Qianli Technology releases 2025 annual report: net profit up 111% year-over-year, with AI intelligent driving as an anchor for a revaluation of value

Ask AI · What are the key technical breakthroughs that have broken the ice for the intelligent driving business?

In April 2026, Chongqing Qianli Technology Co., Ltd. (hereinafter referred to as “Qianli Technology (601777.SH)”) released its first annual performance report following the renaming.

The weight of this annual report goes far beyond the numbers themselves.

Revenue of 84M yuan, up 42.13% year over year; net profit attributable to shareholders of about 0.84 billion yuan, up 111%; the technology business achieved a key breakthrough, contributing 350 million yuan in scaled revenue; R&D expenses of 84M yuan, doubling year over year. What these figures outline is the initial blueprint of a traditional manufacturing company’s transformation into an AI technology company.

But for observers of the capital market, the more important implication of this annual report is that Qianli Technology’s valuation logic is undergoing a real switch.

For a long time, the market’s perception of Qianli Technology has been anchored to the traditional manufacturing label of “motorcycles + low-end cars.” Operating data and strategic progress in 2025 show that steady growth in the traditional manufacturing business provides ample “ammunition” for the transition, while the breakthrough in intelligent driving from the technology business signifies that the second growth curve has moved from blueprint to reality.

Double growth in revenue and profit—signs of a qualitative change in operations begin to emerge

The “performance report” Qianli Technology delivered in 2025: full-year revenue of 9.99 billion yuan, with a year-over-year growth rate of 42.13%. In the broader automotive industry, this may not be the brightest number, but for a company in a period of strategic restructuring, the significance of this figure is far greater than what appears on the surface.

The improvement in profitability is equally striking. Net profit attributable to shareholders was about 0.84 billion yuan, up 111% year over year. The increase in earnings outpaces the revenue growth rate, indicating that the company’s operating quality is undergoing a qualitative change. Behind this improvement are initial results from structural optimization of the traditional core business and cost control. In its annual report, the company disclosed that it is advancing cost reduction and efficiency gains through measures such as second-track development, value engineering, and bringing in quality suppliers, strengthening centralized group procurement and business administration, improving resource allocation efficiency and refined management capabilities.

More importantly, while improving earnings capability, the company also substantially increased its investment in R&D. R&D expenses reached 400k yuan, up 102.13% year over year. In 2025, Qianli Technology did not “save money to protect profits.” Instead, while profits improved, it actively increased technology investment—putting real funding behind the AI transformation.

From the perspective of revenue structure, manufacturing business remains the company’s revenue cornerstone. Automotive revenue increased 52.71% year over year; the motorcycle business maintained steady growth; the terminal base of a dual-wheel drive has not been shaken by the transformation—on the contrary, they are supplying an endless stream of “ammunition” to the technology business.

Intelligent driving business—substantive progress

The progress in intelligent driving within the technology business is the biggest highlight for Qianli Technology. In 2025, technology business revenue was about 350 million yuan—an tangible breakthrough. Although this number is not a high proportion of the overall revenue base, it directly addresses the market’s concern about the “AI + car” strategy moving from concept to real commercial revenue.

A revenue scale of 350 million yuan may be only the beginning. More importantly, over the past year, Qianli Technology has completed the rapid build-out of its intelligent driving technology stack, achieved mass production and launch of product solutions, and carried out a systematic integration of the industrial ecosystem.

On the technical roadmap, Qianli Technology chose a “modal-included” drive approach. In an interview, Chairman Yin Qi emphasized that in the full-stack intelligent driving process, whether “modal-included” is higher or “rule-based quantity” is higher reflects the system’s true technical level. Systems with a higher modal-included capacity have a higher upper limit; as time passes and data continues to be continuously fed, consumers will experience increasingly large product differences. Qianli Technology has built end-to-end models and vision-language models (VLM), and has also made a forward-looking layout for world behavior models—enabling vehicles with deeper environmental perception and understanding capabilities. The rapid iteration of these core technologies accelerates the rollout of a series of cutting-edge functions, such as “end-to-end D2D in all scenarios, voice control for driving, VPD parking, G-AEB/AES active safety, and 720° panoramic safety,” systematically completing a full product layout—from mainstream adoption (H5), to flagship benchmarks (H7), to technology-forward positioning (H9).

