Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 12.04 [1][5][6] Core Views - The company achieved a revenue of RMB 30.049 billion in 2025, a year-on-year increase of 1.0%, while the net profit attributable to the parent company was RMB 2.235 billion, a decrease of 23.2% year-on-year. The performance aligns with previous earnings forecasts [1] - The decline in profit is attributed to factors such as US-China tariff disruptions and high channel inventory levels, leading to cautious ordering from overseas clients in the second half of 2025. Additionally, rising raw material prices and intensified domestic competition have pressured the gross margin [1] - Looking ahead, the company is expected to benefit from high manufacturing efficiency and cost control barriers, with rapid growth in overseas OBM (Original Brand Manufacturer) business contributing to revenue growth. The easing competition in the domestic air conditioning market is also anticipated to drive profit recovery [1] Revenue Analysis - Domestic sales in 2025 were RMB 15.308 billion, a year-on-year increase of 1.5%, while external sales were RMB 14.741 billion, a year-on-year increase of 0.4%. The decline in external sales in the second half of 2025 was primarily due to high channel inventory levels and cautious purchasing by overseas ODM clients [2] - The company established five new sales companies in Vietnam, Saudi Arabia, Dubai, Italy, and Spain in 2025, with plans to open 3-5 new sales companies annually to continue expanding into untapped markets [2] Product and Brand Performance - In terms of product performance, the revenue from household air conditioners and central air conditioners in 2025 increased by 1.3% and 1.9% respectively, with gross margins of 16.0% and 31.0%. The decline in household air conditioner gross margin was mainly due to intense market competition and rising raw material prices [3] - The main brand, AUX, generated revenue of RMB 15.91 billion in 2025, a year-on-year increase of 2.5%. The ODM business saw a revenue decline of 3.8% to RMB 11.78 billion, primarily due to a decrease in overseas ODM orders [3] Financial Metrics - The overall gross margin for 2025 decreased by 2.1 percentage points to 18.8%, mainly due to the decline in household air conditioner gross margin. The operating expense ratio increased by 1.1 percentage points to 11.2%, driven by increased expenses related to newly established overseas sales companies and promotional investments [4] - The net profit margin for 2025 was 7.4%, a decrease of 2.3 percentage points year-on-year [4] Profit Forecast and Valuation - The profit forecast for 2026-2028 has been adjusted downwards due to rising raw material prices and the pace of demand recovery. The expected net profits for 2026, 2027, and 2028 are RMB 2.412 billion, RMB 2.654 billion, and RMB 2.917 billion respectively [5] - The target price is set at HKD 12.04, based on a valuation of 7 times PE for 2026, reflecting a slight discount compared to leading brands like Midea Group and Gree Electric [5]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 奥克斯电气有限公司 | | 股份代號 | 02580 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度末期股息及暫停辦理股份過戶登記手續 | | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 1.06 RMB | | 股東批准日期 | 2026年6月5日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯 ...

