另据中国汽车工业协会发布数据显示，今年1-7月，新能源汽车的销量为822万辆。以此测算，岚图汽车新能源汽 车的市场销量占有率不足1%。 除此之外，岚图汽车的销量也较为依赖单一车型。据招股书，其推出的岚图梦想家是全球首款高端新能源MPV， 成功打破了国外品牌在高端MVP市场的垄断。而这一"王牌"车型也为公司贡献颇丰。 | | | | | 概要/月21日 IF | | --- | --- | --- | --- | --- | | | | 截至12月31日止年度 | | 七個月 | | | 2022年 | 2023年 | 2024年 | 2025年 | | 嵐圖FREE系列 ... | 11,836 | 18.796 | 23,206 | 18.226 | | 嵐国夢想家系列 | 7.551 | 26,518 | 46,687 | 40,111 | | 嵐圖追光系列 . | 22 | 4.965 | 4.977 | 1.768 | | 嵐圖知音系列 | | 6 | 5,246 | 6.575 | | 變計. | 19,409 | 50,285 | 80,116 | 66,680 | 10月2日，港交所披露，岚图汽 ...

10月2日，东风集团旗下高端新能源品牌岚图汽车正式向香港联交所递交上市申请，并披露招股书。这 标志着其自今年8月官宣上市、9月完成股改更名后，赴港上市进入实质性阶段。 秦轩辕、秦生、鞠桦、冯长军、丁绍斌退出董事行列，付炳锋、蒋焘、胡晓、廖显志、辛定华、杨勇六 人新增为董事。 根据招股书披露，岚图在销量、营业收入及毛利率等关键指标上均呈现持续增长态势，向外界展示了一 家具有央企背景的高端智慧新能源汽车品牌的实力。根据招股书，岚图营业收入从2022年的约60.5亿 元，增长至2023年的约127.5亿元、2024年的约193.6亿元，复合年增速达到78.9%。2025年前七个月， 公司实现收入157.8亿元，同比增长90.2%。 销量拉升驱动营收持续增长。2022年至2024年期间，岚图销量从1.9万辆快速增长至超8万辆，复合年增 长率达到103.2%，在中国高端新能源汽车品牌中增速位列前三。10月1日，岚图公布最新交付数据显 示，9月岚图交付新车15224辆，1—9月累计同比增长85%。 值得关注的是，岚图的自我造血能力持续提升。岚图的毛利率从2022年的8.3%，一路升至2024年的 21%，并在2025年前 ...

Core Viewpoint - The news highlights the accelerated IPO process of Voyah Automotive Technology Co., Ltd., a high-end smart electric vehicle brand under Dongfeng Motor Corporation, which submitted its prospectus to the Hong Kong Stock Exchange on October 2, 2023, and plans to list without issuing new shares to raise funds [5]. Company Overview - Voyah Automotive was established in 2021, leveraging Dongfeng's 56 years of automotive technology and resources. The company has rapidly developed, delivering its first model, Voyah FREE, in August 2021, and aims to produce its 100,000th vehicle by April 2024 and 200,000th by April 2025 [7]. - The company has launched four vehicle series, including the Voyah FREE SUV, Voyah Dreamer MPV, Voyah Zhi Guang sedan, and Voyah Zhi Yin SUV, with plans for further upgrades and the introduction of a flagship SUV, Voyah Tai Shan, by the end of the year [7]. Technological Development - Voyah Automotive emphasizes innovative technology development, establishing a comprehensive innovation system covering platform architecture, "three electric" systems, and advanced driver assistance systems. As of July 31, 2025, the company holds 1,519 granted patents and has 4,783 patents pending in China, with additional patents in other jurisdictions [8]. - The collaboration with Huawei enhances Voyah's market performance, with all models equipped with Huawei's intelligent driving systems and ongoing exploration of deeper cooperation [8]. Financial Performance - The company reported sales of 19,409 vehicles in 2022, 50,285 in 2023, and 80,116 in 2024, with 66,680 vehicles sold in the first seven months of 2025. The compound annual growth rate (CAGR) for sales from 2022 to 2024 is 103.2%, making it the third fastest-growing high-end electric vehicle brand in China [9]. - Revenue has also seen significant growth, with figures of RMB 6.052 billion in 2022, RMB 12.749 billion in 2023, RMB 19.361 billion in 2024, and RMB 8.295 billion in the first seven months of 2025, reflecting a CAGR of 78.9% from 2022 to 2024 [9]. - The gross margin improved from 8.3% in 2022 to 21.0% in 2024, further increasing to 21.3% in the first seven months of 2025, positioning Voyah as the second highest in gross margin among new energy vehicle companies in 2024 [9]. Profitability - Voyah achieved its first quarterly profit in Q4 2024 and reported a profit of RMB 479 million from January to July 2025, making it the only new energy vehicle company to achieve profitability before going public. The total net loss from 2022 to 2024 was approximately RMB 3.125 billion, which is relatively low compared to competitors [10]. - The company maintains a conservative approach to spending, with R&D expenses as a percentage of revenue being 22.2%, 8.8%, and 10.3% from 2022 to 2024, indicating a balanced investment strategy compared to peers [11]. Future Outlook - The upcoming IPO is expected to enhance Voyah's financing channels, brand image, and international expansion, while also subjecting the company to stricter scrutiny from investors. The ability to maintain sales growth and long-term performance will be crucial for the company's narrative in the capital market [11].

