靠6亿多补贴来“扭亏”！岚图汽车冲刺港交所，前三季度销量目标完成不到一半

Core Viewpoint - Lantu Automotive, a high-end electric vehicle brand under Dongfeng Motor Group, has submitted its listing application to the Hong Kong Stock Exchange, aiming to transition from a private to a public company without raising new funds. The company has faced continuous losses over the past three years but reported a profit in the first seven months of this year, largely due to a significant increase in government subsidies [3][4][6]. Financial Performance - Lantu Automotive has reported net losses of RMB 1.538 billion, RMB 1.496 billion, and RMB 240.87 million for the years 2022, 2023, and 2024 respectively, with a projected profit of RMB 434.132 million for 2025 [5][7]. - The company's revenue has shown a substantial increase, from RMB 6.05 billion in 2022 to a projected RMB 19.36 billion in 2024, with a gross profit rising from RMB 502.628 million to RMB 4.065 billion in the same period [5][7]. - Other income and gains surged from RMB 2.14 billion in 2022 to a projected RMB 1.002 billion in 2024, primarily driven by government subsidies, which accounted for 82% of other income in the first seven months of this year [4][6][7]. Dependency on Government Support - Government subsidies have played a crucial role in Lantu's financial performance, with RMB 6.42 billion received in the first seven months of this year. Without these subsidies, the company would have reported a loss exceeding RMB 2 billion [6][8]. - The breakdown of other income shows that government grants are the main contributor, with revenue-related subsidies increasing significantly compared to previous years [7]. Debt and Financial Health - As of July 2025, Lantu's debt-to-asset ratio stood at 67.2%, which, while improved from a peak of 88.09%, remains higher than competitors like Li Auto and NIO [11]. - The company faces challenges in financing flexibility due to its high debt levels, which could increase borrowing costs and limit future financing options [11]. Sales and Market Position - Lantu's sales performance has been underwhelming, with a total of 80,116 vehicles sold in 2024 and only 66,680 vehicles sold in the first seven months of this year, falling short of its annual target [16][17]. - The company heavily relies on a single model, the MPV Lantu Dreamer, which accounted for over 55% of total sales, while other models like the sedan Lantu Pursuit have seen declining sales [17][18]. R&D and Competitive Position - Lantu's R&D investment is lower than industry peers, benefiting from support from its parent company, Dongfeng Group. This has resulted in a slower pace of technological advancement, particularly in the competitive landscape of smart electric vehicles [18].