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Recently, the Shanghai United property Exchange disclosed the information of the Lantu Automobile Capital increase Project. According to the content, this capital increase is the first external equity financing since the establishment of Lantu Automobile. After the completion of the capital increase, it is expected that the equity held by Dongfeng Group will not be less than 77%. The total equity held by strategic investors is not more than 15%, and the equity held by the employee shareholding platform is not less than 8%. It is understood that Lantu Automobile's fund-raising purpose is "technological research and development, digital system construction, production capacity construction and marketing investment and other issues related to the main business operation and development of the capital-increasing party."

With regard to the impact of this capital increase on the company's follow-up development, the relevant person in charge of Lantu Automobile said that this capital increase is the external equity financing for the first time since its establishment, which will further optimize the company's equity structure, stimulate the vitality of the enterprise market, and accelerate the reform of the system and mechanism of state-owned enterprises.

It is worth noting that the Lantu listing introduced strategic investors, and its main financial index index was also disclosed. From the exposed data, the loss is still the primary factor affecting the development of Lantu Automobile. According to the data, as of June 30, 2022, the total assets of Lantu Automobile is 7.413 billion yuan, the total liabilities are 6.529 billion yuan, and the owner's equity is 883 million yuan. In the same period, the operating income was 1.887 billion yuan, the total profit loss was 1.025 billion yuan, and the net profit loss was 738 million yuan. In 2021, Lantu Automobile's operating income was 1.767 billion yuan, with a total profit loss of 965 million yuan and a net profit loss of 703 million yuan. Take Lantu Automobile in the first half of 2022 as an example, it delivered a total of 6878 vehicles in the first half of 2022. Calculated by dividing the net profit by sales volume, it is not difficult to calculate that every new car sold by Lantu Automobile will lose more than 100, 000 yuan.

Public information shows that Lantu Automobile, established in July 2020, is a new high-end intelligent electric brand created by Dongfeng Company. At present, there are two models on sale, one is the medium and large SUV Lantu FREE, which goes on sale in June 2021, and the other is the medium and large MPV Lantu Dreamer, which went on sale in May this year.

Year-round losses, Lantu car sales are not ideal. According to relevant data, in the first half of this year, the cumulative delivery volume of Lantu cars was 6878, with an average monthly sales level of more than 1,000 vehicles, which was far apart from the sales of other new car-building forces. As for the grim situation of Lantu's sluggish car sales, Dongfeng Company also urgently adjusted its personnel. In July this year, Lantu Automobile carried out a high-level personnel adjustment, in which Lu Fang no longer served concurrently as Lantu Automobile Chief Technology Officer (CTO), but still served as CEO of the company. The CTO position of Lantu Automobile is replaced by Wang Junjun. Before that, his focus was mainly focused on Dongfeng Automobile Technology Center, where he served as Director of Powertrain Design Room of Powertrain Department of Dongfeng Automobile Technology Center and other important R & D positions such as Deputy Chief engineer of C-Series (second-generation machine) project.

Before Lantu announced the personnel change, Lantu lowered its annual sales target from 46000 at the beginning of the year to 31000. Based on the sales target of 31000 vehicles, Lantu car achieved only 22.2% of the annual target in the previous six months, so it is very difficult to achieve the annual sales target. Although Lantu wants to use the order of Lantu Dreamer to quickly drive sales, because Lantu Dreamer is positioned as a high-end luxury large MPV, it can only be effective in the short term if it wants to rely on the order of Lantu Dreamer, and its long-term development depends on other products.

It is understood that on July 16, Lantu dreamer officially started delivery, and officials said that on the day the new car was launched, a total of 6000 strategic orders were signed by major customers on the spot. Earlier, Lantu had planned to launch two models a year to compete in the market, and to achieve full coverage of the car, SUV and MPV markets by 2025, but now Lan only has Lantu FREE, an add-on SUV and Lantu Dreamer's MPV model with extended range + pure electricity.

It is not difficult to see that Lantu Automobile has to seek financing channels in the capital market because of its long-term losses. And starting to increase capital is indeed an urgent need to alleviate the debt, but after all, car building needs a steady stream of funds to support it. For Lantu Automobile, the shortage of funds is still the biggest problem it faces and this kind of loss may continue for some time. After all, like the new car-building forces Xiaopeng Automobile, Ulay Motor, and ideal car, the annual delivery volume of about 100000 are still unable to get rid of losses to achieve profits. Lantu cars still need external blood transfusions in the short term.

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