“可怕”的岚图招股书

Core Viewpoint - Lantu Motors has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step as the only profitable new energy vehicle company among its peers before going public [2][3]. Financial Performance - Lantu has reduced its cumulative losses from 3.125 billion RMB in 2022 to 91 million RMB in 2024, achieving its first quarterly profit in Q4 2024 [3]. - The company reported a gross profit margin of 21.3% in the first seven months of 2025, surpassing competitors like Li Auto [2][9]. - Revenue projections show a significant increase from 605 million RMB in 2022 to an expected 19.36 billion RMB in 2024, with a gross profit of 4.065 billion RMB [4]. Sales Growth - Lantu's sales volume has increased from under 20,000 units in 2022 to over 80,000 units in 2024, achieving a compound annual growth rate of 103.2% [6]. - In the first seven months of 2025, Lantu delivered 66,680 vehicles, an 85% year-on-year increase, completing over 80% of its 2024 delivery target [6]. Product Strategy - Lantu's product lineup includes three flagship models: Dreamer, Zhaiguang L, and Taishan, covering MPV, sedan, and full-size SUV segments [4]. - The company has successfully established a product matrix that supports sustained sales growth, with the Dreamer model alone delivering 47,000 units in 2024 [4][11]. Research and Development Efficiency - Lantu's R&D investment was 1.34 billion RMB in 2022, accounting for 22.2% of its revenue, and has since optimized its R&D costs through platform efficiency [16][18]. - The company has filed 1,519 patents in China and 21 overseas, indicating a strong focus on innovation and technology development [20]. Market Position - Lantu is positioned as the only profitable state-owned new energy vehicle brand in the market, with a clear path to sustainable growth and profitability [3][11]. - Analysts predict that Lantu's net profit could exceed 1 billion RMB in 2025, with a market valuation between 35 billion to 40 billion HKD based on projected earnings [11].