BAIC BluePark Responds to SSE Inquiry: Top Five Customer Sales Share Rises to 55%

南方财经网··Read original
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Summary · why it matters

BAIC BluePark recently responded to the Shanghai Stock Exchange's regulatory inquiry letter regarding its 2025 annual report, explaining the significant increase in the sales share of its top five customers. In 2025, sales to the company's top five customers amounted to 15.402 billion yuan, accounting for 55.12 percent, up 20.71 percentage points from the previous year. This was mainly due to the Stelato brand's sales volume rising from 8,600 units to 42,700 units, driving a 371.98 percent year-on-year increase in sales revenue. The largest customer changed from Beijing Automotive Group to China General Technology Group. Under China General Technology Group, China Post Smart Mobility and the former China Post Putai serve as the exclusive general distributors for Stelato in mainland China, with the business later unified under China Post Smart Mobility. The actual purchasing and settlement entity is Smart Mobility, with sales reaching 12.238 billion yuan, accounting for 43.80 percent. The company stated that it has no related-party relationship with China General Technology Group. Although the Stelato brand has exclusive distribution terms, the company has the right to change channels in the event of a breach, and this does not constitute a significant dependency. The terminal sell-through rates for the top five distributors ranged from 78.52 percent to 100 percent. Smart Mobility's inventory of 1,146 vehicles is reasonable stockpiling in line with sales growth, and there were no post-period returns during the reporting period.

Impact on assets 1

Others▲ · 1 stocks

Off-coverage companies 3

Zhongyou Zhixing Co LtdPrivate▲ Positive
Demandrelevance

As exclusive distributor for Stelato, sales of 12.238 billion yuan indicate strong demand.

China General Technology (Group) Holding Co LtdPrivate± Mixed
relevance

Zhongyou Putai Co LtdPrivate± Mixed
relevance

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