登陆港股新征程：奥克斯“成长+全球+盈利”价值逻辑解析

Group 1: Market Overview - The Hong Kong stock market is thriving in 2025, with the Hang Seng Index up 28.76% year-to-date, reaching a nearly three-year high [1] - The IPO market in Hong Kong raised HKD 107.1 billion in the first half of the year, a nearly sevenfold increase year-on-year, surpassing the total fundraising for the previous year [1] Group 2: Industry Growth - The global air conditioning market is experiencing sustained demand growth due to rising living standards and urbanization in emerging markets like India and Brazil [2] - In developed countries, the air conditioning market continues to grow due to product upgrades and increasing consumer demand for energy-efficient and smart products [3] - The global air conditioning market is projected to reach RMB 1.3 trillion by 2024 and exceed RMB 1.5 trillion by 2028 [3] Group 3: Company Performance - Aux's revenue is expected to grow from RMB 19.528 billion in 2022 to RMB 29.759 billion in 2024, with a compound annual growth rate (CAGR) of 23.4% [3] - The net profit of Aux is projected to increase from RMB 1.442 billion to RMB 2.91 billion during the same period, with a CAGR of 42% [3] - Aux has become the fifth-largest air conditioning provider globally, with a market share of 7.1% as of 2024 [3] Group 4: Competitive Advantages - Aux targets the mass market with high cost-performance products, optimizing production processes to lower costs and enhance consumer access [4] - The company's global strategy allows it to expand market boundaries and reduce risks associated with single markets [5] - Aux's air conditioning business has expanded to over 150 countries, with overseas sales accounting for 57.1% of total revenue in the first quarter of 2025 [6] Group 5: Technological Innovation - Aux has invested over RMB 1.6 billion in R&D over the past three years, establishing research centers in Ningbo, Zhuhai, and Japan [7] - The company holds over 12,000 registered patents, including more than 2,800 invention patents, and has participated in the formulation of over 160 national and industry standards [7] - Aux has implemented smart manufacturing technologies, significantly improving production efficiency and product quality [8] Group 6: Sales and Distribution Strategy - Aux has innovatively developed a "new retail" model that integrates online and offline resources, reducing costs and enhancing market competitiveness [9] - The "Xiao Ao Direct Sales" ecosystem allows for direct consumer engagement, streamlining the sales process and improving efficiency [9] Group 7: Conclusion - Aux's listing on the Hong Kong stock market exemplifies high-quality development in Chinese manufacturing, driven by deep insights into industry trends and a global strategy [11] - The company's strong profitability is supported by collaborative efforts in R&D, smart manufacturing, and channel innovation, creating a competitive barrier [11]