深化"AI+车"技术应用，传统与科技双线并行 千里科技(601777) 证券研究报告 摩托车及其他 / 公司点评 / 2025.08.26 投资评级:增持(维持) | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 10.64 | | 流通股本(亿股) | 45.21 | | 每股净资产(元) | 2.33 | | 总股本(亿股) | 45.21 | 最近 12 月市场表现 -5% 34% 74% 113% 153% 192% 千里科技 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 相关报告 1. 《老树新花，千里马拥抱"AI+车"新启 程》 2025-05-18 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | ...

汽车板块，公司聚焦构建"充换电一体化"核心能力体系，持续优化多场景适配的产品矩阵与全生命周期 的服务体系，提升市场响应能力与客户价值。报告期内，睿蓝汽车锚定"可充可换"多元补能方式，战略 整合研发资源，与生态伙伴共同构建统一高效的正向研发平台。 8月22日晚间，千里科技（601777）发布2025年中报，上半年，得益于汽车业务与摩托车业务的强劲增 长，公司实现营业收入41.84亿元，同比增长40.04%；归母净利润3117.08万元，同比增长19.00%；报告 期内，经营活动产生的现金流量净额13.15亿元，同比大增396.29%；为公司后续发展提供了坚实的资金 保障。 上半年，汽车与摩托车市场需求旺盛，公司精准把握行业机遇，通过产品优化、渠道拓展及供应链效率 提升，推动两大核心业务销量实现突破式增长，成为收入大幅攀升的核心动力。 报告期内，公司聚焦"AI+车"核心战略，锚定智能制造产业核心赛道，积极把握人工智能发展机遇，旨 在打造面向全球市场的智能出行科技品牌，以AI赋能出行与生活，推动科技普惠大众。 此外，公司以科技业务作为核心增长引擎，协同战略合作伙伴，重点深耕智能辅助驾驶与智能座舱领 域，共同打造面向 ...

Core Insights - The company, Qianli Technology, reported a revenue of 4.184 billion yuan for the first half of 2025, representing a year-on-year growth of 40.04% [1] - The net profit attributable to shareholders was 31.17 million yuan, with a year-on-year increase of 19.00% [1] - The growth in revenue is primarily driven by increased sales in the automotive and motorcycle sectors [1] Business Strategy - The company focuses on the "AI + Vehicle" core strategy, aiming to establish a global smart mobility technology brand [1][2] - It is committed to building technological, product, and ecological advantages in the "AI + Vehicle" sector [1] - The company plans to implement a development strategy that promotes synergy between technology and terminal business, as well as between AI and internationalization [1] Technology and Product Development - The technology segment is centered on intelligent driving assistance and smart cockpit technologies, providing comprehensive solutions for automotive intelligence [1][2] - The terminal business is involved in the R&D, production, and sales of passenger vehicles (including new energy vehicles), motorcycles, motorcycle engines, and general machinery [1] - The company aims to launch more market-attractive new products in the automotive, motorcycle, and general machinery sectors to enhance international competitiveness [2] Market Expansion - The company will increase investment in technology to strengthen software capabilities and integrate hardware resources [2] - It seeks to deepen strategic partnerships with mainstream automotive companies to promote the application and development of "AI + Vehicle" technologies [2] - The company plans to actively expand into overseas markets by enhancing customer relationships and building sales and service teams [2]

重庆千里科技股份有限公司2025 年半年度报告 公司代码：601777 公司简称：千里科技 重庆千里科技股份有限公司 重庆千里科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人印奇、主管会计工作负责人黄强及会计机构负责人（会计主管人员）徐衬声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，敬请查阅本报告中第三节"管理层讨论与 分析"中"可能面对的风险"相关描述。 十一、 其他 □适用 √不适用 重庆千里科 ...

记者丨杨松 鄢子为 编辑丨鄢子为 37岁的科技新贵，踏上新路。 8月3日，印奇操盘的"千里智驾"，一举揽入约2500名吉利员工，涵盖极氪约1500人、吉利研 究院近1000人。加上迈驰智行的500人，新公司规模达到3000人。 据报道，本月15日前，极氪智驾的员工，即要全部完成转岗。 印奇早已备好粮草，千里智驾刚于7月完成增资，股东方累计现金出资超17亿元。 征战"智驾"，他还多了一位帮手。6月，千里科技请来原华为智能汽车解决方案BU首任总裁王 军，出任联席总裁。 印奇毕业于清华计算机实验室，长于算法，王军则有丰富实践经验，两者联手，推动千里智驾 启航。 紧密捆绑 8月1日，据《21汽车》报道，印奇、王军两人，奔赴宁波杭州湾，参加一场"誓师大会"，会议 时长为3小时。 本次会议，由吉利召开，吉利汽车CEO淦家阅、极氪科技集团副总裁陈奇，均出席并做讲话。 高层指出，吉利未来只有一个智驾团队，即千里智驾，极氪智驾团队和吉利研究院的智驾团 队，将整合进新公司。 同日，印奇掌舵的千里科技公告，拟与宁波吉利汽车研究院签约，以3.45亿元的价格，转让一 在研车型的知识产权。 转让标的，为一个增程版车型技术，系睿蓝自行研发 ...

