Core Viewpoint - Dongfeng Group Holdings (00489.HK) is undergoing significant changes, including the privatization and delisting of Dongfeng Group Holdings and the introduction of its subsidiary, Lantu Automotive, to the Hong Kong stock market through a listing by introduction [2][4]. Group 1: Transaction Details - The transaction involves 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 listing [2]. - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and an equity consideration of HKD 4.17 [2]. Group 2: Financial Performance and Valuation - As of July 31, 2025, Dongfeng Group's total market capitalization is HKD 39.12 billion, with a closing price of HKD 4.74 per share, resulting in a price-to-book (PB) ratio of 0.25 [4]. - Lantu Automotive has shown promising growth, with a significant reduction in losses, moving towards profitability, with a projected tax pre-loss of HKD 2.43 billion in 2024, down from HKD 19.8 billion in 2023 [6][7]. Group 3: Strategic Importance of Lantu Automotive - Lantu Automotive is positioned as a high-end smart electric vehicle brand and is considered one of Dongfeng's most valuable and growth-oriented assets [4]. - The company aims to achieve annual sales of 200,000 vehicles, having sold approximately 56,100 vehicles in the first half of the year, marking an 85% year-on-year increase [7]. - The listing is expected to enhance Lantu's financing channels, brand image, and international expansion, potentially unlocking significant value creation opportunities [8].

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股估值范围中位数11.735港元计 算，每股H股于分派及介绍上市项下获发的0.3552608股岚图H股的理论价值约为4.17港元，连同注销价 后，建议交易项下每股H股的理论总额相等于每股H股约10.85港元，较于最后不受干扰交易日（即2025 年7月31日）于联交所收市价每股H股4.74港元溢价约128.90%。 从H股股东的角度来看，建议交易的效果如下：(1)将高端新能源汽车业务自本公司分派，方式为将公司 持有的全部岚图股份分派给现有股东，并将高端新能源汽车业务单独上市（即岚图H股介绍上市）。岚 图为公司专注于高端新能源汽车业务的非全资子公司（截至本联合公告日期，其股权中约79.6691%由 公司持有）；及(2)同时，根据中国公司法，以吸收合并的方式以现金对价 ...

Group 1 - Dongfeng Group reported a revenue of 54.533 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 6.62% [1] - The net profit attributable to equity holders of the parent company was 55 million yuan, a decrease of 91.96% year-on-year, with earnings per share at 0.67 cents [1] - The company sold approximately 823,900 vehicles in the first half of the year, a decline of 14.7% year-on-year, while achieving a gross profit of 7.599 billion yuan, an increase of 28.0% year-on-year, with a gross margin of 13.9%, up 2.3 percentage points year-on-year [1] Group 2 - The business structure optimization has shown significant results, with sales of self-owned passenger vehicles reaching 221,000 units, a year-on-year increase of 17.5%, and a gross margin of 13.1%, up 4.1 percentage points year-on-year [1] - The commercial vehicle business has made steady progress, with sales of approximately 187,600 units and a steady increase in gross margin [1] - Sales of new energy vehicles reached 204,400 units, a year-on-year increase of 33.0%, with their share of total sales increasing by 8.9 percentage points, indicating a continued acceleration in transformation [1] Group 3 - Dongfeng Group is actively responding to national strategies and policies, with several products included in the national new energy rural catalog, stimulating consumption potential in lower-tier markets [2] - The company has unified the payment terms for small and medium-sized suppliers to within 60 days to protect the health of the industry chain ecosystem [2] - Significant technological advancements have been reported, including the completion of the world's largest integrated die-casting production line and the establishment of a computing power platform for artificial intelligence [2] Group 4 - The high-end new energy brand, Lantu, has become a benchmark in Dongfeng's new energy transformation strategy, with strong growth momentum expected to continue into 2025 [2] - Lantu's sales have rapidly increased, with the Dreamer model maintaining a leading position in the high-end new energy MPV segment, and the new Lantu FREE+ achieving 4,273 units sold within just 18 days of its launch [2]

