校对 贾宁 编辑 岳彩周 新京报贝壳财经讯（记者陈维城）8月4日晚间，面对今年空调行业竞争激烈的情况，格力电器市场总监 朱磊回应新京报贝壳财经记者表示，"空调价格战并非第一次出现，回顾空调行业的竞争历史，曾经有 企业试图生产千元机，现在都难觅踪迹。空调品类与很多家电产品不同，需要承受天气长期考验，有生 命周期，对质量要求极高，格力坚持质量底线。我们呼吁行业在价格战上保持克制态度，回顾过去历 史，价格战不仅伤害行业，最终伤害的是卷价格战的企业，也伤害消费者利益。" ...

Core Viewpoint - AUX Electric Co., Ltd. (hereinafter referred to as "AUX") has submitted a second application for listing on the Hong Kong Stock Exchange, following previous attempts to go public in the A-share market and an initial unsuccessful submission in January 2023 [1][2]. Business Overview - AUX is a well-known domestic air conditioning brand, primarily engaged in the design, production, and sales of household and central air conditioning systems. The company operates under three main brands: AUX, Huasuan, and AUFIT, with AUX being the most recognized and contributing the majority of revenue [3][5]. - According to Frost & Sullivan, AUX is the fifth largest air conditioning provider globally, with a market share of 7.1% based on projected sales for 2024 [3]. Financial Performance - AUX has demonstrated strong growth over the past three years, with revenues of RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion for 2022, 2023, and 2024 respectively. Adjusted net profits for the same years were RMB 1.45 billion, RMB 2.51 billion, and RMB 2.93 billion [5][6]. - Despite revenue growth, the company faces challenges with declining profit margins due to its low-price strategy, which has resulted in a gross margin of approximately 21.3% to 21.8% over the past three years, significantly lower than competitors like Gree Electric Appliances and Midea Group [8][9]. Market Position and Strategy - AUX's low-price strategy has allowed it to capture significant market share, particularly in the budget segment, where it held a 22.1% market share in 2023. However, this strategy has also led to pressure on profit margins [7][9]. - The company has struggled to maintain its competitive edge as rivals have intensified their focus on cost-performance ratios, with brands like Midea and TCL increasing their market presence [9]. Product and Revenue Structure - AUX's product line is heavily reliant on household air conditioning, which accounted for 88.5% of total revenue in 2022, with a significant portion coming from low-end models [9][10]. - The company has attempted to diversify by introducing higher-end brands, but as of Q1 2025, central air conditioning revenue only represented 9.3% of total sales, indicating limited success in moving upmarket [10]. International Expansion and ODM Business - AUX has identified overseas markets as a strategic focus, with international sales contributing nearly 50% of total revenue by 2024. The company has established a presence in over 150 countries [11][12]. - A significant portion of AUX's overseas revenue comes from ODM (Original Design Manufacturer) business, which accounted for approximately 48.5% of total revenue in Q1 2025. This reliance on ODM may weaken brand recognition and pricing power [12]. Financial Health and Debt - AUX has a high debt ratio, with liabilities exceeding 80% of total assets, raising concerns about financial stability. The company has also faced short-term liquidity issues, with current liabilities significantly outpacing cash reserves [14][15]. - Notably, AUX distributed a substantial dividend of approximately RMB 3.79 billion prior to its IPO, raising questions about the management's financial strategies amid high debt levels [16]. R&D and Competitive Challenges - AUX's investment in research and development has been relatively low, with R&D expenses constituting only 2% to 2.4% of revenue from 2022 to 2024, which is below industry standards [17][18]. - The company has faced legal challenges from competitors, particularly Gree Electric Appliances, over patent infringements, which have further complicated its competitive position in the market [20][21].

Group 1 - The former executive of Gree Electric, Huang Hui, has reportedly joined Meibo Air Conditioning, although the company denies the rumors and states that they are only discussing potential cooperation [1] - The air conditioning market is experiencing intense price competition, particularly during the "6.18" shopping festival, with many models priced over 1000 yuan appearing on e-commerce platforms [1] - The air conditioning industry is facing challenges as leading brands lower prices, raising questions about how second and third-tier brands can survive [1] Group 2 - According to AVC data, from May 26 to June 1, 2023, online sales of air conditioners in China decreased by 1% year-on-year, while offline sales increased by 0.23% [2] - The average price of air conditioners is declining, with online prices averaging 2668 yuan (down 0.33% year-on-year) and offline prices averaging 4104 yuan (down 0.23% year-on-year) [2] - Xiaomi's air conditioning brand is rapidly growing, ranking third in the online market, prompting other brands like Midea's Hualing and Haier's Tongshuai to respond with lower prices [2] - The trend of declining air conditioning prices is expected to continue into the peak season [2]

