【深度财经】三年半巨亏113亿，估值反涨至260亿，阿维塔港股IPO背后的资本赌局

Core Viewpoint - Avita Technology's IPO application raises questions about its financial sustainability, as it reports significant losses while achieving a remarkable revenue growth of nearly 500 times [1][5]. Financial Performance - Avita's cumulative losses over three and a half years exceed 11.3 billion RMB, with pre-tax losses projected at 2.016 billion RMB, 3.693 billion RMB, and 4.018 billion RMB for 2022, 2023, and 2024 respectively [3][4]. - The company's asset-liability ratio has risen to 76.2%, and cash and cash equivalents have decreased from 19.323 billion RMB at the end of 2024 to 13.483 billion RMB, indicating accelerated cash consumption [3]. - Despite the losses, revenue surged from 28.34 million RMB in 2022 to 5.645 billion RMB in 2023, and is expected to reach 15.195 billion RMB in 2024, reflecting a year-on-year growth of 169.16% [4][5]. Sales and Delivery - Vehicle deliveries increased dramatically from 114 units in 2022 to 20,021 units in 2023, and are projected to reach 61,588 units in 2024 [5]. - In the first half of 2025, Avita achieved a revenue of 12.208 billion RMB, nearly doubling from the previous year, with vehicle sales accounting for over 90% of total revenue [4][7]. Market Valuation - Avita's valuation has risen to approximately 26 billion RMB, up from nearly 20 billion RMB after the B-round financing in August 2023, indicating strong market confidence despite ongoing losses [7]. - The company has raised over 19 billion RMB through four rounds of financing, with the latest C-round raising over 11 billion RMB, marking the largest single financing in the domestic market for that year [7]. Business Model and Partnerships - Avita operates under a unique "CHN" cooperation model, integrating resources from its major shareholders: Changan Automobile (40.99% ownership), CATL (9.17% ownership), and Huawei, which provides technological support [8][10]. - The business is primarily divided into vehicle sales and other income, with the latter showing rapid growth, including revenue from advanced driving solutions and after-sales services [7]. IPO Strategy and Future Plans - The IPO aims to secure funding for product development, technology enhancement, brand building, and operational support, with ambitious plans to launch multiple new models by 2030 [13][14]. - Avita plans to expand its market presence internationally, targeting over 80 countries and regions by 2030, with a goal of achieving 400,000 global sales by 2027 and 1.5 million by 2030 [13][14]. Challenges - Avita faces significant sales pressure, having achieved only 41.24% of its annual sales target by September 2025, alongside safety concerns following multiple incidents involving its vehicles [11]. - The company remains highly dependent on a few suppliers, with 97.2% of its procurement in 2022 coming from five major suppliers, although this reliance has been gradually decreasing [11].