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 30,048,580, an increase of 0.97% from RMB 29,759,319 in 2024[2] - Gross profit for the same period was RMB 5,659,657, down 9.28% from RMB 6,240,325 in 2024[2] - The net profit for the year was RMB 2,234,983, a decrease of 23.2% compared to RMB 2,910,171 in 2024[3] - The total comprehensive income for the year was RMB 2,454,979, compared to RMB 2,982,107 in 2024, indicating a decline of 17.6%[3] - The company reported a basic and diluted earnings per share of RMB 1.56, down from RMB 2.23 in 2024[3] Revenue Breakdown - Revenue from household air conditioning sales was RMB 24,887.22 million, up from RMB 24,568.23 million in the previous year, reflecting a growth of 1.30%[17] - Revenue from central air conditioning sales increased to RMB 3,214.31 million, compared to RMB 3,169.84 million in 2024, marking a growth of 1.40%[17] - Revenue from external customers in mainland China was RMB 15,307.53 million, a 1.52% increase from RMB 15,078.58 million in 2024[13] - The company recorded a revenue of RMB 15,913.7 million from the AUX brand, a 2.5% increase compared to the previous year[95] - Revenue from the Asian market (excluding mainland China) grew by 11.8% year-on-year, contributing significantly to overall revenue growth[89] Expenses and Costs - The cost of sold inventory was RMB 20,407,781 thousand in 2025, an increase from RMB 19,620,017 thousand in 2024, indicating a rise of 4.0%[25] - Sales and distribution expenses increased by RMB 326.1 million (25.5%) due to business expansion and increased promotional spending[89] - Administrative expenses rose by 6.0% to RMB 1,086.8 million, maintaining a stable percentage of revenue at 3.6%[101] - Research and development expenses amounted to RMB 688,699, a slight decrease from RMB 710,035 in 2024[2] - The gross profit margin for the fiscal year was 18.8%, down from 21.0% in the previous year, primarily due to intense market competition and rising raw material costs[89] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 31,422,286, up from RMB 24,170,972 in 2024[4] - Current assets increased to RMB 21,972,037 from RMB 15,783,261 in 2024, reflecting a growth of 39.1%[5] - Non-current assets totaled RMB 8,177.65 million in 2025, an increase of 16.00% from RMB 7,049.56 million in 2024[14] - The total liabilities decreased to RMB 21,460,899 from RMB 20,335,266 in 2024, showing a reduction of 5.4%[5] - The debt ratio decreased by 15.8 percentage points to 68.3% as of December 31, 2025, from 84.1% as of December 31, 2024, primarily due to increased cash and bank balances from IPO proceeds[113] Cash Flow and Investments - The company’s cash and bank balances increased significantly to RMB 6,879,199 from RMB 2,907,756 in 2024[4] - Cash and cash equivalents net balance increased by 299.9% to RMB 5,416.4 million in 2025[110] - Capital expenditures increased from RMB 1,126.7 million in 2024 to RMB 1,350.3 million in 2025, mainly due to production facilities being in the manufacturing stage[116] - The total employee count decreased to 15,631 as of December 31, 2025, from 19,794 as of December 31, 2024, with total salary costs remaining relatively stable at RMB 2,358.8 million[122] Research and Development - The company has established three R&D centers in Ningbo, Zhuhai, and Japan, focusing on product development and technology transformation, and has received a total of 19 provincial and ministerial-level science and technology awards[55] - The company’s new product development focuses on energy efficiency, comfort, health, and intelligence, with innovations such as dual-axis air delivery technology and ultra-quiet operation[58] - The company aims to increase R&D investment, focusing on smart control, energy efficiency, and green low-carbon technologies to drive product upgrades and brand elevation[79] Market and Sales Strategy - The company has expanded its market presence to over 160 countries and regions, leveraging a unique "small direct sales" ecosystem and innovative online retail models[52] - The company has signed an exclusive strategic partnership with JD Wuxing Electric, fully entering JD MALL and other experiential stores to enhance user engagement through integrated online and offline sales[60] - The company has launched a series of innovative consumer engagement activities, including community group buying and store live streaming, which have successfully increased foot traffic and sales[61] Risk Management - The company faces foreign exchange risk due to nearly 50% of its revenue coming from overseas, and it employs hedging arrangements to mitigate this risk[83] - The company has implemented effective measures to hedge foreign exchange risks and commodity price risks through various financial instruments[120] Corporate Governance - The company has established an audit committee to review and monitor financial reporting processes, risk management, and internal controls[141] - The financial statements for the year ending December 31, 2025, have been reviewed by the audit committee and are deemed to comply with applicable accounting standards[141]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 AUX ELECTRIC CO., LTD. 奥 克 斯 电 气 有 限 公 司 奧克斯电气有限公司 鄭堅江 董事會主席兼執行董事 香港，二零二六年三月十七日 於本公告日期，執行董事為鄭堅江先生及忻寧先生；非執行董事為鄭江先生、何 錫萬先生及李健女士；以及獨立非執行董事為項偉先生、荊嫻博士及陶勝文先生。 （ 根 據 開 曼 群 島 法 律 註 冊 成 立 的 有 限 公 司 ） （股份代號：2580） 董事會會議日期 奧克斯電气有限公司（「本公司」及其附屬公司，統稱為「本集團」）董事（「董事」）會 （「董事會」）謹此宣佈，本集團將於二零二六年三月二十七日（星期五）召開董事會 會議，藉以（其中包括）考慮及批准本集團截至二零二五年十二月三十一日止的年 度全年業績及其發佈，考慮派付末期股息（如有）及處理任何其他事項。 承董事會命 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 AUX ELECTRIC CO., LTD. 奥 克 斯 电 气 有 限 公 司 （ 根 據 開 曼 群 島 法 律 註 冊 成 立 的 有 限 公 司 ） （股份代號：2580） 由於本公司仍在落實本集團截至2025年12月31日止年度的業績，本公告所載資 料僅根據對截至本公告日期董事會所獲得的未經審核綜合管理賬目及相關收入和 費用預測估計所作出的初步評估，並未經本公司核數師審核或審閱，亦未經本公 司審核委員會審閱，且上述資料或會作出調整。有關本集團財務資料的進一步詳 情將於本集團截至2025年12月31日止年度的全年業績公告內披露，該公告預期 將根據上市規則於2026年3月刊發。因此，上述數字僅供股東及投資者參考。股 東及潛在投資者務請細閱本公司截至2025年12月31日止年度之全年業績公告。 – 1 – 股東及潛在投資者於買賣本公司股份時，務請審慎行事。 承董事會命 奥克斯电气有限公司 鄭堅江 盈 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 奧克斯電氣有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02580 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | 本月底法定/註冊股 ...

