Core Viewpoint - Qianfang Technology has announced a significant adjustment in the use of its raised funds, shifting the remaining 956 million yuan from the original smart transportation project to the research and industrialization of key technologies for logistics automation [1][2]. Fundraising and Project Adjustment - The total planned investment for the original project was 1.306 billion yuan, with 392 million yuan already invested, leaving 956 million yuan to be redirected to the new logistics automation project [2]. - The adjustment is attributed to increased payment pressures from downstream customers and tighter budgets, leading to slower market demand release than expected [2]. - The new project is expected to have a construction period of 36 months, with a post-tax internal rate of return of 13.16% and a static investment payback period of approximately 8.9 years [2]. Financial Performance - Qianfang Technology reported a strong recovery in performance, achieving a net profit attributable to shareholders of 189 million yuan in the first three quarters of 2025, a significant increase of 1098.97% year-on-year [1][4]. - The company’s total assets reached 17.944 billion yuan as of September 30, 2025, providing a solid foundation for the strategic transition [2]. Business Structure and Revenue - The company’s revenue for the first three quarters of 2025 was 5.256 billion yuan, a year-on-year decline of 2.82% [4]. - The intelligent IoT business generated 2.001 billion yuan in revenue, accounting for 72.54% of total revenue, while the smart transportation business contributed 903 million yuan, representing 27.29% [5]. International Market Presence - Qianfang Technology's products have been exported to multiple countries, including the United States, Germany, Poland, and Spain, with overseas revenue reaching 1.19 billion yuan in the first half of 2025, a year-on-year increase of 9.66% [6]. - The overseas revenue now accounts for 35.96% of total revenue, indicating a growing global market presence [6]. Research and Development - The company has maintained a high level of investment in research and development, with R&D expenses totaling 3.008 billion yuan from 2023 to the first three quarters of 2025 [6]. - As of June 30, 2025, Qianfang Technology had applied for over 5,600 patents, including 4,299 invention patents [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on the development of key technologies for logistics automation, which is expected to open a second growth curve [1] - The logistics automation sector is entering a golden development period, with significant market potential due to low penetration rates [8] - The company has a strong positioning advantage and is expected to benefit from its deep collaborations with over 30 provincial transportation investment groups [8] - The core profit model will focus on automated transportation services and SaaS subscription software, which is anticipated to drive future growth [8] - The company's main business is gradually recovering, with a focus on improving profitability and expanding overseas operations [8] - The company has announced a mid-term cash dividend of 0.2 yuan per 10 shares, balancing shareholder returns with transformation investments [8] - Earnings forecasts for 2025-2027 are projected at 3.40 billion, 4.96 billion, and 6.80 billion yuan for net profit, with EPS of 0.22, 0.31, and 0.43 yuan respectively [8] Financial Summary - Total revenue for 2023 is projected at 7.794 billion yuan, with a year-on-year growth of 11.28% [1] - The company expects a net profit of 542.40 million yuan in 2023, with a significant increase of 212.39% year-on-year [1] - The P/E ratio is expected to be 34.81 in 2023, dropping to 27.79 by 2027 [1] - The company’s operating cash flow is projected to be 143 million yuan in 2024, increasing to 763 million yuan by 2027 [9]

Core Viewpoint - Company aims to leverage strategic opportunities in AI and transportation by reallocating approximately 9.56 billion yuan from its original project to focus on the more promising "key technology research and industrialization project for logistics automation" [1] Group 1: Project Details - The project will be implemented by the company's subsidiary, Qianshu Technology, focusing on automated driving transportation services and a SaaS (Software as a Service) subscription model [1] - The initiative is designed to develop trunk logistics autonomous driving business and provide scalable unmanned logistics solutions for the industry [1] Group 2: Industry Contributions - Since 2016, the company has led the establishment of the Beijing Intelligent Vehicle Networking Industry Innovation Center, assisting in the formulation of China's first autonomous driving road testing policies and standards [1] - The company has also built the first T5-level closed testing ground for autonomous driving in the country and contributed to the construction of a high-level autonomous driving demonstration area in Beijing [1] - The company has developed a complete technical product system that includes roadside intelligent perception, edge computing, cloud control platforms, and V2X (Vehicle-to-Everything) devices [1]

