Core Viewpoint - Lantu Automotive has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step towards its public offering after the announcement of its privatization by Dongfeng Group [1] Financial Performance - Lantu Automotive's revenue has shown rapid growth, with projected revenues of 6.052 billion, 12.749 billion, and 19.361 billion yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 78.9% [1] - The net losses for the same years are projected to be 1.538 billion, 1.496 billion, and 90.459 million yuan, indicating a narrowing of losses [1] - For the first seven months of this year, Lantu Automotive reported a revenue increase of 90.2% year-on-year to 15.782 billion yuan, achieving a net profit of 434 million yuan, thus turning profitable [1] Market Position and Sales - Lantu Automotive's gross margin is expected to rise from 8.3% in 2022 to 21% in 2024, ranking second in the new energy vehicle industry [2] - The company sold 19,409, 50,285, and 80,116 vehicles in 2022, 2023, and 2024 respectively, with 66,680 vehicles sold in the first seven months of 2025 [2][3] - Despite the growth, Lantu Automotive's monthly sales have not yet surpassed the milestone of 10,000 units [2] Product Offering - Lantu Automotive has launched four series of vehicles, including the Lantu FREE SUV, Lantu Dreamer MPV, Lantu Pursuit sedan, and Lantu Zhi Yin SUV, targeting the mainstream high-end market priced between 200,000 to 500,000 yuan [1] - The Lantu Dreamer, recognized as the world's first high-end new energy MPV, has significantly contributed to the company's sales and market presence [2][5] Listing Strategy - The listing on the Hong Kong Stock Exchange will be conducted through an introduction method, without issuing new shares or raising funds, allowing for the public trading of existing shares [5] - Dongfeng Group anticipates that Lantu Automotive's listing will enhance its financing channels, brand image, and international business expansion, thereby unlocking its value creation potential [5]

8月22日，东风集团股份发布公告，公司子公司岚图汽车将以介绍上市方式登陆港股，公司将同步完成 私有化退市。 长江商报消息 ●长江商报记者 李璟 岚图汽车赴港上市步入快车道。 10月2日，岚图汽车科技股份有限公司（简称"岚图汽车"）正式向香港联合交易所递交上市申请，拟以 介绍上市方式登陆香港资本市场。 长江商报记者注意到，从8月22日发布上市公告到9月15日完成股份制改造，再到此次正式递交上市申 请，岚图汽车仅用时不到40天时间。此次递表港交所，标志着岚图汽车赴港上市进入实质阶段，也再次 对外展示了企业自身快速发展的效率。 2025年1—7月，岚图汽车实现营收157.82亿元，同比增长90.2%；同期实现净利润4.34亿元，扭亏为 盈。 值得关注的是，作为东风集团打造的高端新能源汽车品牌，随着此次岚图汽车的赴港上市，东风集团股 份（00489.HK）也将同步完成私有化退市。东风方面表示，此举是东风集团整合优质资源向新兴产业 集中，实现估值重构的重要举措。 替代母公司成H股上市平台 公开资料显示，岚图汽车创立于2019年4月，是东风集团旗下高端新能源品牌，也是其最早发布的电动 汽车品牌，汽车产品覆盖轿车、SUV及 ...

（来源：车联新生态） 10月2日，东风汽车集团股份有限公司（下称"东风汽车集团"）发布公告称，岚图汽车科技股份有限公 司（下称"岚图汽车"）正式向香港联交所递交上市申请，拟以介绍上市方式登陆香港资本市场，中金公 司为其独家保荐人。这也意味着岚图汽车赴港上市进入实质性阶段。 来源：市场资讯 事实上，自2023年以来，岚图汽车多次公开讨论IPO可能性。一直到今年8月，东风汽车集团才正式宣 布，子公司岚图汽车将以介绍上市的方式登陆港股，东风集团股份将同步完成私有化退市。9月15日， 岚图汽车科技有限公司完成股改更名，更名为岚图汽车科技股份有限公司，同时注册资本增加至36.8亿 元。9月22日完成核心管理架构调整，其中尤峥卸任法定代表人、董事长，由卢放接任，同时多位高管 发生变更。 从岚图汽车计划上市到到如今递交上市申请，整个流程仅用了一个多月，速度非常快。依据公告，岚图 汽车将采用介绍上市的方式登陆港股。据了解，"介绍上市"是已发行证券申请上市的一种方式，特点是 不在上市时发行新股或涉及融资，仅将现有股东持有的证券在交易所挂牌交易，适用于证券已有相当数 量且被广泛持有、具备市场流通性的情况。这种上市方式对于岚图汽车 ...

东风集团股份公布，岚图介绍上市的申请已于2025年10月2日向联交所提交。今年8月22日晚，东风集团 股份发布公告称，子公司岚图汽车将以介绍上市方式登陆港股，东风集团股份将同步完成私有化退市。 中银国际此前认为，此次交易将为相关方实现多方共赢。对于2005年在港交所上市的东风汽车集团股份 而言，其股价长期被低估，H股上市平台已失去融资功能。对于独立H股股东而言，每股除可获得6.68 港元的现金对价外，还可获派0.3552608股岚图股份，回报优厚。 东风集团股份（00489）早盘股价上涨5.04%，现报9.59港元，成交额2.26亿港元。 来源：新浪港股 ...

