证券日报网讯12月19日，德赛西威（002920）在互动平台回答投资者提问时表示，公司智能驾驶业务含 辅助驾驶域控制器、各类传感器产品，同时拥有各种辅助驾驶解决方案，覆盖高端性能到普惠应用多元 场景需求。 ...

Core Viewpoint - Avita Technology's IPO application raises questions about its financial sustainability, as it reports significant losses while achieving a remarkable revenue growth of nearly 500 times [1][5]. Financial Performance - Avita's cumulative losses over three and a half years exceed 11.3 billion RMB, with pre-tax losses projected at 2.016 billion RMB, 3.693 billion RMB, and 4.018 billion RMB for 2022, 2023, and 2024 respectively [3][4]. - The company's asset-liability ratio has risen to 76.2%, and cash and cash equivalents have decreased from 19.323 billion RMB at the end of 2024 to 13.483 billion RMB, indicating accelerated cash consumption [3]. - Despite the losses, revenue surged from 28.34 million RMB in 2022 to 5.645 billion RMB in 2023, and is expected to reach 15.195 billion RMB in 2024, reflecting a year-on-year growth of 169.16% [4][5]. Sales and Delivery - Vehicle deliveries increased dramatically from 114 units in 2022 to 20,021 units in 2023, and are projected to reach 61,588 units in 2024 [5]. - In the first half of 2025, Avita achieved a revenue of 12.208 billion RMB, nearly doubling from the previous year, with vehicle sales accounting for over 90% of total revenue [4][7]. Market Valuation - Avita's valuation has risen to approximately 26 billion RMB, up from nearly 20 billion RMB after the B-round financing in August 2023, indicating strong market confidence despite ongoing losses [7]. - The company has raised over 19 billion RMB through four rounds of financing, with the latest C-round raising over 11 billion RMB, marking the largest single financing in the domestic market for that year [7]. Business Model and Partnerships - Avita operates under a unique "CHN" cooperation model, integrating resources from its major shareholders: Changan Automobile (40.99% ownership), CATL (9.17% ownership), and Huawei, which provides technological support [8][10]. - The business is primarily divided into vehicle sales and other income, with the latter showing rapid growth, including revenue from advanced driving solutions and after-sales services [7]. IPO Strategy and Future Plans - The IPO aims to secure funding for product development, technology enhancement, brand building, and operational support, with ambitious plans to launch multiple new models by 2030 [13][14]. - Avita plans to expand its market presence internationally, targeting over 80 countries and regions by 2030, with a goal of achieving 400,000 global sales by 2027 and 1.5 million by 2030 [13][14]. Challenges - Avita faces significant sales pressure, having achieved only 41.24% of its annual sales target by September 2025, alongside safety concerns following multiple incidents involving its vehicles [11]. - The company remains highly dependent on a few suppliers, with 97.2% of its procurement in 2022 coming from five major suppliers, although this reliance has been gradually decreasing [11].

Core Viewpoint - Changan Automobile's high-end smart electric brand, Avita Technology, has submitted an IPO application to the Hong Kong Stock Exchange, aiming for independent listing on the main board [1][3]. Group 1: IPO Details - Avita Technology is co-developed by Changan Automobile, Huawei, and CATL, with CITIC Securities and CICC serving as joint sponsors for the IPO [1]. - This IPO marks Avita as the first state-owned enterprise-backed new energy vehicle company to apply for listing on the Hong Kong Stock Exchange [1]. Group 2: Financial Performance - In the first half of 2025, Avita is projected to achieve revenue of 12.2 billion yuan, representing a year-on-year growth of 98.5% [3]. - Vehicle sales are expected to contribute 11.49 billion yuan, while other services such as advanced driving solutions and after-sales services will generate 718 million yuan [3]. Group 3: Funding and Valuation - Avita has completed four rounds of financing since its establishment, raising over 19 billion yuan, with its valuation increasing alongside the funding rounds [3]. - The company clarified its IPO timeline during the C round of financing in December last year, indicating plans to advance the IPO process in 2026 [3]. Group 4: Strategic Partnerships - Avita's collaboration with Huawei has deepened, with Avita completing a 10% equity injection into Huawei's subsidiary, totaling 11.5 billion yuan [3]. - This investment is expected to strengthen their partnership and facilitate future technology and resource integration [3]. - By 2026, Avita plans to expand its jointly developed vehicle models with Huawei from one to four, targeting more niche markets [3].