以下文章来源于21世纪商业评论 ，作者杨松 鄢子为 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 来源丨 21世纪商业评论（ID：weixin21cbr） 记者丨杨松 鄢子为 编辑丨鄢子为 图源丨Midjourney 37岁的科技新贵，踏上新路。 8月3日，印奇操盘的"千里智驾"，一举揽入约2500名吉利员工，涵盖极氪约1500人、吉利研究院近 1000人。加上迈驰智行的500人，新公司规模达到3000人。 据报道，本月15日前，极氪智驾的员工，即要全部完成转岗。 印奇早已备好粮草，千里智驾刚于7月完成增资，股东方累计现金出资超17亿元。 王军 征战"智驾"，他还多了一位帮手。6月，千里科技请来原华为智能汽车解决方案BU首任总裁王军，出 任联席总裁。 印奇毕业于清华计算机实验室，长 于算法，王军则有丰富实践经验，两者联手，推动千里智驾启航。 紧密捆绑 8月1日，据《21汽车》报道， 印奇、王军两人 ，奔赴宁波杭州湾，参加一场"誓师大会"，会议时长 为3小时。 本 ...

Group 1: Tesla's Breakthrough in Autonomous Driving - Tesla has achieved a significant milestone by successfully delivering a Model Y with full autonomous driving capabilities, marking the first time such a delivery has occurred on public highways without remote control [1] - Elon Musk emphasized the maturity of the technology by highlighting that the delivery was made to a randomly selected owner, showcasing the advancement in Tesla's Full Self-Driving (FSD) technology [1] - This breakthrough has prompted industry leaders, such as Xiaomi's chairman Lei Jun, to acknowledge Tesla's leadership in the FSD sector, further accelerating technological iterations and commercialization among automakers [1] Group 2: Qianli Technology's Strategic Developments - Qianli Technology has launched its first commercial intelligent driving solution, "Qianli Smart Driving 1.0," with plans to release an L3 level solution, "Qianli Smart Driving 2.0," within six months [2] - The "Qianli Smart Driving 1.0" solution includes three versions (basic, professional, flagship) with computing power ranging from 100 TOPS to 700 TOPS, catering to various vehicle segments [2] - The solution has already been integrated into Geely's vehicles, with models like Geely Galaxy Xingyao 8 and the new Galaxy E8 equipped with the basic version, while higher-end models are expected to adopt advanced versions later this year [2] Group 3: Technological Innovations and Research Focus - Qianli Technology's solution features significant core technological innovations, including self-developed large models and reinforcement learning to enhance system generalization and human-like driving experiences [3] - The company is also researching how to leverage AI technology to achieve the performance of 128-line laser radar using millimeter-wave radar, aiming to integrate sensors, controllers, and actuators for improved safety and reduced latency in intelligent driving [3] Group 4: Industry Ecosystem Development in Chongqing - Qianli Technology has established a joint venture in Chongqing, partnering with local funds and companies to enhance its "AI + vehicle" strategy and accelerate technology commercialization [4] - The establishment of the joint venture aims to break the traditional single cooperation model, allowing for deep collaboration with Geely while also opening up to the entire industry, thus promoting the development of a world-class intelligent connected new energy vehicle industry cluster in Chongqing [4] - The current phase in the intelligent driving sector is characterized by a focus on both technological breakthroughs and ecosystem construction, with Qianli Technology driving this dual approach [4] Group 5: Vision for the Future - Qianli Technology's co-CEO Wang Jun stated that AI is continuously leading the transformation of the smart automotive industry, with the goal of creating a comprehensive end-to-end solution for safer, more human-like, and comfortable driving experiences [5] - The recent advancements signify substantial progress in the development of technology business, with a commitment to open collaboration with partners across the industry chain to foster innovation and growth in smart automotive technology [5]

