In this paper, a hybrid-excited vernier permanent magnet (PM) machine is proposed. Two excitation sources, namely, the PM excitation and the electrical excitation are artfully combined together based on the homopolar topology, resulting in a parallel hybrid excitation. The flux regulation capability of the proposed machine is discussed and analyzed. Unlike other hybrid-excited machines, the flux regulation is realized based on the variation of the armature flux linkage rather than directly adjusting the air-gap flux. Performances of the bi-directional flux regulation are evaluated by the 3-Dfinite-element method. In order to verify the analytical results, the proposed machine is prototyped and tested as a generator. Both no-load and on-load performances are assessed. The experimental results agree well with the analytical ones.