Summary of Key Points from the Conference Call Industry Overview - The automotive industry in July 2025 is expected to show resilience with domestic vehicle sales projected between 1.85 million to 1.90 million units, driven by sustained deliveries from June orders, summer travel demand, and the effects of vehicle trade-in policies [2][1] - The overall trend for the automotive industry in the second half of 2025 is anticipated to remain strong despite potential year-on-year growth pressures starting in September due to last year's base effects [3][4] Company Performance BYD and Geely - BYD sold 344,000 vehicles in July, including 80,000 exports, while Geely sold 240,000 vehicles, marking a 58% year-on-year increase with over 50% of sales from new energy vehicles [5][1] New Entrants - Xiaomi sold 48,000 vehicles, primarily from the AITO M8 and M9 models, while Leap Motor surpassed 50,000 units for the first time, and XPeng reported a year-on-year sales increase of over 200% with 37,000 units sold [5][1] Joint Ventures - Joint venture brands maintained a 35% market share, with SAIC Volkswagen selling 110,000 units and FAW Toyota selling 68,000 units, reflecting a 3% year-on-year growth [5][1] Huawei Automotive Developments - Huawei's automotive segment is expected to improve in the second half of 2025, with the new AITO M7 model anticipated to be competitively priced around 300,000 yuan, enhancing market performance for Seres [6][1] - The expected sales for the M9 model are projected to recover to 18,000 to 20,000 units, contributing to a total sales target of 450,000 units for March 2025 [7][1] Upcoming Models and Market Expectations BAIC Blue Valley - The BAIC Blue Valley S9T is set to launch in September 2025, with strong sales potential based on its comfort and luxury features, aiming to replicate the early sales success of the AITO models [8][1] SAIC Group - The SAIC Group's H5 model, a collaboration with Huawei, is expected to launch on September 30, 2025, priced between 150,000 to 250,000 yuan, with a high probability of success due to cost control and Huawei's channel support [9][1] JAC Motors - JAC Motors' Zun Jie S800 has nearly 10,000 orders, with a production plan of 3,000 units in September, aiming for steady monthly sales of 1,500 to 2,000 units, indicating strong competitive advantages [10][1] Future Trends and Investment Opportunities - The Huawei automotive ecosystem is expected to see multiple new models launched in 2026, enhancing competitiveness through improved management and operational practices [11][1] - Other notable investment opportunities include Geely and Great Wall Motors, which are currently undervalued with market valuations between 10 to 12 times earnings, presenting good growth potential [12][1]