrowings in the consolidated statement of financial position. As at 31 December 2017, the aggregate book value of the
+assets is RMB2,107,294,000 and the balance of other borrowings amounted to RMB886,162,000, of which RMB830,344,000 is recorded as a
+current liability and RMB55,818,000 is recorded as a non-current liability on the Group's consolidated statement of financial position (note 32(i)).
+As at 31 December 2017, certain items of the Group's land and buildings with a net carrying amount of approximately RMB73,807,000 (2016:
+RMB79,509,000) were pledged to secure general banking facilities granted to the Group; and certain items of the Group's construction in
+progress with a net carrying amount of approximately RMB9,210,000 (2016: RMB9,778,000) were pledged to secure general banking facilities
+granted to the Group (note 32(a)).
+equipment
+14. Property, plant and equipment (continued)
+(1,867,237)
+470,540
+(156,521)
+9,564,811
+3,798,157
+314,019 2,206,900 5,757,798 38,126,333
+329,562
+857,324
+8,967 18,756,518
+2,768 4,456,772
+120,228
+Additions
+11,082,131
+27,622 33,550,787
+(18,655) (14,794,269)
+depreciation and impairment
+Net carrying amount
+5,757,798 38,126,333
+314,019 2,206,900
+18,756,518
+8,967
+11,082,131
+5,757,798 58,272,894
+(20,146,561)
+5,516,779
+(3,309,879)
+At 1 January 2016, net of accumulated
+Disposals
+31 December 2017
+92
+At 31 December 2017, net of accumulated
+(15,412)
+(482)
+(9,034)
+(574)
+(5,322)
+Exchange realignment
+(4,912,044)
+depreciation and impairment
+(521,566)
+2,996,038
+(6,806)
+2,398,284
+Transfers
+(66,707)
+(66,707)
+Transfer to investment properties
+(5,759,409)
+46,104
+BYD Company Limited Annual Report 2017
+14,946,792
+24,912,578
+As at 31 December 2017, the Group was still in the process of obtaining the property ownership certificates for certain buildings with a net
+carrying amount of RMB3,878,277,000 (2016: RMB5,008,819,000). In the opinion of the directors, there is no major barrier for the Group to
+obtain the property ownership certificates.
+47,830,718
+2,803,977 4,512,856
+581,468
+24,912,578
+73,047
+14,946,792
+Net carrying amount
+73,047
+935,573 6,071,642 4,512,856 76,080,520
+(354,105) (3,267,665)
+(28,249,802)
+(2,678,374)
+Accumulated depreciation and impairment
+17,625,166
+Cost
+At 31 December 2017:
+47,830,718
+2,803,977 4,512,856
+581,468
+81,504 46,853,779
+(8,457) (21,941,201)
+(18,198)
+(449)
+(277,687)
+RMB'000
+2017
+66,707
+66,707
+31 December 2016
+RMB'000
+31 December 2017
+RMB'000
+Non-current portion
+Current portion included in prepayments, deposits and other receivables
+2016
+RMB'000
+31 December 2017
+BYD Company Limited Annual Report 2017
+Carrying amount at 31 December
+Exchange realignment
+Recognised during the year (note 6)
+Additions
+Carrying amount at 1 January
+16. Prepaid land lease payments
+Carrying amount at 31 December
+Notes to Financial Statements
+Transfer from property, plant and equipment
+5,296,460
+814,483
+(129,400)
+643,086
+At 1 January 2016:
+RMB'000
+17. Goodwill
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+94
+93
+4,763,086
+As at 31 December 2017, the Group was still in the process of obtaining the land use right certificates for certain parcels of leasehold land with
+a carrying amount of RMB58,634,000 (2016: RMB503,049,000). In the opinion of the directors, there is no major barrier for the Group to obtain
+the land use right certificates.
+5,844,857
+(113,721)
+(136,639)
+5,296,460
+5,981,496
+1,057
+(47)
+(110,769)
+5,182,739
+Carrying amount at 1 January
+15. Investment properties
+42,048,635
+Exchange realignment
+(4,968,167)
+592,551
+46,757
+2,274,356
+2,054,503
+Transfers
+(5,308,825)
+18,655
+(792,811)
+(4,020,418)
+(4,470)
+(372,244)
+Depreciation provided during the year
+(364,815)
+(22,364)
+(37,903)
+(8,214)
+(118,882)
+(843)
+11,485
+31,131
+2,827,895 4,565,424
+574,727
+6,816 21,188,698
+12,885,075
+Net carrying amount
+4,565,424 65,397,657
+(23,349,022)
+823,025 6,487,784
+(248,298) (3,659,889)
+17,824 38,393,523
+(11,008) (17,204,825)
+(2,225,002)
+Accumulated depreciation and impairment
+15,110,077
+Cost
+At 31 December 2016:
+4,565,424 42,048,635
+574,727 2,827,895
+6,816 21,188,698
+12,885,075
+depreciation and impairment
+At 31 December 2016, net of accumulated
+(709,403)
+(148,821)
+(4,433,363)
+(8,457)
+(1.7)
+(98,076)
+Tax losses utilised from previous periods
+4.8
+316,193
+3.6
+199,653
+Tax losses and deductible temporary differences not recognised
+(59,236)
+1.1
+1.3
+76,236
+Expenses not deductible for tax
+1.4
+93,320
+0.4
+24,670
+Losses attributable to joint ventures and associates
+74,897
+(11.0)
+(0.9)
+(246,474)
+No adjustment has been made to the basic earnings per share amounts presented for the years ended 31 December 2017 and 2016 in respect
+of a dilution as the Group had no potentially dilutive ordinary shares in issue during those years.
+The calculation of the basic earnings per share amount is based on the profit for the year attributable to ordinary equity holders of the parent
+adjusted for interest paid or payable for the perpetual loans, and the weighted average number of ordinary shares of 2,728,142,855 (2016:
+2,581,060,000) in issue during this year.
+13. Earnings per share attributable to ordinary equity holders of the parent
+The interest paid on perpetual loans in 2017 was RMB243,036,000 (2016: RMB185,155,000). The Group's perpetual loans are disclosed in
+note 37 to the financial statements
+12. Perpetual loan interest paid
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+Super-deduction of research and development costs
+90
+16.6
+1,088,398
+12.5
+703,705
+Tax charge at the Group's effective rate
+(3.8)
+(252,820)
+(4.4)
+89
+(726,057)
+(11.7)
+(657,465)
+6,364
+2016
+RMB'000
+2017
+RMB'000
+Total tax charge for the year
+Deferred
+Charge for the year
+Current - Elsewhere
+Charge for the year
+862,098
+-
+Certain subsidiaries operating in Mainland China are entitled to enjoy a reduced enterprise income tax rate of 15% of the estimated assessable
+profits for the year pursuant to the Western Development Policy. These subsidiaries need to file the relevant document to the in-charge tax
+bureau for record every year so as to be entitled to the reduced rate of 15%.
+Certain subsidiaries operating in Mainland China were approved to be high and new technology enterprises ("HNTE”) and were entitled to enjoy
+a reduced enterprise income tax rate of 15% of the estimated assessable profits for the year. The HNTE certificates need to be renewed every
+three years so as to enable those subsidiaries to enjoy the reduced tax rate of 15%.
+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.
+Hong Kong profits tax has been provided at the rate of 16.5% (2016: 16.5%) on the estimated assessable profits arising in Hong Kong during
+the year. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates.
+11. Income tax
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+Current Hong Kong
+Charge for the year
+Current Mainland China
+1,504,305
+7,317
+(165,710)
+6,363
+Lower tax rate for specific provinces or enacted by local authority
+25.0
+1,642,101
+25.0
+1,405,161
+Tax at the statutory tax rate
+6,568,410
+5,620,641
+%
+RMB'000
+%
+RMB'000
+2016
+2017
+Profit before tax
+A reconciliation of the tax expense applicable to profit before tax at the statutory rate for the jurisdiction in which the Company and the majority of
+its subsidiaries are domiciled to the tax expense at the effective tax rate, and a reconciliation of the applicable rate (i.e., the statutory tax rate) to
+the effective tax rate, are as follows:
+1,088,398
+703,705
+(428,634)
+The calculation of basic earnings per share is based on:
+Cost
+2017
+RMB'000
+depreciation and impairment
+At 1 January 2017, net of accumulated
+42,048,635
+4,565,424
+574,727 2,827,895
+6,816 21,188,698
+12,885,075
+Net carrying amount
+12,885,075
+65,397,657
+(23,349,022)
+4,565,424
+6,487,784
+823,025
+(248,298)
+17,824 38,393,523
+(11,008) (17,204,825)
+(2,225,002)
+15,110,077
+Accumulated depreciation and impairment
+Cost
+(3,659,889)
+At 31 December 2016 and at 1 January 2017:
+6,816
+574,727 2,827,895
+(459,365)
+Depreciation provided during the year
+(259,895)
+(6,564)
+(17,645)
+(100,259)
+(130,986)
+(4,441)
+21,188,698
+Disposals
+4,866,040
+218,751 1,225,178
+5,292,765
+81,504
+199,268
+Additions
+42,048,635
+4,565,424
+11,883,506
+31 December 2017
+Total
+RMB'000
+RMB'000
+Number of shares
+2017
+the basic earnings per share calculation
+Weighted average number of ordinary shares in issue during the year, used in
+Shares
+4,840,032
+3,822,429
+Profit used in the basic earnings per share calculation
+(31,125)
+2016
+(32,138)
+(180,997)
+(211,911)
+Interest paid for the perpetual loans for the year
+5,052,154
+4,066,478
+Profit attributable to ordinary equity holders of the parent
+Earnings
+RMB'000
+Accumulated unpaid interest attributable to the perpetual loans for the year
+2,728,142,855
+2,581,060,000
+14. Property, plant and equipment
+Construction
+in progress
+equipment
+and fixtures
+RMB'000
+vehicles
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+equipment
+buildings* improvements
+Motor
+and
+Leasehold
+land and
+Office
+Machinery
+Freehold
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017 91
+Group
+2016
+Accumulated impairment
+1,834
+75,585
+RMB100,000,000 PRC/Mainland China
+Beijing Hualin Loading Co.,Ltd.
+("Beijing Hualin")
+and sale, taxi business
+Lease Co.,Ltd. ("Shenzhen Didi")
+Electric car and fuel car rental
+60%
+67%
+60%*
+Net carrying amount
+RMB140,000,000 PRC/Mainland China
+parts and accessories and
+manufacture of automobiles
+Energy Bus Co., Ltd.
+("Guang Qi BYD")
+Manufacture and design of auto
+51%
+50%
+51%*
+RMB300,000,000 PRC/Mainland China
+Guangzhou Guang Qi BYD New
+Shenzhen Didi New Energy Auto
+electric vehicle industry
+49%
+49%
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+98
+charging poles
+the establishment of
+services and advice, and
+development, technical
+New energy vehicle technology,
+internet technology
+40%
+and agency
+used vehicles, import and
+Co.,Ltd. ("Xihu New Energy")
+49%
+40%
+49%
+RMB100,000,000 PRC/Mainland China
+Hangzhou BYD Xihu New Energy Auto
+Production and sale for special-
+export storage, technologies
+establishment of industrial
+New energy investment and the
+("BYD Electric Car")
+Research, development and
+50%
+50%
+50%
+PRC/Mainland China
+RMB3,360,000,000
+Shenzhen Denza New Energy
+rental of electric vehicles
+Automotive Co., Ltd. ("DENZA")
+Rental Company Limited
+("Pengcheng Chuzu")
+45%
+40%
+45%
+RMB20,000,000 PRC/Mainland China
+Shenzhen Pengcheng Electric Car
+Principal activities
+Profit
+sharing
+power
+Taxi business, advertising and
+sale of automobiles
+Tianjin BYD Automobile Company
+Limited ("Tianjin BYD")
+RMB350,000,000 PRC/Mainland China
+Investment Co., Ltd.
+50%
+60%
+50%
+RMB10,000,000 PRC/Mainland China
+Shenzhen BYD Electric Car
+electric vehicles
+Rental Company Limited
+("Jiangnan Chuzu")
+Taxi business and rental of
+60%
+60%
+60%*
+RMB20,000,000 PRC/Mainland China
+Nanjing Jiangnan Electric Car
+automobiles and coaches
+Assembly and sale of
+50%
+43%
+50%
+31 December 2017
+19. Investments in joint ventures (continued)
+Name
+Particulars of
+registered
+capital held
+Commercial services;
+50%
+33%
+50%
+PRC/Mainland China
+RMB5,000,000
+Hengqin Vanke Yundi Commercial
+Services Co. Ltd
+lithium carbonate
+technology development,
+the production and sales of
+Development of lithium
+49%
+40%
+49%
+PRC/Mainland China
+RMB500,000,000
+Qinghai Salt Lake BYD Resources
+Development Co., Ltd
+lease advisory service
+resources in Salt Lake and
+technology transfer,
+technology consulting and
+technology services
+DENZA, which is considered a material joint venture of the Group, is a strategic partner of the Group primarily engaged in the research and
+development of automobile products and is accounted for using the equity method.
+According to the articles of association of these investees, a board resolution requires unanimous consent of two-thirds majority or all members of the board of
+directors. Thus, the Group does not have control even though the Group's ownership interests in these investees are greater than 50%.
+technology transfer,
+technology consulting and
+technology services
+technology development,
+Commercial services;
+72%
+67%
+72%*
+PRC/Mainland China
+RMB100,000,000
+Shenzhen Vanke Yundi Industrial
+Co. LTD.
+energy electric vehicles
+vehicles, leasing of new
+The R&D of new energy electric
+60%
+57%
+60%*
+RMB30,000,000 PRC/Mainland China
+Chengdu Shudu BYD New Energy
+Vehicles Co., Ltd
+Lease Co., Ltd. ("International
+Financial Lease")
+interest
+Financial lease and financial
+33%
+issuance of financial bonds,
+Auto financing lease, auto loan,
+80%
+80%
+80%*
+PRC/Mainland China
+RMB1,500,000,000
+BYD Auto Finance Company Limited
+("BYD Auto Finance")
+car finance consulting
+Principal activities
+power
+interest
+and business
+Profit
+Voting
+Ownership
+Percentage of
+Place of
+registration
+sharing
+agency
+Hubei Energy Storage Co. Ltd.
+("Hubei Energy Storage")
+RMB100,000,000
+30%
+PRC/Mainland China
+RMB400,000,000
+Shenzhen BYD International Financial
+("Xi'an Infrastructure")
+Automobile maintenance
+service Co., Ltd.
+Automobile and parts sales and
+40%
+40%
+40%
+PRC/Mainland China
+Xi'an Infrastructure Yadi Automobile
+energy storage
+Investment and operation of
+55%
+60%
+55%*
+PRC/Mainland China
+30%
+Percentage of
+Voting
+196
+Place of
+registration
+and business
+amortisation and impairment
+Cost at 1 January 2017, net of accumulated
+31 December 2017
+RMB'000
+RMB'000
+RMB'000
+Total
+Software
+Additions internal development
+Know-how
+RMB'000
+costs
+proprietary
+Development
+Industrial
+18. Other intangible assets
+31 December 2017
+Notes to Financial Statements
+rights
+RMB'000
+BYD Company Limited Annual Report 2017
+6,561,350
+2,526,828
+1,985
+(36)
+(36)
+Exchange realignment
+(1,203,687)
+(77,288)
+(604)
+(780)
+(1,125,015)
+1,643
+Amortisation provided during the year
+(192)
+Disposal
+135,599
+135,599
+Additions acquired
+2,526,828
+6,759,111
+194,133
+(192)
+96
+The values assigned to key assumptions are consistent with external information sources.
+Raw materials price inflation - The basis used to determine the value assigned to raw materials price inflation is the forecast price index during
+the budget year.
+At 31 December 2017:
+Cost
+65,914
+Cost and net carrying amount at 31 December 2017
+65,914
+Cost at 1 January 2017, net of accumulated impairment
+Impairment during the year
+65,914
+Net carrying amount
+(9,671)
+Accumulated impairment
+75,585
+Cost
+At 31 December 2016:
+65,914
+Cost and net carrying amount at 31 December 2016
+65,914
+Cost at 1 January 2016, net of accumulated impairment
+Impairment during the year
+65,914
+(9,671)
+Accumulated impairment
+Net carrying amount
+75,585
+(9,671)
+Discount rate - The discount rate used is before tax and reflects specific risks relating to the relevant unit.
+Budgeted gross margins - The basis used to determine the value assigned to the budgeted gross margins is the average gross margins
+achieved in the year immediately before the budget year, increased for expected efficiency improvements and expected market development.
+Assumptions were used in the value in use calculation of the automobiles and related products cash-generating unit for 31 December 2017
+and 31 December 2016. The following describes each key assumption on which management has based its cash flow projections to undertake
+impairment testing of goodwill.
+Ownership
+65,914
+RMB'000
+RMB'000
+2016
+Automobiles and related products
+2017
+Carrying amount of goodwill
+The carrying amount of goodwill allocated to the cash-generating unit is as follows:
+The recoverable amount of the automobiles and related products cash-generating unit has been determined based on a value in use calculation
+using cash flow projections based on financial budgets covering a five-year period approved by senior management. The discount rate applied
+to the cash flow projections is 13% (2016: 13%). The growth rate used to extrapolate the cash flows of the automobiles and related products
+cash-generating unit beyond the five-year period is 3% (2016: 3%), which is less than the long term average growth rate of the automobile
+industry.
+Goodwill acquired through business combinations is allocated to the automobiles and related products cash-generating unit, which is a
+reportable segment, for impairment testing:
+Impairment testing of goodwill
+17. Goodwill (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017 95
+65,914
+At 31 December 2017
+7,963,163
+65,914
+5,497
+(3,512)
+470,075
+(275,942)
+172,106
+(170,463)
+(4,195,495)
+Accumulated amortisation and impairment
+10,756,845
+Cost
+At 31 December 2016:
+6,759,111
+194,133
+1,985
+1,643
+6,561,350
+At 31 December 2016
+(169,854)
+9
+9
+Exchange realignment
+Impairment*
+84,195
+(1,607,975)
+(58,496)
+(736)
+(1,533)
+11,404,523
+(4,645,412)
+Net carrying amount at 31 December 2016
+6,561,350
+registered
+capital held
+Name
+Particulars of
+Particulars of the Group's joint ventures are as follows:
+The Group's trade receivable balances due from and due to the joint ventures are disclosed in note 42(c) to the financial statements.
+1,751,159
+2,442,867
+1,751,159
+2,442,867
+2016
+RMB'000
+(1,547,210)
+2017
+RMB'000
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017 97
+Shares of net assets
+19. Investments in joint ventures
+Deferred development costs are stated at cost less any impairment losses. The development costs are amortised using the straight-line basis
+over the commercial lives of the underlying products not exceeding five years, except for those of new energy vehicles which are amortised using
+the unit of production method, commencing from the date when the products are put into commercial production.
+No impairment provision (2016: RMB169,854,000) was made to development costs related to the reportable segment of automobiles and related products in the year
+ended 31 December 2017.
+6,759,111
+194,133
+1,985
+1,643
+31 December 2017
+Amortisation provided during the year
+(169,854)
+11
+863
+7,963,163
+Net carrying amount at 31 December 2017
+602,330 13,932,834
+(349,922) (5,715,211)
+3,715
+(2,526)
+(42,252)
+(5,320,511)
+1,189
+Accumulated amortisation and impairment
+13,283,674
+Cost
+84,077
+8,217,623
+252,408
+1,189
+863
+43,115
+252,408
+At 31 December 2017:
+31 December 2016
+8,217,623
+107
+-
+Additions acquired
+1,349,920
+Additions internal development
+7,102,816
+168,543
+1,349,920
+2,710
+3,069
+6,928,494
+amortisation and impairment
+Cost at 1 January 2016, net of accumulated
+Development, consultancy,
+new energy, charging
+equipment technology
+development, consultation,
+transfer, and services
+Power equipment maintenance;
+electric vehicle charging
+infrastructure design;
+11%
+4%
+China Railway Engineering Consulting RMB730,818,000 PRC/Mainland China
+Group Co., Ltd
+10%
+MCC Ramu New Technology Limited RMB936,840,000 PRC/Mainland China
+11%
+25%
+20%
+622,044
+10%
+110
+Aggregate carrying amount of the Group's investments in the associates
+19,366
+(2,221)
+Elimination of unrealised profit
+19,366
+48,809
+Share of the associates' total comprehensive income
+48,809
+Share of the associates' profit for the year
+2016
+RMB'000
+2017
+RMB'000
+The following table illustrates the aggregate financial information of the Group's associates that are not individually material:
+20%
+energy-saving and
+environmentally friendly
+technologies and product
+technologies; power battery
+manufacturing; import and
+export of goods and technology.
+transferal, and services of
+4% Engineering survey, design,
+consultancy, supervision and
+inspection, EPC contracting;
+specialized contracting.
+(737)
+PRC/Mainland China
+33,840
+Shenzhen Chongdian Easy Co., Ltd
+("Chongdian Easy")
+Name
+Particulars of
+registered
+capital held
+Place of
+registration
+and business
+Percentage of
+Ownership
+Voting
+Profit
+interest
+power
+sharing Principal activities
+Hangzhou Xihu New Energy Auto
+RMB50,000,000
+PRC/Mainland China
+29%
+RMB50,000,000
+29%
+493,599
+Taxi service; electric vehicle
+Operation Co., Ltd.
+("Hangzhou Xihu Operation”)
+rental; electric vehicle charging
+infrastructure
+Shenzhen Qianhai Green
+RMB20,000,000
+PRC/Mainland China
+19%
+29%
+19%
+Car rental; public transportation
+Transportation Co., Ltd.
+vehicle maintenance and repairs
+("Qianhai Green Transportation")
+29%
+101
+BYD Company Limited Annual Report 2017
+BYD Company Limited Annual Report 2017
+(236,293)
+At 31 December
+236,293
+Property under development expected to be recovered:
+After more than one year
+921,243
+921,243
+23. Inventories
+Notes to Financial Statements
+31 December 2017
+22. Property under development and completed property held for sale (continued)
+2017
+RMB'000
+2016
+RMB'000
+Completed property held for sale, at cost:
+Transfer to completed property held for sale
+Raw materials
+At the beginning of year
+33,840
+56,038
+Additions
+6,684,675
+6,783
+Other transfers
+(20,268)
+(9,423)
+Recognised in the statement of profit or loss (note 5)
+(8,477)
+(19,558)
+At 31 December
+6,689,770
+31 December 2017
+102
+6,682
+229,611
+Notes to Financial Statements
+31 December 2017
+21. Available-for-sale investments
+Listed equity investments, at fair value
+Unlisted equity investments, at cost
+Provision for impairment
+2017
+RMB'000
+2016
+RMB'000
+3,582,554
+607,906
+(5,000)
+3,206,386
+18,852
+4,185,460
+3,225,238
+As at 31 December 2017, certain unlisted equity investments with a carrying amount of RMB602,906,000 (2016: RMB18,852,000) were stated
+at cost less impairment because the range of reasonable fair value estimates is so significant that the directors are of the opinion that their fair
+value cannot be measured reliably. The Group does not intend to dispose of them in the near future.
+Additions
+During the year, the gain in respect of the Group's available-for-sale investments recognised in other comprehensive income amounted to
+RMB282,126,000 (2016: RMB127,629,000), of which Nil (2016: Nil) was reclassified from other comprehensive income to the statement of
+profit or loss for the year.
+22. Property under development and completed property held for sale
+Land in Mainland China held under medium term leases, at cost:
+At the beginning of year
+Transfer to completed property held for sale
+At 31 December
+2017
+RMB'000
+2016
+RMB'000
+684,950
+(684,950)
+684,950
+684,950
+Development expenditure, at cost:
+At the beginning of year
+236,293
+The above investments consist of investments in equity securities which were designated as available-for-sale financial assets and have no fixed
+maturity date or coupon rate.
+20. Investments in associates (continued)
+(ii)
+BYD Company Limited Annual Report 2017
+278,375
+19,600
+Unrealised gain arising from transactions with the Group
+(10,681)
+(19,600)
+Carrying amount of the investment
+267,694
+Revenue
+Other expense
+Interest income
+Depreciation and amortisation
+Interest expenses
+Total comprehensive loss for the year
+975,082
+Group's share of net assets of the joint venture, excluding goodwill
+432,059
+758,108
+8,691
+14,476
+101,663
+151,365
+89,472
+(477,451)
+103,518
+(1,299,514)
+99
+100
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+19. Investments in joint ventures (continued)
+41,107
+The following table illustrates the summarised aggregate financial information of the Group's joint ventures that are not individually material:
+50%
+Proportion of the Group's ownership
+Work in progress
+2016
+RMB'000
+887,335
+328,096
+982,508
+1,062,012
+Current assets
+1,869,843
+1,390,108
+Non-current assets, excluding goodwill
+1,674,662
+1,724,043
+Financial liabilities, excluding trade and other payables and provisions
+Other current liabilities
+430,000
+50%
+337,716
+1,252,234
+Current liabilities
+1,757,755
+1,589,950
+Non-current financial liabilities, excluding trade and other payables
+1,230,000
+1,485,000
+Net assets
+556,750
+39,201
+Net assets, excluding goodwill
+556,750
+39,201
+Reconciliation to the Group's interest in the joint venture:
+1,327,755
+Notes to Financial Statements
+2017
+RMB'000
+Share of joint ventures' profit/(loss) for the year
+registered
+capital held
+registration
+Ownership
+Voting
+Profit
+and business
+interest
+power
+sharing Principal activities
+Tibet Zabuye Lithium Industry Co.Ltd
+("Zabuye Lithium")
+RMB930,000,000 PRC/Mainland China
+18%
+18%
+18%
+Name
+Products of lithium and Boron
+mineral salt
+RMB10,000,000
+PRC/Mainland China
+20%
+20%
+20%
+Solar power Ecosystem
+("Shan Mei Ling Qiu Bi Xing")
+Shenzhen Electric Power Sales Co., Ltd. RMB200,000,000 PRC/Mainland China
+40%
+20%
+40%
+("Shenzhen Electric Power Sales")
+remediation of agricultural
+products
+Electric power engineering design,
+installation, operation of electric
+vehicle charging infrastructure,
+and sale of electricity
+Shan Mei Ling Qiu Bi Xing Industry
+Development Co., Ltd.
+2016
+RMB'000
+Percentage of
+Particulars of
+22,799
+(10,602)
+Share of the joint ventures' total comprehensive income/(loss)
+22,799
+(10,602)
+Elimination of unrealised (loss)/ profit
+(7,580)
+1,285
+Aggregate carrying amount of the Group's investments in the joint ventures
+2,175,173
+1,751,159
+20. Investments in associates
+Shares of net assets
+Goodwill on acquisition
+Place of
+Provision for impairment
+2017
+2016
+RMB'000
+RMB'000
+491,829
+363,384
+131,238
+131,238
+623,067
+494,622
+(1,023)
+(1,023)
+622,044
+493,599
+Particulars of the Group's associates are as follows:
+Finished goods
+Other current assets
+24. Trade and bills receivables
+(323,249)
+(335,072)
+(!!!)
+(643,847)
+(iv)
+8,935,954
+7,111,234
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+27. Cash and cash equivalents, restricted bank deposits and short-term deposits (continued)
+Notes:
+(i)
+There are no short term deposit as at 31 December 2017 (2016: RMB247,360,000).
+(ii)
+(iv)
+At 31 December 2017, the pledged bank deposit of RMB323,249,000 (2016: RMB335,072,000) was pledged for bank acceptance bills and letters of credit.
+The balance of restricted bank deposit as at 31 December 2017 mainly represented a guarantee deposit required by the bank under a tri-lateral agreement a
+subsidiary of the Company, the bank and a third supplier.
+At the end of the reporting period, cash and cash equivalents of the Group denominated in Renminbi ("RMB") amounted to RMB5,725,975,000 (2016:
+RMB4,748,662,000). The RMB is not freely convertible into other currencies. However, under Mainland China's Foreign Exchange Control Regulations and
+Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks
+authorised to conduct foreign exchange business.
+Cash at banks earns interest at floating rates based on daily bank deposit rates. Most of the bank balances and pledged deposits are deposited with creditworthy
+banks with no recent history of default.
+28. Trade and bills payables
+An ageing analysis of the trade and bills payables as at the end of the reporting period, based on the invoice date, is as follows:
+2017
+RMB'000
+2016
+RMB'000
+Within three months
+Three to six months
+Six months to one year
+One to two years
+Two to three years
+(247,360)
+= =
+7,693,666
+9,902,690
+RMB'000
+1,289,970
+482,038
+489,678
+215,616
+285,933
+32,481
+274,327
+5,571
+2,339,908
+735,706
+1,289,970
+482,038
+1,049,938
+Over three years
+253,668
+Notes
+2017
+RMB'000
+2016
+RMB'000
+Cash and bank balances
+Time deposits
+8,750,954
+7,446,306
+1,151,736
+247,360
+Less: Restricted bank deposits
+Short-term deposits
+Pledged deposits
+Restricted bank deposits
+Cash and cash equivalents
+27. Cash and cash equivalents, restricted bank deposits and short-term deposits
+29,126,364
+9,081,522
+486,529
+25,797,936
+8,138,114
+Assets
+RMB'000
+Liabilities
+RMB'000
+Assets
+Liabilities
+RMB'000
+RMB'000
+1,095
+Cash and cash equivalents
+The following table illustrates the summarised financial information in respect of DENZA adjusted for any differences in accounting policies, and
+reconciled to the carrying amount in the consolidated financial statements.
+31 December 2017
+19. Investments in joint ventures (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+2016
+12,929
+1,318
+100,342
+1,095
+119,261
+Non-hedging derivatives:
+The Group has entered into various forward currency contracts, cross currency swap and interest rate swaps to manage its exchange rate
+exposures and interest rate exposures, respectively, which did not meet the criteria for hedge accounting. Losses on changes in the fair value
+of non-hedging derivatives amounting to approximately RMB17,824,000 were charged to the consolidated statement of profit or loss during the
+year (2016: loss of approximately RMB18,207,000). The maturity of derivative financial instruments is within one year.
+Note:
+The Company and Holitech Technology Co., Ltd. ("Holitech") (the "transferee") entered into the strategic cooperation, asset transfer in consideration of Non-public Offering
+shares and cash consideration asset transport framework agreement (AFA
+&£¤ on 3 April 2015, pursuant to
+which, the Company sold to the transferee a 100% equity interests in Electronic Components, a subsidiary of the Company. On 30 September 2015, the transfer of the 100%
+equity interest in Electronic Components has been duly registered with the industrial and commercial authorities.
+Pursuant to the profit compensation agreement and its supplemental agreement entered into between the Company and Holitech in respect of Electronic Components, the
+terms of profit compensation mainly comprise of two parts:
+(i)
+2017
+RMB'000
+The Company guaranteed that the three-year accumulated profits for 2015, 2016 and 2017 of Electronic Components shall not be less than RMB714,066,600. Any
+shortfall of the three-year accumulated profit shall be compensated by the shares of Holitech held by the Company with any shortfall being compensated by cash; and
+After the expiry of the profit compensation period of 2015, 2016 and 2017 as agreed in the agreement, Holitech shall conduct impairment tests on the target assets.
+Where the impairment amount of the target assets as at the end of the profit compensation period exceeds the total amount of compensation, the Company shall
+provide further compensation.
+As at 31 December 2017, management made estimation on the probable compensation and recognised a derivative financial liability of
+RMB100,342,000.
+4,672
+2016
+2017
+Interest rate swap
+528,055
+739,176
+97,624
+39,089
+15,776
+54,652
+85,625
+39,527,332
+34,663,130
+The trade payables are non-interest-bearing and are normally settled within terms of 30 to 120 days.
+29. Other payables
+Other payables
+Accrued payroll
+Other payables are non-interest-bearing and have an average term of three months.
+Others (note)
+2017
+RMB'000
+8,762,765
+2,950,439
+3,179,937
+2,978,565
+11,942,702
+5,929,004
+107
+108
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+30. Derivative financial instruments
+Forward currency contracts
+Cross currency swap
+2016
+RMB'000
+Moulds held for production
+2017
+RMB'000
+Over than three years
+Four to six months
+Seven months to one year
+Over one year
+The government subsidies of new energy automobiles sales are included in the above trade receivables.
+The movements in provision for impairment of trade and bills receivables are as follows:
+At 1 January
+Impairment losses recognised
+Impairment losses reversed (note 6)
+Amount written off as uncollectible
+Exchange realignments
+At 31 December
+2017
+RMB'000
+2016
+RMB'000
+22,874,693
+Within three months
+21,630,073
+9,066,113
+9,129,260
+8,588,520
+13,190,886
+6,448,179
+53,276,716
+45,732,885
+2017
+RMB'000
+2016
+RMB'000
+505,556
+486,100
+85,384
+124,083
+(76,563)
+8,081,877
+(86,108)
+The aging analysis of the trade and bills receivables as at the end of the reporting period, based on the invoice date and net of provisions, is as
+follows:
+31 December 2017
+Trade receivables
+Bills receivable
+Impairment
+2017
+RMB'000
+2016
+RMB'000
+4,372,410
+3,429,247
+8,995,702
+6,350,115
+5,790,946
+7,063,692
+713,746
+535,385
+19,872,804
+17,378,439
+2017
+RMB'000
+24. Trade and bills receivables (continued)
+2016
+RMB'000
+39,876,063
+6,973,003
+6,362,378
+(494,258)
+(505,556)
+53,276,716
+45,732,885
+For sales of traditional fuel-engined automobiles, payment in advance, mainly in the form of bank bills, is normally required. For sales of new
+energy automobiles, the Group generally provides the customers with a credit period of one to twelve months or allow the customers to make
+instalment payment in twelve to twenty-four months. For retention receivables, the due date usually ranges from one to eight years after
+acceptance of the vehicles by the customers.
+For sales under other segments, the Group's trading terms with its customers are mainly on credit, except for new customers, where payment in
+advance is normally required. The credit period is generally one to three months. Each customer has a maximum credit limit.
+The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue
+balances are reviewed regularly by senior management. At the end of the reporting period, the Group had certain concentrations of credit
+risk as 5% (2016: 8%) and 19% (2016: 24%) of the Group's trade receivables were due from the Group's largest customer and the five
+largest customers respectively. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade
+receivables are non-interest-bearing.
+103
+104
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+46,797,971
+Less: long-term receivables due in one year
+(20,325)
+206
+4,381,706
+(143,174)
+(149,478)
+5,092,174
+4,232,228
+985,449
+319,666
+133,394
+83,546
+6,211,017
+4,635,440
+At 31 December 2017, an impairment loss of RMB143,174,000 (2016: RMB149,478,000) has been provided against deposits of RMB143,174,000 paid to two
+suppliers (2016: RMB149,478,000).
+Expect for the two suppliers aforementioned, none of the financial assets included in the above balances is past due. The financial
+assets included in the above balances relate to receivables for which there was no recent history of default, except for the two suppliers
+aforementioned.
+106
+5,235,348
+BYD Company Limited Annual Report 2017
+31 December 2017
+26. Long-term receivable
+2017
+RMB'000
+2016
+RMB'000
+1,049,938
+253,668
+Goods sold by installments
+At 31 December 2017, the unrealized finance income of above long-term receivable was RMB135,724,000.
+During the year, the discount rate used for recognizing goods sold by installments ranged from 4.75% to 4.9%.
+The analysis of the connection term of long-term receivables based on the agreement is as follows:
+Within one year
+One and two years
+Two and three years
+Notes to Financial Statements
+(18,636)
+4,567,407
+2016
+RMB'000
+117
+494,258
+505,556
+Included in the above provision for impairment of trade receivables is a provision for individually impaired trade receivables of RMB494,258,000
+(2016: RMB505,556,000) with a carrying amount before provision of RMB703,639,000 (2016: RMB783,061,000).
+The individually impaired trade receivables relate to customers that were in financial difficulties or were in default in both interest and/or principal
+payments and only a portion of the receivables is expected to be recovered.
+BYD Company Limited Annual Report 2017 105
+Notes to Financial Statements
+31 December 2017
+24. Trade and bills receivables (continued)
+The aging analysis of the trade and bills receivables that are not individually nor collectively considered to be impaired is as follows:
+Neither past due nor impaired
+Less than one year past due
+One to two years past due
+2017
+RMB'000
+2016
+RMB'000
+51,096,267
+43,635,353
+1,705,935
+265,133
+Non-current portion
+1,702,560
+117,467
+53,067,335
+45,455,380
+Receivables that were neither past due nor impaired relate to a large number of diversified customers for whom there was no recent history of
+default.
+Receivables that were past due but not impaired relate to a number of independent customers that have a good track record with the Group.
+Based on past experience, the directors of the Company are of the opinion that no provision for impairment is necessary in respect of these
+balances as there has not been any significant change in credit quality and the balances are still considered fully recoverable.
+25. Prepayments, deposits and other receivables
+3,372,240
+Prepayment for items of property, plant and equipment
+Current portion
+Deposits and other receivables
+Impairment*
+Prepayments
+Loans to staff
+2017
+RMB'000
+(i)
+(ii)
+instruments
+32. Interest-bearing bank and other borrowings (continued)
+4,493,109
+4.1-6.35
+(e) & (f)
+4,490,584
+10,862,346
+9,338,520
+56,511,016
+42,266,961
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+Analysed into:
+Bank loans repayable:
+Within one year
+In the second year
+In the third to fifth years, inclusive
+Beyond five years
+Corporate bonds
+2017
+RMB'000
+2016
+RMB'000
+41,152,939
+4,866,758
+29,931,661
+2,941,380
+1,489,128
+943,380
+(g) & (h)
+4.87-4.94
+Corporate bonds-unsecured
+4,847,936
+4.28-4.90
+2030
+2,748,822
+3
+2022
+16,688
+LIBOR+550bps
+2018
+26,667
+Bank loans - unsecured
+2.65-5.46
+2020
+13,351
+6,270,000
+2019
+986,284
+LIBOR+280-350bps
+2018
+200,000
+Other borrowings-secured
+4.28
+55,818
+5.44-5.84
+(i)
+886,163
+6,369,237
+3.35-4.75
+26,731
+963,176
+34,779,597
+These perpetual loans do not have specific maturity. The Company has the right to defer interest or to redeem the notes. The Company
+does not have the contractual obligation to deliver cash or other financial assets to other parties. Therefore, the perpetual loans are
+recognised as an equity. The interest paid on the perpetual loans in 2017 was RMB243,036,000 (2016: RMB185,155,000).
+To decrease share capital.
+To pay any financial instruments that has priority lower than the perpetual loans; and
+•
+To declare and pay dividend to ordinary shareholders;
+•
+The Company could not defer current interests and all deferred interests before 12 months of the interest payment date when the following
+compulsory interest payment events occur:
+As long as the compulsory interest payment events have not occurred, the Company has the right to choose to defer the interest payment
+at each interest payment date to the next without time limit of deferral, which does not cause the Company for breach of contract. The
+compound interests will be charged to the deferred interests by the interest rate of the deferred period.
+The Company issued two tranches of perpetual loans on 22 August 2017 and 18 October 2017, respectively, with a total principal amount
+of RMB3.3 billion. The loans will have a perpetual term until redemption by the Company in accordance with the terms of issuance, and
+will mature at the redemption by the Company. At the third maturity date and each maturity date thereafter, the Company has the right to
+redeem the notes with a principal amount plus all deferred interests. The initial loan interest rate: the first year of these trust loans annual
+interest rates were 6.3% and 6.16% respectively, the trust loan annual interest rates of the second and third year were based on the
+differences between the previous interest rate adjustment date and the date of one-year Shibor plus the annual interest rate on trust loans
+of the first year, respectively. If the Company will not redeem the loans, the interest rate will be reset every year after the first three years.
+The interest rate for the first extended year will be reset to that the last effective interest rate plus 300 basis points per annum. Thereafter,
+the interest rate for each year will be reset to that period benchmark interest rate plus 300 basis points per annum until the interest rate is
+18%.
+(c)
+37. Perpetual loans (continued)
+31 December 2017
+Notes to Financial Statements
+The borrower reduces registered capital.
+•
+The borrower declares dividend to the holders of ordinary shares; or
+.
+The issuer shall not defer the interest payment of the interest accrual period and all the interest and the underlying yields that were
+deferred according to the Investment Agreement and the contractual agreement if any of the following occurs within 12 months before the
+interest payment date:
+Unless the mandatory interest payment event happens, before each of the interest payment date of medium-term notes, the issuer can
+choose to have the current interest and all the deferred interest to be paid at the next interest payment date, which is not subject to any
+restrictions on the number of deferred interest payments. The foregoing deferred interest payment does not constitute the issuer's default
+to pay the interest in full according to the contract. In the event that the issuer decides to defer the interest payments, the issuer and the
+related agency shall disclose such arrangement in an announcement of deferred interest payments five days before the interest payment
+date.
+In 2016, the Company issued medium term notes at par of RMB200 million and RMB400 million on 24 February 2016 and 26 February
+2016, respectively, with a total amount of RMB600 million (RMB595.8 million after deducting listing expenses). The current medium-term
+notes have a term of 5+N years. On or after the fifth interest payment date, the issuer has the right to redeem the current medium-term
+notes at par plus accrued interest (including any deferred interest payments). If the issuer decides to exercise the redemption rights at the
+time provided in the abovementioned terms of redemption rights, the issuer shall publish the Announcement of Early Redemption through
+media designated by the competent department according to related provisions one month before the redemption and the redemption
+process shall be completed by the Shanghai Clearing House as the agent. For the current medium-term notes, the coupon interest rate
+of the first 5 years for which interest is accruable is 5.1% per annum. If the issuer does not exercise the redemption rights, the coupon
+interest rate will be adjusted to the then base rate plus initial spread and 300 basis points from the 6th year, and remains unchanged from
+the 6th year to the 10th year for which interest is accruable. The coupon interest rate is reset every 5 years.
+The Company issued three tranches of perpetual loans on 9 August 2015, 23 September 2015 and 25 December 2015, respectively, with
+a total principal amount of RMB3.2 billion. The loans will have a perpetual term until redemption by the Company in accordance with the
+terms of issuance, and will mature at the redemption by the Company. At the third maturity date and each maturity date thereafter, the
+Company has the right to redeem the notes with a principal amount plus all deferred interests. The interest rate for the first three years is
+6.25%-6.50% per annum. The company has repaid the principal amount (RMB3,200,000,000) and interests (RMB379,720,000) of these
+perpetual loans.
+(b)
+(a)
+37. Perpetual loans
+31 December 2017
+117
+118
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+Within one year (notes (e) & (f))
+4,495,731
+2,996,780
+In the second year (notes (h))
+2,998,290
+4,490,584
+In the third to fifth years (notes (g))
+1,494,819
+8,988,840
+7,487,364
+56,511,016
+42,266,961
+47,522,176
+Notes:
+International Court of Arbitration of the International Chamber of Commerce had held the first hearing in February 2018. As at the reporting
+date, no award has been rendered. After consulting the legal counsel representing BYD Auto Industry for the case, the board is of the view
+that the estimate of ultimate outcome and amount to settle the obligation, if any, of the arbitration cannot be made reliably up to date.
+BYD Auto Industry submitted answer to International Court of Arbitration of the International Chamber of Commerce on 28 December
+2016, which denied DDI's allegation against BYD Auto Industry with respect to failing to perform various obligations in accordance with
+contracts as the allegation was unsubstantiated; meanwhile, it made the following responses to DDI's claims: 1) DDI's claim that BYD
+Auto Industry shall bear the loss from the termination of contracts due to substantial breach, shall be rejected as it was not supported
+by evidence; 2) DDI's claim with respect to loss of expected net earning calculated by profit forecast based on an updated and adjusted
+(Strategic) Business Plan, shall be rejected as it was not supported by the contract, laws and facts.
+Meanwhile, DDI requested the arbitration court to declare that DDI was entitled to terminate the agreement by reason of substantial
+breach by BYD Auto Industry and claimed that BYD Auto Industry should be liable for the related fees incurred for application of property
+preservation and arbitration.
+Delta Dragon Import SA ("DDI"), the arbitration applicant, made an arbitration application to International Court of Arbitration of the
+International Chamber of Commerce on 12 October 2016, and alleged that the respondent, BYD Auto Industry Co., Ltd. ("BYD Auto
+Industry"), a subsidiary of the Company, has breached the automobile distribution agreement ("Distribution Agreement") entered with
+it on 7 October 2014. DDI claimed that BYD Auto Industry was liable for the alleged loss of CHF1,271,000 (equivalent to approximately
+RMB8,488,000) incurred from the performance of Distribution Agreement and alleged loss of expected net earnings of CHF177,917,000
+(equivalent to approximately RMB1,188,112,000) calculated from profit forecast made based on an updated and adjusted (Strategic)
+Business Plan. The total amount claimed by DDI (including alleged expense incurred by DDI) is approximately CHF179,188,000 (equivalent
+to RMB1,196,600,000).
+Pending Arbitration of Delta Dragon Import SA
+As at the reporting date, the case remains in the process of legal proceedings. After consulting the Company's legal counsel representing
+the Company for the case, the board is of the view that the estimate of ultimate outcome and amount to settle the obligation, if any, of the
+litigation cannot be made reliably up to date.
+On 2 October 2009, the Defendants instituted a counter-action against Foxconn International Holdings Limited and certain of its affiliates
+for their intervention, by means of illegal measures, in the operations involving the Company and certain of its subsidiaries, collusions,
+written and verbal defamation, and the economic loss as a result of the said activities.
+On 11 June 2007, a Hong Kong High Court action (the "June 2007 Action") was commenced by a subsidiary and an affiliate of Foxconn
+International Holdings Limited (the "Plaintiffs") against the Company and certain subsidiaries of the Group (the "Defendants") for using
+confidential information alleged to have been obtained improperly from the Plaintiffs. The Plaintiffs discontinued the June 2007 Action on
+5 October 2007 with the effect that the June 2007 Action has been wholly discontinued against all the Defendants named in the action
+and this finally disposed of the June 2007 Action without any liability to the Defendants. On the same day, the Plaintiffs initiated a new
+set of legal proceedings in the Court (the "October 2007 Action"). The Defendants named in the October 2007 Action are the same as
+the Defendants in the June 2007 Action, and the claims made by the Plaintiffs in the October 2007 Action are based on the same facts
+and the same grounds in the June 2007 Action. The remedies sought by the Plaintiffs in the October 2007 Action include an injunction
+restraining the Defendants from using the alleged confidential information, an order for the disgorgement of profit made by the Defendants
+through the use of the confidential information, damages based on the loss suffered by the Plaintiffs and exemplary damages. The total
+damages sought by the Plaintiffs in the October 2007 Action have not been quantified.
+Action against Foxconn
+(a) Litigation
+38. Contingent liabilities
+31 December 2017
+(a)
+Notes to Financial Statements
+2030
+Bank loans secured
+2016
+RMB'000
+1,873,978
+1,701,737
+1,376,120
+767,302
+(1,169,661)
+(595,061)
+2,080,437
+1,873,978
+(408,035)
+(419,268)
+Non-current portion
+1,672,402
+1,454,710
+Various government grants have been received for basic research and development activities. Government grants received for which related
+expenditure has not yet been undertaken are included in deferred income in the statement of financial position. A certain grant received relates
+to an asset is also credited to deferred income and is released to the statement of profit or loss over the expected useful life of the relevant asset
+by equal annual instalments.
+109
+110
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+32. Interest-bearing bank and other borrowings
+2017
+2016
+Effective
+Effective
+2017
+RMB'000
+Less: Portion classified as current liabilities
+At 31 December
+Released to the statement of profit or loss
+31. Deferred income
+Government grants and subsidies
+Others
+Current Portion
+Government grants and subsidies
+Others
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+2017
+RMB'000
+2016
+RMB'000
+2,080,437
+interest
+1,873,978
+2,185,302
+1,873,978
+(408,035)
+(419,268)
+(104,865)
+(512,900)
+(419,268)
+1,672,402
+1,454,710
+The movements in deferred income related with government grants and subsidies during the year are as follows:
+At 1 January
+Received during the year
+104,865
+4.9
+interest
+Maturity
+2.65-5.08
+2018
+4,507,210
+2.65-4.75
+2017
+1,883,314
+Current portion of other
+borrowings - secured
+4.04-4.28
+830,344
+5.44-5.84
+(i)
+971,848
+41,152,939
+29,931,661
+Corporate bonds-unsecured
+4.1-6.35
+(e) & (f)
+4,495,731
+5.25
+(d)
+2,996,780
+45,648,670
+32,928,441
+Non-current
+bank loans - unsecured
+Current portion of long term
+2,066,888
+2017
+RMB'000
+rate (%)
+Maturity
+RMB'000
+Current
+Bank loans - secured
+Bank loans - unsecured
+3.92-4.35
+2017
+19,789,611
+0.99-5.66
+LIBOR+90-225bps
+2018
+rate (%)
+34,215,815
+2017
+4,642,389
+2018
+1,559,101 LIBOR+100-170bps
+2017
+577,611
+Current portion of long term
+bank loans - secured
+3.00-3.85
+2018
+40,469
+3.60-4.89
+4.09-4.35
+BYD Company Limited Annual Report 2017
+BYD Company Limited Annual Report 2017
+Pursuant to the relevant laws and regulations for business enterprises, a portion of the profits of the Group's entities which are registered in
+the PRC has been transferred to the statutory surplus reserve fund which is restricted as to use. When the balance of the reserve fund reaches
+50% of the Group's capital, any further appropriation is optional. The statutory surplus reserve can be utilised to offset prior year's losses or to
+increase capital. However, the balance of the statutory surplus reserve must be maintained at least 25% of capital after this usage.
+At 31 December 2016
+Gross deferred tax liabilities
+42,542
+Deferred tax debited to equity during the year
+(936)
+Deferred tax debited to the statement of profit
+or loss during the year
+936
+327,804
+At 1 January 2016
+payment arising
+from disposal
+of a subsidiary
+Deferred tax
+subsidiaries
+RMB'000
+RMB'000
+Certain of the Group's bank loans are secured by:
+be remitted by
+on the earnings
+anticipated to
+Withholding taxes
+derivative financial
+adjustment
+arising from
+Fair value
+464,388
+At 31 December 2017
+Gross deferred tax liabilities
+94,042
+Deferred tax debited to equity during the year
+370,346
+Total
+RMB'000
+RMB'000
+Depreciation
+in excess of
+adjustment
+Fair value
+Deferred tax assets
+34. Deferred tax (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+114
+113
+549,903
+116
+or loss during the year
+42,542
+(59,852)
+568,149
+239,409
+610,005
+119,705
+25,912
+94,042
+(33,940)
+(59,852)
+25,912
+549,903
+179,557
+(60,788)
+Unrealised
+Deferred tax debited to the statement of profit
+At 1 January 2017
+The Company completed the 2017 first tranche of debt financing plan of Beijing Financial Assets Exchange on 17 March 2017. The bonds product was simplistically
+described as "17 Yue BYD ZR001", with an actual listing amount of RMB3,000,000,000 and a listing price of 4.94%, for a term of two years. The interest payment
+shall be made once every three months (it will be postponed to the next working day should it be a statutory festival or holiday in the PRC), without compound interest,
+and the principal will be repaid on one-off basis upon maturity, the last interest payment shall be made together with the principal repayment. The interest accrued
+period commenced on 17 March 2017, and the date for the first interest payment was 17 June 2017.
+On 15 June 2017, the Company issued RMB denominated 1,500,000,000 corporate bonds. The bonds have a maturity of five years due in 2022, and bear a fixed
+interest rate of 4.87% per annum from and including 15 June 2017 payable annually. Investors have the right to sell back all or part of their bonds at par value to the
+Company on the third interest payment date (15 June 2020), or release the investor sell-back option. The bonds were listed on the Shenzhen Stock Exchange on 14
+July 2017.
+On 12 August 2015, the Company issued RMB denominated 1,500,000,000 corporate bonds. The bonds have a maturity of three years due in 2018, and bear a fixed
+interest rate of 4.1% per annum from and including 12 August 2015 payable annually. In addition, the bonds were unsecured with a simple interest rate. The bonds
+were listed on the Shenzhen Stock Exchange on 10 August 2015. Since the maturity of the bonds is fixed to 12 August 2018, the bonds were reclassified as bonds
+payable due in one year on 31 December 2017.
+(i)
+(h)
+(g)
+(f)
+Notes: (continued)
+32. Interest-bearing bank and other borrowings (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+112
+111
+On 23 September 2013, the Company issued RMB denominated 3,000,000,000 corporate bonds. The bonds have a maturity of five years due in 2018, and bear a
+fixed interest rate of 6.35% per annum from and including 23 September 2013 payable annually. Investors have the right to sell back all or part of their bonds at par
+value to the Company on the third interest payment date (23 September 2016), or release the investor sell-back option. Since certain investors sell back 700,000
+corporate bonds to the Company on 23 September 2016, the maturity of the bonds is fixed to 23 September 2018. The bonds were reclassified as bonds payable due
+in one year on 31 December 2017. The bonds were listed on the Shenzhen Stock Exchange on 15 November 2013.
+On 19 June 2012, the Company issued RMB denominated 3,000,000,000 corporate bonds. The bonds have a maturity of five years due in 2017, and bear a fixed
+interest rate of 5.25% per annum from and including 19 June 2012 payable annually. Investors have the right to sell back all or part of their bonds at par value to the
+Company on the third interest payment date (19 June 2015), or release the investor sell-back option. Since investors did not exercise the option to sell back the bonds
+after the third interest payment date, the maturity date of the bonds is fixed to 19 June 2017, and therefore, the bonds were paid in 2017. The bonds were listed on
+the Shenzhen Stock Exchange on 16 July 2012.
+Except for bank loans of RMB1,725,338,000 (2016: RMB873,277,000) and RMB163,658,000 (2016: RMB153,264,000) which are denominated in United States
+dollars and Euro respectively, all borrowings are in RMB.
+(e)
+(d)
+(c)
+The carrying amounts of the Group's and the Company's bank borrowings approximate to their fair values.
+(b)
+In addition, the Company has guaranteed certain of the Group's bank loans of up to RMB36,021,358,000 (2016: RMB24,365,908,000) as at the end of the reporting
+period.
+mortgages over certain of the Group's construction in progress, which had an aggregate carrying value at the end of the reporting period of approximately
+RMB9,210,000 (2016: RMB9,778,000) (note 14);
+mortgages over certain of the Group's land and buildings, which had an aggregate carrying value at the end of the reporting period of approximately
+RMB73,807,000 (2016: RMB79,509,000) (note 14);
+As in 2014, the Group entered into sale and leaseback arrangement contracts with third-party leasing companies totalling RMB4,790,000,000, with contract terms
+ranging from three to five years. The substance of the arrangement is that the lessors provide finance to the Group with the asset as security. The Group continues
+to account for the assets in its consolidated statement of financial position. The sales proceeds are recorded as other borrowings in the consolidated statement
+of financial position. As at 31 December 2017, the aggregate book value of the assets is RMB2,107,294,000 and the balance of other borrowings amounted to
+RMB886,162,000, of which RMB830,344,000 is recorded as a current liability and RMB55,818,000 is recorded as a non-current liability on the Group's consolidated
+statement of financial position.
+33. Provision
+Group
+At 1 January
+RMB'000
+investments
+available-for-sale
+arising from
+Fair value
+adjustments
+Deferred tax liabilities
+The movements in deferred tax liabilities and assets during the year are as follows:
+34. Deferred tax
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+The Group provides warranties on automobiles, rail transit equipment, and the undertaking to repair or replace items that fail to perform
+satisfactorily. The amount of the provision for the warranties is estimated based on sales volumes and past experience of the level of repairs and
+returns. The estimation basis is reviewed on an ongoing basis and revised where appropriate.
+370,346
+1,292,666
+(599,002)
+(739,244)
+1,113,091
+918,089
+778,577
+1,292,666
+2016
+RMB'000
+2017
+RMB'000
+Product warranties
+At 31 December
+Amounts utilised during the year
+Additional provision
+1,471,511
+arising from
+179,557
+Accruals and
+The Group has accumulated tax losses arising in Mainland China of RMB1,466,013,000 (2016: RMB1,139,989,000) that will expire in one
+to five years for offsetting against future taxable profits. The Group has a tax loss of RMB119,820,000 (2016: RMB124,510,000) arising from
+other jurisdictions that will expire in one to eight years for offsetting against future taxable profits. Deferred tax assets have not been recognised
+in respect of these losses as they have arisen in subsidiaries that have been loss-making for some time and it is not considered probable that
+taxable profits will be available against which the tax losses can be utilised.
+The Group has recognised the deferred tax assets related to tax losses arising in Mainland China of RMB1,178,351,000 (2016:
+RMB309,046,000) that will expire in one to five years for offsetting against future taxable profits.
+1,448,262
+49,347
+342,740
+263,214
+209,505
+51,181
+532,275
+At 31 December 2016
+367,846
+(16,533)
+profits from
+141,509
+(17,857)
+8,097
+174,375
+during the year
+to the statement of profit or loss
+Deferred tax credited/(debited)
+1,080,416
+16,533
+96,426
+217,406
+121,705
+Deferred tax assets have not been recognised in respect of the following items:
+Tax losses
+Deductible temporary differences
+2017
+RMB'000
+The amounts of the Group's reserves and the movements therein for the current and prior years are presented in the consolidated statement of
+changes in equity on pages 51 to 52 of the financial statements.
+2,728,143
+2,728,143
+RMB'000
+2016
+2017
+RMB'000
+36. Reserves
+2,728,142,855 (2016: 2,728,142,855) ordinary shares of RMB1 each
+Authorised, issued and fully paid:
+Shares
+35. Share capital
+As at 31 December 2017, the Group recognised the relevant deferred tax liabilities of RMB25,912,000 (2016: Nil) on earnings anticipated
+to be remitted by certain subsidiaries in the foreseeable future. No withholding tax had been provided for the earnings of approximately
+RMB11,394,110,000 (2016: RMB9,289,855,000) expected to be retained by the PRC subsidiaries and not to be remitted to a foreign investor in
+the foreseeable future based on several factors, including management's estimation of overseas funding requirements.
+227,362
+Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign
+investment enterprises established in Mainland China. The requirement is effective from 1 January 2008 and applies to earnings after 31
+December 2007. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign
+investors. The Group is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in Mainland China in
+respect of earnings generated from 1 January 2008.
+34. Deferred tax (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017 115
+Deferred tax assets have not been recognised in respect of the above items as it is not considered probable that taxable profits will be available
+against which the above items can be utilised.
+3,781,493
+3,931,325
+2,516,994
+2,345,492
+1,264,499
+1,585,833
+2016
+RMB'000
+Deferred tax assets (continued)
+43,084
+125,334 (47,079)
+At 1 January 2016
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+Total
+instruments
+not reversed
+Tax losses
+357,900
+transactions
+grants
+of inventories
+allowance
+financial
+payable
+provision for
+intercompany
+Government
+Impairment
+depreciation
+derivative
+Unpaid
+RMB'000
+RMB'000
+warranties
+51,181
+532,275
+1,580,032
+27,122
+200,749
+345,091
+138,036
+190,073
+57,271
+At 31 December 2017
+131,770
+27,122
+151,402
+2,351
+621,690
+263,214
+209,505
+(125,178)
+342,740
+49,347
+1,448,262
+Deferred tax credited/(debited)
+At 1 January 2017
+during the year
+89,415
+6,090
+(19,432)
+to the statement of profit or loss
+Finance costs
+(b) Changes in liabilities arising from financing activities
+At 1 January 2017
+Changes from financing cash flows
+Interest capitalised
+2,342,770
+At 31 December 2017
+Interest-bearing
+bank and other
+borrowings
+RMB$'000
+42,266,961
+11,855,414
+In 2017 and 2016, the Group didn't entered into major non-cash transactions.
+Foreign exchange movement
+(a) Major non-cash transactions
+BYD Company Limited Annual Report 2017
+The Group entered into tri-lateral finance cooperation contracts ("the Cooperation Contract") with certain customers and third-party or
+related financial institutions ("Financial Institutions"). Pursuant to the arrangement under the Cooperation Contract, the Company bears
+repurchase obligations to Financial Institutions that in the event of customer default or other specific conditions, the Company is entitled to
+repossess and sell the new energy vehicles and "Skyrail” related assets. At the same time, the Company is required to make payment to
+Financial Institutions for the outstanding payments due from customer, and retain any net proceeds in excess of the repurchase payments
+made to Financial Institutions. Management believes that the repossessed vehicles and "Skyrail" related assets will be able to be sold for
+proceeds that are not significantly different from the repurchase payments. As at 31 December 2017, the Group's maximum exposure to
+these obligations was RMB11,991,848,000 (2016: RMB4,180,316,000). For the year ended 31 December 2017, there was no default of
+payments from customers which required the Group to make payments to Financial Institutions.
+(c) Repurchase obligation
+As at 31 December 2017, the banking facilities granted to subsidiaries and joint ventures subject to guarantees given to banks by the
+Company were utilised to the extent of approximately RMB36,021,358,000 (2016: RMB24,365,908,000) and RMB3,593,000,000 (2016:
+RMB3,302,500,000) respectively.
+74,586,430
+83,205,050
+2016
+RMB'000
+2017
+RMB'000
+Guarantees given to banks in connection with facilities granted to subsidiaries
+(b) At the end of the reporting period, contingent liabilities not provided for in the financial statements were
+as follows:
+38. Contingent liabilities (continued)
+31 December 2017
+Notes to Financial Statements
+82,101
+39. Notes to the consolidated statement of cash flows
+(36,230)
+(b) Guarantees provided to related parties:
+119
+31 December 2017
+42. Related party transactions (continued)
+(a) In addition to the transactions detailed elsewhere in these financial statements, the Group had the
+following transactions with related parties during the year: (continued)
+Notes:
+(i)
+The sales of products to the joint ventures and associates were made according to the published prices offered to other customers of the Group;
+Notes to Financial Statements
+(ii)
+(iii)
+The service income was received at prices mutually agreed between the Group and the joint ventures and associates;
+(iv)
+The rental expense was charged at prices mutually agreed between the Group and the associate;
+(v)
+(vi)
+The sales of raw materials to the joint ventures and associates were made according to the published prices offered to other customers of the Group;
+BYD Company Limited Annual Report 2017
+1,862
+(xv)
+Technology Co., Ltd ("Easpring Technology")
+(xiii)
+42
+2,241
+Purchases of products and service from Saidi New Energy
+(ix)
+25,583
+14,468
+Purchases of products and service from Cangzhou Mingzhou Plastic
+Material Co., Ltd ("Mingzhu Plastics")
+(xiv)
+157,773
+145,559
+Purchase of products and service from Shenzhen Unifortune Supply
+Chain Service Co., Ltd ("Unifortune")
+(vii)
+(viii)
+(ix)
+(x)
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+42. Related party transactions (continued)
+RMB'000
+Loan guarantees
+(i)
+As at 31 December 2017, the Company provided a guarantee to the bank for the borrowing of DENZA New Energy amounting to
+RMB705,000,000 (31 December 2016: RMB742,500,000).
+As at 31 December 2017, the Company provided a guarantee to the bank for the borrowing of BYD Auto Finance amounting to
+RMB2,888,000,000 (31 December 2016: RMB2,560,000,000).
+Repurchase Obligation
+The Group entered into tri-lateral finance cooperation contracts (the "Cooperation Contract") with related parties and third-party or related
+financial institutions ("Financial Institutions"). Pursuant to the arrangement under the Cooperation Contract, the Company bears repurchase
+obligations to Financial Institutions that in the event of related parties default or other specific conditions, the Company is entitled to
+repossess and sell the new energy vehicles and "Skyrail” related assets. At the same time, the Company is required to make payment
+to Financial Institutions for the outstanding payments due from related parties, and retain any net proceeds in excess of the repurchase
+payments made to Financial Institutions. Management believes that the repossessed vehicles and "Skyrail" related assets will be able to
+be sold for proceeds that are not significantly different from the repurchase payments. As of 31 December 2017, there was no default of
+payments from related parties which required the Group to make any payment.
+(i)
+(iv)
+As at 31 December 2017, the Group's maximum exposure of obligation to Shenzhen Didi and its subsidiary was RMB386,864,000
+(31 December 2016: RMB433,716,000).
+As at 31 December 2017, the Group's maximum exposure of obligation to Jiangnan Chuzu was RMB32,140,000 (31 December
+2016: RMB45,057,000).
+124
+Purchases of products and service from Beijing Easpring Material
+123
+The purchases of products and service from Mingzhu Plastics, a company of which an independent non-executive director of the Company is the independent
+director of the board, were made according to the published prices offered by Mingzhu Plastics to its other customers;
+(xi)
+(xii)
+(xiii)
+(xiv)
+(XV)
+The purchases of products and service from the joint ventures and associates was made according to the published prices offered by the joint ventures to their
+other customers;
+No sales of products to Ramos Digital during this period. As of May 13, 2017, Ramos Digital is no longer a related party due to the resignation of the chairman
+of its board, who is the non-executive director of the Company;
+Electronic Components was not a related party of the Group due to the resignation of the chairman and director of its board since September 30, 2016, who is
+the non-executive director of the Company;
+The sales of products and service to Zhongbei Didi, a company of which an executive of the Company is the chairman of the board, were made according to
+the published prices offered to other customers of the Group;
+The sales of products and service to Saidi New Energy, a company of which an executive of the Company was the director of the board in the past twelve
+months, were made according to the published prices offered to other customers of the Group; the purchases of products and services from Saidi New Energy
+were made according to the published prices offered by Saidi New Energy to its other customers;
+The sales of products and service to Yinchuan Operation, a company of which two executives of the Company are the directors of the board, were made
+according to the published prices offered to other customers of the Group;
+The purchases of products and service from Northern Qinchuan, a company of which a supervisor of the Company is the chairman of the board, were made
+according to the published prices offered by Northern Qinchuan to its other customers;
+The purchases of products and service from Cangzhou Mingzhu, which is the subsidiary of the related party "Mingzhu Plastics", were made according to the
+published prices offered by Cangzhou Mingzhu to its other customers;
+Financial assets
+at fair value
+through
+profit or loss
+RMB'000
+The purchases of products and service from Easpring Technology, a company of which an independent non-executive director of the Company is the
+independent director of the board, were made according to the published prices offered by Easpring Technology to its other customers;
+The purchase of products and service from Unifortune, a company of which a non-executive director of the Company is the director of the board, were made
+according to the published prices offered by Unifortune to its other customers.
+As at 31 December 2017, the Group's maximum exposure of the obligation to Hangzhou BYD Automoblie Renting Co., Ltd was
+RMB61,430,000 (31 December 2016: Nil).
+65,354
+645,555
+Purchases of products and service from Electronic Components
+79,340
+44,000
+42. Related party transactions
+(a) In addition to the transactions detailed elsewhere in these financial statements, the Group had the
+following transactions with related parties during the year:
+Joint ventures and associates:
+Notes
+44,000
+2017
+RMB'000
+Sales of products
+Sales of raw materials
+Service income
+Rental expense
+Purchases of products and service
+33 3 3 3
+2016
+RMB'000
+79,340
+RMB'000
+RMB'000
+Long-term purchase commitments for polysilicon materials
+In October 2010, Shangluo BYD Co., Ltd. ("Shangluo BYD" or the "Purchaser”) entered into the Material Supply Contract (the "Supply Contract") with Jiangxi LDK PV Silicon
+Technology Co., Ltd. ("LDKPV" or the "Vendor") and Jiangxi LDK Solar Hi-Tech Co., Ltd. ("LDK Solar" or the "Guarantor"), both of which are silicon material suppliers.
+LDK Solar as the Guarantor provides the Purchaser with guarantee of several liability for all debts incurred from the Supply Contract by the Vendor. The Supply Contract
+provides that during the contract term from January 2011 to December 2012, the Purchaser shall purchase 3,000 tonnes of polysilicon materials from the Vendor at a
+price of RMB650,000/tonne (the "Initial Purchase Price") for a total contract value of RMB1.95 billion. The Supply Contract provides that Shangluo BYD shall pay deposits of
+RMB97,500,000 to the Vendor. The Supply Contract also provides that if the prevailing market price fluctuates more than 5% over the Initial Purchase Price, the parties shall
+negotiate about adjusting the purchase price by reference to the market price.
+In December 2012, Shangluo BYD entered into a supplemental agreement I to the Supply Contract with LDKPV and LDK Solar. The supplemental agreement I provides that
+the performance period under the Supply Contract will be extended for a period of one year to 31 December 2013. In February 2015, Shangluo BYD, BYD Lithium Batteries
+Co., Ltd ("BYD Lithium Batteries") and BYD Supply Chain Management Co., Ltd. ("BYD Supply Chain Management") entered into a supplemental agreement II to the Supply
+Contract with LDKPV and LDK Solar ("the Vendors"). The supplemental agreement II provides that the contracting parties agree to extend the performance period under the
+original Supply Contract for a period of five years to 31 December 2018; the parties of the Supply Contract were expanded as follows: the Purchasers include Shangluo BYD,
+BYD Lithium Batteries and BYD Supply Chain Management, the Vendors include LDKPV and LDK Solar; the original deposits payable by Shangluo BYD under the Supply
+Contract (namely RMB97,500,000) will be changed to prepayments payable by all Purchasers to all Vendors, and when the Purchasers buy from the Vendors, the payables
+to the Vendors could be deducted from the prepayment already paid by Shangluo BYD. According to both supplemental agreement I and the supplemental agreement II, the
+Purchaser shall not pursue a claim against the Vendors for unfulfilled and unfinished delivery obligations and the Vendors shall not pursue a claim against the Purchaser for
+unfinished purchases or payment obligations during the term of the agreement.
+In November 2015, LDK PV and LDK Solar commenced restructuring procedures and the Company has filed claims under the restructuring procedures of the two companies
+in accordance with law.
+On 30 September 2016, the Intermediate People's Court of Xinyu City, Jiangxi Province, approved the composition plan for LDKPV. According to the composition plan, the
+settlement percentage of Shangluo BYD's debt as one of LDKPV's ordinary creditors amounted to 11.49% by way of conversion of debts into equity. As at 31 December,
+2017, LDKPV has completed the registration of changes in ownership information and the amount of contribution from Shangluo BYD reached 725,163 US dollars,
+accounting for 0.1480%. On 10 January 2018, the Intermediate People's Court of Xinyu City, Jiangxi Province, approved the composition plan for LDK Solar, the settlement
+percentage of Shangluo BYD's debt as one of LDK Solar's ordinary creditors amounted to 2.2975% by way of preferred share or the installment payment in cash, which
+amounted to RMB1,115,622.13. As at the reporting date, the prepayment of the Purchaser under the Supply Contract had converted to the debt of the Vendors, which would
+be compensated according to the composition plans.
+121
+122
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+41. Commitments (continued)
+In addition, the Group's share of the joint ventures' own capital commitments, which are not included in the above, is as follows:
+Capital contribution payable to joint ventures
+2017
+2016
+4,413,928
+3,185,362
+14,761
+68,824
+Sales of products and service to Yinchuan Sky Operation Co., Ltd.
+("Yinchuan Operation")
+区
+(x)
+5
+2,125
+452,850
+Purchases of products and service from Xi'an Northern Qinchuan
+Company Ltd. ("Northern Qinchuan")
+(xi)
+104
+282
+Purchases of products and service from Cangzhou Mingzhu Company Ltd
+("Cangzhou Mingzhu")
+(xii)
+Sales of products and service to Shenzhen Saidi New Energy Logistics
+Co., Ltd ("Saidi New Energy")
+(vii)
+4,991
+(viii)
+47,789
+(iv)
+286,531
+299,824
+(V)
+201,718
+240,171
+Sales of products to Shenzhen Ramos Digital Technology Co., Ltd
+("Ramos Digital")
+(vi)
+7,331
+Sales of products and service to Electronic Component
+(vii)
+249,664
+Sales of products and service to Nanjing Zhongbei Didi New Energy Vehicle
+Rental Service Co., Ltd
+173
+Note:
+As at 31 December 2017, the Group's maximum exposure of obligation to Yinchuan Operation was RMB192,000,000 (31
+December 2016: Nil).
+Notes to Financial Statements
+The balances are unsecured, interest-free and have no fixed terms of repayment.
+(d) Compensation of key management personnel of the Group:
+Easpring Technology
+Mingzhu Plastics
+Zhongbei Didi
+Ramos Digital
+Northern Qinchuan
+Short term employee benefits
+Saidi New Energy
+The amounts due to other related parties:
+2016
+RMB'000
+RMB'000
+2017
+463,856
+615,659
+Cangzhou Mingzhu
+Pension scheme contributions
+Further details of directors' emoluments are included in note 9 to the financial statements.
+23,912
+The related party transactions in respect of the items set out in note 42(a) do not constitute connected transactions as defined in Chapter 14A of
+the Listing Rules.
+45,391
+66,117
+45,063
+328
+65,716
+401
+2016
+RMB'000
+2017
+RMB'000
+116,624
+130,608
+470
+101,212
+106,696
+35
+19
+2,760
+117
+12,011
+43,600
+Shenzhen Didi and its subsidiary
+755
+BYD Auto Finance
+443,686
+464,366
+4,985
+International Financial Lease
+DENZA
+The amounts due to joint ventures and associates:
+2016
+RMB'000
+RMB'000
+2017
+(c) Outstanding balances with related parties: (continued)
+42. Related party transactions (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+126
+56,511,016
+4,962
+BYD Company Limited Annual Report 2017 127
+Jiangnan Chuzu
+Tianjin BYD
+14
+1
+Chongdian Easy
+9,474
+29,474
+Shenzhen Electric Power Sales and its subsidiary
+4,981
+10,883
+Guang Qi BYD
+12
+Qianhai Green Transportation
+540
+738
+Hangzhou BYD Xihu Auto
+60,857
+187
+BYD Company Limited Annual Report 2017 125
+Notes to Financial Statements
+43. Financial instruments by category
+Hangzhou Xihu Operation
+5,500
+Shan Mei Ling Qiu Bi Xing
+10,000
+10,000
+International Financial Lease and its subsidiary
+2,239
+472,679
+Qianhai Green Transportation
+18
+3
+BYD Auto Finance
+1,174
+114
+123,827
+1,273
+Jiangnan Chuzu
+7,396
+31 December 2017
+42. Related party transactions (continued)
+(c) Outstanding balances with related parties:
+2017
+RMB'000
+2016
+RMB'000
+The amounts due from joint ventures and associates:
+DENZA
+600,310
+543,995
+Tianjin BYD
+465,634
+646,385
+Pengcheng Chuzu
+28,621
+Hangzhou BYD Xihu Auto
+87,591
+141,749
+Guang Qi BYD
+Yinghe Technology
+Yinchuan Operation
+6,609,997
+2,879,284
+2017
+RMB'000
+2016
+RMB'000
+249
+249
+256,692
+256,941
+249
+Loans and
+receivables
+Financial assets
+2017
+The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows:
+The amounts due from other related parties:
+31 December 2017
+40,211
+825,000
+2,665,511
+516,117
+Shenzhen Didi and its subsidiary
+35,423
+46,956
+Beijing Hualin
+1,001
+2,299
+Shenzhen Electric Power Sales and its subsidiary
+1,551
+4,716
+Adrastea Cars Ltd.
+2,988
+Xi'an Infrastructure
+2,199,000
+Hubei Energy Storage
+5,158,375
+(ix)
+679,644
+2,879,284
+Due from related parties
+249
+249
+Financial assets included in prepayments, deposits and other receivables
+290,569
+290,569
+Pledged deposits
+335,072
+2,879,284
+335,072
+247,360
+247,360
+Cash and cash equivalents
+7,111,234
+7,111,234
+56,850,321
+3,206,386
+60,056,707
+Financial
+liabilities at
+Short-term deposits
+Due from joint ventures and associates
+45,732,885
+45,732,885
+128
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+43. Financial instruments by category (continued)
+The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows: (continued)
+2016
+Financial assets
+Available-
+Loans and
+receivables
+RMB'000
+for-sale
+investments
+RMB'000
+Total
+RMB'000
+Long-term receivable
+Available-for-sale investments
+253,668
+253,668
+3,206,386
+3,206,386
+Derivative financial instruments
+Trade and bills receivables
+Financial liabilities
+105,040,862
+amortised cost
+Total
+RMB'000
+As lessee
+265,450
+244,323
+25,659
+4,557
+150,143
+147,739
+89,648
+92,027
+The Group leases certain of its office properties and office equipment under operating lease arrangements. Leases for properties are negotiated
+for terms mainly ranging from three to five years.
+2016
+RMB'000
+In the second to fifth years, inclusive
+After five years
+Within one year
+At 31 December 2017, the Group had total future minimum lease receivables under non-cancellable operating leases with its tenants falling due
+as follows:
+The Group leases certain of its properties and vehicles under operating lease arrangements, with leases negotiated for terms ranging from one to
+ten years. The terms of the leases generally also require the tenants to pay security deposits and provide for periodic rent adjustments according
+to the then prevailing market conditions.
+As lessor
+40. Operating lease arrangements
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+2017
+RMB'000
+There were no contingent rentals, renewal or purchase options, escalation clauses or any restrictions imposed on dividends, additional debt and
+further leasing within the lease arrangements.
+At 31 December 2017, the Group had total future minimum lease payments under non-cancellable operating leases falling due as follows:
+Within one year
+Trade and bills payables
+34,663,130
+34,663,130
+463,856
+463,856
+Due to related parties
+116,624
+116,624
+Financial liabilities included in other payables
+2,525,664
+2,525,664
+Interest-bearing bank and other borrowings
+42,266,961
+42,266,961
+80,036,235
+80,036,235
+120
+5,173,368
+2016
+RMB'000
+2017
+RMB'000
+In the second to fifth years, inclusive
+After five years
+RMB'000
+104,921,601
+Due to joint ventures and associates
+56,511,016
+785,160
+4,859,939
+4,478,731
+Authorised but not contracted for
+313,429
+Available-
+for-sale
+investments
+RMB'000
+Total
+RMB'000
+Capital contribution in respect of investments
+Long-term receivable
+1,049,938
+1,049,938
+4,185,460
+4,185,460
+1,095
+1,095
+Trade and bills receivables
+53,276,716
+53,276,716
+Available-for-sale investments
+3,972,449
+2,986,739
+Plant and machinery
+435,506
+261,470
+119,261
+427,065
+386,981
+92,650
+71,912
+781,185
+894,399
+As at 31 December 2017, the Group had a leaseback agreement with a leasing company and BYD International Lease Finance Corp (the
+lessor). According to the leaseback agreement, the Group sold certain machinery and equipment (the "Asset") with a net book value of
+RMB1,281,969,000 for the transaction price equivalent to the net book value and subsequently leased back for a lease term of three years
+(March 2015 to March 2018) during which the Group is requested to pay a rental fee of approximately RMB286,531,000 per annum. The
+Group has been granted the option to buy back the Asset at 30% of the original transaction price, return the equipment to the leasing company
+or renew the rent based on renegotiation between the Group and the leasing company by the end of the lease term. The Group has defined the
+process of purchasing and selling the Assets as purchasing and selling items of property, plant and equipment under this bargaining condition.
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+41. Commitments
+In addition to the operating lease commitments detailed in note 40 above, the Group had the following capital commitments at the end of the
+reporting period:
+2017
+RMB'000
+2016
+RMB'000
+Contracted, but not provided for:
+Land and buildings
+1,088,040
+506,282
+Due from joint ventures and associates
+6,609,997
+Derivative financial instruments
+Due from related parties
+Due to joint ventures and associates
+Due to related parties
+6,609,997
+Financial liabilities included in other payables
+Interest-bearing bank and other borrowings
+Financial liability
+at fair value
+through
+Financial
+liabilities at
+profit or loss
+RMB'000
+amortised cost
+Trade and bills payables
+RMB'000
+39,527,332
+39,527,332
+615,659
+615,659
+130,608
+130,608
+119,261
+119,261
+8,136,986
+8,136,986
+56,511,016
+Total
+RMB'000
+Financial liabilities
+Derivative financial instruments
+4,185,460
+deposits and other receivables
+301,567
+301,567
+75,584,404
+Pledged deposits
+323,249
+323,249
+Restricted bank deposits
+643,487
+643,487
+8,935,954
+8,935,954
+256,941
+256,941
+71,397,849
+1,095
+Cash and cash equivalents
+Financial assets included in prepayments,
+At 31 December 2017, the Group endorsed certain bills receivable accepted by banks in Mainland China (the "Endorsed Bills”) with a carrying
+amount of RMB5,346,000 (2016: RMB6,569,000) to certain of its suppliers in order to settle the trade payables due to such suppliers (the
+"Endorsement"). In the opinion of the directors, the Group has retained the substantial risks and rewards, which include default risks relating to
+such Endorsed Bills, and accordingly, it continued to recognise the full carrying amounts of the Endorsed Bills and the associated trade payables
+settled. Subsequent to the Endorsement, the Group did not retain any rights on the use of the Endorsed Bills, including the sale, transfer or
+pledge of the Endorsed Bills to any other third parties. The aggregate carrying amount of the trade payables settled by the Endorsed Bills during
+the year to which the suppliers have recourse was RMB5,346,000 (2016: RMB6,569,000) as at 31 December 2017.
+During the year ended 31 December 2017, the Group has not recognised any gain or loss on the date of transfer of the Derecognised Bills. No
+gains or losses were recognised from the Continuing Involvement, both during the year or cumulatively.
+48. Events after the reporting period
+On 29 September 2017, the company received the Notice of Registration Accepted from the National Association of Financial Market Institutional
+Investors (¯¯Ò¯Ò¯). Pursuant to the Notice of Registration Accepted (Zhong Shi Xie Zhu [2017] NO. SCP301), the
+joint lead underwriters for the ultra-short-term financing securities with a registered amount of RMB10 billion were China Development Bank,
+Industrial And Commercial Bank Of China Limited, Agricultural Bank of China Limited, Bank of China Limited, China Everbright Bank Company
+Limited, China Minsheng Banking Corporation Limited, Industrial Bank Co., Ltd. and China Zheshang Bank Co., Ltd.. The registered amount
+referred in the above Notice of Registration Accepted is valid in 2 years from the date on which the Notice was issued, and the Company may
+issue the securities by installment during the term of validity. On 9 March 2018, the issuance announcement for the first issue of ultra-short-
+term financing securities of 2018 was published by the Company, the total issued amount of which was RMB2 billion at the issue price of
+RMB100, with a maturity of 270 days and an interest rate of 5.29%. All funds raised from the ultra-short-term financing securities will be used
+to supplement the working capital of the Company.
+The Proposal on Increasing the Share Capital of Joint Venture Shenzhen BYD Electric Car Investment Co., Ltd. (@ID\=&X¬
+限公司) (《關於擬對參股公司深圳比亞迪電動汽車投資有限公司增資的議案》) was considered and approved at the sixth interim
+meeting of the Board of Directors on 5 January 2018, pursuant to which the increase of RMB175 million in the share capital of Shenzhen BYD
+Electric Car Investment Co., Ltd. (hereinafter referred to as "Electric Car Investment") by BYD Auto Industry Co., Ltd., a holding subsidiary of the
+Company, was agreed. Electric Car Investment was founded on 30 June 2014, with a registered capital of RMB10 million. Upon the completion
+of the increase of share capital of Electric Car Investment, shareholdings in Electric Car Investment by the Company will increase from 50% to
+60%. According to the articles of association, the Group does not have control even though the Group's ownership interests in these investees
+are greater than 50%.
+At 31 December 2017, the Group endorsed certain bills receivable accepted by certain banks in Mainland China (the "Derecognised
+Bills") to certain of its suppliers in order to settle the trade payables due to these suppliers with a carrying amount in aggregate of RMB
+5,026,084,000. The Derecognised Bills had a maturity of one to twelve months at the end of the reporting period. In accordance with the Law
+of Negotiable Instruments in the PRC, the holders of the Derecognised Bills have a right of recourse against the Group if the PRC banks default
+(the "Continuing Involvement"). In the opinion of the directors, the Group has transferred substantially all risks and rewards relating to the
+Derecognised Bills. Accordingly, it has derecognised the full carrying amounts of the Derecognised Bills and the associated trade payables. The
+maximum exposure to loss from the Group's Continuing Involvement in the Derecognised Bills and the undiscounted cash flows to repurchase
+these Derecognised Bills is equal to their carrying amounts. In the opinion of the directors, the fair values of the Group's Continuing Involvement
+in the Derecognised Bills are not significant.
+Financial assets that are derecognised in their entirety
+A final dividend in respect of the year ended 31 December 2017 of RMB0.141 per share (tax inclusive) was proposed pursuant to a resolution
+passed by the Board of Directors on 27 March 2018. This intended to distribute cash dividends of RMB 384,668,000 in aggregate based on the
+total share capital of 2,728,142,855 shares of the Company as at 27 March 2018. The proposal of the final dividend is subject to consideration
+and approval at the Company's forthcoming general meeting. This proposed dividend is not reflected as dividend payable in the consolidated
+financial statements.
+47. Transfers of financial assets
+31 December 2017
+1,486,837
+384,668
+The proposed final dividend for the year is subject to the approval of the Company's shareholders at the forthcoming annual general meeting.
+135
+136
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+Financial assets that are not derecognised in their entirety
+BYD Company Limited Annual Report 2017
+1,735,189
+49. Statement of financial position of the company
+17,585,944
+61,996
+17,695,945
+485,609
+1,576,338
+2016
+RMB'000
+2017
+RMB'000
+31 December 2017
+Total non-current assets
+Notes to Financial Statements
+Available-for-sale investments
+Non-current prepayments
+Deferred tax assets
+Investments in associates
+Prepaid land lease payments
+Other intangible assets
+Investments in joint ventures
+Investments in subsidiaries
+Investment properties
+Property, plant and equipment
+NON-CURRENT ASSETS
+Information about the statement of financial position of the Company at the end of the reporting period is as follows:
+Long term receivable
+384,668
+4,180,316
+2016
+RMB'000
+464,016 1,080,447
+116,624
+463,856
+34,663,131
+43,957,598
+88,525
+5,627,748 28,529,553 9,711,772
+25,217,456 9,246,651
+463,856
+116,624
+Other payables
+Due to related parties
+199,024
+Due to joint ventures
+Trade and bills payables
+Interest-bearing bank and other borrowings
+Total
+RMB'000
+Over
+5 years
+RMB'000
+1 to 5 years
+RMB'000
+3 to
+less than
+12 months
+RMB'000
+567,181
+1,598,000
+8,136,986
+818,498 6,751,307
+1,651,414 45,328,370 49,297,876 11,355,826
+Maximum amount guaranteed
+981,202
+15,584,848
+15,584,848
+2016
+Less than
+On demand
+RMB'000
+3 months
+RMB'000
+1,299 107,634,785
+2,525,665
+663,040 32,506,131 38,757,406 9,711,772
+88,525 81,726,874
+(7,111,234)
+47,575,062
+35,155,727
+51,108,394*
+47,460,129*
+Equity attributable to owners of the parent
+42,266,961
+Gearing ratio
+Equity attributable to owners of the parent deducted the amount of perpetual loans of RMB3,895,800,000 (2016: RMB3,795,800,000)
+46. Dividends
+Interim Nil (2016: RMB0.367) per ordinary share
+Proposed final RMB0.141 (2016: RMB0.178) per ordinary share
+74%
+2017
+RMB'000
+93%
+1,001,228
+56,511,016
+(8,935,954)
+2017
+RMB'000
+Financial guarantee issued
+Maximum amount guaranteed
+4,180,316
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+2016
+RMB'000
+45. Financial risk management objectives and policies (continued)
+The primary objectives of the Group's capital management are to safeguard the Group's ability to continue as a going concern and to maintain a
+healthy capital ratio in order to support its business and maximise shareholders' value.
+The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the
+capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is
+not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital
+during the years ended 31 December 2017 and 31 December 2016.
+The Group monitors capital using a gearing ratio, which is net debt divided by equity. The Group's policy is to maintain the gearing ratio as low as
+possible. Net debt includes interest-bearing bank and other borrowings less cash and cash equivalents. Equity represents equity attributable to
+owners of the parent. The gearing ratios as at the end of the reporting periods were as follows:
+Interest-bearing bank and other borrowings
+Less: Cash and cash equivalents
+Net debt
+Capital management
+1,353,000
+100,342
+371,825
+Restricted bank deposits
+200
+668,625
+63,808
+Cash and cash equivalents
+Total current assets
+32,350,978
+25,528,194
+CURRENT LIABILITIES
+Trade and bills payables
+650,459
+55,559
+243,813
+296,525
+348,948
+Derivative financial instruments
+Advances from customers
+18,542
+5,378
+Interest-bearing bank and other borrowings
+13,339,941
+10,189,084
+Due to the jointly-controlled entities
+Due to subsidiaries
+Other payables
+57,858
+Due from the jointly-controlled entities
+24,767,583
+130,608
+Derivative financial instruments
+Quoted prices
+Significant
+in active
+54,590
+14,840
+3,644,058
+3,211,386
+25,428,783
+24,515,506
+CURRENT ASSETS
+Inventories
+81,846
+79,198
+Trade and bills receivables
+383,631
+267,663
+Tax recoverable
+3,039
+Prepayments, deposits and other receivables
+137,793
+291,144
+Due from subsidiaries
+31,021,225
+Tax payable
+Total current liabilities
+4,962
+6,523,773
+1,425
+4,962
+2,905,002
+6,910,752
+6,227,211
+29,933,040
+30,119,302
+EQUITY
+Equity attributable to equity holders of the Company
+Share capital
+2,728,143
+2,728,143
+Reserves
+23,309,097
+23,595,359
+Perpetual loans
+3,895,800
+3,795,800
+Total equity
+29,933,040
+30,119,302
+145,403
+38,831
+40,433
+126,376
+175,166
+23,525
+22,843
+440
+468,601
+549,903
+6,313,109
+584,093
+13,550
+20,935,969
+13,697,187
+NET CURRENT ASSETS
+11,415,009
+11,831,007
+TOTAL ASSETS LESS CURRENT LIABILITIES
+36,843,792
+36,346,513
+137
+138
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+49. Statement of financial position of the company (continued)
+NON-CURRENT LIABILITIES
+Interest-bearing bank and other borrowings
+Deferred tax liabilities
+Deferred income
+Other non-current liabilities
+Total non-current liabilities
+Net assets
+2017
+2016
+RMB'000
+RMB'000
+5,676,868
+130,608
+If RMB weakens against US$
+615,659
+markets
+inputs
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+Significant
+unobservable
+RMB'000
+RMB'000
+Total
+RMB'000
+3,206,386
+3,206,386
+Quoted prices
+in active
+RMB'000
+Significant
+observable
+As at 31 December 2017
+615,659
+253,668
+1,049,938
+Long-term receivable
+Financial assets
+2016
+RMB'000
+Fair values
+2017
+RMB'000
+Fair value measurement using
+2016
+RMB'000
+Carrying amounts
+The carrying amounts and fair values of the Group's and the Company's financial instruments, other than those with carrying amounts that
+reasonably approximate to fair values, are as follows:
+44. Fair value and fair value hierarchy of financial instruments
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+2017
+RMB'000
+Fair value measurement using
+Significant
+unobservable
+markets
+Liabilities for which fair values are disclosed:
+As at 31 December 2017
+Interest-bearing bank and other borrowings
+As at 31 December 2016
+31 December 2017
+Quoted prices
+Long-term receivable
+in active
+observable
+unobservable
+markets
+inputs
+inputs
+(Level 1)
+Fair value measurement using
+Significant Significant
+As at 31 December 2016
+Long-term receivable
+Fair value hierarchy (continued)
+Assets for which fair values are disclosed:
+As at 31 December 2017
+inputs
+inputs
+(Level 1)
+RMB'000
+(Level 2)
+(Level 3)
+RMB'000
+RMB'000
+Total
+RMB'000
+119,261
+119,261
+As at 31 December 2016 Nil
+During the year, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 (2016: Nil).
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+44. Fair value and fair value hierarchy of financial instruments (continued)
+1,049,938
+253,668
+Derivative financial instruments
+1,095
+inputs
+inputs
+markets
+Significant
+unobservable
+observable
+Significant
+(Level 1)
+Quoted prices
+in active
+As at 31 December 2017
+Assets measured at fair value:
+The following tables illustrate the fair value measurement hierarchy of the Group's and the Company's financial instruments:
+Fair value hierarchy
+44. Fair value and fair value hierarchy of financial instruments (continued)
+31 December 2017
+Fair value measurement using
+(Level 2)
+(Level 3)
+Total
+Liabilities measured at fair value:
+Available-for-sale investments - listed equity investments
+As at 31 December 2016
+3,583,649
+1,095
+3,582,554
+1,095
+3,582,554
+1,095
+3,582,554
+Available-for-sale investments - listed equity investments
+Derivative financial instruments
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+Notes to Financial Statements
+(Level 2)
+BYD Company Limited Annual Report 2017
+129
+2017
+Carrying amounts
+Interest-bearing bank and other borrowings
+Derivative financial instruments
+Financial liabilities
+3,460,054
+RMB'000
+4,633,587
+4,633,587
+3,206,386
+1,095
+3,582,554
+3,206,386
+3,582,554
+Available-for-sale investments - listed equity investments
+3,460,054
+2016
+RMB'000
+Fair values
+2017
+RMB'000
+The Group enters into derivative financial instruments with various counterparties, principally Holitech mentioned in note 30. Derivative financial
+instruments related to Holitech are measured with market observable inputs including market share price. The carrying amount of this derivative
+financial instruments is the same as its fair value. Other derivative financial instruments, including forward currency contracts, cross currency
+swap, and Interest rate swap, are measured using valuation techniques similar to forward pricing and swap models, using present value
+calculations. The models incorporate various market observable inputs including the credit quality of counterparties, foreign exchange spot and
+forward rates. The carrying amounts of those derivative financial instruments are the same as their fair values.
+The fair values of listed equity investments are based on quoted market prices.
+The fair values of the interest-bearing bank and other borrowings have been calculated by discounting the expected future cash flows using
+rates currently available for instruments with similar terms, credit risk and remaining maturities. The Group's own non-performance risk for
+interest-bearing bank and other borrowings as at 31 December 2017 was assessed to be insignificant.
+The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
+transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the
+fair values:
+The Group's corporate finance team headed by the finance manager is responsible for determining the policies and procedures for the fair value
+measurement of financial instruments. The corporate finance team reports directly to the chief financial officer and the audit committee. At
+each reporting date, the corporate finance team analyses the movements in the values of financial instruments and determines the major inputs
+applied in the valuation. The valuation is reviewed and approved by the chief financial officer. The valuation process and results are discussed
+with the audit committee twice a year for interim and annual financial reporting.
+Management has assessed that the fair values of short-term deposits, cash and cash equivalents, pledged deposits, trade and bills receivables,
+trade and bills payables, financial assets included in prepayments, deposits and other receivables, financial liabilities included in other payables,
+amounts due from the joint ventures and amounts due from/to subsidiaries approximate to their carrying amounts largely due to the short-term
+maturities of these instruments.
+42,266,961
+56,630,277
+42,266,961
+56,630,277
+42,266,961
+119,261
+56,511,016
+42,266,961
+119,261
+56,511,016
+2016
+RMB'000
+130
+(Level 3)
+observable
+RMB'000
+(25)
+16,946
+Excluding retained profits and exchange fluctuation reserve
+2016
+RMB
+RMB
+BYD Company Limited Annual Report 2017 133
+Notes to Financial Statements
+(16,946)
+31 December 2017
+Foreign currency risk
+The Group has transactional currency exposures. Such exposures arise from sales or purchases by operating units in currencies other than the
+units' functional currencies, where the revenue is predominately in USD and RMB and a certain portion of the bank loans is denominated in USD.
+The Group takes rolling forecast on foreign currency revenue and expenses and matches the currency and amount incurred, so as to alleviate the
+impact on business due to exchange rate fluctuation.
+The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the US$ exchange rate,
+with all other variables held constant, of the Group's profit before tax (due to changes in the fair value of monetary assets and liabilities) and the
+Group's equity.
+RMB'000
+in US$ rate
+%
+Increase/(decrease)
+in profit before tax
+RMB'000
+Increase/(decrease)
+45. Financial risk management objectives and policies (continued)
+225
+20,671
+(20,671)
+132
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+45. Financial risk management objectives and policies
+The Group's principal financial instruments, other than derivatives, comprise bank loans, restricted bank deposits, and cash and short-term
+deposits. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has various other financial
+assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.
+The main risks arising from the Group's financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. The
+Group's accounting policies in relation to derivatives are set out in note 2.4 to the financial statements.
+Interest rate risk
+The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long term debt obligations with floating
+interest rates.
+The Group's policy is to manage its interest cost using a mix of fixed and variable rate debts. At 31 December 2017, approximately 68% (2016:
+66%) of the Group's interest-bearing bank and other borrowings bore interest at fixed rates.
+The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the
+Group's and the Company's profit before tax (through the impact on floating rate borrowings) and the Group's and the Company's equity.
+Increase/(decrease)
+in basis points
+Increase/(decrease)
+in profit before tax
+RMB'000
+Increase/(decrease)
+in equity*
+RMB'000
+2017
+RMB
+RMB
+(25)
+22259
+in owners' equity*
+RMB'000
+2017
+If RMB weakens against US$
+If RMB strengthens against US$
+Interest-bearing bank and other borrowings
+Trade and bills payables
+Due to joint ventures
+Due to related parties
+Other payables
+Financial guarantee issued
+2017
+Less than
+On demand
+RMB'000
+3 months
+RMB'000
+3 to
+less than
+12 months
+RMB'000
+1 to 5 years
+RMB'000
+Over
+5 years
+RMB'000
+Total
+RMB'000
+832,916
+8,704,431 38,416,377
+29,126,365 10,314,318
+11,355,826
+1,299
+58,477,933
+40,273,599
+Financial liabilities
+131
+The maturity profile of the Group's financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is
+as follows:
+45. Financial risk management objectives and policies (continued)
+2016
+If RMB strengthens against US$
+Excluding retained profits and exchange fluctuation reserve
+Credit risk
+55
+55
+152,202
+(152,202)
+146,523
+(146,523)
+The Group trades only with recognised and creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms
+are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Group's exposure to bad
+debts is not significant.
+The credit risk of the Group's other financial assets, which comprise cash and cash equivalents and other receivables, arises from default of the
+counterparty, with a maximum exposure equal to the carrying amounts of these instruments.
+Since the Group trades only with recognised and creditworthy third parties, there is no requirement for collateral. Concentrations of credit risk are
+managed by analyses by customer. At the end of the reporting period, the Group had certain concentrations of credit risk as 5% (2016: 8%) and
+19% (2016: 24%) the Group's trade receivables were due from the Group's largest customer and the five largest customers, respectively.
+Further quantitative data in respect of the Group's exposure to credit risk arising from trade receivables are disclosed in note 24 to the financial
+statements.
+Liquidity risk
+The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial
+instruments and financial assets (e.g., trade receivables) and projected cash flows from operations.
+The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank borrowings and corporate
+bonds. In addition, banking facilities have been put in place for contingency purposes. Except for the non-current portion of interest-bearing bank
+borrowings and certain corporate bonds, all borrowings would mature in less than one year at the end of the reporting period.
+134
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+Liquidity risk (continued)
+42,266,961
+Increase/(decrease)
+Fair value measurement using
+inputs
+inputs
+markets
+unobservable
+observable
+Fair value measurement using
+Significant Significant
+in active
+Quoted prices
+253,668
+(Level 1)
+RMB'000
+253,668
+RMB'000
+RMB'000
+(Level 3)
+(Level 2)
+(Level 1)
+inputs
+inputs
+markets
+Significant
+unobservable
+RMB'000
+observable
+(Level 2)
+RMB'000
+Total
+RMB'000
+56,511,016
+42,266,961
+Interest-bearing bank and other borrowings
+RMB'000
+inputs
+(Level 3)
+(Level 2)
+RMB'000
+RMB'000
+(Level 1)
+(Level 3)
+inputs
+Significant
+unobservable
+observable
+in active
+Significant
+Quoted prices
+Fair value measurement using
+56,511,016
+Total
+RMB'000
+RMB'000
+markets
+in active
+Total
+RMB'000
+Quoted prices
+1,049,938
+1,049,938
+Total
+RMB'000
+RMB'000
+Significant
+19,980,490
+160,257
+--- 160,257
+27,391,159
+3,795,800
+2,104,902
+624,334
+Repay of perpetual loans (note 37)
+Issue of shares
+282,126
+Issue of perpetual loans (note 37)
+investments, net of tax
+Change in fair value of available-for-sale
+885,633
+282,126
+(3,200,000)
+3,300,000
+652,228
+1,167,759
+19,980,490
+(186,262)
+100,000
+(568,388)
+(27,894)
+LOCATED - 3,300,000
+27,894
+(485,609)
+(485,609)
+(243,036)
+☐ -- (243,036)
+(3,200,000)
+Other comprehensive income for the year:
+282,126
+Profit for the year
+(960,786)
+(23,306)
+13,879,570
+BYD Company Limited Annual Report 2017 139
+Notes to Financial Statements
+49. Statement of financial position of the company (continued)
+Note:
+A summary of the Company's reserves is as follows:
+31 December 2017
+1,508,620
+Share
+Statutory
+premium
+account
+Capital
+RMB'000
+reserve
+RMB'000
+surplus
+reserve fund
+Retained
+RMB'000
+profits
+RMB'000
+595,800
+23,306
+127,629
+14,116,927
+Total comprehensive income/(loss) for the year
+Appropriate to statutory surplus reserve fund
+13,511,589
+At 31 December 2016
+3,200,000
+601,028
+758,004
+5,863,563
+At 1 January 2016
+Total
+RMB'000
+Perpetual
+loans
+RMB'000
+3,088,994
+Share issue expenses
+3,895,800
+Total comprehensive income for the year
+Appropriate to statutory surplus reserve fund
+4,916,936
+PROFIT FOR THE YEAR
+(56,215)
+(134,082)
+(656,790)
+(1,088,398)
+(703,705)
+Income tax expense
+832,081
+873,952
+3,794,986
+6,568,410
+5,480,012
+5,620,641
+(12,099)
+(1,113)
+3,003
+19,704
+46,437
+Associates
+(36,309)
+(121,276)
+(245,802)
+(619,528)
+(270,959)
+Joint ventures
+PROFIT BEFORE TAX
+3,138,196
+739,870
+775,866
+BYD COMPANY LIMITED
+比亞迪股份有限公司
+BYD
+51,255,929 32,294,404 25,365,597 21,709,764
+55,004,194
+178,099,430 145,070,778 115,485,755 94,008,855 78,014,834
+(118,141,943) (89,661,415) (79,456,514) (65,114,418) (53,158,393)
+(4,953,293) (4,153,434) (3,734,837) (3,528,840) (3,146,677)
+NET ASSETS (EXCLUDING NON-CONTROLLING
+INTERESTS)
+NON-CONTROLLING INTERESTS
+TOTAL LIABILITIES
+TOTAL ASSETS
+775,866
+739,870
+3,138,196
+5,480,012
+4,916,936
+222,807
+306,345
+314,755
+553,059
+433,525
+2,823,441
+5,052,154
+427,858
+850,458
+Minority interests
+4,066,478
+Equity holders of the parent
+Attributable to:
+Share of profits and losses of:
+(1,017,318)
+(1,396,828)
+(1,517,003)
+1,275,807
+Government grants and subsidies
+456,199
+922,648
+6,516,314
+7,623,458
+19,018,263 11,859,244
+926,216 1,991,326
+1,153,210
+Other income and gains
+17,935,074
+Gross profit
+102,650,614 100,207,703 77,611,985 55,366,384 49,767,887
+(84,715,540) (81,189,440) (65,752,741) (47,742,926) (43,251,573)
+Cost of sales
+REVENUE
+2013
+RMB'000
+2014
+RMB'000
+2015
+RMB'000
+2016
+RMB'000
+2017
+RMB'000
+A summary of the results and of the assets, liabilities and minority interests of the Group for the last five financial years, as extracted from the
+published audited financial statements and restated/reclassified as appropriate, is set out below.
+As 31 December 2016
+Five Year Financial Summary
+BYD Company Limited Annual Report 2017
+140
+The financial statements were approved and authorised for issue by the board of directors on 27 March 2018.
+50. Approval of the financial statements
+At 31 December 2017
+710,939
+27,204,897
+581,177
+677,121
+(1,799,609)
+(2,342,770)
+Finance costs
+(387,556)
+(257,330)
+(581,505)
+(629,203)
+(463,645)
+Other expenses
+(2,073,516)
+(2,600,600)
+(3,428,963)
+(3,690,339)
+(3,047,734)
+Administrative expenses
+(1,278,910)
+(1,864,695)
+(1,998,499)
+(3,171,694)
+(3,739,491)
+Research and development costs
+(2,011,845)
+(2,228,758)
+(2,867,992)
+(4,196,339)
+(4,925,288)
+Selling and distribution costs
+798,446
+Perpetual loan interest paid (note 12)
+Interim 2017 dividend
+Capital Structure
+Landscape Together
+Change (in percentage) of net profit attributable to shareholders of the
+listed company for January to March 2018
+-91.75%
+to
+-75.24%
+Range of net profit attributable to shareholders of the listed company
+(RMB10,000) for January to March 2018
+5,000
+Forecasted operating results for January to March 2018
+Estimated operating results for January to March 2018:
+to
+Net profit attributable to shareholders of the listed company (RMB10,000)
+for January to March 2017
+Reasons for changes in results
+60,580
+For the first quarter of 2018, the sales volume for new energy vehicles is expected to grow rapidly
+as compared to the same period of the previous year. However, being affected by reduction in
+new energy vehicles subsidies, the profitability of the business, especially for electric buses, has
+declined substantially so as to bring great pressure to the Group's overall profit. In spite of the
+expecting fast increase in sales volume of traditional fuel vehicle business, the intensive market
+competition has affected the profitability of traditional fuel vehicle business to a certain extent. As
+for the handset component and assembly business, the Group continues to be the major supplier
+for metal parts of flagship models of global leading brand handset manufacturers. The glass and
+ceramics businesses have achieved positive progress to jointly promote the steady development in
+handset component and assembly business. For solar business, the Group will actively expand its
+presence in the market and achieve cost control, the expecting loss will be narrowed down.
+Financial Review
+Revenue and Profit attributable to Owners of the Parent Company
+15,000
+Management Discussion and Analysis
+15
+BYD Company Limited Annual Report 2017
+BYD's rechargeable batteries mainly include lithium-ion batteries
+and nickel batteries, which are widely used in portable electronic
+devices, including handsets, digital cameras, power tools and electrical
+toys. During the year, the Group's rechargeable batteries business
+achieved well sales growth under the weak market environment,
+strengthening our industry position continuously. In addition, the Group
+also actively developed energy storage battery and solar cell products
+for applications in storage power stations and photovoltaic power
+plants. In 2017, rechargeable batteries and photovoltaic business
+recorded revenue of approximately RMB8,442 million, representing a
+year-on-year increase of 18.85%.
+Prospect and Strategy
+Looking ahead to 2018, China's economic development will continue to
+stay steady and positive. Structural upgrade and transformation of the
+industry will further enhance the quality of economic growth. Strategic
+emerging industries including new energy vehicle will have a larger
+room for growth.
+Automobiles Business
+BYD will seize the historic opportunities arising from the robust
+development of new energy vehicle industry and further strengthen
+research and development, bolster weakness, enhance product
+competitiveness and accelerate the launch of new models so as to
+satisfy the fast-growing market demand.
+The year 2018 is a critical year for the Group's implementation of
+strategic transformation and product iteration. It is also a year for the
+Group to get itself well-prepared for future opportunities and regain
+growth momentum. In 2018, BYD will launch a series of heavyweight
+models, including new generation of "Tang” and “Qin" models,
+compact pure electric SUV models and a new energy vehicle version
+of "Song Max". The related models will feature the brand new Dragon
+Face appearance design and higher product performance, which are
+expected to usher in a new growth cycle for the Group's automobiles
+business. In addition, the Group will push ahead with the expansion
+of new energy vehicle market from first-tier cities and cities under
+purchase restrictions to second and third-tier cities, and eventually
+realize the nationwide sales of new energy vehicles.
+In the field of public transportation, leveraging on its established
+reputation and influence in the domestic and overseas markets, BYD
+will actively promote the electrification of urban public transportation at
+home and abroad and continue to increase its penetration and market
+share in the global market. The development of urban rail transit in
+China will usher in the peak development era during the period of
+"13th Five-year Plan". Currently, numerous provinces and cities have
+included the construction of rail transit into their major development
+projects in the "13th Five-year Plan". The Group will forge ahead with
+the promotion of low-carbon and green Skyrail products, aiming at the
+huge demand from the second- and third-tier cities in China, to resolve
+the increasingly serious traffic problems in the cities and provide a
+comprehensive solution to solve problems ranging from air pollution to
+traffic congestion.
+14
+BYD Company Limited Annual Report 2017
+Management Discussion and Analysis
+In the field of traditional fuel vehicles, BYD will leverage on the brand
+new appearance design and platformization of product research
+and development to realize effective cost control while substantially
+enhancing the quality and aesthetic appearance of the vehicle models,
+so as to get the fuel vehicle business back on a growth track. In the
+future, the Group will focus on improving the quality and brand image
+of its automobiles, so as to provide consumers with well-designed and
+high-quality automobile products, thus to build positive word-of-mouth
+to achieve the synchronous improvement of quality and quantity of
+traditional fuel vehicle business.
+In addition, the Group will continue to push forward the development of
+metal parts business, expand the application scope of metal parts and
+strive for more orders from leading brand manufacturers. Meanwhile,
+the Group will continue to deepen its collaborations with existing
+well-known handset brand customers at home and abroad, actively
+acquire new customers in both domestic and overseas markets and
+establish a more diversified customer base so as to achieve continuous
+growth of handset components and assembly business.
+Rechargeable Batteries and Photovoltaic Business
+For the rechargeable batteries business, the Group will continue to
+expand the range of applications of lithium-ion batteries and nickel
+batteries in order to consolidate its leading market position. In respect
+of photovoltaic business, in 2018, the Group will continue to expand
+its presence in both domestic and overseas markets, enhance rate of
+capacity utilization and sales volume, actively control costs and stay
+committed to improving its revenue and profitability.
+Handset Components and Assembly Business
+Looking ahead, with more handset brand manufacturers adopting 3D
+glass, the market penetration rate of 3D glass casings will continue
+to rise and the demand will increase rapidly. The Group already put
+effective comprehensive plans in place for the 3D glass market. Along
+with the gradual increase in production capacity and successive
+production of orders, 3D glass is expected to make significant revenue
+contribution to the Group in the future.
+During the Year, revenue increased by 2.44% as compared to that of 2016, which was mainly driven by the growth of the new energy automobile
+businesses and metal parts businesses. Profit attributable to equity holders of the parent company decreased by 19.51% as compared to the same
+period of the previous year, mainly attributable to the decline in profitability of vehicle business affected by reduction in new energy subsidies and
+market competition.
+Segmental Information
+The charts below set out comparisons of the Group's revenue by product category for the years ended 31 December 2017 and 2016:
+Revenue Breakdown by Product Categories
+%26
+PRC (including Hong Kong,
+Macau and Taiwan)
+U.S.A.
+Asia Pacific (excluding PRC)
+Others
+16
+BYD Company Limited Annual Report 2017
+Management Discussion and Analysis
+Gross Profit and Margin
+During the Year, the Group's gross profit decreased by approximately 5.70% to approximately RMB17,935 million. Gross profit margin decreased
+from approximately 18.98% in 2016 to approximately 17.47% during the year. The decrease in gross profit margin was mainly due to the decline in
+profitability of vehicle business affected by reduction in new energy subsidies and market competition.
+Liquidity and Financial Resources
+During the Year, BYD generated operating cash inflow of approximately RMB6,368 million, compared with operating cash outflow of approximately
+RMB1,846 million in 2016. Cash inflow of the Group during the period was mainly arising from the increase in cash received from sales of goods and
+provision of services during operating activities. Total borrowings as at 31 December 2016, including all bank loans and bonds, were approximately
+RMB42,267 million, compared with approximately RMB56,511 million as at 31 December 2017. The maturity profile of the bank loans and bonds
+thereof spread over a period of thirteen years, with approximately RMB45,649 million repayable within one year, approximately RMB7,865 million in the
+period of second year, approximately RMB2,984 million within the third to the fifth years and approximately RMB13 million over five years. The Group
+had adequate liquidity to meet its daily management and capital expenditure requirements and control internal operating cash flows.
+For the year ended 31 December 2017, turnover period of accounts and bills receivables was approximately 175 days, as compared to approximately
+132 days for the same period in 2016. The increase in trade and bill receivables turnover days is mainly due to the increase in the new energy
+automobile business which has a longer account receivable turnover period. The inventory turnover period was approximately 81 days for the year
+ended 31 December 2017 as compared to about 76 days for the same period in 2016, the change was mainly due to the increase in average
+inventory for the same period is higher than that in cost of sales..
+The Company completed the 2017 first tranche of debt financing plan of Beijing Financial Assets Exchange on 17 March 2017. The debt financing plan
+was simplistically described as "17 Yue BYD ZR001", with an actual listing amount of RMB3.0 billion and a fixed rate of interest of 4.94%, for a term
+of two years. The interest payment shall be made once every three months (it will be postponed to the next working day should it be a statutory festival
+or holiday in PRC), without compound interest, and the principal will be repaid on one-off basis upon maturity, the last interest payment shall be made
+together with the principal repayment. The interest accrued period commenced on 17 March 2017, the date for the first interest payment was 17 June
+2017.
+On 11 July 2015, the Company received the Approval of the Public Offering of Corporate Bonds by BYD Company Limited to Qualified Investors (ZJXK
+[2015] No.1461)(《關於核准比亞迪股份有限公司向合格投資者公開發行公司債券的批復》(證監許可[2015]1461號)) from China
+Securities Regulatory Commission, pursuant to which the public offering of corporate bonds with a par value of not exceeding RMB3.0 billion by the
+Company to qualified investors has been approved. The Company has completed the first tranche of corporate debts ("15YD01") of RMB1.5 billion on
+14 August 2015. As at 15 June 2017, the Company commenced the issuance of 2017 corporate bonds (the first tranche) with an aggregate amount
+of RMB1.5 billion and a fixed rate of interest at 4.87%. The interest payment shall be made once every year, and the principal will be repaid on one-off
+basis upon maturity. The bonds are repayable in five years. The bonds were listed on Shenzhen Stock Exchange on 14 July 2017. Investors are entitled
+to resell all or parts of the bonds they hold to the issuers on the third interest payment date, i.e. the end of the third year, 15 June 2020, at principal
+amount, alternatively, or give up sell-back options and continue to hold the bonds.
+2016
+Rechargeable Batteries and Photovoltaic Business
+2016
+2017
+7%
+53%
+8%
+2016
+2017
+2017
+Rechargeable Battery and Photovoltaic
+Handset and Assembly Services
+Automobiles and related products
+2016
+Revenue Breakdown by Locations of Customers
+8%
+2017
+3
+OO
+%48
+developed its glass casings business and successfully won the orders
+from both domestic and overseas leading smartphone manufacturers
+and realized volume production and shipment, fostering a new growth
+point for the Group.
+Management Discussion and Analysis
+BYD Company Limited Annual Report 2017 13
+Percentage
+Number of
+shares issued
+As at 31 December 2017, the share capital of the Company was as
+follows:
+Share Capital
+based on performance, qualifications and prevailing industry practices,
+with compensation policies being reviewed on a regular basis. Bonuses
+and commission were also awarded to employees, based on their annual
+performance evaluation. Incentives were offered to encourage personal
+motivation.
+As at 31 December 2017, the Group had approximately 201,000
+employees. During the period, total staff cost accounted for approximately
+16.78% of the Group's turnover. Employees' remuneration was determined
+Employment, Training and Development
+Most of the Group's income and expenditure are settled in RMB
+and US dollar. During the period, the Group did not experience any
+significant difficulties in or impacts on its operations or liquidity due to
+fluctuations in currency exchange rates. The directors believe that the
+Group has sufficient foreign exchange to meet its own foreign exchange
+requirements and will adopt practical measures to prevent exposure to
+exchange rate risk.
+Exposure to Foreign Exchange Risk
+At 31 December 2017, certain items of the Group's land and buildings
+with a net carrying amount of approximately RMB73,807,000 (2016:
+RMB79,509,000) were pledged to secure general banking facilities
+granted to the Group; and certain items of the Group's construction in
+progress with a net carrying amount of approximately RMB9,210,000
+(2016: RMB9,778,000) were pledged to secure general banking facilities
+granted to the Group. Further, at 31 December 2017, a pledged bank
+deposit of RMB323,249,000 (2016: RMB335,072,000) was pledged
+for bank acceptance bills and Guarantee deposits, and restricted bank
+deposit was RMB643,487,000.
+The Group completed the issue of 2017 Tranche I corporate bonds on
+16 June 2017. The issue price was RMB100 each for a term of 5 years.
+The issuance scale was RMB1,500 million and the nominal interest rate
+was 4.87%. The corporate bonds issued during the period were used to
+repay bank loans and supplement the Company's liquidity.
+The Group monitors its capital by using gearing ratio, which is net debt
+divided by equity. The Group's policy is to maintain the gearing ratio
+as low as possible. Net debt includes interest-bearing bank and other
+borrowings less cash and cash equivalents. Equity represents equity
+attributable to owners of the parent. Therefore, the gearing ratios of the
+Group was 93% and 74% as at 31 December 2017 and 31 December
+2016, respectively.
+Management Discussion and Analysis
+17
+Using Technological Innovation to Meet People's
+(%)
+Yearning for a Better Life
+Domestic shares
+H shares
+66.46
+Shaping the Urban
+Encountering Chinese Red
+During the reporting period, the Company had no significant
+environmental protection or social security issues.
+Environmental Protection and Social Security
+Please refer to note 38 to the financial statements for details of
+contingent liabilities.
+Contingent Liabilities
+Please refer to note 41 to the financial statements for details of capital
+commitments.
+Capital Commitment
+The Company did not redeem any of its shares during the period from
+1 January 2017 to 31 December 2017. During the period, neither
+the Company nor any of its subsidiaries purchased or sold any of the
+Company's shares.
+100.00
+Purchase, Sale or Redemption of Shares
+Total
+2,728,142,855
+33.54
+915,000,000
+1,813,142,855
+The Group's Financial Division is responsible for the Group's financial risk management which operates according to policies implemented and
+approved by senior management. As at 31 December 2017, borrowings were primarily settled in RMB, while cash and cash equivalents were primarily
+held in RMB and US dollar. The Group plans to maintain an appropriate mix of equity and debt to ensure an efficient capital structure during the period.
+As at 31 December 2017, the Group's outstanding loans included RMB loans and foreign currency loans and approximately 68% (2016: 66%) of such
+outstanding loans were at fixed interest rates, with the remaining at floating interest rates.
+10
+Management Discussion and Analysis
+In the field of pure electric buses, the Group achieved well sales
+performances amid the broader market downturn, with the market
+share increased by 3.16 percentage points year-on-year to 14.73%.
+Up to now, BYD's pure electric public transportation products have
+been put into operation in numerous cities across the country including
+Shenzhen, Guangzhou, Tianjin, Dalian, Changsha, Wuhan, Xi'an,
+Nanjing, Hangzhou and Shantou. The overall operation was in good
+condition and the brand reputation has been gradually established.
+In overseas markets, the Group successively received orders from all
+around the world in 2017, including London in Britain, Los Angeles in
+the U.S., Sydney Airport in Australia, Novara in Italy and Okinawa in
+Japan. The "Electrification of Urban Public Transportation" program is
+making headway from China to the globe and China's traffic wisdom
+continues leading the global trend of electrification of urban public
+transportation.
+129
+129
+11
+12
+BYD Company Limited Annual Report 2017
+Management Discussion and Analysis
+RETOUR 3.00
+With regard to new energy passenger vehicle segment, in the first half
+of 2017, the Group launched a plug-in hybrid version of "Song" vehicle
+model, namely "Song DM", which was well received by the market. The
+Group also launched a pure electric version of "Song EV300", which
+further diversified the Group's product line of new energy vehicles.
+Meanwhile, the Group also successively launched the upgraded
+versions of "Qin", "Tang", "e5" and so on, resulting in the rapid rebound
+in sales of the Group's new energy vehicles in the second quarter of
+2017, and sustained strong development momentum.
+MAX
+Concerning the urban rail transportation segment, since the launch
+of straddle monorail "Skyrail" in 2016, the related business achieved
+satisfactory progress and the Group has successively received orders
+from numerous cities in domestic and overseas markets. The first
+commercially operated Skyrail line with proprietary intellectual property
+rights also completed construction and was delivered in September
+2017, marking the official commercial operation stage of BYD's
+"Skyrail" business.
+Handset Components and Assembly Business
+BYD Company Limited Annual Report 2017
+During the Year, the market penetration of metal parts continued to
+increase, thus the Group's metal parts business saw continuous growth.
+Leveraging on its longtime experience, leading technology and mature
+craftsmanship accumulated in the field of metal parts, during the Year,
+the Group continued to receive orders for high-end flagship handset
+models from leading smartphone brand manufacturers. During the Year
+under review, the Group continued to maintain close cooperation with
+leading handset manufacturers in both domestic and overseas markets
+and actively acquired new customers. With the increasing adoption
+of wireless charging and development of 5G communications, metal
+middle frames integrated with glass casings has become the new
+development trend of smartphones. During the Year, the Group actively
+While strengthening its foothold in the new energy vehicle market,
+the Group also promoted the development of traditional fuel vehicle
+business. In September 2017, the Group launched "Song Max", the
+first model featuring the new Dragon Face appearance design, which
+received overwhelming responses from the market. The monthly sales
+volume of "Song Max" exceeded 10,000 units quickly and continued
+to rise, becoming the new growth engine of the traditional fuel vehicle
+business. Since the new model was launched late last year, together
+with the impact of product life cycle of old models, during the Year, the
+Group's fuel vehicle sales volume amounted to 245,000 units, down by
+24.62% year-on-year.
+Against the backdrop of robust development of new energy automobile
+market, BYD actively seized the industry opportunities and continued
+investing in research and development, upgrading technology and
+expanding production capacity to maintain its leading position in
+the new energy vehicle industry. In 2017, the Group achieved sales
+volume of over 110,000 units of new energy vehicles, up by over 15%
+year-on-year. According to statistics of EV sales, the sales of BYD
+new energy vehicles won the worldwide champion again in 2017 and
+ranked first in global sales volume for three consecutive years, further
+consolidating the industry position and brand influence of the Group.
+BYD Company Limited Annual Report 2017
+Automobiles Business
+BYD Company Limited ("BYD" or the "Company") and its subsidiaries
+(collectively referred to as the "Group") are principally engaged in
+the automobiles business including the production and sales of new
+energy vehicles and traditional fuel vehicles, the handset components
+and assembly business, the rechargeable batteries and photovoltaic
+business while actively expanding its urban rail transportation
+business. During the year, the Group's revenue achieved approximately
+RMB102,651 million, representing a year-on-year increase of 2.44%,
+among which, revenue generated by the business of automobiles
+and related products amounted to approximately RMB54,501 million,
+representing a year-on-year decrease of 0.95%. The revenue from
+the handset components and assembly business amounted to
+approximately RMB39,708 million, representing a year-on-year increase
+of 4.27%. The revenue from the rechargeable batteries and photovoltaic
+business was approximately RMB8,442 million, representing a
+year-on-year increase of 18.85%. The three business segments
+Industry Analysis and Review
+Automobiles Business
+Looking back to 2017, China's economy continued the trend of
+steady and favorable development and the benefits of the supply-side
+structural reform gradually emerged. The overall economy was better
+than expected. China recorded a GDP growth of 6.9% in 2017,
+reversing the slowdown seen since 2011 for the first time. China has
+been constantly adjusting and optimizing its economic structure, and
+consumption continued to be the main driving force of economic growth
+and further supported the economic vitality and stability.
+According to the statistics from China Association of Automobile
+Manufacturers, the production and sales volume of automobiles in
+China reached 29,015,000 units and 28,879,000 units, respectively
+in 2017, up by 3.2% and 3% year on year respectively, ranking
+the first in the world for nine consecutive years. In particular, new
+energy automobiles maintained strong development momentum. The
+production and sales volume of new energy vehicles in 2017 reached
+794,000 units and 777,000 units, respectively, up by 53.8% and
+53.3%% year-on-year respectively. The market share of new energy
+vehicles increased by 0.9 percentage points over the previous year and
+its market share increased to 2.7%.
+In 2017, the central government continued to give strong policy support
+to new energy vehicle industry. Against the backdrop of extension
+of financial subsidies as well as tax exemption and reduction, the
+government actively adjusted its supportive measures and policy
+structure so as to establish an effective market-driven mechanism
+in the long run. "The Notice on the Adjustment of Financial Subsidy
+Policies for the Promotion of Application of New Energy Vehicles" (<
+於調整新能源汽車推廣應用財政補貼政策的通知》)jointly
+issued by four ministries, officially took effect on 1 January 2017. The
+notice raised the barrier to market entrants and significantly reduced
+the amount of subsidies, thereby putting pressure on the profitability of
+the related enterprises in the industry in the short term. In September
+2017, five ministries jointly issued the "Parallel Administrative Measures
+for Average Fuel Consumption of Passenger Vehicle Enterprises and
+New Energy Vehicles' Credit Scores" («*¯*YMHÄ
+ÌÍ), pursuant to which,
+passenger vehicle enterprises will be assessed by credit scores for
+passenger vehicles' average fuel consumption and credit scores for the
+proportion of new energy vehicles. New energy vehicle manufacturers
+will benefit from the trading of credit score and obtain additional profit.
+It is expected that the implementation of the credit score policy will
+partially mitigate the impact of reduction in subsidies and provide
+leading new energy vehicle manufacturers with a more sustainable and
+stable source of profit. The market-driven mechanism will consolidate
+the advantages and positions of leading manufacturers while
+eliminating weaker players in the industry, so as to ultimately achieve
+the long-term healthy development of new energy vehicle industry.
+MAX
+BYD Company Limited Annual Report 2017
+Management Discussion and Analysis
+Handset Components and Assembly Business
+According to the statistical data from IDC (a research institution), the
+total global smartphone shipments amounted to 1.462 billion units in
+2017, down by 0.5% year-on-year. According to the latest data released
+by China Academy of Telecommunication Research, handset shipments
+in China were 491 million units in 2017, down by 12.3% year-on-year.
+In particular, smartphone shipments were 461 million units, down by
+11.6% year-on-year and accounted for 93.9% of domestic handset
+shipments over the same period. The smartphone market became more
+saturated.
+In face of slowing market demand and increasingly fierce market
+competition, domestic and foreign handset manufacturers have become
+more focused on the appearance design and material selection to
+achieve differentiation and enhance market competitiveness. During the
+Year, smartphone industry extended the development trend of adopting
+thinner, lighter and all-screen display. The penetration of metal parts
+and glass casings in mobile intelligent terminals including smartphones
+continued to increase, and the market saw increasingly robust demand
+for metal parts and glass casings.
+Rechargeable Batteries and Photovoltaic Business
+During the Year, the sales of global consumer electronics continued to
+decline, thus the market demand for their upstream components lithium
+batteries remained sluggish. As for the photovoltaic industry, the global
+photovoltaic market saw strong growth in 2017, with new installed
+capacity up by 37% year-on-year to 102 GW. Due to the multiple
+stimulus factors such as the adjustment of the on-grid tariff, the scale
+of China's photovoltaic market expanded rapidly in 2017 but the market
+competition remained fierce.
+Business Review
+accounted for 53.09%, 38.69% and 8.22% of the Group's total
+revenue, respectively. During the year, the revenue of the new energy
+automobile business achieved approximately RMB38,546 million,
+representing a year-on-year increase of 13.06%, the proportion of the
+Group's revenue further increased to 37.55%.
+As one of the most comprehensive competitive handset component
+and assembly service suppliers in the world at present, BYD
+provides complete device design, component manufacturing and
+complete device assembly services for both domestic and overseas
+handset manufacturers as well as other mobile intelligent terminal
+manufacturers through its vertically integrated one-stop operating
+model. The revenue from the handset components and assembly
+business of the Group in 2017 amounted to approximately RMB39,708
+million, representing a year-on-year increase of approximately 4.27%.
+Each Committee reports regularly to the Board of Directors, addressing
+major issues and findings with valuable recommendations for the
+decision making of the Board of Directors. The particulars of these
+Committees are set out hereunder.
+) (currently known as "Northeastern University") in 1988 with a
+bachelor's degree and later a master's degree in Metallurgical physics.
+Mr. Liu worked for the Iron and Steel Institute of Panzhihua Iron and
+Steel Company in Sichuan (四川攀枝花鋼鐵公司鋼鐵研究
+院) and Benxi Iron and Steel Company in Liaoning (遼寧本溪鋼鐵
+A). He joined BYD Industries in March 1997, currently being a
+Vice-President of the Company, general manager of Human Resources
+Liu Huan-ming
+Mr. Liu Huan-ming, born in 1963, Chinese national with no right of
+abode overseas, master's degree holder, and a senior engineer. Mr.
+Liu graduated from Northeastern Institute of Technology (
+Office and Department of New Energy Vehicle Direct Sale Management,
+chairman of Nanjing Jiangnan Electric Car Rental Company Limited (
+京江南純電動出租汽車有限公司) and a director of BYD Charity
+Foundation.
+Zhang Jin-tao
+Mr. Zhang Jin-tao, born in 1958, Chinese national with no right of
+abode overseas, bachelor's degree holder, and a senior engineer. Mr.
+Zhang graduated from Wuhan Institute of Technology (
+) (currently known as "Wuhan University of Technology") in 1982,
+majoring in casting process and equipment, with a bachelor's degree in
+engineering. From April 1997 to February 1998, he went to Fukushima
+Hightech Center in Japan for further study. Mr. Zhang worked for
+several companies, including state-owned Factory 612, Factory 446
+and Monkey King Group Company (), and was a
+member of National Welding Committee for Standardization (
+標準化委員會) and Welding Slice Technology Committee (電焊條
+), and the vice-chairman of Hubei Province Machinery
+Manufacturing Technology Association (湖北省機械製造工藝協會).
+Mr. Zhang joined BYD Industries in February 2000, holding posts such
+as manager of Engineering Department, manager of Electric Vehicle
+Project Department, general manager of Division 14 and Division 8 and
+president of the Truck and Specialized Vehicle Research Institute (
+\). He currently is a Vice President of the Company,
+general manager of Division 17 and director of Hangzhou West Lake
+BYD_New Energy Automobile Co., Ltd. (杭州西湖比亞迪新能源汽
+), director of Beijing Hualin Special Vehicle Co., Ltd. (±À
+#MRA) and chairman of BYD Charity Foundation.
+BYD Company Limited Annual Report 2017
+Directors, Supervisors and Senior Management
+Luo Hong-bin
+Mr. Luo Hong-bin, born in 1966, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Luo graduated from Air Force
+Engineering University in 1990, with a master's degree in computer
+application. Mr. Luo joined the Company in October 2003. He served
+various posts including manager of the third Electronics Sub-division of
+Division 15 and director of the Institute of Electric vehicles. He currently
+is a Vice President of the Company, general manager of Division 14,
+president of the Electric Power Research Institute and a director of BYD
+Charity Foundation.
+Wang Chuan-fang
+Mr. Wang Chuan-fang, born in 1961, Chinese national with no right
+of abode overseas, who is the elder brother of Mr. Wang Chuan-fu.
+Mr. Wang joined BYD Industries in August 1996 and held positions
+including Personnel Manager and Logistics Manager. He currently is a
+Vice President of the Company, general manager of Logistics Division,
+general manager of Rail Engineering Department and a director of
+Yinchuan Sky Rail Operation Co., Ltd. ()||¥ŒĦRA).
+Ren Lin
+Mr. Ren Lin, born in 1967, Chinese national with no right of abode
+overseas, bachelor's degree holder, and a senior engineer. Mr.
+Ren graduated from Beijing Institute of Technology in 1989, with a
+bachelor's degree majoring in mechanical design, manufacturing and
+automation. He went to Japan, Tsinghua University (A) and
+Beijing Institute of Technology (I) for multiple times for
+further study during his terms of office. Mr. Ren once worked in Shanxi
+Qinchuan Motor Co., Ltd. ()||X£&£12). He
+joined the Company in January 2003 and held positions as executive
+Vice President of Automotive Engineering Institute (IR).
+He currently is a Vice President of the Company, general manager of
+Division 21.
+), a director of Qinghai Salt Lake BYD Resources Development Co.,
+Ltd. (青海鹽湖比亞迪資源開發有限公司), a director of China
+Metallurgical New Energy Technology Co., Ltd (+AN
+) and a director of BYD Charity Foundation.
+Mr. He Long, born in 1972, Chinese national with no right of abode
+overseas, master's degree holder. Mr. He graduated from Peking
+University in 1999 and obtained a bachelor's degree of science in
+applied chemistry, an LLB and a master's degree in inorganic chemistry.
+Mr. He joined BYD Industries in July 1999 and held positions as quality
+control manager of Division 1 and Division 2, deputy general manager
+of Division 2 and vice-chairman of Foshan Jinhui Hi-Tech Optoelectronic
+Material Co., Ltd. (XEMOGRA). He
+is a Vice President of the Company, CEO of Battery Division, general
+manager of Division 2, a director of Tibet Shigatse Zhabuye Lithium
+High-Tech Co., Ltd. (NA
+He Long
+A) (formerly known as "Shenzhen BYD Daimler New
+Technology Co., Ltd.”(深圳比亞迪戴姆勒新技術有限公司) and
+a director of BYD Charity Foundation.
+Electronic (International) Company Limited (Stock Code: 0285), a
+director of Tibet Shigatse Zhabuye Lithium High-Tech Co., Ltd. (
+日喀則紮布耶鋰業高科技有限公司),a Supervisor of Qianhai
+Insurance Exchange Centre (Shenzhen) Co., Ltd. (
+中心(深圳)股份有限公司), the chairman of Shenzhen BYD
+International Financial Leasing Co., Ltd
+KIXU
+A), a director of Shenzhen Shendianneng Electricity Co.,
+Ltd. (深圳市深電能售電有限公司),chairman of Shenzhen_BYD
+Electric Car Investment Co., Ltd. (深圳比亞迪電動汽車投資有限
+A), chairman of Shenzhen Didi New Energy Vehicle Rental Co., Ltd.
+(深圳市迪滴新能源汽車租賃有限公司),chairman of BYD Auto
+Finance Company Limited (比亞迪汽車金融有限公司), chairman of
+Energy Storage Power Station (Hubei) Co., Ltd. (
+A), chairman of Nanjing Zhongbei Didi New Energy Vehicle
+Rental Service Co., Ltd. (南京中北迪滴新能源汽車租賃服務有
+B), a director of BYD International Financial Leasing (Tianjin) Co.,
+Ltd (比亞迪國際融資租賃 (天津) 有限公司) and a director of
+BYD Charity Foundation.
+Wang Jie
+23
+BYD Company Limited Annual Report 2017
+Directors, Supervisors and Senior Management
+Li Ke
+Ms. Li Ke, born in 1970, Chinese national with the right of abode in the
+US, bachelor's degree holder. Ms. Li graduated from Fudan University
+in 1992 with a bachelor's degree in statistics. Ms. Li worked at Asia
+Resources () and joined BYD Industries in September
+1996. She served various positions including Marketing Manager and
+General Sales Manager, executive director and chief executive officer
+of BYD Electronic (International) Company Limited (Stock Code: 0285)
+and is a Vice President of the Company and a director of BYD Charity
+Foundation.
+Lian Yu-bo
+Mr. Lian Yu-bo, born in 1964, Chinese national with no right of abode
+overseas, master's degree holder, and a senior engineer. Mr. Lian
+graduated from Nanjing University of Aeronautics and Astronautics (
+) in July 1986, with a bachelor's degree majoring
+in aircraft manufacturing engineering. In September 2000, he obtained
+a professional MBA degree from Nanjing University. Mr. Lian joined the
+Company in February 2004 and is a Vice President of the Company,
+chief engineer of the automobile business. He is also a director of
+Shenzhen DENZA New Energy Automotive Co., Ltd. (K
+24
+) and obtained qualification as a PRC Certified Public
+Accountant in 1995. In July 2006, he graduated from Guanghua School
+of Management of the Peking University (****
+B) with an MBA. Mr. Wu worked at Guangzhou Youngy Management
+& Investment Group Company Limited (¥¤¶¶
+) and was responsible for finance and related duties. He
+joined BYD Industries in September 1995 as its financial manager. He
+is the Senior Vice President and Chief Financial Officer of the Company,
+and held various positions including a non-executive director of BYD
+Mr. Wang Jie, born in 1964, Chinese national with no right of abode
+overseas, bachelor's degree holder. Mr. Wang graduated from Xi'an
+Institute of Gold Mining and Construction (£À)
+(now known as Xi'an University of Architecture and Technology (
+)) in 1988 with a Bachelor's degree in Engineering,
+sales director and deputy general manager of the Company's Sales &
+Marketing Division. He currently is a Vice President of the Company,
+CEO of Commercial Vehicles Division, and a director of Shenzhen
+Qianhai Green Transportation Co., Ltd. (深圳市前海綠色交通有
+5,785
+Lv Xiang-yang
+Vice-chairman and non-executive director
+Incumbent
+170
+Xia Zuo-quan
+Non-executive director
+Incumbent
+170
+Wang Zi-dong
+Independent non-executive Director
+Incumbent
+170
+Zou Fei
+Independent non-executive Director
+Incumbent
+Chairman, Executive Director and President
+Wang Chuan-fu
+Total remuneration
+received from
+the Company
+(Unit: RMB'000)
+A), a director of Nanjing Jiangnan Electric Car Rental Company
+Limited (南京江南純電動出租汽車有限公司), a director of Xi'an
+Infrastructure Yadi Automobile Service Co., Ltd (
+2)), a director of Hangzhou West Lake BYD New
+Energy Automobile Co., Ltd. (杭州西湖比亞迪新能源汽車有限公
+]), a director of Beijing Hualin Special Vehicle Co., Ltd. (ÀM
+), a director of Guangzhou Guang Qi BYD New Energy
+Bus Co., Ltd.(廣州廣汽比亞迪新能源客車有限公司),and a
+director of Chengdu Shudu BYD New Energy Vehicles Co., Ltd (
+都比亞迪新能源汽車有限公司).
+Li Qian
+Mr. Li Qian, born in 1973, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Li graduated from Jiangxi
+University of Finance and Economics (I) in 1997, with a
+bachelor's degree in economics. He graduated from Guanghua School
+of Management of the Peking University (北京大學光華管理學院)
+with an MBA in July 2016. Mr. Li was the auditor and business adviser
+of PwC China and Arthur Andersen, respectively, and the securities
+business representative of ZTE Corporation (A
+]). Mr. Li joined the Company in August 2005 and is the secretary to
+the Board and Company Secretary of the Company. He is also a joint
+company secretary of BYD Electronic (International) Company Limited
+(stock code: 0285) and a supervisor of Tibet Shigatse Zhabuye Lithium
+High-Tech Co., Ltd (西藏日喀則紮布耶鋰業高科技有限公司).
+Zhou Ya-lin
+Ms. Zhou Ya-lin, born in 1977, Chinese national with no right of abode
+overseas, bachelor's degree holder. Ms. Zhou graduated from Jiangxi
+University of Finance and Economics () in 1999, with
+a bachelor's degree in economics. Ms. Zhou joined BYD Industries in
+March 1999 and is the Chief Accountant of the Company. She is also
+the chief financial officer of BYD Electronic (International) Company
+Limited (Stock Code: 0285), a director of Shenzhen BYD Electric Car
+Investment Co., Ltd. (深圳市比亞迪電動汽車投資有限公司)
+and a director of Shenzhen Qianhai Green Transportation Co., Ltd. (
+圳市前海綠色交通有限公司), a supervisor of Shenzhen BYD
+International Financial Leasing Co., Ltd
+IXU
+majoring in Industry Enterprises Automatisation. Mr. Wang once worked
+in Jiaxing Metallurgy Manufacture Factory of Metallurgy Department
+(A). Mr. Wang joined the Company in
+September 1996, he served various positions including sales manager,
+25
+BYD Company Limited Annual Report 2017
+Directors, Supervisors and Senior Management
+), a director of BYD Auto Finance Company Limited (±²), a supervisor of Hangzhou West Lake BYD New
+Energy Automobile Co., Ltd. (L), a supervisor of Beijing Hualin Special Vehicle Co., Ltd. (MHE
+), a director of Xi'an Infrastructure Yadi Automobile Service Co., Ltd (1), a director of Chengdu
+Shudu BYD New Energy Vehicles Co., Ltd (¾¾¾¾¾R2)), a director of Qinghai Salt Lake BYD Resources Development
+Co., Ltd. (L), a supervisor of Yinchuan Sky Rail Operation Co., Ltd. (ĦRì), a director
+of Guangzhou Guang Qi BYD New Energy Bus Co., Ltd. (A), a supervisor of Shenzhen DENZA New Energy
+Automotive Co., Ltd. and a supervisor of BYD Charity Foundation.
+Directors', supervisors' and senior management's remuneration during the reporting period
+Name
+Position
+Status of employment
+26
+Incumbent
+Mr. Wu Jing-sheng, born in 1963, Chinese national with no right of
+abode overseas, master's degree holder. Mr. Wu graduated from Anhui
+Normal University (A), majoring in Chinese language.
+He took part in National Examination for Lawyers ()
+and obtained qualification as a lawyer from the Department of Justice
+of Anhui Province () in 1992. Mr. Wu also passed
+the National Examination for Certified Public Accountants (
+Senior Management
+Lv Xiang-yang
+Mr. Lv Xiang-yang, born in 1962, Chinese national with no right of
+abode overseas, bachelor's degree holder, economist and elder cousin
+of Mr. Wang Chuan-fu. Mr. Lv worked at Chaohu Centre Branch of the
+People's Bank of China (+ùí). In February
+1995, he founded BYD Industries with Mr. Wang Chuan-fu. He is the
+Vice Chairman and a Non-Executive Director of the Company and also
+the chairman of Youngy Investment Holding Group Co., Ltd. (ÆÐA
+控股集團有限公司) and Youngy Co., Ltd (融捷股份有限公司),
+chairman of Chengdu Jieyi Electronic Technology Limited (
+電子科技有限公司), chairman of Onyx International Inc. (廣州文石
+SNRRA), chairman of Hainan Shiyin Energy Technology
+Co., Ltd (海南世銀能源科技有限公司), chairman of Hefei Youngy
+Technology Industrial Company Limited (合肥融捷科技實業有限
+A), chairman of Wuhu Youngy Optoelectronic Material Technology
+Company Limited(蕪湖融捷光電材料科技有限公司),executive
+director of Guangdong Youngy Optoelectronics Technology Co., Ltd
+(廣東融捷光電科技有限公司),vice chairman of Guangzhou
+Shengguang Microelectronics Limited (NIRA
+), vice chairman of Guangzhou OED Technologies Co., Ltd (
+REFNRRA), a director of Anhua Agricultural Insurance
+Company Limited (安華農業保險股份有限公司),chairman of
+Guangdong Youngy Financing Guarantee Company Limited (
+捷融資擔保有限公司), chairman of Guangdong Youngy Financing
+Renting Company Limited (RA), executive
+director of Shenzhen Youngy Guarantee Company Limited (
+RR), executive director of Guangdong Youngy
+Supply Chain Management Co., Ltd (
+), chairman of Shenzhen Youngy Asset Management Co., Ltd (
+融捷資產管理有限公司), chairman of Shenzhen Manqian Network
+Technology Limited (深圳市慢錢網絡科技有限公司), honorary
+chairman of Anhui Chamber of Commerce in Guangdong province (
+) and vice chairman of BYD Charity Foundation.
+BYD Company Limited Annual Report 2017
+Directors, Supervisors and Senior Management
+Xia Zuo-quan
+Mr. Xia Zuo-quan, born in 1963, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Xia studied computer science in
+Beijing Institute of Iron and Steel Engineering ()(now
+known as University of Science & Technology of Beijing (ĦĦA
+))from 1985 to 1987 and he graduated from Guanghua School of
+Management of Peking University (★ª¤‡¥£¾À) with
+an MBA in 2007. Mr. Xia worked in the Hubei branch of The People's
+Insurance Company (+) and joined BYD Industries
+in 1997 and held positions as an executive Director and Vice President
+of the Company. He is a non-executive Director of the Company and
+chairman of Shenzhen Zhengxuan Investment (Holdings) Co., Ltd (
+圳市正軒投資有限公司), Shenzhen Zhengxuan Qianhai Equity
+Investment Fund Management Co., Ltd (
+€¥Â¥ÁRA), Shenzhen Zhengxuan Qianzhan Venture
+Capital Co. Ltd. (深圳市正軒前瞻創業投資有限公司) and Beijing
+Zhengxuan Investment Co., Ltd (ŒÂ®ÂŒÃ¬), a
+director of Shenzhen Youbixuan Technology Company Limited (
+R), a director of Sinocompound Catalysts Co.
+Ltd. (formerly known as "Zhangjiagang Applica Technology Co., Ltd.")
+(江蘇欣諾科催化劑有限公司, 前稱“張家港雅普利華生
+WARĦRA"), a director of Shenzhen UniFortune Supply Chain
+Service Co., Ltd.
+HØNTI), a
+director of Beijing Lingyi Space Technology Limited (¥¥¥ª¾
+), chairman of Shenzhen Zhengxuan Venture Capital Co.
+Ltd. (深圳市正軒創業投資有限公司),chairman of Annuo Youda
+Gene Technology (Beijing) Co. Ltd. (#CHON (7)
+A), a director of Guangdong Beizhi Cepin Network Technology
+Co., Ltd.(廣東倍智測聘網路科技股份有限公司), an independent
+director of China Baofeng (International) Limited (formerly known as
+"Mastercraft International Holdings Limited”) (+K‡R
+公司, “前稱馬仕達國際控股有限公司”), an independent
+director of China Yuhua Education Corporation Limited (+
+#ƒ¶¶¶¸Â¬), executive (managing) director of Shenzhen
+Non-executive Directors
+2015 etc.
+Year China Economy Innovation Award" (=\CCTV+
+濟年度人物年度創新獎), Southern Guangdong Meritorious Service
+Award (in 2011, and Zayed Future Energy Prize Lifetime
+Achievement Award (扎耶德未來能源獎個人終身成就獎) in
+2014 and Best Business Leader in China (+) in
+Mr. Wang, being a technology expert, enjoyed special allowances
+from the State Council. In June 2003, he was awarded Star of Asia
+by BusinessWeek. He was awarded with Mayor award of Shenzhen in
+2004 (), "The 2008 CCTV Man of the
+ecial Service
+Metroline
+Metroline
+BYD
+LJ16 EZN
+Metroline
+DADO
+Zhengxuan Makerspace Technology Limited (E
+20
+Directors, Supervisors and Senior Management
+Executive Director
+Wang Chuan-fu
+Mr. Wang Chuan-fu, born in 1966, Chinese national with no right of
+abode overseas, master's degree holder, senior engineer, younger
+brother of Mr. Wang Chuan-fang and younger cousin of Mr. Lv
+Xiang-yang. Mr. Wang graduated from Central South University of
+Technology (*) (currently Central South University)
+in 1987 with a bachelor's degree majoring in metallurgy physical
+chemistry, and then graduated from Beijing Non-Ferrous Research
+Institute (¿ÂƒÀ¼À) in the PRC in 1990 with a
+master's degree majoring in material science Mr. Wang held positions
+as vice supervisor in Beijing Non-Ferrous Research Institute, general
+Imanager in Shenzhen Bi Ge Battery Co. Limited
+). In February 1995, he founded Shenzhen BYD
+Battery Company Limited (深圳市比亞迪實業有限公司)(“BYD
+Industries", became BYD Company Limited on 11 June 2002) with
+Mr. Lv Xiang-yang and took the position of general manager. He is the
+Chairman, an Executive Director and the President of the Company
+and is responsible for the general operations of the Group and the
+development of business strategies for the Group. He is a non-executive
+director and the chairman of BYD Electronic (International) Company
+Limited (Stock Code: 0285), a director of Shenzhen DENZA New Energy
+Automotive Co.,Ltd. (深圳騰勢新能源汽車有限公司)(formerly
+known as Shenzhen BYD Daimler New Technology Co., Ltd. (
+迪戴姆勒新技術有限公司)) vice chairman of Shenzhen Pengcheng
+Electric Automobiles Renting Co. Ltd. (深圳市鵬程電動汽車出租有
+限公司), a director of Tianjin BYD Auto Co., Ltd. (天津比亞迪汽車
+A), a director of China Railway Engineering Consulting Group
+Co., Ltd., (中鐵工程設計諮詢集團有限公司) an independent
+director of Renren Inc., a director of South University of Science and
+Technology of China () and a director of BYD Charity
+Foundation.
+BYD Company Limited Annual Report 2017
+Wu Jing-sheng
+), chairman of Shenzhen Dichuanghui Technology
+Charity Foundation and vice chairman of Shenzhen Lianxia Charity
+Foundation (深圳市蓮夏慈善基金會).
+Technology Co., Ltd (NRĦĦRZ), supervisor
+of Chengdu Shudu BYD New Energy Vehicles Co., Ltd (5¾×
+迪新能源汽車有限公司), supervisor of Yinchuan Sky Rail Operation
+Co., Ltd. (RĦRA), supervisor of Guang'an City Sky
+Rail Transportation Co., Ltd. (廣安市雲軌交通有限公司), supervisor
+of Shantou City Sky Rail Transportation Co., Ltd. (HÒA
+Ħ), supervisor of Jining City Sky Rail Transportation Co., Ltd.
+(À¥¥¥Ð) and Secretary-General of BYD Charity
+Foundation.
+BYD Company Limited Annual Report 2017
+Directors, Supervisors and Senior Management
+Yang Dong-sheng
+Mr. Yang Dong-sheng, born in 1979, Chinese national with no right of
+abode overseas, master's degree holder, and a senior engineer. Mr.
+Yang graduated from Northeastern University () in March
+2005 with master's degree. Mr. Yang joined the Company in 2005 and
+has held positions including senior engineer in Automotive Engineering
+Research Institute, vice manager in the Chassis Division of the
+Automotive Engineering Research Institute, senior business secretary of
+the President, general manager of the Product and Technical Planning
+Division, and is presently a supervisor of the Company and the dean
+of the Company's Product Planning and New Automotive Technology
+Research Institute.
+Huang Jiang-feng
+Mr. Huang Jiang-feng, born in 1980, Chinese national with no right
+of abode overseas, bachelor's degree holder. Mr. Huang graduated
+from Zhongnan University of Economics and Law (
+in 2003 with a bachelor's degree in administration. Mr. Huang
+held positions in Sinopec Chenzhou Petroleum Branch in Hunan (+
+), Dongguan Hsu Fu Chi Foods Co.,
+Ltd. () and Guangzhou Office of Guosen
+Securities (N). He has been working in Youngy
+Investment Holding Group Co., Ltd. (
+) since August 2008, and has been a supervisor of the Company
+since September 2014 and now serves as a director and vice president
+of Youngy Investment Holding Group Co., Ltd. (£K¶¶
+A), general manager of Shenzhen Qianhai Youngy Financial
+Services Company Limited (深圳前海融捷金融服務有限公司),
+a supervisor of Shenzhen Qianhai Youngy High Technology Investment
+Company Limited (深圳前海融捷高新技術投資有限公司), a
+supervisor of Shenzhen Youngy Internet Financial Services Company
+Limited (深圳融捷互聯網金融服務有限公司),director and
+manager of Guangdong Youngy Financing Renting Company Limited (
+東融捷融資租賃有限公司), general manager of Shenzhen Qianhai
+Youngy Supply Chain Factoring Services Co., Ltd (
+應鏈保理服務有限公司), a supervisor of Guangzhou Youngy Equity
+Investment Co., Ltd (A), manager of
+Guangdong Youngy Financing Service Company Limited (
+R), manager of Guangdong Youngy Supply Chain
+Management Co., Ltd (廣東融捷供應鏈管理有限公司).
+Ms. Wang Zhen, born in 1976, Chinese national with no right of
+abode overseas, bachelor's degree holder. Ms. Wang graduated from
+Guangdong University of Foreign Studies () in the
+PRC in 1998, majoring in Spanish language and obtained a bachelor
+degree. Ms. Wang joined BYD Industries in 1998 and served as a
+manager in overseas Ministry of Commerce. She is a Supervisor of
+the Company and officer of the President's office, director of the rail
+transit industry office, general manager of BYD Company (Pingshan
+District) and a supervisor of Shenzhen Qianhai Green Transportation Co.,
+Ltd. (深圳市前海綠色交通有限公司),a supervisor of Shenzhen
+Electric Power Sales Co., Ltd. (FÆT££TÁRA),
+supervisor of East Shenzhen Sky Rail Investment Construction Co., Ltd
+(深圳東部雲軌投資建設有限公司),supervisor of Qinghai Salt
+Lake BYD Resources Development Co., Ltd. (ŁO
+A), supervisor of China Metallurgical New Energy
+Wang Zhen
+), director and the general manager of Xi'an
+Northern Qinchuan Company Ltd.(西安北方秦川集團有限公司).
+He has been a Supervisor of the Company since June 2008 and now
+serves as the deputy general manager of China North Industries Group
+Corporation (中國兵器西北工業集團有限公司) and the chairman
+of Xi'an Northern Qinchuan Company Ltd. (西安北方秦川集團有限
+公司).
+Mr. Li Yong-zhao, born in 1961, Chinese national with no right of abode
+overseas, bachelor's degree holder, and a researcher level senior
+engineer. Mr. Li graduated from Xi'an Institute of Technology (
+I) in August 1982 with a bachelor's degree in Mechanical
+Manufacturing Technology and Equipment. Mr. Li worked as technician,
+office head, deputy director, director, deputy plant manager and held
+other posts in state-owned, 615 Factory, China Industries Group
+Corporation (中國兵器工業集團公司). He also acted as the
+general manager of the Sino-foreign joint venture named Baoji Xingbao
+Machinery & Electric Co., Ltd. (A), plant manager
+of state-owned Factory 843 China Industries Group Corporation (+
+IA) since May 2002, director and general manager
+of Xi'an Northern Qinchuan Machinery Corporation Co., Ltd. (
+Independent Non-executive Directors
+Wang Zi-dong
+Mr. Wang Zi-dong, born in 1958, Chinese national with no right of
+abode overseas, bachelor's degree holder and a senior engineer. Mr.
+Wang graduated from Beijing Industrial Institute (currently known as
+Beijing Institute of Technology) (北京工業學院(現北京理工大
+)) in 1982 with a bachelor's degree in engineering. Mr. Wang has
+been an independent Director of the Company since September 2014
+and now serves as a researcher in China North Vehicle Research
+Institute (t), a director of China North Vehicle
+Research Institute (Battery Test Center of National 863 Electric Vehicle)
+(中國北方車輛研究所(國家863電動車動力電池測試中
+)), an independent non-executive director of Cangzhou Mingzhu
+Plastic_Material Co., Ltd (滄州明珠塑料股份有限公司) and an
+independent director of Beijing Easpring Material Technology Co., Ltd
+(北京當升材料科技股份有限公司).
+Zou Fei
+Mr. Zou Fei, born in 1973, American national, doctoral degree holder,
+chartered financial analyst, member of Chinese Finance Association
+of America, and expert listed in "Thousand Talents Program" of the
+Organisation Department of the CPC Central Committee. Mr. Zou
+graduated from University of Texas in the United States with a master's
+degree in economics and a doctorate in finance. Mr. Zou served as a
+fund manager of American Century Investments and was managing
+director of the special investment department of China Investment
+Corporation (AGRĦĦ¬). He has also served in other
+capacities including as the former chairman of the board of Chinese
+Finance Association of America and an independent director of China
+Modern Dairy Holdings Ltd (中國現代牧業控股有限公司). He has
+been as an independent Director of the Company since September
+2014 and now serves as the president of Synergy Capital and an
+independent director of Delta Dunia Makmur TBK PT in Indonesia.
+21
+22
+Limited (深圳市迪創會科技有限公司),vice chairman of BYD
+BYD Company Limited Annual Report 2017
+Zhang Ran
+Ms. Zhang Ran, born in 1977, Chinese national with no right of abode
+overseas, doctoral degree holder and associate professor. Ms. Zhang
+graduated from Beijing Jiao Tong University () in
+2002 with a bachelor degree of accountancy and a master degree
+in economics. She obtained a doctoral degree in accountancy from
+Leeds School of Business, University of Colorado at Boulder in 2006.
+Ms. Zhang held positions as a part-time lecturer in Leeds School of
+Business, University of Colorado at Boulder, and as an accounting and
+auditing tax commissioner in Bill Brooks CPA, Boulder, CO, USA. She
+has been an independent director of the Company since September
+2014 and now serves as an associate professor of accounting and
+doctoral tutor in Guanghua School of Management of Peking University
+(¯à¥‡), an independent director of Beijing
+Novogene Technology Co., Ltd.(北京諾禾致源科技股份有限公
+), an independent director of DMG Entertainment and Media Co.,
+Ltd. (印紀娛樂傳媒股份有限公司) and an independent director of
+Beijing Sanfo Outdoor Products Co., Ltd (北京三夫戶外用品股份有
+限公司).
+Supervisors
+Dong Jun-qing
+Mr. Dong Jun-qing, born in 1934, Chinese national with no right of
+abode overseas, bachelor's degree holder, and a senior engineer at
+professor level. Mr. Dong graduated from Non-Ferrous Metal and Gold
+Faculty in Moscow, USSR in 1959, with a bachelor's degree majoring
+in aluminium and magnesium metallurgy, and obtained the title of
+USSR engineer. Mr. Dong lectured at Non-Ferrous Metallurgy Faculty
+of the Northeast University () in the PRC and
+researched at Beijing Non-Ferrous Research Institute (
+) and was engaged in research and development work
+in our Company. He has been a Supervisor and the chairman of the
+Supervisory Committee since July 2002.
+Li Yong-zhao
+Directors, Supervisors and Senior Management
+170
+Zhang Ran
+Dong Jun-qing
+In accordance with the Company's Articles of Association and related
+Board resolutions, each Board member and each member of the
+Supervisory Committee is appointed for a term of 3 years, being the
+period from 8 September 2017 to 7 September 2020.
+Continuous Professional Development of
+Directors
+Newly appointed Directors of the Company will be provided with
+relevant induction materials to assist them to fully understand their
+duties as a director under the requirements of the relevant laws
+and regulations, such as the Listing Rules. This will also help the
+directors to gain insights in the Company's business and operation. In
+order to ensure adequate performance of duties by the independent
+non-executive Directors, the Company will also arrange on-site
+visits and sufficient communication with the management for the
+independent non-executive Directors. Pursuant to the corporate
+governance requirements, the Directors should participate in continuous
+professional development programme to develop and update their
+knowledge and skills. The particulars of the trainings of each Director
+are as follow:
+Board Meetings
+To ensure the highest attendance of Directors, written notices are sent
+to all Directors 14 days before a regular board meeting; written notices
+are sent to all Directors 2 days before a provisional board meeting. The
+meeting agenda is set in consultation with members of the Board. The
+Board held twenty two meetings in 2017. The attendance of individual
+Director at the Board meetings as well as general meetings in 2017 is
+set out below:
+Annual
+General
+Extraordinary
+General
+Members of the Board
+Board Meeting
+Meeting
+Meeting
+Executive Director
+WANG Chuan-fu
+22/22
+1/1
+Corporate Governance Report
+BYD Company Limited Annual Report 2017
+28
+The Directors decide on corporate strategies, approve overall business
+plans and supervise the Group's financial performance, management
+and organization on behalf of the shareholders. Specific tasks that the
+Board delegates to the Group's management included the preparation
+of annual and interim accounts for the Board's approval before public
+reporting; implementation of strategies approved by the Board; the
+implementation of internal control procedures; and the ensuring of
+compliance with relevant statutory requirements and other regulations
+and rules.
+BYD Company Limited Annual Report 2017
+27
+Corporate Governance Report
+The Board of Directors believes that good corporate governance is
+an essential element in enhancing the confidence of current and
+potential shareholders, investors, employees, business partners and the
+community as a whole. To this end, we strive to promote and uphold the
+highest standard of corporate governance.
+The Company has put in place corporate governance practices to
+comply with all the provisions and most of the recommended best
+practices of the Corporate Governance Code (the "Code") except for the
+deviation from the code provisions A.2.1 and A.6.7.
+Code provision A.2.1 provides that the roles of chairman and chief
+executive officer should be separate and should not be performed by
+the same individual. Mr. Wang Chuan-fu is the Chairman and Chief
+Executive Officer of the Company. The Board considers that this
+structure will not impair the balance of power and authority between the
+Board and the management of the Company. The balance of power and
+authority is ensured by the operations of the Board, which comprises
+experienced and high caliber individuals and meets regularly to discuss
+issues affecting operations of the Group. The Board believes that this
+structure is conducive to strong and consistent leadership, enabling
+the Group to make and implement decisions promptly and efficiently.
+The Board has full confidence in Mr. Wang and believes that this
+appointment to the posts of Chairman and Chief Executive Officer is
+beneficial to the business prospects of the Company.
+Code provision A.6.7 stipulates that independent non-executive
+Directors and non-executive Directors should attend general meetings.
+Due to important business engagements and logistics reasons at
+the relevant time, not all independent non-executive Directors and
+non-executive Directors attended the annual general meeting of the
+Company held on 6 June 2017 and the extraordinary general meeting
+held on 8 September 2017.
+1/1
+During the reporting period, except for the deviation from code
+provisions A.2.1 and A.6.7 as explained above, the Directors are of the
+opinion that the Company had complied with all applicable provisions of
+the Code.
+Accountable to the Shareholders, the Board of Directors is collectively
+responsible for formulating the strategic business direction of the Group
+and setting objectives for management, overseeing its performance and
+assessing the effectiveness of management strategies. The Board is
+also responsible for, and has during the Year performed the corporate
+governance duties set out in code provision D.3.1 of the Code (including
+the determining of the corporate governance policy of the Company).
+The Directors
+As of the date of this report, the Board comprises six Directors. There
+is one executive Director who is the President, two non-executive
+Directors and three independent non-executive Directors. Detailed
+biographies outlining each individual Director's range of specialist
+experience and suitability of the successful long-term running of the
+Group are set out on page 20 to page 26 of this annual report.
+The Group believes that its non-executive and independent
+non-executive Directors composition are well balanced with each
+Director having sound knowledge, experience and/or expertise
+relevant to the business operations and development of the Group. All
+Directors are aware of their collective and individual responsibilities to
+the Shareholders and have exercised their duties with care, skill and
+diligence, contributing to the successful performance of the Group for
+the Year under review.
+The Company has received from each of the independent non-executive
+Directors an annual confirmation of his independence as required under
+the Rules Governing the Listing of Securities on the Hong Kong Stock
+Exchange (the "Listing Rules"). The Company considers all independent
+non-executive Directors to be independent.
+The Company has arranged appropriate insurance cover in respect
+of legal actions against its Directors and senior management with the
+extent of this insurance being reviewed each year.
+The Board met twenty-two times this year to discuss the Group's
+overall strategy, operation, financial performance and review the status
+of regulatory compliance. The Board also ensures that it is supplied
+in a timely manner with all necessary information in a form and of
+a quality appropriate to enable it to discharge its duties. All Board
+meetings adhere to a formal agenda in which a schedule of matter is
+specifically addressed to the Board for its decision. Topics discussed
+at these Board meetings include quarterly, interim and annual results;
+recommendations on the remuneration of Directors and supervisors,
+recommendations of auditors, approval of major capital project;
+dividend policies; and other significant operational and financial matters.
+Board of Directors
+66,117
+1/1
+ངང
+0/1
+ངངང
+1/1
+1/1
+1/1
+Non-executive Director
+Lv Xiang-yang
+Xia Zuo-quan
+Independent
+Non-executive Director
+Wang Zi-dong
+Zou Fei
+Zhang Ran
+In furtherance of good corporate governance, the Board has set up a
+number of committees, including:
+the Audit Committee;
+22/22
+ZHANG Ran
+1/1
+22/22
+ངང
+1/1
+1/1
+Non-executive Director
+LV Xiang-yang
+XIA Zuo-quan
+22/22
+22/22
+Training/seminars
+1/1
+Name of Director
+Independent
+Non-executive Director
+Executive Director
+Wang Chuan-fu
+WANG Zi-dong
+ZOU Fei
+22/22
+0/1
+participated Reading materials
+Total
+2,521
+Incumbent
+2,161
+Yan Chen
+Supervisor
+Resigned
+1,330
+Yang Dong-sheng
+Supervisor
+Incumbent
+516
+Wu Jing-sheng
+Vice president and Chief Financial Officer
+Incumbent
+6,147
+Li Ke
+Vice president
+Incumbent
+Supervisor
+Wang Zhen
+70
+Independent non-executive Director
+Incumbent
+170
+Supervisor and chairman of
+Incumbent
+70
+70
+Incumbent
+the supervisory committee
+Supervisor
+Incumbent
+Huang Jiang-feng
+Supervisor
+Incumbent
+PR
+70
+Li Yong-zhao
+5,282
+Lian Yu-bo
+Vice president
+Incumbent
+4,772
+Ren Lin
+Vice president
+Incumbent
+4,776
+Wang Jie
+Vice president
+Li Qian
+Incumbent
+3,664
+Secretary to the Board and Company Secretary
+Incumbent
+1,999
+Zhou Ya-lin
+Chief Accountant
+Vice president
+the Strategy Committee.
+Wang Chuan-fang
+Incumbent
+Incumbent
+6,853
+He Long
+Vice president
+Incumbent
+5,404
+Liu Huan-ming
+4,659
+Vice president
+4,662
+Zhang Jin-tao
+Vice president
+Incumbent
+4,526
+Luo Hong-bin
+Vice president
+Incumbent
+the Remuneration Committee;
+the Nomination Committee; and
+The final dividend will be denominated and declared in RMB. The
+holders of A shares will be paid in RMB and the holders of H shares will
+be paid in Hong Kong dollars. The exchange rate for the dividend to be
+paid in Hong Kong dollars will be the mean of the exchange rates of
+Hong Kong dollars to RMB as announced by the People's Bank of China
+during the five business days prior to the date of declaration of the
+dividend at the Extraordinary General Meeting.
+The Company has adopted the Model Code for Securities Transactions
+by Directors of Listed Issuers (the "Model Code") contained in Appendix
+10 of the Listing Rules as the Company's code of conduct regarding
+securities transactions by its Directors. Having made specific enquiry
+of all Directors, the Company confirmed all Directors have complied
+with their obligations under the Model Code regarding their securities
+transactions during the Year.
+Specified employees who are likely to be in possession of inside
+information of the Group are also subject to compliance with the Model
+Code. No incident of non-compliance was noted by the Company in
+2017.
+Shareholders' Rights
+Under the Company's Articles of Association, any one or more
+Shareholders holding not less than one-tenth of the paid up capital of
+the Company carrying the right of voting at general meetings of the
+Company shall at all times have the right, by written requisition to the
+Board to require an extraordinary general meeting to be called by the
+Board for considering any matters specified in such requisition.
+Further, pursuant to the Company's Articles of Association, Shareholders
+individually or jointly holding no less than 3% of the Company's shares
+may submit an extempore proposal to the convener of a general
+meeting in writing ten days prior to date of the meeting. The convener
+shall dispatch a supplementary notice of general meeting and announce
+the contents of such extempore proposal within two days upon receipt
+of the proposal.
+Shareholders may send their requisitions and enquiries requiring
+the Board's attention to the Company Secretary at the Company's
+principal place of business in Hong Kong. Other general enquiries can
+be directed to the Company through our Investor and Media Relations
+Consultant, whose contact information is disclosed in "Corporate
+Information" of this annual report.
+Investor Relations
+The Company believes that effective communication with investors is
+essential for enhancing investors' knowledge and understanding of the
+Company. To achieve this, the Company pursues a proactive policy of
+promoting investor relations and communications. The main purpose
+of the Company's investor relations policy, therefore, is to enable
+investors to have access, on a fair and timely basis, to information that
+is reasonably required for making the best investment decisions.
+On 18 May 2017, the Company adopted a new set of Articles of
+Association which mainly updated the business scope of the Company.
+34
+BYD Company Limited Annual Report 2017
+Report of the Directors
+The directors of the Company ("Board") submit their report together
+with the audited consolidated accounts of BYD Company Limited (the
+"Company") and its subsidiaries (together with the Company hereinafter
+collectively referred to as the "Group") for the year ended 31 December
+2017.
+Principal Activities and Geographical Analysis
+of Operations
+The principal activities of the Group are rechargeable battery and
+photovoltaic business, handset components and assembly business as
+well as automobile business (including traditional fuel-powered vehicles
+and new energy vehicles). The activities of the Company's subsidiaries
+are set out in note 1 to the financial statements. There were no
+significant changes in the nature of the Group's principal activities for
+the year ended 31 December 2017. Further discussion and analysis
+of principal activities are set out in the Management Discussion and
+Analysis on pages 10 to 17 of the annual report.
+An analysis of the Group's performance for the year ended 31
+December 2017 by business and geographical segments is set out in
+Note 4 to the financial statements.
+Results and Appropriations
+The results of the Group for the year ended 31 December 2017 are set
+out in the consolidated financial statements and their notes on page 42
+to page 139 of this annual report.
+The Board has resolved to recommend the payment of final dividend of
+RMB0.141 per share (including tax) for the year ended 31 December
+2017 (for the year ended 31 December 2016: the payment of
+RMBO.178 per share (including tax)). The proposed final dividend is
+subject to the consideration and approval of the shareholders at the
+forthcoming annual general meeting (the "AGM") of the Company.
+Directors' Securities Transactions
+The Group has put in place a set of policy for the disclosure of inside
+information which sets out the procedures and internal controls for the
+handling and dissemination of inside information in a timely manner and
+in compliance with the Securities and Futures Ordinance. The policy and
+its effectiveness are subject to review on a regular basis.
+Disclosure of Inside Information
+The Group has an Internal Audit Department which, equipped with
+independent internal audit system, plays an important role in the
+Group's risk management and internal control framework. The Internal
+Audit Department reports directly to the Audit Committee. The annual
+and quarterly work plans of the Internal Audit Department are reviewed
+by the Audit Committee and reported to the Audit Committee regularly.
+Major audit findings will be reported on timely basis. Based on its
+consideration, the Audit Committee will provide advices to the Board
+and the Senior Management, with subsequent measures taken to
+review the implementation of the rectification and improvement plans.
+Reviewing the effectiveness of the Company's risk management
+and internal control systems at least once a year;
+Ensuring that the Company has sufficient resources, staff
+qualifications and experiences in accounting, internal audit and
+financial reporting functions.
+Management Team
+.
+Designing, implementing and inspecting the risk management
+and internal control systems;
+Identifying, evaluating and managing risks that may exert
+potential impacts on major operational procedures;
+Responding to and following up with in a timely manner with
+regard to the investigation results of risk management and
+internal control issues raised by the Internal Audit Department;
+Providing opinions to the Board and the Audit Committee on the
+acknowledgment of the effectiveness of the risk management and
+internal control systems.
+Internal Audit Department
+The Company will publish announcement, circular and notice of general
+meeting regarding the AGM in accordance with the Listing Rules and
+the articles of association of the Company. The Company will also
+make separate announcement regarding the record date and date of
+closure of register of members for the payment of the final dividend
+to the holders of H shares. It is expected that the final dividend will be
+distributed before 31 August 2018.
+Reviewing the due effectiveness of the Company's risk
+management and internal control systems;
+Identification, Evaluation and Management of
+Major Risks
+The management team and relevant staff identify risks that may exert
+potential impacts on the Company and its operation, and evaluate risks
+in environment and process of the control. Through comparison of the
+risk appraisal results and risk prioritization, risk management strategies
+and internal control procedures are determined to prevent, avoid or
+reduce risks.
+Major risks and related control measures are reviewed and upgraded on
+an ongoing basis to ensure proper internal control procedures in place.
+Based on the testing results, persons in charge confirm with the Senior
+Management that internal control measures have played their roles as
+expected, their weakness identified in the control have been corrected,
+and risk management policies and internal control procedures have
+been revised, in the event of any major changes. The Board and the
+Audit Committee supervise the control activities of the management
+team to ensure the effectiveness of the control measures.
+Annual Review
+In 2017, the Board reviewed the soundness and effectiveness of
+the Group's risk management and internal control systems, with an
+self-evaluation report issued on the internal control. In addition, the
+Company retained an auditor to audit the effectiveness of the internal
+control related to the Company's financial reports, and to provide
+independent and objective assessment and suggestions in the form
+of auditor's report. The Board considers that the Company's risk
+managements and internal control systems are effective and adequate.
+BYD Company Limited Annual Report 2017
+33
+Corporate Governance Report
+Internal Audit
+Reporting the audit results and making suggestions to the Audit
+Committee, to improve major drawbacks of the systems or finding
+the deficiency of the control.
+In accordance with the Enterprise Income Tax Law of the People's
+Republic of China (中華人民共和國企業所得稅法) and its
+implementation regulations which came into effect on 1 January 2008,
+the Company is required to withhold and pay enterprise income tax at
+the rate of 10% on behalf of the non-resident enterprise shareholders
+whose names appear on the register of members for H shares when
+distributing the cash dividends. Any H shares not registered under the
+name of an individual shareholder, including HKSCC Nominees Limited,
+other nominees, agents or trustees, or other organisations or groups,
+will be deemed as shares held by non-resident enterprise shareholders.
+Therefore, enterprise income tax will be withheld from dividends
+payable to such shareholders. If holders of H shares intend to change its
+shareholder status, please enquire about the relevant procedures with
+your agents or trustees. The Company will strictly comply with the law
+or the requirements of the relevant government authority and withhold
+and pay enterprise income tax on behalf of the relevant shareholders
+based on the register of members for H shares as at the record date of
+the proposed final dividend.
+In accordance with the "Circular on Certain Issues Concerning the
+Policies of Individual Income Tax” (Cai Shui Zi [1994] No.020) (
+於個人所得稅若干政策問題的通知》(財稅字[1994]020號))
+promulgated by the Ministry of Finance and the State Administration
+of Taxation on 13 May 1994, overseas individuals are, temporarily,
+exempted from the PRC individual income tax for dividend or bonuses
+received from foreign invested enterprises. In accordance with the
+"Letter of the State Administration of Taxation concerning Taxation
+Issues of Dividends Received by Foreign Individuals Holding Shares of
+Companies Listed in China" (Guo Shui Han Fa [1994] No. 440) (<
+籍個人持有中國境內上市公司股票所取得的股息有關稅
+收問題的函》 (國稅函發[1994]440號)) as promulgated by the
+State Administration of Taxation on 26 July 1994, dividends (capital
+bonuses) received by foreign individuals holding B shares or overseas
+shares (including H shares) from Chinese enterprises issuing such B
+shares or overseas shares are temporarily exempted from individual
+income tax. Accordingly, in the payment of final dividend, the Company
+will not withhold and pay the individual income tax on behalf of
+individual Shareholders when the Company distributes the final dividend
+to individual Shareholders whose names appear on the register of
+members of H shares of the Company.
+BYD Company Limited Annual Report 2017
+Details of the movements in share capital of the Company are set out in
+note 35 to the financial statements.
+During the Year, neither the Company nor any of its subsidiaries
+purchased, sold or redeemed any of the listed securities of the
+Company.
+Distributable Reserves
+Distributable reserves of the Company as at 31 December 2017,
+calculated under the relevant legislation applicable in the PRC,
+the Company's place of incorporation, amounted to approximately
+RMB1,574,639,000 (2016: RMB2,053,252,000).
+Bank Loans
+As at 31 December 2017, details of bank loans of the Group are set out
+in note 32 to the financial statements.
+Material Acquisitions and Disposals of
+Subsidiaries and Associates
+During the reporting period, there was no material acquisition and
+disposal of subsidiaries and associates.
+Pre-Emptive Rights
+Share Capital
+There is no provision for pre-emptive rights under the Company's Article
+of Association and there is no similar restriction against such rights
+under the laws of the PRC in respect of joint stock limited company,
+which would oblige the Company to offer new shares on a pro-rata
+basis to existing shareholders.
+A summary of the results and of the assets and liabilities of the Group
+for the last five financial years is set out on pages 2-3 and page 140 of
+this annual report.
+Directors
+Executive director:
+Mr. Wang Chuan-fu
+Non-executive directors:
+Mr. Lv Xiang-yang
+Mr. Xia Zuo-quan
+Independent non-executive directors:
+Mr. Wang Zi-dong
+Five-Year Financial Summary
+Supervising the Company's risk management and internal control
+system on an ongoing basis, to provide opinions and suggestions
+with regard to the improvement of the risk management and
+internal control systems;
+Report of the Directors
+36
+35
+Report of the Directors
+Shareholders are recommended to consult their tax advisor regarding
+the ownership and disposal of H shares of the Company in the PRC and
+in Hong Kong and other tax effects.
+Business Review
+The business review set out on page 11 to 15 of the annual report shall
+form an integral part of this Report of the Directors.
+Principal risks and uncertainties facing the Group
+Please refer to note 45 to the financial statements for details of the
+main financial risks facing the Group and the Group's management
+objectives and policies regarding such risks. In addition to such financial
+risks, the Directors are of the view that any material change in relevant
+government policies (such as the Chinese Government's policies on
+economic development and environmental protection) is also one of the
+principal risks and uncertainties that may affect the Group's business.
+Environmental policies
+The Group has been a positive respondent to environmental protection.
+While helping reduce energy consumption through green products,
+the Group also focuses on reducing the direct impacts of its operation
+on the environment. By introducing an energy management system,
+promoting the replacement of traditional energy with renewable energy
+and saving energy through technical and management means, BYD
+continues to reduce its own energy consumption and carbon dioxide
+emissions.
+Regulatory compliance
+BYD Company Limited Annual Report 2017
+BYD requires stringent compliance with laws, social norms, professional
+ethics and internal regulations in its worldwide operations. The Group
+has established a Law and Regulation Management Committee which
+monitors, supervises and inspects, regularly and from time to time, the
+management and implementation of laws and regulations in various
+departments, and evaluates their implementation and compliance in
+such areas. During the year of 2017, as far as the Company is aware,
+there was no material breach of or non-compliance with applicable
+laws and regulations by the Group that has a significant impact on the
+business and operations of the Group.
+Since employees are the foundation for development, the Group
+adheres to the "people-oriented" principle in its human resources
+management and practice equal employment opportunities and
+prohibit any career discrimination. The Group reviews its employees
+compensation policies on a regular basis and bonuses and commission
+may be awarded to employees based on their annual performance
+evaluation. Efforts have also been made to help employees in the
+aspects of housing, transportation and children education, etc.
+Relationship with customers and suppliers
+The Group strives to build and maintain long term and strong
+relationships with customers. BYD has established a customer
+satisfaction management system with a view to understand and
+fulfil customers' demands and enhance their satisfaction. In terms
+of suppliers, the Group's objective is to keep mutually beneficial and
+win-win partnerships with all suppliers. At the same time, the Group
+regularly evaluate the performance of our suppliers including suppliers'
+social responsibility.
+Reserves
+Details of movements in the reserves of the Group and the Company
+during the Year are set out in the Consolidated Statement of Changes in
+Equity and note 36 to the financial statements, respectively.
+Donations
+Charitable and other donations made by the Group during the year
+ended 31 December 2017 amounted to RMB11,775,000 (2016:
+RMB17,626,000).
+Property, Plant and Equipment
+Details of the movements in property, plant and equipment of the Group
+and the Company are set out in note 14 to the financial statements.
+Relationship with employees
+Assisting the Board in performing its duties of risk management
+and internal control systems;
+•
+Audit Committee
+100%
+100%
+Number of
+Committee
+Member of
+Meetings
+the Audit Committee
+Attended
+Attendance Rate
+100%
+LV Xiang-yan
+WANG Zi-dong
+ZOU Fei
+5555
+100%
+100%
+100%
+100%
+30
+BYD Company Limited Annual Report 2017
+ZHANG Ran
+Corporate Governance Report
+100%
+22222
+BYD Company Limited Annual Report 2017
+29
+Corporate Governance Report
+Audit Committee
+One of the primary duties of the Audit Committee is to review the
+financial reporting process and the risk management and internal
+control systems of the Group. As at 31 December 2017, Audit
+Committee consists of three independent non-executive Directors,
+namely Mr. Wang Zi-dong, Mr. Zou Fei and Ms. Zhang Ran, and a
+non-executive Director, Mr. Lv Xiang-yang, with Ms. Zhang Ran as the
+chairman. Meetings were convened by the Company's Audit Committee
+and the Company's auditors to review the accounting policies and
+practices adopted by the Group and to discuss auditing, internal control,
+risk management and financial reporting matters before recommending
+them to the Board for approval.
+The terms of reference of the Audit Committee follow the guidelines set
+out by the Hong Kong Institute of Certified Public Accountants and the
+provisions of the Code.
+The Audit Committee held five meetings in 2017 to review the internal
+and external audit findings, the accounting principles and practices
+adopted by the Group, Listing Rules and statutory compliance,
+deliberate its relationship, remuneration and appointment terms
+and independence with the external auditor with reference to its
+work performance and to make recommendations to the Board of
+Directors regarding the reappointment of the external auditor, as
+well as to discuss auditing, internal controls, risk management and
+financial reporting matters including financial statements for the year
+ended 31 December 2016, the three months ended 31 March 2017,
+the six months ended 30 June 2017 and the nine months ended
+30 September 2017, before recommending them to the Board for
+approval, and performed its other duties under the Code. The individual
+attendance of its members of the meetings is set out as follows:
+Remuneration Committee
+The Board of Directors established a Remuneration Committee on
+27 June 2005. The primary role of the Remuneration Committee
+is to regularly review human resource management policies, make
+recommendations on the remuneration packages, compensation and
+benefit plans of Directors and senior management, as well as setting
+performance goals for senior management of the Group. As at 31
+December 2017, the Remuneration Committee comprises Mr. Wang
+Chuan-fu, Mr. Xia Zuo-quan, Mr. Wang Zi-dong, Mr. Zou Fei and Ms.
+Zhang Ran, with Mr. Zou Fei as the chairman.
+100%
+The Remuneration Committee has reviewed its terms of reference in
+2017 to comply with the Code.
+Member of
+Number of
+Committee
+Meetings
+Attended
+Attendance Rate
+the Remuneration
+Committee
+WANG Chuan-fu
+XIA Zuo-quan
+ZOU Fei
+WANG Zi-dong
+ZHANG Ran
+The Remuneration Committee held two meeting in 2017 to review the
+remuneration of Directors, supervisors and senior management of the
+Group. The individual attendance of its members of the meetings is set
+out as follows:
+Mr. Zou Fei
+Remuneration Policy for Directors
+Directors do not participate in decisions on their own remuneration.
+Item
+2017
+Review of interim results
+Other non-audit services
+RMB1,050,000
+RMB250,000
+2016
+RMB1,050,000
+RMB100,000
+The Directors have acknowledged their responsibilities for preparing the
+consolidated financial statements of the Company for the year ended 31
+December 2017.
+The statement of external auditor of the Company about his reporting
+responsibilities on the Company's consolidated financial statements
+for the year ended 31 December 2017 is set out in the section headed
+"Independent Auditor's Report" in this annual report.
+The Board has proposed to re-appoint Ernst & Young as the
+international auditor of the Company for 2018 and Ernst & Young
+Hua Ming (LLP) as the domestic auditors for 2018, which is subject
+to approval by shareholders at the forthcoming annual general
+meeting. There was no disagreement between the Board and the Audit
+Committee on the selection and reappointment of the external auditor
+during the year under review.
+For the year ended 31 December 2017, the total remuneration paid
+to the international auditors, Ernst & Young and the domestic auditors,
+Ernst & Young Hua Ming (LLP), was RMB7,150,000 for audit services
+and non-audit services provided for the Company and its subsidiaries.
+The audit fee was approved by the Board. During the reporting period,
+the total remuneration in respect of the non-audit services provided was
+RMB1,300,000.
+Risk Management and Internal Control
+Various measures have been designed for safeguarding assets against
+unauthorized use or disposition; for maintaining proper accounting
+records and for the reliability of financial information used within
+the business or for publication. The Company's systems of risk
+management and internal control are designed to manage rather than
+eliminate the risk of failure to achieve business objectives, and can
+only provide reasonable but not absolute assurance against material
+errors, losses or fraud. The Board considers that the Company is fully
+compliant with the provisions of risk management and internal control
+as set forth in the Corporate Governance Code.
+Risk Management and Internal Control Framework
+The Company's risk management system is composed of
+well-established organizational structure as well as all-rounded policies
+and procedures. Responsibilities of each business and functional
+department are clearly defined to ensure effective balance. The
+Company's risk management and internal control structure comprises
+of:
+Board of Directors
+Evaluating and determining the nature and magnitude of the
+risks to be assumed by the Company, to achieve its business and
+strategic goals;
+Ensuring that the Company has established and maintained
+appropriate and effective risk management and internal control
+system;
+Supervising the designing, implementation and inspection of the
+risk management and internal control system by the management
+team.
+32
+BYD Company Limited Annual Report 2017
+Corporate Governance Report
+The Board confirms its responsibility for risk management and
+internal control, and for reviewing their effectiveness through the Audit
+Committee at least annually. The Audit Committee assists the Board in
+performing its responsibilities for supervision and corporate governance,
+covering financial, operational, compliance, risk management and
+internal control functions of the Company.
+The primary goal of the Group's remuneration policy for executive
+Directors is to enable the Company to retain and motivate executive
+Directors by linking their compensation with their individual
+performance as measured against the corporate objectives and the
+Group's operating results and taking into account of comparable market
+conditions. The principal elements of the remuneration package of
+executive Directors include basic salary and discretionary bonus. The
+remuneration of non-executive Directors includes mainly the Director's
+fee. The Company reimburses reasonable expenses incurred by
+Directors in the course of their carrying out of duties as Directors.
+Independent Auditors and their Remuneration
+31
+The emoluments paid to each Director of the Company for the year
+ended 31 December 2017 are set out in note 9 to the financial
+statements.
+Remuneration of Senior Management During the Year
+Remuneration by bands
+RMBO to RMB3 million
+RMB3 million to RMB7 million
+Number of
+senior
+management
+2
+11
+Corporate Governance Report
+The Board's Diversity Policy
+The selection of candidate will be based on a range of diversity
+elements. The final decision will be made according to the strengths of
+the candidate and his/her contribution that would bring to the Board.
+The Nomination Committee has performed the above duties during the
+Year.
+Strategy Committee
+The Group established the Strategy Committee on 20 March 2008. As
+at 31 December 2017, the Strategy Committee comprised Mr. Wang
+Chuan-fu, Mr. Lv Xiang-yang, Mr. Xia Zuo-quan, Mr. Wang Zi-dong and
+Mr. Zou Fei, with Mr. Wang Chuan-fu as the chairman. The main duty of
+the Strategy Committee is to consider and make recommendations on
+the Company's long-term development strategy and major investment
+decisions.
+Nomination Committee
+The Group has established the Nomination Committee. As at 31
+December 2017, the Nomination Committee comprises Mr. Wang
+Chuan-fu, Mr. Lv Xiang-yang, Mr. Wang Zi-dong, Mr. Zou Fei and Ms.
+Zhang Ran, with Mr. Wang Zi-dong as the chairman. The Nomination
+Committee has been delegated with the powers and authorities
+to review the structure, size and composition of the Board, make
+recommendation to the Board on selection of individuals nominated for
+directorships and senior management, appointment and reappointment
+of Directors and succession planning for Directors and assess the
+independence of independent non-executive Directors and determine
+the policy for the nomination of Directors.
+Company Secretary
+Mr. Li Qian, Company Secretary of the Company, is a full-time staff
+of the Group, and is familiar with the daily affairs of the Company.
+During the financial year, the Company Secretary had complied with
+the relevant professional training requirements under Rule 3.29 of the
+Listing Rules. The biographical details of the Company Secretary are set
+out in the section "Directors, Supervisors and Senior Management" in
+this annual report.
+BYD Company Limited Annual Report 2017
+The Board has adopted the Diversity Policy, which sets out the approach
+to diversity of Board members. In determining the Board composition,
+the Board and Nomination Committee consider a range of diversity
+elements, including but not limited to gender, age, cultural and
+education background, professional experience, skills and knowledge.
+All appointments of the Board will be made based on merit and
+objective criteria while taking into full account of the interest of Board's
+diversity.
+Ms. Zhang Ran
+The Directors who held office during the year ended 31 December
+2017 and up to the date of this report are:
+37
+Shareholders with Notifiable Interests
+Saved as disclosed above, as at 31 December 2017, none of the
+Directors, supervisors or chief executives of the Company had an
+interest or short position in the shares, underlying shares or debentures
+of the Company or any of its associated corporations (within the
+meaning of Part XV of the SFO) which was required to be (a) recorded in
+the register to be kept by the Company pursuant to Section 352 of the
+SFO; or (b) notified to the Company and the Hong Kong Stock Exchange
+pursuant to the Model Code for Securities Transactions by Directors of
+Listed Issuers.
+Of the 500,000 H shares, 195,000 H shares were held by Mr. Xia as a
+beneficial owner and 305,000 H shares were held by Sign Investments
+Limited, which was wholly-owned by Mr. Xia.
+1.
+Youngy Investment is owned by Mr. Lv Xiang-yang, a non-executive
+director of the Company, as to 89.5%. Mr. Lv is therefore deemed to be
+interested in the 162,681,860 A shares held by Youngy Investment under
+the SFO.
+1.
+Note:
+(L) - Long Position
+Note:
+(L) - Long Position
+0.02%
+0.05%
+500,000 (L)
+(Note 1)
+Xia Zuo-quan
+(Director)
+As at 31 December 2017, to the best knowledge of the Directors of the
+Company, the following persons (other than the Directors, supervisors
+and chief executives of the Company) had interests or short positions in
+the shares and underlying shares of the Company which were required
+to be disclosed to the Company and the Hong Kong Stock Exchange
+under the provisions of Divisions 2 and 3 of Part XV of the SFO, or were
+required to be entered in the register kept by the Company pursuant to
+Section 336 of the SFO:
+(Director)
+8.97%
+162,681,860 (L)
+Youngy Investment
+(Note 1)
+0.04%
+0.11%
+1,000,000 (L)
+Wang Chuan-fu
+share capital (%)
+total issued
+total issued
+A shares (%)
+Number of
+A shares
+shareholding in
+shareholding in
+percentage of
+5.96%
+percentage of
+2.
+Name
+LL Group, LLC was deemed to be interested in 75,387,200 H shares
+(L) through its controlled corporation, Himalaya Capital Investors, L.P.
+(formerly known as LL Investment Partners, L.P.). Li Lu, being the
+controlling shareholder of Capital Investors, L.P. (formerly known as LL
+Group, LLC), was also deemed to be interested in 75,387,200 H shares.
+2.
+Berkshire Hathaway Inc. was deemed to be interested in 225,000,000 H
+shares (L) through its controlled corporation, Berkshire Hathaway Energy
+(formerly known as MidAmerican Energy Holdings Company) for the
+225,000,000 H shares directly held by it.
+1.
+Notes:
+(L) - Long Position
+2.76%
+8.24%
+2.76%
+8.24%
+75,387,200 (L)
+75,387,200 (L)
+Li Lu (note 2)
+LL Group, LLC (note 2)
+Energy (note 1)
+8.25%
+H shares
+24.59%
+8.25%
+24.59%
+225,000,000 (L)
+total issued
+share capital (%)
+H shares (%)
+shareholding in
+shareholding in
+total issued
+percentage of
+percentage of
+Approximate
+Approximate
+Number of
+H shares
+BYD Company Limited Annual Report 2017
+Berkshire Hathaway Inc
+(note 1)
+225,000,000 (L)
+Approximate
+Berkshire Hathaway
+A shares of RMB1.00 each
+28.27%
+512,623,820 (L)
+Wang Chuan-fu
+(Director)
+Lv Xiang-yang
+(Director)
+Xia Zuo-quan
+(Director)
+share capital (%)
+total issued
+total issued
+A shares (%)
+Number of
+A shares
+shareholding in
+shareholding in
+percentage of
+percentage of
+Approximate
+Approximate
+Name
+18.79%
+A shares of RMB1.00 each
+Brief biographical details of Directors, supervisors and senior
+management of the Company are set out on pages 20 to 26 of this
+annual report.
+Biographical Details of Directors, Supervisors
+and Senior Management
+Details of the remuneration of the Directors are set out in note 9 to the
+financial statements.
+The emolument payable to each Non-Executive Director (including
+Independent Non-Executive Director) is based on the responsibilities
+and undertaking to the Board taking into account his experience and
+market practice for such post.
+The emolument payable to each Executive Director is based on (i) his
+duties and responsibilities; (ii) prevailing market conditions; and (iii)
+performance and profitability of the Company.
+Directors Remuneration
+No transactions, arrangement or contracts of significance in relation to
+the Group's business to which the Group was a party and in which a
+Director or supervisor and an entity related to a Director or supervisor
+of the Company had a material interest, whether directly or indirectly,
+subsisted at the end of the Year or at any time during the Year.
+Directors' Interests in Contracts
+None of the above mentioned contracts and letters of appointment are
+not determinable within one year without payment of compensation
+(other than statutory compensation).
+All existing supervisors had signed or renewed their service or
+employment contracts with the Company for a term of three years
+commencing on 8 September 2017.
+All existing Directors had signed or renewed their service contracts
+or letters of appointment with the Company for a term of three years
+commencing on 8 September 2017.
+Directors' and Supervisors' Service Contracts
+Report of the Directors
+Approximate
+As at 31 December 2017, the interests and short positions of each
+of the directors, supervisors and chief executives of the Company in
+the shares, underlying shares and debentures of the Company or any
+associated corporation (within the meaning of Part XV of the Securities
+and Futures Ordinance (Cap 571) ("SFO")) which were required to be
+notified to the Company and The Stock Exchange of Hong Kong Limited
+(the "Hong Kong Stock Exchange") pursuant to Divisions 7 and 8 of
+Part XV of the SFO (including interests which he is taken or deemed
+to have under such provisions of the SFO) or were required, pursuant
+to section 352 of the SFO, to be entered into the register referred
+to therein, or which were required, pursuant to the Model Code for
+Securities Transactions by Directors of Listed Issuers under the Rules
+Governing the Listing of Securities on the Hong Kong Stock Exchange to
+be notified to the Company and the Hong Kong Stock Exchange (for this
+purpose, the relevant provisions of the SFO will be interpreted as if they
+applied to the supervisors) were as follows:
+(Note 1)
+Directors', Supervisors' and Chief Executives'
+Interests
+22.17%
+1.
+401,910,480 (L)
+Name
+total issued
+share capital (%)
+total issued
+H shares (%)
+H shares
+Name
+Number of
+shareholding in
+percentage of
+percentage of
+Approximate
+Approximate
+H shares of RMB1.00 each
+Report of the Directors
+shareholding in
+Note:
+BYD Company Limited Annual Report 2017
+38
+) ("Youngy Investment", formerly known as Guangzhou Youngy
+Management & Investment Group Company Limited). Youngy Investment
+was in turn held by Mr. Lv and his spouse as to 89.5% and 10.5%
+of equity interests, respectively. Mr. Lv was therefore deemed to be
+interested in the 162,681,860 A shares under the SFO.
+Of the 401,910,480 A shares, 239,228,620 A shares were held by Mr.
+Lv in his personal capacity and 162,681,860 A shares were held by
+Youngy Investment Holding Group Co., Ltd. (
+The 512,623,820 A shares did not include the 3,727,700 A shares held
+by Mr. Wang in No.1 Assets Management Plan through E Fund BYD;
+2.
+1.
+14.73%
+-Long Position
+(L)-L
+4.00%
+6.40%
+(Note 2)
+109,000,000 (L)
+Notes
+2017
+RMB'000
+From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated
+financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law
+or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
+communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
+such communication.
+5
+102,650,614
+100,207,703
+2016
+RMB'000
+Year ended 31 December 2017
+Ernst & Young
+BYD Company Limited Annual Report 2017 47
+REVENUE
+Hong Kong
+Certified Public Accountants
+Independent Auditor's Report
+Cost of sales
+The engagement partner on the audit resulting in this independent auditor's report is TJEN, Michael.
+Consolidated Statement of Profit or Loss
+Gross profit
+How our audit addressed the key audit matter
+Evaluated the assumptions and parameters used by retrospectively
+reviewing the accuracy of management's forecasts made
+historically, reviewing the forecasted future economic trend and
+corroborating the assumptions with current market trend; and
+Key audit matter
+BYD Company Limited Annual Report 2017
+BYD Company Limited Annual Report 2017
+43
+Independent Auditor's Report
+Amortisation and impairment assessment of capitalised development costs related to new-energy vehicles
+The Group recorded significant development costs as intangibles as at We performed the following audit procedures, among others, in related to
+31 December 2017. The development costs for new-energy vehicles capitalised development costs:
+Reviewed the sufficiency and completeness of disclosure included in
+the footnotes to the financial statements.
+are amortized using the unit of production method which includes
+the estimation of total production quantities. The estimation involves •
+management judgment, such as historical sales performances, projected
+market growth rates and projected market shares.
+The above processes require significant estimation and assumptions,
+including the prediction for future market trend and macro-economy
+situation. Therefore we identify it as a key audit matter.
+Details of the Group's capitalised development costs are disclosed in note
+2.4, 3 and 18 to the financial statements.
+Obtained an understanding of the amortisation model and
+assumptions used by management;
+Tested the reasonableness of estimated useful life and annual units
+of production applied in calculating the amortisation method and
+performed sensitivity analyses;
+Compared the differences between the estimated and actual
+amount of units of production and inquired management about the
+reason of variance;
+Obtained an understanding of the management's process of
+impairment assessment in respect of on capitalised development
+costs that are not yet amortized and its design and operating
+effectiveness;
+Involved internal valuation experts to assist in evaluating the
+reasonableness of assumptions and parameters, including the
+discount rates, terminal growth rates and etc., used in the valuation
+model;
+The Group also need to perform annual impairment test on capitalised
+development costs that are not yet amortized. The annual impairment
+assessment process is complex and highly judgmental, and is based on
+assumptions including projected sales volume, gross margin, working
+capital, terminal growth rate, discount rate and etc.
+46
+Trade receivables were RMB46,303,713,000 as at 31 December We performed the following procedures, among others, in related to trade
+2017 in the consolidated financial statements, which are significant receivables:
+We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
+including any significant deficiencies in internal control that we identify during our audit.
+The directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report,
+other than the consolidated financial statements and our auditor's report thereon.
+Other information included in the Annual Report
+For the trade receivables due from government arising from
+subsidies on sales of new energy automobiles, we re-performed
+the computation of trade receivables arising from subsidies
+in accordance with government policies, obtained the list of
+long-aged trade receivables arising from subsidies and evaluated
+the recoverability, obtained the management's estimation over the
+government's settlement schedule of such subsidy.
+Tested the information used to determine the impairment of
+trade receivables by reviewing the calculation of aging, industry
+index, customers' financial condition, historic payment patterns,
+subsequent settlement and retrospectively reviewing of historical
+bad debts provision; and
+Obtained confirmations and reviewed whether the balances were
+agreed by both parties;
+Obtained an understanding of the management's process of
+recoverability assessment in respect of trade receivables and its
+design and operating effectiveness;
+Details of trade receivables are disclosed in notes 2.4, 3 and 24 to the
+consolidated financial statements.
+Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion
+thereon.
+The assessment of the recoverability of trade receivables involves
+significant estimations including the aging, existence of disputes,
+historical payment record and any other available information that may
+impact the creditworthiness of the debtors.
+Recoverability of trade receivables
+How our audit addressed the key audit matter
+Key audit matter
+Independent Auditor's Report
+BYD Company Limited Annual Report 2017
+We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our
+report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of
+the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to
+address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.
+44
+to the total assets of the Group. Trade receivables relating to sales of
+new energy automobiles are long aged or with a relatively long credit ⚫
+period. The settlement of trade receivables due from government arising
+from subsidies on sales of new energy automobiles highly depends on
+government payment schedule and related policies.
+We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and to
+communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related
+safeguards.
+In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider
+whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise
+appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
+information, we are required to report that fact. We have nothing to report in this regard.
+The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance
+with HKFRSS issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the
+directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due
+to fraud or error.
+Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express
+an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We
+remain solely responsible for our audit opinion.
+Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the
+consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
+concern.
+Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained,
+whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going
+concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
+consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
+obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going
+Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the
+directors.
+Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
+not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
+Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform
+audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
+of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
+intentional omissions, misrepresentations, or the override of internal control.
+Responsibilities of the directors for the consolidated financial statements
+As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
+Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
+misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Our report is made solely to you, as a body, and
+for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.
+Auditor's responsibilities for the audit of the consolidated financial statements
+Independent Auditor's Report
+45
+BYD Company Limited Annual Report 2017
+The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group's financial reporting
+process.
+In preparing the consolidated financial statements, the directors of the Company are responsible for assessing the Group's ability to continue as a
+going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors of the
+Company either intend to liquidate the Group or to cease operations or have no realistic alternative but to do so.
+Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAS will always detect a
+material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
+could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
+Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements
+of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our
+opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the
+matter is provided in that context.
+Assessed the appropriateness of the management's assumptions
+used in the valuation model;
+We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAS") issued by the HKICPA. Our responsibilities under those
+standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are
+independent of the Group in accordance with the HKICPA's Code of Ethics for Professional Accountants (the "Code"), and we have fulfilled our other
+ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
+basis for our opinion.
+- the largest customer
+- the five largest customers combined
+13.47%
+35.30%
+None of the directors, their close associates or any shareholder (which
+to the knowledge of the Directors owns more than 5% of the Company's
+issued share capital) had an interest in any of the major suppliers or
+customers noted above.
+40
+BYD Company Limited Annual Report 2017
+Sales
+Report of the Directors
+A summary of the related party transactions undertaken by the Group
+during the year are set out in note 42 to the financial statements. Such
+related party transactions did not constitute connected transactions of
+the Group under Chapter 14A of the Listing Rules.
+There was no connected transaction entered into by the Group during
+the year ended 31 December 2017 which is required to be disclosed
+under the Listing Rules, and had subject to the requirements under
+Chapter 14A of the Listing Rules.
+Sufficiency of Public Float
+Based on information which is publicly available to the Company and
+within the knowledge of its directors as at the date of this report,
+the directors confirm that the Company had sufficient public float as
+required by the Listing Rules.
+Confirmation of Independence
+Each Independent Non-Executive Director has provided a written
+statement confirming his independence to the Company pursuant
+to Rule 3.13 of the Listing Rules. The Company assessed that each
+Independent Non-Executive Director continues to be independent.
+Auditors
+Related Party Transactions and Connected
+Transactions
+Ernst & Young, the Company's international auditor, and Ernst & Young
+Hua Ming (LLP), the Company's domestic auditor, will retire. A resolution
+will be proposed at the forthcoming AGM to appoint Ernst & Young as
+the international auditor of the Company for 2018 and Ernst & Young
+Hua Ming (LLP) as the domestic auditor for 2018.
+21.82%
+7.41%
+BYD Company Limited Annual Report 2017
+39
+Report of the Directors
+The total issued share capital of the Company as at 31 December 2017
+was RMB2,728,142,855, divided into 1,813,142,855 A shares of
+RMB1.00 each and 915,000,000 H shares of RMB1.00 each, all fully
+paid up.
+Management Contracts
+No contract concerning the management and administration of the
+whole or any substantial part of the business of the Company were
+entered into or existed during the year ended 31 December 2017.
+Competing Business
+- the five largest suppliers combined
+During the financial year, no director acquired benefits by engaging in
+business that competes with that of the Company or its subsidiaries.
+Retirement Scheme
+Currently, all PRC subsidiaries of the Group participate in defined
+contribution retirement schemes (the “Schemes") launched by local
+provincial and municipal governments in China, pursuant to which the
+Group makes contributions to the Schemes in accordance with the
+applicable percentage of the salary of eligible staff. Local government
+authorities assume the obligation in respect of all the pensions payable
+to retired staff.
+Save for the above contributions, the Group does not have any other
+major payment obligation in respect of pension benefits.
+Major Customers and Suppliers
+The percentage of purchases and sales for the year ended 31
+December 2017 attributable to the Group's major suppliers and
+customers are as follows:
+Purchases
+- the largest supplier
+In September 2009, Mr. Wang Chuan-fu, controlling shareholder of the
+Group, signed the Non-competition Undertakings to confirm with the
+Company that he would abide by the undertaking of not engaging in
+business that competes with that of the Company. Directors, including
+independent non-executive directors, have examined its compliance
+and confirmed that the controlling shareholder has abided by all the
+undertakings.
+On behalf of the Board
+Wang Chuan-fu
+Chairman
+Shenzhen, the PRC, 27 March 2018
+27 March 2018
+42
+BYD Company Limited Annual Report 2017
+Independent Auditor's Report
+EY安永
+Ernst & Young
+22/F, CITIC Tower
+安永會計師事務所
+香港中環添美道1號
+中信大廈22樓
+Chairman of the Supervisory Committee
+Central, Hong Kong
+To the shareholders of BYD Company Limited
+(Registered in the People's Republic of China with limited liability)
+Opinion
+Tel 電話: +852 2846 9888
+Fax: +852 2868 4432
+www.ey.com
+We have audited the consolidated financial statements of BYD Company Limited (the "Company") and its subsidiaries (the "Group") set out on pages
+47 to 139, which comprise the consolidated statement of financial position as at 31 December 2017, and the consolidated statement of profit or loss,
+the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows
+for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
+In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December
+2017, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial
+Reporting Standards ("HKFRSS”) issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and have been properly prepared in
+compliance with the disclosure requirements of the Hong Kong Companies Ordinance.
+Basis for opinion
+1 Tim Mei Avenue
+Dong Jun-qing
+The Supervisory Committee is confident in the prospects of the
+Company and will proceed to carry out effective supervision on
+the operation of the Company to safeguard the interests of the
+Shareholders and the Company as a whole.
+Other income and gains
+BYD Company Limited Annual Report 2017 41
+Report of the Supervisory Committee
+In 2017, in accordance with the principle of being accountable to all
+shareholders, the Supervisory Committee of the Company fully complied
+with the duties to supervise and ensure that the resolutions as passed
+in the Shareholders' General Meetings were consistently implemented,
+the legal interest of shareholders was protected and the duties
+conferred under the Articles of Association and in the Shareholders'
+General Meetings were completed in accordance with the Company
+Law, the Articles of Association and the relevant provisions, in order to
+facilitate a disciplined operation and sustainable development of the
+Company.
+1. Meetings of the Supervisory Committee
+during the Reporting Period and
+Resolutions Passed in Such Meetings
+On 28 March 2017, the Supervisory Committee convened its
+meeting at the office of the Company, where the annual report of
+the Company for 2016 was considered and approved accordingly.
+On 28 April 2017, the Supervisory Committee convened its
+meeting at the office of the Company, where the first quarterly
+report of the Company for 2017 was considered and approved
+accordingly.
+On 21 July 2017, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on the
+election of the new session of the Supervisory Committee and
+the supervisors' remuneration of the Supervisory Committee was
+considered and approved accordingly.
+On 14 August 2017, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on
+reuse of idle proceeds to temporarily supplement working capital
+by two wholly-owned subsidiaries were considered and approved
+accordingly.
+On 28 August 2017, the Supervisory Committee convened its
+meeting at the office of the Company, where the interim report of
+the Company for 2017 was considered and approved accordingly.
+On 8 September 2017, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on
+the election of the chairman of the Supervisory Committee was
+considered and approved accordingly.
+On 27 October 2017, the Supervisory Committee convened its
+meeting at the office of the Company, where the third quarterly
+report of the Company for 2017 was considered and approved
+accordingly.
+2. Progress of the Work of the Supervisory
+Committee during the Reporting Period
+During the reporting period, the Supervisory Committee
+of the Company performed its supervisory functions in a
+fiduciary manner. The Supervisory Committee duly supervised
+and examined the Company's financial situation, the Board
+of Directors' execution of the resolutions passed in the
+Shareholders' General Meeting, operational decisions of the
+management, the operations of the Company in compliance
+with the laws, the acts of the Directors, supervisors and senior
+management, and the connected transactions entered into
+with its controlling shareholder. The Supervisory Committee
+considered that:
+(1)
+The operating activities of the Company and its subsidiaries
+in 2017 did not violate the Company Law, the Articles of
+Association, financial accounting procedures and the laws
+and regulations of the PRC.
+(2) During the discharge of their duties in 2017, the directors,
+supervisors and senior management of the Company
+fulfilled their fiduciary duties by acting lawfully, regularized
+management, explored for innovation, with discipline
+to protect the interests of all the shareholders of the
+Company. None of the parties named above was found in
+breach of the Company Law, the Articles of Association or
+the laws and regulations of the PRC.
+(3) The auditors presented an unqualified auditors' report. The
+report indicates the financial statements give a true and fair
+view of the financial results and operations of the Company.
+Key audit matters
+(84,715,540)
+27 March 2018
+17,935,074
+376,168
+5,480,012
+4,916,936
+2016
+RMB'000
+2017
+RMB'000
+Note
+Income tax effect
+Available-for-sale investments:
+Changes in fair value
+in subsequent periods:
+Other comprehensive income to be reclassified to profit or loss
+170,171
+OTHER COMPREHENSIVE INCOME
+Year ended 31 December 2017
+Consolidated Statement of Comprehensive Income
+BYD Company Limited Annual Report 2017
+48
+RMB1.88
+RMB1.40
+5,480,012
+4,916,936
+13
+427,858
+PROFIT FOR THE YEAR
+850,458
+(94,042)
+282,126
+(81,189,440)
+5,653,325
+470,287
+5,183,038
+4,376,910
+853,092
+Non-controlling interests
+Owners of the parent
+Attributable to:
+5,653,325
+5,230,002
+(42,542)
+TOTAL COMPREHENSIVE INCOME FOR THE YEAR
+313,066
+OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX
+173,313
+313,066
+profit or loss in subsequent periods
+Net other comprehensive income to be reclassified to
+Exchange differences on translation of foreign operations
+45,684
+30,940
+127,629
+173,313
+5,052,154
+5,230,002
+13
+8
+Finance costs
+(629,203)
+(463,645)
+Other expenses
+(3,690,339)
+(3,047,734)
+Administrative expenses
+(3,739,491)
+6
+Research and development costs
+(4,196,339)
+(4,925,288)
+Selling and distribution expenses
+710,939
+1,275,807
+926,216
+1,153,210
+5 7
+Government grants and subsidies
+4,066,478
+(2,342,770)
+(1,799,609)
+(3,171,694)
+Joint ventures
+Associates
+- For profit for the year
+Basic and diluted
+Share of profits and losses of:
+EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY
+Non-controlling interests
+Owners of the parent
+Attributable to:
+5,480,012
+4,916,936
+(1,088,398)
+19,018,263
+(703,705)
+EQUITY HOLDERS OF THE PARENT
+6,568,410
+(270,959)
+46,437
+5,620,641
+61
+11
+PROFIT FOR THE YEAR
+Income tax expense
+PROFIT BEFORE TAX
+19,704
+(619,528)
+CURRENT LIABILITIES
+78,353,803
+102,821,030
+27
+7,111,234
+8,935,954
+Trade and bills payables
+Total current assets
+28
+39,527,332
+11,942,702
+29
+Derivative financial instruments
+222
+1,850,792
+34,663,130
+5,929,004
+30
+Advances from customers
+119,261
+4,700,280
+247,360
+Other payables
+27
+42(c)
+27
+4,635,440
+Due from the joint ventures and associates
+Deferred income
+6,609,997
+2,879,284
+Due from the related parties
+42(c)
+256,941
+249
+Completed property held for sale
+22
+6,689,770
+33,840
+Derivative financial instruments
+Pledged deposits
+Restricted bank deposits
+Short-term deposits
+Cash and cash equivalents
+30
+1,095
+27
+323,249
+335,072
+643,487
+31
+Total current liabilities
+419,268
+50
+BYD Company Limited Annual Report 2017
+Consolidated Statement of Financial Position
+31 December 2017
+TOTAL ASSETS LESS CURRENT LIABILITIES
+Notes
+2017
+RMB'000
+2016
+RMB'000
+73,102,494
+66,753,174
+NON-CURRENT LIABILITIES
+Interest-bearing bank and other borrowings
+Deferred tax liabilities
+32
+34
+10,862,346
+9,338,520
+610,005
+Consolidated Statement of Cash Flows
+6,211,017
+Deferred income
+549,903
+continued/...
+36,199
+(2,175,906)
+78,317,604
+Interest-bearing bank and other borrowings
+32
+45,648,670
+32,928,441
+Due to joint ventures and associates
+42(c)
+615,659
+463,856
+Due to related parties
+42(c)
+512,900
+130,608
+Tax payable
+328,013
+653,823
+Provision
+33
+33
+1,471,511
+1,292,666
+NET CURRENT (LIABILITIES)/ASSETS
+104,996,936
+116,624
+25
+(a)
+45,732,885
+Despite the Group's net current liabilities of approximately RMB2,175,906,000 as at 31 December 2017, the consolidated financial statements
+have been prepared on a going concern basis as it is the directors' opinion that the Group has sufficient cash flows and credit facilities in the
+foreseeable future to enable it to continue its operations and meet its liabilities as and when they fall due.
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+2.1 Basis of preparation (continued)
+Basis of consolidation
+The consolidated financial statements include the financial statements of the Group for the year ended 31 December 2017. A subsidiary is an
+entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has
+rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee
+(i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).
+When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant
+facts and circumstances in assessing whether it has power over an investee, including:
+(a)
+the contractual arrangement with the other vote holders of the investee;
+These financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSS") (which include all
+Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASS") and Interpretations) issued by the Hong Kong Institute
+of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong
+Kong Companies Ordinance. They have been prepared under the historical cost convention, except for certain available-for-sale investment and
+derivative financial instruments, which has been measured at fair value. These financial statements are presented in Renminbi ("RMB") and all
+values are rounded to the nearest thousand except when otherwise indicated.
+(b) rights arising from other contractual arrangements; and
+The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies.
+The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that
+such control ceases.
+Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the
+non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity,
+income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
+The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
+three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
+equity transaction.
+If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying
+amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the
+consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group's share of
+components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same
+basis as would be required if the Group had directly disposed of the related assets or liabilities.
+2.2 Changes in accounting policies and disclosures
+The Group has adopted the following revised HKFRSS for the first time for the current year's financial statements.
+Amendments to HKAS 7
+Amendments to HKAS 12
+Amendments to HKFRS 12
+included in Annual
+the Group's voting rights and potential voting rights.
+Improvements to HKFRSS 2014-2016 Cycle
+2.1 Basis of preparation
+These subsidiaries are registered as wholly-foreign-owned enterprises under PRC law.
+94.76%
+Mainland China
+1,050,000,000
+Sale and distribution of
+automobiles; provision of
+related after-sales services
+99.88%
+Research and development of
+automobiles and components
+Changsha BYD Auto Co., Ltd.
+("Changsha Auto")**
+PRC/Mainland China
+RMB
+1,000,000,000
+These subsidiaries were wholly owned by BYD Int'l, one of the Company's subsidiaries.
+BYD (Shangluo) Industrial Company
+RMB
+38.5%
+60.92%
+Limited ("Shangluo BYD")***
+2,600,000,000
+BYD Int'l is a subsidiary incorporated in Hong Kong with its shares listed on The Stock Exchange of Hong Kong Limited.
+Research, development,
+manufacture and sale of solar
+batteries and solar arrays
+**
+These subsidiaries are registered as limited liability companies under PRC law.
+These subsidiaries are registered as Sino-foreign joint ventures under PRC law.
+PRC/Mainland China
+Prepayments, deposits and other receivables
+Disclosure Initiative
+The nature and the impact of the amendments are described below:
+2
+Classification and Measurement of Share-based Payment Transactions¹
+Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts¹
+Financial Instruments¹
+Prepayment Features with Negative Compensation?
+Sale or Contribution of Assets between an Investor and its Associate or Joint Venture³
+Revenue from Contracts with Customers'
+Clarifications to HKFRS 15 Revenue from Contracts with Customers'
+Leases²
+Transfers of Investment Property¹
+Foreign Currency Transactions and Advance Consideration'
+Uncertainty over Income Tax Treatments²
+Amendments to HKFRS 1 and HKAS 281
+Amendments to HKFRS 3, HKFRS 11, HKAS 12 and HKAS 232
+Annual Improvements 2015-2017 Cycle
+1 Effective for annual periods beginning on or after 1 January 2018
+3 No mandatory effective date yet determined but available for adoption
+Further information about those HKFRSS that are expected to be applicable to the Group is describe below:
+In September 2014, the HKICPA issued the final version of HKFRS 9, bringing together all phases of the financial instruments project to replace
+HKAS 39 and all previous versions of HKFRS 9. The standard introduces new requirements for classification and measurement, impairment
+and hedge accounting. The Group will adopt HKFRS 9 from 1 January 2018. The Group will not restate comparative information and will
+recognise any transition adjustments against the opening balance of equity at 1 January 2018. During 2017, the Group has performed a detailed
+assessment of the impact of the adoption of HKFRS 9. The expected impacts relate to the classification and measurement and the impairment
+requirements are summarised as follows:
+(a) Classification and measurement
+Upon adoption of HKFRS 9, the classification and measurement of financial assets depends on two assessments: the financial asset's
+contractual cash flow characteristics and the entity's business model for managing the financial asset. The Group does not expect that the
+adoption of HKFRS 9 will have a significant impact on the classification and measurement of its financial assets except:
+•
+the Group's equity investments currently classified as available-for-sale investments will be reclassified to financial assets at fair
+value through profit or loss or other comprehensive income;
+the financial assets which are not held to collect contractual cash flows will be reclassified as financial assets at fair value through
+other comprehensive income.
+Certain of equity investments currently held as available for sale will be measured at fair value through other comprehensive income as the
+investments are intended to be held for the foreseeable future and the Group expects to apply the option to present fair value changes in
+other comprehensive income. Gains and losses recorded in other comprehensive income for the equity investments cannot be recycled to
+profit or loss when the investments are derecognised.
+53,276,716
+Effective for annual periods beginning on or after 1 January 2019
+Recognition of Deferred Tax Assets for Unrealised Losses
+Disclosure of Interests in Other Entities: Clarification of the
+Scope of HKFRS 12
+2014-2016 Cycle
+HK(IFRIC)-Int 23
+Other liabilities
+Amendments to HKAS 7 require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities
+arising from financing activities, including both changes arising from cash flows and non-cash changes. Disclosure of the changes in
+liabilities arising from financing activities is provided in note 39(b) to the financial statements.
+Amendments to HKAS 12 clarify that an entity, when assessing whether taxable profits will be available against which it can utilise a
+deductible temporary difference, needs to consider whether tax law restricts the sources of taxable profits against which it may make
+deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity
+should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for
+more than their carrying amount. The amendments have had no impact on the financial position or performance of the Group as the Group
+has no deductible temporary differences or assets that are in the scope of the amendments.
+57
+58
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+2.2 Changes in accounting policies and disclosures (continued)
+(c)
+Annual Improvements
+Amendments to HKFRS 12 clarify that the disclosure requirements in HKFRS 12, other than those disclosure requirements in paragraphs
+B10 to B16 of HKFRS 12, apply to an entity's interest in a subsidiary, a joint venture or an associate, or a portion of its interest in a joint
+venture or an associate that is classified as held for sale or included in a disposal group classified as held for sale. The amendments have
+had no impact on the Group's financial statements as there is no Group's subsidiary classified as a disposal group held for sale as at 31
+December 2017 and so no additional information is required to be disclosed.
+The Group has not applied the following revised HKFRSS, that have been issued but are not yet effective, in these financial statements.
+Amendments to HKFRS 2
+Amendments to HKFRS 4
+HKFRS 9
+Amendments to HKFRS 9
+Amendments to HKFRS 10 and HKAS 28 (2011)
+HKFRS 15
+Amendments to HKFRS 15
+HKFRS 16
+Amendments to HKAS 40
+HK(IFRIC)-Int 22
+2.3 Issued but not yet effective Hong Kong financial reporting standards
+31
+capital account
+1,454,710
+Non-
+Share
+premium
+Capital
+RMB'000
+capital account reserve
+RMB'000 RMB'000
+surplus
+reserve fund
+(note 35)
+RMB'000
+(note 35)
+fluctuation
+reserve profits
+RMB'000 RMB'000
+Retained
+Perpetual
+controlling
+Total
+BYD Company Limited Annual Report 2017
+These reserve accounts comprise the consolidated reserves of RMB48,380,251,000 (2016: RMB44,731,986,000) in the consolidated statement of financial position.
+(132,894)* 19,234,724* 3,895,800 55,004,194 4,953,293 59,957,487
+2,728,143 19,980,490* 5,886,969* 3,410,962*
+At 31 December 2017
+(337,589)
+(2,480)
+Exchange
+Statutory
+Share
+Attributable to owners of the parent
+(185,155)
+(185,155)
+(185,155)
+Interim 2016 dividend
+(1,001,228)
+(1,001,228) (51,690) (1,052,918)
+Government subsidies designated to
+increase the capital reserve
+Appropriation to statutory surplus
+reserve fund
+(485,609) (53,233) (538,842)
+43,033
+At 31 December 2016
+2,728,143 19,980,490* 5,602,363* 3,073,373*
+(43,033)
+(688,622)
+(161,200)* 16,236,960* 3,795,800 51,255,929 4,153,434 55,409,363
+continued/...
+52
+BYD Company Limited Annual Report 2017
+Consolidated Statement of Changes in Equity
+Year ended 31 December 2017
+688,622
+(485,609)
+(243,036)
+(243,036)
+Issue of shares (note 35)
+Total comprehensive income for the year
+of foreign operations
+for-sale investments, net of tax
+Exchange differences on translation
+Change in fair value of available-
+for the year:
+Other comprehensive income
+(161,200)* 16,236,960* 3,795,800 51,255,929 4,153,434 55,409,363
+4,066,478
+4,066,478 850,458 4,916,936
+Profit for the year
+3,073,373*
+Issue of a perpetual loan (note 37)
+19,980,490* 5,602,363*
+At 1 January 2017
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+equity
+interests
+Total
+loans
+4.29%
+2,728,143
+Perpetual loan interest paid (note 12)
+Repay of a perpetual loan (note 37)
+Government subsidies designated to
+(243,036)
+(3,200,000)
+(3,200,000) (3,200,000)
+3,300,000
+3,300,000
+3,300,000
+5,230,002
+4,376,910 852,092
+337,589
+-- 2,480
+Perpetual loan interest paid (note 12)
+Final 2016 dividend declared
+4,066,478
+282,126
+30,940
+2,634
+28,306
+28,306
+282,126
+282,126
+- 282,126 ¯¯¯¯
+Appropriation to statutory surplus
+reserve fund
+increase the capital reserve
+28,306
+595,800
+595,800 595,800
+Issue of a perpetual loan (note 37)
+Director
+Wang Chuan-fu
+Director
+Lv Xiang-yang
+59,957,487
+55,409,363
+BYD Company Limited Annual Report 2017 51
+Consolidated Statement of Changes in Equity
+Year ended 31 December 2017
+Attributable to owners of the parent
+Share
+4,153,434
+Statutory
+Non-
+Share
+premium
+Capital
+surplus
+fluctuation
+Retained
+Perpetual
+controlling
+Total
+Exchange
+reserve
+4,953,293
+55,004,194
+678
+Total non-current liabilities
+Net assets
+EQUITY
+Equity attributable to owners of the parent
+Share capital
+Reserves
+Perpetual loans
+Non-controlling interests
+Total equity
+13,145,007
+51,255,929
+11,343,811
+55,409,363
+35
+2,728,143
+2,728,143
+36
+48,380,251
+44,731,986
+37
+3,895,800
+3,795,800
+59,957,487
+1,672,402
+254
+reserve fund
+RMB'000
+for-sale investments, net of tax
+Exchange differences on translation
+127,629
+127,629
+127,629
+of foreign operations
+--- - 3,255 33
+3,255
+42,429
+45,684
+Total comprehensive income for the year
+Change in fair value of available-
+127,629
+5,052,154
+5,183,038 470,287
+5,653,325
+Issue of shares (note 35)
+252,143 14,220,857
+Share issue expenses
+(103,930)
+14,473,000
+(103,930)
+14,473,000
+(103,930)
+3,255
+reserve
+for the year:
+5,480,012
+RMB'000 RMB'000
+(note 35)
+RMB'000
+(note 35)
+RMB'000
+profits
+RMB'000
+loans
+Total
+interests
+equity
+RMB'000
+Other comprehensive income
+RMB'000 RMB'000 RMB'000
+2,476,000
+5,863,563* 5,431,701*
+2,384,751*
+Profit for the year
+(164,455)* 13,102,844*
+5,052,154
+3,200,000
+32,294,404
+3,734,837 36,029,241
+5,052,154
+427,858
+At 1 January 2016
+RMB
+23
+BYD Auto Sales Co., Ltd.
+("BYD Auto Sales")**
+5,000
+129,400
+110,769
+1,203,686
+1,607,975
+15,337,350
+16,484,670
+Increase in inventories
+(2,726,616)
+(1,984,925)
+Increase in trade and bills receivables
+(7,555,578)
+(19,086,431)
+Increase in prepayments, deposits and other receivables
+(706,960)
+(75,817)
+Increase in amounts due from joint ventures and associates
+(3,987,405)
+(740,342)
+Increase in a long-term receivable
+(796,270)
+168
+21
+1,023
+169,854
+3,068
+158,341
+18,207
+118,166
+(26,068)
+14
+16
+(3,966)
+(39)
+5,759,409
+(1,376)
+560
+(187,895)
+5,308,825
+357,036
+88,203
+124,083
+2600
+19,872,804
+(76,563)
+(86,108)
+(6,304)
+(157)
+18
+232,250
+Decrease/(increase) in properties under development
+907,810
+(8,608)
+Cash generated from/(used in) operations
+7,479,909
+(846,291)
+Interest received
+95,783
+152,701
+Taxes paid
+(1,207,805)
+(1,151,981)
+Net cash flows from/(used in) operating activities
+514,089
+6,367,887
+(1,845,571)
+53
+54
+BYD Company Limited Annual Report 2017
+Consolidated Statement of Cash Flows
+Year ended 31 December 2017
+CASH FLOWS FROM INVESTING ACTIVITIES
+Purchases of items of property, plant and equipment
+Increase in non-current prepayments
+Increase in prepaid land lease payments
+Continued/...
+136,717
+178,845
+(238,301)
+Increase/(decrease) in advances from customers
+2,849,488
+(587,217)
+(Increase)/decrease in a completed property held for sale
+(6,676,198)
+22,198
+Increase in trade and bills payables
+4,192,952
+3,734,088
+Increase in other payables
+Increase in provision for warranties
+6,022,087
+Increase in accurals and deferred income
+284,976
+301,147
+Increase in non-current prepayment
+(61,785)
+Increase in amounts due to joint ventures and associates
+203,229
+70,428
+Increase/(decrease) in amounts due to related parties
+13,984
+936,625
+Investment in short-term deposits
+55,150
+(244,728)
+19
+Investments in joint ventures
+Long-term receivables
+4,567,407
+3,372,240
+25
+Non-current prepayments
+6,759,111
+8,217,623
+18
+65,914
+65,914
+17
+Other intangible assets
+Goodwill
+5,182,739
+42,048,635
+47,830,718
+66,707
+5,844,857
+16
+Prepaid land lease payments
+15
+Investments in associates
+20
+Available-for-sale investments
+Deferred tax assets
+21
+22
+Trade and bills receivables
+Inventories
+CURRENT ASSETS
+66,716,975
+75,278,400
+Total non-current assets
+Property under development
+921,243
+1,448,262
+Investment properties
+1,580,032
+4,185,460
+493,599
+622,044
+1,751,159
+2,442,867
+253,668
+1,049,938
+26
+22222
+34
+3,225,238
+14
+Property, plant and equipment
+NON-CURRENT ASSETS
+Amortisation of other intangible assets
+Profit before tax
+5,620,641
+6,568,410
+Adjustments for:
+Finance costs
+8
+2,342,770
+1,799,609
+Share of profits and losses of joint ventures and associates
+Recognition of prepaid land lease payments
+224,522
+Bank interest income
+Dividend income from available-for-sale investments
+Government grants and subsidies
+Loss on disposal of items of non-current assets
+55
+60
+(95,783)
+(152,701)
+(17,532)
+(5,254)
+599,824
+(204,899)
+Impairment of available-for-sale investments
+Impairment of other intangible assets
+2016
+RMB'000
+2017
+RMB'000
+Notes
+31 December 2017
+Consolidated Statement of Financial Position
+BYD Company Limited Annual Report 2017 49
+17,378,439
+CASH FLOWS FROM OPERATING ACTIVITIES
+Notes
+2017
+Impairment of investments in associates
+RMB'000
+Loss on disposal of subsidiaries
+Fair value losses (gains), net:
+Available-for-sale investments (transfer from equity on disposal)
+Derivative financial instruments
+Loss on disposal of finance products
+(Gain)/loss on disposal of investments in a jointly-controlled entity
+Depreciation
+Impairment of inventories
+Impairment of trade receivables
+Impairment losses of trade receivables reversed
+Impairment losses of prepayments, deposits and other receivables reversed
+2016
+RMB'000
+Withdrawal of short-term deposits
+Receipt of government grants
+Disposal of a subsidiary
+Mainland China
+BYD Precision Manufacture Co., Ltd.
+("BYD Precision")****^
+PRC/ US$145,000,000
+Mainland China
+65.76%
+Research, development, sale and
+manufacture of Li-ion batteries
+Research, development, sale and
+manufacture of Li-ion batteries,
+Solar batteries and Solar arrays
+Research, development, sale and
+manufacture of automobiles
+Manufacture, assembly and sale
+of mobile handset components
+and modules
+BYD (Huizhou) Co., Ltd. ("BYD HZ")***
+PRC/ US$150,000,000
+55%
+24
+45%
+Research, development,
+Mainland China
+manufacture and sale of
+components of mobile
+handsets and other consumer
+electronics; development,
+sale and leasing of residential
+properties and property
+management (provided only to
+employees of the Company)
+Research, development, sale and
+Huizhou BYD Battery Co., Ltd.
+("BYD HZ Battery")***
+("BYD Auto")***
+99%
+PRC/ RMB1,351,010,101
+BYD Auto Co., Ltd.
+The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are the research, development, manufacture
+and sale of rechargeable batteries and photovoltaic business, automobiles and related products, handset components and other electronic
+products, rail transit equipment.
+Information about subsidiaries
+Particulars of the Company's principal subsidiaries are as follows:
+Place of
+incorporation/
+registration and
+Name
+business
+Issued ordinary/
+registered
+share capital
+Percentage of
+equity attributable
+to the Company
+Direct
+Indirect
+PRC/ US$150,000,000
+Principal activities
+PRC/
+Mainland China
+RMB6,160,000,000
+100%
+Shanghai BYD Co., Ltd.
+PRC/
+US$63,500,000
+75%
+25%
+("BYD SH")***
+Mainland China
+BYD Lithium Batteries Co., Ltd.
+("BYD Li-ion")**
+10%
+90%
+Mainland China
+equity attributable
+to the Company
+Direct
+Indirect
+Principal activities
+Huizhou BYD Electronic Co., Ltd.
+("Huizhou Electronic")***^
+PRC/
+US$110,000,000
+65.76%
+High-level assembly
+Mainland China
+registered
+share capital
+Xi'an BYD Electronic Co., Ltd.
+("Xi'an Electronic")****^
+65.76%
+Mainland China
+Manufacture and sale of mobile
+handset components
+BYD (Wuhan) Electronic Co., Ltd.
+("Wuhan Electronic")****^
+PRC/
+RMB10,000,000
+65.76%
+Manufacture and sale of mobile
+Mainland China
+handset components
+PRC/ RMB100,000,000
+BYD Company Limited (the "Company") is a joint stock limited liability company registered in the People's Republic of China (the "PRC"). The
+Company's H shares have been listed on The Stock Exchange of Hong Kong Limited since 31 July 2002. The registered office of the Company is
+located at Yan An Road, Kuichong, Dapeng District, Shenzhen, Guangdong Province, the PRC.
+business
+Issued ordinary/
+manufacture of Li-ion batteries
+and accessories
+BYD Auto Industry Co., Ltd.
+PRC/
+US$1,207,654,387
+89.57%
+10.00%
+("BYD Auto Industry")***
+Mainland China
+Research, development, sale and
+manufacture of automobiles
+and light rail transit equipment
+BYD Electronic (International) Co., Ltd.
+("BYD Int'l")*
+Name
+Hong Kong HK$440,000,000
+Investment holding
+55
+56
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+1. Corporate and Group information (continued)
+Information about subsidiaries (continued)
+Place of
+incorporation/
+registration and
+Percentage of
+65.76%
+1. Corporate and Group information
+31 December 2017
+Notes to Financial Statements
+jointly-controlled entities and associate
+36,900
+5,254
+Proceeds from disposal of items of property, plant and equipment and
+other intangibles assets
+213,815
+196,641
+Withdraw of available-for-sale investments
+13,907
+16,290
+Dividend received from available-for-sale investments,
+Decrease in financial products
+201,376
+Capital contributions to associates
+(201,260)
+(14,012)
+Capital contributions to joint ventures
+(808,760)
+(912,893)
+Purchases of available-for-sale investments
+(596,602)
+Net cash flows used in investing activities
+3,966
+(15,716,724)
+26,068
+(1,377,278)
+Disposal of a jointly-controlled entity
+Disposal of associates
+Notes
+2017
+RMB'000
+2016
+RMB'000
+(7,436,202)
+(4,839,296)
+(3,917,342)
+(6,193,790)
+(814,483)
+Receipt of disposal of derivative financial instruments
+(643,086)
+247,360
+273,921
+166,211
+75,993
+9,971
+420
+800
+5,700
+Additions to other intangible assets
+(2,625,034)
+(252,681)
+PRC/
+(13,421,402)
+Proceeds from issue of perpetual loans
+(185,155)
+(53,233)
+(51,690)
+(485,609)
+(1,001,228)
+(5,712)
+(18,177)
+11,167,824
+16,270,217
+NET INCREASE IN CASH AND CASH EQUIVALENTS
+(243,036)
+1,818,987
+Cash and cash equivalents at beginning of year
+7,111,234
+6,010,931
+Effect of foreign exchange rate changes, net
+5,733
+97,059
+CASH AND CASH EQUIVALENTS AT END OF YEAR
+8,935,954
+7,111,234
+BYD Company Limited Annual Report 2017
+1,003,244
+CASH FLOWS FROM FINANCING ACTIVITIES
+(1,970,560)
+(26,691,182)
+Repayment of perpetual loans
+Proceeds from issue of corporate bonds
+Corporate bond issue expenses
+Proceeds from issue of shares
+Shares issue expenses
+New borrowings
+Repayment of borrowings
+Interest paid
+Perpetual loan interests distributed
+Dividends paid to non-controlling shareholders
+(2,419,438)
+Dividends paid to owners of the parent
+Net cash flows from financing activities
+3,300,000
+(3,200,000)
+595,800
+4,500,000
+(8,632)
+14,473,000
+(103,930)
+46,032,851
+31,223,339
+(36,249,367)
+Increase in pledged deposits
+24
+Year ended 31 December 2017
+Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the
+goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an
+impairment loss is recognised. An impairment loss recognised for goodwill is not reversed in a subsequent period.
+63
+An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised impairment losses
+may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised
+impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable
+amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/
+amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to the
+statement of profit or loss in the period in which it arises.
+An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the
+estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
+time value of money and the risks specific to the asset. An impairment loss is charged to the statement of profit or loss in the period in which it
+arises in those expense categories consistent with the function of the impaired asset.
+Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, a completed
+property held-for-sale, financial assets), the asset's recoverable amount is estimated. An asset's recoverable amount is the higher of the asset's
+or cash-generating unit's value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does
+not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is
+determined for the cash-generating unit to which the asset belongs.
+Impairment of non-financial assets
+For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have
+occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value
+measurement as a whole) at the end of each reporting period.
+based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
+based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable,
+either directly or indirectly
+Level 3
+Level 2
+64
+based on quoted prices (unadjusted) in active markets for identical assets or liabilities
+All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
+described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
+The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
+maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
+A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the
+asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
+The Group measures its available-for-sale investment and derivative financial instruments at fair value at the end of each reporting period. Fair
+value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
+the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability
+takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for
+the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is
+measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in
+their economic best interest.
+Fair value measurement
+2.4 Summary of significant accounting policies (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is
+disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain
+or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the
+portion of the cash-generating unit retained.
+Level 1
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment
+losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the
+asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put
+into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In
+situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset
+as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such
+parts as individual assets with specific useful lives and depreciates them accordingly.
+Property, plant and equipment and depreciation
+(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent
+of the Group.
+(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or
+of a parent of the entity); and
+(vi) the entity is controlled or jointly controlled by a person identified in (a);
+the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;
+(V)
+one entity is a joint venture of a third entity and the other entity is an associate of the third entity;
+(iv)
+the entity and the Group are joint ventures of the same third party;
+(iii)
+one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);
+the entity and the Group are members of the same group;
+(i)
+the party is an entity where any of the following conditions applies:
+is a member of the key management personnel of the Group or of a parent of the Group;
+has significant influence over the Group; or
+has control or joint control over the Group;
+(i)
+or
+(a) the party is a person or a close member of that person's family and that person,
+Related parties
+2.4 Summary of significant accounting policies (continued)
+After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more
+frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment
+test of goodwill as at 31 December. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition
+date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies
+of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.
+Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for
+non-controlling interests and any fair value of the Group's previously held equity interests in the acquiree over the identifiable net assets acquired
+and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is,
+after reassessment, recognised in profit or loss as a gain on bargain purchase.
+Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration
+classified as an asset or liability is measured at fair value with changes in fair value recognised in profit or loss. Contingent consideration that is
+classified as equity is not remeasured and subsequent settlement is accounted for within equity.
+If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any
+resulting gain or loss is recognised in profit or loss.
+Presentation and disclosure
+The expected impacts arising from the adoption of HKFRS 15 on the Group are summarised as follows:
+2.3 Issued but not yet effective Hong Kong financial reporting standards (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+60
+59
+the manufacture and sale of lithium-ion batteries and nickel batteries, photovoltaic products and iron batteries products.
+•
+the manufacture and sale of mobile handset components and the provision of assembly services;
+.
+the manufacture and sale of automobiles and auto-related moulds and components and automobiles leasing and after sales service;
+•
+The Group's principal activities consist of:
+HKFRS 15, issued in July 2014, establishes a new five-step model to account for revenue arising from contracts with customers. Under HKFRS
+15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring
+goods or services to a customer. The principles in HKFRS 15 provide a more structured approach for measuring and recognising revenue. The
+standard also introduces extensive qualitative and quantitative disclosure requirements, including disaggregation of total revenue, information
+about performance obligations, changes in contract asset and liability account balances between periods and key judgements and estimates.
+The standard will supersede all current revenue recognition requirements under HKFRSS. Either a full retrospective application or a modified
+retrospective adoption is required on the initial application of the standard. In June 2016, the HKICPA issued amendments to HKFRS 15 to
+address the implementation issues on identifying performance obligations, application guidance on principal versus agent and licences of
+intellectual property, and transition. The amendments are also intended to help ensure a more consistent application when entities adopt
+HKFRS 15 and decrease the cost and complexity of applying the standard. The Group will adopt HKFRS 15 from 1 January 2018 and plans to
+adopt the transitional provisions in HKFRS 15 to recognise the cumulative effect of initial adoption as an adjustment to the opening balance of
+retained earnings at 1 January 2018. In addition, the Group plans to apply the new requirements only to contracts that are not completed before
+1 January 2018. The Group expects that the transitional adjustment to be made on 1 January 2018 upon initial adoption of HKFRS 15 will not
+be material. However, the expected changes in accounting policies, and presentation and disclosures as further explained below, will have a
+material impact on the Group's financial statements from 2018 onwards. During 2017, the Group has performed a detailed assessment on the
+impact of the adoption of HKFRS 15.
+Amendments to HKFRS 10 and HKAS 28 (2011) address an inconsistency between the requirements in HKFRS 10 and in HKAS 28 (2011) in
+dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition
+of a gain or loss when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a
+transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor's profit or
+loss only to the extent of the unrelated investor's interest in that associate or joint venture. The amendments are to be applied prospectively. The
+previous mandatory effective date of amendments to HKFRS 10 and HKAS 28 (2011) was removed by the HKICPA in January 2016 and a new
+mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However,
+the amendments are available for adoption now.
+HKFRS 9 requires an impairment on debt instruments recorded at amortised cost or at fair value through other comprehensive income,
+lease receivables, loan commitments and financial guarantee contracts that are not accounted for at fair value through profit or loss under
+HKFRS 9, to be recorded based on an expected credit loss model either on a twelve-month basis or a lifetime basis. The Group will apply
+the simplified approach and record lifetime expected losses that are estimated based on the present values of all cash shortfalls over the
+remaining life of all of its trade receivables. Furthermore, the Group will apply the general approach and record twelve-month expected
+credit losses that are estimated based on the possible default events on its other receivables and other debt instruments within the next
+twelve months. Based on the assessments undertaken to date, the Group does not expect a material change of the loss allowance for the
+Group's receivables and other debt investments.
+(b) Impairment
+2.3 Issued but not yet effective Hong Kong financial reporting standards (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+The presentation and disclosure requirements in HKFRS 15 are more detailed than those under the current HKAS 11 and HKAS 18. The
+presentation requirements represent a significant change from current practice and will significantly increase the volume of disclosures required
+in the Group's financial statements. Many of the disclosure requirements in HKFRS 15 are new and the Group has assessed that the impact
+of some of these disclosure requirements will be significant. In particular, the Group expects that the notes to the financial statements will
+be expanded because of the disclosure of significant judgements made on determining the transaction prices of those contracts that include
+variable consideration, how the transaction prices have been allocated to the performance obligations, and the assumptions made to estimate
+the stand-alone selling price of each performance obligation.
+BYD Company Limited Annual Report 2017
+In addition, as required by HKFRS 15, the Group will disaggregate revenue recognised from contracts with customers into categories that depict
+how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. It will also disclose information
+about the relationship between the disclosure of disaggregated revenue and revenue information disclosed for each reportable segment.
+Amendments to HKAS 40, issued in April 2017, clarify when an entity should transfer property, including property under construction or
+development, into or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to
+meet, the definition of investment property and there is evidence of the change in use. A mere change in management's intentions for the use of
+a property does not provide evidence of a change in use. The amendments should be applied prospectively to the changes in use that occur on
+or after the beginning of the annual reporting period in which the entity first applies the amendments. An entity should reassess the classification
+of property held at the date that it first applies the amendments and, if applicable, reclassify property to reflect the conditions that exist at that
+date. Retrospective application is only permitted if it is possible without the use of hindsight. The Group expects to adopt the amendments
+prospectively from 1 January 2018. The amendments are not expected to have any significant impact on the Group's financial statements.
+When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in
+accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation
+of embedded derivatives in host contracts of the acquiree.
+Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair
+value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former
+owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the
+Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a
+proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquiree's identifiable net assets. All
+other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred.
+Business combinations and goodwill
+If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the
+investment continues to be accounted for under the equity method. In all other cases, upon loss of significant influence over the associate or joint
+control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying
+amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and
+proceeds from disposal is recognised in profit or loss.
+Investments in associates and joint ventures (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+62
+61
+The Group's share of the post-acquisition results and other comprehensive income of associates and joint ventures is included in the
+consolidated statement of profit or loss and consolidated other comprehensive income, respectively. In addition, when there has been a change
+recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when applicable, in the
+consolidated statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and its associates or
+joint ventures are eliminated to the extent of the Group's investments in the associates or joint ventures, except where unrealised losses provide
+evidence of an impairment of the asset transferred. Goodwill arising from the acquisition of associates or joint ventures is included as part of the
+Group's investments in associates or joint ventures.
+The Group's investments in associates and joint ventures are stated in the consolidated statement of financial position at the Group's share of
+net assets under the equity method of accounting, less any impairment losses. Adjustments are made to bring into line any dissimilar accounting
+policies that may exist.
+A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
+joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant
+activities require the unanimous consent of the parties sharing control.
+An associate is an entity in which the Group has a long term interest of generally not less than 20% of the equity voting rights and over which it
+is in a position to exercise significant influence. Significant influence is the power to participate in the financial and operating policy decisions of
+the investee, but is not control or joint control over those policies.
+Investments in associates and joint ventures
+2.4 Summary of significant accounting policies
+HK(IFRIC)-Int 23, issued in July 2017, addresses the accounting for income taxes (current and deferred) when tax treatments involve uncertainty
+that affects the application of HKAS 12 (often referred to as "uncertain tax positions"). The interpretation does not apply to taxes or levies outside
+the scope of HKAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments.
+The interpretation specifically addresses (i) whether an entity considers uncertain tax treatments separately; (ii) the assumptions an entity makes
+about the examination of tax treatments by taxation authorities; (iii) how an entity determines taxable profits or tax losses, tax bases, unused
+tax losses, unused tax credits and tax rates; and (iv) how an entity considers changes in facts and circumstances. The interpretation is to be
+applied retrospectively, either fully retrospectively without the use of hindsight or retrospectively with the cumulative effect of application as
+an adjustment to the opening equity at the date of initial application, without the restatement of comparative information. The Group expects
+to adopt the interpretation from 1 January 2019. The interpretation is not expected to have any significant impact on the Group's financial
+statements.
+HK(IFRIC)-Int 22, issued in June 2017, provides guidance on how to determine the date of the transaction when applying HKAS 21 to the
+situation where an entity receives or pays advance consideration in a foreign currency and recognises a non-monetary asset or liability. The
+interpretation clarifies that the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related
+asset, expense or income (or part of it) is the date on which an entity initially recognises the non-monetary asset (such as a prepayment) or non-
+monetary liability (such as deferred income) arising from the payment or receipt of the advance consideration. If there are multiple payments
+or receipts in advance of recognising the related item, the entity must determine the transaction date for each payment or receipt of the
+advance consideration. Entities may apply the interpretation on a full retrospective basis or on a prospective basis, either from the beginning of
+the reporting period in which the entity first applies the interpretation or the beginning of the prior reporting period presented as comparative
+information in the financial statements of the reporting period in which the entity first applies the interpretation. The Group expects to adopt
+the interpretation prospectively from 1 January 2018. The interpretation is not expected to have any significant impact on the Group's financial
+statements.
+2.3 Issued but not yet effective Hong Kong financial reporting standards (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+HKFRS 16, issued in May 2016, replaces HKAS 17 Leases, HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease, HK(SIC)-
+Int 15 Operating Leases - Incentives and HK(SIC)-Int 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The
+standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognise
+assets and liabilities for most leases. The standard includes two elective recognition exemptions for lessees - leases of low-value assets and
+short-term leases. At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e., the lease liability)
+and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). The right-of-use asset is
+subsequently measured at cost less accumulated depreciation and any impairment losses unless the right-of-use asset meets the definition
+of investment property in HKAS 40, or relates to a class of property, plant and equipment to which the revaluation model is applied. The lease
+liability is subsequently increased to reflect the interest on the lease liability and reduced for the lease payments. Lessees will be required to
+separately recognise the interest expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees will also be
+required to remeasure the lease liability upon the occurrence of certain events, such as change in the lease term and change in future lease
+payments resulting from a change in an index or rate used to determine those payments. Lessees will generally recognise the amount of the
+remeasurement of the lease liability as an adjustment to the right-of-use asset. Lessor accounting under HKFRS 16 is substantially unchanged
+from the accounting under HKAS 17. Lessors will continue to classify all leases using the same classification principle as in HKAS 17 and
+distinguish between operating leases and finance leases. HKFRS 16 requires lessees and lessors to make more extensive disclosures than under
+HKAS 17. Lessees can choose to apply the standard using either a full retrospective or a modified retrospective approach. The Group expects to
+adopt HKFRS 16 from 1 January 2019. The Group is currently assessing the impact of HKFRS 16 upon adoption and is considering whether it
+will choose to take advantage of the practical expedients available and which transition approach and reliefs will be adopted. As disclosed in note
+40 to the financial statements, at 31 December 2017, the Group had future minimum lease payments under non-cancellable operating leases in
+aggregate of approximately RMB781,185,000. Upon adoption of HKFRS 16, certain amounts included therein may need to be recognised as new
+right-of-use assets and lease liabilities. Further analysis, however, will be needed to determine the amount of new rights of use assets and lease
+liabilities to be recognised, including, but not limited to, any amounts relating to leases of low-value assets and short-term leases, other practical
+expedients and reliefs chosen, and new leases entered into before the date of adoption.
+Notes to Financial Statements
+A party is considered to be related to the Group if:
+2.4 Summary of significant accounting policies (continued)
+Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value
+presented in the statement of profit or loss. These net fair value changes do not include any dividends or interest earned on these financial
+assets, which are recognised in accordance with the policies set out for "Revenue recognition" below.
+Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition
+as at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of sale in the near
+term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective
+hedging instruments as defined by HKAS 39.
+Financial assets at fair value through profit or loss
+The subsequent measurement of financial assets depends on their classification as follows:
+Subsequent measurement
+All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase
+or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period
+generally established by regulation or convention in the marketplace.
+Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss and loans, and receivables and
+available-for-sale financial investments, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. When
+financial assets are recognised initially, they are measured at fair value plus transaction costs that are attributable to the acquisition of the
+financial assets, except in the case of financial assets recorded at fair value through profit or loss.
+Initial recognition and measurement
+31 December 2017
+Financial assets designated upon initial recognition as at fair value through profit or loss are designated at the date of initial recognition and only
+if the criteria in HKAS 39 are satisfied.
+Investments and other financial assets
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+When a sale and leaseback transaction results in a finance lease, the transaction in substance is a mean whereby the lessor provides finance
+to the lessee, with the asset as security. The previous carrying value of the asset is left unchanged, with the sales proceeds being shown as a
+liability. The creditor balance is recorded as other borrowings on the consolidated statement of financial position.
+Sale and leaseback
+When the lease payments cannot be allocated reliably between the land and buildings elements, the entire lease payments are included in the
+cost of the land and buildings as a finance lease in property, plant and equipment.
+Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognised on the straight-line basis over the
+lease terms.
+Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Where
+the Group is the lessor, assets leased by the Group under operating leases are included in non-current assets, and rentals receivable under the
+operating leases are credited to the statement of profit or loss on the straight-line basis over the lease terms. Where the Group is the lessee,
+rentals payable under operating leases net of any incentives received from the lessor are charged to the statement of profit or loss on the
+straight-line basis over the lease terms.
+Assets acquired through hire purchase contracts of a financing nature are accounted for as finance leases, but are depreciated over their
+estimated useful lives.
+Leases that transfer substantially all the rewards and risks of ownership of assets to the Group, other than legal title, are accounted for as
+finance leases. At the inception of a finance lease, the cost of the leased asset is capitalised at the present value of the minimum lease
+payments and recorded together with the obligation, excluding the interest element, to reflect the purchase and financing. Assets held under
+capitalised finance leases, including prepaid land lease payments under finance leases, are included in property, plant and equipment, and
+depreciated over the shorter of the lease terms and the estimated useful lives of the assets. The finance costs of such leases are charged to the
+statement of profit or loss so as to provide a constant periodic rate of charge over the lease terms.
+2.4 Summary of significant accounting policies (continued)
+Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and
+risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated as at fair value through
+profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the statement of profit or loss.
+Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise
+be required or a reclassification of a financial asset out of the fair value through profit or loss category.
+Loans and receivables
+31 December 2017
+Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
+the asset and the maximum amount of consideration that the Group could be required to repay.
+When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if
+and to what extent it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all
+the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the
+Group's continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability
+are measured on a basis that reflects the rights and obligations that the Group has retained.
+the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
+without material delay to a third party under a "pass-through" arrangement; and either (a) the Group has transferred substantially all the
+risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but
+has transferred control of the asset.
+•
+the rights to receive cash flows from the asset have expired; or
+•
+A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e.,
+removed from the Group's consolidated statement of financial position) when:
+Derecognition of financial assets
+For a financial asset reclassified from the available-for-sale category, the fair value carrying amount at the date of reclassification becomes
+its new amortised cost and any previous gain or loss on that asset that has been recognised in equity is amortised to profit or loss over the
+remaining life of the investment using the effective interest rate. Any difference between the new amortised cost and the maturity amount is also
+amortised over the remaining life of the asset using the effective interest rate. If the asset is subsequently determined to be impaired, then the
+amount recorded in equity is reclassified to the statement of profit or loss.
+The Group evaluates whether the ability and intention to sell its available-for-sale financial assets in the near term are still appropriate. When, in
+rare circumstances, the Group is unable to trade these financial assets due to inactive markets, the Group may elect to reclassify these financial
+assets if management has the ability and intention to hold the assets for the foreseeable future or until maturity.
+When the fair value of unlisted equity investments cannot be reliably measured because (a) the variability in the range of reasonable fair value
+estimates is significant for that investment or (b) the probabilities of the various estimates within the range cannot be reasonably assessed and
+used in estimating fair value, such investments are stated at cost less any impairment losses.
+After initial recognition, available-for-sale financial investments are subsequently measured at fair value, with unrealised gains or losses
+recognised as other comprehensive income in the available-for-sale investment revaluation reserve until the investment is derecognised, at
+which time the cumulative gain or loss is recognised in the statement of profit or loss in other income, or until the investment is determined to
+be impaired, when the cumulative gain or loss is reclassified from the available-for-sale investment revaluation reserve to the statement of profit
+or loss in other gains or losses. Interest and dividends earned whilst holding the available-for-sale financial investments are reported as interest
+income and dividend income, respectively and are recognised in the statement of profit or loss as other income in accordance with the policies
+set out for "Revenue recognition" below.
+Available-for-sale financial investments are non-derivative financial assets in listed and unlisted equity investments and debt securities. Equity
+investments classified as available for sale are those which are neither classified as held for trading nor designated as at fair value through
+profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in
+response to needs for liquidity or in response to changes in market conditions.
+Available-for-sale financial investments
+Investments and other financial assets (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+68
+67
+Leases
+Software is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful life of five years.
+Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After
+initial measurement, such assets are subsequently measured at amortised cost using the effective interest rate method less any allowance for
+impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and includes fees or costs that are an
+integral part of the effective interest rate. The effective interest rate amortisation is included in other income and gains in the statement of profit
+or loss. The loss arising from impairment is recognised in the statement of profit or loss in finance costs for loans and in other expenses for
+receivables.
+Know-how is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful life of five years.
+Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis
+among the parts and each part is depreciated separately. Residual values, useful lives and depreciation methods are reviewed, and adjusted if
+appropriate, at least at each financial year end.
+The unit of production method is used to write off the cost of moulds.
+5%
+5 years and below
+Office equipment and fixtures
+5%
+5 years
+Motor vehicles
+5%
+Machinery and equipment (except moulds)
+Over the shorter of the lease terms and 5 years
+5%
+10 to 70 years
+Leasehold improvements
+Buildings
+Not depreciated
+Freehold land
+Residual value
+Estimated useful lives
+Property, plant and equipment and depreciation (continued)
+Except for moulds, depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its
+residual value over its estimated useful life. The estimated useful lives and residual value are as follows:
+Software
+An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future
+economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the statement of profit or loss
+in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.
+Construction in progress representing property and plant under construction is stated at cost less any impairment losses, and is not depreciated.
+Cost comprises the direct costs of construction and capitalised borrowing costs on related borrowed funds during the period of construction.
+Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.
+5 to 10 years
+Investment properties are interests in land and buildings held to earn rental income and/or for capital appreciation, rather than for use in the
+production or supply of goods or services or for administrative purposes; or for sale in the ordinary course of business. Such properties are
+measured at cost, including transaction costs, less any depreciation and any losses.
+Know-how
+Investment properties
+Industrial proprietary rights are stated at cost less any impairment losses and are amortised on the straight-line basis over their estimated useful
+lives of five to ten years.
+Industrial proprietary rights
+Deferred development costs are stated at cost less any impairment losses. The development costs are amortised using the straight-line basis
+over the commercial lives of the underlying products not exceeding five years, except for those of new energy vehicles which are amortised using
+the unit of production method, commencing from the date when the products are put into commercial production.
+Expenditure incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate the technical
+feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the
+asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure
+reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when
+incurred.
+All research costs are charged to the statement of profit or loss as incurred.
+Intangible assets (other than goodwill) (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2017
+Notes to Financial Statements
+Research and development costs
+BYD Company Limited Annual Report 2017
+66
+65
+Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
+combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible
+assets with finite lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an indication
+that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are
+reviewed at least at each financial year end.
+Intangible assets (other than goodwill)
+Any gains or losses on the retirement or disposal of an investment property are recognised in the statement of profit or loss in the year of the
+retirement or disposal.
+1.9% to 9.5%
+Buildings
+Depreciation is calculated on the straight-line basis to write off the cost of each item of investment properties to its residual value over its
+estimated useful life. The principal annual rates used for this purpose are as follows:
+Employees' entitlements to sick leave and maternity leave are not recognised until the time of leave.
+Employees' entitlements to annual leave and long service leave are recognised when they accrue to employees.
+Employees' leave entitlements
+31 December 2017
+Employee benefits
+Notes to Financial Statements
+2.4 Summary of significant accounting policies (continued)
+Provision is made for foreseeable losses as soon as they are anticipated by management. Where contract costs incurred to date plus recognised
+profits less recognised losses exceed progress billings, the surplus is treated as an amount due from contract customers. Where progress
+billings exceed contract costs incurred to date plus recognised profits less recognised losses, the surplus is treated as an amount due to contract
+customers.
+BYD Company Limited Annual Report 2017 75
+Medical benefits
+Revenue from the rendering of services is recognised based on the percentage of completion of the transaction, provided that the revenue, the
+costs incurred and the estimated costs to completion can be measured reliably. The percentage of completion is established by reference to the
+costs incurred to date as compared to the total costs to be incurred under the transaction. Where the outcome of a contract cannot be measured
+reliably, revenue is recognised only to the extent that the expenses incurred are eligible to be recovered.
+The Group's contributions to various defined contribution medical benefit plans organised by the relevant municipal and provincial governments
+in the PRC are expensed as incurred.
+Transfer pricing in operating segment is determined with reference to the agreed price among operation segments.
+The employees of the Group's subsidiaries, which operate in Mainland China, are required to participate in a central pension scheme operated
+by the local municipal government. These subsidiaries are required to contribute a certain percentage of their payroll costs to the central pension
+scheme. The contributions are charged to the statement of profit or loss as they become payable in accordance with the rules of the central
+pension scheme.
+Pension scheme - outside Mainland China
+The Group contributes on a monthly basis to various defined contribution plans organised by the relevant governmental authorities in various
+areas other than Mainland China. The Group's liability in respect of these plans is limited to the contributions payable at the end of each period.
+Contributions to these plans are expensed as incurred.
+Housing fund - Mainland China
+The Group contributes on a monthly basis to a defined contribution housing fund plan operated by the local municipal government. Contributions
+to this plan by the Group are expensed as incurred.
+Borrowing costs
+Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e., assets that necessarily take a
+substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. The capitalisation of
+such borrowing costs ceases when the assets are substantially ready for their intended use or sale. Investment income earned on the temporary
+investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs capitalised. All other
+borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in
+connection with the borrowing of funds.
+Where funds have been borrowed generally, and used for the purpose of obtaining qualifying assets, a capitalisation rate ranging between
+4.21% and 4.62% has been applied to the expenditure on the individual assets.
+Segment liabilities exclude deferred tax liabilities, tax payable, interest-bearing bank and other borrowings, derivative financial instruments,
+interest payable, dividend payable, other unallocated head office and corporate liabilities as these liabilities are managed on a group basis.
+Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resource allocation
+and performance assessment. Segment performance is evaluated based on reportable segment profit, which is a measure of adjusted profit
+before tax. The adjusted profit before tax is measured consistently with the Group's profit before tax except that finance costs, interest income,
+government grants and subsidies, as well as head office and corporate expenses and gains are excluded from such measurement.
+Contract revenue on the rendering of services comprises the agreed contract amount. Costs of rendering services comprise labour and other
+costs of personnel directly engaged in providing the services and attributable overheads.
+Segment assets exclude deferred tax assets, goodwill, available-for-sale investments, derivative financial instruments, investment properties and
+other unallocated head office and corporate assets, as these assets are managed on a group basis.
+Pension scheme - Mainland China
+Contracts for services
+74
+Revenue from cost plus construction contracts is recognised using the percentage of completion method, by reference to the recoverable costs
+incurred during the period plus the related fee earned, measured by the proportion of costs incurred to date to the estimated total cost of the
+relevant contract.
+2.4 Summary of significant accounting policies (continued)
+the automobiles and related products segment comprises the manufacture and sale of automobiles, auto-related moulds and components,
+automobiles leasing, after sales service, also including "Skyrail” related business;
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+Where the Group receives government loans granted with no or at a below-market rate of interest for the construction of a qualifying asset, the
+initial carrying amount of the government loans is determined using the effective interest rate method, as further explained in the accounting
+policy for "Financial liabilities" above. The benefit of the government loans granted with no or at a below-market rate of interest, which is the
+difference between the initial carrying value of the loans and the proceeds received, is treated as a government grant and released to the
+statement of profit or loss over the expected useful life of the relevant asset by equal annual instalments.
+Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of profit or loss over
+the expected useful life of the relevant asset by equal annual instalments or deducted from the carrying amount of the asset and released to the
+statement of profit or loss by way of a reduced depreciation charge.
+Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching
+conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods
+that the costs, which it is intended to compensate, are expensed.
+Government grants
+Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and
+current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either
+the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the
+assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected
+to be settled or recovered.
+Revenue recognition
+Revenue is recognised when it is probable that the economic benefits will flow to the Group and when the revenue can be measured reliably, on
+the following bases:
+(a)
+(b)
+from the sale of goods, when the significant risks and rewards of ownership have been transferred to the buyer, provided that the Group
+maintains neither managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold;
+from construction contracts, on the percentage of completion basis, as further explained in the accounting policy for "Construction
+contracts" below;
+from the rendering of services, on the percentage of completion basis, as further explained in the accounting policy for "Contracts for
+services" below;
+(d) rental income, on a time proportion basis over the lease terms;
+(f)
+interest income, on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future
+cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the
+financial asset;
+dividend income, when the shareholders' right to receive payment has been established; and
+(g) subcontracting income and assembly service income, when the relevant services have been rendered.
+Construction contracts
+Contract revenue comprises the agreed contract amount and appropriate amounts from variation orders, claims and incentive payments.
+Contract costs incurred comprise direct materials, the costs of subcontracting, direct labour and an appropriate proportion of variable and fixed
+construction overheads.
+Revenue from fixed price construction contracts is recognised using the percentage of completion method, measured by reference to the
+proportion of costs incurred to date to the estimated total cost of the relevant contract.
+Provision is made for foreseeable losses as soon as they are anticipated by management. Where contract costs incurred to date plus recognised
+profits less recognised losses exceed progress billings, the surplus is treated as an amount due from contract customers. Where progress
+billings exceed contract costs incurred to date plus recognised profits less recognised losses, the surplus is treated as an amount due to contract
+customers.
+(b) the mobile handset components and assembly service segment comprises the manufacture and sale of mobile handset components such
+as housings, keypads and the provision of assembly services;
+•
+For management purposes, the Group is organised into business units based on their products and services and has three reportable operating
+segments as follows:
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+In 2013, the Group has entered into a sale and leaseback agreement as a lessee with a third party lease company regarding certain machinery
+and equipment (the "Assets"). The fair value of the Assets was determined using the replacement cost approach. The Group compares the
+fair value of the Assets with the present value of minimum lease payments and considers whether it is reasonably certain that the option to
+purchase the Assets will be exercised at the inception of the lease, as well as other terms and conditions of the sale and leaseback agreement,
+to determine the classification of the lease.
+The Group has entered into contractual operating contracts on certain land and buildings. As a lessee, the Group has determined, based on
+evaluation of terms and conditions of the agreements, as all the rewards and risks of ownership of these assets have not been transferred to the
+Group, they are accounted for as operating leases.
+Lease classification
+In the process of applying the Group's accounting policies, management has made the following judgements, apart from those involving
+estimations, which have the most significant effect on the amounts recognised in the financial statements:
+Judgements
+The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the
+reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities.
+Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of
+the assets or liabilities affected in the future.
+3. Significant accounting judgements and estimates
+For the purpose of the consolidated statement of cash flows, the cash flows of overseas subsidiaries are translated into RMB at the exchange
+rates ruling at the dates of the cash flows. Frequently recurring cash flows of overseas subsidiaries which arise throughout the year are
+translated into RMB at the weighted average exchange rates for the year.
+The Group treats specific inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net
+investment. When a foreign operation is sold, such exchange differences are recognised in the statement of profit or loss as part of the gain or
+loss on sale.
+Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities
+arising on acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.
+The resulting exchange differences are recognised in other comprehensive income and accumulated in the exchange fluctuation reserve. On
+disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in the
+statement of profit or loss.
+The functional currencies of certain overseas subsidiaries are currencies other than the RMB. As at the end of the reporting period, the assets
+and liabilities of these entities are translated into RMB at the exchange rates prevailing at the end of the reporting period and their statements of
+profit or loss are translated into RMB at the weighted average exchange rates for the year.
+Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability
+is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
+Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of
+the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date
+when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with
+the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is
+recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).
+Foreign currencies (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+76
+These financial statements are presented in RMB, which is the Company's functional and presentation currency. Each entity in the Group
+determines its own functional currency and items included in the financial statements of each entity are measured using that functional
+currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency
+rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional
+currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are
+recognised in the statement of profit or loss.
+Foreign currencies
+3. Significant accounting judgements and estimates (continued)
+Judgements (continued)
+Deferred tax on withholding tax arising from the distributions of dividends
+The Group's determination as to whether to accrue for withholding taxes arising from the distributions of dividends from certain subsidiaries
+levied in the relevant tax jurisdiction is subject to judgement on the timing of the payment of the dividends. Further details are included in note 34
+to the financial statements.
+4. Operating segment information
+The Group, pursuant to the accounting policy for inventories, writes down inventories from cost to net realisable value and makes reserves for
+slow-moving items and obsolescence by using the lower of cost and net realisable value rule. The Group re-estimates the allowance to reduce
+the valuation of inventories to net realisable value item by item at the end of each reporting period.
+Write-down of inventories based on the lower of cost and net realisable value
+Management makes provision for doubtful accounts by determining whether there is any objective evidence affecting collectability, like the
+insolvency of the debtor or the possibility of serious financial difficulties. Management re-estimates the allowance for doubtful receivables at the
+end of each reporting period.
+Allowance for doubtful receivables
+Provisions for product warranties granted by the Group are recognised based on sales volume and past experience of the level of repairs and
+returns, discounted to their present values as appropriate. Management reviews and adjusts the provision to recognise the best estimate at the
+end of the each reporting period. Further details are contained in note 33 to the financial statements.
+Warranty provisions
+Estimation uncertainty (continued)
+3. Significant accounting judgements and estimates (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+the rechargeable batteries and photovoltaic business segment comprises the manufacture and sale of lithium-ion batteries and nickel
+batteries, photovoltaic products and iron batteries products (including energy storage stations and iron battery pack), principally for mobile
+phones, electric tools and other portable electronic instruments, photovoltaic products, energy storage products and electric vehicles;
+78
+Development costs are capitalised in accordance with the accounting policy for research and development costs in note 2.4 to the financial
+statements. Determining the amounts to be capitalised requires management to make assumptions regarding the expected future cash
+generation of the assets, discount rates to be applied and the expected period of benefits. At 31 December 2017, the best estimate of the
+carrying amount of capitalised development costs was RMB7,963,163,000 (2016: RMB6,561,350,000). Further details are contained in note 18
+to the financial statements.
+Development costs
+Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the
+losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised,
+based upon the likely timing and level of future taxable profits together with future tax planning strategies. The carrying value of deferred tax
+assets relating to recognised tax losses at 31 December 2017 was RMB200,749,000 (2016: RMB49,347,000). The amount of unrecognised
+tax losses at 31 December 2017 was RMB1,585,833,000 (2016: RMB1,264,499,000). Further details are contained in note 34 to the financial
+statements.
+Deferred tax assets
+The Group calculates the depreciation of items of property, plant and equipment and amortisation of intangible assets on the straight-line basis
+over their estimated useful lives or on the unit of production basis and after taking into account their estimated residual value, estimated useful
+lives or estimated total production quantities, commencing from the date the items of property, plant and equipment and intangible assets are
+placed into use. The estimated useful lives or the total production quantities reflect the directors' estimate of the period that the Group intends to
+derive future economic benefits from the use of the Group's items of property, plant and equipment or intangible assets.
+Depreciation and amortisation
+The Group assesses whether there are any indicators of impairment for all non-financial assets at the end of each reporting period. Indefinite
+life intangible assets are tested for impairment annually and at other times when such an indicator exists. Other non-financial assets are tested
+for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an
+asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.
+The calculation of the fair value less costs of disposal is based on available data from binding sales transactions in an arm's length transaction
+of similar assets or observable market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken,
+management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order
+to calculate the present value of those cash flows.
+Impairment of non-financial assets (other than goodwill)
+The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the
+cash-generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected
+future cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash
+flows. The carrying amount of goodwill at 31 December 2017 was RMB65,914,000 (2016: RMB65,914,000). Further details are given in note
+17 to the financial statements.
+Impairment of goodwill
+The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a
+significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described
+below.
+Estimation uncertainty
+77
+The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable
+that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are
+reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be
+available to allow all or part of the deferred tax asset to be recovered.
+Dividends
+when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a
+transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
+loss; and
+Financial liabilities and equity instruments
+Initial recognition and measurement
+Financial liabilities and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the
+substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
+An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity
+instruments issued by the Group are recognised at the proceeds received net of direct issue costs.
+Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or as
+derivatives designated as hedging instruments in an effective hedge, as appropriate.
+All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs.
+The Group's financial liabilities include trade and other payables, and interest-bearing bank and other borrowings, and derivative financial
+instruments.
+Subsequent measurement
+The subsequent measurement of financial liabilities depends on their classification as follows:
+2.4 Summary of significant accounting policies (continued)
+Financial liabilities at fair value through profit or loss
+Financial liabilities are classified as held for trading if they are acquired for the purpose of repurchasing in the near term. This category includes
+derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by
+HKAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
+Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. The net fair value gain or loss recognised in the
+statement of profit or loss does not include any interest charged on these financial liabilities.
+in respect of deductible temporary differences associated with investments in subsidiaries, joint ventures and associate, deferred tax
+assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable
+profit will be available against which the temporary differences can be utilised.
+Loans and borrowings
+After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate
+method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in the
+statement of profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.
+Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
+effective interest rate. The effective interest rate amortisation is included in finance costs in the statement of profit or loss.
+Financial guarantee contracts
+Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it
+incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. A financial guarantee
+contract is recognised initially as a liability at its fair value, adjusted for transaction costs that are directly attributable to the issuance of the
+guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contract at the higher of: (i) the amount of the best
+estimate of the expenditure required to settle the present obligation at the end of the reporting period; and (ii) the amount initially recognised
+less, when appropriate, cumulative amortisation.
+BYD Company Limited Annual Report 2017 71
+Notes to Financial Statements
+Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
+recognition as at fair value through profit or loss.
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+Final dividends are recognised as a liability when they are approved by the shareholders in a general meeting.
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+2.4 Summary of significant accounting policies (continued)
+Impairment of financial assets
+The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial
+assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact on the
+estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment
+may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or
+principal payments, the probability that they will enter bankruptcy or other financial reorganisation and observable data indicating that there is a
+measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
+Financial assets carried at amortised cost
+For financial assets carried at amortised cost, the Group first assesses whether impairment exists individually for financial assets that are
+individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence
+of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets
+with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for
+which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
+The amount of any impairment loss identified is measured as the difference between the asset's carrying amount and the present value of
+estimated future cash flows (excluding future credit losses that have not yet been incurred). The present value of the estimated future cash flows
+is discounted at the financial asset's original effective interest rate (i.e., the effective interest rate computed at initial recognition).
+The carrying amount of the asset is reduced or through the use of an allowance account and the loss is recognised in the statement of profit or
+loss. Interest income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows
+for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no
+realistic prospect of future recovery and all collateral has been realised or has been transferred to the Group.
+If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the
+impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a write-off
+is later recovered, the recovery is credited to other expenses in the statement of profit or loss.
+Financial assets carried at cost
+If there is objective evidence that an impairment loss has been incurred on an unquoted equity instrument that is not carried at fair value
+because its fair value cannot be reliably measured, the amount of the loss is measured as the difference between the asset's carrying amount
+and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Impairment
+losses on these assets are not reversed.
+Available-for-sale financial investments
+For available-for-sale financial investments, the Group assesses at the end of each reporting period whether there is objective evidence that an
+investment or a group of investments is impaired.
+If an available-for-sale asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortisation)
+and its current fair value, less any impairment loss previously recognised in the statement of profit or loss, is removed from other comprehensive
+income and recognised in the statement of profit or loss.
+In the case of equity investments classified as available for sale, objective evidence would include a significant or prolonged decline in the fair
+value of an investment below its cost. "Significant” is evaluated against the original cost of the investment and "prolonged" against the period in
+which the fair value has been below its original cost. Where there is evidence of impairment, the cumulative loss - measured as the difference
+between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognised in the statement of
+profit or loss is removed from other comprehensive income and recognised in the statement of profit or loss. Impairment losses on equity
+instruments classified as available for sale are not reversed through the statement of profit or loss. Increases in their fair value after impairment
+are recognised directly in other comprehensive income.
+The determination of what is "significant" or "prolonged" requires judgement. In making this judgement, the Group evaluates, among other
+factors, the duration or extent to which the fair value of an investment is less than its cost.
+69
+70
+31 December 2017
+2.4 Summary of significant accounting policies (continued)
+Financial liabilities designated upon initial recognition as at fair value through profit or loss are designated at the date of initial recognition and
+only if the criteria in HKAS 39 are satisfied.
+A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
+Term deposits with an initial term of over three months but less than one year were classified as short-term deposits on the consolidated
+statement of financial position.
+Provisions
+A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future
+outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.
+When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of
+the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the
+passage of time is included in finance costs in the statement of profit or loss.
+Provisions for product warranties granted by the Group on certain products are recognised based on sales volume and past experience of the
+level of repairs and returns, discounted to their present values as appropriate.
+Income tax
+Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss,
+either in other comprehensive income or directly in equity.
+Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax
+rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations
+and practices prevailing in the countries in which the Group operates.
+Derecognition of financial liabilities
+Short-term deposits
+Deferred tax liabilities are recognised for all taxable temporary differences, except:
+in respect of taxable temporary differences associated with investments in subsidiaries, joint ventures and associates, when the timing
+of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
+foreseeable future.
+BYD Company Limited Annual Report 2017 73
+Notes to Financial Statements
+31 December 2017
+2.4 Summary of significant accounting policies (continued)
+Income tax (continued)
+Deferred tax assets are recognised for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses.
+Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary
+differences, and the carryforward of unused tax credits and unused tax losses can be utilised, except:
+.
+•
+when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
+combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
+For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including
+term deposits and assets similar in nature to cash, which are not restricted as to use.
+Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of
+assets and liabilities and their carrying amounts for financial reporting purposes.
+Cash and cash equivalents
+When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
+are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new
+liability, and the difference between the respective carrying amounts is recognised in the statement of profit or loss.
+For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short
+term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value,
+and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an
+integral part of the Group's cash management.
+Offsetting of financial instruments
+Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently
+enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the
+liabilities simultaneously.
+Derivative financial instruments
+Initial recognition and subsequent measurement
+The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risk. Those derivative financial
+instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at
+fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.
+Properties under development
+Properties under development are intended to be held for sale after completion.
+Properties under development are stated at the lower of cost and net realisable value and comprise land costs, construction costs, borrowing
+costs, professional fees and other costs directly attributable to such properties incurred during the development period.
+Any gains or losses arising from changes in fair value of derivatives are taken directly to the statement of profit or loss, except for the effective
+portion of cash flow hedges, which is recognised in other comprehensive income and later reclassified to profit or loss when the hedged item
+affects profit or loss.
+Properties under development are classified as current assets unless the construction period of the relevant property development project is
+expected to complete beyond the normal operating cycle. On completion, the properties are transferred to completed properties held for sale.
+2.4 Summary of significant accounting policies (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+72
+31 December 2017
+Inventories
+Completed properties held for sale are stated at the lower of cost and net realisable value. Cost is determined by an apportionment of the total
+land and buildings costs attributable to unsold properties. Net realisable value is estimated by the directors based on the prevailing market
+prices, on an individual property basis.
+Completed properties held for sale
+Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average basis and, in the case of work in
+progress and finished goods, comprises direct materials, direct labour and an appropriate proportion of overheads. Cost of moulds is determined
+at the actual cost incurred in the production process. Net realisable value is based on estimated selling prices less any estimated costs to be
+incurred to completion and disposal.
+78,672
+18
+Amortisation of other intangible assets other than development costs***
+18
+1 00 00
+5,759,409
+5,308,825
+169,854
+60,765
+604,099
+Deferred expenditure amortised
+18
+1,125,014
+Current year expenditure
+3,739,491
+3,171,694
+4,864,505
+4,718,904
+472,679
+Research and development costs:
+1,547,210
+13,045
+7,000
+Notes to Financial Statements
+31 December 2017
+8. Finance costs
+An analysis of finance costs is as follows:
+Interest on bank and other loans
+Bank charges for discounted notes
+Less: Interest capitalised
+2017
+RMB'000
+2016
+RMB'000
+2,265,514
+159,357
+1,820,453
+103,421
+2,424,871
+1,923,874
+82,101
+124,265
+BYD Company Limited Annual Report 2017
+2,342,770
+86
+In 2017, the BYD group received government grants with an aggregate amount of RMB51,146,000 as subsidies on employee stability. Since related expenditure has
+incurred, RMB51,146,000 has been fully recognised as government grant income for the year ended 31 December 2017 (2016: RMB32,065,000).
+32,065
+33,437
+689,577
+176,212
+1,275,807
+710,939
+(a)
+(b)
+(c)
+(d)
+(e)
+(f)
+In 2008, BYD Auto Industry Co., Ltd. ("BYD Auto Industry"), a subsidiary of the Company, received government grants with an aggregate amount of RMB864,647,000
+which were provided by the local government to support automotive research and development activities. The government grants did not specify any repayment terms
+or other conditions that are required to be met. The amount had been recognised as deferred income when received from the government, and would be recognised
+as government grant income year by year according to the depreciation of relevant assets. These related assets had been fully recognised in 2016, thus the amount
+recognised in the statement of profit or loss for the year ended 31 December 2017 was nil (2016: RMB13,045,000).
+In 2010 and 2012, Changsha BYD Auto Co., Ltd. ("Changsha Auto"), a subsidiary of the Company, received government grants with an aggregate amount of
+RMB874,184,000 which were provided by the Changsha Yuhua District Development Zone Committee («À¯¾£¥¤) to support the
+industry development for the Changsha Automobile Zone. The amount recognised in the statement of profit or loss for the year ended 31 December 2017 was
+RMB73,055,000 (2016: RMB79,780,000).
+In 2014 and 2015, BYD Lithium Batteries Co., Ltd., a subsidiary of the Company, received government grants with an aggregate amount of RMB205,000,000 from
+the National Development and Reform Commission () and the Ministry of Industry and Information Technology of PRC (I) for research and development
+for batteries of electronic vehicles (UE). The amount recognised in the statement of profit or loss for the year ended 31 December 2017 was
+RMB41,113,000 (2016: RMB22,887,000).
+Changsha Auto, a subsidiary of the Company, received government grants from the Changsha Yuhua District Development Zone Committee (£ŒÀ¯‡Q
+to support automotive research and development activities. For the year ended 31 December 2017, RMB100,051,000 was recognised as government
+grant income (2016: RMB213,950,000).
+In 2016, BYD (Shanwei) Industrial Co., Ltd., a subsidiary of the Company, received government grants with an amount of RMB150,000,000 from local government
+to support research and development activities in that area. Since related research expenditure has incurred, RMB135,305,000 has been recognised as government
+grant income for the year ended 31 December 2017 (2016: Nil).
+85
+51,146
+1,799,609
+9. Directors' and supervisors' remuneration
+The fees paid to independent non-executive directors during the year were as follows:
+Mr. Zhang Ran
+Mr. Wang Zi-dong
+Mr. Zou Fei
+31 December 2017
+2017
+RMB'000
+2016
+RMB'000
+170
+150
+170
+150
+170
+150
+510
+450
+There was no other emolument payable to the independent non-executive directors during the year (2016: Nil).
+(a) Independent non-executive directors
+The average capitalisation rate for the year used to determine the amount of borrowing costs eligible for capitalisation was 4.38%. (2016:
+4.88%).
+9. Directors' and supervisors' remuneration (continued)
+BYD Company Limited Annual Report 2017
+Directors' and supervisors' remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong
+Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:
+Fees
+Other emoluments:
+Salaries, allowances and benefits in kind
+Pension scheme contributions
+2017
+RMB'000
+2016
+RMB'000
+850
+750
+9,927
+7,898
+75
+76
+10,002
+7,974
+10,852
+8,724
+Notes to Financial Statements
+264,326
+290,356
+Others
+Impairment of other receivables*
+Impairment losses of trade receivables reversed*
+Impairment losses of prepayments, deposits and other receivables reversed*
+Impairment of investments in joint ventures and associates*
+Impairment of inventories**
+Loss on disposal of subsidiaries*
+Impairment losses of available-for-sale investments*
+Fair value losses, net:
+Derivative instruments*
+Additional product warranty provision
+207,978
+88,203
+(222,280)
+124,083
+24
+24
+(76,563)
+(86,108)
+Impairment of trade receivables*
+(6,304)
+136,717
+129,400
+55,150
+Minimum lease payments under operating leases
+Auditors' remuneration
+Employee benefit expense (excluding directors', supervisors' and
+senior executive officers' remuneration (note 42 (d)):
+Wages and salaries
+Welfare
+Pension scheme contributions
+14,644,554
+116,217
+1,130,736
+13,694,734
+122,156
+948,991
+15,891,507
+14,765,881
+Recognition of prepaid lease payments
+Loss on disposal of items of non-current assets
+Foreign exchange differences, net****
+16
+110,769
+(157)
+1,023
+232,250
+2017
+RMB'000
+2016
+RMB'000
+Subsidies on research and development activities for automobiles and
+related products (note (a))
+Impairment of other intangible assets*
+Subsidies on industry development fund for Changsha Automobile Zone (note (b))
+Subsidies on research and development for batteries of electronic vehicle (note (c))
+Others
+73,055
+79,780
+41,113
+22,887
+130,560
+89,187
+Related to income
+Subsidies on research and development activities for automobiles and
+related products (notes (d)&(e))
+Subsidies on employee stability (note (f))
+Notes:
+Subsidies on tax refund
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+Related to assets
+357,036
+3,068
+158,341
+21
+5,000
+33
+30
+33
+7,150
+118,166
+918,088
+1,113,091
+**
+***
+The impairment of trade receivables, impairment of other receivables, impairment losses of trade receivables reversed, impairment losses of prepayments, deposits
+and other receivables reversed, loss on disposal of a subsidiary, impairment of other intangible assets and impairment of investments in joint ventures and associates
+and impairment losses of available-for-sale investments and derivative instruments for the year are included in "Other expenses" in the consolidated statement of
+profit or loss.
+The impairment of inventories for the year is included in "Cost of sales" in the consolidated statement of profit or loss.
+The amortisation of other intangible assets other than development costs for the year is included in "Administrative expenses" in the consolidated statement of profit or
+loss.
+The foreign exchange differences is included in "other expenses" or "other income and gains" in the consolidated statement of profit or loss for the current year and
+the prior year respectively.
+7. Government grants and subsidies
+18,207
+14
+(1,703,533)
+21,898,869
+1,962,996
+Investments in joint ventures
+Investments in associates
+Capital expenditure
+284,694
+3,748,532
+2,158,173
+394,660
+1,874,120
+2,909,978
+1,380,967
+227,384
+9,407,850
+118,141,943
+270,959
+(46,437)
+242,586
+7,092,495
+2,442,867
+622,044
+14,191,948
+BYD Company Limited Annual Report 2017 81
+|||||
+Depreciation and amortisation
+52,541
+74,409
+Intersegment sales
+54,500,575
+39,707,908
+8,442,131
+Sales to external customers
+Segment revenue
+Total
+RMB'000
+and others
+RMB'000
+products
+RMB'000
+Corporate
+and related
+Automobiles
+service
+RMB'000
+Mobile handset
+components
+and assembly
+Rechargeable
+batteries and
+photovoltaic
+business
+RMB'000
+Year ended 31 December 2017
+4. Operating segment information (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+115,636
+Notes to Financial Statements
+31 December 2017
+4. Operating segment information (continued)
+Year ended 31 December 2016
+Taxes and surcharges
+61,374
+169,010
+707,719
+1,280,537
+20,873
+796
+1,750,578
+1,511,717
+18,108,306
+40,077,893
+57,816,633
+21,669
+116,024,501
+Reconciliation:
+Elimination of intersegment sales
+Elimination of other gross income
+Elimination of taxes and surcharges
+(12,554,503)
+(1,750,578)
+(1,511,717)
+Revenue-sales to external customers
+100,207,703
+842,514
+9,358,166
+179,472
+sales of properties and raw materials
+Rechargeable
+batteries and
+photovoltaic
+business
+RMB'000
+Mobile handset
+components
+and assembly
+Automobiles
+and related
+Corporate
+service
+RMB'000
+products
+RMB'000
+and others
+RMB'000
+Total
+RMB'000
+Segment revenue
+Sales to external customers
+7,103,045
+38,082,566
+Intersegment sales
+10,764,415
+983,803
+55,022,092
+806,285
+100,207,703
+12,554,503
+Others including other gross income from
+and disposal of scrap materials
+Segment results
+1,118,762
+102,650,614
+11,668,245
+Automobiles
+service
+RMB'000
+business
+RMB'000
+and assembly
+Mobile handset
+components
+Rechargeable
+batteries and
+photovoltaic
+Total liabilities
+Corporate and other unallocated liabilities
+Elimination of intersegment payables
+and related
+Reconciliation:
+Total assets
+Corporate and other unallocated assets
+intersegment sales
+Elimination unrealised profit of
+Elimination of intersegment receivables
+Reconciliation:
+Segment assets
+Year ended 31 December 2017
+4. Operating segment information (continued)
+Segment liabilities
+products
+RMB'000
+Corporate
+and others
+RMB'000
+(18,889)
+Associates
+(2,711)
+Joint ventures
+Share of (profits)/losses of:
+Other segment information:
+64,917,179
+(1,703,533)
+54,928,297
+31,325,151
+14,310,370
+9,292,776
+178,099,430
+17,594,978
+(526,943)
+statement of profit or loss
+162,734,928
+Total
+RMB'000
+109,140,422
+28,681,229
+24,913,277
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+80
+Elimination of other gross income
+Elimination of intersegment sales
+Reconciliation:
+117,582,947
+50,520
+57,815,658
+41,591,982
+18,124,787
+1,329,477
+1,129
+1,934,611
+49,391
+1,018,385
+1,105,381
+169,367
+53,600
+Taxes and surcharges
+595,945
+270,890
+and disposal of scrap materials
+sales of properties and raw materials
+Others including other gross income from
+Elimination of taxes and surcharges
+1,191,317
+Revenue sales to external customers
+Reconciliation:
+79
+5,620,641
+(973,300)
+(2,342,770)
+1,427,874
+95,783
+(366,788)
+7,779,842
+6,136
+3,479,743
+3,141,410
+1,152,553
+102,650,614
+(1,329,477)
+(1,934,611)
+(11,668,245)
+Profit before tax
+Finance costs
+Corporate and other unallocated expenses
+Dividend income and unallocated gains
+Interest income
+Elimination of intersegment results
+Segment results
+Depreciation
+1,287,817
+6,074,412
+61,723,893
+The non-current asset information above is based on the locations of the assets and excludes goodwill, financial instruments and deferred
+tax assets.
+BYD Company Limited Annual Report 2017 83
+Notes to Financial Statements
+31 December 2017
+4. Operating segment information (continued)
+Information about a major customer
+Revenue of approximately RMB13,825,218,000 (2016: RMB15,329,793,000) was derived from sales made by the mobile handset components
+and assembly service segment and by the rechargeable batteries and photovoltaic products segment to a single customer and a group of entities
+which are under common control with that customer.
+5. Revenue, other income and gains
+68,397,056
+Revenue represents the net invoiced value of goods sold, after allowances for returns and trade discounts and the value of assembly services
+rendered.
+Revenue
+Sale of goods
+Assembly service income
+Others
+2017
+RMB'000
+2016
+RMB'000
+81,310,748
+21,244,101
+78,107,416
+22,074,520
+An analysis of revenue, other income and gains is as follows:
+396,112
+380,344
+60,947,437
+Others
+The revenue information above is based on the locations of the customers.
