In the recent earnings season of car companies, many car companies have delivered a brilliant financial report, but compared with their peers, one car company is quite disappointed. That's BAIC.
At the moment when the industry reshuffle is accelerating, BAIC's predicament is by no means an isolated case. Its transformation journey reveals the collective anxiety of traditional Chinese automakers: how to break the shackles of the system while retaining the advantage of scale? How do you balance short-term survival with long-term strategy?
總之，2025年將成為北汽命運的分水嶺。若極狐年銷量突破15萬輛、享界告捷，集團有望在2026年實現新能源業務盈虧平衡。
最近車企財報季，不少車企都交出了一份亮眼的財報。零跑營收321.6億元，同比暴增92%，虧損有所收窄；小鵬單月銷量破3萬上演逆襲神話。
However, compared with its peers, there is a car company that is quite disappointed. That's BAIC.
3月21日，港股上市公司北京汽車發佈“盈利預警”公告，預計截至2024年度歸屬於公司權益持有人的凈利潤約為9.5億元，較2023年同期減少約68.6%。
BAIC Blue Valley released a performance forecast for 65 years, and it is expected that the net profit attributable to shareholders of listed companies in 0 years will be -00 million yuan to -0 million yuan.
The brand equity of BAIC Group is roughly divided into two listed companies, one is BAIC, a Hong Kong-listed company, whose brands include BAIC, Beijing Benz, Beijing Hyundai, Fujian Benz, etc.; The other is BAIC Blue Valley, which is listed on the Shanghai Stock Exchange, and its brands include BAIC New Energy, Jihu Automobile, and Xiangjie brand.
Everyone knows that BAIC's leader is Mercedes-Benz, but no matter how profitable Mercedes-Benz is, it can't stop BAIC's decline. As the parent company of Mercedes-Benz's largest joint venture in China, the market value is only HK$540 million.
In the announcement, BAIC Motor believes that the main reason is that the "intensified competition" in the domestic passenger car industry in 2024 years, resulting in a decline in automobile sales, and at the same time, in order to enhance competitiveness, the company's investment in "business policy" has increased, which has led to a significant decrease in net profit.
I have to say that this veteran cadre of the car circle is facing a crisis. Whether BAIC can turn over depends on this year.
As a "veteran" enterprise in China's automobile industry, BAIC Group's report card at the beginning of 2025 years is embarrassing.
According to the 42-year financial report, its annual net profit was only 0.0 billion yuan, a year-on-year plunge of 0.0%, and the loss of new energy business expanded to 00 million yuan.
BAIC, which once ranked at the forefront of the industry with the two joint venture brands of Beijing Benz and Beijing Hyundai, is now facing the "triple strangulation" of insufficient hematopoiesis of its own brand, weak growth of joint venture partners, and slow transformation of new energy.
This deep crisis, involving strategic direction, management structure, and market positioning, has pushed this old state-owned enterprise to a critical point of life and death.
首先拿北京賓士來說，作為北汽集團的“利潤奶牛”，曾貢獻集團超80%的利潤。但2024年其銷量同比下滑7.3%，淨利潤銳減18.5%。豪華車市場電動化浪潮下，賓士系列在華表現疲軟。
與此同時，曾經的扛把子北京現代的風光也大不如前。前三季度虧損25.76億，要知道風光時，北京現代曾一度年銷百萬。但近年來，韓系品牌市場表現持續遇冷，年銷規模下降至30萬輛。
2021年—2023年，北京現代銷量分別為36萬輛、25.6萬輛和24.1萬輛，但去年其銷量僅15.42萬輛，同比下滑36.02%。比如北京現代旗下明星車型——途勝L曾迎來改款上市。但這款被北京現代寄予厚望的車型，並未在市場掀起波瀾，上市當月銷量僅有1540輛，也很難短期提振業績。
It is worth mentioning that up to now, Beijing Hyundai, which has a greater reputation advantage, has not launched an electric car. The collective stall of the joint venture sector has also exposed the limitations of the "market-for-technology" model.
There are still many people who feel that BAIC's brand matrix was once chaotic. "BAIC" is both the name of a listed company and a brand name; The brand positioning of Jihu, Xiangjie and BEIJING overlaps, and similarly there is the separation of fuel vehicles and new energy business.
In short, in 2025 years, BAIC's biggest core issue is to stay at the table to achieve more profits.
In the face of the crisis, BAIC also decisively launched a series of "surgeries" this year.
