Core Viewpoint - The news highlights the accelerated IPO process of Voyah Automotive Technology Co., Ltd., a high-end smart electric vehicle brand under Dongfeng Motor Corporation, which submitted its prospectus to the Hong Kong Stock Exchange on October 2, 2023, and plans to list without issuing new shares to raise funds [5]. Company Overview - Voyah Automotive was established in 2021, leveraging Dongfeng's 56 years of automotive technology and resources. The company has rapidly developed, delivering its first model, Voyah FREE, in August 2021, and aims to produce its 100,000th vehicle by April 2024 and 200,000th by April 2025 [7]. - The company has launched four vehicle series, including the Voyah FREE SUV, Voyah Dreamer MPV, Voyah Zhi Guang sedan, and Voyah Zhi Yin SUV, with plans for further upgrades and the introduction of a flagship SUV, Voyah Tai Shan, by the end of the year [7]. Technological Development - Voyah Automotive emphasizes innovative technology development, establishing a comprehensive innovation system covering platform architecture, "three electric" systems, and advanced driver assistance systems. As of July 31, 2025, the company holds 1,519 granted patents and has 4,783 patents pending in China, with additional patents in other jurisdictions [8]. - The collaboration with Huawei enhances Voyah's market performance, with all models equipped with Huawei's intelligent driving systems and ongoing exploration of deeper cooperation [8]. Financial Performance - The company reported sales of 19,409 vehicles in 2022, 50,285 in 2023, and 80,116 in 2024, with 66,680 vehicles sold in the first seven months of 2025. The compound annual growth rate (CAGR) for sales from 2022 to 2024 is 103.2%, making it the third fastest-growing high-end electric vehicle brand in China [9]. - Revenue has also seen significant growth, with figures of RMB 6.052 billion in 2022, RMB 12.749 billion in 2023, RMB 19.361 billion in 2024, and RMB 8.295 billion in the first seven months of 2025, reflecting a CAGR of 78.9% from 2022 to 2024 [9]. - The gross margin improved from 8.3% in 2022 to 21.0% in 2024, further increasing to 21.3% in the first seven months of 2025, positioning Voyah as the second highest in gross margin among new energy vehicle companies in 2024 [9]. Profitability - Voyah achieved its first quarterly profit in Q4 2024 and reported a profit of RMB 479 million from January to July 2025, making it the only new energy vehicle company to achieve profitability before going public. The total net loss from 2022 to 2024 was approximately RMB 3.125 billion, which is relatively low compared to competitors [10]. - The company maintains a conservative approach to spending, with R&D expenses as a percentage of revenue being 22.2%, 8.8%, and 10.3% from 2022 to 2024, indicating a balanced investment strategy compared to peers [11]. Future Outlook - The upcoming IPO is expected to enhance Voyah's financing channels, brand image, and international expansion, while also subjecting the company to stricter scrutiny from investors. The ability to maintain sales growth and long-term performance will be crucial for the company's narrative in the capital market [11].
岚图联交所递表:去年第四季度已开始盈利,毛利率行业领先
Nan Fang Du Shi Bao·2025-10-03 01:30