Core Viewpoint - Aux Electric is experiencing significant revenue and profit growth, but faces challenges such as high debt levels and pre-IPO dividend payouts [1][3]. Group 1: Company Overview - Aux Electric, established in 1994 and headquartered in Ningbo, Zhejiang, is a global enterprise involved in the design, research, production, and sales of home and central air conditioning [1]. - The company's revenue is projected to grow from 19.528 billion yuan in 2022 to 29.759 billion yuan in 2024, with a compound annual growth rate (CAGR) of 23.4% [1]. - Net profit is expected to increase from 1.442 billion yuan in 2022 to 2.910 billion yuan in 2024, with a CAGR of 42.1% [1]. Group 2: Market Position - In Q1 2025, home air conditioning accounted for 89.5% of the company's revenue, with wall-mounted units contributing 75.7% [1]. - Aux Electric ranks fifth globally in air conditioning sales, holding a market share of 7.1% as of 2024 [1]. - The company leads the Chinese market for home air conditioning priced at or below 2,500 yuan, with a market share of 25.7% [1]. Group 3: Financial Performance - The company's overseas revenue share increased from 42.9% in 2022 to 57.1% in Q1 2025, driven by growth in Southeast Asia, North America, and the Middle East [2]. - In 2024, the average online price of home air conditioning dropped to 2,207 yuan, a decline of 11.2%, resulting in a market share decrease to 5.02% [2]. - The gross profit margin for 2024 was only 21%, which is relatively low among air conditioning companies due to rising raw material costs and upgraded energy efficiency standards [2]. Group 4: Corporate Governance and IPO - Aux Electric's asset-liability ratio reached 84.1% in 2024, and the company distributed a substantial pre-IPO dividend of 3.794 billion yuan, significantly reducing cash reserves [3]. - The IPO will issue 13.3% of total shares, aiming to raise approximately 3.46 billion HKD at a median offer price of 16.71 HKD per share [3]. - The net proceeds from the global offering will be allocated as follows: 50% for upgrading smart manufacturing and supply chain management, 20% for global R&D, 20% for enhancing sales and distribution channels, and 10% for working capital and general corporate purposes [3].

Group 1: Company Overview - AUX Electric, established in 1994 and headquartered in Ningbo, Zhejiang, is a global enterprise engaged in the design, research and development, production, and sales of household and central air conditioning systems [3] - The company operates under the main brand "AUX" and has developed sub-brands such as "HuaSuan" and "AUFIT," along with a high-end line "ShinFlow," creating a brand matrix that covers various consumer segments [3] - As of 2024, AUX ranks fifth globally in air conditioning sales, holding a market share of 7.1%, with operations in over 150 countries and regions, including Southeast Asia, North America, and the Middle East [3] Group 2: Financial Performance - AUX's revenue grew from RMB 19.53 billion in 2022 to RMB 29.76 billion in 2024, representing a compound annual growth rate (CAGR) of 23.4%. Net profit increased from RMB 1.44 billion to RMB 2.91 billion during the same period, with a CAGR of 42.1% [5][6] - In Q1 2025, the company reported revenues of RMB 9.35 billion and a net profit of RMB 0.93 billion, reflecting year-on-year growth of 27% and 23%, respectively [6] - The household air conditioning segment is the primary revenue driver, accounting for 89.5% of total revenue in Q1 2025, with wall-mounted units contributing 75.7% of that segment [7] Group 3: Market Position and Strategy - The global air conditioning market is expected to reach RMB 1.53 trillion by 2028, with a CAGR of 4.0% from 2024 to 2028. The industry is highly competitive, dominated by three major players: Midea, Gree, and Haier, which together hold about 60% of the market share [9] - AUX's strategy includes a "direct sales through online platforms" model to reduce intermediary costs and rapid expansion through overseas ODM (Original Design Manufacturer) partnerships, although its brand premium remains a challenge [9] - The company's overseas revenue share increased from 42.9% in 2022 to 57.1% in Q1 2025, with significant growth in Southeast Asia, North America, and the Middle East [8] Group 4: IPO Details - AUX Electric is planning an IPO with a total issuance of 207 million shares, priced between HKD 16 and HKD 17.42, aiming to raise approximately HKD 3.46 billion [2][9] - The IPO will have a cornerstone investment from five investors, accounting for 28.1% of the offering, and the public offering will initially represent 5% of the total shares [2][10] - The estimated market capitalization upon listing is between HKD 249.15 billion and HKD 271.26 billion, with a forward valuation of approximately 7 times earnings, comparable to Gree's valuation [9]

