空调巨头奥克斯冲击IPO，去年突击分红38亿

Core Viewpoint - The well-known air conditioning brand Aux is making another attempt to go public by submitting a listing application to the Hong Kong Stock Exchange [2][19]. Company Overview - Aux Electric Co., Ltd. is a significant asset for Zhejiang businessman Zheng Jianjiang, who has successfully listed two other companies: Sanxing Medical on the A-share market and Aux International on the Hong Kong Stock Exchange [3]. - Aux is currently the largest company under Zheng Jianjiang in terms of revenue, and a successful listing could further increase his wealth [3]. Market Position - The air conditioning market is highly concentrated, with the top three players—Midea, Gree, and Haier—accounting for 68.2% of retail volume and 73.6% of retail value in the first half of the year [4]. - Aux has positioned itself as the fifth-largest air conditioning provider globally, holding a market share of 7.1% [9]. Pricing Strategy - Aux has adopted a low-price strategy, targeting the mass market with air conditioners priced below RMB 2,500, where it claims a market share of nearly 30% [9]. - The company's gross margin is around 21%, significantly lower than the three major competitors [9]. Financial Performance - In 2024, Aux is projected to achieve revenue of RMB 29.759 billion and a net profit of RMB 2.91 billion [11]. - Aux's cash flow is robust, with a net cash inflow of RMB 2.518 billion in 2024, and it distributed a one-time dividend of RMB 3.794 billion to shareholders [12]. Historical Context - Aux's journey to listing has been challenging, having previously listed on the New Third Board in 2016 but delisted a year later due to liquidity issues [18]. - The company has faced legal challenges, including multiple patent infringement lawsuits from Gree, which it has lost [8]. Management Structure - The management of Aux is characterized by a family-controlled structure, with Zheng Jianjiang maintaining significant decision-making power [18]. Industry Implications - Aux's attempt to go public is a notable event in the air conditioning industry, especially as it seeks to navigate a saturated market [19].