M N 29 Mar 2024 CMB International Global Markets | Equity Research | Company Update BYDE (285 HK) Reiterate BUY on multiple growth drivers in 2024 Target Price HK$46.51 Reiterate BUY and raise TP to HK$46.51 (61% upside) to reflect a strong (Previous TP HK$45.86) outlook and multiple growth drivers in 2024: 1) Android high-end demand Up/Downside 61.2% recovery (e.g. Huawei, Xiaomi); 2) Jabil sales synergy and strong ramp in 2H24; Current Price HK$28.85 3) Apple’s share gain with sales contribution rising to ...

电子/消费电子 公 司 比亚迪电子（00285.HK）受益捷普利润改善及比亚迪智能高端化战略 研 究 2024年03月28日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122090026 日期 2024/3/27 港 当前股价(港元) 28.700  受益捷普利润改善及比亚迪智能高端化战略，维持“买入”评级 股 一年最高最低(港元) 40.400/21.350 考虑到汽车电子业务收入低于此前预期、美元贷款尚未置换导致 2024年财务费 公 用将超出此前预期，将2024-2025年净利润预测由56/71亿元下调至54/64亿元， 司 总市值(亿港元) 646.67 信 流通市值(亿港元) 646.67 并新增2026年净利润预测68亿元，对应同比增长34%/17%/6%，对应EPS分别 息 总股本(亿股) 22.53 为2.4/2.8/3.0元，当前股价28.7港币对应2024-2026年10.8/9.2/8.7倍PE。受益 更 ...

Financial Performance - Revenue increased by 21.24% to RMB 129,957 million[1] - Gross profit surged by 64.31% to RMB 10,434 million[1] - Net profit attributable to parent company shareholders rose by 117.56% to RMB 4,041 million[1] - Earnings per share increased by 117.56% to RMB 1.79[1] - Proposed final dividend of RMB 0.538 per share[1] - Total revenue for 2023 reached RMB 129,956,992 thousand, a 21.2% increase from RMB 107,186,288 thousand in 2022[17] - Revenue from China (including Hong Kong, Macau, and Taiwan) in 2023 was RMB 42,562,981 thousand, compared to RMB 40,583,926 thousand in 2022[18] - Overseas revenue in 2023 was RMB 87,394,011 thousand, up from RMB 66,602,362 thousand in 2022[18] - Revenue from major customer A1 in 2023 was RMB 62,740,910 thousand, accounting for over 10% of total sales[20] - Revenue from major customer B1 in 2023 was RMB 11,528,097 thousand[20] - Sales of mobile phone components, modules, and other products in 2023 reached RMB 128,809,358 thousand, compared to RMB 105,982,653 thousand in 2022[21] - Service revenue in 2023 was RMB 1,147,634 thousand, down from RMB 1,203,635 thousand in 2022[21] - Total revenue for the year ended December 31, 2023, was RMB 129,956,992 thousand, an increase from RMB 107,186,288 thousand in the previous year[22] - Revenue from overseas markets reached RMB 87,394,011 thousand, up from RMB 66,602,362 thousand in 2022[22] - Revenue recognized from goods transferred at a point in time was RMB 129,518,552 thousand, compared to RMB 106,470,744 thousand in 2022[22] - The company achieved a sales revenue of approximately RMB 129.957 billion in 2023, representing a year-on-year increase of 21.24%[44] - The company's net profit attributable to shareholders rose by approximately 117.56% year-on-year to RMB 4.041 billion in 2023[44] - Revenue increased by 21.24% year-over-year, and net profit attributable to equity holders of the parent company surged by 117.56% due to product structure optimization and improved operational efficiency[53] - Gross profit rose by 64.31% to approximately RMB 10,434 million, with gross margin increasing from 5.92% in 2022 to 8.03% in 2023[54] Business Segments and Growth - Significant growth in consumer electronics, new smart products, and new energy vehicle sectors[1] - R&D investment in new energy vehicles and AI servers to drive future growth[1] - Acquisition of high-quality assets to expand smartphone component business and improve customer and product structure[1] - The company's new energy vehicle business continued strong growth, contributing to the optimization of the business structure[44] - The company's capacity utilization rate improved, leading to enhanced profitability[44] - The company's consumer electronics business revenue reached RMB 97.42 billion, up 18.50% year-over-year, with assembly revenue rising 23.11% to RMB 83.78 billion[45] - The new intelligent products business revenue grew 21.27% to RMB 18.44 billion, accounting for 14.19% of total revenue[46] - The company's new energy vehicle business revenue surged 52.17% to RMB 14.096 billion, accounting for 10.85% of total revenue[47] - The company expanded its business from a single Android focus to include overseas major clients, automotive, and smart product segments, driven by R&D and product innovation[52] - The company is actively