岚图汽车，今后将直面资本市场检验。 在停牌10个工作日后，8月22日，东风集团股份（0489.HK）一纸公告给资本市场带来了一个惊喜。 根据东风集团股份8月22日晚间公告，其子公司岚图汽车科技有限公司（以下简称"岚图汽车"）将以介 绍上市方式登陆港股，东风集团股份则同步完成私有化退市。 对于此番"腾笼换鸟"的运作，资本市场也给出了正向反馈。受此利好消息刺激，8月25日，东风集团股 份复牌，股价一度涨超69%。 （2026款岚图梦想家） 介绍上市是已发行证券申请上市的一种方式，其核心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。在国内造车界，通过介绍上市方式登陆港股并非没有先例，2022年 3月10日，蔚来曾通过介绍方式在香港交易所完成上市。 放眼港股资本市场，岚图汽车在实现港股上市之后，或将成为继蔚来、小鹏汽车、理想汽车、零跑汽车 等之后，又一家登陆港股的新能源汽车企业。 释放混改新活力 根据公告，此次交易方案采用"股权分派+吸收合并"的组合模式，"岚图介绍上市+东风集团股份私有化 退市"两大核心环节互为前提、同步推进。 在股权分派环节，东风集团股份将其持有的岚图汽车79.67 ...

作为湖北省具有代表性的新能源车企，岚图汽车高增速、高质量的发展活力来自何处？ （原标题：探访岚图：六年下线20万辆，剑指欧洲核心市场｜活力中国调研行） 21世纪经济报道记者吴文汐 武汉报道 8月25日下午，"活力中国调研行"湖北主题采访活动首站来到位于武汉市经开区的岚图汽车智造工厂。 21世纪经济报道记者从现场获悉，今年1-7月，岚图汽车累计销量达68263辆，同比增长88%，已连续5 个月销量破万。 作为新能源造车"国家队"，岚图汽车创立于2019年4月，是东风汽车旗下的高端智慧新能源品牌。从 2019年4月到2025年4月的整整六年时间里，岚图迎来了品牌第20万辆整车下线的全新里程碑，成为首个 累计产量达到20万辆的央国企高端新能源品牌。 不仅如此，自诞生起，岚图每年向市场推出一款新车，从岚图FREE+、岚图梦想家、岚图追光到岚图 知音，岚图已形成"SUV+MPV+轿车"三品类的产品布局。据品牌相关负责人介绍，继今年7月五座SUV 岚图FREE+正式上市后，8月，全新岚图知音也开启预售，将于月底正式上市。今年下半年，岚图汽车 产品矩阵将全面焕新。 "可以说岚图从2019年至今，一直处在高质量发展的态势中， ...

一退一进 东风汽车集团股份有限公司（以下简称"东风集团股份"）停牌10个工作日后，东风汽车在资本市场"变 阵"。东风汽车近日宣布，将推动旗下岚图汽车科技有限公司（以下简称"岚图汽车"）以介绍方式登陆 中国香港联交所，同时对东风集团股份进行私有化。东风汽车相关人士表示，计划通过"介绍上市+私 有化"的方式实现资源优化配置。在外界看来，作为汽车"国家队"之一的东风汽车，在资本市场选择"一 退一进"的背后，推动岚图上市的同时，也欲在转型路上找到新突破口。 "本次私有化，能够助力东风汽车进一步发展。"中国汽车流通协会乘用车市场信息联席分会秘书长崔东 树认为，东风汽车正努力全面转型并开启内部调整，选择私有化有利于东风汽车规划与调整新战略，也 避免更多的外界干扰。 本次东风汽车交易所涉及的核心环节包括介绍上市及私有化。 据了解，介绍上市为已发行证券申请上市的一种方式，其核心特点为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；私有化则指由上市公司大股东作为收购建议者所发起的收 购活动，全数买回其他中小股东手上的股份，从上市公司变为非上市公司。 根据公告，本次交易采用"股权分派+吸收合并"的组合模式 ...