+(b) Non-current assets
+PRC (including Hong Kong, Macau and Taiwan)
+United States of America
+Others
+2017
+RMB'000
+2016
+RMB'000
+89,238,458
+92,502,263
+8,488,581
+2,870,297
+1,679,304
+2,717,577
+3,244,271
+2,117,566
+102,650,614
+100,207,703
+2017
+RMB'000
+2016
+RMB'000
+67,496,720
+410,073
+490,263
+95,765
+25,767
+102,650,614
+100,207,703
+Fair value gains, net:
+Derivative financial instruments
+26,068
+Others
+163,583
+50,751
+1,153,210
+926,216
+84
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+6. Profit before tax
+The Group's profit before tax is arrived at after charging/(crediting):
+Notes
+2017
+RMB'000
+2016
+RMB'000
+Cost of inventories sold
+Cost of services provided
+63,473,140
+21,010,150
+58,933,535
+(b) Executive director, non-executive directors and supervisors
+United States of America
+5,254
+Dividend income from available-for-sale investment
+Other income and gains
+Bank interest income
+95,783
+152,701
+Foreign exchange gain, net
+222,280
+Gross rental income
+53,418
+37,615
+Gross service income
+182,388
+72,899
+Gain on disposal of scrap and materials
+522,255
+280,981
+Penalty from suppliers
+112,115
+76,352
+Gain on sales of properties
+6,136
+1,315
+17,532
+1,745,929
+Asia Pacific (excluding PRC)
+Revenue from external customers
+Total liabilities
+20,048,615
+25,981,418
+92,021,966
+138,051,999
+(1,326,293)
+(1,445,102)
+9,790,174
+145,070,778
+Corporate and other unallocated liabilities
+6,841,527
+27,828,626
+47,195,409
+(1,326,293)
+43,792,299
+89,661,415
+82
+BYD Company Limited Annual Report 2017
+Notes to Financial Statements
+31 December 2017
+12,525,256
+Elimination of intersegment payables
+Reconciliation:
+Segment liabilities
+1,315
+9,109,473
+Reconciliation:
+Elimination of intersegment results
+(363,009)
+Interest income
+Dividend income and unallocated gains
+Corporate and other unallocated expenses
+Finance costs
+152,701
+100,094
+(631,240)
+(1,799,609)
+6,568,410
+Profit before tax
+Segment assets
+Reconciliation:
+Elimination of intersegment receivables
+Elimination unrealised profit of
+intersegment sales
+Corporate and other unallocated assets
+Total assets
+4. Operating segment information (continued)
+Year ended 31 December 2016
+Rechargeable
+batteries and
+photovoltaic
+business
+RMB'000
+235,743
+565,731
+Depreciation and amortisation
+950,967
+2,062,095
+4,014,507
+7,027,569
+Investments in joint ventures
+Investments in associates
+Capital expenditure
+11,020
+1,740,139
+1,751,159
+282,087
+2,749,552
+211,512
+493,599
+1,776,520
+7,858,327
+12,384,399
+Geographical information
+(a)
+155,879
+PRC (including Hong Kong, Macau and Taiwan)
+174,109
+Impairment losses recognised in the
+Other segment information:
+Mobile handset
+components
+and assembly
+Automobiles
+and related
+Corporate
+service
+RMB'000
+products
+and others
+RMB'000
+RMB'000
+Total
+RMB'000
+Share of (profits)/losses of:
+Joint ventures
+(20)
+619,548
+619,528
+Associates
+(7,608)
+(12,096)
+(19,704)
+statement of profit or loss
+2017
+28,816
+Mr. Wang Chuan-fu
+1,859
+1,859
+221
+8550
+50
+26
+26
+1,833
+1,833
+150
+150
+| |
+| |
+50
+4,106
+4,082
+150
+150
+remuneration
+RMB'000
+contributions
+RMB'000
+Total
+Pension scheme
+Salaries,
+allowances and
+benefits in kind
+RMB'000
+RMB'000
+Fees
+Mr. Huang Jiang-feng
+Mr. Li Yong-zhao
+24
+50
+50
+300
+Executive director:
+5
+21-
+3
+21
+1
+RMB8,000,001 to RMB8,500,000
+RMB6,500,001 to RMB8,000,000
+RMB6,000,001 to RMB6,500,000
+RMB5,500,001 to RMB6,000,000
+RMB5,000,001 to RMB5,500,000
+RMB4,500,001 to RMB5,000,000
+2016
+Number of employees
+2017
+The number of non-director and highest paid employees whose remuneration fell within the following bands is as follows:
+273,670
+(27,548)
+20,784
+28,670
+146
+20,712
+72
+2016
+RMB'000
+2017
+RMB'000
+Salaries, allowances and benefits in kind
+Pension scheme contributions
+10. Five highest paid employees
+The five highest paid employees during the year included two (2016: Nil) directors, details of whose remuneration are set out in note 9 above.
+Details of the remuneration for the year of the remaining three (2016: five) non-director and highest paid employees are as follows:
+8,274
+76
+7,898
+Mr. Dong Jun-qing
+Ms. Wang Zhen
+Impairment losses recognised in the
+Supervisors:
+18
+1,312
+2,135
+170
+170
+87
+5,785
+24
+5,761
+340
+||||
+170
+170
+remuneration
+RMB'000
+Pension scheme
+contributions
+RMB'000
+Salaries,
+allowances and
+benefits in kind
+RMB'000
+Fees
+RMB'000
+Mr. Huang Jiang-feng
+Mr. Li Yong-zhao
+Mr. Yang Dong-sheng**
+Mr. Dong Jun-qing
+Ms. Wang Zhen
+Ms. Yan Chen*
+Supervisors:
+Mr. Xia Zuo-quan
+Mr. Lv Xiang-yang
+Ms. Yan Chen
+Non-executive directors:
+1,330
+26
+Total
+70
+2,161
+Mr. Xia Zuo-quan
+Mr. Lv Xiang-yang
+Non-executive directors:
+Mr. Wang Chuan-fu
+Executive director:
+2016
+(b) Executive director, non-executive directors and supervisors (continued)
+31 December 2017
+Notes to Financial Statements
+BYD Company Limited Annual Report 2017
+88
+Mr. Yang Dong-sheng was appointed as the supervisor on 8 September 2017. His remuneration of 2017 covered the period from
+September to December.
+Ms. Yan Chen resigned as the supervisor on 7 September 2017. Her remuneration of 2017 covered the period from January to
+August.
+9. Directors' and supervisors' remuneration (continued)
+**
+70
+70
+IINI
+70
+516
+70
+509
+9,927
+75
+10,342
+There was no arrangement under which a director waived or agreed to waive any remuneration during the year (2016: Nil).
+70
+4.0
+5.0
+3.6
+433,525
+0.8
+2018
+RMB'000
+2017
+RMB'000
+Net assets (less minority interests)
+2015
+RMB'000
+55,198,289
+55,004,194
+51,255,929
+32,294,404
+As at 31 December
+2016
+RMB'000
+2.3
+19,018,263
+2,823,441
+5,052,154
+4,066,478
+2,780,194
+Profit attributable to equity holders of the parent
+14
+15
+19
+17
+15
+Gross profit margin (%)
+7,623,458
+11,859,244
+2014
+RMB'000
+25,365,597
+Net profit margin (%)
+Total assets
+Note: Gearing ratio = Total borrowings net of cash and cash equivalents/net assets (less minority interests)
+178,099,430
+Revenue Breakdown by Product Categories
+Receivables include trade and bill receivables, contract assets, due from joint ventures and associates, due from related parties.
+17,935,074
+71
+73
+76
+81
+82
+Inventory turnover (days)
+118
+116
+132
+192
+189
+194,571,077
+Receivables turnover (days) (Note)
+0.82
+1.00
+0.98
+0.99
+Current ratio (times)
+103
+109
+74
+93
+104
+Gearing ratio (%) (Note)
+94,008,855
+115,485,755
+145,070,778
+0.77
+18,066,764
+51
+77,611,985
+10 Management Discussion and Analysis
+Chairman's Statement
+6
+Corporate Information
+4
+Financial Highlights
+2
+Contents
+新能源汽車和城市軌道交通業務是比亞迪未來發展的重要範疇,憑藉自身在相關業務領域的技術和品質優勢,集團將積極拓展新能源汽車及城市軌道交通產
+品於國內外的應用,推動集團的長遠及可持續發展。
+二零零八年九月,Berkshire Hathaway旗下附屬公司MidAmerican Energy Holdings Company(中美能源控股公司,現更名為Berkshire Hathaway Energy)與本公司簽署協議,
+認購本公司2.25億股H股(佔目前本公司總股本的約8.25%),成為集團的長期投資戰略夥伴。二零一一年二月,集團與Daimler AG(戴姆勒)的合資公司正式成
+立,以共同研究及開發電動車。二零一一年六月,公司首次向中國社會公眾公開發行人民幣普通股(A股)7,900萬股並在深圳證券交易所(「深交所」)中小企業
+板上市。
+比亞迪為全球領先的二次充電電池製造商之一,主要客戶包括三星、華為等手機領導廠商,以及博世、庫柏等全球性的電動工具及其他便攜式電子設備廠
+商。本集團生產的鋰離子電池及鎳電池廣��應用於手機、數碼相機、電動工具、電動玩具等各種便攜式電子設備和電動產品。
+作為全球領先的手機部件及組裝服務的供應商之一,本集團可以為客戶提供從整機設計、部件生產到整機組裝的垂直整合的一站式服務,產品覆蓋手機、平
+板電腦、筆記本電腦及其他消費類電子產品等領域,但不生產自有品牌的整機產品。該業務的主要客戶包括三星、華為、蘋果、聯想、vivo、小米等智能移動
+終端領導廠商。
+自二零零三年拓展汽車業務以來,憑藉集團產品領先的技術及成本優勢及具備國際標準的卓越質量,集團的汽車業務實現高速增長,迅速成長為領先的中國
+自主品牌汽車廠商。作為全球新能源汽車研發和推廣的引領者,集團於新能源汽車領域擁有雄厚的技術積累、領先的市場份額,奠定了比亞迪於全球新能源
+汽車領域的行業領導地位。
+比亞迪股份有限公司(「比亞迪」或「本公司」,連同其附屬公司統稱「本集團」;股份代號:(H股:01211;A股:002594))主要從事包含傳統燃油汽車及新能源
+汽車在內的汽車業務、手機部件及組裝業務,以及二次充電電池及光伏業務,同時利用自身的技術優勢積極拓展城市軌道交通業務領域。
+New energy vehicles and urban rail transportation businesses are important areas for BYD's future development. By leveraging its technology and quality advantages in related
+business areas, the Group will actively develop the application of new energy vehicles and urban rail transportation products at home and abroad to facilitate the Group's long-term
+and sustainable development.
+In September 2008, MidAmerican Energy Holdings Company (now renamed as Berkshire Hathaway Energy), a subsidiary of Berkshire Hathaway, entered into an agreement with
+the Company, pursuant to which MidAmerican Energy Holdings Company acquired 225 million H Shares of the Company, representing approximately 8.25% of the Company's total
+capital at present, to become the Group's long term investment strategic partner. In February 2011, the joint venture of the Group and Daimler AG was formally established for the
+joint research and development of electric vehicles. In June 2011, the Company made an IPO of 79 million RMB ordinary shares (A shares) which were listed on the SME Board of
+Shenzhen Stock Exchange ("the Shenzhen Stock Exchange").
+BYD is one of the leading rechargeable battery manufacturers in the global arena. Major clients include leading handset manufacturers such as Samsung and Huawei, as well as
+global electric power tools and other portable electronic equipment manufacturers such as Bosch and Cooper. Lithium-ion and nickel batteries produced by the Group are widely
+applied in handsets, digital cameras, power tools, electric toys and other portable electronic devices and electric products.
+As one of the world's leading suppliers for handset components and assembly services, the Group can provide customers with vertically integrated one-stop services from whole
+product design, components manufacturing to whole product assembly services, with the product portfolio covering handsets, tablets, notebook computers and other consumer
+electronic products, but the Group does not produce its own brand of whole products. Main customers of the business include Samsung, Huawei, Apple, Lenovo, vivo, Xiaomi and
+other intelligent mobile terminal leaders.
+Since tapping into the automobile business in 2003, by leveraging on its advanced technology and cost advantages and international quality products, the Group has achieved
+remarkable growth in automobile business and has rapidly grown into a leading automobile manufacturer in China with domestic self-owned brand. As a pioneer in the research and
+development and promotion of new energy vehicles in the world, the Group has accumulated extensive skills and gained leading market share in the new energy vehicles area, which
+has established the leading position of BYD in the global new energy vehicles sector.
+BYD Company Limited (“BYD” or “the Company” together with its subsidiaries, “the Group"; stock code: H Shares: 01211; A Shares: 002594) is principally engaged in automobile
+business which includes traditional fuel-engined vehicles and new energy vehicles, handset components and assembly services, as well as rechargeable battery and photovoltaic
+business while taking advantage of its technological superiority to actively develop urban rail transportation business segment.
+公司簡介
+Company Profile
+136
+2018 Annual Report
+00
+DREAM THE FUTURE
+Stock Code 股份代號:1211
+BYD COMPANY LIMITED
+BYD 比亞迪股份有限公司
+22 Directors, Supervisors and Senior Management
+22
+49
+49
+100,207,703
+121,790,925
+Gross profit
+Revenue
+2014
+RMB'000
+2015
+RMB'000
+2016
+RMB'000
+2017
+RMB'000
+RMB'000
+2018
+For the year ended 31 December
+Five-Year Comparison of Key Financial Figures
+Financial Highlights
+2 BYD Company Limited | Annual Report 2018
+55,366,384
+166 Five Year Financial Summary
+Report of the Supervisory Committee
+44
+43
+Report of the Directors
+36
+29 Corporate Governance Report
+Notes to Financial Statements
+58
+55 Consolidated Statement of Cash Flows
+53 Consolidated Statement of Changes in Equity
+Consolidated Statement of Financial Position
+Rechargeable Battery and Photovoltaic
+50 Consolidated Statement of Comprehensive Income
+Consolidated Statement of Profit or Loss
+Independent Auditor's Report
+Handset components and Assembly
+Services
+102,650,614
+%69
+Website
+Fax: (852) 3170 6606
+Tel: (852) 2136 6185
+iPR Ogilvy Ltd.
+Investor and Media Relations Consultant
+Hong Kong
+Wanchai
+183 Queen's Road East
+Hopewell Centre
+17th Floor
+Shops 1712-1716
+Computershare Hong Kong Investor Services Limited
+Hong Kong Share Registrar and Transfer Office
+Hong Kong
+www.byd.com
+New Territories
+Tower 2 Grand Central Plaza
+Unit 1712, 17th Floor
+Place of Business in Hong Kong
+Zhang Ran
+Ernst & Young Hua Ming (LLP)
+Domestic Auditors
+Ernst & Young
+International Auditors
+The PRC
+Guangdong Province
+Shenzhen
+Dapeng New District
+No. 1, Yan' an Road
+Kuichong Street
+Legal Address
+No. 138 Shatin Rural Committee Road
+Li Qian
+Stock Code
+Kong Stock Exchange")
+Shenzhen, the PRC, 27 March 2019
+Automobiles and related products
+Chairman
+Wang Chuan-fu
+Lastly, on behalf of BYD, I would like to express sincere gratitude to
+our loyal customers, business partners, investors and shareholders for
+their persistent support for the Group. I also give my heartfelt thanks to
+all the staff members for their hard work and contributions in the past
+year. BYD will continue to seize market opportunities, further enhance
+competitiveness by leveraging its own advantages, endeavour to
+promote the long-term healthy development of the Group and focus on
+maximizing returns for shareholders.
+In light of the recent development, BYD will continue to actively reform
+its operating strategies, seek out suitable cooperation opportunities,
+lessen the burden of management, focus on core businesses and
+enhance internal operating efficiency. In addition, the Group will
+continue to strengthen its research and development and innovation
+capabilities, strive to continuously enhance the core competitiveness of
+the brand and achieve the long-term prosperity and business growth of
+the Group.
+Going forward, the new energy vehicles, and urban railway
+transportation business will continue to be the key strategic
+development directions of the Group. The Group will adhere to the
+promotion of low-carbon environmentally-friendly new energy vehicles
+and provide cities with a comprehensive solution to address problems
+ranging from air pollution to traffic congestion. The Group is committed
+to solving the problems of air pollution and traffic congestion in cities
+and boost the development of intelligent transport system in cities while
+achieving long-term healthy growth for the Group.
+For the rechargeable batteries and photovoltaic business, the Group
+believes that the "Grid Parity" photovoltaic power generation policy will
+speed up the growth of the business and set the stage for the recovery
+of the industry in the coming year. The Group will firmly grasp market
+opportunities and further control costs.
+at home and abroad in order to attain a more diverse customer base.
+Meanwhile, the Group will seize industry opportunities and continue
+to expand into the field of intelligent products, as well as secure more
+orders from major customers so as to achieve continuous growth of the
+business revenue and generate more income for the Group.
+For the handset component and assembly business, the Group will
+continue to push forward with the development of its metal parts and
+glass casing business and seek more business from new customers
+Looking ahead, 2019 will be a year of comprehensive growth for
+BYD. The Group is confident of the steady development of its various
+businesses. For the automobile business, the Group will continue to
+pursue product optimisation and upgrade, enhance its research and
+development innovation capabilities, and gradually promote its brand
+influence and reputation. It is expected that the newly released vehicle
+models will further contribute to the increase in sales volume for
+the Group and bring about a new product cycle, hence improving its
+competitiveness in the vehicle business. In addition, future adjustment
+to subsidy policies will accelerate the process of selecting the superior
+and eliminating the inferior, and increase concentration of quality
+resources in the hands of industry leading enterprises, which in turn will
+continue to increase the market share of leading manufacturers.
+In respect of the rechargeable battery and photovoltaic business, the
+traditional battery business of the Group grew steadily and its market
+share further expanded during the Year. However, after the issue of
+the 2018 Notice on Matters Relating to Photovoltaic Power Generation
+(《關於二零一八年光伏發電有關事項的通知���),the
+operation of photovoltaic business faced greater pressure as there was
+a significant reduction in industry demand, coupled with fierce market
+competition.
+For the handset component and assembly business, as a leading
+global provider of intelligent product solutions and capitalising on
+its advantages in operation scale, technology and cost, the Group
+continued to improve its competitiveness in handset components
+and assembly business. BYD continued to provide products, such as
+metal casings and metal middle frames, to major leading handset
+manufacturers around the world during the Year, maintained steady
+growth in revenue. With the application of 5G technology just around
+the corner, market demand for materials that are not easily affected by
+electromagnetic interference, such as 3D glass, ceramics and plastics
+as well as other materials, has been gradually increasing. The Group
+grasped the market opportunity and executed comprehensive plans. As
+a result, the Group received a number of orders for glass products from
+its major customers and its business achieved rapid growth during the
+Year. Moreover, the ceramics and composite materials business of the
+Group has made positive progress during the Year.
+Chairman's Statement
+H Shares: 01211 (The Stock Exchange of Hong Kong Limited) ("Hong
+BYD Company Limited Annual Report 2018 | 7
+In 2018, the Group continued to explore urban rail transportation
+solutions and receive numerous orders at home and abroad during
+the Year. It is expected that the business will create new growth
+opportunities for the Group in the future.
+Regarding traditional automobiles, the Group's fuel vehicle business has
+developed steadily, while introducing a number of Dynasty replacement
+models. Sales volume during the Year increased to approximately
+254,000 units, up by 3.7% year-on-year. "Song Max", the Group's
+first model that applies the Dragon Face design, continued to be highly
+sought-after in the market and became one of the best-selling MPV
+models in 2018. The Dynasty series is set to become a new growth
+driver of the Group's traditional automobile business in the future.
+of special use vehicles and was committed to achieving full market
+coverage of BYD new energy vehicles. In respect of passenger vehicles,
+BYD's plug-in hybrid vehicle still maintained its market-leading position
+and accounted for a 41% market share in the plug-in hybrid passenger
+vehicle market. Meanwhile, the five vehicle models "Qin DM", "Song
+DM", "e5", "Tang DM" and "Yuan EV" all rose to the top ten places in
+China in terms of sales volume of new energy vehicles for 2018. In
+addition, the Group released its self-developed IGBT4.0 technology
+during the Year, and in terms of several key technological indicators, the
+performance of products using this technology has already surpassed
+those of mainstream products in the market, which disrupted overseas
+enterprises' technological monopoly and facilitated the healthy and
+rapid development of domestic electric vehicles.
+For the year ended 31 December 2018, revenue of the Group increased
+by 18.65% to RMB121,791 million. Profit attributable to owners of the
+parent was RMB2,780 million, representing a decrease of 31.63%.
+Earnings per share were RMBO.93. The Board recommended the
+payment of final dividends of RMBO.204 per share (tax inclusive).
+During the Year, the brand new model of the Dynasty series was very
+well received by the market, leading to rapid growth in the Group's new
+energy vehicle business.
+During the Year, sales volume of automobiles in China was
+approximately 28,080,000 units, down by 2.8% year-on-year, but new
+energy vehicles continued to maintain rapid growth with sales volume
+increasing by 61.7% to 1,256,000 units during the year, continuing
+to lead the global market. However, the change in subsidy policy for
+the new energy vehicle industry has to a certain extent affected the
+profitability of the industry.
+In 2018, although impacted by global economic volatility, GDP growth
+target set in the beginning of the year was fulfilled with a hike of 6.6%.
+During the Year, affected by factors such as international trade friction,
+slowing macroeconomic growth and reduction in tax incentives for new
+energy vehicle buyers, the automobile industry faced greater pressure.
+On behalf of the Board of Directors of BYD Company Limited ("BYD"
+or the "Company") and its subsidiaries (collectively referred to as the
+"Group"), I hereby present the annual report of the Group for the year
+ended 31 December 2018 (the "Year").
+Dear Shareholders,
+Chairman's Statement
+6 BYD Company Limited Annual Report 2018
+Corporate Information
+BYD Company Limited | Annual Report 2018 | 5
+A Shares: 002594 (Shenzhen Stock Exchange)
+The Group actively opened up its supply and distribution system and set
+up a joint venture with Faurecia during the Year to outsource the seat
+business in order to focus on its core businesses. In addition, the Group
+signed a strategic cooperation agreement with Chang'an Automobile
+to propose the establishment of a joint venture in the battery business
+sector and expedite the external sales of power battery, marking an
+important step in opening up the supply and distribution system,
+thereby strengthening its leading position in the industry.
+Wang Chuan-fu
+During the Year, BYD continued to take forward the new energy vehicle
+business, and reinforced its leading position in the global new energy
+vehicle market. In 2018, the Group's Dynasty series launched during the
+year was well-received by the market and the sales volume continued
+to be high, driving the continued growth in the Group's new energy
+vehicle business. The sales volume doubled during the Year. It ranked
+first in the global market in terms of sales volume for four consecutive
+years. In respect of commercial vehicles, BYD continued to focus
+on expanding the application of its new energy vehicles in the field
+Zou Fei
+Wang Chuan-fu
+Executive Director
+Corporate Information
+4 BYD Company Limited | Annual Report 2018
+%48
+2017
+2017
+39%
+8%
+2%
+%48
+2018
+2018
+7%
+Non-executive Directors
+2%
+U.S.A.
+Asia Pacific (excluding PRC)
+PRC (including Hong Kong,
+Macau and Taiwan)
+2017
+2018
+2017
+8%
+53%
+34%
+Financial Highlights
+BYD Company Limited Annual Report 2018 | 3
+Authorized Representatives
+2018
+7%
+Others
+Lv Xiang-yang
+Revenue Breakdown by Locations of Customers
+Independent Non-executive Directors
+Xia Zuo-quan
+Wang Zi-dong
+Xia Zuo-quan
+Lv Xiang-yang
+Strategy Committee
+Wang Chuan-fu (Chairman)
+Zhang Ran
+Zou Fei
+Lv Xiang-yang
+Wang Chuan-fu
+Nomination Committee
+Zou Fei (Chairman)
+Wang Zi-dong
+Xia Zuo-quan
+Wang Chuan-fu
+Remuneration Committee
+Wang Zi-dong (Chairman)
+Zou Fei
+Supervisors
+Zou Fei
+Zhang Ran (Chairman)
+Wang Zi-dong
+Dong Jun-qing
+Zhang Ran
+Wang Zhen
+Li Yong-zhao
+Company Secretary
+Li Qian
+Audit Committee
+Lv Xiang-yang
+Wang Zi-dong
+Yang Dong-sheng
+Huang Jiang-feng
+11,835,789
+194,571,077
+(859,038)
+(3,103,897)
+186,698,223
+126,343,092
+13,920,446
+29,668,125
+30,687,006
+products
+RMB'000
+Depreciation and amortisation
+Corporate
+and others
+RMB'000
+Automobiles
+and related
+service
+RMB'000
+Mobile handset
+components
+and assembly
+Share of (profits)/losses of:
+Other segment information:
+12,891,789
+Total liabilities
+Corporate and other unallocated liabilities
+Total
+RMB'000
+39,730,381
+629,750
+(3,103,897)
+332,080
+Elimination of intersegment payables
+289,676
+60,076
+(17,672)
+of profit or loss
+Credit losses recognised in the statement
+686,416
+12,987
+43,679
+66,542,616
+statement of profit or loss
+(52,878)
+(46,302)
+(6,576)
+Associates
+277,602
+285,023
+(7,421)
+Joint ventures
+133,877,098
+70,438,379
+Impairment losses recognised in the
+Reconciliation:
+Profit before tax
+Total assets
+(2,145,629)
+(6,118,153)
+(19,809,057)
+Finance costs
+Corporate and other unallocated expenses
+Dividend income and unallocated gains
+Interest income
+Elimination of intersegment results
+Reconciliation:
+Segment results
+Revenue-sales to external customers
+Elimination of taxes and surcharges
+Elimination of other gross income
+Elimination of intersegment sales
+Reconciliation:
+149,863,764
+2,867,988
+77,348,361
+44,086,824
+1,698,257
+25,560,591
+121,790,925
+Segment liabilities
+530,160
+2,888,166
+Corporate and other unallocated assets
+intersegment sales
+Elimination unrealised profit of
+Elimination of intersegment receivables
+Reconciliation:
+Segment assets
+business
+RMB'000
+Year ended 31 December 2018
+Rechargeable
+batteries and
+photovoltaic
+4. Operating segment information (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 95
+4,385,640
+(3,480,516)
+(926,406)
+3,265,296
+187,230
+(764,885)
+6,104,921
+37,119
+2,649,476
+2,314,982
+Dividend income and unallocated gains
+9,426,520
+3,141,410
+1,152,553
+102,650,614
+(1,329,477)
+(1,934,611)
+(11,668,245)
+Profit before tax
+Finance costs
+Corporate and other unallocated expenses
+Interest income
+Elimination of intersegment results
+Reconciliation:
+Segment results
+Revenue sales to external customers
+Elimination of taxes and surcharges
+Elimination of other gross income
+Elimination of intersegment sales
+Reconciliation:
+117,582,947
+50,520
+57,815,658
+3,479,743
+41,591,982
+6,136
+(366,788)
+2,145,629
+Elimination of intersegment payables
+Reconciliation:
+Segment liabilities
+Total assets
+Corporate and other unallocated assets
+intersegment sales
+Elimination unrealised profit of
+Elimination of intersegment receivables
+Reconciliation:
+Segment assets
+Rechargeable
+batteries and
+photovoltaic
+business
+RMB'000
+Year ended 31 December 2017
+4. Operating segment information (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 97
+5,620,641
+(973,300)
+(2,342,770)
+1,427,874
+95,783
+7,779,842
+18,124,787
+1,329,477
+1,934,611
+Segment revenue
+RMB'000
+photovoltaic
+business
+Year ended 31 December 2017
+Rechargeable
+batteries and
+4. Operating segment information (continued)
+31 December 2018
+Notes to Financial Statements
+96 BYD Company Limited Annual Report 2018
+18,452,645
+10,178,589
+2,475,791
+5,798,265
+767,199
+365,963
+2,793,681
+2,501,567
+292,114
+401,236
+Capital expenditure
+Investments in associates
+Investments in joint ventures
+Mobile handset
+components
+and assembly
+service
+RMB'000
+Automobiles
+49,391
+1,129
+1,018,385
+1,105,381
+169,367
+53,600
+Taxes and surcharges
+595,945
+270,890
+disposal of scrap materials
+sales of properties and raw materials and
+Others including other gross income from
+5,413,281
+102,650,614
+11,668,245
+54,500,575
+39,707,908
+1,118,762
+9,358,166
+Intersegment sales
+8,442,131
+Sales to external customers
+Total
+RMB'000
+and others
+RMB'000
+Corporate
+and related
+products
+RMB'000
+1,191,317
+91,774
+98 | BYD Company Limited Annual Report 2018
+2,776,214
+31,325,151
+54,928,297
+(1,703,533)
+64,917,179
+118,141,943
+Other segment information:
+Share of (profits)/losses of:
+Joint ventures
+(2,711)
+Associates
+(18,889)
+273,670
+(27,548)
+Impairment losses recognised in the
+statement of profit or loss
+115,636
+74,409
+52,541
+Depreciation and amortisation
+1,380,967
+1,962,996
+Investments in joint ventures
+14,310,370
+Investments in associates
+Capital expenditure
+9,292,776
+17,594,978
+Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e., assets that necessarily take a
+substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. The capitalisation of
+such borrowing costs ceases when the assets are substantially ready for their intended use or sale. Investment income earned on the temporary
+investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs capitalised. All other
+borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in
+connection with the borrowing of funds.
+Borrowing costs
+The Group contributes on a monthly basis to a defined contribution housing fund plan operated by the local municipal government. Contributions
+to this plan by the Group are expensed as incurred.
+Housing fund - Mainland China
+Employee benefits (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 89
+Mobile handset
+components
+and assembly
+service
+RMB'000
+Automobiles
+and related
+products
+RMB'000
+24,913,277
+28,681,229
+109,140,422
+Corporate
+and others
+RMB'000
+Total
+RMB'000
+162,734,928
+(1,703,533)
+(526,943)
+178,099,430
+284,694
+3,748,532
+2,158,173
+394,660
+89,238,458
+8,360,910
+8,488,581
+2,336,466
+1,679,304
+4,619,971
+3,244,271
+121,790,925
+102,650,614
+2018
+RMB'000
+2017
+RMB'000
+72,852,308
+67,496,720
+410,073
+549,862
+490,263
+73,918,472
+68,397,056
+The non-current asset information above is based on the locations of the assets and excludes goodwill, financial instruments and deferred
+tax assets.
+Information about a major customer
+Revenue of approximately RMB13,177,651,000 (2017: RMB13,825,218,000) was derived from sales made by the mobile handset components
+and assembly service segment and the rechargeable batteries and photovoltaic products segment to a single customer and a group of entities
+which are under common control with that customer.
+106,473,578
+2017
+RMB'000
+2018
+RMB'000
+Others
+227,384
+1,874,120
+2,909,978
+9,407,850
+||||
+270,959
+(46,437)
+242,586
+7,092,495
+2,442,867
+622,044
+14,191,948
+Where funds have been borrowed generally, and used for the purpose of obtaining qualifying assets, a capitalisation rate ranging between
+4.63% and 6.05% has been applied to the expenditure on the individual assets.
+Notes to Financial Statements
+4. Operating segment information (continued)
+Geographical information
+(a) Revenue from external customers
+PRC (including Hong Kong, Macau and Taiwan)
+Asia Pacific (excluding PRC)
+United States of America
+Others
+The revenue information above is based on the locations of the customers.
+(b) Non-current assets
+PRC (including Hong Kong, Macau and Taiwan)
+United States of America
+31 December 2018
+6,118,153
+Dividends
+Foreign currencies
+photovoltaic
+batteries and
+Rechargeable Mobile handset
+Year ended 31 December 2018
+Transfer pricing in operating segment is determined with reference to the agreed price among operation segments.
+4. Operating segment information (continued)
+31 December 2018
+Notes to Financial Statements
+94 BYD Company Limited Annual Report 2018
+Segment liabilities exclude deferred tax liabilities, tax payable, equity investments designated at fair value through other comprehensive income,
+financial assets at fair value through profit or loss, interest-bearing bank and other borrowings, derivative financial instruments, interest payable,
+dividend payable, other unallocated head office and corporate liabilities as these liabilities are managed on a group basis.
+Segment assets exclude deferred tax assets, goodwill, available-for-sale investments, equity investments designated at fair value through other
+comprehensive income, financial assets at fair value through profit or loss, derivative financial instruments, investment properties and other
+unallocated head office and corporate assets, as these assets are managed on a group basis.
+Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resource allocation
+and performance assessment. Segment performance is evaluated based on reportable segment profit, which is a measure of adjusted profit
+before tax. The adjusted profit before tax is measured consistently with the Group's profit before tax except that finance costs, interest income,
+government grants and subsidies, as well as head office and corporate expenses and gains are excluded from such measurement.
+the automobiles and related products segment comprises the manufacture and sale of automobiles and auto-related moulds and
+components and automobiles leasing and after sales service, also including "Skyrail” related business;
+the mobile handset components and assembly service segment comprises the manufacture and sale of mobile handset components such
+as housings, keypads and the provision of assembly services; and
+(a) the rechargeable batteries and photovoltaic business segment comprises the manufacture and sale of lithium-ion batteries and nickel
+batteries, photovoltaic products and iron batteries products (including energy storage stations and iron battery pack), principally for mobile
+phones, electric tools and other portable electronic instruments, photovoltaic products, energy storage products and electric vehicles;
+For management purposes, the Group is organised into business units based on their products and services and has three reportable operating
+segments as follows:
+4. Operating segment information
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 93
+The Group, pursuant to the accounting policy for inventories, writes down inventories from cost to net realisable value and makes reserves for
+slow-moving items and obsolescence by using the lower of cost and net realisable value rule. The Group re-estimates the allowance to reduce
+the valuation of inventories to net realisable value item by item at the end of each reporting period.
+business
+RMB'000
+Write-down of inventories based on the lower of cost and net realisable value
+components
+and assembly
+and related
+2,484,090
+1,753,917
+635,129
+253,815
+46,123
+Taxes and surcharges
+222,720
+disposal of scrap materials
+sales of properties and raw materials and
+Others including other gross income from
+121,790,925
+19,809,057
+1,341,502
+71,768,852
+41,341,000
+1,856,880
+16,610,675
+Intersegment sales
+8,681,073
+Sales to external customers
+Total
+RMB'000
+Segment revenue
+Corporate
+and others
+RMB'000
+products
+RMB'000
+service
+RMB'000
+Automobiles
+Provisions for product warranties granted by the Group are recognised based on sales volume and past experience of the level of repairs and
+returns, discounted to their present values as appropriate. Management reviews and adjusts the provision to recognise the best estimate at the
+end of the each reporting period. Further details are contained in note 35 to the financial statements.
+Warranty provisions
+Development costs are capitalised in accordance with the accounting policy for research and development costs in note 2.4 to the financial
+statements. Determining the amounts to be capitalised requires management to make assumptions regarding the expected future cash
+generation of the assets, discount rates to be applied and the expected period of benefits. At 31 December 2018, the best estimate of the
+carrying amount of capitalised development costs was RMB9,953,100,000 (2017: RMB7,963,163,000). Further details are contained in note 18
+to the financial statements.
+Estimation uncertainty
+The Group's determination as to whether to accrue for withholding taxes arising from the distributions of dividends from certain subsidiaries
+levied in the relevant tax jurisdiction is subject to judgement on the timing of the payment of the dividends. Further details are included in note 34
+to the financial statements.
+Deferred tax on withholding tax arising from the distributions of dividends
+The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's
+business model for managing them. The Group's business model for managing financial assets refers to how it manages its financial assets in
+order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the
+financial assets, or both.
+Business model
+In 2013, the Group has entered into a sale and leaseback agreement as a lessee with a third party lease company regarding certain machinery
+and equipment (the "Assets"). The fair value of the Assets was determined using the replacement cost approach. The Group compares the
+fair value of the Assets with the present value of minimum lease payments and considers whether it is reasonably certain that the option to
+purchase the Assets will be exercised at the inception of the lease, as well as other terms and conditions of the sale and leaseback agreement,
+to determine the classification of the lease.
+The Group has entered into contractual operating contracts on certain land and buildings. As a lessee, the Group has determined, based on
+evaluation of terms and conditions of the agreements, as all the rewards and risks of ownership of these assets have not been transferred to the
+Group, they are accounted for as operating leases.
+Lease classification
+In the process of applying the Group's accounting policies, management has made the following judgements, apart from those involving
+estimations, which have the most significant effect on the amounts recognised in the financial statements:
+Judgements
+The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the
+reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities.
+Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of
+the assets or liabilities affected in the future.
+3. Significant accounting judgements and estimates
+31 December 2018
+Notes to Financial Statements
+90 | BYD Company Limited Annual Report 2018
+Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities
+arising on acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.
+The resulting exchange differences are recognised in other comprehensive income and accumulated in the exchange fluctuation reserve. On
+disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in the
+statement of profit or loss.
+The functional currencies of certain overseas subsidiaries are currencies other than the RMB. As at the end of the reporting period, the assets
+and liabilities of these entities are translated into RMB at the exchange rates prevailing at the end of the reporting period and their statements of
+profit or loss are translated into RMB at the weighted average exchange rates for the year.
+In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or
+non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognises the
+non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the
+Group determines the transaction date for each payment or receipt of the advance consideration.
+Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of
+the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date
+when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with
+the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is
+recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).
+These financial statements are presented in RMB, which is the Company's functional and presentation currency. Each entity in the Group
+determines its own functional currency and items included in the financial statements of each entity are measured using that functional
+currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency
+rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional
+currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are
+recognised in the statement of profit or loss.
+The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a
+significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described
+below.
+BYD Company Limited Annual Report 2018 | 91
+Notes to Financial Statements
+31 December 2018
+Development costs
+Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the
+losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised,
+based upon the likely timing and level of future taxable profits together with future tax planning strategies. The carrying value of deferred tax
+assets relating to recognised tax losses at 31 December 2018 was RMB97,634,000 (2017: RMB200,749,000). The amount of unrecognised
+tax losses at 31 December 2018 was RMB2,266,882,000 (2017: RMB1,585,833,000). Further details are contained in note 37 to the financial
+statements.
+Deferred tax assets
+The Group calculates the depreciation of items of property, plant and equipment and amortisation of intangible assets on the straight-line basis
+over their estimated useful lives or on the unit of production basis and after taking into account their estimated residual value, estimated useful
+lives or estimated total production quantities, commencing from the date the items of property, plant and equipment and intangible assets are
+placed into use. The estimated useful lives or the total production quantities reflect the directors' estimate of the period that the Group intends to
+derive future economic benefits from the use of the Group's items of property, plant and equipment or intangible assets.
+Depreciation and amortisation
+The Group assesses whether there are any indicators of impairment for all non-financial assets at the end of each reporting period. Indefinite
+life intangible assets are tested for impairment annually and at other times when such an indicator exists. Other non-financial assets are tested
+for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an
+asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.
+The calculation of the fair value less costs of disposal is based on available data from binding sales transactions in an arm's length transaction
+of similar assets or observable market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken,
+management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order
+to calculate the present value of those cash flows.
+Impairment of non-financial assets (other than goodwill)
+Estimation uncertainty (continued)
+3. Significant accounting judgements and estimates (continued)
+31 December 2018
+Final dividends are recognised as a liability when they are approved by the shareholders in a general meeting.
+Notes to Financial Statements
+The assessment of the correlation among historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The
+amount of ECLs is sensitive to changes in circumstances and forecast economic conditions. The Group's historical credit loss experience and
+forecast of economic conditions may also not be representative of customer's actual default in the future. The information about the ECLS on the
+Group's trade receivables is disclosed in note 24 to the financial statements, respectively.
+The provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust the historical
+credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e., gross domestic products) are
+expected to deteriorate over the next year which can lead to an increased number of defaults in the manufacturing sector, the historical default
+rates are adjusted. At each reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are
+analysed.
+The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on invoice date for groupings of various
+customer segments that have similar loss patterns product type.
+Provision for expected credit losses on trade receivables and contract assets
+The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-
+generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected future
+cash flows from the cash-generating unit and also to choose a suitable discount rate in order to calculate the present value of those cash flows.
+The carrying amount of goodwill at 31 December 2018 was RMB65,914,000 (2017: RMB65,914,000). Further details are given in note 17 to
+the financial statements.
+Impairment of goodwill
+When estimating the effect of an uncertainty on an amount of variable consideration to which the entity will be entitled, the entity is required
+to consider all information (historical, current and forecast) that is reasonably available to the entity and to estimate variable amount of
+consideration in a range of possible consideration amounts. An expected value may be an appropriate estimate of the amount of variable
+consideration if an entity has a large number of contracts with similar characteristic. The most likely amount may be an appropriate estimate
+of the amount of variable consideration if contract has only two possible amounts. When an entity determines that it cannot meet the highly
+probable threshold if it includes all of the variable consideration in the transaction price, the amount of variable consideration that must be
+included in the transaction price is limited to the amount that would not result in a significant revenue reversal. That is, an entity is required to
+include in the transaction price the portion of variable consideration that will not result in a significant revenue reversal when the uncertainty
+associated with the variable consideration is subsequently resolved. A minimum amount of variable consideration should be included in the
+transaction price when doing so would not result in a significant reversal of cumulative revenue recognized. At the end of each reporting period,
+the entity would be required to revaluate variable consideration, including constrains on variable consideration to reflect any changes during
+reporting period.
+Estimation of constraint on variable consideration
+Estimation uncertainty (continued)
+3. Significant accounting judgements and estimates (continued)
+92 | BYD Company Limited Annual Report 2018
+516,302
+Corporate and other unallocated liabilities
+Total liabilities
+(b) Executive director, non-executive directors and supervisors
+In 2018, BYD Company Limited and BYD Auto Industry Co., Ltd. received an electricity bill subsidy of RMB115,210,000 from the Economy, Trade and Information
+Commission and Finance Commission of Shenzhen Municipality for the purpose of reducing electricity cost. During the year, an amount of RMB115,210,000 was
+recognised as government grants income (2017: Nil).
+In 2018, the BYD group received government grants with an aggregate amount of RMB37,595,000 as subsidies on employee stability (2017: RMB51,146,000).
+Since related expenditure has incurred, RMB37,595,000 has been fully recognised as government grant income for the year ended 31 December 2018 (2017:
+RMB51,146,000).
+In 2016, BYD (Shanwei) Industrial Co., Ltd., a subsidiary of the Company, received government grants with an amount of RMB150,000,000 from local government to
+support research and development activities in that area. Since related research expenditure has incurred, RMB14,695,000 has been recognised as government grant
+income for the year ended 31 December 2018 (2017: RMB135,305,000).
+104 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+8. Finance costs
+An analysis of finance costs is as follows:
+2018
+RMB'000
+2017
+RMB'000
+Interest on bank and other borrowings
+2,265,514
+Bank charges for discounted notes
+388,803
+159,357
+Losses arising from the derecognition of financial assets measured at amortised cost
+361,765
+Less: Interest capitalised
+3,713,525
+2,424,871
+2,962,957
+In 2018, BYD (Shaoguan) Co., Ltd., Shanwei BYD Auto Company Limited (RA), BYD (Shanwei) Co., Ltd. and BYD (Shantou) Co., Ltd.
+(*) received a support fund in the amount of RMB272,199,000 for industrial co-construction in Pearl River Delta as well as eastern,
+western and northern Guangdong regions, for the use of manufacturing and operating expenses. During the Year, an amount of RMB144,990,000 was recognised as
+government grants income (2017: Nil).
+In 2018, Taiyuan Automobile () received the industry development fund from the management committee of Shanxi Transition and Comprehensive
+Reform Demonstration District () in the amount of RMB362,988,000, which was used as the expenses in support of basic research for the
+technology and production of power batteries. The amount of RMB267,459,000 was recognized as revenue from government subsidies for the year.
+In 2018, BYD Auto Co., Ltd. received the marketing incentives for new energy vehicles in the amount of RMB600,000,000 from the management committee of Xi'an
+Hi-tech Industries Development Zone (£¾¾¾¼À¤¯), which was used to support BYD's expansion in its sales of new energy vehicle products. The
+amount of RMB600,000,000 was recognised as revenue from government subsidies for the year.
+14,695
+135,305
+Others
+779,026
+844,628
+2,332,863
+1,275,807
+Notes:
+(a)
+233,009
+(b)
+(d)
+(e)
+(f)
+(g)
+(h)
+(i)
+In 2010 and 2012, Changsha BYD Auto Co., Ltd. ("Changsha Auto"), a subsidiary of the Company, received government grants with an aggregate amount of
+RMB874,184,000 provided by the Changsha Yuhua District Development Zone Committee (£À¯Q) to support the industry
+development for the Changsha Automobile Zone. The amount recognised in the statement of profit or loss for the year ended 31 December 2018 was
+RMB72,647,000 (2017: RMB73,055,000).
+In 2014 and 2018, BYD Lithium Batteries Co., Ltd., a subsidiary of the Company, received government grants with an aggregate amount of RMB150,000,000
+from the National Development and Reform Commission () and the Ministry of Industry and Information Technology of PRC (IB) for the research and
+development for batteries of electronic vehicles (). The amount recognised in the statement of profit or loss for the year ended 31 December
+2018 was RMB42,632,000 (2017: RMB41,113,000).
+In 2015 and 2017, the auto industry received a grant totalling RMB152,180,000 from Finance Commission of Shenzhen Municipality for the purpose of subsidising
+the auto industry, as well as the civil engineering and equipment purchase of the full hybrid engine system and construction of plug-in electric vehicle project in
+Huizhou. During the Year, an amount of RMB27,386,000 was recognised as government grants income (for the year ended 31 December 2017: RMB993,000).
+(c)
+82,101
+3,480,516
+2,342,770
+Mr. Zhang Ran
+Mr. Wang Zi-dong
+Mr. Zou Fei
+31 December 2018
+2018
+RMB'000
+2017
+RMB'000
+200
+170
+200
+170
+200
+170
+600
+510
+There was no other emolument payable to the independent non-executive directors during the year (2017: Nil).
+0.5
+2018
+Executive director:
+Mr. Wang Chuan-fu
+Fees
+RMB'000
+The fees paid to independent non-executive directors during the year are as follows:
+Incentive subsidy on Shanwei BYD Industrial projects (note (i))
+(a) Independent non-executive directors
+Notes to Financial Statements
+The average capitalisation rate for the year used to determine the amount of borrowing costs eligible for capitalisation was 5.34% (2017:
+4.38%).
+9. Directors' and supervisors' remuneration
+Directors' and supervisors' remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong
+Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:
+Fees
+Other emoluments:
+Salaries, allowances and benefits in kind
+Pension scheme contributions
+2018
+RMB'000
+2017
+RMB'000
+1,000
+850
+10,583
+9,927
+73
+75
+10,656
+10,002
+11,656
+10,852
+There was no discretionary bonuses for directors and supervisors during the year (2017: Nil).
+BYD Company Limited Annual Report 2018 | 105
+9. Directors' and supervisors' remuneration (continued)
+51,146
+37,595
+Subsidies on employee stability (note (h))
+Recognition of prepaid land lease payments
+16
+Loss on disposal of items of non-current assets
+143,059
+18,526
+129,400
+55,150
+Foreign exchange differences, net*****
+(233,769)
+207,978
+Impairment of trade receivables*
+570,733
+88,203
+Impairment of long-term receivables*
+31,901
+Impairment of bills receivables included in prepayments, other receivables and
+other assets*
+5,625
+Impairment losses of trade receivables reversed*
+(128,380)
+(76,563)
+Impairment of contract assets reversed*
+(62,716)
+15,891,507
+Impairment of bills receivables included in prepayments, other receivables and other
+assets reversed
+19,638,781
+116,217
+1,556,608
+1,125,014
+Current year expenditure
+4,989,360
+3,739,491
+6,545,968
+4,864,505
+769,457
+604,099
+6,898
+7,150
+Minimum lease payments under operating leases
+Auditors' remuneration
+Employee benefit expense (excluding directors', supervisors' and senior executive
+officers' remuneration (note 45 (d)):
+Wages and salaries
+18,149,942
+14,644,554
+Welfare
+Pension scheme contributions
+150,237
+1,338,602
+1,130,736
+Salaries,
+allowances and
+benefits in kind
+RMB'000
+(203)
+18,855
+31 December 2018
+2018
+RMB'000
+2017
+RMB'000
+Subsidies on industry development fund for Changsha Automobile Zone (note (a))
+Subsidies on research and development for batteries of electronic vehicle (note (b))
+Full hybrid engine system of plug-in vehicle project (note (c))
+Others
+72,647
+73,055
+42,632
+41,113
+27,386
+993
+231,223
+129,567
+Related to income
+Subsidies on marketing incentives for new energy automobiles (notes (d))
+600,000
+R&D subsidy Taiyuan car battery project (note (e))
+267,459
+Support fund for industrial co-construction (notes (f))
+144,990
+Electricity cost reduction (notes (g))
+115,210
+Notes to Financial Statements
+Impairment of financial guarantee contracts*
+BYD Company Limited Annual Report 2018 | 103
+7. Government grants and subsidies
+Gain on disposal of derivative Financial instruments*
+(26,871)
+Impairment of inventories***
+227,854
+(Gain)/Loss on disposal of subsidiaries**
+(403,868)
+232,250
+3,068
+Fair value losses, net:
+Derivative instruments
+Additional product warranty provision
+31
+35
+5,470
+1,137,480
+118,166
+918,088
+*****
+The impairment of trade receivables, impairment of long-term receivables, impairment losses of trade receivables reversed, Impairment of bills receivables included
+in prepayments, other receivables and other assets, Impairment of financial assets receivables included in prepayments, Impairment of financial assets receivables
+included in prepayments, other receivables and other assets reversed, other receivables and other assets, impairment of contract assets reversed and impairment of
+financial guarantee contracts are included in "Impairment losses on financial and contract assets" in the consolidated statement of profit or loss.
+Loss on disposal of subsidiaries are included in "Loss on disposal of financial assets" in the consolidated statement of profit or loss.
+The impairment of inventories for the year is included in "Cost of sales" in the consolidated statement of profit or loss.
+The amortisation of other intangible assets other than development costs for the year is included in "Administrative expenses" in the consolidated statement of profit or
+loss.
+Impairment of property, plant and equipment for the year are included in "Other expenses" in the consolidated statement of profit or loss.
+The foreign exchange differences are included in "other income and gains" or "other expenses" in the consolidated statement of profit or loss for the current year and
+the prior year respectively.
+Related to assets
+18
+Pension scheme
+contributions
+RMB'000
+remuneration
+108 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+11. Income tax (continued)
+Certain subsidiaries operating in Mainland China were entitled to enjoy a reduced enterprise income tax rate of 15% of the estimated assessable
+profits for the year pursuant to the Western Development Policy. These subsidiaries retained for future reference information pursuant to the
+State Taxation Administration for every year so as to be entitled to the reduced rate of 15%.
+-
+Current Hong Kong
+Charge for the year
+Current - Mainland China
+Certain subsidiaries operating in Mainland China were approved to be high and new technology enterprises ("HNTE”) and were entitled to enjoy
+a reduced enterprise income tax rate of 15% of the estimated assessable profits for the year. The HNTE certificates need to be renewed every
+three years so as to enable those subsidiaries to enjoy the reduced tax rate of 15%.
+Charge for the year
+Charge for the year
+Deferred
+Total tax charge for the year
+2018
+RMB'000
+2017
+RMB'000
+547
+686,981
+862,098
+29,510
+Current Elsewhere
+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.
+Hong Kong profits tax has been provided at the rate of 16.5% (2017: 16.5%) on the estimated assessable profits arising in Hong Kong during
+the year. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates.
+11. Income tax
+39,489
+123
+20,712
+72
+39,612
+20,784
+The number of non-director and highest paid employees whose remuneration fell within the following bands is as follows:
+Number of employees
+2018
+2017
+RMB6,000,001 to RMB6,500,000
+RMB6,500,001 to RMB7,000,000
+RMB7,000,001 to RMB7,500,000
+RMB7,500,001 to RMB8,000,000
+RMB8,000,001 to RMB8,500,000
+RMB8,500,001 to RMB9,000,000
+RMB9,000,001 to RMB9,500,000
+RMB9,500,001 to RMB10,000,000
+1
+1
+1
++ |||||
+||22|||-
+1
+5
+3
+7,317
+112,409
+(165,710)
+829,447
+(4.4)
+(246,474)
+(9.8)
+(429,875)
+Super-deduction of research and development costs
+(1.7)
+(98,076)
+(3.5)
+(155,034)
+Tax losses utilised from previous periods
+3.6
+199,653
+15.0
+658,485
+Tax losses and deductible temporary differences not recognised
+1.3
+76,236
+2.1
+92,559
+Expenses not deductible for tax
+0.4
+Tax charge at the Group's effective rate
+2017
+RMB'000
+829,447
+703,705
+703,705
+A reconciliation of the tax expense applicable to profit before tax at the statutory rate for the jurisdiction in which the Company and the majority of
+its subsidiaries are domiciled to the tax expense at the effective tax rate, and a reconciliation of the applicable rate (i.e., the statutory tax rate) to
+the effective tax rate, are as follows:
+Profit before tax
+2018
+RMB'000
+%
+2017
+RMB'000
+%
+4,385,640
+5,620,641
+Tax at the statutory tax rate
+1,096,744
+25.0
+1,405,161
+25.0
+Lower tax rate for specific provinces or enacted by local authority
+Losses attributable to joint ventures and associates
+(453,901)
+(10.4)
+(657,465)
+(11.7)
+20,469
+12.5
+18.9
+2018
+RMB'000
+Salaries, allowances and benefits in kind
+Pension scheme contributions
+The five highest paid employees during the year included zero (2017:Two) directors, details of whose remuneration are set out in note 9 above.
+Details of the remuneration for the year of the remaining five (2017: Three) non-director and highest paid employees are as follows:
+100
+1,973
+23
+1,996
+100
+100
+100
+100
+10,583
+73
+There was no arrangement under which a director waived or agreed to waive any remuneration during the year (2017: Nil).
+11,056
+106 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+9. Directors' and supervisors' remuneration (continued)
+(b) Executive director, non-executive directors and supervisors (continued)
+2017
+Executive director:
+Mr. Wang Chuan-fu
+Non-executive directors:
+-
+Mr. Lv Xiang-yang
+100
+26
+RMB'000
+Non-executive directors:
+Mr. Lv Xiang-yang
+200
+Mr. Xia Zuo-quan
+200
+Supervisors:
+Ms. Wang Zhen
+Mr. Dong Jun-qing
+Mr. Yang Dong-sheng
+Mr. Li Yong-zhao
+Mr. Huang Jiang-feng
+│││││
+400
+5,643
+24
+24
+5,667
+200
+200
+2,667
+2,693
+Total
+Mr. Xia Zuo-quan
+Ms. Yan Chen*
+2,161
+70
+70
+509
+7
+516
+70
+70
+70
+70
+9,927
+75
+There was no arrangement under which a director waived or agreed to waive any remuneration during the year (2016: Nil).
+10,342
+Ms. Yan Chen resigned as the supervisor on 7 September 2017. Her remuneration of 2017 covered the period from January to August.
+**
+Mr. Yang Dong-sheng was appointed as the supervisor on 8 September 2017. His remuneration of 2017 covered the period from September to December.
+BYD Company Limited Annual Report 2018 | 107
+Notes to Financial Statements
+31 December 2018
+10. Five highest paid employees
+26
+Supervisors:
+2,135
+18
+Ms. Wang Zhen
+Mr. Dong Jun-qing
+Mr. Yang Dong-sheng**
+Mr. Li Yong-zhao
+Mr. Huang Jiang-feng
+Fees
+RMB'000
+Salaries,
+allowances and
+benefits in kind
+RMB'000
+Pension scheme
+Total
+contributions
+RMB'000
+remuneration
+RMB'000
+170
+170
+340
+5,761
+24
+5,785
+170
+170
+ㅎㅎ
+1,312
+1,330
+Deferred expenditure amortised
+24,670
+109,680
+Services transferred over time
+41,341,000
+8,681,073
+Goods transferred at a point in time
+Timing of revenue recognition
+121,790,925
+71,768,852
+41,341,000
+8,681,073
+customers
+Total revenue from contracts with
+4,619,971
+1,541,014
+940,758
+2,138,199
+Others
+2,336,466
+362,644
+1,853,339
+120,483
+United States of America
+71,712,027
+56,825
+8,360,910
+121,734,100
+56,825
+customers
+Segment
+Total
+RMB'000
+and related
+products
+RMB'000
+Automobiles
+Mobile handset
+components
+and assembly
+service
+RMB'000
+RMB'000
+business
+photovoltaic
+Rechargeable
+batteries and
+Year ended 31 December 2018
+Set out below is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information:
+(i) Disaggregated revenue information (continued)
+Revenue from contracts with customers (continued)
+5. Revenue, other income and gains (continued)
+31 December 2018
+Notes to Financial Statements
+100 BYD Company Limited | Annual Report 2018
+121,790,925
+71,768,852
+41,341,000
+8,681,073
+Total revenue from contracts with
+256,628
+5,970,976
+2,133,306
+Mobile handset
+components
+and assembly
+service
+RMB'000
+RMB'000
+business
+Rechargeable
+batteries and
+photovoltaic
+Segments
+For the year ended 31 December 2018
+Disaggregated revenue information
+(i)
+Revenue from contracts with customers
+121,734,100
+56,825
+78,672
+5. Revenue, other income and gains
+An analysis of revenue is as follows:
+BYD Company Limited Annual Report 2018 | 99
+Notes to Financial Statements
+31 December 2018
+2018
+RMB'000
+2017
+RMB'000
+Revenue from contracts with customers
+Sale of goods
+Rendering of services
+121,790,925
+102,650,614
+Automobiles
+and related
+products
+RMB'000
+Total
+Asia (excluding PRC)
+106,473,578
+69,608,566
+32,575,927
+4,289,085
+and Taiwan)
+PRC (including Hong Kong, Macau
+Geographical markets
+121,790,925
+71,768,852
+Revenue from contracts with customers
+41,341,000
+customers
+Total revenue from contracts with
+121,734,100
+56,825
+71,712,027
+56,825
+Rendering of services
+41,341,000
+8,681,073
+Sale of goods
+Type of goods or services
+RMB'000
+8,681,073
+External customers
+102,601,532
+49,082
+8,681,073
+16,610,675
+1,073
+Gain on disposal of joint ventures
+6,136
+37,119
+Gain on sales of properties
+403,868
+Gain on disposal of a subsidiary
+522,255
+653,819
+Gain on disposal of scrap and materials
+Gains
+2017
+RMB'000
+RMB'000
+2018
+624,779
+1,014,413
+163,543
+123,130
+Others
+17,532
+13,615
+40
+1,095,879
+528,431
+102 BYD Company Limited | Annual Report 2018
+Impairment of property, plant and equipment****
+Intersegment sales
+14
+Research and development costs:
+14
+Amortisation of other intangible assets other than development costs*
+18
+448
+103,431,316
+64,991
+7,617,173
+63,473,140
+comprehensive income/available-for-sale investments
+21,010,150
+458,564
+Depreciation
+Cost of services provided
+Cost of inventories sold
+2017
+RMB'000
+2018
+RMB'000
+The Group's profit before tax is arrived at after charging/(crediting):
+6. Profit before tax
+31 December 2018
+Notes to Financial Statements
+5,759,409
+Dividend income from equity investments at fair value through other
+Notes
+62,617
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 101
+The performance obligation is satisfied over time as services are rendered and short-term advances are normally required before rendering
+the services.
+Rendering of services
+The performance obligation is satisfied upon delivery of the industrial products. Some contracts provide customers with rebates which give
+rise to variable consideration subject to constraint.
+4,017,333
+Sale of industrial products
+Information about the Group's performance obligations is summarised below:
+Performance obligations
+Revenue recognised from performance obligations satisfied in previous periods:
+Revenue recognised that was included in contract liabilities at the beginning of the reporting period:
+Sale of goods
+2018
+RMB'000
+The following table shows the amounts of revenue recognised in the current reporting period that were included in the contract liabilities at
+the beginning of the reporting period and recognised from performance obligations satisfied in previous periods:
+(19,809,057)
+121,790,925
+Total revenue from contracts with customers
+Intersegment adjustments and eliminations
+41,341,000
+1,856,880
+53,418
+71,768,852
+1,341,502
+121,790,925
+19,809,057
+5. Revenue, other income and gains (continued)
+Revenue from contracts with customers (continued)
+Sale of goods not previously recognised due to constraints on variable consideration
+The transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 December 2018 are
+as follows:
+112,115
+111,163
+Performance obligations (continued)
+Penalty from suppliers
+Gross rental income
+233,769
+Foreign exchange gain, net
+182,388
+Gross service income
+95,783
+187,230
+282,889
+Other income
+2017
+RMB'000
+RMB'000
+2018
+3,469,114
+3,469,114
+Within one year
+More than one year
+Bank interest income
+RMB'000
+Price including tax
+10,272,067
+732,906
+(425,230)
+17,584,308
+(7,312,241)
+31 December 2017
+9,953,100
+10,349
+942
+307,676
+(2,741)
+Net carrying amount at 31 December 2018
+(44,416)
+942
+Accumulated amortisation and impairment
+3,683
+54,765
+16,792,954
+Cost
+At 31 December 2018:
+10,272,067
+307,676
+10,349
+9,953,100
+At 31 December 2018
+(59)
+Cost at 1 January 2017, net of accumulated
+(59)
+(6,839,854)
+amortisation and impairment
+(36)
+1,643
+Exchange realignment
+Accumulated amortisation and impairment
+Cost
+At 31 December 2017:
+8,217,623
+252,408
+1,189
+863
+7,963,163
+At 31 December 2017
+(36)
+Exchange realignment
+(1,203,687)
+(77,288)
+6,561,350
+(604)
+(1,125,015)
+Amortisation provided during the year
+(192)
+(192)
+Disposal
+135,599
+135,599
+Additions acquired
+2,526,828
+2,526,828
+Additions - internal development
+6,759,111
+194,133
+1,985
+(780)
+(1,666,288)
+Automobiles and related products
+2018
+(247)
+18. Other intangible assets
+The values assigned to key assumptions are consistent with external information sources.
+Raw materials price inflation – The basis used to determine the value assigned to raw materials price inflation is the forecast price index during
+the budget year.
+Discount rate - The discount rate used is before tax and reflects specific risks relating to the relevant unit.
+Budgeted gross margins - The basis used to determine the value assigned to the budgeted gross margins is the average gross margins
+achieved in the year immediately before the budget year, increased for expected efficiency improvements and expected market development.
+Assumptions were used in the value in use calculation of the automobiles and related products cash-generating unit for 31 December 2018
+and 31 December 2017. The following describes each key assumption on which management has based its cash flow projections to undertake
+impairment testing of goodwill.
+65,914
+65,914
+RMB'000
+RMB'000
+2017
+13,283,674
+(5,320,511)
+Carrying amount of goodwill
+The carrying amount of goodwill allocated to the cash-generating unit is as follows:
+BYD Company Limited Annual Report 2018 | 115
+Impairment testing of goodwill (continued)
+31 December 2018
+Notes to Financial Statements
+114 BYD Company Limited | Annual Report 2018
+The recoverable amount of the automobiles and related products cash-generating unit has been determined based on a value in use calculation
+using cash flow projections based on financial budgets covering a five-year period approved by senior management. The discount rate applied to
+the cash flow projections is 13% (2017: 13%). The growth rate used to extrapolate the cash flows of the automobiles and related products cash-
+generating unit beyond the five-year period is 3% (2017: 3%), which is less than the long term average growth rate of the automobile industry.
+Goodwill acquired through business combinations is allocated to the automobiles and related products cash-generating unit, which is a
+reportable segment, for impairment testing:
+Impairment testing of goodwill
+65,914
+(9,671)
+75,585
+Net carrying amount
+Accumulated impairment
+Cost
+At 31 December 2018:
+65,914
+17. Goodwill (continued)
+(107,269)
+Notes to Financial Statements
+31 December 2018
+(2,164)
+(1,556,608)
+Amortisation provided during the year
+(275)
+(275)
+Disposal
+174,521
+162,871
+11,650
+Additions acquired
+3,546,545
+3,546,545
+Additions internal development
+8,217,623
+Industrial
+252,408
+863
+7,963,163
+amortisation and impairment
+Cost at 1 January 2018, net of accumulated
+31 December 2018
+Total
+RMB'000
+RMB'000
+RMB'000
+Software
+Know-how
+rights
+RMB'000
+costs
+RMB'000
+proprietary
+Development
+1,189
+43,115
+(42,252)
+43%
+602,330 13,932,834
+(349,922)
+and business
+Profit
+Percentage of
+Voting
+Ownership
+Place of
+registration
+Particulars of
+registered
+capital held
+Name
+31 December 2018
+19. Investments in joint ventures (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 117
+poles
+establishment of charging
+development, technical
+New energy vehicle technology,
+internet technology
+special-used vehicles,
+import and export storage,
+technologies and agency
+49%
+40%
+40%
+Electric car and fuel car rental
+Co., Ltd. ("Shenzhen Didi ")
+Beijing Hualin Loading Co., Ltd.
+("Beijing Hualin")
+and sale, taxi business
+RMB100,000,000 PRC/Mainland China
+interest
+49%
+49%
+Production and sale for
+Hangzhou BYD Xihu New Energy Auto
+Co., Ltd. ("Xihu New Energy")
+RMB100,000,000 PRC/Mainland China
+49%
+40%
+40%
+power
+sharing
+Principal activities
+Xi'an Infrastructure Yadi Automobile
+RMB10,000,000
+PRC/Mainland China
+40%
+40%
+40%
+energy storage
+Automobile and part sale and
+automobile maintenance
+("Xi'an Infrastructure")
+Shenzhen BYD International Financial
+RMB400,000,000
+PRC/Mainland China
+30%
+service Co., Ltd.
+40%
+Investment and operation of
+60%
+BYD Auto Finance Company Limited
+("BYD Auto Finance")
+RMB1,500,000,000
+PRC/Mainland China
+80%*
+80%
+80%
+55%
+Auto financing leases, auto
+bonds, and car finance
+consulting agency
+Hubei Energy Storage Co., Ltd.
+("Hubei Energy Storage")
+RMB100,000,000
+PRC/Mainland China
+55%*
+loan, issuance of financial
+RMB859,770,000 PRC/Mainland China
+Shenzhen Didi New Energy Auto Lease
+parts and accessories and
+manufacture of automobiles
+The Group's trade receivable balances due from and due to the joint ventures are disclosed in note 45(c) to the financial statements.
+Particulars of the Group's joint ventures are as follows:
+2,442,867
+Particulars of
+Name
+registered
+capital held and business
+2,793,681
+Place of
+registration
+Ownership
+interest
+Voting
+Profit
+power
+sharing
+Principal activities
+Percentage of
+Shenzhen Denza New Energy Automotive RMB4,160,000,000 PRC/Mainland China
+Co., Ltd. ("DENZA")
+RMB'000
+2018
+RMB'000
+(5,715,211)
+Net carrying amount at 31 December 2017
+7,963,163
+863
+1,189
+252,408
+2017
+8,217,623
+Deferred development costs are stated at cost less any impairment losses. The development costs start amortisation once they reach mass
+production conditions. The development costs are amortised using the straight-line basis over the commercial lives of the underlying products
+not exceeding five years, except for those of new energy vehicles which are amortised using the unit of production method, commencing from
+the date when the products are put into commercial production.
+116 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+19. Investments in joint ventures
+Shares of net assets
+No impairment provision (2017: Nil) was made to development costs related to the reportable segment of automobiles and related products in the year ended 31
+December 2018.
+3,715
+(2,526)
+50%
+50%
+RMB300,000,000
+PRC/Mainland China
+60%*
+50%
+60%
+New energy investment and the
+Shenzhen BYD Electric Car Investment
+Co., Ltd. ("BYD Electric Car")
+establishment of industrial
+Guangzhou Guang Qi BYD New Energy
+Bus Co., Ltd. ("Guang Qi BYD")
+RMB300,000,000 PRC/Mainland China
+51%*
+50%
+51%
+Manufacture and design of auto
+electric vehicle industry
+50%
+electric vehicles
+60%
+Research, development and
+sale of automobiles
+Tianjin BYD Automobile Company
+Limited ("Tianjin BYD")
+RMB350,000,000
+PRC/Mainland China
+50%
+Taxi business and rental of
+50%
+automobiles and coaches
+Nanjing Jiangnan Electric Car Rental
+Company Limited ("Jiangnan Chuzu")
+RMB20,000,000
+PRC/Mainland China
+60%*
+60%
+Assembly and sale of
+services and advice, and the
+(5,322)
+65,914
+(5,996,397)
+(199,705)
+(838,583)
+(7,615,308)
+Transfer to investment properties
+(25,224)
+(25,970)
+(25,224)
+1,866,494
+Exchange realignment
+4,772
+2,265,785
+(6,707)
+6,099
+(1,538)
+Transfers
+194,699
+171
+(554,653)
+(458,564)
+depreciation and impairment
+14,946,792
+Additions
+56,278
+Disposals
+(24,884)
+Depreciation provided during the year
+Impairment
+581,468 2,803,977
+547,809 1,426,082
+(67,194) (174,600)
+4,512,856 47,830,718
+5,490,413
+13,289,968
+(31,382)
+(3,533,706)
+73,047 24,912,578
+120,065 5,649,321
+(3,235,646)
+(458,564)
+At 1 January 2018, net of accumulated
+(4,333,077)
+At 31 December 2018, net of accumulated
+3,411,746 5,638,810 49,484,582
+During the year, the Group recognised an impairment loss of RMB458,564,000 on fixed assets, which was mainly attributable to impairment
+provision on the part of long-term photovoltaic assets of rechargeable battery and photovoltaic segment arising from production technology
+upgrade.
+As at 31 December 2018, the Group was still in the process of obtaining the property ownership certificates for certain buildings with a net
+carrying amount of RMB3,573,965,000 (2017: RMB3,878,277,000). In the opinion of the directors, there is no major barrier for the Group to
+obtain the property ownership certificates.
+As at 31 December 2018, certain items of the Group's land and buildings with a net carrying amount of approximately RMB220,370,000 (2017:
+RMB73,807,000) were pledged to secure general banking facilities granted to the Group; and certain items of the Group's construction in
+progress with a net carrying amount of approximately RMB4,754,000 (2017: RMB9,210,000) were pledged to secure general banking facilities
+granted to the Group (note 34(a)).
+BYD Company Limited Annual Report 2018 111
+Notes to Financial Statements
+866,939
+31 December 2018
+The Group entered into sale and leaseback arrangement contracts with third-party leasing companies, with contract terms ranging from three
+to five years. The substance of the arrangement is that the lessors provide finance to the Group with the asset as security. The Group continues
+to account for the assets in its consolidated statement of financial position. The sales proceeds are recorded as other borrowings in the
+consolidated statement of financial position. (note 34 (i)).
+Group
+31 December 2017
+At 31 December 2016 and at 1 January 2017:
+Cost
+Accumulated depreciation and impairment
+14. Property, plant and equipment (continued)
+(3,302)
+167,142 23,130,370
+Net carrying amount
+depreciation and impairment
+16,269,575
+167,142 23,130,370
+866,939
+3,411,746
+5,638,810
+16,269,575
+49,484,582
+Cost
+Accumulated depreciation and impairment
+19,492,269
+(3,222,694)
+201,305 49,491,595
+(34,163) (26,361,225)
+1,380,402
+(513,463)
+7,198,098 5,638,810 83,402,479
+(3,786,352)
+(33,917,897)
+At 31 December 2018:
+Freehold
+4,512,856 47,830,718
+581,468
+(211,911)
+Accumulated unpaid interest attributable to the perpetual loans for the year
+(32,202)
+(32,138)
+Profit used in the basic earnings per share calculation
+2,541,729
+(206,263)
+3,822,429
+2018
+2017
+Shares
+Weighted average number of ordinary shares in issue during the year,
+used in the basic earnings per share calculation
+2,728,142,855
+2,728,142,855
+Number of shares
+110 BYD Company Limited | Annual Report 2018
+Interest paid for the perpetual loans for the year
+2,780,194
+BYD Company Limited Annual Report 2018 | 109
+Notes to Financial Statements
+31 December 2018
+12. Perpetual loan interest paid
+The interest paid on perpetual loans in 2018 was RMB238,400,000 (2017:RMB243,036,000). The Group's perpetual loans are disclosed in
+note 40 to the financial statements.
+13. Earnings per share attributable to ordinary equity holders of the parent
+4,066,478
+The calculation of the basic earnings per share amount is based on the profit for the year attributable to ordinary equity holders of the parent
+adjusted for interest paid or payable for the perpetual loans, and the weighted average number of ordinary shares of 2,728,142,855 (2017:
+2,728,142,855) in issue during this year.
+The calculation of basic earnings per share is based on:
+2018
+RMB'000
+2017
+RMB'000
+Earnings
+Profit attributable to ordinary equity holders of the parent
+No adjustment has been made to the basic earnings per share amounts presented for the years ended 31 December 2018 and 2017 in respect
+of a dilution as the Group had no potentially dilutive ordinary shares in issue during those years.
+2,803,977
+Notes to Financial Statements
+14. Property, plant and equipment
+in progress
+RMB'000
+Total
+RMB'000
+At 31 December 2017 and at 1 January 2018:
+Cost
+17,625,166
+Accumulated depreciation and impairment
+and fixtures
+RMB'000
+(2,678,374)
+935,573
+(354,105)
+6,071,642
+(3,267,665)
+4,512,856 76,080,520
+(28,249,802)
+Net carrying amount
+14,946,792
+73,047 24,912,578
+81,504 46,853,779
+(8,457) (21,941,201)
+31 December 2018
+RMB'000
+RMB'000
+Group
+31 December 2018
+Freehold
+Machinery
+land and
+Leasehold
+RMB'000
+and
+equipment
+Office
+Construction
+buildings improvements
+RMB'000
+equipment
+vehicles
+Motor
+land and
+buildings
+RMB'000
+2018
+RMB'000
+2017
+RMB'000
+Carrying amount at 1 January
+5,981,496
+5,296,460
+66,707
+Additions
+814,483
+Recognised during the year (note 6)
+(143,059)
+(129,400)
+Exchange realignment
+(852)
+588,809
+(47)
+90,066
+66,707
+2,803,977 4,512,856
+47,830,718
+112 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+15. Investment properties
+(1,865)
+Carrying amount at 1 January
+Carrying amount at 31 December
+16. Prepaid land lease payments
+31 December 2018
+RMB'000
+31 December 2017
+RMB'000
+66,707
+25,224
+Transfer from property, plant and equipment
+Depreciation provided during the year/period
+581,468
+Carrying amount at 31 December
+5,981,496
+RMB'000
+75,585
+(9,671)
+65,914
+65,914
+65,914
+Cost and net carrying amount at 31 December 2017
+At 31 December 2017:
+Accumulated impairment
+75,585
+(9,671)
+Net carrying amount
+65,914
+Cost at 1 January 2018, net of accumulated impairment
+Impairment during the year
+Cost
+6,426,394
+Cost at 1 January 2017, net of accumulated impairment
+Impairment during the year
+Notes to Financial Statements
+Current portion included in prepayments, other receivables and other assets
+(148,919)
+(136,639)
+Non-current portion
+6,277,475
+5,844,857
+31 December 2018
+As at 31 December 2018, the Group was still in the process of obtaining the land use right certificates for certain parcels of leasehold land with
+17. Goodwill
+At 1 January 2017:
+Cost
+Accumulated impairment
+Net carrying amount
+BYD Company Limited Annual Report 2018 113
+a carrying amount of RMB160,541,000 (2017: RMB58,634,000). In the opinion of the directors, there is no major barrier for the Group to obtain
+the land use right certificates.
+73,047 24,912,578
+14,946,792
+Net carrying amount
+574,727 2,827,895 4,565,424 42,048,635
+Net carrying amount
+At 1 January 2017, net of accumulated
+depreciation and impairment
+12,885,075
+Additions
+6,816 21,188,698
+199,268
+Disposals
+(4,441)
+Depreciation provided during the year
+(459,365)
+(8,457)
+6,816 21,188,698 574,727 2,827,895 4,565,424
+5,292,765 218,751 1,225,178 4,866,040
+(130,986) (100,259)
+(4,433,363) (148,821)
+81,504
+42,048,635
+12,885,075
+4,565,424
+Leasehold
+improvements
+RMB'000
+Machinery
+and
+Motor
+equipment
+RMB'000
+vehicles
+RMB'000
+65,397,657
+(23,349,022)
+Office
+equipment
+and fixtures
+RMB'000
+Total
+RMB'000
+15,110,077
+17,824 38,393,523
+(2,225,002)
+(11,008) (17,204,825)
+823,025 6,487,784
+(248,298) (3,659,889)
+Construction
+in progress
+RMB'000
+11,883,506
+(17,645)
+(6,564)
+depreciation and impairment
+14,946,792
+73,047 24,912,578
+581,468
+2,803,977 4,512,856
+47,830,718
+At 31 December 2017, net of accumulated
+At 31 December 2017:
+17,625,166
+Accumulated depreciation and impairment
+(2,678,374)
+81,504 46,853,779
+(8,457) (21,941,201)
+935,573 6,071,642 4,512,856
+(354,105) (3,267,665)
+76,080,520
+(28,249,802)
+Cost
+(15,412)
+(482)
+(9,034)
+(259,895)
+(709,403)
+(5,759,409)
+Transfer to investment properties
+(66,707)
+(66,707)
+Transfers
+2,398,284
+(6,816) 2,996,038
+46,104
+(521,566)
+(4,912,044)
+Exchange realignment
+33%
+(574)
+Cost and net carrying amount at 31 December 2018
+30%
+(10,681)
+Lease Co., Ltd. ("International
+Financial Lease")
+Proportion of the Group's ownership
+Reconciliation to the Group's interest in the joint venture:
+556,750
+469,166
+Net assets, excluding goodwill
+556,750
+469,166
+Net assets
+1,230,000
+1,210,001
+Non-current financial liabilities, excluding trade and other payables
+1,757,755
+1,259,921
+Current liabilities
+1,327,755
+989,921
+430,000
+270,000
+Financial liabilities, excluding trade and other payables and provisions
+Other current liabilities
+1,674,662
+1,108,514
+Non-current assets, excluding goodwill
+1,869,843
+50%
+50%
+Group's share of net assets of the joint venture, excluding goodwill
+278,375
+Financial lease and financial
+477,451
+887,584
+89,472
+82,944
+101,663
+160,807
+8,691
+10,917
+41,107
+560,633
+1,830,573
+975,082
+Total comprehensive loss for the year
+Interest expenses
+Depreciation and amortisation
+Interest income
+Other expense
+Revenue
+267,694
+192,690
+Carrying amount of the investment
+(41,893)
+Unrealised gain arising from transactions with the Group
+471,433
+Current assets
+234,583
+1,403,544
+PRC/Mainland China
+RMB30,000,000
+Chengdu Shudu BYD New Energy
+Vehicles Co., Ltd.
+technology consulting and
+technology services
+technology transfer,
+technology development,
+Commercial services,
+50%
+33%
+PRC/Mainland China
+RMB5,000,000
+Hengqin Vanke Yundi Commercial
+Services Co., Ltd
+the production and sale of
+lithium carbonate
+resources in Salt Lake and
+Development of lithium
+49%
+40%
+49%
+PRC/Mainland China
+RMB500,000,000
+Qinghai Salt Lake BYD Resources
+Development Co., Ltd
+982,508
+lease advisory service
+60%*
+57%
+50%
+DENZA, which is considered a material joint venture of the Group, is a strategic partner of the Group primarily engaged in the research and
+development of automobile products and is accounted for using the equity method.
+887,335
+60%
+427,029
+Cash and cash equivalents
+2017
+RMB'000
+2018
+RMB'000
+The following table illustrates the summarised financial information in respect of DENZA adjusted for any differences in accounting policies and
+reconciled to the carrying amount in the consolidated financial statements.
+19. Investments in joint ventures (continued)
+31 December 2018
+Notes to Financial Statements
+According to the articles of association of these investees, a board resolution requires unanimous consent of two-thirds majority or all members of the board of
+directors. Thus, the Group does not have control even though the Group's ownership interests in these investees are greater than 50%.
+technology transfer,
+technology consulting and
+technology services
+118 BYD Company Limited | Annual Report 2018
+technology development,
+The R&D of new energy electric
+vehicles, leasing of new
+energy electric vehicles
+Shenzhen Vanke Yundi Industrial
+Co., Ltd.
+PRC/Mainland China
+RMB100,000,000
+67%
+72%
+Commercial services,
+72%*
+Other current assets
+48,809
+32,261
+(116)
+(2,221)
+Aggregate carrying amount of the Group's investments in the associates
+30%
+622,044
+BYD Company Limited Annual Report 2018 | 121
+Notes to Financial Statements
+48,809
+31 December 2018
+767,199
+32,261
+30%
+Share of the associates' total comprehensive income
+Share of the associates' profit for the year
+2017
+RMB'000
+2018
+RMB'000
+The following table illustrates the aggregate financial information of the Group's associates that are not individually material:
+Develop, produce, assemble,
+sell and deliver car seats
+and related parts covering
+the whole car chair, seat
+frame, seat foam and seat
+cover; and provide after-
+sales service and technical
+development service
+and specialized contracting
+inspection, EPC contracting,
+consultancy, supervision and
+40%
+21. Equity investments designated at fair value through other comprehensive income/available-for-sale
+investments
+Elimination of unrealised profit
+2018
+RMB'000
+Property under development expected to be recovered:
+Equity investments designated at fair value through other comprehensive income
+Holitech Technology Co., Ltd.
+PRC/Mainland China
+Completed property held for sale, at cost:
+*
+After more than one year
+At 31 December
+Transfer to completed property held for sale
+Additions
+At the beginning of year
+Development expenditure, at cost:
+At 31 December
+Transfer to completed property held for sale
+At the beginning of year
+Land in Mainland China held under medium term leases, at cost:
+22. Completed property held for sale
+31 December 2018
+Notes to Financial Statements
+122 BYD Company Limited | Annual Report 2018
+As the accumulative net profit of Shenzhen BYD Electronic Components Co., Ltd. during the profit compensation period did not reach the profit
+guarantee figures, the counterparty of the transaction, namely BYD, was required to provide compensations for the listed company, Holitech
+Technology Co., Ltd, in accordance with the profit compensation agreement. Other equity instrument investments of RMB57,272,000 were
+disposed by the Group.
+The above equity investments were irrevocably designated at fair value through other comprehensive income as the Group considers these
+investments to be strategic in nature.
+4,185,460
+(5,000)
+3,582,554
+607,906
+1,620,969
+Unlisted equity investments, at cost
+Provision for impairment
+Listed equity investments, at fair value
+Available-for-sale investments
+1,620,969
+2017
+RMB'000
+Shenzhen Faurecia Auto Parts Co. Ltd RMB200,000,000
+rental, electric vehicle
+charging infrastructure
+4%
+PRC/Mainland China
+RMB20,000,000
+Shenzhen Qianhai Green
+Principal activities
+sharing
+power
+interest
+and business
+Profit
+Voting
+Ownership
+Place of registration
+19%
+registered
+capital held
+Percentage of
+Particulars of
+20. Investments in associates (continued)
+31 December 2018
+Notes to Financial Statements
+120 BYD Company Limited | Annual Report 2018
+At the beginning of year
+Taxi service, electric vehicle
+charging infrastructure, and
+sale of electricity
+operation of electric vehicle
+29%
+29%
+Name
+Engineering survey, design,
+29%
+Car rental, public transportation
+196
+11%
+4%
+China Railway Engineering Consulting RMB730,818,000 PRC/Mainland China
+Group Co., Ltd
+of energy-saving and
+environmentally friendly
+technologies and product
+technologies, power battery
+manufacturing, import
+and export of goods and
+technology
+Development, consultancy,
+transferal, and services
+technology development,
+consultation, transfer and
+services
+energy, charging equipment
+infrastructure design, new
+electric vehicle charging
+Power equipment maintenance,
+vehicle maintenance and
+repairs
+19%
+10%
+10106
+PRC/Mainland China
+RMB936,840,000
+MCC Ramu New Technology Limited
+5%
+25%
+5%
+PRC/Mainland China
+RMB5,000,000
+Shenzhen Chongdian Easy Co., Ltd
+("Chongdian Easy")
+("Qianhai Green Transportation")
+Transportation Co., Ltd.
+11%
+Additions
+44,240,183
+Recognised in the statement of profit or loss
+Impairment under HKFRS 9 for the year ended 31 December 2018
+At end of year
+Amount written off as uncollectible
+Exchange realignments
+Impairment losses reversed (note 6)
+Impairment losses, net
+At beginning of year (restated)
+Effect of adoption of HKFRS 9
+At beginning of year
+The movements in the loss allowance for impairment of trade and bills receivables are as follows:
+24. Trade and bills receivables (continued)
+31 December 2018
+Notes to Financial Statements
+2018
+124 BYD Company Limited | Annual Report 2018
+44,240,183
+13,190,886
+4,917,608
+9,129,260
+6,571,079
+8,081,877
+8,876,074
+22,874,693
+23,875,422
+2017
+RMB'000
+2018
+RMB'000
+The government subsidies of new energy automobiles sales are included in the above trade receivables.
+53,276,716
+2017
+RMB'000
+RMB'000
+241,711
+735,969
+512,700
+85,384
+(120,913)
+(76,563)
+(30,455)
+(20,325)
+616
+206
+1,097,917
+494,258
+An impairment analysis is performed at each reporting date using a provision matrix or individually assessed to measure expected credit losses.
+An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates of
+provision matrix are based on invoice date for groupings of various customer segments with similar loss patterns by product type. The calculation
+reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting
+date about past events, current conditions and forecasts of future economic conditions.
+Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision matrix:
+As at 31 December 2018
+Individually Assessed
+Based on provision matrix
+Gross carrying amount Expected credit losses Expected credit loss rate
+(RMB'000)
+446,125
+44,891,975
+(RMB'000)
+390,758
+707,159
+87.59%
+1.58%
+45,338,100
+494,258
+Over one year
+Other transfers
+Seven months to one year
+Within three months
+Work in progress
+Raw materials
+RMB'000
+RMB'000
+2017
+2018
+23. Inventories
+The construction of Yadi Sancun has been completed in 2017, and RMB921,243,000 has been fully transfer to completed property held
+for sale for the year ended 31 December 2017.
+6,689,770
+3,950,676
+(8,477)
+(2,739,094)
+Finished goods
+(20,268)
+33,840
+6,689,770
+2017
+RMB'000
+RMB'000
+2018
+(236,293)
+236,293
+684,950
+(684,950)
+RMB'000
+2017
+2018
+RMB'000
+At 31 December
+6,684,675
+Moulds held for production
+5,127,866
+4,372,410
+The ageing analysis of the trade and bills receivables as at the end of the reporting period, based on the invoice date and net of loss allowance,
+is as follows:
+The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue
+balances are reviewed regularly by senior management. At the end of the reporting period, the Group had certain concentrations of credit
+risk as 6% (2017: 5%) and 20% (2017: 19%) of the Group's trade receivables were due from the Group's largest customer and the five
+largest customers respectively. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade
+receivables are non-interest-bearing.
+For sales under other segments, the Group's trading terms with its customers are mainly on credit, except for new customers, where payment in
+advance is normally required. The credit period is generally one to three months. Each customer has a maximum credit limit.
+For sales of traditional fuel automobiles, payment in advance, mainly in the form of bank bills, is normally required. For sales of new energy
+automobiles, the Group generally provides the customers with a credit period of one to twelve months or allow the customers to make instalment
+payment in twelve to twenty-four months.
+53,276,716
+29%
+(494,258)
+(1,097,917)
+6,973,003
+46,797,971
+45,338,100
+2017
+RMB'000
+RMB'000
+2018
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 123
+Trade receivables
+Bills receivable
+Impairment
+24. Trade and bills receivables
+19,872,804
+26,330,345
+713,746
+865,249
+5,790,946
+8,589,749
+8,995,702
+11,747,481
+Four to six months
+RMB50,000,000 PRC/Mainland China
+20. Investments in associates
+Hangzhou Xihu New Energy Auto
+(64,058)
+7,837,083
+5,092,174
+5,084,062
+(143,174)
+(143,763)
+5,235,348
+5,227,825
+3,372,240
+4,233,402
+2017
+RMB'000
+RMB'000
+7,773,025
+2018
+Prepayments
+Other comprehensive income
+Bills receivable
+Impairment *
+Deposits and other receivables
+Current portion
+Prepayment for items of property, plant and equipment
+Non-current portion
+25. Prepayments and other receivables and other assets
+31 December 2018
+Notes to Financial Statements
+126 BYD Company Limited | Annual Report 2018
+Loans to employees
+Receivables that were past due but not impaired related to a number of independent customers that had a good track record with the Group.
+Based on past experience, the directors of the Company are of the opinion that no provision for impairment under HKAS 39 was necessary in
+respect of these balances as there had not been any significant change in credit quality and the balances were still considered fully recoverable.
+507,741
+72,008
+The expected timing of recovery or settlement for contract assets as at 31 December 2018 is as follows:
+The increase in the carrying amount of contract assets in 2018 was the result of the increase in the ongoing sale of industrial products at the
+end of the year. During the year ended 31 December 2018, RMB94,570,000 was recognised as an allowance for expected credit losses on
+contract assets. The Group's trading terms and credit policy with customers are disclosed in note 24 to the financial statements.
+26. Contract assets (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited | Annual Report 2018 | 127
+31 December
+2017
+RMB'000
+6,248,042
+6,300,286
+(157,286)
+(94,570)
+6,405,328
+985,449
+6,394,856
+2018
+RMB'000
+31 December
+Impairment
+Sale of goods
+Contract assets arising from:
+26. Contract assets
+As at 31 December 2018, bill receivable of RMB7,773,025,000 whose fair values approximate to their carrying values were classified as
+financial assets at fair value through other comprehensive income under HKFRS 9.
+Expect for the two suppliers aforementioned, none of the above assets is past due. The financial assets included in the above balances relate to
+receivables for which there was no recent history of default, except for the two suppliers aforementioned.
+At 31 December 2018, an impairment loss of RMB143,763,000 (2017: RMB143,174,000) has been provided, including deposits of RMB143,174,000 paid to two
+suppliers (2017: RMB143,174,000).
+6,211,017
+13,436,836
+133,394
+1 January
+2018
+RMB'000
+Receivables that were neither past due nor impaired related to a large number of diversified customers for whom there was no recent history of
+default.
+53,067,335
+265,133
+1.12%
+35,289,257
+4,384,687
+128,779
+66,496
+68,501
+2.94%
+1.04%
+6,417,848
+0.82%
+8,317,774
+0.82%
+16,168,948
+133,054
+Total
+one year
+to one year
+Over
+396,830
+Ageing as at 31 December 2018
+Three to Six months
+six months
+Within
+Expected credit losses (RMB'000)
+Gross carrying amount (RMB'000)
+Expected credit loss rate
+New energy business
+Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision matrix:
+Impairment under HKFRS 9 for the year ended 31 December 2018 (continued)
+24. Trade and bills receivables (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 125
+1,097,917
+three months
+The trade receivables contain the subsidy to new energy automobiles products.
+Non-new energy business
+Expected credit loss rate
+1,705,935
+51,096,267
+2017
+RMB'000
+Neither past due nor impaired
+Less than one year past due
+One to two years past due
+The ageing analysis of the trade and bills receivables as at 31 December 2017 that were not individually nor collectively considered to be
+impaired under HKAS 39 is as follows:
+The individually impaired trade receivables as at 31 December 2017 related to customers that were in financial difficulties or were in default in
+both interest and/or principal payments and only a portion of the receivables is expected to be recovered.
+Included in the above provision for impairment of trade receivables, which was measured based on incurred credit losses under HKAS 39, as at
+31 December 2017, was a provision for individually impaired trade receivables of RMB494,258,000 with a carrying amount before provision of
+RMB703,639,000.
+Impairment under HKAS 39 for the year ended 31 December 2017
+310,329
+9,602,718
+3.23%
+29.54%
+871,233
+257,373
+2.81%
+245,757
+6,909
+2,980
+0.47%
+629,057
+0.55%
+7,856,671
+43,067
+Total
+Over
+one year
+to one year
+six months
+three months
+Six months
+Three to
+Within
+Ageing as at 31 December 2018
+Expected credit losses (RMB'000)
+Gross carrying amount (RMB'000)
+Within one year
+The movement in the loss allowance for impairment of contract assets is as follows:
+2018
+RMB'000
+6,394,856
+Particulars of
+registered Place of registration
+capital held and business
+Name
+622,044
+767,199
+(1,023)
+(1,023)
+623,067
+768,222
+131,238
+131,238
+491,829
+636,984
+Percentage of
+RMB'000
+2017
+2018
+Particulars of the Group's associates are as follows:
+Provision for impairment
+Goodwill on acquisition
+Shares of net assets
+2,175,173
+2,600,991
+Aggregate carrying amount of the Group's investments in the joint ventures
+(7,580)
+(143,555)
+Elimination of unrealised loss
+RMB'000
+Ownership
+interest
+Voting
+Profit
+design, installation,
+Electric power engineering
+40%
+20%
+40%
+PRC/Mainland China
+RMB200,000,000
+Shenzhen Electric Power Sales Co., Ltd.
+("Shenzhen Electric Power Sales")
+remediation of agricultural
+products
+("Shan Mei Ling Qiu Bi Xing")
+Solar power ecosystem
+20%
+20%
+20%
+PRC/Mainland China
+RMB10,000,000
+Shan Mei Ling Qiu Bi Xing Industry
+Development Co., Ltd.
+Products of lithium and boron
+mineral salt
+18%
+18%
+18%
+PRC/Mainland China
+RMB930,000,000
+Tibet Zabuye Lithium Industry Co., Ltd
+("Zabuye Lithium")
+Principal activities
+sharing
+power
+22,799
+Operation Co., Ltd. ("Hangzhou
+Xihu Operation")
+181,373
+181,373
+RMB'000
+1.48%
+Goods sold by installments
+27. Long-term receivables
+Expected credit losses
+Gross carrying amount
+Expected credit loss rate
+As at 31 December 2018
+Set out below is the information about the credit risk exposure on the Group's contract assets using a provision matrix:
+26. Contract assets (continued)
+31 December 2018
+Notes to Financial Statements
+6,394,856
+128 BYD Company Limited | Annual Report 2018
+94,570
+(62,716)
+157,286
+157,286
+At end of year
+Impairment losses, net (note 6)
+At beginning of year (restated)
+Effect of adoption of HKFRS 9
+At beginning of year
+RMB'000
+2018
+6,394,856
+An impairment analysis is performed at each reporting date to measure expected credit losses. The Group applies the simplified approach in
+calculating ECLs.
+(94,570)
+2018
+RMB'000
+2017
+RMB'000
+Share of the joint ventures' total comprehensive income
+Share of joint ventures' profit for the year
+2017
+RMB'000
+2018
+RMB'000
+The following table illustrates the summarised aggregate financial information of the Group's joint ventures that are not individually material:
+19. Investments in joint ventures (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 119
+35,095
+31,902
+3,193
+3,193
+RMB'000
+2018
+At end of year
+Exchange realignments
+Impairment losses, net
+At beginning of year (restated)
+Effect of adoption of HKFRS 9
+At beginning of year
+The movements in the loss allowance for impairment of long-term receivable are as follows:
+the discount rate used for recognizing goods sold by installments ranged from 4.75% to 4.90%.
+year,
+As at 31 December 2018, the unrealised finance income of the above long-term receivables was RMB308,681,000.
+During the
+1,049,938
+2,134,405
+22,799
+505,556
+56,511,016
+464,388 -- 25,912
+263,214
+209,505
+51,181
+532,275
+At 1 January 2017
+1,448,262
+342,740
+1,709,722
+97,634
+434,740
+209,694
+186,314
+47,690
+733,416
+234
+49,347
+Deferred tax credited/(charged)
+to the statement of profit or
+345,091
+138,036
+190,073
+57,271
+621,690
+At 31 December 2017
+131,770
+27,122
+151,402
+2,351
+(125,178)
+(19,432)
+6,090
+89,415
+loss during the year
+At 31 December 2018
+129,690
+(26,888)
+(103,115)
+Effect of adoption of HKFRS 9
+1,580,032
+27,122
+200,749
+345,091
+138,036
+190,073
+57,271
+621,690
+At 1 January 2018
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+27,122
+200,749
+(27,122)
+621,690
+89,649
+71,658
+(3,759)
+(9,581)
+111,726
+loss during the year
+to the statement of profit or
+Deferred tax credited/(charged)
+1,580,032
+27,122
+200,749
+345,091
+138,036
+190,073
+57,271
+At 1 January 2018 (restated)
+RMB'000
+27,122
+For presentation purposes, certain deferred tax assets and liabilities have been offset with an amount of RMB321,408,000 (2017: Nil) in the
+statement of financial position. The following is an analysis of the deferred tax balances of the Group for financial reporting purposes:
+In the second year
+2,998,290
+In the third to fifth years (notes (e), (f), (g) and (h))
+7,076,777
+1,494,819
+10,076,482
+4,495,731
+8,988,840
+Within one year (notes (j))
+Notes:
+(a)
+Certain of the Group's bank loans are secured by:
+(i)
+5,496,811
+Super short-term debentures
+2,999,705
+Within one year (note (d))
+Corporate bonds
+In the second year
+In the third to fifth years, inclusive
+Beyond five years
+2018
+RMB'000
+2017
+RMB'000
+42,271,906
+41,152,939
+4,844,081
+4,866,758
+1,871,354
+1,489,128
+132,168
+13,351
+49,119,509
+47,522,176
+5,496,811
+64,692,802
+(ii)
+mortgages over certain of the Group's land and buildings, which had an aggregate carrying value at the end of the reporting period of approximately
+RMB220,370,000 (2017: RMB73,807,000) (note 14); and
+(i)
+On 12 April 2018, the Company issued 3,000,000,000 RMB corporate bonds. The bonds have a maturity of five years due in 2022, and bear a fixed interest rate of
+5.17% per annum from and including 12 April 2018 payable annually. Investors have the right to sell back all or part of their bonds at par value to the Company on
+the third interest payment date (12 April 2020), or release the investor sell-back option. The bonds were listed on the Shenzhen Stock Exchange on 4 June 2018.
+On 22 August 2018, the Company issued 1,600,000,000 RMB corporate bonds. The bonds have a maturity of four years due in 2022, and bear a fixed interest
+rate of 5.75% per annum from and including 22 August 2018 payable annually. Investors have the right to sell back all or part of their bonds at par value to the
+Company on the third interest payment date (22 August 2020), or release the investor sell-back option. The bonds were listed on the Shenzhen Stock Exchange on 25
+September 2018.
+On 21 December 2018, the Company issued 1,000,000,000 RMB corporate bonds. The bonds have a maturity of five years due in 2022, and bear a fixed interest
+rate of 4.98% per annum from and including 21 December 2018 payable annually. Investors have the right to sell back all or part of their bonds at par value to the
+Company on the third interest payment date (21 December 2020), or release the investor sell-back option. The bonds were listed on the Shenzhen Stock Exchange on
+29 January 2019.
+The Group entered into sale and leaseback arrangement contracts with third-party leasing companies, with contract terms ranging from three to five years. The
+substance of the arrangement is that the lessors provide finance to the Group with the assets as security. The Group continues to account for the asset in its
+consolidated statement of financial position. The sales proceeds are recorded as other borrowings in the consolidated statement of financial position. As at 31
+December 2018, the aggregate book value of the assets was RMB2,597,316,000 and the balance of other borrowings amounting to RMB63,750,000 is recorded as
+a current liability and RMB863,599,000 is recorded as a non-current liability on the Group's consolidated statement of financial position.
+On 15 June 2018, the Company issued the Second Tranche Super Short-term Debentures in 2018, with an aggregate amount of RMB2.0 billion and an interest rate
+of 5.80%, valid within 270 days; on 15 August 2018, the Company issued the Third Tranche Super Short-term Debenture in 2018, with an aggregate amount of
+RMB1.5 billion and an interest rate of 4.75%, valid within 270 days; on 19 November 2018, the Company issued the Fifth Tranche of Super Short-term Debenture in
+2018, with an aggregate amount of RMB2.0 billion and an interest rate of 4.08%, valid within 270 days.
+35. Provision
+Group
+At 1 January
+The Group has accumulated tax losses arising in Mainland China of RMB2,151,326,000 (2017: RMB1,466,013,000) that will expire in one
+to five years for offsetting against future taxable profits. The Group has a tax loss of RMB115,556,000 (2017: RMB119,820,000) arising from
+other jurisdictions that will expire in one to eight years for offsetting against future taxable profits. Deferred tax assets have not been recognised
+in respect of these losses as they have arisen in subsidiaries that have been loss-making for some time and it is not considered probable that
+taxable profits will be available against which the tax losses can be utilised.
+The Group has recognised the deferred tax assets related to tax losses arising in Mainland China of RMB556,944,000 (2017:
+RMB1,178,351,000) that will expire in one to five years for offsetting against future taxable profits.
+66,308
+1,388,314
+Net deferred tax assets recognised in the consolidated statement of financial position
+Net deferred tax liabilities recognised in the consolidated statement of financial position
+RMB'000
+(i)
+1,580,032
+(h)
+(f)
+mortgages over certain of the Group's construction in progress, which had an aggregate carrying value at the end of the reporting period of approximately
+RMB4,754,000 (2017: RMB9,210,000) (note 14);
+In addition, the Company has guaranteed certain of the Group's bank loans of up to RMB36,616,393,000 (2017: RMB36,021,358,000) as at the end of the reporting
+period.
+(b)
+The carrying amounts of the Group's and the Company's bank borrowings approximate to their fair values.
+(c)
+(d)
+(e)
+Except for bank loans of RMB2,326,603,000 (2017:RMB1,725,338,000) which are denominated in United States dollars and RMB21,188,000 (2017:
+RMB163,658,000) in Euro, all borrowings are in RMB.
+The Company completed the 2017 first tranche of debt financing plan of Beijing Financial Assets Exchange on 17 March 2017. The bond product was simplistically
+described as "17 Yue BYD ZR001", with an actual listing amount of RMB3,000,000,000 and a listing price of 4.94%, for a term of two years. The interest payment
+shall be made once every three months (it will be postponed to the next working day should it be a statutory festival or holiday in the PRC), without compound interest,
+and the principal will be repaid on one-off basis upon maturity and the last interest payment shall be made together with the principal repayment. The interest accrued
+period commenced on 17 March 2017, and the date for the first interest payment was 17 June 2017.
+On 15 June 2017, the Company issued 1,500,000,000 RMB corporate bonds. The bonds have a maturity of five years due in 2022, and bear a fixed interest rate of
+4.87% per annum from and including 15 June 2017 payable annually. Investors have the right to sell back all or part of their bonds at par value to the Company on
+the third interest payment date (15 June 2020), or release the investor sell-back option. The bonds were listed on the Shenzhen Stock Exchange on 14 July 2017.
+BYD Company Limited Annual Report 2018 | 135
+Notes to Financial Statements
+31 December 2018
+34. Interest-bearing bank and other borrowings (continued)
+Notes: (continued)
+(g)
+Within one year
+RMB'000
+RMB'000
+Deferred tax
+payment arising
+anticipated
+Withholding
+taxes on
+the earnings
+in excess of
+depreciation
+through profit
+comprehensive available-for-sale
+to be remitted
+at fair value
+through other
+Depreciation
+Fair value
+adjustments of
+financial assets
+adjustments
+at fair value
+Fair value
+arising from
+from disposal of
+income
+investments
+610,005
+119,705
+25,912
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+Total
+a subsidiary
+by subsidiaries
+allowance
+and loss
+investments
+Fair value
+adjustments
+of equity
+Deferred tax liabilities
+The movements in deferred tax liabilities and assets during the year are as follows:
+Notes to Financial Statements
+136 BYD Company Limited | Annual Report 2018
+The Group provides warranties on automobiles and the undertaking to repair or replace items that fail to perform satisfactorily. The amount of the
+provision for the warranties is estimated based on sales volumes and past experience of the level of repairs and returns. The estimation basis is
+reviewed on an ongoing basis and revised where appropriate.
+1,471,511
+1,854,627
+(739,244)
+(754,365)
+918,089
+1,137,481
+1,292,666
+1,471,511
+2017
+RMB'000
+RMB'000
+2018
+Warranties
+31 December 2018
+At 1 January 2018
+36. Other liabilities
+Financial guarantee contracts
+Others
+37. Deferred tax
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited | Annual Report 2018 | 137
+The credit exposure of the financial guarantee contracts is classified as stage 1. During the year, there were no transfers between stages.
+The financial guarantee contracts are measured at the higher of the ECL allowance and the amount initially recognised less the cumulative
+amount of income recognised. The ECL allowance is measured by estimating the cash shortfalls, which are based on the expected payments to
+reimburse the financial institutions for a credit loss that it incurs less any amounts that the Group expects to receive from the certain customers.
+The amount initially recognised representing the fair value at initial recognition of the financial guarantees was not significant. Upon transition
+to HKFRS9, the carrying amount of the financial guarantees was remeasured at 18,855,000 (2017: Nil) as further detailed in note 2.2(b) to the
+financial statements.
+The financial guarantee contracts represent guarantees given to financial institutions in connection with facilities granted to customers.
+254
+1,395,486
+1,376,550
+18,855
+254
+81
+2017
+RMB'000
+2018
+RMB'000
+Long-term payables
+RMB'000
+464,388
+464,388
+Unrealised
+in excess of
+Depreciation
+Fair value
+adjustments
+adjustment
+Fair value
+arising from
+Deferred tax assets
+31 December 2018
+Notes to Financial Statements
+138 BYD Company Limited | Annual Report 2018
+610,005
+119,705
+Additional provision
+37. Deferred tax (continued)
+profits from Accruals and
+trading
+arising from
+derivative
+Total
+instruments
+liabilities
+Tax losses
+transactions for warranties
+grants
+of assets
+allowance
+financial
+financial
+provision
+intercompany
+Government
+Impairment
+depreciation
+94,042
+(33,940)
+(59,852)
+25,912
+income during the year
+Deferred tax charged to other comprehensive
+or loss during the year
+Deferred tax charged to the statement of profit
+At 1 January 2017
+At 31 December 2018
+Gross deferred tax liabilities
+(464,388)
+income during the year
+Deferred tax charged to other comprehensive
+profit or loss during the year
+Deferred tax charged to the statement of
+464,388
+At 1 January 2018 (restated)
+(464,388)
+Gross deferred tax liabilities
+Effect of adoption of HKFRS 9
+At 31 December 2017
+94,042
+549,903
+179,557
+387,716
+12,341
+330,659 44,648
+68
+(464,388)
+242,099
+(107,364)
+18,736
+330,659
+68
+610,005
+119,705
+25,912
+370,346
+Bank loans repayable:
+Analysed into:
+34. Interest-bearing bank and other borrowings (continued)
+2018
+2017
+Assets
+RMB'000
+Liabilities
+RMB'000
+Assets
+11,942,702
+RMB'000
+451
+8,559
+1,095
+12,929
+4,672
+1,318
+Liabilities
+RMB'000
+13,012,545
+3,179,937
+3,855,654
+9,081,522
+775,458
+486,529
+593,879
+739,176
+533,789
+39,089
+69,073
+54,652
+45,222,321
+39,527,332
+2018
+RMB'000
+2017
+RMB'000
+9,156,891
+8,762,765
+100,342
+451
+8,559
+1,095
+Sale of goods
+Total contract liabilities
+31 December 2018
+RMB'000
+1 January 2018
+RMB'000
+588,579
+631,140
+2,880,535
+4,069,140
+3,469,114
+4,700,280
+Contract liability mainly represents the receipts in advance from customers prior to the satisfaction of performance obligations. The relevant
+income from such contract is recognised upon satisfaction of the performance obligations by the Group. In most cases, the Group generally
+satisfies the performance obligations and recognises the income within 3 months upon receipt of payment in advance from customers.
+132 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+33. Deferred income
+Sale of welfare housing
+11,162,123
+Short-term advances received from customers
+32. Contract liabilities
+119,261
+BYD Company Limited Annual Report 2018 | 131
+Notes to Financial Statements
+31 December 2018
+31. Derivative financial instruments (continued)
+Non-hedging derivatives:
+The Group has entered into various forward currency contracts, cross currency swap and interest rate swaps to manage its exchange rate
+exposures and interest rate exposures, respectively, which did not meet the criteria for hedge accounting. Gains on changes in the fair value of
+non-hedging derivatives amounting to approximately RMB1,951,000 were charged to the consolidated statement of profit or loss during the year
+(2017: loss of approximately RMB17,824,000). The maturity of derivative financial instruments is within one year.
+Note:
+The Company and Holitech Technology Co., Ltd. ("Holitech") (the "Transferee") entered into a strategic cooperation and asset transfer in consideration of Non-public Offering
+shares and cash consideration asset transport framework agreement (H¤¤¼¸Â¯¤ÂÈ on 3 April 2015, pursuant to
+which, the Company sold to the Transferee a 100% equity interest in Electronic Components, a subsidiary of the Company. On 30 September 2015, the transfer of the 100%
+equity interest in Electronic Components has been duly registered with the industrial and commercial authorities.
+Pursuant to the profit compensation agreement and its supplemental agreement entered into between the Company and Holitech in respect of
+Electronic Components, the terms of profit compensation mainly comprise of three parts:
+(i)
+(ii)
+The Company guaranteed that the three-year accumulated profits for 2015, 2016 and 2017 of Electronic Components shall not be less
+than RMB714,066,600. Any shortfall of the three-year accumulated profit shall be compensated by the shares of Holitech held by the
+Company with any shortfall being compensated by cash; and
+After the expiry of the profit compensation periods of 2015, 2016 and 2017 as agreed in the agreement, Holitech shall conduct
+impairment tests on the target assets. Where the impairment amount of the target assets as at the end of the profit compensation period
+exceeds the total amount of compensation, the Company shall provide further compensation.
+As the accumulative net profit of Shenzhen BYD Electronic Components Co., Ltd. during the profit compensation period did not reach
+the profit guarantee figures, the counterparty of the transaction, namely BYD, was required to provide compensations for the listed
+company, Holitech in accordance with the profit compensation agreement. The company delivered 11,894,456 shares to Holitech as
+compensation and the profit compensation agreement ended.Gains on changes in the fair value of equity investment to approximately
+RMB41,346,000(2017: loss of approximately RMB100,342,000).
+Details of contract liabilities as at 31 December 2018 and 1 January 2018 are as follows:
+Government grants and subsidies
+29,126,364
+2017
+RMB'000
+28. Cash and cash equivalents, restricted bank deposits and short-term deposits
+Cash and bank balances
+Time deposits
+Less:
+Pledged deposit
+Restricted bank deposit
+35,095
+Cash and cash equivalents
+2018
+RMB'000
+2017
+RMB'000
+10,907,057
+8,750,954
+2,145,038
+1,151,736
+Notes
+2,169,500
+0.40%
+8,005
+BYD Company Limited Annual Report 2018 | 129
+Notes to Financial Statements
+31 December 2018
+27. Long-term receivables (continued)
+Set out below is the information about the credit risk exposure on the Group's long-term receivables using a provision matrix:
+As at 31 December 2018
+Individually Assessed
+Based on provision matrix
+Gross carrying
+amount
+(RMB'000)
+Expected credit
+losses
+(RMB'000)
+Expected credit
+loss rate
+166,865
+27,090
+16.23%
+2,002,635
+13,052,095
+9,902,690
+(1,583,861)
+(323,249)
+Three to six months
+Six months to one year
+One to two years
+Two to three years
+Over three years
+The trade payables are non-interest-bearing and are normally settled within terms of 30 to 180 days.
+30. Other payables and accruals
+Other payables
+Accrued payroll
+Other payables are non-interest-bearing and have an average term of three months.
+31. Derivative financial instruments
+Forward currency contracts
+Cross currency swap
+Interest rate swap
+Others (note)
+2018
+RMB'000
+Within three months
+32,087,999
+An ageing analysis of the trade and bills payables as at the end of the reporting period, based on the invoice date, is as follows:
+31 December 2018
+(ii)
+(317,177)
+(643,487)
+11,151,057
+8,935,954
+Notes:
+(i)
+(ii)
+(iii)
+At 31 December 2018, a bank deposit of RMB1,583,861,000 (2017: RMB323,249,000) was pledged for bank acceptance bills and letters of credit.
+The balance of a restricted bank deposit as at 31 December 2018 mainly represented the balance of a guarantee deposit required by the bank under a tri-lateral
+agreement between a subsidiary of the Company, the bank and a third party supplier.
+At the end of the reporting period, cash and cash equivalents of the Group denominated in Renminbi ("RMB") amounted to RMB7,285,948,000 (2017:
+RMB5,725,975,000). The RMB is not freely convertible into other currencies. However, under Mainland China's Foreign Exchange Control Regulations and
+Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks
+authorised to conduct foreign exchange business.
+Cash at banks earns interest at floating rates based on daily bank deposit rates. Most of the bank balances and pledged deposits are deposited
+with creditworthy banks with no recent history of default.
+130 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+29. Trade and bills payables
+Others
+Current portion
+Government grants and subsidies
+(i)
+5,496,811
+Corporate bonds-unsecured
+4.94
+(d)
+41,152,939
+4.08-5.80
+2,999,705
+4,495,731
+50,768,422
+45,648,670
+Non-current
+Bank loans - secured
+4.90
+4.10-6.35
+Super short-term debentures
+42,271,906
+830,344
+40,469
+Current portion of long term
+bank loans-unsecured
+2.65-4.89
+2019
+1,379,000
+2.65-5.08
+2018
+4,507,210
+Current portion of other
+borrowings - secured
+5.94
+2019
+63,750
+4.04-4.28
+2030
+27,166
+4.90
+2030
+6,847,603
+6,369,237
+Corporate bonds-unsecured
+4.87-5.75 (e) & (f) & (g) & (h)
+7,076,777
+4.87-4.94
+(d) & (e)
+4,493,109
+13,924,380
+10,862,346
+64,692,802
+56,511,016
+134 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+55,818
+2018
+4.28
+5.94
+26,731
+3.00-4.75
+2022
+134,839
+3.00
+2022
+16,688
+Bank loans unsecured
+3.69-5.80
+2020
+5,821,999
+2.65-5.46
+2020
+6,270,000
+Other borrowings - secured
+863,599
+3.00-3.85
+3,040,179
+2019
+Received during the year
+Released to the statement of profit or loss
+At 31 December
+Less: Portion classified as current liabilities
+Non-current portion
+2018
+RMB'000
+2017
+RMB'000
+2,080,437
+1,873,978
+2,625,825
+1,376,120
+(2,295,268)
+(1,169,661)
+2,410,994
+2,080,437
+At 1 January
+(489,045)
+The movements in deferred income related with government grants and subsidies during the year are as follows:
+1,921,949
+Others
+2018
+RMB'000
+2017
+RMB'000
+2,410,994
+2,080,437
+126,322
+104,865
+2,537,316
+2,185,302
+(489,045)
+(408,035)
+(126,322)
+(104,865)
+(615,367)
+(512,900)
+1,672,402
+At 31 December
+(408,035)
+1,672,402
+0.99-5.66
+2019
+35,576,025
+0.99-5.66
+2018
+34,215,815
+LIBOR+110bps-225bps
+2019
+2,212,952
+LIBOR+90bps-225bps
+2018
+1,559,101
+Current portion of long term
+bank loans - secured
+3.00-3.85
+RMB'000
+1,921,949
+Maturity
+RMB'000
+Various government grants have been received for basic research and development activities. Government grants received for which related
+expenditure has not yet been undertaken are included in deferred income in the statement of financial position. A certain grant received relates
+to an asset is also credited to deferred income and is released to the statement of profit or loss over the expected useful life of the relevant asset
+by equal annual instalments.
+BYD Company Limited Annual Report 2018 133
+Notes to Financial Statements
+34. Interest-bearing bank and other borrowings
+Current
+Bank loans - secured
+Bank loans - unsecured
+31 December 2018
+2018
+2017
+Effective
+interest
+Effective
+interest
+rate (%)
+Maturity
+rate (%)
+Amounts utilised during the year
+224,854
+BYD Company Limited Annual Report 2018 139
+Notes to Financial Statements
+146 BYD Company Limited | Annual Report 2018
+585
+(xvi)
+Co., Ltd. ("Yinghe Tech")
+Purchase of products and service from Shenzhen Yinghe Technology
+1,862
+4,008
+(XV)
+Service Co., Ltd. ("UniFortune")
+Purchases of products and service from Shenzhen UniFortune Supply Chain
+157,773
+117,360
+(xiv)
+("Mingzhu Plastics")
+Purchases of products and service from Cangzhou Mingzhu Plastic Co., Ltd.
+25,583
+16,203
+(xiii)
+31 December 2018
+Purchases of products and service from Saidi New Energy
+45. Related party transactions (continued)
+Notes:
+(xiii)
+(xii)
+(xi)
+(x)
+(ix)
+(viii)
+(vii)
+During this period, no products have been sold to Zhongbei Didi, a company of which an executive of the Company is the chairman of the board;
+(vi)
+The purchases of products and service from the joint ventures and associates were made according to the published prices offered by the joint ventures and
+associates and to their other customers;
+(V)
+The rental expense was charged at prices mutually agreed between the Group and the associate;
+(iv)
+The service income was received at prices mutually agreed between the Group and the joint ventures and associates;
+(iii)
+The sales of machinery and equipment to the joint ventures and associates were charged at prices mutually agreed between the Group and the associate;
+(ii)
+(i)
+The sales of products to the joint ventures and associates were made according to the published prices offered to other customers of the Group;
+(a) In addition to the transactions detailed elsewhere in these financial statements, the Group had the
+following transactions with related parties during the year: (continued)
+No sale of products to Saidi New Energy during this period. As of 3 March, 2018, Saidi New Energy is no longer a related party due to the resignation of the
+chairman of its board, who is a non- executive director of the Company;
+42
+(xii)
+(vi)
+Sales of products and service to Nanjing Zhongbei Didi New Energy Vehicle
+Rental Service Co., Ltd. ("Zhongbei Didi")
+201,718
+5,476,778
+(v)
+286,531
+327,272
+(iv)
+68,824
+99,717
+176,151
+(ii)
+4,413,928
+9,428,692
+(i)
+<===
+Purchases of products and service
+Rental expense
+Service income
+0
+110,456
+173
+("Saidi New Energy")
+Purchases of products and service from Beijing Easpring Material Technology
+Co., Ltd. ("Easpring Technology")
+104
+184
+0
+7,966
+6,063
+(xi)
+(x)
+(ix)
+Ltd. ("Northern Qinchuan")
+Purchases of products and service from Xi'an Northern Qinchuan Company
+Sales of products and service to Shenzhen Pengcheng Electrically-Powered
+Car Rental Co., Ltd. ("Pengcheng Chuzu")
+Sales of products and service to Union Brother Technology Co., Ltd
+("UBTECH")
+452,850
+1,197
+(viii)
+Sales of products and service to Yinchuan Sky Rail Operation Co., Ltd.
+("Yinchuan Operation")
+-5
+(vii)
+Sales of products and service to Shenzhen Saidi New Energy Logistics Co., Ltd.
+Sales of machinery and equipment
+The sales of products and service to Yinchuan Operation, a company of which two executives of the Company are the directors of the board, were made
+according to the published prices offered to other customers of the Group;
+The sales of products and service to Pengcheng Chuzu, a company of which two executives of the Company are the directors of the board, were made
+according to the published prices offered to other customers of the Group;
+1,001
+147
+Beijing Hualin
+35,423
+136,037
+Shenzhen Didi and its subsidiary
+2,665,511
+3,078,613
+Guang Qi BYD
+87,591
+28,052
+Hangzhou BYD Xihu Auto
+1,174
+1,129
+BYD Auto Finance
+18
+3
+Qianhai Green Transportation
+10,000
+472,679
+Shenzhen Electric Power Sales and its subsidiary
+1,775,136
+1,551
+BYD Electric Car
+256,692
+222,247
+0
+2,607
+249
+2017
+RMB'000
+RMB'000
+2018
+6,609,997
+7,823,768
+Zhongbei Didi
+Yinchuan Operation
+UBTECH
+Yinghe Technology
+The amounts due from other related parties:
+40,211
+Hubei Energy Storage
+2,199,000
+1,582,353
+21,868
+105,994
+Faurecia
+Xi'an Infrastructure
+The sales of products and service to UBTECH, a company of which an executive of the Company is the director of the board, were made according to the
+published prices offered to other customers of the Group;
+International Financial Lease and its subsidiary
+1,273
+Repurchase obligation
+As at 31 December 2018, the Company provided a guarantee to the bank for the borrowing of BYD Auto Finance amounting to
+RMB3,630,000,000 (31 December 2017: RMB2,888,000,000).
+As at 31 December 2018, the Company provided a guarantee to the bank for the borrowing of DENZA amounting to
+RMB615,000,000 (31 December 2017: RMB705,000,000).
+(i)
+Loan guarantees
+(b) Guarantees provided to related parties:
+45. Related party transactions (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 147
+The purchases of products and service from Yinghe Tech, a company of which an non-executive director of the Company was the director of the board in the
+past twelve months, were made according to the published prices offered by Yinghe Tech to its other customers.
+The purchases of products and service from UniFortune, a company of which an non-executive director of the Company is the director of the board, were made
+according to the published prices offered by UniFortune to its other customers; and
+(xvi)
+(XV)
+The purchases of products and service from Mingzhu Plastics, a company of which an independent non-executive director of the Company is the independent
+director of the board, were made according to the published prices offered by Mingzhu Plastics to its other customers;
+(xiv)
+The purchases of products and service from Saidi New Energy were made according to the published prices offered by Saidi New Energy to its other
+customers;
+The purchases of products and service from Easpring Technology, a company of which an independent non-executive director of the Company is the
+independent director of the board, were made according to the published prices offered by Easpring Technology to its other customers;
+The purchases of products and service from Northern Qinchuan, a company of which a supervisor of the Company is the chairman of the board, were made
+according to the published prices offered by Northern Qinchuan to its other customers;
+The Group entered into tri-lateral finance cooperation contracts (the "Cooperation Contract") with certain customers and third-parties or
+related financial institutions (“Financial Institutions"). Pursuant to the arrangement under the Cooperation Contract, the Company bears
+repurchase obligations to Financial Institutions that in the event of related parties default or other specific conditions, the Company
+inherits all the creditor's rights and related rights and interests. At the same time, the Company is required to make payment to Financial
+Institutions for the outstanding payments due from customer, and has the right to take the recovery and sale of new energy vehicles and
+other relief measures by itself to pay the remaining arrears of the customer to the financing institution. The company reserves the right to
+pursue the remaining creditor's rights. Management believes that the repossessed vehicles will be able to be sold for proceeds that are
+not significantly different from the repurchase payments. As of 31 December 2018, there was no default of payments from related parties
+which required the Group to make any payment.
+Shan Mei Ling Qiu Bi Xing
+(i)
+As at 31 December 2018, the Group's maximum exposure of obligation to Jiangnan Chuzu was RMB18,403,000 (31 December
+2017: RMB32,140,000).
+1,361
+Jiangnan Chuzu
+28,621
+465,634
+1,044,993
+600,310
+48,082
+Pengcheng Chuzu
+Tianjin BYD
+DENZA
+The amounts due from joint ventures and associates:
+2017
+RMB'000
+RMB'000
+2018
+(c) Outstanding balances with related parties:
+45. Related party transactions (continued)
+31 December 2018
+Notes to Financial Statements
+148 BYD Company Limited | Annual Report 2018
+As at 31 December 2018, the Group's maximum exposure of obligation to Shenzhen Didi and its subsidiary was
+RMB1,307,181,000 (31 December 2017: RMB386,864,000).
+Sales of products
+2017
+RMB'000
+2018
+RMB'000
+In February 2018, the International Court of Arbitration of the International Chamber of Commerce has commenced the first court trial on
+this case. The final decision was made on 20 July 2018, pursuant to which BYD Auto Industry was arbitrated to pay DDI what it claimed
+were costs related to Geneva Motor Show, which amounted to CHF46,752.00 and interest of CHF1,372.03. The rest of the claims by
+DDI were dismissed. DDI was ordered to pay BYD Auto Industry for all its costs incurred from this arbitration as of 24 May 2018, which
+amounted to EUR1,254,814.04 and RMB46,597.88. DDI needs to pay the interest as of the actual payment date in the case of overdue
+payment. DDI was arbitrated to bear all the fees incurred by the International Chamber of Commerce and the Sole Arbitrator.
+BYD Auto Industry submitted answer to International Court of Arbitration of the International Chamber of Commerce on 28 December
+2016, which denied DDI's allegation against BYD Auto Industry with respect to failing to perform various obligations in accordance with
+contracts as the allegation was unsubstantiated; meanwhile, it made the following responses to DDI's claims: 1) DDI's claim that BYD
+Auto Industry shall bear the loss from the termination of contracts due to substantial breach, shall be rejected as it was not supported by
+evidence; and 2) DDI's claim with respect to loss of expected net earning calculated by profit forecast based on an updated and adjusted
+(Strategic) Business Plan, shall be rejected as it was not supported by the contract, laws and facts.
+Meanwhile, DDI requested the arbitration court to declare that DDI was entitled to terminate the agreement by reason of substantial breach
+by BYD Auto Industry and claimed that BYD Auto Industry should be liable for the related fees incurred for the application of property
+preservation and arbitration.
+Delta Dragon Import SA ("DDI”), the arbitration applicant, made an arbitration application to International Court of Arbitration of the
+International Chamber of Commerce on 12 October 2016, and alleged that the respondent, BYD Auto Industry Co., Ltd. ("BYD Auto
+Industry"), a subsidiary of the Company, has breached the automobile distribution agreement (“Distribution Agreement”) entered
+with it on 7 October 2014. DDI claimed that BYD Auto Industry was liable for the alleged loss of CHF1,271,000 (equivalent to
+approximately RMB8,488,000) incurred from the performance of Distribution Agreement and the alleged loss of expected net earnings
+of CHF177,917,000 (equivalent to approximately RMB1,188,112,000) calculated from profit forecast made based on an updated
+and adjusted (Strategic) Business Plan. The total amount claimed by DDI (including alleged expense incurred by DDI) is approximately
+CHF179,188,000 (equivalent to RMB1,196,600,000).
+Resolved arbitration of Delta Dragon Import SA
+As at the reporting date, the case remains in the process of legal proceedings. After consulting the Company's legal counsel representing
+the Company for the case, the board is of the view that the estimate of ultimate outcome and amount to settle the obligation, if any, of the
+litigation cannot be made reliably up to date.
+On 2 October 2009, the Defendants instituted a counter-action against Foxconn International Holdings Limited and certain of its affiliates
+for their intervention, by means of illegal measures, in the operations involving the Company and certain of its subsidiaries, collusions,
+written and verbal defamation, and the economic loss as a result of the said activities.
+On 11 June 2007, a Hong Kong High Court action (the "June 2007 Action") was commenced by a subsidiary and an affiliate of Foxconn
+International Holdings Limited (the "Plaintiffs") against the Company and certain subsidiaries of the Group (the "Defendants") for using
+confidential information alleged to have been obtained improperly from the Plaintiffs. The Plaintiffs discontinued the June 2007 Action on
+5 October 2007 with the effect that the June 2007 Action has been wholly discontinued against all the Defendants named in the action
+and this finally disposed of the June 2007 Action without any liability to the Defendants. On the same day, the Plaintiffs initiated a new
+set of legal proceedings in the Court (the "October 2007 Action"). The Defendants named in the October 2007 Action are the same as
+the Defendants in the June 2007 Action, and the claims made by the Plaintiffs in the October 2007 Action are based on the same facts
+and the same grounds in the June 2007 Action. The remedies sought by the Plaintiffs in the October 2007 Action include an injunction
+restraining the Defendants from using the alleged confidential information, an order for the disgorgement of profit made by the Defendants
+through the use of the confidential information, damages based on the loss suffered by the Plaintiffs and exemplary damages. The total
+damages sought by the Plaintiffs in the October 2007 Action have not been quantified.
+Action against Foxconn
+(a) Litigation
+41. Contingent liabilities
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 141
+These perpetual loans do not have specific maturities. The Company has the right to defer interest or to redeem the notes. The Company
+does not have the contractual obligation to deliver cash or other financial assets to other parties. Therefore, the perpetual loans are
+recognised as an equity. The interest paid on the perpetual loans in 2018 was RMB238,400,000 (2017: RMB243,036,000)
+• To decrease share capital.
+To pay any financial instruments that have priority lower than the perpetual loans; and
+•
+• To declare and pay dividend to ordinary shareholders;
+142 BYD Company Limited | Annual Report 2018
+The Company could not defer current interest and all deferred interest before 12 months of the interest payment date when the following
+compulsory interest payment events occur:
+Notes to Financial Statements
+41. Contingent liabilities (continued)
+Interest-bearing bank
+and other borrowings
+At 31 December 2018
+Foreign exchange movement
+Interest capitalised
+Finance costs
+Changes from financing cash flows
+At 1 January 2018
+(b) Changes in liabilities arising from financing activities
+In 2018 and 2017, the Group did not enter into major non-cash transactions.
+(a) Major non-cash transactions
+42. Notes to the consolidated statement of cash flows
+(c) Repurchase obligation
+As at 31 December 2018, the banking facilities granted to subsidiaries and joint ventures subject to guarantees given to banks by the
+Company were utilised to the extent of approximately RMB36,616,393,000 (2017:RMB36,021,358,000) and RMB4,245,000,000 (2017:
+RMB3,593,000,000) respectively.
+83,205,050
+87,211,760
+2017
+RMB'000
+2018
+RMB'000
+Guarantees given to banks in connection with facilities granted to subsidiaries
+(b) At the end of the reporting period, contingent liabilities not provided for in the financial statements were as follows:
+31 December 2018
+Other liabilities
+As long as the compulsory interest payment events have not occurred, the Company has the right to choose to defer the interest payment
+at each interest payment date to the next without time limit of deferral, which does not cause the breach of contract for the Company. The
+compound interests will be charged to the deferred interests by the interest rate of the deferred period.
+The borrower reduces registered capital.
+As at 31 December 2018, the Group recognised the relevant deferred tax liabilities of RMB44,648,000 (2017: RMB25,912,000) on
+earnings anticipated to be remitted by certain subsidiaries in the foreseeable future. No withholding tax had been provided for the earnings of
+approximately RMB13,745,944,000 (2017: RMB11,394,110,000) expected to be retained by the PRC subsidiaries and not to be remitted to a
+foreign investor in the foreseeable future based on several factors, including management's estimation of overseas funding requirements.
+Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign
+investment enterprises established in Mainland China. The requirement is effective from 1 January 2008 and applies to earnings after 31
+December 2007. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign
+investors. The Group is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in Mainland China in
+respect of earnings generated from 1 January 2008.
+Deferred tax assets have not been recognised in respect of the above items as it is not considered probable that taxable profits will be available
+against which the above items can be utilised.
+3,931,325
+6,443,521
+2,345,492
+4,176,639
+1,585,833
+2,266,882
+2017
+RMB'000
+RMB'000
+2018
+Deductible temporary differences
+Tax losses
+Deferred tax assets have not been recognised in respect of the following items:
+Deferred tax assets (continued)
+37. Deferred tax (continued)
+31 December 2018
+Notes to Financial Statements
+38. Share capital
+(b) The Company issued two tranches of perpetual loans on 22 August 2017 and 18 October 2017, respectively, with a total principal amount
+of RMB3.3 billion. The loans will have a perpetual term until redemption by the Company in accordance with the terms of issuance, and
+will mature at the redemption by the Company. At the third maturity date and each maturity date thereafter, the Company has the right
+to redeem the notes with a principal amount plus all deferred interest. The initial loan interest rates are: the first year of these trust loan
+annual interest rates were 6.30% and 6.16% respectively, the trust loan annual interest rates of the second and third year were based on
+the differences between the previous interest rate adjustment date and the date of one-year SHIBOR plus the annual interest rate on trust
+loans of the first year, respectively. If the Company will not redeem the loans, the interest rate will be reset every year after the first three
+years. The interest rate for the first extended year will be reset to that the last effective interest rate plus 300 basis points per annum.
+Thereafter, the interest rate for each year will be reset to that period benchmark interest rate plus 300 basis points per annum until the
+interest rate is 18%.
+Shares
+2,728,142,855 (2017: 2,728,142,855) ordinary shares of RMB1 each
+•
+The borrower declares dividend to the holders of ordinary shares; or
+•
+The issuer shall not defer the interest payment of the interest accrual period and all the interest and the underlying yields that were
+deferred according to the investment agreement and the contractual agreement if any of the following occurs within 12 months before the
+interest payment date:
+Unless the mandatory interest payment event happens, before each of the interest payment date of medium-term notes, the issuer can
+choose to have the current interest and all the deferred interest to be paid at the next interest payment date, which is not subject to any
+restrictions on the number of deferred interest payments. The foregoing deferred interest payment does not constitute the issuer's default
+to pay the interest in full according to the contract. In the event that the issuer decides to defer the interest payments, the issuer and the
+related agency shall disclose such arrangement in an announcement of deferred interest payments five days before the interest payment
+date.
+In 2016, the Company issued medium term notes at par of RMB200 million and RMB400 million on 24 February 2016 and 26 February
+2016, respectively, with a total amount of RMB600 million (RMB595.8 million after deducting listing expenses). The current medium-term
+notes have a term of 5+N years. On or after the fifth interest payment date, the issuer has the right to redeem the current medium-term
+notes at par plus accrued interest (including any deferred interest payments). If the issuer decides to exercise the redemption rights at the
+time provided in the abovementioned terms of redemption rights, the issuer shall publish the Announcement of Early Redemption through
+media designated by the competent department according to related provisions one month before the redemption and the redemption
+process shall be completed by the Shanghai Clearing House as the agent. For the current medium-term notes, the coupon interest rate
+of the first 5 years for which interest is accruable is 5.1% per annum. If the issuer does not exercise the redemption rights, the coupon
+interest rate will be adjusted to the then base rate plus initial spread and 300 basis points from the 6th year, and remains unchanged from
+the 6th year to the 10th year for which interest is accruable. The coupon interest rate is reset every 5 years.
+(a)
+40. Perpetual loans
+31 December 2018
+Notes to Financial Statements
+140 BYD Company Limited | Annual Report 2018
+Pursuant to the relevant laws and regulations for business enterprises, a portion of the profits of the Group's entities which are registered in
+the PRC has been transferred to the statutory surplus reserve fund which is restricted as to use. When the balance of the reserve fund reaches
+50% of the Group's capital, any further appropriation is optional. The statutory surplus reserve can be utilised to offset prior year's losses or to
+increase capital. However, the balance of the statutory surplus reserve must be maintained at least 25% of capital after this usage.
+The amounts of the Group's reserves and the movements therein for the current and prior years are presented in the consolidated statement of
+changes in equity on pages 53 to 54 of the financial statements.
+2,728,143
+2,728,143
+RMB'000
+2017
+2018
+RMB'000
+39. Reserves
+Authorised, issued and fully paid:
+56,511,016
+0
+4,986,953
+Long-term purchase commitments for polysilicon materials
+Note:
+Authorised but not contracted for
+4,859,939
+8,376,627
+785,160
+89,757
+Capital contribution in respect of investments
+2,986,739
+6,266,393
+Plant and machinery
+1,088,040
+2,020,477
+Land and buildings
+Contracted, but not provided for:
+2017
+RMB'000
+2018
+RMB'000
+In addition to the operating lease commitments detailed in note 43 above, the Group had the following capital commitments at the end of the
+reporting period:
+44. Commitments
+120,650
+31 December 2018
+313,429
+5,173,368
+Notes
+Joint ventures and associates:
+(a) In addition to the transactions detailed elsewhere in these financial statements, the Group had the
+following transactions with related parties during the year:
+45. Related party transactions
+79,340
+47,116
+RMB'000
+2017
+2018
+RMB'000
+Capital contribution payable to joint ventures
+In addition, the Group's share of the joint ventures' own capital commitments, which are not included in the above, is as follows:
+44. Commitments (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 145
+On 30 September 2016, the Intermediate People's Court of Xinyu City, Jiangxi Province, approved the composition plan for LDKPV. According to the composition plan, the
+settlement percentage of Shangluo BYD's debt as one of LDKPV's ordinary creditors amounted to 11.49% by way of conversion of debts into equity. As at 31 December
+2017, LDKPV has completed the registration of changes in ownership information and the amount of contribution from Shangluo BYD reached USD725,163, accounting for
+0.1480%. On 10 January 2018, the Intermediate People's Court of Xinyu City, Jiangxi Province, approved the composition plan for LDK Solar, and the settlement percentage
+of Shangluo BYD's debt as one of LDK Solar's ordinary creditors amounting to 2.2975% by way of the installment payment in cash or preferred share, which amounted
+to RMB1,115,622.13. As at the reporting date, the prepayment of the Purchaser under the Supply Contract had converted to the debt of the Vendors, which would be
+compensated according to the composition plans.
+In November 2015, LDK PV and LDK Solar commenced restructuring procedures and the Company has filed claims under the restructuring procedures of the two companies
+in accordance with law.
+In December 2012, Shangluo BYD entered into a supplemental agreement I to the Supply Contract with LDKPV and LDK Solar. The supplemental agreement I provides that
+the performance period under the Supply Contract will be extended for a period of one year to 31 December 2013. In February 2015, Shangluo BYD, BYD Lithium Batteries
+Co., Ltd ("BYD Lithium Batteries") and BYD Supply Chain Management Co., Ltd. ("BYD Supply Chain Management") entered into a supplemental agreement II to the Supply
+Contract with LDKPV and LDK Solar ("the Vendors"). The supplemental agreement II provides that the contracting parties agree to extend the performance period under the
+original Supply Contract for a period of five years to 31 December 2018; the parties of the Supply Contract were expanded as follows: the Purchasers include Shangluo BYD,
+BYD Lithium Batteries and BYD Supply Chain Management, the Vendors include LDKPV and LDK Solar; the original deposits payable by Shangluo BYD under the Supply
+Contract (namely RMB97,500,000) will be changed to prepayments payable by all Purchasers to all Vendors, and when the Purchasers buy from the Vendors, the payables
+to the Vendors could be deducted from the prepayment already paid by Shangluo BYD. According to both supplemental agreement I and the supplemental agreement II, the
+Purchaser shall not pursue a claim against the Vendors for unfulfilled and unfinished delivery obligations and the Vendors shall not pursue a claim against the Purchaser for
+unfinished purchases or payment obligations during the term of the agreement.
+In October 2010, Shangluo BYD Co., Ltd. ("Shangluo BYD" or the "Purchaser") entered into the Material Supply Contract (the "Supply Contract") with Jiangxi LDK PV Silicon
+Technology Co., Ltd. ("LDKPV" or the "Vendor") and Jiangxi LDK Solar Hi-Tech Co., Ltd. ("LDK Solar" or the "Guarantor"), both of which are silicon material suppliers.
+LDK Solar as the Guarantor provides the Purchaser with guarantee of several liabilities for all debts incurred from the Supply Contract by the Vendor. The Supply Contract
+provides that during the contract term from January 2011 to December 2012, the Purchaser shall purchase 3,000 tonnes of polysilicon materials from the Vendor at a
+price of RMB650,000/tonne (the "Initial Purchase Price") for a total contract value of RMB1.95 billion. The Supply Contract provides that Shangluo BYD shall pay deposits of
+RMB97,500,000 to the Vendor. The Supply Contract also provides that if the prevailing market price fluctuates more than 5% over the Initial Purchase Price, the parties shall
+negotiate about adjusting the purchase price by reference to the market price.
+8,497,277
+Notes to Financial Statements
+144 | BYD Company Limited | Annual Report 2018
+781,185
+2017
+RMB'000
+2018
+RMB'000
+(b) As lessee
+In the second to fifth years, inclusive
+After five years
+Within one year
+At 31 December 2018, the Group had total future minimum lease receivables under non-cancellable operating leases with its tenants
+falling due as follows:
+The Group leases certain of its properties and vehicles under operating lease arrangements, with leases negotiated for terms ranging
+from one to ten years. The terms of the leases generally also require the tenants to pay security deposits and provide for periodic rent
+adjustments according to the then prevailing market conditions.
+(a) As lessor
+43. Operating lease arrangements
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 143
+1,376,550
+64,692,802
+0
+0
+233,009
+76,842
+2,884,982
+1,376,550
+69,500
+92,027
+164,512
+147,739
+743,996
+92,650
+107,285
+427,065
+423,271
+261,470
+213,440
+2017
+RMB'000
+RMB'000
+256,941
+2018
+In the second to fifth years, inclusive
+Within one year
+At 31 December 2018, the Group had total future minimum lease payments under non-cancellable operating leases falling due as follows:
+There were no contingent rentals, renewal or purchase options, escalation clauses or any restrictions imposed on dividends, additional
+debt and further leasing within the lease arrangements.
+The Group leases certain of its office properties and office equipment under operating lease arrangements. Leases for properties are
+negotiated for terms mainly ranging from three to five years.
+244,323
+300,262
+4,557
+66,250
+After five years
+0
+The Group entered into tri-lateral finance cooperation contracts ("the Cooperation Contract") with certain customers and third-parties or
+related financial institutions (“Financial Institutions"). Pursuant to the arrangement under the Cooperation Contract, the Company bears
+repurchase obligations to Financial Institutions that in the event of customer default or other specific conditions, the Company inherits all
+the creditor's rights and related rights and interests. At the same time, the Company is required to make payment to Financial Institutions
+for the outstanding payments due from customer, and has the right to take the recovery and sale of new energy vehicles and other relief
+measures by itself to pay the remaining arrears of the customer to the financing institution. The Company reserves the right to pursue
+the remaining creditor's rights. Management believes that the repossessed vehicles will be able to be sold for proceeds that are not
+significantly different from the repurchase payments. As at 31 December 2018, the Group's maximum exposure to these obligations was
+RMB11,478,920,000 (2017: RMB11,991,848,000). For the year ended 31 December 2018, there was no default of payments from
+customers which required the Group to make payments to Financial Institution.
+31 December 2018
+Hangzhou BYD Xihu Auto
+60,857
+62,863
+Tianjin BYD
+4,985
+62,655
+International Financial Lease
+464,366
+282,820
+DENZA
+The amounts due to joint ventures and associates:
+2017
+RMB'000
+2018
+RMB'000
+31 December 2018
+(c) Outstanding balances with related parties: (continued)
+13,627
+738
+Guang Qi BYD
+19,627
+43,600
+391,083
+482
+455,008
+Shenzhen Didi and its subsidiary
+BYD Electric Car
+Faurecia
+45. Related party transactions (continued)
+755
+1
+255
+Chongdian Easy
+29,474
+19,929
+Shenzhen Electric Power Sales and its subsidiary
+10,883
+BYD Auto Finance
+1,308,349
+Notes to Financial Statements
+Quoted prices
+in active
+observable
+Significant
+unobservable
+markets
+inputs
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+RMB'000
+RMB'000
+RMB'000
+Total
+RMB'000
+1,049,938
+Fair value measurement using
+Significant
+Fair value measurement using
+Quoted prices
+2,134,405
+in active
+Fair value measurement using
+Significant
+observable
+Significant
+unobservable
+markets
+inputs
+BYD Company Limited Annual Report 2018 | 149
+inputs
+(Level 2)
+(Level 3)
+RMB'000
+RMB'000
+RMB'000
+Total
+RMB'000
+2,134,405
+(Level 1)
+615,659
+The amounts due to other related parties:
+Saidi New Energy
+Other non-current financial assets
+1,620,969
+1,620,969
+comprehensive income
+Equity investments at fair value through other
+2,134,405
+2,134,405
+Long-term receivable
+Total
+RMB'000
+Equity
+investments
+RMB'000
+investments
+RMB'000
+Debt
+Held for
+trading
+RMB'000
+RMB'000
+RMB'000
+- 83,509 1,020,30
+83,509
+Trade receivables
+44,240,183
+Pledged deposits
+451
+Financial assets
+8,092,832
+224,854
+7,773,025
+319,807
+recognition
+other receivables and other assets
+224,854
+Due from related parties
+7,823,768
+-
+7,823,768
+Due from joint ventures and associates
+44,240,183
+Financial assets included in prepayments,
+cost
+as such
+upon initial
+amortised
+130,608
+79,286
+15,774
+106,696
+63,477
+35
+23,912
+2018
+RMB'000
+2017
+RMB'000
+2018
+Pension scheme contributions
+Short term employee benefits
+The balances are unsecured, interest-free and have no fixed terms of repayment.
+(d) Compensation of key management personnel of the Group:
+Easpring Technology
+Mingzhu Plastics
+Northern Qinchuan
+RMB'000
+1,049,938
+2017
+RMB'000
+65,716
+401
+Financial assets
+2018
+assets at
+Designated
+Financial
+Financial assets at fair
+value through through other
+comprehensive income
+Financial assets at fair
+value through profit or loss
+72,148
+385
+The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows:
+31 December 2018
+Notes to Financial Statements
+150 BYD Company Limited | Annual Report 2018
+The related party transactions in respect of the items set out in note 45(a) do not constitute connected transactions as defined in Chapter 14A of
+the Listing Rules.
+Further details of directors' emoluments are included in note 9 to the financial statements.
+66,117
+72,533
+46. Financial instruments by category
+1,583,861
+Quoted prices
+in active
+- Normal**
+- Doubtful**
+Due from the joint ventures and associates*
+12-month ECLS
+Lifetime ECLS
+Simplified
+Stage 1
+RMB'000
+Stage 2
+Stage 3
+approach
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+2,169,500
+receivables and other assets
+Financial assets included in prepayments, other
+Trade receivables*
+Contract assets
+If RMB strengthens against US$
+Excluding retained profits and exchange fluctuation reserve
+Credit risk
+55
+152,202
+(152,202)
+The Group trades only with recognised and creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms
+are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Group's exposure to bad
+debts is not significant.
+2,169,500
+Maximum exposure and year-end staging as at 31 December 2018
+158 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+48. Financial risk management objectives and policies (continued)
+Credit risk (continued)
+Maximum exposure and year-end staging as at 31 December 2018 (continued)
+Long term receivable
+The table below shows the credit quality and the maximum exposure to credit risk based on the Group's credit policy, which is mainly based on
+past due information unless other information is available without undue cost or effort, and year-end staging classification as at 31 December
+2018. For listed debt investments, the Group also monitors them by using external credit ratings. The amounts presented are gross carrying
+amounts for financial assets and the exposure to credit risk for the financial guarantee contracts.
+If RMB weakens against US$
+6,394,856
+¯¯ 446,125 44
+143,174 -
+143,174
+7,922,388
+7,922,388
+228,327
+228,327
+1,583,861
+317,177
+11,151,057
+589,299
+61,607,046
+11,478,920
+94,884,841
+For trade receivables, due from the joint ventures and associates and due from the related parties to which the Group applies the simplified approach for impairment,
+information based on the provision matrix is disclosed in note 24 to the financial statement.
+The credit quality of the financial assets included in prepayments, other receivables and other assets is considered to be "normal" when they are not past due and
+there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial
+assets is considered to be "doubtful".
+Interest-bearing bank and other borrowings
+8,157,481
+32,688,496
+- More than 3 months past due
+- 1 to 3 months past due
+44,891,975
+45,338,100
+8,157,481
+Due from the related parties*
+Pledged deposits
+- Not yet past due
+1,583,861
+6,394,856
+Restricted bank deposits
+Cash and cash equivalents
+11,151,057
+Exposure on guarantees to financial leasing
+companies
+- Not yet past due
+11,478,920
+- Less than 1 month past due
+317,177
+2017
+(131,205)
+(5)
+inputs
+(Level 1)
+RMB'000
+(Level 2)
+RMB'000
+inputs
+(Level 3)
+RMB'000
+56,511,016
+1,376,631
+64,692,802
+Total
+RMB'000
+56,511,016
+156 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+48. Financial risk management objectives and policies
+markets
+Significant
+unobservable
+observable
+in active
+observable
+Significant
+unobservable
+inputs
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+The Group's principal financial instruments, other than derivatives, comprise bank loans, restricted bank deposits, and cash and short-term
+deposits. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has various other financial
+assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.
+RMB'000
+RMB'000
+Total
+RMB'000
+1,376,631
+64,692,802
+Fair value measurement using
+Quoted prices
+Significant
+RMB'000
+The main risks arising from the Group's financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. The
+Group's accounting policies in relation to derivatives are set out in note 2.4 to the financial statements.
+Interest rate risk
+The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long term debt obligations with floating
+interest rates.
+31 December 2018
+48. Financial risk management objectives and policies (continued)
+Foreign currency risk
+The Group has transactional currency exposures. Such exposures arise from sales or purchases by operating units in currencies other than the
+units' functional currencies, where the revenue is predominately in USD and RMB and a certain portion of the bank loans is denominated in USD.
+The Group takes rolling forecast on foreign currency revenue and expenses and matches the currency and amount incurred, so as to alleviate the
+impact on business due to exchange rate fluctuation.
+The following table demonstrates the sensitivity at the end of the reporting period to a reasonably possible change in the US$ exchange rate,
+with all other variables held constant, of the Group's profit before tax (due to changes in the fair value of monetary assets and liabilities) and the
+Group's equity.
+2018
+If RMB weakens against US$
+Notes to Financial Statements
+If RMB strengthens against US$
+Increase/
+(decrease) in
+profit before tax
+Increase/(decrease)
+in owners' equity*
+RMB'000
+RMB'000
+55
+131,205
+Increase/(decrease)
+in US$ rate
+Significant
+BYD Company Limited Annual Report 2018 | 157
+20,671
+The Group's policy is to manage its interest cost using a mix of fixed and variable rate debts. At 31 December 2018, approximately 73% (2017:
+68%) of the Group's interest-bearing bank and other borrowings bore interest at fixed rates.
+The following table demonstrates the sensitivity to a reasonably possible change in interest rate, with all other variables held constant, of the
+Group's and the Company's profit before tax (through the impact on floating rate borrowings) and the Group's and the Company's equity.
+2018
+RMB
+RMB
+2017
+RMB
+Excluding retained profits and exchange fluctuation reserve
+RMB
+Increase/
+(decrease) in
+profit before tax
+RMB'000
+Increase/
+(decrease) in
+equity*
+RMB'000
+25
+(25)
+(5,364)
+5,364
+2225
+(20,671)
+(25)
+Increase/
+(decrease) in
+basis points
+Restricted bank deposits
+markets
+Cash and cash equivalents
+6,702
+Other non-current assets
+7,773,025
+Bills receivables at fair value through other comprehensive
+income
+1,620,969
+Equity investments designated at fair value through other
+comprehensive income
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+Total
+(Level 3)
+(Level 2)
+(Level 1)
+inputs
+76,807
+Financial instruments assets
+451
+As at 31 December 2017
+(Level 1)
+inputs
+inputs
+markets
+Significant
+unobservable
+observable
+in active
+inputs
+Significant
+Quoted prices
+9,477,954
+83,509
+451
+7,773,025
+1,620,969
+7,850,283
+1,627,671
+Fair value measurement using
+(Level 2)
+markets
+observable
+56,630,277
+66,096,847
+119,261
+56,511,016
+8,559
+64,692,802
+1,395,486
+1,395,486
+Other liabilities
+119,261
+56,511,016
+64,692,802
+Interest-bearing bank and other borrowings
+8,559
+Derivative financial instruments
+2017
+RMB'000
+RMB'000
+Fair values
+2018
+2017
+RMB'000
+66,096,847
+56,630,277
+Management has assessed that the fair values of short-term deposits, cash and cash equivalents, pledged deposits, trade and bills receivables,
+trade and bills payables, financial assets included in prepayments, other receivables and other assets,, financial liabilities included in other
+payables, amounts due from the joint ventures and amounts due from/to subsidiaries approximate to their carrying amounts largely due to the
+short-term maturities of these instruments.
+The Group's corporate finance team headed by the finance manager is responsible for determining the policies and procedures for the fair value
+measurement of financial instruments. The corporate finance team reports directly to the chief financial officer and the audit committee. At
+each reporting date, the corporate finance team analyses the movements in the values of financial instruments and determines the major inputs
+applied in the valuation. The valuation is reviewed and approved by the chief financial officer. The valuation process and results are discussed
+with the audit committee twice a year for interim and annual financial reporting.
+in active
+Significant
+Quoted prices
+Fair value measurement using
+As at 31 December 2018
+Assets measured at fair value:
+The following tables illustrate the fair value measurement hierarchy of the Group's and the Company's financial instruments:
+Significant
+unobservable
+Fair value hierarchy
+47. Fair value and fair value hierarchy of financial instruments (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 153
+The fair values of listed equity investments are based on quoted market prices.
+The fair values of the interest-bearing bank and other borrowings have been calculated by discounting the expected future cash flows using rates
+currently available for instruments with similar terms, credit risk and remaining maturities. The Group's own non-performance risk for interest-
+bearing bank and other borrowings as at 31 December 2018 was assessed to be insignificant.
+The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
+transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the
+fair values:
+The Group enters into derivative financial instruments with various counterparties. The carrying amount of this derivative financial instruments
+is the same as its fair value. The derivative financial instruments, including forward currency contracts, cross currency swap, and interest rate
+swap, are measured using valuation techniques similar to forward pricing and swap models, using present value calculations. The models
+incorporate various market observable inputs including the credit quality of counterparties, foreign exchange spot and forward rates. The carrying
+amounts of those derivative financial instruments are the same as their fair values.
+(Level 3)
+As at 31 December 2017
+RMB'000
+RMB'000
+(Level 3)
+(Level 2)
+(Level 1)
+inputs
+inputs
+markets
+Significant
+unobservable
+observable
+in active
+Significant
+Fair value measurement using
+Quoted prices
+18,855
+8,559
+8,559
+RMB'000
+RMB'000
+Total
+RMB'000
+119,261
+317,177
+Interest-bearing bank and other borrowings
+Other liabilities
+As at 31 December 2018
+Liabilities for which fair values are disclosed:
+Long-term receivable
+As at 31 December 2017
+18,855
+Long-term receivable
+Fair value hierarchy (continued)
+47. Fair value and fair value hierarchy of financial instruments (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 155
+year, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 (2017:
+During the
+Nil).
+119,261
+Assets for which fair values are disclosed:
+As at 31 December 2018
+RMB'000
+RMB'000
+RMB'000
+Fair value hierarchy (continued)
+47. Fair value and fair value hierarchy of financial instruments (continued)
+31 December 2018
+Notes to Financial Statements
+154 BYD Company Limited | Annual Report 2018
+3,583,649
+1,095
+Liabilities measured at fair value:
+3,582,554
+3,582,554
+1,095
+Derivative financial instruments
+3,582,554
+Available-for-sale investments – listed equity investments
+Total
+RMB'000
+RMB'000
+1,095
+RMB'000
+As at 31 December 2018
+Derivative financial instruments
+RMB'000
+Total
+(Level 3)
+(Level 2)
+(Level 1)
+inputs
+inputs
+Other liabilities
+markets
+observable
+in active
+Significant
+Quoted prices
+Fair value measurement using
+Derivative financial instruments
+As at 31 December 2017
+Significant
+unobservable
+Carrying amounts
+2018
+RMB'000
+11,612,359
+Available-for-sale investments
+Long-term receivable
+Total
+RMB'000
+RMB'000
+investments
+Available-for-sale
+Financial assets
+at fair value
+through
+profit or loss
+RMB'000
+RMB'000
+Loans and
+receivables
+Financial assets
+2017
+The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows (continued):
+46. Financial instruments by category (continued)
+31 December 2018
+Notes to Financial Statements
+1,049,938
+1,049,938
+4,185,460
+4,185,460
+Pledged deposits
+301,567
+other receivables and other assets
+Financial assets included in prepayments,
+256,941
+256,941
+Due from related parties
+BYD Company Limited Annual Report 2018 | 151
+6,609,997
+Due from joint ventures and associates
+53,276,716
+53,276,716
+Trade and bills receivables
+1,095
+1,095
+Derivative financial instruments
+6,609,997
+120,982,897
+27,414
+8,303,508
+1,395,486
+RMB'000
+amortised cost
+Financial
+liabilities at
+through
+profit or loss
+RMB'000
+at fair value
+Financial liabilities
+451 7,773,025 1,620,969 77,273,066
+Total
+RMB'000
+83,509
+Financial liabilities
+11,151,057
+317,177
+1,583,861
+451
+4,633,587
+11,151,057
+67,795,112
+323,249
+Trade and bills payables
+45,222,321
+8,303,508
+1,376,631
+18,855
+Other liabilities
+Financial liabilities included in other payables
+8,559
+8,559
+Derivative financial instruments
+Interest-bearing bank and other borrowings
+79,286
+Due to related parties
+1,308,349
+1,308,349
+Due to joint ventures and associates
+64,692,802
+64,692,802
+45,222,321
+79,286
+Restricted bank deposits
+121,010,311
+Cash and cash equivalents
+1,049,938
+2,134,405
+1,049,938
+2,134,405
+Long-term receivable
+2017
+RMB'000
+Fair values
+2018
+RMB'000
+2017
+RMB'000
+Carrying amounts
+2018
+RMB'000
+Financial assets
+The carrying amounts and fair values of the Group's and the Company's financial instruments, other than those with carrying amounts that
+reasonably approximate to fair values, are as follows:
+47. Fair value and fair value hierarchy of financial instruments
+31 December 2018
+Notes to Financial Statements
+152 BYD Company Limited | Annual Report 2018
+other comprehensive income
+1,620,969
+1,620,969
+Bills receivable included in prepayments, other receivables and
+4,633,587
+11,612,359
+643,487
+Financial liabilities
+1,095
+3,582,554
+1,095
+3,582,554
+Available-for-sale investments - listed equity investments
+105,040,862
+Derivative financial instruments
+83,509
+Other non-current financial assets
+451
+Financial assets
+7,773,025
+7,773,025
+other assets
+451
+83,509
+104,921,601
+Equity investments designated at fair value through
+75,584,404
+RMB'000
+Financial
+liabilities at
+through
+profit or loss
+RMB'000
+at fair value
+Financial liabilities
+4,185,460
+1,095
+Total
+RMB'000
+71,397,849
+8,935,954
+643,487
+323,249
+119,261
+301,567
+||||
+8,935,954
+Financial liabilities
+Trade and bills payables
+amortised cost
+119,261
+56,511,016
+8,136,986
+Financial liabilities included in other payables
+39,527,332
+119,261
+Derivative financial instruments
+8,136,986
+130,608
+Due to related parties
+615,659
+615,659
+Due to joint ventures and associates
+56,511,016
+39,527,332
+130,608
+Interest-bearing bank and other borrowings
+29,933,040
+27,931,772
+Total non-current liabilities
+6,910,752
+9,968,929
+EQUITY
+Net assets
+Equity attributable to equity holders of the Company
+13,339,941
+2,728,143
+2,728,143
+Reserves
+21,307,829
+23,309,097
+13,550
+Perpetual loans
+Share capital
+12,152
+1,425
+584,093
+3,895,800
+4,962
+6,523,773
+22,736,903
+20,935,969
+NET CURRENT ASSETS
+14,703,576
+Deferred income
+11,415,009
+37,900,701
+36,843,792
+NON-CURRENT LIABILITIES
+Interest-bearing bank and other borrowings
+9,956,777
+6,313,109
+Deferred tax liabilities
+TOTAL ASSETS LESS CURRENT LIABILITIES
+3,895,800
+27,894
+29,933,040
+RMB'000
+19,980,490
+1,111,040
+(225,407)
+624,334
+2,104,902
+3,795,800
+Total
+27,391,159
+(568,388)
+100,000
+(186,262)
+(27,894)
+19,980,490
+1,393,166
+17,098,884
+32,399
+2,354,130
+1,425
+282,126
+Perpetual
+loans
+RMB'000
+profits
+RMB'000
+Retained
+BYD Company Limited Annual Report 2018 | 165
+Notes to Financial Statements
+52. Statement of financial position of the company (continued)
+Note:
+A summary of the Company's reserves is as follows:
+At 1 January 2017
+Total comprehensive income/(loss)
+for the year
+Appropriate to statutory surplus
+reserve fund
+At 31 December 2017
+31 December 2018
+Share
+premium
+account
+RMB'000
+Fair value
+reserve
+RMB'000
+Capital
+reserve
+RMB'000
+Statutory
+surplus
+reserve fund
+RMB'000
+27,931,772
+Total current liabilities
+Investment properties
+Due to subsidiaries
+18,124
+40,433
+Deferred tax assets
+145,403
+Equity investments at fair value through other comprehensive income
+1,620,969
+Available-for-sale investments
+Non-current prepayments
+3,644,058
+1,503
+Total non-current assets
+23,197,125
+25,428,783
+CURRENT ASSETS
+Inventories
+89,017
+Other non-current financial asset
+81,846
+175,166
+Other intangible assets
+Information about the statement of financial position of the Company at the end of the reporting period is as follows:
+2018
+RMB'000
+2017
+RMB'000
+NON-CURRENT ASSETS
+Property, plant and equipment
+Investments in subsidiaries
+Investments in joint ventures
+Investments in associates
+156,238
+Prepaid land lease payments
+1,576,338
+61,996
+17,695,945
+1,598,000
+1,598,000
+533,478
+468,601
+22,161
+22,843
+1,416,220
+60,387
+17,770,045
+Trade and bills receivables
+187,731
+383,631
+RMB'000
+RMB'000
+Trade and bills payables
+2,657,235
+650,459
+Other payables
+544,066
+2017
+296,525
+100,342
+Advances from customers
+18,542
+Contract liabilities
+48,764
+Interest-bearing bank and other borrowings
+Due to the jointly-controlled entities
+Derivative financial instruments
+2018
+CURRENT LIABILITIES
+52. Statement of financial position of the company (continued)
+Prepayments, other receivables and other assets
+713,633
+137,793
+Due from subsidiaries
+35,570,162
+31,021,225
+Due from the jointly-controlled entities
+Cash and cash equivalents
+284,709
+595,227
+57,858
+668,625
+Total current assets
+37,440,479
+32,350,978
+164 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+Tax payable
+652,228
+NET ASSETS (EXCLUDING NON-CONTROLLING
+INTERESTS)
+3,895,800 27,204,897
+(568,610)
+(463,645)
+(3,480,516)
+(2,342,770)
+(629,203)
+(1,799,609)
+(581,505)
+(1,517,003)
+(257,330)
+Joint ventures
+(1,396,828)
+(277,602)
+52,878
+(270,959)
+46,437
+(619,528)
+19,704
+(245,802)
+(121,276)
+3,003
+(1,113)
+Associates
+PROFIT BEFORE TAX
+Share of profits and losses of:
+Other expenses
+Gain/loss on disposal of financial assets
+(3,826,379)
+(3,047,734)
+(3,690,339)
+(3,428,963)
+(2,600,600)
+(332,080)
+Finance costs
+N/A
+N/A
+N/A
+26,871
+N/A
+N/A
+N/A
+N/A
+N/A
+4,385,640
+5,620,641
+Income tax expense
+314,755
+306,345
+3,556,193 4,916,936
+5,480,012
+3,138,196
+739,870
+TOTAL ASSETS
+433,525
+TOTAL LIABILITIES
+194,571,077 178,099,430 145,070,778 115,485,755 94,008,855
+(133,877,098) (118,141,943) (89,661,415) (79,456,514) (65,114,418)
+(5,495,690) (4,953,293) (4,153,434) (3,734,837) (3,528,840)
+55,198,289
+55,004,194 51,255,929 32,294,404 25,365,597
+BYD 比亞迪股份有限公司
+BYD COMPANY LIMITED
+Notes to Financial Statements
+52. Statement of financial position of the company
+NON-CONTROLLING INTERESTS
+2,823,441
+5,052,154
+427,858
+4,066,478
+850,458
+(829,447)
+6,568,410
+(703,705) (1,088,398)
+3,794,986
+873,952
+(656,790)
+(134,082)
+PROFIT FOR THE YEAR
+3,556,193
+4,916,936
+5,480,012
+3,138,196
+739,870
+Attributable to:
+Equity holders of the parent
+2,780,194
+Minority interests
+775,999
+Impairment losses on financial and contract assets
+Administrative expenses
+(1,998,499) (1,864,695)
+(2,228,758)
+Share issue expenses
+Perpetual loan interest paid (note 12)
+Changes in fair value of equity
+investments at fair value through
+other comprehensive income
+Interim 2018 dividend
+Total comprehensive income for the year
+Issue of shares
+Appropriate to statutory surplus
+At 31 December 2018
+(1,438,200)
+(1,438,715)
+(238,400)
+(238,400)
+(1,438,200)
+(384,668)
+reserve fund
+Repay of perpetual loans (note 40)
+Issue of perpetual loans (note 40)
+(515)
+Effect of adoption of HKFRS 9
+At 1 January 2018
+19,980,490
+286
+1,393,452
+(2,392)
+(225,407)
+649,836
+(21,529)
+1,487,091
+(23,635)
+3,895,800 27,181,262
+Profit for the year
+84,150
+84,150
+Other comprehensive income for the year:
+Change in fair value of available-for-sale
+investments, net of tax
+(515)
+(384,668)
+1,508,620
+(538,918)
+26,783
+Other income and gains
+121,790,925 102,650,614 100,207,703 77,611,985
+(103,724,161) (84,715,540) (81,189,440) (65,752,741)
+55,366,384
+(47,742,926)
+18,066,764 17,935,074 19,018,263 11,859,244
+7,623,458
+Government grants and subsidies
+Selling and distribution costs
+Gross profit
+Research and development costs
+926,216
+1,991,326
+922,648
+710,939
+581,177
+798,446
+(2,867,992)
+2,110,292 1,153,210
+2,332,863 1,275,807
+(4,729,481) (4,925,288) (4,196,339)
+(4,989,360) (3,739,491) (3,171,694)
+Cost of sales
+REVENUE
+2014
+RMB'000
+(26,783)
+19,980,490
+(45,263) (225,407)
+676,619
+921,390
+3,895,800
+25,203,629
+53. Approval of the financial statements
+The financial statements were approved and authorised for issue by the board of directors on 27 March 2019.
+166 BYD Company Limited Annual Report 2018
+Five Year Financial Summary
+As 31 December 2018
+A summary of the results and of the assets, liabilities and minority interests of the Group for the last five financial years, as extracted from the
+published audited financial statements and restated/reclassified as appropriate, is set out below.
+2018
+RMB'000
+2017
+RMB'000
+2016
+RMB'000
+2015
+RMB'000
+(1,977,633)
+新能源汽車科技有限公司)(《關於擬對參股公司深圳市迪滴新能源汽車科技有限公司增資的議案》) was passed at
+the 24th meeting of the sixth session of the Board held on 1 February 2019, pursuant to which the increase of RMB22,338,520 in the
+share capital of Shenzhen Didi New Energy Vehicle Technology Co., Ltd. (referred to as "Didi"), a joint venture, by BYD Auto Industry Co.,
+Ltd., a holding subsidiary of the Company, was agreed. Upon the increase in the share capital of Didi by BYD Auto Industry Co., Ltd.,
+shareholdings in Didi by the Company through BYD Auto Industry Co., Ltd., a holding subsidiary, maintained at 40%.
+BYD Company Limited Annual Report 2018 | 159
+(225,407)
+64,692,802
+(11,151,057)
+56,511,016
+(8,935,954)
+53,541,745
+47,575,062
+Equity attributable to owners of the parent
+2017
+RMB'000
+Gearing ratio
+51,108,394*
+104%
+Equity attributable to owners of the parent excluded the amount of perpetual loans of RMB3,895,800,000 (2017: RMB3,895,800,000)
+93%
+49. Dividends
+Interim nil (2017: Nil) per ordinary share
+51,302,489*
+BYD Company Limited Annual Report 2018 | 161
+2018
+RMB'000
+Less: Cash and cash equivalents
+130,608
+130,608
+818,498 6,751,307
+567,181
+8,136,986
+1,651,414 45,328,370 49,297,876 11,355,826
+Net debt
+1,299 107,634,785
+15,584,848
+Capital management
+The primary objectives of the Group's capital management are to safeguard the Group's ability to continue as a going concern and to maintain a
+healthy capital ratio in order to support its business and maximise shareholders' value.
+The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the
+capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is
+not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital
+during the years ended 31 December 2018 and 31 December 2017.
+The Group monitors capital using a gearing ratio, which is net debt divided by equity. The Group's policy is to maintain the gearing ratio as low as
+possible. Net debt includes interest-bearing bank and other borrowings less cash and cash equivalents. Equity represents equity attributable to
+owners of the parent. The gearing ratios as at the end of the reporting periods were as follows:
+Interest-bearing bank and other borrowings
+15,584,848
+615,659
+Notes to Financial Statements
+2018
+In the ordinary course of business, the Group has factored a small amount of receivables measured at amortised cost to financial institutions
+without recourse for its short-term financing needs, and has entered into non-recourse receivables factoring agreements with a number of
+banks to transfer certain receivables to those banks (the "Receivable Factoring"). Under certain receivable factoring agreements, the Group
+is not required to undertake default risks and the delayed repayment risk from the debtors after the transfer of receivable, and all risks and
+rewards related to the ownership of the receivables are transferred. The definition of termination of financial assets is met. Therefore, the Group
+derecognised the receivables under the factoring agreements at carrying amount. As at 31 December 2018, the carrying amount of transferred
+and undue receivables under relevant factoring agreements amounted to RMB13,240,987,000 (31 December 2017: RMB14,802,801,000), and
+the loss related to derecognition amounted to RMB361,765,000 (31 December 2017: RMB42,972,000).
+During the year ended 31 December 2018, the Group has an enforceable legal right to offset the recognised amounts and there is an intention
+to settle on a net basis. The aggregate carrying amount of the trade receivables and trade payables offsetted was RMB7,707,940,000 as at 31
+December 2018.
+51. Events after the reporting period
+(1)
+The proposed profit distribution plan in 2018 was approved at the 26th meeting of the sixth session of the Board of the Company dated 27
+March 2019. Based on the total share capital of 2,728,142,855 Shares as at 27 March 2019, a cash dividend of RMB556,541,000 (i.e.
+a cash dividend of RMB0.204 per Share (tax inclusive)) will be distributed. The dividend distribution plan is subject to consideration and
+approval by the general meeting.
+The Resolution on the Authorization to the Board of the Company to Determine on the Issuance of Debt Financing Instrument(s) (<
+KªÀ£¾í¯¯¾KIAKR)) was considered and passed at the 2016 Annual General Meeting of BYD
+Company Limited held on 6 June 2017. In September 2017, the National Association of Financial Market Institutional Investors issued the
+Notice of Acceptance of Registration (Zhong Shi Xie Zhu [2017] No. SCP301) (£¤à¯Œƒ±)([2017]SCP301)),
+agreeing to accept the registration of issuance of super short-term debentures by the Company with a registered amount of RMB10 billion.
+From 5 March 2019 to 6 March 2019, the Company issued the First Tranche Super Short-term Debentures of 2019, with an actual total
+issuance amount of RMB2.0 billion and an issuance price of RMB100, valid within 270 days. The value date is 7 March 2019, and the
+redemption date is 2 December 2019. The interest rate is 3.89%. On 25 March, the Company issued the Second Tranche Super Short-
+term Debentures of 2019, with an actual total issuance amount of RMB1.0 billion and an issuance price of RMB100, valid within 30
+days. The value date is 26 March 2019, and the redemption date is 25 April 2019. The interest rate is 2.80%. The Company has applied
+RMB3.0 billion of the whole proceeds from the issuance of the super short-term debentures for replenishment of working capital.
+Financial assets that are derecognised in their entirety (continued)
+BYD Company Limited was permitted to publicly offer corporate bonds with a total par value not exceeding RMB10 billion (hereinafter
+referred to as the "Current Bonds") to qualified investors as approved by the "ZJXK 2017 No.1807" document from China Securities
+Regulatory Commission. The Current Bonds were issued in tranches. The corporate bonds publicly offered to qualified investors by BYD
+Company Limited (the first tranche) in 2019 were the third tranche of issue. The issue has been completed on 25 February 2019, and
+details are as follows: the issue price is RMB100 each. The actual issuance size of type 1 is RMB2.5 billion with the final coupon rate of
+4.60%, while type 2 has no actual issuance size.
+Notes to Financial Statements
+31 December 2018
+51. Events after the reporting period (continued)
+(4)
+The Resolution on Increasing the Share Capital of Joint Venture Shenzhen Denza New Energy Automotive Co., Ltd. (ÀG#SKA
+JAUKAÆRARA) was considered and passed at the 24th meeting of the sixth session of the Board
+held on 1 February 2019, pursuant to which the increase of RMB200 million in the share capital of Denza New Energy, a joint venture, by
+BYD Auto Industry Co., Ltd., a holding subsidiary of the Company, to be entirely used as registered capital was agreed. Upon the increase
+in the share capital of Denza New Energy by BYD Auto Industry Co., Ltd., shareholdings in Denza New Energy by the Company through
+BYD Auto Industry Co., Ltd., a holding subsidiary of the Company, maintained at 50%.
+The Resolution on Increasing the Share Capital of Joint Venture Shenzhen Didi New Energy Vehicle Technology Co., Ltd. (
+BYD Company Limited Annual Report 2018 | 163
+31 December 2018
+50. Transfers of financial assets (continued)
+Notes to Financial Statements
+RMB'000
+2017
+RMB'000
+556,541
+384,668
+556,541
+384,668
+31 December 2018
+The proposed final dividend for the year is subject to the approval of the Company's shareholders at the forthcoming annual general meeting.
+Financial assets that are not derecognised in their entirety
+At 31 December 2018, the Group endorsed certain bills receivable accepted by banks in Mainland China (the "Endorsed Bills") with a carrying
+amount of RMB26,425,000 (2017: RMB5,346,000) to certain of its suppliers in order to settle the trade payables due to such suppliers (the
+"Endorsement"). In the opinion of the directors, the Group has retained the substantial risks and rewards, which include default risks relating to
+such Endorsed Bills, and accordingly, it continued to recognise the full carrying amounts of the Endorsed Bills and the associated trade payables
+settled. Subsequent to the Endorsement, the Group did not retain any rights on the use of the Endorsed Bills, including the sale, transfer or
+pledge of the Endorsed Bills to any other third parties. The aggregate carrying amount of the trade payables settled by the Endorsed Bills during
+the year to which the suppliers have recourse was RMB26,425,000 (2017: RMB5,346,000) as at 31 December 2018.
+Financial assets that are derecognised in their entirety
+At 31 December 2018, the Group endorsed certain bills receivable accepted by certain banks in Mainland China (the "Derecognised Bills") to
+certain of its suppliers in order to settle the trade payables due to these suppliers with a carrying amount in aggregate of RMB8,787,232,000.
+The Derecognised Bills had a maturity of one to twelve months at the end of the reporting period. In accordance with the Law of Negotiable
+Instruments in the PRC, the holders of the Derecognised Bills have a right of recourse against the Group if the PRC banks default (the
+"Continuing Involvement”). In the opinion of the directors, the Group has transferred substantially all risks and rewards relating to the
+Derecognised Bills. Accordingly, it has derecognised the full carrying amounts of the Derecognised Bills and the associated trade payables. The
+maximum exposure to loss from the Group's Continuing Involvement in the Derecognised Bills and the undiscounted cash flows to repurchase
+these Derecognised Bills is equal to their carrying amounts. In the opinion of the directors, the fair values of the Group's Continuing Involvement
+in the Derecognised Bills are not significant.
+During the year ended 31 December 2018, the Group has not recognised any gain or loss on the date of transfer of the Derecognised Bills. No
+gains or losses were recognised from the Continuing Involvement, both during the year or cumulatively.
+162 BYD Company Limited | Annual Report 2018
+50. Transfers of financial assets
+615,659
+Proposed final RMB0.204 (2017: RMB0.141) per ordinary share
+58,477,933
+Less than
+On demand
+RMB'000
+3 months
+RMB'000
+less than
+12 months
+RMB'000
+1 to
+5 years
+RMB'000
+Other payables
+Over
+5 years
+RMB'000
+13,849,174 38,518,364 15,125,141
+1,196,741
+32,087,999 12,998,147
+1,308,349
+79,286
+956,176 4,542,019 2,742,531
+Total
+RMB'000
+92,450 67,585,129
+Due to related parties
+Trade and bills payables
+40,273,599
+48. Financial risk management objectives and policies (continued)
+Credit risk (continued)
+31 December 2018
+Maximum exposure as at 31 December 2017
+The credit risk of the Group's other financial assets, which comprise cash and cash equivalents and other receivables, arises from default of the
+counterparty, with a maximum exposure equal to the carrying amounts of these instruments.
+Due to joint ventures
+Since the Group trades only with recognised and creditworthy third parties, there is no requirement for collateral. Concentrations of credit risk are
+managed by analyses by customer. At the end of the reporting period, the Group had certain concentrations of credit risk as 6% (2017: 5%) and
+20% (2017: 19%) the Group's trade receivables were due from the Group's largest customer and the five largest customers, respectively.
+Liquidity risk
+The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial
+instruments and financial assets (e.g., trade receivables) and projected cash flows from operations.
+The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank borrowings and corporate
+bonds. In addition, banking facilities have been put in place for contingency purposes. Except for the non-current portion of interest-bearing bank
+borrowings and certain corporate bonds, all borrowings would mature in less than one year at the end of the reporting period.
+The maturity profile of the Group's financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is
+as follows:
+Financial liabilities
+Interest-bearing bank and other borrowings
+Further quantitative data in respect of the Group's exposure to credit risk arising from trade receivables are disclosed in note 24 to the financial
+statements.
+46,282,887
+2018
+3 to
+2017
+3 to
+less than
+Maximum amount guaranteed
+On demand
+RMB'000
+Less than
+3 months
+RMB'000
+12 months
+RMB'000
+1 to
+Over
+Other payables
+5 years
+RMB'000
+Total
+RMB'000
+832,916
+8,704,431 38,416,377
+29,126,365 10,314,318
+11,355,826
+1,308,349
+1,299
+5 years
+RMB'000
+Due to related parties
+Financial guarantee issued
+--- - 11,4
+11,478,920
+92,450 123,496,377
+Financial guarantee issued
+Maximum amount guaranteed
+11,478,920
+Due to joint ventures
+160 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+48. Financial risk management objectives and policies (continued)
+Liquidity risk (continued)
+Financial liabilities (continued)
+Interest-bearing bank and other borrowings
+Trade and bills payables
+2,152,917 51,866,827 54,259,042 15,125,141
+79,286
+8,240,726
+In terms of pure electric buses, with its established reputation and
+influence in domestic and overseas markets, BYD will continue to
+promote the process of Electrification of Public Transportation in cities
+both at home and aboard. Domestically speaking, the Group has
+achieved major breakthrough in market expansion in regions such as
+Guangzhou, winning a great number of orders. BYD's pure electric
+buses have been put into operation in tier 1 and 2 cities such as Beijing,
+Guangzhou, Shenzhen, Tianjin, Hangzhou, Nanjing, Changsha and Xi'an
+to proactively push forward with the development of "Electrification of
+Public Transportation". In overseas markets, BYD has also received
+orders from all around the world, including France, Chile, Hungary,
+Denmark, Germany and Canada during the Year. At present, the pure
+electric buses manufactured by BYD are serving their passengers in
+more than 300 cities of 50 plus countries and regions on 6 continents.
+DILINK
+During the Year, BYD's first highly "modulised" 12 meter pure electric
+bus model in China was launched globally, equipped with cutting-edge
+technologies such as the "intelligent monitoring and diagnosis system",
+"intelligent battery thermal management system" and the "intelligent
+power distribution management system" and achieving major
+breakthroughs in terms of vehicle-modulisation and weight-reduction.
+While greatly enhanced the comprehensive performance of vehicle,
+these technologies not only enable reduction of energy consumption but
+save operational costs. BYD has maintained its leading position in the
+pure electric bus sector, and is a world leader in the new energy bus
+development industry.
+Management Discussion and Analysis
+2018 marks the beginning of BYD's new product cycle, starting a new
+round of vehicle launch. Vehicle models including the "Yuan EV360"
+and the new generation of "Tang DM", the new model of "Song" and
+"Qin Pro" launched by the Group in the May to September period
+continued with the "Dragon Face” family design. With greatly enhanced
+product appeal all models were well-received by consumers and
+recorded record-breaking sales. Among them, the new "Tang DM"
+model incorporated new exterior and interior decoration designs, and
+BYD Company Limited Annual Report 2018 | 13
+the overall product performance of which was enhanced. The model
+won unanimous praise in the market upon being introduced, and has
+immediately became the best-selling plug-in hybrid vehicle in China.
+Moreover, Qin Pro, as the world's first vehicle model equipped with
+"BYD D++ Open Ecology", runs on the platform of DiLink intelligent
+networking system, which, with the OTA smart remote upgrade, can
+enable unlimited possibilities of in-car applications, making itself a new
+Al specie with self-evolving ability. During the Year, the new generation
+of "Tang DM", "Song DM" and "Qin DM" of BYD ranked top three in
+terms of sales in the plug-in hybrid vehicles market in China, along with
+"e5" and "Yuan EV" ranking top ten in terms of new energy vehicles
+sales in China, which further consolidated BYD's leading position in the
+new energy vehicle industry.
+BYD Company Limited Annual Report 2018 | 15
+Automobile Business
+amounted to approximately RMB8,681 million, representing a year-on-
+year increase of 2.83%. These three business segments accounted for
+58.93%, 33.94% and 7.13% of the Group's total revenue, respectively.
+During the Year, the revenue from the new energy automobile business
+amounted to approximately RMB51,450 million, representing a year-
+on-year increase of 33.48%, with its share in the Group's total revenue
+further increasing to 42.24%.
+Management Discussion and Analysis
+12 BYD Company Limited | Annual Report 2018
+and assembly business, the rechargeable batteries and photovoltaic
+business while actively expanding its urban rail transportation business.
+During the Year, the Group recorded a total revenue of approximately
+RMB121,791 million, representing a year-on-year increase of 18.65%,
+among which, the revenue from the automobile business and related
+products amounted to approximately RMB71,769 million, representing
+a year-on-year increase of 31.68%%; the revenue from the handset
+components and assembly business amounted to approximately
+RMB41,341 million, representing a year-on-year increase of 4.11%;
+the revenue from the rechargeable batteries and photovoltaic business
+Under the "7+4" strategic planning, the Group constantly explores
+the potential application and coverage of new energy vehicles in the
+commercial field, with an emphasis on expanding into the special use
+vehicle sector and striving for full-market coverage of new energy
+vehicles. During the year, large-scale demonstrative operation of the
+first batch of BYD T10ZT pure electric dump trucks commenced in
+Shenzhen, serving as a proof that BYD seized the high ground in the
+pure electric heavy dump truck business which has high barrier to
+entry in relation to technology. It could resolve the bottleneck in the
+development of muck transportation business, and brings about new
+opportunities for the green urban transportation. As a key part of the
+"7+4" strategic planning, BYD's forklift truck has rapidly penetrated
+into various niche markets during the Year, and successfully entered
+into a number of overseas markets including Germany, the US, Brazil
+and Japan. The Group also debuted its unpiloted pure electric forklift
+truck that was jointly developed with an engineering giant in Asia, ST
+Engineering, during the Year, further promoting the application of new
+energy vehicles in the special use vehicle business.
+BYD Company Limited ("BYD" or the "Company") and its subsidiaries
+(collectively referred to as the "Group") are principally engaged in
+the automobile business including the manufacture and sales of new
+energy vehicles and traditional fuel vehicles, the handset components
+In light of the flourishing new energy vehicle market, BYD actively
+capitalised on the industry opportunities and increased its investment
+in research and development, while upgrading its technologies and
+continuously launching new products, striving to promote the long-
+term healthy development of its new energy vehicle business. Despite
+the reduction in subsidy, the Group's new energy vehicle business
+continued to grow rapidly during the Year, with the sales volume of its
+new energy vehicles doubling and market share rocketing. According
+to data of CAAM, BYD ranked number one again in terms of sales
+volume in the global new energy vehicle sector in 2018, and has won
+the champion title of the global new energy vehicle sales for four
+consecutive years. The Group's industry-leading position was further
+consolidated and its brand influence was further enhanced.
+On the other hand, BYD launched the IGBT4.0 technology which is a
+significant benchmark in the Automotive Grade field. The technology
+acts as a strong "China Chip", helping the automotive industry blaze
+a trail and succeed in its venture. As the only automobile enterprise
+in China with a comprehensive industry value chain of Insulated Gate
+Bipolar Transistor (IGBT), BYD continuously devoted itself to self-
+development and innovation of core electric vehicle technology such
+as IGBT. As a result, it has fully grasped aspects including the design
+and manufacture of IGBT chips, module encapsulating, testing and
+application platform for high-voltage equipment, breaking up overseas
+enterprises' technological monopoly and contributed to the acceleration
+of development of electric vehicles in China.
+Rechargeable Batteries and Photovoltaic Business
+The Group's rechargeable batteries include lithium-ion batteries
+and nickel batteries, which are widely used in portable electronic
+devices, including handsets, digital cameras, and intelligent devices.
+In addition, the Group has also been actively developing energy
+storage batteries and solar cell products for application in storage
+power stations and photovoltaic power plants. During the Year, the
+Group's battery business grew rapidly with its market share constantly
+expanding while its photovoltaic business rendered a relatively weak
+performance and remained unprofitable generally. In 2018, the Group's
+rechargeable batteries and photovoltaic business recorded a revenue of
+approximately RMB8,681 million, representing a year-on-year increase
+of 2.83%.
+During the Year, the Group had been actively adjusting its operational
+strategy and speeding up the opening of the supply and distribution
+system. During the Year, the Group has entered into a strategic
+cooperation with Faurecia Group, one of the world's top three auto
+parts technology companies. A joint venture was set up to outsource
+the Group's seat business, so as to give full play to the technological
+and platform advantages of both parties and promote the quality
+enhancement and costs control of the Group's seat business, while
+at the same time enabling the Group to focus resources on its core
+businesses and promote efficient development of its automotive
+business. On the other hand, BYD accelerated the pace of its planned
+power batteries supply through signing a strategic cooperation
+agreement as well as a power battery joint venture and cooperation
+framework agreement with Chang'an Automobile, and will establish
+a joint venture engaging in the production of batteries with an annual
+production volume of 10GWH, providing power batteries for Chang'an
+Automobile. In addition, the Group's strategic cooperation with other
+manufacturers also made favourable progress. The relevant strategic
+cooperation marked an important step of the Group's supply of power
+batteries to external party and a significant breakthrough in the course
+of opening-up of the supply and distribution system. It was of great
+strategic significance to the power battery business and the long-term
+development of the Group.
+Business Review
+During the Year, the Group closely followed the market changes and
+actively expanded its scope of business in relation to automotive
+electronics, intelligent equipment, Internet of things, and stepped up its
+efforts in planning the layout in the above-mentioned areas, in order to
+seize new business opportunities in the electronics industry.
+The Group has been keeping up with market demands by researching
+and developing new materials and improving its manufacturing process
+in response of the upgrade in consumption structure and advancement
+of 5G application, so as to provide the market with a more diverse
+product solution plan. Glass casing is gradually becoming one of the
+mainstream design features for high-end smartphones due to its
+aesthetically-pleasing design, lightness and thinness, thereby driving
+the rapid growth of the Group's glass business. During the Year, the
+Group stepped up its efforts to expand its glass business, actively
+researched and developed technologies and increased production
+capacity in an attempt to lay the groundwork for future growth.
+During the Year, benefiting from the close cooperation between the
+Group and major domestic and international handset manufacturers,
+the Group continued to receive orders for a number of high-end flagship
+models, which has effectively reinforced its leading position in the field
+of metal parts. The intense competition in the industry led to a relatively
+lower profitability for the metal component business, which had a
+substantial effect on the Group's profits as a whole.
+As one of leading handset components and assembly service providers
+in the world, BYD provides complete device design, component
+manufacturing and complete device assembly services for both
+domestic and overseas handset brands as well as and other mobile
+intelligent terminal manufacturers. In 2018, the revenue from the
+handset components and assembly business of the Group amounted to
+approximately RMB41,341 million, representing a year-on-year increase
+of approximately 4.11%.
+Handset Components and Assembly Business
+Concerning the urban rail transportation sector, the Group stepped
+up its effort in planning the layout and achieved a good progress. As
+one of the low-cost solutions to urban rail transportation, "Skyrail"
+and "Skybus" boast significant market demands. Since the launch
+of straddle monorail "Skyrail” in 2016, the Group has successively
+received orders from numerous cities in domestic and overseas
+markets. The first commercially operated Skyrail line was also opened
+to traffic in September 2017 in Yinchuan. During the Year, the Group
+actively procured the expansion of its "Skybus" business and achieved
+favourable progress in that regard. In the future, the commencement of
+more projects in domestic and overseas markets in relevant business is
+expected to bring new growth potential for the Group.
+Large capacity-Metro)
+大運量一地鐵
+小運量—雲巴
+中運量一零軌
+Multi-layered transportation reviving cities
+立體化讓城市充滿活力
+Management Discussion and Analysis
+14 | BYD Company Limited | Annual Report 2018
+While strengthening its foothold in the new energy vehicle market, the
+Group also continued to promote the development of traditional fuel
+vehicle business. During the Year, the Group sold more than 254,000
+units of traditional fuel vehicles, representing a year-on-year increase of
+3.7%. The Dynasty series was very well-received by the market, among
+which the fuel version of "Tang" and "Song" were continuously the best
+sellers with a remarkable increase in the selling prices. As the first car
+model with the "Dragon Face" family design, "Song MAX", capitalising
+on its appearance and relatively higher performance, remained to be
+one of the best-selling MPV in China. Sales volume during the Year
+was approximately 100,000 units. The Group continued to improve
+its product planning, and launched a new generation of "Song" and
+"Qin Pro" in fuel vehicle version, which are equipped with the DiLink
+intelligent networking system featuring Di Platform, Di Cloud, Di Ecology
+and Di Open, providing users with the authentic intelligent travelling
+experience and becoming a new driving force for the Group's fuel
+vehicle business.
+In the field of rechargeable batteries and photovoltaic business, the
+Group's traditional battery business grew rapidly during the Year
+with its market share continuing to increase. During the Year, the
+global photovoltaic market was affected by the policies of a number
+of countries and thus growing slowly as a whole. In particular after
+the issue of a new photovoltaic policy in China on 31 May 2018, the
+industry demand has been significantly weakened, and companies are
+generally facing greater operational pressure. According to the data
+released by the National Energy Administration, China recorded an
+additional photovoltaic installed capacity of approximately 43 GW in
+2018, down by 18% year-on-year.
+Industry Analysis and Review
+consumers.
+電動化
+2.0
+era 1.0
+Combustion
+燃油車
+1.O
+and Commissions, on 12 February 2018 reduced the subsidiary on
+new energy vehicles in phases and imposed certain pressure on the
+profitability of the relevant companies in the industry; however, as the
+government supported the development of outstanding enterprises
+with its subsidy policies by raising the technical parameters which
+will increase concentration of resources in the hands of the industry
+leaders. The central government's promotion of technological upgrade
+through supporting excellent and strong industry players will be
+conducive to the high-quality development of the new energy vehicle
+industry. In addition, with the superior performance of new energy
+vehicles, their sales volume in the cities with no vehicle purchase limits
+has been increasing, indicating that its reliance on polices is decreasing
+and that the development of the new energy vehicle industry is
+gradually shifting from policy-driven to market-driven.
+»)”, which was jointly issued by the four Ministries
+During the Year, the entry threshold to policies on financial subsidies
+for new energy vehicles in China was further raised to promote the
+long-term healthy development of the new energy vehicle industry. The
+implementation of the "Notice on Adjusting and Improving the Policy
+of Financial Subsidy for the Promotion and Application of New Energy
+Vehicles(《關於調整完善新能源汽車推廣應用財政補貼
+According to the statistics from China Association of Automobile
+Manufacturers, in 2018, the production and sales volume of
+automobiles in China amounted to 27,809,000 units and 28,081,000
+units, respectively, down 4.2% and 2.8% year-on-year, with the sales
+volume of the automobile industry reporting a negative growth for the
+first time in 28 years. During the Year, the new energy vehicle sector
+bucked the downward trend in the industry, recording production and
+sales volume of 1,270,000 units and 1,256,000 units respectively, up
+59.9% and 61.7% year-on-year, delivering a stunning growth.
+In 2018, the pace of global economy expansion weakened. While
+China's economy was somewhat affected by such adverse factors as
+the China-US trade disputes, financial deleveraging, credit tightening
+and slowing liquidity, its economic growth stayed in a reasonable range,
+with a GDP growth rate of 6.6%.
+Automobiles Business
+Management Discussion and Analysis
+10 | BYD Company Limited | Annual Report 2018
+Management Discussion and Analysis
+Electrified
+Era 2.0
+時代
+Era 3.0
+As the smartphone market is becoming saturated, coupled with the
+increasingly competitive market, the global smartphone competition
+has entered a new stage. Meanwhile, consumers' growing demand
+for quality products has urged the domestic and foreign handset
+manufacturers to focus on external design and material selection so
+as to achieve differentiation, thereby increasing their competitiveness.
+During the Year, as the application of metal parts continued to increase,
+the glass casings gradually became one of the mainstream designs
+of mid-to-high-end models, and demands for ceramics and new
+composite materials also increased, giving more alternatives to the
+According to the statistical data from IDC (a market research institution),
+the global smartphone shipments reached 1.4 billion units in 2018,
+down by 4.1% year-on-year, and according to the latest data released
+by the China Academy of Information and Communications Technology*
+(+££¶), the handset shipments in China amounted
+to 414 million units in 2018, down by 15.6% year-on-year.
+Handset Components and Assembly Business
+BYD Chassis Tuning Director
+比亞迪設計總監
+比亞迪首席底盤調校專家
+比亞迪NVH高級專家
+BYD Motors. Senior NVH Expert
+Rechargeable Batteries and Photovoltaic Business
+車熙范
+Heebum CHA
+沃爾夫岡・艾格
+Wolfgang Egger
+Management Discussion and Analysis
+BYD Company Limited Annual Report 2018 11
+漢斯·柯克
+Heinz Keck
+Electrified, Multi-layered, Intelligent
+電動化 立體化 智能化
+3.0 時代
+Design Director of BYD
+Prospect and Strategy
+During the Year, BYD generated operating cash inflow of approximately RMB12,523 million, compared with operating cash inflow of approximately
+RMB6,368 million in 2017. Cash inflow of the Group during the period was mainly arising from the increase in cash received from sales of goods and
+provision of services during operating activities. Total borrowings as at 31 December 2018, including all bank loans and bonds, were approximately
+RMB64,693 million, compared with approximately RMB56,511 million as at 31 December 2017. The maturity profile of the bank loans and bonds
+thereof spread over a period of twelve years, with approximately RMB50,768 million repayable within one year, approximately RMB4,844 million in the
+period of second year, approximately RMB8,948 million within the third to the fifth years and approximately RMB133 million over five years. The Group
+had adequate liquidity to meet its daily management and capital expenditure requirements and control internal operating cash flows.
+Automobiles Business
+2018
+7%
+Handset and Assembly Services
+39%
+2017
+2017
+8%
+products
+Automobiles and related
+Rechargeable Battery and
+Photovoltaic
+2018
+34%
+2018
+Revenue Breakdown by Locations of Customers
+Revenue Breakdown by Product Categories
+%28
+8%
+2017
+%28
+The Group's Financial Division is responsible for the Group's financial risk management which operates according to policies implemented and
+approved by senior management. As at 31 December 2018, borrowings were primarily settled in RMB, while cash and cash equivalents were primarily
+held in RMB and US dollar. The Group plans to maintain an appropriate mix of equity and debt to ensure an efficient capital structure during the period.
+As at 31 December 2018, the Group's outstanding loans included RMB loans and foreign currency loans and approximately 73% (2017: 68%) of such
+outstanding loans were at fixed interest rates, with the remaining at floating interest rates.
+Capital Structure
+On 13 October 2017, the Company received the Approval of the Public Offering of Corporate Bonds by BYD Company Limited to Qualified Investors
+(ZJXK_[2017]_No.1807)(《關於核准比亞迪股份有限公司向合格投資者公開發行公司債券的批覆》(證監許可[2017]1807號)) from
+China Securities Regulatory Commission, pursuant to which the public offering of corporate bonds with a par value of not exceeding RMB10.0 billion by
+the Company to qualified investors has been approved. The Company has completed the issue of the 2018 first tranche of corporate bonds "18YD01"
+of RMB3.0 billion on 13 April 2018. The Company has completed the issue of the 2018 second tranche of corporate bonds "18YD02" of RMB1.6 billion
+on 24 August 2018.
+The Company completed the 2017 first tranche of debt financing plan of Beijing Financial Assets Exchange on 17 March 2017. The debt financing plan
+was simplistically described as "17 Yue BYD ZR001", with an actual listing amount of RMB3.0 billion and a fixed rate of interest of 4.94%, for a term
+of two years. The interest payment shall be made once every three months (it will be postponed to the next working day should it be a statutory festival
+or holiday in PRC), without compound interest, and the principal will be repaid on one-off basis upon maturity, the last interest payment shall be made
+together with the principal repayment. The interest accrued period commenced on 17 March 2017, the date for the first interest payment was 17 June
+2017.
+For the year ended 31 December 2018, turnover period of receivables (including trade and bill receivables, due from joint ventures and associates, due
+from related parties) was approximately 189 days, as compared to approximately 192 days for the same period in 2017, which showed no significant
+changes. The inventory turnover period was approximately 82 days for the year ended 31 December 2018 as compared to about 81 days for the same
+period in 2017, which showed no significant changes.
+Build A New Future
+Liquidity and Financial Resources
+Gross Profit and Margin
+During the Year, the Group's gross profit increased by 0.73% to RMB18,067 million. Gross profit margin decreased from approximately 17.47% in
+2017 to approximately 14.83% during the Year. The decrease in gross profit margin was mainly due to the effect of the decrease in profits in the
+automobile business.
+18 BYD Company Limited | Annual Report 2018
+Others
+Asia Pacific (excluding PRC)
+2017
+U.S.A.
+PRC (including Hong Kong,
+Macau and Taiwan)
+2018
+Management Discussion and Analysis
+Looking ahead to 2019, the international environment will remain
+complex and challenging, while global economy will likely to face
+downward pressure. Domestically, we are expected to see some fine
+adjustments to the macro policies, but proactive fiscal policies and
+stable monetary policies will render strong support for the macro-
+economy. China's economic transformation is progressing steadily,
+and the domestic economy is expected to maintain stable growth. The
+continual optimization of industry structure will bring more development
+opportunities for emerging industries such as the new energy vehicle
+industry.
+The charts below set out comparisons of the Group's revenue by product category for the years ended 31 December 2018 and 2017:
+During the Year, revenue increased by 18.65% as compared to that of 2017, which was mainly driven by the growth of the automobile business. Profit
+attributable to equity holders of the parent decreased by 31.63% as compared to the same period of the previous year, mainly attributable to impact
+from subsidy cuts of new energy vehicles and the increase in R&D expenses.
+Pro EV500 8.2
+Pro DM
+Rechargeable Batteries and Photovoltaic Business
+Regarding rechargeable batteries, through research and development
+of new technologies and exploration of new customers, the Group will
+actively promote the continued increase of its market share in relevant
+markets. As to the photovoltaic business, the new cycle of "Grid Parity"
+is expected to be progressively introduced to the photovoltaic sector,
+which is expected to promote the gradual recovery of the photovoltaic
+sector. The Group will continue to increase its presence in the domestic
+and overseas markets, and further realize effective cost control so as to
+capture the market opportunities for growth.
+In addition, the Group will continue to actively expand its business
+scope by exploring opportunities in auto electronics, intelligent hardware
+products and other related fields. Meanwhile, it will progressively
+develop other OEM customers to promote the long-term development of
+the Group's handset components and assembly business.
+As a world leading provider of intelligent product solutions, BYD will
+continue to focus on product innovation and technology enhancement
+in order to improve its overall competitiveness. In the future, the Group
+will continue to consolidate its customer base of metal parts, strive for
+more orders for metal parts, and maintain its leading position in the
+segment. In terms of new materials application, the Group will grasp
+the market trends of 5G, Internet of things and artificial intelligence,
+strengthen strategic planning for 3D glass, ceramics and plastic
+casings, prepare itself in terms of production capacity and technological
+level to secure more orders from customers and foster a new driver for
+the Group's sustainable growth.
+Handset Components and Assembly Business
+Management Discussion and Analysis
+16 BYD Company Limited | Annual Report 2018
+In respect of business strategy, the Group will continue to maintain
+an open supply system and accelerate the process of marketization
+of automobile supply chain. In the future, the Company will actively
+seek to spin off its existing auto parts business and focus on its core
+businesses, to further lessen managerial burden and improve cost
+control. As to businesses with core competitiveness like power battery
+and IGBT technology application businesses, the Group will ensure
+the long-term continual development of those businesses through
+acceleration of external sales and promote opening-up and integration,
+while securing internal demands.
+In the field of traditional fuel vehicles, the Group will improve overall
+competitiveness through optimizing the appearance and performance
+of vehicles while realising effective control of costs. The Group will
+actively explore the upgrade and update of its existing products. The
+Group will conduct more platform-based R&D and innovation, while
+enhancing quality standard and design aesthetics, in order to provide
+consumers with new automotive products that offer a greater driving
+experience so as to establish good market reputation, thus realising
+synchronous development of quality and quantity of traditional fuel
+vehicle business.
+In the field of public transportation, leveraging on its established brand
+awareness and influence in the domestic and overseas markets, BYD
+will push forward the electrification of urban public transportation
+at home and abroad and continue to increase the penetration of
+new energy vehicles in the global public transportation market. At
+the same time, the Group will focus on promoting its low carbon
+and environmentally-friendly urban rail transportation products, and
+align with the rail transportation planning and schedule of approval
+process, speed up the implementation and operation of confirmed
+orders. While maintaining the rapid growth in the revenue, the Group
+will strive to accelerate the development of rail transportation with
+small and medium capacity and help resolve the increasingly serious
+traffic congestion, and support the development of the intelligent
+transportation system in the city. In addition, the Group's new energy
+commercial vehicle business will gradually penetrate into the special
+use vehicle sector, aiming to realize the electrification of all kinds of
+special use vehicles such as logistics vehicles and muck trucks.
+In terms of market expansion, as sales of new energy vehicle gradually
+move from policy-driven to market-driven, demand in second-, third-
+and fourth-tier cities will further increase. In 2019, the Group will
+continue to promote new energy vehicles from first-tier and purchase-
+restricted cities to second-, third- and fourth-tier cities, to eventually
+achieve sales coverage of new energy vehicles across the country. In
+addition, the soaring demand for new energy vehicles in the e-hailing
+market will add a new driving force to the growth of the Group's new
+energy vehicle business.
+In addition, in the face of the increasingly competitive new energy
+vehicle market, the Group will continue to make adjustments to its
+strategies and focus on product upgrades to drive the fast growth of
+new energy vehicle business. The Group will launch a new generation of
+vehicle models during the Year, including the new generation of "Yuan
+EV". "Tang EV" and "Song MAX" DM. Among which, presale of the new
+generation of "Tang EV" and "Yuan EV535" has commenced and is
+expected to contribute considerable sales volume to the Group. With
+the launch of new models, the Group's new energy vehicle product line
+will be fully upgraded, and its automobile business will usher in a new
+growth cycle.
+In terms of new energy vehicle policy, subsidies in 2019 will continue
+to decline, and the process of selecting the superior and eliminating
+the weaker players in the industry will be accelerated, which in turn will
+increase the concentration flow of resources in the hands of industry
+leaders. As such, the Group will strengthen cost control and use
+brand premiums to offset the impacts on its profitability as a result of
+shrinking subsidies.
+As a world leader in the new energy vehicles field, BYD will continue
+to seize the historic opportunities brought about by the rapid growth in
+the global new energy vehicle industry to strengthen technology R&D
+and innovation while expanding its production capacity. Meanwhile,
+it will meet the rapidly growing market demand by integrating quality
+resources, focusing on its business strength, enhancing product
+competitiveness as well as speeding up the development and launch of
+new car models.
+SELTA
+蛋白2
+08
+BYD Company Limited Annual Report 2018 17
+Revenue and Profit attributable to Owners of the Parent Company
+Financial Review
+The new energy vehicle business is expected to have a robust growth in the first quarter in 2019
+as compared with the same period of last year, leading to a remarkable improvement in the
+Group's revenue and profitability. Regarding new energy passenger vehicles, the sales volume
+of new models remained high and a significant increase in sales as compared with the same
+period of last year is expected. In terms of new energy commercial vehicles, delivery of orders will
+likely show slowdown and the sales of special purpose vehicles will gradually increase. As to fuel
+vehicles, it is expected that the models from the Dynasty series will continue to be well-received
+by the market and in turn result in the steady increase of selling prices of fuel vehicles of the
+Group. However, the gradual exit of the Group's previous models from the market has had certain
+effects on the overall sales volume, with the overall sales of fuel vehicles declining. In relation
+to the handset components and assembly business, the Group continued to receive orders from
+world leading handset brand manufacturers for their flagship models, which promoted the steady
+development of its business. But the competition in the market remains fierce and the profitability
+of the Group will be affected accordingly. In terms of the photovoltaic business, market demands
+remained weak. It is expected that the business will see greater loss in the first quarter.
+10,243
+Reasons for changes in results
+Net profit attributable to shareholders of the listed company (RMB10,000)
+for January to March 2018
+90,000
+Segmental Information
+to
+778.65%
+to
+583.39%
+Range of net profit attributable to shareholders of the listed company
+(RMB10,000) for January to March 2019
+Change (in percentage) of net profit attributable to shareholders of the
+listed company for January to March 2019
+Forecasted operating results for January to March 2019
+Management Discussion and Analysis
+70,000
+Dream Together to
+The Group has completed the issue of 2018 Tranche I corporate bonds on 13 April 2018. The issue price was RMB100 each for a term of 5 years.
+The issuance scale was RMB3,000 million and the nominal interest rate was 5.17%. The corporate bonds issued during the period were used to repay
+bank loans and supplement the Company's liquidity. The Group has completed the issue of 2018 Tranche II corporate bonds on 24 August 2018.
+The issue price was RMB100 each for a term of 5 years. The issuance scale was RMB1,600 million and the nominal interest rate was 5.75%. The
+corporate bonds issued during the period were used to repay bank loans and supplement the Company's liquidity.
+The Group monitors its capital by using gearing ratio, which is net debt divided by equity. The Group's policy is to maintain the gearing ratio as low as
+possible. Net debt includes interest-bearing bank and other borrowings less cash and cash equivalents. Equity represents equity attributable to owners
+of the parent. Therefore, the gearing ratios of the Group was 104% and 93% as at 31 December 2018 and 31 December 2017, respectively.
+Mr. Yang Dong-sheng, aged 40, Chinese national with no right of abode
+overseas, master's degree holder, and a senior engineer. Mr. Yang
+graduated from Northeastern University () in March 2005
+with master's degree. Mr. Yang joined the Company in 2005 and has
+held positions including senior engineer in Automotive Engineering
+Research Institute, vice manager in the Chassis Division of the
+Automotive Engineering Research Institute, senior business secretary of
+the President, general manager of the Product and Technical Planning
+Division, and is presently a supervisor of the Company and the dean
+of the Company's Product Planning and New Automotive Technology
+Research Institute.
+Xia Zuo-quan
+Non-executive director
+Incumbent
+200
+Wang Zi-dong
+Independent non-executive Director
+Incumbent
+200
+Zou Fei
+Independent non-executive Director
+Incumbent
+200
+Zhang Ran
+Dong Jun-qing
+Independent non-executive Director
+Incumbent
+200
+Supervisor and chairman of
+Incumbent
+100
+the supervisory committee
+Li Yong-zhao
+Supervisor
+Incumbent
+100
+Huang Jiang-feng
+Incumbent
+Vice-chairman and non-executive director
+Lv Xiang-yang
+5,667
+Mr. Ren Lin, aged 52, Chinese national with no right of abode overseas,
+bachelor's degree holder, and a senior engineer. Mr. Ren graduated
+from Beijing Institute of Technology in 1989, with a bachelor's degree
+majoring in mechanical design, manufacturing and automation. He
+went to Japan, Tsinghua University () and Beijing Institute of
+Technology (1) for multiple times for further study during
+his terms of office. Mr. Ren once worked in Shanxi Qinchuan Motor
+Co., Ltd. (陝西秦川汽車有限責任公司). He joined the Company
+in January 2003 and held positions as executive Vice President of
+Automotive Engineering Institute (I). He currently is a
+Vice President of the Company, general manager of Division 21 and a
+director of BYD Charity Foundation.
+Wang Jie
+Mr. Wang Jie, aged 55, Chinese national with no right of abode
+overseas, bachelor's degree holder. Mr. Wang graduated from Xi'an
+Institute of Gold Mining and Construction (西安冶金建築學院)
+(now known as Xi'an University of Architecture and Technology (
+)) in 1988 with a Bachelor's degree in Engineering,
+majoring in Industry Enterprises Automatisation. Mr. Wang once worked
+in Jiaxing Metallurgy Manufacture Factory of Metallurgy Department (
+A). Mr. Wang joined the Group in September
+1996, he served various positions including sales manager, sales
+director and deputy general manager of the Company's Sales &
+Marketing Division. He currently is a Vice President of the Company,
+CEO of Commercial Vehicles Division, and a director of Shenzhen
+Qianhai Green Transportation Co., Ltd. (深圳市前海綠色交通有
+A), a director of Nanjing Jiangnan Electric Car Rental Company
+Limited (南京江南純電動出租汽車有限公司), a director of Xi'an
+Infrastructure Yadi Automobile Service Co., Ltd (OX
+A), a director of Hangzhou West Lake BYD New
+Energy Automobile Co., Ltd. (杭州西湖比亞迪新能源汽車有限公
+]), a director of Beijing Hualin Special Vehicle Co., Ltd. (ÀM
+), a director of Guangzhou Guang Qi BYD New Energy
+Bus Co., Ltd.(廣州廣汽比亞迪新能源客車有限公司), and a
+director of Chengdu Shudu BYD New Energy Vehicles Co., Ltd (
+蜀都比亞迪新能源汽車有限公司) and a director of BYD Charity
+Foundation.
+Li Qian
+Mr. Li Qian, aged 46, Chinese national with no right of abode overseas,
+master's degree holder. Mr. Li graduated from Jiangxi University of
+Finance and Economics (I) in 1997, with a bachelor's
+degree in economics. He graduated from Guanghua School of
+Management of the Peking University (北京大學光華管理學院)
+with an MBA in July 2016. Mr. Li was the auditor and business adviser
+of PwC China and Arthur Andersen, respectively, and the securities
+business representative of ZTE Corporation (中興通訊股份有限公
+). Mr. Li joined the Company in August 2005 and is the secretary
+to the Board, Company Secretary and chief investment officer of the
+Company. He is also a joint company secretary of BYD Electronic
+(International) Company Limited (stock code: 0285), a supervisor of
+Tibet Shigatse Zhabuye Lithium High-Tech Co., Ltd (UT
+), chairman of Shenzhen BYD Electric Car
+Investment Co., Ltd. (深圳市比亞迪電動汽車投資有限公司) and
+chairman of Energy Storage Power Station (Hubei) Co., Ltd. (
+(湖北)有限公司).
+Zhou Ya-lin
+Ms. Zhou Ya-lin, aged 42, Chinese national with no right of abode
+overseas, bachelor's degree holder. Ms. Zhou graduated from Jiangxi
+University of Finance and Economics () in 1999, with
+a bachelor's degree in economics. Ms. Zhou joined the Group in March
+1999 and is the Chief Accountant of the Company. She is also the
+chief financial officer of BYD Electronic (International) Company Limited
+(Stock Code: 0285), a director of Shenzhen BYD Electric Car Investment
+Co., Ltd. (深圳比亞迪電動汽車投資有限公司) and a director of
+Shenzhen Qianhai Green Transportation Co., Ltd. (
+), a supervisor of Shenzhen BYD International Financial
+Leasing Co., Ltd (深圳比亞迪國際融資租賃有限公司), chairman
+of_BYD_Auto Finance Company Limited (比亞迪汽車金融有限公
+]), a supervisor of Hangzhou West Lake BYD New Energy Automobile
+Co., Ltd. (杭州西湖比亞迪新能源汽車有限公司), a supervisor of
+Beijing Hualin Special Vehicle Co., Ltd. (MR),
+a director of Xi'an Infrastructure Yadi Automobile Service Co., Ltd (
+城投亞迪汽車服務有限責任公司), a director of Chengdu Shudu
+BYD New Energy Vehicles Co., Ltd (成都蜀都比亞迪新能源汽車有
+A), a director of Qinghai Salt Lake BYD Resources Development
+Co., Ltd. (青海鹽湖比亞迪資源開發有限公司),a supervisor of
+Yinchuan Sky Rail Operation Co., Ltd. (||ĦRì),
+a director of Guangzhou Guang Qi BYD New Energy Bus Co., Ltd. (
+州廣汽比亞迪新能源客車有限公司),a supervisor of Shenzhen
+DENZA New Energy Automotive Co., Ltd.
+A), a director of Shenzhen Faurecia Automotive Parts Co., Ltd.*
+(深圳佛吉亞汽車部件有限公司) and a supervisor of BYD Charity
+Foundation, etc.
+28 BYD Company Limited | Annual Report 2018
+Directors, Supervisors and Senior Management
+Directors', supervisors' and senior management's remuneration during the reporting period
+Total remuneration
+received from
+Name
+Position held within the Company
+Status of employment
+the Company
+(Unit: RMB'000)
+Wang Chuan-fu
+Chairman, Executive Director and President
+Incumbent
+Supervisor
+Ren Lin
+Incumbent
+Wang Zhen
+Luo Hong-bin
+Vice president
+Incumbent
+5,109
+Wang Chuan-fang
+Vice president
+Incumbent
+5,381
+Ren Lin
+Vice president
+Incumbent
+5,008
+Wang Jie
+Li Qian
+Vice president
+Incumbent
+5,178
+Secretary to the Board, Company Secretary and
+Incumbent
+2,076
+chief investment officer
+Zhou Ya-lin
+Chief Accountant
+Incumbent
+2,723
+Total
+72,533
+2,901
+100
+Resigned (effective from 13 April 2018)
+Zhang Jin-tao
+Supervisor
+Incumbent
+2,693
+Yang Dong-sheng
+Supervisor
+Incumbent
+1,996
+Wu Jing-sheng
+Vice president and Chief Financial Officer
+Incumbent
+7,382
+Li Ke
+Vice president
+Incumbent
+7,242
+Lian Yu-bo
+Vice president
+Incumbent
+7,568
+He Long
+Vice president
+Incumbent
+5,136
+Liu Huan-ming
+Vice president
+Incumbent
+5,173
+Vice president
+Mr. Wang Chuan-fang, aged 58, Chinese national with no right of abode
+overseas, is the elder brother of Mr. Wang Chuan-fu. Mr. Wang joined
+BYD Industries in August 1996 and held positions including Personnel
+Manager and Logistics Manager. He currently is a Vice President of the
+Company, general manager of Logistics Division, general manager of
+Division 22 and a director of Yinchuan Sky Rail Operation Co., Ltd. (
+|||RDĦRA) and a director of BYD Charity Foundation.
+Wang Chuan-fang
+Directors, Supervisors and Senior Management
+Xia Zuo-quan
+Directors, Supervisors and Senior Management
+BYD Company Limited Annual Report 2018 | 23
+in Guangdong province (), honorary chairman
+of Guangdong Manufacturers Association (*Bª),
+honorary chairman of Guangdong Association for the Promotion of
+Industrial Development (***) and vice chairman
+of BYD Charity Foundation.
+), honorary chairman of Anhui Chamber of Commerce
+]), executive director of Shenzhen Youngy Guarantee Company Limited
+(AUTIŁAK), executive director of Guangdong
+Youngy Supply Chain Management Co., Ltd (
+Limited (深圳市慢錢網絡科技有限公司),chairman of Nanjing
+Regenecore Biotechnology Co., Ltd. (REN
+June 2002) with Mr. Wang Chuan-fu. He is the Vice Chairman and
+a Non-Executive Director of the Company and also the chairman of
+Youngy Investment Holding Group Co., Ltd. (R¶¶ĦR
+公司), chairman of Youngy Co., Ltd (融捷股份有限公司), chairman
+of Youngy Health Technology Co., Ltd. (A
+]), chairman of Chengdu Jieyi Electronic Technology Limited (
+翼電子科技有限公司), chairman of Onyx International Inc.(廣州
+文石信息科技有限公司), chairman of Wuhu Youngy Optoelectronic
+Material Technology Company Limited (HNBÁ
+B), a director of Anhua Agricultural Insurance Company Limited
+(安華農業保險股份有限公司),chairman of Guangdong Youngy
+Financing Guarantee Company Limited (ARR
+A), chairman of Guangdong Youngy Financing Renting Company
+Limited (AKASARGĀ), chairman of Anhui Youngy
+Investment Co., Ltd. (), chairman of
+Shenzhen Youngy Asset Management Co., Ltd (£ÂÌË
+), chairman of Shenzhen Manqian Network Technology
+*) (became BYD Company Limited on 11
+Mr. Lv Xiang-yang, aged 57, Chinese national with no right of abode
+overseas, bachelor's degree holder, economist and elder cousin of
+Mr. Wang Chuan-fu. Mr. Lv worked at Chaohu Centre Branch of the
+People's Bank of China (+ÙÍ). In February
+1995, he founded Shenzhen BYD Battery Company Limited (
+Lv Xiang-yang
+Non-executive Directors
+Year China Economy Innovation Award" (=\CCTV
+濟年度人物年度創新獎), Southern Guangdong Meritorious Service
+Award () in 2011, and Zayed Future Energy Prize Lifetime
+Achievement Award (紮耶德未來能源獎個人終身成就獎) in
+2014 and Best Business Leader in China (+) in
+2015 etc.
+Mr. Wang, being a technology expert, enjoyed special allowances
+from the State Council. In June 2003, he was awarded Star of Asia
+by BusinessWeek. He was awarded with Mayor award of Shenzhen in
+2004 (ŒÌÒER), "The 2008 CCTV Man of the
+ARA) (formerly known as Shenzhen BYD Daimler New
+Technology Co.,Ltd. (深圳比亞迪戴姆勒新技術有限公司)), a
+director of Tianjin BYD Auto Co., Ltd. (天津比亞迪汽車有限公司), a
+director of China Railway Engineering Consulting Group Co., Ltd., (+
+工程設計諮詢集團有限公司) an independent director of Renren
+Inc., a director of South University of Science and Technology of China
+() and a director of BYD Charity Foundation.
+on 11 June 2002) with Mr. Lv Xiang-yang and took the position of
+general manager. He is the Chairman, an Executive Director and the
+President of the Company and is responsible for the general operations
+of the Group and the development of business strategies for the Group.
+He is a non-executive director and the chairman of BYD Electronic
+(International) Company Limited (Stock Code: 0285), a director of
+Shenzhen DENZA New Energy Automotive Co., Ltd. (
+) in the PRC in 1990 with a master's degree majoring in
+material science Mr. Wang held positions as vice supervisor in Beijing
+Non-Ferrous Research Institute, general manager in Shenzhen Bi Ge
+Battery Co. Limited (£). In February 1995,
+he founded Shenzhen BYD Battery Company Limited (ŁĘ
+RA) ("BYD Industries”, became BYD Company Limited
+Mr. Wang Chuan-fu, aged 53, Chinese national with no right of abode
+overseas, master's degree holder, senior engineer, younger brother
+of Mr. Wang Chuan-fang and younger cousin of Mr. Lv Xiang-yang.
+Mr. Wang graduated from Central South University of Technology (+
+I) (currently Central South University) in 1987 with a
+bachelor's degree majoring in metallurgy physical chemistry, and then
+graduated from Beijing Non-Ferrous Research Institute (
+Wang Chuan-fu
+Executive Director
+Directors, Supervisors and Senior Management
+22 BYD Company Limited | Annual Report 2018
+DRAGON FACE
+AD
+唐
+唐
+Build A New Future
+Mr. Xia Zuo-quan, aged 56, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Xia studied computer science
+in Beijing Institute of Iron and Steel Engineering (1)
+(now known as University of Science & Technology of Beijing (
+from 1985 to 1987 and he graduated from Guanghua
+School of Management of Peking University (‡Ã£
+) with an MBA in 2007. Mr. Xia worked in the Hubei branch of
+The People's Insurance Company (+) and joined
+Shenzhen BYD_Battery Company Limited (深圳市比亞迪實業有
+Dream Together to
+(became BYD Company Limited on 11 June 2002) in 1997
+and held positions as an executive Director and Vice President of the
+Company. He is a non-executive Director of the Company and chairman
+of Shenzhen Zhengxuan Investment (Holdings) Co., Ltd (E
+ĦĦRA), Shenzhen Zhengxuan Qianhai Equity Investment
+Fund Management Co., Ltd (深圳正軒前海股權投資基金管理
+A), Shenzhen Zhengxuan Qianzhan Venture Capital Co. Ltd.
+(深圳市正軒前瞻創業投資有限公司) and Beijing Zhengxuan
+Investment Co., Ltd
+2), a director of
+Shenzhen UBTECH_Robotics Co., Ltd. (深圳市優必選科技有限公
+), a director of Shenzhen UniFortune Supply Chain Service Co., Ltd.
+(深圳市聯合利豐供應鏈管理有限公司), a director of Beijing
+Lingyi Space Technology Limited (北京零壹空間科技有限公司),
+chairman of Shenzhen Zhengxuan Venture Capital Co. Ltd. (
+(Beijing) Co. Ltd. (2 (A) FRA), a
+director of Guangdong Beizhi Cepin Network Technology Co., Ltd. (
+東倍智測聘網絡科技股份有限公司), an independent director of
+China Baofeng (International) Limited (formerly known as "Mastercraft
+International Holdings Limited") (+ĦUIKĦRA¬·
+“A”), an independent director of China
+Yuhua Education Corporation Limited (中國宇華教育集團有限公
+), executive (managing) director of Shenzhen Zhengxuan Makerspace
+Technology Limited (深圳市正軒創客空間科技有限公司),
+chairman of Shenzhen Dichuanghui Technology Limited (
+Yang Dong-sheng
+Directors, Supervisors and Senior Management
+BYD Company Limited Annual Report 2018 | 25
+B) and supervisor of Jining City Sky Rail Transportation Co., Ltd.
+(濟寧市雲軌交通有限公司).
+A), supervisor of China Metallurgical New Energy
+Technology Co., Ltd (+), supervisor
+of Chengdu Shudu BYD New Energy Vehicles Co., Ltd (Ł
+迪新能源汽車有限公司), supervisor of Yinchuan Sky Rail Operation
+Co., Ltd. (RR), supervisor of Guang'an City Sky
+Rail Transportation Co., Ltd. (廣安市雲軌交通有限公司), supervisor
+of Shantou City Sky Rail Transportation Co., Ltd. (ÒÅÐ
+Ms. Wang Zhen, aged 43, Chinese national with no right of abode
+overseas, bachelor's degree holder. Ms. Wang graduated from
+Guangdong University of Foreign Studies (in the
+PRC in 1998, majoring in Spanish language and obtained a bachelor
+degree. Ms. Wang joined Shenzhen BYD Battery Company Limited (
+圳市比亞迪實業有限公司) (became BYD Company Limited on
+11 June 2002) in 1998 and served as a manager in overseas Ministry
+of Commerce, officer of the President's office, director of the rail
+transit industry office, Secretary-General of BYD Charity Foundation
+and general manager of BYD Company (Pingshan District). She is a
+Supervisor and a general manager of Human Resources Office of the
+Company and a supervisor of Shenzhen Qianhai Green Transportation
+Co., Ltd. (深圳市前海綠色交通有限公司), a supervisor of
+Shenzhen Electric Power Sales Co., Ltd. (ŪTAR
+A), supervisor of East Shenzhen Sky Rail Investment Construction
+Co., Ltd (深圳東部雲軌投資建設有限公司), supervisor of Qinghai
+Salt Lake BYD Resources Development Co., Ltd. (
+Wang Zhen
+of Xi'an Northern Qinchuan Machinery Corporation Co., Ltd. (
+#)||ĦIĦ), director and the general manager of Xi'an
+Northern Qinchuan Company Ltd.(西安北方秦川集團有限公司).
+He has been a Supervisor of the Company since June 2008 and now
+serves as the deputy general manager of China North Industries Group
+Corporation (中國兵器西北工業集團有限公司) and the chairman
+of Xi'an Northern Qinchuan Company Ltd. (||¶¶®
+公司).
+Mr. Li Yong-zhao, aged 58, Chinese national with no right of abode
+overseas, bachelor's degree holder, and a researcher level senior
+engineer. Mr. Li graduated from Xi'an Institute of Technology (
+I) in August 1982 with a bachelor's degree in Mechanical
+Manufacturing Technology and Equipment. Mr. Li worked as technician,
+office head, deputy director, director, deputy plant manager and held
+other posts in state-owned, 615 Factory, China Industries Group
+Corporation (XXIX¶¶^]). He also acted as the
+general manager of the Sino-foreign joint venture named Baoji Xingbao
+Machinery & Electric Co., Ltd. (), plant manager
+of state-owned Factory 843 China Industries Group Corporation (+
+{XIXIA) since May 2002, director and general manager
+Li Yong-zhao
+) and was engaged in research and development work
+in our Company. He has been a Supervisor and the chairman of the
+Supervisory Committee since July 2002.
+Mr. Dong Jun-qing, aged 85, Chinese national with no right of abode
+overseas, bachelor's degree holder, and a senior engineer at professor
+level. Mr. Dong graduated from Non-Ferrous Metal and Gold Faculty
+in Moscow, USSR in 1959, with a bachelor's degree majoring in
+aluminium and magnesium metallurgy, and obtained the title of USSR
+engineer. Mr. Dong lectured at Non-Ferrous Metallurgy Faculty of
+the Northeast University () in the PRC and
+researched at Beijing Non-Ferrous Research Institute (
+Dong Jun-qing
+Supervisors
+有公司).
+of Peking University (*), an independent
+director of Beijing Novogene Technology Co., Ltd. (AAR
+科技股份有限公司),an independent director of Beijing Sanfo
+Outdoor Products Co., Ltd (北京三夫戶外用品股份有限公司), an
+independent director of Beijing New Universal Science and Technology
+Co., Ltd. (北京萬向新元科技股份有限公司) and an independent
+director of Sinogeo Geophysical Co., Ltd. (
+Ms. Zhang Ran, aged 42, Chinese national with no right of abode
+overseas, doctoral degree holder and associate professor. Ms. Zhang
+graduated from Beijing Jiao Tong University () in
+2002 with a bachelor degree of accountancy and a master degree
+in economics. She obtained a doctoral degree in accountancy from
+Leeds School of Business, University of Colorado at Boulder in 2006.
+Ms. Zhang held positions as a part-time lecturer in Leeds School of
+Business, University of Colorado at Boulder, and as an accounting
+and auditing tax commissioner in Bill Brooks CPA, Boulder, CO, USA.
+She has been an independent non-executive director of the Company
+since September 2014 and now serves as an associate professor of
+accounting and doctoral tutor in Guanghua School of Management
+Zhang Ran
+Directors, Supervisors and Senior Management
+24 BYD Company Limited Annual Report 2018
+Mr. Zou Fei, aged 46, American national, doctoral degree holder,
+chartered financial analyst, and a member of Chinese Finance
+Association of America. Mr. Zou graduated from University of Texas in
+the United States with a master's degree in economics and a doctorate
+in finance. Mr. Zou served as a fund manager of American Century
+Investments and was managing director of the special investment
+department of China Investment Corporation (RIA
+A). He has also served in other capacities including as the former
+chairman of the board of Chinese Finance Association of America and
+an independent director of China Modern Dairy Holdings Ltd (+✯
+1). He has been as an independent non-
+executive Director of the Company since September 2014 and now
+serves as the president of Synergy Capital and an independent director
+of Delta Dunia Makmur TBK PT in Indonesia.
+Zou Fei
+Mr. Wang Zi-dong, aged 61, Chinese national with no right of abode
+overseas, bachelor's degree holder, a senior engineer and a researcher.
+Mr. Wang graduated from Beijing Industrial Institute (currently known
+as Beijing Institute of Technology) (北京工業學院(現北京理工大
+)) in 1982 with a bachelor's degree in engineering. Mr. Wang served
+as a director of China North Vehicle Research Institute (Battery Test
+Center of National 863 Electric Vehicle) (HÀH (2
+863
+TL+)). He has been an independent
+non-executive Director of the Company since September 2014 and now
+serves as an independent non-executive director of Cangzhou Mingzhu
+Plastic_Material Co., Ltd (滄州明珠塑料股份有限公司) and an
+independent director of Beijing Easpring Material Technology Co., Ltd
+(北京當升材料科技股份有限公司).
+Wang Zi-dong
+Independent Non-executive Directors
+chairman of Shenzhen Lianxia Charity Foundation (S
+基金會).
+ĦĦĦRA¬), vice chairman of BYD Charity Foundation and vice
+*), chairman of Annuo Youda Gene Technology
+Huang Jiang-feng
+LAGU
+2,728,142,855
+) since August 2008, and has been a supervisor of the Company
+since September 2014 and now serves as a director and vice president
+of Youngy Investment Holding Group Co., Ltd. (EKA!
+A), general manager of Shenzhen Qianhai Youngy Financial
+Services Company Limited (深圳前海融捷金融服務有限公司),
+a supervisor of Shenzhen Qianhai Youngy High Technology Investment
+Company Limited (深圳前海融捷高新技術投資有限公司), a
+supervisor of Shenzhen Youngy Internet Financial Services Company
+Limited (深圳融捷互聯網金融服務有限公司), general manager
+of Shenzhen Qianhai Youngy Supply Chain Factoring Services Co., Ltd
+(深圳前海融捷供應鏈保理服務有限公司), director and manager
+of Guangdong Youngy Financing Renting Company Limited (
+R), manager of Guangdong Youngy Financing
+Service Company Limited (2), chairman
+of Guangdong Youngy Financing Renting Service Company Limited* (
+2), manager of Guangdong Youngy
+Supply Chain Management Co., Ltd (
+]), the director of Shenzhen Youngy Asset Management Co., Ltd (
+融捷資產管理有限公司) and chairman of the board of supervisors
+of Youngy Co., Ltd (融捷股份有限公司).
+Senior Management
+Wu Jing-sheng
+Mr. Wu Jing-sheng, aged 56, Chinese national with no right of abode
+overseas, master's degree holder. Mr. Wu graduated from Anhui Normal
+University (), majoring in Chinese language. He
+took part in National Examination for Lawyers (±) and
+obtained qualification as a lawyer from the Department of Justice of
+Anhui Province (in 1992. Mr. Wu also passed the
+National Examination for Certified Public Accountants (
+) and obtained qualification as a PRC Certified Public
+Accountant in 1995. In July 2006, he graduated from Guanghua School
+of Management of the Peking University (*#*£%
+B) with an MBA. Mr. Wu joined the Group in September 1995 and is
+Vice President and Chief Financial Officer of the Company, and held
+various positions including a non-executive director of BYD Electronic
+(International) Company Limited (Stock Code: 0285), a director of Tibet
+Shigatse Zhabuye Lithium High-Tech Co., Ltd. (4
+£*ANKARA), a director of Shenzhen Electric Power Sales
+Co.,Ltd.(深圳市深電能售電有限公司) and a director of BYD
+Charity Foundation.
+26 BYD Company Limited | Annual Report 2018
+Directors, Supervisors and Senior Management
+Li Ke
+Ms. Li Ke, aged 49, Chinese national with the right of abode in the
+US, bachelor's degree holder. Ms. Li graduated from Fudan University
+in 1992 with a bachelor's degree in statistics. Ms. Li worked at Asia
+Resources (E) and joined the Group in September 1996. She
+served various positions including Marketing Manager and General
+Sales Manager, executive director and chief executive officer of BYD
+Electronic (International) Company Limited (Stock Code: 0285) and
+is a Vice President of the Company and a director of BYD Charity
+Foundation.
+Lian Yu-bo
+Mr. Lian Yu-bo, aged 55, Chinese national with no right of abode
+overseas, master's degree holder, and a senior engineer. Mr. Lian
+graduated from Nanjing University of Aeronautics and Astronautics (
+) in July 1986, with a bachelor's degree majoring
+in aircraft manufacturing engineering. In September 2000, he obtained
+a professional MBA degree from Nanjing University. Mr. Lian joined the
+Company in February 2004 and is a Vice President of the Company
+and chief engineer of the automobile business. He is also a director of
+Shenzhen DENZA New Energy Automotive Co., Ltd. (K
+A) (formerly known as "Shenzhen BYD Daimler New
+Technology Co., Ltd.”(深圳比亞迪戴姆勒新技術有限公司) and
+a director of BYD Charity Foundation.
+He Long
+Mr. He Long, aged 47, Chinese national with no right of abode overseas,
+master's degree holder. Mr. He graduated from Peking University in
+1999 and obtained a bachelor's degree of science in applied chemistry,
+an LLB and a master's degree in inorganic chemistry. Mr. He joined
+the Group in July 1999 and held positions as quality control manager
+of Division 1 and Division 2, deputy general manager of Division 2 and
+vice-chairman of Foshan Jinhui Hi-Tech Optoelectronic Material Co.,
+Ltd. (佛山市金輝高科光電材料有限公司). He is a Vice President
+of the Company, CEO of Battery Division, general manager of Division
+2, a director of Tibet Shigatse Zhabuye Lithium High-Tech Co., Ltd. (
+藏日喀則紮布耶鋰業高科技有限公司), a director of Qinghai
+Salt Lake BYD Resources Development Co., Ltd. (ŁEŁ
+A), a director of China Metallurgical New Energy
+director of BYD Charity Foundation.
+Liu Huan-ming
+Mr. Liu Huan-ming, aged 56, Chinese national with no right of abode
+overseas, master's degree holder, and a senior engineer. Mr. Liu
+graduated from Northeastern Institute of Technology (
+(currently known as Northeastern University) in 1988 with a bachelor's
+degree and later a master's degree in Metallurgical physics. Mr. Liu
+worked for the Iron and Steel Institute of Panzhihua Iron and Steel
+Company in Sichuan (四川攀枝花鋼鐵公司鋼鐵研究院) and
+Benxi Iron and Steel Company in Liaoning (遼寧本溪鋼鐵公司).
+He joined the Group in March 1997 and served as a general manager
+of Human Resources Office and Department of New Energy Vehicle
+Direct Sale Management. He is currently a Vice-President and a general
+manager of Division 3 of the Rail Department of the Company, and a
+director of BYD Charity Foundation.
+Luo Hong-bin
+Mr. Luo Hong-bin, aged 53, Chinese national with no right of abode
+overseas, master's degree holder and a senior engineer at professor
+level. Mr. Luo graduated from Air Force Engineering University in
+1990, with a master's degree in computer application. Mr. Luo joined
+the Company in October 2003. He served various posts including
+manager of the third Electronics Sub-division of Division 15, director
+of the Institute of Electric vehicles and president of the Electric Power
+Research Institute. He currently is a Vice President of the Company,
+general manager of Division 14, general manager of Division 17, a
+director of Beijing Hualin Special Vehicle Co., Ltd. (MED
+A) and a director of BYD Charity Foundation.
+BYD Company Limited Annual Report 2018 | 27
+), Dongguan Hsu Fu Chi Foods Co., Ltd.
+(東莞徐福記食品有限公司) and Guangzhou Office of Guosen
+Securities (N). He has been working in Youngy
+Investment Holding Group Co., Ltd. (ITRA
+100.00
+Mr. Huang Jiang-feng, aged 39, Chinese national with no right of
+abode overseas, bachelor's degree holder. Mr. Huang graduated from
+Zhongnan University of Economics and Law (+)
+in 2003 with a bachelor's degree in administration. Mr. Huang held
+positions in Sinopec Chenzhou Petroleum Branch in Hunan (+
+Management Discussion and Analysis
+33.54
+915,000,000
+66.46
+1,813,142,855
+(%)
+Percentage
+Number of
+shares issued
+Total
+H shares
+Domestic shares
+During the reporting period, the Company had no significant
+environmental protection or social security issues.
+Environmental Protection and Social Security
+Please refer to note 41 to the financial statements for details of
+contingent liabilities.
+Contingent Liabilities
+Please refer to note 44 to the financial statements for details of capital
+commitments.
+Capital Commitment
+During the reporting period, there was no significant investment held,
+material acquisition and disposal of subsidiaries, associates and joint
+ventures.
+Significant Investment Held and Material
+Acquisitions and Disposals of Subsidiaries,
+Associates and Joint Ventures
+The Company did not redeem any of its shares during the period from
+1 January 2018 to 31 December 2018. During the period, neither
+the Company nor any of its subsidiaries purchased or sold any of the
+Company's shares.
+Purchase, Sale or Redemption of Shares
+As at 31 December 2018, the share capital of the Company was as
+follows:
+Share Capital
+As at 31 December 2018, the Group had approximately 221,000
+employees. During the period, total staff cost accounted for approximately
+17.45% of the Group's turnover. Employees' remuneration was determined
+based on performance, qualifications and prevailing industry practices,
+with compensation policies being reviewed on a regular basis. Bonuses
+and commission were also awarded to employees, based on their annual
+performance evaluation. Incentives were offered to encourage personal
+motivation.
+Employment, Training and Development
+Most of the Group's income and expenditure are settled in RMB
+and US dollar. During the period, the Group did not experience any
+significant difficulties in or impacts on its operations or liquidity due to
+fluctuations in currency exchange rates. The directors believe that the
+Group has sufficient foreign exchange to meet its own foreign exchange
+requirements and will adopt practical measures to prevent exposure to
+exchange rate risk.
+Exposure to Foreign Exchange Risk
+At 31 December 2018, certain items of the Group's land and buildings
+with a net carrying amount of approximately RMB220,370,000 (2017:
+RMB73,807,000) were pledged to secure general banking facilities
+granted to the Group; and certain items of the Group's construction in
+progress with a net carrying amount of approximately RMB4,754,000
+(2017: RMB9,210,000) were pledged to secure general banking facilities
+granted to the Group. Further, at 31 December 2018, a pledged bank
+deposit of RMB1,583,861,000 (2017: RMB323,249,000) was pledged
+for bank acceptance bills and Guarantee deposits, and restricted bank
+deposit was RMB317,177,000.
+BYD Company Limited Annual Report 2018 | 19
+Technology Co., Ltd (and a
+200
+Company Secretary
+Meeting
+Committee
+Attended
+Attendance Rate
+WANG Chuan-fu
+XIA Zuo-quan
+1/1
+100%
+1/1
+100%
+ZOU Fei (Chairman)
+WANG Zi-dong
+ZHANG Ran
+1/1
+100%
+1/1
+100%
+1/1
+the Remuneration
+100%
+Committee
+Number of
+the Audit Committee;
+the Remuneration Committee;
+the Nomination Committee; and
+the Strategy Committee.
+Each Committee reports regularly to the Board, addressing major issues
+and findings with valuable recommendations for the decision making of
+the Board. The particulars of these Committees are set out hereunder.
+BYD Company Limited Annual Report 2018 | 31
+Corporate Governance Report
+Audit Committee
+One of the primary duties of the Audit Committee is to review the
+financial reporting process and the risk management and internal
+control systems of the Group. As at 31 December 2018, Audit
+Committee consists of three independent non-executive Directors,
+namely Mr. Wang Zi-dong, Mr. Zou Fei and Ms. Zhang Ran, and a
+non-executive Director, Mr. Lv Xiang-yang, with Ms. Zhang Ran as
+the chairwoman. Meetings were convened by the Company's Audit
+Committee and the Company's auditors to review the accounting
+policies and practices adopted by the Group and to discuss auditing,
+internal control, risk management and financial reporting matters before
+recommending them to the Board for approval.
+The terms of reference of the Audit Committee follows the guidelines
+set out by the Hong Kong Institute of Certified Public Accountants, the
+Listing Rules and the provisions of the Code and is published on the
+websites of the Stock Exchange and the Company.
+The Audit Committee held four meetings in 2018 to review the internal
+and external audit findings, the accounting principles and practices
+adopted by the Group, Listing Rules and statutory compliance,
+deliberate its relationship, remuneration and appointment terms
+and independence with the external auditor with reference to its
+work performance and to make recommendations to the Board of
+Directors regarding the reappointment of the external auditor, as
+well as to discuss auditing, internal controls, risk management and
+financial reporting matters including financial statements for the year
+ended 31 December 2017, the three months ended 31 March 2018,
+the six months ended 30 June 2018 and the nine months ended
+30 September 2018, before recommending them to the Board for
+approval, and performed its other duties under the Code. The individual
+attendance of its members of the meetings is set out as follows:
+Remuneration Committee
+The Board of Directors established a Remuneration Committee on
+27 June 2005. The primary role of the Remuneration Committee
+is to regularly review human resource management policies, make
+recommendations on the remuneration packages, compensation and
+benefit plans of Directors and senior management, as well as setting
+performance goals for senior management of the Group. As at 31
+December 2018, the Remuneration Committee comprises Mr. Wang
+Chuan-fu, Mr. Xia Zuo-quan, Mr. Wang Zi-dong, Mr. Zou Fei and Ms.
+Zhang Ran, with Mr. Zou Fei as the chairman.
+The Remuneration Committee has reviewed its terms of reference,
+which is available on the websites of the Stock Exchange and the
+Company, in 2018 to comply with the Code.
+In terms of the summary of the work of the Remuneration Committee,
+the Remuneration Committee held one meeting in 2018 to, among
+others, assess the performance of executive Directors and review the
+remuneration of Directors, supervisors and senior management of the
+Group. The individual attendance of its members of the meeting is set
+out as follows:
+Member of
+ངངང
+Number of
+Committee
+The primary goal of the Group's remuneration policy for executive
+Directors is to enable the Company to retain and motivate executive
+Directors by linking their compensation with their individual
+performance as measured against the corporate objectives and the
+Group's operating results and taking into account of comparable market
+conditions. For the remuneration of the executive Directors and senior
+management, the Remuneration Committee make recommendations
+to the Board on the remuneration packages of individual executive
+directors and senior management (adopting the model described
+in code provision B.1.2(c)(ii) of the CG Code) which would then be
+reviewed and subject to approval by the Board. The remuneration
+package of the executive Directors would also be subject to approval
+by shareholders at general meetings. The principal elements of the
+remuneration package of executive Directors include basic salary and
+discretionary bonus. The remuneration of non-executive Directors
+includes mainly the Director's fee. The Company reimburses reasonable
+expenses incurred by Directors in the course of their carrying out of
+duties as Directors.
+Directors do not participate in decisions on their own remuneration.
+The emoluments paid to each Director for the year ended 31 December
+2018 are set out in note 9 to the financial statements.
+Remuneration of Senior Management During the Year
+Remuneration by bands
+RMBO to RMB3 million
+RMB3 million to RMB7 million
+Nomination Committee
+Number of
+senior
+management
+3
+10
+The Group has established the Nomination Committee. As at 31
+December 2018, the Nomination Committee comprises Mr. Wang
+Chuan-fu, Mr. Lv Xiang-yang, Mr. Wang Zi-dong, Mr. Zou Fei and Ms.
+Zhang Ran, with Mr. Wang Zi-dong as the chairman. The Nomination
+Committee has been delegated with the powers and authorities
+to review the structure, size and composition of the Board, make
+recommendation to the Board on selection of individuals nominated for
+directorships and senior management, appointment and reappointment
+of Directors and succession planning for Directors and assess the
+independence of independent non-executive Directors and determine
+the policy for the nomination of Directors.
+In light of the latest amendments made to the Corporate Governance
+Report as set out in Appendix 14 to the Listing Rules, the Board has
+further adopted the revised terms of reference of the Nomination
+Committee. For more details on such terms of reference, please refer to
+the websites of the Company and the Stock Exchange.
+The Nomination Committee has also adopted a nomination policy
+(the "Nomination Policy") which includes the selection criteria and
+nomination procedures of new appointments and re-appointments
+of directors. The selection criteria for assessing candidates include,
+in particular, his/her educational background and professional
+qualifications, experiences in the industry, personality and integrity,
+as well as his/her contributions to diversity of the Board according to
+the Board Diversity Policy. In the case of re-appointment of Directors,
+the Nomination Committee would take into account factors such
+as contribution from the retiring Directors. Where the candidate is
+appointed for the position of independent non-executive Director, the
+Nomination Committee will also assess his/her independence with
+reference to the requirements set out in the Listing Rules. In appointing
+a new Director, the Nomination Committee and/or the Board will
+first identify potential candidates. After the Nomination Committee
+evaluated the candidates based on the selection criteria, the Nomination
+Committee will nominate one or more qualified candidates for the
+Board's consideration and the Board will determine and agree on
+a preferred candidate. The Company and/or the Chairman of the
+Board will then negotiate the terms of appointment with the preferred
+candidate. Finally, the Chairman of the Board, in consultation with
+the chairman of the Remuneration Committee and the chairman of
+the Nomination Committee will then finalise a letter of appointment
+for the Board's approval. The Nomination Committee shall ensure the
+transparency and fairness of the selection procedure and continue
+to adopt diverse selection criteria during the appointment procedure,
+taking into consideration a range of elements such as age, educational
+background, professional experience, industrial skills and professional
+knowledge. Since its establishment, the Nomination Committee has
+assumed the roles of reviewing such diverse selection policy at the
+nomination level and maintaining a diversified spectrum of varying
+perspectives, educational background and professional knowledge in
+the Board.
+Remuneration Policy for Directors
+Corporate Governance Report
+32 BYD Company Limited | Annual Report 2018
+100%
+Member of
+Meetings
+the Audit Committee
+Attended
+Attendance Rate
+LV Xiang-yan
+4/4
+In furtherance of good corporate governance, the Board has set up a
+number of committees, including:
+100%
+4/4
+100%
+WANG Zi-dong
+4/4
+100%
+ZOU Fei
+4/4
+ZHANG Ran (Chairwoman)
+BYD Company Limited Annual Report 2018 | 33
+ངངང
+0/2
+dividend policies; and other significant operational and financial matters.
+30 BYD Company Limited | Annual Report 2018
+Corporate Governance Report
+The Directors decide on corporate strategies, approve overall business
+plans and supervise the Group's financial performance, management
+and organization on behalf of the shareholders. Specific tasks that the
+Board delegates to the Group's management included the preparation
+of annual and interim accounts for the Board's approval before public
+reporting; implementation of strategies approved by the Board; the
+implementation of internal control procedures; and the ensuring of
+compliance with relevant statutory requirements and other regulations
+and rules.
+In accordance with the Company's Articles of Association and related
+Board resolutions, each Board member and each member of the
+Supervisory Committee is appointed for a term of 3 years, being the
+period from 8 September 2017 to 7 September 2020.
+Continuous Professional Development of
+Directors
+Newly appointed Directors of the Company will be provided with
+relevant induction materials to assist them to fully understand the
+Company's operations, business and governance policies and their
+responsibilities and duties as a director under the requirements of
+the relevant laws and regulations, such as the Listing Rules. This will
+also help the directors to gain insights in the Company's business and
+operation. In order to ensure adequate performance of duties by the
+independent non-executive Directors, the Company will also arrange
+on-site visits and sufficient communication with the management for
+the independent non-executive Directors. Pursuant to the corporate
+governance requirements, the Directors participated in continuous
+professional development programme to develop and update their
+knowledge and skills. The particulars of the trainings of each Director
+are as follow:
+Name of Director
+Executive Director
+Wang Chuan-fu
+Non-executive Director
+Lv Xiang-yang
+Xia Zuo-quan
+Independent
+Non-executive Director
+The Board met twenty-six times this year to discuss the Group's overall
+strategy, operation, financial performance and review the status of
+regulatory compliance. The Board also ensures that it is supplied in a
+timely manner with all necessary information in a form and of a quality
+appropriate to enable it to discharge its duties. All Board meetings
+adhere to a formal agenda in which a schedule of matter is specifically
+addressed to the Board for its decision. Topics discussed at these Board
+meetings include, among others, quarterly, interim and annual results;
+recommendations on the remuneration of Directors and supervisors,
+recommendations of auditors, approval of major capital project;
+Wang Zi-dong
+The Company has arranged appropriate insurance cover in respect
+of legal actions against its Directors and senior management with the
+extent of this insurance being reviewed each year.
+The Group believes that its executive and non-executive Directors
+composition are well balanced with each Director having sound
+knowledge, experience and/or expertise relevant to the business
+operations and development of the Group. All Directors are aware of
+their collective and individual responsibilities to the Shareholders and
+have exercised their duties with care, skill and diligence, contributing to
+the successful performance of the Group for the Year under review.
+BYD Company Limited Annual Report 2018 | 29
+Corporate Governance Report
+The Board of Directors believes that good corporate governance is
+an essential element in enhancing the confidence of current and
+potential shareholders, investors, employees, business partners and the
+community as a whole. To this end, we strive to promote and uphold the
+highest standard of corporate governance.
+The Company has put in place corporate governance practices to
+comply with all the provisions and most of the recommended best
+practices of the Corporate Governance Code (the "Code") as set out
+in Appendix 14 of the Rules Governing the Listing of Securities on the
+Stock Exchange (the “Listing Rules") except for the deviation from the
+code provisions A.2.1 and A.6.7.
+Code provision A.2.1 provides that the roles of chairman and chief
+executive officer should be separate and should not be performed by
+the same individual. Mr. Wang Chuan-fu is the Chairman and Chief
+Executive Officer of the Company. The Board considers that this
+structure will not impair the balance of power and authority between the
+Board and the management of the Company. The balance of power and
+authority is ensured by the operations of the Board, which comprises
+experienced and high caliber individuals and meets regularly to discuss
+issues affecting operations of the Group. The Board believes that this
+structure is conducive to strong and consistent leadership, enabling
+the Group to make and implement decisions promptly and efficiently.
+The Board has full confidence in Mr. Wang and believes that this
+appointment to the posts of Chairman and Chief Executive Officer is
+beneficial to the business prospects of the Company.
+Code provision A.6.7 stipulates that independent non-executive
+Directors and non-executive Directors should attend general meetings.
+Due to important business engagements and logistics reasons at
+the relevant time, not all independent non-executive Directors and
+non-executive Directors attended the annual general meeting of the
+Company held on 20 June 2018 and the extraordinary general meeting
+held on 9 May 2018 and 30 October 2018.
+During the reporting period, except for the deviation from code
+provisions A.2.1 and A.6.7 as explained above, the Directors are of the
+opinion that the Company had complied with all applicable provisions of
+the Code.
+Since the publication of the latest annual report of the Company, Ms.
+Zhang Ran has resigned as an independent non-executive Director
+of United Electronics Co., Ltd. (ÀŻĦĦBA
+) (a company listed on the Shenzhen Stock Exchange (stock code:
+002642)), since 12 October 2018; and appointed as an independent
+non-executive director of Sino Geophysical Co., Ltd. (
+源技術股份有限公司) (a company listed on the Shenzhen Stock
+Exchange (stock code: 300191)) on 13 November 2018.
+Save as disclosed above, there is no other information required to be
+disclosed pursuant to Rule 13.51B (1) of the Listing Rules.
+Board of Directors
+Accountable to the Shareholders, the Board of Directors is collectively
+responsible for formulating the strategic business direction of the Group
+and setting objectives for management, overseeing its performance and
+assessing the effectiveness of management strategies. The Board is
+also responsible for, and has during the Year performed the corporate
+governance duties set out in code provision D.3.1 of the Code (including
+the determining of the corporate governance policy of the Company).
+The Directors
+As of the date of this report, the Board comprises six Directors. There
+is one executive Director who is the President, two non-executive
+Directors and three independent non-executive Directors. Detailed
+biographies outlining each individual Director's range of specialist
+experience and suitability of the successful long-term running of the
+Group are set out on page 22 to page 24 of this annual report.
+The Company has received from each of the independent non-executive
+Directors an annual confirmation of his independence as required
+under the Listing Rules. The Company considers all independent
+non-executive Directors to be independent.
+Zou Fei
+Zhang Ran
+Training/seminars
+26/26
+0/1
+1/2
+26/26
+1/1
+0/2
+Independent
+Non-executive Director
+26/26
+1/1
+0/2
+26/26
+1/1
+1/2
+26/26
+1/1
+1/2
+12
+དྱུང
+==
+participated Reading materials
+✓
+✓
+Board Meetings
+To ensure the highest attendance of Directors, written notices are sent
+to all Directors 14 days before a regular board meeting; written notices
+are sent to all Directors 2 days before a provisional board meeting. The
+meeting agenda is set in consultation with members of the Board. The
+Board held twenty six meetings in 2018. The attendance of individual
+Director at the Board meetings as well as general meetings in 2018 is
+set out below:
+Annual Extraordinary
+General
+WANG Zi-dong
+ZOU Fei
+ZHANG Ran
+General
+Board Meetings
+Meeting
+Meetings
+Executive Director
+WANG Chuan-fu
+Non-executive Director
+LV Xiang-yang
+XIA Zuo-quan
+26/26
+1/1
+Members of the Board
+Corporate Governance Report
+During the Year, no actual meeting was held by the Nomination
+Committee, but members meet and communicate as and when
+required, through which the Committee has, among other things,
+considered the structure, size, composition and diversity of the Board
+and reviewed the standards and procedures for selection of directors
+and senior management.
+The Board has adopted the Board Diversity Policy, which sets out the
+approach to diversity of Board members. The Company recognises
+the importance of diversity to corporate governance and an effective
+Board. The Board Diversity Policy aims to set out the approach to
+achieve Board diversity, so as to ensure that the Board members
+possess appropriate skills, experience and diverse views necessary for
+the business of the Company. In determining the Board composition,
+the Board and Nomination Committee consider a range of diversity
+elements, including but not limited to gender, age, cultural and
+education background, professional experience, skills and knowledge.
+All appointments of the Board will be made based on merit and
+objective criteria while taking into full account of the interest of Board's
+diversity.
+Board of Directors
+Risk Management and Internal Control Framework
+The Company's risk management system is composed of
+well-established organizational structure as well as all-rounded policies
+and procedures. Responsibilities of each business and functional
+department are clearly defined to ensure effective balance. The
+Company's risk management and internal control structure comprises
+of:
+Corporate Governance Report
+34 BYD Company Limited | Annual Report 2018
+Various measures have been designed for safeguarding assets against
+unauthorized use or disposition; for maintaining proper accounting
+records and for the reliability of financial information used within
+the business or for publication. The Company's systems of risk
+management and internal control are designed to manage rather than
+eliminate the risk of failure to achieve business objectives, and can
+only provide reasonable but not absolute assurance against material
+errors, losses or fraud. The Board considers that the Company is fully
+compliant with the provisions of risk management and internal control
+as set forth in the Corporate Governance Code.
+The Board confirms its responsibility for risk management and
+internal control, and for reviewing their effectiveness through the Audit
+Committee at least annually. The Audit Committee assists the Board in
+performing its responsibilities for supervision and corporate governance,
+covering financial, operational, compliance, risk management and
+internal control functions of the Company.
+Risk Management and Internal Control
+The Board has proposed to re-appoint Ernst & Young as the
+international auditor of the Company for 2019 and Ernst & Young
+Hua Ming (LLP) as the domestic auditors for 2019, which is subject
+to approval by shareholders at the forthcoming annual general
+meeting. There was no disagreement between the Board and the Audit
+Committee on the selection and reappointment of the external auditor
+during the year under review.
+The statement of external auditor of the Company about his reporting
+responsibilities on the Company's consolidated financial statements
+for the year ended 31 December 2018 is set out in the section headed
+"Independent Auditor's Report" in this annual report.
+The Directors have acknowledged their responsibilities for preparing the
+consolidated financial statements of the Company for the year ended 31
+December 2018.
+RMB1,050,000
+RMB250,000
+RMB1,050,000
+RMB198,000
+2017
+Ms. Zhang Ran
+Mr. Zou Fei
+Independent non-executive directors:
+Mr. Wang Zi-dong
+Mr. Xia Zuo-quan
+Details of the movements in share capital of the Company are set out in
+note 38 to the financial statements.
+During the Year, neither the Company nor any of its subsidiaries
+purchased, sold or redeemed any of the listed securities of the
+Company.
+Distributable Reserves
+Distributable reserves of the Company as at 31 December 2018,
+calculated under the relevant legislation applicable in the PRC,
+the Company's place of incorporation, amounted to approximately
+RMB1,171,027,000 (2017: RMB1,574,639,000).
+Bank Loans
+As at 31 December 2018, details of bank loans of the Group are set out
+in note 34 to the financial statements.
+•
+Pre-Emptive Rights
+Five-Year Financial Summary
+A summary of the results and of the assets and liabilities of the Group
+for the last five financial years is set out on pages 2-3 and page 166 of
+this annual report.
+Directors
+The Directors who held office during the year ended 31 December
+2018 and up to the date of this report are:
+Executive director:
+Mr. Wang Chuan-fu
+Non-executive directors:
+Mr. Lv Xiang-yang
+The Board's Diversity Policy
+Evaluating and determining the nature and magnitude of the
+risks to be assumed by the Company, to achieve its business and
+strategic goals;
+Ensuring that the Company has established and maintained
+appropriate and effective risk management and internal control
+system;
+Supervising the designing, implementation and inspection of the
+risk management and internal control system by the management
+team.
+In 2018, the Board reviewed the soundness and effectiveness of
+the Group's risk management and internal control systems, covering
+financial, operational and compliance control, with an self-evaluation
+report issued on the internal control. In addition, the Company retained
+an auditor to audit the effectiveness of the internal control related to the
+Company's financial reports, and to provide independent and objective
+assessment and suggestions in the form of auditor's report. The Board
+considers that the Company's risk managements and internal control
+systems are effective and adequate.
+Internal Audit
+The Group has an Internal Audit Department which, equipped with
+independent internal audit system, plays an important role in the
+Group's risk management and internal control framework. The Internal
+Audit Department reports directly to the Audit Committee. The annual
+and quarterly work plans of the Internal Audit Department are reviewed
+by the Audit Committee and reported to the Audit Committee regularly.
+Major audit findings will be reported on timely basis. Based on its
+consideration, the Audit Committee will provide advices to the Board
+and the Senior Management, with subsequent measures taken to
+review the implementation of the rectification and improvement plans.
+BYD Company Limited Annual Report 2018 | 35
+Corporate Governance Report
+Disclosure of Inside Information
+Annual Review
+The Group has put in place a set of policy for the disclosure of inside
+information which sets out the procedures and internal controls
+for the handling and dissemination of inside information in a timely
+manner and in compliance with the Securities and Futures Ordinance
+(Chapter 571 of the Laws of Hong Kong). Unless the inside information
+falls within any of the safe harbors as permitted under the Securities
+and Futures Ordinance, the Group is required to disseminate such
+information through the electronic publication system operated by the
+Stock Exchange to the public in a timely manner. All Directors, officers
+and relevant employees are required to take reasonable precautions
+for preserving the confidentiality of inside information and the relevant
+announcement (if applicable) before publication. If the Group believes
+that the necessary degree of confidentiality cannot be maintained, the
+Group will immediately disclose the information to the public as soon as
+reasonably practicable. The policy and its effectiveness are subject to
+review on a regular basis.
+The Company has adopted the Model Code for Securities Transactions
+by Directors of Listed Issuers (the "Model Code") contained in Appendix
+10 of the Listing Rules as the Company's code of conduct regarding
+securities transactions by its Directors. Having made specific enquiry
+of all Directors, the Company confirmed all Directors have complied
+with their obligations under the Model Code regarding their securities
+transactions during the Year.
+Specified employees who are likely to be in possession of inside
+information of the Group are also subject to compliance with the Model
+Code. No incident of non-compliance was noted by the Company in
+2018.
+Shareholders' Rights
+Under the Company's Articles of Association, any one or more
+Shareholders holding not less than one-tenth of the paid up capital of
+the Company carrying the right of voting at general meetings of the
+Company shall at all times have the right, by written requisition to the
+Board to require an extraordinary general meeting to be called by the
+Board for considering any matters specified in such requisition.
+Further, pursuant to the Company's Articles of Association, Shareholders
+individually or jointly holding no less than 3% of the Company's shares
+may submit an extempore proposal to the convener of a general
+meeting in writing ten days prior to date of the meeting. The convener
+shall dispatch a supplementary notice of general meeting and announce
+the contents of such extempore proposal within two days upon receipt
+of the proposal.
+Furthermore, a Shareholder may propose a person other than a retiring
+Director for election as a Director at a general meeting. For such
+purpose, the Shareholder must send to the Board a notice in writing of
+the intention to propose a person for election as a Director and notice
+in writing by that person of his or her willingness to be so elected,
+no earlier than the day after the dispatch of the notice of the relevant
+general meeting and not later than 7 days prior to the date appointed
+for the relevant general meeting.
+Directors' Securities Transactions
+Share Capital
+Major risks and related control measures are reviewed and upgraded on
+an ongoing basis to ensure proper internal control procedures in place.
+Based on the testing results, persons in charge confirm with the Senior
+Management that internal control measures have played their roles as
+expected, their weakness identified in the control have been corrected,
+and risk management policies and internal control procedures have
+been revised, in the event of any major changes. The Board and the
+Audit Committee supervise the control activities of the management
+team to ensure the effectiveness of the control measures.
+Identification, Evaluation and Management of
+Major Risks
+Audit Committee
+.
+Assisting the Board in performing its duties of risk management
+and internal control systems;
+Supervising the Company's risk management and internal control
+system on an ongoing basis, to provide opinions and suggestions
+with regard to the improvement of the risk management and
+internal control systems;
+Reviewing the effectiveness of the Company's risk management
+and internal control systems at least once a year;
+Ensuring that the Company has sufficient resources, staff
+qualifications and experiences in accounting, internal audit and
+financial reporting functions.
+The management team and relevant staff identify risks that may exert
+potential impacts on the Company and its operation, and evaluate risks
+in environment and process of the control. Through comparison of the
+risk appraisal results and risk prioritization, risk management strategies
+and internal control procedures are determined to prevent, avoid or
+reduce risks.
+Management Team
+Identifying, evaluating and managing risks that may exert
+potential impacts on major operational procedures;
+Responding to and following up with in a timely manner with
+regard to the investigation results of risk management and
+internal control issues raised by the Internal Audit Department;
+Providing opinions to the Board and the Audit Committee on the
+acknowledgment of the effectiveness of the risk management and
+internal control systems.
+Internal Audit Department
+Reviewing the due effectiveness of the Company's risk
+management and internal control systems;
+Reporting the audit results and making suggestions to the Audit
+Committee, to improve major drawbacks of the systems or finding
+the deficiency of the control.
+Designing, implementing and inspecting the risk management
+and internal control systems;
+Details of the movements in property, plant and equipment of the Group
+and the Company are set out in note 14 to the financial statements.
+There is no provision for pre-emptive rights under the Company's Article
+of Association and there is no similar restriction against such rights
+under the laws of the PRC in respect of joint stock limited company,
+which would oblige the Company to offer new shares on a pro-rata
+basis to existing shareholders.
+Charitable and other donations made by the Group during the year
+ended 31 December 2018 amounted to RMB22,311,000 (2017:
+RMB11,775,000).
+M
+(IV) The profit distributed by the Company in cash each year shall not
+be less than 10% of the realized distributable profit for the year,
+provided that the following cash dividend conditions are satisfied
+and the capital needs for the normal production operation and
+development of the Company are met. The cumulative profit for
+distribution in cash for any three consecutive years shall not be
+less than 30% of the average annual distributable profit for such
+three years;
+After the profit distribution plan is approved at the general
+meeting of the Company, the Board of Directors of the Company
+shall complete the distribution of the dividends within two months
+after convening of the shareholders' general meeting.
+(III) The Company's profit distribution shall be prepared by the
+Board of Directors in accordance with the Company's operating
+conditions and the relevant requirements of China Securities
+Regulatory Commission and shall be considered and approved at
+the shareholders' general meeting.
+The Company may adopt to distribute profit in cash, in shares
+or in a combination of both cash and shares or as otherwise
+permitted by the laws and regulations. When the conditions for
+cash dividend are satisfied, cash dividend shall be the priority
+method of profit distribution.
+The Company's profit distribution policy shall focus on providing
+investors with reasonable investment return as well as
+maintaining the sustainable development of the Company. The
+Company's profit distribution shall not exceed the range of the
+accumulated distributable profits or damage the Company's
+ability to continue operations. A sustained and steady profit
+distribution policy shall be implemented.
+(1)
+Property, Plant and Equipment
+The results of the Group for the year ended 31 December 2018 are set
+out in the consolidated financial statements and their notes on page 44
+to page 165 of this annual report.
+Results and Appropriations
+An analysis of the Group's performance for the year ended 31
+December 2018 by business and geographical segments is set out in
+Note 4 to the financial statements.
+The principal activities of the Group are automobile business (including
+traditional fuel-powered vehicles and new energy vehicles), handset
+components and assembly business as well as rechargeable battery
+and photovoltaic business. The Group also takes advantage of its
+technological superiority to actively develop the urban rail transportation
+business segment. The activities of the Company's subsidiaries are
+set out in note 1 to the financial statements. There were no significant
+changes in the nature of the Group's principal activities for the year
+ended 31 December 2018. Further discussion and analysis of principal
+activities are set out in the Management Discussion and Analysis on
+pages 10 to 19 of the annual report.
+Principal Activities and Geographical Analysis
+of Operations
+The directors of the Company ("Board") submit their report together
+with the audited consolidated accounts of BYD Company Limited (the
+"Company") and its subsidiaries (together with the Company hereinafter
+collectively referred to as the "Group") for the year ended 31 December
+2018.
+(1)
+Report of the Directors
+During the Year, there has not been any significant change in the
+Articles of Association of the Company.
+The Company believes that effective communication with investors is
+essential for enhancing investors' knowledge and understanding of the
+Company. To achieve this, the Company pursues a proactive policy of
+promoting investor relations and communications. The main purpose
+of the Company's investor relations policy, therefore, is to enable
+investors to have access, on a fair and timely basis, to information that
+is reasonably required for making the best investment decisions.
+Investor Relations
+Shareholders may send their requisitions and enquiries requiring the
+Board's attention to the Company Secretary at the Company's principal
+place of business in Hong Kong at Unit 1712, 17th Floor, Tower 2 Grand
+Central Plaza, No. 138 Shatin Rural Committee Road, New Territories,
+Hong Kong. Other general enquiries can be directed to the Company
+through our Investor and Media Relations Consultant, whose contact
+information is disclosed in the section headed "Corporate Information"
+of this annual report.
+2018
+Review of interim results
+Other non-audit services
+Item
+For the year ended 31 December 2018, the total remuneration paid
+to the international auditors, Ernst & Young and the domestic auditors,
+Ernst & Young Hua Ming (LLP), was RMB6,898,000 for audit services
+and non-audit services provided for the Company and its subsidiaries.
+The audit fee was approved by the Board. During the reporting period,
+the total remuneration in respect of the non-audit services provided was
+RMB1,248,000.
+Independent Auditors and their Remuneration
+Mr. Li Qian, Company Secretary of the Company, is a full-time staff
+of the Group, and is familiar with the daily affairs of the Company.
+During the financial year, the Company Secretary had complied with
+the relevant professional training requirements under Rule 3.29 of
+the Listing Rules. The biographical details of the Company Secretary
+are set out in the section headed "Directors, Supervisors and Senior
+Management" in this annual report.
+The Group established the Strategy Committee on 20 March 2008. As
+at 31 December 2018, the Strategy Committee comprised Mr. Wang
+Chuan-fu, Mr. Lv Xiang-yang, Mr. Xia Zuo-quan, Mr. Wang Zi-dong and
+Mr. Zou Fei, with Mr. Wang Chuan-fu as the chairman. The main duty of
+the Strategy Committee is to consider and make recommendations on
+the Company's long-term development strategy and major investment
+decisions.
+Strategy Committee
+The Nomination Committee has performed the above duties during the
+Year.
+The selection of candidate will be based on a range of diversity
+elements and measurable objectives which will be reviewed regularly.
+Such measurable objectives shall include, but not limited to, gender,
+age, cultural and educational background, professional experience,
+skills, knowledge and/or terms of service. The final decision will
+be made according to the strengths of the candidate and his/her
+contribution that would bring to the Board. Having considered the
+business needs of the Company, the Nomination Committee considers
+that the current Board is sufficiently diversified in terms of its skills,
+experience, knowledge and independence.
+36 BYD Company Limited | Annual Report 2018
+The distributable profit (i.e. the Company's profit after tax
+net of loss and contribution of security provident fund)
+realized by the Company for the year or half year is positive
+in value and the cash flow is sufficient. The payment of
+cash dividends will not affect the subsequent continuing
+operation of the Company;
+Dividend Distribution Policy
+The audit firm issues an unqualified audited financial report
+of the Company for the year.
+Principal risks and uncertainties facing the Group
+Please refer to note 46 to the financial statements for details of the
+main financial risks facing the Group and the Group's management
+objectives and policies regarding such risks. In addition to such financial
+risks, the Directors are of the view that any material change in relevant
+government policies (such as the Chinese Government's policies on
+economic development and environmental protection) is also one of the
+principal risks and uncertainties that may affect the Group's business.
+Environmental policies
+The Group has been a positive respondent to environmental protection.
+While helping reduce energy consumption through green products,
+the Group also focuses on reducing the direct impacts of its operation
+on the environment. By introducing an energy management system,
+promoting the replacement of traditional energy with renewable energy
+and saving energy through technical and management means, BYD
+continues to reduce its own energy consumption and carbon dioxide
+emissions.
+38 | BYD Company Limited | Annual Report 2018
+Report of the Directors
+Regulatory compliance
+The business review set out on page 11 to 14 of the annual report shall
+form an integral part of this Report of the Directors.
+BYD requires stringent compliance with laws, social norms, professional
+ethics and internal regulations in its worldwide operations. The Group
+has established a Law and Regulation Management Committee which
+monitors, supervises and inspects, regularly and from time to time, the
+management and implementation of laws and regulations in various
+departments, and evaluates their implementation and compliance in
+such areas. During the year of 2018, as far as the Company is aware,
+there was no material breach of or non-compliance with applicable
+laws and regulations by the Group that has a significant impact on the
+business and operations of the Group.
+The cumulative distributable profit of the Company is
+positive in value;
+Relationship with customers and suppliers
+The Group strives to build and maintain long term and strong
+relationships with customers. BYD has established a customer
+satisfaction management system with a view to understand and
+fulfil customers' demands and enhance their satisfaction. In terms
+of suppliers, the Group's objective is to keep mutually beneficial and
+win-win partnerships with all suppliers. At the same time, the Group
+regularly evaluates the performance of our suppliers including suppliers'
+social responsibility.
+Reserves
+Details of movements in the reserves of the Group and the Company
+during the Year are set out in the Consolidated Statement of Changes in
+Equity and note 39 to the financial statements, respectively.
+Donations
+Relationship with employees
+Business Review
+Since employees are the foundation for development, the Group
+adheres to the "people-oriented” principle in its human resources
+management and practice equal employment opportunities and
+prohibit any career discrimination. The Group reviews its employees
+compensation policies on a regular basis and bonuses and commission
+may be awarded to employees based on their annual performance
+evaluation. Efforts have also been made to help employees in the
+aspects of housing, transportation and children education, etc.
+bonuses) received by foreign individuals holding B shares or overseas
+shares (including H shares) from Chinese enterprises issuing such B
+shares or overseas shares are temporarily exempted from individual
+income tax. Accordingly, in the payment of final dividend, the Company
+will not withhold and pay the individual income tax on behalf of
+individual Shareholders when the Company distributes the final dividend
+to individual Shareholders whose names appear on the register of
+members of H shares of the Company.
+The Board of Directors of the Company may propose the
+Company to make interim cash distribution according to the
+Company's earnings and capital requirement conditions, provided
+that the cash dividend conditions are satisfied.
+Shareholders are recommended to consult their tax advisor regarding
+the ownership and disposal of H shares of the Company in the PRC and
+in Hong Kong and other tax effects.
+(VI) Depending on the profitability and business growth for the year,
+the Company may distribute profits by way of shares to match
+share capital expansion with business growth, provided that the
+minimum cash dividend payout ratio and an optimal share capital
+base and shareholding structure are maintained.
+(VII) When considering and conducting profit distribution, the Board
+of Directors of the Company shall take into account certain
+circumstances and factors as set out in the Company's Articles of
+Association.
+BYD Company Limited Annual Report 2018 | 37
+Report of the Directors
+applicable exchange rate shall be the average closing rate for
+(VIII) The Company shall calculate, declare and pay dividends and
+other amounts which are payable to holders of domestic shares
+in Renminbi within the period as prescribed by Article 95 of
+the Articles of Association. The Company shall calculate and
+declare dividends and other payments which are payable to
+holders of overseas-listed foreign shares in Renminbi, and shall
+pay such amounts in the foreign currency within the period
+as prescribed by Article 95 of the Articles of Association. The
+the relevant foreign currency announced by the People's Bank of
+China of the five (5) working days prior to the announcement of
+payment of dividend and other amounts. The Company shall pay
+foreign currencies to holders of overseas-listed foreign shares in
+accordance with the relevant foreign exchange control regulations
+of the State. Authorised by general meetings, the Board may
+determine to distribute interim dividends or bonuses.
+The Board has resolved to recommend the payment of final dividend of
+RMB0.204 per share (including tax) for the year ended 31 December
+2018 (for the year ended 31 December 2017: the payment of
+RMBO.141 per share (including tax)). The proposed final dividend is
+subject to the consideration and approval of the shareholders at the
+forthcoming annual general meeting (the "AGM") of the Company.
+The Company will publish announcement, circular and notice of general
+meeting regarding the AGM in accordance with the Listing Rules and
+the articles of association of the Company. The Company will also
+make separate announcement regarding the record date and date of
+closure of register of members for the payment of the final dividend
+to the holders of H shares. It is expected that the final dividend will be
+distributed before 31 August 2019.
+The final dividend will be denominated and declared in RMB. The
+holders of A shares will be paid in RMB and the holders of H shares will
+be paid in Hong Kong dollars. The exchange rate for the dividend to be
+paid in Hong Kong dollars will be the mean of the exchange rates of
+Hong Kong dollars to RMB as announced by the People's Bank of China
+during the five business days prior to the date of declaration of the
+dividend at the Extraordinary General Meeting.
+In accordance with the Enterprise Income Tax Law of the People's
+Republic of China (+) and its
+implementation regulations which came into effect on 1 January 2008,
+the Company is required to withhold and pay enterprise income tax at
+the rate of 10% on behalf of the non-resident enterprise shareholders
+whose names appear on the register of members for H shares when
+distributing the cash dividends. Any H shares not registered under the
+name of an individual shareholder, including HKSCC Nominees Limited,
+other nominees, agents or trustees, or other organisations or groups,
+will be deemed as shares held by non-resident enterprise shareholders.
+Therefore, enterprise income tax will be withheld from dividends
+payable to such shareholders. If holders of H shares intend to change its
+shareholder status, please enquire about the relevant procedures with
+your agents or trustees. The Company will strictly comply with the law
+or the requirements of the relevant government authority and withhold
+and pay enterprise income tax on behalf of the relevant shareholders
+based on the register of members for H shares as at the record date of
+the proposed final dividend.
+In accordance with the "Circular on Certain Issues Concerning the
+Policies of Individual Income Tax" (Cai Shui Zi [1994] No.020) (
+於個人所得稅若干政策問題的通知》(財稅字[1994]020號))
+promulgated by the Ministry of Finance and the State Administration
+of Taxation on 13 May 1994, overseas individuals are, temporarily,
+exempted from the PRC individual income tax for dividend or bonuses
+received from foreign invested enterprises. In accordance with the
+"Letter of the State Administration of Taxation concerning Taxation
+Issues of Dividends Received by Foreign Individuals Holding Shares of
+Companies Listed in China" (Guo Shui Han Fa [1994] No. 440) (<
+籍個人持有中國境內上市公司股票所取得的股息有關稅
+收問題的函》(國稅函發[1994]440號)) as promulgated by the
+State Administration of Taxation on 26 July 1994, dividends (capital
+from 1 January 2018, and recorded the cumulative effect of the initial
+application of HKFRS 9 as an adjustment to the opening balances as at 1 •
+January 2018.
+The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group's financial reporting
+process.
+As at 31 December 2018, trade receivables amounted to
+RMB44,240,183,000 long-term receivables amounted
+to RMB2,134,405,000 and contract assets amounted to
+RMB6,300,286,000, which accounted for a significant amount in the
+consolidated financial statements. The management uses a provision
+matrix to calculate expected credit losses for trade receivables and
+contract assets. The application of provision matrix requires significant ⚫
+judgments and estimates, including industry index, macroeconomic
+indicators, customers' financial statements, existence of disputes and
+historic payments, and requires consideration of all reasonable and •
+reliable information.
+Details of provision for expected credit losses on trade receivables
+and contract assets are disclosed in notes 2.4, 3 and 24, 26, to the
+consolidated financial statements.
+Other information included in the Annual Report
+Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAS will always detect a
+material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
+could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
+Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
+misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Our report is made solely to you, as a body, in
+accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept
+liability to any other person for the contents of this report.
+Auditor's responsibilities for the audit of the consolidated financial statements
+The Group has changed its accounting policy for financial instruments We performed the following procedures, among others, in related to
+upon the adoption of new accounting standard which was effective provision for expected credit losses:
+In preparing the consolidated financial statements, the directors of the Company are responsible for assessing the Group's ability to continue as a
+going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors of the
+Company either intend to liquidate the Group or to cease operations or have no realistic alternative but to do so.
+The directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report,
+other than the consolidated financial statements and our auditor's report thereon.
+Responsibilities of the directors for the consolidated financial statements
+Independent Auditor's Report
+BYD Company Limited Annual Report 2018 | 47
+In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider
+whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise
+appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
+information, we are required to report that fact. We have nothing to report in this regard.
+Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion
+thereon.
+Recalculated the management's impairment provision of trade
+receivables and contract assets to ensure mathematical accuracy.
+Involved internal specialist to test the parameters used in the
+expected credit loss model;
+Provision for expected credit losses on trade receivables, contract assets and long-term receivables
+Evaluated the reasonableness of the assumptions used in provision
+matrix through detailed analysis of aging of receivables, assessment
+of material overdue trade receivables and risks specific to the
+debtors;
+Obtained an understanding of the key internal controls of
+provision for expected credit losses and its design and operating
+effectiveness;
+The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance
+with HKFRSS issued by the HKICPA and the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to
+enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
+How our audit addressed the key audit matter
+安永會計師事務所
+香港中環添美道1號
+中信大廈22樓
+Independent Auditor's Report
+0.05%
+500,000 (L)
+(Note 1)
+Xia Zuo-quan
+(Director)
+(Director)
+5.96%
+8.97%
+162,681,860 (L)
+Youngy Investment
+(Note 1)
+0.04%
+0.11%
+1,000,000 (L)
+Wang Chuan-fu
+share capital (%)
+total issued
+total issued
+A shares (%)
+Number of
+A shares
+shareholding in
+shareholding in
+percentage of
+percentage of
+Approximate
+Approximate
+A shares of RMB1.00 each
+1.
+Name
+0.02%
+(L) - Long Position
+Note:
+(L) - Long Position
+24.59%
+225,000,000 (L)
+8.25%
+24.59%
+225,000,000 (L)
+total issued
+share capital (%)
+H shares (%)
+shareholding in
+shareholding in
+total issued
+percentage of
+percentage of
+Approximate
+total issued
+share capital (%)
+Approximate
+Berkshire Hathaway
+Berkshire Hathaway Inc.
+(note 1)
+Name
+H shares
+2.
+As at 31 December 2018, to the best knowledge of the Directors of the
+Company, the following persons (other than the Directors, supervisors
+and chief executives of the Company) had interests or short positions in
+the shares and underlying shares of the Company which were required
+to be disclosed to the Company and the Hong Kong Stock Exchange
+under the provisions of Divisions 2 and 3 of Part XV of the SFO, or were
+required to be entered in the register kept by the Company pursuant to
+Section 336 of the SFO:
+Shareholders with Notifiable Interests
+Of the 500,000 H shares, 195,000 H shares were held by Mr. Xia Zuo-
+quan as a beneficial owner and 305,000 H shares were held by Sign
+Investments Limited, which was wholly-owned by Mr. Xia Zuo-quan.
+1.
+Youngy Investment is owned by Mr. Lv Xiang-yang, a non-executive
+director of the Company, as to 89.5%. Mr. Lv is therefore deemed to be
+interested in the 162,681,860 A shares held by Youngy Investment under
+the SFO.
+1.
+Note:
+Number of
+H shares
+total issued
+H shares (%)
+H shares
+Name
+total issued
+A shares (%)
+Number of
+A shares
+shareholding in
+shareholding in
+percentage of
+percentage of
+Approximate
+Approximate
+Name
+A shares of RMB1.00 each
+As at 31 December 2018, the interests and short positions of each
+of the directors, supervisors and chief executives of the Company in
+the shares, underlying shares and debentures of the Company or any
+associated corporation (within the meaning of Part XV of the Securities
+and Futures Ordinance (Cap 571) ("SFO")) which were required to be
+notified to the Company and The Stock Exchange of Hong Kong Limited
+(the "Hong Kong Stock Exchange") pursuant to Divisions 7 and 8 of
+Part XV of the SFO (including interests which he is taken or deemed
+to have under such provisions of the SFO) or were required, pursuant
+to section 352 of the SFO, to be entered into the register referred
+to therein, or which were required, pursuant to the Model Code for
+Securities Transactions by Directors of Listed Issuers under the Rules
+Governing the Listing of Securities on the Hong Kong Stock Exchange to
+be notified to the Company and the Hong Kong Stock Exchange (for this
+purpose, the relevant provisions of the SFO will be interpreted as if they
+applied to the supervisors) were as follows:
+Directors', Supervisors' and Chief Executives'
+Interests
+total issued
+Brief biographical details of Directors, supervisors and senior
+management of the Company are set out on pages 22 to 27 of this
+annual report.
+Details of the remuneration of the Directors are set out in note 9 to the
+financial statements.
+The emolument payable to each Non-Executive Director (including
+Independent Non-Executive Director) is based on the responsibilities
+and undertaking to the Board taking into account his experience and
+market practice for such post.
+The emolument payable to each Executive Director is based on (i) his
+duties and responsibilities; (ii) prevailing market conditions; and (iii)
+performance and profitability of the Company.
+Directors Remuneration
+No transactions, arrangement or contracts of significance in relation to
+the Group's business to which the Group was a party and in which a
+Director or supervisor and an entity related to a Director or supervisor
+of the Company had a material interest, whether directly or indirectly,
+subsisted at the end of the Year or at any time during the Year.
+Directors' Interests in Contracts
+None of the above mentioned contracts and letters of appointment are
+not determinable within one year without payment of compensation
+(other than statutory compensation).
+All existing supervisors had signed or renewed their service or
+employment contracts with the Company for a term of three years
+commencing on 8 September 2017.
+All existing Directors had signed or renewed their service contracts
+or letters of appointment with the Company for a term of three years
+commencing on 8 September 2017.
+Directors' and Supervisors' Service Contracts
+Report of the Directors
+BYD Company Limited Annual Report 2018 | 39
+Biographical Details of Directors, Supervisors
+and Senior Management
+8.25%
+share capital (%)
+512,623,820 (L)
+Number of
+shareholding in
+shareholding in
+percentage of
+percentage of
+Approximate
+Approximate
+H shares of RMB1.00 each
+Report of the Directors
+40 | BYD Company Limited Annual Report 2018
+Of the 401,910,480 A shares, 239,228,620 A shares were held by Mr. Lv
+Xiang-yang in his personal capacity and 162,681,860 A shares were held
+by Youngy Investment Holding Group Co., Ltd. (£
+B) ("Youngy Investment", formerly known as Guangzhou Youngy
+Management & Investment Group Company Limited). Youngy Investment
+was in turn held by Mr. Lv Xiang-yang and his spouse as to 89.5% and
+10.5% of equity interests, respectively. Mr. Lv Xiang-yang was therefore
+deemed to be interested in the 162,681,860 A shares under the SFO.
+2.
+Wang Chuan-fu
+(Director)
+Lv Xiang-yang
+(Director)
+Xia Zuo-quan
+(Director)
+(L)-L
+1.
+Notes:
+-Long Position
+3.89%
+5.85%
+(Note 2)
+106,077,406 (L)
+14.73%
+22.17%
+401,910,480 (L)
+(Note 1)
+18.79%
+28.27%
+The 512,623,820 A shares did not include the 3,727,700 A shares held
+by Mr. Wang Chuan-fu in No.1 Assets Management Plan through E Fund
+BYD;
+Key audit matter
+Energy (note 1)
+75,387,200 (L)
+75,387,200 (L)
+Basis for opinion
+In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December
+2018, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial
+Reporting Standards ("HKFRSS") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and have been properly prepared in
+compliance with the disclosure requirements of the Hong Kong Companies Ordinance.
+We have audited the consolidated financial statements of BYD Company Limited (the "Company") and its subsidiaries (the "Group") set out on pages
+49 to 165, which comprise the consolidated statement of financial position as at 31 December 2018, and the consolidated statement of profit or loss,
+the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows
+for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
+Tel 電話: +852 2846 9888
+Fax : +852 2868 4432
+www.ey.com
+Opinion
+To the shareholders of BYD Company Limited
+(Registered in the People's Republic of China with limited liability)
+As part of an audit in accordance with HKSAS, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
+1 Tim Mei Avenue
+Central, Hong Kong
+Ernst & Young
+22/F, CITIC Tower
+EY安永
+Independent Auditor's Report
+44 | BYD Company Limited Annual Report 2018
+27 March 2019
+Chairman of the Supervisory Committee
+Dong Jun-qing
+The Supervisory Committee is confident in the prospects of the
+Company and will proceed to carry out effective supervision on
+the operation of the Company to safeguard the interests of the
+Shareholders and the Company as a whole.
+The auditors presented an unqualified auditors' report. The
+report indicates the financial statements give a true and fair
+view of the financial results and operations of the Company.
+(3)
+(2) During the discharge of their duties in 2018, the directors,
+supervisors and senior management of the Company
+fulfilled their fiduciary duties by acting lawfully, regularized
+management, explored for innovation, with discipline
+to protect the interests of all the shareholders of the
+Company. None of the parties named above was found in
+breach of the Company Law, the Articles of Association or
+the laws and regulations of the PRC.
+The operating activities of the Company and its subsidiaries
+in 2018 did not violate the Company Law, the Articles of
+Association, financial accounting procedures and the laws
+and regulations of the PRC.
+(1)
+During the reporting period, the Supervisory Committee
+of the Company performed its supervisory functions in a
+fiduciary manner. The Supervisory Committee duly supervised
+and examined the Company's financial situation, the Board
+of Directors' execution of the resolutions passed in the
+Shareholders' General Meeting, operational decisions of the
+management, the operations of the Company in compliance
+with the laws, the acts of the Directors, supervisors and senior
+management, and the connected transactions entered into
+with its controlling shareholder. The Supervisory Committee
+considered that:
+2. Progress of the Work of the Supervisory
+Committee during the Reporting Period
+On 29 October 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the third quarterly
+report of the Company for 2018 was considered and approved
+accordingly.
+On 29 August 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the interim report of
+the Company for 2018 was considered and approved accordingly.
+We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAS") issued by the HKICPA. Our responsibilities under those
+standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are
+independent of the Group in accordance with the HKICPA's Code of Ethics for Professional Accountants (the "Code"), and we have fulfilled our other
+ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
+basis for our opinion.
+Key audit matters
+Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements
+of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our
+opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the
+matter is provided in that context.
+We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our
+report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of
+the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to
+address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.
+46 BYD Company Limited Annual Report 2018
+Reviewed the sufficiency and completeness of disclosure included
+the financial statements.
+Evaluated the assumptions and parameters used by retrospectively
+reviewing the accuracy of management's forecasts made
+historically, reviewing the forecasted future economic trend and
+corroborating the assumptions with current market trend; and
+Involved internal valuation experts to assist in evaluating the
+appropriateness of assumptions and parameters, including the
+discount rates, terminal growth rates and etc.;
+Assessed the appropriateness of the management's assumptions
+used in the valuation model;
+Details of the impairment assessment are disclosed in notes 2.4, 3 and
+14, 18 to the financial statements.
+As the assessment process is relatively complicated and involves
+significant estimates, situations which may be affected by unexpected
+future market and economic conditions, it is considered as a key audit
+matter during the year.
+The Group recorded non-current assets amounting to We performed the following audit procedures, among others, in related to
+RMB79,211,583,000 as at 31 December 2018 in the consolidated impairment test of non-current assets:
+financial statements (including property, plant and equipment of
+RMB49,484,582,000, other intangible assets of RMB10,272,067,000). ⚫
+The management assessed whether there were any indicators of
+impairment for all non-financial assets at 31 December 2018. Non-
+current assets with impairment indicators and development costs are
+tested for impairment, the management calculated recoverable amounts
+of the cash-generating unit in the impairment test, which involved
+significant the judgments and assumptions, such as revenue from ⚫
+future sales, gross profit margin, operational costs, terminal growth
+rate, discount rates, etc.
+Obtained an understanding of the key internal controls of
+impairment assessment and its design and operating effectiveness;
+For non-standard revenue contracts, reviewed management's
+analysis and calculation of revenue recognition.
+On a sample basis, inspected the underlying contracts or orders,
+and recalculated revenue recognized is in accordance with the
+Company's revenue recognition policies; and
+Assessed the management's assessment of the transitional
+adjustments on the new contracts during the year, and reviewed the
+adequacy and completeness of the financial disclosure;
+On 14 August 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on
+reuse of idle proceeds to temporarily supplement working capital
+by two subsidiaries were considered and approved accordingly.
+Reviewed the calculation process for the cumulative effect of initial
+application and reviewed the adequacy and completeness of related
+disclosure;
+Impairment assessment of non-current assets
+Details of revenue recognition are disclosed in notes 2.4, 3, 4 and 5 to
+the consolidated financial statements.
+Due to the complexity and significant judgments and estimates involved, •
+the adoption of HKFRS15 is considered as a key audit matter during the
+year.
+The Group applied significant judgments to determine the amount and
+timing of revenue from contracts with customers, including but not limited
+to identifying performance obligations in the contracts, determining ⚫
+the timing of transfer of goods, estimating variable consideration, and
+considering significant financing component and warranty obligations.
+The Group has adopted the modified retrospective approach to account •
+for the transitional adjustments. The management analyzed contracts that
+are not completed on 1 January 2018 and recorded the cumulative effect
+of the initial application as an adjustment to the opening balance as at 1
+January 2018.
+1 January 2018, the new accounting policy on revenue resulted in
+establishing a new five-step model to regulate the revenue generated by •
+contracts with customers.
+The Group changed its accounting policy for revenue recognition upon We performed the following procedures, among others, in related to
+the adoption of the new accounting standard which was effective from revenue recognition under HKFRS 15:
+Revenue from Contracts with Customers
+How our audit addressed the key audit matter
+Independent Auditor's Report
+BYD Company Limited Annual Report 2018 | 45
+Key audit matter
+Obtained an understanding of the key internal controls of revenue
+recognition and its design and operating effectiveness;
+On 7 August 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on
+utilising idle proceeds to temporarily supplement working capital
+by a wholly-owned subsidiary was considered and approved
+accordingly.
+On 25 June 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution
+on utilising proceeds to provide borrowings to subsidiaries for
+the implementation of investment project was considered and
+approved accordingly.
+On 7 June 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on the
+adjustment to and change of use of partial proceeds from non-
+public issuance of shares and introduction of new implementation
+entities was considered and approved accordingly.
+4.40%
+- the largest supplier
+Purchases
+The percentage of purchases and sales for the year ended 31
+December 2018 attributable to the Group's major suppliers and
+customers are as follows:
+Major Customers and Suppliers
+Save for the above contributions, the Group does not have any other
+major payment obligation in respect of pension benefits.
+Currently, all PRC subsidiaries of the Group participate in defined
+contribution retirement schemes (the “Schemes") launched by local
+provincial and municipal governments in China, pursuant to which the
+Group makes contributions to the Schemes in accordance with the
+applicable percentage of the salary of eligible staff. Local government
+authorities assume the obligation in respect of all the pensions payable
+to retired staff.
+Retirement Scheme
+In September 2009, Mr. Wang Chuan-fu, controlling shareholder of the
+Group, signed the Non-competition Undertakings to confirm with the
+Company that he would abide by the undertaking of not engaging in
+business that competes with that of the Company. Directors, including
+independent non-executive directors, have examined its compliance
+and confirmed that the controlling shareholder has abided by all the
+undertakings.
+During the financial year, no director acquired benefits by engaging in
+business that competes with that of the Company or its subsidiaries.
+Competing Business
+No contract concerning the management and administration of the
+whole or any substantial part of the business of the Company were
+entered into or existed during the year ended 31 December 2018.
+- the five largest suppliers combined
+Management Contracts
+Report of the Directors
+BYD Company Limited Annual Report 2018 | 41
+LL Group, LLC was deemed to be interested in 75,387,200 H shares
+(L) through its controlled corporation, Himalaya Capital Investors, L.P.
+(formerly known as LL Investment Partners, L.P.). Li Lu, being the
+controlling shareholder of Capital Investors, L.P. (formerly known as LL
+Group, LLC), was also deemed to be interested in 75,387,200 H shares.
+2.
+Berkshire Hathaway Inc. was deemed to be interested in 225,000,000 H
+shares (L) through its controlled corporation, Berkshire Hathaway Energy
+(formerly known as MidAmerican Energy Holdings Company) for the
+225,000,000 H shares directly held by it.
