奔驰花13亿买了一张智驾“入场券”

Core Insights - The competition in the intelligent driving market is intensifying, with significant investments and strategic partnerships emerging [1][4][10] - Mercedes-Benz has acquired a stake in Qianli Technology, indicating a strong interest in the Chinese smart driving sector [3][4] - Qianli Technology, formerly known as Lifan Technology, is transitioning towards intelligent driving solutions, but faces challenges in converting this potential into actual profits [2][10] Investment and Strategic Moves - Lifan Holdings plans to transfer 136 million shares of Qianli Technology to Mercedes-Benz Digital Technology at a price of 9.87 yuan per share, totaling approximately 1.342 billion yuan [1][3] - Following this transaction, Mercedes-Benz Digital Technology will become the fifth-largest shareholder of Qianli Technology, holding a 3% stake [3] - Mercedes-Benz has invested over 10.5 billion yuan in R&D in China over the past five years and plans to increase this investment by an additional 14 billion yuan in 2024 [4] Financial Performance - Qianli Technology reported a net profit of -1.35 billion yuan, -0.68 billion yuan, and -1.34 billion yuan for the years 2023, 2024, and the first half of 2025, respectively, indicating ongoing financial losses [2][12] - The company's revenue from automotive sales was 42.17 billion yuan in 2024, accounting for approximately 59.95% of total revenue [11] - In the first half of 2025, Qianli Technology's automotive sales revenue was 26.73 billion yuan, representing 63.89% of total revenue [11] Market Performance - Qianli Technology's stock price has increased by 71.90% in 2024, reaching 13.15 yuan per share, which has resulted in a paper profit of 446 million yuan for Mercedes-Benz [1][9] - The company's market capitalization is approaching 60 billion yuan, with a significant increase in stock price over the past year [9] Challenges Ahead - Despite the market interest, Qianli Technology's ability to convert its intelligent driving concept into tangible results remains uncertain [10] - The company has been heavily reliant on government subsidies, which accounted for 1.7 billion yuan in the first half of 2025 [13] - Qianli Technology's financial pressure is increasing, with a rising debt ratio and declining liquidity ratios noted in recent financial reports [13]