Company Overview - Chongqing Qianli Technology Co., Ltd. is located in Beibei District, Chongqing, and was established on December 1, 1997. The company was listed on November 25, 2010. Its main business involves 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 as follows: manufacturing accounts for 98.14%, real estate 0.99%, and others 0.87% [1]. Financial Performance - As of June 30, 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 the parent company was 31.17 million yuan, reflecting a year-on-year increase of 19.00% [2]. - Cumulative cash dividends since the A-share listing amount to 1.406 billion yuan, with no cash dividends distributed in the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Qianli Technology was 58,400, a decrease of 12.63% from the previous period. The average number of circulating shares per person increased by 14.46% to 77,377 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the sixth largest, holding 47.6895 million shares, which is a decrease of 10.628 million shares compared to the previous period [3]. Market Activity - On August 29, Qianli Technology's stock rose by 2.16%, with a trading volume of 868 million yuan. The margin trading data indicated a financing purchase amount of 88.8512 million yuan and a net financing purchase of 13.7116 million yuan for the day. The total margin trading balance reached 1.076 billion yuan [1]. - The financing balance of Qianli Technology as of August 29 was 1.073 billion yuan, accounting for 2.01% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high position [1].

"支持民营企业参与海南自由贸易港建设政策项目推介会"举行 总监制：汤锡朝 监制：傅光锴 审核：刘晓香 责任编辑：黄燕 编辑：吕玉艳 来源：海南日报客户端 冯飞在致辞中代表省委、省政府向出席本次推介会的国家部委和企业界各位嘉宾表示热烈欢迎和衷心感谢。他表示，经党中央批准，今年12月18日海南自 由贸易港将正式启动全岛封关运作。处于改革开放前沿的海南，有着高度开放的政策制度体系、融通中外的合作网络、产业升级的广阔赛道和公平竞争的 营商环境，选择海南就是选择机遇，投资海南就是投资未来。海南对民营经济发展极为重视，坚决贯彻落实习近平总书记在民营企业座谈会上的重要讲话 精神，系统性建设公平、透明、可预期的投资环境，大幅度降低制度性交易成本，确保民营企业在海南办得成事、招得到人、发展得越来越好。诚邀各位 企业家投资布局海南、共享发展机遇，共谱合作共赢的崭新篇章。 国家发展改革委副秘书长肖渭明在致辞中表示，海南自由贸易港肩负着打造我国对外开放新高地的重大历史使命，今年底又将实施全岛封关运作，为各类 经营主体提供了更为广阔的发展空间和投资机会。希望民营企业勇担时代重任，以封关为契机，扎根海南沃土，在服务国家战略中实现自身更大 ...

运营商财经网 李广艳/文 据了解，2024年11月，印奇正式出任千里科技董事长，他上任后将公司的发展重点放在了AI领域，还 将公司名称从力帆科技改为千里科技。不过，目前千里科技正处于转型初期，烧钱确实厉害，不知印奇 是否有压力？ 截至2025年6月30日，千里科技的资产总额约223.96亿元，负债总额约108.34亿元，资产负债率约 48.37%，在行业内不算高，但较上一年同期增加了7.45个百分点。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 据产销快报数据显示，上半年千里科技累计销量为38728辆，较上一年同期增长61.62%。 不管是营收、净利润，还是在销量表现上，千里科技都实现了不小的增长，表面看业绩很出色，但财报 中有一项数据非常扎眼：上半年公司的扣非归母净利润为亏损1.3亿元，同比由盈转亏，下降幅度高达 903.91%，令人吃惊。 为何会下滑得这么严重呢？千里科技在财报中表示，这是因为公司新增智能汽车座舱操作系统研发业 务，研发投入增加，对资产计提减值损失增加以及递延所得税费用增加所致。根据 ...

