经济观察报·2025-11-28 13:27Core Insights - Avita plans to launch four new electric vehicles by the end of 2027, including two large SUVs and two large sedans [1] Financial Overview - Avita submitted its IPO application on November 27, with funds aimed at product development, brand building, sales network expansion, and operational support [2] - The company has raised a total of 19 billion yuan since its first round of financing in 2021, with a current estimated valuation exceeding 26 billion yuan [3] - In 2023, Avita reported revenues of 5.645 billion yuan, projected to rise to 15.195 billion yuan in 2024, and 12.208 billion yuan in the first half of 2025, reflecting a year-on-year growth of 98.5% [3] - Vehicle sales are the primary revenue source, expected to reach 14.417 billion yuan in 2024 and 11.490 billion yuan in the first half of 2025, with a year-on-year increase of 94.4% [3] - Despite high growth, Avita faces significant losses, with a loss of 1.585 billion yuan in the first half of the year and cumulative losses exceeding 11 billion yuan since 2022 [3] - As of mid-2023, Avita's cash flow stood at 1.65 billion yuan, with sufficient operational funds for at least the next 12 months [3] Profitability and Cost Management - Financial indicators show improvement, with gross profits of 0.961 billion yuan in 2024 and 1.238 billion yuan in the first half of 2023 [4] - Sales and marketing expenses decreased from 40.8% in 2023 to 20.0% in 2024, and further to 13.8% in the first half of 2023 [4] - The gross margin for the first half of 2023 was 10.1%, an increase of 3.8% from the previous year [4] - R&D investment accounted for 6.8% of revenue in the first half of 2023, up 1.7% year-on-year [4] Strategic Goals and Product Development - Avita aims to enter the "million club" in annual sales within five years, planning to launch five upgraded products in collaboration with Huawei by 2026 and a total of 17 models by 2030 [4] - The company has committed 11.5 billion yuan to acquire a 10% stake in the company Yiwang from Huawei, strengthening their technological partnership [4] Market Expansion - As of mid-2023, Avita has 313 dealers, an increase of 54 from the end of the previous year, and 16 self-operated stores, with over 40 overseas outlets in 29 countries and regions [5] - The company plans to accelerate its international expansion, targeting entry into over 80 countries and regions with more than 700 sales channels by 2030 [5]