Core Insights - Q3 2025 financial results show significant revenue growth for the company, driven by increased sales in the automotive and motorcycle sectors [2][3] - The company reported a net profit increase primarily due to government subsidies and foreign exchange gains, despite a substantial loss when excluding non-recurring items [3][4] - The company is undergoing a transformation towards an "AI + vehicle" strategy, with plans for a Hong Kong IPO, although its new business segments have yet to generate revenue [4] Financial Performance - Q3 revenue reached 2.762 billion yuan, a year-on-year increase of 51.2% [2] - Net profit attributable to shareholders was approximately 22.11 million yuan, up 60.75% year-on-year [2] - For the first three quarters, total revenue was 6.946 billion yuan, a 44.27% increase year-on-year, with a net profit of about 53.28 million yuan, reflecting a 33.37% growth [2] Business Segments - The growth in revenue is attributed to the sales of the company's automotive business, particularly the micro electric vehicle "Blue Balloon" and the A0-level fuel SUV "Rui Lan X3 PRO" [3] - The "Blue Balloon" model sold over 3,000 units in September, while the "Rui Lan X3 PRO" had sales exceeding 5,700 units in July and August, but dropped to 2,381 units in September [3] - Despite increased sales, the company reported a sales profit margin of -2% in Q3 [3] Government Support and R&D - The company received 87.59 million yuan in government subsidies during Q3, which significantly contributed to the net profit [3] - Excluding non-recurring gains, the company faced a net loss of 42.41 million yuan, primarily due to increased advertising expenses and R&D costs for a new intelligent vehicle cockpit operating system [3] Strategic Transformation - The company, originally known as Lifan Automotive, has undergone a transformation after judicial restructuring and the introduction of new stakeholders [4] - In September, the company announced its strategic focus on three main business areas: intelligent driving, intelligent cockpit, and Robotaxi services [4] - The company plans to list on the Hong Kong Stock Exchange, although its new business segments have not yet generated any revenue [4]

Core Viewpoint - Q3 2025 financial results of Qianli Technology show significant revenue growth driven by automotive and motorcycle sales, but profitability remains a concern due to high costs and low margins [1][2] Financial Performance - Q3 revenue reached 2.762 billion yuan, a year-on-year increase of 51.2% [1] - Net profit attributable to shareholders was approximately 22.11 million yuan, up 60.75% year-on-year [1] - Non-recurring net profit showed a loss of 42.41 million yuan, a year-on-year decline of 657% [1][2] - For the first three quarters, total revenue was 6.946 billion yuan, a 44.27% increase year-on-year [1] - Net profit attributable to shareholders for the first three quarters was nearly 53.28 million yuan, a 33.37% increase year-on-year [1] Business Segments - Growth in revenue is primarily attributed to increased sales in the automotive and motorcycle sectors [1] - Key automotive products include the micro electric vehicle "Blue Balloon" and the A0-level fuel SUV "Ruilan X3 PRO," both priced under 60,000 yuan [1] - The "Blue Balloon" achieved over 3,000 units sold in September after its launch, while "Ruilan X3 PRO" sales exceeded 5,700 units in July and August but dropped to 2,381 units in September [1] Profitability Challenges - The sales profit margin for Q3 was -2%, indicating challenges in profitability despite revenue growth [1] - The increase in net profit was largely due to government subsidies and foreign exchange gains, with government subsidies amounting to 87.59 million yuan [2] - Excluding non-recurring gains, the company reported a net loss of 42.41 million yuan, primarily due to increased advertising expenses and R&D costs for a new smart vehicle cockpit operating system [2] Strategic Developments - Qianli Technology, originally Lifan Automotive, underwent a transformation after judicial restructuring and is now focusing on an "AI + Vehicle" strategy [2] - The company announced three main business directions: intelligent driving, intelligent cockpit, and Robotaxi services, which are capital-intensive [2] - Plans for an IPO in Hong Kong were initiated in mid-October, with high market valuations based on future potential in the new business areas, which have yet to generate revenue [2]

