阿维塔二次递表港交所：长安、华为、宁德时代联手打造的高端电动汽车品牌冲刺IPO

On 6 30, the Hong Kong Stock Exchange (HKEX) published AITO's updated prospectus. This marks the second attempt by the premium electric vehicle brand, jointly developed by Changan, Huawei, and CATL, to list on the HKEX, following its initial filing in 2025.

三年营收翻四倍，亏损开始收窄

招股书显示，阿维塔Revenue from 2023 to 2025 was 56.45 billion, 151.95 billion, and 256.31 billion yuan, totaling approximately 464.71 billion yuan over the three years. The compound annual growth rate reached 113%, with scale increasing 4.5-fold.。其中2025年营收同比增长68.7%，主要得益于新能源乘用车销量从2024年的6.16万辆增至12.27万辆，接近翻倍。

盈利能力方面，毛利率持续改善。2023年为-3.0%，2024年转正至6.3%，2025年进一步升至9.4%，全年毛利润达24.17亿元。经营性现金流于2024年转正，2025年扩大至23.15亿元。

Losses have not yet been contained. Net losses were 36.93 billion, 40.18 billion, and 34.89 billion yuan in 2023, 2025, and the third year, respectively, totaling approximately 112 billion yuan over the three-year period. However, losses in 2025 narrowed by 13.2% compared to the previous year.

R&D investment continued to increase, reaching 6.6 billion yuan, 12.14 billion yuan, and 20.86 billion yuan over the past three years. In 2025, it grew by 71.8% year-over-year. R&D personnel account for 55% of the total workforce, and as of the end of 2025, the company has accumulated 1,559 patents.

115亿入股引望，首年即兑现收益

A key change in Avatr's prospectus is that its investment in Yinwang has begun to generate financial returns.

2025年，阿维塔以115亿元战略入股华为旗下深圳引望智能技术有限公司，持有10%股权。这笔投资分三期支付，最后一笔34.5亿元于2025年10月结清。引望2025年实现营收450.18亿元，同比增长72.1%。阿维塔首年分占联营公司利润1.82亿元。

The partnership between the two parties has evolved from technical collaboration to the "HI PLUS" model, encompassing joint efforts across product definition, development, testing, and marketing. According to the prospectus, Avatr's future models will be fully equipped with next-generation intelligent technologies and will be among the first brands to adopt Huawei's Qiankun next-gen assisted driving system.

2026年国内承压，海外是另一条线

进入2026年，阿维塔在国内销量明显放缓。1月至5月累计交付约2.4万辆，较2025年同期的4.37万辆下降45%。不过逐月在回升：1月2,216辆，2月4,033辆，3月5,143辆，4月5,279辆，5月7,336辆。

Overseas markets are a growth driver. In 2025, overseas revenue reached 13.98 billion yuan, accounting for 5.5% of total sales, with an average selling price exceeding 30 thousand yuan per vehicle. As of the end of 5, Avatr had entered 43 countries and regions, established 95 distribution points, and achieved year-over-year growth of 33.4% in overseas sales during the first five months. The company plans to officially launch in Europe in 2026.

股东结构：长安控股，宁德时代为二股东

At the equity level, Changan Automobile holds a combined direct and indirect stake of 41.57%, making it the largest shareholder; CATL holds 9.17% as the second-largest shareholder. Huawei does not hold shares directly but is deeply involved through the InnoWay platform. Other investors include Nanfang Industrial Assets, BOCOM International Investment, Chongqing local industrial funds, and several other institutions.

阿维塔采用轻资产模式，整车制造由长安汽车承接，自身聚焦产品定义、智能技术研发、品牌运营与渠道建设。2025年向长安汽车采购占比已从2023年的36%降至13.3%。

Fundraising Focus and Product Roadmap

This IPO will raise capital to advance the next-generation intelligent electric vehicle platform and autonomous driving R&D, develop new models, expand domestic and international sales channels, and strengthen brand building. On the product front, we plan to launch the Avatr 07L, a large five-seater SUV, in Q3, followed by a flagship six-seater SUV later this year.

For Avatr, continued returns from Inwang, incremental contributions from overseas markets, and the market performance of new products in the second half will be key variables determining whether this IPO proceeds smoothly.