一、关联交易概述 2025 年 3 月 2 日，重庆千里科技股份有限公司（以下简称"公司"）召开 第六届董事会第十六次会议，审议通过了《关于对外投资暨关联交易的议案》， 同意公司与重庆两江新区高质量发展产业私募股权投资基金合伙企业（有限合伙） （以下简称"两江产业基金"）、重庆产业投资母基金合伙企业（有限合伙）（以 下简称"重庆产业母基金"）、重庆江河汇企业管理有限责任公司（以下简称"江 河汇"）、浙江吉润汽车有限公司（以下简称"吉利"）、迈驰智行（重庆）科 技有限公司（以下简称"迈驰"）、宁波路特斯机器人有限公司（以下简称"路 特斯"）共同签订《车 BU 投资框架协议》，指定公司全资子公司与两江产业基 金或其指定关联方、重庆产业母基金及江河汇指定主体共同出资 15 亿元人民币 发起设立有限合伙企业（以市场监督管理局核准的名称为准，以下简称"千里合 伙企业"）。其中，公司全资子公司出资 2 亿元人民币并担任千里合伙企业的普 通合伙人。千里合伙企业设立后，将以 15 亿元人民币现金向由关联方吉利或其 指定主体、关联方迈驰、关联方路特斯或其指定主体及为员工激励目的设立的有 限合伙企业（以下简称"员工持股平台"）共 ...

重庆千里科技股份有限公司 2025 年第三次临时股东大会 会议资料 二○二五年六月 重庆千里科技股份有限公司 2025 年第三次临时股东大会会议资料 重庆千里科技股份有限公司 2025 年第三次临时股东大会 会议议程 现场会议时间：2025 年 6 月 16 日（星期一）14:00 网络投票时间：2025 年 6 月 16 日（星期一）9:15-9:25，9:30-11:30，13:00-15:00 现场会议地点：重庆市北碚区蔡家岗镇凤栖路 16 号总部大楼 11 楼会议室 召集人：公司董事会 主持人：董事长印奇先生 会议议程： 一、主持人宣布会议开始，介绍会议出席、列席情况 七、见证律师宣读法律意见书 八、签署会议文件 九、主持人宣布会议结束 1 二、推举计票人、监票人 三、审议议案 | 序号 | 非累积投票议案 | 特别说明 | | --- | --- | --- | | 1 | 《关于变更董事暨选举第六届董事会非独立董事的议案》 | 中小投资者单独计票 | 四、股东对各项议案进行现场投票表决 五、统计现场投票和网络投票的表决结果 六、宣布表决结果、议案通过情况 重庆千里科技股份有限公司 2025 年第三 ...

证券代码：601777 证券简称：千里科技 公告编号：2025-041 重庆千里科技股份有限公司 2025 年 5 月产销快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆千里科技股份有限公司2025年5月产销数据如下： | 产品名称 | | | | 生产（辆） | | | | 销售（辆） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | 本月 | 本年 | 本年累计 | 本月 | 本月 | 本年 | 本年累计 | | | | 数量 | 同比增减 | 累计 | 同比增减 | 数量 | 同比增减 | 累计 | 同比增减 | | 汽车 | 新能源 汽车 | 1,185 | 68.56% | 5,696 | 144.99% | 3,463 | 95.65% | 16,345 | 104.88% | | 整车 | 其他 车型 | 5,368 | 324.35% | 12,478 | 27.89% | 4,578 | 60 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Qianli Technology, setting a target price of 11.06 CNY, representing a potential upside of 33.6% from the current price of 8.28 CNY [6][58]. Core Insights - Qianli Technology, formerly known as Lifan Technology, is undergoing a significant transformation towards AI and smart vehicle integration, particularly after the entry of founder Yin Qi from Megvii Technology [1][2]. - The company is leveraging partnerships with Geely and Cao Cao Mobility to enhance its smart driving capabilities and develop a comprehensive ecosystem for autonomous vehicles [3][36]. - Financial projections indicate substantial growth in net profit, with expected figures of 0.81 billion CNY, 1.33 billion CNY, and 2.36 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 101.2%, 64.6%, and 78.4% [3][58]. Summary by Sections 1. Management Changes and Strategic Transformation - Qianli Technology has evolved from Lifan Technology, which was established in 1992, initially focusing on motorcycle engines and later expanding into passenger vehicles [1][13]. - The company underwent two major restructurings, with Geely and the Chongqing Liangjiang Fund becoming significant stakeholders post-bankruptcy in 2020, facilitating a shift towards AI-driven automotive solutions [1][16]. - In 2024, the company rebranded to Qianli Technology, emphasizing its commitment to smart vehicle technology and international expansion [1][19]. 2. AI and Smart Driving Strategy - The partnership with Geely has led to the development of the "Qianli Haohan" smart driving system, which aims to provide a full-stack technology ecosystem for autonomous driving [2][28]. - Qianli Technology is collaborating with Cao Cao Mobility to launch Robotaxi services, marking a significant step in the commercialization of autonomous driving in China [3][36]. - The company is focusing on enhancing its AI capabilities, particularly in large model applications, to improve smart cockpit solutions and user interaction [48][51]. 3. Financial Forecast and Valuation Analysis - Revenue projections for Qianli Technology indicate a growth trajectory, with expected revenues of 8.33 billion CNY, 10.02 billion CNY, and 12.44 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 18.4%, 20.3%, and 24.1% [53][54]. - The gross margin is anticipated to improve, reaching 9.99%, 10.66%, and 11.08% over the same period, driven by economies of scale [54]. - The valuation analysis suggests a price-to-sales ratio of 6x for 2025, aligning with comparable companies in the smart driving and Robotaxi sectors [56][58].

