Core Insights - The event themed "Leading Together, Witnessing the Extraordinary" showcased Tengshi Automotive's products and technologies, attracting numerous financial analysts for an in-depth experience [1] Product Features - Tengshi N9 attracted attention with its design and luxury features, including a flagship visual effect created by its front design and dual-star headlights [1] - The vehicle's interior comfort was highlighted, particularly the cloud-seeking seats and the 11L smart cooling and heating refrigerator, which received positive feedback from analysts [1] - The N9's three-fold seat design allows for one-button switching between multiple modes, enhancing its versatility for various scenarios such as camping [3] Performance Demonstration - The event was held at a professional testing facility featuring various terrains to demonstrate vehicle performance, with the N9 showcasing a small turning radius of 4.65 meters, emphasizing its agility as a large SUV [4] - The N9 is equipped with a cloud-seeking dual-chamber air suspension that can anticipate road conditions and adjust damping to improve ride comfort, receiving high praise for its vibration filtering and stability [6] - The N9 achieved a world record in the fishhook test at a speed of 180 km/h, certified by China Automotive Research, demonstrating its handling and stability [10] Safety Features - Safety was a key focus, with the N9 demonstrating high precision in automatic emergency braking (AEB) tests, capable of stopping from speeds of 120 km/h on highways and 110 km/h at night, with a low false trigger rate [8] - A case was shared where a Tengshi Z9GT maintained stable control and safely stopped after a tire blowout, showcasing the effectiveness of the technology [8] - The N9 is claimed to maintain stability at speeds of 180 km/h during a tire blowout and in challenging conditions like large curvature bends and icy surfaces [8] Technological Support - The event highlighted the technological support provided by BYD Group, including advanced technologies like the Easy Drift and Lingyuan intelligent drone, allowing analysts to directly experience the brand's technological capabilities [6]

Sales Performance - In April 2025, BYD sold 380,089 vehicles, with passenger car sales reaching 372,615 units, representing a year-on-year growth of 19.4% [2] - The BYD brand's Dynasty and Ocean series accounted for 347,053 units, while Tengshi cars sold 15,388 units, Yangwang cars 135 units, and Fangchengbao cars 10,039 units [2] - Overseas sales of passenger cars and pickups reached 78,705 units in April, marking a significant year-on-year increase of 91.9% [2] Product Development - The Tengshi N9, a flagship SUV, was launched on March 21, 2025, with prices ranging from 389,800 to 449,800 CNY [2] - The Tengshi N9 features advanced technologies such as the Easy Three-way hybrid system and a 2.0T super hybrid engine, setting a new benchmark for luxury SUVs priced around 500,000 CNY [2] Technological Advancements - The Easy Three-way technology incorporates four core technologies: independent drive by three motors, dual-motor independent steering, VMC vehicle motion control, and CTB battery-integrated body technology [3] - This technology offers unique features such as extreme steering, crab walking, and enhanced stability systems, ensuring user safety and vehicle agility [3] Global Expansion - The "BYD SHENZHEN" ship was successfully delivered on April 22, 2025, enhancing BYD's global logistics capabilities [3] - This ship can carry 9,200 standard vehicles, equivalent to transporting cars that could fill 20 football fields, improving the efficiency of global transportation for new energy vehicles [3] Market Entry - On April 18, 2025, BYD launched the Song PLUS DM-i, a mid-size SUV equipped with DM-i super hybrid technology, in Hanoi, Vietnam [3] - This marks the first introduction of this technology in Vietnam, providing consumers with a new, efficient, and sustainable travel option [3]

Core Viewpoint - BYD has achieved remarkable financial performance in 2024, surpassing both Audi and Tesla in revenue, with a strong focus on technology, market expansion, and ambitious growth plans [3][6][10]. Financial Performance - In 2024, BYD's global sales reached 4.27 million units, a year-on-year increase of 41% [3][10]. - The company reported a revenue of 777.1 billion yuan, up 29.02% year-on-year, with automotive-related revenue accounting for 617.38 billion yuan, representing 79.45% of total revenue [3][6]. - BYD's total profit reached 49.68 billion yuan, a 33.3% increase, with a net profit attributable to shareholders of 40.25 billion yuan, up 34% [6][10]. Market Position - BYD's revenue has surpassed that of Audi and Tesla, with Audi's revenue at approximately 509.4 billion yuan and Tesla's at about 710.7 billion yuan [6][10]. - The company's gross margin for automotive business stood at 21.02%, higher than competitors like Li Auto and Tesla [6][10]. Dividend and Cash Reserves - BYD announced a cash dividend plan, distributing 39.74 yuan per 10 shares, totaling approximately 12.08 billion yuan [7][10]. - The company's cash reserves reached a historical high of 154.94 billion yuan [26]. International Expansion - BYD's overseas sales reached 417,000 units in 2024, a 71.8% increase, contributing to 28.55% of total revenue [15][18]. - The company plans to establish factories in Southeast Asia and Brazil to enhance local production capabilities [16][18]. R&D Investment - BYD's R&D expenditure in 2024 was 54.16 billion yuan, a 35.68% increase, significantly higher than competitors like Geely and Li Auto [20][21]. - The company employs 120,000 R&D personnel, reflecting an 18.24% growth, which supports its technological advancements [21][22]. Strategic Goals - BYD aims to achieve an annual sales target of 10 million vehicles by 2028, with 5 million expected from overseas markets [18][19]. - The company is focused on transitioning from a "cost-effective" to a "technology premium" model, emphasizing high-end brands like Tengshi and Yangwang [12][13].