Core Viewpoint - The recent IPO of Aux Electric Co., Ltd. has sparked controversy due to a significant dividend payout of 3.7 billion yuan, alongside concerns regarding its low R&D expenditure and high debt levels, which pose risks to its financial health and competitive position in the air conditioning market [1][10][11]. Group 1: Financial Performance - Aux Electric's revenue from household air conditioners for the reporting periods of 2022 to 2025 was 17.284 billion yuan, 21.683 billion yuan, 25.904 billion yuan, and 8.376 billion yuan, accounting for 88.5%, 87.3%, 87.1%, and 89.5% of total revenue respectively [2]. - The company achieved total revenues of 19.528 billion yuan, 24.832 billion yuan, 29.759 billion yuan, and 9.352 billion yuan during the same periods, with net profits of 1.442 billion yuan, 2.487 billion yuan, 2.910 billion yuan, and 0.925 billion yuan [5][6]. - The revenue growth rates for 2023, 2024, and the first quarter of 2025 were 27.2%, 19.8%, and 27.0% respectively, indicating stable overall growth [6]. Group 2: Business Model and Market Position - Aux Electric is the fifth largest air conditioning provider globally, with a market share of 7.1% as of 2024, primarily generating revenue from household and central air conditioning sales [1][2]. - The company has a high concentration in its main business, with over 95% of its revenue derived from air conditioning products during the reporting periods [2]. - The brand "Aux" generated 61.1%, 58.2%, 52.2%, and 47.8% of total revenue in the respective years, while the newer brands "HuaSuan" and "AUFIT" contributed significantly less [3]. Group 3: R&D and Operational Efficiency - Aux Electric's R&D expenditures were 398 million yuan, 567 million yuan, 710 million yuan, and 128 million yuan, representing only 2.0%, 2.3%, 2.4%, and 1.4% of total revenue, which is significantly lower than its sales and administrative expenses [4][5]. - The company's inventory levels increased dramatically, with a 117.07% year-on-year growth in 2024, primarily due to stockpiling for overseas demand [7]. Group 4: Debt and Cash Flow - Aux Electric's total liabilities reached 22.752 billion yuan by the end of the reporting period, resulting in an asset-liability ratio of 83% [9]. - The net cash flow from operating activities declined from 4.004 billion yuan in 2022 to 580 million yuan by the first quarter of 2025, indicating tightening liquidity [10]. Group 5: Market Challenges and Competition - The domestic air conditioning market is primarily in a replacement phase, with major competitors like Midea, Gree, and Haier maintaining strong positions, posing significant competitive pressure on Aux Electric [11]. - The company has faced numerous consumer complaints regarding product quality and after-sales service, which could impact its brand reputation [12][15].
奥克斯电气十年IPO梦圆：负债率偏高巨额分红38亿，屡屡被格力起诉