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 - 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].

Group 1 - Lantu Automotive is set to list its H-shares on the Hong Kong Stock Exchange on March 19, following a swift four-month approval process [2][3][4] - The company, founded in 2021 and headquartered in Wuhan, focuses on high-end electric vehicles and has achieved a valuation exceeding HKD 41 billion [4][6] - The listing is expected to enhance Lantu's financing channels and strengthen its high-end brand image, thereby improving its competitiveness in the global market [5] Group 2 - Lantu Automotive achieved profitability in 2025, with a net profit of CNY 1.02 billion, driven by a significant increase in vehicle sales [8][7] - The company's gross margin improved from 14.2% in 2023 to 20.9% in 2025, positioning it among the leading electric vehicle manufacturers [10] - The sales volume for Lantu's "Dreamer" series, a high-end MPV, is projected to reach 76,045 units in 2025, contributing significantly to revenue [15][26] Group 3 - Lantu's production facility in Wuhan has an annual capacity of 150,000 vehicles, with utilization rates exceeding 100% in late 2025 [20][21] - The company plans to expand its product offerings to include SUVs and sedans, targeting a price range of CNY 200,000 to CNY 500,000 [22] - The sales forecast for various models in 2025 includes 44,249 units for the FREE series and 20,382 units for the Zhi Yin series [26] Group 4 - Lantu has filed for 1,874 authorized patents and has 5,405 patents pending, focusing on smart connectivity, assisted driving, and vehicle safety [29] - The company has established an employee incentive program to retain talent, with 402 employees receiving stock options by mid-2025 [29][31] - Lantu aims to leverage partnerships, such as integrating Huawei's advanced driving and cabin technologies into its vehicles [32]

Core Viewpoint - Lantu Automotive has officially announced its product plan for 2026, which includes the launch of four new models within the year, covering SUV, FUV, and MPV categories, all equipped with L3-level intelligent driving assistance hardware [1][4]. Group 1: New Model Launches - The four new models include the Lantu Tai Shan Ultra, the "courtyard-level five-seat SUV" Lantu Tai Shan X8, a new FUV codenamed "FE," and a flagship MPV codenamed "Zhu Feng" [1][4]. - The Lantu Tai Shan Ultra will be the company's technology flagship for 2026, featuring Huawei's ADS 4 four-laser radar system and smart dimming privacy windows, with deliveries expected to start in March 2026 [3][4]. - The Lantu Tai Shan X8 is positioned for the family vehicle market, measuring 5200mm x 2025mm x 1814mm, with a five-seat layout and equipped with Huawei's next-generation smart cockpit system, set to launch in the first half of 2026 [3][5]. Group 2: FUV and MPV Details - The new FUV, codenamed "FE," is scheduled for mid-2026 release, featuring a four-laser radar perception system and AI interactive smart cockpit, targeting a younger consumer demographic [3][5]. - The MPV, codenamed "Zhu Feng," will be launched in the second half of 2026, positioned in the 500,000 yuan market segment, and will debut 12 new technologies, making it the world's first MPV equipped with L3-level autonomous driving hardware [4][5]. Group 3: Sales Performance - In 2025, Lantu Automotive delivered 150,169 vehicles, representing a year-on-year growth of 87%, making it the first central state-owned high-end new energy brand to achieve a production and sales scale of 300,000 units [4][5]. - The brand has established a "three flagship" matrix consisting of Lantu Dreamer, Lantu Tai Shan, and Lantu Zui Guang L, along with a "twin star" product combination of Lantu FREE+ and Lantu Zhi Yin [4][5].

Core Viewpoint - Lantu Automotive has received approval from the China Securities Regulatory Commission (CSRC) for its overseas listing in Hong Kong, marking a significant step in its listing process [1] Group 1: Listing Process - Lantu Automotive is currently in a silent period and cannot comment on the listing news [4] - The next steps after CSRC approval include Hong Kong Stock Exchange (HKEX) approval, transaction structure implementation, listing, and compliance [4] - The listing plan involves a combination of "equity distribution + absorption merger," where Dongfeng Group will distribute its 79.67% stake in Lantu to all shareholders before Lantu's introduction listing in Hong Kong [4][5] Group 2: Prerequisites for Merger - Several prerequisites must be met before the absorption merger can proceed, including approvals from the National Development and Reform Commission, Ministry of Commerce, and State Administration of Foreign Exchange [5] - Lantu Automotive has already obtained necessary approvals for the merger and the introduction listing from relevant authorities [5][6] Group 3: Financial Performance and Strategic Importance - Lantu Automotive's revenue for 2022, 2023, and 2024 is projected to be 6.052 billion, 12.750 billion, and 19.361 billion respectively, with a compound annual growth rate of 78.9% [7] - In the first seven months of 2025, Lantu's revenue reached 15.781 billion, a year-on-year increase of 90.2% [7] - The company achieved its first quarterly profit in Q4 2024 and reported a net profit of 479 million in the first seven months of 2025, becoming the fifth new energy vehicle company to achieve semi-annual profitability [7] - The listing is expected to broaden financing channels, enhance international presence, improve corporate governance, and drive Dongfeng's internationalization [7]

