Chongqing Qianli Technology(SH:601777) 智通财经网·2025-10-21 01:57Core Viewpoint - Qianli Technology is transitioning from traditional manufacturing to an AI-driven model, aiming for an IPO on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1][2]. Group 1: Company Strategy and Transformation - The company has adopted an "AI+Mobility" strategy since 2024, focusing on disruptive innovation and providing closed-loop solutions for global strategic clients [2]. - Qianli Technology's transformation began in 2020, when it underwent judicial reorganization and rebranded from Lifang Technology to Qianli Technology with support from investment funds [1][2]. Group 2: Financial Performance - For the six months ending June 30, 2025, the company reported revenues of RMB 4.149 billion, a year-on-year increase of 40.4% [2]. - Overseas business revenue reached RMB 2.839 billion by 2024, accounting for over 40% of total revenue [2]. - The automotive and motorcycle segments contributed over 85% of total revenue in the first half of 2025, with automotive revenue at RMB 2.599 billion and motorcycle revenue at RMB 1.277 billion [4]. Group 3: Technological Advancements - Qianli Technology has developed a unique RLM (Reinforcement Learning-Multi-modal) model for intelligent driving, becoming the first company to deploy this model at scale in driving scenarios [2]. - The company plans to release its "Qianli Smart Driving 2.0" solution for L3-level driving by 2025 and "Qianli Smart Driving 3.0" for Robotaxi scenarios by the second half of 2026 [2]. Group 4: Strategic Partnerships - Qianli Technology maintains a long-term strategic partnership with Geely Group, which has been its largest supplier and customer, ensuring a stable supply chain and access to real-world data [3]. - A strategic investment from Mercedes-Benz is expected to enhance collaboration in intelligent driving and cockpit technologies, boosting the company's brand image and business potential globally [3]. Group 5: R&D Investment and Challenges - The company's R&D expenses reached RMB 288 million for the first half of 2025, a significant increase of 59.7% compared to the same period in 2024, reflecting a strong commitment to AI technology development [5]. - Despite revenue growth, the overall gross margin remains under pressure, with a gross margin of 5.5% in the first half of 2025, and the automotive segment reported a negative gross margin of RMB 23.6 million [5].