Title: 印奇带队千里首个完整年：营收近百亿，智驾毛利率达 30.8% | BestBlogs.dev
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Published Time: 2026-04-07 08:22:37
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印奇带队千里首个完整年：营收近百亿，智驾毛利率达 30.8%
量 量子位 @杰西卡
One Sentence Summary
Qianli Technology's 2025 financial report shows revenue nearing 10 billion, with smart driving gross margin reaching 30.81%, marking a milestone in the company's 'AI+Car' transformation since Yin Qi took the helm.
Summary
This article provides an in-depth analysis of Qianli Technology's (formerly Lifan Industry) financial performance in its first full year under Yin Qi's leadership. In 2025, the company achieved revenue of 9.999 billion yuan, a year-on-year increase of 42.13%, with net profit attributable to the parent company doubling. Despite a loss in non-GAAP net profit due to a surge in R&D investment (doubling year-on-year), its newly developed smart driving business performed impressively, with a gross margin exceeding 30%, far surpassing the traditional manufacturing sector. The company uses the RLM model to build L2-L4 smart driving solutions and is leveraging Geely Auto's large-scale delivery capabilities to drive business growth. It is currently preparing for a Hong Kong IPO to achieve a dual 'A+H' listing.
Main Points
* 1. Revenue structure significantly optimized; automotive business becomes the core growth engine.The company's annual automotive revenue reached 6.44 billion yuan, a year-on-year increase of 52.71%, driving total revenue close to the 10 billion mark and demonstrating the effectiveness of the transition from traditional manufacturing to new energy vehicles. * 2. Smart driving business demonstrates high profitability potential with significant technical added value.Although the smart driving business is in its early stages (revenue of 350 million yuan), its gross margin is as high as 30.81%, far higher than the 6.06% of the passenger vehicle business, reflecting the profit-boosting effect of AI technology on traditional manufacturing. * 3. Surge in R&D investment, comprehensive layout of AI-driven smart driving and cockpit ecosystem.R&D expenses soared by 102% year-on-year, with R&D personnel accounting for over 35%. Using the RLM model as a foundation, the company covers a full chain of solutions from L2+ assisted driving to Robotaxi. * 4. Leveraging Geely's supply chain for large-scale deployment, sprinting towards a Hong Kong IPO.Through cooperation with Geely (e.g., integration into Zeekr and Galaxy series), Qianli Technology's smart driving solutions have entered the stage of large-scale delivery, and the company plans to launch another bid for a Hong Kong IPO in the second quarter of 2026.
Metadata
AI Score
87
Website qbitai.com
Published At Today
Length 2608 words (about 11 min)
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> 杰西卡 发自 副驾寺 > > > 智能车参考 | 公众号 AI4Auto
转向“AI+车”后，由印奇带队、赵明刚刚加盟的千里科技，最新战果是—— 全年营收增长42%，归母净利润翻倍。
