Lifan

Lifan's entrepreneurial history began in 1992. At the age of 54, Yin Mingshan founded the Hongda Vehicle Parts Research Institute in Chongqing – the predecessor of the Lifan Group – focusing on motorcycle parts manufacturing and engine R&D. In 1994, Lifan pioneered the development of the four-stroke Type 100 engine, becoming the first milestone product in the Chinese motorcycle industry. Thereafter, Lifan continued to achieve breakthroughs in the motorcycle field, independently developing V-twin 250 engines, as well as China's first motorcycle electronic fuel injection, water-cooling, and multi-valve technologies, quickly rising to become one of the leading enterprises in the Chinese motorcycle industry.

In 2003, Lifan officially entered the automobile manufacturing industry. Yin Mingshan acquired 80% of the shares of Chongqing Special Vehicle Manufacturing Factory, renamed it Chongqing Lifan Automobile Co., Ltd., and obtained commercial vehicle production qualifications. This acquisition was regarded by outsiders as a "crazy move," with Lifan investing approximately 900 million RMB to build four major production lines: stamping, welding, painting, and assembly. In 2005, Lifan obtained complete vehicle production qualifications. In January 2006, Lifan's first sedan, the Lifan 520, was launched globally, marking Lifan's formal entry into the automobile industry.

Lifan initially adopted a high cost-performance strategy, and its products quickly opened the market. At its peak, annual sales of Lifan vehicles in both domestic and foreign markets exceeded 200,000 units, and it long remained at the forefront of Chinese car exports, becoming a leader in overseas markets such as Russia, Iran, and Ethiopia. In November 2010, Lifan Shares was officially listed on the Shanghai Stock Exchange, becoming the first private passenger vehicle enterprise listed on the A-share market in China. However, with intensifying market competition, lagging product iteration, and capital chain tightness brought about by its own heavy-asset expansion, Lifan gradually fell into operational difficulties from 2015 onwards. In 2019, monthly sales of Lifan's passenger cars dropped to fewer than 500 units; in the first half of 2020, the car business was nearly paralysed, with annual sales of only slightly over 2,000 units.

In August 2020, owing to being unable to pay debts as they fell due and assets being insufficient to cover all liabilities, Lifan Shares entered bankruptcy reorganisation proceedings. In December of the same year, under the leadership of the Chongqing Municipal Government and Geely Group, Lifan completed bankruptcy reorganisation. The reorganisation plan involved changes in equity through capital reserve capitalisation, introducing the Manjianghong Fund (led by Geely) and industrial investor Geely Technology Group as strategic investors. The Manjianghong Fund accounted for 29.99% of the listed company's total share capital, and the industrial investor accounted for 20%. After reorganisation, the Chongqing Liangjiang Management Committee and Geely became the actual controllers of Lifan Shares. In 2021, Lifan Shares was renamed Lifan Technology, and the business focus shifted to the battery-swapping new energy vehicle industry, launching two battery-swapping new energy vehicle brands: Maple and Livan. In June 2022, Geely raised its shareholding ratio to 52% through capital increase and share expansion, achieving absolute control over Lifan Technology.

The year 2024 marked another major turning point in the destiny of the Lifan brand. In July of that year, Yin Qi, co-founder of Megvii Technology, acquired 19.91% of the shares of Lifan Technology held by Geely Technology through Chongqing Jianghe Shunsui Enterprise Management Co., Ltd. under his name for 2.43 billion RMB, becoming the company's second largest shareholder; in October, Yin Qi officially took office as Chairman of Lifan Technology. In February 2025, Lifan Technology was officially renamed "Qianli Technology". The company's stock abbreviation changed from "Lifan Technology" to "Qianli Technology" from 18 February, and the legal representative was also changed to Yin Qi. After the renaming, Qianli Technology brought in Wang Jun, former head of Huawei's Vehicle BU, from Huawei as Co-President, fully accelerating the "AI + Car" strategic transformation.

Product Lineup

During the Lifan period, the passenger car product line was primarily based on economical sedans and SUVs as its two core segments. The sedan series covered models such as the Lifan 520, 620, 720, and 820, among which the Lifan 520 was the brand's first sedan, and the Lifan 820 was positioned as a mid-size sedan, equipped with 1.8L and 2.4L engines, with a guide price of 76,800 to 119,800 RMB. In addition, Lifan once launched the Lifan 320, 330, 530, 630, and other small and compact sedans, as well as new energy sedan versions such as the Lifan 620EV, 650EV, and 820EV.

