奥克斯赴港IPO前，突击分红近38亿元，创始人家族独分超36亿！此前遭起诉专利侵权败诉27场，研发投入低于格力、美的

Core Viewpoint - Aux is making another attempt to list on the Hong Kong Stock Exchange, with a proposed dividend of 3.794 billion yuan exceeding its net profit, raising concerns about its financial strategy and operational intentions [2][4]. Financial Performance - Aux's revenue has shown strong growth, with figures of 19.528 billion yuan, 24.832 billion yuan, and 29.759 billion yuan from 2022 to 2024, representing a compound annual growth rate (CAGR) of 23.45% [5]. - Net profit for the same period increased from 1.442 billion yuan to 2.910 billion yuan, achieving a CAGR of 42.07% [5]. - In Q1 2025, revenue reached 9.352 billion yuan, a year-on-year increase of 27.03%, while net profit was 9.25 billion yuan, up 23.01% [7]. Financial Ratios - Aux's asset-liability ratio is notably high at 84.1% by the end of 2024, compared to 62.33% for Midea and 61.55% for Gree [9]. - Trade receivables increased significantly from 14.28 billion yuan in 2022 to 47.65 billion yuan in Q1 2025, indicating a deterioration in sales collection efficiency [7]. Research and Development - Aux's R&D expenditure from 2022 to 2024 was 3.98 billion yuan, 5.67 billion yuan, and 7.10 billion yuan, with a low revenue proportion of 2.4% [10]. - The company faces challenges in core technology, relying heavily on Panasonic for compressor technology, with self-sufficiency below 10% [13]. Market Position - Aux ranks as the fifth largest air conditioning company globally, with a market share of 7.1%, but still lags significantly behind the top two competitors [5]. - Over 48.5% of Aux's revenue comes from ODM (Original Design Manufacturer) business, which has a low gross margin of 12%-15% [13]. Strategic Challenges - The company has faced frequent patent disputes, indicating weaknesses in its technological capabilities [10]. - Aux's marketing expenses have been increasing, with a total of 30.56 billion yuan spent from 2022 to 2024, but the marketing expense ratio remains lower than some competitors [11]. Future Outlook - The company needs to balance financing and technology investment post-listing to enhance its competitive position in the air conditioning market [13].