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].

7月10日，马斯克召开旗下AI模型Grok 4的发布会，此外还称，Grok很快就会登陆特斯拉汽车，同时特 斯拉正在扩大奥斯汀地区的Robotaxi服务范围；正等待监管部门批准在湾区推出Robotaxi服务，可能在 一两个月内推出。媒体获悉特斯拉还计划将Robotaxi服务扩展到亚利桑那州。 招商证券认为Robotaxi的商业模式从本质上有别于特斯拉传统汽车销售+FSD软件订阅的业务模式，从 单车盈利能力上来看Robotaxi > FSD软件订阅>传统汽车销售。结合公司最新给出的Robotaxi运营成本预 期，预计Robotaxi业务有望为公司带来173亿美元利润（假设远期Robotaxi车队数量达到20万辆）。 而2025年有望成为Robotaxi量产元年，全球Robotaxi产业有望迎来多重催化：1）Robotaxi商业化运营推 广加速，头部企业营收快速增长；2）量产车型有望陆续下线并投入使用，单车盈利能力快速提升；3） 全球Robotaxi运营范围持续扩大。 北汽蓝谷：与小马智聚焦极狐αT5 车型平台，将小马智行第七代 L4 级自动驾驶系统进行全栈技术集 成，联合开展全无人驾驶 Robotaxi 车型的正 ...