奥克斯电气线上份额下滑，低毛利困局难解

Core Viewpoint - The recent performance report of AUX Electric (2580.HK) shows revenue growth, but underlying issues such as declining market share and product quality concerns raise red flags for future performance [2][4][10]. Group 1: Business Performance - AUX Electric reported total revenue of 20.085 billion RMB for the first half of 2025, a year-on-year increase of 16.7%, with net profit attributable to shareholders reaching 1.873 billion RMB, up 5.1% [4]. - The company's home air conditioning business remains its core, contributing nearly 90% of total revenue, with a revenue of 17.915 billion RMB, reflecting a growth of 17.3% year-on-year [6][7]. Group 2: Market Position and Competition - AUX's market share in the domestic online air conditioning market has declined, dropping from 7.35% in 2024 to 6.55% in the first half of 2025, falling to seventh place behind brands like Midea and Gree [5][6]. - The competitive landscape has intensified, with the average industry price decreasing and the share of sales in the sub-2200 RMB segment rising to 35.2%, putting pressure on AUX's low-price strategy [5]. Group 3: Product and R&D Challenges - AUX's product structure is increasingly seen as a weakness, with a lack of diversification compared to competitors who are expanding into other appliance categories [8]. - The company has faced numerous quality issues, with complaints about product failures and inadequate after-sales service, highlighting insufficient R&D investment and weak self-research capabilities [10][11]. - R&D expenditure for AUX in the first half of 2025 was only 312 million RMB, representing a low R&D expense ratio of 1.55%, significantly lower than competitors like Gree and Midea [11].