奧克斯電氣有限公司 A U X E L E C T R I C CO . , LT D . （根據開曼群島法律註冊成立的有限公司） 股份代號 : 2580 全球發售 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：您如對本招股章程的內容有任何疑問，應尋求獨立專業意見。 獨家保薦人、獨家保薦人兼整體協調人、聯席整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 AUX ELECTRIC CO., LTD. 奧克斯電氣有限公司 （根據開曼群島法律註冊成立的有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 207,161,200股股份（視乎發售量調整權 | | --- | --- | --- | | | | 及超額配股權行使與否而定） | | 香港發售股份數目 | ： | 10,358,200股股份（可予重新分配及 | | | | 視乎發售量調整權行使與否而定） | | 國際發售股份數目 | ： | 196,803,000股股份（可予重新分配及 | | | | 視乎發售量調整 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 潛在投資者務請注意，穩定價格期間後不得採取任何穩定價格行動以支持股份價格。穩定價格 期間自上市日期開始，並預期將於2025年9月27日（星期六）（即遞交香港公開發售申請截止日 期後第30日）屆滿。此日期後不可再採取穩定價格行動，因此股份的需求及其價格可能下跌。 香港發售股份將會根據招股章程所載條款及條件向香港公眾人士提呈發售。香港發售股份概不 會向香港境外任何人士及╱或非香港居民提呈發售。發售股份的潛在投資者務請注意，倘於上 市日期（目前預期為2025年9月2日（星期二））上午八時正（香港時間）之前任何時間發生招股章 程「包銷－包銷安排及開支－香港公開發售－香港包銷協議－終止理由」一節所載任何事件， 獨家保薦人及獨家保薦人兼整體協調人（為其本身及代表香港包銷商）有權即時終止其根據香港 包銷協議須承擔的責任。 1 AUX ELECTRIC CO., LT ...

Group 1: Company Overview - Double Power Co., Ltd. is a leading company in the energy storage business within the big data and communications sector, focusing on the design, research, manufacturing, and sales of energy storage batteries and systems [1][2] - The company plans to globally offer 58.557 million H-shares, with a total market value of HKD 6.048 billion post-IPO, and is set to list on August 26 [1] - The company has served five of the world's top ten telecommunications operators and nearly 30% of the top 100 global telecommunications operators [1][2] Group 2: Financial Performance - The company has shown steady revenue growth over the past three years, with revenues of RMB 4.072 billion, RMB 4.260 billion, and RMB 4.500 billion for 2022, 2023, and 2024 respectively [2] - Gross profits for the same years were RMB 690 million, RMB 867 million, and RMB 751 million, with gross margins of 16.9%, 20.3%, and 16.7% [2] - Net profits for the years were RMB 281 million, RMB 385 million, and RMB 353 million [2] Group 3: Market Position and Industry Outlook - According to Frost & Sullivan, Double Power Co., Ltd. ranks first in global shipments of energy storage batteries for telecommunications and data centers, with a market share of 11.1% in 2024 [1][2] - The global demand for communication networks is expected to grow due to the rapid adoption of technologies such as mobile communications, IoT, big data, AI, and 5G [2] - The global new installed capacity for communication energy storage is projected to increase from 25.1 GWh in 2020 to 43.9 GWh in 2024, with a compound annual growth rate of 15% [2] Group 4: Other Companies - Jiaxin International Resources is set to list on August 28, focusing on the development and operation of the Bakuta tungsten mine, which has the largest proven tungsten resource among open-pit tungsten mines globally [3][4] - The Bakuta tungsten mine has an estimated resource of 108 million tons, containing 22.73 million tons of WO3, and is included in the Belt and Road Initiative [3][4] - The company aims to achieve an annual mining and mineral processing capacity of 3.3 million tons of tungsten ore by 2025, increasing to 4.95 million tons by 2027 [4]

