三年半累亏超百亿元，阿维塔递表港交所

Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, supported by major stakeholders including Changan Automobile, Huawei, and CATL [1][6] Company Overview - Avita is an independent luxury new energy vehicle brand, leveraging Changan's manufacturing, supply chain, and marketing resources, while CATL supports its new energy technology and joint marketing efforts [1] - The company aims to create a "high-value, high-intelligence, and high-aesthetic" luxury travel experience [1] Product Line - Avita has launched four main production models: Avita 06, 07, 11, and 12, with prices ranging from 200,000 to 700,000 RMB [1] - The specifications of the models include: - Avita 11: 4,895mm x 1,970mm x 1,601mm, pure electric range of 815 km, and extended range of 1,065 km [2] - Avita 12: 5,020mm x 1,999mm x 1,460mm, pure electric range of 755 km, and extended range of 1,270 km [2] - Avita 07: 4,825mm x 1,980mm x 1,620mm, pure electric range of 650 km, and extended range of 1,100 km [2] - Avita 06: 4,855mm x 1,960mm x 1,467mm, pure electric range of 650 km, and extended range of 1,250 km [2] Financial Performance - Revenue projections show significant growth: 5.645 billion RMB in 2023, 15.195 billion RMB in 2024 (up 169.16% YoY), and 12.208 billion RMB in the first half of 2025 (up 98.52% YoY) [2][3] - Delivery volumes are also on the rise, with 20,021 vehicles expected in 2024 and 61,588 in 2025 [3] - Despite revenue growth, the company reported pre-tax losses of 2.016 billion RMB in 2022, 3.693 billion RMB in 2023, and 4.018 billion RMB in 2024, with a loss of 1.585 billion RMB in the first half of 2025 [4] Financial Ratios - As of June 30, 2025, the company's debt-to-asset ratio reached 76.2%, with a current ratio of 0.8 and a quick ratio of 0.7 [4][5] - The gross profit margin is projected to improve from -365.5% in 2022 to 10.1% in 2025 [5] Funding and Valuation - Avita has completed four rounds of financing, raising approximately 19 billion RMB, with a current valuation estimated at 26.017 billion RMB based on a recent equity transfer [6] - The funds raised from the IPO will be allocated to product development, brand building, and operational expenses [6]