First Central Enterprise New Force Goes Public in Hong Kong: Profitability Test

Based on market feedback this year, due to Lantu's outstanding performance, the state-owned enterprises' transition to new energy has already surpassed that of some local state-owned enterprises.

On October 2, during the second day of the National Day holiday, Voyah Automobile officially submitted a listing application to the Hong Kong Stock Exchange and disclosed its prospectus, marking a substantial step toward the listing of the first new energy vehicle brand created by a central state-owned enterprise in Hong Kong.

On August 22, Dongfeng Motor Group Co., Ltd. announced that its subsidiary, Lantu Automobile, will be listed on the Hong Kong Stock Exchange through a backdoor listing, while Dongfeng Motor Group Co., Ltd. will simultaneously complete its privatization and delisting.

On September 15, Lantu Automotive completed its share reform and changed its name to "Lantu Automotive Technology Co., Ltd.", with the registered capital increased to 3.68 billion yuan.

Four years ago, Lu Fang stated, "What Lantu wants to explore is not only the products but also the possibility of breaking down institutional barriers."

Lantu has advanced this possibility to a new stage in just 41 days, a speed comparable to that of its status as the first independent auto company from a central enterprise to list in Hong Kong.

01.

The fastest profitable new energy vehicle company.

On October 1st, Lantu, as always, announced its sales figures in the morning: in September, Lantu Automotive's delivery volume reached 15,224 vehicles, a year-on-year increase of 52%.

This is the first time that Voyah's sales have exceeded 15,000 since the launch of its first model, the Voyah FREE, in 2021.

On October 2, Lantu officially announced the submission of its application to the Hong Kong Stock Exchange, taking another step towards becoming the first central enterprise new energy brand to complete the "three jumps" of mixed ownership reform, independence, and listing.

In Lantu's prospectus, three figures are very important: growth rate, gross margin, and net profit.

From 2022 to 2024, the sales of Lantu Motors are 19,400 vehicles, 50,300 vehicles, and 80,100 vehicles respectively, with a compound annual growth rate of 103.2%.

In terms of revenue scale, Lantu's operating income was 6.052 billion yuan in 2022, increased to 11.58 billion yuan in 2023, and further rose to 19.361 billion yuan in 2024, with a compound annual growth rate of 78.9% over the three years. In 2025, as market demand continues to be released, revenue for the first seven months reached 15.78 billion yuan, a year-on-year increase of 90.2%. If this growth rate is maintained, the annual revenue for 2025 is expected to exceed 30 billion yuan.

Relying on the continuously growing sales and revenue, Lantu Automobile's gross profit margin rose from 8.3% in 2022 to 21.0% in 2024, and further increased to 21.3% during the seven-month period ending July 31, 2025.

According to data from CACI, in 2024, the gross profit margin of Voyah ranks second among domestic new energy vehicle companies.

In comparison with the new power brands already listed in the Hong Kong stock market, the gross profit margins for 2024 for Li Auto, XPeng Motors, NIO, Leapmotor, and Xiaomi Auto are 20.5%, 14.3%, 9.9%, 8.4%, and 18.5%, respectively. In addition, the gross profit margin for the A-share new energy vehicle company Seres New Energy Vehicles in 2024 is 26.21%.

From 2022 to 2024 and for the first seven months of 2024 and 2025, Voyah Auto achieved revenues of RMB 6.052 billion, RMB 12.749 billion, RMB 19.361 billion, RMB 8.295 billion, and RMB 15.782 billion, respectively.

At the same time, Lantu has achieved its first quarterly profit in the fourth quarter of 2024. From January to July this year, Lantu Automotive's net profit reached 434 million yuan, making it the only new energy vehicle company to achieve profitability before going public in recent years. Considering Lantu Automotive's recent sales trend, it is almost certain that the company will achieve annual profitability in 2025.

Lantu Motors officially launched its brand in 2020 and began independent operations in 2021. If it achieves full-year profitability this year, it will be the fastest new energy vehicle company to do so.

In comparison, Li Auto, founded in 2015, achieved profitability for the entire year in 2022, while Leap Motor, founded in the same year as Li Auto, also plans to achieve profitability for the entire year this year.

02.

Five new cars this year, Voyah enters a major year for products.

The prospectus shows that by July 2025, Lantu Automobile has launched four mass-produced models, with a product lineup covering sedan, SUV, and MPV categories, spanning a price range of 200,000 to 500,000 yuan.

Among them, the flagship model of Lantu is the MPV Lantu Dreamer, whose sales proportions in 2023, 2024, and the first seven months of this year are as high as 52.7%, 58.3%, and 60.15%, respectively.

The selling price of the Dreamer in the 400,000 yuan range has brought good cash returns to Lantu, but it must be acknowledged that over the past few years, the Lantu brand, with its four models, has become overly reliant on this single model.

In the second half of 2025, Lantu began to change this situation.

