BAIC BluePark(SH:600733) Zhong Guo Jing Ying Bao·2025-08-23 14:03Core Viewpoint - North Car Blue Valley is gradually narrowing its losses in the first half of the year, with a significant increase in revenue and a slight improvement in profitability despite ongoing challenges in the electric vehicle market [2][3][4]. Financial Performance - In the first half of the year, North Car Blue Valley achieved operating revenue of 9.517 billion yuan, a year-on-year increase of 154.38% [2]. - The net profit attributable to shareholders was -2.308 billion yuan, a year-on-year improvement of 10.24%, reducing losses by 246 million yuan compared to the same period last year [2]. - The overall gross margin was -5.47%, improved from -10.98% in the same period last year [2]. Sales and Market Strategy - In the first half of 2025, North Car Blue Valley sold 67,000 vehicles, a year-on-year increase of 139.73%, with the Extreme Fox brand contributing 53,200 units, up 198.06% year-on-year [3][4]. - The company is focusing on a dual-brand strategy with "Extreme Fox + Enjoy" to penetrate both high-end and mainstream markets [2][6]. Investment and Cost Structure - Research and development expenses reached 1.07 billion yuan, a year-on-year increase of 62.94%, indicating a significant investment in product development [4]. - The expansion of sales channels has led to a total of over 700 Enjoy stores and 370 Extreme Fox primary stores as of June 30 [4][6]. Product Development - North Car Blue Valley is diversifying its product line, with the Enjoy S9T and Extreme Fox T1 models recently launched or in pre-sale, aimed at enhancing market competitiveness [6][7]. - The Enjoy brand has seen rapid growth, with the S9 model achieving significant sales milestones, indicating strong market acceptance [7][8]. Future Outlook - Analysts predict that North Car Blue Valley's sales will reach 225,000 units in 2025, with continued growth expected in subsequent years [9]. - The company aims to improve profitability through increased sales volume, optimized product structure, and cost reduction measures [9][10].