同时，证监会要求其补充说明(1)东风集团股份的历史沿革及主营业务，就本次交易履行决策程序的情 况；(2)除公司股权外，东风集团股份股东是否有现金选择权，是否涉及现金支付，如有请说明资金来 源。公司设立时股东出资资产情况；公司历次股权变更履行国资管理程序情况；就公司历次股权变更合 法合规性出具结论性意见。 此外，说明补充说明开发、运营的网站、APP、小程序等产品情况，收集及储存的用户信息规模、数据 收集使用情况，是否涉及向第三方提供个人用户信息，上市前后个人信息保护和数据安全的安排或措 施。 招股书显示，岚图汽车的目标人群定位于新时代中坚力量，产品主要覆盖人民币20万元至人民币50万元 价格带。岚图汽车于2021年8月开始交付第一款车型岚图FREE，2024年4月累计生产的第10万辆车下 线，2025年4月累计生产的第20万辆车下线。根据灼识咨询的资料，岚图汽车的销量在2022年至2024年 期间复合年增长率为103.2%，是增速第3快的中国高端新能源汽车品牌。 11月21日，中国证监会公布境外发行上市备案补充材料要求公示(2025年11月17日—2025年11月21日)。 证监会要求岚图汽车补充说明本次交易履 ...

智通财经APP获悉，11月21日，中国证监会公布境外发行上市备案补充材料要求公示(2025年11月17日 —2025年11月21日)。证监会要求岚图汽车补充说明本次交易履行国有资产管理程序情况，履行境外投 资审批、核准或备案程序情况。据港交所10月2日披露，岚图汽车向港交所提交上市申请，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。 同时，证监会要求其补充说明(1)东风集团股份的历史沿革及主营业务，就本次交易履行决策程序的情 况；(2)除公司股权外，东风集团股份股东是否有现金选择权，是否涉及现金支付，如有请说明资金来 源。公司设立时股东出资资产情况；公司历次股权变更履行国资管理程序情况；就公司历次股权变更合 法合规性出具结论性意见。 此外，说明补充说明开发、运营的网站、APP、小程序等产品情况，收集及储存的用户信息规模、数据 收集使用情况，是否涉及向第三方提供个人用户信息，上市前后个人信息保护和数据安全的安排或措 施。 招股书显示，岚图汽车的目标人群定位于新时代中坚力量，产品主要覆盖人民币20万元至人民币50万元 价格带。岚图汽车于2021年8月开始交付第一款车型岚图FREE， ...

与此同时，"性价比不错""配置高""加速动力强劲"等关键词成为消费者在购车决策中最常提及的关注 点。这一结构性变化充分说明，中国新能源汽车市场已从早期的"政策依赖"与"技术试水"，正式步入以 用户体验为核心，以综合产品力为竞争基础的价值驱动新阶段。 用户决策从"尝鲜体验"转向"理性对比" 汽车市场结构性变化，首先源于用户购车决策逻辑的系统性重构。这一重构贯穿于动机、过程与偏好三 个层面，共同指向一个更加理性、成熟的市场。 在购买动机上，驱动力核心已从"政策"移向"产品"。"报告"显示，用户购车更多是因为产品的驾驶感 受、舒适性和智能化等内在价值，同时性价比高、使用成本低等经济性因素也会对用户购车造成较大影 响。 与之形成鲜明对比的是，续航里程和优惠补贴政策作为用户购买原因的占比明显下降。可以发现，用户 购车理由已从外在激励，转向了对产品综合价值的深度认可。 在用户购车决策过程中，行为模式呈现出从"尝鲜体验"向"理性对比"的显著转变。其中，用户购车时平 均关注因素数量明显增加，从去年的4.2个上升至5.9个，关注焦点高度集中在整车安全性与智能化配置 方面。与此同时，用户购车前的平均对比车型数量，也有较大幅度增加 ...

每经记者｜刘曦 每经编辑｜余婷婷 2025年，中国新能源汽车产业迎来历史性拐点。卓思天成（即北京卓思天成数据咨询股份有限公司）日前发布的《2025中国新能源汽车用户需求趋势研究》 报告（以下简称《报告》）显示，2025年，新能源汽车保有量有望超过3800万辆，在汽车总保有量中占比超过10%，市场渗透率预计突破60%。在整体销量 结构中，纯电车型占据主导地位，占比预计达到约60%。 值得注意的是，这一转型不仅体现在宏观销售数据的量变，更深刻反映在用户决策逻辑的质变之中。《报告》显示，在用户购车动机中，续航里程和补贴政 策等因素占比显著下降，而驾驶感受、舒适性及智能化配置已跃升为核心驱动力。具体来看，上述三项因素在购买动因中分别占据18%、10%和9%的权重。 图片来源：《报告》 与此同时，"性价比不错""配置高""加速动力强劲"等关键词成为消费者在购车决策中最常提及的关注点。这一结构性变化充分说明，中国新能源汽车市场已 从早期的"政策依赖"与"技术试水"，正式步入以用户体验为核心、以综合产品力为竞争基础的价值驱动新阶段。 用户决策从"尝鲜体验"转向"理性对比" 市场的结构性变化，首先源于用户决策逻辑的系统性重构 ...

