证券代码：601777 证券简称：千里科技 公告编号：2025-043 重庆千里科技股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 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。 重要内容提示： ● 截至本公告披露日，重庆千里科技股份有限公司（以下简称"公司"） 持股 5%以上股东重庆江河汇企业管理有限责任公司（以下简称"江河汇"）持 有公司股份 900,000,000 股，占公司总股本的 19.91%。 ● 江河汇本次解除质押 271,182,565 股，占公司总股本的 6.00%。本次股 份解除质押后，江河汇累计质押股份 402,762,431 股，占公司总股本的 8.91%， 占其持股比例的 44.75%。 公司于 2025 年 6 月 9 日收到持股 5%以上股东江河汇通知，其质押给重庆农 村商业银行股份有限公司两江分行的部分公司股份已于 2025 年 6 月 6 日在中国 证券登记结算有限责任公司办理完成股份质押登记解除手续，具体情况如下： | 股东名称 | 江河汇 | | --- | --- | | 本 ...

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： ● 截至本公告披露日，重庆千里科技股份有限公司（以下简称"公司"） 持股 5%以上股东重庆江河汇企业管理有限责任公司（以下简称"江河汇"）持 有公司股份 900,000,000 股，占公司总股本的 19.91%。 ● 江河汇本次解除质押 271,182,565 股，占公司总股本的 6.00%。本次股 份解除质押后，江河汇累计质押股份 402,762,431 股，占公司总股本的 8.91%， 占其持股比例的 44.75%。 证券代码：601777 证券简称：千里科技 公告编号：2025-043 重庆千里科技股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 | 股东名称 | 江河汇 | | --- | --- | | 本次解除质押股份 | 271,182,565 | | 占其所持股份比例 | 30.13% | | 占公司总股本比例 | 6.00% | | 解除质押时间 | 2025 年 6 月 6 日 | | 持股数量 | 900,000,000 | | 持 ...

Core Insights - The article discusses a recurring business phenomenon where once-prominent international brands like FILA, Arc'teryx, Volvo, and Wirtgen experience decline in their home markets, leading to low-cost acquisitions by Chinese companies such as Anta, Geely, and China Railway, which then revitalize these brands, resulting in soaring sales and market value [1][2][3] Group 1: Acquisition Stories - Anta acquired FILA's China business for approximately HKD 600 million in 2009, transforming it from a loss-making brand to a profit generator with annual revenue exceeding CNY 20 billion and over 2,000 stores [2] - Geely's acquisition of Volvo for USD 1.8 billion in 2010 led to a tenfold increase in its market value, with sales rising from 450,000 to 700,000 vehicles, significantly driven by the Chinese market [2] - China Railway's low-cost acquisition of Wirtgen's technology allowed it to become a global leader in the shield tunneling machine market, showcasing a shift from a technology follower to a leader [2][3] Group 2: Decline of International Brands - International brands like Volvo, FILA, Arc'teryx, and Wirtgen face structural decline due to reduced demand in the aging and conservative European and American markets, leading to a loss of growth potential [3][5] - The financial crisis of 2008 severely impacted Volvo's sales, while FILA struggled with limited channels and a shrinking consumer base in Europe [3][5] Group 3: Revitalization in China - The Chinese market is characterized as a unique "amplifier" for international brands, with a large and expanding middle class driving demand for quality and brand [5][6] - China's superior channel capabilities and retail networks, along with the rise of e-commerce platforms, enable brands to reach broader consumer bases [5][6] - The complete industrial chain and cost efficiency in China facilitate the rebirth of these brands, allowing for significant reductions in production costs and increased profit margins [5][6] Group 4: Growth Mechanism - The success of these acquisitions is attributed to the ability of Chinese companies to effectively reposition and operate the acquired brands, transforming them to meet new market demands [7][8] - The growth strategy involves redefining brand positioning, expanding product lines, and leveraging China's manufacturing advantages to reduce costs [8][9] - Chinese companies excel in utilizing modern marketing strategies, such as social media and live streaming, to enhance brand visibility and consumer engagement [9] Group 5: Future Trends - The article predicts that the trend of "snake swallowing elephant" acquisitions will continue, driven by the structural shifts in global economic power and the rebalancing of brand value chains [10][11] - The future will see Chinese companies acting as accelerators for global brand growth, moving beyond mere acquisitions to comprehensive brand revitalization [12][13]

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 ...

Core Insights - The company, Qianli Technology (601777), reported significant growth in its production and sales of new energy vehicles (NEVs) and other vehicle models for May 2025 [1] Production Summary - In May 2025, the company produced 1,185 NEVs, representing a year-on-year increase of 68.56% [1] - The production of other vehicle models reached 5,368 units, showing a substantial year-on-year growth of 324.35% [1] Sales Summary - The sales of NEVs in May 2025 amounted to 3,463 units, which is a remarkable year-on-year increase of 95.65% [1] - Sales of other vehicle models were 4,578 units, reflecting an impressive year-on-year growth of 604.31% [1]

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 ...