Rushing to list on the Hong Kong Stock Exchange, can VOYAH provide a "new answer" for the high-end new energy vehicle market?
On October 2, VOYAH Automotive Technology Co., Ltd. (hereinafter referred to as "VOYAH") officially submitted a listing application to the Hong Kong Stock Exchange, planning to list on the Hong Kong capital market by way of introduction listing. This means that VOYAH's plan to list in Hong Kong has entered the substantive stage.
From the release of the listing announcement on August 22 to the submission of the listing application, VOYAH demonstrated the "VOYAH efficiency" in less than 40 days.
VOYAH is a high - end intelligent new energy vehicle brand created by state - owned enterprise Dongfeng Motor during its transformation towards new energy. VOYAH "was born with a high - end background", but to "stand firmly at the high - end" and even "continuously lead the high - end market" is a difficult leap from "high - end brand positioning" to "high - end market recognition, user loyalty, technology, and products". Judging from the results presented in VOYAH's Hong Kong listing application, it has taken a firm and initially successful step on this high - end breakthrough path.
VOYAH's listing in Hong Kong will be a vivid demonstration of the new energy transformation of central and state - owned enterprises in the automotive industry. It is not difficult to see from the prospectus that VOYAH has currently built a system with a complete high - end new energy product matrix, solid technological barriers, and the ability to expand from domestic leadership to the global market. In the future, with its official listing on the Hong Kong stock market, VOYAH will also welcome new opportunities for capital empowerment and global development.
Both Sales and Revenue are Rising
The "VOYAH efficiency" is not only reflected in its listing schedule but also in its own development speed: both its sales volume and revenue scale have been rising rapidly.
It took VOYAH less than three years from the delivery of its first model, the VOYAH FREE, in August 2021 to the roll - off of its 100,000th vehicle from the production line in April 2024.
The speed is accelerating. In April 2025, VOYAH's 200,000th vehicle rolled off the production line. It only took one year to increase the production volume from 100,000 to 200,000 vehicles. Thus, VOYAH became the first high - end new energy vehicle brand of central and state - owned enterprises in China to exceed a total production volume of 200,000 vehicles.
In 2022, 2023, 2024, and from January to July 2025, VOYAH sold 19,409, 50,285, 80,116, and 66,680 new vehicles respectively. According to CIC Consulting, VOYAH's sales volume had a compound annual growth rate of 103.2% from 2022 to 2024, making it the third - fastest - growing high - end new energy vehicle brand in China.
The significant increase in sales volume has driven the expansion of VOYAH's revenue scale. VOYAH's operating revenue soared from 6.05 billion yuan in 2022 to 19.36 billion yuan in 2024, with a compound growth rate of 78.9%. In 2025, VOYAH continued its growth momentum, achieving revenue of 15.78 billion yuan from January to July, a year - on - year increase of 90.2%.
Meanwhile, VOYAH's profitability has been significantly improved. In 2024, VOYAH was the second - ranked new energy vehicle enterprise in terms of gross profit margin in the new energy vehicle industry. Its gross profit margin increased significantly from 8.3% in 2022 to 21.0% in 2024 and further rose to 21.3% in the first seven months of 2025.
The core of VOYAH's high gross profit margin lies in the increasing sales of its high - end models. High - end products bring higher technological premiums through differentiated technologies, thus directly increasing the gross profit margin.
By precisely meeting the core needs of the "new - era middle - class", VOYAH focuses on the mainstream high - end market in the price range of 200,000 to 500,000 yuan. Currently, it has formed a product matrix covering three major categories: SUVs, MPVs, and sedans, making it the high - end new energy vehicle enterprise with the most comprehensive product matrix. Among them, the new - era flagship MPV VOYAH Dreamer, the new - era flagship SUV VOYAH Taishan, and the new - era flagship sedan VOYAH Zhuiguang L form the "three - flagship" pattern.
Different from traditional luxury brands that rely on brand premiums, VOYAH hopes to break through with technological luxury. VOYAH's narrative logic for "luxury" has shifted to ultimate assisted driving and intelligent cockpit experiences, leading three - electric technologies, and energy management.
It is reported that the "three - flagship" models are equipped with the LanHai intelligent hybrid platform, which is one generation ahead of its peers. They feature industry - leading three - electric technologies such as the full - domain 800V system and 5C ultra - fast charging, as well as ultra - luxury configurations such as rear - wheel steering and air suspension. They are also the first to be equipped with Huawei's Qiankun ADS 4.0 intelligent driving system and Hongmeng Cockpit 5.0.
Taking the VOYAH Dreamer, the world's first high - end new energy MPV, as an example, it is the sales champion of VOYAH. In 2024, its sales volume reached 47,000 vehicles, ranking second in the sales of new energy MPVs. The 2026 - model VOYAH Dreamer, which was launched on September 15, 2025, globally launched eight leading technologies, and its large - order bookings exceeded 10,000 within 18 hours.
