又一新能源车企IPO！递交上市申请！

Core Viewpoint - Lantu Automotive Technology Co., Ltd. has officially submitted its application for listing on the Hong Kong Stock Exchange, marking a significant step in its listing plan as a high-end smart electric vehicle brand under Dongfeng Motor Group [1]. Company Overview - Lantu Automotive is a Chinese high-end smart electric vehicle company established in June 2021 [4]. - The major shareholder is Dongfeng Group, a publicly listed company in Hong Kong, along with an employee stock ownership platform [5]. - The company inherits over 56 years of automotive experience and technology from Dongfeng Group [6]. - The brand philosophy is rooted in Chinese culture, aiming to be a "user-oriented technology enterprise" [7]. Product Line - Lantu offers four main series: Lantu FREE (mid-large SUV), Lantu Dreamer (high-end MPV), Lantu Pursuit (mid-large sedan), and Lantu ZhiYin (mid-size SUV) [8]. - Key specifications of the models include: - Lantu FREE: PHEV range of 1,411/1,530 km, REEV range of 1,357 km, battery capacity of 45 kWh, and a price range of 219,900 to 279,900 RMB. - Lantu Dreamer: PHEV range of 1,260 km, BEV range of 650 km, battery capacity of 43.2/62.5 kWh, and a price range of 329,900 to 429,900 RMB. - Lantu Pursuit: BEV range of 580 km, battery capacity of 43 kWh, and a price range of 252,800 to 277,800 RMB. - Lantu ZhiYin: BEV range of 650 km, battery capacity of 81 kWh, and a price range of 202,900 to 242,900 RMB [9]. Development Milestones - The company launched its first vehicle, Lantu FREE, in 2021 and entered the European market in 2022 with the launch of Lantu Dreamer [12][13]. - By 2025, the cumulative production is expected to exceed 200,000 units, making it the first high-end new energy brand under a central state-owned enterprise to reach this milestone [10]. Financial Performance - Sales volume increased from 19,000 units in 2022 to over 80,000 units in 2024, with a compound annual growth rate of 103.2% from 2022 to 2024 [33]. - Revenue surged from 6.05 billion RMB in 2022 to 19.36 billion RMB in 2024, with a gross margin improvement from 8.3% in 2022 to 21.0% in 2024 [34]. - The company reported a significant reduction in losses, nearing profitability with a quarterly profit expected in Q4 2024 [34]. Capital Operations - Dongfeng Group is facilitating a complex capital operation, including privatization and spin-off listing of Lantu Automotive, allowing it to achieve independent listing status [39]. - Shareholders of Dongfeng Group's H-shares will receive cash and a certain number of Lantu Automotive H-shares as part of the privatization deal [40]. Governance Structure - The board consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors [20]. - Key executives include Lu Fang as Chairman and CEO, and Jiang Tao as Vice Chairman and COO [21][22].