Core Viewpoint - The company has decided to change the use of part of the raised funds, terminating the previous project for the development of next-generation smart transportation systems and reallocating the remaining funds of 956 million yuan to a new project focused on key technologies for unmanned logistics [1][4]. Group 1: Company Strategy - The company aims to fully develop its trunk logistics autonomous driving business, providing scalable unmanned logistics solutions to address industry challenges such as driver shortages and high labor costs [2]. - The strategic shift towards trunk logistics autonomous driving is a key component of the company's overall strategic upgrade, reflecting a transition from large-scale construction to refined operations [3]. - The company plans to promote a shift from project integration to standardized technology products and from system construction to operational services starting in 2024 [3]. Group 2: Industry Context - The domestic road freight volume accounts for 74% of the total freight volume in China, with trunk logistics carrying 70% of this, highlighting its critical role in connecting production and consumption [2]. - The logistics industry faces significant challenges, including high costs, efficiency issues, and safety concerns, which the unmanned model aims to address [2]. - The autonomous driving logistics sector is expected to transition from pilot demonstrations to large-scale commercialization by 2025, with L3-level autonomous driving expected to expand trial operations [3].

Core Viewpoint - The logistics industry is transitioning from traditional heavy-duty trucks to smart heavy-duty trucks, prompting Qianfang Technology to shift its focus to the autonomous driving sector in logistics. Group 1: Company Announcement - Qianfang Technology announced the termination of its original fundraising project "Next-Generation Intelligent Transportation System Products and Solutions R&D Upgrade and Industrialization Project" to redirect funds towards the "Key Technology R&D and Industrialization Project for Logistics Automation" [1][2] - The original project had a planned investment of 1.306 billion yuan, with 392 million yuan already invested as of December 17, 2025 [1] - The decision to terminate the original project was due to increased payment pressure from downstream customers and a tightening of non-essential budget expenditures, leading to slower market demand release than expected [1] Group 2: New Project Details - The new project, "Key Technology R&D and Industrialization Project for Logistics Automation," will be implemented by Qianfang Technology's subsidiary, Qianshu Technology, focusing on clear cost-reduction and efficiency-enhancement needs in commercial scenarios [2] - The total investment for the new project is 1.093 billion yuan, with 956 million yuan sourced from the revised fundraising and the remainder from company self-funding [2] - The funding allocation includes approximately 39.40% for key technology R&D, 24.39% for experimental facility construction, and 32.30% for R&D and operational personnel [2] Group 3: Industry Insights - The shift to smart heavy-duty trucks is increasing among logistics companies, as they help reduce costs and address driver recruitment challenges [3] - In long-haul logistics, traditional heavy-duty trucks typically require two drivers, while smart heavy-duty trucks can operate with just one, thus lowering labor costs and fuel consumption [3] - Companies like Aneng Logistics plan to replace 300-500 traditional trucks with smart ones this year and 800-1000 next year, while Shentong Express has already deployed over 50 smart trucks in key routes [3]

分析人士指出，公司选择目前的时点进行中期现金分红，预示着公司全年大概率实现扭亏。同时，彰显 公司2025年实现盈利的信心。(燕云) 12月26日晚，千方科技（002373）发布中期现金分红公告，公司拟每10股派现金红利0.2元(含税)，以此 计算合计拟派发现金红利3153万元(含税)，不送红股，不实施资本公积金转增股本。根据公司2025年第 三季度财务报表(未经审计)，2025年前三季度，千方科技实现收入52.56亿元，归母净利润1.89亿元。 ...