Core Viewpoint - The air conditioning industry is experiencing intense price competition, leading to significant personnel changes and strategic partnerships among key players, including the potential collaboration between Huang Hui and Meibo Air Conditioning [2][6]. Company Developments - Huang Hui, former president of Gree Electric, has reportedly joined Meibo Air Conditioning, although the specifics of his role remain undisclosed [2]. - Huang Hui previously left Gree in February 2021 for Philips Air Conditioning, where he served as chairman and oversaw the establishment of a major production base in Chuzhou, Anhui, with an investment of 10 billion yuan [2][4]. - Philips Air Conditioning has struggled to gain market share, failing to break into the top 20 in both online and offline channels in China [3]. Market Dynamics - The air conditioning market is facing a price war, with brands like Xiaomi offering low-cost models, which has pressured mid-tier and lower-tier brands [6][7]. - Data indicates that from May 26 to June 1, 2023, online sales in the air conditioning market saw a slight decline in both sales volume and average price, while offline sales experienced a minor increase [6]. - The competitive landscape is shifting, with leading brands like Midea and Gree now targeting lower price segments, which could threaten smaller brands [7]. Strategic Partnerships - Meibo Air Conditioning is in discussions with Huang Hui, potentially related to the transfer of his 19% stake in Enboli (Philips Air Conditioning) [5]. - Meibo aims to leverage Huang Hui's experience to enhance the quality and reputation of its air conditioning products [5][7]. - The collaboration may face challenges due to Meibo's focus on cost-effective products, which may not align with Huang Hui's previous experience in higher-end markets [8].

Group 1 - Xiaomi aims to become a top player in the air conditioning market in mainland China by 2030, with a sales target of being third in the market this year [1] - The air conditioning market is currently experiencing a price war, intensified by Xiaomi's aggressive pricing strategy [6][8] - Xiaomi's air conditioning business has shown rapid growth, with Q1 revenue from IoT and lifestyle products reaching 32.3 billion yuan, a year-on-year increase of 58.7% [2] Group 2 - Xiaomi's air conditioning shipment exceeded 1.1 million units in Q1, representing a growth rate of over 65%, but this is still small compared to the overall market [2] - The company plans to increase its offline presence by adding 5,000 more Xiaomi stores this year, enhancing both quantity and quality of retail locations [3] - The air conditioning market is entering a phase of stock competition, with Xiaomi's growth coming at the expense of other manufacturers [4] Group 3 - Major competitors like Gree and Midea are responding to Xiaomi's market entry by adopting similar low-price strategies [7] - The online air conditioning market shares for April showed Midea at approximately 25.5%, Gree at 24%, and Xiaomi at 14.5%, while in the offline market, Gree and Midea significantly outperformed Xiaomi [5] - The price war is expected to escalate during the upcoming 618 shopping festival, with Xiaomi's air conditioning products priced lower than those of its competitors [6][8]

Core Insights - The domestic air conditioning market is struggling despite claims of increased sales from some companies, while the export market shows positive growth, providing hope for air conditioning manufacturers [1] - The average price of air conditioners in the domestic e-commerce market has decreased by 1.9% year-on-year, with some prices dropping over 10%, leading to a price war among brands [3] - The price war has not significantly boosted sales, with domestic air conditioning sales only growing by 2.8% in the first quarter, indicating that consumers are not swayed by lower prices [5] Market Dynamics - The intense price competition has resulted in a significant inventory buildup, with domestic air conditioning inventory reportedly reaching 50 million units, posing a serious challenge for manufacturers [5] - Major traditional air conditioning companies like Midea, Gree, and Haier have not been adversely affected by the price war, showing substantial profit growth in the first quarter [5] - These traditional companies are benefiting from strong export performance, with air conditioning exports growing by over 20%, providing them with a buffer against domestic market challenges [5] Industry Concerns - The current lack of heat in the domestic market is exacerbating the inventory issue, as the industry heavily relies on seasonal demand [6] - There are concerns regarding product quality, as some companies are reportedly cutting costs by using inferior materials, which could lead to higher energy consumption and reduced durability of air conditioners [8]