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].

以下文章来源于凤凰网财经 ，作者公司研究院 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问：http://finance.ifeng.com/ 换电解决方案头部企业奥动新能源，日前正式向港交所递交上市申请。 致力于建立覆盖换电生态系统的全面产品和服务组合,公司通过自主研发的智慧能源服务平台，可以高效管理换电设备、车辆和电池。根据灼识咨询的资料，按 2024年换电站运营服务产生的收入计，公司是中国最大的独立第三方换电解决方案提供商。 但上市的背面是，公司近年来面临高额亏损，且面临行业激烈竞争。奥动新能源此次闯关港股，仍需"披荆斩棘"。 图片来源：招股书截图 奥动的技术优势，在于其创新卡扣式底盘换电技术显著提高了换电速度，并延长了换电模块的使用寿命，同时确保安全性。 01 三年半亏20亿，或成"无底洞" 外界对奥动的认识，往往从公司高层蔡东青开始。 以动漫玩具起家，蔡东青被誉为"玩具大王"。其创立的奥飞娱乐，主要从事动漫IP及其内容创作、传播和运营，拥有《喜羊羊与灰太狼》《巴啦啦小魔仙》《铠甲 勇士》等人气IP。 2016年，蔡东青切入换电赛道，与 ...

以下文章来源于凤凰网财经 ，作者公司研究院 来 源丨凤凰网财经 （ID： finance_ifeng ） 换电解决方案头部企业奥动新能源，日前正式向港交所递交上市申请。 致力于建立覆盖换电生态系统的全面产品和服务组合,公司通过自主研发的智慧能源服务平台，可以高 效管理换电设备、车辆和电池。根据灼识咨询的资料，按2024年换电站运营服务产生的收入计，公 司是中国最大的独立第三方换电解决方案提供商。 但上市的背面是，公司近年来面临高额亏损，且面临行业激烈竞争。奥动新能源此次闯关港股，仍 需"披荆斩棘"。 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ | 篇纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | | --- | | 行使與否而定) | | 香港[編纂]數目 [篇纂]股H股(可予[繼獲]) . | | [編纂]數目 :「編纂]股H股(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀 | | 佣金、0.0027%證 ...

换电解决方案头部企业奥动新能源，日前正式向港交所递交上市申请。 但上市的背面是，公司近年来面临高额亏损，且面临行业激烈竞争。奥动新能源此次闯关港股，仍 需"披荆斩棘"。 | [編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | | --- | | 行使與否而定) | | 香港[編纂]數目 : [編纂]股H股(可予[編纂]) | | [編纂]數目 : [編纂]股H股(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀 | | 佣金、0.0027% 證監會交易徵費、 | | 0.00565%聯交所交易費及0.00015% | | 會財局交易徵費(須於申請時以港元 | | 繳足,多繳款項可予退還) | | 面值 每股H股人民幣1.00元 : | | [編纂] : [●] | 致力于建立覆盖换电生态系统的全面产品和服务组合,公司通过自主研发的智慧能源服务平台，可以高 效管理换电设备、车辆和电池。根据灼识咨询的资料，按2024年换电站运营服务产生的收入计，公司是 中国最大的独立第三方换电解决方案提供商。 外界对奥动的认识，往往从公司高层蔡东青开始 ...

来源丨凤凰网财经《公司研究院》 图片来源：招股书截图 01 三年半亏20亿，或成"无底洞" 换电解决方案头部企业奥动新能源，日前正式向港交所递交上市申请。 外界对奥动的认识，往往从公司高层蔡东青开始。 致力于建立覆盖换电生态系统的全面产品和服务组合,公司通过自主研发的智慧能源服务平台，可以高效管理换电设备、车辆和电池。根据灼识咨询的 资料，按2024年换电站运营服务产生的收入计，公司是中国最大的独立第三方换电解决方案提供商。 以动漫玩具起家，蔡东青被誉为"玩具大王"。其创立的奥飞娱乐，主要从事动漫IP及其内容创作、传播和运营，拥有《喜羊羊与灰太狼》《巴啦啦小 魔仙》《铠甲勇士》等人气IP。 但上市的背面是，公司近年来面临高额亏损，且面临行业激烈竞争。奥动新能源此次闯关港股，仍需"披荆斩棘"。 2016年，蔡东青切入换电赛道，与张建平共同成立奥动新能源汽车科技有限公司。IPO前，奥动由蔡东青直接拥有约39.11%及由珠海奥立直接拥有 约0.99%，珠海奥立为奥动的员工持股平台之一，由蔡东青作为唯一普通合伙人控制。 奥动的技术优势，在于其创新卡扣式底盘换电技术显著提高了换电速度，并延长了换电模块的使用寿命，同时确 ...

