The listing of VOYAH is entering the countdown: In 2025, its revenue reached 34.9 billion yuan and its profit was 1 billion yuan. Wuhan will gain an important IPO.

VOYAH (07489.HK) recently completed all the pre - listing regulatory approval processes in the Hong Kong stock market and updated its prospectus. The certainty of its listing has been fully established. It is expected to be officially listed on the main board of the Hong Kong Stock Exchange on March 19th. The Hong Kong stock market is expected to welcome the "first high - end new energy stock of central and state - owned enterprises".

VOYAH initiated the listing process in August 2025, submitted its listing application in October 2025, passed the hearing of the Hong Kong Stock Exchange on January 29, 2026, and obtained the in - principle approval from the Hong Kong Stock Exchange on February 11, 2026. In just four months, VOYAH completed the multi - level approvals from multiple departments such as the National Development and Reform Commission, the Ministry of Commerce, the State Administration of Foreign Exchange, and the China Securities Regulatory Commission, fulfilling all the pre - listing compliance preparations.

The financial report shows that VOYAH's revenue in 2025 was 34.9 billion yuan, an 80% increase year - on - year. Its gross profit margin reached 20.9%, and the net profit exceeded 1 billion yuan.

Once VOYAH is listed, it will become another new force in new energy vehicle manufacturing in the Hong Kong stock market, following NIO, XPeng, Li Auto, Leapmotor, and Chery Automobile.

VOYAH's listing is the result of the long - term accumulation of Dongfeng Motor. Its stock code uses the last three digits of its parent company, Dongfeng Group Co., Ltd. (00489.HK), symbolizing VOYAH's inheritance of Dongfeng's spirit and automotive manufacturing heritage. VOYAH has also become the first new energy vehicle company from Central China to be listed on the Hong Kong stock market, demonstrating Hubei's crucial position in the national automotive landscape and having a significant driving effect on the upstream and downstream of Hubei's new energy vehicle industry chain.

For Wuhan Economic Development Zone, it has gained an important IPO at the beginning of 2026.

Annual Revenue of 34.9 Billion and Net Profit Exceeding 1 Billion

It is reported that VOYAH is a high - end intelligent new energy brand under Dongfeng Motor. It was established in 2021, and its business is in the high - end segment of the new energy vehicle market. VOYAH's target customers are the backbone of the new era, and its products mainly cover the price range of 200,000 to 500,000 yuan.

In June 2021, VOYAH launched the first model of its mid - large SUV VOYAH FREE series. Subsequently, in May 2022, it launched the first model of its flagship luxury MPV VOYAH Dreamer series. In April 2023, VOYAH launched the flagship sedan VOYAH Zhuiguang series. In October 2024, it launched the mid - size SUV VOYAH Zhiyin series. In November 2025, VOYAH launched the full - size flagship six - seat SUV VOYAH Taishan series.

VOYAH started delivering its first model, VOYAH FREE, in August 2021. Its 100,000th vehicle rolled off the production line in April 2024, the 200,000th in April 2025, and the 300,000th in November 2025. According to data from CIC, VOYAH is the first high - end new energy vehicle brand of central and state - owned enterprises to reach the milestone of 300,000 vehicles rolling off the production line.

VOYAH sold 50,285, 80,116, and 150,169 vehicles in 2023, 2024, and 2025 respectively, with a compound annual growth rate of 72.8% from 2023 to 2025.

Among them, the VOYAH Dreamer series sold 76,045 vehicles in 2025, the VOYAH FREE series sold 44,249 vehicles, the VOYAH Zhiyin series sold 20,382 vehicles, the VOYAH Taishan series sold 4,676 vehicles, and the VOYAH Zhuiguang series sold 4,817 vehicles.

VOYAH is committed to technological innovation in platform architecture and the scientific and technological innovation system in key areas such as the "three - electric" system and combined assisted driving. VOYAH has built five technological foundations: platform architecture, Lanhai Power Technology, Xiaoyao Intelligent Cockpit Technology, Kunpeng Intelligent Driving Technology, and VOYAH Technology Ecosystem. Through power output, riding experience, safety protection, and intelligent services, it has made progress in the experiences of electrification, intelligence, safety, and driving control, providing users with quality and value.

VOYAH's spacious interior, stable chassis, and unique positioning have made it popular for high - end corporate client pick - up services. Nowadays, when many companies hold events and invite guests, they often choose the VOYAH Dreamer for transportation, and customers also feel proud to ride in it.

The prospectus shows that VOYAH's revenues in 2023, 2024, and 2025 were 12.749 billion yuan, 19.36 billion yuan, and 34.865 billion yuan respectively; the gross profits were 1.813 billion yuan, 4.065 billion yuan, and 7.3 billion yuan respectively. VOYAH's gross profit margin in 2025 was 20.9%.

In 2025, VOYAH's revenue from the Chinese mainland was 29.158 billion yuan, accounting for 89.2%, and the revenue from overseas was 3.528 billion yuan, accounting for 10.8%.

VOYAH's profits in 2023, 2024, and 2025 were - 1.5 billion yuan, - 90.46 million yuan, and 1.017 billion yuan respectively.