Core Viewpoint - Dongfeng Group reported a revenue of 54.533 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 6.62%, while net profit attributable to equity holders decreased by 91.96% to 55 million yuan [1] Financial Performance - The company sold approximately 823,900 vehicles in the first half of the year, a year-on-year decline of 14.7%, generating sales revenue of 54.533 billion yuan, which is a 6.6% increase compared to the previous year [1] - Gross profit reached 7.599 billion yuan, reflecting a year-on-year growth of 28.0%, with a gross margin of 13.9%, up 2.3 percentage points year-on-year [1] - The asset-liability ratio stood at 51.6%, indicating a stable asset-liability structure [1] Business Segment Performance - The optimization of the business structure showed significant results, with sales of self-owned passenger vehicles reaching 221,000 units, a year-on-year increase of 17.5%, and a gross margin of 13.1%, up 4.1 percentage points [1] - The commercial vehicle segment saw steady progress, with sales of approximately 187,600 units and a gradual increase in gross margin [1] - Sales of new energy vehicles reached 204,400 units, a year-on-year increase of 33.0%, with their share of total sales rising by 8.9 percentage points [1] Strategic Initiatives - The company is actively responding to national strategies and policies, with several products included in the national new energy rural catalog, stimulating consumption in lower-tier markets and further boosting new energy vehicle sales [2] - Dongfeng is taking a leading role in resisting industry "involution" by unifying payment terms for small and medium-sized suppliers to within 60 days, ensuring the health of the industrial chain ecosystem [2] - Major technological projects are progressing, including the completion of the world's largest integrated die-casting production line and the establishment of a computing power platform for artificial intelligence [2] High-end New Energy Development - The high-end new energy brand, Lantu, has become a benchmark in Dongfeng's new energy transformation strategy, with strong growth momentum expected to continue into 2025 [2] - Lantu's new model, Lantu FREE+, achieved sales of 4,273 units within just 18 days of its launch, ranking among the top three in the 200,000 to 300,000 yuan mid-to-large new energy SUV market [2]

Core Insights - Dongfeng Group reported a total vehicle sales of approximately 823,900 units in the first half of the year, representing a year-on-year decline of 14.7% [1] - The company achieved a sales revenue of 54.533 billion yuan, which is a year-on-year increase of 6.6% [1] - Gross profit reached 7.599 billion yuan, reflecting a year-on-year growth of 28.0% [1] - The gross profit margin improved to 13.9%, an increase of 2.3 percentage points compared to the previous year [1] - The net profit attributable to shareholders of the listed company was 55 million yuan [1]

格隆汇8月22日丨东风集团股份(00489.HK)公告，集团上半年销售汽车约82.39万辆，同比下降14.7%， 实现销售收入545.33亿元，同比增长6.6%；毛利润75.99亿元，同比增长28.0%；毛利率达13.9%，同比 提升2.3个百分点；归属于上市公司股东净利润0.55亿元。资产负债率51.6%，资产负债结构保持稳健。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本聯合公告全部或任何部份內容而產生或因倚賴該等內容而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 本 聯 合 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 東 風 公 司、要約人、 本 公 司 或 嵐 圖 證 券 之 邀 請 或 要 約，亦 非 在 任 何 司 法 權 區 招 攬 任 何 投 票 權 或 批 准。 本聯合公告不會在構成違反有關司法權區相關法律的情況下於或向任 何 司 法 權 區 發 佈、刊 發 或 派 發。 DONGFENG MOTOR CORPORATION* 東風汽車集團有限公司 （一 間 於 中 華 人 民 共 和 國 註 冊 成 立 的 有 限 公 司） DONGFENG MOTOR GROUP COMPANY LIMITED* DONGFENG MOTOR GROUP (WUHAN) INVESTMENT COMPANY LIMITED* 東 風 汽 車 集 團（武 漢） 投資有限公司 （一 間 於 中 華 人 民 共 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 DONGFENG MOTOR GROUP COMPANY LIMITED* 東風汽車集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：489） 二零二五中期業績公告 東 風 汽 車 集 團 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（「本集團」或「東風汽車集團」）截 至 二 零 二 五 年 六月三十日止六個月的未經審計綜合業績及二零二四年同期的比較數字。 二零二五年中期財務資料已由本公司審計與風險管理委員會審閱以及 由 本 公 司 核 數 師，安 永 會 計 師 事 務 所 按 照 香 港 會 計 師 公 會 頒 佈 的《香 港 審 閱 準 則》第2410號–「由 實 體 的 獨 立 核 數 師 執 行 中 期 財 務 資 料 審 閱 ...

