Lantu Motors' stock performance remains average after listing on the Hong Kong Stock Exchange; the controlling shareholder plans to increase their stake.

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From “Eel Finance”—Eel Channel / Article

On March 19, Li Auto (Leapmotor) listed on the main board of the Hong Kong Stock Exchange by way of an introduction. Li Auto (Leapmotor) is a high-end new-energy passenger vehicle brand under Dongfeng Group. This listing did not involve issuing new shares or raising funds. What’s worth noting is that after Li Auto (Leapmotor) went public, the share price fell.

The prospectus shows that from 2022 to 2024, Li Auto (Leapmotor) achieved operating revenue of RMB 6.05B, RMB 12.75B, and RMB 19.36B, respectively. In the same period, the company recorded net losses of RMB 1.54B, RMB 1.5B, and RMB 91 million, respectively, with the loss magnitude narrowing year by year.

In 2025, Li Auto (Leapmotor)’s operating revenue increased to RMB 34.87B, up 80.08% year over year. Over the same period, Li Auto (Leapmotor) realized a net profit of RMB 1.02B, achieving a turnaround from losses to profits on the books.

However, it is worth noting that Li Auto (Leapmotor)’s profitability in 2025 played a key role due to government subsidies. The data shows that in 2025, the government subsidies related to income recognized by Li Auto (Leapmotor) totaled as much as RMB 1.08 billion.

Meanwhile, Li Auto (Leapmotor)’s gross margin rose from 14.2% in 2023 to 21.0% in 2024, and remained relatively stable at 20.9% in 2025. According to materials from Zhousi Consulting, the company is the new energy vehicle enterprise with the second-highest gross margin ranking among new-energy vehicle companies in the 2024 industry.

In 2025, Li Auto (Leapmotor)累计累计 delivered 150,169 vehicles during the full year. Of these, sales of the Li Dreamer series were 76,045 vehicles, accounting for more than 51%. The company’s operating revenue is therefore heavily dependent on the Li Dreamer series.

Recently, Li Auto (Leapmotor) released an announcement stating that the company has received a notification from one of its controlling shareholders, Dongfeng Asset Management Co., Ltd. (“Dongfeng Asset Management”). Based on full recognition and confidence in the company’s future development prospects, Dongfeng Asset Management plans to increase its holdings of the company’s H shares within 12 months from the date of the announcement. The initial planned amount for the increase will not exceed RMB 250 million in total.

On March 30, Li Auto (Leapmotor)’s closing share price was HKD 5.35, up 5.32%.

Eel Finance will continue to follow subsequent developments.

《Eel Finance Express》

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