Changan, Huawei, and CATL Back a Hong Kong IPO. Revenue Soars 500-Fold in Three Years, with 210,000 Units Sold Cumulatively

According to a report by CheDongXi on November 28th, last night, Avita Technology (Chongqing) Co., Ltd. (hereinafter referred to as "Avita") officially submitted a listing application to the Hong Kong Stock Exchange.

Avita submits a listing application to the Hong Kong Stock Exchange

This marks a crucial step for Avita in expanding global capital channels and accelerating its globalization process.

In terms of Avita's financial situation in the past three years, its revenue has significantly improved, with a more than 500-fold increase in revenue over the three years. However, the annual loss has further widened, with a cumulative loss of 9.726 billion yuan from 2022 to 2024.

In the first half of this year, Avita's operating revenue reached 12.208 billion yuan, doubling year-on-year, while the total loss increased to 1.585 billion yuan.

Avita's financial data in the past three years

As of the first half of 2025, Avita's cash and cash equivalents were 13.483 billion yuan.

Recently, an announcement released by PATEO Auto Connectivity Technology Co., Ltd. showed that it sold 0.24% of Avita's equity for a cash consideration of 62.44 million yuan. Simply calculated, Avita's valuation is approximately 26.017 billion yuan.

01. Revenue doubles to over 12 billion yuan in half a year, with nearly 10 billion yuan in losses over three years

Since its inception, Avita seems to have carried a "star halo." It is an independently operated luxury new energy passenger vehicle brand jointly empowered by Changan Automobile, CATL, and Huawei.

Avita also cooperates with Yinwang, a supplier of intelligent vehicle solutions. In February 2025, it acquired a 10% stake in Yinwang for a total consideration of 11.5 billion yuan and plans to jointly create Avita's next-generation series of models with Yinwang in a co-creation model.

In the past three years, Avita has made progress in terms of revenue.

According to Avita's prospectus, in terms of revenue, from 2022 to 2024, Avita's operating revenues were 28.34 million yuan, 5.645 billion yuan, and 15.195 billion yuan respectively.

Avita's financial data in the past three years

Notably, in the first half of 2025, Avita's operating revenue reached 12.208 billion yuan, doubling from 6.149 billion yuan in the same period of 2024, a year-on-year increase of 98.52%.

Avita's operating revenue is mainly divided into two parts: vehicle sales revenue and other business revenues (including assisted driving solutions, ecosystem and after-sales services, and parts sales).

Among them, vehicle sales revenue accounts for the majority. In 2023, 2024, and the first half of 2025, Avita's vehicle sales revenues were 5.542 billion yuan, 14.417 billion yuan, and 11.490 billion yuan respectively.

Avita 07

Other business revenues in 2023 and 2024 were 103 million yuan and 778 million yuan respectively, accounting for 1.8% and 5.1% of the annual total revenue respectively. In the first half of 2025, other business revenues reached 718 million yuan.

In terms of losses, Avita's losses have shown an expanding trend in the past three years.

In 2022, 2023, and 2024, Avita's annual losses were 2.015 billion yuan, 3.693 billion yuan, and 4.018 billion yuan respectively, with a cumulative loss of 9.726 billion yuan over the three years.

Avita's total loss in the first half of this year increased from 1.431 billion yuan in the first half of last year to 1.585 billion yuan.

In terms of gross profit margin, Avita's gross profit margin improved from a gross loss rate of 3.0% in 2023 to a gross profit margin of 6.3% in 2024 and further increased to 10.1% in the first half of 2025. The net loss rate decreased from 65.4% in 2023 to 26.4% in 2024 and further decreased to 13.0% in the first half of 2025.

Officials pointed out that the improvement in gross profit margin was mainly due to the expansion of the economies of scale effect, the increased proportion of high-end models with strong unit economic benefits and overseas sales, and the continuous implementation of cost optimization measures in procurement, manufacturing, and product configuration.

In terms of R & D expenses, Avita's R & D expenses in the past three years were 544 million yuan, 660 million yuan, and 1.214 billion yuan respectively.

In the first half of this year, its R & D expenses reached 831 million yuan, a year-on-year increase of 167%. This was mainly due to the expansion of the R & D team to strengthen R & D capabilities, resulting in a significant increase in employee compensation expenses and an increase in depreciation and amortization.

02. Cumulative deliveries reach 210,000 vehicles, to cooperate with Yinwang to build four new energy vehicles

In terms of its product matrix, Avita has completed the product layout of "four models in three years" and launched four main mass-produced models, namely Avita 06, 07, 11, and 12. It has also derived the Royal Theater Edition of Avita 11 and Avita 12 and the limited joint - edition models of the 0 series. The vehicle prices range from 200,000 yuan to 700,000 yuan, and it has achieved a dual - layout of pure - electric and range - extended vehicles, covering the high - end luxury new energy passenger vehicle market.

Avita's models

In terms of sales volume, since the vehicle deliveries started in December 2022, the total delivery volume increased from 114 vehicles in 2022 to 20,000 vehicles in 2023 and further to 61,600 vehicles in 2024.

In the first half of 2025, Avita's delivery volume reached 56,700 vehicles, an increase of approximately 151.1% compared with the same period in 2024. In the first 10 months of 2025, Avita's monthly sales volume exceeded 10,000 vehicles for eight consecutive months.

Avita's delivery volume in the past three years

By the end of October this year, Avita's cumulative delivery volume exceeded 210,000 vehicles.

The 210,000th Avita vehicle rolled off the production line in October 2025

In the future, Avita plans to continuously expand and upgrade its intelligent new energy passenger vehicle product portfolio to strengthen its position in the high - end and luxury new energy passenger vehicle market in China.

Avita 12 with four - laser version

Its goal is to launch four new new energy passenger vehicle models by the end of 2027, covering a series of SUVs and sedans tailored to different customer needs.

Avita's future vehicle planning

In terms of technology adoption, Avita will fully adopt Yinwang's intelligent technologies in its subsequent key models, including but not limited to the latest generation of intelligent cockpit systems, the latest generation of assisted driving systems, the latest generation of Qiankun vehicle control systems, Qiankun in - vehicle optics, and Qiankun vehicle - cloud technologies.

For example, in terms of assisted driving, Avita will be one of the first automobile brands to adopt Huawei's next - generation Qiankun assisted driving system. Avita will also continue to integrate advanced autonomous driving hardware and launch L3/L4 - level autonomous driving solutions in future new models.

03. Over 11 billion yuan in Series C financing, with CATL as the second - largest shareholder

In terms of financing, information from Qichacha shows that since its establishment in July 2018, Avita has conducted six rounds of financing, raising over 19 billion yuan.

Avita's financing history

Among them, the Series C financing amount exceeded 11 billion yuan. The investors included well - known enterprises such as China South Industries Asset Management Co., Ltd. and Chongqing Changan Automobile Co., Ltd., fully demonstrating the capital market's optimism about Avita's development prospects.

Over 11 billion yuan in Series C financing for Avita

Before the IPO, Changan Automobile, the largest shareholder of Avita, held 40.99% of the shares, CATL, the second - largest shareholder, held 9.17%, Chongqing Anyu held 8.81%, Cheng'an Private Equity held 7.27%, and China South Industries Asset Management held 6.34%.

Some of Avita's shareholders

As of June 30, 2025, 3,555 of Avita's employees were based in the Chinese mainland, while 111 employees were based in Germany. Among them, the number of internal R & D personnel at Avita reached 2,093, accounting for 57% of the total number of employees.