从因不能清偿到期债务而被司法重整的"ST力帆"，到引入吉利后的"力帆科技"，再到旷视科技创始人印 奇加入后摇身一变成为"千里科技"，近5年间的601777无疑在资本市场完成了一场"蜕变"。在印奇加入 后的一年时间内，在智驾、"AI+车"等概念加持下的千里科技市值涨了近2倍。 截至今年上半年，千里科技主营业务仍是汽车和摩托车，所谓的智驾、智舱和Robotaxi业务仍未对其贡 献任何收入。而且在当下的智驾行业，市场格局正在不断收敛，第一梯队"地大华魔"（华为、 Momenta、地平线、大疆）已经占据了相当大的市场声量。虽然深度绑定了吉利，但是千里科技能否在 激烈的市场竞争中闯出来还是未知数，能否兑现现在的超800倍市盈率也需打个问号。 10月16日，千里科技向香港联交所递交了在香港联交所主板上市的申请，并于同日在香港联交所网站刊 登了本次发行上市的申请资料。近700页的上市申请资料，还揭示了这家突然"冒"出来的智驾新玩家的 更多挑战。 来源：第一财经 【#李书福豪赌印奇#】#客户与供应商重度依赖吉利# 奔驰13.42亿元入股、吉利控股集团董事长李书福 站台、申请香港联交所主板上市……近一个月来，千里科技（6017 ...

超800倍市盈率的千里科技是谁？ 奔驰13.42亿元入股、吉利控股集团董事长李书福站台、申请香港联交所主板上市……近一个月来，千 里科技（601777.SH）这一连串的大动作让这家名不见经传的企业强势闯入大众视野。 从因不能清偿到期债务而被司法重整的"ST力帆"，到引入吉利后的"力帆科技"，再到旷视科技创始人印 奇加入后摇身一变成为"千里科技"，近5年间的601777无疑在资本市场完成了一场"蜕变"。在印奇加入 后的一年时间内，在智驾、"AI+车"等概念加持下的千里科技市值涨了近2倍。 截至今年上半年，千里科技主营业务仍是汽车和摩托车，所谓的智驾、智舱和Robotaxi业务仍未对其贡 献任何收入。而且在当下的智驾行业，市场格局正在不断收敛，第一梯队"地大华魔"（华为、 Momenta、地平线、大疆）已经占据了相当大的市场声量。虽然深度绑定了吉利，但是千里科技能否在 激烈的市场竞争中闯出来还是未知数，能否兑现现在的超800倍市盈率也需打个问号。 10月16日，千里科技向香港联交所递交了在香港联交所主板上市的申请，并于同日在香港联交所网站刊 登了本次发行上市的申请资料。近700页的上市申请资料，还揭示了这家突然" ...

Core Viewpoint - Qianli Technology has submitted an application for an IPO on the Hong Kong Stock Exchange to accelerate its "AI+Mobility" strategy after completing the consolidation of Qianli Intelligent Driving [2][4] Group 1: Company Strategy and Transformation - Qianli Technology's revenue has historically come from automotive and motorcycle manufacturing, accounting for over 85% of its income, but the company is now transitioning to an AI-centric model [4] - The company aims to provide a closed-loop solution in "AI+Mobility," focusing on smart driving, smart cockpit, and Robotaxi as core areas [5][9] - The establishment of Chongqing Qianli Intelligent Driving Technology Co., Ltd. is a key step in advancing the "AI+Car" strategy [10] Group 2: Product Development and Offerings - In the smart driving sector, Qianli Technology offers a full-stack solution driven by RLM (Reinforcement Learning-Multi-Modal) models, capable of achieving L2 to L4 levels of autonomous driving [7] - The company plans to release its L3 smart driving solution in Q4 of this year and aims to launch the L4 Robotaxi solution by the second half of 2026 [7] - The smart cockpit business leverages multi-modal interaction models and AI-native Agent OS for natural voice/visual interaction and personalized recommendations [7] Group 3: Financial Aspects and Funding - Qianli Technology aims to use the funds raised from the IPO to enhance R&D capabilities and develop "AI+Mobility" products, including testing and deploying autonomous driving systems [13] - The company reported that Qianli Intelligent Driving achieved a revenue of 902,400 yuan and a net loss of 294 million yuan as of the end of August [12] - The IPO is seen as a means to secure funding for the costly R&D required in the autonomous driving sector, which has not yet reached profitability [13]