Market Performance - On August 28, the motorcycle and other sectors rose by 1.2%, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Qianli Technology (601777) closed at 11.57, up 5.86%, with a trading volume of 812,500 shares and a turnover of 917 million yuan [1] - Other notable stocks included Shanghai Phoenix (600679) at 13.43, up 2.21%, and Qianjiang Motorcycle (000913) at 17.15, up 1.84% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 9.4275 million yuan from institutional investors, while retail investors saw a net outflow of 26.3126 million yuan [2] - Conversely, speculative funds recorded a net inflow of 35.7401 million yuan [2] Individual Stock Capital Flow - Qianli Technology had a net inflow of 81.5791 million yuan from institutional investors, while it faced a net outflow of 49.9741 million yuan from retail investors [3] - Nine companies, including Qianli Technology and Jiuhua Company (689009), showed varying degrees of net inflow and outflow from different investor categories [3]

分红方面，千里科技A股上市后累计派现14.06亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，千里科技十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股4768.95万股，相比上期减少1062.80万股。 融资方面，千里科技当日融资买入1.64亿元。当前融资余额10.30亿元，占流通市值的2.08%，融资余额 超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 融券方面，千里科技8月27日融券偿还14.45万股，融券卖出1800.00股，按当日收盘价计算，卖出金额 1.97万元；融券余量23.90万股，融券余额261.23万元，低于近一年30%分位水平，处于低位。 8月27日，千里科技涨0.92%，成交额10.37亿元。两融数据显示，当日千里科技获融资买入额1.64亿 元，融资偿还1.56亿元，融资净买入812.13万元。截至8月27日，千里科技融资融券余额合计10.33亿 元。 资料显示，重庆千里科技股份有限公司位于重庆市北碚区蔡家岗镇凤栖路16号，成立日期1997年12月1 日，上市日期2010年11月25日，公司主营业务涉及乘用车(含新能源汽车)、摩托车、发 ...

深化"AI+车"技术应用，传统与科技双线并行 千里科技(601777) 证券研究报告 摩托车及其他 / 公司点评 / 2025.08.26 投资评级:增持(维持) | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 10.64 | | 流通股本(亿股) | 45.21 | | 每股净资产(元) | 2.33 | | 总股本(亿股) | 45.21 | 最近 12 月市场表现 -5% 34% 74% 113% 153% 192% 千里科技 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 相关报告 1. 《老树新花，千里马拥抱"AI+车"新启 程》 2025-05-18 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | ...

Market Overview - On August 25, the motorcycle and other sectors fell by 0.58%, with Qianli Technology leading the decline [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Key stocks in the motorcycle sector showed varied performance, with Lvtong Technology rising by 5.52% to 36.31 and Qianjiang Motorcycle falling by 0.64% to 17.12 [1] - Qianli Technology closed at 10.64, down 2.65%, with a trading volume of 1.0726 million shares and a transaction value of 1.147 billion [2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 205 million in main funds, while retail investors saw a net inflow of 1.52 billion [2] - Notable capital flows included a net inflow of 699.91 million for Yong'anxing and a net outflow of 253.87 million for Taotao Vehicle [3]

Core Viewpoint - Qianli Technology (601777.SH) reported a significant increase in revenue and net profit for the first half of 2025, driven by growth in its automotive and motorcycle businesses, despite a substantial decline in non-recurring net profit due to increased R&D expenses and asset impairment losses [1][5]. Financial Performance - The company achieved an operating revenue of 4.184 billion yuan, representing a year-on-year increase of 40.04% [2]. - The net profit attributable to shareholders was 31.17 million yuan, up 19.00% compared to the previous year [2]. - The non-recurring net profit attributable to shareholders was -133.5 million yuan, a significant decline of 903.91% year-on-year, primarily due to increased R&D investment in smart automotive cockpit operating systems [2][5]. - The net cash flow from operating activities reached 1.315 billion yuan, a substantial increase of 396.29% year-on-year, supported by revenue growth and increased government subsidies [1][2]. Business Segments - The automotive segment focuses on building a "charging and swapping integration" capability, optimizing product matrices for various scenarios, and enhancing customer value [5]. - The motorcycle segment emphasizes international expansion, strengthening its presence in key global markets, and improving local operational systems [5]. - During the reporting period, the motorcycle business advanced 38 projects, launched 6 new products, and achieved 26 certifications under European standards [5]. Technological Development - The technology segment is positioned as a core growth engine, collaborating with strategic partners to develop intelligent driving assistance and cockpit systems [6]. - Qianli Technology launched the "Qianli Smart Driving 1.0" solution, which includes multiple versions capable of autonomous decision-making and complex interactions [6]. - The company aims to establish itself as a leader in the "AI + vehicle" sector, focusing on smart mobility and developing comprehensive solutions and open platforms [8].

