嵐圖汽車科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：7489） 自願公告 2026年3月交付更新資料 本公告乃由嵐圖汽車科技股份有限公司（「本公司」或「嵐圖汽車」）自願作出。 本公司於2026年3月交付新車15,019輛，同比增長50.1%，環比增長79.7%；2026年至今交 付新車33,892輛，同比增長30.2%。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 VOYAH AUTOMOTIVE TECHNOLOGY CO., LTD. 1 科技企業，形成了全棧自研、領先一代的創新實力，打造了嵐圖FREE、夢想家、追光、 知音、泰山五大車型，產品線全面覆蓋轎車、SUV及MPV三大細分市場，是中國首個達 成30萬輛規模的央國企高端新能源品牌。 承董事會命 嵐圖汽車科技股份有限公司 董事長兼執行董事 盧放 中國武漢，2026年4月1日 2026年3月10日，嵐圖夢想家迎來第20萬輛下線，冠軍版車型同步推出。2026年3 ...

Core Viewpoint - The article emphasizes that the value of high-end electric vehicle companies, such as Lantu Automotive, should be assessed based on long-term operational fundamentals rather than short-term stock price fluctuations [1][17][18]. Group 1: Unique Value of Dual Scarcity - Investment value in the electric vehicle sector is fundamentally based on scarcity, with Lantu Automotive possessing two key forms of scarcity: identity scarcity and financial scarcity [3][6]. - Identity scarcity stems from Lantu being a high-end smart electric vehicle brand incubated by the state-owned Dongfeng Motor, combining stability with flexibility [4][6]. - Financial scarcity is highlighted by Lantu's early profitability, achieving a net profit of 1.02 billion yuan in 2025, making it the only electric vehicle company with profitability before going public [6]. Group 2: Long-term Growth Foundation - Lantu Automotive is positioned for long-term growth through its unique strategy of focusing on user-driven technology and maintaining a high-end brand image amidst market price wars [8][10]. - The company has demonstrated significant sales growth, with annual sales projected to increase from 50,300 units in 2023 to 150,200 units in 2025, representing a compound annual growth rate of 72.8% [8]. - Lantu's revenue is expected to rise from 12.75 billion yuan to 34.86 billion yuan during the same period, with a compound annual growth rate of 65.4% [8]. Group 3: Technology and Globalization - Lantu Automotive has established a comprehensive product matrix, including MPVs, SUVs, and sedans, all equipped with L3-level autonomous driving technology [9][15]. - The company has expanded its international presence, entering over 40 countries and regions since 2022, enhancing its brand recognition and trust in global markets [9][10]. - Lantu's strategic partnerships, such as with Huawei for smart technology, allow it to leverage core technology while maintaining a competitive edge in the market [14][15]. Group 4: Market Positioning and User Engagement - Lantu Automotive's strategy as a "user-oriented technology enterprise" ensures that it remains responsive to market demands, with a deep interaction mechanism established from the product definition stage [10][14]. - The company has accumulated 5,828 patents, with 85.35% being invention patents, indicating a strong technical foundation to support its growth [14]. Group 5: Conclusion and Market Implications - Lantu's listing on the Hong Kong Stock Exchange represents more than just a stock transaction; it provides a new valuation model for electric vehicle companies, focusing on profitability, technology, and long-term goals [17][18]. - The article suggests that the correct development path for Chinese electric vehicle companies lies in moving away from speculative narratives and focusing on sustainable growth through solid fundamentals [18][19].

