特此公告。 北汽蓝谷新能源科技股份有限公司子公司 2025 年 6 月份产销快报如下： | 单位 | | | | 产量（辆） | | | | | | 销量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年 | 同比 | 本年 | 去年同期 | 同比 | 本月 | 去年 | 同比 | 本年 | 去年同期 | 同比 | | | | 同期 | 变动 | 累计 | 累计 | 变动 | | 同期 | 变动 | 累计 | 累计 | 变动 | | 北京新能源汽车 股份有限公司 | 13746 | 7169 | 91.74% | 68009 | 18400 | 269.61% | 11991 | 9574 | 25.25% | 67152 | 28011 | 139.73% | | 合计 | 13746 | 7169 | 91.74% | 68009 | 18400 | 269.61% | 11991 | 9574 | 25.25% | 67152 | 28011 | 139 ...

Group 1 - The core point of the article highlights the significant production and sales growth of Beijing Electric Vehicle Co., Ltd., a subsidiary of BAIC Blue Valley (600733), with a production increase of 91.74% year-on-year in June 2025 [1] - The production volume for June 2025 reached 13,746 units, compared to 7,169 units in the same month last year [1] - Cumulative production for the current year stands at 68,009 units, marking a 269.61% increase from 18,400 units in the same period last year [1] Group 2 - June sales figures show a total of 11,991 units sold, which is a 25.25% increase from 9,574 units sold in June of the previous year [1] - Cumulative sales for the year amount to 67,152 units, reflecting a 139.73% increase compared to 28,011 units sold in the same period last year [1]

Core Viewpoint - The integrated die-casting concept has shown a significant increase of 3.74%, ranking 9th among concept sectors, with 52 stocks rising, including notable gains from Shengli Precision, Minglida, Bojun Technology, and Top Group [1] Group 1: Market Performance - The integrated die-casting sector received a net inflow of 860 million yuan from main funds, with 33 stocks experiencing net inflows, and 5 stocks exceeding 50 million yuan in net inflow [1] - Shengli Precision led the net inflow with 414 million yuan, followed by Top Group, Genesis, and Huichuan Technology with net inflows of 161 million yuan, 92 million yuan, and 64 million yuan respectively [1] - The top-performing stocks in the integrated die-casting sector included Shengli Precision (9.90%), Top Group (6.73%), and Genesis (6.41%) [2] Group 2: Fund Flow Ratios - The highest net inflow ratios were observed in Shengli Precision (21.14%), Beiqi Blue Valley (13.14%), and Genesis (11.87%) [2] - The trading turnover rates for the leading stocks were 17.29% for Shengli Precision, 2.22% for Top Group, and 6.50% for Genesis [2] Group 3: Additional Stock Performance - Other notable performers included Minglida (7.41%), Bojun Technology (7.13%), and Huichuan Technology (3.41%) [3] - Stocks such as Feirongda (5.45%) and Sanxiang New Materials (6.26%) also contributed to the positive performance of the sector [3]

Core Insights - In May 2025, 21 A and H-share listed automotive manufacturers reported a total vehicle sales of 1.8782 million units, representing a year-on-year increase of 11.67% and a month-on-month increase of 2.86% [2][5] - Among these, BYD, SAIC Motor, and Geely Auto ranked as the top three in sales, while Qianli Technology, Xiaopeng Motors, and Beiqi Blue Valley experienced sales growth exceeding 200% [5][6] Vehicle Sales Overview - The total vehicle sales for May 2025 reached 1.8782 million units, with a year-on-year increase of 11.67% and a month-on-month increase of 2.86% [2][5] - BYD sold 382,476 units, SAIC Motor sold 365,983 units, and Geely Auto sold 235,208 units, with Geely showing a significant year-on-year growth of 46.40% [6][12] - Qianli Technology, Xiaopeng Motors, and Beiqi Blue Valley reported sales growth rates exceeding 200% [5][10] New Energy Vehicle (NEV) Sales - In May 2025, 16 listed companies reported a total NEV sales of approximately 1.007 million units, marking a year-on-year increase of 38.11% and a month-on-month increase of 6.2% [9][10] - The NEV penetration rate reached approximately 55.21%, the highest in nearly a year [9] - BYD, Geely Auto, and SAIC Motor each sold over 100,000 NEVs in May, with Xiaopeng Motors and Beiqi Blue Valley showing significant growth rates [10][12] Company-Specific Performance - BYD's NEV sales included 204,400 pure electric vehicles and 172,600 plug-in hybrids, with year-on-year changes of 39.6% and -6.26%, respectively [8] - Geely Auto's NEV sales reached 138,021 units, a year-on-year increase of 135.24%, with pure electric sales at 95,000 units and plug-in hybrids at 43,000 units [13] - Xiaopeng Motors reported a total of 33,525 units sold in May, reflecting a year-on-year increase of 230% [10][13]

