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]

和谐汽车(03836)早盘涨超12%，截至发稿，涨12.67%，报1.69港元，成交额1002.03万港元。 公开资料显示，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。本次战略入股，标志着双方合作从业务层面迈向资 本协同的新高度。投资完成后，比亚迪将赋能和支持和谐ICAR，加快推进新能源海外发展战略。和谐 ICAR也将全面提升服务品质和运营效率，更好地在比亚迪全球发展战略中发挥重要作用。 消息面上，和谐汽车近期公告，比亚迪（002594）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。 ...

消息面上，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。 智通财经APP获悉，和谐汽车(03836)早盘涨超12%，截至发稿，涨12.67%，报1.69港元，成交额1002.03 万港元。 公开资料显示，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。本次战略入股，标志着双方合作从业务层面迈向资 本协同的新高度。投资完成后，比亚迪将赋能和支持和谐ICAR，加快推进新能源海外发展战略。和谐 ICAR也将全面提升服务品质和运营效率，更好地在比亚迪全球发展战略中发挥重要作用。 ...

Group 1 - H harmonious Automotive (03836) opened nearly 13% higher, currently up 12.97% at HKD 2.7, with a trading volume of HKD 2.5475 million [1] - H harmonious Automotive announced that independent third party BYD (01211) subscribed to 9.9999% equity of its subsidiary iCar Group, involving an amount of USD 40 million, which will be used for iCar Group's general operating funds [1] - iCar Group is primarily responsible for the overseas sales and after-sales service of BYD brand new energy vehicles [1] Group 2 - Since the strategic cooperation began in October 2023, H harmonious iCar has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across Asia-Pacific and Europe [1] - This strategic investment marks a new level of capital collaboration between the two companies, reflecting BYD's recognition and trust in H harmonious iCar, as well as its strong support for partners and the concept of win-win cooperation [1] - After the investment is completed, BYD will empower and support H harmonious iCar to accelerate the overseas development strategy of new energy [1] - H harmonious iCar will also enhance service quality and operational efficiency, playing a significant role in BYD's global development strategy [1]

Core Insights - BYD, the world's largest electric vehicle brand, has strategically invested $40 million in Harmony ICAR, acquiring approximately 10% of the company's shares, thus becoming a significant strategic shareholder [1] - This investment is based on a solid cooperative foundation and strategic consensus between the two companies, highlighting their collaboration since October 2023 [1] - Harmony ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across Asia-Pacific and Europe, demonstrating exceptional international operational capabilities and sustainable profitability [1] Investment Implications - The strategic stake acquisition marks a transition from business collaboration to capital synergy, reflecting BYD's recognition and trust in Harmony ICAR [1] - The investment underscores BYD's strong support for its partners and the philosophy of win-win cooperation [1] - Following the investment, BYD will empower and support Harmony ICAR to accelerate its overseas development strategy in the new energy sector [1] Operational Enhancements - Harmony ICAR is expected to enhance service quality and operational efficiency, playing a crucial role in BYD's global development strategy [1] - The partnership aims to contribute significantly to the development of global electric vehicles and create a new chapter in green intelligent mobility [1]