Core Viewpoint - Beiqi Blue Valley's revenue in H1 2025 increased by 154.38% year-on-year, marking a solid first step in its "Three-Year Leap Plan" [1] Group 1: Financial Performance - In Q2 2025, the company's sales reached 39,400 units, representing a quarter-on-quarter increase of 120.5% and a year-on-year increase of 42.3% [1] - The sales of the Arcfox brand reached 29,000 units in Q2, with a quarter-on-quarter increase of 95.6% and a year-on-year increase of 20.2% [1] - The αS5 model sold 11,200 units in Q2, showing a remarkable quarter-on-quarter increase of 792.8% and a year-on-year increase of 36.0% [1] Group 2: Product Launches and Market Strategy - The launch of the S9 extended-range version alleviated range anxiety, with a starting price of 308,000 yuan, significantly enhancing its attractiveness compared to the pure electric version [1] - The S9 model delivered 4,154 units in June, reflecting a quarter-on-quarter increase of 94.7%, making it the top seller in the 300,000 yuan and above new energy sedan category [1] - The company is entering a strong new vehicle cycle, with the S9T model achieving over 10,000 pre-orders within one hour, setting a new record for the brand [1] Group 3: Future Prospects - The Arcfox A0-level pure electric vehicle T1 is set to begin pre-sales on August 22, which is expected to bring significant incremental sales [1]

Core Viewpoint - Beiqi Blue Valley is facing significant financial challenges, with projected losses continuing into 2025, raising concerns about management decisions amidst ongoing operational struggles [1][2][4]. Financial Performance - Beiqi Blue Valley expects a net profit loss of between -24.5 billion to -22 billion yuan for the first half of 2025, with a non-recurring net profit loss of -24.8 billion to -22.3 billion yuan [1][2]. - Cumulative losses since its reverse merger in 2018 have exceeded 300 billion yuan, with a reported loss of approximately 69.48 billion yuan in 2024, marking a historical high [1][4]. Management Decisions - Despite the substantial losses, key executives have received significant salary increases, with one executive's salary rising from 730,000 yuan to 1.48 million yuan, a 103% increase [4][5]. - The company has emphasized cost control as a top priority, labeling it a "top management project," yet the salary increases raise questions about management accountability [4][5]. Sales and Market Performance - In the first half of the year, Beiqi Blue Valley's sales reached 67,152 units, a year-on-year increase of 139.73%, although June sales saw a significant month-on-month decline of 30% [6][9]. - New models, such as the Arcfox αT6 and αS6, have faced delivery delays, leading to customer complaints and potential damage to brand reputation [6][8]. Financing Activities - The company's market capitalization has fallen to around 42 billion yuan, nearing the total direct financing amount of 41.3 billion yuan since its listing [9]. - Beiqi Blue Valley has initiated a new round of financing, aiming to raise 6 billion yuan for the development of new energy vehicle projects and AI-driven systems [9].