Core Viewpoint - Lantu Automotive is set to go public in Hong Kong through a unique method of introduction listing, while Dongfeng Group initiates a privatization process for its shares [4][5]. Group 1: Transaction Structure - The transaction involves a combination of "equity distribution + absorption merger," where both phases are interdependent and progress simultaneously [5]. - Dongfeng Group will distribute 79.67% of Lantu's shares to all shareholders, allowing Lantu to list on the Hong Kong Stock Exchange without issuing new shares or raising funds [8]. - The absorption merger will be conducted by Dongfeng's wholly-owned subsidiary, which will pay equity and cash compensation to achieve 100% control of Dongfeng Group [8][9]. Group 2: Financial Context - The total acquisition price is set at HKD 10.85 per share, comprising HKD 6.68 in cash and HKD 4.17 in equity [9]. - Dongfeng Group's market capitalization has significantly declined, with a current value of HKD 39.12 billion, ranking it at the bottom among Hong Kong-listed automotive companies [9]. - The company's stock has been undervalued, with a price-to-book ratio of 0.25, indicating a long-term market perception issue [10][11]. Group 3: Performance Metrics - Dongfeng's vehicle sales have dropped from a peak of 4.27 million in 2016 to 2.48 million in 2024, with a 10.8% year-on-year decline in the first half of 2025 [11]. - The net profit plummeted from HKD 10.2 billion in 2022 to just HKD 58 million in 2024, with a loss of HKD 3.89 billion in 2023 [11]. - In contrast, Lantu Automotive has shown strong growth, with deliveries increasing by 70% year-on-year in 2024 and a cumulative sales figure of 68,000 units in the first seven months of 2025 [12]. Group 4: Product Development and Market Position - Lantu has established a complete product matrix with competitive offerings in the SUV, MPV, and sedan segments, achieving significant market recognition [12]. - The company has seen a compound annual growth rate of 79% in revenue from 2022 to 2024, with sales rising from 19,400 units to 80,100 units [12]. - Lantu's pricing strategy has effectively improved the overall gross margin for the group, with an average vehicle price of HKD 280,000 [12]. Group 5: Market Reaction and Future Outlook - The announcement of Lantu's listing led to a positive market reaction, with Dongfeng's ADR surging by 87.69% on the day of the news [13]. - The transaction aims to consolidate resources towards emerging industries and achieve a valuation reconstruction, focusing on the transition to electric vehicles [14][15]. - Lantu's successful IPO is expected to enhance its financing channels and international brand influence, despite not raising new capital through this listing method [15].

作者 | 周智宇 编辑 | 张晓玲 在中国汽车产业从追赶到引领的历史性跨越中，谁来扮演压舱石和先锋队的角色？市场的答案纷繁复杂，但"国家队"的行动，往往最具分量和指向性。 8月22日晚间，东风集团股份（0489.HK）发布公告称，子公司岚图汽车将以介绍方式登陆香港联交所。 此举远非一次简单的上市。它更像是一面旗帜，彰显了作为行业龙头的央企，在关键时刻扛起产业发展大旗的责任与担当。 深藏在这场复杂资本运作之下的，是东风为旗下整个新能源品牌矩阵所布下的一个更大棋局。岚图，这枚早已被视作东风自主高端核心资产的重要品牌，其 真正的使命，并非仅仅是为自己开辟一条新路。 通过将岚图这个定位最高端的品牌送入资本市场，东风意图以此为标杆，彻底激活和重估旗下整个新能源业务的价值体系，进而辐射和带动身后庞大的产品 谱系实现跨越式发展。 岚图"单飞" 东风集团股份这套"介绍上市"的方案，是一场精准的、以价值释放为核心目标的资本运作。每一个环节都经过了周密设计，目标只有一个：在最短的时间 内，让岚图获得一个独立的、与其内在价值相匹配的市场化平台。 相较于流程漫长的首次公开募股（IPO），岚图选择的"介绍上市"，是一条更高效的路径。它 ...