Group 1: Macro Insights - In July, China's exports exceeded expectations, primarily driven by the EU, ASEAN, and other emerging markets. However, the introduction of a 40% transit tariff by the US may impact re-export trade, increasing the likelihood of a decline in exports [2] - Despite potential export declines, the recovery of European manufacturing and ongoing expansion in emerging markets are expected to provide support for exports to the EU, Africa, and the Middle East [2] Group 2: Convertible Bond Strategy - The report indicates that as equity indices continue to rise and demand for fixed income remains strong, the valuation of convertible bonds is approaching high levels, leading to some profit-taking by absolute return funds. However, if the equity market does not experience significant pullbacks, the demand for convertible bonds may still exist [3] - The report suggests a non-typical barbell strategy focusing on sectors such as military industry, AI computing, and low-altitude economy, complemented by low-volatility dividends and high-cost performance varieties to navigate potential market fluctuations [3] Group 3: Home Appliance Industry - The company has developed a robust global manufacturing and sales system for air conditioning over more than 30 years, characterized by a stable shareholding structure and an experienced management team. Its growth model combines high cost-performance, channel flattening, and overseas localization [5] - The company has established a competitive advantage through product innovation, channel transformation, and supply chain optimization, with a business structure that supports both household and central air conditioning [5] Group 4: Food and Beverage Sector - The company reported a revenue of 17.087 billion yuan in the first half of 2025, a year-on-year increase of 10.6%, and a net profit of 1.287 billion yuan, up 33.2% year-on-year [7] - The food segment achieved a revenue of 5.382 billion yuan, growing 8.8% year-on-year, while the beverage segment generated 10.788 billion yuan, a 7.6% increase year-on-year, with tea beverages showing particularly strong performance [8] - The company is expected to maintain steady growth, with projected net profits of 2.3 billion yuan, 2.61 billion yuan, and 2.91 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24.3%, 13.4%, and 11.7% [8]

据知情人士透露，中国头部空调制造商之一奥克斯电气计划最早于9月在香港上市，拟募集资金6亿至8 亿美元。知情人士表示，讨论仍在进行，发行规模和时间可能会有所调整。7月份时奥克斯电气境外发 行上市获中国证监会备案。奥克斯电气暂未回应置评请求。 来源：视频滚动新闻 ...

据知情人士透露，空调制造商奥克斯电气计划最早于9月在香港上市，拟募集资金6亿至8亿美元。讨论 仍在进行，发行规模和时间可能会有所调整。7月份时奥克斯电气境外发行上市获中国证监会备案。中 金公司为本次IPO的独家保荐人。（彭博） ...

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 39个月收入近835亿元。 作者丨 鲁智高 来源丨 东四十条资本 与格力董明珠交手多年后，宁波富豪郑坚江又将收获一家上市公司。 在他的带领下，奥克斯电气经过三十余年发展，已成长为全球知名空调公司，不仅在39个月卖出超5100万台空调，还于近日 冲向港股。 令人感慨的是，连续创业近40年后，这位当初只有初中学历的汽修工，最终打造出一个庞大的奥克斯集团，拥有的财富也达到 200亿元。 宁波富豪，又将收获一个IPO 从初中生到宁波富豪，郑坚江的人生颇为传奇。 时间回到1961年，他出生在浙江宁波一个贫困家庭。由于家里条件不好，郑坚江在初中毕业后便出来工作。从养鸡、种草， 到做五金、修汽车，他尝试过众多赚钱的事情。 为了过上好日子，身为汽车修理工的郑坚江于1986年承包了一个负债20万且破旧如牛棚的小厂——龙观乡钟表零件厂，从此 走上创业之路。 面对简陋破旧的设备设施，他想到通过贷款来解决缺钱的问题。用了一个星期的时间 ...

Group 1: National Policies and Initiatives - The national childcare subsidy program was announced, providing 3,600 yuan per child per year for infants under three years old starting from January 1, 2025 [2] - Shanghai is supporting innovation in key areas such as general artificial intelligence and smart chips, with funding up to 50 million yuan for strategic projects [3] Group 2: Robotics and AI Developments - Yushun Technology's VP highlighted the "pseudo-intelligence" dilemma faced by humanoid robots, citing issues like fragmented environmental perception and lack of coherent action [3] - Ant Financial released a financial reasoning model, Agentar-Fin-R1, which surpasses other models in financial evaluations [7] - JD.com announced the launch of the first 100% open-source enterprise-level intelligent agent, JoyAgent, enhancing model efficiency and reducing training costs significantly [7] Group 3: Automotive Industry Insights - The China Automobile Association organized a seminar on building a unified automotive market, focusing on digitalizing the entire automotive consumption process [5][6] Group 4: Semiconductor and Material Innovations - Tsinghua University developed a new type of extreme ultraviolet (EUV) photoresist material, providing new design strategies for advanced semiconductor manufacturing [8] Group 5: International Trade and Investment - The U.S. and EU reached a trade agreement, with the EU committing to increase investments in the U.S. by $600 billion [8] - Japan's recent investment commitment to the U.S. is expected to yield only 1-2% in actual investments, with the majority being loans [8] Group 6: Electric Vehicle Market Expansion - VinFast opened its first showroom in India as part of its strategy to establish a nationwide charging and after-sales service network [11]

