The axial–radial flux-type synchronous motor with hybrid poles (HPARFTSM) is a new kind of hybrid excitation motor. Besides the advantage of high efficiency, this machine has the flux-regulation capability. Therefore, this machine has wide application prospects in many fields, such as electric vehicles, aerospace, etc. The flux-regulation capability is an important indicator to measure the HPARFTSM. Some factors, such as the parameters of permanent magnets, the width of axial air gap, and the materials of ferromagnetic rings, may affect the flux-regulation capability. It is necessary to study the impacts that these factors have on flux-regulation capability. Taking a 3.5-kW HPARFTSM as an example, the three-dimensional electromagnetic field model was established. The air-gap flux density was numerically solved by finite element method. The calculated results agreed well with the experimental results, which validates the reliability of the computing method. On the basis of aforementioned analyses, the influences of different sensitivity factors on flux-regulation capability were obtained. The conclusions establish the foundation for the optimal design of this kind of machine.