比亚迪股份有限公司发布2025年度利润分配方案，关注长期发展与股东回报

要点摘要

• 2025年度拟每10股派发现金红利人民币3.58元（含税），合计分红约32.64亿元。
• 本年度现金分红占归母净利润比例约为10.01%，低于以往年度。
• 未分配利润将继续用于公司扩张、产能布局、研发投入等以支持长期发展。
• 历年分红累计已高于三年净利润均值的30%，不触及风险警示红线。
• 公司强调未来将继续提升全球竞争力，关注中小股东利益。
• 2025年报审计显示公司财务稳健，相关金融资产占比低。

利润分配方案详细解读

2026年3月27日，比亚迪股份有限公司董事会审议通过了2025年度利润分配方案，并将提交至年度股东大会审议。安永华明会计师事务所对2025年度财报进行了审计确认。母公司实现净利润42.06亿元，期末可供分配利润为35.04亿元。公司拟以截止方案公告日总股本9,117,197,565股为基数，向全体股东每10股派发现金红利人民币3.58元（含税），共计分红32.64亿元。若分红实施时股本变动，将保持每股分红金额不变，总额相应调整。

值得注意的是，2025年分红比例（现金红利占归母净利润比例）约10.01%，相比2024年和2023年的大幅分红（2024年分红120.77亿元，2023年分红90.12亿元），显著降低。这一变化主要由于公司正面临新能源汽车全球加速渗透的机遇，需加大产能布局、渠道建设、研发投入及“闪充”补能设施推广等支出，以巩固和提升长期核心竞争力。

股东须知及潜在影响

• 分红方案潜在影响： 分红水平大幅下降，可能引发市场对公司短期分红能力的担忧，但反映公司加大投资以抢占市场先机，利好中长期发展。有望引发股价波动，投资者需关注未来业绩兑现情况。
• 未分配利润用途： 留存利润将用于日常经营、扩产、研发、流动资金及长期战略发展，提升公司抗风险能力和全球竞争力，符合股东长远利益。
• 合规性与风险： 最近三年累计现金分红总额（243.54亿元）高于三年净利润均值（343.05亿元）的30%，不触及深交所风险警示红线。2025年公司净利润及未分配利润均为正值，财务状况稳健。
• 中小股东权益保护： 2025年利润分配方案将在年度股东大会表决，A股中小股东可通过现场及网络投票参与表决，保障决策透明与参与权。
• 金融资产结构： 2024年及2025年经审计的金融资产相关项目金额分别为520.95亿元、662.23亿元，占总资产比例分别为6.65%、7.49%，远低于50%警戒线，资产结构健康。

投资者展望与公司承诺

比亚迪承诺未来将继续聚焦主业，增强全球市场拓展，持续推出创新产品与技术，提升公司长期业绩与股东回报。同时严格遵守法律法规和公司章程的分红政策，积极回馈投资者。

结论

本次分红方案反映了比亚迪在新能源汽车行业加速发展阶段的战略调整，短期分红回报下降，但有望通过加大投入换取未来更大成长空间。建议投资者关注公司后续业绩表现及全球扩张进展。

免责声明： 本文信息来源于比亚迪股份有限公司公告及相关审计文件，仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。

English Version

BYD Co., Ltd. Unveils 2025 Profit Distribution Plan: Focus on Long-Term Growth and Shareholder Returns

Key Points

• Proposes a cash dividend of RMB 3.58 (tax-inclusive) per 10 shares for 2025, totaling approximately RMB 3.26 billion in dividends.
• Cash dividends for the year account for about 10.01% of attributable net profit—significantly lower than previous years.
• Undistributed profits will be retained for expansion, capacity building, R&D, and global development.
• Three-year cumulative cash dividends exceed 30% of average net profit, compliant with regulatory requirements.
• Company stresses long-term competitiveness and protecting minority shareholders’ interests.
• 2025 audit confirms a solid financial position; financial assets remain a low percentage of total assets.

In-Depth Analysis of the Profit Distribution Plan

On March 27, 2026, BYD’s Board of Directors approved the 2025 profit distribution plan, pending shareholder meeting approval. Audited by Ernst & Young Hua Ming, BYD’s parent company reported net profit of RMB 4.21 billion, with distributable profit of RMB 3.50 billion. The proposal is to distribute a cash dividend of RMB 3.58 per 10 shares (tax inclusive), based on the current total share capital of 9,117,197,565 shares, totaling approximately RMB 3.26 billion. If the share capital changes by the ex-dividend date, the per-share dividend remains unchanged, with the total amount adjusted accordingly.

Notably, the payout ratio for 2025 (cash dividends as a percentage of attributable net profit) is just 10.01%, a sharp drop from 2024 and 2023 (RMB 12.08 billion and RMB 9.01 billion, respectively). The reduction is attributed to BYD’s need to seize the growing global NEV market, which entails significant investment in capacity, channel expansion, R&D, and next-gen “flash charging” infrastructure, all aimed at consolidating long-term core competitiveness.

Implications for Shareholders and Potential Price Sensitivity

• Dividend Impact: The notable drop in dividend payout may raise concerns about short-term returns but signals increased investment for future growth. This strategic shift could trigger share price volatility, and investors should monitor future performance.
• Use of Retained Profits: Retained profits will fund daily operations, capacity expansion, R&D, working capital, and long-term strategy, aiming to enhance risk resilience and global competitiveness in shareholders’ best interests.
• Regulatory Compliance & Risk: Three-year cumulative cash dividends (RMB 24.35 billion) exceed 30% of average net profit (RMB 34.30 billion), well within regulatory guidelines. Both 2025 net profit and undistributed profit are positive, reflecting a strong financial position.
• Minority Shareholder Protection: The 2025 profit distribution will be put to a vote at the annual shareholder meeting, with A-shareholders able to vote in person or online, ensuring transparency and participation.
• Financial Asset Structure: Audited financial assets were RMB 52.10 billion in 2024 and RMB 66.22 billion in 2025, accounting for 6.65% and 7.49% of total assets, respectively—well below regulatory warning thresholds.

Investor Outlook & Company Commitment

BYD reaffirms its focus on core business, global expansion, and ongoing product and technological innovation to deliver long-term returns. The company commits to abiding by legal and regulatory requirements and its articles of association’s dividend policy, sharing growth with investors.

Conclusion

This dividend plan highlights BYD’s strategic shift in the fast-evolving NEV sector: short-term dividends are reduced in favor of investing for future growth. Investors are advised to pay close attention to BYD’s subsequent performance and expansion progress.

Disclaimer: Information in this article is based on BYD Co., Ltd.’s official announcements and audit reports. It is for reference only and does not constitute investment advice. Investors act at their own risk.

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