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Core Viewpoint - The Hong Kong stock market is experiencing a strong resurgence in 2025, marked by increased trading activity and a significant rise in IPOs, with 68 new stocks raising a total of HKD 182.45 billion, representing a 51% and 227% increase year-on-year, respectively [1] Group 1: Market Activity - The Hong Kong IPO market is recovering, with 98% of new stocks receiving oversubscription, and 86% of them having oversubscription multiples exceeding 20 times, doubling from the previous year [1] - The influx of both domestic and foreign capital has led to a notable increase in profitability, making newly listed companies highly attractive to investors [1] Group 2: Company Overview - Lantu Automotive - Lantu Automotive, a high-end smart electric vehicle brand under Dongfeng Motor, has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the first listed central enterprise high-end electric vehicle brand [1] - Lantu's sales are projected to grow from 19,000 units in 2022 to over 80,000 units by 2024, achieving a compound annual growth rate (CAGR) of 103.2%, ranking among the top three in growth among Chinese high-end electric vehicle brands [2] Group 3: Product Performance - Lantu's product lineup includes the Lantu Dreamer, Lantu Pursuit L, and Lantu Taishan, covering MPV, sedan, and full-size SUV categories, with the Lantu FREE+ becoming the sales champion in the 200,000 to 300,000 yuan electric SUV segment in July 2025 [4] - The Lantu Dreamer has been the national sales champion for new energy MPVs for three consecutive months, with one in three high-end MPVs sold being a Lantu Dreamer [5] Group 4: Financial Metrics - Lantu's revenue is expected to grow from CNY 6.05 billion in 2022 to CNY 19.36 billion in 2024, with a CAGR of 78.9%, and a revenue of CNY 15.78 billion achieved in the first seven months of 2025, reflecting a year-on-year growth of 90.2% [7] - The company's gross margin has improved from 8.3% in 2022 to 21% in 2024, and further to 21.3% in the first seven months of 2025, ranking second in the industry [8] Group 5: Investment Appeal - Lantu Automotive is expected to attract significant investor interest post-listing due to its status as a high-quality asset with a strong growth trajectory and profitability, appealing to both local and international investors [10][11] - The current market environment, characterized by abundant liquidity and a scarcity of quality assets, is likely to drive funds towards Lantu Automotive, which is seen as a rare investment opportunity [13][14] Group 6: Strategic Positioning - Lantu Automotive represents a new paradigm for central enterprise electric vehicle brands, relying on product, technology, and profitability rather than solely on policy support or capital games, potentially reshaping the valuation logic for state-owned enterprises in the new energy sector [16]