Core Viewpoint - AUX Electric Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having previously considered a listing on the A-share market but ultimately opting for Hong Kong [2][3]. Financial Performance - AUX's projected revenue for 2024 is nearly 30 billion RMB, with an adjusted net profit of 2.935 billion RMB. During the performance record period, the company distributed approximately 3.794 billion RMB in dividends to its shareholders [2][6]. - Revenue figures for AUX from 2022 to 2024 are as follows: 19.528 billion RMB in 2022, 24.832 billion RMB in 2023, and 29.759 billion RMB in 2024. Gross profit for the same years was 4.149 billion RMB, 5.422 billion RMB, and 6.240 billion RMB, respectively, with gross margins of 21.3%, 21.8%, and 21% [6][8]. - For the first quarter of 2025, AUX reported revenue of 9.352 billion RMB, a 27% increase from 7.363 billion RMB in the same period the previous year, with a gross profit of 1.976 billion RMB and a gross margin of 21.1% [8][12]. Business Strategy - AUX focuses on high-quality home and central air conditioning systems, with a product matrix that includes various types of air conditioners and a commitment to energy efficiency, comfort, health, and intelligence [3][6]. - The company has established strategic partnerships, such as with Panasonic for compressor research and production, and is expanding its overseas presence with sales companies in multiple countries [6][9]. Market Position - AUX's primary revenue source is from home air conditioning, contributing 89.5% of total revenue in the first quarter of 2025, with the largest segment being wall-mounted units [9][10]. - The company has a long-standing rivalry with Gree Electric Appliances, which has included legal disputes over product quality and competition practices [24][26].