【#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 ...

Core Viewpoint - Dongfeng Motor Group Co., Ltd. announced that its 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 Structure - The transaction will utilize a combination of "equity distribution + absorption merger," where 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 [3][4]. - Dongfeng's wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., will pay equity consideration to Dongfeng Group's controlling shareholder and cash consideration to other minority shareholders, achieving 100% control over Dongfeng Group [3][4]. Group 2: Financial Details - The overall acquisition price is set at HKD 10.85 per share, comprising cash consideration of HKD 6.68 per share and equity consideration of HKD 4.17 per share [4]. - As of July 31, 2025, Dongfeng Group's total market capitalization was HKD 39.12 billion, with a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of only 0.25 times [8]. Group 3: Company Performance - Lantu Automotive delivered 85,697 vehicles in 2024, representing a year-on-year increase of approximately 70%. In the first seven months of 2025, Lantu's cumulative sales reached 68,263 vehicles, up 87.58% year-on-year [5]. - Dongfeng Group's automotive sales in the first half of the year were approximately 823,900 units, a decrease of 14.7% year-on-year, while sales revenue was HKD 54.533 billion, an increase of 6.6% [9]. Group 4: Strategic Implications - The listing of Lantu Automotive is expected to broaden financing channels, enhance brand image, and expand international business, potentially unlocking value creation capabilities [6]. - The transaction is anticipated to reshape the value of Dongfeng's brand matrix, with Lantu as a core asset driving the overall development of Dongfeng's high-end new energy brands [10].

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].

人民财讯8月22日电，8月22日，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，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。 转自：证券时报 ...

【今日焦点】 东风集团股份(00489.HK)将分派岚图股份 东风公司拟通过吸收合并方式将公司私有化 25日复牌 东风集团股份(00489.HK)公告，于2025年8月22日，要约人东风汽车集团（武汉）投资有限公司与公司 订立建议交易：(1)分派及介绍上市：公司已决议将其将持有的岚图股份分派予现有股东，且岚图将在 满足分派条件的前提下申请岚图H股介绍上市；及(2)合并：同时，要约人与公司订立合并协议，据其规 定并根据及受限于合并协议的条件及条款（包括合并先决条件及合并条件），要约人与公司同意以现金 对价的方式向所有H股股东（东风公司直接持有的H股除外）实施合并。 待合并先决条件及所有合并生效条件获达成后，公司将向联交所申请自愿撤销H股于联交所的上市地 位。 分派、介绍上市及合并的完成互为先决条件，且分派、介绍上市及合并将在同一天或前后发生。 根据建议交易，H股股东将通过分派及介绍上市，就于分派记录日期持有的每股H股获发0.3552608股岚 图H股。此外，H股股东（东风公司直接持有的H股除外）每股H股将以现金方式收取港币6.68元的注销 价。基于估值顾问按估值参考汇率估算截至2025年7月31日每股岚图H股估 ...

Core Viewpoint - The proposed transaction involves the distribution of Lantu shares to existing shareholders and a merger agreement between Dongfeng Group and the offeror, aiming to privatize the remaining business and enhance shareholder value through the listing of Lantu on the Hong Kong Stock Exchange [1][2][3]. Group 1: Proposed Transaction Details - The company has resolved to distribute its holdings in Lantu shares to existing shareholders, with Lantu applying for a listing on the Hong Kong Stock Exchange, subject to distribution conditions [1]. - H-share shareholders will receive 0.3552608 Lantu H-shares for each H-share held as of the record date, along with a cash cancellation price of HKD 6.68 per H-share [2]. - The theoretical total value of each 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 and achieve valuation reconstruction, focusing on the development of the new energy vehicle sector [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 August 25, 2025 [4]. - Dongfeng Company is primarily engaged in the manufacturing and supply of commercial vehicles, passenger cars, and electric vehicles, along with related services and products [4].

本次交易采用岚图汽车股权+现金对价支付。 8月22日晚间，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。根据公告，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。（第一财经记者 黄琳） ...