空调降价、股价破发，谁是奥克斯最大受益者？

Core Viewpoint - The article discusses the challenges faced by Aux Electric, including low market share, patent disputes, and governance issues, which have led to its stock price decline after listing on the Hong Kong Stock Exchange [4][12]. Market Share - Aux Electric has a market share of approximately 2.3% based on revenue, significantly lower than industry leaders like Gree, Midea, and Haier [1][6]. - According to a report by AVC, Aux's market share in the online segment is about 6.21%, while in the offline segment, it is only 1.44%, ranking eighth [7]. Patent Barriers - Aux Electric has faced multiple patent infringement lawsuits from Gree, resulting in significant financial penalties and ongoing legal challenges [9]. - The company's R&D expenditure is only about 2% of its revenue, which is considerably lower than that of industry leaders like Gree and Midea, who invest over 3% and 4% respectively [2][10]. Overseas Market - Aux Electric has shown growth in overseas markets, particularly in Mexico, Brazil, and the Middle East, with a reported 41% increase in export sales for 2024 [3][12]. - The company claims that its overseas market gross margins are higher than those in the domestic market, although they still lag behind those of leading competitors [12]. Stock Performance and Governance - Aux Electric's stock price fell 7.58% from its issue price on its first day of trading, reflecting market skepticism about its valuation [4][12]. - The company has been criticized for a significant dividend payout that exceeds its net profit over the past few years, raising concerns about governance and financial management [10]. Future Outlook - The article suggests that Aux Electric's future performance will depend on its ability to improve gross margins, overseas revenue, and governance transparency in the coming quarters [13]. - The presence of cornerstone investors and their lock-up periods may create potential volatility points for the stock in 2026 [13].