新股消息 | 奥动新能源递表港交所 为中国最大的独立第三方换电解决方案提供商

Core Viewpoint - Aodong New Energy is the largest independent third-party battery swapping solution provider in China, as per its prospectus submitted to the Hong Kong Stock Exchange [1] Company Overview - Aodong New Energy is a leading player in China's battery swapping industry, focusing on establishing a comprehensive product and service portfolio for the battery swapping ecosystem [3] - The company began by operating its own battery swapping stations and has since expanded to include the sale of battery swapping equipment and operational services [3] - Aodong New Energy has developed a complete battery swapping station portfolio that caters to various vehicles, including passenger cars and commercial vehicles [3] - As of June 30, 2025, Aodong New Energy has upgraded nine battery swapping stations to support both passenger cars and light trucks [3] Technology and Operations - The company utilizes a smart energy service platform to digitally connect and manage electric vehicles, battery swapping stations, and batteries [6] - As of June 30, 2025, Aodong New Energy operates 267 self-owned stations and provides services to 62 third-party stations, with over 130,000 electric vehicles registered on its platform [6] - The platform offers comprehensive digital management capabilities, including operational monitoring, asset management, and data analysis to enhance service efficiency [6] - Aodong New Energy has introduced a V2S2G system for bidirectional energy transfer between electric vehicles and the grid, allowing battery swapping stations to both draw power and return stored energy [6] Market Opportunities - The battery swapping solution is increasingly recognized in the energy replenishment sector, with China's electric vehicle market growing rapidly from 1.1 million units in 2020 to an expected 6.9 million units in 2024, reflecting a compound annual growth rate (CAGR) of 57.0% [7] - The battery swapping industry in China is projected to grow from RMB 1.5 billion in 2020 to RMB 10.3 billion in 2024, with a CAGR of 61.1%, and is expected to reach RMB 70.5 billion by 2030 [7] Financial Performance - Aodong New Energy's revenues for the years 2022, 2023, 2024, and the first half of 2025 were RMB 1.106 billion, RMB 1.155 billion, RMB 0.926 billion, and RMB 0.324 billion, respectively [8]