Market Overview - On September 18, the motorcycle and other sectors experienced a decline of 0.13%, with Chunjin Power leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable stock performances included: - Taotao Industry (301345) rose by 9.44% to close at 242.51 with a trading volume of 30,900 lots and a turnover of 749 million [1] - Qianli Technology (601777) increased by 7.49% to 12.77 with a trading volume of 1,353,100 lots and a turnover of 172.6 million [1] - Chunjin Power (603129) fell by 4.22% to 278.07 with a trading volume of 40,400 lots and a turnover of 1.161 billion [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 246 million from main funds, while retail investors contributed a net inflow of 136 million [2] - The capital flow for specific stocks showed: - Qianli Technology had a main fund net inflow of 101 million, while retail saw a net outflow of 43.32 million [3] - Aima Technology (603529) experienced a main fund net inflow of 15.46 million, with retail investors contributing a net inflow of 171.18 million [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has shown significant growth in revenue and net profit in the first half of 2025, with revenue reaching 4.184 billion yuan, a 40% year-on-year increase, and net profit attributable to shareholders at 31 million yuan, a 19% increase [3][4]. - The company is undergoing a strategic transformation towards "AI + Vehicle," which has led to increased R&D investments, particularly in smart automotive cockpit systems [3][4]. - The company is planning to issue H shares for listing on the Hong Kong Stock Exchange, which is expected to enhance its international brand image and expand financing channels [5]. Financial Performance - The company achieved a revenue of 4.184 billion yuan in H1 2025, with a year-on-year growth of 40% driven by increased sales in automotive and motorcycle segments [3]. - The net profit attributable to shareholders was 31 million yuan, reflecting a 19% increase, although the non-recurring profit showed a decline due to increased R&D expenses and asset impairment losses [3][4]. - The company forecasts revenues of 8.763 billion yuan, 10.531 billion yuan, and 12.700 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 24.56%, 20.17%, and 20.60% [6][10]. R&D and Technological Advancements - The company has made significant progress in smart driving and intelligent cockpit technologies, launching the "Qianli Smart Driving 1.0" solution and planning future releases of advanced driving systems [4]. - The establishment of a joint venture for smart driving solutions with Geely has led to the successful integration of their systems into multiple production models [4]. Future Outlook - The company is expected to continue its growth trajectory, with net profit projections of 87 million yuan, 171 million yuan, and 239 million yuan for 2025, 2026, and 2027 respectively, indicating substantial growth potential [6][10].

Company Overview - Qianli Technology Co., Ltd. is located in Beibei District, Chongqing, established on December 1, 1997, and listed on November 25, 2010. The company primarily engages in the research, production, and sales (including exports) of passenger vehicles (including new energy vehicles), motorcycles, engines, and general gasoline engines, as well as financial investments. The revenue composition is 98.14% from manufacturing, 0.99% from real estate, and 0.87% from other sources [1]. Stock Performance - On September 17, Qianli Technology's stock rose by 2.07%, reaching a price of 11.82 yuan per share, with a trading volume of 392 million yuan and a turnover rate of 0.75%. The total market capitalization is 53.439 billion yuan [1]. - Year-to-date, the stock price has increased by 54.51%, with a 5-day increase of 5.72%, a 20-day increase of 5.16%, and a 60-day increase of 32.36% [1]. Financial Performance - For the first half of 2025, Qianli Technology achieved an operating income of 4.184 billion yuan, representing a year-on-year growth of 40.04%. The net profit attributable to shareholders was 31.1708 million yuan, up by 19.00% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders is 58,400, a decrease of 12.63% from the previous period. The average number of circulating shares per person is 77,377, an increase of 14.46% [2]. - The company has cumulatively distributed 1.406 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 47.6895 million shares, a decrease of 10.628 million shares compared to the previous period [3].

Core Viewpoint - Qianli Technology (601777) is planning to issue H-shares to enhance its global strategy and international brand image, which will further promote its overseas business development [1][3]. Group 1: H-Share Listing Plans - The company is currently planning to issue H-shares and list on the Hong Kong Stock Exchange to deepen its global strategy and accelerate overseas business development [1][3]. - Qianli Technology is actively discussing the relevant work for this issuance with intermediary institutions, and specific details are yet to be determined [1]. Group 2: Business Performance - In the first half of 2025, Qianli Technology achieved a revenue of 4.184 billion yuan, representing a year-on-year growth of 40.04%, and a net profit attributable to shareholders of 31.17 million yuan, up 19% year-on-year [4]. - The company reported significant growth in sales for both its automotive and motorcycle businesses, with automotive sales reaching 11,067 units in August 2025, a year-on-year increase of 168.55% [4][6]. - Cumulatively, from January to August 2025, the total sales reached 60,017 units, reflecting a year-on-year growth of 85.8% [4][6].

