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 ...

中新网重庆5月27日电 (梁钦卿)《重庆市北碚区智能网联新能源汽摩产业发展白皮书》(下称《白皮 书》)27日对外公布。《白皮书》中发布了重庆北碚推进智能网联新能源汽摩产业发展的6大机会清单， 项目总规模达225亿元。 顺多利机车有限责任公司，工人正在生产线上忙碌。秦廷富 摄 "从传统制造迈向智能制造，数字化转型已不是'选择题'，而是关乎企业生存与发展的'必答题'。"重庆 顺多利机车有限责任公司董事长周继群表示，大数据、人工智能、物联网等数字技术的飞速发展，为制 造业带来全新可能，该企业通过数字化技术实现生产流程高度自动化，大幅提高生产效率，缩短产品交 付周期，让"老树发新枝"。 当前，北碚区通过龙头带动、产业协同和技术创新，现已集聚100余家零部件企业，覆盖电机、电控、 传感器等120余个品类，构建了汽摩零部件制造集群。同时，当地锚定高端化、智能化、绿色化，辐射 西南、链接全国，致力打造成渝智能网联新能源汽车产业新高地、全国高端摩托车制造示范基地。(完) 作为重庆汽车行业的"新秀"企业，千里科技旗下的睿蓝汽车2024年全年销量创历史新高，达59094辆。 在出海方面，睿蓝在东南亚、中东、东欧、拉美等海外市场积 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a significant year-on-year increase in performance for Q1 2025, with revenue reaching 1.807 billion yuan, up 28% year-on-year, and a net profit attributable to shareholders of 20 million yuan, up 30% year-on-year [5][6] - The "AI + Car" strategy is being effectively advanced, with partnerships established for smart driving systems and intelligent cockpits [6] - The company is expected to achieve revenues of 9.238 billion yuan, 12.355 billion yuan, and 15.478 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31.31%, 33.75%, and 25.28% [7] Company Overview - The latest closing price of the company's stock is 8.93 yuan, with a total market capitalization of 40.4 billion yuan [3] - The company has a total share capital of 4.521 billion shares and a debt-to-asset ratio of 46.3% [3] Financial Performance - In 2024, the company achieved a revenue of 7.035 billion yuan, a 4% increase year-on-year, and a net profit of 40 million yuan, a 65% increase year-on-year [5] - The company sold a total of 57,777 passenger vehicles, including 24,525 new energy vehicles, in 2024 [7] - The company plans to accelerate its intelligent cockpit business in 2025, focusing on technological innovations in areas such as 3D mapping and AI voice interaction [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a significant year-on-year increase in Q1 2025 performance, with revenue reaching 1.807 billion yuan, up 28% year-on-year, and a net profit attributable to shareholders of 20 million yuan, up 30% year-on-year [6][8] - The "AI + Car" strategy is being effectively implemented, with a focus on smart driving systems and intelligent cockpits [7] - The company is expected to achieve revenues of 9.238 billion yuan in 2025, with a year-on-year growth of 31.31%, and a net profit of 89.45 million yuan, reflecting a growth of 123.54% [8][9] Financial Performance - In 2024, the company achieved a revenue of 7.035 billion yuan, a 4% increase year-on-year, and a net profit of 40 million yuan, a 65% increase year-on-year [6] - The company sold a total of 57,777 passenger vehicles in 2024, with revenue from passenger vehicles amounting to 4.217 billion yuan, a 13% increase year-on-year [8] - The company plans to accelerate its smart cockpit business in 2025, focusing on technological innovations in 3D mapping, AI voice, and immersive entertainment experiences [7]

以下文章来源于晚点对话 ，作者程曼祺 千里科技董事长 印奇 Business model is the best model. 文 丨 程曼祺 编辑 丨 宋玮 今年 37 岁的印奇，已经 AI 创业 14 年。他刚渡过了至暗时刻。 半年多前，印奇在 2011 年创立的旷视科技已卡在科创板上市流程超过 3 年。很多人都在等靴子落 地：这个昔日的 "AI 天才少年" 将如何收场？ 一个意外转机此时出现，印奇在去年 7 月入股上市公司力帆科技， 后于去年底出任力帆科技董事长 。今年 2 月，力帆正式更名千里科技。 千里背后原有两大股东——吉利集团和地方政府。股权结构调整后，千里的新目标是聚焦 "AI + 车"， 成为汽车智能化头部供应商。这延续了旷视未能实现的商业闭环：做与硬件终端结合的 AI，让 AI 走 向 Robotics。 晚点对话 . 最一手的商业访谈，最真实的企业家思考。 这不是一次轻装上阵的重新出发。作为上一批 "AI 四小龙" 的创始人之一，印奇带着太多过去的经验 与挫折：从年少成名、高歌猛进、被资本追捧，再到公司被美国制裁、两次上市遇阻、苦寻商业化未 果——他完整经历了上一轮 AI 周期的起落。 ...