I have just finished summarizingthe key takeaways from the BYD Shareholders' Meeting. Here are a few points I found particularly crucial. This year, BYD's sales ceiling is actually constrained by battery production capacity. While the second-generation Blade Batteryand flash charging technology have been launched and highly recognized, production capacity is still ramping up. The monthly output is currently around20,000 to 30,000 units, and the team is working around theclock. There will be some volume this year, but a truly large-scale release won't happen until next year. So, if you are waiting for a new model or worried about delivery, things will highly likely improve significantly next year. The investment in smart driving is substantial, with an R&D team of 4,000to 5,000 people and a planned future investment of another 100 billion yuan. However,their approach is not to hype up demonstration effects, but to prioritize safety as the ultimate bottom line. The 'Eye ofthe Gods' ADAS is optional across all models, and BYD takes full responsibility for any accidents occurring during compliant use—a very solid commitment. From 2026 to 2028, new technologies will be denselyreleased, with each product launch aiming to solve a specific mass-production pain point. Overseas performance looks very promising,with a 133.6% year-on-year increase in May. Additionally, building a brand imageis even easier overseas than domestically, allowing for a smoother push toward premium markets. The goal is to transition from 'China's BYD' to 'the world's BYD,' with localized production capacity and supply chains already being established. In the domestic market, the strategy is to avoid price wars and focus on product value. Despite short-term pressure, BYD will not follow the crowd. The long-term goal is to reach annual salesof 10 million vehicles by 2030. BYD is deeply involved in defining its own chips,reducing reliance on external solutions, and continuing its path of vertical integration. Overall, the feeling is that BYD's biggest constraint right now is not demand, but supply. Once production capacity catches up, there is massive roomfor growth ahead.