8月22日晚，东风汽车集团股份有限公司（0489.HK）发布公告，宣布将通过"股权分派+吸收合并"的组合模式， 推动旗下高端新能源品牌岚图汽车以介绍上市方式登陆香港联交所，同时完成东风集团股份自身的私有化退市。 该交易两大环节互为前提、同步推进。 根据方案，东风集团股份将首先将其持有的岚图汽车79.67%股权按比例分派给全体股东，随后岚图汽车以介绍方 式在港交所主板上市。此后，东风集团股份境内全资子公司东风汽车集团（武汉）投资有限公司将作为合并主 体，向控股股东东风汽车支付股权对价，并向其他小股东支付现金对价，最终实现对东风集团股份的100%控 制，完成私有化。 此次交易的总体收购价格定为每股10.85港元，其中现金对价部分为6.68港元/股，岚图股权对价部分为4.17港元/ 股。 估值倒逼改革 岚图成价值突破关键 近年来，受汽车行业转型及市场环境影响，东风集团股份估值持续低迷。截至2025年7月31日，其总市值仅391.2 亿港元，股价报4.74港元/股，市净率（PB）低至0.25倍，融资能力严重受限。相比之下，岚图汽车作为东风集团 旗下高端新能源品牌，展现出强劲成长性：2024年全年交付85,697辆，同 ...

Core Viewpoint - Dongfeng Group announced a significant strategic adjustment, with its subsidiary, Lantu Automotive, planning to enter the Hong Kong stock market through a listing by introduction, while Dongfeng Group will complete its privatization and delisting [1][3]. Group 1: Transaction Details - The transaction employs an innovative "equity distribution + absorption merger" model, where Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders, followed by Lantu's listing on the Hong Kong Stock Exchange [3]. - Dongfeng Group's wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., will act as the absorbing entity, paying equity consideration to Dongfeng Group's controlling shareholder and cash consideration to other minority shareholders, achieving 100% control of Dongfeng Group [3]. - The total acquisition price is set at HKD 10.85 per share, with cash consideration of HKD 6.68 and equity consideration of HKD 4.17 per share [3]. Group 2: Financial Performance and Market Position - Dongfeng Group has faced valuation challenges due to industry transformation, with a price-to-book ratio of only 0.25 as of July 31, 2025, indicating a long-term market value below net assets [3]. - Lantu Automotive has shown strong growth, with a delivery volume of 85,697 vehicles in 2024, representing a year-on-year increase of approximately 70% [4]. - In the first half of 2025, Dongfeng Group reported revenue of CNY 54.53 billion, a 6.6% increase year-on-year, but a significant decline in profit attributable to equity holders of the parent company, down 91.9% to CNY 55 million [4].

Core Insights - The article emphasizes the need for transparency and truth in the automotive market, particularly in the context of the ongoing price wars and quality issues within the industry [2] - The "Observation Zero Distance" initiative aims to highlight quality products and create a trustworthy consumer environment by utilizing a combination of media, brand engagement, and live streaming [2] Group 1: Industry Context - The automotive industry is a strategic pillar of the economy, contributing 10% to GDP, and is crucial for consumer spending [2] - The current challenges in the new energy vehicle sector include information asymmetry, product homogenization, and a crisis of trust in after-sales service [2][3] Group 2: Product Highlights - The Dongfeng Fengxing Xinghai S7 has been identified as a "treasure model," achieving a remarkable 358.42% quarter-on-quarter growth in sales [3] - The Xinghai S7 is designed to meet real user needs without the inflated pricing typically associated with high-end vehicles, offering features that prioritize safety, space, comfort, and range [5][6] Group 3: Technological Advancements - The Xinghai S7 features advanced technologies such as the Armor Battery 3.0, which exceeds national standards for safety, and the FSD suspension system, which is derived from Lamborghini technology [6] - The vehicle boasts a low drag coefficient of 0.191Cd, resulting in an energy consumption rate of 11.9 kWh/100 km, setting a new record for mid-to-large electric vehicles [6] Group 4: Consumer Engagement and Brand Strategy - The "Observation Zero Distance" initiative includes live dialogues with company executives to uncover the core values and user needs associated with the Xinghai S7 [5] - The company aims to redefine automotive consumption standards by focusing on user-centric design and engineering, integrating user feedback into product development [7][9] Group 5: Future Outlook - Dongfeng Fengxing plans to launch 12 new energy products by 2025 and is focused on building overseas factories to expand its market presence [14] - The company is committed to a "deep customization" model that empowers users to influence product design, aiming for a compound annual growth rate of 15% and a target scale of 300 billion yuan by 2030 [14][15]

