净利润4.3亿，政府补贴6.4亿，岚图汽车的盈利迷思

Core Viewpoint - Lantu Motors, a high-end electric vehicle brand under Dongfeng Group, has submitted its listing application to the Hong Kong Stock Exchange, with plans for its parent company to privatize and delist after the IPO. The company has shown significant improvement in profitability, primarily driven by government subsidies, despite lower sales compared to competitors [1][3][4]. Financial Performance - Lantu Motors' gross profit margin increased from 8.3% in 2022 to 21.3% in the first seven months of 2025, with a projected profit of 430 million RMB in the same period [1][3]. - The company reported revenues of 6.052 billion RMB in 2022, which rose to 12.749 billion RMB in 2023 and is expected to reach 19.361 billion RMB in 2024, reflecting a compound annual growth rate of 103.2% in vehicle sales from 2022 to 2024 [3][5]. - In the first seven months of 2023, Lantu Motors achieved a net profit of 434 million RMB, largely due to 640 million RMB in government subsidies, which accounted for a significant portion of its other income [4][5]. Market Position and Sales - Lantu Motors is recognized as the first electric vehicle company to achieve profitability before going public, with total vehicle sales of 66,700 units in the first seven months of 2023, of which over 60% were from the Dreamer series [2][6]. - The company faces challenges in market competition, as its sales volume is significantly lower than competitors like BYD, which sold 2.49 million units, and others like Li Auto and Leap Motor, which sold 234,700 and 272,000 units respectively [4][6]. Strategic Partnerships and Future Goals - Lantu Motors has formed a strategic partnership with Huawei to enhance its competitiveness through smart technology integration across its vehicle lineup by 2025 [8]. - The company aims to expand its sales network domestically and explore international markets, including Europe and the Middle East, to achieve its ambitious sales target of 200,000 units for the year [10].