On November 5th, Thalys officially landed on the Hong Kong stock market, becoming the first luxury new energy vehicle company to achieve A+H dual listings in both places. However, on its first day of listing, its Hong Kong and A-shares stocks both op

Although the net proceeds of this IPO reached 14.016 billion Hong Kong dollars, making it the largest-ever IPO of a car company on the Hong Kong stock exchange since 2025, with a market value exceeding that of Chery Automobile, the market response re

From an once marginal comfort car to a counter-attack sample with a market value of hundreds of billions, Thalys has achieved explosive growth in sales and revenue with its deep partnership with Huawei over the past four years through the AITO brand,

However, behind this capital feast, there are structural concerns that cannot be ignored. Thalys admitted in its prospectus that it is highly dependent on Huawei, and a series of signals such as recent quarterly profit decline, year-on-year sales dec

The successful listing is just the beginning. Thalys must prove to the capital market that it is not just a Huawei subcontractor, but a new energy player with self-healing capabilities and a logic of sustained growth.

01

The Rise of Thalys

Transformation Journey from a Marginal Auto Company to a Giant with Hundred Billion Revenue

In the fierce competition of China's new energy vehicle market, Thalys's experience can be considered as a textbook for business counterattack. Just a few years ago, this company was struggling to survive in the market under the name of Xiao Kang Aut

However, to some extent, the rise of Celis Group is a history of "changing fate against heaven" led by founder Zhang Xinghai and undergoing three major transformations.

In 1986, Zhang Xinghai started with 8,000 yuan and entered the manufacturing industry based on spring and shock absorber production.

By seizing market opportunities in 2003, we joined hands with Dongfeng Automobile to establish a joint venture company called “Dongfeng Yuan’an”. This company produces Dongfeng Xiaokang brand mini-vehicles, expanding our business scope to the manufac

By 2016, even after the company had successfully listed on the A-share market, he still firmly abandoned path dependencies with low profits. That same year, he embarked on his third and most critical entrepreneurial venture - betting fully on new ene

At the beginning of its transformation, Thalys experienced years of exploration and struggle until it reached a turning point in 2021 with a deep collaboration with Huawei. With the launch of the AITO brand, Thalys quickly achieved an astonishing lea

With a precise product layout, the AITO brand has successfully launched four models including the M5, M7, M8, and M9 in just four years, covering the SUV segment in the price range of 200,000 to 600,000 yuan. This strategy has not only driven the com

According to the latest plan, Thalys will be listed on the Hong Kong Stock Exchange in November 2025. The expected fundraising scale will break the record set by Chery Automobile, making it the largest IPO of a car company in Hong Kong this year and

The financial data demonstrates the results of this transformation in a visual manner. As of the third quarter of 2025, the company's revenue reached 110.534 billion yuan, with a year-on-year growth of 3.67%. The total profit margin was 6.699 billion

The response in the capital market is more enthusiastic: since the low point of less than 13 yuan in 2021, the stock price of Thalys has soared to 174 yuan in 2025, with a cumulative increase of over 1200%, becoming the most watched "weird stock" in

【Screenshot from the 2025 third-quarter report】

The explosive growth in sales has laid a solid foundation for this business miracle. Data shows that from 2022 to 2024, the annual sales of the Ask Fusion brand soared from 78,000 vehicles to 388,700 vehicles, achieving a nearly fivefold increase.

This growth has directly led to a fundamental change in the brand's revenue structure: the proportion of Askboat in total revenue has jumped from about 60% in 2022 to more than 90% in 2024, and remains at a high level of over 90% in the first half of

【Screenshot from the prospectus】

In the fiercely competitive new energy vehicle sector, Celis 'profit performance is equally eye-catching. In the first half of 2025, the company's parent net profit reached 2.941 billion yuan, a year-on-year growth rate of 81.03%, ranking first among

It is worth noting that this Hong Kong IPO has received strong support from top global investment institutions. 22 cornerstone investors, including Schroders, Mirae Asset in Korea, China Post Financial Services, and Chongqing Yufu, have subscribed to

If priced at a ceiling of HK$131.50 per share, the market value of Celis in Hong Kong stocks is expected to be close to HK$215 billion, officially ranking among the first tier of domestic new energy automobile companies, which is equivalent to the ma

02

Beneath the Halo: Hidden Worries

Over-dependence and growth bottleneck to be solved

However, behind this seemingly perfect business comeback, there lies profound structural risks. In its prospectus, Thalys unusually highlighted the "concentration and counterparty risks" associated with its collaboration with Huawei, stating that any

After carefully analyzing its financial data, hidden clues have emerged. Although the cumulative net profit has maintained a year-on-year growth of 31.56%, the net profit in the third quarter of 2025 showed a decline of 1.74%. The single-quarter net

What is more concerning is the quality of earnings. From the beginning of the year to the end of the reporting period, the company's non-recurring profits and losses reached 545 million yuan, accounting for 10.26% of net profits. Among them, governme

In terms of market performance, the downward trend is even more evident. In the first nine months of 2025, the cumulative sales of the Sylec brand reached 276,200 vehicles, a year-on-year decrease of 5.72%. The sales of the AITO series reached 263,60

【Screenshot from September Production and Sales Express】

At the same time, with the continuous expansion of Huawei's partner circle for smart car solutions, Thalys' exclusive advantage within Huawei's system is being rapidly diluted. Huawei has collaborated with car companies such as Chery, BAIC, and Jiang

The latest data shows that the sales of models such as Lan Tu Sound, the Wi-Fi 7 from Visionary Cell and the Avita 07, which also rely on Huawei technology, are catching up to the sales of models like the Ask Cars M8, M9 and M5 in a comprehensive man

In the external market, brands such as Zero Running and Xiaopeng have continued to lower prices based on their scale advantages, while brands like Zeekr and Shanyang have achieved profit breakthroughs relying on the supply chains of traditional car c

Faced with increasingly fierce market competition, Wenjie brands have to join the ranks of price wars. Faced with the strong siege of new players such as Xiaomi YU9, Wenjie M9 launched a "50,000-yuan smart driving rights package" to reduce prices in

Meanwhile, Huawei's ADS4.0 intelligent driving system has become an option for vehicles equipped with HarmonyOS Drive system. Intelligent features like the media rearview mirror in the Askbo M9 are also present in the Enjoy Auto S9, indicating that t

In the process of seeking breakthroughs, Thalys has begun to plan its second growth curve. Recently, its subsidiary Chongqing Fenghuang Technology has signed a cooperation agreement with ByteDance's Volcano Engine to jointly develop embodied intellig

However, the new track is also full of challenges. The robot industry is still in the early stages of commercialization, and its technical path and business model are immature, requiring long-term and large-scale R & D investment. In addition, Guangz

Going public is not an end, but a beginning for Thalys to prove to the capital market that it is not just a Huawei OEM factory. As the Huawei halo gradually fades and industry price wars continue to intensify, the real test for Thalys may have just b

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