Core Viewpoint - The proposed transaction involves the distribution of Lantu shares to existing shareholders and a merger agreement between Dongfeng Motor Group and Dongfeng Motor Group (Wuhan) Investment Co., aiming to privatize the remaining business and enhance shareholder value through the listing of Lantu on the Hong Kong Stock Exchange [1][2]. Group 1: Proposed Transaction Details - The company has resolved to distribute its Lantu shares to existing shareholders, with Lantu applying for a listing on the Hong Kong Stock Exchange, contingent upon the distribution conditions being met [1]. - H-share shareholders will receive 0.3552608 Lantu H-shares for each H-share held on the record date, along with a cash cancellation price of HKD 6.68 per H-share [2]. - The theoretical total value per H-share in the proposed transaction is approximately HKD 10.85, representing a premium of about 128.90% over the last unaffected trading price of HKD 4.74 [2]. Group 2: Strategic Objectives - The merger aims to further integrate quality resources towards emerging industries, focusing on the development of the new energy vehicle sector and transitioning from fuel vehicles to electric vehicles [3]. - The listing of Lantu is expected to broaden financing channels, enhance brand image, expand overseas operations, and improve corporate governance [3]. Group 3: Market Activity - The company has applied to the Stock Exchange for the resumption of trading of H-shares starting from 9:00 AM on August 25, 2025 [4]. - Dongfeng Company is primarily engaged in the manufacturing and supply of commercial vehicles, passenger vehicles, and electric vehicles, along with related services and products [4].

【#东风集团股份1小时暴涨超90%#，#东风集团股份拟私有化退市#】8月22日深夜，东风集团股份 （0489.HK）发布公告称，子公司岚图汽车将以介绍上市方式登陆港股，东风集团股份将同步完成私有 化退市。本次交易采用岚图汽车股权+现金对价支付，总体收购价格为10.85港元/股，其中现金对价6.68 港元/股，岚图股权对价4.17港元/股。 受此消息影响，截至8月23日零点，东风集团股份ADR报价62.22美元，暴涨91.45%。 接近东风集团的人士告诉记者，此次东风集团股份拟私有化退市的原因有两个：第一，东风集团股份这 只股票的估值较低，基本已经失去融资能力。第二，东风集团正努力朝新能源方向转型，此前也已经启 动了内部改革，但是受制于上市公司的相关规定，很多板块的融合和内部重组存在限制。因此，东风此 次动作目的有二，一是把岚图推向资本市场，二是方便后续内部进一步整合。#东风集团股份一纸公告 引燃市场# ...

Core Viewpoint - Dongfeng Group's subsidiary, Lantu Automotive, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1][3] Group 1: Transaction Details - The overall acquisition price for Lantu Automotive is set at HKD 10.85 per share, comprising HKD 6.68 in cash and HKD 4.17 in equity [1] - Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders before Lantu's introduction listing on the Hong Kong Stock Exchange [4] - The transaction involves a combination of "equity distribution + absorption merger," which is a unique approach compared to previous privatizations of state-owned enterprises [3][4] Group 2: Reasons for Privatization - The stock of Dongfeng Group is undervalued, leading to a loss of financing capability [3] - The company aims to facilitate internal restructuring and integration, which is hindered by regulations governing listed companies [3][4] Group 3: Financial Performance - In the first half of the year, Dongfeng Group sold approximately 823,900 vehicles, a year-on-year decrease of 14.7%, with a revenue of CNY 54.533 billion, up 6.6% [4] - Gross profit reached CNY 7.599 billion, reflecting a 28.0% increase, with a gross margin of 13.9%, up 2.3 percentage points year-on-year [4] - The net profit attributable to shareholders was CNY 55 million [4] Group 4: Lantu Automotive's Outlook - Lantu Automotive is expected to deliver over 80,000 vehicles in 2024, representing a year-on-year growth of approximately 70% [5] - Since 2025, Lantu has achieved monthly sales exceeding 10,000 units for five consecutive months [5] - The upcoming listing in Hong Kong will enhance Lantu's financing channels and expand its international business [5]

《星岛》记者 周昊 广州报道 8月22日晚，已经停牌11天的东风汽车集团有限公司（下称"东风汽车"）宣布启动重大资产重组，计划通过"介绍上市+私有化"的方式，推动旗下岚图汽车 科技有限公司（以下简称"岚图汽车"）以介绍方式登陆香港联交所，同时对东风汽车集团股份有限公司（下称"东风集团"00489.HK）私有化。 通过本次交易，岚图汽车将实现在港股介绍上市，在资本市场加持下驶入发展快车道，未来也将以更清晰的定位参与全球竞争，依托资本市场的资源配置 功能，加速核心技术研发与海外事业布局，巩固在高端新能源市场的领先优势，加快成长为与国际高端品牌同台竞技的"新实力"。 东风集团表示，这种"腾笼换鸟，筑巢引凤"的改革路径，也为更多央企以市场化手段优化资产和业务结构，提升国有资本配置效率提供了可借鉴的范本。 2024年，岚图汽车实现交付85,697辆，同比增长约70%；2025年以来，岚图汽车连续5个月实现销量破万，7月交付量更是突破12,000辆。爆款车型岚图梦 想家自2023年起销量稳居新能源MPV TOP2，多月位居新能源MPV品类月度冠军；新车型岚图FREE+上市后15分钟大定锁单11,583辆。 东风集团表示， ...

