Zhi Tong Cai Jing·2025-11-27 23:54Core 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].