Core Viewpoint - Qianli Technology (601777) reported strong revenue growth in its 2025 mid-year report, with total revenue reaching 4.184 billion yuan, a year-on-year increase of 40.04%, and a net profit of 31.17 million yuan, up 19.0% year-on-year [1] Financial Performance - Total revenue for the second quarter was 2.377 billion yuan, reflecting a 50.32% year-on-year increase [1] - The gross profit margin was 8.29%, down 2.37% year-on-year, while the net profit margin improved to -2.77%, an increase of 23.66% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 209 million yuan, accounting for 5.0% of revenue, a decrease of 50.03% year-on-year [1] - Earnings per share (EPS) was 0.01 yuan, up 21.05% year-on-year, and operating cash flow per share was 0.29 yuan, a significant increase of 396.29% year-on-year [1] Debt and Liquidity - The company faces increased short-term debt pressure, with a current ratio of 0.87 [1] - Cash assets are reported to be healthy, with cash and cash equivalents amounting to 3.237 billion yuan, a 56.60% increase year-on-year [2] - The total interest-bearing debt decreased by 13.85% year-on-year to 1.783 billion yuan [1] Business Model and Operational Insights - The company's performance is primarily driven by research and marketing efforts, necessitating further investigation into the underlying drivers of these efforts [3] - Historical data indicates a median Return on Invested Capital (ROIC) of 1.96% over the past decade, with a notably poor ROIC of -19.04% in 2019 [1] Analyst Expectations - Analysts project a net profit of 80.51 million yuan for 2025, with an average EPS forecast of 0.02 yuan [5] Fund Holdings - The largest fund holding Qianli Technology is Wanji Zhongzheng 1000 Index Enhanced A, with 1.6363 million shares newly entering the top ten holdings [6]

汽车板块，公司聚焦构建"充换电一体化"核心能力体系，持续优化多场景适配的产品矩阵与全生命周期 的服务体系，提升市场响应能力与客户价值。报告期内，睿蓝汽车锚定"可充可换"多元补能方式，战略 整合研发资源，与生态伙伴共同构建统一高效的正向研发平台。 8月22日晚间，千里科技（601777）发布2025年中报，上半年，得益于汽车业务与摩托车业务的强劲增 长，公司实现营业收入41.84亿元，同比增长40.04%；归母净利润3117.08万元，同比增长19.00%；报告 期内，经营活动产生的现金流量净额13.15亿元，同比大增396.29%；为公司后续发展提供了坚实的资金 保障。 上半年，汽车与摩托车市场需求旺盛，公司精准把握行业机遇，通过产品优化、渠道拓展及供应链效率 提升，推动两大核心业务销量实现突破式增长，成为收入大幅攀升的核心动力。 报告期内，公司聚焦"AI+车"核心战略，锚定智能制造产业核心赛道，积极把握人工智能发展机遇，旨 在打造面向全球市场的智能出行科技品牌，以AI赋能出行与生活，推动科技普惠大众。 此外，公司以科技业务作为核心增长引擎，协同战略合作伙伴，重点深耕智能辅助驾驶与智能座舱领 域，共同打造面向 ...