Group 1: Market Trends and Predictions - Goldman Sachs predicts that the humanoid robot market will exceed $100 billion by 2030 [4] - The market share of range-extended vehicles decreased from 10.7% in 2024 to 9.8% in the first half of this year, with a year-on-year decline of 11.4% in July [1] Group 2: Company Developments - GAC Group launched the new "Star Source Range Extender" technology, addressing issues such as high fuel consumption and slow acceleration in range-extended vehicles [1] - Baixin Rhino completed a B+ round of financing, raising nearly 500 million RMB, with plans to focus on the development of autonomous vehicle products and AI technology [2][3] - Ningbo Huaxiang is transitioning into the humanoid robot sector, achieving mass production of core joint modules and biped humanoid robots [4] - Guanglian Technology Holdings announced the launch of its "Smart Body RWA Ecosystem" strategy, aiming to transform into a digital platform for automotive asset tokenization [5][6] - Lantu Motors released its self-developed "Lanhai Smart Hybrid" technology, which will be featured in multiple upcoming models [7] Group 3: Product Launches and Market Response - The new generation of Zhimi LS6 has begun pre-sales, featuring two "super range-extended" models with a combined range of 1500 kilometers [9] - NIO's new ES8 was officially launched and opened for pre-sale, leading to a significant increase in stock prices [10][11] - Dongfeng Fengshen L8 has started pre-sales with a target of over 10,000 units sold globally per month [12]

Core Viewpoint - The launch of the Dongfeng Mengshi M817 is seen as a critical opportunity for the Mengshi brand to recover from its previous struggles in the market, with a starting price of 319,800 yuan and promotional benefits of up to 70,000 yuan [1][5]. Sales Expectations and Historical Performance - Huawei has set a sales target of 12,400 units for the M817 within four and a half months, while Dongfeng Group internally expects 15,000 units [2]. - The Mengshi 917, launched in 2023, has underperformed with only 689 units sold in the first seven months of 2025, leading to significant financial losses for the brand [2][4]. - Dongfeng Group has issued a profit warning, predicting a net profit of only 30 to 70 million yuan for the first half of 2025, a decline of 90% to 95% year-on-year [3]. Market Positioning and Pricing Strategy - The M817's pricing strategy reflects a shift from a luxury positioning to a more competitive price point, with the entry-level model priced at 319,800 yuan, which is 10,000 yuan lower than the pre-sale price [5][14]. - The vehicle's pricing and promotional strategies have resulted in a high order rate of 40% in some northern regions, surpassing the industry average of 30% [5]. Brand Challenges and Market Dynamics - The Mengshi brand faces significant challenges in establishing itself in the competitive 300,000 yuan price segment, which is crowded with numerous players [14][15]. - The brand's previous luxury positioning has not resonated with consumers, leading to a need for a redefined brand narrative that emphasizes both performance and value [9][16]. - The overall market for new energy vehicles in the 300,000 to 400,000 yuan range has seen a decline in sales, particularly in the 300,000 to 350,000 yuan segment, which dropped by 18% compared to the previous year [15]. Strategic Implications - The M817 is positioned as a pivotal model for the brand, tasked with not only boosting sales but also revitalizing the brand's image and dealer profitability [9][12]. - The reliance on Huawei's technology for the M817 is a key selling point, with many consumers prioritizing the vehicle's smart driving capabilities over its off-road performance [10][12]. - The brand's future success hinges on its ability to quickly penetrate the market and establish a strong brand perception amidst increasing competition from other manufacturers [13][16].