当资本市场对新造车企业的狂热退去，何为真正的稀缺标的？ 2025 年 11 月，一份特殊的招股说明书引发行业震动。阿维塔科技，这家由长安汽车、华为、宁德时代共同加持的企 业，正式向港交所递交上市申请，成为第一家向港交所提交 IPO 申请的央企新能源车企。 这个动作背后，藏着更深刻的命题：当新能源赛道从烧钱抢份额，进入盈利拼效率的下半场，人们应如何识别企业中 的长期主义者。 阿维塔用四年时间交出答卷——一个融合国家战略、产业资源与市场化智慧的 " 新物种 " 。纵贯市场，阿维塔的高速 成长路径显得尤为独特：某种意义上，它不是从零开始的破局者，而是站在中国汽车工业最强大肩膀上、进行最优资 源重组的进化者。 申请 IPO ，意味深长。阿维塔以行动宣告，被称为" CHN "（长安、华为、宁德时代）的全新商业模式，在经过高强 度的市场验证与战略迭代后，正式叩响国际资本市场的大门。 01 "优等生"答卷，构筑长期价值底座 衡量一家新造车企业的价值，短期销量只是表象，财务健康与持续创新能力才是内核。 阿维塔的招股书中，蕴藏着高速增长的成长模型。 2024 年营收 151.95 亿元，同比增长 169.16% ； 2025 ...

《投资者网》引线 | 吴微 2025年11月，含着"金汤匙"出生的阿维塔科技（重庆）股份有限公司（下称"阿维塔"）正式向港交所递交招股书。CHN模式下的阿维塔，左手挽着长安汽车 （000625.SZ），右手牵着宁德时代（300750.SZ），兜里还揣着华为最顶级的智能化资源。 手握顶级资源的阿维塔，其招股书却揭开了一个略显矛盾的真相。一方面，阿维塔的营收出现了爆发式增长，2025年上半年公司营收同比增长98.5%，毛利 率也奇迹般地转正至10.1%；但另一方面，这家明星企业的现金流却面临着前所未有的紧绷，为了深度绑定华为，阿维塔豪掷115亿元入股"引望"，这笔巨额 资本开支消耗了阿维塔大量的融资。 站在IPO的门口，阿维塔不仅要面对特斯拉、理想（02015.HK）等强敌的竞争，更急需二级市场的资金来缓解抱紧"引望"所带来的资金饥渴。阿维塔的IPO 不仅是一次上市，或许更是一场不得不做的冲刺。 豪华股东：从长安蔚来到CHN模式的救赎 阿维塔的故事，始于传统车企对新势力崛起的焦虑与反击。 面对造车新势力的强势崛起，长安汽车（000625.SZ）试图通过与蔚来（09866.HK）合资成立"长安蔚来"来探索高端新能源 ...

Core 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]

Core Viewpoint - Avita has announced a deepened collaboration with Huawei, marking a significant upgrade in their existing partnership and clarifying Avita's strategic 2.0 approach, which aims for substantial global sales growth by 2035 [2][3]. Group 1: Strategic Goals - Avita's strategic 2.0 goals include achieving global sales of 400,000 units and annual revenue of 100 billion yuan by 2027, increasing to 800,000 units by 2030, and challenging for 1.5 million units by 2035 [2]. - The company plans to launch 17 new models in collaboration with Huawei by 2030, with four models set to debut in 2026 [4]. Group 2: Partnership with Huawei - Avita's partnership with Huawei has evolved from the initial HI model to the HI PLUS model, where Huawei plays a more integrated role in product definition, development, and marketing [3]. - Avita has invested 11.5 billion yuan to acquire a 10% stake in Huawei's subsidiary, becoming its second-largest shareholder [3]. Group 3: Market Position and Sales - Avita's sales have shown consistent growth, with expectations to reach 15,000 units by the end of the year and 20,000 units next year, although it still lags behind leading brands that achieve monthly sales of 30,000 units [5][11]. - The company acknowledges the need to enhance its product offerings and service capabilities to improve market competitiveness [11]. Group 4: Brand Development and Market Expansion - Avita aims to redefine its brand image from a focus on unique aesthetics to a broader appeal that emphasizes functionality and space, targeting a wider audience [12][13]. - The company has begun its overseas expansion, entering 34 countries and regions with a target of reaching 45-50 by next year, focusing on markets like the Middle East and Europe [14].

