Chongqing Qianli Technology(SH:601777) Mei Ri Jing Ji Xin Wen·2025-04-19 06:16Core Insights - Qianli Technology (千里科技) reported a revenue of 7.035 billion yuan for 2024, marking a year-on-year increase of 3.94% [1][10] - The company experienced a net profit attributable to shareholders of 40 million yuan, a significant increase of 65.28% year-on-year, although the net profit after deducting non-recurring items was a loss of 68.0432 million yuan, which is an improvement from the previous year's loss of 135 million yuan [2][10] - The company is transitioning towards an "AI+Car" strategy, with plans to enhance user experience and business models by 2025 [4][6] Financial Performance - In 2024, the automotive segment generated a revenue of 4.217 billion yuan, up 12.95% year-on-year, with a gross margin increase of 6.7 percentage points [2] - The motorcycle segment achieved a revenue of 2.14 billion yuan, reflecting a 5.27% year-on-year growth, although its gross margin decreased by 0.64 percentage points [2] - The internal combustion engine segment reported a revenue of 428 million yuan, a 6.97% increase year-on-year, with a gross margin rise of 1.99 percentage points [2] - The utilization rate of the passenger car factory improved from 30.50% in 2023 to 37.44% in 2024 [2] Strategic Developments - Qianli Technology is focusing on the "AI+Car" strategy, with a dual approach of terminal and technology businesses, aiming for AI-driven product enhancement and international market expansion [4] - The company has established partnerships with various firms, including Zhejiang Jirun Automotive and Maichi Zhixing, to develop the intelligent driving brand "Qianli Haohan" [5] - A significant change in leadership occurred when the co-founder of Megvii Technology, Yin Qi, acquired a 19.91% stake in Qianli Technology, leading to a strategic shift in the company's direction [4] Cost Management - In 2024, sales and management expenses decreased by 9.94% and 23.57% respectively, while R&D and financial expenses increased significantly by 89.30% and 130.39% due to foreign exchange losses [3] - The total number of employees at Qianli Technology decreased from 5,178 at the end of 2023 to 4,927 by the end of 2024 [3]