智通财经APP获悉，据港交所10月2日披露，岚图汽车科技股份有限公司 (简称"岚图汽车")向港交所主板提交上市申请，中金公司为其独家保荐人。据招股 书，岚图汽车是东风公司旗下高端智慧新能源品牌。 2022年 2023年 2024年 (人民幣千元) (未 收入................ 6.051.754 12.749.380 19.360.642 8 銷售成本 ... .. .. .. .. .. .. (5,549,126) (10,936,045) (15,295,147) (6. 毛利 ............. 502.628 1.813.335 4.065.495 1. 其他收入及收益 ... ... 214.429 322.929 1.001.987 銷售費用 ... ... ... ....... (1.840.755) (2,862,027) (3.750.822) (1. 管理費用 ... ... ... ... ... ... (285.511) (457,054) (633,702) ( 金融資產減值損失 ... ... (1,076) (13,137) (924) 研發費用 .. ...

Core Viewpoint - Dongfeng Group is undergoing a significant capital restructuring to address its operational challenges and enhance the market perception of its subsidiary, Lantu Automotive, as it plans to privatize and delist from the Hong Kong Stock Exchange [2][3][5]. Group 1: Stock Performance and Market Reaction - Dongfeng Group's stock surged by 54.10% on August 25, reaching a ten-year high, following the announcement of its capital restructuring plan [2]. - Since early July, Dongfeng Group's stock has increased by over 70% as it entered a strong upward trend [2]. Group 2: Capital Restructuring Details - Dongfeng Group announced plans to end its nearly 20-year listing on the Hong Kong Stock Exchange and facilitate Lantu Automotive's introduction to the market through a share distribution to its shareholders [3]. - The plan involves distributing 79.67% of Lantu's shares to Dongfeng's shareholders, allowing Lantu to list without issuing new shares or raising capital [3]. Group 3: Financial Performance and Challenges - Dongfeng Group's revenue grew by 6.6% year-on-year in the first half of the year, but net profit attributable to shareholders plummeted by approximately 92% to 55 million RMB [5]. - The company sold about 824,000 vehicles in the first half, a decline of 14.7% compared to the previous year, contrasting sharply with competitors like Geely [5]. Group 4: Lantu Automotive's Growth Prospects - Lantu Automotive, established in April 2019, is positioned as Dongfeng Group's core platform for electric vehicle transformation, with a projected revenue compound annual growth rate of 79% from 2022 to 2024 [10]. - Despite rapid growth, Lantu's sales in the first half of the year reached only 56,120 units, representing 28% of its annual target of 200,000 units, indicating significant sales pressure for the second half [10][12]. Group 5: Competitive Landscape and Future Plans - Lantu Automotive faces intense competition in the electric vehicle market, with plans to launch multiple new models to diversify its product offerings and improve sales performance [12]. - The company is set to release a new electric SUV in collaboration with Huawei and has plans for additional models, aiming to strengthen its market position [12].