| 新股仔展(8月25日) | | | | | --- | --- | --- | --- | | 新股 | 券商 富途 | 仔展(亿港元) 9.03 | 息率(%) 0.00 | | 耀才 | 信诚 在立 | 1.20 1.00 0.95 | 0.00 0.00 0.00 | | 图立 | | 0.9331 | 0.00 | | रू र | | 0.3 | 0.00 | | 奥克斯电气(02580) | 艾德 | 0.053 | 0.00 | | 其他总和 | | 7.6882 | | | 并计 | | 21.1543 | | | | | 集资额: 1.8亿元 | | | | | 认购:超购逾10.7倍 | | 智通财经APP获悉，奥克斯电气(02580)正在招股中。截止8月25日，富途、耀才、信诚等券商合计为奥 克斯电气借出21.1543亿港元，超购逾10.7倍。 ...

值得一提的是，奥克斯电气海外市场发展迅猛，对整体业绩贡献很大，截至2025年3月31日止三个月， 其海外收入占比达57.1%。 在乡村振兴政策、城镇化进程带来的下沉市场增量需求以及消费者对产品性价比愈加关注等因素的推动 下，大众市场已经成为中国空调行业增长的重要引擎。奥克斯电气把握行业发展机遇，依靠销售覆盖面 和高性价比的产品，持续扩大市场份额和品牌影响力。 招股书显示，奥克斯电气香港IPO募资金额计划用于新产品的研发及现有产品的持续升级、设立海外研 发中心及扩充全球研发团队、投入长期研发工作(重点聚焦持续研究及升级空调的基础技术)、升级智能 制造体系及供应链管理、加强销售及经销渠道、营运资金及一般公司用途。 此次招股，奥克斯电气有望借助资本市场的力量进一步提升品牌影响力，拓展市场份额，完善产业链布 局。对于投资者而言，奥克斯电气在行业内的地位以及未来的发展潜力，或将带来新的投资机遇。 智通财经APP获悉，8月25日，全球前五大空调提供商之一——奥克斯电气有限公司(02580)(以下简 称"奥克斯电气")正式开启招股。公司拟发行约2.07亿股，其中香港发售约占5%，国际发售约占95%， 最高发行价为每股17. ...

Group 1 - The core point of the article is that Aux Electric (2580.HK) is launching an IPO from August 25 to August 28, aiming to raise up to HKD 3.609 billion with a maximum share price of HKD 17.42 [1] - The company plans to issue a total of 207,161,200 shares, with 10,358,200 shares available for public offering in Hong Kong and 196,803,000 shares for international placement [1] - Aux Electric, established in 1994, specializes in the design, research and development, production, sales, and service of high-quality home and central air conditioning systems [1] Group 2 - The revenue projections for Aux Electric from 2022 to 2024 are HKD 19.528 billion, HKD 24.832 billion, and HKD 29.759 billion respectively [1] - The gross profit for the same period is expected to be HKD 4.150 billion, HKD 5.422 billion, and HKD 6.240 billion, with gross margins of 21.3%, 21.8%, and 21.0% [1] - The net profit forecasts are HKD 1.442 billion, HKD 2.487 billion, and HKD 2.910 billion, with net profit margins of 7.4%, 10.0%, and 9.8% [1] Group 3 - The company intends to allocate approximately 20% of the net proceeds from the IPO for global research and development [2] - About 50% of the funds will be used to upgrade smart manufacturing systems and supply chain management [2] - Approximately 20% will be directed towards strengthening sales and distribution channels, and 10% will be used for working capital and general corporate purposes [2]

