销量暴涨140% 仍亏超22亿！“华为”带不动北汽蓝谷

Core Viewpoint - Despite significant revenue and sales growth, Beiqi Blue Valley has not managed to escape its loss spiral [2][5]. Revenue and Sales Growth - In the first half of the year, Beiqi Blue Valley reported revenue of 9.517 billion yuan, a year-on-year increase of 154.38% [3]. - The company sold 67,000 vehicles during the same period, representing a year-on-year growth of 139.73%, with the Arcfox brand being a key contributor, selling 56,000 units, up 211.06% [3]. - The high-end brand, Xiangjie, is still in the ramp-up phase, with 4,154 units delivered in June, while total sales for the first half were not disclosed, but reached 9,703 units according to sales rankings [3]. Product Positioning and Pricing - The disparity in sales between Arcfox and Xiangjie is attributed to product positioning and pricing strategies, with Arcfox models priced between 90,000 to 300,000 yuan, benefiting from subsidies [3]. - Xiangjie S9, the first product of the high-end brand, initially priced at 400,000 yuan, saw improved sales after the launch of a range-extended version with a starting price of 309,800 yuan [3][4]. Financial Performance and Losses - Despite revenue and sales increases, Beiqi Blue Valley reported a gross margin of -5.47% for the first half of the year, with first and second quarter margins at -7.51% and -4.14%, respectively [6]. - The company’s net loss for the period was 2.308 billion yuan, a slight improvement from 2.571 billion yuan in the same period last year [6]. - Cumulative losses from 2020 to 2024 amounted to nearly 32 billion yuan, with annual losses of 6.482 billion yuan, 5.244 billion yuan, 5.465 billion yuan, 5.4 billion yuan, and 6.948 billion yuan respectively [7]. Research and Development Investment - Beiqi Blue Valley's R&D expenses reached approximately 1.07 billion yuan in the first half of the year, a year-on-year increase of 62.94%, reflecting a continuous upward trend in R&D investment [6]. - The company has introduced self-developed technologies such as Aurora batteries and 800V high-voltage/5C supercharging, enhancing market recognition [6]. Sales and Market Strategy - Sales expenses amounted to 856 million yuan, a year-on-year increase of 10.51%, with store expansion being a key strategy for market growth [6]. - By 2024, the Arcfox brand plans to operate 320 stores, while the Xiangjie brand aims to increase its total to 567 stores, with an additional 80 stores planned for Arcfox by 2025 [6].