Core Insights - BYD Group has entered a three-year strategic partnership with FC Internazionale Milano, becoming the club's official Global Automotive Partner, marking a significant alliance between the automotive and professional football sectors [1][2]. Group 1: Partnership Details - The collaboration aims to enhance both brands' international presence and support joint growth strategies, with BYD providing approximately 70 vehicles to Inter's first-team players, coaching staff, and top management [2][4]. - A special Nerazzurri-themed edition of BYD's flagship model, the Sealion 7, will be the first vehicle available to the club, with plans for a limited edition release for fans and collectors [3][4]. Group 2: Brand Engagement and Strategy - BYD is preparing exclusive purchasing and leasing programs for Inter supporters globally, promising unique experiences tied to their favorite club [4]. - The partnership will serve as a cornerstone for BYD's premium brand DENZA's launch strategy in key European markets [4]. Group 3: Broader Impact - This agreement strengthens BYD's presence in football, following its sponsorship roles in UEFA Euro 2024 and the UEFA Under-21 Championship, reflecting the company's goal to connect with millions of fans and promote sustainable mobility [5].

Sales Performance - Fidenza 在过去一天内售出 19 件 [1] Market Trends - Floor 价格上涨 45% 至 35 ETH（约合 135,000 美元），市场流动性较低 [1]

NFT PFP Market Trends - Punks increased by 17% to 47.75 ETH [1] - Pudgy Penguins increased by 13% to 16.6 ETH [1] - Bored Apes increased by 21% to 13.4 ETH [1] - Milady increased by 10% to 2.83 ETH [1] - Azuki increased by 29% to 2.46 ETH [1] - CryptoDickbutts increased by 40% to 1.88 ETH [1] - Project Aeon increased by 45% to 1.86 ETH [1] - Moonbirds increased by 22% to 1.8 ETH [1] NFT Art Market Trends - Fidenza increased by 20% to 28.69 ETH [1] - Squiggles increased by 35% to 5.95 ETH [1] - Ringers increased by 52% to 19 ETH [1]

NFT Market Activity - Fidenza 658 在 GONDI 平台上以 25.9 ETH 的价格售出 [1] - GONDI 平台促进了艺术品 NFT 的流动性 [1] Generative Art - Fidenza 系列 NFT 在 GONDI 平台上交易活跃 [1]

Core Viewpoint - The automotive industry is experiencing a backlash against touchscreen-dominated interfaces, with a growing demand for physical controls due to safety concerns and customer dissatisfaction [3][5]. Group 1: Industry Trends - The shift to touchscreens was primarily driven by financial motivations, reducing manufacturing complexity and enabling software-based monetization [2]. - Studies indicate that touchscreen interactions can slow driver reaction times more than alcohol or cannabis impairment, raising significant safety concerns [3]. - The Euro NCAP will mandate physical controls for key functions by 2026 to achieve top safety ratings, accelerating the trend back to physical controls in Europe [5]. Group 2: Company Responses - Asian companies like BYD, Denza, and Xiaomi are leading the movement to restore physical controls in vehicles, with models featuring tactile buttons [4]. - Subaru is also reintroducing buttons in its upcoming models, such as the 2026 Outback, reflecting the industry's shift back to basics [4]. - BYD has surpassed Tesla in European sales, a trend that may continue with new model launches and decreasing demand for Tesla vehicles [5].

Core Insights - BYD has surpassed Tesla in unit sales in Europe, driven by new vehicle launches and declining demand for Tesla [1][5] - The company plans to release new vehicles rapidly, including the affordable Dolphin Surf EV priced under $25,000 [2][5] - BYD's aggressive product strategy includes launching six cars in less than a year, covering key segments of the European market [3][5] Vehicle Launch Strategy - BYD aims to launch new vehicles faster than any other automotive company in Europe [2] - The Dolphin Surf EV is highlighted as a crucial addition to compete with low-cost EVs in the region [2][3] - The company is also introducing luxury models under the Denza Yangwang brand [3] Sales Projections - BYD is projected to more than double its sales in Europe to approximately 186,000 units this year, with potential to reach 400,000 units in four years [6] - The company has already outsold Tesla in Europe and achieved a milestone by beating Tesla in global EV sales for the first time in 2024 [5][6] Manufacturing Expansion - BYD will begin production at a new manufacturing plant in Hungary by the end of 2025, enhancing production capacity and customization options [5] - Future models will increasingly cater to the European market, with a focus on regional specifications [6] Stock Performance - BYD stock closed at $98.56, down 2.28%, but has seen a year-to-date increase of 48% in 2025 [6]

