阿维塔赴港IPO：融资190亿负债率升至76% 新车上市频频遇冷、单车售价跌破20万

Core Viewpoint - Avita Technology has filed for an IPO on the Hong Kong Stock Exchange, but faces significant challenges including low sales completion rates, high debt levels, and safety concerns related to recent vehicle fires [1][2][14]. Sales and Revenue Performance - Avita's sales and revenue have shown significant growth over the past two years, with revenues increasing from 0.28 billion in 2022 to 151.95 billion in 2025 [3]. - Despite this growth, the company has struggled to meet its sales targets, achieving only 73% of its 2024 goal of 100,000 units and 53.8% of its 2025 target of 220,000 units [3][4]. Profitability and Cost Structure - Avita's gross margin is significantly lower than competitors like Seres, primarily due to its reliance on Changan Automobile for manufacturing and a high sales expense ratio of 19.98% in 2024 [4][6]. - The company has incurred substantial losses, with cumulative losses exceeding 10 billion from 2022 to mid-2025 [6]. Pricing Strategy and Market Competition - The average selling price of Avita vehicles has been declining, dropping below 200,000 in 2024, which increases competitive pressure from both external rivals and internal brands like Deep Blue and Changan Qiyuan [8][10]. - New models, Avita 07 and Avita 06, have not performed well in the market, with the latter experiencing a significant drop in monthly sales to around 3,000 units [11]. Safety Concerns - Avita has faced multiple safety incidents, including three vehicle fires within six months, raising concerns about its safety architecture and impacting investor confidence ahead of the IPO [13]. Financial Health and Future Outlook - Despite raising over 19 billion through four rounds of financing since 2021, Avita's debt ratio remains high at 76%, making additional fundraising critical [14].