In the SUV series, Lifan successively launched the X50, X60, Maiwei, and X80 models. The Lifan X50 was launched in 2014, positioned as a small SUV; the X60 was positioned as a compact SUV; the Maiwei had a guide price of 59,800 to 73,800 RMB; and the X80 was positioned as a mid-size SUV, equipped with a 2.0T engine, with a guide price of 109,900 to 149,900 RMB. In the MPV segment, Lifan once launched models such as the Xuanlang and Letu. In the new energy vehicle sector, Lifan laid out pure electric vehicles early on and launched products such as the Lifan 330EV and 620EV.

After entering the Lifan Technology stage (from 2021 onwards), the company established "Livan" as its new energy vehicle brand. Livan Auto is a brand jointly established by Lifan Technology and a subsidiary of Geely Holding Group, based on the GBRC Integrated Charging and Swapping Crystal Battery Swapping Architecture, developing battery-swapping pure electric multi-purpose passenger vehicles, with representative models including the Livan 7 and Livan 9. The Livan series and the Maple brand battery-swapping models under Geely together constitute the new energy product matrix of the Lifan Technology stage.

In the motorcycle field, Lifan retained a deep manufacturing foundation. The company's subsidiary owns the motorcycle brand "Lifan" and the high-end motorcycle brand "PaiFang", with products covering the full range from city commuter scooters to flagship touring cruisers. The PaiFang brand's flagship model, the Starship 6, is equipped with a 573cc V-twin water-cooled engine, adopting an automotive-grade intelligent cockpit solution. In 2025, total sales of Lifan motorcycles reached 447,300 units, among which the export proportion was as high as 92%.

Market Performance

Lifan's market performance experienced a tortuous trajectory of "rise, then fall, and a fresh start." During the traditional Lifan period, relying on cost-performance advantages and overseas market expansion, the brand once achieved impressive results – at its peak, annual sales at home and abroad exceeded 200,000 units. However, it quickly turned to decline, with full-year 2020 sales dropping to only slightly over 2,000 units.

After entering the Qianli Technology stage, operating data showed a significant recovery. In 2025, Qianli Technology achieved total operating revenue of 9.999 billion RMB, a year-on-year increase of 42.13%; net profit attributable to shareholders was 84.4082 million RMB, a year-on-year increase of 110.93%, achieving a turnaround from loss to profit. Full-year automotive business revenue was 6.44 billion RMB, a year-on-year increase of 52.71%, which was the main contributor to revenue growth. Motorcycle business revenue was 2.481 billion RMB, a year-on-year increase of 15.92%; technology business revenue was disclosed independently for the first time at 350 million RMB. Total annual sales reached 106,300 units, representing nearly 80% year-on-year growth; among these, new energy vehicle sales reached 33,600 units, a 37% increase; car export sales reached 29,500 units, doubling year-on-year with 109% growth. Overseas revenue proportion reached 39.43%, with business footprint covering over 80 countries and regions.

However, beneath the surface growth, the profit structure still has considerable concerns. In 2025, recurring net profit was -255 million RMB, with losses widening, and the core business has yet to achieve profitability. This is also attributable to the company's high R&D investment (822 million RMB, year-on-year growth of 102.13%) and asset impairment write-offs (392 million RMB). The parent company's accumulated uncovered losses were as high as 948 million RMB, and the company had previously recorded recurring losses for three consecutive years.

Core Technologies

During the traditional automobile manufacturing stage, Lifan's core technology capabilities were relatively weak, mainly relying on external introduction and mature technology transplantation. In the motorcycle field, Lifan had deep technical accumulation, with over 2,800 patents, possessing a national-level enterprise technology centre, and its independently developed electronic fuel injection, water-cooling, and V-twin engine technologies were all at the industry-leading position.

After entering the Lifan Technology/Qianli Technology stage, the company's technology focus underwent a fundamental shift. In the new energy vehicle field, Lifan Technology relied on the Livan Research Institute to promote iteration and upgrades based on the GBRC Integrated Charging and Swapping Crystal Battery Swapping Architecture. In the intelligent driving field, Qianli Technology jointly established "Qianli Autonomous Driving" with Geely, MeiChi, and Lotus, and released version 1.0 of the software-and-hardware integrated intelligent driving solutions for the entire industry. As of Q1 2026, Qianli Autonomous Driving has been installed on 17 models, with a vehicle installation volume of 460,000 units. In 2025, the company's R&D expenses reached 822 million RMB, accounting for 9.85% of revenue, all invested in frontier technology fields such as intelligent driving, intelligent cockpits, and Robotaxi.

