VOYAH Automobile (Stock Code: 07489.HK) made its debut on the Hong Kong Stock Exchange via an introduction approach, a method that eschews the issuance of new shares or the raising of fresh capital. On its first trading day, the stock opened at a lower price, hitting HK$6.4, and was trading at HK$7.23 at the time of this report. This listing is an extension of the privatization strategy undertaken by Dongfeng Motor Group Co., Ltd., with the market pegging its implied valuation at roughly HK$11.18 per share.

Financial figures reveal that in 2025, VOYAH Automobile raked in revenues of RMB 34.9 billion, boasting a compound annual growth rate of 79% over the preceding four years. It achieved a gross profit margin of 20.9% and reported a net profit attributable to the parent company of RMB 1.02 billion, or around RMB 1.08 billion when government subsidies are factored in. The Dreamer series emerged as the flagship model in 2025, though sales in January 2026 witnessed a year-on-year decline.

In the realm of research and development, from 2022 to 2025, VOYAH Automobile saw a逐年递减（a more idiomatic English expression could be "a year-on-year decrease" which is already used above, but for variety, we can say "a steady decline") steady decline in the proportion of its R&D expenditures.

Looking to the future, VOYAH Automobile has ambitious plans to unveil several new models in 2026 and accelerate the development of L3-level autonomous driving technology. Based on the lower end of its valuation range, HK$41.3 billion, its price-to-sales ratio hovers around 1.0 times. Industry experts opine that VOYAH Automobile's overseas listing will pave the way for the establishment of an independent financing platform and governance framework. Its subsequent market performance, they believe, will hinge on a multitude of factors, including product competitiveness, profitability, and market share.