BAIC Langu faces five years of losses. On the evening of January 15, BAIC Langu released the annual performance pre-loss announcement for 2023, showing that the company expects the net profit belonging to shareholders of listed companies to be-5.7 billion yuan to-5.2 billion yuan in 2023, and the net profit after deducting non-recurrent profit and loss is-6.2 billion yuan to-5.7 billion yuan.
With regard to the performance pre-loss in 2023, BAIC Langu explained in the announcement that one is that in order to continuously enhance the comprehensive competitiveness, actively open up the market, sharpen the brand image, and improve operational efficiency, continue to invest in technology research and development, brand channel construction and other core competencies; second, the scale effect of the company's product sales has not yet appeared, resulting in high product costs in stages.
This will be BAIC's fifth year of loss. It is understood that BAIC Langu has been in a state of loss since its backdoor listing in 2018, with net losses of 92 million yuan, 6.482 billion yuan, 5.244 billion yuan and 5.465 billion yuan respectively from 2019 to 2022, plus a pre-loss of 5.2 billion yuan in 2023, resulting in a cumulative loss of more than 22.4 billion yuan in the past five years. In terms of cash flow, BAIC Langu is also under pressure, which was 5.816 billion yuan at the end of the third quarter of 2023.
Under the long-term huge losses, BAIC Blue Valley raised funds on a large scale. In the first half of 2023, BAIC Langu completed a stock issue to a specific target, actually issued 1.286 billion shares at the issue price of 4.70 yuan per share, and the net amount of funds actually raised was 6.03 billion yuan. According to the plan for the use of the funds raised, 1.809 billion yuan is used to supplement working capital, accounting for 30% of the net funds raised; in addition, 1.245 billion yuan is invested in the "skateboard platform development project for scene-oriented products", 2.086 billion yuan is invested in the "vehicle product upgrade and development project", and 890 million yuan is invested in "R & D and core competence building projects". Among them, vehicle product upgrading and development projects and R & D and core capacity-building projects have invested 202 million yuan in advance with self-raised funds.
BAIC Blue Valley has two major brands: polar Fox and BAIC New Energy. BAIC Blue Valley sold a total of 92200 new energy vehicles in 2023, an increase of 83.69% over the same period last year. Among them, Qihu, a high-end new energy brand, sold 30000 new cars in the whole year, an increase of 138 per cent over the same period last year.
As a high-end new energy brand, although Jihu's sales soared in 2023, its overall size is not large, and it still lags behind other traditional car companies' high-end new energy brands. For example, Geely's Polar Krypton delivered 118700 vehicles in 2023. Dongfeng Lantu also exceeded 50, 000, becoming one of the few car brands to achieve its annual target.
BAIC Langu was the first car company to cooperate with Huawei. In 2017, the two sides signed a cooperation agreement to jointly set up a project team codenamed HBT. Many engineers of Huawei project team are based in BAIC Langu headquarters. Since then, the two sides have signed cooperation agreements on deepening and upgrading twice in a row. In 2021, the new HI version of the polar fox Alpha S jointly created by BAIC Langu and Huawei was released at the Shanghai Auto Show and delivered in 2022. The car is the first production car to be equipped with Huawei's HI smart car solution. It is one of the first production cars in the world to support smart driving on urban roads. It has Huawei's highest level of smart driving, but is not recognized by consumers.
Since then, BAIC New Energy and Huawei have further upgraded their cooperation model to a smart car model, and the first model will be unveiled at the 2024 Beijing Auto Show and is expected to launch in June 2024, but the brand name is not yet known. In addition, BAIC Langu will release a sedan model in the first quarter of 2024, and polar fox alpha S and polar fox alpha T will also be released in the second half of the year, but whether it is the "Jie" brand launched in cooperation with Huawei or its launch of the new polar fox car, it is unknown whether it can stand out in the highly competitive market and be recognized by consumers.
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