Recently, Avita stated that the company is updating its prospectus in accordance with the requirements of the Hong Kong Stock Exchange and will resubmit it as soon as possible, steadily advancing the listing process. Compared to the process nodes themselves, the market is more concerned about whether Avita can use subsequent updated materials to further present its performance, growth logic, and capital value.

As a high-end intelligent electric vehicle brand supported by the resources of Changan Automobile, Huawei, and CATL, Avita has been at the forefront of industrial resource integration since its inception. It not only inherits the accumulation of traditional car companies in vehicle manufacturing, channels, and supply chains, but also combines the resource advantages of intelligent and electrified core links. It is a typical sample of China's intelligent electric vehicle competition entering the systematic stage.

So, in the context of the continuous differentiation of the new energy vehicle sector in the Hong Kong stock market and the increasing emphasis on certainty barriers and long-term value by institutional funds, what are the core characteristics of Avita? Can a unique industrial ecosystem and competitive barriers be built among the vehicle targets in the Hong Kong stock market? Can its scarcity be recognized by the capital market?

Iron Triangle Formation

Avita, positioned as a new luxury intelligent electric vehicle brand, was jointly established by Changan Automobile, Huawei, and CATL. Among them, Changan Automobile holds 40.99% of the shares, while CATL holds 9.17%. In addition, it also includes the National Green Development Fund and local state-owned assets such as Chongqing and Hangzhou.

This equity structure indicates that Avita is a national level high-end intelligent electric vehicle brand controlled by central enterprises, endorsed by national capital, deeply bound by industry leaders, and jointly built by state-owned enterprises from multiple provinces and cities. Its goal is not to become a high-end brand of Chang'an, but to become a national benchmark in the era of intelligent electric vehicles in China.

Can this equity structure be transformed into a sustainable system advantage? Firstly, all three parties have repeatedly made it clear that they will work together to build Avita into a globally leading intelligent electric vehicle brand and a national team benchmark in China's intelligent electric era. All three parties also have top-notch strength in their respective fields.

Under Changan's "1445 Strategy", Avita and Deep Blue implement independent front-end brands and coordinated back-end resources, deeply linking research and development, supply chain, manufacturing and other links. The goal is to create a high-end brand group with an annual sales volume of 1.5 million vehicles by 2030, providing solid support for sales growth and continuous improvement of profits.

Huawei and Avita adopt the innovative HI PLUS cooperation model to achieve joint definition, joint research and development, and joint marketing. Avita retains complete brand operation, product planning, price setting, and market strategy decision-making power. Compared with the traditional supplier cooperation model, it has greater freedom and is more conducive to long-term brand value shaping.

Avita also holds a 10% stake in Huawei Vision, making it the largest external shareholder. In 2025, Huawei's intelligent automotive solutions business generated a revenue of 45 billion yuan, a year-on-year increase of 72.1%, and has already achieved profitability by 2024, partnering with over 20 mainstream domestic and foreign brands. Looking forward to entering a period of high volume, Avita can directly share investment returns, forming a dual advantage of "technology priority+capital return".

Ningde Times is the second largest shareholder of Avita, which means Avita enjoys shareholder level priority in battery supply. From Shenxing Supercharged Battery, Xiaoyao Hybrid Battery to the latest generation of condensed matter batteries, Avita is one of the first brands to be equipped with them. The flagship SUV with six seats that will be launched in the second half of the year will be the industry's first to use condensed matter batteries and continue to occupy the technological high ground.

As a state-owned new energy vehicle company, Avita's closed-loop ecosystem of "manufacturing base+intelligent core+energy guarantee" is unique among Hong Kong stock vehicle targets.

Breaking through the high-end trend

In the context of intensified industry homogenization competition and the continuous spread of price wars, what qualities do high-quality targets in Hong Kong stocks need to possess? Self research strength, original design, and high-end premium capability are all indispensable.

At the level of vehicle technology, Avita is based on the Changan manufacturing base and has independently developed Kunlun Intelligent Range extender and Taihang Intelligent Control Chassis. In March 2026, Taihang Intelligent Control Chassis 2.0 will be released, introducing distributed electric drive and adopting independent left and right dual drive layout, which can achieve millisecond level torque control and truly achieve "safety as the bottom line for sports".

After continuous iteration and optimization, the Avita chassis is gradually moving towards a balance between comfort and handling. The recently launched Avita 06T chassis has gained widespread recognition from users for its quality, forming a positive cycle of technical reputation.