developing new growth drivers, including AI servers and AI PCs, to capitalize on the global AI trend[52] Financial Position and Assets - Total assets increased to RMB 87,218.62 million from RMB 56,994.37 million[4] - Equity attributable to parent company shareholders rose to RMB 29,330.39 million from RMB 25,635.07 million[5] - The company's net current liabilities amounted to approximately RMB 143,569,000 as of December 31, 2023[11] - Non-current assets in China (including Hong Kong, Macau, and Taiwan) totaled RMB 25,853,179 thousand in 2023, compared to RMB 14,559,639 thousand in 2022[19] - Overseas non-current assets in 2023 were RMB 1,404,465 thousand, up from RMB 1,129,326 thousand in 2022[19] - Trade receivables increased to RMB 23,061,242 thousand in 2023 from RMB 10,495,823 thousand in 2022, representing a significant growth[32] - 45% of trade receivables were from the company's largest customer, and 81% were from the top five customers, indicating a concentration risk[32] - Receivables financing increased to RMB 29,939,105 thousand in 2023 from RMB 22,002,295 thousand in 2022, showing a substantial rise[34] - Trade payables and notes payable totaled RMB 22,054,869 thousand in 2023, up from RMB 19,452,654 thousand in 2022[36] - The company acquired 100% equity of Juno Newco Target Holdco Singapore Pte. Ltd. for a cash consideration of RMB 14.669793 billion[41] - The fair value of property, plant, and equipment acquired in the Juno Newco acquisition was RMB 5.956815 billion[41] - The company recognized goodwill of RMB 4.361657 billion from the Juno Newco acquisition, which includes assembly labor and management experience[41] - Interest-bearing bank and other borrowings stood at approximately RMB 14,613 million as of December 31, 2023, compared to RMB 2,004 million in 2022[55] - The debt-to-equity ratio was 26.11% as of December 31, 2023, compared to -12.93% in 2022[56] - Capital commitments amounted to approximately RMB 556 million as of December 31, 2023, compared to RMB 1,026 million in the previous year[63] Cash Flow and Liquidity - The company expects sufficient cash inflows from operating activities and support from its ultimate holding company to maintain operations for at least 12 months[11] - Operating cash inflow reached approximately RMB 10,243 million, up from RMB 5,961 million in 2022, driven by increased cash receipts from sales[55] - The company maintains sufficient liquidity to meet daily working capital and capital expenditure needs, with a focus on controlling internal operating cash flows[55] Dividends and Shareholder Returns - Proposed final dividend of RMB 0.538 per share[1] - The company proposed a final dividend of RMB 0.538 per share for 2023, a significant increase from RMB 0.165 per share in 2022[38] - The total proposed final dividend for 2023 amounts to RMB 1,212,224 thousand, compared to RMB 371,779 thousand in 2022[39] - A final dividend of RMB 0.538 per ordinary share was proposed, up from RMB 0.165 per share in 2022[61] Accounting and Financial Reporting - The company adopted new and revised Hong Kong Financial Reporting Standards (HKFRS) for the first time in the current year's financial statements, including amendments to HKAS 1, HKAS 8, and HKAS 12[13] - The amendment to HKAS 1 requires disclosure of significant accounting policy information rather than material accounting policies[13] - The amendment to HKAS 8 clarifies the distinction between changes in accounting estimates and changes in accounting policies[13] - The amendment to HKAS 12 narrows the scope of initial recognition exceptions, requiring deferred tax assets and liabilities to be recognized for transactions generating identical taxable and deductible temporary differences[13] - The financial statements are prepared in accordance with HKFRS and the Hong Kong Companies Ordinance, using the historical cost basis except for certain financial assets measured at fair value[10] - The consolidated financial statements include the financial statements of the group for the year ended December 31, 2023, with subsidiaries consolidated from the date control is obtained until control ceases[12] - The company's remaining performance obligations (unfulfilled or partially unfulfilled) as of December 31, 2023, totaled RMB 1,150,536 thousand, with RMB 1,113,101 