Core Viewpoint - BYD is actively expanding its global presence and high-end brand offerings, with a focus on emerging technologies such as embodied intelligent robots [1][5][6]. Financial Performance - In the first half of the year, BYD achieved revenue of 371.28 billion yuan, a year-on-year increase of 23.30%, surpassing Tesla for the first time in revenue scale during the same period [2]. - The net profit attributable to shareholders was 15.51 billion yuan, up 13.79% year-on-year [2]. - Revenue from automotive and related products reached approximately 302.51 billion yuan, growing by 32.49% year-on-year [2]. - BYD's market share reached 13.7%, an increase of 2.2% year-on-year [2]. International Expansion - From January to August, BYD sold over 630,000 passenger cars and pickups overseas, ranking among the top-selling electric vehicle brands in multiple countries [2]. - Overseas revenue for the first half of the year was 135.4 billion yuan, a 50.49% increase year-on-year, accounting for 36% of total revenue [2]. - New energy vehicle factories in Thailand and Brazil are beginning production [2][4]. Strategic Initiatives - BYD plans to expand its product line and enhance overseas production capacity and sales networks by the second half of 2025 [5]. - The high-end brand strategy is a crucial part of BYD's international strategy, with brands like Tengshi and Yangwang set to launch in various overseas markets [5]. Research and Development - BYD invested 30.9 billion yuan in R&D in the first half of the year, a 53% increase, with total R&D investment exceeding 210 billion yuan [7]. - The company has introduced several innovative strategies and technologies, including the Tian Shen Eye intelligent strategy and the Ling Yuan drone [7]. Supply Chain Management - BYD is enhancing collaboration across its supply chain, optimizing payment terms and channel management to create a win-win situation with suppliers and dealers [7].

Core Viewpoint - BYD is committed to enhancing its competitive edge in the automotive industry through strategic development, technological independence, and a multi-brand approach while addressing both domestic and international market opportunities [1] Group 1: Investor Relations Activity - The investor relations activity was a targeted research event held on September 14, 2025, at the BYD Zhengzhou Circuit, attended by 28 invited investors [1] - Key representatives from BYD included Li Qian, Secretary of the Board and General Manager of the Investment Department, and Long Mei, Deputy General Manager of Tengshi Automotive Sales Division [1] Group 2: Competitive Strategy - In response to intense competition in the Chinese automotive market, BYD is focusing on strengthening core technologies, enhancing product competitiveness, and promoting a multi-brand matrix [1] - The company aims to fulfill social responsibilities, maintain market integrity, and protect consumer interests through technological upgrades and high-end, intelligent, and global development [1] Group 3: Overseas Market Opportunities - The overseas automotive market presents significant opportunities, with BYD accelerating its global passenger vehicle business this year [1] - From January to August, BYD sold over 630,000 overseas passenger vehicles and pickups, with plans to expand product lines and sales networks in the second half of 2025 [1] Group 4: High-End Brand Development - BYD is developing high-end brands centered around disruptive technologies, optimizing product matrices, sales channels, and marketing strategies based on market demand [1] - The Tengshi brand is positioned as a new luxury offering focused on technology and safety, covering multiple vehicle models [1] Group 5: R&D Investment - In the first half of 2025, BYD's R&D expenditure reached 30.88 billion yuan, with ongoing investments in smart technology strategies to meet consumer needs and promote global sustainable development [1] Group 6: Market Value Management - BYD is implementing measures to enhance its core business, improve operational standards, and provide returns to investors through cash dividends and share buybacks [1] - Specific actions include a 2025 employee stock ownership plan and recent stock purchases by executives and core personnel [1] Group 7: Robotics Sector Engagement - BYD is exploring the humanoid robotics sector, leveraging its advantages in the new energy industry and technology innovation through collaborations with leading companies [1]

证券代码：002594 证券简称：比亚迪 比亚迪股份有限公司 问题二：今年以来公司出口销量增速迅猛，如何展望后续海外市 场的机遇与挑战？ 答：海外汽车市场的空间巨大，海外业务不仅成为新的核心增长 极，更是成为中国新能源汽车走向世界的靓丽名片。比亚迪一直 积极布局国际市场，自创立之初就开始了全球化进程。今年以来， 公司紧抓历史性发展机遇，加速乘用车业务全球化战略。公司不 断丰富海外车型矩阵，多品牌车型纷纷在国际亮相与上市，纯电 动、插电式混动共同发力，深受全球消费者青睐，今年 1-8 月， 海外乘用车及皮卡销售累计超 63 万辆，跻身多国新能源汽车热 销前列。 2025 年下半年，公司将凭借新能源技术与产品实力的领先优势， 积极扩展产品线、完善海外产能与销售网络、构建全球化供应链、 搭建自有运力；此外，高端品牌出海是本公司出海战略的重要一 环，"腾势"、"仰望"品牌陆续在多个海外市场亮相，并将逐 步面向海外市场发布上市，持续深化全球化战略的布局。 问题三：如何加强品牌高端化布局？ 答：比亚迪秉持创新精神，围绕颠覆性技术打造高端品牌内核。 未来，公司将以市场需求为导向不断完善产品矩阵并优化销售渠 道及营销方式，满 ...