Core Viewpoint - The IPO of Aux Electric appears to show high growth in performance, but the cash flow is deteriorating, raising concerns about the quality of growth. The significant increase in sales rebates compared to 2022 may indicate potential channel stuffing to boost performance. Additionally, the high debt level raises questions about the necessity of fundraising after a substantial pre-IPO cash dividend [1] Group 1: Company Performance - Aux Electric, established in 1994, is one of the top five air conditioning providers globally, focusing on high-quality home and central air conditioning design, research, production, sales, and service [2] - Projected revenues for Aux Electric from 2022 to 2024 are 19.528 billion, 24.832 billion, and 29.759 billion RMB, with net profits of 1.442 billion, 2.487 billion, and 2.910 billion RMB, respectively [2] - The net profit margins for the same years are 7.4%, 10.0%, and 9.8%, with a projected global market share of 7.1% in 2024 [2] Group 2: Market Position and Competition - Aux Electric was one of the first home appliance manufacturers in China to adopt e-commerce channels, establishing long-term partnerships with major platforms like JD.com and Tmall [4] - Despite past successes, Aux Electric's online market share has been declining, with its ranking dropping to seventh place in the online air conditioning market by 2024 [4][5] - The online sales revenue share for Aux Electric from 2022 to 2024 fluctuated, with a decline in direct sales mode from 5.6% to 3.5% [5] Group 3: Financial Health and Cash Flow - Aux Electric's accounts receivable increased significantly from 1.428 billion RMB in 2022 to 3.003 billion RMB in 2024, further rising to 4.765 billion RMB in Q1 2025 [10] - The company's cash flow has deteriorated, with operating cash flows reported at 4.004 billion, 4.631 billion, 2.518 billion, and 580 million RMB over the respective years [15] - The asset-liability ratio for Aux Electric is notably high, at 88.3% in 2022, compared to competitors like Midea and Gree, which are around 62.33% and 59.19% [16] Group 4: Dividend and Debt Concerns - Aux Electric's decision to issue a substantial cash dividend of 3.794 billion RMB in 2024, despite a profit of less than 3 billion RMB, raises concerns about the implications of such a move given its high debt levels [17] - The company’s sales rebates to distributors have surged, with a notable increase of 88.3% from 2022 to 2024, indicating potential pressure on sales channels [12]

Core Viewpoint - The article discusses the potential for AUX Electric to rebound in the air conditioning market through its IPO, despite facing significant challenges and competition from industry giants like Gree and Haier [1][15]. Group 1: Company Background and Market Position - AUX Electric, established in 1994, has historically been a significant player in the air conditioning industry, once ranking among the top three in China [6][7]. - The company has shifted its focus towards overseas ODM (Original Design Manufacturer) business, which now accounts for 40% of its revenue, but with lower profit margins compared to competitors [2][17]. - AUX's sales volume in 2024 is projected to rank fourth in China, behind Gree, Midea, and Haier, while it has become the fifth-largest air conditioning supplier globally with a market share of 7.1% [18]. Group 2: Financial Performance - AUX's revenue is expected to grow from 195.28 billion yuan in 2022 to 297.59 billion yuan in 2024, with net profit increasing from 14.42 billion yuan to 29.10 billion yuan during the same period [16]. - The company's domestic revenue is projected to rise from 111.42 billion yuan in 2022 to 150.79 billion yuan in 2024, while overseas revenue is expected to grow from 83.86 billion yuan to 146.81 billion yuan [17]. Group 3: Competitive Landscape - AUX has faced intense competition, particularly from Gree, which has accused AUX of false advertising and patent infringement, leading to significant legal challenges [11][13][14]. - The average selling price of AUX's air conditioning products is significantly lower than that of its competitors, contributing to its lower gross margins, which are projected to be around 21% compared to Gree's 32% and Haier's 28% [22][23][24]. Group 4: Research and Development - AUX's R&D expenditure is relatively low, accounting for only 2.0% to 2.4% of total revenue from 2022 to 2024, which is below the industry average of over 3% for the top three competitors [30][31]. - The company has recently begun to invest in its own compressor manufacturing capabilities, partnering with Panasonic to establish a production facility, but it still lags behind competitors in terms of technology and production capacity [36][38].