+1.
+Notes:
+(L) - Long Position
+2.76%
+8.24%
+2.76%
+8.24%
+The total issued share capital of the Company as at 31 December 2018
+was RMB2,728,142,855, divided into 1,813,142,855 A shares of
+RMB1.00 each and 915,000,000 H shares of RMB1.00 each, all fully
+paid up.
+Li Lu (note 2)
+LL Group, LLC (note 2)
+14.61%
+- the largest customer
+On 27 April 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the first quarterly
+report of the Company for 2018 was considered and approved
+accordingly.
+On 27 March 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the annual report of
+the Company for 2017 was considered and approved accordingly.
+On 16 March 2018, the Supervisory Committee convened its
+meeting at the office of the Company, where the resolution on
+the adjustment to and optimisation of the scope of investment
+project under the non-public issuance and introduction of
+new implementation entities was considered and approved
+accordingly.
+1. Meetings of the Supervisory Committee
+during the Reporting Period and
+Resolutions Passed in Such Meetings
+In 2018, in accordance with the principle of being accountable to all
+shareholders, the Supervisory Committee of the Company fully complied
+with the duties to supervise and ensure that the resolutions as passed
+in the Shareholders' General Meetings were consistently implemented,
+the legal interest of shareholders was protected and the duties
+conferred under the Articles of Association and in the Shareholders'
+General Meetings were completed in accordance with the Company
+Law, the Articles of Association and the relevant provisions, in order to
+facilitate a disciplined operation and sustainable development of the
+Company.
+Report of the Supervisory Committee
+BYD Company Limited | Annual Report 2018 | 43
+Shenzhen, the PRC, 27 March 2019
+Wang Chuan-fu
+Chairman
+On behalf of the Board
+Ernst & Young, the Company's international auditor, and Ernst & Young
+Hua Ming (LLP), the Company's domestic auditor, will retire. A resolution
+will be proposed at the forthcoming AGM to appoint Ernst & Young as
+the international auditor of the Company for 2019 and Ernst & Young
+Hua Ming (LLP) as the domestic auditor for 2019.
+Auditors
+Sales
+Each Independent Non-Executive Director has provided a written
+statement confirming his independence to the Company pursuant
+to Rule 3.13 of the Listing Rules. The Company assessed that each
+Independent Non-Executive Director continues to be independent.
+Based on information which is publicly available to the Company and
+within the knowledge of its directors as at the date of this report,
+the directors confirm that the Company had sufficient public float as
+required by the Listing Rules.
+Sufficiency of Public Float
+Details of significant subsequent events of the Group are set out in note
+51 of the financial statements.
+Events After the Reporting Period
+There was no connected transaction entered into by the Group
+during the year ended 31 December 2018 which is required to be
+disclosed under the Listing Rules, and the Group has complied with the
+requirements under Chapter 14A of the Listing Rules.
+A summary of the related party transactions undertaken by the Group
+during the year are set out in note 45(a) to the financial statements.
+Such related party transactions did not constitute connected
+transactions of the Group under Chapter 14A of the Listing Rules.
+Related Party Transactions and Connected
+Transactions
+Report of the Directors
+42 BYD Company Limited | Annual Report 2018
+None of the directors, their close associates or any shareholder (which
+to the knowledge of the Directors owns more than 5% of the Company's
+issued share capital) had an interest in any of the major suppliers or
+customers noted above.
+10.82%
+28.80%
+- the five largest customers combined
+Confirmation of Independence
+•
+Saved as disclosed above, as at 31 December 2018, none of the
+Directors, supervisors or chief executives of the Company had an
+interest or short position in the shares, underlying shares or debentures
+of the Company or any of its associated corporations (within the
+meaning of Part XV of the SFO) which was required to be (a) recorded in
+the register to be kept by the Company pursuant to Section 352 of the
+SFO; or (b) notified to the Company and the Hong Kong Stock Exchange
+pursuant to the Model Code for Securities Transactions by Directors of
+Listed Issuers.
+Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
+but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
+Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and
+perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
+The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
+forgery, intentional omissions, misrepresentations, or the override of internal control.
+27 March 2019
+Hong Kong
+Ernst & Young
+The engagement partner on the audit resulting in this independent auditor's report is TJEN, Michael.
+From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated
+financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law
+or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
+communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
+such communication.
+We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and to
+communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related
+safeguards.
+Certified Public Accountants
+Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express
+an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We
+remain solely responsible for our audit opinion.
+Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the
+consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
+Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained,
+whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going
+concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures
+in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
+evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a
+going concern.
+Independent Auditor's Report
+48 BYD Company Limited Annual Report 2018
+We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
+including any significant deficiencies in internal control that we identify during our audit.
+Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the
+directors.
+Interest received
+Cash generated from operations
+Increase in provision for warranties
+Year ended 31 December 2018
+CASH FLOWS FROM OPERATING ACTIVITIES
+Consolidated Statement of Cash Flows
+56 | BYD Company Limited Annual Report 2018
+Taxes paid
+(Decrease)/increase in amounts due to related parties
+Notes
+187,230
+(806,372)
+2017
+RMB'000
+(51,322)
+383,115
+13,984
+178,845
+13,142,051
+7,479,909
+Continued/...
+95,783
+(1,207,805)
+12,522,909
+2018
+RMB'000
+(1,231,166)
+Increase in accruals and deferred income
+862,035
+Increase in advances from customers
+Increase in trade and bills payables
+(1,261,707)
+29,466
+(1,150,703)
+(3,987,405)
+(796,270)
+Decrease/(Increase) in a completed property held for sale
+2,739,094
+907,810
+(6,676,198)
+2,300
+2,849,488
+6,022,603
+4,192,952
+Decrease in other payables and accruals
+158,085
+6,022,087
+6,367,887
+633,542
+284,976
+Decrease in a non-current prepayment
+(61,785)
+Increase in amounts due to joint ventures and associates
+Decrease in contract liabilities
+203,229
+Net cash flows from operating activities
+61
+Purchases of items of property, plant and equipment
+1,153,210
+2,110,292
+5 7
+17,935,074
+18,066,764
+(84,715,540)
+(103,724,161)
+102,650,614
+121,790,925
+5
+2017
+RMB'000
+2018
+RMB'000
+Notes
+Non-controlling interests
+Owners of the parent
+Attributable to:
+PROFIT FOR THE YEAR
+Income tax expense
+PROFIT BEFORE TAX
+Associates
+Joint ventures
+2,332,863
+CASH FLOWS FROM INVESTING ACTIVITIES
+1,275,807
+(4,925,288)
+(703,705)
+(829,447)
+11
+5,620,641
+4,385,640
+Decrease in properties under development
+46,437
+52,878
+(270,959)
+(277,602)
+(2,342,770)
+(3,480,516)
+8
+(463,645)
+(568,610)
+26,871
+(332,080)
+(3,047,734)
+(3,826,379)
+(3,739,491)
+(4,989,360)
+(4,729,481)
+Increase in long-term receivables
+(7,555,578)
+Increase in amounts due from joint ventures and associates
+(403,868)
+3,068
+Derivative financial instruments
+3,556,193
+Gain on disposal of finance products
+5,470
+118,166
+18,855
+(27,709)
+(3,966)
+Gain on disposal of an investment in a jointly-controlled entity
+(1,073)
+(39)
+Impairment of a long term receivable
+Gain on disposal of financial instruments
+Depreciation
+Amortisation of other intangible assets
+Impairment of inventories
+Amortization of an investment property
+Impairment of property, plant and equipment
+Impairment of trade receivables
+6
+Impairment losses of trade receivables reversed
+55,150
+6
+Loss on disposal of items of non-current assets
+(Gain)/loss on disposal of subsidiaries
+Fair value losses/(gains), net:
+4,385,640
+5,620,641
+8
+3,480,516
+2,342,770
+224,724
+224,522
+LO
+5
+(187,230)
+(95,783)
+LO
+5
+(13,615)
+(17,532)
+(373,888)
+(244,728)
+66
+18,526
+Decrease in amounts due from related parties
+Impairment of prepayments, deposits and other receivables, net
+Impairment losses of due from the joint ventures and associates reversed
+31,901
+(62,716)
+126
+21
+5,000
+16
+143,059
+129,400
+17,629,660
+15,337,350
+Increase in inventories
+Decrease in restricted bank deposits
+(6,584,924)
+518,209
+(2,726,616)
+Increase in trade receivables
+(5,828,480)
+Share of profits and losses of:
+Decrease/(Increase) in prepayments, other receivables and other assets
+Decrease in contract assets
+261,772
+10,472
+(706,960)
+2,628
+Impairment of due from the joint ventures and associates
+(7,469)
+(6,304)
+Impairment of due from the related parties, net
+Impairment of contract assets reversed
+Impairment of available-for-sale investments
+Recognition of prepaid land lease payments
+(26,871)
+14
+186
+7,615,308
+5,759,409
+1,666,288
+1,203,686
+227,854
+232,250
+1,865
+458,564
+512,700
+26
+24
+(120,913)
+88,203
+(76,563)
+5,709
+55,405
+Finance costs
+Other income and gains
+Gain on disposal of financial assets
+(8,267)
+Super short-term debentures issue expenses
+8,500,000
+Proceeds from the issue of super short-term debentures
+(8,632)
+4,500,000
+5,600,000
+(21,132)
+Corporate bond issue expenses
+Proceeds from issue of corporate bonds
+Repayment of super short-term debentures
+3,300,000
+(3,200,000)
+CASH FLOWS FROM FINANCING ACTIVITIES
+Proceeds from issue of perpetual loans
+2017
+RMB'000
+2018
+RMB'000
+Notes
+Year ended 31 December 2018
+Consolidated Statement of Cash Flows
+BYD Company Limited Annual Report 2018 | 57
+Continued/...
+(15,716,724)
+Repayment of perpetual loans
+(3,000,000)
+Borrowing from other institution
+New bank loans
+Increase in pledged deposits
+(485,609)
+(384,668)
+Dividends paid to owners of the parent
+(53,233)
+(202,505)
+Dividends paid to non-controlling shareholders
+(243,036)
+(238,400)
+Perpetual loan interests paid
+(2,419,438)
+(3,294,620)
+Interest paid
+(4,500,000)
+Repayment of corporate bond
+(36,249,367)
+(50,057,196)
+46,032,851
+51,588,427
+1,376,550
+Repayment of borrowings
+(14,230,760)
+Net cash flows used in investing activities
+(596,602)
+(40,785)
+Additions to other intangible assets
+(26,377)
+800
+10,598
+459,784
+Increase in derivative financial instruments
+Disposal of associates
+Disposal of a jointly-controlled entity
+Disposal of subsidiaries
+166,211
+Receipt of government grants
+247,360
+Withdrawal of short-term deposits
+(814,483)
+(588,808)
+Increase in prepaid land lease payments
+(3,917,342)
+(3,012,775)
+Increase in non-current prepayments
+(7,436,202)
+Government grants and subsidies
+(3,618,923)
+(1,452,513)
+(2,625,034)
+45,515
+Increase of equity investments at fair value through other comprehensive income
+(808,760)
+(788,528)
+Capital contributions to joint ventures
+(201,260)
+Capital contributions to associates
+3,966
+27,709
+Receipt of disposal of financial product
+(26,872)
+Acquisition of subsidiaries
+13,907
+23,922
+Decrease of equity investments at fair value through other comprehensive income
+213,815
+3,936,074
+other intangibles assets
+Proceeds from disposal of items of property, plant and equipment and
+19,368
+Dividend received from jointly-controlled entities and associate
+17,532
+Dividend received from equity investments
+(5,712)
+Receipt of absorbing investments
+10,835
+10.00%
+89.57%
+PRC/ US$1,207,654,387
+("BYD Auto Industry")***
+BYD Auto Industry Co., Ltd.
+Mainland China
+("BYD HZ Battery")***
+90%
+10%
+PRC/ US$150,000,000
+Huizhou BYD Battery Co., Ltd.
+Mainland China
+Research, development,
+45%
+55%
+PRC/ US$150,000,000
+BYD (Huizhou) Co., Ltd. ("BYD HZ")***
+Manufacture, assembly and sale
+of mobile handset components
+and modules
+(10,631,294)
+Research, development, sale and
+manufacture of automobiles
+Research, development, sale and
+manufacture of li-ion batteries,
+solar batteries and solar arrays
+Mainland China
+Research, development, sale and
+manufacture of li-ion batteries
+BYD Electronic (International) Co., Ltd.
+("BYD Int'l")*
+manufacture and sale of
+Impairment losses on financial and contract assets
+Administrative expenses
+Research and development costs
+Selling and distribution expenses
+Government grants and subsidies
+Gross profit
+Cost of sales
+Year ended 31 December 2018
+Consolidated Statement of Profit or Loss
+BYD Company Limited Annual Report 2018 | 49
+REVENUE
+Continued/...
+Investment holding
+65.76%
+manufacture of automobiles
+and light rail transit equipment
+Research, development, sale and
+manufacture of li-ion batteries
+and accessories
+Research, development, sale and
+management (provided only to
+employees of the Company)
+handsets and other consumer
+electronics; development,
+sale and leasing of residential
+properties and property
+components of mobile
+Hong Kong HK$440,000,000
+Other expenses
+65.76%
+PRC/ US$145,000,000
+Particulars of the Company's principal subsidiaries are as follows:
+Information about subsidiaries
+The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are the research, development, manufacture
+and sale of rechargeable batteries and photovoltaic business, automobiles and related products, handset components and other electronic
+products and rail transit equipment.
+BYD Company Limited (the "Company") is a joint stock limited liability company registered in the People's Republic of China (the "PRC"). The
+Company's H shares have been listed on The Stock Exchange of Hong Kong Limited since 31 July 2002. The registered office of the Company is
+located at Yan An Road, Kuichong, Dapeng District, Shenzhen, Guangdong Province, the PRC.
+1. Corporate and Group information
+31 December 2018
+Notes to Financial Statements
+58 | BYD Company Limited Annual Report 2018
+8,935,954
+11,151,057
+CASH AND CASH EQUIVALENTS AT END OF YEAR
+5,733
+7,111,234
+1,818,987
+2,208,660
+8,935,954
+6,443
+Effect of foreign exchange rate changes, net
+Cash and cash equivalents at beginning of year
+NET INCREASE IN CASH AND CASH EQUIVALENTS
+11,167,824
+3,916,511
+Net cash flows from financing activities
+Place of
+incorporation/
+registration and
+Mainland China
+Name
+Issued ordinary/
+registered
+share capital
+BYD Precision Manufacture Co., Ltd.
+("BYD Precision")****^
+Mainland China
+99%
+PRC/ RMB1,351,010,101
+BYD Auto Co., Ltd. ("BYD Auto")***
+Mainland China
+25%
+75%
+US$63,500,000
+PRC/
+Shanghai BYD Co., Ltd. ("BYD SH”)***
+Mainland China
+("BYD Li-ion")**
+100%
+RMB6,160,000,000
+PRC/
+BYD Lithium Batteries Co., Ltd.
+Principal activities
+Indirect
+Direct
+Percentage of
+equity attributable
+to the Company
+business
+Dividend income from equity investments at fair value through other
+comprehensive income/available-for-sale investments
+333
+Share of profits and losses of joint ventures and associates
+Trade and bills payables
+CURRENT LIABILITIES
+102,821,030
+115,359,494
+Total current assets
+8,935,954
+643,487
+317,177
+11,151,057
+28
+28
+323,249
+1,583,861
+28
+1,095
+451
+31
+6,689,770
+3,950,676
+22
+256,941
+224,854
+45(c)
+Cash and cash equivalents
+Restricted bank deposits
+Pledged deposits
+29
+45,222,321
+39,527,332
+Other payables and accruals
+At 1 January 2017
+2,728,143 19,980,490* 5,602,363*
+3,073,373*
+(161,200)* 16,236,960*
+3,795,800 51,255,929
+4,153,434 55,409,363
+Profit for the year
+4,066,478
+4,066,478
+850,458 4,916,936
+Other comprehensive income for
+the year:
+Derivative financial instruments
+Change in fair value of available-
+Exchange differences on translation
+of foreign operations
+Deferred income
+32
+Contract liabilities
+Advances from customers
+119,261
+8,559
+31
+Derivative financial instruments
+11,942,702
+13,012,545
+30
+for-sale investments, net of tax
+Completed property held for sale
+Due from the related parties
+6,609,997
+21
+Equity investments at fair value through other comprehensive income
+4,185,460
+21
+Available-for-sale investments
+622,044
+767,199
+20
+Investments in associates
+2,442,867
+2,793,681
+19
+1,620,969
+Investments in joint ventures
+2,134,405
+27
+3,372,240
+4,233,402
+25
+8,217,623
+10,272,067
+18
+65,914
+65,914
+17
+5,844,857
+1,049,938
+RMB'000
+Financial assets at fair value through profit or loss
+Deferred tax assets
+7,823,768
+45(c)
+Due from the joint ventures and associates
+6,211,017
+13,436,836
+25
+53,276,716
+44,240,183
+24
+6,300,286
+26
+19,872,804
+83,509
+26,330,345
+2222
+Prepayments, other receivables and other assets
+Trade and bills receivables
+Contract assets
+Inventories
+CURRENT ASSETS
+75,278,400
+79,211,583
+Total non-current assets
+1,580,032
+1,388,314
+37
+23
+6,277,475
+RMB'000
+RMB'000
+31 December 2018
+TOTAL ASSETS LESS CURRENT LIABILITIES
+NON-CURRENT LIABILITIES
+Interest-bearing bank and other borrowings
+Deferred tax liabilities
+Deferred income
+Other liabilities
+Total non-current liabilities
+Net assets
+Notes
+2018
+RMB'000
+2017
+RMB'000
+78,002,102
+73,102,494
+3333
+34
+13,924,380
+10,862,346
+37
+33
+66,308
+1,921,949
+36
+1,395,486
+610,005
+1,672,402
+254
+17,308,123
+Consolidated Statement of Financial Position
+52 | BYD Company Limited Annual Report 2018
+continued/...
+(2,175,906)
+2,300
+3,469,114
+4,700,280
+33
+34
+615,367
+50,768,422
+512,900
+45,648,670
+Due to joint ventures and associates
+45(c)
+1,308,349
+615,659
+Due to related parties
+45(c)
+13,145,007
+Tax payable
+130,608
+328,013
+Provision
+35
+55
+1,854,627
+1,471,511
+Total current liabilities
+NET CURRENT ASSETS/(LIABILITIES)
+116,568,975
+104,996,936
+(1,209,481)
+79,286
+228,085
+60,693,979
+59,957,487
+EQUITY
+Exchange
+Non-
+Share
+premium
+Capital
+surplus
+fluctuation
+Retained
+Perpetual
+controlling
+Total
+capital account
+Statutory
+reserve
+reserve
+profits
+loans
+Total
+interests
+equity
+RMB'000
+RMB'000 RMB'000
+(note 38)
+RMB'000
+(note 39)
+RMB'000
+RMB'000
+reserve fund
+RMB'000
+Share
+Year ended 31 December 2018
+Equity attributable to owners of the parent
+Share capital
+38
+Reserves
+39
+Perpetual loans
+40
+± 80 8000
+Non-controlling interests
+Total equity
+Director
+Wang Chuan-fu
+Director
+Attributable to owners of the parent
+Lv Xiang-yang
+2,728,143
+48,574,346
+3,895,800
+48,380,251
+3,895,800
+55,198,289
+55,004,194
+5,495,690
+4,953,293
+60,693,979
+59,957,487
+BYD Company Limited Annual Report 2018 | 53
+Consolidated Statement of Changes in Equity
+2,728,143
+Bank interest income
+16
+90,066
+Effect of adoption of HKFRS9
+3,410,962*
+10,034 (11,796)
+(132,894)* 19,234,724*
+(449,439)
+3,895,800 55,004,194
+(451,201)
+4,953,293 59,957,487
+(451,201)
+At 1 January 2018
+2,728,143 19,980,490 4,626,697
+1,270,306 3,399,166
+(132,894) 18,785,285 3,895,800 54,552,993
+4,953,293 59,506,286
+Profit for the year
+2,780,194
+2,780,194 775,999 3,556,193
+Change in fair value of debt
+instruments at fair value
+through other
+comprehensive income
+(58,637)
+(58,637)
+(58,637)
+Other comprehensive income
+for the year:
+Change in fair value of equity
+investments at fair value
+2,728,143 19,980,490* 4,626,697* 1,260,272*
+At 31 December 2017
+RMB'000 RMB'000
+RMB'000
+(132,894)* 19,234,724* 3,895,800 55,004,194 4,953,293 59,957,487
+continued/...
+| | | |
+54 | BYD Company Limited Annual Report 2018
+Consolidated Statement of Changes in Equity
+Year ended 31 December 2018
+Attributable to owners of the parent
+Share
+Statutory
+Exchange
+Non-
+Share
+through other
+premium Capital
+RMB'000
+capital account reserve
+RMB'000 RMB'000
+reserve
+RMB'000
+surplus
+reserve fund
+(note 38)
+RMB'000
+(note 39)
+fluctuation
+reserve profits loans
+RMB'000 RMB'000 RMB'000
+Retained Perpetual
+controlling
+Total
+Total
+interests equity
+Fair value
+comprehensive income
+(1,438,200)
+----(1,438,200)
+capital reserve
+928
+Changes in interests in a
+subsidiary without loss of
+control
+Others
+11,631
+37,591
+(928)
+11,631
+11,631
+37,591 (26,757) 10,834
+designated to increase the
+At 31 December 2018
+(226,531)* 3,843,616* (197,109)* 20,497,033* 3,895,800 55,198,289 5,495,690 60,693,979
+These reserve accounts comprise the consolidated reserves of RMB48,574,346,000 (2017: RMB48,380,251,000) in the consolidated statement of financial position.
+BYD Company Limited Annual Report 2018 | 55
+Consolidated Statement of Cash Flows
+Year ended 31 December 2018
+Notes
+2018
+RMB'000
+2017
+RMB'000
+CASH FLOWS FROM OPERATING ACTIVITIES
+Profit before tax
+Adjustments for:
+Finance costs
+2,728,143 20,018,081* 4,639,256*
+19,980,490* 5,886,969* 3,410,962*
+Government subsidies
+444,450
+(1,438,200)
+Exchange differences on
+translation of foreign
+operations
+(64,215)
+(64,215) (4,340)
+(68,555)
+Total comprehensive income
+for the year
+(1,496,837)
+(64,215) 2,780,194
+-
+1,219,142 771,659 1,990,801
+(444,450)
+Issue of shares (note 38)
+(note 40)
+Perpetual loan interest paid
+(note 12)
+Final 2017 dividend declared
+Appropriation to statutory
+surplus reserve fund
+(238,400)
+(238,400)
+(238,400)
+(384,668)
+(384,668)
+(202,505) (587,173)
+Issue of a perpetual loan
+47,830,718
+66,707
+2,728,143
+(337,589)
+(1,438,200)
+Net other comprehensive income that will not be reclassified to profit or loss
+in subsequent periods
+(1,438,200)
+(1,438,200)
+Equity investments at fair value through other comprehensive income:
+Changes in fair value
+in subsequent periods:
+Other comprehensive income that will not be reclassified to profit or loss
+313,066
+(127,192)
+Net other comprehensive income that may be reclassified to profit or loss
+in subsequent periods
+30,940
+(68,555)
+Exchange differences on translation of foreign operations
+Exchange differences:
+282,126
+(94,042)
+376,168
+(58,637)
+5,422
+(64,059)
+4,916,936
+3,556,193
+25
+25
+21
+OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX
+(1,565,392)
+313,066
+TOTAL COMPREHENSIVE INCOME FOR THE YEAR
+15
+49,484,582
+14
+Long-term receivables
+Prepayments, other receivables and other assets
+Other intangible assets
+Prepaid land lease payments
+Goodwill
+Investment properties
+Property, plant and equipment
+NON-CURRENT ASSETS
+2017
+RMB'000
+2018
+RMB'000
+2017
+RMB'000
+Notes
+Consolidated Statement of Financial Position
+BYD Company Limited Annual Report 2018 | 51
+5,230,002
+1,990,801
+853,092
+4,376,910
+1,219,142
+771,659
+Non-controlling interests
+Owners of the parent
+Attributable to:
+5,230,002
+1,990,801
+31 December 2018
+2018
+RMB'000
+Note
+consolidated income statement of profit or loss:
+Impairment losses
+2,634
+30,940
+Total comprehensive income for the year
+282,126
+28,306
+4,066,478
+4,376,910
+853,092
+5,230,002
+Issue of shares (note 38)
+Issue of a perpetual loan (note 40)
+Repay of a perpetual loan (note 40)
+... - 28,306 - 28,306
+Perpetual loan interest paid (note 12)
+Final 2016 dividend declared
+3,300,000 3,300,000
+(3,200,000) (3,200,000)
+3,300,000
+(3,200,000)
+(243,036)
+(485,609)
+(243,036)
+(485,609) (53,233) (538,842)
+(243,036)
+increase the capital reserve
+-- 2,480 - -
+(2,480)
+Appropriation to statutory surplus
+reserve fund
+337,589
+Government subsidies designated to
+At 31 December 2017
+282,126
+282,126
+Reclassification adjustments for gain included in the
+Debt instruments at fair value through other comprehensive income:
+Changes in fair value
+Income tax effect
+Available-for-sale investments:
+Changes in fair value
+in subsequent periods:
+Other comprehensive income that may be reclassified to profit or loss
+OTHER COMPREHENSIVE INCOME
+PROFIT FOR THE YEAR
+Year ended 31 December 2018
+Consolidated Statement of Comprehensive Income
+50 | BYD Company Limited | Annual Report 2018
+RMB1.40
+282,126
+RMB0.93
+Basic and diluted
+13
+EQUITY HOLDERS OF THE PARENT
+EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY
+4,916,936
+3,556,193
+850,458
+775,999
+4,066,478
+2,780,194
+13
+Interest-bearing bank and other borrowings
+- For profit for the year
+4,916,936
+Financial guarantee
+Liabilities
+- 108,846,832
+BYD Company Limited Annual Report 2018 | 63
+Notes to Financial Statements
+2.2 Changes in accounting policies and disclosures (continued)
+(b) Classification and measurement (continued)
+Notes:
+31 December 2018
+(i)
+The Group has elected the option to irrevocably designate certain of its previous available-for-sale equity investments as equity investments at fair value
+through other comprehensive income.
+(ii)
+The Group has classified its unlisted investments previously classified as available-for-sale investments as financial assets measured at fair value through profit
+or loss as these non-equity investments did not pass the contractual cash flow characteristics test in HKFRS 9.
+(iii)
+(iv)
+The gross carrying amounts of the trade receivables and the contract assets under the column "HKAS 39 measurement - Amount" represent the amounts
+after adjustments for the adoption of HKFRS 15 but before the measurement of ECLs. Further details of the adjustments for the adoption of HKFRS 15 are
+included in note 2.2(c) to the financial statements.
+As of 1 January 2018, the Group has assessed its liquidity portfolio of bills receivable which had previously been classified as trade and bills receivable
+at amortised cost. The objective of the Group in holding this liquidity portfolio is to earn interest income and, at the same time, manage everyday liquidity
+needs. The Group concluded that these bills receivables are managed within a business model to collect contractual cash flows and to sell the financial
+assets. Accordingly, the Group has classified these investments as prepayments, other receivables and other assets measured at fair value through other
+comprehensive income.
+Impairment
+The following table reconciles the aggregate opening impairment allowances under HKAS 39 to the ECL allowances under HKFRS 9.
+Further details are disclosed in notes 24, 25, 26 and 27 to the financial statements.
+Impairment
+allowances under
+HKAS 39
+at 31 December
+AC4
+AC4
+AC4
+AC4
+2
+AFS: Available-for-sale investments
+3
+L&R: Loans and receivables
+4
+AC: Financial assets or financial liabilities at amortised cost
+5
+FVPL: Financial assets at fair value through profit or loss
+39,527,332
+2017 Re-measurement
+RMB'000
+AC4
+119,261
+중품
+AC4
+AC4
+56,511,016
+615,659
+130,608
+254
+TETE
+11,942,702
+RMB'000
+ECL allowances
+under HKFRS 9
+at 1 January
+Total
+640,251
+461,235
+1,101,486
+64 BYD Company Limited Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+2.2 Changes in accounting policies and disclosures (continued)
+(b) Classification and measurement (continued)
+3,193
+Impact on reserves and retained profits
+Fair value reserve under HKFRS 9
+Reserves and
+retained profits
+RMB'000
+(bills receivables revaluation reserve under HKAS 39)
+Balance as at 31 December 2017 under HKAS 39
+1,260,272
+Changes in fair value of debt instruments at fair value through other comprehensive income
+under HKFRS 9
+10,034
+The impact of transition to HKFRS 9 on reserves and retained profits is as follows:
+FVOCI: Financial assets at fair value through other comprehensive income
+143,476
+Long-term receivables
+2018
+RMB'000
+Trade receivables
+Contract assets
+494,258
+241,711
+735,969
+157,286
+157,286
+Due from joint ventures and associates
+302
+3,193
+2,819
+50,655
+Due from related parties
+873
+873
+Bills receivable included in prepayments, other receivables and
+other assets
+10,034
+10,034
+Financial assets included in prepayments, other receivables and
+other assets
+143,174
+47,836
+Balance as at 1 January 2018 under HKFRS 9
+1
+Total liabilities
+602,906
+62 BYD Company Limited | Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+2.2 Changes in accounting policies and disclosures (continued)
+(b) Classification and measurement (continued)
+Financial assets
+Note
+HKAS 39
+measurement
+Category Amounts Re-classification
+RMB'000
+Pledged deposits
+L&R²
+323,249
+Restricted bank deposits
+L&R² 643,487
+Cash and cash equivalents
+L&R² 8,935,954
+Other assets
+From: Available-for-sale investments
+FVPL5
+604,001
+602,906
+គូគូ
+Trade receivables
+L&R³
+39,898,385
+(241,711)
+39,656,674
+AC4
+Bills receivable including prepayments,
+other receivables and other assets
+Contract assets
+L&R³
+(10,034)
+10,034
+6,973,003
+FVOCI¹
+From: Trade and bills receivables
+46,871,388
+Financial assets at fair value through
+profit or loss
+FVPL5
+1,095
+6,973,003
+From: Trade and bills receivables
+Total assets
+ECL
+Financial liabilities included in other
+payables and accruals
+(iv)
+AC4
+Derivative financial instruments
+AC4
+119,261
+Interest-bearing bank and other
+borrowings
+39,527,332
+AC4
+Due to joint ventures and associates
+AC4
+615,659
+Due to related parties
+AC4
+130,608
+Other liabilities
+AC4
+254
+56,511,016
+108,846,832
+AC4
+Financial liabilities
+Other
+RMB'000
+RMB'000
+RMB'000
+HKFRS 9
+measurement
+Amounts Category
+RMB'000
+323,249
+AC4
+643,487
+Trade and bills payables
+8,935,954
+AC4
+AC4
+6,405,328
+6,405,328
+(157,286)
+6,248,042
+75,584,404
+(461,235)
+10,034
+75,133,203
+RO
+1,270,306
+Retained profits
+Balance as at 31 December 2017 under HKAS 39
+Notes
+HKFRS 15
+RMB'000
+HKFRS
+RMB'000
+Increase/
+(decrease)
+RMB'000
+(!!!)
+44,240,183
+50,540,469
+(6,300,286)
+6,300,286
+6,300,286
+194,571,077
+194,571,077
+3,469,114
+2,300
+3,469,114
+3,471,414
+(3,469,114)
+133,877,098
+133,877,098
+60,693,979
+Amounts prepared under
+Previous
+Total equity
+Non-controlling interests
+Retained profits
+Basic and diluted
+- For profit for the year
+- For profit for the year
+0.93
+0.93
+0.93
+0.93
+BYD Company Limited Annual Report 2018 | 67
+Notes to Financial Statements
+60,693,979
+31 December 2018
+(c) (continued)
+Consolidated statement of financial position as at 31 December 2018:
+Trade receivables
+Contract assets
+Total assets
+Contract liabilities
+Advances from customers
+Total liabilities
+Net assets
+2.2 Changes in accounting policies and disclosures (continued)
+5,495,690
+5,495,690
+60,693,979
+Amendments to HKFRS 10 and HKAS 28 (2011)
+HKFRS 16
+Amendments to HKAS 1 and HKAS 8
+Amendments to HKAS 19
+Amendments to HKAS 28
+HK(IFRIC)-Int 23
+Annual Improvements 2015-2017 Cycle
+Definition of a Business²
+Prepayment Features with Negative Compensation'
+Sale or Contribution of Assets between an Investor and its Associate or Joint Venture³
+Leases¹
+Amendments to HKFRS 9
+Definition of Material²
+Long-term Interests in Associates and Joint Ventures
+Uncertainty over Income Tax Treatments¹
+Amendments to HKFRS 3, HKFRS 11, HKAS 12 and HKAS 231
+Effective for annual periods beginning on or after 1 January 2019
+1
+2
+3
+Effective for annual periods beginning on or after 1 January 2020
+No mandatory effective date yet determined but available for adoption
+Plan Amendment, Curtailment or Settlement'
+0.93
+Amendments to HKFRS 3
+2.3 Issued but not yet effective Hong Kong financial reporting standards
+60,693,979
+The nature of the adjustments as at 1 January 2018 and the reasons for the significant changes in the statement of financial position as at
+31 December 2018 and the statement of profit or loss for the year ended 31 December 2018 are described below:
+(i)
+Sale of industrial products with contract performance costs
+Before the adoption of HKFRS 15, transportation costs were treated as selling and distribution expenses. Under HKFRS 15, the
+amount is classified to cost of goods sold and other service as it constitutes contract cost to fulfill the performance obligations of
+sale of industrial products to customers or revenue from other sources.
+Therefore, upon adoption of HKFRS 15 has resulted in a decrease of RMB1,079,410,000 in selling expense and an increase of
+RMB497,805,000 in cost of goods sold and a decrease of RMB581,605,000 in sales revenue for the year ended 31 December
+2018.
+(ii) Contract assets
+Before the adoption of HKFRS 15, the Group recognise receivables upon the completion of the transfer of goods or services to
+customers. Under HKFRS 15, contract assets were recognised when the Group transferred goods or services to customers and was
+entitled to obtain conditional, which is dependent on factors other than passage of time.
+The Group has not applied the following revised HKFRSS, that have been issued but are not yet effective, in these financial statements.
+Therefore, upon adoption of HKFRS 15, the Group reclassified its assets of RMB6,300,286,000 as contract assets as of 31
+December 2018. The application of HKFRS 15 has resulted in a decrease of RMB6,300,286,000 in receivables and an increase of
+RMB6,300,286,000 in contract assets.
+Notes to Financial Statements
+31 December 2018
+2.2 Changes in accounting policies and disclosures (continued)
+(c) (continued)
+(iii) Consideration received from customers in advance
+Before the adoption of HKFRS 15, the Group recognised consideration received from customers in advance as other payables. Under
+HKFRS 15, the amount is classified as contract liabilities which is included in other payables and accruals.
+Therefore, upon adoption of HKFRS 15, the Group reclassified RMB4,700,280,000 from other payables to contract liabilities as at 1
+January 2018 in relation to the consideration received from customers in advance as at 1 January 2018.
+As at 31 December 2018, under HKFRS 15, RMB3,469,114,000 was reclassified from other payables to contract liabilities in
+relation to the consideration received from customers in advance for the sale of industrial products and properties.
+(d) Amendments to HKAS 40 clarify when an entity should transfer property, including property under construction or development, into or out
+of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of
+investment property and there is evidence of the change in use. A mere change in management's intentions for the use of a property does
+not provide evidence of a change in use. The amendments have had no impact on the financial position or performance of the Group.
+(e) HK (IFRIC)-Int 22 provides guidance on how to determine the date of the transaction when applying HKAS 21 to the situation where an
+entity receives or pays advance consideration in a foreign currency and recognises a non-monetary asset or liability. The interpretation
+clarifies that the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset,
+expense or income (or part of it) is the date on which an entity initially recognises the non-monetary asset (such as a prepayment) or
+non-monetary liability (such as deferred income) arising from the payment or receipt of the advance consideration. If there are multiple
+payments or receipts in advance of recognising the related item, the entity must determine the transaction date for each payment or
+receipt of the advance consideration. The interpretation has had no impact on the Group's financial statements as the Group's accounting
+policy for the determination of the exchange rate applied for initial recognition of non-monetary assets or non-monetary liabilities is
+consistent with the guidance provided in the interpretation.
+68 | BYD Company Limited Annual Report 2018
+0.93
+of the parent
+Earnings per share attributable to ordinary equity holders
+2.2 Changes in accounting policies and disclosures (continued)
+(c) (continued)
+Set out below are the amounts by which each financial statement line item was affected as at 1 January 2018 as a result of the adoption
+of HKFRS 15:
+Contract liabilities
+Advance from customer
+Total liabilities
+Assets
+Contract assets
+Trade and bills receivables
+Total liabilities
+31 December 2018
+Notes
+RMB'000
+32
+32
+4,700,280
+(4,700,280)
+22
+26
+24
+6,405,328
+(6,405,328)
+66 BYD Company Limited Annual Report 2018
+Increase/(decrease)
+Notes to Financial Statements
+Notes to Financial Statements
+The cumulative effect of the initial application of HKFRS 15 was recognised as an adjustment to the opening balance of retained profits as
+at 1 January 2018. Therefore, the comparative information was not restated and continues to be reported under HKAS 11, HKAS 18 and
+related interpretations.
+Recognition of expected credit losses for trade receivables under HKFRS 9
+Recognition of expected credit losses for contract assets under HKFRS 9
+19,234,724
+(241,711)
+(157,286)
+Recognition of expected credit losses for due from joint ventures and associates under HKFRS 9
+(47,836)
+Recognition of expected credit losses for due from related parties under HKFRS 9
+(873)
+BYD Company Limited Annual Report 2018 | 65
+Recognition of expected credit losses for bills receivable under HKFRS 9
+Recognition of expected credit losses for long-term receivables under HKFRS 9
+(3,193)
+Recognition of expected credit losses for prepayments, other receivables and other assets under HKFRS 9
+Reserve of the statutory surplus reserve
+(302)
+11,796
+Balance as at 1 January 2018 under HKFRS 9
+18,785,285
+(c) HKFRS 15 and its amendments replace HKAS 11 Construction Contracts, HKAS 18 Revenue and related interpretations and it applies,
+with limited exceptions, to all revenue arising from contracts with customers. HKFRS 15 establishes a new five-step model to account for
+revenue arising from contracts with customers. Under HKFRS 15, revenue is recognised at an amount that reflects the consideration to
+which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in HKFRS 15 provide
+a more structured approach for measuring and recognising revenue. The standard also introduces extensive qualitative and quantitative
+disclosure requirements, including disaggregation of total revenue, information about performance obligations, changes in contract asset
+and liability account balances between periods and key judgements and estimates. The disclosures are included in notes 3 and 5 to the
+financial statements. As a result of the application of HKFRS 15, the Group has changed the accounting policy with respect to revenue
+recognition in note 2.4 to the financial statements.
+The Group has adopted HKFRS 15 using the modified retrospective method of adoption. Under this method, the standard can be applied
+either to all contracts at the date of initial application or only to contracts that are not completed at this date. The Group has elected to
+apply the standard to contracts that are not completed as at 1 January 2018.
+(10,034)
+AC4
+31 December 2018
+(c) (continued)
+(4,729,481)
+(5,808,891)
+1,079,410
+Profit before tax from continuing operations
+4,385,640
+4,385,640
+Income tax credit
+(829,447)
+(829,447)
+(i)
+Profit for the year from continuing operations
+3,556,193
+Profit for the year
+3,556,193
+3,556,193
+Attributable to:
+Owners of the parent
+Non-controlling interests
+775,999
+775,999
+3,556,193
+2.2 Changes in accounting policies and disclosures (continued)
+Selling and distribution costs
+19,146,174
+Set out below are the amounts by which each financial statement line item was affected as at 31 December 2018 and for the year ended
+31 December 2018 as a result of the adoption of HKFRS 15. The adoption of HKFRS 15 has had no impact on other comprehensive
+income or on the Group's operating, investing and financing cash flows. The first column shows the amounts recorded under HKFRS 15
+and the second column shows what the amounts would have been had HKFRS 15 not been adopted:
+Consolidated statement of profit or loss for the year ended 31 December 2018:
+Notes
+HKFRS 15
+RMB'000
+Amounts prepared under
+Previous
+HKFRS
+RMB'000
+Increase/
+(decrease)
+RMB'000
+CONTINUING OPERATIONS
+(1,079,410)
+Revenue
+122,372,530
+(581,605)
+Cost of sales
+(i)
+(103,724,161)
+(103,226,356)
+(497,805)
+Gross profit
+18,066,764
+121,790,925
+256,068
+11,942,702
+256,941
+These subsidiaries are registered as wholly-foreign-owned enterprises under PRC law.
+These subsidiaries are registered as Sino-foreign joint ventures under PRC law.
+manufacture and sale of solar
+batteries and solar arrays
+These subsidiaries are registered as limited liability companies under PRC law.
+BYD Int'l is a subsidiary incorporated in Hong Kong with its shares listed on The Stock Exchange of Hong Kong limited.
+2,600,000,000
+Mainland China
+Limited ("Shangluo BYD")***
+Λ These subsidiaries were wholly owned by BYD Int'l, one of the Company's subsidiaries.
+Research, development,
+38.5%
+RMB
+PRC/
+BYD (Shangluo) Industrial Company
+Research and development of
+automobiles and components
+1,000,000,000
+Mainland China
+("Changsha Auto")**
+60.92%
+2.1 Basis of preparation
+These financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSS”) (which include all
+Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASS") and Interpretations) issued by the Hong Kong Institute
+of Certified Public Accountants ("HKICPA") accounting principles generally accepted in Hong Kong and the Hong Kong Companies Ordinance.
+They have been prepared under the historical cost convention, except for certain equity investments designated at fair value through other
+comprehensive income, financial assets at fair value through profit or loss, a long-term receivable, bills receivable and derivative financial
+instruments, which have been measured at fair value. These financial statements are presented in Renminbi ("RMB") and all values are rounded
+to the nearest thousand except when otherwise indicated.
+Despite the Group's net current liabilities of approximately RMB1,209,481,000 as at 31 December 2018, the consolidated financial statements
+have been prepared on a going concern basis as it is the directors' opinion that the Group has sufficient cash flows and credit facilities in the
+foreseeable future to enable it to continue its operations and meet its liabilities as and when they fall due.
+HKFRS 9
+The Group has adopted the following new and revised HKFRSS for the first time for the current year's financial statements.
+2.2 Changes in accounting policies and disclosures
+If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying
+amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the
+consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group's share of
+components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same
+basis as would be required if the Group had directly disposed of the related assets or liabilities.
+The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
+three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
+equity transaction.
+Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-
+controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity,
+income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
+The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies.
+The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that
+such control ceases.
+the Group's voting rights and potential voting rights.
+(c)
+(b) rights arising from other contractual arrangements; and
+the contractual arrangement with the other vote holders of the investee;
+(a)
+When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant
+facts and circumstances in assessing whether it has power over an investee, including:
+The consolidated financial statements include the financial statements of the Group for the year ended 31 December 2018. A subsidiary is an
+entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has
+rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee
+(i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).
+Basis of consolidation
+2.1 Basis of preparation (continued)
+31 December 2018
+Notes to Financial Statements
+60 | BYD Company Limited Annual Report 2018
+99.88%
+HKFRS 15
+RMB
+Changsha BYD Auto Co., Ltd.
+65.76%
+US$110,000,000
+PRC/
+Huizhou BYD Electronic Co., Ltd.
+("Huizhou Electronic")***^
+Principal activities
+Indirect
+Percentage of
+equity attributable
+to the Company
+Direct
+registered
+share capital
+High-level assembly
+business
+Issued ordinary/
+Place of
+incorporation/
+registration and
+31 December 2018
+Information about subsidiaries (continued)
+1. Corporate and Group information (continued)
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 59
+(873)
+Name
+Mainland China
+Xi'an BYD Electronic Co., Ltd.
+("Xi'an Electronic")****^
+PRC/ RMB100,000,000
+automobiles; provision of
+related after-sales services
+Sale and distribution of
+Mainland China
+("BYD Auto Sales")**
+94.76%
+4.29%
+RMB
+PRC/
+BYD Auto Sales Co., Ltd.
+handset components
+Mainland China
+Manufacture and sale of mobile
+65.76%
+RMB10,000,000
+PRC/
+BYD (Wuhan) Electronic Co., Ltd.
+("Wuhan Electronic")****^
+Manufacture and sale of mobile
+handset components
+Mainland China
+65.76%
+PRC/
+Amendments to HKFRS 15
+1,050,000,000
+Revenue from Contracts with Customers
+prepayments, other receivables and
+To: Bills receivable including
+N/A
+(53,276,716)
+L&R³ 53,276,716
+Trade and bills receivables
+AC4
+1,046,745
+other assets
+(3,193)
+L&R³
+Long-term receivables
+602,906
+(ii)
+profit or loss
+To: Financial assets at fair value through
+3,582,554
+(i)
+1,049,938
+(v)
+To: Contract assets
+6,973,003
+L&R³
+Financial Instruments
+Due from related parties
+AC4
+6,562,161
+(47,836)
+6,609,997
+L&R³
+Due from joint ventures and associates
+AC4
+301,265
+(302)
+301,567
+L&R3
+and other assets
+prepayments, other receivables
+Other receivables including
+6,405,328
+39,898,385
+value through other comprehensive
+income
+To: Equity investments designated at fair
+To: Trade receivables
+(4,185,460)
+HKFRS9
+measurement
+HKAS39
+measurement
+Notes
+A reconciliation between the carrying amounts under HKAS 39 and the balances reported under HKFRS 9 as at 1 January 2018 is as
+follows:
+The following information sets out the impacts of adopting HKFRS 9 on the statement of financial position, including the effect of replacing
+HKAS 39's incurred credit loss calculations with HKFRS 9's expected credit losses ("ECLS").
+(b) Classification and measurement
+2.2 Changes in accounting policies and disclosures (continued)
+Notes to Financial Statements
+ECL
+BYD Company Limited Annual Report 2018 | 61
+Except for the amendments to HKFRS 4 and Annual Improvements 2014-2016 Cycle, which are not relevant to the preparation of the Group's
+financial statements, the nature and the impact of the new and revised HKFRSS are described below:
+Foreign Currency Transactions and Advance Consideration
+Amendments to HKFRS 1 and HKAS 28
+Transfers of Investment Property
+Annual Improvements 2014-2016 Cycle
+HK(IFRIC)-Int 22
+N/A
+Amendments to HKAS 40
+Clarifications to HKFRS 15 Revenue from Contracts with Customers
+(a) HKFRS 9 Financial Instruments replaces HKAS 39 Financial Instruments: Recognition and Measurement for annual periods beginning on
+or after 1 January 2018, bringing together all three aspects of the accounting for financial instruments: classification and measurement,
+impairment and hedge accounting. With the exception of hedge accounting, which the Group has applied prospectively, the Group
+has recognised the any transition adjustments against the applicable opening balances in of equity at 1 January 2018. Therefore, the
+comparative information was not restated and continues to be reported under HKAS 39.
+Other
+31 December 2018
+3,582,554
+Available-for-sale investments
+3,582,554
+From: Available-for-sale investments
+FVOCI¹
+(equity)
+AFS2
+3,582,554
+N/A
+comprehensive income
+RMB'000
+4,185,460
+value through other
+Equity investments designated at fair
+Financial Assets
+RMB'000
+Category Amounts Re-classification
+Category
+Amounts
+RMB'000
+RMB'000
+RMB'000
+Leases that transfer substantially all the rewards and risks of ownership of assets to the Group, other than legal title, are accounted for as
+finance leases. At the inception of a finance lease, the cost of the leased asset is capitalised at the present value of the minimum lease
+payments and recorded together with the obligation, excluding the interest element, to reflect the purchase and financing. Assets held under
+capitalised finance leases, including prepaid land lease payments under finance leases, are included in property, plant and equipment, and
+depreciated over the shorter of the lease terms and the estimated useful lives of the assets. The finance costs of such leases are charged to the
+statement of profit or loss so as to provide a constant periodic rate of charge over the lease terms.
+Assets acquired through hire purchase contracts of a financing nature are accounted for as finance leases, but are depreciated over their
+estimated useful lives.
+years.
+Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive
+income, and fair value through profit or loss.
+Software
+Know-how is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful life of five years.
+Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Where
+the Group is the lessor, assets leased by the Group under operating leases are included in non-current assets, and rentals receivable under the
+operating leases are credited to the statement of profit or loss on the straight-line basis over the lease terms. Where the Group is the lessee,
+rentals payable under operating leases net of any incentives received from the lessor are charged to the statement of profit or loss on the
+straight-line basis over the lease terms.
+Know-how
+Industrial proprietary rights are stated at cost less any impairment losses and are amortised on the straight-line basis over their estimated useful
+lives of five to ten years.
+Software is stated at cost less any impairment losses and is amortised on the straight-line basis over its estimated useful life of five
+Leases
+Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognised on the straight-line basis over the
+lease terms.
+2.4 Summary of significant accounting policies (continued)
+Sale and leaseback
+When a sale and leaseback transaction results in a finance lease, the transaction in substance is a mean whereby the lessor provides finance
+to the lessee, with the asset as security. The previous carrying value of the asset is left unchanged, with the sales proceeds being shown as a
+liability. The creditor balance is recorded as other borrowings on the consolidated statement of financial position.
+76 | BYD Company Limited Annual Report 2018
+Notes to Financial Statements
+The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's
+business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which
+the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a
+financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
+that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction
+price determined under HKFRS 15 in accordance with the policies set out for "Revenue recognition (applicable from 1 January 2018)" below.
+31 December 2018
+Investments and other financial assets (policies under HKFRS 39 applicable before 1 January 2018)
+Initial recognition and measurement
+Industrial proprietary rights
+When the lease payments cannot be allocated reliably between the land and buildings elements, the entire lease payments are included in the
+cost of the land and buildings as a finance lease in property, plant and equipment.
+Deferred development costs are stated at cost less any impairment losses. The development costs are amortised using the straight-line basis
+over the commercial lives of the underlying products not exceeding five years, except for those of new energy vehicles which are amortised using
+the unit of production method, commencing from the date when the products are put into commercial production.
+The unit of production method is used to write off the cost of moulds.
+All research costs are charged to the statement of profit or loss as incurred.
+5%
+In order for a financial asset to be classified and measured at amortised cost or fair value through other comprehensive income, it needs to give
+rise to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding.
+5 years
+Office equipment and fixtures
+5 years and below
+5%
+Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis
+among the parts and each part is depreciated separately. Residual values, useful lives and depreciation methods are reviewed, and adjusted if
+appropriate, at least at each financial year end.
+An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future
+economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the statement of profit or loss
+in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.
+Construction in progress representing property and plant under construction is stated at cost less any impairment losses, and is not depreciated.
+Cost comprises the direct costs of construction and capitalised borrowing costs on related borrowed funds during the period of construction.
+Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.
+Investment properties
+Expenditure incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate the technical
+feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the
+asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure
+reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when
+incurred.
+Investment properties are interests in land and buildings held to earn rental income and/or for capital appreciation, rather than for use in the
+production or supply of goods or services or for administrative purposes; or for sale in the ordinary course of business. Such properties are
+measured at cost, including transaction costs, less any depreciation and any losses.
+Buildings
+1.4% to 9.5%
+Any gains or losses on the retirement or disposal of an investment property are recognised in the statement of profit or loss in the year of the
+retirement or disposal.
+BYD Company Limited Annual Report 2018 | 75
+Notes to Financial Statements
+31 December 2018
+2.4 Summary of significant accounting policies (continued)
+Intangible assets (other than goodwill)
+Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
+combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible
+assets with finite lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an indication
+that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are
+reviewed at least at each financial year end.
+Research and development costs
+Depreciation is calculated on the straight-line basis to write off the cost of each item of investment properties to its residual value over its
+estimated useful life. The principal annual rates used for this purpose as follows:
+The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The
+business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
+Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with positive net changes in fair
+value presented as other income and gains and negative net changes in fair value presented as finance costs in the statement of profit or loss.
+These net fair value changes do not include any dividends or interest earned on these financial assets, which are recognised in accordance with
+the policies set out for "Revenue recognition (applicable before 1 January 2018)" below.
+Subsequent measurement
+A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a
+separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as
+the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss.
+Embedded derivatives are measured at fair value with changes in fair value recognised in the statement of profit or loss. Reassessment only
+occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a
+reclassification of a financial asset out of the fair value through profit or loss category.
+A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together
+with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss.
+Initial recognition and measurement
+Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss, loans and receivables and available-
+for-sale financial investments, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. When financial assets
+are recognised initially, they are measured at fair value plus transaction costs that are attributable to the acquisition of the financial assets,
+except in the case of financial assets recorded at fair value through profit or loss.
+All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase
+or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period
+generally established by regulation or convention in the marketplace.
+78 | BYD Company Limited Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+2.4 Summary of significant accounting policies (continued)
+Investments and other financial assets (policies under HKFRS 39 applicable before 1 January 2018)
+(continued)
+This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value
+through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also
+recognised as other income in the statement of profit or loss when the right of payment has been established, it is probable that the economic
+benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.
+Subsequent measurement
+Financial assets at fair value through profit or loss
+Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition
+as at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of sale in the near
+term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective
+hedging instruments as defined by HKAS 39.
+Financial assets designated upon initial recognition as at fair value through profit or loss are designated at the date of initial recognition and only
+if the criteria in HKAS 39 are satisfied.
+Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and
+risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated as at fair value through
+profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the statement of profit or loss.
+Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise
+be required or a reclassification of a financial asset out of the fair value through profit or loss category.
+Loans and receivables
+Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After
+initial measurement, such assets are subsequently measured at amortised cost using the effective interest rate method less any allowance for
+impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and includes fees or costs that are an
+integral part of the effective interest rate. The effective interest rate amortisation is included in other income and gains in the statement of profit
+or loss. The loss arising from impairment is recognised in the statement of profit or loss in finance costs for loans and in other expenses for
+receivables.
+Available-for-sale financial investments
+Available-for-sale financial investments are non-derivative financial assets in listed and unlisted equity investments and debt securities. Equity
+investments classified as available for sale are those which are neither classified as held for trading nor designated as at fair value through
+profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in
+response to needs for liquidity or in response to changes in market conditions.
+5%
+After initial recognition, available-for-sale financial investments are subsequently measured at fair value, with unrealised gains or losses
+recognised as other comprehensive income in the available-for-sale investment revaluation reserve until the investment is derecognised, at
+which time the cumulative gain or loss is recognised in the statement of profit or loss in other income, or until the investment is determined to
+be impaired, when the cumulative gain or loss is reclassified from the available-for-sale investment revaluation reserve to the statement of profit
+or loss in other gains or losses. Interest and dividends earned whilst holding the available-for-sale financial investments are reported as interest
+income and dividend income, respectively and are recognised in the statement of profit or loss as other income in accordance with the policies
+set out for "Revenue recognition (applicable before 1 January 2018)" below.
+The subsequent measurement of financial assets depends on their classification as follows:
+All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase
+or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period
+generally established by regulation or convention in the marketplace.
+Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value
+recognised in the statement of profit or loss.
+Financial assets at fair value through profit or loss
+The subsequent measurement of financial assets depends on their classification as follows:
+Financial assets at amortised cost (debt instruments)
+The Group measures financial assets at amortised cost if both of the following conditions are met:
+•
+The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows.
+The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on
+the principal amount outstanding.
+Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and
+losses are recognised in the statement of profit or loss when the asset is derecognised, modified or impaired.
+Financial assets at fair value through other comprehensive income (debt instruments)
+The Group measures debt investments at fair value through other comprehensive income if both of the following conditions are met:
+•
+Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition
+at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as
+held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded
+derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows
+that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business
+model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through other comprehensive income,
+as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or
+significantly reduces, an accounting mismatch.
+The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling.
+The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on
+the principal amount outstanding.
+For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses
+or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised
+cost. The remaining fair value changes are recognised in other comprehensive income. Upon derecognition, the cumulative fair value change
+recognised in other comprehensive income is recycled to the statement of profit or loss.
+BYD Company Limited Annual Report 2018 | 77
+Notes to Financial Statements
+31 December 2018
+2.4 Summary of significant accounting policies (continued)
+Investments and other financial assets (policies under HKFRS 39 applicable before 1 January 2018)
+(continued)
+Financial assets designated at fair value through other comprehensive income (equity investments)
+Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through
+other comprehensive income when they meet the definition of equity under HKAS 32 Financial Instruments: Presentation and are not held for
+trading. The classification is determined on an instrument-by-instrument basis.
+Gains and losses on these financial assets are never recycled to the statement of profit or loss. Dividends are recognised as other income in
+the statement of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the
+dividend will flow to the Group and the amount of the dividend can be measured reliably, except when the Group benefits from such proceeds as
+a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income. Equity investments
+designated at fair value through other comprehensive income are not subject to impairment assessment.
+•
+5 to 10 years
+Property, plant and equipment and depreciation (continued)
+Over the shorter of the lease terms and 5 years
+If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the
+investment continues to be accounted for under the equity method. In all other cases, upon loss of significant influence over the associate or joint
+control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying
+amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and
+proceeds from disposal is recognised in profit or loss.
+Business combinations and goodwill
+Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair
+value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former
+owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the
+Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a
+proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquiree's identifiable net assets. All
+other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred.
+When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in
+accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation
+of embedded derivatives in host contracts of the acquiree.
+If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any
+resulting gain or loss is recognised in profit or loss.
+Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration
+classified as an asset or liability is measured at fair value with changes in fair value recognised in profit or loss. Contingent consideration that is
+classified as equity is not remeasured and subsequent settlement is accounted for within equity.
+Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-
+controlling interests and any fair value of the Group's previously held equity interests in the acquiree over the identifiable net assets acquired and
+liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is, after
+reassessment, recognised in profit or loss as a gain on bargain purchase.
+After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more
+frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment
+test of goodwill as at 31 December. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition
+date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies
+of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.
+Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the
+goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an
+impairment loss is recognised. An impairment loss recognised for goodwill is not reversed in a subsequent period.
+Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is
+disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain
+or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the
+portion of the cash-generating unit retained.
+72 BYD Company Limited Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+2.4 Summary of significant accounting policies (continued)
+Fair value measurement
+The Group measures its listed equity investments and derivative financial instruments at fair value at the end of each reporting period. Fair
+value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
+the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability
+takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for
+the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is
+measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in
+their economic best interest.
+A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the
+asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
+The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
+maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
+All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy,
+described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
+Level 1
+based on quoted prices (unadjusted) in active markets for identical assets or liabilities
+Investments in associates and joint ventures (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+Notes to Financial Statements
+Machinery and equipment (except moulds)
+Motor vehicles
+BYD Company Limited Annual Report 2018 | 69
+Notes to Financial Statements
+31 December 2018
+2.3 Issued but not yet effective Hong Kong financial reporting standards (continued)
+Further information about those HKFRSS that are expected to be applicable to the Group is describe below.
+Amendments to HKFRS 3 clarify and provide additional guidance on the definition of a business. The amendments clarify that for an integrated
+set of activities and assets to be considered a business, it must include, at a minimum, an input and a substantive process that together
+significantly contribute to the ability to create output. A business can exist without including all of the inputs and processes needed to create
+outputs. The amendments remove the assessment of whether market participants are capable of acquiring the business and continue to produce
+outputs. Instead, the focus is on whether acquired inputs and acquired substantive processes together significantly contribute to the ability to
+create outputs. The amendments have also narrowed the definition of outputs to focus on goods or services provided to customers, investment
+income or other income from ordinary activities. Furthermore, the amendments provide guidance to assess whether an acquired process is
+substantive and introduce an optional fair value concentration test to permit a simplified assessment of whether an acquired set of activities and
+assets is not a business. The Group expects to adopt the amendments prospectively from 1 January 2020.
+Amendments to HKFRS 10 and HKAS 28 (2011) address an inconsistency between the requirements in HKFRS 10 and in HKAS 28 (2011) in
+dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition
+of a gain or loss when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a
+transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor's profit or
+loss only to the extent of the unrelated investor's interest in that associate or joint venture. The amendments are to be applied prospectively. The
+previous mandatory effective date of amendments to HKFRS 10 and HKAS 28 (2011) was removed by the HKICPA in January 2016 and a new
+mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However,
+the amendments are available for adoption now.
+HKFRS 16 replaces HKAS 17 Leases, HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease, HK(SIC)-Int 15 Operating Leases
+- Incentives and HK(SIC)-Int 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the
+principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognise assets and liabilities for
+most leases. The standard includes two elective recognition exemptions for lessees - leases of low-value assets and short-term leases. At the
+commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e., the lease liability) and an asset representing the
+right to use the underlying asset during the lease term (i.e., the right-of-use asset). The right-of-use asset is subsequently measured at cost
+less accumulated depreciation and any impairment losses unless the right-of-use asset meets the definition of investment property in HKAS
+40, or relates to a class of property, plant and equipment to which the revaluation model is applied. The lease liability is subsequently increased
+to reflect the interest on the lease liability and reduced for the lease payments. Lessees will be required to separately recognise the interest
+expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees will also be required to remeasure the lease
+liability upon the occurrence of certain events, such as change in the lease term and change in future lease payments resulting from a change
+in an index or rate used to determine those payments. Lessees will generally recognise the amount of the remeasurement of the lease liability
+as an adjustment to the right-of-use asset. Lessor accounting under HKFRS 16 is substantially unchanged from the accounting under HKAS 17.
+Lessors will continue to classify all leases using the same classification principle as in HKAS 17 and distinguish between operating leases and
+finance leases. HKFRS 16 requires lessees and lessors to make more extensive disclosures than under HKAS 17. Lessees can choose to apply
+the standard using either a full retrospective or a modified retrospective approach. The Group will adopt HKFRS 16 from 1 January 2019. The
+Group plans to adopt the transitional provisions in HKFRS 16 at 1 January 2019 and will not restate the comparatives. In addition, the Group
+plans to apply the new requirements to contracts that were previously identified as leases applying HKAS 17 and measure the lease liability at
+the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate at the date of initial application.
+The right-of-use asset will be measured at the amount of the lease liability, adjusted by the amount of any prepaid or accrued lease payments
+relating to the lease recognised in the statement of financial position immediately before the date of initial application. The Group plans to use
+the exemptions allowed by the standard on lease contracts whose lease terms end within 12 months as of the date of initial application. During
+2018, the Group has performed a detailed assessment on the impact of adoption of HKFRS 16. The Group has estimated that right-of-use assets
+of RMB605,831,000 and lease liabilities of RMB569,077,000 will be recognised at 1 January 2019.
+70 | BYD Company Limited Annual Report 2018
+Level 2
+Notes to Financial Statements
+Amendments to HKAS 1 and HKAS 8 provide a new definition of material. The new definition states that information is material if omitting,
+misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements
+make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information.
+A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. The Group expects
+to adopt the amendments prospectively from 1 January 2020. The amendments are not expected to have any significant impact on the Group's
+financial statements.
+Amendments to HKAS 28 clarify that the scope exclusion of HKFRS 9 only includes interests in an associate or joint venture to which the
+equity method is applied and does not include long-term interests that in substance form part of the net investment in the associate or joint
+venture, to which the equity method has not been applied. Therefore, an entity applies HKFRS 9, rather than HKAS 28, including the impairment
+requirements under HKFRS 9, in accounting for such long-term interests. HKAS 28 is then applied to the net investment, which includes the
+long-term interests, only in the context of recognising losses of an associate or joint venture and impairment of the net investment in the
+associate or joint venture. The Group expects to adopt the amendments on 1 January 2019 and will assess its business model for such long-
+term interests based on the facts and circumstances that exist on 1 January 2019 using the transitional requirements in the amendments. The
+Group also intends to apply the relief from restating comparative information for prior periods upon adoption of the amendments.
+HK(IFRIC)-Int 23 addresses the accounting for income taxes (current and deferred) when tax treatments involve uncertainty that affects the
+application of HKAS 12 (often referred to as “uncertain tax positions"). The interpretation does not apply to taxes or levies outside the scope
+of HKAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The
+interpretation specifically addresses (i) whether an entity considers uncertain tax treatments separately; (ii) the assumptions an entity makes
+about the examination of tax treatments by taxation authorities; (iii) how an entity determines taxable profits or tax losses, tax bases, unused
+tax losses, unused tax credits and tax rates; and (iv) how an entity considers changes in facts and circumstances. The interpretation is to be
+applied retrospectively, either fully retrospectively without the use of hindsight or retrospectively with the cumulative effect of application as
+an adjustment to the opening equity at the date of initial application, without the restatement of comparative information. The Group expects
+to adopt the interpretation from 1 January 2019. The interpretation is not expected to have any significant impact on the Group's financial
+statements.
+2.4 Summary of significant accounting policies
+Investments in associates and joint ventures
+An associate is an entity in which the Group has a long term interest of generally not less than 20% of the equity voting rights and over which it
+is in a position to exercise significant influence. Significant influence is the power to participate in the financial and operating policy decisions of
+the investee, but is not control or joint control over those policies.
+A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
+joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant
+activities require the unanimous consent of the parties sharing control.
+The Group's investments in associates and joint ventures are stated in the consolidated statement of financial position at the Group's share of
+net assets under the equity method of accounting, less any impairment losses. Adjustments are made to bring into line any dissimilar accounting
+policies that may exist.
+The Group's share of the post-acquisition results and other comprehensive income of associates and joint ventures is included in the
+consolidated statement of profit or loss and consolidated other comprehensive income, respectively. In addition, when there has been a change
+recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when applicable, in the
+consolidated statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and its associates or
+joint ventures are eliminated to the extent of the Group's investments in the associates or joint ventures, except where unrealised losses provide
+evidence of an impairment of the asset transferred. Goodwill arising from the acquisition of associates or joint ventures is included as part of the
+Group's investments in associates or joint ventures.
+BYD Company Limited Annual Report 2018 | 71
+2.3 Issued but not yet effective Hong Kong financial reporting standards (continued)
+Level 3
+31 December 2018
+based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
+(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;
+(v)
+the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;
+(vi)
+the entity is controlled or jointly controlled by a person identified in (a);
+(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or
+of a parent of the entity); and
+(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent
+of the Group.
+Property, plant and equipment and depreciation
+Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment
+losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the
+asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put
+into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In
+situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset
+as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such
+parts as individual assets with specific useful lives and depreciates them accordingly.
+74 | BYD Company Limited Annual Report 2018
+Notes to Financial Statements
+31 December 2018
+2.4 Summary of significant accounting policies (continued)
+Except for moulds, depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its
+residual value over its estimated useful life. The estimated useful lives and residual value are as follows:
+Residual value
+Freehold land
+Buildings
+Not depreciated
+10 to 70 years
+5%
+based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable,
+either directly or indirectly
+Leasehold improvements
+the entity and the Group are joint ventures of the same third party;
+(iii)
+Estimated useful lives
+(ii)
+Impairment of non-financial assets
+one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);
+For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have
+occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value
+measurement as a whole) at the end of each reporting period.
+Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, a completed
+property held-for-sale, financial assets), the asset's recoverable amount is estimated. An asset's recoverable amount is the higher of the asset's
+or cash-generating unit's value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does
+not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is
+determined for the cash-generating unit to which the asset belongs.
+An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the
+estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
+time value of money and the risks specific to the asset. An impairment loss is charged to the statement of profit or loss in the period in which it
+arises in those expense categories consistent with the function of the impaired asset.
+BYD Company Limited Annual Report 2018 | 73
+Notes to Financial Statements
+2.4 Summary of significant accounting policies (continued)
+Related parties
+A party is considered to be related to the Group if:
+(a)
+An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised impairment losses
+may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised
+impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable
+amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/
+amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to the
+statement of profit or loss in the period in which it arises.
+the party is a person or a close member of that person's family and that person,
+the party is an entity where any of the following conditions applies:
+(b)
+the entity and the Group are members of the same group;
+is a member of the key management personnel of the Group or of a parent of the Group;
+31 December 2018
+or
+has control or joint control over the Group;
+(i)
+has significant influence over the Group; or
+(i)
+Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax
+rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations
+and practices prevailing in the countries in which the Group operates.
+Provisions
+Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss,
+either in other comprehensive income or directly in equity.
+Income tax
+The Group provides for warranties in relation to the sale of certain industrial products and the provision of construction services for general
+repairs of defects occurring during the warranty period. Provisions for these assurance-type warranties granted by the Group are recognised
+based on sales volume and past experience of the level of repairs and returns, discounted to their present values as appropriate.
+When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of
+the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the
+passage of time is included in finance costs in the statement of profit or loss.
+A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future
+outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.
+For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including
+term deposits and assets similar in nature to cash, which are not restricted as to use.
+Short-term deposits
+2.4 Summary of significant accounting policies (continued)
+For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short
+term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value,
+and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an
+integral part of the Group's cash management.
+Cash and cash equivalents
+Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average basis and, in the case of work in
+progress and finished goods, comprises direct materials, direct labour and an appropriate proportion of overheads. Cost of moulds is determined
+at the actual cost incurred in the production process. Net realisable value is based on estimated selling prices less any estimated costs to be
+incurred to completion and disposal.
+Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of
+assets and liabilities and their carrying amounts for financial reporting purposes.
+Inventories
+Term deposits with an initial term of over three months but less than one year were classified as short-term deposits on the consolidated
+statement of financial position.
+Deferred tax liabilities are recognised for all taxable temporary differences, except:
+.
+when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
+combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
+Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching
+conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods
+that the costs, which it is intended to compensate, are expensed.
+31 December 2018
+Government grants
+Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and
+current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either
+the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the
+assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected
+to be settled or recovered.
+Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability
+is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
+The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable
+that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are
+reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be
+available to allow all or part of the deferred tax asset to be recovered.
+in respect of deductible temporary differences associated with investments in subsidiaries, joint ventures and associate, deferred tax
+assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable
+profit will be available against which the temporary differences can be utilised.
+•
+when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a
+transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or
+loss; and
+Deferred tax assets are recognised for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses.
+Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary
+differences, and the carryforward of unused tax credits and unused tax losses can be utilised, except:
+Income tax (continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 85
+in respect of taxable temporary differences associated with investments in subsidiaries, joint ventures and associates, when the timing
+of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
+foreseeable future.
+•
+Notes to Financial Statements
+Financial liabilities designated upon initial recognition as at fair value through profit or loss are designated at the date of initial recognition and
+only if the criteria in HKAS 39 are satisfied.
+Completed properties held for sale are stated at the lower of cost and net realisable value. Cost is determined by an apportionment of the total
+land and buildings costs attributable to unsold properties. Net realisable value is estimated by the directors based on the prevailing market
+prices, on an individual property basis.
+Loans and borrowings
+Financial liabilities are classified as held for trading if they are acquired for the purpose of repurchasing in the near term. This category includes
+derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by
+HKAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
+Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. The net fair value gain or loss recognised in the
+statement of profit or loss does not include any interest charged on these financial liabilities.
+Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
+recognition as at fair value through profit or loss.
+Financial liabilities at fair value through profit or loss (policies under HKAS 39 applicable before 1 January
+2018)
+Financial liabilities designated upon initial recognition as at fair value through profit or loss are designated at the initial date of recognition, and
+only if the criteria in HKFRS 9 are satisfied. Gains or losses on liabilities designated at fair value through profit or loss are recognised in the
+statement of profit or loss, except for the gains or losses arising from the Group's own credit risk which are presented in other comprehensive
+income with no subsequent reclassification to the statement of profit or loss. The net fair value gain or loss recognised in the statement of profit
+or loss does not include any interest charged on these financial liabilities.
+Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also
+includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as
+defined by HKFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging
+instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. The net fair value gain or loss
+recognised in the statement of profit or loss does not include any interest charged on these financial liabilities.
+Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
+recognition as at fair value through profit or loss.
+After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate
+method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in the
+statement of profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.
+Financial liabilities at fair value through profit or loss (policies under HKFRS 9 applicable from 1 January
+2018)
+Subsequent measurement
+The Group's financial liabilities include trade and other payables, and interest-bearing bank, and other borrowings and derivative financial
+instruments.
+All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payable, net of directly attributable
+transaction costs.
+Financial liabilities and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the
+substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
+Initial recognition and measurement
+Financial liabilities and equity instruments (policies under HKFRS 9 applicable from 1 January 2018 and
+HKAS 39 applicable before 1 January 2018)
+Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of profit or loss over
+the expected useful life of the relevant asset by equal annual instalments or deducted from the carrying amount of the asset and released to the
+statement of profit or loss by way of a reduced depreciation charge.
+The subsequent measurement of financial liabilities depends on their classification as follows:
+84 BYD Company Limited Annual Report 2018
+Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
+effective interest rate. The effective interest rate amortisation is included in finance costs in the statement of profit or loss.
+Notes to Financial Statements
+Completed properties held for sale
+Any gains or losses arising from changes in fair value of derivatives are taken directly to the statement of profit or loss, except for the effective
+portion of cash flow hedges, which is recognised in other comprehensive income and later reclassified to profit or loss when the hedged item
+affects profit or loss.
+The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risk. Those derivative financial
+instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at
+fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.
+Initial recognition and subsequent measurement
+Derivative financial instruments (policies under HKFRS 9 applicable from 1 January 2018 and HKAS 39
+applicable before 1 January 2018)
+Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently
+enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the
+liabilities simultaneously.
+Offsetting of financial instruments (policies under HKFRS 9 applicable from 1 January 2018 and HKAS 39
+applicable before 1 January 2018)
+BYD Company Limited Annual Report 2018 | 83
+When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
+are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new
+liability, and the difference between the respective carrying amounts is recognised in the statement of profit or loss.
+Derecognition of financial liabilities (policies under HKFRS 9 applicable from 1 January 2018 and HKAS 39
+applicable before 1 January 2018)
+A financial guarantee contract is recognised initially as a liability at its fair value, adjusted for transaction costs that are directly attributable to the
+issuance of the guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contract at the higher of: (i) the amount
+of the best estimate of the expenditure required to settle the present obligation at the end of the reporting period; and (ii) the amount initially
+recognised less, when appropriate, cumulative amortisation.
+Financial guarantee contracts (policies under HKAS 39 applicable before 1 January 2018)
+Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it
+incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. A financial guarantee
+contract is recognised initially as a liability at its fair value, adjusted for transaction costs that are directly attributable to the issuance of the
+guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contracts at the higher of: (i) the ECL allowance
+determined in accordance with the policy as set out in "Impairment of financial assets (policies under HKFRS 9 applicable from 1 January
+2018)"; and (ii) the amount initially recognised less, when appropriate, the cumulative amount of income recognised.
+Financial guarantee contracts (policies under HKFRS 9 applicable from 1 January 2018)
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
+Where the Group receives government loans granted with no or at a below-market rate of interest for the construction of a qualifying asset, the
+initial carrying amount of the government loans is determined using the effective interest rate method, as further explained in the accounting
+policy for "Financial liabilities" above. The benefit of the government loans granted with no or at a below-market rate of interest, which is the
+difference between the initial carrying value of the loans and the proceeds received, is treated as a government grant and released to the
+statement of profit or loss over the expected useful life of the relevant asset by equal annual instalments.
+rental income, on a time proportion basis over the lease terms;
+Notes to Financial Statements
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+Notes to Financial Statements
+88 | BYD Company Limited Annual Report 2018
+(g) subcontracting income and assembly service income, when the relevant services have been rendered.
+dividend income, when the shareholders' right to receive payment has been established; and
+interest income, on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future
+cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the
+financial asset;
+(f)
+(d)
+from the rendering of services, on the percentage of completion basis, as further explained in the accounting policy for "Contracts for
+services (applicable before 1 January 2018)" below;
+from construction contracts, on the percentage of completion basis, as further explained in the accounting policy for "Construction
+contracts (applicable before 1 January 2018)" below;
+from the sale of goods, when the significant risks and rewards of ownership have been transferred to the buyer, provided that the Group
+maintains neither managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold;
+(c)
+(b)
+(a)
+Construction contracts (applicable before 1 January 2018)
+Contract revenue comprises the agreed contract amount and appropriate amounts from variation orders, claims and incentive payments.
+Contract costs incurred comprise direct materials, the costs of subcontracting, direct labour and an appropriate proportion of variable and fixed
+construction overheads.
+Revenue from fixed price construction contracts is recognised using the percentage of completion method, measured by reference to the
+proportion of costs incurred to date to the estimated total cost of the relevant contract.
+Revenue from cost plus construction contracts is recognised using the percentage of completion method, by reference to the recoverable costs
+incurred during the period plus the related fee earned, measured by the proportion of costs incurred to date to the estimated total cost of the
+relevant contract.
+2.4 Summary of significant accounting policies (continued)
+The Group contributes on a monthly basis to various defined contribution plans organised by the relevant governmental authorities in various
+areas other than Mainland China. The Group's liability in respect of these plans is limited to the contributions payable at the end of each period.
+Contributions to these plans are expensed as incurred.
+Pension scheme - outside Mainland China
+The employees of the Group's subsidiaries, which operate in Mainland China, are required to participate in a central pension scheme operated
+by the local municipal government. These subsidiaries are required to contribute a certain percentage of their payroll costs to the central pension
+scheme. The contributions are charged to the statement of profit or loss as they become payable in accordance with the rules of the central
+pension scheme.
+Pension scheme - Mainland China
+The Group's contributions to various defined contribution medical benefit plans organised by the relevant municipal and provincial governments
+in the PRC are expensed as incurred.
+Medical benefits
+Revenue is recognised when it is probable that the economic benefits will flow to the Group and when the revenue can be measured reliably, on
+the following bases:
+Employees' entitlements to sick leave and maternity leave are not recognised until the time of leave.
+Employees' leave entitlements
+Employee benefits
+Provision is made for foreseeable losses as soon as they are anticipated by management. Where contract costs incurred to date plus recognised
+profits less recognised losses exceed progress billings, the surplus is treated as an amount due from contract customers. Where progress
+billings exceed contract costs incurred to date plus recognised profits less recognised losses, the surplus is treated as an amount due to contract
+customers.
+Revenue from the rendering of services is recognised based on the percentage of completion of the transaction, provided that the revenue, the
+costs incurred and the estimated costs to completion can be measured reliably. The percentage of completion is established by reference to the
+costs incurred to date as compared to the total costs to be incurred under the transaction. Where the outcome of a contract cannot be measured
+reliably, revenue is recognised only to the extent that the expenses incurred are eligible to be recovered.
+Contract revenue on the rendering of services comprises the agreed contract amount. Costs of rendering services comprise labour and other
+costs of personnel directly engaged in providing the services and attributable overheads.
+Contracts for services (applicable before 1 January 2018)
+Provision is made for foreseeable losses as soon as they are anticipated by management. Where contract costs incurred to date plus recognised
+profits less recognised losses exceed progress billings, the surplus is treated as an amount due from contract customers. Where progress
+billings exceed contract costs incurred to date plus recognised profits less recognised losses, the surplus is treated as an amount due to contract
+customers.
+Employees' entitlements to annual leave and long service leave are recognised when they accrue to employees.
+Revenue recognition (applicable before 1 January 2018)
+The capitalised contract costs are amortised and charged to the statement of profit or loss on a systematic basis that is consistent with the
+pattern of the revenue to which the asset related is recognised. Other contract costs are expensed as incurred.
+The costs are expected to be recovered.
+Retrospective rebates may be provided to certain customers according to the Group's business policy. Rebates are offset against
+amounts payable by the customer. The Group is required to use either the expected value method or the most likely amount method
+based on which method better predicts the amount of consideration to which it will be entitled.
+(b)
+Rebates
+(i)
+Some contracts for the sale of industrial products provide customers with rebates. The rebates give rise to variable consideration.
+Revenue from the sale of industrial products is recognised at the point in time when control of the asset is transferred to the customer,
+generally on delivery of the industrial products.
+Sale of industrial products
+Provision for services
+(a)
+When the contract contains a financing component which provides the customer a significant benefit of financing the transfer of goods or
+services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the
+discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the
+contract contains a financing component which provides the Group a significant financial benefit for more than one year, revenue recognised
+under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the
+period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not
+adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15.
+When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in
+exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained
+until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated
+uncertainty with the variable consideration is subsequently resolved.
+Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that
+reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
+Revenue from contracts with customers
+Revenue recognition (applicable from 1 January 2018)
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+A significant financing component does not exist if the difference between the promised consideration and the cash selling price of the good or
+service arises for reasons other than the provision of finance.
+86 BYD Company Limited Annual Report 2018
+Revenue from the provision of services is recognised over the scheduled period on an input method because the customer simultaneously
+receives and consumes the benefits provided by the Group.
+Rental income is recognised on a time proportion basis over the lease terms.
+The costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in
+the future.
+The costs relate directly to a contract or to an anticipated contract that the entity can specifically identify.
+(a)
+Other than the costs which are capitalised as inventories, property, plant and equipment and intangible assets, costs incurred to fulfil a contract
+with a customer are capitalised as an asset if all of the following criteria are met:
+Contract costs (applicable from 1 January 2018)
+A contract liability is the obligation to transfer goods or services to a customer for which the Group has received a consideration (or an amount of
+consideration that is due) from the customer. If a customer pays the consideration before the Group transfers goods or services to the customer,
+a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as
+revenue when the Group performs under the contract.
+Contract liabilities (applicable from 1 January 2018)
+Revenue from other sources
+A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring
+goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned
+consideration that is conditional.
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 87
+Dividend income is recognised when the shareholders' right to receive payment has been established, it is probable that the economic benefits
+associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.
+Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated
+future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the
+financial asset.
+Other income
+Contract assets (applicable from 1 January 2018)
+31 December 2018
+82 BYD Company Limited Annual Report 2018
+Available-for-sale financial investments (continued)
+At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition.
+When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the
+risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information
+that is available without undue cost or effort, including historical and forward-looking information.
+ECLS are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition,
+ECLS are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit
+exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
+expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
+General approach
+The Group recognises an allowance for ECLS for all debt instruments not held at fair value through profit or loss. ECLs are based on the
+difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive,
+discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral
+held or other credit enhancements that are integral to the contractual terms.
+Impairment of financial assets (policies under HKFRS 9 applicable from 1 January 2018)
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+80 BYD Company Limited Annual Report 2018
+Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
+the asset and the maximum amount of consideration that the Group could be required to repay.
+When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if,
+and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all
+the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the
+Group's continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability
+are measured on a basis that reflects the rights and obligations that the Group has retained.
+the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
+without material delay to a third party under a "pass-through" arrangement; and either (a) the Group has transferred substantially all the
+risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but
+has transferred control of the asset.
+For bills receivable measured at fair value through other comprehensive income, the Group applies the low credit risk simplification. At each
+reporting date, the Group evaluates whether the bills receivables are considered to have low credit risk using all reasonable and supportable
+information that is available without undue cost or effort. In making that evaluation, the Group reassesses the external credit ratings of the bills
+receivable. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are past due.
+the rights to receive cash flows from the asset have expired; or
+A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e.,
+removed from the Group's consolidated statement of financial position) when:
+Derecognition of financial assets (policies under HKFRS 9 applicable from 1 January 2018 and policies under
+HKAS 39 applicable before 1 January 2018)
+For a financial asset reclassified from the available-for-sale category, the fair value carrying amount at the date of reclassification becomes
+its new amortised cost and any previous gain or loss on that asset that has been recognised in equity is amortised to profit or loss over the
+remaining life of the investment using the effective interest rate. Any difference between the new amortised cost and the maturity amount is also
+amortised over the remaining life of the asset using the effective interest rate. If the asset is subsequently determined to be impaired, then the
+amount recorded in equity is reclassified to the statement of profit or loss.
+The Group evaluates whether the ability and intention to sell its available-for-sale financial assets in the near term are still appropriate. When, in
+rare circumstances, the Group is unable to trade these financial assets due to inactive markets, the Group may elect to reclassify these financial
+assets if management has the ability and intention to hold the assets for the foreseeable future or until maturity.
+When the fair value of unlisted equity investments cannot be reliably measured because (a) the variability in the range of reasonable fair value
+estimates is significant for that investment or (b) the probabilities of the various estimates within the range cannot be reasonably assessed and
+used in estimating fair value, such investments are stated at cost less any impairment losses.
+Investments and other financial assets (policies under HKFRS 39 applicable before 1 January 2018)
+(continued)
+2.4 Summary of significant accounting policies (continued)
+31 December 2018
+Notes to Financial Statements
+BYD Company Limited Annual Report 2018 | 79
+Notes to Financial Statements
+•
+The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may
+also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding
+contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is
+no reasonable expectation of recovering the contractual cash flows.
+Notes to Financial Statements
+Stage 1
+The determination of what is "significant” or “prolonged" requires judgement. In making this judgement, the Group evaluates, among other
+factors, the duration or extent to which the fair value of an investment is less than its cost.
+In the case of equity investments classified as available for sale, objective evidence would include a significant or prolonged decline in the fair
+value of an investment below its cost. "Significant" is evaluated against the original cost of the investment and "prolonged" against the period in
+which the fair value has been below its original cost. Where there is evidence of impairment, the cumulative loss - measured as the difference
+between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognised in the statement of
+profit or loss is removed from other comprehensive income and recognised in the statement of profit or loss. Impairment losses on equity
+instruments classified as available for sale are not reversed through the statement of profit or loss. Increases in their fair value after impairment
+are recognised directly in other comprehensive income.
+If an available-for-sale asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortisation)
+and its current fair value, less any impairment loss previously recognised in the statement of profit or loss, is removed from other comprehensive
+income and recognised in the statement of profit or loss.
+For available-for-sale financial investments, the Group assesses at the end of each reporting period whether there is objective evidence that an
+investment or a group of investments is impaired.
+Bills receivables measured at fair value through other comprehensive income and financial assets at amortised cost are subject to impairment
+under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables and
+contract assets which apply the simplified approach as detailed below.
+If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the
+impairment was recognised, the previously recognised impairment loss is increased or reduced by adjusting the allowance account. If a write-off
+is later recovered, the recovery is credited to other expenses in the statement of profit or loss.
+The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognised in the statement of profit or
+loss. Interest income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows
+for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no
+realistic prospect of future recovery and all collateral has been realised or has been transferred to the Group.
+The amount of any impairment loss identified is measured as the difference between the asset's carrying amount and the present value of
+estimated future cash flows (excluding future credit losses that have not yet been incurred). The present value of the estimated future cash flows
+is discounted at the financial asset's original effective interest rate (i.e., the effective interest rate computed at initial recognition).
+For financial assets carried at amortised cost, the Group first assesses whether impairment exists individually for financial assets that are
+individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence
+of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets
+with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for
+which an impairment loss is, or continues to be, recognised are not included in a collective assessment of impairment.
+Financial assets carried at amortised cost
+The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial
+assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact on the
+estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment
+may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or
+principal payments, the probability that they will enter bankruptcy or other financial reorganisation and observable data indicating that there is a
+measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
+Impairment of financial assets (policies under HKAS 39 applicable before 1 January 2018)
+Available-for-sale financial investments
+31 December 2018
+Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss
+allowance is measured at an amount equal to 12-month ECLS
+2.4 Summary of significant accounting policies (continued)
+Stage 2
+Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired
+financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLS
+-
+Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for
+which the loss allowance is measured at an amount equal to lifetime ECLS
+Stage 3
+Simplified approach
+For trade receivables that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting
+the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach,
+the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The
+Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the
+debtors and the economic environment.
+BYD Company Limited Annual Report 2018 | 81
+Notes to Financial Statements
+SUPERVISORS
+Huang Jiang-feng
+Yang Dong-sheng (resigned with effect from 25 March 2021)
+Wang Zhen
+Li Yong-zhao
+Dong Jun-qing
+Tang Mei (appointed with effect from 25 March 2021)
+Jiang Yan-bo
+NON-EXECUTIVE DIRECTORS
+Cai Hong-ping
+INDEPENDENT NON-EXECUTIVE DIRECTORS
+Xia Zuo-quan
+Lv Xiang-yang
+Wang Chuan-fu
+EXECUTIVE DIRECTOR
+公司資料
+Corporate Information
+COMPANY SECRETARY
+Zhang Min
+Li Qian
+4.0
+Lv Xiang-yang
+比亞迪股份有限公司
+Xia Zuo-quan
+Lv Xiang-yang
+Wang Chuan-fu (Chairman)
+STRATEGY COMMITTEE
+Zhang Min
+Cai Hong-ping
+Lv Xiang-yang
+Jiang Yan-bo (Chairman)
+AUDIT COMMITTEE
+Wang Chuan-fu
+Jiang Yan-bo
+Zhang Min
+Cai Hong-ping (Chairman)
+Xia Zuo-quan
+Wang Chuan-fu
+REMUNERATION COMMITTEE
+Jiang Yan-bo
+Cai Hong-ping
+Zhang Min (Chairman)
+NOMINATION COMMITTEE
+6
+53.40%
+逐光前行
+2020
+Cai Hong-ping
+40.49%
+2021
+2021
+51.90%
+Automobiles and related products, and other products
+汽車、汽車相關產品及其他產品
+手機部件、組裝及其他產品
+other products
+Mobile handset components, assembly service and
+二次充電電池及光伏
+Rechargeable Batteries and Photovoltaic
+7.63%
+17.29%
+REVENUE BREAKDOWN BY PRODUCT CATEGORIES 按產品類別劃分的營業額
+財務摘要
+Financial Highlights
+Annual Report 2021
+二零二一年年報
+資、合同資產、應收聯營及合營公司、應收關
+聯方款項。
+2020
+BYD Company Limited
+二零二零年
+按客戶所在地劃分的營業額
+以夢為馬
+3
+61.48%
+38.68%
+二零二零年
+2020
+2020
+38.52%
+69.76%
+二零二一年
+2021
+2021
+30.24%
+境外
+Overseas
+中國(包括港澳台地區)
+PRC (including Hong Kong, Macau and Taiwan)
+CUSTOMERS
+REVENUE BREAKDOWN BY LOCATIONS OF
+二零二一年
+Zhang Min
+王傳福
+王傳福
+Computershare Hong Kong Investor Services Limited
+HONG KONG SHARE REGISTRAR AND TRANSFER
+OFFICE
+Hong Kong
+New Territories
+No. 138 Shatin Rural Committee Road
+Tower 2 Grand Central Plaza
+Unit 1712, 17th Floor
+PLACE OF BUSINESS IN HONG KONG
+Shops 1712-1716
+Ernst & Young Hua Ming (LLP)
+Ernst & Young
+INTERNATIONAL AUDITORS
+The PRC
+Guangdong Province
+Shenzhen
+Dapeng New District
+Kuichong Sub-district
+No. 1 Yan'an Road
+DOMESTIC AUDITORS
+17th Floor
+Hopewell Centre
+183 Queen's Road East
+國際核數師
+延安路一號
+大鵬新區
+葵湧街道
+深圳市
+廣東省
+中國
+A Shares: 002594 (Shenzhen Stock Exchange (“SZSE”))
+(“Hong Kong Stock Exchange”))
+H Shares: 01211 (The Stock Exchange of Hong Kong Limited
+STOCK CODE
+www.byd.com
+WEBSITE
+Email: byd@iprogilvy.com
+Fax: (852) 3170 6606
+Tel: (852) 2136 6185
+iPR Ogilvy Ltd.
+INVESTOR AND MEDIA RELATIONS CONSULTANT
+Hong Kong
+Wanchai
+LEGAL ADDRESS
+法定地址
+王傳福
+李黔
+授權代表
+王傳福
+薪酬委員會
+蔣岩波
+蔡洪平
+張敏(主席)
+呂向陽
+審核委員會
+李黔
+公司秘書
+楊冬生(自二零二一年三月二十五日辭任)
+唐梅(自二零二一年三月二十五日獲委任)
+黃江鋒
+董俊卿
+李永釗
+王珍
+監事
+蔣岩波
+張敏
+蔡洪平
+獨立非執行董事
+夏佐全
+呂向陽
+非執行董事
+夏佐全
+執行董事
+蔡洪平(主席)
+蔣岩波
+Li Qian
+Wang Chuan-fu
+AUTHORISED REPRESENTATIVES
+公司資料
+Corporate Information
+7
+Annual Report 2021
+二零二一年年報
+張敏
+蔡洪平
+夏佐全
+呂向陽
+王傳福(主席)
+戰略委員會
+張敏
+蔡洪平
+蔣岩波(主席)
+呂向陽
+應收類款項包含應收貿易賬款、應收款項融
+提名委員會
+張敏
+附註: 資本負債比率=總借貸扣除現金及現金等價值
+物/淨資產值(扣除少數股東權益)
+69
+Receivables include trade receivables, receivables financing,
+108
+合併權益變動表
+Consolidated Statement of Changes in Equity
+106
+合併財務狀況表
+合併綜合收益表
+合併損益表
+獨立核數師報告書
+Consolidated Statement of Cash Flows
+監事會報告
+企業管治報告
+董事、監事及高級管理層
+管理層討論與分析
+主席報告書
+財務摘要
+公司資料
+Consolidated Statement of Financial Position
+103
+Consolidated Statement of Comprehensive Income
+董事會報告
+112
+Notes to Financial Statements
+312
+2018
+2019
+2020
+二零二零年
+RMB'000
+人民幣千元
+153,469,184
+211,299,918
+營業額
+Gross profit
+Revenue
+2021
+二零二一年
+RMB'000
+人民幣千元
+五年主要財務數據之比較
+For the year ended 31 December
+截至十二月三十一日止年度
+FIVE-YEAR COMPARISON OF KEY FINANCIAL FIGURES
+財務摘要
+Financial Highlights
+比亞迪股份有限公司
+BYD Company Limited
+2
+五年財務摘要
+財務報表附註
+合併現金流量表
+Five Year Financial Summary
+102
+Consolidated Statement of Profit or Loss
+101
+Independent Auditor's Report
+比亞迪是高效、智能、集成的半導體供應商,主要從事功
+率半導體、智能控制IC、智能傳感器及光電半導體的研
+發、生產及銷售,產品市場應用廣闊,助力實現中國車規
+級半導體產業的自主安全可控和全面快速發展。
+自二零零三年拓展汽車業務以來,憑藉集團產品領先的技
+術及具備國際標準的卓越質量,集團的汽車業務實現高速
+增長,迅速成長為領先的中國自主品牌汽車廠商。作為全
+球新能源汽車研發和推廣的引領者,集團於新能源汽車領
+域擁有雄厚的技術積累、領先的市場份額,並具備了在新
+能源汽車核心零部件如動力電池、功率半導體等領域的技
+術研發優勢,奠定了比亞迪於全球新能源汽車領域的行業
+領導地位。
+比亞迪股份有限公司(「比亞迪」或「本公司」,連同其附屬
+公司統稱「本集團」或「集團」;股份代號:H股:01211;A
+股:002594)主要從事包含新能源汽車及傳統燃油車在內
+的汽車業務、手機部件及組裝業務,二次充電電池及光伏
+業務,同時利用自身的技術優勢積極拓展城市軌道交通業
+務領域。
+New energy vehicles and urban rail transportation businesses are
+important areas for BYD's future development. With its strong technology
+accumulations and superior quality standard in related business areas,
+the Group will actively develop the application of new energy vehicles
+and urban rail transportation products at home and abroad to facilitate the
+Group's long-term and sustainable development.
+In September 2008, MidAmerican Energy Holdings Company (now
+renamed as Berkshire Hathaway Energy), a subsidiary of Berkshire
+Hathaway, reached agreement with the Company, pursuant to which,
+MidAmerican Energy Holdings Company acquired 225 million H Shares
+of the Company, (representing approximately 7.73% of the Company's
+total capital as of 31 December 2021), becoming the Group's long term
+investment strategic partner. In June 2011, the Company made an IPO of
+79 million RMB ordinary shares (A shares) which were listed on the SME
+Board of Shenzhen Stock Exchange ("the Shenzhen Stock Exchange").
+BYD is one of the leading rechargeable battery manufacturers in the global
+arena. As to the field of consumer batteries, the Group's li-ion batteries are
+widely used in various consumer electronic products and new intelligent
+products, major clients of which include leading consumer electronics
+manufacturers such as Samsung and Dell, as well as global leading
+professional robot brands such as Ecovacs. As to the field of power
+batteries, the Group has developed highly safe power batteries to better
+meet the urgent demand of safety in the market.
+As a global leading total solution provider with high-end manufacturing
+abilities, the Group provides world renowned customers with innovative
+materials development, product design, research and development, parts
+and components, as well as manufacturing, supply chain management,
+logistics and after-sales and other one-stop services. Its products cover
+four major areas including smartphone and laptop, new intelligent product,
+automotive intelligent system and medical and health, but the Group does
+not have the product of its own brand. Its main customers include Huawei,
+Samsung, Apple, vivo, Xiaomi, iRobot and other intelligent mobile terminal
+leaders.
+BYD is a high efficient, intelligent and integrated semiconductor provider,
+mainly engaged in the research and development, manufacturing and
+sales of power semiconductor, intelligent control IC, intelligent sensor and
+photoelectric semiconductor, which have wide market applications. BYD
+empowers Chinese auto level semiconductor industry to rapidly develop
+with independency and controllabililty.
+Since the expansion of automobile business in 2003, by force of sheer
+advantages in technology accumulation and product quality control,
+the Group has achieved remarkable growth in automobile business and
+has rapidly grown into a leading manufacturer in China with self-owned
+brand. As a world pioneer in the technology innovation and promotion
+of new energy vehicles, the Group has accumulated extensive skills
+and gained leading market share in the industry as well as having the
+technology research and development advantage in the fields of the core
+components of new energy vehicles such as power batteries and power
+semiconductors, which have further strengthen the leading position of BYD
+globally.
+BYD Company Limited ("BYD" or "the Company" together with its
+subsidiaries, “the Group"; stock code: 01211.HK, 002594.SZ) is principally
+engaged in automobile business which includes new energy vehicles
+and traditional fuel-engined vehicles, handset components and assembly
+services, as well as rechargeable battery and photovoltaics business.
+Meanwhile, with its technological superiority, the Group actively develops
+urban rail transportation business segment.
+H
+Company Profile
+公司簡介
+年報
+Annual Report 2021
+逐光前行
+以夢為馬
+Stock Code 股份代號:1211
+BYD COMPANY LIMITED
+BWD 比亞迪股份有限公司
+作為全球領先的平台型高端製造龍頭廠商,本集團為全球
+知名客戶提供新材料開發、產品設計與研發、零組件及整
+機製造、供應鏈管理、物流及售後等一站式服務,產品覆
+蓋智能手機及筆電、新型智能產品、汽車智能系統、醫療
+健康四大領域,但不生產自有品牌的整機產品。該業務的
+主要客戶包括華為、三星、蘋果、vivo、小米、iRobot等
+智能移動終端領導廠商。
+2017
+比亞迪為全球領先的二次充電電池製造商之一。消費類電
+池領域,本集團生產的鋰離子電池廣泛應用於各類消費類
+電子產品及新型智能產品領域,主要客戶包括三星、Dell
+等消費類電子產品領導廠商,以及科沃斯等全球領先的機
+器人專業智造品牌廠商。動力電池領域,本集團開發了高
+度安全的動力電池,更好解決市場安全痛點。
+新能源汽車和城市軌道交通業務是比亞迪未來發展的重要
+範疇,憑藉自身在相關業務領域的技術和品質優勢,集團
+將積極拓展新能源汽車及城市軌道交通產品於國內外的應
+用,推動集團的長遠及可持續發展。
+92
+Report of the Supervisory Committee
+90
+Report of the Directors
+71
+Corporate Governance Report
+53
+Directors, Supervisors and Senior Management
+39
+Management Discussion and Analysis
+14
+Chairman's Statement
+8
+Corporate Information
+6
+Financial Highlights
+2
+目錄
+Contents
+二零零八年九月,Berkshire Hathaway旗下附屬公司
+MidAmerican Energy Holdings Company(中美能源控股
+公司,現更名為Berkshire Hathaway Energy)與本公司簽
+署協議,認購本公司2.25億股H股(佔截至二零二一年十二
+月三十一日本公司總股本約7.73%),成為集團的長期投資
+戰略夥伴。二零一一年六月,公司首次向中國社會公眾公
+開發行人民幣普通股(A股)7,900萬股並在深圳證券交易所
+(「深交所」)中小企業板上市。
+contract assets, accounts due from associates and joint
+ventures, accounts due from related parties.
+二零一九年
+RMB'000
+人民幣千元
+二零一七年
+RMB'000
+124
+安永會計師事務所
+-15
+資本負債比率(%)(附註)
+流動比率(倍)
+Current ratio (times)
+Gearing ratio (%) (Note)
+194,571,077 178,099,430
+195,641,593
+104
+201,017,321
+資產總值
+Total assets
+(扣除非控股權益)
+controlling interests)
+55,004,194
+55,198,289
+人民幣千元
+人民幣千元
+295,780,147
+93
+0.97
+1.05
+Note: Gearing ratio = Total borrowings net of cash and cash
+equivalents/net assets (less minority interests)
+81
+82
+92
+83
+74
+存貨週轉天數(日)
+Inventory turnover (days)
+(日)(附註)
+(days) (Note)
+192
+189
+190
+141
+100
+應收款項轉天數
+Receivables turnover
+0.99
+0.99
+RMB'000
+RMB'000
+二零一七年
+二零一八年
+母公司擁有人
+Profit attributable to owners
+17
+15
+15
+18
+11
+毛利率(%)
+Gross profit margin (%)
+17,935,074
+18,066,764
+18,075,993
+27,243,591
+23,632,561
+毛利
+102,650,614
+121,790,925
+121,778,117
+人民幣千元
+3,045,188
+二零一八年
+RMB'000
+人民幣千元
+4,234,267
+2,780,194
+二零一九年
+RMB'000
+人民幣千元
+56,762,289
+2017
+2018
+2019
+2020
+二零二零年
+RMB'000
+人民幣千元
+56,874,274
+2021
+二零二一年
+RMB'000
+人民幣千元
+95,069,671
+淨資產值
+Net assets (less non-
+於十二月三十一日
+As at 31 December
+2.3
+1.3
+2.8
+1.4
+淨利潤率(%)
+Net profit margin (%)
+應佔溢利
+of the parent
+4,066,478
+1,614,450
+境內核數師
+0.98
+香港營業地點
+(「香港聯交所」))
+A 股:002594(深圳證券交易所(「深交所」))
+BYD Company Limited
+8
+比亞迪股份有限公司
+Chairman's Statement
+主席報告書
+Dear Shareholders,
+On behalf of the board (the “Board") of directors (the “Directors”)
+of BYD Company Limited (“BYD”or the “Company") and its
+subsidiaries(collectively referred to as the “Group”), I hereby
+present the annual report of the Group for the year ended 31
+December 2021 (the “Year” or the “Period") to you.
+In_2021, the COVID-19 pandemic continuously recurred globally.
+The international environment became more complex and severe,
+but China's economic development has shown greater resilience
+and vitality. Foreign investment and trade continued to boom, the
+transition from old economic engines to new has accelerated, and
+the hightech industry has continued to progress well, representing
+a good beginning of the “14th Five-Year Plan”. However,
+affected by the recurrence of the COVID-19, the rising prices
+of commodities and other aspects, the downward pressure on
+China's macro economy had enhanced since the second quarter.
+In general, the economy of the whole year is characterized by
+“high-to-low declining trend”, “structural differentiation" and
+“intensified pressure”. In 2021, China realized a Gross Domestic
+Product (GDP) growth rate of 8.1% year on year.
+致各位股東:
+本人謹代表比亞迪股份有限公司(「比亞迪」或「本公
+司」)及其附屬公司(統稱「本集團」或「集團」)董事
+會向各位股東提呈本集團截至二零二一年十二月三
+十一日止年度(「年內」或「期內」)之年報。
+二零二一年,全球疫情持續反覆,國際環境更趨複
+雜嚴峻,但中國經濟發展展現出強大的韌性及活
+力,外資外貿持續景氣,新舊動能轉換加速,高新
+技術產業持續向好,實現了「十四五」的良好開局。
+但受疫情反覆、大宗商品價格上漲等多方面因素影
+響,宏觀經濟下行的壓力自二季度起開始加大,全
+年經濟呈現出「前高後低」、「結構分化」和「壓力加
+劇」的運行特徵,全年國內生產總值同比增長8.1%。
+汽車行業,在疫情反覆、內需不足和供應鏈緊張的
+背景下,中國汽車工業逆勢實現了正增長。全年汽
+車銷量達2,627.5萬輛,同比小幅上升3.8%,結束
+了自2018年以來三年的下���局面。其中,新能源
+汽車市場呈現出爆發式增長,全年銷量達352.1萬
+輛,同比增長約1.6倍,全年滲透率大幅攀升八個百
+分點至13.4%。國內新能源汽車行業從政策驅動轉
+向市場拉動的新階段,呈現出市場規模和品質雙提
+升的良好發展態勢。智能終端領域,全球智能手機
+及筆記本電腦出貨量保持增長,平板電腦市場規模
+龐大,智能家居設備正快速發展。二次充電電池領
+域,全球消費類電子產品銷量的增長帶動了市場對
+上游電池需求增加。光伏領域,節能減排成為全球
+共識,為光伏行業發展營造良好環境,在「雙碳」戰
+略目標大背景下,光伏應用規模擴大,亦帶動儲能
+行業發展。
+安永華明會計師事務所(特殊普通合夥)
+H股:01211(香港聯合交易所有限公司
+股票代碼
+In the automobile industry, against the backdrop of recurring
+COVID-19 outbreaks, insufficient domestic demand and tight
+supply chain, China's automobile industry achieved positive
+growth against the headwind. In the year, China recorded an
+automobile sales volume of 26.275 million units, up slightly
+by 3.8% year on year, ending a three-year downtrend since
+2018.Specifically, the new energy vehicle market achieved
+explosive growth, with annual sales reaching 3.521 million units,
+up about 1.6 times year on year, and the annual penetration
+rate climbed 8 percentage points to 13.4%. The domestic new
+energy vehicle industry has ushered in a new stage in which
+growth is driven by demands instead of policies, showing a
+good development momentum featuring increased market size
+and improved quality. In respect of the smart terminal segment,
+the shipments of smartphones and laptops continued to rise on
+a global scale. The tablet market has huge potential and the
+smart home devices sector is also developing rapidly. In terms
+of rechargeable batteries, growth in sales of global consumer
+electronics has driven up demands for upstream batteries. In
+the field of photovoltaics business, energy saving and emission
+reduction has become a global consensus, building a favorable
+environment for the development of photovoltaics industry. Under
+the general background of the “Dual-Carbon”strategic target,
+the photovoltaics application has been scaled out, which also
+contributed to the development of energy storage industry.
+公司網址
+香港
+www.byd.com
+新界
+沙田鄉事會路138號
+17樓1712室
+香港股份過戶登記處
+香港中央證券登記有限公司
+香港
+新城市中央廣場二期
+皇后大道東183號
+合和中心
+17樓
+電話:(852) 2136 6185
+傳真:(852) 3170 6606
+電郵:byd@iprogilvy.com
+1712-1716號鋪
+投資者及傳媒關係顧問
+灣仔
+iPR奧美公關
+The Group recorded property, plant and equipment
+of RMB75,545,128,000 and other intangible assets
+of RMB10,049,904,000,which included capitalised
+development costs of RMB9,644,705,000 as at 31
+December 2021 in the consolidated financial statements.
+The management assessed whether there were any
+indicators of impairment for all non-financial non-current
+assets at 31 December 2021. Non-current assets with
+impairment indicators and development costs were tested
+for impairment. Management calculated the recoverable
+amounts of cash-generating units (CGUs),which are the
+higher of the fair value less costs of disposal and the
+value in use in the impairment test. The calculation of the
+recoverable amounts involved significant judgements and
+assumptions, such as revenue from future sales, gross
+profit margin, operational costs, terminal growth rates,
+discount rates, etc.
+截至二零二一年十二月三十一日, 貴集團於合併財務報表中錄
+得物業、廠房及設備金額人民幣75,545,128,000元及其他無形
+資產人民幣10,049,904,000元(其中包括資本化開發成本人民
+幣9,644,705,000元)。管理層對於二零二一年十二月三十一日
+所有非金融非流動資產評估是否存在任何發生減值的跡象。存
+在減值跡象的非流動資產以及開發成本已進行減值測試。管理
+層計算減值測試中現金產生單位的可收回金額,即公允價值減
+出售成本與使用價值之較高者。可回收金額的計算涉及重大判
+斷及假設,如未來銷售收入、毛利率、運營成本、可持續增長
+率及折現率等。
+We performed the following audit procedures, among
+others, in relation to the impairment assessment of non-
+financial non-current assets:
+我們對非金融非流動資產減值評估執行(其中包括)以下審
+核程序:
+Discussed with management on the impairment
+了解減值評估的關鍵內部控制及其設計和運行有效
+性;
+indicators of non-financial non-current assets and
+checked the reasonableness of identification of
+CGUS and impairment test model;
+非金融非流動資產減值評估
+與管理層討論非金融非流動資產減值跡象並審查現
+金產生單位識別及減值測試模型的合理性;
+Obtained an understanding of key internal
+controls of impairment assessment and their
+design and operating effectiveness;
+How our audit addressed the key audit matter
+該事項在審核中是如何應對
+94
+關鍵審核事項
+Key audit matter
+獨立核數師報告書
+Independent auditor's report
+比亞迪股份有限公司
+BYD Company Limited
+我們已履行本報告之核數師就審核合併財務報表
+須承擔的責任一節中所述的責任(包括有關該等事
+項)。相應地,我們審核中包括執行有關程序,旨在
+對合併財務報表的重大錯誤陳述的風險評估作出反
+應。審核程序的結果(包括用於處理以下事項的程
+序)為隨附合併財務報表的審核意見提供基礎。
+根據我們的專業判斷,關鍵審核事項為我們審核本
+年度合併財務報表中最重要的事項。這些事項的應
+對以審核整體合併財務報表及形成意見為背景,我
+們不會就此等事項單獨發表意見。我們就以下各事
+項在審核中是如何處理的描述也以此為背景。
+關鍵審核事項
+我們乃根據香港會計師公會頒佈的《香港審核準則》
+進行審核。我們就該等準則須承擔的責任在本報告
+之核數師就審核合併財務報表須承擔的責任一節中
+詳述。根據香港會計師公會的《專業會計師職業道德
+守則》(「《守則》」),我們獨立於貴集團,並已根據
+《守則》履行其他道德責任。我們相信,我們已取得
+充分而恰當的審核憑證,足以為我們的審核意見提
+供基礎。
+意見基礎
+Evaluated the appropriateness of management's
+assumptions used in the impairment test
+(including revenue growth, profit margin, forecast
+periods, etc);
+Impairment assessment of non-financial non-current
+assets
+評估減值測試中管理層使用的假設的恰當性(包括收
+入增長、利潤率、預測期等);
+disclosures included in the consolidated financial
+statements.
+95
+應收貿易賬款、合同資產及長期應收賬款的預期信貸虧
+損撥備
+How our audit addressed the key audit matter
+該事項在審核中是如何應對
+Provision for expected credit losses on trade
+receivables, contract assets and long-term
+receivables
+關鍵審核事項
+Key audit matter
+獨立核數師報告書
+Independent auditor's report
+比亞迪股份有限公司
+96
+BYD Company Limited
+覆核合併財務報表中相關披露的充分性和完整性。
+We have fulfilled the responsibilities described in the Auditor's
+responsibilities for the audit of the consolidated financial
+statements section of our report, including in relation to these
+matters. Accordingly, our audit included the performance of
+procedures designed to respond to our assessment of the risks
+of material misstatement of the consolidated financial statements.
+The results of our audit procedures, including the procedures
+performed to address the matters below, provide the basis for
+our audit opinion on the accompanying consolidated financial
+statements.
+Reviewed the sufficiency and completeness of
+通過追溯審閱過往管理層預測的準確性及預測未來的
+經濟形勢,及現時市場表現的吻合度來評估所使用的
+假設及參數:
+reviewing the forecasted future economic trend
+and corroborating the assumptions with current
+market trend;
+management's forecasts made historically,
+Evaluated the assumptions and parameters
+by retrospectively reviewing the accuracy of
+通過引入內部估值專家,評估假設以及參數的恰當
+性,其中包括:折現率、可持續增長率等;
+Involved internal valuation experts to assist in
+evaluating the appropriateness of assumptions
+and parameters, including discount rates,
+terminal growth rates, etc.;
+How our audit addressed the key audit matter
+該事項在審核中是如何應對
+減值評估的詳情披露於合併財務報表附註2.4、3、14、18。
+Details of the impairment assessment are disclosed in
+notes 2.4,3,14 and 18 to the consolidated financial
+statements.
+由於評估的過程比較複雜並且涉及重大估計,或會受非預期未
+來市場狀況以及經濟狀況的影響,故非金融非流動資產減值
+評估被視為本年的關鍵審核事項。
+As the assessment process is relatively complicated and
+involves significant estimates, which may be affected
+by unexpected future market and economic conditions,
+impairment assessment of non-financial non-current assets
+was considered as a key audit matter during the year.
+Key audit matter
+關鍵審核事項
+獨立核數師報告書
+Independent auditor's report
+Annual Report 2021
+二零二一年年報
+Key audit matters are those matters that, in our professional
+judgement, were of most significance in our audit of the
+consolidated financial statements of the current year. These
+matters were addressed in the context of our audit of the
+consolidated financial statements as a whole, and in forming our
+opinion thereon, and we do not provide a separate opinion on
+these matters. For each matter below, our description of how our
+audit addressed the matter is provided in that context.
+除本年度報告所披露者外,於截至二零二一年十二
+月三十一日止年度及截至本報告日期內,本公司並
+無進行任何其他集資活動。
+We conducted our audit in accordance with Hong Kong
+Standards on Auditing (“HKSAs") issued by the HKICPA. Our
+responsibilities under those standards are further described in the
+Auditor's responsibilities for the audit of the consolidated financial
+statements section of our report. We are independent of the Group
+in accordance with the HKICPA's Code of Ethics for Professional
+Accountants (the “Code”), and we have fulfilled our other ethical
+responsibilities in accordance with the Code. We believe that the
+audit evidence we have obtained is sufficient and appropriate to
+provide a basis for our opinion.
+1. MEETINGS OF THE SUPERVISORY COMMITTEE
+DURING THE REPORTING PERIOD AND
+RESOLUTIONS PASSED IN SUCH MEETINGS
+On 29 March 2021, the Supervisory Committee convened
+its meeting at the office of the Company, where the annual
+report of the Company for 2020 was considered and
+approved accordingly.
+On 28 April 2021, the Supervisory Committee convened
+its meeting at the office of the Company, where the first
+quarterly report of the Company for 2021 was considered
+and approved accordingly.
+On 10 May 2021, the Supervisory Committee convened its
+meeting at the office of the Company, where the Matter on
+Spin-off and Listing of BYD Semiconductor on the ChiNext
+Board was considered and approved accordingly.
+On 27 August 2020, the Supervisory Committee convened
+its meeting at the office of the Company, where the interim
+report of the Company for 2021 was considered and
+approved accordingly.
+On 28 October 2020, the Supervisory Committee convened
+its meeting at the office of the Company, where the third
+quarterly report of the Company for 2021 was considered
+and approved accordingly.
+二零二一年度公司監事會根據《公司法》、《公司章
+程》及有關法規的規定,本著對全體股東負責的精
+神,認真履行了監督的職責,確保股東大會決議的
+貫徹落實,維護了股東的合法權益,完成了《公司章
+程》和股東大會賦予的任務,對公司規範運作和持續
+發展發揮了較好的作用。
+1.
+報告期內監事會的會議情況和決議內
+容
+二零二一年三月二十九日,在公司召開監事
+會會議,會議審議通過公司二零二零年年度
+報告。
+二零二一年四月二十八日,在公司召開監事
+會會議,會議審議通過公司二零二一年第一
+季度報告。
+二零二一年五月十日,在公司召開監事會會
+議,會議審議通過關於分拆比亞迪半導體至
+創業板上市的相關事宜。
+二零二零年八月二十七日,在公司召開監事
+會會議,會議審議通過公司二零二一年中期
+報告。
+二零二零年十月二十八日,在公司召開監事
+會會議,會議審議通過公司二零二一年第三
+季度報告。
+Annual Report 2021
+二零二一年年報
+Report of the Supervisory Committee
+91
+監事會報告
+2.
+PROGRESS OF THE WORK OF THE
+2.
+報告期內監事會的工作情況
+SUPERVISORY COMMITTEE DURING THE
+REPORTING PERIOD
+During the reporting period, the Supervisory Committee
+of the Company performed its supervisory functions in
+a fiduciary manner. The Supervisory Committee duly
+supervised and examined the Company's financial
+situation, the Board of Directors' execution of the
+resolutions passed in general meetings, operational
+decisions of the management, the operations of the
+Company in compliance with the laws, the acts of the
+Directors, supervisors and senior management of the
+Company, and the related party transactions entered into
+with its controlling shareholder. The Supervisory Committee
+considered that:
+(1) The operating activities of the Company and its
+controlling subsidiaries in 2021 did not violate the
+Company Law, the Articles of Association, financial
+accounting procedures and the laws and regulations
+of the PRC.
+In 2021, in accordance with the principle of being accountable
+to all shareholders, the Supervisory Committee of the Company
+fully complied with the duties to supervise and ensure that the
+resolutions as passed in general meetings were consistently
+implemented, the legal interest of shareholders was protected
+and the duties conferred under the Articles of Association and
+in the general meetings were completed in accordance with
+the Company Law, the Articles of Association and the relevant
+provisions, facilitating a disciplined operation and sustainable
+development of the Company.
+KEY AUDIT MATTERS
+監事會報告
+比亞迪股份有限公司
+Annual Report 2021
+二零二一年年報
+Report of the Directors
+董事會報告
+The aggregate gross proceeds from the 2nd Placing are
+approximately HK$13,800 million and the net proceeds (after
+deduction of the commissions and estimated expenses) from the
+2nd Placing are approximately HK$13,744 million; the net_price
+(after deduction of the commissions and estimated expenses)
+raised per H Share is approximately HK$274.9. The net proceeds
+from the 2nd Placing are intended to be used by the Group to
+supplement its working capital, repay interest-bearing debt, invest
+in research and development and as general corporate purpose.
+As at 31 December 2021,the Group has fully utilised the net
+proceeds of approximately RMB11,297 million from the 2nd
+Placing (excluding the investment income from exchange rate
+fluctuation and interest of deposits), of which (i) approximately
+RMB10,877 million was used in investment in research
+and development and general corporate purpose; and (ii)
+approximately RMB420 million was used for repayment of interest-
+bearing debt.
+As at 31 December 2021, the net proceeds from the 2nd Placing
+I have been fully utilised as intended and there is no material
+change between the intended and actual use of proceeds.
+Accordingly, as at 31 December 2021, the Group has fully utilized
+the net proceeds of approximately RMB36,232 million from the two
+Placings for the year as intended, among which (i) approximately
+RMB22,370 million was used for research and development
+investment and general corporate purposes; (ii) approximately
+RMB9,216_million was used to repay interest-bearing debt; and
+(iii) approximately RMB4,646 million was used by the Group to
+supplement its working capital.
+The aforementioned two rounds of placing offers the Company
+a good opportunity to optimise its capital structure and financial
+structure for its business. Further, the Company will be able to
+enrich its shareholder base by attracting a number of high calibre
+investors to participate in the Placing.
+Save as disclosed in this annual report, the Company did not have
+any other fund-raising activity during the year ended 31 December
+2021 and up to the date of this report.
+配售所得款項總額約為13,800百萬港元,於扣除
+佣金和估計費用後,配售所得款項淨額預計約為
+13,744百萬港元;每股H股所籌集之淨額(扣除佣金
+和估計費用後)約為274.9港元。配售所得款項淨額
+擬用作本集團補充營運資金、償還帶息債務、研發
+投入以及一般企業用途。
+截至二零二一年十二月三十一日止,本集團已悉數
+動用第二輪配售事項所得款項淨額約人民幣11,297
+百萬元,不包含匯率波動造成的投資收益及存款利
+息,其中(i)約人民幣10,877百萬元用於研發投入及
+一般企業用途;(ii)約人民幣420百萬元用於償還帶
+息債務。
+截至二零二一年十二月三十一日,第二輪配售事項
+所得款項淨額已全部按計劃使用完畢,實際用途與
+計劃不存在重大差異。
+因此,截至二零二一年十二月三十一日止,本集團
+已悉數動用年內兩次配售事項所得款項淨額約人民
+幣36,232百萬元,其中(i)約人民幣22,370百萬元用
+於研發投入及一般企業用途;(ii)約人民幣9,216百
+萬元用於償還帶息債務;及(iii)約人民幣4,646百萬
+元用於補充本集團營運資金。
+上述兩輪配售為本公司在業務機會中提供優化資本
+結構和財務結構的良機,亦通過吸引若干高品質機
+構投資者參與配售,進一步豐富本公司股東基礎。
+As at 31 December 2021, trade receivables amounted
+to_RMB35,593,138,000,long-term receivables amounted
+to RMB1,168,475,000 and contract assets amounted to
+RMB8,493,382,000,which accounted for a significant
+portion of the consolidated financial statements.
+On behalf of the Board
+承董事會命
+Wang Chuan-fu
+Chairman
+Shenzhen, PRC, 29 March 2022
+主席
+王傳福
+中國深圳,二零二二年三月二十九日
+89
+BYD Company Limited
+90
+Report of the Supervisory Committee
+於二零二一年十二月三十一日,應收貿易賬款人民幣
+35,593,138,000元、長期應收賬款人民幣1,168,475,000元及
+合同資產人民幣8,493,382,000元,對合併財務報表而言屬重
+大部分。
+Management uses a provision matrix to calculate the
+expected credit losses for trade receivables, long-term
+receivables and contract assets. The application of the
+provision matrix requires to consider all reasonable and
+reliable information, including customers' credit risks,
+aging of receivables, existence of disputes and historic
+payments, as well as forecasts of future economic
+conditions. The groupings of various customer segments
+and the estimation of expected credit loss rate involve
+significant judgements and estimates.
+管理層採用撥備矩陣計算應收貿易賬款、長期應收賬款及合同
+資產的預期信貸虧損。應用撥備矩陣需要考慮所有合理且有依
+據的資料,包括客戶信貸風險、應收賬款賬齡、是否存在回款
+糾紛、以往付款歷史,以及對未來經濟狀況的預測。各個客戶
+分部的分組及對預期信貸虧損率的估計涉及重大判斷及估計。
+To the shareholders of BYD Company Limited
+(Registered in the People's Republic of China with limited liability)
+OPINION
+We have audited the consolidated financial statements of
+BYD Company Limited (the “Company") and its subsidiaries
+(the “Group”) set out on pages 101 to 311,which comprise
+the consolidated statement of financial position as at 31
+December 2021, and the consolidated statement of profit or
+loss, the consolidated statement of comprehensive income, the
+consolidated statement of changes in equity and the consolidated
+statement of cash flows for the year then ended, and notes to
+the consolidated financial statements, including a summary of
+significant accounting policies.
+In our opinion, the consolidated financial statements give a
+true and fair view of the consolidated financial position of the
+Group as at 31 December 2021, and of its consolidated financial
+performance and its consolidated cash flows for the year then
+ended in accordance with Hong Kong Financial Reporting
+Standards ("HKFRSS") issued by the Hong Kong Institute of
+Certified Public Accountants ("HKICPA") and have been properly
+prepared in compliance with the disclosure requirements of the
+Hong Kong Companies Ordinance.
+致比亞迪股份有限公司股東
+(於中華人民共和國註冊成立的股份有限公司)
+意見
+本核數師已完成審核比亞迪股份有限公司(「貴公
+司」)及其附屬公司(「貴集團」)載於第101頁至第
+311頁的合併財務報表,此合併財務報表包括二零
+二一年十二月三十一日的合併財務狀況表、截至該
+日止年度的合併損益表、合併綜合收益表、合併權
+益變動表及合併現金流量表,以及合併財務報表附
+註,包括主要會計政策概要。
+我們認為,合併財務報表已按照香港會計師公會頒
+佈的《香港財務報告準則》真實公允地反映貴集團
+於二零二一年十二月三十一日的合併財務狀況,以
+及 貴集團截至該日止年度的合併財務業績及合併
+現金流量,並根據《香港公司條例》的披露要求妥為
+編製。
+Annual Report 2021
+二零二一年年報
+93
+Independent auditor's report
+獨立核數師報告書
+BASIS FOR OPINION
+監事會主席
+合理核證屬高層次的核證,但不能保證按《香港審核
+準則》進行的審核始終能夠發現所有存在的重大錯誤
+陳述。錯誤陳述可源於欺詐或錯誤,倘合理預期其
+個別或整體影響合併財務報表使用者作出的經濟決
+定,則有關的錯誤陳述可視為重大。
+我們的目標是對整體合併財務報表是否不存在由於
+欺詐或錯誤而導致的重大錯誤陳述取得合理核證,
+並出具包含我們意見的核數師報告。我們的報告僅
+為全體股東編製,而並不可作其他目的。我們不會
+就本報告的內容向任何其他人士負責或承擔責任。
+核數師就審核合併財務報表須承擔的責任
+獨立核數師報告書
+審核委員會協助貴公司董事履行監督貴集團的
+財務報告過程的責任。
+Independent auditor's report
+BYD Company Limited
+29 March 2022
+Dong Jun-qing
+Chairman of the Supervisory Committee
+監事會對本公司的前景充滿信心,同時將一如既往
+地對本公司運作實施有效監督,維護股東及本公司
+的整體利益。
+the operation of the Company to safeguard the interests of the
+shareholders and the Company as a whole.
+The Supervisory Committee is confident in the prospect of the
+Company and will proceed to carry out effective supervision on
+會計師事務所出具了無保留意見的審
+計報告。該報告認為本公司的財務報
+表真實、公允地反映公司財務狀況及
+經營成果。
+(3)
+The auditor presented an unqualified auditor's
+report. The report indicates that the financial
+statements give a true and fair view of the financial
+status and operating results of the Company.
+(3)
+公司董事、監事及高級管理人員在二
+零二一年度行使職責時,能忠於職
+守、守法經營、規範管理、開拓創
+新、尊重和維護了全體股東的利益,
+不存在違反《公司法》、《公司章程》
+及國家法律、法規的行為。
+(2)
+公司及其控股子公司在二零二一年度
+的經營活動中不存在違反《公司法》、
+《公司章程》、財務會計制度及國家法
+律、法規的行為。
+(1)
+在本報告期内,公司監事會忠實履行了監督
+職能,對公司的財務、董事會執行股東大會
+決議的情況、管理層的經營決策、公司的依
+法運作、公司董事、監事及高級管理人員的
+經營行為與控股股東的關聯交易進行了認真
+的監督和檢查,公司監事會認為:
+During the discharge of their duties in 2021,the
+Directors, supervisors and senior management of
+the Company fulfilled their fiduciary duties by acting
+lawfully, regularized management, explored for
+innovation, with discipline to protect the interests of
+all the shareholders of the Company. None of the
+parties named above was found in breach of the
+Company Law, the Articles of Association or the
+laws and regulations of the PRC.
+(2)
+二零二二年三月二���九日
+92
+比亞迪股份有限公司
+於編製合併財務報表時, 貴公司董事須負責評
+估 貴集團持續經營的能力,並披露與持續經營有
+關的事項(如適用),以及使用以持續經營為基礎的
+會計法,除非貴公司董事有意將貴集團清盤或
+停止營運,或並無其他實際可行的替代方案。
+董俊卿
+董事就合併財務報表須承擔的責任
+我們對合併財務報表作出的意見並未涵蓋其他信
+息,且我們不對其他信息發表任何形式的核證結論。
+In connection with our audit of the consolidated financial
+statements, our responsibility is to read the other information and,
+in doing so, consider whether the other information is materially
+inconsistent with the consolidated financial statements or our
+knowledge obtained in the audit or otherwise appears to be
+materially misstated. If, based on the work we have performed,
+we conclude that there is a material misstatement of this other
+information, we are required to report that fact. We have nothing
+to report in this regard.
+Our opinion on the consolidated financial statements does not
+cover the other information and we do not express any form of
+assurance conclusion thereon.
+貴公司董事對其他信息承擔責任。其他信息包括年
+度報告中除合併財務報表及本核數師報告之外的信
+息。
+The directors of the Company are responsible for the other
+information. The other information comprises the information
+included in the Annual Report, other than the consolidated
+financial statements and our auditor's report thereon.
+年度報告所包含的其他信息
+重新計算及核查管理層對應收貿易賬款、合同資產及
+長期應收賬款的預期信貸虧損所作的撥備以確保算術
+準確性。
+Recalculated and checked management's
+provision for expected credit losses on trade
+receivables, contract assets and long-term
+receivables to ensure mathematical accuracy.
+就按撥備矩陣評估信貸風險的應收貿易賬款而言,評
+估對根據客戶類型及過往產生的虧損得出的預期信貸
+虧損模型的估計的合理性;
+the reasonableness of estimates on the expected
+credit loss model based on type of customers
+and historical incurred losses;
+assessed based on provision matrix, evaluated
+For trade receivables with credit risk exposure
+OTHER INFORMATION INCLUDED IN THE ANNUAL
+REPORT
+How our audit addressed the key audit matter
+該事項在審核中是如何應對
+Key audit matter
+關鍵審核事項
+獨立核數師報告書
+Independent auditor's report
+97
+Annual Report 2021
+二零二一年年報
+就個別評估信貸風險的應收貿易賬款而言,與管理層
+討論識別的合理性及分析有關應收賬款的可收回性;
+For trade receivables with individually assessed
+credit risk exposure, discussed with management
+on the reasonableness of identification and
+analysed the recoverability of such receivables;
+與管理層就識別客戶分組及對預期信貸虧損的估計進
+行討論,根據過往產生的虧損檢討其準確性,並鑒於
+當前經濟狀況評估管理層預期信貸虧損模型的合理
+性;
+Discussed with management on the identification
+of customer segments and estimates on expected
+credit losses, reviewed their accuracy based
+on historical incurred losses, and evaluated
+the reasonableness of management's expected
+credit loss model considering current economic
+conditions;
+了解預期信貸虧損撥備的關鍵內部控制及其設計和運
+行有效性;
+Obtained an understanding of key internal
+controls of the provision for expected
+credit losses and its design and operating
+effectiveness;
+我們對預期信貸虧損撥備執行(其中包括)以下程序:
+We performed the following procedures, among others,
+in relation to the provision for expected credit losses:
+應收貿易賬款、合同資產及長期應收賬款的預期信貸虧損撥備
+詳情披露於合併財務報表附註2.4、3、25、28及29。
+Details of the provision for expected credit losses on trade
+receivables, contract assets and long-term receivables are
+disclosed in notes 2.4, 3, 25, 28 and 29 to the consolidated
+financial statements.
+就審核合併財務報表而言,我們的責任是閱讀其他
+信息,從而考慮其他信息是否與合併財務報表或我
+們在審核過程中獲悉的情況存在重大不符,或似乎
+存在重大錯誤陳述。倘我們基於已完成的工作,認
+為其他信息出現重大錯誤陳述,我們須報告該事
+實。我們就此並無任何事項須予報告。
+貴公司董事須負責根據香港會計師公會頒佈的《香港
+財務報告準則》及《香港公司條例》的披露規定真實
+公允地編製合併財務報表,以及維持董事認為必要
+的有關內部控制,以確保編製合併財務報表時不存
+在由於欺詐或錯誤而導致的重大錯誤陳述。
+BYD Company Limited
+比亞迪股份有限公司
+Independent auditor's report
+獨立核數師報告書
+RESPONSIBILITIES OF THE DIRECTORS FOR THE
+CONSOLIDATED FINANCIAL STATEMENTS
+The directors of the Company are responsible for the preparation
+of the consolidated financial statements that give a true and fair
+view in accordance with HKFRSS issued by the HKICPA and the
+disclosure requirements of the Hong Kong Companies Ordinance,
+and for such internal control as the directors determine is
+necessary to enable the preparation of consolidated financial
+statements that are free from material misstatement, whether due
+to fraud or error.
+In preparing the consolidated financial statements, the directors
+of the Company are responsible for assessing the Group's ability
+to continue as a going concern, disclosing, as applicable, matters
+related to going concern and using the going concern basis of
+accounting unless the directors of the Company either intend to
+liquidate the Group or to cease operations or have no realistic
+alternative but to do so.
+Reasonable assurance is a high level of assurance, but is
+not a guarantee that an audit conducted in accordance with
+HKSAS will always detect a material misstatement when it exists.
+Misstatements can arise from fraud or error and are considered
+material if, individually or in the aggregate, they could reasonably
+be expected to influence the economic decisions of users taken
+on the basis of these consolidated financial statements.
+Our objectives are to obtain reasonable assurance about whether
+the consolidated financial statements as a whole are free from
+material misstatement, whether due to fraud or error, and to
+issue an auditor's report that includes our opinion. Our report is
+made solely to you, as a body and for no other purpose. We do
+not assume responsibility towards or accept liability to any other
+person for the contents of this report.
+AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF
+THE CONSOLIDATED FINANCIAL STATEMENTS
+98
+The directors of the Company are assisted by the Audit Committee
+in discharging their responsibilities for overseeing the Group's
+financial reporting process.
+Loss on disposal of items of non-current assets
+Fair value (gains)/losses, net
+from lessors
+Loss/(gain) on disposal of investments in joint ventures
+Covid-19-related rent concessions
+Government grants and subsidies
+Gain on derecognition of financial products and
+financial instruments
+人民幣千元
+Profit before tax
+經營活動產生的現金流量
+除稅前溢利
+4,518,003
+6,882,587
+Depreciation of right-of-use assets
+Impairment of trade receivables, net
+Dividend income from equity investments at
+fair value
+Adjustments for:
+Finance costs
+Share of profits and losses of joint ventures
+and associates
+Bank interest income
+CASH FLOWS FROM OPERATING ACTIVITIES
+Loss on disposal of subsidiaries
+3,724,860
+At 31 December 2020
+(12,493)
+(12,493)
+(12,493)
+53,718
+20,580 74,298
+4,086
+4,086
+轉撥至儲備金
+(4,262)
+Appropriation to reserve funds
+378,184
+Appropriation to statutory surplus reserve fund 轉撥至法定盈餘公積金
+(54,776) (218,465)
+(163,689)
+(163,689)
+(222,987)
+(222,987)
+(222,987)
+(378,184)
+(20,689)
+16,427
+100,000
+Others
+4,086
+出售附屬公司
+Equity-settled share option arrangements
+以權益結算的購股權安排
+53,718
+Perpetual loan interest paid
+已付永續債利息
+2019 final dividend
+二零一九年末期股息
+(450,930)
+(58,477) 4,234,267
+Depreciation of property, plant and equipment
+1,780,184
+5,505,044
+(3,300,000) (3,300,000)
+(3,300,000)
+63,622
+36,378
+其他
+Amortisation of other intangible assets
+214,366
+Depreciation of investment properties
+行政開支
+研究與開發成本
+政府補助及補貼
+銷售及分銷成本
+其他收入及收益
+Impairment losses on financial and
+Administrative expenses
+Research and development costs
+Selling and distribution expenses
+Government grants and subsidies
+Other income and gains
+Gross profit
+(187,667,357) (126,225,593)
+211,299,918 153,469,184
+5
+人民幣千元
+RMB'000
+RMB'000
+人民幣千元
+金融及合同資產的減值虧損
+附註
+終止確認以攤銷成本計量的
+23,632,561 27,243,591
+6
+212
+5,885
+Equity-settled share option expense
+Changes in reserve funds
+以權益結算的購股開支
+116,389
+74,297
+儲備金變動
+42
+6,283
+4,086
+20,929,711
+24,241,706
+1,700,078
+1,688,142
+2,263,485
+3,009,737
+57
+物業、廠房及設備減值
+Notes
+二零二一年
+我們就審核工作的計劃範圍和時間及審核過程中識
+別的重大審核發現(包括任何內部控制的重大缺失)
+及其他事項與審核委員會進行溝通。
+就貴集團內各實體或業務活動的財務資料
+獲得充足適當的審核憑證,以就合併財務報
+表發表意見。我們須負責指導、監督和執
+行 貴集團的審核工作。我們須為我們的審
+核意見承擔全部責任。
+評估合併財務報表(包括資料披露)的整體列
+報方式、架構及內容,以及合併財務報表是
+否已公允地反映及列報相關交易及事項。
+The engagement partner on the audit resulting in this independent
+auditor's report is M.L. Chau.
+of doing so would reasonably be expected to outweigh the public
+interest benefits of such communication.
+From the matters communicated with the Audit Committee, we
+determine those matters that were of most significance in the
+audit of the consolidated financial statements of the current
+year and are therefore the key audit matters. We describe these
+matters in our auditor's report unless law or regulation precludes
+public disclosure about the matter or when, in extremely rare
+circumstances, we determine that a matter should not be
+communicated in our report because the adverse consequences
+We also provide the Audit Committee with a statement that we
+have complied with relevant ethical requirements regarding
+independence and to communicate with them all relationships
+and other matters that may reasonably be thought to bear on our
+independence, and where applicable, actions taken to eliminate
+threats or safeguards applied.
+We communicate with the Audit Committee regarding, among
+other matters, the planned scope and timing of the audit and
+significant audit findings, including any significant deficiencies in
+internal control that we identify during our audit.
+Evaluate the overall presentation, structure and content
+of the consolidated financial statements, including the
+disclosures, and whether the consolidated financial
+statements represent the underlying transactions and
+events in a manner that achieves fair presentation.
+獨立核數師報告書
+Independent auditor's report
+比亞迪股份有限公司
+100
+BYD Company Limited
+對董事採用以持續經營為基礎的會計法的恰
+當性作出結論,並根據已獲取的審核憑證,
+就可能導致對貴集團持續經營能力產生重大
+疑慮的事項或情況是否存在重大不確定因素
+得出結論。倘我們認為存在重大不確定因
+素,則我們須在核數師報告中注意合併財務
+報表的相關資料披露,或倘相關資料披露不
+足,則修訂我們的意見。我們的結論是基於
+截至核數師報告日止所取得的審核憑證。然
+而,未來事件或情況可能導致貴集團不再持
+續經營。
+評估董事採用會計政策的恰當性,以及作出
+會計估計及相關披露的合理性。
+了解與審核有關的內部控制,以設計適當的
+審核程序,但並非旨在對貴集團內部控制的
+有效性發表意見。
+我們亦向審核委員會作出聲明,確認我們已遵守有
+關獨立性的道德要求,並就所有被合理認為可能影
+響核數師獨立性的關係和其他事宜以及所採取的消
+除威脅的行動或所應用的保障措施(如適用)與審核
+委員會進行溝通。
+二零二零年
+我們通過與審核委員會溝通,確定哪些是本年度合
+併財務報表審核工作的最重要事項,即關鍵審核事
+項。除非法律或法規不容許公開披露此等事項或在
+極罕有的情況下,我們認為披露此等事項可合理預
+期的不良後果將超過公眾知悉此等事項的利益而不
+應在報告中予以披露,否則我們會在核數師報告中
+描述此等事項。
+Certified Public Accountants
+2020
+2021
+毛利
+銷售成本
+收入
+Year ended 31 December 2021
+截至二零二一年十二月三十一日止年度
+合併損益表
+Consolidated Statement of Profit or Loss
+101
+Annual Report 2021
+二零二一年年報
+Cost of sales
+REVENUE
+二零二二年三月二十九日
+香港
+執業會計師
+29 March 2022
+Hong Kong
+本獨立核數師報告的審核項目合夥人是周文樂。
+Write-down of inventories to net realisable value
+Impairment of property, plant and equipment
+191,932
+分佔合營公司及聯營公司
+1,907,642
+145,295
+3,123,801
+186,837
+55
+6666
+(631,841)
+(214,613)
+(2,233)
+(90,792)
+(374,511)
+112,802
+(394,438)
+375,662
+1,191
+(47,356)
+(176,344)
+9,076
+51,267
+(131,786)
+460
+8
+(48)
+貿易應收款項減值淨額
+撇減存貨至可變現淨值
+調整:
+融資成本
+溢利及虧損
+銀行利息收入
+來自以公允價值計量的
+權益投資的股息收入
+政府補助及補貼
+出售非流動資產項目的虧損
+出售附屬公司的虧損
+公允價值(收益)/虧損淨值
+終止確認金融產品及金融工具
+的收益
+出售於合營公司的投資
+虧損/(收益)
+新冠肺炎相關的出租人
+租金優惠
+使用權資產折舊
+其他無形資產攤銷
+投資性房地產折舊
+應收賬款減值淨額
+(3,065)
+4618615
+17,324
+Impairment of long-term receivables, net
+應收長期賬款減值淨額
+(32,550)
+49,907
+Impairment of contract assets, net
+合同資產減值淨額
+56,479
+二零二零年
+RMB'000
+Impairment of other intangible assets
+其他無形資產減值
+6
+93,081
+187,061
+Impairment of prepayments, deposits and
+other receivables, net
+預付款項、按金及其他
+44
+(22,144)
+物業、廠房及設備折舊
+6
+(Reversal)/impairment of financial guarantee, net
+10,904,635
+441,051
+2,760,122
+9,272,924
+328,265
+2,914,802
+707,703
+2,574
+499,218
+2,685
+408,122
+648,770
+(Reversal)/impairment losses on receivables
+financing, net
+應收款項融資減值(轉回)/
+虧損淨額
+(5,888)
+329
+Impairment of amounts due from joint ventures and
+associates, net
+應收合營公司及聯營公司
+款項減值淨額
+40,490
+35,366
+財務擔保減值(轉回)/
+虧損淨額
+二零二一年
+RMB'000
+人民幣千元
+10,518
+Notes
+Owners of the parent
+Attributable to:
+5,505,044
+4,395,032
+年度綜合收益總額
+TOTAL COMPREHENSIVE INCOME FOR
+THE YEAR
+(508,919)
+427,766
+年度其他綜合收益/(虧損)
+扣除稅項
+OTHER COMPREHENSIVE INCOME/(LOSS)
+FOR THE YEAR, NET OF TAX
+收益/(虧損)淨額
+損益的其他綜合
+will not be reclassified to profit or loss in
+subsequent periods
+(438,579)
+459,222
+其後期間不會重新分類至
+Net other comprehensive income/(loss) that
+Non-controlling interests
+(438,579)
+應佔:
+3,477,199
+Year ended 31 December 2021
+合併權益變動表
+Other comprehensive income/(loss) for the year: 年度其他綜合收益/(虧損):
+Change in fair value of receivables
+financing
+Change in fair value of equity investments
+at fair value through other comprehensive
+income, net of tax
+Exchange differences on translation of
+foreign operations
+Total comprehensive income for the year
+Issue of shares (note 40)
+Addition of non-controlling interests
+Repayment of perpetual loan (note 43(b))
+以公允價值計量並計入其他
+綜合收益的權益投資的
+公允價值變動,扣除稅項
+換算海外業務的匯兌
+差額
+年度綜合收益總額
+3,724,860
+母公司擁有人
+截至二零二一年十二月三十一日止年度
+459,222
+533,089
+(73,867)
+Net other comprehensive loss that
+(57,989)
+(68,270)
+換算境外業務產生的匯兌差額
+Exchange differences on translation of
+foreign operations
+匯兌差額:
+Exchange differences:
+(12,351)
+36,814
+329
+(5,888)
+(12,680)
+42,702
+26
+6,013,963
+3,967,266
+二零二零年
+RMB'000
+人民幣千元
+其後期間可能重新分類至
+(502,223)
+63,644
+(31,456)
+may be reclassified to profit or loss in
+所得稅影響
+公允價值變動
+綜合收益的權益投資:
+21
+以公允價值計量並計入其他
+收益/(虧損):
+損益的其他綜合
+其後期間不會重新分類至
+Income tax effect
+Changes in fair value
+comprehensive income:
+Equity investments at fair value through other
+subsequent periods:
+will not be reclassified to profit or loss in
+Other comprehensive income/(loss) that
+subsequent periods
+損益的其他綜合虧損淨額
+(70,340)
+2020
+Consolidated Statement of Changes in Equity
+459,222
+波動儲備
+RMB'000
+RMB'000
+RMB'000
+人民幣千元
+盈餘公積金
+儲備金
+外匯
+法定
+Total
+interests equity
+Non-controlling
+Total
+loans
+fund reserve profits
+funds
+income
+以公允價值
+計量並計入
+其他綜合收益
+的金融資產的
+公允價值儲備
+RMB'000
+人民幣千元
+資本儲備
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+保留溢利
+RMB'000
+股份溢價帳
+永續債
+RMB'000
+RMB'000
+64,453,912
+7,579,638
+(242,049)* 24,455,356* 1,094,592 56,874,274
+3,045,188
+4,449,500*
+4,086*
+(446,911)*
+2,728,143 20,018,081* 4,813,476*
+於二零二一年一月一日
+年度溢利
+(附註42)
+(附註40)
+(note 42)
+(note 40)
+人民幣千元
+RMB'000
+權益總額
+非控股權益
+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
+總額
+459,222
+股本
+RMB'000
+人民幣千元
+account
+(446,911)*
+2,728,143 20,018,081* 4,813,476*
+於二零二零年十二月三十一日
+(21,170) (72,729)
+(51,559)
+(69,085)
+(16,704)
+34,230
+•
+3,045,188
+922,078 3,967,266
+應收款項融資公允價值
+變動
+36,814
+459,222
+36,814
+36,814
+4,086* 4,449,500*
+reserve
+(242,049)* 24,455,356* 1,094,592 56,874,274
+At 1 January 2021
+capital
+reserve fluctuation Retained Perpetual
+Reserve
+surplus Exchange
+Capital comprehensive
+through other
+premium
+Share
+Share
+Statutory
+at fair value
+financial
+assets
+reserve of
+Fair value
+母公司擁有人應佔
+Attributable to owners of the parent
+Profit for the year
+7,579,638 64,453,912
+附註
+2021
+二零二一年
+RMB'000
+人民幣千元
+Notes
+(64,025)
+(64,025)
+(4,245)
+(68,270)
+496,036
+(64,025)
+3,045,188
+3,477,199
+917,833
+4,395,032
+36,231,731
+36,231,731
+-
+941,928
+941,928
+(1,094,592) (1,100,000)
+(1,100,000)
+其他
+10,518
+轉撥至儲備金
+Appropriation to statutory surplus reserve fund 轉撥至法定盈餘公積金
+(5,742,242) (4,395,630)
+(7,990,974) (7,464,861)
+(6,081,678) (5,055,613)
+發行股份(附註40)
+183,000 36,048,731
+添置非控股權益
+償還永續債(附註43(b))
+(5,408)
+84,149
+收購非控股權益
+以權益結算的購股權安排
+Acquisition of non-controlling interests
+Equity-settled share option arrangements
+Perpetual loan interest paid
+已付永續債利息
+2020 final dividend
+二零二零年末期股息
+Appropriation to reserve funds
+(444,553) (1,166,268)
+(10,518)
+32,240
+(100,652)
+(130,086)
+95,069,671
+9,174,538 104,244,209
+該等儲備賬包括合併財務狀況表的合併儲備人民幣
+92,158,528,000元(二零二零年:人民幣53,051,539,000元)
+о
+Annual Report 2021
+二零二一年年報
+107
+BYD Company Limited
+108
+比亞迪股份有限公司
+Consolidated Statement of Cash Flows
+合併現金流量表
+31 December 2021
+二零二一年十二月三十一日
+2021
+2020
+6,283
+84,149
+6,283
+(29,434)
+(29,434)
+116,389
+(61,600)
+(61,600)
+(61,600)
+(423,449)
+(423,449)
+(185,931)
+(609,380)
+560,788
+(560,788)
+6,283
+Others
+At 31 December 2021
+於二零二一年十二月三十一日 2,911,143 56,066,812* 4,873,301*
+These reserve accounts comprise the consolidated reserves of
+RMB92,158,528,000 (2020: RMB53,051,539,000) in the consolidated statement
+of financial position.
+10,369* 5,010,288* (306,074)* 26,454,707*
+49,125*
+附註
+contract assets
+(88,765)
+1.47
+1.06
+6,013,963
+3,967,266
+- 年度溢利
+基本及攤薄
+應佔每股盈利
+權益持有人
+13
+母公司的普通股
+1,779,696
+922,078
+非控股權益
+4,234,267
+3,045,188
+13
+母公司擁有人
+BYD Company Limited
+應佔:
+102
+Consolidated Statement of Comprehensive Income
+公允價值變動
+減值虧損
+收益/(虧損):
+應收款項融資:
+至損益的其他綜合
+其後期間可能重新分類
+Impairment losses
+Changes in fair value
+Receivables financing:
+subsequent periods:
+that may be reclassified to profit or loss in
+Other comprehensive income/(loss)
+其他綜合收益/(虧損)
+OTHER COMPREHENSIVE INCOME/(LOSS)
+年度溢利
+PROFIT FOR THE YEAR
+截至二零二一年十二月三十一日止年度
+Year ended 31 December 2021
+合併綜合收益表
+比亞迪股份有限公司
+Loss on derecognition of financial assets
+- For profit for the year
+THE PARENT
+65,981
+(211,276) (198,955)
+合營公司
+分佔溢利及虧損:
+Associates
+Joint ventures
+Share of profits and losses of:
+(1,907,642) (3,123,801)
+8
+融資成本
+Finance costs
+(1,986,631) (2,056,691)
+其他開支
+金融資產的虧損
+Other expenses
+measured at amortised cost
+(299,523)
+12,118
+Basic and diluted
+聯營公司
+除稅前溢利
+TO ORDINARY EQUITY HOLDERS OF
+EARNINGS PER SHARE ATTRIBUTABLE
+Non-controlling interests
+Owners of the parent
+Attributable to:
+6,013,963
+3,967,266
+年度溢利
+PROFIT FOR THE YEAR
+(868,624)
+(550,737)
+11
+所得稅開支
+Income tax expense
+6,882,587
+4,518,003
+6
+PROFIT BEFORE TAX
+識別及評估由於欺詐或錯誤而導致合併財務
+報表存在重大錯誤陳述的風險,設計及執行
+審核程序以應對該等風險,以及獲得充足及
+適當的審核憑證,以為我們的意見提供基
+礎。由於欺詐可能涉及串謀、偽造、故意遺
+漏、虛假陳述或凌駕於內部控制之上,因此
+未能發現由此造成的重大錯誤陳述比未能發
+現因錯誤而導致的重大錯誤陳述的風險更
+高
+Obtain sufficient appropriate audit evidence regarding the
+financial information of the entities or business activities
+within the Group to express an opinion on the consolidated
+financial statements. We are responsible for the direction,
+supervision and performance of the group audit. We remain
+solely responsible for our audit opinion.
+作為我們根據《香港審核準則》進行審核的一部分,
+我們在整個審核過程中作出專業判斷並抱持職業懷
+疑態度。我們亦:
+3,001,147
+2,936,143
+37
+其他負債
+Other liabilities
+2,269,176
+4,481,036
+38
+遞延收入
+Deferred income
+393,150
+609,566
+39
+遞延稅項負債
+Deferred tax liabilities
+843,286
+1,415,291
+16(b)
+租賃負債
+Lease liabilities
+10,789,958 23,625,954
+35
+計息銀行及其他借款
+Interest-bearing bank and other borrowings
+非流動負債
+NON-CURRENT LIABILITIES
+94,586,625
+Total non-current liabilities
+非流動負債總額
+20,231,994 30,132,713
+Net assets
+2020
+2021
+呂向陽
+Lv Xiang-yang
+王傳福
+Wang Chuan-fu
+權益總額
+非控股權益
+永續債
+儲備
+Total equity
+Non-controlling interests
+Perpetual loans
+124,476,203
+Reserves
+股本
+母公司擁有人應佔權益
+Equity attributable to owners of the parent
+權益
+EQUITY
+31 December 2021
+二零二一年十二月三十一日
+合併財務狀況表
+Consolidated Statement of Financial Position
+105
+Annual Report 2021
+二零二一年年報
+64,453,912
+104,244,209
+資產淨值
+Share capital
+TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債
+•
+流動(負債)/資產淨額
+Contract liabilities
+7,500
+1,300
+預收客戶賬款
+Advances from customers
+57,541
+33
+衍生金融工具
+Derivative financial instruments
+168,507
+248,428
+16(b)
+租賃負債
+合同負債
+Lease liabilities
+79,043,879 49,791,630
+49,410,880
+32
+其他應付款項及應計費用
+Other payables and accruals
+31
+應付貿易賬款及票據
+Trade and bills payables
+二零二零年
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+附註
+Notes
+二零二一年
+2020
+15,536,057
+Notes
+34
+8,185,888
+NET CURRENT (LIABILITIES)/ASSETS
+171,303,944 106,430,696
+流動負債總額
+Total current liabilities
+1,938,689
+2,355,564
+36
+撥備
+564,498
+862,531
+應付稅項
+137,566
+84,150
+14,721,038
+47(C)
+2,398,177
+1,636,828
+47(c)
+應付合營公司及聯營公司款項
+Provision
+Tax payable
+Due to other related parties
+Due to joint ventures and associates
+27,644,643
+22,939,346
+35
+計息銀行及其他借款
+Interest-bearing bank and other borrowings
+應付其他關聯方款項
+2021
+附註
+二零二零年
+以公允價值計量並計入其他
+價值變動
+應收款項融資公允
+1,779,696 6,013,963
+4,234,267
+5,839,131 62,601,420
+(183,572) 21,055,034 4,394,592 56,762,289
+4,234,267
+4,100,513
+4,019
+2,728,143 20,018,081 4,645,479
+於二零二零年一月一日
+年度溢利
+(附註42)
+(附註40)
+(note 42)
+(note 40)
+人民幣千元
+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
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+RMB'000
+權益總額
+非控股權益
+綜合收益的權益投資的
+公允價值變動,扣除稅項
+(12,351)
+(438,579)
+Disposal of a subsidiary
+16,427
+收購非控股權益
+Acquisition of non-controlling interests
+63,622
+添置非控股權益
+Addition to non-controlling interests
+償還永續債(附註43(b))
+Repayment of perpetual loan (note 43(b))
+年度綜合收益總額
+488 (57,989)
+(58,477)
+(58,477)
+總計
+匯兌差額
+Total comprehensive income for the year
+Exchange differences on translation of
+foreign operations
+income, net of tax
+at fair value through other comprehensive
+Change in fair value of equity investments
+Change in fair value of receivables
+financing
+Other comprehensive income/(loss) for the year: 年度其他綜合收益/(虧損):
+Profit for the year
+At 1 January 2020
+(438,579)
+(438,579)
+(12,351)
+(12,351)
+換算海外業務的
+永續債
+保留溢利
+波動儲備
+surplus Exchange
+through other
+Share
+Statutory
+at fair value
+Consolidated Statement of Changes in Equity
+截至二零二一年十二月三十一日止年度
+Year ended 31 December 2021
+合併權益變動表
+比亞迪股份有限公司
+BYD Company Limited
+106
+assets
+financial
+Share
+reserve of
+母公司擁有人應佔
+Attributable to owners of the parent
+104,244,209 64,453,912
+7,579,638
+9,174,538
+95,069,671 56,874,274
+1,094,592
+92,158,528 53,051,539
+2,728,143
+2,911,143
+40 42 43
+人民幣千元
+RMB'000
+Fair value
+二零二一年
+RMB'000
+人民幣千元
+premium
+Reserve
+盈餘公積金
+儲備金
+RMB'000
+人民幣千元
+外匯
+法定
+的金融資產的
+公允價值儲備
+RMB'000
+人民幣千元
+人民幣千元人民幣千元
+人民幣千元
+RMB'000
+RMB'000
+資本儲備
+股份溢價賬
+股本
+RMB'000
+以公允價值
+計量並計入
+其他綜合收益
+Capital comprehensive
+equity
+Total
+Total
+loans
+profits
+reserve
+fund
+funds
+income
+reserve
+capital account
+Non-controlling
+Retained Perpetual
+reserve fluctuation
+interests
+流動負債
+(5,193,755) 5,174,414
+二零二一年十二月三十一日
+其他資產
+2,670,118
+18,378,849
+65,914
+10,107,776
+65,914
+10,049,904
+18 27
+預付款項、其他應收賬款及
+17
+其他無形資產
+商譽
+7,527,852
+11,233,301
+16(a)
+使用權資產
+other assets
+Prepayments, other receivables and
+Other intangible assets
+Due from joint ventures and associates
+Goodwill
+應收合營公司及聯營公司款項
+174,762
+以公允價值計量並計入其他
+Equity investments at fair value through other
+1,022,781
+1,090,772
+20
+於聯營公司的投資
+Investments in associates
+4,442,807
+6,814,229
+19
+於合營公司的投資
+Investments in joint ventures
+1,804,913
+1,168,475
+29
+長期應收賬款
+Long-term receivables
+47(C)
+21
+Right-of-use assets
+58,201,882
+103
+Annual Report 2021
+二零二一年年報
+5,505,044
+4,395,032
+1,780,184
+917,833
+非控股權益
+CURRENT LIABILITIES
+Annual Report 2021
+二零二一年年報
+99
+Independent auditor's report
+獨立核數師報告書
+As part of an audit in accordance with HKSAS, we exercise
+professional judgement and maintain professional scepticism
+throughout the audit. We also:
+Identify and assess the risks of material misstatement of
+the consolidated financial statements, whether due to fraud
+or error, design and perform audit procedures responsive
+to those risks, and obtain audit evidence that is sufficient
+and appropriate to provide a basis for our opinion. The
+risk of not detecting a material misstatement resulting
+from fraud is higher than for one resulting from error, as
+fraud may involve collusion, forgery, intentional omissions,
+misrepresentations, or the override of internal control.
+Obtain an understanding of internal control relevant to
+the audit in order to design audit procedures that are
+appropriate in the circumstances, but not for the purpose
+of expressing an opinion on the effectiveness of the
+Group's internal control.
+Evaluate the appropriateness of accounting policies used
+and the reasonableness of accounting estimates and
+related disclosures made by the directors.
+Conclude on the appropriateness of the directors' use of
+the going concern basis of accounting and, based on the
+audit evidence obtained, whether a material uncertainty
+exists related to events or conditions that may cast
+significant doubt on the Group's ability to continue as a
+going concern. If we conclude that a material uncertainty
+exists, we are required to draw attention in our auditor's
+report to the related disclosures in the consolidated
+financial statements or, if such disclosures are inadequate,
+to modify our opinion. Our conclusions are based on the
+audit evidence obtained up to the date of our auditor's
+report. However, future events or conditions may cause the
+Group to cease to continue as a going concern.
+Consolidated Statement of Financial Position
+94,217
+合併財務狀況表
+二零二一年十二月三十一日
+75,545,128
+87,500
+15
+投資物業
+Investment properties
+14
+物業、廠房及設備
+Property, plant and equipment
+非流動資產
+人民幣千元
+RMB'000
+RMB'000
+人民幣千元
+附註
+Notes
+二零二零年
+二零二一年
+2020
+2021
+31 December 2021
+2,913,836
+NON-CURRENT ASSETS
+綜合收益的權益投資
+現金及現金等價物
+受限制銀行存款
+流動資產總值
+Total current assets
+Cash and cash equivalents
+Restricted bank deposits
+已抵押存款
+23333
+Pledged deposits
+Derivative financial instruments
+持作出售已竣工物業
+Completed property held for sale
+應收其他關聯方款項
+Due from other related parties
+47(c)
+應收合營公司及聯營公司款項
+衍生金融工具
+2,137,183
+49,006
+2,211,967
+2,900,852
+30
+277,491
+13,738,498
+166,110,189
+1,420,080
+111,605,110
+BYD Company Limited
+104
+比亞迪股份有限公司
+Consolidated Statement of Financial Position
+合併財務狀況表
+31 December 2021
+109,109
+49,819,860
+30
+30
+429,041
+24
+31,600
+528,128
+Due from joint ventures and associates
+5,911,685
+3,434,820
+27
+存貨
+流動資產
+Inventories
+CURRENT ASSETS
+129,669,958 89,412,211
+1,768,975
+15,038,908
+233,972
+1,913,316
+39
+22
+非流動資產總值
+遞延稅項資產
+其他非流動金融資產
+Total non-current assets
+Deferred tax assets
+Other non-current financial assets
+comprehensive income
+24
+43,354,782 31,396,358
+284,896
+合同資產
+Contract assets
+39,307,896
+Receivables financing
+應收款項融資
+26
+8,743,126
+8,862,340
+Prepayments, other receivables and
+other assets
+25
+應收貿易賬款
+Trade receivables
+5,346,105
+8,493,382
+28
+預付款項、其他應收賬款及
+其他資產
+35,593,138
+941,928
+Acquisition of non-controlling interests
+(61,600)
+Dividends paid to non-controlling shareholders
+(222,987)
+Dividends paid to owners of the parent
+(185,931)
+(54,776)
+已付母公司擁有人股息
+(423,449)
+(163,689)
+Increase in restricted bank deposits and pledged deposits
+Lease payments
+受限制銀行存款及已抵押存款增加
+(111,605)
+(73,321)
+支付的租賃款項
+(270,762)
+(3,244,577)
+Receipt of shares transfer to non controlling investors
+(153,877)
+已付非控股股東股息
+(1,948,323)
+Perpetual loan interest paid
+(4,000,000)
+(140,060)
+2,000,000
+收取轉讓予非控股投資者的股份
+收購非控股權益
+(4,283)
+償還超短期融資券
+(5,000,000)
+新增銀行貸款及其他借款
+32,872,379
+40,633,747
+Repayment of bank loans and other borrowings
+(2,198,416)
+償還銀行貸款及其他借款
+(45,878,805) (59,925,239)
+(1,100,000) (3,300,000)
+Repayment of bond
+Interest paid
+Investment from a non-controlling shareholder
+公司債券發行開支
+償還永續債
+償還債券
+已付利息
+已付永續債利息
+非控股股東投資
+Repayment of perpetual loans
+2,800,000
+PRC/
+Annual Report 2021
+二零二一年年報
+BYD Precision Manufacture Co.,
+US$145,000,000
+Ltd. ("BYD Precision”)****人
+比亞迪精密製造有限公司
+Mainland China
+145,000,000美元
+中國/
+(「比亞迪精密製造」) ****^
+中國內地
+Huizhou BYD Battery Co., Ltd.
+(“BYD HZ Battery")***
+比亞迪惠州電池有限公司
+(「比亞迪惠州電池」)**
+PRC/
+US$150,000,000
+10%
+90%
+Mainland China
+150,000,000美元
+中國/
+中國內地
+65.76%
+Manufacture, assembly and sale
+of mobile handset components,
+modules and other products
+製造、組裝及銷售手機部件、模組及其
+他產品
+Research, development, sale and
+manufacture of li-ion batteries and
+accessories
+Research, development, sale and
+manufacture of automobiles and
+公司債券發行所得款項
+研究、開發、銷售及製造鋰離子電池及
+附件
+Indirect
+間接
+主要業務
+權益百分比
+Direct
+直接
+註冊股本
+113
+Notes to Financial Statements
+財務報表附註
+(3,046)
+31 December 2021
+二零二一年十二月三十一日
+CORPORATE AND GROUP INFORMATION 1. 公司及集團資料(續)
+1.
+(CONTINUED)
+Information about subsidiaries (continued)
+Place of
+有關附屬公司的資料(續)
+incorporation/
+研究、開發、銷售及製造汽車
+registration and
+Issued ordinary/
+registered
+share capital
+Percentage of
+equity attributable
+to the Company
+Name
+名稱
+註冊成立/登記及
+業務地點
+已發行普通/
+本公司應佔
+Principal activities
+business
+New bank loans and other borrowings
+比亞迪股份有限公司(「本公司」)為一間在中
+華人民共和國(「中國」)註冊成立的股份有
+限公司。本公司的H股股份自二零零二年七
+月三十一日起在香港聯合交易所有限公司上
+市。本公司的註冊辦事處位於中國廣東省深
+圳市大鵬新區葵涌鎮延安路。
+Corporate bond issue expenses
+The principal activities of the Company and its subsidiaries
+(collectively referred to as the “Group") are the research,
+development, manufacture and sale of rechargeable
+batteries and photovoltaic products, automobiles and
+related products, handset components and other electronic
+products, rail transit equipment and medical protection
+products.
+Research, development, sale and
+manufacture of li-ion batteries,
+solar batteries and solar arrays
+研究、開發、銷售及製造鋰離子電池、
+太陽能電池及太陽能陣列
+manufacture of li-ion batteries
+研究、開發、銷售及製造鋰離子電池
+Information about subsidiaries
+Particulars of the Company's principal subsidiaries are as
+follows:
+1.
+公司及集團資料
+本公司及其附屬公司(統稱「本集團」)主要從
+事二次充電電池及光伏產品、汽車及相關產
+品、手機部件及其他電子產品、軌道設備及
+抗疫物資的研究、開發、製造及銷售。
+有關附屬公司的資料
+本公司主要附屬公司的詳情如下:
+Place of
+incorporation/
+registration and
+business
+Issued ordinary/
+registered
+share capital
+Percentage of
+equity attributable
+to the Company
+Name
+名稱
+manufacture of automobiles
+註冊成立/登記及
+業務地點
+CORPORATE AND GROUP INFORMATION
+BYD Company Limited (the “Company") is a joint stock
+limited liability company registered in the People's
+Republic of China (the “PRC”). The Company's H shares
+have been listed on The Stock Exchange of Hong Kong
+Limited since 31 July 2002. The registered office of the
+Company is located at Yan An Road, Kuichong, Dapeng
+District, Shenzhen, Guangdong Province, the PRC.
+二零二一年十二月三十一日
+Research, development, sale and
+light rail transit equipment
+16,062,517
+(28,907,418)
+NET INCREASE IN CASH AND CASH EQUIVALENTS
+Cash and cash equivalents at beginning of year
+Effect of foreign exchange rate changes, net
+現金及現金等價物增加淨額
+年初現金及現金等價物
+匯率變動影響淨額
+36,125,207
+2,041,002
+13,738,498
+(43,845)
+11,674,297
+23,199
+CASH AND CASH EQUIVALENTS AT END OF YEAR
+年末現金及現金等價物
+49,819,860
+13,738,498
+BYD Company Limited
+112
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+1.
+已發行普通/
+註冊股本
+本公司應佔
+權益百分比
+Direct
+直接
+(“BYD Auto")***
+比亞迪汽車有限公司
+Mainland China 人民幣4,381,313,131元
+中國/
+(「比亞迪汽車」)***
+中國內地
+Research, development, sale and
+31 December 2021
+二零二一年十二月三十一日
+111
+CASH FLOWS FROM FINANCING ACTIVITIES
+Proceeds from issue of shares
+融資活動產生的現金流量
+發行股份所得款項
+股份發行開支
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+36,371,791
+Share issue expense
+Proceeds from issue of corporate bonds
+99%
+RMB4,381,313,131
+PRC/
+BYD Auto Co., Ltd.
+Principal activities
+主要業務
+Indirect
+間接
+BYD Lithium Batteries Co., Ltd.
+(“BYD Li-ion”)**
+PRC/
+RMB6,160,000,000
+100%
+Mainland China 人民幣6,160,000,000元
+深圳市比亞迪鋰電池公司
+(「比亞迪鋰電池」)**
+Shanghai BYD Co., Ltd.
+Repayment of super short-term debentures
+(“BYD SH”)***
+中國/
+中國內地
+PRC/
+US$63,500,000
+75%
+25%
+Mainland China
+63,500,000美元
+中國/
+(「比亞迪上海」)***
+中國內地
+上海比亞迪有限公司
+合併現金流量表
+Increase in non-current prepayments
+Annual Report 2021
+二零二一年年報
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+118
+BYD Company Limited
+炎相關的租金
+優惠(提早採
+納)
+日之後新冠肺
+號的修訂
+《香港財務報告準則》第16在2021年6月30
+利率基準改革-
+第二階段
+《香港財務報告準則》
+第9號、《香港會計準則》
+第39號、《香港財務報告
+準則》第7號、《香港財務
+報告準則》第4號及《香港
+財務報告準則》第16號的
+修訂
+本集團已就本年度的財務報表首次採納下列
+經修訂《香港財務報告準則》。
+30 June 2021 (early adopted)
+Covid-19-Related Rent
+Concessions beyond
+Amendment to HKFRS 16
+Interest Rate Benchmark
+Reform- Phase 2
+9, HKAS 39, HKFRS 7,
+HKFRS 4 and HKFRS 16
+Amendments to HKFRS
+The Group has adopted the following revised HKFRSS for
+the first time for the current year's financial statements.
+2.2 CHANGES IN ACCOUNTING POLICIES AND
+DISCLOSURES (CONTINUED)
+會計政策及披露的變動
+2.2
+The nature and the impact of the revised HKFRSS are
+described below:
+人民幣千元
+RMB'000
+二零二零年
+二零二一年
+RMB'000
+人民幣千元
+2020
+2021
+二零二一年十二月三十一日
+31 December 2021
+Consolidated Statement of Cash Flows
+合併現金流量表
+Consolidated Statement of Cash Flows
+當現有利率基準被替代無風險利率替
+代時,《香港財務報告準則》第9號、
+《香港會計準則》第39號、《香港財務
+報告準則》第7號、《香港財務報告準
+則》第4號及《香港財務報告準則》第
+16號的修訂解決先前影響財務報告之
+修訂未處理的問題。修訂提供對於釐
+定金融資產及負債之合約現金流量之
+基準之變動進行會計處理時無需調整
+金融資產及負債賬面值而更新實際利
+率的可行權宜方法,前提為該變動為
+利率基準改革之直接後果且釐定合約
+現金流量的新基準於經濟上等同於緊
+接變動前的先前基準。此外,該等修
+訂允許利率基準改革所規定對指定對
+沖及對沖文件進行更改,而不會中斷
+對沖關係。過渡期間可能產生的任何
+損益均通過《香港財務報告準則》第9
+號的正常規定進行處理,以衡量及確
+認對沖無效性。倘無風險利率被指定
+為風險組成部分時,該等修訂亦暫時
+減輕了實體必須滿足可單獨識別的要
+求。倘實體合理地預期無風險利率風
+險組成部分於未來24個月內將變得
+可單獨識別,則該減免允許實體於指
+定對沖後假定已滿足可單獨識別之規
+定。此外,該等修訂亦規定實體須披
+露額外資料,以使財務報表的使用者
+能夠了解利率基準改革對實體的金融
+工具及風險管理策略的影響。
+(a)
+經修訂《香港財務報告準則》的性質及影響於
+下文概述:
+separately identifiable requirement when an RFR is
+designated as a risk component. The relief allows
+an entity, upon designation of the hedge, to assume
+that the separately identifiable requirement is met,
+provided the entity reasonably expects the RFR risk
+component to become separately identifiable within
+the next 24 months. Furthermore, the amendments
+require an entity to disclose additional information to
+enable users of financial statements to understand
+the effect of interest rate benchmark reform on an
+entity's financial instruments and risk management
+strategy.
+temporary relief to entities from having to meet the
+without the hedging relationship being discontinued.
+Any gains or losses that could arise on transition
+are dealt with through the normal requirements
+of HKFRS 9 to measure and recognise hedge
+ineffectiveness. The amendments also provide a
+the amendments permit changes required by the
+interest rate benchmark reform to be made to
+hedge designations and hedge documentation
+the contractual cash flows of financial assets and
+liabilities, if the change is a direct consequence
+of the interest rate benchmark reform and the new
+basis for determining the contractual cash flows
+is economically equivalent to the previous basis
+immediately preceding the change. In addition,
+accounting for changes in the basis for determining
+Amendments to HKFRS 9, HKAS 39,HKFRS 7,
+HKFRS 4 and HKFRS 16 address issues not dealt
+with in the previous amendments which affect
+financial reporting when an existing interest rate
+benchmark is replaced with an alternative risk-
+free rate (“RFR”). The amendments provide a
+practical expedient to allow the effective interest
+rate to be updated without adjusting the carrying
+amount of financial assets and liabilities when
+(a)
+會計政策及披露的變動(續)
+Increase in inventories
+2.2
+2.2
+其他合同安排所產生的權利;及
+(b)
+rights arising from other contractual arrangements;
+and
+(b)
+與投資對像其他投票持有人的合同安
+排;
+(a)
+the contractual arrangement with the other vote
+holders of the investee;
+(a)
+assessing whether it has power over an investee, including:
+Group considers all relevant facts and circumstances in
+倘本公司直接或間接擁有少於投資對像大多
+數投票權或類似權利,則本集團於評估其是
+否擁有對投資對象的權力時會考慮一切相關
+事實及情況,包括:
+合併基準(續)
+編製基準(續)
+2.1
+majority of the voting or similar rights of an investee, the
+When the Company has, directly or indirectly, less than a
+Basis of consolidation (continued)
+2.1 BASIS OF PREPARATION (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+(c)
+CHANGES IN ACCOUNTING POLICIES AND
+DISCLOSURES
+the Group's voting rights and potential voting rights.
+本集團的投票權及潛在投票權。
+倘本集團失去對附屬公司的控制權,則其撤
+銷確認(i)該附屬公司的資產(包括商譽)及負
+債;(ii)任何非控股���益的賬面值;及(iii)於
+權益內記錄的累計交易差額;並於損益確認
+(i)所收代價的公允價值;(ii)所保留任何投資
+的公允價值;及(iii)任何因此產生的盈餘或
+虧損。先前於其他綜合收益內確認的本集團
+應佔部分重新分類為損益或留存溢利(如適
+用),所依據的基準與倘本集團直接出售相
+關資產或負債所需依據者相同。
+倘有事實及情況顯示上述的三個控制因素中
+有一個或以上出現變動,則本集團將重新評
+估是否仍控制投資對象。附屬公司的所有權
+權益發生變動(控制權並未發生變動),則按
+權益交易入賬。
+合併基準(續)
+編製基準(續)
+2.1
+consideration received, (ii) the fair value of any investment
+retained and (iii) any resulting surplus or deficit in profit
+or loss. The Group's share of components previously
+recognised in other comprehensive income is reclassified
+to profit or loss or retained profits, as appropriate, on the
+same basis as would be required if the Group had directly
+disposed of the related assets or liabilities.
+recorded in equity; and recognises (i) the fair value of the
+interest and (iii) the cumulative translation differences
+If the Group loses control over a subsidiary, it derecognises
+(i) the assets (including goodwill) and liabilities of the
+subsidiary,(ii) the carrying amount of any non-controlling
+The Group reassesses whether or not it controls an
+investee if facts and circumstances indicate that there are
+changes to one or more of the three elements of control
+described above. A change in the ownership interest of a
+subsidiary, without a loss of control, is accounted for as an
+equity transaction.
+Basis of consolidation (continued)
+2.1 BASIS OF PREPARATION (CONTINUED)
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+117
+Annual Report 2021
+二零二一年年報
+損益及其他綜合收益各組成部分乃歸屬於本
+集團母公司擁有人及非控股權益,即使此舉
+引致非控股權益結餘為負數。有關本集團成
+員公司之間交易的所有集團內公司間資產及
+負債、權益、收入、開支及現金流量均於合
+併賬目時全數抵銷。
+附屬公司與本公司的財務報表的報告期間相
+同,並採用一致會計政策編製。附屬公司的
+業績由本集團取得控制權之日起計合併入
+賬,並繼續合併入賬至該等控制權終止之時
+為止。
+Profit or loss and each component of other comprehensive
+income are attributed to the owners of the parent of the
+Group and to the non-controlling interests, even if this
+results in the non-controlling interests having a deficit
+balance. All intra-group assets and liabilities, equity,
+income, expenses and cash flows relating to transactions
+between members of the Group are eliminated in full on
+consolidation.
+The financial statements of the subsidiaries are prepared
+for the same reporting period as the Company, using
+consistent accounting policies. The results of subsidiaries
+are consolidated from the date on which the Group obtains
+control, and continue to be consolidated until the date that
+such control ceases.
+(C)
+Decrease in restricted bank deposits
+Decrease in trade receivables
+存貨增加
+已收利息
+Interest received
+45,627,375
+65,089,336
+經營產生的現金
+Cash generated from operations
+114,495
+416,875
+26,709
+(53,416)
+應付關聯方款項(減少)/增加
+擔保撥備增加
+Increase in provision for warranties
+(Decrease)/increase in amounts due to related parties
+3,683,961
+6,535,150
+合同負債增加
+Increase in contract liabilities
+(減少)/增加
+1,151,578
+(468,656)
+應付合營公司及聯營公司款項
+Tax paid
+(Decrease)/increase in amounts due to joint ventures
+and associates
+已付稅項
+214,613
+(9,861,601)
+購入物業、廠房及設備項目
+Purchases of items of property, plant and equipment
+投資活動產生的現金流量
+CASH FLOWS FROM INVESTING ACTIVITIES
+二零二零年
+RMB'000
+人民幣千元
+二零二一年
+RMB'000
+人民幣千元
+2020
+2021
+二零二一年十二月三十一日
+31 December 2021
+合併現金流量表
+Consolidated Statement of Cash Flows
+比亞迪股份有限公司
+110
+BYD Company Limited
+45,392,668
+65,466,682
+經營活動產生的現金流量淨額
+Net cash flows from operating activities
+(449,320)
+631,841
+(254,495)
+433,573
+2,587,885
+2,631,298
+Decrease/(increase) in long-term receivables
+Increase in amounts due from related parties
+joint ventures and associates
+Decrease in amounts due from
+other assets
+(Increase)/decrease in contract assets
+1,521,832
+(3,215,632)
+預付款項、其他應收賬款及
+(Increase)/decrease in prepayments, other receivables and
+(1,874,187)
+156,911
+應收款項融資減少/(增加)
+Decrease/(increase) in receivables financing
+110,391
+3,316,228
+342,575
+180,900
+受限制銀行存款減少
+應收貿易賬款減少
+(6,701,761)
+(12,892,770)
+Decrease in a completed property held for sale
+(Decrease)/increase in advances from customers
+Increase in trade and bills payables
+Increase in other payables and accruals
+19,265,980
+其他應付款項及應計費用增加
+應計款項遞延收入增加
+16,997,459
+29,148,874
+5,500
+(6,200)
+465,064
+688,885
+持作出售已竣工物業減少
+預收客戶款項(減少)/增加
+應付貿易賬款及票據增加
+(614,479)
+Notes to Financial Statements
+668,988
+(49,006)
+應收關聯方款項增加
+1,665,513
+1,082,385
+應收合營公司及聯營公司款項減少
+1,426,148
+(3,203,756)
+合同資產(增加)/減少
+其他資產(增加)/減少
+Increase in accruals and deferred income
+長期應收賬款減少/(增加)
+比亞迪股份有限公司
+融資活動產生/(所用)的
+現金流量凈額
+BYD Company Limited
+(2,798,668)
+其他無形資產增加
+97,828
+48
+出售合營公司及聯營公司
+222,329
+出售附屬公司
+Huizhou BYD Electronic Co., Ltd.
+租賃費增加
+Increase in financial products
+Additions to other intangible assets
+Disposal of joint ventures and associates
+Disposal of subsidiaries
+in right-of-use assets
+(239,359)
+116
+(3,273,197)
+計入使用權資產的預付土地
+Additions in prepaid land lease payments include
+(4,247,600)
+(21,410,143)
+非流動預付款項增加
+(1,322,671)
+(5,964,464)
+金融產品增加
+(1,435,461)
+Decrease in equity investments designated at fair value
+Net cash flows used in investing activities
+fair value through profit or loss
+Purchases of equity investments designated at
+Gain on derecognition of financial products
+fair value through other comprehensive income
+Purchases of equity investments designated at
+258,977
+826,389
+財務報表附註
+出售物業、廠房及設備項目及
+其他無形資產所得款項
+plant and equipment and other intangibles assets
+Proceeds from disposal of items of property,
+22,690
+27,331
+已收合營公司及聯營公司股息
+Dividend received from joint ventures and associates
+13,126
+2,233
+已收權益投資股息
+Dividend received from equity investments
+(5,786,159)
+研究、開發、銷售及製造汽車及輕鐵運
+輸設備
+Annual Report 2021
+二零二一年年報
+109
+中國/
+handset components
+Manufacture and sale of mobile
+人民幣100,000,000元
+Mainland China
+(“Xi'an Electronic”)****人
+西安比亞迪電子有限公司
+65.76%
+RMB100,000,000
+PRC/
+中國內地
+中國/
+高水平組裝
+110,000,000美元
+Mainland China
+Xi'an BYD Electronic Co., Ltd.
+([惠州電子」)***
+(“Huizhou Electronic")***人
+惠州比亞迪電子有限公司
+High-level assembly
+65.76%
+US$110,000,000
+PRC/
+製造及銷售手機零部件
+(「西安電子」) ****/
+中國內地
+BYD Company Limited
+Net cash flows from/(used in) financing activities
+Investment holding
+BYD Auto Industry Co., Ltd.
+PRC/
+US$3,757,654,524 96.79%
+3.21%
+(“BYD Auto Industry")***
+比亞迪汽車工業有限公司
+(「比亞迪汽車工業])**
+Mainland China
+3,757,654,524美元
+中國/
+購買指定以公允價值計量並計入
+其他綜合收益的權益投資
+以公允價值計量的權益投資減少
+終止確認金融產品的收益
+中國內地
+HK$440,000,000
+65.76%
+Ltd. ("BYD Int'l")*
+香港
+440,000,000港元
+投資控股
+比亞迪電子(國際)有限公司
+Notes to Financial Statements
+比亞迪股份有限公司
+114
+BYD Electronic (International) Co., Hong Kong
+(790,868)
+(「比亞迪國際」)*
+148,362
+BYD (Shangluo) Industrial Co., Ltd. PRC/
+RMB2,600,000,000
+38.50% 60.92%
+(“Shangluo BYD")***
+商洛比亞迪實業有限公司
+Mainland China 人民幣2,600,000,000元
+中國/
+(「商洛比亞迪」)***
+中國內地
+BYD Int'l is a subsidiary incorporated in Hong Kong
+with its shares listed on The Stock Exchange of Hong
+Kong Limited.
+These subsidiaries are registered as limited liability
+companies under PRC law.
+Research, development,
+manufacture and sale of solar
+batteries and solar arrays
+研究、開發、製造及銷售太陽能電池及
+太陽能陣列
+比亞迪國際為一間於香港註冊成立的附
+屬公司,其股份於香港聯合交易所有限
+公司上市。
+該等附屬公司均根據中國法律註冊為有
+限公司。
+該等附屬公司根據中國法律註冊為中外
+合營公司。
+These subsidiaries are registered as Sino-foreign joint
+ventures under PRC law.
+These subsidiaries are registered as wholly-foreign-
+owned enterprises under PRC law.
+****
+該等附屬公司根據中國法律註冊為外商
+獨資企業。
+中國內地
+^
+automobiles and components
+研究及開發汽車及部件
+長沙市比亞迪汽車有限公司
+(「長沙汽車」)**
+Principal activities
+主要業務
+Indirect
+間接
+BYD Auto Sales Co., Ltd.
+PRC/
+RMB1,050,000,000
+4.29% 94.76%
+(“BYD Auto Sales")**
+比亞迪汽車銷售有限公司
+(「比亞迪汽車銷售])**
+Mainland China _ _
+_ 
+人民幣1,050,000,000元
+中國/
+中國內地
+Sale and distribution of automobiles;
+provision of related after-sales
+services
+銷售及分銷汽車;提供相關售後��務
+25,960
+Changsha BYD Auto Co., Ltd.
+PRC/
+RMB1,000,000,000
+99.88%
+Research and development of
+("Changsha Auto")**
+Mainland China _ _ _ 人民幣1,000,000,000元
+中國/
+These subsidiaries were wholly owned by BYD Int'l, one
+of the Company's subsidiaries.
+^
+share capital
+registered
+Issued ordinary/
+business
+registration and
+incorporation/
+有關附屬公司的資料(續)
+公司及集團資料 (續)
+Place of
+Information about subsidiaries (continued)
+(CONTINUED)
+1. CORPORATE AND GROUP INFORMATION 1.
+二零二一年十二月三十一日
+31 December 2021
+(14,444,248)
+(45,403,992)
+投資活動所用現金流量淨額
+(239,800)
+(62,500)
+(1,597,014)
+(2,673,460)
+向合營公司及聯營公司出資
+購買指定以公允價值計量並計入
+損益的權益投資
+該等附屬公司均由比亞迪國際(本公司
+附屬公司之一)全資擁有。
+Capital contributions to joint ventures and associates
+Percentage of
+to the Company
+Annual Report 2021
+二零二一年年報
+115
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.1 BASIS OF PREPARATION
+These financial statements have been prepared in
+accordance with Hong Kong Financial Reporting Standards
+(“HKFRSs”)(which include all Hong Kong Financial
+Reporting Standards, Hong Kong Accounting Standards
+(“HKASs”) and Interpretations) issued by the Hong Kong
+Institute of Certified Public Accountants ("HKICPA"),
+accounting principles generally accepted in Hong Kong
+and the disclosure requirements of the Hong Kong
+Companies Ordinance. They have been prepared under
+the historical cost convention, except for certain equity
+investments at fair value through other comprehensive
+income, other non-current financial assets, receivables
+financing and derivative financial instruments, which have
+been measured at fair value. These financial statements are
+presented in Renminbi ("RMB") and all values are rounded
+to the nearest thousand except when otherwise indicated.
+Despite the Group's net current liabilities of approximately
+RMB5,193,755,000 as at 31 December 2021, the
+consolidated financial statements have been prepared on
+a going concern basis because the directors are of the
+view that the Group has sufficient cash flows and credit
+facilities in the foreseeable future to enable it to continue
+its operations and meet its liabilities as and when they fall
+due.
+Basis of consolidation
+The consolidated financial statements include the financial
+statements of the Group for the year ended 31 December
+2021. A subsidiary is an entity (including a structured
+entity),directly or indirectly,controlled by the Company.
+Control is achieved when the Group is exposed, or has
+rights, to variable returns from its involvement with the
+investee and has the ability to affect those returns through
+its power over the investee (i.e., existing rights that give
+the Group the current ability to direct the relevant activities
+of the investee).
+2.1
+編製基準
+此等財務報表乃按照由香港會計師公會(「香
+港會計師公會」)頒佈的《香港財務報告準則》
+(「《香港財務報告準則》」)(包括所有《香港財
+務報告準則》、《香港會計準則》(「《香港會計
+準則》」)及詮釋)、香港公認會計原則及香港
+公司條例的披露規定而編製。此等財務報表
+乃按照歷史成本法編製,惟若干以公允價值
+計量並計入其他綜合收益的權益投資、其他
+非流動金融資產、應收款項融資及衍生金融
+工具除外,其乃以公允價值計量。此等財務
+報表以人民幣(「人民幣」)呈列,除另有指明
+外,所有價值乃約整至最接近的千位。
+儘管截至 2021年12月31日,本集團的淨流
+動負債約為人民幣5,193,755,000元,本合
+併財務報表仍以持續經營為基礎編制,因為
+董事認為本集團在可預見的將來有足夠的現
+金流量和信貸額度,使其能夠繼續經營,並
+在負債到期時償付。
+本公司應佔
+權益百分比
+Direct
+直接
+合併基準
+合併財務報表包括本集團截至二零二一年十
+二月三十一日止年度之財務報表。附屬公司
+乃一間由本公司直接或間接控制的實體(包
+括結構性實體)。當本集團對參與投資對像
+業務的浮動回報承擔風險或享有權利以及能
+透過對投資對象的權力(即本集團獲賦予現
+有能力以主導投資對像相關活動的既存權
+利)影響該等回報時,即取得控制權。
+已發行普通/
+註冊股本
+註冊成立/登記及
+業務地點
+名稱
+Name
+equity attributable
+77,666
+131,786
+Annual Report 2021
+二零二一年年報
+119
+於二零二一年十二月三十一日,本集
+團根據倫敦銀行同業拆息(「倫敦銀行
+同業拆息」),擁有以美元計值的若干
+計息銀行借款。本集團預計倫敦銀行
+同行拆息將會存續,且利率基準改革
+不會對本集團基於倫敦銀行同業拆息
+的借款造成影響。倘該等借款的利率
+在未��期間被無風險利率所替代,本
+集團將在該等工具修訂後採用上述實
+際權宜方法,惟須滿足「經濟等價」
+標準。並無因應用該等變動之修訂而
+產生重大修訂損益。
+財務報表附註
+Reference to the Conceptual
+Framework¹
+Sale or Contribution of Assets
+between an Investor and its
+Associate or Joint Venture³
+Classification of Liabilities as
+Current or Non-current2.4
+Disclosure of Accounting
+Policies²
+Definition of Accounting
+Estimates²
+本集團並無於本財務報表應用下列已頒佈但
+尚未生效的經修訂《香港財務報告準則》。
+《香港財務報告準則》 引用概念框架
+第3號的修訂
+《香港財務報告準則》
+第10號及《香港
+會計準則》第28號
+(二零一一年)
+的修訂
+《香港會計準則》
+第1號的修訂
+《香港會計準則》
+投資者與其聯營
+公司或合營公司之
+間的資產出售或注
+資3
+將負債分類為流動或
+非流動2.4
+會計政策的披露²
+第1號及《香港財務
+報告準則實務聲明》
+第2號的修訂
+《香港會計準則》
+第8號的修訂
+會計估計的定義?
+《香港會計準則》
+第12號的修訂
+Amendments to HKAS 16
+《香港會計準則》
+第16號的修訂
+《香港會計準則》
+第37號的修訂
+虧損性合約 - 履行合
+約的成本
+Amendments to HKFRS 1,
+Deferred Tax related to Assets
+and Liabilities arising from a
+Single Transaction²
+Property, Plant and Equipment:
+Proceeds before Intended
+Use¹
+與單一交易所產生的
+資產及負債有關的
+遞延稅項2
+物業、廠房及設備:
+作擬定用途前之所
+得款項
+Amendments to HKAS 37
+Annual Improvements to
+HKFRSs 2018-2020
+HKFRS 9, Illustrative
+Examples accompanying
+HKFRS 16, and HKAS 411
+《香港財務報告準則》《香港財務報告準則》
+二零一八年至
+二零二零年之
+年度改進
+第1號、《香港財務
+報告準則》第9號、
+《香港財務報告準
+則》第16號相應闡
+釋範例及《香港會
+計準則》第41號的
+修訂
+1
+1
+於二零二二年一月一日或之後開始之年
+度期間生效
+Onerous Contracts - Cost of
+Fulfilling a Contract'
+Amendments to HKAS 12
+Amendments to HKAS 8
+Amendments to HKAS 1
+and HKFRS Practice
+Statement 2
+31 December 2021
+二零二一年十二月三十一日
+2.2 CHANGES IN ACCOUNTING POLICIES AND 2.2 會計政策及披露的變動(續)
+DISCLOSURES (CONTINUED)
+(a)
+(continued)
+(a)
+(續)
+The Group had certain interest-bearing bank
+borrowings denominated in United States dollars
+based on the London Interbank Offered Rate
+(b)
+(“LIBOR”) as at 31 December 2021. The Group
+expects that LIBOR will continue to exist and the
+interest rate benchmark reform has not had an
+impact on the Group's LIBOR-based borrowings. If
+the interest rates of these borrowings are replaced
+by RFRs in a future period, the Group will apply
+the above-mentioned practical expedient upon
+the modification of these instruments provided.
+that the “economically equivalent" criterion is met.
+No significant modification gain or loss arises
+as a result of applying the amendments to these
+changes.
+Amendment to HKFRS 16 issued in April 2021
+extends the availability of the practical expedient
+for lessees to elect not to apply lease modification
+accounting for rent concessions arising as a
+direct consequence of the covid-19 pandemic by
+12 months. Accordingly, the practical expedient
+applies to rent concessions for which any reduction
+in lease payments affects only payments originally
+due on or before 30 June 2022, provided the other
+conditions for applying the practical expedient are
+met. The amendment is effective retrospectively for
+annual periods beginning on or after 1 April 2021
+with any cumulative effect of initially applying the
+amendment recognised as an adjustment to the
+opening balance of retained profits at the beginning
+of the current accounting period. Earlier application
+is permitted.
+The Group has early adopted the amendment on 1
+January 2021. However, the Group has not received
+covid-19-related rent concessions and plans to
+apply the practical expedient when it becomes
+applicable within the allowed period of application.
+(b)
+於二零二一年四月頒佈的《香港財務
+報告準則》第16號的修訂將承租人可
+選擇就新冠肺炎疫情的直接後果產生
+的租金減免不應用租賃修改會計處理
+的可行權宜方法延期12個月。因此,
+該可行權宜方法適用於租金減免,其
+租賃付款的任何減讓僅影響原先於二
+零二二年六月三十日或之前到期的付
+款,但須滿足適用可行權宜方法的其
+他條件。該修訂於二零二一年四月一
+日或之後開始的年度期間追溯生效,
+最初應用該修訂的任何累積影響在當
+前會計期間開始時確認為對留存溢利
+期初結餘的調整。該準則允許提前應
+用。
+本集團已於二零二一年一月一日提早
+採納該修訂。然而,本集團並未收到
+與新冠肺炎相關的租���減免,並計劃
+於允許應用的期間內,在可行情況下
+應用該可行權宜方法。
+BYD Company Limited
+Amendments to HKAS 1
+Amendments to HKFRS 10
+and HKAS 28 (2011)
+Amendments to HKFRS 3
+that have been issued but are not yet effective, in these
+financial statements.
+The Group has not applied the following revised HKFRSS,
+已頒佈惟未生效的《香港財務報告準
+則》
+Notes to Financial Statements
+2.3
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+120
+2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG
+FINANCIAL REPORTING STANDARDS
+Effective for annual periods beginning on or after 1
+January 2022
+財務報表附註
+Effective for annual periods beginning on or after 1
+January 2023
+《香港財務報告準則》第16號租賃:
+於《香港財務報告準則》第16號隨附
+闡釋範例13中刪除出租人與租賃物
+業裝修有關的付款闡釋。此消除應用
+《香港財務報告準則》第16號時對租
+賃激勵處理的潛在混淆。
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES
+2.4
+重要會計政策摘要
+Investments in associates and joint ventures
+An associate is an entity in which the Group has a long-
+term interest of generally not less than 20% of the equity
+voting rights and over which it is in a position to exercise
+significant influence. Significant influence is the power to
+participate in the financial and operating policy decisions
+of the investee, but is not control or joint control over those
+policies.
+於聯營公司及合營公司的投資
+聯營公司是指本集團擁有一般不少於20%股
+份投票權之長期權益且本集團對其可行使重
+大影響力的實體。重大影響力為參與投資對
+象的財務及營運政策決策的權力,惟並非控
+制或共同控制該等政策。
+Annual Report 2021
+二零二一年年報
+127
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+《香港財務報告準則》第9號金融工
+具:澄清實體在評估新的或修改的金
+融負債的條款與原始金融負債的條款
+是否存在實質性差異時所包含的費
+用。該等費用僅包括在借款人與貸
+方之間支付或收取的費用,包括由借
+款人或貸方代表對方支付或收取的費
+用。實體將修訂應用於在實體首次應
+用修訂的年度報告期開始日或之後修
+改或交換的金融負債。該等修訂自二
+零二二年一月一日或之後開始之年度
+期間生效,允許提前應用。該等修訂
+預期不會對本集團的財務報表產生重
+大影響。
+2.4
+《香港財務報告準則》二零一八年至二零二零
+年之年度改進載列《香港財務報告準則》第1
+號、《香港財務報告準則》第9號、《香港財務
+報告準則》第16號相應闡釋範例及《香港會計
+準則》第41號的修訂。預期將適用於本集團
+的修訂的詳情如下:
+of the annual reporting period in which the entity
+first applies the amendment. The amendment is
+effective for annual periods beginning on or after 1
+January 2022. Earlier application is permitted. The
+amendment is not expected to have a significant
+impact on the Group's financial statements.
+BYD Company Limited
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.3 ISSUED BUT NOT YET EFFECTIVE HONG
+KONG FINANCIAL REPORTING STANDARDS
+2.3
+已頒佈惟未生效的《香港財務報告準
+則》(續)
+(CONTINUED)
+Annual Improvements to HKFRSs 2018-2020 sets out
+amendments to HKFRS 1, HKFRS 9, Illustrative Examples
+accompanying HKFRS 16,and HKAS 41. Details of the
+amendments that are expected to be applicable to the
+Group are as follows:
+HKFRS 9 Financial Instruments: clarifies the fees
+that an entity includes when assessing whether the
+terms of a new or modified financial liability are
+substantially different from the terms of the original
+financial liability. These fees include only those
+paid or received between the borrower and the
+lender, including fees paid or received by either the
+borrower or lender on the other's behalf. An entity
+applies the amendment to financial liabilities that
+are modified or exchanged on or after the beginning
+HKFRS 16 Leases: removes the illustration of
+payments from the lessor relating to leasehold
+improvements in Illustrative Example 13
+accompanying HKFRS 16. This removes potential
+confusion regarding the treatment of lease
+incentives when applying HKFRS 16.
+126
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+重要會計政策摘要(續)
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Business combinations and goodwill
+Business combinations are accounted for using the
+acquisition method. The consideration transferred is
+measured at the acquisition date fair value which is the
+sum of the acquisition date fair values of assets transferred
+by the Group, liabilities assumed by the Group to the
+former owners of the acquiree and the equity interests
+issued by the Group in exchange for control of the
+acquiree. For each business combination, the Group elects
+whether to measure the non-controlling interests in the
+acquiree that are present ownership interests and entitle
+their holders to a proportionate share of net assets in the
+event of liquidation at fair value or at the proportionate
+share of the acquiree's identifiable net assets. All other
+components of non-controlling interests are measured
+at fair value. Acquisition-related costs are expensed as
+incurred.
+The Group determines that it has acquired a business
+when the acquired set of activities and assets includes an
+input and a substantive process that together significantly
+contribute to the ability to create outputs.
+When the Group acquires a business, it assesses the
+financial assets and liabilities assumed for appropriate
+classification and designation in accordance with the
+contractual terms, economic circumstances and pertinent
+conditions as at the acquisition date. This includes the
+separation of embedded derivatives in host contracts of
+the acquiree.
+If the business combination is achieved in stages, the
+previously held equity interest is remeasured at its
+acquisition date fair value and any resulting gain or loss is
+recognised in profit or loss.
+Any contingent consideration to be transferred by the
+acquirer is recognised at fair value at the acquisition
+date. Contingent consideration classified as an asset or
+liability is measured at fair value with changes in fair value
+recognised in profit or loss. Contingent consideration that
+is classified as equity is not remeasured and subsequent
+settlement is accounted for within equity.
+業務合併乃以收購法入賬。轉讓的代價乃以
+收購日期的公允價值計算,該公允價值為本
+集團轉讓的資產、本集團自被收購方的前擁
+有人承擔的負債及本集團發行以換取被收購
+方控制權的股本權益於收購日期的公允價值
+總和。於各業務合併中,本集團選擇是否以
+公允價值或被收購方可識別資產淨值的應佔
+比例,計量於被收購方的非控股權益(屬現
+時擁有人權益並賦予擁有人權利於清盤時按
+比例分佔其資產淨值)。非控股權益的所有
+其他組成部分乃以公允價值計量。收購相關
+成本於產生時列為開支。
+當所購入的一系列業務及資產包括一項投入
+及一項實質性流程,共同對創造產出的能力
+作出重大貢獻時,本集團確定其已收購一項
+業務。
+當本集團收購一項業務時,會根據合同條
+款、於收購日期的經濟環境及相關條件,評
+估將承擔的金融資產及負債,以作出適合的
+分類及指定。此包括將被收購方主合同中的
+嵌入式衍生工具進行分離。
+倘業務合併分階段進行,先前持有的股權按
+收購日期的公允價值重新計量,而任何所得
+收益或虧損則於損益中確認。
+收購方所轉讓的或有代價按於收購日期的公
+允價值確認。分類為資產或負債的或有代價
+以公允價值計量,公允價值變動確認於損
+益。分類為權益的或有代價並無重新計量,
+而其後結算於權益中入賬。
+業務合併及商譽
+2.4
+二零二一年十二月三十一日
+財務報表附註
+Investments in associates and joint ventures
+(continued)
+A joint venture is a type of joint arrangement whereby
+the parties that have joint control of the arrangement
+have rights to the net assets of the joint venture. Joint
+control is the contractually agreed sharing of control of an
+arrangement, which exists only when decisions about the
+relevant activities require the unanimous consent of the
+parties sharing control.
+The Group's investments in associates and joint ventures
+are stated in the consolidated statement of financial
+position at the Group's share of net assets under the equity
+method of accounting, less any impairment losses.
+The Group's share of the post-acquisition results and
+other comprehensive income of associates and joint
+ventures is included in the consolidated statement of
+profit or loss and consolidated other comprehensive
+income,respectively. In addition, when there has been a
+change recognised directly in the equity of the associate
+or joint venture, the Group recognises its share of any
+changes, when applicable, in the consolidated statement
+of changes in equity. Unrealised gains and losses resulting
+from transactions between the Group and its associates
+or joint ventures are eliminated to the extent of the
+Group's investments in the associates or joint ventures,
+except where unrealised losses provide evidence of an
+impairment of the asset transferred. Goodwill arising from
+the acquisition of associates or joint ventures is included
+as part of the Group's investments in associates or joint
+ventures.
+於聯營公司及合營公司的投資(續)
+合營公司指一種合營安排,對安排擁有共同
+控制權的訂約方據此對合營公司的資產淨值
+擁有權利。共同控制指按照合同協定對一項
+安排所共有的控制,共同控制僅在有關活動
+要求享有控制權的訂約方作出一致同意的決
+定時存在。
+本集團於聯營公司及合營公司的投資乃採用
+權益會計法按本集團應佔的資產淨值減任何
+減值虧損後,在合併財務狀況表中列賬。
+本集團應佔聯營公司及合營公司的收購後業
+績及其他綜合收益乃分別計入合併損益表及
+合併其他綜合收益。此外,當聯營公司或合
+營公司的權益內直接確認一項變動,則本集
+團在適當情況下會在合併權益變動表確認其
+應佔的變動金額。本集團與其聯營公司或合
+營公司間交易的未變現盈利及虧損按本集團
+應佔該等聯營公司或合營公司的投資撇銷,
+惟未變現虧損提供已轉讓資產減值的憑證則
+除外。收購聯營公司或合營公司所產生的商
+譽列為本集團於聯營公司或合營公司的投資
+之一部分。
+If an investment in an associate becomes an investment
+in a joint venture or vice versa, the retained interest is
+not remeasured. Instead, the investment continues to be
+accounted for under the equity method. In all other cases,
+upon loss of significant influence over the associate or joint
+control over the joint venture, the Group measures and
+recognises any retained investment at its fair value. Any
+difference between the carrying amount of the associate
+or joint venture upon loss of significant influence or joint
+control and the fair value of the retained investment and
+proceeds from disposal is recognised in profit or loss.
+BYD Company Limited
+128
+比亞迪股份有限公司
+Notes to Financial Statements
+31 December 2021
+《香港會計準則》第37號之修訂澄清,就根據
+《香港會計準則》第37號評估合同是否屬虧損
+性而言,履行合同的成本包括與合同直接相
+關的成本。與合同直接相關的成本包括履行
+該合同的增量成本(例如直接勞工及材料)及
+與履行該合同直接相關的其他成本分配(例
+如分配履行合所用物業、廠房及設備項目的
+折舊開支以及合同管理及監督成本)。一般
+及行政成本與合同並無直接關連,除非根據
+合同明確向對手方收取費用,否則不包括在
+內。該修訂於二零二二年一月一日或之後開
+始的的年度期間生效,並適用於實體於其首
+次應用修訂的年度報告期初尚未履行其所有
+責任的合同。允許提早採用。初步應用該等
+修訂的任何累積影響將確認為首次應用日期
+的期初權益的調整,而無須重列比較資料。
+預期該修訂不會對本集團的財務報告產生任
+何重大影響。
+Amendments to HKAS 37 clarify that for the purpose of
+assessing whether a contract is onerous under HKAS 37,
+the cost of fulfilling the contract comprises the costs that
+relate directly to the contract. Costs that relate directly to
+a contract include both the incremental costs of fulfilling
+that contract(e.g., direct labour and materials) and an
+allocation of other costs that relate directly to fulfilling that
+contract (e.g., an allocation of the depreciation charge
+for an item of property, plant and equipment used in
+fulfilling the contract as well as contract management and
+supervision costs). General and administrative costs do
+not relate directly to a contract and are excluded unless
+they are explicitly chargeable to the counterparty under the
+contract. The amendments are effective for annual periods
+beginning on or after 1 January 2022 and shall be applied
+to contracts for which an entity has not yet fulfilled all its
+obligations at the beginning of the annual reporting period
+in which it first applies the amendments. Earlier application
+is permitted. Any cumulative effect of initially applying the
+amendments shall be recognised as an adjustment to the
+opening equity at the date of initial application without
+restating the comparative information. The amendments are
+not expected to have any significant impact on the Group's
+financial statements.
+(CONTINUED)
+clarify that contingent assets do not qualify for recognition
+at the acquisition date. The Group expects to adopt the
+amendments prospectively from 1 January 2022. Since the
+amendments apply prospectively to business combinations
+for which the acquisition date is on or after the date of
+first application, the Group will not be affected by these
+amendments on the date of transition.
+已頒佈惟未生效的《香港財務報告準
+則》(續)
+有關預期將適用於本集團的該等《香港財務
+報告準則》的進一步資料說明如下。
+《香港財務報告準則》第3號的修訂旨在以二
+零一八年六月頒佈的引用財務報告概念框架
+取代引用先前財務報表編製及呈列框架,而
+毋須大幅度改變其規定。該等修訂亦就《香
+港財務報告準則》第3號就實體引用概念框架
+以釐定構成資產或負債之內容之確認原則增
+設一項例外情況。該例外情況規定,對於可
+能屬於《香港會計準則》第37號或《香港(國
+際財務報告詮釋委員會)-詮釋》第21號範圍
+內的負債及或有負債而言,倘該等負債屬單
+獨產生而非於業務合併中產生,則應用《香
+港財務報告準則》第3號的實體應分別參考
+《香港會計準則》第37號或《香港(國際財務
+報告詮釋委員會)- 詮釋》第21號,而非概念
+框架。此外,該等修訂澄清或有資產於收購
+日期不符合確認條件。本集團預計自二零二
+二年一月一日起提前採納該等修訂。由於該
+等修訂提前適用於收購日期為首次應用日期
+或之後的業務合併,因此本集團於過渡日期
+將不會受該等修訂的影響。
+BYD Company Limited
+122
+比亞迪股份有限公司
+Notes to Financial Statements
+31 December 2021
+二零二一年十二月三十一日
+2.3 ISSUED BUT NOT YET EFFECTIVE HONG
+KONG FINANCIAL REPORTING STANDARDS
+2.3
+已頒佈惟未生效的《香港財務報告準
+則》(續)
+(CONTINUED)
+Amendments to HKFRS 10 and HKAS 28 (2011) address an
+inconsistency between the requirements in HKFRS 10 and
+in HKAS 28 (2011) in dealing with the sale or contribution
+of assets between an investor and its associate or joint
+venture. The amendments require a full recognition of a
+gain or loss resulting from a downstream transaction when
+the sale or contribution of assets between an investor
+and its associate or joint venture constitutes a business.
+For a transaction involving assets that do not constitute a
+business, a gain or loss resulting from the transaction is
+recognised in the investor's profit or loss only to the extent
+of the unrelated investor's interest in that associate or joint
+venture. The amendments are to be applied prospectively.
+The previous mandatory effective date of amendments
+to HKFRS 10 and HKAS 28 (2011) was removed by the
+HKICPA in January 2016 and a new mandatory effective
+date will be determined after the completion of a broader
+review of accounting for associates and joint ventures.
+However, the amendments are available for adoption now.
+Amendments to HKFRS 3 are intended to replace a
+reference to the previous Framework for the Preparation
+and Presentation of Financial Statements with a reference
+to the Conceptual Framework for Financial Reporting
+issued in June 2018 without significantly changing its
+requirements. The amendments also add to HKFRS 3 an
+exception to its recognition principle for an entity to refer to
+the Conceptual Framework to determine what constitutes
+an asset or a liability. The exception specifies that, for
+liabilities and contingent liabilities that would be within
+the scope of HKAS 37 or HK(IFRIC)-Int_21 if they were
+incurred separately rather than assumed in a business
+combination, an entity applying HKFRS 3 should refer to
+HKAS_37_or_HK(IFRIC)-Int_21 respectively instead of the
+Conceptual Framework. Furthermore, the amendments
+Amendments to HKAS 1 Classification of Liabilities
+as Current or Non-current clarify the requirements for
+classifying liabilities as current or non-current. The
+amendments specify that if an entity's right to defer
+settlement of a liability is subject to the entity complying
+with specified conditions, the entity has a right to defer
+settlement of the liability at the end of the reporting
+period if it complies with those conditions at that date.
+Classification of a liability is unaffected by the likelihood
+that the entity will exercise its right to defer settlement of
+the liability. The amendments also clarify the situations that
+are considered a settlement of a liability. The amendments
+are effective for annual periods beginning on or after 1
+January 2023 and shall be applied retrospectively. Earlier
+application is permitted. The amendments are not expected
+to have any significant impact on the Group's financial
+statements.
+Further information about those HKFRSS that are expected
+to be applicable to the Group is described below.
+2.3 ISSUED BUT NOT YET EFFECTIVE HONG 2.3
+KONG FINANCIAL REPORTING STANDARDS
+2
+於二零二三年一月一日或之後開始之年
+度期間生效
+3
+No mandatory effective date yet determined but
+available for adoption
+3
+並無釐定強制生效日期,惟可採用
+4
+As a consequence of the amendments to HKAS 1,
+Hong Kong Interpretation 5 Presentation of Financial
+Statements - Classification by the Borrower of a Term
+Loan that Contains a Repayment on Demand Clause
+was revised in October 2020 to align the corresponding
+wording with no change in conclusion
+4
+由於《香港會計準則》第1號、香港詮釋
+第5號財務報表的呈報-借款人對載有
+按要求償還條款的定期貸款的分類於二
+零二零年十月修訂,以使相應的措詞保
+持一致,結論不變
+Annual Report 2021
+二零二一年年報
+121
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月���十一日
+(CONTINUED)
+《香港財務報告準則》第10號及《香港會計準
+則》第28號(二零一一年)的修訂針對《香港
+財務報告準則》第10號與《香港會計準則》第
+28號(二零一一年)之間有關投資者與其聯
+營公司或合營公司之間的資產出售或注資兩
+者規定的不一致性。該等修訂規定,當投資
+者與其聯營公司或合營公司之間的資產出售
+或注資構成一項業務時,須悉數確認下游交
+易的產生的收益或虧損。當交易涉及不構成
+一項業務的資產時,由該交易產生的收益或
+虧損於該投資者的損益內確認,惟僅以不相
+關投資者於該聯營公司或合營公司的權益為
+限。該等修訂即將應用。香港會計師公會已
+於二零一六年一月剔除以往對《香港財務報
+告準則》第10號及《香港會計準則》第28號
+(二零一一年)的修訂的強制生效日期,新的
+強制生效日期將於聯營公司及合營公司會計
+的進一步審閱完成後釐定。然而,該等修訂
+目前可採納。
+《香港會計準則》第1號之修訂「將負債分類
+為流動或非流動」澄清將負債分類為流動或
+非流動的規定。該等修訂指明,倘實體延遲
+償還負債的權利受限於實體符合特定條件,
+則倘該實體符合當日之條件,其有權於報告
+期末延遲償還負債。負債的分類不受該實體
+行使其延遲償還負債權利的可能性的影響。
+該等修訂亦澄清被視為償還負債的情況。該
+等修訂於二零二三年一月一日或之後開始的
+年度期間生效,並應追溯應用。允許提早應
+用。該等修訂預期不會對本集團的財務報表
+產生任何重大影響。
+Annual Report 2021
+二零二一年年報
+2.3
+已頒佈惟未生效的《香港財務報告準
+則》(續)
+(CONTINUED)
+Amendments to HKAS 12 narrow the scope of the
+initial recognition exception so that it no longer applies
+to transactions that give rise to equal taxable and
+deductible temporary differences, such as leases and
+decommissioning obligations. Therefore, entities are
+required to recognise a deferred tax asset and a deferred
+tax liability for temporary differences arising from these
+transactions. The amendments are effective for annual
+reporting periods beginning on or after 1 January 2023
+and shall be applied to transactions related to leases
+and decommissioning obligations at the beginning of the
+earliest comparative period presented, with any cumulative
+effect recognised as an adjustment to the opening
+balance of retained profits or other component of equity as
+appropriate at that date. In addition, the amendments shall
+be applied prospectively to transactions other than leases
+and decommissioning obligations. Earlier application is
+permitted. The amendments are not expected to have any
+significant impact on the Group's financial statements.
+Amendments to HKAS 16 prohibit an entity from deducting
+from the cost of an item of property, plant and equipment
+any proceeds from selling items produced while bringing
+that asset to the location and condition necessary for it.
+to be capable of operating in the manner intended by
+management. Instead, an entity recognises the proceeds
+from selling any such items, and the cost of those items,
+in profit or loss. The amendments are effective for annual
+periods beginning on or after 1 January 2022 and shall be
+applied retrospectively only to items of property, plant and
+equipment made available for use on or after the beginning
+of the earliest period presented in the financial statements
+in which the entity first applies the amendments. Earlier
+application is permitted. The amendments are not expected
+to have any significant impact on the Group's financial
+statements.
+《香港會計準則》第12號之修訂縮小了初始
+確認的豁免範圍,故其不再適用於產生相等
+應課稅及可抵扣暫時差異的交易,例如租賃
+及棄置義務。因此,實體被要求確認這些交
+易中產生的暫時差異的延遲稅項資產及延遲
+稅項負債。該修訂於二零二三年一月一日或
+之後開始的年度報告期間生效,並將在所提
+出的最早的比較時期初期開始應用於與租賃
+及棄置義務有關的交易,任何累積效應被確
+認為於該日對保留溢利或其他權益成分的期
+初餘額的調整(如適用)。此外,該修訂將可
+能被提前應用於除租賃及棄置義務以外的交
+易。允許提前採用該修訂。預期該修訂不會
+對本集團財務報表產生任何重大影響。
+《香港會計準則》第16號的修訂禁止實體從
+物業、廠房及設備的成本中扣除資產達到管
+理層預定的可使用狀態(包括位置與條件)過
+程中產生的任何出售項目所得款項。相反,
+實體必須將任何該等項目的出售所得款項及
+該等項目的成本於損益確認。該等修訂於二
+零二二年一月一日或之後開始的年度期間生
+效,並僅追溯應用實體於首次採用該等修���
+的財務報表所呈列的最早期間的期初或之後
+可供使用的物業、廠房及設備項目。允許提
+前應用。該等修訂預期不會對本集團的財務
+報表造成任何重大影響。
+Annual Report 2021
+二零二一年年報
+125
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.3 ISSUED BUT NOT YET EFFECTIVE HONG
+KONG FINANCIAL REPORTING STANDARDS
+2.3
+已頒佈惟未生效的《香港財務報告準
+則》(續)
+2.3 ISSUED BUT NOT YET EFFECTIVE HONG
+KONG FINANCIAL REPORTING STANDARDS
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+123
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.3 ISSUED BUT NOT YET EFFECTIVE HONG
+KONG FINANCIAL REPORTING STANDARDS
+2.3
+已頒佈惟未生效的《香港財務報告準
+則》(續)
+2
+(CONTINUED)
+Amendments to HKAS 8 clarify the distinction between
+changes in accounting estimates and changes in
+accounting policies. Accounting estimates are defined as
+monetary amounts in financial statements that are subject
+to measurement uncertainty. The amendments also clarify
+how entities use measurement techniques and inputs
+to develop accounting estimates. The amendments are
+effective for annual reporting periods beginning on or
+after 1 January 2023 and apply to changes in accounting
+policies and changes in accounting estimates that occur
+on or after the start of that period. Earlier application is
+permitted. The amendments are not expected to have any
+significant impact on the Group's financial statements.
+《香港會計準則》第1號之修訂「會計政策的披
+露」要求實體披露其重大會計政策資料而非
+其重要的會計政策。倘會計政策資料與實體
+財務報表中包含的其他資料一併考慮時,可
+以合理地預期會影響一般目的財務報表的主
+要使用者根據這些財務報表所做的決定,則
+該資料屬重要。《香港財務報告準則》實務公
+告第2號之修訂就如何將重要性的概念應用
+於會計政策披露提供非強制性指引。《香港
+會計準則》第1號的修訂於二零二三年一月一
+日或之後開始的年度期間生效並允許提前採
+用。由於在《香港財務報告準則》實務公告第
+2號之修訂中所提供的指引並非非強制性,
+故該等修訂的生效日期並無必要。這些修訂
+預期對本集團的財務報表沒有任何重大影
+《香港會計準則》第8號的修訂澄清了在會計
+估計變動與會計政策變動之間的區別。會計
+估計是受計量不確定性影響的財務報表中的
+貨幣金額。該修訂亦闡明了實體如何使用計
+量技術及輸入值來編製會計估計。該修訂於
+二零二三年一月一日或之後開始的年度報告
+期間生效,並適用於該期間開始時或之後的
+會計政策變更及會計估計變更。允許提前採
+用。預期該修訂不會對本集團的財務報表產
+生任何重大影響。
+BYD Company Limited
+124
+比亞迪股份有限公司
+Notes to Financial Statements
+Amendments to HKAS 1 Disclosure of Accounting Policies
+require entities to disclose their material accounting
+policy information rather than their significant accounting
+policies. Accounting policy information is material if,
+when considered together with other information included
+in an entity's financial statements, it can reasonably be
+expected to influence decisions that the primary users of
+general purpose financial statements make on the basis
+of those financial statements. Amendments to HKFRS
+Practice Statement 2 provide non-mandatory guidance
+on how to apply the concept of materiality to accounting
+policy disclosures. Amendments to HKAS 1 are effective
+for annual periods beginning on or after 1 January
+2023 and earlier application is permitted. Since the
+guidance provided in the amendments to HKFRS Practice
+Statement 2 is non-mandatory, an effective date for these
+amendments is not necessary. The amendments are not
+expected to have any significant impact on the Group's
+financial statements.
+倘於聯營公司的投資變成於合營公司的投
+資,則保留權益不會重新計量,反之亦然。
+投資繼續以權益法入賬。在所有其他情況
+下,於失去對聯營公司的重大影響力或失去
+對合營公司的共同控制權後,本集團以公允
+價值計量及確認任何保留投資。於失去重大
+影響力或共同控制權後聯營公司或合營公司
+的賬面值與保留投資公允價值及出售所得款
+項之間的任何差額,於損益確認。
+該方屬於符合下列任何條件的實體:
+Construction in progress representing property and plant
+under construction is stated at cost less any impairment
+losses, and is not depreciated. Cost comprises the direct
+costs of construction and capitalised borrowing costs on
+related borrowed funds during the period of construction.
+Construction in progress is reclassified to the appropriate
+物業、廠房及設備和折舊(續)
+Property, plant and equipment and depreciation
+(continued)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+31 December 2021
+二零二一年十二月三十一日
+The unit of production method is used to write off the cost
+of moulds.
+財務報表附註
+135
+Annual Report 2021
+二零二一年年報
+0%至5%
+0%-5%
+5年及以下
+5 years and below
+3 to 5 years
+3至5年
+Notes to Financial Statements
+Where parts of an item of property, plant and equipment
+have different useful lives, the cost of that item is allocated
+on a reasonable basis among the parts and each part
+is depreciated separately. Residual values, useful lives
+and depreciation methods are reviewed, and adjusted if
+appropriate, at least at each financial year end.
+An item of property, plant and equipment including any
+significant part initially recognised is derecognised upon
+disposal or when no future economic benefits are expected
+from its use or disposal. Any gain or loss on disposal or
+retirement recognised in the statement of profit or loss
+in the year the asset is derecognised is the difference
+between the net sales proceeds and the carrying amount
+of the relevant asset.
+模具成本以生產單位法攤銷。
+Depreciation is calculated on the straight-line basis to write
+off the cost of each item of investment properties to its
+residual value over its estimated useful life. The principal
+annual rates used for this purpose as follows:
+Investment properties are interests in land and buildings
+held to earn rental income and/or for capital appreciation,
+rather than for use in the production or supply of goods or
+services or for administrative purposes; or for sale in the
+ordinary course of business. Such properties are measured
+at cost, including transaction costs, less any depreciation
+and any losses.
+Investment properties
+重要會計政策摘要(續)
+2.4
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+136
+BYD Company Limited
+在建工程指在建中的物業及廠房,以成本減
+任何減值虧損列賬,且並未計算折舊。成本
+包括於興建期間的直接建築成本及有關借款
+的資本化借款成本。在建工程在竣工及達到
+可使用狀況時重新歸類至適當的物業、廠房
+及設備類別。
+category of property, plant and equipment when completed
+and ready for use.
+包括已初步確認的任何重要部分的物業、廠
+房及設備項目於被出售或預計其使用或出售
+不再產生未來經濟利益時終止確認。於資產
+終止確認年度因其出售或報廢並在損益表確
+認的任何盈虧乃有關資產的出售所得款項淨
+額與賬面值的差額。
+倘物業、廠房及設備項目各部分的可使用年
+期並不相同,該項目各部分的成本將按合理
+基礎分配,而每部分將個別折舊。剩餘價
+值、可使用年期及折舊方法至少於各財政年
+度年底審核,並在適當情況下加以調整。
+5至12年
+投資性房地產
+0%至5%
+0%至5%
+剩餘價值
+Residual value
+Not depreciated
+估計可使用年期
+Estimated useful lives
+物業、廠房及設備(在建工程除外)乃按成本
+值減累計折舊及任何減值虧損列賬。物業、
+廠房及設備項目的成本指其購買價及使資產
+達到可使用狀況及運送至其計劃中使用地點
+的任何直接應佔成本。物業、廠房及設備項
+目開始運作後產生的開支,例如維修保養的
+成本,一般於產生期內在損益表中列支。在
+達到確認標準的情況下,主要檢測所產生的
+開支在資產賬面值中資本化為重置。倘大部
+分物業、廠房及設備須不時重置,則本集團
+會將有關部分確認為具特定使用年期的個別
+資產並會作出相應折舊。
+物業、廠房及設備和折舊
+Freehold land
+its estimated useful life. The estimated useful lives and
+residual value are as follows:
+Property, plant and equipment, other than construction in
+progress, are stated at cost less accumulated depreciation
+and any impairment losses. The cost of an item of property,
+plant and equipment comprises its purchase price and
+any directly attributable costs of bringing the asset to
+its working condition and location for its intended use.
+Expenditure incurred after items of property, plant and
+equipment have been put into operation, such as repairs
+and maintenance, is normally charged to the statement
+of profit or loss in the period in which it is incurred. In
+situations where the recognition criteria are satisfied, the
+expenditure for a major inspection is capitalised in the
+carrying amount of the asset as a replacement. Where
+significant parts of property, plant and equipment are
+required to be replaced at intervals, the Group recognises
+such parts as individual assets with specific useful lives
+and depreciates them accordingly.
+Property, plant and equipment and depreciation
+重要會計政策摘要(續)
+2.4
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+Except for moulds, depreciation is calculated on the
+straight-line basis to write off the cost of each item of
+property, plant and equipment to its residual value over
+永久業權土地
+Buildings
+樓宇
+0%-5%
+於租賃年期內或5年(以較短者為準)
+0%至5%
+0%-5%
+5 to 12 years
+5 years
+Over the shorter of the lease terms and
+10至70年
+10 to 70 years
+並無折舊
+辦公室設備及傢俱
+Office equipment and fixtures
+車輛
+Motor vehicles
+Machinery and equipment (except moulds)
+機器及設備(模具除外)
+租賃物業裝修
+Leasehold improvements
+0%-5%
+投資性房地產乃為賺取租金收入及/或資本
+增值而持有的土地及樓宇權益,而非用於生
+產或供應貨品或服務或用作行政用途;或用
+作在日常業務過程中銷售。投資性房地產按
+照扣除任何折舊及任何虧損的成本(包括交
+易成本)計量。
+各項投資性房地產的折舊乃以直線法按其估
+計可使用年期攤銷其成本至其剩餘價值計
+算。就此採用的主要年率如下:
+Buildings
+軟件按成本減任何減值虧損列賬,並按直線
+法於其估計可使用年期一到五年內攤銷。
+BYD Company Limited
+138
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+軟件
+二零二一年十二月三十一日
+2.4
+重要會計政策摘要(續)
+Leases
+The Group assesses at contract inception whether a
+contract is, or contains, a lease. A contract is, or contains,
+a lease if the contract conveys the right to control the use
+of an identified asset for a period of time in exchange for
+consideration.
+Group as a lessee
+The Group applies a single recognition and measurement
+approach for all leases, except for short-term leases and
+leases of low-value assets. The Group recognises lease
+liabilities to make lease payments and right-of-use assets
+representing the right to use the underlying assets.
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+技術按成本減任何減值虧損列賬,並按直線
+法於其估計可使用年期一到五年內攤銷。
+技術
+工業產權按成本減任何減值虧損列賬,並按
+直線法於其估計可使用年限二至十年內攤
+銷。
+Research and development costs
+All research costs are charged to the statement of profit or
+loss as incurred.
+Expenditure incurred on projects to develop new products
+is capitalised and deferred only when the Group can
+demonstrate the technical feasibility of completing the
+intangible asset so that it will be available for use or sale,
+its intention to complete and its ability to use or sell the
+asset, how the asset will generate future economic benefits,
+the availability of resources to complete the project and
+the ability to measure reliably the expenditure during the
+development. Product development expenditure which
+does not meet these criteria is expensed when incurred.
+Deferred development costs are stated at cost less any
+impairment losses. The development costs are amortised
+using the straight-line basis over the commercial lives of
+the underlying products not exceeding ten years, except
+for those of new energy vehicles which are amortised using
+the unit-of-production method, commencing from the date
+when the products are put into commercial production.
+Industrial proprietary rights
+Industrial proprietary rights are stated at cost less any
+impairment losses and are amortised on the straight-line
+basis over their estimated useful lives of two to ten years.
+Know-how
+Know-how is stated at cost less any impairment losses and
+is amortised on the straight-line basis over its estimated
+useful life of one to five years.
+Software
+Software is stated at cost less any impairment losses and
+is amortised on the straight-line basis over its estimated
+useful life of one to five years.
+無形資產(商譽除外)(續)
+研究與開發成本
+所有研究成本均於產生時自損益表扣除。
+開發新產品項目所產生的開支僅在下列情況
+下資本化並作遞延處理:本集團可確定完成
+該項無形資產以作使用或出售用途在技術上
+為可行;本集團有意完成該項無形資產,並
+能夠使用或出售該項資產;本集團可證明該
+項資產日後將如何產生經濟利益;完成該項
+目的可用資源充足;以及有能力在開發過程
+中可靠地計量開支。不符合此等標準的產品
+開發開支在產生時支銷。
+遞延開發成本按成本減任何減值虧損列賬。
+開發成本採用直線法在相關產品投入商業生
+產之日起不超過十年的使用年限內攤銷,惟
+新能源汽車自產品投入商業生產日期開始採
+用單位生產法攤銷。
+工業產權
+(a) Right-of-use assets
+Right-of-use assets are recognised at the
+commencement date of the lease (that is the date
+the underlying asset is available for use). Right-
+of-use assets are measured at cost, less any
+accumulated depreciation and any impairment
+losses, and adjusted for any remeasurement of
+lease liabilities. The cost of right-of-use assets
+includes the amount of lease liabilities recognised,
+initial direct costs incurred, and lease payments
+made at or before the commencement date less any
+lease incentives received. Right-of-use assets are
+depreciated on a straight-line basis over the shorter
+of the lease terms and the estimated useful lives of
+the assets as follows:
+Leasehold land
+Buildings
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+137
+Annual Report 2021
+二零二一年年報
+單獨收購的無形資產於初步確認時按成本計
+量。業務合併中所收購無形資產的成本為收
+購日期的公允價值。無形資產的可使用年期
+乃評估為有限或無限。具有限年期的無形資
+產其後於可使用經濟年期攤銷,並於該無形
+資產出現減值跡象時作減值評估。具有限可
+使用年期的無形資產的攤銷年期及攤銷方法
+須至少於每個財政年度年底審核。
+無形資產(商譽除外)
+因投資性房地產報廢或出售而產生的任何收
+益或虧損於報廢或出售年度的損益表內確
+認。
+Intangible assets acquired separately are measured on
+initial recognition at cost. The cost of intangible assets
+acquired in a business combination is the fair value at the
+date of acquisition. The useful lives of intangible assets are
+assessed to be either finite or indefinite. Intangible assets
+with finite lives are subsequently amortised over the useful
+economic life and assessed for impairment whenever there
+is an indication that the intangible asset may be impaired.
+The amortisation period and the amortisation method for an
+intangible asset with a finite useful life are reviewed at least
+at each financial year end.
+Intangible assets (other than goodwill)
+Any gains or losses on the retirement or disposal of an
+investment property are recognised in the statement of
+profit or loss in the year of the retirement or disposal.
+1.4% 9.5%
+樓宇
+1.4% to 9.5%
+重要會計政策摘要(續)
+財務報表附註
+Intangible assets (other than goodwill) (continued)
+the Group by the end of the lease term or the
+cost reflects the exercise of a purchase option,
+depreciation is calculated using the estimated
+useful life of the asset.
+Machinery and other equipment
+租賃
+本集團於合同開始時評估合同是否屬於或包
+含租賃。倘合同為換取代價而給予可在一段
+時間內控制使用可識別資產的權利,則該合
+同屬於或包含租賃。
+本集團作為承租人
+本集團就所有租賃採用單一確認及計量方
+法,惟短期租賃及低價值資產租賃除外。本
+集團確認租賃付款的租賃負債及使用權資產
+(即使用相關資產的權利)。
+(a)
+使用權資產
+於租賃開始日期(即相關資產可供使
+用的日期)確認使用權資產。使用權
+資產按成本計量,扣除任何累計折舊
+及任何減值虧損,並就重新計量租賃
+負債作出調整。使用權資產的成本包
+括已確認的租賃負債金額、已發生的
+初始直接成本、以及於開始日期或之
+前作出的租賃款項付款減已收取的租
+賃優惠。使用權資產按直線基準於租
+賃期及該資產的估計可使用年期兩者
+中較短者折舊如下:
+30 to 99 years
+租賃土地
+30至99年
+1 to 20 years
+樓宇
+1 to 5 years
+機器及其他設備
+1至20年
+1至5年
+If ownership of the leased asset transfers to
+倘租賃資產的所有權於租賃期結束前
+轉移至本集團或成本反映購買選擇權
+的行使,折舊則以資產的估計可使用
+年期計算。
+Notes to Financial Statements
+除模具外,每項物業、廠房及設備項目的折
+舊乃以直線法按其估計可使用年期攤銷其成
+本至其剩餘價值計算。估計可使用年期及剩
+餘價值如下:
+134
+-
+Level 2
+-
+第一級
+於財務報表中以公允價值確認或披露的所有
+資產及負債,均以對整體公允價值計量屬重
+要的最低水平輸入數據為基礎以公允價值等
+級分類如下:
+公允價值計量(續)
+based on quoted prices (unadjusted) in active
+markets for identical assets or liabilities
+Level 3
+-
+All assets and liabilities for which fair value is measured
+or disclosed in the financial statements are categorised
+within the fair value hierarchy, described as follows, based
+on the lowest level input that is significant to the fair value
+measurement as a whole:
+Fair value measurement (continued)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+31 December 2021
+二零二一年十二月三十一日
+Level 1
+-
+based on valuation techniques for which the
+lowest level input that is significant to the
+fair value measurement is observable, either
+directly or indirectly
+based on valuation techniques for which the
+lowest level input that is significant to the fair
+value measurement is unobservable
+比亞迪股份有限公司
+132
+BYD Company Limited
+倘有跡象顯示出現減值或須就資產進行年
+度減值測試(存貨、合同資產、遞延稅項資
+產、金融資產、投資物業及持作出售已竣工
+物業除外),則會估計資產的可收回金額。
+資產的可收回金額按資產或現金產生單位的
+使用價值與公允價值減出售成本二者之間的
+較高者計算,並就個別資產而釐定,除非有
+關資產並無產生大致獨立於其他資產或資產
+類別的現金流入,在此情況下,可收回金額
+就資產所屬的現金產生單位而釐定。對現金
+產生單位進行減值測試時,倘若公司資產賬
+面值的一部分(例如總部大樓)能夠以合理
+及一致的基準分配,則將其分配至個別現金
+產生單位,或分配至最小組別的現金產生單
+位。
+非金融資產減值
+就按經常性基準於財務報表確認的資產及負
+債而言,本集團於各報告期末透過重新評估
+分類(基於對整體公允價值計量屬重要的最
+低水平輸入數據)而確定各等級之間是否已
+進行轉撥。
+-根據估值方法(對公允價值計量
+屬重要的最低水平輸入數據不
+可觀察)進行計量
+- 根據估值方法(對公允價值計量
+屬重要的最低水平輸入數據可
+直接或間接觀察)進行計量
+以相同資產或負債的活躍市場
+報價(未經調整)為基礎進行計
+量
+第三級
+比亞迪股份有限公司
+consistent basis or, otherwise, to the smallest group of
+cash-generating units.
+Where an indication of impairment exists, or when annual
+impairment testing for an asset is required (other than
+inventories, contract assets, deferred tax assets, financial
+assets, investment properties and completed property held
+for sale), the asset's recoverable amount is estimated. An
+asset's recoverable amount is the higher of the asset's
+or cash-generating unit's value in use and its fair value
+less costs of disposal, and is determined for an individual
+asset, unless the asset does not generate cash inflows
+that are largely independent of those from other assets or
+groups of assets, in which case the recoverable amount is
+determined for the cash-generating unit to which the asset
+belongs. In testing a cash-generating unit for impairment,
+a portion of the carrying amount of a corporate asset (e.g.,
+a headquarters building) is allocated to an individual cash-
+generating unit if it can be allocated on a reasonable and
+Impairment of non-financial assets
+measurement as a whole) at the end of each reporting
+period.
+lowest level input that is significant to the fair value
+For assets and liabilities that are recognised in the financial
+statements on a recurring basis, the Group determines
+whether transfers have occurred between levels in the
+hierarchy by reassessing categorisation (based on the
+財務報表附註
+Notes to Financial Statements
+131
+Annual Report 2021
+二零二一年年報
+於初步確認後,商譽按成本減任何累計減值
+虧損計量。商譽須每年作減值測試,若有事
+件發生或情況改變顯示賬面值有可能減值
+時,則會更頻密地進行測試。本集團每年於
+十二月三十一日對商譽進行年度減值測試。
+就減值測試而言,於業務合併所收購的商
+譽,乃自收購日期起分配至預期於合併的協
+同效益中受惠的本集團每個現金產生單位或
+各現金產生單位組,而不論本集團其他資產
+或負債有否轉撥至該等單位或單位組。
+商譽初步按成本計量,即已轉讓總代價、已
+確認非控股權益及本集團過往持有的被收購
+方股權的公允價值總額,超逾所收購可識別
+資產淨值及所承擔負債的數額。如總代價及
+其他項目的總額低於所收購資產的公允價
+值,於評估後其差額將於損益內確認為議價
+購買收益。
+業務合併及商譽 (續)
+Where goodwill has been allocated to a cash-generating
+unit (or group of cash-generating units) and part of the
+operation within that unit is disposed of, the goodwill
+associated with the operation disposed of is included in
+the carrying amount of the operation when determining the
+gain or loss on the disposal. Goodwill disposed of in these
+circumstances is measured based on the relative value
+of the operation disposed of and the portion of the cash-
+generating unit retained.
+Impairment is determined by assessing the recoverable
+amount of the cash-generating unit (group of cash-
+generating units) to which the goodwill relates. Where the
+recoverable amount of the cash-generating unit (group of
+cash-generating units) is less than the carrying amount,
+an impairment loss is recognised. An impairment loss
+recognised for goodwill is not reversed in a subsequent
+period.
+After initial recognition, goodwill is measured at cost less
+any accumulated impairment losses. Goodwill is tested
+for impairment annually or more frequently if events or
+changes in circumstances indicate that the carrying
+value may be impaired. The Group performs its annual
+impairment test of goodwill as at 31 December. For the
+purpose of impairment testing, goodwill acquired in
+a business combination is, from the acquisition date,
+allocated to each of the Group's cash-generating units,
+or groups of cash-generating units, that are expected to
+benefit from the synergies of the combination, irrespective
+of whether other assets or liabilities of the Group are
+assigned to those units or groups of units.
+Goodwill is initially measured at cost, being the excess
+of the aggregate of the consideration transferred, the
+amount recognised for non-controlling interests and any
+fair value of the Group's previously held equity interests
+in the acquiree over the identifiable net assets acquired
+and liabilities assumed. If the sum of this consideration
+and other items is lower than the fair value of the assets
+acquired, the difference is, after reassessment, recognised
+in profit or loss as a gain on bargain purchase.
+Business combinations and goodwill (continued)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+129
+Annual Report 2021
+二零二一年年報
+減值按與商譽有關的現金產生單位(現金產
+生單位組)可收回款額進行評估釐定。倘現
+金產生單位(現金產生單位組)的可收回款額
+低於賬面值,則確認減值虧損。就商譽確認
+的減值虧損不會於其後撥回。
+Notes to Financial Statements
+商譽分配至現金產生單位(或現金產生單位
+組),且該單位部分業務出售時,與售出業
+務有關的商譽將計入業務賬面值以釐定出售
+盈虧。於該等情況售出的商譽,按售出業務
+及保留的現金產生單位部分相對價值基準計
+量。
+130
+本集團使用適用於不同情況的估值方法,而
+其有足夠數據計量公允價值,並盡量利用相
+關可觀察輸入數據及盡量減少使用不可觀察
+輸入數據。
+非金融資產公允價值的計量參考市場參與者
+可從使用該資產得到的最高及最佳效用,或
+把該資產售予另一可從使用該資產得到最高
+及最佳效用的市場參與者所產生的經濟效
+益。
+relevant observable inputs and minimising the use of
+unobservable inputs.
+The Group uses valuation techniques that are appropriate
+in the circumstances and for which sufficient data are
+available to measure fair value, maximising the use of
+A fair value measurement of a non-financial asset takes into
+account a market participant's ability to generate economic
+benefits by using the asset in its highest and best use or
+by selling it to another market participant that would use
+the asset in its highest and best use.
+本集團於各報告期末以公允價值計量其上市
+權益投資及衍生金融工具。公允價值指市場
+參與者於計量日期在有序交易中出售資產所
+收取或轉讓負債所支付的價格。公允價值計
+量所依據的假設為,出售資產或轉讓負債的
+交易乃於該資產或負債的主要市場進行,或
+如無主要市場,則於對該資產或負債最為有
+利的市場進行。本集團必須可進入該主要或
+最為有利的市場。計量資產或負債的公允價
+值使用市場參與者於為該資產或負債定價時
+所依據的假設,即假設市場參與者按其最佳
+經濟利益行事。
+公允價值計量
+The Group measures its listed equity investments and
+derivative financial instruments at fair value at the end of
+each reporting period. Fair value is the price that would
+be received to sell an asset or paid to transfer a liability in
+an orderly transaction between market participants at the
+measurement date. The fair value measurement is based
+on the presumption that the transaction to sell the asset
+or transfer the liability takes place either in the principal
+market for the asset or liability, or in the absence of a
+principal market, in the most advantageous market for the
+asset or liability. The principal or the most advantageous
+market must be accessible by the Group. The fair value of
+an asset or a liability is measured using the assumptions
+that market participants would use when pricing the asset
+or liability, assuming that market participants act in their
+economic best interest.
+Fair value measurement
+重要會計政策摘要(續)
+2.4
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+BYD Company Limited
+財務報表附註
+第二級
+二零二一年十二月三十一日
+(iii)
+實體的母公司、附屬公司或同
+系附屬公司)的聯營公司或合
+營公司;
+一間實體為另一實體(或另一
+(ii)
+one entity is an associate or joint venture of
+the other entity (or of a parent, subsidiary or
+fellow subsidiary of the other entity);
+(ii)
+該實體與本集團屬同一集團之
+成員公司;
+(i)
+the entity and the Group are joint ventures of
+the same third party;
+the entity and the Group are members of the
+same group;
+(b)
+31 December 2021
+關聯方(續)
+Related parties (continued)
+POLICIES (CONTINUED)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+(i)
+(iii)
+該實體及本集團均為同一第三
+方的合營公司;
+(iv)
+BYD Company Limited
+於(a)(i)項所述人士對該實體
+有重大影響或屬該實體(或該
+實體的母公司)主要管理成
+員;及
+(vii)
+(viii) 實體或一間集團之任何成員公
+司(為集團之一部分)向本集
+團或本集團的母公司提供主要
+管理人員服務。
+the entity, or any member of a group of
+which it is a part, provides key management
+personnel services to the Group or to the
+parent of the Group.
+a person identified in (a)(i) has significant
+influence over the entity or is a member of
+the key management personnel of the entity
+(or of a parent of the entity); and
+(viii)
+(vii)
+該實體由(a)項所述人士控制
+或共同控制;
+(vi)
+the entity is controlled or jointly controlled by
+a person identified in (a);
+(vi)
+該實體為離職後福利計劃,該
+計劃的受益人為本集團或與本
+集團有關聯的實體的僱員;
+(v)
+the entity is a post-employment benefit plan
+for the benefit of employees of either the
+Group or an entity related to the Group;
+(v)
+一間實體為第三方實體的合營
+公司,而另一實體為該第三方
+實體的聯營公司;
+(iv)
+one entity is a joint venture of a third entity
+and the other entity is an associate of the
+third entity;
+2.4
+31 December 2021
+二零二一年十二月三十一日
+(b) the party is an entity where any of the following
+conditions applies:
+Notes to Financial Statements
+該方為一名人士或該名人士家族的近
+親,而該名人士
+(a)
+the party is a person or a close member of that
+person's family and that person,
+(a)
+任何一方如屬以下情況,即視為本集團的關
+聯方:
+財務報表附註
+A party is considered to be related to the Group if:
+Related parties
+於每個報告期末會就是否有任何跡象顯示過
+往確認的減值虧損不再存在或已可能減少作
+出評估。倘存有一種該等跡象,便估計可收
+回金額。除商譽外,僅於釐定資產的可收回
+金額的估計出現變動時,於過往確認的資產
+減值虧損方予以撥回。估計之可收回金額不
+得高於假定過往年度並無就該資產確認任何
+減值虧損所釐定的賬面值(扣除任何折舊/
+攤銷)。減值虧損撥回於產生期間計入損益
+表內。
+減值虧損僅於資產賬面價值超逾可收回金額
+時確認。於評估使用價值時,估計未來現金
+流量按可反映現時市場對貨幣時間價值的評
+估及資產特定風險的税前折現率折現至現
+值。減值虧損於產生期間於損益表內與減值
+資產功能一致的開支類別中扣除。
+非金融資產減值(續)
+An assessment is made at the end of each reporting
+period as to whether there is an indication that previously
+recognised impairment losses may no longer exist or
+I may have decreased. If such an indication exists, the
+recoverable amount is estimated. A previously recognised
+impairment loss of an asset other than goodwill is reversed
+only if there has been a change in the estimates used to
+determine the recoverable amount of that asset, but not to
+an amount higher than the carrying amount that would have
+been determined (net of any depreciation/amortisation) had
+no impairment loss been recognised for the asset in prior
+years. A reversal of such an impairment loss is credited
+to the statement of profit or loss in the period in which it
+arises.
+An impairment loss is recognised only if the carrying
+amount of an asset exceeds its recoverable amount. In
+assessing value in use, the estimated future cash flows are
+discounted to their present value using a pre-tax discount
+rate that reflects current market assessments of the time
+value of money and the risks specific to the asset. An
+impairment loss is charged to the statement of profit or loss
+in the period in which it arises in those expense categories
+consistent with the function of the impaired asset.
+Impairment of non-financial assets (continued)
+重要會計政策摘要(續)
+2.4
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+(i) has control or joint control over the Group;
+(i)
+關聯方
+或
+133
+Annual Report 2021
+二零二一年年報
+"
+or
+為本集團或本集團母公司的主
+要管理成員;
+(iii)
+is a member of the key management
+personnel of the Group or of a parent of the
+Group;
+(iii)
+(ii)
+對本集團有重大影響力;或
+(ii)
+控制或共同控制本集團;
+has significant influence over the Group; or
+significant financing component, the Group applies
+the Group chooses as its accounting policy to adopt the
+For trade receivables that do not contain a significant
+financing component or when the Group applies the
+practical expedient of not adjusting the effect of a
+Simplified approach
+Financial assets that are credit-impaired at
+the reporting date (but that are not purchased
+or originated credit-impaired) and for which
+the loss allowance is measured at an amount
+equal to lifetime ECLS
+Financial instruments for which credit risk has
+increased significantly since initial recognition
+but that are not credit-impaired financial
+assets and for which the loss allowance is
+measured at an amount equal to lifetime ECLS
+Financial instruments for which credit risk
+has not increased significantly since initial
+recognition and for which the loss allowance
+is measured at an amount equal to 12-month
+ECLS
+the simplified approach in calculating ECLs. Under the
+simplified approach, the Group does not track changes in
+credit risk, but instead recognises a loss allowance based
+on lifetime ECLs at each reporting date. The Group has
+established a provision matrix that is based on its historical
+credit loss experience, adjusted for forward-looking factors
+specific to the debtors and the economic environment.
+-
+Stage 3
+For trade receivables and contract assets that contain a
+significant financing component and lease receivables,
+simplified approach in calculating ECLs with policies as
+described above.
+就不包含顯著融資組成部分或倘本集團應用
+不調整顯著融資組成部分影響的實際權宜方
+法的應收貿易賬款,本集團應用簡化法計算
+預期信貸虧損。根據簡化法,本集團並無追
+蹤信貸風險的變動,反而於各報告日期根據
+年限內預期信貸虧損確認虧損撥備。本集團
+已根據其以往信貸虧損經驗,建立撥備矩
+陣,並就債務人及經濟環境的特定前瞻性因
+素作出調整。
+一般方式(續)
+階段1
+-金融工具的信貸風險自初步確
+認後並未顯著增加,且虧損撥
+備按相等於12個月預期信貸虧
+損金額計量
+·金融資產於報告日期為信貸減
+值(惟其並非購買或原已發生信
+貸減值的金融工具),且虧損撥
+備按相等於年限內預期信貸虧
+損金額計量
+Stage 2
+階段2
+In order for a financial asset to be classified and measured
+at amortised cost or fair value through other comprehensive
+income, it needs to give rise to cash flows that are solely
+payments of principal and interest ("SPPI") on the principal
+amount outstanding. Financial assets with cash flows that
+are not SPPI are classified and measured at fair value
+through profit or loss, irrespective of the business model.
+階段3
+簡化法
+-
+·金融工具的信貸風險自初步確
+認後顯著增加,惟其並非已發
+生信貸減值的金融資產,且虧
+損撥備按相等於年限內預期信
+貸虧損金額計量
+就包含重大融資成分的應收貿易賬款及合同
+資產以及應收租賃款項而言,本集團所選擇
+之會計政策為採用簡化方法按上述政策計算
+預期信貸虧損。
+金融資產減值(續)
+Stage 1
+初步確認及計量
+Impairment of financial assets (continued)
+When the Group has transferred its rights to receive cash
+flows from an asset or has entered into a pass-through
+arrangement, it evaluates if, and to what extent, it has
+retained the risk and rewards of ownership of the asset.
+When it has neither transferred nor retained substantially all
+the risks and rewards of the asset nor transferred control of
+the asset, the Group continues to recognise the transferred
+asset to the extent of the Group's continuing involvement.
+In that case, the Group also recognises an associated
+liability. The transferred asset and the associated liability
+are measured on a basis that reflects the rights and
+obligations that the Group has retained.
+Continuing involvement that takes the form of a guarantee
+over the transferred asset is measured at the lower of the
+original carrying amount of the asset and the maximum
+amount of consideration that the Group could be required
+to repay.
+終止確認金融資產
+金融資產(或如適用,金融資產其中一部分
+或一組類近金融資產其中部分)主要在下列
+情況下終止確認(即自本集團的合併財務狀
+況表移除):
+自該資產收取現金流量的權利已屆
+滿;或
+本集團已轉讓其收取來自該資產的現
+金流量的權利,或已根據「轉遞」安
+排就向第三者承擔責任全數支付已
+收取現金流量,且無重大延誤,並
+且(a)本集團已轉讓該資產的絕大部
+分風險及回報,或(b)本集團並無轉
+讓或保留該資產的絕大部分風險及回
+報,惟已轉讓該資產的控制權。
+the Group has transferred its rights to receive cash
+flows from the asset or has assumed an obligation.
+to pay the received cash flows in full without
+material delay to a third party under a "pass-
+through”arrangement; and either (a) the Group has
+transferred substantially all the risks and rewards of
+the asset, or (b) the Group has neither transferred
+nor retained substantially all the risks and rewards
+of the asset, but has transferred control of the asset.
+倘若已轉讓其自資產收取現金流量的權利或
+訂立轉遞安排,本集團會評估其有否保留該
+資產所有權的風險及回報以及其程度。當並
+無轉讓或保留該資產的絕大部分風險及回
+報,亦無轉讓該資產的控制權,則本集團繼
+續按其持續參與該資產的程度確認已轉讓資
+產。就此而言,本集團亦將確認相關負債。
+已轉讓資產及相關負債的計量基準反映本集
+團保留的權利及責任。
+BYD Company Limited
+146
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+持續參與指就已轉讓資產作出的一項擔保,
+按該項資產的原賬面值與本集團或須償還的
+最高代價的較低者計量。
+二零二一年十二月三十一日
+the rights to receive cash flows from the asset have
+expired; or
+primarily derecognised (i.e.,removed from the Group's
+該類別包括本集團並無不可撤銷地選擇以公
+允價值計量並計入其他綜合收益進行分類的
+衍生工具及股本投資。分類為以公允價值計
+量並計入損益之股本投資的股息在支付權確
+立、與股息有關之經濟利益可能流入本集團
+且股息金額能夠可靠計量時,亦於損益表中
+確認為其他收入。
+倘經濟特點及風險並無密切與主體關連,混
+合合同內之含有金融負債或非金融主體的嵌
+入式衍生工具可與主體分開處理及入賬作獨
+立衍生工具;另一項與該嵌入式衍生工具的
+條款相同的獨立工具符合衍生工具的定義;
+及混合合同並不是以公允價值計量並計入損
+益計量。嵌入式衍生工具以公允價值計量,
+而公允價值變動則於損益表確認。重新評估
+僅在合同條款出現變動致使現金流量出現大
+幅修改或重新分類後金融資產不再屬於以公
+允價值計量並計入損益類別時作出。
+混合合同內之含有金融資產主體的嵌入式衍
+生工具並不會獨立列賬。金融資產主體連同
+嵌入式衍生工具整體須分類為以公允價值計
+量並計入損益的金融資產。
+Annual Report 2021
+二零二一年年報
+145
+Notes to Financial Statements
+consolidated statement of financial position) when:
+財務報表附註
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Derecognition of financial assets
+A financial asset (or, where applicable, a part of a financial
+asset or part of a group of similar financial assets) is
+31 December 2021
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+2.4
+重要會計政策摘要(續)
+Impairment of financial assets (continued)
+General approach (continued)
+For receivables financing, the Group applies the low credit
+risk simplification. At each reporting date, the Group
+evaluates whether the receivables financing is considered
+to have low credit risk using all reasonable and supportable
+information that is available without undue cost or effort. In
+making that evaluation, the Group reassesses the external
+credit ratings of the receivables financing. In addition, the
+Group considers that there has been a significant increase
+in credit risk when contractual payments are past due.
+The classification of financial assets at initial recognition
+depends on the financial asset's contractual cash flow
+characteristics and the Group's business model for
+managing them. With the exception of trade receivables
+that do not contain a significant financing component or for
+which the Group has applied the practical expedient of not
+adjusting the effect of a significant financing component,
+the Group initially measures a financial asset at its fair
+value, plus in the case of a financial asset not at fair value
+through profit or loss, transaction costs. Trade receivables
+that do not contain a significant financing component or
+for which the Group has applied the practical expedient
+are measured at the transaction price determined under
+HKFRS 15 in accordance with the policies set out for
+“Revenue recognition” below.
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+Financial assets are classified, at initial recognition, as
+subsequently measured at amortised cost, fair value
+through other comprehensive income, and fair value
+through profit or loss.
+投資及其他金融資產
+Investments and other financial assets
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+Initial recognition and measurement
+2.4
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Impairment of financial assets
+The Group recognises an allowance for expected credit
+losses ("ECLS") for all debt instruments not held at fair
+value through profit or loss. ECLs are based on the
+difference between the contractual cash flows due in
+accordance with the contract and all the cash flows that the
+Group expects to receive, discounted at an approximation
+of the original effective interest rate. The expected cash
+flows will include cash flows from the sale of collateral
+held or other credit enhancements that are integral to the
+contractual terms.
+金融資產減值
+本集團確認對並非持作以公允價值計量並計
+入損益的所有債務工具的預期信貸虧損(「預
+期信貸虧損」)的一項撥備。預期信貸虧損
+乃基於根據合同到期的合同現金流量與本集
+團預期收取的所有現金流量之間的差額而釐
+定,並以原實際利率的近似值折現。預期現
+金流量將包括出售所持抵押的現金流量或組
+成合同條款的其他信貸提升措施的現金流
+量
+。
+General approach
+ECLS are recognised in two stages. For credit exposures
+for which there has not been a significant increase in credit
+risk since initial recognition, ECLs are provided for credit
+losses that result from default events that are possible
+within the next 12 months (a 12-month ECL). For those
+credit exposures for which there has been a significant
+increase in credit risk since initial recognition, a loss.
+allowance is required for credit losses expected over the
+remaining life of the exposure, irrespective of the timing of
+the default (a lifetime ECL).
+At each reporting date, the Group assesses whether
+the credit risk on a financial instrument has increased
+significantly since initial recognition. When making the
+assessment, the Group compares the risk of a default
+occurring on the financial instrument as at the reporting
+date with the risk of a default occurring on the financial
+instrument as at the date of initial recognition and
+considers reasonable and supportable information that is
+available without undue cost or effort, including historical
+and forward-looking information.
+一般方式
+預期信貸虧損分兩個階段確認。就初始確認
+以來信貸風險並無大幅增加的信貸敞口而
+言,會為未來12個月內(12個月預期信貸虧
+損)可能發生的違約事件所產生的信貸虧損
+計提預期信貸虧損撥備。就初始確認以來信
+貸風險大幅增加的信貸敞口而言,須就預期
+於敞口的餘下年期產生的信貸虧損計提減值
+撥備,不論違約的時間(年限內預期信貸虧
+損)。
+於各報告日期,本集團評估於初始確認時金
+融工具的信貸風險是否顯著增加。於進行評
+估時,本集團將金融工具於報告日期發生的
+違約風險與金融工具於初始確認日期發生的
+違約風險進行比較,並考慮無需過多成本或
+努力即可得之合理且可證明的資料,包括歷
+史及前瞻性資料。
+Annual Report 2021
+二零二一年年報
+147
+Notes to Financial Statements
+以公允價值計量並計入損益的金融資產乃以
+公允價值於財務狀況表列賬,並將公允價值
+的變動淨額於損益表確認。
+以公允價值計量並計入損益的金融資產
+投資及其他金融資產(續)
+is required to be classified in its entirety as a financial
+asset at fair value through profit or loss.
+初步確認及計量(續)
+本集團管理金融資產的業務模式指其管理其
+金融資產以產生現金流量的方式。業務模式
+釐定現金流量是否來自收集合同現金流量、
+出售金融資產,或兩者兼有。以攤銷成本分
+類及計量的金融資產於旨在持有金融資產於
+以收取合同現金流量的業務模式中持有,而
+以公允價值分類及計量並計入其他綜合收益
+分類及計量的金融資產於旨在持有以收取合
+同現金流量及銷售的的業務模式中持有。並
+非於上述業務模式持有的金融資產以公允價
+值分類及計量並計入損益。
+All regular way purchases and sales of financial assets
+are recognised on the trade date, that is, the date that
+the Group commits to purchase or sell the asset. Regular
+way purchases or sales are purchases or sales of financial
+assets that require delivery of assets within the period
+generally established by regulation or convention in the
+marketplace.
+Subsequent measurement
+The subsequent measurement of financial assets depends
+on their classification as follows:
+Financial assets at amortised cost (debt instruments)
+投資及其他金融資產(續)
+所有一般買賣的金融資產概於交易日(即本
+集團承諾買賣該資產的日期)予以確認。
+般買賣乃指按照一般市場規定或慣例須在一
+定期間內交付資產的金融資產買賣。
+金融資產的後續計量視乎其以下分類而定:
+Financial assets at amortised cost are subsequently
+measured using the effective interest method and are
+subject to impairment. Gains and losses are recognised
+in the statement of profit or loss when the asset is
+derecognised, modified or impaired.
+以攤銷成本計量的金融資產(債務工具)
+以攤銷成本計量的金融資產其後���用實際利
+率法計量,並受限於減值。當資產終止確
+認、修訂或減值時,收益及虧損於損益表中
+確認。
+後續計量
+cash flows, selling the financial assets, or both. Financial
+assets classified and measured at amortised cost are
+held within a business model with the objective to hold
+financial assets in order to collect contractual cash flows,
+while financial assets classified and measured at fair value
+through other comprehensive income are held within a
+business model with the objective of both holding to collect
+contractual cash flows and selling. Financial assets which
+are not held within the aforementioned business models
+are classified and measured at fair value through profit or
+loss.
+The Group's business model for managing financial assets
+refers to how it manages its financial assets in order to
+generate cash flows. The business model determines
+whether cash flows will result from collecting contractual
+Initial recognition and measurement (continued)
+金融資產於初步確認時分類為其後以攤銷成
+本、以公允價值計量並計入其他綜合收益及
+以公允價值計量並計入損益計量。
+金融資產於初始確認時之分類乃視乎該等金
+融資產的合同現金流量特點及本集團管理該
+等金融資產的業務模式而定。除並不包含重
+大融資成分或本集團已就此應用不調整重大
+融資成分影響的實際權宜方法之應收貿易賬
+款外,本集團初始以公允價值加上(倘金融
+資產並非以公允價值計量並計入損益)交易
+成本計量金融資產。並不包含重大融資成分
+或本集團已應用實際權宜方法之應收貿易賬
+款,乃按根據《香港財務報告準則》第15號按
+下文「收入確認」所載政策釐定之交易價格計
+量。
+為使金融資產以攤銷成本或以公允價值計量
+並計入其他綜合收益進行分類及計量,需產
+生僅為支付本金及未償還本金利息(「SPPI」)
+的現金流量。現金流量並非SPPI的金融資產
+以公允價值計量並計入損益分類及計量,不
+論其業務模式如何。
+BYD Company Limited
+142
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Investments and other financial assets (continued)
+Annual Report 2021
+二零二一年年報
+31 December 2021
+二零二一年十二月三十一日
+143
+財務報表附註
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+144
+2.4
+Investments and other financial assets (continued)
+Financial assets at fair value through profit or loss
+Financial assets at fair value through profit or loss are
+carried in the statement of financial position at fair value
+with net changes in fair value recognised in the statement
+of profit or loss.
+This category includes derivative instruments and equity
+investments which the Group had not irrevocably elected
+to classify at fair value through other comprehensive
+income. Dividends on equity investments classified as
+financial assets at fair value through profit or loss are also
+recognised as other income in the statement of profit or
+loss when the right of payment has been established, it
+is probable that the economic benefits associated with
+the dividend will flow to the Group and the amount of the
+dividend can be measured reliably.
+A derivative embedded in a hybrid contract, with a
+financial liability or non-financial host, is separated from
+the host and accounted for as a separate derivative if the
+economic characteristics and risks are not closely related
+to the host; a separate instrument with the same terms
+as the embedded derivative would meet the definition of
+a derivative; and the hybrid contract is not measured at
+fair value through profit or loss. Embedded derivatives
+are measured at fair value with changes in fair value
+recognised in the statement of profit or loss. Reassessment
+only occurs if there is either a change in the terms of the
+contract that significantly modifies the cash flows that
+would otherwise be required or a reclassification of a
+financial asset out of the fair value through profit or loss
+category.
+A derivative embedded within a hybrid contract containing
+a financial asset host is not accounted for separately. The
+financial asset host together with the embedded derivative
+重要會計政策摘要(續)
+BYD Company Limited
+該等金融資產的收益及虧損概不會被重新計
+入損益表。當支付權確立、與股息有關之經
+濟利益可能流入本集團且股息金額能夠可靠
+計量時,股息於損益表中確認為其他收入,
+惟當本集團於作為收回金融資產一部分成本
+的所得款項中獲益時則除外,於此等情況
+下,該等收益於其他綜合收益入賬。���公允
+價值計入其他綜合收益的股本投資不受減值
+評估影響。
+於初步確認時,本集團可選擇於股本投資符
+合《香港會計準則》第32號金融工具:呈列項
+下股本的定義及並非持作買賣時,將其股本
+投資不可撤回地分類為以公允價值計量並計
+入其他綜合收益的股本投資。分類乃按個別
+工具基準釐定。
+31 December 2021
+二零二一年十二月三十一日
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Investments and other financial assets (continued)
+Financial assets at fair value through other comprehensive
+income (debt instruments)
+For receivables financing, interest income, foreign
+exchange revaluation and impairment losses or reversals
+are recognised in the statement of profit or loss and
+computed in the same manner as for financial assets
+measured at amortised cost. The remaining fair value
+changes are recognised in other comprehensive income.
+Upon derecognition, the cumulative fair value change
+recognised in other comprehensive income is recycled to
+the statement of profit or loss.
+Financial assets designated at fair value through other
+comprehensive income (equity investments)
+Upon initial recognition, the Group can elect to classify
+irrevocably its equity investments as equity investments
+at fair value through other comprehensive income when
+they meet the definition of equity under HKAS 32 Financial
+Instruments: Presentation and are not held for trading. The
+classification is determined on an instrument-by-instrument
+basis.
+Gains and losses on these financial assets are never
+recycled to the statement of profit or loss. Dividends are
+recognised as other income in the statement of profit or
+loss when the right of payment has been established, it
+is probable that the economic benefits associated with
+the dividend will flow to the Group and the amount of
+the dividend can be measured reliably, except when the
+Group benefits from such proceeds as a recovery of part
+of the cost of the financial asset, in which case such gains
+are recorded in other comprehensive income. Equity
+investments at fair value through other comprehensive
+income are not subject to impairment assessment.
+投資及其他金融資產 (續)
+以公允價值計量並計入其他綜合收益的金融
+資產(債務工具)
+General approach (continued)
+指定以公允價值計量並計入其他綜合收益的
+金融資產(股本工具)
+Notes to Financial Statements
+財務報表附註
+就應收款項融資而言,利息收入、匯兌重估
+及減值虧損或撥回於損益表中確認,並按與
+以攤銷成本計量的金融資產相同的方式計
+量。其餘公允價值變動於其他綜合收益中確
+認。終止確認時,於其他綜合收益中確認的
+累計公允價值變動將重新計入損益表。
+Notes to Financial Statements
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+2.4
+重要會計政策摘要(續)
+POLICIES (CONTINUED)
+Leases (continued)
+租賃(續)
+Group as a lessee (continued)
+本集團作為承租人(續)
+Short-term leases and leases of low-value assets
+(c)
+短期租賃及低價值資產租賃
+(c)
+The Group applies the short-term lease recognition
+exemption to its short-term leases (that is those
+leases that have a lease term of 12 months or less
+from the commencement date and do not contain
+a purchase option). It also applies the recognition
+exemption for leases of low-value assets to leases
+of office equipment and laptop computers that are
+considered to be of low value.
+Lease payments on short-term leases and leases of
+low-value assets are recognised as an expense on
+a straight-line basis over the lease term.
+Annual Report 2021
+二零二一年年報
+將相關資產所有權所附帶的絕大部分風險及
+回報轉讓予承租人的租賃入賬列作融資租
+賃。
+本集團並無轉讓資產所有權所附帶的絕大部
+分風險及回報的租賃分類為經營租賃。倘合
+同包括租賃及非租賃部分,本集團根據相對
+獨立的售價基準將合同代價分配予各部分。
+租金收入於租期內按直線法入賬,並根據其
+經營性質計入損益表內的收入。協商及安排
+經營租賃的初始直接成本計入租賃資產的賬
+面值,並按與租金收入相同之基準於租期內
+確認。或然租金於賺取期間確認為收入。
+當本集團作為出租人時,於租賃開始時(或
+發生租賃修改時)將其各項租賃分類為經營
+租賃或融資租賃。
+本集團作為出租人
+短期租賃及低價值資產租賃的租賃付
+款於租期內按直線法確認為開支。
+31 December 2021
+本集團將短期租賃(即租期自開始日
+期起計為期12個月或以內並不包含購
+買選擇權的租賃)應用短期租賃確認
+豁免。其亦對被認為屬低價值的辦公
+設備及筆記本電腦的租賃應用低價值
+資產租賃確認豁免。
+Leases that transfer substantially all the risks and rewards
+in the period in which they are earned.
+rental income. Contingent rents are recognised as revenue
+Leases in which the Group does not transfer substantially
+all the risks and rewards incidental to ownership of
+an asset are classified as operating leases. When a
+contract contains lease and non-lease components, the
+Group allocates the consideration in the contract to each
+component on a relative stand-alone selling price basis.
+Rental income is accounted for on a straight-line basis over
+the lease terms and is included in revenue in the statement
+of profit or loss due to its operating nature. Initial direct
+costs incurred in negotiating and arranging an operating
+lease are added to the carrying amount of the leased asset
+and recognised over the lease term on the same basis as
+When the Group acts as a lessor, it classifies at lease
+inception (or when there is a lease modification) each of its
+leases as either an operating lease or a finance lease.
+Group as a lessor
+incidental to ownership of an underlying asset to the lessee
+are accounted for as finance leases.
+141
+財務報表附註
+比亞迪股份有限公司
+倘合同款項已逾90日未還款,則本集團認為
+金融資產違約。然而,在若干情況下,倘內
+部或外部資料反映,在計及本集團持有的任
+何信貸提升措施前,本集團不大可能悉數收
+取未償還合同款項,則本集團亦可認為金融
+資產違約。倘無法合理預期收回合同現金流
+量,則撇銷金融資產。
+就應收款項融資而言,本集團應用低信貸風
+險簡化法。於各報告日期,本集團運用一切
+毋須花費不必要成本或精力即可得之合理且
+可證明的資料,評估應收款項融資是否被視
+為具有低信貸風險。於評估時,本集團重新
+評估應收款項融資的外部信貸評級。此外,
+倘合同款項逾期未還款,則本集團認為信貸
+風險大幅上升。
+一般方式(續)
+金融資產減值(續)
+contract assets which apply the simplified approach as
+detailed below.
+Receivables financing and financial assets at amortised
+cost are subject to impairment under the general approach
+and they are classified within the following stages for
+measurement of ECLs except for trade receivables and
+The Group considers a financial asset in default when
+contractual payments are 90 days past due. However, in
+certain cases, the Group may also consider a financial
+asset to be in default when internal or external information
+indicates that the Group is unlikely to receive the
+outstanding contractual amounts in full before taking into
+account any credit enhancements held by the Group. A
+financial asset is written off when there is no reasonable
+expectation of recovering the contractual cash flows.
+Annual Report 2021
+二零二一年年報
+139
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+2.4
+重要會計政策摘要(續)
+POLICIES (CONTINUED)
+140
+BYD Company Limited
+計算租賃付款的現值時,由於租賃中
+所隱含的利率不易釐定,故本集團於
+租賃開始日期使用其遞增借貸利率。
+於開始日期後,租賃負債金額增加,
+以反映利息的增加及所作出的租賃付
+款減少。此外,倘存在修改、租期變
+動、租賃付款變動(例如:由指數或
+比率變動引起的未來租賃付款變動)
+或購買相關資產的選擇權的評估變
+動,則重新計量租賃負債的賬面值。
+於租賃開始日期按租賃期內將予作出
+的租賃付款現值確認租賃負債。租賃
+付款包括固定付款(包括實質固定付
+款)減任何應收租賃優惠,取決於指
+數或比率的可變租賃付款及預期根據
+剩餘價值擔保將予支付的金額。租賃
+付款亦包括本集團合理確定行使的購
+買選擇權的行使價,並且倘租賃期反
+映本集團行使終止租賃選擇權,則須
+就終止租賃支付罰款。不取決於某一
+指數或比率的可變租賃付款於觸發付
+款的事件或狀況出現期間確認為開
+支。
+租賃負債
+(b)
+148
+from a change in an index or rate) or a change in
+assessment of an option to purchase the underlying
+asset.
+Lease liabilities are recognised at the
+commencement date of the lease at the present
+value of lease payments to be made over the lease
+term. The lease payments include fixed payments
+(including in-substance fixed payments) less
+any lease incentives receivable, variable lease
+payments that depend on an index or a rate, and
+amounts expected to be paid under residual value
+guarantees. The lease payments also include the
+exercise price of a purchase option reasonably
+certain to be exercised by the Group and payments
+of penalties for termination of a lease, if the lease
+term reflects the Group exercising the option to
+terminate the lease. The variable lease payments
+that do not depend on an index or a rate are
+recognised as an expense in the period in which the
+event or condition that triggers the payment occurs.
+(b) Lease liabilities
+Group as a lessee (continued)
+本集團作為承租人(續)
+租賃(續)
+Leases (continued)
+In calculating the present value of lease payments,
+the Group uses its incremental borrowing rate at
+the lease commencement date because the interest
+rate implicit in the lease is not readily determinable.
+After the commencement date, the amount of lease
+liabilities is increased to reflect the accretion of
+interest and reduced for the lease payments made.
+In addition, the carrying amount of lease liabilities
+is remeasured if there is a modification, a change
+in the lease term, a change in lease payments
+(e.g., a change to future lease payments resulting
+應收款項融資及以攤銷成本計量的金融資產
+根據一般方式須予減值,並按以下為計量預
+期信貸虧損的階段分類,惟應用簡化法(於
+下文詳述)的應收貿易賬款及合同資產除外。
+Notes to Financial Statements
+Notes to Financial Statements
+比亞迪股份有限公司
+重要會計政策摘要(續)
+2.4
+BYD Company Limited
+二零二一年十二月三十一日
+財務報表附註
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+31 December 2021
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+Annual Report 2021
+二零二一年年報
+財務報表附註
+Notes to Financial Statements
+149
+Annual Report 2021
+二零二一年年報
+Notes to Financial Statements
+157
+Financial liabilities and equity instruments
+31 December 2021
+二零二一年十二月三十一日
+本集團就銷售特定商品及擔保期間產生瑕疵
+的一般性維修提供建築服務提供擔保。本集
+團所提供的保證型擔保計提的撥備乃按銷量
+及過往的維修及退回情況確認入賬,並折現
+至其現值(倘適用)。
+倘因過去事件而須承擔現有責任(法定或推
+定),且很可能須以日後資源流出清償此等
+責任時,則會確認撥備,惟責任金額可作出
+可靠估計。
+撥備
+初始期限為三個月以上及一年以下的定期存
+款於合併財務狀況表內分類為短期定期存
+款。
+短期定期存款
+就合併財務狀況表而言,現金及現金等價物
+包括手頭現金及銀行存款(包括定期存款及
+性質與現金相似而其使用不受限制的資產)。
+就合併現金流量表而言,現金及現金等價物
+包括手頭現金及活期存款及一般於購入後三
+個月內到期,可隨時轉換為已知金額現金但
+價值變動風險不大的短期高變現能力投資,
+減須按要求償還的銀行透支,為本集團現金
+管理的組成部分。
+The Group provides for warranties in relation to the sale of
+certain goods and the provision of construction services
+for general repairs of defects occurring during the warranty
+period. Provisions for these assurance-type warranties
+granted by the Group are recognised based on sales
+volume and past experience of the level of repairs and
+returns, discounted to their present values as appropriate.
+When the effect of discounting is material, the amount
+recognised for a provision is the present value at the end
+of the reporting period of the future expenditures expected
+to be required to settle the obligation. The increase in the
+discounted present value amount arising from the passage
+of time is included in finance costs in the statement of
+profit or loss.
+A provision is recognised when a present obligation (legal
+or constructive) has arisen as a result of a past event and
+it is probable that a future outflow of resources will be
+required to settle the obligation, provided that a reliable
+estimate can be made of the amount of the obligation.
+Provisions
+Term deposits with an initial term of over three months but
+less than one year were classified as short-term deposits
+on the consolidated statement of financial position.
+Short-term deposits
+For the purpose of the consolidated statement of financial
+position, cash and cash equivalents comprise cash on
+hand and at banks, including term deposits and assets
+similar in nature to cash, which are not restricted as to use.
+當折現的影響重大時,確認撥備的數額為於
+報告期末預期需要清償責任的未來開支的現
+值。因時間流逝而增加的折現值計入損益表
+中的融資成本內。
+Initial recognition and measurement
+All financial liabilities are recognised initially at fair value
+and, in the case of loans and borrowings and payable, net
+of directly attributable transaction costs.
+The Group's financial liabilities include trade and other
+Financial liabilities and equity instruments
+(continued)
+重要會計政策摘要(續)
+2.4
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+150
+BYD Company Limited
+倘為於短期購回而產生金融負債,則有關金
+融負債分類為持作買賣。此分類亦包括由本
+集團訂立的衍生金融工具,並非《香港財務
+報告準則》第9號界定對沖關係所指定的對沖
+工具。個別嵌入式衍生工具亦分類為持作買
+賣,惟其被指定為有效對沖工具則除外。持
+作買賣負債的收益或虧損於損益表中確認。
+於損益表中確認的公允價值盈虧淨額並不包
+括該等金融負債的任何已收取利息。
+以公允價值計量並計入損益的金融負債
+以公允價值計量並計入損益的金融負債包括
+持作買賣金融負債及於初步確認時被指定為
+以公允價值計量並計入損益的金融負債。
+Financial liabilities are classified as held for trading if
+they are incurred for the purpose of repurchasing in the
+near term. This category also includes derivative financial
+instruments entered into by the Group that are not
+designated as hedging instruments in hedge relationships
+as defined by HKFRS 9. Separated embedded derivatives
+are also classified as held for trading unless they are
+designated as effective hedging instruments. Gains or
+losses on liabilities held for trading are recognised in the
+statement of profit or loss. The net fair value gain or loss
+recognised in the statement of profit or loss does not
+include any interest charged on these financial liabilities.
+include financial liabilities held for trading and financial
+liabilities designated upon initial recognition as at fair value
+through profit or loss.
+Financial liabilities at fair value through profit or loss
+金融負債的後續計量視乎其以下分類而定:
+後續計量
+本集團的金融負債包括應付貿易賬款及其他
+應付賬款、計息銀行及其他借款,以及衍生
+金融工具。
+所有金融負債於初步確認時以公允價值確
+認,而貸款及借貸及應付賬款則於扣除直接
+應佔交易成本後確認。
+集團實體發行的金融負債及股本工具根據合
+同安排的內容以及金融負債及股本工具的釋
+義分類為金融負債或股本工具。
+初步確認及計量
+金融負債及股本工具
+Financial liabilities at fair value through profit or loss
+depends on their classification as follows:
+The subsequent measurement of financial liabilities
+Subsequent measurement
+Financial liabilities and equity instruments issued by a
+group entity are classified as either financial liabilities or as
+equity in accordance with the substance of the contractual
+arrangements and the definitions of a financial liability and
+an equity instrument.
+payables, interest-bearing bank and other borrowings, and
+derivative financial instruments.
+A financial liability is derecognised when the obligation
+under the liability is discharged or cancelled, or expires.
+Financial liabilities at fair value through profit or loss
+(continued)
+所得稅
+所得稅包括本期及遞延稅項。損益外確認項
+目相關的所得稅於損益外確認,或於其他綜
+合收益內確認,或直接於權益確認。
+本期稅項資產及負債乃根據報告期末已實施
+或大致上已實施的税率(及稅法),並計及本
+集團經營所在國家現行詮釋及慣例,按預期
+可自稅務機關收回或向稅務機關繳付的金額
+計量。
+於報告期末的資產及負債的稅基與其在財務
+報告賬面值之間的所有暫時性差異,須按負
+債法計提遞延稅項撥備。
+除下述者外,本集團均會就所有應課稅暫時
+性差異確認遞延稅項負債:
+倘若遞延稅項負債產生自一項交易
+(並非業務合併)初始確認的商譽或
+資產或負債,而於該項交易進行時對
+會計溢利或應課稅溢利或虧損均無影
+響;及
+就有關於附屬公司、合營公司及聯營
+公司的投資的應課稅暫時性差異而
+言,倘若撥回暫時性差異的時間可以
+控制,以及暫時性差異不大可能在可
+見將來撥回。
+BYD Company Limited
+158
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+遞延稅項資產及負債按變現資產或償還負債
+期間的預期適用稅率,以於報告期末已實施
+或大致上已實施的稅率(及稅法)為基準計
+算。
+Deferred tax assets and liabilities are measured at the
+tax rates that are expected to apply to the period when
+the asset is realised or the liability is settled, based
+on tax rates (and tax laws) that have been enacted or
+substantively enacted by the end of the reporting period.
+遞延稅項資產的賬面值於各報告期末進行審
+閱,倘不再可能有足夠應課稅溢利用作抵銷
+全部或部分遞延稅項資產,則減少遞延稅項
+資產的賬面值。倘應課稅溢利可能有足夠令
+全部或部分遞延稅項資產回收時,則於各報
+告期末重新評估未確認的遞延稅項資產並予
+以確認。
+就有關於附屬公司、合營公司及聯營
+公司的投資的可扣稅暫時性差異而
+言,僅會在暫時性差異很有可能在可
+見��來撥回,以及出現應課稅溢利可
+對銷該等暫時性差異時,方會確認遞
+延稅項資產。
+倘若有關可扣稅暫時性差異的遞延税
+項資產產生自一項交易(並非業務合
+併)初始確認的資產或負債,而於該
+項交易進行時對會計溢利或應課稅溢
+利或虧損均無影響;及
+除下述者外,本集團均會就所有可扣稅暫時
+性差異、承前未用税收抵免及未用稅項虧損
+確認遞延稅項資產。遞延稅項資產僅限於日
+後很大可能出現應課稅溢利,用作抵銷該等
+可扣稅暫時性差異,以及可動用承前未用稅
+收抵免及未用稅項虧損時,方會確認:
+in respect of taxable temporary differences
+associated with investments in subsidiaries, joint
+ventures and associates, when the timing of the
+reversal of the temporary differences can be
+controlled and it is probable that the temporary
+differences will not reverse in the foreseeable future.
+所得稅(續)
+future and taxable profit will be available against
+which the temporary differences can be utilised.
+in respect of deductible temporary differences
+associated with investments in subsidiaries, joint
+ventures and associate, deferred tax assets are only
+recognised to the extent that it is probable that the
+temporary differences will reverse in the foreseeable
+when the deferred tax asset relating to the
+deductible temporary differences arises from
+the initial recognition of an asset or liability in a
+transaction that is not a business combination and,
+at the time of the transaction, affects neither the
+accounting profit nor taxable profit or loss; and
+temporary differences, and the carryforward of unused
+tax credits and any unused tax losses. Deferred tax
+assets are recognised to the extent that it is probable that
+taxable profit will be available against which the deductible
+temporary differences, and the carryforward of unused tax
+credits and unused tax losses can be utilised, except:
+Deferred tax assets are recognised for all deductible
+Income tax (continued)
+The carrying amount of deferred tax assets is reviewed
+at the end of each reporting period and reduced to the
+extent that it is no longer probable that sufficient taxable
+profit will be available to allow all or part of the deferred
+tax asset to be utilised. Unrecognised deferred tax assets
+are reassessed at the end of each reporting period and are
+recognised to the extent that it has become probable that
+sufficient taxable profit will be available to allow all or part
+of the deferred tax asset to be recovered.
+when the deferred tax liability arises from the initial
+recognition of goodwill or an asset or liability in a
+transaction that is not a business combination and,
+at the time of the transaction, affects neither the
+accounting profit nor taxable profit or loss; and
+Deferred tax liabilities are recognised for all taxable
+temporary differences, except:
+Deferred tax is provided, using the liability method, on all
+temporary differences at the end of the reporting period
+between the tax bases of assets and liabilities and their
+carrying amounts for financial reporting purposes.
+Notes to Financial Statements
+151
+Annual Report 2021
+二零二一年年報
+計量攤銷成本時,計及收購的任何折讓或溢
+價及屬實際利率不可分割部分的費用或成
+本。實際利率攤銷入賬損益表內融資成本。
+初步確認後,計息貸款及借貸其後採用實際
+利率法以攤銷成本計量,惟折現影響甚微,
+就此而言則按成本列賬。收益及虧損於負債
+終止確認時採用實際利率攤銷程序於損益表
+內予以確認。
+以攤銷成本計量的金融負債(貸款及借貸)
+財務報表附註
+於初步確認時指定以公允價值計量並計入損
+益的金融負債,僅當《香港財務報告準則》第
+9號的標準達成後,方會於初步確認當日予
+以指定。指定以公允價值計量並計入損益的
+負債之收益或虧損於損益表確認,惟產生自
+本集團本身呈列於其他綜合收益且其後並無
+重新分類至損益表的信貸風險的收益或虧損
+除外。於損益表中確認的公允價值盈虧淨額
+並不包括該等金融負債的任何已收取利息。
+金融負債及股本工具(續)
+effective interest rate amortisation is included in finance
+costs in the statement of profit or loss.
+Amortised cost is calculated by taking into account any
+discount or premium on acquisition and fees or costs
+that are an integral part of the effective interest rate. The
+After initial recognition, interest-bearing loans and
+borrowings are subsequently measured at amortised
+cost, using the effective interest rate method unless the
+effect of discounting would be immaterial, in which case
+they are stated at cost. Gains and losses are recognised
+in the statement of profit or loss when the liabilities are
+derecognised as well as through the effective interest rate
+amortisation process.
+Financial liabilities at amortised cost (loans and
+borrowings)
+Financial liabilities designated upon initial recognition as at
+fair value through profit or loss are designated at the initial
+date of recognition, and only if the criteria in HKFRS 9 are
+satisfied. Gains or losses on liabilities designated at fair
+value through profit or loss are recognised in the statement
+of profit or loss, except for the gains or losses arising from
+the Group's own credit risk which are presented in other
+comprehensive income with no subsequent reclassification
+to the statement of profit or loss. The net fair value gain or
+loss recognised in the statement of profit or loss does not
+include any interest charged on these financial liabilities.
+以公允價值計量並計入損益的金融負債(續)
+investments that are readily convertible into known amounts
+of cash, are subject to an insignificant risk of changes in
+value, and have a short maturity of generally within three
+months when acquired, less bank overdrafts which are
+repayable on demand and form an integral part of the
+Group's cash management.
+31 December 2021
+二零二一年十二月三十一日
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+Current tax assets and liabilities are measured at the
+amount expected to be recovered from or paid to the
+taxation authorities, based on tax rates (and tax laws)
+that have been enacted or substantively enacted by the
+end of the reporting period, taking into consideration
+interpretations and practices prevailing in the countries in
+which the Group operates.
+Income tax comprises current and deferred tax. Income
+tax relating to items recognised outside profit or loss
+is recognised outside profit or loss, either in other
+comprehensive income or directly in equity.
+Income tax
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+2.4
+財務報表附註
+Financial guarantee contracts
+金融負債及股本工具(續)
+Financial liabilities and equity instruments
+(continued)
+重要會計政策摘要(續)
+2.4
+31 December 2021
+二零二一年十二月三十一日
+For the purpose of the consolidated statement of cash
+flows, cash and cash equivalents comprise cash on
+hand and demand deposits, and short term highly liquid
+31 December 2021
+二零二一年十二月三十一日
+重要會計政策摘要(續)
+衍生工具公允價值變動產生的任何盈虧直接
+計入損益表,而現金流對沖的實際部分則除
+外,其乃於其他綜合收益確認及其後於對沖
+項目影響損益時重新分類至損益。
+就對沖會計而言,若現金流量變動風險源於
+和已確認資產或負債或很可能發生的預期交
+易有關的某類特定風險,或源於一項未確認
+的確定承諾包含的外匯風險,則對此類風險
+進行的對沖被分類為現金流量對沖。
+在對沖關係開始時,本集團正式指定並記錄
+本集團希望對其應用對沖會計的對沖關係、
+風險管理目標及其進行對沖的策略。
+Annual Report 2021
+二零二一年年報
+153
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Derivative financial instruments and hedge
+accounting (continued)
+衍生金融工具及對沖會計處理方法(續)
+Initial recognition and subsequent measurement
+(continued)
+The documentation includes identification of the hedging
+instrument, the hedged item, the nature of the risk being
+hedged and how the Group will assess whether the
+hedging relationship meets the hedge effectiveness
+requirements (including the analysis of sources of hedge
+ineffectiveness and how the hedge ratio is determined).
+A hedging relationship qualifies for hedge accounting if it
+meets all of the following effectiveness requirements:
+There is "an economic relationship" between the
+hedged item and the hedging instrument.
+The effect of credit risk does not "dominate the
+value changes" that result from that economic
+relationship.
+The hedge ratio of the hedging relationship is the
+same as that resulting from the quantity of the
+hedged item that the Group actually hedges and the
+quantity of the hedging instrument that the Group
+actually uses to hedge that quantity of hedged item.
+Cash flow hedges
+The effective portion of the gain or loss on the hedging
+instrument is recognised directly in other comprehensive
+income in the cash flow hedge reserve, while any
+ineffective portion is recognised immediately in the
+statement of profit or loss. The cash flow hedge reserve is
+adjusted to the lower of the cumulative gain or loss on the
+hedging instrument and the cumulative change in fair value
+of the hedged item.
+初步確認及後續計量(續)
+記錄文件應包含對沖工具、對沖項目的識
+別、被對沖風險的性質及本集團如何評估
+對沖關係是否符合對沖有效性規定(包括其
+對沖有效性來源的分析及對沖比率如何釐
+定)。對沖關係於達成以下全部有效性規定
+時,方可合資��採用對沖會計處理:
+對沖項目與對沖工具之間有「經濟關
+係」。
+信貸風險的影響不會「主導」經濟關
+係引致的「價值變動」。
+對沖關係之對沖比率與本集團實際對
+沖之所對沖項目數量与本集團實際用
+作對沖該數量所對沖項目之對沖工具
+數量相同。
+management objective and its strategy for undertaking the
+hedge.
+現金流量對沖
+the Group wishes to apply hedge accounting, the risk
+For the purpose of hedge accounting, hedges are
+classified as cash flow hedges when hedging the exposure
+to variability in cash flows that is either attributable to
+a particular risk associated with a recognised asset or
+liability or a highly probable forecast transaction, or a
+foreign currency risk in an unrecognised firm commitment;
+Derecognition of financial liabilities
+recognised less, when appropriate, the cumulative amount
+of income recognised.
+Offsetting of financial instruments
+Financial assets and financial liabilities are offset, and the
+net amount is reported in the statement of financial position
+if there is a currently enforceable legal right to offset the
+recognised amounts and there is an intention to settle on
+a net basis, or to realise the assets and settle the liabilities
+simultaneously.
+財務擔保合同
+本集團發行的財務擔保合同乃為由於特定債
+務人未能根據債務工具條款於債務到期時償
+付,而須本集團作出付款以就產生的損失賠
+償持有人的合同。財務擔保合同初步按其公
+允價值確認為負債,並就發行擔保直接產生
+的交易成本作出調整。初步確認後,本集團
+以下列兩者較高者計算財務擔保合同:(i)根
+據「金融資產減值」所載政策釐定的預期信貸
+虧損撥備;及(ii)初步確認金額減(如適用)
+已確認收益的累計金額。
+終止確認金融負債
+金融負債於負債的責任已解除或註銷或屆滿
+時終止確認。
+當現有金融負債為同一貸款人以實質上不同
+條款的負債取代時,或現有負債的條款有重
+大修改時,有關交換或修改則被視為終止確
+認原有負債及確認一項新負債,而有關賬面
+值的差額乃於損益表確認。
+抵銷金融工具
+倘於現時具有可強制執行的法定權利可抵銷
+已確認金額及有意按淨額基準結算,或同時
+變現資產及清償負債時,金融資產及金融負
+債方會予以抵銷並於財務狀況表內呈報淨
+額。
+BYD Company Limited
+152
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Derivative financial instruments and hedge
+accounting
+Initial recognition and subsequent measurement
+The Group uses derivative financial instruments, such as
+foreign currency forward contracts, to hedge its foreign
+currency risk. Those derivative financial instruments are
+initially recognised at fair value on the date on which a
+derivative contract is entered into and are subsequently
+remeasured at fair value. Derivatives are carried as assets
+when the fair value is positive and as liabilities when the
+fair value is negative.
+衍生金融工具及對沖會計處理方法
+初步確認及後續計量
+本集團使用外匯遠期貨幣合同等衍生金融工
+具對沖其外幣風險。該等衍生金融工具初步
+按訂立衍生合同當日的公允價值確認,其後
+以公允價值計量。衍生工具在公允價值為正
+數時以資產列賬,而為負數時則以負債列
+賬。
+Any gains or losses arising from changes in fair value of
+derivatives are taken directly to the statement of profit or
+loss, except for the effective portion of cash flow hedges,
+which is recognised in other comprehensive income and
+later reclassified to profit or loss when the hedged item
+affects profit or loss.
+At the inception of a hedge relationship, the Group formally
+designates and documents the hedge relationship to which
+Cash and cash equivalents
+對沖工具收益或虧損的有效部分在現金流量
+對沖儲備內的其他綜合收益中直接確認,而
+任何非有效部份即時在損益表內確認。現金
+流量對沖儲備調整至對沖工具累計收益或虧
+損與對沖項目公允價值累計變動之間的較低
+者。
+154
+Where the Group expects to hold a derivative as
+an economic hedge (and does not apply hedge
+accounting) for a period beyond 12 months after
+the end of the reporting period, the derivative is
+classified as non-current (or separated into current
+and non-current portions) consistently with the
+classification of the underlying item.
+Embedded derivatives that are not closely related to
+the host contract are classified consistently with the
+cash flows of the host contract.
+Derivative instruments that are designated as, and
+are effective hedging instruments, are classified
+consistently with the classification of the underlying
+hedged item. The derivative instruments are
+separated into current portions and non-current
+portions only if a reliable allocation can be made.
+Completed properties held for sale
+Completed properties held for sale are stated at the lower
+of cost and net realisable value. Cost is determined by
+an apportionment of the total land and buildings costs
+attributable to unsold properties. Net realisable value is
+estimated by the directors based on the prevailing market
+prices, on an individual property basis.
+Inventories
+Inventories are stated at the lower of cost and net
+realisable value. Cost is determined on the weighted
+average basis and, in the case of work in progress and
+finished goods, comprises direct materials, direct labour
+and an appropriate proportion of overheads. Cost of
+moulds is determined at the actual cost incurred in the
+production process. Net realisable value is based on
+estimated selling prices less any estimated costs to be
+incurred to completion and disposal.