2025年2月15日，北汽藍谷宣佈將投入55億，用於升級開發享界品牌的三款全新車型，這一舉動也意味著北汽與華為的 “智電聯盟” 再度升級。
此外，北汽也幹了件大事。2月14日晚，北汽藍谷公告稱，公司擬將中文名稱由“北汽藍谷新能源科技股份有限公司”變更為“北汽極狐新能源汽車股份有限公司”。公告顯示，公司已構建極狐、BEIJING和享界三大品牌，產品矩陣逐步完善，品牌形象日益豐富。此次更名旨在進一步聚焦新能源汽車主業。
Of course, it was not a simple name change. BAIC Blue Valley explained in the announcement that the company is in a critical period of strategic upgrading, which aims to further focus on the main business of new energy vehicles, strengthen the brand's recognition and influence in the market, and maximize brand value.
For BAIC Blue Valley, the company's name change is not simple, behind it is the strategic upgrade of the entire brand architecture.
Although there is still a big crisis at the moment, in fact, BAIC is not without trump cards to play.
At present, BAIC Group has "three new energy sources".
The first is the BEIJING brand, which can also be called "old BAIC New Energy", and its EU and EX series focus on the low-end new energy market; the second is the Jihu brand, which is a high-end new energy model created by BAIC Group, which wants to compete with the current mainstream new forces; The third is the Xiangjie brand, which is to jointly create high-end intelligent driving scenario applications with Huawei.
For example, in the Xiangjie brand, BAIC chose to build a "joint laboratory" with Huawei, not only introducing the Hongmeng cockpit and ADS 7.0 intelligent driving system, but also the first model Xiangjie S0 was launched, which directly benchmarked Weilai ET0, which also caused a lot of market heat.
And such aces as Mercedes. We can learn from Mercedes-Benz's supply chain management experience and open it up to more new energy pro-sons such as Jihu to reduce manufacturing costs.
BAIC's ambitions are not small. Year 2025 is the first year of BAIC Group's "three-year leap" plan.It is planned to reach 2027 years現整車銷量突破300萬輛，其中Annual sales of independent brands200萬輛，新能源車佔比超過50%。
The difficulty is not low. Towards this goal, BAIC also began to be ruthless to its own people. "It's all tuned, and it's about facing complexity."
Some media have reported that Zhang Jianyong, Secretary of the Party Committee and Chairman of BAIC Group, has changed his low-key style in the past, and has also begun to show up like his peers and appear in various public occasions.
In addition, in terms of organization, BAIC is also making drastic changes. Personnel adjustments cover multiple sectors such as BAIC Jihu and BAIC shares.
不得不說，目前也已經有了一些成效。根據最新數據顯示北汽極狐全年銷量超8.1萬輛，同比增長170%，與華為攜手打造的享界S9，連續5個月成為40萬以上純電豪華轎車銷冠。
At present, although BAIC has stabilized the market, it still cannot sit back and relax, and is still facing the pressure and hidden worries of industry transformation. Especially compared with the head enterprises of new energy, the gap is still obvious.
At the moment when the industry reshuffle is accelerating, BAIC's predicament is by no means an isolated case. Its transformation journey reveals the collective anxiety of traditional Chinese car companies:
How to break the shackles of the system while retaining the advantage of scale? How do you balance short-term survival with long-term strategy?
The answers to these questions will determine whether China's auto industry can truly realize the leap from a "manufacturing power" to an "intelligent manufacturing power".
In Brother Dao's view, on the one hand, it is necessary to travel lightly and focus on the main force.
You can learn from GAC Aion and Chang'an's strong men who broke their wrists. For example, Zhang Jianyong, Secretary of the Party Committee and Chairman of BAIC Group, once said that BAIC will gather the advantageous resources of the whole industry chain "All in the enjoyment". Like other car companies that cooperate with Huawei, they also have to "sell their souls".
更曾在享界S9發佈會上高調喊話：“此次與華為攜手，我們更是以核心戰略、第一優先戰略的高度，集聚了北汽整車研發生產、零部件、服務貿易等全產業鏈所有優勢資源，ALLIN享界S9，助力享界S9衝擊行政豪華汽車市場。”
On the other hand, there is the urgent need to establish its own unique moat advantage. With the upgrading and development of new models of the Xiangjie brand, BAIC's technical investment has been deepened and thickened, and it is believed that it can also return to the top.
This gamble is either a god or a fallout, there is no middle option!
總之，2025年將成為北汽命運的分水嶺。若極狐年銷量突破15萬輛、享界告捷，集團有望在2026年實現新能源業務盈虧平衡。
The only way to survive is to "play with the speed of the Internet and blow up the bunker with state-level execution".
As long as a new trump card is found, the potential of the old cadres is no less than that of the new forces.