近日，奔驰正式完成对千里科技的入股，持有3%股份，这一动作标志着全球豪华车巨头在智能网联赛道的又一战略落子。在汽车产 业从"电动化"向"智能化"加速转型的当下，智能网联已成为豪华品牌竞争的核心壁垒。奔驰通过此次入股快速获取本土化技术资源， 不仅有望强化自身智能化竞争力，更可能引发行业内豪华品牌对细分科技企业的投资热潮，但同时也需直面资源整合与技术协同的双 重挑战。 智能网联成万亿赛道，豪华品牌竞逐核心话语权 智能网联已成为新能源汽车发展的核心方向，更是国家重点培育的万亿级消费领域之一。六部门联合印发的相关实施方案明确提出， 到2027年要将智能网联汽车培育成万亿级消费热点，政策红利持续为行业发展护航。从市场竞争格局来看，豪华品牌的竞争焦点已从 传统的动力性能、豪华配置，转向智能驾驶、智能座舱等网联技术的比拼。 当前，德系三大豪华品牌（BBA）均已加速布局中国智能网联市场，宝马与Momenta联合开发智驾方案，奥迪牵手华为乾昆智驾突破 燃油车智能化瓶颈，奔驰此次入股千里科技，正是豪华品牌"技术本土化"战略的延续。随着消费者对智能化体验的要求不断提升，L2 级以上智能驾驶功能渗透率已达64%，豪华品牌唯有通过自主 ...

Group 1: Financial Performance - The company's single-quarter revenue reached 15.917 billion yuan, a significant increase of 77.91% compared to the adjusted data from the previous year [4] - Net profit attributable to shareholders was approximately 352 million yuan, a substantial increase of 525.14% year-on-year, while the net profit after deducting non-recurring gains and losses was about 227 million yuan, reflecting a growth of 204.05% [4] - Despite the growth in revenue and profit from the parent company, the company's overall revenue and profit have declined [4] Group 2: Market and Business Strategy - The company is focusing on transforming its core business towards the Internet of Vehicles (IoV) platform and is planning joint ventures and collaborations to enhance market share [1] - The company has signed a strategic cooperation agreement with Huawei, aiming to leverage partnerships for business growth [2] - The company is actively expanding its presence in the IoV sector and is monitoring external market share changes [1] Group 3: Operational Challenges - There has been a significant increase in inventory, indicating a rise in undelivered projects, raising concerns about delivery timelines and procurement practices [3] - The company has faced challenges in timely deliveries, leading to increased inventory and procurement, which has affected financial performance [3] - The company is experiencing a lack of major institutional investors, with no recent institutional research activities reported [2] Group 4: Research and Development - The company is investing in AI and data applications to enhance service efficiency and quality, focusing on building a robust AI technology platform [5] - R&D expenses are primarily attributed to personnel costs and related expenses, with ongoing projects aimed at increasing core competitiveness [6] Group 5: Investor Relations and Communication - The company emphasizes the importance of investor awareness regarding risks and encourages stakeholders to follow official announcements for updates [1][2][4] - The company is committed to improving communication with institutional investors and enhancing market management strategies [4]

Core Viewpoint - The company held a performance briefing on November 21, 2025, where it engaged with investors, addressing various inquiries about its business operations and future strategies [1]. Group 1: Business Performance - The company reported a significant increase in quarterly revenue, reaching 15.917 billion yuan, a year-on-year growth of 77.91% [4]. - The net profit attributable to shareholders was approximately 352 million yuan, a staggering increase of 525.14% compared to the same period last year [4]. - The company acknowledged that most of its revenue comes from the parent group, and there were concerns about the decline in revenue despite the parent company's growth [6]. Group 2: Strategic Direction - The company is actively pursuing the smart connected vehicle sector and has received recognition for its project in this area, indicating ongoing efforts to transform and expand its market presence [2]. - There are ongoing discussions about the company's capital service projects, but no specific future direction was disclosed, emphasizing the need to monitor official announcements for updates [2]. - The company is focusing on enhancing its core competitiveness through AI and data applications, although there are questions regarding the tangible outcomes of these investments [4]. Group 3: Market Position and Challenges - The company’s stock performance has lagged behind the Shenzhen index by 25% this year, prompting inquiries about the reasons for this underperformance and future market strategies [4]. - There has been a notable increase in inventory, indicating a backlog of undelivered projects, raising concerns about the company's project delivery timelines [5]. - The company is exploring external market opportunities and partnerships, particularly in the vehicle networking sector, but specific agreements or market share changes were not detailed [6][7].