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

Core Viewpoint - The automotive industry in China is experiencing extended payment terms, with an average exceeding 170 days, which places financial strain on suppliers and raises concerns about cash flow sustainability [1][3]. Industry Overview - The average payment term for domestic automotive companies is over 170 days, with some exceeding 240 days [1]. - The revised "Regulations on Payment of Funds to Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized enterprises within 60 days of delivery [3]. - As of June 1, 2025, this regulation aims to alleviate the "difficulties in collection" faced by small and medium-sized enterprises [3]. Payment Terms Analysis - The automotive industry has a total of 299 listed companies with accounts payable and notes payable amounting to 1.45 trillion yuan, a year-on-year increase of approximately 11% [7]. - The calculated payment term for the automotive industry is 149.22 days, approximately 5 months [7]. - Breakdown by sub-sectors shows: - Automotive parts: 250 companies, accounts payable of 485.38 billion yuan, payment term of 147.18 days [8]. - Passenger vehicles: 8 companies, accounts payable of 763.96 billion yuan, payment term of 151.57 days [8]. - Commercial vehicles: 13 companies, accounts payable of 146.51 billion yuan, payment term of 169.09 days [8]. - Motorcycles and others: 17 companies, accounts payable of 39.63 billion yuan, payment term of 161.07 days [8]. - Automotive services: 11 companies, accounts payable of 18.12 billion yuan, payment term of 69.32 days [8]. Company-Specific Insights - Among the 8 listed passenger vehicle companies, Haima Automobile has the longest payment term of 270.41 days, significantly higher than its peers [11]. - BYD leads in revenue with 777.10 billion yuan, maintaining a payment term of 127.23 days, which is relatively short compared to others [12]. - SAIC Group and Great Wall Motors have similar payment terms of approximately 163.63 days and 163.75 days, respectively, but their trends differ [13]. - Overall, the payment terms across the automotive sector exceed the 60-day commitment, indicating ongoing challenges in improving cash flow management [13].

Key Points - Toyota's chairman Akio Toyoda's annual salary is revealed to be 1.949 billion yen (approximately 96.58 million RMB), marking a 20% increase year-on-year and a historical high for four consecutive years [4] - In contrast, the salaries of Chinese automotive executives are significantly lower, with Geely's Li Shufu earning only 376,000 RMB, which is equivalent to just 1.5 days of Toyoda's income [4][5] - The highest-paid individuals in Chinese car companies are often not the CEOs, as seen in Geely where CEO Gui Shengyue earns 32.01 million RMB, while Li Shufu's salary ranks much lower [5][6] Domestic News - Xiaomi's president Lu Weibing stated that Xiaomi does not engage in price wars and aims to collaborate with leading companies like Midea and Haier to advance the home appliance industry [8][9] - The domestic GPU company Moore Threads has completed its IPO counseling, potentially becoming the first GPU stock in China [9][10] - Bilibili reported that its monthly revenue from animated short dramas reached over 10 million RMB in Q1 2025, a 50-fold increase from the previous year [30] International News - OpenAI's CEO announced that GPT-5 is expected to be released this summer, promising significant advancements in AI capabilities [36][37] - Samsung is facing a crisis with reports of data falsification and employee turnover due to poor working conditions, leading to a decline in its semiconductor business [34][35] - Volvo plans to increase prices of its models in the US by up to 6% next year, which could result in price hikes of several thousand dollars for certain models [42][43]

