AUX ELECTRIC CO., LTD. 奧克斯電氣有限公司 （根據開曼群島法律註冊成立的有限公司） （「本公司」） （股份代號：2580） 審核委員會的職權範圍 1 定義 1.1 就本職權範圍（「職權範圍」）而言： 細則指本公司組織章程細則。 審核委員會指根據本職權範圍第2條通過董事會的決議案設立的審核委員 會。 董事會指本公司的董事會。 公司秘書指本公司任何一位聯席公司秘書。 董事指董事會成員。 2 成員 3 出席會議 3.1 財務負責人、本公司內部審計主管及外聘核數師的一位代表一般須出席會 議。然而，審核委員會須每年至少兩次在沒有執行董事在場的情況下，與 外聘核數師及內部審計人員舉行會議。 4 會議的次數及程序 本集團指本公司及其不時的子公司，以及如文義所指，在本公司成為其現 時子公司的控股公司之前的期間，指的是這些子公司，就如同這些公司在 相關時間已成為本公司的子公司一樣。 上市規則指香港聯合交易所有限公司證券上市規則（經不時修訂）。 高級管理層指總裁、財務負責人以及本公司任何其他高級人員，其薪酬待 遇或建議薪酬待遇較任何由董事會委任的高級人員優厚；及任何其他由本 公司的薪酬委員會釐定為高級管理層 ...

的 開曼群島公司法（經修訂） 股份有限公司 奥克斯电气有限公司 的 經修訂及重述 組織章程大綱及細則 （經於 2025 年 8 月 20 日通過的特別決議案有條件採納並於 2025 年 9 月 2 日生效） 開曼群島公司法（經修訂） 股份有限公司 奥克斯电气有限公司 經修訂及重述 組織章程大綱 （經於 2025 年 8 月 20 日通過的特別決議案有條件採納並於 2025 年 9 月 2 日生效） DLK/842797-000002/30780020v2 1 本公司名稱為奥克斯电气有限公司。 2 本公司的註冊辦事處為位於 PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 的 Maples Corporate Services Limited 辦事處，或董事決定的開曼群島境內的其他地方。 3 本公司的成立宗旨並無限制，且本公司應擁有全部的權力及權限履行未受開曼群島法律禁止的任何 宗旨。 4 各股東的責任以相關股東股份的未繳股款金額為限。 5 本公司的股本為 50,000 美元，分為 10,000,000,000 股每股面值 0.00 ...

Group 1 - The core viewpoint of the news is that Aux Electric (02580) has successfully completed its IPO subscription with significant oversubscription, indicating strong investor interest [1] - Aux Electric recorded a total subscription of HKD 82.3 billion, with the public offering being oversubscribed by 456 times against a target fundraising amount of HKD 180 million [1] - The company plans to issue 207 million shares, with 5% allocated for public offering, and the share price range set between HKD 16 to HKD 17.42, aiming to raise up to HKD 3.609 billion [1] Group 2 - Aux Electric is one of the top five air conditioning providers globally, involved in the design, research, production, sales, and service of both residential and central air conditioning systems [2] - The company has a market share of 7.1% in the global air conditioning market and is the leading brand in China's mass-market home air conditioning sector with a market share of 25.7% [2] - From 2022 to 2024, Aux Electric is expected to achieve a compound annual growth rate (CAGR) of 30.0% in sales, significantly outpacing the global air conditioning market's CAGR of 4.6% during the same period [2] - The company's overseas market development is robust, with overseas revenue accounting for 57.1% of total revenue for the three months ending March 31, 2025 [2]

Group 1 - The core viewpoint of the news is that Aux Electric has successfully completed its IPO subscription with significant oversubscription, indicating strong investor interest [1] - Aux Electric recorded a total subscription of HKD 82.3 billion, with the public offering being oversubscribed by 456 times [1] - The company plans to issue 207 million shares, with a public offering accounting for 5% of the total, and the share price range set between HKD 16 to HKD 17.42 [1] Group 2 - Aux Electric is one of the top five air conditioning providers globally, with a market share of 7.1% based on 2024 sales [2] - The company is the leading brand in the Chinese household air conditioning market, holding a market share of 25.7% [2] - From 2022 to 2024, Aux Electric's sales are expected to grow at a compound annual growth rate (CAGR) of 30.0%, significantly outpacing the global air conditioning market's CAGR of 4.6% during the same period [2] - As of the three months ending March 31, 2025, overseas revenue accounted for 57.1% of the company's total income, highlighting its rapid international market development [2]