Core Viewpoint - Qianli Technology is planning to issue H-shares for overseas listing on the Hong Kong Stock Exchange to enhance its global strategy, accelerate overseas business development, and improve its international brand image while considering shareholder interests and market conditions [2] Financial Performance - In the first half of the year, Qianli Technology reported a revenue of 4.184 billion yuan, a year-on-year increase of 40.04% [2] - The net profit attributable to shareholders was 31.17 million yuan, reflecting a year-on-year growth of 19% [2] Sales Performance - In August, Qianli Technology sold 11,067 vehicles, marking a year-on-year increase of 168.55% [2] - Cumulatively, the company sold 60,017 vehicles this year, representing a year-on-year growth of 85.8% [2] - The sales of new energy vehicles in August were 1,536 units, showing a year-on-year decline of 15.93% [2] - Year-to-date, the sales of new energy vehicles reached 22,064 units, with a year-on-year increase of 61.27% [2]

Core Viewpoint - Qianli Technology (601777.SH) announced plans for an initial public offering (IPO) of H-shares and listing on the Hong Kong Stock Exchange, marking a strategic shift towards smart automotive and AI technology under the leadership of co-founder Yin Qi starting November 2024 [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.184 billion yuan, representing a year-on-year growth of 40.04%, primarily driven by increased sales in the automotive and motorcycle sectors [1] - The company reported a non-recurring net profit loss of 134 million yuan, which expanded by 903.91% year-on-year [1] - Research and development expenses significantly increased by 59.67%, indicating a strong focus on innovation and technology development [1] - Asset impairment losses amounted to 145 million yuan during the reporting period [1] Cash Flow and Government Support - The company's cash flow from operating activities showed significant improvement, with a net inflow of 1.315 billion yuan, a year-on-year increase of 396.29%, largely due to improved revenue collection and government subsidies received [1]

南方财经9月15日电，千里科技(601777.SH)9月13日宣布筹划首次公开发行H股并在香港联交所主板上 市。旷视科技联合创始人印奇2024年11月起任公司董事长，推动业务向智能汽车与AI技术方向转型， 2025年2月公司更名为"千里科技"。2025上半年，公司实现营业收入41.84亿元，同比增长40.04%，主要 受益于汽车与摩托车业务销量增长。但扣非归母净利润仍亏损1.34亿元，同比扩大903.91%。报告期公 司研发费用大幅增加59.67%，资产减值损失1.45亿元。公司经营活动现金流显著改善，净流入13.15亿 元，同比增长396.29%，主要受益于营收回款改善及政府补助到账。 ...

Core Viewpoint - Qianli Technology is planning to issue H-shares for its initial public offering (IPO) in Hong Kong to enhance its global strategy, accelerate overseas business development, and improve its international brand image [1][2]. Group 1: IPO Details - The company plans to issue no more than 15% of its total share capital post-IPO, excluding any over-allotment options [2]. - The funds raised will be used for AI strategy implementation, enhancing R&D capabilities, upgrading AI products, integrating supply chain resources, and expanding sales and service networks [1][3]. Group 2: Strategic Context - The move to go public in Hong Kong aligns with the trend of domestic automotive brands seeking international visibility and competitiveness [4]. - Qianli Technology's recent strategic shift focuses on "AI + vehicle" integration, with a strong emphasis on smart driving and intelligent cockpit technologies [5][6]. Group 3: Financial Performance - As of mid-2023, Qianli Technology reported total assets of 22.396 billion and total liabilities of 10.834 billion, resulting in a debt-to-asset ratio of 48.37% [3]. - The company achieved a revenue of 4.184 billion in the first half of the year, marking a year-on-year increase of 40.04%, with a net profit of 31.17 million, up 19% [6]. - In the first eight months of the year, the company sold approximately 60,000 vehicles, reflecting a year-on-year growth of 85.80% [6].

Group 1 - The company, formerly known as Lifan Technology, was established in 1992 and became the first private passenger car enterprise listed on the Shanghai Stock Exchange in 2010 [1] - In February 2025, the company officially changed its name to "Qianli Technology," marking a new phase of development focused on intelligence and internationalization [1] - The core strategy of the company is centered around "AI + Vehicle," aiming to innovate its industrial development model and create a global smart mobility technology brand [1] Group 2 - The company's core business is divided into two main segments: terminal business and technology business, covering motorcycles and automobiles [1] - The terminal business includes motorcycle brands "Lifan" and "Paifang," as well as the new energy vehicle brand "Ruilan," forming a diversified product matrix [1] - The technology business focuses on developing industry-leading smart driving and smart cockpit solutions, establishing an AI intelligent travel open platform [1] Group 3 - The company is actively discussing the issuance and listing process with relevant intermediaries, considering shareholder interests and market conditions [1] - The company plans to complete the issuance and listing at an appropriate time within the validity period of the shareholders' meeting resolution [1]

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [3]. Group 1: Company Announcement - On September 12, 2025, the company will hold a board meeting to review the proposal for the initial public offering of H-shares [1]. - The company is currently discussing the relevant work for the issuance and listing with intermediaries, but specific details have not yet been determined [3]. - The issuance and listing are subject to approval from the shareholders' meeting and regulatory bodies, including the China Securities Regulatory Commission [3]. Group 2: Financial Performance - In the first half of 2025, the company achieved total revenue of 4.184 billion yuan, a year-on-year increase of 40.04% [4]. - The net profit attributable to shareholders was 31.17 million yuan, up 19.00% year-on-year, while the non-recurring net profit showed a loss of 134 million yuan compared to a profit of 16.61 million yuan in the same period last year [4]. - The growth in revenue is primarily driven by increased sales in the automotive and motorcycle sectors [4]. Group 3: Production and Sales Data - In August 2025, the company produced 1,144 new energy vehicles, a year-on-year increase of 113.83%, with cumulative production reaching 9,002 units, up 133.58% [4]. - Sales of new energy vehicles in August were 1,536 units, a year-on-year decrease of 15.93%, while cumulative sales reached 22,100 units, an increase of 61.27% [4]. - Overall, the total production in August was 10,000 units, a year-on-year increase of 234.86%, and total sales were 11,100 units, up 168.55% year-on-year [4].