证券代码：601777 证券简称：千里科技 公告编号：2025-064 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： ? 会议召开时间：2025 年 09 月 08 日 （星期一） 09:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 09 月 02 日 （星期二） 至 09 月 05 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tzzqb@qianli-ai.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 重庆千里科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 08 日（星期一）09:00-10:00 举行 2025 年半年度 ...

证券代码：601777 证券简称：千里科技 公告编号：2025-064 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 重庆千里科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 投资者可于 2025 年 09 月 02 日 （星期二） 至 09 月 05 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tzzqb@qianli-ai.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 重庆千里科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 08 日（星期一）09:00-1 ...

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].

Core Insights - The conference aimed to promote private enterprises' participation in the construction of Hainan Free Trade Port, emphasizing the opportunities and future investments in Hainan [1][3] Group 1: Government Initiatives - Hainan Free Trade Port will officially start full island closure operations on December 18, approved by the Central Committee [3] - The government is committed to creating a fair, transparent, and predictable investment environment for private enterprises, significantly reducing institutional transaction costs [3] Group 2: Investment Opportunities - The conference attracted over 140 representatives from more than 100 private enterprises, highlighting the broad development space and investment opportunities provided by the Hainan Free Trade Port [4] - 42 projects were signed on-site, covering sectors such as clean energy, modern agriculture, modern logistics, digital economy, high-end commerce, and finance [4] Group 3: Policy Support - Representatives from various national ministries provided insights into Hainan Free Trade Port's fiscal, trade, and customs policies [4] - The National Development and Reform Commission aims to optimize the policy environment and enhance service efficiency for private enterprises in Hainan [3]

Core Viewpoint - Chongqing Qianli Technology Co., Ltd. has released its first semi-annual report after rebranding from Lifan Technology, showing significant revenue growth but a concerning decline in net profit due to increased R&D expenses and other factors [1][3]. Financial Performance - In the first half of 2025, Qianli Technology reported a revenue of 4.184 billion yuan, representing a year-on-year increase of 40.04% [3]. - The net profit attributable to shareholders was 31.17 million yuan, up 19.00% year-on-year [3]. - The total sales volume reached 38,728 vehicles, a substantial increase of 61.62% compared to the same period last year [4]. Profitability Concerns - The company's net profit after deducting non-recurring items was a loss of 130 million yuan, a dramatic decline of 903.91% year-on-year [4]. - The decline in profitability is attributed to increased R&D investments in smart automotive cockpit operating systems, higher asset impairment losses, and increased deferred tax expenses [4]. - R&D expenses for the first half of 2025 amounted to 288 million yuan, reflecting a year-on-year increase of 59.67% [4]. Company Strategy and Leadership - Since taking office in November 2024, Chairman Yin Qi has focused the company's development on the AI sector and initiated the rebranding from Lifan Technology to Qianli Technology [4]. - The company is currently in a transitional phase, facing significant cash burn as it invests in new technologies [4]. Financial Position - As of June 30, 2025, Qianli Technology's total assets were approximately 22.396 billion yuan, with total liabilities of about 10.834 billion yuan, resulting in a debt-to-asset ratio of approximately 48.37% [4]. - The debt-to-asset ratio has increased by 7.45 percentage points compared to the same period last year, indicating a rise in financial leverage [4].

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]

Group 1 - The core viewpoint of the news is that Qianli Technology has shown significant financial activity, with a notable increase in financing and trading volumes, indicating strong market interest and potential growth [1][2]. - As of August 27, Qianli Technology's financing balance reached 10.30 billion yuan, accounting for 2.08% of its market capitalization, which is above the 90th percentile of the past year, suggesting a high level of investor engagement [1]. - The company reported a revenue of 4.184 billion yuan for the first half of 2025, reflecting a year-on-year growth of 40.04%, and a net profit of 31.17 million yuan, which is a 19% increase compared to the previous year [2]. Group 2 - Qianli Technology has a diverse business model, with 98.14% of its revenue coming from manufacturing, including passenger vehicles and motorcycles, while real estate contributes 0.99% and other sectors 0.87% [1]. - The number of shareholders decreased by 12.63% to 58,400 as of June 30, while the average number of circulating shares per person increased by 14.46% to 77,377 shares [2]. - The company has distributed a total of 1.406 billion yuan in dividends since its A-share listing, but has not paid any dividends in the last three years [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved significant revenue growth, with a 40.04% year-on-year increase in revenue for the first half of 2025, reaching 4.184 billion yuan, and a net profit increase of 19% [7] - The company is focusing on enhancing its technology business, particularly in the integration of AI with automotive applications, which is expected to create a competitive advantage [7] - The company is expanding its market presence globally, with notable increases in sales for both automobiles and motorcycles, achieving a 73.70% year-on-year increase in automobile sales and a 45.51% increase in motorcycle sales from January to July [7] Financial Performance - The company forecasts revenue growth from 9.28 billion yuan in 2025 to 12.36 billion yuan in 2027, with corresponding net profits expected to rise from 0.91 billion yuan to 2.82 billion yuan [7] - The projected earnings per share (EPS) are expected to increase from 0.02 yuan in 2025 to 0.06 yuan in 2027, indicating a positive trend in profitability [6][7] - The company’s price-to-earnings (PE) ratio is projected to decrease from 543.4 in 2025 to 175.1 in 2027, suggesting an improvement in valuation metrics over time [6][7] Market Performance - The company has shown a strong market performance compared to the CSI 300 index, with a notable increase of 34% over the last 12 months [4]

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].