This article proposes a novel hybrid-excitation flux-switching (HEFS) machine with axial partitioned stator (APS) arrangement, which can achieve the independent accommodation of armature winding and field-excitation winding, thus enhancing the field-excitation capability and improving the winding heat dissipation. More importantly, a particular parallel-magnetic-circuit hybrid-excitation pattern consisting of the axial and radial magnetic paths is innovatively developed in the HEFS machine, which is an effective solution for improving the flux-regulation ability. Consequently, the PMC-based flux-regulation principle is comprehensively illustrated. Moreover, by investigating the flux-regulation characteristics of three structural feasible APS-HEFS topologies, the bilateral complementary structure is finally determined as the preferred option. By using the multiobjective optimization method and the three-dimensional finite-element analysis (FEA), the dimensional parameter optimization design of the proposed machine is conducted, and the performance comparison with conventional HEFS counterparts is also carried out to prove the flux-regulation superiority of the proposed design. Finally, a prototype is fabricated for experimental testing, and the measured results are in good agreement with the FEA, which verifies the validity of the proposed APS-HEFS topology and its theoretical flux-regulation principle analysis.