+流動與非流動分類對比
+並非指定為有效對沖工具之衍生工具乃分類
+為流動或非流動,或根據對事實及情況之評
+估(即相關合約現金流)分開為流動或非流動
+部分。
+當本集團預期持有衍生工具作為經濟
+對沖(而並無應用對沖會計處理方法)
+至超過報告期末後十二個月期間,該
+衍生工具乃與相關項目之分類一致分
+類為非流動(或分開為流動及非流動
+部分)。
+與主合同並無密切關連的嵌入式衍生
+工具分類與主合同現金流一致。
+被指定為且為有效對沖工具的衍生工
+具分類與相關對沖項目一致。衍生工
+具僅在作出可靠分配情況下被分為流
+動部分及非流動部分。
+持作出售已竣工物業
+持作出售已竣工物業按成本與可變現淨值兩
+者中的較低者列賬,成本按未銷售物業應佔
+土地及建築總成本的比例而釐定。可變現淨
+值乃由董事按個別物業基準根據當時市價而
+估計。
+存貨
+存貨按成本與可變現淨值兩者中的較低者列
+賬。成本按加權平均基準釐定,而倘為在製
+品及製成品,則包括直接原料、直接人工及
+適當比例的經常費用。模具成本按生產過程
+產生的實際成本釐定。可變現淨值根據估計
+售價減完成及出售所產生的任何估計成本釐
+定。
+BYD Company Limited
+156
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+現金及現金等價物
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+Derivative instruments that are not designated as effective
+hedging instruments are classified as current or non-
+current or separated into current and non-current portions
+based on an assessment of the facts and circumstances
+(i.e., the underlying contracted cash flows).
+BYD Company Limited
+Current versus non-current classification
+Derivative financial instruments and hedge
+accounting (continued)
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Derivative financial instruments and hedge
+accounting (continued)
+Cash flow hedges (continued)
+The amounts accumulated in other comprehensive
+income are accounted for, depending on the nature of the
+underlying hedged transaction. If the hedged transaction
+subsequently results in the recognition of a non-financial
+item, the amount accumulated in equity is removed from
+the separate component of equity and included in the
+initial cost or other carrying amount of the hedged asset
+or liability. This is not a reclassification adjustment and
+will not be recognised in other comprehensive income for
+the period. This also applies where the hedged forecast
+transaction of a non-financial asset or non-financial liability
+衍生金融工具及對沖會計處理方法(續)
+現金流量對沖(續)
+在其他綜合收益累計之金額按相關對沖交易
+之性質進行會計處理。如對沖交易其後導致
+確認一項非金融項目,則權益中之累計金額
+將自權益的獨立部分中轉出,並計入被對沖
+資產或負債之初始成本或其他賬面值。此並
+非重新分類調整,故不會在期內其他綜合收
+益中確認。此亦適用於非金融資產或非金融
+負債之預期對沖交易其後成為確定承諾,並
+應用公允價值對沖會計法之情況。
+subsequently becomes a firm commitment to which fair
+value hedge accounting is applied.
+For any other cash flow hedges, the amount accumulated
+in other comprehensive income is reclassified to the
+statement of profit or loss as a reclassification adjustment
+in the same period or periods during which the hedged
+cash flows affect the statement of profit or loss.
+If cash flow hedge accounting is discontinued, the amount
+that has been accumulated in other comprehensive income
+must remain in accumulated other comprehensive income
+if the hedged future cash flows are still expected to occur.
+Otherwise, the amount will be immediately reclassified
+to the statement of profit or loss as a reclassification
+adjustment. After the discontinuation, once the hedged
+cash flow occurs, any amount remaining in accumulated
+other comprehensive income is accounted for depending
+on the nature of the underlying transaction as described
+above.
+就任何其他現金流量對沖而言,在其他綜合
+收益累計之金額會於對沖現金流量影響損益
+表之同一期間或各個期間重新分類至損益表
+作為重新分類調整。
+倘終止使用現金流量對沖會計法,如預期被
+對沖的未來現金流量仍然會發生,則已在其
+他綜合收益中累計之金額必須保留在累計其
+他綜合收益中。否則,有關金額將即時重新
+分類至損益表作為重新分類調整。在終止使
+用現金流量對沖會計法後,當被對沖的現金
+流量發生時,任何保留在累計其他綜合收益
+之金額按上述相關交易之性質進行會計處
+理。
+Annual Report 2021
+二零二一年年報
+155
+Notes to Financial Statements
+財務報表附註
+When an existing financial liability is replaced by another
+from the same lender on substantially different terms,
+or the terms of an existing liability are substantially
+modified, such an exchange or modification is treated as
+a derecognition of the original liability and a recognition of
+a new liability, and the difference between the respective
+carrying amounts is recognised in the statement of profit or
+loss.
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+衍生金融工具及對沖會計處理方法(續)
+Financial guarantee contracts issued by the Group are
+those contracts that require a payment to be made to
+reimburse the holder for a loss it incurs because the
+specified debtor fails to make a payment when due in
+accordance with the terms of a debt instrument. A financial
+guarantee contract is recognised initially as a liability at its
+fair value, adjusted for transaction costs that are directly
+attributable to the issuance of the guarantee. Subsequent
+to initial recognition, the Group measures the financial
+guarantee contracts at the higher of: (i) the ECL allowance
+determined in accordance with the policy as set out in
+“Impairment of financial assets”; and (ii) the amount initially
+31 December 2021
+二零二一年十二月三十一日
+Contract costs
+Revenue from contracts with customers (continued)
+Revenue recognition (continued)
+重要會計政策摘要(續)
+2.4
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+162
+BYD Company Limited
+基於本集團商業政策,可向特
+定客戶提供可追溯折讓。折讓
+由客戶應付金額抵銷。本集團
+須使用預期價值法或最可能金
+額法兩者中最能準確預測其將
+有權收取的代價之方法。
+entitled.
+based on which method better predicts the
+amount of consideration to which it will be
+method or the most likely amount method
+is required to use either the expected value
+銷售商品
+Revenue from the sale of goods is recognised
+at the point in time when control of the asset is
+transferred to the customer, generally on delivery
+and acceptance of the goods.
+來自銷售商品的收入在資產控制權轉
+移至客戶時(一般為交接該等商品時)
+確認。
+Some contracts for the sale of goods provide
+(b)
+customers with rebates. The rebates give rise to
+variable consideration.
+該等折讓產生可變代價。
+(i)
+Rebates
+(i)
+折讓
+Retrospective rebates may be provided to
+certain customers according to the Group's
+business policy. Rebates are offset against
+amounts payable by the customer. The Group
+部分銷售商品的合同提供客戶折讓。
+(a)
+Construction services
+客戶合同收入(續)
+Interest income is recognised on an accrual basis using
+the effective interest method by applying the rate that
+exactly discounts the estimated future cash receipts over
+the expected life of the financial instrument or a shorter
+period, when appropriate, to the net carrying amount of the
+financial asset.
+Other income
+Revenue recognition (continued)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+163
+Annual Report 2021
+二零二一年年報
+租金收入按租賃年期的時間比例基準確認。
+其他來源收入
+由於客戶同時接收及消耗本集團提供
+的利益,提供服務所得收入在預定期
+間內乃以投入法確認。
+Rental income is recognised on a time proportion basis
+over the lease terms.
+Revenue from other sources
+(b)
+建造服務
+The construction contract entered into between
+the Group and its customers usually includes
+performance obligations such as construction
+services. As the irreplaceable use of the services
+provided by the Group, and the Group has the right
+to receive payment for the performance part that
+has been completed so far in the whole contract
+period, the Group considers them as performance
+obligations within a certain period of time, and
+recognises the revenue based on the performance
+progress, except where the performance progress
+cannot be reasonably determined. The Group
+determines the performance progress for the
+services provided in accordance with the output
+method. When the performance progress cannot
+be reasonably determined, if the costs incurred by
+the Group are expected to be compensated, the
+revenue will be recognised based on the amount of
+costs incurred, until the performance progress can
+be reasonably determined.
+收入確認(續)
+本集團與客戶之間的建造合同通常包
+含建造服務等履約義務,由於本集團
+履約過程中所提供的服務具有不可替
+代用途,且本集團在整個合同期間內
+有權就累計至今已完成的履約部分收
+入款項,本集團將其作為在某一時段
+內履行的履約義務,按照履約進度確
+認收入,履約進度不能合理確定的除
+外。本集團按照產出法,根據實際測
+量的完工進度確定提供服務的履約進
+度。對於履約進度不能合理確定時,
+本集團已經發生的成本預計能夠得到
+補償的,按照已經發生的成本金額確
+認收入,直到履約進度能夠合理確定
+為止。
+Provision for services
+(C)
+提供服務
+Revenue from the provision of services is
+recognised over the scheduled period on an input
+method because the customer simultaneously
+receives and consumes the benefits provided by the
+Group.
+(C)
+Dividend income is recognised when the shareholders'
+right to receive payment has been established, it is
+probable that the economic benefits associated with the
+dividend will flow to the Group and the amount of the
+dividend can be measured reliably.
+Sale of goods
+本集團向特定客戶銷售商品,該客戶同時也
+是商品製造過程中使用的關鍵材料的供應
+商。本集團取得自客戶採購的材料的控制權
+並提供重要服務,從而將材料與其他商品及
+服務綜合為一個產出組合。本集團在該安排
+中視其為主要責任人,因此按總額基準確認
+收入。否則,本集團為代理人,將收入列為
+就代理服務而保留的淨額(倘其責任為安排
+提供商品)。
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+BYD Company Limited
+重要會計政策摘要(續)
+倘本集團就建造合資格資產而收取的政府貸
+款不附息或按低於市場利率計息,則政府貸
+款的初始賬面值使用實際利率法釐定,進一
+步詳情載述於上文「金融負債」的會計政策。
+授出的不附息或按低於市場利率計息的政府
+貸款收益(為貸款的初始賬面值與所收取的
+所得款項的差額)視作政府補貼,該收益於
+有關資產的預期可使用年期內逐年按等額分
+期調撥至損益表。
+倘補貼與一項資產有關,則其公允價值會計
+入遞延損益賬,並按均等年度分期,於有關
+資產的預期可使用年期調撥至損益表,或自
+該項資產的賬面值中扣除並透過減少折舊開
+支方式調撥至損益表。
+政府補貼是在合理確保將可收取補貼及符合
+所有附帶條件時按其公允價值予以確認。倘
+補貼與一項開支項目有關,則該等補貼於擬
+用作補償的成本支出期間內按系統基礎確認
+為收入。
+政府補貼
+°
+僅於本集團擁有依法執行權利,可抵銷本期
+稅項資產、本期稅項負債與遞延稅項資產及
+遞延稅項負債,而有關所得稅由同一稅務機
+關就同一稅務實體或不同稅務實體徵收,且
+該不同稅務實體計劃在日後每個預計有大額
+遞延稅項負債需清償或有大額遞延稅項資產
+可以收回的期間內,按淨額基準結算本期稅
+項負債及資產,或同時變現資產及清償負債
+時,遞延稅項資產及遞延稅項負債予以對
+銷
+所得稅(續)
+Where the Group receives government loans granted with
+no or at a below-market rate of interest for the construction
+of a qualifying asset, the initial carrying amount of the
+government loans is determined using the effective interest
+rate method, as further explained in the accounting
+policy for "Financial liabilities" above. The benefit of the
+government loans granted with no or at a below-market
+rate of interest, which is the difference between the initial
+carrying value of the loans and the proceeds received,
+is treated as a government grant and released to the
+statement of profit or loss over the expected useful life of
+the relevant asset by equal annual instalments.
+Where the grant relates to an asset, the fair value is
+credited to a deferred income account and is released to
+the statement of profit or loss over the expected useful
+life of the relevant asset by equal annual instalments
+or deducted from the carrying amount of the asset and
+released to the statement of profit or loss by way of a
+reduced depreciation charge.
+Government grants are recognised at their fair value
+where there is reasonable assurance that the grant will be
+received and all attaching conditions will be complied with.
+When the grant relates to an expense item, it is recognised
+as income on a systematic basis over the periods that
+the costs, for which it is intended to compensate, are
+expensed.
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+Annual Report 2021
+二零二一年年報
+159
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+2.4
+重要會計政策摘要(續)
+POLICIES (CONTINUED)
+Income tax (continued)
+Deferred tax assets and deferred tax liabilities are offset
+if and only if the Group has a legally enforceable right to
+set off current tax assets and current tax liabilities and
+the deferred tax assets and deferred tax liabilities relate
+to income taxes levied by the same taxation authority on
+either the same taxable entity or different taxable entities
+which intend either to settle current tax liabilities and
+assets on a net basis, or to realise the assets and settle
+the liabilities simultaneously, in each future period in which
+significant amounts of deferred tax liabilities or assets are
+expected to be settled or recovered.
+Government grants
+SUMMARY OF SIGNIFICANT ACCOUNTING
+(a)
+2.4
+Revenue recognition
+客戶合同收入(續)
+收入確認(續)
+itself as a principal in the arrangement and accordingly
+recognizes revenue on a gross basis. Otherwise, the Group
+is an agent and records as revenue the net amount that
+it retains for its agency services if its role is to arrange to
+provide the goods.
+purchased from the customer and provides significant
+services to integrate materials with other goods and
+services into a portfolio of outputs. The Group considered
+supplier of key materials used in the manufacturing of
+products. The Group obtains the control of the materials
+The Group sells products to a customer who is also the
+Revenue from contracts with customers (continued)
+Revenue recognition (continued)
+POLICIES (CONTINUED)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+2.4
+財務報表附註
+Notes to Financial Statements
+161
+Annual Report 2021
+二零二一年年報
+Revenue from contracts with customers
+Revenue from contracts with customers is recognised when
+control of goods or services is transferred to the customers
+at an amount that reflects the consideration to which the
+Group expects to be entitled in exchange for those goods
+or services.
+When the consideration in a contract includes a variable
+amount, the amount of consideration is estimated to which
+the Group will be entitled in exchange for transferring
+the goods or services to the customer. The variable
+consideration is estimated at contract inception and
+constrained until it is highly probable that a significant
+revenue reversal in the amount of cumulative revenue
+recognised will not occur when the associated uncertainty
+with the variable consideration is subsequently resolved.
+When the contract contains a financing component which
+provides the customer with a significant benefit of financing
+the transfer of goods or services to the customer for more
+than one year, revenue is measured at the present value of
+the amount receivable, discounted using the discount rate
+that would be reflected in a separate financing transaction
+between the Group and the customer at contract inception.
+When the contract contains a financing component which
+provides the Group with a significant financial benefit for
+more than one year, revenue recognised under the contract
+includes the interest expense accreted on the contract
+liability under the effective interest method. For a contract
+where the period between the payment by the customer
+and the transfer of the promised goods or services is one
+year or less, the transaction price is not adjusted for the
+重要會計政策摘要(續)
+effects of a significant financing component, using the
+practical expedient in HKFRS 15.
+收入確認
+客戶合同收入
+當貨品或服務控制權按反映本集團預期有權
+獲得以交換該等貨品或服務的代價金額轉移
+至客戶時,確認客戶合同收入。
+倘合同代價包括可變金額時,則代價金額估
+計為本集團就交換向客戶轉讓貨品或服務而
+有權收取的代價金額。可變代價於合同開始
+時估計並加以限制,直至已確認累計收入金
+額的重大收入撥回不太可能發生(倘可變代
+價的相關不確定因素其後得以解決)為止。
+倘合同包括向客戶提供一年以上有關向客戶
+轉讓貨品或服務之重大融資利益的融資成
+分,則收入按應收金額的現值計量,並於合
+同開始時運用將於本集團與客戶之間的獨立
+融資交易中反映的折現率折讓。倘合同包括
+提供本集團一年以上重大財務利益的融資成
+分,則根據該合同確認的收入包括根據實際
+利率法合同責任附有的利息開支。對於客戶
+付款與承諾貨品或服務轉移期間為一年或以
+下的合同,乃不就重大融資成分的影響運用
+《香港財務報告準則》第15號的實際權宜方法
+對交易價格進行調整。
+倘承諾代價與貨品或服務的現金銷售價格的
+差額因融資撥備以外的原因而產生,則不存
+在重大融資成分。
+A significant financing component does not exist if the
+difference between the promised consideration and the
+cash selling price of the good or service arises for reasons
+other than the provision of finance.
+Contract assets
+160
+Contract liabilities
+對由於未滿足非市場條件和/或歸屬條件而
+最終未能行權的股份支付,不確認費用。股
+份支付協議中規定了市場條件或非可行權條
+件的,無論是否滿足市場條件或非可行權條
+件,只要滿足其他業績條件和/或歸屬條
+件,即視為可行權。
+Where the terms of an equity-settled share-based
+payment are modified, as a minimum, services obtained
+are recognised as if the terms had not been modified. In
+addition, an expense is recognised for any modification
+which increases the total fair value of the instrument ranted,
+or is otherwise beneficial to the employee as measured at
+the date of modification.
+如果修改了以權益結算的股份支付的條款,
+至少按照未修改條款的情況確認取得的服
+務。此外,增加所授予權益工具公允價值的
+修改,或在修改日對職工有利的變更,均確
+認取得服務的增加。
+BYD Company Limited
+166
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Share-based payments (continued)
+Where an equity-settled award is cancelled, it is treated
+as if it had vested on the date of cancellation, and any
+expense not yet recognised for the award is recognized
+immediately. Where employees or other parties are
+permitted to choose to fulfill non-vesting conditions but
+have not fulfilled during the pending period, equity-settled
+share-based payments are deemed cancelled. However,
+if a new award is substituted for the cancelled award, and
+designated as a replacement award on the date that it
+is granted, the new awards are treated as if they were a
+modification of the original award.
+Pension scheme - Mainland China
+The Group's contributions to various defined contribution
+medical benefit plans organised by the relevant municipal
+and provincial governments in the PRC are expensed as
+incurred.
+Medical benefits
+僱員享有的病假及產假於休假時始行確認。
+僱員享有的年假及長期服務假期於應計予僱
+員時確認。
+僱員假期權利
+以權益結算的股份支付換取職工提供服務
+的,以授予職工權益工具的公允價值計量。
+授予後立即可行權的,在授予日按照公允價
+值計入相關成本或費用,相應增加資本公
+積;完成等待期內的服務或達到規定業績條
+件才可行權的,在等待期內每個資產負債表
+日,本集團根據最新取得的可行權職工人數
+變動、是否達到規定業績條件等後續信息對
+可行權權益工具數量作出最佳估計,以此為
+基礎,按照授予日的公允價值,將當期取得
+的服務計入相關成本或費用,相應增加資本
+公積。權益工具的公允價值採用二叉樹期權
+定價模型確定,參見附註41、股份支付。
+僱員福利
+股份支付(續)
+Employees' entitlements to sick leave and maternity leave
+are not recognised until the time of leave.
+leave are recognised when they accrue to employees.
+Employees' entitlements to annual leave and long service
+Employees' leave entitlements
+Employee benefits
+如果取消了以權益結算的股份支付,則於取
+消日作為加速行權處理,立即確認尚未確認
+的金額。職工或其他方能夠選擇滿足非可行
+權條件但在等待期內未滿足的,作為取消以
+權益結算的股份支付處理。但是,如果授予
+新的權益工具,並在新權益工具授予日認定
+所授予的新權益工具是用於替代被取消的權
+益工具的,則以與處理原權益工具條款和條
+件修改相同的方式,對所授予的替代權益工
+具進行處理。
+The employees of the Group's subsidiaries, which operate
+in Mainland China, are required to participate in a
+central pension scheme operated by the local municipal
+government. These subsidiaries are required to contribute
+a certain percentage of their payroll costs to the central
+pension scheme. The contributions are charged to the
+statement of profit or loss as they become payable in
+accordance with the rules of the central pension scheme.
+股份支付(續)
+conditions are measured by recognising services rendered
+during the period in relevant costs or expenses and
+crediting the capital reserve accordingly at the fair value
+on the date of grant according to the best estimates
+conducted by the Group at each balance sheet date during
+the pending period. The fair value of equity instruments is
+determined using the binomial option pricing model. For
+details see Note 41.Share-based payment.
+A contract asset is the right to consideration in exchange
+for goods or services transferred to the customer. If the
+Group performs by transferring goods or services to a
+customer before the customer pays consideration or before
+payment is due, a contract asset is recognised for the
+earned consideration that is conditional. Contract assets
+are subject to impairment assessment, details of which
+are included in the accounting policies for impairment of
+financial assets.
+Other than the costs which are capitalised as inventories,
+property, plant and equipment and intangible assets, costs
+incurred to fulfil a contract with a customer are capitalised
+as an asset if all the following criteria are met:
+(a) The costs relate directly to a contract or to an
+anticipated contract that the entity can specifically
+identify.
+除作為存貨、物業、廠房及設備以及無形資
+產資本化的成本外,履行與客戶的合同所產
+生的成本,倘符合以下所有條件,則資本化
+為資產:
+(a)
+該成本直接與合同或實體可以明確識
+別的預期合同相關。
+(b)
+The costs generate or enhance resources of the
+entity that will be used in satisfying (or in continuing
+to satisfy) performance obligations in the future.
+(b)
+該成本產生或增強將用於滿足(或繼
+續滿足)未來履約義務的實體資源。
+(c)
+The costs are expected to be recovered.
+(c)
+預計該成本將可收回。
+The capitalised contract costs are amortised and charged
+to the statement of profit or loss on a systematic basis that
+is consistent with the transfer to the customer of the goods
+or services to which the asset relates. Other contract costs
+are expensed as incurred.
+Share-based payments
+Share-based payments can be distinguished into equity-
+settled share-based payments and cash-settled share-
+based payments. Equity-settled share-based payments
+are transactions of the Group settled through the payment
+of shares or other equity instruments in consideration for
+receiving services.
+Equity-settled share-based payments made in exchange
+for services rendered by employees are measured at the
+fair value of equity instruments granted to employees.
+Instruments which are vested immediately upon the grant
+are charged to relevant costs or expenses at the fair value
+on the date of grant and the capital reserve is credited
+accordingly. Instruments of which vesting is conditional
+upon completion of services or fulfillment of performance
+Share-based payments (continued)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+No expense is recognised for awards that do not ultimately
+vest due to non-fulfillment of non-market conditions and/or
+vesting conditions. For the market or non-vesting condition
+under the share-based payments agreement, it should
+be treated as vesting irrespective of whether or not the
+market or non-vesting condition is satisfied, provided that
+other performance condition and/or vesting conditions are
+satisfied.
+31 December 2021
+二零二一年十二月三十一日
+Notes to Financial Statements
+165
+Annual Report 2021
+二零二一年年報
+股份支付,分為以權益結算的股份支付和以
+現金結算的股份支付。以權益結算的股份支
+付,是指本集團為獲取服務以股份或其他權
+益工具作為對價進行結算的交易。
+股份支付
+資本化合同成本按與向客戶轉讓資產相關的
+商品或服務一致的系統基礎攤銷及計入損益
+表。其他合同成本於產生時列為開支。
+財務報表附註
+醫療福利
+2.4
+退休金計劃-中國內地
+2.4 SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+重要會計政策摘要(續)
+Dividends
+Final dividends are recognised as a liability when they
+are approved by the shareholders in a general meeting.
+Proposed final dividends are disclosed in the notes to the
+financial statements.
+Foreign currencies
+These financial statements are presented in RMB, which is
+the Company's functional and presentation currency. Each
+entity in the Group determines its own functional currency
+and items included in the financial statements of each
+entity are measured using that functional currency. Foreign
+currency transactions recorded by the entities in the Group
+are initially recorded using their respective functional
+currency rates prevailing at the dates of the transactions.
+Monetary assets and liabilities denominated in foreign
+currencies are translated at the functional currency rates
+of exchange ruling at the end of the reporting period.
+Differences arising on settlement or translation of monetary
+items are recognised in the statement of profit or loss.
+Non-monetary items that are measured in terms of
+historical cost in a foreign currency are translated using
+the exchange rates at the dates of the initial transactions.
+Non-monetary items measured at fair value in a foreign
+currency are translated using the exchange rates at the
+date when the fair value was measured. The gain or loss
+arising on translation of a non-monetary item measured at
+fair value is treated in line with the recognition of the gain
+or loss on change in fair value of the item (i.e., translation
+difference on the item whose fair value gain or loss is
+recognised in other comprehensive income or profit or loss
+is also recognised in other comprehensive income or profit
+or loss, respectively).
+股息
+末期股息獲股東於股東大會批准宣派後確認
+為負債。建議末期股息披露於財務報表附
+註。
+外幣
+此等財務報表乃以本公司的功能及呈報貨幣
+人民幣列報。本集團內各實體均自行決定其
+功能貨幣,而各實體的財務報表所包含的項
+目均採用該功能貨幣計量。本集團內各實體
+所錄得外幣結算交易最初以交易當日各自的
+功能貨幣匯率記錄。以外幣計算的貨幣資產
+及負債按報告期末的功能貨幣匯率換算。結
+算或換算貨幣項目時產生的差額於損益表中
+確認。
+以外幣歷史成本計算的非貨幣項目按首次交
+易當日的匯率換算。以外幣公允價值計算的
+非貨幣項目按計量公允價值當日的匯率換
+算。換算非貨幣項目而產生的收益或虧損以
+公允價值計量,按確認該項目的公允價值變
+動的收益或虧損一致的方法處理(即其他綜
+合收益或損益已確認的項目的公允價值收益
+或虧損,其匯兌差額亦分別於其他綜合收益
+或損益確認)。
+合同成本
+二零二一年十二月三十一日
+31 December 2021
+A contract liability is recognised when a payment is
+received or a payment is due (whichever is earlier) from
+a customer before the Group transfers the related goods
+or services. Contract liabilities are recognised as revenue
+when the Group performs under the contract (i.e., transfers
+control of the related goods or services to the customer).
+本集團向多個中國有關市級及省級政府安排
+的定額供款醫療福利計劃供款,有關供款於
+產生時支銷。
+收入確認(續)
+其他收入
+利息收入按應計基準以實際利率方法將金融
+工具在預期可使用年期或較短期間(倘適用)
+的估計未來現金收入準確折現至金融資產的
+賬面淨值的利率確認。
+當股東收取付款的權利獲確立,本集團可能
+有與股息相關的經濟利益並能可靠計量股息
+金額時,股息收入予以確認。
+二零二一年十二月三十一日
+合同資產
+合同負債於本集團轉讓相關貨品或服務前在
+收到客戶付款或付款到期時(以較早者為準)
+確認。合同負債於本集團履行合同(即向客
+戶轉讓相關貨品或服務的控制權)時確認為
+收入。
+BYD Company Limited
+164
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+合同負債
+31 December 2021
+合同資產乃就換取已向客戶轉讓的貨品或服
+務而收取代價的權利。倘本集團於客戶支付
+代價或付款到期前將貨品或服務轉讓予客
+戶,則就附帶條件的已賺取代價確認合同資
+產。合同資產須進行減值評估,其詳情載於
+金融資產減值的會計政策。
+Notes to Financial Statements
+The Group contributes on a monthly basis to various
+defined contribution plans organised by the relevant
+governmental authorities in various areas other than
+Mainland China. The Group's liability in respect of these
+plans is limited to the contributions payable at the end of
+each period. Contributions to these plans are expensed as
+incurred.
+Pension scheme - outside Mainland China
+Employee benefits (continued)
+POLICIES (CONTINUED)
+重要會計政策摘要(續)
+2.4
+Housing fund - Mainland China
+SUMMARY OF SIGNIFICANT ACCOUNTING
+31 December 2021
+二零二一年十二月三十一日
+Notes to Financial Statements
+167
+本集團於中國內地經營的附屬公司的僱員須
+參與由當地市政府設立的中央退休金計劃。
+該等附屬公司須按其工資成本若干比例向中
+央退休金計劃供款。根據中央退休金計劃規
+則,有關供款將於支付時在損益表中扣除。
+財務報表附註
+Annual Report 2021
+二零二一年年報
+2.4
+The Group contributes on a monthly basis to a defined
+contribution housing fund plan operated by the local
+municipal government. Contributions to this plan by the
+Group are expensed as incurred.
+財務報表附註
+僱員福利(續)
+BYD Company Limited
+Borrowing costs
+比亞迪股份有限公司
+168
+收購、建造或生產合資格資產(即有需要投
+入大量時間準備其擬定用途或出售的資產)
+直接應佔的借款成本撥作資本,作為該等資
+產的部分成本。該等借款成本在資產大致可
+用作其擬定用途或出售時不再撥作資本。擬
+用作合資格資產開支的特定借款作暫時投資
+所賺取的投資收益自撥作資本的借款成本
+中扣除。全部其他借款成本於其產生期間支
+銷。借款成本包括實體因借款資金產生的利
+息及其他費用。
+借款成本
+rate ranging between 3.87% and 4.93% has been applied
+to the expenditure on the individual assets.
+倘資金屬一般借貸並用於取得合資格資產,
+則個別資產之開支將按介乎3.87%至4.93%
+的比率撥作資本。
+Where funds have been borrowed generally, and used for
+the purpose of obtaining qualifying assets, a capitalisation
+construction or production of qualifying assets, i.e., assets
+that necessarily take a substantial period of time to get
+ready for their intended use or sale, are capitalised as
+part of the cost of those assets. The capitalisation of such
+borrowing costs ceases when the assets are substantially
+ready for their intended use or sale. Investment income
+earned on the temporary investment of specific borrowings
+pending their expenditure on qualifying assets is deducted
+from the borrowing costs capitalised. All other borrowing
+costs are expensed in the period in which they are
+incurred. Borrowing costs consist of interest and other
+costs that an entity incurs in connection with the borrowing
+of funds.
+Borrowing costs directly attributable to the acquisition,
+本集團以每月供款形式參與當地市政府所設
+立的定額供款住房公積金計劃。本集團的計
+劃供款乃於產生時支銷。
+住房公積金 - 中國內地
+退休金計劃-中國內地以外地區
+本集團每月向中國內地以外各地區的相關政
+府機構設立的各定額供款計劃供款。本集團
+有關該等計劃的責任僅限於各期末的應付供
+款。該等計劃的供款乃於產生時支銷。
+172
+比亞迪股份有限公司
+Notes to Financial Statements
+二零二一年十二月三十一日
+31 December 2021
+When estimating the effect of an uncertainty on an amount
+of variable consideration to which the entity will be entitled,
+the entity is required to consider all information (historical,
+current and forecast) that is reasonably available to the
+entity and to estimate variable amount of consideration in
+a range of possible consideration amounts. An expected
+value may be an appropriate estimate of the amount of
+variable considerations if an entity has a large number
+of contracts with similar characteristics. The most likely
+amount may be an appropriate estimate of the amount of
+variable consideration if contract has only two possible
+amounts. When an entity determines that it cannot meet
+the highly probable threshold if it includes all of the
+variable consideration in the transaction price, the amount
+of variable consideration that must be included in the
+transaction price is limited to the amount that would not
+result in a significant revenue reversal. That is, an entity
+is required to include in the transaction price the portion
+of variable consideration that will not result in a significant
+revenue reversal when the uncertainty associated with
+the variable consideration is subsequently resolved. A
+minimum amount of variable consideration should be
+included in the transaction price when doing so would
+not result in a significant reversal of cumulative revenue
+recognised. At the end of each reporting period, the entity
+would be required to revaluate variable consideration,
+including constraints on variable consideration to reflect
+any changes during the reporting period.
+3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND
+ESTIMATES (CONTINUED)
+Estimation uncertainty (continued)
+Estimation of constraint on variable consideration
+財務報表附註
+BYD Company Limited
+分派股息產生的預扣稅遞延稅
+有關未來之主要假設以及於報告期末其他主
+要估計項目不確定因素之來源(其具導致下
+個財政年度內資產及負債賬面值須作出重大
+調整之重大風險)闡述如下。
+估計不確定因素
+本集團乃根據派付股息的時間判斷釐定是否
+應計若干附屬公司分派的股息產生的預扣稅
+(由相關稅務司法權區徵收)。進一步詳情載
+於合併財務報表附註39。
+本集團向特定客戶銷售商品,該客戶同時也
+是商品製造過程中使用的關鍵材料的供應
+商。本集團需要通過評估其對客戶的承諾的
+性質來判斷其在該類交易中是主要責任人還
+是代理人。倘本集團於向客戶轉讓商品前控
+制所承諾商品,則為主要責任人,故須按總
+額基準記錄收入。否則,本集團為代理人,
+將收入列為就代理服務而保留的淨額(倘其
+責任為安排提供商品)。為評估本集團是否
+在商品轉移給客戶之前控制商品,本集團已
+考慮各種因素,包括但不���於本集團是否(i)
+是安排中的主要責任人,(ii)承擔存貨的一般
+風險,(iii)有權自主決定售價及(iv)極大參與
+釐定產品及服務規格。
+主要責任人與代理人考慮事項
+判斷(續)
+主要會計判斷及估計(續)
+3.
+within the next financial year, are described below.
+3.
+adjustment to the carrying amounts of assets and liabilities
+171
+主要會計判斷及估計(續)
+RMB65,914,000). Further details are given in note 17 to the
+consolidated financial statements.
+評估可變代價的限制
+period, that have a significant risk of causing a material
+BYD Company Limited
+對過往觀察違約率、預測經濟狀況及預期信
+貸虧損之間相關性的評估乃為一項重要估
+計。預期信貸虧損的數量對環境變化及預測
+經濟條件較為敏感。本集團的過往信貸虧損
+經驗及經濟狀況預測亦可能無法代表客戶未
+來的實際違約情況。有關本集團應收貿易賬
+款的預期信貸虧損及合同資產的資料分別於
+合併財務報表附註25及28中披露。
+撥備矩陣初步基於本集團的過往觀察違約率
+作出。本集團將使用前瞻性信息校準該矩陣
+以調整過往信貸虧損經歷。例如,倘預測經
+濟狀況(即國內生產總值)預計將於下一年惡
+化(其可能導致製造行業違約數量增加),則
+將調整過往違約率。於各報告日期,本集團
+會更新過往觀察違約率並分析前瞻性估計值
+的變化。
+本集團使用撥備矩陣來計算應收貿易賬款的
+預期信貸虧損。撥備率乃基於具有類似虧損
+模式產品類型的各個客戶群的分組的發票日
+期。
+應收貿易賬款及合同資產的預期信貸虧損撥
+備
+本集團最少每年一次釐定商譽有否減值,此
+須估計獲分配商譽之現金產生單位之使用價
+值。本集團估計使用價值,須要估計現金產
+生單位之預期未來現金流量,以及須要選出
+合適之折現率,以計算現金流量之現值。於
+二零二一年十二月三十一日,商譽的賬面值
+為人民幣65,914,000元(二零二零年:人民
+幣65,914,000元)。進一步詳情載於合併財
+務報表附註17。
+商譽減值
+The assessment of the correlation among historical
+observed default rates, forecast economic conditions
+and ECLS is a significant estimate. The amount of ECLS
+is sensitive to changes in circumstances and forecast
+economic conditions. The Group's historical credit loss
+experience and forecast of economic conditions may also
+not be representative of a customer's actual default in the
+future. The information about the ECLs on the Group's
+trade receivables and contract assets is disclosed in notes
+25 and 28 to the consolidated financial statements.
+The provision matrix is initially based on the Group's
+historical observed default rates. The Group will calibrate
+the matrix to adjust the historical credit loss experience
+with forward-looking information. For instance, if forecast
+economic conditions (i.e., gross domestic products) are
+expected to deteriorate over the next year which can lead
+to an increased number of defaults in the manufacturing
+sector, the historical default rates are adjusted. At each
+reporting date, the historical observed default rates are
+updated and changes in the forward-looking estimates are
+analysed.
+The Group uses a provision matrix to calculate ECLs for
+trade receivables. The provision rates are based on the
+invoice date for groupings of various customer segments
+that have similar loss patterns by product type.
+Provision for expected credit losses on trade receivables
+and contract assets
+The Group determines whether goodwill is impaired at
+least on an annual basis. This requires an estimation of
+the value in use of the cash-generating units to which the
+goodwill is allocated. Estimating the value in use requires
+the Group to make an estimate of the expected future
+cash flows from the cash-generating unit and also to
+choose a suitable discount rate in order to calculate the
+present value of those cash flows. The carrying amount of
+goodwill at 31 December 2021 was RMB65,914,000 (2020:
+Impairment of goodwill
+估計不確定因素 (續)
+Estimation uncertainty (continued)
+主要會計判斷及估計(續)
+3.
+3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND
+ESTIMATES (CONTINUED)
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+173
+Annual Report 2021
+二零二一年年報
+實體對不確定因素對實體有權獲得的可變代
+價的影響進行估計時,須考慮能夠合理獲得
+的所有信息,包括歷史信息、當前信息以及
+預測信息,在合理的數量範圍內估計各種可
+能發生的對價金額。倘實體具有大量具有相
+似特徵的合同,則預期價值可能是可變代價
+金額的適當估計。當合同僅有兩個可能結果
+時,實體按照最可能發生金額估計可變代價
+金額。倘實體釐定若其將所有可變代價納入
+交易價格後,其極有可能無法符��門檻,則
+須納入交易價格的可變代價金額則受限於不
+會導致重大收入轉回的金額。亦即,與可變
+代價有關的不確定性於其後得到解決時,實
+體須於交易價格納入將不會導致重大收入轉
+回的可變代價部分。於納入交易價格時,倘
+不會導致已確認的累計收入發生重大轉回,
+可變代價的最低金額須納入交易價格內。於
+各報告期末,實體須重新評估可變代價,包
+括可變代價的限制,以反映於報告期間內的
+任何變動。
+估計不確定因素 (續)
+The key assumptions concerning the future and other key
+sources of estimation uncertainty at the end of the reporting
+170
+The Group's determination as to whether to accrue
+for withholding taxes arising from the distributions of
+dividends from certain subsidiaries levied in the relevant
+tax jurisdiction is subject to judgement on the timing of the
+payment of the dividends. Further details are included in
+note 39 to the consolidated financial statements.
+比亞迪股份有限公司
+174
+BYD Company Limited
+收購境外業務產生的任何商譽及對因收購產
+生的資產及負債賬面值作出的任何公允價值
+調整,均視作境外業務的資產及負債,並按
+結算匯率換算。
+換算產生的匯兌差額於其他綜合收益確認,
+並累計入匯兌波動儲備。出售境外業務時,
+有關該特定境外業務的其他綜合收益部分已
+於損益表確認。
+treated as assets and liabilities of the foreign operation and
+translated at the closing rate.
+amounts of assets and liabilities arising on acquisition are
+Any goodwill arising on the acquisition of a foreign
+operation and any fair value adjustments to the carrying
+The resulting exchange differences are recognised in other
+comprehensive income and accumulated in the exchange
+fluctuation reserve. On disposal of a foreign operation, the
+component of other comprehensive income relating to that
+particular foreign operation is recognised in the statement
+of profit or loss.
+若干境外附屬公司的功能貨幣為人民幣以外
+之貨幣。於報告期末,該等實體的資產與負
+債按報告期末的匯率換算為人民幣,而其損
+益表則按交易日期的概約現行匯率換算為人
+民幣。
+transactions.
+The functional currencies of certain overseas subsidiaries
+are currencies other than the RMB. As at the end of the
+reporting period, the assets and liabilities of these entities
+are translated into RMB at the exchange rates prevailing
+at the end of the reporting period and their statements of
+profit or loss are translated into RMB at the exchange rates
+that approximate to those prevailing at the dates of the
+為釐定初步確認有關資產的匯率、終止確認
+非貨幣性資產或與預收代價相關的非貨幣性
+負債時的開支或收入,初步交易日期是指本
+集團初步確認非貨幣性資產或預收代價產生
+的非貨幣性負債的日期。如有多個預付或預
+收款項,則本集團須釐定各支付預付款項或
+收到預收款項的交易日期。
+外幣(續)
+In determining the exchange rate on initial recognition of
+the related asset, expense or income on the derecognition
+of a non-monetary asset or non-monetary liability relating
+to an advance consideration, the date of initial transaction
+is the date on which the Group initially recognises the non-
+monetary asset or non-monetary liability arising from the
+advance consideration. If there are multiple payments or
+receipts in advance, the Group determines the transaction
+date for each payment or receipt of the advance
+consideration.
+Foreign currencies (continued)
+重要會計政策摘要(續)
+2.4
+SUMMARY OF SIGNIFICANT ACCOUNTING
+POLICIES (CONTINUED)
+2.4
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+169
+Annual Report 2021
+二零二一年年報
+Notes to Financial Statements
+Estimation uncertainty
+財務報表附註
+二零二一年十二月三十一日
+Deferred tax on withholding tax arising from the
+distributions of dividends
+The Group sells products to a customer who is also the
+supplier of key materials used in the manufacturing of
+products. The Group needs to determine whether it is a
+principal or an agent in these transactions by evaluating
+the nature of its promise to the customer. The Group is
+a principal and therefore records revenue on a gross
+basis if it controls promised goods before transferring the
+goods to the customer. Otherwise, the Group is an agent
+and records as revenue the net amount that it retains for
+its agency services if its role is to arrange to provide the
+goods. To assess whether the Group controls the goods
+before they are transferred to the customer, the Group
+has considered various factors, including but not limited
+to whether the Group is (i) the primary obligor in the
+arrangement, (ii) has general inventory risk, (iii) has latitude
+in establishing the selling price and (iv) has significant
+involvement in the determination of product and service
+specifications.
+Principal versus agent considerations
+Judgements (continued)
+3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND
+ESTIMATES (CONTINUED)
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+Annual Report 2021
+二零二一年年報
+金融資產於初步確認時之分類乃視乎該等金
+融資產的合同現金流量特點及本集團管理該
+等金融資產的業務模式而定。本集團管理金
+融資產的業務模式指其管理其金融資產以產
+生現金流量的方式。業務模式釐定現金流量
+是否來自收集合同現金流量、出售金融資
+產,或兩者兼有。
+業務模式
+contractual cash flows, selling the financial assets, or both.
+financial assets refers to how it manages its financial
+assets in order to generate cash flows. The business model
+determines whether cash flows will result from collecting
+The classification of financial assets at initial recognition
+depends on the financial asset's contractual cash flow
+characteristics and the Group's business model for
+managing them. The Group's business model for managing
+Business model
+於應用本集團會計政策的過程中,除涉及對
+財務報表內已確認金額構成最重大影響的估
+計項目外,管理層已作出以下判斷:
+判斷
+編製本集團的財務報表要求管理層作出影響
+收入、開支、資產及負債的報告金額及其附
+帶披露以及或有負債披露的判斷、估計及假
+設。該等假設及估計並不明確,可能會導致
+出現需要對將來受影響的資產或負債的賬面
+值作出重大調整。
+In the process of applying the Group's accounting policies,
+management has made the following judgements, apart
+from those involving estimations, which have the most
+significant effect on the amounts recognised in the financial
+statements:
+Judgements
+disclosures, and the disclosure of contingent liabilities.
+Uncertainty about these assumptions and estimates could
+result in outcomes that could require a material adjustment
+to the carrying amounts of the assets or liabilities affected
+in the future.
+The preparation of the Group's financial statements
+requires management to make judgements, estimates and
+assumptions that affect the reported amounts of revenues,
+expenses, assets and liabilities, and their accompanying
+主要會計判斷及估計
+3.
+3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND
+ESTIMATES
+31 December 2021
+比亞迪股份有限公司
+主要會計判斷及估計(續)
+財務報表附註
+(a)
+就管理而言,本集團按其產品及服務設立業
+務部門,並擁有以下三個可呈報經營分部:
+For management purposes, the Group is organised into
+business units based on their products and services and
+has three reportable operating segments as follows:
+經營分部資料
+4.
+OPERATING SEGMENT INFORMATION
+4.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+177
+(a)
+Annual Report 2021
+二零二一年年報
+非上市權益投資的公允價值
+根據存貨會計政策,本集團自成本中將存貨
+撇銷至變現淨值,並利用成本及變現淨值兩
+者中較低者對滯銷及廢棄產品作出撥備。本
+集團重新評估撥備,以於各報告期末逐項將
+存貨價值減至變現淨值項目。
+根據成本及可變現淨值兩者中之較低者撇銷
+存貨
+保用撥備
+開發成本乃根據於合併財務報表附註2.4中
+研究及開發成本的會計政策撥充資本。在釐
+定撥充資本的款項時,管理層須就資產產生
+的預期未來現金、適用的折現率及所得利益
+的預計期限作出假設。於二零二一年十二月
+三十一日,撥充資本開發成本的賬面值的最
+佳估計為人民幣9,644,705,000元(二零二零
+年:人民幣9,688,588,000元)。進一步詳情
+於合併財務報表附註18中披露。
+開發成本
+估計不確定因素 (續)
+For unlisted equity investments, the Group adopts
+recent transaction method or the valuation techniques to
+determine the fair values. Valuation techniques include
+market multiples and option pricing model, etc. The fair
+value measurement of these financial instruments may
+involve important unobservable inputs such as enterprise
+value to revenue (“EV/Revenue") multiple and liquidity
+discount. The Group believes that the estimated fair values
+resulting from the valuation technique and the related
+changes in fair values are reasonable, and they were the
+most appropriate values at the end of the reporting period.
+Fair values of unlisted equity investments
+The Group, pursuant to the accounting policy for
+inventories, writes down inventories from cost to net
+realisable value and makes reserves for slow-moving items
+and obsolescence by using the lower of cost and net
+realisable value rule. The Group re-estimates the allowance
+to reduce the valuation of inventories to net realisable value
+item by item at the end of each reporting period.
+Write-down of inventories based on the lower of cost and
+net realisable value
+非上市股權投資之公允價值利用近期交易法
+或採用估值技術估算,估值技術包括市場乘
+數法、期權定價模型等。所依據的假設為不
+可觀察輸入值,比如企業價值/收入(「EV/
+Revenue」)比率、流動性折扣等。本集團相
+信,以上述估值方法得出的估計公允價值及
+相關的公允價值變動屬合理,且於報告期末
+為最恰當的價值。
+(b)
+(C)
+the rechargeable batteries and photovoltaic
+products segment comprises the manufacture and
+sale of lithium-ion batteries and nickel batteries,
+photovoltaic products and iron batteries products
+(including energy storage stations and iron battery
+packs), principally for mobile phones, electric
+tools and other portable electronic instruments,
+經營分部間的轉讓定價,參考經營分部間的
+協議價格制定。
+分部負債並無包括遞延稅項負債、應付稅
+項、以公允價值計量並計入損益的金融負
+債、計息銀行及其他借款、衍生金融工具、
+應付利息、應付股息及其他未分配營業總部
+以及企業負債,乃因該等負債按集團層面管
+理。
+分部資產並無包括遞延稅項資產、商譽、以
+公允價值計量並計入其他綜合收益的權益投
+資、其他非流動金融資產、衍生金融工具、
+投資物業及其他未分配營業總部及企業資
+產,乃因該等資產按集團層面管理。
+管理層獨立監控本集團的經營分部業績,以
+便就資源配置及表現評估制定決策。評估分
+部表現時,乃按可呈報分部溢利得出,即計
+量除稅前經調整溢利。計量除稅前經調整溢
+利時,與本集團的除稅前溢利一致,惟非租
+賃相關融資成本、利息收入、匯兌損益、政
+府補助及補貼、連同營業總部及公司開支以
+及收益則不按該法計量。
+Transfer pricing in operating segments is determined with
+reference to the agreed price among operating segments.
+Segment liabilities exclude deferred tax liabilities, tax
+payable, financial liabilities at fair value through profit or
+loss, interest-bearing bank and other borrowings, derivative
+financial instruments, interest payable, dividend payable
+and other unallocated head office and corporate liabilities
+as these liabilities are managed on a group basis.
+Segment assets exclude deferred tax assets, goodwill,
+equity investments at fair value through other
+comprehensive income, other non-current financial assets,
+derivative financial instruments, investment properties and
+other unallocated head office and corporate assets, as
+these assets are managed on a group basis.
+Management monitors the results of the Group's operating
+segments separately for the purpose of making decisions
+about resource allocation and performance assessment.
+Segment performance is evaluated based on reportable
+segment profit, which is a measure of adjusted profit before
+tax. The adjusted profit before tax is measured consistently
+with the Group's profit before tax except that non-lease-
+related finance costs, interest income, exchange gains and
+losses, government grants and subsidies, as well as head
+office and corporate expenses and gains are excluded
+from such measurement.
+經營分部資料(續)
+4.
+4. OPERATING SEGMENT INFORMATION
+(CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+178
+BYD Company Limited
+汽車、汽車相關產品及其他產品分部
+包括製造和銷售汽車、汽車相關的模
+具及零部件、汽車租賃和汽車的售後
+服務、軌道交通相關業務及防疫物資
+產品。
+(C)
+(b) 手機部件、組裝及其他產品分部包括
+製造和銷售外殼等手機及電子產品部
+件並提供整機組裝服務,防疫物資產
+品;及
+二次充電電池及光伏產品分部包括製
+造和銷售鋰離子及鎳電池,光伏產品
+及鐵電池產品(包括儲能電站及鐵電
+池組),主要應用於手機、電動工具
+及其他便攜式電子工具、光伏和儲能
+產品以及電動汽車等;
+the automobiles and related products and other
+products segment comprises the manufacture and
+sale of automobiles and auto-related moulds and
+components and automobile leasing and after sales
+services, rail transport related business and medical
+protection products.
+the mobile handset components, assembly
+service and other products segment comprises
+the manufacture and sale of mobile handset
+components such as housings, electronic
+components, the provision of assembly services and
+medical protection products; and
+photovoltaic products, energy storage products and
+electric vehicles;
+Provisions for product warranties granted by the Group are
+recognised based on sales volume and past experience of
+the level of repairs and returns, discounted to their present
+values as appropriate. Management reviews and adjusts
+the provision to recognise the best estimate at the end of
+each of the reporting periods. Further details are disclosed
+in note 36 to the consolidated financial statements.
+Notes to Financial Statements
+Warranty provisions
+Development costs
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+175
+Annual Report 2021
+二零二一年年報
+本集團會於各報告期末評估所有非金融資
+產(包括使用權資產)有否出現任何減值跡
+象。年期無限的無形資產將於每年及出現該
+跡象時進行減值測試。其他非金融資產則於
+出現賬面值可能不可收回的跡象時進行減值
+測試。資產或現金產生單位的賬面值超逾可
+收回金額(即其公允價值減出售成本及使用
+價值兩者中之較高者)時,則出現減值。計
+量公允價值減出售成本時,按約束銷售交易
+根據公平合理基準交易類似資產可得數據,
+或可得市價減出售資產所產生的應計費用而
+得出。當計算使用價值時,管理層必須估計
+來自資產或現金產生單位的預期未來現金流
+量,並選擇合適的折現率以計算該等現金流
+量的現值。
+非金融資產(商譽除外)減值
+Indefinite life intangible assets are tested for impairment
+annually and at other times when such an indicator exists.
+Other non-financial assets are tested for impairment when
+there are indicators that the carrying amounts may not
+be recoverable. An impairment exists when the carrying
+value of an asset or a cash-generating unit exceeds its
+recoverable amount, which is the higher of its fair value
+less costs of disposal and its value in use. The calculation
+of the fair value less costs of disposal is based on available
+data from binding sales transactions in an arm's length
+transaction of similar assets or observable market prices
+less incremental costs for disposing of the asset. When
+value in use calculations are undertaken, management
+must estimate the expected future cash flows from the
+asset or cash-generating unit and choose a suitable
+discount rate in order to calculate the present value of
+those cash flows.
+The Group assesses whether there are any indicators
+of impairment for all non-financial assets (including the
+right-of-use assets) at the end of each reporting period.
+本集團無法輕易釐定租賃內所隱含的利率,
+因此,使用增量借款利率(「增量借款利率」)
+計量租賃負債。增量借款利率為本集團於類
+似經濟環境中為取得與使用權資產價值相近
+之資產,而以類似抵押品於類似期間借入所
+需資金應支付之利率。因此,增量借款利率
+反映了本集團「應支付」的利率,當無可觀察
+的利率時(如就並無訂立融資交易之附屬公
+司而言)或當須對利率進行調整以反映租賃
+之條款及條件時(如當租賃並非以附屬公司
+的功能貨幣計價時),則須作出估計。當可
+觀察輸入數據可用時,本集團使用可觀察輸
+入數據(如市場利率)估算增量借款利率,並
+須針對不同實體作出若干估計(例如附屬公
+司的單獨信貸評級)。
+租賃- 估計增量借貸利率
+3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND
+估計不確定因素 (續)
+3.
+Impairment of non-financial assets (other than goodwill)
+the subsidiary's stand-alone credit rating).
+required to make certain entity-specific estimates (such as
+The Group cannot readily determine the interest rate
+implicit in a lease, and therefore, it uses an incremental
+borrowing rate ("IBR") to measure lease liabilities. The IBR
+is the rate of interest that the Group would have to pay to
+borrow over a similar term, and with a similar security, the
+funds necessary to obtain an asset of a similar value to
+the right-of-use asset in a similar economic environment.
+The IBR therefore reflects what the Group "would have
+to pay", which requires estimation when no observable
+rates are available (such as for subsidiaries that do not
+enter into financing transactions) or when it needs to be
+adjusted to reflect the terms and conditions of the lease (for
+example, when leases are not in the subsidiary's functional
+currency). The Group estimates the IBR using observable
+inputs (such as market interest rates) when available and is
+Leases Estimating the incremental borrowing rate
+-
+Estimation uncertainty (continued)
+3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND
+ESTIMATES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+主要會計判斷及估計(續)
+ESTIMATES (CONTINUED)
+Estimation uncertainty (continued)
+Depreciation and amortisation
+Estimation uncertainty (continued)
+主要會計判斷及估計(續)
+3.
+SIGNIFICANT ACCOUNTING JUDGEMENTS AND
+ESTIMATES (CONTINUED)
+3.
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+176
+BYD Company Limited
+僅在可能取得未來應課稅溢利作扣減虧損的
+情況下,方確認由未動用稅項虧損產生之遞
+延稅項資產。在釐定可予確認��遞延稅項資
+產的金額時,須根據可能的時間、未來應課
+税溢利水平連同未來稅項計劃策略作出重大
+管理層判斷。與已確認稅項虧損有關的遞延
+稅項資產於二零二一年十二月三十一日的賬
+面值為人民幣539,785,000元(二零二零年:
+人民幣201,320,000元)。於二零二一年十
+二月三十一日的未確認稅項虧損金額為人民
+幣5,824,945,000元(二零二零年:人民幣
+3,862,193,000元)。進一步詳情於合併財務
+報表附註39中披露。
+遞延稅項資產
+details are disclosed in note 39 to the consolidated
+financial statements.
+of unrecognised tax losses at 31 December 2021 was
+RMB5,824,945,000 (2020:RMB3,862,193,000). Further
+RMB539,785,000 (2020:RMB201,320,000). The amount
+Deferred tax assets are recognised for unused tax
+losses to the extent that it is probable that taxable
+profit will be available against which the losses can be
+utilised. Significant management judgement is required
+to determine the amount of deferred tax assets that can
+be recognised, based upon the likely timing and level
+of future taxable profits together with future tax planning
+strategies. The carrying value of deferred tax assets
+relating to recognised tax losses at 31 December 2021 was
+Deferred tax assets
+本集團計量物業、廠房及設備項目的折舊及
+攤銷無形資產時,乃於物業、廠房及設備及
+無形資產項目投入使用當日起計,根據其估
+計可使用年期按直線法基準計算,並計及其
+估計剩餘價值、估計可使用年期或估計總產
+量後按生產單位基準計算而得出。估計可使
+用年期或總產量反映董事期內估計本集團擬
+將透過其使用物業、廠房及設備或無形資產
+而獲取未來經濟利益。
+折舊及攤銷
+估計不確定因素 (續)
+3.
+plant and equipment and amortisation of intangible assets
+on the straight-line basis over their estimated useful lives
+or on the unit-of-production basis and after taking into
+account their estimated residual value, estimated useful
+lives or estimated total production quantities, commencing
+from the date the items of property, plant and equipment
+and intangible assets are placed into use. The estimated
+useful lives or the total production quantities reflect the
+directors' estimate of the period that the Group intends to
+derive future economic benefits from the use of the Group's
+items of property, plant and equipment or intangible
+assets.
+The Group calculates the depreciation of items of property,
+Development costs are capitalised in accordance with
+the accounting policy for research and development
+costs in note 2.4 to the consolidated financial statements.
+Determining the amounts to be capitalised requires
+management to make assumptions regarding the expected
+future cash generation of the assets, discount rates to
+be applied and the expected period of benefits. At 31
+December 2021, the best estimate of the carrying amount
+of capitalised development costs was RMB9,644,705,000
+(2020: RMB9,688,588,000). Further details are disclosed in
+note 18 to the consolidated financial statements.
+本集團作出的產品保用撥備乃根據銷量及維
+修及退貨水平方面的過往經驗確認,並適當
+折現至其現值。管理層於各報告期末檢討及
+調整撥備以確認最佳估計。進一步詳情於合
+併財務報表附註36中披露。
+6,375,288
+3,645,439
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+銷售商品及建造服務
+提供服務
+210,161,229
+152,999,400
+1,138,689
+469,784
+211,299,918
+153,469,184
+Annual Report 2021
+二零二一年年報
+185
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+5. REVENUE, OTHER INCOME AND GAINS 5. 收入、其他收入及收益(續)
+(CONTINUED)
+Revenue from contracts with customers
+(i)
+Disaggregated revenue information
+客戶合同收入
+2021
+(i)
+客戶合同收入
+Revenue from contracts with customers
+the locations of the assets and excludes goodwill,
+financial instruments and deferred tax assets.
+上述非流動資產資料乃根據資產所在
+地獲取,惟未計及商譽、金融工具及
+遞延稅項資產。
+BYD Company Limited
+184
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+4. OPERATING SEGMENT INFORMATION
+(CONTINUED)
+4.
+經營分部資料(續)
+Information about a major customer
+Revenue of approximately RMB34,852,102,000 (2020:
+RMB19,412,775,000) was derived from sales made by the
+Mobile handset components, assembly service and other
+products segment and the rechargeable batteries and
+photovoltaic products segment to a single customer and a
+group of entities which are under common control with that
+customer.
+主要客戶的資料
+收入約人民幣34,852,102,000元(二零二零
+年:人民幣19,412,775,000元),來自手機
+部件、組裝服務及其他產品分部及二次充電
+電池及光伏產品分部對單一客戶以及處於該
+客戶共同控制下的集團實體的銷售。
+5.
+REVENUE, OTHER INCOME AND GAINS
+An analysis of revenue is as follows:
+5.
+收入、其他收入及收益
+收入的分析如下:
+Sale of goods and construction services
+Rendering of services
+分類收入資料
+Mobile handset
+Rechargeable
+Rendering of services
+銷售商品及建造服務
+提供服務
+15,391,154
+10,888
+85,271,646
+274,026
+108,805,683
+692,746 210,161,229
+853,775
+1,138,689
+Total revenue from contracts with customers 客戶合同收入總額
+15,402,042
+85,545,672 109,659,458
+692,746
+211,299,918
+Geographical markets
+地區市場
+PRC (including Hong Kong, Macau
+中國(包括香港、澳門及台灣)
+7,268,523
+37,537,914 101,905,776
+692,746
+147,404,959
+Sale of goods and construction services
+貨品或服務類別
+Types of goods or services
+RMB'000
+人民幣千元
+components,
+Automobiles
+batteries and
+assembly
+and related
+photovoltaic
+service and
+products, and
+截至二零二一年
+For the year ended 31 December 2021
+The non-current asset information above is based on
+Segments
+products other products* other products*
+二次充電電池 手機部件、組裝 汽車、汽車相關
+及光伏產品 及其他產品* 產品及其他產品*
+RMB’000
+人民幣千元
+Others
+Total
+其他
+總計
+RMB'000
+RMB'000
+人民幣千元
+人民幣千元
+RMB'000
+人民幣千元
+十二月三十一日止年度
+分部
+84,067,433
+123,372,862
+1,722,989
+975,942
+1,166,268
+financial and contract assets
+虧損╱(虧損轉回)
+Depreciation and amortisation
+折舊及攤銷
+3,053,540
+2,137,464
+7,327,671
+12,518,675
+Investments in joint ventures
+於合營公司的投資
+306,611
+4,136,196
+4,442,807
+Investments in associates
+Capital expenditure
+於聯營公司的投資
+資本開支*
+410,473
+4,736,572
+612,308
+1,022,781
+(10,679)
+201,005
+金融及合同資產的減值
+Impairment losses/(losses reversed) on
+136,563,409
+Other segment information:
+其他分部資料:
+Share of (profits)/losses of:
+分佔(溢利)/虧損:
+Joint ventures
+合營公司
+(2,211)
+201,166
+198,955
+3,436,447
+Associates
+27,943
+(40,061)
+(12,118)
+Impairment losses recognised in the
+損益表中確認的減值虧損淨額
+221,690
+3,440
+467,034
+692,164
+statement of profit or loss, net
+聯營公司
+and Taiwan)
+4,392,564
+Capital expenditure consists of additions to property,
+plant and equipment, investment properties, right-of-
+153,469,184
+The revenue information above is based on the
+locations of customers.
+上述收入資料乃根據客戶所在地獲
+取。
+。
+(b)
+Non-current assets
+(b)
+非流動資產
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+PRC (including Hong Kong, Macau
+中國(包括香港、澳門及台灣)
+121,102,905 82,344,444
+and Taiwan)
+Overseas
+海外
+2,269,957
+211,299,918
+63,894,959 59,123,311
+海外
+Overseas
+資本開支包含添置物業、廠房及設備、
+投資物業、使用權資產、其他無形資產
+use assets, other intangible assets and prepayment for
+items of property, plant and equipment.
+及物業、廠房及設備項目的預付款項。
+Annual Report 2021
+二零二一年年報
+183
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
+4.
+12,565,583
+(CONTINUED)
+(a) Revenue from external customers
+地區資料
+(a) 來自外界客戶的收入
+2021
+二零二一年
+RMB’000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+PRC (including Hong Kong, Macau
+and Taiwan)
+中國(包括香港、澳門及台灣)
+147,404,959 94,345,873
+Geographical information
+Overseas
+海外
+8,133,519 48,007,758
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+5. REVENUE, OTHER INCOME AND GAINS 5. 收入、其他收入及收益(續)
+(CONTINUED)
+Revenue from contracts with customers (continued)
+客戶合同收入(續)
+(i)
+Disaggregated revenue information (continued)
+(i)
+分類收入資料(續)
+Set out below is the reconciliation of the revenue
+from contracts with customers to the amounts
+以下載列客戶合同收入與分部資料披
+露金額的對賬:
+disclosed in the segment information:
+Mobile handset
+Rechargeable
+components,
+Automobiles
+batteries and
+assembly
+and related
+Notes to Financial Statements
+187
+Annual Report 2021
+二零二一年年報
+153,469,184
+11,704,632
+59,354,468
+81,957,889
+452,195
+153,469,184
+Timing of revenue recognition
+收入確認時間
+Goods transferred at a point in time
+於某一時間點轉移的貨品
+11,673,278
+photovoltaic
+Services transferred over time
+31,354
+59,339,624
+14,844
+79,671,491
+2,286,398
+452,195 151,136,588
+2,332,596
+Total revenue from contracts with customers 客戶合同收入總額
+11,704,632
+59,354,468
+81,957,889
+452,195
+隨時間轉移的服務
+Total revenue from contracts with customers 客戶合同收入���額
+service and
+Corporate
+29,550,124
+(29,550,124)
+211,299,918
+BYD Company Limited
+188
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+5. REVENUE, OTHER INCOME AND GAINS
+(CONTINUED)
+5.
+收入、其他收入及收益(續)
+Revenue from contracts with customers (continued)
+(i)
+Disaggregated revenue information (continued)
+客戶合同收入(續)
+(i) 分類收入資料(續)
+Mobile handset
+Rechargeable
+components,
+211,299,918
+692,746
+15,402,042 85,545,672 109,659,458
+22,925,816 3,362,461 3,261,847
+Total revenue from contracts with customers 客戶合同收入總額
+截至二零二一年
+products other products
+other products
+and others
+Total
+Year ended 31 December 2021
+Segment
+十二月三十一日止年度
+分部
+二次充電電池
+及光伏產品
+RMB'000
+人民幣千元
+products and
+手機部件、組裝
+及其他產品
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+企業及其他
+RMB'000
+人民幣千元
+總計
+RMB'000
+人民幣千元
+Revenue from contracts with customers 客戶合同收入
+External customers
+Intersegment sales
+外界客戶
+各分部間的銷售
+Intersegment adjustments and eliminations 各分部間的調整及撇銷
+汽車、汽車相關
+產品及其他產品
+負債總額
+59,123,311
+21,532,043
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+5. REVENUE, OTHER INCOME AND GAINS
+(CONTINUED)
+5.
+收入、其他收入及收益(續)
+Revenue from contracts with customers (continued)
+(i)
+Disaggregated revenue information (continued)
+Rechargeable
+batteries and
+photovoltaic
+客戶合同收入(續)
+(i) 分類收入資料(續)
+Mobile handset
+components,
+assembly
+Automobiles
+service
+and related
+and other
+比亞迪股份有限公司
+186
+BYD Company Limited
+手機部件、組裝及其他產品和
+汽車、汽車相關產品及其他產
+品的銷售金額包括銷售防疫物
+資產品。
+7,753,682
+63,894,959
+Total revenue from contracts with customers 客戶合同收入總額
+15,402,042
+85,545,672 109,659,458
+692,746
+211,299,918
+Timing of revenue recognition
+Goods transferred at a point in time
+於某一時間點轉移的貨品
+products, and
+Services transferred over time
+15,391,154
+10,888
+85,271,646 107,444,411
+274,026 2,215,047
+692,746
+208,799,957
+2,499,961
+Total revenue from contracts with customers 客戶合同收入總額
+15,402,042
+85,545,672
+109,659,458
+692,746 211,299,918
+Sales of medical protection products are
+included in the sales of Mobile handset
+components, assembly service and other
+products and Automobiles and related products
+and other products.
+隨時間轉移的服務
+30,039,086
+截至二零二零年
+For the year ended 31 December 2020
+423,586
+152,999,400
+469,784
+Total revenue from contracts with customers 客戶合同收入總額
+11,704,632
+59,354,468
+81,957,889
+452,195
+153,469,184
+Geographical markets
+地區市場
+PRC (including Hong Kong, Macau
+中國(包括香港、澳門及台灣)
+4,152,450
+37,822,425
+51,918,803
+452,195
+94,345,873
+and Taiwan)
+Overseas
+海外
+7,552,182
+14,844
+31,354
+452,195
+81,534,303
+Segments
+十二月三十一日止年度
+分部
+二次充電電池
+及光伏產品
+RMB'000
+人民幣千元
+products* other products*
+手機部件、組裝 汽車、汽車相關
+及其他產品* 產品及其他產品*
+Others
+Total
+其他
+總計
+RMB'000
+products
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+Types of goods or services
+貨品或服務類別
+Sale of goods and construction services
+Rendering of services
+銷售商品及建造服務
+提供服務
+11,673,278
+59,339,624
+人民幣千元
+Automobiles
+Total liabilities
+(3,711,632)
+assembly
+products
+photovoltaic
+service and
+and other
+products other products
+products
+Corporate
+and others
+Total
+截至二零二一年
+Year ended 31 December 2021
+十二月三十一日止年度
+二次充電電池
+及光伏產品
+RMB’000
+人民幣千元
+手機部件、組裝
+及其他產品
+RMB’000
+人民幣千元
+汽車、汽車相關
+產品及其他產品
+RMB'000
+人民幣千元
+企業
+及其他
+RMB'000
+人民幣千元
+合計
+RMB'000
+人民幣千元
+Segment assets
+batteries and
+分部資產
+and related
+Rechargeable
+各分部間的業績撇銷
+利息收入
+(1,529,009)
+631,841
+2,820,434
+(1,074,858)
+(1,839,260)
+Profit before tax
+除稅前溢利
+4,518,003
+BYD Company Limited
+180
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+4. OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
+(CONTINUED)
+Mobile handset
+Automobiles
+components,
+71,655,531
+43,371,219 169,766,113
+284,792,863
+企業及其他未分配負債
+41,551,850
+Total liabilities
+負債總額
+191,535,938
+Other segment information:
+其他分部資料:
+Share of (profits)/losses of:
+分佔(溢利)/虧損:
+Joint ventures
+合營公司
+Associates
+聯營公司
+Impairment losses recognised in the statement 損益表中確認的減值虧損淨額
+(9,193)
+220,469
+211,276
+(38,550)
+(27,431)
+(65,981)
+102,824
+Corporate and other unallocated liabilities
+(6,670,777)
+各分部間應付款項撇銷
+對賬:
+Reconciliation:
+對賬:
+Elimination of intersegment receivables
+各分部間應收款項撇銷
+Elimination of unrealised profit from
+intersegment sales
+各分部間銷售未變現溢利撇銷
+Corporate and other unallocated assets
+企業及其他未分配資產
+(6,670,777)
+(1,880,508)
+對賬:
+19,538,569
+資產總值
+295,780,147
+Segment liabilities
+Reconciliation:
+Elimination of intersegment payables
+分部負債
+47,332,784
+18,884,526
+90,437,555
+156,654,865
+Total assets
+融資成本(不包括租賃負債利息)
+企業及其他未分配開支
+股息收入及未分配收益
+Year ended 31 December 2021
+十二月三十一日止年度
+及光伏產品
+RMB’000
+人民幣千元
+手機部件、組裝
+及其他產品
+RMB'000
+人民幣千元
+汽車、汽車相關
+產品及其他產品
+企業
+RMB’000
+人民幣千元
+及其他
+RMB'000
+人民幣千元
+合計
+RMB'000
+人民幣千元
+Segment revenue (note 5)
+分部收入(附註5)
+Sales to external customers
+向外界客戶銷售
+15,402,042
+85,545,672 109,659,458
+692,746
+211,299,918
+Intersegment sales
+二次充電電池
+截至二零二一年
+Total
+and others
+Annual Report 2021
+二零二一年年報
+179
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
+4.
+(CONTINUED)
+Mobile handset
+Automobiles
+各分部間的銷售
+Rechargeable
+and related
+batteries and
+assembly
+products
+photovoltaic
+service and
+and other
+products other products
+products
+Corporate
+components,
+320,736
+22,925,816
+3,261,847
+39,397,022
+89,816,913 115,751,091
+727,493
+245,692,519
+(29,550,124)
+(1,807,599)
+(3,034,878)
+211,299,918
+Segment results
+分部業績
+432,509
+1,853,047
+3,187,865
+35,434
+5,508,855
+Reconciliation:
+Elimination of intersegment results
+Interest income
+Dividend income and unallocated gains
+Corporate and other unallocated expenses
+Finance costs (other than interest on
+lease liabilities)
+收入 - 向外界客戶銷售
+Revenue sales to external customers
+稅金及附加費撇銷
+其他總收入撇銷
+29,550,124
+Others including other income from sales of
+其他(包括來自出售廢料、租賃等
+1,043,002
+529,062
+233,092
+2,443
+1,807,599
+scrap materials, lease and others
+的其他收入)
+3,362,461
+Taxes and surcharges
+26,162
+379,718
+2,596,694
+32,304
+3,034,878
+Reconciliation:
+Elimination of intersegment sales
+Elimination of other gross income
+Elimination of taxes and surcharges
+對賬:
+各分部間的銷售撇銷
+税金及附加費
+377,436
+800,996
+of profit or loss, net
+214,613
+2,190,437
+(1,523,627)
+(3,067,379)
+Profit before tax
+除稅前溢利
+6,882,587
+BYD Company Limited
+182
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+4. OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
+(CONTINUED)
+Mobile handset
+Rechargeable
+components,
+Automobiles
+batteries and
+利息收入
+(910,416)
+各分部間的業績撇銷
+對賬:
+(27,416,139)
+(974,092)
+(2,154,415)
+Revenue sales to external customers
+收入 - 向外界客戶銷售
+153,469,184
+Segment results
+分部業績
+809,900
+6,260,670
+photovoltaic
+2,906,979
+9,978,959
+Reconciliation:
+Elimination of intersegment results
+Interest income
+Dividend income and unallocated gains
+Corporate and other unallocated expenses
+Finance costs (other than interest on
+lease liabilities)
+股息收入及未分配收益
+企業及其他未分配開支
+融資成本(不包括租賃負債利息)
+1,410
+184,013,830
+assembly
+and related
+196,523,654
+(3,711,632)
+(2,026,657)
+10,231,956
+Corporate and other unallocated assets
+企業及其他未分配資產
+Total assets
+資產總值
+201,017,321
+Segment liabilities
+Reconciliation:
+Elimination of intersegment payables
+分部負債
+17,754,593
+20,628,730
+43,086,393
+81,469,716
+對賬:
+各分部間應付款項撇銷
+Corporate and other unallocated liabilities
+企業及其他未分配負債
+121,710,398
+37,340,874
+37,472,382
+各分部間銷售未變現溢利撇銷
+截至二零二零年
+Year ended 31 December 2020
+十二月三十一日止年度
+products
+二次充電電池
+及光伏產品
+RMB'000
+人民幣千元
+other products
+手機部件、組裝
+及其他產品
+RMB'000
+人民幣千元
+other products
+汽車、汽車相關
+產品及其他產品
+products and
+Corporate
+and others
+Total
+service and
+企業
+及其他
+RMB'000
+人民幣千元
+合計
+RMB'000
+人民幣千元
+Segment assets
+Reconciliation:
+Elimination of intersegment receivables
+Elimination of unrealised profit from
+intersegment sales
+分部資產
+對賬:
+各分部間應收款項撇銷
+RMB'000
+人民幣千元
+58,805,325
+473,871
+22,471,849
+5,413,421
+21,999,747
+51,353,914
+Annual Report 2021
+二零二一年年報
+181
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
+4.
+(CONTINUED)
+Mobile handset
+Rechargeable
+batteries and
+photovoltaic
+截至二零二零年
+Year ended 31 December 2020
+十二月三十一日止年度
+products
+二次充電電池
+及光伏產品
+RMB'000
+人民幣千元
+other products
+手機部件、組裝
+及其他產品
+RMB'000
+人民幣千元
+23,940,746
+資本開支*
+1,090,772
+636,749
+Impairment losses/(losses reversed) on
+金融及合同資產的減值
+100,112
+(14,619)
+359,060
+444,553
+financial and contract assets
+虧損(虧損轉回)
+Depreciation and amortisation
+折舊及攤銷
+other products
+汽車、汽車相關
+產品及其他產品
+3,988,747
+7,234,736
+14,108,382
+Investments in joint ventures
+於合營公司的投資
+315,804
+6,498,425
+6,814,229
+Investments in associates
+Capital expenditure
+於聯營公司的投資
+454,023
+2,884,899
+74,887,896 86,180,214
+components,
+service and
+356,288
+254,445
+1,142
+974,092
+scrap materials, lease and others
+的其他收入)
+Taxes and surcharges
+稅金及附加費
+20,679
+332,211
+1,780,991
+20,534
+2,154,415
+Reconciliation:
+Elimination of intersegment sales
+Elimination of other gross income
+Elimination of taxes and surcharges
+對賬:
+各分部間的銷售撇銷
+其他總收入撇銷
+稅金及附加費撇銷
+362,217
+其他(包括來自出售廢料、租賃等
+Others including other income from sales of
+27,416,139
+and related
+products and
+Corporate
+and others
+Automobiles
+Total
+RMB'000
+人民幣千元
+企業
+及其他
+RMB'000
+人民幣千元
+合計
+RMB 000
+人民幣千元
+assembly
+Segment revenue (note 5)
+Sales to external customers
+向外界客戶銷售
+11,704,632
+Intersegment sales
+各分部間的銷售
+10,384,321
+59,354,468 81,957,889
+14,844,929
+452,195
+153,469,184
+2,186,889
+分部收入(附註5)
+batteries and
+收入確認時間
+and related
+10,384,321
+14,844,929
+81,957,889
+2,186,889
+452,195
+153,469,184
+27,416,139
+Intersegment adjustments and eliminations 各分部間的調整及撇銷
+Total revenue from contracts with customers 客戶合同收入總額
+(27,416,139)
+153,469,184
+各分部間的銷售
+The following table shows the amounts of revenue
+recognised in the current reporting period that
+were included in the contract liabilities at the
+beginning of the reporting period and recognised
+下表呈列於本報告期間確認並計入報
+告期初合同負債及就於過往期間達成
+的履約責任確認的收入金額:
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+Revenue recognised that was included
+in contract liabilities at the beginning
+of the reporting period:
+計入報告期初合同負債確認
+的收入:
+Sale of goods and construction services
+銷售商品及建造服務
+from performance obligations satisfied in previous
+periods:
+Intersegment sales
+assembly
+11,704,632
+59,354,468
+photovoltaic
+service and
+products and
+Corporate
+Year ended 31 December 2020
+十二月三十一日止年度
+Segment
+分部
+products
+二次充電電池
+及光伏產品
+RMB'000
+人民幣千元
+other products
+手機部件、組裝
+及其他產品
+RMB'000
+人民幣千元
+截至二零二零年
+and others
+Total
+RMB'000
+人民幣千元
+企業及其他
+RMB'000
+人民幣千元
+總計
+RMB'000
+人民幣千元
+Revenue from contracts with customers
+客戶合同收入
+External customers
+外界客戶
+other products
+汽車、汽車相關
+產品及其他產品
+最後,本人謹代表本集團感謝各位忠誠客戶一直以
+來的支持及厚愛,同時亦感激各位業務夥伴、投資
+者及股東的信任,並對全體員工在過去一年堅守崗
+位,默默耕耘和奉獻致以衷心感謝。本集團將繼往
+開來,與時俱進,把握行業機遇,發揮自身優勢,
+致力推進本集團的長期可持續發展,為股東創優增
+值。
+未來,本集團將繼續深耕,堅持技術創新和核心技
+術自主可控,推出更多優質產品,助力「雙碳」目標
+的推進,為城市發展提供多元化的綠色整體解決方
+案,促進低碳社會發展。同時,積極推進本集團市
+場化戰略,構建產業合作共贏生態,實現集團的長
+久繁榮和基業長青,將本集團打造成中國工業的百
+年企業。
+Chairman
+Chairman's Statement
+Lastly, on behalf of the Group, I would like to express sincere
+gratitude to our loyal customers for their persistent support. I
+also give my heartfelt thanks to all business partners, investors
+and shareholders for their trust. Besides, I would like to present
+my heartfelt gratitude to all staff for their consistent hard work,
+sacrifice and contribution in the past year. the Group will build on
+past achievements and keep pace with the times, seize market
+opportunities and leverage its own advantages to promote the
+long-term healthy development of the Group, therefore, maximize
+returns for shareholders.
+In the future, BYD will dive deeper in technology innovation,
+so as to increase the independency and controllability over
+core technologies, launch more high-quality products, help
+achieve the goal of “Dual-Carbon", provide diversified green
+integrated solutions for urban development as well as promote
+the development of a low-carbon society. Meanwhile, BYD will
+actively promote the market-oriented strategy, build an ecosystem
+of industry win-win cooperation, and realize prolonged prosperity
+and sustainable growth of the Group, therefore, make the Group a
+century-old industrial enterprise in China.
+主席報告書
+主席
+Wang Chuan-fu
+王傳福
+比亞迪股份有限公司
+中國深圳,二零二二年三月二十九日
+13
+BYD Company Limited
+14
+Management Discussion and Analysis
+管理層討論與分析
+INDUSTRY ANALYSIS AND REVIEW
+Automobile Business
+In 2021, the COVID-19 pandemic continuously recurred globally.
+The international environment became more complex and severe,
+and the global economy struggled to recover under risk and
+challenge. Among them, China's normalized pandemic prevention
+and control was in a leading position over the world, and its
+economic development has shown greater resilience and vitality.
+Foreign investment and trade continued to boom, the transition
+from old economic engines to new has accelerated, and the high-
+tech industry has continued to progress well, representing a good
+beginning of the “14th Five-Year Plan”. However, affected by the
+recurrence of the COVID-19, the rising prices of commodities and
+other aspects, the downward pressure on China's macro economy
+had enhanced since the second quarter. Both consumption and
+investment were weak, and the process of economic recovery
+slowed down. According to the data released by the National
+Bureau of Statistics, the annual GDP in 2021 increased by
+8.1% year-on-year. In general, the economy of the whole year
+is characterized by “high-to-low declining trend”,“structural
+differentiation” and “intensified pressure”.
+Annual Report 2021
+二零二一年年報
+Shenzhen, the PRC, 29 March 2022
+二次充電電池方面,本集團將積極推進新技術應
+用,拓展客戶基礎,推動相關產品市場份額的持續
+提升。光伏業務方面,本集團將緊抓行業發展契
+機,着力推動產品轉型升級及技術突破,以全新起
+點來迎接全新爆發性增長機遇。
+12
+本集團持續深化市場化佈局,一方面將穩步推進比
+亞迪半導體上市相關工作,另一方面將著手培育更
+多具有市場競爭力的業務板塊,實現市場化運營,
+進一步釋放各業務的發展潛力,提升集團整體價值。
+In the area of handset components and assemblies, the Group is
+a global leader in smart phones and other smart terminals, and
+achieves steady business growth based on its industry-leading
+research and development capabilities, accumulated advantages
+in rapid and mass production and customer resources, as well
+as a diversified product portfolio. During the year, the Group
+achieved flourishing development in the new intelligent product
+business segment and continued to make breakthroughs in
+automotive intelligent systems. Despite the shortage of chips in
+the industry and weak domestic demand, the Group achieved
+rapid growth in sales volume.
+本集團積極響應國家「雙碳」政策,充分發揮在新
+能源領域的獨特優勢,推出新能源汽車、光伏、儲
+能、「雲軌」及「雲巴」等綜合綠色解決方案並不斷挖
+掘本集團自身節能減排潛力,爭做綠色製造的標桿
+企業。此外,本集團積極承擔社會責任,面對自然
+災害及反覆的疫情,本集團不僅通過捐款、捐贈防
+疫物資的方式進行助力,更是結合自身業務特點,
+開放鄭州市4S店作為強降雨時的應急避難場所,還
+將綠色科技融入醫療服務,支持疫情防控工作。
+手機部件及組裝領域,本集團是全球領先的智能手
+機及其他智能終端的領導者,依托於業界領先的研
+發實力、積累快速規模化生產及客戶優勢,以及多
+元的產品組合,實現業務持續穩步發展。年內,新
+型智能產品板塊業務蓬勃發展,汽車智能系統持
+續突破,儘管在行業芯片短缺及內需疲軟的大環境
+下,本集團的銷售規模仍實現高速增長。
+The rechargeable battery business grew steadily during the year.
+At the same time, the Group actively integrates the photovoltaics
+business to prepare for the rapid development of the industry.
+Looking forward to 2022, as required by the Central Economic
+Work Conference "make economic stability our top priority and
+pursue progress while ensuring stability" will be the theme
+throughout the year, pave the way for economy to transform from
+external demand driven to domestic demand driven, so as to
+provide strong support for automobile consumption.
+In terms of automobile, the Group will actively seize the
+developing opportunities, insist on technological innovation,
+actively explore intellectualization, launch competitive products
+and enhance its brand influence, thus fulfilling the responsibility
+and mission of driving the upward development of Chinese new
+energy vehicle brands.
+二次充電電池業務於年內穩步增長。同時,本集團
+積極整合光伏業務,為行業快速發展做好準備。
+展望二零二二年,根據中央經濟工作會議要求,「穩
+字當頭、穩中求進」將是貫穿全年的主旋律,助力經
+濟逐步從外需拉動向內需驅動轉換,從而對汽車消
+費起到良好的支撐作用。
+在汽車領域,本集團將積極把握發展機遇,堅持技
+術創新,積極探索智能化,推出具有市場競爭力的
+產品並穩步提升品牌影響力,肩負起中國新能源汽
+車品牌向上發展的責任與使命。
+Against the background of repeated pandemic, insufficient
+domestic demand and constrained supply chain, China's
+automobile industry has achieved positive growth. According
+to the statistics from the China Association of Automobile
+Manufacturers, China's automobile production and sales volume
+in 2021 were 26.082 million units and 26.275 million units,
+respectively, put an end to the three-year decline since 2018, with
+a slight year-on-year increase of 3.4% and 3.8%. Among them, the
+market of new energy vehicle showed explosive growth. In 2021,
+the annual production and sales volume of new energy vehicle
+were 3.545 million units and 3.521 million units respectively,with
+a year-on-year increase of approximately 1.6 times. The annual
+penetration rate rose significantly by 8 percentage to 13.4%,and
+the penetration rate in December was as high as 19.1%. China's
+new energy vehicle industry has developed from policy-driven
+to the new stage of market-driven, showing a good developing
+trend of both market scale and quality. In addition, China's
+new energy vehicle industry developed rapidly and gradually
+became an important engine and innovation highland in the
+electrification progress of the global automobile industry. With
+strong rise of self-owned brands, product supply has become
+rich and diverse, therefore promote the market share increased
+significantly. Moreover, the supply chain and industrial chain also
+further improved, which has become the advantage for the whole
+industry, hence reshaped the automobile industry structure.
+BYD Company Limited
+比亞迪股份有限公司
+Chairman's Statement
+主席報告書
+The Group continues to deepen its marketization strategy. On
+the one hand, the Group will steadily promote the work related
+to the listing of BYD Semiconductor, on the other hand, it will
+embark on incubating more business segments with strong market
+competitiveness to realize marketization operation. Therefore,
+further release the development potential of each business, and
+enhance the overall value of the Group.
+Combined with its own business characteristics, the Group
+will continue to develop in the core areas of the upstream and
+downstream of the industrial chain through strategic investment,
+empower each other, and help to accelerate the Group's
+marketization process.
+In terms of handset components and assembly business,
+the Group continues to accumulate technology to provide a
+sustainable driver for the long-term growth potential. While
+maintaining its leading position in the Android field, the Group will
+continue to go deep into the core product business opportunities
+from major customers in North America to lay a solid foundation
+for the explosive revenue growth in the future. On the other hand,
+the integration of 5G and artificial intelligence technology has
+ushered in a window phase of span development for the market
+of new intelligent products and the automotive intelligent system.
+The Group will take advantage from the momentum to make
+breakthroughs in various segments such as smart homes, Internet
+of Things, unmanned aerial vehicles, robots and electronic
+atomization arranged in the early stage. It is expected to achieve
+sustained and rapid growth. With the automotive industry
+accelerating its innovation and the successive introduction of
+favorable policies, the business scale of automotive intelligent
+system promises potential growth in the future.
+In terms of rechargeable batteries, the Group will actively promote
+the application of the new technologies, expand its customer
+base and promote continuous increments of market shares of
+relevant products. In terms of photovoltaics business, the Group
+will seize the opportunities brought by industry development
+and concentrate on product transformation, upgrades as well
+as technological breakthroughs, to embrace the new explosive
+growth opportunities at a new starting point.
+本集團將結合自身業務特點,持續通過戰略投資在
+產業鏈上下游核心領域進行佈局,與產業鏈上下游
+合作夥伴相互賦能,助力本集團市場化進程���
+In the same period, the European new energy vehicle market
+experienced a blowout growth, while the United States, one
+of the main new energy vehicle markets, also showed strong
+development potential.
+手機部件及組裝業務
+汽車業務
+17
+BUSINESS REVIEW
+BYD Company Limited (“BYD” or “the Company”together with its
+subsidiaries, "the Group") is principally engaged in automobile
+business which includes new energy vehicles and traditional fuel-
+engined vehicles, handset components and assembly services,
+as well as rechargeable battery and photovoltaics business.
+Meanwhile, with its technological superiority, the Group actively
+develops urban rail transportation business segment. In 2021, the
+Group recorded a revenue of approximately RMB211,300 million,
+representing a year-on-year increase of 37.68%,among which,
+the revenue from the automobiles and related products, and
+other products amounted to approximately RMB109,659 million,
+representing a year-on-year increase of 33.80%; the revenue from
+the handset components, assembly service and other products
+amounted to approximately RMB85,546 million, representing
+a year-on-year increase of 44.13%;and the revenue from the
+rechargeable batteries and photovoltaics business amounted to
+approximately RMB15,402 million, representing a year-on year
+increase of 31.59%.These three business segments accounted
+for approximately 51.90%,40.49% and 7.29% of the Group's total
+revenue, respectively.
+Automobiles Business
+As a pioneer and leader in the new energy vehicle industry, BYD
+adheres to the development concept of "Technology-focused
+and Innovation-oriented", accurately locates the target market
+continuously deepen technology development accelerates the
+Group's electrification development process in an all-round
+manner and boosts the new energy vehicle industry enters a
+high-quality developing stage. In 2021, through technological
+innovation and application, the sales volume of BYD's new
+energy vehicle increased continuously. Although affected by the
+COIVD-19 in December, the per month sales still hit a record
+high. According to the statistics from the China Association of
+Automobile Manufacturers, the Group's market share of new
+energy vehicles amounted to 17.1% in 2021, representing an
+increase of nearly 8% within the year. The sales volume of BYD is
+in the leading position of the domestic new energy vehicle market,
+and tops the global rankings. The consumers have demonstrated
+strong preference toward the Group's whole series of products,
+which further enhanced the brand influence.
+業務回顧
+比亞迪股份有限公司(「比亞迪」或「本公司」及其附
+屬公司統稱「本集團」或「集團」)主要經營包括新能
+源汽車、傳統燃油汽車在內的汽車業務,手機部件
+及組裝業務,二次充電電池及光伏業務,並積極利
+用自身技術優勢拓展城市軌道交通及其他業務。於
+二零二一年,本集團實現收入約人民幣211,300百
+萬元,同比增長37.68%,其中汽車、汽車相關產品
+及其他產品業務的收入約人民幣109,659百萬元,
+同比增長33.80%;手機部件、組裝及其他產品業務
+的收入約人民幣85,546百萬元,同比增長44.13%;
+二次充電電池及光伏業務的收入約人民幣15,402百
+萬元,同比增長31.59%。三大業務佔本集團總收入
+的比例分別為51.90%、40.49%和7.29%。
+汽車業務
+比亞迪作為新能源汽車行業的先行者和引領者,秉
+持着「技術為王、創新為本」的發展理念,精準定位
+市場、持續深耕技術,加速集團全面電動化發展進
+程,為新能源汽車產業進入高質量發展新階段不斷
+加碼,也為實現中國品牌和中國製造的崛起助力。
+二零二一年,比亞迪新能源汽車通過技術創新與應
+用,銷量節節攀升,十二月雖受疫情影響,單月銷
+量仍創下歷史新高。根據中國汽車工業協會公佈的
+數據,二零二一年本集團新能源汽車市場佔有率達
+17.1%,年內增長近8%,銷量遙遙領跑國內新能源
+汽車市場,並穩居全球前列,全系產品贏得了消費
+者的青睞,品牌影響力持續擴大。
+BYD Company Limited
+18
+比亞迪股份有限公司
+Management Discussion and Analysis
+管理層討論與分析
+In the field of new energy passenger vehicles, to show the brand
+concept of advance with the times, the Group released a brand-
+new logo of BYD automobile at the beginning of 2021 to embrace
+the once-in-a-century reforms of the automobile industry in a more
+open attitude, embark on a path from independent innovation to
+comprehensive open innovation, and build an automobile brand of
+brand-new value.
+During the year, “Han”, as the Group's high-end flagship
+product, leaded a new round of model cycle. "Han" integrates
+the characteristics of “safety,performance and luxury”. Since
+its launch in July 2020, the sales volume has repeatedly hit all-
+time highs, creating a precedent for the monthly sales of medium/
+large sedan in China's automobile industry to exceed 10,000
+units. It is also the first self-owned brand of new energy vehicle
+to sell more than 100,000 medium/large sedan per year, and the
+first to break the glass ceiling of new energy vehicles of domestic
+brands that priced higher than RMB200,000, successfully filling
+the gap of self-owned brands in the hot selling models in the field
+of medium/large sedan. During the period,through continuous
+OTA(Over-The-Air technology)upgrading,“Han”has added
+practical functions such as RPA (Remote Parking Assist) external
+automatic parking assist and power saving mode, realizing
+vehicle self-evolution and providing consumers with a richer and
+more convenient driving experience. The continuous hot sales of
+"Han" reflect the Group's excellent product strength and help the
+Group's brand influence continue to expand.
+At the same time, the Group insists on developing Plug-in Hybrid
+Electric vehicles and Battery Electric vehicle at the same time.
+By improving and iterating the innovation of technology, BYD
+realized the joint development of "DM-i Super Hybrid", "Blade
+Batteries” and “e-Platform 3.0” technologies, which contributed
+to the important milestone of the Group's 1,000,000th new energy
+vehicle getting off the assembly line during the year.
+在新能源乘用車領域,本集團為展現與時俱進的品
+牌理念,於二零二一年之始發佈比亞迪汽車全新標
+識,以更加開放的姿態擁抱汽車工業百年變革,努
+力走出一條從自主創新到全面開放創新之路,打造
+全新價值的汽車品牌。
+年內,「漢」作為本集團引領新一輪車型周期的高端
+旗艦產品,集「安全、性能、豪華」三大標桿於一
+體,自二零二零年七月上市以來銷量屢創新高,開
+創了中國汽車工業中大型轎車月銷破萬的先河,也
+是中國品牌首款年銷破10萬的中大型轎車,並最先
+打破售價20萬以上新能源自主品牌轎車的銷量天花
+板,成功填補了自主品牌在中大型轎車領域熱銷車
+型的空白。期間,「漢」通過持續OTA(Over-The-Air
+technology)升級,增加了RPA(Remote Parking
+Assist)車外自動泊車輔助及保電模式等實用功能,
+實現了車輛自我進化,為消費者提供了更加豐富便
+捷的駕乘體驗。「漢」的持續熱銷體現了本集團優異
+的產品力,並助力本集團品牌影響力持續擴大。
+同時,本集團堅持插電式混動和純電動共同發展,
+「兩條腿、齊步走」的戰略定力和技術實力,並通過
+加大技術創新與迭代,實現了「DM-i超級混動」、
+「刀片電池」和「e平台3.0」技術共同發力,助力本集
+團於年內迎來第100萬輛新能源汽車的下線。
+管理層討論與分析
+行業分析及回顧
+Management Discussion and Analysis
+二零二一年,伴隨全球經濟的復蘇趨勢,全球消費
+類電子產品銷量同比略有提升,帶動市場對上游電
+池需求增加。光伏領域,節能減排成為全球共識,
+為行業發展營造良好環境,二零二一年全球光伏装
+機量穩步提升。其中,在國內「雙碳」戰略目標大背
+景下,政策層面持續助力,光伏應用規模擴大。同
+時,儲能行業乘借新能源大發展的勢頭亦增速明顯。
+二零二一年全球疫情持續反覆,國際環境更趨複雜
+嚴峻,全球經濟在風險與挑戰下艱難復蘇。其中,
+中國疫情常態化防控處於全球領先地位,經濟發展
+展現出更強的韌性及活力,外資外貿持續景氣,新
+舊動能轉換加速,高新技術產業持續向好,實現了
+「十四五」的良好開局。但受疫情反覆、大宗商品價
+格上漲等多方面影響,中國宏觀經濟下行的壓力自
+二季度開始加大,消費和投資均表現疲弱,經濟復
+蘇進程放緩。據國家統計局公布的數據顯示,二零
+二一年全年國內生產總值同比增長8.1%。總體上,
+全年經濟呈現出「前高後低」、「結構分化」和「壓力
+加劇」的運行特徵。
+在疫情反覆、內需不足和供應鏈緊張的背景下,中
+國汽車工業逆勢實現了正增長。根據中國汽車工業
+協會的數據,二零二一年全年中國汽車產銷量分別
+為2,608.2萬輛和2,627.5萬輛,結束了自2018年
+以來連續三年的下降局面,同比小幅增長3.4%和
+3.8%。其中,新能源汽車市場呈現出爆發式增長,
+全年產銷量分別為354.5萬輛和352.1萬輛,同比
+均增長約1.6倍,全年滲透率大幅攀升八個百分點
+至13.4%,十二月單月滲透率更高達19.1%。中國
+新能源汽車行業已經從政策驅動轉向市場拉動的新
+階段,呈現出市場規模和質量雙提升的良好發展態
+勢。此外,中國新能源汽車產業快速發展,逐步成
+為全球汽車產業電動化進程的重要引擎及創新高
+地。自主品牌強勢崛起,產品供給豐富多樣,市場
+份額顯著增加,供應鏈和產業鏈亦進一步完善並形
+成優勢,重塑汽車工業發展新格局。同期,歐洲新
+能源汽車市場出現了井噴式增長,而���國作為新能
+源汽車的主要市場之一也表現了極強的發展潛質。
+Annual Report 2021
+二零二一年年報
+15
+Management Discussion and Analysis
+管理層討論與分析
+In order to further promote the sustainable and high quality
+development of the new energy vehicle industry, the "Notice on
+Further Improving the Financial Subsidies for the Promotion and
+Application of New Energy Vehicles", which was jointly issued by
+four ministries and commissions has been formally implemented
+in January. Steady decline of subsidies has been realized with
+transparency, predictability and continuity, creating a stable
+policy environment for the development of the new energy
+vehicle industry; At the same time, the "Decision on Revising the
+Measures for the Parallel Management of the Scores of Average
+Fuel Consumption of Passenger Car Enterprises and New Energy
+Vehicles", jointly issued by five ministries and commissions has
+also been formally implemented. The new dual-scores policy
+has become more stringent, which further accelerated the
+adjustment of industrial structure, help to facilitate transformation
+and upgrading; Under the objectives of the "peak carbon
+dioxide emissions in 2030 and carbon neutrality in 2060", at the
+conference of the Political Bureau of the CPC Central Committee
+in July, it was requested to fully develop the potential of the
+domestic market and support the accelerated development of
+new energy vehicles; In September, the National Development
+and Reform Commission issued the Plan for Improving the Dual
+Control System of Energy Consumption Intensity and Volume,
+which clearly defined the guidelines of the promotion of clean,
+low-carbon, safe and efficient utilization of energy.
+Handset Components and Assembly Business
+In 2021,the year-on-year growth rate of quarterly shipment of
+global smart phones moved from high to low, and 5G continued
+to be the growth driver of the mobile phone market. According
+to the statistics from IDC, a market research institute, in 2021,
+the shipment of global smart phones increased by 5.7% to
+1,350 million units year on year. However, the overall rise was
+slower than the growth rate of 19.4% in the first half of the
+year. According to the data released by the China Academy
+of Information and Communications Technology,in 2021,the
+shipment of domestic smart phones reached 351 million units,
+representing a fast year-on-year growth of 13.9%; in particular, the
+shipment of 5G smart phones was 266 million units, representing
+為了進一步推動新能源汽車產業的可持續和高質量
+發展,一月,四部委聯合發佈的《關於進一步完善新
+能源汽車推廣應用財政補貼政策的通知》正式實施,
+補貼平穩退坡繼續得到落實,保持了透明性、可預
+見性和延續性,為新能源汽車行業的發展創造了穩
+定的政策環境;同時,五部委聯合發佈的《關於修改
+〈乘用車企業平均燃料消耗量與新能源汽車積分並行
+管理辦法>的决定》亦正式施行,新版雙積分政策趨
+嚴,進一步加速產業結構調整及轉型升級;在「二零
+三零年碳達峰,二零六零年碳中和」目標下,七月,
+中央政治局會議要求,要挖掘國內市場潛力,支持
+新能源汽車加快發展;九月,國家發改委印發《完善
+能源消費強度和總量雙控制度方案》,明確了推動能
+源清潔低碳安全高效利用的方針。
+Responded positively to "Dual-Carbon" by giving full play to
+its unique advantages in the field of new energy, the Group
+launched comprehensive green solutions including new energy
+vehicle,photovoltaics, energy storage, SkyRail and SkyShuttle,
+continuously explored its own potentials of energy saving and
+emission reduction, therefore, strived to become the benchmark
+enterprise in green manufacturing. In addition, Facing with the
+natural disaster and recurring pandemic, BYD actively shoulders
+the social responsibility, not only did it make contribution by
+funding and donating epidemic prevention materials, but it also
+combine its business feature, open all the Automobile Sales
+Servicshop(the “4S shop") in Zhengzhou as emergency shelters
+during heavy rainfall at the hard times. Moreover, it integrated
+technologies into healthcare services to provide more reliable,
+powerful and green support for the prevention and control of the
+pandemic.
+二零二一年,全球智能手機季度出貨量同比增速呈
+現前高後低的形態,5G繼續成為手機市場的拉動力
+量。根據市場研究機構IDC統計,二零二一年全球
+智能手機出貨量同比增長5.7%至13.5億部,但整體
+漲勢較上半年19.4%的增速有所放緩。中國信息通
+信研究院發表的數據顯示,二零二一年國內手機市
+場整體出貨量保持快速增長達3.51億部,同比增長
+13.9%,其中5G手機出貨量為2.66億部,同比增長
+63.5%。遠程辦工趨勢持續,在線娛樂需求不減,
+筆記本電腦、平板電腦、遊戲硬件等智能產品銷量
+維持一定熱度。根據IDC公��的最新資料,二零二
+BYD Company Limited
+16
+比亞迪股份有限公司
+Management Discussion and Analysis
+管理層討論與分析
+REV
+a year-on-year increase of 63.5%. With the trend of remote work
+continued, the demand for online entertainment remained robust,
+and the sales of intelligent products such as notebook computers,
+tablet computers and game hardware remained brisk. According
+to the latest data from IDC, in 2021, the shipment of the global
+PC market exceeded 349 million units, scaling a new high since
+2012 and representing a year-on-year increase of 14.8%; and that
+of the global tablet computers reached 169 million units, pointing
+to a huge scale of the overall market. With respect to domestic
+smart home equipment market, which is still in its infancy, the
+penetration rate, though being low for the moment, is growing at
+a rapid pace. According to the statistics from IDC in 2021,the
+shipment of China's PC market would reach_230 million_units, a
+14.6% increase over the same period of last year.
+Rechargeable Batteries and Photovoltaic Business
+In 2021, along with the recovery of the global economy, the global
+consumer electronic sales recorded a slight increase year-on-
+year, boosting the demand for upstream batteries on the market.
+In the field of photovoltaics, energy saving and emission reduction
+has become a global consensus, building a favorable environment
+for the industry development therefore promote a steady increment
+of global photovoltaics installation in 2021. In particular, under the
+general background of the “dual-carbon” strategic target in China,
+benefit from the continuous policy support, the photovoltaics
+application has been scaled out. Meanwhile, leveraging on the
+upwind of great development of new energy, the energy storage
+industry achieved a significant growth.
+一年,全球PC市場出貨量超過3.49億台,創下二零
+一二年以來的新高,同比增長14.8%;全球平板計
+算機出貨量為1.69億台,整體市場規模依然龐大。
+在國內尚處於發展起步階段的智能家居設備市場,
+目前滲透率較低,但正以快速步伐發展。IDC的數
+據顯示,二零二一年中國出貨量將達2.3億台,同比
+增長14.6%。
+二次充電電池及光伏業務
+Annual Report 2021
+二零二一年年報
+主席報告書
+手機部件及組裝業務方面,本集團繼續技術積累為
+遠期成長空間提供持久驅動力,穩居安卓領域龍頭
+地位的同時,繼續深挖北美大客戶核心產品業務機
+會,為未來的營收增長爆發奠定堅實的基礎。另一
+方面,5G及人工智能技術融合為新型智能產品及汽
+車智能系統市場迎來跨越發展窗口期,本集團前期
+佈局的智能家居、物聯網、無人機、機器人、電子
+霧化等多個領域將借勢突破,預期實現持續高速增
+長。隨著汽車行業加速革新,利好政策接連出台,
+汽車智能系統業務規模未來成長可期。
+11
+Chairman's Statement
+For the year ended 31 December 2021, the Group realized
+an operating revenue of RMB211,300 million. The earnings
+attributable to the owners of the parent company were RMB3,045
+million,down 28%, with the earnings per share of RMB1.06. The
+Annual Report 2021
+二零二一年年報
+Chairman's Statement
+主席報告書
+截至二零二一年十二月三十一日止年度,本集團營
+業額為人民幣211,300百萬元。母公司擁有人應佔
+溢利為人民幣3,045百萬元,下滑28%,每股盈利為
+人民幣1.06元。董事會建議派發末期股息每股人民
+幣0.105元(含稅)。
+Board suggested to distribute an ending dividend of RMB0.105
+per share (tax-inclusive).
+In the passenger vehicle sector, with an open attitude, the Group
+released a brand-new logo of BYD automobile at the beginning
+of 2021, to embrace the once-in-a-century reformation of the
+automobile industry. The high-end flagship model of “Han”has
+broken many records for medium and large sedans of Chinese
+brands, with monthly sales repeatedly setting new highs. Through
+continuous OTA upgrade, it has provided consumers with richer
+and more convenient driving experience and contributed to on-
+going expansion of the brand influence of the Group.
+The Group insists on developing Plug-in Hybrid Electric vehicles
+and Battery Electric vehicle at the same time, it realized the
+joint_development of“DM-i Super Hybrid”,“Blade Batteries” and
+“e- Platform 3.0”technologies, which contributed to the important
+milestone of the Group's 1,000,000th new energy vehicle getting
+off the assembly line during the year. In the field of plug-in hybrid
+vehicles,“DM-i super hybrid" models, including “Qin PLUS DM-
+i”,“Song PLUS DM-i”,“Tang DM-i” and “Song Pro DM-i”,were
+launched together and once released, the orders boomed with the
+demand exceeded the supply. The deliver unites rising month by
+month, while cumulative undelivered orders kept hitting new highs.
+In the field of battery electric vehicles, in April, the full series of
+the Group's new energy battery electric passenger vehicles were
+equipped with "blade batteries", which features the technology
+innovations such as super safety, super traveling range and super
+strength, further enhanced the unique competitiveness of the
+products, hence promote the sales of battery electric vehicles
+of the Group recording new highs. In addition, the “Dolphin”
+equipped with “e-platform 3.0” was officially launched, and its
+sales volume had been on the rise.
+本集團作為新能源汽車行業的先行者和引領者,年
+內,通過技術創新與應用,新能源汽車銷量節節攀
+升,全年銷量創下歷史新高,遙遙領跑國內新能源
+汽車市場,並穩居全球前列。
+在乘用車領域,本集團於二零二一年之始發佈比亞
+迪汽車全新標識,以更加開放的姿態擁抱汽車工業
+百年變革。高端旗艦車型「漢」打破中國自主品牌中
+大型轎車的多項紀錄,月銷量屢創新高,並通過持
+續OTA升級,為消費者提供了更加豐富便捷的駕乘
+體驗,助力本集團品牌影響力持續擴大。
+本集團堅持插電式混動和純電動共同發展,實現了
+「DM-i超級混動」、「刀片電池」和「e平台3.0」技術
+共同發力,助力本集團於年內迎來第100萬輛新能
+源汽車的下線。插電式混動汽車領域,「DM-i超級
+混動」車型「秦PLUS DM-i」、「宋PLUS DM-i」、「唐
+DM-i」和「宋Pro DM-i」等車型一經發佈即迎來訂單
+火爆、供不應求的良好局面,銷量逐月攀升,累計
+未交付訂單屢創出新高。純電動汽車領域,四月,
+本集團旗下新能源純電動乘用車全系換裝具有超級
+安全、超級續航、超級強度等技術創新的「刀片電
+池」,進一步提升產品的獨特競爭力,助力本集團純
+電動乘用車銷量屢創新高。此外,搭載「e平台3.0」
+的「海豚」正式上市,銷量一路攀升。
+9
+BYD Company Limited
+As a pioneer and leader in the new energy vehicle sector,
+throughout the year, the Group has recorded a steady rise in its
+sales of new energy vehicles based on technological innovation
+and application, with annual sales hit a record high. The sales far
+outpaced others in the domestic new energy passenger vehicle
+market, and ranked among the top in the world.
+比亞迪股份有限公司
+Annual Report 2021
+二零二一年年報
+10
+年內,伴隨著新能源汽車行業的爆發,本集團精準
+把握發行窗口期,成功完成合計近438億港元的新H
+股閃電配售,吸引了全球眾多頂級長線、主權基金
+參與,為本集團資本結構和財務結構進一步優化提
+供良機。
+對外合作方面,本集團繼續以戰略投資為紐帶實現
+產業賦能,加速打造產業生態,實現合作共贏。
+二零二一年,本集團繼續積極推進市場化發展進
+程,旗下子公司比亞迪半導體分拆上市進程穩步推
+進。分拆上市將為比亞迪半導體成為高效、智能、
+集成的新型半導體供應商打下堅實基礎。
+在不斷鞏固國內新能源乘用車市場地位的同時,本
+集團國際化戰略再提速。年內,本集團新能源乘用
+車正式佈局歐洲市場並於全球範圍內多次亮相,為
+本集團全球化佈局打下基礎。
+During the year, with the burst of new energy vehicle industry, the
+Group successfully completed lightning placements which raised
+an aggregate gross proceeds of nearly HK$43.8 billion of new
+H shares by accurately grasping the window period of issuance,
+attracting many top long-term and sovereign funds in the world,
+and providing a good opportunity to further optimize the Group's
+capital and financial structure.
+為順應市場發展趨勢,滿足消費者多元化的消費需
+求,十一月,「海洋網」正式發佈,作為本集團旗下
+的綜合型銷售網絡,從年輕消費者的習慣出發,主
+動延伸用戶觸點,以滿足目標客群更加多元化的消
+費需求。
+In terms of external cooperation, the Group continued to use
+strategic investment as an approach to achieve industrial
+empowerment, therefore, accelerate the development of industry's
+ecosystem, which help to forge a win-win cooperation.
+In 2021, the Group continued to actively promote the
+market-oriented development process. Its subsidiary BYD
+Semiconductor's spin-off underwent steady progress. The spin-
+off will help BYD Semiconductor form a solid foundation for
+its becoming of an efficient, intelligent, and integrated new
+semiconductor supplier.
+While the Group continued consolidating its position in the
+domestic new energy passenger vehicle market, it further sped
+up_its internationalization strategy. During the year, the Group's
+new energy vehicles formally entered the European market and
+unveiled around the world, laying a foundation for the Group's
+global strategy.
+In order to meet the market trend and satisfy the diversified needs
+of consumers, in November, the“Marine”was officially launched.
+Centered with the consumption habits of younger generations, the
+Group reaches more customers as an integrated sales network,
+therefore to satisfy more diversified consumption needs of the
+targeted customer base.
+主席報告書
+Chairman's Statement
+869,281
+穩崗及培訓補貼(附註(e))
+94,755
+Subsidies on employee stability and
+Subsidies on industry development (note (c)) 行業發展補貼(附註(c))
+87,466
+(附註(f))
+training (note (e))
+New energy vehicle production increase
+新能源汽車增產促銷獎勵
+113,000
+and promotion reward (note (f))
+Shantou BYD's Quality Enterprises from
+(note (c))
+189,319
+10,191
+32,690
+140,093
+Others
+插電式乘用車全混合動力系統
+項目(附註(a))
+其他
+汕頭比亞迪珠三角優質企業轉移
+27,048
+261,616
+254,731
+產業共建扶持基金(附註(c))
+376,283
+Related to income
+Research and development subsidies
+(note (d))
+Support fund for industrial co-construction
+與收入相關
+研發補貼(附註(d))
+77,863
+395,977
+84,000
+財務報表附註
+扶持資金(附註(c))
+(c)
+(d)
+The items represent subsidies obtained by subsidiaries
+of the Group from the government for the construction
+of iron-powered lithium battery production lines, and the
+subsidy income is released to profit over the expected
+useful life of relevant assets.
+The items represent subsidies obtained by subsidiaries
+of the Group from the government for boosting the
+industry development. The same amounts as relevant
+expenditures incurred during the reporting periods
+were recognised as government subsidies in the
+consolidated statement of profit or loss.
+The items represent corporate R&D subsidies obtained
+by subsidiaries of the Group from the government. The
+same amounts as relevant expenditures incurred during
+the reporting periods were recognised as government
+subsidies in the consolidated statement of profit or
+loss.
+附註:
+(b)
+(a)
+(b)
+此項指本集團附屬公司就建設鐵鋰電池
+生產線自政府獲得的補貼,補貼收入於
+相關資產的預計可使用年期轉撥至溢
+利。
+(C)
+此項指本集團附屬公司就推動行業發展
+自政府獲得的補貼。與報告期間產生的
+在合併損益表中確認為政府補貼的相關
+開支相若。
+(d)
+此項指本集團附屬公司取得政府撥付的
+企業研發資助補貼,與報告期間產生的
+在合併損益表中確認為政府補貼的相關
+開支相若。
+此項指本集團附屬公司就開發汽車項目
+自政府獲得的補貼,補貼收入於相關資
+產的預計可使用年期轉撥至溢利。
+(a) The items represent subsidies obtained by subsidiaries
+of the Group from the government for the development
+of automobile projects, and the subsidy income is
+released to profit over the expected useful life of
+relevant assets.
+Notes:
+政府補助及補貼(續)
+Others
+其他
+768,592
+744,807
+1,887,202
+1,292,165
+2,263,485
+1,688,142
+7.
+Annual Report 2021
+二零二一年年報
+195
+Notes to Financial Statements
+應收賬款的減值淨額*
+31 December 2021
+二零二一年十二月三十一日
+GOVERNMENT GRANTS AND SUBSIDIES 7.
+(CONTINUED)
+PRD Transfer and Support Funds (note (c))
+Full hybrid engine system of plug-in vehicle
+projects (note (a))
+Loss on derecognition of financial assets
+21,099
+計入合併損益表中的「其他收入及收
+益」。
+計入合併損益表中的「其他開支」。
+Included in “Other income and gains” in the
+consolidated statement of profit or loss.
+Included in "Other expenses" in the consolidated
+statement of profit or loss.
+計入合併損益表中的「行政開支」。
+計入合併損益表中的「銷售成本」。
+BYD Company Limited
+Included in "Administrative expenses" in the
+consolidated statement of profit or loss.
+Included in "Cost of sales" in the consolidated
+statement of profit or loss.
+812,806
+計入合併損益表中的「金融及合同資產
+減值虧損」。
+1,228,609
+36
+51,267
+***
+194
+比亞迪股份有限公司
+Notes to Financial Statements
+(e)
+74,631
+60,878
+長沙汽車園區行業發展基金補貼
+(附註(a))
+Subsidies from the industry development
+fund for Changsha Automobile Zone
+(note (a))
+與資產相關
+Related to assets
+二零二零年
+RMB'000
+人民幣千元
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+7. 政府補助及補貼
+7. GOVERNMENT GRANTS AND SUBSIDIES
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+(47,356)
+39,567
+contract assets" in the consolidated statement of profit
+or loss.
+撥備
+終止確認以攤銷成本計量
+虧損淨額*
+net*
+17,324
+(22,144)
+財務擔保減值(轉回)/
+88,765
+35,366
+應收合營公司及聯營公司
+款項減值淨額*
+(Reversal)/impairment of financial guarantee,
+*
+Impairment of amounts due from joint
+ventures and associates, net
+Subsidies on research and development
+for batteries of electronic vehicles
+(note (b))
+電動汽車電池研發補貼(附註(b))
+40,490
+299,523
+measured at amortised cost
+的金融資產的虧損
+Provision
+損益的金融資產
+以公允價值計量並計入
+Financial assets at fair value through
+profit or loss
+9,076
+1,191
+出售附屬公司的損失*
+公允價值(收益)/虧損
+淨額:
+Fair value (gain)/losses, net:
+*****
+Loss on disposal of subsidiaries*
+realisable value**
+499,218
+707,703
+撇減存貨至可變現淨值**
+Write-down of inventories to net
+Included in "Impairment losses on financial and
+(f)
+Mr. Zou Fei***
+(e)
+9. DIRECTORS' AND SUPERVISORS' 9.
+REMUNERATION (CONTINUED)
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+197
+Annual Report 2021
+二零二一年年報
+There were no discretionary bonuses or compensation paid
+for loss of office or as inducement to join the Company for
+12,656
+11,656
+10,817
+61
+62
+退休金計劃供款
+Pension scheme contributions
+11,817
+directors and supervisors during the year (2020: Nil).
+董事及監事薪酬(續)
+於本年度,概無向董事及監事支付款項,以
+作為彼等離職或吸引彼等加入本公司之酌情
+花紅或補償(二零二零年:無)。
+138
+張然女士*
+Mr. Wang Zi-dong**
+Ms. Zhang Ran*
+RMB'000
+人民幣千元
+二零二零年
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+於本年度支付予獨立非執行董事的袍
+金如下:
+directors during the year are as follows:
+The fees paid to independent non-executive
+獨立非執行董事
+(a)
+Independent non-executive directors
+(a)
+11,595
+191,932
+10,755
+Salaries, allowances and benefits in kind
+董事及監事薪酬
+Directors' and supervisors' remuneration for the year,
+disclosed pursuant to the Listing Rules, section 383(1)(a),
+(b),(c) and (f) of the Hong Kong Companies Ordinance
+and Part 2 of the Companies (Disclosure of Information
+about Benefits of Directors) Regulation, is as follows:
+根據上市規則、香港公司條例第383(1)(a)、
+(b)、(c)及(f)條及公司(披露董事利益資料)
+規例第2部,本年度董事及監事的薪酬披露
+如下:
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+9.
+二零二零年
+人民幣千元
+Fees
+袍金
+1,000
+1,000
+Other emoluments:
+RMB'000
+DIRECTORS' AND SUPERVISORS'
+REMUNERATION
+年內用於釐定借款費用符合資本化的平均資
+本化率為4.09%(二零二零年:4.93%)。
+determine the amount of borrowing costs eligible for
+capitalisation was 4.09% (2020: 4.93%).
+56,422
+Bank charges for discounted notes
+票據折現的銀行開支
+219,869
+523,867
+9.
+Less: Interest capitalised
+減:資本化利息
+1,915,357
+3,176,589
+(7,715)
+(52,788)
+1,907,642
+3,123,801
+The average capitalisation rate for the year used to
+薪金、津貼及非現金利益
+王子冬先生**
+鄒飛先生***
+138
+138
+二零二零年
+RMB'000
+人民幣千元
+Interest on bank and other borrowings
+Interest on lease liabilities
+銀行及其他借款利息
+租賃負債利息
+1,627,106
+2,596,300
+2020
+68,382
+張敏先生於二零二零年九月八
+日獲委任為董事。其二零二零
+年的薪酬涵蓋九月九日至十二
+月三十一日期間。
+蔡洪平先生於二零二零年九月
+八日獲委任為董事。其二零二
+零年的薪酬涵蓋九月九日至十
+二月三十一日期間。
+鄒飛先生於二零二零年九月八
+日離任董事一職。其二零二零
+年的薪酬涵蓋一月一日至九月
+八日期間。
+王子冬先生於二零二零年九月
+八日離任董事一職。其二零二
+零年的薪酬涵蓋一月一日至九
+月八日期間。
+張然女士於二零二零年九月八
+日離任董事一職。其二零二零
+年的薪酬涵蓋一月一日至九月
+八日期間。
+***
+蔣岩波先生於二零二零年九月
+八日獲委任為董事。其二零二
+零年的薪酬涵蓋九月九日至十
+二月三十一日期間。
+2021
+二零二一年
+RMB'000
+人民幣千元
+融資成本分析如下:
+An analysis of finance costs is as follows:
+此項指本集團附屬公司取得政府撥付的
+穩崗及開展培訓的補貼,與報告期間產
+生的在合併損益表中確認為政府補貼的
+相關開支相若。
+The items represent subsidies obtained by subsidiaries
+of the Group from the provincial government for
+increasing the production and promotion of new energy
+vehicles. The same amounts as relevant expenditures
+incurred during the reporting periods were recognised
+as government subsidies in the consolidated statement
+of profit or loss.
+(f)
+此項指本集團附屬公司取得省政府撥付
+的新能源汽車增產促銷的補貼,與報告
+期間產生的在合併損益表中確認為政府
+補貼的相關開支相若。
+BYD Company Limited
+196
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+8.
+FINANCE COSTS
+8.
+融資成本
+(a) 獨立非執行董事(續)
+covered the period from 9 September to 31
+December.
+on 8 September 2020. His remuneration of 2020
+Mr. Jiang Yan Bo was appointed as the director
+600
+independent non-executive directors during the year
+(2020: Nil).
+There were no other emoluments payable to the
+62 62 62
+200
+蔣岩波先生
+Mr. Jiang Yan Bo*******
+200
+*****
+張敏先生*
+Mr. Zhang Min*****
+200
+****
+蔡洪平先生**
+Mr. Cai Hong Ping****
+600
+The items represent subsidies obtained by subsidiaries
+of the Group from the government for maintaining
+employee stability and conducting training. The same
+amounts as relevant expenditures incurred during the
+reporting periods were recognised as government
+subsidies in the consolidated statement of profit or
+loss.
+於本年度概無其他支付予獨立非執行
+董事的酬金(二零二零年:無)。
+198
+Mr. Zhang Min was appointed as the director
+on 8 September 2020. His remuneration of 2020
+covered the period from 9 September to 31
+December.
+Mr. Cai Hong Ping was appointed as the
+director on 8 September 2020. His remuneration
+of 2020 covered the period from 9 September to
+31 December.
+Mr.Zou Fei resigned as the director on 8
+September 2020.His remuneration of 2020
+covered the period from 1 January to 8
+September.
+Mr. Wang Zi-dong resigned as the director
+on 8 September 2020. His remuneration of
+2020 covered the period from 1 January to 8
+September.
+2020 covered the period from 1 January to 8
+September.
+on 8 September 2020. Her remuneration of
+Ms. Zhang Ran resigned as the director
+Independent non-executive directors
+(continued)
+(a)
+9. DIRECTORS' AND SUPERVISORS' 9. 董事及監事薪酬(續)
+REMUNERATION (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+BYD Company Limited
+44
+Auditors' remuneration
+(5,888)
+銀行利息收入
+服務收入
+631,841
+214,613
+175,920
+209,830
+其他收入
+Penalty from suppliers
+274,377
+170,220
+Rental income from leases:
+租賃租金收入:
+Rental income from operating leases
+of investment properties
+來自投資物業經營租賃的租金收入
+來自供應商的罰金
+Service income
+Bank interest income
+Other income
+5. REVENUE, OTHER INCOME AND GAINS 5. 收入、其他收入及收益(續)
+(CONTINUED)
+Revenue from contracts with customers (continued)
+客戶合同收入(續)
+(ii)
+Performance obligations (continued)
+(ii)
+履約責任(續)
+The amounts of transaction prices allocated to the
+remaining performance obligations (unsatisfied
+or partially unsatisfied) as at 31 December are as
+follows:
+於十二月三十一日分配予餘下履約責
+任(未達成或部分未達成)的交易價
+金額如下:
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+23,448
+31 December 2021
+二零二一年十二月三十一日
+26,122
+來自經營租賃的其他租金收入
+1,106,585
+Gains
+收益
+Gain on disposal of scrap
+出售廢料及物料收益
+1,419,429
+1,590,308
+593,445
+Gain on disposal of joint ventures
+出售合營公司的收益
+48
+1,419,429
+593,493
+BYD Company Limited
+and materials
+278,013
+328,286
+77,666
+128,243
+116,995
+151,691
+143,117
+Dividend income from equity
+investments at fair value through
+以公允價值計量並計入其他綜合
+收益的權益投資的股息收入
+2,233
+13,126
+other comprehensive income
+Income from the disposal of derivative 處置衍生金融工具收入
+financial instruments
+Others
+其他
+25,960
+Other rental income from operating
+leases
+192
+財務報表附註
+191
+More than one year
+Within one year
+as revenue:
+Amounts expected to be recognised
+於十二月三十一日分配予餘下履約責
+任(未達成或部分未達成)的交易價
+金額如下:
+remaining performance obligations (unsatisfied
+or partially unsatisfied) as at 31 December are as
+follows:
+2021
+二零二一年
+RMB'000
+人民幣千元
+The amounts of transaction prices allocated to the
+(ii)
+客戶合同收入(續)
+Revenue from contracts with customers (continued)
+Performance obligations (continued)
+(ii)
+收入、其他收入及收益(續)
+5.
+履約責任(續)
+2020
+二零二零年
+Price
+696,003
+1,765,637
+一年以上
+7,489,885
+12,955,401
+一年內
+預期將確認為收入的金額:
+(不含税)
+(不含税)
+tax
+tax
+excluding
+excluding
+Price
+RMB'000
+人民幣千元
+5. REVENUE, OTHER INCOME AND GAINS
+(CONTINUED)
+Notes to Financial Statements
+二零二一年十二月三十一日
+財務報表附註
+履約責任
+(ii)
+Performance obligations
+(ii)
+客戶合同收入(續)
+Revenue from contracts with customers (continued)
+Information about the Group's performance
+obligations is summarised below:
+(CONTINUED)
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+189
+Annual Report 2021
+二零二一年年報
+Annual Report 2021
+二零二一年年報
+5. REVENUE, OTHER INCOME AND GAINS 5. 收入、其他收入及收益(續)
+有關本集團履約責任的資料概述如
+下:
+Sale of goods
+The performance obligation is satisfied upon
+delivery of goods. Some contracts provide
+customers with rebates which give rise to variable
+consideration subject to constraint.
+Notes to Financial Statements
+比亞���股份有限公司
+190
+BYD Company Limited
+在提供服務的時間內履行履約義務,
+合同價款結算以合同約定為準。
+提供服務
+在提供服務的時間內履行履約義務,
+合同價款通常隨工程進度支付。通常
+客戶保留一定比例的質保金,質保金
+通常在質保期滿後支付,因根據合同
+規定,本集團有權於一定期間內客戶
+信納服務質量後方支付尾款。
+建造服務
+services are rendered and are billed based on the
+agreements of contracts.
+The performance obligation is satisfied over time as
+Rendering of services
+The performance obligation is satisfied over time
+as services are rendered and are billed based on
+construction progress. A certain percentage of
+payment is retained by customers until the end of
+the retention period as the Group's entitlement to
+the final payment is conditional on the satisfaction of
+the service quality by the customers over a certain
+period as stipulated in the contracts.
+Construction services
+履約責任於交付商品後達成。部分合
+同向客戶提供回扣,因而導致可變代
+價(須受限制)。
+銷售商品
+31 December 2021
+330
+比亞迪股份有限公司
+財務報表附註
+145,841
+Pension scheme contributions
+退休金計劃供款
+1,806,407
+1,093,541
+29,293,552
+405,266
+22,524,580
+193
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+6.
+PROFIT BEFORE TAX (CONTINUED)
+Annual Report 2021
+二零二一年年報
+福利
+74,297
+116,389
+1,237,105
+1,270,066
+核數師酬金
+6,350
+6,350
+僱員福利開支(不包括董事
+及監事酬金(附註9)):
+Employee benefit expense (excluding
+directors' and supervisors' remuneration
+(note 9):
+Wages and salaries
+工資及薪酬
+26,965,490
+21,210,900
+Equity-settled share option expense
+Welfare
+以權益結算的購股開支
+6. 除稅前溢利(續)
+16(c)
+2021
+Notes
+附註
+56,479
+214,366
+Impairment of long-term receivables, net*
+應收長期賬款減值淨額*
+(32,550)
+49,907
+合同資產減值淨額*
+Impairment of trade receivables, net*
+408,122
+648,770
+(Reversal)/impairment losses on receivables
+financing, net*
+Impairment of prepayments, deposits and
+other receivables, net*
+應收款項融資減值
+(轉回)/虧損淨額*
+預付款項、按金及其他
+應收貿易賬款減值淨額*
+Impairment of contract assets, net*
+805,547
+533,324
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+Loss on disposal of items of non-current 出售非流動資產項目的虧損
+assets
+Receipt of derecognition of financial products 收取終止確認金融產品
+*****
+and financial instruments**
+Foreign exchange differences, net
+112,802
+375,662
+(176,344)
+(131,786)
+和金融工具*
+*****
+匯兌差異淨額
+2020
+Notes to Financial Statements
+未計入租賃負債計量的
+租賃付款
+10,577,389
+人民幣千元
+銷售存貨的成本
+186,884,365
+125,636,627
+提供服務的成本
+物業、廠房及設備折舊
+RMB'000
+14
+89,748
+9,272,924
+and equipment
+Depreciation of investment properties
+投資物業折舊
+Impairment of property, plant
+75,289
+10,904,635
+RMB'000
+人民幣千元
+附註
+Notes
+31 December 2021
+二零二一年十二月三十一日
+6.
+PROFIT BEFORE TAX
+6.
+除稅前溢利
+The Group's profit before tax is arrived at after charging/
+(crediting):
+本集團除稅前溢利乃扣除/(計入)下列各項
+後計算:
+Cost of inventories sold
+Cost of services provided
+Depreciation of property, plant
+2021
+2020
+二零二一年
+二零二零年
+物業、廠房及設備減值**
+10,225,969
+****
+2,574
+93,081
+其他酬金:
+Research and development costs:
+Deferred expenditure amortised
+Current year expenditure
+研究及開發成本:
+****
+遞延開支攤銷
+18
+2,586,415
+7,990,974
+2,761,108
+7,464,861
+Lease payments not included in the
+measurement of lease liabilities.
+本年度開支
+其他無形資產減值**
+***
+153,694
+2,685
+212
+5,885
+Amortisation of other intangible assets
+and equipment****
+Depreciation of right-of-use assets
+other than development costs***
+Impairment of other intangible assets****
+使用權資產折舊
+16(a)
+441,051
+328,265
+攤銷非開發成本的其他
+無形資產*,
+18
+173,707
+15 14
+187,061
+8,185,888
+14,721,038
+40,144
+12,056
+61
+11,595
+400
+100
+100
+100
+2,499
+3,521
+22 - 8 -
+100
+100
+2,481
+100
+3,499
+黃江鋒先生
+Mr. Huang Jiang-feng
+李永釗先生
+Mr. Li Yong-zhao
+There was no arrangement under which a director
+or a supervisor waived or agreed to waive any
+remuneration during the year (2020: Nil).
+Mr. Yang Dong-sheng was changed from a
+supervisor to the vice president on 29 March
+2021. His remuneration as the supervisor of
+二零二一年
+RMB'000
+人民幣千元
+2021
+年內五名最高薪酬僱員包含一名(二零二零
+年:零名)董事,其薪酬詳情載於上文附註
+9。年內餘下四名(二零二零年:五名)最高
+薪酬僱員均為非董事,其薪酬詳情如下:
+The five highest paid employees during the year included
+one (2020:nil) director, details of whose remuneration are
+set out in note 9 above. Details of the remuneration for the
+year of the remaining four (2020: five) non-director and
+highest paid employees are as follows:
+五名最高薪酬僱員
+10.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+楊冬生先生
+201
+10. FIVE HIGHEST PAID EMPLOYEES
+。
+酬涵蓋3月25日至12月31日期
+間
+唐梅女士於2021年3月25日獲
+委任為監事。其於2021年的薪
+covered the period from 25 March to 31
+December.
+Ms. Tang Mei was appointed as the supervisor
+on 25 March 2021. Her remuneration of 2021
+楊冬生先生於2021年3月29
+日由監事晉升為副總裁。其於
+2021年擔任監事的薪酬涵蓋1
+月1日至3月29日期間。
+本年度並無董事或監事放棄或同意
+放棄任何薪酬之安排(二零二零年:
+無)。
+2021 covered the period from 1 January to 29
+March.
+Annual Report 2021
+二零二一年年報
+Mr. Yang Dong-sheng
+董俊卿先生
+王珍女士
+remuneration
+contributions
+in kind
+薪金、津貼
+及非現金利益
+RMB'000
+人民幣千元
+袍金
+RMB'000
+人民幣千元
+二零二零年
+2020
+Fees
+Total
+scheme
+退休金
+計劃供款
+RMB'000
+人民幣千元
+and benefits
+allowances
+Salaries,
+執行董事、非執行董事及監事(續)
+(b)
+Executive director, non-executive directors
+and supervisors (continued)
+(b)
+董事及監事薪酬(續)
+9. DIRECTORS' AND SUPERVISORS' 9.
+REMUNERATION (CONTINUED)
+二零二一年十二月三十一日
+Pension
+2020
+二零二零年
+RMB'000
+人民幣千元
+酬金總額
+Executive director:
+監事:
+200
+200
+200
+夏佐全先生
+Mr. Dong Jun-qing
+Ms. Wang Zhen
+Supervisors:
+Mr. Xia Zuo-quan
+RMB'000
+人民幣千元
+200
+Mr. Lv Xiang-yang
+非執行董事:
+Non-executive directors:
+5,336
+21
+5,315
+王傳福先生
+Mr. Wang Chuan-fu
+執行董事:
+呂向陽先生
+Salaries, allowances and benefits in kind
+Pension scheme contributions
+130,447 64,586,063 1,857,535 11,649,451 3,550,067
+(63,252) (34,835,233) (895,943) (5,905,922)
+104,383,848
+機器及
+equipment
+Buildings
+land
+and other
+Leasehold
+Machinery
+於年內,本集團使用權資產的賬面值
+及變動如下:
+使用權資產
+Total
+(a)
+租賃(續)
+16.
+assets and the movements during the year are as
+follows:
+The carrying amounts of the Group's right-of-use
+Right-of-use assets
+(a)
+The Group as a lessee (continued)
+LEASES (CONTINUED)
+16.
+本集團作為承租人(續)
+二零二一年十二月三十一日
+租賃土地
+RMB’000
+人民幣千元
+其他設備
+RMB'000
+人民幣千元
+(15,348)
+(97,349)
+(7,519)
+出售
+Exchange realignment
+Depreciation charge
+Disposals
+745,888
+5,275
+樓宇
+RMB'000
+人民幣千元
+501,254
+添置
+7,241,013
+21,528
+708,962
+6,510,523
+於二零二零年一月一日
+As at 1 January 2020
+Additions
+RMB'000
+人民幣千元
+總計
+239,359
+31 December 2021
+31 December 2021
+Notes to Financial Statements
+於一月一日的賬面值
+Carrying amount at 1 January
+RMB'000
+人民幣千元
+二零二零年
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+31 December 2021
+二零二一年十二月三十一日
+投資物業
+15.
+94,217
+15. INVESTMENT PROPERTIES
+Notes to Financial Statements
+207
+Annual Report 2021
+二零二一年年報
+58,201,882
+961,592 5,743,529 3,550,067
+18,128,669
+賬面淨值
+Net carrying amount
+(46,181,966)
+財務報表附註
+財務報表附註
+96,902
+Depreciation provided during the year
+比亞迪股份有限公司
+208
+BYD Company Limited
+本集團就其經營中使用的各種租賃土地、樓
+宇、機器及其經營中所用的其他設備簽訂了
+租賃合同。根據該等土地租賃條款,於向業
+主收購租賃土地(租期為30至99年)前已作
+出一次性付款,並無正在進行的付款。樓宇
+租賃的租期一般為1至20年。機器及其他設
+備的租期一般為1至5年,及/或個別價值
+較低。一般而言,本集團不得在本集團以外
+轉讓及轉租租賃資產。若干租賃合同包含續
+租選擇權,其進一步載述如下。
+equipment used in its operations. Lump sum payments
+were made upfront to acquire the leased land from the
+owners with lease periods of 30 to 99 years, and no
+ongoing payments will be made under the terms of these
+land leases. Leases of buildings generally have lease terms
+between 1 and 20 years. Machinery and other equipment
+generally have lease terms of 1 to 5 years and/or are
+individually of low value. Generally, the Group is restricted
+from assigning and subleasing the leased assets outside
+the Group. There are several lease contracts that include
+extension options, which are further discussed below.
+The Group has lease contracts for various items of
+leasehold land, buildings and machinery and other
+本集團作為承租人
+The Group as a lessee
+租賃
+Transfer from property, plant and equipment
+16.
+16.
+94,217
+87,500
+於十二月三十一日���賬面值
+Carrying amount at 31 December
+(2,685)
+(2,574)
+(4,143)
+轉撥自物業、廠房及設備
+年內折舊撥備
+LEASES
+(120,216)
+財務報表附註
+比亞迪股份有限公司
+Accumulated depreciation and
+24,845,081
+成本
+Cost
+於二零二一年十二月三十一日:
+At 31 December 2021:
+995,466 6,880,296 14,246,331 75,545,128
+33,544,308
+77,432
+於二零二一年十二月三十一日, 19,801,295
+扣除累計折舊及減值
+accumulated depreciation and
+impairment
+At 31 December 2021, net of
+(57,682)
+(10,983) (15,297) (3,014)
+(28,388)
+匯兌調整
+Exchange realignment
+(3,524)
+(3,524)
+累計折舊及減值
+(5,043,786)
+152,196 71,406,278 2,013,686 14,196,595 14,246,331 126,860,167
+(74,764) (37,861,970) (1,018,220) (7,316,299)
+(51,315,039)
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+206
+BYD Company Limited
+於二零二一年十二月三十一日,本集團仍在
+就賬面淨值為人民幣2,536,395,000元(二零
+二零年:人民幣2,917,879,000元)的若干樓
+宇辦理房屋所有權證。董事認為,本集團在
+取得房屋所有權證方面並無重大障礙。
+there is no major barrier for the Group to obtain the
+property ownership certificates.
+As at 31 December 2021, the Group was still in the process
+of obtaining property ownership certificates for certain
+buildings with a net carrying amount of RMB2,536,395,000
+(2020: RMB2,917,879,000). In the opinion of the directors,
+轉撥投資物業
+995,466 6,880,296 14,246,331 75,545,128
+77,432
+21
+913
+400
+33,313
+19,801,295
+賬面淨值
+Net carrying amount
+impairment
+33,544,308
+Transfer to investment properties
+(7,392,393)
+357,901
+7,667
+轉自投資物業
+Transfers from investment properties
+29,233,955
+2,658,008 18,109,409
+448,263
+6,900,119
+49,060
+1,069,096
+7,667
+扣除累計折舊及減值
+添置
+depreciation and impairment
+58,201,882
+5,743,529 3,550,067
+961,592
+29,750,830
+67,195
+18,128,669
+==---
+At 1 January 2021, net of accumulated
+Additions
+二零二一年十二月三十一日
+Disposals
+(114,515)
+38,295
+(212)
+(212)
+5,575,596
+1,420,601
+轉撥
+Transfers
+減值
+Impairment
+(10,904,635)
+出售
+(932,323)
+(37,600)
+(1,838,528)
+(284,272)
+(8,076,241)
+(27,283)
+(678,311)
+Depreciation provided during the year ⠀⠀
+(153,115)
+(594,801)
+(11,540)
+(20,752)
+14. PROPERTY, PLANT AND EQUIPMENT
+(CONTINUED)
+14.
+物業、廠房及設備(續)
+Exchange realignment
+1,099,181
+轉撥
+Transfers
+(5,885)
+(5,885)
+減值
+Impairment
+404,789
+17,267 6,006,840 333,353 2,652,203 3,474,644 12,889,096
+(6,677) (50,824) (422,720) (65,929) (47,325) (12,758) (606,233)
+(677,112) (30,821) (6,655,209) (303,360) (1,606,422)
+(9,272,924)
+匯兌調整
+Depreciation provided during the year ⠀⠀
+Disposals
+添置
+Additions
+扣除累計折舊及減值
+depreciation and impairment
+4,657,379 5,721,076 55,296,009
+997,740
+131,573 26,437,192
+17,351,049
+出售
+==-A-B
+(42,561)
+(98,181)
+200
+BYD Company Limited
+11,217
+83
+10,734
+(4,481,616)
+累計折舊及減值
+22,610,285
+成本
+4,407,390 34,745 91,579 (5,632,895)
+(16,778) (34,957) (3,885)
+於二零二零年十二月三十一日:
+Cost
+At 31 December 2020:
+impairment
+58,201,882
+961,592 5,743,529 3,550,067
+67,195 29,750,830
+於二零二零年十二月三十一日, 18,128,669
+扣除累計折舊及減值
+accumulated depreciation and
+At 31 December 2020, net of
+Accumulated depreciation and
+impairment
+Notes to Financial Statements
+At 1 January 2020, net of accumulated
+997,740
+車輛
+機器及設備
+租賃物業裝修
+RMB'000
+人民幣千元
+土地及樓宇
+RMB'000
+人民幣千元
+本集團
+Group
+永久業權
+Total
+equipment Construction
+and fixtures
+in progress
+RMB'000
+人民幣千元
+Office
+equipment
+buildings improvements
+Motor
+and
+land and Leasehold
+Machinery
+於二零二一年十二月三十一日,賬面淨值約
+人民幣182,646,000元(二零二零年:人民幣
+191,209,000元)的本集團若干永久業權土地
+及樓宇項目、賬面淨值約人民幣0元(二零二
+零年:人民幣1,781,000元)的本集團若干汽
+車項目已作為抵押以取得授予本集團的一般
+銀行融資(附註35(a))。
+Freehold
+As at 31 December 2021, certain items of the Group's
+freehold land and buildings with a net carrying amount of
+approximately RMB182,646,000 (2020: RMB191,209,000)
+were pledged to secure general banking facilities granted
+to the Group, certain items of the Group's motor vehicles
+with a net carrying amount of approximately RMBO (2020:
+RMB1,781,000) were pledged to secure general banking
+facilities granted to the Group (note 35(a)).
+vehicles
+4,657,379 5,721,076 55,296,009
+RMB'000
+人民幣千元
+在建工程
+131,573 26,437,192
+17,351,049
+賬面淨值
+Net carrying amount
+impairment
+(40,226,811)
+199,310 57,314,868 1,690,428 9,419,899 5,721,076 95,522,820
+(67,737) (30,877,676) (692,688) (4,762,520)
+(3,826,190)
+累計折舊及減值
+辦公室
+設備及傢俱
+RMB'000
+人民幣千元
+21,177,239
+Accumulated depreciation and
+Cost
+1 January 2020:
+At 31 December 2019 and
+二零二零年十二月三十一日
+31 December 2020
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+總計
+於二零一九年十二月三十一日
+及於二零二零年一月一日:
+成本
+(158,295)
+67,195 29,750,830
+(2,151)
+Tax losses and deductible temporary
+differences not recognised
+未確認的稅務虧損及可扣稅
+1,063,538
+23.5
+796,723
+11.6
+暫時性差異
+Tax losses utilised from previous periods
+利用以前期間稅務虧損
+1.0
+(399,502)
+(349,062)
+(5.1)
+Effect on opening deferred tax of
+change in rates
+稅率變動對期初遞延所得稅的
+(9,704)
+(0.2)
+影響
+Super-deduction of research and
+development costs
+研究與開發成本的加計扣除
+(8.8)
+(885,478)
+66,457
+40,142
+按法定税率計算的稅項
+1,129,501
+25.0
+(167,819)
+25.0
+Lower tax rate for specific provinces or
+enacted by local authority
+個別省份或地方機構頒佈的
+較低稅率
+(418,028)
+(9.3)
+0.9
+(739,900)
+Losses attributable to joint ventures
+and associates
+應佔合營公司及聯營公司的
+30,268
+0.7
+15,673
+0.2
+虧損
+Expenses not deductible for tax
+無須納稅的開支
+(10.9)
+Tax at the statutory tax rate
+(19.6)
+(9.3)
+holders of the parent adjusted for interest paid or payable
+for perpetual loans, and the weighted average number of
+ordinary shares of 2,854,226,188 (2020:2,728,142,855) in
+issue during the year.
+No adjustment has been made to the basic earnings
+per share amounts presented for the years ended 31
+December 2021 and 2020 in respect of a dilution as the
+Group had no potentially dilutive ordinary shares in issue
+during those years.
+The calculation of basic earnings per share is based on:
+每股基本盈利乃按母公司普通股權益持有
+人應佔本年度溢利(就已付利息或應付永續
+債作出調整)及本年度已發行普通股加權
+平均數目2,854,226,188股(二零二零年:
+2,728,142,855股)計算。
+截至二零二一年及二零二零年十二月三十一
+日止年度,就攤薄事件而言,所呈報的每股
+基本盈利概無作出任何調整,乃因本集團於
+該等年度內的已發行普通股並無任何潛在攤
+薄影響。
+每股基本盈利乃按以下基準計算:
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+The calculation of the basic earnings per share amount is
+based on profit for the year attributable to ordinary equity
+RMB'000
+Earnings
+Profit attributable to ordinary equity holders
+of the parent
+盈利
+母公司普通股權益持有人
+應佔溢利
+3,045,188
+4,234,267
+Interest paid for perpetual loans for the year
+已付永續債的本年利息
+(19,274)
+人民幣千元
+(641,914)
+母公司的普通股權益持有人應佔每股
+盈利
+13. EARNINGS PER SHARE ATTRIBUTABLE TO
+ORDINARY EQUITY HOLDERS OF THE PARENT
+Tax charge at the Group's effective
+tax rate
+按本集團實際稅率計算的
+稅項支出
+550,737
+12.2
+868,624
+12.6
+PERPETUAL LOAN INTEREST
+The interest of perpetual loans paid in 2021 was
+RMB61,600,000 (2020:RMB222,987,000). The Group's
+perpetual loans are disclosed in note 43 to the
+consolidated financial statements.
+13.
+12.
+於二零二一年已付的永續債利息為人民
+幣61,600,000元(二零二零年:人民幣
+222,987,000元)。本集團的永續債披露於合
+併財務報表附註43內。
+BYD Company Limited
+204
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+永續債利息
+(174,308)
+%
+人民幣千元
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+11. INCOME TAX
+Hong Kong profits tax has been provided at the rate
+of 16.5% on the estimated assessable profits arising in
+Hong Kong during the year, except for the withholding tax
+derived at a tax rate of 10% on the gains from transferring
+shares of a PRC subsidiary within the Group. Taxes on
+profits assessable elsewhere have been calculated at the
+tax rates prevailing in the countries in which the Group
+operates.
+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.
+Certain subsidiaries operating in Mainland China were
+approved to be high and new technology enterprises
+(“HNTE”) and were entitled to a reduced CIT rate of 15%.
+The HNTE certificates need to be renewed every three
+years so as to enable those subsidiaries to enjoy the
+reduced CIT rate of 15%.
+Certain subsidiaries operating in Mainland China were
+entitled to a reduced CIT rate of 15% for the year pursuant
+to the Western Development Policy. These subsidiaries
+retained records pursuant to the policies by the State
+Taxation Administration so as to be entitled to the reduced
+CIT rate.
+比亞迪股份有限公司
+11.
+除本集團內部轉讓中國附屬公司股份的收益
+按10%的稅率計算的預扣稅外,年內於香港
+產生的估計應課稅溢利已按16.5%的税率作
+出香港利得稅撥備。其他地區的應繳利得稅
+已按本集團經營業務所在國家的適用稅率計
+算。
+根據相關所得稅法,年內,中國附屬公司須
+就其各自的應課稅收入按法定税率25%繳納
+企業所得稅(「企業所得稅」)。
+於中國內地經營的若干附屬公司均確認屬高
+新技術企業(「高新技術企業」),並有權於年
+內享有15%的企業所得稅扣減。高新技術企
+業證書須每三年續期,以使該等附屬公司有
+權享有15%的企業所得稅扣減。
+於中國內地經營的若干附屬公司均獲准遵循
+西部大開發政策而有權於年內享有15%的企
+業所得稅扣減。該等附屬公司須每年根據國
+家稅務總局規定保留資料作記錄,以享有經
+調減企業所得稅率。
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+Current Hong Kong
+所得税
+-
+202
+5
+114
+87
+There were no discretionary bonuses or compensation paid
+for loss of office or as inducement to join the Company for
+the above highest paid employees during the year (2020:
+Nil).
+The number of non-director highest paid employees whose
+remuneration fell within the following bands is as follows:
+33,427
+40,231
+於本年度,概無向上述最高薪酬僱員支付款
+項,以作為彼等離職或吸引彼等加入本公司
+之酌情花紅或補償(二零二零年:無)。
+屬以下薪酬範圍的非董事最高薪酬僱員人數
+如下:
+RMB6,500,001 to RMB7,000,000
+RMB7,000,001 to RMB7,500,000
+RMB7,500,001 to RMB8,000,000
+BYD Company Limited
+RMB8,000,001 to RMB8,500,000
+人民幣6,500,001元至人民幣7,000,000元
+人民幣7,000,001元至人民幣7,500,000元
+人民幣7,500,001元至人民幣8,000,000元
+人民幣8,000,001元至人民幣8,500,000元
+人民幣8,500,001元至人民幣9,000,000元
+人民幣9,000,001元至人民幣9,500,000元
+人民幣9,500,001元至人民幣10,000,000元
+人民幣10,000,001元至人民幣10,500,000元
+人民幣10,500,001元至人民幣11,000,000元
+2021
+2020
+二零二一年
+二零二零年
+||21||-||
+4
+21||-|||-
+LO
+RMB8,500,001 to RMB9,000,000
+RMB9,000,001 to RMB9,500,000
+RMB9,500,001 to RMB10,000,000
+RMB10,000,001 to RMB10,500,000
+RMB10,500,001 to RMB11,000,000
+6,882,587
+Charge for the year
+Current Elsewhere
+Annual Report 2021
+二零二一年年報
+203
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+INCOME TAX (CONTINUED)
+A reconciliation of the tax expense applicable to profit
+before tax at the statutory tax rate for the jurisdiction in
+which the Company and the majority of its subsidiaries are
+domiciled to the tax expense at the effective tax rate, and
+a reconciliation of the statutory tax rate to the effective tax
+rate, are as follows:
+11.
+所得稅(續)
+12.
+按本公司及其大部分附屬公司所在司法權區
+法定税率計算的除稅前溢利適用稅項開支與
+按實際稅率計算的稅項開支的對賬,以及法
+定稅率與實際稅率的對賬如下:
+除稅前溢利
+2021
+二零二一年
+RMB'000
+人民幣千元
+4,518,003
+2020
+二零二零年
+RMB'000
+%
+Profit before tax
+Charge for the year
+11.
+550,737
+-
+Charge for the year
+本年度 - 香港
+本年度支出
+14,786
+Current Mainland China
+本年度-中國內地
+本年度支出
+438,360
+868,624
+658,920
+本年度支出
+99,383
+109,814
+Deferred (note 39)
+遞延(附註39)
+(1,792)
+99,890
+Total tax charge for the year
+本年度稅項支出總額
+本年度 - 其他地區
+Accumulated unpaid interest attributable to
+perpetual loans for the year
+1,720,647
+(42,326)
+As at 31 December 2020 and
+1 January 2021
+Additions
+於二零二零年十二月三十一日及
+二零二一年一月一日
+6,582,107
+936,303
+9,442
+7,527,852
+添置
+3,273,197
+943,570
+17,591
+永續債應佔累計未付的
+本年利息
+4,234,358
+200
+Disposals
+出售
+(26,355)
+(53,813)
+匯兌調整
+折舊開支
+(10,568)
+薪金、津貼及非現金利益
+退休金計劃供款
+酬金總額
+RMB'000
+人民幣千元
+Executive director:
+執行董事:
+Mr. Wang Chuan-fu
+王傳福先生
+5,770
+28
+5,798
+(162)
+Non-executive directors:
+Mr. Lv Xiang-yang
+呂向陽先生
+200
+夏佐全先生
+200
+(328,265)
+(1,961)
+(8,745)
+138
+非執行董事:
+(80,330)
+Depreciation charge
+折舊開支
+100
+3,174
+28
+3,146
+││││
+唐梅女士**
+Ms. Tang Mei**
+黃江鋒先生
+Mr. Huang Jiang-feng
+100
+李永釗先生
+楊冬生先生*
+Mr. Yang Dong-sheng*
+董俊卿先生
+王珍女士
+監事:
+Mr. Dong Jun-qing
+Ms. Wang Zhen
+Supervisors:
+Mr. Xia Zuo-quan
+Mr. Li Yong-zhao
+remuneration
+626
+100
+(168,122)
+(267,371)
+(5,558)
+(441,051)
+Exchange realignment
+匯兌調整
+(758)
+(6,392)
+(378)
+632
+(7,528)
+於二零二一年十二月三十一日
+9,660,069
+1,552,297
+20,935
+11,233,301
+892
+100
+100
+100
+As at 31 December 2021
+contributions
+退休金
+計劃供款
+RMB'000
+人民幣千元
+200
+in kind
+���金、津貼
+及非現金利益
+RMB'000
+RMB'000
+RMB'000
+總計
+在建工程
+設備及傢俱
+人民幣千元
+車輛
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+機器及設備
+租賃物業裝修
+土地及樓宇
+RMB'000
+人民幣千元
+本集團
+Group
+RMB'000
+人民幣千元
+人民幣千元 人民幣千元
+31 December 2021
+二零二一年十二月三十一日
+18,128,669
+賬面淨值
+Net carrying amount
+impairment
+3,550,067 104,383,848
+(46,181,966)
+1,857,535 11,649,451
+(895,943) (5,905,922)
+130,447 64,586,063
+(63,252) (34,835,233)
+(4,481,616)
+累計折舊及減值
+22,610,285
+於二零二零年十二月三十一日
+及於二零二一年一月一日:
+成本
+Accumulated depreciation and
+Cost
+1 January 2021:
+At 31 December 2020 and
+Total
+67,195 29,750,830
+and fixtures in progress
+辦公室
+vehicles
+用於計算每股基本盈利的年內
+二零二零年
+二零二一年
+2020
+2021
+股份數目
+2,854,226,188 2,728,142,855
+Number of shares
+Weighted average number of ordinary shares in
+issue during the year, used in the basic
+earnings per share calculation
+Shares
+4,017,633
+3,025,914
+用於計算每股基本盈利的
+溢利
+Profit used in the basic earnings per
+share calculation
+股份
+已發行普通股加權平均數
+14. PROPERTY, PLANT AND EQUIPMENT
+Annual Report 2021
+二零二一年年報
+equipment
+buildings improvements
+equipment Construction
+Motor
+and
+Leasehold
+land and
+Office
+Machinery
+Freehold
+14. 物業、廠房及設備
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+205
+永久業權
+RMB'000
+人民幣千元
+961,592
+Annual Report 2021
+二零二一年年報
+Notes to Financial Statements
+31 December 2021
+二零二一年十二月三十一日
+9. DIRECTORS' AND SUPERVISORS' 9. 董事及監事薪酬(續)
+REMUNERATION (CONTINUED)
+(b)
+Executive director, non-executive directors
+and supervisors
+(b) 執行董事、非執行董事及監事
+Salaries,
+allowances
+Pension
+財務報表附註
+scheme
+199
+and benefits
+袍金
+RMB'000
+人民幣千元
+二零二一年
+5,743,529 3,550,067 58,201,882
+Total
+Fees
+2021
+315,233
+BYD Company Limited
+212
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+於二零二零年十二月三十一日及
+二零二一年十二月三十一日:
+17.
+商譽
+31 December 2021:
+Cost
+Accumulated impairment
+Net carrying amount
+253,795
+二零二一年十二月三十一日
+At 31 December 2020 and
+89,122
+五年後
+Within one year
+二零二零年
+RMB'000
+人民幣千元
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+於二零二一年十二月三十一日,本集團根據
+與其租戶不可撤銷經營租賃於未來期間應收
+的未折現租賃款項如下:
+本集團根據經營租賃安排出租其若干物業及
+車輛。租賃條款一般要求租戶繳付押金,
+並根據當時現行市場狀況提供定期租金調
+整。本集團於年內確認的租金收入為人民
+幣 151,691,000元(二零二零年:人民幣
+143,117,000).
+一年內
+本集團作為出租人
+16.
+At 31 December 2021, the undiscounted lease payments
+receivable by the Group in future periods under non-
+cancellable operating leases with its tenants are as follows:
+according to the then prevailing market conditions. Rental
+income recognised by the Group during the year was
+RMB151,691,000 (2020: RMB143,117,000).
+deposits and provide for periodic rent adjustments
+The Group leases certain of its properties and vehicles
+under operating lease arrangements. The terms of the
+leases generally require the tenants to pay security
+The Group as a lessor
+租賃(續)
+32,139
+91,590
+After one year but within two years
+9,070
+24,358
+四年後但五年內
+13,419
+29,174
+三年後但四年內
+109,020
+After three years but within four years
+After four years but within five years
+After five years
+36,098
+兩年後但三年內
+After two years but within three years
+62,442
+40,436
+一年後但兩年內
+32,160
+17. GOODWILL
+本集團作為承租人(續)
+31 December 2021
+二零二一年十二月三十一日
+年內確認的利息增加
+68,382
+56,422
+the year
+Covid-19-related rent concessions
+from lessors
+Payments
+新冠肺炎相關的出租人
+租金優惠
+(3,065)
+付款
+(270,762)
+(153,877)
+Carrying amount at 31 December
+Accretion of interest recognised during
+於十二月三十一日的賬面值
+1,011,793
+Analysed into:
+分析為:
+Current portion
+流動部分
+Non-current portion
+非流動部分
+248,428
+168,507
+1,415,291
+843,286
+The maturity analysis of lease liabilities is disclosed
+in note 50 to the consolidated financial statements.
+租賃負債的到期日分析於合併財務報
+1,663,719
+表附註50中披露。
+344,593
+767,720
+成本
+Annual Report 2021
+二零二一年年報
+209
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+16.
+LEASES (CONTINUED)
+16.
+租賃(續)
+The Group as a lessee (continued)
+本集團作為承租人(續)
+(b)
+854,306
+Lease liabilities
+租賃負債
+The carrying amount of lease liabilities and the
+於年內,租賃負債的賬面值及變動如
+movements during the year are as follows:
+下:
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+Carrying amount at 1 January
+New leases
+於一月一日的賬面值
+新租賃
+1,011,793
+(b)
+BYD Company Limited
+210
+比亞迪股份有限公司
+1,267,749
+3,303
+2,317
+開支
+新冠肺炎相關的出租人
+租金優惠
+(3,065)
+Total amount recognised in the statement
+of profit or loss
+於損益表確認的總金額
+1,746,538
+1,651,688
+(d)
+Extension options
+(d)
+1,233,802
+續租選擇權
+Group's business needs. These extension options
+are expected to be exercised.
+The Group has several lease contracts that include
+extension options. These options are negotiated by
+leased-asset portfolio and they are aligned with the
+本集團擁有多項包括續租選擇權的租
+賃合同。該等選擇權乃經管理層協商
+釐定,使租賃資產組合管理具有靈活
+性,符合本集團業務需求。該等續租
+選擇權預期將予行使。
+(e)
+The total cash outflow for leases is disclosed in note
+45 to the consolidated financial statements.
+(e)
+租賃的現金流出總額於合併財務報表
+附註45中披露。
+16.
+Annual Report 2021
+二零二一年年報
+211
+Notes to Financial Statements
+財務報表附註
+management to provide flexibility in managing the
+328,265
+441,051
+使用權資產的折舊開支
+與短期租賃有關的開支
+與低價值租賃資產有關的
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+16.
+LEASES (CONTINUED)
+16.
+租賃(續)
+The Group as a lessee (continued)
+(c)
+The amounts recognised in the statement of profit or
+(C)
+loss in relation to leases are as follows:
+於損益表確認的有關租賃的款項如
+下:
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+Interest on lease liabilities
+Expense relating to short-term leases
+Expense relating to leases of low-value
+assets
+Covid-19-related rent concessions
+from lessors
+租賃負債利息
+68,382
+56,422
+Depreciation charge of right-of-use assets
+LEASES (CONTINUED)
+累計減值
+扣除累計攤銷及減值
+RMB'000
+50%
+RMB345,000,000 PRC/
+BYD TOYOTA EV Technology
+1,285,000,000
+人民幣 中國/中國內地
+美好出行(杭州)汽車科技有限公司
+(「美好出行」)
+50%
+Mainland China
+65%
+60%
+65%*
+PRC/
+RMB1,285,000,000
+500,000,000
+Automotive Technology Co., Ltd.
+(“Meihao Chuxing”)
+Co., Ltd.("BTET")
+比亞迪豐田電動車科技有限公司
+電動汽車及其衍生產品以及電動汽車
+零部件及其衍生產品的設計及開發;
+進出口、銷售及售後服務
+sales and after-sales service
+their derivatives; import and export,
+the parts of electric vehicles and
+50% Design and development of electric
+vehicles and their derivatives and
+汽車研發、汽車租賃及經營管理、
+新能源技術
+Mainland China
+new energy technology
+鹽湖鋰資源的開發及碳酸鋰的生產、
+銷售
+sale of lithium carbonate
+Salt Lake and the production and
+345,000,000元
+(「比亞迪豐田電動車科技」)
+人民幣 中國/中國內地
+Automobile R&D, automobile leasing
+and operational management; and
+所佔百分比
+Meihao Chuxing (Hangzhou)
+人民幣 中國/中國內地
+33%
+30%
+RMB400,000,000 PRC/
+Financial Lease Co., Ltd.
+Shenzhen BYD International
+技術諮詢及技術服務
+30%
+人民幣 中國/中國內地
+100,000,000
+商業服務、技術開發、技術轉讓、
+technology services
+technology consulting and
+development, technology transfer,
+Commercial services, technology
+新能源電動汽車的研發、新能源電動
+汽車租賃
+深圳市萬科雲地實業有限公司
+(「青海鹽湖」)
+Financial lease and financial lease
+advisory service
+青海鹽湖比亞迪資源開發有限公司
+("Qinghai Salt Lake")
+Mainland China
+Development Co., Ltd.
+Development of lithium resources in
+49%
+Mainland China
+40%
+PRC/
+RMB500,000,000
+Qinghai Salt Lake BYD Resources
+融資租賃及融資租賃顧問服務
+人民幣 中國/中國內地
+400,000,000
+(“International Financial Lease")
+深圳比亞迪國際融資租賃有限公司
+(「國際融資租賃」)
+49%
+R&D of new energy electric vehicles,
+and leasing of new energy electric
+vehicles
+Place of
+Percentage of
+40%
+40%
+40%
+Automobile Service Co., Ltd.
+Mainland China
+Sale of Automobiles and parts and
+automobile maintenance
+PRC/
+(“Xi'an Infrastructure")
+(「西安城投」)
+人民幣 中國/中國內地
+10,000,000元
+銷售汽車及零部件以及汽車維修
+Shenzhen BYD Electric Car
+RMB300,000,000 PRC/
+60%*
+西安城投亞迪汽車服務有限責任公司
+50%
+RMB10,000,000
+350,000,000
+5,760,000,000
+Tianjin BYD Automobile Company
+RMB350,000,000
+PRC/
+50%
+50%
+Xi'an Infrastructure Yadi
+Limited (“Tianjin BYD")
+and coaches.
+天津比亞迪汽車有限公司
+(「天津比亞迪」)
+人民幣 中國/中國內地
+50% Assembly and sale of automobiles
+組裝及銷售汽車及客車
+Mainland China
+Particulars of
+60%
+Mainland China
+廣州廣汽比亞迪新能源客車有限公司
+人民幣 中國/中國內地
+and accessories and manufacture
+製造及設計汽車部件及配件及製造汽車
+(「廣汽比亞迪」)
+300,000,000
+of automobiles
+Annual Report 2021
+二零二一年年報
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+INVESTMENTS IN JOINT VENTURES 19. 於合營公司的投資(續)
+19.
+(CONTINUED)
+217
+Investment Co., Ltd.
+Mainland China
+New Energy Bus Co., Ltd.
+New energy investment and the
+establishment of industrial electric
+(“BYD Electric Car")
+vehicle industry
+深圳市比亞迪電動汽車投資有限公司
+人民幣 中國/中國內地
+新能源投資及成立工業電動汽車行業
+(“Guang Qi BYD”)
+(「比亞迪電動汽車」)
+Guangzhou Guang Qi BYD
+RMB300,000,000 PRC/
+51%*
+50%
+51%
+Manufacture and design of auto parts
+300,000,000
+研究、開發及銷售汽車
+Mainland China
+67%
+杭州西湖比亞迪新能源汽車有限公司
+(“Xihu New Energy”)
+internet technology development,
+Mainland China
+Energy Auto Co., Ltd.
+New energy vehicle technology,
+(「西湖新能源」)
+49%
+49%
+RMB100,000,000 PRC/
+Hangzhou BYD Xihu New
+生產及銷售專用車、進出口倉儲、
+技術及代理
+technologies and agency
+vehicles, import and export storage,
+40%
+100,000,000
+BYD Auto Finance
+人民幣 中國/中國內地
+100,000,000
+issuance of financial bonds, and
+Auto financing leases, auto loan
+the establishment of charging poles
+新能源汽車技術、網絡技術開發、
+技術服務及諮詢及充電樁建設
+technical services and advice, and
+4,000,000,000
+(「比亞迪汽車金融」)
+Company Limited
+人民幣 中國/中國內地
+(“BYD Auto Finance")
+Mainland China
+80%
+80%
+80%*
+RMB4,000,000,000 PRC/
+比亞迪汽車金融有限公司
+car finance consulting agency
+人民幣 中國/中國內地
+Mainland China
+投票權
+Principal activities
+Profit
+sharing
+power
+interest
+所有權權益
+分佔溢利
+and business
+登記及業務地點
+名稱
+Name
+Voting
+Ownership
+registration
+registered
+capital held
+所持註冊資本詳情
+北京華林特裝車有限公司
+(「北京華林」)
+主要業務
+RMB1,195,616,300 PRC/
+Production and sale for special-used
+49%
+40%
+49%
+PRC/
+RMB100,000,000
+Shenzhen Didi New Energy Auto
+Lease Co., Ltd. ("Shenzhen Didi")
+深圳市迪滴新能源汽車租賃有限公司
+(「深圳迪滴」)
+Beijing Hualin Loading Co., Ltd.
+("Beijing Hualin”)
+sale and taxi business
+Mainland China
+人民幣 中國/中國內地
+1,195,616,300
+Electric car and fuel car rental and
+10%
+40%
+10%
+出租及銷售電動汽車及燃油汽車及
+出租車業務
+72%
+汽車金融租賃、購車貸款、
+Hubei Energy Storage Co., Ltd.
+interest
+所有權權益
+and business
+登記及業務地點
+capital held
+所持註冊資本詳情
+名稱
+Name
+Profit
+power
+Voting
+registration
+所佔百分比
+Percentage of
+Place of
+registered
+19. 於合營公司的投資 (續)
+Ownership
+INVESTMENTS IN JOINT VENTURES
+(CONTINUED)
+sharing
+投票權
+72%*
+RMB100,000,000 PRC/
+ShenzhenVanke Yundi Industrial
+Co., Ltd.
+人民幣 中國/中國內地
+30,000,000元
+成都蜀都比亞迪新能源汽車有限公司
+Mainland China
+Principal activities
+60%
+60%*
+PRC/
+RMB30,000,000
+Chengdu Shudu BYD New Energy
+Vehicles Co., Ltd.
+主要業務
+分佔溢利
+57%
+發行金融債券、汽車金融諮詢機構
+19.
+31 December 2021
+PRC/
+RMB5,000,000
+Hengqin Vanke Yundi Commercial
+Services Co., Ltd.
+投資及能源倉儲運營
+storage
+Mainland China
+人民幣 中國/中國內地
+100,000,000
+50%
+(「湖北儲能電站」)
+(“Hubei Energy Storage")
+Investment and operation of energy
+55%
+60%
+55%*
+RMB100,000,000 PRC/
+儲能電站(湖北)有限公司
+二零二一年十二月三十一日
+33%
+Mainland China
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+218
+BYD Company Limited
+技術諮詢及技術服務
+50%
+商業服務、技術開發、技術轉讓、
+technology consulting and
+development, technology transfer,
+Commercial services, technology
+5,000,000元
+人民幣 中國/中國內地
+橫琴萬科雲地商業服務有限公司
+technology services
+賬面淨值
+Research, development and sale of
+automobiles
+深圳騰勢新能源汽車有限公司
+(「騰勢」)
+添置 - 內部開發
+2,635,613
+2,635,613
+Additions - acquired
+添置 - 收購
+1,178
+Additions internal development
+398
+163,055
+Disposal
+出售
+(2,938)
+(2,938)
+Amortisation provided during the year
+161,479
+年內攤銷撥備
+扣除累計攤銷及減值
+10,107,776
+Total
+技術
+RMB’000
+人民幣千元
+軟件
+總計
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+amortisation and impairment
+31 December 2021
+Cost at 1 January 2021, net of accumulated
+於二零二一年一月一日的成本,
+9,688,588
+10,043
+3,343
+405,802
+二零二一年十二月三十一日
+Software
+(2,586,415)
+(33)
+At 31 December 2021:
+Cost
+於二零二一年十二月三十一日:
+成本
+23,292,577
+139,680
+4,930
+10,049,904
+Accumulated amortisation and impairment
+(13,647,872)
+(136,453)
+(1,446)
+1,165,678 24,602,865
+(767,190) (14,552,961)
+Net carrying amount at 31 December 2021
+於二零二一年十二月三十一日的
+累計攤銷及減值
+(7,994)
+398,488
+3,227
+(165,680)
+(2,760,122)
+Impairment
+減值
+(93,081)
+(93,081)
+3,484
+Exchange realignment
+(224)
+(175)
+(399)
+At 31 December 2021
+於二零二一年十二月三十一日
+9,644,705
+匯兌調整
+9,644,705
+Know-how
+開發成本
+RMB’000
+人民幣千元
+商譽(續)
+Impairment testing of goodwill (continued)
+商譽減值測試(續)
+The carrying amount of goodwill allocated to the cash-
+generating unit is as follows:
+分配予現金產生單位的商譽的賬面值如下:
+Automobiles and
+17.
+related products
+汽車及相關產品
+2020
+二零二零年
+RMB'000
+人民幣千元
+Carrying amount of goodwill
+商譽的賬面值
+2021
+二零二一年
+RMB'000
+人民幣千元
+Assumptions were used in the value-in-use calculation of
+the automobiles and related products cash-generating unit
+for 31 December 2021 and 2020. The following_describes
+each key assumption on which management has based its
+cash flow projections to undertake impairment testing of
+goodwill.
+GOODWILL (CONTINUED)
+31 December 2021
+二零二一年十二月三十一日
+人民幣千元
+75,585
+(9,671)
+65,914
+Impairment testing of goodwill
+Goodwill acquired through business combinations is
+allocated to the automobiles and related products cash-
+generating unit, which is a reportable segment, for
+impairment testing:
+17.
+The recoverable amount of the automobiles and related
+products cash-generating unit has been determined based
+on a value-in-use calculation using cash flow projections
+based on financial budgets covering a five-year period
+approved by senior management. The discount rate
+applied to the cash flow projections is 13%(2020:13%).
+The growth rate used to extrapolate the cash flows of the
+automobiles and related products cash-generating unit
+beyond the five-year period is 3% (2020: 3%), which is less
+than the long-term average growth rate of the automobile
+industry.
+因業務合併而產生的商譽獲分配至汽車及相
+關產品現金產生單位(其為可呈報分部),以
+進行減值測試:
+汽車及相關產品現金產生單位的可收回金額
+乃按照使用價值計算法而釐定,其中以根據
+涵蓋五年期間的財政預算作出並經高級管理
+層批准的現金流量預測為基準。現金流量預
+測的折現率為13%(二零二零年:13%)。用
+於推算汽車及相關產品現金產生單位五年以
+上期間的現金流量的增長率為3%(二零二零
+年:3%),低於汽車行業的長期平均增長率。
+Annual Report 2021
+二零二一年年報
+213
+Notes to Financial Statements
+財務報表附註
+商譽減值測試
+rights
+工業產權
+RMB'000
+人民幣千元
+Budgeted gross margins
+the value assigned to the budgeted gross margins is the
+主要假設的價值與外界資料來源一致。
+BYD Company Limited
+214
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+的基準乃預算年度的預測物價指數。
+31 December 2021
+18. OTHER INTANGIBLE ASSETS
+18. 其他無形資產
+Development
+Industrial
+proprietary
+costs
+二零二一年十二月三十一日
+The basis used to determine
+原材料價格通脹 - 用作釐定原材料價格通賬
+預算毛利率 - 預算毛利率的價值乃根據緊
+接預算年度前的年度內已達到的平均毛利率
+(預期效率改善後有所增長)及預期市場發展
+釐定。
+average gross margins achieved in the year immediately
+before the budget year, increased for expected efficiency
+improvements and expected market development.
+-
+Discount rate The discount rate used is before tax and
+reflects specific risks relating to the relevant unit.
+Raw materials price inflation
+-
+折現率 - 折現率乃未考慮稅務費用,並反映
+有關單位的特定風險。
+The basis used to determine
+forecast price index during the budget year.
+The values assigned to key assumptions are consistent
+with external information sources.
+65,914
+65,914
+計算二零二一年及二零二零年十二月三十一
+日汽車及相關產品現金產生單位的使用價值
+時採用了假設。管理層根據下列各項主要假
+設預測現金流量,以進行商譽減值測試。
+the value assigned to raw materials price inflation is the
+Mainland China
+人民幣 中國/中國內地
+3,227
+398,488 10,049,904
+Deferred development costs are stated at cost less
+any impairment losses. Development costs start to be
+amortised once relevant products reach mass production
+conditions. They are amortised using the straight-line
+basis over the commercial lives of the underlying products
+not exceeding ten years, except for those of new energy
+vehicles which are amortised using the unit-of-production
+method, commencing from the date when the products are
+put into commercial production.
+遞延開發成本按成本減任何減值虧損列賬。
+一旦相關產品進入大量生產階段,開發成本
+即開始攤銷。開發成本採用直線法在相關產
+品投入生產不超過十年內攤銷,惟新能源汽
+車自產品投入商業生產之日起使用單位生產
+法攤銷。
+BYD Company Limited
+216
+比亞迪股份有限公司
+Notes to Financial Statements
+405,802 10,107,776
+財務報表附註
+二零二一年十二月三十一日
+19. INVESTMENTS IN JOINT VENTURES
+19. 於合營公司的投資
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+31 December 2021
+Share of net assets
+3,343
+9,688,588
+At 31 December 2020:
+Cost
+於二零二零年十二月三十一日:
+成本
+20,656,964
+Accumulated amortisation and impairment
+累計攤銷及減值
+10,043
+(10,968,376)
+4,756
+1,034,692 21,860,074
+(1,413)
+(628,890) (11,752,298)
+Net carrying amount at 31 December 2020
+於二零二零年十二月三十一日的
+賬面淨值
+163,662
+(153,619)
+10,107,776
+分佔淨資產
+4,442,807
+interest
+所有權權益
+power
+sharing
+Principal activities
+投票權
+分佔溢利
+and business
+登記及業務地點
+主要業務
+RMB5,760,000,000
+PRC/
+50%
+50%
+50%
+Automotive Co., Ltd. (“DENZA")
+Shenzhen Denza New Energy
+6,814,229
+capital held
+所持註冊資本詳情
+Name
+本集團對合營公司的應收貿易賬款和應付結
+餘披露於合併財務報表附註47(c)。
+The Group's trade receivable and payable balances
+with joint ventures are disclosed in note 47(c) to the
+consolidated financial statements.
+Particulars of the Group's joint ventures are as follows:
+本集團合營公司的詳情如下:
+Percentage of
+名稱
+Particulars of
+所佔百分比
+registered
+registration
+Ownership
+Voting
+Profit
+Place of
+3,484
+405,802
+10,043
+技術
+軟件
+總計
+RMB'000
+人民幣千元
+RMB'000
+RMB'000
+工業產權
+RMB'000
+人民幣千元
+人民幣千元
+31 December 2020
+二零二零年十二月三十一日
+Cost at 1 January 2020, net of accumulated
+於二零二零年一月一日的成本,
+11,545,664
+7,225
+人民幣千元
+開發成本
+RMB'000
+人民幣千元
+Total
+Software
+賬面淨值
+Annual Report 2021
+二零二一年年報
+215
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+18.
+OTHER INTANGIBLE ASSETS (CONTINUED)
+18. 其他無形資產(續)
+Industrial
+Development
+proprietary
+costs
+rights
+Know-how
+856
+3,343
+333,890
+amortisation and impairment
+(31)
+(146,148)
+(2,914,802)
+Impairment
+減值
+(187,058)
+(7,515)
+(187,058)
+匯兌調整
+(361)
+(361)
+At 31 December 2020
+於二零二零年十二月三十一日
+9,688,588
+Exchange realignment
+11,887,635
+(2,761,108)
+Amortisation provided during the year
+Additions internal development
+添置 - 內部開發
+1,091,090
+1,091,090
+Additions - acquired
+添置 - 收購
+年內攤銷撥備
+10,333
+218,730
+231,581
+Disposal
+出售
+(309)
+(309)
+2,518
+Particulars of
+131,238
+891,543
+減值撥備
+BYD Company Limited
+節能環保技術及產品技術開發、諮詢、
+轉讓及服務、動力電池製造、貨物及
+技術進出口
+goods and technology
+manufacturing, import and export of
+technologies, power battery
+technologies and product
+and environmentally friendly
+and services of energy-saving
+222
+936,840,000
+人民幣 中國/中國內地
+中治瑞木新能源科技有限公司
+Mainland China
+收購的商譽
+Goodwill on acquisition
+959,534
+分佔淨資產
+Share of net assets
+(「中治瑞木」)
+二零二零年
+RMB'000
+人民幣千元
+比亞迪股份有限公司
+財務報表附註
+capital held
+Profit
+Voting
+Ownership
+registration
+registered
+所佔百分比
+Particulars of Place of
+Notes to Financial Statements
+Percentage of
+China Railway Engineering
+名稱
+Name
+於聯營公司的投資 (續)
+20.
+20. INVESTMENTS IN ASSOCIATES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+Consulting Group Co., Ltd.
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+20. 於聯營公司的投資
+The following table illustrates the summarised aggregate
+於報告期末,本集團並無重大合營公司。
+There is no material joint venture of the Group at the end of
+the reporting period.
+於合營公司的投資 (續)
+19.
+INVESTMENTS IN JOINT VENTURES
+(CONTINUED)
+19.
+二零二一年十二月三十一日
+financial information of the Group's joint ventures that are
+not individually material:
+31 December 2021
+Notes to Financial Statements
+比亞迪股份有限公司
+BYD Company Limited
+220
+根據集團對該基金簽署的認購協議,基
+金預計募集規模不超過6億美元,集團
+作為有限合夥人擬認繳出資1億美��。
+根據該等投資對象的組織章程細則,任
+何由投資委員會批准的事項,均須取得
+投資委員會全體成員一致同意後方可批
+准。本集團在投資委員會中佔有一席之
+地,故即使本集團於基金中的所有權權
+益低於20%,本集團仍可對基金實施共
+同控制。
+根據該等投資對象的組織章程細則,董
+事會議決須董事會全體成員的三分之二
+以上或全體同意決定。因此,儘管本集
+團於投資對象的擁有權超過50%,本集
+團並不控制該等投資對象。
+智能駕駛軟件研究、銷售及服務
+財務報表附註
+下表說明個別並非屬重大的本集團合營公司
+的合計財務資料概要:
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+20. INVESTMENTS IN ASSOCIATES
+4,442,807
+6,814,229
+本集團於合營公司之投資賬面總額
+Aggregate carrying amount of the Group's
+investments in joint ventures
+12,748
+311,567
+沖銷未變現溢利
+Elimination of unrealised profit
+(199,905)
+(607,486)
+應佔合營公司之綜合(虧損)/收入
+總額
+comprehensive (loss)/income
+Share of joint ventures' total
+(199,905)
+(607,486)
+應佔本年度合營公司之(虧損)/
+溢利
+Share of joint ventures' (loss)/profit for
+the year
+RMB'000
+人民幣千元
+所持註冊資本詳情
+to be raised will be no more than US$600 million. The
+Group intends to contribute US$100 million, as a limited
+partner.
+RMB730,818,286
+interest
+Annual Report 2021
+二零二一年年報
+業務
+120,000,000元
+根據明確法律及法規或國務院所批准的
+approved by the State Council
+Mainland China
+中國/中國內地
+人民幣
+Clear in laws and regulations or
+223
+40%
+40%
+RMB120,000,000 PRC/
+維護、租賃交易諮詢服務;
+融資租賃業務、租賃業務、國內外租賃
+資產購置、租賃物業剩餘價值出售及
+leasing transaction consulting
+services;
+maintenance of leased property;
+disposal of residual value and
+business; purchase of leased
+assets at home and abroad;
+29%
+Finance leasing business; leasing
+Notes to Financial Statements
+31 December 2021
+二零二一年十二月三十一日
+Principal activities
+sharing
+power
+interest
+and business
+capital held
+Name
+Profit
+財務報表附註
+Voting
+registration
+registered
+所佔百分比
+Particulars of Place of
+Percentage of
+於聯營公司的投資 (續)
+20.
+20. INVESTMENTS IN ASSOCIATES (CONTINUED)
+Ownership
+deliver car seats and related parts
+covering the whole car chair, seat
+frame, seat foam and seat cover;
+and provision of after-sales service
+and technical development service
+開發、生產、組裝、銷售及運送汽車座
+椅及有關完整汽車座椅、座椅框架、
+座椅發泡體及座椅套的部件以及提供
+售後服務及技術開發服務
+Develop, produce, assemble, sell and
+工程測量、設計、諮詢、監督檢驗、
+EPC承包及專業承包
+30%
+40%
+30%
+RMB200,000,000 PRC/
+Shenzhen Faurecia Auto Parts
+730,818,286元
+人民幣 中國/中國內地
+中鐵工程設計諮詢集團有限公司
+Co., Ltd. (“Faurecia")
+Mainland China
+11%
+4%
+主要業務
+分佔溢利
+投票權
+所有權權益
+sharing
+power
+4%
+Mainland China
+深圳佛吉亞汽車部件有限公司
+(「佛吉亞」)
+人民幣 中國/中國內地
+200,000,000
+specialised contracting.
+inspection, EPC contracting, and
+consultancy, supervision and
+Engineering survey, design,
+Principal activities
+銀川雲軌運營有限公司(「銀川運營」)
+Co., Ltd. (“Yinchuan Operation")
+Yinchuan Sky Rail Operation
+400,000,000
+(「天津宏迪」)
+人民幣 中國/中國內地
+天津宏迪融資租賃有限公司
+Mainland China
+Co., Ltd. ("Tianjin Hongdi ")
+25%
+33%
+25%
+RMB400,000,000 PRC/
+Tianjin Hongdi Financial Lease
+and business
+登記及業務地點
+PRC/
+名稱
+Group in respect of the fund, the amount anticipated
+According to the articles of association of these
+investees, any matter to be approved by the Investment
+Committee may only be approved with the unanimous
+consent of all Investment Committee members. The
+Group takes a seat on the Investment Committee.
+Therefore, even though the Group's ownership interest
+in the fund is below 20%, the Group still can exert
+common control on the fund.
+1,022,781
+1,090,772
+1,022,781
+The Group's trade receivable and payable balances with
+associates are disclosed in note 47(c) to the consolidated
+financial statements.
+本集團對聯營公司的應收貿易賬款和應付結
+餘披露於合併財務報表附註47(c)。
+20.
+Annual Report 2021
+二零二一年年報
+221
+1,090,772
+Notes to Financial Statements
+31 December 2021
+二零二一年十二月三十一日
+INVESTMENTS IN ASSOCIATES (CONTINUED)
+20.
+Particulars of the Group's associates are as follows:
+於聯營公司的投資(續)
+本集團聯營公司的詳情如下:
+Name
+名稱
+Percentage of
+財務報表附註
+Particulars of
+Auto Operation Co., Ltd.
+131,238
+200,000,000
+人民幣 中國/中國內地
+深電能科技集團��限公司
+(「深電能」)
+電力工程設計、電力車安裝及運行及
+充電基礎設施、電力出售
+vehicle charging infrastructure, and
+sale of electricity
+installation, operation of electric
+Electric power engineering design,
+出租車服務、電力車租賃、電力車充電
+基礎設施
+Provision for impairment
+Mainland China
+20%
+40%
+RMB200,000,000 PRC/
+人民幣 中國/中國內地
+50,000,000元
+rental, electric vehicle charging
+infrastructure
+Mainland China
+Shendianneng Technology Group
+Co., Ltd. ("Shendianneng")
+(“Hangzhou Xihu Operation")
+杭州西湖新能源汽車運營有限公司
+(「杭州西湖運營」)
+40%
+Place of
+所佔百分比
+registered
+Shan Mei Ling Qiu Bi Xing
+RMB10,000,000
+PRC/
+20%
+20%
+20%
+Industry Development Co., Ltd.
+Mainland China
+鋰硼產品及礦鹽
+(“Shan Mei Ling Qiu Bi Xing")
+山煤靈丘比星實業開發有限公司
+(「山煤靈丘比星」)
+Solar power ecosystem remediation
+of agricultural products
+太陽能生態系統矯正農產品
+10,000,000
+Hangzhou Xihu New Energy
+RMB50,000,000 PRC/
+29%
+29%
+人民幣 中國/中國內地
+mineral salt
+Mainland China
+人民幣 中國/中國內地
+930,000,000
+Products of lithium and boron
+registration
+Ownership
+Voting
+Profit
+capital held
+所持註冊資本詳情
+and business
+登記及業務地點
+interest
+所有權權益
+power
+sharing
+Principal activities
+投票權
+分佔溢利
+主要業務
+Tibet Zabuye Lithium Industry
+Co., Ltd. (“Zabuye Lithium")
+西藏日喀則紮布耶鋰業高科技有限
+公司(「紮布耶鋰業」)
+RMB930,000,000 PRC/
+18%
+18%
+18%
+Shenzhen Qianhai Green
+According to the subscription agreement signed by the
+Transportation Co., Ltd.
+19%
+股權投資:大部分投資於數字新媒體
+產業、物流及其他領域的子基金
+logistics and other areas
+Equity investment: most investments
+were made in sub-funds in TMT,
+600,000,000美元*** 開曼群島
+Harmony基金(有限合夥)
+16.7%
+16.7%**
+16.7%
+Equity investment: most investments
+USD600,000,000*** Cayman Islands
+1,401,000,000
+(有限合夥)(「和諧鼎泰」)
+人民幣 中國/中國內地
+橫琴和諧鼎泰股權投資企業
+Mainland China
+Investment LP (“Hexie Dingtai")
+42.8%
+25%
+Harmony Fund LP
+42.8%
+were made in technology, logistics,
+industries
+control even though the Group's ownership interests in
+these investees are greater than 50%.
+consent of a two-third majority or all members of the
+board of directors. Thus, the Group does not have
+According to the articles of association of these
+investees, a board resolution requires unanimous
+100,000,000
+中國/中國內地
+人民幣
+intelligent driving software
+Mainland China
+medical innovation and other
+Research, sales and service of
+60%
+60%*
+RMB100,000,000 PRC/
+(「迪派智行」)
+深圳市迪派智行科技有限公司
+Co., Ltd. ("Dipai Zhixing")
+Shenzhen Dipai Zhixing Technology
+股權投資:大部分投資於技術、物流、
+醫療創新及其他行業
+60%
+RMB1,401,000,000 PRC/
+Hengqin Hexie Dingtai Equity
+主要業務
+財務報表附註
+Notes to Financial Statements
+219
+Annual Report 2021
+二零二一年年報
+Development, consultancy, transferal,
+10%
+11%
+10%
+31 December 2021
+二零二一年十二月三十一日
+RMB936,840,000 PRC/
+汽車租賃、公共交通工具保養及維修
+人民幣 中國/中國內地
+20,000,000
+("Qianhai Green Transportation")
+深圳市前海綠色交通有限公司
+(「前海綠色交通」)
+vehicle maintenance and repairs
+Mainland China
+Car rental, public transportation
+19%
+14%
+MCC Ramu New Technology Limited
+("MCC Ramu")
+INVESTMENTS IN JOINT VENTURES 19. 於合營公司的投資(續)
+19.
+(CONTINUED)
+分佔溢利
+投票權
+Principal activities
+sharing
+power
+interest
+所有權權益
+and business
+登記及業務地點
+capital held
+所持註冊資本詳情
+名稱
+Name
+Profit
+Voting
+Ownership
+registration
+registered
+所佔百分比
+Place of
+Particulars of
+Percentage of
+RMB20,000,000 PRC/
+29%
+Taxi service, electric vehicle
+Shenzhen microgrid Digital
+深圳市微網數電科技有限公司
+(「微網數電」)
+Contract energy management;
+emerging energy technologies;
+Mainland China
+Technology Co., Ltd. (“Microgrid")
+Research and development of
+10%
+17%
+10%
+主要業務
+分佔溢利
+投票權
+所有權權益
+登記及業務地點
+PRC/
+RMB50,000,000
+所持註冊資本詳情
+Principal activities
+sharing
+power
+interest
+and business
+capital held
+名稱
+Name
+Profit
+Voting
+Ownership
+人民幣 中國/中國內地
+50,000,000元
+registration
+The following table illustrates the aggregate financial
+information of the Group's associates that are not
+individually material:
+control equipment; Battery
+財務報表附註
+Notes to Financial Statements
+225
+Annual Report 2021
+二零二一年年報
+總賬面值
+1,022,781
+1,090,772
+本集團於聯營公司的投資的
+Aggregate carrying amount of the Group's
+investments in associates
+2,856
+770
+沖銷未變現溢利
+Elimination of unrealised profit
+9,697
+65,981
+9,697
+65,981
+本年度分佔聯營公司的溢利
+分佔聯營公司的綜合收益總額
+Share of associates' total comprehensive
+income
+Share of associates' profit for the year
+人民幣千元
+2020
+二零二零年
+2021
+二零二一年
+RMB'000
+人民幣千元
+下表說明個別並非屬重大的本集團聯營公司
+的合計財務資料:
+新興能源技術的研發;合同能源管理;
+網絡技術服務;新能源原動設備的
+銷售;充電控制設備的租賃;電池
+銷售;蓄電池租賃;軟件開發;集成
+電路設計。
+development; Integrated circuit
+design.
+sales; Battery rental; Software
+Network technology services;
+Sales of new energy prime mover
+equipment; Rental of charging
+31 December 2021
+二零二一年十二月三十一日
+registered
+Particulars of Place of
+(「華大北斗」)
+人民幣 中國/中國內地
+深圳華大北斗科技股份有限公司
+Mainland China
+Co. Ltd.(“Allystar”)
+14% 5.19%
+5.19%
+PRC/
+RMB785,450,798
+Allystar Technology (Shenzhen)
+人民幣 中國/中國內地
+20,000,000元
+東莞德瑞精密設備有限公司
+([東莞德瑞」)
+Engineering")
+("Dongguan Tec-Rich
+Mainland China
+Research and development,
+33% 32.5%
+32.5%
+主要業務
+分佔溢利
+投票權
+所有權權益
+登記及業務地點
+PRC/
+RMB20,000,000
+Engineering Co., Ltd.
+Dongguan Tec-Rich
+所持註冊資本詳情
+785,450,798元
+所佔百分比
+production, sale, leasing,
+technical consultation of precision
+equipment and instruments;
+Percentage of
+於聯營公司的投資 (續)
+20.
+20. INVESTMENTS IN ASSOCIATES (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+224
+BYD Company Limited
+芯片、算法、模塊和終端的研發;終端
+產品的生產;芯片、算法、模塊和終
+端產品的設計、集成、測試和銷售;
+相關產品的操作系統和應用軟件的
+設計、銷售、技術諮詢和技術轉讓;
+創業投資;貨物和技術的進出口
+goods and technologies
+in start-ups; import and export of
+of related products; investment
+systems and application software
+design, integration, testing and
+sales of chips, algorithms, modules
+and terminal products; design,
+sale, technical consultation and
+technological transfer of operating
+production of terminal products;
+algorithms, modules and terminals;
+Research and development of chips,
+計算機軟件開發、銷售及技術服務
+機器及設備零部件加工及銷售、
+研發、生產、銷售、租賃、安裝、維護
+以及精密設備及工具的技術諮詢、
+technical services;
+software development, sale and
+and equipment parts; computer
+processing and sale of machinery
+installation, maintenance and
+21. EQUITY INVESTMENTS AT FAIR VALUE 21. 以公允價值計量並計入其他綜合收益
+THROUGH OTHER COMPREHENSIVE INCOME
+RMB'000
+2021
+二零二一年
+RMB'000
+人民幣千元
+4,346,508
+9,408,564
+人民幣千元
+RMB'000
+二零二零年
+2020
+的權益投資
+存貨
+24.
+持作生產模具
+在製品
+製成品
+原材料
+Moulds held for production
+Finished goods
+Work in progress
+Raw materials
+24. INVENTORIES
+上述持作出售已竣工物業為於二零一
+七年自一家房地產企業購買的亞迪三
+村物業。
+2,900,852
+2,211,967
+purchased from a real estate enterprises in 2017.
+a property named Yadi Sancun which has been.
+The above completed property held for sale was
+於年末
+At end of year
+(465,064)
+(688,885)
+14,360,250
+9,912,370
+17,971,556 16,639,924
+1,614,412
+本集團務求對未收回的應收賬款維持嚴格監
+管,並設有信貸監控部門以減少信貸風險。
+高級管理人員定期審閱逾期結餘。於報告期
+末,本集團有若干信貸集中風險,原因為本
+集團自本集團最大客戶及首五名最大客戶
+的應收貿易賬款分別為4%(二零二零年:
+11%)及13%(二零二零年:25%)。本集團
+並無就其應收貿易賬款結餘持有任何抵押品
+或其他信貸提升保障。應收貿易賬款為不計
+息。
+本集團一般向客戶提供一至十二個月的信貸
+期。
+The Group seeks to maintain strict control over its
+outstanding receivables and has a credit control
+department to minimise credit risk. Overdue balances are
+reviewed regularly by senior management. At the end of
+the reporting period, the Group had certain concentrations
+of credit risk as 4% (2020: 11%) and 13% (2020:25%)
+of the Group's trade receivables were due from the
+Group's largest customer and the five largest customers,
+respectively. The Group does not hold any collateral
+or other credit enhancements over its trade receivable
+balances. Trade receivables are non-interest-bearing.
+The Group generally provides the customers with a credit
+period of one to twelve months.
+39,307,896
+35,593,138
+(2,244,912) (2,166,947)
+37,838,050 41,474,843
+應收貿易賬款
+減值
+人民幣千元
+二零二零年
+RMB'000
+二零二一年
+RMB'000
+���民幣千元
+2020
+於損益表確認
+2021
+Impairment
+Trade receivables
+25. TRADE RECEIVABLES
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+228
+BYD Company Limited
+31,396,358
+43,354,782
+497,556
+25. 應收貿易賬款
+Recognised in the statement of
+profit or loss
+2021
+二零二一年
+RMB'000
+人民幣千元
+2,900,852
+二零二零年
+RMB'000
+人民幣千元
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+其他非流動金融資產
+22.
+22. OTHER NON-CURRENT FINANCIAL ASSETS
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+BYD Company Limited
+226
+截至二零二一年十二月三十一日止年度期
+間,本集團從上述投資中獲得的股息金額
+為人民幣405,900元(二零二零年:人民幣
+12,123,000).
+由於本集團將上述上市權益投資視為策略性
+質,故該等投資不可撤銷地被指定為以公允
+價值計量並計入其他綜合收益。
+During the year ended 31 December 2021, the Group
+received dividends in the amounts of RMB405,900 (2020:
+RMB12,123,000) from the above investments.
+designated at fair value through other comprehensive
+income as the Group considers these investments to be
+strategic in nature.
+The above listed equity investments were irrevocably
+1,420,080
+2,913,836
+3,365,916
+1,420,080
+1,242,057
+以公允價值計量的上市權益投資
+以公允價值計量的非上市權益投資
+Listed equity investments, at fair value
+Unlisted equity investments, at fair value
+RMB'000
+人民幣千元
+2020
+二零二零年
+Listed equity investments, at fair value
+Other unlisted investments, at fair value
+1,671,779
+14,415
+以公允價值計量的上市權益投資
+以公允價值計量的其他非上市投資
+持作出售已竣工物業,按成本:
+於年初
+At the beginning of year
+Completed property held for sale, at cost:
+二零二零年
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+持作出售已竣工物業
+23.
+23. COMPLETED PROPERTY HELD FOR SALE
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+RMB'000
+人民幣千元
+Annual Report 2021
+二零二一年年報
+227
+219,557
+270,303
+284,896
+The above equity investments were classified as financial
+assets at fair value through profit or loss as the Group has
+not elected to recognise the fair value gain or loss through
+other comprehensive income.
+233,972
+14,593
+The fair values of the unlisted equity investments are
+measured using a valuation technique with unobservable
+inputs and hence categorised within level 2 and level 3
+of the fair value hierarchy. The major assumptions used
+in the valuation for investments in private companies are
+disclosed in note 49 to the financial statements.
+由於本集團並無選擇於其他綜合收益中確認
+公允價值收益或虧損,上述股權投資被分類
+為以公允值計量且其變動計入損益的金融資
+產。
+上市股權投資之公允價值乃按活躍市場所報
+收市價釐定。該等投資根據所報市價(第一
+級:於活躍市場之報價(未經調整))按公允
+價值入賬,而不扣除交易成本。
+非上市證券公允價值採用估值技術計量,當
+中涉及無法觀察輸入數據,故分類於公允價
+值等級第二級和第三級。用於評估私營企業
+的主要假設披露於財務報表附註49。
+The fair values of the listed equity investment determined
+are based on the closing prices quoted in active markets.
+They are accounted for using their fair values based on the
+quoted market prices (level 1: quoted price (unadjusted) in
+active markets) without deduction for transaction costs.
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+應收貿易賬款(續)
+TRADE RECEIVABLES (CONTINUED)
+There are no significant changes in the loss allowance.
+230
+25.
+二零二一年十二月三十一日
+25.
+(1,563)
+2,166,947
+2,244,912
+於年末
+(9,592)
+(43,675)
+(320,565)
+撇銷無法收回的金額
+匯兌調整
+The increase in the loss allowance of 2020 was due
+to the following: 1) increase in the loss allowance of
+RMB441,315,000 as a result of an increase in trade
+receivables whose credit risk exposure was individually
+assessed; and 2) an increase in ECLS resulted in increase
+in the loss allowance of trade receivables.
+408,122
+648,770
+BYD Company Limited
+虧損撥備並無重大變動。
+以下載列本集團應收貿易賬款使用撥備矩陣
+的信貸風險資料:
+An impairment analysis is performed at each reporting
+date using a provision matrix or individually assessed
+to measure expected credit losses. For certain trade
+receivables for which the counterparty failed to make
+demanded repayment, the Group made provision
+individually. For others using provision matrix method, the
+provision rates of the provision matrix are based on the
+invoice date for groupings of various customer segments
+with similar loss patterns by product type. The calculation
+reflects the probability-weighted outcome, the time value of
+money and reasonable and supportable information that is
+available at the reporting date about past events, current
+conditions and forecasts of future economic conditions.
+減值虧損淨值
+Based on provision matrix
+採用撥備矩陣
+個別評估
+Individually assessed
+As at 31 December 2020
+採用撥備矩陣
+Based on provision matrix
+個別評估
+Individually assessed
+二零二零年虧損撥備增加乃由於下列原因:
+1)信貸風險敞口獲單獨評估的應收貿易賬款
+增加導致虧損撥備增加人民幣441,315,000
+元;及2)預期信貸虧損增加導致應收貿易賬
+款的虧損撥備增加。
+As at 31 December 2021
+Set out below is the information about the credit risk
+應收貿易賬款(續)
+25.
+TRADE RECEIVABLES (CONTINUED)
+25.
+31 December 2021
+二零二一年十二月三十一日
+Notes to Financial Statements
+財務報表附註
+231
+Annual Report 2021
+二零二一年年報
+於各報告日期採用撥備矩陣或個別評估進行
+減值分析,以計量預期信貸虧損。對於對手
+方未能按要求償款的若干應收貿易賬款而
+言,本集團單獨計提撥備。對於其他使用撥
+備矩陣方法的應收貿易賬款,矩陣之撥備率
+乃基於按產品類型劃分具有類似虧損模式的
+多個客戶分部組別的發票日期的天數。該計
+算反映了概率加權結果、貨幣時間價值及於
+報告日可獲得的有關過去事件、當前狀況及
+未來經濟狀況預測的合理可支持性資料。
+exposure on the Group's trade receivables using a
+provision matrix:
+1,563,415
+預期
+於年初
+24,517,088
+20,831,471
+一年內
+Within one year
+人民幣千元
+RMB'000
+2020
+二零二零年
+二零二一年
+RMB'000
+人民幣千元
+2021
+於報告期末,按發票日期及扣除虧損撥備的
+應收貿易賬款的賬齡分析如下:
+One to two years
+of the reporting period, based on the invoice date and net
+of loss allowance, is as follows:
+應收貿易賬款(續)
+25.
+25. TRADE RECEIVABLES (CONTINUED)
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+229
+Annual Report 2021
+二零二一年年報
+於二零二一年十二月三十一日
+The movements in the loss allowance for impairment of
+The ageing analysis of the trade receivables as at the end
+2,166,947
+一至兩年
+Two to three years
+RMB'000
+人民幣千元
+2020
+二零二零年
+2021
+二零二一年
+RMB'000
+人民幣千元
+At end of year
+Exchange realignments
+Amount written off as uncollectible
+Impairment losses, net
+At beginning of year
+應收貿易賬款減值虧損撥備的變動載列如
+下:
+上述應收貿易賬款含新能源汽車銷售政府補
+貼款。
+7,979,930 11,429,333
+The movements in the loss allowance for impairment of
+trade receivables are as follows:
+35,593,138
+sales are included in the above trade receivables.
+The government subsidies of new energy automobiles
+696,082
+1,942,461
+三年以上
+Over three years
+2,665,393
+4,839,276
+兩至三年
+39,307,896
+Gross
+Expected
+Expected
+years
+years
+Total
+兩至三年
+三年以上
+合計
+1.19%
+1.93%
+8,126,585
+10,594,970
+97,053
+211,973
+2.38%
+2,708,191
+64,483
+10.13%
+405,631
+1.87%
+22,195,377
+41,103
+two years
+一至兩年
+year
+一年內
+Over three
+to three
+218,364
+3.11%
+4,912,677
+152,919
+11.64%
+1,865,520
+217,055
+3.18%
+24,178,483
+769,260
+Expected credit loss rate
+預期信貸虧損率
+414,612
+Gross carrying amount (RMB'000)
+Expected credit losses (RMB'000)
+預期信貸虧損(人民幣千元)
+Ageing as at 31 December 2020
+於二零二零年十二月三十一日的賬齡
+Within
+Two
+one
+One to
+賬面總值(人民幣千元)
+Annual Report 2021
+二零二一年年報
+233
+Notes to Financial Statements
+兩至三年
+三年以上
+合計
+Expected credit loss rate
+預期信貸虧損率
+0.53%
+39.71%
+25.80%
+一至兩年
+100%
+Gross carrying amount (RMB'000)
+賬面總值(人民幣千元)
+11,714,678
+260,996
+107,161
+200,069
+credit
+Expected credit losses (RMB'000)
+3.20%
+180,922
+一年內
+years
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+25.
+TRADE RECEIVABLES (CONTINUED)
+25.
+應收貿易賬款(續)
+Non-new energy business
+非新能源業務
+Total
+Ageing as at 31 December 2021
+Within
+Two
+one
+year
+One to
+two years
+to three
+Over three
+years
+於二零二一年十二月三十一日的賬齡
+預期信貸虧損(人民幣千元)
+Expected credit losses (RMB'000)
+8,040,930
+losses
+預期
+賬面總值
+(RMB'000)
+(人民幣千元)
+1,578,142
+39,896,701
+Expected
+amount
+credit
+信貸虧損
+(RMB'000)
+(人民幣千元)
+預期信貸
+虧損率
+1,369,575
+797,372
+41,474,843
+loss rate
+2,166,947
+credit
+Expected
+預期信貸
+賬面總值
+信貸虧損
+(RMB'000)
+(RMB'000)
+(人民幣千元)
+(人民幣千元)
+虧損率
+carrying
+1,376,663
+78.64%
+36,461,387
+1,162,245
+3.19%
+37,838,050
+2,244,912
+於二零二零年十二月三十一日
+Gross
+1,082,667
+預期信貸虧損(人民幣千元)
+86.78%
+BYD Company Limited
+One to
+two years
+to three
+Over three
+years
+years
+Total
+一年內
+一至兩年
+year
+兩至三年
+合計
+Expected credit loss rate
+預期信貸虧損率
+1.93%
+2.72%
+Gross carrying amount (RMB'000)
+賬面總值(人民幣千元)
+9,359,356
+三年以上
+2.00%
+one
+Within
+232
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+25.
+TRADE RECEIVABLES (CONTINUED)
+Two
+Set out below is the information about the credit risk
+New energy business (including subsidies to new
+energy automobile products)
+25.
+應收貿易賬款(續)
+以下載列本集團應收貿易賬款使用撥備矩陣
+的信貸風險資料:
+新能源業務(包括新能源汽車產品的補貼)
+Ageing as at 31 December 2021
+於二零二一年十二月三十一日的賬齡
+exposure on the Group's trade receivables using a
+provision matrix:
+loss rate
+61,641
+27,643
+即期部分
+按金及其他應收賬款
+減值
+13,100,635
+5,236,813
+(95,466)
+(95,422)
+預付款項
+僱員借貸
+13,005,169
+5,141,391
+1,987,573
+724,350
+46,166
+45,944
+15,038,908
+5,911,685
+At 31 December 2021, an impairment loss of
+RMB95,466,000 (2020:RMB95,422,000) has been
+provided, including a full provision for a deposit of
+RMB94,616,000 (2020: RMB94,616,000) paid to a supplier.
+2,670,118
+18,378,849
+Loans to employees
+Prepayments
+十二月三十一日 | 十二月三十一日
+RMB'000
+RMB'000
+人民幣千元
+人民幣千元
+Non-current portion
+非即期部分
+Prepayment for items of property,
+於二零二一年十二月三十一日,已作出減
+值虧損撥備人民幣95,466,000元(二零二零
+年:人民幣95,422,000元),包括就支付一
+名供應商的按金人民幣94,616,000元(二零
+二零年:人民幣94,616,000元)計提全額撥
+備。
+物業、廠房及設備項目的預付款項
+2,561,700
+plant and equipment
+Others
+其他
+12,347,871
+108,418
+Current portion
+Deposits and other receivables
+Impairment
+6,030,978
+BYD Company Limited
+236
+比亞迪股份有限公司
+The increase in the net carrying amount of contract
+assets in 2021 and 2020 was the result of the increase
+in the ongoing sale of goods at the end of each of
+the years. During the year ended 31 December 2021,
+RMB345,591,000 (2020: RMB289,112,000) was recognised
+as an allowance for expected credit losses on contract
+assets. The Group's trading terms and credit policy with
+customers are disclosed in note 25 to the consolidated
+financial statements.
+The expected timing of recovery or settlement for contract
+assets as at 31 December is as follows:
+二零二一年及二零二零年合同資產賬面淨值
+增加的原因為各年末商品銷售持續增加所
+致。截至二零二一年十二月三十一日止年
+度,人民幣345,591,000元(二零二零年:人
+民幣289,112,000元)已確認為合同資產預期
+信貸虧損撥備。本集團與客戶的貿易條款及
+信貸政策披露於合併財務報表附註25。
+於十二月三十一日,合同資產的預計收回或
+結算時間如下:
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+5,346,105
+人民幣千元
+一年內
+8,588,942
+After one year
+一年後
+losses
+amount
+credit
+carrying
+Within one year
+二零二零年
+8,493,382
+(345,591)
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+28. CONTRACT ASSETS
+28.
+合同資產
+2021
+(289,112)
+2020
+二零二零年
+RMB'000
+人民幣千元
+Contract assets arising from:
+Sale of goods and construction services.
+由下列項目產生的合同資產:
+銷售商品及建造服務
+8,838,973
+5,635,217
+Impairment
+減值
+二零二一年
+RMB'000
+人民幣千元
+2020
+31 December
+二零二一年
+0.44%
+11.01%
+27.65%
+96.73%
+2.16%
+Gross carrying amount (RMB'000)
+賬面總值(人民幣千元)
+16,591,434
+預期信貸虧損率
+820,216
+201,806
+17,701,324
+Expected credit losses (RMB'000)
+預期信貸虧損(人民幣千元)
+72,975
+90,285
+24,293
+195,207
+87,868
+382,760
+Expected credit loss rate
+三年以上
+200,069
+392,985
+Ageing as at 31 December 2020
+於二零二零年十二月三十一日的賬齡
+Within
+Two
+one
+One to
+合計
+to three
+year
+two years
+years
+years
+Total
+一年內
+一至兩年
+兩至三年
+Over three
+103,632
+BYD Company Limited
+比亞迪股份有限公司
+39,271
+81,973
+8,743,126
+8,862,340
+The Company has changed the business model for
+a portion of its receivables to target both to receive
+the contractual cash flows when due and the sales.
+Accordingly, this portion of the receivables is classified as
+a financial asset at fair value through other comprehensive
+income (which can be reclassified to profit or loss in
+subsequent periods).
+The Group reclassified bills receivable into financial
+assets at fair value through other comprehensive income,
+presented as receivables financing. As of 31 December
+2021, the accumulated impairment provision for receivables
+financing provided by the Group was RMB7,990,000(31
+December 2020: RMB13,878,000).
+本公司將應收款項中的部分應收賬款的業務
+模式既以到期收取合同現金流量為目標又以
+出售為目標。因此,將該部分應收賬款分類
+為以公允價值計量且變動計入其他綜合收益
+(以後期間可重分類至損益)的金融資產。
+本集團將應收票據重新分類至以公允價值計
+量並計入其他綜合收益的金融資產,呈列為
+應收款項融資。截至二零二一年十二月三十
+一日,本集團就應收款項融資計提的累計減
+值撥備人民幣7,990,000元(二零二零年十二
+月三十一日:人民幣13,878,000元)。
+減:其他綜合收益-公允價值變動
+Annual Report 2021
+二零二一年年報
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+PREPAYMENTS, OTHER RECEIVABLES AND 27. 預付款項、其他應收賬款及其他資產
+27.
+OTHER ASSETS
+31 December
+2021
+235
+234
+Less: other comprehensive income
+change in fair value
+8,782,397
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+26. RECEIVABLES FINANCING
+26. 應收款項融資
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+8,944,313
+二零二零年
+RMB'000
+人民幣千元
+商業承兌票據
+Bank acceptance bills
+Trade receivables
+銀行承兌票據
+貿易應收款項
+13,834
+6,135,372
+8,930,479
+2,647,025
+Commercial acceptance bills
+12,282,904
+long-term receivables are as follows:
+減值虧損淨值
+During the year, the discount rate used for recognising
+1,804,913
+1,168,475
+(73,823)
+(41,273)
+1,878,736
+1,209,748
+二零二零年
+RMB'000
+人民幣千元
+2020
+goods sold by instalments ranged from 4.75% to 4.90%
+(2020: 4.75% to 4.90%).
+長期應收賬款
+減值
+二零二一年
+RMB'000
+人民幣千元
+2021
+29. 長期應收賬款
+29. LONG-TERM RECEIVABLES
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+Long-term receivables
+Impairment
+238
+73,823
+49,907
+5,588,617
+Impairment losses, net
+年內,確認分期收款銷售貨品採用的折現率
+介乎4.75%至4.90%(二零二零年:4.75%至
+4.90%) •
+。
+長期應收賬款的減值虧損撥備變動如下:
+At beginning of year
+於年初
+(Reversal of impairment losses)/
+(減值虧損轉回)/
+41,273
+減值虧損淨值
+At end of year
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+73,823
+23,916
+(32,550)
+impairment losses, net
+BYD Company Limited
+於年末
+5,635,217
+2020
+二零二零年
+RMB'000
+人民幣千元
+2021
+二零二一年
+RMB'000
+人民幣千元
+於年末
+At end of year
+250,031
+46,600
+8,838,973
+5,635,217
+Annual Report 2021
+二零二一年年報
+289,112
+237
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+於年初
+CONTRACT ASSETS (CONTINUED)
+28. 合同資產(續)
+The movement in the loss allowance for impairment of
+contract assets is as follows:
+合同資產的減值虧損撥備之變動如下:
+At beginning of year
+(289,112)
+Notes to Financial Statements
+74,746
+28.
+214,366
+5.13%
+(345,591)
+56,479
+預期信貸虧損(人民幣千元)
+3.91%
+賬面總值(人民幣千元)
+預期信貸虧損率
+Expected credit losses (RMB'000)
+Gross carrying amount (RMB'000)
+Expected credit loss rate
+8,838,973
+2020
+2021
+二零二一年
+以下載列本集團合同資產使用撥備矩陣的信
+貸風險資料:
+於各報告日期進行減值分析,以計量預期信
+貸虧損。本集團應用簡化法計算預期信貸虧
+損。
+exposure on the Group's contract assets using a provision
+matrix:
+345,591
+Set out below is the information about the credit risk
+289,112
+二零二零年
+An impairment analysis is performed at each reporting date
+to measure expected credit losses. The Group applies the
+simplified approach in calculating expected credit losses.
+3,941,817
+二零二二年
+二零二一年
+Current portion of long-term
+bank loans unsecured
+2022
+二零二二年
+1.70-6.60
+5,634,714
+3.40-5.46
+2021
+3,310,000
+2021
+二零二一年
+長期銀行貸款的流動部分-
+無抵押
+3.00-4.75
+−12個月倫敦銀行
+2022
+3M LIBOR±100bps-
+二零二一年
+2021
+766,826
+3M LIBOR±130bps
+3個月倫敦銀行
+同業拆息±100個基點
+21,304
+二零二一年
+同業拆息±130個基點
+同業拆息±140個基點
+Current portion of long-term
+bank loans secured
+長期銀行貸款的流動部分-
+有抵押
+3.00-4.75
+1個月倫敦銀行
+同業拆息±80個基點
+3個月倫敦銀行
+15,860,376
+2025
+Corporate bonds - unsecured
+3.00-4.75
+109,620
+二零二五年
+二零二五年
+Bank loans unsecured
+銀行貸款-無抵押
+90,137
+2.70-5.80
+8,159,265
+3.10-6.60
+二零二五年
+2030
+二零三零年
+14,635,875
+1,571,269
+2025
+23,652,507
+2025
+銀行貸款 - 有抵押
+公司債券- 無抵押
+4.60-4.87
+(d),(h),
+7,078,970
+(i) and (j)
+4.98-5.17(e), (f) and (g)
+(e)、(f)及(g)
+4.75
+3,992,136
+(i)、及(j)
+22,939,346
+27,644,643
+Non-current
+非流動
+Bank loans secured
+(d)、(h)、
+1M LIBOR±80bps-
+4,200,152
+Bank loans unsecured
+銷售商品
+913,728
+724,040
+301,987
+13,807,310
+7,461,848
+銷售房產
+Bank loans unsecured
+合同負債總值
+Contract liabilities mainly represent receipts in advance
+from customers prior to the satisfaction of performance
+obligations. The relevant income from such contract
+is recognised upon satisfaction of the performance
+obligations by the Group. In most cases, the Group
+generally satisfies the performance obligations and
+recognises the income within one year upon receipt of
+payment in advance from customers.
+14,721,038
+8,185,888
+4,502,139
+Total contract liabilities
+合同負債主要為達成履約責任之前預先從客
+戶收到的款項。該合同的相關收入於本集團
+達成履約責任時確認。在大多數情況下,本
+集團通常達成履約責任,並在收到客戶預付
+款項後的一年內確認收入。
+Sale of goods
+from customers
+31 December
+31 December
+1 January
+2021
+2020
+2020
+Sale of housing
+於
+於
+二零二一年
+RMB’000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+一月一日
+二零二零年
+RMB'000
+人民幣千元
+Short-term advances received
+已收客戶短期墊款
+於
+銀行貸款 - 無抵押
+Annual Report 2021
+二零二一年年報
+Notes to Financial Statements
+RMB'000
+實際利率(%) 還款期限/附註
+人民幣千元
+Current
+流動
+Bank loans unsecured
+Maturity/Notes
+銀行貸款-無抵押
+2022
+8,633,089
+1.06-4.13
+2021
+15,633,864
+二零二二年
+0.90-3.55
+245
+Effective
+31 December 2020
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+35.
+INTEREST-BEARING BANK AND OTHER 35. 計息銀行及其他借款
+BORROWINGS
+31 December 2021
+二零二零年十二月三十一日
+二零二一年十二月三十一日
+interest rate
+(%) Maturity/Notes
+interest rate
+實際利率(%) 還款期限/附註
+RMB'000
+人民幣千元
+(%)
+Effective
+銀行貸款-無抵押
+7,911,210
+494,117
+period.
+(b)
+The carrying amounts of the Group's and the
+Company's bank borrowings approximate to their fair
+values.
+(b)
+本集團及本公司的銀行借款的賬面值與
+其公允價值相若。
+(c)
+此外,本公司於報告期末已為本集團最
+多為人民幣16,730,494,000元(二零二
+零年:人民幣27,967,203,000元)的若
+干銀行貸款作出擔保。
+Except for bank loans of RMB2,172,057,000(2020:
+RMB1,375,451,000) which are denominated in United
+States dollars ("US$"), all borrowings are denominated
+in RMB.
+除金額為人民幣2,172,057,000元(二
+零二零年:人民幣1,375,451,000元)
+的銀行貸款以美元計值,所有借款均以
+人民幣計值。
+(d)
+On 15 June 2017, the Company issued
+RMB1,500,000,000 corporate bonds. The bonds have
+a maturity of five years due in 2022 and bear a fixed
+interest rate of 4.87% per annum to be paid annually.
+Investors have the right to sell back all or part of
+their bonds at par value to the Company on the third
+interest_payment date (15 June 2020),or release the
+investor sell-back option. The bonds were listed on the
+Shenzhen Stock Exchange on 14 July 2017.
+(d)
+於二零一七年六月十五日,本公司發行
+人民幣1,500,000,000元的公司債券。
+債券於二零二二年到期,為期五年,
+按固定年利率4.87%計息,每年付息一
+次。投資者有權於第三個付息日(二零
+二零年六月十五日)按面值向本公司售
+回其全部或部分債券,或放棄投資者售
+回選擇權。本債券於二零一七年七月十
+四日在深圳證券交易所上市。
+(C)
+BYD Company Limited
+In addition, the Company has guaranteed certain of the
+Group's bank loans of up to RMB16,730,494,000 (2020:
+RMB27,967,203,000) as at the end of the reporting
+(ii)
+INTEREST-BEARING BANK AND OTHER 35.
+計息銀行及其他借款(續)
+BORROWINGS (CONTINUED)
+Notes:
+附註:
+(a) Certain of the Group's bank loans are secured by:
+本集團於報告期末的若干運輸
+工具抵押賬面總值為零(二零二
+零年:人民幣1,781,000元)(附
+註14)。
+(a)
+(i)
+mortgages over certain of the Group's freehold
+land and buildings with an aggregate carrying
+value at the end of the reporting period
+of approximately RMB182,646,000 (2020:
+RMB191,209,000) (note 14);
+(i)
+本集團於報告期末的若干永久
+業權土地及樓宇抵押賬面總值
+約為人民幣182,646,000元(二
+零二零年:人民幣191,209,000
+元)(附註14)。
+(ii)
+there is no mortgage over certain of the Group's
+motor vehicles with an aggregate carrying
+value at the end of the reporting period (2020:
+RMB1,781,000) (note 14).
+本集團若干銀行貸款乃以下列各項抵
+押:
+31 December 2021
+二零二一年十二月三十一日
+248
+Notes to Financial Statements
+part of their bonds at par value to the Company on
+the second interest payment date (22 August_2020),
+or release the investor sell-back option. The bonds
+were listed on the Shenzhen Stock Exchange on
+25 September 2018. As of 31 December 2020,the
+corporate bonds had been repaid in full.
+On 18 December 2018,the Company issued
+RMB1,000,000,000 corporate bonds. The bonds have
+a maturity of five years due in 2023 and bear interest
+at a fixed interest rate of 4.98% per annum to be paid
+annually. Investors have the right to sell back all or part
+of their bonds at par value to the Company on the third
+interest payment date (21 December 2021), or release
+the investor sell-back option. The bonds were listed on
+the Shenzhen Stock Exchange on 29 January 2019.
+On 22 February 2019, the Company issued
+RMB2,500,000,000 corporate bonds. The bonds have
+a maturity of five years due in 2024 and bear interest
+at a fixed interest rate of 4.60% per annum to be paid
+annually. Investors have the right to sell back all or part
+of their bonds at par value to the Company on the third
+interest payment date (22 February 2022),or release
+the investor sell-back option. The bonds were listed on
+the Shenzhen Stock Exchange on 13 March 2019.
+On 22 August 2018, the Company issued
+RMB1,600,000,000 corporate bonds. The bonds have
+a maturity of four years due in 2022 and bear interest
+at a fixed interest rate of 5.75% per annum to be paid
+annually. Investors have the right to sell back all or
+附註:(續)
+(g)
+(h)
+於二零一八年四月十二日,本公司發行
+人民幣3,000,000,000元的公司債券。
+債券於二零二三年到期,為期五年,
+按固定年利率5.17%計息,每年付息一
+次。投資者有權於第三個付息日(二零
+二一年四月十二日)按面值向本公司售
+回其全部或部分債券,或放棄投資者售
+回選擇權。本債券於二零一八年六月四
+日在深圳證券交易所上市。
+於二零一八年八月二十二日,本公司
+發行人民幣1,600,000,000元的公司債
+券。債券於二零二二年到期,為期四
+年,按固定年利率5.75%計息,每年付
+息一次。投資者有權於第二個付息日
+(二零二零年八月二十二日)按面值向本
+公司售回其全部或部分債券,或放棄投
+資者售回選擇權。本債券於二零一八年
+九月二十五日在深圳證券交易所上市。
+截至二零二零年十二月三十一日,該公
+司債券已悉數償付。
+於二零一八年十二月十八日,本公司
+發行人民幣1,000,000,000元的公司債
+券。債券於二零二三年到期,為期五
+年,按固定年利率4.98%計息,每年付
+息一次。投資者有權於第三個付息日
+(二零二一年十二月二十一日)按面值向
+本公司售回其全部或部分債券,或放棄
+投資者售回選擇權。債券於二零一九年
+一月二十九日在深圳證券交易所上市。
+於二零一九年二月二十二日,本公司
+發行人民幣2,500,000,000元的公司債
+券。債券於二零二四年到期,為期五
+年,按固定年利率4.60%計息,將每年
+付息一次。投資者有權於第三個付息日
+(二零二二年二月二十二日)按面值向本
+公司售回其全部或部分債券,或放棄投
+資者售回選擇權。債券於二零一九年三
+月十三日在深圳證券交易所上市。
+(f)
+比亞迪股份有限公司
+of their bonds at par value to the Company on the third
+interest payment date (12 April 2021), or release the
+investor sell-back option. The bonds were listed on the
+Shenzhen Stock Exchange on 4 June 2018.
+(h)
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+35.
+INTEREST-BEARING BANK AND OTHER
+35.
+12 April 2018, the Company issued
+RMB3,000,000,000 corporate bonds. The bonds have
+a maturity of five years due in 2023 and bear interest
+at a fixed interest rate of 5.17% per annum to be paid
+annually. Investors have the right to sell back all or part
+計息銀行及其他借款(續)
+Notes:(continued)
+(e)
+On
+(e)
+(f)
+(g)
+BORROWINGS (CONTINUED)
+財務報表附註
+Notes to Financial Statements
+247
+246
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+BYD Company Limited
+35.
+35.
+計息銀行及其他借款(續)
+BORROWINGS (CONTINUED)
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+INTEREST-BEARING BANK AND OTHER
+二零二零年
+51,270,597
+(i)及(j)
+3個月倫敦銀行
+同業拆息±155個基點
+8,743,519
+Corporate bonds - unsecured
+公司債券 - 無抵押
+3.56-5.17
+23,625,954
+(k)
+3.56-4.87
+10,789,958
+33,729,304
+(d),(g), (h),
+(i) and (j)
+(d)、(g)、(h)、
+14,745,495
+8,880,459
+2,046,439
+RMB'000
+人民幣千元
+Analysed into:
+Bank loans repayable:
+24,603,895
+38,398,002
+公司債券
+一年內(附註(d)、(h)、(i)及(j))
+第二至第五年內(附註(k))
+7,078,970
+3,992,136
+inclusive
+2,046,439
+(包括首尾兩年)
+9,125,409
+12,872,595
+33,729,304 51,270,597
+35.
+Annual Report 2021
+二零二一年年報
+8,880,459
+In the second to fifth years (notes (k)),
+Within one year (notes (d), (h), (i) and (j))
+Corporate bonds
+Within one year
+In the second year
+分析為:
+應償還銀行貸款:
+一年內
+15,860,376 23,652,507
+第二年內
+於二零二一年及二零二零年十二月三十一日
+合同負債的詳情如下:
+5,791,296
+In the third to fifth years, inclusive
+Beyond five years
+第三至第五年內(包括首尾兩年)
+五年以後
+832,309
+8,708,194
+246,005
+3M LIBOR±155bps
+Details of contract liabilities as at 31 December 2021 and
+2020 are as follows:
+12M LIBOR±140bps
+34.
+(iii) 49,819,860
+13,738,498
+Notes:
+附註:
+(i)
+At 31 December 2021, a bank deposit of
+RMB528,128,000 (2020: RMB429,041,000) was
+pledged for bank acceptance bills, letters of credit and
+other guarantee credit.
+(i)
+於二零二一年十二月三十一日,已就
+銀行承兌匯票、信用證及其他擔保信
+用證抵押銀行存款人民幣528,128,000
+元(二零二零年:人民幣429,041,000
+元)。
+(ii)
+The balance of restricted bank deposits as at 31
+(ii)
+December 2021 mainly represented the balance of
+a guarantee deposit in the supervised accounts and
+frozen accounts.
+於二零二一年十二月三十一日的受限制
+銀行存款結餘主要指受監管賬戶和凍結
+賬戶中的保證金餘額。
+(iii)
+At the end of the reporting period, cash and cash
+equivalents of the Group denominated in Renminbi
+("RMB") amounted to RMB45,901,807,000 (2020:
+RMB10,887,983,000). The RMB is not freely convertible
+into other currencies. However, under Mainland
+China's Foreign Exchange Control Regulations and
+Administration of Settlement, Sale and Payment of
+Foreign Exchange Regulations, the Group is permitted
+to exchange RMB for other currencies through banks
+authorised to conduct foreign exchange business.
+Cash at banks earns interest at floating rates based on
+daily bank deposit rates. Most of the bank balances,
+pledged deposits and restricted bank deposits are
+現金及現金等價物
+Cash and cash equivalents
+(277,491)
+(109,109)
+Cash and bank balances
+現金及銀行結餘
+35,119,860 11,238,498
+Time deposits
+定期存款
+15,337,237
+3,206,532
+50,457,097 14,445,030
+deposited with creditworthy banks with no recent history of
+default.
+Less:
+Restricted bank deposits
+減:
+已抵押存款
+(i)
+(528,128)
+(429,041)
+受限制銀行存款
+(!!)
+Pledged deposits
+人民幣千元
+(iii)
+銀行存款按每日銀行存款利率賺取按浮息計
+算的利息。大部分銀行結餘、已抵押存款及
+受限制銀行存款存放於無近期拖欠款項記錄
+且信譽良好的銀行。
+Over three years
+三年以上
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+60,286,364 39,300,148
+14,519,081
+7,281,323
+3,578,580
+2,606,167
+245,269
+399,682
+211,117
+123,549
+203,468
+兩至三年
+Two to three years
+一至兩年
+One to two years
+Annual Report 2021
+二零二一年年報
+241
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+31.
+TRADE AND BILLS PAYABLES
+31.
+於報告期末,本集團的現金及現金等價
+物以人民幣(「人民幣」)計值,達人民
+幣45,901,807,000元(二零二零年:人
+民幣10,887,983,000元)。雖然人民幣
+並不能自由兌換為其他貨幣但根據中國
+大陸的外匯管理條例及結匯、售匯及付
+匯管理規定,本集團獲准通過獲授權進
+行外匯業務的銀行兌換人民幣為其他貨
+幣。
+應付貿易賬款及票據
+end of the reporting period, based on the invoice date, is
+as follows:
+於報告期末,應付貿易賬款及票據按發票日
+期的賬齡分析如下:
+合同負債
+三個月內
+Four to six months
+Seven months to one year
+四至六個月
+七個月至一年
+An ageing analysis of the trade and bills payables as at the
+RMB'000
+RMB'000
+人民幣千元
+附註
+採用撥備矩陣
+1,209,748
+As at 31 December 2020
+1,209,748
+Expected
+credit
+losses
+credit
+loss rate
+預期
+預期信貸
+虧損率
+信貸虧損
+(RMB'000)
+(人民幣千元)
+41,273
+3.41%
+Based on provision matrix
+(人民幣千元)
+(RMB'000)
+賬面總值
+Annual Report 2021
+二零二一年年報
+239
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+29.
+LONG-TERM RECEIVABLES (CONTINUED)
+29.
+41,273
+長期應收賬款(續)
+exposure on the Group's long-term receivables using a
+provision matrix:
+以下載列本集團長期應收賬款使用撥備矩陣
+的信貸風險資料:
+As at 31 December 2021
+於二零二一年十二月三十一日
+Gross
+Expected
+carrying
+amount
+Set out below is the information about the credit risk
+於二零二零年十二月三十一日
+Gross
+Expected
+73,823
+BYD Company Limited
+240
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+1,878,736
+30. CASH AND CASH EQUIVALENTS, RESTRICTED
+現金及現金等價物、受限制銀行存款
+BANK DEPOSITS AND SHORT-TERM DEPOSITS
+及短期定期存款
+2021
+2020
+二零二一年
+二零二零年
+Notes
+30.
+80,761
+3.93%
+(人民幣千元)
+carrying
+amount
+credit
+losses
+Expected
+credit
+loss rate
+賬面總值
+73,823
+(RMB'000)
+Based on provision matrix
+採用撥備矩陣
+1,878,736
+預期
+預期信貸
+虧損率
+信貸虧損
+(RMB'000)
+(人民幣千元)
+79,043,879 49,791,630
+Within three months
+應付貿易賬款乃不計息,一般按30日至180
+日期限內支付。
+Tax
+recognized in
+of profit
+Gross
+The trade payables are non-interest-bearing and are
+statement of
+amount
+effect
+Total
+profit or loss
+or loss
+amount
+effect
+Total
+profit or loss
+總額
+稅收影響
+Gross
+in the
+amount)
+(gross
+現金流對沖 - 外匯風險(續)
+The effects of the cash flow hedge on the statement of
+profit or loss and the statement of comprehensive income
+are as follows:
+現金流對沖對損益表及綜合收益表的影響如
+下:
+Total hedging gain/(loss)
+recognized in other
+Amount reclassified from
+comprehensive income
+Line item
+總計
+to profit or loss
+Hedge
+對沖收益/(虧損)總額
+ineffectiveness
+in the
+statement
+自其他綜合收益
+重新分類至損益的金額
+other comprehensive income
+Line item
+於其他綜合收益表中確認的
+Cash flow hedge - Foreign currency risk (continued)
+於損益中確認的
+對沖無效部分
+損益表中的
+136,896
+(34,224) 102,672
+N/A
+deposit
+不適用
+(136,896) 34,224 (102,672) Other income
+and gains
+其他收入及收益
+BYD Company Limited
+244
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+34.
+CONTRACT LIABILITIES
+外幣存款
+Foreign currency
+止年度
+十二月三十一日
+行項目
+總額
+稅收影響
+總計
+行項目(總額)
+RMB'000
+RMB'000
+RMB'000
+損益表中的
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元 人民幣千元人民幣千元
+RMB'000
+RMB’000
+Year ended
+截至二零二一年
+31 December 2021
+「人民幣千元人民幣千元人民幣千元
+衍生金融工具(續)
+Tax
+DERIVATIVE FINANCIAL INSTRUMENTS
+(CONTINUED)
+DERIVATIVE FINANCIAL INSTRUMENTS
+33. 衍生金融工具
+2021
+二零二一年
+Assets
+2020
+Liabilities
+33.
+負債
+資產
+RMB’000
+RMB'000
+RMB'000
+二零二零年
+Assets
+Liabilities
+負債
+RMB'000
+人民幣千元
+人民幣千元
+人民幣千元
+人民幣千元
+Foreign currency forward contracts
+外匯遠期合同
+33.
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+normally settled within terms of 30 to 180 days.
+32.
+OTHER PAYABLES AND ACCRUALS
+Other payables
+Accrued payroll
+32.
+其他應付款項及應計費用
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+31,600
+人民幣千元
+43,562,010 10,700,809
+5,848,870
+4,835,248
+49,410,880
+Other payables have an average term of three months.
+其他應付款項平均期限為三個月。
+15,536,057
+BYD Company Limited
+242
+比亞迪股份有限公司
+Notes to Financial Statements
+其他應付款項
+應計工資
+24
+資產
+Portion classified as current:
+24
+57,541
+Non-hedging derivatives:
+The Group has entered into various foreign currency
+forward contracts to manage its exchange rate exposures,
+which did not meet the criteria for hedge accounting. Gains
+on changes in the fair value of non-hedging derivatives
+amounting to approximately RMB89,116,000 were
+charged to profit or loss during the year (2020: losses of
+approximately RMB57,555,000). The maturity of derivative
+financial instruments is within one year.
+Cash flow hedge - Foreign currency risk
+In 2021, the Group entered into a foreign currency forward
+contract with a notional amount of HK$43,556,000,000
+(equivalent to RMB36,299,236,000), under which the Group
+exchanged Hong Kong dollars for Renminbi at a fixed
+exchange rate of Hong Kong dollars to Renminbi for the
+purpose of hedging the exchange rate risk of the Hong
+Kong dollar deposits. Through the qualitative analysis, the
+Group determined that the ratio of the number of hedging
+instruments to the hedged items is 1:1 and there is no
+invalid hedging portion. The hedge accounting relationship
+was terminated in 2021.
+In_2020,the Group did not entered into any foreign
+currency forward contracts with designated hedge
+accounting relationships.
+非對沖衍生工具:
+本集團已訂立多份外匯遠期合同以管理匯率
+敞口,這些合同並不符合對沖會計處理之條
+件。非對沖衍生工具的公允價值變動收益約
+人民幣89,116,000元(二零二零年:虧損約
+人民幣57,555,000元),已於本年損益內扣
+除。衍生金融工具為一年內到期。
+現金流對沖 - 外匯風險
+57,541
+於2020年,本集團無簽訂指定套期會計關係
+的外匯遠期合約。
+Annual Report 2021
+二零二一年年報
+243
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+33.
+24
+31,600
+於二零二一年,���集團簽訂了名義金額
+為港幣43,556,000,000元(折合人民幣
+36,299,236,000元)的外匯遠期合約,根據
+該協議本集團以固定的港幣對人民幣匯率,
+用港幣換取人民幣,目的是對該港幣存款的
+匯率風險進行套期。本集團通過定性分析,
+確定套期工具與被套期項目的數量比例為
+1:1,無套期無效的部分。該項套期會計關係
+已於二零二一年終止。
+Foreign currency forward contracts
+外匯遠期合同
+十二月三十一日 | 十二月三十一日
+分類為流動部分:
+258
+5,824,945
+RMB'000
+人民幣千元
+2020
+二零二零年
+2021
+二零二一年
+RMB'000
+人民幣千元
+可扣稅暫時性差異
+Deductible temporary differences
+稅項虧損
+Tax losses
+因可供動用上述項目的應課稅溢利被視為不
+大可能出現,下列項目並未確認為遞延稅項
+資產:
+遞延稅項負債(續)
+遞延稅項(續)
+39.
+31 December 2021
+二零二一年十二月三十一日
+taxable profits will be available against which the above
+items can be utilised:
+Deferred tax assets have not been recognised in respect
+Deferred tax liabilities (continued)
+DEFERRED TAX (CONTINUED)
+39.
+財務報表附註
+Notes to Financial Statements
+257
+Annual Report 2021
+二零二一年年報
+本集團於中國大陸產生的累計稅項虧損為人
+民幣5,687,896,000元(二零二零年:人民幣
+3,696,763,000元)可於一至十年內抵銷未來
+應課稅溢利。本集團於其他司法權區產生的
+稅項虧損為人民幣137,049,000元(二零二零
+年:人民幣165,430,000元)可於一至八年內
+抵銷未來應課稅溢利。由於此等虧損乃來自
+仍在虧損的附屬公司,且認為不大可能產生
+應課稅溢利以沖銷可動用稅項虧損,故並未
+就此確認遞延稅項資產。
+本集團在中國大陸確認遞延所得稅資產相關
+的稅務虧損人民幣3,608,895,000元(二零二
+零年:人民幣1,130,562,000元)可於一至十
+年內抵銷未來應課稅溢利。
+that taxable profits will be available against which the tax
+losses can be utilised.
+The Group has accumulated tax losses arising in Mainland
+China of RMB5,687,896,000 (2020: RMB3,696,763,000)
+that will expire in one to ten years for offsetting against
+future taxable profits. The Group has tax losses of
+RMB137,049,000 (2020:RMB165,430,000) arising from
+other jurisdictions that will expire in one to eight years
+for offsetting against future taxable profits. Deferred tax
+assets have not been recognised in respect of these losses
+as they have arisen in subsidiaries that have been loss-
+making for some time and it is not considered probable
+of the following items as it is not considered probable that
+3,862,193
+7,915,023
+13,739,968
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+根據中國企業所得稅法,就於中國內地成立
+的外資企業向海外投資者宣派的股息徵收
+10%的預扣稅。該規定於二零零八年一月一
+日起生效,適用於二零零七年十二月三十一
+日後錄得的盈利。倘若中國大陸與外國投資
+者的司法權區簽訂稅務協定,則可能採用較
+低預扣稅稅率。因此,本集團須就於中國內
+地成立的附屬公司有關自二零零八年一月一
+日起產生的盈利派發的股息繳納預扣稅。
+40. SHARE CAPITAL
+Shares
+40.
+股本
+股份
+Authorised, issued and fully paid:
+BYD Company Limited
+2,911,142,855 (2020: 2,728,142,855)
+已註冊、發行及已繳足:
+2,911,142,855股
+於二零二一年十二月三十一日,並無就預
+計若干附屬公司於可預見未來將匯出的盈
+利確認遞延稅項負債(二零二零年:無)。
+根據管理層對可得流動資金(內地除外)估
+計在內的多項因素,由於本集團預期該等
+盈利將由中國附屬公司保留且不會於可預見
+未來匯給境外投資者,故並無就盈利約人民
+幣22,644,294,000元(二零二零年:人民幣
+21,008,792,000元)計提預扣稅。
+(二零二零年:2,728,142,855股)
+每股面值人民幣1元的普通股
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+several factors, including management's estimation of
+liquid funds available other than in the Mainland.
+As at 31 December 2021, there were no deferred tax
+liabilities recognised on earnings anticipated to be
+remitted by certain subsidiaries in the foreseeable future
+(2020:Nil).No withholding tax has been provided for
+the earnings of approximately RMB22,644,294,000(2020:
+RMB21,008,792,000) as these earnings are expected to
+be retained by the PRC subsidiaries and not to be remitted
+to a foreign investor in the foreseeable future based on
+Pursuant to the PRC Corporate Income Tax Law, a 10%
+withholding tax is levied on dividends declared to foreign
+investors from foreign investment enterprises established
+in Mainland China. The requirement is effective from 1
+January 2008 and applies to earnings after 31 December
+2007. A lower withholding tax rate may be applied if there
+is a tax treaty between Mainland China and the jurisdiction
+of the foreign investors. The Group is therefore liable
+for withholding taxes on dividends distributed by those
+subsidiaries established in Mainland China in respect of
+earnings generated from 1 January 2008.
+10,840,300
+ordinary shares of RMB1 each
+6,978,107
+2,911,143
+BYD Company Limited
+基礎的支付的總成本
+比亞迪股份有限公司
+The Group has recognised deferred tax assets related to
+tax losses arising in Mainland China of RMB3,608,895,000
+(2020:RMB1,130,562,000) that will expire in one to ten
+years for offsetting against future taxable profits.
+35.
+Annual Report 2021
+二零二一年年報
+249
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+INTEREST-BEARING BANK AND OTHER
+35.
+計息銀行及其他借款(續)
+BORROWINGS (CONTINUED)
+Notes:(continued)
+payments in the period
+(i)
+(j)
+(k)
+17 June 2019, the Company issued
+RMB1,000,000,000 corporate bonds. The bonds have
+a maturity of five years due in 2024 and bear interest
+at a fixed interest rate of 4.86% per annum to be paid
+annually. Investors have the right to sell back all or part
+of their bonds at par value to the Company on the third
+interest_payment date (14 June 2022), or release the
+investor sell-back option. The bonds were listed on the
+Shenzhen Stock Exchange on 11 July 2019.
+On 9 August 2019, the Company issued
+RMB2,500,000,000 corporate bonds. The bonds have
+a maturity of five years due in 2024 and bear interest
+at a fixed interest rate of 4.80% per annum to be paid
+annually. Investors have the right to sell back all or part
+of their bonds at par value to the Company on the third
+interest payment date (9 August 2022), or release the
+investor sell-back option. The bonds were listed on the
+Shenzhen Stock Exchange on 15 August 2019.
+On 22 April 2020,BYD was approved by the China
+Securities Regulatory Commission to publicly issue
+corporate bonds (Phase I) (Epidemic Prevention and
+Control Bond) (abbreviated as “20YD01”,bond code
+“149101”) to qualified investors (“CSRC Approval
+[2020] No. 58″). The bonds had a term of 5 years, with
+the issuer's option to adjust the coupon rate and the
+investors' option to sell back at the end of the third
+year. The final issue size was RMB2,000,000,000,with
+a coupon rate of 3.56%.
+附註:(續)
+(i)
+(j)
+(k)
+於二零一九年六月十七日,本公司發行
+人民幣1,000,000,000元的公司債券。
+債券於二零二四年到期,為期五年,按
+固定年利率4.86%計息,將每年付息一
+次。投資者有權於第三個付息日(二零
+二二年六月十四日)按面值向本公司售
+回其全部或部分債券,或放棄投資者售
+回選擇權。債券於二零一九年七月十一
+日在深圳證券交易所上市。
+On
+於二零一九年八月九日,本公司發行人
+民幣2,500,000,000元的公司債券。債
+券於二零二四年到期,為期五年,按
+固定年利率4.80%計息,將每年付息一
+次。投資者有權於第三個付息日(二零
+二二年八月九日)按面值向本公司售回
+其全部或部分債券,或放棄投資者售回
+選擇權。債券於二零一七年八月十五日
+在深圳證券交易所上市。
+74,298
+期內以權益結算以股份為
+2,728,143
+The Company completed the issuance of an aggregate of
+133,000,000 new H shares on January 28, 2021,and an
+aggregate of 50,000,000 new H shares on November 9,
+2021,with a par value of RMB1 per share, resulting in an
+increase in share capital of RMB183,000,000 and increase
+of share premium of RMB36,048,731,000.
+SHARE-BASED PAYMENT
+本公司於2021年1月28日完成發行總數為
+133,000,000股的新H股,於2021年11月9
+日完成發行總數為50,000,000股的新H股,
+每股面值人民幣1元,導致本年股本增加人
+民幣183,000,000元,股本溢價增加人民幣
+36,048,731,000
+41.
+a.
+Overview
+Equity-settled share-based payments are as follows:
+41.
+以股份為基礎的支付
+a.
+概述
+116,389
+以權益結算以股份為基礎的支付如
+下:
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+Accumulated balance of equity-settled
+計入資本儲備的以權益結算
+190,687
+74,298
+share-based payments credited to
+以股份為基礎的
+capital reserves
+支付纍計餘額
+Total costs of equity-settled share-based
+2021
+252
+於二零二零年四月二十二日,比亞迪獲
+中國證券監督管理委員會批准向合格投
+資者公開發行公司債券(第一期)(疫情
+防控債)(債券簡稱「20亞迪01」,債券
+代碼「149101」)(「證監許可[2020]58
+號」)。債券期限為5年期,附第3年末
+發行人調整票面利率選擇權和投資者
+回售選擇權。最終發行規模為人民幣
+BYD Company Limited
+Annual Report 2021
+二零二一年年報
+251
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+37.
+其他負��
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+Investment repurchase right*
+Financial guarantee contracts
+Others
+投資購回權*
+財務擔保合同
+其他
+OTHER LIABILITIES
+2,922,108
+14,035
+36,179
+192,239
+2,936,143
+3,001,147
+On 26 May 2020, BYD held the 38th Meeting of the
+Sixth Session of the Board and the "Resolution on the
+Introduction of Strategic Investors by the Controlled
+Subsidiary" was considered and approved. It agreed
+that the Company and BYD Semiconductor entered
+into the Investment Agreement and the Shareholders'
+Agreement and appendices thereof with other strategic
+investors. Pursuant to the above agreements, the
+Company shall repurchase the equity interests of
+BYD Semiconductor held by these strategic investors
+at a fixed consideration under some specific agreed
+circumstances. For the year ended 31 December
+2021, the present value of such repurchase obligation
+was RMB2,922,108,000 (31 December 2020:
+RMB2,772,729,000).
+The financial guarantee contracts represent guarantees
+given to financial institutions in connection with facilities
+granted to customers.
+The financial guarantee contracts are measured at the
+higher of the expected credit loss allowance and the
+amount initially recognised less the cumulative amount of
+income recognised. The expected credit loss allowance
+is measured by estimating the cash shortfalls, which are
+based on the expected payments to reimburse the financial
+institutions for a credit loss incurred less any amounts that
+the Group expects to receive from certain customers. The
+amount initially recognised representing the fair value at
+initial recognition of the financial guarantee contracts was
+not significant.
+The credit exposure of the financial guarantee contracts
+is classified as stage 1. During the year, there were no
+transfers between stages (2020: Nil).
+二零二零年五月二十六日,比亞迪召開
+第六屆董事會第三十八次會議,審議通
+過了《關於控股子公司引入戰略投資者
+的議案》,同意本公司及本集團之子公
+司比亞迪半導體與第三方戰略投資者
+簽署《投資協議》及《股東協議》及其附
+件。協議約定在一定條件下,比亞迪需
+承擔以固定金額回購戰略投資者對比亞
+迪半導體所投資股權的義務。截至二零
+二一年十二月三十一日止年度,該義務
+的現值金額為人民幣2,922,108,000元
+(二零二零年十二月三十一日:人民幣
+2,772,729,000)
+財務擔保合同指就授予客戶的融資而向金融
+機構作出的擔保。
+財務擔保合同乃按預期信貸虧損準備及初步
+確認金額減已確認收入之累計金額(以較高
+者為準)計量。預期信貸虧損乃按現金短缺
+之估計計量,其乃根據補償融資機構就所產
+生信貸虧損之預期款項,減任何本集團預期
+從若干客戶收取之任何金額計算。初步確認
+金額為屬非重大之財務擔保合同於初步確認
+之公允價值。
+財務擔保合同之信貸風險獲分類至第一級。
+於本年度,概無於級間的轉撥 (二零二零
+年:無)。
+2,772,729
+2,000,000,000元,票面利率為3.56%。
+37.
+is reviewed on an ongoing basis and revised where
+appropriate.
+250
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+36. PROVISION
+36.
+撥備
+Warranties
+保用
+2021
+二零二一年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+本集團對汽車提供保用,並承諾維修或更換
+運行不良的產品部件。撥備為保用的數額乃
+基於銷售量以及過往維修程度及退換記錄而
+作出估計。估計基準乃經持續審查並於適當
+時作修訂。
+At 1 January
+於一月一日
+年度撥備
+1,938,689
+1,824,194
+1,228,609
+812,806
+Amounts utilised during the year
+年內已動用金額
+(811,734)
+(698,311)
+At 31 December
+於十二月三十一日
+2,355,564
+1,938,689
+The Group provides warranties on automobiles and the
+undertaking to repair or replace items that fail to perform
+satisfactorily. The amount of the provision for the warranties
+is estimated based on sales volumes and past experience
+of the level of repairs and returns. The estimation basis
+Provision for the year
+393,150
+總計
+於合併財務狀況表中確認的
+遞延稅項負債淨額
+(8,971)
+364,479
+11,422
+629,353 201,320
+50,044 338,465
+15,890 2,439,921
+3,064 376,221
+during the year
+At 31 December 2021
+於二零二一年十二月三十一日
+837,581
+213,555
+150,969
+375,901
+679,397
+539,785 18,954 2,816,142
+At 1 January 2020
+53,580
+於二零二零年一月一日
+(71,383)
+the statement of profit or loss
+其他
+總計
+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
+At 1 January 2021
+於二零二一年一月一日
+908,964 159,975
+159,940
+Deferred tax credited/(charged) to
+年內於損益表計入/(扣除)
+的遞延稅項
+737,638
+134,999
+189,212
+BYD Company Limited
+254
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+39.
+DEFERRED TAX (CONTINUED)
+Deferred tax liabilities
+Fair value
+39.
+遞延稅項(續)
+遞延稅項負債
+at fair value
+15,890 2,439,921
+629,353 201,320
+364,479
+159,940
+305,132
+359,852 304,996
+Deferred tax credited/(charged) to
+the statement of profit or loss
+年內於損益表計入/(扣除)
+的遞延稅項
+171,326
+24,976
+稅項虧損
+(29,272)
+269,501 (103,676)
+15,496 2,047,325
+394 392,596
+during the year
+At 31 December 2020
+於二零二零年十二月三十一日
+908,964
+159,975
+59,347
+款項及撥備
+擔保應計
+來自公司間
+政府補貼 交易的未變現溢利
+RMB'000
+2020
+二零二零年
+RMB'000
+人民幣千元
+於一月一日
+2,269,176
+2,232,101
+Received during the year
+Returned during the year
+Released to profit or loss
+At 31 December
+年內已收
+年內已還
+調撥至損益
+於十二月三十一日
+Various government grants have been received for
+basic research and development activities. Government
+grants received for which related expenditure has not yet
+been undertaken are included in deferred income in the
+consolidated statement of financial position. A certain grant
+received relates to an asset is also credited to deferred
+income and is released to profit or loss over the expected
+useful life of the relevant asset by equal annual instalments
+2021
+二零二一年
+RMB'000
+人民幣千元
+At 1 January
+本年度與政府補助及補貼相關的遞延收入變
+動如下:
+grants and subsidies during the year are as follows:
+609,566
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+38. DEFERRED INCOME
+38.
+4,483,258
+(804)
+遞延收入
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+Government grants and subsidies
+4,481,036
+2,269,176
+The movements in deferred income related to government
+2021
+adjustments
+1,714,998
+(2,270,594)
+profits from Accruals and
+allowance
+depreciation Impairment Government
+of assets
+intercompany provision for
+Tax
+grants
+transactions
+warranties
+losses
+Others
+Total
+折舊撥備的
+超額折舊
+RMB'000
+人民幣千元
+資產減值
+RMB'000
+人民幣千元
+in excess of
+Unrealised
+Depreciation
+遞延稅項資產
+4,481,036
+(1,667,853)
+2,269,176
+已就基本研究及開發活動收取多項政府補
+助。與尚未動用開支有關之已收政府補助已
+計入合併財務狀況表的遞延收入。若干與資
+產相關之已收政府補助亦已計入遞延收入,
+並在相關資產使用年期內每年按等額分期調
+撥至損益。
+Annual Report 2021
+二零二一年年報
+253
+Notes to Financial Statements
+(10,070)
+財務報表附註
+39.
+DEFERRED TAX
+39.
+遞延稅項
+The movements in deferred tax assets and liabilities during
+the year are as follows:
+年內的遞延稅項資產及負債變動如下:
+Deferred tax assets
+31 December 2021
+二零二一年十二月三十一日
+of equity
+政府補助及補貼
+Fair value
+折舊撥備的
+超額折舊
+RMB 000
+人民幣千元
+預期將由
+附屬公司
+匯出的盈利
+預扣稅
+RMB'000
+人民幣千元
+出售附屬公司
+產生的遞延
+支付稅費
+總計
+RMB'000
+RMB'000
+人民幣千元人民幣千元
+At 1 January 2020
+於二零二零年一月一日
+63,644
+Deferred tax charged/(credited) to
+the statement of profit or loss during
+年內於損益表扣除/(抵用)的
+遞延稅項
+810
+(810)
+Total
+542,503
+a subsidiary
+profit or loss
+以公允價值
+計量並計入
+損益的金融
+資產公允
+價值調整
+RMB'000
+人民幣千元
+taxes on
+the earnings
+anticipated
+to be
+remitted by
+subsidiaries
+Deferred
+tax payment
+arising from
+through other
+fair value
+comprehensive
+disposal of
+income
+以公允價值計量
+並計入其他綜合
+收益的權益投資
+公允價值調整
+RMB'000
+人民幣千元
+allowance
+15,957
+509,252 (15,957)
+12,341 635,255
+492,485
+DEFERRED TAX (CONTINUED)
+Deferred tax liabilities (continued)
+For presentation purposes, certain deferred tax
+assets and liabilities have been offset with an amount
+of RMB902,826,000 (2020:RMB670,946,000) in the
+consolidated statement of financial position. The following
+is an analysis of the deferred tax balances of the Group for
+financial reporting purposes:
+39.
+遞延稅項(續)
+遞延稅項負債(續)
+作為呈列用途,若干遞延稅項資產及負債已
+於合併財務狀況表中與人民幣902,826,000
+元的金額抵銷 (二零二零年:人民幣
+670,946,000元)。下列為就財務報告用途的
+本集團遞延稅項結餘分析:
+2020
+二零二零年
+RMB'000
+人民幣千元
+Net deferred tax assets recognised in the
+consolidated statement of financial position
+於合併財務狀況表中確認的
+遞延稅項資產淨額
+1,913,316
+1,768,975
+Net deferred tax liabilities recognised in the
+consolidated statement of financial position
+investments
+39.
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+the year
+Deferred tax charged to other
+年內於其他綜合收益扣除的
+(63,644)
+(63,644)
+comprehensive income during the year
+遞延稅項
+Withholding
+At 31 December 2020
+1,051,755
+12,341
+1,064,096
+BYD Company Limited
+256
+比亞迪股份有限公司
+Notes to Financial Statements
+於二零二零年十二月三十一日
+depreciation
+2021
+二零二一年
+RMB'000
+人民幣千元
+Depreciation
+subsidiaries
+a subsidiary
+Total
+折舊撥備的
+超額折舊
+RMB'000
+人民幣千元
+預期將由
+附屬公司
+匯出的盈利
+預扣稅
+RMB'000
+人民幣千元
+出售附屬公司
+產生的遞延
+支付稅費
+RMB'000
+RMB'000
+人民幣千元人民幣千元
+At 1 January 2021
+二零二一年一月一日
+Deferred tax charged/(credited) to
+the statement of profit or loss during
+allowance
+income profit or loss
+以公允價值
+計量並計入
+損益的金融
+資產公允
+價值調整
+RMB'000
+人民幣千元
+以公允價值計量
+並計入其他綜合
+收益的權益投資
+公允價值調整
+RMB’000
+人民幣千元
+disposal of
+adjustments
+in excess of
+of financial
+assets at Depreciation
+Withholding
+taxes on
+Deferred
+年內於損益表扣除/(抵用)的
+遞延稅項
+anticipated
+through other
+fair value in excess of
+to be
+arising from
+comprehensive
+through depreciation
+remitted by
+tax payment
+1,051,755
+the earnings
+363,758
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+DEFERRED TAX (CONTINUED)
+Deferred tax liabilities (continued)
+Fair value
+adjustments
+of equity
+investments
+at fair value
+39.
+遞延稅項(續)
+through
+遞延稅項負債(續)
+adjustments
+of financial
+10,671
+Notes to Financial Statements
+255
+Fair value
+39.
+12,341 1,064,096
+Annual Report 2021
+二零二一年年報
+the year
+Deferred tax charged to other
+年內於其他綜合收益扣除的
+73,867
+73,867
+comprehensive income during the year
+374,429
+assets at
+遞延稅項
+1,415,513
+10,671
+12,341 1,512,392
+73,867
+At 31 December 2021
+於二零二一年十二月三十一日
+二零二一年十二月三十一日
+previous year is not less than 20%
+第二個行權期可行權日前一會計年度的營業收
+入和淨利潤較上一年度的增長率不低於20%
+the growth rate of revenue and net profit of
+the fiscal year before the exercise date of
+the third exercise period over the previous
+year is not less than 20%
+第三個行權期可行權日前一會計年度的營業收
+入和淨利潤較上一年度的增長率不低於20%
+BYD Company Limited
+262
+of the second exercise period over the
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+41.
+比亞迪股份有限公司
+第二個行使期(「第二期」)
+the growth rate of revenue and net profit
+From 12 May 2023 to
+11 May 2024
+SHARE-BASED PAYMENT (CONTINUED)
+二零二三年五月十二日至
+二零二四年五月十一日
+Third exercise period
+40%
+(“Third Period”)
+of the fiscal year before the exercise date
+From 12 May 2024 to
+12 May 2025
+二零二四年五月十二日至
+二零二五年五月十二日
+行使條件
+the growth rate of revenue and net profit of
+the fiscal year before the exercise date of
+第一個行權期可行權日前一會計年度的營業收
+入和淨利潤較上一年度的增長率不低於20%
+第三個行使期(「第三期」)
+the first exercise period over the previous
+year is not less than 20%
+batch
+以股份為基礎的支付(續)
+第三批
+波動率
+無風險率
+Volatility is an assumption based on the trend
+reflected by historical volatility, and hence may not
+be the actual result. In respect of the fair value,
+other features of the granted share options were not
+considered.
+第二批
+52.80%
+57.88%
+1.60%
+1.81%
+(“Second Period")
+2.02%
+波動率是基於歷史波動率反映出趨勢
+的假設,因此並不一定是實際的結
+果。對於公允價值,並無考慮授予的
+購股權的其他特徵。
+51.99%
+41.
+第一批
+batch
+b.
+Share option incentive scheme (continued)
+BYD Semiconductor Co., Ltd (“BYD Semiconductor")
+2020_Share Option Incentive Scheme (“Scheme")
+(continued)
+b.
+購股權激勵計劃(續)
+比亞迪半導體股份有限公司(「比亞
+迪半導體」)2020股權激勵計劃(「計
+劃」)(續)
+The fair value of the share options to be granted
+amounted to RMB337,098,000. The fair value of the
+equity-settled share options to be granted on the
+date of grant was estimated using a binomial model,
+taking into account the terms and conditions upon
+which the options were granted. The following table
+lists the inputs to the model used:
+行使期
+預計授予的購股權的公允價值為人民
+幣337,098,000元。預計授予的以權
+益結算的購股權於授予日的公允價值
+採用二項式模型,結合授予購股權的
+條款和條件,作出估計。下表列示了
+所用模型的���入:
+Volatility
+Risk-free interest rate
+First
+Second
+Third
+batch
+Exercise period
+30%
+收入;
+二零二二年五月十二日至
+二零二三年五月十一日
+(2)
+購股權行使的表現指標包括:
+本次期權激勵計劃預計授予的股權期
+權分三次行權,對應的歸屬期分別
+為自授予日起24個月、36個月、48
+個月。授予的股票期權於授予日開
+始,在之後的三個行權期分次行權。
+第一、第二和第三個行權期分別有
+30%、30%、40%的期權在滿足業績
+條件前提下獲得可行權的權利。行使
+價為每股人民幣5.00元。當參與者未
+能實現作為行使條件的比亞迪半導體
+的表現時,將無法行使購股權,或行
+使期結束後當前未行使的購股權將作
+廢,並應由比亞迪半導體無償購回及
+做作廢處理。
+比亞迪半導體股份有限公司(「比亞
+迪半導體」)2020股權激勵計劃(「計
+劃」)(續)
+(1) Revenue;
+The performance indicators for the exercise of the
+share options include:
+performance conditions. The exercise price shall
+be_RMB5.00 per share. The share options will not
+be exercisable when participants fail to fulfil BYD
+Semiconductor's performance as the conditions of
+exercise or those currently not exercised after the
+end of the exercise period shall become null and
+void and be repurchased without consideration and
+cancelled by BYD Semiconductor.
+exercise rights under the prerequisite of meeting
+the first, second, and third exercise periods,30%,
+30%,and 40% of the share options are entitled to
+The share options to be granted under the share
+option incentive scheme are exercisable in three
+stages, which will correspond to a vesting period
+of 24 months, 36 months and 48 months beginning
+on the grant date. The granted share options
+can be exercised in stages in the following three
+exercise periods beginning on the grant date. In
+購股權激勵計劃 (續)
+b.
+Share option incentive scheme (continued)
+BYD Semiconductor Co., Ltd("BYD Semiconductor")
+2020 Share Option Incentive Scheme("Scheme”)
+(continued)
+b.
+以股份為基礎的支付(續)
+41.
+SHARE-BASED PAYMENT (CONTINUED)
+Directors of BYD Semiconductor on 14 April 2020.
+Annual Report 2021
+二零二一年年報
+Pursuant to the Scheme, BYD Semiconductor
+proposed to grant 30,019,760.00 share options to
+36 scheme participants. The scheme participants of
+the Share Incentive Scheme were the directors and
+senior management of BYD Semiconductor and key
+staff of BYD Semiconductor who have direct impacts
+or contributions to BYD Semiconductor's business
+results and ongoing development as a whole,
+excluding independent directors and supervisors.
+References are made to the announcement dated 11
+May 2021 and circular (the “Circular") dated 31 May
+2021 of the Company, in relation to, among others,
+the proposed adoption of the Subsidiary Share
+Option Scheme. The adoption of the Subsidiary
+Share Option Scheme was approved by the
+shareholders of the Company at the extraordinary
+general meeting of the Company held on 16 June
+2021 and the Subsidiary Share Option Scheme
+became unconditional on the same day.
+比亞迪半導體股份有限公司(「比亞
+迪半導體」)2020股權激勵計劃(「計
+劃」)
+「關於全資子公司股權激勵計劃涉及
+關聯交易的議案」已於二零二零年四
+月十四日第六屆董事會第三十六次會
+議上獲比亞迪半導體董事會批准。根
+據該計劃,比亞迪半導體擬向36名
+計劃參與者授予30,019,760.00份購
+股權。股份激勵計劃的計劃參與者包
+括比亞迪半導體的董事和高级管理人
+員以及對比亞迪半導體的業績及持續
+發展整體有直接影響或貢獻的比亞迪
+半導體的重要員工,不包括獨立董事
+和監事。茲提述本公司日期為二零二
+一年五月十一日的公告及日期為二零
+二一年五月三十一日的通函(「該通
+函」),內容有關(其中包括)建議採
+納子公司股權期權計劃。本公司股東
+於本公司於二零二一年六月十六日舉
+行的臨時股東大會上批准採納子公司
+股權期權計劃,且子公司股權期權計
+劃於同日期成為無條件。
+Net Profit.
+BYD Company Limited
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+41.
+260
+(1)
+(2)
+淨利潤。
+Percentage
+of options
+exercisable
+Duration
+Conditions for exercise
+行使期
+Exercise period
+First exercise period
+第一個行使期(「第一期」)
+可行使
+購股權比例
+期間
+30%
+From 12 May 2022 to
+11 May 2023
+(“First Period”)
+Second exercise period
+授予的購股權行使的條件:
+The conditions for the exercise of the granted share
+options:
+Annual Report 2021
+二零二一年年報
+261
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+41.
+比亞迪半導體股份有限公司(「比亞
+迪半導體」)2020股權激勵計劃(「計
+劃」)(續)
+SHARE-BASED PAYMENT (CONTINUED)
+以股份為基礎的支付(續)
+b.
+Share option incentive scheme (continued)
+b.
+購股權激勵計劃(續)
+BYD Semiconductor Co., Ltd (“BYD Semiconductor")
+2020 Share Option Incentive Scheme ("Scheme")
+(continued)
+41.
+263
+二零二一年十二月三十一日
+41.
+The borrower declares dividend to the
+holders of ordinary shares; or
+The issuer shall not defer the interest payment of
+the interest accrual period and all the interest and
+the underlying yields that were deferred according
+to the investment agreement and the contractual
+agreement if any of the following occurs within 12
+months before the interest payment date:
+an announcement of deferred interest payments five
+days before the interest payment date.
+to be paid at the next interest payment date, which
+is not subject to any restrictions on the number of
+deferred interest payments. The foregoing deferred
+interest payment does not constitute the issuer's
+default to pay the interest in full according to the
+contract. In the event that the issuer decides to
+defer the interest payments, the issuer and the
+related agency shall disclose such arrangement in
+Unless the mandatory interest payment event
+happens, before each of the interest payment dates
+of medium-term notes, the issuer can choose to
+have the current interest and all the deferred interest
+(continued)
+(b)
+PERPETUAL LOANS (CONTINUED)
+43.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+267
+Annual Report 2021
+二零二一年年報
+倘稅務政策或會計標準有任何變動,
+發行人將有權於有關法律法規變動、
+司法權區對相關法例法規詮釋或會計
+政策變動正式實行當年年末行使贖回
+權。倘發行人決定行使贖回權,發
+行人應於可贖回日期前20個交易日
+(惟倘會計政策變更施行日期起至年
+末少於20個交易日,發行人須及時
+刊發公告)刊登公告。贖回計劃一旦
+公佈則不得撤銷。除上述兩種情況,
+發行人無權或義務贖回即期債券。可
+續債券而言,利息於前兩年按票面利
+率6.20%每年計息。如果發行人不行
+使贖回權,則從第3個計息年度開始
+票面利率調整為當期基準利率加上初
+始利差再加上300個基點,在第3個
+計息年度至第4個計息年度內保持不
+變。每2年重置一次票面利率。
+policies is officially implemented. If the issuer
+decides to exercise the redemption rights, an
+announcement shall be published 20 trading days
+before the date available for redemption (except
+that the period from the implementation date of the
+change of accounting policies to the year end is
+less than 20 trading days, in which case the issuer
+shall make a timely announcement). The redemption
+plan is irrevocable once announced. Except for
+the above two cases, the issuer has no right or
+obligation to redeem the current bond. For the
+current renewable bonds, the coupon interest rate
+of the first 2 years for which interest is accruable is
+6.20% per annum. If the issuer does not exercise
+the redemption rights, the coupon interest rate will
+be adjusted to the then base rate plus initial spread
+and 300 basis points from the 3rd year and remains
+unchanged from the 3rd year to the 4th year for
+which interest is accruable. The coupon interest rate
+is reset every 2 years.
+accounting standards, the issuer shall have the
+right to exercise the right of redemption at the end
+of the year in which the change of such laws and
+regulations, the judicial interpretation of relevant
+laws and regulations or the change of accounting
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+43.
+PERPETUAL LOANS (CONTINUED)
+(b)
+The borrower reduces registered capital
+The Company issued renewable bonds on 21 June
+2019 with a total principal amount of RMB500
+million. The loan will have a term of 2+Nyears. On
+or after the second interest payment date, the issuer
+Ishall have the option to extend the maturity of the
+bonds for one additional cycle (i.e., two years) or
+to pay in full at the end of that cycle. The issuer is
+media at least 30 trading days prior to the interest
+payment date in the exercise year of the option to
+renew the term.
+43.
+永續債(續)
+(b)
+本公司於二零一九年六月二十一日發
+行本金總額為人民幣500百萬元的可
+續債券。貸款期限為2+N年。於第二
+次付息日或之後,發行人有權選擇延
+長債券到期日至另一個週期(如兩年)
+或於當時週期結束悉數償還。發行人
+不受時間所限制,其可行使其選擇人
+重續年期,惟其將於由發行人至少於
+選擇重續期限當年的付息日前30個
+交易日通過媒體上刊登公告行使選擇
+權。
+In the case of any change of tax policies or
+not limited by the number of times it may exercise
+its option to renew the term, but it shall publish an
+announcement of exercise of the option through
+These perpetual loans do not have specific
+maturities. The Company has the right to defer
+interest or to redeem the notes. The Company does
+I not have the contractual obligation to deliver cash
+or other financial assets to other parties. Therefore,
+the perpetual loans are recognised as an equity.
+The interest paid on the perpetual loans in 2021 was
+RMB61,600,000 (2020: RMB222,987,000).
+43.
+永續債(續)
+Action against Foxconn
+44.
+或有負債
+(a)
+訴訟
+On 11 June 2007, a Hong Kong High Court action
+(the “June 2007 Action") was commenced by a
+subsidiary and an affiliate of Foxconn International
+Litigation
+(the “Defendants") for using confidential information
+alleged to have been obtained improperly from
+the Plaintiffs. The Plaintiffs discontinued the June
+2007 Action on 5 October 2007 without any liability
+to the Defendants. On the same day, the Plaintiffs
+initiated a new set of legal proceedings in the
+Court (the “October 2007 Action"). The Defendants
+named in the October 2007 Action are the same as
+the Defendants in the June 2007 Action, and the
+claims made by the Plaintiffs in the October 2007
+Action are based on the same facts and grounds
+in the June 2007 Action. The remedies sought by
+the Plaintiffs in the October 2007 Action include an
+injunction restraining the Defendants from using
+the alleged confidential information, an order for
+the disgorgement of profit made by the Defendants
+through the use of the confidential information,
+damages based on the loss suffered by the Plaintiffs
+and exemplary damages. The total damages sought
+by the Plaintiffs in the October 2007 Action have not
+been quantified.
+defamation, and the economic loss as a result of the
+said activities.
+富士康訴訟案件
+於二零零七年六月十一日,富士康國
+際控股有限公司旗下一間下屬附屬公
+司及一間聯屬公司(「原告」)向香港
+高等法院展開訴訟(「二零零七年六
+月訴訟」),指控本公司及本集團若干
+附屬公司(「被告」)使用指稱自原告
+處非法獲得的機密資料。原告已於二
+零零七年十月五日停止二零零七年六
+月訴訟、被告並無承擔任何責任。同
+日,原告向法院提起新一輪的法律程
+序(「二零零七年十月訴訟」)。二零零
+七年十月訴訟的被告與二零零七年六
+月訴訟的被告相同,且原告在二零零
+七年十月訴訟中提出的申索均基於二
+零零七年六月訴訟中的相同事實及理
+由。原告在二零零七年十月訴訟中提
+出的補救方法包括強令禁止被告使用
+有關機密資料、強令被告交出因使用
+機密資料所獲得的利潤以及賠償原告
+遭受的損失及支付懲罰性賠償金。原
+告在二零零七年十月訴訟中主張的全
+部賠償金數額尚未確定。
+於二零零九年十月二日,被告對富士
+康國際控股有限公司及其若干聯屬公
+司利用不合法手段干涉本公司及其若
+干附屬公司的經營、共謀行為、書面
+及口頭誹謗,導致經濟損失的行為提
+起反訴。
+of the wholly-owned subsidiary involving related-
+party transactions", was approved at the Thirty-
+sixth Meeting of the Sixth Session of the Board of
+On 2 October 2009, the Defendants instituted
+a counter-action against Foxconn International
+Holdings Limited and certain of its affiliates for
+their intervention, by means of illegal measures, in
+the operations involving the Company and certain
+of its subsidiaries, collusions, written and verbal
+比亞迪股份有限公司
+(a)
+44.
+(b)
+(續)
+除非發生強制付息事件,發行人在中
+期票據每個利息支付日前可以自行選
+擇將當期利息和所有遞延利息推遲至
+下一利息支付日支付,且不受任何遞
+延利息支付次數的限制。前述遞延利
+息支付不應視為發行人未按照本合同
+全數支付利息的違約事件。倘發行人
+決定遞延支付利息,發行人及相關中
+介機構應在付息日前五日於遞延利息
+支付公告內披露該安排。
+倘付息日前12個月內,發生以下事件
+之一,發行人不得遞延該計息週期利
+息以及按照《投資協議》及合同約定
+已經遞延的所有利息及其孳息:
+借款人向普通股持有人宣派股
+息;或
+借款人減少註冊資本
+CONTINGENT LIABILITIES
+此等永續債並無特定到期日。本公司
+有權遞延利息或贖回票據。本公司並
+無合同責任向其他人士交付現金或其
+他金融資產。故永續債確認為權益。
+二零二一年已付永續債利息為人民幣
+61,600,000元(二零二零年:人民幣
+222,987,000).
+268
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+BYD Company Limited
+Notes to Financial Statements
+財務報表附註
+266
+借款人減少註冊資本。
+比亞迪股份有限公司
+264
+BYD Company Limited
+根據企業的有關法律及法規,本集團於中國
+註冊的實體的部分溢利已轉撥至有限定用途
+的法定盈餘公積金。當法定盈餘公積金的結
+餘達各實體股本的50%,則公司可選擇是
+否繼續作出任何撥款。法定盈餘公積金可用
+於抵銷以往年度的虧損或增加資本。然而,
+增加後,法定盈餘公積金的結餘須維持至少
+25%股本。
+fund reaches 50% of the respective entity's share capital,
+any further appropriation is optional. The statutory surplus
+reserve fund can be utilised to offset prior year's losses
+or to increase share capital. However, the balance of the
+statutory surplus reserve fund must be maintained at least
+25% of the share capital after increase.
+enterprises, a portion of the profits of the Group's entities
+which are registered in the PRC has been transferred to
+the statutory surplus reserve fund which is restricted to
+use. When the balance of the statutory surplus reserve
+Pursuant to the relevant laws and regulations for business
+本集團的儲備金額及有關金額於本年度及
+過往年度的變動乃呈列於財務報表第106至
+107頁的合併權益變動表內。
+二零二零年十二月三日,比亞迪半導
+體第一屆董事會決議通過了《關於調
+整公司二零二零年股權期權激勵計劃
+和股權期權激勵計劃實施考核管理辦
+法的議案》,該議案對比亞迪半導體
+有限實施的首次股權激勵計劃進行了
+調整。該議案根據公司股份制改制
+的股數變動比例,將授予員工的股權
+期權數量由“30,019,760份"變更為
+“33,088,235股”,並將期權的行權價
+格由“人民幣5.00元/每1元出資”變
+更為“人民幣4.54元/每股”。
+。
+激勵計畫約定如公司改制為股份公
+司,將對期權數量及行權價格進行調
+整
+儲備
+42.
+consolidated statement of changes in equity on pages 106
+to 107 of the financial statements.
+The amounts of the Group's reserves and the movements
+therein for the current and prior years are presented in the
+RESERVES
+of shares converted based on the Company's
+conversion into a joint stock company.
+SHARE-BASED PAYMENT (CONTINUED)
+b.
+Share option incentive scheme (continued)
+Adjustment on BYD Semiconductor 2020 Share
+Option Incentive Scheme
+31 December 2021
+二零二一年十二月三十一日
+41.
+以股份為基礎的支付(續)
+Notes to Financial Statements
+b.
+二零二零年比亞迪半導體股票期權激
+勵計劃調整
+42.
+The Scheme clarifies that BYD Semiconductor will
+adjust the the number of the share options granted
+and the exercise price in case BYD Semicondutor
+reforms into a joint stock company.
+On 3 December 2020, the first session of the board
+of directors of BYD Semiconductor passed the
+Resolution in relation to the Company's Adjustment
+on the 2020 Share Option Incentive Scheme and
+the Implementation, Assessment and Management
+Measures of the Share Option Incentive Scheme (<
+於調整公司2020年股權期權激勵計劃和股權期權激勵
+計劃實施考核管理辦法的議案》),which adjusted the
+first option incentive scheme implemented by BYD
+Semiconductor Co., Ltd. This resolution changed the
+number of share options granted to employees from
+“30,019,760_share options" to “33,088,235 shares”
+and the exercise price of options from "contribution
+of RMB5.00/per yuan” to “RMB4.54/per share”
+according to the movement in the percentage
+購股權激勵計劃(續)
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+43.
+永續債(續)
+(a)
+265
+(續)
+The issuer shall not defer the interest payment of
+the interest accrual period and all the interest and
+the underlying yields that were deferred according
+to the investment agreement and the contractual
+agreement if any of the following occurs within 12
+months before the interest payment date:
+The borrower declares dividend to the
+holders of ordinary shares; or
+The borrower reduces registered capital.
+除非發生強制付息事件,發行人在中
+期票據每個利息支付日前可以自行選
+擇將當期利息和所有遞延利息推遲至
+下一利息支付日支付,且不受任何遞
+延利息支付次數的限制。前述遞延利
+息支付不應視為發行人未全數支付利
+息的違約事件。倘發行人決定遞延支
+付利息,發行人及相關中介機構應在
+付息日前五日於遞延利息支付公告內
+披露該安排。
+倘付息日前12個月內,發生以下事件
+之一,發行人不得遞延該計息週期利
+息以及按照《投資協議》及合同約定
+已經遞延的所有利息及其孳息:
+借款人向普通股持有人宣派股
+息;或
+Unless the mandatory interest payment event
+happens, before each of the interest payment
+date of medium-term notes, the issuer can choose
+to defer the current interest and all the deferred
+interest to be paid at the next interest payment
+date, which is not subject to any restrictions on
+the number of deferred interest payments. The
+foregoing deferred interest payment does not
+constitute the issuer's default to pay the interest in
+full. In the event that the issuer decides to defer
+the interest payments, the issuer and the related.
+agency shall disclose such arrangement in an
+announcement of deferred interest payments five
+days before the interest payment date.
+BYD Company Limited
+Annual Report 2021
+二零二一年年報
+(a)
+43.
+PERPETUAL LOANS
+(a)
+In 2016,the Company issued medium term notes
+at par of RMB200 million and RMB400 million on 24
+February 2016 and 26 February 2016, respectively,
+with a total amount of RMB600 million (RMB595.8
+million after deducting listing expenses). The current
+medium-term notes have a term of 5+N years. On
+or after the fifth interest payment date, the issuer
+has the right to redeem the current medium-term
+notes at par plus accrued interest (including any
+deferred interest payments). If the issuer decides
+to exercise the redemption rights, the issuer shall
+publish the Announcement of Early Redemption
+through media one month before the redemption
+and the redemption process shall be completed by
+the Shanghai Clearing House as the agent. For the
+current medium-term notes, the coupon interest rate
+of the first 5 years for which interest is accruable
+is 5.1% per annum. If the issuer does not exercise
+(continued)
+the redemption rights, the coupon interest rate will
+43.
+永續債
+(a)
+二零一六年,本公司於二零一六年二
+月二十四日及二零一六年二月二十六
+日分別按面值發行金額為人民幣200
+百萬元和人民幣400百萬元的中期票
+據,合計人民幣600百萬元,扣除發
+行開支後為人民幣595.8百萬元。本
+期中期票據期限為5+年。於中期票
+據第五個和其後每個付息日,發行人
+有權按面值加應付利息(包括任何遞
+延利息支付)贖回本期中期票據。如
+發行人決定行使贖回權,則於贖回日
+前一個月,由發行人媒體上刊登《提
+前贖回公告》,並由上海清算所代理
+完成贖回工作。本期中期票據前5個
+計息年度的票面利率為5.1%。如果
+發行人不行使贖回權,則從第6個計
+息年度開始票面利率調整為當期基
+準利率加上初始利差再加上300個基
+點,在第6個計息年度至第10個計息
+年度內保持不變。每5年重置一次票
+面利率。
+43.
+PERPETUAL LOANS (CONTINUED)
+be adjusted to the then base rate plus initial spread
+and 300 basis points from the 6th year and remains
+unchanged from the 6th year to the 10th year for
+which interest is accruable. The coupon interest rate
+is reset every 5 years.
+The "Resolution concerning equity incentive scheme
+Holdings Limited (the “Plaintiffs") against the
+Company and certain subsidiaries of the Group
+購股權激勵計劃
+BYD Semiconductor Co., Ltd("BYD Semiconductor")
+2020 Share Option Incentive Scheme("Scheme")
+SHARE-BASED PAYMENT (CONTINUED)
+b.
+Share option incentive scheme
+Annual Report 2021
+二零二一年年報
+259
+41.
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+41.
+以股份為基礎的支付(續)
+b.
+Notes to Financial Statements
+向西安北方秦川集團有限公司
+(vii)
+63
+63
+Sales of products and service to Shenzhen
+UniFortune Supply Chain Service Co., Ltd.
+(“UniFortune”)
+(「北方秦川」)出售產品及服務
+向深圳市聯合利豐供應鏈管理有限公司
+(「聯合利豐」)出售產品及服務
+(viii)
+882
+Sales of products and service to Xi'an Northern
+Qinchuan Company Ltd. ("Northern Qinchuan")
+536
+3,692,335
+(vi)
+向深圳市優必選股份科技有限公司
+(「優必選」)出售產品及服務
+Sales of products and service to Union Brother
+Technology Co., Ltd. (“UBTECH”)
+2,254,046
+Sales of products and service to Youngy
+Investment Holding Group Co., Ltd.
+購買產品及服務
+Purchases of products and service
+914,414
+672,352
+234,729
+408
+向融捷投資控股集團有限公司
+向廣州文石信息科技有限公司
+☐ 12
+(「北方秦川」)購買產品及服務
+Xi'an Northern Qinchuan Company Ltd.
+43
+(vii)
+向西安北方秦川集團有限公司
+Purchases of products and service from
+(“Zhengxuan Qianzhan")
+5
+(xi)
+向深圳市正軒前瞻創業投資
+(「正軒前瞻」)出售產品
+Qianzhan Venture Capital
+Sales of products to Shenzhen Zhengxuan
+("Onyx International Inc.")
+(文石信息)出售產品及服務
+International Inc. Co., Ltd.
+1,970
+4,286
+(x)
+952,183
+Sales of products and service to Onyx
+(“Youngy Holding”)
+(「融捷控股」)出售產品及服務
+1,319
+(ix)
+10,680
+出售產品
+2,135,448
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+274
+BYD Company Limited
+450,775
+1,190,271
+人民幣千元
+RMB'000
+2020
+二零二零年
+二零二一年
+RMB'000
+人民幣千元
+2021
+Capital contribution payable to joint ventures 向合營公司出資
+此外,本集團分佔合營公司本身的資
+本承擔(未計入上表)如下:
+(b)
+In addition, the Group's share of joint ventures'own
+capital commitments, which are not included in the
+above, is as follows:
+(b)
+3,837,434
+21,987,081
+investments
+112,757
+3,051,539
+16,534,412
+892,582
+31 December 2021
+二零二一年十二月三十一日
+47.
+RELATED PARTY TRANSACTIONS
+3,477,440
+租金開支
+服務收入
+出售機器及設備
+(“Northern Qinchuan")
+合營公司及聯營公司:
+Rental expense
+Service income
+Sales of machinery and equipment
+Sales of products
+Joint ventures and associates:
+2,487
+人民幣千元
+二零二一年
+RMB'000
+人民幣千元
+附註
+Notes
+2021
+除本財務報表其他地方所詳述的交易
+外,年內本集團與關聯方亦進行下列
+交易:
+following transactions with related parties during the
+year:
+(a)
+In addition to the transactions detailed elsewhere
+in these financial statements, the Group had the
+(a)
+關聯方交易
+47.
+2020
+二零二零年
+RMB'000
+Purchases of products from Beijing Easpring
+Material Technology Co., Ltd.
+Purchases of products and service from
+(xii)
+(continued)
+(a)
+(CONTINUED)
+47. RELATED PARTY TRANSACTIONS 47. 關聯方交易 (續)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+BYD Company Limited
+276
+向聯合利豐(本公司一名非執行
+董事為其董事會董事)出售產品
+及服務乃根據本集團向其他客
+戶提出的公佈價格進行。
+北方秦川為本公司一名監事於
+過去十二個月為該公司董事會
+執行董事的公司。與北方秦川
+作出的產品及服務買賣乃根據
+向其他客戶提供的公佈價格進
+行。
+(viii)
+(viii) The sales of products and service to UniFortune,
+a company of which a non-executive director
+of the Company is a director of the board, were
+made according to the published prices offered
+to other customers of the Group.
+Northern Qinchuan is a company of which a
+supervisor of the Company was an executive
+director of the company in the past twelve
+months. The sales and purchases of products
+and services made with Northern Qinchuan
+were according to the published prices offered
+to other customers.
+(vii)
+(vii)
+向優必選(本公司一名非執行董
+事為其董事會董事)出售產品及
+服務乃根據向本集團其他客戶
+提出的公佈價格進行。
+(vi)
+The sales of products and service to UBTECH,
+a company of which a non-executive director
+of the Company is a director of the board, were
+made according to the published prices offered
+to other customers of the Group.
+(vi)
+customers.
+(a)
+(續)
+Notes: (continued)
+附註:(續)
+Annual Report 2021
+二零二一年年報
+向長和華鋰科技(本公司一名非
+執行董事間接控制的公司)購買
+產品乃根據向其他客戶提出的
+公佈價格進行。
+向百果園(本公司一名獨立非執
+行董事為該公司董事會獨立董
+事)購買產品及服務乃根據向其
+他客戶提出的公佈價格進行。
+向當升科技(本公司一名前任獨
+立非執行董事於過去十二個月
+為該公司董事會獨立董事)購買
+產品乃根據當升科技向其他客
+戶提出的公佈價格進行。
+(xiv)
+(xiii)
+(xii)
+向正軒前瞻(本公司一名非執行
+董事為該公司董事會董事)出售
+產品乃根據向本集團其他客戶
+提出的公佈價格進行。
+(xi)
+向文石信息(本公司一名非執行
+董事為該公司董事會董事)出售
+產品及服務乃根據向本集團其
+他客戶提出的公佈價格進行。
+(x)
+向合營公司及聯營公司購買產
+品及服務乃根據合營公司及聯
+營公司向彼等其他客戶提出的
+公佈價格進行。
+(xiv) The purchases of products from Changhehua
+lithium, a company indirectly controlled by a
+non-executive director of the Company, were
+made according to the published prices offered
+to other customers.
+(xiii) The purchases of products and service
+The purchases of products from Easpring
+Technology, a company of which a former
+independent non-executive director of the
+Company was an independent director of the
+company in the past twelve months, were made
+according to the published prices offered by
+Easpring Technology to other customers.
+The sales of products to Zhengxuan Qianzhan,
+a company of which a non-executive director
+of the Company is a director of the board, were
+made according to the published prices offered
+to other customers of the Group.
+The sales of products and service to Onyx
+International Inc., a company of which a non-
+executive director of the Company is a director
+of the board, were made according to the
+published prices offered to other customers of
+the Group.
+(xii)
+(xi)
+(x)
+向融捷控股(本公司一名非執行
+董事為該公司董事會董事)出售
+產品及服務乃根據向本集團其
+他客戶提出的公佈價格進行。
+(ix)
+The sales of products and service to Youngy
+Holding, a company of which a non-executive
+director of the Company is a director of the
+board, were made according to the published
+prices offered to other customers of the Group.
+(ix)
+from Baiguoyuan, a company of which an
+independent non-executive director of the
+Company was the independent director of the
+board, were made according to the published
+prices offered to other customers.
+向北京當升材料科技股份有限公司
+(「當升科技」)購買產品
+(v)
+(v)
+1,877
+16,347
+(“Changhehua lithium")
+(「長和華鋰科技」)購買產品
+Changhehua lithium Technology Co., Ltd.
+176,318
+(xiv)
+向四川長和華鋰科技有限公司
+Purchase of products from Sichuan
+365
+(xiii)
+向深圳百果園實業(集團)股份
+有限公司(「百果園」)購買
+產品及服務
+Co., Ltd. (“Baiguoyuan")
+Shenzhen Baiguoyuan Industry (Group)
+向深圳經石科技股份有限公司
+(「經石科技」)購買產品及服務
+向滄州明珠塑料股份有限公司
+(「明珠塑料」)購買產品及服務
+Purchase of products and service from
+Shenzhen Jingshi Technology Co., Ltd.
+(“Jingshi Tech")
+與投資有關的注資
+Purchases of products and service from
+Cangzhou Mingzhu Plastic Co., Ltd.
+(“Mingzhu Plastics")
+(“Easpring Technology")
+166,491
+198,342
+Annual Report 2021
+二零二一年年報
+275
+Notes to Financial Statements
+財務報表附註
+租金開支乃按經本集團與合營
+公司及聯營公司雙方協定的價
+格收取。
+(iv)
+The rental expense was charged at prices
+mutually agreed between the Group and joint
+ventures and associates.
+(iv)
+自合營公司及聯營公司所得服
+務收入乃根據本集團向其他客
+戶提出的公佈價格進行。
+(iii)
+The service income from joint ventures and
+associates was made according to the
+published prices offered by the Group to their
+other customers.
+(iii)
+向合營公司及聯營公司出售機
+器及設備乃根據本集團向其他
+客戶提出的公佈價格進行。
+(ii)
+The sales of machinery and equipment to
+the joint ventures and associates were made
+according to the published prices offered by
+the Group to other customers.
+The purchases of products and service from
+joint ventures and associates were made
+according to the published prices offered by
+joint ventures and associates to their other
+(ii)
+(i)
+The sales of products to joint ventures and
+associates were made according to the
+published prices offered to other customers of
+the Group.
+(i)
+附註:
+(續)
+(a)
+Notes:
+(a) (continued)
+(CONTINUED)
+47. RELATED PARTY TRANSACTIONS 47. 關聯方交易 (續)
+31 December 2021
+二零二一年十二月三十一日
+向合營公司及聯營公司出售產
+品乃根據向本集團其他客戶提
+出的公佈價格進行。
+Capital contribution in respect of
+Contracted, but not provided for:
+Buildings
+4,560,087
+二零二一年
+2021
+融資活動所產生的負債變動
+(b)
+Changes in liabilities arising from financing
+activities
+(b)
+年內,本集團就租賃土地、樓宇、機
+器及其他設備的租賃安排的使用權資
+產及租賃負債的非現金添置分別為人
+民幣961,161,000元(二零二零年:
+人民幣506,529,000元)及人民幣
+961,161,000元(二零二零年:人民
+幣506,529,000元)。
+During the year, the Group had non-cash additions
+to right-of-use assets and lease liabilities of
+RMB961,161,000 (2020:RMB506,529,000) and
+RMB961,161,000 (2020:RMB506,529,000),
+respectively, in respect of lease arrangements for
+leasehold land, buildings and machinery and other
+equipment.
+主要非現金交易
+(a)
+Major non-cash transactions
+(a)
+合併現金流量表附註
+45.
+NOTES TO THE CONSOLIDATED STATEMENT
+OF CASH FLOWS
+45.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+271
+Annual Report 2021
+二零二一年年報
+本集團與若干客戶及第三方或有關融
+資機構(「融資機構」)簽訂三方融資
+合作合同(「合作合同」)。根據合作合
+同的安排,本公司向該等融資機構承
+擔回購義務,若客戶違約或合同約定
+的特定條件,本公司繼承全部債權以
+及相關權益。同時,本集團須向融資
+機構償付客戶的剩餘款項,並有權通
+過變賣新能源汽車等救濟措施採取收
+回措施,以償付客戶對融資機構的剩
+餘欠款,並保留對剩餘債權進行追索
+的權利。管理層認為,收回的汽車能
+夠變賣,而變賣收入與收購價的差額
+並不重大。於二零二一年十二月三十
+一日,本集團對該等義務最大敞口為
+人民幣6,409,637,000元(二零二零
+年:人民幣8,644,159,000元)。截至
+二零二一年十二月三十一日止年度,
+未發生因客戶拖欠付款而令本集團需
+向融資機構支付的任何款項。
+creditor's rights. Management believes that the
+repossessed vehicles will be able to be sold for
+proceeds that are not significantly different from the
+repurchase payments. As at 31 December 2021,
+the Group's maximum exposure to these obligations
+was_RMB6,409,637,000 (2020: RMB8,644,159,000).
+For the year ended 31 December 2021, there was
+no default of payments from customers which
+required the Group to make payments to Financial
+Institutions.
+Interest-
+Company reserves the right to pursue the remaining
+bearing bank
+borrowings
+資本化利息
+Interest capitalised
+利息開支
+854,306
+新租賃
+(270,762)
+517,232
+(19,471,981)
+1,011,793
+51,270,597
+於二零二一年一月一日
+融資現金流量變動
+Interest expense
+New leases
+Changes from financing cash flows
+At 1 January 2021
+租賃負債
+其他應負債
+計息銀行及
+其他借款
+liabilities
+liabilities
+Lease
+Other
+and other
+and has the right to take recovery measures by
+way of sale of new energy vehicles and other
+relief measures to pay the remaining arrears of
+the customers to the Financial Institutions. The
+to make payments to Financial Institutions for the
+outstanding payments due from the customers
+interests. At the same time, the Company is required
+2021
+二零二一年
+RMB'000
+人民幣千元
+於報告期末,財務報表內未計提的或
+有負債如下:
+(b)
+At the end of the reporting period, contingent
+liabilities not provided for in the financial statements
+were as follows:
+(b)
+於本報告日期,該訴訟案仍處於法律
+訴訟階段。經諮詢於案件中代表本公
+司的本公司法律顧問,董事會認為直
+至目前為止尚難以可靠估計該訴訟的
+最終結果及了結訴訟須支付的有關款
+項金額(如有)。
+富士康訴訟案件(續)
+the obligation, if any, of the litigation cannot be
+made reliably up to date.
