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].

Core Viewpoint - The article discusses the evolving role of the automotive industry in the context of the CCTV Spring Festival Gala, highlighting how automotive brands have increasingly integrated into this national event as a marketing platform over the years [4][19]. Group 1: Historical Context and Evolution - The CCTV Spring Festival Gala has been a significant platform for advertising since its inception in 1984, with the first automotive advertisement appearing in 2004 [4][13]. - Initially, the automotive industry was not a major sponsor of the gala, with the focus shifting from household appliances to internet companies in the 2010s [13][19]. - The first major automotive sponsorship occurred in 2014, marking a turning point for automotive brands in leveraging the gala for marketing [15][19]. Group 2: Current Automotive Brands and Their Strategies - In 2026, several automotive brands, including Jiangqi Group's high-end model Zun Jie S800, Geely's Lynk & Co 900, and Great Wall's Wei brand, are confirmed to participate in the gala, showcasing their flagship models [11][12]. - The article emphasizes that these brands represent the core strength of the Chinese automotive industry, with their participation symbolizing a significant leap in brand image and technology [11][12]. - The integration of automotive brands into the gala reflects a broader trend of showcasing "Chinese manufacturing" and technological advancements [19][26]. Group 3: Marketing Strategies and Audience Engagement - The article outlines various methods of automotive brand integration into the gala, including background branding, vehicle displays, and product placements in skits [21][22]. - The 2024 gala saw innovative marketing strategies, such as Xiaomi's car model being prominently displayed among guests, indicating a shift towards more creative advertising approaches [21][22]. - Experts suggest that the gala remains a valuable platform for automotive brands to build consensus and emotional connections with consumers, particularly during the family-oriented Lunar New Year celebrations [30][32].

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]

Group 1 - The core point of the article is that Lantu Automotive has initiated its listing process on the Hong Kong Stock Exchange, with plans to officially list on March 19, 2024, under the sponsorship of CICC [1] - Lantu Automotive, established in 2021, focuses on the high-end new energy vehicle market, targeting a price range of 200,000 to 500,000 RMB, and has launched five product series covering SUVs, MPVs, and sedans [2] - The company aims to achieve over 1 billion RMB in profit by 2025, with a projected compound annual growth rate (CAGR) of 103.2% in sales from 2022 to 2024, ranking third among high-end new energy vehicle brands in China [2] Group 2 - Lantu Automotive's revenue is projected to reach 12.749 billion RMB in 2023, 19.361 billion RMB in 2024, and 34.865 billion RMB in 2025, with a CAGR of 65.4% [3][5] - The company is expected to achieve its first quarterly profit in Q4 2024, with a net profit of 1.017 billion RMB in 2025, marking a significant turnaround [3] - The gross margin is anticipated to improve from 14.2% in 2023 to 21.0% in 2024, maintaining a high level of 20.9% in 2025, positioning Lantu among the top in the new energy vehicle sector [3][4] Group 3 - Lantu Automotive has established five technological foundations, including ESSA architecture and SOA centralized electronic architecture, and holds 1,874 authorized patents and 5,405 pending patents [6] - The company employs a direct sales model with a network covering 164 cities and 506 stores, achieving 100% coverage in first-tier and new first-tier cities [8] - Lantu plans to focus on seven strategic directions, including enhancing brand building, expanding product matrix, and promoting digital transformation [9] Group 4 - The Chinese new energy vehicle market is projected to grow, with a penetration rate of 44.4% in 2024, expected to rise to 82.0% by 2029, particularly in the high-end and luxury segments [11] - Sales of high-end and luxury vehicles in China are forecasted to reach 4.1 million and 300,000 units in 2024, with significant growth rates anticipated through 2029 [11] - Lantu Automotive is positioned among the top ten brands in the high-end new energy vehicle market in China as of June 30, 2025, benefiting from its comprehensive product matrix and technological advancements [11]