Core Insights - Avita 12's launch marks the introduction of Huawei's four-laser radar system into the 250,000 RMB market segment, with six versions priced between 269,900 RMB and 429,900 RMB, and a post-rights price range of 259,900 RMB to 419,900 RMB [2] - The vehicle faces stiff competition from models like Tesla Model Y and NIO ET5, with its market performance since November 2023 falling short of expectations due to brand recognition challenges [2] - Avita's sales strategies for 2024 include price adjustments and product lineup expansions, but these efforts have not yielded significant results, leading to a "good reputation but poor sales" scenario [2] Product Features - The Avita 12 four-laser version features a comprehensive Huawei four-laser radar system, including three long-range high-sensitivity laser radars and one rear high-precision solid-state laser radar, providing 360° perception coverage [2] - The vehicle's intelligent driving hardware configuration shows advantages over competitors, which typically have only 1 to 3 laser radars focused mainly on forward perception [3] Strategic Development - The launch of the four-laser version is a key milestone in Avita's "Strategy 2.0," which aims to deepen the integration of the CHN model (Changan, Huawei, CATL) into a strategic partnership [3] - The strategy includes a shift from technical cooperation to a HI PLUS model, expanding collaboration from technology supply to product development, marketing, and ecosystem building [3] - Avita plans to launch five upgraded models by 2026 and a total of 17 models by 2030, targeting global sales of 800,000 units [3] Market Positioning - In the 300,000 RMB new energy sedan market, hardware specifications are merely entry tickets; the real competitive edge lies in converting technical advantages into user experience benefits [4] - The market performance of the Avita 12 four-laser version will test the effectiveness of the "technology down" strategy and is crucial for Avita to break through the current market landscape [4]

Core Viewpoint - Avita's financial struggles are highlighted by a significant loss of 4 billion yuan in 2024, contributing to a total loss of nearly 10 billion yuan over the past three years, raising concerns as the company approaches its IPO plans [3][4]. Financial Performance - Avita reported a loss of 4.018 billion yuan in 2024, following losses of 2.015 billion yuan in 2022 and 3.693 billion yuan in 2023, totaling 9.726 billion yuan over three years [3]. - The company's debt ratio peaked at 94.46% in the first half of 2024 but narrowed to 70.54% by the end of the year [3]. Sales and Market Position - In 2024, Avita's annual sales increased by 140% to 73,606 units, achieving only 73% of its 100,000-unit sales target [5]. - The company aims to reach a sales target of 220,000 units by 2025, with plans to achieve breakeven in the third and fourth quarters of that year [5]. IPO Plans and Financing - Avita is reportedly planning to submit its IPO application in the second quarter of 2024, with hopes to complete the listing by the fourth quarter [6]. - The company completed a C-round financing of over 11 billion yuan, bringing its total fundraising since 2021 to 19 billion yuan [6]. Product Strategy - The launch of the Avita 07 model has significantly boosted monthly sales, which have stabilized above 10,000 units [7]. - The upcoming Avita 06 model is expected to complement the 07 in driving sales, crucial for reducing cost pressures ahead of the IPO [8]. Competitive Landscape - Avita's reliance on partnerships with major players like Huawei and CATL has diminished as competitors also adopt similar technologies, reducing Avita's unique selling proposition [10][11]. - The brand's shift to a more competitive pricing strategy has led to a decrease in its premium brand image, which may affect its market positioning [9][12].