Core Viewpoint - BYD has launched a promotional initiative offering limited-time fixed prices and subsidies for 22 models in its Dynasty and Ocean series, with subsidies reaching up to 53,000 yuan, effective from May 23 to June 30 [1][2]. Summary by Sections Promotional Measures - The Dynasty series has 12 models with prices starting at 63,800 yuan after subsidies, with discounts ranging from 13,000 to 32,000 yuan [1]. - The Ocean series has 10 models with a minimum fixed price of 55,800 yuan, including a significant price drop of 53,000 yuan for the Seal 07 DM-i model [2]. - This is the third promotional effort by BYD since March, with the current initiative being more extensive than previous ones [2]. Sales Performance - BYD aims for a sales target of 5.5 million units by 2025, representing a nearly 30% year-on-year growth. As of April, the company has sold 1.3809 million vehicles, achieving 25.11% of its 2025 target [2]. - In April, BYD's total sales reached 380,100 units, with the Dynasty and Ocean series accounting for over 90% of total sales [2]. International Market - BYD's overseas sales have also been strong, with approximately 286,100 electric vehicles sold internationally from January to April, making up 20.67% of total sales [2]. - In the first quarter, BYD led the electric vehicle market in countries like Australia, Brazil, the UK, and Italy, surpassing Tesla in the European market [2]. Financial Performance - In the first quarter of 2025, BYD reported revenue of 170.36 billion yuan, a year-on-year increase of 36.35%, and a net profit of 9.155 billion yuan, up 100.38% [3]. - The net cash flow from operating activities was 8.581 billion yuan [3]. - As of May 23, BYD's A-share price was 405 yuan per share, with a total market capitalization of 1.26 trillion yuan [3]. Market Outlook - Citigroup has raised BYD's target price, citing favorable export conditions for Chinese passenger vehicles, with BYD's market share in pure electric vehicle exports rising from 23% in FY2024 to 38% in the first four months of 2025 [3]. - BYD is on track to meet its export target of 800,000 to 1 million vehicles for FY2025 [3].