BAIC BluePark(SH:600733) Xin Lang Zheng Quan·2025-07-16 10:01Core Viewpoint - Beiqi Blue Valley is facing significant financial challenges, with projected losses continuing into 2025, raising concerns about management decisions amidst ongoing operational struggles [1][2][4]. Financial Performance - Beiqi Blue Valley expects a net profit loss of between -24.5 billion to -22 billion yuan for the first half of 2025, with a non-recurring net profit loss of -24.8 billion to -22.3 billion yuan [1][2]. - Cumulative losses since its reverse merger in 2018 have exceeded 300 billion yuan, with a reported loss of approximately 69.48 billion yuan in 2024, marking a historical high [1][4]. Management Decisions - Despite the substantial losses, key executives have received significant salary increases, with one executive's salary rising from 730,000 yuan to 1.48 million yuan, a 103% increase [4][5]. - The company has emphasized cost control as a top priority, labeling it a "top management project," yet the salary increases raise questions about management accountability [4][5]. Sales and Market Performance - In the first half of the year, Beiqi Blue Valley's sales reached 67,152 units, a year-on-year increase of 139.73%, although June sales saw a significant month-on-month decline of 30% [6][9]. - New models, such as the Arcfox αT6 and αS6, have faced delivery delays, leading to customer complaints and potential damage to brand reputation [6][8]. Financing Activities - The company's market capitalization has fallen to around 42 billion yuan, nearing the total direct financing amount of 41.3 billion yuan since its listing [9]. - Beiqi Blue Valley has initiated a new round of financing, aiming to raise 6 billion yuan for the development of new energy vehicle projects and AI-driven systems [9].