BAIC BluePark(SH:600733) Zheng Quan Shi Bao Wang·2025-10-27 03:29Core Viewpoint - Beiqi Blue Valley (600733) reported a significant revenue increase but continued to face substantial net losses, raising concerns about its financial health and future viability in the electric vehicle market [1][2]. Financial Performance - For the first three quarters of 2025, Beiqi Blue Valley's revenue was approximately 15.384 billion yuan, a year-on-year increase of 56.69% [1]. - The net loss attributable to shareholders was about 3.426 billion yuan, with a net loss of over 3.474 billion yuan after excluding non-recurring items [1]. - Cumulatively, since its backdoor listing in 2018, the company has reported a total net loss of over 36.4 billion yuan, making it the "loss king" among A-share automotive companies [2][4]. Historical Losses - The company has recorded continuous net losses for seven consecutive years since its listing, with significant losses each year, including a record loss of over 7.323 billion yuan in 2024 [2][3]. - The net loss figures for the past years are as follows: - 2018: -0.729 billion yuan - 2019: -0.874 billion yuan - 2020: -6.646 billion yuan - 2021: -5.544 billion yuan - 2022: -5.838 billion yuan - 2023: -6.018 billion yuan - 2024: -7.323 billion yuan - 2025 (Q1-Q3): -3.474 billion yuan [3]. Capital Raising Activities - Beiqi Blue Valley has raised nearly 41.3 billion yuan through multiple rounds of financing, including four private placements since its listing [4][5]. - The company is planning another private placement of up to 6 billion yuan to support the development of new energy vehicles and AI platforms [7]. Debt and Financial Health - As of the third quarter of 2025, the company's debt-to-asset ratio reached 83.81%, indicating a high level of financial leverage [7]. - The company has not issued any cash dividends since its listing, primarily due to negative retained earnings, which stood at -33.155 billion yuan as of the third quarter of 2025 [2][4].