目前Max版交付周期已延至3—5周，Ultra新增配色版本延至4—6周。即日起至12月31日24时前下定用户，可享至高价值6 万元配置及积分权益，老用户复购更可叠加至高23500元专属权益。 （编辑 张昕） 本报讯 （记者刘钊）11月20日晚间，小鹏X9超级增程正式上市30.98万元起。新车上市后迅速引爆市场，1小时即打破小鹏 X9历史全天大定纪录。为响应国家政策，小鹏汽车同步推出"跨年购置税补贴"专项方案：12月31日前锁单用户，可享至高1.5 万元购置税退坡补贴。 数据显示，北方地区订单占比首次突破50%，1602Ultra版本占比高达79%。 ...

Core Insights - Lantu Motors achieved a record delivery of 17,218 vehicles in October, marking an 82% year-on-year growth from January to October, demonstrating strong growth momentum and potential [1][9] - The company is on track to reach a milestone of 300,000 vehicles, with the launch of its fifth strategic model, Lantu Taishan, expected in November [1][4] - Lantu Motors is accelerating its market entry by submitting a listing application to the Hong Kong Stock Exchange, indicating a significant step towards becoming a leading high-end new energy brand [1][11] Delivery and Growth Performance - In October, Lantu Motors delivered 17,218 vehicles, achieving a historical high and marking the ninth consecutive month of growth [1] - Cumulative deliveries from January to October increased by 82% year-on-year, showcasing the company's robust growth trajectory [1] Product Development and Market Positioning - Lantu Taishan and Lantu Chasing Light are positioned as flagship models, targeting the luxury SUV market with advanced technology and features [4][6] - Lantu Taishan features cutting-edge technology, including Huawei's advanced driving system and a comprehensive range of over 1,400 km in total range, aiming for the 500,000 RMB luxury market [4] - Lantu Chasing Light has gained significant market traction, with a 0-100 km/h acceleration time of 4.8 seconds and a pure electric range of 410 km [6] Market Leadership in Segmented Areas - Lantu Dreamer continues to lead the high-end MPV market, consistently ranking as the top-selling new energy MPV [8] - Lantu FREE+ is among the top three in the 200,000 to 300,000 RMB mid-to-large SUV segment, while the new Lantu Zhiyin has topped the sales chart for Huawei's pure electric models [8] Production Capacity and Future Outlook - To meet growing order demands, Lantu operates two production bases, with an average output of one vehicle every 63 seconds [9] - The company is set to celebrate the production of its 300,000th vehicle in November, becoming the first central state-owned high-end new energy brand to reach this milestone [9] Listing Progress - Lantu Motors has formally submitted its listing application to the Hong Kong Stock Exchange, marking a significant advancement in its IPO process [11][12]

Core Viewpoint - Seres Group Co., Ltd. is set to officially launch its IPO, becoming the first luxury new energy vehicle company to be listed in both A-share and H-share markets, with trading expected to begin on November 5 in Hong Kong [1][3] Group 1: IPO Details - The total number of shares for the global offering is 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international offering [3] - The maximum offer price is HKD 131.5, and the expected net fundraising amount is HKD 12.9249 billion (approximately RMB 11.828 billion) if the over-allotment option is not exercised [3] - The company has attracted 22 cornerstone investors, including Chongqing Industry Fund, Linyuan Fund, GF Fund, and Schroders, with plans to use the funds for R&D, diversified marketing channels, overseas sales, charging network services, and general corporate purposes [3] Group 2: Financial Performance - As of the first half of 2025, the company projects revenue of RMB 62.402 billion and a net profit attributable to shareholders of RMB 2.941 billion, representing a year-on-year growth of 81.03% [3] - R&D investment is expected to reach RMB 5.198 billion, showing a year-on-year increase of 154.9% [3] - From January to September this year, the cumulative sales of Seres' new energy vehicles reached 304,000 units [3] Group 3: Strategic Implications - The Hong Kong listing is anticipated to enhance the company's global resource integration, collaborative technology development, and brand value, showcasing the core competitiveness of Chinese new energy vehicle companies in the high-end market [3] - This move is expected to further promote "Chinese manufacturing" in the global high-end new energy sector [3]