在实现销量稳健增长的同时，岚图汽车盈利能力同步跃升，毛利率由2022年的8.3%大幅提升至 2024年的21.0%，并在2025年前7个月进一步提升至21.3%，在新能源汽车行业内高居第二。同时，岚图 汽车在2024年第四季度首次实现单季度盈利，并已于2025年前7个月实现盈利，是行业内最快实现单季 度盈利、经营现金流转正最快的新能源车企。今年10月，岚图汽车已正式向香港联合交易所递交主板上 市申请，宣告企业资本化进程步入新阶段。 "5年5款车型，岚图不断争峰，完成了岚图全品类高端布局。"岚图汽车董事长、总经理卢放表 示，"今天随着岚图泰山的到来，我们也成为中国首个实现SUV、MPV、轿车全品类车型量产的高端新 能源汽车品牌。" 11月18日，以"争峰"为主题，岚图汽车在深圳正式发布其"新时代全尺寸旗舰SUV"——岚图泰山， 新车共推出Max版、Max+版、Ultra版、黑武士版四大版型，官方指导价为37.99万元-50.99万元。同 时，还公布了总价值4.8万元的上市权益。 "'争峰'，不是谁与争锋的锋，而是勇攀高峰的峰。这代表的是一种始终向上攀登的人生态度，也 是岚图汽车5年来坚守的初心和始终向上的行动。 ...

此外，岚图泰山搭载华为乾崑智驾ADS4与鸿蒙座舱5，以及800V岚海智能超混系统与65度5C超快充电池，在智能、驾控 与豪华维度硬核登顶。值得关注的是，岚图仅用7个月完成20万至30万辆产能跨越，成为国内首个突破30万辆的央国企高端新 能源品牌，体系化实力为泰山上市保驾护航。 岚图泰山首批量产车现已登陆全国门店，这款新时代旗舰SUV即将于11月18日正式上市。 （编辑 郭之宸） 本报讯 （记者刘钊）近日，岚图汽车CBO、销售公司总经理邵明峰在与媒体沟通时首度透露，岚图泰山这款"最霸气华系 旗舰SUV"起售价或将锁定45万元以上，正式剑指豪华大六座SUV市场，邵明峰更是直言："今后大六座SUV市场，就看岚图泰 山和问界M9！" 2021年，岚图FREE开国产空悬先河。如今，岚图泰山配备国产首个三腔空气悬架，成为世界前五、中国第一配备三腔空 气悬架的车型，同时搭配EDC魔毯底盘与双向16°后轮转向，不仅持续巩固岚图作为中国"空悬之王"的领先地位，更标志着中 国品牌在底盘技术上实现突破性跨越。 ...

Core Insights - Lantu Automotive, a high-end electric vehicle brand under Dongfeng Group, has achieved a significant milestone by producing its 300,000th vehicle, marking it as the first central state-owned high-end electric vehicle brand to reach this scale [1][8] - The company aims to contribute to Dongfeng's goal of selling 1 million electric vehicles by the end of the year, highlighting its rapid growth and market presence [1][6] Sales Performance - In October, Lantu delivered a record 17,218 vehicles, achieving an 82% year-on-year increase in cumulative deliveries for the first ten months of the year [1][3] - The Lantu Dreamer model became the best-selling high-end MPV in October, with 6,632 units sold, marking a significant achievement for a Chinese brand in a market traditionally dominated by joint ventures [2][3] Growth Metrics - From 2022 to 2024, Lantu's sales increased from 19,400 to 80,100 units, with a compound annual growth rate of 103.2%, positioning it among the top three high-end electric vehicle brands in China [3][4] - The company's gross margin improved from 8.3% in 2022 to 21.0% in 2024, indicating a strong enhancement in profitability [3][4] Technological Advancements - Lantu holds 1,519 granted patents and has 4,783 patents pending, making it the fastest-growing company in terms of patents in the electric vehicle sector [4][5] Strategic Goals - Hubei province has set a "double million" target for 2025, aiming for Dongfeng to produce and sell 1 million electric vehicles, with Lantu playing a crucial role in achieving this goal [6][7] - Dongfeng has committed to high-quality development in the automotive industry, with a focus on innovation and the introduction of nearly 10 new electric vehicle models in 2024 [7][8]