Core Viewpoint - After multiple changes in its main business, Megvii Technology has finally entered the promising field of intelligent vehicles, aligning itself with Geely, a leading automotive company, to become part of Geely's intelligent driving ecosystem [1][2]. Business Evolution - Megvii Technology, originally known for facial recognition, has undergone several strategic shifts, including a focus on IoT and logistics, before pivoting to intelligent driving [2][4]. - The company was previously known as Lifan Technology, which had exited the automotive market, and its automotive business is now primarily managed by Geely's team [2][6]. - In August 2023, Geely announced the integration of its intelligent driving teams into Megvii, marking a significant consolidation in the sector [2][10]. Market Position and Challenges - The intelligent driving market is becoming increasingly competitive, with established players already deeply integrated with automotive manufacturers, leaving limited opportunities for new entrants like Megvii [3][13]. - Megvii's ambition to become a Tier 1 supplier in the global intelligent driving market faces significant hurdles due to its lack of production experience and established technology compared to leading companies [2][10][11]. Financial Performance - Megvii's financial data shows a decline in revenue from 86.27 billion in 2022 to 66.98 billion in 2023, with a slight recovery to 69.64 billion in 2024, while the company has faced continuous losses [11][12]. - In the first half of 2025, Megvii reported a revenue of 41.49 billion, a 40% increase year-on-year, but also noted an expanded loss of 1.16 billion [12]. Strategic Goals - Megvii plans to release L3 intelligent driving solutions by the end of 2025 and L4 solutions for Robotaxi by mid-2026, although achieving these goals is considered highly challenging given its current capabilities [5][10]. - The company aims to enhance its AI technology and product offerings, integrate its supply chain, and expand its sales network through its upcoming H-share listing [14]. Industry Dynamics - The intelligent driving sector is witnessing a consolidation trend, with major automotive companies increasingly investing in established suppliers, making it difficult for newcomers like Megvii to gain traction [13][15]. - The competitive landscape is dominated by firms like Huawei and Momenta, which have established strong partnerships with major automotive manufacturers, limiting Megvii's market opportunities [15][16].

一系列迅猛的资本操作，将一家名不见经传的AI公司和破产的传统车企，组合成了智能驾驶赛道的"现象级玩家"。 8月，吉利控股集团宣布将旗下极氪智驾团队、吉利研究院智驾团队、迈驰智行并入千里智驾。9月25日，奔驰数字技术以13亿元获得千里科技 (601777.SH)3%股份。9月28日，千里科技在重庆举办品牌发布会，表示要成为全球汽车行业Tier1，在全球智驾市场中做到"三分天下有其一"。 但这份雄心壮志背后，是一系列看起来相当"魔幻"的组合：千里科技前身为力帆科技，更早之前是力帆汽车，该品牌早已退出汽车市场，其汽车业务主要由 吉利团队操刀；而后旷视科技加入，旷视科技是一家以人脸识别起家的AI公司，经历多次主业战略调整，于2021年成立智驾品牌迈驰智行，但至今并没有 多少量产经验，在智驾算法能力方面，亦与当前的头部智驾公司相比存在差距。 当前智能驾驶领域的格局初定，整车企业均已深度绑定不同的智能驾驶供应商，进入"绑定即锁定、量产即生死"的存量博弈阶段，留给新玩家的空白席位少 之又少。千里科技面临的现实困境，远比其发布会上的宣言要更为沉重。 10月16日，千里科技发布公告称，已向香港联交所递交了发行境外上市股份（H股 ...

Market Overview - The shared economy sector experienced a decline of 3.23% on October 17, with Jinbei Electric leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Haiqi Group (603069) closed at 24.30, up 1.17% with a trading volume of 265,700 shares and a transaction value of 652 million [1] - Jinbei Electric (002533) saw a significant drop of 7.51%, closing at 11.82 with a trading volume of 448,300 shares and a transaction value of 544 million [2] - Other notable declines include Chang'an Automobile (000625) down 6.38% and Wan'an Technology (002590) down 6.47% [2] Capital Flow Analysis - The shared economy sector saw a net outflow of 3.955 billion in main funds, while retail investors contributed a net inflow of 2.72 billion [2][3] - The table of capital flow indicates that Siwei Tuxin (002405) had a main fund net inflow of 51.2572 million, while Haiqi Group (603069) experienced a net outflow of 12.71 million [3]

近期，有市场传闻称，具身智能创业公司一星机器人(OneStar)宣布解散。据第一财经确认，该公司确实处于解散阶段，"有吉利背景的相关人员已经基本撤 出"。 10月17日，智通财经查询一星机器人公众号，已无内容显示。 天眼查APP显示，苏州一星机器人有限公司成立于2025年5月9日，注册资本1000万人民币，控股股东为苏州吉星高照企业管理合伙企业(有限合伙)，实际控 制人为吉利集团创始人李书福的儿子李星星。他也是浙江吉利控股集团有限公司的股东和监事。 一星机器人公司的成立，曾被认为是吉利布局机器人领域的重要落子。在2025世界人工智能大会上，吉利汽车集团副总裁、吉利汽车研究院院长李传海曾表 示，吉利有望从一家车企转变为中国乃至全球最大的机器人公司。 据媒体此前报道，一星机器人公司董事长潘运滨来自吉利体系内部，曾担任吉利卫星板块总裁，现任吉利半导体公司CEO，具备丰富的产业运营与科技创新 经验。技术团队则以年轻的硕博人才为核心，成员来自斯坦福、伯克利、牛津、帝国理工、清华等高校。 得益于身后强大的资本背景和团队资源等因素，一星机器人曾完成了两轮融资。 今年8月，一星机器人宣布完成"亲友轮"融资，本轮融资由曹操出行 ...

