新车对交付量的拉动作用明显。最新数据显示，今年8月，岚图汽车单月交付达13505辆，同比增长 119%，再次创下历史新高；2025年前8个月，岚图汽车累计交付达81768辆，同比增长92%。 中证报中证网讯（龚梦泽 熊永红）日前，岚图汽车首席执行官卢放在2026款岚图梦想家上市发布会上 表示，在企业内部，岚图汽车把技术摆在第一位，坚持核心技术引领创新；在市场上，岚图汽车把用户 放在第一位，一切为了给用户更好的用车体验。 卢放表示，在燃油MPV时代，外资品牌推动了MPV品类的快速崛起，满足了商务用户的出行需求。但 随着电动化和智能化的发展，中国自主高端品牌迅速崛起，高端的价值已经被重新定义，要不断创造新 的用车场景，满足用户的体验需求，持续技术创新。他表示，MPV应该因时代的改变而重新定义，希 望MPV能够成为凝聚科技成果的最高杰作。 作为岚图汽车旗舰MPV，卢放介绍称岚图梦想家2022年上市至今，进行了三次产品进化，岚图梦想家 单车均价超39万元。据悉，2026款岚图梦想家共有五款车型，官方指导价格为32.99万元-43.99万元；新 车搭载800V、5C超快充、华为ADS 4、鸿蒙座舱5及智能后轮转向等配置 ...

Core Viewpoint - Dongfeng Group announced an innovative capital operation plan to list its core asset, Lantu Automobile, on the Hong Kong Stock Exchange while initiating a privatization process for itself, addressing long-standing valuation issues and enabling independent financing for Lantu [1][2][10] Group 1: Capital Operation Strategy - The transaction involves a "share distribution + absorption merger" model, where Dongfeng will distribute 79.67% of Lantu's shares to its shareholders before Lantu's introduction listing, avoiding the pitfalls of a traditional IPO [2][3] - The overall acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and a share consideration of HKD 4.17, ensuring the protection of minority shareholders' interests [3][11] Group 2: Market Response and Valuation - Following the announcement, Dongfeng's stock surged nearly 70% upon resumption of trading, reflecting positive market sentiment towards the capital operation plan [1][2] - Lantu's independent listing is expected to enhance its investment value and allow for clearer positioning in global competition, potentially leading to a significant increase in its valuation [8][10] Group 3: Strategic Implications for Dongfeng and Lantu - The transaction is seen as a pivotal move for Dongfeng to concentrate resources on its core new energy sector, facilitating a transformation into a technology-driven enterprise [4][10] - Lantu has demonstrated strong growth, with a projected delivery of 85,697 vehicles in 2024, marking a 70% year-on-year increase, and has established itself as a valuable asset within Dongfeng's portfolio [7][8] Group 4: Industry Impact and Future Outlook - Dongfeng's approach serves as a model for other state-owned enterprises facing similar valuation challenges, showcasing how to optimize asset allocation through market-driven strategies [10][11] - The successful execution of this plan is anticipated to stimulate innovation and operational efficiency within Lantu, allowing it to compete effectively in the high-end new energy vehicle market [11][13]

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].

Core Viewpoint - Lantu Automotive is set to launch its "Lanhai Intelligent Super Hybrid Technology" on August 22, which aims to address the low efficiency of fast charging in electric vehicles [1] Group 1: Technology Overview - The new technology includes intelligent battery management, intelligent thermal management, and a full 800V and 5C super fast charging system [1] - This technology is designed to significantly reduce charging time, enabling an "instant charge and go" experience for users [1] Group 2: Product Launch - The new technology will first be implemented in the upcoming model "Zhi Yin," which is scheduled to be launched on August 28 [1] - Additional models, including "Chasing Light L" and an internally coded model "Taishan," will also adopt this technology in the near future [1]