Core Viewpoint - Lantu Automotive Technology Co., Ltd. has officially submitted its application for listing on the Hong Kong Stock Exchange, marking a significant step in its listing plan as a high-end smart electric vehicle brand under Dongfeng Motor Group [1]. Company Overview - Lantu Automotive is a Chinese high-end smart electric vehicle company established in June 2021 [4]. - The major shareholder is Dongfeng Group, a publicly listed company in Hong Kong, along with an employee stock ownership platform [5]. - The company inherits over 56 years of automotive experience and technology from Dongfeng Group [6]. - The brand philosophy is rooted in Chinese culture, aiming to be a "user-oriented technology enterprise" [7]. Product Line - Lantu offers four main series: Lantu FREE (mid-large SUV), Lantu Dreamer (high-end MPV), Lantu Pursuit (mid-large sedan), and Lantu ZhiYin (mid-size SUV) [8]. - Key specifications of the models include: - Lantu FREE: PHEV range of 1,411/1,530 km, REEV range of 1,357 km, battery capacity of 45 kWh, and a price range of 219,900 to 279,900 RMB. - Lantu Dreamer: PHEV range of 1,260 km, BEV range of 650 km, battery capacity of 43.2/62.5 kWh, and a price range of 329,900 to 429,900 RMB. - Lantu Pursuit: BEV range of 580 km, battery capacity of 43 kWh, and a price range of 252,800 to 277,800 RMB. - Lantu ZhiYin: BEV range of 650 km, battery capacity of 81 kWh, and a price range of 202,900 to 242,900 RMB [9]. Development Milestones - The company launched its first vehicle, Lantu FREE, in 2021 and entered the European market in 2022 with the launch of Lantu Dreamer [12][13]. - By 2025, the cumulative production is expected to exceed 200,000 units, making it the first high-end new energy brand under a central state-owned enterprise to reach this milestone [10]. Financial Performance - Sales volume increased from 19,000 units in 2022 to over 80,000 units in 2024, with a compound annual growth rate of 103.2% from 2022 to 2024 [33]. - Revenue surged from 6.05 billion RMB in 2022 to 19.36 billion RMB in 2024, with a gross margin improvement from 8.3% in 2022 to 21.0% in 2024 [34]. - The company reported a significant reduction in losses, nearing profitability with a quarterly profit expected in Q4 2024 [34]. Capital Operations - Dongfeng Group is facilitating a complex capital operation, including privatization and spin-off listing of Lantu Automotive, allowing it to achieve independent listing status [39]. - Shareholders of Dongfeng Group's H-shares will receive cash and a certain number of Lantu Automotive H-shares as part of the privatization deal [40]. Governance Structure - The board consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors [20]. - Key executives include Lu Fang as Chairman and CEO, and Jiang Tao as Vice Chairman and COO [21][22].

Core Viewpoint - Lantu Automotive has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step towards its IPO, while Dongfeng Group is simultaneously completing its privatization process [2] Financial Performance - Dongfeng Group reported a 14.7% year-on-year decline in vehicle sales, totaling approximately 823,900 units, with a revenue of 54.533 billion yuan, up 6.6% year-on-year, and a net profit of 55 million yuan, down 91.96% year-on-year [2] - In contrast, Lantu Automotive's revenue is nearing 20 billion yuan, with net profit turning positive, indicating a self-sustaining phase [2] - Lantu's projected revenues for 2022 to 2024 are approximately 6.052 billion yuan, 12.749 billion yuan, and 19.360 billion yuan, with a compound annual growth rate of 78.9% [2] Sales and Growth - Lantu Automotive's sales are expected to grow from 19,409 units in 2022 to 80,116 units in 2024, achieving a compound annual growth rate of 103.2% [3] - In the first nine months of 2025, Lantu sold 96,992 vehicles, representing an 85% year-on-year increase [3] Product Strategy - Lantu has established a comprehensive product lineup covering the sedan, SUV, and MPV segments, with a price range of 200,000 to 500,000 yuan [3] - The Lantu Dreamer model has become a key product, with sales of 26,518 units in 2023, 46,687 units in 2024, and 40,111 units in the first seven months of 2025, indicating its growing importance in the lineup [4] Future Development Plans - Lantu plans to expand its product matrix to 6-9 models by the end of 2026, focusing on high-end market segments [5] - The company aims to enhance its sales network to 1,000 stores across over 200 cities by 2026, significantly increasing its market penetration [6] - Lantu's international market presence has expanded to 39 countries, with a 277.7% year-on-year increase in overseas sales from January to July 2025 [6] Strategic Partnerships - Lantu is deepening its collaboration with Huawei in the L3 conditional autonomous driving sector, aiming to enhance its technological capabilities [5]