Core Viewpoint - Qianli Technology, a leading manufacturer in the automotive and motorcycle sector, is experiencing growth in revenue but is facing challenges in profitability and debt levels [1][2][3]. Group 1: Company Overview - Qianli Technology was established on December 1, 1997, and went public on November 25, 2010, on the Shanghai Stock Exchange [1]. - The company is headquartered in Chongqing and has offices in both Chongqing and Hong Kong [1]. - Its main business includes the research, production, and sales of passenger vehicles (including new energy vehicles), motorcycles, engines, and general gasoline engines, with a focus on a full industry chain advantage [1]. Group 2: Financial Performance - In Q3 2025, Qianli Technology achieved a revenue of 6.946 billion yuan, ranking third among nine companies in the industry [2]. - The net profit for the same period was -178 million yuan, placing the company ninth in the industry [2]. - The revenue from manufacturing accounted for 98.14% of total revenue, while real estate and other revenues contributed 0.99% and 0.87%, respectively [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 53.01%, higher than the industry average of 46.70% [3]. - The gross profit margin was 7.18%, significantly below the industry average of 20.07% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.96% to 63,100 [5]. - The average number of circulating A-shares held per shareholder decreased by 7.37% to 71,700 [5]. Group 5: Future Outlook - Qianli Technology is planning to issue H-shares to enhance its financing channels and improve its international brand image [5]. - Revenue projections for 2025 to 2027 are 8.763 billion, 10.531 billion, and 12.700 billion yuan, representing year-on-year growth of 24.56%, 20.17%, and 20.60%, respectively [5]. - The company is focusing on technological advancements in AI and autonomous driving, with significant milestones achieved in these areas [6].

| 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 71,800（含本次） | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 | 6.83 | | 期经审计净资产的比例（%） | | 证券代码：601777 证券简称：千里科技 公告编号：2025-089 重庆千里科技股份有限公司 关于为子公司提供担保的公告 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： 担保对象及基本情况 | 担保对象一 | 被担保人名称 | | | 重庆力帆实业（集团）进出口有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 9,600 | 万元 | | | | 实际为其提供的担保余额 | 5,000 | 万元 | | | | 是否在前期预计额度内 | □是 | 否 | 不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | | 担保对象二 | 被担保人名称 | | 重庆力 ...

