On the evening of July 19, BAIC BluePark released an announcement that Liu Yu no longer held the positions of director and chairman of the company due to work reasons, and after resigning, he no longer held any positions in the company; Dai Kangwei no longer held the position of manager of the company due to work reasons, and the board of directors agreed to elect Dai Kangwei as the chairman of the company, agreed to appoint Zhang Guofu as the general manager of the company, and agreed to appoint Liu Guanqiao as the deputy general manager of the company.
The information shows that Liu Yu was born in November 1976, of the Han nationality, with an MBA from Beijing Institute of Technology, and is a veteran of the BAIC series. From 2012 to the present, he has successively served as the deputy general manager and general manager of Beijing Automobile Sales Co., Ltd., the director of the Procurement Center of Beijing Automobile Co., Ltd., the vice president of Beijing Automobile Co., Ltd., the general manager of Beijing New Energy Automobile Co., Ltd., and the chairman and general manager of Beijing New Energy Automobile Co., Ltd. After resigning due to work changes, Liu Yu no longer holds any positions in BAIC BluePark New Energy Technology Co., Ltd., and is currently the deputy general manager of BAIC Group.
Dai Kangwei succeeded Liu Yu as the chairman of BAIC BluePark, and she is the first female chairman of a Chinese auto company. The information shows that Dai Kangwei was born in June 1983, of the Han nationality, with a doctorate in mechanical engineering from Beijing Institute of Technology. From 2008 to the present, he has successively served as a software development engineer in the New Energy Technology Center of Foton Research Institute, the deputy minister of the Development Management Department of the New Energy System Development Institute; an engineer in the System Integration and Calibration Section of the Engineering Research Institute of BAIC New Energy, the section chief of the System Integration and Calibration Section, the assistant director of the Technology Center, the deputy minister of the Strategy Development Department, the minister of the Strategy Development Department, the assistant to the dean, and the vice dean. From April 2021 to July 2024, he served as a director and general manager of Beijing New Energy Automobile Co., Ltd. From June 2021 to July 2024, he served as the general manager and director of BAIC BluePark New Energy Technology Co., Ltd. From July 2024 to the present, he has served as the deputy chief engineer (at the general manager assistant level) of Beijing Automobile Group Co., Ltd., the chairman of Beijing New Energy Automobile Co., Ltd., and the chairman of BAIC BluePark New Energy Technology Co., Ltd.
In addition, BAIC BluePark also released an announcement that due to the assets and businesses related to the cooperative production of pure electric new energy passenger cars by Beijing Automobile and Ruili Enterprise not temporarily meeting the conditions for injection into the listed company, the commitment of the controlling shareholder BAIC Group to avoid horizontal competition was postponed. It is understood that in 2018, BAIC BluePark implemented a major资产重组. Among the enterprises controlled by BAIC Group, Beijing Automobile and the enterprises it controlled, Jiangxi Changhe Automobile, BAIC (Zhenjiang) Automobile, Ruili Automobile, and Beijing Baowo produced a small amount of pure electric new energy passenger cars while producing fuel cars, or there were plans for a small amount of production of pure electric new energy passenger cars. BAIC Group promised to solve the problem of the simultaneous production of pure electric new energy passenger cars by these enterprises and the listed company within the six-year transition period from the completion date of this reorganization. Now due to the assets and businesses related to the cooperative production of pure electric new energy passenger cars by Beijing Automobile and Ruili Enterprise not temporarily meeting the conditions for injection into the listed company, BAIC Group intends to extend the transition period by five years.
The annual report shows that in 2023, BAIC BluePark achieved operating income of 14.319 billion yuan, an increase of 50.5% year-on-year; the net loss was 5.400 billion yuan, and the net loss in the same period was 5.465 billion yuan; the net loss attributable to the parent was 6.018 billion yuan, and the net loss attributable to the parent in the same period was 58.38 million yuan. The announcement shows that in 2023, Beijing New Energy Automobile Co., Ltd. had a net loss of 2.243 billion yuan, and Beijing Blue Valley Arcfox Automobile Technology Co., Ltd. had a net loss of 3.347 billion yuan.
It is understood that this is the fourth year that BAIC BluePark has had an annual loss. From 2020 to 2023, the net losses were 6.482 billion yuan, 5.244 billion yuan, 5.465 billion yuan, and 5.400 billion yuan respectively, with a cumulative loss of 22.5 billion yuan in four years. In terms of cash flow, BAIC BluePark is also under pressure. In 2023, the net cash flow generated from operating activities was -465 million yuan, while in the same period, it was 3.522 billion yuan. The company explained that this was mainly due to a comprehensive effect such as the reduction in payments for due goods and the reduction in tax refunds received in the current period.
On July 9, BAIC BluePark released a half-year performance forecast. The company expected that the net loss attributable to the listed company shareholders in the first half of 2024 would be 2.4 billion to 2.7 billion yuan, and the loss would expand year-on-year; it was expected to achieve a net loss attributable to the shareholders after deducting non-recurring of 2.45 billion to 2.75 billion yuan.
Regarding the loss, BAIC BluePark said that on the one hand, due to the increasingly fierce competition in the new energy vehicle market and the increasingly white-hot price war, squeezing the profit space; on the other hand, in order to continuously promote the high-end development of products, the company continued to invest in technological research and development, brand channel construction, brand image sharpening, and improvement of operational efficiency, thus having a certain impact on short-term performance.
It is worth noting that on the last trading day of this week, that is, before the release of the personnel change announcement, the stock price of BAIC BluePark suddenly crashed, closing down 9.97% to 9.21 yuan, with a total market capitalization of 51.3 billion yuan.
In terms of news, BAIC BluePark Magna Automobile Co., Ltd. recently filed a recall plan with the State Administration for Market Regulation. The reason is that the leakage of brake fluid leads to a longer braking distance, presenting a safety hazard. BAIC BluePark Magna Automobile decided to recall a total of 3,418 pure electric vehicles of some Alpha T and Alpha S produced from November 2, 2021 to June 10, 2022 starting from July 20, 2024.