Overall Market Trends - The overall market price index for April 2025 shows a decline of 1.54, with an average transaction price of 156,100 yuan, reflecting a decrease of 651 yuan or 0.42% month-on-month [4] - The overall market discount index for April 2025 is 1.06, with an average discount of 29,500 yuan, indicating an increase of 1,179 yuan or 4.2% compared to the previous month [4] Sedan Market - The sedan market price index for April 2025 is 0.68, with an average transaction price of 132,800 yuan, showing a month-on-month decrease of 457 yuan or 0.34% [5] - The overall discount index for the sedan market is -0.68, with an average discount of 29,000 yuan [6] - In the A00 segment, prices increased by 3.03%, while other segments experienced price declines [5] SUV Market - The SUV market price index for April 2025 is -1.99, with an average transaction price of 168,700 yuan, reflecting a month-on-month increase of 1,531 yuan or a decrease of 0.9% [11] - The overall discount index for the SUV market is 1.17, with an average discount of 30,100 yuan, which is an increase of 671 yuan or 2.3% from the previous month [8] MPV Market - The MPV market price index for April 2025 is -3.62, with an average transaction price of 264,100 yuan, indicating a month-on-month decrease of 8,713 yuan or 3.19% [11] - The overall discount index for the MPV market is 2.69, with an average discount of 27,700 yuan, reflecting an increase of 855 yuan or 3.2% compared to the previous month [11] New Energy Market - The overall price index for the new energy market in April 2025 is -4.57, with an average transaction price of 155,500 yuan, showing a decrease of 784 yuan or 0.5% month-on-month [10] - The overall discount index for the new energy market is 1.44, with an average discount of 12,400 yuan, indicating an increase of 1,120 yuan or 10.9% from the previous month [12] New Energy Sedan Market - The new energy sedan market price index for April 2025 is -0.49, with an average transaction price of 119,700 yuan, reflecting a month-on-month decrease of 650 yuan or 0.5% [14] - The overall discount index for the new energy sedan market is 0.43, with an average discount of 9,700 yuan, indicating an increase of 965 yuan or 11% compared to the previous month [13] New Energy SUV Market - The new energy SUV market price index for April 2025 is -5.25, with an average transaction price of 182,400 yuan, showing a month-on-month decrease of 2,475 yuan or 1.3% [13] - The overall discount index for the new energy SUV market is 2.06, with an average discount of 14,600 yuan, reflecting an increase of 1,475 yuan or 11.2% from the previous month [13] New Energy MPV Market - The new energy MPV market price index for April 2025 is -8.34, with an average transaction price of 306,900 yuan, indicating a month-on-month decrease of 24,897 yuan or 7.5% [13] - The overall discount index for the new energy MPV market is 2.28, with an average discount of 21,400 yuan, reflecting a decrease of 1,245 yuan or 5.4% compared to the previous month [14]

Overall Market Trends - In April 2025, the overall passenger car market price index decreased by 1.54, with an average transaction price of 156,100 yuan, reflecting a month-on-month decline of 651 yuan or 0.42% [3] - The overall discount index for the market increased to 1.06, with an average discount of 29,500 yuan, indicating a month-on-month increase of 1,179 yuan or 4.2% [3] Sedan Market - The sedan market price index was 0.68, with an average transaction price of 132,800 yuan, showing a month-on-month decrease of 457 yuan or 0.34% [7] - The overall discount index for the sedan market was -0.68, with an average discount of 29,000 yuan, reflecting a month-on-month increase of 1,717 yuan or 6.3% [7] SUV Market - The SUV market price index was -1.99, with an average transaction price of 168,700 yuan, indicating a month-on-month increase of 1,531 yuan or a decline of 0.9% [7] - The overall discount index for the SUV market was 1.17, with an average discount of 30,100 yuan, showing a month-on-month increase of 671 yuan or 2.3% [7] MPV Market - The MPV market price index was -3.62, with an average transaction price of 264,100 yuan, reflecting a month-on-month decrease of 8,713 yuan or 3.19% [7] - The overall discount index for the MPV market was 2.69, with an average discount of 27,700 yuan, indicating a month-on-month increase of 855 yuan or 3.2% [7] New Energy Market - The overall new energy market price index in April 2025 was -4.57, with an average transaction price of 155,500 yuan [8] - The overall discount index for the new energy market was 1.44, with an average discount of 12,400 yuan, reflecting a month-on-month increase of 1,120 yuan or 10.9% [9] New Energy Sedan Market - The new energy sedan market price index was -0.49, with an average transaction price of 119,700 yuan, showing a month-on-month decrease of 650 yuan or 0.5% [13] - The overall discount index for the new energy sedan market was 0.43, with an average discount of 9,700 yuan, indicating a month-on-month increase of 965 yuan or 11% [10] New Energy SUV Market - The new energy SUV market price index was -5.25, with an average transaction price of 182,400 yuan, reflecting a month-on-month decrease of 2,475 yuan or 1.3% [11] - The overall discount index for the new energy SUV market was 2.06, with an average discount of 14,600 yuan, indicating a month-on-month increase of 1,475 yuan or 11.2% [11] New Energy MPV Market - The new energy MPV market price index was -8.34, with an average transaction price of 306,900 yuan, showing a month-on-month decrease of 24,897 yuan or 7.5% [15] - The overall discount index for the new energy MPV market was 2.28, with an average discount of 21,400 yuan, reflecting a month-on-month decrease of 1,245 yuan or 5.4% [15]