Core Viewpoint - Lantu Automotive has received principal approval for its Hong Kong listing, marking the completion of all necessary regulatory processes and entering the final stages of preparation for trading [1] Group 1: Listing Process - Lantu completed all pre-listing compliance and regulatory approvals in four months, setting a benchmark for state-owned enterprises in the new energy sector [1] - The company submitted its listing application to the Hong Kong Stock Exchange on October 2, 2023, intending to list via an introduction method [1][2] - The approval process involved multiple regulatory bodies, including the National Development and Reform Commission and the Ministry of Commerce, culminating in the Hong Kong Stock Exchange's approval on February 12, 2024 [2] Group 2: Business Growth and Performance - Since the launch of its first model, Lantu FREE, in 2021, the company has seen a compound annual growth rate of over 100% in sales from 2022 to 2024 [2] - In 2025, Lantu delivered 150,200 vehicles, achieving an 87% year-on-year growth, and became the first state-owned high-end new energy brand to reach 300,000 units off the production line within seven months [2] - The company has established a comprehensive product matrix, including high-end SUVs, MPVs, and sedans, with the Lantu Dreamer model selling 80,000 units in 2025, capturing one-third of the market share [3] Group 3: Market Environment and Future Plans - The Hong Kong Stock Exchange has optimized the listing application process, reducing the review cycle for mature companies, which benefits Lantu's listing efforts [3] - Lantu plans to launch four new models in 2026, all equipped with L3-level intelligent driving assistance hardware, with two models expected to debut in March [3]

Core Insights - The domestic car rental market is experiencing a surge during the 2026 Spring Festival, driven by the longest holiday in history and free highway access, with significant growth in rental bookings and user numbers [1][2] Group 1: Market Trends - The rental booking cycle has significantly advanced, with a 20% increase in bookings made a month in advance compared to previous years, and the average rental period has extended to nearly 10 days [2] - A dual peak phenomenon is expected during the holiday, with high demand for rentals on both the last working day and the second day of the new year [2] Group 2: User Demographics - The new generation of users, particularly those born after 2000, has seen a 63% increase in rental bookings, becoming the main growth driver in the market [4] - There is a notable shift towards personalized and technologically advanced vehicles, with a sixfold increase in bookings for new energy vehicles [4] Group 3: Regional Dynamics - The rental market is witnessing a trend of cross-regional travel, with significant growth in bookings from traditional hub cities and emerging markets, reflecting diverse travel preferences [3] - The integration of high-speed rail and air travel with car rentals is becoming standard, enhancing accessibility to tourist destinations [3] Group 4: Operational Enhancements - The company has deployed 100,000 new vehicles across major cities and tourist destinations, ensuring a diverse fleet to meet various travel needs [5] - Enhanced service offerings, including 24-hour customer support and flexible return options, are being implemented to ensure a reliable travel experience during peak demand [5]

Core Insights - The domestic car rental market is experiencing a surge during the 2026 Spring Festival, driven by the "longest holiday" and free highway policies, with significant growth in rental bookings and user numbers [1][2] Group 1: Market Trends - The rental market shows three main characteristics: early activation, longer rental periods, and high growth, with cross-city orders increasing by over 70% and bookings for new energy vehicles skyrocketing sixfold [1] - A notable trend is the "first return home, then travel" approach, leading to a rare double peak in rental demand during the holiday [2] - The average rental period has extended to nearly 10 days, with orders of 9 days or more reaching a record high [1][2] Group 2: User Demographics - The new generation of users, particularly those born after 2000, has seen a 63% increase in bookings, becoming the main growth driver in the rental market [4] - Young users are increasingly seeking personalized and technologically advanced vehicles, with demand for new energy and unique models doubling compared to previous years [4] Group 3: Vehicle Preferences - The top five new energy vehicles in demand include models from BYD, such as the Qin PLUS and Song Pro, which are favored for their high cost-performance ratio [4] - Family-oriented vehicles like the AITO M7 and Li Auto L6 are popular for their spaciousness and ability to alleviate long-distance range anxiety [4] Group 4: Service Enhancements - The company has upgraded its fleet with 100,000 new vehicles across major cities to meet diverse travel needs, including sedans, SUVs, MPVs, and new energy vehicles [4][5] - Enhanced service offerings, including damage compensation, door-to-door service, 24-hour customer support, and intercity return options, ensure a reliable travel experience during peak demand [5]

