On July 1, Avatr made an announcement regarding its acquisition of an L3 autonomous driving test license, a significant milestone on the path to commercializing its advanced intelligent driving technology. At present, Avatr has commenced L3 autonomous driving road tests across a variety of scenarios, with real-world testing of its high-level intelligent driving progressing smoothly.

L3 autonomous driving marks a substantial leap from the commonly employed L2-level assisted driving. In specific scenarios that adhere to regulatory standards, drivers can relinquish vehicle control to the system, freeing them from the constant need to operate the steering wheel and pedals. Drivers are only required to regain control promptly upon the system's request. This implies that during system operation, the responsibility for driving rests with the automaker, not the driver.

Avatr's attainment of the L3 test license is underpinned by technical support from Huawei's ADS. The partnership between the two entities has evolved from the previous HI mode to the HI PLUS mode. Presently, all Avatr models are outfitted with Huawei's ADS high-level intelligent driving system, which supports features such as omnidirectional collision avoidance and uninterrupted assisted driving from parking space to parking space. This lays a solid technical groundwork for the subsequent rollout of L3 autonomous driving.

Simultaneously, Avatr has embarked on a fresh capital market endeavor. Seven months later, the company reapplied for listing on the Hong Kong Stock Exchange. The new prospectus has been notably condensed, shrinking from 609 pages to 43 pages. However, it places greater emphasis on the collaboration with Huawei, with mentions increasing from 49 to 66 times, underscoring the significance of this partnership.

The updated prospectus also discloses that Avatr has invested RMB 11.5 billion to acquire a 10% stake in HiNova, expanding their collaboration from technical supply to the capital realm. Moving forward, HiNova will continue to supply Avatr with core solutions, including intelligent driving and intelligent cockpit systems. In turn, Avatr will handle vehicle development, system integration, and the joint development of subsequent facelifts and new-generation models.

From a product strategy perspective, Avatr has adopted a long-term dual-powertrain approach, integrating battery electric (BEV) and extended-range electric vehicle (EREV) technologies. All four of its models offer both powertrain options. Additionally, the company has accelerated its overseas market expansion, now operating in 43 countries and regions, with 95 sales and service outlets established across 12 key markets. There are also plans to open over 30 new overseas stores.

Financial data reveals that in 2025, Avatr generated RMB 25.631 billion in revenue, marking a year-on-year increase of 68.7%. Its gross margin improved to 9.4%, and its net loss narrowed to RMB 3.489 billion year-on-year. Nevertheless, the company's cumulative losses over three years still surpass RMB 11.2 billion.

As of the end of 2025, the company's cash reserves stood at RMB 9.69 billion, with operating cash flow remaining positive for two consecutive years. However, it still faces substantial funding requirements for R&D investment and channel expansion.

Overall, with the approval of the L3 autonomous driving test license, deepened capital cooperation, and the relaunch of its Hong Kong Stock IPO, Avatr is making simultaneous strides in technological upgrades, market expansion, and capital strategy. Amidst the intensifying competition in the intelligent vehicle sector, its subsequent progress in commercializing L3 autonomous driving merits ongoing attention.