专注新能源汽车换电业务的奥动新能源于7月19日第二次向港交所递交上市申请，力争成为港股"换电第一股"[1]。蔚来资本曾是其重要投资方，在2018年Pre-A轮投入2.5亿元，2019年又追加1.5亿元，合计4亿元，目前持有奥动新能源5.53%的股份[1]。
然而奥动的经营状况面临严峻挑战。2023年至2025年间，其营收从11.55亿元下降至6.77亿元，下降超过四成，同期净亏损分别为6.55亿元、4.19亿元和3.07亿元，三年零四个月累计亏损约14.73亿元[1]。自营换电站尤为困顿，2025年毛利率为-21.4%，每收入100元付出121元成本[1]。为止血，奥动从2023年开始陆续砍掉107座自营换电站，现仅剩214座[1]。
竞争格局中，奥动已沦为行业第三梯队。截至2026年7月初，蔚来已建成3958座换电站，累计完成超过1亿次换电[1]；2025年换电站运营服务收入排名中，蔚来约31亿元、宁德时代约15亿元、奥动仅约5.02亿元[1]。截至2026年4月，奥动连接531座换电站，与16家以上主流车企合作[1]，但这无法掩盖其在行业内被蔚来等巨头压制的现实。
Aodong Energy, a battery-swapping-focused new energy vehicle company, submitted its second application for Hong Kong Stock Exchange listing on July 19 to pursue the title of "first battery-swap stock" in Hong Kong [1]. The company has struggled with persistent losses and mounting competition from automotive and battery giants, particularly from its early investor Nio.
Nio Capital invested a combined 400 million yuan in Aodong between 2018 and 2019, acquiring a 5.53% stake through two funding rounds—250 million yuan in the Pre-A round in 2018 and an additional 150 million yuan in 2019 [1]. Following its 2022 financing, Aodong was valued at approximately 11.9 billion yuan [1]. However, the company's financial performance has deteriorated sharply. Revenue declined from 1.155 billion yuan in 2023 to 677 million yuan in 2025, a drop exceeding 40% [1]. Over three years and four months through 2025, Aodong accumulated net losses of approximately 1.473 billion yuan, with annual net losses of 655 million yuan in 2023, 419 million yuan in 2024, and 307 million yuan in 2025 [1].
The company's self-operated battery-swap stations have been particularly challenging, with a negative gross margin of -21.4% in 2025, meaning the company spent 121 yuan to generate every 100 yuan in revenue [1]. Since 2023, Aodong has progressively closed 107 self-operated stations and operated only 214 as of the filing [1]. As of April 2026, Aodong connected 531 battery-swap stations across its network and partnered with over 16 mainstream automakers [1].
The competitive landscape has intensified significantly. In 2025 battery-swap station operating service revenue rankings, Nio led with approximately 3.1 billion yuan, followed by Contemporary Amperex Technology Co., Limited (CATL) at around 1.5 billion yuan, with Aodong third at 502 million yuan [1]. By early July 2026, Nio had constructed 3,958 battery-swap stations and completed over 100 million swap transactions [1].
