出品丨虎嗅汽车组 作者丨肖漫 头图丨千里科技 印奇描绘的"千里计划"（"the Afari Plan"） 印奇讲的故事听起来很像特斯拉的 master plan，只是少了机器人。自从特斯拉开始转向机器人和 Robotaxi 后，很多汽车业从业者都会说汽车也是机器人，自动驾驶车就是第一个具身智能。这个故事没有错，但去持续 讲这个故事的前提，是印奇得把吉利的智能驾驶先搞好。 以下是虎嗅汽车等媒体和千里科技高管 （千里科技董事长印奇、千里智驾董事长兼CEO王军、千里智驾联席 CEO陈奇、千里智驾CTO杨沐） 的对谈实录，有删改。 从明年开始，千里智驾 AI 解决 方案能够有规模化的商业收入 "我当时在全国寻找聪明人，偶然有一次见到印奇，一见如故、相见恨晚、一拍即合。"在昨天千里科技的发布 会上，李书福说，自己的目标就是找到一个聪明人，印奇就是这个聪明人。 为了支持印奇，李书福既给钱又给人。去年 7 月，吉利把 19.91% 的力帆科技股份转让给印奇旗下公司，随后 印奇入主力帆科技，后改名千里科技。今年 8 月初，极氪、吉利研究院近千名员工合并到千里科技，以第三方 供应商的身份继续服务吉利的智驾板块。 千里科技旗目前 ...

9月30日，天准科技盘中下跌2.02%，截至13:56，报57.68元/股，成交1.50亿元，换手率1.32%，总市值 111.98亿元。 资金流向方面，主力资金净流入250.12万元，特大单买入0.00元，占比0.00%，卖出526.00万元，占比 3.50%；大单买入2711.83万元，占比18.02%，卖出1935.71万元，占比12.86%。 天准科技所属申万行业为：机械设备-自动化设备-其他自动化设备。所属概念板块包括：车联网（车路 云）、DeepSeek概念、低空经济、人工智能、边缘计算等。 截至6月30日，天准科技股东户数1.10万，较上期增加7.37%；人均流通股17586股，较上期减少6.87%。 2025年1月-6月，天准科技实现营业收入5.97亿元，同比增长10.32%；归母净利润-1419.23万元，同比增 长45.92%。 分红方面，天准科技A股上市后累计派现5.16亿元。近三年，累计派现2.68亿元。 责任编辑：小浪快报 天准科技今年以来股价涨34.76%，近5个交易日涨0.75%，近20日涨0.30%，近60日涨31.84%。 资料显示，苏州天准科技股份有限公司位于江苏省苏州高新 ...

Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1][2]. - The company's revenue composition includes: 40.34% from visual process equipment, 37.87% from visual measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from visual inspection equipment [1]. Financial Performance - As of June 30, 2025, Tianzhun Technology achieved operating revenue of 597 million yuan, representing a year-on-year growth of 10.32%. The net profit attributable to shareholders was -14.19 million yuan, showing a year-on-year increase of 45.92% [2]. - Since its A-share listing, the company has distributed a total of 516 million yuan in dividends, with 268 million yuan distributed over the past three years [2]. Stock Market Activity - On September 24, Tianzhun Technology's stock price increased by 2.01%, reaching 58.40 yuan per share, with a trading volume of 116 million yuan and a turnover rate of 1.04%. The total market capitalization is 11.338 billion yuan [1]. - Year-to-date, the stock price has risen by 36.44%, with a recent decline of 2.81% over the last five trading days, a slight increase of 0.50% over the last 20 days, and a significant rise of 32.78% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.37% to 11,000, with an average of 17,586 circulating shares per person, a decrease of 6.87% [2]. - Notable institutional shareholders include Huaxia CSI Robot ETF, which holds 2.1696 million shares, and other funds that have increased their holdings or entered as new shareholders [2].

Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1] - The revenue composition of Tianzhun Technology includes: 40.34% from vision process equipment, 37.87% from vision measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from vision inspection equipment [1] Stock Performance - On September 4, Tianzhun Technology's stock fell by 5.11%, closing at 53.89 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 2.32%. The total market capitalization is 10.462 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Tianzhun Technology, one fund from Bosera Fund ranks as a significant holder. The Bosera SSE STAR Market Artificial Intelligence ETF (023520) entered the top ten shareholders in the second quarter, holding 968,200 shares, which accounts for 0.5% of the circulating shares. The estimated floating loss today is approximately 2.8078 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF (023520) was established on March 11, 2025, with a latest scale of 523.336 million CNY and a cumulative return of 22.24% since inception [2] Fund Management - The fund manager of Bosera SSE STAR Market Artificial Intelligence ETF (023520) is Li Qingyang, who has been in the position for 1 year and 216 days. The total asset scale of the fund is 5.997 billion CNY, with the best fund return during his tenure being 121.2% and the worst being 22.06% [3]