Core Viewpoint - The launch of the Lantu Taishan Ultra version signifies high expectations for this flagship product in the growing electric vehicle market, addressing consumer concerns about rapid product obsolescence and offering long-term technological advantages [1][2][25]. Group 1: Product Features and Innovations - The Lantu Taishan Ultra and Black Warrior versions are equipped with Huawei's advanced "896-line dual optical path image-level lidar," featuring 34 high-precision sensors, developed under an L3 autonomous driving architecture [2][21]. - The vehicle boasts industry-leading hardware configurations, including a three-chamber air suspension and 800V full-domain ultra-fast charging, which are typically found only in high-end models of other brands [2][8]. - The design of the Taishan emphasizes a timeless aesthetic, with proportions that enhance its visual appeal and stability, such as a length-to-height ratio of 2.87 and a front-nose ratio of 59.68% [6][4]. Group 2: Driving Experience and Comfort - The Taishan is designed to provide an exceptional driving experience, with a chassis that has received positive feedback for its handling and comfort, making it comparable to performance sedans [9][10]. - The vehicle features a dual rear-wheel steering system, resulting in a turning radius of just 5.4 meters, enhancing maneuverability in tight spaces [12][21]. - The AI cloud comfort seats offer adjustable layouts, allowing for a versatile seating arrangement that caters to family needs, ensuring comfort for all passengers [18][12]. Group 3: Safety and Reliability - The Taishan emphasizes safety with a high-strength steel and aluminum body, advanced collision protection, and dual redundancy in critical systems such as steering and braking [15][17]. - The vehicle's safety features include a comprehensive array of 34 sensing hardware components, ensuring constant situational awareness and robust safety monitoring [17][15]. Group 4: Market Position and Future Outlook - Lantu's successful listing on the Hong Kong stock exchange positions it as a leading high-end electric vehicle brand backed by state-owned enterprises, reflecting strong market confidence [23]. - The Taishan Ultra version represents a commitment to long-term product planning, aiming to break the cycle of rapid obsolescence in the industry, thus providing users with a reliable and future-proof vehicle [25][2].

Core Viewpoint - Lantu Automotive has officially listed on the Hong Kong Stock Exchange, becoming the first high-end new energy vehicle company under a central state-owned enterprise, with an opening price of 7.5 HKD per share and a market capitalization exceeding 25 billion HKD [5][10]. Company Background - Lantu Automotive was established in 2021, backed by Dongfeng Motor Corporation, aiming to create a high-end autonomous brand after previous attempts with the Dongfeng A9 model were unsuccessful [6][10]. - The CEO, Lu Fang, has extensive experience in the automotive industry, having worked nearly 20 years at FAW Volkswagen before joining Dongfeng [6][7]. Product Development and Sales - Lantu launched its first mass-produced model, the Lantu FREE, in 2021, which saw monthly sales grow from 408 units to 1,139 units within four months [7]. - The company has since introduced several models, including the Lantu Dreamer MPV and has completed significant financing rounds, including a 4.55 billion RMB A round in 2022, the largest first-round financing in China's new energy vehicle sector at that time [9][10]. Financial Performance - Lantu's projected sales for 2023, 2024, and 2025 are 50,285 units, 80,116 units, and 150,169 units respectively, with a compound annual growth rate of 72.8% from 2023 to 2025 [13]. - Revenue forecasts for the same years are 12.75 billion RMB, 19.36 billion RMB, and 34.86 billion RMB, with a projected net profit of 1.02 billion RMB in 2025 after losses in the previous years [14]. Market Position and Competition - The company acknowledges the intense competition in China's new energy vehicle market and is actively seeking partnerships, such as a strategic cooperation agreement with Huawei for smart driving and software development [15]. - The automotive landscape in Wuhan, where Lantu is based, is rapidly evolving, with significant contributions to China's new energy vehicle production, accounting for over 3% of the national output [15][16]. Industry Trends - The article highlights a broader trend of traditional automakers launching new energy brands, with several companies, including Changan and SAIC, also preparing for IPOs and securing substantial funding [17][18]. - The competitive landscape is described as increasingly brutal, with many players expected to exit the market, leading to a consolidation phase similar to that seen in other industries [19].

