Core Viewpoint - The article discusses the strategic transformation of Qianli Technology (formerly Lifan Technology) under the leadership of Yin Qi, focusing on the integration of AI and automotive technology, and the implications of partnerships with major players like Geely and Mercedes-Benz [4][6][19]. Group 1: Company Background and Transformation - Qianli Technology, previously known as Lifan Technology, is planning to issue H-shares and list on the Hong Kong Stock Exchange, with a current A-share market value of nearly 60 billion yuan [4][6]. - The company has undergone significant changes, including a name change and the appointment of former Huawei executive Wang Jun as co-CEO, emphasizing a strategic pivot towards "AI + car" [5][30]. - The establishment of the joint venture "Qianli Smart Driving" is seen as a crucial step in Qianli's strategy to enhance its capabilities in the smart automotive sector [5][30]. Group 2: Financial Performance and Market Position - Qianli Technology's revenue has shown fluctuations, with figures of 39.77 billion yuan in 2021, 86.54 billion yuan in 2022, and projected revenues of 67.68 billion yuan and 70.35 billion yuan for 2023 and 2024 respectively [25]. - The company reported a significant increase in vehicle sales, with a total of approximately 60,000 units sold in the first eight months of the year, marking an 85.80% year-on-year growth [25]. - Despite the growth in sales, the competitive landscape remains challenging, with Qianli needing to leverage its unique resources, such as its vehicle manufacturing qualifications and established supply chain [26]. Group 3: Strategic Partnerships and Investments - Mercedes-Benz's recent investment of 1.338 billion yuan for a stake in Qianli Technology positions it as the fifth-largest shareholder, indicating a strategic interest in Qianli's smart driving capabilities [22][24]. - The collaboration between Qianli, Geely, and Mercedes-Benz is expected to reshape the current landscape of the new energy vehicle market, with a focus on enhancing smart driving technologies [6][26]. - The partnership with Geely has been pivotal, as it has facilitated resource sharing and management expertise, aiding Qianli's recovery and growth [10][21]. Group 4: Future Outlook and Strategic Goals - Qianli Technology aims to accelerate its transformation towards AI integration in automotive applications, with a focus on enhancing user experience and business models by 2025 [28][36]. - The company plans to utilize funds from its Hong Kong listing to bolster its AI strategy, enhance R&D capabilities, and expand its international presence [39][41]. - The local government's support for the automotive industry in Chongqing is expected to further aid Qianli's ambitions, although competition in the smart driving market remains intense [42].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The establishment of China Changan Automobile Group on July 29, 2025, with a registered capital of 20 billion yuan and total assets of 308.7 billion yuan, marks a significant step in optimizing state-owned capital layout and enhancing the competitiveness of China's automotive industry [3][14] - The launch of the Li Auto i8, a mid-large pure electric SUV priced between 321,800 to 369,800 yuan, features a range of 720 km and a fast charging capability of 500 km in just 10 minutes [4][15] - The launch of the Leidao L90, a large pure electric SUV priced between 265,800 to 299,800 yuan, is based on NIO's NT3.0 platform and supports a 900V high-voltage architecture [4][17] Market Performance - From July 28 to August 1, 2025, the automotive sector declined by 2.4%, underperforming the CSI 300 index, which fell by 1.8% [20] - Year-to-date, the automotive sector has increased by 9.8%, ranking 15th among 31 sectors [20] Sales Data - From July 1 to 27, 2025, retail sales of passenger vehicles reached 1.445 million units, a year-on-year increase of 9%, but a month-on-month decrease of 19% [6][38] - New energy passenger vehicle retail sales during the same period were 789,000 units, up 15% year-on-year but down 17% month-on-month [6][39] Key New Vehicles - The Li Auto i8 and Leidao L90 are highlighted as significant new electric vehicle launches, with the i8 focusing on family usability and the L90 offering advanced features and spaciousness [15][17][81]

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC 2025) showcased over 3,000 cutting-edge exhibits from more than 800 companies, highlighting advancements in AI technology, particularly in smart vehicles, with Geely's "Smart Egg Cabin" receiving the highest honor [1] Group 1: Geely's AI Strategy - Geely is not just an automotive company but one of the earliest adopters of AI technology in the industry, emphasizing the importance of user safety in the application of AI in vehicles [3][5] - The company has established a comprehensive "full-domain AI" technology system, becoming the only automaker globally to achieve such a layout, leveraging advantages like early deployment and rapid development [5][7] - Geely's "Smart Geely 2025" strategy aims to lead in electric intelligence by creating a robust technological foundation through big data, satellite networks, and AI ecosystems [5][7] Group 2: Technological Infrastructure - Geely has built a leading technological foundation comprising computing power, algorithms, and data, forming the "Smart Car Computing Alliance" with partners, achieving a total computing power of 23.5 EFLOPS [7] - The company has developed the world's first full-scenario AI model system for the automotive industry, including language, multi-modal, and digital twin models, and has accumulated 10 terabytes of token data and 40 billion automotive-specific data points [7][8] - Geely's "AI+" technology system includes various innovations in intelligent driving, power systems, chassis, and architecture, all of which are now in mass production [8] Group 3: Collaborative Innovations - At WAIC 2025, Geely and partners introduced the next-generation intelligent cockpit Agent OS, which features advanced multi-modal interaction capabilities [10][11] - The collaboration with partners like Jiyue Star and Qianli Technology has led to significant advancements in multi-modal models and intelligent driving systems, enhancing the overall automotive experience [8][10] - Geely aims to evolve from a traditional car manufacturer to a leading robotics company, integrating AI deeply into its vehicles and services [11][13] Group 4: Industry Transformation - The automotive industry is transitioning from mere transportation to becoming intelligent entities, necessitating a shift in automotive companies towards technology-driven organizations [13] - The integration of AI and electric vehicles positions Chinese companies at the forefront of global innovation, with Geely's approach exemplifying a strategic move towards becoming a leader in the AI era [13]

