以下文章来源于定焦One ，作者定焦One团队 23亿索赔，撕开二线电池厂生存真相。 作者丨 金玙璠 编辑丨 魏佳 来源丨 定焦One 岁末年初，一纸23亿的天价索赔，在汽车圈炸开了锅。 2025年12月26日，欣旺达公告披露，其全资子公司欣旺达动力，被吉利控股旗下的三电核心企业威睿公司（极氪汽车持股51%）正式起诉，索赔 23.14亿元，缘由是2021年6月至2023年12月供应给极氪等车型的电芯被指存在质量问题，导致其进行大规模换电。案件已立案未开庭。 这笔钱，相当于欣旺达过去两年的净利润总和。在其推动"A+H"整体上市的关键时刻，这笔突如其来的索赔，让其次日股价暴跌超10%，市值蒸发逾 60亿元。 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 纠纷的来源可以追溯至2022年：相关质量问题自2022年下半年便有车主投诉；极氪在2024年发起过电池包更换活动。这期间，欣旺达动力曾于2024 年8月起诉威睿拖欠1.19亿元货款并胜诉。 如今矛盾公开：威睿直指电芯质量缺陷，而欣旺达否认，称自己仅提供电芯，电池包（PACK）由威睿自行设计，且同款电芯供应给其他客户未无类似 问题。法 ...

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 ...

Core Viewpoint - The Chinese electric vehicle (EV) industry is facing challenges as market saturation approaches and profitability pressures increase, particularly for new entrants. Avita Technology's IPO represents a strategic move to navigate these challenges and serves as a case study for high-end smart EV survival logic in China [1][18]. Group 1: Industry Context - By 2025, the penetration rate of China's new energy vehicles is expected to approach 60%, leading to a saturated incremental market and increased competition [1]. - UBS predicts a potential 2% year-on-year decline in domestic passenger car sales in 2026, highlighting the industry's transition from "wild growth" to "refined cultivation" [1][2]. Group 2: Avita's Competitive Advantages - Avita's unique advantage lies in its "central enterprise background + industrial giant" collaborative ecosystem, which includes partnerships with Changan Automobile, Huawei, and CATL [2]. - The company has secured over 19 billion yuan in financing and has achieved a gross margin of 10.1% as of mid-2025, indicating strong financial performance [1][4]. Group 3: Business Model and Financial Performance - Avita adopts a light-asset model, focusing on product definition and brand building while outsourcing manufacturing and energy solutions to partners, enhancing operational efficiency [5][6]. - The company reported a revenue of 151.95 billion yuan in 2024, a 169% increase year-on-year, and 122.08 billion yuan in the first half of 2025, a 98.5% increase [6][9]. Group 4: Product Strategy and Market Response - Avita has developed a clear product matrix covering price ranges from 200,000 to 700,000 yuan, ensuring a solid sales foundation while exploring brand elevation [7][9]. - The company achieved a record sales figure of 14,057 vehicles in November 2025, with total sales surpassing 220,000 units [9]. Group 5: Global Expansion Strategy - Avita has initiated an aggressive global expansion strategy, entering 38 countries and regions since September 2024, with a goal of achieving 10% overseas sales by 2026 [10][13]. - The company plans to implement local assembly and production to reduce costs and improve market responsiveness in the long term [13]. Group 6: Capital Market and IPO Insights - Avita's IPO is not merely a financial necessity but aligns with its strategic goals, aiming to enhance corporate governance and attract talent [14][15]. - The capital market's valuation logic is shifting towards ecological rarity, technological control, and profitability certainty, areas where Avita excels [14]. Group 7: Strategic Partnerships and Ecosystem Development - Avita is expanding its ecosystem through partnerships, including a comprehensive collaboration with JD Retail to enhance marketing, after-sales service, and supply chain optimization [17]. - The company is actively building an open collaborative ecosystem to create a competitive advantage in a saturated market [17][18].

