董明珠的老对手来了，奥克斯开启招股：拟募资超30亿港元，9月2日港股上市

Core Viewpoint - Aux Electric Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with a share price range of HKD 16 to HKD 17.42, aiming to raise approximately HKD 3.287 billion based on a mid-range price of HKD 16.71 [1][2]. Group 1: IPO Details - Aux plans to issue 207 million shares, with 196.8 million shares allocated for international offerings and 10.36 million shares for public offerings in Hong Kong [1]. - The cornerstone investors include China Post Insurance, China Post Wealth Management, Huaying Hong Kong, and others, collectively subscribing approximately USD 124.3 million (around HKD 974.2 million) [2][3]. Group 2: Financial Performance - Aux reported revenues of approximately RMB 30 billion for 2024, with an adjusted net profit of RMB 2.935 billion [4][8]. - The company’s revenue for 2022, 2023, and 2024 was RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion respectively, with corresponding gross profits of RMB 4.15 billion, RMB 5.42 billion, and RMB 6.24 billion [8][9]. - For the first quarter of 2025, Aux achieved revenue of RMB 9.35 billion, a 27% increase from RMB 7.36 billion in the same period last year [8][10]. Group 3: Product and Market Strategy - Aux specializes in high-quality home and central air conditioning systems, with a focus on energy efficiency, comfort, health, and intelligence [5][7]. - The company has established strategic partnerships for compressor research and production with Panasonic and has expanded its overseas presence in markets such as Malaysia, Thailand, and the USA [8]. Group 4: Ownership Structure - Prior to the IPO, Aux Holdings controlled 96.36% of the shares, with Zheng Jianjiang being the major shareholder [13][17]. - Post-IPO, Aux Holdings will hold 83.54% of the shares, with the remaining shares distributed among other investors and the public [23]. Group 5: Competitive Landscape - Aux has a long-standing rivalry with Gree Electric Appliances, which has included legal disputes over product quality and competition practices [24][25]. - Despite the competitive pressure, Aux has been focusing on expanding its market share and product offerings, particularly in the face of emerging competitors like Xiaomi [27].