站在IPO门口的阿维塔，走到战略转段的关键时刻

Core Viewpoint - Avita is at a critical strategic juncture as it prepares for its IPO, leveraging high growth, technological systems, and global layout to build competitive advantages in the increasingly competitive electric vehicle market [3][20]. Group 1: Market Context and Strategic Positioning - The electric vehicle industry is facing pressures such as subsidy reductions and slowing market growth, pushing companies into a "deep water zone" [3][20]. - Avita is proactively preparing for future competition through its IPO and ecosystem partnerships, aiming to align product, technology, organization, and capital [3][20]. - The company has consistently expanded its product layout at a rate above the industry average since its delivery began three years ago, demonstrating strong operational improvements [3][21]. Group 2: Sales and Financial Performance - Avita's sales have shown remarkable stability, achieving a historical peak of 14,057 vehicles in November 2025, with cumulative sales exceeding 220,000 since its establishment [6][24]. - The company's revenue reached 15.195 billion yuan in 2024, a year-on-year increase of 169.16%, and 12.208 billion yuan in the first half of 2025, up 98.52% year-on-year [6][25]. - Avita's gross margin turned positive in the year following its delivery and further improved to 10.1% in the first half of 2025, indicating strong cost optimization capabilities [6][25]. Group 3: Research and Development - Avita plans to invest over 1.2 billion yuan in R&D in 2024, a year-on-year increase of over 80%, and over 830 million yuan in the first half of 2025, up over 167% [7][25]. - The company has a workforce of 3,666 employees, with over 57.1% in R&D roles, and has accumulated 1,326 patents globally [7][25]. - Avita's strategic investment in Huawei, acquiring a 10% stake for 11.5 billion yuan, enhances its technological collaboration and capital ties [7][25]. Group 4: Business Model and Competitive Advantage - Avita's unique CHN technology collaborative framework, supported by Changan Automobile, Huawei, and CATL, forms a core advantage that is not merely resource binding but allows for continuous evolution [5][23]. - The company operates a light-asset model, reducing capital pressure and allowing more focus on product innovation and user value enhancement [9][27]. - Avita's organizational structure and governance model, combining state-owned enterprise backing with market-oriented governance, provide a unique trust level in the capital market [11][31]. Group 5: Future Growth and Global Expansion - The year 2026 is projected to be pivotal for Avita, with plans to launch four new models and enhance its technological capabilities [14][32]. - Avita aims for overseas sales to account for 10% of total sales by 2026, expanding to over 80 countries by 2030, with a target of 30% overseas sales by then [16][34]. - The company has set ambitious sales targets of 400,000 units by 2027, 800,000 by 2030, and 1.5 million by 2035, emphasizing the need for sustained stability in a competitive landscape [18][36].