三年半亏损超20亿元 “换电龙头”奥动新能源冲刺港交所

Core Viewpoint - Aodong New Energy Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, marking a new phase of capitalization for the company, which has been deeply involved in the electric vehicle energy supply sector for many years. However, the prospect of its listing is clouded by ongoing losses, significant business restructuring, and multiple risks within and outside the industry [2]. Financial Performance - Aodong New Energy's revenue has shown volatility in recent years, with total revenue increasing from 1.106 billion yuan in 2022 to 1.155 billion yuan in 2023, then dropping to 926 million yuan in 2024, and recording 324 million yuan in the first half of 2025 [3]. - The company has not yet escaped the cycle of losses, with net losses of 785 million yuan, 655 million yuan, and 419 million yuan for the years 2022 to 2024, respectively. Although the loss margin is narrowing, a net loss of 157 million yuan was still recorded in the first half of 2025, with a net loss rate of 48.6% [4]. Business Model Transition - Aodong New Energy is undergoing a strategic shift from hardware-driven to service-driven operations. The revenue share from equipment sales has significantly decreased from 66.1% in 2022 to 17.1% in the first half of 2025, while revenue from battery swap services has surged from 29.0% to 69.8%, becoming the company's main revenue pillar [4]. Industry Position and Risks - Aodong New Energy is recognized as the largest independent third-party battery swap solution provider in China, with its smart energy service platform connecting 521 battery swap stations as of June 30, 2025, including 267 owned stations and 254 third-party stations, managing over 160,000 batteries [5]. - The battery swap industry is still in a developmental stage and faces uncertainties, including the lack of unified industry standards for electric vehicle batteries, which could pose risks to the company's investments in battery swap equipment due to potential compatibility adjustments in the future [5]. - The company has identified issues with 19 of its owned battery swap stations, where the leased properties have ownership defects, involving 16 plots that lack complete ownership proof or sublease authorization, which could lead to forced relocation or operational interruptions [5]. IPO Implications - The IPO represents a significant opportunity for Aodong New Energy to expand its scale and enhance its capabilities, while also serving as a comprehensive test of its business model's resilience and profitability prospects [6].