Core Viewpoint - Beijing Blue Valley (600733.SH), known as the "first stock of new energy vehicles," is planning a significant private placement to raise up to 6 billion yuan for new energy vehicle development and AI intelligent platform projects [1][4]. Fundraising Details - The company intends to issue no more than 1.672 billion shares, accounting for up to 30% of the total share capital before the issuance [4]. - Major shareholders, including Beijing Automotive Group and its affiliate Foton Motor, will contribute a total of 3 billion yuan, representing half of the total fundraising [4]. - The funds will be allocated to the development of various new energy vehicle models and AI-driven intelligent driving systems [5]. Financial Performance - In Q1 2023, the company reported revenue of 3.773 billion yuan, a year-on-year increase of approximately 150.75%, but still incurred a net loss of 953 million yuan [10]. - Cumulatively, since its listing in 2018, the company has recorded a total net loss of 33.933 billion yuan, primarily due to high operational costs exceeding revenues [11]. Sales and Market Position - In the first three months of 2023, the company sold 27,700 vehicles, marking a year-on-year growth of 173.80% [2]. - Despite the increase in sales, the company has not yet reached a profitability turning point, indicating ongoing challenges in the competitive new energy vehicle market [3][14]. Historical Fundraising - From 2019 to 2023, the company has conducted three rounds of private placements, raising approximately 12.61 billion yuan in total [9]. - Including additional financing from its subsidiary, total fundraising since 2019 amounts to 22.76 billion yuan [9]. Research and Development - The company's R&D expenditures have increased from 1.654 billion yuan in 2022 to 3.191 billion yuan in 2024, although these figures remain lower compared to competitors [12]. - The collaboration with Huawei has strengthened, leading to the launch of the "Xiangjie" brand [13].