Investment Rating - The report assigns an IPO-specific rating of 5.5 out of 10 for the company, based on various criteria including operational performance, industry outlook, and market sentiment [8]. Core Insights - The company, AUX Electric, has been a significant player in the air conditioning industry for over 30 years, with a presence in more than 150 countries. It offers a wide range of products including home and central air conditioning systems [1]. - The global air conditioning market is projected to grow from RMB 1,018.6 billion in 2018 to RMB 1,312.8 billion by 2024, with a CAGR of 4.3%. The company holds a 7.1% market share, ranking fifth among competitors [2]. - The company has shown consistent revenue growth, with projected revenues of RMB 297.59 billion and net profits of RMB 29.10 billion for 2024, reflecting year-on-year growth rates of 27.0% and 23.0% respectively [1][12]. Company Overview - AUX Electric integrates design, research and development, production, sales, and service in the air conditioning sector, focusing on both home and commercial applications [1]. - The company has diversified its brand portfolio with "华蒜" and "AUFIT," along with high-end offerings like ShinFlow, to cater to a broader consumer base [1]. Industry Status and Outlook - The air conditioning market in China is also experiencing stable growth, with a projected increase from RMB 389.3 billion in 2018 to RMB 464.3 billion by 2024, at a CAGR of 3.0% [2]. - The competitive landscape is characterized by high concentration, with the top five players holding 88.1% of the market share in China, where the company ranks fourth [2]. Strengths and Opportunities - The company benefits from high brand recognition and a diversified customer base, with less than 20% of revenue coming from its top five customers. The management team is experienced and committed to ongoing research and development [3]. Financial Overview - The company’s financial performance shows a steady increase in revenue and net profit over the years, with a notable net profit margin improvement [12]. - The projected price range for the IPO is between HKD 16.00 and HKD 17.42, with an expected market capitalization of HKD 249.15 billion to HKD 271.26 billion post-IPO [11].

Group 1 - Aoxin Electric (02580) is currently in the process of an IPO, with a total borrowing of HKD 341.3216 billion from brokers including Futu, Huatai, and Yaocai, indicating an oversubscription of over 188 times [1][2] - The total amount raised in the IPO is HKD 1.80 billion [2] Group 2 - The breakdown of the borrowing by brokers is as follows: Huatai (HKD 125 million), Futu (HKD 119.4 million), Yaocai (HKD 11 million), and others totaling HKD 68.298 million [2]

Core Viewpoint - Aux Group is set to launch its IPO on the Hong Kong Stock Exchange, with a total issuance expected to reach approximately 2.74 billion shares, aiming to raise between 33.15 billion to 47.73 billion HKD, potentially becoming the largest non-A to H IPO in 2025 [1][2]. Fundraising and Market Confidence - The initial fundraising target was set at 6-8 billion USD, but the actual issuance structure indicates that this target cannot be met without fulfilling multiple conditions, reflecting a lack of market confidence in the company's valuation [2][3]. - The maximum fundraising amount is 47.73 billion HKD (approximately 6.09 billion USD), contingent on the highest pricing and full exercise of both the 15% adjustment and over-allotment options [2]. Cornerstone Investors - Aux Group has attracted five cornerstone investors, with a total subscription amount of 9.74 billion HKD, representing only 24.5% of the total issuance, which is below the average level for similar IPOs in the Hong Kong market [3][4]. - Notably, there are no foreign institutional investors among the cornerstone investors, contrasting with other IPOs of similar scale that typically include foreign participation [4][6]. Valuation and Market Position - The company's estimated market capitalization at the midpoint of the pricing range is approximately 26.5 billion HKD, with projected P/E ratios of 8.3x for 2024 and 7.8x for the trailing twelve months [7][8]. - Comparatively, leading companies in the home appliance sector have higher average P/E ratios, indicating that Aux Group's valuation does not adequately reflect its fundamental weaknesses [7][9]. Financial Health and Risks - Aux Group's gross margin for its air conditioning business is significantly lower than that of its competitors, and nearly 50% of its revenue comes from OEM operations, which may limit its pricing power and profit margins [8][9]. - The company has faced scrutiny over its dividend policy, having declared a substantial dividend prior to the IPO, raising questions about its fundraising motives and financial stability [9].

