岚图之后，阿维塔开启港交所“闯关”

Core Viewpoint - The company Avita Technology has submitted an IPO application to the Hong Kong Stock Exchange, driven by significant financial losses and cash flow pressures, rather than a strong growth narrative [1][2]. Financial Performance - Avita has reported cumulative losses exceeding 113 billion yuan over four years, with net losses of 20.15 billion yuan, 36.93 billion yuan, and 40.18 billion yuan from 2022 to 2024, and an additional loss of 15.85 billion yuan in the first half of 2025 [5][8]. - Despite a "rocket-like" revenue growth from 283.4 million yuan in 2022 to 5.645 billion yuan in 2023 (a 198-fold increase), the company has not achieved profitability, indicating a trend of "increasing revenue without increasing profit" [3][4]. Sales and Market Position - Avita's sales heavily rely on a limited product range, with the Avita 12 model accounting for 41.8% of total sales in 2024, and the Avita 07 model contributing 43.99% in the first half of 2025 [4]. - The company’s sales figures remain low compared to competitors, with 2024 sales of 61,600 units representing only 12% of Li Auto's sales during the same period [3][4]. Cash Flow and Financial Health - As of June 2025, Avita's cash and cash equivalents stood at 13.483 billion yuan, but this amount is insufficient to cover its short-term liabilities of 21.947 billion yuan, leading to a coverage ratio of less than 62% [7][8]. - The company has experienced a significant cash outflow, with a net cash outflow of 800 million yuan in 2023 and a reduction of 5.841 billion yuan in cash reserves in the first half of 2025 [7][8]. Dependency and Strategic Challenges - Avita's operational capabilities are heavily reliant on partnerships with Changan Automobile, Huawei, and CATL, limiting its control over production and technology [8]. - The company aims to use funds raised from the IPO for product development, channel construction, and operational funding, highlighting the critical nature of this financing for its survival in the competitive EV market [8].