Core Viewpoint - Lantu Motors has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the first high-end new energy vehicle stock from a central state-owned enterprise, demonstrating its profitability and premium capabilities in a competitive market [2][4]. Group 1: Company Performance - Lantu Motors achieved a net profit of 1.02 billion yuan and a gross margin of 20.9%, showcasing its ability to generate profits amidst a challenging automotive market [4]. - The company has demonstrated impressive sales growth, with projected sales of 50,300 units in 2023, 81,200 units in 2024, and 150,200 units in 2025, resulting in a compound annual growth rate (CAGR) of 72.8% from 2023 to 2025 [12]. - Revenue is also on a rapid upward trajectory, with expected revenues of 12.749 billion yuan in 2023, 19.361 billion yuan in 2024, and 34.865 billion yuan in 2025, reflecting a CAGR of 65.4% during the same period [12]. Group 2: Strategic Developments - The listing of Lantu Motors is part of a broader strategy by Dongfeng Motor to focus on high-quality new energy assets, allowing for a more streamlined operation and resource allocation [7][8]. - The "introduction listing" method used by Lantu, which does not involve issuing new shares or immediate fundraising, signifies a strategic shift in governance and operational independence [8][9]. - Lantu's rapid listing process, completed in just four months, exemplifies the efficiency of state-owned enterprises in navigating regulatory frameworks [9][10]. Group 3: Market Positioning - Lantu Motors positions itself as a "user-centric technology enterprise," emphasizing the importance of user experience and safety in its product offerings [17]. - The company has established a comprehensive product lineup, including flagship models that cater to a wide price range, enhancing its market competitiveness [20]. - The collaboration with technology giants like Huawei enhances Lantu's product offerings, providing users with advanced driving experiences at competitive prices [17]. Group 4: Future Outlook - Lantu is set to launch four new models in 2026, further strengthening its product matrix and competitive edge in the market [22]. - The company's growth trajectory and commitment to high-quality development signal a robust long-term operational outlook, appealing to both investors and consumers [24].

Core Viewpoint - The capital restructuring plan of Dongfeng Group marks a significant breakthrough in the company's transition to renewable energy, allowing Lantu Automobile to independently list on the Hong Kong stock market, providing a reference for capital operations in the industry [1][3]. Group 1: Capital Restructuring Details - The capital restructuring involves two main operations: privatization of the listed company and an introduction listing for Lantu Automobile, where existing shareholders will receive shares without issuing new stocks [2]. - The transaction employs a "share distribution + absorption merger" model, with Lantu Automobile's 79.67% stake being distributed to all shareholders, followed by its introduction listing on the Hong Kong Stock Exchange [2]. - The restructuring plan balances the preservation and appreciation of state-owned assets, protection of minority shareholders' rights, and strategic development of the enterprise [2]. Group 2: Strategic Implications - The completion of the transaction will result in Dongfeng Group achieving 100% state-owned control, removing obstacles for future transformation reforms [3]. - The successful vote at the shareholders' meeting reflects strong support from minority shareholders for the restructuring plan, indicating market and public recognition of Dongfeng's renewable energy strategy [3]. - This transaction is seen as a pivotal starting point for Dongfeng in the new energy era, enabling a comprehensive strategic reshaping and enhancing competitiveness in the electric vehicle sector [3][7]. Group 3: Lantu Automobile's Role - Lantu Automobile is positioned as a key asset in Dongfeng's high-end new energy strategy, showing significant growth in sales, revenue, and profitability [4]. - Sales are projected to grow from 50,285 units in 2023 to 150,169 units in 2025, with a compound annual growth rate of 73%, indicating strong market acceptance [5]. - Revenue is expected to increase from 12.75 billion yuan in 2023 to 34.86 billion yuan in 2025, with a net profit of 1.02 billion yuan in 2025, marking a turnaround to profitability [5]. Group 4: Market Positioning and Future Prospects - Lantu's successful models, such as the Dreamer, have gained market recognition, driving the brand's growth and establishing a solid product foundation in the high-end electric vehicle market [5]. - The introduction listing on the Hong Kong Stock Exchange will enhance Lantu's international brand influence and provide a new channel for capital market engagement, supporting its global expansion [6]. - The restructuring is expected to provide Dongfeng with a competitive edge in the new energy vehicle industry and serve as a practical model for state-owned enterprises in their capital operations and industrial upgrades [7].

