Gasgoo Munich- Chongqing Afari Technology Co. Ltd. (601777.SH) released its 2026 interim report on August 24. Revenue for the first half climbed to 5.12 billion yuan, a 22.36% increase from a year earlier. Net profit attributable to shareholders jumped 151.25% to 78.318 million yuan. Stripping away non-recurring items, the company swung to a profit of 55.6999 million yuan, reversing a loss of 134 million yuan in the same period last year.
Image credit: Afari Technology
Intelligent driving emerged as the standout performer in the filing. During the period, revenue from this segment hit 1.235 billion yuan — accounting for 24.3% of total operating income. The business achieved a 93% user activation rate across 16 vehicle models.
The company's G-ASD 4.0 system has moved to mass deployment, finding its way into vehicles from brands including ZEEKR, Lynk & Co, Geely Galaxy, and smart. Analysts now place Afari among the top-tier players in market share for high-level intelligent driving.
On the traditional front, the company bucked an intensifying price war to boost its passenger vehicle gross margin from 3.3% to 12.7%. Whole-vehicle sales for the first half reached 43,497 units, up 12% year-on-year, while motorcycle engine shipments climbed 20% to 368,000 units.
R&D spending surged. The company poured 1.12 billion yuan into research and development in the first half — a 289.57% spike — with 837 million yuan allocated specifically to intelligent driving.
Founded in 1992, Afari Technology was formerly known as Lifan Technology. It became China's first privately owned passenger carmaker to list on the A-share market following its Shanghai Stock Exchange debut in November 2010. The company rebranded in 2024 to center its strategy on "AI + Automotive," aiming to build a global smart mobility technology brand.
