New Share News | Chongqing Afari Technology (601777.SH) Submits Listing Application to Hong Kong Stock Exchange for Large-scale Deployment of End-to-End RLM Model in Intelligent Driving Scenario

According to the disclosure by the Hong Kong Stock Exchange on October 16th, Chongqing Afari Technology Co., Ltd. (referred to as Chongqing Afari Technology (601777.SH)) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC as the sole sponsor. The prospectus shows that Chongqing Afari Technology is a leader in disruptive innovation technology, providing global strategic clients with a "AI+Mobility" closed-loop solution, which mainly includes intelligent driving, intelligent cockpit, and Robotaxi solutions. With the company's AI native capabilities and expertise in vehicle engineering, the company has established a comprehensive portfolio of intelligent driving solutions. The company's product portfolio includes vertical AI models, software, hardware, and closed-loop data systems to achieve level L2 to L4 autonomous driving in complex traffic scenarios. Chongqing Afari Technology's intelligent cockpit solution is supported by proprietary multimodal interaction models and AI native AgentOS. Therefore, the company provides a natural user interaction (NUI) experience - an intuitive interaction system that allows users to communicate with the vehicle through natural modalities such as voice and vision. By integrating level L4 autonomous driving, intelligent cockpit solutions, and comprehensive operational support platforms, the company provides end-to-end Robotaxi solutions for Robotaxi operators. During the previous reporting period, the company has not generated revenue from these solutions yet, but it is expected that these solutions will be a significant driver of the company's future growth. Chongqing Afari Technology already has leading vertical AI model capabilities, which form the basis of the company's solutions. For example, the company has developed a unique RLM (Reinforcement Learning - Multimodal) model for intelligent driving. According to Zhaosi Consulting, Chongqing Afari Technology is the first company to achieve the large-scale deployment of an end-to-end RLM model in the field of intelligent driving. In addition, the company has developed advanced multimodal interaction models, enabling rich multimodal interactions with general understanding of the real world, AI-based personalized recommendations, and in-vehicle emotion recognition. The company has developed the industry's first AGIL3 intelligent cabin system. With decades of experience, Chongqing Afari Technology has accumulated proven engineering and manufacturing capabilities. Over the years, the company has designed and operated automobile and motorcycle production facilities, maintaining strict quality, safety, and efficiency standards. The company has further enhanced its manufacturing capabilities for new energy vehicles, and has developed strong capabilities in autonomous vehicle design and engineering, covering key areas such as vehicle design and platform, battery swapping solutions, electric drive systems, and intelligent connectivity. Additionally, the company's automobile and motorcycle products have been steadily growing and are expected to continue to be an important drive for the company's future growth. During the previous reporting period, the company sold 196,900 automobiles and 1.3 million motorcycles. During the previous reporting period, the company's revenue mainly came from the manufacturing and sale of automobiles and motorcycles, accounting for over 85% of the total revenue for each year/period during the past reporting period. In terms of performance, for the financial years ending June 30, 2022, 2023, 2024, and six months ending June 30, 2024 and 2025, Chongqing Afari Technology achieved revenues of approximately RMB 8.627 billion, 6.698 billion, 6.964 billion, 2.955 billion, and 4.149 billion respectively; during the same period, the annual/period net profits were approximately RMB 170 million, -262 million, -329 million, -108 million, and -116 million respectively.