Investment Rating - The report initiates coverage with a "Buy" rating for Qianli Technology, targeting a price of 11.06 CNY, representing a potential upside of 33.6% from the current price of 8.28 CNY [6][58]. Core Insights - Qianli Technology, formerly known as Lifan Technology, is undergoing a significant transformation towards AI and smart vehicle integration, particularly after the entry of founder Yin Qi from Megvii Technology [1][2]. - The company is leveraging partnerships with Geely and Cao Cao Mobility to enhance its smart driving capabilities and develop a comprehensive ecosystem for autonomous vehicles [3][36]. - Financial projections indicate substantial growth in net profit, with expected figures of 0.81 billion CNY, 1.33 billion CNY, and 2.36 billion CNY for 2025-2027, reflecting year-on-year growth rates of 101.2%, 64.6%, and 78.4% respectively [3][58]. Summary by Sections 1. Management Changes and Strategic Transformation - Qianli Technology has evolved from Lifan Technology, which was established in 1992, initially focusing on motorcycle engines and later expanding into passenger vehicles [1][13]. - The company underwent two major restructurings, with Geely and the Chongqing Liangjiang Fund becoming significant stakeholders post-bankruptcy in 2020, leading to a strategic pivot towards AI and smart vehicles [1][16]. - In 2024, the company rebranded to Qianli Technology, emphasizing its commitment to smart and international development [1][19]. 2. AI and Smart Driving Strategy - The partnership with Geely has enabled Qianli Technology to develop the "Qianli Haohan" smart driving system, which encompasses various levels of autonomous driving capabilities [2][28]. - The company is also collaborating with Cao Cao Mobility to launch Robotaxi services, marking a significant step in the commercialization of autonomous driving in China [3][36]. - Qianli Technology is focusing on enhancing its AI capabilities, particularly in large model applications and smart cockpit solutions, to improve user interaction and vehicle intelligence [48][51]. 3. Financial Forecast and Valuation Analysis - Revenue projections for Qianli Technology indicate a growth trajectory, with expected revenues of 8.33 billion CNY, 10.02 billion CNY, and 12.44 billion CNY for 2025-2027, representing year-on-year growth rates of 18.4%, 20.3%, and 24.1% respectively [53][54]. - The company's gross margin is anticipated to improve, reaching 9.99%, 10.66%, and 11.08% over the same period [54]. - Valuation comparisons with peers in the smart driving and Robotaxi sectors suggest a favorable outlook, with a target market capitalization of 500 billion CNY by 2025 [56][58].

证券代码：601777 证券简称：千里科技 公告编号：2025-039 重庆千里科技股份有限公司 关于变更董事暨提名第六届董事会非独立董事候选人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆千里科技股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日以通讯 表决方式召开第六届董事会第二十次会议，审议通过了《重庆千里科技股份有限公 司关于变更董事暨提名第六届董事会非独立董事候选人的议案》，具体情况如下： 一、董事离任情况 （一）提前离任的基本情况 | | 离任职 | | 原定任期 | | 是否继续在 上市公司及 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 务 | 离任时间 | 到期日 | 离任原因 | 其控股子公 | （如适 用） | 毕的公开 | | | | | | | 司任职 | | 承诺 | | 王梦麟 | 董事 | 股东大会 审议通过 之日 | 2027 年 1 月 31 日 | 工 ...

