董明珠都“老”了，平价空调大王

Group 1 - The core viewpoint of the articles highlights the successful listing of Aux Electric on the Hong Kong Stock Exchange, achieving a market capitalization of over HKD 26.4 billion and raising HKD 4.15 billion through a subscription rate of 557.2 times [1] - Aux plans to allocate half of the raised funds towards upgrading smart manufacturing and supply chain management [1] - The long-standing rivalry between Aux and Gree Electric has intensified, with Gree having filed 27 lawsuits against Aux for patent infringement, with no victories for Aux [2] Group 2 - Aux's founder, Zheng Jianjiang, started the company in 1994 and targeted the overlooked lower-tier market, initiating a significant price war in the air conditioning industry [3] - Aux's sales skyrocketed from 200,000 units in 2001 to 3.25 million units in 2004, marking a 15-fold increase and establishing it as a well-known brand [3] - The company's revenue grew from CNY 19.528 billion in 2022 to CNY 29.759 billion in 2024, with net profit increasing from CNY 1.442 billion to CNY 2.910 billion during the same period [3] Group 3 - Despite impressive growth, Aux faces challenges with declining average selling prices, dropping from CNY 1,698 in 2022 to CNY 1,531 in Q1 2025, and a gross margin consistently around 20%, significantly lower than Gree's 30% [3][4] - A high percentage of inactive distributors poses a channel risk, with 49% in 2022, 23% in 2023, and 30% in 2024, indicating a lack of motivation among distributors due to thin margins from low pricing strategies [4] - Aux's international business has increased to 57.1% of total revenue, but 80% of this is based on ODM manufacturing, limiting its bargaining power compared to competitors like Midea and Gree, which focus on OBM for higher margins [4] Group 4 - On its first day of trading, Aux's market value was set at HKD 26.4 billion, which is only one-fifth of Gree's and one-seventh of Midea's market capitalization [5] - The journey of Aux from a small company in Ningbo to a significant player in the air conditioning market is noteworthy, especially considering the competitive landscape [5]