thousand expected to be recognized within one year[23] - The expected credit loss rate for trade receivables aged over 1 year is 100%, with a total expected credit loss of RMB 49,972 thousand in 2023[33] - The company reclassified certain receivables to financial assets measured at fair value through other comprehensive income, with no cumulative impairment provisions as of December 31, 2023[34] - The company's profit before tax was RMB 4,681,141 thousand, with an effective tax rate of 14% for 2023[30] - Basic earnings per share for 2023 were calculated based on a profit attributable to ordinary equity holders of RMB 4,041,374 thousand and a weighted average number of ordinary shares of 2,253,204,500[31] - The audit committee reviewed accounting policies, internal controls, risk management, and financial reporting matters on March 26, 2024[65] - The independent auditor, Ernst & Young, confirmed the consistency of the preliminary annual results with the consolidated financial statements[65] - The full-year results announcement was published on the Hong Kong Stock Exchange's website[66] Subsidiaries and Acquisitions - The company's subsidiaries, including Xi'an BYD Electronics Co., Ltd. and Changsha BYD Electronics Co., Ltd., are wholly owned and primarily engaged in manufacturing and selling mobile phone components and smart products[9] - The company acquired Chengdu BYD Electronics Co., Ltd. and Wuxi BYD Electronics Co., Ltd. during the year, which are subsidiaries of Juno Newco Target Holdco Singapore Pte. Ltd.[9] - The company acquired Jabil Circuit (Singapore) Pte. Ltd.'s manufacturing business in Chengdu and Wuxi for RMB 15.8 billion (approximately USD 2.2 billion)[62] Market Trends and Industry Outlook - Global smartphone shipments in 2023 decreased by 3.2% to 1.17 billion units, while PC shipments dropped by 13.9% to 260 million units, and tablet shipments fell by 20.5% to 129 million units[45] - Domestic smartphone shipments in China increased by 6.5% to 289 million units in 2023[45] - The global AI server market in China reached $9.1 billion in 2023, a year-over-year increase of 82.5%[46] - Global consumer spending on smart home-related hardware, services, and installation fees recovered to $131 billion in 2023, up 10% from 2022[46] - China's new energy vehicle sales in 2023 reached 9.495 million units, a 37.9% increase year-over-year, with a market share rising from 25.6% to 31.6%[47] - Global generative AI smartphone shipments are expected to exceed 100 million units in 2024, reaching 522 million units by 2027, accounting for 40% of total smartphone shipments with a CAGR of 83%[49] - Global PC shipments are projected to grow by 3.4% in 2024, driven by AI-enabled PCs and a replacement cycle, with AI PC shipments expected to surpass 170 million units by 2027, accounting for over 60% of total PC shipments[49] - Global tablet shipments are forecasted to increase by 4.1% to 138 million units in 2024[49] - The global AI server market is expected to grow by 40% in 2024, with total shipments exceeding 1.6 million units, driven by expanding AI applications and enterprise demand[50] - The global smart home market is projected to reach $154.4 billion in 2024, with a CAGR of 10.67%, growing to over $230 billion by 2028, with market penetration increasing from 18.9% to 33.2%[50] - Global new energy vehicle (NEV) sales are expected to exceed 18 million units in 2024, with a global electrification penetration rate nearing 20%, while China's NEV sales are forecasted to reach 11.5 million units, with an electrification penetration rate exceeding 37%[51] - China's NEV exports are projected to grow by over 50% in 2024, reaching 1.8 million units[51] - The Chinese smart cockpit market is expected to grow to RMB 212.7 billion by 2026, with a 5-year CAGR exceeding 17%[51] - The penetration rate of intelligent air suspension systems in China is expected to rise to 15% by 2025, with the market size increasing by approximately 70% from RMB 22.16 billion in 2023 to RMB 37.79 billion in 2025[51] Government Subsidies and Grants - Government subsidies and grants amounted to RMB 236,169 thousand in 2023, up from RMB 178,687 thousand in 2022[25] Financing Costs - Financing costs for the year were RMB 188,610 thousand, a significant increase from RMB 58,531 thousand in 2022[26] Employee and Labor Costs - The company employed approximately 150,300 employees as of December 31, 2023, with employee costs accounting for 9.58% of total revenue[59] Environmental and Social Responsibility - No significant environmental or social safety issues were reported during the year[64] Share Issuance and Capital Structure - The company issued 2,253,204,500 ordinary shares as of December 31, 2023[62]

