上个月，国内乘用车市场新能源渗透率逼近 60% ，自主品牌市占率也冲到 7 成关口，两项数据均创下 历史峰值，但豪华轿车市场却呈现出冷热不均的景象。 一方面，尊界 S800 连续三个月霸榜大型豪华轿车市场，上个月交付超过 2000 辆，相当于保时捷帕拉 梅拉和宝马 7 系（包括 i7 ）之和；但另一方面，放眼整个市场，能与宝马 5 系、奔驰 E 级、奥迪 A6L 正面抗衡的自主品牌新能源轿车，至今仍是一片空白。 百年汽车工业史早已证明，豪华轿车是行业 " 皇冠上的明珠 " ，更是检验品牌综合实力的终极标尺。 迈巴赫、霍希这些响当当的名字，承载的不仅是顶尖技术与制造工艺，更是几代人对 " 豪华 " 的固化 认知与价值认同。 这个市场的消费者，看重品牌积淀、庄重设计、乘坐舒适性与全维度豪华体验，是最难啃的一块硬骨 头。 正是在这一背景下，岚图汽车最近推出了全新追光 L ，这款定位 " 新时代旗舰轿车 " 的产品，直接瞄 准了 BBA 尚未被攻克的堡垒 —— 主流豪华轿车市场。 追光 L 的登场，本质是中国品牌尝试用一套新的价值体系，回应行业核心命题：新能源时代，什么样的 豪华轿车能满足高端用户的挑剔需求？ 最后一 ...

Core Insights - The new energy vehicle market in September 2025 saw record delivery numbers, with several brands achieving historical highs, indicating a competitive landscape among leading players [1][3] Delivery Rankings - Leap Motor topped the delivery chart with 66,657 units, marking a 97% year-on-year increase and becoming the first new energy brand to exceed 60,000 monthly sales [2][5] - Hongmeng Zhixing followed with 52,916 units delivered, a 33% increase, and is nearing a cumulative delivery milestone of 950,000 units [2][7] - Xiaopeng ranked third with 41,581 units, achieving a 95% year-on-year growth and a 10% month-on-month increase [2][9] - Xiaomi made a significant entry into the top four with over 40,000 units delivered, reflecting a 300% increase [2][11] Second Tier Dynamics - NIO delivered 34,749 units, a 64% increase, with its sub-brands contributing significantly to this growth [2][13] - Li Auto's deliveries were 33,951 units, showing signs of recovery despite a year-on-year decline [2][15] - Deep Blue achieved 33,626 units, benefiting from ongoing product and technological advancements [2][17] Competitive Landscape - Zeekr's sales reached 18,257 units, showing a mixed performance with slight month-on-month growth but a year-on-year decline [2][17] - Arcfox saw a 47.74% year-on-year increase, delivering 16,074 units, supported by a diverse product lineup [2][18] - Lantu delivered 15,224 units, with a year-to-date growth of 85%, driven by product upgrades and market feedback [2][20] - ZhiMi achieved a record high of 11,107 units, with a significant contribution from the newly launched LS6 model [2][22] - Avita maintained a steady performance with 11,028 units delivered, reflecting successful market positioning [2][22] Market Outlook - The results from September indicate a deepening competitive landscape, with the upcoming October sales period being crucial for both leading and mid-tier brands to sustain growth and navigate market challenges [1][22]

Core Insights - The automotive market in September experienced significant growth, driven by new energy vehicle (NEV) sales and supportive government policies, with NEV penetration reaching a record high of 58.1% [5] Group 1: New Energy Vehicle Sales - Leap Motor achieved a record delivery of 66,657 units in September, marking a year-on-year increase of 97% and becoming the second new energy vehicle manufacturer in China to reach a cumulative production of 1 million vehicles [2] - Hongmeng Zhixing delivered 52,916 units in September, a month-on-month increase of 18.7%, with a total of 344,000 units delivered from January to September, reflecting strong sales from its flagship model, the Wenjie [2] - Zeekr Technology, following its merger with Lynk & Co, delivered 51,159 units in September, maintaining a steady performance with a 79.3% share of new energy models [3] Group 2: Other Key Players - Xiaomi Auto surpassed 40,000 units in September, with the YU7 model contributing nearly half of the sales, while the company has 402 stores nationwide to support order conversion [3] - XPeng Motors delivered 41,581 units in September, a 95% year-on-year increase, with the MONA M03 model being a significant contributor [3] - NIO delivered 34,749 units in September, a 64% increase year-on-year, with the Ladao brand accounting for over 44% of total deliveries [3] Group 3: Market Trends and Factors - The overall retail sales of narrow passenger cars in September are expected to reach 2.15 million units, a month-on-month increase of 6.5% and a year-on-year increase of 2% [5] - The growth in sales is attributed to national vehicle scrappage policies, local trade-in incentives, and increased demand at the end of the quarter, supported by over 50 local auto shows [5]

Group 1 - The core focus of Lantu Motors is on technology and user experience, with a commitment to innovation driven by core technologies [1] - The company aims to redefine the MPV category in response to the evolving market, emphasizing the importance of creating new user scenarios and continuous technological innovation [1] - The 2026 Lantu Dreamer model features five variants with a price range of 329,900 to 439,900 yuan, and includes advanced configurations such as 800V ultra-fast charging and Huawei ADS 4 [1] Group 2 - Lantu Motors targets an annual sales goal of 200,000 units by 2025, which is approximately 2.3 times the expected sales in 2024 [2] - The year 2023 has seen the highest frequency of new car releases since the company's establishment in 2019, with multiple models launched in quick succession [2] - In August 2023, Lantu Motors achieved a monthly delivery of 13,505 vehicles, marking a 119% year-on-year increase, and a total of 81,768 vehicles delivered in the first eight months of 2023, up 92% year-on-year [2]