面对这一战略性机遇，千里科技以 AI 技术为核心驱动力，致力于构建从技术研发、产品设计到运营服 务的全链路体系，加速推动 Robotaxi 业务布局。基于在智能驾驶、智能座舱与整车制造等领域的全面 布局，千里科技正在面向 Robotaxi 场景打造行业领先的全栈式端到端智能出行解决方案。 成都作为国家首批智能网联汽车"车路云一体化"应用试点城市，在政策支持、产业基础与场景开放等方 面具备综合优势。 此次合作，不仅标志着千里科技在推动 Robotaxi 规模化商业落地中迈出了关键一步，也将有力促进中 国西南地区智能网联汽车产业生态的完善与升级。 近日，千里科技与成都市人民政府正式签署战略合作协议，双方将围绕智能网联汽车产业的创新发展， 共同构建产业新生态，拓展城市示范应用场景。根据计划，双方将联合开展涵盖出行定制、城市配送、 物流运输等领域的智能网联示范运营，在多元化的城市应用场景部署领先的智能出行解决方案。作为该 项合作的重要组成部分，双方将重点建设 Robotaxi 运营服务体系，共同打造安全、便捷、高效的智能 出行服务与体验。 当前，随着智能驾驶技术不断成熟、配套政策持续放开以及车队运营成本稳步下降，中国 ...

Group 1 - Cangzhou Mingzhu's controlling shareholder is set to change to Guangzhou State-owned Assets Supervision and Administration Commission, acquiring 19.58% voting rights through the transfer of 167 million shares [1] - Guotou Fengle's application for a private placement of shares has been approved by the Shenzhen Stock Exchange, moving forward to the registration process with the China Securities Regulatory Commission [1] - Hunan Baiyin plans to adjust its share repurchase price ceiling to 8 CNY per share, with a total repurchase fund between 92.6 million and 123 million CNY [2] Group 2 - Zancore's shareholders plan to reduce their holdings by up to 2.71% of the company's total shares, amounting to 324,790 shares [3] - Tongfu Microelectronics intends to reduce its holdings by up to 1% of the total shares, equating to 15,176,000 shares [4] - Huajin Capital's shareholder plans to reduce holdings by up to 3% of the total shares, which is 10,341,200 shares [5] Group 3 - Ansheng Technology and partners are establishing a joint venture with a registered capital of 788 million CNY for a battery recycling project [6] - Huaten Technology plans to acquire 100% of Huayi Microelectronics through a combination of cash and stock issuance [7] - CICC has received approval to register a 10 billion CNY technology innovation corporate bond [9] Group 4 - Taijia shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 755,210 shares [10] - Nanfang Energy expects a net profit of 342 million CNY for the first three quarters, a year-on-year increase of 125.08% [12] - Shunbo Alloy's shareholders plan to reduce their holdings by up to 2.05% of the total shares, which is 1,372,900 shares [14] Group 5 - Shenzhen Energy is participating in the establishment of a 1 billion CNY renewable energy industry fund, focusing on investments in various energy sectors [15] - China Electric Port's shareholders plan to reduce their holdings by up to 1% of the total shares, which is 759,900 shares [16] - Liangpinpuzi's controlling shareholder's transfer of control has been terminated due to unmet conditions [17] Group 6 - Jingsheng Electromechanical's five executives plan to reduce their holdings by up to 277,620 shares, which is 0.21% of the total shares [19] - Shaoneng shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 31,444,100 shares [20] - Xiaoming shares' shareholders plan to reduce their holdings by up to 2.97% of the total shares, which is 557,030 shares [21] Group 7 - Fangzheng Electric's shareholders and executives plan to reduce their holdings by up to 3.37% of the total shares [22] - Hainan Huatie is under investigation by the CSRC for suspected information disclosure violations [23] - Qianli Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange [25]

10月16日，千里科技发布《关于向香港联交所递交H股发行上市的申请并刊发申请资料的公告》，披露公司已于10月16日向香港联交所递交发 行境外上市股份（H股）并在香港联交所主板上市的申请，且同日在香港联交所网站刊登了本次发行上市的申请资料。 过去，千里科技的收入主要来自销售汽车、摩托车以及通用机械等其他产品。目前，千里科技已推出技术解决方案，主要包括智能驾驶、智能 座舱解决方案及Robotaxi解决方案： 智能驾驶：千里科技提供由独特的RLM（强化学习—多模态）模型驱动的全栈智能驾驶解决方案。千里科技的产品组合包括垂直AI模型、软 件、硬件及闭环数据系统，以在复杂的交通场景中实现L2至L4级自动驾驶。 智能座舱：凭借专有的多模态交互模型及AI原生AgentOS，千里科技的智能座舱解决方案可提供自然用户交互（NUI）体验—一种直观的交互 系统，使用户能够透过包括语音及视觉的自然模态与车辆进行交流。千里科技的智能座舱解决方案亦融入先进的硬件，包括高清显示器、高级 音响系统及其他最先进的硬件。该人性化智能环境以自然且具情感回应的方式与乘客互动，识别情绪并根据个人喜好定制。透过将智能与情感 感知相结合，千里科技的智能座 ...