Core Viewpoint - Avita Technology has submitted its listing application to the Hong Kong Stock Exchange, indicating strong revenue growth projections for the upcoming years [1] Financial Performance - For the years 2023 and 2024, Avita Technology's projected revenue is 5.645 billion and 15.195 billion respectively, representing a year-on-year growth of 169.16% [1] - In the first half of 2025, the company expects to achieve a revenue of 12.208 billion, which is an increase of 98.52% compared to the same period in 2024 [1] - Vehicle sales revenue is projected to be 11.49 billion, while other business revenues, including advanced driving solutions, ecosystem services, after-sales services, and spare parts sales, are expected to be 718 million [1]

Core Viewpoint - Avita Technology (Chongqing) Co., Ltd., a joint venture between Changan, Huawei, and CATL, has submitted its IPO application to the Hong Kong Stock Exchange, marking it as the first central enterprise in the new energy vehicle sector to do so [1][3]. Financial Performance - For the six months ending June 30, 2025, the company's revenue is projected to be 12.208 billion yuan, representing a year-on-year increase of 98.5%. Vehicle sales revenue is expected to be 11.49 billion yuan, while other business revenues (including advanced driving solutions, ecosystem and after-sales services, and parts sales) are anticipated to be 718 million yuan [3]. Shareholding and Financing - In August of last year, Avita Technology signed a share transfer agreement with Huawei to acquire a 10% stake for 11.5 billion yuan. The final payment of 3.45 billion yuan was made on October 9, completing the transaction [3]. Product Development and Future Plans - According to the chairman of Avita Technology, the number of co-created models with Huawei is set to increase from 1 to 4 by 2026. Additionally, the company plans to launch 17 new models by 2030, covering sedans, SUVs, and MPVs [6]. - Avita Technology aims to complete its IPO by the second quarter of next year, with plans for independent market operations and strategic partner integration [6].

Core Viewpoint - Avita Technology, a high-end electric vehicle brand under Changan, has officially submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and CICC as sponsors [2] Group 1: Business Model and Strategy - Avita operates under a light asset model, allowing it to focus on value-adding activities such as product definition, design, core technology development, brand promotion, and ecosystem operations [3] - The collaboration with strategic partners like Changan, CATL, and Huawei has been crucial for Avita's operational independence and resource support [3] - Avita aims to enhance product competitiveness and sales volume through joint development and marketing efforts with its partners [3] Group 2: Financial Performance - Avita's total revenue is projected to exceed 150 billion yuan in 2024 and 120 billion yuan in the first half of 2025, reflecting a strong focus on operational efficiency [4] - Vehicle delivery volume surged from 20,021 units in 2023 to 61,588 units in 2024, with a record monthly delivery of 12,805 units in June 2025 [4] - Revenue from vehicle sales increased from 55.42 billion yuan in 2023 to 144.17 billion yuan in 2024, with a 94.4% rise in the first half of 2025 compared to the same period in 2024 [5] Group 3: Research and Development - R&D expenditures have been significant, with amounts of 5.444 billion yuan, 6.601 billion yuan, and 12.141 billion yuan recorded in 2022, 2023, and 2024 respectively, indicating a strong commitment to innovation [6] - The R&D spending as a percentage of total revenue has decreased over the years, reflecting improved financial efficiency [6] Group 4: Profitability and Cash Flow - Avita's gross margin improved from a loss of 3% in 2023 to a profit margin of 10.1% in the first half of 2025, driven by economies of scale and cost optimization measures [6] - The net loss rate decreased from 65.4% in 2023 to 13.0% in the first half of 2025, indicating a trend towards profitability [6] - As of June 30, 2025, Avita had cash and cash equivalents of 134.83 billion yuan and unused bank financing of 169.27 billion yuan, showcasing a strong liquidity position [7]