Group 1 - The core viewpoint of the news is that Tianzhun Technology's stock has experienced a decline of 5.11%, with a current price of 53.89 yuan per share and a total market capitalization of 10.462 billion yuan [1] - Tianzhun Technology, established on August 20, 2009, and listed on July 22, 2019, specializes in the research, development, production, and sales of industrial vision equipment [1] - The company's main business revenue composition includes: 40.34% from visual process equipment, 37.87% from visual measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from visual inspection equipment [1] Group 2 - From the perspective of fund holdings, only one fund under Furong Fund has a significant position in Tianzhun Technology, specifically the Furong Fuxin Mixed A fund, which holds 842 shares [2] - The Furong Fuxin Mixed A fund has a net asset value proportion of 3.58% in Tianzhun Technology, ranking as the seventh largest holding in the fund [2] - The fund manager, Jiang Fan, has been in position for 1 year and 76 days, with the fund's total asset scale at 19.4021 million yuan [2]

Core Viewpoint - Tianzhun Technology's stock has experienced fluctuations, with a year-to-date increase of 29.90% but a recent decline of 7.32% over the past five trading days [1] Financial Performance - As of June 30, 2025, Tianzhun Technology reported a revenue of 597 million yuan, representing a year-on-year growth of 10.32% [2] - The company recorded a net profit attributable to shareholders of -14.19 million yuan, which is a 45.92% increase compared to the previous period [2] Stock and Market Activity - Tianzhun Technology's stock price was 55.60 yuan per share, with a market capitalization of 10.794 billion yuan [1] - The stock saw a net outflow of 6.9074 million yuan in principal funds, with significant selling pressure [1] Shareholder Information - The number of shareholders increased by 7.37% to 11,000 as of June 30, 2025, while the average number of circulating shares per person decreased by 6.87% to 17,586 shares [2] - Major shareholders include various funds, with notable increases in holdings from several institutional investors [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Views - The company is positioned as a core supplier of global visual equipment, focusing on machine vision technology and artificial intelligence to drive industrial transformation. It has established itself in various sectors including consumer electronics, new energy vehicles, photovoltaics, PCB, and semiconductors. The Chinese machine vision market is projected to reach 39.54 billion yuan by 2025, with a compound annual growth rate (CAGR) of 21.2% from 2025 to 2027 [14][22]. Financial Data and Profit Forecast - Total revenue is forecasted to be 1.609 billion yuan in 2024, with a growth rate of -2.4%. For 2025, revenue is expected to increase to 1.788 billion yuan, reflecting a growth rate of 11.1%. By 2027, revenue is projected to reach 2.499 billion yuan, with a growth rate of 14.1% [2]. - The net profit attributable to the parent company is expected to be 125 million yuan in 2024, with a significant decline of 42.1%. However, it is projected to recover to 153 million yuan in 2025, growing by 22.3%, and further increase to 254 million yuan by 2027, with a growth rate of 23.1% [2]. - Earnings per share (EPS) are forecasted to be 0.65 yuan in 2024, -0.07 yuan in 2025, and expected to rise to 1.31 yuan by 2027 [2]. Business Segments Overview - The company has diversified its business into several segments: 1. **Visual Measurement Equipment**: Expected revenue growth of 10%, 20%, and 15% from 2025 to 2027, driven by stable contributions from consumer electronics and battery sectors [8]. 2. **Visual Inspection Equipment**: Anticipated revenue decline of 10% in 2025, followed by recovery with growth rates of 20% and 15% in subsequent years, as new products are launched [8]. 3. **Visual Process Equipment**: Revenue growth is expected to be robust at 30%, 20%, and 10% from 2025 to 2027, particularly in the PCB sector [8]. 4. **Intelligent Driving Solutions**: This segment is projected to see significant growth, with revenue increases of 50% for both 2025 and 2026, and 20% in 2027, fueled by high demand in autonomous vehicles and logistics [8]. Market Position and Strategic Partnerships - The company has become a partner of NVIDIA's Jetson Thor platform, which is expected to enhance the value of its humanoid robot controllers significantly. The partnership is anticipated to lead to increased orders in humanoid robotics and improvements in product performance [7][54]. - The company has established a strong foothold in the intelligent driving sector, collaborating with major players in the industry and developing a comprehensive product line that includes domain controllers and AI edge computing platforms [31][34]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 75, 56, and 45 for the years 2025 to 2027, respectively. This is below the average PE ratios of comparable companies, which are 96, 68, and 51 for the same periods [7].

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year growth of 10.32%. However, it incurred a net loss attributable to shareholders of 14.19 million yuan, an improvement from a loss of 26.24 million yuan in the same period last year [4] - The company's performance in the smart driving solutions, consumer electronics, and PCB sectors showed significant growth, with visual measurement equipment revenue increasing by 72.44% year-on-year [4][5] - The semiconductor sector has made significant breakthroughs, with the company’s joint venture achieving major progress in the field [5] Financial Performance - The company’s revenue for Q2 2025 was 378 million yuan, a year-on-year increase of 8.76%, with a net profit attributable to the parent company of 18 million yuan, up 54.07% year-on-year [4] - The company’s net profit forecast for 2025-2027 is expected to be 170 million yuan, 180 million yuan, and 200 million yuan respectively, with year-on-year growth rates of 32.8%, 11.0%, and 10.0% [7] - The earnings per share (EPS) for 2025 is projected to be 0.86 yuan, with a price-to-earnings (P/E) ratio of 60.8 based on the closing price of 52.00 yuan on August 13 [7] Business Segments - The company’s visual measurement equipment generated revenue of 226 million yuan, driven by growth in major consumer electronics clients [4] - The smart driving solutions segment saw a revenue increase of 125.39% year-on-year, attributed to growth in automotive smart driving and humanoid robot sectors [4][5] - The visual detection equipment revenue decreased by 70.81% due to a decline in the photovoltaic industry [4] Market Position - The company is recognized as a leading visual equipment platform in China, focusing on the integration of artificial intelligence technology to drive industrial digital transformation [6] - The company is expanding its business collaborations in the smart driving sector, particularly with major automotive manufacturers [5][6]