Relying on "high - end" + "blockbuster models", VOYAH has not only achieved a brand - upward breakthrough but also significantly improved its profitability. In the fourth quarter of 2024, VOYAH achieved single - quarter profitability for the first time, and it also made a profit in the first seven months of 2025. According to CIC Consulting, VOYAH is the new energy vehicle enterprise that achieved single - quarter profitability and positive operating cash flow the fastest in the industry.
Expected to Achieve Market - Oriented Value Re - evaluation
"Enterprises are the core driving force for social progress. The significance of an enterprise lies in creating economic and social values and contributing more added value and returns to society. To realize its value, an enterprise must operate and develop according to business logic, meet the inherent requirements of high - quality development, and always maintain a sense of awe and responsibility towards users, employees, shareholders, and society." Lu Fang, the chairman and general manager of VOYAH, once said.
In fact, VOYAH's push for listing is a practical implementation of the above - mentioned view. VOYAH's listing in Hong Kong has multiple positive meanings. Firstly, it will broaden its financing channels and accelerate product and technology R & D. After listing in Hong Kong, VOYAH is expected to achieve a market - oriented value re - evaluation as a "high - end intelligent new energy target".
Currently, the Hong Kong stock market generally undervalues listed companies in traditional industries. As the core high - end new energy asset of Dongfeng Motor, VOYAH has completed its Series A financing and received investments from multiple investment institutions such as the State - owned Enterprises Mixed - Ownership Reform Fund, BOC Capital, and Qianhai Hongsheng Venture Capital. With good financial performance, it is more attractive to investors.
After listing, VOYAH is expected to switch its valuation logic. The capital market has given a positive response. On August 25, Dongfeng Group Co., Ltd. (0489.HK) soared 69.2% at the opening after resuming trading, reaching HK$10.1, hitting a new high since October 2010.
In addition, VOYAH's identity as a "high - end intelligent new energy target" is highly valuable. Its future listing on the Hong Kong Stock Exchange may inject new vitality into the Hong Kong stock market's automotive sector.
Currently, the high - end new energy vehicle market represented by high - end and luxury models is becoming one of the most promising niche markets with high growth potential. For a long time, in the era of traditional fuel vehicles, traditional luxury brands such as BBA have occupied most of the high - end market, and it has not been smooth sailing for domestic brands to break into the high - end market.
With the rapid rise of new energy vehicles, the market structure is changing, and domestic Chinese brands have an opportunity to achieve a high - end counter - attack through new energy. "We have a relatively in - depth understanding of Chinese users and the Chinese market and can respond quickly," Lu Fang said in an interview in 2023. "In the past 20 years, the high - end market has basically been occupied by foreign brands, and the high - end market in China has also been mostly occupied by fuel vehicles. However, by focusing on the new energy and intelligent vehicle track, Chinese brands will surely occupy this market in the future."
Although the high - end path for domestic brands is full of thorns, VOYAH persists in doing difficult but right things. It cannot be ignored that the competition in the high - end new energy vehicle market is becoming increasingly fierce, testing the R & D and system capabilities of vehicle enterprises. For VOYAH, the difficulty of continuous high - end development essentially lies in how to make a leap from "physical positioning" to "psychological occupation" in a highly competitive market. This requires not only top - notch product strength but also extraordinary brand storytelling ability, in - depth user operation ability, and a sustainable business model.
Therefore, VOYAH's attempt to list on the Hong Kong stock market is an important step for it to continue to deepen its high - end strategy and break through the high - end market. It is expected to start a positive cycle of high R & D - high profit - re - R & D through listing, further improve user operation, strengthen user recognition, and explore the global market, thus building the underlying ability to "continuously lead the high - end market".
In terms of products, VOYAH will launch 1 - 3 models each year in the future to improve its product layout. It is expected to have 6 - 9 models by the end of 2026, with the product matrix covering the mainstream niche markets and expanding its share in the high - end new energy vehicle market.
In terms of user operation, VOYAH is the first state - owned automotive brand in China to adopt the direct - sales model. In the future, VOYAH will deepen its data ecosystem and user operation, explore and incubate diversified and high - value - added innovative business models, and build a deeper relationship with users from "transaction" to "heart - to - heart communication" to convey the concept of a high - end brand.
Taking domestic cars to the global stage is also an important part of the high - end strategy for domestic brands. VOYAH is the fastest high - end new energy vehicle brand of central and state - owned enterprises to expand from the domestic market to overseas. Currently, its products are sold in 39 overseas countries. VOYAH has also set an overseas expansion blueprint and will continue to expand into markets in Europe, the Middle East, and Central Asia to promote its brand to the world at a faster pace.
In the current "involution" high - end new energy vehicle market, VOYAH's upward leap is particularly precious. Standing at the new starting point of listing, VOYAH has a promising future. This is not only a breakthrough path for VOYAH itself but also a grand narrative about whether traditional central and state - owned enterprises can successfully transform during the industrial revolution and whether Chinese high - end manufacturing can gain a foothold in the global market. VOYAH's high - end breakthrough path will not only represent a single automotive brand but also become a symbolic sign of the upward breakthrough of the Chinese automotive industry.
This article is from the WeChat official account "Time Finance APP" (ID: tf - app), author: Cao Yu, published by 36Kr with authorization.