Summary of BYD Co. (002594.SZ/1211.HK) 1Q25 Earnings Review Company Overview - **Company**: BYD Co. (002594.SZ/1211.HK) - **Industry**: Automotive (specifically New Energy Vehicles - NEV) Key Financial Results - **Net Profit**: Rmb9.2 billion in 1Q25, aligning with the pre-announcement range of Rmb8.5 billion to Rmb10 billion [2] - **Sales Volume**: Total sales volume of 1 million units in 1Q25, representing a 60% year-over-year increase but a 34% quarter-over-quarter decrease [5][6] - **Gross Margin**: Reported at 20.1%, a decline of 0.6 percentage points year-over-year, attributed to an average transaction price decline of 11% year-over-year across vehicle models [7][8] - **Operating Margin**: Expected to improve to 4.3% in 2Q25, reflecting continued operating leverage despite lower gross margins [7][8] Market Position and Strategy - **Resilience**: BYD is viewed as one of the most resilient auto OEMs amid macroeconomic uncertainty and competition, supported by a strong pipeline of new models and an industry-leading position [2][6] - **Volume Forecast**: Annual volume forecast remains unchanged at 5.5 million units [2][6] - **New Models**: Eight new vehicle models were unveiled at the 2025 Shanghai Auto Show, including various SUVs and sedans across different brands [5] Competitive Landscape - **Pricing Pressure**: Anticipated gross margin pressure of 3 percentage points quarter-over-quarter into 2Q25 due to intensifying competition [2][7] - **Operating Leverage**: Despite lower gross margins, operating margin showed a year-over-year improvement, indicating effective cost control and scale economics [7][8] Overseas Expansion - **Export Performance**: Monthly exports reached a record high of 73,000 units in March 2025, with significant contributions from Asia Pacific, South America, and Europe [7][8] - **Growth Expectations**: Higher growth is expected from Europe, supported by increased freight capacity and favorable EU policies regarding electric vehicle pricing [7][8] Investment Thesis - **Growth Potential**: BYD is positioned to capture significant market demand both domestically and internationally, with expectations to grow total vehicle sales from 4.3 million in 2024 to 8.9 million by 2030 [9] - **Valuation**: Target prices for A/H shares are set at Rmb436/HK$428, implying an upside of 18%/8% [2][10] - **Risks**: Key risks include intensifying competition in the electric vehicle market, slower-than-expected overseas expansion, and lower-than-expected external battery sales [10] Conclusion - **Rating**: Reiterated Buy rating based on strong sales performance, new supportive policies for the NEV industry, and potential breakthroughs in overseas markets [2][10]

Group 1 - BYD is launching its premium Denza brand in Europe, with the first model, the Z9GT, expected to arrive in showrooms in Q4 2025 [1] - The Z9GT will be available in both battery-only and plug-in hybrid versions [1] - BYD has a history with the Denza brand, initially formed in 2010 with Daimler, which has since reduced its equity interest to 10% [2] Group 2 - The European Union imposed a 17% duty on imports of BYD's battery electric vehicles due to claims of "unfair" production subsidies [3] - Recent discussions between Chinese and EU officials focused on issues related to the electric car supply chain [3]