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Yangtze Business Daily News●Huang Cong, reporter of Yangtze Business Daily

Huawei's smart car selection models include "Wenjie", "Zhijie", "Xiangjie" and "Aojie". Among them, "Wenjie" and "Zhijie" have already released new cars, but their current situations are like heaven and hell.

Recently, SERES (601127.SH), which owns the Q&A industry, disclosed that the company expects to achieve operating income of 63.9 billion to 66 billion yuan in the first half of 2024; the net profit attributable to shareholders of the listed company is expected to be 1.39 billion to 1.70 billion yuan, and it will turn losses into profits.

A reporter from the Yangtze Business Daily found that the sales volume of SERES' new energy vehicles in the first half of 2024 has achieved about 66% of the annual target.

However, the delivery volume of Chery Zhijie was not satisfactory. The delivery volumes from April to June were 4,546, 3,455 and 2,995 respectively, totaling about 11,000 vehicles in three months, and it was declining month by month.

It is understood that the second model of the cooperation between Huawei and Chery, Hongmeng Zhixing Zhijie R7, has completed the application and has become the company's future hope. The car is positioned as a coupe SUV and is expected to be officially launched in September.

Enjoy S9 starts pre-order

Currently, Huawei's smart car selection business includes four companies: SERES, Chery, BAIC and JAC, which are respectively called "Wenjie", "Zhijie", "Xiangjie" and "Aojie".

Among them, the smart selection brand created by JAC Motors and Huawei has not yet been announced, and it is rumored online to be called "Aojie".

On May 20, JAC Group’s official Weibo account announced that the luxury smart new energy vehicle it has jointly built with Huawei will be launched soon.

Richard Yu, Huawei's executive director, chairman of the Device BG, and chairman of the Intelligent Automotive Solutions BU, said, "The name of the product that Huawei and JAC will cooperate on has not yet been decided, but it may be a million-level, very high-end model."

The pre-sale price of the new car Xiangjie S9 created by BAIC BluePark and Huawei is 450,000 to 550,000 yuan. Reservations are now open and the official launch conference is expected to be held in Beijing in early August.

It is understood that the new factory project for producing Xiangjie S9 plans to produce 120,000 new energy passenger vehicles annually, and the total sales volume within the life cycle (5 years) is expected to be 480,000 vehicles.

In recent years, BAIC BluePark's performance has been poor.

From 2020 to 2023, BAIC Blue Valley suffered losses of 6.482 billion yuan, 5.244 billion yuan, 5.465 billion yuan and 5.4 billion yuan respectively, with a cumulative loss of more than 22 billion yuan in four years.

Recently, BAIC BluePark announced that the company expects the net profit attributable to shareholders of the listed company in the first half of 2024 to be between -2.7 billion and -2.4 billion yuan. The main reason for the loss is the fierce competition in the new energy vehicle market and the company's continued investment in technology research and development and brand building.

The production and sales report for June 2024 released by BAIC BluePark's subsidiary showed that in the first half of the year, Beijing New Energy Automobile Co., Ltd.'s automobile production was 18,400 vehicles, a year-on-year increase of 286.96%; automobile sales were 28,000 vehicles, a year-on-year decrease of 20.40%.

From this point of view, "Xiangjie" may become the life-saving straw for BAIC Blue Valley.

Currently, the second "Smart World" car jointly developed by Chery and Huawei is ready to be launched.

On July 12, the 385th batch of the Announcement on Road Motor Vehicle Manufacturers and Products released by the Ministry of Industry and Information Technology (MIIT) included the second model jointly developed by Huawei and Chery, the Hongmeng Intelligent Driving R7, which is positioned as a coupe SUV. Yu Chengdong once revealed that it is expected to be officially launched in September.

On November 9, 2023, Zhijie S7 was launched for the first time. By November 28, the number of pre-orders had exceeded 20,000 units, and its sales volume once aroused market expectations.

