研报掘金丨开源证券：维持北汽蓝谷“买入”评级 “享界+极狐”新车周期强势开启

Core Viewpoint - Beiqi Blue Valley's revenue in H1 2025 increased by 154.38% year-on-year, marking a solid first step in its "Three-Year Leap Plan" [1] Group 1: Financial Performance - In Q2 2025, the company's sales reached 39,400 units, representing a quarter-on-quarter increase of 120.5% and a year-on-year increase of 42.3% [1] - The sales of the Arcfox brand reached 29,000 units in Q2, with a quarter-on-quarter increase of 95.6% and a year-on-year increase of 20.2% [1] - The αS5 model sold 11,200 units in Q2, showing a remarkable quarter-on-quarter increase of 792.8% and a year-on-year increase of 36.0% [1] Group 2: Product Launches and Market Strategy - The launch of the S9 extended-range version alleviated range anxiety, with a starting price of 308,000 yuan, significantly enhancing its attractiveness compared to the pure electric version [1] - The S9 model delivered 4,154 units in June, reflecting a quarter-on-quarter increase of 94.7%, making it the top seller in the 300,000 yuan and above new energy sedan category [1] - The company is entering a strong new vehicle cycle, with the S9T model achieving over 10,000 pre-orders within one hour, setting a new record for the brand [1] Group 3: Future Prospects - The Arcfox A0-level pure electric vehicle T1 is set to begin pre-sales on August 22, which is expected to bring significant incremental sales [1]