董明珠“仇敌”，要IPO了

Core Viewpoint - The news highlights the upcoming IPO of AUX Electric Co., a major player in the air conditioning market, which is seeking to capitalize on the current hot IPO environment in Hong Kong after a previous unsuccessful attempt in January 2025 [1][11]. Company Overview - AUX Electric Co. is recognized as the "fifth largest air conditioning supplier globally" and has a history dating back to the 1990s when it entered the burgeoning Chinese air conditioning market [1][11]. - The company was founded by Zheng Jianjiang, who aimed to disrupt the market dominated by high-priced competitors by initiating aggressive price wars, earning the nickname "air conditioning butcher" [1][6]. Market Position and Strategy - AUX has achieved significant revenue growth, with projected revenues of 195.28 billion yuan, 248.32 billion yuan, and 297.59 billion yuan for the years 2022, 2023, and 2024 respectively, alongside adjusted net profits of 14.49 billion yuan, 25.11 billion yuan, and 29.35 billion yuan [11]. - The company has successfully expanded its market presence internationally, operating in over 150 countries and regions, while focusing on lower-tier domestic markets to avoid competition with major players like Gree and Midea [2][9]. Competitive Landscape - The air conditioning market has seen a shift from a single dominant player to a more fragmented competitive landscape, with AUX's aggressive pricing strategy significantly impacting competitors like Spring Lan [1][8]. - Despite its growth, AUX still lags behind major competitors, with Midea's revenue reaching 407.2 billion yuan and Gree's at 190 billion yuan, indicating a substantial gap in market share and financial performance [2][11]. IPO Context - The recent surge in IPO activity in Hong Kong presents a strategic opportunity for AUX to secure funding and enhance its market position, especially after a significant pre-IPO dividend payout of 3.794 billion yuan [11]. - The company aims to leverage its global market share of 7.1% to attract investors and establish a stronger foothold in the competitive air conditioning industry [11].