Core Viewpoint - Lantu Automotive has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step towards its public offering in the capital market [1][2]. Group 1: Company Overview - Lantu Automotive, established in 2021, is a high-end new energy brand under Dongfeng Motor Corporation, covering three segments: sedans, SUVs, and MPVs [2]. - The company plans to launch 1 to 3 new models annually, aiming to have 6 to 9 models by the end of 2026, thereby covering mainstream market segments [3]. Group 2: Financial Performance - Lantu Automotive's revenue projections show a compound annual growth rate (CAGR) of 78.9% from 2022 to 2024, with revenues expected to reach 60.5 billion yuan in 2022, 127.5 billion yuan in 2023, and 193.6 billion yuan in 2024 [2]. - The gross profit margin is projected to increase from 8.3% in 2022 to 21.0% in 2024, ranking second in the new energy vehicle industry [2]. - The company is nearing profitability, with a pre-tax net loss of 19.8 billion yuan in 2023, expected to narrow to 2.43 billion yuan in 2024 [3]. Group 3: Sales and Market Expansion - Lantu Automotive's sales are projected to grow from 19,400 units in 2022 to 80,100 units in 2024, reflecting a CAGR of 103.2% [3]. - In September 2023, the company delivered 15,224 vehicles, a year-on-year increase of 52%, with total deliveries from January to September reaching 96,992 units, up 85% year-on-year [3]. Group 4: Corporate Restructuring - Significant personnel changes occurred on September 22, 2023, with the CEO Lu Fang taking over as the legal representative and chairman, indicating a new management structure aligned with the upcoming listing [4]. - Lantu Automotive underwent a shareholding reform, with Dongfeng Group distributing 79.67% of its shares to all shareholders, facilitating the company's introduction to the Hong Kong market [5].

Group 1 - Lantu Automotive Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor [1] - Lantu Automotive, established in 2021, is a high-end smart new energy brand under Dongfeng Motor, covering three segments: sedans, SUVs, and MPVs [1] - The company achieved revenues of RMB 60.518 billion, RMB 127.494 billion, RMB 193.606 billion, RMB 82.954 billion, and RMB 157.815 billion for the years 2022, 2023, 2024, and the seven months ending July 31, 2025, respectively, with a compound annual growth rate of 78.9% from 2022 to 2024 [1] - The gross margin increased from 8.3% in 2022 to 21.0% in 2024, further rising to 21.3% for the seven months ending July 31, 2025 [1] - Lantu Automotive delivered 15,224 vehicles in September 2025, with a year-on-year growth of 85% for the cumulative deliveries from January to September [1] Group 2 - Chery Automobile recently completed a successful IPO on the Hong Kong Stock Exchange, raising HKD 91.4 billion, making it the largest car company IPO in the Hong Kong market for the year [2]