Group 1 - The stock of Aux Group (02580.HK) increased by over 4% during trading, reaching a rise of 4.36% at HKD 12.22 per share [2] - The trading volume amounted to HKD 28.2446 million [2]

Group 1 - The stock of Aux Group (02580.HK) increased by over 4% during trading, reaching a rise of 4.36% at 12.22 HKD per share [1] - The trading volume amounted to 28.2446 million HKD [1]

Group 1 - The core viewpoint of the article highlights that AUX Electric (02580) has announced a price increase of 6%-10% for its central air conditioning products starting from March 1, 2026, due to significant increases in raw material costs, including a 40% rise in copper prices, a 20% rise in aluminum prices, and an 80% rise in refrigerants [1][1][1] - AUX Electric's stock price rose by 4.36% to HKD 12.22, with a trading volume of HKD 28.2446 million, indicating positive market sentiment following the announcement [1][1][1] - China Galaxy Securities notes that the home appliance sector is experiencing cost-driven price increases and structural upgrades, with the current cost increase cycle differing from the significant cost increases observed from Q3 2020 to Q2 2022 [1][1][1] Group 2 - The report anticipates that the fourth quarter of 2025 will be the most competitive and cost-pressured period for the air conditioning market, suggesting that the price increases in 2026 will alleviate industry cost pressures significantly [1][1][1]

Group 1 - The core viewpoint of the article highlights that AUX Electric (02580) has announced a price increase of 6%-10% for its central air conditioning products starting from March 1, 2026, due to significant increases in raw material costs, including a 40% rise in copper prices, a 20% rise in aluminum prices, and an 80% rise in refrigerants [1][1][1] - AUX Electric's stock price rose by 4.36% to HKD 12.22, with a trading volume of HKD 28.2446 million, indicating positive market sentiment following the announcement [1][1][1] - China Galaxy Securities noted that the home appliance industry is facing cost-driven price increases and structural upgrades, with the current cost increase cycle differing from the significant cost increases observed from Q3 2020 to Q2 2022 [1][1][1] Group 2 - The report anticipates that the fourth quarter of 2025 will be the most competitive period for the air conditioning market, with significant cost pressures [1][1][1] - The price adjustments in 2026 are expected to alleviate industry cost pressures significantly [1][1][1]