Core Viewpoint - Lantu Automotive has undergone significant corporate changes, including a name change to Lantu Automotive Technology Co., Ltd. and an increase in registered capital to 3.68 billion RMB, marking a key step towards its planned listing on the Hong Kong Stock Exchange [1][2][6] Group 1: Corporate Changes - The company has officially changed its name from Lantu Automotive Technology Co., Ltd. to Lantu Automotive Technology Co., Ltd. (non-listed) [1][2] - The registered capital has increased from approximately 3.67 billion RMB to 3.68 billion RMB [2] - The company type has changed from "other limited liability company" to "other joint-stock company (non-listed)" [1][2] Group 2: Listing Process - Lantu Automotive is set to go public on the Hong Kong Stock Exchange through a method known as introduction listing, which does not involve issuing new shares or financing, allowing existing shareholders to trade their securities [2][6] - This method simplifies the listing process and helps avoid dilution of existing shareholders' equity, maintaining the controlling position of Dongfeng Motor Group [2][6] Group 3: Sales Performance - In 2024, Lantu Automotive achieved sales of 80,116 units, representing a year-on-year growth of 59.3% [4] - For the first eight months of 2025, cumulative sales reached 80,185 units, showing a remarkable year-on-year increase of 94.3% [4] Group 4: Technological Advancements - Lantu Automotive has made significant advancements in technology, launching the Lanhai Smart Hybrid Technology, which includes an 800V system and 5C ultra-fast charging capabilities [4] - New models, including the Lantu Zhi Yin and the 2026 Lantu Dreamer, were launched in August and September 2025, with plans for additional flagship models to enhance the product lineup [4] Group 5: Future Prospects - The corporate changes have removed key obstacles for Lantu Automotive's listing, which will provide an independent financing channel to increase investment in smart driving and battery technology [6] - However, the company will face challenges in balancing product quality, innovation, and the demands of the capital market for sustainable development post-listing [6]

港股央企私有化的案例并不少见，但此次东风集团股份推出的方案颇有创新性。从交易方式上看，东风 打出的是"新能源业务独立+传统业务出清"组合拳。一方面，东风集团股份将其持有的79.67%岚图汽车 股权，按持股比例向股东分派。待完成分派后，岚图汽车再以这些股份为基础，通过"介绍上市"的方式 登陆港交所。另一方面，东风汽车集团（武汉）投资子公司作为本次私有化要约人，将以现金对价方 式，收购除东风集团股份控股股东东风汽车之外的股份，为小股东提供退出通道。方案公布后，目前东 风集团股份股价涨幅已超50%，显示出资本市场对这一方案的认可。 事实上，去年港交所已大幅放宽对企业财务指标的要求，允许尚未盈利但具有高成长潜力的科技公司上 市，这为科技企业提供了更加国际化的融资平台及渠道。同时，在美联储降息周期开启后，中美政 停牌半月之后，东风汽车集团股份有限公司发布公告称，子公司岚图汽车科技有限公司将以"介绍上 市"方式在香港联交所上市，持有燃油车及相关零部件业务的港股上市主体东风集团股份同步完成私有 化退市。这不仅意味着岚图有望成为汽车央企新能源第一股，而且更加凸显国有车企加速新能源转型的 坚定决心。 策"双宽松"共振，南向资金 ...

Core Viewpoint - Lantu Automotive is preparing for its introduction listing on the Hong Kong Stock Exchange, with CEO Lu Fang emphasizing that Lantu is merely a representative of Dongfeng Group's new energy vehicle strategy, positioned at a critical historical juncture [1] Group 1: IPO and Financial Performance - Dongfeng Group announced the distribution of its 79.67% stake in Lantu Automotive to all shareholders, leading to Lantu's introduction listing while Dongfeng will simultaneously complete its privatization [1] - Lantu Automotive has entered a crucial business validation phase ahead of its IPO, with new models set to launch before the 2025 Chengdu Auto Show [1] - Lantu's sales in August reached 13,500 units, a year-on-year increase of 119%, and the company is close to breaking even with a projected pre-tax net loss of 243 million yuan for 2024 [2][2] Group 2: Production and Market Strategy - Lantu aims to achieve an annual sales target of 200,000 units this year and is rapidly increasing production capacity, with current daily production at approximately 600 vehicles [3] - The company is focusing on creating a successful SUV model, with plans for SUV sales to account for over half of total sales [3] Group 3: Strategic Partnerships and Technology - Lantu is collaborating with Huawei to enhance its products' intelligence, with plans to integrate Huawei's advanced driving and smart cabin technologies across its vehicle lineup by 2025 [7] - The company is pursuing a dual approach to smart technology development, combining partnerships with Huawei and self-research initiatives to ensure a competitive edge in the market [7]

