Xiangjie, which cooperates with Huawei, has still failed to drive an improvement in profitability, and BAIC BluePark continues to suffer losses.
On July 14, BAIC BluePark New Energy Technology Co., Ltd. (BAIC BluePark, 600733) released a performance forecast showing that it is expected to achieve a net profit attributable to shareholders of the listed company of -2.2 billion to -2.45 billion yuan in the first half of 2025, compared with a net profit of about -2.57 billion yuan in the same period last year. The loss in the first half of the year is expected to narrow by 4.71% to 14.43% year-on-year.
Regarding the losses, BAIC BluePark explained that, on the one hand, in order to cope with the fierce competition in the new energy vehicle industry, the company continued to strengthen its product layout, continuously increased its investment in product research and development, and rapidly expanded sales channels, which affected the company's short-term performance; on the other hand, although the company's sales volume has grown rapidly and product profitability has continued to improve, economies of scale have not yet been fully reflected, and the company is still in a loss-making stage.
BAIC BluePark said in the announcement that based on the sales growth driven by the company's new products and the results of cost reduction and efficiency improvement, the company's gross profit margin is expected to improve in the second half of the year.
In terms of sales, the production and sales report shows that BAIC Blue Valley sold a total of 67,200 vehicles in the first half of the year, a year-on-year increase of 139.73%. Sales in June were 12,000 vehicles, a year-on-year increase of 25.25%. Among them, the sales of Polar Fox were 55,500 vehicles, a year-on-year increase of 211.06%.
BAIC BluePark is a listed company controlled by BAIC Group. On September 27, 2018, BAIC BluePark became the first domestic new energy vehicle stock through a major asset reorganization. BAIC BluePark's business scope includes automobile manufacturing, automobile services, automobile finance and other fields, and BAIC New Energy is a sector focusing on the research and development and manufacturing of new energy vehicles, and is also the core subsidiary of BAIC BluePark.
It is worth mentioning that BAIC is the first car company to cooperate with Huawei. Xiangjie is a brand launched by BAIC Blue Valley and Huawei. In August 2024, the two parties launched the "panoramic smart flagship sedan" Xiangjie S9.
Recently, BAIC revealed at the 2025 Enjoy User Star Night event that Enjoy S9 achieved 4,154 deliveries in June. Liu Guanqiao, general manager of BAIC Blue Valley, previously stated that in the future, the sales share of BAIC New Energy's models with high profitability will increase. For example, the sales share of Enjoy will continue to increase. In 2024, the sales share of Enjoy and Polar Fox is 1:10, and this year's goal is to increase it to about 1:3.
As of the close of the market on the 14th, BAIC Blue Valley rose 0.27% to close at 7.33 yuan per share.
