Shulou(Shulou.com)11/24 Report--

CTOnews.com January 3 news, December 30, Beiqi Blue Valley issued an announcement saying that the company and its subsidiary Beijing Blue Valley Polar Fox Automobile Technology Co., Ltd.(referred to as: Beiqi Jihu) respectively increased capital to BAIC New Energy according to its shareholding ratio, with a total capital increase of RMB 5.50055 billion yuan, among which Beiqi Blue Valley raised RMB 1.326 billion yuan from non-public issuance of shares in 2021 and RMB 4.174 billion yuan from its own funds, contributing RMB 5.5 billion yuan in total; Jihu Automobile contributed RMB 550 million yuan from its own funds.

According to the data, Beiqi Blue Valley directly holds 99.99% equity of Beiqi New Energy, and holds 0.01% equity of Beiqi New Energy through Jihu Automobile, totally holding 100% equity of Beiqi New Energy. After this capital increase, the registered capital of BAIC New Energy increased from 5.298 billion yuan to 10.798 billion yuan, and the equity proportion of BAIC New Energy remained unchanged.

CTOnews.com understands that, as a subsidiary of BAIC Blue Valley, BAIC New Energy has continued to lose money in recent years. According to the announcement of Beiqi Blue Valley, Beiqi New Energy's revenue in 2021 was 9.379 billion yuan, net profit loss was 3.738 billion yuan, and the company's revenue in the first three quarters of this year was 7.073 billion yuan, net profit loss was 1.754 billion yuan. In less than two years, the accumulated losses have reached 5.492 billion yuan. From this point of view, this Beiqi Blue Valley to its capital increase can only make up for the loss of nearly two years.

At the beginning of 2022, BAIC Blue Valley set an annual sales target of 100,000 vehicles, including 40,000 Polar Fox vehicles, striving to hit the sales target of 300,000 vehicles in the future. However, at present, the sales target achievement rate of BAIC Blue Valley in 2022 is only 50%.

And even more troublesome is that Beiqi Blue Valley, the parent company of Beiqi New Energy, has been losing money in recent years. According to the financial report, in 2020,2021 and the first three quarters of 2022, Beiqi Blue Valley lost 6.482 billion yuan, 5.244 billion yuan and 3.500 billion yuan respectively. Beiqi Blue Valley has accumulated losses of more than 15.2 billion yuan in recent three years.

Beiqi Blue Valley mainly operates two brands, Beijing Automobile and Polar Fox Automobile, among which Polar Fox is a high-end new energy brand owned by Beiqi Blue Valley, Economic Observer reported. Polar Fox is also the earliest brand in the automotive industry to cooperate with Huawei. This year, the brand-new HI version of Polar Fox Alpha S, a highly intelligent model jointly launched by Beiqi Blue Valley and Huawei, has been delivered. However, the current performance of Extreme Fox in the market is not eye-catching. Data show that polar fox wholesale volume in the first three quarters of this year was only 9829 vehicles, less than 25% of the annual sales target of 40,000 vehicles.

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