自称“最早与华为合作的车企”，带着百亿亏损冲刺港股IPO

Core Viewpoint - Avita Technology has submitted its listing application to the Hong Kong Stock Exchange after accumulating losses exceeding 10 billion yuan, seeking to leverage the capital market for survival [3][4]. Financial Performance - Avita's cumulative losses over three and a half years have reached 11.312 billion yuan, with revenues for 2022, 2023, 2024, and the first half of 2025 reported as 28 million yuan, 5.645 billion yuan, 15.195 billion yuan, and 12.208 billion yuan respectively, indicating explosive growth [3][4]. - Despite revenue growth, the company has not escaped its loss-making situation, with pre-tax losses of 2.016 billion yuan, 3.693 billion yuan, 4.018 billion yuan, and 1.585 billion yuan for the years 2022 to 2025 H1 [4]. Debt and Liquidity - As of June 30, 2025, Avita's debt-to-asset ratio stood at 76.2%, with a current ratio of 0.8 and a quick ratio of 0.7, indicating pressure on short-term debt repayment capabilities [5]. - Cash and cash equivalents decreased from 19.323 billion yuan at the end of 2024 to 13.483 billion yuan, with current liabilities at 21.947 billion yuan and current assets at 16.705 billion yuan, resulting in a net current liability of 5.242 billion yuan [5]. Supplier Dependency - The company relies heavily on suppliers for critical raw materials, components, software, and services, which poses operational risks [6][7]. - In the reporting period, procurement from five major suppliers accounted for 97.2%, 88.4%, 65.3%, and 47.8% of total procurement, with the largest single supplier accounting for 19.2% in the first half of 2025 [5]. Market Position and Competition - Avita's cumulative sales for the first ten months of 2025 reached 104,200 units, achieving only 47.38% of its annual target of 220,000 units [9]. - The competitive landscape for new energy vehicles is intensifying, with a report indicating that only 15 out of 129 brands will maintain financial viability by 2030 [9]. - Avita's sales ranking fluctuated between 35th and 51st among all brands, with its main model, Avita 07, achieving a peak monthly sales of 7,684 units in October 2024 [9][10]. Strategic Partnerships - Avita emphasizes its long-standing and deep collaboration with Huawei, projecting the launch of 17 products by 2030 [10]. - However, with Huawei expanding its partnerships with other automakers, Avita faces challenges in establishing a differentiated competitive edge [11].