+As at the reporting date, the case remains in the
+process of legal proceedings. After consulting the
+Company's legal counsel representing the Company
+for the case, the Board is of the view that the
+estimate of ultimate outcome and amount to settle
+Action against Foxconn (Continued)
+(a)
+訴訟(續)
+(a)
+Litigation (Continued)
+或有負債(續)
+44.
+CONTINGENT LIABILITIES (CONTINUED)
+44.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+269
+Annual Report 2021
+二零二一年年報
+2020
+二零二零年
+RMB'000
+人民幣千元
+就本公司授予附屬公司的
+融資向銀行提供的擔保
+Pursuant to the arrangement under the Cooperation
+Contracts, the Company bears repurchase
+obligations to Financial Institutions that in the event
+of customer default or other specific conditions, the
+Company inherits all the creditor's rights and related
+The Group entered into tri-lateral finance
+cooperation contracts (the “Cooperation Contracts”)
+with certain customers and third parties or related
+financial institutions (“Financial Institutions").
+回購義務
+(c)
+或有負債(續)
+44.
+Repurchase obligation
+(c)
+CONTINGENT LIABILITIES (CONTINUED)
+44.
+二零二一年十二月三十一日
+Foreign exchange movement
+31 December 2021
+Notes to Financial Statements
+比亞迪股份有限公司
+270
+BYD Company Limited
+於二零二一年十二月三十一日,本公
+司就向銀行作出擔保而授予附屬公
+司及合營公司的銀行融資中,分別
+約人民幣26,780,940,000元(二零二
+零年:人民幣33,832,287,300元)及
+人民幣3,706,128,000元(二零二零
+年:人民幣5,539,327,000)已獲動
+用。
+respectively.
+As at 31 December 2021, the banking facilities
+granted to subsidiaries and joint ventures subject
+to guarantees given to banks by the Company
+were utilised to the extent of approximately
+RMB26,780,940,000 (2020:RMB33,832,287,300)
+_and_RMB3,706,128,000 (2020: RMB5,539,327,000),
+with facilities granted to subsidiaries by
+the Company
+Guarantees given to banks in connection
+97,233,180
+104,692,731
+財務報表附註
+外匯波動
+At 31 December 2021
+於二零二一年十二月三十一日
+Within financing activities
+(3,273,197)
+(1,237,105) (1,270,066)
+投資活動內
+Within investing activities
+經營活動內
+Within operating activities
+人民幣千元
+RMB'000
+二零二零年
+二零二一年
+RMB'000
+人民幣千元
+2020
+2021
+計入合併現金流量表之租賃現金流出
+總額如下:
+consolidated statement of cash flows is as follows:
+The total cash outflow for leases included in the
+租賃的現金流出總額
+(c)
+Total cash outflow for leases
+(c)
+1,011,793
+51,270,597
+於二零二零年十二月三十一日
+融資活動內
+(239,359)
+(270,762)
+(153,877)
+廠房及機器
+樓宇
+Plant and machinery
+277
+已訂約但未撥備:
+人民幣千元
+RMB'000
+二零二零年
+二零二一年
+RMB'000
+人民幣千元
+2020
+2021
+At 31 December 2020
+本集團於報告期末擁有下列資本承
+擔:
+The Group had the following capital commitments at
+the end of the reporting period:
+(a)
+承擔
+46.
+COMMITMENTS
+46.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+273
+Annual Report 2021
+二零二一年年報
+(a)
+673,138
+(89,306)
+新冠肺炎相關的出租人租金優惠
+外匯波動
+二零二零年
+2020
+融資活動所產生的負債變動(續)
+(b)
+Changes in liabilities arising from financing
+activities (continued)
+45. 合併現金流量表附註 (續)
+(b)
+OF CASH FLOWS (CONTINUED)
+NOTES TO THE CONSOLIDATED STATEMENT
+45.
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+272
+BYD Company Limited
+68,382
+27,131
+1,812,129
+7,715
+110,844
+1,663,719
+544,363
+33,729,304
+Interest-
+bearing bank
+and other
+borrowings
+Foreign exchange movement
+Covid-19-related rent concessions from lessors
+52,788
+資本化利息
+Interest capitalised
+56,422
+3,067,379
+利息開支
+Interest expense
+344,593
+新租賃
+(3,065)
+New leases
+(27,738,609)
+融資現金流量變動
+Changes from financing cash flows
+767,720
+75,978,345
+於二零二零年一月一日
+At 1 January 2020
+租賃負債
+liabilities
+Lease
+計息銀行及
+其他借款
+(153,877)
+Notes to Financial Statements
+2
+47. RELATED PARTY TRANSACTIONS 47.
+(CONTINUED)
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+47. RELATED PARTY TRANSACTIONS
+(CONTINUED)
+47.
+關聯方交易(續)
+(b)
+Guarantees provided to related parties:
+(continued)
+(b)
+關聯方擔保:(續)
+278
+Repurchase obligation
+Details of the repurchase obligation are disclosed in
+有關回購義務詳情於合併財務報表附
+註44(c)內披露。
+(i)
+(i)
+(ii)
+As at 31 December 2021,the Group's
+maximum exposure of obligation to
+Shenzhen Didi and its subsidiaries was
+RMB961,110,000 (31 December 2020:
+RMB1,429,996,000).
+As at 31 December 2021, the Group's
+maximum exposure of obligation to Rongjie
+Company Limited was RMB32,412,000(31
+December 2020: RMB55,260,000).
+(!!)
+於二零二一年十二月三十一
+日,本集團對深圳迪滴及其附
+屬公司義務的最大敞口為人民
+幣961,110,000元(二零二零
+年十二月三十一日:人民幣
+1,429,996,000) •
+。
+於二零二一年十二月三十一
+日,本集團對融捷股份有
+限公司的最大敞口為人民
+幣32,412,000元(二零二零
+年十二月三十一日:人民幣
+55,260,000).
+財務報表附註
+回購義務
+BYD Company Limited
+note 44(c) to the consolidated financial statements.
+於二零二一年十二月三十一
+日,本公司為中冶瑞木的人
+民幣60,000,000元(二零二零
+年十二月三十一日:人民幣
+100,000,000元)的借款向銀
+行作出擔保。
+(b)
+於二零二一年十二月三十一
+日,本公司為湖北儲能電站
+的借款向銀行作出擔保人民
+幣10,315,000元(二零二零
+年十二月三十一日:人民幣
+13,380,000).
+Guarantees provided to related parties:
+Loan guarantees
+(i)
+As at 31 December 2021, the Company
+provided a guarantee to the bank for
+the borrowing of DENZA amounting to
+RMB333,455,000 (31 December 2020:
+RMB406,054,000).
+(ii)
+31 December 2021
+二零二一年十二月三十一日
+關聯方交易 (續)
+(b)
+關聯方擔保:
+借款擔保
+(i)
+As at 31 December 2021, the Company
+provided a guarantee to the bank for the
+borrowing of BYD Auto Finance amounting
+to RMB2,495,000,000 (31 December 2020:
+RMB4,560,000,000).
+(iii)
+於二零二一年十二月三十一
+日,本公司為比亞迪汽車金
+融的人民幣2,495,000,000
+元(二零二零年十二月三十
+一日:人民幣4,560,000,000
+元)的借款向銀行作出擔保。
+(!!)
+於二零二一年十二月三十一
+日,本公司為騰勢的人民幣
+333,455,000元(二零二零
+年十二月三十一日:人民幣
+406,054,000元)的借款向銀
+行作出擔保。
+(v)
+於二零二一年十二月三十一
+日,本公司為天津宏迪的人民
+幣807,358,000元(二零二零
+年十二月三十一日:人民幣
+459,893,000元)的借款向銀
+行作出擔保。
+As at 31 December 2021, the Company
+provided a guarantee to the bank for
+the borrowing of Hubei Energy Storage
+amounting to RMB10,315,000(31 December
+2020: RMB13,380,000).
+As at 31 December 2021, the Company
+provided a guarantee to the bank for
+the borrowing of MCC Ramu amounting
+to RMB60,000,000 (31 December 2020:
+RMB100,000,000).
+(iv)
+RMB459,893,000).
+(v)
+(iv)
+(iii)
+As at 31 December 2021, the Company
+provided a guarantee to the bank for the
+borrowing of Tianjin Hongdi amounting
+to RMB807,358,000(31 December 2020:
+1,636,828
+Due to other related parties
+應付合營公司及聯營公司款項
+Lease liabilities
+Financial liabilities included in
+1,636,828
+other payables and accruals
+Other liabilities
+1,663,719
+84,150
+84,150
+1,663,719
+計入其他應付款項及
+41,074,871 41,074,871
+Due to joint ventures and associates
+應計費用的金融負債
+應付其他關聯方款項
+other borrowings
+計入損益
+33,729,304
+其他負債
+Total
+以公允價值
+計量並
+以攤銷
+金融負債
+RMB'000
+人民幣千元
+成本計量的
+金融負債
+33,729,304
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+Trade and bills payables
+應付貿易賬款及票據
+79,043,879 79,043,879
+Interest-bearing bank and
+計息銀行及其他借款
+總計
+2,936,143
+以公允價值計量並計入
+其他綜合收益的金融資產
+2,963,792
+Financial assets at
+fair value through other
+comprehensive income
+計量並計入
+損益的
+金融資產
+Mandatorily
+cost
+Financial
+assets at
+designated
+as such
+Debt
+Equity
+amortised
+investments
+investments
+cost
+金融資產
+二零二零年
+or loss
+以公允價值
+profit
+2,936,143
+157,260,400 160,196,543
+Annual Report 2021
+二零二一年年報
+285
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+27,649
+48. FINANCIAL INSTRUMENTS BY CATEGORY 48.
+(CONTINUED)
+2020
+Financial assets
+Financial
+assets at
+fair value
+through
+分類金融工具(續)
+profit or loss
+2021
+二零二一年
+RMB’000
+人民幣千元
+through
+6,018
+9,665
+2,604
+7,480
+8,622
+17,145
+As at 31 December 2021, the net carrying amount of
+right-of use assets relating to such rental contracts
+amounted to RMB7,508,000 (31 December 2020:
+RMB14,912,000).
+於二零二一年十二月三十一日,與
+該等租賃合約有關的使用權資產的
+賬面淨值為人民幣7,508,000元(二
+零二零年十二月三十一日:人民幣
+14,912,000).
+Monetary funds deposited with related parties:
+In_2021,the Group kept a related party deposit
+balance of RMB14,700,000,000 (31 December 2020:
+RMB2,500,000,000) with the BYD Auto Finance,
+where the annual interest rate was from 2.25% to
+3%(2020:1.65% to 2.25%) on the basis of the
+benchmark interest rate published by the People's
+Bank of China on the deposit for the same period.
+(d)
+存放於關聯方的貨幣基金:
+於二零二一年,本集團在比亞迪汽
+車金融的關聯方存款餘額為人民幣
+14,700,000,000元(二零二零年十二
+月三十一日:人民幣2,500,000,000
+元),以中國人民銀行公佈的同期
+存款基準利率為基準,年利率介乎
+2.25%至3%(二零二零年:1.65%至
+2.25%)°
+BYD Company Limited
+282
+人民幣千元
+RMB'000
+RMB'000
+人民幣千元
+十二月三十一日 十二月三十一日
+The balances are unsecured, interest-free and have
+no fixed terms of repayment.
+結餘為無抵押、免息及無固定還款
+期。
+(d)
+As at 31 December 2021, the Group had total
+lease liabilities with related companies under non-
+cancellable leases falling due as follows:
+於二零二一年十二月三十一日,本集
+團根據不可撤銷租賃與關聯公司擁有
+的租賃負債總額到期情況如下:
+Lease liabilities - current
+比亞迪股份有限公司
+租賃負債 - 即期
+租賃負債 - 非即期
+31 December
+31 December
+2021
+2020
+二零二一年
+二零二零年
+Lease liabilities - non-current
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+Further details of directors' and supervisors'
+emoluments are included in note 9 to the
+consolidated financial statements.
+The related party transactions in respect of the
+items set out in note 47(a), (b), (c) and (d) do not
+48.
+分類金融工具(續)
+The carrying amounts of each of the categories of financial
+instruments as at the end of the reporting period are as
+follows: (continued)
+於報告期末,各類金融工具的賬面值載列如
+下:(續)
+71,622
+2021
+二零二一年
+金融負債
+Financial
+liabilities at
+Financial
+fair value
+liabilities at
+Financial liabilities
+amortised
+73,087
+431
+二零二一年十二月三十一日
+47. RELATED PARTY TRANSACTIONS
+(CONTINUED)
+(e)
+47.
+關聯方交易(續)
+Compensation of key management personnel
+of the Group:
+322
+(e) 本集團的主要管理人員薪酬:
+2020
+二零二零年
+RMB'000
+人民幣千元
+Short term employee benefits
+Pension scheme contributions
+短期僱員福利
+退休計劃供款
+72,656
+71,300
+Total
+以攤銷
+3,434,820
+成本計量的
+Due to other related parties
+Lease liabilities
+應付其他關聯方款項
+租賃負債
+Derivative financial instruments
+衍生金融工具
+Financial liabilities included in
+計入其他應付款項及
+2,398,177
+137,566
+1,011,793
+137,566
+1,011,793
+57,541
+57,541
+8,860,571
+8,860,571
+2,398,177
+應付合營公司及聯營公司款項
+Due to joint ventures and associates
+other borrowings
+以公允價值
+計量並
+以攤銷
+計入損益的
+金融負債
+RMB'000
+人民幣千元
+成本計量的
+金融負債
+總計
+RMB'000
+人民幣千元
+other payables and accruals
+Other liabilities
+RMB'000
+Trade and bills payables
+應付貿易賬款及票據
+49,791,630 49,791,630
+Interest-bearing bank and
+計息銀行及其他借款
+51,270,597
+51,270,597
+人民幣千元
+應計費用的金融負債
+其他負債
+2,808,908
+738,193
+計息銀行及其他借款的公允價值是基於預期
+未來折現現金流量按類似條款、信用風險和
+剩餘到期日的工具的通行利率計算。於二零
+二一年十二月三十一日,本集團有關計息銀
+行及其他借款未履約風險的公允價值變動被
+評為不重大。
+BYD Company Limited
+288
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+金融資產及負債的公允價值乃各自願人士之
+間進行現時交易時工具可予以匯兌的價格,
+���該等交易並非在被迫或清盤的情況下進
+行。以下方法及假設用於估計公允價值:
+二零二一年十二月三十一日
+49.
+金融工具之公允價值及公允價值層級
+(續)
+The fair values of listed equity investments are based on
+quoted market prices. For restricted shares and unlisted
+equity investments, the Group adopts recent transaction
+method or the valuation techniques to determine the fair
+values. Valuation techniques include market multiples and
+option pricing model, etc. The fair value measurement
+of these financial instruments may involve important
+unobservable inputs such as enterprise value to revenue
+(“EV/Revenue") multiple and liquidity discount. The
+fair value of the financial instruments in Level 3 was
+not significantly sensitive to a reasonable change in
+these unobservable inputs. The Group believes that the
+estimated fair values resulting from the valuation technique
+and the related changes in fair values are reasonable, and
+they were the most appropriate values at the end of the
+reporting period.
+The Group invests in unlisted investments, which represent
+wealth management products issued by banks in Mainland
+China. The Group has estimated the fair value of these
+unlisted investments by using a discounted cash flow
+valuation model based on the market interest rates of
+instruments with similar terms and risks.
+上市的權益工具投資,以市場報價確定公允
+價值。對於限售股票、非上市的權益工具投
+資,本集團利用近期交易法或者採用估值技
+術來確定其公允價值,估值技術包括市場乘
+數法、期權定價模型等。其公允價值的計量
+採用了重要的不可觀察參數,比如企業價
+值/收入(“EV/Revenue”)比率、流動性折扣
+等。持續第三層次公允價值計量的金融工具
+對這些不可觀察輸入值的合理變動無重大敏
+感性。本集團相信,以估值技術估計的公允
+價值及其變動,是合理的,並且亦是於資產
+負債表日最合適的價值。
+本集團進行的非上市投資乃指由中國內地銀
+行發行的理財產品。本集團已根據相若條款
+及風險工具的市場利率,使用折現現金流量
+估值模型估計該等非上市投資的公允價值。
+49. FAIR VALUE AND FAIR VALUE HIERARCHY OF
+FINANCIAL INSTRUMENTS (CONTINUED)
+Total
+本集團企業融資團隊由融資經理領導,負責
+釐定金融工具公允價值計量之政策及程序。
+企業融資團隊直接向財務總監及審核委員會
+報告。於各報告日期,企業融資團隊分析金
+融工具之價值變動及釐定應用於估值之主要
+輸入數字。估值交由財務總監審核及批准。
+財務總監與審核委員會每年就中期及年度財
+務報告的估值程序及結果進行兩次討論。
+The fair values of the interest-bearing bank and other
+borrowings have been calculated by discounting the
+expected future cash flows using rates currently available
+for instruments with similar terms, credit risk and remaining
+maturities. The changes in fair value as a result of the
+Group's own non-performance risk for interest-bearing
+3,547,101
+2,866,449 114,208,527 117,074,976
+Annual Report 2021
+二零二一年年報
+287
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+bank and other borrowings as at 31 December 2021 were
+assessed to be insignificant.
+49.
+49.
+金融工具之公允價值及公允價值層級
+Management has assessed that the fair values of restricted
+bank deposits, cash and cash equivalents, pledged
+deposits,trade receivables, trade and bills payables,
+financial assets included in prepayments, other receivables
+and other assets, financial liabilities included in other
+payables and accruals, amounts due from/to joint ventures
+and associates and amounts due from/to other related
+parties approximate to their carrying amounts largely due
+to the short-term maturities of these instruments.
+管理層已評估受限制銀行存款、現金及現金
+等價物、已抵押存款、應收貿易賬款、應付
+貿易賬款及票據、計入預付款項、其他應收
+賬款及其他資產的金融資產、計入其他應付
+款項及應計費用的金融負債、應收/應付合
+營公司及聯營公司款項及應收/應付其他關
+聯方款項的公允價值與其賬面值相若,此乃
+主要由於該等工具均屬於短期性質。
+The Group's corporate finance team headed by the finance
+manager is responsible for determining the policies and
+procedures for the fair value measurement of financial
+instruments. The corporate finance team reports directly
+to the chief financial officer and the audit committee. At
+each reporting date, the corporate finance team analyses
+the movements in the values of financial instruments and
+determines the major inputs applied in the valuation. The
+valuation is reviewed and approved by the chief financial
+officer. The valuation process and results are discussed
+with the audit committee twice a year for interim and annual
+financial reporting.
+The fair values of the financial assets and liabilities are
+included at the amount at which the instrument could be
+exchanged in a current transaction between willing parties,
+other than in a forced or liquidation sale. The following
+methods and assumptions were used to estimate the fair
+values:
+FAIR VALUE AND FAIR VALUE HIERARCHY OF
+FINANCIAL INSTRUMENTS
+強制指定為
+cost
+amortised
+應收貿易賬款
+39,307,896
+39,307,896
+Due from joint ventures and associates
+Receivbles Financing
+應收合營公司及聯營公司款項
+3,434,820
+與關聯方的未償還結餘:(續)
+應收款項融資
+8,862,340
+8,862,340
+Financial assets included in prepayments,
+計入預付款項、其他應收賬款及
+1,435,461
+540,956
+1,976,417
+Trade receivables
+284,896
+284,896
+其他非流動金融資產
+該類別
+RMB'000
+人民幣千元
+債務投資
+RMB'000
+人民幣千元
+權益投資
+RMB'000
+人民幣千元
+金融資產
+RMB'000
+人民幣千元
+總計
+RMB'000
+人民幣千元
+Long-term receivables
+other receivables and other assets
+長期應收賬款
+other comprehensive income
+以公允價值計量並計入其他綜合
+收益的權益投資
+1,804,913
+1,804,913
+1,420,080
+1,420,080
+Other non-current financial assets
+Equity investments at fair value through
+Derivative financial instruments
+其他資產的金融資產
+衍生金融工具
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+48. FINANCIAL INSTRUMENTS BY CATEGORY
+(CONTINUED)
+48.
+分類金融工具(續)
+2020
+Notes to Financial Statements
+Financial liabilities
+金融負債
+Financial
+liabilities at
+fair value
+through
+Financial
+liabilities at
+二零二零年
+profit or loss
+比亞迪股份有限公司
+BYD Company Limited
+Pledged deposits
+已抵押存款
+Restricted bank deposits
+受限制銀行存款
+Cash and cash equivalents
+現金及現金等價物
+24 --
+286
+24
+429,041
+277,491
+277,491
+13,738,498 13,738,498
+1,720,381
+8,862,340 1,420,080
+59,533,615 71,536,416
+429,041
+(c)
+2021
+二零二一年
+RMB'000
+人民幣千元
+(c)
+48.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+283
+Annual Report 2021
+二零二一年年報
+則第14A章界定的關連交易。
+有關附註47(a)、(b)、(c)及(d)所載
+的項目的關聯方交易並不構成上市規
+董事及監事酬金的進一步詳情載於合
+併財務報表附註9。
+constitute connected transactions as defined in
+Chapter 14A of the Listing Rules.
+279
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+47. RELATED PARTY TRANSACTIONS 47. 關聯方交易(續)
+FINANCIAL INSTRUMENTS BY CATEGORY
+48.
+分類金融工具
+The carrying amounts of each of the categories of financial
+fair value through other
+Financial assets at
+or loss
+以公允價值
+計量並計入
+profit
+through
+金融資產
+二零二一年
+(CONTINUED)
+fair value
+Financial
+長期應收賬款
+Long-term receivables
+Financial assets
+2021
+於報告期末,各類金融工具的賬面值載列如
+下:
+instruments as at the end of the reporting period are as
+follows:
+assets at
+comprehensive income
+(c)
+(c) 與關聯方的未償還結餘:
+BYD Auto Finance
+比亞迪汽車金融
+140,157
+278,358
+1,649
+Xihu New Energy
+西湖新能源
+11,029
+40,139
+Guang Qi BYD
+廣汽比亞迪
+915,774
+1,532,276
+Shenzhen Didi and its subsidiaries
+深圳迪滴及其附屬公司
+3,192
+國際融資租賃
+International Financial Lease
+1,122,068
+2021
+2020
+二零二一年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+Amounts due from joint ventures and
+應收合營公司及聯營公司
+Outstanding balances with related parties:
+associates:
+DENZA
+騰勢
+15,004
+28,162
+Tianjin BYD
+天津比亞迪
+744,338
+款項:
+損益的
+金融資產
+以公允價值計量並計入
+其他綜合收益的金融資產
+Financial
+852,905
+8,743,126
+-
+2,138,764
+35,593,138
+35,593,138
+2,138,764
+-
+233,972
+2,913,836
+2,913,836
+1,168,475
+1,168,475
+現金及現金等價物
+Cash and cash equivalents
+受限制銀行存款
+7,894,500
+31,600
+-
+528,128
+48. FINANCIAL INSTRUMENTS BY CATEGORY
+(CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+284
+Restricted bank deposits
+BYD Company Limited
+8,743,126
+7,307,167
+49,819,860
+49,819,860
+109,109
+109,109
+528,128
+2,913,836 920,210,379 109,174,508
+已抵押存款
+Pledged deposits
+31,600
+金融資產
+RMB'000
+人民幣千元
+權益投資
+RMB’000
+人民幣千元
+債務投資
+RMB’000
+人民幣千元
+該類別
+RMB’000
+人民幣千元
+成本計量的
+強制指定為
+以攤銷
+總計
+Total
+as such investments investments
+amortised
+Equity
+Debt
+designated
+assets at
+Mandatorily
+cost
+10,199
+RMB'000
+人民幣千元
+other comprehensive income
+衍生金融工具
+其他資產的金融���產
+Derivative financial instruments
+other receivables and other assets
+7,041,595
+計入預付款項、其他應收賬款及
+Financial assets included in prepayments,
+Equity investments at fair value through
+8,743,126
+應收合營公司及聯營公司款項
+Due from joint ventures and associates
+Receivables Financing
+應收貿易賬款
+233,972
+其他非流動金融資產
+Other non-current financial assets
+Trade receivables
+以公允價值計量並計入其他綜合
+收益的權益投資
+應收款項融資
+23,934
+Beijing Hualin Loading
+Shendianneng and its subsidiaries
+19,158
+14,369
+其附屬公司
+Shenzhen Didi and its subsidiaries
+深圳迪滴及其附屬公司
+58
+540
+Meihao Chuxing
+美好出行
+896,321
+Dongguan Tec-Rich
+東莞德瑞
+12,827
+34,850
+BYD-TOYATA EV Technology Co., Ltd.
+(“BTET”)
+比亞迪電動汽車及
+BYD Electric Car and its subsidiaries
+769,042
+994,311
+西湖新能源
+11
+Guang Qi BYD
+廣汽比亞迪
+342,926
+1,803
+128,678
+Shendianneng and its subsidiaries
+比亞迪豐田電動車
+深電能及其附屬公司
+2,339
+BYD Auto Finance
+比亞迪汽車金融
+64
+275
+Faurecia
+佛吉亞
+1,374
+98,599
+12,954
+科技有限公司
+16,630
+83,976
+120,683
+174
+199
+48
+84,150
+6
+137,566
+281
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+47. RELATED PARTY TRANSACTIONS
+(CONTINUED)
+47.
+關聯方交易(續)
+Annual Report 2021
+二零二一年年報
+12,451
+2020
+二零二零年
+RMB'000
+人民幣千元
+Onyx International Inc.
+Qinghai Salt Lake BYD Resources
+Development Co., Ltd.
+Amounts due to other related parties:
+Northern Qinchuan
+(「比豐電動車」)
+青海鹽湖比亞迪資源
+開發有限公司
+文石信息
+208,821
+2,398,177
+應付其他關聯方款項:
+北方秦川
+Mingzhu Plastic
+Easpring Technology
+UBTECH
+明珠塑料
+當升科技
+優必選
+1,636,828
+Outstanding balances with related parties:
+(continued)
+22,427
+Xihu New Energy
+30,680
+東莞德瑞
+171,059
+4,211
+銀川運營
+33,075
+比豐電動車
+422
+佛吉亞
+98,566
+71,958
+美好出行
+163,947
+2,311,945
+3,434,820
+518
+天津宏迪
+Meihao Chuxing
+Faurecia
+Xi'an Infrastructure
+北京華林特裝車
+37,740
+30,425
+深電能及其附屬公司
+38
+西安城投
+2021
+二零二一年
+RMB'000
+人民幣千元
+237,776
+比亞迪電動汽車及
+71
+其附屬公司
+Tianjin Hongdi
+Dongguan Tec-Rich
+Yinchuan Operation
+BTET
+BYD Electric Car and its subsidiaries
+Amounts due from other related parties:
+Changhehua lithium
+應收關聯方款項:
+長和華鋰科技
+二零二零年
+RMB'000
+人民幣千元
+Amounts due to joint ventures and
+應付合營公司及聯營公司
+associates:
+款項:
+二零二一年
+RMB'000
+人民幣千元
+DENZA
+51,859
+190,265
+International Financial Lease
+國際融資租賃
+93,214
+125,469
+Tianjin BYD
+騰勢
+天津比亞迪
+2020
+與關聯方的未償還結餘:(續)
+49,006
+2020
+二零二零年
+RMB'000
+人民幣千元
+BYD Company Limited
+280
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+2021
+31 December 2021
+47. RELATED PARTY TRANSACTIONS
+47.
+關聯方交易(續)
+(CONTINUED)
+(c)
+Outstanding balances with related parties:
+(continued)
+(c)
+二零二一年十二月三十一日
+租賃負債
+Annual Report 2021
+二零二一年年報
+Management Discussion and Analysis
+BYD Company Limited
+22
+比亞迪股份有限公司
+Management Discussion and Analysis
+管理層討論與分析
+In addition, with the burst of the new energy vehicle industry,
+the Group accurately grasped the window phase of issuance
+and completed two lightning placements of new H shares in
+January and November, respectively, which raised a total gross
+proceeds of nearly HK$43.8 billion. It provided strong financial
+support for the Group to increase its investment in automotive
+electrification, intelligence and power batteries, and helped the
+Group's business to achieve rapid growth. The placements of new
+H shares of the Company had attracted the participation of many
+top long-term and sovereign funds around the world, providing a
+good opportunity for the Group's capital structure and financial
+structure to be further optimized.
+此外,伴隨着新能源汽車行業的爆發,本集團於一
+月和十一月精準把握發行窗口期,分別成功完成兩
+次新H股閃電配售,合計募集資金近438億港元。為
+本集團加碼汽車電動化、智能化和動力電池等領域
+的投入提供強大的資金支持,助力本集團業務實現
+快速成長。本次新H股配售吸引了全球眾多頂級長
+線、主權基金參與,為本集團資本結構和財務結構
+進一步優化提供良機。
+在國家「雙碳」政策背景下,作為綠色夢想的堅定實
+踐者和引領者,本集團積極響應,充分發揮在新能
+源領域獨特優勢,推出新能源汽車、光伏、儲能、
+「雲軌」和「雲」等綜合性綠色解決方案。此外,
+本集團在助力「雙碳」目標實現的同��不斷挖掘本集
+團自身節能減排潛力,爭做綠色製造的標桿企業。
+八月,本集團率先打造中國汽車品牌首個零碳園區
+總部,樹立行業節能減排新標桿。十一月,本集團
+獲頒國內首張SGS承諾碳中和符合聲明證書,標誌
+着本集團工業園區在二零二一年期間在碳中和方面
+做出的努力得到國際權威第三方機構的認可。十二
+月,本集團再獲「傑出綠色環保企業」大獎。此外,
+本集團積極承擔社會責任,年內河南鄭州等地遭遇
+強降雨自然災害,本集團不僅通過比亞迪慈善基金
+會向鄭州慈善總會捐款,用於救災緊急舉措和災後
+恢復工作,更是開啟車主緊急救援服務通道,並開
+放鄭州市所有4S店作為應急避難場所,盡所能助力
+抗災。同時面對持續反復的疫情,本集團除了以捐
+贈防疫物資的形式助力深圳抗疫,亦聯同國內領先
+的生命科學與生物技術公司推出純電動P2+核酸檢
+測車,將綠色科技融入醫療服務,為疫情防控工作
+提供更可靠、更有力、更綠色環保的支持。
+Annual Report 2021
+二零二一年年報
+Management Discussion and Analysis
+對外合作方面,本集團繼續以戰略投資為紐帶實現
+產業賦能,加速打造產業生態,實現合作共贏。期
+內,在半導體、汽車智能化、工業軟件及新材料領
+域,本集團依託自身深厚的技術和應用經驗,積極
+佈局半導體全產業鏈、汽車智能相關軟硬件及汽車
+零部件設計製造等方向,推進技術研發層面的縱深
+探索。在動力電池領域,本集團通過佈局電池鋁
+箔、鋁塑膜、隔膜及電解液添加劑相關優質資源,
+進一步加強上下游產業協同。在碳中和領域,本集
+團將利用自身新能源產業優勢,積極佈局國家雙碳
+政策所支持的各類行業。
+管理層討論與分析
+The Group is a global leader in smart phones and other smart
+terminals, providing world famous customers with the development
+of new materials, product design and development, components
+and machine manufacturing, supply chain management, logistics
+and after-sales service and other one-stop services. The Group
+provides a wide range of services covering many segments, such
+as smart phones, smart wearables, computers, Internet of Things,
+smart homes, game hardware, robots, drones, communication
+equipment, electronic atomizers, automotive intelligent systems,
+medical and health equipment, etc. Leveraging on the industry-
+leading research and development strength, the accumulation of
+rapid large-scale production and customer advantages, as well as
+the diversified product portfolio, the Group's business continued
+to show a steady development trend.
+During the year, while focusing on enhancing core business, the
+Group also adhered to a diversified business layout, continuously
+I worked on new business fields, increased its product share and
+injected new growing momentum into its business development.
+The Group's market share in large Android customers continued
+to increase, and it is strengthening efforts in exploring business
+with key customers in North America, creating a powerful engine
+for revenue growth. The new smart product sector has developed
+rapidly and robustly, nonetheless, the Group is dedicated
+to increase its product variety. Shipments of smart homes,
+game hardware, drones and other products have increased
+continuously, driving revenue to a high-speed growth track.
+Development of electronic atomization products are progressing
+smoothly, breaking through key technical barriers and opening
+up a new growth channel for the Group. Thanks to the prosperity
+of new energy vehicle industry, the Group's shipments of the
+automobile intelligent system products experienced a significant
+growth. The Group actively increased investment in the R&D of
+automotive intelligent systems and increased product chain as a
+new growth driver. Despite the shortage of chips in the industry
+and weak domestic demand, sales of the Group achieved rapid
+growth.
+手機部件及組裝業務
+本集團是全球領先的智能手機及其他智能終端的領
+導者,為全球著名客戶提供新材料開發、產品設計
+與研發、零組件及整機製造、供應鏈管理、物流及
+售後等一站式服務。集團業務多元化,涵蓋多個領
+域,包括智能手機、智能穿戴、計算機、物聯網、
+智能家居、遊戲硬件、機器人、無人機、通信設
+備、電子霧化、汽車智能系統、醫療健康設備等。
+依託於業界領先的研發實力、積累快速規模化生產
+及客戶優勢,以及多元的產品組合,本集團業務持
+續呈現穩步發展態勢。
+年內,本集團聚焦提升核心業務的同時,亦堅持多
+元化佈局,不斷導入新的業務領域,產品份額持續
+提升,並為業務發展持續注入新動能。集團於安卓
+大客戶的業務份額持續提升,而於北美大客戶的業
+務佈局持續加強成為收入增長的強大引擎。新型���
+能產品板塊快速鋪開,致力擴張品類,業務蓬勃發
+展,其中智能家居、遊戲硬件、無人機等產品出貨
+量持續增長,帶動收入邁向高速增長軌道。電子霧
+化產品進展順利,突破關鍵技術壁壘,為本集團打
+開新增長曲線。受益於新能源汽車行業高景氣,本
+集團的汽車智能系統產品出貨量大幅增長,並積極
+加大汽車智能系統的研發投入及增加產品鏈,成為
+新興成長動能。儘管在行業芯片短缺及內需疲軟的
+大環境下,本集團的銷售規模仍實現高速增長。
+23
+BYD Company Limited
+24
+比亞迪股份有限公司
+Management Discussion and Analysis
+Handset Components and Assembly Business
+管理層討論與分析
+在市場化戰略下,本集團開放供應鏈、打造生態
+圈,讓核心業務板塊擁有獨立造血的能力,從而使
+得各業務之間產生共振效應、促進整車業務的蓬勃
+發展。期內,旗下子公司比亞迪半導體分拆上市申
+請獲深交所受理,是本集團市場化戰略佈局的重要
+里程碑。比亞迪半導體是國內車規級半導體領導
+廠商,分拆上市將有利於比亞迪半導體拓寬融資渠
+道、加快客戶多元化,增強國內新能源汽車產業鏈
+的自主可控能力。未來,比亞迪半導體將加強資源
+整合能力和產品研發能力形成可持續競爭優勢,充
+分利用國內資本市場,把握市場發展機遇,致力於
+成為高效、智能、集成的新型半導體供應商。
+Guided by the marketization strategy, the Group opened the
+supply chain and built an ecosystem which enables core business
+segments to generate revenues independently, so that different
+business segment of the Group could have resonance effect,
+which further promotes the robust growth of the vehicle business.
+During the period, its subsidiary BYD Semiconductor's application
+for spin-off was accepted by the Shenzhen Stock Exchange, which
+is an important milestone in the Group's market-oriented strategic
+initiatives. BYD Semiconductor is in the leading position of the
+domestic automotive-grade semiconductors manufacturers. Spin-
+off will help BYD Semiconductor, to expand financing channel,
+improve the diversity of customers and enhance the independence
+of the industry chain of domestic new energy vehicle. Going
+forward, BYD Semiconductor will form a sustainable competitive
+advantage by strengthening resource integration capabilities and
+product R&D abilities. Making the utmost of the domestic capital
+market and seizing market development opportunities, BYD
+Semiconductor is committed to becoming an efficient, intelligent,
+and integrated new semiconductor supplier.
+Annual Report 2021
+二零二一年年報
+Management Discussion and Analysis
+管理層討論與分析
+In the field of Plug-in Hybrid Electric vehicles, BYD's “DM-i Super
+Hybrid”products, “fuel vehicle subverter”, have the similar price
+level with the fuel-engine vehicles. With the characteristics of ultra-
+low fuel consumption, quiet, smooth as well as excellent power,
+the "DM-i Super Hybrid" products have received widespread
+market attention and recognition. In January, the three “DM-i
+Super Hybrid”models i.e. “Qin PLUS DM-i”,“Song PLUS DM-i”
+and“Tang DM-i”were launched together and once released, the
+orders boomed and the demand exceeded the supply. Given
+rising market enthusiasm, although the sales volume increased
+month by month, the number of cumulative undelivered order kept
+hitting record highs. At the same time, in order to further improve
+the product matrix and meet the needs of consumers for niche
+markets,another member of the “DM-i Super Hybrid”family,the
+“Song Pro DM-i", was officially launched in December.
+In the field of Battery Electric vehicles, with technical innovations
+such as super safety, super endurance and super strength,
+"Blade Batteries" has reshaped the industry's perception of LFP
+batteries and accelerated its application in the field of passenger
+vehicles. In April, the full series of the Group's Battery Electric
+passenger vehicles were equipped with "Blade Batteries", which
+further upgraded the safety standards of the full series to provide
+consumers with safer driving experience, further enhanced the
+distinct competitiveness of the product and boosted the sales
+of Group's New Battery Electric vehicles to a record high. In
+addition, as the cradle of the next generation of high-performance
+intelligent electric vehicles, “e-Platform 3.0” combines four
+advantages of intelligence, efficiency, safety and aesthetics,
+which greatly improves the intelligent driving experience. In
+August, the first model equipped with “e-Platform 3.0”,“Dolphin”,
+was launched and its sales volume grew steadily.
+In addition, in order to comply with the market trend and satisfy
+the diversified needs of consumers, the Group officially launched
+"Marine" in November. It is an integrated sales network under the
+Group which not only fully integrates its advantageous channel
+resources but also develops more new marketing approaches.
+Starting from the consumption habits of young people, "Marine"
+opened super shops and city exhibition halls on the basis of
+the traditional 4S shop sales model to reach more customers
+and actively communicate with consumers to understand their
+real needs. Its products consist of two main series: the "Marine
+Life" with the latest technology of Battery Electric vehicle with
+“e-Platform 3.0”and the “Warship”with “DM-i Super Hybrid”
+technology.
+插電式混動汽車領域,被譽為「燃油車顛覆者」的
+「DM-i超級混動」產品,其價格直指同級別燃油車,
+並憑借超低油耗、靜謐平順、卓越動力的特點,廣
+受市場關注及認可。一月,「DM-i超級混動」車型
+「秦PLUS DM-i」、「宋PLUS DM-i」和「唐DM-i」三
+劍齊發,一經發佈即迎來訂單火爆,供不應求的良
+好局面,市場熱情持續高漲,儘管銷量逐月攀升,
+但累計未交付訂單還是不斷創出新高。同時,為了
+進一步完善產品序列,滿足消費者對細分市場的需
+求,十二月,「DM-i超級混動」家族再添一員,「宋
+Pro DM-i」正式上市。
+純電動汽車領域,「刀片電池」憑借超級安全、超級
+續航、超級強度等技術創新,重塑了行業對磷酸鐵
+鋰電池的認知,加速了磷酸鐵鋰電池在乘用車領域
+的滲透。四月,本集團旗下新能源純電動乘用車全
+系換裝「刀片電池」,實現了全系安全標準再升級,
+為消費者的安全駕乘保駕護航,並進一步提升產品
+的獨特競爭力,助力本集團純電動乘用車銷量屢創
+新高。此外,「e平台3.0」作為下一代高性能智能電
+動車的搖籃,兼具智能、高效、安全、美學四大優
+勢,大幅提升智能駕駛體驗。八月,搭載「e平台
+3.0」的首款車型「海豚」上市,月銷量一路攀升。
+此外,為順應市場發展趨勢,滿足消費者多元化的
+消費需求,本集團於十一月正式發佈「海洋網」。
+「海洋網」是本集團旗下一個綜合型的銷售網絡,不
+僅全面融合了本集團優勢渠道資源,而且開拓了更
+多新穎的營銷方式。「海洋網」從年輕人消費習慣出
+發,在傳統4S店銷售模式上新增了商超店和城市展
+廳,主動延伸用戶觸點,積極與消費者溝通,了解
+目標客群的真實訴求。其產品包含兩大序列:搭載
+純電「e平台3.0」最新技術的「海洋生物系列」及搭載
+「DM-i超級混動」技術的「軍艦系列」。
+19
+BYD Company Limited
+In terms of external cooperation, the Group continued to
+use strategic investment as a approach to achieve industrial
+empowerment, therefore, accelerate the development of industry's
+ecosystem,which help to forge a win-win cooperation. During
+the period, the Group invested in the field of semiconductor,
+automotive intelligence, industrial software and new materials.
+Relying on the profound technology accumulations and application
+experience, the Group actively deployed the entire industry chain
+of semiconductor, software and hardware related to automotive
+intelligence, automobile components design tools, etc., promoting
+in-depth exploration in technology research and development.
+In the field of power batteries, high-quality resources related
+to battery aluminum foil, alumimum laminated films, diaphragm
+and electrolyte additives are deployed by the Group to further
+strengthen the synergy of upstream and downstream industries.
+In the field of carbon neutrality, the Group will make full use of its
+advantage in new energy industry to actively engage with various
+industries which supported by the national policy of carbon
+peaking and carbon neutrality.
+20
+管理層討論與分析
+While continuously consolidating its position in the domestic
+new energy passenger vehicle market, BYD further sped up its
+internationalization strategy. Within the year, the Group's new
+energy vehicles formally entered the European market, with
+Norway serving as the first stop, where 1,500 “Tang EVs” planned
+to be shipped by the end of the year. The first 1,000 units had
+been delivered, which was an important step for exploiting the
+overseas market. In addition, the Group's “Han EVs”,“Tang EVs”
+and "Yuan" series models have also unveiled around the world,
+laying a foundation for the Group's global strategy.
+In the field of battery electric buses, the Group continued to
+deepen market layout with leading technologies and flexible
+strategies, continuing to launch high-quality products to meet the
+needs in differentiated market segments. In the domestic market,
+the Group further expanded its passenger transportation and
+public transportation business coverage in Jiuzhaigou, Shigatse,
+Kashgar, Yunhe and Shennongjia, which promotes China's new
+energy passenger vehicle industry to steadily advance. In terms
+of overseas business, it also continued to maintain rapid growth.
+In 2021, the Group had obtained a battery electric buses order in
+Colombia, which is the largest order overseas. And the Group also
+officially entered into the market of Romania, Finland, Pakistan,
+Ireland and South Africa and other countries, to promote the new
+experience of traveling by battery electric buses on a global
+scale.
+在不斷鞏固於國內新能源乘用車市場地位的同時,
+本集團國際化戰略再提速。年內,本集團新能源乘
+用車正式佈局歐洲市場,首站挪威,計劃於年底
+前發出的1,500輛「唐EV」已順利抵達,並完成了
+1,000輛的交付,邁出了海外市場的重要一步。此
+外,本集團「漢EV」、「唐EV」、「元」系列車型也在
+全球範圍內多次亮相,為本集團全球化佈局打下基
+礎。
+純電動大巴領域,本集團憑借領先技術、靈活戰略
+持續深化市場佈局,不斷推出優質產品以滿足細分
+市場的需求。在國內開闢了九寨溝、日喀則、喀
+什、雲和及神農架等地區的客運和公交市場,助力
+中國新能源客車產業穩步向前。海外業務也繼續保
+持快速增長,二零二一年,本集團在哥倫比亞斬獲
+了海外地區迄今為止最大的純電動大巴訂單,並正
+式進入羅馬尼亞、芬蘭、巴基斯坦、愛爾蘭及南非
+等國家,將純電出行新體驗在全球範圍內推廣。
+In the field of urban rail transit, the world's first autonomous
+"SkyShuttle", independently developed by the Group, was officially
+put into operation in the Bishan District of Chongqing, initiated a
+new way of transportation and developed a new experience for
+people's lives. Furthermore, it created a new era of commercial
+application for urban rail transit system. The Bahia, Brazil “Skyrail”,
+which rolled off the assembly line in Shenzhen, is the world's first
+rolled-off overseas version of Skyrail vehicle, which is a symbol of
+major international cooperation to modernize urban transportation.
+城市軌道交通領域,本集團自主研發的全球首輛無
+人駕駛「雲巴」,已在重慶璧山正式投入運營,為人
+們出行增加了新的方式與體驗,也開啟了商業化應
+用的新時代。而於深圳下線的巴西巴伊亞「雲軌」是
+全球首列下線的海外版「雲軌」車輛,亦是實現城市
+交通現代化的重要國際合作的象徵。
+Annual Report 2021
+二零二一年年報
+21
+Management Discussion and Analysis
+管理層討論與分析
+比亞迪股份有限公司
+Rechargeable Batteries and Photovoltaic Business
+Within the policy context of "Dual-Carbon", as a determined
+practitioner and leader of a green dream, the Group has
+responded positively by giving full play to its unique advantages
+in the field of new energy, launching comprehensive green
+solutions including new energy vehicle, photovoltaics, energy
+storage,“SkyRail” and “SkyShuttle”. In addition, while contributing
+to the realization of the "Dual-Carbon" goal, the Group continues
+to tap its own energy-saving and emission-reduction potential,
+striving to be a benchmark enterprise in green manufacturing.
+In August, the Group took the lead in building the first zero-
+carbon headquarter of automobile brand in China, setting a
+new benchmark for energy-saving and emission reduction in the
+industry. In November, the Group was awarded the first SGS
+Certificate of Declaration of Commitment to Carbon Neutrality
+in China, marking the recognition of the Group Industrial Park's
+efforts in carbon neutrality by an international authoritative third-
+party organization during _2021. In December, the Group was
+granted the award of “Outstanding Green Enterprise” again. In
+addition, the Group actively takes its social responsibility. During
+the year, Zhengzhou, Henan and other places had suffered from
+natural disasters such as a heavy rainfall, and the Group not only
+contributed to Zhengzhou Charity Federation through BYD Charity
+Foundation for disaster rescue emergency initiatives and post
+disaster recovery efforts, but also launched owner emergency
+rescue service access, and opened all the 4S shops in Zhengzhou
+as emergency shelters to assist disaster resistance to the extent
+possible. In reacting to the recurring COVID-19 pandemic in
+certain regions, the Group helped Shenzhen to fight the pandemic
+in the form of donating pandemic prevention materials, and as
+the Company launched the battery electric P2+ nucleic acid test
+vehicle with a domestic leading life science and biotechnology
+company, it incorporates green technology into medical services
+to offer more reliable, stronger and eco-friendly support for
+pandemic prevention and control.
+PROSPECT AND STRATEGY
+在城市軌道交通領域,作為綠色夢想的堅定實踐者
+和引領者,以解決社會問題為導向,以技術創新為
+驅動,本集團著力推廣低碳環保的城市軌道交通產
+品—「雲軌」及「雲巴」,為城市發展提供多元化的綠
+色整體解決方案的同時,大大地拓展了城市軌道交
+通領域的市場空間。
+對外合作方面,本集團攜手美國科創公司聯合研發
+設計的第三代純電動無人駕駛配送車,實現產品革
+新,為美國當地消費者提供更安全、更智慧、更環
+保的物流配送服務。汽車智能化已成為新能源汽車
+競爭的下半場,本集團將持續加大汽車智能化的開
+拓力度,從感知,決策,執行三方面,積極探索與
+國際間不同專業領域夥伴進行合作,融合科技創新
+的強大勢能,共建智能汽車產業生態,推動汽車行
+業智能化發展走上快車道。
+Annual Report 2021
+二零二一年年報
+Management Discussion and Analysis
+管理層討論與分析
+In terms of marketization strategy, BYD Semiconductor's
+application for spin-off was approved in January 2022, and the
+listing process is steadily advancing. Subsequently, the Group
+will incubate more businesses with market competitiveness and
+realize marketization operation, to further release the development
+potential of each business, and enhance the overall value of
+the Group. At the same time, combined with its own business
+characteristics, the Group will continue to develop in the core
+areas of the upstream and downstream of the industrial chain
+through strategic investment, empower each other, and help to
+accelerate Group's marketization process.
+Handset Components and Assembly Business
+In_2022,the demand for replacement of 5G smart phones in
+mature overseas markets and natural growth in emerging countries
+will be the main impetus for the smart phone market growth,
+however, the continuous shortage of components and logistics
+delays may dampen global production growth of smart phones.
+As a global leader in terms of smart phones and other smart
+terminals, the Group is expected to benefit from the rebounding
+industry boom, to further drive its business scale growth, while its
+profound technology know-how will provide a sustainable driver
+for the long-term growth potential. The Group will closely align
+with the development needs of its customers and actively expand
+the market share of its components and assembly business. While
+maintaining its leading position in the Android field, the Group will
+continue to go deep into the core product business opportunities
+from major customers in North America and strive to explore more
+new businesses to further consolidate its position as a major
+supplier. With the continuous increase of core products from
+major customers in North America, the business scale will expand
+significantly, laying a solid foundation for the explosive revenue
+growth in the future.
+在市場化佈局方面,二零二二年一月,比亞迪半導
+體分拆上市申請成功過會,上市進程穩步推進中。
+後續,本集團將着手培育更多具有市場競爭力的業
+務,實現市場化運營,進一步釋放各業務的發展潛
+力,提升本集團整體價值。同時,本集團將結合自
+身業務特點,持續通過戰略投資在產業鏈上下游核
+心領域進行佈局,與產業鏈上下游合作夥伴相互賦
+能,助力本集團市場化進程。
+手機部件及組裝業務
+二零二二年,海外成熟市場的5G換機需求以及新興
+國家的自然增長將會成為智能手機市場增長的主要
+推動力,然而零部件短缺及物流推遲情況持續或將
+壓抑全球智能手機產量增長。作為全球領先的智能
+手機及其他智能終端領導者,本集團有望受益於行
+業景氣度回升,進一步推動業務規模增長,而深厚
+的技術積累將為遠期成長空間提供持久驅動力。本
+集團將密切配合客戶的發展需求,積極擴大零部件
+及組裝業務市場份額。在穩居安卓領域龍頭地位的
+同時,本集團繼續深挖北美大客戶核心產品業務機
+會,爭取切入更多新業務,進一步鞏固其主要供貨
+商的地位。隨着北美大客戶的核心產品持續放量,
+業務規模將顯著擴張,為未來的營收增長爆發奠定
+堅實的基礎。
+純電動大巴領域,本集團將持續踐行綠色使命,以
+全球領先的新能源技術、成熟的商業化運營,向全
+球多個國家和地區提供優質新能源公共交通產品及
+服務,繼續推出受客戶認可的零排放公共交通解決
+方案,助力全球綠色出行體系的進一步建設。
+27
+28
+比亞迪股份有限公司
+The Group has accumulated profound experiences in
+rechargeable batteries with leading technical strength
+domestically. During the year, product research and development
+and production capacity expansion went smoothly, and the
+battery technology was upgraded at an accelerated pace,
+which continued to promote steady business growth. In terms
+of photovoltaics business, backed by the strong policy support
+of the “Dual-Carbon”target,the Group actively integrated its
+business, accelerated the development of the new technology,
+further strengthened the product competitiveness, preparing for
+the rapid development of the industry.
+管理層討論與分析
+The integration of 5G and artificial intelligence technology has
+ushered in a window phase of span development for the market.
+The Group will take advantage of the momentum to make
+breakthroughs in various segments such as smart homes, Internet
+of Things, unmanned aerial vehicles, robots and electronic
+atomization arranged in the early stage. It is expected that
+each market sector will show a good development momentum
+and the business will achieve sustained and rapid growth. With
+the automotive industry accelerating its innovation and moving
+towards electrification, digitalization and intellectualization in a
+multi-dimensional way, and with the successive introduction of
+favorable policies, the penetration rate of new energy vehicles
+has reached new highs, and the intelligent vehicle market
+will expand continuously. The burgeoning demand for vehicle
+intelligent system and the wave of autonomous driving will help
+expand the Group's auto intelligent system business scale. The
+Group will continue to accumulate technology research and
+development experience to capture the domestic and overseas
+markets, with promising potential growth in the future. In the
+medical and health segment, the Group will continue to bolster its
+professional business team and increase investment in research
+and development to closely seize the development opportunities
+in the medical device sector and cultivate a new growth driver for
+the Group.
+Rechargeable Batteries and Photovoltaic Business
+In terms of rechargeable batteries, the Group will actively promote
+the application of the new technologies, expand its customer base
+and promote continuous increments of market shares of relevant
+products. In terms of photovoltaics business, the photovoltaics
+industry has ushered in a golden period of development driven by
+the policy of "Dual-Carbon". The Group will seize the opportunities
+for industry development, seek changes and make innovation, and
+concentrate its resources on product transformation, upgrades
+and technological breakthroughs, to embrace the new explosive
+growth opportunities with high quality products.
+5G及人工智能技術融合為市場迎來跨越發展窗口
+期,本集團前期佈局的智能家居、物聯網、無人
+機、機器人、電子霧化等多個領域借勢突破,預期
+各個市場領域發展勢頭良好,業務將實現持續高速
+增長。隨着汽車行業加速革新,從多個維度邁向電
+動化、數字化和智能化,加上利好政策接連出台,
+新能源汽車滲透率屢創新高,汽車智能化市場規模
+將不斷擴大。汽車智能系統需求爆發及自動駕駛的
+浪潮將有助擴大本集團汽車智能系統業務規模,本
+集團將繼續累積技術研發經驗,搶佔海內外市場,
+未來成長可期。醫療健康業務方面,本集團將持續
+強化專業業務團隊,加大研發投入,緊抓醫療設備
+領域的發展契機,為本集團培養新的增長動力。
+二次充電電池及光伏業務
+二次充電電池方面,本集團將積極推進新技術應
+用,拓展客戶基礎,推動相關產品市場份額的持續
+提升。光伏業務方面,隨着「雙碳」目標政策明確,
+光伏行業迎來了黃金發展時期。本集團將緊抓行業
+發展契機,謀變創新,集中資源,着力推動產品轉
+型升級及技術突破,以高質量的產品來迎接全新爆
+發性增長機遇。
+BYD Company Limited
+In terms of external cooperation, the Group jointly developed and
+designed the third-generation battery electric autonomous delivery
+vehicle with an American science and technology corporation to
+achieve product innovation, hence, provide safer, smarter and
+more eco-friendly logistics and distribution services for local
+consumers in the United States. Intellectualization has become
+the main focus of the competition for new energy vehicles in the
+future, the Group will constantly enlarge efforts on research and
+development accordingly. From the perspectives of perception,
+decision-making and execution, BYD will actively explore
+cooperation with international partners in different professional
+fields, integrating the power of scientific and technological
+innovation to jointly build the intelligent automobile industry
+ecology and accelerate the intellectualization of the automobile
+industry.
+Management Discussion and Analysis
+In terms of battery electric buses, the Group will continue to fulfill
+its mission of green development. By leveraging on its world-
+leading new energy technology and mature commercial operation
+practice, the Group will provide premium new energy public
+transportation products and services to the countries and regions
+around the world, continue to deliver customer-proven, zero-
+emission public transportation solutions, and hence, facilitate the
+further establishment of green transportation system globally.
+In the field of urban rail transportation, as a determined
+practitioner and leader of the green dream, guided by the concept
+of solving social problems and driven by technological innovation.
+The Group strives to promote its low carbon and environmentally
+friendly urban rail transportation products ���SkyRail” and
+"SkyShuttle", which are designed to provide a diversified green
+integrated solution for urban development while, expanding the
+market space significantly.
+For the future development in 2022, China is facing triple pressure
+of shrinking demand, supply shocks and weakening expectations,
+exacerbated by uncertainties brought by recurrent pandemic in
+several places, high level fluctuations in international commodity
+prices and geopolitical conflicts, leading to a complicated
+economic situation. However, given the strong resilience of
+China's economy, together with the influence of repositioning of
+macroeconomic policies, the readjustment of the coordination
+system and the full implementation of the “14th Five-Year Plan”,
+the macroeconomic downward pressure will be greatly eased.
+Therefore, China's bright long-term prospects is firmly unchanged.
+As required by the Central Economic Work Conference, "make
+economic stability our top priority and pursue progress while
+ensuring stability" will be the main theme throughout the year,
+pave the way for economy to transform from external demand
+driven to domestic demand driven, so as to provide strong support
+for automobile consumption. Developing new energy vehicles
+is the only way for China to upgrade from a large automobile
+country to a powerful automobile country. It is also an important
+strategic measure to deal with climate change and promote
+green development. Guided by the goal of “Dual-Carbon", the
+government continued to introduce a series of support policies.
+In March, according to the Report on the Execution of the Central
+and Local Budgets for 2021 and on the Draft Central and Local
+Budgets for 2022 submitted by the Ministry of Finance to the
+fifth meeting of the 13th National People's Congress for review,
+support is given to the construction of charging piles and other
+ancillary facilities to promote the consumption of new energy
+vehicles, so as to promote the high-quality development of the
+new energy vehicle industry.
+二次充電電池及光伏業務
+二次充電電池方面,本集團多年深耕,技術規模國
+內領先,年內產品研發及產能拓展順利,電池技術
+加速升級,持續推動業務穩步增長。光伏業務方
+面,背靠「雙碳」目標的強大政策支持,本集團積極
+整合業務,加速新技術佈局,進一步強化產品競爭
+力,為行業的快速發展做好準備。
+前景及策略
+Annual Report 2021
+二零二一年年報
+Management Discussion and Analysis
+管理層討論與分析
+Automobiles Business
+The Group will actively seize historic developing opportunities
+in the new energy vehicle industry by insisting on technological
+innovation and strengthening the independency and controllability
+of core technologies. The Group will focus on the pain points
+of consumers' safety concerns, driving the industry to enter
+a new stage of high-quality development. Meanwhile, the
+Group will actively explore the growing potential of intelligent
+connected vehicles, providing customers with more diversified
+and convenient experience on automobiles. Also, the Group will
+improve the production capacity to meet the rapidly growing
+demands from consumers. In addition, the Group will insist on the
+market-oriented and customer-centric approach to continuously
+improve product quality, polish service standard, and keep
+launching products with market competitiveness to steadily
+enhance its brand influence. So then, can the Group shoulder the
+responsibility and mission of driving the upward development of
+Chinese new energy vehicle brands.
+In the passenger vehicle sector, the Group will speed up new
+product introduction, continuously improve the product matrix of
+new energy vehicles to meet the multi-dimensional demand of
+consumers. The Group will also rely on multi-channel platforms
+such as the website of “Dynasty” and “Marine" to provide
+consumers with higher quality products and services. In terms
+of plug-in hybrid, “Song MAX DM-i”,“Destroyer 05" and other
+models adopting "DM-i super hybrid” technology were launched
+one after another. In terms of battery electric, upon the launch of
+“Dolphin”,the “Yuan plus”model adopting the “e-Platform 3.0”
+was launched in February 2022, and more models adopting the
+e-Platform 3.0 will be launched on the “Dynasty” and “Marine”
+distribution channels later. Facing with the situation of consumer
+demand outrunning the supply, the Group will continue to increase
+its production capacity to meet the booming market demand.
+汽車業務
+展望二零二二年,中國經濟面臨需求收缩、供給衝
+擊和預期轉弱的三重壓力,疊加疫情多點散發、國
+際大宗商品價格高位波動、地緣政治衝突等不確定
+因素,經濟形勢依舊複雜。但中國經濟韌性強,在
+宏觀經濟政策再定位、協調體系再調整以及「十四
+五」規劃全面落實等因素的作用下,宏觀經濟下行
+壓力將得到極大的緩解,長期向好的基本面不會改
+變���根據中央經濟工作會議要求,「穩字當頭、穩中
+求進」將是貫穿全年的主旋律,助力經濟逐步從外需
+拉動向內需驅動轉換,從而對汽車消費起到良好的
+支撐作用。發展新能源汽車是我國從汽車大國邁向
+汽車強國的必由之路,也是應對氣候變化、推動綠
+色發展的重要戰略舉措,在「雙碳」目標的指引下,
+政府持續出台系列支持政策,三月,財政部提請十
+三屆全國人大五次會議審查《關於2021年中央和地
+方預算執行情況與2022年中央和地方預算草案的報
+告》中指出支持充電樁等配套設施建設,促進新能源
+汽車消費,以推動新能源汽車產業的高質量發展。
+本集團將積極把握新能源汽車行業歷史性的發展機
+遇,堅持技術創新,加強核心技術的自主可控;聚
+焦市場安全痛點,推動行業進入高質量發展新階
+段;積極探索智能化,為消費者提供更豐富便捷的
+用車體驗;加大產能擴充力度,以滿足快速爆發的
+市場。此外,本集團將繼續以市場為導向,以顧客
+為中心,持續提升產品質量和服務意識,並不斷推
+出具有市場競爭力的產品,穩步提升品牌影響力,
+肩負起中國新能源汽車品牌向上發展的責任與使命。
+Management Discussion and Analysis
+比亞迪股份有限公司
+管理層討論與分析
+BYD Company Limited
+26
+海外乘用車方面,「元PLUS」車型在國內正式上市的
+同時,亦同步在澳大利亞上市並開啟預售,命名為
+「ATTO 3」,繼續加碼本集團新能源乘用車在全球範
+圍內的佈局。此外,隨着汽車電動化進程的不斷推
+進,行業逐步向智能化、網聯化發展,軟件定義汽
+車成為新的趨勢。本集團不斷鞏固電動化發展優勢
+的同時並積極探索智能化,把電動化變革中的思考
+引入到智能化創新中,為消費者提供更豐富便捷的
+用車體驗。
+In terms of overseas passenger vehicles, the "Yuan PLUS"
+model, named “ATTO 3” in overseas markets, was also launched
+and pre-sold in Australia simultaneously since the official
+launch domestically, continuing to enhance the Group's global
+expansion of new energy passenger vehicles. In addition, with
+the non-stopping evolution of vehicle electrification, the product
+tends to become more intelligent and networked, and software-
+defined vehicles have become a new trend. The Group actively
+explores intelligence-oriented development while consolidating
+its advantages in electrification, introduces the contemplation of
+electric transformation to the intelligent innovation, provides the
+customers with more diversified and convenient experience on
+automobiles.
+在乘用車領域,本集團將加速推陳出新,不斷完善
+新能源汽車產品矩陣以滿足消費者多維度的消費需
+求。並將依託「王朝網」及「海洋網」等多渠道平台,
+為消費者提供更優質的產品及服務。插電式混動方
+面,「宋MAX DM-i」、「驅逐艦05」等搭載「DM-i超
+級混動」技術的車型相繼上市。純電動方面,繼「海
+豚」之後,搭載「e平台3.0」的「元plus」車型已於二
+零二二年二月上市,後續將有更多搭載「e平台3.0」
+的車型在「王朝網」和「海洋網」推出。面對供不應求
+的市場環境,本集團將持續加大產能擴充力度,以
+滿足火爆的市場需求。
+25
+(第二級)
+(第一級)
+RMB'000
+RMB'000
+(第三級)
+RMB'000
+總計
+RMB'000
+人民幣千元
+人民幣千元
+人民幣千元
+1,804,913
+Long-term receivables
+長期應收賬款
+的輸入值
+1,804,913
+人民幣千元
+的輸入值
+Significant
+重大可觀察
+Annual Report 2021
+二零二一年年報
+As at 31 December 2020
+Quoted prices
+in active
+於二零二零年十二月三十一日
+Fair value measurement using
+公允價值計量使用的輸入值
+重大不可觀察
+observable
+unobservable
+markets
+(Level 1)
+活躍市場
+的報價
+inputs
+inputs
+(Level 2)
+(Level 3)
+Total
+Significant
+295
+inputs
+財務報表附註
+於二零二一年十二月三十一日
+Fair value measurement using
+公允價值計量使用的輸入值
+Quoted prices
+Significant
+Significant
+in active
+observable
+已披露公允價值的負債:
+unobservable
+inputs
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+Total
+1,168,475
+markets
+公允價值層級(續)
+other borrowings
+計息銀行及其他借款
+31 December 2021
+二零二一年十二月三十一日
+49.
+FAIR VALUE AND FAIR VALUE HIERARCHY OF 49.
+金融工具之公允價值及公允價值層級
+(續)
+FINANCIAL INSTRUMENTS (CONTINUED)
+Fair value hierarchy (continued)
+Liabilities for which fair values are disclosed:
+As at 31 December 2021
+Other liabilities
+其他負債
+Interest-bearing bank and
+計息銀行及其他借款
+other borrowings
+As at 31 December 2020
+Other liabilities
+其他負債
+Interest-bearing bank and
+Notes to Financial Statements
+1,168,475
+93,720
+人民幣千元
+人民幣千元
+During the year, there were no transfers of fair value
+measurements between Level 1 and Level 2 (2020: Nil).
+36,179
+57,541
+93,720
+36,179
+57,541
+人民幣千元
+活躍市場
+的報價
+BYD Company Limited
+294
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+年內,第一級及第二級之間並無公允價值計
+量轉撥(二零二零年:無)。
+49. FAIR VALUE AND FAIR VALUE HIERARCHY OF
+FINANCIAL INSTRUMENTS (CONTINUED)
+人民幣千元
+總計
+inputs
+inputs
+(Level 2)
+(Level 3)
+Total
+活躍市場
+的報價
+重大可觀察
+RMB'000
+重大不可觀察
+的輸入值
+(第一級)
+(第二級)
+(第三級)
+RMB'000
+人民幣千元
+RMB'000
+RMB'000
+的輸入值
+長期應收賬款
+49.
+Fair value hierarchy (continued)
+活躍市場
+的報價
+重大可觀察
+重大不可觀察
+的輸入值
+的輸入值
+(第一級)
+(第二級)
+Total
+(第三級)
+RMB’000
+RMB'000
+總計
+RMB'000
+人民幣千元
+人民幣千元
+人民幣千元
+RMB'000
+金融工具之公允價值及公允價值層級
+(續)
+(Level 3)
+(Level 1)
+Assets for which fair values are disclosed:
+As at 31 December 2021
+Long-term receivables
+Quoted prices
+公允價值層級(續)
+已披露公允價值的資產:
+於二零二一年十二月三十一日
+(Level 2)
+Fair value measurement using
+公允價值計量使用的輸入值
+Significant
+in active
+observable
+unobservable
+markets
+inputs
+inputs
+Significant
+重大可觀察
+人民幣千元
+的輸入值
+RMB
+RMB
+二零二零年
+人民幣
+人民幣
+Excluding retained profits and exchange fluctuation
+reserve
+2020
+Increase/
+Increase/
+(decrease)
+in profit
+basis points
+基點的
+增加/(減少)
+before tax
+除稅前溢利的
+增加/(減少)
+Increase/
+(decrease)
+(decrease) in
+in equity*
+人民幣
+人民幣
+297
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+50.
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+50.
+RMB
+財務風險管理目標及政策(續)
+Interest rate risk (continued)
+The following table demonstrates the sensitivity to a
+reasonably possible change in interest rate, with all other
+variables held constant, of the Group's profit before tax
+(through the impact on floating rate borrowings) and the
+Group's equity.
+利率風險(續)
+下表列示在所有其他變數維持不變的情況
+下,本集團的除稅前溢利(透過對浮息借款
+的影響)及本集團的權益對利率出現合理可
+能變動時的敏感度。
+2021
+二零二一年
+RMB
+AND POLICIES (CONTINUED)
+Annual Report 2021
+二零二一年年報
+權益*的
+RMB'000
+人民幣千元
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+50.
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+AND POLICIES (CONTINUED)
+298
+50.
+Foreign currency risk (continued)
+The following table demonstrates the sensitivity at the end
+of the reporting period to a reasonably possible change
+in the US$ exchange rate, with all other variables held
+constant, of the Group's profit before tax (due to changes
+in the fair value of monetary assets and liabilities) and the
+Group's equity.
+外匯風險(續)
+下表說明本集團的除稅前溢利(由於貨幣資
+產及負債公允價值變動)及本集團權益於報
+告期末對美元的匯率(其他所有的變量保持
+不變)合理可能的變動的敏感度。
+Increase/
+(decrease)
+Increase/
+財務風險管理目標及政策(續)
+增加/減少)
+BYD Company Limited
+外匯風險
+RMB’000
+人民幣千元
+25
+(31,227)
+(31,227)
+(25)
+31,227
+31,227
+本集團面臨交易性的貨幣風險。此類風險由
+經營單位進行以其功能貨幣以外的貨幣記賬
+的銷售或購買活動所致,而收入主要是以美
+元及人民幣計值而若干銀行貸款則以美元計
+值。本集團對其外幣收入及支出進行週而復
+始的預測,使匯率及所產生的金額配比,從
+而減低外幣匯率浮動對商業交易的影響。
+25
+(19,027)
+(25)
+19,027
+19,027
+不包括留存溢利及外匯波動儲備
+Foreign currency risk
+The Group has transactional currency exposures. Such
+exposures arise from sales or purchases by operating units
+in currencies other than the units' functional currencies,
+where the revenue is predominately denominated in
+US$ and RMB and a certain portion of the bank loans is
+denominated in US$. The Group takes rolling forecast
+on foreign currency revenue and expenses and matches
+the currency and amounts incurred, so as to alleviate the
+impact on business due to exchange rate fluctuations.
+(19,027)
+本集團的政策是利用定息及浮息債務組合管
+理其利息成本。於二零二一年十二月三十一
+日,本集團約58%(二零二零年:56%)的計
+息銀行及其他借款乃以定息計息。
+本集團面對的市場利率變動風險主要與本集
+團的浮息長期債務責任有關。
+利率風險
+Fair value measurement using
+公允價值計量使用的輸入值
+Quoted prices
+in active
+markets
+observable
+Significant
+Significant
+36,651,412
+unobservable
+inputs
+(Level 1)
+活躍市場
+的報價
+(Level 2)
+(Level 3)
+Total
+重大可觀察
+重大不可觀察
+inputs
+的輸入值
+33,729,304
+於二零二零年十二月三十一日
+的輸入值
+(第一級)
+(第二級)
+RMB'000
+RMB'000
+(第三級)
+RMB'000
+2,922,108
+總計
+人民幣千元
+人民幣千元
+人民幣千元
+人民幣千元
+2,922,108
+33,729,304
+36,651,412
+RMB'000
+的輸入值
+(第一級)
+(第二級)
+31 December 2021
+二零二一年十二月三十一日
+50.
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+50.
+財務風險管理目標及政策
+AND POLICIES
+財務報表附註
+The Group's principal financial instruments, other than
+derivative financial instruments, comprise interest-bearing
+bank and other borrowings, restricted bank deposits,
+pledged deposits and cash and cash equivalents. The
+main purpose of these financial instruments is to raise
+finance for the Group's operations. The Group has
+various other financial assets and liabilities such as trade
+receivables and trade payables, which arise directly from
+its operations.
+本集團的主要金融工具(衍生金融工具除
+外)包括計息銀行及其他借款、受限制銀行
+存款、已抵押存款以及現金及現金等價物。
+此等金融工具的主要用途乃為本集團的業務
+籌集資金。本集團有其他不同金融資產及負
+債,如直接自其業務產生的應收貿易賬款及
+應付貿易賬款。
+本集團金融工具所產生的主要風險為利率風
+險、外匯風險、信貸風險及流動資金風險。
+本集團有關衍生金融工具的會計政策載於合
+併財務報表附註2.4。
+Interest rate risk
+The Group's exposure to the risk of changes in market
+interest rates relates primarily to the Group's long-term
+debt obligations with floating interest rates.
+The Group's policy is to manage its interest cost using a
+mix of fixed and variable rate debts. At 31 December 2021,
+approximately 58%(2020:56%) of the Group's interest-
+bearing bank and other borrowings bore interest at fixed
+rates.
+The main risks arising from the Group's financial
+instruments are interest rate risk, foreign currency risk,
+credit risk and liquidity risk. The Group's accounting
+policies in relation to derivative financial instruments are
+set out in note 2.4 to the consolidated financial statements.
+Notes to Financial Statements
+比亞迪股份有限公司
+296
+RMB'000
+RMB'000
+(第三級)
+RMB'000
+總計
+RMB'000
+人民幣千元
+人民幣千元
+人民幣千元
+markets
+(Level 1)
+2,964,968
+51,270,597
+2,964,968
+51,270,597
+54,235,565
+54,235,565
+BYD Company Limited
+重大不可觀察
+Unobservable
+As at 31 December 2021
+in active
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+Total
+活躍市場
+的報價
+重大可觀察
+inputs
+重大不可觀察
+的輸入值
+(第一級)
+(第二級)
+RMB'000
+RMB'000
+(第三級)
+RMB'000
+的輸入值
+總計
+unobservable
+Significant
+金融工具之公允價值及公允價值層級
+(續)
+Fair value hierarchy
+The following tables illustrate the fair value measurement
+hierarchy of the Group's and the Company's financial
+instruments:
+Assets measured at fair value:
+公允價值層級
+下表說明本集團及本公司金融工具之公允價
+observable
+值計量層級:
+Quoted prices
+in active
+markets
+按公允價值計量的資產:
+於二零二一年十二月三十一日
+Fair value measurement using
+公允價值計量使用的輸入值
+Significant
+As at 31 December 2021
+49.
+RMB'000
+人民幣千元
+31,600
+1,223,215
+16,853,328
+998,174
+19,074,717
+Annual Report 2021
+二零二一年年報
+291
+8,743,126
+Notes to Financial Statements
+31 December 2021
+二零二一年十二月三十一日
+49.
+FAIR VALUE AND FAIR VALUE HIERARCHY OF 49.
+金融工具之公允價值及公允價值層級
+(續)
+FINANCIAL INSTRUMENTS (CONTINUED)
+Fair value hierarchy (continued)
+Assets measured at fair value: (continued)
+財務報表附註
+人民幣千元
+8,743,126
+31,600
+Derivative financial instruments
+人民幣千元
+人民幣千元
+Equity investments at fair value through
+other comprehensive income
+以公允價值計量並計入其他
+綜合收益的權益投資
+1,208,800
+901,649
+803,387
+衍生金融工具
+2,913,836
+以公允價值計量並計入損益的
+金融資產
+14,415
+7,176,953
+194,787
+7,386,155
+Receivables financing
+應收款項融資
+Financial assets at fair value through
+profit or loss
+As at 31 December 2020
+49. FAIR VALUE AND FAIR VALUE HIERARCHY OF
+FINANCIAL INSTRUMENTS (CONTINUED)
+31 December 2021
+十二月三十一日
+2021 Significant unobservable inputs
+Relationship of
+unobservable input
+to fair value
+不可觀察
+輸入數據與
+於二零二一年
+估值技術
+公允價值的關係
+Valuation multiples
+估值倍數
+759,705 Average Enterprise value/revenue ratio
+平均企業價值/收入比率
+Equity investments at fair
+value through other
+comprehensive income
+的公允價值 重大不可觀察輸��數據
+以公允價值計量並計入其他綜合
+technique
+Valuation
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+49.
+FAIR VALUE AND FAIR VALUE HIERARCHY OF
+FINANCIAL INSTRUMENTS (CONTINUED)
+49.
+金融工具之公允價值及公允價值層級
+(續)
+31 December
+The Group enters into derivative financial instruments with
+various counterparties. The carrying amounts of these
+derivative financial instruments are the same as their fair
+values. The derivative financial instruments are measured
+using valuation techniques similar to forward pricing,
+using present value calculations. The models incorporate
+For the fair value of the unlisted equity investments at fair
+value through other comprehensive income, management
+has estimated the potential effect of using reasonably
+possible alternatives as inputs to the valuation model.
+Below is a summary of significant unobservable inputs
+to the valuation of financial instruments together with a
+quantitative sensitivity analysis as at 31 December 2021:
+Fair value
+本集團與若干對手方訂立衍生金融工具。該
+等衍生金融工具的賬面值與其公允價值相
+同。衍生金融工具以與遠期定價類似之估值
+方法及現時價值計算而計量。該等模式包括
+若干市場可觀察輸入值,包括對手方之信用
+質素、外匯即期及遠期利率。該等衍生金融
+工具的賬面值與其公允價值相同。
+對於以公允價值計量並計入其他綜合收益的
+非上市權益投資的公允價值,管理層已估計
+將合理可能的替代數據用作估值模型的輸入
+數據所帶來的潛在影響。
+以下為於二零二一年十二月三十一日金融工
+具估值之重大不可觀察輸入數據連同定量敏
+感度之分析概要:
+as at
+various market observable inputs including the credit
+quality of counterparties and foreign exchange spot and
+forward rates. The carrying amounts of derivative financial
+instruments are the same as their fair values.
+二零二一年十二月三十一日
+收益的權益投資
+Option pricing model
+fair value of the
+underlying equity
+instruments,the
+higher the fair value
+相關權益工具的
+公允價值越高,
+公允價值越高
+The higher the
+net value of the
+underlying investment
+The higher the
+the higher the fair
+相關投資的淨值
+越高,公允價值越高
+BYD Company Limited
+290
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+value
+Equity investments at fair
+公允價值越高
+value
+期權定價模型
+以公允價值計量並計入其他綜合
+收益的權益投資
+value through other
+comprehensive income
+Financial assets at fair value Net Value Model
+through profit or loss
+以公允價值計量並計入損益的金
+比率越高,
+融資產
+33,257 Exercise price and volatility of the
+underlying investment
+相關投資的行使價及波動
+194,787 Net value of the underlying investment
+相關投資的淨值
+The higher the ratio,
+the higher the fair
+淨值模型
+公允價值層級(續)
+按公允價值計量的資產:(續)
+於二零二零年十二月三十一日
+31 December 2021
+二零二一年十二月三十一日
+49.
+FAIR VALUE AND FAIR VALUE HIERARCHY OF 49.
+金融工具之公允價值及公允價值層級
+(續)
+FINANCIAL INSTRUMENTS (CONTINUED)
+Fair value hierarchy (continued)
+Liabilities measured at fair value:
+財務報表附註
+(decrease)
+As at 31 December 2020
+Quoted prices
+in active
+markets
+公允價值層級(續)
+以公允價值計量的負債:
+於二零二一年十二月三十一日
+Other liabilities
+Fair value measurement using
+公允價值計量使用的輸入值
+Notes to Financial Statements
+Annual Report 2021
+二零二一年年報
+At 1 January
+Transfer to Level 3
+Total gains recognised in the statement of
+profit or loss included in other income
+Purchases
+於一月一日
+轉入第三級
+於損益表確認計入其他收益的收益總額
+293
+購買
+於十二月三十一日
+2021
+二零二一年
+RMB’000
+人民幣千元
+100,503
+31,784
+62,500
+194,787
+At 31 December
+803,387
+Significant
+Observable
+人民幣千元
+人民幣千元
+人民幣千元
+其他負債
+14,035
+14,035
+Other liabilities
+人民幣千元
+其他負債
+衍生金融工具
+於二零二零年十二月三十一日
+Fair value measurement using
+公允價值計量使用的輸入值
+Quoted prices
+Significant
+Significant
+Derivative financial instruments
+Significant
+RMB'000
+RMB'000
+Unobservable
+inputs
+(Level 1)
+(Level 2)
+(Level 3)
+Total
+活躍市場
+的報價
+總計
+重大可觀察
+的輸入值
+的輸入值
+(第一級)
+(第二級)
+(第三級)
+RMB'000
+RMB’000
+重大不可觀察
+於十二月三十一日
+At 31 December
+188,040
+(第三級)
+RMB'000
+RMB'000
+RMB'000
+總計
+RMB'000
+人民幣千元
+(第二級)
+人民幣千元
+人民幣千元
+Equity investments at fair value through
+other comprehensive income
+以公允價值計量並計入其他
+綜合收益的權益投資
+1,420,080
+1,420,080
+Financial assets at fair value through
+人民幣千元
+profit or loss
+(第一級)
+的輸入值
+Fair value measurement using
+公允價值計量使用的輸入值
+Quoted prices
+Significant
+Significant
+in active
+observable
+unobservable
+的輸入值
+markets
+(Level 1)
+inputs
+(Level 2)
+(Level 3)
+Total
+活躍市場
+的報價
+重大可觀察
+重大不可觀察
+inputs
+以公允價值計量並計入損益的
+金融資產
+14,593
+1,705,764
+金融工具之公允價值及公允價值層級
+(續)
+Fair value hierarchy (continued)
+Assets measured at fair value: (continued)
+The movements in fair value measurements within Level 3
+during the year are as follows:
+公允價值層級(續)
+按公允價值計量的資產:(續)
+年內第3級公允價值計量變動如下:
+49.
+2021
+二零二一年
+RMB'000
+人民幣千元
+other comprehensive income
+以公允價值計量並計入其他綜合收益的
+權益投資
+Total gains recognised in the statement of
+於損益表確認計入其他收益的收益總額
+615,347
+profit or loss included in other income
+Purchases
+購買
+Equity investments at fair value through
+49. FAIR VALUE AND FAIR VALUE HIERARCHY OF
+FINANCIAL INSTRUMENTS (CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+1,720,357
+Receivables financing
+應收款項融資
+8,862,340
+8,862,340
+Derivative financial instruments
+衍生金融工具
+24
+24
+1,434,673
+10,568,128
+12,002,801
+BYD Company Limited
+292
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+Observable
+in profit
+Annual Report 2021
+二零二一年年報
+(decrease)
+288,207
+288,207
+If RMB strengthens against US$
+倘人民幣兌美元升值
+(5)
+(288,207)
+(288,207)
+Excluding retained profits and exchange fluctuation
+5
+不包括留存溢利及外匯波動儲備
+Credit risk
+The Group trades only with recognised and creditworthy
+third parties. It is the Group's policy that all customers
+who wish to trade on credit terms are subject to credit
+verification procedures. In addition, receivable balances
+are monitored on an ongoing basis and the Group's
+exposure to bad debts is not significant.
+本集團僅與認可及信譽超著的第三方進行買
+賣。本集團的政策為對所有有意以信貸期交
+易的客戶進行信貸審核程序。此外,應收賬
+款結餘持續受監察,而本集團壞賬的風險並
+不重大。
+289
+Increase/
+reserve
+倘人民幣兌美元貶值
+信貸風險
+二零二零年
+in owners'
+If RMB weakens against US$
+before tax
+除稅前溢利
+增加/減少)
+equity*
+所有者權益*的
+增加/(減少)
+RMB'000
+人民幣千元
+RMB’000
+人民幣千元
+2021
+If RMB weakens against US$
+二零二一年
+in US$ rate
+美元匯率
+增加/(減少)
+%
+5
+倘人民幣兌美元貶值
+(220,825)
+220,825
+2020
+(5)
+If RMB strengthens against US$
+倘人民幣兌美元升值
+220,825
+(220,825)
+For trade receivables, amounts due from joint ventures
+and associates and amounts due from other related
+parties to which the Group applies the simplified
+approach for impairment, information based on
+the provision matrix is disclosed in note 25 to the
+consolidated financial statements.
+Notes to Financial Statements
+比亞迪股份有限公司
+302
+BYD Company Limited
+本集團的目標為透過利用銀行借款、租賃負
+債及公司債券以維持資金延續性及靈活性的
+平衡。此外,本集團已安排銀行融資額以備
+不時之需。除計息銀行及其他借款、租賃負
+債及若干公司債券的非即期部分外,於報告
+期末之所有借款將於一年內到期。
+流動資金風險
+計入預付款項、其他應收賬款及其他資
+產的金融資產的信貸質素,在尚未逾期
+及無資料指出金融資產自初步確認起的
+信貸風險顯著增加的情況下,被視為
+「正常」。除此之外,金融資產的信貸質
+素被視為「呆賬」。
+財務報表附註
+信貸風險(續)
+The Group's objective is to maintain a balance between
+continuity of funding and flexibility through the use of
+bank borrowings, lease liabilities and corporate bonds.
+In addition, banking facilities have been put in place for
+contingency purposes. Except for the non-current portion of
+interest-bearing bank and other borrowings, lease liabilities
+and certain corporate bonds, all borrowings would mature
+in less than one year at the end of the reporting period.
+The Group monitors its risk to funds shortage using a
+recurring liquidity planning tool. This tool considers the
+maturity of both its financial instruments and financial
+assets(e.g.,trade receivables) and projected cash flows
+from operations.
+Liquidity risk
+The credit quality of financial assets included in
+prepayments, other receivables and other assets is
+considered to be "normal" when they are not past due
+and there is no information indicating that the financial
+assets had a significant increase in credit risk since
+initial recognition. Otherwise, the credit quality of the
+financial assets is considered to be "doubtful".
+本集團透過採用經常性流動資金計劃工具,
+監察其資金短缺的風險。該工具考慮金融工
+具及金融資產(例如:應收貿易賬款)的到期
+日及來自經營業務的預期現金流量。
+就應收貿易賬款,本集團已應用簡化計
+算法減值的應收合營公司及聯營公司款
+項及應收其他關聯方款項而言,根據撥
+備矩陣計算的資料披露於合併財務報表
+附註25。
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+AND POLICIES (CONTINUED)
+二零二一年十二月三十一日
+Credit risk (continued)
+3 top
+二零二一年
+2021
+金融負債
+Financial liabilities
+本集團於報告期末根據合同未折現付款的金
+融負債將於以下期間到期:
+undiscounted payments, is as follows:
+the end of the reporting period, based on the contractual
+The maturity profile of the Group's financial liabilities as at
+流動資金風險(續)
+Liquidity risk (continued)
+財務風險管理目標及政策(續)
+50.
+50.
+31 December 2021
+*
+Exposure on guarantees to finance
+50.
+277,491
+429,041
+13,738,498
+現金及現金等價物
+Cash and cash equivalents
+277,491
+受限制銀行存款
+Restricted bank deposits
+429,041
+-未逾期
+- Not yet past due
+已抵押存款
+Pledged deposits
+3,573,678
+應收合營公司及聯營公司款項*
+13,738,498
+財務風險管理目標及政策(續)
+Less than
+leasing companies
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+AND POLICIES (CONTINUED)
+50.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+301
+Annual Report 2021
+二零二一年年報
+85,176,117
+50,984,332
+1,672,758
+32,519,027
+8,644,159
+8,644,159
+-未逾期
+- Not yet past due
+融資租賃公司擔保風險
+less than
+219,049
+18,097,661
+3 months
+Annual Report 2021
+二零二一年年報
+6,409,637
+924,743 161,516,869
+6,409,637
+擔保的最高金額
+Maximum amount guaranteed
+303
+發出財務擔保
+1,810,761 100,086,553 43,860,687 14,834,125
+14,035 2,936,143
+2,922,108
+其他負債
+金融負債
+other payables and accruals
+Other liabilities
+Financial guarantees issued
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+On demand
+less than
+Less than
+3 top
+二零二零年
+2020
+金融負債(續)
+流動資金風險(續)
+Financial liabilities (continued)
+Liquidity risk (continued)
+AND POLICIES (CONTINUED)
+財務風險管理目標及政策(續)
+FINANCIAL RISK MANAGEMENT OBJECTIVES 50.
+50.
+下表載列於十二月三十一日根據本集團的信
+貸政策及列示的信貸風險之信貸質素及最大
+敞口以及年終階段分級,其主要基於逾期的
+資料(除非可在不必花費不必要成本或精力
+情況下取得其他資料則另作別論)作出。所
+呈列的金額為金融資產的賬面總值及財務擔
+保合同的信貸風險敞口。
+41,074,871
+-
+10,819,660
+1,150,906 29,104,305
+Trade and bills payables
+租賃負債
+Lease liabilities
+Interest-bearing bank and other borrowings 計息銀行及其他借款
+RMB'000
+人民幣千元
+總計
+五年以上
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+一至五年
+十二個月以下
+RMB'000
+人民幣千元
+三個月以下
+RMB'000
+人民幣千元
+按要求
+RMB'000
+人民幣千元
+Total
+1 to 5 years Over 5 years
+三至
+12 months
+應付貿易賬款及票據
+On demand
+659,855
+Due from joint ventures and associates*
+計入其他應付款項及應計費用的
+Financial liabilities included in
+84,150
+-
+1,636,828
+1,636,828
+84,150
+應付其他關聯方款項
+Due to other related parties
+應付合營公司款項
+Due to joint ventures
+79,043,879
+1,985,858
+910,708
+34,755,140
+14,724,317 11,130,400
+781,617
+8,900,423
+74,484
+60,286,363
+94,616
+Trade receivables*
+-呆賬**
+Due from joint ventures and associates*
+94,616
+94,616
+-呆賬**
+- Doubtful**
+397,341
+應收合營公司及聯營公司款項*
+397,341
+- Normal**
+其他資產的金融資產
+other receivables and other assets
+Financial assets included in prepayments, 計入預付款項、其他應收賬款及
+8,782,397
+8,782,397
+- 正常**
+2,538,336
+2,538,336
+Pledged deposits
+-未逾期
+融資租賃公司擔保風險
+49,819,860
+現金及現金等價物
+109,109
+受限制銀行存款
+528,128
+-未逾期
+- Not yet past due
+leasing companies
+Exposure on guarantees to finance
+Cash and cash equivalents
+Restricted bank deposits
+- Not yet past due
+已抵押存款
+37,838,050
+36,461,387
+1,376,663
+8,838,973
+Total
+approach
+簡化法
+階段3
+階段2
+Stage 3
+Stage 2
+Stage 1
+階段1
+Simplified
+年限內預期信貸虧損
+預期信貸虧損
+12個月
+Lifetime ECLs
+12-month ECLs
+於二零二一年十二月三十一日
+As at 31 December 2021
+總計
+6,409,637
+RMB'000
+RMB'000
+人民幣千元
+8,838,973
+1,209,748
+1,209,748
+應收款項融資
+Receivables financing
+應收貿易賬款*
+Trade receivables*
+合同資產
+Contract assets
+長期應收賬款
+Long-term receivables
+��民幣千元
+RMB’000
+RMB'000
+人民幣千元
+RMB’000
+人民幣千元
+人民幣千元
+528,128
+109,109
+49,819,860
+5,635,217
+合同資產
+Contract assets
+1,878,736
+1,878,736
+長期應收賬款
+Long-term receivables
+人民幣千元
+RMB'000
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+人民幣千元
+人民幣千元
+RMB'000
+RMB'000
+5,635,217
+總計
+3 months
+1,578,142
+- Doubtful**
+485,525
+485,525
+- 正常**
+- Normal**
+其他資產的金融資產
+other receivables and other assets
+計入預付款項、其他應收賬款及
+Financial assets included in prepayments,
+8,944,313
+8,944,313
+應收款項融資
+Receivables financing
+41,474,843
+39,896,701
+應收貿易賬款*
+94,616
+Total
+階段3
+50.
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+50.
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+300
+BYD Company Limited
+116,566,195
+49,048,444
+1,471,279
+66,046,472
+6,409,637
+財務風險管理目標及政策(續)
+approach
+簡化法
+AND POLICIES (CONTINUED)
+Maximum exposure and year-end staging
+階段2
+階段1
+Stage 3
+Stage 2
+Stage 1
+Simplified
+年限內預期信貸虧損
+預期信貸虧損
+12個月
+Lifetime ECLs
+12-month ECLs
+於二零二零年十二月三十一日
+最大敞口及年終階段
+信貸風險(續)
+As at 31 December 2020
+Credit risk (continued)
+12 months
+5,168,093
+53,950
+39,300,146
+Total
+2020
+2021
+二零二一年
+RMB'000
+人民幣千元
+非流動資產
+NON-CURRENT ASSETS
+有關本公司於報告期末之財務狀況表的資料
+載述如下:
+Company at the end of the reporting period is as follows:
+二零二零年
+Information about the statement of financial position of the
+54.
+STATEMENT OF FINANCIAL POSITION OF THE
+COMPANY
+54.
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+本公司之財務狀況表
+RMB'000
+人民幣千元
+Property, plant and equipment
+物業、廠房及設備
+Investments in associates
+1,629,654
+3,495,039
+於合營公司的投資
+Investments in joint ventures
+18,183,382
+40,503,023
+於附屬公司的投資
+Investments in subsidiaries
+57,168
+55,559
+投資物業
+Investment properties
+900,530
+830,894
+Notes to Financial Statements
+比亞迪股份有限公司
+308
+BYD Company Limited
+Notes to Financial Statements
+307
+Annual Report 2021
+二零二一年年報
+於二零二一年十二月三十一日,本集團
+向其若干供應商背書獲中國內地的銀行
+接納的若干應收票據(「已撤銷確認票
+據」),以清償結欠該等供應商之賬面值為
+人民幣17,546,607,000元之應付貿易賬
+款(二零二零年十二月三十一日:人民幣
+6,585,688,000元)。於報告期末,已撤銷確
+認票據的到期日為一至十二個月。根據中華
+人民共和國票據法,倘擔保銀行拖欠款項,
+已撤銷確認票據之持有人對本集團擁有追溯
+權(「持續參與」)。董事認為,本集團已轉
+讓有關已撤銷確認票據之絕大部分風險及回
+報。因此,本集團已悉數撤銷確認已撤銷確
+認票據及相關應付貿易賬款之賬面值。有關
+本集團持續參與已撤銷確認票據之虧損及購
+回該等已撤銷確認票據之未折現現金流量之
+最大敞口相等於該等票據之賬面值。董事認
+為,本集團持續參與已撤銷確認票據之公允
+價值不大。於截至二零二一年十二月三十一
+日止年度,本集團尚未自轉讓貼現票據或自
+繼續涉入確認任何損益。
+於二零二一年,本集團與中國多家銀行開展
+若干票據貼現(「貼現票據」)業務,賬面值為
+人民幣28,948,188,000元(二零二零年十二
+月三十一日:人民幣12,378,432,000元)
+董事認為,於貼現時本集團已經轉移了與貼
+現票據有關的絕大部分風險與報酬,此符合
+金融資產終止確認條件,因此,於貼現日按
+照賬面值全部終止確認貼現票據。然而,本
+集團繼續面臨按賬面值購回有關票據的風
+險,因為如果承兑人在匯票到期時拒絕兌
+付,銀行有權向本集團追索(「繼續涉入」)。
+董事認為,繼續涉入的公允價值並不重大。
+於本年度,本集團並無自轉讓貼現票據或自
+繼續涉入確認任何損益。
+。
+完全撤銷確認的金融資產
+At 31 December 2021, the Group endorsed certain bills
+receivable accepted by banks in Mainland China (the
+"Derecognised Bills") to certain of its suppliers in order to
+settle trade payables due to these suppliers with a carrying
+amount of RMB17,546,607,000 (31 December 2020:
+RMB6,585,688,000). The Derecognised Bills had a maturity
+of one to twelve months at the end of the reporting period.
+In accordance with the Law of Negotiable Instruments
+in the PRC, the holders of the Derecognised Bills have a
+right of recourse against the Group if the guarantor banks
+default(the “Continuing Involvement"). In the opinion
+of the directors, the Group has transferred substantially
+all risks and rewards relating to the Derecognised Bills.
+Accordingly, the Group has derecognised the full carrying
+amounts of the Derecognised Bills and the associated
+trade payables. The maximum exposure to loss from the
+Group's Continuing Involvement in the Derecognised Bills
+and the undiscounted cash flows to repurchase these
+Derecognised Bills is equal to their carrying amounts. In
+the opinion of the directors, the fair values of the Group's
+Continuing Involvement in the Derecognised Bills are not
+significant. During the year ended 31 December 2021, the
+Group has not recognised any gain or loss from the transfer
+of the Derecognised Bills or the Continuing Involvement.
+In 2021,the Group conducted certain bill discounting
+with several banks in China (the “Discounted Bills") with
+a carrying amount of RMB28,948,188,000 (31 December
+2020: RMB12,378,432,000). In the opinion of the directors,
+the Group has transferred substantially all risks and
+rewards relating to the Discounted Bills at the time of
+discounting, which meets the conditions of derecognition
+of financial assets, and therefore fully derecognised the
+Discounted Bills at their carrying amount on the discounting
+date. However, the Group continues to be exposed to the
+risks of repurchasing such bills at their carrying amount
+since the banks are entitled to recourse against the Group
+if the bills are rejected by the acceptors when falling due
+(“Continuing Involvement"). In the opinion of the directors,
+the fair value of the Continuing Involvement is insignificant.
+During the year, the Group did not recognise any profit
+or loss from the transfer of Discounted Bills or from the
+Continuing Involvement.
+Financial assets that are derecognised in their
+entirety
+金融資產轉移(續)
+52.
+52. TRANSFERS OF FINANCIAL ASSETS
+(CONTINUED)
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+於聯營公司的投資
+31 December 2021
+二零二一年十二月三十一日
+52.
+經二零二二年三月二十九日本公司第七屆董
+事會第二十次會議批准二零二一年度利潤分
+配預案。以二零二二年三月二十九日總股本
+2,911,142,855股為基數,分配現金股利人
+民幣305,670,000元(即每股現金股利人民幣
+0.105元(含税))。該股利分配方案尚待本公
+司股東於股東周年大會上審議批准。
+cash dividend of RMB305,670,000 (i.e. a cash dividend of
+RMB0.105 per share (tax inclusive)) will be distributed. The
+dividend distribution plan is subject to consideration and
+approval of the Company's shareholders at the forthcoming
+annual general meeting.
+capital of 2,911,142,855 shares as at 29 March 2022, a
+The 2021 proposed profit distribution plan was approved at
+the 20th Meeting of the Seventh Session of the Board of the
+Company dated 29 March 2022. Based on the total share
+報告期後事項
+53.
+EVENTS AFTER THE REPORTING PERIOD
+截至二零二一年十二月三十一日止年度,
+本集團具有可強制執行之法定權利可抵銷
+貿易應收款項及貿易應付款項之已確認金
+額,且本集團有意按淨額基準結算。於二
+零二一年十二月三十一日,應收貿易賬款
+及應付貿易賬款的抵銷總賬面值為人民幣
+5,044,477,000元(二零二零年十二月三十一
+日:人民幣3,017,666,000元)。
+本集團在日常業務中因短期融資需求將部分
+應收賬款以無追溯權方式保理給金融機構,
+並與多家銀行訂立無追溯權的應收賬款保理
+協議,將若干應收賬款轉讓予該等銀行(「應
+收賬款保理」)。在若干應收賬款保理協議
+下,本集團不需要承擔轉讓應收賬款保理後
+的債務人違約風險和延遲還款風險,轉移
+應收賬款保理相關之所有的風險和報酬。
+符合撤銷確認金融資產條件。因此,本集
+團對應收賬款保理按照賬面值撤銷確認。於
+二零二一年十二月三十一日,已轉讓的應收
+賬款保理賬面值為人民幣20,227,834,000
+元(二零二零年十二月三十一日:人民幣
+3,813,206,000元),與撤銷確認相關的虧損
+為人民幣88,765,000元(二零二零年十二月
+三十一日:人民幣299,523,000元)。
+完全撤銷確認的金融資產(續)
+During the year ended 31 December 2021, the Group has
+an enforceable legal right to offset the recognised amounts
+of trade receivables and trade payables and the Group
+has an intention to settle on a net basis. The aggregate
+carrying amount of the trade receivables and trade
+payables offset was RMB5,044,477,000 as at 31 December
+2021 (31 December 2020: RMB3,017,666,000).
+In the ordinary course of business, the Group has
+factored a part of receivables to financial institutions
+without recourse for its short-term financing needs, and
+has entered into non-recourse receivables factoring
+agreements with a number of banks to transfer certain
+receivables to those banks (the “Factored Receivables").
+Under certain receivable factoring agreements, the Group
+is not required to undertake default risks and the delayed
+repayment risk from the debtors after the transfer of the
+Factored Receivables, and all risks and rewards relating
+to the Factored Receivables are transferred. The condition
+of derecognition of financial assets is met. Therefore,
+the Group derecognised the Factored Receivables at
+their carrying amounts. As at 31 December 2021,the
+carrying amount of transferred Factored Receivables
+amounted to RMB20,227,834,000(31 December 2020:
+RMB3,813,206,000), and the loss relating to derecognition
+amounted to RMB88,765,000(31 December 2020:
+RMB299,523,000).
+Financial assets that are derecognised in their
+entirety (continued)
+53.
+金融資產轉移(續)
+52. TRANSFERS OF FINANCIAL ASSETS
+(CONTINUED)
+565,804
+555,978
+Other intangible assets
+278,714
+4,411
+應收合營公司款項
+Due from joint ventures
+25,979,505
+14,097,104
+應收附屬公司款項
+Due from subsidiaries
+其他資產
+other assets
+746,095
+473,673
+預付款項、其他應收賬款及
+Prepayments, other receivables and
+162,128
+Restricted bank deposits
+62,914
+受限制銀行存款
+現金及現金等價物
+Annual Report 2021
+二零二一年年報
+299
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+50.
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+AND POLICIES (CONTINUED)
+50.
+財務風險管理目標及政策(續)
+The tables below show the credit quality and the maximum
+exposure to credit risk based on the Group's credit policy,
+which is mainly based on past due information unless
+other information is available without undue cost or effort,
+and year-end staging classification as at 31 December.
+The amounts presented are gross carrying amounts for
+financial assets and the exposure to credit risk for financial
+guarantee contracts.
+32,686,234 30,184,138
+流動資產總值
+Total current assets
+2,774,076
+17,800,277
+Cash and cash equivalents
+財務報表附註
+應收款項融資
+206,848
+1,420,080
+2,674,760
+以公允價值計量並計入其他綜合
+Equity investments at fair value through
+21,892
+30,285
+使用權資產
+Right-of-use assets
+11,028
+9,718
+非流動預付款項
+Non-current prepayments
+268,720
+251,019
+其他無形資產
+other comprehensive income
+Receivables financing
+收益的權益投資
+70,405
+176,066
+應收貿易賬款
+Trade receivables
+36,772
+71,789
+存貨
+流動資產
+Inventories
+CURRENT ASSETS
+23,170,735
+48,486,506
+非流動資產總值
+其他非流動金融資產
+Total non-current assets
+122,303
+Other non-current financial assets
+1 to 5 years Over 5 years
+Notes to Financial Statements
+306
+8,644,159
+8,644,159
+擔保的最高金額
+Maximum amount guaranteed
+發出財務擔保
+Financial guarantees issued
+Capital management
+1,011,650 120,675,943
+50,709,330 37,625,944
+1,884,297
+3,001,147
+36,178
+2,964,969
+其他負債
+29,444,722
+The primary objectives of the Group's capital management
+are to safeguard the Group's ability to continue as a going
+concern and to maintain a healthy capital ratio in order to
+support its business and maximise shareholders' value.
+The Group manages its capital structure and makes
+Capital management (continued)
+財務風險管理目標及政策(續)
+50.
+FINANCIAL RISK MANAGEMENT OBJECTIVES
+AND POLICIES (CONTINUED)
+50.
+二零二一年十二月三十一日
+31 December 2021
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+304
+BYD Company Limited
+本集團資本管理的主要目標為保證本集團持
+續經營的能力,並維持穩健的資本比率以為
+其業務提供支持及最大化股東價值。
+資本管理
+的金融負債
+other payables and accruals
+Other liabilities
+8,446,404
+3,651,398 3,514,701
+租賃負債
+Lease liabilities
+Interest-bearing bank and other borrowings 計息銀行及其他借款
+人民幣千元
+RMB'000
+總計
+五年以上
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+RMB'000
+人民幣千元
+人民幣千元
+一至五年
+十二個月以下
+三個月以下
+RMB'000
+按要求
+RMB'000
+人民幣千元
+三至
+Trade and bills payables
+adjustments to it in light of changes in economic
+conditions. To maintain or adjust the capital structure, the
+Group may adjust the dividend payment to shareholders,
+return capital to shareholders or issue new shares. The
+Group is not subject to any externally imposed capital
+應付貿易賬款及票據
+143,191
+9,887,490
+1,280,305
+計入其他應付款項及應計費用
+Financial liabilities included in
+137,566
+137,566
+應付其他關聯方款項
+Due to other related parties
+2,398,177
+2,398,177
+應付合營公司款項
+Due to joint ventures
+49,791,628
+681,299 1,337,476
+294,173 55,563,545
+24,080,562 26,020,717
+459,036
+603,992
+requirements. No changes were made in the objectives,
+policies or processes for managing capital during the years
+ended 31 December 2021 and 31 December 2020.
+資本管理(續)
+本集團管理其資本架構並根據經濟狀況的變
+動對其作出調整。為維持或調整資本架構,
+本集團或會調整支付予股東的股息、股東資
+本回報或發行新股份。本集團毋須受任何外
+部實施的資本要求所限。截至二零二一年十
+二月三十一日及二零二零年十二月三十一日
+止年度,資本管理的目標、政策或過程並無
+任何變動。
+Proposed final -
+RMB'000
+人民幣千元
+二零二零年
+二零二一年
+RMB'000
+人民幣千元
+2020
+2021
+51. 股息
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+305
+Annual Report 2021
+二零二一年年報
+DIVIDENDS
+51.
+司擁有人應佔權益已扣除永續債人民幣
+1,094,592,000°
+· RMB0.105
+截至二零二零年十二月三十一日,母公
+(2020: RMB0.148) per ordinary share
+305,670
+BYD Company Limited
+於二零二一年十二月三十一日,本集團向其
+若干供應商背書(「背書」)獲中國內地的銀
+行接納的若干應收票據(「已背書票據」),賬
+面值為人民幣27,649,000元(二零二零年:
+人民幣5,751,000元),以結清應付該等供
+應商的應付貿易賬款。董事認為,本集團已
+保留絕大部分風險及回報,包括有關已背書
+票據的違約風險,因此,其繼續悉數確認已
+背書票據的賬面值及相關已結清應付貿易賬
+款。於背書後,本集團並未就已背書票據的
+使用保留任何權利,包括向任何其他第三方
+出售、轉讓或質押已背書票據。於二零二一
+年十二月三十一日,年內透過已背書票據向
+具有追索權的供應商結算的應付貿易賬款的
+總賬面值為人民幣27,649,000元(二零二零
+年:人民幣5,751,000元)。
+未完全撤銷確認的金融資產
+recourse was RMB27,649,000(2020: RMB5,751,000) as at
+31 December 2021.
+At 31 December 2021, the Group endorsed certain bills
+receivable accepted by banks in Mainland China (the
+“Endorsed Bills") with a carrying amount of RMB27,649,000
+(2020:RMB5,751,000) to certain of its suppliers in
+order to settle trade payables due to such suppliers
+(the “Endorsement"). In the opinion of the directors, the
+Group has retained substantial risks and rewards, which
+include default risks relating to such Endorsed Bills, and
+accordingly, the Group continued to recognise the full
+carrying amounts of the Endorsed Bills and the associated
+trade payables settled. Subsequent to the Endorsement,
+the Group did not retain any rights on the use of the
+Endorsed Bills, including the sale, transfer or pledge of the
+Endorsed Bills to any other third parties. The aggregate
+carrying amount of the trade payables settled by the
+Endorsed Bills during the year to which the suppliers have
+Financial assets that are not derecognised in their
+entirety
+金融資產轉移
+52.
+TRANSFERS OF FINANCIAL ASSETS
+52.
+本年度建議末期股息須待本公司股東於將召
+開的股東週年大會上批准後,方可作實。
+The proposed final dividend for the year is subject to the
+approval of the Company's shareholders at the forthcoming
+annual general meeting.
+423,449
+305,670
+423,449
+建議末期每股普通股人民幣0.105元
+(二零二零年:人民幣0.148元)
+比亞迪股份有限公司
+截至二零二一年十二月三十一日,概無
+永續債須扣除。
+As of 31 December 2020, Equity attributable to owners
+51,270,597
+33,729,304
+計息銀行及其他借款
+Interest-bearing bank and other borrowings
+Lease liabilities
+人民幣千元
+RMB'000
+RMB'000
+人民幣千元
+二零二零年
+十二月三十一日
+二零二一年
+十二月三十一日
+2020
+31 December
+2021
+31 December
+本集團透過使用資本負債比率(即負債淨額
+除以權益)監管其資本。本集團的政策為盡
+量維持低資本負債比率。負債淨額包括計息
+銀行及其他借款及租賃負債並扣除現金及現
+金等價物。權益為母公司擁有人應佔權益。
+於報告期末的資本負債比率如下:
+The Group monitors capital using a gearing ratio, which
+is net debt divided by equity. The Group's policy is to
+maintain the gearing ratio as low as possible. Net debt
+includes interest-bearing bank and other borrowings and
+lease liabilities, less cash and cash equivalents. Equity
+represents equity attributable to owners of the parent. The
+gearing ratios as at the end of the reporting periods were
+as follows:
+租賃負債
+of the parent excluded the amount of perpetual loans of
+RMB1,094,592,000.
+1,663,719
+Less: Cash and cash equivalents
+As of 31 December 2021,there is no perpetual loan
+need to deduct.
+69%
+(15%)
+資本負債比率
+Gearing ratio
+55,779,682
+95,069,671
+母公司擁有人應佔權益*
+Equity attributable to owners of the parent*
+(14,426,837) 38,543,892
+(資產)/負債淨值
+Net (asset)/debt
+13,738,498
+49,819,860
+減:現金及現金等價物
+1,011,793
+Credit risk (continued)
+3,573,678
+信貸風險(續)
+BYD COMPANY LIMITED
+BYD) 比亞迪股份有限公司
+95,069,671 56,874,274 56,762,289 55,198,289 55,004,194
+295,780,147 201,017,321 195,641,593 194,571,077 178,099,430
+(191,535,938) (136,563,409) (133,040,173) (133,877,098) (118,141,943)
+(9,174,538) (7,579,638) (5,839,131) (5,495,690) (4,953,293)
+4,916,936
+3,556,193
+2,118,857
+6,013,963
+3,967,266
+淨資產值(不包括非控股權益)
+資產總值
+NON-CONTROLLING INTERESTS)
+NET ASSETS (EXCLUDING
+NON-CONTROLLING INTERESTS
+TOTAL LIABILITIES
+TOTAL ASSETS
+4,066,478
+850,458
+2,780,194
+775,999
+1,614,450
+504,407
+4,234,267
+1,779,696
+922,078
+非控股權益
+Non-controlling interests
+3,045,188
+母公司擁有人
+Owners of the parent
+以下人士應佔:
+以公允價值計量
+並計入其他綜合
+收益的金融資產
+的公允價值儲備
+RMB°000
+人民幣千元
+法定盈餘
+公積金
+RMB’000
+人民幣千元
+留存溢利
+RMB'000
+人民幣千元
+永續債
+169,420
+209,285 4,394,592 25,252,171
+169,420
+贖回永續債
+Repay of perpetual loans
+Total comprehensive income for the year 年度綜合收益總額
+other comprehensive income
+收益的權益投資公允價值變動
+investments at fair value through
+(438,579)
+以公允價值計量並計入其他綜合
+Change in fair value of equity
+receivables financing
+2,388
+Attributable to:
+應收款項融資公允價值變動
+Profit for the year
+Other comprehensive income for the year: 年度其他綜合收益:
+年度溢利
+703,402
+189,809
+(225,407)
+19,980,490
+於二零二零年一月一日
+At 1 January 2020
+人民幣千元
+RMB'000
+總計
+RMB'000
+人民幣千元
+Change in fair value of
+2,388
+3,556,193 4,916,936
+6,013,963
+Finance costs
+其他開支
+Other expenses
+measured at amortised cost
+不適用
+(361,765)
+(519,134)
+(299,523)
+(88,765)
+終止確認攤銷成本計量的金融資產虧損
+Loss on derecognition of financial assets
+不適用
+(332,080)
+(477,031)
+(1,166,268)
+(444,553)
+¥§Àª§}
+Impairment losses on financial and contract assets
+(3,826,379) (3,047,734)
+(5,742,242) (4,395,630) (4,232,316)
+行政開支
+Administrative expenses
+(4,989,360) (3,739,491)
+2,263,485
+27,243,591 18,075,993 18,066,764 17,935,074
+1,700,078 1,974,950 2,137,163 1,153,210
+1,688,142 1,707,657 2,332,863 1,275,807
+(6,081,678) (5,055,613) (4,345,897) (4,729,481) (4,925,288)
+(7,990,974) (7,464,861) (5,629,372)
+研究與開發成本
+Research and development costs
+融資成本
+(1,986,631)
+(1,907,642)
+(2,056,691) (213,536)
+(3,123,801) (3,487,407)
+(568,610)
+3,967,266
+本年度溢利
+PROFIT FOR THE YEAR
+4,385,640 5,620,641
+(829,447) (703,705)
+2,431,131
+(312,274)
+(868,624)
+(550,737)
+所得稅開支
+Income tax expense
+6,882,587
+4,518,003
+除稅前溢利
+PROFIT BEFORE TAX
+2,118,857
+46,437
+(277,602) (270,959)
+(435,311)
+12,535
+(198,955)
+12,118
+65,981
+聯營公司
+Associates
+(211,276)
+合營公司
+Joint ventures
+分佔溢利及虧損:
+Share of profits and losses of:
+(3,118,751) (2,342,770)
+(463,645)
+52,878
+銷售及分銷成本
+(438,579)
+永續債利息
+Five Year Financial Summary
+比亞迪股份有限公司
+312
+BYD Company Limited
+董事會已於二零二二年三月二十九日審批及
+授權刊發財務報表。
+The financial statements were approved and authorised for
+issue by the board of directors on 29 March 2022.
+審批財務報表
+55.
+APPROVAL OF THE FINANCIAL STATEMENTS
+55.
+31 December 2021
+二零二一年十二月三十一日
+財務報表附註
+Notes to Financial Statements
+311
+Annual Report 2021
+二零二一年年報
+56,749,553
+(62,803)
+781,370
+210,129
+(208,364)
+於二零二一年十二月三十一日 56,029,221
+At 31 December 2021
+22,451
+22,451
+其他
+Others
+reserve fund
+五年財務摘要
+31 December 2021
+二零二一年十二月三十一日
+A summary of the results and of the assets, liabilities and minority
+interests of the Group for the last five financial years, as extracted
+from the published audited financial statements and restated/
+reclassified as appropriate, is set out below.
+政府補助及補貼
+Government grants and subsidies
+3,009,737
+其他收入及收益
+Other income and gains
+23,632,561
+毛利
+(84,715,540)
+102,650,614
+121,790,925
+211,299,918 153,469,184 121,778,117
+(187,667,357) (126,225,593) (103,702,124) (103,724,161)
+銷售成本
+收入
+(51,189)
+Gross profit
+REVENUE
+(經重列)
+(Restated)
+人民幣千元
+二零一七年
+RMB'000
+RMB'000
+人民幣千元
+2017
+2018
+二零一八年
+2019
+二零一九年
+RMB'000
+人民幣千元
+2020
+二零二零年
+RMB'000
+人民幣千元
+二零二一年
+RMB'000
+人民幣千元
+2021
+以下為本集團過去五個財政年度之業績以及資產、
+負債及少數股東權益之概要,乃摘錄自刊發之經審
+核財務報表,並經適當重列/重新分類。
+Cost of sales
+Perpetual loan interest
+51,189
+(423,449)
+(30,761)
+504,196
+年度溢利
+Profit for the year
+(246,382) 730,181
+(225,407)
+19,980,490
+於二零二一年一月一日
+At 1 January 2021
+(30,761) 1,094,592 21,302,713
+(246,382) 730,181
+(225,407)
+於二零二零年十二月三十一日 19,980,490
+At 31 December 2020
+(26,779)
+26,779
+(163,689)
+(163,689)
+(218,998)
+(218,998)
+(3,300,000) (3,300,000)
+(266,771)
+169,420
+(436,191)
+轉撥至法定盈餘公積金
+Appropriation to statutory surplus
+reserve fund
+已付二零一九年末期股息
+Final 2019 dividend paid
+1,094,592 21,302,713
+504,196
+Other comprehensive income for the year: 年度其他綜合收益:
+Change in fair value of
+應收款項融資公允價值變動
+(61,600)
+36,048,731
+(1,094,592) (1,100,000)
+960,707
+504,196
+456,511
+轉撥至法定盈餘公積金
+已付二零二零年末期股息
+永續債利息
+Appropriation to statutory surplus
+Final 2020 dividend paid
+Perpetual loan interest
+(5,408)
+36,048,731
+(61,600)
+(423,449)
+贖回永續債
+Repay of perpetual loans
+Issue of shares
+收益的權益投資的公允價值
+變動
+Total comprehensive income for the year 年度綜合收益總額
+other comprehensive income
+investments at fair value through
+456,497
+14
+456,497
+14
+以公允價值計量並計入其他綜合
+Change in fair value of equity
+receivables financing
+發行股份
+Selling and distribution costs
+負債總額
+非控股權益
+7,608,135
+14,740,459
+390
+Deferred income
+遞延收入
+1,777
+Other non-current liabilities
+其他非流動負債
+249,501
+1,810
+249,501
+341
+75,541
+Total non-current liabilities
+14,992,160
+Net assets
+資產淨值
+59,660,696
+24,030,856
+EQUITY
+權益
+Equity attributable to owners of the parent
+Share capital
+母公司擁有人應佔權益
+非流動負債總額
+遞延稅項負債
+Deferred tax liabilities
+租賃負債
+Tax payable
+3,859,932
+32,254
+2,163,815
+772
+1,425
+Total current liabilities
+應付稅項
+流動負債總額
+13,903,909
+14,331,857
+NET CURRENT ASSETS
+流動資產淨值
+18,782,325 15,852,281
+TOTAL ASSETS LESS CURRENT LIABILITIES
+67,268,831 39,023,016
+NON-CURRENT LIABILITIES
+非流動負債
+Interest-bearing bank and other borrowings
+計息銀行及其他借款
+7,280,975
+Lease liabilities
+股本
+2,911,143
+2,728,143
+Reserves
+financial
+assets at
+fair value
+Statutory
+Share
+through other
+surplus
+premium
+Capital comprehensive
+reserve
+Retained
+Perpetual
+account
+reserve
+income
+fund
+profits
+loans
+Total
+股份溢價賬
+RMB'000
+人民幣千元
+資本儲備
+RMB'000
+人民幣千元
+Fair value
+reserve of
+應付附屬公司款項
+附註:
+Note:
+儲備
+56,749,553
+20,208,121
+Perpetual loans
+1,094,592
+Total equity
+永續債
+權益總額
+59,660,696
+24,030,856
+BYD Company Limited
+310
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+54. STATEMENT OF FINANCIAL POSITION OF THE
+COMPANY (CONTINUED)
+54.
+本公司之財務狀況表(續)
+本公司之儲備概要載述如下:
+A summary of the Company's reserves is as follows:
+Due to subsidiaries
+資產總值減流動負債
+Due to joint ventures
+Annual Report 2021
+二零二一年年報
+309
+Notes to Financial Statements
+財務報表附註
+31 December 2021
+二零二一年十二月三十一日
+54. STATEMENT OF FINANCIAL POSITION OF THE
+COMPANY (CONTINUED)
+54.
+本公司之財務狀況表(續)
+Information about the statement of financial position of the
+1,697,701
+63,925
+應付貿易賬款及票據
+流動負債
+Other payables
+Trade and bills payables
+CURRENT LIABILITIES
+RMB'000
+人民幣千元
+2020
+二零二零年
+2021
+二零二一年
+RMB'000
+人民幣千元
+應付合營公司款項
+有關本公司於報告期末之財務狀況表的資料
+載述如下:(續)
+Company at the end of the reporting period is as follows:
+(continued)
+234,805
+8,582,136
+9,711,438
+計息銀行及其他借款
+Interest-bearing bank and other borrowings
+115,769
+21,970
+合同負債
+Contract liabilities
+2,746
+11,067
+租賃負債
+其他應付款項
+Lease liabilities
+1,736,011
+For the year ended 31 December 2021,turnover period of
+receivables (including trade receivables and receivables
+financing, amounts due from associates and joint ventures,
+amounts due from related parties) was approximately 100 days,
+as compared to approximately 141 days for the same period in
+2020, which was mainly due to the fact that the increase of trade
+receivables balance in average was lower than that of sales.
+revenue over the same period. The inventory turnover period was
+approximately 74 days for the year ended 31 December 2021 as
+compared to approximately 83 days for the same period in 2020,
+which was mainly due to the fact that the increase of inventory in
+average was lower than that of cost of sales over the same period.
+During the Year, the Group's gross profit decreased by
+approximately 13.25% to approximately RMB23,633 million. Gross
+profit margin decreased from approximately 17.75% in 2020 to
+approximately 11.18% during the Year. The gross profit margin
+During the Year, BYD generated operating cash inflow of
+approximately RMB65,467 million,compared with operating
+cash inflow of approximately RMB45,393 million in 2020.Cash
+inflow of the Group during the Period was mainly arising from
+the increase in cash generated from the sales of goods and
+provision of services in operating activities. Total borrowings as
+at 31 December 2021, including all bank loans and bonds, were
+approximately RMB33,729 million,compared with approximately
+RMB51,271 million as at 31 December 2020. The maturity profile
+of the bank loans and bonds thereof spreads over a period of five
+years, with approximately RMB22,939 million repayable within
+one year,approximately RMB10,790 million within the second to
+the fifth years. The Group had adequate liquidity to meet its daily
+liquidity management and capital expenditure requirements and
+control internal operating cash flows.
+Liquidity and Financial Resources
+decreased in comparison with 2020, mainly attributable to change
+of product mix.
+Rechargeable Batteries and
+結構變化所致。
+二零二一年
+2021
+69.76%
+30
+本集團年內的毛利約下降13.25%至約人民幣23,633
+Management Discussion and Analysis
+管理層討論與分析
+Gross Profit and Margin
+毛利及邊際利潤
+比亞迪股份有限公司
+二次充電電池及光伏
+Please refer to notes 35 and 43 to the financial statements for
+details of financial resources.
+The Company has successfully allotted and issued 133,000,000
+and 50,000,000 new H shares on 28 January 2021 and 8
+November 2021 respectively. As at 31 December 2021, the share
+capital of the Company was as follows:
+SHARE CAPITAL
+管理層討論與分析
+Management Discussion and Analysis
+比亞迪股份有限公司
+34
+Overseas
+二零二零年
+61.48%
+2020
+2020
+中國(包括港澳台地區)
+Macau and Taiwan)
+PRC (including Hong Kong,
+二零二一年
+2021
+手機部件、組裝及其他
+產品
+and other products
+nents, assembly service
+Mobile handset compo-
+二零二零年
+2020
+汽車、汽車相關產品及其他產品
+products, and other products
+Automobiles and related
+Photovoltaic
+流動資金及財務資源
+BYD Company Limited
+截至二零二一年十二月三十一日止年度,應收類款
+項(含應收貿易賬款及應收款項融資、應收聯營及合
+營公司、應收關聯方款項)週轉期約為100天,二零
+二零年同期約為141天,變化的主要原因為應收賬
+款平均餘額的同期增幅比營業收入的同期增幅小。
+截至二零二一年十二月三十一日止年度存貨週轉期
+約為74天,二零二零年同期約為83天,變化的主要
+原因為平均庫存的同比增幅比銷售成本的同期增幅
+小。
+Annual Report 2021
+二零二一年年報
+子公司股權期權計劃有36名參與者,包括比亞迪半
+導體董事(不包括獨立非執行董事)、高級管理層及
+關鍵人員(不包括監事)。子公司股權期權計劃乃僅
+為上述36名參與者量身定制的一次性激勵安排。概
+無子公司股權期權計劃的36名激勵參與者乃本公司
+層面的關連人士。有關上述參與者的身份及職位,
+請參閱該通函。
+子公司股權期權計劃旨在(其中包括)進一步建立及
+完善比亞迪半導體的激勵機制、挽留及激勵人才以
+及允許全體參與方聚焦比亞迪半導體的長期發展並
+共同促進其可持續發展。
+There are 36 participants in the Subsidiary Share Option Scheme,
+including directors (excluding independent non-executive
+directors), senior management and key personnel (excluding
+supervisors) of BYD Semiconductor. The Subsidiary Share
+Option Scheme is tailored to be a one-off incentive arrangement
+for the aforesaid 36 participants only. None of the 36 incentive
+participants of the Subsidiary Share Option Scheme is a
+connected person at the Company level. For details of the identity
+and positions of the aforesaid participants, please refer to the
+Circular.
+The purpose of the Subsidiary Share Option Scheme is to, among
+others, further establish and improve the incentive mechanism
+of BYD Semiconductor, retain and motivate talents, and allow
+all parties to focus on the long-term development of BYD
+Semiconductor and jointly promote its sustainable development.
+茲提述本公司日期為二零二一年五月十一日的公告
+及日期為二零二一年五月三十一日的通函(「該通
+函」),內容有關(其中包括)建議採納比亞迪半導體
+有限公司2020年股權期權激勵計劃(「子公司股權期
+權計劃」)。本公司股東於本公司於二零二一年六月
+十六日舉行的臨時股東大會上批准採納子公司股權
+期權計劃。
+子公司股權期權計劃
+其中,根據本公司股東於二零二一年六月十六日通
+過的決議案批准採納比亞迪半導體股份有限公司(前
+稱為比亞迪半導體有限公司)股權期權計劃(「子公
+司股權期權計劃」),有關子公司股權期權計劃的進
+一步詳情,請參閱本報告以下「子公司股權期權計
+劃」分節。
+References are made to the announcement dated 11 May 2021
+and circular (the “Circular") dated 31 May 2021 of the Company,
+in relation to, among others, the adoption of the 2020 Share Option
+Incentive Scheme of BYD Semiconductor Co., Ltd (the "Subsidiary
+Share Option Scheme"). The adoption of the Subsidiary Share
+Option Scheme was approved by the shareholders of the
+Company at the extraordinary general meeting of the Company
+held on 16 June 2021.
+Management Discussion and Analysis
+管理層討論與分析
+SUBSIDIARY SHARE OPTION SCHEME
+於二零二一年十二月三十一日,本集團僱用約28.82
+萬名僱員。期內,員工成本總額佔本集團營業額約
+15.05%。本集團按僱員的表現、資歷及當時的行
+業慣例釐定給予僱員的報酬,而酬金政策會定期檢
+討。根據年度工作表現評核,僱員或會獲發花紅及
+獎金。發放獎勵乃作為個人推動力的鼓勵。
+僱用、培訓及發展
+As at 31 December 2021, the Group had approximately
+288.2 thousand employees. During the Period,total staff cost
+accounted for approximately 15.05% of the Group's turnover.
+Employees' remuneration was determined based on performance,
+qualifications and prevailing industry practices, with compensation
+policies being reviewed on a regular basis. Bonuses were also
+awarded to employees, based on their annual performance
+evaluation. Incentives were offered to encourage personal
+motivation.
+Employment, Training and Development
+管理層討論與分析
+Management Discussion and Analysis
+比亞迪股份有限公司
+股本
+32
+In particular, the adoption of a share option scheme (the
+"Subsidiary Share Option Scheme") of BYD Semiconductor
+Company Limited (比亞迪半導體股份有限公司) (formerly known
+as BYD Semiconductor Co.,Ltd,比亞迪半導體有限公司) was
+approved pursuant to a resolution of the shareholders of the
+Company passed on 16 June 2021. For further details of the
+Subsidiary Share Option Scheme, please refer the sub-paragraph
+headed "Subsidiary Share Option Scheme" below of this report.
+年內,比亞迪錄得經營現金流入約人民幣65,467百
+萬元,而二零二零年則錄得經營現金流入約人民幣
+45,393百萬元。本集團期內現金流入主要是經營活
+動銷售商品及提供服務收到的現金增加所致。於二
+零二一年十二月三十一日的總借貸包括全部銀行貸
+款及債券,約為人民幣33,729百萬元,而二零二零
+年十二月三十一日為約人民幣51,271百萬元。銀行
+貸款及債券的到期還款期限分佈在五年期間,分別
+須於一年期內償還約人民幣22,939百萬元,於第二
+至五年期內償還約人民幣10,790百萬元。本集團擁
+有足夠的流動性以滿足日常流動資金管理及資本開
+支需求,並控制內部經營現金流量。
+The number of shares of BYD Semiconductor in respect of which
+the share options involved is 33,088,235 (representing 7.353%
+of the registered share capital of BYD Semiconductor as at the
+date of this report), and the cumulative total number of shares of
+BYD Semiconductor involved under the Subsidiary Share Option
+Scheme and all other schemes of BYD Semiconductor shall not
+exceed 10% of the total share capital of BYD Semiconductor in
+issue on 16 June 2021, the date of approval of the Subsidiary
+Share Option Scheme by the directors of the Company. As at the
+date of this report, an aggregate of 33,088,235 share options,
+representing all the share options which could be granted
+under the Subsidiary Share Option Scheme, were granted to 36
+employees of BYD Semiconductor pursuant to the terms and
+conditions of the Subsidiary Share Option Scheme at the exercise
+price of RMB4.54 per share (subject to a further adjustment in
+accordance with terms and conditions of the Subsidiary Share
+Option Scheme). Save for 203,824 share options which had been
+lapsed and cancelled as a result of the resignation of an employee
+subsequent to the conditional approval of the Subsidiary Share
+Option Scheme, no share option was exercised, cancelled and/or
+lapsed during the twelve months ended 31 December 2021. As at
+31 December 2021, there was no outstanding share option under
+the Subsidiary Share Option Scheme.
+涉及股權期權的比亞迪半導體股份數目為
+33,088,235股(於本報告日期佔比亞迪半導註冊股
+本的7.353%)。子公司股權期權計劃項下涉及的比
+亞迪半導體累計股份總數及比亞迪半導體所有其他
+計劃不應超過比亞迪半導體於二零二一年六月十六
+日(本公司董事批准子公司股權期權計劃之日)已發
+行股本總額的10%。於本報告日期,根據子公司股
+權期權計劃的條款及條件按發行價每股人民幣4.54
+元(須根據子公司股權期權計劃的條款及條件進一步
+調整)授予比亞迪半導體36名僱員合共33,088,235
+份股權期權(即子公司股權期權計劃項下可授予的所
+有股權期權)。除由於有條件批准子公司股權期權計
+劃後僱員辭任導致的203,824份股權期權已失效及
+註銷外,截至二零二一年十二月三十一日止十二個
+月,概無股權期權獲行使、註銷及/失效。於二零
+二一年十二月三十一日,子公司股權期權計劃項下
+尚未行使股權期權。
+有關財務資源的詳情,請參閱財務附註35及43。
+Annual Report 2021
+二零二��年年報
+Management Discussion and Analysis
+管理層討論與分析
+31
+Capital Structure
+The Group's financial division is responsible for the Group's
+financial risk management which operates according to policies
+implemented and approved by senior management. As at 31
+December 2021, borrowings were primarily settled in RMB,while
+cash and cash equivalents were primarily held in RMB and US
+dollar. The Group plans to maintain an appropriate mix of equity
+and debt to ensure an efficient capital structure during the Period.
+As at 31 December 2021, the Group's outstanding loans included
+RMB loans and foreign currency loans and approximately 58%
+(2020: 56%) of such outstanding loans were at fixed interest rates,
+with the remaining at floating interest rates.
+The Group monitors capital using a gearing ratio, which is net debt
+divided by equity. The Group's policy is to maintain the gearing
+ratio as low as possible. Net debt includes interest-bearing bank
+and other borrowings less cash and cash equivalents. Equity
+represents equity attributable to owners of the parent. Therefore,
+the gearing ratios of the Group was -15% and 69% as at 31
+December 2021 and 31 December 2020, respectively.
+As at 31 December 2021,certain items of the Group's land and
+buildings with a net carrying amount of RMB182,646 thousand
+(31 December 2020: RMB191,209 thousand) have been pledged
+as securities for the long term loans of RMB111,441 thousand (31
+December_2020:RMB116,295 thousand) granted to the Group,
+of which RMB21,304 thousand (31 December 2020: RMB6,675
+thousand) was long term loans due within a year. No transit
+equipment(31 December 2020:RMB1,781 thousand) has been
+pledged as securities for the long term loans. In addition, as
+at 31 December 2021, a pledged bank deposit of RMB528,128
+thousand (2020:RMB429,041 thousand) and a restricted bank
+deposit of RMB109,109 thousand (2020: RMB277,491 thousand)
+were pledged for bank bills, guarantee deposits and others.
+Exposure to Foreign Exchange Risk
+The validity period of the Subsidiary Share Option Scheme shall
+commence from the grant date of the share options and end on
+the date on which all the share options granted to the incentive
+participants have been exercised or cancelled, which shall not
+be longer than 10 years. The share options granted under the
+Subsidiary Share Option Scheme shall be exercised in three
+tranches, and the corresponding vesting periods shall be 24
+months,36 months and 48 months respectively from the grant
+date. In the first, second, and third exercise periods,30%,30%,
+and 40% of the share options are entitled to be exercised under
+the prerequisite of meeting performance conditions. The share
+options will not be exercisable when participants fail to fulfil
+BYD Semiconductor's performance as the conditions of exercise
+or those currently not exercised after the end of the exercise
+period shall become null and void and be repurchased without
+consideration and cancelled by BYD Semiconductor. For further
+details of the exercise period, performance appraisal objectives
+(as conditions of the exercise of the share options) and further
+details of the Subsidiary Share Option Scheme, please refer to the
+Circular and note 41 to the financial statements in this report.
+Most of the Group's income and expenditure are settled in RMB
+and US dollar. During the Period, the Group did not experience
+any significant difficulties in or impacts on its operations or
+liquidity due to fluctuations in currency exchange rates. The
+Directors believe that the Group has sufficient foreign exchange
+to meet its own foreign exchange requirements and will adopt
+practical measures to prevent exposure to exchange rate risk.
+本集團財務處的職責是負責本集團的財務風險管理
+工作,並根據高級管理層實行批核的政策運作。於
+二零二一年十二月三十一日,借貸主要以人民幣結
+算,而其現金及現金等價物則主要以人民幣及美元
+持有。本集團計劃於期內維持適當的股本及債務組
+合,以確保具備有效的資本架構。於二零二一年十
+二月三十一日,本集團未償還貸款包括人民幣貸款
+及外幣貸款,且該等未償還貸款中約有58%(二零二
+零年:56%)按固定息率計息,而餘下部分則按浮動
+息率計息。
+本集團透過使用資本負債比率(即負債淨額除以權
+益)監管其資本。本集團的政策為盡量維持低資本
+負債比率。負債淨額包括計息銀行及其他借款並扣
+除現金及現金等價物。權益為母公司擁有人應佔權
+益。因此,本集團於二零二一年十二月三十一日
+及二零二零年十二月三十一日的資本負債比率分別
+為-15%及69%。
+於二零二一年十二月三十一日,本集團以賬面淨值
+為人民幣182,646千元(二零二零年十二月三十一
+日:人民幣191,209千元)的土地及房屋建築物作為
+抵押取得長期借款人民幣111,441千元(二零二零年
+十二月三十一日:人民幣116,295千元),其中一年
+內到期的長��借款人民幣21,304千元(二零二零年
+十二月三十一日:人民幣6,675千元)。本年無以運
+輸工具(二零二零年十二月三十一日:人民幣1,781
+千元)作為抵押取得的長期借款。此外,於二零二一
+年十二月三十一日,為取得銀行承兌匯票、信用證
+保證金及其他抵押銀行存款人民幣528,128千元(二
+零二零年:人民幣429,041千元)及受限銀行存款人
+民幣109,109千元(二零二零年:人民幣277,491千
+元)。
+外匯風險
+本集團大部分收入及開支均以人民幣及美元結算。
+期內,本集團並無因貨幣匯率的波動而令其營運或
+流動資金出現任何重大困難或影響。董事相信,本
+集團將有充足外幣應付其外匯需要,並將採取切實
+有效的方法防範外匯匯兌風險。
+BYD Company Limited
+33
+。
+子公司股權期權計劃的有效期將自股權期權授予日
+期開始,並於所有已行使或註銷的股權期權授予激
+勵參與者當日結束,不應超過十年。根據子公司股
+權期權計劃授予的股權期權應分三批行使,相應歸
+屬期應自授予日期起分別為24個月、36個月及48個
+月。於第一、第二及第三個行使期,於滿足業績條
+件的前提下,30%、30%及40%的股權期權有權行
+使權力。當參與者未能履行比亞迪半導體作為行使
+條件的業績時,或於行使期末後當前未行使的股權
+期權將失效,並由比亞迪半導體無償回購及註銷。
+有關行使期、作為股權期權行使條件的績效考核目
+標的詳情及子公司股權期權計劃的進一步詳情,請
+參閱該通函及本報告的財務報表附註41
+資本架構
+本公司於二零二一年一月二十八日及二零二一年
+十一月八日成功分別配發及發行133,000,000股及
+50,000,000新H股,於二零二一年十二月三十一
+日,本公司的股本如下:
+BYD Company Limited
+H shares
+比亞迪股份有限公司
+36
+BYD Company Limited
+35
+根據深交所二零二二年一月二十七日公佈的《創業板
+上市委二零二二年第5次審議會議結果公告》,深交
+所創業板上市委員會就比亞迪半導體擬於深交所創
+業板獨立上市的申請的審議結果為:比亞迪半導體
+股份有限公司(首發)符合發行條件、上市條件和信
+息披露要求。
+二零二一年十月二十二日,本公司收到香港聯交所
+關於本次分拆的批覆及保證配額的豁免同意函,確
+認本公司可根據上市規則第15項應用指引進行分拆
+及可獲豁免向其現有股東提供比亞迪半導體股份之
+保證配額。
+二零二一年六月二十九日,本公司收到深交所發出
+的《關於受理比亞迪半導體股份有限公司首次公開發
+行股票並在創業板上市申請文件的通知》(深證上審
+[2021]283號)。深交所依據相關規定對比亞迪半導
+體報送的首次公開發行股票並在創業板上市的申請
+報告及相關申請文件進行了核對,認為文件齊備,
+決定予以受理。
+本公司分別於二零二零年十二月三十日、二零二一
+年五月十日及二零二一年六月十六日召開的第七屆
+董事會第四次會議、第七屆董事會第十一次會議和
+二零二一年第一次臨時股東大會審議通過了關於分
+拆比亞迪半導體至深圳證券交易所創業板上市的相
+關事項(以下簡稱「本次分拆」),並於其後向深交所
+提交了本次分拆的申請材料,及向香港聯合交易所
+有限公司(以下簡稱「香港聯交所」)提出本次分拆及
+豁免公司向公司股東提供保證配額的申請。
+According to the Announcement of the Results of the 5th
+Consideration Meeting of the GEM Listing Committee in 2022
+announced by the SZSE on 27 January 2022, the results of
+the review of the Listing Committee of SZSE in relation to the
+application of BYD Semiconductor to list on the ChiNext Board of
+SZSE separately are that BYD Semiconductor Company Limited
+(initial public offering) complies with the issuance conditions, the
+conditions of listing and the information disclosure requirements.
+Management Discussion and Analysis
+On 22 October 2021, the Company received the approval in
+relation to the Spin-off and the waiver for assured entitlement from
+the Hong Kong Stock Exchange, confirming that the Company may
+conduct the Spin-off pursuant to Practice Note 15 of the Listing
+Rules and can be waived from providing assured entitlement of
+BYD Semiconductor's shares to its existing shareholders.
+The Company held the 4th Meeting of the Seventh Session of the
+Board, the 11th Meeting of the Seventh Session of the Board and
+the First Extraordinary General Meeting of 2021 on 30 December
+2020, 10 May 2021, and 16 June 2021, respectively, during which
+the Company considered and approved the matters related to the
+Spin-off of BYD Semiconductor to be listed on the ChiNext Board
+of the Shenzhen Stock Exchange (hereinafter referred to as the
+“Spin-off”). The Company subsequently submitted the application
+materials for the Spin-off to the SZSE and filed the application
+for the Spin-off and the waiver of the Company from providing
+assured entitlement to the Company's shareholders to The Stock
+Exchange of Hong Kong Limited (“Hong Kong Stock Exchange").
+Management Discussion and Analysis
+管理層討論與分析
+Annual Report 2021
+二零二一年年報
+謹此提述本公司日期為二零二零年十二月三十日、
+二零二一年六月十六日、二零二一年六月三十日、
+二零二一年十月二十五日及二零二二年一月二十七
+日的公告及本公司日期為二零二一年五月三十一日
+的通函,內容有關(其中包括)建議分拆本公司的非
+全資子公司比亞迪半導體股份有限公司(前稱為比亞
+迪半導體有限公司)(「比亞迪半導體」)並於深圳證
+券交易所(「深交所」)創業板獨立上市(以下簡稱「分
+拆」)。
+建議分拆比亞迪半導體
+除下文「建議分拆比亞迪半導體」一節所述外,於本
+報告期內,概無所持重大投資及重大收購及出售附
+屬公司、聯營公司及合營公司。
+所持重大投資及重大收購及出售附屬公司、
+聯營公司及合營公司
+於二零二一年一月一日起至二零二一年十二月三十
+一日止,本公司並無贖回其任何股份。期內,本公
+司或其任何附屬公司概無購買或出售任何本公司股
+份。
+購買、出售或贖回股份
+On 29 June 2021, the Company received the Notice Regarding
+Acceptance of the Application Documents for the Initial Public
+Offering and Listing of Shares of BYD Semiconductor Company
+Limited on the ChiNext Board issued by SZSE (Shen Zheng Shang
+Shen [2021]No.283). In accordance with relevant regulations,
+the SZSE checked the application report and related application
+documents submitted by BYD Semiconductor for the initial
+public offering and listing of shares on the ChiNext Board, and
+determined that the documents are complete and acceptable.
+References are made to the announcements of the Company
+dated 30 December 2020,16 June 2021, 30 June 2021,25
+October 2021 and 27 January 2022, as well as the circular of
+the Company dated 31 May 2021, in relation to (among others)
+the proposed spin-off and separate listing of a non wholly-
+owned subsidiary of the Company, BYD Semiconductor Company
+Limited(比亞迪半導體股份有限公司) (formerly known as “BYD
+Semiconductor Co., Ltd.", hereinafter referred to as “BYD
+Semiconductor"), on the ChiNext Board of the Shenzhen Stock
+Exchange (the “SZSE”) (hereinafter referred to as “Spin-off”).
+管理層討論與分析
+As of the date of this annual report, there are uncertainties for
+the spin off, as it is subject to the approval of the CSRC for the
+issuance and registration procedures. The Company will comply
+& ER
+REV
+逐光前行
+以夢為馬 >
+報告期內,本公司不存在重大環保或社會安全問題。
+環保及社會安全情況
+有關或有負債的詳情,請參閱財務報表附註44。
+或有負債
+有關資本承擔業務的詳情,請參閱財務報表附註46。
+As it is expected that the Company's equity interests in BYD
+Semiconductor will be redeemed upon the completion of Spin-off,
+the Spin-off would constitute a deemed disposal of the Company
+under Chapter 14 of the Listing Rules. Currently, the highest
+applicable percentage ratio of the Spin-off will be less than 5%.
+Accordingly, the Spin-off will not constitute a notifiable transaction
+of the Company under Chapter 14 of the Listing Rules, and is
+not subject to the requirements of announcement, reporting and
+approval of shareholders under Chapter 14 of the Listing Rules.
+資本承擔
+由於本公司於比亞迪半導體的股權預期於分拆完成
+後將會減少,故分拆將構成上市規則第十四章項下
+本公司之視作出售事項。目前預期分拆的最高適用
+百分比率均將低於5%。因此,分拆並不構成上市規
+則第十四章項下本公司的須予公佈交易,且毋須遵
+守上市規則第十四章項下的公告、申報及股東批准
+規定。
+During the reporting period, the Company had no significant
+environmental protection or social security issues.
+SECURITY
+ENVIRONMENTAL PROTECTION AND SOCIAL
+Please refer to note 44 to the financial statements for details of
+contingent liabilities.
+CONTINGENT LIABILITIES
+Please refer to note 46 to the financial statements for details of
+capital commitments.
+CAPITAL COMMITMENT
+with the applicable requirements under the Listing Rules and
+make further announcement when appropriate.
+截至本年報日期,本次分拆尚需取得中國證監會同
+意發行註冊程序的決定,存在不確定性。本公司將
+遵守上市規則項下的適用規定,並於適當時候作進
+一步公告。
+A shares
+Proposed Spin-off of BYD Semiconductor
+Save as described in the section headed "Proposed Spin-off of
+財務回顧
+營業額及母公司擁有人應佔溢利
+年內,營業額較二零二零年增加37.68%,主要是產
+品結構變化所致。母��司權益持有人應佔溢利較去
+年同期下滑28.08%,主要為產品結構變化導致毛利
+率下滑。
+分部資料
+下圖為本集團於截至二零二一年及二零二零年十二
+月三十一日止年度按產品類別分析的營業額比較:
+Revenue Breakdown by Locations of Customers
+按客戶所在地劃分的營業額
+7.29%
+2021
+40.49%
+按產品類別劃分的營業額
+7.63%
+30.24%
+2021
+境外
+1,813,142,855
+Number of
+shares issued
+已發行股份數目
+總數
+H股
+A股
+Total
+2020
+BYD Semiconductor” below, during the reporting period,there
+was no significant investment held, material acquisition and
+disposal of subsidiaries, associates and joint ventures.
+Revenue Breakdown by Product Categories
+Segmental Information
+ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,
+ASSOCIATES AND JOINT VENTURES
+SIGNIFICANT INVESTMENT HELD AND MATERIAL
+The Company did not redeem any of its shares during the period
+from 1 January 2021 to 31 December 2021. During the Period,
+neither the Company nor any of its subsidiaries purchased or sold
+any of the Company's shares.
+PURCHASE, SALE OR REDEMPTION OF SHARES
+100.00%
+37.72%
+62.28%
+2,911,142,855
+1,098,000,000
+The following charts set out comparisons of the Group's revenue
+by product categories for the years ended 31 December 2021 and
+2020:
+Percentage (%)
+約佔百分比(%)
+nental
+Annual Report 2021
+二零二一年年報
+Management Discussion and Analysis
+管理層討論與分析
+29
+FINANCIAL REVIEW
+Revenue and Profit attributable to Owners of the Parent
+Company
+During the Year,revenue increased by 37.68% as compared
+to that of 2020,mainly attributable to change of product mix.
+The profit attributable to equity holders of the Parent Company
+decreased by 28.08% as compared to the previous year, mainly
+attributable to the decrease of gross profit rate due to change of
+product mix.
+Approximate
+呂向陽
+BYD Company Limited
+比亞迪股份有限公司
+王傑
+Zhang Min
+Mr. Zhang Min, aged 45, Chinese national with no right of abode
+overseas, doctoral degree holder and professor of accounting.
+Mr. Zhang was appointed as an independent non-executive
+director of the Company on 8 September 2020. Mr. Zhang
+graduated from Beijing Wuzi University (北京物資學院) in 1999
+with a bachelor's degree in management majoring in accounting,
+from Zhongnan University of Economics and Law (中南財經政法
+大學) in 2005 with a master's degree in management majoring in
+accounting, and completed his post-doctoral training in Peking
+University Guanghua School of Management in 2010. Mr. Zhang
+currently serves as the accounting professor, supervisor for Ph.D.
+candidates and accounting director of Business School, Renmin
+University of China as well as an independent director of Beijing
+HanjianHeshan Pipeline Co., Ltd. (北京韓建河山管業股份有限公司),
+SDIC Capital Co., Ltd.(國投資本股份有限公司),and Beijing SPC
+Environment Protection Tech Co., Ltd.(北京清新環境技術股份有限
+公司).
+獨立非執行董事
+蔡洪平
+蔡洪平先生,68歲,中國香港籍,本科學歷。蔡
+先生於二零二零年九月八日獲委任為本公司獨立非
+執行董事。蔡先生於一九八八年畢業於復旦大學,
+獲新聞學學士學位。蔡先生曾任中國石化上海石油
+化工股份有限公司辦公室主任;國務院國家體改委
+中國企業海外上市指導小組成員及中國H股公司董
+事會秘書聯席會議主席;百富勤投資銀行董事總經
+理;瑞士銀行亞洲區主席;德意志銀行亞太區主
+席。現任漢德資本主席、創始合夥人,並擔任中國
+東方航空股份有限公司、中遠海運發展股份有限公
+司、上海浦東發展銀行股份有限公司獨立董事。
+張敏
+張敏先生,45歲,中國國籍,無境外居留權,博士
+研究生學歷,會計學教授。張先生於二零二零年九
+月八日獲委任為本公司獨立非執行董事。張先生於
+一九九九年畢業於北京物資學院,主修會計學,管
+理學學士學位,於二零零五年畢業於中南財經政法
+大學,主修會計學,獲管理學博士學位,並於二零
+一零年從北京大學光華管理學院博士後出站。張先
+生現任中國人民大學商學院會計系教授、博士生導
+師、會計系主任,並擔任北京韓建河山管業股份有
+限公司、國投資本股份有限公司、北京清新環境技
+術股份有限公司獨立董事。
+BYD Company Limited
+42
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Jiang Yan-bo
+Mr. Jiang Yan-bo,aged 56, Chinese national with no right of
+abode overseas, doctoral degree holder,professor of law. Mr.
+Jiang was appointed as an independent non-executive director
+of the Company on 8 September 2020.Mr.Jiang graduated
+from Jiangxi College of Finance and Economics (江西財經學院)
+(currently known as Jiangxi University of Finance and Economics
+(江西財經大學)) with a bachelor's degree in economics in 1987,
+from China University of Political Science and Law (中國政法大學)
+with a second bachelor's degree in law in 1989, and from Jiangxi
+University of Finance and Economics with a doctoral degree in
+economics in 2007. Mr. Jiang is currently a professor at the Law
+School of Jiangxi University of Finance and Economics and an
+independent director of Guangdong Dowstone Technology Co.,
+Ltd.(廣東道氏技術股份有限公司),Shenzhen Pagoda Industrial
+(Group)Corporation Limited (深圳百果園實業(集團)股份有限公司)
+and Shenzhen Minkave Technology Co.,Ltd.(深圳市名家匯科技
+股份有限公司) and non-executive director of Mubang High-tech
+Co.,Ltd.(江西沐邦高科股份有限公司) and an external director of
+Jiangxi Provincial Water Conservancy Investment Group Co., Ltd.
+(江西省水利投資集團有限公司).
+Mr.Cai Hong-ping,aged 68,Chinese (Hong Kong) national,
+bachelor's degree holder. Mr. Cai was appointed as an
+independent non-executive director of the Company on 8
+September 2020. Mr. Cai graduated from Fudan University (復旦
+大學) in 1988 with a bachelor's degree in mass communications.
+Mr. Cai served as an office director of Sinopec Shanghai
+Petrochemical Company Limited (中國石化上海石油化工股份有限公
+]), member of the Overseas Listing Team for Chinese Enterprises
+under the Restructuring Committee of the State Council (
+院國家體改委中國企業海外上市指導小組),the chairman of the
+Joint Committee of Board Secretaries for H Share Companies in
+the PRC, managing director of the investment banking division
+of Peregrine Investments Holdings Limited, chairman of the
+investment banking division of UBS AG in Asia and chairman
+of Deutsche Bank (德意志銀行) in the Asia Pacific region. He
+currently serves as the chairman and founding partner of AGIC
+(漢德資本),and an independent director of China Eastern
+Airlines Corporation Limited (中國東方航空股份有限公司),COSCO
+SHIPPING Development Co., Ltd. (中遠海運發展股份有限公司) and
+Shanghai Pudong Development Bank Co., Ltd. (上海浦東發展銀行
+股份有限公司).
+SUPERVISORS
+Mr. Dong Jun-qing,aged 88,Chinese national with no right of
+abode overseas, bachelor's degree holder, and a senior engineer
+at professor level. Mr. Dong graduated from Non-Ferrous Metal
+and Gold Faculty in Moscow, USSR (蘇聯莫斯科有色金屬與黃金學
+院) in 1959,with a bachelor's degree majoring in aluminum and
+magnesium metallurgy, and obtained the title of USSR engineer.
+Mr. Dong lectured at Non-Ferrous Metallurgy Faculty of the
+Northeast_University in the PRC (中國東北大學) and researched
+at Beijing Non-Ferrous Research Institute and was engaged in
+research and development work in the Group. He has been a
+Supervisor and the chairman of the Supervisory Committee since
+July 2002.
+蔣岩波
+蔣岩波先生,56歲,中國國籍,無境外居留權,
+博士研究生學歷,法學教授。蔣先生於二零二零年
+九月八日獲委任為本公司獨立非執行董事。蔣先生
+於一九八七年畢業於江西財經學院(現江西財經大
+學),獲經濟學學士學位,一九八九年畢業於中國政
+法大學,獲法學第二學士學位,二零零七年畢業於
+江西財經大學,獲經濟學博士學位。蔣先生現任江
+西財經大學法學院教授,並擔任廣東道氏技術股份
+有限公司、深圳百果園實業(集團)股份有限公司、
+深圳市名家匯科技股份有限公司獨立董事以及江西
+沐邦高科股份有限公司非執行董事、江西省水利投
+資集團有限公司外部董事。
+監事
+董俊卿
+董俊卿先生,88歲,中國國籍,無境外居留權,本
+科學歷,教授級高級工程師。董先生於一九五九年
+畢業於蘇聯莫斯科有色金屬與黃金學院鋁鎂冶煉專
+業,獲學士學位及蘇聯工程師稱號。董先生曾在中
+國東北大學有色冶金系任教、北京有色金屬研究總
+院從事研究工作,並於本集團從事研發工作,彼於
+二零零二年七月起擔任本公司監事及監事會主席。
+Annual Report 2021
+二零二一年年報
+43
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Li Yong-zhao
+Mr. Li Yong-zhao,aged 61,Chinese national with no right of
+abode overseas, bachelor's degree holder, and a researcher
+level senior engineer. Mr. Li graduated from Xi'an Institute of
+Technology(西安工業學院) in August 1982 with a bachelor's
+degree in mechanical manufacturing technology and equipment.
+Mr. Li worked as technician, office head, deputy director, director,
+deputy plant manager and held other posts in state-owned Factory
+615 of China Industries Group Corporation (中國兵器工業集團公
+司). He also acted as the general manager of the Sino-foreign
+joint venture named Baoji Xingbao Machinery & Electric Co., Ltd.
+(寶雞星寶機電公司), plant manager of state-owned Factory 843 of
+China Industries Group Corporation since May 2002, vice general
+manager of China North Industries Group Corporation(I
+業集團有限公司),executive director of Xi'an Northern Qinchuan
+Company Ltd.(西安北方秦川集團有限公司) since October 2010;
+member of science and technology committee of China North
+Industries Group Corporation (西北工業集團有限公司),and the
+executive director, Party secretary of Xi'an Northern Qinchuan
+Company Ltd. in 2019, and retired in October 2021 and he has
+been a supervisor of the Company since June 2008.
+Dong Jun-qing
+Cai Hong-ping
+INDEPENDENT NON-EXECUTIVE DIRECTORS
+董事、監事及高級管理層
+非執行董事
+so on.
+業協會),honorary chairman of Guangdong Association for the
+Promotion of Industrial Development (廣東省產業發展促進會) and
+chairman of Guangdong Manufacturers Association (
+Director of the Company and also the chairman of Youngy
+Investment_Holding Group Co.,Ltd. (融捷投資控股集團有限公司),
+chairman of Youngy Co., Ltd. (融捷股份有限公司),chairman of
+Youngy Health Technology Co., Ltd. (融捷健康科技股份有限公司),
+chairman of Onyx International Inc.(廣州文石信息科技有限公司),
+chairman of Nanjing Regenecore Biotechnology Co., Ltd. (A
+捷康生物科技有限公司), chairman of Youngy Education Technology
+Co., Ltd. (融捷教育科技有限公司), a director of Anhua Agricultural
+Insurance Company Limited (安華農業保險股份有限公司), honorary
+Mr. Lv Xiang-yang, aged 60,Chinese national with no right of
+abode overseas, economist,cousin of Mr. Wang Chuan-fu.Mr.
+Lv Xiang-yang worked at Chaohu Branch of the People's Bank of
+China. In February 1995, he founded BYD Battery with Mr. Wang
+Chuan-fu and currently is the Vice Chairman and a non-executive
+Lv Xiang-yang
+NON-EXECUTIVE DIRECTORS
+董事、監事及高級管理層
+Directors, Supervisors and Senior Management
+BYD Company Limited
+比亞迪股份有限公司
+40
+王先生為享受國務院特殊津貼的科技專家,曾榮獲
+「二零零八年CCTV中國經濟年度人物年度創新獎」、
+「二零一四年紮耶德未來能源獎個人終身成就獎」、
+「二零一六年聯合國開發計劃署「可持續發展顧問委
+員會」創始成員」、「“十三五”國家發展規劃專家委員
+會委員」、「二零一九年第五屆全國非公有制經濟人
+士優秀中國特色社會主義事業建設者」、「深圳經濟
+特區建立40周年創新創業人物和先進模範人物」、
+「全國抗擊新冠肺炎疫情民營經濟先進個人」等獎項。
+王傳福先生,56歲,中國國籍,無境外居留權,
+碩士研究生學歷,高級工程師。王先生於一九八七
+年畢業於中南工業大學(現為中南大學),主修冶金
+物理化學,獲學士學位;並於一九九零年畢業於中
+國北京有色金屬研究總院,主修冶金物理化學,獲
+碩士學位。王先生歷任北京有色金屬研究總院副主
+任、深圳市比格電池有限公司總經理,並於一九九
+五年二月與呂向陽先生共同創辦深圳市比亞迪實業
+有限公司(「比亞迪實業」,於二零零二年六月十一
+日變更為比亞迪股份有限公司)任總經理;現任本
+公司董事長、執行董事兼總裁,負責本公司一般營
+運及制定本公司各項業務策略,並擔任比亞迪電子
+(國際)有限公司的非執行董事及主席、比亞迪半導
+體股份有限公司董事長、深圳騰勢新能源汽車有限
+公司(前稱「深圳比亞迪戴姆勒新技術有限公司」)董
+事、中鐵工程設計諮詢集團有限公司董事、人人公
+司(Renren Inc)獨立董事、南方科技大學理事。
+王傳福
+執行董事
+Mr. Wang, being a technology expert, enjoyed special allowances
+from the State Council. He was awarded “The 2008 CCTV Man of
+the Year China Economy Innovation Award”,“2014 Zayed Future
+Energy Prize Lifetime Achievement Award, "a founding member
+of the 2016 United Nations Development Programme's“Advisory
+Council for Sustainable Development”(二零一六年聯合國開發計劃
+署”可持續發展顧問委員會”創始成員),“a member of the “13th Five
+Year Plan" National Development Planning Expert Committee” ("+
+三五”國家發展規劃專家委員會委員),“an Outstanding Builder of
+Socialism with Chinese Characteristics in the 5th National Non-
+Public Economic Sector in 2019”(二零一九年第五屆全國非公有制
+經濟人士優秀中國特色社會主義事業建設者),“a model innovator and
+entrepreneur and advanced model figure for the 40th Anniversary
+of the Establishment of the Shenzhen Special Economic Zone"
+(深圳經濟特區建立40周年創新創業人物和先進模範人物),National
+Advanced Person in the Private Economy for the Fight against
+COVID-19 Pandemic (全國抗擊新冠肺炎疫情民營經濟先進個人) etc.
+Directors, Supervisors and Senior Management
+41
+Annual Report 2021
+二零二一年年報
+夏佐全先生,59歲,中國國籍,無境外居留權,碩
+士研究生學歷。夏先生於一九八五年至一九八七年
+期間在北���鋼鐵學院(現為北京科技大學)修讀計算
+器科學;並於二零零七年獲北京大學光華管理學院
+高級工商管理碩士學位;夏先生曾在中國人民保險
+公司湖北分公司工作,並於一九九七年加入比亞迪
+實業;曾任本公司執行董事、副總裁,現任本公司
+非執行董事,並擔任深圳市正軒投資有限公司、深
+圳正軒前海股權投資基金管理有限公司、北京正軒
+投資有限責任公司董事長、深圳市優必選科技有限
+公司董事、深圳市聯合利豐供應鏈管理有限公司董
+事、重慶零壹空間科技集團有限公司董事、安諾優
+達基因科技(北京)有限公司董事長、中國宇華教育
+集團有限公司獨立董事、深圳市正軒創客空間科技
+有限公司執行(常務董事及深圳市蓮夏慈善基金會
+副理事長等職。
+夏佐全
+(北京鋼鐵學院) (now known as University of Science & Technology
+Beijing (北京科技大學)) from 1985 to 1987 and he graduated from
+Guanghua School of Management of Peking University (★ª
+光華管理學院) with an EMBA in 2007. Mr. Xia worked in the Hubei
+branch of The People's Insurance Company and joined BYD
+Battery in 1997 and held positions as an executive Director and
+Vice President of the Company. He is a non-executive director of
+the Company and chairman of Shenzhen Zhengxuan Investment
+(Holdings) Co.,Ltd. (深圳市正軒投資有限公司),Shenzhen
+Zhengxuan Qianhai Equity Investment Fund Management Co., Ltd.
+(深圳正軒前海股權投資基金管理有限公司) and Beijing Zhengxuan
+Investment Co., Ltd.(北京正軒投資有限責任公司), a director of
+Shenzhen UBTECH Robotics Co., Ltd. (深圳市優必選科技有限公司),
+a director of Shenzhen Uni-Fortune Supply Chain Service Co., Ltd.
+(深圳市聯合利豐供應鏈管理有限公司), a director of Chongqing One
+Space Technology Company Limited (重慶零壹空間科技集團有限
+公司),chairman of Annuo Youda Gene Technology (Beijing) Co.
+Ltd. (安諾優達基因科技(北京)有限公司),an independent director
+of China Yuhua Education Corporation Limited (中國宇華教育集團
+有限公司), executive (managing) director of Shenzhen Zhengxuan
+Makerspace Technology Limited (深圳市正軒創客空間科技有限公
+司),vice chairman of Shenzhen Lianxia Charity Foundation (深圳
+市蓮夏慈善基金會).
+李永釗
+Mr. Xia Zuo-quan, aged 59, Chinese national with no right
+of abode overseas, master's degree holder. Mr. Xia studied
+computer science in Beijing Institute of Iron and Steel Engineering
+Annual Report 2021
+二零二一年年報
+39
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+EXECUTIVE DIRECTOR
+Wang Chuan-fu
+Mr. Wang Chuan-fu,aged 56, Chinese national with no right of
+abode overseas, master's degree holder and senior engineer. Mr.
+Wang graduated from Central South University of Technology (+
+南工業大學) (currently known as Central South University (中南
+大學)) in 1987 with a bachelor's degree majoring in metallurgy
+physical chemistry, and then graduated from Beijing Non-Ferrous
+Research Institute in the PRC (中國北京有色金屬研究總院) in 1990
+with a master's degree majoring in metallurgy physical chemistry.
+Mr. Wang held positions as vice supervisor in Beijing Non-Ferrous
+Research Institute, general manager in Shenzhen Bi Ge Battery
+Co. Limited(深圳市比格電池有限公司). In February 1995,he
+founded Shenzhen_BYD_Battery Company Limited (深圳市比亞迪
+實業有限公司) (“BYD Battery") (became BYD Company Limited
+on 11 June 2002) with Mr. Lv Xiang-yang and took the position
+of general manager. He is the Chairman, Executive Director and
+President of the Company, and is responsible for the general
+operations of the Company and the development of business
+strategies for the Company. He is a non-executive director and the
+chairman of BYD Electronic (International) Company Limited, the
+Chairman of BYD Semiconductor Co., Ltd, a director of Shenzhen
+DENZA New Energy Automotive Co., Ltd. (深圳騰勢新能源汽車有限
+公司) (formerly known as “Shenzhen BYD Daimler New Technology
+Co.,Ltd.”(深圳比亞迪戴姆勒新技術有限公司), a director of China
+Railway Engineering Consulting Group Co., Ltd. (中鐵工程設計
+諮詢集團有限公司),an independent director of Renren Inc., and
+a director of Southern University of Science and Technology of
+China (南方科技大學).
+Xia Zuo-quan
+王傑先生,55歲,中國國籍,無境外居留權,本
+科學歷。王先生於一九八八年畢業於西安冶金建築
+學院(現為西安建築科技大學),主修工業企業自動
+化,獲工學學士學位;曾在冶金部嘉興冶金機械廠
+等單位任職。王先生於一九九六年九月加入比亞迪
+實業,歷任銷售經理、銷售總監、營銷本部副總經
+理等職,現任本公司副總裁,商用車事業群首席執
+行官及比亞迪慈善基金會理事。
+李永釗先生,61歲,中國國籍,無境��居留權,本
+科學歷,研究員級高級工程師。李先生於一九八二
+年八月畢業於西安工業學院機械製造工藝與設備專
+業,獲學士學位。李先生曾歷任中國兵器工業集團
+公司國營第六一五廠技術員、室主任、副處長、處
+長、副廠長等職務,並兼任中外合資寶雞星寶機電
+公司總經理,二零零二年五月起擔任中國兵器工業
+集團公司國營第八四三廠廠長,二零一零年十月起
+擔任西北工業集團有限公司副總經理,西安北方秦
+川集團有限公司執行董事;二零一九年擔任西北工
+業集團有限公司科技委委員,西安北方秦川集團有
+限公司執行董事、黨委書記;於二零二一年十月正
+式退休;彼於二零零八年六月起擔任本公司監事。
+呂向陽先生,60歲,中國國籍,無境外居留權,經
+濟師,為王傳福先生的表哥。呂向陽先生曾在中國
+人民銀行巢湖分行工作,一九九五年二月與王傳福
+先生共同創辦比亞迪實業,現任本公司副董事長兼
+非執行董事,並擔任融捷投資控股集團有限公司董
+事長、融捷股份有限公司董事長、融捷健康科技股
+份有限公司董事長、廣州文石信息科技有限公司董
+事長、南京融捷康生物科技有限公司董事長、融捷
+教育科技有限公司董事長、安華農業保險股份有限
+公司董事、廣東省製造業協會名譽會長、廣東省產
+業發展促進會名譽會長等職。
+廉玉波先生,58歲,中國國籍,無境外居留權,碩
+士研究生學歷,教授級高級工程師。廉先生於一九
+八七年七月畢業於南京航空航天大學,主修飛機製
+造工程,獲學士學位;並於二零零零年九月獲南京
+大學高級工商管理專業碩士學位。曾在中國汽車研
+究中心工作,歷任上汽集團儀徵汽車有限公司總工
+程師、上海同濟同捷汽車設計公司常務副總經理,
+廉先生於二零零四年二月加入本集團,現任本公司
+執行副總裁、汽車工程研究院院長、弗迪精工有限
+公司董事長、比亞迪豐田電動車科技有限公司董
+事、深圳騰勢新能源汽車有限公司董事、比亞迪慈
+善基金會理事。
+何龍
+何龍先生,50歲,中國國籍,無境外居留權,碩
+士研究生學歷。何先生於一九九九年畢業於北京大
+學,先後獲得應用化學理學學士學位、法學學士學
+位及無機化學碩士學位。何先生於一九九九年七月
+加入迪比亞實業,曾任第一事業部、第二事業部品
+質部經理,第二事業部副總經理,佛山市金輝高科
+光電材料有限公司副董事長,現任本公司副總裁、
+弗迪實業有限公司董事長,並擔任西藏日喀則紮布
+耶鋰業高科技有限公司董事、青海鹽湖比亞迪資源
+開發有限公司董事、中冶瑞木新能源科技有限公司
+董事及比亞迪慈善基金會理事。
+Annual Report 2021
+二零二一年年報
+47
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Liu Huan-ming
+Mr. Liu_Huan-ming,aged 59,Chinese national with no right of
+abode overseas, master's degree holder, and a senior engineer.
+Mr. Liu graduated from Northeastern Institute of Technology (
+北工學院) (currently known as Northeastern University (東北大學))
+in 1988 with a bachelor's degree and later a master's degree in
+Metallurgical physical chemistry. Mr. Liu worked for the Iron and
+Steel Institute of Panzhihua Iron and Steel Company in Sichuan (
+川攀枝花鋼鐵公司鋼鐵研究院) and Benxi Iron and Steel Company
+in Liaoning (遼寧本溪鋼鐵公司).He joined BYD Battery in March
+1997 and served as a general manager of Human Resources
+Office and Department of New Energy Vehicle Direct Sale
+Management. He is currently a Vice President of the Company,
+and a general manager of Division 3 of the Rail Department of the
+Company, and a director of BYD Charity Foundation.
+Luo Hong-bin
+Mr. Luo Hong-bin,aged 56,Chinese national with no right of
+abode overseas, master's degree holder and a professorate senior
+engineer. Mr. Luo graduated from Air Force Engineering University
+in 1990,with a master's degree in computer application.Mr.
+Luo joined the Group in October 2003. He served various posts
+including manager of the third Electronics Sub-division of Division
+15,director of the Institute of Electric vehicles, president of the
+Electric Power Research Institute, general manager of Division 14,
+and general manager of Division 17. He currently is a Senior Vice
+President of the Company, the chairman of Fudi Power Co., Ltd.
+(弗迪動力有限公司) and a director of BYD Charity Foundation.
+Wang Chuan-fang
+Mr. Wang Chuan-fang, aged 61, Chinese national with no right
+of abode overseas, is the elder brother of Mr. Wang Chuan-fu.
+Mr. Wang joined BYD Battery in August 1996 and held positions
+including Personnel Manager and Logistics Manager. He currently
+is a Vice President of the Company, general manager of Logistics
+Division, general manager of Division 22 and a director of
+Yinchuan Sky Rail Operation Co., Ltd. (銀川雲軌運營有限公司) and
+a director of BYD Charity Foundation.
+劉煥明
+劉煥明先生,59歲,中國國籍,無境外居留權,碩
+士研究生學歷,高級工程師。劉先生於一九八八年
+畢業於東北工學院(現為東北大學),主修冶金物理
+化學,先後取得學士學位和碩士學位。劉先生曾在
+四川攀枝花鋼鐵公司鋼鐵研究院、遼寧本溪鋼鐵公
+司任職,並於一九九七年三月加入比亞迪實業,曾
+任人力資源處總經理及新能源車直營管理事業部總
+經理,現任本公司副總裁、軌道業務第三事業部總
+經理及比亞迪慈善基金會理事等職。
+廉玉波
+羅紅斌
+王傳方
+王傳方先生,61歲,中國國籍,無境外居留權,為
+王傳福先生之兄。王先生於一九九六年八月加入比
+亞迪實業,歷任人事部經理、後勤部經理;現任本
+公司副總裁、後勤處總經理、第二十二事業部總經
+理,並擔任銀川雲軌運營有限公司董事及比亞迪慈
+善基金會理事。
+48
+BYD Company Limited
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Ren Lin
+Mr.Ren Lin,aged_55,Chinese national with no right of abode
+overseas,bachelor's degree holder, and a senior engineer.Mr.
+Ren graduated from Beijing Institute of Technology in 1989, with a
+bachelor's degree majoring in mechanical design, manufacturing
+and automation. He went to Japan, Tsinghua University (★
+學) and Beijing Institute of Technology (北京理工大學) for multiple
+times for further study during his terms of office. Mr. Ren once
+worked in Shaanxi Qinchuan Motor Co., Ltd. (陝西秦川汽車有限責
+任公司). He joined the Group in January 2003 and held positions
+including as executive Vice President of Automotive Engineering
+Institute (汽車工程院).He currently is a Vice President of the
+Company, general manager of Division 21 and a director of BYD
+Charity Foundation.
+Wang Jie
+Mr. Wang Jie,aged 55, Chinese national with no right of abode
+overseas,bachelor's degree holder.Mr.Wang graduated from
+Xi'an Institute of Gold Mining and Construction (西安冶金建築學院)
+(now known as Xi'an University of Architecture and Technology (
+安建築科技大學)) in 1988 with a bachelor's degree in engineering,
+majoring in Industry Enterprises Automatisation; Mr. Wang once
+worked in Jiaxing Metallurgy Manufacture Factory of Metallurgy
+Department (冶金部嘉興冶金機械廠) and other institutions. Mr.
+Wang joined BYD Battery in September 1996, and he served
+various positions including sales manager, sales director and
+deputy general manager of the Company's Sales & Marketing
+Division. He currently is a Vice President of the Company and
+the CEO of Commercial Vehicles Division of the Company and a
+director of BYD Charity Foundation.
+He Zhi-qi
+Mr. He Zhi-qi,aged 50,Chinese national with no right of abode
+overseas,master's degree holder. Mr. He graduated from
+Changchun Institute of Applied Chemistry Chinese Academy of
+Sciences(中科院長春應用化學研究所) in 1998,with a master's
+degree majoring in inorganic chemistry, and then graduated from
+China Europe International Business School (中歐工商管理學院)
+with an MBA in 2010. Mr. He joined BYD Battery in July 1998 and
+served various posts including central research manager, quality
+control manager, general manager of Division 4 and general
+manager of Purchasing Office of the Company. He currently is
+a Vice President of the Company and COO of Passenger Car
+Division of the Company.
+任林
+任林先生,55歲,中國國籍,無境外居留權,本科
+學歷,高級工程師。任先生於一九八九年畢業於北
+京理工大學,主修機械設計製造及其自動化,獲學
+士學位;工作期間曾多次於日本、清華大學、北京
+理工大學進修。任先生曾在陝西秦川汽車有限責任
+公司任職。任先生於二零零三年一月加入本集團,
+歷任汽車工程院常務副院長等職,現任本公司副總
+裁、第二十一事業部總經理及比亞迪慈善基金會理
+事。
+羅紅斌先生,56歲,中國國籍,無境外居留權,碩
+士研究生學歷,教授級高級工程師。羅先生於一九
+九零年畢業於空軍工程大學,主修計算機應用,獲
+碩士學位。羅先生於二零零三年十月加入本集團,
+歷任第十五事業部電子三部經理,電動汽車研究所
+所長,電力科學研究院院長,第十四事業部總經
+理,第十七事業部總經理等職務,現任本公司高級
+副總裁、弗迪動力有限公司董事長及比亞迪慈善基
+金會理事。
+Mr. He Long,aged 50,Chinese national with no right of abode
+overseas, master's degree holder. Mr. He graduated from Peking
+University in 1999 and obtained a bachelor's degree of science
+in applied chemistry, an LLB and a master's degree in inorganic
+chemistry.Mr. He joined BYD Battery in July 1999 and held
+positions as quality control manager of Division 1 and Division
+2,deputy general manager of Division 2 and vice-chairman of
+Foshan Jinhui Hi-Tech Optoelectronic Material Co., Ltd. (佛山市金
+輝高科光電材料有限公司). He is a Vice President of the Company,
+chairman of Findreams Industry Co., Ltd. (弗迪實業有限公司),a
+director of Tibet Shigatse Zhabuye Lithium High-Tech Co., Ltd.
+(西藏日喀則紮布耶鋰業高科技有限公司), a director of Qinghai Salt
+Lake BYD Resources Development Co.,Ltd. (青海鹽湖比亞迪資
+源開發有限公司), a director of China Metallurgical New Energy
+Technology Co., Ltd (中冶瑞木新能源科技有限公司) and a director
+of BYD Charity Foundation.
+He Long
+with a bachelor's degree majoring in aircraft manufacturing
+engineering. In September 2000, he obtained an EMBA degree
+from Nanjing University. Worked in China Automotive Research
+Center (中國汽車研究中心),and served as the chief engineer
+of SAIC Motor Yizheng Automobile Co., Ltd. (上汽集團儀徵汽車
+有限公司),and executive deputy general manager of Shanghai
+Tongji Tongjie Automotive Design Company (上海同濟同捷汽車
+設計公司),Mr. Lian joined the Group in February 2004 and is
+an Executive Vice President of the Company, president of the
+Automotive Engineering Research Institute and chairman of Fudi
+Jinggong Co.,Ltd. (弗迪精工有限公司), a director of BYD TOYOTA
+EV Technology Co.,Ltd.(比亞迪豐田電動車科技有限公司) and
+Shenzhen DENZA New Energy Automotive Co., Ltd. (深圳騰勢新能
+源汽車有限公司) and a director of BYD Charity Foundation.
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Huang Jiang-feng
+Mr. Huang Jiang-feng, aged 42, Chinese national with no right of
+abode overseas, bachelor's degree holder. Mr. Huang graduated
+from Zhongnan University of Economics and Law (中南財經政法大
+學) in 2003 with a bachelor's degree in administration. Mr. Huang
+held positions in Sinopec Chenzhou Petroleum Branch in Hunan
+(中國石化湖南郴州石油分公司),Dongguan Hsu Fu Chi Foods
+Co.,Ltd.(東莞徐福記食品有限公司) and Guangzhou Office (廣州
+營業部) of Guosen Securities. He has been working in Youngy
+Investment Holding Group Co.,Ltd. (融捷投資控股集團有限公司)
+since August 2008, and has been a supervisor of the Company
+since September 2014 and now serves as a director and Vice
+President of Youngy Investment Holding Group Co., Ltd. (RA
+控股集團有限公司), general manager of Shenzhen Qianhai Youngy
+Financial Services Company Limited (深圳前海融捷金融服務有限公
+), a supervisor of Shenzhen Qianhai Youngy High Technology
+Investment Company Limited (深圳前海融捷高新技術投資有限公
+), manager of Guangdong Youngy Financing Service Company
+Limited(廣東融捷融資租賃有限公司),director and manager of
+Guangdong Youngy Financing Renting Company Limited (
+融捷融資租賃有限公司),manager of Guangdong Youngy Supply
+Chain Management Co.,Ltd. (廣東融捷供應鏈管理有限公司),
+director of Anhui Youngy Investment Co., Ltd (安徽融捷投資有限公
+司),director of Shenzhen Youngy Asset Management Co., Ltd (深
+圳融捷資產管理有限公司), chairman of the supervisory committee
+of Youngy Co., Ltd (融捷股份有限公司) director of Guangzhou
+Youngy Equity Investment Co.,Ltd (廣州融捷股權投資有限公司),
+director of Manqian Network Technology Limited (
+團有限公司), manager and executive director of Kangding Tianjie
+Construction Material Co., Ltd (康定市天捷建材有限公司), chairman
+of Chengdu Youngy Lithium Technology Co., Ltd(成都融捷鋰業科
+技有限公司),director of Hefei Youngy Metal Technology Co., Ltd
+(合肥融捷金屬科技有限公司) and supervisor of Guangzhou Classic
+Decoration Design Engineering Co., Ltd(廣州經典裝飾設計工程有限
+公司).
+黃江鋒
+黃江鋒先生,42歲,中國國籍,無境外居留權,
+本科學歷。黃先生於二零零三年畢業於中南財經政
+法大學,獲行政管理專業學士學位。黃先生曾任職
+於中國石化湖南郴州石油分公司、東莞徐福記食品
+有限公司、國信證券廣州營業部,二零零八年八月
+至今在融捷投資控股集團有限公司工作,彼於二零
+一四年九月起擔任本公司監事,現同時擔任融捷投
+資控股集團有限公司董事、副總裁、深圳前海融捷
+金融服務有限公司總經理、深圳前海融捷高新技術
+投資有限公司監事、廣東融捷融資服務有限公司經
+理、廣東融捷融資租賃有限公司董事兼經理、廣東
+融捷供應鏈管理有限公司經理、安徽融捷投資有限
+公司董事、深圳融捷資產管理有限公司董事、融捷
+股份有限公司監事長、廣州融捷股權投資有限公司
+董事、慢錢科技控股集團有限公司董事、康定市天
+捷建材有限公司經理兼執行董事、成都融捷鋰業科
+技有限公司董事長、合肥融捷金屬科技有限公司董
+事���廣州經典裝飾設計工程有限公司監事。
+Annual Report 2021
+二零二一年年報
+45
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Wang Zhen
+Ms. Wang Zhen,aged 46,Chinese national with no right of
+abode overseas, bachelor's degree holder. Ms. Wang graduated
+from Guangdong University of Foreign Studies (廣東外語外
+貿大學) (formerly known as “Guangzhou Institute of Foreign
+Languages”(廣州外國語學院)) in the PRC in 1998,majoring in
+Spanish and obtained a bachelor's degree. Ms. Wang joined BYD
+Battery in 1998 and served as a manager in overseas Ministry
+of Commerce, Vice President of Administrative Personnel of
+Shenzhen DENZA New Energy Automotive Co., Ltd. (深圳騰勢新
+能源汽車有限公司) (formerly known as “Shenzhen BYD Daimler
+New Technology Co.,Ltd.” (深圳比亞迪戴姆勒新技術有限公司)),
+officer of the President's office, director of the rail transit industry
+office, Secretary-General of BYD Charity Foundation and general
+manager of BYD Company (Pingshan District). She is a Supervisor
+and the general manager of Human Resources Office of the
+Company, a supervisor of Shantou City Sky Rail Transportation
+Co., Ltd. (汕頭市雲軌交通有限公司), a supervisor of Jining City Sky
+Rail Transportation Co.,Ltd.(濟寧市雲軌交通有限公司) and the
+chairman of BYD Charity Foundation.
+Tang Mei (appointed with effect from 25 March 2021)
+Ms. Tang Mei, aged 39, is a Chinese national with no right of
+abode overseas and a bachelor's degree holder. Ms. Tang
+graduated from Central South University (中南大學) in June 2005,
+with a bachelor's degree in English. Ms. Tang joined the Group in
+2005 and held positions as secretary of the President, a manager
+in Cultural Propaganda Department of the Group, a manager in
+reception center of the Group, executive officer of BYD Charity
+Foundation, currently the supervisor and deputy head of the Chief
+Executive Office.
+王珍
+王珍女士,46歲,中國國籍,無境外居留權,本科
+學歷。王女士一九九八年畢業於廣東外語外貿大學
+(原名為廣州外國語學院),主修西班牙語,獲學士
+學位。王女士於一九九八年加入比亞迪實業,歷任
+海外商務部經理、深圳騰勢新能源汽車有限公司(前
+稱「深圳比亞迪戴姆勒新技術有限公司」)行政人事
+副總裁、總裁辦公室主任、軌道交通產業辦公室主
+任、比亞迪慈善基金會秘書長、比亞迪坪山地區總
+經理,現任本公司監事及人力資源處總經理,並擔
+任汕頭市雲軌交通有限公司監事、濟寧市雲軌交通
+有限公司監事及比亞迪慈善基金會理事長。
+Mr. Lian Yu-bo,aged 58, Chinese national with no right of
+abode overseas, master's degree holder, and a professorate
+senior engineer. Mr. Lian graduated from Nanjing University of
+Aeronautics and Astronautics (南京航空航天大學) in July 1987,
+Lian Yu-bo
+董事、監事及高級管理層
+Directors, Supervisors and Senior Management
+BYD Company Limited
+比亞迪股份有限公司
+46
+44
+李柯女士,52歲,中國國籍,擁有美國居留權,
+本科學歷。李女士於一九九二年畢業於復旦大學,
+獲統計學學士學位。李女士曾任職於亞洲資源,並
+於一九九六年九月加入比亞迪實業,歷任市場部經
+理、銷售總經理、比亞迪電子國際有限公司執行董
+事及行政總裁等職,現任本公司執行副總裁及比亞
+迪慈善基金會副理事長。
+高級管理層
+is an Executive Vice President of the Company and vice chairman
+of BYD Charity Foundation.
+Ms. Li Ke,aged 52, Chinese national with the right of abode
+in the US,bachelor's degree holder.Ms. Li graduated from
+Fudan University in 1992 with a bachelor's degree in statistics.
+Ms. Li worked at Asia Resources (亞洲資源) and joined BYD
+Battery in September 1996. She served various positions
+including Marketing Manager and General Sales Manager,
+executive director and chief executive officer of BYD Electronic
+(International) Company Limited (比亞迪電子(國際)有限公司) and
+Li Ke
+SENIOR MANAGEMENT
+唐梅(自二零二一年三月二十五日獲委任)
+唐梅女士,39歲,中國國籍,無境外居留權,本科
+學歷。唐女士二零零五年六月畢業於中南大學,主
+修英語,獲學士學位。唐女士於二零零五年加入本
+集團,歷任總裁秘書、本集團文化宣傳部經理、本
+集團接待中心經理、比亞迪慈善基金會執行長,現
+任本公司監事及總裁辦公室副主任。
+李柯
+何志奇先生,50歲,中國國籍,無境外居留權,碩
+士學歷。何先生於一九九八年畢業於中科院長春應
+用化學研究所,主修無機化學,獲碩士學位;二零
+一零年獲中歐工商管理學院工商管理碩士學位。何
+先生於一九九八年七月加入比亞迪實業,歷任公司
+中研部、品質部經理、第四事業部總經理、採購處
+總經理等職,現任本公司副總裁、乘用車事業群首
+席運營官。
+何志奇
+Independent non-executive Director
+3,174
+Incumbent
+Supervisor
+現任
+監事
+100
+Incumbent
+Supervisor
+Wang Zhen
+黃江鋒
+Huang Jiang-feng
+現任
+王珍
+監事
+100
+Incumbent
+Supervisor
+Li Yong-zhao
+現任
+100
+Incumbent
+Supervisor and chairman of the supervisory committee
+監事、監事會主席
+董俊卿
+Dong Jun-qing
+現任
+獨立非執行董事
+李永釗
+現任
+Tang Mei
+唐梅
+副總裁
+Vice President
+Vice President
+現任
+7,962
+4,449
+913
+Incumbent (effective from 25 March 2021)
+現任(自二零二一年三月二十五日起任職)
+Incumbent (effective from 29 March 2021)
+現任(自二零二一年三月二十九日起任職)
+Resigned (effective from 25 March 2021)
+離任(自二零二一年三月二十五日起離任)
+Incumbent
+Vice President
+副總裁
+劉煥明
+Liu Huan-ming
+何龍
+He Long
+副總裁
+廉玉波
+Lian Yu-bo
+副總裁
+李柯
+Li Ke
+監事
+Supervisor
+副總裁
+楊冬生
+Vice President
+Yang Dong-sheng
+Supervisor
+監事
+蔣岩波
+200
+Incumbent
+Independent non-executive Director
+Reading
+materials
+簡介會
+閱讀材料
+√
+✓
+呂向陽
+Xia Zuo-quan
+Independent Non-executive Director
+Cai Hong-ping
+Zhang Min
+夏佐全
+獨立非執行董事
+蔡洪平
+張敏
+Jiang Yan-bo
+蔣岩波
+✓
+Annual Report 2021
+二零二一年年報
+57
+Corporate Governance Report
+企業管治報告
+BOARD MEETINGS
+To ensure the highest attendance of Directors, written notices
+are sent to all Directors 14 days before a regular board meeting;
+written notices are sent to all Directors 2 days before a provisional
+board meeting. The meeting agenda is set in consultation with
+members of the Board. The Board held 15 meetings in 2021. The
+attendance of individual Director at the Board meetings as well as
+general meetings in 2021 is set out below:
+董事會會議
+為了保證最高的董事出席率,定期董事會會議於十
+四天前以書面通知各董事;臨時董事會會議於兩天
+前以書面通知各董事。會議議程於諮詢董事會成員
+後制定。於二零二一年共舉行十五次董事會會議。
+董事於二零二一年董事會會議及股東大會的個人出
+席率載列如下:
+參與培訓/
+Vice President
+participated
+Training/
+Jiang Yan-bo
+現任
+獨立非執行董事
+張敏
+Corporate Governance Report
+企業管治報告
+The Board met fifteen times this year to discuss the Group's
+overall strategy, operation, financial performance and review the
+status of regulatory compliance. The Board also ensures that it
+is supplied in a timely manner with all necessary information in
+a form and of a quality appropriate to enable it to discharge its
+duties. All Board meetings adhere to a formal agenda in which
+a schedule of matter is specifically addressed to the Board for
+its decision. Topics discussed at these Board meetings include,
+among others, quarterly, interim and annual results; (re) election
+of (existing) new Directors and supervisors, recommendations on
+the remuneration of Directors and supervisors, recommendations
+of auditors, approval of major capital project; dividend policies;
+and other significant operational and financial matters.
+The Directors decide on corporate strategies, approve overall
+business plans and supervise the Group's financial performance,
+management and organization on behalf of the shareholders.
+Specific tasks that the Board delegates to the Group's
+management included the preparation of annual and interim
+accounts for the Board's approval before public reporting;
+implementation of strategies approved by the Board; the
+implementation of internal control procedures; and the ensuring
+of compliance with relevant statutory requirements and other
+regulations and rules.
+董事會於本年度舉行十五次會議,以討論本集團的
+整體策略、營運、財務表現及檢討對守則的遵守情
+況。董事會還確保及時獲提供所有必要的資料,以
+便可履行其職務。董事會所有會議按呈交予董事會
+審議的正式議事程式進行。於董事會會議上討論的
+事項包括(其中包括):季度、中期及年度業績;董
+事、監事換屆選舉及董事、監事薪酬建議;核數師
+的推薦建議;批准重大資本項目;股息政策;以及
+其他重要經營及財務事項。
+董事決定各項公司策略、批准整體業務計劃及代表
+股東監督本集團的財務表現、管理層及組織。董事
+會委任本集團管理層的特別任務,包括編製年度及
+中期報告供董事會批准以向公眾發表;實施董事會
+批准的各項策略;實施內部監控程式,以及確保遵
+照有關法律規定及其他法規及規則。
+BYD Company Limited
+56
+比亞迪股份有限公司
+Corporate Governance Report
+企業管治報告
+CONTINUOUS PROFESSIONAL DEVELOPMENT OF
+DIRECTORS
+Newly appointed Directors of the Company will be provided with
+relevant induction materials to assist them to fully understand
+the Company's operations, business and governance policies
+and their responsibilities and duties as a director under the
+requirements of the relevant laws and regulations, such as
+the Listing Rules. They will also be provided with materials
+to help them to gain insights in the Company's business and
+operation. In order to ensure adequate performance of duties
+by the independent non-executive directors, the Company will
+also arrange on-site visits and sufficient communication with
+the management for the independent non-executive directors.
+Pursuant to the corporate governance requirements, the Directors
+participated in continuous professional development programme
+to develop and update their knowledge and skills. The particulars
+of the trainings of each Director are as follows:
+董事持續專業發展
+本公司董事就任時,本公司提供相關就任須知材
+料,以幫助董事完全理解本公司經營、業務及管
+治政策以及上市規則等相關法律法規規定的董事
+職責,並提供有助董事瞭解本公司業務及經營情況
+的資料;為確保獨立非執行董事充分履行職責,本
+公司亦會組織獨立非執行董事進行實地考察,並與
+管理層進行充分溝通。根據企業管治要求,董事參
+與持續專業發展計劃,以發展及更新彼等知識及技
+能,以下列載每位董事培訓詳情:
+Name of Director
+Executive Director
+Wang Chuan-fu
+Non-executive Director
+Lv Xiang-yang
+董事姓名
+執行董事
+王傳福
+非執行董事
+seminars
+Incumbent
+現任
+Incumbent
+Code provision A.6.7 stipulates that independent non-executive
+Code provision A.2.1 provides that the roles of chairman and chief
+executive officer should be separate and should not be performed
+by the same individual. Mr. Wang Chuan-fu is the Chairman and
+Chief Executive Officer of the Company. The Board considers that
+this structure will not impair the balance of power and authority
+between the Board and the management of the Company. The
+balance of power and authority is ensured by the operations of the
+Board, which comprises experienced and high caliber individuals
+and meets regularly to discuss issues affecting operations of the
+Group. The Board believes that this structure is conducive to
+strong and consistent leadership, enabling the Group to make and
+implement decisions promptly and efficiently. The Board has full
+confidence in Mr. Wang and believes that this appointment to the
+posts of Chairman and Chief Executive Officer is beneficial to the
+business prospects of the Company.
+The Company has put in place corporate governance practices
+to comply with all the provisions and most of the recommended
+best practices of the Corporate Governance Code (the "Code")
+as set out in Appendix 14 of the Rules Governing the Listing of
+Securities on the Stock Exchange (the “Listing Rules") except for
+the deviation from the code provisions A.2.1 and A.6.7.
+The Board believes that good corporate governance is an
+essential element in enhancing the confidence of current and
+potential shareholders, investors, employees, business partners
+and the community as a whole. To this end, we strive to promote
+and uphold the highest standard of corporate governance.
+Corporate Governance Report
+企業管治報告
+53
+Annual Report 2021
+二零二一年年報
+73,087
+現任
+2,915
+Incumbent
+現任
+Incumbent
+現任(自二零二一年三月二十九日起任職)
+4,859
+Incumbent (effective from 29 March 2021)
+現任
+3,312
+Incumbent
+現任
+5,022
+5,194
+5,226
+董事會秘書、公司秘書
+Secretary to the Board, Company Secretary
+財務總監
+Chief Financial Officer
+directors and non-executive directors should attend general
+meetings. Given some independent non-executive directors and
+non-executive directors were unable to travel and had other
+important business engagement as a result of COVID-19 outbreak
+during relevant periods, not all of them attended the annual
+general meeting held on 8 June 2021 and extraordinary general
+meetings held on 16 June 2021 and 30 November 2021.
+Total
+During the reporting period, except for the deviation from code
+provisions A.2.1 and A.6.7 as explained above, the Directors are
+of the opinion that the Company had complied with all applicable
+provisions of the Code.
+董事會相信,良好的企業管治是提高現有及未來股
+東、投資者、僱員、業務夥伴及整體社會信心的關
+鍵因素。在這方面,我們一直致力推廣及貫徹執行
+企業管治的最高標準。
+Incumbent
+55
+Annual Report 2021
+二零二一年年報
+本公司已就其董事及高級管理人員可能面對的法律
+訴訟安排適當的投保,並將每年檢討該等保險。
+本公司已收到獨立非執行董事根據上市規則規定有
+關其獨立性的年度確認函。本公司認為,所有獨立
+非執行董事均為獨立。於本年報日期,全體獨立非
+執行董事的服務年限均短於9年。倘董事會希望自股
+東中進一步委任任何已服務9年以上的獨立非執行董
+事,根據上市規則附錄14守則條文第A.4.3條,應向
+董事提出單獨決議,且��然彼等的服務年限長,但
+仍應於提交至股東的相關文件中包含證明彼等獨立
+性的依據。
+The Company has arranged appropriate insurance cover
+in respect of legal actions against its Directors and senior
+management with the extent of this insurance being reviewed
+each year.
+The Company has received from each of the independent non-
+executive Directors an annual confirmation of his independence
+as required under the Listing Rules. The Company considers all
+independent non-executive directors to be independent. As at the
+date of this annual report, the years of service of all independent
+non-executive directors are less than 9. Should the Board
+wish to seek for the further appointments of any independent
+non-executive directors serving more than 9 years from the
+Shareholders, separate resolutions will be proposed to the
+Directors and the reasons to justify their independence despite
+of the length of their services will be contained in relevant papers
+to the Shareholders in accordance with code provision A.4.3 in
+Appendix 14 of the Listing Rules.
+本集團相信,執行董事及非執行董事有關本集團業
+務經營及發展的良好知識、經驗及/或專才可與各
+董事達致平衡。所有董事均知悉其須對股東負擔的
+共同及個別責任,並已恪盡職守,謹慎勤勉地履行
+其職責,為本集團於回顧年度的成功表現作出貢獻。
+於本報告刊發日期,董事會由六名董事組成,包括
+一名執行董事(為總裁),兩名非執行董事及三名獨
+立非執行董事。每位董事專業經驗及對本集團成功
+長期運作的適合性的簡歷載於本年報第39頁至第42
+頁。
+董事
+董事會對股東負責,並共同負責制定本集團的策略
+業務方針及為管理層制定目標、監督其表現及評估
+管理層各項策略的效率。董事會亦負責並已於年內
+履行守則項下第D.3.1條所載企業管治職責(包括確
+定本公司企業管治政策)。
+董事會
+The Group believes that its executive and non-executive directors
+composition is well balanced with each Director having sound
+knowledge, experience and/or expertise relevant to the business
+operations and development of the Group. All Directors are
+aware of their collective and individual responsibilities to the
+Shareholders and have exercised their duties with care, skill and
+diligence, contributing to the successful performance of the Group
+for the Year under review.
+As of the date of this report, the Board comprises six Directors.
+There is one executive Director who is the President, two non-
+executive Directors and three independent non-executive
+directors. Detailed biographies outlining each individual Director's
+range of specialist experience and suitability of the successful
+long-term running of the Group are set out on pages 39 to 42 of
+this annual report.
+DIRECTORS
+Accountable to the Shareholders, the Board of Directors is
+collectively responsible for formulating the strategic business
+direction of the Group and setting objectives for management,
+overseeing its performance and assessing the effectiveness
+of management strategies. The Board is also responsible for,
+and has during the Year performed the corporate governance
+duties set out in code provision D.3.1 of the Code (including the
+determining of the corporate governance policy of the Company).
+BOARD OF DIRECTORS
+企業管治報告
+Corporate Governance Report
+比亞迪股份有限公司
+54
+BYD Company Limited
+除上文所披露者,概無其他資料須根據上市規則第
+13.51B(1)條予以披露。
+報告期內,除偏離如上述所釋的守則條文第A.2.1條
+及A.6.7條外,董事認為,本公司已遵守所有適用守
+則條文。
+守則條文第A.6.7條規定,獨立非執行董事及非執行
+董事應出席股東大會。鑒於部分獨立非執行董事及
+非執行董事在相關時間因疫情原因出行不便或有重
+要公務,故並非均出席於二零二一年六月八日舉行
+的股東周年大會及於二零二一年六月十六日、二零
+二一年十一月三十日舉行的股東特別大會。
+守則條文第A.2.1條規定,主席及行政總裁的角色
+應有區分,並不應由同一人同時兼任。王傳福先生
+為本公司的主席兼行政總裁。董事會認為此架構不
+會影響董事會與管理層兩者之間的權利和職權的平
+衡。本公司董事會由極具經驗和才幹的成員組成,
+並定期開會,以商討影響本集團運作的事項。透過
+董事會的運作,足以確保權利和職權得到平衡。董
+事會相信此架構有助於建立穩健而一致的領導權,
+使本集團能夠迅速及有效地作出及實施各項決定。
+董事會對王先生充滿信心,相信委任他出任主席兼
+行政總裁之職,會有利於本公司的業務發展。
+本公司已實施企業管治常規,以遵照聯交所證券上
+市規則(「上市規則」)附錄14所載企業管治守則(「守
+則」)的所有條文及大部分建議最佳應用守則,唯偏
+離守則條文第A.2.1條及A.6.7條者除外。
+Save as disclosed above, there is no other information required to
+be disclosed pursuant to Rule 13.51B (1) of the Listing Rules.
+Annual Extraordinary
+李黔
+副總裁
+Incumbent
+(單位:人民幣千元)
+任職狀態
+報酬總額
+Status of employment
+(Unit: RMB'000)
+從公司獲得的
+the Company
+received from
+Total remuneration
+報告期內董事、監事和高級管理人員報酬
+(續)
+於本公司擔任的職務
+Position held within the Company
+Name
+REPORTING PERIOD (CONTINUED)
+MANAGEMENT'S REMUNERATION DURING THE
+DIRECTORS', SUPERVISORS' AND SENIOR
+董事、監事及高級管理層
+Directors, Supervisors and Senior Management
+比亞迪股份有限公司
+52
+BYD Company Limited
+現任
+4,668
+5,473
+7,541
+Incumbent
+現任
+5,281
+Li Qian
+現任
+現任
+周亞琳
+Vice President
+Zhou Ya-lin
+副總裁
+王傑
+Vice President
+Wang Jie
+副總裁
+何志奇
+He Zhi-qi
+副總裁
+任林
+Ren Lin
+王傳方
+Vice President
+Wang Chuan-fang
+副總裁
+羅紅斌
+Vice President
+Luo Hong-bin
+姓名
+Incumbent
+現任
+Incumbent
+Vice President
+Vice President
+副總裁
+Incumbent
+Board
+監事
+General
+楊冬生(自二零二一年三月二十九日獲委任)
+楊冬生先生,43歲,中國國籍,無境外居留權,
+碩士學歷,正高級工程師。楊先生二零零五年三月
+畢業於東北大學,獲碩士學位。楊先生於二零零五
+年加入本集團,歷任公司汽車工程研究院高級工程
+師、汽車工程研究院底盤部副經理、總裁高級業務
+秘書、產品及技術規劃處總經理等職,現任比亞迪
+集團副總裁兼產品規劃及汽車新技術研究院院長。
+周亞琳
+周亞琳女士,45歲,中國國籍,無境外居留權,
+本科學歷。周女士於一九九九年畢業於江西財經大
+學,獲經濟學學士學位。周女士於一九九九年三月
+加入比亞迪實業,現任本公司副總裁兼財務總監,
+並擔任比亞迪電子(國際)有限公司(股份代號:
+0285)財務總監、比亞迪半導體股份有限公司董
+事、比亞迪汽車金融有限公司董事長、比亞迪豐田
+電動車科技有限公司監事及比亞迪慈善基金會監事
+等職。
+BYD Company Limited
+50
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+Ms. Zhou Ya-lin, aged 45, Chinese national with no right of abode
+overseas,bachelor's degree holder.Ms. Zhou graduated from
+Jiangxi University of Finance and Economics (江西財經大學)in
+1999,with a bachelor's degree in economics.Ms. Zhou joined
+BYD Battery in March 1999 and is the Vice President and Chief
+Financial Officer of the Company. She is also the chief financial
+officer of BYD Electronic (International) Company Limited (E
+亞迪電子(國際)有限公司) (Stock Code: 0285), a director of BYD
+Semiconductor Co., Ltd, chairman of BYD Auto Finance Company
+Limited(比亞迪汽車金融有限公司),a supervisor of BYD TOYOTA
+EV Technology Co.,Ltd. (比亞迪豐田電動車科技有限公司) and a
+supervisor of BYD Charity Foundation, etc.
+董事、監事及高級管理層
+Mr. Li Qian,aged 49, Chinese national with no right of abode
+overseas,master's degree holder. Mr. Li graduated from Jiangxi
+University of Finance and Economics (江西財經大學) in 1997,with
+a bachelor's degree in economics. He graduated from Guanghua
+School of Management of the Peking University (北京大學光華管
+理學院) with an EMBA in July 2016. Mr. Li was the auditor and
+business adviser of PwC China and Arthur Andersen, respectively,
+and the representative of securities affairs of ZTE Corporation
+(中興通訊股份有限公司).Mr. Li joined the Group in August 2005
+and is the secretary to the Board of the Company, Company
+Secretary and general manager of Investment Department. He is
+also a member of the first GEM Listing Committee of Shenzhen
+Stock Exchange, a joint company secretary of BYD Electronic
+(International) Company Limited (比亞迪電子(國際)有限公司),
+a director of BYD Semiconductor Co., Ltd, a director of Tibet
+Shigatse Zhabuye Lithium High-Tech Co., Ltd.(西藏日喀則紮布
+耶鋰業高科技有限公司),chairman of Shenzhen BYD Electric Car
+Investment Co., Ltd. (深圳比亞迪電動汽車投資有限公司),chairman
+of Energy Storage Power Station (Hubei) Co., Ltd. (儲能電站(湖北)
+有限公司), a director of Meihao Chuxing (Hangzhou) Automotive
+Technology Co., Ltd. (美好出行(杭州)汽車科技有限公司), a director
+of SHENDIANNENG TECHNOLOGY GROUP CO. LTD (深電能科
+技集團有限公司), and a director of Shenzhen Faurecia Automotive
+Parts Co., Ltd. (深圳佛吉亞汽車部件有限公司).
+李黔
+李黔先生,49歲,中國國籍,無境外居留權,碩士
+研究生學歷。李先生於一九九七年畢業於江西財經
+大學,獲經濟學學士學位,二零一六年七月獲北京
+大學光華管理學院高級工商管理碩士學位。李先生
+曾於普華永道會計師事務所、安達信會計師事務所
+分別擔任核數師��業務顧問,並於中興通訊股份有
+限公司擔任證券事務代表;李先生於二零零五年八
+月加入本集團,現任本公司董事會秘書、公司秘書
+及投資處總經理,並擔任深圳證券交易所第一屆創
+業板上市委員會委員、比亞迪電子(國際)有限公
+司之聯席公司秘書、比亞迪半導體股份有限公司董
+事、西藏日喀則紮布耶鋰業高科技有限公司董事、
+深圳比亞迪電動汽車投資有限公司董事長、儲能電
+站(湖北)有限公司董事長、美好出行(杭州)汽車科
+技有限公司董事、深電能科技集團有限公司董事及
+深圳佛吉亞汽車部件有限公司董事。
+Annual Report 2021
+二零二一年年報
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+51
+DIRECTORS', SUPERVISORS' AND SENIOR
+Li Qian
+MANAGEMENT'S REMUNERATION DURING THE
+Zhou Ya-lin
+Yang Dong-sheng (Since 29 March 2021)
+Meetings
+Attended
+Attendance
+出席委員會
+Rate
+會議次數
+出席率
+4
+Mr. Yang Dong-sheng, aged 43, Chinese national with no right of
+abode overseas, master's degree holder, and a senior engineer.
+Mr. Yang graduated from Northeastern University (東北大學) in
+March 2005 with master's degree. Mr. Yang joined the Group
+in 2005 and has held positions including senior engineer in
+Automotive Engineering Research Institute, vice manager in the
+Chassis Division of the Automotive Engineering Research Institute,
+senior business secretary of the President, general manager of
+the Product and Technical Planning Division. He is presently the
+Vice President of the Company and the dean of Product Planning
+and New Automotive Technology Research Institute.
+100
+100
+4
+100
+4
+100
+Annual Report 2021
+二零二一年年報
+49
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+4
+200
+REPORTING PERIOD
+Total remuneration
+呂向陽
+Xia Zuo-quan
+副董事長、非執行董事
+Non-executive Director
+現任
+Incumbent
+200
+夏佐全
+200
+非執行董事
+Cai Hong-ping
+Independent non-executive Director
+Incumbent
+200
+蔡洪平
+獨立非執行董事
+現任
+Zhang Min
+現任
+報告期內董事、監事和高級管理人員報酬
+Incumbent
+Lv Xiang-yang
+received from
+the Company
+(Unit: RMB’000)
+Name
+姓名
+Position held within the Company
+於本公司擔任的職務
+Wang Chuan-fu
+Vice-chairman and non-executive Director
+王傳福
+從公司獲得的
+Status of employment
+報酬總額
+任職狀態
+Incumbent
+(單位:人民幣千元)
+5,798
+現任
+General
+Committee
+Chairman, Executive Director and President
+董事長、執行董事、總裁
+蔣岩波
+AUDIT COMMITTEE
+獨立非執行董事
+Independent non-executive director
+0/2
+0/1
+15/15
+夏佐全
+Xia Zuo-quan
+0/2
+0/1
+15/15
+呂向陽
+Lv Xiang-yang
+非執行董事
+Non-executive Director
+2/2
+1/1
+15/15
+王傳福
+Wang Chuan-fu
+執行董事
+Executive Director
+Meetings
+股東特別大會
+股東週年大會
+董事會會議
+董事會成員
+Members of the Board
+企業管治報告
+Meeting
+Corporate Governance Report
+58
+蔣岩波
+15/15
+1/1
+12 12 12-
+In furtherance of good corporate governance, the Board has set
+up a number of committees, including:
+the Audit Committee;
+the Remuneration Committee;
+the Nomination Committee; and
+the Strategy Committee.
+Each Committee reports regularly to the Board, addressing
+major issues and findings with valuable recommendations for the
+decision making of the Board. The particulars of these Committees
+are set out hereunder.
+戰略委員會。
+各委員會定期向董事會作出報告,以表達各重大發
+現及寶貴建議供董事會作出決定。該等委員會的詳
+情載列如下。
+為進一步實施良好企業管治,董事會已成立數個委
+員會,包括:
+審核委員會;
+15/15
+張敏
+Zhang Min
+1/1
+15/15
+蔡洪平
+Cai Hong-ping
+薪酬委員會;
+提名委員會;及
+BYD Company Limited
+比亞迪股份有限公司
+Jiang Yan-bo
+0/1
+The Audit Committee held four meetings in 2021 to review the
+internal and external audit findings, the accounting principles
+and practices adopted by the Group, Listing Rules and
+statutory compliance, deliberate its relationship, remuneration
+and appointment terms and independence with the external
+auditor with reference to its work performance and to make
+recommendations to the Board of Directors regarding the
+reappointment of the external auditor, as well as to discuss
+auditing, internal controls, risk management and financial
+reporting matters (including auditing the financial statements
+for the year ended 31 December 2020, the three months ended
+31 March 2021, the six months ended 30 June 2021 and the
+nine months ended 30 September 2021), before recommending
+them to the Board for approval, and performed its other duties
+under the Code. The individual attendance of its members of the
+meetings is set out as follows:
+Meetings
+One of the primary duties of the Audit Committee is to review the
+financial reporting process and the risk management and internal
+control systems of the Group. As at 31 December 2021,Audit
+Committee consists of three independent non-executive directors,
+namely Mr. Cai Hong-ping, Mr. Zhang Min and Mr. Jiang Yan-bo,
+and a non-executive director, Mr. Lv Xiang-yang, with Mr. Zhang
+Min as the chairman. Meetings were convened by the Company's
+Audit Committee and the Company's auditors to review the
+accounting policies and practices adopted by the Group and to
+discuss auditing, internal control, risk management and financial
+reporting matters before recommending them to the Board for
+approval.
+The terms of reference of the Audit Committee follow the
+guidelines set by the Hong Kong Institute of Certified Public
+Accountants, the Listing Rules and the provisions of the Code.
+審核委員會
+審核委員會的主要職責之一是審閱本集團的財務報
+告程式以及風險管理及內部控制制度。於二零二一
+年十二月三十一日,審核委員會包括三名獨立非執
+行董事,即蔡洪平先生、張敏先生及蔣岩波先生,
+以及一名非執行董事呂向陽先生,而張敏先生出任
+主席。本公司的審核委員會與本公司的核數師舉行
+會議,以檢討本集團所採納的會計政策及常規,及
+討論審核、內部監控、風險管理及財務報告事項,
+以向董事會推薦批准。
+審核委員會的職權範圍已遵照香港會計師公會所制
+定的指引、上市規則及守則的規定。
+於二零二一年,審核委員會舉行四次會議,以審閱
+內部及外部審核的發現、本集團所採納的會計準則
+及常規、遵照上市規則及法律、參照外部核數師所
+履行的工作後,審議與外部核數師的關係、其酬金
+及聘任條款及獨立性,並就建議重新委任外部核數
+師向董事會提出建議,以及討論審核、內部監控、
+風險管理及財務報告事項(包括審核截至二零二零年
+十二月三十一日止年度、截至二零二一年三月三十
+一日止三個月、截至二零二一年六月三十日止六個
+月及截至二零二一年九月三十日止九個月的財務報
+表),以向董事會推薦批准,及履行守則下的其他的
+職責。其成員的出席率載列如下:
+Member of the Audit Committee
+Number of
+Lv Xiang-yang
+Zhang Min (chairman)
+Cai Hong-ping
+Jiang Yan-bo
+審核委員會成員
+呂向陽
+張敏(主席)
+蔡洪平
+Annual Report 2021
+二零二一年年報
+NOMINATION COMMITTEE
+企業管治報告
+Corporate Governance Report
+61
+The Group has established the Nomination Committee. As at
+31 December 2021,the Nomination Committee comprises an
+executive Director,Mr. Wang Chuan-fu, a non-executive director,
+Mr. Lv Xiang-yang, and three independent non-executive
+directors, namely Mr. Cai Hong-ping, Mr. Zhang Min and Mr. Jiang
+Yan-bo,with Mr. Jiang Yan-bo as the chairman. The Nomination
+8
+蔡洪平
+高級管理層人數
+management
+人民幣500萬元至人民幣800萬元
+人民幣零元至人民幣500萬元
+Committee has been delegated with the powers and authorities
+to review the structure, size and composition of the Board, make
+recommendations to the Board on the selection of individuals
+按等級劃分的酬金
+5
+nominated for directorships and senior management, appointment
+and reappointment of Directors and succession planning for
+Directors, assess the independence of independent non-executive
+directors and determine the policy for the nomination of Directors.
+In terms of the summary of the work of the Nomination Committee,
+the Nomination Committee held one meeting in 2021 to nominate
+Ms. Zhou Ya-lin and Mr. Yang Dong-sheng as candidates for
+the vice president of the Company. The attendance rate of its
+members is set out as follows:
+提名委員會
+張敏
+Cai Hong-ping
+100%
+1
+100%
+100%
+1
+100%
+1
+蔣岩波(主席)
+呂向陽
+Jiang Yan-bo (chairman)
+Lv Xiang-yang
+100%
+1
+王傳福
+Wang Chuan-fu
+出席率
+會議次數
+提名委員會成員
+Member of the Nomination Committee
+Rate
+Attendance
+Attended
+出席委員會
+Meetings
+Committee
+Number of
+提名委員會的履職概述方面,於二零二一年,提名
+委員會舉行一次會議,以提名周亞琳女士、楊冬生
+先生為公司副總裁候選人。其成員出席率載列如
+下:
+本集團已成立提名委員會。於二零二一年十二月三
+十一日,提名委員會由一名執行董事王傳福先生、
+一名非執行董事呂向陽先生、及三名獨立非執行董
+事蔡洪平先生、張敏先生及蔣岩波先生組成,而蔣
+岩波先生為主席。提名委員會已獲授權力及權限,
+以審閱董事會的架構、規模及組成,就挑選董事及
+高級管理層候任人選、委任及重新委任董事及計劃
+董事繼任向董事會提供建議,亦負責評估獨立非執
+行董事的獨立性及決定董事提名的政策。
+Zhang Min
+1
+a number of factors in respect of our corporate governance
+structure.
+our Company to the extent practicable by taking into consideration
+Corporate Governance Report
+企業管治報告
+COMPANY SECRETARY
+Mr. Li Qian,Company Secretary of the Company, is a full-time
+staff of the Group, and is familiar with the daily affairs of the
+Company. During the financial year, the Company Secretary had
+complied with the relevant professional training requirements
+under Rule 3.29 of the Listing Rules. The biographical details
+of the Company Secretary are set out in the section headed
+"Directors, Supervisors and Senior Management" in this annual
+report.
+INDEPENDENT AUDITORS AND THEIR
+REMUNERATION
+For the year ended 31 December 2021, the total remuneration
+paid to the international auditor, Ernst & Young and the domestic
+auditor,Ernst & Young Hua Ming (LLP),was RMB6,350,000 for
+audit services and non-audit services provided for the Company
+and its subsidiaries. The audit fee was approved by the Board.
+During the reporting period, the total remuneration in respect of
+the non-audit services provided was RMB900,000.
+公司秘書
+本公司之公司秘書李黔先生為本集團全職僱員,並
+對本公司的日常事務有所認識。於本財政年度,公
+司秘書已遵守上市規則第3.29條的相關專業培訓要
+求。公司秘書的履歷詳情載於本年報「董事、監事及
+高級管理層」一節中。
+獨立核數師及其薪酬
+截至二零二一年十二月三十一日止年度,國際核數
+師- 安永會計師事務所及境内核數師-安永華明
+會計師事務所(特殊普通合夥)為本公司及其子公
+司提供核數服務和非核數服務的薪酬總額為人民幣
+6,350,000元。核數費已獲董事會批准。於報告期
+內,提供非核數服務的薪酬總額為人民幣900,000
+元
+。
+Item
+項目
+Review of interim results
+審閱中期業績
+2021
+2020
+比亞迪股份有限公司
+64
+BYD Company Limited
+本集團於二零零八年三月二十日成立戰略委員會。
+於二零二一年十二月三十一日,戰略委員會由一名
+執行董事王傳福先生、兩名非執行董事呂向陽先生
+及夏佐全先生,以及兩名獨立非執行董事蔡洪平先
+生及張敏先生組成,而王傳福先生為主席。戰略委
+員會主要職責是對公司長期發展戰略和重大投資決
+策進行研究並提出建議。
+Annual Report 2021
+二零二一年年報
+63
+Corporate Governance Report
+企業管治報告
+The Board's Diversity Policy
+The Board has adopted the Board Diversity Policy, which sets out
+the approach to the diversity of Board members. The Company
+recognises the importance of diversity to corporate governance
+and an effective Board. The Board Diversity Policy aims to set
+out the approach to achieve Board diversity, so as to ensure that
+the Board members possess appropriate skills, experience and
+diverse views necessary for the business of the Company. In
+determining the Board composition, the Board and Nomination
+Committee consider a range of diversity elements, including but
+not limited to gender, age, cultural and educational background,
+professional experience, skills and knowledge. All appointments
+of the Board will be made based on merit and objective criteria
+while taking into full account the interest of the Board's diversity.
+The selection of candidates will be based on a range of diversity
+elements and measurable objectives which will be reviewed
+regularly. Such measurable objectives shall include, but be not
+limited to,gender, age, cultural and educational background,
+professional experience, skills, knowledge and/or terms of service.
+The final decision will be made according to the strengths of
+the candidate and his/her contribution that would bring to the
+Board. Having considered the business needs of the Company,
+the Nomination Committee considers that the current Board is
+二零二一年
+RMB900,000
+人民幣900,000元
+sufficiently diversified in terms of its skills, experience, knowledge
+and independence.
+董事會多元化政策
+董事會已採納董事會多元化政策,其中載有董事會
+多元化之方針。本公司認同董事會成員多元化對企
+業管治及董事會行之有效的重要性,董事會成員多
+元化政策旨在列載為達致董事會成員多元化而採取
+的方針,以確保董事會根據本公司業務所需具備適
+當的技能、經驗及多元化觀點。董事會及提名委員
+會在設定董事會成員組合時,會從多方面考慮董事
+會成員多元化,包括但不限於性別、年齡、文化及
+教育背景、專業經驗、技能及知識。董事會所有委
+任均以用人唯才為原則,並以客觀準則考慮人選,
+充分顧及董事會多元化的裨益。
+甄選人選將基於一系列多元化觀點及將定期審閱的
+可計量目標。這些可計量目標包括但不限於性別、
+年齡、文化背景、教育背景、專業經驗、技能、知
+識及/或服務年期等。最終將按所選人選的優點及
+其將為董事會帶來的貢獻而作出決定。經考慮本公
+司業務需求,提名委員會認為現任董事會在技能、
+經驗、知識及獨立性方面��分表現多樣化格局。
+提名委員會已履行其年內上述職責。
+STRATEGY COMMITTEE
+The Group established the Strategy Committee on 20 March 2008.
+As at 31 December 2021,the Strategy Committee comprises
+an executive Director,Mr.Wang Chuan-fu, two non-executive
+directors,namely Mr. Lv Xiang-yang and Mr. Xia Zuo-quan,and
+two independent non-executive directors, namely Mr. Cai Hong-
+ping and Mr. Zhang Min, with Mr. Wang Chuan-fu as the chairman.
+The main duty of the Strategy Committee is to consider and make
+recommendations on the Company's long-term development
+strategy and major investment decisions.
+戰略委員會
+The Nomination Committee has performed the above duties during
+the Year.
+二零二零年
+RMB900,000
+人民幣900,000元
+Evaluating and determining the nature and magnitude of
+the risks to be assumed by the Company, to achieve its
+business and strategic goals;
+Ensuring that the Company has established and maintained
+appropriate and effective risk management and internal
+control systems;
+Supervising the designing, implementation and inspection
+of the risk management and internal control systems by the
+management team.
+風險管理及內部監控框架
+本公司風險管理包含完善之組織架構,以及全面之
+政策和程式。各業務及職能部門之職責均清楚列
+明,以確保有效之制衡。本公司的風險管理及內部
+監控架構包括下列各項:
+董事會
+Board of Directors
+負責評估並釐定本公司承受的風險性質及程
+度,以達成其業務策略目標;
+The Nomination Committee has also adopted a nomination
+policy (the "Nomination Policy") which includes the selection
+criteria and nomination procedures of new appointments and re-
+appointments of directors. The selection criteria for assessing
+企業管治報告
+Corporate Governance Report
+比亞迪股份有限公司
+62
+BYD Company Limited
+提名委員會致力於通過考慮企業管治結構的多項因
+素,在切實可行的情況下促進本公司多元化。
+RMB5 million to RMB8 million
+確保本公司建立及維持合適及有效的風險管
+理及內部監控系統;
+The Nomination Committee is committed to promote diversity in
+well-established organizational structure as well as all-rounded
+policies and procedures. The responsibilities of each business
+and functional department are clearly defined to ensure effective
+balance. The Company's risk management and internal control
+structure comprises of:
+本公司已設計各項措施,以保障資產不被非法使用
+或出售、保持良好會計記錄及用於業務或公佈的財
+務數據的可靠性。風險管理及內部監控系統旨在管
+理而非消除未能達成業務目標的風險,而且就避免
+重大錯誤、損失或欺騙行為而言,僅能作出合理而
+非絕對的保證。董事會信納本公司已全面遵守企業
+管制守則所載風險管理和內部監控條文。
+Other non-audit services
+其他非審計服務
+The Directors have acknowledged their responsibilities for
+preparing the consolidated financial statements of the Company
+for the year ended 31 December 2021.
+董事確認彼等負責編製本公司截至二零二一年十二
+月三十一日止年度的合併財務報表。
+The statement of the external auditor of the Company about its
+reporting responsibilities on the Company's consolidated financial
+statements for the year ended 31 December 2021 is set out_in
+the section headed "Independent Auditor's Report" in this annual
+report.
+The Board has proposed to terminate the re-appointment of Ernst
+& Young as the international auditor of the Company for 2022
+and re-appoint Ernst & Young Hua Ming (LLP) as the domestic
+auditor of the Company for 2022, which is subject to approval by
+shareholders at the forthcoming annual general meeting. There
+was no disagreement between the Board and the Audit Committee
+on the selection and reappointment of the internal and external
+auditors during the year under review. A circular containing further
+details of the proposed change of auditor will be dispatched to
+the Shareholders as soon as practicable in accordance with the
+Listing Rules.
+本公司外部核數師有關其對本公司截至二零二一年
+十二月三十一日止年度的合併財務報表的申報責任
+的陳述書,載於本年報的「獨立核數師報告書」內。
+The Company's risk management system is composed of a
+董事會已建議終止續聘安永會計師事務所為本公司
+二零二二年度國際核數師,並建議續聘安永華明會
+計師事務所(特殊普通合夥)為本公司二零二二年
+度境內核數師,唯須待股東於應屆股東週年大會上
+批准。董事會與審核委員會之間就於回顧年度內外
+部核數師的挑選及續任並無出現意見分歧。一份載
+有建議更換核數師進一步詳情的通函將根據上市規
+則,在實際可行的情況下盡快寄發予股東。
+Corporate Governance Report
+企業管治報告
+RISK MANAGEMENT AND INTERNAL CONTROL
+The Board confirms its responsibility for risk management and
+internal control systems, and for reviewing their effectiveness
+through the Audit Committee at least annually. The Audit
+Committee assists the Board in performing its responsibilities
+for supervision and corporate governance, covering financial,
+operational, compliance, risk management and internal control, as
+well as internal audit functions of the Company.
+Various measures have been designed for safeguarding assets
+against unauthorised use or disposition; for maintaining proper
+accounting records and for the reliability of financial information
+used within the business or for publication. The Company's
+systems of risk management and internal control are designed
+to manage rather than eliminate the risk of failure to achieve
+business objectives, and can only provide reasonable but not
+absolute assurance against material errors, losses or fraud. The
+Board considers that the Company is fully compliant with the
+provisions of risk management and internal control as set forth in
+the Corporate Governance Code.
+Risk Management and Internal Control Framework
+風險管理及內部監控
+董事會確認對風險管理及內部監控系統負責,並通
+過審核委員會至少每年檢討其有效性。審核委員會
+協助董事會履行其監察及企業管制職責,涵蓋本公
+司的財務、運營、合規、風險管理及內部監控,和
+內部審計職能。
+Annual Report 2021
+二零二一年年報
+RMBO to RMB5 million
+會議次數
+Number of senior
+Reviewing the due effectiveness of the Company's risk
+management and internal control systems;
+•
+審核本公司風險管理及內部監控制度是否足
+夠有效;
+Reporting the audit results and making suggestions to
+the Audit Committee, to improve major drawbacks of the
+systems or identify the deficiency of the control.
+向審核委員會匯報審核結果並作出建議,以
+改善制度重大不足之處或發現監控缺失。
+Annual Report 2021
+二零二一年年報
+67
+Corporate Governance Report
+企業管治報告
+IDENTIFICATION, EVALUATION AND MANAGEMENT
+OF MAJOR RISKS
+The management team and relevant staff identify risks that may
+exert potential impacts on the Company and its operation, and
+evaluate and monitor risks in the environment and process.
+Through comparison of the risk appraisal results and risk
+prioritization, risk management strategies and internal control
+procedures are determined to prevent, avoid or reduce risks.
+Major risks and related control measures are reviewed and
+upgraded on an ongoing basis to ensure proper internal control
+procedures in place. Based on the testing results, persons
+in charge confirm with the senior management that internal
+control measures have played their roles as expected, their
+weakness identified in the control have been corrected, and
+risk management policies and internal control procedures have
+been revised, in the event of any major changes. The Board
+and the Audit Committee supervise the control activities of the
+management team to ensure the effectiveness of the control
+measures.
+識別、評估及管理重大風險
+內部審計
+管理層及相關員工識別可能對公司及運營構成潛在
+影響之風險,評估監控環境和流程方面的風險。通
+過比較風險評估結果,排列風險優先次序,釐定風
+險管理策略及內部監控程式,以防止、避免或降低
+風險。
+Annual Review
+In 2021,the Board reviewed the soundness and effectiveness
+of the Group's risk management and internal control systems,
+covering financial, operational and compliance control, with a
+self-evaluation report issued on the internal control. In addition,
+the Company retained an auditor to audit the effectiveness of
+the internal control related to the Company's financial reports,
+and to provide independent and objective assessments and
+suggestions in the form of audit report. The Board considers that
+the Company's risk management and internal control systems are
+effective and adequate.
+Internal Audit
+The Group has an Internal Audit Department which, equipped
+with an independent internal audit system, plays an important role
+in the Group's risk management and internal control framework.
+The Internal Audit Department reports directly to the Audit
+Committee. The annual and quarterly work plans of the Internal
+Audit Department are reviewed by the Audit Committee and
+reported to the Audit Committee regularly. Major audit findings
+shall be reported on a timely basis. Based on its consideration,
+the Audit Committee will provide advice for the Board and the
+senior management, with subsequent measures taken to review
+the implementation of the rectification and improvement plans.
+年度評估
+二零二一年,董事會已對集團的風險管理及內部控
+制體系(包括財務、經營及合規控制)的健全性和
+有效性進行了檢討,並出具了內部控制自我評價報
+告。同時,公司還聘請了審計師對公司財務報告相
+關的內部控制有效性進行審計,以審計報告的形式
+提供獨立客觀的評價與建議。董事會認為,公司的
+風險管理及內部控制體系有效且充分。
+內部審核
+本集團設有審計部門,推行獨立的內部審計制度,
+在本集團的風險管理及內部監控框架扮演重要角
+色。該部門直接向審核委員會匯報,內部審核部門
+的年度、季度工作計劃報審核委員會審閱,並定
+期向審核委員會作出報告,重要審核發現需及時報
+告,由審核委員會審議後向董事會、管理層提出建
+議,並通過後續跟蹤的方式檢討整改計劃的落實情
+況。
+BYD Company Limited
+68
+比亞迪股份有限公司
+Corporate Governance Report
+企業管治報告
+Disclosure of Inside Information
+主要風險與相關監控措施,均持續檢討和更新,以
+確保設有適當的內部監控程式。根據測試結果,於
+出現任何重大變動時,有關的負責人員向高層管理
+人員確認內部監控措施發揮預期作用,或已在確定
+的監控弱點予以糾正,修訂風險管理政策及內部監
+控程式。董事會及審核委員會監督管理層的監控活
+動以致監控措施的成效。
+Internal Audit Department
+on the acknowledgment of the effectiveness of the risk
+management and internal control systems.
+向董事會及審核委員會提供有關風險管理及
+內部監控系統是否有效的確認。
+提名委員會亦已採納一項提名政策(「提名政策」),
+當中列載新委任及重新委任董事之甄選準則及提名
+程式。用以評估候選人的甄選準則包括(尤其是)其
+學歷背景及專業資格、與行業有關之經驗、品格及
+誠信及彼是否能如多元化政策所述為董事會多元化
+作出貢獻。重新委任董事方面,提名委員會將考慮
+如退任董事所作出貢獻等因素。倘候選人獲委任獨
+立非執行董事職位,提名委員會將參考上市規則所
+載列之要求評估彼之獨立性。在委任新董事時,提
+名委員會及/或董事會會先物色適合人選。經提
+名委員會根據甄選準則評估候選人後,提名委員會
+將提名一位或多位合資格候選人供董事會考慮,且
+董事會將決定並同意一位最佳候選人。本公司及/
+或董事會主席將與最佳候選人協商委任之條款。最
+後,董事會主席經諮詢薪酬委員會主席及提名委員
+會主席後將落實委任書,予董事會批准。提名委員
+會應確保挑選程式透明及公平,於委聘程式中維持
+採用多元化甄選準則,同時考慮年齡、教育背景、
+專業經驗、行業技能及專業知識等多項特質。自成
+立以來,提名委員會已肩負檢討在提名方面應用多
+元化甄選政策之責任,確保董事具備多元化視野及
+不同教育背景及專業知識。
+監督管理層對風險管理及內部監控系統的設
+計、實施及監察。
+65
+BYD Company Limited
+66
+比亞迪股份有限公司
+Corporate Governance Report
+企業管治報告
+Audit Committee
+Assisting the Board in performing its duties of risk
+management and internal control systems;
+Supervising the Company's risk management and internal
+control systems on an ongoing basis, to provide opinions
+and suggestions with regard to the improvement of the risk
+management and internal control systems;
+Reviewing the effectiveness of the Company's risk
+management and internal control systems at least once a
+year;
+審核委員會
+協助董事會執行其風險管理及內部監控系統
+的職責;
+•
+持續監督本公司的風險管理及內部監控系
+統,對風險管理及內部監控系統管理制度的
+健全和完善提出意見和建議;
+對內部審計提出的有關風險管理及內部監控
+事宜之調查結果,作出及時回應和跟進;
+識別、評估及管理可能對運作之主要程式構
+成潛在影響之風險;
+Providing opinions to the Board and the Audit Committee
+Responding to and following up in a timely manner with
+regard to the investigation results of risk management
+and internal control issues raised by the Internal Audit
+Department;
+Identifying, evaluating and managing risks that may exert
+potential impacts on major operational procedures;
+負責設計、執行及監察風險管理及內部監控
+系統;
+The Group has put in place a set of policy for the disclosure of
+inside information which sets out the procedures and internal
+controls for the handling and dissemination of inside information
+in a timely manner and in compliance with the Securities and
+Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
+Unless the inside information falls within any of the safe harbors
+as permitted under the Securities and Futures Ordinance, the
+Group is required to disseminate such information through the
+electronic publication system operated by the Stock Exchange to
+the public in a timely manner. All Directors, officers and relevant
+employees are required to take reasonable precautions for
+preserving the confidentiality of inside information and the relevant
+announcement (if applicable) before publication. If the Group
+believes that the necessary degree of confidentiality cannot be
+maintained, the Group will immediately disclose the information to
+the public as soon as reasonably practicable. The policy and its
+effectiveness are subject to review on a regular basis.
+•
+確保本公司在會計、內部審核及財務匯報職
+能方面有足夠的資源,員工資歷和經驗。
+管理層
+Management Team
+qualifications and experiences in accounting, internal audit
+and financial reporting functions.
+Ensuring that the Company has sufficient resources, staff
+至少每年一次檢討本公司的風險管理及內部
+監控系統是否有效;
+Designing, implementing and inspecting the risk
+management and internal control systems;
+DIRECTORS' SECURITIES TRANSACTIONS
+The Company has adopted the Model Code for Securities
+Transactions by Directors of Listed Issuers (the "Model Code")
+contained in Appendix 10 of the Listing Rules as the Company's
+code of conduct regarding securities transactions by its Directors.
+Having made specific inquiry of all Directors, the Company
+confirmed all Directors have complied with their obligations under
+the Model Code regarding their securities transactions during the
+Year.
+Specified employees who are likely to be in possession of
+unpublished inside information of the Group are also subject to
+compliance with the Model Code. No incident of non-compliance
+was noted by the Company in 2021.
+Xia Zuo-quan
+Cai Hong-ping (chairman)
+Zhang Min
+Jiang Yan-bo
+夏佐全
+蔡洪平(主席)
+張敏
+蔣岩波
+1
+100%
+1
+100%
+1
+100%
+1
+100%
+BYD Company Limited
+年內高級管理人員薪酬
+截至二零二一年十二月三十一日止年度,支付予各
+董事的酬金載於財務報表附註9。
+Remuneration of Senior Management During the Year
+The emoluments paid to each Director for the year ended 31
+December 2021 are set out in note 9 to the financial statements.
+董事不參與釐定其本身的薪酬。
+本集團對執行董事薪酬政策的主要目標是讓本公司
+可透過將執行董事的補償與其個人表現掛鈎並與公
+司目標及本集團的經營業績相衡量,同時計及可比
+較的市場條件,以挽留及激勵執行董事。就執行董
+事及高級管理層薪酬而言,薪酬委員會向董事會就
+個別執行董事及高級管理層的薪酬組合提出建議(採
+納企業管治守則條文第B.1.2(c)(ii)條所述模式)並將
+由董事會審閱及採納批准,同時執行董事的薪酬組
+合方案還須經股東大會批准。執行董事的薪酬組合
+主要部分包括基本薪金、酌情花紅。非執行董事的
+薪酬主要包括董事袍金。董事於履行其作為董事職
+責時所發生的開支,本公司會作出合理補償。
+100%
+董事薪酬政策
+The primary goal of the Group's remuneration policy for executive
+Directors is to enable the Company to retain and motivate
+executive Directors by linking their compensation with their
+individual performance as measured against the corporate
+objectives and the Group's operating results and taking into
+account of comparable market conditions. For the remuneration
+of the executive Directors and senior management, the
+Remuneration Committee makes recommendations to the Board
+on the remuneration packages of individual executive directors
+and senior management (adopting the model described in code
+provision B.1.2(c)(ii) of the CG Code) which would then be
+reviewed and subject to approval by the Board. The remuneration
+package of the executive Directors would also be subject to
+approval by shareholders at general meetings. The principal
+elements of the remuneration package of executive Directors
+include basic salary and discretionary bonus. The remuneration
+of non-executive directors includes mainly the Director's fee. The
+Company reimburses reasonable expenses incurred by Directors
+in the course of their carrying out of duties as Directors.
+REMUNERATION POLICY FOR DIRECTORS
+企業管治報告
+Corporate Governance Report
+比亞迪股份有限公司
+60
+Directors do not participate in decisions on their own
+remuneration.
+Remuneration by bands
+1
+Wang Chuan-fu
+SHAREHOLDERS' RIGHTS
+Under the Company's Articles of Association, any one or more
+shareholders holding not less than one-tenth of the paid-up capital
+of the Company carrying the right of voting at general meetings of
+the Company shall at all times have the right, by written requisition
+to the Board, to require an extraordinary general meeting to be
+called by the Board for considering any matters specified in such
+requisition.
+披露內幕消息
+本集團制定一套有關披露內幕消息的政策,載列符
+合(香港法例第571章)證券及期貨條例及時處理及
+發佈內幕消息的程式及內部監控措施。除非內幕消
+息屬於證券及期貨條例所允許任何安全港範圍內,
+否則本集團需透過聯交所營運之電子登載系統及時
+向公眾人士發佈有關資料。所有董事、高級人員及
+相關僱員須在刊發公佈前採取合理預防措施,將內
+幕消息及相關公佈(如適用)保密。倘本集團認為無
+法維持必要的保密程度,本集團將及時在合理可行
+情況下盡快向公眾披露有關資料。該政策及其有效
+性須進行定期檢討。
+董事的證券交易
+本公司已採納上市規則附錄十所載上市發行人董事
+進行證券交易的標準守則(「標準守則」),作為本公
+司董事進行有關證券交易的行為守則。在向所有的
+董事作出特定查詢後,於年內,所有董事有關其證
+券交易均已遵守標準守則項下的義務。
+可能擁有本集團尚未公佈內幕消息的指定人士亦須
+遵守標準守則條款。於二零二一年,本公司並無發
+現違規事件。
+股東權利
+根據公司章程,持有本公司附有可於本公司股東大
+會上投票權利的已繳股本不少於百分之十的任何一
+名或多名股東,將可隨時要求董事會召開股東特別
+大會,以審議要求中所指明的任何事項。
+The Remuneration Committee has reviewed its terms of reference,
+which is available on the websites of the Stock Exchange and the
+Company, in 2021 to comply with the Code.
+The Board of Directors established a Remuneration Committee on
+27 June 2005. The primary role of the Remuneration Committee is
+to regularly review human resource management policies, make
+recommendations on the remuneration packages, compensation
+and benefit plans of Directors and senior executives, as well as
+setting performance goals for senior management of the Group.
+As at 31 December 2021, the Remuneration Committee comprises
+an executive Director,Mr.Wang Chuan-fu, a non-executive
+director,Mr. Xia Zuo-quan, and three independent non-executive
+directors, namely Mr. Cai Hong-ping, Mr. Zhang Min and Mr. Jiang
+Yan-bo, with Mr. Cai Hong-ping as the chairman.
+REMUNERATION COMMITTEE
+企業管治報告
+Corporate Governance Report
+59
+Annual Report 2021
+二零二一年年報
+In terms of the summary of the work of the Remuneration
+Committee, the Remuneration Committee held one meeting in
+2021 to,among others, assess the performance of executive
+Directors and review the remuneration of Directors, supervisors
+and senior management of the Group. The attendance rate of its
+members is set out as follows:
+出席率
+薪酬委員會成員
+Member of the Remuneration Committee
+Rate
+出席委員會
+Attendance
+王傳福
+Attended
+Committee
+Number of
+薪酬委員會的履職概述方面,於二零二一年,薪酬
+委員會舉行一次會議,以(其中包括)評估執行董事
+的表現及審閱本集團董事、監事及高級管理人員的
+薪酬。其成員出席率載列如下:
+於二零二一年,薪酬委員會已檢討其職權範圍(其
+職權範圍可於聯交所及本公司網站查閱),以符合守
+則。
+董事會已於二零零五年六月二十七日成立薪酬委員
+會。薪酬委員會的主要角色是定期檢討人力資源管
+理政策、對董事及高級行政人員的薪酬組合、補償
+及福利計劃提出建議,以及制定本集團高級管理人
+員的表現目標。於二零二一年十二月三十一日,薪
+酬委員會包括一名執行董事王傳福先生、一名非執
+行董事夏佐全先生、及三名獨立非執行董事蔡洪平
+先生、張敏先生及蔣岩波先生,而蔡洪平先生出任
+主席。
+薪酬委員會
+Meetings
+candidates include, in particular, his/her educational background
+and professional qualifications, experiences in the industry,
+personality and integrity, as well as his/her contributions to the
+diversity of the Board according to the Board Diversity Policy.
+In the case of re-appointment of Directors, the Nomination
+Committee would take into account factors such as contribution
+from the retiring Directors. Where the candidate is appointed
+for the position of independent non-executive director, the
+Nomination Committee will also assess his/her independence
+with reference to the requirements set out in the Listing Rules. In
+appointing a new Director, the Nomination Committee and/or the
+Board will first identify potential candidates. After the Nomination
+Committee evaluated the candidates based on the selection
+criteria, the Nomination Committee will nominate one or more
+qualified candidates for the Board's consideration and the Board
+will determine and agree on a preferred candidate. The Company
+and/or the Chairman of the Board will then negotiate the terms of
+appointment with the preferred candidate. Finally, the Chairman of
+the Board, in consultation with the chairman of the Remuneration
+Committee and the chairman of the Nomination Committee, will
+then finalise a letter of appointment for the Board's approval.
+The Nomination Committee shall ensure the transparency and
+fairness of the selection procedure and continue to adopt diverse
+selection criteria during the appointment procedure, taking into
+consideration a range of elements such as age, educational
+background, professional experience, industrial skills and
+professional knowledge. Since its establishment, the Nomination
+Committee has assumed the role of reviewing such diverse
+selection policy at the nomination level, maintaining a diversified
+spectrum of varying perspectives, educational background and
+professional knowledge in the Board.
+與僱員的關係
+公司該年度或半年度實現的可分配利
+潤(即公司彌補虧損、提取公積金後
+所餘的稅後利潤)為正值且現金流充
+裕,實施現金分紅不會影響公司後續
+持續經營;
+本集團的主要業務為包含傳統燃油汽車及新能源汽
+車在內的汽車業務、手機部件及組裝業務,以及二
+次充電電池及光伏業務,同時利用自身的技術優勢
+積極拓展城市軌道交通及其他業務領域,而本公司
+的附屬公司的業務則詳載於財務報表附註1。截至二
+零二一年十二月三十一日止年度,本集團主要業務
+性質並無重大改變。有關主要業務的進一步討論及
+分析,詳見載於本年報第16頁至38頁的管理層討論
+及分析。
+截至二零二一年十二月三十一日止年度業務類型
+及營運地區分類的本集團業績表現分析載於財務報
+表附註4。
+業績及分配
+本集團截至二零二一年十二月三十一日止年度的業
+績載於本年報合併財務報表及其附註第92頁至第
+311頁。
+派付股息政策
+(一) 公司股息政策應重視對投資者的合理投資回
+報,並兼顧公司的可持續發展,公司股息分
+派不得超過累計可分配利潤的範圍,不得損
+害公司持續經營能力,實行持續、穩定的股
+息分配政策。
+72
+BYD Company Limited
+比亞迪股份有限公司
+Report of the Directors
+董事會報告
+(II) The Company may distribute dividends in cash, in
+shares or in a combination of both cash and shares or as
+otherwise permitted by the laws and regulations. When the
+conditions for cash dividend are satisfied, cash dividend
+shall be the priority method of profit distribution.
+(III) The Company's profit distribution shall be prepared by
+the Board of Directors in accordance with the Company's
+operating conditions and the relevant requirements of
+China Securities Regulatory Commission and shall be
+considered and approved at the shareholders' general
+meeting.
+(IV)
+After the profit distribution plan is approved at the general
+meeting of the Company, the Board of Directors of the
+Company shall complete the distribution of dividends within
+two months after convening the shareholders' general
+meeting.
+The profit distributed by the Company in cash each year
+shall not be less than 10% of the realized distributable
+profit for the year, provided that the following cash
+dividend conditions are satisfied and the capital needs for
+the normal production, operation and development of the
+Company are met. The cumulative profit for distribution in
+cash for any three consecutive years shall not be less than
+30% of the average annual distributable profit for such
+three years:
+(1)
+The distributable profit (i.e., the Company's profit
+after tax net of loss and contribution of reserve
+funds) realized by the Company for the year or
+half year is positive in value and the cash flow is
+sufficient. The payment of cash dividends will not
+affect the subsequent continuing operation of the
+Company;
+(二) 公司可以採取現金、股票、現金與股票相結
+合或者法律、法規允許的其他方式分派股
+息。在滿足現金分紅的條件下,應優先採用
+現金分紅的方式分配股息。
+(三) 公司股息分派由董事會根據公司經營狀況和
+中國政監會的有關規定擬定,由股東大會審
+議決定。
+(四)
+公司股東大會對利潤分配方案作出決議後,
+公司董事會須在股東大會召開後2個月內完
+成股息的派發事項。
+公司在滿足下列現金分紅條件,且滿足公司
+正常生產經營和發展的資金需求情況下,每
+年以現金方式分配的利潤應不低於當年實現
+的可分配利潤的10%,任意連續三年以現金
+方式累計分配的利潤應不少於該三年實現的
+年均可分配利潤的30%:
+(1)
+主要業務及營運地區的分析
+The Company's profit distribution policy shall focus on
+providing investors with reasonable investment returns
+as well as maintaining the sustainable development of
+the Company. The Company's profit distribution shall not
+exceed the range of the accumulated distributable profits
+or damage the Company's ability to continue operations.
+A sustained and steady profit distribution policy shall be
+implemented.
+(1)
+Dividend Distribution Policy
+此外,股東可推舉一名本公司退任董事以外之人士
+於股東大會上參選董事。就此目的而言,股東須於
+不早於寄發有關股東大會通告翌日,亦不遲於有關
+股東大會之日期前七日,向董事會送達表明提名參
+選董事人選意向之書面通知以及該獲提名人士發出
+表明其參選意願之書面通知。
+股東可將其需要董��會關注的申請書及查詢寄至本
+公司的公司秘書,地址為本公司於香港的主要營業
+地點香港新界沙田鄉事會路138號新城市中央廣場
+二期17樓1712室。其他一般查詢可透過本公司的
+投資者及傳媒關係顧問交予本公司。投資者及傳媒
+關係顧問的聯絡資料已在本年報「公司資料」一節披
+露。
+69
+BYD Company Limited
+70
+比亞迪股份有限公司
+Corporate Governance Report
+企業管治報告
+INVESTOR RELATIONS
+The Company believes that effective communication with
+investors is essential for enhancing investors' knowledge and
+understanding of the Company. To achieve this, the Company
+pursues a proactive policy of promoting investor relations and
+communications. The main purpose of the Company's investor
+relations policy, therefore, is to enable investors to have access,
+on a fair and timely basis, to information that is reasonably
+required for making the best investment decisions.
+During the year, given that BYD Company Limited (the
+“Company”) has completed the placing of 50,000,000 new
+H Shares under the General Mandate and the registration on
+8 November 2021, there are corresponding changes in the
+registered capital and total share capital of the Company.
+Further, pursuant to the Securities Law of the People's Republic
+of China (2019 Revision),the Company Law of the People's
+Republic of China (2018 Revision), the Guidelines for the Articles
+of Association of Listed Companies (2019 Revision),the Code
+of Corporate Governance for Listed Companies (2018 Revision)
+and the Rules Governing the Listing of Shares on Shenzhen Stock
+Exchange (2020 Revision), and the provisions of other relevant
+laws and regulations, departmental rules, regulatory documents
+and regulations of the Company, and combined with the actual
+situation, it is proposed to make relevant amendments to the
+internal rules and regulations of the Company including the
+Articles of Association, the Rules of Procedures of Meetings of
+the Board, the Rules of Procedures of Meetings of the Supervisory
+Committee, the Compliance Manual in relation to Independent
+Directors, the Management System for the Funds Raised, the
+Compliance Manual in relation to Connected Transaction, the
+Rules for the Selection and Appointment of Accountants' Firm and
+the Policy of External Guarantee. The Board and Shareholders
+of the Company passed the relevant resolutions at the Board
+meetings held on 27 August 2021 and 12 November 2021,and
+an extraordinary general meeting held on 30 November 2021
+respectively, to approve the amendments to the Articles of
+Association of the Company and various sets of internal rules and
+regulations mentioned above. For details of relevant amendments,
+please refer to the Company's circular dated on 13 November
+2021. The latest version of the Memorandum and Articles of
+Association of the Company and the above internal rules and
+regulations are available on the websites of the Company and the
+Hong Kong Stock Exchange.
+與投資者的關係
+and evaluates their implementation and compliance in such areas.
+During the year of 2021, as far as the Company is aware, there
+was no material breach of or non-compliance with applicable laws
+and regulations by the Group that has a significant impact on the
+business and operations of the Group.
+本公司相信,與投資者的有效溝通對增進投資者對
+本公司的認識及暸解乃至關重要。為達致該目標,
+本公司實施促進投資者關係及溝通的積極政策。因
+此,本公司的投資者關係政策主要乃旨在讓投資者
+可公平和及時取得作出最佳投資決策時所合理需要
+的資料。
+Annual Report 2021
+二零二一年年報
+71
+Report of the Directors
+董事會報告
+The directors of the Company (the “Board") agreed to hereby
+submit the annual report together with the audited consolidated
+financial statements of BYD Company Limited (the "Company")
+and its subsidiaries (together with the Company hereinafter
+collectively referred to as the “Group") for the year ended 31
+December 2021.
+本公司董事(「董事會」)同意謹將比亞迪股份有限公
+司(以下簡稱「本公司」)及其附屬公司(連同本公司
+統稱「本集團」)截至二零二一年十二月三十一日止
+年度報告連同已經審核的合併財務報表呈覽。
+PRINCIPAL ACTIVITIES AND GEOGRAPHICAL
+ANALYSIS OF OPERATIONS
+The Group is principally engaged in automobile business which
+includes traditional fuel-engined vehicles and new energy
+vehicles, handset components and assembly services, as well
+as rechargeable battery and photovoltaic business while taking
+advantage of its technological superiority to actively develop
+urban rail transportation and other business segment. The
+activities of the Company's subsidiaries are set out in note 1 to
+the financial statements. There were no significant changes in
+the nature of the Group's principal activities for the year ended
+31 December 2021. Further discussion and analysis of principal
+activities are set out in the Management Discussion and Analysis
+on pages 16 to 38 of the annual report.
+An analysis of the Group's performance for the year ended 31
+December 2021 by business and geographical segments of
+operations is set out in note 4 to the financial statements.
+RESULTS AND APPROPRIATIONS
+The results of the Group for the year ended 31 December 2021
+are set out in the consolidated financial statements and their notes
+on pages 92 to 311 of this annual report.
+年內,鑒於比亞迪股份有限公司(以下簡稱「本公
+司」或「公司」)已於2021年11月8日根據一般性授權
+完成50,000,000股新增H股配售及其登記,本公司
+的註冊資本、股本總額發生相應變化;同時公司根
+據《中華人民共和國證券法》(2019年修訂)、《中華
+人民共和國公司法》(2018年修正)、《上市公司章程
+指引》(2019年修訂)、《上市公司治理準則》(2018
+年修訂)及《深圳證券交易所股票上市規則》(2020年
+修訂)等相關法律、法規、部門規章、規範性文件及
+公司制度的規定,並結合實際情況,對《公司章程》
+及《董事會議事規則》、《監事會議事規則》、《獨立董
+事制度》、《募集資金管理制度》、《關聯交易決策制
+度》、《會計師事務所選聘制度》、《對外擔保制度》等
+內部規則及制度進行了相關修訂。公司董事會分別
+於二零二一年八月二十七日及二零二一年十一月十
+二日的董事會,以及本公司股東於二零二一年十一
+月三十日舉行的股東特別大會上分別通過了相關議
+案,批准修訂本公司《公司章程》及上述若干內部規
+則及制度。有關修訂詳情,請參閱本公司日期為二
+零二一年十一月十三日的通函。本公司組織章程及
+上述內部規則及制度的大綱及細則之最新版本,可
+於本公司及香港聯交所網站參閱。
+(2)
+The cumulative distributable profit of the Company
+is positive in value;
+(2)
+董事會報告
+The final dividend will be denominated and declared in RMB.
+The holders of A shares will be paid in RMB and the holders of H
+shares will be paid in Hong Kong dollars. The exchange rate for
+the dividend to be paid in Hong Kong dollars will be the mean of
+the exchange rates of Hong Kong dollar to RMB as announced
+by the People's Bank of China during the five business days prior
+to the date of declaration of the dividend at the Extraordinary
+General Meeting.
+In accordance with the Enterprise Income Tax Law of the People's
+Republic of China and its implementation regulations which
+came into effect on 1 January 2008,the Company is required
+to withhold and pay enterprise income tax at the rate of 10% on
+behalf of the non-resident enterprise shareholders whose names
+appear on the register of members for H shares when distributing
+the cash dividends. Any H shares not registered under the name
+of an individual shareholder, including HKSCC Nominees Limited,
+other nominees, agents or trustees, or other organisations or
+groups, will be deemed as shares held by non-resident enterprise
+shareholders. Therefore, the enterprise income tax will be withheld
+from dividends payable to such shareholders. If holders of H
+shares intend to change its shareholder status, please enquire
+about the relevant procedures with your agents or trustees. The
+Company will strictly comply with the law or the requirements of
+the relevant government authority and withhold and pay enterprise
+income tax on behalf of the relevant shareholders based on the
+register of members for H shares as at the record date of the final
+dividend.
+In accordance with the Circular on Certain Issues Concerning
+the Policies of Individual Income Tax (Cai Shui Zi [1994] No.
+020)promulgated by the Ministry of Finance and the State
+Administration of Taxation on 13 May 1994, overseas individuals
+are, temporarily, exempted from the PRC individual income tax for
+dividend or bonuses received from foreign-invested enterprises.
+In accordance with the Letter of the State Administration of
+Taxation concerning Taxation Issues of Dividends Received by
+Foreign Individuals Holding Shares of Companies Listed in China
+(Guo Shui Han Fa [1994] No. 440) as promulgated by the State
+Administration of Taxation on 26 July 1994, dividends (capital
+bonuses) received by foreign individuals holding B shares or
+overseas shares (including H shares) from Chinese enterprises
+issuing such B shares or overseas shares are temporarily
+exempted from individual income tax. Accordingly, in the payment
+of final dividends, the Company will not withhold and pay the
+individual income tax on behalf of individual shareholders
+when the Company distributes the final dividend to individual
+shareholders whose names appear on the register of members of
+H shares of the Company.
+末期股息將以人民幣計值和宣派,以人民幣向A股股
+東發放,以港元向H股股東發放。以港元發放的股
+息計算的匯率以在特別股東大會宣派股息日之前五
+個工作日的中國人民銀行公佈的港元兌換人民幣平
+均基準匯率為準。
+根據自二零零八年一月一日起施行的《中華人民共和
+國企業所得稅法》及其實施條例,本公司向名列於H
+股股東名冊上的非居民企業股東派發現金股息時,
+有義務代扣代繳企業所得稅,稅率為10%。任何以
+非個人股東名義,包括以香港中央結算(代理人)有
+限公司、其他代名人、代理人或受託人、其他組織
+及團體名義登記的H股股份皆被視為非居民企業股
+東所持的股份,因此,其應得股息將被扣除企業所
+得稅。如H股股東需要更改股東身份,請向代理人
+或受託人查詢相關手續。本公司將嚴格依法或根據
+政府相關部門的要求,並依照截至末期股息記錄日
+期的H股股東名冊代扣代繳企業所得稅。
+根據財政部、國家稅務總局於一九九四年五月十三
+日發佈的《關於個人所得稅若干政策問題的通知》
+(財稅字[1994]020號)的規定,外籍個人從外商投
+資企業取得的股息、红利所得,暫免徵收個人所得
+稅。根據國家稅務總局於一九九四年七月二十六日
+發佈的《外籍個人持有中國境內上市公司股票所取得
+的股息有關稅收問題的函》(國稅函發[1994]440號)
+的規定,對持有B股或海外股(包括H股)的外籍個
+人,從發行該B股或海外股的中國境內企業所取得的
+股息(紅利)所得,暫免徵收個人所得稅。據此,本
+公司在派付末期股息時,本公司對名列於公司H股
+股東名冊上的個人股東將不代扣代繳中國個人所得
+稅。
+Annual Report 2021
+二零二一年年報
+75
+Report of the Directors
+董事會報告
+Shareholders are recommended to consult their tax advisor
+regarding the ownership and disposal of H shares of the Company
+in the PRC and in Hong Kong and other tax effects.
+Report of the Directors
+BUSINESS REVIEW
+Principal risks and uncertainties faced by the Group
+Please refer to note 50 to the financial statements for details
+of the main financial risks faced by the Group and the Group's
+management objectives and policies regarding such risks. In
+addition to such financial risks, the Directors are of the view that
+any material change in relevant government policies (such as the
+Chinese Government's policies on economic development and
+environmental protection) is also one of the principal risks and
+uncertainties that may affect the Group's business.
+Environmental policies
+The Group has been a positive respondent for environmental
+protection. While helping reduce energy consumption through
+green products, the Group also focuses on reducing the direct
+impacts of its operation on the environment. By introducing
+an energy management system, promoting the replacement of
+traditional energy with renewable energy and saving energy
+through technical and management means, BYD continues
+to reduce its own energy consumption and carbon dioxide
+emissions.
+股東務須向彼等的稅務顧問諮詢有關擁有及處置本
+公司H股所涉及中國、香港及其他稅務影響的意見。
+業務回顧
+業務回顧載於年報第19頁至26頁,構成董事會報告
+的一部分。
+本集團面對的主要風險及不確定因素
+有關本集團所面臨主要財務風險及本集團關於該等
+風險的管理目標及政策的詳情,請參閱財務報表附
+註50。除該等財務風險外,董事認為,有關政府政
+策(如中國政府的經濟發展及環境保護政策)的任何
+重大變動亦為可能影響本集團業務的主要風險及不
+確定因素之一。
+環保政策
+本集團積極響應環保政策。在通過綠色產品來減少
+能耗的同時,本集團亦注重減輕其運營對環境的直
+接影響。比亞迪通過引進能源管理系統、推進以可
+再生能源替代傳統能源及通過技術與管理方式節約
+能源,持續減少其自身能耗及二氧化碳排放。
+Regulatory compliance
+The business review set out on pages 19 to 26 of the annual
+report shall form an integral part of this Report of the Directors.
+持有本公司附有可於本公司股東大會上投票權利的
+已繳股本不少於百分之三的任何一名或多名股東,
+可以在股東大會召開10日前提出臨時提案並書面提
+交會議召集人;召集人應當在收到提案後2日內發出
+股東大會補充通知,公告臨時提案的內容。
+比亞迪股份有限公司
+74
+公司累計可供分配利潤為正值;
+(3)
+The audit firm issues an unqualified audit report on
+the financial report of the Company for the year.
+(3)
+審計機構對公司的該年度財務報告出
+具標準無保留意見的審計報告。
+(V)
+The Board of Directors of the Company may propose the
+Company to make interim cash distribution according to the
+Company's earnings and capital requirement conditions,
+provided that the cash dividend conditions are satisfied.
+五)
+在滿足現金分紅條件下,公司董事會可以根
+據公司的盈��狀況及資金需求狀況提議公司
+進行中期現金分配。
+Annual Report 2021
+二零二一年年報
+Report of the Directors
+董事會報告
+BYD Company Limited
+(VI)
+Depending on the profitability and business growth for the
+year, the Company may distribute profits by way of shares
+to match share capital expansion with business growth,
+provided that the minimum cash dividend payout ratio and
+an optimal share capital base and shareholding structure
+are maintained.
+When considering and conducting profit distribution,
+the Board of Directors of the Company shall take into
+account certain circumstances and factors as set out in the
+Company's Articles of Association.
+(VIII) The Company shall calculate, declare and pay dividends
+and other amounts which are payable to holders of
+domestic shares in Renminbi within the period as
+prescribed by the Articles of Association. The Company
+shall calculate and declare dividends and other payments
+which are payable to holders of overseas-listed foreign
+shares in Renminbi, and shall pay such amounts in the
+foreign currency within the period as prescribed by the
+Articles of Association. The applicable exchange rate
+Ishall be the average closing rate for the relevant foreign
+currency announced by the People's Bank of China of the
+five working days prior to the announcement of payment
+of dividend and other amounts. The Company shall pay
+foreign currencies to holders of overseas-listed foreign
+shares in accordance with the relevant foreign exchange
+control regulations of the State. Authorised by general
+meetings, the Board may determine to distribute interim
+dividends or bonuses.
+The Board has resolved to recommend the payment of final
+dividend of RMB1.05 per share (including tax) for the year
+ended 31 December 2021 (for the year ended 31 December
+2020: the payment of RMB0.148 per share (including tax)). If
+there is a change in the total share capital of the Company
+on the date of registration of the implementation of the equity
+distribution, the Company intends to maintain the total distribution
+amount unchanged and adjusts the distribution amount per
+share accordingly. The proposed final dividend is subject to the
+consideration and approval of the shareholders at the forthcoming
+annual general meeting (the “AGM") of the Company.
+(六) 公司可以根據年度的盈利情況及業績增長狀
+況,在滿足最低現金分紅比例和公司股本規
+模及股權結構合理的條件下,為保持股本擴
+張與業績增長相適應,公司可以採用股票股
+利方式進行利潤分配。
+(七) 在考慮及實際分紅時,公司董事會應當考慮
+公司章程中列出的情況及因素。
+(八) 公司向內資股股東支付股利以及其他款項,
+以人民幣計價和宣佈,在公司章程規定的期
+限內用人民幣支付;公司向外資股股東支付
+股利及其他款項,以人民幣計價和宣佈,在
+章程規定的期限內以外幣支付。兌換率應以
+宣派股利或其他分派當日前五個工作天中國
+人民銀行所報的相關外幣兌人民幣的平均收
+市價折算,公司需向外資股股東支付的外
+幣,應當按照國家有關外匯管理的規定辦
+理。經股東大會授權,董事會可決定分配中
+期股利或紅利。
+董事會已議決建議派發截至二零二一年十二月三十
+一日止年度末期股息每股人民幣1.05元(包含稅項)
+(截止二零二零年十二月三十一日止之年度:派發每
+股人民幣0.148元(包含稅項))。如實施權益分派股
+權登記日公司總股本發生變動,公司擬維持分配總
+額不變,相應調整每股分配金額。建議末期股息須
+待本公司將召開的股東週年大會(「股東週年大會」)
+上審議及批准後方可作實。
+The Company will publish announcement, circular and notice
+regarding the AGM in accordance with the Listing Rules and the
+Articles of Association of the Company. The Company will also
+make separate announcement regarding the record date and
+date of closure of register of members for the payment of the final
+dividend to the holders of H shares. It is expected that the final
+dividend will be distributed before 31 August 2022.
+本公司將根據上市規則及本公司的組織章程細則就
+股東週年大會刊發公告、通函及股東週年大會通
+告。本公司亦將另行刊發有關記錄日期及因向H股
+股東派付末期股息而暫停辦理股份過戶登記手續的
+日期的公告。預期末期股息將於二零二二年八月三
+十一日前分派。
+73
+(VII)
+持有本公司附有可於本公司股東大會上投票權利的
+已繳股本不少於百分之一的任何一名股東,可以作
+為徵集人,自行或者委託證券公司、證券服務機
+構,公開請求公司股東委託其代為出席股東大會,
+並代為行使提案權、表決權等股東權利。
+Shareholders may send their requisitions and inquiries requiring
+the Board's attention to the Company Secretary at the Company's
+principal place of business in Hong Kong at Unit 1712, 17th Floor,
+Tower 2 Grand Central Plaza,No.138 Shatin Rural Committee
+Road, New Territories, Hong Kong. Other general inquiries can be
+directed to the Company through our Investor and Media Relations
+Consultant, whose contact information is disclosed in the section
+headed “Corporate Information” of this annual report.
+Furthermore, a shareholder may propose a person other than a
+retiring Director for election as a Director at a general meeting.
+For such purpose, the shareholder must send to the Board a
+notice in writing of the intention to propose a person for election
+as a Director and notice in writing by that person of his or her
+willingness to be so elected, no earlier than the day after the
+dispatch of the notice of the relevant general meeting and not
+later than 7 days prior to the date appointed for the relevant
+general meeting.
+78
+BYD Company Limited
+蔣岩波先生
+張敏先生
+蔡洪平先生
+-獨立非執行董事:
+夏佐全先生
+呂向陽先生
+- 非執行董事:
+王傳福先生
+- 執行董事:
+截至二零二一年十二月三十一日止年度及至本報告
+日期在任的董事如下:
+比亞迪股份有限公司
+董事
+五年財務數據摘要
+本公司的組織章程中並無優先購股權的條文,而中
+國與股份有限責任公司相關的法律亦無此等權利相
+類似的限制,規定本公司須向現有股東按比例發售
+新股。
+°
+優先購股權
+於二零二一年十二月三十一日,本集團的銀行貸款
+詳情載於財務報表附註35
+銀行貸款
+按照本公司註冊成立地點中國的適用法律計算,本
+公司於二零二一年十二月三十一日可供分派儲備
+約為人民幣480,324,000元(二零二零年:人民幣
+462,339,000)
+可供分派儲備
+Mr. Jiang Yan-bo
+Mr. Zhang Min
+Mr. Cai Hong-ping
+- Independent non-executive Directors:
+本集團上五個財政年度的業績及資產負債摘要載於
+本年報第2頁及312頁。
+Mr. Xia Zuo-quan
+Report of the Directors
+DIRECTORS' AND SUPERVISORS' SERVICE
+CONTRACTS
+本公司董事、監事及高級管理層的個人簡歷載於年
+報第39頁至第50頁。
+董事、監事及高級管理層的個人簡歷
+management of the Company are set out on pages 39 to 50 of this
+annual report.
+Brief biographical details of Directors, supervisors and senior
+BIOGRAPHICAL DETAILS OF DIRECTORS,
+SUPERVISORS AND SENIOR MANAGEMENT
+有關董事的酬金詳情載於財務報表附註9。
+應付各非執行董事(包括獨立非執行董事)的酬金為
+根據其責任及向董事會作出的承諾,並計及其經驗
+及市場有關該職位的慣例。
+應付各執行董事的酬金為根據(i)其職責及責任;(ii)
+現行市況;及(iii)本公司的業績表現及盈利能力而
+定。
+董事酬金
+於年終或本年度任何時間,本集團概無簽訂任何涉
+及本集團的業務而本公司的董事、監事及與董事或
+監事有關連的實體直接或間接在其中擁有重大權益
+的重要交易、安排或合約。
+董事的合約權益
+上述合約及委任函為不可於一年內無須賠償(法定賠
+償除外)而予以終止之合約。
+董事會報告
+所有現任監事已與本公司簽訂或重續彼等的服務或
+僱傭合約,由二零二零年九月八日起計為期三年。
+Details of the remuneration of the Directors are set out in note 9 to
+the financial statements.
+responsibilities and undertaking to the Board taking into account
+his experience and market practice for such post.
+The emolument payable to each non-executive director
+(including independent non-executive director) is based on the
+The emolument payable to each executive Director is based on
+(i) his duties and responsibilities; (ii) prevailing market conditions;
+and (iii) performance and profitability of the Company.
+DIRECTORS' REMUNERATION
+No transactions, arrangement or contracts of significance in
+relation to the Group's business to which the Group was a party
+and in which a Director or supervisor and an entity related to a
+Director or supervisor of the Company had a material interest,
+whether directly or indirectly, subsisted at the end of the Year or
+at any time during the Year.
+DIRECTORS' INTERESTS IN CONTRACTS
+None of the above-mentioned contracts and letters of appointment
+are determinable within one year without payment of compensation
+(other than statutory compensation).
+employment contracts with the Company for a term of three years
+commencing on 8 September 2020.
+All existing supervisors had signed or renewed their service or
+All existing Directors had signed or renewed their service
+contracts or letters of appointment with the Company for a term of
+three years commencing on 8 September 2020.
+董事及監事的服務合約
+所有現任董事已與本公司簽訂或重續彼等的服務合
+約或委任函,由二零二零年九月八日起計為期三年。
+BYD requires stringent compliance with laws, social norms,
+professional ethics and internal regulations in its worldwide
+operations. The Group has established the Law and Regulation
+Mr. Lv Xiang-yang
+Mr. Wang Chuan-fu
+與客戶及供應商的關係
+由於僱員為發展的基石,本集團於人力資源管理方
+面堅持「以人為本」的原則,創造平等的就業機會並
+禁止一切職業歧視。本集團定期檢討其僱員薪酬政
+策,且根據年度工作表現評核,僱員會獲發花紅及
+獎金。本集團亦於住房、交通及兒童教育等方面努
+力幫助僱員。
+Group and the Company are set out in note 14 to the financial
+statements.
+Details of the movements in property, plant and equipment of the
+PROPERTY, PLANT AND EQUIPMENT
+Charitable and other donations made by the Group during the
+year ended 31 December 2021 amounted to RMB47,552,000
+(2020: RMB35,783,000).
+DONATIONS
+Details of movements in the reserves of the Group and the
+Company during the Year are set out in the Consolidated
+Statement of Changes in Equity and note 42 to the financial
+statements, respectively.
+RESERVES
+The Group strives to build and maintain long term and strong
+relationships with customers. BYD has established a customer
+satisfaction management system with a view to understanding and
+fulfilling customers' demands and enhancing their satisfaction.
+In terms of suppliers, the Group's objective is to keep mutually
+beneficial and win-win partnerships with all suppliers. At the
+same time, the Group regularly evaluates the performance of our
+suppliers including suppliers' social responsibility.
+Relationship with customers and suppliers
+help employees in the aspects of housing, transportation and
+children's education, etc.
+本集團努力與客戶建立及維持長期牢固關係。比亞
+迪已建立一個客戶滿意度管理系統,以瞭解及滿足
+客戶的需求,並提高其滿意度。於供應商方面,本
+集團的目的在於,與所有供應商保持互利共贏的夥
+伴關係。同時,本集團會定期評核供應商的表現(包
+括供應商的社會責任)。
+management and practices equal employment opportunities
+and prohibits any career discrimination. The Group reviews its
+employee compensation policies on a regular basis and bonuses
+and commission may be awarded to employees based on their
+annual performance evaluation. Efforts have also been made to
+Relationship with employees
+董事會報告
+Report of the Directors
+比亞迪股份有限公司
+76
+BYD Company Limited
+比亞迪於全球運營要求嚴格遵守法律、社會規範、
+職業道德準則及內部規定。本集團已成立法律法規
+管理委員會,負責定期及不時監測、監督及檢查各
+部門的法律法規管理及執行情況,且評估其於該等
+領域的執行及遵守情況。於二零二一年年內,本公
+司知悉,概無重大違反或不遵守本集團適用法律法
+規,且對本集團業務及經營造成重要影響的事件。
+守則遵守情況
+Annual Report 2021
+二零二一年年報
+Corporate Governance Report
+企業管治報告
+Any shareholder holding not less than 1% of the paid-up share
+capital of the Company carrying the right of voting at general
+meetings of the Company may, as a proxy solicitor, publicly
+request, either by himself/herself or by appointing a securities
+company or securities service provider, the shareholders of the
+Company to authorize him/her to attend general meetings and
+exercise the right to make proposals, right to vote, and other
+rights of shareholders.
+Any one or more shareholders holding not less than 3% of the
+paid-up capital of the Company carrying the right of voting
+at general meetings of the Company may make a provisional
+proposal and submit it in writing to the convener of the meeting
+ten days prior to the date of the general meeting. The convener
+shall, within two days upon receipt of the proposal, issue a
+supplementary notice of the general meeting announcing the
+contents of such provisional proposal.
+Since employees are the foundation for development, the Group
+adheres to the "people-oriented" principle in its human resources
+- Non-executive Directors:
+儲備
+捐款
+· Executive Director:
+The Directors who held office during the year ended 31 December
+2021 and up to the date of this report are:
+DIRECTORS
+A summary of the results and of the assets and liabilities of the
+Group for the last five financial years is set out on page 2 and 312
+of this annual report.
+FIVE-YEAR FINANCIAL SUMMARY
+There is no provision for pre-emptive rights under the Company's
+Articles of Association and there is no similar restriction against
+such rights under the laws of the PRC in respect of joint stock
+limited companies, which would oblige the Company to offer new
+shares on a pro-rata basis to existing shareholders.
+PRE-EMPTIVE RIGHTS
+As at 31 December 2021,details of bank loans of the Group are
+set out in note 35 to the financial statements.
+BANK LOANS
+the Company's place of incorporation, amounted to approximately
+RMB480,324,000 (2020: RMB462,339,000).
+Distributable_reserves of the Company as at 31 December 2021,
+calculated under the relevant legislation applicable in the PRC,
+DISTRIBUTABLE RESERVES
+本集團及本公司在本年度的儲備變動詳情分別載於
+合併權益變動表及財務報表附註42。
+董事會報告
+77
+Annual Report 2021
+二零二一年年報
+年內,本公司或其任何附屬公司均概無買賣或贖回
+本公司任何上市證券。
+本公司的股本變動詳情載於財務報表附註40。
+股本
+purchased, sold or redeemed any of the listed securities of the
+Company.
+During the Year, neither the Company nor any of its subsidiaries
+Details of the movements in share capital of the Company are set
+out in note 40 to the financial statements.
+SHARE CAPITAL
+本集團及本公司的物業、廠房及設備的變動詳情載
+於財務報表附註14。
+物業、廠房及設備
+本集團在截至二零二一年十二月三十一日止年度作
+出慈善及其他捐贈款合共人民幣47,552,000元(二
+零二零年:人民幣35,783,000元)。
+Report of the Directors
+Management Committee which monitors, supervises and
+inspects, regularly and from time to time, the management and
+implementation of laws and regulations in various departments,
+During the financial year, no director acquired benefits by
+engaging in business that competes with that of the Company or
+its subsidiaries.
+截至二零二一年六月三十日止六個月,本集團已悉
+數動用配售事項所得款項淨額約人民幣24,935百萬
+元,不包含匯率波動造成的投資收益及存款利息,
+其中(i)約人民幣11,493百萬元用於研發投入及一般
+企業用途;(ii)約人民幣8,796百萬元用於償還帶息
+債務;及(iii)約人民幣4,646百萬元用於補充本集團
+營運資金。
+- the five largest suppliers combined
+Sales
+- the largest customer
+採購額
+-最大供應商
+- 五位最大供應商合計
+銷售額
+13.40%
+28.41%
+-最大客戶
+- 五位最大客戶合計
+the largest supplier
+the five largest customers combined
+(who, to the knowledge of the Directors, owns more than 5% of
+the Company's issued share capital) had an interest in any of the
+major suppliers or customers noted above.
+RELATED PARTY TRANSACTIONS
+A summary of the related party transactions undertaken by the
+Group during the Year is set out in notes 47(a), (b) and (c) to
+the financial statements. Such related party transactions did not
+constitute connected transactions of the Group under Chapter
+14A of the Listing Rules.
+On 8 April 2021, Golden Link Worldwide Limited (“Golden Link”,
+as a Subscriber), a wholly-owned subsidiary of the Company,
+entered into the Subscription Agreement (the "Agreement") with
+a fund,AGIC Fund II L.P. (acting by AGIC GP II Limited (the
+“General Partner")),pursuant to which Golden Link agreed to
+make a subscribed capital contribution of US$120,000,000 to the
+fund,representing approximately 8.63% of the maximum fund
+size, and was accepted as the limited partner of the fund.
+The subscribed capital contribution of Golden Link was
+determined after arm's length negotiations between Golden Link
+and the General Partner with reference to, among others, (i) the
+proposed capital requirements of the fund; (ii) the prospect of the
+fund; (iii) financial resources available to the Group; and (iv) the
+maximum fund size. The subscribed capital contribution will be
+funded by internal resources of the Group.
+16.49%
+33.62%
+董事、彼等的緊密聯繫人或任何股東(指據董事所知
+擁有本公司5%以上已發行股本的股東)並無於上述
+的任何主要供應商或客戶中擁有任何權益。
+關聯方交易
+None of the directors, their close associates or any shareholder
+Purchases
+本集團的主要供應商及客戶佔截至二零二一年十二
+月三十一日止年度的採購額及銷售額百分比如下:
+主要客戶及供應商
+獲准許之彌償條文
+於本財政年度及直至本報告日期止任何時間,概不
+存在任何以本公司任何董事(不論是否由本公司或以
+其他方式制定)或聯營公司(倘由本公司制定)為受
+益人的獲准許彌償條文。
+根據本公司公司章程,經股東大會批准,本公司可
+以為董事和其他高級管理人員購買責任保險,為彼
+等提供適當保障。
+管理合約
+截至二零二一年十二月三十一日止年度,本公司並
+無就整體業務或任何重要業務的管理或行政工作簽
+訂或存有任何合約。
+競爭業務
+於本財政年度,概無董事從事與本公司或其任何附
+屬公司競爭業務中取得利益。
+In September 2009,Mr. Wang Chuan-fu, the controlling
+shareholder of the Group, signed the Non-competition
+Undertakings to confirm with the Company that he would abide
+by the undertaking of not engaging in business that competes
+with that of the Company. Directors, including independent
+non-executive directors, have examined his compliance and
+confirmed that the controlling shareholder has abided by all the
+undertakings.
+RETIREMENT SCHEME
+Currently, all PRC subsidiaries of the Group participate in defined
+contribution retirement schemes (the “Schemes") launched by
+local provincial and municipal governments in China, pursuant
+to which the Group makes contributions to the Schemes in
+accordance with the applicable percentage of the salary of
+eligible staff. Local government authorities assume the obligation
+in respect of all the pensions payable to retired staff.
+Save for the above contributions, the Group does not have any
+other major payment obligation in respect of pension benefits.
+二零零九年九月,本集團控股股東王傳福先生簽署
+《不競爭承諾》,向本公司確認其遵守不參與競爭事
+業的承諾。董事(包括獨立非執行董事)已審核遵守
+情況並確認控股股東已遵守不競爭契約的所有承諾。
+退休計劃
+現時本集團的各中國附屬公司參與一些由中國當地
+省市政府機關籌辦的定額供款退休福利計劃(「該等
+計劃」),據此,本集團須按合資格僱員薪金的適用
+比率向該等計劃作出供款。地方政府機關就應付退
+休僱員的全部退休金承擔責任。
+除上述供款外,本集團並無其他的重大退休金福利
+付款責任。
+BYD Company Limited
+84
+比亞迪股份有限公司
+Report of the Directors
+董事會報告
+MAJOR CUSTOMERS AND SUPPLIERS
+The percentage of purchases and sales for the year ended 31
+December 2021 attributable to the Group's major suppliers and
+customers are as follows:
+本集團年內從事的關聯方交易概況載列於財務報表
+附註47(a)、(b)及(c)。該等關聯方交易並不構成上
+市規則第14A章界定的本集團的關連交易。
+於二零二一年四月八日,本公司全資附屬公司
+Golden Link Worldwide Limited ([Golden Link]
+作為認購人)與基金AGIC Fund II L.P.(由AGIC GP
+II Limited(「普通合夥人」)行事)訂立認購協議(「該
+協議」)。據該協議,Golden Link同意向基金作出
+120,000,000美元的認繳出資額,大約佔基金規模
+上限之8.63%,並獲接納為基金的有限合夥人。
+Golden Link的認繳出資額由其與普通合夥人經公平
+磋商後釐定,並經參考(其中包括)(i)基金的建議資
+金要求;(ii)基金前景;(iii)本集團可用財務資源;及
+(iv)基金規模上限。認繳出資額將以本集團的內部資
+源撥付。
+Annual Report 2021
+二零二一年年報
+AUDITORS
+Ernst & Young,the Company's international auditor, and Ernst
+& Young Hua Ming (LLP),the Company's domestic auditor,will
+retire. Resolutions will be proposed at the forthcoming AGM for
+Shareholders to consider and approve the termination of re-
+appointment of Ernst & Young as the international auditor of the
+Company for 2022 and appoint Ernst & Young Hua Ming (LLP) as
+the domestic auditor for 2022, respectively. The Company did not
+replace its auditor in the past three years.
+本公司之國際核數師安永會計師事務所及境內核數
+師安永華明會計師事務所(特殊普通合夥)之任期將
+屆滿。將於召開的股東週年大會上討論終止續聘安
+永會計師事務所為本公司二零二二年度國際核數師
+及聘任安永華明會計師事務所(特殊普通合夥)為本
+公司二零二二年度境內核數師。本公司於過去三年
+未有更換核數師。
+Annual Report 2021
+二零二一年年報
+87
+Report of the Directors
+董事會報告
+FUND RAISING AND USE OF PROCEEDS
+The Company entered into a placing agreement (the "Placing
+Agreement") with UBS AG Hong Kong Branch, Goldman Sachs
+(Asia) L.L.C. and China International Capital Corporation Hong
+Kong Securities Limited (together as Joint Global Coordinators
+and Placing Agents) on 21 January 2021 ("Placing Agreement
+Signing Date") in relation to the placing of 133,000,000 new
+H Shares of the Company. The Placing Price is HK$225.0 per
+Placing Share: (a) a discount of approximately 8.2% to the
+average closing price of approximately HK$245.2 per H Share as
+quoted on the Stock Exchange for the last 10 consecutive trading
+days up to and including 20 January 2021, being the last trading
+day before the Placing Agreement Signing Date; (b) a discount of
+approximately 6.9% to the average closing price of approximately
+HK$241.6 per H Share as quoted on the Stock Exchange for the
+last 5 consecutive trading days up to and including 20 January
+2021;and (c) a discount of approximately 7.8% to the closing
+price of HK$244.0 per H Share as quoted on the Stock Exchange
+on 20 January 2021. The Placing Shares represent approximately
+14.54% of the existing number of H Shares in issue,being
+915,000,000 H Shares, and approximately 4.88% of the number
+of total issued Shares as at the Placing Agreement Signing
+Date. The Placing Shares represent approximately 12.69% of
+the number of issued H Shares and approximately 4.65% of the
+number of total issued Shares, in each case, as enlarged by the
+allotment and issue of the Placing Shares. The aggregate nominal
+value of the Placing Shares under the Placing is RMB133,000,000.
+The Placing Agents placed the Placing Shares to not less than
+six Placees who are independent professional, institutional and/
+or other investors (they and their ultimate beneficial owners are
+third parties not connected with the Company, connected persons
+of the Company and any of the Directors, supervisors, chief
+executive or substantial shareholder(s) of the Company or any
+of its subsidiaries or their respective associates). The Placing
+was completed on 28 January 2021. Details of the Placing were
+disclosed in the Company's announcements dated on 21 January
+2021 and 28 January 2021.
+The aggregate gross proceeds from the Placing are approximately
+HK$29,925_million and the net proceeds (after deduction of the
+commissions and estimated expenses) from the Placing are
+approximately_HK$29,801 million; the net price (after deduction
+of the commissions and estimated expenses) raised per H Share
+is approximately HK$224.1. The net proceeds from the Placing
+were intended to be used by the Group to supplement its working
+capital, repay interest-bearing debt, invest in research and
+development and as general corporate purpose.
+籌集資金及所得款項用途
+本公司與UBS AG Hong Kong Branch、 高盛(亞
+洲)有限責任公司及中國國際金融香港證券有限公
+司(作為聯席全球協調人及配售代理)於二零二一年
+一月二十一日(「配售協議簽署日」)訂立了配售協
+議(「配售協議」),有關配售本公司133,000,000股
+新H股。每股配售股份的配售價225.0港元:(a)較
+聯交所所報二零二一年一月二十日前(即配售協議
+簽署日前最後一個交易日,含該日)最後連續十個
+交易日之平均收市價每股H股約245.2港元折讓約
+8.2%;(b)較聯交所所報二零二一年一月二十日前
+(含該日)最後連續五個交易日之平均收市價每股H
+股約241.6港元折讓約6.9%;及(c)較二零二一年一
+月二十日於聯交所所報之收市價每股H股244.0港元
+折讓約7.8%。配售股份相當於配售協議簽署日已發
+行915,000,000股H股的約14.54%,及於配售協議
+簽署日已發行股份總數的約4.88%。配售股份約佔
+經擴大已發行H股數目的約12.69%及配售股份配發
+及發行後經擴大已發行股份總數的約4.65%。所配
+售之配售股份的總面值為人民幣133,000,000元
+配售人包括不少於六名承配人,為獨立專業、機構
+及/或其他投資者(彼等及其最終實益擁有人為獨
+立於本公司、本公司之關連人士、本公司或其任何
+附屬公司之任何董事、監事、最高行政人員或主要
+股東或彼等各自之聯繫人並概無關連的第三方)。配
+售事項已於二零二一年一月二十八日完成,配售事
+項的詳情於本公司日期為二零二一年一月二十一日
+及二零二一年一月二十八日的公告中披露。
+。
+配售所得款項總額約為29,925百萬港元,於扣除
+佣金和估計費用後,配售所得款項淨額預計約為
+29,801百萬港元;每股H股所籌集之淨額(扣除佣金
+和估計費用後)約為224.1港元。配售所得款項淨額
+擬用作本集團補充營運資金、償還帶息債務、研發
+投入以及一般企業用途。
+BYD Company Limited
+88
+比亞迪股份有限公司
+Report of the Directors
+董事會報告
+During the six months ended 30 June 2021, the Group has fully
+utilised the net proceeds of approximately RMB24,935 million from
+the Placing (excluding the investment income from exchange rate
+fluctuation and interest of deposits), of which (i) approximately
+RMB11,493 million was used in investment in research and
+development and general corporate purpose; (ii) approximately
+RMB8,796 million was used for repayment of interest-bearing
+debt;and (iii) approximately RMB4,646 million was used to
+supplement the working capital of the Group.
+As at 30 June 2021, the net proceeds from the Placing have
+been fully utilised as intended and there was no material change
+between the intended and actual use of proceeds.
+In addition, the Company entered into a placing agreement
+(the "2nd Placing Agreement") with China International Capital
+Corporation Hong Kong Securities Limited, Goldman Sachs (Asia)
+L.L.C. and Bank of America Merrill Lynch (together as Joint Global
+Coordinators and Placing Agents) on 29 October 2021 (“the 2nd
+Placing Agreement Signing Date") in relation to the placing of
+50,000,000 new H Shares of the Company (the “2nd Placing").
+The Placing Price is HK$276.0 per Placing Share: (a) a discount of
+approximately 6.2% to the average closing price of approximately
+HK$294.2_per H Share as quoted on the Stock Exchange for
+the last 10 consecutive trading days up to and including 29
+October 2021, being the last trading day before the 2nd Placing
+Agreement Signing Date;(b) a discount of approximately 9.3%
+to the average closing price of approximately HK$304.3 per H
+Share as quoted on the Stock Exchange for the last 5 consecutive
+trading days up to and including 29 October 2021;and (c) a
+discount of approximately 6.9% to the closing price of HK$296.6
+per H Share as quoted on the Stock Exchange on 29 October
+2021. The Placing Shares represent approximately 4.77% of the
+existing number of H Shares in issue, being 1,048,000,000 H
+Shares,and approximately 1.75% of the number of total issued
+Shares as at the 2nd Placing Agreement Signing Date. The
+Placing Shares represent approximately 4.55% of the number
+of issued H Shares and approximately 1.72% of the number of
+total issued Shares, in each case, as enlarged by the allotment
+and issue of the Placing Shares. The aggregate nominal value
+of the Placing Shares under the 2nd Placing is RMB50,000,000.
+The Placing Agents placed the Placing Shares to not less than
+six Placees who are independent professional, institutional and/
+or other investors (they and their ultimate beneficial owners are
+third parties not connected with the Company, connected persons
+of the Company and any of the directors, supervisors, chief
+executive or substantial shareholder(s) of the Company or any of
+its subsidiaries or their respective associates). The 2nd Placing
+was completed on 8 November 2021. Details of the 2nd Placing
+were disclosed in the Company's announcements dated on 1
+November 2021 and 8 November 2021.
+每位獨立非執行董事已提供書面確認函,確認其根
+據上市規則第3.13條規定,對本公司的獨立性。經
+評估後,本公司認為各獨立非執行董事均為獨立人
+士。
+COMPETING BUSINESS
+確認獨立性
+公眾持股量的足夠性
+85
+Report of the Directors
+董事會報告
+The Board (including the independent non-executive Directors)
+is of the view that, the participation in the investment fund by the
+Company allow the Group to invest in industry-leading scientific
+enterprises in the world and obtain long-term investment returns,
+by leveraging the industry research and resource integration
+capabilities of international professional investment institutions,
+and also to extend the Company's reach in industrial investments,
+facilitate the synergistic development between the Company's
+investment and principal business activities, enhance the overall
+risk-resistance capability of the Company and promote the
+virtuous cycle of the Company's global business.
+The Board (including the independent non-executive Directors)
+is also of the view that, the terms of the Agreement were
+determined after arm's length negotiations between Golden Link
+and the General Partner, which are fair and reasonable, and
+the Agreement was entered into on normal commercial terms,
+conducted in the ordinary and usual course of business of the
+Group and in the interests of the Company and the Shareholders
+as a whole.
+As Mr. Cai Hong-ping, a connected person of the Company
+by virtue of him being an independent non-executive Director,
+controls more than 30% of the issued share capital of the General
+Partner through his Family Trust, the General Partner is therefore
+an associate of Mr. Cai Hong-ping and a connected person
+of the Company. Accordingly, the subscription constitutes a
+connected transaction of the Company under Chapter 14A of the
+Listing Rules. As more than one applicable percentage ratios (as
+defined under Rule 14.07 of the Listing Rules) in relation to the
+subscription exceed 0.1% but are less than 5%, the Subscription
+is only subject to reporting and announcement requirements
+but are exempt from the independent shareholders' approval
+requirements pursuant to Chapter 14A of the Listing Rules.
+Save as described above, there was no connected transaction
+entered into by the Group for the year ended 31 December 2021
+which is required to be disclosed under the Listing Rules, and the
+Group has complied with the requirements under Chapter 14A of
+the Listing Rules.
+董事會(包括獨立非執行董事)認為,本公司參與投
+資基金可借助國際化專業投資機構的行業研究、資
+源整合能力,投資於全球範圍內的科技龍頭企業,
+以獲取長期的投資回報,同時可以延伸公司產業投
+資觸角,促進公司投資與實業協同發展,加強公司
+整體抗風險能力並推動公司全球業務的良性循環。
+董事會(包括獨立非執行董事)同時認為,該協議之
+條款乃由Golden Link與普通合夥人經公平磋商後
+釐定,屬公平合理,且該協議乃按正常商業條款訂
+立,於本集團一般及日常業務過程中進行,並符合
+本公司及其股東之整體利益。
+由於蔡洪平先生(彼為本公司獨立非執行董事而為本
+公司關連人士)透過其家族信託控制普通合夥人已發
+行股本的30%以上,因此,普通合夥人為蔡洪平先
+生之聯繫人及本公司關連人士。因此,根據上市規
+則第14A章,認購事項構成本公司的關連交易。由
+於多於一項有關認購事項之適用百分比率(定義見上
+市規則第14.07條)超過0.1%但低於5%,根據上市
+規則第14A章,認購事項僅須遵守申報及公告的規
+定,惟可豁免遵守獨立股東批准的規定。
+除以上所述,截至二零二一年十二月三十一日止年
+度,本集團並無任何根據上市條例所需披露之關連
+人士交易,且本集團已遵守上市規則第14A章的規
+定。
+BYD Company Limited
+86
+比亞迪股份有限公司
+Report of the Directors
+董事會報告
+EVENTS AFTER THE REPORTING PERIOD
+Details of significant subsequent events of the Group are set out
+in note 53 of the financial statements.
+報告期後事項
+本集團之重大結算日後事項詳情載於財務報表附註
+53°
+SUFFICIENCY OF PUBLIC FLOAT
+Based on the information that is publicly available to the Company
+and within the knowledge of its directors as at the date of this
+report, the Directors confirm that the Company had sufficient
+public float as required by the Listing Rules.
+CONFIRMATION OF INDEPENDENCE
+Each independent non-executive director has provided a written
+statement confirming his/her independence to the Company
+pursuant to Rule 3.13 of the Listing Rules. The Company assessed
+that each independent non-executive director continues to be
+independent.