证券代码：601777 证券简称：千里科技 公告编号：2025-088 重庆千里科技股份有限公司 关于调整 2025 年度日常关联交易预计额度的公告 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： 本次调整 2025 年度日常关联交易预计事项已经重庆千里科技股份有限公 司（以下简称 "公司"）第六届董事会第二十七次会议审议通过，该事项无需 提交公司股东会审议。 本次调整 2025 年度日常关联交易预计符合公司的战略发展方向和日常经 营需要，能够充分发挥关联方拥有的专业资源和优势，有助于公司业务发展，提 升市场竞争力。关联交易依据公平、合理的定价原则，不会损害公司及全体股东 尤其是中小股东的利益。 一、日常关联交易基本情况 （二）本次调整 2025 年度日常关联交易预计的具体情况 根据实际经营情况，拟对公司（包含下属分、子公司）2025 年度日常关联 交易预计进行调整，新增关联方上海阶跃纪元智能科技有限公司、上海阶跃星辰 智能科技有限公司等关联方，新增日常关联交易预计金额 8,500 万元，全年预计 金额由 1,1 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥2,762,278,986.59, an increase of 51.20% compared to the same period last year[4] - The net profit attributable to shareholders was ¥22,108,608.71, reflecting a growth of 60.75% year-on-year[4] - The total profit for the third quarter was a loss of ¥54,959,498.53, primarily due to increased advertising expenses and R&D costs[4] - Net profit attributable to the parent company's shareholders for the first three quarters of 2025 was ¥53,279,391.90, compared to ¥39,947,394.04 in 2024, reflecting a growth of 33.5%[21] - The company reported a total comprehensive loss of ¥297,507,178.93 for the first three quarters of 2025, compared to a loss of ¥194,184,649.13 in 2024[21] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥2,508,495,972.59, representing a significant increase of 363.95%[4] - Operating cash flow for the first nine months reached ¥2,508,495,972.59, a significant increase from ¥540,679,537.24 in the same period last year, representing a growth of approximately 363%[24] - Total cash inflow from operating activities was ¥8,796,968,074.92, compared to ¥5,891,231,336.63, marking an increase of about 49%[24] - Cash outflow from investing activities totaled ¥2,945,984,657.41, compared to ¥407,668,153.02 in the previous year, indicating a substantial increase in investment spending[25] - The company reported a net increase in cash and cash equivalents of ¥576,230,407.88, compared to ¥460,533,362.59 in the previous year, reflecting a positive cash position[25] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥24,216,668,446.81, an increase of 11.53% from the end of the previous year[5] - Total liabilities rose to CNY 10.83 billion, compared to CNY 8.51 billion, marking an increase of approximately 27.2%[17] - The total liabilities increased to ¥12,838,323,645.76 in 2025 from ¥10,048,419,894.98 in 2024, marking a rise of 27.8%[18] - The total equity attributable to the parent company's shareholders decreased to ¥10,453,942,787.16 in 2025 from ¥10,511,329,437.11 in 2024, a decline of 0.5%[18] Research and Development - Research and development expenses increased due to the development of a new smart automotive cockpit operating system, impacting the net profit attributable to shareholders[10] - Research and development expenses for the first three quarters of 2025 were ¥455,452,599.44, an increase of 68.2% compared to ¥270,855,092.98 in 2024[20] - The company continues to focus on market expansion and product development, as indicated by the increase in R&D spending and operating revenue growth[20] Shareholder and Equity Information - The company has not reported any significant changes in shareholder structure or related party transactions during the reporting period[13] - The weighted average return on equity was 0.21%, an increase of 0.08 percentage points compared to the previous year[4] Other Financial Metrics - The company reported a basic earnings per share of ¥0.0049 for the third quarter, up 58.06% year-on-year[4] - Current assets rose to CNY 8.67 billion, compared to CNY 8.09 billion in the previous year, indicating an increase of about 7.1%[16] - Accounts receivable increased significantly to CNY 1.75 billion, up from CNY 1.31 billion, reflecting a growth of approximately 33.9%[16] - Inventory decreased to CNY 1.98 billion from CNY 2.27 billion, showing a decline of about 12.7%[16] - Short-term borrowings decreased to CNY 488.64 million from CNY 617.42 million, a reduction of about 21%[17] - Long-term borrowings decreased to CNY 564.19 million from CNY 820.93 million, a decline of approximately 31.3%[17] - The company reported a significant increase in long-term equity investments to CNY 5.47 billion, up from CNY 5.19 billion, reflecting a growth of about 5.3%[16] - The cash and cash equivalents increased to CNY 3.74 billion from CNY 3.68 billion, a growth of approximately 1.9%[16]

证券代码：601777 证券简称：千里科技 公告编号：2025-087 二、董事会会议审议情况 会议审议并通过了以下议案： （一）《关于 2025 年第三季度报告的议案》 表决结果：11 票同意，0 票反对，0 票弃权，0 票回避。 同意《公司2025年第三季度报告》。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2025年第三季度报告》。 该议案已事先经公司董事会审计委员会审议通过。 重庆千里科技股份有限公司 第六届董事会第二十七次会议决议公告 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。 一、董事会会议召开情况 重庆千里科技股份有限公司（以下简称"公司"）第六届董事会第二十七次会议 于 2025 年 10 月 30 日（星期四）以通讯表决方式召开。本次会议通知及议案等文件 已于 2025 年 10 月 27 日以网络方式送达各位董事，会议应出席董事 11 名，实际出 席董事 11 名。本次会议的召集和召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定 ...