Group 1 - The core point of the news is that Dongfeng Group is moving forward with the privatization of Dongfeng Group Co., Ltd. and the listing of its subsidiary, Lantu Automotive, in Hong Kong [1][2][4] - Dongfeng Group has received necessary approvals from various government bodies for the privatization process, which is a significant step towards Lantu Automotive's listing [2][3] - Lantu Automotive plans to go public through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting [1][2] Group 2 - In 2025, Lantu Automotive is projected to achieve a total sales volume of 150,200 units, representing a year-on-year increase of 87.44% [1][7] - Lantu Automotive has shown strong financial performance, with a revenue increase to 15.782 billion yuan in the first seven months of 2025, a 90.2% year-on-year growth, and a net profit of 434 million yuan [6] - The company has successfully transitioned from losses in previous years to profitability, marking it as the first unlisted new energy vehicle company to achieve this milestone [6] Group 3 - Lantu Automotive has established a comprehensive product matrix, including models such as Lantu FREE, Lantu Dreamer, Lantu Pursuit, Lantu Zhiyin, and Lantu Taishan, covering SUV, MPV, and sedan categories [1][6] - The company has formed a strategic partnership with Huawei to enhance its technological capabilities, particularly in autonomous driving [8] - Lantu Automotive is on track to become the first high-end new energy brand under a central state-owned enterprise to reach a production scale of 300,000 vehicles [8]

Core Viewpoint - The capital operation of "mother delisting, child listing" by Dongfeng Group and Lantu Motors represents a strategic innovation in the automotive industry, addressing valuation challenges and facilitating Lantu's independent growth in the capital market [1][2]. Group 1: Capital Strategy - Dongfeng Group's "mother delisting, child listing" strategy effectively resolves the long-standing valuation discount faced by the parent company, allowing Lantu Motors to access independent capital channels [2]. - As of July 2025, Dongfeng Group's total market value was only HKD 39.12 billion, with a price-to-book ratio of 0.25, indicating a significant undervaluation compared to its net asset level [2]. - Lantu Motors, as a high-growth brand within the Dongfeng ecosystem, achieved a delivery of 85,700 vehicles in 2024, marking a year-on-year increase of approximately 70% [2]. Group 2: Product Strength and Market Performance - Lantu Motors has established a product line covering price ranges from 200,000 to 500,000 RMB, with a strategic plan of "three categories in three years, five models in five years" [4]. - The company has seen significant success with models like the Lantu Dreamer, which has repeatedly topped monthly sales in the new energy MPV segment, and the Lantu FREE+, which received over 11,000 orders within 15 minutes of its launch [4]. - In October 2025, Lantu delivered 17,218 vehicles, achieving a historical high and a year-on-year growth of 82% from January to October [4]. Group 3: Multi-Win Strategy - The capital operation creates a win-win mechanism for all parties involved, providing small shareholders with a "cash + equity" option that offers a guaranteed return of HKD 6.68 per share while allowing them to benefit from Lantu's growth [6]. - Dongfeng Group can pursue structural reforms more flexibly, enhancing investment efficiency in the new energy and intelligent sectors [6]. - Lantu Motors will benefit from an independent board and governance structure post-listing, enabling quicker decision-making in product development and market strategies [6]. Group 4: Globalization Strategy - Lantu's listing on the Hong Kong stock market is a crucial step in its globalization strategy, having already entered the European market and sold products in 39 countries by July 2025 [8]. - The company aims to establish a presence in 60 countries by 2030, with plans to build 500 sales service outlets and achieve cumulative overseas sales of over 500,000 vehicles [8]. - Lantu plans to expand its domestic retail network to 1,000 locations by 2026, focusing on major urban areas and continuing to grow in international markets [8]. Group 5: Industry Implications - The "mother delisting, child listing" strategy not only addresses the dual challenges of valuation and transformation for traditional automakers but also serves as an innovative model combining state-owned enterprise foundations with market vitality [10]. - The approval for listing on the Hong Kong stock exchange opens up independent capital channels and initiates a new phase of globalization for Lantu Motors [10].

Group 1 - The core viewpoint of the article is the deepening strategic cooperation between Lantu Automotive and Huawei's subsidiary, focusing on smart driving and smart cockpit development, as well as joint operations for consumer software [1][3] - A joint team for consumer software operations will be established to enhance the marketization of software services and improve user experience [1] - The partnership aims to expand market scale through collaborative marketing and brand standardization efforts [1] Group 2 - In 2024, Lantu signed a strategic cooperation agreement with Huawei's subsidiary, and in September, Dongfeng and Huawei upgraded their cooperation to cover areas such as automotive intelligence and digital enterprise [3] - Lantu has initiated an "ALL in smart" strategy, equipping all models with Huawei's advanced driving and smart cockpit technologies [3] - By 2025, Lantu had delivered over 150,000 vehicles, marking an 87% year-on-year growth and becoming the first high-end new energy brand among state-owned enterprises to achieve a production and sales scale of 300,000 vehicles [4]