空调行业作为现代生活与工业生产的关键支撑，对调节室内环境、提升生活品质及保障工业生产稳定性 至关重要。近年来，随着新兴市场的崛起、消费的不断升级以及技术创新的持续推动，全球空调产业蓬 勃发展，市场规模不断扩大。 在空调产业持续升级与全球扩张的关键节点，8月25日，全球空调行业中的领军企业——奥克斯电气电 气有限公司（奥克斯电气，股份代号：2580.HK）正式启动招股，阔步迈向港股市场，中金公司 （601995）为其独家保荐人。 同时，奥克斯电气紧跟时代步伐，快速迭代产品，不断丰富产品矩阵，产品应用场景广泛覆盖家庭住 宅、办公楼宇、商场、酒店、医院、工业产业园等，全方位契合全球碳中和的绿色愿景与消费升级大趋 势。 此外，奥克斯电气还是智能空调领域的重要参与者，凭借在语音识别、语义理解等尖端技术领域的深厚 积累与持续创新，始终保持着行业领先地位，为用户带来更加便捷、智能的空调使用体验。 加速全球化布局 海外销售业绩持续攀升 在全球化战略方面，近年来，奥克斯电气坚定不移地推进全球化纵深布局，稳步践行全球化发展的宏伟 蓝图。早在2019年，公司便以前瞻性的眼光在日本设立研发中心，同年，泰国生产基地顺利投产，以先 进的 ...

Core Viewpoint - Aux Electric Co., Ltd. has officially launched its IPO, aiming to raise funds for product development and market expansion, positioning itself as a leading player in the air conditioning industry [1][3] Group 1: IPO Details - The company plans to issue approximately 207 million shares, with 5% allocated for Hong Kong and 95% for international offerings, at a maximum price of HKD 17.42 per share [1] - The IPO is expected to be listed on the Hong Kong Stock Exchange on September 2, 2025, following other major players in the air conditioning sector [1] - Key cornerstone investors include China Post Insurance, Huabao Hong Kong, and others, with total subscriptions amounting to approximately USD 1.243 billion (HKD 9.742 billion), representing 27% of the offered shares [1] Group 2: Company Performance - Aux Electric is one of the top five air conditioning providers globally, with a market share of 7.1% and the leading brand in China's mass-market home air conditioning sector, holding a 25.7% market share [1][2] - The company's revenue is projected to grow from RMB 19.528 billion in 2022 to RMB 29.759 billion in 2024, reflecting a compound annual growth rate (CAGR) of 23.4% [2] - Net profit attributable to shareholders is expected to increase from RMB 1.442 billion in 2022 to RMB 2.910 billion in 2024, with a CAGR of 42.1% [2] - As of Q1 2025, the company reported revenues and net profits of approximately RMB 9.352 billion and RMB 0.925 billion, respectively [2] - The overseas market has significantly contributed to the company's performance, with overseas revenue accounting for 57.1% of total revenue in the first quarter of 2025 [2] Group 3: Strategic Focus - The product matrix focuses on home and central air conditioning, emphasizing energy efficiency, comfort, health, and intelligence [2] - The funds raised from the IPO will be used for new product development, upgrading existing products, establishing overseas R&D centers, and enhancing the smart manufacturing system and supply chain management [3] - The company aims to leverage capital market opportunities to enhance brand influence, expand market share, and improve its industry chain layout [3]

Company Overview - Aokas Electric, established in 1994, specializes in the design, research, production, sales, and service of high-quality home and central air conditioning systems [1] - The company has a product matrix primarily focused on home and central air conditioning, with brands including "Aokas AUX," "Hua Suan," and "AUFIT," as well as high-end brands like ShinFlow [1] Financial Highlights - Revenue growth from 19,528 million RMB in 2022 to 24,832 million RMB in 2023, with a projected increase to 29,759 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 27.2% from 2022 to 2023 and 19.8% from 2023 to 2024 [4] - Gross profit increased from 4,150 million RMB in 2022 to 5,422 million RMB in 2023, with a gross margin of approximately 21% [4] - Adjusted net profit rose from 1,442 million RMB in 2022 to 2,487 million RMB in 2023, with a net profit margin of around 10% [4] Market Position - Aokas ranks as the fifth largest air conditioning provider globally, with a market share of 7.1% in 2024 [2][5] - The company holds the number one position in China's mass market for home air conditioning, with a market share of 25.7% in 2024 [5] Global Expansion Strategy - Since 2018, Aokas has been implementing a global strategy, establishing overseas sales companies and local teams in regions such as Malaysia, Thailand, the USA, and Saudi Arabia [2] - The company's overseas revenue share increased from 42.9% in 2022 to 49.3% in 2024, further rising to 57.1% in Q1 2025 [8] Cost Efficiency and Channel Strategy - Aokas has adopted a streamlined distribution model since 2017, allowing dealers to connect directly with factories via an app, enhancing price competitiveness and inventory turnover [6] - The company maintains a stable gross margin of around 21% and a net margin of approximately 10%, with higher margins in the central air conditioning segment [7] Investment Highlights - The upcoming IPO is expected to raise between 3.312 billion HKD and 3.606 billion HKD, with a market capitalization estimated between 24.915 billion HKD and 27.126 billion HKD [1] - The founder, Zheng Jianjiang, controls approximately 96.36% of the voting rights, indicating a concentrated ownership structure [9]

Stock Market Performance - The Hang Seng Index rose 234 points or 0.9% to close at 25,339 points, the China Enterprises Index rose 105 points or 1.2% to close at 9,079 points, and the Hang Seng Tech Index rose 149 points or 2.7% to close at 5,647 points. The total turnover of the market was HK$285.584 billion [1]. - The Shanghai Composite Index rose 54 points or 1.45% to close at 3,825 points, the Shenzhen Component Index rose 246 points or 2.07% to close at 12,166 points, and the ChiNext Index rose 87 points or 3.36% to close at 2,682 points. The total turnover of the Shanghai and Shenzhen stock markets increased to approximately RMB2.55 trillion, setting a record for the A-share market [2]. - The Dow Jones Industrial Average and the Nasdaq Composite both rose 1.9%, the Dow Jones Industrial Average reached a new high, closing 846 points higher at 45,631 points, the Nasdaq Composite rose 396 points to 21,496 points, and the S&P 500 Index closed 96 points or 1.5% higher at 6,466 points, approaching last week's high [2]. Monetary Policy - The People's Bank of China conducted a seven-day reverse repurchase operation of RMB253 billion in the open market on the 21st, with an operating interest rate remaining flat at 1.4%. There were RMB128.7 billion of reverse repurchases due, resulting in a net injection of RMB124.3 billion [2]. - The central parity rate of the RMB against the US dollar was raised by 97 points to 7.1287 [2]. Trade Policy - Canada announced on Friday the cancellation of several countervailing tariffs against the US but maintained a 25% tariff on US automobiles, steel, and aluminum. The policy adjustment will take effect on September 1st [3]. Company Announcements IPO - Aux Group (02580.HK) plans to globally issue 207.16 million shares, with 5% (approximately 10.3582 million shares) for the Hong Kong public offering and 95% (approximately 196.8 million shares) for the international placement. The offering price ranges from HK$16 to HK$17.42 per share, with a maximum fundraising of approximately HK$3.61 billion. The subscription period is from the 25th to noon on the 28th, and it is expected to be listed on September 2nd [4]. Interim Results - Sinopharm Group (01099.HK) reported a turnover of RMB286.043 billion for the six months ended June 30th, a year-on-year decrease of 2.9%. The net profit was RMB3.466 billion, a year-on-year decrease of 6.4%, and the earnings per share were RMB1.11. No dividend was declared [4]. - Zhaojin Mining Industry (01818.HK) reported an income of RMB6.972 billion for the six months ended June 30th, a year-on-year increase of 50.7%. The gross profit was RMB3.05 billion, an increase of 54.3%. The net profit was RMB1.44 billion, a growth of 160.4%, and the earnings per share were RMB0.38. No dividend was declared [4]. - Greentown China (03900.HK) reported an income of RMB53.368 billion for the six months ended June 30th, a year-on-year decrease of 23.3%, due to a 22.7% decrease in the transfer area during the period. The gross profit was RMB7.159 billion, a decrease of 21.4%. The net profit was RMB210 million, a decline of 89.7%, mainly affected by an impairment loss of RMB1.933 billion on related assets. The earnings per share were RMB0.08. No dividend was declared [5]. - Chow Tai Fook Jewellery Group (06168.HK) reported an income of RMB3.15 billion for the six months ended June 30th, a year-on-year increase of 5.2%. The gross profit was RMB827 million, an increase of 8.7%, mainly due to the contribution of the self - operated business model. The net profit was RMB415 million, a growth of 11.9%, and the earnings per share were RMB1.09. An interim dividend of HK$0.45 was declared [5]. - Nine Masts Catering Group (09922.HK) reported an income of RMB2.753 billion for the six months ended June 30th, a year-on-year decrease of 10.1%. The net profit was RMB60.69 million, a decline of 16%, and the earnings per share were RMB0.04. No dividend was declared [5]. - CMOC Group (03993.HK) reported an operating income of RMB94.773 billion for the six months ended June 30th, a year-on-year decrease of 7.8%. The operating cost was RMB74.727 billion, a decrease of 11%. The net profit attributable to shareholders was RMB8.671 billion, a growth of 60.1%, setting a new high for the same period. The earnings per share were RMB0.41. No dividend was declared [5]. - CRRC Corporation Limited (01766.HK) reported an operating income of RMB119.758 billion for the six months ended June 30th, a year-on-year increase of 33%, mainly due to the growth of railway equipment and new industry revenues. The net profit was RMB7.246 billion, a growth of 72.5%, and the earnings per share were RMB0.25. An interim dividend of RMB0.11 was declared [6]. - Dongfang Selection (01797.HK) reported a total revenue of RMB4.392 billion for the fiscal year ended May 31st, a year-on-year decrease of 37.9%. The net profit was RMB5.74 million, a decline of 99.7%, and the earnings per share were RMB0.01. No dividend was declared. The net profit from continuing operations was RMB6.2 million, compared with RMB249 million in 2024. Excluding the financial impact of the sale of Yuhui Tongxing, the net profit from continuing operations was RMB135 million, a growth of 30%. The total operating cost of continuing operations decreased by 38.2% to RMB3 billion, mainly due to the decrease in the inventory cost and logistics cost of self - operated products caused by the decrease in GMV. The gross profit from continuing operations decreased by 17% to RMB1.4 billion, and the gross profit margin increased from 25.9% to 32% [7]. - China National Tobacco Hong Kong (06055.HK) reported an income of RMB10.316 billion for the six months ended June 30th, a year-on-year increase of 18.5%. The gross profit was RMB946 million, a decrease of 1.8%. The net profit was RMB706 million, a growth of 9.8%, and the earnings per share were RMB1.02. An interim dividend of HK$0.19 was declared, compared with HK$0.15 in the same period last year [7].