公告显示，受到行业转型阵痛等因素影响，东风集团股份近年来估值表现偏低，股票市值长期远低于净 资产。 8月22日晚，港股上市公司东风集团股份发布公告称，子公司岚图汽车将以介绍上市方式登陆港股，东 风集团股份将同步完成私有化退市。 根据公告，此次交易采用"股权分派+吸收合并"的组合模式，两大核心环节互为前提、同步推进。在第 一环节，东风集团股份将其持有的岚图汽车79.67%股权按持股比例向全体股东分派，随后岚图汽车以 介绍上市方式登陆香港联交所。 在第二环节，东风汽车在境内全资子公司东风汽车集团（武汉）投资有限公司作为吸并主体，向东风集 团股份的控股股东东风汽车支付股权对价，向其他小股东支付现金对价，实现对东风集团股份的100% 控制。 受制于估值情况，东风集团股份上市以来未开展过股本再融资，已基本失去H股上市平台的融资功能。 与东风集团股份的估值偏低表现相比，岚图汽车作为东风自主打造的高端智慧新能源品牌，近年来保持 良好发展势头，是东风汽车旗下最具价值和成长性的优质资产之一。 公告显示，岚图汽车此次港股上市后，在进一步拓宽融资渠道、提升品牌形象、拓展国际事业的基础 上，凭借其领先的技术、优质的产品以及广阔的市场 ...

8月22日22时52分，东风汽车集团股份有限公司（简称"东风集团股份"）发布公告称，子公司岚图汽车将以介绍上市方式登陆港股，东风集团股份同步完成 私有化退市。本次东风集团股份宣布"岚图介绍上市+东风集团股份私有化退市"的交易方案，通过"腾笼换鸟"优化资源配置和战略布局。 岚图汽车大楼。企业供图 岚图汽车将以介绍上市方式登陆港股 公告显示，本次交易采用"股权分派 + 吸收合并"的组合模式，两大核心环节互为前提、同步推进。在第一环节，东风集团股份将其持有的岚图汽车79.67% 股权按持股比例向全体股东分派，随后岚图汽车以介绍上市方式登陆香港联交所。在第二环节，东风汽车全资子公司东风汽车集团（武汉）投资有限公司作 为吸并主体，向东风集团股份的控股股东东风汽车支付股权对价，向其他小股东支付现金对价，实现对东风集团股份的100%控制。 介绍上市是已发行证券申请上市的一种方式，核心特点是不在上市时发行新股或涉及融资，仅将现有股东持有的证券在交易所挂牌交易。据悉，本次交易采 用岚图汽车股权+现金对价支付，总体收购价格为10.85港元/股，其中现金对价6.68港元/股，岚图股权对价4.17港元/股。 岚图汽车是东风自主打造的 ...

Core Viewpoint - The Dongfeng Fengxing Xinghai V9 Yuexiang series has been launched with a pricing strategy that positions it as a high-end new energy MPV under 200,000 yuan, aiming to provide luxury experiences at fuel vehicle prices [1][10]. Group 1: Product Features - The Xinghai V9 offers two versions: Comfort and Luxury, with official prices set at 179,900 and 199,900 yuan, respectively, and post-subsidy prices starting at 149,900 and 169,900 yuan [1]. - The vehicle is equipped with the Mahle dual-engine hybrid system, providing a pure electric range of 200 km and a comprehensive range of 1,300 km, with a cost of 0.12 yuan per kilometer [4]. - The dimensions of the vehicle are 5230 mm in length, 1920 mm in width, and 1820 mm in height, with a wheelbase of 3018 mm, achieving a high space utilization rate of 85.2% [5]. Group 2: User Pain Points Addressed - Dongfeng conducted research with 10,000 potential users to identify five major pain points for MPV users under 200,000 yuan: insufficient range, third-row seating and trunk space issues, comfort concerns in the second and third rows, safety anxiety, and quality worries [3]. - The Xinghai V9 addresses these pain points with upgrades in five key areas: range, space, comfort, safety, and quality [4]. Group 3: Comfort and Safety Features - The second-row seats feature heating, ventilation, and massage functions, along with a 200 mm adjustable passage [7]. - The vehicle includes L2-level intelligent driving assistance with eight functions and a 360° high-definition panoramic image system for proactive safety [7]. - The interior materials are designed for health, using solvent-free adhesives and mother-baby grade fabrics, with VOC emissions below national standards [8]. Group 4: Market Positioning - The increasing number of multi-child families has made MPVs a mainstream choice, with competitors like Li Auto's MEGA, Xiaopeng's X9, and BYD's Tengshi D9 priced above 300,000 yuan [9]. - The Xinghai V9's competitive pricing and upgraded features position it as a new contender in the luxury MPV market, appealing to families who may have been deterred by higher-priced alternatives [10].