一纸公告将岚图汽车推入资本市场的眼帘，在这家新势力车企即将登陆港交所之际，东风集团股份正在逐步完成私有化退市。 与此前央国企私有化交易不同，东风集团股份此次交易采用"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，在业内树立起央国企资 产重组的新范本。 根据规划，本次交易，岚图汽车将实施介绍上市。区别于直接挂牌上市，介绍上市的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。如此一来，中小股东能够更便捷地以现金对价和按比例获配岚图汽车股权，相当于"现金落袋+潜力股在手"。 根据规划，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100%控制。 长期以来，东风集团股份体内资产种类多，估值逻辑复杂，投资者难以充分发掘投资价值。同时，在新能源转型阵痛的影响下，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 ...

Core Viewpoint - Dongfeng Motor Corporation is undergoing a significant restructuring through the absorption merger of its direct controlling shareholder, Dongfeng Motor Group Co., Ltd., by its wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd. This change will not affect the actual control of the company, which remains under the State-owned Assets Supervision and Administration Commission of the State Council [1][4]. Group 1 - The merger agreement was signed on August 22, 2025, between Dongfeng Investment and Dongfeng Group [1]. - Before the merger, Dongfeng Group held 55% of the company's shares, while Dongfeng Investment held none [4]. - Post-merger, Dongfeng Investment will directly hold 55% of the company, and Dongfeng Group will no longer hold any shares [4]. Group 2 - The merger will result in Dongfeng Investment inheriting all assets, liabilities, rights, and obligations of Dongfeng Group [4]. - The actual controller of the company remains unchanged, with both the indirect controlling shareholder and the actual controller being Dongfeng Company [4]. - The company asserts that the merger will not impact its financial status or operations significantly, nor will it harm the interests of minority investors [4].

Core Viewpoint - The automotive industry in China is experiencing a significant rally in stock prices, driven by liquidity support from the central bank, consumer stimulus policies, and positive mid-year earnings reports [2][3][18]. Group 1: Market Conditions - The central bank has implemented large-scale reverse repos and MLF operations, injecting substantial liquidity into the banking system, which positively impacts the stock market [3]. - On August 15, the central bank conducted a 500 billion yuan reverse repo operation, followed by a 600 billion yuan MLF operation on August 25, resulting in a net injection of 300 billion yuan [3]. - There is a trend of retail investors leveraging their positions in the stock market, with some funds shifting from bank deposits and wealth management products to equities due to improved market sentiment [5]. Group 2: Automotive Sector Performance - Over 70% of the 102 Chinese automotive stocks tracked saw price increases, with an average rise of 4.05%, closely following the Shenzhen Composite Index's 4.57% gain [5]. - The total market capitalization of Chinese automotive stocks increased by over 410 billion yuan, reaching 11.56 trillion yuan [5]. - The passenger vehicle sector outperformed other segments, with a 7.05% increase, driven by stocks like NIO, Xpeng Motors, and Great Wall Motors [7]. Group 3: Notable Stock Performances - NIO's stocks surged by 31.81% in the US and 27.75% in Hong Kong, attributed to the favorable pricing strategy for its new ES8 model [9]. - Cao Cao Mobility's stock rose by 26.1%, influenced by a reduction in driver commission rates and positive market expectations regarding its inclusion in the Hong Kong Stock Connect [9]. - Xpeng Motors reported a nearly 57% reduction in losses and provided optimistic revenue guidance for Q3, leading to stock increases of 20.56% in the US and 18.73% in Hong Kong [11]. Group 4: Financial Results - Fuyao Glass reported a revenue of 21.44 billion yuan for the period, a 16.94% increase year-on-year, with a net profit of 4.80 billion yuan, up 37.33% [12]. - Great Wall Motors benefited from the launch of new models and significant overseas expansion, contributing to positive market expectations [13]. - Tuhu's revenue for the first half of the year was 7.88 billion yuan, reflecting a 10.5% year-on-year growth [13]. Group 5: Stock Declines - Despite the overall market rally, 23 stocks experienced declines, primarily in the dealer/retail, smart mobility, and new energy sectors, with declines generally limited to under 10% [14]. - Ganfeng Lithium and Hesai Technology saw the largest declines, with Ganfeng down 9.52% and Hesai down 9.11% [15][17].

