Report by Poster News reporter Sun Laibin As the new energy vehicle road continues to heat up and the competitive environment becomes more and more intense, BAIC Blue Valley’s 2025 annual loss announcement announced on January 19 has once again put this long-established new energy vehicle company in the spotlight of public opinion. According to the 2025 annual performance loss announcement of Beiqi Langu New Energy Technology Co., Ltd., the company expects the net profit loss attributable to shareholders of listed companies in 2025 to be in the range of 4.35 billion to 4.65 billion yuan, and the net loss after deducting non-recurring gains and losses will reach 4.65 billion to 4.95 billion yuan.元。 Although this figure is significantly smaller than the huge loss of nearly 7 billion yuan in 2024, years of consecutive large losses inevitablyThey will likely cause the market to take a hard look at its strategic direction and its ability to operate sustainably.值得注意的是，北汽蓝谷emphasized in its announcement that its sales volume will reach 209,600 units in 2025, an increase of 84.06% year-on-year. This growth rate is well above the industry average, showing that the market expansion is bearing fruit in its early stages. However, rapid sales growth has not translated into improved profits at the same time. Rather, it highlighted the classic dilemma of “increasing revenue without increasing profits.”究其原因，是在推进“三年跨越”战略过程中，集中投入产品研发和渠道建设成为普通亏损的主要原因。 This “investment to market exchange” strategy is not uncommon in primeeras stages of the new energy vehicle industry. Emerging automakers like Weilai and Xiaopeng are experiencing similar difficulties. However, the difference is that once the entire industry enters the restructuring stage, the capital market’s patience with “narratives” will quickly disappear, and investors will become more concerned about when companies can truly achieve self-development.北汽新能源官网/图 从产业逻辑来看，北汽蓝谷的困境折射出传统汽车企业转型中的结构性矛盾。另一方面，公司依托北汽集团资源，具有调整生产体系和供应链的天然优势。另一方面，在电动化、智能化浪潮中，其组织和决策机制的效率屡遭诟病。近年来，我们与华为合作，虽然该公司通过推出ihu品牌试图克服这一局面，但在品牌认知度和用户留存率方面仍然难以与强大的新兴力量竞争。 Sales have increased, but most of it depends on sales of B-range vehicles and promotional policies.C端市场的真正竞争力还有待验证。值得注意的是，当前新能源汽车的价格竞争日趋严重。在这种环境下，北汽蓝谷如果不能在关键时期提升单车盈利能力，仅靠规模扩张可能无法维持自身。公告指出，“规模效益尚未完全实现”，这只暴露了当前商业模式的脆弱性。如果高销量不能产生边际成本降低和品牌溢价，营销损失、分层摊销等将进一步加剧。 Of course, bright spots can also be found.亏损减少本身说明公司内部降本增效措施已初步显现效果，而“盈利能力有望进一步提升”的表述则表明公司对新产品阵列达到预期目标的信心。市场按计划进行。然而，最终，信任必须通过财务报告来实现。资本市场对新能源板块的评价逻辑正在从“市梦比”转向“市盈率”。 “此时此刻，北汽蓝谷需要用一份真正令人信服的扭亏为盈的年报来证明自己不是又一次陷入时代浪潮却无法落地的‘转型’。