Core Viewpoint - The automotive market is undergoing intense competition, and companies must possess the ability to generate profits and maintain good customer relationships for long-term development [1][42]. Group 1: Market Competition - The automotive market is experiencing a reshuffle due to escalating competition, with companies like Weilai, Xiaopeng, and Li Auto posing significant challenges [1]. - Lantu achieved a milestone of 200,000 vehicle deliveries, with the second 100,000 deliveries completed in just one year, indicating a strong growth trajectory [1]. - The collaboration with Huawei is seen as a key factor in Lantu's growth, although the CEO emphasizes that not all companies partnering with Huawei can create successful products [1][14]. Group 2: Regulatory Environment - The Ministry of Industry and Information Technology has intensified efforts to regulate "involution" in the automotive industry, suggesting a potential return to normalcy in market competition [4]. - The CEO believes that price wars can be regulated and that maintaining a healthy market is essential for industry development [5][6]. Group 3: Company Strategy and Performance - Lantu's transformation involved significant changes in processes related to consumer engagement, product development, and marketing strategies [15][27]. - The company is focused on integrating Huawei's IPD and IPMS methodologies to enhance product development and market responsiveness [18]. - Despite achieving 200,000 deliveries, the CEO expresses dissatisfaction with the performance of some models, indicating room for improvement in product offerings [20]. Group 4: User-Centric Approach - Lantu aims to become a user-oriented technology enterprise, emphasizing the importance of understanding customer needs and iterating products based on user feedback [27][31]. - The company has established direct communication channels with users to gather insights and improve product offerings [32]. Group 5: Future Outlook - The CEO is optimistic about Lantu's position in the market, aiming for a top-three ranking among competitors [13]. - The company acknowledges the challenges posed by intense competition and the necessity of maintaining profitability and customer relationships for sustainable growth [42].

Core Viewpoint - The automotive market is undergoing intense competition, and companies must possess the ability to generate profits and maintain good customer relationships for long-term development [1][40]. Group 1: Company Performance - Lantu achieved 200,000 vehicle deliveries this year, with the first 100,000 taking three years and the second 100,000 only one year [1]. - The collaboration with Huawei's intelligent solutions is seen as a key factor in Lantu's growth, although the CEO emphasizes that not all companies partnering with Huawei can create successful products [1][16]. - Lantu's sales improved significantly after integrating Huawei's technologies, indicating a positive impact on their product offerings [15][16]. Group 2: Market Competition - The Ministry of Industry and Information Technology has intensified efforts to regulate "involution" competition in the automotive industry, suggesting a potential return to normalcy in market competition [3][34]. - Price wars are expected to persist, but there is a growing awareness at the national level regarding the need for regulation to ensure healthy market development [4][34]. - The CEO believes that unregulated competition could lead to monopolies, ultimately harming consumers [5][34]. Group 3: Company Strategy and User Engagement - Lantu is focusing on transforming into a user-oriented company, emphasizing the importance of understanding customer needs and incorporating them into product development [25][29]. - The company has established a user operation committee to gather feedback directly from customers, which is crucial for improving products and services [30]. - Lantu aims to differentiate itself by not just competing on product features but also on user experience and service quality [32][33]. Group 4: Challenges and Future Outlook - The CEO acknowledges the pressures faced by the company in a highly competitive environment, particularly regarding pricing strategies [39][40]. - Lantu's approach is to maintain a sustainable business model rather than engaging in short-term price cuts, which could undermine long-term viability [37][40]. - The company recognizes that achieving industry leadership will require ongoing efforts and improvements in various aspects of its operations [12][24].

Core Insights - Lantu Automotive celebrates its fifth anniversary, having established itself in the high-end new energy vehicle sector with a user-centered strategy and continuous innovation in technology, ecosystem, and organizational mechanisms [1][2] User-Centric Strategy - The company has maintained a "user-centric" approach since its inception, evolving from merely meeting user needs to creating a sustainable value creation system [1][2] - All strategic decisions at Lantu must pass the "user value" test, ensuring that user needs are integrated into every aspect of the organization [2] Value Creation and Ecosystem - Lantu's understanding of user value has shifted from "product satisfaction" to "ecological symbiosis," involving users in product iterations and influencing corporate strategy [2][3] - The company aims to drive the transformation of the entire automotive value chain in Wuhan, transitioning from traditional fuel vehicle components to high-value areas like R&D and software [3] Long-Term Competitive Advantage - Lantu's strategy focuses on building a "technology moat" and "ecological synergy," balancing self-research and collaboration [4] - The partnership with Huawei exemplifies this approach, allowing for joint product definition and rapid market response [4] Product and Market Strategy - The product strategy has evolved from a "single-point breakthrough" to a "matrix synergy," covering a range of high-end market segments with a mix of hybrid and electric vehicles [5] - Lantu has introduced an innovative "direct sales + ecological agency" model to enhance user experience while optimizing channel efficiency [5] Future Outlook - The company emphasizes long-term sustainability over short-term gains, aiming to build a comprehensive ecosystem that extends beyond vehicle sales into smart mobility services [5]