The Voyah FREE+ was launched on July 12 this year, and its sales in the first month after launch increased from the previous monthly average of over 1,000 units to 4,273 units. In August, it reached 5,239 units, ranking fifth in the sales rankings of mid-to-large SUVs, showcasing a strong momentum as a popular model.

The newly launched Lantu Zhi Yin, which was released at the end of August, has also performed impressively. According to the latest sales data from Dongche Di, in the second week of September, the all-new Lantu Zhi Yin achieved a terminal sales volume of 950 units, rising to second place in the sales ranking of pure electric mid-size SUVs in China.

On September 26th, the flagship sedan Lantu Chasing Light L and the flagship SUV Lantu Taishan, two plug-in hybrid models, officially opened for pre-order. Together with the newly launched Dreamer from half a month ago, they form Lantu brand's "Three Flagships."

LanTu has high expectations for the Taishan and Zhuiguang models, presenting the launch of these two vehicles in the form of a fashion show to express its pursuit of cultural inheritance, continuity, and development, showcasing an attitude that integrates global cultures.

"Lantu Automobile uses Chinese names for all its models, which is uncommon in the industry. This reflects Lantu Automobile's commitment to the inheritance of Chinese culture and conveys our attitude and confidence in Chinese culture."

Lantu Technology's CBO Shao Mingfeng candidly told the media that Lantu chose to link the new car launch with fashion to showcase the emotional value that a luxury brand can offer, essentially sending a message to the market:

"That's what a new generation of luxury looks like." "Lantu is the representative of luxury brands; Chinese luxury is embodied by Lantu."

The Lantu Zhaiguang L and Taishan both adopt a completely new design language, featuring the "Soaring Upward Grille," "Three Thousand Waters Headlights," and an upright side profile.

The interior of the Taishan has not yet been revealed, but there are leaks indicating that it is equipped with "AI Cloud Comfort Zero Gravity Seats," which can provide active support for various parts including lumbar support and side bolsters.

The interior of the Chasing Light L features a "mountains embracing the moon" layout, complemented by "clear water and flourishing wood" real wood trim and "sound of the sun and moon" center speakers.

Both new models are equipped with the HarmonySpace 5.1 cockpit, supporting the next generation of cross-screen interaction and AI voice large models.

In terms of smart driving, both are equipped with Huawei's QianKun Intelligent Driving ADS 4, supporting parking-to-parking 2.0 navigation assistance. Among them, the Land Tour Taishan is equipped with four LiDARs, matching the latest AITO M9.

The Chasing Light L features all-wheel drive and a four-wheel independent steering system, with a front double wishbone and rear five-link all-aluminum chassis, as well as air suspension; the Taishan is equipped with EDC magic carpet functionality, "bidirectional 16 degrees" rear wheel steering, and a three-chamber air suspension.

The entire Taishan lineup is equipped with a 65 kWh battery pack, offering a pure electric range of 370 km and a low power consumption of 21.5 kWh per 100 km; the Chasing Light L achieves an astonishing pure electric range of 410 km.

According to Lu Fang, the Chasing Light L is set to launch this October, while the originally planned delayed release of the Lantu Tianshan will now be brought forward to the end of the year in response to user demand and to align with industry trends.

03.

The intention of Lantu to stand out among the Five Mountains.

On the eve of Fashion Night, Voyah officially disclosed changes in its business registration information and adjustments to its core management team. The former legal representative and chairman, You Zheng, stepped down, and Lu Fang took over as the company's chairman, general manager, and CEO. Simultaneously, several executive positions were adjusted.

According to official information from Voyah Auto, the adjustment covers the core positions of the company's decision-making level. Lu Fang has been newly appointed as Chairman and General Manager, achieving comprehensive coordination of the company's strategic decision-making and operational management.

In his first media interview since taking office as chairman, Lu Fang stated that despite holding dual positions, his focus in the future will still be on products.

In an interview in 2023, Lu Fang stated:

"In the past two decades, the high-end market has been predominantly occupied by foreign brands. Similarly, China's high-end market has largely been dominated by fuel vehicles. However, as we move towards the new energy and smart car tracks, Chinese brands are certain to capture this market in the future."

As a key figure in promoting the establishment of the Lantu brand from 0 to 1, Lu Fang revealed that Lantu has been exploring how to deeply integrate Chinese design and culture with the technology and modern industry of the intelligent era, aiming to create products with genuine Chinese characteristics and lead fashion and trends.

Taishan and Zhaiguang L are the key products for Lantu in the upcoming period.

For Chinese people, "Tai Shan" is a symbol with a strong cultural atmosphere. Naming its flagship SUV "Tai Shan" reflects both ambition and aspiration for Lantu.

However, in the past two months, the yet-to-be-launched LanTu Taishan has been surrounded by many popular competing models such as the ES8, Li Auto i8, and AITO M8. Facing such a fiercely competitive "red ocean market," Lu Fang appears to be quite relaxed:

"I think it's okay. Our car is called Taishan, which means it has enough power. We aim for the supremacy of the Five Great Mountains, reaching the top and having a panoramic view of all the other mountains."