Core Viewpoint - Lantu Automotive has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in the transformation of state-owned enterprises in the new energy vehicle sector [1] Group 1: Company Overview - Lantu Automotive is a high-end smart new energy brand under Dongfeng Motor Corporation, recognized for having the most comprehensive product matrix among high-end new energy vehicle manufacturers [1] - It is the first state-owned high-end new energy vehicle brand to achieve 200,000 vehicles off the production line and has the fastest patent growth rate in the new energy vehicle industry [1] - Lantu is also the fastest state-owned high-end new energy vehicle brand to expand from domestic to international markets [1] Group 2: Sales and Financial Performance - From 2022 to 2024, Lantu Automotive's sales are projected to rank among the top in China's high-end new energy vehicle sector, with a compound annual growth rate (CAGR) of 103.2% [1] - The sales growth rate for the Lantu Dreamer model is expected to reach 21.3% from Q3 2024 to Q2 2025, leading the market [1] - The company achieved revenues of 60.5 billion, 127.5 billion, 193.6 billion, and 157.8 billion RMB for the years 2022, 2023, 2024, and the first seven months of 2025, respectively, with a CAGR of 78.9% from 2022 to 2024 [2] - Lantu's gross margin increased from 8.3% in 2022 to 21.0% in 2024, ranking second in the new energy vehicle industry [2] - The company achieved its first quarterly profit in Q4 2024 and has been profitable from January to July 2025, demonstrating strong operational resilience and growth potential [2] Group 3: Future Plans - Lantu plans to launch 1 to 3 new models each year, aiming to have 6 to 9 models by the end of 2026, covering mainstream market segments [2] - By the end of 2026, Lantu's retail network in China is expected to grow to 1,000 locations, covering over 200 cities, while also expanding into European, Middle Eastern, and Central Asian markets to enhance global competitiveness [2]

Core Viewpoint - Avita Technology plans to submit an IPO application to the Hong Kong Stock Exchange in Q4 of this year, aiming for a listing in Q2 of next year, with preparations currently underway for the application [1][2]. Company Overview - Avita Technology, originally known as Changan NIO New Energy Vehicle Technology Co., Ltd., was established in July 2018 and rebranded in May 2021. It is a high-end automotive brand under Changan Automobile, co-developed with CATL and Huawei [2]. - The company has launched four models: Avita 11, Avita 12, Avita 07, and Avita 06, with the latest model, the 2026 Avita 07, launched on September 20, featuring a price range of 219,900 to 279,900 yuan [4][5]. Financial Performance - As of August 2025, Avita's cumulative sales reached 79,711 units, representing a year-on-year increase of 119.18%. In August alone, sales were 10,565 units, up 184.62% year-on-year [7]. - The best-selling model is the Avita 07, with sales of 30,717 units, followed by Avita 06 at 24,150 units, Avita 12 at 13,050 units, and Avita 11 at 2,485 units [8]. Product Development and Future Plans - Avita plans to launch 17 new models by 2030, covering various segments including MPVs and sports cars. The company is also collaborating with Huawei on the Hi Plus model, with nearly 1,000 joint team members working at Avita's headquarters [7][10]. - The new concept car, VISION XPECTRA, was unveiled before the 2025 Munich Auto Show, featuring a futuristic design and expected to launch in 2026 [7]. Market Expansion - Avita has begun expanding into markets outside of China, including ASEAN and the Middle East, with successful launches in Thailand, UAE, and Qatar. The company plans to enter 50 countries and regions by 2025 [10].

Group 1 - Lantu officially completed its corporate restructuring and name change to "Lantu Automotive Technology Co., Ltd." on September 15, with registered capital increased to 3.68 billion yuan [3] - The transition to a joint-stock company is seen as a significant step towards Lantu's listing on the Hong Kong Stock Exchange, enhancing its capital structure and brand image [3][4] - Lantu's cumulative delivery volume from January to August reached 81,768 units, representing a 92% year-on-year increase, with August alone seeing 13,505 units delivered, a 119% increase [4] Group 2 - The newly launched 2026 Lantu Dreamer features advanced technologies such as 800V ultra-fast charging and a large 62.5 kWh battery, achieving a maximum pure electric range of 350 km [6][7] - The 2026 Lantu Dreamer is positioned as a high-end MPV, having undergone three product iterations over four years, with cumulative sales reaching 130,000 units [6][7] - The MPV market in China saw a total sales volume of 600,000 units from January to July, with a year-on-year growth of 6.4%, while Lantu Dreamer's market share in the mid-to-large MPV segment was only 2.6% in July [8]