Core Viewpoint - The chairman of Great Wall Motors, Wei Jianjun, publicly acknowledged and apologized for the plagiarism incident involving the promotional poster for the new Wei brand V9X vehicle, confirming the existence of copyright infringement [1][3]. Group 1: Incident Details - The promotional poster for the Wei brand V9X, which was announced on March 5, was found to closely resemble a creative design for the Land Rover Range Rover Sport from a year ago, particularly in background color, composition, character poses, and vehicle placement [3]. - Wei Jianjun expressed apologies to the Land Rover brand and the original creator of the poster, stating that he and Great Wall Motors are willing to bear all legal and financial responsibilities arising from the incident [3]. Group 2: Internal Response and Future Actions - Wei Jianjun admitted that the main responsibility lies with him as the spokesperson for not ensuring strict oversight during the review process [3]. - Great Wall Motors plans to reflect deeply on this incident and improve its internal management and review processes to prevent future occurrences of plagiarism, while also accepting public supervision [3]. Group 3: Product Launch Information - The Wei brand V9X is set to launch on March 9, and it is positioned as an AI luxury six-seat flagship vehicle built on Great Wall Motors' Guiyuan platform [3]. - The V9X is expected to compete directly with models such as the Wenjie M9, Li Auto L9, and Lantu Taisan [3].

Group 1 - Lantu Automotive has achieved annual profitability, with a projected listing on the Hong Kong Stock Exchange on March 19 [1][2][5] - In 2025, Lantu is expected to sell 150,169 vehicles, with a compound annual growth rate of 73%, generating revenue of 34.86 billion yuan and a net profit of 1.02 billion yuan, maintaining a gross margin of 20.9% [3][6] - The launch of high-end products such as Lantu Zhaiguang L and Lantu Taishan has contributed to its profitability, with more flagship high-end models expected to be introduced [6] Group 2 - The establishment of Times Chery (Hefei) New Energy Technology Co., Ltd. marks a collaboration between CATL, Chery Automobile, and Chery Commercial Vehicle, indicating a strategic partnership [7] - This collaboration is seen as a significant upgrade from supply chain cooperation to deeper capital and technology integration, benefiting both parties by reducing battery transportation costs and accelerating global market expansion for CATL [8]