In terms of comprehensive technology capabilities, Qianli Technology has formed a dual-wheel pattern of "traditional business as safety net, technology business as pioneer." The automotive terminal business relies on Geely Group's complete vehicle manufacturing experience and supply chain system to maintain production; the motorcycle business continues to provide revenue through its mature engines and complete vehicle processes; the technology business faces the entire industry to output intelligent driving solutions, aiming to grow into a hundred-billion-level intelligent driving supplier around 2030. Yin Qi planned to achieve scaled revenue from intelligent driving solutions by the end of 2026, and in 2027, push vehicle installation volume to several million units.

Global Footprint

Overseas markets have always occupied an important position throughout Lifan's development history. Early on, Lifan was strong in motorcycle exports, accumulating a global channel network. Lifan established an automobile import and export team in 2005, sent personnel overseas starting in 2006, and set up SKD factories in Russia, Ethiopia, Iran, and other countries in 2007, subsequently gradually upgrading to CKD complete knock-down assembly. During its peak development period, Lifan products were sold to 117 countries and regions, with direct sales companies in the United States, Germany, France, Italy, Mexico, and other places; motorcycle production bases were set up in Vietnam, Turkey, and Thailand; automobile factories were established in Russia, Iran, Ethiopia, Azerbaijan, Myanmar, and other locations. In 2013, Lifan's export foreign exchange earnings reached 1 billion US dollars.

Entering 2025, Qianli Technology's globalisation pace further accelerated. Car export sales reached 29,500 units, doubling year-on-year with 109% growth, successfully entering new markets such as Europe and the Asia-Pacific region. Among the 447,300 units of total motorcycle sales, the export proportion reached 92%, with particularly prominent growth in emerging markets such as Mexico and Panama. In 2025, the company continued to promote its global layout, and multiple products achieved breakthroughs in regions such as North America and South America. The multi-in-one assembly products obtained important client designations from Germany and India. In September 2025, Mercedes-Benz became the fifth largest shareholder of Qianli Technology through a holding vehicle, marking that the Lifan brand, after several rounds of restructuring, has received capital-level recognition from an international top-tier automotive company.

Future Outlook

As of early 2026, Lifan's brand identity as an independent complete vehicle manufacturer has exited at the organisational level, replaced by the "AI + Car" strategic transformation entity named Qianli Technology. In September 2025, Qianli Technology released a new brand strategy, adopting the new English name "AFARI", focusing on the "AI + Car" core strategic direction, and laying out three business segments: intelligent driving, intelligent cockpits, and Robotaxi. The company put forward the ambitious "Qianli Plan": the goal is to complete the full-chain industry layout of Robotaxi within 18 months, partner with collaborators to achieve scaled Robotaxi operational services in 10 cities worldwide, deploy more than 1,000 Robotaxis in a single city, and build a complete industry system from technology, products, to services. In terms of intelligent driving mass production, Qianli Technology plans to achieve 1 million to 1.3 million vehicle installation scale by the end of 2026, reach 2.7 million to 3.3 million in 2027, and challenge 8 million in three-year cumulative installations, with the goal of becoming the "world's largest intelligent driving solution supplier."

At the capital level, Qianli Technology submitted a Main Board listing application to HKEX again in 2026, aiming to further expand R&D investment and market expansion for its technology businesses through the international capital market. At the industrial level, the company continues the combined strategy of "Car + Motorcycle" dual terminals, domestic sales and export dual markets, and traditional and technology dual paths. However, issues such as consistently negative recurring net profit, the intelligent driving business still being in its early development stage, and the significant time gap between R&D investment and revenue returns remain the real challenges that Qianli Technology must overcome in the future. After Mercedes-Benz became its fifth largest shareholder, potential synergies between the two in the fields of intelligent driving and Robotaxi will also become an important dimension for observing the company's future development. The coming years represent the most critical window period for Qianli Technology to achieve the three-stage leap from "traditional enterprise" to "new player" to "global AI company."