Core Viewpoint - Avita Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its core competitiveness through fundraising for product development, brand building, and operational support [1][5]. Financial Performance - Projected revenues for Avita Technology are 5.645 billion yuan in 2023 and 15.195 billion yuan in 2024, representing a year-on-year growth of 169.16%. In the first half of 2025, revenue is expected to reach 12.208 billion yuan, a 98.52% increase compared to the same period in 2024 [1]. - Vehicle sales revenue is anticipated to be 11.49 billion yuan, while other business revenues, including driver assistance solutions and after-sales services, are expected to be 718 million yuan [1]. Funding and Valuation - The funds raised from the IPO will primarily be allocated to product and technology development, brand establishment, and sales network expansion [5]. - Avita Technology's valuation is approximately 26.017 billion yuan, based on a recent equity transfer agreement [5]. Shareholding Structure - The largest shareholders of Avita Technology are Chang'an Automobile and CATL, with significant investments from Huawei as well [8]. - Avita has completed payments totaling 11.5 billion yuan to Huawei for a 10% stake in a related company, which is expected to attract more investors [8]. Strategic Partnerships and Future Plans - Avita Technology has established a strategic partnership with Huawei and CATL, focusing on advanced technologies such as L3 autonomous driving solutions [8]. - The company aims to produce four co-created models with Huawei by 2026 and plans to expand this to 17 models by 2030 [8]. Sales Targets - Avita Technology targets global sales of 400,000 vehicles by 2027, with annual revenue reaching 100 billion yuan, and aims for 800,000 vehicles by 2030 and 1.5 million by 2035 [9]. - In October, Avita's sales reached 13,500 units, marking a 34% year-on-year increase and maintaining over 10,000 units sold for eight consecutive months [9].

Core Viewpoint - Changan Automobile has announced that its associate company, Avita Technology, has submitted an application for a public offering and listing on the Hong Kong Stock Exchange, indicating a strategic move towards expanding its market presence in the high-end smart electric vehicle sector [1] Group 1: Company Information - Changan Automobile holds a 40.99% stake in Avita Technology, which specializes in the research and sales of high-end intelligent connected electric vehicles and components [1] - Avita Technology aims to create a new luxury travel experience for users, reflecting the growing demand for premium electric vehicles in the market [1] Group 2: Market Implications - The application for listing on the Hong Kong Stock Exchange signifies Avita Technology's ambition to enhance its capital base and visibility in the competitive electric vehicle market [1] - This move aligns with the broader industry trend of increasing investments in electric vehicle technology and infrastructure, as companies seek to capitalize on the shift towards sustainable transportation [1]

Core Viewpoint - Chang'an Automobile has announced that its associate company, Avita Technology, has submitted an application for a public offering and listing on the Hong Kong Stock Exchange, indicating a strategic move towards expanding its market presence in the high-end smart connected electric vehicle sector [1] Group 1 - Avita Technology is focused on the research and sales of high-end smart connected electric vehicles and components, aiming to create a new luxury travel experience for users [1] - As of the date of the announcement, Chang'an Automobile holds a 40.99% stake in Avita Technology, highlighting its significant investment in the company [1]

Core Viewpoint - Changan Automobile has announced that its affiliate, Avita Technology, has submitted an application for a public stock offering and listing on the Hong Kong Stock Exchange [1] Group 1: Company Information - Avita Technology specializes in the research and sales of high-end intelligent connected electric vehicles and components [1] - Changan Automobile holds a 40.99% stake in Avita Technology [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重庆长安汽车股份有限公司（以下简称"本公司"）接到参股公司阿维 塔科技（重庆）股份有限公司（以下简称"阿维塔科技"）通知，阿维塔科技 于 2025 年 11 月 27 日向香港联合交易所有限公司（以下简称"香港联交所"） 递交了公开发行股票并在香港联交所主板挂牌上市（以下简称"本次发行并上 市"）的申请。 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2025-74 重庆长安汽车股份有限公司 关于联营企业向香港联交所递交上市申请的公告 阿维塔科技主营业务为高端智能网联电动汽车及零部件的研发和销售，专 注于为用户打造新豪华出行体验。截至本公告披露日，公司持有阿维塔科技 40.99%的股权。 阿维塔科技本次发行并上市的申请资料于 2025 年 11 月 27 日刊登在香港 联交所网站（www.hkexnews.hk）。该申请资料版本为阿维塔科技按照香港证 券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求刊 发，为草拟版本，所载资料可能会适时作出更新及变动。 阿维塔 ...

