东风集团港股退市暂无“回A”计划，复盘首日股价一度高涨近70%，岚图上市或改变估值逻辑

Core Viewpoint - Dongfeng Group's stock price surged significantly following the announcement of its subsidiary, Lantu Automotive, going public through a backdoor listing in Hong Kong, while Dongfeng Group will simultaneously complete its privatization and delisting [1][3]. Group 1: Stock Performance - On August 25, Dongfeng Group's stock reached a historical high of 10.10 HKD, with an intraday increase of 69.18%, closing at 9.2 HKD, up 54.10% [1]. Group 2: Corporate Actions - The transaction involves a "share distribution + absorption merger" model, where Dongfeng Group will distribute 79.67% of Lantu Automotive's shares to all shareholders, followed by Lantu's introduction to the Hong Kong Stock Exchange [3]. - Dongfeng Group's financial controller highlighted four key significances of Lantu's listing: broadening financing channels, expanding overseas operations, enhancing market value and governance, and driving internationalization [3][4]. Group 3: Financial Performance - In the first half of the year, Dongfeng Group sold approximately 823,900 vehicles, generating sales revenue of 54.533 billion CNY, a year-on-year increase of 6.6%, with a gross profit of 7.599 billion CNY, up 28.0% [4]. - The passenger vehicle segment's revenue was about 25.279 billion CNY, reflecting a growth of approximately 17.27%, primarily driven by Lantu Automotive [8]. Group 4: Strategic Developments - Lantu Automotive is recognized as a high-end smart electric vehicle brand with strong growth potential, having achieved a sales volume of approximately 56,100 units in the first half of the year, a year-on-year increase of 85% [8]. - The company has successfully launched multiple models and aims to introduce new products in the coming years, maintaining a stable monthly sales volume of over 10,000 units [8]. Group 5: Market Implications - The privatization of Dongfeng Group may lead to a restructuring of valuation logic for undervalued state-owned enterprises in the automotive sector, potentially increasing the frequency of capital operations among state-owned enterprises [9].