Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Views - BYD's overall sales in August reached 374,000 units, showing a year-on-year increase of 0.1% and a month-on-month increase of 8.5%. Passenger car sales were 372,000 units, with a year-on-year increase of 0.2% and a month-on-month increase of 8.9% [2][4]. - The company's export sales remained high, with August exports at 80,000 units, a year-on-year increase of 155.8% and a month-on-month increase of 0.4%. Cumulatively, from January to August 2025, total sales reached 2.864 million units, up 23.0% year-on-year, while cumulative export sales were 623,000 units, up 135.4% year-on-year [2][9]. - The company is focusing on overseas market expansion and high-end product offerings, with significant growth in sales from models like Ocean Series, Fangchengbao, and Tengshi. The introduction of new models is expected to enhance performance further [9]. Summary by Sections Sales Performance - In August, BYD's total sales were 374,000 units, with a breakdown showing Ocean Series at 343,000 units, Fangchengbao at 16,000 units, and Tengshi at 12,000 units. Year-on-year changes were -3.6%, +233.6%, and +20.1% respectively, while month-on-month changes were +8.8%, +14.7%, and +5.4% [2][9]. Export and Market Expansion - The company has established four overseas factories in Thailand, Uzbekistan, Brazil, and Hungary, and is expanding into Vietnam, Pakistan, and Tunisia. This local production is expected to support global electric vehicle transitions and enhance export volumes [9]. Financial Projections - BYD's projected net profit for 2025 is 44.6 billion yuan, reflecting the anticipated benefits from overseas expansion and high-end product launches [9].