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[Introduction] BAIC BluePark suffered a loss of 2.571 billion yuan in the first half of the year, the largest loss in history

China Fund News reporter Lu Yu

BAIC Blue Valley, which has suffered losses for four consecutive years, recorded its largest loss in the same period in history in the first half of 2024, with cumulative losses reaching 25.161 billion yuan in four and a half years.

Losses widened to 2.571 billion yuan

The 2024 semi-annual report released by BAIC BluePark on the evening of August 26 showed that the company achieved revenue of 3.741 billion yuan in the first half of the year, a year-on-year decrease of 35.16%; the loss further expanded to 2.571 billion yuan, the company's largest loss in the same period in history, with a loss of 1.979 billion yuan in the same period last year.

Beijing Blue Valley said that the reasons for the semi-annual loss in 2024 were: On the one hand, competition in the new energy vehicle market has become increasingly fierce, price wars have become increasingly fierce, squeezing profit margins; on the other hand, in order to continuously promote the development of products towards high-end, the company has continued to invest in technology research and development, brand channel construction, brand image sharpening, and operational efficiency improvement, which has a certain impact on the company's short-term performance.

Prior to this, BAIC Blue Valley had suffered losses for four consecutive years, with a cumulative loss of 22.59 billion yuan; combined with the losses in the first half of 2024, the cumulative loss in four and a half years reached 25.161 billion yuan.

According to BAIC BluePark, in the first half of 2024, the company achieved sales of 28,011 units.

at present,BAIC BluePark is committed to building three major brands: Arcfox, Enjoy and BEIJING. As of June 30, 2024, the Polar Fox brand has a total of 224 operating stores, and the company has built and operated a total of 141 Polar Fox charging stations, covering 13 cities in 10 provinces.

In addition, the Polar Fox brand has established cooperation with more than 100 public charging network operators in China. The Polar Fox App charging map is connected to more than 850,000 public charging piles, covering 333 prefecture-level cities in 31 provincial administrative regions across the country excluding Hong Kong, Macao and Taiwan.

Beijing Electric Controls significantly reduced its holdings

Starting from the fourth quarter of 2023, Beijing Electronic Holding Co., Ltd. (hereinafter referred to as Beijing Electronic Holding) began to reduce its holdings in BAIC Blue Valley on a large scale.

In the fourth quarter of 2023, Beijing Electric Control reduced its holdings of Beijing Blue Valley by 25.8859 million shares, and in the first quarter of 2024, it reduced its holdings by 145 million shares. In the second quarter of 2024, it continued to reduce its holdings by 42.6399 million shares, with a total reduction of approximately 213 million shares in three quarters.

Currently, Beijing Electric Control also holds 57.4859 million shares of BAIC BluePark, accounting for 1.03% of the total share capital.

Data shows that Beijing Electronic Control is a high-tech industrial group dominated by the electronic information industry, with industries mainly distributed in the fields of semiconductor display, integrated circuits, new energy, electronic information services, etc. As of 2023, Beijing Electronic Control has 14 second-level enterprises, including BOE, North Huachuang, Yandong Microelectronics, Electronic City and other four listed companies, with annual operating income exceeding 200 billion yuan.

From the perspective of the secondary market, BAIC Blue Valley's stock price rose sharply in 2024, from a low of 3.56 yuan to a high of 10.61 yuan, but it has continued to fall in the past month.

On August 26, BAIC BluePark’s share price closed at 7.05 yuan, with a market value of 39.3 billion yuan.

Editor: Captain

Review: Xu Wen

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