Core Viewpoint - The announcement of Lantu Automotive's planned listing on the Hong Kong Stock Exchange marks a significant innovation and exploration in the transformation of state-owned enterprises (SOEs) towards new energy, with potential positive implications for the capital market and the company's growth trajectory [1][4]. Group 1: Listing Strategy - Dongfeng Group's transaction plan involves a combination of "equity distribution + absorption merger," where Lantu Automotive's introduction listing and Dongfeng Group's privatization are interdependent and proceed simultaneously [2][4]. - The introduction listing is a method where existing securities are listed without issuing new shares, similar to NIO's previous listing approach, indicating its feasibility for new energy vehicle companies [3][4]. Group 2: Company Strengths - Lantu Automotive has emerged as a valuable asset within Dongfeng's autonomous new energy vehicle sector, marking a new phase of "technology-industry-finance" synergy [5]. - Since its establishment in 2019, Lantu has successfully launched multiple vehicle models, including Lantu FREE and Lantu Dreamer, achieving a comprehensive product layout across SUVs, MPVs, and sedans [5][6]. - Lantu's sales performance has shown significant growth, with a 70% year-on-year increase in deliveries in 2024 and a remarkable 119% increase in August 2025 [7]. Group 3: Technological Advancements - Lantu Automotive has developed the "Lanhai Smart Hybrid Technology," which includes a comprehensive 800V silicon carbide high-voltage system, representing a major technological breakthrough in the new energy vehicle sector [7][10]. - The company emphasizes high-level technological self-reliance and innovation, developing proprietary architectures and fast-charging solutions, which enhance its competitive edge [10]. Group 4: International Expansion - The listing of Lantu Automotive is a crucial step in Dongfeng's overall internationalization strategy, facilitating better integration with international capital markets and enhancing brand influence [11]. - Since its international expansion began in 2022, Lantu has entered several European markets and plans to cover all European countries by 2026, aiming to establish 500 sales service outlets globally by 2030 [11][12].

Group 1 - Dongfeng Motor Group Co., Ltd. announced that its subsidiary, Lantu Automotive, will go public in Hong Kong through a reverse listing, while Dongfeng Group will simultaneously complete its privatization and delisting [3][6] - The transaction involves a total acquisition price of HKD 10.85 per share, consisting of HKD 6.68 in cash and HKD 4.17 in equity [9] - The first phase of the transaction includes the distribution of 79.67% of Lantu's shares to all shareholders, followed by Lantu's introduction to the Hong Kong Stock Exchange [9] Group 2 - For the first half of 2025, Dongfeng Group reported revenue of CNY 54.533 billion, a year-on-year increase of 6.6%, but net profit attributable to shareholders dropped by 92% to CNY 0.55 million [11] - The decline in profit is attributed to a downturn in the non-luxury joint venture market, leading to significant drops in sales and profits for the joint venture passenger vehicle business [11][16] - Dongfeng Group's total sales for the first half of 2025 were 823,900 units, a decrease of 14.7%, while sales of new energy vehicles increased by 33% to 204,400 units [13] Group 3 - Lantu Automotive, established in 2018, has shown strong performance with a cumulative sales volume of 68,300 units in 2023, representing a year-on-year growth of 87.58% [15] - The company aims to achieve an annual sales target of 200,000 units this year, with July sales reaching 12,100 units, a 101.75% increase year-on-year [15] - Dongfeng Group's stock price has been under pressure, with a closing price of HKD 4.74 per share as of July 31, 2025, indicating a market capitalization below net asset value [14][16]

Core Viewpoint - Dongfeng Group is restructuring its capital by privatizing and allowing its subsidiary, Lantu Automotive, to go public in Hong Kong, aiming to enhance growth potential and optimize resource allocation in the competitive electric vehicle market [1][3][4] Group 1: Capital Restructuring - Dongfeng Group's announcement on August 22 indicates a strategic shift with Lantu Automotive's introduction to the Hong Kong Stock Exchange and the privatization of Dongfeng Group [1][3] - The combination of "introduction listing + privatization" is seen as an innovative approach to optimize resources and facilitate the transformation of state-owned enterprises in the automotive sector [4][5] - This restructuring allows existing shareholders to receive cash compensation and equity in Lantu, enhancing shareholder value and increasing the likelihood of successful privatization [4][5] Group 2: Growth Potential of Lantu Automotive - Lantu Automotive is projected to deliver over 85,000 electric vehicles in 2024, marking a year-on-year growth of approximately 70% [7] - The company has established a comprehensive product lineup, including SUVs, MPVs, and sedans, and has achieved significant sales milestones with models like the Lantu Dreamer and Lantu FREE+ [7][12] - Lantu's technological advancements, such as the ESSA electric architecture and the upcoming 800V intelligent hybrid technology, position it competitively in the market [8][10] Group 3: International Expansion and Market Positioning - Lantu Automotive aims to leverage the global financing advantages of the Hong Kong Stock Exchange to attract international capital and expand its overseas presence [5][14] - The company has already entered markets in Norway, Denmark, the Netherlands, and Italy, with plans for further expansion into Central Asia, the Middle East, and South America [10][14] - Successful listing in Hong Kong would enhance Lantu's resource allocation capabilities and strengthen its position in the global electric vehicle industry [14]