Investment Rating - Reiterates "Buy" rating for BYD Electronics with a target price of HKD 36.7, implying a potential upside of 24% [1][2][4] Core Views - BYD Electronics is expected to achieve net profit growth of 19% and 17% YoY in 2024 and 2025, driven by strong growth in automotive electronics and incremental profit contributions from the Jabil acquisition [2] - Automotive electronics is becoming a key profit driver, expected to contribute over 30% of gross profit by 2025 [2] - AI servers are expected to start contributing revenue in 2024, further supporting long-term growth [2] - The acquisition of Jabil's assets is expected to contribute RMB 300-500 million in consolidated profit in 2024, with further cost reductions and operational improvements anticipated [2] Financial Forecasts - Revenue for 2024E and 2025E is projected at RMB 169.7 billion and RMB 180.4 billion, respectively, with slight downward revisions of 2% and 4% from previous forecasts [8][12] - Net profit for 2024E and 2025E is forecasted at RMB 4.65 billion and RMB 5.45 billion, with a 2% upward revision for 2024E and a 17% downward revision for 2025E [10][12] - Gross margin for 2024E and 2025E is expected to be 8.6% and 8.9%, respectively, reflecting a slight decline from previous estimates [11][12] Valuation - The target price of HKD 36.7 is derived using a sum-of-the-parts (SOTP) valuation method, assigning target P/E multiples of 10x, 15x, 8x, 10x, 10x, and 35x to international client assembly, international client components, Android assembly, Android components, new smart products, and automotive smart systems, respectively [14] - The automotive smart systems segment is valued at a higher multiple of 35x due to its strong growth potential [14] Business Segments - Automotive electronics is expected to maintain high growth, with stable gross margins supporting its increasing contribution to overall profitability [2] - AI servers, in partnership with NVIDIA, are anticipated to start generating revenue in 2024, adding to the company's growth drivers [2] - The Jabil acquisition is expected to enhance automation and reduce operational costs, improving overall business performance [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例於香港註冊成立的有限公司） （股份代號：285） 截至二零二三年九月三十日止九個月未經審核業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09(2)(a)條及香港 法例第571章《證券及期貨條例》第XIVA部而作出。 比亞迪電子（國際）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然宣佈本集團截至二零二三年九月三十日止九個月的未經審 核綜合業績，連同二零二二年同期的未經審核比較數字如下： 季度業績摘要 截至九月三十日止九個月 | --- | --- | |--------------|-------| | 二零二三年 | 變幅 | | （未經審核） | | 人民幣千元 | --- | --- | --- | --- | |--------------------------|------------|------------|--- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例於香港註冊成立的有限公司） （股份代號：285） 二零二三年中期業績公告 本公司董事會（「董事會」）欣然宣佈本公司及其附屬公司截至二零二三年六月 三十日止六個月期間的未經審核業績。本公告載有本公司二零二三年中期報 告全文，乃按香港聯合交易所有限公司證券上市規則中有關初步中期業績公 告的相關規定而編製。本公司二零二三年中期報告的印刷版本將寄發予本公 司股東，並可於香港聯合交易所披露易網站www.hkexnews.hk 及本公司網站 http://electronics.byd.com 閱覽。 承董事會命 比亞迪電子（國際）有限公司 董事 王念強 香港，二零二三年八月二十八日 ...

NON-AC 非財務 BYD Electronic (International) Company Limited 比亞迪電子（國際）有限公司（「比亞 (“BYD Electronic” or the “Company”; together with 迪電子」或「本公司」，連同其附屬 its subsidiaries known as the “Group”; stock code: 公司統稱「本集團」；股份代號： 0285) was spun off from BYD Company Limited 0285）於二零零七年十二月二十日 (“BYD”, stock code on The Stock Exchange of 由比亞迪股份有限公司（「比亞迪」； Hong Kong Limited: 01211 (HKD counter); 81211 香港聯合交易所上市股份代號： (RMB counter); stock code on the Shenzhen Stock 01211（港幣櫃台）；81211（人民幣 Exchange: 002594) and listed on the Main Board ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例於香港註冊成立的有限公司） （股份代號：285） 截至二零二三年三月三十一日止三個月未經審核業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例 第571章《證券及期貨條例》第XIVA部之內幕消息條文而作出。 比亞迪電子（國際）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈本集團截至二零二三年三月三十一日止三個月的未經審核綜 合業績，連同二零二二年同期的未經審核比較數字如下： 季度業績摘要 截至三月三十一日止三個月 二零二三年 二零二二年 變幅 （未經審核） （未經審核） 人民幣千元 ...

