跟董明珠掐架十年，这家公司要逆袭了？

Core Viewpoint - Aux Air Conditioning, known as the "price butcher" in the air conditioning industry, is set to go public on the Hong Kong Stock Exchange after a decade-long rivalry with Gree's Dong Mingzhu, despite facing challenges from new competitors like Xiaomi [1][12]. Group 1: Company Overview - Aux has passed the hearing for its IPO on the Hong Kong Stock Exchange, marking a significant step towards its public listing [1]. - The company claims to be the fifth largest air conditioning manufacturer globally, with a market share of 7.1% as of 2024 [1]. - Aux's total revenue for 2024 is projected to reach 29.8 billion yuan, with nearly 90% coming from its home air conditioning business [2]. Group 2: Business Structure and Market Position - Aux heavily relies on low-end wall-mounted air conditioners, which contribute 74.2% of its revenue, while central air conditioning, which is gaining popularity, only accounts for 10.8% [2]. - The company has a market share of 25.7% in the price range of air conditioners below 2,500 yuan, indicating its focus on cost-effective models [4]. Group 3: Competitive Landscape - The domestic air conditioning market is projected to decline by 2.2% in 2024, but the lower-tier markets are expected to show resilience due to lower penetration rates [4]. - Aux's online sales dominance has diminished, with its market share in online channels dropping to 5.02% by 2025, ranking sixth [9]. - Competitors like Midea and Haier have rapidly gained ground in the online and price-performance segments, challenging Aux's market position [8][12]. Group 4: Financial Performance - Aux's revenue growth rate from 2022 to 2024 is reported at 30%, outpacing the top four competitors in the industry [6]. - In contrast, major competitors like Midea and Gree have significantly higher revenue and net profit figures, with Midea's revenue reaching approximately 407.1 billion yuan in 2024 [4][6]. Group 5: Challenges and Future Outlook - Aux's reliance on the ODM model for 82% of its overseas business limits its profit margins and investment in R&D, with only 2.4% of revenue allocated to R&D in 2024 [12]. - The company faces a critical challenge in transitioning from a price-driven strategy to one focused on technology and brand enhancement, especially as the industry shifts towards smart home solutions [13][14].