Core Viewpoint - Avita Technology has officially submitted its IPO application to the Hong Kong Stock Exchange, becoming the first state-owned enterprise under the new energy vehicle sector to do so, backed by major players like Changan Automobile, Huawei, and CATL [1][3] Group 1: IPO and Financial Overview - The funds raised from the IPO will be used for product development, platform and technology development, brand building, and expanding the sales service network [3] - Avita's revenue has shown explosive growth, with reported revenues of RMB 0.28 billion, RMB 56.45 billion, RMB 151.95 billion, and RMB 122.08 billion for the years 2022, 2023, 2024, and the first half of 2025 respectively, with a year-on-year growth of 98.5% in the first half of 2025 [4][5] - The company has recorded a cumulative loss of approximately RMB 11.31 billion over the reporting period, with pre-tax losses of RMB 2.02 billion, RMB 3.69 billion, RMB 4.02 billion, and RMB 1.59 billion for the years 2022, 2023, 2024, and the first half of 2025 respectively [5][6] Group 2: Sales and Market Position - Vehicle sales are the primary revenue source, accounting for over 90% of total revenue in 2023, 2024, and the first half of 2025, with vehicle sales revenue of RMB 55.42 billion, RMB 144.17 billion, and RMB 114.90 billion respectively [6][7] - Avita has achieved cumulative sales of over 210,000 vehicles since deliveries began in December 2022, with a strong sales momentum reflected in achieving over 10,000 monthly sales for eight consecutive months before October 2025 [8] - The company has launched four models, achieving a dual power layout of pure electric and range-extended vehicles, with a price range between RMB 200,000 and RMB 700,000 [9] Group 3: Strategic Partnerships and Supply Chain - The major shareholders of Avita include Changan Automobile and CATL, while a strategic partnership with Huawei has been established through capital investment, with Avita paying RMB 11.5 billion to Huawei for a 10% stake in a related company [10] - Avita's procurement from five major suppliers accounted for 97.2%, 88.4%, 65.3%, and 47.8% of total procurement in the respective years, indicating a high dependency on these suppliers [10][11] Group 4: Safety Concerns and Market Challenges - Recent safety incidents, including multiple vehicle fires, have raised concerns about the company's safety standards and brand image, with the Avita 07 model leading in consumer complaints [12]

Group 1 - Avita Technology (Chongqing) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CICC as joint sponsors [1] - For the six months ending June 30, 2025, the company's revenue reached 12.208 billion yuan, representing a year-on-year increase of 98.5%, with vehicle sales contributing 11.49 billion yuan [1] - The company aims to achieve global sales of 400,000 vehicles by 2027 and 1 billion yuan in annual revenue, with a long-term goal of 1.5 million vehicles by 2035 [1] Group 2 - The chairman of China Changan Automobile Group, Zhu Huarong, expressed confidence in Avita's development, highlighting the integration of high-quality resources [2] - Avita plans to deepen cooperation with Huawei and CATL, intending to launch five upgraded models by 2026 and a total of 17 models by 2030 across various segments [2] - Avita has already entered over 25 countries and regions, with a focus on differentiated and high-end strategies for expanding its overseas market [2]

Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its core competitiveness through the funds raised from the IPO [1] Financial Performance - In the first half of this year, Avita reported revenue of 12.208 billion yuan, representing a year-on-year growth of 98.52% [1] - Vehicle sales revenue accounted for 11.49 billion yuan, while other business revenues, including advanced driving solutions, ecosystem services, and spare parts sales, totaled 718 million yuan [1] Fund Utilization - The funds raised from the IPO will primarily be used for product development, platform and technology development, brand building, sales service network construction, and to supplement operational funds [1] Product Development Plans - By 2026, Avita plans to launch five upgraded products in collaboration with Huawei, with a total of 17 models expected to be introduced by 2030, covering segments such as sedans, SUVs, and MPVs [1]

Group 1 - Geely's intelligent driving business is undergoing a significant integration, consolidating various teams into Qianli Intelligent Driving [1] - The integration involves multiple teams, including around 1,500 from Zeekr, 1,000 from Geely Research Institute, and approximately 500 from Maichi Technology [1] - The strategic integration is driven by the need to enhance competitiveness in a rapidly evolving market [1] Group 2 - Qianli Intelligent Driving was established on June 27, 2025, with a diverse shareholder structure including Geely, Alibaba, and Lotus [2] - Wang Jun, the former president of Huawei's Intelligent Automotive Solutions Business Unit, is the legal representative and chairman of Qianli Intelligent Driving [2] - After the integration, Qianli Intelligent Driving will operate as an independent company and serve as a core partner in Geely's AI ecosystem, offering solutions to the entire industry [2]