Core Insights - The core viewpoint of the report indicates that Tianzhun Technology (688003) has shown revenue growth in its 2025 mid-year report, but it continues to face challenges in profitability despite improvements in net profit figures [2][3]. Operational Overview - As of the end of the reporting period, the total operating revenue reached 597 million yuan, reflecting a year-on-year increase of 10.32%. However, the net profit attributable to shareholders was -14.19 million yuan, although this represents a 45.92% year-on-year improvement, the company remains in a loss position. The non-recurring net profit was -22.68 million yuan, up 7.56% year-on-year, indicating that while revenue is growing, profitability has not fully recovered [2]. Quarterly Performance - In the second quarter, total operating revenue was 378 million yuan, a year-on-year increase of 8.76%. The net profit attributable to shareholders was 18.11 million yuan, up 54.07% year-on-year. The non-recurring net profit was 15.58 million yuan, reflecting a 45.53% year-on-year increase, showing significant improvement in the latter half of the first half of the year [3]. Key Financial Metrics - The total of selling, administrative, and financial expenses was 133 million yuan, accounting for 22.24% of revenue, which is a decrease of 3.29% year-on-year [4]. - The gross margin was 34.81%, down 7.95% year-on-year, while the net margin was -2.39%, an increase of 50.76% year-on-year [8]. Cash Flow - The operating cash flow per share was 0.15 yuan, representing a significant increase of 163.34% year-on-year, indicating a notable improvement in the company's cash flow situation [5]. Asset and Liability Management - Cash and cash equivalents amounted to 676 million yuan, a year-on-year increase of 131.61%. Accounts receivable stood at 439 million yuan, up 4.60% year-on-year, which raises concerns as it represents 351.85% of the latest annual net profit, highlighting potential risks in accounts receivable recovery [9][11]. - Interest-bearing liabilities totaled 906 million yuan, an increase of 51.16% year-on-year, with an interest-bearing asset-liability ratio of 22.78%, indicating potential debt pressure [9]. Revenue Composition - Revenue from visual measurement equipment was 226 million yuan, accounting for 37.87% of total revenue, with a gross margin of 48.74%. Revenue from visual process equipment was 241 million yuan, making up 40.34% of total revenue, with a gross margin of 24.55%. Revenue from intelligent driving solutions was 65.27 million yuan, accounting for 10.93% of total revenue, with a gross margin of 29.19%. Revenue from visual inspection equipment was 64.76 million yuan, representing 10.85% of total revenue, with a gross margin of 30.00% [9].

Core Viewpoint - A significant restructuring of intelligent driving (智驾) operations is taking place within Geely, consolidating various teams and companies under a unified entity to enhance efficiency and competitiveness in the automotive market [5][16]. Group 1: Restructuring Details - Geely is merging its intelligent driving teams, including those from Zeekr, Geely Research Institute, and the intelligent driving brand "Mai Chi Zhi Xing" under the newly formed Chongqing Qianli Intelligent Driving [5][6]. - The newly established Chongqing Qianli Intelligent Driving will have a workforce of nearly 3,000, combining approximately 1,500 from Zeekr, 1,000 from Geely Research Institute, and 500 from Mai Chi Zhi Xing [7][10]. - The integration aims to create a single intelligent driving team, with a focus on streamlining operations and reducing redundancy across previously separate teams [7][10]. Group 2: Strategic Goals - Geely's overarching strategy, termed "One Geely," is designed to accelerate the company's growth towards a target of 5 million annual vehicle sales by 2027, with a specific goal of 2.71 million units in 2025, representing a 25% year-on-year increase [16][17]. - The company aims for its new energy vehicle sales to reach 1.5 million units by 2025, achieving a penetration rate of over 55% in this segment [16][17]. - Geely's restructuring is part of a broader shift from strategic expansion to strategic integration, focusing on clarifying brand positioning and improving resource utilization [16][17]. Group 3: Industry Context - The intelligent driving industry is experiencing a shift in business models, with a convergence of technology routes driven by competitive pressures and cost considerations [16]. - The integration of internal and external resources in intelligent driving is seen as essential for Geely to remain competitive in a rapidly evolving market [16][17]. - The restructuring reflects a response to the changing landscape of the automotive industry, where companies must adapt to survive and thrive amid increasing competition [16][17].