Core Viewpoint - Lantu Automotive is set to go public on the Hong Kong Stock Exchange, marking a significant milestone in its capitalization and positioning in the competitive high-end new energy vehicle market [1] Group 1: Market Positioning and Strategy - Lantu Automotive's strategy of "three categories in three years, five models in five years" has shown significant results, with a projected delivery of 85,697 new energy vehicles in 2024, representing a year-on-year growth of approximately 70% [1] - The company has achieved over 20,000 cumulative production units, establishing itself as a leading high-end new energy brand backed by a state-owned enterprise [1][3] Group 2: Product Development and Sales - Lantu has developed a comprehensive product matrix covering SUVs, MPVs, and sedans, with models like Lantu FREE+, Lantu Dreamer, Lantu Zhaiguang, and Lantu Zhiyin [3] - The Lantu FREE+ model received 11,583 pre-orders within 15 minutes of its launch, indicating strong market demand [5] - The Lantu Dreamer has consistently ranked as the second best-selling new energy MPV since 2023, often leading in monthly sales [3] Group 3: Technological Advancements - Lantu emphasizes self-research and development, establishing a complete innovation system covering core areas such as platform architecture and intelligent driving [8] - The company has introduced the world's first intelligent super hybrid 800V technology, achieving significant breakthroughs in electric vehicle range and charging efficiency [10] - Lantu's collaboration with Huawei has led to the development of the all-new Lantu Zhiyin, enhancing the integration of smart technology in their vehicles [13] Group 4: User Engagement and Brand Development - Lantu Automotive focuses on a user-centered approach, fostering a co-creation ecosystem with customers through initiatives like "User Night" events [14] - The company has broken away from traditional engineering-led models, allowing users to participate in product definition and design, which has led to successful product iterations [16] - The upcoming listing on the Hong Kong Stock Exchange is expected to provide Lantu with stronger support for research, overseas expansion, and brand enhancement, facilitating its transition from a domestic leader to a global player [16]

8月22日22时52分，东风汽车集团股份有限公司（简称"东风集团股份"）发布公告称，旗下子公司岚图 汽车科技有限公司（简称"岚图汽车"）将以介绍上市方式登陆港股，东风集团股份同步完成私有化退 市。截至8月23日零点，东风集团股份ADR报价62.22美元，一个小时内暴涨91.45%；收盘报61美元，涨 幅达87.69%。 公告显示，本次交易采用"股权分派+吸收合并"的组合模式，两大核心环节互为前提、同步推进。 第一环节中，东风集团股份将其持有的岚图汽车79.67%股权按持股比例向全体股东分派，随后岚图汽 车以介绍上市方式登陆香港联交所；第二环节里，东风汽车全资子公司东风汽车集团（武汉）投资有限 公司作为吸并主体，向东风集团股份的控股股东东风汽车支付股权对价，向其他小股东支付现金对价， 实现对东风集团股份的100%控制。 据悉，本次交易采用岚图汽车股权+现金对价支付，总体收购价格为10.85港元/股，其中现金对价6.68港 元/股，岚图股权对价4.17港元/股。当前，东风集团股份处于停牌状态，公司股价为5.97港元，市值为 492.68亿港元。 东风集团股份此举背后，或是受到行业转型阵痛等因素影响。 财报数据显示 ...

