250亿，浙江64岁创始人IPO敲钟了

Core Viewpoint - Aokai Electric has successfully listed on the Hong Kong Stock Exchange, but its stock price has experienced a decline since the initial offering, raising concerns about its financial health and high debt levels [1][5]. Company Overview - Aokai Electric has over 30 years of experience in the air conditioning industry, providing a range of products including home and central air conditioning systems, with operations in over 150 countries [2][3]. - The company ranks as the fifth largest air conditioning provider globally with a market share of 7.1% and holds the top position in China's mass market home air conditioning sector with a market share of 25.7% [3]. Financial Performance - Aokai Electric has shown steady revenue growth from 2022 to 2024, with revenues of 19.528 billion, 24.832 billion, and 29.759 billion respectively, and net profits of 1.442 billion, 2.487 billion, and 2.910 billion [4]. - Home air conditioning sales contribute nearly 90% of total revenue, with sales volumes increasing from 10.2 million units in 2022 to 17.1 million units in 2024 [4]. Debt Situation - The company faces a high debt ratio, with asset-liability ratios of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to Q1 2025, and current liabilities amounting to 17.284 billion against cash reserves of only 2.896 billion [4]. - Concerns have been raised regarding the company's decision to distribute a significant dividend of 3.7935 billion in 2024, which may exacerbate its financial strain given the high debt levels [5].