Core Viewpoint - BYD has completed a strategic investment in Harmony Auto's overseas new energy ICAR company, marking a transition from business collaboration to capital collaboration [1] Group 1: Strategic Investment - BYD subscribed to approximately 10% of Harmony Auto's overseas new energy ICAR company for $40 million, becoming a significant strategic shareholder [1] - The completion of this equity transfer is expected to enhance BYD's support for Harmony Auto, accelerating its overseas new energy development strategy [1] Group 2: International Expansion - 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 Asia-Pacific and Europe, demonstrating strong international operational capabilities [1] - On September 8, 2025, the opening of the first Tengshi brand flagship store in Munich marks the official entry of the Tengshi brand into the German high-end market, providing a significant support point for BYD's channel layout in Europe [1] Group 3: Future Outlook - The partnership's capital collaboration is expected to further solidify Harmony Auto's position as a strategic partner for BYD in overseas markets, potentially leading to a revaluation of its value as BYD accelerates its global expansion strategy [1] - The market is encouraged to pay continuous attention to the release of capital synergy effects between the two companies [1]