Core Viewpoint - By 2025, China's automotive industry has transitioned from "following" to "leading," with a focus on product and technological innovation, exemplified by Dongfeng Motor's high-end smart new energy brand, Lantu Auto, which has become a flagship for high-end Chinese brands [1][3]. Group 1: Market Performance - In 2025, Lantu Auto achieved cumulative deliveries of 150,169 vehicles, marking an 87% year-on-year increase, solidifying its position as the leading high-end new energy brand among state-owned enterprises [1]. - Lantu Auto has established a comprehensive product matrix with three flagship models: Lantu Dreamer, Lantu Taishan, and Lantu Pursuit L, becoming the first high-end new energy brand in China to mass-produce SUVs, MPVs, and sedans [5][11]. Group 2: Product Innovation - The Lantu Dreamer has consistently ranked as the top-selling high-end MPV, with an average selling price exceeding 400,000 yuan, indicating strong market penetration [5]. - Lantu Taishan achieved over 5,000 deliveries within 26 days of its nationwide launch, demonstrating high market recognition and establishing itself as a benchmark in the high-end new energy SUV market [7]. - The Lantu Pursuit L, launched on December 10, 2025, completes Lantu's flagship lineup and features advanced technologies such as Huawei's intelligent driving and smart cockpit systems [9]. Group 3: Technological Development - Lantu Auto emphasizes self-research and collaboration to build a technological "moat," with nearly 5,400 patents, of which 85% are invention patents, leading the new energy vehicle sector in patent growth [12][14]. - The company has developed a fully autonomous intelligent electric architecture (ESSA) and a new generation of intelligent multi-mode hybrid technology, showcasing its commitment to innovation and high-quality development [14]. Group 4: International Expansion - Lantu Auto has entered over 40 countries and regions, including key markets in Europe, the Middle East, and Central Asia, reflecting its global strategy and alignment with national initiatives [15][16]. - The brand has successfully launched in the Middle East, with product and cultural exports, demonstrating confidence in Chinese culture and innovation [18].

Core Insights - The demand for larger, cost-effective, and intelligent new energy SUVs is increasing as the winter holiday approaches, prompting consumers to reassess their car purchase plans [1] - New energy SUVs have transitioned from being niche options to mainstream choices within the 200,000 RMB budget for family vehicles, with sales and penetration rates expected to rise in 2024 [1] - Key considerations for consumers include space, range, energy consumption, intelligent driving, safety, and long-term ownership costs when selecting a new energy SUV [1][6] Market Trends - The market for new energy vehicles is entering a mature phase, with new energy models accounting for nearly half of the new car market [1] - The question of which new energy SUVs to recommend around the 200,000 RMB price point has become increasingly common among consumers [1] Key Considerations for Selection - **Space and Seating Layout**: Importance of true mid-size or large SUV dimensions, comfort in second and third rows, and trunk capacity [2] - **Range and Energy Consumption**: Evaluation of pure electric, range-extended, and plug-in hybrid technologies, and whether daily commuting can rely primarily on electric power [3] - **Intelligent Driving and Cabin Experience**: Assessment of advanced driver assistance capabilities and the quality of the vehicle's infotainment system [4] - **Safety and Quality Assurance**: Examination of both active and passive safety features, material quality, and performance in safety tests [5] - **Overall Cost and Resale Value**: Consideration of purchase price, daily energy costs, brand reputation, and long-term service stability [6] Recommended Models - **尚界H5**: Priced between 159,800 and 199,800 RMB, it offers a spacious interior, advanced safety features, and a range of up to 1,360 km with a fuel-efficient consumption of 4.44L per 100 km for the range-extended version [7][15][18] - **岚图知音**: A mid-large pure electric SUV with a maximum CLTC range of 901 km, featuring a high-efficiency electric drive system and L2.9 level intelligent driving assistance [19][20] - **零跑C11**: Available in both pure electric and range-extended versions, it provides a maximum CLTC range of 640 km for the electric version and 1,220 km for the range-extended version, with advanced intelligent features [21][22] - **海狮06**: A mid-size SUV from BYD offering both pure electric and DM-i plug-in hybrid options, with a maximum CLTC range of 605 km for the electric version and 1,670 km for the hybrid version [23][24] Consumer Guidance - For urban commuting and family outings, 尚界H5 is recommended due to its high space utilization and flexible power options [25] - For frequent long-distance travel,岚图知音 or the range-extended version of 尚界H5 are suitable choices [25] - For those prioritizing cost-effectiveness and diverse power options, 零跑C11 is a viable alternative [26] - For high-frequency commuting with a focus on low fuel consumption, 海狮06 DM-i is advantageous, though it may lack some advanced intelligent features compared to 尚界H5 [27] Decision-Making Steps - Conduct offline vehicle experiences focusing on the cabin interaction, space, and intelligent driving features of 尚界H5 [28] - Choose the power type based on charging conditions and travel needs [28] - Pay attention to test drive experiences and delivery policies to find the best purchase timing [28] - A combination of real vehicle experiences and scenario matching can help avoid decision-making biases based on specifications alone [29]