2025年，中国新能源汽车行业在渗透率逼近60%后，增量市场趋于饱和，同时2026年购置税退坡 与暂时不确定的补贴优化政策，则进一步加剧了企业盈利压力，尤其是新势力品牌，如今正面临着竞 争加剧与增速放缓的双重挑战。瑞银今年12月初预测2026年国内乘用车销量或将出现2%的同比负 增长。在行业洗牌加速、价格战向价值战转型的关键节点，2025年11月27日，阿维塔科技正式向港 交所递交IPO申请，成为首家冲刺港股IPO的央企系新能源车企。 这份 600余页的招股书，不仅亮出了四轮融资超190亿元、连续9个月销量破万、毛利率升至10.1% 的亮眼成绩单，更揭示了其背靠长安汽车、华为、宁德时代"铁三角"生态，以轻资产模式突围的独 特路径。阿维塔的IPO之举既是自身规模化发展的必然选择，更成为观察中国高端智能电动车赛道生 存逻辑的重要样本。 央企 +巨头背书，构筑稀缺生态壁垒 在行业从 "野蛮生长"转向"精耕细作"的新阶段，资源整合能力成为穿越周期的关键。阿维塔的核心 优势，在于其难以复制的"央企背景+产业巨头"协同生态。 作为中国长安汽车集团高端化战略载体，阿维塔继承了长安在智能制造、供应链、研发测试及渠道布 局上的 ...

Core Viewpoint - The article discusses the phenomenon of "involution" in various industries, characterized by chaotic competition that undermines cost and quality standards, prompting calls for reform and regulatory action to address low-price disorderly competition [1][2]. Group 1: Industry Overview - Over 20 national and local industry associations have publicly called for a "counter-involution" movement across sectors such as steel, automotive, photovoltaic, catering, finance, logistics, and beauty services by November 2025 [1]. - The current competitive landscape has shifted from external expansion to internal exploration, leading to intensified competition among domestic firms as external competitors diminish [2]. Group 2: Manifestations of Involution - Key manifestations of involution include selling below cost, substandard materials, and false advertising, with significant pressure on companies to engage in such practices [2]. - The average gross profit margin for five leading wind power companies has plummeted from 19.2% in 2021 to 5.5% in 2024, indicating severe financial strain [3]. Group 3: Impact on Quality and Innovation - Involution has led to a decline in quality control, with a significant number of electric bicycle battery products failing safety standards, raising concerns about potential hazards [3]. - Research and development expenditures among 30 major photovoltaic companies fell by 18.12% year-on-year in the first half of 2025, threatening the industry's innovation capacity [4]. Group 4: Competitive Dynamics - The article identifies four distinct types of competition: rule-breaking competition, internal consumption battles, strategic investment for future market share, and innovation-driven price reductions [5][6]. - Healthy competition should promote industry upgrades and market expansion rather than short-term market share grabs that jeopardize sustainable operations [6][7]. Group 5: Government and Industry Response - The government is focusing on creating a fair competitive environment while companies are encouraged to innovate and improve efficiency [8][12]. - Systematic actions are being taken to address involution, including regulatory updates and industry consolidation efforts to eliminate redundant competition [9][10]. Group 6: Future Outlook - Despite current challenges, companies express optimism about future growth, with projections for significant increases in profits and market expansion in renewable energy sectors [12]. - The governance efforts are seen as a transformative shift in development philosophy, aiming to convert regulatory pressures into strong drivers for industry upgrades [12].