However, affected by the pace of mass production, the delivery volume of Zhijie S7 was less than 1,000 units in the four months after its launch. Hongmeng Zhixing subsequently launched a compensation plan for delayed delivery of Zhijie S7 to maintain orders.

In March 2024, at the China Electric Vehicle Hundred People Forum, Yu Chengdong responded for the first time, "Because of chip shortages and factory relocation, mass production and listing have been delayed."

At the same time, Yu Chengdong also said, "It is expected to return to normal in April."

However, the delivery volume of Chery Zhijie was not satisfactory. The delivery volumes from April to June were 4,546, 3,455 and 2,995 respectively, totaling about 11,000 vehicles in three months, and it was declining month by month.

Wenjie's monthly sales hit a new high of 40,000

Currently, Huawei's "Wenjie" is in the best development status.

On the evening of July 2, an announcement released by SERES showed that its controlling subsidiary SERES Automotive Co., Ltd. (hereinafter referred to as "SERES Automotive") intends to acquire 919 registered or pending text and graphic trademarks such as "Wenjie" and 44 related design patents held by Huawei Technologies Co., Ltd. and its affiliates (hereinafter referred to as "Huawei"), with a total purchase price of 2.5 billion yuan.

Regarding this transaction, Huawei said that the company will transfer the "Wenjie" and other trademarks to Seres, and Huawei will continue to support Seres in making and selling "Wenjie". "Huawei has always insisted on not making cars, but using leading intelligent connected car technology to continue to help car companies make and sell good cars. Huawei will continue to work with car companies to create excellent intelligent car products for users and provide the ultimate smart travel experience."

In addition, Huawei has transferred the "Smart World" and "Enjoy World" trademarks to Chery and BAIC New Energy respectively. With the transfer of the "Wenjie" trademark to SERES, all the trademarks of Huawei's Hongmeng Intelligent Driving's smart car have been transferred to the corresponding vehicle manufacturers.

Seres released its production and sales report for June 2024. The company's sales of new energy vehicles in that month reached 44,100 units, a significant year-on-year increase of 372.04%, and the monthly sales exceeded 40,000 units for the first time. Among them, the company's Seres brand cars sold 41,500 units, an increase of 631.42%.

In the first half of 2024, the cumulative sales of SERES new energy vehicles exceeded 200,000 units, reaching 200,900 units, a year-on-year increase of 348.55%. Among them, the sales of SERES brand reached 182,600 units, an increase of 608.83%.

It is understood that in June, the monthly delivery of AITO Wenjie exceeded 40,000 vehicles, reaching 42,800 vehicles, setting a historical high.

It is worth mentioning that AITO M9 delivered 17,200 vehicles in June, with cumulative orders exceeding 100,000 vehicles, firmly ranking first in sales of models above 500,000 yuan, and reconstructing the high-end market structure of Chinese brands.

Recently, SERES disclosed that the company expects to achieve operating revenue of 63.9 billion to 66 billion yuan in the first half of 2024; it expects to achieve a net profit attributable to shareholders of the listed company of 1.39 billion to 1.70 billion yuan in the first half of 2024, which will turn losses into profits compared with the same period last year (statutory disclosure data); it expects to achieve a net profit attributable to shareholders of the listed company of 1.19 billion to 1.5 billion yuan in the first half of 2024 after deducting non-recurring gains and losses.

In February 2024, the 2024 Employee Stock Ownership Plan (Draft) released by SERES showed that the company-level assessment indicators of SERES are operating income and new energy vehicle sales, which are based on the company's 2023 operating income and 2023 new energy vehicle sales, respectively.

Among them, SERES' operating income in 2024 will increase by 100%, and sales of new energy vehicles will increase by 100%; the operating income in 2025 will increase by 150%, and sales of new energy vehicles will increase by 150%.

This means that SERES needs to achieve sales of 303,600 new energy vehicles and 379,500 vehicles in 2024 and 2025 respectively to achieve its assessment targets.

Judging from the situation in the first half of the year, SERES’ sales of new energy vehicles have already achieved about 66% of the sales target for 2024.