Sales Performance - In June 2025, the sales of the Fangchengbao brand reached 18,903 units, representing a month-on-month increase of 50.1% and a year-on-year increase of 605.3%. Cumulative deliveries exceeded 120,000 units [2] - The Fangchengbao Titanium model sold 12,018 units in June, with a month-on-month growth of 114.7% [2] New Product Launches - The Fangchengbao Titanium 7, a new model, is set to be launched. It is the second model in the Titanium series and the first hybrid SUV under the Fangchengbao brand, featuring dimensions of 4,999mm in length, 1,995mm in width, and 1,865mm in height, with a wheelbase of 2,920mm [3] Overseas Sales - As of July 12, 2025, BYD delivered its 60,000th electric vehicle in Australia, with June's delivery volume increasing by 368% year-on-year, setting a new monthly record [4] - The success is attributed to the strong sales of the BYD SHARK 6, the first plug-in hybrid pickup in Australia [4] International Production Capacity - On July 1, 2025, BYD celebrated the first vehicle off the production line at its passenger car factory in Bahia, Brazil, marking a new phase in its globalization strategy [5] - The company aims to collaborate with local supply chain partners to establish a localized industrial cooperation model [5] Export Performance - From January to June 2025, China's total exports of new energy buses (over 3.5 meters) reached 7,629 units, a year-on-year increase of 52.86% [6] - BYD exported 2,082 new energy buses during this period, achieving a year-on-year growth of 44.99% and capturing a market share of 27.29%, maintaining its leading position [6]

Core Viewpoint - The essence of "new luxury" is a systematic construction that requires time to settle, as demonstrated by Seres Group's strategic financing and global ambitions in the electric vehicle market [2][3]. Financing and Capital Structure - Seres Group's subsidiary, Seres Automotive, completed a strategic financing round of 5 billion RMB, attracting nine major strategic investors, including ICBC Financial and CCB Financial [2][4]. - After this financing, Seres Automotive's registered capital increased to 10.637 billion RMB, which is crucial for reducing debt ratios and enhancing capital strength ahead of its Hong Kong IPO [5]. - The financing reflects a highly structured approach, with state and industrial capital as the main contributors, highlighting the strategic value of integrating digital economy and smart manufacturing [4]. Strategic Development and Globalization - The financing is part of Seres Group's broader strategy to build a "technology-brand-manufacturing-capital" triangle, aiming for a qualitative leap in the global market amidst fierce competition [3][6]. - Seres has successfully entered over 70 countries and regions, with cumulative exports exceeding 550,000 units, indicating its growing global footprint [15]. Technological Advancements and Manufacturing - Seres has made significant investments in R&D, with a 60% increase in spending to 7.053 billion RMB in 2024, establishing a comprehensive technological capability [11]. - The company’s "super factory" utilizes advanced automation, achieving over 3,000 robots in collaboration and 100% automation in key processes, positioning it ahead of competitors like Tesla [10]. Market Position and Profitability - In 2024, Seres reported revenue of 145.18 billion RMB and a net profit of 5.946 billion RMB, making it the fourth profitable new energy vehicle company globally [11]. - The company has redefined luxury by emphasizing safety, integrating advanced safety features into its vehicles, which has resonated well with consumers, as evidenced by high order volumes for its models [12]. Future Outlook and IPO Significance - The upcoming Hong Kong IPO is seen as a catalyst for Seres' global strategy, enabling further capital access and supporting overseas factory construction [13][15]. - The company's long-term vision focuses on sustainable methodologies in global competition, emphasizing innovation and user experience as core principles [7][15].