证券日报网讯 12月26日，千方科技发布公告称，公司第六届董事会第十四次会议审议通过《关于变更 部分募集资金用途的议案》《关于2025年中期现金分红预案的议案》《关于聘任公司高级管理人员兼董 事会秘书的议案》等多项议案。 （文章来源：证券日报） ...

Core Viewpoint - The company is shifting its focus towards the development of autonomous logistics technology, reallocating approximately 9.56 billion yuan from its previous project to enhance its capabilities in this area, aiming to provide scalable unmanned logistics solutions [2] Group 1: Strategic Shift - The company has identified autonomous logistics as a key new strategic area, marking an important component of its overall strategic upgrade [2] - The transition reflects a broader industry shift from "large-scale construction" to "refined operations," aligning with trends of deep digitalization and comprehensive greening [2] - Starting in 2024, the company plans to upgrade its business model from project integration to standardized technology products and from system construction to operational services, while also deepening its global market presence [2] Group 2: Project Implementation - The project will be implemented by the company's subsidiary, Beijing Qianshu Technology Co., Ltd., focusing on autonomous transportation services and SaaS software subscription models [3] - The company has established a closed-loop advantage in the "technology + scenario + resources" model, which helps to address industry challenges such as having technology without application scenarios [3] Group 3: Technological Development - The subsidiary will concentrate on overcoming key technical bottlenecks for L4-level autonomous heavy trucks in complex highway environments, developing essential technologies such as multi-sensor perception models and cloud-based world models [4] - The company aims to provide solutions for unmanned heavy truck logistics, unmanned logistics management, and intelligent scheduling platforms, collaborating with various partners to build an open and collaborative unmanned logistics industry platform [4]

Core Viewpoint - The company is strategically upgrading by entering the autonomous driving sector for trunk logistics, aligning with the industry's shift towards refined operations and digitalization trends [1][2]. Group 1: Strategic Shift - The company identifies trunk logistics autonomous driving as a key new sector for strategic upgrade, transitioning from large-scale construction to refined operations [1]. - Starting in 2024, the company will upgrade its business model from project integration to standardized technology products and from system construction to operational services [1]. - The project will be implemented by a subsidiary, focusing on autonomous driving transport services and SaaS software subscriptions [1]. Group 2: Market Dynamics - The road freight volume in China accounts for 74% of the total freight, with trunk logistics carrying 70% of this, highlighting its critical role in connecting production and consumption [2]. - The industry faces challenges such as driver shortages and high human costs, creating a pressing need for automation to address cost, efficiency, and safety issues [2]. - By 2025, the domestic autonomous driving logistics sector is expected to transition from pilot demonstrations to large-scale commercialization [2]. Group 3: Financial Commitment - The company plans to redirect approximately 9.56 billion yuan of funding from a previous project to focus on the more promising "key technology research and industrialization project for unmanned logistics" [4]. Group 4: Technological Framework - The company has established a comprehensive technology product system covering intelligent perception, edge computing, cloud control platforms, and V2X devices since 2016 [5]. - The subsidiary focuses on overcoming key technical bottlenecks for L4 autonomous heavy trucks in complex highway environments [5]. Group 5: AI and Decision-Making - The company has accumulated over 900 AI algorithms and models, providing a unique path for vehicle-road collaboration that enhances operational efficiency [6]. - AI's value extends beyond individual efficiency improvements to optimizing complex networks, enabling precise vehicle control and timely safety alerts [6]. Group 6: Ecological Collaboration - The company possesses inherent advantages in the "road, data, and cargo" integration, facilitating collaboration with provincial transportation groups for testing and operational permits [7]. - The ecosystem connects nearly 3,000 logistics companies and 10 million truck drivers, providing a real business entry point for unmanned transport services [7]. - The company’s logistics service system has already provided capacity services to 50,000 enterprises, ensuring operational efficiency and cost reduction [7].

证券日报网讯12月26日，千方科技（002373）发布公告称，公司董事会聘任孔祥熙先生担任公司副总经 理兼董事会秘书。 ...