In the field of intelligent driving and cockpit, Avita relies on the collaborative advantages of Huawei HI PLUS and always prioritizes the installation of industry-leading hardware and software systems. The Avita 07L, which will be launched in the second half of the year, is positioned as a smart and luxurious SUV for families. It is equipped with Huawei Qiankun 896 line LiDAR and has become one of the first models to be equipped with Huawei Qiankun ADS 5.0. Its intelligent driving capability and cabin experience are firmly at the forefront of the industry.

The phenomenon of imitation and following the trend in the domestic automotive industry is not uncommon, and the problem of homogenization is prominent. Avita always adheres to the original route, and its first four products establish an extremely forward-looking brand image. The concept car VISION XPECTRA interprets the design philosophy of "emotional new luxury", and the second generation products will continue this design DNA, redefining the new luxury aesthetic standards.

Adhering to original design is the only way to accumulate brand assets, drive technological innovation, and achieve globalization and high-end development. In the homogenized red sea, originality is not a cost, but the most efficient moat. Avita will ultimately gain higher brand recognition, premium, and user loyalty, and will also form more significant advantages in technology feedback, global barriers, and compliance and security.

Nowadays, Avita's brand premium ability has been fully validated by the market. The new Avi 12 and 06T have increased their prices by 20000 to 30000 yuan compared to the old models, indicating the market's full recognition of their high-end brand positioning and product value. In the five years since its establishment, the Avita brand has accumulated sales of over 250000 vehicles, covering a price range of 200000 to 700000 yuan, firmly establishing its core position in China's high-end intelligent electric market.

The financial data also confirms the trend of high-quality growth: the operating revenue in 2024 reached 15.195 billion yuan, a year-on-year increase of 169.16%; In the first half of 2025, the revenue exceeded 12.208 billion yuan, a year-on-year increase of 98.52%; At the same time, gross profit has significantly improved, starting from the second year of delivery and continuing to rapidly increase, reaching 10% in the first half of 2025, indicating the continuous enhancement of cost control and product pricing capabilities.

Globalization Leaps Forward

Realizing overall profitability in overseas markets is a key advantage that sets Avita apart from most new energy targets in Hong Kong stocks, and also opens up upward space for its long-term valuation. Since its official launch in September 2024, Avita has adhered to a high-end and differentiated route and has entered over 40 countries and regions, establishing a distinct high-end brand image in mature markets such as Thailand, the United Arab Emirates, and Singapore.

In Thailand, the starting price of Avita 11 is about RMB 447000, which has long been the top selling high-end pure electric vehicle; In the United Arab Emirates, the main models are generally priced at over 400000 yuan, accounting for 10% of the high-end pure electric market share; In Singapore, the starting price of Avita 11 is as high as about 1.56 million yuan, and its sales continue to climb, fully demonstrating its leading strength in original design and hardcore technology in multiple dimensions.

This year, Avita will officially enter the European market. As the core market for luxury cars worldwide, Europe has a high recognition of intelligent electric technology, design aesthetics, and safety standards, which is highly compatible with Avita's brand positioning and is expected to become an important growth pole for overseas sales and profits in the next stage. According to the plan, Avita's overseas sales will account for over 40% by 2030, covering more than 110 countries and regions, and laying out over 700 channel touchpoints.

From the perspective of product cycle and growth pace, Avita is currently at a key milestone of its fifth anniversary, with brand momentum, product deployment, and strategic synergy moving upwards simultaneously. Two new car models will be launched in the second half of the year, with the Avita 07L focusing on home users, with comprehensive upgrades in space, intelligence, and safety, and clear potential for volume growth; The first condensed state battery in the flagship SUV industry with six seats further strengthens the technology label and high-end image, driving the optimization of the brand's profit structure.

At the level of capital path, Avita adheres to the conventional IPO model, which can introduce cornerstone investors and use the green shoe mechanism to stabilize the stock price performance after listing. Compared with the introduction listing method adopted by some peer companies, Avita has more advantages, and the quality and long-term certainty of listing are more guaranteed.

Under the trend of capital concentration in the Hong Kong stock market towards high-quality targets with clear barriers, determined growth, and improved profitability, Avita has formed a multi-dimensional value system supported by state-owned assets endorsement, iron triangle ecology, high-end premiums, overseas profits, and complete product cycles. It has significant scarcity in the new energy vehicle track of the Hong Kong stock market, and its long-term growth space and valuation potential deserve continuous attention from the capital market.