VOYAH's adjusted net profits in 2023, 2024, and 2025 were - 1.457 billion yuan, - 24.62 million yuan, and 1.111 billion yuan respectively.

As of December 31, 2025, VOYAH held cash and cash equivalents of 7.972 billion yuan.

Four New Models to Be Launched in 2026, Dubbed "Three Kings and One Bomb"

VOYAH integrates resources and establishes close cooperative relationships with global enterprises, jointly building a "circle of friends" covering the intelligent vehicle industry chain, including partners such as Huawei, CATL, and Tencent.

VOYAH and Huawei officially signed a strategic cooperation agreement in January 2024 and have carried out in - depth cooperation in areas such as combined assisted driving and intelligent cockpits. In 2025, VOYAH launched several new models equipped with Huawei's Kunpeng Intelligent Driving ADS 4 and HarmonyOS Cockpit HarmonySpace 5, providing users with more advanced, safe, and comfortable intelligent products and experiences.

VOYAH and CATL have maintained a deeply collaborative partnership since the start of their mass - production cooperation in 2021. On December 17, 2025, the two sides officially signed a ten - year in - depth cooperation agreement and will conduct all - round in - depth collaboration in areas such as new technology cooperation, product supply, and global market coordination, continuously enhancing their comprehensive competitiveness in the fields of battery technology and supply - chain security.

VOYAH is also continuously developing its self - developed technologies. In April 2025, VOYAH released the L3 - level intelligent architecture, "Tianyuan Intelligent Framework", which deeply integrates the Qingyun L3 - level intelligent safety driving platform and the Kunpeng L3 - level intelligent safety driving system, claiming to provide comprehensive technological support for the safe and reliable operation of high - level autonomous driving from the bottom.

Among them, the Qingyun platform is VOYAH's original L3 - level intelligent safety driving platform. With the concept of intelligent driving safety and the digital driving control platform as the core, combined with advanced technologies such as axial flux motors, distributed electric drives, steer - by - wire systems, brake - by - wire systems, rear - wheel steering, and fully active suspensions, it realizes the transition from the electronic control architecture to the intelligent architecture, providing safety guarantees for intelligent driving.

The Kunpeng L3 - level intelligent safety driving system builds a new - generation intelligent driving system based on three core modules: the Kunpeng Bird's - eye View Network, the Kunpeng Computing Big Model, and the Kunpeng All - around Platform. The three modules can evolve collaboratively. The cloud generates high - fidelity driving scenario training samples and real - time multi - source data fusion, and combined with user driving data, continuously optimizes the vehicle - end big model strategy, enabling the intelligent driving system to more efficiently handle complex scenarios.

VOYAH has obtained the intelligent connected vehicle road test license jointly issued by Wuhan. The L3 - level conditional autonomous driving has entered the real - vehicle testing stage. It has completed a cumulative actual road test of 110,000 kilometers and a simulation test of 900,000 kilometers, laying the foundation for subsequent L3 access certification and project mass production.

In 2026, VOYAH will continue to maintain an efficient product iteration rhythm and launch four new models, namely the "Intelligent Driving King" VOYAH Taishan, the "Space King" VOYAH Taishan X8, the "Appearance King" VOYAH FE (code name), and the "Technological King - Bomb" VOYAH Zhufeng (code name). VOYAH calls them "Three Kings and One Bomb". All the new models are equipped with L3 - level intelligent assisted driving hardware.

Among them, the "Intelligent Driving King" VOYAH Taishan Ultra is equipped with Huawei's Kunpeng Intelligent Driving ADS 4 four - laser solution. The VOYAH Taishan Ultra and the VOYAH Taishan Black Warrior will officially debut in March 2026. The "Space King" VOYAH Taishan X8 has a space of 5200×2025×1814mm and is expected to be launched in the first half of 2026.

The "Appearance King" VOYAH FE (code name) is a joint work of VOYAH and Huawei's Kunpeng. It is equipped with four lidars and L3 - level intelligent assisted driving hardware and will be launched in the middle of 2026. The "Technological King - Bomb" VOYAH Zhufeng (code name) will be launched in the second half of 2026.

Lu Fang Reappointed as VOYAH Chairman, Jiang Tao Assumes CEO Position

Lu Fang, Chairman of VOYAH

VOYAH's executive directors are Lu Fang and Jiang Tao; non - executive directors are Liao Xianzhi, Yang Yanding, Ms. Hu Xiao, and Qin Jie; independent non - executive directors are Xin Dinghua, Fu Bingfeng, and Dr. Yang Yong.

Lu Fang, 50 years old, served as the CEO of VOYAH from June 2021 to December 2025. He is fully responsible for the group's strategy, R & D, product, and business management. He also served as the Chief Brand Officer of VOYAH from March 2022 to December 2024. He is also the director of VOYAH's subsidiary, VOYAH Automobile Sales and Service Co., Ltd.

Lu Fang has over 26 years of experience in the automotive industry. Before joining VOYAH, he worked at FAW - Volkswagen Automotive Co., Ltd. as the head of the Passive Safety Section. From April 2014 to July 2018, he worked at FAW Car Co., Ltd. as the deputy head of the Product Department and later as the head of the Project Management Department of the Bestune Development Institute. From July