计划“借东风”上市！岚图汽车开启一场“创新实验”

Core Viewpoint - The announcement of Lantu Automotive's planned listing on the Hong Kong Stock Exchange marks a significant innovation and exploration in the transformation of state-owned enterprises (SOEs) towards new energy, with potential positive implications for the capital market and the company's growth trajectory [1][4]. Group 1: Listing Strategy - Dongfeng Group's transaction plan involves a combination of "equity distribution + absorption merger," where Lantu Automotive's introduction listing and Dongfeng Group's privatization are interdependent and proceed simultaneously [2][4]. - The introduction listing is a method where existing securities are listed without issuing new shares, similar to NIO's previous listing approach, indicating its feasibility for new energy vehicle companies [3][4]. Group 2: Company Strengths - Lantu Automotive has emerged as a valuable asset within Dongfeng's autonomous new energy vehicle sector, marking a new phase of "technology-industry-finance" synergy [5]. - Since its establishment in 2019, Lantu has successfully launched multiple vehicle models, including Lantu FREE and Lantu Dreamer, achieving a comprehensive product layout across SUVs, MPVs, and sedans [5][6]. - Lantu's sales performance has shown significant growth, with a 70% year-on-year increase in deliveries in 2024 and a remarkable 119% increase in August 2025 [7]. Group 3: Technological Advancements - Lantu Automotive has developed the "Lanhai Smart Hybrid Technology," which includes a comprehensive 800V silicon carbide high-voltage system, representing a major technological breakthrough in the new energy vehicle sector [7][10]. - The company emphasizes high-level technological self-reliance and innovation, developing proprietary architectures and fast-charging solutions, which enhance its competitive edge [10]. Group 4: International Expansion - The listing of Lantu Automotive is a crucial step in Dongfeng's overall internationalization strategy, facilitating better integration with international capital markets and enhancing brand influence [11]. - Since its international expansion began in 2022, Lantu has entered several European markets and plans to cover all European countries by 2026, aiming to establish 500 sales service outlets globally by 2030 [11][12].