基于IT、新能源、汽车、轨道交通四大产业体系，比亚迪在全产业链整合创新

Based on IT, new energy, automotive, rail transportation system four major industries, BYD in the whole industry chain integration and innovation, has mastered the electric car battery, motor, electric control three core technology for fast layout of the whole market area. In the field of power battery, as the world's only company with over 20 years experience in battery R & D and production of electric car manufacturers, BYD has a strong technical accumulation and absolute leading edge, independently developed BYD iron battery has a long life, small attenuation capacity, etc. features. It reported a 2018 R & D investment is BYD 8.536 billion yuan, an increase of 36.22%, accounting for 6.56% of total revenue, including research and development costs 4.989 billion yuan, an increase of 33.42% over sales, management, financial "three charges"; while its R & D investment from 2015 --2018 annual compound growth rate of over 32%. Excluding short-term profit, just look at long-term returns, which is BYD's usual style, to make a transition vehicles, new energy vehicles to build their own every step of the IGBT chips from Wang Chuanfu, it is to be so. This is also the reason technology "moat" impregnable lies.

基于IT、新能源、汽车、轨道交通四大产业体系，比亚迪在全产业链整合创新，已掌握电动车电池、电机、电控三大核心技术，可实现全市场领域快速布局。在动力电池领域，作为全球唯一一家拥有超过20年电池研发和生产经验的电动汽车厂商，比亚迪拥有雄厚的技术积累和绝对的领先优势，比亚迪自主研发的铁电池具有使用寿命长，容量衰减小等特点。财报显示，2018年比亚迪研发投入为85.36亿元，同比增长36.22%，占营收比重为6.56%，其中研发费用为49.89亿元，同比增长33.42%，超过销售、管理、财务“三费”；同时其研发投入从2015年-2018年年复合增长率超过32%。不计短期盈利，只看长期回报，这是比亚迪的惯常风格，从王传福转型做汽车、新能源车到自己打造IGBT芯片的每一步，皆是如此。这也是其技术“护城河”固若金汤的原因所在。

Based on the four industrial systems of it, new energy, automobile and rail transit, BYD has integrated and innovated in the whole industrial chain, and has mastered the three core technologies of electric vehicle battery, motor and electric control, which can realize the rapid layout of the whole market. In the field of power battery, as the only electric vehicle manufacturer in the world with more than 20 years of battery research and development and production experience, BYD has strong technology accumulation and absolute leading advantages. The iron battery independently developed by BYD has the characteristics of long service life and small capacity attenuation. According to the financial report, BYD's R & D investment in 2018 was 8.536 billion yuan, an increase of 36.22% year-on-year, accounting for 6.56% of the revenue, of which R & D expense was 4.989 billion yuan, an increase of 33.42% year-on-year, exceeding the "three expenses" of sales, management and Finance; meanwhile, its R & D investment grew by more than 32% year-on-year from 2015 to 2018. Regardless of short-term profits, we only look at long-term returns. This is BYD's usual style, from Wang Chuanfu's transformation into a car and new energy vehicle to his own creation of IGBT chips. This is also the reason why its technology "moat" is solid.<br>