Financial Performance - Revenue for 2022 reached RMB 107,186,288 thousand, a 20.4% increase compared to RMB 89,056,978 thousand in 2021[6] - Gross profit margin for 2022 was 6%, down from 7% in 2021[6] - Net profit margin for 2022 was 2%, a decrease from 3% in 2021[6] - The Group's turnover for the year was approximately RMB107,186 million, representing a year-on-year increase of 20.36%, while the profit attributable to the owners of the parent company decreased by 19.58% to RMB1,858 million[17][18] - The Group achieved sales of approximately RMB107,186 million in 2022, representing a year-on-year increase of approximately 20.36%[27] - Profit attributable to shareholders dropped by approximately 19.58% year-on-year to approximately RMB1,858 million in 2022[27] - Revenue from the consumer electronics business was RMB82,209 million, representing an increase of approximately 14.77% compared to 2021[29] - Revenue from components and parts in the consumer electronics business was approximately RMB14,155 million, representing a decrease of 9.58% year-on-year[29] - Revenue from assembly in the consumer electronics business was approximately RMB68,054 million, representing an increase of 21.57% year-on-year[29] - The Group's gross profit increased by 5.33% to approximately RMB6,350 million, with a gross profit margin decrease from 6.77% in 2021 to 5.92%[51] - The Group's revenue increased by 20.36% compared to the previous year, while profit attributable to equity holders decreased by 19.58%[47] Market Trends and Industry Performance - Global smartphone shipments in 2022 decreased by 11.3% year-on-year to 1.21 billion units[13] - Global PC market shipments in 2022 decreased by 16.5% year-on-year to 292.3 million units[13] - Global tablet PC shipments in 2022 decreased by 3.3% year-on-year to 162.8 million units[13] - China's mobile phone shipments in 2022 amounted to 272 million units, down 22.6% year-on-year[13] - 5G mobile phone shipments in China decreased by 19.6% year-on-year to 214 million units in 2022[13] - Global smartphone shipments in 2022 decreased by 11.3% year-on-year to 1.21 billion units, and domestic smartphone shipments in China dropped by 22.6% to 272 million units[14] - Global smartphone shipments in 2022 decreased significantly by 11.3% to 1.21 billion units[29] - Global PC market shipments in 2022 decreased by 16.5% to 292.3 million units[29] - Global tablet PCs shipments decreased by 3.3% year-on-year to 162.8 million units[29] - Annual mobile phone shipments in the Chinese market amounted to 272 million units in 2022, down by approximately 22.6% year-on-year[29] - Shipment of 5G mobile phones in China decreased by approximately 19.6% year-on-year to 214 million units[29] - Smartphone shipments are expected to rise by 2.8% in 2023, while PC shipments are forecasted to decline 5.6% to 281 million units, and global tablet shipments to fall 6.7% to 148 million units[37] - The smartphone market is expected to grow by 2.8% in 2023, while the PC market (including desktops, notebooks, and workstations) is projected to decline by 5.6% to 281 million units, and global tablet shipments are expected to drop by 6.7% to 148 million units[38] New Energy and Energy Storage Market - The global residential energy storage market saw a significant increase, with new installations reaching 15GWh in 2022, a 134% year-on-year growth[15][18] - China's new energy vehicle sales in 2022 reached 6.887 million units, a 93.4% year-on-year increase, with market share rising from 13.4% in 2021 to 25.6% in 2022[16][18] - The Group's residential energy storage product shipments grew rapidly, with business scale expanding several times, becoming a key driver for revenue growth in the new intelligent products segment[20][22] - The Group's new energy vehicle business maintained strong growth momentum, with significant increases in shipments of intelligent cockpits and network connection products[21][22] - Global residential energy storage installed capacity reached 15GWh in 2022, a 134% year-on-year increase[31] - China's new energy vehicle sales reached 6.887 million units in 2022, a 93.4% year-on-year increase, with market share rising from 13.4% to 25.6%[33] - The company's automotive intelligent system business revenue amounted to RMB9,263 million in 2022, accounting for 8.64% of total revenue, a 145.71% increase from the previous year[33] - By the end of 2026, 3.9 million households in Europe are expected to deploy residential battery-based energy storage systems, with cumulative energy storage capacity increasing by over 300% to reach 32.2GWh[40] - The global residential energy storage market is expected to reach $100 billion in the future, driven by favorable policies and rising market penetration[40] - China's new energy vehicle sales are expected to reach 9 million units in 