+於本報告日期,根據本公司可從公開途徑取得的資
+料以及就董事所知,董事確認本公司的公眾持股量
+符合上市規則的規定。
+核數師
+夏佐全(董事)
+此外,本公司與中國國際金融香港證券有限公司、
+高盛(亞洲)有限責任公司及美銀美林集團(作為聯
+席全球協調人及配售代理)於二零二一年十月二十九
+日(「配售協議簽署日」)訂立了配售協議(「第2份配
+售協議」),有關配售本公司50,000,000股新H股。
+每股配售股份的配售價276.0港元:(a)較聯交所所
+報二零二一年十月二十九日前(即配售協議簽署日
+前最後一個交易日,含該日)最後連續十個交易日
+之平均收市價每股H股約294.2港元折讓約6.2%;
+(b)較聯交所所報二零二一年十月二十九日前(含該
+日)最後連續五個交易日之平均收市價每股H股約
+304.3港元折讓約9.3%;及(c)較二零二一年十月二
+十九日於聯交所所報之收市價每股H股296.6港元折
+讓約6.9%。配售股份相當於配售協議簽署日已發行
+1,048,000,000股H股的約4.77%,及於配售協議簽
+署日已發行股份總數的約1.75%。配售股份約佔經
+擴大已發行H股數目的約4.55%及配售股份配發及發
+行後經擴大已發行股份總數的約1.72%。所配售之
+配售股份的總面值為人民幣50,000,000元。配售人
+包括不少於六名承配人,為獨立專業、機構及/或
+其他投資者(彼等及其最終實益擁有人為獨立於本公
+司、本公司之關連人士、本公司或其任何附屬公司
+之任何董事、監事、最高行政人員或主要股東或彼
+等各自之聯繫人並概無關連的第三方)。配售事項已
+於二零二一年十一月八日完成,配售事項的詳情於
+本公司日期為二零二一年十一月一日及二零二一年
+十一月八日的公告中披露。
+持股量佔已發行
+股本總額的
+概約百分比(%)
+8.56%
+5.33%
+Youngy Investment is owned by Mr. Lv Xiang-yang, a non-executive
+Director of the Company, as to 89.5%.Mr. Lv is therefore deemed to
+be interested in the 155,149,602 A shares held by Youngy Investment
+under the SFO.
+融捷投資由本公司非執行董事呂向陽先生擁有89.5%權
+益。因此,根據證券及期貨條例,呂先生被視為於融捷
+投資持有的155,149,602股A股中擁有權益。
+BYD Company Limited
+82
+Report of the Directors
+董事會報告
+2.
+H shares of RMB1.00 each
+2. 每股面值人民幣1.00元的H股
+Number of
+H shares
+Name
+名稱
+in total issued
+share capital
+(%)
+H股數目
+Approximate
+percentage of
+shareholding
+Approximate
+percentage of
+shareholding
+SHAREHOLDERS WITH NOTIFIABLE INTERESTS
+As at 31 December 2021,to the knowledge of the Directors of
+the Company, the following persons (other than the Directors,
+supervisors and chief executives of the Company) had interests
+or short positions in the shares and underlying shares of the
+Company which were required to be disclosed to the Company
+and the Hong Kong Stock Exchange under the provisions of
+Divisions 2 and 3 of Part XV of the SFO, or were required to be
+entered in the register kept by the Company pursuant to Section
+336 of the SFO:
+除上述披露者外,於二零二一年十二月三十一日,
+概無本公司董事、監事或最高行政人員於本公司或
+其任何相聯法團(定義見證券及期貨條例第XV部)的
+股份、相關股份或債權證中擁有權益或淡倉而須(a)
+記錄於本公司根據證券及期貨條例第352條存置的
+登記冊內;或(b)根據上市公司董事進行證券交易的
+標準守則須知會本公司及香港聯交所。
+擁有須予知會權益的股東
+於二零二一年十二月三十一日,就本公司董事所
+知,以下人士(不包括本公司董事、監事及最高行政
+人員)於本公司股份及相關股份中擁有根據證券及期
+貨條例第XV部第2及3分部須向本公司及香港聯交所
+披露或根據證券及期貨條例第336條載入本公司存
+置的登記冊的權益或淡倉:
+1.
+A shares of RMB1.00 each
+1. 每��人民幣1.00元的A股
+Number of
+Name
+名稱
+A shares
+A股數目
+Youngy Investment (Note)
+融捷投資(附註)
+155,149,602 (L)
+(L) - Long Position
+(L) - 好倉
+Note:
+附註:
+in total issued
+A shares (%)
+持股量佔已發行
+A 股總數的
+概約百分比(%)
+in total issued
+H shares (%)
+持股量佔已發行
+H 股總數的
+概約百分比(%)
+Approximate
+percentage of
+shareholding
+Approximate
+percentage of
+shareholding
+Berkshire Hathaway Inc. and Berkshire Hathaway Energy
+Company (formerly known as MidAmerican Energy Holdings
+Company) were deemed to be interested in 225,000,000 H
+shares (L) through Western Capital Group LLC, its indirectly
+controlled corporation and whole-owned company for
+225,000,000 H shares directly held by it, respectively.
+1.
+2.
+The interests of BlackRock, Inc. were held through its various
+controlled corporations, and of which 267,500 long positions
+were cash settled unlisted derivatives, and 106,500 short
+positions were cash settled unlisted derivatives.
+2.
+The total issued share capital of the Company as at 31 December
+2021 was RMB2,911,142,855, divided into 1,813,142,855 A shares
+of RMB1.00 each and 1,098,000,000 H shares of RMB1.00 each,
+all fully paid up.
+Berkshire Hathaway Inc. & Berkshire
+Hathaway Energy Company (
+MidAmerican Energy Holdings Company)
+分別被視為透過其間接控制公司及全資持有公
+司Western Capital Group LLC所直接持有的
+225,000,000股H股,於225,000,000股H股(L)
+之中擁有權益。
+BlackRock,Inc.的權益乃通過其各控制公司持
+有,其中267,500股好倉為現金結算非上市衍
+生工具,及106,500股淡倉為現金結算非上市
+衍生工具。
+於二零二一年十二月三十一日,本公司已發
+行股本總額為人民幣2,911,142,855元,分為
+1,813,142,855股每股面值人民幣1.00元的A股及
+1,098,000,000股每股面值人民幣1.00元的H股,全
+部均為實收資本。
+Annual Report 2021
+二零二一年年報
+83
+Report of the Directors
+董事會報告
+PERMITTED INDEMNITY PROVISION
+At no time during the financial year and up to the date of this
+report, there was or is, any permitted indemnity provision being
+in force for the benefit of any of the directors of the Company
+(whether made by the Company or otherwise) or an associated
+company (if made by the Company).
+Pursuant to the Company's Articles of Association, the Company
+may take out liability insurance for the Directors and other senior
+management members with the content of the shareholders'
+general meeting to provide appropriate cover for them.
+MANAGEMENT CONTRACTS
+No contract concerning the management or administration of the
+whole or any substantial part of the business of the Company was
+entered into or existed during the year ended 31 December 2021.
+1.
+附註:
+Note:
+(L) Long Position (S) – Short position (P) - Lending pool
+in total issued
+share capital
+(%)
+持股量佔已發行
+股本總額的
+概約百分比(%)
+Berkshire Hathaway Inc. (Note 1)
+Berkshire Hathaway Energy (Note 1)
+Western Capital Group LLC (Note 1)
+BlackRock, Inc. (Note 2)
+Berkshire Hathaway Inc. (1)
+Berkshire Hathaway Energy (1)
+Western Capital Group LLC (1)
+BlackRock, Inc. (2)
+225,000,000 (L)
+20.49%
+7.73%
+225,000,000 (L)
+20.49%
+Saved as disclosed above, as at 31 December 2021, none of the
+Directors, supervisors or chief executives of the Company had
+any interest or short position in the shares, underlying shares or
+debentures of the Company or any of its associated corporations
+(within the meaning of Part XV of the SFO) which was required
+to be (a) recorded in the register to be kept by the Company
+pursuant to Section 352 of the SFO; or (b) notified to the Company
+and the Hong Kong Stock Exchange pursuant to the Model Code
+for Securities Transactions by Directors of Listed Issuers.
+7.73%
+20.49%
+7.73%
+54,957,313 (L)
+5.01%
+1.89%
+106,500 (S)
+0.01%
+<0.01%
+(L) - 好倉 (S) - 淡倉(P)-可供借出的股份
+225,000,000 (L)
+董事會報告
+比亞迪股份有限公司
+81
+截至二零二一年六月三十日,本輪配售事項所得款
+項淨額已全部按計劃使用完畢,實際用途與計劃不
+存在重大差異。
+82,635,607 (L)
+4.56%
+2.84%
+(L) - Long Position
+(L) - 好倉
+BYD Company Limited
+80
+比亞迪股份有限公司
+Report of the Directors
+董事會報告
+Notes:
+附註:
+1.
+Xia Zuo-quan (Director)
+The 513,623,850 A shares did not include the 3,727,700 A
+shares held by Mr. Wang Chuan-fu in No.1 Assets Management
+Plan through E Fund BYD;
+2.
+Of the 394,378,222 A shares, 239,228,620 A shares were held
+by Mr. Lv Xiang-yang in his personal capacity and 155,149,602
+A shares were held by Youngy Investment Holding Group
+Co.,Ltd.(融捷投資控股集團有限公司) (“Youngy Investment”,
+formerly known as Guangzhou Youngy Management &
+Investment Group Company Limited). Youngy Investment was
+in turn held by Mr. Lv Xiang-yang and his spouse as to 89.5%
+and 10.5% of equity interests, respectively. Mr. Lv Xiang-yang
+was therefore deemed to be interested in the 155,149,602 A
+shares under the SFO.
+2.
+在該513,623,850股A股之中,不包含王傳福先
+生通過易方達資產比亞迪增持1號資產管理計劃
+持有的3,727,700股A股股份;
+在該394,378,222股A股之中,239,228,620
+股A股由呂向陽先生以個人身份持有及
+155,149,602股A股由融捷投資控股集團有限公
+司(融捷投資,前稱為廣州融捷投資管理集團
+有限公司)持有。融捷投資則由呂向陽先生及
+其配偶分別持有89.5%股權及10.5%股權,因
+此根據證券及期貨條例,呂向陽先生被視為於
+155,149,602股A股中擁有權益。
+H shares of RMB1.00 each
+Name
+姓名
+Wang Chuan-fu (Director)
+Xia Zuo-quan (Director)
+王傳福(董事)
+夏佐全(董事)
+(L) - Long Position
+Note:
+每股人民幣1.00元之H股
+1.
+(Note 2)
+(附註2)
+13.55%
+21.75%
+Annual Report 2021
+二零二一年年報
+79
+Report of the Directors
+董事會報告
+DIRECTORS', SUPERVISORS' AND CHIEF
+EXECUTIVES' INTERESTS
+As at 31 December 2021,the interests and short positions of
+each of the directors, supervisors and chief executives of the
+Company in the shares, underlying shares and debentures of the
+Company or any associated corporation (within the meaning of
+Part XV of the Securities and Futures Ordinance (Cap 571 of the
+Laws of Hong Kong) (“SFO”)) which were required to be notified
+to the Company and The Stock Exchange of Hong Kong Limited
+(the“Hong Kong Stock Exchange") pursuant to Divisions 7 and
+8 of Part XV of the SFO (including interests which he is taken
+or deemed to have under such provisions of the SFO) or were
+required,pursuant to Section 352 of the SFO, to be entered into
+the register referred to therein, or which were required, pursuant
+to the Model Code for Securities Transactions by Directors of
+Listed Issuers under the Rules Governing the Listing of Securities
+on the Hong Kong Stock Exchange to be notified to the Company
+and the Hong Kong Stock Exchange (for this purpose, the relevant
+provisions of the SFO will be interpreted as if they applied to the
+supervisors) were as follows:
+A shares of RMB1.00 each
+董事、監事及最高行政人員的權益
+於二零二一年十二月三十一日,本公司董事、監事
+及最高行政人員各自於本公司或任何相聯法團(定義
+見香港法例第571章證券及期貨條例(「證券及期貨
+條例」)第XV部)的股份、相關股份及債券中擁有根
+據證券及期貨條例第XV部第7及8分部須知會本公司
+及香港聯合交易所有限公司(「香港聯交所」)的權益
+及淡倉(包括根據證券及期貨條例有關條文持有或被
+視為擁有的權益),或根據證券及期貨條例第352條
+須記錄於指定登記冊,或根據香港聯交所證券上市
+規則的上市公司董事進行證券交易的標準守則須知
+會本公司及香港聯交所的權益(就此目的而言,證券
+及期貨條例的相關條文將詮釋為適用於監事)如下:
+每股人民幣1.00元之A股
+Report of the Directors
+姓名
+A shares
+A股數目
+Wang Chuan-fu (Director)
+王傳福(董事)
+513,623,850 (L)
+Number of
+394,378,222 (L)
+呂向陽(董事)
+Lv Xiang-yang (Director)
+(附註1)
+(Note 1)
+28.33%
+Approximate
+percentage of
+shareholding
+17.64%
+股本總額的
+持股量佔已發行
+in total issued
+share capital
+(%)
+Approximate
+percentage of
+shareholding
+in total issued
+A shares (%)
+持股量佔已發行
+A股總數的
+概約百分比(%)
+Approximate
+percentage of
+shareholding
+概約百分比(%)
+in total issued
+H shares (%)
+持股量佔已發行
+Name
+Approximate
+percentage of
+shareholding
+Annual Report 2021
+二零二一年年報
+於500,000股H股中,夏佐全先生以實益擁有人身份持
+有195,000股H股,而由夏佐全先生全資擁有的Sign
+Investments Limited則持有305,000股H股。
+Of the 500,000 H shares, 195,000 H shares were held by Mr. Xia Zuo-
+quan as a beneficial owner and 305,000 H shares were held by Sign
+Investments Limited, which was wholly owned by Mr. Xia Zuo-quan.
+附註:
+(L) - 好倉
+(附註)
+(Note)
+0.02%
+0.05%
+500,000 (L)
+0.09%
+持股量佔已發行
+0.03%
+H shares
+H股數目
+Number of
+股本總額的
+概約百分比(%)
+1,000,000 (L)
+H股總數的
+概約百分比(%)
+in total issued
+share capital
+(%)
+公司資料
+中國
+廣東省
+深圳市
+大鵬新區
+葵湧街道
+Corporate Governance Report
+Ernst & Young Hua Ming LLP
+延安路一號
+H Shares: 01211 (HKD Counter);81211 (RMB Counter) (The Stock
+Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”))
+A Shares: 002594 (Shenzhen Stock Exchange ("SZSE”))
+STOCK CODE
+www.bydglobal.com
+WEBSITE
+Email: byd@iprogilvy.com
+Fax: (852) 3170 6606
+Tel: (852) 21366185
+iPR Ogilvy Ltd.
+INVESTOR AND MEDIA RELATIONS CONSULTANT
+Hong Kong
+AUDITORS
+Wanchai
+Hopewell Centre
+17th Floor
+Shops 1712-1716
+Computershare Hong Kong Investor Services Limited
+HONG KONG SHARE REGISTRAR AND TRANSFER
+OFFICE
+Hong Kong
+New Territories
+No. 138 Shatin Rural Committee Road
+Tower 2 Grand Central Plaza
+Unit 1712, 17th Floor
+PLACE OF BUSINESS IN HONG KONG
+183 Queen's Road East
+The PRC
+Guangdong Province
+Shenzhen
+夏佐全
+王傳福
+薪酬委員會
+喻玲(於二零二三年九月十九日獲委任)
+蔣岩波(自二零二三年九月十九日辭任)
+張敏(主席)
+呂向陽(自二零二三年九月十九日辭任)
+夏佐全(於二零二三年九月十九日獲委任)
+蔡洪平
+審核委員會
+李黔
+公司秘書
+唐梅
+黃江鋒
+朱愛雲(於二零二三年九月十九日獲委任)
+王珍
+董俊卿(自二零二三年九月十九日辭任)
+李永釗
+監事
+喻玲(於二零二三年九月十九日獲委任)
+蔣岩波(自二零二三年九月十九日辭任)
+蔡洪平
+張敏
+獨立非執行董事
+夏佐全
+呂向陽
+非執行董事
+王傳福
+執行董事
+Zhang Min
+Cai Hong-ping
+Xia Zuo-quan
+蔡洪平(主席)
+核數師
+張敏
+蔣岩波(自二零二三年九月十九日辭任)
+Dapeng New District
+Kuichong Sub-district
+No. 1 Yan'an Road
+LEGAL ADDRESS
+法定地址
+王傳福
+李黔
+授權代表
+Li Qian
+Wang Chuan-fu
+AUTHORISED REPRESENTATIVES
+9
+Corporate Information
+Annual Report 2023
+二零二三年年報
+張敏
+蔡洪平
+夏佐全
+呂向陽
+王傳福(主席)
+戰略委員會
+喻玲(主席)(於二零二三年九月十九日獲委任)
+蔣岩波(主席)(自二零二三年九月十九日辭任)
+張敏
+蔡洪平
+呂向陽
+王傳福
+提名委員會
+喻玲(於二零二三年九月十九日獲委任)
+安永華明會計師事務所(特殊普通合夥)
+皇后大道東183號
+香港
+2
+IDEWAY
+Ax3
+EYONE
+EYO
+目錄
+Contents
+城市軌道交通業務是本集團未來發展的戰略方向之一。
+憑藉在新能源業務領域業已建立的技術和成本優勢,
+集團成功研發出高效率、低成本的中運量「雲軌」和低運
+量「雲巴」產品,配合新能源汽車實現對城市公共交通的
+立體化覆蓋,在幫助城市解決交通擁堵和空氣污染的同
+時,實現集團的長遠及可持續發展。
+作為全球領先的高科技創新產品提供商,依託電子信
+息技術、人工智能技術、5G和物聯網技術、熱管理技
+術、新材料技術、精密模具技術和數字化製造技術等核
+心優勢,為全球客戶提供一站式產品解決方案。產品涵
+蓋智能手機、平板電腦、智能家居、遊戲硬件、無人
+機、AI服務器、3D打印機、物聯網、機器人、通信設
+備、醫療健康設備等多元化的市場領域,公司的高度垂
+直整合能力使得公司可以為客戶提供全面的服務,更快
+和更有效率地回應市場不斷變化的需求。
+光伏業務作為本集團在清潔能源領域的重要佈局之一
+擁有矽片、電池片、光伏組件、光伏系統應用等全產業
+鏈佈局,打通能源從吸收、存儲到應用的各個環節。本
+集團將積極佈局新技術,推動產品不斷升級。
+本集團為全球領先的二次充電電池製造商之一。消費類
+電池領域,本集團生產的鋰離子電池廣泛應用於各類消
+費類電子產品及新型智能產品領域,主要客戶包括三
+星、Dell、聯想等消費類電子產品領導廠商。動力電池
+領域,本集團開發了高度安全的磷酸鐵鋰電池 -「刀片
+電池」,更好解決市場安全痛點,加速磷酸鐵鋰電池重
+回動力電池主流賽道。儲能電池領域,本集團在電網儲
+能、工商業儲能、家庭儲能等應用領域發力,為客戶提
+供更加清潔可持續的儲能解決方案。
+作為全球新能源汽車行業先行者和領導者,集團憑藉在
+動力電池、電機、電控等領域的雄厚技術積累,通過技
+術的持續創新,打造出長期、可持續的核心競爭優勢,
+奠定了本集團於全球新能源汽車行業的領導地位,加速
+推動全球汽車產業轉型升級進程。
+比亞迪股份有限公司(「比亞迪」或「本公司」,連同
+其附屬公司統稱「本集團」或「集團」;股份代號:H
+股:01211(港幣櫃台);81211(人民幣櫃台);A股:
+002594)主要從事以新能源汽車為主的汽車業務、手機
+部件及組裝業務,二次充電電池及光伏業務,同時利用
+自身的技術優勢積極拓展城市軌道交通業務領域。
+Urban rail transportation business is an important area for the Group's
+future development. With its technology and cost advantages in the area
+of new energy, the Group has successfully developed medium-capacity
+“SkyRail” and low-capacity “SkyShuttle” with high efficiency and low cost,
+which, together with new energy vehicles, achieves the three-dimensional
+coverage of urban public transportation, and drives the long-term and
+sustainable development of the Group while addressing urban traffic jam
+and reducing air pollution.
+The Group is a global leading provider of high-tech and innovative
+products, providing customers around the world with one-stop product
+solutions relying on its core advantages in electronic information, Al, 5G
+and Internet of Things, thermal management, new materials, precision
+molds and digital manufacturing technologies. The Group engages in
+diversified market segments, such as smart phones, tablet computers,
+smart home devices, game hardware, drones, Al servers, 3D printers,
+Internet of Things, robots, communication equipment and medical and
+health equipment. The competence of the Company in highly vertical
+integration enhances its ability to provide customers with a full range of
+services, and quickly and efficiently respond to changing demands.
+As an important move of the Group in the field of clean energy, the
+photovoltaics business has a complete industrial chain layout covering
+silicon wafer, solar cells, photovoltaic modules and photovoltaic system
+application, etc. It connects all processes from energy collection, storage
+to application. The Group will proactively develop new technologies to
+promote the continuous upgrade of its products.
+BYD is one of the leading rechargeable battery manufacturers in the
+world. As to the field of consumer batteries, the Group's li-ion batteries
+are widely used in various consumer electronics products and new
+intelligent products. Major clients include leading consumer electronics
+manufacturers such as Samsung, Dell and Lenovo. As to the field of power
+batteries, the Group has developed "Blade Batteries", the highly safe LFP
+batteries, to better meet the urgent demand of safety in the market, and
+to speed up the pace of LFP batteries returning to the mainstream market
+of power batteries. As to the field of energy storage batteries, the Group
+focuses on applications such as power grid energy storage, industrial
+and commercial energy storage and household energy storage to provide
+cleaner and more sustainable energy storage solutions to customers.
+As a pioneer and leader in the global new energy vehicle industry, relying
+on its strong technological accumulation in the fields of power batteries,
+motors and electronic control, and through continuous technological
+innovation, the Group has developed its long-term and sustainable core
+competitive advantages which established the leading position of the
+Group in the global new energy vehicle industry and accelerated the
+transformation and upgrade of the global automobile industry.
+BYD Company Limited (“BYD” or the “Company" together with its
+subsidiaries,“the Group”; stock code: H shares: 01211 (HKD counter);
+81211 (RMB counter); A shares: 002594) is principally engaged in
+automobile business which mainly includes new energy vehicles,
+handset components and assembly services, rechargeable batteries and
+photovoltaics business. Meanwhile, with its technological advantage, the
+Group actively develops urban rail transportation business segment.
+Financial Highlights
+Company Profile
+公司簡介
+Lv Xiang-yang
+Corporate Information
+88
+Report of the Directors
+103
+Report of the Supervisory Committee
+財務摘要
+公司資料
+主席報告書
+管理層討論與分析
+董事、監事及高級管理層
+企業管治報告
+Management Discussion and Analysis
+Chairman's Statement
+67
+67
+55
+20
+20
+10
+10
+8
+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.
+Shenzhen, PRC, 26 March 2024
+By Order of the Board
+BYD Company Limited
+Wang Chuan-fu
+Chairman
+H股:01211(港幣櫃台);81211(人民幣櫃台)(香港
+聯合交易所有限公司(「香港聯交所」))
+股票代碼
+www.bydglobal.com
+公司網址
+電話:(852) 2136 6185
+傳真:(852) 3170 6606
+電郵:byd@iprogilvy.com
+iPR奧美公關
+投資者及傳媒關係顧問
+1712-1716號鋪
+17樓
+合和中心
+Directors, Supervisors and Senior Management
+灣仔
+香港
+香港中央證券登記有限公司
+香港股份過戶登記處
+17樓1712室
+新城市中央廣場二期
+沙田鄉事會路138號
+新界
+A股:002594(深圳證券交易所(「深交所」))
+BYD Company Limited
+10
+比亞迪股份有限公司
+The board of directors (the "Board") of the Company is pleased to announce the audited results
+of the Company and its subsidiaries for the twelve months period ended 31 December 2023. This
+announcement, containing the full text of the 2023 Annual 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 annual results. Printed
+version of the Company's 2023 Annual Report will be delivered to the Company's shareholders and
+will also be available for viewing on the websites of HKExnews of the Hong Kong Exchanges at
+https://www.hkexnews.hk and of the Company at http://www.bydglobal.com.
+2023 ANNUAL RESULTS ANNOUNCEMENT
+Website: http://www.bydglobal.com
+Stock Code: 01211 (HKD counter) and 81211 (RMB counter)
+(a joint stock company incorporated in the People's Republic of China with limited liability)
+BYD COMPANY LIMITED
+比亞迪股份有限公司
+BYD
+announcement.
+香港營業地點
+Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for
+the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any
+liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the content of this
+本人謹代表比亞迪股份有限公司(「比亞迪」或「本公
+司」)及其附屬公司(統稱「本集團」╱「集團」)董事會向
+各位股東提呈本集團截至二零二三年十二月三十一
+日止年度(「年內」或「期內」)之年報。
+致各位股東:
+In 2023, the international geopolitical tensions intensified, the
+high inflationary environment prevailed, the growth of most major
+economies slowed down, and the complexity, severity and uncertainty
+of global economic development increased. The unfavourable external
+environment also affected China's economy, resulting in insufficient
+overall demand, weak consumption and investment expectations, a
+sluggish property market and various challenges faced by industries
+and trades. To this end, the Chinese government stepped up its
+macro-control efforts, focusing on expanding domestic demand,
+optimising structure and boosting confidence, which highlighted the
+“resilience” of China's economy. The annual GDP in 2023 increased
+by 5.2% year on year, marking a further consolidation of China's
+economic recovery and making it an important engine of growth for
+the world economy.
+On behalf of the board (the “Board") of directors (the “Directors") of
+BYD Company Limited (“BYD” or the “Company") and its subsidiaries
+(collectively referred to as the “Group”), I hereby present the annual
+report of the Group for the year ended 31 December 2023 (the “Year”
+or the “Period") to you.
+Dear Shareholders,
+本集團作為全球新能源汽車行業先行者和領導者,穩步推進品牌力提升及出海戰略佈局,在行業競爭日趨激烈的
+背景下實現業務長足發展,連續十一年穩居中國新能源汽車銷量龍頭地位並蟬聯全球新能源汽車銷量冠軍,並開
+創中國車企首次躋身全球銷量前十的歷史。
+As a pioneer and leader in the global new energy vehicle industry, the Group has steadily promoted the
+upgrading of brand power and the strategic layout of going abroad, and achieved substantial business
+development in the background of increasingly fierce competition in the industry, leading China's new energy
+vehicle sales for 11 consecutive years, retaining its No. 1 position in the global sales of new energy vehicles and
+creating a history for a Chinese automobile enterprise to rank top ten in terms of global sales for the first time.
+主席報告書
+Chairman's Statement
+二零二三年,國際地緣政治緊張局勢加劇,通脹高
+企的大環境持續,多數主要經濟體增長放緩,全球
+經濟發展的複雜性、嚴峻性、不確定性上升。中國
+經濟亦受到外部環境影響,總需求不足,消費及投
+資預期偏弱,房地產市場低迷,各行各業面臨諸多
+挑戰。為此,中國政府加大宏觀調控力度,着力擴
+大內需、優化結構、提振信心,使中國經濟的「韌
+性」突顯。全年國內生產總值增速為5.2%,中國經濟
+回升向好的趨勢進一步鞏固,並成為世界經濟增長
+的重要引擎。
+Wang Chuan-fu (Chairman)
+Inventory turnover (days)
+Jiang Yan-bo (Chairman) (resigned on 19 September 2023)
+BYD launched the DiSus intelligent body control system.
+As the industry's first new energy exclusive intelligent body
+control system, the DiSus system has filled the domestic
+technology gap to achieve a breakthrough "from 0 to 1",
+and surpassed the industry's advanced level to achieve an
+improvement of "from 1 to 2".
+DMO 超级混动越野平台
+方程豹专属“豹力科技” 划时代颠覆之力 彻底释放“电”的能力
+16 August
+Launch of FANGCHENGBAO brand and DMO technology platform
+The FANGCHENGBAO brand and technology launch conference was
+held in Shenzhen, officially launching FANGCHENGBAO, a global
+professional and personalized brand, and its core exclusive technology
+DMO, a super hybrid off-road platform. BAO 5, a super hybrid hardcore
+SUV first equipped with DMO, was also officially launched. At the
+same time, the "583" hardcore family composed of BAO 8 concept car
+"SUPER 8" and BAO 3 made a stunning debut simultaneously.
+New blue ocean A giant ship has cut through the waves with its strength accumulated into momentum. BYD goes global to witness wider presence and join the blue ocean of new energy vehicle market.
+10 March
+Ground breaking of BYD's passenger vehicles production base in
+Thailand, with a local delivery of BYD ATTO 3 exceeding 10,000 units
+BYD held a groundbreaking ceremony for its first
+overseas passenger car production base in Thailand,
+and also held a delivery ceremony for the 9,999th
+and 10,000th BYD ATTO 3. This marks BYD's further.
+expansion overseas and is also a further manifestation
+of BYD's intensive efforts in the Asia-Pacific market.
+10 March
+Signing of purchase agreement for 5,000 electric vehicles between
+BYD and British Octopus EV
+BYD reached a cooperation with Octopus Electric
+Vehicles, a British electric vehicle company. Octopus
+EV will purchase 5,000 electric vehicles from BYD in
+the next three years to serve the British market. The two
+parties will work together to promote the construction of
+green transportation in the UK.
+4 July
+Announcement of BYD to build a large-scale production base complex in
+Brazil and invest in the construction of three new factories
+BYD and the Government of Bahia State in Brazil jointly
+announced that the two parties will set up a large-scale
+production base complex consisting of three factories in
+Camaçari, namely electric bus and truck chassis production
+factory, new energy passenger vehicles production factory and
+lithium iron phosphate battery material processing factory. This
+move will further promote BYD's globalization process.
+22 November
+-x
+Launch of BYD Han in the UAE and Dubai welcoming a new flagship
+showroom
+BYD celebrated the grand opening of its new flagship
+showroom in Dubai, the UAE, and officially launched the
+pure electric model Han, opening up a new pattern for
+BYD's new energy passenger vehicle market in the UAE.
+The completion of the showroom has injected new impetus
+into BYD's brand promotion, product sales and strategic
+development in the UAE passenger vehicles market.
+Green travel Green products are continually refreshed from vehicles to SkyShuttle, and from passenger vehicles to commercial vehicles, helping usher in a new era of green travel.
+26 April
+Launch of BYD's DiSus system
+Launch of the new-generation mainstream vehicle ❝Sea Gull"
+The new-generation mainstream vehicle "BYD Sea Gull"
+was officially launched, with a price range of RMB73,800
+to RMB89,800. Sea Gull is a new model introduced by
+10 April
+Emerging technologies The launch of new vehicles opens up new presence with new brands upgraded, and popular emerging technologies are a plus to empower hot-selling products.
+FORTUNE
+GLOBAL
+全球首家達成600萬輛新能源汽車下線,比亞
+迪再創紀錄
+500
+比亚迪位列
+#212
+因为地球地温°C
+潍柴动力与比亚洫战略合作
+1609月26日
+比亞迪電子與捷普簽署股權收購協議
+比亞迪股份控股子公司比亞迪電子與捷普簽署了
+《股權收購協議》,收購捷普旗下生產消費電子產
+品零部件的移動電子製造業務。本次收購將拓展
+比亞迪電子客戶與產品邊界,拓寬智能手機零部
+件業務,增加核心器件產品的戰略性佈局,助推
+比亞迪電子產業升級。
+9
+6 12月6日
+比亞迪唐、宋、海豹、海豚獲歐洲最高安
+全評級
+TEST RESULTS
+比亞迪第600萬輛新能源汽車在鄭州工廠下線。比亞
+迪從「第500萬輛」到「第600萬輛」僅用時3個多月,再
+創產銷新紀錄。這不僅是比亞迪的又一里程碑,更是
+中國新能源汽車發展的縮影,推動中國新能源汽車行
+業進入規模化、全球化的高質量發展階段。
+6000000
+6000000
+比亚迪第500万辆新能源汽车下线
+12月6日,比亞迪唐、宋車型獲得歐洲新車安
+全評鑒協會Euro NCAP五星安全評級(2023年新
+規),這是比亞迪繼海豹、海豚之後,又有兩款車
+型獲得Euro NCAP五星安全評級。一年四款車型
+獲得此評級在中國汽車行業中尚屬首例,充分展
+現了比亞迪強大的安全技術實力和卓越的產品安
+全性能。
+2023 ⭑
+5 January
+Launch of Yangwang brand and "e4 Platform" technology
+The "Gan Yue Xing He ()" Yangwang brand and technology
+launch conference was held in Shenzhen, officially launching a new high-
+end vehicle brand "Yangwang" and its core technology "e4 Platform".
+The first hardcore SUV U8 equipped with e4 Platform and the first battery
+electric performance supercar U9 were unveiled. e4 Platform's disruptive
+four-motor technology breaks the imagination of traditional vehicles and
+creates a new vehicle safety technology system.
+6)11月24日
+135
+53
+二零一九年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+二零二一年
+RMB'000
+人民幣千元
+2019
+2020
+2021
+2022
+二零二二年
+RMB'000
+人民幣千元
+2023
+二零二三年
+RMB'000
+人民幣千元
+於十二月三十一日
+As at 31 December
+按客戶所在地劃分的營業額
+二零二二年
+二零二三年
+2022
+2023
+REVENUE BREAKDOWN BY LOCATIONS OF
+CUSTOMERS
+1.3
+2.7
+1.4
+Net assets (less non-
+95
+淨資產值
+Total assets
+43
+(日)(附註2)
+(days) (Note²)
+應收類款項週轉天數
+Receivables turnover
+124
+0.99
+69
+1.05
+-15
+0.97
+0.72
+0.67
+流動比率(倍)
+Current ratio (times)
+-26
+-44
+資本負債比率(%)
+(附註)
+195,641,593
+201,017,321
+) 138,810,065 111,029,299 95,069,671 56,874,274 56,762,289
+679,547,670 493,860,646 295,780,147
+資產總值
+controlling interests)
+全国建筑钢结构行业大会
+比亞迪躍居2023年《財富》世界500强第212位
+《財富》世界500強榜單全球發佈,比亞迪位列第212
+位,排名較2022年上升224名,成為今年排名升幅最
+大的中國企業。
+8月2日
+78.43%
+闪
+腾势
+王朝
+海洋
+P.3 1st Proof File: 03-24010044AR-EC-BYD COMPANY-Highlight DateTime: 2024/3/26 15:36 Translate: - P.3
+驱逐舰05
+BUT
+PLUS EV
+方程豹
+P.3 1st Proof File:03-24010044AR-EC-BYD COMPANY-Highlight DateTime: 2024/3/2615:36 Translate:-P.3
+黑科技
+11月5日
+新車上市拓新界,全新品牌再升級,爆款黑科技加持,賦能黑馬級產品。
+仰望品牌暨「易四方」技術發佈
+「敢越星河」仰望品牌暨技術發佈會在深圳召開,正式發佈了全新高端
+汽車品牌「仰望」及其核心技術「易四方」。搭載易四方的首款硬派越野
+U8、首款純電動性能超跑U9亮相。易四方顛覆性的四電機技術,打
+破傳統汽車的想象空間,創造全新的汽車安全技術體系。
+4月10日
+比亞迪雲輦系統發佈
+比亞迪發佈雲輦智能車身控制系統。作為行業首個新能源
+專屬的智能車身控制系統,雲輦系統填補了國內的技術空
+白,實現「從0到1」的突破,並超越行業先進水平,實現「從
+1到2」的提升。
+23.30%
+DMO 超级混动越野平台
+方程豹专属“豹力科技” 划时代颠覆之力 彻底释放“电”的能力
+二零二二年
+2022
+存貨週轉天數(日)
+64
+64
+73
+83
+89
+Note: Gearing ratio = Total borrowings net of cash and cash equivalents/
+net assets (less minority interests)
+附註:資本負債比率=總借貸扣除現金及現金等價值
+物/淨資產值(扣除少數股東權益)
+Note: Receivables include trade receivables, contract assets and
+receivables financing.
+附註²:應收類款項包含應收賬款、合同資產、應收款
+項融資。
+PRC (including Hong Kong, Macau and Taiwan)
+中國(包括港澳台地區)
+Overseas
+境外
+26.60%
+2023
+21.57%
+73.40%
+2022
+2023
+二零二三年
+8月16日
+方程豹品牌及DMO技術平台發佈
+方程豹品牌暨技術發佈會在深圳召開,正式發佈了全球專業個性化品牌
+方程豹及其核心專屬技術DMO超級混動越野平台。首搭DMO的超級混
+動硬派SUV豹5也正式發佈,同時,豹8概念車「SUPER 8」以及豹3共同
+構成的「583」硬派家族同步驚艷亮相。
+新藍海 巨輪劈波斬浪,實力積厚成勢,走出去更見海闊天空,共赴新能源汽車市場新藍海。
+11月22日
+比亞迪漢在阿聯酋上市,迪拜迎來全新旗
+艦展廳
+比亞迪迎來在阿聯酋迪拜全新旗艦展廳的盛大開
+幕,並正式推出純電車型漢,開啓比亞迪阿聯酋
+新能源乘用車市場的全新格局。展廳的落成為比
+亞迪在阿聯酋乘用車市場的品牌推廣、產品銷售
+和戰略發展注入新動力。
+12月20日
+|||/7 家比亞迪對公4S店盛大開業
+全國首家比亞迪對公4S店在西安市盛大開業。比
+亞迪對公4S店的業務範圍涵蓋國內網約車、出租
+車、駕考車、政企採購、城市物流、分時租賃、
+普通租賃等多種業務場景,為綠色出行提供車型
+定義、車輛銷售、金融服務、運營賦能、售後專
+修等一站式解決方案。
+發展紅 紅紅火火建設忙,生產車間機器鳴,奏響高質量發展新樂章:紅彤彤的簽約本見證產業深化合作,「朋友圈」再迎新夥伴。
+11月4日
+比亞迪新能源動力電池徐州生產基地奠基
+江蘇省徐州市委、市政府舉行2023年全市重大產
+業項目集中開工暨比亞迪新能源動力電池徐州生產
+基地奠基活動。項目位於徐州經濟技術開發區,其
+中一期用地約706畝,包括潔淨、組裝、配料、無
+塵、恒溫、乾燥等車間,建設刀片電池生產線。
+12月18日
+徐州*2023年重大产业项目集中开工
+暨比亚迪新能源动力电池除州生产基地磅
+比亞迪新能源汽車核心零部件產業園項目落
+戶常州
+5月12日
+濰柴動力與比亞迪戰略合作簽約
+比亞迪新能源汽車核心零部件產業園項目落戶於江
+蘇常州濱江經濟開發區。項目建成達產後將年產
+30萬套智慧動力總成、傳動系統等核心零部件,
+進一步助力常州「新能源之都」建設。
+濰柴動力與比亞迪在深圳簽署戰略合作協議。雙方擬
+利用各自優勢在新能源領域建立更加全面的、深度的
+戰略合作關係,在山東合資生產動力電池,建設動力
+電池研發製造基地,持續強化新能源產業鏈、創新
+鏈、價值鏈,為推動我國新能源商用車產業化發展作
+出積極貢獻。
+閃耀金 奮進的每一秒,高光閃耀,拼搏的所有汗水,終將凝結成「金」。
+6月2日
+重慶璧山雲巴項目榮獲「中國鋼結構金獎」
+2023年全國建築鋼結構行業大會在上海召開,比
+亞迪壁山雲巴項目榮獲第十五屆「中國鋼結構金獎」
+(第一批)。該獎項是經國務院批准的建築領域國際
+級優質���程獎,是中國建築鋼結構行業工程質量的
+最高榮譽。
+「強大基因 輕卡新紀元—比亞迪混動輕卡T5新品發佈
+暨智慧工廠體驗日」在江蘇省淮安市舉辦。比亞迪首
+款搭載DM技術的4.5噸級城市物流輕卡T5與全新淮安
+卡車智慧工廠一同亮相。比亞迪商用車為交通運輸發
+展貢獻綠色方案。
+比亞迪首款混動輕卡T5發佈
+10月18日
+比亞迪與巴西巴伊亞州政府共同宣佈,雙方將在卡馬
+薩里市設立由三座工廠組成的大型生產基地綜合體,
+分別為電動客車和卡車底盤的生產工廠、新能源乘用
+車整車生產工廠以及磷酸鐵鋰電池材料的加工工廠,
+此舉將進一步推動比亞迪的全球化進程。
+3月10日
+比亞迪與英國Octopus EV簽署5,000台電動
+車採購協議
+3月10日
+比亞迪泰國乘用車生產基地奠基,BYD
+ATTO 3當地交付破萬
+THE DELIVERY OF THE
+9.999" AND 10,000
+比亞迪在泰國舉行首家海外乘用車生產基地奠基儀
+式,同時舉行了第9,999輛以及10,000輛BYD ATTO
+3的交付儀式。這標誌着比亞迪在海外進一步擴展
+佈局,也是比亞迪在亞太市場深耕細作的進一步體
+現。
+reaki
+and Stone laving cere
+3.9
+比亞迪與英國電動汽車公司Octopus Electric
+Vehicles達成合作,Octopus EV未來3年內將向比
+亞迪購買5,000輛電動車用於服務英國市場,雙方
+攜手共促英國綠色交通建設。
+4月26日
+「新一代主流代步車」海鷗上市
+「新一代主流代步車」比亞迪海鷗正式上市,售價區
+間為7.38萬元-8.98萬元。海鷗是比亞迪新一代技
+術向廣域市場的全新車型,擁有305km和405km兩
+種續航里程(CLTC綜合工況)。海鷗憑藉全維全優
+的高能品質和精品屬性,刷新了傳統小車價值標
+桿。
+非常鸥克
+7.88
+116 5月9日
+湖南湘江新區大王山歡樂雲巴線開通
+湖南湘江新區大王山歡樂雲巴通車儀式在湖南湘江
+新區大王山雲巴站舉行,標誌着大王山歡樂雲巴
+正式開通。大王山歡樂雲巴作為全球首條旅遊雲巴
+線,是推進旅遊產業交通現代化發展的重要範例,
+代表了比亞迪對旅遊產業交通智能化、綠色化和融
+合化發展的實踐。
+7月4日
+比亞迪宣佈在巴西打造大型生產基地綜合體,
+將投建三座全新工廠
+綠色行 從汽車到雲巴,從乘用車到商用車,綠色產品持續煥新,助力綠色出行新時代。
+5.0
+淨利潤率(%)
+Net profit margin (%)
+Chongqing Bishan SkyShuttle project winning the "China Steel
+Structure Gold Award"
+The 2023 National Construction Steel Structure
+Industry Conference was held in Shanghai. BYD
+Bishan SkyShuttle project won the 15th "China Steel
+Structure Gold Award" (the first batch). This award
+is an international high-quality project award in the
+construction field approved by the State Council.
+It is the highest honor for project quality in China's
+construction steel structure industry.
+全国建筑钢结构行业大数
+2 August,
+BYD ranking 212th among Fortune Global 500 companies in 2023
+The Fortune Global 500 list was released globally. BYD
+ranked 212th, an increase of 224 places from 2022,
+becoming the Chinese company with the largest increase.
+in ranking this year.
+FORTUNE
+GLOBAL
+500
+比亚迪位列
+#212
+为地球随温°C
+24 November
+BYD setting another record to become the world's first company to roll
+out 6 million new energy vehicles
+BYD's 6 millionth new energy vehicle rolled off the assembly
+line at its Zhengzhou factory. It only took BYD more than 3
+months to go from the "5 millionth vehicle" to the "6 millionth
+vehicle", setting a new production and sales record. This is
+not only another milestone for BYD, but also a microcosm of
+the development of new energy vehicles in China, pushing
+China's new energy vehicle industry into a stage of large-
+scale, global and high-quality development.
+6000000
+一登通第600万供能源汽车下线
+26 September
+Tremendous achievements shine during every second of progress, and all the sweat of endeavour will condense into "gold".
+Signing of equity acquisition agreement between BYD Electronic and
+Jabil
+Weichai Power and BYD signed a strategic cooperation agreement in
+Shenzhen. The two parties plan to use their respective advantages to
+establish a more comprehensive and in-depth strategic cooperative
+relationship in the field of new energy. Both parties will jointly
+produce power batteries in Shandong, build a power battery R&D
+and manufacturing base, and continue to enhance the new energy
+industry chain, innovation chain and value chain, in order to make
+positive contributions to the industrialization development of new
+energy commercial vehicles of the PRC.
+Signing of strategic cooperation agreement between Weichai Power and
+The opening ceremony of Happy Sky Shuttle in Dawang
+Mountain in Xiangjiang New District, Hunan was held at
+Dawangshan Yunba Station in Xiangjiang New District, Hunan,
+marking the official opening of the Happy Sky Shuttle in Dawang
+Mountain. As the world's first tourist sky shuttle line, the Happy
+Sky Shuttle in Dawang Mountain is an important example of
+promoting the modernization of transportation in the tourism
+industry and represents BYD's practice of intelligent, green and
+integrated development of transportation in the tourism industry.
+18 October
+Launch of BYD's first hybrid light truck T5
+The "Powerful Genes and New Era of Light Trucks - BYD
+Hybrid Light Truck T5 New Product Launch and Smart
+Factory Experience Day" was held in Huai'an City, Jiangsu
+Province. BYD's first 4.5-ton urban logistics light truck T5
+equipped with DM technology was unveiled together with.
+the new Huai'an truck smart factory. BYD's commercial
+vehicles have contributed green solutions to transportation
+development.
+20 December
+Grand opening of the first BYD Corporate-specific 4S Store
+The country's first BYD Corporate-specific 4S Store was
+opened grandly in Xi'an. The business scope of BYD
+Corporate-specific 4S Store covers domestic online ride-
+hailing, taxis, driving test cars, government and enterprise
+procurement, urban logistics, time-sharing leasing, general
+leasing and other business scenarios, providing one-stop
+solutions for green travel such as vehicle model definition,
+vehicle sales, financial services, operational empowerment
+and after-sales maintenance.
+340
+Robust development
+4 January
+Booming construction and humming machines in the production workshop write a new chapter of high-quality development.
+18 February
+Ground breaking of BYD's New Energy Power Battery Xuzhou Settling of BYD's New Energy Automobile Core Components Industrial
+Production Base
+The Xuzhou Municipal Party Committee and Municipal
+Government of Jiangsu Province held a centralized
+commencement of the city's major industrial projects.
+in 2023 and a groundbreaking event for BYD's New
+Energy Power Battery Xuzhou Production Base. The
+project is located in Xuzhou Economic and Technological
+Development Zone, the first phase of which covers about
+706 acres, including cleaning, assembly, batching, dust-
+free, constant temperature, drying and other workshops to
+build a blade battery production line.
+一获利2023年重大产业项目集中开工
+费比重港新能胎动力电源弥州生产基地麂能确
+Dazzling achievements
+2 June
+Park project in Changzhou
+BYD's New Energy Vehicle Core Components
+Industrial Park project was settled in Binjiang Economic
+Development Zone, Changzhou, Jiangsu. The project,
+once completed and reaches production capacity,
+will produce 300,000 sets of smart powertrains,
+transmission systems and other core components
+annually, further supporting the construction of
+Changzhou as a "new energy capital".
+12 May
+BYD
+BE, a subsidiary of BYD, signed an equity acquisition
+agreement with Jabil to acquire Jabil's mobility
+business that manufactures components for consumer
+electronics products. This acquisition will broaden
+BE's customer base and diversify its product portfolio,
+expand the business of smartphone components, and
+enhance the strategic layout of core device products,
+thus propelling the industrial upgrading of BE.
+6 December
+BYD Tang, Song, Seal and Dolphin receiving the highest safety
+rating in Europe
+AUDIT COMMITTEE
+Lv Xiang-yang (resigned on 19 September 2023)
+Xia Zuo-quan (appointed on 19 September 2023)
+Cai Hong-ping
+Zhang Min (Chairman)
+Yu Ling (appointed on 19 September 2023)
+Jiang Yan-bo (resigned on 19 September 2023)
+REMUNERATION COMMITTEE
+Wang Chuan-fu
+Xia Zuo-quan
+Cai Hong-ping (Chairman)
+Zhang Min
+Yu Ling (appointed on 19 September 2023)
+Jiang Yan-bo (resigned on 19 September 2023)
+NOMINATION COMMITTEE
+Wang Chuan-fu
+Lv Xiang-yang
+Cai Hong-ping
+Zhang Min
+Yu Ling (Chairman) (appointed on 19 September 2023)
+Li Qian
+COMPANY SECRETARY
+Tang Mei
+Huang Jiang-feng
+BYD Tang and Song models received a five-star safety
+rating (new regulations for 2023) from the European New
+Car Assessment Programme (Euro NCAP). This is BYD's
+another two models to receive a five-star safety rating from
+Euro NCAP after the Seal and Dolphin. It is the first time in
+China's automobile industry that four models in one year
+have received this rating, which fully demonstrates BYD's
+strong safety technology strength and excellent product
+safety performance.
+BYD Company Limited
+8
+比亞迪股份有限公司
+Corporate Information
+公司資料
+EXECUTIVE DIRECTOR
+Wang Chuan-fu
+NON-EXECUTIVE DIRECTORS
+Opening of Happy Sky Shuttle line in Dawang Mountain in Xiangjiang New District, Hunan
+Lv Xiang-yang
+INDEPENDENT NON-EXECUTIVE DIRECTORS
+Cai Hong-ping
+Zhang Min
+Yu Ling (appointed on 19 September 2023)
+Jiang Yan-bo (resigned on 19 September 2023)
+SUPERVISORS
+Dong Jun-qing (resigned on 19 September 2023)
+Li Yong-zhao
+Zhu Ai-yun (appointed on 19 September 2023)
+Wang Zhen
+Xia Zuo-quan
+175
+9 May
+非常綿克
+二零一九年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+人民幣千元
+216,142,395
+28,144,706
+二零二一年
+RMB'000
+2019
+2020
+2021
+2022
+二零二二年
+RMB'000
+人民幣千元
+424,060,635
+72,244,955
+602,315,354
+121,757,004
+毛利
+Gross profit
+營業額
+Revenue
+二零二三年
+RMB'000
+人民幣千元
+2023
+財務摘要
+19.68%
+手機部件、組裝及其他產品
+Mobile handset components, assembly service and
+other products
+2023
+REVENUE BREAKDOWN BY PRODUCT CATEGORIES 按產品類別劃分的營業額
+2022
+80.27%
+1,614,450
+4,234,267
+3,045,188
+16,622,448
+30,040,811
+應佔溢利
+of the parent
+母公司擁有人
+Profit attributable to owners
+16
+19
+13
+17
+20
+毛利率(%)
+Gross profit margin (%)
+127,738,523
+20,814,235
+156,597,691
+30,346,311
+76.57%
+Automobiles and related products, and other products
+汽車、汽車相關產品及其他產品
+4
+Financial Highlights
+Annual Report 2023
+二零二三年年報
+131
+Company Statement of Changes in Owners' Equity
+129
+Company Income Statement
+127
+Company Balance Sheet
+125
+Consolidated Cash Flow Statement
+122
+Consolidated Statement of Changes in Owners' Equity
+120
+Consolidated Income Statement
+118
+Consolidated Balance Sheet
+Audit Report
+115
+105
+監事會報告
+董事會報告
+Company Cash Flow Statement
+134
+Notes to Financial Statements
+352
+For the year ended 31 December
+截至十二月三十一日止年度
+五年主要財務數據之比較
+FIVE-YEAR COMPARISON OF KEY FINANCIAL FIGURES
+財務摘要
+Financial Highlights
+比亞迪股份有限公司
+BYD Company Limited
+2
+五年財務摘要
+BYD's new generation technology to the wide-area market.
+It has two cruising ranges of 305km and 405km (CLTC
+comprehensive test cycle). Sea Gull has refreshed the
+value benchmark of traditional small vehicles by virtue of
+its high-performance quality and premium attributes with
+comprehensive maintenance and excellence.
+財務報表附註
+公司股東權益變動表
+公司利潤表
+公司資產負債表
+合併現金流量表
+合併股東權益變動表
+合併利潤表
+合併資產負債表
+審計報告
+Five Year Financial Summary
+公司現金流量表
+STRATEGY COMMITTEE
+Gearing ratio (%) (Note')
+與客戶及供應商的關係
+155,149,602 (L)
+Youngy Investment (Note)
+概約百分比(%)
+股本總額的
+share capital (%)
+持股量佔已發行
+in total issued
+shareholding
+percentage of
+Approximate
+in total issued
+A shares (%)
+持股量佔已發行
+A股總數的
+概約百分比(%)
+Number of
+A shares
+A股數目
+姓名
+Name
+percentage of
+shareholding
+Approximate
+每股人民幣1.00元的A股
+1.
+A shares of RMB1.00 each
+1.
+於二零二三年十二月三十一日,就本公司董事所
+知,以下人士(不包括本公司董事、監事及最高行政
+人員)於本公司股份及相關股份中擁有根據證券及期
+貨條例第XV部第2及3分部須向本公司及香港聯交所
+披露或根據證券及期貨條例第336條載入本公司存置
+的登記冊的權益或淡倉:
+擁有須予知會權益的股東
+As at 31 December 2023, to the knowledge of the Directors of the
+Company, the following persons (other than the directors, supervisors
+and chief executives of the Company) had interests or short positions
+in the shares and underlying shares of the Company which were
+required to be disclosed to the Company and the Hong Kong Stock
+Exchange under the provisions of Divisions 2 and 3 of Part XV of
+the SFO, or were required to be entered in the register kept by the
+Company pursuant to Section 336 of the SFO:
+SHAREHOLDERS WITH NOTIFIABLE INTERESTS
+董事會報告
+Report of the Directors
+8.56%
+5.33%
+(L) - 好倉
+(L) - Long Position
+Berkshire Hathaway
+Inc. (1)
+share capital (%)
+持股量佔已發行
+股本總額的
+概約百分比(%)
+概約百分比(%)
+H股數目
+姓名
+Berkshire Hathaway Inc.
+(Note 1)
+Name
+in total issued
+H shares (%)
+持股量佔已發行
+H 股總數的
+Number of
+H shares
+in total issued
+shareholding
+Approximate
+percentage of
+比亞迪股份有限公司
+percentage of
+shareholding
+每股人民幣1.00元的H股
+2.
+H shares of RMB1.00 each
+2.
+董事會報告
+Report of the Directors
+99
+Annual Report 2023
+二零二三年年報
+融捷投資由非執行董事呂向陽先生擁有89.5%權益。因
+此,根據證券及期貨條例,呂先生被視為於融捷投資持
+有的155,149,602股A股中擁有權益。
+附註:
+Youngy Investment is owned by Mr. Lv Xiang-yang, a non-executive
+Director, as to 89.5%. Mr. Lv is therefore deemed to be interested in the
+155,149,602 A shares held by Youngy Investment under the SFO.
+Note:
+Approximate
+98
+BYD Company Limited
+97
+董事會報告
+Report of the Directors
+93
+Annual Report 2023
+二零二三年年報
+比亞迪於全球運營要求嚴格遵守法律、社會規範、
+職業道德準則及內部規定。本集團已成立風險管理
+委員會、內部控制委員會及合規委員會,負責定期
+及不時監測、監督及檢查各部門的法律法規管理及
+執行情況,且評估其於該等領域的執行及遵守情
+況。於年內,本公司知悉,概無重大違反或不遵守
+��集團適用法律法規,且對本集團業務及經營造成
+重要影響的事件。
+守則遵守情況
+本集團積極響應環保政策。在通過綠色產品來減少
+能耗的同時,本集團亦注重減輕其運營對環境的直
+接影響。比亞迪通過引進能源管理系統、推進以可
+再生能源替代傳統能源及通過技術與管理方式節約
+能源,持續減少其自身能耗及二氧化碳排放。
+環保政策
+有關本集團所面臨主要財務風險及本集團關於該等
+風險的管理目標及政策的詳情,請參閱財務報表附
+註十。除該等財務風險外,董事認為,有關政府政
+策(如中國政府的經濟發展及環境保護政策)的任何
+重大變動亦為可能影響本集團業務的主要風險及不
+確定因素之一。
+本集團面對的主要風險及不確定因素
+業務回顧載於年報第24頁至36頁,構成董事會報告
+的一部分。
+業務回顧
+Relationship with Employees
+股東務須向彼等的稅務顧問諮詢有關擁有及處置本
+公司H股所涉及中國、香港及其他稅務影響的意見。
+Regulatory Compliance
+and management means, BYD continues to reduce its own energy
+consumption and carbon dioxide emissions.
+The Group has been taking part in responding to environmental
+protection policies. While helping to reduce energy consumption
+through green products, the Group also focuses on reducing the
+direct impacts of its operation on the environment. By introducing an
+energy management system, promoting the replacement of traditional
+energy with renewable energy and saving energy through technical
+Environmental Policies
+Please refer to note X to the financial statements for details of the
+main financial risks faced by the Group and the Group's management
+objectives and policies regarding such risks. In addition to such
+financial risks, the Directors are of the view that any material change in
+relevant government policies (such as the PRC Government's policies
+on economic development and environmental protection) is also one
+of the principal risks and uncertainties that may affect the Group's
+business.
+Principal Risks and Uncertainties Faced by the Group
+The business review set out on pages 24 to 36 of the annual report
+shall form an integral part of this report of the Directors.
+BUSINESS REVIEW
+Shareholders are recommended to consult their tax advisor regarding
+the ownership and disposal of H shares of the Company in the PRC
+and in Hong Kong and other tax effects.
+董事會報告
+Report of the Directors
+比亞迪股份有限公司
+BYD requires stringent compliance with laws, social norms,
+professional ethics and internal regulations in its worldwide operations.
+The Group has established the risk management committee, the
+internal control committee and the compliance committee which
+monitor, supervise and inspect, regularly and from time to time, the
+management and implementation of laws and regulations in various
+departments, and evaluate their implementation and compliance in
+such areas. During the Year, as far as the Company is aware, there
+was no material breach of or non-compliance with applicable laws and
+regulations by the Group that has a significant impact on the business
+and operations of the Group.
+87,613,142 (L)
+Since employees are the foundation for development, the Group
+adheres to the "people-oriented" principle in its human resources
+Relationship with Customers and Suppliers
+除上述披露者外,於二零二三年十二月三十一日,
+概無本公司董事、監事或最高行政人員於本公司或
+其任何相聯法團(定義見證券及期貨條例第XV部)的
+股份、相關股份或債權證中擁有權益或淡倉而須(a)
+記錄於本公司根據證券及期貨條例第352條存置的登
+記冊內;或(b)根據標準守則須知會本公司及香港聯
+交所。
+於500,000股H股中,夏佐全先生以實益擁有人身份
+持有195,000股H股,而由夏佐全先生全資擁有的
+Sign Investments Limited則持有305,000股H股。
+Saved as disclosed above, as at 31 December 2023, none of the
+Directors, supervisors or chief executives of the Company had
+any interest or short position in the shares, underlying shares or
+debentures of the Company or any of its associated corporations
+(within the meaning of Part XV of the SFO) which was required to be
+(a) recorded in the register to be kept by the Company pursuant to
+Section 352 of the SFO; or (b) notified to the Company and the Hong
+Kong Stock Exchange pursuant to the Model Code.
+Of the 500,000 H shares, 195,000 H shares were held by Mr. Xia Zuo-
+quan as a beneficial owner and 305,000 H shares were held by Sign
+Investments Limited, which was wholly-owned by Mr. Xia Zuo-quan.
+附註:
+(L) - 好倉
+Note:
+(L) - Long Position
+0.02%
+0.05%
+500,000 (L)
+(Note)
+(附註)
+(董事兼總裁)
+夏佐全(董事)
+management and provides equal employment opportunities
+and prohibits any career discrimination. The Group reviews its
+employee compensation policies on a regular basis and bonuses
+and commission may be awarded to employees based on their
+annual performance evaluation. Efforts have also been made to help
+employees in the aspects of housing, transportation and children's
+education, etc.
+(Director and President)
+0.09%
+1,000,000 (L)
+由於僱員為發展的基石,本集團於人力資源管理方
+面堅持「以人為本」的原則,創造平等的就業機會並
+禁止一切職業歧視。本集團定期檢討其僱員薪酬政
+策,且根據年度工作表現評核,僱員會獲發花紅及
+獎金。本集團亦於住房、交通及兒童教育等方面努
+力幫助僱員。
+與僱員的關係
+Group and the Company are set out in note V. 15 to the financial
+statements.
+Details of the movements in property, plant and equipment of the
+PROPERTY, PLANT AND EQUIPMENT
+Charitable and other donations made by the Group during the Year
+amounted to RMB36,448,000 (2022: RMB71,045,000).
+DONATIONS
+Details of movements in the reserves of the Group and the Company
+during the Year are set out in the consolidated statement of changes
+in equity.
+RESERVES
+The Group strives to build and maintain long term and strong
+relationships with customers. BYD has established a customer
+satisfaction management system with a view to understanding and
+fulfilling customers' demands and enhancing their satisfaction. In
+terms of suppliers, the Group's objective is to keep mutually beneficial
+and win-win partnerships with all suppliers. At the same time, the
+Group regularly evaluates the performance of our suppliers including
+suppliers' social responsibility.
+0.03%
+92
+7.98%
+Berkshire Hathaway Energy
+Company (Note 1)
+BYD Company Limited
+100
+比亞迪股份有限公司
+Report of the Directors
+董事會報告
+PERMITTED INDEMNITY PROVISION
+Pursuant to the Articles, the Company may take out liability insurance
+for the Directors and other senior management members with the
+content of the Shareholders' general meeting to provide appropriate
+I cover for them.
+The Company has taken out and maintained directors' liability
+insurance during the Reporting Period, which provides appropriate
+cover for the Directors and other senior management members of the
+Company.
+At no time during the financial year and up to the date of this report,
+there was or is, any permitted indemnity provision being in force for
+the benefit of any of the directors of the Company (whether made by
+the Company or otherwise) or an associated company (if made by the
+Company).
+MANAGEMENT CONTRACTS
+No contract concerning the management or administration of the
+whole or any substantial part of the business of the Company was
+entered into or existed during the Year.
+COMPETING BUSINESS
+During the financial year, no Directors acquired benefits by engaging
+in business that competes with that of the Company or its subsidiaries.
+In September 2009, Mr. Wang Chuan-fu, the controlling shareholder of
+the Group, signed the Non-competition Undertakings to confirm with
+the Company that he would abide by the undertaking of not engaging
+in business that competes with that of the Company. Directors,
+including independent non-executive Directors, have examined his
+compliance and confirmed that the controlling shareholder has abided
+by all the undertakings.
+RETIREMENT SCHEME
+Currently, all PRC subsidiaries of the Group participate in defined
+contribution retirement schemes (the “Schemes") launched by local
+provincial and municipal governments in China, pursuant to which the
+Group makes contributions to the Schemes in accordance with the
+applicable percentage of the salary of eligible staff. Local government
+authorities assume the obligation in respect of all the pensions
+payable to retired staff.
+Save for the above contributions, the Group does not have any other
+major payment obligation in respect of pension benefits.
+獲准許之彌償條文
+根據本公司公司章程,經股東大會批准,本公司可
+以為董事和其他高級管理人員購買責任保險,為彼
+等提供適當保障。
+本公司在報告期內已投保責任險,為公司董事及高
+級管理人員提供適當的保障。
+於本財政年度及直至本報告日期止任何時間,概不
+存在任何以本公司任何董事(不論是否由本公司或以
+其他方式制定)或聯營公司(倘由本公司制定)為受益
+人的獲准許彌償條文。
+管理合約
+年內,本公司並無就整體業務或任何重要業務的管
+理或行政工作簽訂或存有任何合約。
+競爭業務
+於二零二三年十二月三十一日,本公司已發行股本
+總額為人民幣2,911,142,855元,分為1,813,142,855
+股每股面值人民幣1.00元的A股及1,098,000,000股
+每股面值人民幣1.00元的H股,全部均為實收資本。
+BlackRock, Inc.的權益乃通過其各控制公司持
+有,其中323,000股好倉為現金結算非上市衍生
+工具,及354,000股淡倉為現金結算非上市衍生
+工具。
+MidAmerican Energy Holdings Company)
+分別被視為透過其間接控制公司及全資持有公
+司Western Capital Group LLC所直接持有的
+87,613,142股H股,於87,613,142股H股(L)之中
+擁有權益。
+Berkshire Hathaway Energy Company (
+7.98%
+3.01%
+Group LLC (附註1)
+BlackRock, Inc.
+73,212,031 (L)
+6.67%
+2.51%
+(附註2)
+354,000 (S)
+0.03%
+0.01%
+-
+於本財政年度,概無董事從事與本公司或其任何附
+屬公司競爭業務中取得利益。
+(L) Long Position
+(S)-Short position
+(S)-淡倉
+Notes:
+1.
+2.
+According to the disclosure of interests notice filed on 30 October
+2023, Berkshire Hathaway Inc. and Berkshire Hathaway Energy
+Company (formerly known as MidAmerican Energy Holdings
+Company) were deemed to be interested in 87,613,142 H
+shares (L) held through Western Capital Group LLC, its indirectly
+controlled corporation and wholly-owned company, for 87,613,142
+H shares directly held by it, respectively.
+The interests of BlackRock, Inc. were held through its various
+controlled corporations, and of which 323,000 shares (L) were
+cash settled unlisted derivatives, and 354,000 shares (S) were
+cash settled unlisted derivatives.
+The total issued share capital of the Company as at 31 December
+2023 was RMB2,911,142,855, divided into 1,813,142,855 A shares of
+RMB1.00 each and 1,098,000,000 H shares of RMB1.00 each, all fully
+paid up.
+附註:
+1.
+2.
+根據於二零二三年十月三十日提交的披
+露權益通知Berkshire Hathaway Inc.及
+(L) - 好倉
+二零零九年九月,本集團控股股東王傳福先生簽署
+《不競爭承諾》,向本公司確認其遵守不參與競爭
+事業的承諾。董事(包括獨立非執行董事)已審核遵
+守情況並確認控股股東已遵守不競爭契約的所有承
+諾。
+退休計劃
+現時本集團的各中國附屬公司參與一些由中國當地
+省市政府機關籌辦的定額供款退休福利計劃(「該等
+計劃」),據此,本集團須按合資格僱員薪金的適用
+比率向該等計劃作出供款。地方政府機關就應付退
+休僱員的全部退休金承擔責任。
+the Directors confirm that the Company had sufficient public float as
+required by the Listing Rules.
+9.72%
+20.17%
+10.52%
+17.34%
+董事、彼等的緊密聯繫人或任何股東(指據董事所知
+擁有本公司5%以上已發行股本的股東)並無於上述
+的任何主要供應商或客戶中擁有任何權益。
+關聯方交易
+本集團年內從事的關聯方交易概況載列於財務報表
+附註十二、關聯方關係及其交易。該等關聯方交易
+並不構成上市規則第14A章界定的本集團的關連交
+易。
+截至二零二三年十二月三十一日止年度,本集團並
+無任何根據上市條例所需披露之關連人士交易,且
+本集團已遵守上市規則第14A章的規定。
+報告期後事項
+本集團之重大結算日後事項詳情載於財務報表附註
+十五。
+公眾持股量的足夠性
+and within the knowledge of its directors as at the date of this report,
+於本報告日期,根據本公司可從公開途徑取得的資
+料以及就董事所知,董事確認本公司的公眾持股量
+符合上市規則的規定。
+87,613,142 (L)
+Western Capital
+(Note 2)
+BlackRock, Inc.
+(Note 1)
+Western Capital Group LLC
+(附註1)
+Energy Company
+3.01%
+7.98%
+87,613,142 (L)
+Berkshire Hathaway
+101
+3.01%
+Based on the information that is publicly available to the Company
+Details of significant subsequent events of the Group are set out in
+note XV of the financial statements.
+除上述供款外,本集團並無其他的重大退休金福利
+付款責任。
+Annual Report 2023
+二零二三年年報
+Report of the Directors
+董事會報告
+MAJOR CUSTOMERS AND SUPPLIERS
+The percentage of purchases and sales for the year ended 31
+December 2023 attributable to the Group's major suppliers and
+customers are as follows:
+主要客戶及供應商
+本集團的主要供應商及客戶佔截至二零二三年十二
+月三十一日止年度的採購額及銷售額百分比如下:
+Purchases
+-the largest supplier
+- the five largest suppliers combined
+SUFFICIENCY OF PUBLIC FLOAT
+Sales
+- the five largest customers combined
+採購額
+-最大供應商
+-五位最大供應商合計
+銷售額
+-最大客戶
+-五位最大客戶合計
+None of the Directors, their close associates or any Shareholder
+(who, to the knowledge of the Directors, owns more than 5% of the
+Company's issued share capital) had an interest in any of the major
+suppliers or customers noted above.
+RELATED PARTY TRANSACTIONS
+A summary of the related party transactions undertaken by the Group
+during the Year is set out in note XII "Related Parties and Related
+Party Transactions" to the financial statements. Such related party
+transactions did not constitute connected transactions of the Group
+under Chapter 14A of the Listing Rules.
+There was no connected transaction entered into by the Group for
+the year ended 31 December 2023 which is required to be disclosed
+under the Listing Rules, and the Group has complied with the
+requirements under Chapter 14A of the Listing Rules.
+EVENTS AFTER THE REPORTING PERIOD
+- the largest customer
+BYD Company Limited
+融捷投資(附註)
+A shares (%)
+持股量佔已發行
+A股總數的
+概約百分比(%)
+percentage of
+shareholding
+in total issued
+Number of
+Name
+姓名
+A shares
+A股數目
+Approximate
+percentage of
+shareholding
+in total issued
+share capital (%)
+持股量佔已發行
+股本總額的
+概約百分比(%)
+Wang Chuan-fu
+王傳福
+513,623,850 (L)
+28.33%
+17.64%
+(Director and President)
+(董事兼總裁)
+Approximate
+每股人民幣1.00元之A股
+於二零二三年十二月三十一日,本公司董事、監事
+及最高行政人員各自於本公司或任何相聯法團(定義
+見香港法例第571章證券及期貨條例(「證券及期貨條
+例」)第XV部)的股份、相關股份及債券中擁有根據證
+券及期貨條例第XV部第7及8分部須知會本公司及香
+港聯合交易所有限公司(「香港聯交所」)的權益及淡倉
+(包括根據證券及期貨條例有關條文持有或被視為擁
+有的權益),或根據證券及期貨條例第352條須記錄
+於指定登記冊,或根據上市規則的標準守則須知會
+本公司及香港聯交所的權益及淡倉(就此目的而言,
+證券及期貨條例的相關條文將詮釋為適用於監事)如
+下:
+董事、監事及最高行政人員的權益
+於年終或本年度任何時間,本集團概無簽訂任何涉
+及本集團的業務而本公司的董事、監事及與董事或
+監事有關連的實體直接或間接在其中擁有重大權益
+的重要交易、安排或合約。
+董事酬金
+應付各執行董事的酬金為根據(i)其職責及責任;(ii)
+現行市況;及(iii)本公司的業績表現及盈利能力而
+定。
+應付各非執行董事(包括獨立非執行董事)的酬金為
+根據其責任及向董事會作出的承諾,並計及其經驗
+及市場有關該職位的慣例。
+有關董事的酬金詳情載於本年報第65頁。
+董事、監事及高級管理層的個人簡歷
+本公司董事、監事及高級管理層的個人簡歷載於年
+報第55頁至第64頁。
+95
+(Note 1)
+(附註1)
+BYD Company Limited
+比亞迪股份有限公司
+董事會報告
+DIRECTORS', SUPERVISORS' AND CHIEF EXECUTIVES’
+INTERESTS
+As at 31 December 2023, the interests and short positions of each
+of the Directors, supervisors and chief executives of the Company in
+the shares, underlying shares and debentures of the Company or any
+associated corporation (within the meaning of Part XV of the Securities
+and Futures Ordinance (Cap 571 of the Laws of Hong Kong) (“SFO"))
+which were required to be notified to the Company and The Stock
+Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”)
+pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests
+which he is taken or deemed to have under such provisions of the
+SFO) or were required, pursuant to Section 352 of the SFO, to be
+entered into the register referred to therein, or which were required,
+pursuant to the Model Code under Listing Rules to be notified to the
+Company and the Hong Kong Stock Exchange (for this purpose, the
+relevant provisions of the SFO will be interpreted as if they applied to
+the supervisors) were as follows:
+A shares of RMB1.00 each
+96
+董事的合約權益
+Lv Xiang-yang (Director)
+394,378,222 (L)
+在該513,623,850股A股之中,不包含王傳福先
+生通過易方達資產比亞迪增持1號資產管理計劃
+持有的3,727,700股A股股份;
+在該394,378,222股A股之中,239,228,620股A
+股由呂向陽先生以個人身份持有及155,149,602
+股A股由融捷投資控股集團有限公司(融捷投
+資,前稱為廣州融捷投資管理集團有限公司)持
+有。融捷投資則由呂向陽先生及其配偶分別持
+有89.5%股權及10.5%股權,因此根據證券及期
+貨條例,呂向陽先生被視為於155,149,602股A
+股中擁有權益。
+每股人民幣1.00元之H股
+Approximate
+percentage of
+shareholding
+Approximate
+percentage of
+shareholding
+in total issued
+Number of
+Name
+Wang Chuan-fu
+Xia Zuo-quan (Director)
+姓名
+H shares
+H股數目
+in total issued
+H shares (%)
+持股量佔已發行
+H 股總數的
+概約百分比(%)
+share capital (%)
+持股量佔已發行
+股本總額的
+概約百分比(%)
+王傳福
+2.
+H shares of RMB1.00 each
+Of the 394,378,222 A shares, 239,228,620 A shares were held
+by Mr. Lv Xiang-yang in his personal capacity and 155,149,602
+A shares were held by Youngy Investment Holding Group Co.,
+Ltd. (融捷投資控股集團有限公司) (“Youngy Investment", formerly
+known as Guangzhou Youngy Management & Investment Group
+Company Limited). Youngy Investment was in turn held by Mr.
+Lv Xiang-yang and his spouse as to 89.5% and 10.5% of equity
+interests, respectively. Mr. Lv Xiang-yang was therefore deemed to
+be interested in the 155,149,602 A shares under the SFO.
+2.
+21.75%
+13.55%
+(Note 2)
+(附註2)
+Xia Zuo-quan (Director)
+夏佐全(董事)
+82,635,607 (L)
+4.56%
+2.84%
+呂向陽(董事)
+(L) - Long Position
+Annual Report 2023
+二零二三年年報
+Report of the Directors
+董事會報告
+附註:
+Notes:
+1.
+The 513,623,850 A shares did not include the 3,727,700 A shares
+held by Mr. Wang Chuan-fu in No.1 Assets Management Plan
+through E Fund BYD;
+1.
+(L) - 好倉
+上述合約及委任函為不可於一年內無須賠償(法定賠
+償除外)而予以終止之合約。
+Report of the Directors
+所有現任董事已與本公司簽訂或重續彼等的服務合
+約或委任函,由二零二三年九月十九日起計為期三
+年。
+As at 31 December 2023, details of bank loans of the Group are set
+out in notes V.24, 33, 35 to the financial statements.
+PRE-EMPTIVE RIGHTS
+There is no provision for pre-emptive rights under the Articles and
+there is no similar restriction against such rights under the laws of the
+PRC in respect of joint stock limited companies, which would oblige
+the Company to offer new shares on a pro-rata basis to existing
+shareholders.
+FIVE-YEAR FINANCIAL SUMMARY
+A summary of the results and of the assets and liabilities of the Group
+for the last five financial years is set out on page 2 and 352 of this
+annual report.
+DIRECTORS
+The Directors who held office during the Year and up to the date of
+this report are:
+所有現任監事已與本公司簽訂或重續彼等的服務或
+僱傭合約,由二零二三年九月十九日起計為期三
+年。
+BANK LOANS
+Executive Director:
+可供分派儲備
+按照本公司註冊成立地點中國的適用法律計算,本
+公司於二零二三年十二月三十一日可供分派儲備
+約為人民幣9,077,750,000元(二零二二年:人民幣
+3,451,208,000).
+銀行貸款
+於二零二三年十二月三十一日,本集團的銀行貸款
+詳情載於財務報表附註五、24、33、35。
+優先購股權
+本公司的組織章程中並無優先購股權的條文,而中
+國與股份有限責任公司相關的法律亦無此等權利相
+類似的限制,規定本公司須向現有股東按比例發售
+新股。
+五年財務數據摘要
+本集團上五個財政年度的業績及資產負債摘要載於
+本年報第2頁和352頁。
+Mr. Wang Chuan-fu
+董事
+Distributable reserves of the Company as at 31 December 2023,
+calculated under the relevant legislation applicable in the PRC,
+the Company's place of incorporation, amounted to approximately
+RMB9,077,750,000 (2022: RMB3,451,208,000).
+董事會報告
+本集團努力與客戶建立及維持長期牢固關係。比亞
+迪已建立一個客戶滿意度管理系統,以瞭解及滿足
+客戶的需求,並提高其滿意度。於供應商方面,本
+集團的目的在於,與所有供應商保持互利共贏的夥
+伴關係。同時,本集團會定期評核供應商的表現(包
+括供應商的社會責任)。
+儲備
+本集團及本公司在本年度的儲備變動詳情載於合併
+權益變動表。
+捐款
+本集團在年內作出慈善及其他捐贈款合共人民幣
+36,448,000元(二零二二年:人民幣71,045,000元)。
+物業、廠房及設備
+本集團及本公司的物業、廠房及設備的變動詳情載
+於財務報表附註五、15。
+SHARE CAPITAL
+DISTRIBUTABLE RESERVES
+Details of the movements in share capital of the Company are set out
+in note V.39 to the financial statements.
+本公司的股本變動詳情載於財務報表附註五、39。
+During the Year, neither the Company nor any of its subsidiaries
+purchased, sold or redeemed any of the listed securities of the
+Company.
+年內,本公司或其任何附屬公司均概無買賣或贖回
+本公司任何上市證券。
+BYD Company Limited
+94
+比亞迪股份有限公司
+Report of the Directors
+股本
+年內及至本報告日期在任的董事如下:
+-
+王傳福先生
+CONTRACTS
+All existing Directors had signed or renewed their service contracts
+or letters of appointment with the Company for a term of three years
+commencing on 19 September 2023.
+All existing supervisors had signed or renewed their service or
+employment contracts with the Company for a term of three years
+commencing on 19 September 2023.
+None of the above-mentioned contracts and letters of appointment are
+determinable within one year without payment of compensation (other
+than statutory compensation).
+DIRECTORS' INTERESTS IN CONTRACTS
+No transactions, arrangement or contracts of significance in relation
+to the Group's business to which the Group was a party and in which
+a Director or supervisor or an entity related to a Director or supervisor
+of the Company had a material interest, whether directly or indirectly,
+subsisted at the end of the Year or at any time during the Year.
+DIRECTORS' REMUNERATION
+執行董事:
+The emolument payable to each non-executive Director (including
+independent non-executive Director) is based on his responsibilities
+and undertaking to the Board taking into account his experience and
+market practice for such post.
+Details of the remuneration of the Directors are set out on page 65 of
+this annual report.
+BIOGRAPHICAL DETAILS OF DIRECTORS,
+SUPERVISORS AND SENIOR MANAGEMENT
+Brief biographical details of Directors, supervisors and senior
+management of the Company are set out on pages 55 to 64 of this
+annual report.
+董事及監事的服務合約
+DIRECTORS' AND SUPERVISORS' SERVICE
+董事會報告
+The emolument payable to each executive Director is based on (i) his
+duties and responsibilities; (ii) prevailing market conditions; and (iii)
+performance and profitability of the Company.
+Annual Report 2023
+二零二三年年報
+Report of the Directors
+Non-executive Directors:
+Mr. Lv Xiang-yang
+Mr. Xia Zuo-quan
+Independent non-executive Directors:
+Mr. Zhang Min
+Ms. Yu Ling (appointed with effect from 19 September 2023)
+Mr. Jiang Yan-bo (resigned on 19 September 2023)
+-
+Mr. Cai Hong-ping
+呂向陽先生
+夏佐全先生
+獨立非執行董事:
+蔡洪平先生
+張敏先生
+喻玲女士(自二零二三年九月十九日起任職)
+非執行董事:
+蔣岩波先生(自二零二三年九月十九日起離任)
+承董事會命
+Wang Chuan-fu
+Chairman
+Shenzhen, PRC, 26 March 2024
+主席
+Annual Report 2023
+二零二三年年報
+中國深圳,二零二四年三月二十六日
+103
+111
+公司之核數師安永華明會計師事務所(特殊普通合
+夥)之任期將屆滿。將於召開的股東週年大會上討論
+聘任安永華明會計師事務所(特殊普通合夥)為本公
+司二零二四年度核數師。對於該聘任事項,審核委
+員會並無任何分歧。本公司於過去三年未有更換核
+數師。
+Report of the Supervisory Committee
+監事會報告
+王傳福
+核數師
+Report of the Directors
+確認獨立性
+On behalf of the Board
+The term of Ernst & Young Hua Ming LLP, the Company's auditor, is
+about to expire. Resolutions will be proposed at the forthcoming AGM
+for Shareholders to consider and approve the appointment of Ernst &
+Young Hua Ming LLP as the auditor of the Company for 2024. There is
+no disagreement with the audit committee on such appointment. the
+Company did not replace its auditor in the past three years.
+AUDITORS
+Each independent non-executive Director has provided a written
+statement confirming his/her independence to the Company pursuant
+to Rule 3.13 of the Listing Rules. The Company assessed that each
+independent non-executive Director continues to be independent.
+CONFIRMATION OF INDEPENDENCE
+董事會報告
+比亞迪股份有限公司
+102
+BYD Company Limited
+治理層負責監督比亞迪股份有限公司的財務
+報告過程。
+(1)
+每位獨立非執行董事已提供書面確認函,確認其根
+據上市規則第3.13條規定,對本公司的獨立性。經
+評估後,本公司認為各獨立非執行董事均為獨立人
+士。
+在編製財務報表時,管理層負責評估比亞迪
+股份有限公司的持續經營能力,披露與持續
+經營相關的事項(如適用),並運用持續經營
+假設,除非計劃進行清算、終止運營或別無
+其他現實的選擇。
+集團在二零二三年度的經營活動中不
+存在違反《公司法》、《公司章程》、
+財務會計制度及國家法律、法規的行
+為。
+The governance body is responsible for overseeing BYD
+Company Limited's financial reporting process.
+II. BASIS FOR OPINION
+We conducted our audit in accordance with the Auditing
+Standards for Certified Public Accountants of China. Our
+responsibilities under those standards are further described
+in the section headed “Certified Accountants' Responsibilities
+for the Audit of the Financial Statements" of our report. We are
+independent of BYD Company Limited in accordance with
+the Code of Ethics for PRC certified accountants and we have
+fulfilled our other ethical responsibilities. We believe that the
+audit evidence we have obtained is sufficient and appropriate
+to provide a basis for our audit opinion.
+KEY AUDIT MATTERS
+Key audit matters are those matters that, in our professional
+judgement, were of most significance in our audit of the
+financial statements of the current period. These matters
+were addressed in the context of our audit of the financial
+statements as a whole and in forming our opinion thereon, and
+we do not provide a separate opinion on these matters. For
+each matter below, our description of how our audit addressed
+the matter is provided in that context.
+We have fulfilled the responsibilities described in the section
+headed "Certified Accountants' Responsibilities for the Audit
+of the Financial Statements" of our report, including those
+in relation to these matters. Accordingly, our audit included
+the performance of procedures designed to respond to
+our assessment of the risks of material misstatement of the
+financial statements. The results of our audit procedures,
+including the procedures performed to address the key audit
+matter below, provide the basis for our audit opinion on the
+accompanying financial statements as a whole.
+二、
+形成審計意見的基礎
+我們按照中國註冊會計師審計準則的規定執
+行了審計工作。審計報告的「註冊會計師對財
+務報表審計的責任」部分進一步闡述了我們在
+這些準則下的責任。按照中國註冊會計師���
+業道德守則,我們獨立於比亞迪股份有限公
+司,並履行了職業道德方面的其他責任。我
+們相信,我們獲取的審計證據是充分、適當
+的,為發表審計意見提供了基礎。
+三、 關鍵審計事項
+審計報告
+關鍵審計事項是我們根據職業判斷,認為對
+本期財務報表審計最為重要的事項。這些事
+項的應對以對財務報表整體進行審計並形成
+審計意見為背景,我們不對這些事項單獨發
+表意見。我們對下述每一事項在審計中是如
+何應對的描述也以此為背景。
+Understood, assessed and tested the effectiveness
+of the design and operation of internal controls
+related to the estimates of expected credit losses
+on trade receivables, contract assets and long-term
+receivables;
+Key audit matter:
+關鍵審計事項:
+Annual Report 2023
+二零二三年年報
+Audit Report
+審計報告
+How our audit addressed the key audit matter:
+該事項審計中是如何應對:
+Revenue recognition
+The operating revenue of BYD Company Limited is mainly
+from the sales of automobiles and related products
+我們已經履行了本報告「註冊會計師對財務報
+表審計的責任」部分闡述的責任,包括與這些
+關鍵審計事項相關的責任。相應地,我們的
+審計工作包括執行為應對評估的財務報表重
+大錯報風險而設計的審計程序。我們執行審
+計程序的結果,包括應對下述關鍵審計事項
+所執行的程序,為財務報表整體發表審計意
+見提供了基礎。
+Audit Report
+比亞迪股份有限公司
+106
+會計師事務所出具了無保留意見的審
+計報告。該報告認為本公司的財務報
+表真實、公允地反映公司財務狀況及
+經營成果。
+監事會對本公司的前景充滿信心,同時將一如既往
+地對本公司運作實施有效監督,維護股東及本公司
+的整體利益。
+監事會主席
+李永釗
+二零二四年三月二十六日
+To the shareholders of BYD Company Limited:
+I.
+AUDIT OPINION
+Annual Report 2023
+二零二三年年報
+Audit Report
+審計報告
+Ernst & Young Hua Ming (2024) Shen Zi No. 70013328_H01
+安永華明(2024)審字第70013328_H01號
+BYD Company Limited
+比亞迪股份有限公司
+比亞迪股份有限公司全體股東:
+We have audited the financial statements of BYD Company
+Limited which comprise the consolidated and company
+balance sheets as at 31 December 2023, the consolidated
+and company income statements, statement of changes in
+owners' equity and cash flow statement for the year ended 31
+December 2023 and notes to the financial statements.
+In our opinion, the accompanying financial statements of BYD
+Company Limited have been prepared in accordance with
+the PRC Accounting Standards for Business Enterprises (the
+"PRC ASBES") in all material aspects and give a fair view of the
+consolidated and company financial position of BYD Company
+Limited as at 31 December 2023 and the consolidated and
+company results of operation and cash flows of BYD Company
+Limited for 2023.
+審計意見
+我們審計了比亞迪股份有限公司的財務報
+表,包括二零二三年十二月三十一日的合併
+及公司資產負債表,二零二三年度合併及公
+司利潤表、股東權益變動表和現金流量表以
+及相關財務報表附註。
+我們認為,後附的比亞迪股份有限公司的財
+務報表在所有重大方面按照企業會計準則的
+規定編製,公允反映了比亞迪股份有限公司
+二零二三年十二月三十一日的合併及公司的
+財務狀況以及二零二三年度的合併及公司的
+經營成果和現金流量。
+105
+BYD Company Limited
+and other products, and mobile handset components,
+assembly services and other products. In 2023, BYD
+Company Limited recorded a revenue of RMB602.3 billion
+in the consolidated financial statements, representing an
+increase of RMB178.3 billion or 42% as compared to the
+total revenue in 2022, which was mainly derived from the
+segment of automobiles and related products and other
+products.
+公司董事、監事及高級管理人員在二
+零二三年度行使職責時,能忠於職
+守、守法經營、規範管理、開拓創
+新、尊重和維護了全體股東的利益,
+不存在違反《公司法》、《公司章程》及
+國家法律、法規的行為。
+比亞迪股份有限公司的營業收入主要來自於汽車、汽車相
+關產品及其他產品、手機部件、組裝及其他產品。二零二
+三年度,比亞迪股份有限公司合併財務報表中營業收入金
+額為人民幣6,023億元,營業收入總額較二零二二年度增
+加人民幣1,783億元,增長率為42%,主要來自於汽車、
+汽車相關產品及其他產品。
+The audit procedures performed in relation to the revenue
+recognition in our audit mainly included:
+Conducted detailed test on revenue recognition
+and checked supporting documents such as
+outbound delivery orders, logistics documents,
+bank statements, export declarations and sales
+invoices;
+執行��入確認的細節測試,檢查出庫單、物流單、
+銀行流水、出口報關單及銷售發票等支持性文件;
+Conducted analytical review procedures to compare
+the movements of various revenues and gross profit
+margins and analyse the reasonableness of the
+movements;
+執行分析性覆核程序,對比各類別收入及毛利率的
+變動情況,分析收入與毛利率變動的合理性;
+Checked whether there was any significant reversal
+of revenue or sales return after the Reporting
+Period;
+檢查報告期後是否存在重大收入衝回或大額退貨的
+情況;
+Reviewed the disclosures of operating revenue in
+the notes to the consolidated financial statements.
+覆核合併財務報表附註中有關營業收入的披露。
+Annual Report 2023
+二零二三年年報
+How our audit addressed the key audit matter:
+該事項在審計中是如何應對:
+Audit Report
+Key audit matter:
+關鍵審計事項:
+Expected credit losses on trade receivables, contract
+assets and long-term receivables
+BYD Company Limited recorded a carrying amount of
+trade receivables of RMB61.9 billion, a carrying amount of
+contract assets of RMB2.7 billion and a carrying amount
+of long-term receivables of RMB8.2 billion as at 31
+December 2023 in the consolidated financial statements,
+which accounted for a significant portion of the total
+assets in the consolidated financial statements.
+截止二零二三年十二月三十一日,比亞迪股份有限公司合
+併財務報表中應收賬款賬面價值為人民幣619億元,合同
+資產賬面價值為人民幣27億元,長期應收款賬面價值為人
+民幣82億元,對合併財務報表總資產而言金額重大。
+BYD Company Limited applied a simplified measurement
+method which grouped different portfolios based on
+their risk characteristics, and used a credit risk matrix to
+assess the expected credit losses of the financial assets
+above. For an item of trade receivable of significant
+amount and with objective evidence indicating that the
+credit risk of such differs significantly from that of other
+receivables, the expected credit loss is calculated by the
+difference between the present value of all contractual
+cash flows related to such trade receivable under the
+single contract and the present value of all expected
+cash flows. For other receivables, the management has
+considered the characteristics of credit risks related to
+different customers, and assessed the expected credit
+losses by aging group. Management's estimate of
+expected credit losses has taken into consideration all
+reasonable and reliable information, including the credit
+我們在審計過程中對應收賬款、合同資產和長期應收款的
+預期信用損失執行的審計工作主要包括:
+The audit procedures performed in relation to the
+expected credit losses on trade receivables, contract
+assets and long-term receivables in our audit mainly
+included:
+應收賬款、合同資產和長期應收款的預期信用損失
+How our audit addressed the key audit matter:
+該事項審計中是如何應對:
+審計報告
+該會計政策、重大會計判斷和估計以及相關財務報表披露
+參見附註三、23、24、32,以及附註五、45。
+well as relevant financial statements, please refer to
+notes III.23, 24 and 32 and notes V.45.
+For the disclosures of this accounting policy,
+significant accounting judgements and estimates, as
+我們在審計過程中對收入確認執行的審計程序主要包括:
+管理層負責按照企業會計準則的規定編製財
+務報表,使其實現公允反映,並設計、執行
+和維護必要的內部控制,以使財務報表不存
+在由於舞弊或錯誤導致的重大錯報。
+Understood, assessed and tested the effectiveness
+of the design and operation of internal controls
+related to revenue recognition;
+了解、評價和測試與營業收入相關的內部控制的設
+計及執行有效性;
+Obtained main sales contracts, checked and
+identified the terms and conditions in the contracts
+which were related to the transfer of control and
+revenue recognition, and assessed whether the
+accounting policies on revenue recognition had
+been compliance with the requirements of with the
+PRC ASBEs;
+獲取主要的銷售合同,檢查和識別與控制權轉移及
+收入確認相關的合同條款與條件,評價收入確認的
+會計政策是否符合企業會計準則的要求;
+Confirmed on a sample basis the current sales
+with major customers in line with confirmation of
+accounts receivable, and conducted alternative test
+on samples without reply;
+結合應收賬款函證,以抽樣方式向主要客戶函證本
+期銷售額,對未回函的樣本執行替代測試;
+Selected samples from goods sales around the
+balance sheet date and checked supporting
+documents such as outbound delivery orders
+and logistics documents to assess whether
+relevant revenue had been recognised during the
+appropriate accounting period;
+就資產負債表日前後的銷售商品交易選取樣本,檢
+查出庫單和物流單據等支持性文件,評價相關收入
+是否被記錄於恰當的會計期間;
+107
+108
+BYD Company Limited
+比亞迪股份有限公司
+Audit Report
+審計報告
+Key audit matter:
+關鍵審計事項:
+Taking into consideration that there was a significant
+increase in revenue during the Year and the different
+business types involved, inappropriate recognition of
+revenue might have a material effect on the financial
+statements. Therefore, revenue recognition was identified
+as a key audit matter.
+考慮到本年收入增長較大且涉及不同的業務類型,收入的
+不恰當確認對財務報表有重大影響。因此,我們將收入確
+認識別為關鍵審計事項。
+收入確認
+比亞迪股份有限公司運用簡化計量方法,按照風險特徵劃
+分不同組合,採用信用風險矩陣對上述金融資產的預期信
+用損失進行評估。對於單項金額重大且存在客觀證據表明
+該單項應收款項的信用風險與其他應收款項的信用風險有
+顯著不同的,按照該單項合同下應收款項的所有合同現金
+流量現值與預期收取的所有現金流量現值之間的差額計提
+預期信用損失。對於其他的應收款項,管理層考慮了不同
+客戶的信用風險特徵,以賬齡組合為基礎評估預期信用損
+失。管理層對預期信用損失的估計考慮所有合理且有依據
+的信息,包括客戶信用評級、期末餘額的賬齡、是否存在
+糾紛以及歷史回款情況等信息,還需要結合預期宏觀經濟
+環境等因素考慮前瞻性信息。
+ratings of customers, aging of closing balance, existence
+of disputes and historic payments, as well as forward-
+looking information in line with expected macro-economic
+environment and other factors.
+104
+二零二三年九月一日,在公司召開監事會會
+議,會議審議通過公司重選監事、選舉新監
+事及釐定監事酬金。
+二零二三年九月十九日,在公司召開監事會
+會議,會議審議通過公司選舉監事會主席。
+二零二三年十月三十日,在公司召開監事會
+會議,會議審議通過公司二零二三年第三季
+度報告。
+BYD Company Limited
+For trade receivables for which provision for bad
+debts has been made on group basis by credit risk
+characteristics, evaluated the reasonableness of
+key assumptions for expected credit loss based on
+the nature of customers and historical loss rate;
+比亞迪股份有限公司
+Report of the Supervisory Committee
+監事會報告
+2.
+PROGRESS OF THE WORK OF THE
+2.
+報告期內監事會的工作情況
+SUPERVISORY COMMITTEE DURING THE
+REPORTING PERIOD
+During the Reporting Period, the supervisory committee of the
+Company performed its supervisory functions in a fiduciary
+manner. The supervisory committee duly supervised and
+examined the Company' s financial situation, the Board's
+execution of the resolutions passed in general meetings,
+operational decisions of the management, the operations of the
+Company in compliance with the laws, the acts of the Directors,
+supervisors and senior management of the Company, and
+the related party transactions entered into with its controlling
+shareholder. The supervisory committee considered that:
+(1) The operating activities of the Group in 2023 did not
+violate the PRC Company Law, the Articles, financial
+accounting procedures and the laws and regulations of
+the PRC.
+(2)
+(3)
+During the discharge of their duties in 2023, the
+Directors, supervisors and senior management of
+the Company fulfilled their fiduciary duties by acting
+lawfully, regularized management, explored for
+innovation, with discipline to protect the interests of
+all the shareholders of the Company. None of the
+parties named above was found in breach of the PRC
+Company Law, the Articles or the laws and regulations
+of the PRC.
+二零二三年八月二十八日,在公司召開監事
+會會議,會議審議通過公司二零二三年中期
+報告。
+The auditor presented an unqualified auditor's report.
+The report indicates that the financial statements give a
+true and fair view of the financial status and operating
+results of the Company.
+二零二三年四月二十七日,在公司召開監事
+會會議,會議審議通過公司二零二三年第一
+季度報告。
+On 30 October 2023, the supervisory committee convened its
+meeting at the office of the Company, where the 2023 third
+quarterly report was considered and approved accordingly.
+該事項審計中是如何應對:
+How our audit addressed the key audit matter:
+該會計政策、重大會計判斷和估計以及相關財務報表披露
+參見附註三、10、24、32,以及附註五、3、8、10。
+For the disclosures of this accounting policy,
+significant accounting judgements and estimates, as
+well as relevant financial statements, please refer to
+notes III.10, 24 and 32 and notes V.3, 8, 10.
+管理層對應收賬款、合同資產和長期應收款不同的信用風
+險特徵組合類別的劃分、預期信用損失率的估計等涉及重
+大的���斷和估計,因此我們將應收賬款、合同資產和長期
+應收款的預期信用損失識別為關鍵審計事項。
+As the groupings of trade receivables, contract assets
+and long-term receivables with different credit risk
+characteristics by management and the estimates of
+expected credit loss rates involved significant judgements
+and estimates, the expected credit losses on trade
+receivables, contract assets and long-term receivables
+were identified as a key audit matter.
+關鍵審計事項:
+Key audit matter:
+二零二三年,公司監事會根據《公司法》、《公司章
+程》及有關法規的規定,本著對全體股東負責的精
+神,認真履行了監督的職責,確保股東大會決議的
+貫徹落實,維護了股東的合法權益,完成了《公司章
+程》和股東大會賦予的任務,對公司規範運作和持續
+發展發揮了較好的作用。
+1.
+MEETINGS OF THE SUPERVISORY COMMITTEE
+DURING THE REPORTING PERIOD AND
+RESOLUTIONS PASSED IN SUCH MEETINGS
+1.
+對單項計提壞賬準備的應收款項,與管理層討論劃
+分標準的合理性並對該類款項的可回收性進行分
+析;
+報告期內監事會的會議情況和決議內
+容
+On 28 March 2023, the supervisory committee convened its
+meeting at the office of the Company, where the annual report
+of the Company for 2022 was considered and approved
+accordingly.
+On 27 April 2023, the supervisory committee convened its
+meeting at the office of the Company, where the 2023 first
+quarterly report of the Company was considered and approved
+accordingly.
+On 28 August 2023, the supervisory committee convened
+its meeting at the office of the Company, where the interim
+report of the Company for 2023 was considered and approved
+accordingly.
+On 1 September 2023, the supervisory committee convened
+its meeting at the office of the Company, where the re-election
+of supervisors, election of new supervisors and fixing
+remuneration of supervisors were considered and approved
+accordingly.
+On 19 September 2023, the supervisory committee convened
+its meeting at the office of the Company, where the election of
+chairman of the supervisory committee was considered and
+approved accordingly.
+二零二三年三月二十八日,在公司召開監事
+會會議,會議審議通過公司二零二二年年度
+報告。
+For trade receivable with individual bad debt
+The supervisory committee is confident in the prospect of the
+the operation of the Company to safeguard the interests of the
+Shareholders and the Company as a whole.
+Our audit opinion on the financial statements does not cover
+the other information and we do not express any form of
+assurance conclusion thereon.
+In connection with our audit of the financial statements, our
+responsibility is to read the other information and, in doing so,
+consider whether the other information is materially inconsistent
+with the financial statements or our knowledge obtained in the
+audit or otherwise appears to be materially misstated.
+In 2023, in accordance with the principle of being accountable to
+all Shareholders, the supervisory committee of the Company fully
+complied with the duties to supervise and ensure that the resolutions
+as passed in general meetings were consistently implemented, the
+legal interest of Shareholders was protected and the duties conferred
+under the Articles and in the general meetings were completed in
+accordance with the PRC Company Law, the Articles and the relevant
+provisions, facilitating a disciplined operation and sustainable
+development of the Company.
+If, based on the work we have performed, we conclude that
+there is a material misstatement of this other information, we
+are required to report that fact. We have nothing to report in
+this regard.
+四、其他信息
+比亞迪股份有限公司管理層對其他信息負
+責。其他信息包括年度報告中涵蓋的信息,
+但不包括財務報表和我們的審計報告。
+我們對財務報表發表的審計意見不涵蓋其他
+信息,我們也不對其他信息發表任何形式的
+鑒證結論。
+結合我們對財務報表的審計,我們的責任是
+閱讀其他信息,在此過程中,考慮其他信息
+是否與財務報表或我們在審計過程中了解到
+的情況存在重大不一致或者似乎存在重大錯
+報。
+基於我們已執行的工作,如果我們確定其他
+信息存在重大錯報,我們應當報告該事實。
+在這方面,我們無任何事項需要報告。
+V.
+RESPONSIBILITIES OF THE MANAGEMENT AND
+THE GOVERNANCE BODY FOR THE FINANCIAL
+五、
+管理層和治理層對財務報表的責任
+STATEMENTS
+The management are responsible for the preparation of the
+financial statements that give a fair view in accordance with the
+PRC ASBES and for the design, execution and maintenance of
+such internal control as is necessary to enable the preparation
+of financial statements that are free from material misstatement,
+whether due to fraud or error.
+In preparing the financial statements, the management are
+responsible for assessing BYD Company Limited's ability
+to continue as a going concern, disclosing, as applicable,
+matters related to going concern and using the going concern
+basis of accounting unless there are plans for liquidation or
+cessation or there are no other realistic alternatives.
+The management of BYD Company Limited are responsible
+for the other information. The other information comprises
+the information included in the annual report, other than the
+financial statements and our auditor's report thereon.
+Company and will proceed to carry out effective supervision on
+IV. OTHER INFORMATION
+Audit Report
+Chairman of the Supervisory Committee
+對按信用風險特徵組合計提壞賬準備的應收款項,
+根據客戶性質以及歷史損失率評價測算預期信用損
+失的關鍵假設的合理性;
+Li Yong-zhao
+26 March 2024
+在本報告期內,公司監事會忠實履行了監督
+職能,對公司的財務、董事會執行股東大會
+決議的情況、管理層的經營決策、公司的依
+法運作、公司董事、監事及高級管理人員的
+經營行為與控股股東的關聯交易進行了認真
+的監督和檢查,公司監事會認為:
+審計報告
+Audit Report
+比亞迪股份有限公司
+110
+BYD Company Limited
+109
+與管理層討論信用風險特徵組合類別的劃分、預期
+信用損失率的估計,根據歷史損失率評估其準確
+性,並結合當前經濟狀況來評價管理層使用的預期
+信用損失模型的合理性;
+Discussed with management on the groupings
+of credit risk characteristic and the estimates of
+expected credit losses, assessed their accuracy
+based on historical loss rate, and evaluated the
+reasonableness of management's expected
+credit loss model considering current economic
+conditions;
+了解、評價和測試與應收賬款、合同資產和長期應
+收款預期信用損失估計相關的內部控制設計和運行
+的有效性;
+Recalculated the calculation of expected credit
+losses on trade receivables, contract assets and
+long-term receivables, checked the accuracy of
+the aging of trade receivables and reviewed the
+amounts of impairment provision;
+重新測算應收賬款、合同資產和長期應收款預期信
+用損失的計算過程,檢查應收賬款賬齡的準確性,
+覆核減值準備的金額;
+Checked the subsequent payments.
+檢查了期後的回款情況。
+Annual Report 2023
+二零二三年年報
+審計報告
+provision, discussed with management on the
+reasonableness of identification and analysed the
+recoverability of such receivables;
+5,253,459
+1,721,136
+1,829,617
+2,796,195
+50
+1,316,350
+1,827,605
+50
+(1,617,957)
+1,635,141
+50
+18,654,453
+39,574,945
+49
+222255
+投資收益
+51
+其他收益
+加:
+Investment income
+(791,903)
+Including: Investment income/(loss)
+in associates and joint
+ventures
+其中:對聯營企業和合營
+企業的投資
+收益(損失)
+1,277,455
+(685,885)
+Loss on derecognition of financial
+以攤餘成本計量的金融資產
+assets measured at amortised
+(1,474,894)
+人民幣千元
+利息收入
+42
+603,663
+428,332
+Special reserve
+專項儲備
+22,370
+12,078
+Surplus reserve
+盈餘公積
+43
+7,374,087
+6,838,541
+Undistributed profit
+未分配利潤
+44
+67,123,972
+40,943,232
+Total shareholders' equity attributable to
+歸屬於母公司股東權益合計
+the parent company
+138,810,065 111,029,299
+Non-controlling interests
+Total shareholders' equity
+少數股東權益
+11,652,048
+10,360,538
+股東權益合計
+150,462,113 121,389,837
+Total liabilities and shareholders' equity
+其他綜合收益
+負債和股東權益總計
+Other comprehensive income
+1,266,944
+2023
+cost
+2022
+二零二三年
+二零二二年
+Note V
+十二月
+十二月
+Shareholders' equity
+股東權益
+附註五
+三十一日
+三十一日
+Shareholders' equity
+Share capital
+Capital reserve
+股東權益
+股本
+資本公積
+34
+39
+2,911,143
+2,911,143
+40
+62,041,774
+61,705,893
+Less: treasury shares
+減:庫存股
+41
+1,809,920
+Add: Other income
+679,547,670 493,860,646
+Legal representative:
+45
+右右
+602,315,354
+424,060,635
+480,558,350
+351,815,680
+Tax and surcharge
+Selling expenses
+税金及附加
+46
+10,349,628
+7,267,110
+銷售費用
+47
+25,211,395
+15,060,676
+Administrative expenses
+Research and development
+expenses
+Finance expenses
+Including: Interest expenses
+Interest income
+管理費用
+48
+13,461,708
+10,007,370
+研發費用
+財務費用
+其中:利息費用
+減:營業成本
+The financial statement was signed by the following persons:
+45
+Less: Operating costs
+財務報表由以下人士簽署:
+Chief Financial Officer:
+法定代表人:
+Wang Chuan-fu
+王傳福
+主管會計工作負責人:
+Head of Accounting Department:
+會計機構負責人:
+Zhou Ya-lin
+Liu Hui
+周亞琳
+劉惠
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+statements
+117
+BYD Company Limited
+118
+比亞迪股份有限公司
+Consolidated Income Statement
+合併利��表
+Year ended 31 December 2023
+截至二零二三年十二月三十一日止年度
+RMB'000
+Note V
+2023
+附註五
+二零二三年
+2022
+二零二二年
+I.
+Operating revenue
+營業收入
+終止確認損失
+5.71
+Gains from changes in fair value
+Income tax impact
+所得稅影響
+(54,047)
+(204,001)
+166,849
+648,067
+Other comprehensive income that
+將重分類進損益的其他綜合收益
+will be reclassified to profit or loss
+Changes in fair value of receivables
+financing
+應收款項融資公允價值變動
+38,479
+(30,653)
+Provision for credit impairment of
+應收款項融資信用減值準備
+receivables financing
+(10,453)
+852,068
+2,463
+220,896
+其他權益工具投資公允價值變動
+Basic earnings per share
+基本每股收益
+60
+10.32
+5.71
+Diluted earnings per share
+稀釋每股收益
+10.32
+VIII. Other comprehensive income
+八、
+其他綜合收益
+184,028
+546,230
+Other comprehensive income that cannot
+be reclassified to profit or loss
+不能重分類進損益的其他
+綜合收益
+Changes in fair value of other equity
+instrument investments
+七、 每股收益(元/股)
+Exchange difference on foreign currency
+translation
+(19,544)
+Total comprehensive income attributable
+to non-controlling interests
+歸屬於少數股東的綜合收益總額
+1,311,956
+1,084,499
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+statements
+2023
+二零二三年
+Shareholders' equity attributable to the parent company
+歸屬於母公司股東權益
+人民幣千元
+120
+比亞迪股份有限公司
+BYD Company Limited
+Consolidated Statement of Changes in Owners' Equity
+合併股東權益變動表
+Year ended 31 December 2023
+31 December
+17,174,835
+外幣報表折算差額
+30,216,142
+歸屬於母公司股東的綜合收益總額
+(67,490)
+8,482
+(95,680)
+Other comprehensive income attributable
+to non-controlling interests, net of tax
+歸屬於少數股東的其他綜合收益的
+稅後淨額
+42
+8,697
+(6,157)
+IX.
+Total comprehensive income
+九、 綜合收益總額
+31,528,098
+18,259,334
+Among which:
+其中:
+Total comprehensive income attributable
+to shareholders of the parent company
+(22,719)
+Earnings per share (RMB/share)
+二零二二年
+21,541,819
+Add: Non-operating income
+加:營業外收入
+57
+Less: Non-operating expenses
+減:營業外支出
+58
+711,370
+1,545,828
+526,974
+989,064
+I.
+Total profit
+三、
+利潤總額
+37,268,637
+21,079,729
+Less: Income tax expenses
+38,103,095
+減:所得稅費用
+二、 營業利潤
+II.
+公允價值變動收益
+53
+257,740
+126,098
+Impairment losses on credit
+信用減值損失
+54
+(1,579,612)
+(989,521)
+Impairment losses on asset
+Gains from disposal of assets
+資產減值損失
+資產處置收益
+55
+(2,188,219)
+56
+90,364
+(1,386,458)
+(10,836)
+Operating profit
+VII.
+59
+3,366,625
+30,040,811
+16,622,448
+Non-controlling interests
+少數股東損益
+1,303,259
+1,090,656
+Annual Report 2023
+二零二三年年報
+119
+Consolidated Income Statement
+合併利潤表
+Year ended 31 December 2023
+截至二零二三年十二月三十一日止年度
+RMB'000
+人民幣千元
+Note V
+附註五
+2023
+2022
+二零二三年
+淨利潤
+5,924,567
+of the parent company
+Net profit attributable to Shareholders
+IV.
+Net profit
+四
+淨利潤
+31,344,070
+17,713,104
+V.
+Classified by continuity of operation
+五、 按經營持續性分類
+Net profit from continuing operations
+持續經營淨利潤
+31,344,070
+17,713,104
+VI.
+Classified by ownership
+六、
+按所有權歸屬分類
+歸屬於母公司所有者的
+31 December
+7
+31 December 2023
+二零二三年十二月三十一日
+合同資產
+12346528
+109,094,408
+51,471,263
+9,562,550
+20,626,930
+61,866,019
+Contract assets
+38,828,494
+12,894,284
+2,215,413
+8,223,567
+2,757,912
+1,910,009
+截至二零二三年十二月三十一日止年度
+87,676,748
+5,564,924
+存貨
+其他應收款
+預付款項
+十二月
+附註五
+三十一日
+三十一日
+Current assets
+Monetary funds
+Financial assets held for trading
+Trade receivables
+Receivables financing
+流動資產
+貨幣資金
+交易性金融資產
+應收賬款
+應收款項融資
+Prepayments
+Other receivables
+Inventories
+79,107,199
+2,660,319
+13,552,998
+Long-term receivables due within one year
+Fixed assets
+Construction in progress
+Right-of-use assets
+Intangible assets
+Development expenditures
+其他權益工具投資
+其他非流動金融資產
+投資性房地產
+固定資產
+在建工程
+使用權資產
+無形資產
+272345670
+10
+11
+8,238,190
+17,647,212
+1,118,637
+Other non-current financial assets
+十二月
+Other equity instrument investments
+長期股權投資
+一年內到期的長期應收款
+7,508,351
+1,052,562
+Other current assets
+其他流動資產
+9
+13,214,802
+13,136,201
+Total current assets
+流動資產合計
+302,121,446
+240,803,507
+Non-current assets
+Long-term receivables
+非流動資產
+長期應收款
+Long-term equity investments
+Investment properties
+Note V
+二零二二年
+二零二三年
+Evaluate the appropriateness of accounting policies
+used and the reasonableness of accounting estimates
+and related disclosures made by the management.
+(3)
+評價管理層選用會計政策的恰當性和
+作出會計估計及相關披露的合理性。
+Annual Report 2023
+113
+二零二三年年報
+Audit Report
+審計報告
+(4)
+(5)
+(6)
+Conclude on the appropriateness of the management's
+use of the going concern basis of accounting and,
+based on the audit evidence obtained, whether
+a material uncertainty exists related to events or
+conditions that may cast significant doubt on BYD
+Company Limited's ability to continue as a going
+concern. If we conclude that a material uncertainty
+exists, we are required to draw attention in our auditor's
+report to the related disclosures in the financial
+statements or, if such disclosures are inadequate, to
+issue a qualified opinion. Our conclusions are based
+on the audit evidence obtained up to the date of our
+auditor's report. However, future events or conditions
+may cause BYD Company Limited to cease to continue
+as a going concern.
+Evaluate the overall presentation, structure and content
+of the financial statements, including the disclosures,
+and whether the financial statements represent the
+underlying transactions and events in a manner that
+achieves fair presentation.
+Obtain sufficient and appropriate audit evidence
+regarding the financial information of the entities or
+business activities within BYD Company Limited to
+express an audit opinion on the financial statements.
+We are responsible for the direction, supervision and
+performance of the group audit. We remain solely
+responsible for our audit opinion.
+We communicate with the governance body regarding, among
+other matters, the planned scope and timing of the audit and
+significant audit findings, including any significant deficiencies
+in internal control that we identify during our audit.
+(3)
+We also provide the governance body with a statement that
+we have complied with relevant ethical requirements regarding
+independence and to communicate with them all relationships
+and other matters that may reasonably be thought to bear on
+our independence, and where applicable, related safeguards.
+了解與審計相關的內部控制,以設計
+恰當的審計程序。
+Obtain an understanding of internal control relevant to
+the audit in order to design audit procedures that are
+appropriate in the circumstances.
+BYD Company Limited
+112
+比亞迪股份有限公司
+Audit Report
+審計報告
+VI.
+CERTIFIED ACCOUNTANT'S RESPONSIBILITIES
+FOR THE AUDIT OF THE FINANCIAL
+STATEMENTS
+Our objectives are to obtain reasonable assurance about
+whether the financial statements as a whole are free from
+material misstatement, whether due to fraud or error, and
+to issue an auditor's report that includes our audit opinion.
+Reasonable assurance is a high level of assurance, but is not
+a guarantee that an audit conducted in accordance with audit
+standards will always detect a material misstatement when
+it exists. Misstatements can arise from fraud or error and are
+considered material if, individually or in the aggregate, they
+could reasonably be expected to influence the economic
+decisions of users taken on the basis of these financial
+statements.
+六、 註冊會計師對財務報表審計的責任
+我們的目標是對財務報表整體是否不存在由
+於舞弊或錯誤導致的重大錯報獲取合理保
+證,並出具包含審計意見的審計報告。合理
+保證是高水平的保證,但並不能保證按照審
+計準則執行的審計在某一重大錯報存在時總
+能發現。錯報可能由舞弊或錯誤所導致,如
+果合理預期錯報單獨或匯總起來可能影響財
+務報表使用者依據財務報表作出的經濟決
+策,則通常認為錯報是重大的。
+As part of an audit in accordance with audit standards, we
+exercise professional judgement and maintain professional
+skepticism throughout the audit. We also:
+(1)
+Identify and assess the risks of material misstatement
+of the consolidated financial statements, whether due
+to fraud or error, design and perform audit procedures
+responsive to those risks, and obtain audit evidence
+that is sufficient and appropriate to provide a basis for
+our audit opinion. The risk of not detecting a material
+misstatement resulting from fraud is higher than for one
+resulting from error, as fraud may involve collusion,
+forgery, intentional omissions, misrepresentations, or
+the override of internal control.
+在按照審計準則執行審計工作的過程中,我
+們運用了職業判斷,並保持職業懷疑。同
+時,我們也執行以下工作:
+(1)
+識別和評估由於舞弊或錯誤導致的財
+務報表重大錯報風險,設計和實施審
+計程序以應對這些風險,並獲取充
+分、適當的審計證據,作為發表審計
+意見的基礎。由於舞弊可能涉及串
+通、偽造、故意遺漏、虛假陳述或凌
+駕於內部控制���上,未能發現由於舞
+弊導致的重大錯報的風險高於未能發
+現由於錯誤導致的重大錯報的風險。
+(2)
+(2)
+15,485,402
+(4)
+(6)
+李劍光
+(項目合夥人)
+中國註冊會計師:
+張羚暉
+中國北京
+二零二四年三月二十六日
+Assets
+資產
+Annual Report 2023
+二零二三年年報
+Consolidated Balance Sheet
+合併資產負債表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+人民幣千元
+31 December
+31 December
+2023
+2022
+安永華明會計師事務所(特殊普通合夥)
+中國註冊會計師:
+(5)
+26 March 2024
+Zhang Linghui (張羚暉)
+對管理層使用持續經營假設的恰當性
+得出結論。同時,根據獲取的審計證
+據,就可能導致對比亞迪股份有限公
+司持續經營能力產生重大疑慮的事項
+或情況是否存在重大不確定性得出結
+論。如果我們得出結論認為存在重大
+不確定性,審計準則要求我們在審計
+報告中提請報表使用者注意財務報表
+中的相關披露;如果披露不充分,
+我們應當發表非無保留意見。我們的
+結論基於截至審計報告日可獲得的
+信息。然而,未來的事項或情況可能
+導致比亞迪股份有限公司不能持續經
+營。
+評價財務報表的總體列報(包括披
+露)、結構和內容,並評價財務報表
+是否公允反映相關交易和事項。
+就比亞迪股份有限公司中實體或業務
+活動的財務信息獲取充分、適當的審
+計證據,以對財務報表發表審計意
+見。我們負責指導、監督和執行集團
+審計,並對審計意見承擔全部責任。
+我們與治理層就計劃的審計範圍、時間安排
+和重大審計發現等事項進行溝通,包括溝通
+我們在審計中識別出的值得關注的內部控制
+缺陷。
+我們還就已遵守與獨立性相關的職業道德要
+求向治理層提供聲明,並與治理層溝通可能
+被合理認為影響我們獨立性的所有關係和其
+他事項,以及相關的防範措施(如適用)。
+BYD Company Limited
+114
+比亞迪股份有限公司
+Audit Report
+審計報告
+From the matters communicated with the governance body,
+we determine those matters that were of most significance in
+the audit of the financial statements of the current period and
+are therefore the key audit matters. We describe these matters
+in our auditor's report unless law or regulation precludes
+public disclosure about the matter or when, in extremely
+rare circumstances, we determine that a matter should not
+be communicated in our audit report because the adverse
+consequences of doing so would reasonably be expected to
+outweigh the public interest benefits of such communication.
+從與治理層溝通過的事項中,我們確定哪些
+事項對本期財務報表審計最為重要,因而構
+成關鍵審計事項。我們在審計報告中描述這
+些事項,除非法律法規禁止公開披露這些事
+項,或在極少數情形下,如果合理預期在審
+計報告中溝通某事項造成的負面後果超過在
+公眾利益方面產生的益處,我們確定不應在
+審計報告中溝通該事項。
+Ernst & Young Hua Ming LLP
+PRC certified public accountant:
+Li Jianguang (李劍光)
+(Partner in charge)
+PRC certified public accountant:
+Beijing, the PRC
+12
+5,327,283
+4,418,584
+30
+7,852,324
+4,326,394
+Other payables
+其他應付款
+31
+164,972,849
+122,123,841
+Provision
+預計負債
+32
+2,620,325
+1,287,452
+Non-current liabilities due within one year
+一年內到期的非流動負債
+33
+7,740,491
+應交稅費
+6,464,828
+Tax payables
+17,138,836
+應付票據
+26
+4,053,314
+54,605
+3,328,419
+Trade payables
+應付賬款
+27
+194,429,817
+140,437,310
+Contract liabilities
+合同負債
+28
+34,698,510
+35,516,571
+Employee benefits payables
+應付職工薪酬
+29
+12,037,011
+Bills payables
+Other current liabilities
+34
+其他非流動負債
+38
+3,950,836
+50,645,725 26,896,848
+2,018,530
+Total non-current liabilities
+非流動負債合計
+75,418,886
+39,126,248
+Total liabilities
+負債合計
+529,085,557
+372,470,809
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+statements
+Annual Report 2023
+二零二三年年報
+Consolidated Balance Sheet
+合併資產負債表
+Other non-current liabilities
+其他流動負債
+21
+Deferred tax liabilities
+1,829,276
+2,615,032
+Total current liabilities
+流動負債合計
+453,666,671
+333,344,561
+Non-current liabilities
+Long-term borrowings
+Lease liabilities
+長期借款
+35
+11,975,139
+7,593,596
+租賃負債
+37
+8,847,186
+2,617,274
+遞延所得稅負債
+RMB'000
+人民幣千元
+7,713
+交易性金融負債
+長期待攤費用
+Deferred tax assets
+遞延所得稅資產
+Other non-current assets
+其他非流動資產
+2222
+19
+4,427,571
+1,683,000
+65,914
+20
+4,062,529
+458,108
+21
+6,584,422
+3,686,905
+15,273,900
+Long-term deferred expenditures
+21,045,316
+商譽
+541,000
+13
+2,696,374
+2,147,140
+14
+15
+16
+82,510
+230,903,820
+34,726,196
+85,005
+131,880,369
+44,621,935
+17
+9,678,956
+3,137,327
+18
+37,236,261
+23,223,497
+開發支出
+Goodwill
+25
+Total non-current assets
+377,426,224
+2023
+2022
+Note V
+二零二三年
+十二月
+二零二二年
+十二月
+附註五
+三十一日
+三十一日
+Current liabilities
+流動負債
+Short-term borrowings
+短期借款
+24
+18,323,216
+5,153,098
+Financial liabilities held for trading
+31 December
+非流動資產合計
+31 December
+Liabilities
+253,057,139
+Total assets
+資產總計
+679,547,670
+493,860,646
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+statements
+115
+BYD Company Limited
+116
+比亞迪股份有限公司
+Consolidated Balance Sheet
+合併資產負債表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+人民幣千元
+負債
+RMB'000
+非流動負債
+Other
+Undistributed
+Surplus
+Special
+Treasury comprehensive
+Capital
+Share
+Other
+Less:
+歸屬於母公司股東權益
+Shareholders' equity attributable to the parent company
+二零二二年
+Closing balance for the previous year
+I.
+2022
+後附財務報表附註為本財務報表的組成部分
+The accompanying notes form an integral part of these financial statements
+11,652,048 150,462,113
+138,810,065
+22,370 7,374,087 67,123,972
+603,663
+1,266,944
+62,041,774
+2,911,143
+controlling
+本年年末餘額
+Non-
+shareholders'
+合計
+權益
+小計
+未分配利潤
+盈餘公積
+專項儲備
+收益
+減:庫存股
+資本公積
+股本
+股東權益
+少數股東
+其他綜合
+equity
+interests
+Sub-total
+profit
+reserve
+reserve
+income
+shares
+reserve
+capital
+Total
+III. Closing balance for the year
+10,292
+10,292
+4
+(542,976)
+(542,976)
+影響
+shares
+解鎖限制性股票的
+3
+Effect of the vesting of restricted
+3
+872,189
+12,895
+859,294
+859,294
+(附註十三)
+equity (note XIII)
+權益的金額
+recognized in shareholders'
+2 股份支付計入股東
+Share-based payment
+2
+98,000
+98,000
+by shareholders
+Others
+4
+其他
+19,563
+(3,451,822)
+(3,324,525) (127,297)
+(3,324,525)
+(535,546)
+535,546
+15,519
+(4,044)
+19,563
+10,292
+1 本年提取
+1 Appropriation for the year
+年初餘額
+(四) 專項儲備
+(附註五、44)
+(note V, 44)
+2 對股東的分配
+Distribution to shareholders
+2
+提取盈餘公積
+1
+Appropriation to surplus reserve
+1
+利潤分配
+Profit distribution
+(IV) Special reserve
+股東投入的普通股
+2,911,143
+(124,055)
+94,491
+(1,809,920)
+(1,809,920)
+591,309
+23,615
+567,694
+507,625
+507,625
+18,259,334
+1,084,499
+17,174,835
+16,622,448
+1,709
+本年年末餘額
+III. Closing balance for the year
+236,489
+回購權
+子公司少數股東
+1
+subsidiaries
+shareholders of
+1 Repurchase rights of minority
+(五) 其他
+43,639
+(V) Others
+138,130
+(1,829,453)
+Less:
+The accompanying notes form an integral part of these financial statements
+後附財務報表附註為本財務報表的組成部分
+121,389,837
+10,360,538
+6,838,541 40,943,232 111,029,299
+12,078
+428,332
+1,809,920
+2,911,143 61,705,893
+截至二零二三年十二月三十一日止年度
+Year ended 31 December 2023
+人民幣千元
+RMB'000
+121
+Consolidated Statement of Changes in Owners' Equity
+合併股東權益變動表
+二零二三年年報
+Annual Report 2023
+(157,425)
+(393,914)
+236,489
+1,709
+1,709
+(385,134)
+(79,464)
+(305,670)
+(305,670)
+1,829,453
+1 本年提取
+(四) 專項儲備
+(IV) Special reserve
+2股份支付計入
+Share-based payment
+2
+by shareholders
+股東投入的普通股
+1
+Ordinary shares contributed
+1
+by shareholders
+股東投入和減少資本
+(一) 綜合收益總額
+本年增減變動金額
+(II) Capital contribution and reduction
+(1) Total comprehensive income
+Amount of change in the current year
+and opening balance for the year
+552,387
+104,244,209
+9,174,538
+95,069,671
+26,455,907
+5,009,088
+10,369
+recognized in
+股東權益的金額
+shareholders' equity
+(附註十三)
+(附註五、44)
+(note V, 44)
+2 對股東的分配
+Distribution to shareholders
+2
+reserve
+1 提取盈餘公積
+Appropriation to surplus
+1
+(三) 利潤分配
+Profit distribution
+60,807,219
+94,491
+Others
+4
+1,809,920
+影響
+restricted shares
+授予限制性股票的
+3
+Effect of the grant of
+3
+567,694
+(note XIII)
+4 其他
+Ordinary shares contributed
+1 Appropriation for the year
+shareholders'
+Treasury comprehensive
+Capital
+61,705,893
+1,809,920
+428,332
+12,078
+6,838,541
+40,943,232 111,029,299
+10,360,538
+121,389,837
+II.
+Amount of change in the current year
+本年增減變動金額
+(1) Total comprehensive income
+(II) Capital contribution and reduction
+(一) 綜合收益總額
+175,331
+30,040,811
+30,216,142
+1,311,956
+31,528,098
+股東投入和減少資本
+by shareholders
+Special
+Surplus Undistributed
+controlling
+capital
+Closing balance for the previous year and
+合計
+權益
+小計
+盈餘公積 未分配利潤
+專項儲備
+收益
+減:庫存股
+股本 資本公積
+股東權益
+少數股東
+1
+其他綜合
+2,911,143
+Total
+Non-
+interests
+Sub-total
+profit
+reserve
+reserve
+income
+shares
+reserve
+equity
+上年年末及本年年初餘額
+opening balance for the year
+Share
+4,287,027
+非流動負債合計
+5,062,981
+4,516,357
+Total liabilities
+負債合計
+40,425,096
+13,224,479
+Shareholders' equity
+Share capital
+Capital reserve
+Less: treasury shares
+Surplus reserve
+Total non-current liabilities
+股東權益
+2,911,143
+2,911,143
+資本公積
+56,865,744
+56,567,975
+減:庫存股
+1,266,944
+1,809,920
+Other comprehensive income
+其他綜合收益
+901,114
+760,310
+盈餘公積
+股本
+312,666
+818
+62,501
+其他非流動負債
+一年內到期的非流動負債
+Non-current liabilities due within one year
+Other current liabilities
+29,511,515
+其他應付款
+Other payables
+其他流動負債
+2,821
+807
+Total current liabilities
+5,019
+流動負債合計
+35,362,115
+8,708,122
+Non-current liabilities
+Long-term borrowings
+Lease liabilities
+非流動負債
+長期借款
+4,752,500
+4,202,873
+租賃負債
+16,573
+Deferred tax liabilities
+遞延所得稅負債
+231,407
+Other non-current liabilities
+4,352,942
+1,477,222
+收到的現金淨額
+2,750
+Intangible assets
+無形資產
+671,622
+412,234
+Other non-current assets
+其他非流動資產
+33,506
+22,280
+Total non-current assets
+非流動資產合計
+67,224,962
+61,016,519
+Total assets
+資產總計
+110,594,881
+76,250,627
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+34,893
+使用權資產
+Right-of-use assets
+13,906
+長期股權投資
+其他權益工具投資
+其他非流動金融資產
+投資性房地產
+固定資產
+3
+59,565,120
+4,902,097
+54,895,715
+statements
+4,026,536
+769,304
+52,341
+53,950
+755,017
+822,594
+Construction in progress
+在建工程
+14,392
+1,195,974
+1,680,978
+125
+126
+流動負債
+短期借款
+應付票據
+1,500,917
+2,102
+2,291
+應付賬款
+1,472,431
+1,264,904
+Contract liabilities
+合同負債
+21,702
+46,071
+Employee benefits payables
+應付職工薪酬
+61,767
+57,949
+Tax payables
+應交稅費
+Trade payables
+Bills payables
+Short-term borrowings
+Current liabilities
+比亞迪股份有限公司
+Company Balance Sheet
+公司資產負債表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+人民幣千元
+31 December
+BYD Company Limited
+31 December
+2022
+二零二三年
+十二月
+二零二二年
+十二月
+Liabilities and shareholders' equity
+負債和股東權益
+三十一日
+三十一日
+2023
+1,145,432
+Undistributed profit
+未分配利潤
+加 減
+Less:Non-operating expenses
+Add:Non-operating income
+3,698,021
+9,363,586
+營業利潤
+權益的金額
+825,713
+825,713
+2
+Effect of the vesting of restricted
+2
+解鎖限制性股票的
+shares
+影響
+(542,976)
+(542,976)
+3
+Others
+3 其他
+15,032
+加:營業外收入
+減: 營業外支出
+15,032
+29,009
+34,131
+Total profit
+Note XVII
+附註十七
+人民幣千元
+RMB'000
+二零二三年十二月三十一日
+31 December 2023
+公司利潤表
+Company Income Statement
+比亞迪股份有限公司
+128
+BYD Company Limited
+127
+3,640,616
+9,486,613
+淨利潤
+Net profit
+3,702,915
+62,299
+(128,149)
+減: 所得稅費用
+Less: Income tax expenses
+9,358,464
+利潤總額
+13,949
+9,055
+Profit distribution
+(三) 利潤分配
+1 Appropriation to surplus reserve
+Other
+Total
+Share
+Capital
+treasury comprehensive
+Surplus Undistributed shareholders'
+capital reserve
+shares
+income
+其他綜合
+reserve
+profit
+股本
+資本公積減:庫存股
+收益
+盈餘公積
+未分配利潤
+equity
+股東權益
+合計
+I.
+Closing balance for the previous
+上年年末及本年年初餘額
+year and opening balance for the year
+Less:
+二零二二年
+2022
+人民幣千元
+1 提取盈餘公積
+2
+Distribution to shareholders
+2 對股東的分配
+(note V. 44)
+(附註五、44)
+535,546
+(535,546)
+III. Closing balance for the year
+三、本年年末餘額
+2023
+2,911,143
+1,266,944
+901,114 1,680,978
+9,077,750 70,169,785
+BYD Company Limited
+130
+比亞迪股份有限公司
+Company Statement of Changes in Owners' Equity
+公司股東權益變動表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+56,865,744
+2022
+二零二三年
+二零二二年
+二零二三年
+二零二二年
+Operating revenue
+Less: Operating costs
+Tax and surcharge
+營業收入
+4
+2,743,956
+7,707,006
+減:營業成本
+4
+2,311,685
+6,041,303
+税金及附加
+15,291
+13,184
+Selling expenses
+Administrative expenses
+銷售費用
+管理費用
+15,768
+10,790
+255,049
+附註十七
+2022
+2023
+Note XVII
+9,077,750
+3,451,208
+Total shareholders' equity attributable
+歸屬於母公司股東權益合計
+to the parent company
+70,169,785
+63,026,148
+Total shareholders' equity
+股東權益合計
+Total liabilities and shareholders' equity
+236,647
+負債和股東權益總計
+63,026,148
+110,594,881
+76,250,627
+The accompanying notes form an integral part of these financial 後附財務報表��註為本財務報表的組成部分
+statements
+Annual Report 2023
+二零二三年年報
+Company Income Statement
+公司利潤表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+人民幣千元
+70,169,785
+非流動資產
+Research and development expenses
+159,991
+其中:對聯營企業和合營企業的
+投資收益
+1,160,891
+582,746
+以攤餘成本計量的金融
+financial assets measured at
+資產終止確認損失
+amortised cost
+Gains from changes in fair value
+Impairment losses on credit
+Impairment losses on asset
+Gains from disposal of assets
+550,181
+140,804
+其他綜合收益
+Other comprehensive income
+3,640,616
+9,486,613
+其中:持續經營淨利潤
+Including: Net profit from continuing operations
+按經營持續性分類
+Classified by continuity of operation
+1,950,851
+9,144,389
+5
+投資收益
+102,668
+Finance expenses
+財務費用
+(61,892)
+37,225
+Including: Interest expenses
+Interest income
+其中:利息費用
+247,307
+501,534
+研發費用
+利息收入
+447,966
+Add: Other income
+加:
+其他收益
+37,817
+8,885
+Investment income
+Including: Investment income in
+associates and joint ventures
+Loss on derecognition of
+339,925
+Fixed assets
+Receivables financing
+Other non-current financial assets
+122,617
+現金
+處置合營或聯營公司所收到的
+Cash received from disposals of
+associates or joint ventures
+- 13,779
+二、 投資活動產生的現金流量:
+收回投資收到的現金
+Cash received from disposal of
+investments
+Cash flows from investing activities:
+95,800
+II.
+二零二三年
+附註五
+2022
+2023
+Note V
+RMB'000
+人民幣千元
+31 December 2023
+二零二三年十二月三十一日
+合併現金流量表
+二零二二年
+Consolidated Cash Flow Statement
+Cash received from gains in investment
+192,409
+127,297
+79,464
+Cash paid for other
+activities relating to
+financing
+支付的其他與籌資
+活動有關的現金
+40
+取得投資收益收到的現金
+61
+4,981,983
+IV.
+Sub-total of cash outflows from
+financing activities
+籌資活動現金流出小計
+Net cash flows (used in)/from financing
+activities
+處置子公司及其他營業單位
+Net cash received from disposals
+129,333
+1,280,633
+股東的股利、利潤
+123
+169,725,025 140,837,657
+經營活動現金流入小計
+Sub-total of cash inflows from operating
+activities
+20,542,599
+23,947,858
+61
+收到其他與經營活動有關的
+現金
+Cash received from other activities
+relating to operations
+7,628,162
+611,818,103
+15,165,447
+413,209,226
+572,704,798
+銷售商品、提供勞務收到的
+現金
+Tax rebates received
+provision of services
+Cash received from sales of goods and
+經營活動產生的現金流量:
+Cash flows from operating activities:
+收到的稅費返還
+Annual Report 2023
+二零二三年年報
+441,379,987
+購買商品、接受勞務支付的
+現金
+62
+經營活動產生的現金流量淨額
+Net cash flow from operating activities
+442,093,078 300,542,330
+經營活動現金流出小計
+Sub-total of cash outflows from
+operating activities
+7,642,910
+14,843,601
+Cash paid for goods and services
+61
+Cash paid for other activities relating to
+operations
+84,287,908 53,519,728
+29,528,359 18,537,188
+313,433,210 220,842,504
+支付的各項稅費
+Cash paid for various types of taxes
+Effect of foreign exchange rate
+changes on cash and cash
+equivalents
+支付給職工以及為職工支付的
+現金
+Cash paid to and on behalf of
+employees
+支付其他與經營活動有關的
+現金
+I.
+by subsidiaries
+其中:子公司支付給少數
+122,093,509
+97,456,862
+Cash paid for acquisition of
+收購子公司及其他營業單位
+subsidiaries and
+other operating entities, net
+支付的現金淨額
+Cash paid for investments
+購建固定資產、無形資產和
+其他長期資產支付的
+現金
+投資支付的現金
+10,572,908
+Cash paid for other activities relating to
+investments
+支付其他與投資活動有關的
+現金
+61
+10,512,896
+25,876,870
+Sub-total of cash outflows from
+investing activities
+Net cash flows used in investing
+activities
+14,077,769
+2,084,953
+投資活動現金流出小計
+intangible assets and other long-term
+assets
+Cash paid for purchase and
+73,840
+Net cash received from disposals of
+處置固定資產、無形資產和
+fixed assets, intangible assets and
+other long-term assets
+Cash received from other activities
+其他長期資產收回的
+現金淨額
+470,793
+construction of fixed assets,
+268,237
+收到其他與投資活動有關的
+現金
+61
+22,245,824
+12,803,494
+Sub-total of cash inflows from investing
+activities
+投資活動現金流入小計
+23,105,483
+13,310,643
+relating to investments
+to minority shareholders
+投資活動使用的現金流量
+淨額
+(125,663,644) (120,595,997)
+Cash received from other activities
+relating to financing
+收到的其他與籌資活動有關的
+現金
+28,233
+3,031,473
+Sub-total of cash inflows from
+financing activities
+籌資活動現金流入小計
+45,430,316
+31,175,046
+27,635,948
+Cash paid for repayment of debts
+27,230,939
+44,048,894
+Cash payments for distribution of
+dividends, profits or interest
+expenses
+分配股利、利潤或償付利息
+支付的現金
+4,101,617
+1,632,852
+Including: Dividends and profits paid
+償還債務支付的現金
+148,769,127 133,906,640
+45,304,083
+98,000
+BYD Company Limited
+124
+比亞迪股份有限公司
+Consolidated Cash Flow Statement
+合併現金流量表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+507,625
+人民幣千元
+2023
+2022
+二零二三年
+二零二二年
+III.
+Cash flows from financing activities:
+Cash received from capital injection
+Cash received from borrowings
+三、 籌資活動產生的現金流量:
+吸收投資收到的現金
+取得借款收到的現金
+Note V
+附註五
+Investment properties
+二零二二年
+2022
+62
+108,511,745
+51,182,457
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+statements
+Assets
+資產
+Annual Report 2023
+二零二三年年報
+Company Balance Sheet
+equivalents
+公司資產負債表
+RMB'000
+人民幣千元
+31 December
+31 December
+2023
+2022
+二零二三年
+二零二二年
+Note XVII
+附註十七
+31 December 2023
+二零二三年十二月三十一日
+十二月
+三十一日
+VI. Closing balance of cash and cash 六、年末現金及現金等價物餘額
+62
+2,911,143 56,037,659
+32,613,189
+50,663,729
+籌資活動(使用)/產生的
+現金流量凈額
+12,817,127 (19,488,683)
+四
+.
+匯率變動對現金及現金等價物
+的影響
+51,182,457 49,819,860
+450,780
+V.
+Net increase in cash and cash
+equivalents
+五、 現金及現金等價物淨增加額
+62
+57,329,288
+1,362,597
+Add: opening balance of cash and
+cash equivalents
+加:年初現金及現金等價物
+餘額
+609,620
+Share-based payment recognized
+十二月
+Current assets
+10,075
+其他應收款
+2
+26,410,735
+5,835,397
+Inventories
+存貨
+Other current assets
+12,485
+其他流動資產
+37,559
+Total current assets
+流動資產合計
+43,369,919
+15,234,108
+Non-current assets
+Long-term equity investments
+Other equity instrument investments
+51,571
+13,134
+三十一日
+預付款項
+Prepayments
+流動資產
+Monetary funds
+貨幣資金
+14,922,981
+7,490,515
+Financial assets held for trading
+交易性金融資產
+300,487
+Other receivables
+300,462
+應收賬款
+1
+1,642,730
+1,556,885
+of subsidiaries and other operating
+entities
+應收款項融資
+15,796
+3,215
+Trade receivables
+二零二三年
+1
+(二) 股東投入和減少資本
+將重分類進損益的其他綜合收益
+Changes in fair value of receivables financing
+應收款項融資公允價值變動
+(10)
+477
+Provision for credit impairment of receivables
+financing
+應收款項融資信用減值準備
+(4)
+Other comprehensive income that will be
+reclassified to profit or loss
+(49)
+428
+Total comprehensive income
+綜合收益總額
+9,627,417
+4,190,797
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+statements
+2023
+(14)
+Annual Report 2023
+二零二三年年報
+549,753
+733,004
+(183,251)
+2023
+Note V
+附註五
+人民幣千元
+RMB'000
+二零二三年十二月三十一日
+31 December 2023
+合併現金流量表
+Consolidated Cash Flow Statement
+140,818
+比亞迪股份有限公司
+BYD Company Limited
+Other comprehensive income that cannot be
+reclassified to profit or loss
+不能重分類進損益的其他綜合收益
+Changes in fair value of other equity instrument
+investments
+其他權益工具投資公允價值變動
+Income tax impact
+所得稅影響
+187,758
+(46,940)
+122
+by shareholders
+129
+31 December 2023
+二零二三年十二月三十一日
+I.
+Closing balance for the previous
+上年年末及本年年初餘額
+year and opening balance for the year
+2,911,143
+56,567,975 1,809,920
+760,310
+1,145,432 3,451,208
+合計
+63,026,148
+Amount of change in the current year
+二、 本年增減變動金額
+(I) Total comprehensive income
+(一) 綜合收益總額
+140,804
+9,486,613
+9,627,417
+(II) Capital contribution and reduction
+II.
+Company Statement of Changes in Owners' Equity
+公司股東權益變動表
+盈餘公積未分配利潤
+資本公積減:庫存股
+RMB'000
+人民幣千元
+二零二三年
+Less:
+Other
+Total
+Share Capital
+treasury comprehensive
+Surplus Undistributed shareholders'
+收益
+capital
+shares
+income
+reserve
+profit
+equity
+其他綜合
+股東權益
+股本
+reserve
+210,129
+(3,324,525) (3,324,525)
+480,324
+2,149,853
+購買商品、接受勞務支付的現金
+支付給職工以及為職工支付的現金
+支付的各項稅費
+Cash paid to and on behalf of employees
+Cash paid for various types of taxes
+Cash paid for goods and services
+21,778,818
+9,451,341
+經營活動現金流入小計
+Sub-total of cash inflows from operating
+activities
+10,737,163
+6,474,327
+收到其他與經營活動有關的現金
+90,967
+8,960,770
+2,900
+10,950,688
+2,974,114
+銷售商品、提供勞務收到的現金
+relating to operations
+Cash received from other activities
+Tax rebates received
+provision of services
+Cash received from sales of goods and
+經營活動產生的現金流量:
+-
+Cash flows from operating activities:
+I.
+收到的稅費返還
+二零二二年
+446,615
+15,341
+21,609
+in shareholders' equity
+(436)
+666
+(135)
+6,580
+(74,134)
+(73)
+467,087
+206,857
+資產減值損失
+資產處置收益
+信用減值損失
+公允價值變動收益
+Operating profit
+357,963
+781,370
+9,020,837
+6,472,502
+經營活動產生的現金流量凈額
+Net cash flow from operating activities
+12,757,981
+2,978,839
+經營活動現金流出小計
+Sub-total of cash outflows from operating
+activities
+3,417,639
+367,030
+支付其他與經營活動有關的現金
+Cash paid for other activities relating to
+operations
+131
+二零二三年
+1 股份支付計入股東
+2023
+3
+1,809,920
+影響
+restricted shares
+授予限制性股票的
+2
+Effect of the grant of
+2
+506,057
+shareholders' equity
+權益的金額
+1 股份支付計入股東
+Others
+Share-based payment
+recognized in
+1
+(二)股東投入和減少資本
+(II) Capital contribution and reduction
+4,190,797
+2022
+550,181
+(一) 綜合收益總額
+(I) Total comprehensive income
+二、 本年增減變動金額
+Amount of change in the current year
+II.
+60,420,625
+by shareholders
+3 其他
+3,640,616
+Profit distribution
+(1,809,920)
+24,259
+364,062
+(364,062)
+(305,670)
+760,310 1,145,432 3,451,208 63,026,148
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+statements
+Annual Report 2023
+二零二三年年報
+Company Cash Flow Statement
+公司現金流量表
+31 December 2023
+二零二三年十二月三十一日
+24,259
+RMB'000
+人民幣千元
+(305,670)
+2,911,143 56,567,975 1,809,920
+506,057
+(三) 利潤分配
+1 Appropriation to surplus
+reserve
+2
+1 提取盈餘公積
+2
+對股東的分配
+(附註五、44)
+III. Closing balance for the year
+三、 本年年末餘額
+Distribution to shareholders
+(note V. 44)
+17,800,277
+14,819,696
+7,451,972
+VI.
+Closing balance of cash and cash
+六、
+年末現金及現金等價物餘額
+equivalents at the end of the year
+The accompanying notes form an integral part of these financial 後附財務報表附註為本財務報表的組成部分
+Notes to Financial Statements
+133
+BYD Company Limited
+134
+比亞迪股份有限公司
+財務報表附註
+RMB'000
+人民幣千元
+7,451,972
+statements
+加:年初現金及現金等價物餘額
+四
+Add: opening balance of cash and cash
+9,437,713
+15,951,103
+Net cash flows from/(used in) financing
+activities
+Effect of foreign exchange rate changes
+on cash and cash equivalents
+籌資活動產生/(使用)的現金流量
+淨額
+17,770,077 (9,551,103)
+I.
+匯率變動對現金及現金等價物的
+影響
+equivalents
+(46)
+V.
+Net increase/(decrease) in cash and
+cash equivalents
+五
+.
+現金及現金等價物淨增加,
+(減少)額
+7,367,724
+(10,348,305)
+36,255
+CORPORATE BACKGROUND
+Notes to Financial Statements
+財務報表附註
+Qi Gai [2002] No.153) and the approval document “Reply
+of Consenting to the Adjustment of Capital Structure of
+BYD Company Limited” (Guo Jing Mao Ting Qi Gai [2002]
+No.348). Shenzhen BYD Battery Company Limited (深圳
+市比亞迪實業有限公司) was overall restructured into the
+Company on 11 June 2002 based on the audited net assets
+value as at 30 April 2002. The Company currently holds
+the Enterprise Legal Person Business License issued by
+Shenzhen Administration for Market Regulation (unified
+social credit code: 91440300192317458F). As at 31
+December 2023,1,813,143,000 ordinary shares (A shares)
+and 1,098,000,000 H shares issued by the Company were
+listed on the Shenzhen Stock Exchange and the Hong Kong
+Stock Exchange, respectively. The Company is domiciled at
+1 Yan' An Road, Kui Chong Street, 1Dapeng New District,
+Shenzhen, Guangdong Province, with an office address
+at No.3009, BYD Road, Pingshan New District, Shenzhen,
+Guangdong Province.
+136
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES
+The specific accounting policies and accounting estimates
+prepared by the Group based on actual production and
+operation characteristics mainly include revenue recognition
+and measurement, expected credit losses on trade receivables
+and contract assets, depreciation of fixed assets, amortisation
+of intangible assets, capitalisation conditions for development
+phase expenses, and impairment of non-current assets, etc.
+BYD Company Limited
+三、
+本集團根據實際生產經營特點制定了具體會
+計政策和會計估計,主要體現在收入確認和
+計量、應收款項和合同資產預期信用損失、
+固定資產折舊、無形資產攤銷、開發階段支
+出資本化條件、非流動資產減值等。
+1.
+Statement of compliance with ASBE
+The financial statements have been prepared in accordance
+with the ASBE, and presented truly and completely the
+financial position of the Company and the Group as at 31
+December 2023 and the results of their operations and their
+cash flows for the year 2023.
+1.
+遵循企業會計準則的聲明
+本財務報表符合企業會計準則的要求,真
+實、完整地反映了本公司及本集團於二零二
+三年十二月三十一日的財務狀況以及二零二
+三年度的經營成果和現金流量。
+2.
+重要會計政策及會計估計
+135
+本財務報表以持續經營為基礎列報。截至二
+零二三年十二月三十一日,本集團淨流動負
+債為人民幣151,545,225千元,鑒於這種情
+況,本公司管理層在評估本集團是否具備足
+夠財務資源以持續經營時,已考慮本集團的
+未來流動資金狀況以及可動用的財務資源,
+主要包括本集團經營活動產生的現金流量淨
+額和擁有金融信貸額度,不會因營運資金的
+短缺而面臨有關持續經營方面的問題,因
+此,本公司管理層認為以持續經營為基礎編
+製本財務報表是適當的。
+本財務報表按照財政部頒佈的《企業會計準
+則 - 基本準則》以及其後頒佈及修訂的具體
+會計準則、應用指南、解釋以及其他相關規
+定(統稱「企業會計準則」)編製。此外,本財
+務報表還按照《公開發行證券的公司信息披
+露編報規則第15號-財務報告的一般規定》
+披露有關財務信息。
+The Group is principally engaged in automobile business
+which mainly includes new energy vehicles, handset
+components and assembly services, rechargeable batteries
+and photovoltaics business. Meanwhile, with its technological
+superiority, the Group actively develops urban rail
+transportation business segment.
+The Company's direct largest shareholder and ultimate
+largest shareholder is Wang Chuan-fu, a natural person, with
+a shareholding percentage of 17.81%.
+The financial statements were approved for issue by the
+board of directors of the Company by way of resolution on
+26 March 2024. According to the Articles of Association, the
+financial statements will be submitted to the general meeting
+for approval.
+基本情況
+比亞迪股份有限公司(「本公司」)是一家在中
+華人民共和國廣東省註冊成立的股份有限
+公司。本公司前身為深圳市比亞迪實業有
+限公司,二零零二年經原國家經貿委以《關
+於同意設立比亞迪股份有限公司的批覆》
+(國經貿企改[2002]153號)以及《關於同意
+比亞迪股份有限公司調整股本結構的覆函》
+(國經貿廳企改[2002]348號)批准,深圳市
+比亞迪實業有限公司以二零零二年四月三
+十日經審計的淨資產為基礎,於二零零二
+年六月十一日整體變更設立本公司。本公
+司目前持有深圳市市場監督管理局頒發的
+《企業法人營業執照》(統一社會信用代碼:
+91440300192317458F),截至二零二三年
+十二月三十一日,本公司所發行人民幣普通
+股A股為1,813,143千股已在深圳證券交易所
+上市,H股1,098,000千股已在香港聯交所上
+市。本公司住所為廣東省深圳市大鵬新區葵
+涌街道延安路1號,辦公地址為廣東省深圳
+市坪山新區比亞迪路3009號。
+本集團主要從事以新能源汽車為主的汽車業
+務、手機部件及組裝業務,二次充電電池及
+光伏業務,同時利用自身的技術優勢積極拓
+展城市軌道交通業務領域。
+本公司直接第一大股東和最終第一大股東均
+為自然人王傳福,持股比例為17.81%。
+本財務報表業經本公司董事會於二零二四年
+三月二十六日決議批准報出。根據本公司章
+程,本財務報表將遞交股東大會審議。
+Annual Report 2023
+二零二三年年報
+1,817,079
+II.
+BASIS OF PREPARATION OF THE FINANCIAL
+STATEMENTS
+二、 財務報表的編製基礎
+RMB'000
+人民幣千元
+-
+The financial statements have been prepared in accordance
+with the "Accounting Standards for Business Enterprises
+Basic Standard" issued by the Ministry of Finance and
+the specific accounting standards, application guidelines,
+interpretations and other relevant regulations issued and
+revised thereafter (collectively known as the “ASBE”). In
+addition, the financial statements have been disclosed relevant
+financial information in accordance with the "Compilation Rules
+for Information Disclosures by Companies Offering Securities
+to the Public No. 15 - General Provisions on Financial Reports".
+The financial statements are prepared on a going concern
+basis. As at 31 December 2023, the Group had net
+current liabilities of RMB151,545,225,000. In view of such
+circumstances, the management of the Company has given
+consideration to the future liquidity and financial resources
+available to the Group, which mainly include the net cash flows
+generated from the Group's operating activities and financial
+credit facilities, in assessing whether the Group will have
+sufficient financial resources to continue as a going concern,
+and will not have any going concern issue as a result of the
+shortage of working capital. Therefore, the management of the
+Company is of the opinion that it is appropriate to prepare the
+financial statements on a going concern basis.
+BYD Company Limited (the “Company”) is a joint stock
+company incorporated in Guangdong Province, the People's
+Republic of China with limited liability. The Company, formerly
+known as Shenzhen BYD Battery Company Limited (
+市比亞迪實業有限公司), was approved by the former State
+Economic and Trade Commission in 2002, as evidenced
+by the approval document "Reply of Consenting to the
+Establishment of BYD Company Limited" (Guo Jing Mao
+21,125
+27,207,790
+籌資活動現金流出小計
+Net cash received from disposal of
+subsidiaries and other operating entities
+Cash received from other activities
+relating to investments
+Sub-total of cash inflows from investing
+activities
+處置子公司及其他營業單位收到的
+現金淨額
+收到其他與投資活動有關的
+現金
+28,023
+24,935
+19
+24,382
+投資活動現金流入小計
+56,671
+Cash paid for purchase and construction
+of fixed assets, intangible assets and other
+long-term assets
+購建固定資產、無形資產和
+其他長期資產支付的現金
+341,320
+Cash paid for investments
+投資支付的現金
+4,209,898
+1,640,388
+221,844
+9,643,496
+52,980
+1,534,450
+BYD Company Limited
+132
+比亞迪股份有限公司
+Company Cash Flow Statement
+公司現金流量表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+32,270
+人民幣千元
+2023
+2022
+二零二三年
+二零二二年
+Cash flow from investing activities:
+Cash received from gains in investment
+Net cash received from disposals of fixed
+assets, intangible assets and other long-
+term assets
+二、 投資活動產生的現金流量:
+取得投資收益收到的現金
+處置固定資產、無形資產和其他
+長期資產收回的現金淨額
+II.
+Cash paid for other activities relating to
+investments
+支付其他與投資活動有關的現金
+13,963,979
+4,812,500
+6,400,000
+收到的其他與籌資活動有關的現金
+22,395,290
+Sub-total of cash inflows from financing
+activities
+籌資活動現金流入小計
+Financial year
+6,400,000
+籌資活動產生的現金流量:
+取得借款收到的現金
+Cash paid for repayment of debts
+5,800,000
+13,161,584
+Cash payments for distribution of dividends,
+profits or interest expenses
+分配股利、利潤或償付利息支付的
+現金
+3,616,588
+972,440
+Cash paid for other activities relating to
+financing
+Sub-total of cash outflows from financing
+activities
+償還債務所支付的現金
+三、
+二零二二年
+二零二三年
+Sub-total of cash outflows from investing
+activities
+Net cash flows used in investing activities
+投資活動現金流出小計
+18,515,197
+9,910,965
+投資活動使用的現金流量凈額
+(16,874,809) (9,854,294)
+II.
+Cash flows from financing activities:
+Cash received from borrowings
+Cash received from other activities relating
+to financing
+IV.
+Annual Report 2023
+二零二三年年報
+Company Cash Flow Statement
+公司現金流量表
+31 December 2023
+二零二三年十二月三十一日
+RMB'000
+人民幣千元
+2023
+2022
+支付其他與籌資活動有關的現金
+2.
+45,625
+The financial year of the Group is from 1 January to 31
+December of each calendar year.
+子公司淨資產佔集團歸屬母公司淨資產5%以上,且單個子公司少
+數股東權益佔集團淨資產的1%以上
+The activity does not involve current cash receipts and
+disbursements, with its effect on the financial statements of the
+period accounting for more than 10% of the net assets, or the
+expected effect on the future cash flow accounting for more than
+10% of the corresponding total cash inflow or outflow
+不涉及當期現金收支,對當期報表影響超過淨資產10%,
+或預計對未來現金流影響超過相對應現金流入或流出總額
+的10%的活動
+139
+BYD Company Limited
+140
+and the non-controlling interests of a subsidiary accounts for
+more than 1% of the Group's net assets
+比亞迪股份有限公司
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+5.
+Notes to Financial Statements
+Business combination
+The net assets of a subsidiary accounts for more than 5% of the
+Group's net assets attributable to the parent company,
+The net assets of a subsidiary accounts for more than 5% of the
+Group's net assets attributable to the parent company,
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+4.
+Method and basis for determination of materiality
+(continued)
+4.
+重要性標準確定方法和選擇依據(續)
+Materiality standard
+重要性標準
+Material joint ventures and associates
+or the net profit of a subsidiary accounts for
+more than 10% of the Group's consolidated net profit
+子公司淨資產佔集團歸屬母公司淨資產5%以上,或子公司淨利潤
+佔集團合併淨利潤的10%以上
+重要的合營企業或聯營企業
+重要子公司
+Major non-wholly owned subsidiaries
+重要的非全資子公司
+Significant activities which do not involve cash
+receipts and disbursements for the current period
+不涉及當期現金收支的重大活動
+The carrying amount of the long-term equity investment in an
+investee accounts for more than 5% of the Group's net assets
+attributable to
+the parent company and the gains or losses on the long-term
+equity investment measured under the equity method accounts
+for more than 10% of the Group's consolidated net profit
+對單個被投資單位的長期股權投資賬面價值佔集團歸屬母公司
+淨資產的5%以上,且長期股權投資權益法下投資損益佔集團
+合併淨利潤的10%以上
+Major subsidiaries
+5.
+企業合併
+Business combinations are classified into business
+5.
+企業合併(續)
+Business combinations not involving entities under common
+control (continued)
+非同一控制下企業合併(續)
+6.
+The acquiree's identifiable assets, liabilities and contingent
+liabilities are recognised at their fair values at the acquisition
+date. The excess of the sum of the cost for business
+combination over the share of the attributable net identifiable
+assets of the acquiree, measured at fair value, was recognised
+as goodwill, which is subsequently measured at cost less
+cumulative impairment loss. In case the cost for business
+combination is less than the fair value of the share of the
+attributable net identifiable assets of the acquiree, a review of
+the measurement of the fair values of the identifiable assets,
+liabilities and contingent liabilities, the cost for business
+combination is conducted. If the review indicates that the fair
+value of the sum of the cost for business combination is indeed
+less than the fair value of the share of the attributable net
+identifiable assets of the acquiree, the difference is recognised
+in profit or loss.
+Consolidated financial statements
+Business combination (continued)
+The consolidation scope for consolidated financial statement
+is determined based on the concept of control, including
+the Company and all subsidiaries' financial statements.
+Subsidiaries are those enterprises or entities which the Group
+has control over (including enterprises, separable components
+of investee units and structured entities controlled by the
+Company). The investor can control the investee if and only if
+the investor meets the following three elements: power over the
+investee; the entitlement to variable return through involvement
+in the activities of the investee; the ability to influence the
+amount of return using the power over the investee.
+The excess of current loss attributable to minority shareholders
+of a subsidiary over their entitlements to the opening balance
+of shareholders' equity shall be charged to minority interests.
+非同一控制下企業合併中所取得的被購買方
+可辨認資產、負債及或有負債在收購日以公
+允價值計量。合併成本大於合併中取得的被
+購買方可辨認淨資產公允價值份額的差額,
+確認為商譽,並以成本減去累計減值損失進
+行後續計量。合併成本小於合併中取得的被
+購買方可辨認淨資產公允價值份額的,對取
+得的被購買方各項可辨認資產、負債及或有
+負債的公允價值以及合併成本的計量進行覆
+核,覆核後合併成本仍小於合併中取得的被
+購買方可辨認淨資產公允價值份額的,其差
+額計入當期損益。
+6.
+合併財務報表
+合併財務報表的合併範圍以控制為基礎確
+定,包括本公司及全部子公司的財務報表。
+子公司,是指被本集團控制的主體(含企業、
+被投資單位中可分割的部分,以及本公司所
+控制的結構化主體等)。當且僅當投資方具備
+下列三要素時,投資方能夠控制被投資方:
+投資方擁有對被投資方的權力;因參與被投
+資方的相關活動而享有可變回報;有能力運
+用對被投資方的權力影響其回報金額。
+子公司與本公司採用的會計政策或會計期間
+不一致的,在編製合併財務報表時,按照本
+公司的會計政策和會計期間對子公司財務報
+表進行必要的調整。本集團內部各公司之間
+的所有交易產生的資產、負債、權益、收
+入、費用和現金流量於合併時全額抵銷。
+子公司少數股東分擔的當期虧損超過了少數
+股東在該子公司期初股東權益中所享有的份
+額的,其餘額仍衝減少數股東權益。
+會計期間
+Where the accounting policies or accounting periods adopted
+by subsidiaries are inconsistent with those of the Company,
+appropriate adjustments are made to the subsidiaries'
+financial statements in accordance with the accounting
+policies and accounting periods of the Company. All assets,
+liabilities, equities, income, costs and cash flows arising from
+intercompany transactions, and dividends are eliminated on
+consolidation.
+5.
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+企業合併分為同一控制下企業合併和非同一
+控制下企業合併。
+combinations involving entities under common control and
+business combinations not involving entities under common
+control.
+Business combinations involving entities under common
+control
+A business combination involving entities under common
+control is a business combination in which all of the combining
+entities are ultimately controlled by the same party or parties
+both before and after the business combination, and that
+control is not transitory.
+Assets and liabilities obtained by combining party in the
+business combination involving entities under common control
+(including goodwill arising from the acquisition of the merged
+party by the ultimate controller) are recognised on the basis
+of their carrying amounts at the combination date recorded on
+the financial statements of the ultimate controlling party. The
+difference between the carrying amount of the consideration
+paid for the combination (or aggregate face values of the
+shares issued) and the carrying amount of the net assets
+obtained is adjusted to capital reserves. If the capital reserve
+is not sufficient to absorb the difference, any excess shall be
+adjusted against retained earnings.
+Business combinations not involving entities under common
+control
+A business combination not involving entities under common
+control is a business combination in which all of the combining
+entities are not ultimately controlled by the same party or
+parties both before and after the business combination.
+同一控制下企業合併
+參與合併的企業在合併前後均受同一方或相
+同的多方最終控制,且該控制並非暫時性
+的,為同一控制下企業合併。
+合併方在同一控制下企業合併中取得的資產
+和負債(包括最終控制方收購被合併方而形成
+的商譽),按合併日在最終控制方財務報表中
+的賬面價值為基礎進行相關會計處理。合併
+方取得的淨資產帳面價值與支付的合併對價
+的賬面價值(或發行股份面值總額)的差額,
+調整資本公積中的股本溢價,不足衝減的則
+調整留存收益。
+非同一控制下企業合併
+參與合併的企業在合併前後不受同一方或相
+同的多方最終控制的,為非同一控制下企業
+合併。
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+PRINCIPAL ACCOUNTING POLICIES AND
+III.
+141
+Notes to Financial Statements
+財務報表附註
+應收款項壞賬準備收回或轉回金額重要的
+Significant write-off of trade receivables
+重要的應收款項實際核銷
+Prepayments of significant amounts and with aging
+of over 1 year
+賬齡超過1年且金額重要的預付款項
+Significant change in the carrying amount of
+contract assets
+合同資產賬面價值發生重大變動
+Significant recovery or reversal of provision for
+impairment of contract assets
+Significant recovery or reversal of provision for bad
+debt of trade receivables
+合同資產減值準備收回或轉回金額重要的
+重要的在建工程
+The recovery or reversal amount for a single item accounts
+for more than 10% of the total provision for bad debt of trade
+receivables and exceeds RMB300 million
+單項收回或轉回金額佔各類應收款項壞賬準備總額的10%以上
+且金額大於3億
+The write-off amount for a single item accounts for more than
+10% of the total provision for bad debt of trade receivables and
+exceeds RMB300 million
+單項核銷金額佔應收款項壞賬準備總額的10%以上且金額大於3億
+The amount of a single prepayment with aging of
+over 1 year accounts for more than 10% of the total prepayments
+and exceeds for RMB300 million
+單項賬齡超過1年的預付款項佔預付款項總額的10%以上
+且金額大於3億
+The amount of change in the carrying amount of contract assets
+accounts for more than 30% of the total contract assets
+合同資產賬面價值變動金額佔合同資產總額的30%以上
+The recovery or reversal amount for a single item accounts for
+more than 10% of the total provision for impairment of contract
+assets and exceeds RMB300 million
+單項收回或轉回金額佔合同資產減值準備總額的10%以上
+且金額大於3億
+The balance of industrial parks under construction in a single
+geographical area accounts for more than 10% of the balance of
+the total construction in progress and exceeds RMB1,000 million
+單個地理區域內的工業園在建工程餘額大於總在建工程餘額的
+10%且大於10億
+Major construction in progress
+Materiality standard
+重要性標準
+重要性標準確定方法和選擇依據
+4.
+3.
+RMB'000
+人民幣千元
+本集團會計年度採用公曆年度,即每年自一
+月一日起至十二月三十一日止。
+Reporting currency
+The Company's reporting currency and the currency used
+in preparing the financial statements were Renminbi. The
+amounts in the financial statements were denominated in
+thousands of Renminbi, unless otherwise stated.
+The Group's subsidiaries, joint ventures and associates
+determine their reporting currency according to the major
+economic environment in which they operate the business,
+and translate into Renminbi when preparing the financial
+statements.
+3.
+記賬本位幣
+本公司記賬本位幣和編製本財務報表所採用
+的貨幣均為人民幣,除有特別說明外,均以
+人民幣千元為單位表示。
+本集團下屬子公司、合營企業及聯營企業,
+根據其經營所處的主要經濟環境自行決定其
+記賬本位幣,編製本財務報表時折算為人民
+幣。
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+4.
+Method and basis for determination of materiality
+137
+BYD Company Limited
+RMB'000
+人民幣千元
+比亞迪股份有限公司
+合同負債賬面價值發生重大變動
+Significant trade payables and other payables
+重要的應付帳款、其他應付款
+Significant investments
+重要投資活動
+The balance of development expenditures of a single project at
+the end of the period accounts for more than 10% of the closing
+balance of total development expenditures and exceeds RMB500
+million
+單個項目期末餘額佔開發支出期末餘額10%以上且金額大於5億
+The development expenditures of a single project accounts for
+more than 10% of the total development expenditures
+單項佔研發投入總額的10%以上
+The amount of change/adjustment accounts for more than 30%
+of the original contract value, and the effect on the revenue of
+the period accounts for more than 1% of the total revenue of the
+period
+變更/調整金額佔原合同额的30%以上,
+且對本期收入影響金額佔本期收入總額的1%以上
+the total contract liabilities and exceeds RMB500 million
+單項賬齡超過1年的合同負債佔合同負債總額的10%以上
+且金額大於5億
+The amount of change in the carrying amount of contract
+liabilities accounts for more than 30% of the
+total contract liabilities
+合同負債賬面價值變動金額佔合同負債總額的30%以上
+The amount of a single item of trade payable/other payable with
+aging of over 1 year accounts for more than 10% of the total
+trade payables/other payables and exceeds RMB500 million
+賬齡超過1年的單項應付賬款/其他應付款佔應付賬款/
+其他應付款總額的10%以上且金額大於5億
+The amount of a single investment accounts for more than 10%
+of the total cash inflow or outflow related to investing activities
+and exceeds RMB1,000 million
+Annual Report 2023
+二零二三年年報
+138
+單項投資活動佔收到或支付投資活動相關的現金流入或流出總額
+的10%以上且金額大於10億
+Significant changes in the carrying amount of
+contract liabilities
+賬齡超過一年的重要合同負債
+The amount of a single contract liability with aging of
+over 1 year accounts for more than 10% of
+重要的合同變更
+Notes to Financial Statements
+Significant contract liabilities with aging of
+over 1 year
+財務報表附註
+RMB'000
+人民幣千元
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+4.
+III.
+4.
+重要性標準確定方法和選擇依據(續)
+Significant contract changes
+Materiality standard
+重要性標準
+Significant capitalised R&D projects
+重要的資本化研發項目
+Significant outsourced in-process R&D projects
+Method and basis for determination of materiality
+(continued)
+重要的外購在研項目
+cost, the relevant transaction costs are recognised in their
+initial recognition amount.
+Except for financial guarantee contracts signed, the Group
+classifies its financial liabilities at initial recognition: financial
+liabilities at fair value through profit or loss and financial
+liabilities at amortised cost. For financial liabilities at fair value
+through profit or loss, the relevant transaction costs are directly
+recognised in profit or loss; for financial liabilities at amortised
+上述以攤餘成本計量的金融資產和以公允價
+值計量且其變動計入其他綜合收益的金融資
+產之外的金融資產,分類為以公允價值計量
+且其變動計入當期損益的金融資產。對於此
+類金融資產,採用公允價值進行後續計量,
+除與套期會計有關外,所有公允價值變動計
+入當期損益。
+以公允價值計量且其變動計入當期損益的金
+融資產
+金融資產分類和計量(續)
+Classification and valuation of financial assets (continued)
+Financial assets measured at fair value through profit or loss
+Financial assets other than the above-mentioned financial
+assets measured at amortised cost and financial assets
+measured at fair value through other comprehensive income
+are classified as financial assets at fair value through profit
+or loss. For such financial assets, fair value is used for
+subsequent measurement, and all changes in fair value are
+recognised in profit or loss for the period, except for those
+involving the hedge accounting.
+金融工具(續)
+10.
+The subsequent measurement of financial liabilities is
+dependent on its classification:
+重要會計政策及會計估計(續)
+10.
+Classification and valuation of financial liabilities
+Financial liabilities at fair value through profit or loss
+Notes to Financial Statements
+財務報表附註
+金融負債分類和計量
+除了簽發的財務擔保合同以外,本集團的金
+融負債於初始確認時分類為:以公允價值計
+量且其變動計入當期損益的金融負債、以攤
+餘成本計量的金融負債。對於以公允價值計
+量且其變動計入當期損益的金融負債,相關
+交易費用直接計入當期損益,以攤餘成本計
+量的金融負債的相關交易費用計入其初始確
+認金額。
+金融負債的後續計量取決於其分類:
+以公允價值計量且其變動計入當期損益的金
+融負債
+以公允價值計量且其變動計入當期損益的金
+融負債,包括交易性金融負債(含屬於金融負
+債的衍生工具)和初始確認時指定為以公允價
+值計量且其變動計入當期損益的金融負債。
+交易性金融負債(含屬於金融負債的衍生工
+具),按照公允價值進行後續計量,除與套
+期會計有關外,所有公允價值變動均計入當
+期損益。對於指定為以公允價值計量且其變
+動計入當期損益的金融負債,按照公允價值
+進行後續計量,除由本集團自身信用風險變
+動引起的公允價值變動計入其他綜合收益之
+外,其他公允價值變動計入當期損益;如果
+由本集團自身信用風險變動引起的公允價值
+變動計入其他綜合收益會造成或擴大損益中
+的會計錯配,本集團將所有公允價值變動(包
+括自身信用風險變動的影響金額)計入當期損
+益。
+Annual Report 2023
+二零二三年年報
+149
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+10.
+三、
+Financial instruments (continued)
+Financial liabilities at fair value through profit or loss include
+financial liabilities held for trading (comprising derivatives
+classified as financial liabilities) and financial liabilities
+designated at initial recognition to be measured at fair value
+through profit or loss. Financial liabilities held for trading
+(comprising derivatives classified as financial liabilities) are
+subsequently measured at fair value, and except for those
+involving the hedge accounting, all changes in fair value are
+included in profit or loss. The Group subsequently measures
+financial liabilities that are designated at fair value through
+profit or loss at fair value. Except that changes in fair value
+arising from changes to the Group's own credit risks are
+recorded in other comprehensive income, other changes in
+fair value are recorded in profit or loss. Unless inclusion of
+changes in fair value arising from changes to the Group's
+own credit risks in other comprehensive income will cause or
+expand accounting mismatch in the gains or losses, the Group
+records all changes in fair value (including affected amount of
+changes to the own credit risks) in the profit or loss.
+Financial instruments (continued)
+Classification and valuation of financial assets (continued)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+金融工具(續)
+Annual Report 2023
+二零二三年年報
+147
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+三、重要會計政策及會計估計(續)
+金融資產分類和計量(續)
+以公允價值計量且其變動計入其他綜合收益
+的債務工具投資
+10.
+Financial instruments (continued)
+10.
+金融工具(續)
+Debt instrument investments at fair value through other
+comprehensive income
+10.
+Financial assets fulfilling all of the following conditions are
+classified as financial assets at fair value through other
+comprehensive income: the objective of the Group's business
+based on outstanding principal amounts only. Interest income
+from this type of financial assets are recognized using the
+effective interest rate method. Other than interest income,
+impairment loss and exchange differences which shall be
+recognised as profit or loss, other fair value changes shall be
+included in other comprehensive income. Upon derecognition
+of the financial assets, the cumulative gains or losses
+previously included in other comprehensive income shall be
+transferred from other comprehensive income to profit or loss.
+Equity instrument investments at fair value through other
+comprehensive income
+The Group irrevocably chooses to designate certain non-
+trading equity instrument investments as financial assets
+measured at fair value through other comprehensive income,
+and only the relevant dividend income (excluding dividend
+income explicitly recovered as part of investment cost) is
+included in profit or loss for the period. Subsequent changes
+in fair value are included in other comprehensive income with
+no impairment provision required. When the financial assets
+are derecognised, the cumulative gains or losses previously
+recognised in other comprehensive income are transferred
+from it and included in retained earnings.
+金融資產同時符合下列條件的,分類為以公
+允價值計量且其變動計入其他綜合收益的金
+融資產:本集團管理該金融資產的業務模式
+是既以收取合同現金流量為目標又以出售金
+融資產為目標;該金融資產的合同條款規
+定,在特定日期產生的現金流量僅為對本金
+和以未償付本金金額為基礎的利息的支付。
+此類金融資產採用實際利率法確認利息收
+入。除利息收入、減值損失及匯兌差額確認
+為當期損益外,其餘公允價值變動計入其他
+綜合收益。當金融資產終止確認時,之前計
+入其他綜合收益的累計利得或損失從其他綜
+合收益轉出,計入當期損益。
+以公允價值計量且其變動計入其他綜合收益
+的權益工具投資
+本集團不可撤銷地選擇將部分非交易性權益
+工具投資指定為以公允價值計量且其變動計
+入其他綜合收益的金融資產,僅將相關股利
+收入(明確作為投資成本部分收回的股利收入
+除外)計入當期損益,公允價值的後續變動計
+入其他綜合收益,不需計提減值準備。當金
+融資產終止確認時,之前計入其他綜合收益
+的累計利得或損失從其他綜合收益轉出,計
+入留存收益。
+BYD Company Limited
+148
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+management model in respect of such type of financial assets
+is both to generate contract cash flow and to sell such type of
+financial assets; the contract terms of such type of financial
+assets provide that cash flow generated on specific dates
+represents interest payment in relation to principal amounts
+Classification and valuation of financial liabilities (continued)
+Financial liabilities at amortised cost
+Financial instruments (continued)
+Subsequent to initial recognition, these financial liabilities are
+carried at amortised cost using the effective interest method.
+assets, the Group directly writes down the book balance of
+such financial assets.
+關於本集團對信用風險顯著增加判斷標準、
+已發生信用減值資產的定義等披露參見附註
+十、3。
+本集團計量金融工具預期信用損失的方法反
+映的因素包括:通過評價一系列可能的結果
+而確定的無偏概率加權平均金額、貨幣時間
+價值,以及在資產負債表日無須付出不必要
+的額外成本或努力即可獲得的有關過去事
+項、當前狀況以及未來經濟狀況預測的合理
+且有依據的信息。
+當本集團不再合理預期能夠全部或部分收回
+金融資產合同現金流量時,本集團直接減記
+該金融資產的賬面餘額。
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+10.
+以攤餘成本計量的債務工具投資
+金融資產同時符合下列條件的,分類為以攤
+餘成本計量的金融資產:管理該金融資產的
+業務模式是以收取合同現金流量為目標;該
+金融資產的合同條款規定,在特定日期產生
+的現金流量僅為對本金和以未償付本金金額
+為基礎的利息的支付。此類金融資產採用實
+際利率法確認利息收入,其終止確認、修改
+或減值產生的利得或損失,均計入當期損
+Offsetting of financial instruments
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+三、重要會計政策及會計估計(續)
+10.
+金融工具(續)
+When the Group no longer reasonably expects to be able
+to fully or partially recover the contract cash flow of financial
+金融工具抵銷
+同時滿足下列條件的,金融資產和金融負債
+以相互抵銷後的淨額在資產負債表內列示:
+具有抵銷已確認金額的法定權利,且該種法
+定權利是當前可執行的;計劃以淨額結算,
+或同時變現該金融資產和清償該金融負債。
+Financial guarantee contracts
+A financial guarantee contract is a contract under which the
+issuer shall indemnify the contract holder suffering losses with
+a specified amount in the event that the debtor fails to repay
+its debt in accordance with the terms of the debt instrument.
+Financial guarantee contracts are measured at fair value at
+initial recognition, other than financial guarantee contracts
+designated as financial liabilities at fair value through profit or
+loss after initial recognition, other financial guarantee contracts
+shall be subsequently measured at the higher of the amount
+of provision for expected credit loss determined as at the
+balance sheet date and the amount at initial recognition less
+the cumulative amortised amount determined in accordance
+with revenue recognition principles.
+Derivative financial instruments
+The Group uses derivative financial instruments. Such
+derivative financial instruments are initially measured at fair
+value on the date on which a derivative contract is entered into
+and are subsequently re-measured at fair value. Derivatives
+are recognised as assets when the fair value is positive and as
+liabilities when the fair value is negative.
+Except for those involving the hedge accounting, profit or loss
+arising from changes in the fair value of derivative instruments
+shall be directly recognised in profit or loss.
+財務擔保合同
+財務擔保合同,是指特定債務人到期不能按
+照債務工具條款償付債務時,發行方向蒙受
+損失的合同持有人賠付特定金額的合同。財
+務擔保合同在初始確認時按照公允價值計
+量,除指定為以公允價值計量且其變動計入
+當期損益的金融負債的財務擔保合同外,其
+餘財務擔保合同在初始確認後按照資產負債
+表日確定的預期信用損失準備金額和初始確
+認金額扣除按照收入確認原則確定的累計攤
+銷額後的餘額兩者孰高者進行後續計量。
+衍生金融工具
+本集團使用衍生金融工具。衍生金融工具初
+始以衍生交易合同簽訂當日的公允價值進行
+計量,並以其公允價值進行後續計量。公允
+價值為正數的衍生金融工具確認為一項資
+產,公允價值為負數的確認為一項負債。
+除與套期會計有關外,衍生工具公允價值變
+動產生的利得或損失直接計入當期損益。
+151
+BYD Company Limited
+If the following conditions are met, financial assets and
+financial liabilities are presented in the balance sheet with
+the net amount after offsetting each other: there is a currently
+enforceable legal right to offset the recognised amount; and
+there is an intention to settle on a net basis, or simultaneous
+realisation of the financial assets and settlement of the financial
+liabilities.
+金融負債分類和計量(續)
+The Group's measurement of expected credit loss of financial
+instruments reflects factors including unbiased probability
+weighted average amount recognized by assessing a series
+of possible results, time value of money, reasonable and
+supportable information related to historical events, current
+condition and forecast of future economic position that is
+available without undue cost or effort at the balance sheet
+date.
+本集團基於單項和組合評估金融工具的預期
+信用損失。本集團考慮了不同客戶的信用風
+險特徵,以共同風險特徵為依據,以賬齡組
+合為基礎評估金融工具的預期信用損失,本
+集團根據確認收入的日期確定賬齡。除前述
+組合評估預期信用損失的金融工具外,本集
+團單項評估其預期信用損失。本集團對於①
+已發生信用減值的金融資產基於單項為基礎
+評估預期信用損失;②與對手方修改或重新
+議定合同,未導致金融資產終止確認,但導
+致合同現金流量發生變化的金融資產基於單
+項為基礎評估預期信用損失。
+Impairment of financial instruments
+The Group performs impairment assessment on financial
+assets at amortised cost, debt instrument investments at fair
+value through other comprehensive income, contract assets
+and financial guarantee contracts based on expected credit
+losses and recognises provision for impairment losses.
+For receivables and contract assets that do not contain
+significant financing components, the Group adopts a
+simplified measurement method to measure provision for
+impairment losses based on an amount equivalent to expected
+credit losses for the entire period.
+For receivables and contract assets that contain significant
+financing components, the Group chooses to adopt a
+simplified measurement method to measure provision for
+impairment losses based on an amount equivalent to expected
+credit losses for the entire period.
+For financial assets and financial guarantee contracts other
+than those measured with simplified valuation methods, the
+Group evaluates at each balance sheet date whether its credit
+risk has significantly increased since initial recognition. The
+period during which credit risk has not significantly increased
+since initial recognition is considered the first stage, at which
+the Group shall measure impairment loss provision based on
+the amount of expected credit loss for the next 12 months and
+shall compute interest income according to the book balance
+and effective interest rate; the period during which credit risk
+has significantly increased since initial recognition although
+no credit impairment has occurred is considered the second
+stage, at which the Group shall measure impairment loss
+provision based on the amount of expected credit loss for the
+entire period and shall compute interest income according to
+the book balance and effective interest rate; the period during
+which credit impairment has occurred after initial recognition is
+considered the third stage, at which the Group shall measure
+impairment loss provision based on the amount of expected
+credit loss for the entire period and shall compute interest
+income according to the amortised cost and effective interest
+rate. For financial instruments with relatively low credit risk at
+the balance sheet date, the Group assumes its credit risk has
+not significantly increase since initial recognition.
+以攤餘成本計量的金融負債
+對於此類金融負債,採用實際利率法,按照
+攤餘成本進行後續計量。
+金融工具減值
+本集團以預期信用損失為基礎,對以攤餘成
+本計量的金融資產及以公允價值計量且其變
+動計入其他綜合收益的債務工具投資、合同
+資產及財務擔保合同進行減值處理並確認損
+失準備。
+對於不含重大融資成分的應收款項以及合同
+資產,本集團運用簡化計量方法,按照相當
+於整個存續期內的預期信用損失金額計量損
+失準備。
+對於包含重大融資成分的應收款項以及合同
+資產,本集團選擇運用簡化計量方法,按照
+相當於整個存續期內的預期信用損失金額計
+量損失準備。
+除上述採用簡化計量方法以外的金融資產及
+財務擔保合同,本集團在每個資產負債表日
+評估其信用風險自初始確認後是否已經顯著
+增加,如果信用風險自初始確認後未顯著增
+加,處於第一階段,本集團按照相當於未來
+12個月內預期信用損失的金額計量損失準
+備,並按照賬面餘額和實際利率計算利息收
+入;如果信用風險自初始確認後已顯著增加
+但尚未發生信用減值的,處於第二階段,本
+集團按照相當於整個存續期內預期信用損失
+的金額計量損失準備,並按照賬面餘額和實
+際利率計算利息收入;如果初始確認後發生
+信用減值的,處於第三階段,本集團按照相
+當於整個存續期內預期信用損失的金額計量
+損失準備,並按照攤餘成本和實際利率計算
+利息收入。對於資產負債表日只具有較低信
+用風險的金融工具,本集團假設其信用風險
+自初始確認後未顯著增加。
+BYD Company Limited
+For the Group's criteria for judging whether credit risks have
+significantly increased, the definition of assets subjected to
+credit impairment, please refer to Note X.3.
+150
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+10.
+Financial instruments (continued)
+Impairment of financial instruments (continued)
+三、重要會計政策及會計估計(續)
+10.
+金融工具(續)
+金融工具減值(續)
+The expected credit losses of financial instruments are
+assessed on an individual or portfolio basis. Considering
+the credit risk characteristics of different customers, the
+Group assesses the expected credit losses of financial
+instruments with shared risk characteristics based on their
+ageing portfolio. The aging profile is determined based on
+the revenue recognition date. Other than the said expected
+credit losses of financial instruments which are assessed on
+a portfolio basis, other expected credit losses are assessed
+on an individual basis. The Group①assessed the expected
+credit losses of the credit-impaired financial assets on the
+individual basis; ②assessed the expected credit losses of the
+financial assets on the individual basis in case a modification
+or re-negotiation of a contract between the Group and a
+counterparty may result in a change to the contractual cash
+flows without resulting in the derecognition of the financial
+assets.
+比亞迪股份有限公司
+classified as financial assets at amortised cost: the objective
+of the Group's business management model in respect of such
+type of financial assets is to generate contract cash flow; the
+contract terms of such type of financial assets provide that
+cash flow generated on specific dates represents interest
+payment in relation to principal amounts based on outstanding
+principal amounts only. Interest income from such type of
+financial assets are recognised using the effective interest
+rate method, and any profit or loss arising from derecognition,
+amendments or impairment shall be charged to profit or loss.
+轉移了收取金融資產現金流量的權
+利,或在「過手」協議下承擔了及時將
+收取的現金流量全額支付給第三方的
+義務;並且實質上轉讓了金融資產所
+有權上幾乎所有的風險和報酬,或雖
+然實質上既沒有轉移也沒有保留金融
+資產所有權上幾乎所有的風險和報
+酬,但放棄了對該金融資產的控制。
+Debt instrument investments at amortised cost
+For foreign currency transactions, the Group translates the
+foreign currency into its functional currency.
+Upon initial recognition, foreign currency transactions are
+translated into the functional currency using the median
+exchange rate published by the PBOC at the beginning of
+the month in which transactions occur (unless the adoption
+of such exchange rate is considered inappropriate owing to
+exchange rate fluctuations, in which case the spot exchange
+rate prevailing on the date of transaction shall be adopted).
+However, the capital invested by investors in foreign currencies
+is translated using the spot exchange rate at the dates of
+the transactions. At the balance sheet date, foreign currency
+monetary items are translated using the spot exchange rate at
+the balance sheet date. The translation differences arising from
+the settlement and foreign currency monetary items, except
+those relating to foreign currency monetary items eligible for
+the capitalisation shall be dealt with according to the principle
+of capitalisation of borrowing costs, are recognised in profit
+or loss. Foreign currency non-monetary items measured at
+historical cost continue to be translated using the exchange
+rate at initial recognition and it does not change its carrying
+amount in functional currency. Foreign currency non-monetary
+items measured at fair values will be translated using the spot
+exchange rate at the date the fair value is determined; the
+exchange differences are recognised in profit or loss or other
+comprehensive income for the current period depending on
+the characteristics of the non-monetary items.
+本集團對於發生的外幣交易,將外幣金額折
+算為記賬本位幣金額。
+外幣交易在初始確認時,採用交易發生當月
+月初中國人民銀行公佈的中間匯率(除非匯率
+波動使得採用該匯率折算不適當,則採用交
+易發生日的即期匯率折算)將外幣金額折算
+為記賬本位幣金額,但投資者以外幣投入的
+資本以交易發生日的即期匯率折算。於資產
+負債表日,對於外幣貨幣性項目採用資產負
+債表日即期匯率折算。由此產生的結算和貨
+幣性項目折算差額,除屬於與購建符合資本
+化條件的資產相關的外幣專門借款產生的差
+額按照借款費用資本化的原則處理外,均計
+入當期損益。以歷史成本計量的外幣非貨幣
+性項目,仍採用初始確認時所採用的匯率折
+算,不改變其記賬本位幣金額。以公允價值
+計量的外幣非貨幣性項目,採用公允價值確
+定日的即期匯率折算,由此產生的差額根據
+非貨幣性項目的性質計入當期損益或其他綜
+合收益。
+143
+BYD Company Limited
+144
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、 重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+9.
+Financial assets fulfilling all of the following conditions are
+9.
+For foreign operations, the Group translates their functional
+currency amounts into RMB when preparing the financial
+statements as follows: the assets and liabilities are translated
+using the spot exchange rate at the balance sheet date,
+and owners' equity items, except for “undistributed profits”,
+are translated at the spot exchange rates when such items
+arose; income and expense items in the income statement
+are translated using the average exchange rates for the
+periods when transactions occur (unless the adoption of
+such exchange rate is considered inappropriate owing to
+exchange rate fluctuations, in which case the spot exchange
+rate prevailing on the date of transaction shall be adopted).
+Translation differences arising from the aforesaid translation
+of financial statements denominated in foreign currency
+shall be recognised as other comprehensive income. When
+foreign operations are disposed, other comprehensive income
+relating to the foreign operation is transferred to profit or
+loss. Partial disposal shall be recognized on a pro-rata basis.
+For foreign currency monetary items that are not repayable
+in the foreseeable future and that in substance constitute a
+net investment in a foreign subsidiary and are reflected in
+a currency other than the reporting currency of the parent
+subsidiary, management eliminates the exchange differences
+arising from such foreign currency monetary items of the
+parent subsidiary and the difference is included in exchange
+difference on foreign currency translation.
+Cash flows denominated in foreign currencies and foreign
+subsidiaries' cash flows are translated using the average
+exchange rate for the period when cash flows occur (unless the
+adoption of such exchange rate is considered inappropriate
+owing to exchange rate fluctuations, in which case the spot
+exchange rate prevailing on the date on which the cash flow
+is incurred shall be adopted). The impact on cash by the
+fluctuation of exchange rates is presented as a separate line
+item of reconciliation in the cash flow statement.
+外幣業務和外幣報表折算(續)
+對於境外經營,本集團在編製財務報表時將
+其記賬本位幣折算為人民幣:對資產負債表
+中的資產負債項目,採用資產負債表日的
+即期匯率折算,所有者權益項目除「未分配利
+潤」項目外,其他項目採用發生時的即期匯率
+折算;利潤表中的收入和費用項目,採用交
+易發生當期平均匯率(除非匯率波動使得採用
+該匯率折算不適當,則採用交易發生日的即
+期匯率折算)折算。按照上述折算產生的外幣
+財務報表折算差額,確認為其他綜合收益。
+處置境外經營時,將與該境外經營相關的其
+他綜合收益轉入處置當期損益,部分處置的
+按處置比例計算。對於在可預見的未來無需
+償還、實質構成對境外子公司的淨投資的外
+幣貨幣性項目,以母子公司的記賬本位幣以
+外的貨幣反映的,管理層將母子公司的此項
+外幣貨幣性項目產生的匯兌差額相互抵消,
+差額計入外幣報表折算差額。
+外幣現金流量以及境外子公司的現金流量,
+採用現金流量發生當期平均匯率(除非匯率波
+動使得採用該匯率折算不適當,則採用現金
+流量發生日的即期匯率折算)折算。匯率變動
+對現金的影響額作為調節項目,在現金流量
+表中單獨列報。
+Annual Report 2023
+二零二三年年報
+145
+Notes to Financial Statements
+財務報表附註
+外幣業務和外幣報表折算
+9.
+Foreign currency translation
+9.
+For subsidiaries obtained through a business combination
+involving entities under common control, the operating result
+and cash flow of the party being combined will be recognised
+in consolidated financial statement from the beginning of
+the current period during which the combination occurs. In
+preparing the comparative consolidated financial statements,
+adjustments were made to relevant items in financial
+statements in previous periods as if the reporting entity formed
+after the consolidation had been in existence since the ultimate
+controlling party started to exercise effective control.
+In the event of the change in one or more elements of control
+as a result of changes in relevant facts and conditions, the
+Group reassesses whether it has control over the investee.
+Where there is no loss of control, the change in minority
+interests is accounted for as equity transaction.
+對於通過非同一控制下企業合併取得的子公
+司,被購買方的經營成果和現金流量自本集
+團取得控制權之日起納入合併財務報表,直
+至本集團對其控制權終止。在編製合併財務
+報表時,以購買日確定的各項可辨認資產、
+負債及或有負債的公允價值為基礎對子公司
+的財務報表進行調整。
+對於通過同一控制下企業合併取得的子公
+司,被合併方的經營成果和現金流量自合併
+當期期初納入合併財務報表。編製比較合併
+財務報表時,對前期財務報表的相關項目進
+行調整,視同合併後形成的報告主體,自最
+終控制方開始實施控制時一直存在。
+如果相關事實和情況的變化導致對控制要素
+中的一項或多項發生變化的,本集團重新評
+估是否控制被投資方。
+不喪失控制權情況下,少數股東權益發生變
+化作為權益性交易。
+7.
+Classification of joint venture arrangements and joint
+operation
+7.
+合營安排分類及共同經營
+Joint venture arrangements are in the form of joint operation
+and joint venture enterprise. A joint operation is a joint venture
+arrangement under which the joint venture parties are entitled
+to assets and undertake liabilities under the arrangement. A
+joint venture enterprise is a joint venture arrangement under
+which the joint venture parties are only entitled to the net
+assets under such arrangement.
+The following items should be recognised by a joint venture
+party in relation to its share of profit in the joint operation:
+solely held assets, as well as jointly held assets according to
+its share; solely assumed liabilities, as well as jointly assumed
+liabilities according to its share; income derived from its
+entitled share of production of the joint operation; income
+derived from the sales of production of the joint operation
+according to its share; solely incurred expenses, as well as
+expenses incurred by the joint operation according to its share.
+合營安排分為共同經營和合營企業。共同經
+營,是指合營方享有該安排相關資產且承擔
+該安排相關負債的合營安排。合營企業,是
+指合營方僅對該安排的淨資產享有權利的合
+營安排。
+RMB'000
+人民幣千元
+合營方確認其與共同經營中利益份額相關的
+下列項目:確認單獨所持有的資產,以及按
+其份額確認共同持有的資產;確認單獨所承
+擔的負債,以及按其份額確認共同承擔的負
+債;確認出售其享有的共同經營產出份額所
+���生的收入;按其份額確認共同經營因出售
+產出所產生的收入;確認單獨所發生的費
+用,以及按其份額確認共同經營發生的費
+用。
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+三、
+重要會計政策及會計估計(續)
+8.
+Cash and cash equivalents
+8.
+現金及現金等價物
+Cash represents cash on hand and deposits readily available
+for payments. Cash equivalents represent short-term highly
+liquid investments which are readily convertible to known
+amounts of cash, and subject to an insignificant risk of
+changes in value.
+現金,是指本集團的庫存現金以及可以隨時
+用於支付的存款;現金等價物,是指本集團
+持有的期限短、流動性強、易於轉換為已知
+金額的現金、價值變動風險很小的投資。
+Annual Report 2023
+二零二三年年報
+III.
+Foreign currency translation (continued)
+三、 重要會計政策及會計估計(續)
+142
+If the obligation of financial liability has been fulfilled, cancelled
+or expired, the financial liability is derecognised. If the present
+financial liability is substituted by the same debtor with another
+liability differing in substance, or the terms of the present
+liability have been substantially modified, this substitution or
+modification is treated as derecognition of the present liability
+and recognition of a new liability with any arising differences
+recognised in profit or loss.
+Conventional dealings in financial assets are recognised or
+derecognised under the trade day method. Conventional
+dealings in financial assets are purchases or sales of financial
+assets in accordance with the terms of a contract which
+specifies that the delivery of the financial assets will take place
+according to the schedule determined by regulations or market
+practices. The trade day is the date on which the Group
+undertakes to buy or sell a financial asset.
+如果金融負債的責任已履行、撤銷或屆滿,
+則對金融負債進行終止確認。如果現有金融
+負債被同一債權人以實質上幾乎完全不同條
+款的另一金融負債所取代,或者現有負債的
+條款幾乎全部被實質性修改,則此類替換或
+修改作為終止確認原負債和確認新負債處
+理,差額計入當期損益。
+以常規方式買賣金融資產,按交易日進行確
+認和終止確認。以常規方式買賣金融資產,
+是指按照合同規定購買或出售金融資產,並
+且該合同條款規定,根據通常由法規或市場
+慣例所確定的時間安排來交付金融資產。交
+易日,是指本集團承諾買入或賣出金融資產
+的日期。
+BYD Company Limited
+146
+比亞迪股份有限公司
+Notes to Financial Statements
+PRINCIPAL ACCOUNTING POLICIES AND
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+10.
+Financial instruments (continued)
+Classification and valuation of financial assets
+At initial recognition, the Group classifies its financial assets
+into: financial assets at amortised cost, financial assets at fair
+value through other comprehensive income, or financial assets
+at fair value through profit or loss according to the Group's
+business model for managing financial assets and the contract
+cash flow characteristics of the financial assets. Only if the
+Group changes its business model for managing financial
+assets, all affected related financial assets can be reclassified.
+Financial assets are measured at fair value at initial
+recognition, provided that trade receivables or bills receivable
+not containing significant financing components or for which
+financing components of not more than 1 year are not taken
+into consideration shall be measured at their transaction prices
+at initial recognition.
+For financial assets at fair value through profit or loss, the
+relevant transaction costs are directly recognised in profit or
+loss; for other financial assets, the relevant transaction costs
+are recognised in their initial recognition amount.
+The subsequent measurement of financial assets is dependent
+on its classification:
+10.
+金融工具(續)
+金融資產分類和計量
+本集團的金融資產於初始確認時根據本集團
+管理金融資產的業務模式和金融資產的合同
+現金流量特徵分類為:以攤餘成本計量的金
+融資產、以公允價值計量且其變動計入其他
+綜合收益的金融資產、以公允價值計量且其
+變動計入當期損益的金融資產。當且僅當本
+集團改變管理金融資產的業務模式時,才對
+所有受影響的相關金融資產進行重分類。
+金融資產在初始確認時以公允價值計量,但
+是因銷售商品或提供服務等產生的應收賬款
+或應收票據未包含重大融資成分或不考慮不
+超過一年的融資成分的,按照交易價格進行
+初始計量。
+對於以公允價值計量且其變動計��當期損益
+的金融資產,相關交易費用直接計入當期損
+益,其他類別的金融資產相關交易費用計入
+其初始確認金額。
+金融資產的後續計量取決於其分類:
+“pass-through” agreements, where substantially all
+risks and rewards of the ownership of such type of
+financial assets have been transferred, or control over
+such type of financial assets has not been retained
+even though substantially all risks and rewards of the
+ownership of such type of financial assets have been
+neither transferred nor retained.
+parties in a timely manner has been undertaken under
+財務報表附註
+The right of receiving cash flow generated by the
+financial assets is transferred, or an obligation of
+paying the full amount of cash flow received to third
+ACCOUNTING ESTIMATES (CONTINUED)
+10.
+2)
+10.
+金融工具
+Financial instruments refer to the contracts which give rise to
+a financial asset in one entity and a financial liability or equity
+instrument in another entity.
+Recognition and derecognition of financial instruments
+The Group recognises a financial asset or a financial liability
+when it becomes a party to the contractual provisions of the
+financial instrument.
+A financial asset (or part of it, or a part of a group of similar
+financial asset) is derecognised when one of the following
+criteria is met, that is, when a financial asset is written off from
+its account and balance sheet:
+金融工具,是指形成一個企業的金融資產,
+並形成其他單位的金融負債或權益工具的合
+同
+金融工具的確認和終止確認
+本集團於成為金融工具合同的一方時確認一
+項金融資產或金融負債。
+滿足下列條件的,終止確認金融資產(或金融
+資產的一部分,或一組類似金融資產的一部
+分),即從其賬戶和資產負債表內予以轉銷:
+1)
+Financial instruments
+Consolidated financial statements (continued)
+For subsidiaries obtained through a business combination
+not involving entities under common control, the operating
+results and cash flows of the acquirees will be recognised in
+consolidated financial statements from the date the Group
+effectively obtains the control until the date that control is
+terminated. When consolidated financial statement is prepared,
+the subsidiaries' financial statements will be adjusted based
+on the fair values of the identifiable assets, liabilities and
+contingent liabilities at the acquisition date.
+The right of receiving the cash flow generated from the
+financial asset has expired;
+2)
+1)
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+收取金融資產現金流量的權利屆滿;
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+三、 重要會計政策及會計估計(續)
+6.
+6.
+合併財務報表(續)
+人民幣千元
+Industrial property rights and
+土地使用權
+Land use rights
+類別
+無形資產
+straight-line basis, the useful life is as follows:
+Category
+intangible assets are amortised over the useful life on the
+Intangible assets formed by new energy vehicle R&D
+expenditures are amortised by the output method, and other
+proprietary technologies
+除新能源汽車研發支出所形成的無形資產按
+照生產總量法計算攤銷之外,其餘無形資產
+在使用壽命內採用直線法攤銷,其使用壽命
+如下:
+工業產權及專有技術
+30-99年
+software
+非專利技術及軟件
+Customer relationships
+客戶關係
+Estimated useful life
+使用壽命
+30-99 years
+2-10 years
+2-10年
+1-5 years
+1-5年
+17.
+5年
+Non-patented technologies and
+Intangible assets
+to be incurred to completion, estimated selling expenses
+and relevant tax amounts. The provision for impairment of
+inventories in the segment of automobiles and related products
+is recognised on the item-by-item basis, and the net realisable
+value is determined on the basis of estimated selling price.
+The net realisable value of other inventories in the segment of
+automobiles and related products and of the inventories of the
+segment of mobile handset is determined based on historical
+losses and business risks, taking into account the risk of
+slow-moving inventory and obsolete inventory, future market
+demands and the risk of product iteration and project change
+as well as aging profile and the experience in estimating net
+realisable value.
+符合資本化條件的資產在購建或者生產過程
+中,發生除達到預定可使用或者可銷售狀態
+必要的程序之外的非正常中斷、且中斷時
+間連續超過3個月的,暫停借款費用的資本
+化。在中斷期間發生的借款費用確認為費
+用,計入當期損益,直至資產的購建或者生
+產活動重新開始。
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+Notes to Financial Statements
+11.
+11.
+存貨(續)
+Net realisable values represent estimated selling prices in
+the ordinary course of business less any estimated costs
+可變現淨值,是指在日常活動中,存貨的估
+計售價減去至完工時估計將要發生的成本、
+估計的銷售費用以及相關稅費後的金額。計
+提存貨跌價準備時,汽車及汽車相關業務中
+的庫存商品按單個存貨項目計提,以估計售
+價為基礎確定可變現淨值。汽車及汽車相關
+業務中的其他存貨以及手機業務存貨以歷史
+損失情況與業務風險為基礎,考慮不同類型
+存貨呆滯過時風險及未來市場需求、產品迭
+代及項目變更風險,結合庫齡情況估計可變
+現淨值經驗數據來確定相關存貨的可變現淨
+值。
+12.
+Long-term equity investments
+Inventories (continued)
+Annual Report 2023
+二零二三年年報
+於資產負債表日,存貨按照成本與可變現淨
+值孰低計量,對成本高於可變現淨值的,計
+提存貨跌價準備,計入當期損益。
+存貨盤存制度採用永續盤存制。
+通過對所轉移金融資產提供財務擔保方式繼
+續涉入的,按照金融資產的賬面價值和財務
+擔保金額兩者之中的較低者,確認繼續涉入
+形成的資產。財務擔保金額,是指所收到的
+對價中,將被要求償還的最高金額。
+financial assets shall be recognised as the lower of the
+carrying value of the financial asset and the amount of
+financial guarantee. The amount of financial guarantee means
+the maximum amount among considerations received to be
+required for repayment.
+11.
+Inventories
+11.
+存貨
+Inventories include raw materials, work-in-progress, finished
+goods and turnover materials, etc.
+Inventories are initially measured at costs. Inventories' costs
+include purchasing costs, processing costs and other costs.
+Actual costs of goods delivered are recognised using the
+weighted average method. Turnover materials mainly include
+packing materials, which are charged to the costs and
+expenses when fetched using the one-off write-off method.
+Inventories are valued using the perpetual inventories stock-
+take system.
+At the balance sheet date, inventories are measured at the
+lower of cost or net realisable value. If the cost is higher than
+the new realizable value, provision for impairment of inventories
+is made and recognized in profit or loss.
+存貨包括原材料、在產品、庫存商品、週轉
+材料等。
+存貨按照成本進行初始計量。存貨成本包括
+採購成本、加工成本和其他成本。發出存
+貨,採用加權平均法確定其實際成本。週轉
+材料主要包括包裝物,領用時採用一次轉銷
+法計入成本費用。
+12.
+本集團既沒有轉移也沒有保留金融資產所有
+權上幾乎所有的風險和報酬的,分別下列情
+況處理:放棄了對該金融資產控制的,終止
+確認該金融資產並確認產生的資產和負債;
+未放棄對該金融資產控制的,按照其繼續涉
+入所轉移金融資產的程度確認有關金融資
+產,並相應確認有關負債。
+長期股權投資
+Long-term equity investments were initially measured at
+initial investment cost on acquisition. For a long-term equity
+investment acquired by the business combination involving
+entities under common control, the initial investment cost is
+recognised as the share of the investee's equity in the carrying
+amount presented in the consolidated financial statements
+of the ultimate controller. The difference between the initial
+investment cost and the carrying amount of consolidated
+consideration is charged to the capital reserve (or recognised
+as write-down in the retained profit if the capital reserve is not
+available). For long-term equity investments acquired through
+the business combination of entities not under common control,
+the initial investment cost shall be the cost of combination (for
+business combinations of entities not under common control
+achieved in stages through multiple transactions, the initial
+investment cost shall be the sum of the carrying amount of
+the equity investment in the acquired party held prior to the
+date of acquisition and new investment cost incurred as at
+the date of acquisition). The initial investment cost of long-
+term equity investments other than those acquired through
+business combination shall be recognised in accordance with
+the following: for those acquired by way of cash payments, the
+initial investment cost shall be the consideration actually paid
+plus expenses, tax amounts and other necessary outgoings
+directly related to the acquisition of the long-term equity
+investments. For long-term equity investments acquired by way
+of the issue of equity securities, the initial investment cost shall
+be the fair value of the equity securities issued.
+investments when the Group can jointly control and has
+significant influence over the invested entity. Joint control is
+the contractually agreed sharing of control of an arrangement,
+which exists only when decisions about the relevant activities
+require the unanimous consent of the parties sharing control.
+Significant influence means having the authority to take part in
+the decision over the financial and operational policies but not
+the authority to control or jointly control with other parties the
+formulation of such policies.
+本公司能夠對被投資單位實施控制的長期股
+權投資,在本公司個別財務報表中採用成本
+法核算。控制,是指擁有對被投資方的權
+力,通過參與被投資方的相關活動而享有可
+變回報,並且有能力運用對被投資方的權力
+影響回報金額。
+採用成本法時,長期股權投資按初始投資成
+本計價。追加或收回投資的,調整長期股權
+投資的成本。被投資單位宣告分派的現金股
+利或利潤,確認為當期投資收益。
+本集團對被投資單位具有共同控制及重大影
+響的,長期股權投資採用權益法核算。共同
+控制,是指按照相關約定對某項安排所共有
+的控制,並且該安排的相關活動必須經過分
+享控制權的參與方一致同意後才能決策。重
+大影響,是指對一個被投資單位的財務和經
+營政策有參與決策的權力,但並不能夠控制
+或者與其他方一起共同控制這些政策的制
+定。
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+The equity method is used to account for long-term equity
+財務報表附註
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+12.
+Long-term equity investments (continued)
+RMB'000
+人民幣千元
+When the cost method is used, long-term equity investments
+are measured at initial cost on acquisition. When additional
+investments are made or investments are recouped, the
+cost of long-term equity investments shall be adjusted. Cash
+dividend or profit distribution declared by the investee shall be
+recognised as investment gains for the period.
+In the financial statements of the Company, the cost method is
+used for long-term equity investments in investees over which
+the Company exercises control. Control is defined as the
+power exercisable over the investee, the entitlement to variable
+return through involvement in the activities of the investee and
+the ability to influence the amount of return using the power
+over the investee.
+長期股權投資(續)
+長期股權投資包括對子公司以及合營企業和
+聯營企業的權益性投資。
+長期股權投資在取得時以初始投資成本進行
+初始計量。通過同一控制下企業合併取得的
+長期股權投資,以合併日取得被合併方所有
+者權益在最終控制方合併財務報表中的賬面
+價值的份額作為初始投資成本;初始投資成
+本與合併對價賬面價值之間差額,調整資本
+公積(不足衝減的,衝減留存收益)。通過非
+同一控制下企業合併取得的長期股權投資,
+以合併成本作為初始投資成本(通過多次交易
+分步實現非同一控制下企業合併的,以購買
+日之前所持被購買方的股權投資的賬面價值
+與購買日新增投資成本之和作為初始投資成
+本)。除企業合併形成的長期股權投資以外方
+式取得的長期股權投資,按照下列方法確定
+初始投資成本:支付現金取得的,以實際支
+付的購買價款及與取得長期股權投資直接相
+關的費用、稅金及其他必要支出作為初始投
+資成本;發行權益性證券取得的,以發行權
+益性證券的公允價值作為初始投資成本。
+153
+BYD Company Limited
+154
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+12.
+Long-term equity investments (continued)
+12.
+Long-term equity investments include equity investments in
+subsidiaries, joint ventures and associates.
+12.
+本集團已將金融資產所有權上幾乎所有的風
+險和報酬轉移給轉入方的,終止確認該金融
+資產;保留了金融資產所有權上幾乎所有的
+風險和報酬的,不終止確認該金融資產。
+10.
+無形資產(續)
+18.
+The Group classifies the expenses for in-house research and
+development as research costs and development costs. All
+research costs are charged to the profit or loss as incurred.
+Development costs are capitalised only when all the following
+conditions are met: the Group can demonstrate the technical
+feasibility of completing the intangible asset so that it will be
+available for use or sale; its intention to complete and its ability
+to use or sell the asset; how the asset will generate economic
+benefits (including demonstration that the product derived
+from the intangible asset or the intangible asset itself will be
+marketable or, in the case of internal use, the usefulness of
+the intangible asset as such); the availability of technical and
+financial resources to complete the project and procure the
+use or sale of the intangible asset; and the ability to measure
+reliably the expenditure during the development. Development
+costs which do not meet these criteria are recorded in profit or
+loss when incurred.
+本集團將內部研究開發項目的支出,區分為
+研究階段支出和開發階段支出。研究階段的
+支出,於發生時計入當期損益。開發階段的
+支出,只有在同時滿足下列條件時,才能予
+以資本化,即:完成該無形資產以使其能夠
+使用或出售在技術上具有可行性;具有完成
+該無形資產並使用或出售的意圖;無形資產
+產生經濟利益的方式,包括能夠證明運用該
+無形資產生產的產品存在市場或無形資產自
+身存在市場,無形資產將在內部使用的,能
+夠證明其有用性;有足夠的技術、財務資
+源和其他資源支持,以完成該無形資產的開
+發,並有能力使用或出售該無形資產;歸屬
+於該無形資產開發階段的支出能夠可靠地計
+量。不滿足上述條件的開發支出,於發生時
+計入當期損益。
+Where the conditions stated above are satisfied, the works
+of the research stage have been completed, and it is certain
+that the intangible assets arising from the development of the
+project cater to market demands and the technical solutions
+are developed, to generate economic benefits, the Group may
+advance the corresponding project to the development stage
+after assessment, capitalise the expenses of the development
+stage when the capitalisation conditions are satisfied and
+transfer the capitalised expenses to intangible assets when the
+project passes the completion acceptance to become ready
+for the intended use.
+Impairment
+17.
+The Group assesses impairment of assets other than
+inventories, contract assets and assets related to contract
+costs, deferred tax assets and financial assets, using the
+methods described below:
+performed at least annually regardless of whether there are
+indications of impairment.
+本集團相應項目在滿足上述條件,在研究階
+段的工作已完成,預計該項目開發形成的無
+形資產滿足市場需求已明確、技術方案已確
+定、能夠給企業帶來經濟利益等條件時,經
+本集團評審通過後進入開發階段,開發階段
+發生的支出在滿足上述資本化條件後開始資
+本化。在項目結題驗收達到預計可使用狀態
+時結轉無形資產。
+18.
+資產減值
+對除存貨、合同資產及與合同成本有關的資
+產、遞延所得稅、金融資產外的資產減值,
+按以下方法確定:
+於資產負債表日判斷資產是否存在可能發生
+減值的跡象,存在減值跡象的,本集團將估
+計其可收回金額,進行減值測試;對因企業
+合併所形成的商譽、使用壽命不確定的無形
+資產和尚未達到可使用狀態的無形資產,無
+論是否存在減值跡象,至少於每年末進行減
+值測試。
+The Group assesses at each balance sheet date whether there
+is an indication that an asset may be impaired. If any such
+indication exists, the Group makes an estimate of the asset's
+recoverable amount and performs a test of impairment for the
+asset. For goodwill generated from business combination,
+intangible assets with indefinite useful lives and intangible
+assets not yet available for use, tests for impairment are
+三、 重要會計政策及會計估計(續)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Intangible assets (continued)
+17.
+Basis of determination
+確定依據
+Term of land use rights
+土地使用權期限
+The shorter of patent term and estimated useful life
+專利權期限與預計使用期限孰短
+The shorter of useful lives and estimated useful
+lives of non-patented technologies and software
+非專利技術及軟件使用年限與預計使用年限孰短
+Expected beneficial lives of customer relationships
+預計客戶關係受益年限
+159
+BYD Company Limited
+160
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+Annual Report 2023
+二零二三年年報
+金融資產轉移
+Notes to Financial Statements
+RMB'000
+人民幣千元
+152
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+BYD Company Limited
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+10.
+Financial instruments (continued)
+Transfer of financial assets
+If the Group has transferred substantially all the risks and
+rewards associated with the ownership of a financial asset to
+the transferee, the asset should be derecognised. If the Group
+retains substantially all the risks and rewards of ownership of a
+financial asset, the asset should not be derecognised.
+When the Group has neither transferred nor retained
+substantially all the risks and rewards of ownership of the
+financial asset, it may either derecognise the financial asset
+and recognise any associated assets and liabilities if control
+of the financial asset has not been retained; or recognises the
+financial asset to the extent of its continuing involvement in
+the transferred financial asset and recognises an associated
+liability if control has been retained.
+Assets formed by the continuing involvement by way of the
+provision of financial guarantee in respect of the transferred
+三、 重要會計政策及會計估計(續)
+161
+上述資產減值損失一經確認,在以後會計期
+間不再轉回。
+比較包含商譽的資產組或者資產組組合的賬
+面價值與可收回金額,如可收回金額低於賬
+面價值的,減值損失金額首先抵減分攤至資
+產組或資產組組合中商譽的賬面價值,再根
+據資產組或資產組組合中除商譽之外的其他
+各項資產的賬面價值所佔比重,按比例抵減
+其他各項資產的賬面價值。
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、 重要會計政策及會計估計(續)
+18.
+ACCOUNTING ESTIMATES (CONTINUED)
+Impairment (continued)
+18.
+資產減值(續)
+Recoverable amount is the higher of the asset's fair value
+less costs to sell and the present value of its estimated future
+cash flows. The Group estimates the recoverable amount of
+individual assets on item-by-item basis. When it is difficult
+to estimate individually, the recoverable amount of the cash
+generating unit which the assets belong to will be estimated.
+The definition of a cash generating unit (CGU) is determined
+on the basis of whether the primary cash inflows generated
+by that group are independent of those from other assets or
+CGUS.
+可收回金額根據資產的公允價值減去處置費
+用後的淨額與資產預計未來現金流量的現值
+兩者之間較高者確定。本集團以單項資產為
+基礎估計其可收回金額;難以對單項資產的
+可收回金額進行估計的,以該資產所屬的資
+產組為基礎確定資產組的可收回金額。資產
+組的認定,以資產組產生的主要現金流入是
+否獨立於其他資產或者資產組的現金流入為
+依據。
+When the carrying amount of an asset or a CGU exceeds
+its recoverable amount, the carrying amount is written down
+to the recoverable amount, and the amount of write-down
+is recognised in profit or loss, with provision for impairment
+provided accordingly.
+In connection with impairment tests for goodwill, the carrying
+amount of goodwill is allocated to relevant CGUS or CGU
+group from the date of acquisition on a reasonable basis.
+A relevant CGU or CGU group is defined as one which can
+benefit from the synergies of the business combination and
+is not larger than the operating segments determined by the
+Group.
+The carrying amount and recoverable amount of CGU or CGU
+group that comprise goodwill should be compared. Where
+the recoverable amount is lower than the carrying amount,
+the impairment loss should first be offset against the carrying
+amount of the goodwill allocated to CGUS or CGU groups
+and then against the carrying amount of other assets in the
+CGUS or CGU groups other than goodwill in proportion to the
+weighting of these assets.
+Previously recognised impairment losses are not reversed in
+subsequent periods.
+當資產或資產組的可收回金額低於其賬面價
+值時,本集團將其賬面價值減記至可收回金
+額,減記的金額計入當期損益,同時計提相
+應的資產減值準備。
+就商譽的減值測試而言,對於商譽的賬面價
+值,自購買日起按照合理的方法分攤至相關
+的資產組或者資產組組合。相關的資產組或
+資產組組合,是能夠從企業合併的協同效應
+中受益的資產組或者資產組組合,且不大於
+本集團確定的經營分部。
+財務報表附註
+17.
+長期股權投資(續)
+Under the equity method, after the long-term equity
+investments are acquired, investment gains or losses and
+other comprehensive income are recognised according to the
+entitled share of net profit or loss and other comprehensive
+income of the investee and the carrying amount of the
+long-term equity investment is adjusted accordingly. When
+recognising the Group's share of the net profit or loss of the
+invested entity, the Group makes adjustments based on fair
+values of the investees' identifiable assets and liabilities at the
+acquisition date in accordance with the Group's accounting
+policy and accounting period to investee's net profits,
+eliminating pro-rata profit or loss from internal transactions
+between associates and joint ventures attributed to investor
+(except that loss from inter-group transactions deemed as
+asset impairment loss shall be fully recognised), provided
+that invested or sold assets constituting businesses shall
+be excluded. When the invested enterprise declares profit
+appropriations or cash dividends, the carrying amount of long-
+term equity investment is adjusted down by the Group's share
+of the profit appropriations and dividends. The Group shall
+discontinue recognising its share of the losses of the investee
+after the long-term equity investment together with any long-
+term interests that in substance forms part of the Group's
+net investment in the investee are reduced to zero, except to
+the extent that the Group has incurred obligations to assume
+additional losses. The Group also adjusts the carrying amount
+of long-term equity investments for other changes in owner's
+equity of the investees (other than the net-off of net profits or
+losses, other comprehensive income and profit allocation of
+the investee), and includes the corresponding adjustment in
+equity.
+158
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+BYD Company Limited
+III.
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+15.
+Construction in progress (continued)
+15.
+在建工程(續)
+PRINCIPAL ACCOUNTING POLICIES AND
+157
+在建工程成本按實際工程支出確定,包括在
+建期間發生的各項必要工程支出、工程達到
+預定可使用狀態前的應予資本化的借款費用
+以及其他相關費用等。
+borrowing costs subject to capitalisation before they can be
+put into use and other related fees.
+1.4%-20.0%
+0%-5%
+7.9%-33.3%
+0%-5%
+19.0%-33.3%
+0%-5%
+9.5% and above
+9.5%及9.5%以上
+本集團至少於每年年度終了,對固定資產的
+使用壽命、預計淨殘值和折舊方法進行覆
+核,必要時進行調整。
+estimated residual values and depreciation methods of fixed
+assets and makes adjustments if necessary.
+15.
+Construction in progress
+15.
+在建工程
+Construction in progress is measured at the actual construction
+expenditures, including necessary project work expenses
+incurred during the period while construction is in progress,
+Construction in progress is transferred into fixed assets when it
+0%-5%
+is ready for its intended use. The criteria are as follows:
+Buildings
+購建或者生產符合資本化條件的資產達到預
+定可使用或者可銷售狀態時,借款費用停止
+資本化。之後發生的借款費用計入當期損
+益。
+資益
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+16.
+Borrowing costs (continued)
+Annual Report 2023
+二零二三年年報
+可直接歸屬於符合資本化條件的資產的購建
+或者生產的借款費用,予以資本化,其他借
+款費用計入當期損益。當資本支出和借款費
+用已經發生,且為使資產達到預定可使用或
+可銷售狀態所必要的購建或生產活動已經開
+始時,借款費用開始資本化。
+Notes to Financial Statements
+財務報表附註
+三、重要會計政策及會計估計(續)
+16.
+借款費用(續)
+During capitalisation, interest of each accounting period
+is recognised using the following methods: for specific
+borrowings, the borrowing costs eligible for capitalisation are
+the actual interest costs incurred during the current period
+deducted by any temporary interest or investment income;
+for general borrowings, the borrowing costs eligible for
+capitalisation are determined by applying a capitalisation rate
+to the excess amounts of cumulative expenditures on the asset
+over the weighted average of cumulative expenditures on the
+asset of specific borrowings multiplying the weight average
+rate of general borrowings.
+Except for expected suspension under normal situation of
+qualifying assets, capitalisation should be suspended during
+periods in which abnormal interruption has lasted for more than
+three months during the process of acquisition, construction
+or production. The borrowing cost incurred during interruption
+should be recognised as expenses and recorded in profit or
+loss until the acquisition, construction or production activities
+of assets resume.
+在資本化期間內,每一會計期間的利息資本
+化金額,按照下列方法確定:專門借款以當
+期實際發生的利息費用,減去暫時性的存款
+利息收入或投資收益後的金額確定;佔用的
+一般借款,根據累計資產支出超過專門借款
+部分的資產支出加權平均數乘以所佔用一般
+借款的加權平均利率計算確定。
+RMB'000
+人民幣千元
+becomes ready for its intended use or sale. Borrowing costs
+incurred afterwards are recognised in profit or loss.
+The capitalisation of such borrowing costs ceases when the
+qualifying asset being acquired, constructed or produced
+borrowing costs are being incurred and activities of acquisition,
+construction or production that are necessary to prepare the
+asset for its intended use are in progress.
+房屋及建築物
+Machinery equipment
+機器設備
+Office and other equipment
+Criteria of transfer to fixed assets
+結轉固定資產的標準
+The earlier of completion acceptance or
+actual commencement of the usage
+完工驗收/實際開始使用孰早
+The earlier of installation and acceptance or
+actual commencement of the usage
+完成安裝並驗收/實際開始使用孰早
+The earlier of installation and acceptance or
+actual commencement of the usage
+完成安裝並驗收/實際開始使用孰早
+辦公及其他設備
+16.
+Borrowing costs
+16.
+借款費用
+Borrowing costs directly attributable to the acquisition,
+construction or production of a qualifying asset are capitalised.
+Other borrowing costs incurred are recorded in the profit
+or loss for the period. The capitalisation of borrowing costs
+commences when expenditure for the asset is being incurred,
+在建工程在達到預定可使用狀態時轉入固定
+資產。標準如下:
+Under the equity method, any excess of the initial investment
+cost of a long-term equity investment over the Company's
+share of the fair value of the investment's identifiable net
+assets is included in the initial investment cost of the long-
+term equity investment. When the initial investment cost of a
+long-term equity investment is less than the Company's share
+of the fair value of the investment's identifiable net assets, the
+difference is recognised in profit or loss for the current period
+and debited to long-term equity investment.
+The Group reviews, at least at each year end, useful lives,
+10 years and below
+are charged to investment property costs if there is a probable
+inflow of economic benefits relating to the asset and its cost
+can be reliably measured. Otherwise, those expenditures are
+recognised in profit or loss as incurred.
+The Group uses the cost model for subsequent measurement
+of investment properties.
+For an investment property that is subsequently measured
+using the cost model, refer to Note V.14 for the test for
+impairment and recognition of provision for impairment.
+Buildings in investment properties are depreciated using
+the straight-line method, with estimated useful life of 30-50
+years. The useful lives, estimated net residual values and
+depreciation methods of investment properties are reviewed
+and adjusted as appropriate at least at each year-end.
+Fixed Assets
+A fixed asset is recognised when, and only when, it is
+probable that future economic benefits that are associated
+with the fixed asset will flow to the Group and the cost can
+be measured reliably. Subsequent expenditures related to a
+fixed asset are recognised in the carrying amount of the fixed
+asset if the above recognition criteria are met, and the carrying
+value of the replaced part is derecognised; otherwise, those
+expenditures are recognised in profit or loss as incurred.
+Subsequent expenses relating to the investment properties
+Fixed assets are initially recognised at cost. Cost of purchased
+any directly attributable expenditure for bringing the asset to
+working conditions for its intended use.
+投資性房地產,是指為賺取租金或資本增
+值,或兩者兼有而持有的房地產。
+投資性房地產按照成本進行初始計量。與投
+資性房地產有關的後續支出,如果與該資產
+有關的經濟利益很可能流入且其成本能夠可
+靠地計量,則計入投資性房地產成本。否
+則,於發生時計入當期損益。
+本集團採用成本模式對投資性房地產進行後
+續計量。
+採用成本模式進行後續計量的投資性房地產
+減值測試方法及減值準備計提方法,詳見附
+註五、14。
+投資性房地產中的房屋及建築物折舊採用年
+限平均法計提,估計使用年限為30-50年。
+本集團至少於每年年度終了,對投資性房地
+產的使用壽命、預計淨殘值和折舊方法進行
+覆核,必要時進行調整。
+fixed assets includes purchasing price, relevant taxes, and
+Investment properties are initially measured at cost.
+14.
+Investment properties are properties held to earn rentals and/
+or for capital appreciation.
+採用權益法時,長期股權投資的初始投資成
+本大於投資時應享有被投資單位可辨認淨資
+產公允價值份額的,歸入長期股權投資的初
+始投資成本;長期股權投資的初始投資成本
+小於投資時應享有被投資單位可辨認淨資產
+公允價值份額的,其差額計入當期損益,同
+時調整長期股權投資的成本。
+採用權益法時,取得長期股權投資後,按照
+應享有或應分擔的被投資單位實現的淨損益
+和其他綜合收益的份額,分別確認投資損益
+和其他綜合收益並調整長期股權投資的賬面
+價值。在確認應享有被投資單位淨損益的份
+額時,以取得投資時被投資單位可辨認資產
+等的公允價值為基礎,按照本集團的會計政
+策及會計期間,並抵銷聯營企業及合營企業
+之間發生的內部交易損益按照應享有的比例
+計算歸屬於投資方的部分(但內部交易損失屬
+於資產減值損失的,應全額確認),對被投
+資單位的淨利潤進行調整後確認,但投資或
+出售的資產構成業務的除外。按照被投資單
+位宣告分派的利潤或現金股利計算應享有的
+部分,相應減少長期股權投資的賬面價值。
+本集團確認被投資單位發生的淨虧損,以長
+期股權投資的賬面價值以及其他實質上構成
+對被投資單位淨投資的長期權益減記至零為
+限,本集團負有承擔額外損失義務的除外。
+對於被投資單位除淨損益、其他綜合收益和
+利潤分配以外所有者權益的其他變動,調整
+長期股權投資的賬面價值並計入股東權益。
+155
+BYD Company Limited
+156
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+三、 重要會計政策及會計估計(續)
+13. Investment properties
+13.
+投資性房地產
+14.
+10年及10年以下
+固定資產
+固定資產按照成本進行初始計量。購置固定
+資產的成本包括購買價款,相關稅費,以及
+為使固定資產達到預定可使用狀態前所發生
+的可直接歸屬於該資產的其他支出。
+Buildings
+房屋及建築物
+Machinery equipment
+機器設備
+Motor vehicles
+運輸工具
+depreciation rate
+年折舊率
+Office and other equipment
+5-70 years
+5-70年
+3-12 years
+3-12年
+3-5 years
+3-5年
+辦公及其他設備
+value ratio
+預計淨殘值率
+Annual
+residual
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+14.
+ACCOUNTING ESTIMATES (CONTINUED)
+Fixed Assets (continued)
+14.
+固定資產(續)
+Except freehold lands account no depreciation and except
+moulds in machinery equipment are depreciated on a unit of
+production method, others are all depreciated on a straight-
+line basis. The estimated useful lives, estimated residual value
+ratio and annual depreciation rates of the fixed assets that are
+depreciated on a straight-line basis are as follows:
+除永久業權土地不計提折舊以及除機器設備
+中的模具按工作量法折舊外,其餘均採用年
+限平均法計提。按照年限平均法折舊的固定
+資產的估計使用年限、預計淨殘值率及年折
+舊率如下:
+Estimated useful life
+估計使用年限
+Estimated
+固定資產僅在與其有關的經濟利益很可能流
+入本集團,且其成本能夠可靠地計量時才予
+以確認。與固定資產有關的後續支出,符合
+該確認條件的,計入固定資產成本,並終止
+確認被替換部分的賬面價值;否則,在發生
+時計入當期損益。
+金融工具(續)
+5 years
+三、重要會計政策及會計估計(續)
+that the Group is entitled to receive as a result of its transfer
+of goods to customers and is determined in accordance with
+the terms of contract, taking into account historical business
+practices. The Group determines the best estimates of
+discounts based on the expected value or the most probable
+amount, and recognises the transaction prices provided
+that the transaction prices after estimated discount shall not
+exceed the cumulative amount of recognised revenue upon
+the removal of relevant uncertainties, in connection with which
+a significant reversal is highly unlikely, and is re-estimated at
+each balance sheet date.
+The transaction price refers to the amount of consideration
+The product sales contract between the Group and its
+customers typically includes contractual performance
+obligations for the transfer of products. The Group recognises
+its revenue at the time of delivery and customers' acceptance
+of the products, taking into account the following factors: the
+acquisition of the current right to receive payments for the
+products, the transfer of major risks and rewards pertaining
+to the ownership of the products, the transfer of the legal
+title of the products, the transfer of the physical assets of the
+products, and customers' acceptance of the products.
+Contract for the sales of products
+The Group recognises its revenue upon the fulfilment of
+performance obligations under a contract, namely, when
+the customer obtains control over the relevant products or
+services. The acquisition of control over relevant products or
+services shall mean the ability to direct the use of the products
+or the provision of the services and receive substantially all
+economic benefits derived therefrom.
+與客戶之間的合同產生的收入
+23.
+Revenue from contracts with customers
+23.
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+PRINCIPAL ACCOUNTING POLICIES AND
+III.
+RMB'000
+人民幣千元
+本集團在履行了合同中的履約義務,即在客
+戶取得相關商品或服務控制權時確認收入。
+取得相關商品或服務的控制權,是指能夠主
+導該商品的使用或該服務的提供並從中獲得
+幾乎全部的經濟利益。
+財務報表附註
+Annual Report 2023
+二零二三年年報
+如果取消了以權益結算的股份支付,則於取
+消日作為加速行權處理,立即確認尚未確認
+的金額。職工或其他方能夠選擇滿足非可行
+權條件但在等待期內未滿足的,作為取消以
+權益結算的股份支付處理。但是,如果授予
+新的權益工具,並在新權益工具授予日認定
+所授予的新權益工具是用於替代被取消的權
+益工具的,則以與處理原權益工具條款和條
+件修改相同的方式,對所授予的替代權益工
+具進行處理。
+如果修改了以權益結算的股份支付的條款,
+至少按照未修改條款的情況確認取得的服
+務。此外,增加所授予權益工具公允價值的
+修改,或在修改日對職工有利的變更,均確
+認取得服務的增加。
+以權益結算的股份支付換取職工提供服務
+的,以授予職工權益工具的公允價值計量。
+授予後立即可行權的,在授予日按照公允價
+值計入相關成本或費用,相應增加資本公
+積;完成等待期內的服務或達到規定業績條
+件才可行權的,在等待期內每個資產負債表
+日,以對可行權權益工具數量的最佳估計為
+基礎,按照授予日的公允價值,將當期取得
+的服務計入相關成本或費用,相應增加資本
+公積。權益工具的公允價值採用二項式模型
+確定,參見附註十一。
+股份支付,分為以權益結算的股份支付和以
+現金結算的股份支付。以權益結算的股份支
+付,是指本集團為獲取服務以股份或其他權
+益工具作為對價進行結算的交易。
+Where an equity-settled award is cancelled, it is treated as if it
+had been vested on the date of cancellation, and any expense
+not yet recognised for the award is recognised immediately.
+Where employees or other parties are permitted to choose
+to fulfill non-vesting conditions but have not fulfilled such
+conditions during the vesting period, equity-settled share-
+based payments are deemed cancelled. However, if a new
+award is substituted for the cancelled award and designated
+as a replacement award on the date when it is granted, the
+new award is treated as if it was a modification of the original
+award.
+Where the terms of an equity-settled share-based payment are
+modified, as a minimum, services obtained are recognised as if
+the terms had not been modified. In addition, any modification
+that increases the fair value of the equity instrument granted
+or is beneficial to the employee as measured at the date of
+modification is recognised as increment of services obtained.
+Equity-settled share-based payments made in exchange for
+services rendered by employees are measured at the fair value
+of equity instruments granted to employees. Instruments which
+are vested immediately upon the grant are charged to relevant
+costs or expenses at the fair value on the date of grant and the
+capital reserve is credited accordingly. Instruments of which
+vesting is conditional upon completion of services or fulfillment
+of performance conditions are measured by recognising
+services rendered during the period in relevant costs or
+expenses and crediting the capital reserve accordingly at
+each balance sheet date during the vesting period, based on
+the best estimate of the quantity of equity instruments that are
+exercisable and the fair value at the grant date. The fair value
+of equity instruments is determined by the binomial pricing
+model, with details set out in Note XI.
+Share-based payments can be distinguished into equity-
+settled share-based payments and cash-settled share-
+based payments. Equity-settled share-based payments
+are transactions of the Group settled through the payment
+of shares or other equity instruments in consideration for
+receiving services.
+股份支付
+22.
+三、重要會計政策及會計估計(續)
+PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Share-based payments
+22.
+Notes to Financial Statements
+III.
+銷售商品合同
+本集團將因向客戶轉讓商品而預期有權收取
+的對價金額作為交易價格,並根據合同條
+款,結合以往的商業慣例予以確定。本集團
+按照期望值或最有可能發生金額對折扣做出
+最佳估計,以估計折扣後的交易價格不超過
+在相關不確定性消除時累計已確認收入極可
+能不會發生重大轉回的金額為限計入交易價
+格,並在每一個資產負債表日進行重新估
+計。
+三、
+PRINCIPAL ACCOUNTING POLICIES AND
+III.
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+167
+Annual Report 2023
+二零二三年年報
+根據合同約定、法律規定等,本集團為所銷
+售的商品提供質量保證,屬於為向客戶保證
+所銷售的商品符合既定標準的保證類質量保
+證,本集團按照附註三、21進行會計處理。
+本集團為客戶提供了超過法定質保期限或範
+圍的質量保證,屬於對所銷售的商品符合既
+定標準之外提供了一項單獨服務,本集團將
+其作為一項單項履約義務。本集團按照提供
+商品和服務類質量保證的單獨售價的相對比
+例,將部分交易價格分攤至服務類質量保
+證,並在客戶取得服務控制權時確認收入。
+本集團的部分銷售商品合同中銷售商品的客
+戶同時也是該商品製造中關鍵材料的供應
+商。本集團判斷其是主要責任人還是代理人
+時,需要對在向客戶轉讓商品前是否擁有對
+上述關鍵材料的控制權進行分析。如果本集
+團獲取上述關鍵材料的控制權,那麼��集團
+為主要責任人,並按照已收或應收對價總額
+確認收入。否則,本集團為代理人,按照預
+期有權收取的佣金或手續費的金額確認收
+入。
+對於合同中存在重大融資成分的,本集團按
+照假定客戶在取得商品控制權時即以現金支
+付的應付金額確定交易價格,使用將合同對
+價的名義金額折現為商品現銷價格的折現
+率,將確定的交易價格與合同承諾的對價金
+額之間的差額在合同期間內採用實際利率法
+攤銷。對於預計客戶取得商品控制權與客戶
+支付價款間隔未超過一年的,本集團未考慮
+合同中存在的重大融資成分。
+The Group provides quality assurance for products sold in
+accordance with contract terms and laws and regulations.
+The accounting treatment of quality assurance in the form
+of warranty assuring customers that products sold are in
+compliance with required standards is set out in Note III.21.
+The Group provides warranty to customers beyond the
+statutory period or scope, which is a standalone service in
+addition to the assurance of compliance of products with
+required standards, such warranty is treated as a standalone
+contractual performance obligation The Group allocates a
+portion of the transaction price to the service warranty based
+on a percentage of the standalone price for the provision of
+product and service warranty, with the revenue recognised
+when the customer acquires control of the service.
+Customers who sell products under some of the Group's
+contracts for the sales of products are also the suppliers of key
+materials used in the manufacturing of the products. The Group
+needs to determine whether they are principals or agents in
+these transactions by ascertaining whether they have control
+over the above key materials before they transfer products to
+customers. If the Group acquires control of the aforesaid key
+materials, the Group is the principal and recognises revenue
+by total considerations received or receivable. Otherwise, the
+Group is an agent and recognises revenue by the amounts of
+commissions or service charges expected to receive.
+The difference between such transaction price and contract
+consideration is amortised over the contract period using the
+effective interest rate method based on a ratio that discounts
+the nominal contractual consideration to the current selling
+price of the products. The Group shall not give consideration
+to any significant financing component in a contract if the
+gap between the customer's acquisition of control over the
+products and payment of consideration is expected to be less
+than one year.
+本集團與客戶之間的銷售商品合同通常僅包
+含轉讓商品的履約義務。本集團在綜合考慮
+了下列因素的基礎上,在交付且客戶接受商
+品的時點確認收入:取得商品的現時收款權
+利、商品所有權上的主要風險和報酬的轉
+移、商品的法定所有權的轉移、商品實物資
+產的轉移、客戶接受該商品。
+Where a contract contains a significant financing component,
+the Group determines the transaction price based on
+amounts payable assumed to be settled in cash by customers
+immediately upon the acquisition of control over the products.
+23.
+Revenue from contracts with customers (continued)
+Contract for the sales of products (continued)
+23.
+重要會計政策及會計估計(續)
+三、
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+166
+BYD Company Limited
+165
+與客戶之間的合同產生的收入(續)
+銷售商品合同(續)
+重要會計政策及會計估計(續)
+RMB'000
+Notes to Financial Statements
+governments, and the relevant expenses are recorded in
+related asset costs or profit or loss when incurred.
+The Group's employees are participants of the pension
+and unemployment insurance schemes managed by local
+Post-employment benefits (defined contribution scheme)
+For accounting periods during which services are rendered by
+employees, short-term remuneration incurred is recognised as
+liability and included in profit or loss or related asset costs.
+Short-term remuneration
+Employee remuneration includes all kinds of rewards or
+compensation other than share-based payments incurred by
+the Group in exchange for service rendered by employees
+or in the termination of employment. Employee remuneration
+includes short-term remuneration, post-employment benefits,
+termination benefits and other long-term employees' benefits.
+職工薪酬
+20.
+Lease term or expected useful life whichever is shorter
+租賃期與預計可使用壽命孰短
+攤銷期
+Amortisation Period
+Employee remuneration
+20.
+Improvement costs of right-of-use assets
+使用權資產的改良支出
+職工薪酬,指本集團為獲得職工提供的服務
+或解除勞動關係而給予的,除股份支付以外
+的各種形式的報酬或補償。職工薪酬包括短
+期薪��、離職後福利、辭退福利和其他長期
+職工福利。
+類別
+長期待攤費用是指本公司已經支出、期限在
+1年以上的各項費用。長期待攤費用按直線
+法攤銷。
+Long-term deferred expenditures are amortised on straight-line
+basis.
+Company has paid and carries a term of more than one year.
+Long-term deferred expenditures are expenses which the
+長期待攤費用
+19.
+Long-term deferred expenditures
+19.
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+Category
+財務報表附註
+短期薪酬
+離職後福利(設定提存計劃)
+比亞迪股份有限公司
+164
+BYD Company Limited
+非同一控制下企業合併中取得的被購買方或
+有負債在初始確認時按照公允價值計量,在
+初始確認後,按照預計負債確認的金額,和
+初始確認金額扣除收入確認原則確定的累計
+攤銷額後的餘額,以兩者之中的較高者進行
+後續計量。
+預計負債按照履行相關現時義務所需支出的
+最佳估計數進行初始計量,並綜合考慮與或
+有事項有關的風險、不確定性和貨幣時間價
+值等因素。於資產負債表日對預計負債的賬
+面價值進行覆核並進行適當調整以反映當前
+最佳估計數。
+除了非同一控制下企業合併中的或有對價及
+承擔的或有負債之外,與或有事項相關的義
+務是本集團承擔的現時義務且該義務的履行
+很可能會導致經濟利益流出本集團,同時有
+關金額能夠可靠地計量的,本集團將其確認
+為預計負債。
+預計負債
+21.
+amortization amount determined in the principle of the amount
+initially recognised less revenue.
+A contingent liability of the acquiree gained in a business
+combination not involving entities under common control is
+initially measured at its fair value. Subsequently, it is measured
+at the higher of the amount that would be recognised on the
+basis of estimated liabilities, or the balance of cumulative
+Provisions are initially valued according to the best estimate
+of expenses for performance of present obligations, taking
+account of the risk, uncertainty and time value of the currency
+that are associated with contingent matters. The carrying
+amount of the provisions would be reassessed and adjusted to
+reflect the best estimate on balance sheet date.
+Other than contingent consideration and assumed contingent
+liabilities in a business combination involving parties not under
+common control, the Group recognises as provision when an
+obligation is a present obligation assumed by the Group and it
+is probable that an outflow of economic benefits will result from
+the performance of the obligation and the obligation can be
+reliably measured.
+Provisions
+21.
+在職工提供服務的會計期間,將實際發生的
+短期薪酬確認為負債,並計入當期損益或相
+關資產成本。
+本集團向職工提供辭退福利的,在下列兩者
+孰早日確認辭退福利產生的職工薪酬負債,
+並計入當期損益:企業不能單方面撤回因解
+除勞動關係計劃或裁減建議所提供的辭退福
+利時;企業確認與涉及支付辭退福利的重組
+相關的成本或費用時。
+職工薪酬(續)
+20.
+重要會計政策及會計估計(續)
+三、
+Where termination benefits are provided to employees, liabilities
+in employee remuneration are recognised in profit or loss
+when: the company is not in a position to withdraw termination
+benefits provided under termination plans or redundancy
+plans, or costs or expenses relating to the restructuring
+exercise which involves the payment of termination benefits
+are recognised, whichever is earlier.
+Termination benefits
+20. Employee remuneration (continued)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+163
+Annual Report 2023
+二零二三年年報
+本集團的職工參加由當地政府管理的養老保
+險和失業保險,相應支出在發生時計入相關
+資產成本或當期損益。
+辭退福利
+ACCOUNTING ESTIMATES (CONTINUED)
+23.
+Revenue from contracts with customers (continued)
+Contract for the rendering of services
+政府補助採用總額法核算。
+政府補助在能夠滿足其所附的條件並且能夠
+收到時,予以確認。政府補助為貨幣性資產
+的,按照收到或應收的金額計量。政府補助
+為非貨幣性資產的,按照公允價值計量;公
+允價值不能可靠取得的,按照名義金額計
+量。
+For loans provided to the Group at policy-based favorable
+interest rates by banks, which are supported by the financial
+authorities with discount interest rate funds, the fair value of
+borrowings is recognised as the carrying amount, and the
+borrowing costs are calculated by the effective rate method,
+with the difference between the amount actually received and
+the fair value of borrowing recognised as deferred income
+and the effective rate method adopted for amortisation during
+the loan term to write off borrowing costs. If discount interest
+rate funds are directly offered to the Group, the Group shall
+adopt the corresponding discount interest to write off relevant
+borrowing costs.
+Income-related government grants, if applied to make up
+for related costs or losses in future periods, are recognised
+as deferred income and recorded in profit or loss in the
+period when relevant costs or losses are recognised; if
+applied to make up for related costs or losses that have been
+incurred, recognised directly in profit or loss. Asset-related
+government grants are recognised as deferred income and
+included in profit or loss over the useful life of relevant assets
+by reasonable and systematic instalments. Government
+grants measured at nominal value are directly recognised in
+profit or loss. Where the assets concerned are disposed of,
+transferred, retired or damaged prior to the end of the useful
+life, the balance of the deferred income yet to be allocated is
+transferred to the profit or loss for the period when the assets
+are disposed of.
+In accordance with the stipulations of the government
+instruments, government grants applied towards acquisition or
+the formation of long-term assets in other manners are asset-
+related government grants; grants with unspecific reference
+in government instruments and requiring the exercise of
+judgement based on the basic conditions for receiving such
+grants are treated as asset-related government grants that take
+acquisition of long-term assets or formation in other manners
+as essential condition; otherwise, grants are recognised as
+income-related government grants.
+Government grants are accounted for using the gross method.
+Government grants are recognised when there is reasonable
+assurance that the grant will be received and all attaching
+conditions will be complied with. The grant is measured as
+the amount received or receivable where it takes the form
+of a cash asset, or at fair value where it is not a cash asset.
+Where the fair value cannot be reliably obtained, it should be
+measured at the nominal value.
+政府補助
+26.
+三、 重要會計政策及會計估計(續)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Government grants
+26.
+人民幣千元
+RMB'000
+政府文件規定用於購建或以其他方式形成長
+期資產的,作為與資產相關的政府補助;政
+府文件不明確的,以取得該補助必須具備的
+基本條件為基礎進行判斷,以購建或其他方
+式形成長期資產為基本條件的作為與資產相
+關的政府補助,除此之外的作為與收益相關
+的政府補助。
+財務報表附註
+比亞迪股份有限公司
+170
+BYD Company Limited
+169
+為轉讓該相關商品或服務估計將要發
+生的成本。
+(2)
+estimated costs to be incurred in connection with the
+transfer of relevant goods or services.
+企業因轉讓與該資產相關的商品或服
+務預期能夠取得的剩餘對價;
+(1)
+the remaining consideration expected to be obtained
+as a result of the transfer of goods or services relating
+to such assets;
+(1)
+與合同成本有關的資產,其賬面價值高於下
+列兩項差額的,本集團將超出部分計提減值
+準備,並確認為資產減值損失:
+For assets relating to contract costs whose carrying amount
+is higher than the difference between the following two items,
+the Group makes provision for impairment for the excess to be
+recognised as asset impairment losses:
+本集團對與合同成本有關的資產採用與該資
+產相關的收入確認相同的基礎進行攤銷,計
+入當期損益。
+Notes to Financial Statements
+same basis as that for the recognition of revenue relating to
+such assets and recognises the amortised assets in profit or
+loss.
+與收益相關的政府補助,用於補償以後期間
+的相關成本費用或損失的,確認為遞延收
+益,並在確認相關成本費用或損失的期間計
+入當期損益;用於補償已發生的相關成本費
+用或損失的,直接計入當期損益。與資產相
+關的政府補助,確認為遞延收益,在相關資
+產使用壽命內按照合理、系統的方法分期計
+入損益。但按照名義金額計量的政府補助,
+直接計入當期損益。相關資產在使用壽命結
+束前被出售、轉讓、報廢或發生毀損的,尚
+未分配的相關遞延收益餘額轉入資產處置當
+期的損益。
+III.
+對於與子公司及合營企業投資及聯營
+企業相關的可抵扣暫時性差異,暫時
+性差異在可預見的未來很可能轉回且
+未來很可能獲得用來抵扣該暫時性差
+異的應納稅所得額。
+可抵扣暫時性差異是在以下單項交易
+中產生的:該交易不是企業合併、交
+易發生時既不影響會計利潤也不影響
+應納稅所得額或可抵扣虧損、且初始
+確認的資產和負債未導致產生等額
+應納稅暫時性差異和可抵扣暫時性差
+異;
+1)
+對於���抵扣暫時性差異、能夠結轉以後年度
+的可抵扣虧損和稅款抵減,本集團以很可能
+取得用來抵扣可抵扣暫時性差異、可抵扣虧
+損和稅款抵減的未來應納稅所得額為限,確
+認由此產生的遞延所得稅資產,除非:
+對於與子公司及合營企業及聯營企業
+投資相關的應納稅暫時性差異,該暫
+時性差異轉回的時間能夠控制並且該
+暫時性差異在可預見的未來很可能不
+會轉回。
+應納稅暫時性差異是在以下交易中產
+生的:商譽的初始確認,或者具有以
+下特徵的單項交易中產生的資產或負
+債的初始確認:該交易不是企業合
+併、交易發生時既不影響會計利潤也
+不影響應納稅所得額或可抵扣虧損、
+且初始確認的資產和負債未導致產生
+等額應納稅暫時性差異和可抵扣暫時
+性差異;
+1)
+各種應納稅暫時性差異均據以確認遞延所得
+稅負債,除非:
+本集團根據資產與負債於資產負債表日的賬
+面價值與計稅基礎之間的暫時性差異,以及
+未作為資產和負債確認但按照稅法規定可以
+確定其計稅基礎的項目的賬面價值與計稅基
+礎之間的差額產生的暫時性差異,採用資產
+負債表債務法計提遞延所得稅。
+遞延所得稅
+27.
+三、 重要會計政策及會計估計(續)
+where deductible temporary differences associated
+with investments in subsidiaries, it is probable that
+the temporary differences will be reversed in the
+foreseeable future, and it is probable that taxable
+profit will be available against which the deductible
+temporary differences can be utilised.
+where the deductible temporary difference arises
+from transaction that is not a business combination
+and, at the time of the transaction, affects neither the
+accounting profit nor taxable profit or loss, and the
+assets and liabilities initially recognised do not result
+in equal amounts of taxable temporary differences and
+deductible temporary differences;
+財政將貼息資金撥付給貸款銀行,由貸款銀
+行以政策性優惠利率向本集團提供貸款的,
+以借款的公允價值作為借款的入賬價值並按
+照實際利率法計算借款費用,實際收到的金
+額與借款公允價值之間的差額確認為遞延收
+益,在借款存續期內採用實際利率法攤銷,
+衝減相關借款費用。財政將貼息資金直接撥
+付給本集團的,將對應的貼息衝減相關借款
+費用。
+1)
+in respect of the taxable temporary differences
+associated with investments in subsidiaries, joint
+ventures and associates, where the timing of the
+reversal of the temporary differences can be controlled
+and it is probable that the temporary differences will not
+be reversed in the foreseeable future.
+where the taxable temporary difference arises from the
+initial recognition of goodwill or the initial recognition of
+an asset or liability in a transaction that is not a business
+combination and, at the time of the transaction, affects
+neither the accounting profit nor taxable profit or
+loss, and the assets and liabilities initially recognised
+do not result in equal amounts of taxable temporary
+differences and deductible temporary differences;
+1)
+Deferred tax liabilities are recognised for all taxable temporary
+differences, except:
+The Group recognises deferred taxes by balance sheet liability
+method and according to the temporary difference between
+the carrying amount of assets and liabilities as at the balance
+sheet date and the tax base, and the temporary difference
+between the carrying amount of items that have not been
+recognised as assets and liabilities but of which the tax base
+can be determined and the tax base.
+Deferred tax
+PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+RMB'000
+人民幣千元
+171
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+22
+27.
+Deferred tax assets are recognised for all deductible
+temporary differences, carryforward of unused tax credits and
+unused tax losses, to the extent that it is probable that taxable
+profit will be available against which the deductible temporary
+differences and the carryforward of unused tax credits and
+unused tax losses can be utilised, except:
+The Group amortises assets relating to contract costs on the
+該成本預期能夠收回。
+3)
+合同資產
+本集團根據履行履約義務與客戶付款之間的
+關係在資產負債表中列示合同資產或合同負
+債。本集團將同一合同下的合同資產和合同
+負債相互抵銷後以淨額列示。
+Contract liabilities represent the obligations to transfer
+products or services to customers for the considerations
+received or receivable from customers, for instance, amounts
+received prior to the transfer of agreed products or services.
+Contract liabilities
+For details of the Group's determination and accounting
+treatment of expected credit losses from contract assets,
+please refer to Note III. 10.
+Contract assets represent the rights to receive considerations
+for the transfer of products or services to customers, which are
+dependent on factors other than the passage of time.
+Contract assets
+The Group presents contract assets or contract liabilities
+on the balance sheet according to the relationship between
+contractual performance obligations and customer payments.
+Contract assets and contract liabilities under the same contract
+are presented on a net basis after set-off.
+合同資產與合同負債
+24.
+Contract assets and contract liabilities
+24.
+重要會計政策及會計估計(續)
+三、
+合同資產是指已向客戶轉讓商品或服務而有
+權收取對價的權利,且該權利取決於時間流
+逝之外的其他因素。
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+168
+BYD Company Limited
+本集團通過向客戶提供建造服務履行履約義
+務,由於本集團履約過程中所提供的服務具
+有不可替代用途,且本集團在整個合同期間
+內有權就累計至今已完成的履約部分收入款
+項,本集團將其作為在某一時段內履行的履
+約義務,按照履約進度確認收入,履約進度
+不能合理確定的除外。本集團按照產出法,
+根據實際測量的完工進度確定建造服務的履
+約進度。對於履約進度不能合理確定時,本
+集團已經發生的成本預計能夠得到補償的,
+按照已經發生的成本金額確認收入,直到履
+約進度能夠合理確定為止。
+建造合同
+本集團與客戶之間的提供服務合同通常包含
+維修服務、運輸服務、技術服務、平台服務
+等履約義務,如果本集團履約的同時客戶即
+取得並消耗本集團履約所帶來的經濟利益,
+本集團將其作為在某一時段內履行的履約義
+務,按照履約進度確認收入,履約進度不能
+合理確定的除外。本集團按照投入法確定提
+供服務的履約進度。對於履約進度不能合理
+確定時,本集團已經發生的成本預計能夠得
+到補償的,按照已經發生的成本金額確認收
+入,直到履約進度能夠合理確定為止。對於
+不能滿足在某一時段內履行履約義務的服務
+合同,本集團在服務完成時點確認收入。
+The Group fulfils the performance obligations by providing
+construction services to customers. As the services the
+Group provides during the performance of contracts are
+irreplaceable and the Group has the right to receive payments
+for the performance part that has been completed so far in the
+whole contract period, the Group considers these obligations
+as performance obligations to be fulfilled over a period of
+time and recognises the revenue according to the progress
+of performance (except when the performance progress
+cannot be reasonably determined). The Group determines
+the performance progress for the construction services in
+accordance with the output method and on the basis of
+completion stage measured practically. When the performance
+progress cannot be reasonably determined, the revenue will
+be recognised based on the amount of costs incurred if such
+costs incurred by the Group are expected to be compensated,
+until the performance progress can be reasonably determined.
+Construction contract
+For the performance obligations under the contracts for
+rendering of services between the Group and its customers,
+which usually include maintenance services, transportation
+services, technological services, platform services, etc., the
+Group considers them as performance obligations to be
+fulfilled over a period of time and recognises the revenue
+according to the progress of performance (except when the
+performance progress cannot be reasonably determined),
+if customers are able to obtain and consume the economic
+benefits brought by the Group's contractual performance when
+the Group performs the contracts. The Group determines the
+performance progress for the services provided in accordance
+with the input method. When the performance progress cannot
+be reasonably determined, the revenue will be recognised
+based on the amount of costs incurred if such costs incurred
+by the Group are expected to be compensated, until the
+performance progress can be reasonably determined. For
+service contracts whose performance obligations cannot be
+fulfilled over a period of time, the Group recognises revenue at
+the time when services are provided.
+與客戶之間的合同產生的收入(續)
+提供服務合同
+23.
+人民幣千元
+本集團對合同資產的預期信用損失的確定方
+法及會計處理方法詳見附註三、10。
+合同負債
+合同負債是指已收或應收客戶對價而應向客
+戶轉讓商品或服務的義務,如企業在轉讓承
+諾的商品或服務之前已收取的款項。
+they are expected to be recoverable.
+3)
+該成本增加了企業未來用於履行履約
+義務的資源;
+該成本與一份當前或預期取得的合同
+直接相關,包括���接人工、直接材
+料、製造費用(或類似費用)、明確由
+客戶承擔的成本以及僅因該合同而發
+生的其他成本;
+1)
+本集團為履行合同發生的成本,不適用存
+貨、固定資產或無形資產等相關準則的規範
+範圍的,且同時滿足下列條件的,作為合同
+履約成本確認為一項資產:
+they increase the resources to be utilised in the
+Company's future performance of its contractual
+obligations;
+they are directly related to a current or anticipated
+contract, including direct labour, direct materials,
+manufacturing expenses (or similar expenses), to
+be borne by customers as specifically stipulated,
+and otherwise incurred solely in connection with the
+contract;
+2)
+1)
+Costs incurred by the Group for the performance of a contract
+are recognised as an asset as contract performance costs if
+they do not fall under the scope of the relevant standards for
+inventories, fixed assets or intangible assets but meet all the
+following conditions:
+與合同成本有關的資產(續)
+25.
+Assets relating to contract costs (continued)
+25.
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+25.
+Assets relating to contract costs
+25.
+與合同成本有關的資產
+The Group's assets relating to contract costs include contract
+acquisition costs and contract performance costs, presented
+respectively under inventories, other current assets and other
+non-current assets according to their liquidity.
+Where the Group expects the incremental costs for acquiring a
+contract to be recoverable, such contract acquisition costs are
+162
+recognised as an asset (unless the amortisation period of the
+asset is not more than one year).
+本集團為取得合同發生的增量成本預期能夠
+收回的,作為合同取得成本確認為一項資
+產,除非該資產攤銷期限不超過一年。
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+本集團與合同成本有關的資產包括合同取得
+成本和合同履約成本。根據其流動性,分別
+列報在存貨、其他流動資產和其他非流動資
+產中。
+BYD Company Limited
+人民幣千元
+28.
+As the lessor under a finance lease
+which are recognised as finance leases, all leases are
+recognised as operating leases.
+rewards relating to the ownership of leased assets at inception
+Other than leases that transfer substantially all risks and
+作為出租人
+租賃(續)
+28.
+三、重要會計政策及會計估計(續)
+RMB'000
+人民幣千元
+As a lessor
+Leases (continued)
+28.
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Notes to Financial Statements
+財務報表附註
+At the commencement date of the lease term, the Group
+recognises finance lease receivables and derecognises
+financial leased assets. The Group initially measures finance
+lease receivables in the amount of net investment in the
+lease. Net investment in the lease is the sum of unguaranteed
+residual value and the present value of lease payments not
+received at the commencement date being discounted at
+the interest rate contained in the lease, including initial direct
+costs. The Group calculates and recognises interest income
+in each period during the lease term based on a constant
+periodic rate of interest. The variable lease payments that are
+not included in the measurement of the net investment in the
+lease are recognised in profit or loss when incurred.
+175
+本集團將在租賃期開始日,租賃期不超過12
+個月,且不包含購買選擇權的租賃認定為短
+期租賃;將單項租賃資產為全新資產時價值
+較低的租賃認定為低價值資產租賃。本集團
+轉租或預期轉租租賃資產的,原租賃不認定
+為低價值資產租賃。本集團對短期租賃和低
+價值資產租賃選擇不確認使用權資產和租賃
+負債,在租賃期內各個期間按照直線法計入
+相關的資產成本或當期損益。
+短期租賃和低價值資產租賃
+租賃期開始日後,本集團確認利息時增加租
+賃負債的賬面金額,支付租賃付款額時減少
+租賃負債的賬面金額。當實質固定付款額發
+生變動、擔保餘值預計的應付金額發生變
+化、用於確定租賃付款額的指數或比率發生
+變動、購買選擇權、續租選擇權或終止選擇
+權的評估結果或實際行權情況發生變化時,
+本集團按照變動後的租賃付款額的現值重新
+計量租賃負債。
+在計算租賃付款額的現值時,本集團採用租
+賃內含利率作為折現率;無法確定租賃內含
+利率的,採用承租人增量借款利率作為折現
+率。本集團按照固定的週期性利率計算租賃
+負債在租賃期內各期間的利息費用,並計入
+當期損益,但另有規定計入相關資產成本的
+除外。未納入租賃負債計量的可變租賃付款
+額於實際發生時計入當期損益,但另有規定
+計入相關資產成本的��外。
+租賃負債(續)
+A lease with a term of not more than 12 months at the inception
+of the lease term and without any call option is recognised as
+a short-term lease; lease comprising an individual lease asset
+in brand new conditions and with low value is recognised as
+a low-value asset lease. If the Group sub-leases or expects
+to sub-lease such leased assets, the original lease shall not
+be recognised as a low-value asset lease. For short-term
+leases and low-value asset leases, the Group elects not to
+recognise right-of-use assets and lease liabilities, which are
+instead charged to relevant asset costs or profit or loss over
+the respective periods during the lease term on a straight-line
+basis.
+Short-term lease and low-value asset lease
+the lease liabilities based on present value of the modified
+lease payment.
+After the commencement date of the lease term, the Group
+increased the carrying amount of lease liabilities when it
+recognizes the interests, and decreases the carrying amount
+of the lease liabilities when it makes lease payments. Where
+there are changes in the substantial fixed payment amount,
+changes in amounts payable expected of the remaining value
+of guarantees, changes in the index or ratio used to determine
+lease payment amounts, and changes in the assessment
+outcome relating to or actual exercise of the call option,
+renewal option and termination option, the Group re-measures
+profit or loss as and when incurred, except the presentation in
+related asset costs required by other standards.
+in related asset costs required by other standards. Variable
+lease payments not included in lease liabilities are charged to
+rate where the implied interest rate cannot be ascertained.
+Interest expenses on lease liabilities over the respective
+periods of the lease term are based on fixed cyclical interest
+rates and charged to profit or loss, except the presentation
+In calculating the present value of lease payments, the Group
+adopts the implied interest rate as the discount rate or the
+incremental loan interest rate for the lessee as the discount
+Lease liabilities (continued)
+Annual Report 2023
+二零二三年年報
+When the Group acts as a manufacturer or dealer lessor of a
+financial lease, at the inception of the lease term, the Group
+recognises the lease income based on the lower of the fair
+value of the leased asset and the present value of the lease
+receipts discounted at the market interest rate, and recognises
+the cost of sales based on the balance after deducting the
+present value of the unguaranteed residual value from the
+carrying amount of the leased asset. The costs incurred by the
+Group to obtain finance leases are recognised in profit and
+loss at the inception of the lease term.
+Notes to Financial Statements
+177
+Annual Report 2023
+二零二三年年報
+套期關係由於套期比率的原因不再符合套期
+有效性要求的,但指定該套期關係的風險管
+理目標沒有改變的,本集團對套期關係進行
+再平衡。
+如果套期工具已到期、被出售、合同終止或
+已行使(但作為套期策略組成部分的展期或替
+換不作為已到期或合同終止處理),或因風險
+管理目標發生變化,導致套期關係不再滿足
+風險管理目標,或者該套期不再滿足套期會
+計方法的其他條件時,本集團終止運用套期
+會計。
+在套期關係開始時,本集團對套期關係有正
+式指定,並準備了關於套期關係、風險管理
+目標和風險管理策略的正式書面文件。該文
+件載明了套期工具、被套期項目、被套期風
+險的性質,以及本集團對套期有效性評估方
+法。套期有效性,是指套期工具的公允價值
+或現金流量變動能夠抵銷被套期風險引起的
+被套期項目公允價值或現金流量的程度。此
+類套期在初始指定日及以後期間被持續評價
+符合套期有效性要求。
+就套期會計方法而言,本集團的套期分類為
+現金流量套期,是指對現金流量變動風險進
+行的套期,此現金流量變動源於與已確認資
+產或負債、很可能發生的預期交易有關的某
+類特定風險,或一項未確認的確定承諾包含
+的匯率風險。
+If a hedging relationship ceases to meet the hedge
+effectiveness requirement relating to the hedge ratio but
+the risk management objective for that designated hedging
+relationship remains the same, the Group rebalances the
+hedging relationship.
+The Group discontinues hedge accounting prospectively.
+when the hedging instrument expires or is sold, terminated or
+exercised (the placement or rollover of a hedging instrument
+which is part of hedging strategies into another hedging
+instrument is not an expiration or termination), or the hedging
+relationship ceases to meet the documented risk management
+objective due to a change in risk management objectives, or if
+the hedge no longer meets other qualifying criteria for hedge
+accounting.
+At the inception of a hedge relationship, the Group
+formally designates the hedge relationship and prepares
+documentation of the hedging relationship and the entity's
+risk management objective and strategy for undertaking
+the hedge. The documentation includes identification of
+the hedging instrument, the hedged item, the nature of the
+risk being hedged and how the entity will assess whether
+the hedging relationship meets the hedge effectiveness
+requirements. Hedging effectiveness is the extent to which
+the changes in fair value or cash flows of hedging instruments
+can offset the changes in fair value or cash flows of hedged
+items. Such hedge items should be assessed at the inception
+of the hedging relationship, and on an ongoing basis, whether
+a hedging relationship meets the hedge effectiveness
+requirements.
+For the purpose of hedge accounting, the Group classifies
+hedges as cash flow hedges which hedge the exposure to
+variability in cash flows risk that is either attributable to a
+particular risk associated with a recognised asset or liability, or
+a highly probable forecast transaction, or the foreign exchange
+risk in an unrecognised firm commitment.
+套期會計
+29.
+Hedge accounting
+29.
+三、 重要會計政策及會計估計(續)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Rental income under an operating lease is recognised as
+profit or loss over the respective periods of the lease term on a
+straight-line basis, and variable lease payments not included
+in lease receivables are charged to profit or loss as and when
+incurred. Initial direct costs are capitalised and amortised on
+the same basis as the recognition of rental income over the
+lease term, and are included in the profit or loss by instalments.
+租賃開始日實質上轉移了與租賃資產所有權
+有關的幾乎全部風險和報酬的租賃為融資租
+賃,除此之外的均為經營租賃。
+作為融資租賃出租人
+在租賃期開始日,本集團對融資租賃確認應
+收融資租賃款,並終止確認融資租賃資產。
+本集團對應收融資租賃款進行初始計量時,
+以租賃投資淨額作為應收融資租賃款的入賬
+價值。租賃投資淨額為未擔保餘值和租賃期
+開始日尚未收到的租賃收款額按照租賃內含
+利率折現的現值之和,包括初始直接費用。
+本集團按照固定的週期性利率計算並確認租
+賃期內各個期間的利息收入。本集團取得的
+未納入租賃投資淨額計量的可變租賃付款額
+在實際發生時計入當期損益。
+本集團作為融資租賃的生產商或經銷商出租
+人時,在租賃期開始日,本集團按照租賃資
+產公允價值與租賃收款額按市場利率折現的
+現值兩者孰低確認收入,並按照租賃資產賬
+面價值扣除未擔保餘值的現值後的餘額結轉
+銷售成本。本集團為取得融資租賃發生的成
+本,在租賃期開始日計入當期損益。
+作為經營租賃出租人
+作為承租人(續)
+經營租賃的租金收入在租賃期內各個期間按
+直線法確認為當期損益,未計入租賃收款額
+的可變租賃付款額在實際發生時計入當期損
+益。初始直接費用資本化,在租賃期內按照
+與租金收入確認相同的基礎進行分攤,分期
+計入當期損益。
+176
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+BYD Company Limited
+租賃(續)
+28.
+As a lessee (continued)
+consideration in the contract to each component on the basis
+of their respective relative stand-alone price.
+If a contract contains lease components and non-lease
+components at the same time, the Group will allocate the
+除了短期租賃和低價值資產租賃,本集團對
+租賃確認使用權資產和租賃負債。
+作為承租人
+在合同開始日,本集團評估合同是否為租賃
+或者包含租賃,如果合同中一方讓渡了在一
+定期間內控制一項或多項已識別資產使用的
+權利以換取對價,則該合同為租賃或者包含
+租賃。
+The Group recognized right-of-use assets and lease liabilities
+for leases except for short-term leases and leases of low-value
+assets.
+As a lessee
+assets for a period of time in exchange for consideration, such
+contract is, or contains, a lease.
+At the inception of a contract, the Group assesses whether the
+contract is, or contains, a lease. If one party to the contract
+conveys a right to control the use of one or more identified
+租賃
+28.
+Leases
+28.
+如果擁有以淨額結算遞延所得稅資產及遞延
+所得稅負債的法定權利,且遞延所得稅與同
+一應納稅主體和同一稅收徵管部門相關,但
+在未來每一具有重要性的遞延所得稅資產和
+遞延所得稅負債轉回的期間內,涉及的納稅
+主體意圖以淨額結算當期所得稅資產及當期
+所得稅負債或是同時取得資產、清償債務,
+則將遞延所得稅資產和遞延所得稅負債以抵
+銷後的淨額列示。
+於資產負債表日,本集團對遞延所得稅資產
+的賬面價值進行覆核,如果未來期間很可��
+無法獲得足夠的應納稅所得額用以抵扣遞延
+所得稅資產的利益,減記遞延所得稅資產的
+賬面價值。於資產負債表日,本集團重新評
+估未確認的遞延所得稅資產,在很可能獲得
+足夠的應納稅所得額可供所有或部分遞延所
+得稅資產轉回的限度內,確認遞延所得稅資
+產。
+本集團於資產負債表日,對於遞延所得稅資
+產和遞延所得稅負債,依據稅法規定,按照
+預期收回該資產或清償該負債期間的適用税
+率計量,並反映資產負債表日預期收回資產
+或清償負債方式的所得稅影響。
+遞延所得稅(續)
+BYD Company Limited
+172
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+合同中同時包含租賃和非租賃部分的,本集
+團按照各部分單獨價格的相對比例分攤合同
+對價。
+人民幣千元
+27.
+As at the balance sheet date, deferred tax assets and liabilities
+are measured in accordance with relevant tax laws at the tax
+rates that are expected to apply to the period when the assets
+are realised or the liabilities are settled, and the Group reports
+the tax consequences that would follow the manner in which
+the Group expects, at the balance sheet date, to recover the
+assets or settle the liabilities.
+The carrying amount of deferred tax assets are reviewed at
+the balance sheet date and reduced to the extent that it is no
+longer probable that sufficient taxable profit will be available
+to allow all or part of the deferred tax asset to be utilised.
+Unrecognised deferred tax assets are reassessed at the
+balance sheet date and are recognised to the extent that it has
+become probable that sufficient taxable profit will be available
+to allow all or part of the deferred tax asset to be recovered.
+Deferred tax assets and deferred tax liabilities are offset and
+presented as a net amount if the Group has the legal right to
+set off deferred tax assets and deferred tax liabilities and the
+deferred taxes relate to the same taxable entity and the same
+taxation authority, but the taxable entity concerned intends
+to settle current tax assets and liabilities on a net basis or to
+realise the assets and settle the liabilities simultaneously in
+each future period in which significant amounts of deferred tax
+liabilities or assets are expected to be settled or recovered.
+三、重要會計政策及會計估計(續)
+27.
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Deferred tax (continued)
+財務報表附註
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+Leases (continued)
+三、重要會計政策及會計估計(續)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+174
+BYD Company Limited
+在租賃期開始日,本集團將尚未支付的租賃
+付款額的現值確認為租賃負債,短期租賃和
+低價值資產租賃除外。租賃付款額包括固定
+付款額及實質固定付款額扣除租賃激勵後的
+金額、取決於指數或比率的可變租賃付款
+額、根據擔保餘值預計應支付的款項,還包
+括購買選擇權的行權價格或行使終止租賃選
+擇權需支付的款項,前提是本集團合理確定
+將行使該選擇權或租賃期反映出本集團將行
+使終止租賃選擇權。
+租賃負債
+在租賃期開始日,本集團將其可在租賃期內
+使用租賃資產的權利確認為使用權資產,按
+照成本進行初始計量。使用權資產成本包
+括:租賃負債的初始計量金額;在租賃期開
+始日或之前支付的租賃付款額扣除已享受的
+租賃激勵相關金額;承租人發生的初始直接
+費用;承租人為拆卸及移除租賃資產、復原
+租賃資產所在場地或將租賃資產恢復至租賃
+條款約定狀態預計將發生的成本。本集團因
+租賃付款額變動重新計量租賃負債的,相應
+調整使用權資產的賬面價值。本集團後續採
+用年限平均法對使用權資產計提折舊。能夠
+合理確定租賃期屆滿時取得租賃資產所有權
+的,本集團在租賃資產剩餘使用壽命內計提
+折舊。無法合理確定租賃期屆滿時能夠取得
+租賃資產所有權的,本集團在租賃期與租賃
+資產剩餘使用壽命兩者孰短的期間內計提折
+舊。
+exercise that option or the lease term reflects the Group is
+going to exercise an option to terminate the lease.
+At the inception of a lease term, outstanding lease payments
+are recognised as lease liabilities at their present value,
+with the exception of short-term leases and low-value asset
+leases. The lease payments comprises fixed payments and in-
+substance fixed payments less any lease incentives, variable
+lease payment that depends on an index or a rate, amounts
+expected to be paid under residual value guarantees, and
+it also comprises exercise price of a purchase option or
+payments required to be made under an option to terminate
+the lease, provided that the Group is reasonably certain to
+Lease liabilities
+by the lessee for demolishing and removing lease assets,
+restoring the premises at which the lease assets are located or
+restoring the lease assets to the agreed state under the lease
+terms. If the Group remeasures lease liabilities due to changes
+in lease payments, the carrying amount of the right-of-use
+asset is adjusted accordingly. In subsequent measurement,
+the Group provides depreciation of the right-of-use assets
+using the averaging method over the lease term. Where it can
+be reasonably ascertained that the ownership over the lease
+assets can be obtained upon the conclusion of the lease term,
+depreciation is provided over the remaining useful life of the
+lease assets. Where the acquisition of the ownership over the
+lease assets upon the conclusion of the lease term cannot
+be reasonably ascertained, depreciation is provided over the
+lease term or the remaining useful life of the lease assets,
+whichever is shorter.
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+28.
+Leases (continued)
+173
+As a lessee (continued)
+28.
+租賃(續)
+作為承租人(續)
+使用權資產
+At the inception of a lease term, the rights to use lease assets
+during the lease term is recognised as right-of-use assets,
+initially measured at cost. The costs of right-of-use assets
+include: the initially measured amount of lease liabilities;
+the lease payment incurred at or prior to the lease inception
+date, less the lease incentive amount received; initial direct
+expenses incurred by the lessee; estimated cost to be incurred
+Right-of-use assets
+RMB'000
+人民幣千元
+As the lessor under an operating lease
+PRINCIPAL ACCOUNTING POLICIES AND
+The Group sells products to a customer who is also the
+supplier of key materials used in the manufacturing of
+products. The Group needs to determine whether it is a
+principal or an agent in these transactions by ascertaining
+whether it has control over the above key materials before
+it transfers products to the customer. If it acquires control
+of the aforesaid key materials, the Group is the principal
+and recognises revenue by total considerations received or
+receivable. Otherwise, the Group is an agent and recognises
+revenue by the amounts of commissions or service charges
+expected to receive. The determination of the Group on
+whether it has controls over goods before they are transferred
+to customers not only depends on legal contracts, but also
+takes into consideration of all relevant facts and conditions.
+Principal versus agent
+Judgements (continued)
+重大會計判斷和估計(續)
+32.
+三、重要會計政策及會計估計(續)
+32. Significant accounting judgements and estimates
+(continued)
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+180
+BYD Company Limited
+金融資產於初始確認時的分類取決於金融資
+產的合同現金流量特徵,需要判斷合同現金
+流量是否僅為對本金和以未償付本金為基礎
+的利息的支付時,包含對貨幣時間價值的修
+正進行評估時,需要判斷與基準現金流量相
+比是否具有顯著差異等。
+合同現金流量特徵
+金融資產於初始確認時的分類取決於本集團
+管理金融資產的業務模式,在判斷業務模式
+時,本集團考慮包括企業評價和向關鍵管理
+人員報告金融資產業績的方式、影響金融資
+產業績的風險及其管理方式以及相關業務管
+理人員獲得報酬的方式等。在評估是否以收
+取合同現金流量為目標時,本集團需要對金
+融資產到期日前的出售原因、時間、頻率和
+價值等進行分析判斷。
+業務模式
+在應用本集團的會計政策的過程中,管理層
+作出了以下對財務報表所確認的金額具有重
+大影響的判斷:
+判斷
+the modification of the time value of money, the judgement on
+whether there is any significant difference from the benchmark
+cash flow, etc.
+The classification of financial assets at initial recognition
+depends on the financial asset's contractual cash flow
+characteristics, and the judgements on whether the contractual
+cash flows are solely payments of principal and interest on
+the principal amount outstanding, including when assessing
+Contractual cash flow characteristics
+and the way by which it reports to the key managers about the
+results of financial assets, the risks confronted by the results of
+financial assets and relevant risks management methods, and
+the way determining the compensation of business operators.
+When determining whether the business model maintained for
+the purpose of receiving contractual cash flows, the Group
+needs to analyse the reasons for selling financial assets before
+expiry dates, the time, frequency and consideration of the
+selling.
+The classification of financial assets at initial recognition
+depends on the business model the Group adopts to manage
+financial assets. In judging the business model, the Group
+considers, among others, the methods by which it assesses
+Business model
+In the process of applying the Group's accounting policies, the
+management has made the following judgements which have
+the most significant effect on the amounts recognised in the
+financial statements:
+Judgements
+Deferred tax liabilities in relation to withholding income taxes
+for dividend payment
+重大會計判斷和估計(續)
+Whether the Group's overseas subsidiaries need to pay
+withholding income taxes for the dividends paid by their
+subsidiaries based in Mainland China is associated with the
+timing of dividend payment. If the Group estimates that the
+profit will not be distributed in the foreseeable future and
+the time of writing back the temporary difference arising
+from dividend payment made by such subsidiaries can be
+controlled, then it is not necessary to recognise deferred
+tax liabilities for the aforesaid withholding income taxes. For
+details, please refer to Note V.21.
+The key assumptions concerning the future and other key
+sources of estimation uncertainty at the balance sheet date,
+that have a significant risk of causing a material adjustment to
+the carrying amounts of assets and liabilities within the future
+accounting periods, are described below.
+181
+本集團於資產負債表日對除金融資產之外的
+非流動資產判斷是否存在可能發生減值的跡
+象。對使用壽命不確定和尚未達到可使用狀
+態的無形資產,除每年進行的減值測試外,
+當其存在減值跡象時,也進行減值測試。其
+他除金融資產之外的非流動資產,當存在跡
+象表明其賬面價值不可收回時,進行減值測
+試。當資產或資產組的賬面價值高於可收回
+金額,即公允價值減去處置費用後的淨額和
+預計未來現金流量的現值中的較高者,表明
+發生了減值。公允價值減去處置費用後的淨
+額,參考公平交易中類似資產的銷售協議價
+格或可觀察到的市場價格,減去可直接歸屬
+於該資產處置的增量成本確定。預計未來現
+金流量現值時,管理層必須估計該項資產或
+資產組的預計未來現金流量,並選擇恰當的
+折現率確定未來現金流量的現值。詳見附註
+五、18。
+除金融資產之外的非流動資產減值(除商譽
+外)
+本集團採用預期信用損失模型對金融工具和
+合同資產的減值進行評估,應用預期信用損
+失模型需要做出重大判斷和估計,需考慮所
+有合理且有依據的信息,包括前瞻性信息。
+在做出這些判斷和估計時,本集團根據歷史
+還款數據結合經濟政策、宏觀經濟指標、行
+業風險等因素推斷債務人信用風險的預期變
+動。不同的估計可能會影響減值準備的計
+提,已計提的減值準備可能並不等於未來實
+際的減值損失金額。
+金融工具和合同資產減值
+估計的不確定性(續)
+The Group assesses whether there are any indications of
+impairment for non-current assets other than financial assets
+at the balance sheet date. Impairment tests are performed
+every year for intangible assets with indefinite useful life and
+those that are not ready for intended use; these assets are
+also tested when indications show that they may be impaired.
+Non-current assets other than financial assets are tested
+for impairment when there are indications that the carrying
+amounts may not be recoverable. An impairment exists
+when the carrying amount of an asset or CGU exceeds its
+recoverable amount, which is the higher of the fair value less
+cost to sell and the present value of its future cash flows. The
+net amount of the fair value less cost to sell is based on agreed
+selling prices of similar assets in fair trades or observable
+market prices less incremental costs for disposing of the asset.
+When estimating the present value of future cash flows, the
+management must estimate the expected future cash flows of
+the asset or CGU and adopts the appropriate discount rate to
+calculate the present value of future cash flows. For details,
+please refer to Note V.18.
+Impairment of non-current assets other than financial assets
+(excluding goodwill)
+A provision for impairment may not be equal to the actual
+amount of impairment losses in the future.
+The Group has adopted the expected credit loss model
+to evaluate the impairment of financial instruments and
+contract assets. The application of the expected credit loss
+model requires significant judgement and estimates and the
+consideration of all reasonable and soundly based information,
+including forward-looking information. In making such
+judgement and estimates, the Group estimates the changes of
+the debtor's credit risk according to past repayment records,
+taking into account economic policies, macro-economic
+indicators, industry risks and other factors. Differences in
+estimates may have an impact on the provision for impairment.
+Impairment of financial instruments and contract assets
+Estimation uncertainty (continued)
+32. Significant accounting judgements and estimates
+(continued)
+重大會計判斷和估計(續)
+32.
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+PRINCIPAL ACCOUNTING POLICIES AND
+III.
+RMB'000
+人民幣千元
+Notes to Financial Statements
+財務報表附註
+Annual Report 2023
+二零二三年年報
+以下為於資產負債表日有關未來的關鍵假設
+以及估計不確定性的其他關鍵來源,可能會
+導致未來會計期間資產負債賬面價值重大
+調整。
+估計的不確定性
+本集團對於其境外子公司來源於其中國境內
+子公司分派的股利是否需要計提代扣代繳所
+得稅取決於股利實際支付時點。本集團若預
+計該盈利不會在可預見的未來予以分派,且
+能控制該等子公司由股利分派產生的暫時性
+差異的轉回時間,則不需計提上述代扣代繳
+所得稅產生的遞延所得稅負債。詳見附註
+五、21。
+股利分配引起的代扣代繳所得稅之遞延所得
+稅負債
+本集團向客戶銷售商品,客戶同時也是該商
+品製造中關鍵材料的供應商。本集團判斷其
+是主要責任人還是代理人時,需要對在向客
+戶轉讓商品前是否擁有對上述關鍵材料的控
+制權進行分析。如果本集團獲取上述關鍵材
+料的控制權,那麼本集團為主要責任人,並
+按照已收或應收對價總額確認收入。否則,
+本集團為代理人,按照預期有權收取的傭金
+或手續費的金額確認收入。本集團在判斷向
+客戶轉讓商品前是否擁有對該商品的控制權
+時不僅局限於合同的法律形式而且應綜合考
+慮所有相關事實和情況。
+主要責任人與代理人
+III.
+Estimation uncertainty
+32.
+判斷(續)
+32.
+重要會計政策及會計估計(續)
+三
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+178
+BYD Company Limited
+本集團將遠期合同的遠期要素和即期要素分
+開,只將即期要素的價值變動指定為套期工
+具;本集團將遠期合同的遠期要素的公允價
+值變動中與被套期項目相關的部分計入其他
+綜合收益,如果被套期項目的性質與時間段
+相關,則將上述公允價值變動按照系統、合
+理的方法在被套期項目影響損益或其他綜合
+收益的期間內攤銷,從其他綜合收益轉出,
+計入當期損益。
+套期成本
+本集團對現金流量套期終止運用套期會計
+時,如果被套期的未來現金流量預期仍然會
+發生的,則以前計入其他綜合收益的金額不
+轉出,直至預期交易實際發生或確定承諾履
+行;如果被套期的未來現金流量預期不再發
+生的,則累計現金流量套期儲備的金額應當
+從其他綜合收益中轉出,計入當期損益。
+如果被套期的預期交易隨後確認為非金融資
+產或非金融負債,或非金融資產或非金融負
+債的預期交易形成適用公允價值套期的確定
+承諾時,則原在其他綜合收益中確認的現金
+流量套期儲備金額轉出,計入該資產或負債
+的初始確認金額。其餘現金流量套期在被套
+期的預期現金流量影響損益的相同期間,如
+預期銷售發生時,將其他綜合收益中確認的
+現金流量套期儲備轉出,計入當期損益。
+30.
+現金流量套期
+Cost of hedging reserve
+If the Group discontinues cash flow hedges, the amount that
+has been accumulated in other comprehensive income must
+remain in accumulated other comprehensive income if the
+hedged future cash flows are still expected to occur, until the
+transaction is expected to actually occur or performance of the
+commitment is determined. If the hedged future cash flows are
+no longer expected to occur, the amount of hedge reserve will
+be immediately reclassified to the statement of profit or loss as
+a reclassification adjustment.
+When the hedged forecast transaction results in the
+recognition of a non-financial asset or a non-financial liability,
+or a firm commitment created by the forecast transaction
+for a non-financial asset or a non-financial liability for which
+fair value hedge accounting is applied, the gains and losses
+previously recognised in other comprehensive income and
+accumulated in cash flow hedge reserve are removed and
+included in the initial measurement of the cost of the non-
+financial asset or non- financial liability. For any other cash
+flow hedges, the amount accumulated in other comprehensive
+income is reclassified to the statement of profit or loss as
+a reclassification adjustment in the same period or periods
+during which the hedged cash flows affect the statement of
+profit or loss, such as when sales are expected to occur.
+The effective portion of the gain or loss on the hedging
+instrument is recognised in other comprehensive income
+directly, while any ineffective portion is recognised immediately
+in the statement of profit or loss.
+Cash flow hedge
+滿足套期會計方法條件的,按如下方法進行
+處理:
+Hedges which meet the criteria of hedge accounting are
+treated in the following ways:
+套期會計(續)
+29.
+Hedge accounting (continued)
+29.
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+Significant accounting judgements and estimates
+(continued)
+The Group separates the forward element and spot element of
+a forward contract and designates as the hedging instrument
+only the change in the value of the spot element of a forward
+contract. The change in fair value of the forward element of
+a forward contract that hedges a transaction related hedged
+item shall be recognised in other comprehensive income, if the
+nature of the hedged item is associated with time-period, such
+the changes of fair value are amortised on a systematic and
+rational basis over the period during which the hedged item.
+affects the profit or loss or other comprehensive income, and
+reclassified from other comprehensive income to profit or loss.
+Share repurchase
+套期工具利得或損失中屬於套期有效的部
+分,直接確認為其他綜合收益,屬於套期無
+效的部分,計入當期損益。
+30.
+ACCOUNTING ESTIMATES (CONTINUED)
+三、重要會計政策及會計估計(續)
+PRINCIPAL ACCOUNTING POLICIES AND
+III.
+RMB'000
+人民幣千元
+Notes to Financial Statements
+財務報表附註
+179
+編製財務報表要求管理層作出判斷、估計和
+假設,這些判斷、估計和假設會影響收入、
+費用、資產負債的列報金額及其披露以及
+資產負債表日或有負債的披露。這些假設和
+估計的不確定性所導致的結果可能造成對未
+來受影響的資產或負債的賬面金額進行重大
+調整。
+The preparation of the financial statements requires
+management to make judgements, estimations and assumption
+that affect the reported amounts and disclosures of revenues,
+expenses, assets and liabilities, and the disclosure of
+contingent liabilities at the balance sheet date. The uncertain
+nature of these assumptions and estimations could result
+in outcomes that could require a material adjustment to the
+carrying amounts of the assets or liabilities affected in the
+future.
+重大會計判斷和估計
+32.
+每個資產負債表日,本集團對在財務報表中
+確認的持續以公允價值計量的資產和負債進
+行重新評估,以確定是否在公允價值計量層
+次之間發生轉換。
+Significant accounting judgements and estimates
+Annual Report 2023
+二零二三年年報
+回購股份
+在財務報表中以公允價值計量或披露的資產
+和負債,根據對公允價值計量整體而言具有
+重要意義的最低層次輸入值,確定所屬的公
+允價值層次:第一層次輸入值,在計量日能
+夠取得的相同資產或負債在活躍市場上未經
+調整的報價;第二層次輸入值,除第一層次
+輸入值外相關資產或負債直接或間接可觀察
+的輸入值;第三層次輸入值,相關資產或負
+債的不可觀察輸入值。
+本集團於每個資產負債表日以公允價值計量
+權益工具投資和衍生金融工具。公允價值,
+是指市場參與者在計量日發生的有序交易
+中,出售一項資產所能收到或者轉移一項負
+債所需支付的價格。
+公允價值計量
+31.
+回購自身權益工具支付的對價和交易費用,
+減少股東權益。除股份支付之外,發行(含再
+融資)、回購、出售或註銷自身權益工具,作
+為權益的變動處理。
+level represents unobservable input for the asset or liability.
+The fair value hierarchy to which an asset or liability measured
+or disclosed in the financial statements at fair value will be
+determined on the basis of the lowest level of input which is
+significant for the fair value measurement as a whole. Input at
+the first level represents unadjusted quoted prices in an active
+market for the acquisition of the same asset or liability on the
+measurement date. Input at the second level represents input
+that is directly or indirectly observable for related assets or
+liabilities apart from input at the first level. Input at the third
+At each balance sheet date, the Group measures equity
+instrument investments and derivative financial instruments
+at fair value. Fair value means the price receivable from the
+disposal of an asset or required to be paid for the transfer
+of a liability in an orderly transaction incurred by market
+participants on the measurement date.
+Fair value measurement
+Considerations and transaction fees paid for repurchase
+of equity instruments of the Group result in decrease of
+shareholders' equity. Other than share-based payments,
+issuance (including re-financing), repurchase, selling or
+cancellation of equity instruments of the Group are treated as
+changes of equity.
+32.
+31.
+At each balance sheet date, the Group reassesses the assets
+and liabilities measured at fair value on an ongoing basis
+recognised in the financial statements to determine whether
+the level of fair value measurement should be changed.
+廣西東盟弗迪電池有限公司
+9%(廣西北部灣經濟區稅收優惠政策)
+9% (Tax Incentives for the Beibu Gulf Economic
+Zone, Guangxi)
+2022-2025
+2022-2025
+FinDreams Battery Nanning Co., Ltd.
+9% (Tax Incentives for the Beibu Gulf Economic
+Zone, Guangxi)
+寶鷄比亞迪實業有限公司
+15%(西部大開發優惠政策)
+成都比亞迪電子有限公司
+Western China)
+15% (Preferential Policies for the Development of 2021-2030
+Chengdu BYD Electronics Co., Ltd.
+15%(西部大開發優惠政策)
+南寧弗迪電池有限公司
+FinDreams Battery Guangxi ASEAN Co., Ltd.
+9%(廣西北部灣經濟區稅收優惠政策)
+encouraged industries in Hengqin in
+9% (Tax Incentives for the Beibu Gulf Economic
+Zone, Guangxi)
+2021-2030
+15%(廣東橫琴、福建平潭、深圳前海等地區的
+鼓勵類產業企業)
+Guangdong Province, Pingtan in Fujian Province
+and Qianhai in Shenzhen)
+深圳市比亞迪供應鏈管理有限公司
+2023
+15% (enterprise classified into the category of
+BYD Company Limited
+Guangxi FinDreams Battery Co., Ltd.
+10%(國家級重點集成電路企業)
+比亞迪半導體股份有限公司
+2023
+10% (national key integrated circuit design
+enterprise)
+BYD Semiconductor Company Limited
+9%(廣西北部灣經濟區稅收優惠政策)
+廣西弗迪電池有限公司
+2023-2025
+BYD (Shenzhen) Supply Chain Management
+Co., Ltd.
+15% (Preferential Policies for the Development of
+Western China)
+IV.
+南寧比亞迪新能源汽車綜合測試場有限公司
+Baoji BYD Industrial Co., Ltd.
+優惠稅率
+Preferential tax rate
+公司名稱
+Company name
+企業所得稅(續)
+Enterprise income tax (continued)
+189
+RMB'000
+人民幣千元
+Notes to Financial Statements
+TAXATION (CONTINUED)
+四、 稅項(續)
+2.
+Tax concessions and relevant documents (continued)
+190
+稅收優惠及批文(續)
+2.
+財務報表附註
+15%(西部大開發優惠政策)
+Duration
+Qinghai FinDreams Battery Co. Ltd.
+2021-2030
+15% (Preferential Policies for the Development of
+Western China)
+Nanning BYD Automotive Proving Grounds
+Co., Ltd.
+15%(西部大開發優惠政策)
+南寧比亞迪新材料有限公司
+2021-2030
+15% (Preferential Policies for the Development of
+Western China)
+適用年份
+Nanning BYD New Materials Co., Ltd.