Core Viewpoint - The appointment of Wang Jun as co-CEO of Qianli Technology is expected to reshape the intelligent driving industry, potentially leading to a reshuffle among top players [2][3][4]. Group 1: Company Developments - Qianli Technology has appointed Wang Jun, former president of Huawei's Intelligent Automotive Solutions BU, to integrate resources and lead the technology business segment [2]. - The "Golden Triangle" team at Qianli Technology consists of Wang Jun, Yin Qi (AI algorithm), and Chen Qi (hardware), aiming to create a closed-loop system for intelligent driving [4]. - Following Wang Jun's appointment, Qianli Technology's stock price surged by 7.12% over two trading days, reflecting investor confidence in the company's technological potential [5]. Group 2: Industry Impact - Wang Jun predicts that within five years, the intelligent driving supply chain will be dominated by three major players: Huawei, Geely, and Tesla [6]. - Geely's "Tian Di Integrated Safety System" and the "Qianli Haohan" system are positioned to enhance its competitive edge in the intelligent driving sector [7]. - The "Qianli Haohan" system has undergone rigorous testing, achieving superior performance metrics compared to industry standards, which positions it as a leading product in the market [7][8]. Group 3: Technological Advancements - Geely has over 7.5 million L2-level intelligent driving vehicles, leading among Chinese automakers, with a significant amount of real-world driving data [8]. - The company has established a comprehensive AI-driven ecosystem, integrating architecture, algorithms, computing power, and data [8]. - Qianli Technology is driving a transformative wave in the automotive industry, akin to the "iPhone moment" in the smartphone sector, redefining the value of automobiles [9].

Core Viewpoint - The article discusses the transformation of Qianli Technology from a bankrupt company to a potential leader in the automotive industry, aiming to become the "second Huawei" with the recent appointment of Wang Jun from Huawei's automotive division [2][4][6]. Group 1: Company Transformation - Qianli Technology, formerly known as Lifan Technology, underwent a significant transformation after its bankruptcy in 2020, with strategic investments from Geely and other partners leading to a turnaround [4][5]. - The company aims to pivot towards an "AI + car" strategy, emphasizing the integration of artificial intelligence in its automotive solutions [6][7]. - The establishment of Chongqing Qianli Intelligent Driving Co., Ltd. in 2024, in collaboration with Geely and other automotive firms, is seen as a move to create a platform similar to Huawei's Yiyang [9][10]. Group 2: Leadership and Strategic Direction - Wang Jun's appointment as co-president of Qianli Technology is pivotal, given his experience in leading Huawei's automotive solutions and partnerships with major car manufacturers [2][11]. - The company is focusing on developing a comprehensive intelligent driving solution, with plans to support various vehicle manufacturers through its platform [9][10]. - Qianli Technology's strategy includes a dual focus on terminal and technology businesses, aiming for both domestic and international growth [6][7]. Group 3: Market Position and Challenges - Despite the ambitious goals, analysts express skepticism about Qianli Technology's ability to replicate Huawei's success due to differences in scale and market presence [11][12]. - The competitive landscape in the intelligent driving sector is dominated by established players like Huawei and Momenta, which hold a significant market share [10][11]. - Concerns exist regarding the willingness of other automotive companies to collaborate with Qianli Technology, given Geely's dominant role in the partnership [11][12].

Core Viewpoint - The recent appointment of Wang Jun, former president of Huawei's Intelligent Automotive Solutions Business Unit, as co-president of Qianli Technology has drawn significant industry attention, raising questions about the company's potential transformation and its ambition to become the "second Huawei" in the automotive sector [2][6]. Group 1: Company Background - Qianli Technology, previously known as Lifan Technology, underwent a name change in February 2025 after emerging from bankruptcy restructuring in 2020, which was facilitated by strategic investors including Geely and Chongqing Liangjiang Investment [2][3]. - Lifan Technology was once a prominent player in the automotive export market but faced severe challenges leading to its bankruptcy in 2020, with annual sales dropping to just over 2,000 vehicles [3]. Group 2: Leadership and Strategic Direction - Wang Jun's leadership at Huawei's car BU involved the development and implementation of Huawei's full-stack intelligent automotive solutions, establishing partnerships with major automakers [2][4]. - Following Wang's appointment, Qianli Technology aims to pivot towards an "AI + car" strategy, emphasizing dual business focuses on terminal and technology sectors, with a strong alignment to Huawei's strategic direction in intelligent driving and cockpit solutions [5][6]. Group 3: Market Position and Competitive Landscape - Qianli Technology's goal to replicate Huawei's success is supported by partnerships with Geely and other automotive companies, aiming to create a competitive ecosystem in intelligent driving technology [6][7]. - Despite the ambition, analysts express skepticism about Qianli Technology's ability to achieve a comprehensive breakthrough in the competitive landscape dominated by established players like Huawei and Momenta, which hold nearly 90% of the market share in third-party supplied vehicle NOA solutions [7][8]. Group 4: Future Prospects - The establishment of Chongqing Qianli Intelligent Driving Co., a joint venture with Geely and others, is seen as a strategic move to integrate resources and develop an open platform for third-party automotive enterprises [6][7]. - Analysts suggest that while Qianli Technology may struggle to become a second Huawei, it has a viable path to becoming a significant player in the intelligent driving solutions market, leveraging Wang Jun's expertise and the company's strategic partnerships [8].