HK$26 billion, the fastest - profitable new - force company rings the bell on the Hong Kong stock market: Wuhan's old tree bears new fruits, with an annual net profit of HK$1 billion.

Just now, the first new - force company in Wuhan rang the bell.

VOYAH, a brand under Dongfeng, officially listed on the Hong Kong Stock Exchange today. The opening price was HK$7.5 per share, and the opening market value was HK$25.94 billion. However, the stock price broke the issue price and declined right after the opening...

This new - force company, which turned profitable upon listing, achieved single - quarter profitability just four years after its establishment. In 2025, its annual net profit was 1.017 billion yuan, making it the fastest new - force company in China to achieve profitability.

Unusually, VOYAH did not list through the traditional initial public offering (IPO) but rang the bell through a listing by introduction without issuing new shares.

Meanwhile, Dongfeng Group Co., Ltd., the parent company of VOYAH, also promoted its privatization and delisting simultaneously, completing a "replacement."

From now on, in the capital market, a new chapter of the "Dongfeng Group" will be written by new forces.

The First New - Force Listed Company in Wuhan

VOYAH is a new - energy vehicle brand under Dongfeng Motor Group, founded in 2021.

Listed in Hong Kong today, VOYAH's opening price was HK$7.5 per share, and the opening market value was HK$25.94 billion.

From now on, VOYAH has become the first listed new - force company in Wuhan.

You may already be familiar with the name of VOYAH.

Its core business focuses on the design, R & D, production, sales, and full - life - cycle services of high - end new - energy vehicles. It also covers supporting businesses such as the sales of auto parts, technical development services, and membership rights services.

Its product line covers three major mainstream segments: sedans, SUVs, and MPVs. The price is positioned in the range of 200,000 - 500,000 yuan, covering three power forms: pure - electric, plug - in hybrid, and extended - range.

Since its establishment, VOYAH has successively launched five series of models:

They include the mid - to large - sized SUV VOYAH FREE, the flagship luxury MPV VOYAH Dreamer, the mid - to large - sized sedan VOYAH Chasing Light, the mid - sized SUV VOYAH Zhiyin, and the full - size SUV VOYAH Taishan.

The most popular model is the high - end new - energy MPV - VOYAH Dreamer.

According to CIC, VOYAH Dreamer sold 47,000 units in 2024, ranking second in the high - end new - energy MPV market in China (the first is Denza D9).

In 2024 and 2025, this model contributed 58% and 51% of VOYAH's total sales respectively.

The technological support behind VOYAH comes from its five self - developed technological bases:

Platform Architecture: VOYAH's ESSA native intelligent electric architecture, metaphorically called the "electrified torso," is compatible with various power solutions and vehicle development; the SOA centralized electronic and electrical architecture can support software - defined vehicles and personalized customization.

Lanhai Power Technology: It supports three power modes (pure - electric, plug - in hybrid, and extended - range) under the same brand and architecture, providing users with diversified power options.

Xiaoyao Intelligent Cockpit Technology: The Xiaoyao intelligent cockpit is equipped with a high - performance processor + AI large - language model, wake - free voice recognition + visual lane - level navigation. Some models are equipped with Huawei's Hongmeng cockpit.

Kunpeng Intelligent Driving Technology: It is a self - developed full - stack combined assisted - driving system for both driving and parking across scenarios. It has the self - R & D and mass - production capabilities of L2 - level assisted - driving technology, covering core functions such as high - speed pilot assistance and memory parking assistance.

VOYAH Technology Ecosystem: Based on the open vehicle capabilities of the SOA architecture, VOYAH has built a platform for developers and ecosystem access to promote software and hardware development, enabling users, developers, and partners to create and share customized intelligent applications within the VOYAH community.

In addition, VOYAH has also carried out external cooperation in key areas. For example, it has a deep cooperation with Huawei and will mass - produce L3 - level technology in 2026.

In terms of business performance, VOYAH has grown particularly rapidly.

Its sales volume increased from over 50,000 units in 2023 to over 80,000 units in 2024 and exceeded 150,000 units in 2025, with a compound annual growth rate of up to 72.8% in three years.