Core Viewpoint - Lantu is set to become the first high-end new energy brand listed under a central state-owned enterprise in China, with plans to go public in Hong Kong through a backdoor listing via Dongfeng Group's privatization [2][4]. Group 1: Listing Process - Dongfeng Group will distribute its 79.67% stake in Lantu to its shareholders, allowing Lantu to list on the Hong Kong Stock Exchange without a traditional IPO [4]. - The privatization involves a cash offer of HKD 6.68 per share for Dongfeng Group's H-shares, alongside the distribution of Lantu shares [4]. - The introduction method of listing is expected to shorten the listing cycle by 60%-70% compared to a standard IPO, as it does not require new share issuance or fundraising [6]. Group 2: Strategic Motivations - Dongfeng Group aims to focus on the new energy vehicle sector and enhance its brand image through Lantu's listing, which will also help in expanding overseas operations and improving corporate governance [10]. - The decision to expedite Lantu's listing is influenced by Dongfeng's need to demonstrate its independent operational value amid competitive pressures from other state-owned enterprises [12]. - Lantu's financial performance shows a trend of narrowing losses, with projections indicating a potential path to profitability, making the timing of the listing critical [12][16]. Group 3: Market Context - The new energy vehicle market in China is facing uncertainties, including potential subsidy reductions by 2026, which could impact Lantu's sales and operational performance [18]. - Lantu's collaboration with Huawei on new models is expected to enhance its competitive edge in the market, which is a significant factor for investors [14]. - The current market environment presents both internal and external pressures, making this an opportune moment for Lantu to go public [18].

Core Viewpoint - Dongfeng Group is undergoing significant capital operations and internal restructuring following its elevation to a "first-level central enterprise," with plans to spin off its subsidiary, Lantu Automotive, for independent listing in Hong Kong [1][2]. Group 1: Capital Operations - Dongfeng Group plans to spin off Lantu Automotive and distribute shares to existing shareholders, allowing them to become direct shareholders of Lantu, which will then independently list on the Hong Kong Stock Exchange [1][2]. - The H-share shareholders of Dongfeng Group will receive 0.3552608 shares of Lantu Automotive and 6.68 HKD in cash per share, indicating a theoretical value premium for Dongfeng Group shares compared to their pre-suspension price [2]. - The restructuring aims to focus on the burgeoning new energy vehicle (NEV) sector, as Dongfeng Group seeks to realign its resources and enhance its valuation amidst increasing competition and industry transformation [2][3]. Group 2: Strategic Implications - The move to privatize Dongfeng Group and promote Lantu's independent listing reflects a strategic shift to replace underperforming traditional assets with high-potential NEV assets, marking a proactive transition towards a new energy focus [4][5]. - The restructuring is seen as a response to the challenges faced by traditional automakers, emphasizing the need for asset and equity restructuring to maintain competitive advantage in a rapidly changing market [4]. Group 3: Lantu Automotive's Market Position - Lantu Automotive has shown promising sales momentum, with models like Dreamer and FREE+ achieving significant monthly sales, and is on track to reduce losses from 2022 to 2024, having achieved quarterly profitability in Q4 2022 [6]. - The choice of "introduction listing" for Lantu is aimed at quickly establishing a market presence before pursuing further financing and global expansion, following a successful precedent set by NIO [6][7]. - Despite the advantages of a Hong Kong listing, Lantu faces challenges such as a limited product range, which could restrict its sales potential and competitive positioning against both domestic and international automakers [6][7].

Core Viewpoint - Dongfeng Group is undertaking significant capital operations, including the spin-off of its electric vehicle subsidiary, Lantu Auto, to enhance valuation and focus on the burgeoning new energy vehicle sector [1][2]. Group 1: Capital Operations - Dongfeng Group plans to spin off Lantu Auto and distribute shares to existing shareholders, allowing Lantu to independently list on the Hong Kong Stock Exchange [1]. - The privatization of Dongfeng Group will be executed through a merger with its wholly-owned subsidiary, Dongfeng Automotive Investment, leading to its delisting from the exchange [1][2]. - This strategic move aims to replace underperforming traditional assets with high-potential new energy assets, facilitating a shift towards a more focused business model [3][4]. Group 2: Market Position and Challenges - Lantu Auto has shown promising sales momentum, achieving over 56,100 units sold in the first half of the year, with a target of 200,000 units for the full year [6][7]. - The company is experiencing a reduction in losses, with a single-quarter profit reported in Q4 2022, indicating a positive trend towards profitability [6]. - However, Lantu faces challenges such as a limited product range, heavily relying on the "Dreamer" model, which constrains its sales potential [7]. Group 3: Strategic Implications - The restructuring reflects a broader trend among traditional automakers to adapt to the competitive landscape by prioritizing new energy assets [3]. - The successful listing of Lantu Auto could enhance its financing capabilities, brand image, and governance, positioning it better in the international market [2][4]. - The capital operations signify a strategic upgrade for Dongfeng Group, moving from a passive to an active approach in the new energy sector [3].