亏超20亿，“玩具大王”跨界豪赌

Core Viewpoint - Aodong New Energy, a leading company in battery swapping solutions, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to establish a comprehensive product and service ecosystem for battery swapping despite facing significant losses and intense competition in the industry [5][10]. Financial Performance - Aodong New Energy has incurred cumulative losses exceeding 2 billion RMB over the past three and a half years, with net losses reported as follows: 785 million RMB in 2022, 655 million RMB in 2023, 419 million RMB in 2024, and 157 million RMB in the first half of 2025 [15][17]. - The company's revenue for the first half of 2025 was 324 million RMB, a 31.7% decline compared to 474 million RMB in the same period of 2024, raising concerns about its financial stability [15][17]. Business Model and Technology - Aodong's competitive advantage lies in its innovative battery swapping technology, which includes a quick-release mechanism that allows for battery swaps in as little as 20 seconds for passenger cars and 40 seconds for heavy trucks [11]. - The company operates 267 self-owned battery swapping stations and provides services to 62 third-party stations, indicating a growing operational scale [12]. Market Competition - The battery swapping market is becoming increasingly competitive, with major players like CATL and NIO entering the space, necessitating Aodong to solidify its foundation and expand its business [19][20]. - Aodong plans to broaden its battery swapping solutions to include ride-hailing and commercial vehicles, while also collaborating with additional vehicle operators and OEM partners [19]. Future Outlook - The success of Aodong's IPO is critical for its future in the competitive battery swapping market, as the raised funds will focus on expanding its network, enhancing core technology, and optimizing financial structure [20].