On the product launch front, G-ASD “Qianli Haohan” has already been quickly put into vehicles. In June 2025, the company officially released the Qianli Intelligent Driving 1.0 L2+ level intelligent driving assistance solution. In December, “Qianli Intelligent Driving,” jointly formed by Qianli Technology, Geely, Micar, and Lotus, announced the completion of integration. In January 2026, the new intelligent driving assistance brand for G-ASD (Qianli Haohan) was officially launched. Its first version has already been installed across a total of 16 models from the two brands Zeekr and Lynk & Co, covering more than 400k vehicles, and it is planned to be gradually deployed on more models under Geely in the future.

There have also been industry-noted advances in smart cockpits and Robotaxi. In the smart cockpit domain, the company completed R&D for the ASC100 smart cockpit platform, which won the 2025 World Artificial Intelligence Conference application practice award. The company builds a new cockpit architecture centered on AI Agent, driving an upgrade to the human-vehicle interaction experience paradigm. For Robotaxi, the company deeply integrates high-level L4 autonomous driving, smart cockpits, and a smart operations platform. In October 2025, the company reached a strategic cooperation agreement with the Chengdu municipal government to jointly build a Robotaxi operations benchmark project. Subsequently, it signed a strategic cooperation agreement with Cao Cao Travel, jointly accelerating the commercialization rollout of Robotaxi.

For a company that officially started its AI transformation in 2025, such progress is beyond expectations. In less than a year, Qianli Technology has completed a comprehensive business layout across three major areas: intelligent driving, smart cockpits, and intelligent mobility.

Looking ahead to 2026—“AI + car” strategy further closes the loop

2025 has already proven the correctness of Qianli Technology’s “AI + car” strategy, but what the market truly expects is an even further “closed-loop” in 2026.

From the business plan perspective, Qianli Technology proposes a clear strategic roadmap for 2026. In the technology business, it aims to cover more than 60 models from brands such as Zeekr, Galaxy, Lynk & Co, and Volvo, achieve mass production and delivery of 1 million units of intelligent driving models, and target reaching break-even within the year. For the smart cockpit business, product upgrade R&D is being promoted and scaled mass production is being achieved. In the super Eva + G-ASD 4.0 cockpit integration solution to be released in March 2026, and the cockpit integration solution fusing at the chip layer and model layer, is the first of its kind in the industry—aiming to seize the technical high ground in high-end smart cockpits. For the Robotaxi business, it focuses on the advantage of pioneering pilot operations in the Sichuan-Chongqing region, and deepens expansion into urban clusters and application scenarios.

At the same time, the company continues to advance “AI-driven, open, and international.” Internally, it increases the depth of AI capabilities in internal management and product development. Externally, it continues to expand overseas intelligent driving customers, building a global business layout. In September 2025, Mercedes-Benz acquired 3% of Qianli Technology’s shares for approximately 1.34B yuan. This not only serves as important endorsement for its internationalization strategy, but also opens up imagination for technical cooperation with top global automakers.

The “AI + car” strategy closed loop also means strong mutual reinforcement from the ecosystem. By introducing strategic investors such as Mercedes-Benz Digital Technology, Qianli Technology has deeply integrated resources from chips, large models, and automaker OEMs. The company continues to invest across three dimensions—talent, data, and computing power—accumulating tens-of-millions-level high-quality data clips and building a specialized computing power system with high performance, high reliability, and resilient supply. This not only enables rapid iteration and technical leadership of intelligent driving, smart cockpits, and Robotaxi products, but also effectively supports engineering implementation of world model simulation tests and a series of pre-research technologies.

The window for a valuation re-assessment is already open

Qianli Technology’s 2025 annual report is a milestone on its transformation journey.

From the financial data perspective, the company achieved leapfrog growth, with revenue nearing 10 billion yuan and profit doubling. From the business structure perspective, the technology business went from zero to one and contributed a scaled revenue of 350 million yuan. From the perspective of strategic execution, the “AI + car” strategy has moved from blueprint to reality, and the ecosystem layout has begun to take shape at scale.

For the capital market, the most important significance of this annual report is that it demonstrates Qianli Technology’s ability to do two things well at the same time: to stabilize the core baseline of its traditional business while also making breakthroughs in the new track of intelligent driving. This “dual-wheel drive” capability is Qianli Technology’s unique advantage over purely entrepreneurial intelligent driving companies.

From motorcycles to cars, and from cars to AI, Qianli Technology is writing a story about transformation and rebirth. The 2025 annual report also flashes a signal: the company’s valuation system is shifting from traditional manufacturing targets to intelligent driving targets at the AI frontier.

The market needs time to digest the new information, and it needs to see the continued growth of the technology business—but the window has already opened. For investors who are willing to view Qianli Technology with a new perspective, 2026 will become increasingly critical.