Recently, BAIC BluePark New Energy Technology Co., Ltd. successfully held the 24th meeting of the 10th session of its board of directors. This board meeting was held on July 18, 2024, through communication voting, in compliance with relevant laws, regulations, and the company's articles of association.

At this board meeting, a series of important motions were reviewed and approved. Firstly, the directors unanimously agreed to elect Ms. Dai Kangwei as the chairman of the 10th session of the board of directors. She will assume her duties from the date of approval by the board of directors, with a term consistent with that of the 10th session of the board. Ms. Dai Kangwei, with her rich experience and outstanding leadership skills in the new energy vehicle sector, is expected to bring new development opportunities and strategic directions to the company.

Simultaneously, the board also elected Ms. Dai Kangwei as a member of the strategic committee of the 10th session of the board and appointed her as the chairperson of the strategic committee, which will further strengthen the company's capabilities in strategic planning and decision-making.

Furthermore, to improve the company's governance structure, the board nominated Mr. Zhang Guofu as a candidate for the director of the 10th session of the board and appointed him as the company's manager and Mr. Liu Guanqiao as the deputy manager, with their terms starting from the date of approval by the board, consistent with that of the 10th session of the board. Mr. Zhang Guofu's addition is expected to bring new perspectives and strength to the board.

BAIC BluePark announced that the company's chairman Liu Yu and manager Dai Kangwei submitted written resignation letters due to work reasons, with the resignations taking effect from the date of delivery to the board.

Due to work reasons, Liu Yu will no longer serve as a director or chairman of the 10th session of the board or chairperson of the strategic committee. After resigning, he will no longer hold any position in the company. Dai Kangwei will also no longer serve as the company's manager due to work reasons.

Liu Yu, a Chinese national without permanent residence abroad, holds an MBA from Beijing Institute of Technology. He has held various positions including deputy general manager and general manager of Beijing Automotive Sales Co., Ltd., director of Beijing Automotive Procurement Center, vice president of Beijing Automotive Group, executive deputy general manager of Beijing Hyundai Motor Company Limited, general manager, director, and chairman of BAIC BJEV, and vice president of BAIC Group.

Dai Kangwei is a renowned "post-80s" female tech leader in the industry, holding a Ph.D. in Mechanical Engineering from Beijing Institute of Technology and without permanent residence abroad. She has held various positions at BAIC Foton Research Institute, including software development engineer in the New Energy Technology Center, deputy minister of the New Energy System Development Institute's Development Management Department, engineer and section chief of the System Integration and Calibration Section in BAIC BJEV Engineering Research Institute, assistant to the director of the Technology Center, deputy and minister of the Strategy Development Department, assistant and deputy dean, and general manager of BAIC BJEV BluePark Power System Branch. Before this change, she served as a director and general manager of Beijing Electric Vehicle Co., Ltd., as well as manager and director of BAIC BluePark. After the change, she became the deputy chief engineer (assistant general manager level) of Beijing Automotive Group Co., Ltd., chairman of Beijing Electric Vehicle Co., Ltd., and chairman of BAIC BluePark.

Zhang Guofu, with over 20 years of experience in the automotive industry, is a veteran of the BAIC system. He has held positions at companies such as BAIC Foton Motor Co., Ltd., Beijing Hainachuan Automotive Components Co., Ltd., and Beijing Automotive Research Institute. Since 2019, he has served as deputy secretary of the party committee and executive deputy general manager of BAIC Group Off-Road Vehicle Co., Ltd., deputy secretary of the party committee and executive vice president of BAIC Motor Corporation Limited, general manager of BAIC Group Off-Road Vehicle Co., Ltd., and executive director of BAIC BluePark Marketing Service Co., Ltd. Before being promoted to the position of company manager, Zhang Guofu was the deputy manager of BAIC BluePark New Energy Technology Co., Ltd. and a director and executive deputy general manager of Beijing Electric Vehicle Co., Ltd. From July 2024 to the present, he has served as a director and general manager of Beijing Electric Vehicle Co., Ltd., and manager of BAIC BluePark New Energy Technology Co., Ltd.

Notably, the motion to extend the commitment to avoid horizontal competition within Beijing Automotive Group Co., Ltd. was also approved at this meeting. As the assets and businesses related to the joint production of pure electric new energy passenger vehicles between Beijing Automotive and Ruili enterprises are not yet ready to be injected into listed companies, BAIC Group plans to extend the transition period by 5 years.

The independent director's special meeting conducted a prior review of the motion to extend the commitment to avoid horizontal competition and issued an approval opinion. This decision reflects the company's cautious and responsible attitude in handling related issues, aiming to ensure the full protection of the interests of the company and all shareholders.

The resolutions of this board meeting reflect BAIC BluePark's determination and actions to actively adjust its strategic layout and optimize its management team in the face of market competition and industry changes. Under the leadership of the new management team, the company is expected to further enhance its core competitiveness and promote the sustainable development of its business.

In the future, BAIC BluePark will continue to focus on the research and development, production, sales, and service of pure electric passenger vehicles, striving to build brands such as ARCFOX and Beijing. Amidst the increasingly fierce competition in the new energy vehicle market, the company will continue to increase investments in technological research and development, brand channel construction, and operational efficiency improvement to achieve the goal of product premiumization and create greater value for shareholders and society.

As various decisions are gradually implemented, the market and investors will also closely monitor the development dynamics of BAIC BluePark, expecting the company to achieve even better results in the field of new energy vehicles.

Data shows that in June, BAIC BluePark sold 9,574 vehicles, with a cumulative sales volume of 28,011 vehicles this year, a year-on-year decrease of 20.4%.

According to BAIC BluePark's 2024 half-year financial report, the company expects a net profit of -2.7 billion to -2.4 billion yuan for the first half of the year, compared to a net profit of -1.9798238 billion yuan for the same period last year. From 2020 to 2023, BAIC BluePark incurred losses of 6.646 billion yuan, 5.544 billion yuan, 5.838 billion yuan, and 6.018 billion yuan, respectively, totaling 24.046 billion yuan in losses over the four years.