The first stock in battery swapping has arrived. 800 battery swapping stations cover 60 cities, with losses exceeding 2 billion yuan in three and a half years.

Aodong New Energy is vying to become the first company listed in the battery swapping industry.

According to CheDongXi on December 15th, recently, Aodong New Energy Co., Ltd. (hereinafter referred to as Aodong New Energy) submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as the sole sponsor.

Aodong New Energy's listing application document

Founded in 2016, Aodong New Energy is a Chinese battery swapping enterprise committed to establishing a comprehensive product and service portfolio that covers the battery swapping ecosystem. According to the prospectus, in terms of the revenue generated from battery swapping station operation services in 2024, Aodong New Energy is the largest independent third - party battery swapping solution provider in China.

Aodong New Energy's intelligent energy service platform

As of the first half of 2025, Aodong New Energy had 521 battery swapping stations, including 267 self - owned stations, with over 130,000 registered electric vehicles and managed over 160,000 batteries.

According to the latest data on the official website, Aodong New Energy currently has 800 battery swapping stations, covering 60 cities.

In terms of financial indicators, Aodong New Energy's revenue in the first half of 2025 was RMB 324 million, a year - on - year decline of 31.7%, and it still had a loss of RMB 157 million in the first half of 2025.

Aodong New Energy mentioned in the listing application that the proceeds from this fundraising are expected to be used for iterating and optimizing battery swapping solutions, promotion and marketing, financing potential global strategic investments and acquisitions, and working capital and other general corporate purposes.

Some uses of Aodong New Energy's fundraising

01. Revenue in the first half of the year declined by 31.7% year - on - year, and the loss narrowed by 44.52%

In terms of performance, according to Aodong New Energy's listing application documents, Aodong New Energy's revenues in 2022, 2023, and 2024 were RMB 1.106 billion, RMB 1.155 billion, and RMB 926 million respectively, with little overall change.

Summary of Aodong New Energy's recent financial data

In the first half of 2025, Aodong New Energy's revenue was RMB 324 million, a year - on - year decline of 31.7% compared to RMB 474 million in the first half of 2024.

Changes in Aodong New Energy's recent revenue

Currently, Aodong New Energy is still in a loss - making state, but the loss is gradually narrowing. In 2022, 2023, and 2024, Aodong New Energy's net losses were RMB 785 million, RMB 655 million, and RMB 419 million respectively. In the first half of 2025, the loss was RMB 157 million, a year - on - year narrowing of approximately 44.52% compared to RMB 283 million in the first half of 2024.

Changes in Aodong New Energy's recent losses

In 2022, 2023, and 2024, Aodong New Energy's gross loss rates were 15.7%, 3.4%, and 3.7% respectively. In the first half of 2025, it was 8.9%, significantly wider than 3.3% in the first half of 2024.

Aodong New Energy's recent gross losses and gross loss rates

In terms of R & D investment, in 2022, 2023, and 2024, Aodong New Energy's R & D expenses were RMB 77.6 million, RMB 76.4 million, and RMB 67.1 million respectively. In the first half of 2025, Aodong New Energy's R & D expenses were RMB 27 million, further decreasing compared to RMB 37.2 million in the first half of 2024.

Aodong New Energy's recent R & D investment

Regarding the decrease in R & D investment, Aodong New Energy stated in the prospectus that it was mainly due to cost - optimization measures such as reducing employee - related expenses, streamlining office rental assets, and reducing travel, office, and business development expenses related to R & D initiatives.

In terms of the financing history, since 2018, Aodong New Energy has completed multiple rounds of financing before the IPO. The latest round of financing disclosed in the prospectus was the B +++ round completed in 2022.

Part of Aodong New Energy's financing history

02. Provide battery swapping operation solutions and own 267 self - owned battery swapping stations

Specifically in terms of business, Aodong New Energy provides battery swapping operation solutions, operates self - owned battery swapping stations, and generates revenue by providing battery swapping services for drivers and their vehicles.

Aodong New Energy's achievements in battery swapping business

According to the prospectus, in terms of the revenue generated from battery swapping station operation services in 2024, Aodong New Energy is the largest independent third - party battery swapping solution provider in China.

As of June 30, 2025, Aodong New Energy's battery swapping platform had 521 stations, including 267 self - owned stations, with over 130,000 registered electric vehicles and tracked and managed over 160,000 batteries.

The number of Aodong New Energy's self - owned battery swapping stations

Aodong New Energy is committed to providing diverse battery swapping solutions for a variety of vehicle models, including passenger cars, small trucks, and light to heavy - duty trucks. At the same time, Aodong New Energy's solutions are compatible with a variety of electric vehicle models from different electric vehicle OEMs, meeting the diverse battery swapping needs across brands and categories.

Aodong New Energy's passenger car and light - duty truck battery swapping stations

In terms of technology, Aodong New Energy's innovative snap - on chassis battery swapping technology significantly improves the battery swapping speed, extends the service life of the battery swapping module, and ensures safety. It has three main technical features. First, the snap - lock mechanism replaces the traditional bolt - on system to streamline battery installation and removal, achieving faster battery swapping times. The fastest time for passenger cars and small trucks is 20 seconds, 30 seconds for light - duty trucks, and 40 seconds for heavy - duty trucks. At the same time, a planar connector is used to improve the stability of electrical contact, minimize mechanical wear, and extend the service life. In addition, a floating docking system is adopted, which can dynamically adapt to different vehicle models to improve compatibility and operational reliability.

Aodong New Energy's battery swapping technology

In addition to providing battery swapping services for electric vehicles, Aodong New Energy's battery swapping stations also have energy storage functions due to the reserved rechargeable batteries. As of June 30, 2025, the cumulative storage capacity of Aodong New Energy's battery swapping stations reached 4.2 GWh.

To fully utilize this potential, Aodong New Energy has developed the "Vehicle - Station - Grid Interaction" ("V2S2G") system to achieve two - way energy flow between electric vehicles, battery swapping stations, and the power grid.

Aodong New Energy's battery swapping stations

Through the "Station - Grid Interaction" ("S2G"), battery swapping stations can not only obtain power from the grid but also return the stored power when the grid is under pressure. With this system, Aodong New Energy's battery swapping stations can also store power during off - peak hours when the power cost and grid demand are low and release the stored power during peak hours, effectively reducing the grid pressure.

Through the "Vehicle - Station Interaction" ("V2S"), electric vehicles can either obtain power from the battery swapping station or recharge the excess power to the batteries stored in the station. As of the last practicable date, there were eight battery swapping stations with the V2S2G system deployed on Aodong New Energy's platform.

During the performance record period, the proportion of Aodong New Energy's revenue from battery swapping services increased significantly, expanding from 29.0% in 2022 to 69.8% in the first half of 2025, while the proportion of equipment sales revenue decreased significantly from 66.1% to 17.1%. It can be seen that battery swapping services are replacing equipment sales as the main revenue pillar of Aodong New Energy.