BAIC BluePark(SH:600733) Xin Lang Cai Jing·2025-11-17 12:03Core Viewpoint - Beiqi Blue Valley has received approval from the Shanghai Stock Exchange 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 questions about its ability to reverse its performance through additional fundraising [1][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 [3]. Stock Issuance and Financing - Since its backdoor listing in 2018, Beiqi Blue Valley has raised a total of 41 billion yuan through multiple rounds of financing, which is close to its current total market value of 44 billion yuan. However, the company's debt ratio has risen to 84%, up approximately 22 percentage points from 62% at the end of its listing year [5][6]. - The 60 billion yuan fundraising planned for 2023 has seen multiple project changes and delays, with a significant portion of the raised funds still unutilized [8][9]. Product Performance and Market Position - The launch of the high-end brand "Xiangjie" in collaboration with Huawei has not met expectations, with the first model, S9, experiencing poor sales. The introduction of a range-extended version in April did not significantly improve sales figures [2][3]. - The average selling price of vehicles has decreased, with a projected drop of 18% to approximately 127,400 yuan in 2024, following a 5% decline to 138,000 yuan in the first three quarters of this year [4].