智能驾驶研发费用大增，千里科技拟港股上市

Core Viewpoint - Q3 performance of Qianli Technology shows stable revenue but significant net loss due to increased R&D expenses in smart automotive cockpit systems [1][4] Group 1: Financial Performance - In the first three quarters, Qianli Technology achieved revenue of 6.946 billion yuan, roughly flat compared to the previous year, but the net profit attributable to shareholders after deducting non-recurring items was -176 million yuan, a decrease of 826.19% year-on-year [1] - The company reported a total revenue of 8.627 billion yuan in 2022, followed by 6.698 billion yuan in 2023, and projected revenues of 6.964 billion yuan for 2024 and 4.149 billion yuan for the first half of 2025 [2] - The automotive segment contributed 4.176 billion yuan and 2.599 billion yuan in revenue for 2024 and the first half of 2025, accounting for 60% and 62.6% of total revenue, respectively [2] Group 2: Business Segments - The automotive business has a low gross margin, with margins of 4.7%, -5.3%, 1.2%, and -0.9% for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - The motorcycle segment has a higher gross margin, with margins of 11%, 12.1%, 11.5%, and 11.7% during the same periods [3] - Overall gross margins for Qianli Technology were 8.2%, 4.1%, 6.9%, and 5.5% for the respective years [3] Group 3: Strategic Initiatives - Qianli Technology is pursuing an AI-driven strategy, focusing on smart driving solutions, which will require significant ongoing R&D expenditures [4] - The company plans to enhance gross margins by expanding high-configuration models empowered by AI and optimizing cost management [4] - Qianli Technology received 257 million yuan in government subsidies in the first three quarters, which helped mitigate losses, resulting in a net profit of 53.28 million yuan for that period [4] Group 4: Market Position and Shareholder Dynamics - Qianli Technology is in the process of dual listing in Hong Kong to raise funds for its AI strategy and enhance R&D capabilities [1][5] - The company is actively recruiting for various positions related to AI and smart cockpit development, with salaries ranging from 420,000 to 840,000 yuan per year [5] - As of September 30, the company had cash reserves of 3.741 billion yuan, indicating a strong liquidity position to support its R&D initiatives [5] Group 5: Shareholder Structure - The actual controller of Qianli Technology, Yin Qi, has a significant stake through Jianghe Shunshui, which holds 19.91% of the shares [6][7] - The stock price of Qianli Technology has increased significantly, from 3.87 yuan per share on July 1, 2024, to 11.91 yuan per share by October 31, 2025, representing a growth of over 210% [7] - The total market capitalization of Qianli Technology reached 53.8 billion yuan as of October 31, 2025 [7]