In just a month, Avita has reapplied for listing. On June 30, the Hong Kong Stock Exchange's website revealed that Avita Technology (Chongqing) Co., Ltd. (hereinafter referred to as "Avita") had updated and resubmitted its application materials for listing on the main board of the Hong Kong Stock Exchange. On the same day, the updated application materials for this offering were published on the Hong Kong Stock Exchange's website.

A month earlier, on May 27, Avita's prospectus had expired on the Hong Kong Stock Exchange's official website. The company had formally submitted its prospectus on November 27, 2025. According to Hong Kong Stock Exchange regulations, if a company does not complete its listing hearing and listing process within six months from the date of prospectus submission, the application documents will automatically expire. On the same day, Avita publicly responded to the media, stating that this expiration was a routine technical step in the IPO process. The company was updating its prospectus as required and would resubmit it promptly, with the overall listing progress remaining unaffected.

This time, with only a month's gap, Avita has once again initiated its listing application, demonstrating its full commitment to advancing the listing process and attempting to expedite its completion. In this resubmission, Avita has also updated its prospectus, extending the financial data to the end of 2025. As a result, the external market can now clearly observe Avita's operational performance over the past three years.

The prospectus reveals that in terms of revenue, from 2022 to 2025, Avita's operating revenues were 28.34 million yuan, 5.645 billion yuan, 15.195 billion yuan, and 25.631 billion yuan, respectively. Specifically, revenue from its main business of complete vehicles saw a significant surge. Avita's complete vehicle revenues for 2023-2025 were 5.542 billion yuan, 14.4173 billion yuan, and 23.902 billion yuan, respectively. This indicates that Avita's revenue has grown 4.5-fold over the three years, with its core complete vehicle business revenue increasing approximately 4.31-fold. This demonstrates that its business is in a rapid growth phase.

In addition to complete vehicles, Avita's revenue from other businesses (including ecosystems and after-sales services) increased from 103 million yuan in 2023 to 777.9 million yuan in 2024, accounting for 1.8% and 5.1% of total revenue, respectively. In 2025, revenue from Avita's parts and other businesses reached 1.729 billion yuan, accounting for 6.7%. As the installed base of complete vehicles gradually grows, non-complete vehicle revenue is rising rapidly and holds significant potential. The growth rate in this segment actually far exceeds that of the core complete vehicle business, increasing nearly 17-fold over the three years.

From a regional perspective, Avita's overseas market growth has also been remarkably rapid. In 2024, the year it began exporting, Avita generated only 220 million yuan in revenue, but by 2025, overseas revenue had surged to 1.398 billion yuan, accounting for 5.5% of total revenue. The average selling price in overseas markets exceeded 300,000 yuan, achieving profitability through high-value exports. As of December 31, 2025, Avita had established over 80 sales outlets across 38 countries and regions, including Southeast Asia, the Middle East and Africa, Eurasia, and Central and South America, and plans to officially enter the European market in 2026. This has brought Avita considerable profit expansion opportunities.

In terms of gross profit, there was a significant increase in 2025, with the growth rate far surpassing that of revenue. From 2022 to 2025, Avita's gross profits were -103 million yuan, -169 million yuan, 960 million yuan, and 2.416 billion yuan, respectively. The data shows that Avita's gross profit performance underwent a major reversal in 2025, with a substantial year-on-year increase of 1.457 billion yuan, up 151.7%. The growth rate in gross profit matches that of revenue, indicating that Avita's profitability improvement is also accelerating.

From the perspective of gross profit margin, Avita is also on a rapid upward trajectory of improvement. Avita achieved a positive gross profit margin in 2024, with a full-year margin of 6.32%, increasing to 9.4% in 2025, a slight decline from 10.1% in the first half of 2025. Year-on-year, the full-year gross profit margin increased by 3.08 percentage points. In fact, compared to the first half of the previous year, it increased significantly by 6 percentage points.

However, this gross profit margin is still not high enough compared to brands in the same tier, so enhancing its premium pricing capability is an urgent task for Avita.

In terms of net loss, Avita incurred a net loss of 3.69 billion yuan in 2023, which widened to 4.02 billion yuan in 2024 (primarily due to R&D and marketing investments during the business expansion phase). By 2025, Avita's net loss narrowed to 3.49 billion yuan, with a significant year-on-year reduction in loss scale despite substantial growth in revenue and gross profit. Meanwhile, operating cash flow turned positive in 2024 and continued to expand to 2.315 billion yuan in 2025, with simultaneous improvement in profit quality.

Additionally, in 2025, Avita made a strategic equity investment of 11.5 billion yuan in Yinwang, acquiring a 10% stake. The prospectus reveals that it achieved positive investment returns in the first year, with a share of the associate company's profit amounting to 182 million yuan in 2025. According to previous media reports, Yinwang's revenue in 2025 was approximately 45.018 billion yuan, up 72.1% year-on-year. Given Yinwang's high growth potential, it is expected to become a long-term profit contributor for Avita, opening up new growth opportunities.

Regarding product plans, Avita disclosed three new products developed in collaboration with Huawei Yinwang under a joint innovation model. These include a new full-size SUV, a new mid-to-full-size SUV, and others. It is reported that Avita plans to launch the intelligent and stylish five-seat luxury SUV, the Avita 07L, in the third quarter of this year and introduce a flagship six-seat SUV within the year. These products will be released with both pure electric and extended-range powertrains. Leveraging deep collaboration with Yinwang, Avita's subsequent models will fully integrate next-generation intelligent technologies and become among the first to adopt Huawei's Qiankun next-generation assisted driving system.

Based on speculation, from the perspective of the listing timeline, if subsequent materials robustly address relevant inquiries, the listing hearing could be passed within six months, entering the final stage of listing. Therefore, considering the review cycle, regulatory inquiries, and integration progress, many in the market predict that the listing time may be delayed until 2027. Of course, if its materials are solid, it could also finalize the listing this year. However, for Avita, given the current state of the overall capital market, it may still face market capitalization pressures even after listing.

In the first half of this year, according to public data from Wind, from January to June 24, among passenger car companies listed on the Hong Kong and A-share markets, 17 experienced declines, with three seeing drops of over 50% (commonly referred to as "halving"). Six companies saw declines of over 40%, 13 saw declines of over 20%, and 15 saw declines of over 10%. Thus, for Avita, a more favorable market timing might be in 2027. However, considering the integration of Changan's new central enterprise and potential management changes, it may accelerate its listing.

Of course, before this, Avita still has several issues that need further clarification: For instance, in April of this year, Changan announced plans to integrate Avita with Deepal Auto. Will this impact Avita's listing? Additionally, before the listing, Avita currently needs to urgently enhance its market performance to lay a solid foundation for its subsequent stock price performance.