Core Viewpoint - China Galaxy Securities initiates coverage on Harmony Auto, giving it a "Buy" rating, with projected revenues and profits for 2025-2027 indicating strong growth potential [1] Group 1: Financial Projections - Expected revenues for Harmony Auto are projected at 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan for 2025, 2026, and 2027 respectively [1] - Corresponding net profits are forecasted to be 61 million yuan, 243 million yuan, and 416 million yuan for the same years [1] - The estimated earnings per share (EPS) are 0.04 yuan, 0.16 yuan, and 0.27 yuan for 2025, 2026, and 2027 respectively [1] - The reasonable per-share value range is set between 3.28 yuan and 4.11 yuan, translating to a market capitalization range of 4.993 billion yuan to 6.257 billion yuan [1] Group 2: Company Overview - Harmony Auto is a leading pure luxury and ultra-luxury automotive dealership group in China, representing 14 luxury and ultra-luxury brands [2] - The company ranks 26th in the top 100 automotive dealers in China for 2024, with total revenue of 17.067 billion yuan and total vehicle sales of 48,000 units [2] - Harmony Auto entered the new energy vehicle sector in 2015 and has established strategic partnerships with Tencent and Foxconn [2] Group 3: Strategic Partnerships and Market Expansion - In 2023, Harmony Auto partnered with BYD to establish sales channels in Asia and Europe, focusing on new energy vehicles and exports [2][3] - The company has demonstrated strong dealership capabilities, rapidly expanding its presence in the Asia-Pacific, Europe, and Oceania regions [3] - By 2025, Harmony Auto plans to open its 100th store in Melbourne, showcasing its effective channel construction capabilities [3] Group 4: Future Outlook - BYD's technological advancements, such as blade batteries and CTB, are gaining global recognition, with expectations of exporting 1 million vehicles by 2025 [4] - Harmony Auto is anticipated to contribute 7-8% of sales through its channels in the Asia-Pacific, Europe, and Oceania regions [4]

Group 1 - The core viewpoint of the report is that Harmony Auto (03836) is expected to achieve significant revenue and profit growth from 2025 to 2027, with projected revenues of 28.103 billion yuan, 38.488 billion yuan, and 44.961 billion yuan, and net profits of 0.61 billion yuan, 2.43 billion yuan, and 4.16 billion yuan respectively [1] - The company is a leading pure luxury and ultra-luxury automotive dealership group in China, with 14 luxury and ultra-luxury brands under its umbrella, including Rolls-Royce, Bentley, Ferrari, Maserati, and Lamborghini [2] - Harmony Auto ranks 26th in the top 100 automotive dealers in China for 2024, with total revenue of 17.067 billion yuan and total vehicle sales of 48,000 units [2] Group 2 - The company has established a strong partnership with BYD, enhancing its market presence in Asia and Europe, and has begun to transition towards new energy vehicles [3] - Harmony Auto has demonstrated its capability in dealership construction and operations, rapidly expanding its channels in the Asia-Pacific, Europe, and Oceania regions [3] - The company opened its 100th store in Melbourne within two years, showcasing its effective channel-building ability [3] Group 3 - BYD's technological advancements, such as blade batteries and CTB, have gained global market recognition, with expectations of exporting 1 million vehicles by 2025 [4] - Harmony Auto is projected to contribute 7-8% of sales volume through its channels in the Asia-Pacific, Europe, and Oceania regions [4]

Core Viewpoint - HARMONY AUTO (03836) shares have risen over 12%, currently trading at 1.89 HKD, with a transaction volume of 13.1585 million HKD, following strategic investment news from BYD (002594) [1] Group 1: Strategic Investment - On September 10, HARMONY AUTO announced that BYD has completed the strategic investment in HARMONY AUTO's overseas new energy ICAR company, marking a shift from business collaboration to capital collaboration [1] - BYD has invested 40 million USD to acquire approximately 10% of HARMONY AUTO's overseas new energy ICAR company, becoming a significant strategic shareholder [1] Group 2: International Operations - Since the strategic cooperation began in October 2023, HARMONY ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across the Asia-Pacific and Europe, demonstrating exceptional international operational capabilities [1] Group 3: Market Expansion - On September 8, the first day of the 2025 Munich Auto Show, HARMONY AUTO opened a flagship store for BYD and DENZA brands in Munich, marking the first DENZA flagship store in Europe [1] - The opening of this store signifies DENZA's official entry into the high-end market in Germany and adds a crucial support point for BYD's channel layout in Europe [1] - HARMONY AUTO plans to deepen cooperation with BYD to expand more dealership outlets in Germany and other European countries [1]

Core Viewpoint - Harmony Auto's stock price has increased by over 12%, currently trading at 1.89 HKD, with a trading volume of 13.1585 million HKD, following the announcement of BYD's strategic investment in Harmony Auto's overseas new energy ICAR company [1] Group 1: Strategic Investment - BYD has completed a strategic investment in Harmony Auto's overseas new energy ICAR company, acquiring approximately 10% of the shares for 40 million USD, marking a new phase of capital collaboration [1] - This investment positions BYD as an important strategic shareholder in Harmony Auto, enhancing their partnership [1] Group 2: International Operations - Since the strategic cooperation began in October 2023, Harmony ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across the Asia-Pacific and Europe, demonstrating strong international operational capabilities [1] Group 3: Market Expansion - On September 8, the first day of the 2025 Munich Auto Show, Harmony Auto opened a flagship store for the BYD and Tengshi brands in Munich, marking the first Tengshi flagship store in Europe [1] - The opening of this store signifies Tengshi's official entry into the high-end market in Germany and strengthens BYD's channel layout in Europe [1] - Harmony Auto plans to deepen cooperation with BYD to expand more dealership outlets in Germany and other European countries [1]