Core Viewpoint - The article discusses the phenomenon of "involution" in various industries, characterized by chaotic competition that undermines cost and quality standards, prompting calls for reform and regulatory action to address low-price disorderly competition [1][2]. Industry Overview - Over 20 national and local industry associations have called for a "counter-involution" movement across sectors including steel, automotive, photovoltaic, catering, finance, logistics, and beauty services, indicating widespread concern about the impact of this competition on industry transformation and development [1]. - The current competitive landscape has shifted from external expansion to internal exploration, leading to intensified competition among domestic firms as external competitors diminish [2]. Competitive Dynamics - The average gross profit margin for five leading wind power companies has plummeted from 19.2% in 2021 to 5.5% in 2024, with many firms reportedly operating at a loss [3]. - Quality and safety standards are under threat as companies cut costs in materials and processes to remain competitive, resulting in a significant number of substandard products in the market [3]. - Research and development expenditures among 30 major photovoltaic companies fell by 18.12% year-on-year in the first half of 2025, jeopardizing the industry's innovation capabilities [4]. Types of Competition - The article identifies four distinct forms of competition within the current landscape: - **Rule-breaking competition**: Involves illegal practices such as false advertising and substandard products, which undermine market fairness [5]. - **Internal consumption competition**: Characterized by homogenous competition in a limited market, leading to price wars without significant technological advancements [5]. - **Strategic investment competition**: Involves companies accepting short-term losses for long-term market positioning [5]. - **Innovation-driven price reduction**: Results from technological advancements that lower costs, indicating a healthy competitive environment [6]. Regulatory and Governance Actions - The government aims to create a fair competitive environment while companies focus on innovation and efficiency [8][12]. - New policies are being implemented to address issues such as "below-cost sales" and to enhance the regulation of unfair pricing practices [9]. - Industry associations are playing a crucial role in promoting self-regulation and rational pricing among companies [10]. Future Outlook - Despite the current challenges, companies express optimism about future growth, particularly in the renewable energy sector, with projections for significant increases in installed capacity by 2035 [12]. - Companies are adapting by focusing on cost efficiency, technological advancements, and exploring new markets, indicating a shift towards a more sustainable competitive strategy [11][12].

Core Event and Market Positioning - Avita Technology officially submitted its IPO application to the Hong Kong Stock Exchange on November 27, 2025, aiming for a listing in the second quarter of 2026, marking it as the first state-owned enterprise in the new energy vehicle sector to pursue a Hong Kong IPO [2] Fundraising Scale and Use - The company plans to raise approximately $1 billion (78 billion HKD) for technology research and development, global channel expansion targeting 80 countries by 2030, brand building, and operational funding [3] Shareholder Structure and Strategic Cooperation - The "Golden Triangle" partnership includes Changan Automobile as the largest shareholder (40.99%), CATL as the second largest (14.1%), and Huawei as a technology partner, with Avita acquiring 10% of Huawei's subsidiary for 11.5 billion yuan, forming a capital link [4] Financial Performance and Business Progress - Revenue growth is explosive, with 2023 revenue at 5.645 billion yuan, projected to reach 15.195 billion yuan in 2024 (+169%), and 12.208 billion yuan in the first half of 2025 (+98.5%), with an annual target of over 30 billion yuan [6] - The gross margin improved from 6.32% in 2024 to 10.1% in the first half of 2025, with R&D investment increasing by 167% year-on-year [7] - Cumulative sales from January to October 2025 reached 104,000 units, with a record monthly sales of 13,500 units in October, achieving a 47% completion rate of the annual target of 220,000 units [8][9] Strategic Planning and Global Ambitions - Avita has entered 34 countries, including Thailand and the UAE, with plans to achieve sales of 400,000 units and revenue of 100 billion yuan by 2027, and to cover 80 countries with 800,000 units sold by 2030 [11] Industry and Regional Significance - Avita serves as a benchmark for intelligent manufacturing in Chongqing, promoting the region's transition from traditional manufacturing to smart manufacturing [12] - The company's IPO represents a critical step in the capital market for state-owned enterprises in the new energy sector, potentially establishing a new valuation benchmark for Huawei's ecosystem of automotive companies [12]