特别是在新开拓的智能驾驶业务方面，相关毛利率高达30.81%，全年已有3.5亿元的营收。
公司总资产增长36%到近300亿元，直观上看业绩积极向好，但——千里科技，今年不分红了。
印奇入主千里科技首个完整年后，这家公司披露了一份信息量满满的财报。
整体上看，千里科技2025年的业绩向好，特别是在收入和现金流层面。
2025年，千里科技营业收入为99.99亿元，同比增长42.13%。
这部分增长，主要是由汽车业务、摩托车业务增长带动：
公司全年的汽车业务收入为64.4亿元，同比增长52.71%，是营收增长的核心引擎。 摩托车和通机业务收入为24.8亿元，同比增长约16%。
而公司的新业务板块——智能驾驶业务，2025年实现了初步营收，相关收入为3.5亿元。
在利润层面，千里科技2025年的归母净利润为0.84亿元，同比增长110.93%，较2024年的0.4亿元实现翻倍增长。
但扣除非经常性损益后的净利润为-2.55亿元，亏损同比扩大。
亏损扩大的原因，是公司新增了科技业务（包括智能驾驶、智能座舱和Robotaxi相关业务），研发人员规模扩大，研发投入增加，对资产计提减值损失增加，以及递延所得税费用增加。
也就是说，在主营业务上，千里科技的盈利仍然面临压力。
至于其中的非经常性损益，据财报解释，主要来自3.98亿元的政府补助，以及非流动资产处置、债务重组等等一次性的收益。
并且由于母公司还有累计9.48亿元的未弥补亏损，按照《公司法》及《公司章程》，公司目前不具备现金分红的前提条件，所以2025年度不进行利润分配。
不过在现金和资产层面，千里科技的表现依然积极。
截至2025年末，公司的总资产达到295.70亿元，增长36.18%。
这主要是因为新增科技业务，以及合并子公司（千里智驾）带来了资产增加。
经营活动产生的现金流量净额表现更加强劲，达到21.35亿元，同比激增306.46%——这是财报中最积极的信号之一。
其主要原因，包括销售收入增长回款增加、收到政府补助，以及采用票据支付货款减少了现金支出，也就是说，公司主营业务的现金回收情况良好。
最后，截至年末，公司现金及现金等价物余额为25.18亿元，账上资金充裕。
只是新的问题是，千里科技的钱花到哪了？
进一步拆分数据，千里科技在2025年的开支，多数都贡献给了研发。
千里科技全年的研发费用为8.22亿元，同比飙升102.13%，研发投入占营业收入比例达到9.85%。
而公司全年的销售费用和管理费用，分别为2.96亿元和3.52亿元，较2024年同期分别下降了12.26和上涨了21.84%。
这些猛增的研发费用，主要流向了公司新的科技业务。
截至2025年末，公司研发人员数量为2456人，同比暴涨210%，占公司总人数的35.34%。
千里科技在财报中明确，自动驾驶、智能座舱等研发投入高，且未来仍需持续加大投入，这对公司整体盈利水平构成压力，因此科技业务短期内无法盈利。
不过，即便短期内无法盈利，千里为科技业务砸入的研发费用，实际已经初步显现成效。
目前，千里科技的基本盘分为两大块：
一块是终端业务板块，涵盖汽车、摩托车及相关产品的全链条业务，这也是公司目前的营收和利润支柱。
2025年，千里科技的汽车总销量为10.63万辆，同比增长近80%；其中新能源汽车销量为3.36万辆，增长37%。
公司全年汽车出口销量为2.95万辆，大幅增长109%，成功开拓了欧洲、亚太等新市场。
而千里科技全年的摩托车总销量为44.73万辆，其中出口销量占比高达92%，在墨西哥、巴拿马等新兴市场的增长尤为明显。
再来看千里的另一块业务——科技业务板块，目前仍处于烧钱阶段。
这类业务聚焦智能网联汽车解决方案，包括智能驾驶解决方案、智能座舱系统，以及Robotaxi等相关业务。
智能驾驶方面，千里科技以RLM（强化学习-多模态）模型为技术底座，构建了覆盖L2~L4的智驾解决方案。
L2+级辅助驾驶方案千里智驾1.0，自去年6月发布后已实现规模化落地。
而千里携手吉利联合发布的千里浩瀚，也在下半年开始成功落地量产车型。
智能座舱方面，公司正在打造千里座舱全新技术架构，已完成ASC100智能座舱平台的研发，希望以此构造出行的“第三生活空间”。
而在Robotaxi方面，千里科技正在度整合高阶自动驾驶、智能座舱及智慧运营平台，形成集智能调度、AI 座舱、车-驾-舱-云-图协同、远程协助于一体的全链条解决方案。
最新的进展是，千里已经在成都等重点城市开启路测、筹备准入申报等。
所以从整体的基本盘来看，千里科技（前身力帆股份）正以转型前的老本行——终端为赚钱底盘，在“AI+车”这一新主线上驾驶转型。
而大笔研发带来的收效，在毛利上体现的最为明显。
2025年，公司的综合毛利率为10%，其乘用车业务的毛利率仅为6.06%，这还是在同比增加了1.7个百分点的基础上。
而摩托罗业务毛利率为12.2%，同比基本持平，维持稳定。
最亮眼的在于智能驾驶业务，全年毛利率已达30.81%，显著高于传统制造板块，这实际就体现了相关技术的附加值。
而这种增长，随着业务规模扩大，预计将会进一步扩大优势。
何出此言呢？
结合往期财报来看，2025年报是千里科技首次公布智能驾驶收入。而2025年中期报中，新业务并没有在收入中得到体现。
所以可以推测，公司智驾业务带来的收入，主要集中在2025年下半年。
对照市场动态，这一推测同样成立。
去年四季度，搭载千里浩瀚的极氪9X等车型开始进入规模化交付，真正为千里的智驾业务带来收入。
整个2025年，吉利的销量302.46万辆，实现39%的明显增速，这其实已为千里的智驾业务实现爆发打好了基础。
而今年，随着极氪8X、银河V900等吉利旗下多款车型陆续上车千里的智驾方案，规模化效应为千里带来的涨势，大概率也会更快、更猛。
与此同时，千里科技在资本市场的身份，可能要先变一变了。
据雷峰网消息，继去年10月首次港股递表后，千里科技计划在今年二季度再度冲刺港股IPO，募资10亿美元，以达成“A+H”两地上市布局。
从2020年脱胎换骨再出发，到等来印奇入主、如今成功转型为一家智能出行科技公司，6年间，千里科技市值增长已经超过了400%。
现在，印奇又一次站到了港交所门口。
量 量子位 @杰西卡
One Sentence Summary
Qianli Technology's 2025 financial report shows revenue nearing 10 billion, with smart driving gross margin reaching 30.81%, marking a milestone in the company's 'AI+Car' transformation since Yin Qi took the helm.
Summary