Core Viewpoint - NIO Energy has launched its first 50 battery swap stations in Anhui, with a total investment of approximately 18 billion yuan in battery swap technology and infrastructure to date [1] Group 1: Company Overview - Aodong New Energy, founded in June 2016 by Cai Dongqing and Zhang Jianping, has submitted a listing application to the Hong Kong Stock Exchange [1] - The company aims to use the funds raised from its IPO to optimize battery swap solutions, enhance technology development, and improve operational capabilities [2] Group 2: Financial Performance - Aodong New Energy's revenue from 2022 to the first half of 2025 is projected to be 1.106 billion, 1.155 billion, 926 million, and 324 million yuan respectively [4] - The company has not yet achieved profitability, with net losses of 785 million, 655 million, 419 million, and 157 million yuan during the same periods [4] - The gross loss margin for the company was 15.7%, 3.4%, 3.7%, and 8.9% for the respective years [4] Group 3: Business Model and Challenges - Aodong New Energy operates under both light asset and heavy asset business models, with the light asset model focusing on providing battery swap operational solutions [4] - The company has seen a decline in revenue from battery swap equipment sales and operational solutions, with the proportion of revenue from battery swap solutions decreasing from 66.1% in 2022 to 28.9% in 2024 [5] - The gross margin for battery swap operational solutions has improved to 24.3% by the first half of 2025, while the heavy asset model continues to incur losses [6] Group 4: Market Dynamics - The battery swap industry faces challenges due to the lack of unified standards, with Aodong New Energy heavily reliant on major clients for revenue [9] - The company plans to collaborate with 2-3 electric vehicle manufacturers annually over the next five years to develop new vehicles with battery swap capabilities [11] - The market's acceptance of battery swap technology and the establishment of industry standards will significantly impact Aodong New Energy's growth prospects [10]

Company Overview - Aodong New Energy Co., Ltd. was established in June 2016 by Cai Dongqing and Zhang Jianping, focusing on building a comprehensive product and service portfolio for the battery swapping ecosystem [2] - The company has submitted its application to the Hong Kong Stock Exchange for a mainboard listing, with CMB International as the sole sponsor [2] Industry Growth - The global pure electric vehicle (EV) market has seen rapid growth, with sales increasing from 2.2 million units in 2020 to an expected 11.8 million units by 2024, representing a compound annual growth rate (CAGR) of 52.8% [2] - By 2030, global EV sales are projected to reach 31.6 million units, with a CAGR of 17.8% from 2024 to 2030, driven by government incentives, carbon neutrality goals, and ongoing technological advancements in batteries and electric drive systems [2] Market Dynamics in China - China has emerged as a global leader in the adoption of pure electric vehicles, with sales projected to grow from 1.1 million units in 2020 to 6.9 million units by 2024, achieving a CAGR of 57.0% [3] - By 2030, sales in China are expected to reach 19 million units, with a CAGR of 18.5% from 2024 to 2030 [3] - The electrification of medium and heavy-duty trucks is also progressing, particularly in high-load fixed-route applications such as port transport and logistics, which can reduce emissions and improve cost efficiency [3] Battery Swapping Market - The battery swapping industry in China is projected to grow from RMB 1.5 billion in 2020 to RMB 10.3 billion by 2024, with a CAGR of 61.1% [4] - By 2030, the market size is expected to reach RMB 70.5 billion, with a CAGR of 37.8% from 2024 to 2030 [4] - Battery swapping technology is becoming a crucial complement to traditional charging infrastructure, allowing for energy replenishment in minutes and addressing seasonal charging efficiency issues [3][4] Competitive Landscape - The industry comprises two types of players: pure electric vehicle manufacturers with battery swapping networks and independent third-party solution providers offering cross-brand services [6] - Aodong New Energy is positioned as the leading independent third-party battery swapping solution provider in China based on revenue generated from battery swapping station operations in 2024 [6]

