奥克斯港股上市在即，性价比路线能否助其突破重围？

Core Viewpoint - The article discusses the competitive landscape of the air conditioning industry, focusing on AUX Air Conditioning, which is preparing for a listing on the Hong Kong stock exchange. AUX is known for its cost-effective strategy but faces challenges from industry giants like Gree and Midea as it navigates market changes and competition [1][2]. Group 1: Market Position and Financials - AUX ranks fifth in the global air conditioning market with a market share of 7.1% based on projected 2024 sales, but its revenue is significantly smaller compared to leading competitors [1]. - In 2024, AUX's total revenue is projected to be 29.8 billion yuan, with nearly 90% coming from household air conditioning, and over 70% of that from low-end wall-mounted units [1]. - AUX's net profit of 2.9 billion yuan is considerably lower than that of its competitors, indicating a potential vulnerability in its business model [1]. Group 2: Historical Context and Competitive Challenges - AUX's rise in the early 2000s was driven by aggressive pricing strategies, including "low price + no inspection + cost disclosure," which helped it capture significant market share [2]. - Despite initial success, AUX has faced increasing competition from established brands like Midea and Haier, as well as new entrants like Xiaomi, which have eroded AUX's market position [2]. - AUX's market share in online sales has dropped from first place in 2018 to sixth place by 2025, highlighting the challenges it faces in maintaining its competitive edge [2]. Group 3: International Expansion and Business Model - AUX has shifted focus to international markets, with overseas business accounting for 49.3% of its operations in 2024, up from 42.9% in 2022 [3]. - Approximately 82% of AUX's overseas business operates under an ODM model, which limits its pricing power and profit margins [3]. Group 4: Technological and Strategic Challenges - AUX lacks competitive strength in core technologies, particularly in compressor production, relying on external suppliers, unlike competitors who have in-house capabilities [5]. - The company has not made significant investments in smart home technology and AI features, which are becoming critical for enhancing user experience in modern air conditioning systems [5]. - The upcoming Hong Kong listing presents new opportunities for AUX, but its ability to transition from a price-driven model to one focused on brand and technology will be crucial for its future success [5].