Core 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].

Core 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].

Core Viewpoint - The company, Beiqi Blue Valley New Energy Technology Co., Ltd., plans to raise up to RMB 600 million through a private placement of shares to fund projects related to new energy vehicle development and AI intelligent platform development [1][2]. Group 1: Fundraising Details - The total investment for the new energy vehicle development project is RMB 742.545 million, with RMB 500 million allocated from the raised funds [2]. - The AI intelligent platform and smart driving system development project has a total investment of RMB 137.182 million, with RMB 100 million from the raised funds [2]. - The total amount of funds to be raised is RMB 600 million, which will be used for the above projects [2]. Group 2: Share Issuance and Participants - The share issuance will involve no more than 35 specific investors, including the controlling shareholder, Beiqi Group, and its affiliate, Foton Motor [2][3]. - Other potential investors include securities investment fund management companies, securities firms, financial companies, asset management companies, insurance institutions, trust companies, and qualified foreign institutional investors [2]. - The issuance will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 1,672,050,950 shares [3][4]. Group 3: Shareholder Structure - As of March 31, 2025, Beiqi Group holds 23.11% of the company's shares directly, with additional indirect holdings bringing its total stake to 42.14%, maintaining its status as the controlling shareholder [4]. - The actual controller of the company is the Beijing State-owned Assets Supervision and Administration Commission, ensuring that the control will not change post-issuance [4].

Core Viewpoint - Beijing Automotive Blue Valley (北汽蓝谷) plans to raise up to 6 billion yuan through a private placement to fund new energy vehicle development and AI intelligent platform projects, despite reporting significant losses in recent years [2][4][6]. Fundraising Details - The company intends to issue no more than 1.672 billion shares, raising a total of up to 6 billion yuan, with net proceeds allocated to new energy vehicle development and AI intelligent platform projects [4][6]. - Major shareholders, including Beijing Automotive Group and Foton Motor, plan to subscribe for 500 million yuan and 2.5 billion yuan, respectively, with a lock-up period of 36 months [5][6]. Financial Performance - In 2024, the company reported a net profit attributable to shareholders of -6.948 billion yuan, continuing a trend of losses, with a net cash flow from operating activities of -1.572 billion yuan [8][9]. - The company achieved a revenue of 14.512 billion yuan in 2024, a year-on-year increase of 1.35%, while the first quarter of 2025 saw a revenue of 3.773 billion yuan, up 150.75% year-on-year [9][10]. Market Position and Product Development - North汽蓝谷 is recognized as the first independent operator in China with a qualification for new energy vehicle production, and it has developed a range of electric vehicles, including the Arcfox and Xiangjie brands [8]. - The company has made advancements in autonomous driving technology, achieving L3 level development and being selected for a pilot program for intelligent connected vehicles [8]. Stock Performance - The stock price has experienced volatility, with a decline of 6.87% year-to-date, closing at 7.45 yuan per share as of April 28, 2024 [10].