11月27日晚间，阿维塔科技(重庆)股份有限公司(以下简称阿维塔)申报港股IPO，成为首家向港交所提交 上市申请的央企旗下新能源车企。 阿维塔定位新豪华智能电动汽车品牌，是新长安的高端化战略载体。自品牌成立以来，阿维塔已完成4 轮融资，当前估值超300亿元。 同时，阿维塔聚合长安汽车(11.750,0.09,0.77%)、华为、宁德时代(371.120,-0.08,-0.02%)三方的优势资 源，致力于实现"一个团队、一个目标、一套打法、一举成功"的融合发展。 招股书显示，阿维塔此次申报港股IPO，募集资金将用于产品开发及平台和技术开发、品牌建设和销售 服务网络拓展、补充营运资金等方面。 阿维塔多项经营数据公开 连续八个月销量超1万辆 阿维塔谋划港股IPO早有迹象。天眼查信息显示，2025年9月29日，阿维塔完成股改，市场主体类型 从"有限责任公司(外商投资、非独资)"变为"股份有限公司"。 | 一 子脂是 ■年出版社区本国工机 | | | 自公司 重考察 重关系 遵风红 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The Ministry of Commerce is set to promote reforms in the automotive circulation and consumption sector, which is expected to benefit the automotive industry significantly [2] Group 1: Automotive Industry Developments - The Ministry of Commerce plans to expand automotive consumption by promoting reforms in the automotive circulation, including enhancing the second-hand car market and expanding automotive aftermarket services such as modifications and rentals [2] - Dongguan Securities maintains an overweight rating on the automotive sector, citing strong demand driven by policies like "trade-in" and extended subsidies, with the passenger car market continuing to grow [2] - Zhongyuan Securities forecasts a moderate adjustment or stabilization in the total passenger car market by 2026 due to reduced purchase tax subsidies and increased technical barriers, while commercial vehicle exports remain robust [2] Group 2: Stock Performance and Institutional Interest - A-share automotive concept stocks have seen an average price increase of 38.4% this year, with 26 stocks rising over 100%, led by Tianpu Co., which has surged 1076.8% [3] - Tianpu Co. clarified rumors regarding its acquisition by Zhonghao Xinying, stating that it is pursuing an independent IPO and has no plans for a backdoor listing through Tianpu [3] - In November, 25 automotive concept stocks received attention from 10 or more institutions, with Ninebot Company-WD being the most researched, attracting 179 institutional inquiries [4] Group 3: Price Corrections and Institutional Research - Among stocks that have seen significant price corrections, several automotive concept stocks have retraced over 20% from their yearly highs, including Haon Electric and BYD, with declines exceeding 30% [4][5] - Ninebot Company-WD reported strong sales performance, with a 68% year-on-year increase in self-operated sales, while Chang'an Automobile received 67 institutional inquiries following the launch of its new product [4]

Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and China International Capital Corporation as joint sponsors. The company has received widespread acclaim for its comprehensive product portfolio, particularly its flagship models Avita 11 and Avita 12, which won the Red Dot Best Product Design Award in 2024, highlighting its excellence in design and innovation [1][5]. Company Overview - Established in 2018, Avita is an international high-end emotional intelligent new energy vehicle brand focused on creating a "high-value, high-intelligence, high-aesthetic" luxury travel experience. The company has partnered with Changan Automobile, CATL, Huawei, and other ecosystem partners to independently develop its new luxury electric vehicle brand [5][6]. - Avita has built core capabilities across the entire value chain, including product design, research and development, branding, and marketing, allowing it to quickly adapt to changing consumer preferences and market demands [5][6]. Product Development - As of the latest feasible date, Avita has launched four main production models: Avita 06, 07, 11, and 12. The company has rapidly expanded its product lineup to meet the evolving needs of high-end customers, with significant launches planned through 2025 [7][8]. - The balanced product portfolio effectively covers the high-end luxury new energy vehicle market, with plans to introduce multiple models priced above RMB 300,000 over the next three years [8]. Financial Performance - Revenue has shown significant growth, with figures of RMB 28.34 million in 2022, RMB 5.645 billion in 2023, RMB 15.195 billion in 2024, and RMB 12.208 billion for the six months ending June 30, 2025. The primary revenue source is from new energy vehicle sales [10]. - The company recorded a gross profit of RMB 961.29 million in 2024 and RMB 1.237 billion for the six months ending June 30, 2025, with corresponding gross profit margins of 6.3% and 10.1% [11]. - Despite the growth in revenue, the company has faced net losses of RMB 20.15 billion in 2022, RMB 36.93 billion in 2023, RMB 40.18 billion in 2024, and RMB 15.85 billion for the six months ending June 30, 2025, primarily due to increased promotional and sales incentive expenses and significant investments in R&D and brand building [12]. Industry Overview - The global passenger vehicle market is transitioning towards electric vehicles, driven by the need to reduce carbon emissions and increasing consumer awareness of sustainability. The global passenger vehicle sales are projected to reach 90.1 million units by 2030, with a compound annual growth rate (CAGR) of 3.3% from 2024 to 2030 [13]. - The penetration rate of new energy vehicles in the global market is expected to rise from 23.0% in 2024 to 47.0% by 2030, with China leading the market, accounting for 64.7% of global new energy vehicle sales in 2024 [15][16].

Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and China International Capital Corporation as joint sponsors. The company has received widespread acclaim for its comprehensive product portfolio, particularly its flagship models Avita 11 and Avita 12, which won the Red Dot Best Product Design Award in 2024, highlighting its excellence in design and innovation [1][4]. Company Overview - Established in 2018, Avita is an international high-end emotional intelligent new energy vehicle brand focused on creating a "high-value, high-intelligence, high-aesthetic" luxury travel experience. The company has partnered with Changan Automobile, CATL, Huawei, and other ecosystem partners to independently develop its new luxury new energy vehicle brand since 2021 [4]. - Avita has built core capabilities across the entire value chain, including product design, development, branding, and marketing, allowing it to quickly adapt to changing consumer preferences and market demands [4][5]. Product Development - Avita has launched four main production models: Avita 06, 07, 11, and 12. The company introduced its flagship model, the Avita 11, in August 2022, and the Avita 12 in November 2023. Future models include the Avita 07 in September 2024 and the Avita 06 in April 2025 [6][7]. - The company plans to gradually introduce multiple models priced above RMB 300,000 over the next three years, aiming for comprehensive coverage of the high-end and luxury market segments [7]. Financial Performance - Revenue has shown significant growth, with figures of RMB 28.34 million in 2022, RMB 5.645 billion in 2023, RMB 15.195 billion in 2024, and RMB 12.208 billion for the six months ending June 30, 2025. The primary revenue source is from the sale of new energy passenger vehicles [9]. - The company recorded a gross profit of RMB 961.29 million in 2024 and RMB 1.237 billion for the six months ending June 30, 2025, with corresponding gross profit margins of 6.3% and 10.1% [10]. - Despite revenue growth, the company reported net losses of RMB 20.15 billion in 2022, RMB 36.93 billion in 2023, RMB 40.18 billion in 2024, and RMB 15.85 billion for the six months ending June 30, 2025, primarily due to increased promotional and sales incentive expenses and significant investments in R&D and brand building [11]. Industry Overview - The global passenger vehicle market is transitioning towards electric vehicles, driven by the need to reduce carbon emissions and increasing consumer awareness of sustainability. The global passenger vehicle sales are projected to reach 74.3 million units in 2024, with a compound annual growth rate (CAGR) of 5.3% from 2021 to 2024 [12]. - The penetration rate of new energy passenger vehicles in the global market is expected to rise from 9.7% in 2021 to 23.0% in 2024, with China leading the market with a penetration rate of 48.9% in 2024 [14][15].

Group 1 - Tianpu Co., Ltd. has experienced significant stock price volatility, with a cumulative increase of 451.80% from August 22, 2025, to November 27, 2025, leading to a suspension of trading for verification starting November 28, 2025 [1] Group 2 - FAW Jiefang plans to increase capital in its joint venture, Jiefang Times, by 191 million yuan, with a total capital increase of 412 million yuan alongside CATL and new investor Telepower, enhancing competitiveness in the new energy commercial vehicle sector [2] Group 3 - Qingdao Beer plans to invest in low-risk financial products with a maximum daily balance of 10 billion yuan over the next 12 months to improve fund efficiency and returns for shareholders [3] - Haohan Deep plans to acquire a 16.0656% stake in Guorui Smart for 70.68864 million yuan, increasing its ownership to 51.0656% [3] Group 4 - Huazhi Jie intends to invest 100 million yuan to establish Suzhou Kangyang Robot Co., Ltd., aligning with its strategic development plans [4] - Maide Medical's chairman proposes a share buyback of 20 million to 40 million yuan to reduce registered capital [4] Group 5 - Haichang New Materials plans to acquire 51% of Shenzhen Xinwei Communication Technology Co., Ltd. for 23.46 million yuan, gaining control over the company [5] - Hunan Gold's subsidiary obtained a mining license for a tungsten mine with an annual production capacity of 990,000 tons [5] Group 6 - Tianli Lithium Energy received two invention patents related to lithium-ion battery electrode materials, enhancing its core technology and competitive edge [6] Group 7 - Changan Automobile's indirect controlling shareholder underwent a restructuring, resulting in a new entity, China Changan Automobile Group, which holds 35.04% of Changan Automobile's shares [7] Group 8 - *ST Lian Shi's stock will resume trading on November 28, 2025, following a capital reserve increase [8] - Jia You International signed a strategic cooperation memorandum with the China-Africa Development Fund, expected to positively impact business development [8] Group 9 - China Aluminum International's subsidiary won a contract for a project worth 2.9086858 billion yuan, which could enhance the company's operational scale and profitability [9] Group 10 - Guizhou Sanli changed its stock abbreviation to "Sanli Pharmaceutical," while maintaining its full name and stock code [10] - China CRRC plans to spin off its subsidiary, CRRC Qichu, for listing on the Shenzhen Stock Exchange, retaining control over the subsidiary [10] Group 11 - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on integrated circuit-related sectors [11] - Huiyu Pharmaceutical intends to co-invest in a biomedical venture capital fund with a total initial subscription of 400 million yuan [11] Group 12 - Everbright Bank received notification of a shareholding increase by CITIC Financial Asset Management, raising its stake from 8.00% to 9.00% [12] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan within six months [12][13]