This article provides an in-depth analysis of Qianli Technology's (formerly Lifan Industry) financial performance in its first full year under Yin Qi's leadership. In 2025, the company achieved revenue of 9.999 billion yuan, a year-on-year increase of 42.13%, with net profit attributable to the parent company doubling. Despite a loss in non-GAAP net profit due to a surge in R&D investment (doubling year-on-year), its newly developed smart driving business performed impressively, with a gross margin exceeding 30%, far surpassing the traditional manufacturing sector. The company uses the RLM model to build L2-L4 smart driving solutions and is leveraging Geely Auto's large-scale delivery capabilities to drive business growth. It is currently preparing for a Hong Kong IPO to achieve a dual 'A+H' listing.
Main Points
* 1. Revenue structure significantly optimized; automotive business becomes the core growth engine.
The company's annual automotive revenue reached 6.44 billion yuan, a year-on-year increase of 52.71%, driving total revenue close to the 10 billion mark and demonstrating the effectiveness of the transition from traditional manufacturing to new energy vehicles.
* 2. Smart driving business demonstrates high profitability potential with significant technical added value.
Although the smart driving business is in its early stages (revenue of 350 million yuan), its gross margin is as high as 30.81%, far higher than the 6.06% of the passenger vehicle business, reflecting the profit-boosting effect of AI technology on traditional manufacturing.
* 3. Surge in R&D investment, comprehensive layout of AI-driven smart driving and cockpit ecosystem.
R&D expenses soared by 102% year-on-year, with R&D personnel accounting for over 35%. Using the RLM model as a foundation, the company covers a full chain of solutions from L2+ assisted driving to Robotaxi.
* 4. Leveraging Geely's supply chain for large-scale deployment, sprinting towards a Hong Kong IPO.
Through cooperation with Geely (e.g., integration into Zeekr and Galaxy series), Qianli Technology's smart driving solutions have entered the stage of large-scale delivery, and the company plans to launch another bid for a Hong Kong IPO in the second quarter of 2026.
Key Quotes
* The smart driving business has achieved an annual gross margin of 30.81%, significantly higher than the traditional manufacturing sector, which actually reflects the added value of the relevant technology. * Qianli Technology is using its pre-transformation core business—terminals—as a profit base, while driving its transformation along the new 'AI+Car' main line. * Even if it cannot be profitable in the short term, the R&D expenses Qianli has poured into its technology business have actually begun to show results.
AI Score
87
Website qbitai.com
Published At Today
Length 2608 words (about 11 min)
Tags
Qianli Technology
Yin Qi
Smart Driving
Financial Analysis
Autonomous Driving
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