CATL(SZ:300750) 3 6 Ke·2025-11-28 11:11Core Viewpoint - Avita Technology has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in expanding its global capital channels and accelerating its globalization process [1][3][29]. Financial Performance - Avita's revenue has improved significantly over the past three years, with a growth of over 500 times, although losses have also expanded, totaling RMB 9.726 billion from 2022 to 2024 [3][11]. - In the first half of 2025, Avita's revenue reached RMB 12.208 billion, doubling year-on-year, while total losses increased to RMB 1.585 billion [9][11]. - The revenue figures for the years 2022 to 2024 are RMB 0.2834 billion, RMB 56.45 billion, and RMB 151.95 billion, respectively [7][9]. Losses and Margins - Avita's annual losses for 2022, 2023, and 2024 were RMB 2.015 billion, RMB 3.693 billion, and RMB 4.018 billion, respectively, with a cumulative loss of RMB 9.726 billion over three years [11][12]. - The gross margin improved from a loss margin of 365.5% in 2022 to a gross margin of 6.3% in 2024, further increasing to 10.1% in the first half of 2025 [11][12]. Research and Development - R&D expenditures for the last three years were RMB 5.44 billion, RMB 6.60 billion, and RMB 12.14 billion, with a significant increase to RMB 8.31 billion in the first half of 2025, reflecting a 167% year-on-year growth [12][24]. Vehicle Deliveries and Product Line - Avita has delivered a total of 210,000 vehicles since its inception, with deliveries increasing from 114 units in 2022 to 20,021 units in 2023 and further to 61,588 units in 2024 [13][15]. - The company has launched four main production models, including Avita 06, 07, 11, and 12, with a price range of RMB 200,000 to RMB 700,000 [13][14]. Future Plans and Collaborations - Avita plans to continue expanding its product lineup and aims to launch four new electric vehicle models by the end of 2027, tailored to different customer needs [19][21]. - The company has partnered with a smart automotive solutions provider to co-create the next generation of vehicle models [7][29]. Financing and Valuation - Avita has completed over RMB 190 billion in financing since its establishment, with a recent C-round financing exceeding RMB 11 billion, indicating strong market confidence in its growth prospects [22][24]. - The company's valuation is approximately RMB 26.017 billion based on a recent equity sale [6][24].