This year, VOYAH will also launch four new models with L3 - level architecture, including Taishan Ultra, Taishan X8, FE, and Zhufeng, which are expected to bring new growth to the delivery level in 2026.

It is precisely because of the growth in sales that VOYAH's financial performance has improved.

How is the financial situation of the fastest - profitable new - force company?

In the past three years, all of VOYAH's financial indicators have shown an obvious upward trend along with the sales volume.

In terms of revenue, VOYAH's operating revenue soared from 6.05 billion yuan in 2022 to 12.75 billion yuan in 2023 and further reached 19.36 billion yuan in 2024.

This means that its revenue scale has more than tripled in two years, with a compound annual growth rate of up to 78.9% in three years.

This growth momentum remained strong in 2025. Last year, VOYAH achieved an operating revenue of 34.86 billion yuan, a year - on - year increase of 90.2%.

Calculated roughly, the average price per vehicle of VOYAH was 312,000 yuan, 254,000 yuan, 242,000 yuan, and 232,000 yuan in 2022, 2023, 2024, and 2025 respectively.

What is more noteworthy is the rapid improvement of its profitability.

From 2022 to 2025, VOYAH's gross profit was 503 million yuan, 1.813 billion yuan, 4.065 billion yuan, and 7.296 billion yuan respectively.

VOYAH's gross profit margin increased significantly from 14.2% in 2023 to 21.0% in 2024 and remained stable thereafter.

This improvement is mainly due to the adjustment of the product structure, in which the VOYAH Dreamer series, with higher pricing and profit margins, has made outstanding contributions. This model sold 47,000 units in 2024, ranking second in the high - end new - energy MPV sales.

Thanks to the economies of scale and the increasing proportion of high - end models, VOYAH achieved single - quarter profitability for the first time in the fourth quarter of 2024.

Moreover, VOYAH turned from loss to profit in 2025, with a net profit of 1.017 billion yuan.

According to CIC, VOYAH is one of the new - energy vehicle manufacturers in the industry that achieved single - quarter profitability and positive operating cash flow the fastest.

Among the "three expenses," from 2023 to 2025, VOYAH's R & D expenses were 672 million yuan, 815 million yuan, and 1.36 billion yuan respectively, accounting for 5.3%, 4.2%, and 3.9% of the total revenue respectively. It can be seen that the R & D efficiency is on the rise.

At the same time, the efficiency of sales expenses and management expenses is also gradually being optimized:

Therefore, VOYAH's profitability can first be explained by cost control.

Finally, in terms of cash, as of the end of 2025, VOYAH's cash and cash equivalents were 7.97 billion yuan.

Replacing the Old with the New: The "Dongfeng Group" Goes Light

VOYAH's H - shares are different from the common IPO filings. It listed on the Hong Kong Stock Exchange through a "listing by introduction."

This means that the company did not issue new shares when listing, so it did not raise new funds from the market.

In the eyes of the outside world, VOYAH's listing symbolizes that Dongfeng has completed a "replacing - the - old - with - the - new" transaction.

Source: Announcement of Dongfeng Group Co., Ltd.

Because Dongfeng Group Co., Ltd. will complete its privatization and delisting simultaneously. The transaction will be carried out in two steps in a combined mode of "equity distribution + absorption and merger." The specific process is as follows:

First, Dongfeng Group Co., Ltd. holds 79.67% of VOYAH's equity. It will distribute this equity to all shareholders according to the shareholding ratio, and then VOYAH will list on the Hong Kong Stock Exchange with these shares.

Second, Dongfeng Motor Group (Wuhan) Investment Co., Ltd., a wholly - owned subsidiary of Dongfeng Motor in the Chinese mainland, will act as the absorbing entity. It will pay the equity consideration to Dongfeng Motor, the controlling shareholder of Dongfeng Group Co., Ltd., and pay the cash consideration to other minority shareholders to achieve 100% control of Dongfeng Group Co., Ltd.

Put simply, it is to exchange all the shares in the hands of shareholders with equity and cash, turning Dongfeng Group Co., Ltd. from a listed company into a non - listed company and completing the privatization.

The final transaction method will use VOYAH's equity + cash consideration for payment. The total acquisition price is HK$10.85 per share, of which the cash consideration is HK$6.68 per share, and the VOYAH equity consideration is HK$4.1