Core Viewpoint - After a long journey to go public, Aux Electric has finally listed on the Hong Kong Stock Exchange, but the market response has been lukewarm, with its stock price declining significantly on its debut [2][3]. Group 1: Company Overview - Aux Electric is the fifth largest air conditioning manufacturer globally, with nearly 30 billion yuan in revenue and a net profit of 2.91 billion yuan last year [2]. - The company has faced challenges in the domestic market due to intense price competition, which has diminished its previous advantages in low pricing and online sales [2][8]. - Aux Electric's controlling shareholder, Aux Holdings, retains 81.91% of the company's shares post-listing, with the Zheng family holding significant stakes [3]. Group 2: Listing Journey - Aux Electric's path to listing has been fraught with difficulties, initially attempting to list on the A-share market before ultimately opting for the Hong Kong Stock Exchange due to uncertainties in the A-share timeline [4][5]. - The company raised approximately 39.94 billion HKD through the issuance of over 200 million shares, with 95% allocated for international placement [3][4]. Group 3: Financial Performance - The company's operating cash flow has decreased from around 4 billion yuan in 2022 to 2.52 billion yuan in 2024, indicating financial strain [7]. - In the first quarter of 2025, Aux Electric's overseas revenue accounted for 57.1% of total revenue, with significant growth in markets outside of China [6][8]. Group 4: Market Position and Competition - Aux Electric's market share in China has been declining, with its revenue from the domestic market growing by only 9.6% in the first quarter of this year, while overseas revenue grew by 44.2% [8]. - The company has lost its competitive edge in pricing to rivals like Gree and Midea, with its air conditioning products facing intense competition in both online and offline markets [8][9]. - The gross margin for Aux Electric's air conditioning business was reported at 19.8% in the first quarter of 2025, significantly lower than that of leading competitors [9].
「港股IPO观察」空调“价格屠夫”失灵？奥克斯电气港股遇冷：低价与线上优势双双瓦解