奥克斯转型样本：以价换量、市占率第五，毛利率8年跌8个百分点、品牌商转为代工商

Core Viewpoint - Aux is reapplying for listing on the Hong Kong Stock Exchange, drawing attention due to its nearly 30 billion yuan revenue and 2.9 billion yuan net profit, amidst a shrinking domestic air conditioning market and increasing competition from both established giants and new entrants [2][3] Group 1: Company Performance - Aux's revenue for Q1 2025 reached 9.352 billion yuan, a year-on-year increase of 27.03%, with a net profit of 0.925 billion yuan, up 23.01% [5] - In 2024, Aux reported a revenue of 29.716 billion yuan, a 19.84% increase, and a net profit of 2.91 billion yuan, growing 17.03% [6] - The home air conditioning segment generated 8.376 billion yuan in Q1, representing a 28.03% increase and accounting for 89.5% of total revenue [6] Group 2: Strategic Shifts - Aux has undergone two significant strategic transformations: leveraging e-commerce to rise to the top three in the industry and returning to the ODM model as e-commerce growth slowed [3][4] - The company has maintained its market position by expanding overseas through ODM while using high debt to scale and reduce costs, thus offering lower prices to stabilize its market share [3][4] Group 3: Market Dynamics - The air conditioning market is experiencing a rapid reshuffle, with Aux facing competition from major players like Midea, Haier, and Gree, as well as new entrants like Xiaomi [2][3] - Aux's online sales strategy has been pivotal, with e-commerce sales rising from 18.21% of total sales in 2014 to over 70% by 2019, helping it to become the third-largest brand in the industry [7][8] Group 4: Financial Health - Aux's asset-liability ratio has remained around 80%, reaching 84.1% in 2024, significantly higher than competitors like Haier and Gree [33][34] - The company has seen a rapid increase in current liabilities, with a 29% growth in 2023 and a 23% increase in 2024, indicating a reliance on short-term financing [34][35] Group 5: ODM and International Expansion - Aux's ODM business has surged, with its share of revenue increasing from 35.2% in 2022 to 40.1% in 2024, while overseas business has also grown significantly [25][29] - The company has established a global strategy since 2018, setting up production bases and sales teams in various countries, which has helped maintain its position as the fifth-largest air conditioning provider globally [27][28] Group 6: Competitive Landscape - Aux's competitive edge has been its focus on cost-effectiveness, but it faces challenges as major brands intensify their online presence and pricing strategies [15][16] - The company has maintained its market share through aggressive pricing, but this has led to declining profit margins, with gross margins dropping from 29.11% in 2017 to 21.1% in Q1 2025 [32][41]