Core Viewpoint - Aodong New Energy Co., Ltd. has submitted its application to list on the Hong Kong Stock Exchange, aiming to expand its operations as a leading independent third-party battery swapping solution provider in China [2]. Company Overview - Aodong New Energy was founded in June 2016 by Cai Dongqing and Zhang Jianping, focusing on establishing a comprehensive product and service portfolio for battery swapping ecosystems [2]. - As of June 30, 2025, Aodong New Energy has connected 521 battery swapping stations to its smart energy service platform, including 267 self-owned stations and 254 stations that are either operated by the company or connected to its platform [2]. Financial Performance - Revenue for Aodong New Energy from 2022 to 2024 is projected to be 1.106 billion RMB, 1.155 billion RMB, and 926 million RMB respectively, with corresponding losses of 785 million RMB, 655 million RMB, and 419 million RMB [3]. - In the first half of 2025, the company reported revenue of 324 million RMB, a year-on-year decrease of 31.71%, with a loss of 157 million RMB compared to a loss of 283 million RMB in the same period the previous year [2][3]. Shareholding Structure - Cai Dongqing directly holds approximately 39.11% of Aodong New Energy, while Zhuhai Aoli holds about 0.99%, and other notable shareholders include Zhang Jianping with 13.24% and NIO Capital with 5.53% [4][5]. - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, with Cai Dongqing serving as the chairman and CEO [7]. Historical Context - Aodong New Energy has completed multiple rounds of financing since 2018, with investors including NIO Capital and others, achieving a post-investment valuation of approximately 11.9 billion RMB as of January 2022 [2].

Core Viewpoint - Aodong New Energy Co., Ltd. aims to establish battery swapping stations as the "gas stations" of the electric vehicle era, focusing on the promotion and application of battery swapping models [2][3]. Group 1: Company Overview - Founded in 2016 by notable entrepreneurs, Aodong specializes in the battery swapping model and has been a pioneer in the industry, providing solutions for major events like the Beijing Olympics and Shanghai Expo [3]. - Aodong is recognized as the largest independent third-party battery swapping solution provider in China, achieving milestones such as the "world's fastest 20-second battery swap" and the "largest cold-region battery swapping network" [4]. Group 2: Market Position and Achievements - The company has established a network of 521 battery swapping stations across 16 cities, managing 160,000 batteries and facilitating over 100 million battery swaps, providing more than 4 billion kilowatt-hours of energy to 130,000 electric taxis [4]. - For electric heavy trucks, Aodong's technology allows for a 40-second battery swap, which is crucial for logistics that require high efficiency and cost sensitivity [4]. Group 3: Technological Innovations - Aodong has developed V2S2G technology, creating an energy and data closed loop between vehicles, battery swapping stations, and the grid, enabling real-time interaction and energy management [5]. - The technology allows for efficient energy storage and distribution, responding to grid demands and optimizing energy usage [5]. Group 4: Funding and Future Plans - Aodong has received investments from notable institutions such as NIO Capital and China Petroleum & Chemical Corporation, indicating strong market confidence [6]. - The funds raised from the IPO will be used to enhance battery swapping solutions, promote technology development, and support potential global strategic investments and acquisitions [6].

Core Insights - The launch of Haima Automobile's "Intelligent Travel Box" series marks a significant step in the intelligent transformation of the new energy vehicle industry in Henan Province, showcasing local achievements and setting a benchmark for smart travel in China [1][5][26] Group 1: Product Launch and Features - The INJOY series is designed as an "intelligent mobile space platform" rather than a traditional vehicle, focusing on four dimensions: aesthetics, space, quality, and profitability, to cater to diverse travel scenarios [3][5] - The launch event featured multiple initiatives, including the unveiling of the INJOY series, the Taxi Pro travel ecosystem, battery swap solutions, and multi-scenario vehicle delivery ceremonies [1][5] Group 2: Targeted Scenarios - **Public Transportation**: The INJOY series aims to enhance driver income and operational efficiency by providing comfortable vehicles and a dual support system that includes a commercial platform and efficient operational support [7] - **Government and Enterprise Services**: The INJOY series for government use redefines business travel with customizable space and intelligent management, allowing for real-time tracking and digital management of vehicle usage [9] - **Social Welfare**: The INJOY welfare version is designed for the elderly and mobility-impaired individuals, featuring innovations that facilitate easier access and safety during travel [11][12] - **Cultural and Tourism Leisure**: The INJOY series integrates travel with cultural experiences, transforming vehicles into mobile accommodations and providing enhanced travel experiences through dedicated services [14] Group 3: Ecosystem Development - The Taxi Pro ecosystem aims to address challenges in the taxi industry by integrating smart orders, diverse revenue streams, and digital management, enhancing operational efficiency and driver income [17] - The gradual approach towards autonomous driving includes the development of L4 level Robo Taxi models, leveraging data from the Taxi Pro ecosystem to prepare for future deployment [19] - The battery swap ecosystem, in collaboration with CATL, aims to reduce energy replenishment time significantly, enhancing operational efficiency for electric vehicles [21][22] Group 4: Implementation and Future Plans - The delivery of vehicles to partners in various sectors marks the transition from product launch to practical application of the smart travel solutions [24] - The INJOY series is set for mass production, with the base model already in production, indicating a strong commitment to expanding smart travel solutions from Henan to a national level [26]