Core Viewpoint - HARMONY AUTO (03836) shares have risen over 12%, currently trading at 1.89 HKD, with a transaction volume of 13.1585 million HKD, following strategic investment news from BYD (002594) [1] Group 1: Strategic Investment - On September 10, HARMONY AUTO announced that BYD has completed the strategic investment in HARMONY AUTO's overseas new energy ICAR company, marking a shift from business collaboration to capital collaboration [1] - BYD has invested 40 million USD to acquire approximately 10% of HARMONY AUTO's overseas new energy ICAR company, becoming a significant strategic shareholder [1] Group 2: International Operations - 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 the Asia-Pacific and Europe, demonstrating exceptional international operational capabilities [1] Group 3: Market Expansion - On September 8, the first day of the 2025 Munich Auto Show, HARMONY AUTO opened a flagship store for BYD and DENZA brands in Munich, marking the first DENZA flagship store in Europe [1] - The opening of this store signifies DENZA's official entry into the high-end market in Germany and adds a crucial support point for BYD's channel layout in Europe [1] - HARMONY AUTO plans to deepen cooperation with BYD to expand more dealership outlets in Germany and other European countries [1]

和谐汽车(03836)再涨超12%，截至发稿，涨10.53%，报1.89港元，成交额1315.85万港元。 消息面上，9月10日，和谐汽车发布公告，比亚迪已完成对和谐汽车海外新能源ICAR公司的战略投资交 割，双方合作正式从业务协同迈向资本协同新阶段。此前，比亚迪以4000万美元认购和谐汽车海外新能 源ICAR公司约10%股份，成为其重要战略股东。自2023年10月双方在海外开展战略合作以来，和谐 ICAR公司已在亚太、欧洲等20多个国家、地区成功建设并运营100家以上比亚迪网点，展现出卓越的国 际化运营能力。 此外，9月8日，2025慕尼黑车展开幕首日，和谐汽车在慕尼黑的比亚迪、腾势双品牌旗舰店盛大开业， 这也是欧洲首家腾势品牌旗舰店。该店开业标志着腾势品牌正式进入德国高端市场，也为比亚迪在欧洲 的渠道布局增添重要支点。未来，和谐汽车将继续与比亚迪深化合作，在德国及其他欧洲国家拓展更多 经销网点。 ...

就在股权交割完成前夕，和谐汽车海外拓展亦有新动作。德国时间9月8日，2025慕尼黑车展开幕首日， 和谐汽车在慕尼黑的比亚迪、腾势双品牌旗舰店盛大开业，这也是欧洲首家腾势品牌旗舰店。该店开业 标志着腾势品牌正式进入德国高端市场，也为比亚迪在欧洲的渠道布局增添重要支点。 9月10日，和谐汽车(03836)发布公告，比亚迪（002594）(01211)已完成对和谐汽车海外新能源ICAR公 司的战略投资交割，双方合作正式从业务协同迈向资本协同新阶段。 此次资本交割后，比亚迪将全面赋能和谐汽车，加速推进新能源海外发展战略。随着和谐汽车在亚太、 欧洲等核心市场的网点拓展和运营体校，其作为比亚迪海外战略合作伙伴的地位将进一步巩固，在比亚 迪加速出海的全球战略中，其价值有望获得重估。双方资本协同效应的释放，值得市场持续关注。 此前，比亚迪以4000万美元认购和谐汽车海外新能源ICAR公司约10%股份，成为其重要战略股东。自 2023年10月双方在海外开展战略合作以来，和谐ICAR公司已在亚太、欧洲等20多个国家、地区成功建 设并运营100家以上比亚迪网点，展现出卓越的国际化运营能力。 ...

值得注意的是，和谐汽车近期公告，比亚迪已战略投资和谐汽车海外新能源ICAR公司，以4000万美元 认购该公司约10%股份，成为该公司重要战略股东。交易完成后，和谐汽车所持iCar Group的股权将由 55%摊薄至49.5001%。但由于公司仍控制其90.0001%的表决权，iCar Group继续作为和谐汽车的附属公 司入账。 消息面上，9月8日，慕尼黑车展开幕首日，和谐汽车在慕尼黑的比亚迪、腾势双品牌旗舰店盛大开业。 此次开业不仅是腾势品牌在欧洲的首秀，也是和谐汽车在欧洲市场布局的关键节点。未来，和谐汽车将 继续与比亚迪深化合作，在德国及其他欧洲国家拓展更多经销网点，推动新能源汽车产业在欧洲市场的 持续发展与影响力提升。 智通财经APP获悉，和谐汽车(03836)午后涨超5%，截至发稿，涨5.39%，报1.76港元，成交额499.14万 港元。 ...