Market Performance - The Chongqing state-owned enterprise reform sector rose by 0.89% compared to the previous trading day, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up by 0.7%, while the Shenzhen Component Index closed at 13691.38, up by 1.95% [1] Stock Performance - Qianli Technology (601777) closed at 11.65, with a gain of 2.10% and a trading volume of 381,600 shares, amounting to a transaction value of 441 million yuan [1] - Southwest Securities (600369) closed at 4.87, up by 1.67%, with a trading volume of 635,200 shares and a transaction value of 307 million yuan [1] - Chongqing Water (601158) closed at 4.79, with a slight increase of 0.63% [1] - Chongqing Port (600279) and Sanfeng Environment (601827) had minimal gains of 0.18% and 0.12%, respectively [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 50.26 million yuan from institutional investors, while retail investors contributed a net inflow of 5.73 million yuan [2] - Speculative funds experienced a net outflow of 55.98 million yuan [2] Individual Stock Capital Flow - Qianli Technology had a net inflow of 24.34 million yuan from institutional investors, but a net outflow of 31.32 million yuan from speculative funds [3] - Southwest Securities also saw a net inflow of 23.01 million yuan from institutional investors, with a net outflow of 16.22 million yuan from speculative funds [3] - Chongqing Water had a net inflow of 2.68 million yuan from institutional investors, while speculative funds recorded a net outflow of 2.99 million yuan [3]

Market Overview - On October 29, the motorcycle and other sectors rose by 0.55% compared to the previous trading day, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Xinri Co., Ltd. (603787) closed at 14.00, with a gain of 2.94% and a trading volume of 202,800 shares, amounting to a transaction value of 282 million yuan [1] - Other notable performers included Huayang Racing (920058) with a 2.21% increase, Qianli Technology (601777) up by 2.10%, and Jiangui General (603766) rising by 1.91% [1] - Conversely, companies like Zhenghe Industrial (003033) and Taotao Vehicle (301345) experienced declines of 6.59% and 4.96%, respectively [2] Capital Flow Analysis - The motorcycle and other sectors saw a net outflow of 1.2144 million yuan from institutional investors, while retail investors contributed a net inflow of 1.36 billion yuan [2] - The capital flow data indicates that retail investors were more active in purchasing shares compared to institutional and speculative investors [2] Individual Stock Capital Flow - Spring Power (603129) experienced a significant net outflow from institutional investors of 48.8487 million yuan, while retail investors had a net inflow of 34.6531 million yuan [3] - Taotao Vehicle (301345) had a net inflow of 35.9585 million yuan from institutional investors, but a net outflow from speculative investors of 40.4043 million yuan [3] - Qianli Technology (601777) saw a net inflow of 24.3377 million yuan from institutional investors, while retail investors contributed a smaller net inflow of 698.17 thousand yuan [3]

Market Overview - On October 28, the motorcycle and other sectors rose by 0.12%, led by Zhenghe Industrial. The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. Stock Performance - Zhenghe Industrial (003033) closed at 86.53, up 10.01% with a trading volume of 51,900 shares and a transaction value of 432 million yuan [1]. - Shanghai Phoenix (600679) closed at 13.53, up 3.28% with a trading volume of 202,500 shares and a transaction value of 275 million yuan [1]. - TaoTao Vehicle (301345) closed at 252.20, up 2.40% with a trading volume of 18,100 shares and a transaction value of 454 million yuan [1]. - Qianli Technology (601777) closed at 11.41, up 1.78% with a trading volume of 421,100 shares and a transaction value of 480 million yuan [1]. - Other notable performances include Xinlong Health (002105) up 1.58% and Chunfeng Power (603129) up 0.52% [1]. Capital Flow - The motorcycle and other sectors experienced a net outflow of 151 million yuan from main funds, while retail funds saw a net inflow of 62.61 million yuan [2]. - The main funds showed a net outflow in several stocks, including Zhenghe Industrial and Qianli Technology, while retail investors contributed positively to stocks like Green通科技 [3]. Detailed Stock Capital Flow - Zhenghe Industrial had a main fund net outflow of 33.16 million yuan, with retail inflow of 21.91 million yuan [3]. - Qianli Technology saw a main fund net inflow of 13.31 million yuan, but retail investors had a net outflow of 15.13 million yuan [3]. - Chunfeng Power had a main fund net inflow of 9.84 million yuan, while retail investors had a slight outflow [3].