2023, representing a year-on-year growth of 35%[42] - The new energy vehicle market in China is forecasted to reach 15.98 million units by 2026, with a CAGR of 35.1%[42] - The penetration rate of intelligent networked new energy vehicles in China is expected to reach 66% in 2023[42] Strategic Initiatives and Business Focus - The Group continued to deepen its strategic cooperation with major customers in the consumer electronics business, despite a weakened smartphone market affecting Android complete machine assembly and components revenue[19] - The Group is focusing on R&D and technological innovation, introducing product lines such as intelligent driving systems, thermal management systems, and intelligent chassis to enhance market competitiveness[21][22] - The Group aims to become a global leading solution provider in the new energy vehicle industry by deepening cooperation with domestic and international vehicle enterprises and increasing market share[21][22] - The Group will focus on mid-to-high-end products in the Android assembly business and strengthen strategic cooperation with customers[39] - The Group will continue to expand its domestic and overseas markets, improve globalization, and provide better services to customers[39] - The Group's residential energy storage, smart home, gaming hardware, and unmanned aerial vehicle segments are expected to maintain strong growth momentum in 2023[41] - The Group aims to introduce residential energy storage products to more overseas countries and regions, expecting high growth in shipment volume and revenue expansion[41] - The Group has introduced incremental track products such as intelligent driving systems, thermal management systems, and intelligent chassis and suspension[43] - The Group's new energy vehicle business segment is expected to continue rapid growth, leveraging its parent company's strong advantage in the sector[43] - The Group has diversified its product matrix to include new energy vehicle product series, residential energy storage products, and other new intelligent products[44] - The Group plans to deepen cooperation with domestic and overseas automotive companies and increase market share in the new energy vehicle industry[43] Corporate Governance and Leadership - The Group recommended a final dividend of RMB0.165 per ordinary share for the year, compared to RMB0.103 per ordinary share in 2021[17][18] - Final dividend declared at RMB0.165 per ordinary share, up from RMB0.103 in 2021[58][60] - Total share capital as of 31 December 2022 was 2,253,204,500 ordinary shares[59][60] - The Board held twelve meetings during the year to discuss the Group's overall strategy, operation, and financial performance[91] - The Board is responsible for formulating the Group's development strategy, setting management objectives, and overseeing performance[86] - The Company has complied with all applicable provisions of the Corporate Governance Code, except for deviation from code provision C.1.6 due to pandemic-related travel inconvenience[85] - The Board comprises seven Directors: two executive Directors, two non-executive Directors, and three independent non-executive Directors[87] - The Company has arranged appropriate insurance coverage for legal actions against its Directors and Senior Management, reviewed annually[92] - The Company received annual confirmations of independence from each independent non-executive Director as required under the Listing Rules[90] - The Board ensures timely access to necessary information to discharge its duties effectively[91] - The Board delegates specific tasks to management, including the preparation of financial accounts and implementation of approved strategies[92] - The Company has implemented corporate governance practices in compliance with the Corporate Governance Code since its listing[84] - The Board acknowledges its responsibility for preparing all information and representations of the Company's financial statements[92] - The Board held 12 meetings in 2022, with high attendance rates from all Directors, including 10/10 attendance for Wang Nian-qiang, Jiang Xiang-rong, Wang Chuan-fu, Wang Bo, Chung Kwok Mo John, Antony Francis MAMPILLY, and Qian Jing-jie at Board meetings[106] - The company has established committees including the Audit Committee, Remuneration Committee, and Nomination Committee to enhance corporate governance[107] - Directors are required to retire by rotation every three years, with Wang Nian-qiang, Wang Bo, and Qian Jing-jie proposed for re-election at the AGM[95] - Newly appointed Directors receive induction materials and participate in continuous professional development programs to ensure adequate performance of duties[96][97] - The company ensures independent views are available to the Board through mechanisms such as separate access to senior management and