Jing Ji Guan Cha Bao·2025-11-28 06:44Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has submitted its IPO application in Hong Kong, aiming to raise funds primarily for product development, brand building, sales service network expansion, and operational funding [2] Group 1: Company Overview - Avita was established in 2018, focusing on original, intelligent new luxury electric vehicles, targeting the luxury electric vehicle market priced above 200,000 yuan [2] - The company is a collaboration between Changan Automobile, Huawei, and CATL, representing a typical model of "national team + tech giants + battery leaders" in the new energy vehicle industry [2] - Changan Automobile holds a 40.99% stake, making it the largest shareholder, while CATL holds 14.1% [2] Group 2: Financial Performance - Avita reported revenues of 5.645 billion yuan in 2023, projected to rise to 15.195 billion yuan in 2024, and reach 12.208 billion yuan in the first half of 2025, reflecting a year-on-year growth of 98.5% [3] - Vehicle sales revenue is the core pillar, expected to reach 14.417 billion yuan in 2024 and 11.490 billion yuan in the first half of 2025, with a year-on-year growth of 94.4% [3] - The company faced significant losses, with a loss of 1.585 billion yuan in the first half of this year and cumulative losses exceeding 11 billion yuan since 2022 [3] Group 3: Research and Development - Avita's R&D expenditure accounted for 6.8% of its revenue in the first half of this year, an increase of 1.7% from the previous year [4] - The company employs 3,666 staff, with 2,093 in R&D, representing 57% of the total workforce [4] - Avita aims to enter the annual sales club of one million units within five years, planning to launch five upgraded products in collaboration with Huawei by 2026 [4] Group 4: Product and Market Expansion - By the end of 2027, Avita plans to launch four new energy vehicles in collaboration with Yiwang, including two large SUVs and two large sedans [5] - The number of Avita's dealers reached 313 as of the first half of this year, with an increase of 54 from the end of last year, and the company plans to expand to over 80 countries and regions by 2030 [5]