PDF《比亚迪股份有限公司 BYD COMPANY LIMITED》

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

比亚迪股份有限公司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

2017 ANNUAL RESULTS ANNOUNCEMENT 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 2017. This announcement, containing the full text of the

2017 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

2017 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. 比亚迪股份有限公司 ( 「比亚迪」 或 「本公司」 ,连同其附属公司统称 「本集团」 ;

股份代号: (H股:01211;

A股:002594) ) 主要从事包含传统燃油汽车及新能源 汽车在内的汽车业务、手机部件及组装业务,以及二次充电电池及光伏业务,同时利用自身的技术优势积极拓展城市轨道交通业务领域. 自二零零三年拓展汽车业务以来,凭藉集团产品领先的技术及成本优势及具备国际标准的卓越质量,集团的汽车业务实现高速增长,迅速成长为领先的中国 自主品牌汽车厂商.作为全球新能源汽车研发和推广的引领者,集团於新能源汽车领域拥有雄厚的技术积累、领先的市场份额,奠定了比亚迪於全球新能源 汽车领域的行业领导地位. 作为全球领先的手机部件及组装服务的供应商之一,本集团可以为客户提供从整机设计、部件生产到整机组装的垂直整合的一站式服务,产品覆盖手机、平 板电脑、笔记本电脑及其他消费类电子产品等领域,但不生产自有品牌的整机产品.该业务的主要客户包括三星、华为、苹果、联想、vivo、小米等智能移动 终端领导厂商. 比亚迪为全球领先的二次充电电池制造商之一,主要客户包括三星、华为等手机领导厂商,以及博世、库柏等全球性的电动工具及其他便携式电子设备厂 商.本集团生产的锂离子电池及镍电池广泛应用於手机、数码相机、电动工具、电动玩具等各种便携式电子设备和电动产品. 二零零八年九月,Berkshire Hathaway旗下附属公司MidAmerican Energy Holdings Company (中美能源控股公司,现更名为Berkshire Hathaway Energy) 与本公司签署协议, 认购本公司2.25亿股H股 (占目前本公司总股本的约8.25%) ,成为集团的长期投资战略夥伴.二零一一年二月,集团与Daimler AG (戴姆勒) 的合资公司正式成 立,以共同研究及开发电动车.二零一一年六月,公司首次向中国社会公众公开发行人民币普通股 (A股) 7,900万股并在深圳证券交易所 ( 「深交所」 ) 中小企业 板上市. 新能源汽车和云轨业务是比亚迪未来发展的重要,凭藉自身在相关业务领域的技术和品质优势,集团将积极拓展新能源汽车及云轨於国内外的应用,推 动集团的长远及可持续发展. 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. 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. 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 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. 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 ). 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.

2 Financial Highlights

4 Corporate Information

6 Chairman'

s Statement

10 Management Discussion and Analysis

20 Directors, Supervisors and Senior Management

27 Corporate Governance Report

34 Report of the Directors

41 Report of the Supervisory Committee

42 Independent Auditor'

s Report Contents

47 Consolidated Statement of Profit or Loss

48 Consolidated Statement of Comprehensive Income

49 Consolidated Statement of Financial Position

51 Consolidated Statement of Changes in Equity

53 Consolidated Statement of Cash Flows

55 Notes to Financial Statements

140 Five Year Financial Summary

2 Five-Year Comparison of Key Financial Figures For the year ended

31 December

2017 2016

2015 2014

2013 RMB'

000 RMB'

000 RMB'

000 RMB'

000 RMB'

000 Revenue 102,650,614 100,207,703 77,611,985 55,366,384 49,767,887 Gross profit 17,935,074 19,018,263 11,859,244 7,623,458 6,516,314 Gross profit margin (%)

17 19

15 14

13 Profit attributable to equity holders of the parent 4,066,478 5,052,154 2,823,441 433,525 553,059 Net profit margin (%) 4.0 5.0 3.6 0.8

1 As at

31 December

2017 2016

2015 2014

2013 RMB'

000 RMB'

000 RMB'

000 RMB'

000 RMB'

000 Net assets (less minority interests) 55,004,194 51,255,929 32,294,404 25,365,597 21,709,764 Total assets 178,099,430 145,070,778 115,485,755 94,008,855 78,014,834 Gearing ratio (%) (Note)

93 74

109 103

94 Current ratio (times) 0.98 1.00 0.82 0.77 0.69 Accounts and bills receivables turnover (days)

175 132

116 118

86 Inventory turnover (days)

81 76

73 71

68 Note: Gearing ratio = Total borrowings net of cash and cash equivalents/net assets (less minority interests)

3 Revenue Breakdown by Product Categories Automobiles and related products Handset components and Assembly Services Rechargeable Battery and Photovoltaic

2016 2017 ........