突击分红38亿后，奥克斯要去港股IPO！家族控制96%股权，负债高企

Core Viewpoint - Aokai Electric Co., Ltd. (Aokai) has submitted a second listing application to the Hong Kong Stock Exchange, following an initial submission in January 2023, indicating its ongoing efforts to access capital markets despite previous setbacks in A-share listings [1] Group 1: Company Overview - Aokai was established in 1994 and specializes in the design, research and development, production, sales, and service of high-quality household and central air conditioning systems [1] - According to Frost & Sullivan, Aokai is the fifth largest air conditioning provider globally by sales volume, with a market share of 7.1% in 2024 [1] Group 2: Financial Performance - Aokai has demonstrated strong revenue and net profit growth from 2022 to 2024, with revenues of RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion, reflecting year-on-year growth rates of 27.2% and 19.8% for 2023 and 2024, respectively [2] - Net profits for the same period were RMB 1.44 billion, RMB 2.49 billion, and RMB 2.91 billion, with significant growth of 72.5% and 17.0% in 2023 and 2024 [2] Group 3: Market Position and Growth - Aokai's sales volume is projected to grow at a compound annual growth rate (CAGR) of 30.0% from 2022 to 2024, significantly outpacing the global air conditioning market's CAGR of 4.6% during the same period [1] - By 2024, Aokai is expected to hold a 25.7% market share in the Chinese household air conditioning market, making it the leading brand in this segment [1] Group 4: International Sales and Profitability - Aokai's overseas sales have shown remarkable growth, with revenues of RMB 83.86 billion, RMB 104.12 billion, and RMB 146.81 billion from 2022 to 2024, representing 42.9%, 41.9%, and 49.3% of total revenue, respectively [5][6] - The company's gross profit margin has fluctuated, recorded at 21.3%, 21.8%, and 21.0% from 2022 to 2024, which is lower than competitors Gree (30.2% in 2024) and Midea (28.6%) [6] Group 5: Corporate Governance and Financial Health - Aokai's ownership structure is highly concentrated, with the Zheng family controlling approximately 96.36% of voting rights, indicating a family-controlled enterprise [7] - The company has a high debt level, with debt-to-asset ratios of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to 2025 [8] - In 2024, Aokai distributed a one-time dividend of RMB 3.794 billion to shareholders, which accounted for 55% of the net profit over the past three years, raising concerns about "blood-sucking dividends" [9]