高负债下分红38亿！创始人家族独揽36亿，奥克斯赴港IPO“输血”

Core Viewpoint - Aux Electric Co., Ltd. is attempting to go public in Hong Kong after multiple unsuccessful attempts in the A-share market and New Third Board, with recent financial performance showing high growth but also significant financial risks due to high debt levels and a controversial dividend payout [1][2][5]. Financial Performance - Revenue from 2022 to 2024 is projected to grow from 19.53 billion to 29.76 billion RMB, a 52.8% increase, while net profit is expected to rise from 1.44 billion to 2.91 billion RMB, a 102% increase [2][3]. - The overseas market has been a significant contributor, with revenues from 2022 to 2024 increasing from 8.39 billion to 14.68 billion RMB, accounting for nearly half of total revenue [2][3]. Debt and Dividend Issues - The company's debt-to-asset ratio is projected to be 84.1% by the end of 2024, significantly higher than competitors like Midea and Gree, which have ratios of 62.33% and 61.55% respectively [5]. - Aux's decision to distribute a dividend of 3.794 billion RMB in 2024, exceeding its net profit for that year, has raised concerns about its financial management [5][6]. Operational Challenges - The company has seen a significant increase in trade receivables, growing from 1.428 billion to 3 billion RMB from 2022 to 2024, indicating worsening collection efficiency as the turnover days increased from 25.2 to 37.4 days [4]. - Complaints regarding product quality have surged, with over 6,383 complaints reported, including issues with air conditioning units and other appliances [12][15][17]. Market Position and Strategy - Aux has historically positioned itself as a low-cost provider in the air conditioning market, but this strategy is being challenged as the industry shifts towards quality and smart technology [19]. - The company has faced multiple legal challenges from competitors, with significant compensation payments made, indicating ongoing risks related to intellectual property [19].