New stock news | Avita submitted documents to HKEX, 2025 delivery volume nearly doubles

According to the disclosure of the Hong Kong Stock Exchange on June 30, Avita Technology (Chongqing) Limited (referred to as Avita) submitted an application to the Hong Kong Stock Exchange for listing on the Main Board, with CITIC SEC and CICC as its joint sponsors. Avita designs, develops, and sells new energy passenger vehicles, including Battery Electric Vehicles (BEV) and Range-Extended Electric Vehicles (REEV), covering product definition and design, smart car engineering, system integration, car sales, and after-sales support. The company develops cars by combining its internal capabilities with strategic partnerships, including Chongqing Changan Automobile (the company's controlling shareholder and the sole manufacturer of the company's cars during the past performance period), along with Contemporary Amperex Technology (in battery-related technologies and supplies) and Huawei (in smart car solutions). The company adopts a light asset-operation model, allowing it to focus on activities that bring greater value to customers, such as product definition, design, core technology development, brand promotion, sales and marketing, and ecosystem operation. Chongqing Changan Automobile, as the company's major shareholder, empowers Avita in smart manufacturing, supply systems, research and testing systems, and channel resources. Contemporary Amperex Technology, as an important shareholder of the company, provides full support to Avita in new energy technology platforms and joint marketing. The company also looks forward to collaborating with suppliers of smart car solutions, acquiring a 10% stake in the supplier for a total consideration of 11.5 billion RMB in February 2025. Both parties will jointly create Avita's restyled models and next-generation series of cars in a co-creation model. Since the start of deliveries in December 2022, the company's total delivery volume has increased from 20,021 units in 2023 to 122,702 units in 2025. In November 2025, the company achieved a record monthly delivery of 14,211 units. In the competitive Chinese luxury new energy market (with prices above 200,000 RMB), the Avita brand has secured a solid position. In 2025, based on sales volume, Avita ranked eighth in the Chinese luxury new energy passenger vehicle market priced above 200,000 RMB, with a total sales volume of 122,702 units. Several key models performed well: the Avita 06 ranked fourth in the mid-size luxury new energy passenger car segment priced above 200,000 RMB; the Avita 07 ranked fourth in the mid-size SUV segment in the same price segment; and the Avita 12 ranked second in the large luxury new energy passenger car segment priced above 300,000 RMB. Globalization strategy is progressing simultaneously. By the end of 2025, Avita had established over 80 overseas sales outlets in 38 countries and regions in Southeast Asia, the Middle East and Africa, Eurasia, Central and South America. Overseas revenue surged from 2.23 billion RMB in 2024 to 13.98 billion RMB in 2025, with the proportion increasing from 1.5% to 5.5%. The company plans to officially enter the European market in 2026. Financial data shows that Avita is in a phase of explosive growth. In 2023, 2024, and 2025, the company's revenue was 5.645 billion RMB, 15.195 billion RMB, and 25.631 billion RMB, respectively. Profitability has significantly improved as well. The company's gross profit margin was 6.3% in 2024 and further increased to 9.4% in 2025. The company explained that the improvement in gross profit margin was mainly due to increased car sales in overseas markets, which generally have higher profit margins; as well as the economies of scale resulting from increased car production and delivery volumes, along with cost reduction measures.