Core Viewpoint - Dongfeng Motor Group Co., Ltd. announced a major asset restructuring plan, aiming for resource optimization through "introduction listing + privatization" [1] Group 1: Market Reaction - After resuming trading on August 25, Dongfeng Group's stock surged nearly 70% at one point, closing with a 54.1% increase, resulting in a market capitalization exceeding 75 billion [2] - The strong market response indicates a shift in investor perception regarding the valuation logic of central state-owned enterprises (SOEs) [4] Group 2: Privatization Context - Recent years have seen a trend of privatization among Hong Kong-listed central SOEs, with several companies successfully completing privatization [5] - Dongfeng's innovative transaction plan, involving the introduction listing of Lantu Automotive and the privatization of Dongfeng Group, is expected to strengthen its strategic layout and set a new benchmark for reform and innovation [5] Group 3: Strategic Value and Shareholder Benefits - The restructuring is anticipated to activate Dongfeng's overall vitality, sharpen Lantu's investment value, and protect minority shareholders' rights [6] - Lantu Automotive has shown strong growth, with a projected delivery of 85,697 vehicles in 2024, marking a 70% year-on-year increase, and has consistently achieved high monthly sales [6] - The dual transaction option of "cash + equity" offers certainty for cash returns while activating value realization through equity distribution [8] Group 4: Future Prospects - Lantu's listing is expected to break Dongfeng Group's historical undervaluation in the Hong Kong market, facilitating a shift in valuation logic [9] - The management of Dongfeng Group believes that Lantu's separate listing will allow the company to focus on developing the new energy vehicle sector and integrate quality resources into strategic emerging industries [9][11] - The restructuring will enhance the strategic positioning and operational boundaries of various business segments within Dongfeng, improving governance structures and operational efficiency [11] Group 5: Long-term Value Creation - The support for Lantu is seen as a way to avoid diluting existing shareholder rights during a low market period, while also considering Lantu's core position in the group's new energy strategy [12] - Leveraging Dongfeng's robust system capabilities, Lantu's value growth is expected to enhance the group's equity and asset value, creating a sustainable value appreciation loop [12]

2025 年 8 月 26 日 透過合併進行私有化 就東風汽車集團股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結 | 參考價 | 已支付／已收取的 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 明 | | | 關的參照證券 | 日 | | 總金額 | 括與其訂有協議 | | | | | | | 數目 | | | | 或達成諒解的任 | | | | | | | | | | | 何人士的證券） | | CICC | 2025年8月25 | 衍生工具 | 其他類別產品 | 清結衍生工具合約 | 1,812,000 | 2026年8月11 | $9.2128 | $16,693,568.4800 | 352,000 | | Financial | 日 | | | | | 日 | | | | | Trading | | 衍生工具 | 其他類別 ...

完 註： 中國國際金融股份有限公司是與要約人有關連的獲豁免自營買賣商。 2025 年 8 月 26 日 交易是為本身帳戶進行的。 透過合併進行私有化 就東風汽車集團股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結 | 參考價 | 已支付／已收取的 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 明 | | | 關的參照證券 | 日 | | 總金額 | 括與其訂有協議 | | | | | | | 數目 | | | | 或達成諒解的任 | | | | | | | | | | | 何人士的證券） | | 中國國際金 | 2025年8月25 | 衍生工具 | 其他類別產品 | 清結衍生工具合約 | 4,398,000 | 2025年8月25 | $9.2511 | $40,686,337.8000 | 0 | | 融股份有限 | 日 | | | ...

2025 年 8 月 26 日 透過合併進行私有化 就東風汽車集團股份有限公司的股份的交易披露 – H 股 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 出 | | | | | 有協議或達成諒解的任 | （包括與其訂有協議或 | | | | | | | | | | | | 何人士的證券） | 達成諒解的任何人士的 | | | | | | | | | | | | | 證券）% | | | 叶永青 | 2025 | 年 | 8 月 | 買入 | | 120,000 | | $9.8500 | 140,000 | | 0.0056% | | | 25 | 日 | | 買入 | | 12,000 | | $9.2900 | 152,000 | | 0.0061% | 完 註： ...

2025 年 8 月 26 日 透過合併進行私有化 就東風汽車集團股份有限公司的股份的交易披露– H 股 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 買入／賣 | 股份數目 | | 每股價格 | | 交易後數額（包括與其訂 | 佔該類別證券的百分比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 出 | | | | | 有協議或達成諒解的任 | （包括與其訂有協議或 | | | | | | | | | | | | 何人士的證券） | 達成諒解的任何人士的 | | | | | | | | | | | | | 證券）% | | | 宋汉明 | 2025 | 年 | 8 月 | 買入 | | 10,000 | | $9.2500 | 10,000 | | 0.0004% | | | 25 | 日 | | 買入 | | 10,000 | | $9.2400 | 20,000 | | 0.0008% | 完 註： 宋汉明是 ...

2025 年 8 月 26 日 透過合併進行私有化 | 交易方 | 日期 | 有關證券的 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取的 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 說明 | | 出 | 總數 | 總金額 | 收取的最高 | 收取的最低 | | | | | | | | | 價（H） | 價（L） | | CICC | 2025 年 8 月 | 其他類別的 | 將因客戶主動發出且由客戶需求帶動的交易而 | 買入 | 2,272,000 | $20,964,334.3500 | $9.2853 | $9.2128 | | Financial | 25 日 | 證券 (例如: | 產生的自營交易持倉清結／平倉／解除。我確 | | | | | | | Trading | | 股權互換) | 認，這已於最初由客戶需求帶動的交易進行後 | | | | | | | Limited | | | 的交易日的上午交易時段結束前完成 | | | | | | | | | 其他類別的 | ...

2025 年 8 月 26 日 透過合併進行私有化 就東風汽車集團股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取的 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 說明 | | 出 | 總數 | 總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | 中國國際金 | 2025 | 年 | 8 月 | 其他類別的 | 將因客戶主動發出且由客戶需求帶動的交易而 | 買入 | 4,398,000 | $40,686,337.8000 | $9.2511 | $9.2511 | | 融股份有限 | 25 日 | | | 證券 (例如: | 產生的自營交易持倉清結／平倉／解除。我確 | | | | | | | 公司 | | | | 股權互換) | ...