+2021-2030
+15% (Preferential Policies for the Development of
+Western China)
+15%(西部大開發優惠政策)
+15% (Preferential Policies for the Development of 2021-2030
+Western China)
+商洛比亞迪實業有限公司
+Shangluo BYD Industrial Co., Ltd.
+青海弗迪電池有限公司
+15%(西部大開發優惠政策)
+比亞迪股份有限公司
+19,761
+財務報表附註
+Financial assets held for trading
+2.
+16,181千元(二零二二年十二月三十一日:人
+民幣17,138千元)。
+於二零二三年十二月三十一日,本集團存放
+在境外且資金受到限制的貨幣資金為人民幣
+amounted to RMB16,181,000 (31 December 2022:
+RMB17,138,000).
+As at 31 December 2023, cash and bank balances which
+the Group placed overseas and were subject to restrictions
+7,618,268
+2.
+16,435,513
+其中:存放在境外的款項總額
+Including: Aggregate of funds deposited
+51,471,263
+109,094,408
+合計
+Total
+5,021,147
+overseas
+3,763,914
+交易性金融資產
+Structured deposits and certificate of deposit
+Derivative financial assets
+20,615,386
+9,542,789
+二零二二年
+二零二三年
+2022
+9,562,550
+20,626,930
+Financial assets at fair value through profit
+or loss
+BYD Company Limited
+11,544
+2023
+合計
+衍生金融資產
+結構性存款及大額存單
+以公允價值計量且其變動計入當期
+損益的金融資產
+Total
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+其他貨幣資金
+46,448,591
+Annual Report 2023
+二零二三年年報
+根據財政部、稅務總局公告二零二三年第17
+號《關於集成電路企業增值稅加計抵減政策
+的公告》,自二零二三年一月一日至二零二
+七年十二月三十一日,允許集成電路設計、
+生產、封測、裝備、材料企業(以下稱集成
+電路企業),按照當期可抵扣進項稅額加計
+15%抵減應納增值稅稅額(以下稱加計抵減政
+策),比亞迪半導體股份有限公司適用該加計
+抵減政策。
+根據財政部、稅務總局公告二零二三年第43
+號《關於先進製造業企業增值稅加計抵減政
+策的公告》,自二零二三年一月一日至二零
+二七年十二月三十一日,允許先進製造業企
+業按照當期可抵扣進項稅額加計5%抵減應納
+增值稅稅額(以下稱加計抵減政策),比亞迪
+汽車工業有限公司、深圳市比亞迪鋰電池有
+限公司、惠州比亞迪電子有限公司、北京比
+亞迪模具有限公司、比亞迪精密製造有限公
+司、廣東比亞迪節能科技有限公司、惠州比
+亞迪電池有限公司、韶關比亞迪實業有限公
+司、寧波比亞迪半導體有限公司、長沙市比
+亞迪汽車有限公司、汕頭比亞迪電子有限公
+司、汕尾比亞迪汽車有限公司適用該加計抵
+減政策。
+as the "Integrated Circuit Enterprises") are allowed to deduct
+an additional 15% of the input VAT that can be credited in the
+current period from the output VAT payable (hereinafter referred
+to as the “Additional Deduction Policy"). BYD Semiconductor
+Company Limited is applicable to the Additional Deduction
+Policy.
+According to the Announcement No. 17 [2023] of the Ministry
+of Finance and the State Taxation Administration "Notice on the
+Additional Value-Added Tax Deduction Policy for Integrated
+Circuit Enterprises (《關於集成電路企業增值稅加計抵減政
+策的公告》)", from 1 January 2023 to 31 December 2027,
+integrated circuit design, production, packaging and testing,
+equipment, and material enterprises (hereinafter referred to
+According to the Announcement No. 43 [2023] of the Ministry
+of Finance and the State Taxation Administration "Notice on
+the Additional Value-Added Tax (VAT) Deduction Policy for
+Advanced Manufacturing Enterprises (《關於先進製造業企
+業增值稅加計抵減政策的公告》)”, from 1 January 2023 to
+31 December 2027, advanced manufacturing enterprises
+are allowed to deduct an additional 5% of the input VAT that
+can be credited in the current period from the output VAT
+payable (hereinafter referred to as the "Additional Deduction
+Policy"). BYD Auto Industry Company Limited, BYD Lithium
+Battery Co., Ltd., Huizhou BYD Electronics Co., Ltd., Beijing
+BYD Mould Co., Ltd., BYD Precision Manufacture Co., Ltd.,
+Guangdong BYD Energy-Saving Technology Co., Ltd. Huizhou
+BYD Battery Co., Ltd., BYD (Shaoguan) Co., Ltd., Ningbo BYD
+Semiconductor Co., Ltd., CHANGSHA BYD AUTO CO., LTD.,
+Shantou BYD Electronics Co., Ltd. and Shanwei BYD Auto Co.,
+Ltd. are applicable to the Additional Deduction Policy.
+其他稅收優惠
+191
+稅收優惠及批文(續)
+Tax concessions and relevant documents (continued)
+Other tax concessions
+2.
+四、 稅項(續)
+TAXATION (CONTINUED)
+IV.
+人民幣千元
+RMB'000
+2.
+Other cash and bank balances
+Notes to Financial Statements
+RMB'000
+人民幣千元
+105,318,355
+銀行存款
+Bank deposit
+1,525
+12,139
+庫存現金
+Cash
+財務報表附註
+二零二二年
+2023
+二零二三年
+貨幣資金
+Cash and bank balances
+1.
+五、 合併財務報表主要項目註釋
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS
+V.
+2022
+15%(西部大開發優惠政策)
+1.
+2021-2030
+財務報表附註
+RMB'000
+人民幣千元
+IV. TAXATION
+1.
+Principal tax items and tax rates
+Tax base
+計稅依據
+Value-added tax (“VAT”)
+四、 稅項
+1.
+主要税種及税率
+Tax rate
+税率
+Difference arising from the deduction of
+deductible input VAT from sales revenue and
+output VAT based on applicable tax rate
+3%, 6%, 9% or 13%
+Notes to Financial Statements
+比亞迪股份有限公司
+186
+BYD Company Limited
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+33.
+Changes in accounting policies and accounting
+estimates
+33.
+會計政策和會計估計變更
+增值税
+Changes in accounting estimates
+As the update and iteration of new energy vehicle technologies
+continue to accelerate, the requirements of power batteries on
+product structure and performance continue to update. The
+original power battery production equipment under some of
+the technology platforms is not able to meet the requirements
+for the production of new products, therefore, its useful life
+is below the original depreciation life. To reflect the financial
+condition and operating results of the Group in a more
+objective and accurate way, the Group changes the long-
+term asset depreciation/amortization lives of the above power
+batteries from 5 years to 3 years based on the current use
+condition and useful lives of its fixed assets.
+The changes in accounting estimates, with effect from 1
+January 2023, have been approved at the 31st meeting of
+the Seventh Session of the Board and the 14th meeting of
+the Seventh Session of the Supervisory Committee on 28
+March 2023. The changes in accounting estimates adopt the
+prospective application method, which have no impact on the
+financial conditions and operating results of the Group for the
+previous years. The depreciation/amortization of long-term
+assets increased by RMB3,347,006,000 and net profit and
+net profit attributable to the parent company decreased by
+RMB2,796,731,000 in 2023.
+會計估計變更
+長期資產折舊/攤銷年限變更
+由於新能源汽車技術升級迭代持續加快,對
+應動力電池在產品結構及性能等方面的要求
+不斷升級。原先部分技術平台下的動力電池
+生產設備已經無法滿足新產品的生產,其壽
+命已經低於原有折舊年限。為了更加客觀、
+準確地反映集團財務狀況和經營��果,集團
+根據自身固定資產的使用現狀和使用壽命,
+上述動力電池長期資產折舊/攤銷年限由5年
+變更為3年。
+此次會計估計變更已於二零二三年三月二十
+八日經本公司第七屆董事會第三十一次會
+議、第七屆監事會第十四次會議決議通過,
+自二零二三年一月一日起執行。本會計估計
+變更採用未來適用法,對本集團以往各年度
+財務狀況和經營成果不會產生影響,二零
+二三年度增加長期資產折舊/攤銷人民幣
+3,347,006千元,減少淨利潤和歸母淨利潤
+人民幣2,796,731千元。
+185
+Changes in long-term asset depreciation/amortization lives
+銷售額和適用稅率計算的銷項稅額,抵扣准予抵扣
+的進項稅額後的差額
+Consumption tax
+Ad valorem collection for sales revenue of
+taxable consumer goods
+教育費附加
+地方教育附加
+應納稅所得額
+註1
+Education surcharge
+Actual payment of VAT and consumption tax
+實際繳納的增值稅、消費稅稅額
+3%
+3%
+企業所得稅
+Local education surcharge
+2%
+實際繳納的增值稅、消費稅稅額
+2%
+Overseas tax
+海外稅項
+Calculation based on the tax laws and regulations of
+other countries and regions
+根據境外各國家和地區的税收法規計算
+Note 1: Save the subsidiaries that enjoy tax concessions as
+stated in Note IV. 2, the Company's branches and
+subsidiaries based in Mainland China are subject to the
+statutory enterprise income tax rate of 25%.
+Actual payment of VAT and consumption tax
+RMB'000
+人民幣千元
+note 1
+Enterprise income tax
+消費税
+從價計徵應稅消費品銷售額
+3%、6%、9%或13%
+Vehicles: 1%-9%
+Batteries: 4% (Ni-MH
+batteries and lithium
+batteries are exempt from
+consumption tax)
+Taxable income
+汽車1%-9%
+鋰電池免徵消費稅)
+City maintenance and
+Actual payment of VAT and consumption tax
+1%-7%
+construction tax
+城市維護建設稅
+實際繳納的增值稅、消費稅稅額
+1%-7%
+電池4%(其中鎳氫電池和
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+估計的不確定性(續)
+商譽減值
+本集團至少每年測試商譽是否發生減值。這
+要求對分配了商譽的資產組或者資產組組合
+的未來現金流量的現值進行預計。對未來現
+金流量的現值進行預計時,本集團需要預計
+未來資產組或者資產組組合產生的現金流
+量,同時選擇恰當的折現率確定未來現金流
+量的現值。詳見附註五、19。
+開發支出
+確定資本化的金額時,管理層必須做出有關
+資產的預計未來現金流量,適用的折現率以
+及預計受益期間的假設。
+遞延所得稅資產
+在很可能有足夠的應納稅所得額用以抵扣可
+抵扣虧損的限度內,應就所有尚未利用的可
+抵扣虧損確認遞延所得稅資產。這需要管理
+層運用大量的判斷來估計未來取得應納稅所
+得額的時間、金額以及相應的稅率,結合納
+稅籌劃策略,以決定應確認的遞延所得稅資
+產的金額。
+產品質量保證的預計負債
+sheet date and determines its estimated liabilities based on the
+reassessed warranty fee rates.
+本集團對具有類似特徵的合同組合,根據歷
+史保修數據、當前保修情況,考慮產品改
+進、市場變化等全部相關信息後,對保修費
+率予以合理估計。估計的保修費率可能並不
+等於未來實際的保修費率,本集團至少於每
+一資產負債表日對保修費率進行重新評估,
+並根據重新評估後的保修費率確定預計負
+債。
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III.
+PRINCIPAL ACCOUNTING POLICIES AND
+三、重要會計政策及會計估計(續)
+ACCOUNTING ESTIMATES (CONTINUED)
+32. Significant accounting judgements and estimates
+(continued)
+32.
+Annual Report 2023
+二零二三年年報
+重大會計判斷和估計(續)
+The Group makes reasonable estimates on warranty fee rates
+in respect of contract groups with similar characteristics based
+on the historic data and current conditions of warranty, taking
+into consideration all relevant information such as product
+improvements and market changes, among others. The
+estimate of the warranty fee rate may not be equal to the actual
+warranty fee rate in the future. The Group reassesses the
+warranty fee rates at least annually at least on each balance
+Deferred tax assets are recognised for all unused tax losses,
+to the extent that it is likely that taxable profit will be available
+against which the losses can be utilised. Significant judgments
+are needed from the management to estimate the timing and
+amount of taxable profit in the future and the corresponding
+tax rate, with consideration of tax planning strategies, to
+determine the amount of the deferred tax assets that should be
+recognised.
+15% (Preferential Policies for the Development of 2021-2030
+Western China)
+182
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Provisions for warranty
+三、 重要會計政策及會計估計(續)
+Significant accounting judgements and estimates
+(continued)
+重大會計判斷和估計(續)
+Estimation uncertainty (continued)
+Goodwill impairment
+The Company tests the goodwill for impairment at least
+annually. This requires making an estimate of the current
+value of the future cash flow of the CGU or CGU group that
+have distributed goodwill. When making an estimate of the
+current value of future cash flows, the Group needs to make
+an estimate of the future cash flows generated by the CGU
+or CGU group, and simultaneously adopts the appropriate
+discount rate to calculate the present value of future cash
+flows. For details, please refer to Note V. 19.
+Development expenditures
+In determining the amount of capitalisation, the management
+must make assumptions concerning the expected future
+cash flows of assets, applicable discount rates and expected
+beneficial periods.
+Deferred tax assets
+32.
+註1:
+Estimation uncertainty (continued)
+The Group measures inventories by cost or net realisable
+value, whichever is lower. The determination of the net
+realisable value requires the acquisition of conclusive evidence
+by the management, who should also take into account factors
+such as the purpose of stocking the inventory and the impact
+of post-balance sheet date events before making judgments
+and estimates. The difference between the actual outcome and
+the original estimates shall affect the carrying amount of the
+inventory and charge or reversal of impairment provision for
+the period during which the estimates were revised.
+三、 重要會計政策及會計估計(續)
+32.
+Significant accounting judgements and estimates
+(continued)
+32.
+重大會計判斷和估計(續)
+Estimation uncertainty (continued)
+Fair value of unlisted equity investments
+The Group applies the quoted market prices to determine
+the fair value of listed equity instrument investments.
+For investments in restricted shares and unlisted equity
+instruments, the Group adopts the recent transaction method
+or applies valuation techniques to determine their fair value,
+while valuation techniques include market multiplier method,
+option pricing models, etc. The measurement of fair value uses
+significant unobservable parameters, including enterprise
+value-to-revenue (“EV/Revenue") ratio, liquidity discount,
+etc. This requires the Group to determine comparable listed
+companies, selection of market multiplier method, option
+pricing models, credit risk, fluctuations, discount rate, etc.
+which are of uncertainties. For details, please refer to Note XI.
+III. PRINCIPAL ACCOUNTING POLICIES AND
+ACCOUNTING ESTIMATES (CONTINUED)
+Assessment of fair value of identifiable net assets related
+As stated in Note III. 5, for the measurement of the fair value
+of identifiable net assets as at the acquisition date, which
+are acquired in business combinations not involving entities
+under common control, the Group recognizes goodwill as the
+difference between the combination cost and the share of the
+fair value of the acquiree's identifiable net assets as at the
+acquisition date.
+The assessment of fair values of identifiable assets and
+liabilities involves significant estimate and judgment of the
+management, especially the identification of intangible assets
+and the assessment of fair value of such assets, which affects
+the recognition of goodwill accordingly. The assessment of the
+fair value of identifiable net assets as at the acquisition date
+covers identification of intangible assets, selection of valuation
+approaches and forecast of future cash flows, involving
+significant estimates and judgments of key assumptions such
+as revenue growth rate, gross profit margin and discount rate.
+Different inputs used for the key assumptions may result in
+significant difference in fair value assessment. Relevant details
+are set out in Note VII.
+估計的不確定性(續)
+非上市股權投資之公允價值
+本集團對於上市的權益工具投資,以市場報
+價確定公允價值。對於限售股票、非上市的
+權益工具投資,利用近期交易法或者採用估
+值技術來確定其公允價值,估值技術包括市
+場乘數法、期權定價模型等。其公允價值的
+計量採用了重要的不可觀察參數,比如企業
+價值/收入(「EV/Revenue」)比率、流動性折
+扣等。這要求本集團確定可比上市公司、選
+擇市場乘數法、期權定價模型、信用風險、
+波動和折現率等,因此具有不確定性。詳情
+載於附註十一。
+與收購業務相關的可辨認淨資產公允價值評
+估及商譽確認
+如附註三、5所述,本集團對非同一控制下
+的企業合併中取得的可辨認淨資產按購買日
+的公允價值計量,合併成本大於合併中取得
+的被購買方於購買日可辨認淨資產公允價值
+份額的差額,確認為商譽。
+評估可辨認資產和負債���公允價值涉及管理
+層的重大估計和判斷,尤其是識別無形資產
+並評估其公允價值,從而影響商譽的確認。
+購買日對可辨認淨資產公允價值的評估包括
+對無形資產的識別、估值方法的選擇、以及
+對未來現金流的預測等,涉及收入增長率、
+毛利率及折現率等關鍵假設的重大估計和判
+斷。關鍵假設使用的輸入值的不同可能導致
+公允價值估計存在較大差異。詳情載於附註
+七。
+to business acquisition and recognition of goodwill arising
+therefrom
+Provision for inventory impairment based on net realisable
+value
+人民幣千元
+財務報表附註
+Depreciation and amortisation
+When assets are ready for intended use, the Group provides
+depreciation of fixed assets and amortisation of intangible
+assets by the straight-line method or the output method, based
+on the estimated useful life and the net residual value, which
+reflects the management's estimate for the periods in which
+the Group expects to receive economic benefits from the use
+of such fixed assets and intangible assets.
+Incremental loan interest rate for the lessee
+Where the implied interest rate cannot be available, the Group
+adopts the incremental loan interest rate for the lessee as
+the discount rate for calculating the present value of lease
+payment. In determining the incremental loan interest rate,
+the Group considers the economic environment, refers to the
+observable interest rate as the basis, and adjusts the reference
+rate to the applicable extent by considering its own conditions,
+the conditions of target assets, the lease term, the amount of
+lease liabilities and other factors that are specific to the lease.
+估計的不確定性(續)
+以可變現淨值為基礎計提存貨跌價準備
+RMB'000
+本集團存貨按成本和可變現淨值孰低計量。
+估計存貨可變現淨值要求在取得確鑿證據,
+並且考慮持有存貨的目的、資產負債表日後
+事項的影響等因素的基礎上作出判斷和估
+計。實際的結果與原先估計的差異將在估計
+被改變的期間影響存貨的賬面價值及存貨跌
+價準備的計提或轉回。
+本集團於資產達到預定可使用狀態起按有關
+的估計使用壽命及淨殘值以年限平均法或生
+產總量法計算固定資產的折舊及無形資產的
+攤銷,反映了管理層就本集團擬從使用該固
+定資產及無形資產獲得未來經濟利益的期間
+的估計。
+承租人增量借款利率
+對於無法確定租賃內含利率的租賃,本集團
+採用承租人增量借款利率作為折現率計算租
+賃付款額的現值。確定增量借款利率時,本
+集團根據所處經濟環境,以可觀察的利率作
+為確定增量借款利率的參考基礎,在此基礎
+上,根據自身情況、標的資產情況、租賃期
+和租賃負債金額等租賃業務具體情況對參考
+利率進行調整以得出適用的增量借款利率。
+183
+BYD Company Limited
+184
+比亞迪股份有限公司
+Notes to Financial Statements
+折舊及攤銷
+除附註四、2所述享受企業所得稅優惠
+的子公司外,本公司主要境內分、子公
+司法定企業所得稅稅率為25%。
+32.
+2.
+BYD Signal & Communication Company
+Limited
+比亞迪通信信號有限公司
+15% (national high-tech enterprise)
+2023-2025
+15%(國家級高新技術企業)
+Shanwei BYD Auto Co., Ltd.
+15% (national high-tech enterprise)
+2023-2025
+適用年份
+汕尾比亞迪汽車有限公司
+BYD Auto Co., Ltd.
+15% (Preferential Policies for the Development of
+2021-2030
+Western China)
+比亞迪汽車有限公司
+15%(西部大開發優惠政策)
+Xi'an FinDreams Battery Co. Ltd.
+15% (Preferential Policies for the Development of 2021-2030
+15%(國家級高新技術企業)
+Western China)
+Duration
+公司名稱
+2023-2025
+15%(國家級高新技術企業)
+BYD Company Limited
+188
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+優惠稅率
+人民幣千元
+TAXATION (CONTINUED)
+四、 稅項(續)
+2.
+Tax concessions and relevant documents (continued)
+2.
+Enterprise income tax (continued)
+稅收優惠及批文(續)
+企業所得稅(續)
+Company name
+IV.
+15% (national high-tech enterprise)
+西安弗迪電池有限公司
+15%(西部大開發優惠政策)
+貴安新區弗迪電池有限公司
+FinDreams Powertrain Guiyang Co., Ltd.
+貴陽弗迪動力有限公司
+Chongqing FinDreams Battery R&D Institute
+Co., Ltd.
+重慶弗迪電池研究院有限公司
+15%(西部大開發優惠政策)
+15% (Preferential Policies for the Development of 2021-2030
+Western China)
+15%(西部大開發優惠政策)
+FinDreams Battery Gui'an Co., Ltd.
+15% (Preferential Policies for the Development of 2021-2030
+Western China)
+15% (Preferential Policies for the Development of 2021-2030
+Western China)
+15%(西部大開發優惠政策)
+15% (Preferential Policies for the Development of 2021-2030
+Western China)
+15%(西部大開發優惠政策)
+15% (Preferential Policies for the Development of
+Western China)
+15%(西部大開發優惠政策)
+IV.
+15%(西部大開發優惠政策)
+Xi'an BYD Electronics Co., Ltd.
+廣安比亞迪實業有限公司
+貴陽弗迪電池有限公司
+15% (Preferential Policies for the Development of
+Western China)
+2021-2030
+西安比亞迪電子有限公司
+15%(西部大開發優惠政策)
+Guilin BYD Industrial Co., Ltd.
+15% (Preferential Policies for the Development of
+2021-2030
+Western China)
+Guang'an BYD Industrial Co., Ltd.
+桂林比亞迪實業有限公司
+Qinghai FinDreams Industry Co., Ltd.
+15% (Preferential Policies for the Development of
+2021-2030
+Western China)
+青海弗迪實業有限公司
+Chongqing FinDreams Battery Co., Ltd.
+重慶弗迪鋰電池有限公司
+Guiyang FinDreams Battery Co., Ltd.
+15%(西部大開發優惠政策)
+Shantou BYD Electronics Co., Ltd.
+汕頭比亞迪電子有限公司
+Preferential tax rate
+2023-2025
+BYD Lithium Battery Co., Ltd.
+15% (national high-tech enterprise)
+2021-2023
+深圳市比亞迪鋰電池有限公司
+15%(國家級高新技術企業)
+Huizhou BYD Electronics Co., Ltd.
+惠州比亞迪電子有限公司
+15% (national high-tech enterprise)
+2021-2023
+15%(國家級高新技術企業)
+15%(國家級高新技術企業)
+北京比亞迪模具有限公司
+15% (national high-tech enterprise)
+2021-2023
+15%(國家級高新技術企業)
+BYD Precision Manufacture Co., Ltd.
+比亞迪精密製造有限公司
+15% (national high-tech enterprise)
+2021-2023
+15%(國家級高新技術企業)
+Beijing BYD Mould Co., Ltd.
+Shenzhen Di Lian Technology Co., Ltd.
+深圳迪鏈科技有限公司
+2021-2023
+BYD Auto Industry Company Limited
+比亞迪汽車工業有限公司
+TAXATION (CONTINUED)
+Tax concessions and relevant documents
+Enterprise income tax
+Company name
+公司名稱
+Annual Report 2023
+二零二三年年報
+187
+Notes to Financial Statements
+15% (national high-tech enterprise)
+財務報表附註
+2.
+稅收優惠及批文
+企業所得稅
+Preferential tax rate
+優惠稅率
+RMB'000
+人民幣千元
+Duration
+適用年份
+四、稅項(續)
+15% (national high-tech enterprise)
+15%(國家級高新技術企業)
+15%(國家級高新技術企業)
+15%(國家級高新技術企業)
+Hefei BYD Auto Co., Ltd.
+合肥比亞迪汽車有限公司
+15% (national high-tech enterprise)
+2023-2025
+15%(國家級高新技術企業)
+Changsha FinDreams Battery Co. Ltd.
+長沙弗迪電池有限公司
+15% (national high-tech enterprise)
+2023-2025
+15%(國家級高新技術企業)
+FAW-FINDREAMS New Energy Technology
+Co., Ltd.
+15% (national high-tech enterprise)
+2023-2025
+一汽弗迪新能源科技有限公司
+15%(國家級高新技術企業)
+15% (national high-tech enterprise)
+2021-2023
+2023-2025
+15% (national high-tech enterprise)
+SHANGHAI BYD COMPANY LIMITED
+上海比亞迪有限公司
+15%(國家級高新技術企業)
+Guangdong BYD Energy-Saving Technology
+Co., Ltd.
+15% (national high-tech enterprise)
+2021-2023
+廣東比亞迪節能科技有限公司
+Huizhou BYD Battery Co., Ltd.
+惠州比亞迪電池有限公司
+BYD (Shaoguan) Co., Ltd.
+韶關比亞迪實業有限公司
+15%(國家級高新技術企業)
+15% (national high-tech enterprise)
+2022-2024
+15%(國家級高新技術企業)
+Changzhou BYD Auto Co., Ltd.
+常州比亞迪汽車有限公司
+2022-2024
+15% (national high-tech enterprise)
+Ningbo BYD Semiconductor Co., Ltd.
+寧波比亞迪半導體有限公司
+15% (national high-tech enterprise)
+2022-2024
+15%(國家級高新技術企業)
+CHANGSHA BYD AUTO CO., LTD.
+長沙市比亞迪汽車有限公司
+15% (national high-tech enterprise)
+2022-2024
+15%(國家級高新技術企業)
+在新能源乘用車領域,本集團依託心技術的持續創
+新以及精準高效的市場策略,二零二三年銷量強勢
+領跑,蟬聯中國車企乘用車銷量第一。本集團在持
+續推動現有技術應用的基礎之上,先後發佈「易四
+方」架構、「雲輦」智能車身控制系統、「天神之眼」高
+階智能駕駛輔助系統及「DMO」超級混動越野平台等
+全球領先的前瞻性、顛覆性技術,進一步增強本集
+團的綜合競爭力,助力業務發展向更高層次邁進。
+series have five family products of “Han”,“Tang”,“Song”,“Qin”
+and“Yuan”. The “Han” family was rejuvenated during the Year, and
+“Han EV Champion Edition”,“Han DM-i Champion Edition” and “Han
+DM-p Ares Edition" were officially launched, with product strength
+comprehensively improved; the “Tang” family launched “Tang EV
+Champion Edition”,“Tang DM-i Champion Edition” and “Tang DM-p
+Champion Edition/Ares Edition", which further strengthened the
+product competitiveness of the “Tang” family; the “Song" family
+launched "Song PLUS Champion Edition” and “Song Pro Champion
+Edition”, and “Song L” was also unveiled at the end of the year, which
+empowered the "Song" family to continue to lead the new energy
+SUV market; the launch of "Qin PLUS Champion Edition" successfully
+put an end to the monopoly of joint venture brands, being the first
+Chinese model that claimed the championship on the chart of best-
+selling sedans of the year in 13 years. “Yuan PLUS Champion Edition”
+was launched with a new design, and maintained the leading position
+in the A-class pure electric vehicle market. Among the “Ocean”
+series,“Dolphin" continued to take the lead, claiming the champion
+of AO-class vehicle sales for two consecutive years; “Sea Gull”,
+newly launched in April, witnessed rising sales all the way along
+to the championship of annual A00-class vehicle sales; "Destroyer
+05 Champion Edition”, rejuvenated in the same month, received
+both good sales and reputation in the A+ class sedan market; "Seal
+Champion Edition” and “Seal DM-i", launched in May and September,
+respectively, continued their leading position in the midsize sedan
+market.
+截至二零二三年十二月三十一日止年度,本集團營
+業額為人民幣602,315百萬元,同比提升42.04%
+母公司擁有人應佔溢利為人民幣30,041百萬元,同
+比提升80.72%,每股盈利為人民幣10.32元。董事
+會建議派發末期股息每股人民幣3.096元(含稅)。
+Annual Report 2023
+二零二三年年報
+Chairman's Statement
+主席報告書
+The Group further expands the brand matrix, shaping a multi-brand
+gradient layout consisting of the “BYD” brand, the “Denza” brand,
+the“Yangwang” brand and the “FANGCHENGBAO" brand. During
+the Year, all brands delivered stunning performance, and the multi-
+brand strategy achieved initial results. As the Group's first passenger
+vehicle brand, the "BYD" brand has gradually developed two series of
+products, the “Dynasty” series and the “Ocean” series. The “Dynasty”
+本集團作為全球新能源汽車行業先行者和領導者,
+穩步推進品牌力提升及出海戰略佈局,在行業競爭
+日趨激烈的背景下實現業務長足發展,連續十一年
+穩居中國新能源汽車銷量龍頭地位並蟬聯全球新能
+源汽車銷量冠軍,並開創中國車企首次躋身全球銷
+量前十的歷史。
+While consolidating and expanding its development advantages in the
+domestic market, the Group has been accelerating overseas market
+expansion, and has entered countries and regions including Japan,
+Germany, Australia, Brazil and the United Arab Emirates, recording
+stunning performance evidenced by the championship in new energy
+vehicle sales. In March, the foundation stone of the Group's first
+overseas passenger vehicle production base was officially laid in
+Thailand. In July and December, the Group announced respectively
+that it would establish a large-scale manufacturing base complex
+in Brazil and build a world-class new energy vehicle production
+in Hungary to make active efforts to achieve localized production,
+thereby promoting the transformation of global vehicle electrification.
+13
+BYD Company Limited
+14
+比亞迪股份有限公司
+Chairman's Statement
+主席報告書
+Following the “BYD” brand, as the Group's brand focusing on the new
+energy luxury vehicle market, the “Denza” brand endeavors to grow
+from the path-breaker of China's luxury new energy vehicle market
+to the leader of technologies enabling luxury new energy vehicles.
+“Denza D9”, the first luxury MPV under the “Denza” brand, was on the
+list of bestsellers and claimed the championship of 2023 for annual
+sales in the MPV market. Equipped with the “God's Eye” advanced
+intelligent driving assistance system and the "DiSus-A" intelligent air
+body control system (standard version), the luxury shooting-brake SUV
+"Denza N7" was launched in July, which demonstrates the integration
+of intelligence and electrification technologies, and brings the luxury
+travel experience underpinned by intelligence, safety and comfort. In
+addition, a new high-end brand“Yangwang” was officially launched,
+which opened up the million-RMB-worth new energy market with its
+subversive technologies and products, and reshaped the high-end
+brand values in the new energy era. “Yangwang U8" was launched
+in September, and secured the first place in the list of million-RMB-
+worth new energy SUVS for monthly sales in the first calendar month
+of delivery before the end of the year, marking a milestone in the
+history of China's auto industry in developing high-end brands.
+The professional and personalized "FANGCHENGBAO" brand also
+launched the super hybrid hardcore SUV “BAO 5" in November, which
+has been gaining popularity since it becomes available.
+。
+In terms of rechargeable batteries, product R&D and capacity
+expansion went smoothly during the Year, which contributed to the
+steady development of the traditional battery business. In addition,
+while meeting inner power battery demand, the Group also continued
+to actively expand external customers and accelerate the market-
+oriented deployment. In terms of energy storage field, the Group
+facilitated the new energy storage industry to achieve leapfrog
+development. In respect of the photovoltaic business, under the
+guidance of the "carbon peaking and carbon neutrality" goal, the
+Group accelerated new technology R&D.
+繼「比亞迪」品牌後,「騰勢」品牌作為本集團專注於
+新能源豪華汽車市場的品牌,致力於從中國豪華市
+場的破局者邁向新能源豪華科技品牌領先者。「騰
+勢」品牌首款豪華MPV⌈騰勢D9」銷量持續霸榜,榮
+獲二零二三年全品類MPV年度銷量冠軍。首搭「天神
+之眼」高階智能駕駛輔助系統和「雲輦-A」智能空氣車
+身控制系統(標準版)的豪華獵跑SUV「騰勢N7」於七
+月推出,實現整車智電融合,為用戶帶來智能、安
+全、舒適的新豪華出行體驗。此外,全新高端品牌
+「仰望」正式發佈,以其顛覆性的技術和產品開拓百
+萬級新能源市場,並重塑新能源時代高端品牌價值
+觀。「仰望U8」豪華版於九月上市,並在年底首個完
+整交付月,成為百萬級新能源SUV月度銷量第一,
+創造了中國汽車高端化的里程碑。專業個性化品牌
+「方程豹」亦於十一月推出超級混動硬派SUV[豹5」,
+自上市以來熱度高企。
+本集團持續完善品牌矩陣,形成由「比亞迪」品牌、
+「騰勢」品牌、「仰望」品牌及「方程豹」品牌所構建的
+多品牌梯度佈局,年內各品牌市場表現亮眼,多品
+牌策略初見成效。「比亞迪」品牌作為本集團首個乘
+用車品牌,逐步形成了「王朝」和「海洋」兩大系列產
+品。「王朝」系列旗下擁有「漢」、「唐」、「宋」、「秦」
+和「元」五大家族式產品。「漢」家族於年內正式煥新
+上市「漢EV冠軍版」、「漢DM-i冠軍版」和「漢DM-p戰
+神版」,產品力全面提升;「唐」家族推出「唐EV冠軍
+版」、「唐DM-i冠軍版」和「唐DM-p冠軍版/戰神版」,
+進一步加強「唐」家族的產品競爭力;「宋」家族推出
+「宋PLUS冠軍版」和「宋Pro冠軍版」,「宋L」亦於年底
+正式上市,助力「宋」家族持續領跑SUV市場;「秦
+PLUS冠軍版」的上市成功打破合資壟斷,成為十三
+年來首次斬獲年度家轎冠軍的中國品牌車型。「元
+PLUS冠軍版」煥新推出,持續領跑A級純電市場。
+「海洋」系列中,「海豚」連續兩年獲得A0級汽車年銷
+冠軍;四月新上市的「海鷗」銷量持續高漲,榮獲A00
+級汽車年銷冠軍;同月煥新的「驅逐艦05冠軍版」在
+A+級轎車市場中實現銷量口碑齊頭並進;「海豹冠軍
+版」及「海豹DM-i]分別於五月及九月上市,持續引領
+中型轎車市場。
+In the field of new energy passenger vehicles, relying on the
+continuous innovation of core technologies and targeted and effective
+market strategies, the Group took the lead in sales in 2023, remaining
+in the first spot in sales volume of passenger vehicles among Chinese
+auto companies. Based on continuously promoting the application
+of existing technologies, the Group successively released world-
+leading forward-looking and revolutionary technologies including the
+“e Platform” architecture, the “DiSus” intelligent body control system,
+the advanced intelligent driving assistance system literally known as
+“God's Eye (天神之眼)” and the “DMO” super hybrid off-road platform,
+which further enhanced the Group's comprehensive competitiveness
+and lifted its business development to a higher level.
+Management Discussion and Analysis
+管理層討論與分析
+For the year ended 31 December 2023, the Group realized an
+operating revenue of RMB602,315 million, representing a year-on-year
+increase of 42.04%. Profit attributable to the owners of the parent
+company were RMB30,041 million, an increase of 80.72% year-
+on-year, with the earnings per share of RMB10.32. The Board
+recommended the payment of a final dividend of RMB3.096 per share
+(tax-inclusive).
+本集團在鞏固和擴大國內市場發展優勢的同時,積
+極加速海外佈局,已進入日本、德國、澳大利亞、
+巴西、阿聯酋等多個國家和地區,勇奪多國新能源
+汽車銷量冠軍。本集團首個海外乘用車生產基地泰
+國工廠於三月正式奠基,七月及十二月,亦分別宣
+佈將在巴西設立大型生產基地綜合體及在匈牙利打
+造全球領先的新能源汽車整車製造基地,積極推進
+本地化生產進程,推動全球汽車電動化轉型。
+Annual Report 2023
+二零二三年年報
+二零二三年,中國汽車行業在複雜的宏觀環境中呈
+現「低開高走,逐步向好」走勢。年初,受到促銷政
+策切換和市場價格波動影響,汽車消費恢復相對滯
+後;隨着中央和地方促銷政策、國六排放標準等發
+佈實施,市場需求逐步釋放,「金九銀十」的熱銷效
+應重現。根據中國汽車工業協會的數據,二零二三
+年全年中國汽車產銷量躍上新台階,同比分別增長
+11.6%和12.0%至3,016.1萬輛和3,009.4萬輛,產銷
+量創歷史新高,並連續15年穩居全球第一,全年中
+國汽車整車出口491萬輛,同比增長57.9%,汽車業
+成為拉動中國工業經濟增長的重要動力。期間,得
+益於中國新能源汽車的高速發展,中國自主品牌的
+市場份額不斷提升,全年自主品牌乘用車份額首次
+突破50%,「換道超車」引領了行業拐點,中國汽車
+市場格局發生了深刻的變化。根據中國汽車工業協
+會的數據,二零二三年全年中國新能源汽車產銷量
+分別為958.7萬輛和949.5萬輛,同比分別增長35.8%
+和37.9%,連續九年位居全球第一,市場滲透率進
+一步攀升逾5.9個百分點至31.6%,乘用車滲透率更
+在十二月突破40%。中國新能源汽車憑藉完整成熟
+的產業鏈、領先的電動智能化技術,產品力和品牌
+力持續提升,不僅在國內大放異彩,更遠銷海外,
+得到全球消費者的廣泛認可。據中國汽車工業協會
+整理的海關總署數據顯示,二零二三年全年中國新
+能源汽車出口達120.3萬輛,同比增長77.6%,為全
+球汽車產業的綠色轉型貢獻了重要力量。
+In 2023, China's automobile industry showed a “starting low and
+moving high, gradually improving" trend amid the complex macro
+environment. At the beginning of the Year, affected by the switch of
+promotional policies and market price fluctuations, the recovery of
+automobile consumption was relatively lagging; yet, with the release
+and implementation of the central and local promotional policies and
+the China VI Emissions Standard for Vehicles, the market demand
+was gradually released, and the booming sales phenomenon in
+"Golden September and Silver October" reappeared. According to
+the statistics from the China Association of Automobile Manufacturers,
+the production and sales volume of automobiles in China leapt to a
+new level in 2023 by registering a year-on-year growth of 11.6% and
+12.0% to a record high of 30.161 million units and 30.094 million units
+respectively, ranking first in the world for the fifteenth consecutive
+year, and throughout the year, China's export of automobiles reached
+4.91 million units, representing a year-on-year increase of 57.9%. The
+automobile industry has become an important driving force behind
+China's industrial economic growth. During the Period, benefiting from
+the rapid development of China's new energy vehicles, the market
+share of Chinese local brands continued to increase, with the market
+share of local brands of passenger cars exceeding 50% for the first
+time. Such a movement of “changing lanes and overtaking" led to an
+inflexion point in the industry, and the pattern of China's automobile
+market underwent a profound change. According to the statistics
+from the China Association of Automobile Manufacturers, the annual
+production and sales volume of new energy vehicles in China recorded
+a year-on-year growth of 35.8% and 37.9% in 2023 to 9.587 million
+units and 9.495 million units, respectively, ranking first in the world
+for the ninth consecutive year. The market penetration rate of new
+energy vehicles in China further climbed by more than 5.9 percentage
+points to 31.6%, and that of passenger cars even exceeded 40% in
+December. Riding on its comprehensive and mature industrial chain
+and leading electrically powered intelligent technology, China's new
+energy vehicle brands enhanced their product and brand power
+continuously, and achieved remarkable success not only in China, but
+also in overseas markets, gaining widespread recognition from global
+consumers. According to the statistics from the General Administration
+of Customs of the People's Republic of China consolidated by the
+China Association of Automobile Manufacturers, in 2023, China's
+annual auto exports amounted to 1.203 million units, representing a
+year-on-year increase of 77.6%,contributing to the green-oriented
+transformation of the global automobile industry significantly.
+21
+Annual Report 2023
+二零二三年年報
+二零二三年,國際地緣政治緊張局勢加劇,通脹高
+企的大環境持續,多數主要經濟體增長放緩,全球
+經濟發展的複雜性、嚴峻性、不確定性上升。中國
+經濟亦受到外部環境影響,總需求不足,消費及投
+資預期偏弱,房地產市場低迷,各行各業面臨諸多
+挑戰。面對外部壓力和內部困難,中國政府加大宏
+觀調控力度,着力擴大內需、優化結構、提振信
+心,使中國經濟的「韌性」突顯。據國家統計局公佈
+的數據顯示,二零二三年全年國內生產總值增速為
+5.2%,呈現前低、中高、後穩的態勢,中國經濟回
+升向好的趨勢進一步鞏固,並成為世界經濟增長的
+重要引擎。
+汽車及電池業務
+行業分析及回顧
+As a pioneer and leader in the global new energy vehicle industry, the
+Group has steadily promoted the upgrading of brand power and the
+strategic layout of going abroad, and achieved substantial business
+development in the background of increasingly fierce competition
+in the industry, leading China's new energy vehicle sales for 11
+consecutive years, retaining its No. 1 position in the global sales of
+new energy vehicles and creating a history for a Chinese automobile
+enterprise to rank top ten in terms of global sales for the first time.
+In 2023, the international geopolitical tensions intensified, the
+high inflationary environment prevailed, the growth of most major
+economies slowed down, and the complexity, severity and uncertainty
+of global economic development increased. The unfavourable external
+environment also affected China's economy, resulting in insufficient
+overall demand, weak consumption and investment expectations, a
+sluggish property market and various challenges faced by industries
+and trades. In the face of external pressures and internal difficulties,
+the Chinese government stepped up its macro-control efforts, focusing
+on expanding domestic demand, optimising structure and boosting
+confidence, which highlighted the “resilience” of China's economy.
+According to the data released by the National Bureau of Statistics,
+the annual GDP in 2023 increased by 5.2% year on year, showing a
+trend of starting low, moving up and stabilising later on, marking a
+further consolidation of China's economic recovery and making it an
+important engine of growth for the world economy.
+Chairman's Statement
+主席報告書
+In 2023, China's automobile industry showed a “starting low and
+moving high, gradually improving" trend amid the complex external
+environment. At the beginning of the Year, affected by the switch of
+promotional policies and market price fluctuations, the recovery of
+automobile consumption was relatively lagging; yet, with the release
+and implementation of the central and local promotional policies and
+the China VI Emissions Standard for Vehicles, the market demand was
+gradually released, and the booming sales phenomenon in "Golden
+September and Silver October" reappeared. The sales volume of
+automobiles in China reached 30.094 million units throughout the
+Year, representing a year-on-year increase of 12.0% and ranking
+first in the world for the fifteenth consecutive year, and the export of
+automobiles reached 4.91 million units, representing a year-on-year
+increase of 57.9%. The automobile industry has become an important
+driving force behind China's industrial economic growth. In 2023,
+China's new energy vehicles continued their rapid development with a
+sales volume of 9.495 million units throughout the Year, representing
+a year-on-year increase of 37.9% and ranking first in the world for
+the ninth consecutive year. The penetration rate of new energy
+vehicles in China climbed up to 31.6%, and that of passenger cars
+even exceeded 40% in December, indicating profound changes
+in the landscape of China's automobile market. Riding on its
+comprehensive and mature industrial chain and leading electrically
+powered intelligent technology, China's new energy vehicle brands
+enhanced their product and brand power continuously, and were
+also widely recognised by global consumers. China's annual auto
+exports amounted to 1.203 million units, representing a year-on-year
+increase of 77.6%, contributing to the green-oriented transformation of
+the global automobile industry significantly. In terms of rechargeable
+batteries, the traditional consumer electronics industry began to form
+a weak recovery in the second half, which also affected the demand
+for upstream batteries. The robust demand in energy storage field
+continuously heightened the market's activity. As for the photovoltaic
+industry, the rise of carbon neutrality has ignited a global surge in
+demand, accelerating the integration of companies. Domestically, the
+photovoltaic industry is experiencing robust growth across all stages
+of supply and demand. In terms of smart terminals, the development
+of global smartphone industry was still sluggish. In terms of the PC
+field, despite the stimulus from artificial intelligence (AI) applications,
+the demand was still influenced by the macroeconomy.
+二零二三年,中國汽車行業在複雜的外部環境中呈
+現「低開高走,逐步向好」走勢。年初,受到促銷政
+策切換和市場價格波動影響,汽車消費恢復相對滯
+後;隨著中央和地方促銷政策、國六排放標準等發
+佈實施,市場需求逐步釋放,「金九銀十」的熱銷重
+現。全年中國汽車銷量達3,009.4萬輛,同比增長
+12.0%,連續15年穩居全球第一,汽車整車出口達
+491萬輛,同比增長57.9%,汽車業成為拉動中國
+工業經濟增長的重要動力。二零二三年,中國新能
+源汽車繼續高速發展,全年銷量達949.5萬輛,同
+比增長37.9%,連續九年全球稱冠,滲透率攀升至
+31.6%,乘用車滲透率更在十二月突破40%,中國汽
+車市場格局發生了深刻的變化。中國新能源汽車憑
+藉完整成熟的產業鏈、領先的電動智能化技術,產
+品力和品牌力持續提升,亦得到全球消費者的廣泛
+認可,全年新能源汽車出口達120.3萬輛,同比增長
+77.6%,為全球汽車產業的綠色轉型貢獻了重要力
+量。二次充電電池方面,傳統消費類電子行業下半
+年開始逐步形成弱復甦,上游電池需求亦受影響。
+儲能領域需求旺盛、市場活躍度不斷提升。光伏方
+面,碳中和浪潮崛起,全球光伏需求熱熾,企業加
+速一體化進程,國內光伏產業各環節供需保持高增
+長態勢。智能終端領域方面,全球智能手機行業
+持續低迷,PC方面,雖然有人工智能(AI)應用的刺
+激,但需求仍受宏觀經濟影響。
+11
+12
+比亞迪股份有限公司
+Chairman's Statement
+主席報告書
+Automobiles and Batteries Business
+二次充電電池方面,年內產品研發及產能提升進展
+順利,助力傳統電池業務穩步發展。此外,在保障
+自身動力電池需求的同時,本集團亦持續積極拓展
+外部客戶,加速市場化佈局。在儲能業務領域,本
+集團推動新型儲能產業實現跨越式發展。光伏業務
+方面,在「雙碳」目標的引領下,本集團加速新技術
+研發佈局。
+BYD Company Limited
+Chairman's Statement
+主席報告書
+Lastly, on behalf of the Group,
+would like to express sincere
+gratitude to our loyal customers for their persistent support and love.
+I also give my heartfelt thanks to all business partners, investors and
+shareholders for their trust. Besides, I would like to present my heartfelt
+gratitude to all staff for their unobtrusive hard work and contribution
+in the past year. The Group will build on past achievements and keep
+pace with the times, seize market opportunities and make use of its
+own advantages to promote the long-term healthy development of the
+Group, to maximize returns for shareholders.
+最後,本人謹代表本集團感謝各位忠誠客戶一直以
+來的支持及厚愛,同時亦感激各位業務夥伴、投資
+者及股東的信任,並對全體員工在過去一年緊守崗
+位,默默耕耘和奉獻致以衷心感謝。本集團將繼往
+開來,與時並進,把握市場機遇,發揮自身優勢,
+致力推進本集團的長期可持續發展,為股東創造最
+大回報。
+Wang Chuan-fu
+Chairman
+Shenzhen, the PRC, 26 March 2024
+主席
+王傳福
+Chairman's Statement
+中國深圳,二零二四年三月二十六日
+管理層討論與分析
+Management Discussion and Analysis
+比亞迪股份有限公司
+20
+ווח
+777
+豹5
+Annual Report 2023
+二零二三年年報
+17
+INDUSTRY ANALYSIS AND REVIEW
+Annual Report 2023
+二零二三年年報
+BYD Company Limited
+手機部件及組裝業務方面,本集團將積極把握市場
+機遇,持續戰略佈局核心技術研發及創新,加強垂
+直整合優勢,深化大客戶策略。在保持傳統業務行
+業領導地位的同時,前瞻佈局的新興業務的相關產
+品線將保持強勁發展勢頭,帶動本集團業務及收入
+規模持續壯大。消費電子業務方面,本集團將充分
+把握AI、鈦金屬材料及其他新應用所帶來的發展機
+遇,不斷擴大市場份額。新型智能產品業務方面,
+本集團看好AI服務器的市場前景,將持續積極投入
+研發資源,加大佈局AI服務器相關產品和解決方
+案。本集團將持續深化與各細分領域頂尖客戶的合
+作,智能家居、遊戲硬件、無人機等板塊將保持良
+好發展勢頭,帶動新型智能產品業務規模長期可持
+續發展。
+主席報告書
+為助力實踐「雙碳」目標,本集團將繼續堅定發展戰
+略,堅持技術創新和核心技術自主可控,推出更多
+更具競爭力的產品,為城市發展提供多元化的綠色
+解決方案,促進低碳社會和可持續發展。同時,本
+集團積極推進市場化發展,構建產業合作共贏生
+態,實現本集團的長久繁榮和基業長青,將本集團
+打造成中國工業的百年企業。
+With respect to the handset components and assembly segment,
+the Group is a global leading provider of high-tech and innovative
+products. With industry-leading R&D and manufacturing strength,
+efficient mass production experience, diversified product portfolio
+and abundant customer base, the Group saw a significant profitability
+improvement thanks to the further optimization in business structure
+and cost control enhancement. In terms of consumer electronics,
+the Group continued to deepen its strategic cooperation with major
+customers to consolidate its own leading position in the industry.
+During the Year, the new intelligent product business continued its
+steady development, with an increasing market share.
+In terms of material acquisitions, BYD Electronics (International)
+Company Limited, a majority-owned subsidiary of the Group,
+completed the acquisition of the mobile electronics manufacturing
+business of Jabil Inc., one of the world's largest electronic
+manufacturing services and solutions providers, on 29 December
+2023. The acquisition will broaden the smartphone parts business of
+BYD Electronics.
+Looking ahead to 2024, despite the complexity of the external
+environment, China will continue to expand and unleash the new
+potential of domestic demand, accelerate the development of new
+quality productive forces, and push the economy to achieve high
+quality development in a stable operation under the general principles
+of "pursuing progress while ensuring stability, promoting stability
+through progress, and establishing the new before abolishing the
+old". In March, the executive meeting of the State Council considered
+and passed the Action Plan for the Promotion of the Large-Scale
+Equipment Renewal and Trade-in of Consumer Goods, which is
+also favorable to the new energy vehicle industry. It is expected that
+China's new energy vehicle market will continue to grow strongly in
+2024, and the production capacity will exceed 10 million units, with
+penetration rate hitting another record high.
+With regard to the automobiles business, the Group will strengthen the
+independency and controllability of its core technologies R&D, and
+continue to enhance the competitiveness of its products. Focusing on
+market consumption trend the Group will further improve its layout of
+multi-brand matrix and accelerate the business "going global" to help
+China's automobile industry to lead the global new energy vehicle
+trend.
+重大收購方面,本集團旗下控股子公司比亞迪電子
+(國際)有限公司於二零二三年十二月二十九日完成
+收購全球最大電子製造服務及解決方案提供商之一
+Jabil Inc.的移動電子製造業務。此項收購將拓寬比
+亞迪電子的智能手機零部件業務。
+展望二零二四年,儘管外部環境依舊複雜,中國將
+以「穩中求進、以進促穩、先立後破」的基調,持續
+擴大釋放內需新潛能,加快發展新質生產力,推動
+經濟在平穩運行中實現高質量發展。三月,國務院
+常務會議審議通過了《推動大規模設備更新和消費品
+以舊換新行動方案》,亦利好新能源汽車行業。預期
+二零二四年中國新能源汽車市場將延續強勁增長勢
+頭,邁進千萬輛級時代,滲透率有望再突破。
+在汽車領域,本集團將強化核心技術的研發及自主
+可控,持續提升產品競爭力;緊抓市場消費趨勢,
+持續推進多品牌矩陣佈局,加速業務出海進程,助
+力中國汽車產業引領全球新能源汽車浪潮。
+15
+手機部件及組裝領域,本集團是全球領先的高科技
+創新產品提供商,依託於業界領先的研發和製造實
+力、高效規模化的生產經驗、多元的產品組合以及
+豐富的客戶資源,業務結構進一步優化,成本管控
+能力提升,盈利能力顯著改善。消費電子方面,本
+集團持續深化與大客戶的戰略合作關係,進一步鞏
+固自身行業龍頭地位。年內,新型智能產品業務發
+展持續穩健發展,市場份額不斷提升。
+主席報告書
+businesses will maintain a strong development momentum, driving
+the continuous growth of the Group's business and revenue scale. In
+terms of consumer electronics business, the Group will fully seize the
+development opportunities brought by Al, titanium metal materials and
+other new applications to continue to expand its market share. In terms
+of new intelligent product business, the Group is optimistic about the
+market prospects for Al servers. It will keep investing in the R&D of Al
+servers actively and put more effort on the development of products
+and solutions related to Al servers. The Group will continue to deepen
+cooperation with top-tier clients in various niche fields. There will be a
+strong growth momentum in the fields of smart home devices, game
+hardware, and drones, driving the long-term sustainability of the new
+intelligent product business scale.
+BYD Company Limited
+To contribute to practice of the "carbon peaking and carbon
+neutrality" goal, the Group will continue to adhere to its development
+strategy, insist on technological innovation and independency and
+controllability of its core technologies, launch more products with
+higher competitiveness, provide diversified green solutions for urban
+development, and promote rapid and healthy development of a low-
+carbon society. At the same time, the Group actively promoted market-
+oriented development and built a win-win ecosystem through industrial
+cooperation in an attempt to achieve the long-term prosperity and
+long-lasting development of the Group and make the Group a century-
+old enterprise in China.
+For the handset components and assembly business, the Group will
+proactively capture market opportunities, continue to put efforts on the
+R&D of core technologies, enhance its vertical integration advantage
+and deepen the strategy of developing major customers. While
+maintaining our industry-leading position in traditional businesses, the
+forward-looking deployment in the relevant product lines of emerging
+In terms of rechargeable batteries, the Group will continue to enhance
+its independent innovation and R&D capabilities, actively promote
+the application of the innovative technologies and product upgrades,
+further expand its customer base and business coverage and
+facilitate sustainable development of relevant businesses. In terms of
+photovoltaics business, the Group will actively grasp the development
+trend of the industry, focus on technology R&D, promote product
+transformation and upgrading, to usher in the explosive growth
+opportunities of the industry.
+16
+比亞迪股份有限公司
+Chairman's Statement
+二次充電電池方面,本集團將持續提升自主創新和
+研發能力,積極推進新技術應用及產品升級;進一
+步擴大客戶基礎和業務範圍,推動相關業務持續發
+展。光伏業務方面,本集團將積極把握行業發展脈
+絡,着力技術研發,推動產品轉型升級,以迎接行
+業爆發性增長機遇。
+198
+BYD Company Limited
+Aging analysis of other receivables is as follows:
+與應收票據相關的金融資產轉移詳見附註
+十、6。
+5,905
+85,440,516
+Details of transfer of financial assets related to notes receivable
+are set out in Note X.6.
+91,841,294
+derecognised
+未終止確認
+比亞迪股份有限公司
+Notes to Financial Statements
+人民幣千元
+RMB'000
+V.
+2023
+二零二三年
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+終止確認
+五、 合併財務報表主要項目註釋(續)
+5.
+Other receivables
+5.
+其他應收款
+Other receivables
+財務報表附註
+Derecognised
+銀行承兌匯票
+終止確認
+5,167,489
+5,596,369
+12,964,208
+減:其他綜合收益-公允價值變動
+31,445
+69,924
+年末公允價值
+5,564,924
+2022
+12,894,284
+The business model of the Company for the management
+of a portion of trade receivables and notes receivable is
+for the purposes of receiving contractual cash flows and
+trading. Financial assets classified as fair value through
+other comprehensive income are presented as receivables
+financing.
+Endorsed or discounted notes receivable which have not
+become due at the balance sheet date are as follows:
+企業對部分應收賬款和應收票據管理的業務
+模式既以收取合同現金流為目標又以出售為
+目標,分類為以公允價值計量且其變動計入
+其他綜合收益的金融資產,列報為應收款項
+融資。
+已背書或貼現但在資產負債表日尚未到期的
+應收票據如下:
+Bank acceptance bills
+2023
+2022
+二零二三年
+二零二二年
+Not
+Not
+Derecognised
+derecognised
+未終止確認
+二零二二年
+二零二二年
+2,757,912
+1,910,009
+Annual Report 2023
+二零二三年年報
+199
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+5.
+Other receivables (continued)
+196
+2,757,912
+5.
+Book balance of other receivables analysed by nature are as
+follows:
+其他應收款賬面餘額按性質分類如下:
+2023
+2022
+二零二三年 二零二二年
+Deposit and security
+保證金及押金
+923,249
+325,032
+Export rebates and taxes
+出口退稅及稅金
+75,609
+352,145
+其他應收款(續)
+其他應收款
+合計
+174,450
+其他應收款的賬齡分析如下:
+Within 1 year
+1年以內
+1 to 2 years
+1年至2年
+2 to 3
+years
+2年至3年
+Over 3
+years
+3年以上
+1,910,009
+2023
+Total
+2022
+7,796,719
+2,167,608
+1,661,359
+377,098
+62,965
+46,331
+172,318
+343,383
+187,817
+2,934,420
+2,084,459
+Less: Bad debt provision for other receivables 減:其他應收款壞賬準備
+176,508
+二零二三年
+5,596,369
+4.
+2022
+of trade
+receivables
+provision
+Closing
+balance of
+Closing
+balance of
+receivables
+and
+and
+contract
+for
+impairment
+trade
+contract
+receivables
+assets
+contract
+assets
+assets
+(%)
+應收賬款
+年末餘額
+合同資產
+年末餘額
+應收賬款和
+合同資產
+年末餘額
+佔應收賬款
+和合同資產
+年末餘額合
+計數的比例
+of contract
+assets
+應收賬款
+壞賬準備和
+合同資產
+and
+of trade
+balance
+receivables
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+3.
+Trade receivables (continued)
+3.
+應收賬款(續)
+(%)
+As at 31 December 2023, trade receivables (excluding the
+(excluding the subsidies for new energy vehicle sales) of the
+five greatest amounts are shown as follows:
+於二零二三年十二月三十一日,應收賬款(不
+含新能源補貼款)和合同資產(不含新能源補
+貼款)金額前五名如下:
+Closing
+Percentage
+of the
+balance of
+provision
+aggregate for bad debt
+closing
+of trade
+Closing
+balance
+subsidies for new energy vehicle sales) and contract assets
+減值準備
+年末餘額
+Customer with the greatest
+amount
+應收賬款和合同資產
+金額第一大客戶
+17,877,961
+17,877,961
+26.08
+39,599
+Annual Report 2023
+二零二三年年報
+197
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+合計
+FINANCIAL STATEMENTS (CONTINUED)
+Receivables financing
+應收款項融資
+Bank acceptance bills
+Transfer from prepayments before shipment
+Trade receivables
+銀行承兌匯票
+應收賬款
+Original carrying amount at the end of the year 年末賬面原值
+Less: Other comprehensive income
+- change in fair value
+Fair value at the end of the year
+2023
+二零二三年
+4.
+二零二二年
+Total
+1.69
+10,330,025
+10,330,025
+15.07
+23,843
+Customer with the second
+greatest amount
+應收賬款和合同資產
+金額第二大客戶
+3,240,469
+3,240,469
+4.73
+8,841
+Customer with the third
+greatest amount
+應收賬款和合同資產
+金額第三大客戶
+2,670
+1,701,161
+2.48
+3,913
+Customer with the fourth
+greatest amount
+應收賬款和合同資產
+Customer with the fifth
+greatest amount
+金額第四大客戶
+應收賬款和合同資產
+金額第五大客戶
+1,448,239
+1,448,239
+2.11
+332
+1,158,067
+1,158,067
+1,701,161
+未發貨預付款轉入
+年初餘額
+173,406
+Customer 3
+客戶三
+1,387
+1,387
+100.00
+Expected to be unrecoverable
+預計無法收回
+Expected to be unrecoverable
+預計無法收回
+Expected to be unrecoverable
+預計無法收回
+Total
+合計
+174,793
+174,793
+Annual Report 2023
+二零二三年年報
+201
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+5.
+Other receivables (continued)
+5.
+100.00
+78,790
+78,790
+客戶二
+Other receivables with provision for bad debt based on
+individual assessment are shown as follows:
+1,910,009
+單項計提壞賬準備的其他應收款情況如下:
+2023
+二零二三年
+Provision
+Book
+for
+Provision
+rate
+balance
+其他應收款(續)
+bad debt
+Reason of provision
+計提比例
+賬面餘額
+壞賬準備
+(%)
+計提理由
+Customer 1
+客戶一
+94,616
+94,616
+100.00
+Customer 2
+(%)
+Other receivables (continued)
+其他應收款(續)
+Changes of provision for bad debt of other receivables based
+173,406
+174,450
+年初餘額在本年階段轉換
+(289)
+289
+Provision for the year
+本年計提
+594
+77
+1,387
+2,058
+Reversal in the year
+216
+本年轉回
+本年轉銷
+Write-off in the year
+本年核銷
+Other changes
+其他變動
+Closing balance
+年末餘額
+1,133
+582
+174,793
+176,508
+BYD Company Limited
+Offset in the year
+174,450
+828
+Opening balance
+on 12-month expected credit loss and lifetime expected credit
+loss are as follows:
+其他應收款按照12個月預期信用損失及整個
+存續期預期信用損失分別計提的壞賬準備的
+變動如下:
+Stage 1
+第一階段
+Stage 2
+第二階段
+Stage 3
+12-month
+expected
+impairment
+credit loss
+incurred)
+整個存
+Lifetime
+expected
+Changes in the year
+credit loss
+第三階段
+Lifetime
+expected
+credit loss
+(credit
+impairment
+incurred)
+整個存
+Total
+續期預期
+未來12個月 信用損失
+預期信用 (未發生信用 (已發生信用
+損失
+減值)
+減值)
+續期預期
+信用損失
+合計
+(no credit
+174,793
+100.00
+合計
+(%)
+Amount
+(%)
+amount
+比例
+計提比例
+金額
+(%)
+金額
+(%)
+賬面價值
+Provision for bad debt based on
+individual assessment
+單項計提壞賬準備
+174,793
+5.96
+174,793
+100.00
+Provision for bad debt based on
+按信用風險特徵組合
+collective assessment by credit
+計提壞賬準備
+risk portfolio
+2,759,627
+94.04
+1,715
+Amount
+Carrying
+rate
+Percentage
+Loans to employees
+員工借款
+112,760
+74,285
+Social security contribution on behalf of
+employees
+代扣代繳員工社保
+706,350
+429,122
+Deferred expenses
+待攤費用
+259,981
+84,952
+0.06 2,757,912
+Others
+681,678
+645,517
+合計
+2,934,420
+2,084,459
+2023
+二零二三年
+Book balance
+Bad debt provision
+賬面餘額
+壞賬準備
+Provision
+其他
+Total
+合計
+2,934,420
+(%)
+Amount
+rate(%)
+amount
+比例
+計提比例
+金額
+(%)
+金額
+(%)
+賬面價值
+Provision for bad debt based on
+individual assessment
+Amount
+單項計提壞賬準備
+8.32
+173,406
+100.00
+Provision for bad debt based on
+按信用風險特徵組合
+collective assessment by credit
+risk portfolio
+計提壞賬準備
+1,911,053
+91.68
+1,044
+0.05 1,910,009
+Total
+173,406
+2,084,459
+Carrying
+Percentage
+100.00
+176,508
+2,757,912
+BYD Company Limited
+200
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+Provision
+五、 合併財務報表主要項目註釋(續)
+5.
+Other receivables (continued)
+5.
+其他應收款(續)
+Other receivables (continued)
+其他應收款(續)
+2022
+二零二二年
+Book balance
+Bad debt provision
+賬面餘額
+壞賬準備
+FINANCIAL STATEMENTS (CONTINUED)
+項。
+Total
+reversal of significant amounts or write-off of significant trade
+receivables.
+Amount
+(%)
+amount
+比例
+計提比例
+金額
+(%)
+金額
+(%)
+賬面價值
+Provision for bad debt based on
+individual assessment
+單項計提壞賬準備
+1,058,458
+2.54
+1,037,179
+97.99
+21,279
+Provision for bad debt based on
+按信用風險特徵組合
+(%)
+collective assessment by credit
+Amount
+rate
+collective assessment by credit
+risk portfolio
+計提壞賬準備
+64,428,186
+98.44 2,578,237
+4.00
+61,849,949
+Total
+2022
+合計
+65,449,636
+100.00 3,583,617
+二零二二年
+Book balance
+賬面餘額
+Provision for bad debt
+壞賬準備
+61,866,019
+Provision
+Percentage
+Carrying
+按信用風險特徵組合
+計提壞賬準備
+40,559,734
+3.
+應收賬款(續)
+Trade receivables with provision for bad debt based on
+單項計提壞賬準備的應收賬款情況如下:
+individual assessment are shown as follows:
+2023
+二零二三年
+Provision
+Book
+for
+Provision
+rate
+balance
+bad debt
+(%)
+Reason of provision
+計提比例
+賬面餘額
+壞賬準備
+Trade receivables (continued)
+risk portfolio
+3.
+合併財務報表主要項目註釋(續)
+97.46 1,752,519
+4.32
+38,807,215
+Total
+合計
+41,618,192
+100.00
+2,789,698
+38,828,494
+BYD Company Limited
+194
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、
+FINANCIAL STATEMENTS (CONTINUED)
+(%)
+Provision for bad debt based on
+98.43
+2年至3年
+3年以上
+2023
+2022
+二零二三年
+二零二二年
+55,779,350 27,927,498
+2,063,458
+6,184,489
+3,139,994
+3,849,206
+4,466,834
+3,656,999
+65,449,636
+41,618,192
+Less: Provision for bad debt of trade
+receivables
+減:應收賬款壞賬準備
+3,583,617
+2,789,698
+1年至2年
+Total
+1年以內
+2 to 3 years
+BYD Company Limited
+192
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+3.
+Trade receivables
+3.
+應收賬款
+The aging of trade receivables is recognised based on the time
+of revenue recognition. The aging analysis of trade receivables
+is as follows:
+應收賬款賬齡按收入確認的時間予以確認,
+應收賬款的賬齡分析如下:
+Within 1 year
+1 to 2 years
+Over 3 years
+16,070
+合計
+38,828,494
+rate
+Carrying
+Amount
+(%)
+Amount
+(%)
+amount
+比例
+計提比例
+金額
+(%)
+金額
+(%)
+賬面價值
+Provision for bad debt based on
+單項計提壞賬準備
+individual assessment
+1,021,450
+1.56 1,005,380
+Percentage
+61,866,019
+Provision
+賬面餘額
+The subsidies for new energy vehicle sales are included in the
+above trade receivables.
+上述應收賬款含應收新能源汽車補貼款。
+Annual Report 2023
+二零二三年年報
+193
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+3.
+Trade receivables (continued)
+3.
+應收賬款(續)
+於二零二三年度,無壞賬準備收回或轉回金
+額重要的款項,無重要的應收賬款核銷款
+二零二三年
+Book balance
+Provision for bad debt
+壞賬準備
+計提理由
+2023
+客戶一
+4.98
+2-3 years (inclusive)
+2-3年(含3年)
+3,810,277
+170,265
+4.47
+3-4 years (inclusive)
+34年(含4年)
+1,403,412
+187,781
+13.38
+4-5 years (inclusive)
+4-5年 (含5年)
+1,009,241
+476,003
+47.16
+Over 5 years
+5年以上
+299,643
+304,956
+299,643
+6,121,236
+1-2 years (inclusive)
+Trade receivables (continued)
+3.
+應收賬款(續)
+As at 31 December 2022, trade receivables with provision
+for bad debt based on collective assessment are shown as
+follows:
+於二零二二年十二月三十一日,組合計提壞
+賬準備的應收賬款情況如下:
+Book
+Provision
+for
+Provision
+rate
+balance
+賬面餘額
+impairment
+(%)
+減值準備
+計提比例(%)
+Within 1 year (inclusive)
+1年以内(含1年)
+27,915,925
+313,871
+1.12
+1-2年(含2年)
+3.
+100.00
+合計
+本年核銷
+折算差額
+年末餘額
+2023
+二零二三年
+2,789,698
+1,328,105
+(444,490)
+(93,220)
+3,524 3,583.617
+2022
+二零二二年
+2,154,399
+999,965
+(270,293)
+(99,036)
+4,663 2,789,698
+In 2023, there was no recovery of provision for bad debt or
+Customer 1
+本年轉回
+Total
+本年計提
+外幣報表
+40,559,734
+1,752,519
+The movements of provision for bad debt of trade receivables
+are as follows:
+應收賬款壞賬準備的變動如下:
+Exchange
+difference
+Provision
+on foreign
+Opening
+for
+Reversal in
+balance
+the year
+the year
+in the year
+currency
+translation
+Closing
+balance
+年初餘額
+FINANCIAL STATEMENTS (CONTINUED)
+Write-off
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+Expected to be unrecoverable
+預計無法收回
+Expected to be unrecoverable
+預計無法收回
+Expected to be unrecoverable
+預計無法收回
+Expected to be unrecoverable
+預計無法收回
+Expected to be unrecoverable
+預計無法收回
+Others
+其他
+515,620
+499,550
+96.88
+Total
+合計
+1,021,450
+1,005,380
+As at 31 December 2023, trade receivables with provision
+for bad debt based on collective assessment are shown as
+follows:
+於二零二三年十二月三十一日,組合計提壞
+賬準備的應收賬款情況如下:
+Provision
+Provision
+Book
+100.00
+for
+74,601
+客戶五
+156,202
+五、 合併財務報表主要項目註釋(續)
+156,202
+100.00
+Customer 2
+客戶二
+110,377
+110,377
+100.00
+Customer 3
+客戶三
+84,616
+84,616
+100.00
+Customer 4
+客戶四
+80,034
+100.00
+Customer 5
+74,601
+rate
+80,034
+impairment
+4-5 years (inclusive)
+4-5年(含5年)
+503,007
+216,915
+43.12
+Over 5 years
+5年以上
+1,165,545
+1,165,545
+8.42
+100.00
+合計
+64,428,186
+2,578,237
+Annual Report 2023
+二零二三年年報
+195
+Notes to Financial Statements
+財務報表附註
+balance
+賬面餘額
+RMB'000
+人民幣千元
+V.
+160,374
+Total
+3-4年(含4年)
+減值準備
+1,905,098
+計提比例(%)
+Within 1 year (inclusive)
+1年以內(含1年)
+(%)
+726,642
+1.30
+1-2 years (inclusive)
+1-2年(含2年)
+55,717,119
+99,861
+4.84
+2-3 years (inclusive)
+2-3年(含3年)
+3,074,633
+208,900
+3-4 years (inclusive)
+2,062,784
+6.79
+二零二二年
+2022
+427,764
+354,490 (411,124)
+2023
+二零二三年
+balance
+年末餘額
+the year
+本年轉銷
+the year
+本年計提
+the year
+本年轉回
+484,398
+345,591
+比亞迪股份有限公司
+484,398
+In 2023 and 2022, there were no significant reversal, write-off
+於二零二三年度及二零二二年度,無重大合
+or recovery of provision for impairment of contract assets.
+同資產減值準備轉回、核銷或收回情況。
+BYD Company Limited
+208
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+187,390 (48,583)
+balance
+年初餘額
+balance
+賬面餘額
+in
+值準備的合同資產情況如下:
+五、 合併財務報表主要項目註釋(續)
+2023
+二零二三年
+Provision
+Provision
+Book
+for
+rate
+impairment
+減值準備 計提比例(%)
+(%)
+Reason of provision
+計提理由
+Customer 1
+客戶一
+304,603
+304,603
+100.00
+Expected to be unrecoverable
+預計無法收回
+The movements of provision for impairment of contract assets
+are as follows:
+合同資產減值準備的變動如下:
+Provision
+Reversal
+Opening
+for
+in
+Write-off
+Closing
+9.
+Carrying
+9.
+Carrying
+賬面餘額
+壞賬準備
+amount
+賬面價值
+Book
+balance
+二零二二年
+Provision
+for
+bad debt
+賬面餘額
+壞賬準備
+for
+amount
+賬面價值
+長期應收款
+16,891,529
+1,144,988 15,746,541
+2,593,603
+422,404 2,171,199
+Including: Long-term
+其中:一年內到期
+receivables due within
+的長期應收款
+one year
+8,503,329
+於二零二三年十二月三十一日,單項計提減
+Long-term receivables
+bad debt
+balance
+Book
+其他流動資產
+Deductible VAT
+待抵扣增值税
+Costs of property held for sale (Note 1)
+Others
+待出售房產成本(註1)
+其他
+Note 1: In 2017, the Group acquired the entire property that
+has been completely developed, Yadi Sancun, from a
+third-party developer. Some parts of the property have
+been delivered in the year and generate revenue of
+RMB271,476,000 (2022: RMB549,096,000).
+10.
+Long-term receivables
+註1:
+2023
+2022
+二零二三年 二零二二年
+12,034,922
+11,258,125
+1,131,047
+1,405,854
+48,833
+472,222
+13,214,802
+13,136,201
+二零一七年本集團向第三方開發商整體
+購入已完成開發的房產(亞迪三村)。本
+年部分完成交付,確認營業收入金額為
+人民幣271,476千元(二零二二年:人民
+幣549,096千元)。
+10.
+長期應收款
+2023
+二零二三年
+2022
+Provision
+Other current assets
+impairment based on individual assessment are as follows:
+提減值準備
+合同資產(續)
+credit risk portfolio
+Provision for impairment based
+on collective assessment by
+合計
+2022
+Total
+4.42 2,660,319
+123,161
+90.14
+2,783,480
+credit risk portfolio
+按信用風險特徵組合
+計提減值準備
+按信用風險特徵組合計
+on collective assessment by
+100.00
+304,603
+9.86
+304,603
+on individual assessment
+單項計提減值準備
+Provision for impairment based
+賬面價值
+(%)
+金額
+(%)
+金額
+Provision for impairment based
+3,088,083
+100.00
+427,764
+13,552,998
+3.45
+484,398
+100.00
+14,037,396
+賬面價值
+(%)
+金額
+(%)
+金額
+計提比例
+比例
+amount
+(%)
+Amount
+(%)
+Amount
+Carrying
+rate
+Percentage
+Provision
+減值準備
+Provision for impairment
+賬面餘額
+Book balance
+二零二二年
+2,660,319
+計提比例
+比例
+amount
+(%)
+13,552,998
+484,398
+2,660,319 14,037,396
+427,764
+3,088,083
+合同資產
+賬面價值
+amount
+Carrying
+impairment
+減值準備
+Provision
+for
+balance
+賬面餘額
+amount
+賬面價值
+balance impairment
+賬面餘額 減值準備
+994,978 7,508,351
+Annual Report 2023
+二零二三年年報
+207
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+五、
+合併財務報表主要項目註釋(續)
+8.
+Contract assets (continued)
+8.
+The main reason for the significant change in the carrying
+amount of contract assets during the year: the rights to the
+contract considerations to become unconditional (which means
+that the contract assets are reclassified as trade receivables).
+As at 31 December 2023, contract assets with provision for
+Contract assets represent the rights to receive considerations
+for the transfer of goods to customers. Contract assets arise
+when the fulfillment of performance obligations is earlier than
+the progress payments agreed in the contract, which would be
+transferred to trade receivables when the contract meets the
+conditions for unconditional rights to receive payments.
+合同資產,是指企業已向客戶轉讓商品而有
+權收取對價的權利。履約義務的履行早於合
+同中約定的付款進度則會出現合同資產,在
+合同達到無條件收款權條件時,轉入應收賬
+款。
+Amount
+(%)
+Amount
+Carrying
+rate
+Percentage
+Provision
+Provision for impairment
+減值準備
+賬面餘額
+Book balance
+二零二三年
+2023
+合同資產(續)
+8.
+Contract assets (continued)
+8.
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+206
+BYD Company Limited
+本年合同資產帳面價值發生重大變動的主要
+原因:對合同對價的權利成為無條件權利
+(即,合同資產重分類為應收賬款)。
+1,441,914
+translation
+Range of
+41,331
+19,301
+(27,580)
+-- 33,052
+V.
+11.
+Annual Report 2023
+二零二三年年報
+211
+Notes to Financial Statements
+財務報表附註
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+Long-term equity investments
+二零二二年
+31 December 2023
+五、 合併財務報表主要項目註釋(續)
+11.
+長期股權投資
+二零二三年十二月三十一日
+Movement during the year
+本年變動
+Investment
+gains
+Provision for
+Other
+Other
+Cash
+RMB'000
+人民幣千元
+2022
+150,010
+(14,988)
+Exchange
+Provision
+Opening
+for
+Reversal in
+Write-off
+balance
+the year
+the year
+in the year
+difference on
+foreign
+currency
+Book
+Closing
+balance
+外幣報表
+年初餘額
+本年計提
+本年轉回
+本年轉銷
+折算差額
+年末餘額
+2023
+二零二三年
+33,052
+131,946
+Provision
+長期應收款壞賬準備的變動如下:
+impairment
+Opening Increase of Decrease of under equity comprehensive
+balance investment investment method
+橫琴和諧鼎泰股權投資企業
+(有限合夥)
+Community Fund LP
+546,009
+(18,276)
+527,733
+Community Fund LP
+Shenzhen Didi New Energy Vehicle
+Technology Co., Ltd
+33,743 389,581
+28,530
+451,854
+767,306
+深圳市迪滴新能源汽車科技
+Other joint ventures
+1,095,317
+75,542
+(105,982)
+1,064,877
+其他合營企業
+Sub-total
+小計
+12,742,513
+11,284,563
+465,123
+992,827
+有限公司
+3,193
+764,113
+Investment LP
+equity
+dividend
+for
+Closing as at the end
+income
+合營企業
+年初餘額
+追加投資
+減少投資
+權益法下
+投資收益
+其他
+綜合收益
+movement
+其他
+declared impairment
+balance
+of the year
+宣告
+權益變動
+現金股利
+計提
+減值準備
+年末
+年末餘額
+減值準備
+BYD Auto Finance Company Limited 8,845,381
+1,085,362
+9,930,743
+比亞迪汽車金融有限公司
+Hengqin Hexie Dingtai Equity
+Joint ventures
+Changes of provision for bad debt of long-term receivables are
+as follows:
+1,144,988
+16,891,529
+Amount
+(%)
+Amount
+(%)
+amount
+比例
+計提比例
+金額
+(%)
+金額
+(%)
+賬面價值
+Carrying
+Provision for bad debt based on
+collective assessment by credit
+計提壞賬準備
+risk portfolio
+16,891,529
+100.00
+1,144,988
+6.78
+15,746,541
+2022
+二零二二年
+Book balance
+賬面餘額
+按信用風險特徵組合
+rate
+Percentage
+Provision
+discount rate
+折現率區間
+8,388,200
+150,010 8,238,190
+1,151,689
+33,052
+1,118,637 4.75%-4.90%
+Annual Report 2023
+二零二三年年報
+209
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、
+合併財務報表主要項目註釋(續)
+10.
+FINANCIAL STATEMENTS (CONTINUED)
+Long-term receivables (continued)
+2023
+10.
+長期應收款(續)
+二零二三年
+Provision for bad debt
+Book balance
+賬面餘額
+壞賬準備
+Provision for bad debt
+壞賬準備
+Provision
+Percentage
+rate
+FINANCIAL STATEMENTS (CONTINUED)
+10.
+Long-term receivables (continued)
+10.
+長期應收款(續)
+As at 31 December 2023, long-term receivables with provision
+for bad debt based on collective assessment are shown as
+follows:
+於二零二三年十二月三十一日,組合計提壞
+賬準備的長期應收款情況如下:
+Provision for
+Book balance
+impairment
+Provision rate
+(%)
+賬面餘額
+減值準備
+計提比例(%)
+Portfolio 1
+組合1
+15,040,206
+212,249
+1.41
+Portfolio 2
+組合2
+1,851,323
+932,739
+50.38
+Total
+合計
+五、 合併財務報表主要項目註釋(續)
+389,352 1,052,562
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+人民幣千元
+Carrying
+Amount
+(%)
+Amount
+(%)
+amount
+比例
+計提比例
+金額
+(%)
+金額
+(%)
+賬面價值
+Provision for bad debt based on
+按信用風險特徵組合
+collective assessment by credit
+risk portfolio
+計提壞賬準備
+2,593,603
+100.00
+422,404
+16.29 2,171,199
+BYD Company Limited
+210
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+V.
+Carrying
+Other receivables (continued)
+Book
+6.
+7.
+FINANCIAL STATEMENTS (CONTINUED)
+Prepayments
+Aging analysis of prepayments is as follows:
+6.
+預付款項
+預付款項的賬齡分析如下:
+2023
+五、 合併財務報表主要項目註釋(續)
+2022
+二零二二年
+Book
+Book
+balance
+賬面餘額
+Percentage
+balance
+Percentage
+比例
+賬面餘額
+二零二三年
+比例
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+RMB'000
+人民幣千元
+80
+保證金及押金
+1年以內
+Customer with the fifth greatest amount
+78,790
+2.69
+Transfer from prepayments
+before shipmen
+1-2 years
+V.
+78,790
+未發貨預付款轉入
+1年至2年
+486,732
+16.59
+173,719
+Annual Report 2023
+二零二三年年報
+203
+Notes to Financial Statements
+財務報表附註
+其他應收款餘額第五大客戶
+Within 1 year
+Within 1 year
+1,936,358
+100.00% 8,223,567
+100.00%
+As at 31 December 2023,prepayments of five greatest
+amounts total RMB360,458,000, accounting for 16.27%
+of the total closing balance of prepayments (2022:
+RMB4,710,895,000,accounting for 57.29% of total
+prepayments).
+Inventories
+於二零二三年十二月三十一日,預付款項前
+五名共計人民幣360,458千元,佔預付款項
+期末餘額合計數的比例為16.27%。(二零二二
+年人民幣4,710,895千元,佔預付賬款總額
+的57.29%)。
+7.
+存貨
+2023
+2,215,413
+2022
+二零二二年
+Provision
+Book
+for
+Carrying
+Book
+Provision
+for
+Carrying
+balance impairment
+二零二三年
+1年以內
+合計
+0.68%
+87.41%
+7,982,477
+97.07%
+1 to 2 years
+1年至2年
+161,155
+7.27%
+168,177
+2.04%
+Total
+2 to 3 years
+93,240
+4.21%
+16,900
+0.21%
+Over 3 years
+3年以上
+24,660
+1.11%
+56,013
+2年至3年
+amount
+Deposits and security
+80,000
+Closing
+balance
+the year
+年初餘額
+本年計提
+in the year
+本年收回
+或轉回
+in the year
+balance
+本年核銷
+Write-off
+年末餘額
+其他應收款壞賬準備
+other receivables
+174,450
+2,058
+176,508
+In 2023, there was no recovery of provision for bad debt or
+reversal of significant amounts or write off of significant trade
+receivables.
+As at 31 December 2023, other receivables of five greatest
+amounts are as follows:
+於二零二三年度,無壞賬準備收回或轉回金
+額重要的款項,無重要的其他應收款核銷款
+項。
+於二零二三年十二月三十一日,其他應收款
+金額前五名如下:
+Provision for bad debt of
+Proportion
+or reversal
+Opening
+for
+BYD Company Limited
+202
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+for
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+5.
+Other receivables (continued)
+5.
+其他應收款(續)
+其他應收款(續)
+Changes of provision for bad debt of other receivables are as
+follows:
+其他應收款壞賬準備的變動如下:
+Provision
+Recovery
+五、 合併財務報表主要項目註釋(續)
+2.73
+to total
+other
+3年以上
+Customer with the second greatest
+amount
+108,405
+3.69
+Others
+Within 1 year
+108
+其他應收款餘額第二大客戶
+其他
+股權轉讓
+Customer with the third greatest amount
+3.22
+Transfer from
+prepayments
+Over 3 year
+94,616
+其他應收款餘額第三大客戶
+before shipment
+未發貨預付款轉入
+3年以上
+Customer with the fourth greatest amount
+其他應收款餘額第四大客戶
+94,616
+Provision
+其他應收款餘額第一大客戶
+Over 3 years
+for bad debt
+Closing
+receivables
+balance
+(%)
+Nature
+Aging
+佔其他應收款
+餘額合計數
+125
+at the end of
+壞賬準備
+年末餘額
+的比例(%) 性質
+賬齡
+年末餘額
+Customer with the greatest amount
+124,921
+4.26
+Equity transfer
+the year
+balance
+1年以內
+amount
+原材料
+72,550,178 3,193,731
+12,790,158
+在產品
+26,421,256
+522,749
+278,631
+4.40% 63,829,788 1,231,083
+4.09% 15,372,998
+1.93%
+119,342
+0.78%
+Finished goods
+1.05% 24,348,843
+0.64%
+庫存商品
+30,188,518
+2,378,365
+Circulating materials
+週轉材料
+3,150,246
+13,986
+7.88% 21,613,309
+0.44% 2,494,638
+155,104
+932,977
+Work in progress
+及其他產品
+Provision
+for Provision
+Book inventory
+rate
+Book
+inventory
+rate
+balance impairment
+(%)
+Raw materials
+balance
+(%)
+計提比例
+計提比例
+賬面餘額 跌價準備
+(%)
+賬面餘額
+跌價準備
+(%)
+and other products
+impairment
+Provision
+4.32%
+0.95%
+7.
+7.
+存貨(續)
+Inventories (continued)
+The provision for impairment of major goods in the segment of
+automobiles and related products is recognised on the item-
+by-item basis, and the net realisable value is determined on
+the basis of estimated selling price. The net realisable value
+of other inventories in the segment of automobiles and related
+products and of the inventories of the segment of mobile
+handset is estimated based on historical losses and business
+risks, taking into account the risk of slow-moving inventory
+and obsolete inventory, future market demands and the risk of
+product iteration and project change as well as aging profile.
+Based on the principle of prudence, the provision for inventory
+impairment is recognised in full for inventories of the segment
+of mobile handset aged over one year.
+The reversal or write-off of provision for inventory impairment
+in the year is attributable to rebound of prices of products or
+sales of finished goods.
+汽車及汽車相關業務中的庫存商品按單個存
+貨項目計提,以估計售價為基礎確定可變現
+淨值。汽車及汽車相關業務中的其他存貨以
+及手機業務存貨以歷史損失情況與業務風險
+為基礎,考慮不同類型存貨呆滯過時風險及
+未來市場需求、產品迭代及項目變更風險,
+結合庫齡分別評估相關存貨的可變現淨值。
+同時基於謹慎性原則,對手機業務1年以上
+庫齡的存貨全額計提跌價準備。
+本年轉回或轉銷存貨跌價準備的原因為產品
+價格回升或因產成品銷售相應轉銷存貨跌價
+準備。
+五、 合併財務報表主要項目註釋(續)
+8.
+Contract assets
+8.
+合同資產
+2023
+2022
+二零二三年
+Provision
+impairment
+二零二二年
+Contract assets
+23,660
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+Mobile handset components,
+手機部件、組裝及
+其他產品
+other products
+18,480,565
+160,264
+0.87% 16,663,565
+155,071
+0.93%
+V.
+Total
+91,030,743 3,353,995
+3.68%
+80,493,353 1,386,154
+1.72%
+Annual Report 2023
+二零二三年年報
+205
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+合計
+Provision
+for
+assembly service and
+二零二三年
+3,353,995 87,676,748 80,493,353
+1,386,154 79,107,199
+BYD Company Limited
+204
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+91,030,743
+V.
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+7.
+Inventories (continued)
+7.
+存貨(續)
+Changes of provision for inventory impairment are as follows:
+存貨跌價準備變動如下:
+2023
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+二零二三年
+23,841 3,243,194
+583,550 14,812,259 17,462,766
+284,427 30,236,001 26,967,619
+2,471,301 38,712,460 32,795,933
+14,717 3,916,028 3,267,035
+跌價準備/
+跌價準備╱
+二零二二年
+賬面餘額
+減值準備
+賬面價值 賬面餘額
+減值準備
+賬面價值
+Raw materials
+204,714
+155,347 26,812,272
+1,002,252 31,793,681
+Work in progress
+15,395,809
+在產品
+30,520,428
+Finished goods
+庫存商品
+41,183,761
+Circulating materials
+週轉材料
+3,930,745
+原材料
+Opening
+17,258,052
+for
+1,002,252
+1,569,325
+(100,276)
+2,471,301
+Circulating materials
+週轉材料
+23,841
+9,663
+14,717
+284,427
+Total
+1,386,154
+2,252,897
+(285,056) 3,353,995
+The provision for inventory impairment based on collective
+assessment by portfolio is shown as follows:
+按組合計提存貨跌價準備的情況如下:
+Provision
+Automobiles and related products, 汽車、汽車相關產品
+2023
+2022
+合計
+(56,445)
+(18,787)
+155,347
+the year
+本年計提
+balance
+年初餘額
+185,525
+in the year
+Closing
+balance
+本年減少
+年末餘額
+write-off
+轉回或轉銷
+Reversal or
+Raw materials
+Work in progress
+原材料
+204,714
+488,384
+(109,548)
+583,550
+Decrease
+Finished goods
+在產品
+庫存商品
+Cost
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+原價
+五、
+2023
+15.
+Fixed assets
+V.
+合併財務報表主要項目註釋(續)
+人民幣千元
+年初數
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+216
+BYD Company Limited
+賬面價值
+87,500
+Opening balance
+85,005
+年末數
+15.
+Closing balance
+RMB'000
+固定資產
+年初餘額
+Machinery
+19,219,159 194,034,650
+Carrying amount
+6,250,995 58,694,637
+42,950,462 128,609,415 2,885,741
+1,472,228 48,115,450 2,808,406
+369,873
+47,558
+購置
+Acquisitions
+Opening balance
+合計
+其他設備
+建築物 機器設備 運輸工具
+二零二三年
+辦公及
+equipment
+vehicles
+equipment
+Buildings
+房屋及
+永久
+業權土地
+land
+and other
+Motor
+and
+Freehold
+Office
+Total
+30,341
+2,495
+Closing balance
+Notes to Financial Statements
+215
+Annual Report 2023
+二零二三年年報
+85,005
+年初數
+Opening balance
+82,510
+年末數
+Closing balance
+賬面價值
+Carrying amount
+32,836
+年末數
+Closing balance
+計提
+Provision
+30,341
+年初數
+Opening balance
+累計折舊和攤銷
+Accumulated depreciation and amortisation
+Business combinations not
+115,346
+財��報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+2,495
+計提
+Provision
+27,846
+年初數
+Opening balance
+累計折舊和攤銷
+Accumulated depreciation and amortisation
+115,346
+年末數
+Closing balance
+年末數
+115,346
+二零二二年十二月三十一日
+14. 投資性房地產(續)
+年初數
+原價
+Opening balance
+Cost
+31 December 2022
+Investment properties (continued)
+FINANCIAL STATEMENTS (CONTINUED)
+14.
+五、 合併財務報表主要項目註釋(續)
+Buildings
+房屋建築物
+involving entities under
+vehicles
+common control
+15.
+2022
+Fixed assets (continued)
+15.
+合併財務報表主要項目註釋(續)
+五、
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+369,873 36,869,645 82,969,159 1,614,412 10,057,280 131,880,369
+427,672 75,524,938 136,786,106 3,484,477 14,680,627 230,903,820
+年初
+As at the beginning of the year
+年末
+As at the end of the year
+賬面價值
+Carrying amount
+113,370
+71,017
+42,353
+固定資產(續)
+二零二二年
+Machinery
+Office
+年末數
+38,544 24,806,540 71,406,280
+306,324 2,235,241 39,073,979
+購置
+Acquisitions
+年初餘額
+原價
+Opening balance
+Cost
+合計
+其他設備
+運輸工具
+年末餘額
+建築物 機器設備
+辦公及
+Total
+equipment
+equipment
+Buildings
+房屋及
+永久
+land
+and other
+Motor
+and
+Freehold
+業權土地
+Closing balance
+(5,963)
+-- 119,333
+83,953,599 207,313,830 5,124,395 28,254,514 325,074,010
+427,672
+年末餘額
+Closing balance
+86,957
+5,549
+31,961
+21,668
+17,538
+10,241
+currency translation
+Accumulated depreciation
+外幣報表折算差額
+3,046,045 76,198,886
+(396,600) (7,293,864)
+(98,076) (6,190,093) (609,095)
+處置或報廢
+Disposal or retirement
+39,611,447 33,541,394
+在建工程轉入
+progress
+Transfer from construction in
+129,366 3,352,744
+7,382
+3,215,996
+Exchange difference on foreign
+非同一控制下企業
+合併
+累計折舊
+年初餘額
+76,980
+(5,963)
+42,353
+年初餘額
+轉銷
+Write-off
+Opening balance
+減值準備
+Provision for impairment
+8,386,308 70,456,707 1,639,918 13,573,887 94,056,820
+年末餘額
+Closing balance
+32,746
+Opening balance
+2,339
+7,979
+4,620
+currency translation
+外幣報表折算差額
+Exchange difference on foreign
+9,161,879 62,034,948
+2,358,059 29,993,488 597,024 4,766,833 37,715,404
+(14,835) (5,108,036) (246,243) (357,164) (5,726,278)
+處置或報廢
+Disposal or retirement
+計提
+Provision
+6,038,464 45,563,276 1,271,329
+17,808
+Closing balance
+for
+Buildings
+房屋建築物
+287,966
+(10,123)
+298,089
+Carbon One New Energy Group
+Co., Ltd.
+深圳佛吉亞汽車部件有限公司
+469,732
+155,564
+314,168
+Ltd.
+Shenzhen Faurecia Auto Parts Co.,
+有限公司
+西藏日喀則紮布耶鋰業高科技
+484,504
+(105,027)
+64,727
+524,804
+Co., Ltd.
+Tibet Zabuye Lithium Industry
+盛新鋰能集團股份有限公司
+2,034,810
+(30,310)
+65,120
+2,000,000
+碳一新能源集團有限責任公司
+Other associates
+1,063,778
+640,973 (90,342)
+12.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+財務報表附註
+Notes to Financial Statements
+213
+Annual Report 2023
+二零二三年年報
+V.
+17,647,212
+(162,782)
+12,911
+15,485,402 1,106,096 (90,342) 1,295,927
+Chengxin Lithium Group Co., Ltd.
+4,904,699
+12,911
+4,200,839 640,973 (90,342) 303,100
+合計
+Total
+小計
+Sub-total
+其他聯營企業
+1,627,687
+(27,445)
+12,911
+27,812
+(162,782)
+聯營企業
+Associates
+減值準備
+Provision
+Cash
+Other
+Other
+gains
+Investment
+本年變動
+Movement during the year
+二零二三年十二月三十一日
+31 December 2023
+11. 長期股權投資(續)
+Provision for
+Long-term equity investments (continued)
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+212
+BYD Company Limited
+11.
+Other equity instrument investments
+impairment
+Opening Increase of Decrease of under equity comprehensive
+balance investment
+method
+年末
+of the year
+餘額
+減值準備
+現金股利
+權益變動
+綜合收益
+投資收益
+減少投資
+追加投資
+年初餘額
+investment
+年末
+宣告
+balance
+declared impairment
+movement
+其他
+其他
+權益法下
+income
+Closing as at the end
+2,013,684
+1,079,939
+dividend
+equity
+計提
+RMB'000
+人民幣千元
+五、 合併財務報表主要項目註釋(續)
+12.
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+214
+BYD Company Limited
+本年度無終止確認的其他權益工具。
+There were no other equity instruments derecognised during
+the year.
+合計
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+19,545
+2,113,159
+(342,549)
+563,445
+Total
+戰略持有
+Strategic holding
+863
+���略持有
+Strategic holding
+指定為以公允價值計量且其變動
+計入其他綜合收益的原因
+through other comprehensive
+income
+(754,754)
+as measured at fair value
+五、 合併財務報表主要項目註釋(續)
+13.
+年初數
+原價
+Opening balance
+Cost
+二零二三年十二月三十一日
+31 December 2023
+採用成本模式進行後續計量:
+Subsequent measurement using the cost model:
+投資性房地產
+14.
+Investment properties
+FINANCIAL STATEMENTS (CONTINUED)
+14.
+The financial assets above include fund investments and other
+equity investments.
+2,147,140
+2,696,374
+以公允價值計量且其變動計入
+當期損益的金融資產
+Financial assets at fair value through
+profit or loss
+二零二二年
+二零二三年
+2022
+2023
+13. 其他非流動金融資產
+Other non-current financial assets
+上述金融資產包括基金投資和其他股權投
+資。
+115,346
+Reason for being designated
+1,067,625
+gains included
+in other
+in other
+losses
+Accumulative
+Accumulative
+Gains included Losses included
+Listed equity instrument
+4,418,584
+5,327,283
+合計
+included
+Total
+2,979,556
+1,325,441
+2,347,727
+上市權益工具投資
+非上市權益工具投資
+Unlisted equity instrument investments
+Listed equity instrument investments
+二零二二年
+二零二三年
+2022
+2023
+其他權益工具投資
+3,093,143
+非上市權益工具投資
+comprehensive comprehensive
+in other
+(230)
+442,854
+investments
+instrument
+Unlisted equity
+上市權益工具投資
+18,682
+(754,754)
+1,045,534
+(342,319)
+120,591
+in other
+investment
+during the year
+income
+累計計入其他
+綜合收益的損失
+income
+累計計入其他
+綜合收益的利得
+during the year
+本年計入其他
+綜合收益的損失
+during the year
+本年計入其他
+綜合收益的利得
+income
+comprehensive
+comprehensive
+income
+income
+Dividend
+本年股利收入
+14,196,592 112,461,640
+4,571,354 47,266,837
+其他工業園
+在建工程轉入
+Other industrial parks
+其他工業園
+自籌資金
+80%
+Self-raised funds
+3,915,351
+(5,370,193)
+95,081
+11,627,949 4,537,936 4,652,527
+Southwest Industrial Park
+西南工業園
+借款及自籌
+funds
+76%
+Borrowings and self-raised
+4,196,112
+(1,715)
+(12,839,854)
+22,356,147 5,612,315 11,425,366
+Central China Industrial Park
+華中工業園
+借款及自籌
+funds
+70%
+Borrowings and self-raised
+4,335,564
+5,177,043
+488,959 1,977,063
+(392,484)
+2,073,538
+16.
+Construction in progress (continued)
+16.
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+221
+(15,208,953)
+Annual Report 2023
+二零二三年年報
+borrowings included in the construction in progress of the
+Group were RMB802,000 in total.
+於二零二三年十二月三十一日,本集團在建
+As at 31 December 2023, the capitalised interests on
+30,360,803
+(19,894)
+(76,198,886)
+119,447
+153,571,640 37,259,224 69,200,912
+自籌資金
+48%
+Self-raised funds
+工程中含有的借款費用利息資本化金額合計
+人民幣802千元。
+6,098,192 13,446,325
+27,986,533
+Northwest Industrial Park
+西北工業園
+非同一控制下
+工程投入
+(%)
+Source of funds
+balance
+reduction
+the year
+control
+the year
+Budget balance
+Item
+本年轉入
+of budget
+as a
+Closing
+Other
+during
+common
+during
+Opening
+fixed assets
+entities under
+Increases
+Transfer to
+percentage
+在建工程(續)
+佔預算比例
+預算數
+自籌資金
+72%
+Self-raised funds
+7,639,814
+(23,461,259)
+24,366
+43,161,322 9,030,220 22,046,487
+Eastern China Industrial Park
+華東工業園
+自籌資金
+63%
+Self-raised funds
+項目名稱
+8,200,424
+(18,926,143)
+15,653,144
+43,262,646 11,491,602
+Southern China Industrial Park
+華南工業園
+(%)
+資金來源
+年末餘額
+其他減少
+固定資產
+企業合併
+年初餘額 本年增加
+(18,179)
+not involving
+Materials for construction
+17.
+1,390,498
+138,358
+1,252,140
+計提
+Provision
+973,217
+17,820
+955,397
+年初餘額
+Opening balance
+累計折舊
+11,831,311
+3,610,591
+8,220,720
+年末餘額
+Accumulated depreciation
+Closing balance
+15,760
+454
+15,306
+currency translation
+外幣報表折算差額
+Exchange difference on foreign
+Disposal or retirement
+處置或報廢
+(223,090)
+(7,219)
+3,137,327
+23,057
+3,114,270
+年初
+As at the beginning of the year
+9,678,956
+3,461,294
+6,217,662
+年末
+As at the end of the year
+賬面價值
+991,765
+(421,679)
+Carrying amount
+149,297
+2,003,058
+年末餘額
+Closing balance
+18,949
+338
+18,611
+currency translation
+外幣報表折算差額
+Exchange difference on foreign
+(230,309)
+2,152,355
+10,175
+(8,414)
+981,590
+(413,265)
+處置或報廢
+Right-of-use assets
+7,362,711
+4,365,393 7,362,711
+4,365,393
+設備及工程類
+Equipment and engineering
+賬面價值
+減值準備
+amount
+Carrying
+impairment
+31 December 2023
+Provision
+for
+Book
+Carrying
+amount
+賬��價值
+balance impairment
+賬面餘額 減值準備
+項目
+Item
+Provision
+for
+Book
+二零二二年
+二零二三年
+2022
+2023
+balance
+賬面餘額
+工程物資
+17.
+二零二三年十二月三十一日
+Disposal or retirement
+entities under common control
+非同一控制下企業合併
+Business combinations not involving
+7,134,921
+4,110,544
+3,567,499
+3,567,422
+本年新增
+Increase during the year
+40,877
+使用權資產
+4,069,667
+原價
+Opening balance
+Cost
+合計
+其他設備
+建築物
+房屋及
+Total
+equipment
+Buildings
+Other
+年初餘額
+Transfer from construction in
+contribution
+Business
+combinations
+固定資產(續)
+15.
+Fixed assets (continued)
+15.
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+218
+BYD Company Limited
+217
+995,466 6,880,296 61,221,365
+38,544 19,762,751 33,544,308
+年初
+As at the beginning of the year
+36,869,645 82,969,159 1,614,412 10,057,280 131,880,369
+369,873
+年末
+As at the end of the year
+As at 31 December 2023 and 31 December 2022, the Group
+had no fixed assets that were temporarily idle.
+於二零二三年十二月三十一日及二零二二年
+十二月三十一日,本集團無暫時閑置的固定
+資產。
+Fixed assets leased out through operating leases are as
+follows:
+經營性租出固定資產如下:
+Buildings
+於二零二三年十二月三十一日,未辦妥產權
+證書的固定資產如下:
+As at 31 December 2023, the fixed assets with outstanding
+certificates of title are as follows:
+316,122
+(130,376)
+446,498
+合計
+Total
+40,653
+(27,943)
+68,596
+賬面價值
+275,469
+377,902
+房屋及建築物
+運輸工具
+Motor vehicles
+Buildings
+賬面淨值
+累計折舊
+資產原值
+amount
+Net carrying
+Initial Accumulated
+depreciation
+asset value
+(102,433)
+Carrying amount
+119,333
+76,980
+計提
+Provision
+年初餘額
+Opening balance
+累計折舊
+Accumulated depreciation
+42,950,462 128,609,415 2,885,741 19,219,159 194,034,650
+369,873
+年末餘額
+Closing balance
+71,987
+Disposal or retirement
+5,068
+9,729
+471
+25,005
+currency translation
+外幣報表折算差額
+Exchange difference on foreign
+80 1,022,497 39,018,186
+(239,676) (576,352) (4,784,000)
+16,116,055 21,879,554
+(207,845) (3,760,127)
+處置或報廢
+Disposal or retirement
+progress
+31,714
+房屋及建築物
+處置或報廢
+Exchange difference on foreign
+42,353
+年末餘額
+Closing balance
+119,417
+(84)
+77,064
+(84)
+轉銷
+Write-off
+42,353
+年初餘額
+Opening balance
+減值準備
+5,001,436 37,784,908 1,018,218 7,316,296 51,120,858
+1,094,715 10,796,838 372,285 2,338,628 14,602,466
+(60,227) (3,023,871) (131,104) (495,410) (3,710,612)
+Provision for impairment
+45,563,276 1,271,329
+6,038,464
+年末餘額
+Closing balance
+22,236
+2,365
+11,930
+5,401
+2,540
+currency translation
+外幣報表折算差額
+9,161,879 62,034,948
+Construction
+Carrying
+29,491,245
+3,915,351 4,537,936
+3,915,351
+2,073,538
+Other industrial parks
+西南工業園
+Southwest Industrial Park
+5,612,315
+4,196,112 5,612,315
+4,196,112
+華中工業園
+Central China Industrial Park
+6,098,192
+6,098,192
+4,335,564
+-
+4,335,564
+西北工業園
+Northwest Industrial Park
+9,030,220
+7,639,814 9,030,220
+7,639,814
+華東工業園
+Eastern China Industrial Park
+11,491,602
+4,537,936
+2,073,538
+488,959
+488,959
+重要在建工程變動如下:
+在建工程(續)
+在建工程(續)
+16.
+Changes in major construction in progress are as follows:
+Construction in progress (continued)
+16. Construction in progress (continued)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+人民幣千元
+RMB'000
+8,200,424 11,491,602
+財務報表附註
+比亞迪股份有限公司
+220
+BYD Company Limited
+以上工程項目均由若干相關的分項目組
+成。
+註:
+Note: The projects above consist of certain related sub-projects.
+37,259,224
+30,360,803 37,259,224
+30,360,803
+合計
+Total
+Notes to Financial Statements
+8,200,424
+華南工業園
+Southern China Industrial Park
+在建工程
+Construction in progress
+合計
+Total
+工程物資
+Materials for construction
+在建工程
+Construction in progress
+16. 在建工程
+Construction in progress
+16.
+2023
+FINANCIAL STATEMENTS (CONTINUED)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+219
+Annual Report 2023
+二零二三年年報
+尚未辦完所有手續
+All procedures yet to be completed
+未辦妥產權證書的原因
+Reasons for outstanding certificates of title
+五、 合併財務報表主要項目註釋(續)
+amount
+賬面價值
+2023
+二零二三年
+賬面價值
+減值準備
+amount
+Carrying
+二零二二年
+impairment
+Provision
+for
+balance
+賬面餘額
+amount
+賬面價值
+balance impairment
+賬面餘額 減值準備
+Book
+2022
+Carrying
+Book
+Provision
+二零二三年
+2022
+44,621,935
+34,726,196
+7,362,711
+4,365,393
+37,259,224
+30,360,803
+二零二二年
+for
+所屬經營分部及依據
+Juno Newco
+Cost
+19,766,634
+年末餘額
+Closing balance
+8,846
+2
+407
+8,437
+外幣報表折算差額
+Exchange difference on foreign currency
+translation
+(47,510)
+22,272,893
+(39,828)
+處置
+Disposal
+2,168,766
+9,131,615
+482,843
+32,386,503
+1,165,676
+20,098,605
+12,797
+2,168,766
+內部研發
+In-house R&D
+(7,682)
+1,608,693
+43,648,220
+Accumulated amortisation
+年末餘額
+Closing balance
+(147)
+(108)
+1
+(40)
+translation
+外幣報表折算差額
+Exchange difference on foreign currency
+(47,510)
+5,099,231
+224,825
+(39,828)
+767,189 14,985,988
+12,756,648
+4,559,735
+(7,682)
+本年減少
+Decrease during the year
+314,671
+本年計提
+Provision for the year
+1,462,151
+年初餘額
+Opening balance
+累計攤銷
+8,635,975
+1,776,782
+購置
+年初餘額
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+224
+BYD Company Limited
+23,223,497
+五、 合併財務報表主要項目註釋(續)
+4,577,030
+年初
+As at the beginning of the year
+37,236,261
+4,608,955
+1,129,497
+2,848,910
+28,648,899
+年末
+As at the end of the year
+賬面價值
+17,989,852
+18.
+FINANCIAL STATEMENTS (CONTINUED)
+Intangible assets (continued)
+原價
+Opening balance
+Acquisitions
+Cost
+合計
+技術及軟件
+非專利
+Total
+and software
+know-how
+工業產權及
+專有技術
+土地使用權
+rights
+technologies
+patentable
+technology
+rights and
+Land use
+Non-
+proprietary
+Industrial
+二零二二年十二月三十一日
+無形資產(續)
+18.
+31 December 2022
+11,122,222
+17,308,702
+952,078
+20,037,562
+Opening
+19. 商譽
+五、 合併財務報表主要項目註釋(續)
+Goodwill
+19.
+FINANCIAL STATEMENTS (CONTINUED)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+人民幣千元
+RMB'000
+balance
+財務報表附註
+比亞迪股份有限公司
+226
+BYD Company Limited
+本集團對歸屬於汽車、汽車相關產品及其他
+產品分部的部分無形資產執行了減值測試,
+按預計未來現金流量的現值確定的可收回金
+額高於資產組的賬面價值,因此本年度無需
+進一步計提減值準備。
+正在辦理中
+In progress
+374,881
+The Group conducted impairment tests on some intangible
+assets allocated to the automobiles and related products and
+other products segment, and concluded that the recoverable
+amounts which were determined based on the present value
+of expected future cash flows were higher than the carrying
+amounts of the asset group. Therefore, no further impairment
+provision was required for the year.
+土地使用權
+Land use rights
+Notes to Financial Statements
+年初餘額
+Increase
+during
+Hungary Co., Ltd.
+比亞迪電動大巴&卡車
+BYD Electric Buses & Trucks
+63,399
+比亞迪汽車有限公司
+BYD Auto Co., Ltd.
+- 4,875
+-- 63,399
+年末餘額
+本年減少
+balance
+Closing
+the year
+during
+Decrease
+企業合併
+非同一控制下
+control
+common
+entities under
+not involving
+combinations
+the year
+本年增加
+Business
+賬面價值
+amount
+Carrying
+未辦妥產權證書的原因
+9,660,071
+年初
+As at the beginning of the year
+656,615 23,223,497
+4,577,030
+17,989,852
+年末
+As at the end of the year
+賬面價值
+Carrying amount
+387,161
+387,161
+年末餘額
+Closing balance
+91,588
+295,573
+295,573
+91,588
+本年計提
+Provision for the year
+年初餘額
+Opening balance
+減值準備
+Impairment provision
+7,046,384
+Carrying amount
+398,487 17,104,942
+225
+十二月三十一日
+二零二三年
+31 December
+certificates of title
+Reasons for outstanding
+於二零二三年十二月三十一日,未辦妥產權
+證書的無形資產如下:
+於二零二三年十二月三十一日,通過內部研
+發形成的無形資產佔無形資產期末賬面價值
+的比例為7.59%。
+2023
+無形資產(續)
+18.
+項目
+Item
+As at 31 December 2023, the intangible assets with
+outstanding certificates of title are as follows:
+As at 31 December 2023, intangible assets formed through
+in-house R&D accounted for 7.59% of the carrying amount of
+intangible assets as at the end of the period.
+Intangible assets (continued)
+18.
+合併財務報表主要項目註釋(續)
+五、
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+匈牙利有限公司
+386,469
+年末餘額
+95
+6,843
+foreign currency translation
+外幣報表折算差額
+Exchange difference on
+(89,381)
+(248)
+(89,133)
+外置或報廢
+584,227
+6,938
+9,818
+計提
+471,433
+8,155
+463,278
+年初餘額
+累計折舊
+4,110,544
+40,877
+4,069,667
+年末餘額
+574,409
+Closing balance
+年末餘額
+955,397
+18.
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+223
+Annual Report 2023
+二零二三年年報
+1,573,232
+20,935
+1,552,297
+年初
+As at the beginning of the year
+3,137,327
+23,057
+3,114,270
+年末
+As at the end of the year
+賬面價值
+Carrying amount
+973,217
+17,820
+Disposal or retirement
+FINANCIAL STATEMENTS (CONTINUED)
+Provision
+Accumulated depreciation
+Total
+equipment
+Buildings
+Other
+二零二二年十二月三十一日
+31 December 2022
+使用權資產(續)
+17.
+Right-of-use assets (continued)
+17.
+房屋及
+FINANCIAL STATEMENTS (CONTINUED)
+五、
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+222
+BYD Company Limited
+合併財務報表主要項目註釋(續)
+建築物
+其他設備
+合計
+Closing balance
+19,074
+180
+18,894
+currency translation
+外幣報表折算差額
+Exchange difference on foreign
+(142,625)
+(249)
+(142,376)
+外置或報廢
+Disposal or retirement
+2,189,430
+11,856
+2,177,574
+本年新增
+Increase during the year
+2,044,665
+29,090
+2,015,575
+年初餘額
+原價
+Opening balance
+Opening balance
+Intangible assets
+31 December 2023
+18. 無形資產
+(19,287)
+(416,862)
+本年減少
+Decrease during the year
+20,037,562
+4,174,175
+350,209
+952,078
+17,308,702
+3,215,093
+608,873
+本年計提
+(436,149)
+1,776,782
+累計攤銷
+Provision for the year
+Accumulated amortisation
+Opening balance
+61,398,517
+4,608,955
+2,412,750
+23,342,314
+31,034,498
+年末餘額
+年初餘額
+Exchange difference on foreign
+外幣報表折算差額
+currency translation
+Closing balance
+(692)
+387,161
+(692)
+387,161
+本年減少
+Decrease during the year
+本年計提
+Provision for the year
+年初餘額
+減值準備
+23,775,787
+1,283,253
+20,106,935
+2,385,599
+年末餘額
+Opening balance
+Impairment provision
+Closing balance
+199
+253
+2
+(56)
+Closing balance
+2,689
+302
+421
+年初餘額
+原價
+Acquisitions
+Opening balance
+Cost
+合計
+客戶關係
+非專利
+技術及軟件
+Total
+relations
+and software
+know-how
+工業產權及
+專有技術
+土地使用權
+rights
+Customer
+technology technologies
+Land use
+patentable
+Non-
+rights and
+proprietary
+Industrial
+二零二三年十二月三十一日
+19,766,634 22,272,893
+386,469
+1,608,693
+購置
+1,966
+currency translation
+外幣報表折算差額
+Exchange difference on foreign
+(438,240)
+4,629,978
+4,608,955
+17,359
+(19,386)
+(418,854)
+處置
+Disposal
+3,664
+entities under common control
+非同一控制下企業合併
+Business combinations not involving
+1,484,798
+1,484,798
+內部研發
+In-house R&D
+12,071,072
+805,782
+3,056
+11,262,234
+43,648,220
+4,875
+656,615
+館林模具株式會社
+2022
+二零二二年
+temporary
+differences
+可抵扣
+暫時性差異
+Deferred
+tax assets
+遞延
+Deductible
+temporary
+differences
+Deductible
+Deferred
+所得稅資產
+可抵扣
+暫時性差異
+遞延
+所得稅資產
+Deferred tax assets
+遞延所得稅資產
+Impairment provision
+減值準備
+4,710,969
+731,296
+tax assets
+二零二三年
+2023
+未經抵銷的遞延所得稅資產和遞延所得稅負
+債:
+reduction
+of subsidiaries
+balance
+非同一控制下
+年初餘額
+本年增加
+本年攤銷
+其他減少
+企業合併
+年末餘額
+of-use assets
+支出
+458,108
+1,404,321
+(270,147)
+(14,377)
+2,484,624
+4,062,529
+21.
+Deferred tax assets/liabilities
+21.
+遞延所得稅資產/負債
+Deferred tax assets and deferred tax liabilities, which are not
+offset:
+2,448,189
+for the year
+363,333
+固定資產折舊、無形資產攤銷
+7,272
+33,673
+4,714
+Total
+合計
+73,930,528
+12,933,123 41,062,171 6,854,396
+BYD Company Limited
+230
+比亞迪股份有限公司
+860,411
+Notes to Financial Statements
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+21.
+Deferred tax assets/liabilities (continued)
+21.
+遞延所得稅資產/負債(續)
+財務報表附註
+1,485,358 5,431,428
+116,574
+766,968
+69,158
+其他
+amortisation of intangible assets
+Lease liabilities
+租賃負債
+14,665,192 2,455,294 8,238,693
+10,341,223 2,291,609 3,311,335
+1,301,145
+767,476
+Accruals and provisions
+Deferred income
+預提費用和預計負債
+遞延收益
+26,767,001
+1,943,028
+4,582,623 12,082,266
+2,021,083
+Deductible tax losses
+可抵扣虧損
+5,314,928
+332,343 1,058,152
+930,754 8,458,435
+155,276
+1,380,958
+Unrealised gains from intra-group
+transactions
+來自集團內交易的未實現盈利
+9,352,061
+Share-based payments
+Others
+股份支付
+Depreciation of fixed assets and
+the year
+balance
+Closing
+amount Impairment
+period
+forecast period
+Key parameters of
+stable period
+Basis for determination of key
+parameters of stable period
+預算/
+賬面價值 可收回金額 減值金額 預測期的年限 預算/預測期的關鍵參數
+穩定期的關鍵參數
+穩定期的關鍵參數的確定依據
+amount
+Juno Newco
+Juno Newco
+5
+The recoverable amount is
+determined using the present
+value of the future cash flows
+可回收金額按照未來現金流量的
+現值計算
+Forecast period growth rate of
+2.40%-5.01%
+Discount rate of 11.95%
+Terminal growth rate of 2.3%
+預測期增長率2.40%~5.01%
+折現率11.95%永續增長率2.3%
+Estimated cash flow is based on
+the 5-year cash flow projection
+approved by the management of
+14,436,338 15,366,296
+Key parameters of estimate/
+forecast
+Carrying Recoverable
+The mobility business which manufactures precision
+structural components for mobile intelligent
+terminals, the cash inflows from which are
+basically independent of those from other assets
+or asset groups
+Juno Newco
+移動智能終端精密結構件的移動電子製造業務,產生
+的現金流入基本上獨立於其他資產或者資產組產生
+的現金流入
+The recoverable amount is determined by the present value of
+expected future cash flows:
+The asset group is allocated to
+the mobile handset components,
+assembly service and other
+products segment based on
+its principal business and the
+management planning of the Group
+基於其主營業務及集團管理
+TATEBAYASHI MOULDING
+部件、組裝機其他產品分部
+Whether
+consistent with
+previous year
+是否與以前
+年度保持一致
+N/A
+不適用
+可收回金額按預計未來現金流量的現值確定
+的:
+Term of
+estimate/
+the Company
+預計現金流量根據經公司管理層
+審批的5年現金流量預測為基礎
+BYD Company Limited
+228
+Annual Report 2023
+二零二三年年報
+229
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+20.
+Long-term deferred expenditures
+Improvement costs of right- 使用權資產的改良
+20. 長期待攤費用
+Opening
+Increase
+during
+Amortisation
+Other
+common control
+Business
+combinations
+not involving
+entities under
+分配至上述資產組的關鍵假設的金額與本集
+團歷史經驗及外部信息一致。
+2023
+折現率 - 採用的折現率是反映相關資產組特
+定風險的税前折現率。
+收入增長率 - 管理層根據歷史經驗及對市
+場發展的預測確定五年詳細預測期收入增長
+率。
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+五、
+合併財務報表主要項目註釋(續)
+19.
+Goodwill (continued)
+19.
+商譽(續)
+Other Goodwill acquired as a result of corporate merger has
+been allocated to the following asset groups for the purpose of
+impairment testing:
+As the synergistic benefits of the acquisitions of BYD Auto Co.,
+Ltd., BYD Electric Buses & Trucks Hungary Co., Ltd. (比亞迪電
+動大巴&卡車匈牙利有限公司) and TATEBAYASHI MOULDING
+CO., LTD. (館林模具株式會社) are for the entire automobile
+and related products segment and are difficult to apportion to
+each asset group, so goodwill is apportioned to the automobile
+and related products asset group, and the composition of
+the asset group remains consistent with that in previous
+years. The carrying amount of goodwill of the automobile
+and related products asset group is RMB65,914,000 (2022:
+RMB65,914,000). The recoverable amount is determined
+using the present value of the estimated future cash flows of
+the asset group mix based on cash flow projections based
+on the financial budget approved by management for a five-
+year period. The growth rate of cash flows over the period is
+4%. The discount rate used for the cash flow projections is
+13%(2022:13%) and the growth rate used to extrapolate the
+steady-period cash flows for automobiles and related products
+beyond the five-year period is 3% (2022:3%). Such growth
+rate is lower than the long-term average growth rate for the
+automotive industry.
+The following illustrates the key assumptions made by
+management in determining the cash flow projections for the
+purpose of impairment testing of goodwill:
+Revenue growth rate - Management determined the revenue
+growth rate for the five-year detailed forecast period based on
+historical experience and projections of market developments.
+Budgeted gross margins - The basis of determination is based
+on the average gross margins achieved in the year prior to
+the budget year, with an appropriate increase in that average
+gross margins based on expected efficiency improvements
+and expected market development.
+Discount rate - The discount rate used is a pre-tax discount
+rate that reflects specific risks of the relevant asset groups.
+The amounts allocated to the key assumptions for the above
+asset groups are consistent with the Group's historical
+experience and external information.
+企業合併取得的其他商譽已經分配至下列資
+產組以進行減值測試:
+由於比亞迪汽車有限公司、比亞迪電動大巴
+&卡���匈牙利有限公司、館林模具株式會社
+收購的協同效應受益對象是整個汽車及相關
+產品分部,且難以分攤至各資產組,所以將
+商譽分攤至汽車及相關產品資產組,該資產
+組構成與以前年度保持一致。汽車及相關產
+品資產組商譽的賬面金額為人民幣65,914千
+元(二零二二年:人民幣65,914千元)。可收
+回金額採用資產組組合的預計未來現金流量
+的現值,根據管理層批准的5年期的財務預
+算基礎上的現金流量預測來確定。該期間內
+現金流量的增長率均為4%。現金流量預測所
+用的折現率是13%(二零二二年:13%),用
+於推斷5年以後的汽車及相關產品的穩定期
+現金流量的增長率是3%(二零二二年:3%)。
+該增長率低於汽車行業長期平均增長率。
+以下說明瞭管理層為進行商譽減值測試,在
+確定現金流量預測時作出的關鍵假設:
+預算毛利率 - 確定基礎是在預算年度前一年
+實現的平均毛利率基礎上,根據預計效率的
+提高及預計市場開發情況適當提高該平均毛
+利率。
+二零二三年
+規劃,該資產組歸屬於手機
+temporary
+19,377,924
+3,879,458
+21,003,128
+8,406,914
+組合的構成及依據
+Business segment and basis
+所屬資產組或資產組
+the CGU group
+Composition and basis of the CGU or
+商譽所在資產組或資產組組合的相關信
+息如下:
+二零二七年及以後
+"
+註:
+商譽(續)
+19.
+五、 合併財務報表主要項目註釋(續)
+which goodwill belongs is set out below:
+Relevant information of the CGU or the CGU group to
+VII. "Business combinations not involving entities under
+common control".
+of RMB4,361,657,000. For details, please refer to note
+Target Newco Target Holdco Singapore Pte. Ltd and its
+subsidiaries ("Juno Newco”), which acquired goodwill
+Note: On 29 December 2023, the Group completed the
+acquisition of the 100% equity interests in Juno Singapore
+二零二三年十二月二十九日,本集團完
+成收購Juno Singapore Target Newco
+Target Holdco Singapore Pte. Ltd及其
+子公司的100%股權(「Juno Newco」)
+形成商譽人民幣4,361,657千元。詳見
+附註七、非同一控制下企業合併。
+2027 and afterwards
+1,350,526
+430,659
+23,444,590
+12,272,767
+21,003,128
+8,406,914
+44,447,718
+20,679,681
+Deductible tax losses for which deferred tax assets have not
+been recognised are to expire in the following years:
+未確認遞延所得稅資產的可抵扣虧損將於以
+下年度到期:
+2023
+2022
+二零二三年 二零二二年
+2023
+2024
+2025
+二零二三年
+二零二四年
+二零二五年
+691,920
+532,375
+1,622,151
+662,170
+862,859
+2026
+二零二六年
+Goodwill (continued)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+RMB'000
+人民幣千元
+財務報表附註
+商譽減值準備的變動如下:
+balance
+年初餘額
+Opening
+4,427,571
+4,361,657
+65,914
+Changes of impairment provision for goodwill are as follows:
+合計
+Total
+(9,671)
+(9,671)
+goodwill
+商譽減值準備
+Impairment provision for
+4,437,242
+75,585
+7,311
+4,361,657
+4,361,657
+Juno Newco(註)
+Juno Newco (note)
+7,311
+CO., LTD.
+Taxable
+Increase
+二零二二年
+during
+Decrease
+Notes to Financial Statements
+227
+Annual Report 2023
+二零二三年年報
+19.
+V.
+- 9,671
+9,671
+合計
+Total
+- 4,875
+4,875
+匈牙利有限公司
+Hungary Co., Ltd.
+BYD Electric Buses & Trucks 比亞迪電動大巴&卡車
+4,796
+4,796
+比亞迪汽車有限公司
+BYD Auto Co., Ltd.
+balance
+年末餘額
+the year
+本年減少
+本年增加
+Closing
+during
+the year
+二零二三年
+4,361,657
+2023
+331,913
+6,641,157 22,082,761
+2,274,947 3,137,327
+1,111,469
+277,868
+4,068,430
+745,911
+Financial assets at fair value through
+profit or loss
+公允價值變動計入當期損益的
+金融資產
+688,770
+149,240
+419,518
+62,928
+9,678,956
+Appreciation in asset value arising from
+business combinations not involving
+的資產增值
+entities under common control
+4,656,579
+767,621
+Dividend distribution
+Others
+股利分配
+其他
+1,216,622
+84,775
+非同一控制下企業合併引起
+使用權資產
+Right-of-use assets
+1,329,878
+34,255,562
+2022
+2022
+二零二二年
+Taxable
+Deferred
+Deferred
+differences tax liabilities
+differences
+tax liabilities
+應納稅
+遞延
+應納稅
+遞延
+暫時性差異
+所得稅負債
+暫時性差異
+所得稅負債
+Deferred tax liabilities
+Other equity instrument investments
+遞延所得稅負債
+其他權益工具投資
+Depreciation of fixed assets
+固定資產折舊
+121,662
+185,430
+temporary
+12,997
+Deferred tax liabilities
+遞延所得稅負債
+6,348,701
+3,950,836
+3,167,491 2,018,530
+Annual Report 2023
+二零二三年年報
+231
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+3,686,905
+V.
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+21.
+可抵扣暫時性差異
+可抵扣虧損
+Deferred tax assets/liabilities (continued)
+21.
+Deductible temporary differences and deductible tax losses for
+which deferred tax assets have not been recognised:
+未確認遞延所得稅資產的可抵扣暫時性差異
+和可抵扣虧損如下:
+18,543
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+6,584,422 3,167,491
+遞延所得稅資產/負債(續)
+6,348,701
+82,276
+12,341
+51,911,142 10,299,537
+27,018,781
+5,186,021
+The net amount of deferred tax assets and deferred tax
+liabilities after set-off:
+遞延所得稅資產和遞延所得稅負債以抵銷後
+的淨額列示:
+2023
+二零二三年
+2022
+二零二二年
+Deductible temporary differences
+Deductible tax losses
+遞延所得稅資產
+Amount of
+Deferred tax assets
+抵銷後餘額
+after set-off
+Balance
+抵銷金額
+Amount of
+Balance
+after set-off
+抵銷後餘額
+set-off
+抵銷金額
+set-off
+Restricted
+使用受限
+RMB'000
+BYD Company Limited
+234
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+人民幣千元
+受限情況
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+五、
+合併財務報表主要項目註釋(續)
+及利息
+Assets with restrictive ownership title or right of use
+(continued)
+Note: Statutory deposits for insurance operations are placed
+with PRC national commercial banks in accordance with
+the Insurance Law and relevant regulations issued by
+regulatory authorities based on 20% of the registered
+capital for subsidiaries engaged in insurance business
+within the Group. Statutory deposits for insurance
+operations can only be utilized to settle liabilities during
+liquidation of insurance companies.
+23. 所有權或使用權受到限制的資產(續)
+註:
+根據《保險法》等有關規定,本集團從事
+保險業務的子公司按其註冊資本的20%
+提取資本保證金,存放於符合監管機構
+規定條件的全國性中資商業銀行。資本
+保證金僅當保險公司清算時用於清償債
+務。
+V.
+23.
+保證金
+deposits
+Monetary funds
+2022
+貨幣資金
+124,124
+124,124
+Deposit and
+Restricted
+使用受限
+Other non-current assets
+其他非流動資產
+816,417
+Restrictions
+Total
+合計
+940,541
+940,541
+special
+account
+及專款專戶
+Restricted
+statutory
+and interests
+存出資本保證金
+816,417
+保證金及
+貨幣資金
+已轉移
+但未整體
+終止確認
+Restricted
+使用受限
+Annual Report 2023
+二零二三年年報
+235
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+24.
+Short-term borrowings
+24.
+短期借款
+Types
+受限類型
+2023
+二零二三年
+2022
+二零二二年
+in its entirety
+derecognised
+but not
+Transferred
+二零二二年
+Book
+balance
+賬面餘額
+Carrying
+amount
+賬面價值
+Restricted
+Types
+受限類型
+Restrictions
+受限情況
+167,171
+167,171
+Deposit and
+Restricted
+Monetary funds
+使用受限
+已背書的應收票據
+5,905
+5,895
+Total
+合計
+173,076
+173,066
+special
+account
+專款專戶
+Endorsed bills receivables
+Restricted
+Book
+賬面餘額
+Annual Report 2023
+二零二三年年報
+233
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+22.
+FINANCIAL STATEMENTS (CONTINUED)
+Other non-current assets
+22. 其他非流動資產
+Book
+balance
+賬面餘額
+2023
+2022
+二零二三年
+二零二二年
+Provision
+Provision
+於二零二三年十二月三十一日,本集團就預
+計若干附屬公司於可預見未來將匯出的盈利
+確認相關的遞延所得稅負債人民幣121,662
+千元(二零二二年:人民幣18,543千元)。根
+據包括管理層對境外資金需求估計在內的多
+項因素,本集團並無就預期由中國附屬公司
+保留且不會於可預見未來匯給境外投資者的
+盈利撥備預提所得稅。
+for
+根據《中華人民共和國企業所得稅法》及其
+實施條例的規定,二零零八年一月一日起,
+境外投資者從中國大陸成立的外商投資企業
+獲得的股息將按照10%的稅率徵收預提所得
+稅。該規定適用於自二零零八年一月一日起
+取得的利潤。倘若中國與該境外投資者的司
+法管轄區簽訂了稅收協定,則可能採用較低
+預提所得稅稅率。本集團須就中國大陸成立
+的某些子公司自二零零八年一月一日起產生
+的利潤而派發的股息預提所得稅。
+由於產生上述虧損的相關公司預計在未來盈
+利的可能性較低,不存在可足以抵扣虧損的
+盈利,本集團並未對上述稅務虧損確認遞延
+所得稅資產。
+232
+BYD Company Limited
+Credit borrowings
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+21.
+Deferred tax assets/liabilities (continued)
+21.
+遞延所得稅資產/負債(續)
+The Group does not recognise deferred tax assets for the
+above tax losses as it is not probable that the relevant
+companies generating the above losses will be profitable in the
+future and there are no gains sufficient to offset the losses.
+The Group recognises deferred tax assets arising from
+deductible temporary differences to the extent that it is
+probable that taxable income will be available against which
+deductible temporary differences and deductible tax losses
+can be utilized in future periods, calculated at the tax rates
+applicable to the periods during which the assets are expected
+to be recovered or the liabilities are expected to be settled.
+According to the provisions of the Enterprise Income Tax
+Law of the People's Republic of China and its implementation
+regulations, dividends received by foreign investors from
+foreign-invested enterprises established in Mainland China will
+be subject to withholding income tax at a rate of 10% from 1
+January 2008. The provision applies to profits received from 1
+January 2008 onwards. A lower rate of withholding income tax
+may be applied if a tax treaty is in place between the PRC and
+the jurisdiction of such foreign investor. The Group is subject
+to withholding income tax on dividends paid on profits derived
+from certain subsidiaries established in Mainland China from 1
+January 2008.
+As at 31 December 2023, the Group has recognised
+RMB121,662,000 of deferred tax liabilities (2022:
+RMB18,543,000) in respect of the earning expected to be
+remitted by certain subsidiaries in the foreseeable future.
+Based on a number of factors including the management's
+estimation of the need for funds outside the PRC, the Group
+has not provided for withholding income tax in respect of
+earnings that were expected to be retained by the PRC
+subsidiaries and would not be remitted to foreign investors in
+the foreseeable future.
+本集團以未來期間很可能取得的用以抵扣可
+抵扣暫時性差異和可抵扣虧損的應納稅所得
+額為限,按照預期收回該資產或清償該負債
+期間的適用稅率,計算確認由可抵扣暫時性
+差異產生的遞延所得稅資產。
+Carrying
+amount
+賬面價值
+Carrying
+Carrying
+-
+1,205,339
+355,369
+563,166
+1,887,786
+1,887,786
+18,434,290
+367,871
+367,871
+Total
+合計
+15,273,900
+15,273,900 21,045,316
+21,045,316
+23.
+Assets with restrictive ownership title or right of use
+23.
+所有權或使用權受到限制的資產
+2023
+二零二三年
+Book
+balance
+1,205,339
+for
+其他
+13,325,756 18,434,290
+impairment
+減值準備
+amount
+賬面價值
+balance
+impairment
+amount
+賬面餘額
+減值準備
+賬面價值
+Guarantee deposits
+應收保證金
+receivable
+179,639
+179,639
+355,369
+Prepayments for intangible
+預付無形資產款
+assets
+563,166
+Prepayments for engineering 預付工程設備款
+equipment
+13,325,756
+Others
+信用借款
+As at 31 December 2023 and 31 December 2022, the Group
+had no significant contract liabilities aged over one year.
+5,153,098
+合計
+Short-term remuneration is as follows:
+五、 合併財務報表主要項目註釋(續)
+29. 應付職工薪酬
+Increase
+Decrease
+Opening
+during
+during
+Closing
+balance
+the year
+the year
+balance
+年初餘額
+本年增加
+本年減少
+年末餘額
+11,991,689 82,179,617 (77,037,873) 17,133,433
+45,322 8,028,210 (8,068,129)
+67,392
+Total
+5,403
+辭退福利
+(Defined contribution scheme)
+34,698,510
+35,516,571
+Contract liabilities refer to the obligation to transfer goods to
+customers in consideration of payments received or receivable
+from customers. Contract liabilities are incurred when the
+payment schedule agreed under the contract is ahead of the
+performance of contract obligations.
+於二零二三年十二月三十一日及二零二二年
+十二月三十一日,本集團無賬齡超過一年的
+重要合同負債。
+合同負債,是指企業已收或應收客戶對價而
+應向客戶轉讓商品的義務。合同中約定的付
+款進度早於履約義務的履行則會出現合同負
+債。
+BYD Company Limited
+238
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+29.
+Employee benefits payables
+Short-term remuneration
+短期薪酬
+Retirement benefits
+離職後福利(設定提存計劃)
+Termination benefits
+34,731,143
+(67,392)
+短期薪酬如下:
+其中:醫療保險費
+4,902
+563
+1,023,823
+3,412,011
+2,893,367 (2,893,022)
+(1,187,333)
+(3,413,260)
+365,089
+3,653
+908
+Work injuries
+工傷保險費
+2,028
+313,926
+(315,616)
+338
+Maternity
+Others
+生育保險費
+其他
+24
+111,917
+(111,888)
+53
+2,287
+1,470
+Including: Medical
+12,037,011 90,275,219 (85,173,394) 17,138,836
+社會保險費
+528,599
+Opening
+Increase Decrease
+during
+during
+Closing
+balance
+年初餘額
+the year
+本年增加
+the year
+本年減少
+balance
+年末餘額
+Salary, bonus, allowance and subsidy
+工資、獎金、津貼和補貼
+8,989,730
+72,164,944 (68,432,297) 12,722,377
+Staff welfare
+職工福利費
+1,220
+1,221,210 (1,163,098)
+59,332
+Labor dispatch fee
+勞務派遣費
+Social insurance
+34,069,258
+預收貨款
+Advance receipts from goods
+2022
+二零二二年
+3,555,967
+2,724,260
+497,347
+604,159
+4,053,314
+3,328,419
+As at 31 December 2023, the outstanding balance of bills
+payables due of the Group was RMB27,119,000 due to the fact
+that the bearer did not make collection at maturity.
+於二零二三年十二月三十一日,由於持票人
+未發起到期託收,本集團尚有餘額為人民幣
+27,119千元的應付票據到期未付。
+BYD Company Limited
+236
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+2023
+二零二三年
+FINANCIAL STATEMENTS (CONTINUED)
+54,605
+二零二二年
+As at 31 December 2023 and 31 December 2022, the Group
+had no short-term borrowings that were due but outstanding.
+於二零二三年十二月三十一日及二零二二年
+十二月三十一日,本集團無已到期但尚未償
+還的短期借款。
+25.
+Financial liabilities held for trading
+25.
+交易性金融負債
+Financial liabilities at fair value through profit
+or loss
+以公允價值計量且其變動計入
+當期損益的金融負債
+Derivative financial liabilities
+衍生金融負債
+26.
+Bills payables
+26. 應付票據
+Commercial acceptance bills
+Bank acceptance bills
+商業承兌匯票
+銀行承兌匯票
+2023
+2022
+二零二三年
+7,713
+27.
+Trade payables
+27.
+於二零二三年十二月三十一日及二零二二年
+十二月三十一日,本集團無賬齡超過1年或
+逾期的重要應付賬款。
+Annual Report 2023
+二零二三年年報
+237
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+28.
+Contract liabilities
+28. 合同負債
+2023
+2022
+二零二三年
+二零二二年
+Advance receipts from the sale of housing
+(Note V. 9)
+預收購房款(附註五、9)
+629,252
+785,428
+應付賬款不計息,並通常在一年以內清償。
+應付賬款的賬齡是以購買材料、商品或接受
+勞務等確認的時間為基準。
+had no significant trade payables that were aged over one
+year or overdue.
+As at 31 December 2023 and 31 December 2022, the Group
+Trade payables are non-interest-bearing and are normally
+settled within one year. The aging of trade payables is based
+on the time of recognising the purchase of materials and
+goods or accepting services.
+應付賬款
+Within one year
+1年以內
+1年至2年
+1 to 2 year
+2 to 3 year
+Over 3 years
+2年至3年
+3年以上
+2023
+18,323,216
+2022
+193,266,994
+139,585,845
+551,922
+387,596
+264,242
+136,435
+346,659
+327,434
+194,429,817
+140,437,310
+二零二三年 二零二二年
+92,801
+1,877,015
+住房公積金
+2,354
+7,552,861
+Including: Current portion
+Non-current portion (note V.38)
+其中:流動部分
+非流動部分(附註五、38)
+The Group undertakes to repair or replace the product
+components that fail to perform satisfactorily for automobiles
+and other products with warranty. Provisions are the estimated
+amount of warranties based on sales volume as well as the
+past maintenance level and return and replacement records.
+The Group reviews the basis for estimating its provisions
+arising from the amount of warranties on an ongoing basis and
+revises the same when necessary.
+2,620,325
+1,287,452
+11,970,385
+6,265,409
+本集團對汽車以及其他提供保修的產品承諾
+維修或更換運行不良的產品部件。預計負債
+為基於銷售量以及過往維修程度及退換記錄
+而作出的保用金額預計。本集團持續對保用
+金額而產生的預計負債的估計標準進行覆
+核,並在必要時進行調整。
+33.
+Non-current liabilities due within one year
+33.
+一年內到期的非流動負債
+2023
+二零二三年
+2022
+二零二二年
+Long-term borrowings due within one year
+(Note V. 35)
+一年內到期的長期借款(附註五、35)
+6,246,454
+3,723,482
+Bond payables due within one year
+(Note V. 36)
+一年內到期的應付債券(附註五、36)
+14,590,710
+(2,802,746) (1,879,001)
+7,076,298
+9,840,595
+BYD Company Limited
+240
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+2,047,285
+32. Provisions
+After-sales service fee
+售後服務費
+Opening balance
+Increase during the year
+Decrease during the year
+年初餘額
+本年增加
+本年減少
+2023
+2022
+二零二三年 二零二二年
+7,552,861
+2,355,564
+32. 預計負債
+164,972,849 122,123,841
+Lease liabilities due within one year
+(Note V. 37)
+1,494,037
+207,771
+5,905
+1,829,276
+2,615,032
+2023
+(92,734)
+二零二三年
+二零二二年
+18,221,593
+11,317,078
+18,221,593
+11,317,078
+Less: Long-term borrowings due within one year 減:一年內到期的長期借款
+6,246,454
+3,723,482
+11,975,139
+7,593,596
+As at 31 December 2023, the annual interest rate of the above
+borrowings ranged from 2.05%-2.98%(31 December 2022:
+2.10%-2.80%).
+As at 31 December 2023 and 31 December 2022, the Group
+has no long-term borrowings matured but not yet repaid.
+於二零二三年十二月三十一日,上述借款的
+年利率為2.05%-2.98%(二零二二年十二月
+三十一日:2.10%-2.80%)。
+於二零二三年十二月三十一日及二零二二年
+十二月三十一日,本集團無已到期但尚未償
+還的長期借款。
+241
+Housing fund
+2,609,127
+1,621,505
+二零二二年
+二零二三年
+694,061
+7,740,491
+6,464,828
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+34.
+一年內到期的租賃負債(附註五、37)
+Other current liabilities
+35.
+Taxes to be written off
+待轉銷項稅
+Others
+其他
+Long-term borrowings
+Bank credit borrowings
+銀行信用借款
+35. 長期借款
+2023
+2022
+34. 其他流動負債
+217,251
+2022
+1,183,518
+Closing
+balance
+年初餘額
+the year
+the year
+本年增加
+本年減少
+balance
+年末餘額
+Basic pension premium
+基本養老保險費
+Unemployment insurance premium
+失業保險費
+44,064
+1,258
+7,777,621
+(7,816,383)
+5,302
+250,589
+(251,746)
+101
+Total
+合計
+45,322
+8,028,210 (8,068,129)
+5,403
+during
+during
+Opening
+Decrease
+216,540
+(1,841,478)
+37,007
+Labour union fund and employee
+工會經費和職工教育經費
+education fund
+Total
+合計
+2,465,768 2,480,614 (1,000,407) 3,945,975
+Annual Report 2023
+二零二三年年報
+239
+The Group makes contributions towards defined contribution
+Notes to Financial Statements
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+29.
+Employee benefits payables (continued)
+Defined contribution schemes are as follows:
+29. 應付職工薪酬(續)
+設定提存計劃如下:
+Increase
+財務報表附註
+schemes based on a certain percentage of employees' salaries
+11,991,689 82,179,617 (77,037,873) 17,133,433
+本集團的設定提存計劃是按照當地政府政策
+和法規要求,以員工工資為繳費基數,按一
+定比例計提和繳納。
+818,208
+631,696
+7,852,324
+4,326,394
+Please refer to Note IV Taxation for the basis and tax rates for
+the payment of various tax payables.
+應交各項稅金繳納基礎及税率參見附註四、
+稅項。
+31.
+Other payables
+Other external current accounts
+外部往來款
+Guarantee deposits
+Medical fund
+保證金
+醫療基金
+31.
+其他應付款
+2022
+二零二三年
+二零二二年
+163,606,487 120,723,072
+in accordance with the requirements of local government
+policies and regulations.
+1,149,822
+155,584
+285,436
+2023
+132,611
+Tax payables
+47,749
+30.
+Enterprise income tax
+企業所得稅
+增值税
+Consumption tax
+Housing property tax
+消費稅
+房產稅
+Individual income tax
+Others
+Value-added tax
+30.
+個人所得稅
+其他
+823,819
+1,295,168
+4,760,644
+2,096,608
+2022
+2023
+二零二三年
+570,938
+應交稅費
+二零二二年
+560,257
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+Surplus reserve
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+43.
+Decrease
+Opening
+Increase
+during
+during
+Closing
+balance
+Annual Report 2023
+二零二三年年報
+the year
+the year
+43. 盈餘公積
+(6,157)
+2,463
+(204,001)
+648,067
+年初餘額
+Other comprehensive income that will be
+reclassified to profit or loss
+將重分類進損益的其他綜合
+收益
+Changes in fair value of receivables
+financing
+應收款項融資公允價值變動
+(30,653)
+(30,653)
+Provision for credit impairment of
+receivables financing
+應收款項融資信用減值準備
+2,463
+Exchange difference on foreign
+currency translation
+外幣報表折算差額
+(73,647)
+(67,490)
+(6,157)
+750,231
+552,387
+本年增加
+本年歸屬於母公司股東的淨利潤
+balance
+年末餘額
+Less: Appropriation to statutory surplus reserve 減:提取法定盈餘公積
+Cash dividend payable for ordinary
+30,040,811
+535,546
+16,622,448
+1,829,453
+支付普通股現金股利
+shares
+3,324,525
+305,670
+Retained profits at the end of the year
+年末未分配利潤
+67,123,972
+40,943,232
+249
+BYD Company Limited
+250
+比亞迪股份有限公司
+Notes to Financial Statements
+(204,001)
+Net profit attributable to shareholders of the
+parent for the year
+本年減少
+26,455,907
+年初未分配利潤
+Statutory surplus reserve
+法定盈餘公積
+6,838,541
+535,546
+6,838,541
+535,546
+7,374,087
+7,374,087
+In accordance with the Company Law and the Articles of
+Association, the Company is required to allocate 10% of its net
+profit to the statutory surplus reserve, until the accumulated
+statutory surplus reserve has reached 50% of the registered
+capital of the Company.
+The Company may further allocate to the discretionary surplus
+reserve after the statutory surplus reserves allocation. The
+discretionary surplus reserve can be utilised to offset prior
+year's losses or to increase share capital upon approval.
+根據公司法、本公司章程的規定,本公司按
+淨利潤的10%提取法定盈餘公積金,法定盈
+餘公積金累計額為本公司註冊資本50%以上
+的,可以不再提取。
+本公司在提取法定盈餘公積金後,可提取任
+意公積金。經批准,任意公積金可用於彌補
+以前年度虧損或增加股本。
+44.
+Retained profits
+44.
+未分配利潤
+2023
+二零二三年
+2022
+二零二二年
+Retained profits at the beginning of the year
+40,943,232
+852,068
+Provision for credit impairment of
+receivables financing
+Changes in fair value of other equity
+instrument investments
+所得稅
+母公司股東
+少數股東
+公允價值變動
+220,896
+(54,047)
+166,849
+Other comprehensive income that
+will be reclassified to profit or loss
+將重分類進損益的其他綜合
+收益
+Changes in fair value of
+receivables financing
+應收款項融資公允價值
+變動
+38,479
+38,479
+應收款項融資信用減值
+準備
+(10,453)
+(10,453)
+Exchange difference on foreign
+currency translation
+稅前發生額
+外幣報表折算差額
+歸屬於
+minority
+2023
+二零二三年
+Other comprehensive income that
+不能重分類進損益的其他
+cannot be reclassified to profit or
+loss
+綜合收益
+Changes in fair value of other
+equity instrument investments
+其他權益工具投資
+Attributable
+to
+shareholders
+Attributable
+Pretax
+Income
+of the parent
+to the
+amount
+tax
+company
+歸屬於
+(10,847)
+(19,544)
+8,697
+Pretax
+Income
+amount
+tax
+of the parent
+company
+Attributable
+to the
+minority
+歸屬於
+歸屬於
+稅前發生額
+所得稅
+母公司股東
+少數股東
+Other comprehensive income that cannot
+不能重分類進損益的其他
+be reclassified to profit or loss
+綜合收益
+to shareholders
+Attributable
+二零二二年
+2022
+238,075
+(54,047)
+175,331
+8,697
+247
+BYD Company Limited
+248
+比亞迪股份有限公司
+Notes to Financial Statements
+其他權益工具投資公允價值
+變動
+財務報表附註
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+42.
+Other comprehensive income (continued)
+42.
+其他綜合收益(續)
+RMB'000
+Closing
+the year
+年末餘額
+Amount of other comprehensive income:
+11,970,385
+6,265,409
+Other external current accounts
+Repurchase right on Shareholders' investment
+(Note 1)
+外部往來款
+股東投資回購權(註1)
+9,477,880
+3,245,440
+3,079,533
+Long-term financial guarantee contracts
+(Note XIV, 2)
+長期財務擔保合同(附註十四、2)
+61,984
+78,794
+Note 1:
+50,645,725
+26,896,848
+On 26 May 2020, BYD held the 38th Meeting of the
+Sixth Session of the Board and the "Resolution on the
+Introduction of Strategic Investors by the Controlled
+Subsidiary" was considered and approved. It agreed
+that the Company and BYD Semiconductor, a
+subsidiary of the Group, entered into the Shareholders'
+Agreement with other investors. Pursuant to the
+above agreement, the Company shall repurchase the
+equity interests of BYD Semiconductor held by these
+strategic investors at a fixed amount under some
+specific agreed circumstances. As at 31 December
+2023, the present value of such repurchase obligation
+was RMB3,245,440,000 (31 December 2022:
+RMB3,079,533,000).
+註1:
+二零二零年五月二十六日,比亞迪召開
+第六屆董事會第三十八次會議,審議通
+過了《關於控股子公司引入戰略投資者
+的議案》,同意本公司及本集團之子公
+司比亞迪半導體與第三方投資者簽署
+《股東協議》。協議約定在一定條件下,
+比亞迪需承擔以固定金額回購策略投資
+者對比亞迪半導體所投資股權的義務。
+截至二零二三年十二月三十一日,該義
+務的現值金額為人民幣3,245,440千元
+(二零二二年十二月三十一日:人民幣
+3,079,533千元)。
+243
+預計負債(附註五、32)
+BYD Company Limited
+Provisions (Note V. 32)
+25,890,036
+282,733
+(1,280,634)
+169,607
+(653,469)
+Closing balance
+年末餘額
+10,341,223
+3,311,335
+Less: Lease liabilities due within one year
+(Note V.33)
+減:一年以內到期的租賃負債
+(附註五、33)
+1,494,037
+694,061
+38.
+Other non-current liabilities
+38. 其他非流動負債
+8,847,186
+2,617,274
+2023
+2022
+二零二三年
+二零二二年
+Deferred income
+遞延收益
+17,473,112
+本年支付
+244
+Notes to Financial Statements
+the year
+the year
+年初餘額
+本年增加
+本年減少
+Automobiles and automobiles related
+汽車及汽車相關
+17,138,826
+11,442,483
+(3,223,663)
+25,357,646
+Mobile handset related
+231,377
+124,837
+(65,260)
+290,954
+手機相關
+產業扶持資金
+Industrial support fund
+890
+94,610
+(10,780)
+the year
+比亞迪股份有限公司
+財務報表附註
+as at the
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+38.
+Other non-current liabilities (continued)
+38.
+其他非流動負債(續)
+Deferred income
+遞延收益
+Balance as
+at the
+Addition
+beginning of
+during
+Balance
+Decrease
+during
+end of
+利息費用
+Payment for the year
+Interest expenses
+列示為:
+應償付的銀行貸款
+一年之內
+24,569,670
+8,876,580
+第二年內
+5,885,936
+4,594,707
+In the third to fifth years, inclusive
+第三至第五年內,包括首尾兩年
+6,089,203
+2,998,889
+Bond payables
+應付債券
+In one year
+一年之內
+In the second to fifth years,
+inclusive
+第二至第五年內,包括首尾兩年
+36.
+Bonds payable
+In the second year
+Bonds payable
+In one year
+Listed as:
+BYD Company Limited
+242
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+35.
+Long-term borrowings (continued)
+35.
+長期借款(續)
+#Aging profile of long-/short-term bank borrowings
+#長/短期銀行借款賬齡
+2023
+2022
+二零二三年
+二零二二年
+Bank loan repayables
+應付債券
+36.
+應付債券
+37.
+租賃負債
+2023
+二零二三年
+2022
+二零二二年
+Opening balance
+Addition for the year
+Business combinations not involving entities
+under common control
+Disposal for the year
+年初餘額
+3,311,335
+1,663,719
+本年新增
+7,146,732
+2,186,086
+非同一控制下企業合併
+1,086,356
+本年處置
+(205,299)
+(54,608)
+Lease liabilities
+37.
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+Less: Bond payable due within one year
+減:一年內到期的應付債券
+36,544,809
+16,470,176
+- 2,047,285
+2,047,285
+36,544,809
+18,517,461
+2023
+2022
+84,720
+二零二三年
+2,047,285
+2,047,285
+As at 31 December 2023 and 31 December 2022, the Group
+didn't have any bonds past due.
+於二零二三年十二月三十一日及二零二二年
+十二月三十一日,本集團無逾期的債券。
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+二零二二年
+其他綜合收益發生額:
+R&D-related subsidies
+92,044
+十二月
+一月一日
+增減變動
+三十一日
+Changes in fair value of other equity
+instrument investments
+其他權益工具投資公允價值變動
+861,367
+166,849
+1,028,216
+Changes in fair value of receivables
+financing
+應收款項融資公允價值變動
+(69,924)
+38,479
+(31,445)
+Provision for credit impairment of
+receivables financing
+應收款項融資信用減值準備
+10,453
+(10,453)
+Exchange difference on foreign currency
+translation
+外幣報表折算差額
+(373,564)
+二零二三年
+(19,544)
+二零二三年
+decrease
+246
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+42.
+Other comprehensive income
+42.
+其他綜合收益
+The balance of other comprehensive income attributable to the
+parent company in the balance sheet:
+2023
+資產負債表中歸屬於母公司的其他綜合收益
+餘額:
+二零二三年
+1 January
+Increase/31 December
+2023
+2023
+BYD Company Limited
+(393,108)
+428,332
+7,990
+2,463
+10,453
+外幣報表折算差額
+(306,074)
+(67,490)
+(373,564)
+(124,055)
+552,387
+428,332
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+42.
+Other comprehensive income (continued)
+42.
+其他綜合收益(續)
+應收款項融資信用減值準備
+2022
+Exchange difference on foreign currency
+translation
+(69,924)
+175,331
+603,663
+二零二二年
+1 January
+Increase/31 December
+2022
+decrease
+2022
+二零二二年
+二零二二年
+一月一日
+十二月
+增減變動
+三十一日
+Changes in fair value of other equity instrument
+investments
+其他權益工具投資公允價值變動
+213,300
+Changes in fair value of receivables financing
+應收款項融資公允價值變動
+(39,271)
+648,067
+(30,653)
+861,367
+Provision for credit impairment of receivables
+financing
+245
+庫存股本期減少為本期限制性股票解鎖所
+致
+。
+2023
+二零二三年
+2022
+二零二二年
+Registered and paid-in capital
+註冊及實收股本
+2,911,143
+There was no change in the registered and paid-in capital of
+the Company.
+本年註冊及實收股本未發生變動。
+The shares of the Company have a par value of RMB1 per
+share.
+本公司每股面值人民幣1元。
+2,911,143
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+40.
+Capital reserve
+40. 資本公積
+股本
+Opening
+39.
+(4,620,833)
+(151,071)
+16,127
+研發相關補貼
+Staff-related subsidies
+438
+109,728
+(107,759)
+2,407
+員工相關補貼
+Others
+26,427
+1,174,055
+(1,062,300)
+138,182
+其他
+Total
+合計
+39.
+Share capital
+17,473,112
+13,037,757
+25,890,036
+balance
+Increase
+during
+41.
+Treasury shares
+41.
+庫存股
+Opening
+Increase
+during
+Decrease
+during
+balance
+年初餘額
+the year
+the year
+balance
+本年增加
+本年減少
+年末餘額
+Repurchase by equity incentive 實行股權激勵回購
+1,809,920
+1,266,944
+The decrease in treasury shares was due to the vesting of
+restricted shares during the period.
+(542,976)
+二零二三年本集團資本公積增加主要是由於
+計提股份支付費用,資本公積-其他的減少
+和資本公積 - 股本溢價的增加主要是由於限
+制性股票解鎖,將與解鎖限制性股票有關的
+庫存股及資本公積-其他結轉至股本溢價。
+詳見附註十三。
+(556,685) 62,041,774
+In 2023, the increase in the Group's capital reserve was mainly
+due to the provision for share-based payment expenses, and
+the decrease in capital reserve - others and the increase in
+capital reserve - share premium were mainly due to the vesting
+of restricted shares, which transferred the treasury shares
+and capital reserve - other related to the vesting of restricted
+shares to share premium. For details, please refer to note XIII.
+892,566
+the year
+Decrease
+during
+Closing
+the year
+balance
+年初餘額
+本年增加
+本年減少
+年末餘額
+75,154
+Share premium
+Others
+60,309,285
+13,709
+60,322,994
+其他
+1,396,608
+878,857
+(556,685) 1,718,780
+Total
+合計
+61,705,893
+股本溢價
+RMB'000
+4,222,649
+Revenue from contracts with customers
+and other
+products
+手機部件、
+組裝及
+其他產品
+報告分部
+Reportable segments
+products,
+service
+and related
+assembly
+Automobiles
+二零二三年
+components,
+and other
+handset
+2023
+與客戶之間合同產生的營業收入分解信息如
+下:
+Disaggregation of operating revenue from contracts with
+customers is as follows:
+營業收入和營業成本(續)
+45.
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+Mobile
+45.
+products
+汽車、汽車
+相關產品及
+其他產品
+Total
+602,085,460
+283,754
+483,262,974
+118,538,732
+Overseas
+Taiwan)
+PRC (including Hong Kong, Macau and
+Place of operation
+4,222,649
+597,862,811
+Others
+4,178,867
+283,754
+479,084,107
+118,494,950
+銷售商品及建造服務
+提供服務
+Rendering of services
+Sales of goods and construction services
+產品類型
+Product types
+合計
+其他
+43,782
+經營地區
+Operating revenue and operating costs
+營業收入和營業成本
+2023
+二零二三年
+2022
+二零二二年
+與客戶之間合同產生的收入
+銷售商品及建造服務
+597,862,811
+提供服務
+租賃收入
+合計
+421,658,484
+Total
+45.
+602,085,460
+423,808,141
+229,894
+252,494
+602,315,354 424,060,635
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+2,149,657
+45.
+Rental income
+Sale of goods and construction services
+2023
+2022
+二零二三年
+二零二二年
+Revenue
+收入
+Cost
+成本
+Revenue
+收入
+Cost
+成本
+Rendering of services
+Revenue from principal operations
+主營業務收入
+其他業務收入
+590,468,270 471,355,849
+11,847,084 9,202,501
+414,781,240
+344,840,310
+9,279,395
+6,975,370
+Disaggregation of operating revenue is as follows:
+602,315,354 480,558,350 424,060,635 351,815,680
+營業收入列示如下:
+Operating revenue and operating costs (continued)
+Other operating revenue
+中國(包括港澳台地區)
+境外
+30,816,853 410,831,456
+87,721,879 72,431,518
+五、 合併財務報表主要項目註釋(續)
+251
+602,085,460
+283,754
+483,262,974
+118,538,732
+599,409,000
+2,676,460
+2,665,865
+283,754
+480,597,109
+118,528,137
+10,595
+FINANCIAL STATEMENTS (CONTINUED)
+在某一時點轉讓
+在某一時段內轉讓
+118,538,732
+483,262,974
+283,754
+441,932,063
+160,153,397
+Timing of goods transfer
+商品轉讓的時間
+At a point in time
+Over time
+602,085,460
+283,754
+Taiwan)
+經營地區
+423,808,141
+549,096
+324,479,858
+98,779, 187
+Overseas
+2,041,661
+Place of operation
+2023
+2,149,657
+中國(包括港澳台地區)
+107,996
+421,658,484
+549,096
+PRC (including Hong Kong, Macau and
+境外
+98,779,187
+299,292,589
+25,187,269
+98,779,187
+421,060,019
+2,748,122
+549,096
+321,801,753
+2,678,105
+98,709,170
+70,017
+在某一時段內轉讓
+在某一時點轉讓
+Over time
+At a point in time
+商品轉讓的時間
+Timing of goods transfer
+423,808,141
+549,096
+324,479,858
+322,438,197
+332,412,471
+91,395,670
+549,096
+32,570,786
+66,208,401
+98,671,191
+合計
+Rendering of services
+與客戶之間合同產生的營業收入分解信息如
+下:
+Disaggregation of operating revenue from contracts with
+customers is as follows:
+營業收入和營業成本(續)
+45.
+Operating revenue and operating costs (continued)
+45.
+五、 合併財務報表主要項目註釋(續)
+2022
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+252
+BYD Company Limited
+V.
+Mobile
+二零二二年
+handset
+Sales of goods and construction services
+產品類型
+Product types
+其他
+汽車、汽車
+相關產品及
+其他產品
+Total
+Others
+products
+products
+手機部件、
+組裝及
+其他產品
+Reportable segments
+and other
+and other
+products,
+and related
+assembly
+service
+Automobiles
+components,
+銷售商品及建造服務
+提供服務
+報告分部
+(1,395,264)
+324,479,858
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+59.
+Income tax expenses (continued)
+59. 所得稅費用(續)
+The reconciliation between income tax expenses and total
+profit is as follows:
+所得稅費用與利潤總額的關係列示如下:
+2023
+2022
+二零二三年 二零二二年
+Total profit
+Income tax at the statutory tax rate (Note 1)
+Notes to Financial Statements
+財務報表附註
+利潤總額
+Annual Report 2023
+二零二三年年報
+5,924,567
+Deferred income tax expenses
+遞延所得稅費用
+1,545,828
+989,064
+1,545,828
+59.
+所得稅費用
+2023
+2022
+二零二三年
+二零二二年
+7,319,831
+3,935,200
+989,521
+(568,575)
+3,366,625
+當期所得稅費用
+37,268,637 21,079,729
+按法定税率計算的所得稅(註1)
+子公司適用不同稅率的影響
+(320,349)
+Effect of changes in tax rate on the balance
+of deferred income tax at the beginning of
+the period
+稅率變動對期初遞延所得稅餘額的
+影響
+38,339
+5,071
+Research and development expenses and
+other additional deduction as required by
+taxation laws
+研發費用及其他稅法規定的加價扣除
+(3,826,876) (2,474,089)
+Income tax expenses at the Group's effective
+tax rate
+按本集團實際稅率計算的所得稅費用
+5,924,567
+3,366,625
+Note 1: The Group's income tax has been provided at the statutory
+註1:
+rate based on the estimated taxable profits arising in
+the PRC.
+(485,569)
+Effect of different tax rates applicable to
+subsidiaries
+使用前期未確認遞延所得稅資產的可
+抵扣虧損的影響
+2,293,008
+9,315,215
+5,269,932
+(2,823,029) (1,544,743)
+Profit or loss attributable to joint ventures and
+associates
+歸屬於合營企業和聯營企業的損益
+(306,237)
+47,246
+Tax impact of non-deductible cost, expenses
+and losses
+Effect on deductible temporary differences or
+deductible losses for which deferred tax
+不可抵扣的成本、費用和損失的影響
+148,296
+90,549
+assets are not recognized for the period
+本期未確認遞延所得稅資產的可抵扣
+暫時性差異的影響或可抵扣虧損的
+影響
+3,864,428
+Effect of use of deductible losses on previously
+unrecognised deferred tax assets
+計入
+Current income tax expenses
+111,435
+88,178
+Others
+其他
+78,949
+253,686
+78,949
+711,370
+526,974
+711,370
+259
+BYD Company Limited
+260
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+37,842
+RMB'000
+88,178
+Unpayable liabilities
+二零二三年度
+非經常性
+二零二三年
+二零二二年
+損益
+Government subsidy
+政府補助
+1,646
+1,514
+1,646
+Liquidated damages from suppliers
+供應商的賠款
+542,597
+233,932
+542,597
+無法支付的負債
+Income tax expenses
+人民幣千元
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+Losses on disposal of non-current assets
+Donations
+非流動資產清理損失
+捐贈支出
+1,144,068
+865,287
+1,144,068
+36,448
+71,045
+36,448
+Liquidated damages and compensation
+Others
+違約金及賠償
+其他
+253,877
+23,028
+253,877
+111,435
+29,704
+損益
+V.
+二零二二年
+二零二三年度
+非經常性
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+58.
+Non-operating expenses
+58.
+營業外支出
+59.
+Included in
+non-recurring
+profit or
+loss for
+2023
+2022
+2023
+計入
+二零二三年
+549,096
+423,808,141
+Annual Report 2023
+二零二三年年報
+45,594
+634,272
+1,675,542
+4,619,187
+與日常活動相關的政府補助
+其他
+Government subsidy related to daily activities
+Others
+二零二二年
+二零二三年
+52. Investment loss income
+2022
+51. 其他收益
+Other income
+51.
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+RMB'000
+人民幣千元
+2023
+52
+52. 投資收益
+5,253,459
+1,903
+25,175
+處置子公司的投資收益
+Investment income from the disposal of
+subsidiaries
+102,537
+326,469
+投資理財產品與債權投資產生的投資
+收益
+management products and debt investment
+Investment income from investing in wealth
+(685,885)
+1,277,455
+按權益法核算的長期股權投資收益/
+(損失)
+accounted for under the equity method
+Long-term equity investment income/(loss)
+二零二二年
+二零二三年
+2022
+2023
+1,721,136
+Notes to Financial Statements
+財務報表附註
+Dividend income on other equity instrument
+investments held
+Annual Report 2023
+二零二三年年報
+(1,474,894)
+財務費用
+50.
+利息支出
+Interest expenses
+Finance expenses
+50.
+1,714,984
+223,269
+Including: Interest expenses on lease liabilities 其中:租賃負債利息支出
+398,844
+2,668,068
+Others
+股份支付
+Share-based payment
+267,934
+1,098,465
+檢測費
+Inspection expenses
+833,845
+其他
+Less: Interest income
+Foreign exchange loss/(gain)
+Others
+111,740
+132,481
+(1,216,430)
+(638,785)
+1,829,617
+2,796,195
+169,607
+282,733
+1,316,350
+1,827,605
+二零二二年
+二零二三年
+2022
+2023
+18,654,453
+39,574,945
+其他
+匯兌損失/(收益)
+減:利息收入
+(1,617,957)
+仍持有的其他權益工具投資的股利
+收入
+19,545
+1,551
+(104,976)
+120,900
+其他非流動金融資產
+(4,279)
+其他流動資產
+Other non-current financial assets
+Other current assets
+(54,605)
+54.
+33,996
+Including: Derivative financial liabilities
+(54,605)
+33,996
+交易性金融負債
+(22,598)
+19,740
+衍生金融資產
+Financial liabilities held for trading
+其中:衍生金融負債
+Impairment loss on credit
+54.
+信用減值損失
+1,579,612
+64,759
+(16,810)
+924,762
+1,596,422
+二零二二年
+二零二三年
+2022
+2023
+126,098
+257,740
+資產減值損失
+55.
+Impairment loss on asset
+55.
+財務擔保合同減值損失
+Impairment loss on financial guarantee
+contracts
+應收款項類壞賬損失
+Loss of bad debts for accounts receivable
+Derivative financial assets
+312,556
+83,104
+其中:結構性存款及大額存單
+(791,903)
+1,635,141
+(224,157)
+(23,586)
+損失
+financial assets or liabilities held for trading
+處置交易性金融資產或負債的投資
+Investment loss from disposal of
+(22,719)
+以攤餘成本計量的金融資產終止確認
+損失
+Loss on derecognition of financial assets
+measured at amortised cost
+2,547
+4,001
+其他非流動金融資產在持有期間取得
+的投資收益
+Investment income from holding other non-
+current financial assets
+32,320
+6,082
+處置長期股權投資產生的投資收益
+Investment income from the disposal of long-
+term equity interests
+257
+2,586,540
+BYD Company Limited
+比亞迪股份有限公司
+Including: Structured deposits and certificate
+of deposit
+289,958
+102,844
+交易性金融資產
+Financial assets held for trading
+二零二二年
+二零二三年
+2022
+2023
+53. 公允價值變動收益
+Gains from changes in fair value
+53.
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+258
+本集團所得稅按在中國境內取得的估計
+應納稅所得額及法定税率計提。
+折舊及攤銷
+5,197,592
+2022
+二零二三年
+二零二二年
+90,364
+(10,836)
+2023
+2022
+Included in
+non-recurring
+2023
+profit or
+24,666,812 306,705,958
+83,462,030 65,319,591
+境外
+中國(包括港澳台地區)
+經營地區
+480,390,604
+236,213
+372,025,549
+108,128,842
+loss for
+57. 營業外收入
+Non-operating income
+57.
+Impairment loss on intangible assets
+無形資產減值損失
+91,588
+Impairment loss on contract assets
+合同資產減值損失
+(56,634)
+138,807
+2,188,219
+1,386,458
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+56.
+Gains from disposal of assets
+56. 資產處置收益
+Gains/(losses) from disposal of fixed assets 固定資產處置收益/(損失)
+479,090,982
+1,299,622
+322,054
+1,272,233
+236,213
+PRC (including Hong Kong, Macau and
+Place of operation
+Rendering of services
+Sales of goods and construction services
+Product types
+Reportable segments
+本年度與客戶之間合同產生的營業成本分解
+信息如下:
+Disaggregation of operating costs from contracts with
+customers during the year is as follows:
+Taiwan)
+營業收入和營業成本(續)
+Operating revenue and operating costs (continued)
+45.
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+RMB'000
+人民幣千元
+Notes to Financial Statements
+財務報表附註
+45.
+Overseas
+Mobile
+handset
+370,753,316
+108,101,453
+銷售商品及建造服務
+提供服務
+產品類型
+合計
+其他
+Total
+Others
+products
+汽車、汽車
+相關產品及
+其他產品
+products
+手機部件、
+組裝及
+其他產品
+報告分部
+and other
+and other
+products,
+service
+and related
+assembly
+Automobiles
+components,
+27,389
+開發支出減值損失
+Impairment loss on development expenditures
+834,009
+215,091
+審計及諮詢費
+Audit and consulting expenses
+183,752
+247,643
+股份支付
+Share-based payment
+180,025
+86,406
+366,159
+929,802
+1,748,949
+1,797,347
+6,923,900
+9,314,402
+辦公費用
+折舊及攤銷
+物料消耗
+職工薪酬
+639,087
+Including: Audit expenses#
+Others
+其中:審計費#
+其他
+11,083,658
+物料消耗
+Material consumption
+10,416,829
+21,739,370
+職工薪酬
+Employee benefits
+二零二二年
+二零二三年
+2022
+2023
+10,007,370
+13,461,708
+49. 研發費用
+Research and development expenses
+49.
+245,251
+6,350
+6,350
+591,264
+Material consumption
+Depreciation and amortization
+Employee benefits
+Office expenses
+59,266
+84,166
+股份支付
+Share-based payment
+190,085
+387,396
+差旅費
+Travelling expenses
+168,179
+474,386
+辦公費用
+Office expenses
+443,214
+2022
+二零二三年
+二零二二年
+Impairment loss on inventory
+存貨跌價損失
+2,244,853
+Others
+Depreciation and amortization
+其他
+1,373,687
+二零二三年 二零二二年
+2022
+2023
+管理費用
+48.
+48. Administrative expenses
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+256
+BYD Company Limited
+255
+15,060,676
+25,211,395
+2,335,425
+261
+2023
+45.
+assembly service and
+other products
+主要銷售汽車、汽車相關產 是
+品、手機部件、組裝及其
+他產品
+Rendering of maintenance, Yes
+transportation, platform
+and technological
+services
+無
+保證類質保
+Nil
+Nil
+服務期間/交付時服務進度收款/服
+主要提供維修、運輸、平台
+無
+無
+handset components,
+務完成收款
+交付且客戶接受時預收/到貨收款
+payment upon
+Advance/payment
+Sales of automobiles,
+and acceptance upon delivery
+by customers
+Yes
+Nil
+Assurance -
+related products, mobile
+type
+warranty
+Rendering of services
+提供服務
+Term of service/
+Service progress
+time of delivery
+payment/
+completion of
+services
+服務及技術服務等
+Term of service
+Progress payment Construction of rail
+Operating revenue and operating costs (continued)
+As at 31 December 2023, the main performance obligations
+45.
+營業收入和營業成本(續)
+that have signed the contract but have not been fulfilled or not
+yet fulfilled are expected to be recognized within one year.
+於二零二三年十二月三十一日,主要的已簽
+訂合同、但尚未履行或尚未履行完畢的履約
+義務預計於1年以內確認為收入。
+46.
+Tax and surcharge
+46.
+税金及附加
+Consumption tax
+消費稅
+City maintenance and construction tax
+城市維護建設稅
+FINANCIAL STATEMENTS (CONTINUED)
+45.
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+Yes
+Nil
+Assurance -
+transport infrastructure
+type
+Construction services
+建造服務
+Time of delivery
+服務期間
+軌道交通建造
+warranty
+保證類質保
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+完工進度收款
+銷售商品
+Sales of goods
+保證類型及
+相關義務
+Information about the Group's performance obligations is
+summarised below:
+銷售商品
+Sales of goods
+當年確認的包括在合同負債年初賬面價值中
+的收入如下:
+liabilities recognised for the year is set out as follows:
+Revenue included in the opening carrying amount of contract
+營業收入和營業成本(續)
+45.
+Operating revenue and operating costs (continued)
+customers
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+V.
+人民幣千元
+RMB'000
+2023
+2022
+二零二三年
+二零二二年
+terms
+obligations
+refunds to
+Principal or
+Nature of goods
+warranty
+Committed
+財務報表附註
+Important
+payment
+Time of fulfilling
+Type of
+本集團與履約義務相關的信息如下:
+32,675,245
+12,543,364
+12,543,364
+32,675,245
+performance
+Education surcharge
+Notes to Financial Statements
+254
+148,781,621
+-
+236,213 331,608,983
+承擔的預期
+and related
+obligations
+提供的質量
+履行履約
+重要的
+承諾轉讓
+義務的時間
+支付條款
+商品的性質
+是否為
+主要責任人
+將退還給
+客戶的款項
+108,128,842
+372,025,549
+236,213
+480,390,604
+BYD Company Limited
+253
+480,390,604
+236,213
+372,025,549
+108,128,842
+478,600,933
+1,789,671
+比亞迪股份有限公司
+236,213
+108,121,155
+7,687
+在某一時段內轉讓
+在某一時點轉讓
+Over time
+At a point in time
+商品轉讓的時間
+Timing of goods transfer
+370,243,565
+1,781,984
+教育費附加
+Property tax
+Land use tax
+二零二三年
+二零二二年
+After-sales service fees
+售後服務費
+9,840,595
+6,513,832
+Employee benefits
+職工薪酬
+5,433,859
+3,361,416
+2022
+Advertising and exhibition expenses
+4,267,364
+2,201,985
+Depreciation and amortization
+折舊及攤銷
+1,578,596
+749,012
+Material consumption
+物料消耗
+809,608
+transferred
+廣告展覽費
+2023
+not
+10,349,628
+7,267,110
+Others
+房產稅
+土地使用税
+其他
+47.
+Selling expenses
+銷售費用
+2023
+二零二三年
+2022
+二零二二年
+5,723,178
+47.
+1,284,896
+930,342
+4,220,822
+224,156
+380,217
+295,324
+1,442,858
+669,181
+936,302
+927,285
+582,177
+29,140
+哥倫比亞比索
+26,358,415
+0.0018
+48,236
+BRL
+巴西雷亞爾
+19,964
+1.4596
+SGD
+Other currencies
+3,141
+5.3772
+16,890
+USD
+美元
+1,772
+7.0827
+12,551
+COP
+其他幣種
+新加坡元
+66,795
+Other receivables
+8,499
+103,286
+7.8592
+811,745
+AUD
+澳大利亞
+155,230
+4.8484
+752,617
+Other currencies
+其他幣種
+-
+7.8592
+2,421,414
+合計
+29,347,900
+297,415
+其他應收款
+JPY
+日元
+1,673,910
+0.0502
+84,047
+EUR
+歐元
+Total
+Total
+63. 外幣貨幣性項目(續)
+555,074
+Depreciation of right-of-use assets
+使用權資產折舊
+1,390,498
+584,227
+Depreciation of investment
+properties
+Amortisation of intangible assets
+Amortisation of long-term deferred
+expenditures
+投資性房地產折舊
+2,495
+無形資產攤銷
+4,174,175
+2,495
+5,099,231
+長期待攤費用攤銷
+270,147
+81,586
+Loss on disposal of fixed assets and
+other long-term assets
+處置固定資產和其他長期資產
+的損失
+1,053,704
+876,123
+Gain from changes in fair value
+Finance costs
+Investment (income)/loss
+14,602,466
+合計
+37,715,404
+2,212,819
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+63.
+Foreign currency monetary items (continued)
+2023
+Original
+currency
+原幣
+二零二三年
+Exchange
+rate
+匯率
+Translated
+RMB
+折合人民幣
+Trade payables
+應付賬款
+USD
+美元
+1,690,844
+BRL
+巴西雷亞爾
+固定資產折舊
+7.0827 11,975,741
+5.71
+公允價值變動收益
+Original
+二零二三年
+2023
+外幣貨幣性項目
+63.
+Foreign currency monetary items
+63.
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+RMB'000
+人民幣千元
+Notes to Financial Statements
+財務報表附註
+Annual Report 2023
+二零二三年年報
+不可隨時支取
+at any time
+Cannot be withdrawn
+288,806
+582,663
+合計
+Total
+121,635
+458,539
+應計利息
+Interest accrued
+使用受限
+account
+Exchange
+Restricted
+Translated
+rate
+2,832,312
+美元
+USD
+銀行存款
+Bank deposit
+147
+小計
+Sub-total
+53
+324
+45
+-
+49
+-
+7.0827
+7
+0.0502
+1,056
+日元
+美元
+其他幣種
+Other currencies
+USD
+現金
+Cash
+JPY
+折合人民幣
+匯率
+原幣
+RMB
+currency
+7.0827
+167,171
+保証金及專款專用
+2023
+(5)
+(4) 現金及現金等價物的構成
+Composition of cash and cash equivalents
+(4)
+73,840
+處置子公司及其他營業單位收到的
+現金淨額
+subsidiaries and other operating entities
+Net cash received from disposals of
+加:以前年度處置子公司及其他
+營業單位於本年支付的現金
+和現金等價物
+7,360
+減:喪失控制權日子公司及其他
+營業單位持有的現金和
+現金等價物
+81,200
+本年處置子公司及其他營業單位於
+本年收到的現金和現金等價物
+entities during the previous years
+subsidiaries and other operating
+Add: Cash and cash equivalents paid in
+the year for disposals of
+entities at the date of losing
+control rights
+other operating entities during the year
+Less: Cash and cash equivalents held by
+subsidiaries and other operating
+Cash and cash equivalents received in the
+year for disposals of subsidiaries and
+二零二三年 二零二二年
+2022
+2023
+(3) 處置子公司及其他營業單位的現金淨
+額
+現金流量表補充資料(續)
+62.
+(3) Net cash received from disposals of subsidiaries and
+other operating entities
+2022
+124,124
+二零二三年
+Cash
+Deposit and special
+理由
+二零二二年
+二零二三年
+Reason
+2022
+2023
+不屬於現金及現金等價物的貨幣資金
+51,182,457
+108,511,745
+Monetary funds that are not cash and cash equivalents
+Closing balance of cash and cash
+equivalents
+年末現金及現金等價物餘額
+4,732,341
+3,633,934
+可隨時用於支付的其他
+貨幣資金
+Other monetary funds on
+demand
+46,448,591
+104,865,672
+可隨時用於支付的銀行
+存款
+Bank deposits on demand
+51,182,457
+1,525
+12,139
+其中:庫存現金
+108,511,745
+現金
+Including: Cash on hand
+二零二二年
+歐元
+20,060,415
+歐元
+不涉及現金的重大投資和籌資活動:
+Acquisition of use-of-right assets by 承擔租賃負債方式取得使用權資產
+way of leasing liabilities
+2023
+2022
+二零二三年
+二零二二年
+7,134,921
+2,189,430
+V.
+62.
+Annual Report 2023
+二零二三年年報
+267
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+Supplemental information on cash flow statement
+(continued)
+(1)
+Supplemental information on cash flow statement
+(continued)
+Net movements in cash and cash equivalents:
+五、 合併財務報表主要項目註釋(續)
+62. 現金流量表補充資料(續)
+(1)
+現金流量表補充資料(續)
+現金及現金等價物淨變動:
+2023
+2022
+Major non-cash investing and financing activities:
+二零二三年
+140,837,657
+經營活動產生的現金流量凈額
+(257,740)
+(126,098)
+財務費用
+529,606
+616,273
+投資(收益)/損失
+(1,635,141)
+769,184
+Increase in deferred tax assets
+遞延所得稅資產增加
+(2,174,984)
+(1,773,589)
+Increase in deferred tax liabilities
+Increase in inventories
+遞延所得稅負債增加
+存貨的增加
+774,851
+1,204,963
+(7,602,102)
+(36,564,504)
+Increase in operating receivables
+Increase in operating payables
+Others
+經營性應收項目的增加
+經營性應付項目的增加
+其他
+(12,641,191)
+(17,546,586)
+112,737,462
+152,528,799
+275,940
+394,004
+Net cash flow from operating activities
+169,725,025
+EUR
+二零二二年
+現金及現金等價物的年末餘額
+BYD Company Limited
+268
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+62.
+8,602,932
+日元
+JPY
+441,246
+9.0411
+48,804
+英鎊
+GBP
+892,692
+1.4596
+611,584
+巴西雷亞爾
+BRL
+1,738,613
+7.8592
+221,220
+14,077,769
+Closing balance of cash and cash
+取得子公司及其他營業單位支付的
+現金淨額
+269,301
+equivalents
+108,511,745 51,182,457
+Less: Opening balance of cash and cash
+equivalents
+減:現金及現金等價物的年初餘額
+51,182,457
+49,819,860
+Net increase in cash and cash equivalents 現金及現金等價物淨增加額
+57,329,288
+1,362,597
+(2)
+Net cash paid for acquisitions of subsidiaries and other
+operating entities
+(2)
+取得子公司及其他營業單位的現金淨
+額
+2023
+2022
+二零二三年
+二零二二年
+Cash and cash equivalents paid in the
+year for acquisitions of subsidiaries and
+other operating entities during the year
+Less: Cash and cash equivalents held by
+subsidiaries and other operating
+entities at the acquisition date
+Add: Cash and cash equivalents paid in
+the year for acquisitions of
+subsidiaries and other operating
+entities during the previous years
+Net cash paid for acquisitions of
+subsidiaries and other operating entities
+本年取得子公司及其他營業單位於
+本年支付的現金和現金等價物
+14,347,070
+減:購買日子公司及其他營業單位
+持有的現金和現金等價物
+加:以前年度取得子公司及其他
+營業單位於本年支付的
+現金和現金等價物
+EUR
+V.
+0.0852
+(1)
+Cash related to operating activities
+(1) 與經營活動有關的現金
+2023
+2022
+二零二三年
+二零二二年
+Significant cash inflows received from
+61. 現金流量表項目註釋
+other activities relating to operations are
+Interest income
+0.0502
+Significant cash outflows paid for other
+activities relating to operations are
+presented as follows:
+政府補助
+收到其他與經營活動有關的大額
+現金流入列示如下:
+presented as follows:
+利息收入
+Notes to cash flow statement
+FINANCIAL STATEMENTS (CONTINUED)
+Adjusted weighted average number of
+outstanding ordinary shares of the
+Company (thousands)
+調整後本公司發行在外普通股的加
+權平均股數
+2,908,122
+In 2023, the restricted shares of the Company did not have
+any diluted effect on earnings per share. Therefore, the diluted
+earnings per share are identical to the basic earnings per
+share.
+2,910,495
+二零二三年,本公司的限制性股票對每股收
+益無稀釋影響,因此稀釋每股收益與基本每
+股收益金額相同。
+263
+61.
+BYD Company Limited
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+264
+2,567
+供應商違約金
+1,801,249
+Recovery of wealth management products
+and other investments
+2023
+2022
+二零二三年
+二零二二年
+收到其他與投資活動有關的大額
+現金流入列示如下:
+收回理財產品及其他投資款
+21,750,000
+presented as follows:
+10,970,000
+presented as follows:
+Purchase of wealth management products
+and other investments
+支付其他與投資活動有關的大額
+現金流出列示如下:
+購買理財產品��其他投資款
+10,500,000
+25,702,830
+Annual Report 2023
+二零二三年年報
+265
+Significant cash outflows paid for other
+activities relating to investments are
+2,430,367
+activities relating to investments are
+(2) 與投資活動有關的現金
+542,597
+233,932
+10,367,182
+9,953,104
+支付其他與經營活動有關的大額
+現金流出列示如下:
+Selling and promoting expenses
+銷售及推廣費用
+5,765,861
+Significant cash inflows received from other
+3,196,155
+Research and development expenses
+行政及管理相關費用
+研發及開發費用
+1,173,208
+512,663
+3,772,356
+1,978,946
+(2)
+Cash related to investing activities
+Administrative expenses
+1,720
+restricted shares (thousand)
+稀釋效應 — 普通股的加權平均數
+限制性股票(千股)
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+60.
+比亞迪股份有限公司
+BYD Company Limited
+The numerator of diluted earnings per share is determined
+based on the net profit for the Period attributable to ordinary
+shareholders of the Company, which means that when
+calculating the numerator, net profit attributable to the
+restricted shares expected to be vested in the future or
+cash dividends allocated to holders of the restricted shares
+expected to be vested in the future for the Period which are
+deducted in calculating the basic earnings per share are
+added back.
+The denominator of diluted earnings per share is equal to the
+sum of (1) the weighted average number of ordinary shares in
+issue of the parent company in basic earnings per share and (2)
+increase in the weighted average number of ordinary shares
+assuming conversion of dilutive potential ordinary shares into
+ordinary shares.
+基本每股收益按照屬於本公司普通股股東的
+當期淨利潤,除以發行在外的普通股的加權
+平均數計算。
+稀釋每股收益的分子以歸屬於本公司普通股
+股東的當期淨利潤確定,即分子在計算的時
+候加回計算基本每股收益分子時已扣除的歸
+屬於預計未來可解鎖限制性股票的淨利潤或
+當期分配給預計未來可解鎖限制性股票持有
+者的現金股利。
+稀釋每股收益的分母等於下列兩項之和:(1)
+基本每股收益中母公司已發行普通股的加權
+平均數;及(2)假定稀釋性潛在普通股轉換為
+普通股而增加的普通股的加權平均數。
+In calculating the weighted average number of ordinary shares
+increased upon conversion of dilutive potential ordinary
+shares into ordinary shares in issue, the dilutive potential
+ordinary shares issued in previous periods are assumed to be
+converted at the beginning of the Period; the dilutive potential
+ordinary shares issued in the Period are assumed to be
+converted on the issue date.
+262
+在計算稀釋性潛在普通股轉換為已發行普通
+股而增加的普通股股數的加權平均數時,以
+前期間發行的稀釋性潛在普通股,假設在當
+期期初轉換;當期發行的稀釋性潛在普通
+股,假設在發行日轉換。
+Earnings per share
+每股收益
+10.32
+5.71
+10.32
+元/股
+元/股
+RMB/share
+RMB/share
+二零二二年
+60.
+二零二三年
+2023
+稀釋每股收益
+持續經營
+持續經營
+基本每股收益
+Continuing operations
+Diluted earnings per share
+Continuing operations
+Basic earnings per share
+2022
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+減去:應扣除歸屬於預計未來可
+解鎖限制性股票的淨利潤
+39,809
+6,294
+Adjusted net profit for the Period
+attributable to ordinary shareholders of
+the Company
+調整後歸屬於本公司普通股股東的
+當期淨利潤
+30,001,002
+16,616,154
+16,622,448
+Shares
+Company (thousands)
+股份
+本公司發行在外普通股的加權平均
+數(千股)
+2,906,402
+2,907,928
+-
+Diluted effect weighted average
+number of ordinary shares
+Weighted average number of outstanding
+ordinary shares of the
+30,040,811
+歸屬於本公司普通股股東的當期淨
+利潤
+收益
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+五、 合併財務報表主要項目註釋(續)
+60.
+FINANCIAL STATEMENTS (CONTINUED)
+Earnings per share (continued)
+The calculations of basic and diluted earnings per share are
+based on:
+Revenue
+Net profit for the Period attributable to
+ordinary shareholders of the Company
+Less: Deductible net profit attributable to
+restricted shares which are
+expected to be vested in the
+future
+60.
+每股收益(續)
+基本與稀釋每股收益的具體計算如下:
+2023
+2022
+二零二三年
+二零二二年
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+AUD
+澳大利亞
+15,000
+4.8484
+72,726
+EUR
+歐元
+1,660
+其他貨幣資金
+7.8592
+USD
+美元
+1,258
+7.0827
+8,907
+Other currencies
+其他幣種
+48
+13,045
+Sub-total
+Other monetary funds
+小計
+Net profit
+淨利潤
+31,344,070
+17,713,104
+Add: Impairment loss on credit
+Loss on asset impairment
+加:信用減值損失
+1,579,612
+989,521
+25,018,000
+資產減值損失
+1,386,458
+Depreciation of fixed assets
+431,978
+Other currencies
+其他幣種
+-
+1,453,056
+Sub-total
+2,188,219
+Total
+小計
+合計
+原幣
+匯率
+折合人民幣
+Trade receivables
+應收賬款
+USD
+美元
+3,283,662
+RMB
+7.0827
+BRL
+巴西雷亞爾
+874,609
+1.4596
+1,276,614
+INR
+印度盧比
+9,727,734
+23,257,193
+Translated
+二零二三年
+Exchange
+rate
+2023
+94,726
+25,112,873
+269
+BYD Company Limited
+270
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+V.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+FINANCIAL STATEMENTS (CONTINUED)
+63.
+Foreign currency monetary items (continued)
+五、 合併財務報表主要項目註釋(續)
+63. 外幣貨幣性項目(續)
+Original
+currency
+二零二三年 二零二二年
+828,317
+2022
+將淨利潤調節為經營活動現金流量:
+1,280,633
+653,469
+The movements in each of the liabilities arising from
+financing activities are as follows:
+籌資活動產生的各項負債的變動如
+下:
+Increases during
+Decrease during
+the year
+1,809,920
+the year
+本年增加
+Cash Non-cash
+本年減少
+Cash Non-cash Closing
+balance
+年初餘額
+changes changes
+現金變動 非現金變動
+changes
+changes
+現金變動 非現金變動
+Opening
+balance
+支付租賃負債
+庫存股
+五、 合併財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS (CONTINUED)
+61.
+Notes to cash flow statement (continued)
+61. 現金流量表項目註釋(續)
+(3)
+Cash related to financing activities
+與籌資活動有關的現金
+Payment of lease liabilities
+2023
+二零二三年
+二零二二年
+Significant cash outflows paid for
+支付其他與籌資活動有關的大額
+other activities relating to financing are
+現金流出列示如下:
+presented as follows:
+Treasury shares
+2022
+年末餘額
+Short-term borrowings
+短期借款
+266
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+Basic earnings per share is calculated by dividing the net
+profit for the Period attributable to ordinary shareholders of the
+Company by the weighted average number of ordinary shares
+outstanding.
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+BYD Company Limited
+五、 合併財務報表主要項目註釋(續)
+62.
+(1)
+Supplemental information on cash flow statement
+Supplemental information on cash flow statement
+Reconciliation of net profit to cash flows from operating
+activities:
+62.
+現金流量表補充資料
+(1)
+現金流量表補充資料
+FINANCIAL STATEMENTS (CONTINUED)
+8,535,361 (28,576,909) (205,299) 46,914,264
+45,332,316
+21,828,796
+5,153,098 32,207,000
+Long-term borrowings
+長期借款
+Bond payables
+應付債券
+11,317,078 13,097,083
+2,047,285
+11,993 (19,048,875)
+7,547 (6,200,115)
+(2,047,285)
+18,323,216
+18,221,592
+Lease liabilities
+租賃負債
+3,311,335
+8,515,821 (1,280,634)
+Other non-current liabilities
+其他非流動負債
+28,233
+(205,299) 10,341,223
+28,233
+Total
+合計
+2023
+Liquidated damages from suppliers
+Government subsidy
+FINANCIAL STATEMENTS (CONTINUED)
+3,229,919
+241,119
+USD
+EUR
+美元
+歐元
+32,089
+7.0827
+227,277
+25,451
+7.8592
+200,024
+HKD
+港幣
+14,544
+0.9062
+13,180
+Other currencies
+其他幣種
+216,194
+Total
+合計
+271
+1.4596
+Supplemental information on cash flow statement
+(continued)
+0.0502
+4,802,206
+897,794
+JPY
+日元
+印度盧比
+INR
+0.0852
+960,225
+GBP
+英鎊
+18,356
+9.0411
+165,958
+JPY
+Other currencies
+11,276,863
+2,473,683
+其他應付款
+日元
+17,057,164
+合計
+Total
+Other payables
+-
+其他幣種
+124,204
+601,117
+0.0502
+二零二三年
+十二月
+2023
+2023
+29 December
+29 December
+as at
+as at
+amount
+Fair value
+Juno Newco 的可辨認資產和負債於購買日
+的公允價值和賬面價值如下:
+liabilities of Juno Newco as at the purchase date are as follows:
+Fair values and carrying amount of the identifiable assets and
+非同一控制下企業合併(續)
+1.
+Business combinations not involving entities under
+common control (continued)
+1.
+七、 合併範圍的變更(續)
+VII. CHANGES TO THE SCOPE OF CONSOLIDATION
+(CONTINUED)
+二零二三年
+Carrying
+十二月
+Total current liabilities
+二十九日
+人民幣千元
+10,308,136
+淨資產
+Net assets
+1,003,736
+1,771,356
+非流動負債合計
+Total non-current liabilities
+7,386,835
+7,386,835
+流動負債合計
+7,320,356
+11,976,934
+非流動資產合計
+Total non-current assets
+7,489,393
+7,489,393
+流動資產合計
+Total current assets
+賬面價值
+公允價值
+二十九日
+RMB'000
+比例(%) 股權取得方式
+Notes to Financial Statements
+Purchase date
+acquired (%) acquisition
+股權取得
+股權取得
+成本
+股權取得時點
+acquisition
+equity acquisition
+Basis of
+Way of equity
+Equity
+purchase date
+equity
+Cost of
+本��度發生的非同一控制下企業合併列示如
+下:
+Business combinations not involving entities under common
+control incurred during the year are as follows:
+非同一控制下企業合併
+1.
+Business combinations not involving entities under
+common control
+1.
+七、 合併範圍的變更
+CHANGES TO THE SCOPE OF CONSOLIDATION
+Time of
+6,419,178
+購買日
+購買日的確定依據
+比亞迪股份有限公司
+276
+BYD Company Limited
+275
+被收購方Juno Newco從購買日至年末產生
+的營業收入、淨利潤和現金流量淨額均不重
+大。
+acquiree Juno Newco were not material from the purchase date
+to the end of the year.
+The revenue, net profit and net cash flow generated by the
+and change of shareholding
+收購對價支付、
+股權變更
+十二月二十九日
+二零二三年
+收購
+十二月二十九日
+二零二三年
+Juno Newco
+consideration for acquisition
+29 December 2023 Payment of
+Acquisition
+100%
+14,669,793
+29 December 2023
+Juno Newco
+財務報表附註
+Net assets acquired
+截至二零二三年十二月三十一日,本集團處
+置1家子公司(二零二二年:無)。
+10,308,136
+Registered
+registration
+Principal places Place of
+of business
+Full name of subsidiary
+通過設立或投資等方式取得的重要子
+公司(包括間接持有的子公司)
+investment (including indirectly held subsidiaries)
+(1)
+Major subsidiaries acquired by way of establishment or
+Business nature
+(1)
+Particulars of the subsidiaries of the Company are as follows:
+在子公司中的權益
+1.
+Interests in subsidiaries
+1.
+八、在其他主體中的權益
+VIII. INTERESTS IN OTHER ENTITIES
+人民幣千元
+RMB'000
+本公司子公司的情況如下:
+capital
+子公司全稱
+主要經營地
+Changsha
+CHANGSHA BYD AUTO CO., LTD.
+美元3,757,654,524
+96.79 3.21
+USD3,757,654,524
+Manufacture
+製造
+深圳
+比亞迪汽車工業有限公司
+Shenzhen
+Shenzhen
+直接 間接
+Direct Indirect
+持股比例(%)
+shareholding (%)
+Percentage of
+BYD Auto Industry Company Limited
+通過設立或投資等方式取得的重要子公司
+Major subsidiaries acquired by way of establishment or investment
+註冊資本/股本
+業務性質
+註冊地
+財務報表附註
+取得的淨資產
+Notes to Financial Statements
+278
+2.
+七、 合併範圍的變更(續)
+CHANGES TO THE SCOPE OF CONSOLIDATION
+(CONTINUED)
+VII.
+人民幣千元
+RMB'000
+Notes to Financial Statements
+財務報表附註
+Annual Report 2023
+二零二三年年報
+本次收購對價全部為現金對價,其中
+人民幣14,347,070千元於二零二三年支
+付,截至二零二三年十二月三十一日人
+民幣322,723千元記錄於其他應付款。
+最終現金對價仍在商討過程中。
+Disposal of subsidiaries
+註1:
+Note 1:
+註1
+14,669,793
+合併成本
+Combination cost
+4,361,657
+購買產生的商譽
+Goodwill generated by acquisition
+6,419,178
+The consideration for the acquisition will be paid fully in
+cash, of which RMB14,347,070,000 was paid in 2023,
+and the remaining consideration as at 31 December 2023
+of RMB322,723,000 was recorded in other payables.
+The final cash consideration is still under discussion.
+2.
+處置子公司
+As of 31 December 2023, the Group recorded 1 disposal of
+subsidiaries (2022: nil).
+BYD Company Limited
+277
+截至二零二三年十二月三十一日,本
+集團註銷21家子公司(二零二二年:
+22家)。
+As of 31 December 2023, the Group deregistered 21
+subsidiaries (2022:22).
+註銷子公司
+(2)
+Deregistration of subsidiaries
+截至二零二三年十二月三十一日,本
+集團無重要的新設子公司(二零二二
+年:無)。
+As of 31 December 2023, the Group had no new major
+subsidiaries (2022: nil).
+新設重要子公司
+(1)
+New major subsidiaries
+(1)
+截至二零二三年十二月三十一日,本集團新
+增285家子公司(二零二二年:247家)。
+As of 31 December 2023, the Group added 285 subsidiaries
+(2022: 247).
+reasons
+其他原因的合併範圍變動
+3.
+Changes to the scope of consolidation for other
+3.
+VII.
+比亞迪股份有限公司
+人民幣千元
+Recognition
+Notes to Financial Statements
+財務報表附註
+作為出租人(續)
+(2)
+租賃(續)
+65.
+租賃收入
+Rental income
+Profit or loss related to operating lease is shown as
+follows:
+Operating lease
+As a lessor (continued)
+經營租賃
+(2)
+65.
+FINANCIAL STATEMENTS (CONTINUED)
+五、 合併財務報表主要項目註釋(續)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+RMB'000
+人民幣千元
+Notes to Financial Statements
+財務報表附註
+Annual Report 2023
+二零二三年年報
+本集團將部分房屋建築物、設備用於
+出租,租賃期為1-20年,形成經營租
+賃。根據租賃合同,每年需根據市場
+租金狀況對租金進行調整。因預計存
+在二手市場,租賃資產餘值風險不重
+大。
+Lease (continued)
+與經營租賃有關的損益列示如下:
+2023
+2022
+43,033
+15,683
+2-3年(含3年)
+2 to 3 years (inclusive)
+68,986
+20,255
+1-2年(含2年)
+1 to 2 years (inclusive)
+97,774
+59,349
+1年以內(含1年)
+Within 1 year (inclusive)
+二零二二年
+二零二三年
+2022
+2023
+根據與承租人簽訂的租賃合同,未折
+現最低租賃收款額如下:
+According to the lease contract signed with the lessee,
+undiscounted minimum lease receipts are as follows:
+252,494
+229,894
+二零二三年 二零二二年
+作為出租人
+3 to 4 years (inclusive)
+(2)
+As a lessor
+作為承租人
+(1)
+租賃
+64.
+(2)
+As a lessee
+(1)
+64.
+Lease
+2023
+FINANCIAL STATEMENTS (CONTINUED)
+NOTES TO KEY ITEMS OF THE CONSOLIDATED
+V.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+272
+BYD Company Limited
+五、 合併財務報表主要項目註釋(續)
+2022
+二零二三年
+二零二二年
+本集團承租的租賃資產包括經營過程
+中使用的房屋及建築物和機器設備,
+房屋及建築物的租賃期通常為1-20
+年,機器設備的租賃期通常為1-5
+年。租賃合同通常約定本集團不能將
+租賃資產進行轉租。
+leased for terms of 1-5 years. The lease contract
+usually stipulates that the Group shall not sublease the
+leased assets.
+Lease assets rented by the Group included buildings,
+machinery and equipment required in the course of
+business. Buildings are typically leased for terms of
+1-20 years, machinery and equipment is typically
+與租賃相關的總現金流出
+Total cash outflow related to leases
+approach (other than short-term lease)
+1,443,823
+2,246,886
+7,626
+13,458
+計入當期損益的採用簡化處理的
+低價值資產租賃費用(短期租賃
+除外)
+through profit or loss using simplified
+Leasing expenses of low-value assets
+782,728
+952,794
+計入當期損益的採用簡化處理的
+短期租賃費用
+Short-term lease expenses through profit
+or loss using simplified approach
+169,607
+282,733
+租賃負債利息費用
+Interest expense on lease liabilities
+The Group leases part of buildings, equipment for a
+lease term of 1-20 years, which constitutes operating
+leases. According to the lease contracts, the rental
+is required to be adjusted annually based on the
+market conditions. In light of the expected second-
+hand market, the residual risk of lease assets is not
+significant.
+RMB'000
+3-4年(含4年)
+39,042
+Decrease during the year
+本年增加
+Increase during the : year
+汽車項目
+Automobile projects
+符合資本化條件的研發項目開發支出如下:
+Development expenditures of R&D projects qualified for
+capitalisation are as follows:
+1,568,789
+342,798
+本年減少
+資本化研發支出
+18,654,453
+39,574,945
+其中:費用化研發支出
+Including: Expensed development
+expenditures
+20,223,242
+39,917,743
+合計
+Total
+其他
+Capitalised development
+expenditures
+Changsha
+Charged to
+Opening
+Annual Report 2023
+二零二三年年報
+541,000
+1,484,798
+342,798
+1,683,000
+年末餘額
+計入當期損益
+確認無形資產
+其他
+內部開發
+年初金額
+balance
+or loss
+assets
+Others
+Closing
+profit
+as intangible
+development
+In-house
+balance
+1,884,842
+10,267
+2,733,935
+244,005
+Classification by nature:
+VI.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+274
+BYD Company Limited
+DEVELOPMENT EXPENDITURES
+273
+136,803
+21,719
+22,093
+5年以上
+Over 5 years
+15,510
+9,156
+4-5年(含5年)
+4 to 5 years (inclusive)
+286,064
+六、 研發支出
+按性質分類如下:
+2023
+二零二三年
+400,381
+股份支付
+Share-based payment
+324,183
+1,114,636
+檢測費
+Inspection expenses
+841,220
+2,588,333
+折舊及攤銷
+Depreciation and amortization
+5,624,882
+11,276,698
+物料消耗
+Material consumption
+11,304,110
+21,803,760
+職工薪酬
+Employee benefits
+二零二二年
+2022
+Others
+Manufacture
+深圳
+99.88
+interests
+少數股東
+持股比例
+interests
+歸屬於少數
+股東的損益
+Dividend
+payment
+Accumulated
+to non-non-controlling
+controlling interests at the
+interests end of the year
+向少數股東
+支付股利
+年末累計
+少數股東權益
+BYD Electronic (International) Company Limited
+比亞迪電子(國際)有限公司
+34.24%
+1,383,766
+127,297
+10,042,724
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+1.
+VIII. INTERESTS IN OTHER ENTITIES (CONTINUED)
+Interests in subsidiaries (continued)
+八、在其他主體中的權益(續)
+1.
+controlling
+to non-
+attributable
+Profit or loss
+VIII. INTERESTS IN OTHER ENTITIES (CONTINUED)
+八、在其他主體中的權益(續)
+1.
+Interests in subsidiaries (continued)
+1.
+在子公司中的權益(續)
+(1)
+Major subsidiaries acquired by way of establishment
+or investment (including indirectly held subsidiaries)
+(continued)
+(1)
+通過設立或投資等方式取得的重要子
+公司(包括間接持有的子公司)(續)
+Note 1:
+Note 2:
+在子公司中的權益(續)
+These major subsidiaries are wholly owned
+by BYD Electronic (International) Company
+Limited and the corresponding non-controlling
+interests have been reflected in BYD Electronic
+(International) Company Limited.
+Worldwide Limited accounted for 65.76% interest
+of the company and was therefore included in
+the scope of consolidation as a subsidiary.
+Major subsidiaries with non-controlling interests are as
+follows:
+31 December 2023
+Ratio of non-
+controlling
+註1:
+註2:
+該等重要子公司是通過比亞
+迪電子(國際)有限公司全資持
+有,相應的少數股東權益已在
+比亞迪電子(國際)有限公司反
+映。
+比亞迪電子(國際)有限公司為香
+港聯交所上市公司,股本為4.4
+億港幣。截至二零二三年十二
+月三十一日,金菱環球有限公
+司佔該公司65.76%權益,故將
+其作為子公司納入合併範圍。
+存在少數股東權益的重要子公司如
+下:
+二零二三年十二月三十一日
+BYD Electronic (International) Company Limited
+is a company listed on the Hong Kong Stock
+Exchange with a share capital of HKD440
+million. As at 31 December 2023, Golden Link
+人民幣千元
+(1)
+(1)
+Operating revenue
+Net profit
+Total comprehensive income
+營業收入
+淨利潤
+綜合收益總額
+131,094,271
+108,240,899
+4,041,374
+1,857,618
+4,067,099
+1,840,046
+Net cash flows from operating activities
+經營活動產生的現金流量凈額
+10,242,918
+5,961,208
+在子公司的股東權益份額發生變化且
+未影響控制權的交易:
+Transactions resulting in changes of equity held in
+subsidiaries with no effect on the right of control:
+There were no transactions in 2023 in which some equity
+RMB1,000,000,000
+of control over the subsidiaries.
+二零二三年無處置部分子公司的股權
+投資,但未喪失對子公司的控制權的
+交易。
+281
+31,359,304
+57,888,231
+負債合計
+Total liabilities
+通過設立或投資等方式取得的重要子
+公司(包括間接持有的子公司)(續)
+The key financial information of the consolidated financial
+statements of the above subsidiaries is as follows. The
+amounts listed below are the amounts before group intra-
+eliminations.
+下表列示了上述子公司合併財務報表
+的主要財務信息。這些信息為本集團
+內各企業之間相互抵消前的金額:
+2023
+2022
+二零二三年 二零二二年
+Current assets
+流動資產
+Non-current assets
+非流動資產
+54,606,964
+Major subsidiaries acquired by way of establishment
+or investment (including indirectly held subsidiaries)
+(continued)
+40,488,254
+16,506,119
+Total assets
+資產合計
+87,218,620 56,994,373
+Current liabilities
+流動負債
+54,750,533
+30,142,838
+Non-current liabilities
+非流動負債
+3,137,698
+1,216,466
+32,611,656
+RMB'000
+investments in subsidiaries were disposed of without loss
+Notes to Financial Statements
+BYD Precision Manufacture Co., Ltd.
+比亞迪精密製造有限公司
+Shenzhen
+Shenzhen
+Manufacture
+深圳
+深圳
+製造
+Investment holding
+投資控股
+HKD440,000,000
+港元440,000,000
+65.76 Note 2
+註2
+USD145,000,000
+美元145,000,000
+65.76 Note 1
+註1
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+1.
+VIII. INTERESTS IN OTHER ENTITIES (CONTINUED)
+Interests in subsidiaries (continued)
+八、在其他主體中的權益(續)
+1.
+在子公司中的權益(續)
+(1)
+香港
+香港
+比亞迪電子(國際)有限公司
+Hong Kong
+財務報表附註
+長沙比亞迪汽車有限公司
+長沙
+製造
+人民幣1,000,000,000元
+Changzhou BYD Auto Co., Ltd.
+常州比亞迪汽車有限公司
+Changzhou
+Changzhou
+Manufacture
+RMB50,000,000
+100.00
+Major subsidiaries acquired by way of establishment
+常州
+製造
+人民幣50,000,000元
+Hefei BYD Auto Co., Ltd.
+合肥比亞迪汽車有限公司
+Hefei
+合肥
+Hefei
+合肥
+Manufacture
+製造
+RMB2,000,000,000
+100.00
+人民幣2,000,000,000元
+BYD Electronic (International)
+Company Limited
+Hong Kong
+常州
+(1)
+長沙
+通過設立或投資等方式取得的重要子
+公司(包括間接持有的子公司)(續)
+BYD Lithium Battery Co., Ltd.
+Shenzhen
+Shenzhen
+Manufacture
+深圳市比亞迪鋰電池有限公司
+深圳
+深圳
+製造
+Subsidiaries acquired by business combinations not involving entities under common control
+非同一控制下企業合併取得的子公司
+RMB6,160,000,000
+人民幣6,160,000,000元
+100.00
+BYD Auto Co., Ltd.
+Xi'an
+Xi'an
+Manufacture
+比亞迪汽車有限公司
+西安
+西安
+製造
+RMB4,381,313,131
+人民幣4,381,313,131元
+99.00
+279
+280
+or investment (including indirectly held subsidiaries)
+(continued)
+同一控制下企業合併取得的子公司
+Subsidiaries acquired by business combinations involving entities under common control
+BYD Company Limited
+美元110,000,000
+Principal places Place of
+註1
+Registered
+Percentage of
+Full name of subsidiary
+of business
+registration
+Business nature
+capital
+shareholding (%)
+子公司全稱
+主要經營地
+註冊地
+比亞迪股份有限公司
+註冊資本/股本
+業務性質
+惠州
+惠州
+惠州比亞迪���子有限公司
+65.76 Note 1
+USD110,000,000
+製造
+Huizhou
+Huizhou
+Huizhou BYD Electronics Co., Ltd.
+持股比例(%)
+Direct Indirect
+直接 間接
+Manufacture
+財務報表附註
+RMB'000
+人民幣千元
+X.
+RISKS ASSOCIATED WITH FINANCIAL
+十、 與金融工具相關的風險(續)
+INSTRUMENTS (CONTINUED)
+3.
+Risks of financial instruments (continued)
+Liquidity risk
+3.
+金融工具風險(續)
+sustainability and flexibility of financing through the use of multiple
+Total
+二零二三年
+2023
+Notes to Financial Statements
+本集團就應收賬款簽訂了淨額結算協議。根
+據該協議,本集團具有應收債權人的金額全
+部或部分抵銷應付債權人的金額的法定權
+利。
+Financial assets that are offset and financial assets subject to the
+enforceable master netting agreement or similar agreements are
+as follows:
+The Group has entered into a netting agreement on trade
+receivables. According to the agreement, the Group has the legal
+right to offset all or part of the amount due to creditors with the
+amount due from such creditors.
+人民幣千元
+RMB'000
+金融資產抵銷
+2.
+Offsetting of financial assets
+The Group's objective is to maintain balance between
+抵銷的金融資產以及遵循可執行的總互抵協
+議或類似協議下的金融資產如下:
+已發生信用減值資產的定義
+Annual Report 2023
+二零二三年年報
+財務報表附註
+2.
+RMB'000
+人民幣千元
+X. RISKS ASSOCIATED WITH FINANCIAL
+INSTRUMENTS (CONTINUED)
+十、 與金融工具相關的風險(續)
+3.
+Risks of financial instruments (continued)
+3.
+金融工具風險(續)
+Credit risk (continued)
+信用風險(續)
+Criteria for judging significant increase in credit risk
+The Group assesses whether or not the credit risk of the relevant
+financial instruments has increased significantly since the initial
+recognition at each balance sheet date. The Group adopts
+overdue period of more than 30 days or significant changes in
+one or more of the following indicators as the principal criterion
+for judging whether the credit risk has increased significantly:
+material adverse changes in the business environment which the
+debtor is subject to and the debtor's internal and external credit
+ratings, actual or expected operating results.
+Definition of credit-impaired assets
+The credit impairment on a financial asset may be caused by the
+combined effect of multiple events and may not be necessarily
+due to a single identifiable event.
+Credit risk exposures
+For the credit risk exposures to trade receivables, other
+receivables, contract assets and long-term receivables, please
+refer to the disclosure in Note V.3, Note V.5, Note V.8 and Note
+V.10
+信用風險顯著增加判斷標準
+本集團在每個資產負債表日評估相關金融工
+具的信用風險自初始確認後是否已顯著增
+加。本集團判斷信用風險顯著增加的主要標
+準為逾期天數超過30日,或者以下一個或多
+個指標發生顯著變化:債務人所處的經營環
+境、內外部信用評級、實際或預期經營成果
+出現重大不利變化等。
+本集團判斷已發生信用減值的主要標準為逾
+期天數超過90日,但在某些情況下,如果內
+部或外部信息顯示,在考慮所持有的任何信
+用增級之前,可能無法全額收回合同金額,
+本集團也會將其視為已發生信用減值。
+金融資產發生信用減值,有可能是多個事件
+的共同作用所致,未必是可單獨識別的事件
+所致。
+信用風險敞口
+應收賬款、其他應收款、合同資產、長期應
+收款的信用風險敞口詳見附註五、3,附註
+五、5,附註五、8,附註五、10的披露。
+291
+The Group adopts overdue period of more than 90 days as the
+principal criterion for judging whether credit impairment has
+incurred. But the Group would also recognise credit impairment
+in some circumstances where internal or external information
+indicates that the contract value cannot be fully recovered without
+considering any credit enhancement held.
+計入營業外收入
+十、 與金融工具相關的風險(續)
+Included in other income
+與資產相關的政府補助
+Government grants related to assets
+二零二二年
+二零二三年
+2022
+2023
+計入當期損益的政府補助如下:
+Government grants included in profit or loss are as follows:
+九、 政府補助(續)
+GOVERNMENT GRANTS (CONTINUED)
+計入其他收益
+IX.
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+286
+BYD Company Limited
+285
+25,890,036
+(4,620,833)
+13,037,757
+Notes to Financial Statements
+人民幣千元
+3,287,277
+704,633
+Included in non-operating income
+RISKS ASSOCIATED WITH FINANCIAL
+X.
+財務報表附註
+Notes to Financial Statements
+287
+Annual Report 2023
+二零二三年年報
+於二零二三年十二月三十一日,以公允價值
+計量且其變動計入當期損益的金融資產合計
+12,258,924千元(二零二二年十二月三十一
+日:22,987,327千元),主要列示於交易���
+金融資產、其他非流動金融資產;以公允價
+值計量且其變動計入其他綜合收益的金融資
+產合計10,892,207千元(二零二二年十二月
+三十一日:17,312,868千元),主要列示於
+應收款項融資和其他權益工具投資;以攤餘
+成本計量的金融資產合計188,602,579千元
+(二零二二年十二月三十一日:93,514,746千
+元),主要列示於貨幣資金、應收賬款、其
+他應收款、長期應收款、其他非流動資產;
+以公允價值計量且其變動計入當期損益的金
+融負債合計7,713千元(二零二二年十二月三
+十一日:54,605千元),主要列示於交易性
+金融負債;以攤餘成本計量的金融負債合計
+423,065,332千元(二零二二年十二月三十一
+日:290,882,598千元),主要列示於短期借
+款、應付票據、應付賬款、其他應付款、租
+賃負債、長期借款與其他非流動負債。
+As at 31 December 2023, the total of financial assets at fair value
+through profit or loss amounted to RMB12,258,924,000 (31
+December 2022: RMB22,987,327,000),which were primarily
+presented in financial assets held for trading, other non-current
+financial assets. The total of financial assets at fair value through
+other comprehensive income amounted to RMB10,892,207,000
+(31 December 2022: RMB17,312,868,000), which were primarily
+presented in receivables financing and other equity instrument
+investments. The total of financial assets measured at amortised
+cost amounted to RMB188,602,579,000 (31 December
+2022: RMB93,514,746,000), which were primarily presented
+in monetary funds, trade receivables, other receivables, long-
+term receivables and other non-current assets. The total of
+financial liabilities at fair value through profit or loss amounted
+to RMB7,713,000(31 December 2022: RMB54,605,000),
+which were primarily presented in financial liabilities held for
+trading. The total of financial liabilities measured at amortised
+cost amounted to RMB423,065,332,000(31 December 2022:
+RMB290,882,598,000), which were primarily presented in short-
+term borrowings, bills payables, trade payables, other payables,
+lease liabilities, long-term borrowings and other non-current
+liabilities.
+金融工具分類
+1.
+Classification of financial instruments
+INSTRUMENTS
+1.
+十、 與金融工具相關的風險
+X. RISKS ASSOCIATED WITH FINANCIAL
+1,677,056
+4,620,833
+合計
+Total
+970,909
+1,331,910
+與收益相關的政府補助
+計入其他收益
+Government grants related to income
+Included in other income
+1,514
+1,646
+INSTRUMENTS (CONTINUED)
+比亞迪股份有限公司
+應付賬款
+BYD Company Limited
+288
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+X. RISKS ASSOCIATED WITH FINANCIAL
+INSTRUMENTS (CONTINUED)
+十、 與金融工具相關的風險(續)
+2.
+Offsetting of financial assets (continued)
+2.
+BYD Company Limited
+金融資產抵銷(續)
+the enforceable master netting agreement or similar agreements
+are as follows:
+抵銷的金融負債以及遵循可執行的總互抵協
+議或類似協議下的金融負債如下:
+2023
+二零二三年
+Total
+recognised
+Total
+Net amount
+recognised
+financial
+liabilities
+已確認金融
+負債的總額
+financial assets
+that are offset
+抵銷的已確認
+金融資產的總額
+Financial liabilities that are offset and financial liabilities subject to
+206,459
+(5,276,504)
+5,482,963
+Total
+recognised
+financial assets
+已確認金融
+資產的總額
+recognised
+financial assets
+that are offset
+抵銷的已確認
+金融資產的總額
+Net amount
+listed in
+the balance
+sheet
+資產負債表中
+列示的淨額
+Trade receivables
+應收賬款
+3,830,919
+(3,666,775)
+164,144
+2022
+二零二二年
+Total
+recognised
+Total
+Net amount
+listed in
+recognised
+financial assets
+that are offset
+抵銷的已確認
+金融資產的總額
+the balance
+sheet
+資產負債表中
+列示的淨額
+financial assets
+已確認金融
+資產的總額
+Trade receivables
+應收賬款
+Trade payables
+290
+3,666,775
+2022
+十、 與金融工具相關的風險(續)
+INSTRUMENTS (CONTINUED)
+3.
+Risks of financial instruments
+3.
+金融工具風險
+RMB'000
+人民幣千元
+Financial risk management objectives and policies
+The Group's daily activities expose it to the risks of a variety of
+financial instruments, mainly including credit risk, liquidity risk and
+market risk. The Group's accounting policies on derivatives are
+set out in Note III.10 to the financial statements.
+RISKS ASSOCIATED WITH FINANCIAL
+Credit risk
+Since monetary funds, receivables financing and derivative
+financial instruments are placed with creditworthy banks with
+high credit ratings, the credit risk of these financial instruments is
+relatively low.
+The Group's other financial assets comprise monetary funds,
+trade receivables, other receivables and long-term receivables.
+The credit risk of such financial assets and contract assets arises
+from default of the counterparty, with a maximum exposure
+equalling to the carrying amounts of these instruments. The
+Group also faces credit risk due to the provision of financial
+guarantees, details of which are disclosed in Note XIV.2
+Since the Group only trades with recognised and credit-
+worthy third parties, there is no requirement for collateral.
+Credit risk management is centralized according to customers/
+counterparties, geographic regions and industries. As at 31
+December 2023, The Group had certain concentrations of credit
+risk as 15% (31 December 2022:4%) and 26%(31 December
+2022: 10%) of the total book balance of the Group's trade
+receivables and contract assets were due from the Group's
+customer and five customers with the largest book value of trade
+receivables and contract assets, respectively. The Group did not
+hold any collateral or credit enhancements for the balance of
+trade receivables or contract assets.
+金融風險管理目標及政策
+本集團在日常活動中面臨各種金融工具的風
+險,主要包括信用風險、流動性風險及市場
+風險。本集團有關衍生工具的會計政策載於
+財務報表附註三、10。
+本集團僅與經認可的、信譽良好的第三方進
+行交易。按照本集團的政策,需對所有要求
+採用信用方式進行交易的客戶進行信用審
+核。另外,本集團對應收賬款以及合同資產
+餘額進行持續監控,以確保本集團不致面臨
+重大壞賬風險。對於未採用相關經營單位的
+記賬本位幣結算的交易,除非本集團信用控
+制部門特別批准,否則本集團不提供信用交
+易條件。
+由於貨幣資金、應收款項融資和衍生金融工
+具的交易對手是聲譽良好並擁有較高信用評
+級的銀行,這些金融工具信用風險較低。
+本集團其他金融資產包括貨幣資金、應收賬
+款、其他應收款項及長期應收款,這些金融
+資產以及合同資產的信用風險源自交易對方
+違約,最大風險敞口等於這些工具的賬面價
+值。本集團還因提供財務擔保而面臨信用風
+險,詳見附註十四、2中披露。
+由於本集團僅與經認可的且信譽良好的第三
+方進行交易,所以無需擔保物。信用風險集
+中按照客戶/交易對手、地理區域和行業進
+行管理。於二零二三年十二月三十一日,本
+集團具有特定信用風險集中,本集團應收賬
+款和合同資產合計賬面餘額的15%(二零二二
+年十二月三十一日:4%)和26%(二零二二年
+十二月三十一日:10%)分別源於應收賬款和
+合同資產合計餘額最大客戶及前五大客戶。
+本集團對應收賬款或合同資產餘額未持有任
+何擔保物或其他信用增級。
+289
+The Group only trades with recognised and creditworthy third
+parties. It is the Group's policy that all customers who wish to
+trade on credit terms are subject to credit verification procedures.
+In addition, receivable balances and contract assets are
+monitored on an ongoing basis to ensure that the Group is not
+exposed to significant bad debt risk. For transactions that are not
+denominated in the bookkeeping base currency of the relevant
+operating unit, the Group does not offer credit terms without the
+special approval of its credit control department.
+X.
+財務報表附註
+Notes to Financial Statements
+二零二二年
+Trade payables
+應付賬款
+listed in
+the balance
+sheet
+資產負債表中
+列示的淨額
+Total
+Net amount
+listed in
+Total
+recognised
+recognised
+financial assets
+financial
+liabilities
+已確認金融
+負債的總額
+5,276,504
+that are
+the balance
+offset
+sheet
+抵銷的已確認
+金融資產的總額
+資產負債表中
+列示的淨額
+(5,276,504)
+Annual Report 2023
+二零二三年年報
+(3,666,775)
+信用風險
+17,473,112
+Financial liabilities
+投資賬面價值合計
+Aggregate carrying amount of investments
+合營企業
+Joint ventures
+二零二二年
+二零二三年
+2022
+2023
+IX.
+下表列示了對本集團單項不重要的合營企業
+和聯營企業的匯總財務信息:
+insignificant joint ventures and associates of the Group:
+The following table sets out summarised financial information of
+在合營企業和聯營企業中的權益(續)
+2.
+八、在其他主體中的權益(續)
+Interests in joint ventures and associates (continued)
+VIII. INTERESTS IN OTHER ENTITIES (CONTINUED)
+2.
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+本集團的持股比例雖然低於20%,但是上述三
+家聯營企業的董事會中有本集團任命的董事,
+本集團能夠對其施加重大影響,故將其作為聯
+營企業按權益法核算。
+持有20%以下表決權但具有重大影響的依據:
+註2:
+公司持有比亞迪汽車金融有限公司80.00%的
+股權,根據投資協議及章程約定,汽車金融董
+事會五名董事中,有四名由本公司委派,且董
+事會作出決議必須經董事會全體董事的一致通
+過,因此本集團與其他股東對汽車金融實施共
+同控制,故作為合營企業按權益法核算。
+12,742,513
+11,284,563
+Net profit
+淨利潤
+與對合營企業投資相關的未確認承諾:
+Unconfirmed commitments related to investments in joint
+ventures:
+4,275
+1,854
+389,187
+301,246
+綜合收益總額
+調整事項
+Adjustments
+Total comprehensive income
+389,187
+301,246
+4,200,839
+4,904,699
+持有50%以上表決權但不具有控制的依據:
+投資賬面價值合計
+淨利潤
+Aggregate carrying amount of investments
+聯營企業
+Associates
+(181,084)
+43,350
+調整事項
+Adjustments
+(678,862)
+949,477
+綜合收益總額
+Total comprehensive income
+(678,862)
+949,477
+Net profit
+註1:
+本集團本年無重要合營企業及聯營企業。
+Group can exercise significant influence over them, therefore they
+are accounted for as associates under the equity method.
+Percentage of
+Place of
+place of
+Principal
+在合營企業和聯營企業中的權益(續)
+2.
+Interests in joint ventures and associates (continued)
+2.
+八、在其他主體中的權益(續)
+VIII. INTERESTS IN OTHER ENTITIES (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Accounting
+Notes to Financial Statements
+284
+BYD Company Limited
+註2
+權益法
+5
+人民幣921,786千元
+Note 2
+method
+Equity
+!
+自營和代理各類商品和技術的進出口。碳酸鋰、
+氫氧化鉀、氯化鋰等鋰產品的生產和銷售;新能
+源、新材料的技術開發、項目投資和產業化運
+investment and industrialisation of new energy
+and new materials.
+成都
+比亞迪股份有限公司
+The Group's capital contribution commitments 本集團對合營企業的出資承諾
+to joint ventures
+Associates
+聯營企業
+Although the proportion of the shares held by the Group is less
+than 20%, the boards of directors of the aforementioned three
+associates include the directors appointed by the Group, thus the
+Basis for holding less than 20% of the voting rights but having
+significant influence:
+Note 2:
+The Company holds 80.00% equity interests in BYD Auto Finance
+Company Limited ("Auto Finance"). According to the investment
+agreement and articles of association, four out of five directors
+of the board of directors of Auto Finance were appointed by the
+Company, and the resolutions made by the board of directors must
+be unanimously approved by all directors of the board of directors.
+Therefore, the Group and other shareholders exercise joint control
+over Auto Finance, which accounted for as a joint venture under the
+equity method.
+Basis for holding more than 50% of the voting rights but not having
+control:
+Note 1:
+There are no material joint ventures and associates of the Group
+during the year.
+註2
+權益法
+6
+人民幣878,681千元
+新興能源技術研發;新材料技術研發;電池銷
+售;電池製造。
+衢州
+business
+The maturity analysis of financial liabilities based on undiscounted
+method
+Note 2
+Equity
+6
+RMB878,681,000
+R&D of emerging energy technologies; R&D of
+technologies for new materials; sales of batteries;
+battery manufacturing.
+Carbon One New Energy Group Co., Ltd. Quzhou Quzhou
+會計處理
+method
+Shareholding (%)
+持股比例(%)
+Direct Indirect
+直接 間接
+Registered capital
+註冊資本
+registration Business nature
+註冊地 業務性質
+主要經營地
+碳一新能源集團有限責任公司
+Total
+2023
+2022
+4,034,976
+Other payables
+其他應付款
+164,972,849
+Other non-current liabilities
+其他非流動負債
+12,785,304
+31 December 2022
+390,149,348
+31,279,210
+36,901,886
+194,429,817
+4,053,314
+12,320,364
+6,364,240
+164,972,849
+12,785,304
+4,034,976
+425,463,534
+二零二二年十二月三十一日
+Financial liabilities
+金融負債
+Within
+1 to 5
+Over
+1 year
+1年以內
+years
+1年至5年
+5 years
+-
+Total
+1,921,148
+Lease liabilities
+contractual cash flow is summarised as follows:
+31 December 2023
+流動性風險
+本集團的目標是運用多種融資手段、以保持
+融資的持續性與靈活性的平衡。本集團通過
+經營和借款等產生的資金為經營融資。
+下表概括了金融負債按未折現的合同現金流
+量所作的到期期限分析:
+二零二三年十二月三十一日
+Within
+1 to 5
+Over
+1 year
+1年以內
+years
+1年至5年
+5 years
+租賃負債
+Total
+合計
+金融負債
+Bank borrowings and other
+銀行借款及其他抵押
+secured borrowings
+借款
+Trade payables
+應付賬款
+24,772,220
+194,429,817
+12,129,666
+Bills payables
+應付票據
+4,053,314
+5年以上
+成都
+5年以上
+Bank borrowings and other
+277,849,183
+13,204,485
+691,304
+291,744,972
+年末餘額
+本年減少
+本年增加
+年初餘額
+balance
+the year during the year
+balance
+Closing
+Decrease
+3,158,327
+during
+Increase
+遞延收益
+Deferred income
+As at 31 December 2023, liability items related to government
+grants are as follows:
+GOVERNMENT GRANTS
+於二零二三年十二月三十一日,涉及政府補
+助的負債項目如下:
+九、政府補助
+310,271
+247,411
+合計
+310,271
+247,411
+二零二三年 二零二���年
+Opening
+合計
+78,794
+其他非流動負債
+銀行借款及其他抵押
+secured borrowings
+借款
+9,005,926
+7,913,494
+16,919,420
+Trade payables
+應付賬款
+Bills payables
+應付票據
+140,437,310
+3,328,419
+140,437,310
+3,328,419
+3,079,533
+Lease liabilities
+900,497
+2,211,458
+612,510
+3,724,465
+Other payables
+其他應付款
+122,123,841
+122,123,841
+Other current liabilities
+其他流動負債
+2,053,190
+2,053,190
+Other non-current liabilities
+租賃負債
+盛新鋰能集團股份有限公司
+衢州
+hydroxide, lithium chloride and other lithium
+sub-funds in TMT, logistics and other fields.
+43 Equity
+RMB1,401,500,000
+Equity investment, mainly investing in excellent
+Zhuhai
+Hengqin Hexie Dingtai Equity Investment Zhuhai
+LP
+借;借貸;汽車融資租賃業務除售後回租;與汽
+車金融業務相關的金融機構股權投資業務。
+註1
+3 權益法
+77
+接受股東和集團子公司的定期存款;接受車貸保人民幣10,000,000千元
+證金和租賃保證金;發行金融債券;從事同業拆
+西安
+西安
+比亞迪汽車金融有限公司
+to auto finance business.
+method
+investment business of financial institutions related
+橫琴和諧鼎泰股權投資企業(有限合夥) 珠海
+products; technology development, project
+投資於科技及醫學創新等領域的優秀子基金。
+method
+medical innovation and other fields.
+Islands
+開曼群島
+開曼群島
+Community Fund LP
+Islands
+50 Equity
+USD600,000,000
+Investing in excellent sub-funds in technology,
+Cayman
+Cayman
+Community Fund LP
+43 權益法
+股權投資,主要投資於TMT、物流等領域的優秀人民幣1,401,500千元
+子基金。
+珠海
+美元600,000千元
+(excluding sale and leaseback); and equity
+Note 1
+place of
+Principal
+在合營企業和聯營企業中的權益
+2.
+Interests in joint ventures and associates
+2.
+八、在其他主體中的權益(續)
+VIII. INTERESTS IN OTHER ENTITIES (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+282
+BYD Company Limited
+Place of
+method
+Percentage of
+Joint ventures
+77 3 Equity
+RMB10,000,000,000
+Acceptance of fixed deposits from shareholders
+and subsidiaries of the group; acceptance of auto
+loan deposits and lease deposits; issuance of
+financial bonds; engaging in interbank borrowing;
+borrowing; auto financing and leasing business
+Xi'an
+Xi'an
+BYD Auto Finance Company Limited
+Direct Indirect
+直接 間接
+會計處理
+method
+Shareholding (%)
+持股比例(%)
+Registered capital
+註冊資本
+registration Business nature
+註冊地 業務性質
+主要經營地
+合営企業
+business
+Accounting
+50 權益法
+financing channels. The Group finances business operation by
+funds acquired by operating activities and borrowings.
+Shenzhen Shenzhen
+Tibet Zabuye Lithium Industry Co., Ltd.
+Tibet
+Tibet
+Development, production and sales of lithium
+RMB930,000,000
+18
+Equity
+Note 2
+ore, boron ore, lithium-boron series products,
+method
+inorganic salt, and biological resources and
+products of salt lake.
+西藏日喀則扎布耶鋰業高科技有限公司 西藏
+西藏
+鋰礦、硼礦、鋰硼系列產品、無機鹽、鹽湖生物
+資源及產品的開發、生產、銷售。
+人民幣930,000千元
+會計處理
+18
+持股比例(%)
+Direct Indirect
+直接 間接
+Shareholding (%)
+Shenzhen Didi New Energy Vehicle
+八、在其他主體中的權益(續)
+2.
+Interests in joint ventures and associates (continued)
+2. 在合營企業和聯營企業中的權益(續)
+Principal
+place of
+Place of
+Percentage of
+Accounting
+Associates
+business
+聯營企業
+主要經營地
+Registered capital
+註冊資本
+method
+權益法
+registration Business nature
+註冊地 業務性質
+Shenzhen Faurecia Auto Parts. Ltd.
+人民幣千元
+RMB'000
+Notes to Financial Statements
+財務報表附註
+283
+Annual Report 2023
+二零二三年年報
+40 權益法
+深圳
+深圳市迪滴新能源汽車科技有限公司 深圳
+method
+new energy electric taxi enterprises.
+Technology Co., Ltd.
+40 Equity
+註2
+Automobile leasing and operation; investing in
+RMB1,195,616,000
+VIII. INTERESTS IN OTHER ENTITIES (CONTINUED)
+5
+汽車租賃及運營;新能源電動出租車企業投資。 人民幣1,195,616千元
+Self-operation and agent for the import and
+export of various commodities and technologies;
+production and sales of lithium carbonate, lithium
+Shenzhen
+Development, production, assembly, sales and
+delivery of automotive seating products and
+related components covering automotive seats,
+RMB921,786,000
+RMB200,000,000
+30 Equity
+method
+深圳
+深圳
+深圳佛吉亞汽車部件有限公司
+seat frames, seat foams, seat covers; provision of
+after-sales services and technology development
+services.
+開發、生產、裝配、銷售和交付涵蓋汽車整椅、
+座椅骨架、座椅發泡、座椅面套的汽車座椅產品
+及產品的相關零部件;提供售後服務和技術開發
+服務。
+人民幣200,000千元
+30 權益法
+Chengxin Lithium Group Co., Ltd.
+Shenzhen
+Chengdu
+Chengdu
+6000000
+Automobiles and Batteries Business
+As a pioneer and leader in the global new energy vehicle industry,
+relying on its precise strategic layout, leading technical strength,
+profound market insights and multi-dimensional industrial landscape,
+the Group has steadily promoted the upgrading of brand power
+and the strategic layout of going abroad, and achieved substantial
+business development driven by the full preparation made in the
+background of increasingly fierce competition in the industry.
+According to data from the China Automobile Association, in 2023, the
+market share of the Group's new energy vehicles further expanded
+to 31.9%, indicating a year-on-year increase of 4.8 percentage
+points, leading China's new energy vehicle sales for 11 consecutive
+years, retaining its No. 1 position in the global sales of new energy
+vehicles and creating a history for a Chinese automobile enterprise
+to rank top ten in terms of global sales for the first time. In November,
+the Group launched the 6 millionth new energy vehicle, becoming
+the first automaker in the world to reach such a milestone, claiming
+greater brand influence and thus laying a solid foundation for the
+transformation and upgrading of the global auto industry.
+業務回顧
+比亞迪股份有限公司(「比亞迪」或「本公司」及其附屬
+公司統稱「本集團」)主要經營包括以新能源汽車為
+主的汽車業務,手機部件及組裝業務,二次充電電
+池及光伏業務,並積極利用自身技術優勢拓展城市
+軌道交通及其他業務。於二零二三年,本集團實現
+收入約人民幣602,315百萬元,同比增長42.04%,
+其中汽車、汽車相關產品及其他產品業務的收入約
+人民幣483,453百萬元,同比增長48.90%;手機部
+件、組裝及其他產品業務的收入約人民幣118,577百
+萬元,同比增長20.00%;佔本集團總收入的比例分
+別為80.27%和19.68%。
+汽車及電池業務
+the Group actively develops urban rail transportation and other
+business segments. In 2023, the Group recorded a revenue of
+approximately RMB602,315 million, representing a year-on-year
+increase of 42.04%, among which, the revenue from the automobiles
+and related products, and other products amounted to approximately
+RMB483,453 million, representing a year-on-year increase of 48.90%;
+the revenue from the handset components, assembly service and
+other products amounted to approximately RMB118,577 million,
+representing a year-on-year increase of 20.00%. These business
+segments accounted for 80.27% and 19.68% of the Group's total
+revenue, respectively.
+比亚迪第600万辆新能源汽车下经
+25
+8000000
+比亚迪第600万辆新能源汽车下线
+In the field of new energy passenger vehicles, relying on the
+continuous innovation of core technologies and targeted and effective
+market strategies, the Group took the lead in sales in 2023, achieving
+a substantial year-on-year growth of over 60%, and continued to hit a
+record high, remaining in the first spot in sales volume of passenger
+vehicles among Chinese auto companies.
+在新能源乘用車領域,本集團依託核心技術的持續
+創新以及精準高效的市場策略,二零二三年銷量強
+勢領跑,實現同比超60%的大幅增長,持續創歷史
+新高,蟬聯中國車企乘用車銷量第一。
+Annual Report 2023
+二零二三年年報
+Management Discussion and Analysis
+管理層討論與分析
+Being committed to independent innovation, the Group vigorously
+applies disruptive technologies to boost new quality productive forces,
+thereby fostering new drivers for the high-quality development of the
+industry. Relying on strong research and development genes and
+rich engineer culture, the Group further launched a series of world-
+leading forward-looking and revolutionary technologies based on
+continuously promoting the application of existing technologies. In
+2023, the Group successively released the “ed Platform" architecture,
+the "DiSus" intelligent body control system, the advanced intelligent
+driving assistance system literally known as “God's Eye” (「天神之眼」)
+and the “DMO” super hybrid off-road platform, which further enhanced
+the Group's comprehensive competitiveness and lifted its business
+development to a higher level. Based on the four-motor independent
+driver as the core, the “ed Platform" architecture completely
+reconstructs the characteristics of new energy vehicles in three
+aspects of perception, control and execution, providing consumers
+with a cross-era product featuring ultimate safety, performance
+and experience. As the world's first intelligent body control system
+dedicated to new energy vehicles, "DiSus" breaks the fragmented
+development model and systematically considers the vertical control
+of new energy vehicles, aiming to bring users the ultimate driving
+experience that takes into account both comfort and controllability with
+the technical advantages of high intelligence, safety and protection,
+stable driving and full coverage. With self-research hardware, software
+and algorithms to build a full stack of self-research system-level
+solutions for the entire vehicle, the "God's Eye" advanced intelligent
+driving assistance system is born for safety, enables a whole scenario
+of companionship, assistance and rescue, and opens up a new
+chapter of auto-intelligence. The “DMO” super hybrid off-road platform
+makes full use of the Group's leading advantages in high-performance
+chassis, intelligent electric four-wheel drive and off-road-specific
+power-train system through the ultimate integration of new hybrid non-
+load-bearing frame structure and off-road-specific hybrid structure
+to achieve a perfect balance among super power, strong off-road
+strength and the least energy consumption while ensuring vehicle
+safety.
+本集團始終堅持自主創新,用顛覆性技術催生壯大
+新質生產力,為行業高質量發展注入新動能。憑藉
+強大的研發基因和濃厚的工程師文化,本集團在
+持續推動現有技術應用的基礎之上,進一步推出
+一系列全球領先的前瞻性、顛覆性技術。二零二三
+年,本集團先後發佈「易四方」架構、「雲輦」智能車
+身控制系統、「天神之眼」高階智能駕駛輔助系統及
+「DMO」超級混動越野平台,進一步增強本集團的綜
+合競爭力,助力業務發展向更高層次邁進。「易四
+方」架構以四電機獨立驅動為核心,從感知、控制、
+執行三個維度圍繞新能源汽車的特性進行了全面重
+構,為消費者帶來極致安全、極致性能和極致體驗
+的跨時代產品。「雲輦」作為全球首個新能源專屬的
+智能車身控制系統,打破碎片化的開發模式,系統
+化考量新能源汽車的垂向控制問題,以高智能、護
+安全、穩駕乘、全覆蓋的技術優勢,為用戶帶來兼
+顧舒適性與操控性的極致駕乘體驗。「天神之眼」高
+階智能駕駛輔助系統以自硬件、軟件以及算法構
+建全棧自研整車系統級解決方案,為安全而生,實
+現全場景的陪伴、輔助、救助,開啓智能化的新篇
+章。「DMO」超級混動越野平台通過全新混動非承載
+式架構和越野專用混動架構的極致融合,充分發揮
+本集團在高性能底盤、智能電四驅及越野專用動力
+總成等方面的領先優勢,成就整車安全之上超強動
+力、強悍越野與極致能耗之間的最佳平衡。
+components and assembly business, rechargeable batteries and
+photovoltaic business. Meanwhile, with its technological superiority,
+BYD Company Limited
+6000000
+business which mainly includes new energy vehicles, handset
+發展新能源汽車是我國從汽車大國邁向汽車強國的
+必由之路,具有重大的戰略意義。順勢而為、乘勢
+而上,為了鞏固和擴大當前新能源汽車的發展優
+勢,中國政府因時制宜的出台系列支持政策。二零
+二三年五月,國家發展改革委聯合國家能源局印發
+《關於加快推進充電基礎設施建設 更好支持新能源
+汽車下鄉和鄉村振興的實施意見》,優化新能源汽車
+購買使用環境,積極推動新能源汽車在下沉市場的
+滲透。六月,財政部等三部門聯合發佈《關於延續和
+優化新能源汽車車輛購置稅減免政策的公告》,再
+度延長新能源汽車購置稅減免政策期限至二零二七
+年十二月三十一日,減免力度分年度逐步退坡,以
+穩定市場預期,促進新能源汽車消費潛力進一步釋
+放。同月,國務院辦公廳印發《關於進一步構建高
+質量充電基礎設施體系的指導意見》,更好滿足人
+民群眾購置和使用新能源汽車需要,助力推進交通
+運輸綠色低碳轉型與現代化基礎設施體系建設。同
+月,工信部等五部門發佈《關於修改<乘用車企業平
+均燃料消耗量與新能源汽車積分並行管理辦法>的
+決定》,建立新能源汽車積分池管理制度,引導產業
+高質量發展。七月,國家發展改革委等部門印發《關
+於促進汽車消費的若干措施》的通知,提出包括優
+化汽車限購管理政策、降低新能源汽車購置使用成
+本等系列政策,擴大汽車消費。八月,工信部等七
+部門印發《汽車行業穩增長工作方案(2023年-2024
+年)》,支持擴大新能源汽車消費、夯實產業鏈供應
+鏈。十一月,工信部等四部門發佈《關於開展智能網
+聯汽車准入和上路通行試點工作的通知》,為汽車企
+業開展智能網聯汽車生產試點工作打下基礎。十二
+月,工業和信息化部等三部門發佈《關於調整減免車
+輛購置稅新能源汽車產品技術要求的公告》,引導企
+業繼續提升產品質量和性能,促進新能源汽車產業
+高質量發展。
+BUSINESS REVIEW
+26
+BYD Company Limited
+22
+比亞迪股份有限公司
+Management Discussion and Analysis
+管理層討論與分析
+The development of new energy vehicles is the only approach for
+China to evolve from a participant to an industry leader, which has
+great strategic significance. To consolidate and expand the current
+development advantages of the new energy vehicles, the Chinese
+government has introduced a series of expedient supportive policies.
+In May 2023, the National Development and Reform Commission and
+the National Energy Administration jointly issued the Implementing
+Opinions on Accelerating the Construction of Charging Infrastructure
+and Better Supporting New Energy Vehicles to the Countryside Policy
+and Rural Revitalization(《關於加快推進充電基礎設施建設更好支持新能
+源汽車下鄉和鄉村振興的實施意見》) to optimize the environment for the
+purchase and use of new energy vehicles, and to proactively promote
+the penetration of new energy vehicles into the lower-tier markets. In
+June, three government authorities including the Ministry of Finance
+jointly issued the Announcement on Continuation and Optimization of
+Policies for Reduction and Exemption of Vehicle Purchase Tax on New
+Energy Vehicles (《關於延續和優化新能源汽車車輛購置稅減免政策
+的公告》), further extending the period of the policy to 31 December
+2027, and the efforts for reduction and exemption will be gradually
+phased out on an annual basis to stabilize the market expectation
+and promote the further release of the consumption potential of
+new energy vehicles. In the same month, the General Office of the
+State Council issued the Guiding Opinions on Further Construction
+of a High-quality Charging Infrastructure System (《關於進一步構建
+高質量充電基礎設施體系的指導意見》) to better meet the needs of
+the public in purchasing and using new energy vehicles, which is
+conducive to promoting the green and low-carbon transformation of
+transportation and the construction of a modernized infrastructure
+system. In the same month, five departments including the Ministry
+of Industry and Information Technology (the "MIIT") released the
+Decision on Amending the "Measures for the Parallel Administration of
+Credit Points for Average Fuel Consumption and New Energy Vehicles
+of Passenger Vehicle Enterprises”(《關於修改<乘用車企業平均燃
+料消耗量與新能源汽車積分並行管理辦法>的決定》), establishing a
+credit points pool management system for new energy vehicles to
+guide high-quality development for the industry. In July, the National
+Development and Reform Commission and other departments issued
+a notice on Several Measures to Promote Automobile Consumption
+(《關於促進汽車消費的若干措施》),proposing a series of policies
+including optimising automobile purchase restrictions and reducing
+the cost of purchasing and using new energy vehicles to expand
+automobile consumption. In August, seven departments including
+the MIIT issued the Work Plan for Stable Growth in the Automobile
+Industry (2023-2024) (《汽車行業穩增長工作方案(2023年-2024年)》),
+supporting the expansion of consumption of new energy vehicles and
+consolidating the industrial chain and supply chain. In November,
+four departments including the MIIT issued the Notice on Carrying
+Out Pilot Work for the Access and Road Use of Intelligent Connected
+Vehicles (《關於開展智能網聯汽車准入和上路通行試點工作的通知》),
+laying the foundation for automobile enterprises to carry out pilot
+production work for intelligent connected vehicles. In December,
+three departments including the MIIT issued the Announcement on
+Adjusting the Technological Requirements for New Energy Vehicle
+Products for Reduction and Exemption of Vehicle Purchase Tax (<
+於調整減免車輛購置稅新能源汽車產品技術要求的公告》),guiding
+enterprises to continue improving product quality and performance,
+and promoting the high-quality development of the new energy vehicle
+industry.
+Annual Report 2023
+二零二三年年報
+23
+Management Discussion and Analysis
+管理層討論與分析
+BYD Company Limited (“BYD” or “the Company", together with its
+subsidiaries, "the Group") is principally engaged in the automobile
+In terms of rechargeable batteries, in 2023, the demand from the
+traditional consumer electronics industry bottomed out in the first
+half of the year, and began to form a weak recovery in the second
+half, which also affected the demand for upstream batteries. In terms
+of the energy storage field, the global carbon peaking and carbon
+neutrality strategy and the acceleration of the process of energy
+structure transformation have led to robust energy storage demand,
+technological progress and capacity expansion, which continuously
+heightened the market's activity and fostered its sustained prosperous
+development. As for the photovoltaic industry, the drive towards
+carbon neutrality has ignited a global surge in demand, prompting
+companies to move quickly towards a more integrated approach.
+Domestically, the photovoltaic industry is experiencing robust growth
+across all stages of supply and demand.
+In 2023, the persistence of inflation and the increased uncertainty
+of the global economy led to a weakening recovery of consumer
+demand. Coupled with the impact of increased inventory levels
+at the beginning of the year, according to the statistics from IDC,
+a market research institute, in 2023, the shipment of global smart
+phones declined by 3.2% year-on-year to 1.17 billion units, marking
+the lowest annual shipment in a decade. China's smart phone market
+was lacklustre in the first half but experienced a modest recovery in
+the latter half as the economy improved and consumer interest in new
+models grew. According to the data released by the China Academy
+of Information and Communications Technology, in 2023, the shipment
+of domestic mobile phones reached 289 million units, representing a
+year-on-year increase of 6.5%; in particular, the shipment of 5G smart
+phones was 240 million units, representing a year-on-year growth of
+11.9%,accounting for 82.8% of the shipment of mobile phones in
+the corresponding period. In terms of the PC field, the application
+of artificial intelligence (AI) has stimulated the rigid demand for
+PCs, but the overall market is still affected by the challenges of the
+macroeconomic environment. According to the statistics from IDC, in
+2023, global PC shipments fell 13.9% year-on-year to 260 million units.
+The global tablet computers shipments reached 129 million units,
+representing a year-on-year decline of 20.5%.
+二次充電電池方面,二零二三年,傳統消費類電子
+行業需求在上半年築底,下半年開始逐步形成弱復
+甦,其上游電池需求亦受影響。儲能領域方面,全
+球雙碳戰略及能源結構轉型進程加速,儲能需求旺
+盛、技術進步、產能擴張,儲能市場活躍度不斷提
+升,持續蓬勃發展。光伏方面,碳中和浪潮蓬勃興
+起,全球光伏需求熱熾,企業向一體化加速發展,
+國內光伏產業各環節供需保持高增長態勢。
+手機部件及組裝業務
+二零二三年,通脹持續及全球經濟的不確定性加
+大,令消費需求復甦減弱,加上受年初庫存量增加
+的影響,根據市場研究機構IDC統計,二零二三年全
+球智能手機出貨量同比下降3.2%,降至11.7億部,
+為十年來最低的全年出貨量。中國智能手機市場上
+半年依然處於低迷階段,下半年隨着經濟環境逐漸
+改善及消費者對新機型熱度和關注度的提升,市場
+需求有所好轉,但尚未完全釋放。中國信息通信研
+究院發表的數據顯示,二零二三年,國內手機市場
+整體出貨量累計2.89億部,同比增長6.5%,其中5G
+手機出貨量為2.40億部,同比增長11.9%,佔同期手
+機出貨量的82.8%。PC方面,人工智能(AI)應用刺激
+了PC的剛性需求,但整體市場仍受宏觀經濟挑戰的
+影響,根據IDC數據,二零二三年,全球PC出貨量
+同比下降13.9%至2.60億台;全球平板電腦出貨量為
+1.29億台,同比下降20.5%,
+。
+BYD Company Limited
+24
+比亞迪股份有限公司
+Management Discussion and Analysis
+管理層討論與分析
+Handset Components and Assembly Business
+比亞迪股份有限公司
+本集團作為全球新能源汽車行業先行者和領導者,
+憑藉精準的戰略佈局、領先的技術實力、深刻的市
+場洞察、全面的產業佈局,穩步推進品牌力提升及
+出海戰略佈局,在行業競爭日趨激烈的大背景下厚
+積薄發,實現業務的長足發展。根據中汽協數據,
+二零二三年本集團新能源汽車市佔率進一步提升至
+31.9%,同比增長4.8個百分點,連續十一年穩居中
+國新能源汽車銷量龍頭地位,蟬聯全球新能源汽車
+銷量桂冠,並開創中國車企首次躋身全球銷量前十
+的歷史。十一月,本集團第600萬輛新能源汽車下
+線,成為全球首家實現這一里程碑的車企,品牌影
+響力持續擴大,為全球汽車產業轉型升級奠定堅實
+基礎。
+管理層討論與分析
+「騰勢」品牌作為本集團專注於新能源豪華汽車市場
+的品牌,以領先的新能源與安全技術、智慧豪華產
+品品質以及用戶生態服務體系,構建品牌核心競爭
+力,致力於從中國豪華市場的破局者邁向新能源豪
+華科技品牌領先者。「騰勢」品牌首款豪華MPV⌈騰勢
+D9⌋集豪華、智能、動力、安全於一身,銷量持續霸
+榜,榮獲二零二三年全品類MPV年度銷量冠軍,牢
+牢佔據中國豪華MPV新價值標桿的引領地位。隨着
+品牌勢能的穩健迸發,「騰勢」品牌以超卓的技術創
+新,於七月正式推出智能豪華獵跑SUV⌈騰勢N7」。
+「騰勢N7」首搭「天神之眼」高階智能駕駛輔助系統和
+「雲輦-A」智能空氣車身控制系統(標準版),從智能座
+艙、智能駕駛、智能底盤三大方面,實現整車智電
+融合,為用戶帶來智能、安全、舒適的新豪華出行
+體驗。
+DENZA D
+BYD
+With the maturity and application of core technologies such as
+“e Platform”, the Group officially launched a new high-end brand
+“Yangwang” at the beginning of the year, which opened up the million-
+RMB-worth new energy market with subversive technologies and
+products, and reshaped the high-end brand values in the new energy
+era. Available officially in September,“Yangwang U8" Luxury version
+is equipped with “e” Platform" technology and “DiSus-P” intelligent
+hydraulic body control system to realize all-round intelligent control of
+the body, and it truly achieves the perfect balance of extreme off-road
+capability, comfort and luxury, making the driving experience more
+imaginative. In the first calendar month of delivery before the end of
+the year, "Yangwang U8" secured the first place in the list of million-
+RMB-worth new energy SUVs for monthly sales, marking a milestone
+in the history of China's auto industry in developing high-end brands.
+伴隨着「易四方」等核心技術的成熟與應用,本集團
+於年初正式發佈全新高端品牌「仰望」,以顛覆性的
+技術和產品開拓百萬級新能源市場,並重塑新能源
+時代高端品牌價值觀。「仰望U8」豪華版於九月正式
+上市,搭載「易四方」及「雲輦-P」智能液壓車身控制系
+統兩大核心技術,實現對車身的全方位智能控制,
+真正做到了極致越野、舒適奢享的完美平衡,讓駕
+乘體驗更具想象力。在年底首個完整交付月,「仰望
+U8」一舉成為百萬級新能源SUV月度銷量第一,創造
+了中國汽車高端化的里程碑。
+30
+BYD Company Limited
+比亞迪股份有限公司
+Management Discussion and Analysis
+管理層討論與分析
+Unveiled in August,“FANGCHENGBAO" brand, a professional
+and personalized brand, is built on the professional new energy
+technology platform and vehicle architecture, and offers a diverse
+range of powerful products underscoring "ambition, joy and fun"
+characteristics, inviting users to explore unique driving experience
+and new lifestyle in different personalized scenarios. “BAO 5", the
+first super hybrid hardcore SUV under the "FANGCHENGBAO" brand
+officially launched in November, is equipped with "DMO" super hybrid
+off-road platform, with “DiSus-P" intelligent hydraulic body control
+system (standard version) being optional, striking a balance between
+off-road performance and comfortable experience, and has been
+gaining popularity since it becomes available.
+本集團專業個性化品牌「方程豹」品牌於八月正式發
+佈,依託專業新能源技術平台和整車架構,以兼
+具「野心、悅心、玩心」的多樣化強悍產品,與用戶
+共同探索不同個性化場景下獨特的用車體驗和全
+新生活方式。作為「方程豹」旗下首款超級混動硬派
+SUV,「豹5」於十一月正式上市,搭載「DMO」超級混
+動越野平台並可選裝「雲輦-P」智能液壓車身控制系
+統(標準版),兼顧越野性能和舒適體驗,自上市以
+來熱度高企。
+DMO 超级混动越野平台
+方程豹专属“豹力科技” 划时代颠覆之力 彻底释放“电”的能力
+Annual Report 2023
+二零二三年年報
+31
+Management Discussion and Analysis
+管理層討論與分析
+While consolidating and expanding its development advantages in
+the domestic market, the Group has been accelerating overseas
+market expansion by relying on its comprehensive strength of "leading
+technology, leading safety, leading quality and leading market". During
+the year, the Group's new energy passenger vehicles have entered
+more than 50 countries and regions including Japan, Germany,
+Australia, Brazil and the United Arab Emirates, winning the first place
+in many countries in terms of the sales of new energy vehicles, and
+being honored with multiple international awards for technologies and
+model designs. As it debuts and launches vehicle models under its
+various brands in the international market, the Group provides global
+consumers with incomparable green travel experience. In March,
+the Group held a brand release and new model launch conference
+in Mexico City, and launched three pure electric models, “Han EV”,
+“Tang EV” and “Yuan PLUS” (also known as “BYD ATTO 3”), opening
+up a new pattern in the Mexican passenger vehicles market. In June,
+the Group launched "Yuan PLUS" in the United Arab Emirates, which
+had passed localization and high-temperature tests to ensure that
+users can get the best driving experience, opening a new chapter
+in the Middle East passenger vehicles market. In September, the
+Group made its presence at the Munich Auto Show with six models
+of new energy vehicles, and announced the availability of "Seal" in
+the European market. In October, the Group unveiled five new energy
+vehicle models and related core technologies at the 47th Tokyo Auto
+Show, being the first Chinese automaker attending the auto show
+and unveiling "Yangwang U8" in the overseas market for the first
+time. In November, the Group made its presence at the 40th Thailand
+International Motor Expo with five heavyweight models, and displayed
+“Denza N7” and ���Yangwang U8” in addition to “Yuan PLUS”,“Dolphin”
+and“Seal”, the three models that had been launched overseas,
+showcasing its diversified product matrix and innovative technologies
+to the media and consumers.
+在鞏固和擴大國內市場發展優勢的同時,本集團依
+託[科技領先、安全領先、品質領先、市場領先」的
+全面實力,積極加速海外佈局。年內,本集團新能
+源乘用車已進入日本、德國、澳大利亞、巴西、阿
+聯酋等50多個國家和地區,勇奪多國新能源汽車銷
+量冠軍,技術和車型在國際上多次獲獎。本集團多
+品牌車型不斷在國際亮相與上市,為全球消費者提
+供卓越的綠色出行體驗。三月,本集團在墨西哥城
+舉行品牌發佈暨新車型上市發佈會,推出「漢EV」、
+「唐EV」、「元PLUS」(又名BYD ATTO 3)三款純電動
+車型,開啓墨西哥乘用車市場的新格局。六月,本
+集團在阿聯酋正式推出通過本地化和高溫測試的「元
+PLUS」,以確保用戶能夠獲得最佳的駕駛體驗,開
+啓中東乘用車市場全新篇章。九月,本集團攜六款
+新能源汽車亮相德國慕尼黑車展,並宣佈「海豹」正
+式在歐洲上市。十月,本集團攜五款新能源車型及
+核心技術亮相第47屆東京車展,成為歷史上首家參
+加該車展的中國車企,並首次在海外展出亮相[仰望
+U8」。十一月,本集團攜五款重磅車型亮相第40屆
+泰國國際汽車博覽會,除「元PLUS」、「海豚」、「海
+豹」三款在售車型外,亦首次帶來「騰勢N7」及「仰望
+U8」,向媒體及廣大消費者展現本集團豐富多樣的產
+品矩陣和創新技術。
+tinental
+Management Discussion and Analysis
+As the Group's brand focusing on the new energy luxury vehicle
+market, the "Denza" brand builds its core competitiveness with
+leading new energy and safety technologies, smart luxury product
+quality and user eco-services system, and endeavors to grow from the
+path-breaker of China's luxury new energy vehicle market to the leader
+of technologies enabling luxury new energy vehicles. "Denza D9",
+the first luxury MPV under the "Denza" brand that integrates luxury,
+intelligence, power, and safety, was on the list of bestsellers and
+claimed the championship of 2023 for annual sales in the MPV market,
+firmly occupying the leading position in the new value benchmark
+of luxury MPVs in China. With the steady growth of the brand force,
+the“Denza”brand launched the smart and luxury shooting-brake
+SUV“Denza N7" with outstanding technological innovation in July.
+Equipped with the "God's Eye" advanced intelligent driving assistance
+system and the "DiSus-A” intelligent air body control system (standard
+version), "Denza N7" demonstrates the integration of intelligence and
+electrification technologies from three dimensions: intelligent cockpit,
+intelligent driving and intelligent chassis, and brings the luxury travel
+experience underpinned by intelligence, safety and comfort.
+Management Discussion and Analysis
+管理層討論與分析
+@狗 DM-H
+Annual Report 2023
+二零二三年年報
+29
+Relying on the continuous iteration and innovation
+of the Group's core technologies, the Group further
+expands the brand matrix as it unveils the high-
+end "Yangwang" brand and the professional
+and personalized "FANGCHENGBAO" brand in
+succession during the year, gradually shaping a
+multi-brand gradient layout consisting of the “BYD”
+brand, the “Denza” brand, the “Yangwang” brand
+and the “FANGCHENGBAO" brand, covering from
+home to luxury, from mass to personalized, fully
+satisfying users' automobile needs in all scenarios.
+In 2023, all brands of the Group maintained steady
+development and delivered stunning performance,
+and the multi-brand strategy achieved initial results.
+游历川海 共赴山河
+16种驾驶模式 | 日常驾驶 地形穿越 特殊工况
+初仰望
+CRUCESE
+Annual Report 2023
+二零二三年年報
+27
+Management Discussion and Analysis
+管理層討論與分析
+As the Group's first passenger vehicle brand, the “BYD” brand has
+gradually developed two series of products, the “Dynasty” series
+and the "Ocean" series. Relying on precise insights into consumer
+demand, the Group actively optimized the product matrix of the
+"BYD" brand and launched several iterative and new models during
+the period, and it also further promoted the "price parity between
+fuel-engine vehicle and electric vehicle" initiative to continuously
+consolidate the competitive advantage. The "Dynasty" series perfectly
+integrate the leading technology and Chinese fashion trend to create
+Chinese fashion and smart new energy vehicles, with five family
+products of “Han”, “Tang”,“Song”,“Qin” and “Yuan”. As one of the
+signature products of domestic brands' high-end process,“Han”
+has continued to be popular since its launch. During the period, the
+“Han” family was completely rejuvenated, and “Han EV Champion
+Edition”,“Han DM-i Champion Edition” and “Han DM-p Ares Edition”
+were officially launched. The product strength was comprehensively
+improved, subverting the mainstream B-segment sedan market.
+“Tang” is the Group's medium/large flagship SUV series product, and
+the launch of “Tang EV Champion Edition”, “Tang DM-i Champion
+Edition” and “Tang DM-p Champion Edition/Ares Edition” has further
+strengthened the product competitiveness of the "Tang" family. For
+the “Song” family, “Song PLUS Champion Edition” and “Song Pro
+Champion Edition" were launched with renewed designs during
+the year, being sought after immediately, and "Song L", the B-class
+pioneer shooting-brake SUV, was unveiled at the end of the year.
+Empowered by the three core technologies, “e-Platform 3.0”,“CTB”
+and “DiSus-C”, “Song L” helped the “Song” family continue to lead the
+new energy SUV market with strong product strength. For the "Qin"
+family, "Qin PLUS Champion Edition", as the first iterative model of the
+year, shocked the market immediately after its launch and put an end
+to the monopoly of joint venture brands. It was the first Chinese model
+that claimed the championship on the chart of best-selling sedans of
+the year in 13 years. For the “Yuan” family,“Yuan PLUS Champion
+Edition”, as the first A-class SUV equipped with “e-Platform 3.0” and
+launched with a new design, maintained the leading position in the
+A-class pure electric vehicle market.
+依託於核心技術的迭代與創新,本集團持續完善品
+牌矩陣,高端品牌「仰望」及專業個性化品牌「方程
+豹」年內相繼正式發佈,形成由「比亞迪」品牌、「騰
+勢」品牌、「仰望」品牌及「方程豹」品牌所構建的多
+品牌梯度佈局,覆蓋從家用到豪華、從大眾到個性
+化,滿足用戶多方位全場景用車需求。二零二三年
+本集團各品牌穩紮穩打,市場表現亮眼,多品牌策
+略初見成效。
+28
+比亚迪超级体验日
+「比亞迪」品牌作為本集團首個乘用車品牌,逐步形
+成了「王朝」和「海洋」兩大系列產品。期內,依託對
+消費者需求的精準洞察,本集團積極優化「比亞迪」
+品牌產品矩陣,推出多款迭代及全新車型,進一步
+推進「油電平價」,持續鞏固競爭優勢。「王朝」系列
+將領先的科技與國潮文化完美融合,打造國潮、智
+能的新能源汽車,旗下擁有「漢」、「唐」、「宋」、「秦」
+和「元」五大家族式產品。「漢」作為中國自主品牌高
+端化的旗幟之一,自上市以來持續熱銷,熱度不
+減。期內,「漢」家族全面換新,「漢EV冠軍版」、「漢
+DM-i冠軍版」和「漢DM-p戰神版」正式上市,產品力
+全面提升,顛覆主流B級轎車市場。「唐」家族作為本
+集團中大型旗艦SUV系列產品,「唐EV冠軍版」、「唐
+DM-i冠軍版」和「唐DM-p冠軍版/戰神版」的推出,
+進一步加強「唐」家族的產品競爭力。「宋」家族中,
+「宋PLUS冠軍版」和「宋Pro冠軍版」於年內煥新推出,
+上市即熱銷,B級先鋒獵裝SUV「宋L」亦於年底正式
+上市,「e平台3.0」、「CTB」和「雲輦-C」三大核心技術
+賦能,助力「宋」家族以強大的產品力持續領跑SUV
+市場。「秦」家族中,「秦PLUS冠軍版」作為本年度首
+個迭代車型,上市即引爆市場,並成功打破合資壟
+斷,成為十三年來首次斬獲年度家轎冠軍的中國品
+牌車型。「元」家族中,作為搭載「e平台3.0」的首款A
+級潮跑SUV,「元PLUS冠軍版」煥新推出,持續領跑
+A級純電市場。
+The "Ocean" series adopts the design concept of
+ocean aesthetics, with a product position aimed
+at younger generations, to further satisfy the
+diversified needs of consumers. The pure electric
+vehicle product "Dolphin" continued to take the
+lead, claiming the champion of A0-class vehicle
+sales for two consecutive years and setting a new
+record of annual AO-class vehicle sales. Launched
+officially in April, “Sea Gull" witnessed rising sales
+all the way along to the championship of annual
+A00-class vehicle sales. "Destroyer 05 Champion
+Edition”, also launched in April, better met the
+diverse needs of users for cars, and received both
+good sales and reputation in the A+ class sedan
+market. On top of the pure electric sports activity
+coupé "Seal Champion Edition" launched in May
+with a renewed design, "Seal DM-i" was available in
+the market in September, offering more alternatives
+to consumers and consolidating the leading
+position in the midsize sedan market.
+「海洋」系列採用海洋美學的設計理念,以更年輕的
+產品定位,進一步滿足客戶多元化消費需求。純電
+新物種[海豚」銷量持續領跑,連續兩年獲得A0級汽
+車年銷冠軍,同時創造了AO級汽車年度銷量新紀
+錄。「海鷗」於四月正式上市,銷量勢頭一路高漲,
+榮獲A00級汽車年銷冠軍。「驅逐艦05冠軍版」亦於四
+月上市,持續滿足用戶多樣���的用車需求,在A+級
+轎車市場中實現銷量口碑齊頭並進。純電運動轎跑
+「海豹冠軍版」於五月煥新上市,「海豹DM-i」亦於九
+月正式上市,進一步豐富消費者的選擇,持續引領
+中型轎車市場。
+比亚迪超级体验日 雪境驰骋 绿色出行
+KIDS
+Management Discussion and Analysis
+比亞迪股份有限公司
+BYD Company Limited
+管理層討論與分析
+(382,795)
+X.
+Notes to Financial Statements
+財務報表附註
+293
+Annual Report 2023
+二零二三年年報
+translation of foreign operations
+不包括留存收益和外幣報表折算差額
+Excluding retained income and exchange differences on
+(382,795)
+(5%)
+(1,108,938)
+RMB strengthens against USD
+382,795
+382,795
+5%
+人民幣對美元貶值
+RMB weakens against USD
+二零二二年十二月三十一日
+31 December 2022
+RISKS ASSOCIATED WITH FINANCIAL
+(1,108,938)
+人民幣對美元升值
+十、 與金融工具相關的風險(續)
+權益工具投資價格風險,是指權益性投資的
+公允價值因股票指數水平和個別證券價值、
+股權價值的變化而降低的風險。於二零二三
+年十二月三十一日,本集團暴露於因分類為
+以公允價值計量且其變動計入其他綜合收益
+的權益工具投資和以公允價值計量且其變動
+計入當期損益的權益工具投資的個別權益工
+具投資而產生的權益工具投資價格風險之
+下。本集團通過持有不同風險的投資組合來
+管理風險。
+RMB'000
+人民幣千元
+(decrease)
+in other
+Increase/
+(decrease)
+of equity
+amounts
+Increase/
+(decrease)
+Increase/
+Carrying
+金融資產
+Financial assets
+INSTRUMENTS (CONTINUED)
+二零二三年十二月三十一日
+31 December 2023
+The following table demonstrates the sensitivity of the Group's net
+profit or loss and other comprehensive income net of tax to every
+5% change (based on the carrying amounts at the balance sheet
+date) in the fair values of other equity instrument investments
+under the assumption that all other variables remain unchanged.
+(5%)
+權益工具投資價格風險
+市場風險(續)
+3. 金融工具風險(續)
+Price risk of equity instrument investments is the risk that the fair
+values of equity investments decrease as a result of changes
+in the levels of share indexes, the value of individual securities
+and the equity value. As at 31 December 2023, the Group
+was exposed to the price risk of equity instrument investments
+arising from the individual equity instrument investment classified
+as equity instrument investment at fair value through other
+comprehensive income and equity instrument investment at fair
+value through profit or loss. The Group manages this exposure by
+maintaining a portfolio of investments with different risks.
+Price risk of equity instrument investments
+Market risk (continued)
+Risks of financial instruments (continued)
+3.
+下表說明了,在所有其他變量保持不變的假
+設下,本集團的淨損益和其他綜合收益的稅
+後淨額對其他權益工具投資的公允價值的每
+5%的變動(以資產負債表日的賬面價值為基
+礎)的敏感性。
+人民幣對美元升值
+RMB'000
+1,108,938
+in other
+(decrease) in
+Increase/
+Increase/ comprehensive
+total
+(decrease) in
+(decrease)
+income net
+shareholders'
+basis points
+Increase/
+in total profit
+equity*
+基點的
+增加/(減少)
+利潤總額的
+增加/減少)
+RMB'000
+人民幣千元
+其他綜合收益
+的稅後淨額
+增加/減少)
+RMB'000
+人民幣千元
+股東權益合計
+增加/減少)*
+RMB'000
+人民幣千元
+Hedge
+31 December 2023
+二零二三年十二月三十一日
+RMB weakens against USD
+of tax
+(decrease)
+Increase/
+下表為匯率風險的敏感性分析,反映了在其
+他變量不變的假設下,人民幣對美元在合理
+的範圍內波動時,將對淨利潤(由於貨幣性資
+產和貨幣性負債的公允價值變化)和股東權益
+產生的影響。
+1,108,938
+5%
+人民幣對美元貶值
+BYD Company Limited
+292
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+人民幣千元
+X.
+RISKS ASSOCIATED WITH FINANCIAL
+十、 與金融工具相關的風險(續)
+INSTRUMENTS (CONTINUED)
+3.
+Risks of financial instruments (continued)
+Market risk
+Exchange rate risk
+The Group is exposed to trading exchange rate risks. Such
+exposures arise from sales or purchases by operating units in
+currencies other than the units' bookkeeping base currency.
+The Group adopts foreign exchange forward contracts to reduce
+its exchange rate risk exposure.
+The following table is the sensitivity analysis of exchange rate risk,
+reflecting the impact on net profit (due to changes in the fair value
+of monetary assets and liabilities) and shareholders' equity when
+RMB fluctuates against USD within a reasonable range under the
+assumption that other variables remain unchanged.
+3. 金融工具風險(續)
+匯率風險
+本集團面臨交易性的匯率風險。此類風險由
+於經營單位以其記賬本位幣以外的貨���進行
+的銷售或採購所致。
+本集團採用外匯遠期合同減少匯率風險敞
+口。
+RMB strengthens against USD
+市場風險
+(loss)/gain
+recognized
+Line item in the
+Total
+6個月內
+6至12個月
+1年以後
+8,746
+不適用
+Revenue from
+principal
+operations
+主營業務收入
+BYD Company Limited
+300
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+X. RISKS ASSOCIATED WITH FINANCIAL
+十、
+與金融工具相關的風險(續)
+INSTRUMENTS (CONTINUED)
+6.
+Transfers of financial assets
+6.
+金融資產轉移
+The transferred financial assets that have been derecognised as a
+whole but continue to be involved
+In 2023, the Group carried out several discounting operations
+for notes receivable with multiple banks and endorsed and
+transferred certain bank acceptance bills to other parties to settle
+equivalent amounts of payables. The Group believes that the
+relevant notes receivable has transferred almost all of their risks
+and rewards upon discounting or endorsement, meeting the
+conditions for the derecognition of financial assets. Therefore,
+on the discounting or endorsement date, the relevant notes
+receivable was fully derecognised at their carrying amount.
+In 2023, the carrying amount of notes receivable transferred
+through discounting and endorsement by the Group was
+RMB283,634,593,000. As of 31 December 2023, the notes
+receivable that was derecognised but not yet fall due as the
+discounting and endorsement amounted to RMB91,841,294,000.
+As at 31 December 2023, there were no financial assets
+derecognised with the continuous involvement status.
+After 1 year
+months
+6 months
+6 to 12
+包含已確認的
+套期無效部分的
+利潤表列示項目
+從現金流量套期
+儲備重分類至
+當期損益的金額
+包含重分類
+調整的利潤表
+列示項目
+Exchange rate risk - USD forward
+exchange contract
+匯率風險-美元遠期外匯合約
+(8,746)
+N/A
+財務報表附註
+RMB'000
+人民幣千元
+已整體終止確認但繼續涉入的已轉移金融資
+產
+X. RISKS ASSOCIATED WITH FINANCIAL
+INSTRUMENTS (CONTINUED)
+5.
+Hedge (continued)
+5.
+套期(續)
+Cash flow hedge (continued)
+現金流量套期(續)
+The time distribution and average exchange rate of the nominal
+amounts of the hedging instruments are as follows:
+套期工具的名義金額的時間分佈以及平均匯
+率如下:
+2023
+二零二三年
+Within
+十、 與金融工具相關的風險(續)
+計入當期損益的
+套期無效部分
+於二零二三年度,本集團於多家銀行操作若
+干應收票據貼現業務,並將若干銀行承兌匯
+票背書轉移給其他方以支付同等金額的應付
+款項,本集團認為相關應收票據於貼現或背
+書時已經轉移了其幾乎所有的風險與報酬,
+符合金融資產終止確認條件,因此於貼現日
+或背書日按照賬面價值全部終止確認相關應
+收票據。二零二三年度,本集團通過貼現
+和背書轉移的應收票據賬面價值為人民幣
+283,634,593千元。於二零二三年十二月三十
+一日,因票據貼現和背書而終止確認但尚未
+到期的應收票據為人民幣91,841,294千元。
+XI.
+其他權益工具投資
+1,014,460
+1,297,415
+3,015,408
+5,327,283
+Other non-current financial assets
+Receivables financing
+其他非流動金融資產
+應收款項融資
+1,225,113
+1,471,261
+2,696,374
+5,564,924
+合計
+Nominal amount of USD forward
+exchange contracts
+美元遠期合同名義金額
+165,109
+Average exchange rate of RMB to USD 人民幣兌美元的平均匯率
+7.09
+- 165,109
+7.09
+The changes in carrying amount and fair value of hedging
+instruments are as follows:
+套期工具的賬面價值以及公允價值變動如
+下:
+2023
+二零二三年
+Exchange rate risk - USD forward exchange contracts
+匯率風險-美元遠期外匯合約
+Exchange rate risk - EUR forward exchange contracts
+Other equity instrument investments
+9,562,550
+9,562,550
+交易性金融資產
+DISCLOSURE OF FAIR VALUE
+1.
+Assets and liabilities measured at fair value
+31 December 2023
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+十一、公允價值的披露
+1. 以公允價值計量的資產和負債
+二零二三年十二月三十一日
+Fair value measurement using
+公允價值計量使用的輸入值
+Quoted
+prices
+於二零二三年十二月三十一日,無繼續涉入
+的轉移金融資產。
+Significant Significant
+人民幣千元
+markets
+活躍
+市場報價
+Level 1
+第一層次
+inputs
+inputs
+重要可觀察 重要不可觀察
+輸入值
+輸入值
+Level 2
+Level 3
+Total
+第二層次
+第三層次
+合計
+Financial assets held for trading
+in active observable unobservable
+匯率風險 - 歐元遠期外匯合約
+profit or loss
+profit or loss
+X.
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+165,697/(165,697) 165,697/(165,697)
+4,418,584
+權益工具投資
+Equity instrument investments
+增加/(减少)
+合計
+股東權益
+其他綜合收益
+的稅後淨額
+增加/(减少)
+淨損益
+增加/(减少)
+equity
+of tax
+or loss
+investments
+權益工具
+投資
+賬面價值
+金融資產
+Financial assets
+shareholders'
+income net
+in net profit
+instrument
+in total
+comprehensive
+(decrease)
+of equity
+RISKS ASSOCIATED WITH FINANCIAL
+INSTRUMENTS (CONTINUED)
+十、 與金融工具相關的風險(續)
+4.
+Capital management
+BYD Company Limited
+295
+本集團將外匯遠期合同指定為以美元、歐
+元、日元計價結算的未來銷售和採購的套期
+工具,本集團對這些未來銷售和採購有確定
+承諾。這些外匯遠期合同的餘額隨預期外幣
+銷售和採購的規模以及遠期匯率的變動而變
+化。外匯遠期合同的關鍵條款已進行商議從
+而與所作承諾的條款相匹配,並無現金流量
+套期無效部分。財務報表中,將套期工具利
+得或損失中屬於套期有效的部分,直接確認
+為其他綜合收益。
+Forward exchange contracts are designated by the Group as
+hedging instruments in respect of future sales and purchases
+denominated and settled in USD, EUR and JPY, and the Group
+has firm commitments to these future sales and purchases.
+The balances of the forward exchange contract vary with the
+scales of expected foreign currency sales and purchases and
+the changes in forward exchange rates. The key terms of the
+forward exchange contracts have been negotiated to match the
+terms of the commitments made, with no ineffective portions of
+cash flow hedges. In the financial statements, the portion of the
+gains or losses arising from the hedge that is effective is directly
+recognised in other comprehensive income.
+(26%)
+(44%)
+二零二二年
+二零二三年
+2022
+2023
+現金流量套期
+套期
+5.
+(decrease)
+資本負債率
+Hedge
+5.
+Gearing ratio
+本集團採用槓桿比率來管理資本,槓桿比率
+是指淨負債和淨資本的比率。本集團的政策
+為使該槓桿比率保持在盡量低的水平。淨負
+債包括債務資本減去貨幣資金的淨值,債務
+資本包括短期借款、一年内到期的非流動負
+債、長期借款、應付債券和租賃負債,淨資
+產為歸屬於母公司股東權益。本集團於資產
+負債表日的槓桿比率如下:
+本集團根據經濟形勢以及相關資產的風險特
+徵的變化管理資本結構並對其進行調整。為
+維持或調整資本結構,本集團可以調整對股
+東的利潤分配、向股東歸還資本或發行新
+股。本集團不受外部強制性資本要求約束。
+二零二三年度和二零二二年度,資本管理目
+標、政策或程序未發生變化。
+本集團資本管理的主要目標是確保本集團持
+續經營的能力,並保持健康的資本比率,以
+支持業務發展並使股東價值最大化。
+The Group manages its capital using a gearing ratio, which is the
+ratio of net debt to net capital. The Group's policy is to maintain
+the gearing ratio as low as possible. Net debt includes debt
+capital less the net value of monetary funds. Debt capital includes
+short-term borrowings, non-current liabilities due within one year,
+long-term borrowings, bond payables and lease liabilities. Net
+capital represents shareholders' equity attributable to the parent
+company. The Group's gearing ratio as at the balance sheet date
+was as follows:
+The Group manages its capital structure and makes adjustments
+to it in the light of changes in economic conditions and in
+the risk profiles of relevant assets. To maintain or adjust the
+capital structure, the Group may adjust the dividend payment
+to shareholders, return capital to shareholders or issue new
+shares. The Group is not subject to any externally imposed
+capital requirements. In 2023 and 2022, there were no changes
+in the objectives, policies or processes of the Group's capital
+management.
+The primary objectives of the Group's capital management are to
+safeguard the Group's ability to continue as a going concern and
+to maintain a healthy capital ratio in order to support its business
+development and maximise shareholders' value.
+人民幣千元
+RMB'000
+資本管理
+4.
+Cash flow hedge
+or loss
+in other
+amounts
+equity
+其他綜合收益
+權益工具
+of tax
+or loss
+investments
+shareholders'
+in total
+income net
+comprehensive
+in net profit
+instrument
+in other
+ineffectiveness
+Notes to Financial Statements
+comprehensive
+recognised in
+statement of
+Amount
+reclassified
+from other
+comprehensive
+income to profit
+Line item in the
+statement of
+income
+計入其他綜合
+收益的套期
+工具的公允
+價值變動
+profit or loss
+股東權益
+投資
+賬面價值
+淨損益
+增加/減少)
+的稅後淨額
+增加/減少)
+Increase/
+(decrease)
+Carrying
+Increase/
+權益工具投資價格風險(續)
+二零二二年十二月三十一日
+市場風險(續)
+31 December 2022
+Price risk of equity instrument investments (continued)
+Market risk (continued)
+金融工具風險(續)
+3.
+Risks of financial instruments (continued)
+3.
+Increase/
+十、 與金融工具相關的風險(續)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+294
+BYD Company Limited
+199,773/(199,773) 199,773/(199,773)
+5,327,283
+權益工具投資
+Equity instrument investments
+增加/(減少)
+合計
+X. RISKS ASSOCIATED WITH FINANCIAL
+INSTRUMENTS (CONTINUED)
+296
+Exchange rate risk - JPY forward exchange contracts
+Nominal
+Cash flow hedge (continued)
+現金流量套期(續)
+The effects of the cash flow hedge on the statement of profit or
+loss and the statement of other comprehensive income are as
+follows:
+套期工具公允價值變動在當期損益及其他綜
+合收益列示如下:
+2023
+Exchange rate risk - USD forward
+exchange contracts
+匯率風險-美元遠期外匯合約
+二零二三年
+Total hedging
+(loss)/gain
+recognized
+Amount
+套期(續)
+in other
+comprehensive
+recognised in
+income
+profit or loss
+Line item in the
+profit or loss
+statement of
+reclassified
+from other
+comprehensive
+income to profit
+Line item in the
+Hedge
+ineffectiveness
+statement of
+5.
+5.
+279
+不適用
+N/A
+匯率風險-日元遠期外匯合約
+不適用
+Fixed assets
+(8,714)
+固定資產
+(35,363)
+Exchange rate risk Expected sales
+of US dollars which is very likely to
+happen
+Hedge (continued)
+匯率風險-極有可能發生的
+銀行存款
+預測美元銷售
+BYD Company Limited
+298
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+X. RISKS ASSOCIATED WITH FINANCIAL
+十、 與金融工具相關的風險(續)
+INSTRUMENTS (CONTINUED)
+Bank deposit
+(3,251)
+or loss
+計入其他綜合
+N/A
+N/A
+不適用
+不適用
+不適用
+匯率風險-日元遠期外匯合約
+Annual Report 2023
+二零二三年年報
+299
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+X.
+N/A
+RISKS ASSOCIATED WITH FINANCIAL
+INSTRUMENTS (CONTINUED)
+5.
+Hedge (continued)
+5.
+套期(續)
+Cash flow hedge (continued)
+The effects of the cash flow hedge on the statement of profit or
+loss and the statement of other comprehensive income are as
+follows: (continued)
+2022
+現金流量套期(續)
+套期工具公允價值變動在當期損益及其他綜
+合收益列示如下:(續)
+二零二二年
+Total hedging
+十、 與金融工具相關的風險(續)
+profit or loss
+(8,714)
+主營業務收入
+收益的套期
+工具的公允
+價值變動
+計入當期損益的
+套期無效部分
+包含已確認的
+套期無效部分的
+利潤表列示項目
+從現金流量套期
+儲備重分類至
+當期損益的金額
+包含重分類
+調整的利潤表
+列示項目
+(38,614)
+N/A
+38,893
+不適用
+Revenue from
+principal
+Exchange rate risk - JPY forward
+exchange contracts
+Exchange rate risk - EUR forward
+exchange contracts
+N/A
+32,786
+不適用
+匯率風險-歐元遠期外匯合約
+operations and
+finance
+expenses
+主營業務收入、
+財務費用
+Revenue from
+principal
+operations
+(32,786)
+N/A
+(32,786)
+資產
+N/A
+(32,786)
+不適用
+N/A
+不適用
+(8,714)
+Annual Report 2023
+二零二三年年報
+297
+Notes to Financial Statements
+財務報表附註
+X.
+RISKS ASSOCIATED WITH FINANCIAL
+INSTRUMENTS (CONTINUED)
+交易性金融資產
+十、
+5.
+Hedge (continued)
+5.
+套期(續)
+Cash flow hedge (continued)
+現金流量套期(續)
+The carrying amount of hedged items and related adjustments
+are as follows:
+2023
+負債
+expected transactions
+匯率風險-美元結算的預期交易
+Exchange rate risk- EUR-settled
+與金融工具相關的風險(續)
+expected transactions
+held for trading
+Financial assets
+amount of
+hedging
+instruments
+Carrying amount of
+hedging instruments
+Line items on
+the balance
+sheet that
+contain hedging
+instruments
+Changes in fair
+value of hedging
+instruments
+used as a basis
+(38,614)
+for recognising
+5,564,924
+portion of
+hedging for
+the year
+套期工具的
+名義金額
+套期工具的賬面價值
+Assets
+包含套期工具的
+資產負債表列示項目
+本年用作確認
+套期無效部分
+基礎的套期工具
+公允價值變動
+資產
+Liabilities
+負債
+165,109
+279
+the ineffective
+匯率風險-歐元結算的預期交易
+Exchange rate risk - USD-settled
+fixed assets
+301
+hedging instruments
+of hedged items)
+Exchange rate risk - Acquisition of
+sheet that
+portion of
+hedging for
+the year
+Cash flow
+hedging
+reserves
+包含
+7,713
+被套期項目公允價值
+套期調整的累計金額
+本年用作確認
+套期無效部分
+基礎的
+資產負債表
+套期工具的賬面價值
+Assets
+Liabilities
+Assets
+(計入被套期項目的賬面價值)
+Liabilities
+列示項目
+被套期項目
+公允價值變動
+現金流量
+套期儲備
+資產
+負債
+被套期項目的
+7,713
+hedged items
+Total
+匯率風險-固定資產採購
+RMB'000
+人民幣千元
+被套期項目的賬面價值以及相關調整如下:
+二零二三年
+Changes in
+fair value of
+hedged items
+合計
+Cumulative amount of
+adjustments to fair value
+Line items on
+for recognising
+the balance
+the ineffective
+used as a basis
+Nominal amount of
+hedge of hedged items
+7,713
+交易性金融負債
+Financial liabilities held for trading
+23,151,131
+4,486,669
+7,713
+1,014,460
+17,650,002
+(included in carrying amount
+比亞迪股份有限公司
+Total
+合計
+contain
+Unobservable inputs
+不可觀察輸入值
+估值技術
+at the end of
+the year
+年末公允價值
+Fair value
+其他權益工具投資
+Other equity instrument investments
+二零二三年十二月三十一日
+如下為主要的第三層次公允價值計量的重要
+不可觀察輸入值概述:
+對於限售股票、非上市的權益工具投資,利
+用近期交易法或者採用估值技術來確定其公
+允價值,估值技術包括市場乘數法、期權定
+價模型等。其公允價值的計量採用了重要的
+不可觀察參數,比如企業價值/收入(「EV/
+Revenue」)比率、流動性折扣、波動率、投
+資標的淨值等。持續第三層次公允價值計量
+的金融工具對這些不可觀察輸入值的合理變
+動無重大敏感性。本集團相信,以估值技術
+估計的公允價值及其變動,是合理的,並且
+亦是於資產負債表日最合適的價值。
+Valuation technique
+Annual Report 2023
+二零二三年年報
+or loss
+綜合收益
+年末
+餘額
+的當期未實現
+利得或損失
+的變動
+Other equity instrument
+其他權益工具
+investments
+投資
+803,387
+257,797
+(33,257)
+679,603
+119,595
+1,827,125
+Other non-current financial
+第三層次公允價值計量(續)
+其他非流動
+assets
+3,065,971
+1,100,385
+679.603
+23,269
+(33,257)
+297,797
+計入損益
+998,174
+1,238,846
+980,790
+23.269
+40,000
+194,787
+金融資產
+23,269
+23.269
+轉出第三層次
+計入其他
+十一、公允價值的披露(續)
+5.
+The adjustment information of continuous fair value
+measurement in Level 3 (continued)
+5.
+持續第三層次公允價值計量的調節信息
+(續)
+2022
+二零二二年
+Total gains or losses
+當期利得或損失總額
+Changes in
+Through
+Through
+other
+Transfer to
+Transfer out
+profit
+comprehensive
+年初
+資產計入損益
+年末持有的
+or loss
+through profit
+of the year
+餘額 轉入第三層次
+gains or losses
+of assets held
+at the end
+Purchases Closing balance
+income
+or loss
+of level 3
+Level 3
+Opening balance
+unrealised
+DISCLOSURE OF FAIR VALUE (CONTINUED)
+XI.
+Through
+與本企業關係
+Relationship with the Group
+名稱
+Name
+1. 存在控制關係的關聯方
+Related parties with controlling relationship
+1.
+十二、關聯方關係及其交易
+RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS
+XII.
+二零二三年度,本集團未發生變更估值技術
+的情況。
+There is no change of valuation techniques by the Group in 2023.
+估值技術變更
+7.
+The change of valuation techniques
+7.
+二零二二年度,本集團持有的其他權益工具
+投資因限售期解除,存在活躍市場報價,其
+公允價值從第三層次轉入第一層次,轉移金
+額為人民幣33,257千元。本集團部分金融工
+具因無法獲取可觀察輸入值而採用第三層次
+估值技術予以估值,並將其公允價值從第二
+層次轉移到第三層次,轉移金額為人民幣
+297,797千元。除此之外,二零二二年度本
+集團金融工具的公允價值層次之間無其他重
+大轉移。
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+DISCLOSURE OF FAIR VALUE (CONTINUED)
+Transfers among continuous fair value hierarchies
+Number of
+In 2023, the other equity instrument investment held by the Group
+had quotations in an active market due to the release of lock-
+up period, and its fair value was transferred from Level 3 to Level
+1, with a transfer amount of RMB24,670,000. Certain financial
+instruments of the Group were valued using Level 3 valuation
+techniques as there were no observable inputs available, and
+their fair values were transferred from Level 2 to Level 3, with a
+transfer amount of RMB1,343,965,000. In addition, there were no
+In 2022, the other equity instrument investment held by the Group
+had quotations in an active market due to the release of lock-
+up period, and its fair value was transferred from Level 3 to Level
+1, with a transfer amount of RMB33,257,000. Certain financial
+instruments of the Group were valued using Level 3 valuation
+techniques as there were no observable inputs available, and
+their fair values were transferred from Level 2 to Level 3, with a
+transfer amount of RMB297,797,000. In addition, there were no
+other significant transfers among fair value hierarchies of financial
+instruments of the Group in 2022.
+十一、公允價值的披露(續)
+6.