Group 1 - The core point of the news is that Aux Electric (02580) is currently in the process of an IPO, with significant interest from brokers leading to a substantial oversubscription [1][2]. - As of August 26, brokers including Futu, Huatai, and Yao Cai have collectively lent 85.7578 billion HKD to Aux Electric, indicating an oversubscription rate exceeding 48 times [1][2]. - The total amount raised in the IPO is reported to be 1.8 billion HKD, reflecting strong market demand for the shares [2]. Group 2 - The breakdown of the funds lent by various brokers includes Futu with 38.37 billion HKD, Huatai with 8.80 billion HKD, and Yao Cai with 3.50 billion HKD, among others [2]. - The total amount from other brokers sums up to 33.0808 billion HKD, contributing to the overall lending amount [2]. - The high level of oversubscription suggests a strong investor confidence in Aux Electric's market potential [1][2].

每天解读一家上市企业 买股票就是买公司的未来，解读上市公司，分析投资价值（股万0.85，ichuang001） 三星医疗主营从事智能配用电设备和医疗服务两块业务。 奥克斯国际主要从事物业管理业务。 本次赴港上市的奥克斯电气，主营业务是家用空调和中央空调的研发、生产与销售，产品覆盖家庭住宅、办公楼宇、商场、酒店、医院、工业产业园等应 用场景。 根据2024年销量，奥克斯电气是全球第五大空调提供商，市场份额高达7.1%。 奥克斯电气(02580)于8月25-28日在港交所招股，拟全球发售2.07亿股 今天，我们来给大家分析港交所新股——奥克斯电气 奧克斯电气有限公司是奥克斯集团的子公司。 目前，奥克斯集团旗下已经有2家上市公司，在A股上市的三星医疗、港股上市的奥克斯国际。 奥克斯电气2022年至2024年营收分别为195.28亿元、248.32亿元、297.59亿元，三年复合增长率23.5%；2025年第一季度收入93.52亿元，同比增长27.0%。 2022年至2024年的净利润分别为14.42亿元、24.87亿元、29.10亿元。2025年第一季度净利润为9.25亿元，同比增长23.0%。 | | | | 截 ...

Core Viewpoint - AUX Electric has announced its IPO, planning to issue approximately 207 million shares globally, with an expected pricing date of August 29, and a share price range of HKD 16.00 to HKD 17.42, with trading expected to commence on September 2, 2025 [1][3]. Company Overview - AUX Electric is one of the top five air conditioning providers globally, integrating design, research and development, production, sales, and service for both household and central air conditioning systems. The company operates in over 150 countries and regions, seizing opportunities in the global air conditioning market, which is projected to reach RMB 1.3128 trillion by 2024 [4][25]. Market Position - According to Frost & Sullivan, AUX Electric is projected to hold a 7.1% market share by sales volume in 2024, ranking as the fifth largest air conditioning provider globally [4][17]. Product and Brand Strategy - The company utilizes the "AUX" brand for its domestic and international markets, while also developing sub-brands such as "HuaSuan" and "AUFIT," along with high-end brands like "ShinFlow" [5]. Sales and Distribution Model - AUX Electric has implemented a new retail model that integrates online and offline sales, enhancing communication and cooperation with small and medium-sized retailers. This model simplifies the distribution structure and optimizes the supply chain through digital means [17][24]. Research and Development - The company has established a comprehensive global R&D network with centers in Ningbo, Zhuhai, and Japan, focusing on energy efficiency, comfort, health, and smart technology. As of March 31, 2025, AUX Electric has over 1,600 dedicated R&D personnel and has obtained more than 12,000 registered patents [18][21]. Financial Performance - AUX Electric's revenue for the first quarter of 2024 was RMB 297.59 million, reflecting a growth of 19.8% compared to the same period in 2023. The gross profit for the same period was RMB 62.40 million, with a net profit of RMB 29.10 million [35][38].