annual discussions with external auditors[99][100] - The roles of Chairman (Wang Chuan-fu) and Chief Executive Officer (Wang Nian-qiang) are held separately to ensure clear distinction of responsibilities[101] - The Audit Committee held four meetings during the year to review the audited consolidated financial statements for the year ended 31 December 2021, and the unaudited consolidated financial statements for the three months ended 31 March 2022, the six months ended 30 June 2022, and the nine months ended 30 September 2022[109] - The Remuneration Committee held one meeting during the year to review and recommend remuneration policies for Directors, senior management, and staff[112] - The Remuneration Committee's policy for executive Directors includes basic salary and discretionary bonus, with no equity-based remuneration for independent non-executive Directors[115] - The Nomination Committee reviewed the Board's structure, size, and composition, as well as the Board Diversity Policy and Nomination Policy during the year[117] - The Company reimburses reasonable expenses incurred by Directors in the course of their duties[116] - The Remuneration Committee ensures that the remuneration levels for Directors, senior management, and staff are appropriate and regularly monitored[112] - The Audit Committee consists of five members, including three independent non-executive Directors with appropriate professional qualifications[108] - The Remuneration Committee consists of five Directors, including three independent non-executive Directors[112] - The Company's remuneration policy for executive Directors links compensation to individual performance and corporate objectives[115] - The Nomination Committee assessed the independence of independent non-executive Directors and provided recommendations for rotation and re-appointment at the annual general meeting[117] - The Nomination Committee comprises five members, including three independent non-executive directors: Mr. Chung Kwok Mo John, Mr. Antony Francis MAMPILLY, and Mr. Qian Jing-jie[122][123] - The Nomination Committee held one meeting during the year, with all members attending[124][125] - The Board Diversity Policy aims to ensure diversity in terms of gender, age, cultural and educational background, professional experience, skills, and knowledge[127] - As of 31 December 2022, all members of the Board were male, indicating a lack of gender diversity[128][129] - The company plans to include a female Director by 2024 to comply with Rule 13.92 of the Listing Rules[130] - Female employees accounted for approximately 37.45% of the total workforce as of the report date[130] - The company's recruitment strategy focuses on achieving employee diversity in gender, age, cultural and educational background, expertise, skills, and know-how[131] - The total remuneration paid to the independent international auditor, Ernst & Young, for audit services was RMB1,240,000, with an additional RMB200,000 for non-audit services[132][133] - The company's female employees account for approximately 37.45% of the total workforce, reflecting a commitment to gender diversity[132] - The Board has proposed to re-appoint Ernst & Young as the independent international auditor for 2023, subject to shareholder approval at the AGM[134][135] Risk Management and Internal Controls - The company's risk management and internal control systems are designed to manage risks and provide reasonable assurance against material errors, losses, or fraud[138] - The Board reviewed the effectiveness of the Group's risk management and internal control systems in 2022, concluding that they are effective and adequate[151] - The company's risk management and internal control system is effective and sufficient, with no significant deficiencies identified in 2022[153] - The Internal Audit Department reports directly to the Audit Committee and plays a crucial role in the Group's risk management and internal control system[154][157] - All Directors complied with the Model Code for Securities Transactions, and no incidents of non-compliance were noted in 2022[155][158] - The Group has established policies for the timely disclosure of inside information in compliance with the Securities and Futures Ordinance[156][159] - Shareholders holding at least 5% of the total voting rights can requisition an extraordinary general meeting[160][164] - Shareholders representing at least 2.5% of the total voting rights or 50 shareholders can propose resolutions at general meetings[161][164] - The company adopts a voting by poll policy for all resolutions at shareholders' meetings to safeguard shareholders' rights[162][164] - The Board reviews the investor relations policy annually to ensure effective communication with investors and shareholders[166] - The company maintains diverse communication