AutoBeta(AutoBeta.net)08/27 Report--

On August 25, Cyrus Group Co., Ltd. released its financial report for the first half of this year. Data show that Selis's operating income in the first half of this year was 65.044 billion yuan, an increase of 489.58 percent compared with 11.032 billion yuan in the same period last year. The net profit belonging to shareholders of listed companies was 1.625 billion yuan, turning losses into profits compared with the same period last year, and a loss of 1.344 billion yuan in the same period last year. In terms of production and marketing, the production and sales of Selis new energy vehicles in the first half of this year were 203900 and 200900 respectively, an increase of 349.24% and 348.55% respectively over the same period last year.

As of the first half of this year, the net cash flow generated by Selis's operating activities was 16.36 billion yuan, the total assets at the end of the period were 82.417 billion yuan, and the accounts receivable were 2.248 billion yuan. Selis's revenue in the second quarter was 38.483 billion yuan, and the net profit in the second quarter was 1.405 billion yuan. As for the results for the first half of the year, officials said it was mainly due to an increase in sales of new energy vehicles. In addition, it also said that the company adheres to the management policy of technological innovation and cost contribution, the operation quality continues to improve, the operating gross profit margin increases compared with the same period last year, and the expense rate decreases year-on-year.

Judging from the official results for the first half of the year, the result is very good. Of course, Cyrus can't achieve this without the help of Huawei.

The data show that Selis Group was previously Chongqing Xiaokang Industrial Group Co., Ltd., which was established in September 1986. After the cooperation between Xiaokang and Huawei in April 2021, the two sides launched the first cooperative model, Cyrus Huawei Smart SF5, with a new car positioning medium-sized sedan SUV, with a price range of 21.68-246800 yuan. At that time, the model was also sold online in China, as well as Huawei stores and flagship stores. Unfortunately, after Huawei wisely selected SF5 to go public, sales were not satisfactory. Related data show that Cyrus SF5 sold only 8169 vehicles in 2021.

In order to reverse the depressed sales situation, the two sides once again jointly launched the new energy brand AITO. It is understood that Selis is mainly responsible for R & D, production and delivery of the brand, while Huawei is responsible for the promotion of brand sales channels. In 2022, MJ brand successively launched MJ / M5 EV and M7 models. In July 2022, "Chongqing Xiaokang Industrial Group Co., Ltd." changed its name to "Cyrus Group". Thanks to the emergence of the brand and the launch of new products, the sales of Selis has also gradually increased. In 2022, the cumulative sales of Selis new energy vehicles reached 135100, an increase of 225.9% over the same period last year, of which 75000 were sold by the brand. It has become the biggest dark horse in the new energy vehicle brand.

However, after entering 2023, with the rapid development of new energy vehicles and the price war, the sales of the brand have also been affected. Data show that: in the first half of 2023, the cumulative wholesale sales of Mengjie brand was 23246 vehicles. To that end, officials launched the new M7 last September, which is cheaper than the old model, while providing intelligent range, longer range and lower energy consumption, as well as two-wheel-drive and four-wheel-drive versions.

As soon as the car went public, it became a hot market. since its launch, the sales of the new M7 has continued to exceed 10,000, becoming the main pillar of the sales volume. Strike while the iron is hot, and in December last year, officials launched the flagship model M9, the new car positioning large SUV, a total of four models with a price range of 469800-569800 yuan. The new car is built by the full stack technology solution of Huawei smart car, which provides two kinds of power models: add program and pure electric on the power. after the new car is on the market, it is hot again, with a steady stream of orders. In April this year, officials launched the new M5 model.

At present, there are new M7, new M5 and M9 models on sale in AITO. Relevant data show that the cumulative sales in 2023 are 101631, including 67961 for the new M7 and 33670 for the M5. The cumulative sales of Cyrus in the first half of 2024 were 180568, including 106540 for the new M7, 15205 for the new M5 and 58823 for the M9.

With the support of several well-selling models, Cyrus also got rid of the loss in the first quarter of this year and made a profit for the first time. Data show that Selis's operating income in the first quarter of 2024 was 26.561 billion yuan, an increase of 421.76 percent over the same period last year, and its net profit was 220 million yuan, an increase of 135.12 percent over the same period last year. As a reference, from 2019 to 2023, Selis's net losses were 884 million yuan, 2.308 billion yuan, 2.793 billion yuan, 4.296 billion yuan and 4.817 billion yuan respectively, with a cumulative loss of 15.098 billion yuan over the past five years.

According to the official plan, a series of new products will be launched to form a product matrix with existing models to meet the different needs of users. Today, officials also launched the new M7 Pro model. The new car has launched a total of four models with a price range of 249800 yuan to 289800 yuan. With the launch of the brand and the launch of new models, the product matrix will be further improved, and the follow-up sales of Cyrus are also expected to be further improved.

It is worth mentioning that yesterday, in addition to the first-half results, the official also released a "major asset purchase report". According to the report, officials agreed to buy Huawei's 10 per cent stake in Xilis Motor Co., Ltd., a wholly owned subsidiary, in cash, with a transaction value of 11.5 billion yuan. With regard to the purchase plan, Cyrus said that the deal will help Huawei and attract AITO to become a world-class leading brand of new luxury cars. The company will take this transaction as an opportunity to comprehensively deepen and enhance its long-term strategic cooperation with Huawei and Yingwang.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat