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].

Core Viewpoint - Aux Electric is set to go public on the Hong Kong Stock Exchange from August 25 to 28, aiming to issue 207 million shares, with a focus on the air conditioning market and a significant growth trajectory in revenue and profit over the next few years [3][4]. Company Overview - Aux Electric is a subsidiary of Aux Group, which already has two listed companies: Sanxing Medical in A-shares and Aux International in Hong Kong [3]. - The main business of Aux Electric includes the research, production, and sales of household and central air conditioning systems, serving various applications such as residential, commercial, and industrial [3]. Market Position - As of 2024, Aux Electric ranks as the fifth largest air conditioning provider globally, holding a market share of 7.1% [4]. - The company has projected revenues of RMB 195.28 billion, RMB 248.32 billion, and RMB 297.59 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 23.5% [4]. Financial Performance - Net profits for Aux Electric are expected to be RMB 14.42 billion, RMB 24.87 billion, and RMB 29.10 billion for the years 2022, 2023, and 2024 respectively, with a first-quarter net profit of RMB 9.25 billion in 2025, showing a year-on-year growth of 23.0% [4]. - The company’s revenue for the first quarter of 2025 is projected at RMB 93.52 billion, marking a 27.0% increase compared to the previous year [4]. IPO Details - The IPO price range is set between HKD 16.00 and HKD 17.42 per share, with a minimum subscription amount of HKD 3,519.14 [8]. - The total market capitalization is estimated to be between HKD 24.915 billion and HKD 27.126 billion [8]. - The offering consists of 207 million shares, with 5% allocated for Hong Kong and 95% for international investors, and a green shoe option is available [5][8]. Investor Sentiment - The large issuance volume and the use of the A mechanism may indicate a lack of confidence from the company, as the market valuation for the industry is generally low [8]. - If the maximum clawback is triggered, it is possible for investors to achieve a 100% success rate in share allocation [9].

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].

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。 ...