Core Insights - The domestic car rental market is experiencing a surge during the 2026 Spring Festival, driven by the "longest holiday" and free highway policies, with significant growth in rental bookings and user numbers [1] Group 1: Market Trends - The rental market shows early activation, extended rental periods, and high growth, with cross-city travel orders increasing by over 70% and bookings for new energy vehicles surging sixfold [1][2] - The decision-making cycle for rental bookings has significantly advanced, with a 20% increase in bookings made a month in advance compared to previous years, and the average rental period reaching nearly 10 days [2] - A dual peak phenomenon is expected, with high demand for rentals on both the last working day and the first day of the holiday, as well as a second peak on the fourth day of the holiday [2] Group 2: User Demographics and Preferences - The user base is shifting, with a notable increase in the 00s generation, whose booking volume has risen by 63%, making them the main growth driver in the rental market [4] - There is a growing demand for personalized and technologically advanced vehicles, with new energy vehicle bookings increasing sixfold, highlighting a trend towards family-friendly and spacious models [4] Group 3: Operational Enhancements - The company has deployed 100,000 new vehicles across major cities and tourist destinations, enhancing its fleet to meet diverse user needs [5] - A comprehensive service system has been established, including features like damage compensation, door-to-door service, 24-hour customer support, and intercity return options, ensuring a reliable travel experience during peak demand [5] - The combination of a long holiday, consumer recovery, and travel enthusiasm is creating a larger travel radius for users, integrating car rental into family holiday culture [5]

Core Viewpoint - The article discusses the significant decline in the growth rate of plug-in hybrid vehicles (PHEVs) in the Chinese automotive market, highlighting the competitive pressure from pure electric vehicles (EVs) and the changing consumer preferences that have led to this shift [4][6][7]. Group 1: Market Trends - In 2025, the growth rate of PHEVs dropped to 8.8%, with range-extended vehicles seeing a mere 6% increase, marking the first instance of consecutive monthly declines in this segment [6][7]. - The penetration rate of PHEVs in the new energy vehicle market surged from 17% in 2021 to 40% in 2024, but the market dynamics shifted dramatically in 2025 [4][6]. - The average price of pure electric vehicles fell by 15% from 168,000 yuan in 2024 to 143,000 yuan in 2025, while mainstream PHEVs remained in the 150,000 to 180,000 yuan range, erasing the price advantage previously held by PHEVs [11]. Group 2: Consumer Behavior - The average range of pure electric vehicles exceeded 528 kilometers in 2025, with many mainstream models surpassing 600 kilometers, significantly reducing consumer anxiety regarding range [15]. - The rapid development of charging infrastructure, with a car-to-charging station ratio of 2.5:1 and a total of 20.09 million charging facilities by the end of 2025, has made pure electric vehicles a more reliable choice for consumers [15]. - Consumers are increasingly viewing pure electric vehicles as a dependable option, leading to a decline in the perceived necessity of PHEVs, which were initially chosen to alleviate range anxiety [15][19]. Group 3: Technological Shifts - PHEVs are experiencing a shift towards larger battery capacities and faster charging solutions, with many manufacturers adopting battery sizes exceeding 60 kWh to enhance their appeal [27][29]. - The introduction of 800V high-voltage platforms and ultra-fast charging technologies is becoming standard, allowing for significant improvements in charging efficiency [15][27]. - The trend of integrating larger batteries into PHEVs is raising production costs, which could undermine their competitive pricing advantage [32][35]. Group 4: Regulatory Environment - New regulations set to take effect in 2026 will tighten the eligibility criteria for tax exemptions for PHEVs, making it more challenging for lower-end models to compete [39][40]. - The shift from a "universal" tax exemption policy to one that favors stronger models will further complicate the market landscape for PHEVs [37][41]. Group 5: Future Outlook - Despite the current challenges, the article suggests that PHEVs will maintain a significant market share, with a projected penetration rate of 36% in 2025, corresponding to 4.669 million units [51]. - The global market for PHEVs is expected to grow, with predictions indicating that their growth rates will surpass those of pure electric vehicles in the coming years [60][66]. - The unique energy structure and market conditions in China suggest that PHEVs will continue to play a crucial role in the automotive landscape, particularly in regions with less developed charging infrastructure [52][54].