Core Insights - Multiple automotive companies showcased their AI ambitions at the 2025 World Artificial Intelligence Conference (WAIC 2025), with Geely revealing its AI layout plans [2][4] - Geely's Chief Intelligent Driving Scientist, Chen Qi, stated that the automotive industry is transitioning from "single-point technological breakthroughs" to "ecological collaborative efficiency" [4][8] - The automotive intelligence is moving into a 2.0 phase, characterized by horizontal cross-domain integration rather than vertical deep development [7][8] Geely's AI Developments - Geely presented new models such as the Zeekr 9X and Galaxy M9, along with its "full-domain AI" technology system [4][6] - The "Qianli Haohan" system, a unified intelligent safety assistance driving system, was highlighted as a key achievement of Geely's full-domain AI system [6][8] - Geely has achieved the integration of AI intelligent agents into vehicles, with applications across various domains including intelligent driving, power, chassis, and architecture [8][16] Industry Trends - The automotive industry is witnessing a shift towards embodied intelligence, with companies leveraging existing technology foundations to develop this sector [9][12] - Tesla announced plans to deploy thousands of humanoid robots in factories by 2025, emphasizing the importance of embodied intelligence in their strategy [9][12] - The next-generation intelligent cockpit, Agent OS, was introduced, offering a more natural and emotional interaction experience [12][15] Future Directions - Geely plans to implement L3-level technology architecture and AI training systems by Q4 2025, aiming for AI to validate and train itself [16][18] - The company aims to evolve AI from a mere execution tool to an intelligent assistant capable of handling complex tasks [18] - Geely's "Smart Geely 2025" strategy focuses on building a robust technological foundation through advanced computing, big data, and satellite technology [16][18]

Core Viewpoint - The automotive industry is transitioning from a focus on single-point technological breakthroughs to an emphasis on ecological collaborative efficiency, with companies like Geely showcasing their AI strategies at the WAIC 2025 event [4][8]. Group 1: AI Development in Automotive Industry - Geely presented new models such as the Zeekr 9X and Galaxy M9, highlighting their "full-domain AI" technology system [4][5]. - The automotive intelligence is moving from the 1.0 stage of single-domain development to the 2.0 stage of cross-domain integration, as stated by Geely's Chief Intelligent Driving Scientist, Chen Qi [7][8]. - The integration of intelligent driving technology is becoming a core AI technology, enabling advancements in L3-level intelligent driving and other vehicle domains [8][9]. Group 2: Geely's AI Innovations - Geely's "Qianli Haohan" system is a unified intelligent safety assistance driving system developed through various AI technologies [6][9]. - The company has achieved the integration of AI agents into vehicles, with results including intelligent driving, AI hybrid power, digital chassis, and intelligent architecture [9]. - Geely aims to evolve AI from a mere execution tool to an intelligent assistant capable of handling complex tasks, with each vehicle serving as a connection point to a vast AI ecosystem [22][23]. Group 3: Embodied Intelligence and User Interaction - Tesla showcased its humanoid robot, indicating a shift towards embodied intelligence, which integrates AI into physical entities [11][13]. - The next-generation intelligent cockpit, Agent OS, was introduced, offering a more natural and emotional interaction experience [15][19]. - Agent OS utilizes multi-modal AI models to enhance user interaction, allowing for real-time understanding and emotional expression [18][19]. Group 4: Future AI Plans - Geely plans to implement L3-level technology architecture and AI training systems by Q4 2025, building on its "Smart Geely 2025" strategy [20][21]. - The company aims to create a robust technological foundation through advanced computing, big data, and satellite technology [20].

Group 1 - Automotive companies are deeply engaging in the artificial intelligence (AI) sector, with Geely showcasing its "full-domain AI" advancements at the WAIC 2025, including new products and intelligent driving systems [2][3] - Geely's Galaxy M9 features the industry's first super-human-like in-car AI system, utilizing a cutting-edge end-to-end AI voice model for enhanced human-machine interaction [2] - The latest generation of foundational models, Step 3, was released by Jiyue Star, in collaboration with Geely and Qianli Technology, introducing a next-generation intelligent cockpit OS that offers advanced multimodal interactions and memory integration [2][3] Group 2 - Geely's "Smart Geely 2025" strategy aims to create a "smart technology ecosystem" through advanced computing power, big data, and satellite technology, with a comprehensive AI application across various automotive domains [3] - The automotive industry is shifting from isolated technological breakthroughs to collaborative ecosystem efficiencies, with Geely partnering with tech firms to establish a comprehensive innovation system [3][4] - Geely has formed the "Intelligent Automotive Computing Alliance," achieving a combined computing power of 23.5 EFLOPS, the highest among Chinese automotive companies [4] Group 3 - Geely has accumulated 10 terabytes of token data and 40 billion data points in the automotive sector, significantly enhancing the training capabilities of its AI models [4] - The company has launched the Qianli Haohan intelligent safety assistance driving system, with plans to implement a new L3-level intelligent driving architecture by Q4 of this year [4] - Geely aims to evolve its AI technology from a mere execution tool to an intelligent assistant capable of handling complex tasks, positioning itself as a leading robotics company globally [4]