技术研发方面，岚图汽车坚持高水平科技自立自强，"自研为根、合作为翼"，打造科技实力，构建全产业链创新体系，为发展注入持久动力。岚图汽车 正向开发了具有完全自主知识产权，原生智能电动整车架构"ESSA架构"，打造软件定义汽车、中央集中式SOA电子电气架构"天元架构"，自主开发兆瓦级 品牌超快充桩"岚图VP1000"。 8月22日，岚图汽车正式发布岚海智混技术。作为智能超混800V技术，它以全域800V系统、5C超充以及大电量电池的综合技术方案，在中大型混动车 上实现360-410公里的纯电续航，超过1400公里的综合续航，以及最快12分钟从20%电量充至80%的高充电效率。 8月22日，东风集团股份（0489.HK）发布公告称，岚图汽车将以介绍方式登陆香港联交所。根据公告，本次交易采用"股权分派+吸收合并"的组合模 式，两大核心环节互为前提、同步推进。本次交易通过"腾笼换鸟"，岚图汽车投资价值将进一步锐化，价值发现有望带来岚图估值表现的跃升。 作为东风公司旗下的高端智慧新能源品牌，自诞生以来，岚图汽车在品牌打造、产品推出、技术创新、渠道建设、海外布局等方面实现快速发展。2024 年，岚图汽车实现交付85697辆 ...

Core Viewpoint - Lantu Motors has successfully established itself in the high-end electric vehicle market over the past five years, achieving over 200,000 sales and creating a strong product lineup with models like Lantu FREE and Lantu Dreamer, which have become bestsellers [1][3][5]. Group 1: Product Strategy - Lantu Motors launched four models: Lantu FREE, Lantu Dreamer, Lantu Pursuit, and Lantu ZhiYin, covering SUV, MPV, and sedan categories, making it one of the most comprehensive electric vehicle manufacturers in China [3][4]. - The company has adopted a rapid iteration strategy, responding quickly to market feedback, which has proven effective in driving sales growth [3][4]. - The Lantu Dreamer has become a monthly champion in the new energy MPV category since 2023, while the newly launched Lantu FREE+ has quickly entered the top three in the 200,000-300,000 yuan hybrid SUV sales [4][5]. Group 2: Technological Edge - Lantu Motors emphasizes technology as its core competitive advantage, investing heavily in self-research and development [7][8]. - The company integrates the experience of traditional automakers with the agility of new energy vehicle startups, establishing a competitive edge in various technical fields [7][8]. - Collaborations with companies like Huawei enhance Lantu's product capabilities, particularly in smart driving and user experience, demonstrating a successful synergy between self-developed technology and external partnerships [8]. Group 3: User Engagement - Lantu Motors prioritizes user feedback, implementing changes based on customer suggestions, which has led to significant product improvements [10][11]. - The establishment of the User Co-Creation Committee allows for direct communication between users and the company, fostering a culture of collaboration and enhancing brand loyalty [11][12]. - Lantu's Net Promoter Score (NPS) exceeds 60%, with the Lantu Dreamer achieving an impressive NPS of 84.2%, indicating strong user satisfaction and loyalty [12].

东风汽车集团股份有限公司（以下简称"东风集团股份"）停牌10个工作日后，东风汽车在资本市场"变阵"。8月22日晚，东风汽车宣布，推动旗下岚图汽车 科技有限公司（以下简称"岚图汽车"）以介绍方式登陆香港联交所，同时对东风集团股份私有化。东风汽车相关人士表示，计划通过"介绍上市+私有化"的 方式实现资源优化配置。在外界看来，作为汽车"国家队"之一的东风汽车，在资本市场选择"一退一进"背后，是要推动岚图上市的同时，在转型路上找到突 破口。 本次交易涉及的核心环节包含介绍上市和私有化。 据了解，介绍上市是已发行证券申请上市的一种方式，其核心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。私有化 是指由上市公司大股东作为收购建议者所发起的收购活动，全数买回其他中小股东手上的股份，从上市公司变为非上市公司。 根据公告，本次交易采用"股权分派+吸收合并"的组合模式，两大核心环节互为前提，同步推进。交易共分为两个环节，第一环节东风集团股份将其持有的 岚图汽车79.67%股权，按股东持股比例及股份类别向全体股东进行分派。随后，岚图汽车将以介绍方式在香港联交所上市。 第二个环节，东风汽车在境内的全资子 ...