Core Viewpoint - The company, AUX Electric (02580), is set to launch an initial public offering (IPO) from August 25 to August 28, 2025, aiming to raise approximately HKD 3.287 billion through the global sale of 207 million shares, with a price range of HKD 16.00 to 17.42 per share [1][3]. Group 1: Company Overview - AUX Electric is one of the top five air conditioning providers globally, involved in the design, research and development, production, sales, and service of both residential and central air conditioning systems [1]. - The company has a significant global presence, covering over 150 countries and regions, and holds a market share of 7.1% in the global air conditioning market, which is projected to reach RMB 1.3128 trillion by 2024 [1]. Group 2: Financial Performance - The company has demonstrated strong revenue growth, with revenue increasing from RMB 19.528 billion in 2022 to RMB 24.832 billion in 2023 (up 27.2%), and further to RMB 29.759 billion in 2024 (up 19.8%) [2]. - Net profit also saw substantial growth, rising from RMB 1.442 billion in 2022 to RMB 2.487 billion in 2023 (up 72.5%), and to RMB 2.91 billion in 2024 (up 17.0%) [2]. - The net profit margin for the years 2022, 2023, and 2024 was recorded at 7.4%, 10.0%, and 9.8% respectively, with a margin of 9.9% for the three months ending March 31, 2025 [2]. Group 3: Use of Proceeds - The company plans to allocate approximately 20% of the net proceeds from the IPO for global research and development, 50% for upgrading smart manufacturing systems and supply chain management, 20% for enhancing sales and distribution channels, and 10% for working capital and general corporate purposes [3].