According to Lu Fang, during the product definition process, Voyah is also observing changes in Chinese family structures and car usage habits. Research conducted by Voyah indicates that there is still a very broad market for large SUVs.

"We Chinese still prefer big things, because in ancient China, beauty was defined as 'the larger the beam, the more beautiful it is.' This is a cultural heritage that has lasted for thousands of years. We like to live in big houses and drive big cars."

In addition, Lu Fang believes that major automakers are advancing their large SUV products, which not only reflects the intense competition in the market but also drives these manufacturers to provide users with new products more quickly and effectively. This is certainly a good thing for users.

"We also particularly hope that more large SUVs can enter this market in the future."

Unlike the vast market space associated with Mount Tai, the Zhuiguang L is situated in the crowded large sedan market where demand is increasingly declining.

"Sedans are the toughest nut to crack in the automobile market, and the luxury sedan segment is even more challenging."

According to data from the China Passenger Car Association, in the TOP15 list of sales for mid-to-large sedans, five models sold over 10,000 units in August. These models are Xiaomi SU7, Audi A6L, Fengyun A9L, Galaxy Starshine 8, and Nissan N7. Meanwhile, the Mercedes-Benz E-Class and BMW 5 Series sold 8,800 and 7,989 units respectively in August, ranking sixth and seventh on the list.

Faced with the media, Shao Mingfeng candidly stated:

"In the past, when it came to luxury sedans, everyone thought of BBA. But I hope that starting today, when talking about Chinese luxury sedans, the first name that comes to mind is Zhaiguang. From the very beginning, Zhaiguang L has aimed to replace BBA. Whether it's in chassis tuning, intelligent configurations, safety performance, or luxury comfort, we are no longer just comparable to BBA; we have far surpassed them."

Voyah hopes that the Chasing Light L and Taishan can become representative works in the Chinese automotive field. Based on these two models, Voyah plans to launch 1-3 new models each year to improve its product lineup, and it is expected to have 6-9 models by the end of 2026.

Currently, Voyah Auto states that it has achieved full-stack self-research in core technologies, focusing on intelligent driving, connectivity, and safety. It has developed five technological bases encompassing platform, power, cockpit, driving, and ecosystem. Supported by these, the company has forward-developed the ESSA native intelligent electric architecture, the "Tianyuan" SOA electronic and electrical architecture, the world's first L3-level "Tianyuan Intelligent Driving," and the world's first megawatt-level brand supercharging pile "Voyah VP1000."

According to data, as of July 31, 2025, Lantu Automotive's R&D team has 2,611 R&D personnel, accounting for 37.3% of the total workforce, with 35.6% holding a master's degree or higher. Lantu Automotive's R&D expenditures were 1.343 billion yuan, 1.121 billion yuan, and 2.003 billion yuan, accounting for 22.2%, 8.8%, and 10.3% of the corresponding revenues, respectively. In the first seven months of this year, R&D expenditures reached 1.196 billion yuan, accounting for 7.6% of the revenue during the same period. This data is at a mid-level among peers.

Jiang Tao, the CBO of Voyah, stated to the media after the launch of the Voyah FREE+ in July that in the six years since its establishment within Dongfeng in 2019, Voyah's overall expenditure has not been significant. Compared to other companies in the industry, its investment scale might only be equivalent to that of "a single model from other companies," classifying it as a "small company."

This is thanks to the ESSA native intelligent electric architecture adopted by Voyah, which supports the co-line production of three power forms: pure electric, plug-in hybrid, and range extender. This allows the hardware architecture of different Voyah models to achieve a generalization rate of over 70%, greatly shortening the development and iteration cycle of new models and reducing R&D and manufacturing costs.

As of now, it has applied for a total of 4,810 patents, with nearly 85% being invention patents. This investment in underlying technology research and development ensures its independent voice in areas such as the three electric systems and vehicle body.

Written at the end:

Although Lantu has always referred to itself as a "new force" in car manufacturing, its operational mechanism is no different from that of Weilai, Xiaopeng, and Li Auto. Of course, it is also a member of the new forces in car manufacturing, but it has the added label of being backed by a state-owned enterprise.

The submission of the listing application for Lantu to the Hong Kong Stock Exchange is certainly a symbolic event of the deepening reforms of Dongfeng Group, as well as a practical need for Lantu to.

Although the listing model it has chosen is considered a "shortcut" in the capital market, Lantu is expected to be able to directly list for trading after passing the hearing at the Hong Kong Stock Exchange, which can greatly shorten the time gap from approval to listing.

After a successful listing, Voyah Auto is expected to utilize international capital in various forms to provide cash flow for its intelligent research and development, channel expansion, and global layout.

China's new energy vehicles are entering a; those who do not advance will retreat. Lantu has become the first state-owned enterprise in the new car-making force to be listed on the Hong Kong stock exchange, which is both timely and advantageous.