岚图上港股、集团私有化，东风开年祭出资本化加减法

Group 1 - Dongfeng Group has received regulatory approval for the privatization and delisting of its shares, allowing it to focus on developing its electric vehicle (EV) business through the separate listing of its subsidiary, Lantu Motors [2][3] - Lantu Motors is set to go public in Hong Kong by 2025, with the aim of enhancing its market position and attracting investment for further growth in the EV sector [2][3] - Dongfeng Group's overall performance has been underwhelming, with a net loss of 1.882 billion yuan in the first three quarters of 2025, a 2.68 times increase year-on-year, leading to a significant drop in its stock price and market valuation [2][3] Group 2 - Lantu Motors reported a net profit of 434 million yuan in the first seven months of 2025, marking the first profitable year for a pre-IPO EV company in five years, reversing three consecutive years of losses [3] - Government subsidies have played a crucial role in Lantu's financial recovery, with related income increasing from 139 million yuan in the previous year to 707 million yuan in 2024 [3][5] - Lantu Motors achieved a total sales volume of 150,169 units in 2025, a year-on-year increase of 87%, with its flagship model, Lantu Dreamer, accounting for over half of the sales [3][5] Group 3 - The separation of Lantu Motors from Dongfeng Group is seen as a strategic move to enhance capital efficiency by focusing on high-growth sectors while shedding low-valuation traditional businesses [4][5] - Lantu's independent listing is expected to improve its ability to attract market funding, accelerate R&D in EV technology, and enhance its competitive position in the market [5] - Challenges remain for Lantu Motors, including intense competition in the EV market, the need for ongoing investment to maintain technological leadership, and the importance of brand recognition and supply chain stability for long-term success [5]