Core Insights - The recent selection of three private enterprise scientists as academicians of the Chinese Academy of Engineering signals a shift in China's technological innovation from academia to market-oriented applications, indicating a more pragmatic approach to resource allocation in technology [1][2][3] - The inclusion of these scientists, such as Lian Yubo from BYD and Wu Kai from CATL, highlights the significant contributions of private enterprises in key technological breakthroughs and the commercialization of innovations [1][2] Group 1: Recognition of Private Enterprises - The election of these academicians reflects the recognition of private enterprises' contributions to new productive forces, with statistics showing that private enterprises account for 70% of national technological innovation achievements and 80% of specialized "little giant" companies [2][3] - The new academicians are not only top scientists but also practical innovators who can transform technology into products, showcasing the importance of private enterprises in driving technological advancements [2][3] Group 2: Evolution of China's Innovation System - The addition of industry practitioners to the academician ranks indicates a shift in China's research evaluation criteria, moving from a focus on publications to valuing technological and industrial contributions [3] - The honor of being an academician serves as a form of "technical certification" for private enterprises, motivating their research and innovation personnel to strive for excellence [3] - The trend suggests that as private enterprises continue to innovate, more researchers from these backgrounds may achieve academician status, fostering a positive cycle of market-oriented research and high-quality economic development [3]

Core Insights - The recent election of three private enterprise scientists as academicians of the Chinese Academy of Engineering signals a shift in China's technological innovation focus from academic laboratories to market-oriented resource allocation [1][2][3] - The inclusion of these scientists, particularly from companies like BYD and CATL, highlights the growing importance of private enterprises in driving technological breakthroughs and industrial application [1][2] Group 1: Key Figures and Contributions - Lian Yubo, the chief scientist at BYD, is recognized for leading the development of transformative technologies such as blade batteries and DM hybrid technology, which have established a technological moat for the company [1] - Wu Kai from CATL is noted for his role in the development of the Kirin battery and the Shenzhou supercharging battery, achieving significant advancements in lithium-ion battery technology [1] - Huang Xianbo, CTO of Jinfat Technology, has made significant contributions in the field of polymer materials, focusing on environmentally friendly flame retardant materials and biodegradable plastics [2] Group 2: Implications for Private Enterprises - The election of these academicians reflects national recognition of the contributions of private enterprises to technological innovation, with private companies accounting for 70% of the country's technological innovation achievements [2] - The trend indicates that private enterprises will continue to play a crucial role in technological advancements and the commercialization of innovations [2][3] - The inclusion of industry practitioners in the academic community suggests a shift in research evaluation criteria, emphasizing practical contributions alongside traditional academic achievements [3]

Core Insights - The election results for the 2025 Chinese Academy of Sciences and Chinese Academy of Engineering academicians were announced, with key figures from the new energy vehicle industry, including BYD's Lian Yubo and CATL's Wu Kai, being elected [2] - This marks the first time that technical leaders from the new energy vehicle supply chain have been recognized as academicians, breaking the previous trend of academicians coming primarily from universities and research institutions [2] Company Highlights - Wu Kai, as the chief scientist at CATL, has been instrumental in developing core products like the Kirin battery and the Shenzhou supercharging battery, which have set new benchmarks for energy density and charging speed in global power batteries [2] - Lian Yubo's career reflects a cross-disciplinary approach, having transitioned from aircraft manufacturing to leading the development of electric platforms at BYD, making him a key figure in the company's technology output [2][3] - Under Lian Yubo's leadership, BYD launched the world's first dual-mode electric vehicle, the F3DM, which achieved a significant range of 100 kilometers on electric power alone, establishing BYD's dominance in hybrid technology [3] Industry Trends - From 2020 to 2023, BYD's sales of plug-in hybrid vehicles surged from 48,000 to 1.43 million units, marking a growth of approximately 30 times, highlighting the increasing importance of hybrid technology in China's new energy vehicle sector [3][5] - The plug-in hybrid technology route is becoming a core competitive advantage for China's new energy vehicle industry in the global market, with data indicating that plug-in and hybrid models have become new growth points in exports [3][4] - The election of these two corporate academicians underscores the comprehensive technological breakthroughs across the Chinese new energy vehicle supply chain, from core components to vehicle manufacturing, aligning with global automotive industry transformation goals under the "dual carbon" initiative [5]