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Keep losing money! Cyrus: the expected loss exceeded 1.25 billion RMB in the first half of the year.

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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Today, Cyrus released its annual performance pre-loss announcement for the first half of this year, according to the announcement: officials expect the net profit attributed to the owner of the parent company to be-1.39 billion yuan to-1.25 billion yuan in the first half of this year, and the net profit attributable to the owner of the parent company after deducting non-operating profit and loss is expected to be-1.93 billion yuan to-1.8 billion yuan.

With regard to the reasons for the pre-loss of the current performance, officials pointed out that due to the wait-and-see mood of users caused by promotions in the automobile industry in the first quarter, users' expectations that the M5 smart car version would be released in the second quarter had a certain impact on the sales of existing models, resulting in the company's sales falling short of expectations in the first half of the year. At the same time, it is also pointed out that the core technology of new energy vehicles to maintain high R & D investment, and continue to introduce R & D, technical personnel, R & D costs increased compared with the same period last year. With regard to the follow-up development, officials say sales and profitability are expected to improve in the second half of the year with the launch of the M5 Smart driver version and other new models, as well as an increase in overseas sales.



In fact, it is not surprising that Cyrus released its projected loss for the first half of the year. Losses have been growing since Cyrus partnered with Huawei. According to the financial report, Selis lost more than 10 billion yuan in the four years from 2019 to 2022, including non-net profit of-884 million yuan in 2019,-2.308 billion yuan in 2020,-2.793 billion yuan in 2021 and-4.296 billion yuan in 2022.


According to the data, the predecessor of Cyrus Group is Chongqing Xiaokang Industrial Group Co., Ltd., which was established in September 1986. In April 2021, Xiaokang entered into a partnership with Huawei, and the two sides signed a memorandum of cooperation in the field of new energy vehicles, launching the first cooperative model, Cyrus Huawei Smart SF5. The new car goes on sale simultaneously on Huawei's official website and enters Huawei's stores and flagship stores at a price range of 21.68 yuan to 246800 yuan. Although both sides have given a lot of resources to support the first model, Huawei Smart SF5 sales are not ideal, with Cyrus SF5 selling only 8169 vehicles in 2021.

In order to reverse sales, Xiaokang shares once again cooperated with Huawei to launch the new energy brand AITO, and in 2022 successively launched MJ / M5 EV and M7 models. With the launch of a number of models, sales at the boundary increased rapidly in 2022, with a cumulative delivery volume of 75000 vehicles for the whole year. According to official sales data, the cumulative production and sales of Selis new energy vehicles in 2022 reached 139132 and 135054 respectively, an increase of 233.64% and 225.9% respectively over the same period last year. Among them, the cumulative production and sales of Selis reached 83701 and 80041, an increase of 660.37% and 626.39% over the same period last year. QQ accounted for more than half of Selis's sales in 2022.


After entering 2023, although both Huawei and Cyrus are emphasizing the further deepening of their cooperation, the sales of the brand are not as expected in the market. Of course, the decline in sales has something to do with the big price reduction announced by Tesla at the beginning of the year. Although the world also followed the price reduction after Tesla announced the big price reduction, the price reduction of its three models was up to 30, 000 yuan, but the price reduction did not stimulate sales growth. Relevant data show that the retail sales of AITO from January to May in 2023 are 4469, 3512, 3625, 2437 and 4083 respectively.


In addition, after Ren Zhengfei signed the resolution on Huawei not building cars in March, it was a blow to Cyrus, which has been endorsed by the Huawei brand. Or aware of the crisis, Cyrus launched its new brand "Blue Electric" on March 30th and launched its first model, priced between 139900 yuan and 151900 yuan. It is understood that the Blue Power E5 uses BYD Fudi battery hybrid technology and Huawei's smart car technology. After listing, the sales of the Blue Power E5 are also not ideal. Relevant data show that the sales of the Blue Power E5 are 250, 483 and 376 respectively three months after the launch.


It is not difficult to see that the price war among car companies at the beginning of the year and Huawei's reaffirmation that it will not build cars have had a certain impact on Cyrus. After all, without Huawei's halo, Cyrus's real appeal in the market is still very limited. Therefore, for cooperation with Huawei, Cyrus is still actively cooperating. Cyrus said that at the end of June, the company set up a "AITO Joint working Group" with Huawei to take charge of end-to-end closed-loop management of marketing, sales, delivery, service, channel and other businesses, which is another milestone in deepening cooperation between the two sides. In the future, with a firm new energy strategy, sustained R & D investment and the blessing of partners, we will continue to drive to a new fast lane of new energy vehicles. Or affected by today's performance pre-loss announcement, as of press time, Selis fell 3.14% to close at 44.41 yuan per share.

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