一、召开会议的基本情况 (一) 股东大会类型和届次 2025年第三次临时股东大会 证券代码：601777 证券简称：千里科技 公告编号：2025-040 重庆千里科技股份有限公司 关于召开2025年第三次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 16 日 14 点 00 分 召开地点：重庆市北碚区蔡家岗镇凤栖路 16 号公司总部大楼 11 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 16 日 至2025 年 6 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 ...

证券代码：601777 证券简称：千里科技 公告编号：2025-038 重庆千里科技股份有限公司 第六届董事会第二十次会议决议公告 （一）《关于变更董事暨提名第六届董事会非独立董事候选人的议案》 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避。 因工作调整，王梦麟女士不再担任公司董事及董事会专门委员会各相关职务， 提名徐鸿鹄先生为公司第六届董事会董事候选人，并接替王梦麟女士董事会专门委 员会相关职务。详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《重 庆千里科技股份有限公司关于变更董事暨提名第六届董事会非独立董事候选人的公 告》（公告编号：2025-039）。 公司董事会提名委员会事先对徐鸿鹄先生的任职资格进行了审核，认为其符合 《中华人民共和国公司法》等法律法规、规范性文件，上海证券交易所自律监管规 则和《公司章程》规定的担任上市公司董事的任职资格和条件。 该议案尚需提交公司2025年第三次临时股东大会审议。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 重庆千里科 ...

重庆千里科技股份有限公司 关于董事会秘书正式履职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：601777 证券简称：千里科技 公告编号：2025-037 特此公告。 重庆千里科技股份有限公司董事会 2025年5月24日 重庆千里科技股份有限公司（以下简称"公司"）于 2025 年 2 月 21 日召开第六 届董事会第十五次会议，审议通过了《关于变更董事会秘书的议案》，同意聘任夏雨扬 女士为公司董事会秘书，任职期限自公司第六届董事会第十五次会议审议通过之日起至 第六届董事会届满之日止。由于夏雨扬女士获聘时尚未取得上海证券交易所主板上市 公司董事会秘书任职培训证明，暂由公司董事长印奇先生代行董事会秘书职责。详见 公司在上海证券交易所网站（www.sse.com.cn）披露的《重庆千里科技股份有限公司 关于变更董事会秘书的公告》（公告编号：2025-013）及《重庆千里科技股份有限公 司关于变更董事会秘书的补充公告》（公告编号：2025-016）。 夏雨扬女士近期已取得上海证券交易所主板上市公司董事会秘书任职培 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company is transitioning from a motorcycle business to an "AI + Vehicle" model, with a focus on smart driving and Robotaxi services, supported by strong capital and management backgrounds [8][14]. - The company is expected to achieve significant revenue growth, with projected revenues of 89.66 billion, 102.92 billion, and 121.76 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 0.84 billion, 1.53 billion, and 2.51 billion yuan [8][7]. Summary by Sections Company Overview - The company has evolved through four stages: starting with motorcycles, exploring new energy, undergoing bankruptcy restructuring, and now embracing the "AI + Vehicle" transformation [14]. - Its core business includes terminal operations (motorcycles and vehicles) and technology operations (smart driving solutions) [14][19]. Market Performance - The company has seen a significant recovery in its automotive business, with a 117% year-on-year increase in new energy vehicle sales in Q1 2025 [23][24]. - The motorcycle business has maintained a stable cash flow, with a gross margin of 12.1% in 2023, showing an upward trend [26][29]. Smart Driving and Technology - The report highlights the importance of smart driving technology, which is categorized into Advanced Driver Assistance Systems (ADAS) and higher-level autonomous driving [39][41]. - The domestic policy environment is supportive of the autonomous driving industry, with multiple regulations and incentives in place to promote development [43][44]. Financial Projections - Revenue forecasts indicate a recovery trajectory, with expected revenues of 89.66 billion yuan in 2025, reflecting a growth rate of 27.45% [7][8]. - The company's net profit is projected to grow significantly, with a forecasted increase of 110.17% in 2025 [7]. Competitive Landscape - The company is positioned to leverage partnerships with major players like Geely and AI firms to enhance its technology capabilities and market reach [8][19]. - The report notes that the company’s gross margin is currently below the average of comparable companies, but improvements are anticipated as AI-related businesses develop [32].