Core Insights - The Chinese automotive industry is accelerating its overseas expansion, with companies like BYD and Harmony Auto leading the charge in establishing international dealership networks [2][3] - Harmony Auto has recently sold 45% of its overseas electric vehicle business, iCar Group, to reduce financial risks while maintaining control over the business [6][7][8] - Despite a decline in overall revenue, Harmony Auto's overseas sales have surged, indicating a strong growth potential in international markets [5][8] Group 1: Overseas Expansion - In the first half of 2023, Chinese automotive brands have significantly increased their overseas presence, with Harmony Auto opening 100 BYD stores globally [2] - Harmony Auto has established a sales network across multiple countries in the Asia-Pacific region and Europe, with 83 operational stores in 18 countries [3] - The company has achieved notable sales figures, with 6,274 vehicles sold in 2024 from overseas markets, representing 18.9% of its total sales, a staggering increase of 146 times compared to 2023 [3] Group 2: Financial Performance - In 2024, Harmony Auto reported a total revenue decline of 5.8%, the smallest drop among eight Hong Kong automotive dealer groups [5] - The company's gross profit was 700 million yuan, with a gross margin of 4.5%, while net profit fell to a loss of 285 million yuan, a 20.8% decrease year-on-year [5] - The overseas business, while growing, has not yet generated significant profits, contributing to substantial losses for the iCar Group [8] Group 3: Strategic Asset Management - The sale of 45% of iCar Group's equity is seen as a strategic move to alleviate financial pressure and optimize the asset-liability structure of Harmony Auto [6][9] - The transaction allows Harmony Auto to maintain control over its overseas operations while reducing the burden of capital investment [8][9] - Analysts suggest that the rapid expansion of Harmony Auto's overseas network has led to increased operational costs, necessitating this asset sale to ensure sustainability [9][10]

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy tools and consumption recovery [8] - Key risks include potential declines in exports, consumer spending pressures, and slowdowns in real estate and infrastructure investments [8] - The upcoming U.S. economic data releases are anticipated to show increased volatility, with a higher likelihood of significant deviations from expectations [8] Fixed Income Analysis - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown and the current accommodative monetary policy [2][12] - The analysis highlights that the banking sector's capital adequacy ratios and non-performing loan ratios are above regulatory standards, providing a buffer against credit risks [12] - The report suggests that while some smaller banks may consider balance sheet reductions, the overall probability for the entire industry is low [12] Company-Specific Insights 越疆 (02432.HK) - The company reported a revenue of RMB 1.53 billion for H1 2025, a 27.1% year-on-year increase, driven by significant growth in six-axis collaborative robot sales [17] - The gross margin improved to 47.0%, with a notable reduction in net losses due to operational efficiencies [17] - The company has signed a strategic partnership with Yaoshi Bang to explore applications of intelligent robotics in the pharmaceutical sector [17] 伟仕佳杰 (00856.HK) - The company is a leading ICT solutions provider in the Asia-Pacific region, with a focus on cloud computing and AI, expecting revenue growth of 15% to 14% from 2025 to 2027 [18][19] - The Southeast Asian market is a key growth area, with revenue from this region projected to increase significantly [19] - The company has established partnerships with major tech firms, enhancing its service offerings across various sectors [19] 亿纬锂能 (300014) - The company is set to launch its solid-state battery production facility, with an expected annual capacity of nearly 500,000 cells [20] - It anticipates a significant increase in shipments, projecting a 60% year-on-year growth in 2025 [20] - The company is focusing on differentiated products, with plans to expand its production capacity significantly by 2027 [20] 比亚迪 (002594) - The company expects net profits of RMB 450 billion, RMB 589 billion, and RMB 710 billion for 2025 to 2027, maintaining a growth trajectory [20] - The focus on high-end products and international expansion is expected to drive future growth [20] 科士达 (002518) - The company forecasts net profits of RMB 5.8 billion, RMB 8.2 billion, and RMB 11.7 billion for 2025 to 2027, benefiting from the growth in data centers and energy storage [20] - The company is well-positioned to capitalize on the rapid development of the charging and storage industries [20]

为坚决捍卫公司合法权益，比亚迪将正式起诉"彭彭在吗"、"生活家林小北"等自媒体账号及其所属MCN机构，要求公开道歉并赔偿损失300万元；同时，比 亚迪也将通过法律途径向其他5个自媒体账号追责。 我们始终尊重并接受社会各界的建议和监督，但网络不是法外之地，比亚迪将持续运用法律武器捍卫企业合法权益。 9月4日，比亚迪网络举报中心发文称，近期，网络上陆续多次出现针对比亚迪的诋毁、侮辱内容，相关不实信息通过多平台、多矩阵传播扩散，已严重损害 比亚迪的产品声誉与企业品牌形象，我们已向有关部门同步反馈相关线索及信息。 9月2日，比亚迪法务部发文称，自媒体"龙猪-集车"及其相关账号因长期发布大量有关比亚迪的不实及侮辱诋毁信息，一审判决认定其构成侵权，判令被 告：赔礼道歉、删除侵权言论，并赔偿比亚迪经济损失等共计201.87万元；二审维持原判。 近期，经法院强制执行，判赔金额201.87万元已执行到账，同时自媒体"龙猪-集车"及相关账号的实控人向比亚迪予以书面致歉。 我们始终尊重并接受社会各界的建议和监督，但网络不是法外之地，对以任何形式的侮辱、造谣、抹黑等侵权行为，我们将持续以法律手段维护企业的合法 权益。 8月1日晚间， ...