+持續公允價值計量的層次轉換
+二零二三年度,本集團持有的其他權益工具
+投資因限售期解除,存在活躍市場報價,其
+公允價值從第三層次轉入第一層次,轉移金
+額為人民幣24,670千元。本集團部分金融
+工具因無法獲取可觀察輸入值而採用第三層
+次估值技術予以估值,並將其公允價值從第
+二層次轉移到第三層次,轉移金額為人民幣
+1,343,965千元。除此之外,二零二三年度
+本集團金融工具的公允價值層次之間無其他
+重大轉移。
+other significant transfers among fair value hierarchies of financial
+instruments of the Group in 2023.
+Through
+shares in
+shareholdings
+other
+Opening balance
+Transfer to Transfer out
+Level 3
+of level 3
+profit or comprehensive
+loss
+income
+Changes in
+unrealised
+gains or losses
+of assets held
+at the end
+of the year
+308
+BYD Company Limited
+307
+王傳福先生持股總數及持股比例中均包
+括持有的1,000,000股H股股份,也包括
+王傳福先生通過易方達資產比亞迪增持
+1號資產管理計劃持有的3,727,700股A
+股股份。
+Chuan-fu in No.1 Assets Management Plan through E
+Fund BYD.
+Percentage of
+voting rights
+the Company
+佔本公司股份
+持股比例
+表決權比例
+Wang Chuan-fu
+Percentage of
+王傳福
+518,351,550
+17.81%
+17.81%
+Note:
+The total number and proportion of shares held by Mr.
+Wang Chuan-fu include 1,000,000 H shares held by him,
+as well as the 3,727,700 A shares held by Mr. Wang
+註:
+The largest shareholder and chairman of the Company
+公司第一大股東、董事長
+6.
+XI.
+RMB'000
+平均企業價值/淨利潤比率
+Volatility of underlying
+asset price
+標的資產價格的波動率
+Volatility of underlying
+asset price
+標的資產價格的波動率
+Net value of underlying
+investment
+27.60%-47.83%
+10.31%
+RMB64,453,000 to
+RMB35,884,267,000
+人民幣64,453千元-
+人民幣35,884,267千元
+Other equity instrument investments
+1,333,268 Option pricing model
+其他權益工具投資
+期權定價模型
+Other non-current financial assets
+XI.
+RMB'000
+人民幣千元
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+投資標的的淨值
+51.72
+Investment underlying
+net value method
+投資標的淨值法
+1,372,045
+Other non-current financial assets
+期權定價模型
+其他非流動金融資產
+Option pricing model
+99,216
+其他非流動金融資產
+ㄈㄨˊ
+Average EV/ Net profit
+margin
+1.15-18.49
+年末持有的
+資產計入損益
+的當期未實現
+計入其他
+年初餘額 轉入第三層次轉出第三層次
+計入損益
+綜合收益
+購買 年末餘額
+利得或損失
+的變動
+Other equity instrument
+其他權益工具
+investments
+投資
+1,827,125
+1,229,687
+(24,670)
+(66,736)
+Average EV/Revenue ratio
+平均企業價值/收入比率
+Average EV/EBITDA ratio
+平均企業價值/息税折舊前
+利潤比率
+Market approach
+市場法
+1,682,140
+範圍區間(加權平均值)
+average value)
+Range (the weighted
+2.22-21.67
+(100,458)
+1,238,846
+金融資產
+其他非流動
+Other non-current financial
+assets
+3,015,408
+50,002
+114,278
+人民幣千元
+DISCLOSURE OF FAIR VALUE (CONTINUED)
+4.
+1,238,846
+Investment underlying net
+value method
+投資標的淨值法
+投資標的的淨值
+5.
+The adjustment information of continuous fair value
+measurement in Level 3
+5.
+持續第三層次公允價值計量的調節信息
+Below is the adjustment information of continuous fair value
+measurement in Level 3:
+持續的第三層次公允價值計量的調節信息如
+下:
+2023
+二零二三年
+Total gains or losses
+當期利得或損失總額
+218,595
+1,471,261
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+306
+BYD Company Limited
+305
+Other non-current financial assets
+其他非流動金融資產
+4,486,669 (100,458)
+(66,736)
+(100,458)
+(24,670)
+1,343,965
+3,065,971
+(100,458)
+268,597
+十一、公允價值的披露(續)
+Option pricing model
+期權定價模型
+413,268
+The fair value measurement in Level 3 (continued)
+31 December 2022
+4.
+第三層次公允價值計量(續)
+二零二二年十二月三十一日
+Other equity instrument investments
+其他權益工具投資
+Fair value
+at the end of
+the year
+Valuation technique
+Unobservable inputs
+年末公允價值
+估值技術
+不可觀察輸入值
+1,413,857
+Market approach
+市場法
+Range (the weighted average
+value)
+Average EV/Revenue ratio
+平均企業價值/收入比率
+Average EV/EBITDA ratio
+平均企業價值/息税折舊前
+利潤比率
+Other equity instrument investments
+RMB519,451,000 top
+RMB34,115,279,000
+人民幣519,451千元-
+人民幣34,115,279千元
+35.47%-60.27%
+4.3
+23.14
+標的資產價格的波動率
+Net value of underlying
+investment
+其他權益工具投資
+Volatility of underlying asset
+price
+P/B ratio
+市盈率
+P/E ratio
+15.88-18.46
+0.75-1.6
+範圍區間(加權平均值)
+市淨率
+4.
+合計
+31 December 2023
+聯營企業
+Associate
+聯營企業
+Associate
+合營企業
+Joint venture
+RMB'000
+人民幣千元
+深圳市尚水智能股份有限公司
+廣東中貝能源科技有限公司
+Guangdong CHNBEL Energy Technology Co., Ltd.
+合營企業
+Joint venture
+聯營企業
+Associate
+Shangshui Smartech Ltd.
+合營企業
+309
+310
+Relationship with related parties
+3. 合營企業和聯營企業(續)
+十二、關聯方關係及其交易(續)
+公司名稱
+Company's name
+Joint ventures and associates (continued)
+BYD Company Limited
+3.
+XII. RELATED PARTIES AND RELATED PARTY
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+TRANSACTIONS (CONTINUED)
+Joint venture
+合營企業
+Joint venture
+Company's name
+Joint ventures and associates (continued)
+3.
+TRANSACTIONS (CONTINUED)
+十二、關聯方關係及其交易(續)
+XII. RELATED PARTIES AND RELATED PARTY
+公司名稱
+Notes to Financial Statements
+財務報表附註
+合營企業
+Joint venture
+合營企業
+Joint venture
+Joint venture
+合營企業
+合營企業
+Annual Report 2023
+二零二三年年報
+3. 合營企業和聯營企業(續)
+Relationship with related parties
+關聯方關係
+聯營企業
+Associate
+聯營企業
+Associate
+LA SkyRail Express Holding LLC
+深圳市迪派智行科技有限公司
+Shenzhen Dipai Zhixing Technology Co., Ltd.
+Shenzhen Micro Grid Digital Battery Technology Co., Ltd.
+深圳市微網數電科技有限公司
+比亞迪豐田電動車科技有限公司
+BYD TOYOTA EV Technology Co., Ltd.
+Meihao Travel (Hangzhou) Automotive Technology Co., Ltd.
+美好出行(杭州)汽車科技有限公司
+天津宏迪融資租賃有限公司
+Tianjin Hongdi Financial Lease Co., Ltd.
+銀川雲軌運營有限公司
+Yinchuan Sky Rail Operation Co., Ltd.
+關聯方關係
+Joint venture
+BYD UZBEKISTAN FACTORY LLC
+天津三英精密儀器股份有限公司
+Shenzhen Energy Sales & Service Co., Ltd.
+Sichuan Road & Bridge Group Co., Ltd.
+四川路橋建設集團股份有限公司
+成都融捷鋰業科技有限公司
+Chengdu Youngy Lithium Technology
+Co., Ltd.
+四川長和華鋰科技有限公司
+Sichuan Changhe Huali Technology
+Co., Ltd.
+深電能科技集團有限公司
+Onyx International Inc. Co., Ltd.
+廣州文石信息科技有限公司
+through profit
+UBTECH ROBOTICS CORP LTD
+深圳市優必選科技股份有限公司
+RMB'000
+人民幣千元
+關聯方關係
+Relationship with related parties
+其他關聯方
+Youngy Investment Holding Group Co., Ltd.
+融捷投資控股集團有限公司
+4.
+Youngy Co., Ltd.
+Dongguan Tec-Rich Engineering Co., Ltd.
+該公司是本公司一名非執行董事間接控制的公司
+This company is indirectly controlled by a non-executive director of the
+Company
+A non-executive director of the Company is a director of this company
+本公司一名非執行董事為該公司董事
+過去十二個月內,本公司一名高管管理人員為該公司董事
+A senior management of the Company was a director of this company in
+the past 12 months
+A senior management of the Company is a director of this company
+本公司一名高級管理人員為該公司董事
+融捷股份有限公司
+該公司是本公司一名非執行董事間接控制的公司
+該公司是本公司一名非執行董事間接控制的公司
+This company is indirectly controlled by a non-executive director of the
+Company
+A non-executive director of the Company is a director of this company
+本公司一名非執行董事為該公司董事
+A non-executive director of the Company is a director of this company
+本公司一名非執行董事為該公司董事
+A non-executive director of the Company is a director of this company
+本公司一名非執行董事為該公司董事
+東莞市德瑞精密設備有限公司
+This company is indirectly controlled by a non-executive director of the
+Company
+十二、關聯方關係及其交易(續)
+公司名稱
+Company's name
+聯營企業
+Associate
+合營企業
+Joint venture
+河北海偉電子新材料科技股份有限公司
+Hebei Haiwei Electronic New Material Technology Co., Ltd.
+Associate
+深圳華大北斗科技股份有限公司
+廈門微亞智能科技股份有限公司
+Xiamen VIA Intelligent Technology Co., Ltd.
+佛山市格瑞芬新能源有限公司
+Foshan Greifen New Energy Co., Ltd.
+Shan Mei Ling Qiu Bi Xing Industry Development Co., Ltd.
+山煤靈丘比星實業開發有限公司
+Advanced Materials Technology & Engineering, Inc.
+無錫邑文微電子科技股份有限公司
+Allystar Technology (Shenzhen) Co., Ltd.
+聯營企業
+Associate
+聯營企業
+Associate
+Other related parties
+4.
+TRANSACTIONS (CONTINUED)
+XII. RELATED PARTIES AND RELATED PARTY
+財務報表附註
+Notes to Financial Statements
+311
+Annual Report 2023
+二零二三年年報
+聯營企業
+Associate
+聯營企業
+Associate
+聯營企業
+Associate
+聯營企業
+Tianjin Sanying Precision Instruments Co., Ltd.
+合營企業
+Joint venture
+聯營企業
+36,322,051
+3,065,971 40,300,195
+Financial liabilities held for trading
+交易性金融負債
+54,605
+54,605
+912,173
+Total
+54,605
+2.
+The fair value measurement in Level 1
+2.
+第一層次公允價值計量
+The fair values of listed equity instrument investments are based
+on quoted market prices.
+54,605
+上市的權益工具投資,以市場���價確定公允
+價值。
+合計
+2,147,140
+12,894,284
+20,626,930
+Other equity instrument investments
+其他權益工具投資
+912,173
+Other current assets
+其他流動資產
+Total
+Other non-current financial assets
+其他非流動金融資產
+應收款項融資
+1,679,286
+213,257
+908,294
+12,894,284
+1,827,125
+4,418,584
+213,257
+1,238,846
+Receivables financing
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+本集團的財務部負責制定金融工具公允價值
+計量的政策和程序,並直接向主管會計機構
+負責人。每個資產負債表日,財務部分析金
+融工具價值變動,確定估值適用的主要輸入
+值,並經主管會計機構負責人審核批准。
+303
+BYD Company Limited
+304
+比亞迪股份有限公司
+Notes to Financial Statements
+The Group's finance department is responsible for determining
+the policies and procedures for the fair value measurement of
+financial instruments and reports directly to the person in charge
+of accounting institution. At each balance sheet date, the finance
+department analyses the movements in the values of financial
+instruments and determines the major inputs applied in the
+valuation. The valuation is reviewed and approved by the person
+in charge of accounting institution.
+財務報表附註
+人民幣千元
+XI.
+4.
+DISCLOSURE OF FAIR VALUE (CONTINUED)
+The fair value measurement in Level 3 (continued)
+For investments in restricted shares and unlisted equity
+instruments, the Group adopts the recent transaction method
+or applies valuation techniques to determine their fair value,
+while valuation techniques include market multiplier method,
+option pricing models, etc. The measurement of fair value uses
+significant unobservable parameters, including enterprise value-
+to-revenue (“EV/Revenue") ratio, liquidity discount, volatility,
+investment underlying net value, etc. The financial instruments
+measured at the fair value in Level 3 on a recurring basis was
+not significantly sensitive to a reasonable change in these
+unobservable inputs. The Group believes that the estimated fair
+values resulting from the valuation technique and the related
+changes in fair values are reasonable, and they were the most
+appropriate values at the balance sheet date.
+Below is the summary of significant unobservable inputs for main
+fair value measurement in Level 3:
+RMB'000
+第三層次公允價值計量
+4.
+The fair value measurement in Level 3
+RMB'000
+XI.
+DISCLOSURE OF FAIR VALUE (CONTINUED)
+3.
+3.
+The fair value measurement in Level 2
+十一、公允價值的披露(續)
+3.
+第二層次公允價值計量
+人民幣千元
+The Group enters into derivative financial instruments contracts
+which are the foreign currency forward contracts with banks
+and adopts valuation techniques similar to forward pricing
+and present value methods for measurement. The model
+incorporates various market observable inputs including the
+credit quality of counterparties and foreign exchange spot and
+forward rates and yield curve. The carrying amounts of foreign
+currency forward contracts are the same as their fair values. As
+at 31 December 2023, the mark to market value of derivative
+financial assets is the net value after offsetting the credit valuation
+adjustment attributable to the default risk of derivative instrument
+counterparties. The change of counterparty credit risk has no
+significant impact on the evaluation of hedging effectiveness of
+designated derivatives in hedging relationship and other financial
+instruments measured at fair value.
+For the wealth management products at fair value through profit
+or loss and receivables financing, the Group will estimate their fair
+values by using a discounted cash flow valuation model based
+on the market interest rates of instruments with similar terms
+and risks. For the equity instruments at fair value, the Group will
+estimate their fair values based on a combination of market data
+and valuation models.
+本集團與銀行訂立了衍生金融工具合同,為
+外匯遠期合同,採用類似於遠期定價以及現
+值方法的估值技術進行計量。模型涵蓋了多
+個市場可觀察到的輸入值,包括交易對手的
+信用質量、即期和遠期匯率和利率曲線。外
+匯遠期合同的賬面價值與公允價值相同。於
+二零二三年十二月三十一日,衍生金融資產
+的盯市價值,是抵銷了歸屬於衍生工具交易
+對手違約風險的信用估值調整之後的淨值。
+交易對手信用風險的變化,對於套期關係中
+指定衍生工具的套期有效性的評價和其他以
+公允價值計量的金融工具,均無重大影響。
+以公允價值計量且其變動計入損益的理財產
+品、應收款項融資,本集團會利用條款及風
+險相類似的工具之市場利率按照貼現現金流
+量估值模型估算公允價值。以公允價值計量
+的權益工具,本集團以市場數據和估值模型
+相結合為基礎估算公允價值。
+4.
+20,626,930
+��易性金融資產
+Financial assets held for trading
+合計
+Except for the important joint ventures and associates disclosed
+合營企業和聯營企業
+3.
+Joint ventures and associates
+3.
+子公司詳見附註八、1。
+in Note VIII.2, other joint ventures and associates having
+Details of the subsidiaries are set out in Note VIII.1.
+2.
+Subsidiaries
+2.
+十二、關聯方關係及其交易(續)
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+人民幣千元
+子公司
+transactions with the Group are as follows:
+Company's name
+公司名稱
+Associate
+合營企業
+Joint venture
+北京華林特裝車有限公司
+Beijing Hualin Loading Co., Ltd.
+Xi'an Infrastructure Yadi Automobile Service Co., Ltd.
+西安城投亞迪汽車服務有限責任公司
+Guangzhou Guang Qi BYD New Energy Bus Co., Ltd.
+廣州廣汽比亞迪新能源客車有限公司
+杭州西湖比亞迪新能源汽車有限公司
+Hangzhou BYD Xihu New Energy Auto Co., Ltd.
+Shenzhen BYD International Financial Leasing Co., Ltd.
+深圳比亞迪國際融資租賃有限公司
+Shenzhen Shell BYD Electric Vehicle Investment Co., Ltd.
+深圳殼牌比亞迪電動汽車投資有限公司
+天津比亞迪汽車有限公司
+Tianjin BYD Auto Co., Ltd.
+Relationship with related parties
+關聯方關係
+除附註八、2披露的重要合營企業和聯營企
+業外,與本集團發生交易的其他合營企業和
+聯營企業如下:
+RMB'000
+十一、公允價值的披露(續)
+財務報表附註
+比亞迪股份有限公司
+in active
+observable
+markets
+inputs
+活躍
+市場報價
+unobservable
+inputs
+重要可觀察 重要不可觀察
+輸入值
+Significant
+輸入值
+Level 2
+Level 3
+Total
+第一層次
+第二層次
+第三層次
+Level 1
+Significant
+prices
+Quoted
+BYD Company Limited
+302
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XI.
+DISCLOSURE OF FAIR VALUE (CONTINUED)
+十一、公允價值的披露(續)
+1.
+Assets and liabilities measured at fair value (continued)
+31 December 2022
+1.
+以公允價值計量的資產和負債(續)
+二零二二年十二月三十一日
+Fair value measurement using
+公允價值計量使用的輸入值
+Notes to Financial Statements
+Purchases Closing balance
+approach
+1,349,229
+RMB42,875,000. The above compensation does not
+include this amount.
+The share-based payment expense recognised in 2023
+for the 2022 Employee Share Ownership Plan granted
+to key management personnel of the Company was
+92,651
+123,371
+二零二二年
+二零二三年
+2022
+2023
+關鍵管理人員薪酬
+Key Management Compensation
+6.
+(5) 其他
+(5) Others
+本集團與關聯方的主要交易(續)
+5.
+Major transactions between the Group and related
+parties (continued)
+5.
+其他關聯方
+購買固定資產
+336,354
+932,820
+900,784
+BYD Company Limited
+Balance of related parties receivables and payables
+318
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+十二、關聯方關係及其交易(續)
+比亞迪股份有限公司
+(1)
+Receivables
+本公司關鍵管理階層獲授的二零二二
+年員工持股計劃於二零二三年年確
+認的股份支付費用為人民幣42,875千
+元,上述薪酬未包含該項金額。
+壞賬準備
+Joint ventures
+合營企業
+2,044,479
+651,160
+Associates
+for
+聯營企業
+27,355
+1,906,392
+492,786
+153,550
+44,192
+Other related parties
+其他關聯方
+152,234
+Purchase of fixed assets
+bad debts
+balance
+賬面餘額
+6.
+關聯方應收應付款項餘額
+(1)
+應收款項
+2023
+2022
+Book
+二零二三年
+二零二二年
+Provision
+Book
+for
+balance
+賬面餘額
+bad debts
+壞賬準備
+Provision
+48,045
+Other related parties
+587,310
+Notes to Financial Statements
+財務報表附註
+317
+Annual Report 2023
+二零二三年年報
+否
+二零二六年二月一日
+二零一九年二月一日
+No
+1 February 2026
+否
+二零三零年四月五日
+二零二二年一月五日
+1 February 2019
+1,298
+Hubei Energy Storage Co., Ltd.
+儲能電站(湖北)有限公司
+中冶瑞木新能源科技有限公司
+No
+否
+二零二四年十二月十日
+5 April 2030
+18,245,150
+比亞迪汽車金融有限公司
+Tianjin Hongdi Financial Lease
+Co., Ltd.
+33,283
+6 February 2023-
+27 December 2023
+二零二三年二月六日至
+二零二三年十二月二十七日
+31 December 2023
+29 August 2024-
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+No
+否
+No
+天津宏迪融資租賃有限公司
+MCC Ramu New Energy
+Technology Co., Ltd.
+39,500
+二零二三年十二月三十一日
+5 January 2022
+27 December 2027
+二零二四年八月二十九日至
+二零二七年十二月二十七日
+10 December 2024
+十二、關聯方關係及其交易(續)
+5.
+Major transactions between the Group and related
+parties (continued)
+Associates
+聯營企業
+Disposal of fixed assets
+出售固定資產
+出售固定資產
+- 5,803
+Disposal of fixed assets
+合營企業
+27,172
+出售固定資產
+Purchase of fixed assets
+購買固定資產
+9,156
+8,823
+Purchase of fixed assets
+購買固定資產
+Disposal of fixed assets
+858,986
+Joint ventures
+Other related parties
+(4)
+Transfer of related parties assets
+5. 本集團與關聯方的主要交易(續)
+(4) 關聯方資產轉讓
+RMB'000
+人民幣千元
+Details of transaction
+交易內容
+其他關聯方
+2023
+二零二三年
+二零二二年
+Joint ventures
+合營企業
+Associates
+聯營企業
+2022
+83
+2,244,758
+678,598
+781
+銷售人員
+Sales personnel
+金額*
+數量
+金額
+數量
+金額*
+數量
+Amount*
+Quantity
+Amount*
+Quantity
+Amount'
+Quantity
+Lapsed for the year
+本年失效
+本年解鎖
+2020 Share Option Incentive Scheme of the Group's
+subsidiary BYD Semiconductor
+2.
+二零二零年本集團之子公司比亞迪半導體
+股權期權激勵計劃
+On 10 May 2021 and 16 June 2021, the Company held the
+11th Meeting of the Seventh Session of the Board and the
+extraordinary general meeting, respectively, during which the
+Company considered and approved the Resolution on Proposed
+Implementation of the Share Option Incentive Scheme by BYD
+Semiconductor Company Limited, and approved the adoption of
+the 2020 Share Option Incentive Scheme of BYD Semiconductor
+Company Limited (the “Subsidiary Share Option Scheme"). The
+Subsidiary Share Option Scheme granted 33,088,200 share
+options to 36 incentive grantees, including directors (excluding
+independent non-executive directors), senior management
+and core key personnel (but excluding supervisors) of BYD
+Semiconductor, representing 7.353% of the then registered
+capital of BYD Semiconductor.
+3,544
+corresponding vesting periods shall be 24 months, 36 months
+The equity instruments granted are as follows:
+二零二一年五月十日及二零二一年六月十六
+日,本公司分別召開第七屆董事會第十一次
+會議及臨時股東大會,審議通過了《關於比
+亞迪半導體股份有限公司擬實施股權激勵計
+劃的議案》,批准採納比亞迪半導體股份有
+限公司二零二零年股權期權激勵計劃(「子公
+司股權期權計劃」)。子公司股權期權激勵計
+劃向包括比亞迪半導體的董事(不包括獨立
+非執行董事)、高級管理人員、核心骨幹人
+員(但不包括監事)在內的36個激勵對象授予
+3,308.82萬份股權期權,佔比亞迪半導體當
+時註冊資本的比例為7.353%。
+本次子公司股權期權計劃授予的股權期權分
+三次行權,對應的等待期分別為自授予日起
+24個月、36個月、48個月。
+授予的各項權益工具如下:
+Exercised for the year
+本年行權
+Vested for the year
+and 48 months from the date of grant, respectively.
+Management personnel
+管理人員
+3,428
+1,501
+6,815
+205
+54,202
+Total
+合計
+197,117
+6,219
+1,653
+437,151
+3,688
+16,744
+Calculating according to the fair values of vested equity
+instruments at the vesting date
+以解鎖的權益工具在解鎖日的公允價值計算
+28,233
+2.
+746
+1,689
+15,562
+Research personnel
+研發人員
+2,010
+9,127
+10 362 76
+7,668
+Manufacturing and other
+personnel
+140
+37,125
+498
+2,261
+562
+148,707
+製造及其他人員
+十三、股份支付(續)
+XIII. SHARE-BASED PAYMENTS (CONTINUED)
+RMB'000
+人民幣千元
+聯營企業
+Other related parties
+其他關聯方
+RMB'000
+人民幣千元
+2023
+2022
+Associates
+二零二三年
+379,093
+409,868
+3,857,503
+4,165,081
+352,222
+89,944
+二零二二年
+4,588,818
+合營企業
+(2) 應付款項
+2,399,178
+197,742
+Annual Report 2023
+二零二三年年報
+319
+Notes to Financial Statements
+財務報表附註
+Joint ventures
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+6.
+Balance of related parties receivables and payables
+(continued)
+6.
+關聯方應收應付款項餘額(續)
+(2)
+Payables
+十二、關聯方關係及其交易(續)
+BYD Auto Finance Co., Ltd.
+4,664,893
+應收應付關聯方款項均不計利息、無
+擔保。
+RMB'000
+人民幣千元
+XIII. SHARE-BASED PAYMENTS
+1.
+2022 Employee Share Ownership Plan of the Group
+On 22 April 2022, BYD Company Limited held the twenty-first
+meeting of the Seventh Session of the Board of Directors of BYD
+Company Limited (the “Company"), at which the resolution in
+relation to the 2022 Employee Share Ownership Plan (Draft) of
+BYD Company Limited and its summary was considered and
+approved. It was proposed to implement the 2022 Employee
+Share Ownership Plan of BYD Company Limited (the "Employee
+Share Ownership Plan") for the employee representative
+supervisors and senior management of BYD Company Limited
+and the mid-level management and core backbone employees
+of BYD Group. The Employee Share Ownership Plan was
+considered and approved at the 2022 First Extraordinary General
+Meeting of the Company held on 27 May 2022. The Company
+repurchased a total of 5,511,024 A shares through the designated
+securities account for repurchase by way of centralised bidding
+財務報表附註
+transactions, accounting for 0.189% of the total share capital
+of the Company. The repurchase was completed in June 2022
+and the transfer registration was completed in July 2022. The
+subscription price of the Employee Share Ownership Plan is
+RMBO per share, and no capital contribution is required to be
+made by the participants. The term of the Employee Share
+Ownership Plan shall be 48 months from the date on which the
+Employee Share Ownership Plan is considered and approved at
+the general meeting and the Company announces that the last
+batch of the underlying shares is transferred to the Employee
+Share Ownership Plan.
+1.
+二零二二年本集團之員工持股計劃
+二零二二年四月二十二日,比亞迪股份有限
+公司召開比亞迪股份有限公司(以下簡稱「公
+司」)第七屆董事會第二十一次會議,審議通
+過了《比亞迪股份有限公司二零二二年員工
+持股計劃(草案)》及其摘要的議案,擬對比
+亞迪股份有限公司職工代表监事、高级管理
+人員以及比亞迪集團的中層管理人員、核心
+骨幹員工實施《比亞迪股份有限公司二零二
+二年員工持股計劃》(以下簡稱「員工持股計
+劃」)。公司於二零二二年五月二十七日召開
+二零二二年第一次臨時股東大會,審議通過
+了員工持股計劃。公司通過回購專用證券
+賬戶以集中競價交易的方式累計回購A股股
+份的數量為5,511,024股,佔公司總股本的
+0.189%,並於二零二二年六月完成回購,二
+零二二年七月完成過戶登記。本員工持股計
+劃認購價0元/股,參與對象無需出資。本
+員工持股計劃的存續期為48個月,自本員工
+持股計劃經股東大會審議通過且公司公告最
+後一筆標的股票過戶至本員工持股計劃名下
+之日起算。
+Annual Report 2023
+二零二三年年報
+321
+Notes to Financial Statements
+財務報表附註
+十三、股份支付
+The amounts due from and due to related parties are
+interest-free and unsecured.
+Notes to Financial Statements
+320
+7.
+Monetary funds deposited with related parties
+7.
+存放關聯方的貨幣資金
+BYD Auto Finance Co., Ltd.
+比亞迪汽車金融有限公司
+比亞迪股份有限公司
+2023
+二零二三年
+二零二二年
+3,505,856
+4,738,542
+The annual interest rate of the above deposits in 2023 is
+3.1%-3.2% above the benchmark interest rate published by the
+People's Bank of China for deposits of the same period, and an
+interest income of RMB174,280,000 was recognised in 2023
+(2022:3%-3.2%, and an interest income of RMB298,688,000
+was recognised).
+二零二三年,上述存款年利率按照中國人民
+銀行公佈的同期存款基準利率上浮為3.1%-
+3.2%,二零二三年度確認利息收入人民幣
+174,280千元(二零二二年度:3%-3.2%,確
+認利息收入人民幣298,688千元)。
+BYD Company Limited
+2022
+履行完畢
+The share options granted under the Subsidiary Share
+Option Scheme shall be exercised in three tranches, and the
+擔保金額擔保起始日
+1,491,705
+3,000,242
+合計
+Total
+出售商品和提供勞務
+其他關聯方
+28,165
+288,187
+Sales of goods and rendering of
+services
+Other related parties
+出售商品和提供勞務
+490,093
+443,317
+Sales of goods and rendering of
+services
+出售商品和提供勞務
+973,447
+2,268,738
+關聯方商品及勞務交易(續)
+Sales of goods and rendering of services to related
+parties
+向關聯方銷售商品及提供勞務
+Details of transactions
+交易內容
+2023
+313
+2022
+二零二二年
+Joint ventures
+合營企業
+Associates
+聯營企業
+Sales of goods and rendering of
+services
+二零二三年
+BYD Company Limited
+314
+比亞迪股份有限公司
+杭州西湖比亞迪新能源汽車有限公司
+Tianjin BYD Auto Co., Ltd.
+天津比亞迪汽車有限公司
+Total
+合計
+Lease
+Hangzhou BYD Xihu New Energy Auto Co., Ltd.
+payments for
+short-term
+lease
+leases and
+leases of
+not included
+payments
+Variable
+(1)
+二零二三年
+作為承租人
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+十二、關聯方關係及其交易(續)
+2023
+5.
+5.
+本集團與關聯方的主要交易(續)
+(2) Leases with related parties
+(2)
+關聯方租賃
+As lessees
+Major transactions between the Group and related
+parties (continued)
+low-value
+(1) Related party transactions of goods and services
+(continued)
+5.
+交易額度
+二零二三年獲批的交易額度
+交易內容
+是否超過
+2022
+limit
+transaction
+limit
+approved
+2023
+Details of transactions
+Excess of
+Transaction
+自關聯方購買商品和接受勞務
+Purchase of goods and accepting service from related
+parties
+關聯方商品及勞務交易
+(1)
+(1) Related party transactions of goods and services
+擔保到期日
+BYD Company Limited
+312
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+二零二二年
+RMB'000
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+十二、關聯方關係及其交易(續)
+5.
+Major transactions between the Group and related
+parties
+5.
+本集團與關聯方的主要交易
+人民幣千元
+Purchase of goods and accepting
+service
+1,165,970
+1,650,000
+採購商品和接受勞務
+Total
+合計
+12,774,673
+25,716,231
+12,038,656
+其他關聯方
+Annual Report 2023
+二零二三年年報
+財務報表附註
+RMB'000
+人民幣千元
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+十二、關聯方關係及其交易(續)
+5.
+Major transactions between the Group and related
+parties (continued)
+Notes to Financial Statements
+本集團與關聯方的主要交易(續)
+1,108,850
+338,697
+No
+600,077
+合營企業
+Associates
+採購商品和接受勞務
+Purchase of goods and accepting
+service
+11,270,006
+No
+22,717,002
+10,329,729
+否
+聯營企業
+採購商品和接受勞務
+Other related parties
+Purchase of goods and accepting
+service
+No
+in the
+Joint ventures
+assets with
+19
+Equipment
+Co., Ltd.
+Housing
+房屋
+Xi'an Infrastructure Yadi Automobile Service
+天津比亞迪汽車有限公司
+Tianjin BYD Auto Co., Ltd.
+房屋
+杭州西湖比亞迪新能源汽車有限公司
+120
+3,697
+1,412
+185
+4,998
+Housing
+權資產
+增加的使用
+of lease
+Rental
+on lease
+right-of-use
+leased assets
+liabilities
+西安城投亞迪汽車服務有限責任公司
+paid
+assets
+租賃資產種類
+簡化處理的
+短期租賃和
+低價值資產
+租賃的
+租金費用
+未納入租賃
+負債計量的可
+變租賃付款額
+支付的租金
+承擔的租賃
+負債利息支出
+liabilities
+設備
+Total
+合計
+Loan guarantees
+為關聯方提供擔保
+借款擔保
+2023
+二零二三年
+Whether
+guarantee
+(3)
+Guarantee
+amount
+date of guarantee
+Maturity date of guarantee performed
+has been
+Interest
+擔保是否
+Commencement
+simplified
+Providing guarantees to related parties
+本集團與關聯方的主要交易(續)
+8,714
+305
+1,412
+BYD Company Limited
+316
+比亞迪股份有限公司
+(3)
+Notes to Financial Statements
+RMB'000
+人民幣千元
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+十二、關聯方關係及其交易(續)
+5.
+Major transactions between the Group and related
+parties (continued)
+財務報表附註
+Type of
+5.
+expenses
+支付的租金
+承擔的租賃
+負債利息支出
+增加的使用
+權資產
+Housing
+房屋
+未納入租賃
+負債計量的可
+變租賃付款額
+Housing
+3,035
+122
+5,121
+3,640
+114
+5,279
+房屋
+6,675
+簡化處理的
+短期租賃和
+低價值資產
+租賃的
+租金費用
+assets
+expenses
+measurement
+Additions to
+Additions to
+Type of
+simplified
+租賃資產種類
+of lease
+on lease
+leased assets
+approach
+liabilities
+liabilities
+right-of-use
+Rental
+236
+paid
+Annual Report 2023
+二零二三年年報
+Hangzhou BYD Xihu New Energy Auto Co., Ltd.
+RMB'000
+人民幣千元
+Lease
+payments for
+Variable
+short-term
+二零二二年
+lease
+payments
+not included
+low-value
+in the
+measurement
+10,400
+Interest
+leases of
+2022
+leases and
+assets with
+Notes to Financial Statements
+財務報表附註
+XII. RELATED PARTIES AND RELATED PARTY
+TRANSACTIONS (CONTINUED)
+十二、關聯方關係及其交易(續)
+315
+Major transactions between the Group and related
+parties (continued)
+5.
+5.
+(2) Leases with related parties (continued)
+(2)
+關聯方租賃(續)
+As lessees (continued)
+作為承租人(續)
+本集團與關聯方的主要交易(續)
+1,825,791
+資本性支出(註)
+Capital expenditure (Note)
+5,924,567
+所得稅費用
+646,739
+Income tax expense
+4,013,630
+37,268,637
+5,277,828
+136,729,178
+43,927,607
+529,085,557
+Total assets
+資產總額
+81,841,877
+449,129,096
+6,277,780
+679,547,670
+Total liabilities
+負債總額
+31,107,896
+36,028,854
+140,742,808
+591,428,013
+489,233,672
+利潤總額
+對外交易收入
+Revenue from external trading
+Revenue from inter-segment trading
+Other disclosures
+合計
+分部間交易收入
+118,576,910 483,453,318
+12,851,640
+285,126
+602,315,354
+5,780,354 (18,631,994)
+Total
+4,334,950
+合計
+(18,346,868) 602,315,354
+Share of investment income from joint
+對合營和聯營企業的投資收益
+ventures and associates
+1,277,455
+Depreciation and amortization
+Total profit
+折舊及攤銷
+3,135,373
+40,417,346
+1,277,455
+43,552,719
+131,428,550
+其他披露
+調整和抵銷
+對合營和聯營企業的
+汽車、汽車
+相關產品及
+其他產品
+合計
+Revenue from external trading
+對外交易收入
+Revenue from inter-segment trading
+分部間交易收入
+98,815,054 324,691,175
+8,765,310
+554,406
+424,060,635
+3,971,744
+(12,737,054)
+Total
+Total
+107,580,364
+328,662,919
+(12,182,648)
+424,060,635
+Share of losses of joint ventures and
+associates
+對合營和聯營企業的投資損失
+Depreciation and amortization
+調整和抵銷
+折舊及攤銷
+2,832,736
+(685,885)
+17,537,269
+合計
+eliminations
+and
+Adjustments
+ventures and associates
+長期股權投資
+17,647,212
+17,647,212
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+十六、其他重要事項(續)
+1. Segment reporting (continued)
+1.
+分部報告(續)
+Operating segment (continued)
+經營分部(續)
+Mobile handset
+components,
+assembly
+Automobiles
+and related
+RMB'000
+人民幣千元
+service and
+products and
+2022
+二零二二年
+other products
+手機部件、
+組裝及
+其他產品
+other products
+Long-term equity investments in joint
+Total
+RMB'000
+eliminations
+The Group entered into cooperation contracts and documents
+with certain customers (including end customers) and third parties
+or related financial institutions. According to the arrangements of
+the relevant cooperation contracts and documents, the Company
+undertakes the repurchase obligations to these financial
+institutions. If a customer defaults or specific conditions stipulated
+in the contract occur, the Company inherits all the creditor's
+rights and related interests, and has the right to take relief
+measures such as recovery and sale of new energy vehicles to
+repay the remaining debts owed by the customer to the financing
+institution, and would reserve the right to pursue recourse
+for the balance of the creditor's rights. Management is of the
+opinion that the recovered assets will be able to be realised, and
+the proceeds from the sales will basically cover the remaining
+debts due to the financing institutions. As of 31 December
+2023, the Group's maximum exposure to these obligations was
+RMB1,615,016,000 (31 December 2022: RMB3,395,512,000),
+and there was no customer default or specific conditions as
+stipulated in the contracts which the Company was required to
+make any payment.
+The Group made an impairment on financial guarantee contracts
+and recognised a loss allowance of RMB61,984,000 (31)
+December 2022: RMB78,794,000) based on expected credit
+losses.
+本集團提供擔保形成的或有負債及其財務影
+響列示如下:(續)
+於二零二三年十二月三十一日,本公司為
+其子公司及關聯方實際提供的擔保為人民
+幣43,872,398千元及人民幣18,319,231千
+元(二零二二年十二月三十一日:人民幣
+23,180,113千元及人民幣13,468,762千
+元)。
+本集團與某些客戶(含終端客戶)及第三方或
+關聯融資機構簽訂合作合同及文件,根據相
+關合作合同及文件的安排,本公司向該等融
+資機構承擔回購義務,若客戶違約或發生合
+同約定的特定條件,本公司繼承全部債權以
+及相關權益,並有權自行采取收回並變賣新
+能源汽車等救濟措施,以償付客戶對融資機
+構的剩餘欠款,並保留任何對剩餘欠款債權
+餘額進行追索的權利。管理層認為,收回的
+資產能够變賣,而變賣收入基本能够支付對
+融資機構的剩餘欠款。截至二零二三年十二
+月三十一日,本集團對該等義務的最大敞口
+為人民幣1,615,016千元(二零二二年十二月
+三十一日:人民幣3,395,512千元),且未發
+生因客戶違約或合同约定的特定條件而令本
+公司需予以支付任何款項的情況。
+本集團以預期信用損失為基礎,對財務擔保
+合同進行減值處理並確認損失準備人民幣
+61,984千元(二零二二年十二月三十一日:人
+民幣78,794千元)。
+327
+BYD Company Limited
+328
+2022: RMB23,180,113,000 and RMB13,468,762,000).
+比亞迪股份有限公司
+財務報表附註
+人民幣千元
+XV. EVENTS AFTER THE BALANCE SHEET DATE
+The 2023 proposed profit distribution plan was approved at the
+Sixth Meeting of the Eighth Session of the Board of the Company
+held on 26 March 2024. Based on the total share capital of
+2,911,142,855 shares as at 26 March 2024, a cash dividend of
+RMB9,012,243,000 (i.e. a cash dividend of RMB3.096 per share
+(tax inclusive)) will be distributed. The dividend distribution plan is
+subject to consideration and approval at the general meeting.
+XVI. OTHER SIGNIFICANT MATTERS
+十五、資產負債表日後事項
+經二零二四年三月二十六日本公司第八屆董
+事會第六次會議批准二零二三年度利潤分配
+預案,以二零二四年三月二十六日總股本
+2,911,142,855股為基數,分配現金股利人
+民幣9,012,243千元(即每股現金股利人民幣
+3.096元(含税)),該股利分配方案尚待股東
+大會審議批准。
+1.
+Segment reporting
+Operating segment
+十六、其他重要事項
+Notes to Financial Statements
+1.
+As at 31 December 2023, the actual guarantees provided
+by the Company for its subsidiaries and related parties were
+RMB43,872,398,000 and RMB18,319,231,000 (31 December
+人民幣千元
+富士康訴訟案件(續)
+截至本報告日,該案件仍在訴訟程序中。在
+代表本公司負責該案件的法律顧問協助下,
+董事會認為,該訴訟的最終結果及賠償義務
+(如有)不能可靠的估計。
+(685,885)
+20,370,005
+本集團提供擔保形成的或有負債及其財務影
+響列示如下:
+Guarantees that the Company can
+provide to banks for financing granted
+to subsidiaries
+就授予子公司的融資能夠向銀行提供
+的擔保額度
+2023
+2022
+The contingent liabilities arising from the guarantee provided by
+the Group and its financial impact are as follows: (continued)
+二零二三年
+115,028,008 102,279,134
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+XIV. COMMITMENTS AND CONTINGENT EVENTS
+(CONTINUED)
+十四、承諾及或有事項(續)
+2.
+Contingent events (continued)
+2.
+或有事項(續)
+二零二二年
+and
+分部報告
+For management purposes, the Group is organised into business
+units based on their products and services. The Group currently
+has two reportable segments as follows:
+330
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+十六、其他重要事項(續)
+1.
+Segment reporting (continued)
+1.
+BYD Company Limited
+分部報告(續)
+經營分部(續)
+Mobile handset
+components,
+assembly
+Automobiles
+and related
+service and
+products and
+2023
+二零二三年
+other products
+手機部件、
+組裝及
+其他產品
+other products
+汽車、汽車
+相關產品及
+其他產品
+Adjustments
+Operating segment (continued)
+經營分部
+329
+分部負債不包括遞延所得稅負債、應交稅
+費、其他流動負債、其他非流動負債、短期
+借款、長期借款、應付債券、其他應付款中
+的應付利息和應付股利、交易性金融負債和
+本公司作為集團總部而負擔的負債,原因在
+於這些負債均由本集團統一管理。
+a)
+the mobile handset components, assembly service and
+other products segment comprises the manufacture and
+sale of mobile handset components such as housings
+and electronic components and the provision of assembly
+services;
+the automobiles and related products and other products
+segment comprises the manufacture and sale of
+automobiles and auto-related molds and components and
+automobile leasing and after sales services, automobile
+power batteries, lithium-ion batteries, photovoltaic
+products and iron battery products, rail transport and its
+related business.
+出於管理目的,本集團根據產品和服務劃分
+業務單元。本集團目前有二個報告分部,分
+別如下:
+手機部件、組裝及其他產品分部包括
+製造和銷售外殼等手機及電子產品部
+件並提供整機組裝服務;
+汽車、汽車相關產品及其他產品分部
+包括製造和銷售汽車、汽車相關的模
+具及零部件、汽車租賃和汽車的售後
+服務、汽車動力電池、鋰離子電池、
+光伏產品以及鐵電池產品、軌道交通
+及其相關業務。
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+財務報表附註
+RMB'000
+經營分部間的轉移定價,按照經營分部間的
+協議價格制定。
+人民幣千元
+十六、其他重要事項(續)
+1.
+分部報告(續)
+經營分部(續)
+Management monitors the results of the Group's operating
+segments separately for the purpose of making decisions about
+resources allocation and performance assessment. Segment
+performance is evaluated based on reportable segment profit.
+The adjusted profit before tax is measured consistently with the
+Group's profit before tax except that gains or losses arising from
+changes in fair value, finance costs (excluding interest expenses
+on lease liabilities and exchange gains or losses), non-operating
+income, other income, losses on disposal of assets, non-
+operating expenses, investment income (excluding investment
+income from associates and joint ventures), income from sales of
+properties, the corresponding costs and tax expenses, as well as
+administrative expenses incurred by the Company as the Group's
+headquarter are excluded from such measurement.
+Segment assets exclude deferred tax assets, goodwill, financial
+assets held for trading, other equity instrument investments, other
+non-current financial assets, investment properties and assets
+occupied by the Company as the Group's headquarter as these
+assets are managed on a group basis.
+Segment liabilities exclude deferred income tax liabilities, tax
+payable, other current liabilities, other non-current liabilities, short-
+term borrowings, long-term borrowings, bonds payable, interest
+payable and dividends payable in other payables, financial
+liabilities held for trading and liabilities assumed by the Company
+as the Group's headquarter as these liabilities are managed on a
+group basis.
+Transfer pricing in operating segments is determined with
+reference to the agreed price among operating segments.
+管理層出於配置資源和評價業績的決策目
+的,對各業務單元的經營成果分開進行管
+理。分部業績以報告的分部利潤為基礎進行
+評價。該指標系對利潤總額進行調整後的指
+標,除不包括公允價值變動損益、財務費用
+(除租賃負債利息支出和匯兌損益)、營業外
+收入、��他收益、資產處置損失、營業外支
+出、投資收益(除對聯營企業和合營企業的投
+資收益外)、銷售房產收入、對應的成本和稅
+費以及本公司作為集團總部發生的管理費用
+之外,該指標與本集團利潤總額是一致的。
+分部資產不包括遞延所得稅資產、商譽、交
+易性金額資產、其他權益工具投資、其他非
+流動金融資產、投資性房地產和本公司作為
+集團總部佔用的資產,原因在於這些資產均
+由本集團統一管理。
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+1. Segment reporting (continued)
+Operating segment (continued)
+Total profit
+the shares on the
+date of grant
+1,893,303
+公積的累計金額
+以權益結算的股份支付計入資本
+本年估計與上年估計有重大差異的
+原因
+可行權權益工具數量的確定依據
+授予日權益工具公允價值的重要參數
+The cumulative amount of equity-settled share-based
+payments credited to in capital reserve
+current year's estimate and the previous year's estimate
+The reason for the significant difference between the
+The basis for determining the quantity of equity
+instruments available for exercise
+instrument as at the date of grant
+The important parameters of the fair value of equity
+授予日權益工具公允價值的確定方法
+The determination of the fair value of equity instrument
+as at the date of grant
+二零二三年
+2023
+RMB'000
+人民幣千元
+以權益結算的股份支付情況如下:
+Equity-settled share-based payments are as follows:
+十三、股份支付(續)
+XIII. SHARE-BASED PAYMENTS (CONTINUED)
+財務報表附註
+Notes to Financial Statements
+323
+Based on the
+closing price of
+or the binomial
+model to
+determine
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+324
+BYD Company Limited
+1,097,562
+無
+Nil
+計數
+Annual Report 2023
+二零二三年年報
+管理層的最佳估
+best estimate of
+Based on the
+無風險利率
+interest rate
+授予日股票收盤價;
+或是預計波動率、
+volatility or the
+risk-free
+or the expected
+the shares on the
+date of grant;
+closing price of
+Based on the
+式模型確定
+根據授予日股票
+收盤價或是二項
+the management
+personnel
+製造及其他人員
+Manufacturing and other
+life of contract
+option price
+life of contract
+option price
+行權價格的
+The range of The remaining
+The range of The remaining
+Other equity instruments
+其他權益工具
+Subsidiary share options
+子公司股票期權
+管理人員
+Management personnel
+銷售人員
+範圍
+Sales personnel
+The equity instruments outstanding as at the end of the year are
+as follows:
+十三、股份支付(續)
+XIII. SHARE-BASED PAYMENTS (CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+322
+BYD Company Limited
+the Group and its financial impact are as follows:
+年末發行在外的各項權益工具如下:
+XIII. SHARE-BASED PAYMENTS (CONTINUED)
+合同剩餘
+期限
+合同剩餘
+4.54元/股
+RMB4.54
+per share
+研發人員
+Research personnel
+7個月-19個月
+7 - 19 months
+7 - 19 months
+7個月-19個月
+7 - 19 months
+7個月-19個月
+RMBO per share
+0元/股
+RMBO per share
+0元/股
+RMBO per share
+0元/股
+行權價格的
+5 - 17 months
+5個月-17個月
+4.54元/股
+4.54元/股
+RMB4.54
+per share
+7個月-19個月
+7 - 19 months
+RMBO per share
+0元/股
+5個月-17個月
+per share
+5 - 17 months
+RMB4.54
+期限
+範圍
+5 - 17 months
+5個月-17個月
+利潤總額
+十三、股份支付(續)
+本年度發生的股份支付費用如下:
+Long-term equity investments in joint
+對合營和聯營企業的
+ventures and associates
+長期股權投資
+15,485,402
+15,485,402
+Note: Capital expenditure includes the acquisition of fixed assets
+and intangible assets, etc.
+註:
+資本性支出包括購置固定資產、無形資
+產等。
+331
+As of the date of the this report, the case is still in proceedings.
+With the assistance of the legal adviser responsible for the case
+on behalf of the Company, the Board believes that the final result
+of the proceeding and compensation obligations (if any) cannot
+be estimated reliably.
+其他披露
+Action against Foxconn (continued)
+Contingent liabilities arising from pending litigation or arbitration
+and its financial impact (continued)
+或有事項(續)
+2.
+2. Contingent events (continued)
+十四、承諾及或有事項(續)
+XIV. COMMITMENTS AND CONTINGENT EVENTS
+(CONTINUED)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+未決訴訟或仲裁形成的或有負債及其財務影
+響(續)
+326
+Other disclosures
+24,426,577
+18,642,184
+544,242
+21,079,729
+Income tax expense
+所得稅費用
+87,367
+3,196,757
+82,501
+3,366,625
+Capital expenditure (Note)
+資本性支出(註)
+372,470,809
+5,210,486
+130,285,926
+Total assets
+資產總額
+54,625,520
+419,691,469
+19,543,657
+493,860,646
+Total liabilities
+負債總額
+22,020,698
+326,023,534
+125,075,440
+The share-based payments incurred during the year are as
+follows:
+BYD Company Limited
+於二零零七年六月十一日,富士康國際控股
+有限公司旗下一間下屬子公司及一間與其同
+受最終控股公司控制的公司(「原告」)向香港
+高等法院(「法院」)展開訴訟(「二零零七年六
+月訴訟」),指控本公司及本集團若干下屬子
+公司(「被告」)使用指稱自原告處非法獲得的
+機密資料。原告已於二零零七年十月五日停
+止二零零七年六月訴訟,針對被告的二零零
+七年六月訴訟被全面撤銷,同時該訴訟未判
+令被告承擔任何責任。同日,原告向香港高
+等法院提起新一輪的法律程序(「二零零七年
+十月訴訟」)。二零零七年十月訴訟的被告與
+二零零七年六月訴訟的被告相同,且原告在
+二零零七十月訴訟中提出的申索均基於二零
+零七年六月訴訟中的相同事實及理由。原告
+在二零零七年十月訴訟中提出的補救方法包
+括強令禁止被告使用有關機密資料、強令被
+告交出因使用機密資料所獲得的利潤以及賠
+償原告遭受的損失及支付懲罰性賠償金。原
+告在二零零七年十月訴訟中主張的賠償金總
+金額尚未確定。二零零九年十月二日,被告
+對富士康國際控股有限公司及其某些附屬子
+公司提起反訴,對該等公司自二零零六年以
+來利用不合法手段干涉本公司及控股子公司
+的經營、共謀行為、書面及口頭誹謗,導致
+經濟損失的行為提出訴訟請求。
+84,166
+payments
+以權益結算的
+股份支付費用
+share-based
+Equity-settled
+投資承諾
+Investment commitments
+資本承諾
+Capital commitments
+重要承諾事項
+1.
+Material commitments
+247,643
+1.
+XIV. COMMITMENTS AND CONTINGENT EVENTS
+合計
+Total
+製造及其他人員
+Manufacturing and other personnel
+研發人員
+Research personnel
+管理人員
+銷售人員
+Management personnel
+Sales personnel
+十四、承諾及或有事項
+325
+398,844
+872,189
+富士康訴訟案件
+未決訴訟或仲裁形成的或有負債及其財務影
+或有事項
+2.
+On 11 June 2007, a Hong Kong High Court (the “Court”) action
+(the “June 2007 Action") was commenced by a subsidiary of
+Foxconn International Holdings Limited and a company jointly
+controlled by its ultimate holding company (the "Plaintiffs")
+against the Company and certain subsidiaries of the Group
+(the "Defendants") for using confidential information alleged to
+have been obtained improperly from the Plaintiffs. The Plaintiffs
+discontinued the June 2007 Action on 5 October 2007 without
+any liability to the Defendants. On the same day, the plaintiffs
+initiated a new set of legal proceedings in the Hong Kong High
+Court (the “October 2007 Action"). The Defendants named in
+the October 2007 Action are the same as the Defendants in the
+June 2007 Action, and the claims made by the Plaintiffs in the
+October 2007 Action are based on the same facts and grounds
+in the June 2007 Action. The remedies sought by the Plaintiffs
+in the October 2007 Action include an injunction restraining the
+Defendants from using the alleged confidential information, an
+order for the disgorgement of profit made by the Defendants
+through the use of the confidential information, damages based
+on the loss suffered by the Plaintiffs and exemplary penalties. The
+total damages sought by the Plaintiffs in the October 2007 Action
+have not been quantified. On 2 October 2009, the Defendants
+instituted a counter-action against Foxconn International Holdings
+Limited and certain of its subsidiaries for their intervention,
+by means of illegal measures, in the operations involving the
+Company and certain of its subsidiaries, collusion, written and
+verbal defamation, and the economic loss as a result of the said
+activities since 2006.
+Action against Foxconn
+Contingent liabilities arising from pending litigation or arbitration
+and its financial impact
+人民幣千元
+2. Contingent events
+十四、承諾及或有事項(續)
+XIV. COMMITMENTS AND CONTINGENT EVENTS
+(CONTINUED)
+141,536
+RMB'000
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+42,193,294
+36,262,990
+759,139
+535,527
+41,434,155
+35,727,463
+二零二二年
+2022
+2023
+二零二三年
+財務報表附註
+The contingent liabilities arising from the guarantee provided by
+BYD Company Limited
+332
+339
+計提比例(%)
+減值準備
+賬面餘額
+(%)
+impairment
+balance
+rate
+for
+Book
+Provision
+Provision
+Within 1 year (inclusive)
+Over 1 year
+於二零二三年十二月三十一日,組合計提壞
+賬準備的應收賬款情況如下:
+1,556,885
+6,277
+1,563,162
+合計
+Total
+1,556,885
+0.40
+6,277
+100.00
+1,563,162
+按信用風險特徵組合計提壞
+賬準備
+As at 31 December 2023, trade receivables with provision
+for bad debt based on collective assessment are shown as
+follows:
+on collective assessment by
+credit risk portfolio
+1年以內(含1年)
+1年以上
+3,814
+6,192
+1年以上
+Over 1 year
+1,561,395
+1年以內(含1年)
+Within 1 year (inclusive)
+計提比例(%)
+(%)
+impairment
+減值準備
+賬面餘額
+balance
+1,642,764
+rate
+Book
+Provision
+Provision
+於二零二二年十二月三十一日,組合計提壞
+賬準備的應收賬款情況如下:
+As at 31 December 2022, trade receivables with provision
+for bad debt based on collective assessment are shown as
+follows:
+4,437
+1,647,167
+14.15
+623
+4,403
+0.23
+for
+0.40
+Provision for bad debt based
+(%)
+RMB'000
+財務報表附註
+Notes to Financial Statements
+456
+Annual Report 2023
+二零二三年年報
+1,642,730
+4,437
+1,647,167
+合計
+Total
+1,642,730
+人民幣千元
+0.27
+100.00
+1,647,167
+按信用風險特徵組合計提壞
+賬準備
+on collective assessment by
+credit risk portfolio
+Provision for bad debt based
+on individual assessment
+單項計提壞賬準備
+Provision for bad debt based
+(%)
+(%)
+金額
+4,437
+on individual assessment
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、公司財務報表主要項目註釋(續)
+(CONTINUED)
+(%)
+計提比例
+金額
+比例
+金額
+rate (%)
+Amount
+(%)
+Amount
+Provision
+Percentage
+FINANCIAL STATEMENTS OF THE COMPANY
+賬面價值
+Provision for bad debt
+壞賬準備
+賬面餘額
+Book balance
+Carrying
+二零二二年:
+應收賬款(續)
+1.
+Provision for bad debt based 單項計提壞賬準備
+2022:
+Trade receivables (continued)
+1.
+amount
+比例
+1,767
+4.81
+註2:
+蔣岩波先生於二零二三年九月十九日辭
+任董事,其於二零二三年的薪酬金額涵
+蓋一月一日至九月十九日期間。
+執行董事、非執行董事及監事:
+二零二三年
+Salaries,
+allowances
+Pension
+scheme
+contributions
+Fees
+袍金
+喻玲女士於二零二三年九月十九日獲委
+任為董事,其於二零二三年的薪酬金額
+涵蓋九月十九日至十二月三十一日期
+間
+and benefits
+工資、津貼
+及福利
+養老金計劃
+總額
+Mr. Wang Chuan-fu
+王傳福先生
+Non-executive directors
+非執行董事
+Mr. Lv Xiang-yang
+呂向陽先生
+228
+Mr. Xia Zuo-quan
+夏佐全先生
+Total
+228
+。
+600
+Mr. Cai Hong-ping
+Mr. Zhang Min
+Ms. Yu Ling (Note 1)
+蔡洪平先生
+張敏先生
+喻玲女士(註1)
+Mr. Jiang Yan-bo (Note 2)
+蔣岩波先生(註2)
+Total
+合計
+Note 1: Ms. Yu Ling was appointed as a director on 19 September
+2023, and her remuneration for 2023 covers the period from
+19 September to 31 December.
+註1:
+Note 2: Mr. Jiang Yan-bo resigned as a director on 19 September
+2023, and his remuneration for 2023 overs the period from 1
+January to 19 September.
+2023
+Executive director
+執行董事
+228
+200
+228
+200
+84
+144
+200
+684
+Executive director, non-executive directors and supervisors:
+85
+Supervisors
+Mr. Dong Jun-qing (Note 1)
+1,868
+46
+1,914
+for Reversal in
+Opening
+Provision
+應收賬款壞賬準備的變動如下:
+The movements of provision for bad debt of trade receivables
+are as follows:
+應收賬款(續)
+1.
+Trade receivables (continued)
+128
+1.
+十七、公司財務報表主要項目註釋(續)
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+340
+BYD Company Limited
+6,277
+1,563,162
+FINANCIAL STATEMENTS OF THE COMPANY
+(CONTINUED)
+監事
+128
+56
+董俊卿先生(註1)
+Mr. Li Yong-zhao
+Ms. Wang Zhen
+Ms. Zhu Ai-yun (Note 2)
+Mr. Huang Jiang-feng
+Ms. Tang Mei
+李永釗先生
+王珍女士
+黃江鋒先生
+唐梅女士
+朱愛雲女士(註2)
+56
+Total
+6,565
+46
+6,611
+- 228
+228
+72
+72
+128
+5,025
+46
+128
+5,071
+合計
+三十一日
+金額
+(%)
+BYD Company Limited
+335
+朱愛雲女士於二零二三年九月十九日獲
+委任為監事,其於二零二三年的薪酬涵
+蓋九月十九日至十二月三十一日期間。
+註2:
+Ms. Zhu Ai-yun was appointed as a supervisor on 19
+September 2023, and her remuneration for 2023 covers
+the period from 19 September to 31 December.
+Note 2:
+註1: 董俊卿先生於二零二三年九月十九日辭
+任監事,其於二零二三年的薪酬金額涵
+蓋一月一日至九月十九日期間。
+Mr. Dong Jun-qing resigned as a supervisor on 19
+September 2023, and his remuneration for 2023 covers
+the period from 1 January to 19 September.
+Note 1:
+11,772
+120
+336
+11,252
+合計
+Total
+1,346
+40
+1,306
+100
+100
+3,579
+40
+3,539
+100
+400
+100
+比亞迪股份有限公司
+財務報表附註
+44,781
+61,295
+二零二二年
+二零二三年
+2022
+2023
+The number of non-director highest paid employees whose
+remuneration fell within the following bands is as follows:
+employees above was RMB4,287,000, which is not included
+in the above remuneration (2022: RMB8,668,000).
+註:
+The share-based payment expense recognised in 2023 for
+the 2022 Employee Share Ownership Plan granted to the five
+Note:
+Notes to Financial Statements
+工資、津貼及福利
+養老金計劃
+Salaries, allowances and benefits
+本集團本年度薪酬最高的前五名僱員均為非
+董事僱員(二零二二年:無),二零二三年董
+事的薪酬詳見上文。其餘詳情如下:
+#本集團本年度薪酬最高的前五名僱員
+The five highest paid employees of the Group during the year
+were all non-director employees (2022: nil), details of the
+directors'remuneration in 2023 are set out above. Details of the
+remuneration for the remaining are as follows:
+3.
+#Five highest paid employees of the Group during the
+year
+3.
+十六、其他重要事項(續)
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+人民幣千元
+RMB'000
+Pension scheme contributions
+230
+100
+唐梅女士
+執行董事
+Executive director
+總額
+養老金計劃
+Total
+contributions
+scheme
+Pension
+allowances
+and benefits
+工資、津貼
+及福利
+袍金
+Fees
+Mr. Wang Chuan-fu
+RMB'000
+人民幣千元
+二零二二年
+2022
+13,842
+#董事及監事薪酬(續)
+2.
+#Directors' and supervisors' remuneration (continued)
+2.
+十六、其他重要事項(續)
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+Notes to Financial Statements
+財務報表附註
+Annual Report 2023
+二零二三年年報
+Salaries,
+100
+王傳福先生
+40
+Ms. Tang Mei
+黃江鋒先生
+Mr. Huang Jiang feng
+王珍女士
+Ms. Wang Zhen
+李永釗先生
+Mr. Li Yong-zhao
+董俊卿先生
+Mr. Dong Jun-qing
+監事
+Supervisors
+6,107
+200
+6,147
+| |
+40
+200
+夏佐全先生
+Mr. Xia Zuo-quan
+200
+呂向陽先生
+Mr. Lv Xiang-yang
+非執行董事
+Non-executive directors
+200
+Amount
+183
+44,964
+1年以內
+2 to 3 years
+Within 1 year
+1 to 2 years
+二零二二年
+2022
+2023
+二零二三年
+應收賬款賬齡按收入確認的時間予以確認。
+應收賬款的賬齡分析如下:
+of revenue recognition. The aging analysis of trade receivables
+is as follows:
+The aging of trade receivables is recognized based on the time
+應收賬款
+1.
+1年至2年
+Trade receivables
+十七、公司財務報表主要項目註釋
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE
+FINANCIAL STATEMENTS OF THE COMPANY
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+比亞迪股份有限公司
+338
+BYD Company Limited
+337
+225,880,999 160,516,085
+1.
+453,666,671
+2年至3年
+2,678
+1,725
+Amount
+Percentage
+Book balance
+賬面餘額
+賬面價值
+amount
+Carrying
+計提比例
+rate (%)
+Provision
+Provision for bad debt
+壞賬準備
+1,556,885
+1,642,764
+1,642,730
+2023:
+6,277
+4,437
+減:應收賬款壞賬準備
+Less: provision for bad debts of trade
+receivables
+1,563,162
+1,647,167
+合計
+Total
+1,766
+1
+1,561,395
+二零二三年:
+61,525
+679,547,670 493,860,646
+333,344,561
+二零二三年
+#Net current assets
+4.
+十六、其他重要事項(續)
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+財務報表附註
+Notes to Financial Statements
+Annual Report 2023
+二零二三年年報
+本集團無向本年度薪酬最高的前五名僱員支
+付任何酬金,作為鼓勵加入本集團的薪金,
+或作為離職補償(二零二二年:無)。
+5
+5
+5
+4.
+123
+二零二三年
+2023
+employees during the year as an inducement to join the Group or
+as compensation for loss of office (2022: nil).
+There were no emoluments paid by the Group to five highest paid
+人民幣8,500,001元至人民幣10,000,000元
+人民幣10,000,001元至人民幣11,500,000元
+人民幣11,500,001元至元人民幣13,000,000元
+人民幣13,000,001元至人民幣14,500,000元
+RMB13,000,001 to RMB14,500,000
+RMB11,500,001 to RMB13,000,000
+RMB10,000,001 to RMB11,500,000
+RMB8,500,001 to RMB10,000,000
+屬於以下薪酬範圍的非董事最高薪酬僱員人
+數如下:
+上述前五名僱員獲授的二零二二年員工
+持股計劃,於二零二三年確認的股份支
+付費用為人民幣4,287千元,未包含在
+上述薪酬中(二零二二年:人民幣8,668
+千元)。
+2022
+二零二二年
+二零二二年
+#淨流動資產
+Current assets
+2022
+2023
+#總資產減流動負債
+5.
+(151,545,225) (92,541,054)
+453,666,671 333,344,561
+302,121,446 240,803,507
+二零二二年
+二零二三年
+2022
+2023
+5.
+RMB'000
+人民幣千元
+Total assets less current liabilities
+減:流動負債
+總資產
+Less: current liabilities
+Total assets
+淨流動負債
+減:流動負債
+流動資產
+#Total assets less current liabilities
+Net current liabilities
+Less: current liabilities
+總資產減流動負債
+14,436
+三十一日
+二零二三年
+十二月
+Amount
+金額
+(%)
+佔應收賬款
+總額的比例
+(%)
+bad debts
+壞賬準備
+金額
+The largest customer in balance of trade 應收賬款餘額第一大客戶
+receivables
+1,197,437
+72.70
+2,754
+The second largest customer in balance
+of trade receivables
+應收賬款餘額第二大客戶
+155,966
+9.47
+359
+The third largest customer in balance of
+trade receivables
+應收賬款餘額第三大客戶
+90.51
+1,490,865
+77
+2.02
+33,281
+應收賬款餘額第五大客戶
+for
+The fifth largest customer in balance of
+trade receivables
+2.78
+45,801
+The fourth largest customer in balance of 應收賬款餘額第四大客戶
+trade receivables
+134
+3.54
+58,380
+105
+3,429
+Provision
+of total
+trade
+Closing
+balance
+年初餘額
+the year
+the year in the year
+balance
+本年計提
+本年轉回
+本年核銷
+年末餘額
+31 December 2023
+二零二三年十二月三十一日
+6,277
+1,093
+(2,933)
+4,437
+31 December 2022
+二零二二年十二月三十一日
+Percentage
+於二零二三年十二月三十一日,應收賬款金
+額前五名如下:
+於二零二三年度及二零二二年度,無重大的
+應收賬款核銷情況
+於二零二三年度及二零二二年度,無重大的
+應收賬款轉回或收回情況。
+於二零二三年十二月三十一日,無單項計提
+壞賬準備的應收賬款。(二零二二年十二月三
+十一日:無)。
+As at 31 December 2023, the top five trade receivables
+amounts are as follows:
+receivables
+In 2023 and 2022, there was no significant write-off of trade
+receivables.
+As at 31 December 2023, there was no individual provision
+made for bad debts of trade receivables (31 December 2022:
+nil).
+6,277
+(79,317)
+(13,720)
+13,625
+85,689
+In 2023 and 2022, there was no significant reversal or recovery
+of trade receivables.
+Write-off
+Annual Report 2023
+二零二三年年報
+Notes to Financial Statements
+200
+40,203
+87
+203,197
+18,489,189
+Less: bad debt provision for other receivables
+減:其他應收款壞賬準備
+18,454
+4,489,858
+4,461
+18,470,735
+The aging analysis of other receivables is as follows:
+其他應收款的賬齡分析如下:
+Within 1 year
+Over 1 year
+1年以內
+1年以上
+4,485,397
+2023
+4,485,397
+18,470,735
+4,489,858
+4,461
+18,454
+減:其他應收款壞賬準備
+Less: bad debt provision for other receivables
+4,286,574
+18,489,189
+2,648
+4,489,800
+18,486,541
+二零二二年
+二零二三年
+2022
+58
+341
+18,448,786
+二零二三年
+財務報表附註
+RMB'000
+人民幣千元
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、公司財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS OF THE COMPANY
+(CONTINUED)
+2.
+Other receivables
+Dividends receivables
+應收股利
+Other receivables
+其他應收款
+2. 其他應收款
+2023
+二零二三年
+2022
+二零二二年
+7,940,000
+1,350,000
+2022
+2023
+保證金及押金
+其他
+Guarantee deposits and deposits
+Others
+應收子公司款項
+Receivables from subsidiaries
+二零二二年
+其他應收款按性質分類如下:
+其他應收款
+Other receivables
+5,835,397
+26,410,735
+4,485,397
+18,470,735
+Other receivables analysed by nature were as follows:
+二零二二年
+十二月
+138
+十六、其他重要事項(續)
+Notes to Financial Statements
+財務報表附註
+Annual Report 2023
+二零二三年年報
+二零二三年的營業收入人民幣63,387,758千
+元(二零二二年:人民幣47,760,432千元)為
+對某一單個客戶的收入。
+主要客戶信息
+非流動資產按該資產所處區域統計,不包括
+商譽、其他權益工具投資、其他非流動金融
+資產、長期應收款和遞延所得稅資產。
+customer.
+RMB47,760,432,000) was derived from sales to a single
+In 2023, operating revenue of RMB63,387,758,000 (2022:
+Information about major customers
+receivables and deferred income tax assets attributed to the
+region where the assets are located.
+investments,other non-current financial assets, long-term
+Non-current assets exclude goodwill, other equity instrument
+241,619,959
+350,152,384
+3,078,914
+RMB'000
+人民幣千元
+2.
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+#Directors' and supervisors' remuneration
+袍金
+Fees
+三十一日
+三十一日
+二零二二年
+十二月
+十二月
+二零二三年
+6,753,730
+31 December
+2022
+董事及監事薪酬如下:
+按照上市規則、香港公司條例第383(1)(a)、
+(b)、(c)及(f)條和公司(披露董事利益資料)規
+例第2部,本年度董事及監事的薪酬披露如
+下:
+#董事及監事薪酬
+The remuneration of directors and supervisors is as follows:
+Directors' and supervisors' remuneration for the year, disclosed
+pursuant to the Listing Rules, section 383(1)(a),(b),(c) and (f)
+of the Hong Kong Companies Ordinance and Part 2 of the
+Companies (Disclosure of Information about Benefits of Directors)
+Regulation, is as follows:
+2.
+十六、其他重要事項(續)
+31 December
+2023
+境外
+238,541,045
+343,398,654
+二零二三年
+2023
+營業收入
+地區信息
+其他信息
+分部報告(續)
+1.
+2022
+二零二二年
+比亞迪股份有限公司
+財務報表附註
+RMB'000
+人民幣千元
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+Operating revenue
+1.
+Segment reporting (continued)
+Notes to Financial Statements
+1,140
+PRC (including Hong Kong,
+Macau and Taiwan)
+Macau and Taiwan)
+Overseas
+中國(包括港澳台地區)
+PRC (including Hong Kong,
+二零二三年 二零二二年
+2022
+2023
+非流動資產總額
+中國(包括港澳台地區)
+Total non-current assets
+Revenue from external trading is attributed to the location of
+customers.
+424,060,635
+602,315,354
+91,453,200
+442,093,854 332,607,435
+160,221,500
+境外
+Overseas
+對外交易收入按客戶所處區域統計。
+1,000
+Other emoluments:
+其他薪酬:
+334
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XVI. OTHER SIGNIFICANT MATTERS (CONTINUED)
+十六、其他重要事項(續)
+2. #Directors' and supervisors' remuneration (continued)
+Independent non-executive directors:
+2.
+#董事及監事薪酬(續)
+獨立非執行董事:
+31 December
+2023
+31 December
+2022
+Other information
+BYD Company Limited
+333
+Geographical information
+金,或作為離職補償(二零二二年:無)。
+註:
+Salaries, allowances and benefits
+Pension scheme contributions
+工資、津貼及福利
+養老金計劃
+13,842
+11,252
+120
+Total
+合計
+138
+12,372
+Note:
+The share-based payment expenses recognised in 2023 for
+the 2022 Employee Share Ownership Plan granted to the
+supervisors of the Company was RMB581,000, which is not
+included in the above remuneration (2022: RMB344,000).
+There was no arrangement under which a director or a supervisor
+waived or agreed to waive any remuneration and no emoluments
+paid by the Group to a director or a supervisor of the Company
+as an inducement to join or upon joining the Group or as
+compensation for loss of office during the year (2022: nil).
+本公司監事獲授的二零二二年員工持股
+計劃,於二零二三年確認的股份支付費
+用為人民幣581千元,未包含在上述薪
+酬中(二零二二年:人民幣344千元)。
+本年度不存在董事或監事放棄或同意放棄任
+何酬金,本集團無向本公司董事或監事支付
+任何酬金,作為鼓勵加入或加入本集團的薪
+15,120
+財務報表附註
+其他增加為集團內本公司與子公司基於
+以自身權益結算的集團內股份支付安排
+的影響。
+287,966
+BYD Company Limited
+348
+比亞迪股份有限公司
+Notes to Financial Statements
+RMB'000
+4.
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE
+FINANCIAL STATEMENTS OF THE COMPANY
+十七、公司財務報表主要項目註釋(續)
+4.
+(CONTINUED)
+Revenue and cost of operating
+Operating revenue is as follows:
+註:
+營業收入及成本
+營業收入列示如下:
+人民幣千元
+59,565,120
+Other increase represents the effect of equity-settled
+inter-company share-based payment arrangement
+12,911
+(105,027)
+484,504
+Carbon One New Energy Co., Ltd.
+碳一新能源集團有限
+298,089
+Other associates
+其他聯營企業
+812,561 301,796
+(162,782)
+Total
+54,895,715 3,301,796 385,085 (28,496) 1,160,891
+Note:
+between the Company and its subsidiaries within the
+Group.
+(10,123)
+(23,496) 32,279
+12,911
+(27,445)
+1,108,606
+合計
+責任公司
+104.278
+深圳比亞迪創芯材料有限公
+司
+increase Decrease of
+Increase of
+Opening
+provision
+Closing
+for
+equity comprehensive
+Cash
+Other
+gains under
+Other
+Impairment
+Allowance
+Investment
+Other
+equity
+dividend impairment
+carrying
+計提
+宣告
+其他
+其他
+權益法下
+其他增加
+of the year
+amount
+provision
+declared
+income movements
+method
+(Note) investment
+balance investment
+at the end
+本年變動
+年末
+Changes for the year
+長期股權投資(續)
+Co., Ltd.
+Shenzhen FinDreams Financial Leasing 深圳弗迪融資租賃有限公司
+3,000
+公司
+Co., Ltd.
+深圳市弗迪創業投資有限
+750,050
+Shenzhen FinDreams Venture Capital
+7,184
+118,982
+Limited
+BYD Signal & Communication Company 比亞迪通信信號有限公司
+106,480
+2.202
+126,166
+3,000,000
+60
+60
+3.
+31 December 2023 (continued)
+Long-term equity investments (continued)
+(CONTINUED)
+FINANCIAL STATEMENTS OF THE COMPANY
+3.
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、公司財務報表主要項目註釋(續)
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+347
+Annual Report 2023
+二零二三年年報
+3,750,110
+3,000
+二零二三年十二月三十一日(續)
+年末
+年初餘額 追加投資
+(註) 減少投資
+BYD Construction Engineering
+64,727
+524,804
+高科技有限公司
+西藏日喀則扎布耶鋰業
+Tibet Zabuye Lithium Industry
+Co., Ltd.
+20,000
+2,034,810
+65,120
+2,000,000
+有限公司
+盛新鋰能集團股份
+Chengxin Lithium Group Co., Ltd.
+272,372
+(30,310)
+20,000
+公司
+Management Co., Ltd.
+11,820
+11,820
+Shangluo BYD Industrial Co., Ltd.
+商洛比亞迪實業有限公司
+1,001,618
+514
+1,002,132
+BYD (Shenzhen) Supply Chain
+Management Co., Ltd.
+深圳市比亞迪供應鏈管理有
+限公司
+3,500,014
+24
+3,500,038
+Shenzhen BYD Investment
+深圳市比亞迪投資管理有限
+(35,773)
+308,145
+其他合營企業
+Other joint ventures
+50
+300,038
+弗迪電池有限公司
+FinDreams Battery Co., Ltd.
+231
+100,458
+比亞迪建設工程有限公司
+FinDreams Technology Co., Ltd.
+減值準備
+賬面價值
+減值準備
+現金股利
+權益變動
+綜合收益
+投資收益
+Yichun BYD Mining Co., Ltd.
+Co., Ltd.
+宜春比亞迪礦業有限責任
+公司
+Shenzhen FinDreams Batteries Co., Ltd. 深圳弗迪電池有限公司
+9,561,264
+1,044,661
+8,516,603
+比亞迪汽車金融有限公司
+BYD Auto Finance Co., Ltd.
+權益法
+Equity method
+106,938
+48,111
+58,827
+其他(股份支付)
+Others (share-based payment)
+65,000
+300,088
+100,689
+65,000
+弗迪科技有限公司
+本年變動
+2023
+(6,435)
+(6,435)
+Write-off during the year
+本年轉銷
+Charge-off during the year
+本年核銷
+Other changes
+其他變動
+Closing balance
+年末餘額
+4,461
+4,461
+BYD Company Limited
+344
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE
+十七、公司財務報表主要項目註釋(續)
+本年轉回
+FINANCIAL STATEMENTS OF THE COMPANY
+(CONTINUED)
+Reversal for the year
+Provision for the year
+Lifetime
+expected
+credit losses
+(credit
+impairment
+incurred)
+整個存續期
+預期信用
+Total
+損失(已發生
+信用減值)
+合計
+Opening balance
+年初餘額
+10,896
+|
+10,896
+Opening balance transfer
+年初餘額在本年
+during the year
+階段轉換
+本年計提
+Stage 3
+第三階段
+2.
+2.
+一年以內
+The third customer in balance of other receivables
+其他應收款餘額第三大客戶
+5,450
+Within 1 year
+0.03
+5
+一年以內
+The fourth customer in balance of other receivables
+2,527
+Within 1 year
+0.01
+3
+其他應收款餘額第四大客戶
+一年以內
+The fifth customer in balance of other receivables
+1,747
+其他應收款餘額第五大客戶
+Within 1 year
+一年以內
+0.01
+2
+18,445,299
+5,023
+Other receivables (continued)
+27.17
+5,023,445
+其他應收款(續)
+As at 31 December 2023, the top five other receivables
+amounts are as follows:
+於二零二三年十二月三十一日,其他應收款
+金額前五名如下:
+Percentage
+Closing
+of total other
+Provision for
+balance
+Aging
+receivables (%)
+佔其他應收
+款總額的比例
+bad debts
+年末餘額 賬齡
+(%)
+壞賬準備
+The largest customer in balance of other receivables
+其他應收款餘額第一大客戶
+13,412,130
+Within 1 year
+72.54
+13,412
+一年以內
+The second customer in balance of other receivables
+其他應收款餘額第二大客戶
+Within 1 year
+incurred)
+impairment
+credit losses
+(no credit
+impairment
+incurred)
+Stage 3
+第三階段
+Financial
+assets
+with credit
+impairment
+occurred
+(credit
+impairment
+incurred)
+整個存續期
+Total
+expected
+credit losses
+未來12個月
+預期信用
+損失
+整個存續期
+預期信用
+損失(未發生
+信用減值)
+損失(已發生
+信用減值)
+合計
+預期信用
+Opening balance
+credit losses
+年初餘額
+expected
+12-months
+BYD Company Limited
+342
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE
+FINANCIAL STATEMENTS OF THE COMPANY
+(CONTINUED)
+十七、公司財務報表主要項目註釋(續)
+2.
+Other receivables (continued)
+2.
+其他應收款(續)
+The change of provision for bad debts for other receivables
+based on the 12-months expected credit losses and the
+lifetime expected credit losses are as follows:
+其他應收款按照12個月預期信用損失及整個
+存續期預期信用損失分別計提的壞賬準備的
+變動如下:
+2023
+二零二三年
+Stage 1
+第一階段
+Stage 2
+第二階段
+Lifetime
+4,461
+4,461
+Opening balance transfer
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、公司財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS OF THE COMPANY
+(CONTINUED)
+2. Other receivables (continued)
+Other receivables (continued)
+2022
+2.
+其他應收款(續)
+其他應收款(續)
+二零二二年
+12-months
+(no credit
+expected
+credit losses
+未來12個月
+預期信用
+損失
+整個存續期
+預期信用
+損失(未發生
+信用減值)
+Stage 1
+第一階段
+Stage 2
+第二階段
+Lifetime
+expected
+人民幣千元
+RMB'000
+財務報表附註
+Notes to Financial Statements
+年初餘額在本年
+during the year
+階段轉換
+Provision for the year
+本年計提
+13,993
+-- 13,993
+Reversal for the year
+本年轉回
+Write-off during the year
+99.76
+本年轉銷
+本年核銷
+Other changes
+其他變動
+|||||
+Closing balance
+年末餘額
+18,454
+18,454
+Annual Report 2023
+二零二三年年報
+343
+Charge-off during the year
+Shenzhen Chuangxin Materials
+Co., Ltd.
+18,445
+345
+長期股權投資(續)
+二零二三年十二月三十一日(續)
+Changes for the year
+Investment
+Allowance
+Impairment
+Other
+gains under
+Other
+Other
+Cash
+for
+Closing
+provision
+Opening
+Increase of
+increase Decrease of
+equity comprehensive
+equity
+dividend impairment
+carrying
+3.
+at the end
+31 December 2023 (continued)
+(CONTINUED)
+70,902
+Shenzhen BYD Auto R&D Co., Ltd.
+深圳市比亞迪汽車研發有限
+公司
+5,000
+(5,000)
+BYD Auto Sales Co., Ltd.
+比亞迪汽車銷售有限公司 58,349
+1
+9,987
+1
+68,336
+BYD Company Limited
+346
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE
+FINANCIAL STATEMENTS OF THE COMPANY
+十七、公司財務報表主要項目註釋(續)
+3.
+Long-term equity investments (continued)
+3,921
+balance investment
+method
+536,461
+7,680
+BYD JAPAN
+BYD JAPAN株式會社
+16,153
+BYD Auto Industry Company
+Limited
+比亞迪汽車工業有限公司
+23,892,239
+230,586
+16,153
+24,122,825
+Huizhou BYD Industrial Co., Ltd.
+惠州比亞迪實業有限公司
+555,508
+179
+555,687
+Huizhou BYD Battery Co., Ltd.
+惠州比亞迪電池有限公司
+115,543
+2,693
+118,236
+Limited
+(Note) investment
+比亞迪半導體股份有限公司
+減值準備
+income movements
+declared
+provision
+amount
+of the year
+其他增加
+權益法下
+其他
+其他
+宣告
+計提
+年末
+年末
+年初餘額 追加投資
+(註) 減少投資
+投資收益
+綜合收益
+權益變動
+現金股利
+減值準備
+賬面價值
+BYD Semiconductor Company
+66,981
+北京比亞迪模具有限公司
+Beijing BYD Mould Co., Ltd.
+provision
+Opening
+Increase of
+increase Decrease of
+equity comprehensive
+equity
+dividend impairment
+carrying
+at the end
+balance
+investment
+(Note) investment
+method
+income movements
+declared
+provision
+amount
+of the year
+其他增加
+權益法下
+其他
+Closing
+其他
+for
+Other
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、公司財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS OF THE COMPANY
+(CONTINUED)
+Long-term equity investments
+3.
+31 December 2023
+3.
+長期股權投資
+二零二三年十二月三十一日
+Changes for the year
+本年變動
+Investment
+Allowance
+Impairment
+Other
+gains under
+Other
+Cash
+宣告
+計提
+年末
+6,498,996
+40,532
+6,539,528
+SHANGHAI BYD COMPANY LIMITED
+上海比亞迪有限公司
+382,894
+8,017
+390,911
+BYD Auto Co., Ltd.
+比亞迪汽車有限公司
+4,230,793
+23,114
+4,253,907
+BYD (H.K.) Co., Limited
+比亞迪(香港)有限公司
+32,508
+32,508
+Shanghai BYD Electric Vehicle Co., Ltd.
+上海比亞迪電動車有限公司
+9,000
+9,000
+公司
+深圳市比亞迪鋰電池有限
+BYD Lithium Battery Co., Ltd.
+35
+年末
+年初餘額
+追加投資
+(註) 減少投資
+投資收益
+綜合收益
+權益變動
+現金股利
+減值準備
+賬面價值
+Annual Report 2023
+二零二三年年報
+減值準備
+成本法:
+BYD USA Co., Ltd.
+比亞迪美國有限公司
+248
+248
+BYD Europe
+比亞迪歐洲公司
+755
+59
+755
+Cost method:
+二零二三年
+544,141
+Cost
+losses from disposal of trading financial assets and
+trading financial liabilities, other than effective value
+protection hedges relating to the Company's ordinary
+course of business
+Amount
+金額
+(1,022,447)
+2,187,382
+584,169
+Reversal of impairment provision for individually tested 單獨進行減值測試的應收款項減值準備轉回
+除同正常經營業務相關的有效套期保值業務
+外,非金融企業持有金融資產和金融負債產
+生的公允價值變動損益以及處置金融資產和
+金融負債產生的損益
+receivables
+Other non-operating income and expenses other than
+the above
+除上述各項之外的其他營業外收入和支出
+307,964
+Effect on income tax
+所得稅影響
+(407,457)
+Effects of non-controlling interests (after tax)
+少數股東權益影響(稅後)
+(97,399)
+26,167
+Total
+計入當期損益的政府補助(與正常經營業務密切
+相關,符合國家政策規定、按照確定的標準
+享有、對損益產生持續影響的政府補助除外)
+value change arising from trading financial assets
+and trading financial liabilities held and gains or
+BYD Company Limited
+350
+比亞迪股份有限公司
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+XVIII. SUPPLEMENTARY INFORMATION
+十八、補充資料
+非流動性資產處置損益,包括已計提資產減值
+準備的沖銷部分
+1.
+1. 非經常性損益明細表
+Gains or losses from the disposal of non-current assets
+(including the written-off portion of provisions for
+asset impairment)
+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 influence the
+profit and loss on an ongoing basis) charged to gains
+or losses for the period
+Non-financial business's gains or losses from fair
+Breakdown of non-recurring profit or loss
+合計
+1,578,379
+Annual Report 2023
+二零二三年年報
+Basic
+Diluted
+基本
+稀釋
+2023
+二零二三年
+Net profit attributable to ordinary shareholders 歸屬於母公司普通股股東的淨利潤
+of the parent company
+24.40
+Revenue
+(人民幣元)
+10.32
+扣除非經常性損益後歸屬於母公司
+attributable to ordinary shareholders of the
+parent company
+普通股股東的淨利潤
+23.12
+9.78
+9.78
+The Group did not have any dilutive potential ordinary shares.
+本集團無稀釋性潛在普通股。
+351
+Net profit after non-recurring profit or loss
+(%)
+每股��益
+淨資產收益率
+Notes to Financial Statements
+財務報表附註
+RMB'000
+人民幣千元
+1.
+XVIII. SUPPLEMENTARY INFORMATION (CONTINUED)
+Breakdown of non-recurring profit or loss (continued)
+The Group recognises non-recurring profit or loss in
+accordance with the provisions of "Explanatory Announcement
+No. 1 on Information Disclosure by Companies Offering
+Securities to the Public-Non-recurring Profits and Losses"
+(CSRC Announcement [2023] No.65)(《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》(證監會公告〔2023〕
+65號)).
+十八、補充資料(續)
+1.
+非經常性損益明細表(續)
+本集團對非經常性損益項目的確認按照《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》(證監會公告〔2023〕
+65號)的規定執行。
+2.
+Return ratio on net assets and earnings per share
+2.
+淨資產收益率和每股收益
+Weighted
+average
+return
+ratio on
+net assets
+(%)
+Earnings per share (RMB)
+加權平均
+1,950,851
+9,144,389
+10.32
+Total
+營業收入列示如下:
+2023
+2022
+二零二三年
+二零二二年
+Revenue from contracts with customers
+Sales of goods and construction services
+Rendering of services
+與客戶之間合同產生的收入
+銷售商品及建造服務
+6,041,303
+提供服務
+7,406,915
+344,467
+268,471
+Rental income
+Total
+租賃收入
+合計
+2,560,748
+183,208
+7,675,386
+31,620
+2,216,281
+7,707,006
+2,311,685
+2,743,956
+合計
+收入
+成本
+2022
+二零二二年
+Revenue
+收入
+成本
+Revenue from principal
+operations
+主營業務收入
+1,705,800
+1,692,277
+6,533,302
+5,191,243
+Other operating revenue
+其他業務收入
+1,038,156
+619,408
+1,173,704
+850,060
+Operating revenue is as follows:
+2,743,956
+7,707,006
+Cost
+349
+處置子公司的投資損失
+(3,976)
+(231)
+Investment income from investment in wealth
+management products and debt investment
+投資理財產品與債權投資產生的
+投資收益
+10,676
+11,557
+Dividend income from other investments on
+hand in equity instruments
+Investment loss on disposal of subsidiaries
+仍持有的其他權益工具投資的
+股利收入
+1,551
+Investment income from holding other non-
+current financial assets
+其他非流動金融資產在持有期間
+取得的投資收益
+2,124
+1,847
+處置交易性金融資產或負債的投資
+收益/(損失)
+13,796
+Annual Report 2023
+二零二三年年報
+(3,822)
+19,545
+1,350,000
+Investment income/(loss) from disposal of
+financial assets or liabilities for trading
+收合併範圍內子公司股利
+7,940,000
+Notes to Financial Statements
+RMB'000
+XVII. EXPLANATORY NOTES TO MAJOR ITEMS IN THE 十七、公司財務報表主要項目註釋(續)
+FINANCIAL STATEMENTS OF THE COMPANY
+(CONTINUED)
+5.
+Investment income
+5. 投資收益
+2023
+人民幣千元
+2022
+二零二二年
+Received dividends of subsidiaries within the
+scope of consolidation
+二零二三年
+7,203
+1,333
+Investment income generated from disposal of 處置長期股權投資產生的投資收益
+long-term equity investments
+財務報表附註
+1,160,891
+按權益法核算的長期股權投資收益
+582,746
+Income from long-term equity investments
+under equity method
+1,907,642
+in associates and joint
+Including: Investment income/(loss)
+3,123,801 3,487,407
+631,841 214,613 353,761
+2,270,196 1,695,227 1,723,678
+(57,134) (272,810) (808,695)
+(791,903)
+1,635,141
+投資收益
+Investment income
+5,253,459
+加:其他收益
+Add: Other income
+2,796,195
+利息收入
+Interest income
+1,316,350
+ventures
+1,721,136
+1,829,617
+以攤餘成本計量的
+金融資產終止
+其中:對聯營企業和合營
+922,078 1,779,696
+1,827,605
+504,407
+Total shareholders' equity
+股東權益合計
+679,547,670 493,860,646 295,780,147 201,017,321 195,641,593
+529,085,557 372,470,809 191,535,938 136,563,409 133,040,173
+138,810,065 111,029,299 95,069,671 56,874,274 56,762,289
+150,462,113 121,389,837 104,244,209 64,453,912 62,601,420
+Loss on derecognition
+amortised cost
+measured at
+of financial assets
+(186,837) (422,776)
+(145,295)
+(685,885)
+1,277,455
+收益(損失)
+企業的投資
+確認損失
+其中:利息費用
+Tax and surcharge
+3,014,032
+2019
+二零一九年
+RMB'000
+人民幣千元
+二零二零年
+RMB'000
+人民幣千元
+二零二一年
+RMB'000
+人民幣千元
+二零二二年
+RMB'000
+人民幣千元
+二零二三年
+RMB'000
+人民幣千元
+2020
+2021
+2022
+2023
+二零二三年十二月三十一日
+31 December 2023
+五年財務摘要
+Five Year Financial Summary
+比亞迪股份有限公司
+352
+BYD Company Limited
+1,303,259 1,090,656
+I. Operating revenue
+Less: Operating costs
+營業收入
+602,315,354 424,060,635 216,142,395 156,597,691 127,738,523
+1,786,927 3,762,610
+5,629,372
+4,140,997
+4,321,493
+4,345,897
+5,055,613
+1,560,596
+480,558,350 351,815,680 187,997,689 126,251,380 106,924,288
+10,349,628 7,267,110 3,034,878 2,154,415
+25,211,395 15,060,676 6,081,678
+13,461,708
+10,007,370 5,710,193
+39,574,945 18,654,453 7,990,974 7,464,861
+(1,474,894) (1,617,957)
+Including: Interest expenses
+財務費用
+研發費用
+Research and development expenses
+管理費用
+Administrative expenses
+銷售費用
+Selling expenses
+税金及附加
+減:營業成本
+Finance expenses
+parent company
+Less: Non-operating expenses
+Total shareholders' equity attributable to the
+(1,386,458)
+(857,475)
+(906,530)
+(139,176)
+90,364
+(10,836)
+77,067
+(14,264)
+(99,754)
+二、營業利潤
+38,103,095
+21,541,819
+4,631,992
+7,085,773
+2,312,288
+加:營業外收入
+減:營業外支出
+711,370
+(2,188,219)
+526,974
+資產減值損失
+資產處置收益
+II. Operating profit
+(519,134)
+Gains from changes in fair value
+公允價值變動收益
+257,740
+126,098
+47,356
+(51,267)
+9,749
+Impairment losses on credit
+信用減值損失
+(1,579,612)
+(989,521)
+(388,074)
+(951,902)
+(496,855)
+Impairment losses on asset
+Gains from disposal of assets
+Add: Non-operating income
+337,654
+281,660
+226,322
+Net profit attributable to Shareholders
+of the parent company
+Non-controlling interests
+Total assets
+五、按經營持續性分類
+持續經營淨利潤
+31,344,070
+17,713,104 3,967,266 6,013,963
+2,118,857
+六、按所有權歸屬分類
+歸屬於母公司所有者的淨利潤
+30,040,811
+16,622,448 3,045,188 4,234,267
+1,614,450
+少數股東損益
+資產總計
+Total liabilities
+負債合計
+VI.Classified by ownership
+Net profit from continuing operations
+V. Classified by continuity of operation
+2,118,857
+1,545,828
+989,064
+451,643
+484,846
+107,479
+III. Total profit
+三、利潤總額
+Less: Income tax expenses
+歸屬於母公司股東權益合計
+減:所得稅費用
+4,518,003 6,882,587
+550,737
+2,431,131
+868,624
+312,274
+IV.Net profit
+四、淨利潤
+31,344,070
+17,713,104 3,967,266 6,013,963
+37,268,637 21,079,729
+5,924,567 3,366,625
+(88,765) (299,523)
+(22,719)
+BYD Company Limited
+电动化
+智能座舱
+车身系统
+璇玑
+底盘系统
+三电系统
+e平台
+DMO
+云辇
+整车智能
+易四方
+In the field of new energy passenger vehicles, the Group will continue
+to deepen the R&D of core technologies for new energy vehicles,
+consolidate its existing electrification advantages and take the lead
+in the future development of intelligent automobiles. During the
+BYD Dream Day 2024 held in January 2024, the Group unveiled
+its Integrated Vehicle Intelligence strategy, the new strategy of the
+Group in relation to intelligent development, and showcased its
+technological achievements such as intelligent driving, intelligent
+parking, and intelligent cockpit, demonstrating the Group's strengths
+in intelligentization and its strategic plans for the future, and marking
+that the Group is leading the industry to pursue intelligent vehicles
+in a new direction. Based on the concept of "Integrated Vehicle
+Intelligence" and its advantages of vertical integration and full-stack
+self-development, and relying on its extensive experience in the
+electrification sector, the Group released “XUANJI”Architecture, the
+first intelligent architecture in the industry, and "XUANJI Al Large
+Model", the first dual-cycle multi-modal Al. The “XUANJI” Architecture
+is an important part of the integrated vehicle intelligence, realizing the
+efficient integration of electrification and intelligence with "one brain",
+“two ends”,“three networks", and “four chains”, making the driving
+experience safer, more efficient, and more personalized. The “XUANJI
+Al Large Model”, marking the first application of Al technology across
+all vehicular domains, possesses the largest data foundation in the
+industry, leading sample sizes, and high computing power, covering
+over 300 vehicular scenarios, endowing the Integrated Vehicle
+Intelligence system with the capacity for continuous adaptation.
+管理層討論與分析
+Management Discussion and Analysis
+比亞迪股份有限公司
+38
+BYD Company Limited
+本集團將堅定發展戰略,強化核心技術的自主可
+控,持續提升產品競爭力;緊抓市場消費趨勢,堅
+持以消費者需求為導向,持續推進多品牌矩陣建
+設;加速業務出海進程,以新能源汽車領域的全面
+實力,為全球消費者提供卓越的新能源汽車體驗,
+助力中國汽車產業引領全球新能源汽車浪潮。
+汽車及電池業務
+展望二零二四年,國際經濟環境依舊錯綜複雜,在
+供給側問題緩解和緊縮性貨幣政策的影響下,全球
+通脹呈下降趨勢,但經濟擴張的步伐依然緩慢,壓
+制全球經濟增長的長期因素未得到根本解決,地緣
+政治帶來的經濟風險仍不可忽視。儘管外部環境依
+舊複雜,中國將以「穩中求進、以進促穩、先立後
+破」的基調,持續擴大釋放內需新潛能,加快發展
+新質生產力,推動經濟在平穩運行中實現高質量發
+展。三月,國務院常務會議審議通過了《推動大規模
+設備更新和消費品以舊換新行動方案》,會議指出
+要堅持鼓勵先進、淘汰落後,積極開展汽車以舊換
+新,亦���好新能源汽車行業。預期二零二四年中國
+新能源汽車市場將延續強勁增長勢頭,進入千萬輛
+級時代,滲透率有望再突破。
+前景及策略
+The Group will adhere to its development strategy, strengthen
+the independency and controllability of its core technologies, and
+continue to enhance the competitiveness of its products. Focusing
+on market consumption trend and aligning with customer demands,
+the Group will further improve its multi-brand matrix. The Group will
+accelerate the business "going global" to provide global consumers
+with excellent new energy vehicle experience with its comprehensive
+strength in new energy vehicle area, and to help China's automobile
+industry to lead the global new energy vehicle trend.
+Automobiles and Batteries Business
+智能化
+智能驾驶
+Annual Report 2023
+二零二三年年報
+39
+本集團將積極把握市場機遇,持續戰略佈局核心技
+術研發及創新,加強垂直整合優勢,深化大客戶策
+略。在保持傳統業務行業領導地位的同時,前瞻佈
+局的新興業務的相關產品線將保持強勁發展勢頭,
+帶動本集團業務及收入規模持續壯大。
+手機部件及組裝業務
+二次充電電池方面,本集團將持續提升自主創新和
+研發能力,積極推進新技術應用及產品升級;進一
+步拓展客戶基礎和業務範圍,提升市場份額,推動
+相關業務持續發展。光伏業務方面,本集團將積極
+把握市場發展脈絡,着力技術研發,集中資源投
+入,推動產品轉型升級,以優質的產品迎接行業爆
+發性增長機遇。
+城市軌道交通方面,本集團將在綠色低碳、智能智
+慧、集成高效等方面不斷創新,將電動車產業鏈延
+伸到軌道交通領域,着力推廣低碳環保的城市軌道
+產品-「雲軌」及「雲巴」,不斷開拓城市應用和國際合
+作,助力城市打造低碳交通,實現綠色智能交通高
+質量、可持續發展。
+in traditional businesses, the forward-looking deployment in the
+relevant product lines of emerging businesses will maintain a strong
+development momentum, driving the continuous growth of the Group's
+business and revenue scale.
+The Group will proactively capture market opportunities, continue
+to put efforts on the R&D of core technologies, enhance its vertical
+integration advantage and deepen the strategy of developing
+major customers. While maintaining our industry-leading position
+Handset Components and Assembly Business
+In terms of rechargeable batteries, the Group will continue to
+enhance its independent innovation and R&D capabilities, actively
+promote the application of new technologies and product upgrades,
+further expand its customer base and business coverage, increase
+market shares and facilitate sustainable development of relevant
+businesses. In terms of photovoltaics business, the Group will actively
+grasp the development trend of the market, focus on technology
+R&D, concentrate resources, promote product transformation and
+upgrading, to usher in the explosive growth opportunities of the
+industry with high-quality products.
+In the field of urban rail transit, the Group will continue to innovate in
+the areas of green and low-carbon, intelligent and smart, integrated
+and efficient development, extend the electric vehicle industry
+chain to the field of rail transit, focus on promoting low-carbon and
+environmentally friendly urban rail transit products, namely "SkyRail"
+and "SkyShuttle", and continuously expand urban applications and
+international cooperation to help cities build low-carbon transportation
+and achieve high-quality and sustainable development of green and
+intelligent transportation.
+Management Discussion and Analysis
+管理層討論與分析
+41
+Looking ahead to 2024, the international economic environment will
+remain complex, with global inflation on a downward trajectory under
+the impact of easing supply-side problems and tightening monetary
+policy. However, the pace of economic expansion will remain slow
+since the long-term factors that have been weighing on global growth
+have not yet been resolved fundamentally, and the economic risks
+posed by geopolitics will remain material. Despite the complexity of
+the external environment, China will continue to expand and unleash
+the new potential of domestic demand, accelerate the development of
+new quality productive forces, and push the economy to achieve high
+quality development in a stable operation under the general principles
+of "pursuing progress while ensuring stability, promoting stability
+through progress, and establishing the new before abolishing the
+old". In March, the executive meeting of the State Council considered
+and passed the Action Plan for the Promotion of the Large Scale
+Equipment Renewal and Trade-in of Consumer Goods, pointing out
+that we should adhere to the principle of encouraging the advanced
+and eliminating the backward, and actively carrying out the trade-
+in of automobiles, which is also favorable to the new energy vehicle
+industry. It is expected that China's new energy vehicle market will
+continue to grow strongly in 2024, and the production capacity will
+exceed 10 million units, with penetration rate hitting another record
+high.
+Annual Report 2023
+二零二三年年報
+In the field of battery electric buses, the Group will continue to
+empower low-carbon upgrades in global public transportation
+systems, provide sustainable, zero-pollution and intelligent public
+transportation solutions to different countries and regions, launch
+zero-emission, high quality, green and environmentally friendly public
+transportation products and services recognized by the market
+through efficient and leading-edge innovative technologies, and
+promote rapid and healthy development of a low-carbon society.
+BYD EXPLORER NO.1
+(YD)
+海外乘用車業務領域,本集團憑藉新能源領先優
+勢,加速開拓海外市場,拓寬產品矩陣,繼續攜手
+合作夥伴深耕海外各地市場,為全球消費者提供差
+異化、有競爭力的產品和優質的服務。一月,本集
+團首條汽車運輸滾裝船首航成功,標誌着本集團海
+外市場拓展進入新階段。未來亦將有更多滾裝船陸
+續投入運營,為本集團汽車出海提供充足的運力保
+障,也推動整個汽車出口行業的可持續發展。
+In the field of overseas passenger vehicle business, the Group
+leveraged its leading strengths in the new energy vehicle sector to
+accelerate its overseas markets expansion and expand its product
+matrix. The Group will continue to work together with its partners
+to develop overseas markets and provide global consumers with
+differentiated, competitive products and quality services. In January,
+the first Ro-Ro ships for automobile transportation of the Group
+successfully made its maiden voyage, marking a new phase in the
+overseas market expansion of the Group. In the future, more Ro-
+Ro ships will be put into operation, providing ample transportation
+capacity for the Group's vehicles to go abroad and also promoting the
+sustainable development of the entire automobile export industry.
+Management Discussion and Analysis
+管理層討論與分析
+比亞迪股份有限公司
+40
+本集團持續推進多品牌策略,不斷完善產品矩陣,
+開啟全新產品週期,多款新車型陸續釋放,以滿足
+消費者差異化的購車需求。「比亞迪」品牌方面,二
+月,「秦PLUS榮耀版」和「驅逐艦05榮耀版」正式上
+市,在煥新升級的同時實現「電比油低」,以遠超同
+級燃油車的高價值產品力,為用戶帶來新能源進階
+用車體驗。「騰勢」品牌方面,智能豪華獵跑SUV⌈騰
+勢N7」智能化全新升級,將「天神之眼」和「雲輦-A」
+(標準版)高效融合,使得「騰勢N7」的智能駕駛功能
+更加舒適、安全。「仰望」品牌方面,純電性能超跑
+「仰望U9」二月正式上市,基於「易四方」、「雲輦-X」
+兩大核心技術,配合優秀的車身、氣動、智能化等
+行業頂尖技術,跳出傳統超跑的性能和體驗框架,
+用「可賽、可街、可玩」的用戶體驗,重新構建新時
+代的超跑價值標桿。「方程豹」品牌方面,首款硬派
+SUV⌈豹5雲輦旗艦版」亦於一月正式開始交付,進一
+步為用戶帶來更完整舒適的硬派SUV駕乘體驗。
+The Group will continue to advance its multi-brand strategy, constantly
+refines its product matrix and initiates new product cycles. Several
+vehicle models will be launched to satisfy the differentiated needs of
+consumers. With respect to the “BYD” brand, the “Qin PLUS Glory
+Edition” and “Destroyer 05 Glory Edition” were officially launched in
+February, representing an upgrading of the previous editions and
+realizing "NEV cheaper than ICE". These two editions provide users
+with advanced new energy vehicle experience with high-value product
+competitiveness that are far superior to those of comparable fuel-
+powered vehicles. For “Denza” brand, the luxury shooting-brake SUV
+“Denza N7” was upgraded with a new level of intelligence, efficiently
+integrating the “God's Eye” with the“DiSus-A” (standard version).
+This allows "Denza N7" to offer more comfortable and safer intelligent
+driving. As for the “Yangwang” brand,“Yangwang U9", the pure
+electric supercar, was officially launched in February. Based on the
+two core technologies of “ed Platform” and “DiSus-X", as well as the
+excellent bodywork, aerodynamics, intelligentization and other top
+technologies in the industry, "Yangwang U9" comes with unparalleled
+performance and experience. Beyond the traditional supercar
+performance and experience, "Yangwang U9" offers the tastes of
+“track racing, urban driving and leisure off-road fun", and it redefines
+the value benchmark of the supercars. The "FANGCHENGBAO" brand
+delivered “Bao 5 DiSus Flagship Edition" in January, which is the first
+hardcore SUV under the brand, and further brings a more complete
+and comfortable hardcore SUV driving experience to users.
+Management Discussion and Analysis
+管理層討論與分析
+純電動大巴領域,本集團將繼續助力全球公交系統
+的綠色升級,為不同國家和地區帶來可持續、零污
+染、智能化的公共交通解決方案,通過高效領先的
+創新技術,推出受市場認可的零排放高質量綠色環
+保公共交通產品及服務,促進低碳社會快速普及健
+康發展。
+PROSPECT AND STRATEGY
+在新能源乘用車領域,本集團將繼續深化核心技術
+研發,夯實電動化上半場優勢,引領智能化下半場
+發展。一月,本集團舉辦「2024比亞迪夢想日」發
+佈會,首發智能化發展全新戰略「整車智能」並展示
+智能駕駛、智能泊車、智能座艙等眾多技術成果,
+展現本集團的智能化實力和未來戰略佈局,引領行
+業智能化發展新方向。本集團從「整車智能」理念出
+發,基於垂直整合、全棧自研的優勢以及電動化領
+域的積累,發佈行業首個智電融合的智能化架構⌈璇
+璣」架構及首創雙循環多模態AI「璇璣AI大模型」。「璇
+璣」架構是整車智能的重要組成部分,以「一腦」、
+「兩端」、「三網」、「四鏈」實現了電動化與智能化的高
+效融合,讓駕乘體驗更安全、更高效、更個性。「璇
+璣AI大模型」首次將人工智能應用到車輛全領域,擁
+有業界最龐大的數據底座、行業領先的樣本量和高
+算力,覆蓋整車三百多個場景,賦予整車智能持續
+進化的能力。
+37
+對外合作方面,本集團持續加強與全球不同專業領
+域夥伴的合作。年內,本集團與全球領先的人工智
+能計算製造商英偉達深化合作,雙方強強聯手、優
+勢互補,為廣大消費者打造更加安全且智能的汽
+車;本集團亦與濰柴動力簽署戰略合作協議,利用
+雙方優勢在新能源領域建立更加全面、深度的戰略
+合作關係,助力我國新能源商用車產業化發展邁向
+新階段;此外,本集團與國家電投達成戰略合作協
+議,雙方將以「優勢互補、互惠互利、開放合作、共
+同發展」的原則,在清潔能源、戶用儲能、綜合智慧
+零碳電廠、科技研發、工業園區綠能替代及國際業
+務等領域開展全方位深入合作,共同促進綠色低碳
+能源發展。
+In terms of external cooperation, the Group continuously strengthened
+cooperation with leading partners in different professional fields
+around the world. During the year, the Group deepened its
+cooperation with Nvidia, the world's leading artificial intelligence
+computing manufacturer, to jointly develop vehicles that are safer
+and intelligent for consumers. The Group also signed a strategic
+cooperation agreement with Weichai Power to establish a more
+comprehensive and in-depth strategic cooperation relationship in the
+new energy field by utilizing the advantages of both parties, thereby
+helping China's new energy commercial vehicle industrialization
+development toward a new stage. Furthermore, the Group entered
+into a strategic cooperation agreement with State Power Investment
+Corporation ("SIPC”), under which the two parties will carry out
+all-round and in-depth cooperation in the fields of clean energy,
+household energy storage, integrated intelligent zero-carbon
+power plant, technology research and development, green energy
+substitution in industrial parks and international business on the
+basis of the principles of "mutual complementarity, mutual benefit,
+open cooperation and common development", with a view to jointly
+promoting the development of green and low-carbon energy.
+Management Discussion and Analysis
+管理層討論與分析
+比亞迪股份有限公司
+34
+BYD Company Limited
+B6
+城市軌道交通領域,本集團圍繞解決城市微循環和
+最後一公里問題,穩步推進具有完全自主知識產權
+及全產業鏈核心技術的中運量「雲軌」和低運量「雲
+巴」的應用,為解決全球城市治理交通擁堵問題提供
+有效方案。「雲巴」項目方面,五月,全球首條定位
+休閑旅遊的湖南湘江新區大王山雲巴正式開通,有
+效帶動區域旅遊產業升級,推動都市休閑旅遊產業
+融合發展。十一月,西安高新雲巴實現全線軌通,
+該線路所經行區是西安高新區的核心區域,貫穿
+區域內重要的交通走廊,覆蓋沿線主要的客流集散
+點,有力助推低碳、智能的立體化交通出行方式,
+為西安城市交通暢行提速。
+In the field of urban rail transit, the Group focused on solving urban
+microcirculation and last mile problems by steadily promoting the
+application of the medium-capacity “SkyRail" and low-capacity
+"SkyShuttle" with proprietary intellectual property rights, providing
+effective solutions to traffic jams in cities all over the world. For
+"SkyShuttle" project, the SkyShuttle line of Dawang mountain in
+Xiangjiang New Area, Hunan, the world's first SkyShuttle line for
+leisure tourism, was officially open to tourists in May, effectively
+driving the upgrading of the regional tourism industry and promoting
+the integrated development of urban leisure tourism industry. In
+November, the SkyShuttle line of Xi'an High-tech Zone was full-
+line connected. Offering accessibility to core areas of the zone, the
+line runs through important transportation corridors within the zone,
+covering the main passenger flow collector-distributor points along
+its route. The line provides a strong boost for the low-carbon and
+intelligent three-dimensional traffic travel mode, contributing to the
+development of transport sector of the city.
+Management Discussion and Analysis
+管理層討論與分析
+33
+Annual Report 2023
+二零二三年年報
+純電動大巴領域,本集團持續深化市場佈局,以領
+先技術不斷推出優質產品,並攜手眾多合作夥伴持
+續提升城市公交服務質量,推進全球公交電動化變
+革。期內,本集團積極開拓海外市場,助力出海大
+巴銷量持續增長。十月,本集團與烏茲別克斯坦首
+都塔什干市政府簽訂協議,向當地提供2,000台電動
+大巴,為當地市民提供安全、可靠、舒適、清潔的
+出行方式,以及營造更舒適的城市環境。十二月,
+本集團向墨西哥城交通政府部門交付了首批電動大
+巴並投入運營,助力墨西哥城實現綠色交通轉型。
+Management Discussion and Analysis
+管理層討論與分析
+此外,本集團秉承合作共贏的理念,不斷加強與國
+際夥伴在汽車電動化發展方面的合作,積極推進本
+地化生產進程,攜手眾多全球優質經銷商,為當地
+消費者提供優質的新能源汽車產品及服務,推動全
+球汽車電動化轉型。三月,本集團首個海外乘用車
+生產基地在泰國奠基,為當地新能源汽車市場發展
+注入新的活力。七月,本集團宣佈將在巴西設立大
+型生產基地綜合體,加速新能源汽車在當地的普及
+與應用。九月,本集團與烏茲別克斯坦共和國投
+資、工業與貿易部簽署投資協議,進一步為本集團
+與UZAVTOSANOAT JSC的合資企業在整車和零部
+件生產等方面提供有力支持。十二月,本集團宣佈
+將在匈牙利打造全球領先的新能源汽車整車製造基
+地,積極推動中匈之間的技術交流與創新,進一步
+深化歐洲市場佈局。
+In the field of battery electric buses, the Group carried out in-
+depth market development, launched quality products with leading
+technology, and worked with various partners to continuously improve
+the quality of urban public transportation services and lead the
+transformation of electrification of the global public transportation.
+In October, the Group signed an agreement with the municipal
+government of Tashkent, the capital city of Uzbekistan, to supply 2,000
+electric buses to the local government to provide local citizens with a
+safe, reliable, comfortable and clean means of transportation, as well
+as to create a more comfortable urban environment. In December, the
+Group delivered the first batch of electric buses to the Mexico City
+Transportation Government Department and those buses have been
+put into operation, helping Mexico City to realize green transportation
+transformation.
+In 2023, despite the challenges posed by intensified competition in
+the automobile industry and the termination of new energy vehicle
+subsidies, satisfactory profitability continued in the new energy
+passenger car business of the Group by virtue of the improving brand
+power, the fast-growing overseas sales volume, the expanding scale
+and the strong industry chain cost control capability, coupled with the
+fall in prices of upstream raw materials.
+In addition, adhering to the concept of win-win cooperation, the Group
+continued to strengthen cooperation with international partners in the
+development of vehicle electrification, made active efforts to achieve
+localized production, and joined hands with many high-quality global
+dealers to provide local consumers with high-quality new energy
+vehicle products and services, thereby promoting the transformation
+of global vehicle electrification. In March, the foundation stone of the
+Group's first overseas passenger vehicle production base was laid in
+Thailand, injecting new vitality into the development of the local new
+energy vehicle market. In July, the Group announced that it would
+establish a large-scale manufacturing base complex in Brazil to
+accelerate the popularization and application of new energy vehicles
+in the country. In September, the Group entered into the investment
+agreement with the Ministry of Investment, Industry and Trade of the
+Republic of Uzbekistan, which provides strong support to the joint
+venture established in collaboration of the Group and UZAVTOSANOAT
+JSC to boost production of vehicles and auto parts. In December, the
+Group announced that a world-class new energy vehicle production
+base would be built in Hungary, which demonstrated its active efforts
+to enhance technological exchanges and innovation with Hungary and
+to further develop the European market.
+管理層討論與分析
+Management Discussion and Analysis
+比亞迪股份有限公司
+32
+BYD Company Limited
+In terms of rechargeable batteries, the Group continued to carry out in-
+depth development and maintained its leading position in technology
+in China. Product R&D and capacity expansion went smoothly during
+the year, which contributed to the steady development of the battery
+business. While meeting inner power battery demand, the Group also
+continued to actively expand external customers and accelerate the
+market-oriented deployment. Thanks to extensive efforts in energy
+storage market in the past years, the Group's energy storage business
+covered such areas of applications as power source energy storage,
+grid energy storage, industrial and commercial energy storage,
+household energy storage, providing global customers with full-
+scenario, full-value and ecosystem-based technology and product
+solutions and facilitating the new energy storage industry to achieve
+leapfrog development. In respect of the photovoltaic business, under
+the guidance of the "carbon peaking and carbon neutrality" goal,
+the Group accelerated new technology R&D to further build up its
+comprehensive competitive advantages and prepare for the rapid
+development of the industry.
+二零二三年,儘管面對汽車行業競爭加劇、新能源
+汽車補貼取消的挑戰,本集團憑藉不斷提升的品牌
+力、快速增長的出海銷量、持續擴大的規模優勢和
+強大的產業鏈成本控制能力,叠加上游原材料價格
+回落,本集團新能源乘用車業務繼續保持良好的盈
+利能力。
+Annual Report 2023
+二零二三年年報
+二次充電電池方面,本集團持續深耕,技術規模國
+內領先,年內產品研發及產能提升進展順利,助力
+電池業務穩步發展。在保障自身動力電池需求的同
+時,本集團亦持續積極拓展外部客戶,加速市場化
+佈局。在儲能業務領域,本集團深耕儲能市場多
+年,全面覆蓋電源側儲能、電網側儲能、工商業儲
+能、家庭儲能等應用領域,為全球客戶提供全場
+景、全價值、全生態的儲能解決方案,推動新型儲
+能產業實現跨越式發展。光伏業務方面,在「雙碳」
+目標的引領下,本集團加速新技術研發佈局,進一
+步構建綜合競爭優勢,為行業的快速發展做好準
+備。
+Annual Report 2023
+二零二三年年報
+重大收購方面,本集團旗下控股子公司比亞迪電子
+(國際)有限公司(「比亞迪電子」)於二零二三年十二月
+二十九日完成收購全球最大電子製造服務及解決方
+案提供商之一Jabil Inc.的移動電子製造業務。此項
+收購將拓展比亞迪電子的客戶與產品邊界,拓寬智
+能手機零部件業務,助推產業升級。
+新型智能產品業務方面,本集團積極完善AI服務器
+及其他高增長賽道的佈局,不斷深化與各板塊的行
+業頭部客戶緊密合作,無人機、智能家居、遊戲硬
+件等業務板塊持續穩健發展,市場份額不斷提升。
+In terms of material acquisitions, BYD Electronics (International)
+Company Limited (“BYD Electronics"), a majority-owned subsidiary
+of the Group, completed the acquisition of the mobile electronics
+manufacturing business of Jabil Inc., one of the world's largest
+electronic manufacturing services and solutions providers, on 29
+December 2023. The acquisition will expand the customer and
+product boundaries of BYD Electronics, broaden the smartphone
+components business, and boost industrial upgrading.
+a steady development of its businesses in such segments as drones,
+smart homes and gaming hardware, with an increasing market share.
+管理層討論與分析
+Management Discussion and Analysis
+比亞迪股份有限公司
+36
+BYD Company Limited
+消費電子業務方面,本集團憑藉領先的科研優勢及
+卓越的產品設計製造實力,持續深化與大客戶的戰
+略合作,以行業領先的技術實力助力客戶產品的迭
+代和創新,並不斷發掘業務增長潛力,在充滿挑戰
+的市場環境下仍穩步擴大市場份額,鞏固自身行業
+龍頭地位。本集團在海外大客戶核心產品的份額進
+一步提升,新品類的結構件項目進展理想,實現業
+務規模大幅增長。本集團亦持續聚焦為安卓市場的
+旗艦產品提供全方位服務,智能手機市場需求於二
+零二三年下半年有所回暖,本集團的安卓業務保持
+穩健發展。
+In terms of the new intelligent product business, the Group actively
+enhanced its arrangements in Al servers and other high-growth
+segments, and continued to deepen its close cooperation with
+industry-leading customers in various segments. The Group gained
+Handset Components and Assembly Business
+LEICA
+LEICA
+本集團是全球領先的高科技創新產品提供商,依託
+電子信息技術、人工智能技術、5G和物聯網技術、
+熱管理技術、新材料技術、精密模具技術和數字化
+製造技術等核���優勢,為全球客戶提供一站式產品
+解決方案。本集團業務廣泛,涵蓋消費電子、新型
+智能產品等多元化領域。依託於業界領先的研發和
+製造實力、高效規模化的生產經驗、多元的產品
+組合以及豐厚的客戶資源,本集團積極提升市場份
+額,持續加快佈局具有增長潛力的新賽道,在複雜
+嚴峻的市場環境下,業務結構進一步優化,成本管
+控能力提升,盈利能力顯著改善。
+手機部件及組裝業務
+35
+The Group is a global leading provider of high-tech and innovative
+products, providing customers around the world with one-stop product
+solutions relying on its core advantages in electronic information,
+Al, 5G and Internet of Things, thermal management, new materials,
+precision molds and digital manufacturing technologies to provide
+customers around the globe with one-stop products solutions. With a
+wide range of businesses, the Group engages in diversified market
+segments, such as consumer electronics and new intelligent products.
+With industry-leading R&D and manufacturing strength, efficient mass
+production experience, diversified product portfolio and abundant
+customer base, the Group actively increased its market share and
+moved faster to extend its presence to new segments with potential
+for growth. Amid the severe market environment, the Group saw a
+significant profitability improvement thanks to the further optimization
+in business structure and cost control enhancement.
+With respect to the consumer electronics business, the Group, relying
+on top-notch R&D and solid product design and manufacturing
+capabilities, continued to deepen its strategic cooperation with key
+customers, facilitated customers in the iteration and innovation of
+their products based on its industry-leading technological capabilities
+and tapped into the potential for securing more businesses from
+customers. As a result, the Group still achieved an increase in market
+share, further consolidating its leading position in the industry amid
+the challenging market. The Group experienced a further growth of its
+market share in the core products of major overseas customers, and
+projects of new product categories were also in desired progress,
+resulting in significant growth in business scale. The Group also
+continued to focus on providing full range of services for flagship
+products in the Android market. Group's Android business maintained
+steady growth as demands in the smartphone market picked up in the
+second half of 2023.
+管理層討論與分析
+Management Discussion and Analysis
+二零二二年員工持股計劃
+比亞迪股份有限公司
+茲提述本公司日期為二零二二年四月二十二日的公
+告及日期為二零二二年五月五日的通函(「該通函」),
+內容有關(其中包括)採納員工持股計劃(草案)。本公
+司股東於本公司於二零二二年五月二十七日舉行的
+臨時股東大會上批准採納。
+announces that the last batch of the underlying shares is transferred
+The term of the Employee Share Ownership Plan shall be 48 months
+from the date on which the Employee Share Ownership Plan is
+considered and approved at the general meeting and the Company
+to the Employee Share Ownership Plan. Thus, the remaining life of
+the Employee Share Ownership Plan is about 31 months as at 31
+December 2023.
+本次員工持股計劃為本公司的一項酌情員工持股計
+劃,並不涉及授出發行新股份或本公司任何其他新
+證券的期權。
+BYD Company Limited
+公司回購專用證券賬戶所持有的5,511,024股公司股
+票已全部完成授予,緊接授予日前一交易日公司A
+股股票收盤價為人民幣323.00元/股。於本報告日
+期,上述過戶股票數量約佔公司已發行的總股本的
+比例為0.189%。
+本次員工持股計劃第一個鎖定期已於二零二三年七
+月十五日屆滿,已解鎖比例為本次員工持股計劃
+持有公司股票總數的30%,對應的標的股票數量為
+1,653,307股A股股票,佔本公司於本報告日期總股
+本2,911,142,855股的0.057%。於解鎖日前一交易
+日,本公司A股股票的收盤價為人民幣264.41元/
+股。
+本次員工持股計劃的存續期為48個月,自本員工
+持股計劃經股東大會審議通過且公司公告最後一筆
+標的股票過戶至本員工持股計劃名下之日起算。因
+此,截至二零二三年十二月三十一日,員工持股計
+劃剩餘期限約為31個月。
+50
+Management Discussion and Analysis
+The first lock-up period of the Employee Share Ownership Plan had
+expired on 15 July 2023, and 30% of the total number of shares of
+the Company maintained under the Employee Share Ownership Plan
+were vested, which corresponds to 1,653,307 A shares, representing
+0.057% of the total share capital of the Company of 2,911,142,855
+shares as at the date of this report. The closing price of the Company's
+A shares was RMB264.41 per share on the trading day immediately
+preceding the vesting date.
+本次員工持股計劃有利於本公司建立和完善利益共
+享機制,提高員工凝聚力和本公司競爭力,實現企
+業的長遠可持續發展。參與對象包括本公司的職工
+代表監事、高級管理人員以及比亞迪集團的中層管
+理人員、核心骨幹員工,不包括本公司董事及最
+高行政人員及其聯繫人,參與本員工持股計劃的總
+人數不超過12,000人,單個員工所持員工持股計劃
+份額所對應的股票總數累計不超過公司股本總額的
+1%。本次員工持股計劃通過非交易過戶等法律法規
+允許的方式受讓公司回購的公司A股股票,受讓價格
+為人民幣0元/股,參與對象無需出資。
+5,511,024 shares held by the designated securities repurchase
+account of the Company have been granted, and the closing price
+of the Company's A shares was RMB323.00 per share on the trading
+day immediately preceding the grant date. The aforesaid number of
+shares transferred accounted for approximately 0.189% of the total
+issued share capital of the Company as at the date of this report.
+Foreign talents: To support the development of the Company's
+overseas business and to establish a standardized international
+talent training system, BYD has set up training courses for overseas
+employees and those who will be working abroad. The voyage
+program starts from the common issues of employees going abroad
+and legal compliance, covering multi-dimensional courses such
+as basic knowledge of going abroad, compliance management,
+corporate culture and cross-culture management. At the same time, to
+strengthen the understanding, identification and job honor of overseas
+new employees, a series of training named "Flying Wings" is set up for
+new overseas employees.
+The Employee Share Ownership Plan is a discretionary employee
+share ownership plan of the Company and does not involve the grant
+of options to issue new Shares or any other new securities of the
+Company.
+管理層討論與分析
+管理層討論與分析
+Management Discussion and Analysis
+比亞迪股份有限公司
+48
+Furthermore, the Group had also adopted the 2022 Employee Share
+Ownership Plan (the "Employee Share Ownership Plan") and the
+Share Option Incentive Scheme of BYD Semiconductor Company
+Limited (the“Subsidiary Share Option Scheme"), which were
+approved by the Shareholders at the extraordinary general meeting of
+the Company held on 27 May 2022 and 16 June 2021, respectively.
+For further details of the Employee Share Ownership Plan and the
+Subsidiary Share Option Scheme, please refer to the sections headed
+“2022 Employee Share Ownership Plan” and “Subsidiary Share Option
+Scheme" below of this report respectively.
+The Employee Share Ownership Plan is beneficial for the Company
+to establish and improve the benefit sharing mechanism, enhance
+the cohesion of employees and the competitiveness of the Company,
+realizing its long-term sustainable development. Participants include
+employee representative supervisors, senior management of the
+Company, middle level management and core backbone employees
+of BYD Group (other than the Directors and chief executives of
+the Company and their respective associates). The total number
+of participants of the Employee Share Ownership Plan shall not
+exceed 12,000 persons. The entitlement of each participant under
+the Employee Share Ownership Plan should not exceed 1% of total
+share capital of the Company. The Employee Share Ownership Plan
+transfers the A Shares of the Company repurchased through non-
+trading transfer and other methods permitted by laws and regulations.
+The transfer price is RMBO per share, and the participants do not
+need to make payments.
+海外人才:為助力公司海外業務的發展,搭建規範
+的國際人才培養體系,開設面向海外員工及出海員
+工的培訓課程。航海計劃從出海員工常見問題、合
+法合規兩個角度出發,涵蓋了出境基礎知識、合規
+管理、企業文化、跨文化管理等多維度課程。同時
+為加強境外入職員工對公司的了解、認同和崗位榮
+譽感,面向海外入職新員工設置「Flying Wings」系列
+培訓。
+Annual Report 2023
+二零二三年年報
+49
+Management Discussion and Analysis
+管理層討論與分析
+2022 EMPLOYEE SHARE OWNERSHIP PLAN
+Reference is made to the announcement dated 22 April 2022 and the
+circular dated 5 May 2022 (the “Circular") of the Company in relation
+to, among others, the adoption of the Employee Share Ownership
+Plan (draft). The adoption was approved by the Shareholders at the
+extraordinary general meeting of the Company held on 27 May 2022.
+此外,本集團亦已採納二零二二年員工持股計劃
+(「員工持股計劃」)及比亞迪半導體股份有限公司股權
+期權激勵計劃(「子公司股權期權計劃」),均已獲本公
+司股東分別於二零二二年五月二十七日及二零二-
+年六月十六日舉行的臨時股東大會上批准。有關員
+工持股計劃及子公司股權期權計劃的進一步詳情,
+請分別參閱本報告以下「二零二二年員工持股計劃」
+及「子公司股權期權計劃」章節。
+For details of the Employee Share Ownership Plan and repurchase of
+A Shares of the Company, please refer to the table below and note XIII
+to the financial statements in this report.
+二零二三年,比亞迪以「用優秀培養優秀,讓成功複
+製成功」的核心人才發展理念搭建了比亞迪特色人
+才培養體系,致力於打造多層次、全領域的學習型
+發展組織,建立線上線下多重培訓渠道,創新培訓
+形式,通過理論面授、案例研討、技能比武、實戰
+模擬等多種方式,持續提升公司人才競爭力,夯實
+人才厚度。為萃取總結比亞迪自成立以來的寶貴經
+驗,全集團組織案例開發與運用專項活動,共收穫
+百餘篇優秀案例,覆蓋技術、營銷、運營、綜合四
+大領域,真正實現隱性經驗可視化、優秀經驗複製
+化。基於E-learning在線學習平台的不斷優化,二零
+二三年,比亞迪累計內生課程1,592門,平台課程資
+源已過8,381門。全年線上線下培訓課時達4,881萬
+學時,人均69課時,員工崗位培訓覆蓋率100%。
+零二三年,培訓成本累計投入超1億元。
+Employee Share Ownership Plan during the Reporting Period and up
+to the date of this report:
+immediately
+No. of
+A shares
+cancelled
+No. of
+A shares
+of A shares
+No. of
+available for
+4141144
+BYD Company Limited
+grant/
+during the vested during
+Reporting
+A shares
+Closing price
+A shares
+No. of
+有關本次員工持股計劃及回購本公司A股股份具體內
+容詳見下方表格以及本報告財務報表附註十三。
+下文載列於本報告期內及直至本報告日期本次員工
+持股計劃項下A股股票的變動詳情:
+ungranted as at
+the Reporting
+1 January 2023
+Period
+Period
+於
+No. of
+A shares
+available for
+No. of
+unvested
+A shares
+granted
+List out below are the details of movement of the A shares under the
+專項人才:為提升企業內部員工的創新能力、團隊
+協作能力、專業素養和管理素質,提高企業的綜合
+競爭力,比亞迪針對銷售人員、品質管理人員、採
+購系統人員、技術人才等類型人員開展專項培養項
+目。例如,為應對社會技工荒,比亞迪通過搭建技
+能人才發展通道,完善晉升體系,建立職業技能人
+才評價體系、技能人才職級體系、技能人才薪酬體
+系;同時完善技能人才培訓、考核、任用與待遇相
+結合的激勵機制,樹立崇尚技能、重視技能、勉勵
+技工不斷學習進步的文化氛圍。比亞迪以師徒制解
+決育人問題,以建設技能通道解決留人問題,最終
+建立了從「技能培養-內培出師-獨立頂崗- 技能提
+升」的技能人才內生供應鏈。
+Management Discussion and Analysis
+管理層培養:為提升各層級管理人員綜合能力,比
+亞迪針對管理人員搭建「1+X」課程體系,在集團引領
+方向的同時,開發與崗位貼合的專有課程。同時,
+通過對案例的復盤、萃取,向優秀對標,向標桿看
+齊,實現優秀經驗的傳承與複製,持續推進對各層
+幹部的高效賦能。
+管理層討論與分析
+Gross Profit and Margin
+During the Year, the Group's gross profit increased by approximately
+68.53% to approximately RMB121,757_million. Gross profit margin
+increased from approximately 17.04% in 2022 to approximately
+20.21% during the Year. The gross profit margin increased in
+comparison with 2022, mainly attributable to the growth of new energy
+vehicle business.
+Liquidity and Financial Resources
+preceding the
+During the Year, BYD recorded an operating cash inflow of
+approximately RMB169,725 million,compared with that of
+approximately RMB140,838 million in 2022. The cash inflow of the
+Group during the Period was mainly attributable to the increase in
+cash generated from the sales of goods and provision of services.
+Total borrowings as at 31 December 2023, including all bank loans,
+were approximately RMB36,545 million, compared with approximately
+For the year ended 31 December 2023, turnover period of receivables
+(including trade receivables, contract assets and receivables
+financing) was approximately 43 days, as compared to approximately
+53 days for the same period in 2022, which was mainly due to the
+fact that the increase of trade receivables balance in average was
+lower than that of sales revenue over the same period. The inventory
+turnover period was approximately 64 days for the year ended 31
+December 2023 as compared to approximately 64 days for the same
+period in 2022, which remained basically the same as compared to
+the previous period.
+Please refer to notes V.24, 33 and 35 to the financial statements for
+details of financial resources.
+毛利及邊際利潤
+本集團年內的毛利約上升68.53%至約人民幣
+121,757百萬元。毛利率由二零二二年約17.04%上
+升至年內約20.21%。毛利率較二零二二年上升,主
+要是新能源汽車業務增加所致。
+流動��金及財務資源
+年內,比亞迪錄得經營現金流入約人民幣169,725
+百萬元,而二零二二年則錄得經營現金流入約人民
+幣140,838百萬元。本集團期內現金流入主要是銷
+售商品,提供勞務收到的現金增加所致。於二零二
+三年十二月三十一日的總借貸包括全部銀行貸款,
+約為人民幣36,545百萬元,而二零二二年十二月三
+十一日的總借貸包括銀行貸款及債券,為約人民幣
+18,517百萬元。銀行貸款的到期還款期限分佈在五
+年期間,分別須於一年期內償還約人民幣24,570百
+萬元,於第二至五年期內償還約人民幣11,975百萬
+元。本集團擁有足夠的流動性以滿足日常流動資金
+管理及資本開支需求,並控制內部經營現金流量。
+RMB18,517 million of total borrowings as at 31 December 2022,
+including all bank loans and bonds. The maturity profile of the bank
+loans thereof spreads over a period of five years, with approximately
+RMB24,570 million repayable within one year, and approximately
+RMB11,975 million repayable within the second to the fifth years. The
+Group had adequate liquidity to meet its daily liquidity management
+and capital expenditure requirements and control internal operating
+cash flows.
+截至二零二三年十二月三十一日止年度,應收類款
+項(含應收賬款、合同資產、應收款項融資)週轉期
+約為43天,二零二二年同期約為53天,變化的主要
+原因為應收賬款平均餘額的同期增幅比營業收入的
+同期增幅小所致。截至二零二三年十二月三十一日
+止年度,存貨週轉期約為64天,二零二二年同期約
+為64天,較上期基本無變化。
+比亞迪股份有限公司
+BYD Company Limited
+assembly service and
+other products
+手機部件、組裝及其他產品
+2023
+二零二三年
+PRC (including Hong Kong,
+44
+Macau and Taiwan)
+2022
+2022
+二零二二年
+Overseas
+境外
+78.43%
+中國(包括港澳台地區)
+有關財務資源的詳情,請參閱財務報表附註五、
+24 33 35 °
+Annual Report 2023
+二零二三年年報
+45
+Employment, Training and Development
+As at 31 December 2023, the Group had approximately 703.5
+thousand employees. During the Period, total staff cost accounted
+for approximately 14.84% of the Group's turnover. Employees'
+remuneration was determined based on performance, qualifications
+and prevailing industry practices, with compensation policies
+being reviewed on a regular basis. Bonuses were also awarded to
+employees, based on their annual performance evaluation. Incentives
+were offered to encourage personal motivation.
+In 2023, BYD embraces the core talent development philosophy of
+"cultivating excellence with excellence, allowing success to replicate
+success", which has constructed a distinctive talent training system
+that is committed to building a multi-level and comprehensive learning
+and development organization, establishing multi-training channels
+online and offline, innovating training forms and continuously elevating
+the Company's competitive edge in talent and strengthening its
+talent pool by face-to-face theoretical training, case studies, skill
+competitions and practical simulations. To extract and summarize the
+valuable experience accumulated by BYD since its establishment,
+the Group organized a special event for case development and
+application, gathering over a hundred outstanding cases covering
+technology, marketing, operations and miscellaneous, aiming to
+achieve the visualization of implicit experiences and the replication
+of excellent experiences. Based on the continuous optimization
+of the E-learning online learning platform, in 2023, BYD has
+internally developed a total of 1,592 courses, and the platform's
+course resources have exceeded 8,381. The total annual training,
+encompassing both online and offline formats, reached an impressive
+48.81 million class hours, averaging 69 class hours per person, with a
+100% on-the-job training coverage rate for employees. In 2023, BYD's
+accumulated investment in talent costs exceeded RMB100 million.
+New employee training: To help new employees smoothly
+integrate into the new environment and quickly become competent
+in their positions, a range of training courses is set up, covering
+the Company's management systems, corporate culture, product
+knowledge, professional skills, food, clothing, housing and transport.
+At the grassroots level of new employees, BYD focuses on the
+integration of newcomers into the Company, safety literacy and job-
+related operations. While ensuring the input of corporate systems
+and corporate culture, trainings in relation to on-the-job skills, safety
+education and fire safety are carried out.
+僱用、培訓及發展
+於二零二三年十二月三十一日,本集團僱用約70.35
+萬名僱員。期內,員工成本總額佔本集團營業額約
+14.84%。本集團按僱員的表現、資歷及當時的行
+業慣例釐定給予僱員的報酬,而酬金政策會定期檢
+討。根據年度工作表現評核,僱��或會獲發花紅及
+獎金。發放獎勵乃作為個人推動力的鼓勵。
+管理層討論與分析
+新員工培訓:為全方位幫助新員工順利融入新環
+境、快速勝任崗位,設置涵蓋公司管理制度、企
+業文化、產品知識、專業技能、吃穿住行等培訓
+課程。在基層新員工層面,比亞迪聚焦新人的企業
+融入、安全素養、上崗作業等內容,在保障企業制
+度、企業文化輸入的同時,開展崗位技能、安全教
+育、消防安全培訓。
+Management Discussion and Analysis
+管理層討論與分析
+47
+Cultivation of management: To enhance the comprehensive
+capabilities of management at all levels, BYD has established a “1+X”
+course system for management personnel. While the Group sets the
+direction, it develops proprietary courses that are closely aligned with
+job positions. At the same time, by reviewing and extracting case
+studies, benchmarking against excellence and aligning with best
+practices, it achieves the inheritance and replication of outstanding
+experiences, continuously advancing the efficient empowerment of
+cadres at all levels.
+Cultivation of postdoctoral fellows: To continuously provide
+and reserve the main force and leading talents for the Company's
+technological innovation, BYD has established a postdoctoral
+workstation. Leveraging on its strengths in scientific and technological
+innovation and its competitive edge across multiple industries, BYD
+has partnered with top universities, academic disciplines, mobile
+stations and tutors in China, aiming to cultivate first-class postdoctoral
+fellows of BYD. Currently, a “three stations and three bases” regional
+landscape has been formed in Shenzhen, Chongqing and Xi'an.
+Specialized Talent: To enhance the innovation capabilities, teamwork
+skills, professional qualities and management competencies of internal
+employees, thereby improving the Company's overall competitiveness,
+BYD has initiated specialized training projects for various types of
+personnel, including sales personnel, quality management personnel,
+procurement system personnel and technical talents. For instance,
+in response to the shortage of skilled workers in society, BYD has
+taken significant steps to cultivate a skilled workforce by establishing
+a development channel specifically for skilled talents, which includes
+enhancing the promotion system and setting up a comprehensive
+evaluation system for professional and skilled talents, as well as
+creating a rank system and salary structure tailored to skilled workers.
+Furthermore, BYD has refined its incentive mechanisms to better
+integrate training, assessment, appointment and compensation for
+skilled talents, aiming to foster a culture that admires skillfulness,
+values the mastering of skills, and encourages skilled workers to
+engage in continuous learning and advancement. BYD addresses
+the issue of nurturing talents through a mentorship system and solves
+retention problems by establishing skill pathways, as per which it has
+ultimately created an internal talent supply chain that progresses from
+"skill cultivation - internal apprenticeship - independent job placement
+- skill enhancement".
+Annual Report 2023
+二零二三年年報
+Management Discussion and Analysis
+比亞迪股份有限公司
+46
+Management Discussion and Analysis
+管理層討論與分析
+Capital Structure
+The Group's financial division is responsible for the Group's financial
+risk management which operates according to policies implemented
+and approved by senior management of the Group. As at 31
+December 2023, borrowings were primarily settled in RMB, while
+cash and cash equivalents were primarily held in RMB and US dollar.
+The Group plans to maintain an appropriate mix of equity and debt
+to ensure an efficient capital structure during the Period. As at 31
+December 2023, all of the Group's outstanding loans were RMB loans
+and approximately 67% (2022:43%) of such outstanding loans were
+at fixed interest rates, with the remaining at floating interest rates.
+The Group monitors capital using a gearing ratio, which is net debt
+divided by equity. The Group's policy is to maintain the gearing ratio
+as low as possible. Net debt includes interest-bearing bank and other
+borrowings less cash and cash equivalents. Equity represents equity
+attributable to owners of the parent. Therefore, the gearing ratios
+of the Group was -44% and-26% as at 31 December 2023 and 31
+December 2022, respectively.
+As at 31 December 2023, cash and bank balances with carrying
+amount of RMB0 (31 December 2022: RMB880,000) were subject
+to restrictions as deposits of bank acceptance bills; cash and bank
+balances with carrying amount of RMB124,124,000 (31 December
+2022: RMB166,291,000) were subject to restrictions as guarantee
+deposits, bid bond and others.
+Exposure to Foreign Exchange Risk
+Most of the Group's income and expenditure are settled in RMB and
+US dollars. During the Period, the Group did not experience any
+significant difficulties in or impacts on its operations or liquidity due
+to fluctuations in currency exchange rates. The Directors believe that
+the Group has sufficient foreign exchange to meet its own foreign
+exchange requirements and will adopt practical measures to prevent
+exposure to exchange rate risk.
+資本架構
+本集團財務處的職責是負責本集團的財務風險管理
+工作,並根據高級管理層實行批核的政策運作。於
+二零二三年十二月三十一日,借貸主要以人民幣結
+算,而其現金及現金等價物則主要以人民幣及美元
+持有。本集團計劃於期內維持適當的股本及債務組
+合,以確保具備有效的資本架構。於二零二三年十
+二月三十一日,本集團未償還貸款均為人民幣貸
+款,且該等未償還貸款中約有67%(二零二二年:
+43%)按固定息率計息,而餘下部分則按浮動息率計
+息。
+本集團透過使用資本負債比率(即負債淨額除以權
+益)監管其資本。本集團的政策為盡量維持低資本
+負債比率。負債淨額包括計息銀行及其他借款並扣
+除現金及現金等價物。權益為母公司擁有人應佔權
+益。因此,本集團於二零二三年十二月三十一日及
+二零二二年十二月三十一日的資本負債比率分別
+為-44%及-26%。
+於二零二三年十二月三十一日,賬面價值為人民幣0
+千元(二零二一年十二月三十一日:人民幣880千元)
+的貨幣資金作為銀行承兌匯票出票保證金而受限,
+另有人民幣124,124千元(二零二二年十二月三十一
+日:人民幣166,291千元)的貨幣資金作為信用保證
+金、投標保證金及其他受限性質而受限。
+外匯風險
+本集團大部分收入及開支均以人民幣及美元結算。
+期內,本集團並無因貨幣匯率的波動而令其營運或
+流動資金出現任何重大困難或影響。董事相信,本
+集團將有充足外幣應付其外匯需要,並將採取切實
+有效的方法防範外匯匯兌風險。
+BYD Company Limited
+博士後培養:為持續輸送、儲備公司技術創新的主
+力軍與領軍人才,比亞迪設立博士後工作站,聯合
+全國頂尖的一流院校、一流學科、一流流動站、
+流導師,依靠比亞迪的科技創新實力和多產業的競
+爭優勢,培養比亞迪一流博士後。現已在深圳、重
+慶、西安形成「三站三基地」的地域格局規模。
+vesting date
+43
+during the
+of BYD Group (Note 1)
+(附註1)
+Notes:
+(1)
+The participants of the Employee Share Ownership Plan do not
+include Directors, chief executives or substantial Shareholders
+or their respective associates; or any related entities or service
+providers of the Company.
+(1)
+管理人員、核
+心骨幹員工
+本次員工持股計劃參與對象不含董事、最高行
+政人員或主要股東又或其各自的聯繫人;亦不
+含本公司關連實體參與者或服務提供者。
+All the 5,511,024 repurchased A shares were granted on 15
+July 2022. The closing price of the Company's A shares was
+RMB323.00 per share on the trading day immediately preceding
+the grant date. The fair value of the granted shares as at the date
+of the grant was RMB1,863,773,206.56. The A Shares under
+the Employee Share Ownership Plan will be unlocked in three
+tranches:
+(a)
+The first unlocking period shall be of 12 months
+commencing from the date of the last transfer of A Shares
+by the Plan and the relevant announcement by the
+Company, with the number of shares unlocked being 30%
+of the total number of A Shares under the Employee Share
+Ownership Plan;
+(2)
+5,511,024股回購A股股票已於二零二二年七
+月十五日全部授予。緊接授予日前一交易日本
+公司A股股票收盤價為人民幣323.00元/股。
+於授予日期,授予股票的公允價值為人民幣
+1,863,773,206.56元。本次員工持股計劃持有
+的本公司A股股票分三批解鎖:
+(2)
+(a)
+backbone employees
+迪集團的中層
+(Note 3)
+(Note 3)
+(Note 4)
+(Note 4)
+(Note 2)
+management of the
+management and core
+理人員;比亞
+(附註3)
+(附註3)
+(附註4)
+(附註4)
+(附註2)
+Company; middle level
+(附註2)
+第一個解鎖期,自本公司公告最後一筆
+A股股票過戶至本次員工持股計劃名下
+之日起滿12個月,解鎖數量為本次員工
+持股計劃所持有A股股票總數的30%;
+(3)
+Annual Report 2023
+二零二三年年報
+(4)
+No A shares were cancelled or lapsed during the Reporting Period.
+(4)
+於本報告期內,並無任何A股股票被註銷或失
+效。
+SUBSIDIARY SHARE OPTION SCHEME
+References are made to the announcement dated 11 May 2021 and
+circular (the “Circular”) dated 31 May 2021 of the Company, in relation
+to, among others, the proposed adoption of the Subsidiary Share
+Option Scheme. The adoption of the Subsidiary Share Option Scheme
+was approved by the Shareholders at the extraordinary general
+meeting of the Company held on 16 June 2021. The Subsidiary Share
+Option Scheme is not a share schemes of a principal subsidiary of the
+Company under Chapter 17 of the Listing Rules.
+於本報告期內,本次員工持股計劃第一個鎖
+定期已於二零二三年七月十五日屆滿,已解
+鎖比例為本次員工持股計劃持有公司股票總
+數的30%,對應的標的股票數量為1,653,307
+股A股股票,佔本公司與於本報告日期總股本
+2,911,142,855股的0.057%。於解鎖日前一交易
+日,本公司A股股票的收盤價為人民幣264.41
+元/股。
+The purpose of the Subsidiary Share Option Scheme is to, among
+others, further establish and improve the incentive mechanism of BYD
+Semiconductor, retain and motivate talents, and allow all participants
+子公司股權期權計劃
+茲提述本公司日期為二零二一年五月十一日的公
+告及日期為二零二一年五月三十一日的通函(「該通
+函」),內容有關(其中包括)建議採納子公司股權期權
+計劃。股東於本公司於二零二一年六月十六日舉行
+的臨時股東大會上批准採納子公司股權期權計劃。
+該子公司股權期權計劃不構成上市規則十七章下規
+定的主要子公司股權期權計劃。
+子公司股權期權計劃旨在(其中包括)進一步建立及
+完善比亞迪半導體的激勵機制、挽留及激勵人才以
+及允許全體參與方聚焦比亞迪半導體的長期發展並
+共同促進其可持續發展。
+比亞迪股份有限公司
+42
+BYD Company Limited
+to focus on the long-term development of BYD Semiconductor and
+jointly promote its sustainable development.
+本次員工持股計劃第一個解鎖期解鎖公
+司層面的業績指標為以二零二一年營業
+收入為基數,二零二二年的營業收入
+增長率不低於30%。個人層面的考核指
+標為:(1)業績考核為待改進的,個人
+層面解鎖比例為80%;(2)業績考核為
+合格及以上的,個人層面解鎖比例為
+100% °
+授予股票需滿足相關具體條件才可解
+鎖。關於授予股票解鎖的具體標準,請
+參閱該通函;
+第三個解鎖期,自本公司公告最後一筆
+A股股票過戶至本次員工持股計劃名下
+之日起算滿36個月,解鎖數量為本員工
+持股計劃所持有A股股票總數的40%;
+51
+Management Discussion and Analysis
+管理層討論與分析
+(b)
+(C)
+(d)
+(e)
+The second unlocking period shall be of 24 months
+commencing from the date of the last transfer of A Shares
+by the Plan and the relevant announcement by the
+Company, with the number of shares unlocked being 30%
+of the total number of A Shares under the Employee Share
+Ownership Plan;
+The third unlocking period shall be of 36 months
+commencing from the date of the last transfer of A Shares
+by the Plan and the relevant announcement by the
+Company, and the number of shares unlocked being 40%
+of the total number of A Shares under the Employee Share
+Ownership Plan;
+The vesting of the shares granted is subject to the
+fulfillment of relevant specific conditions. For details of the
+specific conditions of the vesting of shares granted, please
+refer to the Circular;
+The company performance indicator for the first unlocking
+of shares is the growth rate of operating income for the
+year of 2022 compared with the year of 2021 should reach
+at least 30%, and the individual performance indicator
+should reach (1) “to be improved" to be 80% unlocked, (2)
+“qualified” to be 100% unlocked.
+During the Reporting Period, the first lock-up period of the
+Employee Share Ownership Plan had expired on 15 July 2023,
+and 30% of the total number of shares of the Company maintained
+under the Employee Share Ownership Plan were vested, which
+corresponds to 1,653,307 A shares, representing 0.057% of the
+total share capital of the Company of 2,911,142,855 shares as
+at the date of this report. The closing price of the Company's A
+shares was RMB264.41 per share on the trading day immediately
+preceding the vesting date.
+(3)
+(b)
+(d)
+第二個解鎖期,自本公司公告最後一筆
+A股股票過戶至本員工持股計劃名下之
+日起算滿24個月,解鎖數量為本次員工
+持股計劃所持有A股股票總數的30%;
+(Note 2)
+(RMB)
+監事、高級管
+0
+2022
+汽車、汽車相關產品及其他產品
+products, and other products
+Automobiles and related
+二零二三年
+2023
+二零二三年
+十二月三十一日
+可供授予的A股
+股票/未授予
+73.40%
+2023
+23.30%
+26.60%
+2022
+76.57%
+19.68%
+21.57%
+2023
+於本報告期內
+失效的A股
+股票數目
+(人民幣元)
+Reporting
+Period
+lapsed during
+grant/ungranted
+the Reporting as at 31 December
+Period
+2023
+於本報告期內
+註銷的A股
+股票數目
+於
+參與對象類別
+二零二三年
+一月一日
+可供授予/
+未授予A股
+股票數目
+緊接解鎖日期前
+於本報告期內
+授予的未解鎖
+A股股票數目
+於本報告期內
+解鎖的A股
+股票數目
+的A股股票
+收盤價
+Type of participants
+80.27%
+Revenue Breakdown by Locations of Customers
+按客戶所在地劃分的營業額
+下圖為本集團於截至二零二三年及二零二二年十二
+月三十一日止年度按產品類別和客戶所在地分析的
+營業額比較:
+products and solutions. Leveraging world-class R&D capabilities,
+a global layout and vertical integration advantages, the Group will
+continue to deepen cooperation with top-tier clients in various niche
+fields. There will be a strong growth momentum in the fields of smart
+home devices, game hardware, and drones, driving the long-term
+sustainability of the new intelligent product business scale. At the
+same time, the Group will actively explore other new categories and
+markets with growth potential, nurturing new engines for growth.
+In terms of new intelligent product business, the Group is optimistic
+about the market prospects for Al servers and will continue to actively
+invest in R&D resources, expanding our focus on Al server-related
+In terms of consumer electronics business, the Group will continue to
+closely follow market trends, fully seize the development opportunities
+brought by Al, titanium metal materials, and other new applications,
+strengthen its comprehensive competitive advantage, and continue to
+increase its market share. The Group will continue to deeply explore
+the core business potential of its major overseas customers, further
+increase the core products share in those customers and actively
+expand into new categories of products to further expand its business
+scale. In addition, the Group will continue to deepen its strategic
+cooperation with customers in Android flagship products, support the
+business development needs of customers, and continuously assist in
+the iteration and upgrade of customer products. At the same time, the
+mobile electronics manufacturing business acquired by the Group in
+December 2023 will bring rapid expansion of the consumer electronics
+components business scale and more long-term development
+opportunities, further enhancing market share and consolidating its
+leading position in the industry. In the future, the Group will continue
+to vigorously expand both domestic and international markets,
+strengthen global layout, and provide higher-quality comprehensive
+services to customers at home and abroad.
+管理層討論與分析
+Management Discussion and Analysis
+A股股票數目
+消費電子業務方面,本集團將繼續緊貼市場趨勢,
+充分把握AI、鈦金屬材料及其他新應用所帶來的發
+展機遇,強化綜合競爭優勢,不斷擴大市場份額。
+本集團將持續深挖海外大客戶核心業務的潛力,進
+一步提高核心產品的份額,積極開拓新品類領域,
+帶動業務規模進一步壯大。此外,本集團繼續深化
+與客戶在安卓領域旗艦產品的戰略合作,配合客戶
+的業務發展需求,持續助力客戶產品的迭代和升
+級。同時,本集團於二零二三年十二月收購的移動
+電子製造業務將帶來消費電子零部件業務規模的快
+速擴大和更多的長期發展機遇,並進一步提升市場
+份額及夯實自身行業龍頭地位。未來,本集團將繼
+續大力拓展國內外市場,加強全球化佈局,為海內
+外客戶提供更優質的全方位服務。
+Employee representative
+0
+0
+1,653,307
+264.41
+0
+0
+公司的職工代表
+新型智能產品業務方面,本集團看好AI服務器的市
+場前景,將持續積極投入研發資源,加大佈局AI服
+務器相關產品和解決方案。依託世界一流的研發實
+力、全球化佈局和垂直整合優勢,本集團將持續深
+化與各細分領域頂尖客戶的合作,智能家居、遊戲
+硬件、無人機等板塊將保持良好發展勢頭,帶動新
+型智能產品業務規模長期可持續發展。同時,本集
+團將積極開拓其他具備增長潛力的新品類和新市
+場,培育新增長引擎。
+Annual Report 2023
+二零二三年年報
+二零二二年
+分部資料
+年內,營業額較二零二二年增加42.04%,主要是新
+能源汽車業務增加所致。母公司權益持有人應佔溢
+利較去年同期增加80.72%,主要為新能源汽車銷量
+增長導致上升。
+營業額及母公司擁有人應佔溢利
+財務回顧
+按產品類別劃分的營業額
+Revenue Breakdown by Product Categories
+December 2023 and 2022:
+product categories and locations of customers for the years ended 31
+The following charts set out comparisons of the Group's revenue by
+Segmental Information
+During the Year, the Group's revenue increased by 42.04% as
+compared to that of 2022, mainly attributable to the growth of new
+energy vehicle business. The profit attributable to equity holders of the
+parent company increased by 80.72% as compared to the previous
+year, mainly attributable to the increase in sales volume of new energy
+vehicles.
+Revenue and Profit Attributable to Owners of the Parent
+Company
+FINANCIAL REVIEW
+管理層討論與分析
+Management Discussion and Analysis
+supervisors and senior
+Mobile handset components,
+喻玲女士,47歲,中國國籍,博士研究生學歷,法
+學教授。喻女士於二零零一年畢業於湘潭工學院(現
+湖南科技大學)、湘潭大學,獲法學學士學位,二
+零零四年畢業���江西財經大學,獲經濟法學碩士學
+位,二零零八年畢業於華東政法大學,獲經濟法學
+博士學位。喻女士現任本公司獨立非執行董事,並
+擔任中國經濟法學研究會、財稅法學研究會、案例
+法學研究會理事,亞洲競爭法學會理事,同時擔任
+江西安義農村商業銀行股份有限公司、新餘農村商
+業銀行股份有限公司、江西潤田實業股份有限公司
+獨立董事。
+52
+張敏
+張敏先生,47歲,中國國籍,博士研究生學歷,
+會計學教授。張先生於一九九九年畢業於北京物資
+學院,主修會計學,管理學學士學位,於二零零五
+年畢業於中南財經政法大學,主修會計學,管理學
+碩士學位,於二零零八年畢業於中國人民大學,主
+修會計學,獲管理學博士學位,並於二零一零年從
+北京大學光華管理學院博士後出站。張先生現任本
+公司獨立非執行董事,中國人民大學商學院會計系
+教授、博士生導師、會計系主任,並擔任中國南玻
+集團股份有限公司、國投資本股份有限公司獨立董
+事。
+58
+BYD Company Limited
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Yu Ling
+蔡洪平先生,70歲,中國香港籍,本科學歷。蔡先
+生於一九八八年畢業於復旦大學,獲新聞學學士學
+位。蔡先生曾任德意志銀行投行亞太區執行主席;
+瑞銀投行亞洲區主席;法國巴黎資本(亞太)有限公
+司中國區主席;百富勤投資銀行高級副總裁、董事
+總經理;國務院國家體改委中國企業海外上市指導
+小組辦公室成員及中國H股公司董事會秘書聯席會議
+主席。蔡先生現任本公司獨立非執行董事,漢德資
+本主席、創始合夥人,並擔任中國東方航空股份有
+限公司、上海浦東發展銀行股份有限公司、中國南
+方航空股份有限公司獨立董事,招商銀行股份有限
+公司監事。
+Ms. Yu Ling, aged 47, Chinese national, a doctoral degree holder,
+and a professor of law. Ms. Yu graduated from Xiangtan Polytechnic
+University (I) (currently known as Hunan University of
+Science and Technology (湖南科技大學)) and Xiangtan University
+(湘潭大學) in 2001 with a bachelor's degree in law, from Jiangxi
+University of Finance and Economics (江西財經大學) in 2004 with
+a master degree in economic law, and from East China University
+of Political Science and Law (華東政法大學) in 2008 with a doctoral
+degree in economic law. Ms. Yu currently serves as an independent
+non-executive Director of the Company, a director of Economic Law
+Research Association of China (中國經濟法學研究會), Fiscal and Tax
+Law Research Association (財稅法學研究會), Case Law Research
+Association (案例法學研究會) and Asia Competition Association (亞
+洲競爭法學會), and currently an independent director of Jiangxi Anyi
+Rural Commercial Bank Co., Ltd. (江西安義農村商業銀行股份有限公
+司), Xinyu Rural Commercial Bank Co., Ltd. (新餘農村商業銀行股份有
+限公司) and Jiangxi Runtian Industry Co., Ltd. (江西潤田實業股份有限
+公司).
+Li Yong-zhao
+Mr. Li Yong-zhao, aged 63, Chinese national, a bachelor's degree
+holder, and a researcher level senior engineer. Mr. Li graduated from
+Xi'an Institute of Technology (西安工業學院) in August 1982 with
+a bachelor's degree in mechanical manufacturing technology and
+equipment. Mr. Li worked as technician, office head, deputy director,
+director, deputy plant manager and held other posts in state-owned
+Factory 615 of China Industries Group Corporation (中國兵器工業集
+團公司). He also acted as the general manager of the Sino-foreign
+joint venture named Baoji Xingbao Machinery & Electric Co., Ltd.
+(寶雞星寶機電公司), plant manager of state-owned Factory 843 of
+China Industries Group Corporation (中國兵器工業集團公司) since
+May 2002, vice general manager of China North Industries Group
+Corporation (西北工業集團有限公司), executive director of Xi'an
+Northern Qinchuan Company Ltd. (西安北方秦川集團有限公司) since
+October 2010; member of science and technology committee of China
+North Industries Group Corporation (西北工業集團有限公司) since
+June 2020; the executive director, Party secretary of Xi'an Northern
+Qinchuan Company Ltd. (西安北方秦川集團有限公司) since October
+2020. Mr. Li retired in October 2021. He is currently the chairman of
+the Supervisory Committee of the Company.
+喻玲
+監事
+李永釗
+李永釗先生,63歲,中國國籍,本科學歷,研究
+員級高級工程師。李先生於一九八二年八月畢業於
+西安工業學院機械製造工藝與設備專業,獲學士學
+位。李先生曾歷任中國兵器工業集團公司國營第六
+一五廠技術員、室主任、副處長、處長、副廠長等
+職務,並兼任中外合資寶雞星寶機電公司總經理,
+二零零二年五月起擔任中國兵器工業集團公司���營
+第八四三廠廠長,二零一零年十月起擔任西北工業
+集團有限公司副總經理,西安北方秦川集團有限公
+司執行董事;二零二零年六月起年擔任西北工業集
+團有限公司科技委委員,二零二零年十月起擔任西
+安北方秦川集團有限公司執行董事、黨委書記,並
+於二零二一年十月正式退休。現任本公司監事會主
+席。
+Annual Report 2023
+二零二三年年報
+SUPERVISORS
+蔡洪平
+獨立非執行董事
+Mr. Zhang Min, aged 47, Chinese national, a doctoral degree holder
+and a professor of accounting. Mr. Zhang graduated from Beijing
+Wuzi University (北京物資學院) in 1999 with a bachelor's degree
+in management majoring in accounting, from Zhongnan University
+of Economics and Law (中南財經政法大學) in 2005 with a master's
+degree in management majoring in accounting, from Renmin
+University of China (中國人民大學) in 2008 with a doctor's degree in
+management majoring in accounting, and completed his post-doctoral
+training in Peking University Guanghua School of Management (
+京大學光華管理學院) in 2010. Mr. Zhang currently serves as an
+independent non-executive Director of the Company, the accounting
+professor, supervisor for Ph.D. candidates and accounting director of
+Business School, Renmin University of China (中國人民大學商學院) as
+well as an independent director of CSG Holding Co., Ltd. (中國南玻集
+團股份有限公司), and SDIC Capital Co., Ltd. (國投資本股份有限公司).
+Lv Xiang-yang
+Mr. Lv Xiang-yang, aged 62, Chinese national, and a economist. Mr.
+Lv worked at Chaohu Branch of the People's Bank of China (+/
+民銀行巢湖分行). In February 1995, he founded BYD Battery with
+Mr. Wang Chuan-fu and currently is the Vice Chairman and a non-
+executive Director of the Company and also a director of Youngy
+Investment Holding Group Co., Ltd. (融捷投資控股集團有限公司), a
+director of Youngy Co., Ltd. (融捷股份有限公司), a director of Youngy
+Health Technology Co., Ltd. (融捷健康科技股份有限公司), chairman
+of Onyx International Inc. (廣州文石信息科技有限公司), chairman of
+Nanjing Regenecore Biotech Co., Ltd. (南京融捷康生物科技有限公司),
+chairman of Youngy Education Technology Co., Ltd. (融捷教育科技有
+限公司), a director of Anhua Agricultural Insurance Company Limited
+(安華農業保險股份有限公司), honorary chairman of Guangdong
+Manufacturers Association (廣東省製造業協會), honorary chairman of
+Guangdong Association for the Promotion of Industrial Development
+(廣東省產業發展促進會) and so on.
+Xia Zuo-quan
+Mr. Xia Zuo-quan, aged 61, Chinese national, and a master's degree
+holder. Mr. Xia studied computer science in Beijing Institute of Iron
+and Steel Engineering (北京鋼鐵學院) (now known as University of
+Science & Technology Beijing (北京科技大學)) from 1985 to 1987
+and he graduated from Guanghua School of Management of Peking
+University (北京大學光華管理學院) with an EMBA in 2007. Mr. Xia
+worked in the Hubei branch of The People's Insurance Company (+
+國人民保險公司湖北分公司) and joined BYD Battery in 1997 and held
+positions as an executive Director and Vice President of the Company.
+He is a non-executive Director of the Company and chairman of
+Shenzhen Zhengxuan Investment (Holdings) Co., Ltd. (深圳市正軒投
+資有限公司), Shenzhen Zhengxuan Qianhai Equity Investment Fund
+Management Co., Ltd. (深圳正軒前海股權投資基金管理有限公司)
+and Beijing Zhengxuan Investment Co., Ltd. (北京正軒投資有限責任
+公司), a director of UBTECH ROBOTICS CORP LTD. (深圳市優必選
+科技股份有限公司), a director of Shenzhen Uni-Fortune Supply Chain
+Service Co., Ltd. (深圳市聯合利豐供應鏈管理有限公司), chairman of
+Annoroad Gene Technology (Beijing) Co., Ltd. (安諾優達基因科技
+(北京)有限公司), an independent director of China Yuhua Education
+Corporation Limited (中國宇華教育集團有限公司), vice chairman of
+Shenzhen Lianxia Charity Foundation (深圳市蓮夏慈善基金會).
+非執行董事
+呂向陽
+呂向陽先生,62歲,中國國籍,經濟師。呂先生曾
+在中國人民銀行巢湖分行工作,一九九五年二月與
+王傳福先生共同創辦比亞迪實業,現任本公司副董
+事長兼非執行董事,並擔任融捷投資控股集團有限
+公司董事、融捷股份有限公司董事、融捷健康科技
+股份有限公司董事、廣州文石信息科技有限公司董
+事長、南京融捷康生物科技有限公司董事長、融捷
+教育科技有限公司董事長、安華農業保險股份有限
+公司董事、廣東省製造業協會名譽會長、廣東省產
+業發展促進會名譽會長等職。
+夏佐全
+夏佐全先生,61歲,中國國籍,碩士研究生學歷。
+夏先生於一九八五年至一九八七年期間在北京鋼鐵
+學院(現為北京科技大學修讀計算機科學;並於二
+零零七年獲北京大學光華管理學院高級工商管理碩
+士學位;夏先生曾在中國人民保險公司湖北分公司
+工作,並於一九九七年加入比亞迪實業;曾任本公
+司執行董事、副總裁,現任本公司非執行董事,並
+擔任深圳市正軒投資有限公司、深圳正軒前海股權
+投資基金管理有限公司、北京正軒投資有限責任公
+司董事長、深圳市優必選科技股份有限公司董事、
+深圳市聯合利豐供應鏈管理有限公司董事、安諾優
+達基因科技(北京)有限公司董事長、中國宇華教育
+集團有限公司獨立董事、深圳市蓮夏慈善基金會副
+理事長等職。
+Annual Report 2023
+二零二三年年報
+57
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+INDEPENDENT NON-EXECUTIVE DIRECTORS
+Cai Hong-ping
+Mr. Cai Hong-ping, aged 70, Chinese (Hong Kong) national, and a
+bachelor's degree holder. Mr. Cai graduated from Fudan University (1
+旦大學) in 1988 with a bachelor's degree in mass communications. Mr.
+Cai served as an executive chairman of Deutsche Bank (德意志銀行)
+in the Asia Pacific region, chairman of the investment banking division
+of UBS AG in Asia, chairman of China of BNP Paribas Capital (Asia
+Pacific) Limited (法國巴黎資本(亞太)有限公司), senior vice president
+and managing director of banking division of Peregrine Investments
+Holdings Limited (百富勤投資銀行),member of the Overseas
+Listing Team Office for Chinese Enterprises under the Restructuring
+Committee of the State Council (國務院國家體改委中國企業海外上市
+指導小組辦公室), and the chairman of the Joint Committee of Board
+Secretaries for H Share Companies in the PRC (中國H股公司董事
+會秘書聯席會議). Mr. Cai currently serves as an independent non-
+executive director of the Company, the chairman and founding partner
+of AGIC (*), an independent director of China Eastern Airlines
+Corporation Limited (中國東方航空股份有限公司), Shanghai Pudong
+Development Bank Co., Ltd. (上海浦東發展銀行股份有限公司), China
+Southern Airlines Company Limited (中國南方航空股份有限公司), and
+a supervisor of China Merchants Bank Co., Ltd. (招商銀行股份有限公
+司).
+Zhang Min
+59
+NON-EXECUTIVE DIRECTORS
+Zhu Ai-yun
+Wang Zhen
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+SENIOR MANAGEMENT
+Li Ke
+Ms. Li Ke, aged 54, Chinese national, and a bachelor's degree holder.
+Ms. Li graduated from Fudan University (復旦大學) in 1992 with a
+bachelor's degree in statistics. Ms. Li worked at Asia Resources (
+資源) and joined BYD Battery in September 1996. She served various
+positions including marketing manager and general sales manager,
+executive director and chief executive officer of BYD Electronic
+(International) Company Limited (比亞迪電子(國際)有限公司) and is
+an Executive Vice President of the Company and the President of BYD
+in America and vice chairman of BYD Charity Foundation.
+Luo Hong-bin
+Mr. Luo Hong-bin, aged 58, Chinese national, a master's degree
+holder and a professorate senior engineer. Mr. Luo obtained a
+master's degree in computer application. Mr. Luo joined the Group
+in October 2003. He served various posts including manager of the
+third Electronics Sub-division of Division 15, director of the Institute of
+Electric vehicles, president of the Electric Power Research Institute,
+general manager of Division 14, and general manager of Division 17.
+He currently is a Senior Vice President of the Company, the chairman
+of Fudi Power Co., Ltd. (弗迪動力有限公司), the chairman of Shenzhen
+BYD Auto Industrial Co., Ltd. (深圳比亞迪汽車實業有限公司) and a
+director of BYD Charity Foundation.
+He Zhi-qi
+61
+Mr. He Zhi-qi, aged 52, Chinese national, and a master's degree
+holder. Mr. He graduated from Changchun Institute of Applied
+Chemistry Chinese Academy of Sciences (中科院長春應用化學研究
+所) in 1998, with a master's degree majoring in inorganic chemistry,
+and then graduated from China Europe International Business School
+(中歐工商管理學院) with an MBA in 2010. Mr. He joined BYD Battery
+in July 1998 and served various posts including central research
+manager, quality control manager, general manager of Division 4 and
+general manager of Purchasing Office of the Company. He currently
+is a Senior Vice President and the chief operating officer of Passenger
+Car Division of the Company and a director of Shenzhen DENZA New
+Energy Automotive Co., Ltd. (深圳騰勢新能源汽車有限公司).
+李柯
+李柯女士,54歲,中國國籍,本科學歷。李女士於
+一九九二年畢業於復旦大學,獲統計學學士學位。
+李女士曾任職於亞洲資源,並於一九九六年九月加
+入比亞迪實業,歷任市場部經理、銷售總經理、
+比亞迪電子(國際)有限公司執行董事及行政總裁等
+職,現任本公司執行副總裁兼比亞迪美洲地區總裁
+及比亞迪慈善基金會副理事長。
+羅紅斌
+羅紅斌先生,58歲,中國國籍,碩士研究生學歷,
+教授級高級工程師職稱。羅先生主修計算機應用,
+獲碩士學位。羅先生於二零零三年十月加入本集
+團,歷任第十五事業部電子三部經理,電動汽車研
+究所所長,電力科學研究院院長、第十四事業部總
+經理、第十七事業部總經理等職務,現任本公司高
+級副總裁、弗迪動力有限公司董事長、深圳比亞迪
+汽車實業有限公司董事長及比亞迪慈善基金會理
+事。
+何志奇
+何志奇先生,52歲,中國國籍,碩士學歷。何先生
+於一九九八年畢業於中科院長春應用化學研究所,
+主修無機化學,獲碩士學位;二零一零年獲中歐工
+商管理學院工商管理碩士學位。何先生於一九九八
+年七月加入比亞迪實業,歷任公司中研部、品質部
+經理、第四事業部總經理、採購處總經理等職,現
+任公司高級副總裁及乘用車事業群首席運營官、深
+圳騰勢新能源汽車有限公司董事。
+BYD Company Limited
+高級管理層
+Annual Report 2023
+二零二三年年報
+唐梅女士,41歲,中國國籍,本科學歷。唐女士二
+零零五年六月畢業於中南大學,主修英語,獲學士
+學位。唐女士於二零零五年加入本集團,歷任總裁
+秘書、本集團文化宣傳部經理、本集團接待中心經
+理、比亞迪慈善基金會執行長,現任本公司監事及
+總裁辦公室副主任兼汽車產業辦公室總監。
+唐梅
+Ms. Wang Zhen, aged 48, Chinese national, and a bachelor's degree
+holder. Ms. Wang graduated from Guangdong University of Foreign
+Studies (廣東外語外貿大學) (formerly known as “Guangzhou Institute
+of Foreign Languages” (廣州外國語學院)) in the PRC in 1998, majoring
+in Spanish and obtained a bachelor's degree. Ms. Wang joined BYD
+Battery in 1998 and served as a manager in overseas Ministry of
+Commerce, Vice President of Administrative Personnel of Shenzhen
+DENZA New Energy Automotive Co., Ltd. (深圳騰勢新能源汽車有限公
+司), officer of the President's office, director of the rail transit industry
+office, secretary-general of BYD Charity Foundation and general
+manager of BYD Company (Pingshan District). She is a supervisor and
+the general manager of Human Resources Office of the Company, a
+supervisor of Shantou City Sky Rail Transportation Co., Ltd. (
+軌交通有限公司), a supervisor of Jining City Sky Rail Transportation
+Co., Ltd. (濟寧市雲軌交通有限公司) and the chairman of BYD Charity
+Foundation.
+朱愛雲
+朱愛雲女士,59歲,中國國籍,碩士研究生學歷。
+朱女士於一九八八年畢業於長沙交通學院,獲頒工
+程財務會計學學士學位;於二零零八年獲北京大學
+高級工商管理碩士學位。朱女士曾於交通部旗下煙
+台海上救撈局任會計師,並於一九九七年加入比亞
+迪實業,歷任會計師、財務部經理、財務部高級經
+理、比亞迪電子(國際)有限公司財務總監等職,現
+任本公司監事,並擔任深圳市正軒太空科技合夥企
+業(有限合夥)及銀川鑫諾匯富股權投資合夥企業(有
+限合夥)執行事務合夥人、深圳尚宏投資有限公司董
+事、深圳市長木醫療健康管理有限公司監事、深圳
+市正軒志合投資有限公司監事、深圳市正軒前瞻志
+合投資有限公司監事。
+王珍
+王珍女士,48歲,中國國籍,本科學歷。王女士一
+九九八年畢業於廣東外語外貿大學(原名為廣州外國
+語學院),主修西班牙語,獲學士學位。王女士於一
+九九八年加入比亞迪實業,歷任海外商務部經理、
+深圳騰勢新能源汽車有限公司行政人事副總裁、總
+裁辦公室主任、軌道交通產業辦公室主任、比亞迪
+慈善基金會秘書長、比亞迪坪山地區總經理,現任
+本公司監事及人力資源處總經理,並擔任汕頭市雲
+軌交通有限公司監事、濟寧市雲軌交通有限公司監
+事及比亞迪慈善基金會理事長。
+60
+BYD Company Limited
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Huang Jiang-feng
+Mr. Huang Jiang-feng, aged 44, Chinese national, and a bachelor's
+degree holder. Mr. Huang graduated from Zhongnan University of
+Economics and Law (中南財經政法大學) in 2003 with a bachelor's
+degree in administration. Mr. Huang held positions in Sinopec
+Chenzhou Petroleum Branch in Hunan (中國石化湖南郴州石油分公
+司), Dongguan Hsu Fu Chi Foods Co., Ltd. (東莞徐福記食品有限公
+司) and Guangzhou Office (廣州營業部) of Guosen Securities (國信
+證券). He has been working in Youngy Investment Holding Group
+Co., Ltd. (融捷投資控股集團有限公司) since August 2008, and has
+been a supervisor of the Company since September 2014 and now
+serves as a director and Vice President of Youngy Investment Holding
+Group Co., Ltd. (融捷投資控股集團有限公司), an executive director
+and general manager of Shenzhen Qianhai Youngy Financial Services
+Company Limited (深圳前海融捷金融服務有限公司), manager of
+Guangdong Youngy Financing Service Company Limited (
+融資服務有限公司), a director and general manager of Guangdong
+Youngy Financing Renting Company Limited (廣東融捷融資租賃有
+限公司), an executive director and manager of Guangdong Youngy
+Supply Chain Management Co., Ltd. (廣東融捷供應鏈管理有限公
+司), a director of Anhui Youngy Investment Co., Ltd (安徽融捷投資有
+限公司), a director and general manager of Shenzhen Youngy Asset
+Management Co., Ltd (深圳融捷資產管理有限公司), chairman of the
+supervisory committee of Youngy Co., Ltd (融捷股份有限公司), an
+executive director of Guangzhou Youngy Equity Investment Co., Ltd
+(廣州融捷股權投資有限公司), an executive director and manager
+of Kangding Tianjie Construction Material Co., Ltd (康定市天捷建材
+有限公司), chairman of Chengdu Youngy Lithium Technology Co.,
+Ltd (成都融捷鋰業科技有限公司), a director of Hefei Youngy Metal
+Technology Co., Ltd (合肥融捷金屬科技有限公司), a director of Wuhu
+Tianyi Energy Technology Co., Ltd. (蕪湖天弋能源科技有限公司), a
+director of Youngy Education Technology Co., Ltd. (融捷教育科技有限
+A) and an executive director and manager of Guangdong Youngy
+Capital Management Co., Ltd (廣東融捷資本管理有限公司).
+Tang Mei
+Ms. Tang Mei, aged 41, is a Chinese national, bachelor's degree
+holder. Ms. Tang graduated from Central South University (中南大學)
+in June 2005, with a bachelor's degree in English. Ms. Tang joined
+the Group in 2005 and held positions as secretary of the President, a
+manager in Cultural Propaganda Department of the Group, a manager
+in reception center of the Group, executive officer of BYD Charity
+Foundation, currently a supervisor and the deputy head of the Chief
+Executive Office and the supervisor of the Automobile Industry Office.
+黃江鋒
+黃江鋒先生,44歲,中國國籍,本科學歷。黃先
+生於二零零三年畢業於中南財經政法大學,獲行政
+管理專業學士學位。黃先生曾任職於中國石化湖南
+郴州石油分公司、東莞徐福記食品有限公司、國信
+證券廣州營業部,二零零八年八月至今在融捷投資
+控股集團有限公司工作,於二零一四年九月起擔任
+本公司監事,現同時擔任融捷投資控股集團有限公
+司董事兼副總裁、深圳前海融捷金融服務有限公司
+執行董事兼總經理、廣東融捷融資服務有限公司經
+理、廣東融捷融資租賃有限公司董事兼總經理、廣
+東融捷供應鏈管理有限公司執行董事兼經理、安徽
+融捷投資有限公司董事、深圳融捷資產管理有限公
+司董事兼總經理、融捷股份有限公司監事長、廣州
+融捷股權投資有限公司執行董事、康定市天捷建材
+有限公司執行董事兼經理、成都融捷鋰業科技有限
+公司董事長、合肥融捷金屬科技有限公司董事、蕪
+湖天弋能源科技有限公司董事、融捷教育科技有限
+公司董事、廣東融捷資本管理有限公司執行董事兼
+經理。
+Ms. Zhu Ai-yun, aged 59, Chinese national, and a master's degree
+holder. Ms. Zhugraduated from Changsha Communications University
+(長沙交通學院) with a bachelor's degree in engineering financial
+accounting in 1988 and obtained an EMBA degree from Peking
+University (北京大學) in 2008. Ms. Zhu worked as an accountant for
+Yantai, Marine Salvage Bureau (烟台海上救撈局) under the Ministry
+of Communications and joined BYD Battery in 1997 where she served
+as an accountant, manager and senior manager of the financial
+department, the chief financial officer of BYD Electronic (International)
+Company Limited (比亞迪電子(國際)有限公司),etc. Currently, she
+is a supervisor of the Company, an executive partner of Shenzhen
+Zhengxuan Space Technology Partnership (Limited Partnership) (
+圳市正軒太空科技合夥企業(有限合夥)) and Yinchuan Xinnuo Huifu
+Equity Investment Partnership (Limited Partnership) (銀川鑫諾匯富
+股權投資合夥企業(有限合夥)), a director of Shenzhen Shanghong
+Investment Co., Ltd. (深圳尚宏投資有限公司),a supervisor of
+Shenzhen Changmu Medical and Healthcare Management Co., Ltd.
+(深圳市長木醫療健康管理有限公司), a supervisor of Shenzhen
+Zhengxuan Zhihe Investment Co., Ltd. (深圳市正軒志合投資有限公司),
+and a supervisor of Shenzhen ZhengxuanQianzhan Zhihe Investment
+Co., Ltd. (深圳市正軒前瞻志合投資有限公司).
+董事、監事及高級管理層
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+BYD Company Limited
+比亞迪股份有限公司
+Approximate
+percentage (%)
+A股
+HAZ
+1,813,142,855
+1,098,000,000
+2,911,142,855
+62.28%
+37.72%
+100.00%
+總數
+PURCHASE, SALE OR REDEMPTION OF SHARES
+During the Reporting Period, neither the Company nor any of its
+subsidiaries purchased or sold any of the Company's shares.
+SIGNIFICANT INVESTMENT HELD AND MATERIAL
+ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,
+ASSOCIATES AND JOINT VENTURES
+References are made to the announcements of the Company dated
+28 August 2023, 27 September 2023 and 29 December 2023 in
+relation to the acquisition framework agreement and formal agreement
+Number of
+shares issued
+已發行股份數目
+entered into by BYD Electronic (International) Company Limited
+Total
+A shares
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+Management Discussion and Analysis
+管理層討論與分析
+There are 36 participants in the Subsidiary Share Option Scheme,
+including directors (excluding independent non-executive directors),
+senior management and key personnel (excluding supervisors) of BYD
+Semiconductor. The Subsidiary Share Option Scheme is tailored to be
+a one-off incentive arrangement for the aforesaid 36 participants only.
+None of the 36 incentive participants of the Subsidiary Share Option
+Scheme is a connected person at the Company level. For details of
+the identity and positions of the aforesaid participants, please refer to
+the Circular.
+The number of shares of BYD Semiconductor in respect of which the
+share options involved is 33,088,235 shares (representing 7.353%
+of the registered share capital of BYD Semiconductor as at the date
+of this report), and the cumulative total number of shares of BYD
+Semiconductor involved under the Subsidiary Share Option Scheme
+and all other schemes of BYD Semiconductor shall not exceed 10%
+of the total share capital of BYD Semiconductor in issue on 16 June
+2021, which is the date of approval of the Subsidiary Share Option
+Scheme by the extraordinary general meeting of the Company. As
+at the date of this report, an aggregate of 33,088,235 share options,
+representing all the share options which could be granted under the
+Subsidiary Share Option Scheme, were granted to 36 employees
+of BYD Semiconductor pursuant to the terms and conditions of the
+Subsidiary Share Option Scheme at the exercise price of RMB4.54
+per share. As of 31 December 2023,314,627 share options out of the
+33,088,235 share options had been lapsed and cancelled as a result
+of the resignation of an employee.
+The validity period of the Subsidiary Share Option Scheme shall
+commence from the grant date of the share options and end on
+the date on which all the share options granted to the incentive
+participants have been exercised or cancelled, which shall not be
+longer than 10 years. The share options granted under the Subsidiary
+Share Option Scheme shall be exercised in three tranches, and the
+corresponding vesting periods shall be 24 months, 36 months and 48
+months respectively from the grant date. As at 31 December 2023,
+there were 9,826,411 exercisable share options for the first exercise
+period of the Subsidiary Share Option Scheme, of which 6,218,756
+share options had been exercised and the remaining 3,607,655 share
+options had been cancelled as they were not exercised during the
+exercise period. For details of the exercise period and performance
+targets (as conditions of the exercise of the share options) and further
+details of the Subsidiary Share Option Scheme, please refer to the
+Circular and note XIII to the financial statements in this report.
+子公司股權期權計劃有36名參與者,包括比亞迪半
+導體董事(不包括獨立非執行董事)、高級管理層及
+關鍵人員(不包括監事)。子公司股權期權計劃乃僅
+為上述36名參與者量身定制的一次性激勵安排。概
+無子公司股權期權計劃的36名激勵參與者乃本公司
+層面的關連人士。有關上述參與者的身份及職位,
+請參閱該通函。
+涉及股權期權的比亞迪半導體股份數目為
+33,088,235股(於本報告日期佔比亞迪半導體註冊
+股本的7.353%)。子公司股權期權計劃項下涉及的
+比亞迪半導體累計股份總數及比亞迪半導體所有其
+他計劃不應超過比亞迪半導體於二零二一年六月十
+六日(本公司臨時股東大會批准子公司股權期權計
+劃之日)已發行股本總額的10%。於本報告日期,
+根據子公司股權期權計劃的條款及條件按行權價格
+每股人民幣4.54元授予比亞迪半導體36名僱員合共
+33,088,235份股權期權(即子公司股權期權計劃項下
+可授予的所有股權期權)。截至二零二三年十二月三
+十一日,已授予的33,088,235份股權期權中,由於
+僱員辭任導致314,627份股權期權已失效並註銷。
+子公司股權期權計劃的有效期將自股權期權授予日
+起至激勵對象獲授的股權期權全部行權或註銷之日
+止,並於所有已行使或註銷的股權期權授予激勵
+參與者當日結束,不應超過十年。根據子公司股
+權期權計劃授予的股權期權應分三批行使,相應等
+待期應自授予日期起分別為24個月、36個月及48
+個月。截至二零二三年十二月三十一日止,子公司
+股權期權計劃第一個行權期的可行權股權期權為
+9,826,411份,其中6,218,756份股權期權獲行權,剩
+餘3,607,655份股權期權因逾期未行權已註銷。有關
+行權期、作為股權期權行權條件的業績考核目標的
+詳情及子公司股權期權計劃的進一步詳情,請參閱
+該通函及本報告的財務報表附註十三。
+Annual Report 2023
+二零二三年年報
+53
+Management Discussion and Analysis
+管理層討論與分析
+SHARE CAPITAL
+股本
+As at 31 December 2023, the share capital of the Company was as
+follows:
+於二零二三年十二月三十一日,本公司的股本如
+下:
+H shares
+(“BE"), a majority-owned subsidiary of the Company and Jabil Circuit
+(Singapore) Pte. Ltd. ("Jabil Singapore” or the “Seller"), a subsidiary
+of Jabil Inc., in relation to the acquisition. BE acquired the product
+manufacturing business from the Seller in Chengdu and Wuxi,
+including the manufacturing of components for existing customers
+at a cash consideration which was on the basis of RMB15.8 billion
+(equivalent to US$2.2 billion), and with pre-closing and post-closing
+adjustments for the actual amounts of cash, indebtedness and net
+working capital. Upon the completion of the acquisition, the financial
+information of the target group will be included in the consolidated
+financial statements of BE.
+約佔百分比(%)
+王先生為享受國務院特殊津貼的科技專家,曾榮獲
+「二零零八年CCTV中國經濟年度人物年度創新獎」、
+「二零一四年札耶德未來能源獎個人終身成就獎」、
+「二零一六年聯合國開發計劃署[可持續發展顧問委
+員會」創始成員」、「十三五」國家發展規劃專家委員
+會委員」、「二零一九年第五屆全國非公有制經濟人
+士優秀中國特色社會主義事業建設者」、「深圳經濟
+特區建立40週年創新創業人物和先進模範人物」、
+During the Reporting Period, the Company had no significant
+environmental protection or social security issues.
+或有負債
+有關或有負債的詳情,請參閱財務報表附註十四、
+2。
+環保及社會安全情況
+報告期內,本公司不存在重大環保或社會安全問
+題。
+55
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+EXECUTIVE DIRECTOR
+Wang Chuan-fu
+Mr. Wang Chuan-fu, aged 58, Chinese national, a master's degree
+holder and a senior engineer. Mr. Wang graduated from Central South
+University of Technology (中南工業大學) (currently known as Central
+South University (中南大學)) in 1987 with a bachelor's degree majoring
+in metallurgy physical chemistry, and then graduated from Beijing
+Non-Ferrous Research Institute in the PRC (中國北京有色金屬研究
+總院) in 1990 with a master's degree majoring in metallurgy physical
+chemistry. Mr. Wang held positions as vice supervisor in Beijing Non-
+Ferrous Research Institute (北京有色金屬研究總院) and general
+manager in Shenzhen Bi Ge Battery Co. Limited (深圳市比格電池有限
+公司). In February 1995, he founded Shenzhen BYD Battery Company
+Limited (深圳市比亞迪實業有限公司) (“BYD Battery") (became BYD
+Company Limited (比亞迪股份有限公司) on 11 June 2002) with Mr.
+Lv Xiang-yang and took the position of general manager. He is the
+chairman, executive director and President of the Company, and
+is responsible for the general operations of the Company and the
+development of business strategies for the Company. He is a non-
+executive director and the chairman of BYD Electronic (International)
+Company Limited (比亞迪電子(國際)有限公司), the chairman of BYD
+Semiconductor Company Limited (比亞迪半導體股份有限公司), the
+chairman of Shenzhen DENZA New Energy Automotive Co., Ltd. (
+圳騰勢新能源汽車有限公司), and a director of Southern University of
+Science and Technology of China (南方科技大學).
+Mr. Wang,being a technology expert, enjoyed special allowances
+from the State Council. He was awarded “The 2008 CCTV Man of the
+Year China Economy Innovation Award”(二零零八年CCTV中國經
+濟年度人物年度創新獎),“2014 Zayed Future Energy Prize Lifetime
+Achievement Award”(二零一四年札耶德未來能源獎個人終身成就
+獎),“a founding member of the 2016 United Nations Development
+Programme's 'Advisory Council for Sustainable Development" (二零一
+六年聯合國開發計劃署「可持續發展顧問委員會」創始成員), “a member
+of the 13th Five Year Plan' National Development Planning Expert
+Committee”(「十三五」國家發展規劃專家委員會委員), “an Outstanding
+Builder of Socialism with Chinese Characteristics in the 5th National
+Non- Public Economic Sector in 2019”(二零一九年第五屆全國非公
+有制經濟人士優秀中國特色社會主義事業建設者), “a model innovator
+and entrepreneur and advanced model figure for the 40th Anniversary
+of the Establishment of the Shenzhen Special Economic Zone" (
+濟特區建立40週年創新創業人物和先進模範人物), “National Advanced
+Person in the Private Economy for the Fight against COVID-19”(全
+國抗擊新冠肺炎民營經濟先進個人) etc. Mr. Wang topped the list of
+China's 50 Most Influential Business Leaders in 2023 (2023年中國最
+具影響力的50位商界領袖) published by the Fortune magazine and
+the list of 2023 Forbes China Best CEO (2023福布斯中國最佳CEO)
+published by Forbes China.
+執行董事
+王傳福
+王傳福先生,58歲,中國國籍,碩士研究生學歷,
+高級工程師。王先生於一九八七年畢業於中南工業
+大學(現為中南大學),主修冶金物理化學,獲學士
+學位;並於一九九零年畢業於中國北京有色金屬研
+究總院,主修冶金物理化學,獲碩士學位。王先生
+歷任北京有色金屬研究總院副主任、深圳市比格電
+池有限公司總經理,並於一九九五年二月與呂向陽
+先生共同創辦深圳市比亞迪實業有限公司(「比亞迪
+實業」,於二零零二年六月十一日變更為比亞迪股
+份有限公司)任總經理;現任本公司董事長、執行董
+事兼總裁,負責本公司一般營運及制定本公司各項
+業務策略,並擔任比亞迪電子(國際)有限公司的非
+執行董事及主席、比亞迪半導體股份有限公司董事
+長、深圳騰勢新能源汽車有限公司董事長、南方科
+技大學理事。
+Save as described above, during the Reporting Period, there was
+「全國抗擊新冠肺炎民營經濟先進個人」等獎項,王
+先生在《財富》雜誌評選的「2023年中國最具影響力
+的50位商界領袖」以及福布斯中國發布的「2023福布
+斯中國最佳CEO」榜單中,均榮登榜首。
+56
+SECURITY
+ENVIRONMENTAL PROTECTION AND SOCIAL
+Annual Report 2023
+二零二三年年報
+於本報告期內,本公司或其任何附屬公司概無其他
+購買或出售任何本公司股份。
+no significant investment held, material acquisition and disposal of
+subsidiaries, associates and joint ventures.
+購買、出售或贖回股份
+Please refer to note XIV.2 to the financial statements for details of
+contingent liabilities.
+所持重大投資及重大收購及出售附屬公司、
+聯營公司及合營公司
+茲提述本公司日期為二零二三年八月二十八日、九
+月二十七日及十二月二十九的公告,內容有關本公
+司控股子公司比亞迪電子(國際)有限公司(以下簡稱
+「比亞迪電子」)與Jabil Inc.旗下子公司Jabil Circuit
+(Singapore) Pte. Ltd.(以下簡稱「捷普新加坡」或「賣
+方」)就收購事項而言訂立收購框架協議及正式協
+議。比亞迪電子以人民幣158億元(等值22億美元)為
+基準,根據交割前後的現金、負債和淨營運資金等
+項目的實際金額進行調整後,以現金對價收購賣方
+位於成都、無錫的產品生產製造業務,包括現有客
+戶的零部件生產製造業務。收購完成後,目標集團
+的財務資料將納入比亞迪電子合併財務報表範圍。
+除上文所述外,於本報告期內,概無其他所持重大
+投資及重大收購及出售附屬公司、聯營公司及合營
+公司。
+BYD Company Limited
+比亞迪股份有限公司
+Management Discussion and Analysis
+54
+CAPITAL COMMITMENT
+資本承擔
+Please refer to note XIV.1 to the financial statements for details of
+capital commitments.
+有關資本承擔業務的詳情,請參閱財務報表附註十
+四、1。
+CONTINGENT LIABILITIES
+管理層討論與分析
+高級副總裁
+Liu Huan-ming
+何志奇
+He Long
+Senior Vice President
+何龍
+高級副總裁
+He Zhi-qi
+Vice President
+Ren Lin
+副總裁
+Wang Chuan-fang
+Vice President
+王傳方
+任林
+副總裁
+羅紅斌
+Vice President
+劉煥明
+Luo Hong-bin
+Senior Vice President
+廉玉波
+Independent non-executive Director
+獨立非執行董事
+副總裁
+現任
+Incumbent
+Status of employment
+任職狀態
+Resigned (effective from 14 July 2023)
+離任(自二零二三年七月十四日起離任)
+Incumbent
+現任
+執行副總裁
+Incumbent
+報酬總額
+(單位:人民幣萬元)
+671
+1,406
+1,045
+姓名
+Lian Yu-bo
+Executive Vice President
+從公司獲得的
+Wang Jie
+Secretary to the Board, Company Secretary
+董事會秘書、公司秘書
+王傑
+現任
+Incumbent
+現任
+Yang Dong-sheng
+Vice President
+楊冬生
+副總裁
+Zhao Jian-ping
+Incumbent
+Vice President
+副總裁
+Li Qian
+李黔
+Total
+現任
+總計
+744
+414
+趙儉平
+財務總監
+Chief Financial Officer
+現任
+副總裁
+Zhou Ya-lin
+Vice President
+周亞琳
+副總裁
+現任
+Incumbent
+現任
+Incumbent
+1,019
+756
+現任
+Incumbent
+741
+現任
+Incumbent
+788
+現任
+Incumbent
+Vice President
+661
+Mr. Liu Huan-ming, aged 61, Chinese national, a master's degree
+holder, and a senior engineer. Mr. Liu graduated from Northeastern
+Institute of Technology (I) (currently known as Northeastern
+University) in 1988 with a bachelor's degree and later a master's
+degree in metallurgical physical chemistry. Mr. Liu worked for the
+Iron and Steel Institute of Panzhihua Iron and Steel Company in
+Sichuan (四川攀枝花鋼鐵公司鋼鐵研究院) and Benxi Iron and Steel
+Company in Liaoning (遼寧本溪鋼鐵公司). He joined BYD Battery in
+March 1997 and served as general manager of the Human Resources
+Office, general manager of the Department of New Energy Vehicle
+Direct Sale Management and general manager of Division 3 of the
+Rail Department of the Company. He is currently a Vice President
+of the Company, general manager of the Audit Inspection Division,
+and a director of BYD Charity Foundation. He is also in charge of
+the Intellectual Property and Legal Department and the Information
+Center.
+(單位:人民幣萬元)
+degree majoring in mechanical design, manufacturing and automation.
+He went to Japan, Tsinghua University (X) and Beijing Institute
+of Technology (北京理工大學) for multiple times for further study
+during his terms of office. Mr. Ren once worked in Shaanxi Qinchuan
+Motor Co., Ltd. (陝西秦川汽車有限責任公司) and joined the Group in
+January 2003, holding positions including as executive Vice President
+of Automotive Engineering Research Institute (汽車工程研究院). He
+currently is a Vice President of the Company, general manager of
+Division 21, a director of BYD Charity Foundation, the vice chairman of
+the Low-capacity System Branch of China Association of Metros (+
+城市軌道交通協會低運能系統分會), the vice chairman of the Monorail
+Branch of China Association of Metros (中國城市軌道交通協會單軌
+分會), an expert of China Association of Metros (中國城市軌道交通
+) and an expert member of the Academic Committee of China
+Association of Metros (中國城市軌道交通協會).
+Wang Jie
+Mr. Wang Jie, aged 59, Chinese national, and a bachelor's degree
+holder. Mr. Wang graduated from Xi'an Institute of Gold Mining and
+Construction (西安冶金建築學院) (now known as Xi'an University of
+Architecture and Technology (西安建築科技大學)) in 1988 with a
+bachelor's degree in engineering, majoring in industry enterprises
+automatisation. Mr. Wang once worked in Jiaxing Metallurgy
+Manufacture Factory of Metallurgy Department (冶金部嘉興冶金機械
+廠) and other institutions. Mr. Wang joined BYD Battery in September
+1996, and he served various positions including sales manager,
+sales director and deputy general manager of the Company's Sales
+& Marketing Division, the general manager of Green Bus Division
+and the CEO of Commercial Vehicles Division of the Company. He
+currently is a Vice President of the Company and a director of BYD
+Charity Foundation.
+Zhou Ya-lin
+Ms. Zhou Ya-lin, aged 47, Chinese national, and a bachelor's degree
+holder. Ms. Zhou graduated from Jiangxi University of Finance and
+Economics (江西財經大學) in 1999, with a bachelor's degree in
+economics. Ms. Zhou joined BYD Battery in March 1999 and is the
+Vice President and chief financial officer of the Company. She is also
+the chief financial officer of BYD Electronic (International) Company
+Limited (比亞迪電子(國際)有限公司), a director of BYD Semiconductor
+Company Limited (比亞迪半導體股份有限公司), chairman of BYD Auto
+Finance Company Limited (比亞迪汽車金融有限公司), a supervisor of
+BYD TOYOTA EV Technology Co., Ltd. (比亞迪豐田電動車科技有限公
+司) and a supervisor of BYD Charity Foundation, etc.
+任林
+任林先生,57歲,中國國籍,本科學歷教授級高
+工。任先生於一九八九年畢業於北京理工大學,主
+修機械設計製造及其自動化,獲學士學位;工作期
+間曾多次於日本、清華大學、北京理工大學進修。
+任先生曾在陝西秦川汽車有限責任公司任職,並於
+二零零三年一月加入本集團,歷任汽車工程研究院
+常務副院長等職,現任本公司副總裁、第二十一事
+業部總經理、比亞迪慈善基金會理事、中國城市軌
+道交通協會低運能系統分會副會長、中國城市軌道
+交通協會單軌分會副會長、中國城市軌道交通協會
+專家和學術委員會專家委員等職務。
+Mr. Ren Lin, aged 57, Chinese national, a bachelor's degree holder,
+and a professorate senior engineer. Mr. Ren graduated from Beijing
+Institute of Technology (北京理工大學) in 1989, with a bachelor's
+王傑
+周亞琳
+周亞琳女士,47歲,中國國籍,本科學歷。周女士
+於一九九九年畢業於江西財經大學,獲經濟學學士
+學位。周女士於一九九九年三月加入比亞迪實業,
+現任本公司副總裁兼財務總監,並擔任比亞迪電子
+(國際)有限公司財務總監、比亞迪半導體股份有限
+公司董事、比亞迪汽車金融有限公司董事長、比亞
+迪豐田電動車科技有限公司監事及比亞迪慈善基金
+會監事等職。
+64
+BYD Company Limited
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+Yang Dong-sheng
+Mr. Yang Dong-sheng, aged 45, Chinese national, and a master's
+degree holder, and a senior engineer. Mr. Yang graduated from
+Northeastern University (東北大學) in March 2005 with a master's
+degree. Mr. Yang joined the Group in 2005 and has held positions
+including senior engineer in Automotive Engineering Research
+Institute, vice manager in the Chassis Division of the Automotive
+Engineering Research Institute, senior business secretary of the
+President, general manager of the Product and Technical Planning
+Division. He is presently the Vice President of the Company and the
+dean of Product Planning and New Automotive Technology Research
+Institute.
+王傑先生,59歲,中國國籍,本科學歷。王先生於
+一九八八年畢業於西安冶金建築學院(現為西安建築
+科技大學),主修工業企業自動化,獲工學學士學
+位;曾在冶金部嘉興冶金機械廠等單位任職。王先
+生於一九九六年九月加入比亞迪實業,歷任銷售經
+理、銷售總監、營銷本部副總經理、綠色公交事業
+部總經理、商用車事業群CEO等職,現任本公司副
+總裁及比亞迪慈善基金會理事。
+Ren Lin
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+63
+於本公司擔任的職務
+62
+BYD Company Limited
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+He Long
+Mr. He Long, aged 52, Chinese national, and a master's degree
+holder. Mr. He graduated from Peking University (北京大學) in 1999
+and obtained a bachelor's degree of science in applied chemistry, an
+LLB and a master's degree in inorganic chemistry. Mr. He joined BYD
+Battery in July 1999 and held positions as quality control manager of
+Division 1 and Division 2, deputy general manager of Division 2 and
+vice-chairman of Foshan Jinhui Hi-Tech Optoelectronic Material Co.,
+Ltd. (佛山市金輝高科光電材料有限公司). He is a Senior Vice President
+of the Company, chairman of FinDreams Battery Co., Ltd. (弗迪電池
+有限公司), a director of Tibet Zabuye Lithium Industry Co., Ltd. (西
+藏日喀則紮布耶鋰業高科技有限公司), a director of MCC Ramu New
+Energy Technology Co., Ltd (中冶瑞木新能源科技有限公司) and a
+director of BYD Charity Foundation.
+Liu Huan-ming
+Incumbent
+何龍
+何龍先生,52歲,中國國籍,碩士研究生學歷。何
+先生於一九九九年畢業於北京大學,先後獲得應用
+化學理學學士學位、法學學士學位及無機化學碩士
+學位。何先生於一九九九年七月加入比亞迪實業,
+曾任第一事業部、第二事業部質量部經理,第二事
+業部副總經理,佛山市金輝高科光電材料有限公司
+副董事長,現任本公司高級副總裁、弗迪電池有限
+公司董事長,並擔任西藏日喀則紮布耶鋰業高科技
+有限公司董事、中冶瑞木新能源科技有限公司董事
+及比亞迪慈善基金會理事。
+劉煥明
+劉煥明先生,61歲,中國國籍,碩士研究生學歷,
+高級工程師。劉先生於一九八八年畢業於東北工學
+院(現為東北大學),主修冶金物理化學,先後取得
+學士學位和碩士學位。劉先生曾在四川攀枝花鋼鐵
+公司鋼鐵研究院、遼寧本溪鋼鐵公司任職,並於一
+九九七年三月加入比亞迪實業,曾任人力資源處總
+經理、新能源車直營管理事業部總經理、軌道業務
+第三事業部總經理,現任本公司副總裁、審計監察
+處總經理及比亞迪慈善基金會理事、同時分管比亞
+迪知識產權及法務處、信息中心等部門。
+Senior Vice President
+Wang Chuan-fang
+Mr. Wang Chuan-fang, aged 63, Chinese national. Mr. Wang joined
+BYD Battery in August 1996 and held positions including personnel
+manager and logistics manager. He currently is a Vice President of the
+Company, general manager of Logistics Division, general manager of
+Division 22 and a director of Yinchuan Sky Rail Operation Co., Ltd. (銀
+川雲軌運營有限公司) and a director of BYD Charity Foundation.
+王傳方
+王傳方先生,63歲,中國國籍。王先生於一九九六
+年八月加入比亞迪實業,歷任人事部經理、後勤部
+經理;現任本公司副總裁、後勤處總經理、第二十
+二事業部總經理,並擔任銀川雲軌運營有限公司董
+事及比亞迪慈善基金會理事。
+Annual Report 2023
+二零二三年年報
+Zhao Jian-ping
+Incumbent
+Mr. Zhao Jian-ping, aged 47, Chinese national, and a bachelor's
+degree holder. Mr. Zhao graduated from Peking University (À
+大學) in July 1999 with a bachelor's degree in chemistry. Mr. Zhao
+joined BYD Battery in 1999 and held positions as vice manager of the
+Quality Control Sub-division of Division 11, and general manager of
+the Quality Control Department of the Automobile Industry Group. He
+is currently the Vice President and the general manager of the Quality
+Control Department of the Company.
+Mr. Li Qian,aged 51, Chinese national with no right of abode
+overseas, and a master's degree holder. Mr. Li graduated from Jiangxi
+University of Finance and Economics (江西財經大學) in 1997,with
+a bachelor's degree in economics. He graduated from Guanghua
+School of Management of the Peking University (北京大學光華管理
+學院) with an EMBA in July 2016. Mr. Li served in PwC China (普華
+永道會計師事務所), Arthur Andersen (安達信會計師事務所) and ZTE
+Corporation (中興通訊股份有限公司). Mr. Li is a fellow member of The
+Hong Kong Chartered Governance Institute (formerly known as The
+Hong Kong Institute of Chartered Secretaries), and members of the
+tenth Listing Committee of Shenzhen Stock Exchange and the first
+GEM Listing Committee of Shenzhen Stock Exchange. Mr. Li joined
+the Group in August 2005, and currently serves as a secretary to
+the Board, Company secretary and general manager of Investment
+Department of the Company. He is also a joint company secretary of
+BYD Electronic (International) Company Limited (比亞迪電子(國際)
+有限公司), a director of BYD Semiconductor Company Limited (比
+亞迪半導體股份有限公司),chairman of Shenzhen BYD Investment
+Management Co., Ltd. (深圳市比亞迪投資管理有限公司), chairman of
+Shenzhen Fudi Venture Capital Co., Ltd. (深圳市弗迪創業投資有限公
+司), chairman of Energy Storage Power Station (Hubei) Co., Ltd. (儲能
+電站(湖北)有限公司), vice chairman of Allystar Technology (Shenzhen)
+Co., Ltd. (深圳華大北斗科技股份有限公司), a director of Qinghai Salt
+Lake BYD Resources Development Co., Ltd. (青海鹽湖比亞迪資源開
+發有限公司), a director of Chengxin Lithium Group Co., Ltd. (盛新鋰能
+集團股份有限公司), a director of Sichuan Road & Bridge Group Co.,
+Ltd. (四川路橋建設集團股份有限公司), and a director of Advanced
+Materials Technology & Engineering, Inc. (無錫邑文微電子科技股份有
+限公司), etc.
+Xia Zuo-quan
+夏佐全
+高級副總裁
+非執行董事
+Cai Hong-ping
+蔡洪平
+Zhang Min
+張敏
+呂向陽
+Jiang Yan-bo
+報告期內董事、監事和高級管理人員報酬
+Total remuneration
+received from
+the Company
+(Unit: RMB0’000)
+從公司獲得的
+Status of employment
+任職狀態
+報酬總額
+蔣岩波
+Lv Xiang-yang
+王傳福
+Wang Chuan-fu
+楊冬生
+楊冬生先生,45歲,中國國籍,碩士學歷,正高級
+工程師。楊先生二零零五年三月畢業於東北大學,
+獲碩士學位。楊先生於二零零五年加入本集團,歷
+任公司汽車工程研究院高級工程師、汽車工程研究
+院底盤部副經理、總裁高級業務秘書、產品及技術
+規劃處總經理等職,現任本公司副總裁兼產品規劃
+及汽車新技術研究院院長。
+趙儉平
+趙儉平先生,47歲,中國國籍,本科學歷。趙先生
+於一九九九年七月畢業於北京大學,獲化學學士學
+位。趙先生於一九九九年加入比亞迪實業,歷任公
+司第十一事業部品質部副經理、汽車產業群品質處
+總經理,現任公司副總裁兼品質處總經理。
+李黔
+李黔先生,51歲,中國國籍,無境外居留權,碩士
+研究生學歷。李先生於一九九七年畢業於江西財經
+大學,獲經濟學學士學位,二零一六年七月,獲北
+京大學光華管理學院高級工商管理碩士學位。李先
+生曾於普華永道會計師事務所、安達信會計師事務
+所、中興通訊股份有限公司任職;李先生為香港公
+司治理公會(前身為「香港特許秘書公會」)資深會士,
+並曾擔任深圳証券交易所第十届上市委員會委員、
+深圳証券交易所第一届創業板上市委員會委員。李
+先生於二零零五年八月加入本集團,現任本公司董
+事會秘書、公司秘書、投資處總經理以及比亞迪電
+子(國際)有限公司之聯席公司秘書、比亞迪半導體
+股份有限公司董事、深圳市比亞迪投資管理有限公
+司董事長、深圳市弗迪創業投資有限公司董事長、
+儲能電站(湖北)有限公司董事長、深圳華大北斗科
+技股份有限公司副董事長、青海鹽湖比亞迪資源開
+發有限公司董事、盛新鋰能集團股份有限公司董
+事、四川路橋建設集團股份有限公司董事、無錫邑
+文微電子科技股份有限公司董事等職。
+Annual Report 2023
+二零二三年年報
+65
+Directors, Supervisors and Senior Management
+董事、監事及高級管理層
+DIRECTORS', SUPERVISORS' AND SENIOR
+MANAGEMENT'S REMUNERATION DURING THE
+REPORTING PERIOD
+Name
+Position held within the Company
+於本公司擔任的職務
+Chairman, Executive Director and President
+董事長、執行董事、總裁
+Vice-chairman and non-executive Director
+副董事長、非執行董事
+Non-executive Director
+姓名
+Li Qian
+832
+李柯
+Incumbent (effective from 19 May 2023)
+69
+Corporate Governance Report
+企業管治報告
+The Company has arranged appropriate insurance coverage in
+respect of legal actions against its Directors and senior management
+with the extent of such insurance being reviewed each year.
+The Board held eleven meetings during the Year to discuss the
+Group's overall strategy, operation, financial performance and review
+the status of regulatory compliance. The Board also ensures that
+it is supplied in a timely manner with all necessary information in a
+form and of a quality appropriate to enable it to discharge its duties.
+All Board meetings adhere to a formal agenda in which a schedule
+of matter is specifically addressed to the Board for its decision.
+The matters discussed at these Board meetings include, among
+others, quarterly, interim and annual results; recommendations on
+the remuneration of Directors, supervisors and senior management,
+recommendations of auditors, approval of major capital projects;
+dividend policies; and other significant operational and financial
+matters.
+本公司已就其董事及高級管理人員可能面對的法律
+訴訟安排適當的投保,並將每年檢討該等保險。
+董事會於年內舉行十一次會議,以討論本集團的整
+體策略、營運、財務表現及檢討對守則的遵守情
+況。董事會還確保及時獲提供所有必要的資料,以
+便可履行其職務。董事會所有會議按呈交予董事會
+審議的正式議事程序進行。於董事會會議上討論的
+事項包括(其中包括):季度、中期及年度業績;董
+事、監事及高管薪酬建議;核數師的推薦建議;批
+准重大資本項目;股息政策;以及其他重要經營及
+財務事項。
+The Directors decide on various corporate strategies, approve overall
+business plans and supervise the Group's financial performance,
+management and organization on behalf of the Shareholders.
+Specific tasks that the Board delegates to the Group's management
+included the preparation of annual, interim and quarterly accounts
+for the Board's approval before public reporting; the implementation
+of strategies approved by the Board; the implementation of internal
+control procedures; and the ensuring of compliance with relevant
+statutory requirements and other regulations and rules.
+董事決定各項公司策略、批准整體業務計劃及代表
+股東監督本集團的財務表現、管理層及組織。董事
+會委任本集團管理層的特別任務,包括編製年度、
+中期及季度報告供董事會批准以向公眾發表;實施
+董事會批准的各項策略;實施內部監控程序,以及
+確保遵照有關法律規定及其他法規及規則。
+Annual Report 2023
+二零二三年年報
+BYD Company Limited
+比亞迪股份有限公司
+Corporate Governance Report
+企業管治報告
+Under the articles of association of the Company (the “Articles"), the
+term of office for Directors and supervisors is three years. The terms of
+office of Mr. Wang Chuan-fu, Mr. Lv Xiang-yang, Mr. Xia Zuo-quan, Mr.
+Cai Hong-ping,Mr. Zhang Min, and Mr. Jiang Yan-bo have expired
+on 8 September 2023. According to the Articles, the terms of office of
+the above Directors shall be extended until the date on which a new
+session of the Board is approved by the extraordinary general meeting
+and the new Directors officially perform their duties. The Company
+held an extraordinary general meeting on 19 September 2023 to re-
+elect Directors and elect new Directors. Mr. Wang Chuan-fu, Mr. Lv
+Xiang-yang, Mr. Xia Zuo-quan, Mr. Cai Hong-ping and Mr. Zhang Min
+have been nominated by the Board and the nomination committee of
+the Company as candidates for Directors of the Company, and have
+been re-elected by the Shareholders at the extraordinary general
+meeting of the Company held on 19 September 2023. Mr. Jiang Yan-
+bo, a former independent non-executive Director of the Company,
+has retired at the above extraordinary general meeting of the
+Company and ceased to be an independent non-executive Director
+of the Company. Ms. Yu Ling was also appointed as an independent
+non-executive Director of the Company after the conclusion of the
+extraordinary general meeting on the same day. According to the
+Articles and relevant Board resolutions, the term of office of each
+member of the Board and supervisory committee is three years from
+19 September 2023 to 18 September 2026.
+Mr. Wang Chuan-fu, Mr. Lv Xiang-yang, Mr. Xia Zuo-quan, Mr. Cai
+Hong-ping, Mr. Zhang Min and Ms. Yu Ling have been re-elected or
+newly-appointed as Directors during the year ended 31 December
+2023, and they had obtained the legal advice referred to in the
+corresponding rules of the Listing Rules on 19 September 2023. The
+above-mentioned Directors have confirmed that they understood their
+obligations as Directors.
+根據《公司章程》,董事及監事任期三年。王傳福先
+生、呂向陽先生、夏佐全先生、蔡洪平先生、張敏
+先生及蔣岩波先生的任期已於二零二三年九月八日
+屆滿,根據《公司章程》的規定,上述各董事的任
+期順延至臨時股東大會批准組成新一屆董事會並正
+式履職之日止。本公司於二零二三年九月十九日舉
+行臨時股東大會以重選董事及選舉新董事。其中,
+王傳福先生、呂向陽先生、夏���全先生、蔡洪平先
+生及張敏先生已獲本公司董事會及提名委員會提名
+為本公司董事候選人,並獲股東於二零二三年九月
+十九日舉行的本公司臨時股東大會上重選。本公司
+前獨立非執行董事蔣岩波先生已於上述的本公司臨
+時股東大會上退任並不再擔任本公司獨立非執行董
+事。喻玲女士亦於同日的臨時股東大會結束後,獲
+委任為本公司獨立非執行董事。根據本公司的《公司
+章程》及相關董事會決議,各董事會成員、監事會成
+員的委任年期為期三年,為二零二三年九月十九日
+至二零二六年九月十八日。
+於截至二零二三年十二月三十一日止年度,王傳福
+先生、呂向陽先生、夏佐全先生、蔡洪平先生、張
+敏先生以及喻玲女士獲重選或新委任為公司董事,
+並於二零二三年九月十九日取得上市規則相應規則
+所述的法律意見。前述人士均已確認了解作為董事
+的責任。
+Annual Report 2023
+二零二三年年報
+70
+71
+本公司已收到獨立非執行董事根據上市規則規定有
+關其獨立性的年度確認函。本公司認為,所有獨立
+非執行董事繼續展現高度的獨立判斷,亦不牽涉任
+何可影響其有效履行職責的業務或其他關係。因
+此,本公司認為所有獨立非執行董事均為獨立。於
+本報告日期,全體獨立非執行董事的服務年限均短
+於9年。倘董事會希望向股東會尋求委任任何已服務
+9年以上的獨立非執行董事,根據守則條文第B.2.3
+條,應將關於委任的議案以獨立決議案形式提交股
+東大會審議通過。雖然彼等的服務年限長,但仍應
+於提交至股東的相關文件中包含證明彼等獨立性的
+依據。
+於本報告刊發日期,董事會由六名董事組成,包括
+一名執行董事(為總裁),兩名非執行董事及三名獨
+立非執行董事。每位董事專業經驗及對本集團成功
+長期運作的適合性的簡歷載於本年報第55頁至第58
+頁。
+Name
+報告期內董事、監事和高級管理人員報酬
+(續)
+Total remuneration
+除上文所披露者,概無其他資料須根據上市規則第
+13.51B(1)條予以披露。
+BYD Company Limited
+68
+比亞迪股份有限公司
+Corporate Governance Report
+本集團相信,執行董事及非執行董事有關本集團業
+務經營及發展的良好知識、經驗及/或專才可與各
+董事達致平衡。所有董事均知悉其須對股東負擔的
+共同及個別責任,並已恪盡職守,謹慎勤勉地履行
+其職責,為本集團於年內的成功表現作出貢獻。
+企業管治報告
+Accountable to the Shareholders, the Board is collectively responsible
+for formulating the strategic business direction of the Group and
+setting objectives for management, overseeing its performance and
+assessing the effectiveness of management strategies. The Board is
+also responsible for, and has during the Year performed the corporate
+governance duties set out in Code provision A.2.1 of the Code
+(including the determination of the corporate governance policy of the
+Company).
+DIRECTORS
+As at the date of this report, the Board comprises of six Directors,
+including one executive Director who is the President, two non-
+executive Directors and three independent non-executive Directors.
+Detailed biographies outlining each individual Director's range of
+specialist experience and suitability of the successful long-term
+operation of the Group are set out on pages 55 to 58 of this annual
+report.
+The Group believes that its executive and non-executive Directors
+composition is well balanced with each Director having sound
+knowledge, experience and/or expertise relevant to the business
+operations and development of the Group. All Directors are aware of
+their collective and individual responsibilities to the Shareholders and
+have exercised their duties with care, skill and diligence, contributing
+to the successful performance of the Group for the Year.
+The Company has received from each of the independent non-
+executive Directors an annual confirmation of his independence as
+required under the Listing Rules. The Company considers that all
+independent non-executive Directors continued to demonstrate strong
+independence in judgement and were free from any business or
+other relationship which could interfere with their ability to discharge
+their duties effectively. Accordingly, the Company considers that
+all independent non-executive Directors to be independent. As at
+the date of this report, the years of service of all independent non-
+executive Directors are less than 9 years. Should the Board wish to
+seek for the further appointments of any independent non-executive
+Directors serving more than 9 years from the general meetings,
+separate resolutions on such appointments should be proposed to
+the general meetings for consideration and approval in accordance
+with Code provision B.2.3. The reasons to justify their independence
+despite of the length of their services will be contained in relevant
+papers to the Shareholders.
+董事會
+董事會對股東負責,並共同負責制定本集團的策略
+業務方針及為管理層制定目標、監督其表現及評估
+管理層各項策略的效率。董事會亦負責並已於年內
+履行守則項下第A.2.1條所載企業管治職責(包括確定
+本公司企業管治政策)。
+董事
+BOARD OF DIRECTORS
+Corporate Governance Report
+企業管治報告
+CONTINUOUS PROFESSIONAL DEVELOPMENT OF
+DIRECTORS
+Newly appointed Directors of the Company will be provided with
+relevant induction materials to assist them to fully understand the
+Company's operations, business and governance policies and their
+responsibilities and duties as a Director under the requirements of
+the relevant laws and regulations, such as the Listing Rules. They
+will also be provided with materials to help them to gain insights
+in the Company's business and operation. In order to ensure due
+performance of duties by the independent non-executive Directors,
+the Company will also arrange on-site visits and ensure sufficient
+communication between the management and the independent
+non-executive Directors. Pursuant to the corporate governance
+requirements, the Directors participated in continuous professional
+development programme to develop and update their knowledge and
+skills. The particulars of the trainings of each Director are as follows:
+√
+Reading
+materials
+閱讀材料
+夏佐全
+✓
+獨立非執行董事
+蔡洪平
+參與培訓/
+簡介會
+√
+v
+v
+蔣岩波(自二零二三年九月十九日起
+離任)
+喻玲(自二零二三年九月十九日起
+任職)
+the Company
+received from
+(Unit: RMB0'000)
+張敏
+participated
+seminars
+Training/
+董事持續專業發展
+本公司董事就任時,本公司提供相關就任須知材
+料,以幫助董事完全理解本公司經營、業務及管
+治政策以及上市規則等相關法律法規規定的董事
+職責,並提供有助董事瞭解本公司業務及經營情況
+的資料;為確保獨立非執行董事充分履行職責,本
+公司亦會組織獨立非執行董事進行實地考察,並與
+管理層進行充分溝通。根據企業管治要求,董事參
+與持續專業發展計劃,以發展及更新彼等知識及技
+能,以下列載每位董事培訓詳情:
+Name of Directors
+Executive Director
+董事姓名
+執行董事
+Wang Chuan-fu
+Non-executive Directors
+Lv Xiang-yang
+Xia Zuo-quan
+王傳福
+非執行董事
+呂向陽
+Independent Non-executive Directors
+Cai Hong-ping
+Zhang Min
+Jiang Yan-bo (resigned with effect from
+19 September 2023)
+Yu Ling (appointed with effect from
+19 September 2023)
+REPORTING PERIOD (CONTINUED)
+MANAGEMENT'S REMUNERATION DURING THE
+DIRECTORS', SUPERVISORS' AND SENIOR
+董事、監事及高級管理層
+獨立非執行董事
+Incumbent
+現任
+Incumbent
+現任
+Incumbent
+現任
+Resigned (effective from 19 September 2023)
+離任(自二零二三年九月十九日起離任)
+Independent non-executive Director
+23
+23
+23
+14
+2 2 2 2 ±
+Yu Ling
+喻玲
+Incumbent (effective from 19 September 2023)
+現任(自二零二三年九月十九日起任職)
+8
+23
+Independent non-executive Director
+獨立非執行董事
+Independent non-executive Director
+獨立非執行董事
+報告期內,除偏離如上述所釋的守則條文第C.2.1條
+及C.1.6條外,董事認為,本公司已遵守所有適用守
+則條文。
+550
+現任(自二零二三年五月十九日起任職)
+Incumbent
+533
+現任
+12,337
+Annual Report 2023
+二零二三年年報
+67
+Corporate Governance Report
+企業管治報告
+The Board believes that good corporate governance is a key element
+in enhancing the confidence of current and potential shareholders,
+investors, employees, business partners and the community as a
+whole. To this end, the Company has been committed to promoting
+and upholding the highest standard of corporate governance.
+The Company has put in place corporate governance practices to
+comply with all the provisions and most of the recommended best
+practices of the Corporate Governance Code (the "Code") set out in
+Appendix C1 to the Listing Rules except for the deviation from the
+Code provisions C.2.1 and C.1.6.
+Code provision C.2.1 provides that the roles of chairman and chief
+executive officer should be separate and should not be performed
+by the same individual. Mr. Wang Chuan-fu is the chairman and
+chief executive officer of the Company. The Board considers that this
+structure will not impair the balance of power and authority between
+the Board and the management. The Board comprises experienced
+and high-caliber members and meets regularly to discuss issues
+affecting operations of the Group. The Board believes that this
+structure is conducive to strong and consistent leadership, enabling
+the Group to make and implement decisions promptly and efficiently.
+The Board has full confidence in Mr. Wang and believes that his
+appointment to the posts of chairman and chief executive officer is
+beneficial to the business development of the Company.
+Code provision C.1.6 stipulates that independent non-executive
+Directors and non-executive Directors should attend general meetings.
+Given that some non-executive Directors had other important business
+engagement during the Reporting Period, not all of them attended
+the annual general meeting held on 8 June 2023 and extraordinary
+general meeting held on 19 September 2023.
+During the Reporting Period, except for the deviation from Code
+provisions C.2.1 and C.1.6 as explained above, the Directors are
+of the opinion that the Company had complied with all applicable
+provisions of the Code.
+Save as disclosed above, there is no other information required to be
+disclosed pursuant to Rule 13.51B (1) of the Listing Rules.
+董事會相信,良好的企業管治是提高現有及未來股
+東、投資者、僱員、業務夥伴及整體社會信心的關
+鍵因素。在這方面,公司一直致力推廣及貫徹執行
+企業管治的最高標準。
+本公司已實施企業管治常規,以遵照上市規則附錄
+C1《企業管治守則》「守則」的所有條文及大部分建議
+最佳應用守則,惟偏離守則條文第C.2.1條及C.1.6條
+者除外。
+守則條文第C.2.1條規定,主席及行政總裁的角色
+應有區分,並不應由同一人同時兼任。王傳福先生
+為本公司的主席兼行政總裁。董事會認為此架構不
+會影響董事會與管理層兩者之間的權利和職權的平
+衡。董事會由極具經驗和才幹的成員組成,並定期
+開會,以商討影響本集團運作的事項。透過董事會
+的運作,足以確保權利和職權得到平衡。董事會相
+信此架構有助於建立穩健而一致的領導權,使本集
+團能夠迅速及有效地作出及實施各項決定。董事會
+對王先生充滿信心,相信委任他出任主席兼行政總
+裁之職,會有利於本公司的業務發展。
+守則條文第C.1.6條規定,獨立非執行董事及非執行
+董事應出席股東大會。鑒於部分非執行董事在報告
+期內因有重要公務,故並非均出席於二零二三年六
+月八日舉行的股東週年大會及於二零二三年九月十
+九日舉行的臨時股東大會。
+Dong Jun-qing
+現任
+董俊卿
+Resigned (effective from 19 September 2023)
+離任(自二零二三年九月十九日起離任)
+現任
+Supervisor
+監事
+Executive Vice President
+Incumbent
+現任
+王珍
+監事
+Tang Mei
+507
+唐梅
+執行副總裁
+191
+Incumbent
+1,326
+現任
+66
+BYD Company Limited
+比亞迪股份有限公司
+Directors, Supervisors and Senior Management
+Li Ke
+Incumbent
+Supervisor
+現任
+7
+Li Yong-zhao
+李永釗
+Zhu Ai-yun
+Supervisor and chairman of the supervisory committee
+監事、監事會主席
+Supervisor
+Incumbent
+現任
+13
+朱愛雲
+監事
+Incumbent (effective from 19 September 2023)
+現任(自二零二三年九月十九日起任職)
+6
+Huang Jiang-feng
+黃江鋒
+Wang Zhen
+Supervisor
+Incumbent
+13
+監事
+Supervisor and chairman of the supervisory committee
+監事、監事會主席
+Position held within the Company
+Members of the Nomination Committee
+72
+In terms of the summary of the work of the nomination committee, the
+nomination committee held three meeting in 2023 on the nomination of
+Mr. Zhao Jian-ping as a candidate for vice president of the Company,
+the election of new session of the Board of the Company and review of
+the candidates for senior management and the head of internal audit.
+The attendance of its members is set out as follows:
+The Group has established the nomination committee. As at 31
+December 2023, the nomination committee comprises of an executive
+Director, Mr. Wang Chuan-fu, a non-executive Director, Mr. Lv Xiang-
+yang, and three independent non-executive Directors, namely Mr. Cai
+Hong-ping,Mr. Zhang Min and Ms. Yu Ling, with Ms. Yu Ling as the
+chairman. The nomination committee has been delegated with the
+powers and authorities to review the structure, size and composition
+of the Board, make recommendations to the Board on the selection
+of candidates nominated for directorships and senior management,
+appointment and reappointment of Directors and succession planning
+for Directors, assess the independence of independent non-executive
+Directors and determine the policy for the nomination of Directors.
+BYD Company Limited
+企業管治報告
+Corporate Governance Report
+77
+Annual Report 2023
+二零二三年年報
+提名委員會
+1
+3
+8
+1
+高級管理層人數
+Senior Management
+Number of
+人民幣1,100萬元至人民幣1,400萬元
+人民幣1,400萬元以上
+1
+人民幣800萬元至人民幣1,100萬元
+本集團已成立提名委員會。於二零二三年十二月三
+十一日,提名委員會由一名執行董事王傳福先生、
+一名非執行董事呂向陽先生、及三名獨立非執行董
+事蔡洪平先生、張敏先生及喻玲女士組成,而喻玲
+女士為主席。提名委員會已獲授權力及權限,以審
+閱董事會的架構、規模及組成,就挑選董事及高級
+管理層候任人選��委任及重新委任董事及計劃董事
+繼任向董事會提供建議,亦負責評估獨立非執行董
+事的獨立性及決定董事提名的政策。
+提名委員會成員
+Meetings
+Committee
+Number of
+張敏
+喻玲(主席)(自二零二三年
+九月十九日起任職)
+蔡洪平
+蔣岩波(主席)(自二零二三年
+九月十九日起離任)
+呂向陽
+提名委員會的履職概述方面,於二零二三年,提名
+委員會舉行三次會議,以提名趙儉平先生為公司副
+總裁候選人、公司董事會換屆選舉及審閱高級管理
+層、內部審計負責人等候選人。其成員出席情況載
+列如下:
+Zhang Min
+effect from 19 September 2023)
+Yu Ling (Chairman) (appointed with
+effect from 19 September 2023)
+Jiang Yan-bo (Chairman) (resigned with
+Lv Xiang-yang
+王傳福
+Wang Chuan-fu
+Cai Hong-ping
+Attended
+出席委員會
+人民幣500萬元至人民幣800萬元
+按等級劃分的酬金
+BYD Company Limited
+100%
+100%
+100%
+100%
+100%
+22222
+76
+任職)
+蔣岩波(自二零二三年九月十九日起
+離任)
+張敏
+蔡洪平(主席)
+夏佐全
+19 September 2023)
+Yu Ling (appointed with effect from
+19 September 2023)
+喻玲(自二零二三年九月十九日起
+人民幣零元至人民幣500萬元
+比亞迪股份有限公司
+企業管治報告
+Over RMB14 million
+RMB11 million to RMB14 million
+RMB8 million to RMB11 million
+RMB5 million to RMB8 million
+RMBO to RMB5 million
+Remuneration by bands
+年內高級管理人員薪酬
+Corporate Governance Report
+Remuneration of Senior Management During the Year
+截至二零二三年十二月三十一日止年度,支付予各
+董事的酬金載於本年報第65頁。
+董事不參與釐定其本身的薪酬。
+本集團對執行董事薪酬政策的主要目標是讓本公司
+可透過將執行董事的補償與其個人表現掛鈎並與公
+司目標及本集團的經營業績相衡量,同時計及可比
+較的市場條件,以挽留及激勵執行董事。就執行董
+事及高級管理層薪酬而言,薪酬委員會向董事會就
+個別執行董事及高級管理層的薪酬組合提出建議(採
+納企業管治守則條文第E.1.2(c)(ii)條所述模式)並將
+由董事會審閱及採納批准,同時執行董事的薪酬組
+合方案還須經股東大會批准。年內,公司董事會及
+薪酬委員會並未就任何薪酬及補償安排產生任何分
+歧。執行董事的薪酬組合主要部分包括基本薪金、
+酌情花紅。非執行董事的薪酬主要包括董事袍金。
+董事於履行其作為董事職責時所發生的開支,本公
+司會作出合理補償。
+董事薪酬政策
+Directors do not participate in the decisions on their own remuneration.
+The primary goal of the Group's remuneration policy for executive
+Directors is to enable the Company to retain and motivate executive
+Directors by linking their compensation with their individual
+performance, measuring the compensation against the corporate
+objectives and the Group's operating results and taking into
+account of comparable market conditions. For the remuneration of
+the executive Directors and senior management, the remuneration
+committee makes recommendations to the Board on the remuneration
+packages of individual executive Directors and senior management
+(adopting the model described in Code provision E.1.2(c)(ii) of the
+Code) which would then be reviewed and subject to approval by the
+Board. The remuneration package of the executive Directors would
+also be subject to approval by Shareholders at general meetings.
+During the year, there is no disagreement between the Board and
+the remuneration committee on any remuneration or compensation
+arrangements. The principal elements of the remuneration package of
+executive Directors include basic salary and discretionary bonus. The
+remuneration of non- executive Directors includes mainly the Director's
+fee. The Company reimburses reasonable expenses incurred by
+Directors in the course of their carrying out of duties as Directors.
+REMUNERATION POLICY FOR DIRECTORS
+The emoluments paid to each Director for the year ended 31
+December 2023 are set out on page 65 of this annual report.
+Attendance
+Rate
+會議次數
+Items
+二零二二年
+二零二三年
+2022
+2023
+截至二零二三年十二月三十一日止年度,獨立核數
+師安永華明會計師事務所(特殊普通合夥)為本公司
+及其子公司提供核數服務和非核數服務的薪酬總額
+為人民幣14,100,000元。核數費已獲董事會批准。
+於報告期內,提供非核數服務的薪酬總額為人民幣
+8,650,000元。非核數服務的薪酬組成如下表列示。
+獨立核數師及其薪酬
+項目
+本公司之公司秘書李黔先生為本集團全職僱員,並
+對本公司的日常事務有所認識。於本財政年度,公
+司秘書已遵守上市規則第3.29條的相關專業培訓要
+求。公司秘書的履歷詳情載於本年報「董事、監事及
+高級管理層」一節中。
+INDEPENDENT AUDITORS AND THEIR REMUNERATION
+For the year ended 31 December 2023, the total remuneration paid
+to the independent auditor, Ernst & Young Hua Ming LLP, was
+RMB14,100,000 for audit services and non-audit services provided for
+the Company and its subsidiaries. The audit fee was approved by the
+Board. During the Reporting Period, the total remuneration in respect
+of the non-audit services provided was approximately RMB8,650,000.
+The remuneration composition of the non-audit services is set out in
+the table below.
+Mr. Li Qian, the company secretary of the Company, is a full-time staff
+of the Group, and is familiar with the daily affairs of the Company.
+During the financial year, the company secretary had complied with
+the relevant professional training requirements under Rule 3.29 of
+the Listing Rules. The biographical details of the company secretary
+are set out in the section headed “Directors, Supervisors and Senior
+Management" in this annual report.
+COMPANY SECRETARY
+企業管治報告
+Corporate Governance Report
+Annual Report 2023
+二零二三年年報
+本集團於二零零八年三月二十日成立戰略委員會。
+於二零二三年十二月三十一日,戰略委員會由一名
+執行董事王傳福先生、兩名非執行董事呂向陽先生
+及夏佐全先生,以及兩名獨立非執行董事蔡洪平先
+生及張敏先生組成,而王傳福先生為主席。戰略委
+員會主要職責是對公司長期發展戰略和重大投資決
+策進行研究並提出建議。
+公司秘書
+戰略委員會
+Review of interim results
+RMB900,000
+81
+本公司獨立核數師有關其對本公司截至二零二三年
+十二月三十一日止年度的合併財務報表的申報責任
+的陳述書,載於本年報的「審計報告」內。
+statements for the year ended 31 December 2023 is set out in the
+section headed “Audit Report" in this annual report.
+The statement of the external auditor of the Company about its
+reporting responsibilities on the Company's consolidated financial
+董事確認彼等負責編製本公司截至二零二三年十二
+月三十一日止年度的合併財務報表。
+附註: 其他非審計服務費用中包括獨立核數師為比亞
+迪電子(國際)有限公司於二零二三年十二月二
+十九日宣告完成交割之收購移動電子業務提供
+非審計服務。有關收購的詳細信息載列於本報
+告題為「所持重大投資及重大收購及出售附屬公
+司、聯營公司及合營公司」的部分。
+109萬美元
+審閱中期業績
+USD1,090,000
+The Directors have acknowledged their responsibilities for preparing
+Other non-audit service fees include interdependent auditor's fee
+for providing non-audit services in relation to the acquisition of
+the mobile electronics manufacturing business by BYD Electronic
+(International) Company Limited which was completed on 29
+December 2023. For further details of the acquisition, please refer
+to information disclosed in the section headed "SIGNIFICANT
+INVESTMENT HELD AND MATERIAL ACQUISITIONS AND
+DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT
+VENTURES” in this annual report.
+非核數項目(附註)
+Note:
+Non-audit item(Note)
+RMB900,000
+人民幣900,000元
+人民幣900,000元
+the consolidated financial statements of the Company for the year
+ended 31 December 2023.
+本集團的招聘策略為合適的崗位聘用合適的員工,
+從員工的性別、年齡、文化、及教育背景、專業經
+驗、技能及知識等方面實現全體員工(包括高級管理
+人員)的多元化。
+本公司致力於促進董事會、高級管理層乃至整個員
+工隊伍的性別多元化。儘管受限於本集團的業務屬
+性,在全體員工範圍內實現性別多元化將更具挑
+戰,於本報告日期,本集團高級管理層中女性員工
+的數量約佔高級管理層人數的14%,女性員工的數
+量約佔全體員工總人數的32%(包括高級管理層)。董
+事會認為本集團員工隊伍目前已實現員工性別多元
+化。儘管如此,本集團將在為本集團業務招募和選
+擇關鍵管理人員及其他人員時繼續提高員工隊伍的
+性別多元化。
+本公司本屆董事會於二零二三年九月一日經提名委
+員會及第七屆董事會審核通過,並提交公司股東於
+二零二三年九月十九日的臨時股東大會上審議通過
+並予以委任(合稱「本屆董事會委任程序」)。於二零
+二三年十二月三十一日,本屆董事會其中一名董事
+為女性,與二零二二年的董事會組成相比,董事會
+性別多元化有所增進。認識到性別多元化的重要性
+及益處後,董事會的可計量目標之一乃於董事會中
+包含至少一名女性董事。董事會將繼續採取積極措
+施物色合適候選人,以提升董事會成員的性別多元
+化,並著重將性別納入本公司實現董事會多元化的
+考量因素之一。
+Corporate Governance Report
+企業管治報告
+比亞迪股份有限公司
+78
+BYD Company Limited
+提名委員會致力於通過考慮企業管治結構的多項因
+素,在切實可行的情況��促進本公司多元化。
+The nomination committee is committed to promoting diversity in our
+Company to the extent practicable by taking into consideration a
+number of factors in respect of our corporate governance structure.
+100%
+The nomination committee has also adopted a nomination policy which
+includes the selection criteria and nomination procedures of new
+appointments and re-appointments of Directors. The selection criteria
+for assessing candidates include, in particular, his/her educational
+background and professional qualifications, experiences in the
+industry, personality and integrity, as well as his/her contributions to
+the diversity of the Board according to the board diversity policy. In
+the case of re-appointment of Directors, the nomination committee
+would take into account factors such as contribution from the retiring
+Directors. Where the candidate is appointed for the position of
+independent non-executive Director, the nomination committee will also
+assess his/her independence with reference to the requirements set
+out in the Listing Rules. In appointing a new Director, the nomination
+committee and/or the Board will first identify potential candidates. After
+the nomination committee evaluated the candidates based on the
+selection criteria, the nomination committee will nominate one or more
+qualified candidates for the Board's consideration and the Board will
+determine and agree on a preferred candidate. The Company and/or
+the chairman of the Board will then negotiate the terms of appointment
+with the preferred candidate. Finally, the chairman of the Board, in
+consultation with the chairman of the remuneration committee and
+the chairman of the nomination committee, will then finalise a letter of
+appointment for the Board's approval. The nomination committee shall
+ensure the transparency and fairness of the selection procedure and
+continue to adopt diversified selection criteria during the appointment
+procedure, taking into consideration a range of elements such as age,
+educational background, professional experience, industrial skills
+and professional knowledge. Since its establishment, the nomination
+committee has assumed the role of reviewing the application of such
+diversified selection policy at the nomination level, maintaining a
+diversified spectrum of varying perspectives, educational background
+and professional knowledge in the Board.
+100%
+100%
+1
+100%
+100%
+100%
+3 3 2
+出席率
+33
+提名委員會亦已採納一項提名政策,當中列載新委
+任及重新委任董事之甄選準則及提名程序。用以評
+估候選人的甄選準則包括(尤其是)其學歷背景及專
+業資格、與行業有關之經驗、品格、誠信及彼是否
+能如多元化政策所述為董事會多元化作出貢獻。重
+新委任董事方面,提名委員會將考慮如退任董事所
+作出貢獻等因素。倘候選人獲委任獨立非執行董事
+職位,提名委員會將參考上市規則所載列之要求評
+估彼之獨立性。在委任新董事時,提名委員會及/
+或董事會會先物色適合人選。經提名委員會根據甄
+選準則評估候選人後,提名委員會將提名一位或多
+位合資格候選人供董事會考慮,且董事會將決定並
+同意一位最佳候選人。本公司及/或董事會主席將
+與最佳候選人協商委任之條款。最後,董事會主席
+經諮詢薪酬委員會主席及提名委員會主席後將落實
+委任書,予董事會批准。提名委員會應確保挑選程
+序透明及公平,於委聘程序中維持採用多元化甄選
+準則,同時考慮年齡、教育背景、專業經驗、行業
+技能及專業知識等多項特質。自成立以來,提名委
+員會已肩負檢討在提名方面應用多元化甄選政策之
+責任,確保董事具備多元化視野及不同教育背景及
+專業知識。
+Annual Report 2023
+二零二三年年報
+79
+The Group established the strategy committee on 20 March 2008.
+As at 31 December 2023, the strategy committee comprises of one
+executive Director, Mr. Wang Chuan-fu, two non-executive Directors,
+namely Mr. Lv Xiang-yang and Mr. Xia Zuo-quan, and two independent
+non-executive Directors, namely Mr. Cai Hong-ping and Mr. Zhang
+Min, with Mr. Wang Chuan-fu as the chairman. The main duty of the
+strategy committee is to consider and make recommendations on the
+Company's long-term development strategy and major investment
+decisions.
+STRATEGY COMMITTEE
+The Group's recruitment strategy is underpinned by the appointment
+of the right employee for the right position, in order to achieve
+employee diversity for all employees (including senior management) in
+terms of gender, age, cultural and educational background, expertise,
+skills and know-how.
+The Company is committed to promoting gender diversity not only
+within the Board and senior management but also among its entire
+workforce. While it is more challenging to achieve gender diversity
+across the workforce due to the business nature of the Group, as
+at the date of this report, the number of female senior management
+of the Group accounted for 14% of the total number of senior
+management and the number of female employees of the Group
+accounted for approximately 32% of the total workforce (including
+senior management). The Board is of the view that the Group has
+achieved gender diversity among employees. Nevertheless, the
+Group will continue to improve gender diversity in the workforce when
+recruiting and selecting key management and other personnel across
+the Group's operations.
+The current session of the Board was considered and approved
+by the nomination committee and the Seventh Session of the
+Board on 1 September 2023. In addition, they were appointed after
+consideration and approval at the extraordinary general meeting
+of the Company held on 19 September 2023 (collectively, the
+"Appointment Procedures for the Current Session of the Board"). As
+at 31 December 2023, one of the members of the current session of
+the Board is female, which shows an improvement in gender diversity
+in the Board when compared to the composition in year 2022.
+Recognising the importance and benefits of gender diversity, it is
+one of the measurable objectives of the Board to include at least one
+female Director in the Board. The Board will continue to take proactive
+measures to identify suitable candidates to enhance gender diversity
+among members of the Board, and will emphasize to include gender
+as a factor to be taken into consideration for achieving the Board
+diversity.
+Corporate Governance Report
+企業管治報告
+比亞迪股份有限公司
+80
+BYD Company Limited
+甄選人選將基於一系列多元化觀點及將定期審閱的
+可計量目標。這些可計量目標包括但不限於性別、
+年齡、文化背景、教育背景、專業經驗、技能、知
+識及/或服務年期等。最終將按所選人選的優點及
+其將為董事會帶來的貢獻而作出決定。此外,根據
+守則第B.1.3守則條文,董事會應每年檢討發行人的
+董事會多元化政策的實施情況及有效性。提名委員
+會已履行其年內上述職責,包括甄選人選及審閱公
+司的董事會多元化政策的實施情況及有效性。經考
+慮本公司業務及發展需求,提名委員會認為現任董
+事會在技能、經驗、知識、服務年限及獨立性方面
+充分表現多樣化格局。
+董事會已採納董事會多元化政策,其中載有董事會
+多元化之方針。本公司認同董事會成員多元化對企
+業管治及董事會行之有效的重要性,董事會成員多
+元化政策旨在列載為達致董事會成員多元化而採取
+的方針,以確保董事會根據本公司業務所需具備適
+當的技能、經驗及多元化觀點。董事會及提名委員
+會在設定董事會成員組合時,會從多方面考慮董事
+會成員多元化,包括但不限於性別、年齡、文化及
+教育背景、專業經驗、技能及知識。董事會所有委
+任均以用人唯才為原則,並以客觀準則考慮人選,
+充分顧及董事會多元化的裨益。
+董事會多元化政策
+The selection of candidates will be based on a range of diversity
+elements and measurable objectives which will be reviewed regularly.
+Such measurable objectives shall include, but not limited to, gender,
+age, cultural and educational background, professional experience,
+skills, knowledge and/or terms of service. The final decision will
+be made according to the strengths of the candidate and his/her
+contribution that would bring to the Board. Furthermore, pursuant
+to Code provision B.1.3 of the Code, the Board should review the
+implementation and effectiveness of the issuer's policy on board
+diversity on an annual basis. The nomination committee has performed
+the above duties in terms of the selection of candidates and the
+review of the implementation and effectiveness of the Company's
+diversity policy during the Year. Having considered the business
+and development needs of the Company, the nomination committee
+considers that the current Board is sufficiently diversified in terms of
+its skills, experience, knowledge, length of service and independence.
+The Board has adopted the board diversity policy, which sets
+out the approach to the diversity of the Board. The Company
+recognises the importance of diversity to corporate governance and
+an effective Board. The board diversity policy aims to set out the
+approach to achieve Board diversity, so as to ensure that the Board
+members possess appropriate skills, experience and diverse views
+necessary for the business of the Company. In determining the Board
+composition, the Board and nomination committee consider a range
+of diversity elements, including but not limited to gender, age, cultural
+and educational background, professional experience, skills and
+knowledge. All appointments of the Board will be made based on
+merit and objective criteria while taking into full account the interest of
+the Board's diversity.
+The Board's Diversity Policy
+企業管治報告
+Corporate Governance Report
+Jiang Yan-bo (resigned with effect from
+Zhang Min
+NOMINATION COMMITTEE
+Xia Zuo-quan
+11/11
+張敏
+Zhang Min
+1/1
+11/11
+蔡洪平
+Cai Hong-ping
+1/1
+獨立非執行董事
+0/1
+0/1
+11/11
+夏佐全
+Xia Zuo-quan
+1/1
+0/1
+Independent non-executive Directors
+11/11
+Jiang Yan-bo (resigned with effect from
+19 September 2023)
+8/11
+the strategy committee.
+the nomination committee; and
+the remuneration committee;
+the audit committee;
+In furtherance of good corporate governance, the Board has set up a
+number of committees, including:
+九月十九日起任職)
+1/1
+蔣岩波(自二零二三年
+0/1
+Yu Ling (in office from 19 September 2023) 喻玲(自二零二三年
+九月十九日起離任)
+1/1
+1/1
+1/1
+ཌ--
+1/1
+3/11
+Each committee reports regularly to the Board, addressing major
+issues and findings with valuable recommendations for the decision
+呂向陽
+非執行董事
+To ensure the highest attendance of Directors, written notices are sent
+to all Directors 14 days before a regular board meeting; written notices
+are sent to all Directors 2 days before a provisional board meeting.
+The meeting agenda is set in consultation with members of the Board.
+The Board held 11 meetings in the Year. The attendance of individual
+Director at the Board meetings as well as general meetings in the Year
+is set out below:
+BOARD MEETINGS
+企業管治報告
+Corporate Governance Report
+73
+Annual Report 2023
+二零二三年年報
+董事會每年檢討相關方式及方法之實施情況及成
+效。董事會信納其有效及充分的正式或非正式渠
+道,此舉確保董事會層面達成獨立意見及建議。
+董事會會議
+本公司採取多種方式及方法,以確保董事會可獲得
+獨立意見及建議。例如,根據守則條文C.5.6及C.5.9
+條,董事會及其委員可獲得充分資料,並可單獨及
+獨立接觸本公司高級管理層,以作出知情決定。尤
+其是,董事會全體成員均有權及時獲取本集團資料
+(包括但不限於管理賬目、經營業績及統計數據、審
+計結果及其他行業及市場相關信息及預測)、尋求公
+司秘書的協助及專業意見(倘有),費用由本公司承
+擔。此外,本公司審核委員會亦有權每年與本公司
+外部核數師聯絡及討論以履行其職責,亦鼓勵董事
+會成員於適當情況下徵求其他成員、僱員、其他持
+份者及投資者(透過投資者關係渠道)意見,以確保
+於決策過程中可全面計及不同觀點。
+The implementation and effectiveness of the relevant measures
+and mechanisms are reviewed by the Board on an annual basis.
+The Board is satisfied that there are effective and sufficient formal
+or informal channels in place to ensure that independent views and
+inputs are reached at the Board level.
+audit results and other relevant industry and market information
+and forecasts), as well as assistance of the company secretary and
+professional advice if necessary at the expense of the Company.
+Besides, the audit committee of the Company is also entitled to
+contact, and has discussed with, external auditors of the Company
+on an annual basis to discharge its duties. Board members are also
+encouraged to seek inputs from other members, employees, other
+stakeholders as well as investors (via the investor relations channels)
+in appropriate circumstances to ensure that different perspectives are
+taken into account in the decision-making process.
+The Company has maintained various measures and mechanisms
+to ensure that independent views and inputs are made available to
+the Board. For instance, in compliance with Code provisions C.5.6
+and C.5.9, the Board and its committees are provided with adequate
+information and have separate and independent access to the
+senior management of the Company for purpose of making informed
+decisions. In particular, all members of the Board are entitled to
+have timely access to the information of the Group (including but not
+limited to management accounts, operational results and statistics,
+INDEPENDENT VIEWS
+企業管治報告
+Corporate Governance Report
+比亞迪股份有限公司
+獨立意見
+Lv Xiang-yang
+為了保證最高的董事出席率,定期董事會會議於十
+四天前以書面通知各董事;臨時董事會會議於兩天
+前以書面通知各董事。會議議程於諮詢董事會成員
+後制定。年內共舉行十一次董事會會議。董事於年
+內的董事會會議及股東大會的個人出席情況載列如
+下:
+General
+Non-executive Directors
+1/1
+1/1
+11/11
+王傳福
+執行董事
+Wang Chuan-fu
+Annual Extraordinary
+Executive Director
+股東週年大會
+董事會會議
+董事會成員
+Cai Hong-ping (Chairman)
+Meetings
+Board Meetings
+General
+Meetings
+股東特別大會
+making of the Board. The particulars of these Committees are set out
+hereunder.
+Members of the Board
+審核委員會;
+企業管治報告
+Corporate Governance Report
+75
+Annual Report 2023
+二零二三年年報
+100%
+2
+100%
+REMUNERATION COMMITTEE
+100%
+553
+蔣岩波(自二零二三年九月十九日起
+離任)
+蔡洪平
+張敏(主席)
+任職)
+喻玲(自二零二三年九月十九日起
+19 September 2023)
+100%
+Yu Ling (appointed with effect from
+The Board established a remuneration committee on 27 June 2005.
+The primary roles of the remuneration committee is to regularly review
+human resource management policies, make recommendations
+on the remuneration packages, compensation and benefit plans
+of Directors and senior executives, review and/or approve matters
+relating to share schemes under Chapter 17 of the Listing Rules as
+well as set performance goals for senior management of the Group.
+As at 31 December 2023, the Remuneration Committee comprises of
+an executive Director, Mr. Wang Chuan-fu, a non-executive Director,
+Mr. Xia Zuo-quan, and three independent non-executive Directors,
+namely Mr. Cai Hong-ping, Mr. Zhang Min and Ms. Yu Ling, with Mr.
+Cai Hong-ping as the chairman.
+In terms of the summary of the work of the remuneration committee,
+the remuneration committee held two meetings in 2023 to, among
+others, determine the policy for the remuneration of executive
+Directors and approve the terms of executive Directors' service
+contracts, assess the performance of executive Directors and review
+the remuneration of directors, supervisors and senior management of
+the Company. The attendance of its members is set out as follows:
+為進一步實施良好企業管治,董事會已成立數個委
+員會,包括:
+王傳福
+Wang Chuan-fu
+出席率
+Rate
+出席委員會
+會議次數
+薪酬委員會成員
+The remuneration committee has reviewed its terms of reference,
+which is available on the websites of the Hong Kong Stock Exchange
+and the Company, in 2023 to comply with the Code.
+Members of the Remuneration Committee
+Attended
+Meetings
+Committee
+薪酬委員會的履職概述方面,於二零二三年,薪酬
+委員會舉行兩次會議,以(其中包括)決定執行董事的
+薪酬政策並批准其聘用合同,評估執行董事的表現及審
+閱本公司董事、監事及高級管理人員的薪酬。其成
+員出席情況載列如下:
+於二零二三年,薪酬委員會已檢討其職權範圍(其職
+權範圍可於香港聯交所及本公司網站查閱),以符合
+守則。
+董事會已於二零零五年六月二十七日成立薪酬委員
+會。薪酬委員會的主要角色是定期檢討人力資源管
+理政策、對董事及高級行政人員的薪酬組合、補償
+及福利計劃提出建議,審閱及/或批准上市規則第
+十七章項下的股份計劃相關事項以及制定本集團高
+級管理人員的表現目標。於二零二三年十二月三十
+一日,薪酬委員會包括一名執行董事王傳福先生、
+一名非執行董事夏佐全先生、及三名獨立非執行董
+事蔡洪平先生、張敏先生及喻玲女士,而蔡洪平先
+生出任主席。
+薪酬委員會
+Attendance
+Jiang Yan-bo (resigned with effect from
+19 September 2023)
+Number of
+Cai Hong-ping
+審核委員會的主要職責之一是審閱本集團的財務報
+告程序以及風險管理及內部控制制度。於二零二三
+年十二月三十一日,審核委員會包括三名獨立非執
+行董事,即蔡洪平先生、張敏先生及喻玲女士,以
+及一名非執行董事夏佐全先生,而張敏先生出任主
+席。本公司的審核委員會與核數師舉行會議,以檢
+討本集團所採納的會計政策及常規,及討論審核、
+內部監控、風險管理及財務報告事項,以向董事會
+推薦批准。
+審核委員會
+The audit committee held five meetings in 2023 to review the internal
+and external audit findings, the accounting principles and practices
+adopted by the Group, Listing Rules and statutory compliance, to
+consider its relationship, remuneration and appointment terms and
+independence with the external auditor with reference to its work
+performance and to make recommendations to the Board regarding
+the reappointment of the external auditor, to discuss auditing, internal
+controls, risk management and financial reporting matters (including
+auditing the financial statements for the year ended 31 December
+2022, the three months ended 31 March 2023, the six months ended
+30 June 2023 and the nine months ended 30 September 2023), before
+recommending them to the Board for approval, and to perform its
+other duties under the Code. The attendance of its members is set out
+as follows:
+The terms of reference of the audit committee follow the guidelines set
+by the Hong Kong Institute of Certified Public Accountants, the Listing
+Rules and the provisions of the Code.
+namely Mr. Cai Hong-ping, Mr. Zhang Min and Ms. Yu Ling, and a
+non-executive Director, Mr. Xia Zuo-quan, with_Mr. Zhang Min as the
+chairman. Meetings were convened by the audit committee and the
+Company's auditors to review the accounting policies and practices
+adopted by the Group and to discuss auditing, internal control, risk
+management and financial reporting matters before recommending
+them to the Board for approval.
+One of the primary duties of the audit committee is to review the
+financial reporting process and the risk management and internal
+control systems of the Group. As at 31 December 2023, the audit
+committee consists of three independent non-executive Directors,
+AUDIT COMMITTEE
+審核委員會的職權範圍已遵照香港會計師公會所制
+定的指引、上市規則及守則的規定。
+企業管治報告
+74
+BYD Company Limited
+各委員會定期向董事會作出報告,以表達各重大發
+現及寶貴建議供董事會作出決定。該等委員會的詳
+情載列如下。
+戰略委員會。
+提名委員會;及
+Zhang Min (Chairman)
+薪酬委員會;
+Corporate Governance Report
+於二零二三年,審核委員會舉行五次會議,以審閱
+內部及外部審核的發現、本集團所採納的會計準則
+及常規、遵照上市規則及法律、參照外部核數師所
+履行的工作後,審議與外部核數師的關係、其酬金
+及聘任條款及獨立性,並就建議重新委任外部核數
+師向董事會提出建議,及討論審核、內部監控、風
+險管理及財務報告事項(包括審核截至二零二二年
+十二月三十一日止年度、截至二零二三年三月三十
+一日止三個月、截至二零二三年六月三十日止六個
+月及截至二零二三年九月三十日止九個月的財務報
+表),以向董事會推薦批准,及履行守則下的其他的
+職責。其成員的出席情況載列如下:
+比亞迪股份有限公司
+Committee
+100%
+夏佐全(自二零二三年九月十九日起
+任職)
+Xia Zuo-quan (appointed with effect from
+19 September 2023)
+100%
+3
+呂向陽(二零二三年九月十九日
+屆滿)
+出席率
+Lv Xiang-yang (expired on 19 September
+2023)
+審核委員會成員
+2
+Members of the Audit Committee
+Rate
+Attendance
+Attended
+出席委員會
+Meetings
+會議次數
+Number of
+87
+此外,股東可推舉一名本公司退任董事以外之人士
+於股東大會上參選董事。就此目的而言,股東須於
+不早於寄發有關股東大會通告翌日,亦不遲於有關
+股東大會之日期前七日,向董事會送達表明提名參
+選董事人選意向之書面通知以及該獲提名人士發出
+表明其參選意願之書面通知。
+Annual Report 2023
+二零二三年年報
+INVESTOR RELATIONS
+Shareholders may send their requisitions and inquiries requiring the
+Board's attention to the company secretary at the Company's principal
+place of business in Hong Kong at Unit 1712, 17th Floor, Tower 2
+Grand Central Plaza, No. 138 Shatin Rural Committee Road, New
+Territories, Hong Kong. Other general inquiries can be directed to the
+Company through our investor and media relations consultant, whose
+contact information is disclosed in the section headed "Corporate
+Information" of this annual report.
+持有本公司附有可於本公司股東大會上投票權利的
+已繳股本不少於百分之三的任何一名或多名股東,
+可以在股東大會召開10日前提出臨時提案並書面提
+交會議召集人;召集人應當在收到提案後2日內發出
+股東大會補充通知,公告臨時提案的內容。
+The Company believes that effective communication with investors is
+essential for enhancing investors' knowledge and understanding of the
+Company. To achieve this, the Company pursues a proactive policy in
+promoting investor relations and communications. The main purpose
+of the Company's investor relations policy, therefore, is to enable
+investors to have access, on a fair and timely basis, to information that
+is reasonably required for making the best investment decisions.
+Information relating to the Group is mainly communicated to
+Shareholders and investors through publication of notices,
+announcements and circulars at the websites of the Company and the
+Hong Kong Stock Exchange and despatch of interim reports, annual
+reports and circulars to the Shareholders, as well as performance
+presentations, investor surveys, and regular email/phone contacts,
+where Shareholders' inquiries will be answered. Shareholders' general
+meetings are held in compliance with the Listing Rules and other
+legal requirements to ensure communication and interaction with
+Corporate Governance Report
+企業管治報告
+持有本公司附有可於本公司股東大會上投票權利的
+已繳股本不少於百分之一的任何一名股東,可以作
+為徵集人,自行或委託證券公司、證券服務機
+構,公開請求公司股東委託其代為出席股東大會,
+並代為行使提案權、表決權等股東權利。
+Any Shareholder holding not less than 1% of the paid-up share capital
+of the Company carrying the right of voting at general meetings of the
+Company may, as a proxy solicitor, publicly request and authorize,
+either by himself/herself or by appointing a securities company
+or securities service institute, the Shareholders to attend general
+meetings and exercise the right to make proposals, right to vote, and
+other rights of Shareholders.
+股東權利
+可能擁有本集團尚未公佈內��消息的指定人士亦須
+遵守標準守則條款。於二零二三年,本公司並無發
+現違規事件。
+本公司已採納上市規則附錄C3所載上市發行人董事
+進行證券交易的標準守則(「標準守則」),作為本公司
+董事進行有關證券交易的行為守則。在向所有的董
+事作出特定查詢後,於年內,無任何本公司董事買
+賣本公司證券,且所有董事均已遵守標準守則項下
+的義務。
+董事的證券交易
+Furthermore, a Shareholder may propose a person other than a
+retiring Director for election as a Director at a general meeting. For
+such purpose, the Shareholder must send to the Board a notice in
+writing of the intention to propose a person for election as a Director
+and notice in writing by that person of his or her willingness to be so
+elected, no earlier than the day after the dispatch of the notice of the
+relevant general meeting and not later than 7 days prior to the date
+appointed for the relevant general meeting.
+Any one or more Shareholders holding not less than 3% of the paid-up
+capital of the Company carrying the right of voting at general meetings
+of the Company may make a provisional proposal and submit it in
+writing to the convener of the meeting ten days prior to the date of the
+general meeting. The convener shall, within two days upon receipt of
+the proposal, issue a supplementary notice of the general meeting
+announcing the contents of such provisional proposal.
+Under the Articles, any one or more Shareholders holding not less
+than one-tenth of the paid-up capital of the Company carrying the right
+of voting at general meetings of the Company shall at all times have
+the right, by written requisition to the Board, to require an extraordinary
+general meeting to be called by the Board for considering any matters
+specified in such requisition.
+SHAREHOLDERS' RIGHTS
+Specified employees who are likely to be in possession of unpublished
+inside information of the Group are also subject to compliance with
+the Model Code. No incident of non-compliance was noted by the
+Company in 2023.
+The Company has adopted the Model Code for Securities
+Transactions by Directors of Listed Issuers (the "Model Code")
+contained in Appendix C3 of the Listing Rules as the Company's code
+of conduct regarding securities transactions by its Directors. Having
+made specific inquiry of all Directors, the Company confirmed that
+none of the Directors have purchased or sold any securities of the
+Company and all Directors have complied with their obligations under
+the Model Code during the Year.
+Shareholders.
+DIRECTORS' SECURITIES TRANSACTIONS
+根據公司章程,持有本公司附有可於本公司股東大
+會上投票權利的已繳股本不少於百分之十的任何一
+名或多名股東,將可隨時要求董事會召開股東特別
+大會,以審議要求中所指明的任何事項。
+股東可將其需要董事會關注的申請書及查詢寄至本
+公司的公司秘書,地址為本公司於香港的主要營業
+地點香港新界沙田鄉事會路138號新城市中央廣場二
+期17樓1712室。其他一般查詢可透過本公司的投資
+者及傳媒關係顧問交予本公司。投資者及傳媒關係
+顧問的聯絡資料已在本年報「公司資料」一節披露。
+The board of directors of the Company (the "Board") agreed to hereby
+submit the annual report together with the audited consolidated
+financial statements of BYD Company Limited (the "Company") and
+its subsidiaries (together with the Company hereinafter collectively
+referred to as the “Group") for the year ended 31 December 2023.
+本公司相信,與投資者的有效溝通對增進投資者對
+本公司的認識及暸解乃至關重要。為達致該目標,
+本公司實施促進投資者關係及溝通的積極政策。因
+此,本公司的投資者關係政策主要乃旨在讓投資者
+可公平和及時取得作出最佳投資決策時所合理需要
+的資料。
+企業管治報告
+The Company's profit distribution policy shall focus on providing
+investors with reasonable investment returns as well as
+maintaining the sustainable development of the Company. The
+Company's profit distribution shall not exceed the range of the
+accumulated distributable profits or damage the Company's
+(I)
+Dividend Distribution Policy
+out in the consolidated financial statements and their notes on pages
+115 to 352 of this annual report.
+The results of the Group for the year ended 31 December 2023 are set
+RESULTS AND APPROPRIATIONS
+An analysis of the Group's performance for the year ended 31
+December 2023 by business and geographical segments of
+operations is set out in note XVI.1 to the financial statements.
+The Group is principally engaged in automobiles and batteries
+business, handset components and assembly services, while taking
+advantage of its technological superiority to actively develop urban
+rail transportation and other business segment. The activities of the
+Company's subsidiaries are set out in note VIII.1 to the financial
+statements. There were no significant changes in the nature of the
+Group's principal activities for the year ended 31 December 2023.
+Further discussion and analysis of principal activities are set out in
+the Management Discussion and Analysis on pages 20 to 54 of this
+annual report.
+PRINCIPAL ACTIVITIES AND GEOGRAPHICAL
+ANALYSIS OF OPERATIONS
+董事會報告
+Report of the Directors
+比亞迪股份有限公司
+88
+BYD Company Limited
+年內,本公司章程並無任何重大變動。
+董事會已檢討本公司投資者關係政策的實施情況及
+有效性。經考慮已落實多元化的溝通渠道,董事會
+信納截至二零二三年十二月三十一日止年度已妥善
+實施有效的投資者關係政策。
+董事會每年檢討投資者關係政策,並作出其認為必
+要的任何變動,確保有關政策的有效性及股東及投
+資者的合法權益得到充分保障。
+During the Year, there was no material change to the Articles.
+implemented throughout the year ended 31 December 2023.
+is satisfied that an effective investor relations policy has been properly
+effectiveness of the investor relations policy of the Company. Having
+considered the diverse channels of communication in place, the Board
+The Board has conducted a review of the implementation and
+The Board reviews the investor relations policy on an annual basis,
+and makes any changes it considers necessary to ensure its
+effectiveness and that the legal interests of Shareholders and investors
+are substantially protected.
+本公司主要通過在本公司及香港聯交所網站刊發通
+告、公告及通函,向股東寄發中期報告、年度報告
+及通函,以及業績說明會、投資者調研、日常郵件
+及電話詢問等方式向股東及投資者提供有關本集團
+的資料,解答股東疑問。本公司遵照上市規則舉行
+股東大會,確保與股東的溝通互動。
+與投資者的關係
+Corporate Governance Report
+比亞迪股份有限公司
+86
+管理層及相關員工識別可能對公司及運營構成潛在
+影響之風險(包括環境、社會及管治風險),評估監
+控環境和流程方面的風險。通過比較風險評估結
+果,排列風險優先次序,釐定風險管理策略及內部
+監控程序,以防止、避免或降低風險。
+識別、評估及管理重大風險
+measures.
+Major risks (including environmental, social and governance risks)
+and related control measures are reviewed and upgraded on an
+ongoing basis to ensure proper internal control procedures in place.
+Based on the testing results, persons in charge confirm with the
+senior management that internal control measures have played
+their roles as expected, their weakness identified in the control have
+been corrected, and risk management policies and internal control
+procedures have been revised, in the event of any major changes.
+The Board and the audit committee supervise the control activities
+of the management team to ensure the effectiveness of the control
+The management team and relevant staff identify risks (including
+environmental, social and governance risks) that may exert potential
+impacts on the Company and its operation, and evaluate and monitor
+risks in the environment and process. Through comparison of the risk
+appraisal results and risk prioritization, risk management strategies
+and internal control procedures are determined to prevent, avoid or
+reduce risks.
+IDENTIFICATION, EVALUATION AND MANAGEMENT OF
+MAJOR RISKS
+Corporate Governance Report
+企業管治報告
+84
+BYD Company Limited
+議,以改善制度重大不足之處或發現監控缺
+失。
+向審核委員會匯報審核結果或發現並作出建
+主要風險(包括環境、社會及管治風險)與相關監控
+措施,均持續檢討和更新,以確保設有適當的內部
+監控程序。根據測試結果,於出現任何重大變動
+時,有關的負責人員向高層管理人員確認內部監控
+措施發揮預期作用,或已在確定的監控弱點予以糾
+正,修訂風險管理政策及內部監控程序。董事會及
+審核委員會監督管理層的監控活動以致監控措施的
+成效。
+to the audit committee, to improve major drawbacks of the
+systems or identify the deficiency of the control.
+審核本公司風險管理及內部監控制度是否足
+夠有效;
+•
+Reviewing the due effectiveness of the Company's risk
+management and internal control systems;
+內部審計
+向董事會及審核委員會提供有關風險管理及
+內部監控系統是否有效的確認。
+Internal Audit Department
+the effectiveness of the risk management and internal control
+systems.
+Providing confirmation to the Board and the audit committee on
+對內部審計提出的有關風險管理及內部監控
+事宜之調查結果,作出及時回應和跟進;
+識別、評估及管理可能對運作之主要程序構
+成潛在影響之風險(包括環境、社會及管治風
+險);
+本公司對貪腐零容忍,全員反腐,褒獎舉報人。
+Reporting the audit results or findings and making suggestions
+Annual Assessment
+In 2023, the Board reviewed the soundness and effectiveness of the
+Group's risk management and internal control systems, covering
+financial, operational and compliance control, with a self-evaluation
+report issued on the internal control. In addition, the Company
+engaged an auditor to audit the effectiveness of the internal control
+related to the Company's financial reports, and to provide independent
+and objective assessments and suggestions in the form of audit
+report. The Board considers that the Company's risk management and
+internal control systems are effective and adequate.
+Internal Audit
+BYD Company Limited
+更多詳情,請參閱本公司二零二三年環境、社會及
+管治報告合規經營與商業道德一節。
+本公司還制定了《比亞迪公司舉報人保護和獎勵規
+定》,並開設專門的廉潔問題舉報渠道(包括電話、
+郵箱、微信公眾號等),鼓勵舉報人參與到本公司廉
+潔監督體系中,積極舉報貪污、腐敗等違法違規行
+為和其他違反本公司規章製度的行為。本公司每年
+檢討該等舉報及反貪污政策。
+本公司制定了《比亞迪行為準則》、《比亞迪公司員工
+職業道德規範》及《比亞迪公司員工對外公務交往管
+理規定》等一系列規章制度,嚴格禁止提供、接受、
+索取賄賂、禮物、招待或其它形式的,意在影響或
+可能影響比亞迪相關業務決定的,獲取非正常或不
+適當優勢的做法。
+Operation and Business Ethics” in the 2023 environmental, social and
+governance report of the Company.
+For further details, please refer to the section headed "Compliance
+The Company also established BYD Whistleblower Protection and
+Incentive Measures and opened special channels for honesty issues
+reporting (including via telephone, email, WeChat official account)
+to encourage whistleblowers to perform the honesty supervision
+system of the Company, and actively report cases of embezzlement,
+corruption and other violations of laws, regulations and the rules and
+measures of the Company. These whistleblowing and anti-corruption
+policies are reviewed on an annual basis.
+The Company formulated a series of rules and measures, including the
+BYD Code of Conduct, BYD Employee Professional Ethic Guidelines,
+and BYD Guidelines for Employee Business Activities with External
+Entities, to prohibit any offering, accepting or claiming bribery,
+gifts, hospitality and any other form of activity intended to affect the
+Company's relevant business decision for abnormal or inappropriate
+advantages.
+本集團制定一套有關披露內幕消息的政策,載列符
+合(香港法例第571章)證券及期貨條例及時處理及
+發佈內幕消息的程序及內部監控措施。除非內幕消
+息屬於證券及期貨條例所允許任何安全港範圍內,
+否則本集團需透過香港聯交所營運之電子登載系統
+及時向公眾人士發佈有關資料。所有董事、高級管
+理人員及相關僱員須在刊發公佈前採取合理預防措
+施,將內幕消息及相關公佈(如適用)保密。倘本集
+團認為無法維持必要的保密程度,本集團將及時在
+合理可行情況下盡快向公眾披露有關資料。該政策
+及其有效性須進行定期檢討。
+ability to operate. A sustainable and steady profit distribution
+policy shall be implemented.
+舉報及反貪污政策
+披露內幕消息
+The Company has zero-tolerance towards corruption, implements
+anti-corruption policies that apply to all staff, and rewards the
+whistleblowers.
+Whistleblowing and Anti-corruption Policy
+The Group has put in place a set of policy for the disclosure of inside
+information which sets out the procedures and internal controls for the
+handling and dissemination of inside information in a timely manner
+and in compliance with the Securities and Futures Ordinance (Chapter
+571 of the Laws of Hong Kong). Unless the inside information falls
+within any of the safe harbors as permitted under the Securities
+and Futures Ordinance, the Group is required to disseminate such
+information through the electronic publication system operated by
+the Hong Kong Stock Exchange to the public in a timely manner. All
+Directors, senior management and relevant employees are required
+to take reasonable precautions for preserving the confidentiality of
+inside information and the relevant announcement (if applicable)
+before publication. If the Group believes that the necessary degree
+of confidentiality cannot be maintained, the Group will in a timely
+manner disclose the information to the public as soon as reasonably
+practicable. The policy and its effectiveness are subject to review on a
+regular basis.
+Disclosure of Inside Information
+企業管治報告
+Corporate Governance Report
+85
+Annual Report 2023
+二零二三年年報
+本集團設有審計部門,推行獨立的內部審計制度,
+在本集團的風險管理及內部監控框架扮演重要角
+色。該部門直接向審核委員會匯報,內部審核部��
+的年度、季度工作計劃報審核委員會審閱,並定
+期向審核委員會作出報告,重要審核發現需及時報
+告,由審核委員會審議後向董事會、管理層提出建
+議,並通過後續跟蹤的方式檢討整改計劃的落實情
+況。
+內部審核
+二零二三年,董事會已對集團的風險管理及內部控
+制體系(包括財務、經營及合規控制)的健全性和有
+效性進行了檢討,並出具了內部控制自我評價報
+告。同時,公司還聘請了審計師對公司財務報告相
+關的內部控制有效性進行審計,以審計報告的形式
+提供獨立客觀的評價與建議。董事會認為,公司的
+風險管理及內部控制體系有效且充分。
+年度評估
+The Group has an internal audit department which, equips with an
+independent internal audit system, and plays an important role in
+the Group's risk management and internal control framework. The
+department reports directly to the audit committee. The annual and
+quarterly work plans of the internal audit department are reviewed by
+the audit committee and reported to the audit committee regularly.
+Major audit findings shall be reported on a timely basis. Based on
+its consideration, the audit committee will provide advice to the
+Board and the senior management, with subsequent follow-up
+measures taken to review the implementation of the rectification and
+improvement plans.
+比亞迪股份有限公司
+本公司董事(「董事會」)同意謹將比亞迪股份有限公司
+(以下簡稱「本公司」)及其附屬公司(連同本公司統稱
+「本集團」)截至二零二三年十二月三十一日止年度報
+告連同已經審核的合併財務報表呈覽。
+協助董事會執行其風險管理及內部監控系統
+的職責;
+本集團的主要業務為汽車及電池業務、手機部件及
+組裝業務,同時利用自身的技術優勢積極拓展城市
+軌道交通及其他業務領域,而本公司的附屬公司的
+業務則詳載於財務報表附註八、1。截至二零二三年
+十二月三十一日止年度,本集團主要業務性質並無
+重大改變。有關主要業務的進一步討論及分析,詳
+見載於本年報第20頁至54頁的管理層討論及分析。
+董事會確認對風險管理及內部監控系統負責,並通
+過審核委員會至少每年檢討其有效性。審核委員會
+協助董事會履行其監察及企業管制職責,涵蓋本公
+司的財務、運營、合規、風險管理及內部監控,和
+內部審計職能。
+風險管理及內部監控
+of:
+The Company's risk management system is composed of a well-
+established organizational structure as well as all-rounded policies
+and procedures. The responsibilities of each business and functional
+department are clearly defined to ensure effective balance. The
+Company's risk management and internal control structure comprises
+Risk Management and Internal Control Framework
+Various measures have been designed for safeguarding assets
+against unauthorised use or disposition; for maintaining good
+accounting records and for the reliability of financial data used
+within the business or for publication. The Company's systems of risk
+management and internal control are designed to manage rather than
+eliminate the risk of failure to achieve business objectives, and can
+only provide reasonable but not absolute assurance against material
+errors, losses or fraud. The Board considers that the Company is fully
+compliant with the provisions of risk management and internal control
+as set forth in the Code.
+The Board confirms its responsibility for risk management and internal
+control systems, and for reviewing their effectiveness through the
+audit committee at least annually. The audit committee assists the
+Board in performing its responsibilities of supervision and corporate
+governance,covering financial, operational, compliance, risk
+management and internal control, as well as internal audit functions of
+the Company.
+RISK MANAGEMENT AND INTERNAL CONTROL
+企業管治報告
+Corporate Governance Report
+比亞迪股份有限公司
+本公司已設計各項措施,以保障資產不被非法使用
+或出售、保持良好會計記錄及用於業務或公佈的財
+務數據的可靠性。風險管理及內部監控系統旨在管
+理而非消除未能達成業務目標的風險,而且就避免
+重大錯誤、損失或欺騙行為而言,僅能作出合理而
+非絕對的保證。董事會信納本公司已全面遵守守則
+所載風險管理和內部監控條文。
+82
+確保本公司在會計、內部審核及財務匯報職
+能,以及本集團環境、社會及管治表現及匯
+報方面有足夠的資源,員工資歷和經驗以及
+培訓。
+持續監督本公司的風險管理及內部監控系
+統,對風險管理及內部監控系統管理制度的
+健全和完善提出意見和建議;
+至少每年一次檢討本公司的風險管理及內部
+監控系統是否有效;
+91
+根據財政部、國家稅務總局於一九九四年五月十三
+日發佈的��關於個人所得稅若干政策問題的通知》(財
+稅字[1994]020號)的規定,外籍個人從外商投資企
+業取得的股息、紅利所得,暫免徵收個人所得稅。
+根據國家稅務總局於一九九四年七月二十六日發佈
+的《外籍個人持有中國境內上市公司股票所取得的股
+息有關稅收問題的函》(國稅函發[1994]440號)的規
+定,對持有B股或海外股(包括H股)的外籍個人,從
+發行該B股或海外股的中國境內企業所取得的股息
+(紅利)所得,暫免徵收個人所得稅。據此,本公司
+在派付末期股息時,本公司對名列於公司H股股東名
+冊上的個人股東將不代扣代繳中國個人所得稅。
+Issues of Dividends Received by Foreign Individuals Holding Shares
+of Companies Listed in China (Guo Shui Han Fa [1994] No. 440) as
+promulgated by the State Administration of Taxation on 26 July 1994,
+dividends (capital bonuses) received by foreign individuals holding
+B shares or overseas shares (including H shares) from Chinese
+enterprises issuing such B shares or overseas shares are temporarily
+exempted from individual income tax. Accordingly, in the payment of
+final dividends, the Company will not withhold and pay the individual
+income tax on behalf of individual Shareholders when the Company
+distributes the final dividend to individual shareholders whose names
+appear on the register of members of H shares of the Company.
+In accordance with the Circular on Certain Issues Concerning
+the Policies of Individual Income Tax (Cai Shui Zi [1994] No. 020)
+promulgated by the Ministry of Finance and the State Administration
+of Taxation on 13 May 1994, overseas individuals are, temporarily,
+exempted from the PRC individual income tax for dividend or bonuses
+received from foreign-invested enterprises. In accordance with the
+Letter of the State Administration of Taxation concerning Taxation
+根據自二零零八年一月一日起施行的《中華人民共和
+國企業所得稅法》及其實施條例,本公司向名列於H
+股股東名冊上的非居民企業股東派發現金股息時,
+有義務代扣代繳企業所得稅,稅率為10%。任何以
+非個人股東名義,包括以香港中央結算(代理人)有
+限公司、其他代名人、代理人或受託人、其他組織
+及團體名義登記的H股股份皆被視為非居民企業股東
+所持的股份,因此,其應得股息將被扣除企業所得
+稅。如H股股東需要更改股東身份,請向代理人或受
+託人查詢相關手續。本公司將嚴格依法或根據政府
+相關部門的要求,並依照截至末期股息記錄日期的H
+股股東名冊代扣代繳企業所得稅。
+末期股息將以人民幣計值和宣派,以人民幣向A股股
+東發放,以港元向H股股東發放。以港元發放的股息
+計算的匯率以在特別股東大會宣派股息日之前五個
+工作日的中國人民銀行公佈的港元兌換人民幣平均
+基準匯率為準。
+In accordance with the Enterprise Income Tax Law of the People's
+Republic of China and its implementation regulations which came into
+effect on 1 January 2008, the Company is required to withhold and
+pay enterprise income tax at the rate of 10% on behalf of the non-
+resident enterprise Shareholders whose names appear on the register
+of members for H shares when distributing the cash dividends. Any
+H shares not registered under the name of an individual Shareholder,
+including HKSCC Nominees Limited, other nominees, agents
+or trustees, or other organisations or groups, will be deemed as
+shares held by non-resident enterprise Shareholders. Therefore, the
+enterprise income tax will be withheld from dividends payable to such
+Shareholders. If holders of H shares intend to change its Shareholder
+status, please enquire about the relevant procedures with your
+agents or trustees. The Company will strictly comply with the law or
+the requirements of the relevant government authority and withhold
+and pay enterprise income tax on behalf of the relevant shareholders
+based on the register of members for H shares as at the record date
+of the final dividend.
+The final dividend will be denominated and declared in RMB. The
+holders of A shares will be paid in RMB and the holders of H shares
+will be paid in Hong Kong dollars. The exchange rate for the dividend
+to be paid in Hong Kong dollars will be the mean of the exchange
+rates of Hong Kong dollar to RMB as announced by the People's Bank
+of China during the five business days prior to the date of declaration
+of the dividend at the extraordinary general meeting.
+BYD Company Limited
+風險管理及內部監控框架
+本公司風險管理包含完善之組織架構,以及全面之
+政策和程序。各業務及職能部門之職責均清楚列
+明,以確保有效之制衡。本公司的風險管理及內部
+監控架構包括下列各項:
+Board of Directors
+管理層
+審核委員會
+investigation results of risk management and internal control
+issues raised by the internal audit department;
+Responding to and following up in a timely manner on the
+Identifying, evaluating and managing risks (including
+environmental, social and governance risks) that may exert
+potential impacts on major operational procedures;
+Designing, implementing and inspecting the risk management
+and internal control systems;
+Management Team
+Ensuring that the Company has sufficient resources, staff
+qualifications and experiences, and training programs in
+accounting, internal audit and financial reporting functions, as
+well as those relating to the Group's environmental, social and
+governance performance and reporting.
+Reviewing the effectiveness of the Company's risk
+management and internal control systems at least once a year;
+control systems on an ongoing basis, to provide opinions
+and suggestions with regard to the improvement of the risk
+management and internal control systems;
+Supervising the Company's risk management and internal
+Assisting the Board in performing its duties of risk management
+and internal control systems;
+Audit Committee
+企業管治報告
+Corporate Governance Report
+83
+Annual Report 2023
+二零二三年年報
+監督管理層對風險管理及內部監控系統的設
+計、實施及監察。
+確保本公司建立及維持合適及有效的風險管
+理及內部監控系統;
+負責評估並釐定本公司承受的風險性質及程
+度,以達成其業務策略目標;
+董事會
+of the risk management and internal control systems by the
+management team.
+Supervising the designing, implementation and inspection
+Ensuring that the Company has established and maintained
+appropriate and effective risk management and internal control
+systems;
+Evaluating and determining the nature and magnitude of the
+risks to be assumed by the Company, to achieve its business
+and strategic goals;
+Report of the Directors
+董事會報告
+主要業務及營運地區的分析
+Annual Report 2023
+二零二三年年報
+董事會已議決建議派發截至二零二三年十二月三十
+一日止年度末期股息每股人民幣3.096元(包含稅項)
+(截止二零二二年十二月三十一日止之年度:派發每
+股人民幣1.142元(包含稅項))。如實施權益分派股
+權登記日公司總股本發生變動,公司擬維持分配總
+額不變,相應調整每股分配金額。建議末期股息須
+待本公司將召開的股東週年大會(「股東週年大會」)上
+審議及批准後方可作實。
+(二)
+The Board may propose to the Company to make interim cash
+distribution according to the Company's earnings and capital
+requirement conditions, provided that the cash dividend
+conditions are satisfied.
+The audit firm issues an unqualified audit report on the
+financial report of the Company for the year.
+The cumulative distributable profit of the Company is
+positive in value;
+(3)
+(1) The distributable profit (i.e. the Company's profit after
+tax net of loss and contribution of reserve funds)
+realized by the Company for the year or half year
+is positive in value and the cash flow is sufficient.
+The payment of cash dividends will not affect the
+subsequent continuing operation of the Company;
+The profit distributed by the Company in cash each year
+shall not be less than 10% of the realized distributable
+profit for the year, provided that the following cash dividend
+conditions are satisfied and the capital needs for the normal
+production, operation and development of the Company are
+met. The cumulative profit for distribution in cash for any three
+consecutive years shall not be less than 30% of the average
+annual distributable profit for such three years:
+After the profit distribution plan is approved at the general
+meeting of the Company, the Board shall complete the
+distribution of dividends within two months after convening the
+Shareholders' general meeting.
+The Company's profit distribution shall be prepared by the
+Board in accordance with the Company's operating conditions
+and the relevant requirements of China Securities Regulatory
+Commission and shall be considered and approved at the
+Shareholders' general meeting.
+The Company may distribute dividends in cash, in shares
+or in a combination of both cash and shares or as otherwise
+permitted by the laws and regulations. When the conditions for
+cash dividend are satisfied, cash dividend shall be the priority
+method of profit distribution.
+(V)
+四
+(IV)
+(II)
+89
+董事會報告
+Report of the Directors
+Annual Report 2023
+二零二三年年報
+公司股息政策應重視對投資者的合理投資回
+報,並兼顧公司的可持續發展,公司股息分
+派不得超過累計可分配利潤的範圍,不得損
+害公司持續經營能力,實行持續、穩定的股
+息分配政策。
+(-)
+派付股息政策
+本集團截至二零二三年十二月三十一日止年度的業
+績載於本年報合併財務報表及其附註第115頁至第
+352頁。
+業績及分配
+截至二零二三年十二月三十一日止年度按業務類型
+及營運地區分類的本集團業績表現分析載於財務報
+表附註十六、1。
+(III)
+五
+公司可以採取現金、股票、現金與股票相結
+合或者法律、法規允許的其他方式分派股
+息。在滿足現金分紅的條件下,應優先採用
+現金分紅的方式分配股息。
+公司股息分派由董事會根據公司經營狀況和
+中國政監會的有關規定擬定,由股東大會審
+議決定。
+依照本公司目前的股息分派政策,公司向內
+資股股東支付股利以及其他款項,以人民幣
+計價和宣佈,在公司章程規定的期限內用人
+民幣支付;公司向外資股股東支付股利及其
+他款項,以人民幣計價和宣佈,在不時修訂
+的公司章程規定的範圍和期限內以相應幣種
+支付。兌換率應以宣派股利或其他分派當日
+前五個工作天中國人民銀行所報的相關外幣
+兌人民幣的平均收市價折算,公司需向外資
+股股東支付的外幣,應當按照國家有關外匯
+管理的規定辦理。經股東大會授權,董事會
+可決定分配中期股利或紅利。
+(八)
+在考慮及實際分紅時,公司董事會應當考慮
+不時修訂的公司章程中列出的情況及因素。
+(七)
+公司可以根據年度的盈利情況及業績增長狀
+況,在滿足最低現金分紅比例和公司股本規
+模及股權結構合理的條件下,為保持股本擴
+張與業績增長相適應,公司可以採用股票股
+利方式進行利潤分配。
+(六)
+The Company will publish announcement, circular and notice
+regarding the AGM in accordance with the Listing Rules and the
+Articles. The Company will also make separate announcement
+regarding the record date and date of closure of register of members
+for the payment of the final dividend to the holders of H shares. It is
+expected that the final dividend will be distributed before 6 August
+2024.
+The Board has resolved to recommend the payment of final dividend
+of RMB3.096 per share (including tax) for the year ended 31
+December 2023 (for the year ended 31 December 2022: the payment
+of RMB1.142 per share (including tax)). If there is a change in the
+total share capital of the Company on the date of registration of
+the implementation of the equity distribution, the Company intends
+to maintain the total distribution amount unchanged and adjusts
+the distribution amount per share accordingly. The proposed
+final dividend is subject to the consideration and approval of the
+Shareholders at the forthcoming annual general meeting (the "AGM")
+of the Company.
+by the Articles. The Company shall calculate and declare
+dividends and other payments which are payable to holders of
+overseas-listed foreign shares in Renminbi, and shall pay such
+amounts in the corresponding currencies within the scope
+and the period as prescribed by the Articles, as amended
+from time to time. The applicable exchange rate shall be
+the average closing rate for the relevant foreign currency
+announced by the People's Bank of China of the five working
+days prior to the announcement of payment of dividend and
+other amounts. The Company shall pay foreign currencies to
+holders of overseas-listed foreign shares in accordance with
+the relevant foreign exchange control regulations of the State.
+Authorised by general meetings, the Board may determine to
+distribute interim dividends or bonuses.
+(VIII) According to the existing profit distribution policy of the
+Company, the Company shall calculate, declare and pay
+dividends and other amounts which are payable to holders of
+domestic shares in Renminbi within the period as prescribed
+(VII) When considering and conducting profit distribution, the Board
+shall take into account certain circumstances and factors as
+set out in the Articles, as amended from time to time.
+Depending on the profitability and business growth for the
+year, the Company may distribute profits by way of shares to
+match share capital expansion with business growth, provided
+that the minimum cash dividend payout ratio and an optimal
+share capital base and shareholding structure are maintained.
+(VI)
+董事會報告
+Report of the Directors
+比亞迪股份有限公司
+90
+BYD Company Limited
+在滿足現金分紅條件下,公司董事會可以根
+據公司的盈利狀況及資金需求狀況提議公司
+進行中期現金分配。
+審計機構對公司的該年度財務報告出
+具標準無保留意見的審計報告。
+公司累計可供分配利潤為正值;
+公司該年度或半年度實現的可分配利
+潤(即公司彌補虧損、提取公積金後
+所餘的稅後利潤)為正值且現金流充
+裕,實施現金分紅不會影響公司後續
+持續經營;
+(1)
+公司在滿足下列現金分紅條件,且滿足公司
+正常生產經營和發展的資金需求情況下,每
+年以現金方式分配的利潤應不低於當年實現
+的可分配利潤的10%,任意連續三年以現金
+方式累計分配的利潤應不少於該三年實現的
+年均可分配利潤的30%:
+公司股東大會對利潤分配方案作出決議後,
+公司董事會須在股東大會召開後2個月內完
+成股息的派發事項��
+本公司將根據上市規則及本公司的組織章程細則就
+股東週年大會刊發公告、通函及股東週年大會通
+告。本公司亦將另行刊發有關記錄日期及因向H股股
+東派付末期股息而暫停辦理股份過戶登記手續的日
+期的公告。預期末期股息將於二零二四年八月六日
+前分派。
+負責設計、執行及監察風險管理及內部監控
+系統;