2025年上半年，北汽蓝谷交出了一份看似亮眼的销量成绩单：6.72万辆的整车销量同比暴增139.73%，旗下极狐品牌以5.6万辆销量、211.06%的 同比增幅成为新能源车市的"增速明星"。然而，这份高增长背后却暗藏刺眼隐忧：同期23.08亿元的净利润亏损，使其自2020年起的连续亏损周期延 长至五年半，累计亏损额已突破300亿元。反观同为"华为系"合作伙伴的赛力斯，凭借问界系列成功扭亏为盈，北汽蓝谷的战略布局与市场结果形成 鲜明反差。这场"越卖越亏"的增长奇迹，折射出其在品牌定位、盈利模式与内部协同上的多重困局，新能源赛道的"淘汰赛"中，北汽蓝谷正面临前 所未有的战略考验。 高端化战略失效 从对标豪华到以价换量的品牌下沉 北汽蓝谷的高端化尝试始于极狐品牌的"高举高打"。2020年~2021 年，极狐先后推出阿尔法T、阿尔法S两款30万元级车型，阿尔法S华为HI版售价更是 高达40万元左右，直指特斯拉、蔚来等豪华品牌阵营。但市场反馈冰冷，2021年极狐累计销量仅0.29万辆，陷入"叫好不叫座"的窘境。迫于销量压力，极狐 开启了激进的降价之路：2022年官降超2万元，2023年推出20万元内的森林版车型，202 ...

Investment Rating - The report assigns a "Buy" investment rating for the company [4] Core Views - The company is transitioning from a sales champion to a technology pioneer in the electric vehicle market, having established itself as China's first independent electric vehicle manufacturer through its subsidiary, BAIC New Energy [1] - The collaboration with Huawei aims to develop next-generation intelligent connected electric vehicle technologies, with the first model, the Xiangjie S9, set to launch in August 2024 [1][3] - The company is focusing on the synergistic development of its two brands, Xiangjie and Arcfox, to create a diversified product matrix that includes high-end, mid-range, and mass-market vehicles [2] Summary by Sections Company Overview - Established in 2009, the company has shifted its strategic focus towards high-end intelligent electric vehicles since its major restructuring in 2018 [1] - The company has signed a cooperation agreement with Huawei to jointly develop advanced vehicle technologies [1] Brand Development - The company is developing a diversified product matrix with three product lines: Arcfox Alpha (mid to high-end), Arcfox Beta (mass market), and Xiangjie (luxury) [2] - The Arcfox brand has seen significant sales growth, with 2024 sales expected to reach 113,900 units, a year-on-year increase of 23.5%, and Arcfox sales projected at 81,000 units, a year-on-year increase of 169.9% [2] Product Launches - The Xiangjie S9, a luxury intelligent electric vehicle, will be priced starting at 399,800 yuan, aiming to compete with established luxury brands [3] - The launch of the Xiangjie S9 range-extended version in April 2025 is expected to alleviate consumer range anxiety and boost sales [3] Financial Performance - The company achieved a revenue of 14.512 billion yuan in 2024, a year-on-year increase of 1.4%, but reported a net loss of 6.948 billion yuan, a year-on-year decline of 28.7% [8] - The introduction of the Xiangjie S9 range-extended version is anticipated to improve the company's profitability [3][8] Earnings Forecast - Revenue projections for 2025-2027 are 32.23 billion yuan, 48.26 billion yuan, and 74.16 billion yuan, respectively, with expected EPS of -1.0, -0.4, and 0.2 yuan [9] - The company is expected to improve its profitability as it expands its product matrix and enhances its market presence in the high-end electric vehicle segment [9]

Core Viewpoint - Beiqi Blue Valley plans to raise no more than 6 billion yuan through a private placement to fund the development of new energy vehicles and an AI intelligent platform [1][10]. Group 1: Company Overview - Beiqi Blue Valley, originally established as Beiqi New Energy in 2009, was the first company in China to obtain production qualifications for new energy vehicles and has been a leader in pure electric vehicle sales for several years [5]. - The company primarily focuses on the research, production, and sales of new energy passenger vehicles, which accounted for 70.68% of total revenue in 2023 and is expected to rise to 75.25% in 2024 [6][7]. Group 2: Business Performance - Despite selling 92,000 vehicles in 2023, Beiqi Blue Valley reported significant losses, totaling over 20 billion yuan from 2020 to 2023 [11][13]. - The company has been actively seeking transformation, launching the Arcfox brand in 2016 to penetrate the consumer market, which contributed to a total sales volume of 114,000 vehicles in 2024, with Arcfox accounting for 81,000 units, a 170% increase year-on-year [13]. Group 3: Strategic Initiatives - In February 2024, Beiqi Blue Valley announced a name change to Beiqi Arcfox to enhance brand recognition and align with its strategic upgrade [14]. - The company plans to invest 5.5 billion yuan in developing three new models under the Xiangjie brand, further strengthening its collaboration with Huawei [15][16]. Group 4: Financing and Capital Raising - Beiqi Blue Valley has demonstrated strong financing capabilities, having raised approximately 12.61 billion yuan through three private placements since its backdoor listing, with a total fundraising exceeding 50 billion yuan since 2018 [18][20]. - The company has also received government subsidies totaling 10.622 billion yuan since 2018, contributing to its financial support [20].

作者 I 刘博 攸关生死的融资竞赛。 报道 I 投资界PEdaily 造车江湖迎来今年收官之战。 投资界获悉，1 2月2 4日晚间，北汽蓝谷发布公告，旗下子公司北京新能源汽车股份有限 公司（简称"北汽新能源"）完成增资扩股，一举引入11家外部战略投资者以及北京汽 车，总计增资1 0 1.5亿元。 2 0 0 9年成立，北汽新能源坐落于北京经开区，曾有过连续数年电动汽车销冠的高光时 刻；也一度走入低谷，销量告急。目前，北汽新能源一手力推极狐品牌，一手联合华为发 布享界S9，正在打响一场翻身仗。 没有最卷，只有更卷。行至岁末，一笔笔造车百亿融资目不暇接——智己汽车整体B轮融 资94亿元、阿维塔顺利完成110亿元C轮融资……正如多年来投资圈内一个共识：智能电 动汽车将重现当年国产手机的厮杀一幕。 估值360亿 刚刚，宁德时代也投了 一纸公告披露了更多投资细节。 具体来看，北汽新能源此次增资阵容豪华，一举囊括了三大主流类型机构—— 首先是北京国资机构，包含北京国有资本运营管理有限公司、北京市基础设施投资有限公 司、北京控股集团有限公司、北京亦庄国际新兴产业投资中心（有限合伙）、北京京能绿 色能源并购投资基金（有限合伙 ...