channels, including performance presentations and investor surveys, to engage with shareholders[166] - The Board confirmed the effective implementation of the investor relations policy throughout 2022[167] - The company actively implements investor relations policies to ensure fair and timely access to information for shareholders and investors, with annual reviews to maintain policy effectiveness[168] Environmental, Social, and Governance (ESG) - BYD Electronic adheres to the Environmental, Social, and Governance (ESG) Reporting Guide of the Hong Kong Stock Exchange, emphasizing materiality, quantitative data, balance, and consistency in its ESG reporting[172] - The company's ESG report covers the period from January 1, 2022, to December 31, 2022, and includes BYD Electronic (International) Company Limited and its principal subsidiaries[170][171] - BYD Electronic's subsidiaries, Huizhou BYD Electronic Co., Limited and Xi'an BYD Electronic Co., Limited, were awarded the national-level green factory honor in 2021 and 2022, respectively[177] - The Board of Directors is responsible for assessing and managing ESG risks, integrating ESG matters into business strategies, and overseeing corporate social responsibility performance through the ESG Committee[178] - The company uses internal statistics and relevant public data for its ESG report, ensuring no false records or material omissions, with all amounts denominated in RMB unless otherwise specified[175] - BYD Electronic actively manages relationships with stakeholders, including clients, staff, suppliers, investors, and regulators, to incorporate feedback and evaluate ESG progress[182] - The company's ESG report follows the principles of the "14th Five-Year Plan" for promoting green development and achieving harmony between humanity and nature[169][173] - The Board of Directors regularly reviews and evaluates the company's corporate social responsibility work in March each year, based on annual working plans and the importance of relevant topics[179] - Stakeholders can contact the company via email at BYDEIR@byd.com for any questions or suggestions regarding the ESG report or management[176] - Scope I greenhouse gas emissions in 2022 were 15,165.55 tons (carbon dioxide equivalence)[192] - Scope II greenhouse gas emissions in 2022 were 1,556,489.57 tons (carbon dioxide equivalence)[192] - Total greenhouse gas emissions in 2022 were 1,571,655.13 tons (carbon dioxide equivalence)[192] - Greenhouse gas emission intensity in 2022 was 16.86 tons per person[192] - The company did not encounter any environmental pollution or ecologically damaging accidents in 2022[190] - The company strictly complies with environmental laws and regulations, including the Prevention and Control of Atmospheric Pollution Law, Water Pollution Prevention and Control Law, and Environmental Protection Law of the People's Republic of China[193] - Waste emissions include waste water, waste gas, solid wastes, and noise, with waste water further divided into production waste water and domestic sewage[194] - The company regularly reviews its greenhouse gas emission data and has submitted the assessment results of important ESG topics to the Board of Directors for confirmation and approval[187] - The company invests a large amount of capital resources in environmental protection to achieve harmonious coexistence between the corporate and the environment[190] - The company actively coordinates economic interests with environmental considerations, ensuring a balance between economic benefits and environmental protection[193] - Scope I includes direct greenhouse gas emissions from energy, processing, and transportation, while Scope II covers indirect emissions from purchased electricity[198] - In 2022, the company treated and discharged approximately 1,409,162 tons of sewage[199] - The total hazardous waste generated in 2022 was approximately 26,627 tons, with a density of 0.2857 ton/person[199] - Emission coefficient for the southern power grid in 2019 was 0.8042 kg CO2 equivalence/kWh[198] - Emission coefficient for the northwest power grid in 2019 was 0.8922 kg CO2 equivalence/kWh[198] - Emission coefficient for the central China power grid in 2019 was 0.8587 kg CO2 equivalence/kWh[198] Financial Position and Liquidity - Net assets increased to RMB 25,635,069 thousand in 2022, up from RMB 24,027,103 thousand in 2021[7] - Total assets grew to RMB 56,994,373 thousand in 2022, compared to RMB 41,175,282 thousand in 2021[7] - The Group recorded cash inflow from operations of approximately RMB

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例於香港註冊成立的有限公司） （股份代號：285） 截至二零二二年十二月三十一日止年度 全年業績公告 營業額 20.36% 至人民幣107,186百萬元 毛利 5.33% 至人民幣6,350百萬元 母公司擁有人應佔溢利 -19.58% 至人民幣1,858百萬元 每股盈利 -19.58% 至人民幣0.82元 擬議末期股息 每股人民幣0.165元 摘要： • 在疫情反覆及安卓智能手機市場需求疲軟的背景下，本集團上半年盈利承 壓，下半年顯著改善。 ...