Core Viewpoint - Company plans to globally offer approximately 207 million shares, with an estimated net proceeds of about HKD 3.287 billion based on a share price of HKD 16.71 [1][3][5] Group 1: Share Offering Details - The global offering includes 10.3582 million shares for Hong Kong and approximately 196.803 million shares for international sale, with a maximum offer price of HKD 17.42 per share [1][3] - The offering is expected to commence trading on the Hong Kong Stock Exchange on September 2, 2025 [1] - The company has a 15% over-allotment option for additional shares [1] Group 2: Fund Utilization - 50% of the proceeds will be used to upgrade the company's smart manufacturing system and supply chain management [3] - Approximately 20% will be allocated for global research and development [3] - Another 20% will strengthen sales and distribution channels, while the remaining 10% will be used for general working capital [3] Group 3: Company Performance and Market Position - Company reported revenues of CNY 195.28 billion, CNY 248.32 billion, and CNY 297.59 billion for the years 2022 to 2024, with adjusted net profits of CNY 14.49 billion, CNY 25.11 billion, and CNY 29.35 billion respectively [5][6] - As of the first quarter of this year, the company achieved a revenue of CNY 73.6 billion, a year-on-year increase of 27%, with profits rising 23% to CNY 9.2 billion [5] - The company is the fifth largest air conditioning provider globally, holding a market share of 7.1% as of 2024 [5] Group 4: Competitive Landscape - The company's low-price strategy has significantly compressed profit margins, with gross margins of 21.3%, 21.8%, and 21.5% for 2022, 2023, and the first three quarters of 2024 respectively [6] - The company faces stiff competition from leading brands like Gree and Midea, which have significantly higher gross margins [6] - The company's market share in online air conditioning sales has dropped from 28.57% in 2018 to 5.02% in 2025, ranking sixth [6] Group 5: Financial Health and Liabilities - The company has a high debt ratio, with asset-liability ratios of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to the first quarter of 2025 [8] - Short-term debt pressure is notable, with current liabilities reaching CNY 172.84 billion against cash reserves of only CNY 28.96 billion [8] - The company has accumulated significant trade payables, with accounts payable and notes payable totaling CNY 97.5 billion, constituting 50% of total liabilities [8]
奥克斯拟9月2日港交所上市 此前曾被董明珠呛声“偷技术”
Nan Fang Du Shi Bao·2025-08-25 14:33