BAIC BluePark(SH:600733) Xin Lang Zheng Quan·2025-11-17 11:30Core Viewpoint - Beiqi Blue Valley has received approval for a new round of non-public stock issuance, aiming to raise up to 6 billion yuan for projects related to new energy vehicle development and AI intelligent platform development. However, the company continues to face deep losses despite revenue growth and stable gross margins, raising concerns about its ability to reverse its performance decline with additional fundraising [1][3][10]. Financial Performance - In the first three quarters of this year, Beiqi Blue Valley sold 111,500 units, a year-on-year increase of 64.34%. Revenue reached 15.384 billion yuan, up 56.69%, but the net profit attributable to shareholders was -3.426 billion yuan, indicating a narrowing loss yet still deep in the red [3]. - The company's gross margin was -2.70%, an improvement from -6.68% in the same period last year, but it has not yet turned positive [3]. Product Performance - The high-end brand Xiangjie, developed in collaboration with Huawei, faced significant challenges. The first model, S9, launched in August 2024, has seen disappointing sales, with the initial version priced at 399,800 yuan and the extended range version dropping to 309,800 yuan. Sales peaked at 4,215 units in June but plummeted to 618 units by October [4][6]. - The company has introduced the S9T model targeting the niche travel vehicle market, which has shown initial sales growth, but concerns remain about whether it will follow the declining sales trend of the S9 extended range version [6]. Financing and Debt - Since its backdoor listing in 2018, Beiqi Blue Valley has raised a total of 41 billion yuan through multiple rounds of financing, approaching its current market capitalization of 44 billion yuan. However, the company's debt ratio has risen to 84%, up from 62% at the end of its first year of listing, indicating increasing financial pressure [7][8]. - The 60 billion yuan fundraising planned for 2023 has faced changes and delays in several investment projects, with a significant portion of the raised funds still unutilized, raising doubts about the company's ability to achieve self-sustainability and reverse its long-term performance decline [10].