就在股权交割完成前夕，和谐汽车海外拓展亦有新动作。德国时间9月8日，2025慕尼黑车展开幕首日， 和谐汽车在慕尼黑的比亚迪、腾势双品牌旗舰店盛大开业，这也是欧洲首家腾势品牌旗舰店。该店开业 标志着腾势品牌正式进入德国高端市场，也为比亚迪在欧洲的渠道布局增添重要支点。 9月10日，和谐汽车(03836)发布公告，比亚迪（002594）(01211)已完成对和谐汽车海外新能源ICAR公 司的战略投资交割，双方合作正式从业务协同迈向资本协同新阶段。 此次资本交割后，比亚迪将全面赋能和谐汽车，加速推进新能源海外发展战略。随着和谐汽车在亚太、 欧洲等核心市场的网点拓展和运营体校，其作为比亚迪海外战略合作伙伴的地位将进一步巩固，在比亚 迪加速出海的全球战略中，其价值有望获得重估。双方资本协同效应的释放，值得市场持续关注。 此前，比亚迪以4000万美元认购和谐汽车海外新能源ICAR公司约10%股份，成为其重要战略股东。自 2023年10月双方在海外开展战略合作以来，和谐ICAR公司已在亚太、欧洲等20多个国家、地区成功建 设并运营100家以上比亚迪网点，展现出卓越的国际化运营能力。 ...

Core Insights - BYD has completed a strategic investment in Harmony Auto's overseas new energy ICAR company, acquiring approximately 10% of its shares for $40 million, marking a shift from business collaboration to capital collaboration [1] - Harmony ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions, demonstrating strong international operational capabilities since the strategic cooperation began in October 2023 [1] - The opening of the first Tengshi brand flagship store in Munich on September 8, 2025, signifies Tengshi's entry into the German high-end market and enhances BYD's channel layout in Europe [1] - Following the capital transaction, BYD will empower Harmony Auto to accelerate its overseas development strategy in new energy, solidifying its role as a strategic partner in BYD's global expansion [1] - The release of capital synergy effects between BYD and Harmony Auto is expected to attract ongoing market attention [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 China Harmony Auto Holding Limited 中國和諧汽車控股有限公司 （於開曼群島註冊成立的有限公司） （股份代 號：03836） 有關建議認購事項及出售於一間附屬公司的股權的 須予披露交易完成 茲提述中國和諧汽車控股有限公司（「本公司」）日期為2025年9月1日的公告（「該 公告」），內容有關建議認購事項及據此擬進行的交易。除非本公告另有界定， 否則本公告所用詞彙與該公告所界定者具有相同涵義。 董事會欣然宣佈，於2025年9月10日根據股份認購協議的條款及條件完成交割。 – 1 – 未來展望 本次戰略投資，標誌著本公司和認購方的合作從業務層面邁向資本協同的新 高度，充分體現認購方對目標公司的認可與信任，也充分彰顯了認購方對本公 司的大力支持和合作共贏的理念。 投資完成後，認購方將賦能和支持目標公司，加快推進新能源海外發展戰略。 目標公司也將全面提升服務品質和運營效率，更好地在 ...

每经AI快讯，9月10日，港股和谐汽车(03836.HK)午后涨超5%，截至发稿，涨5.39%，报1.76港元，成 交额499.14万港元。 ...

值得注意的是，和谐汽车近期公告，比亚迪已战略投资和谐汽车海外新能源ICAR公司，以4000万美元 认购该公司约10%股份，成为该公司重要战略股东。交易完成后，和谐汽车所持iCar Group的股权将由 55%摊薄至49.5001%。但由于公司仍控制其90.0001%的表决权，iCar Group继续作为和谐汽车的附属公 司入账。 和谐汽车(03836)午后涨超5%，截至发稿，涨5.39%，报1.76港元，成交额499.14万港元。 消息面上，9月8日，慕尼黑车展开幕首日，和谐汽车在慕尼黑的比亚迪（002594）、腾势双品牌旗舰店 盛大开业。此次开业不仅是腾势品牌在欧洲的首秀，也是和谐汽车在欧洲市场布局的关键节点。未来， 和谐汽车将继续与比亚迪深化合作，在德国及其他欧洲国家拓展更多经销网点，推动新能源汽车产业在 欧洲市场的持续发展与影响力提升。 ...

Core Viewpoint - Hozon Auto's stock price increased by over 5% following the grand opening of its BYD and Tengshi flagship store in Munich, marking a significant step in its European market strategy [1] Group 1: Company Developments - Hozon Auto's stock rose by 5.39% to HKD 1.76, with a trading volume of HKD 4.9914 million [1] - The opening of the flagship store represents Tengshi's debut in Europe and is a critical milestone for Hozon Auto's expansion in the region [1] - Hozon Auto plans to deepen its collaboration with BYD to expand more dealership networks in Germany and other European countries [1] Group 2: Strategic Investments - BYD has strategically invested USD 40 million to acquire approximately 10% of Hozon Auto's overseas new energy subsidiary, iCar Group, becoming a significant strategic shareholder [1] - Following this investment, Hozon Auto's ownership in iCar Group will be diluted from 55% to 49.5001%, while still retaining 90.0001% of the voting rights [1] - iCar Group will continue to be accounted for as a subsidiary of Hozon Auto despite the dilution [1]