Core Viewpoint - Lantu Automotive has completed all pre-listing regulatory approvals for its Hong Kong IPO, set to officially list on March 19, 2026, marking it as the first high-end new energy brand from a central state-owned enterprise to go public in Hong Kong [1] Group 1: IPO and Regulatory Approval - Lantu Automotive initiated its IPO process in August 2025 and submitted its application in October 2025, receiving approval from multiple regulatory bodies within four months [1] - The company’s efficient compliance preparation showcases its robust governance and operational systems, reflecting strong support from regulators for quality new energy enterprises [1] Group 2: Sales and Financial Performance - From 2023 to 2025, Lantu's sales are projected to grow from 50,285 units to 150,169 units, achieving a compound annual growth rate (CAGR) of 73%, significantly outpacing industry averages [2] - Revenue is expected to rise from 12.75 billion yuan to 34.86 billion yuan, with a CAGR of 65.4%, and the company anticipates a net profit of 1.02 billion yuan in 2025 [2] - Lantu maintains a gross margin of 20.9%, positioning it among the top in the industry [2] Group 3: Technological Advancements - Lantu Automotive emphasizes core technology autonomy, with 1,874 patents granted and 5,405 pending, focusing on smart connectivity, new energy, and safety [4] - The company has developed the world's first native intelligent electric architecture compatible with multiple power modes and a centralized SOA electronic architecture, enhancing product innovation [4] - Lantu's 800V intelligent hybrid technology allows for significant electric range and rapid charging capabilities, recognized as a major technological breakthrough [6] Group 4: Manufacturing and Production Capacity - Lantu's manufacturing facilities utilize advanced technologies like digitalization, 5G, and AI, achieving a highly intelligent and flexible manufacturing system [8] - The company aims to reach a production capacity of 60 vehicles per hour, ensuring efficient and high-quality delivery [8] Group 5: Market Position and Product Range - Lantu has established a comprehensive product lineup, including SUVs, MPVs, and sedans, catering to diverse consumer needs and driving brand growth [9] - The Lantu Dreamer has become a market leader in the high-end MPV segment, breaking foreign brand dominance and enhancing the image of Chinese brands [11] Group 6: Charging Infrastructure and Global Expansion - Lantu is expanding its charging network, connecting with over 100,000 charging stations and 1.5 million charging piles, achieving a 99% coverage rate in urban areas [13] - The company is pursuing global expansion, having entered over 40 countries and regions, promoting Chinese high-end manufacturing [13] Group 7: Future Product Plans - Lantu plans to launch several new models in 2026, all equipped with L3 level intelligent driving hardware, including the Lantu Taisan Ultra and Taisan X8 [14][16] - The company aims to introduce groundbreaking technologies in its upcoming MPV, setting new standards in the luxury segment [16] Group 8: Strategic Vision - Lantu Automotive is positioned to drive innovation and capital empowerment, reflecting a significant transformation in China's automotive industry towards quality and global competitiveness [17] - The IPO on the Hong Kong Stock Exchange is expected to create long-term value for international investors and support the global ambitions of Chinese brands [17]

Core Viewpoint - Lantu Automotive has completed all pre-listing regulatory approvals for its Hong Kong IPO in just four months, setting a high-efficiency example for state-owned enterprises in the new energy sector [2][3][9]. Group 1: IPO Process - Lantu Automotive announced the completion of all pre-listing regulatory approvals on February 12, 2026, and plans to officially list on the Hong Kong Stock Exchange on March 19, 2026 [3][8]. - The company initiated its listing process in August 2025, submitted its application in October 2025, and received approval from the China Securities Regulatory Commission in January 2026 [7][9]. Group 2: Market Position and Growth - Lantu Automotive is positioned as the first high-end new energy brand from a state-owned enterprise to achieve a production scale of 300,000 vehicles, reinforcing its status as a leading brand in the sector [9]. - The company has demonstrated significant sales growth, with projected sales of 50,285 vehicles in 2023, 80,116 in 2024, and 150,169 in 2025, resulting in a compound annual growth rate (CAGR) of 72.8% from 2023 to 2025 [12]. - Revenue is expected to grow rapidly, reaching RMB 12,749.4 million in 2023, RMB 19,360.6 million in 2024, and RMB 34,864.8 million in 2025, with a CAGR of 65.4% during the same period [12]. Group 3: Profitability and Financial Performance - Lantu Automotive's gross margin is projected to increase from 14.2% in 2023 to 20.9% in 2025, positioning it among the industry leaders [12][13]. - The company is expected to achieve a net profit of RMB 1.02 billion in 2025, indicating a significant improvement in profitability [12]. Group 4: Technological Foundation - Lantu Automotive has established a robust technological foundation with five key technology pillars, including platform architecture and intelligent driving, which contribute to its competitive edge [16]. - The company holds 1,874 granted patents and has 5,405 patents pending, leading the industry in patent growth [16]. Group 5: Strategic Partnerships - Lantu Automotive has formed strategic partnerships with leading global companies, including Huawei and CATL, to enhance its technological capabilities and supply chain security [17][18]. - A ten-year deepening cooperation agreement with CATL was signed to ensure stable supply and technological leadership in battery technology [18].