智能驾驶研发费用大增 千里科技拟港股上市

Core Viewpoint - Qianli Technology reported a significant decline in net profit due to increased R&D expenses for its new smart automotive cockpit operating system, despite stable revenue [1][4]. Financial Performance - For the first three quarters, Qianli Technology achieved revenue of 6.946 billion yuan, nearly unchanged from the previous year, but the net profit attributable to shareholders was -176 million yuan, a decrease of 826.19% year-on-year [1][4]. - The company has experienced continuous losses since 2022, with losses of 262 million yuan in 2023, 329 million yuan in 2024, and 116 million yuan in the first half of 2025 [2][3]. Revenue Breakdown - The automotive segment is the primary revenue source, contributing 4.176 billion yuan and 2.599 billion yuan in 2024 and the first half of 2025, respectively, accounting for 60% and 62.6% of total revenue [2][3]. - The motorcycle segment contributed 2.136 billion yuan and 1.277 billion yuan, representing 30.7% and 30.8% of total revenue during the same periods [2][3]. Profitability Analysis - The automotive business has a low gross margin, with margins of 4.7%, -5.3%, 1.2%, and -0.9% for the years 2022 to 2025 [3]. - Overall gross margins for Qianli Technology were 8.2%, 4.1%, 6.9%, and 5.5% during the same periods, indicating the impact of low automotive margins on overall profitability [3]. Strategic Initiatives - Qianli Technology is pursuing an AI-driven strategy, focusing on smart driving solutions, which will require substantial ongoing R&D expenditures [4][5]. - The company plans to enhance its gross margin by expanding high-configuration models empowered by AI and optimizing cost management [4]. Funding and Investment - Qianli Technology received 257 million yuan in government subsidies in the first three quarters, which helped it report a net profit of 53.28 million yuan [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]. Shareholder Dynamics - The actual controller of Qianli Technology, Yin Qi, has a significant stake through Jianghe Shunshui, which holds 19.91% of the shares after a recent equity transfer [6][7]. - The stock price of Qianli Technology has increased over 210% since July 1, 2024, reflecting market optimism regarding its AI strategy [7].