瑞财经 钟鸣辰近日，北汽蓝谷(SH600733)发布2024年年度报告，同比亏损扩大。 宋军，中国国籍，无境外永久居留权。先后毕业于北京林业大学经济学专业、中央财经大学会计专业， 研究生学历、硕士学位，正高级会计师、高级经济师职称，注册会计师、注册税务师。2001 年至2012 年，任北京北辰实业集团公司经营管理部主管。2012 年至 2021 年 3 月，先后任北京汽车集团有限公司 财务部主管、部长助理、副部长。2021 年 4 月至今，任北京新能源汽车股份有限公司副总经理、财务 总监、职工董事。2021 年 4 月至今任北汽蓝谷公司副经理、财务总监、职工董事。 | 张国富 | 董事长 | 男 | 47 | 2025/3/18 | 2027/11/28 | | 150 | 白 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | में ने | | | 2024/8/7 | 2027/11/28 | | | | | | 经理 | | | 2024/7/18 | 2025/3/18 | | | | | | 副经理 | | | 2022/1 ...

Core Viewpoint - North Car Blue Valley (SH600733) reported a significant increase in revenue for Q1 2025, with a year-on-year growth of 150.75%, although it still recorded a net loss [1] Financial Performance - The company's Q1 2025 revenue reached 3.77 billion yuan, compared to 1.50 billion yuan in the same period last year [1] - The net profit attributable to shareholders was -953.42 million yuan, an improvement from -1.02 billion yuan year-on-year, reflecting a 6.15% decrease in losses [1] - The net profit after deducting non-recurring gains and losses was -961.15 million yuan, also showing a 6.87% decrease in losses compared to the previous year [1] - Basic earnings per share were -0.1711 yuan, slightly better than -0.1823 yuan from the previous year [1] Profitability Metrics - The gross margin for Q1 2025 was -7.51%, an increase of 0.37% year-on-year [2] - The net profit margin improved to -35.99%, up by 30.44% compared to the same period last year [2] Expense Analysis - Total operating expenses for the quarter were 1.075 billion yuan, an increase of 187 million yuan year-on-year [2] - The expense ratio was 28.50%, a decrease of 30.53% from the previous year [2] - Sales expenses increased by 4.47%, management expenses rose by 42.60%, and R&D expenses grew by 53.06%, while financial expenses decreased by 61.38% [2] Leadership Compensation - The current chairman, Zhang Guofu, received a salary of 820,000 yuan in 2023 and 1.5 million yuan in 2024, marking an increase of 82.93% [4] Company Overview - North Car Blue Valley specializes in the research, development, production, sales, and service of pure electric new energy passenger vehicles and core components [5] - The company reported a revenue of 14.51 billion yuan for 2024, a year-on-year increase of 1.35%, but a net loss of 6.95 billion yuan, a decline of 28.67% from the previous year [5]

证券代码：600733 证券简称：北汽蓝谷 公告编号：临 2025-048 北汽蓝谷新能源科技股份有限公司 关于子公司工商登记信息变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 住所：北京市北京经济技术开发区东环中路 5 号 12 幢 1 层 经营范围：生产电动乘用车、混合动力汽车、新能源汽车；装配新能源 汽车动力模块（具体包括动力模块电机系统装配、动力模块电池系统装配以 及动力模块电控系统装配）；销售新能源汽车充电设施、汽车、新能源汽车 远程监控设备、新能源汽车动力模块系统零部件；软件开发；经济贸易咨询； 汽车装饰；货物进出口；技术进出口；代理进出口；技术开发、技术转让、 技术咨询。（市场主体依法自主选择经营项目，开展经营活动；依法须经批 准的项目，经相关部门批准后依批准的内容开展经营活动；不得从事国家和 本市产业政策禁止和限制类项目的经营活动。） 特此公告。 名称：北京新能源汽车股份有限公司 注册资本：1506029.573 万元 类型：其他股份有限公司(非上市) 成立日期：2009 年 10 月 23 日 法 ...