From：Internet Info Agency 2026-07-01 09:48:09
AVATR Technology (Chongqing) Co., Ltd. submitted an application for listing on the Hong Kong Stock Exchange on June 30, 2025, with China Securities and CICC acting as joint sponsors. According to the prospectus, Changan Automobile holds a 40.99% stake in AVATR, making it the largest shareholder, while CATL owns 9.17%. In 2025, AVATR reported total revenue of RMB 25.631 billion, an increase of 68.7% year-over-year. Gross profit, which turned positive for the first time in 2024, rose further to RMB 2.417 billion in 2025, yielding a gross margin of 9.4%. Operating cash flow for the same period amounted to RMB 2.315 billion. The company recorded net losses of RMB 3.693 billion, RMB 4.018 billion, and RMB 3.489 billion in 2023, 2024, and 2025, respectively. In 2025, AVATR made a strategic investment of RMB 11.5 billion to acquire a 10% equity stake in Yinwang, recognizing investment income of RMB 182 million from this associate company during the year. Regarding overseas markets, AVATR generated RMB 1.398 billion in international revenue in 2025, accounting for 5.5% of total revenue, with the average selling price of its overseas models exceeding RMB 300,000.
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