Core Insights - Lantu Automobile has achieved a significant milestone by producing its 300,000th vehicle, marking a record for a state-owned high-end new energy brand in China [1][2] - The company has demonstrated rapid growth, reducing the time taken to reach production milestones significantly, from over two years for the first 100,000 vehicles to just seven months for the last 100,000 [1][2] - Lantu's sales have shown a compound annual growth rate of 103.2%, positioning it among the top three high-end new energy vehicle brands in China [2] Company Development - The launch of the Lantu Taishan, the fifth strategic model, showcases the company's technological advancements and brand spirit, integrating cutting-edge features such as the Lanhai 800V intelligent hybrid architecture and Huawei's ADS 4.0 intelligent driving [2] - Lantu has established a comprehensive product matrix covering sedans, SUVs, and MPVs, making it one of the brands with the most complete product offerings in the domestic market [2] Production Efficiency - The production pace at Lantu's smart factory is impressive, with a new vehicle being produced every 63 seconds, indicating a strong operational efficiency [3] - The company aims to accelerate its market presence, ensure delivery, and enhance efficiency to solidify its position as a leading high-end new energy brand [3]

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Lantu Motors, a high-end smart electric vehicle brand backed by Dongfeng Motor Corporation, highlighting its sales achievements and strategic plans for the future [6][12]. Group 1: Company Overview - Lantu Motors has sold over 200,000 vehicles and is preparing for an "introduction listing" on the Hong Kong Stock Exchange, aiming to become Wuhan's largest IPO in the automotive sector by 2025 [6][12]. - Dongfeng Motor Corporation is privatizing its shares to focus on the development of the new energy vehicle industry, distributing 79.67% of Lantu's shares to its shareholders [7][12]. Group 2: Market Position and Strategy - The article notes that several other automotive companies, including Chery, Seres, and Avita, are also pursuing IPOs, indicating a trend in the industry [8][18]. - Lantu Motors was established in 2021 with a focus on high-end electric vehicles, leveraging Dongfeng's decades of experience in automotive manufacturing [10][11]. Group 3: Financial Performance - Lantu Motors has seen significant revenue growth, with sales increasing from 6.052 billion yuan in 2022 to 12.749 billion yuan in 2023, and projected to reach 19.361 billion yuan in 2024 [15]. - The company's gross margin improved from 8.3% in 2022 to 21% in 2024, while net losses narrowed from 1.538 billion yuan in 2022 to 0.9 billion yuan in 2024 [15]. Group 4: Future Goals - Lantu Motors aims to achieve sales of 200,000 vehicles in 2025 and has set an ambitious overseas expansion strategy to establish 500 sales service outlets across 60 countries by 2030 [16][15]. - The company is also focusing on enhancing its brand image and expanding its international business through the upcoming IPO [15][16].

Core Viewpoint - The rapid listing of Lantu on the Hong Kong Stock Exchange is a significant event in the electric vehicle sector, showcasing innovative capital operations by Dongfeng Group, which aims to balance interests while facilitating Lantu's access to capital markets [1][3]. Group 1: Listing Process - Lantu is pursuing a "introduction listing" strategy, which involves no new share issuance or fundraising, focusing instead on "equity distribution + absorption merger" [3]. - Dongfeng Group is privatizing its H-shares in Hong Kong while simultaneously pushing Lantu, a promising electric vehicle brand, into the capital market [3]. Group 2: Financial Performance - Lantu reported significant losses in previous years, with losses of 1.54 billion yuan, 1.5 billion yuan, and 90 million yuan for 2022, 2023, and 2024 respectively [5]. - In the first seven months of 2025, Lantu achieved a profit of 430 million yuan, primarily due to a substantial increase in government subsidies, which rose from 120 million yuan in the same period last year to 603 million yuan, marking a 404.13% increase [6]. Group 3: Product Line and Market Position - Lantu has diversified its product offerings with four major lines: Lantu FREE, Lantu Dreamer, Lantu Pursuit, and Zhiyin, covering SUVs, MPVs, and sedans [9]. - The Lantu Dreamer series accounts for over 60% of sales in the first seven months of the year, raising concerns about the sustainability of Lantu's future given the competitive nature of the MPV market [9]. - The brand positioning of Lantu as "Chinese elegance" is seen as vague and may not resonate with consumers who prioritize smart features, youthfulness, or practicality [9]. Group 4: Investment and Marketing Strategy - Lantu has focused more on marketing than on research and development, with R&D investment dropping to 4% of revenue in the first seven months of 2025, while sales expenses accounted for 16.8% of revenue [11]. - The rapid listing of Lantu is viewed as a gamble for Dongfeng Group, which could lead to positive growth for the entire group if Lantu's listing is successful [11].