奥克斯IPO前突击分红：郑坚江家族狂揽36亿，现金流骤降

Group 1 - The core point of the article is that Aux, a major air conditioning company in China, is attempting to go public in Hong Kong after previous unsuccessful attempts in 2016 and January 2025 [1] Group 2 - Aux is the fourth largest air conditioning company in China, holding a market share of 7.3%. Its main products are household and central air conditioners, with the brand name Aux [2] - In Q1 2025, Aux's revenue from household air conditioners and central air conditioners accounted for 89.5% and 9.3% of total revenue, respectively. Overseas revenue made up 57.1% of total revenue, while domestic revenue accounted for 42.9% [2] Group 3 - Aux's revenue and profit have been growing, with revenues of 19.528 billion, 24.832 billion, and 29.759 billion from 2022 to 2024, reflecting a compound annual growth rate of 23.4%. Net profits for the same period were 1.442 billion, 2.487 billion, and 2.910 billion [3] - However, the growth rate of revenue and profit has begun to slow, with 2024 revenue and profit growth rates at 19.8% and 17.0%, down from 27.2% and 72.5% in 2023 [3] Group 4 - Aux has maintained a high debt-to-asset ratio, with figures of 88.3%, 78.8%, and 84.1% from 2022 to 2024. As of Q1 2025, the ratio was 82.5%, significantly higher than Midea's 61.9% and Gree's 62.7% [3] - In 2024, Aux declared a one-time dividend of 3.7935 billion, which accounted for 70.3% of the total profits for 2023 and 2024 [3] Group 5 - The large dividend payout has led to a significant decrease in cash and cash equivalents, which fell by 43% from 5.103 billion at the end of 2023 to 2.908 billion at the end of 2024, weakening Aux's debt repayment ability [4] - As of May 31, 2025, Aux's total current liabilities amounted to 21.37 billion, including 1.85 billion in interest-bearing bank loans, with 1.49 billion of these loans maturing in 2025 [4] Group 6 - Aux's net asset value decreased from 4.242 billion at the end of 2023 to 3.836 billion at the end of 2024, primarily due to the 3.79 billion dividend [5] - The company reported a net current liability situation, attributed to the reduction in current assets from dividend payouts and investments in fixed assets, intangible assets, and long-term capital assets [5]