Core Viewpoint - The article discusses the recent trends in the air conditioning industry, particularly focusing on the integration of AI technology and the IPO journey of the established brand, Aux, highlighting new opportunities in the market. Group 1: Aux's Background and IPO Journey - Aux was founded by Zheng Jianjiang, who started from humble beginnings and built a well-known budget air conditioning brand over 31 years, breaking the monopoly of Western brands [2][4]. - Aux's IPO journey has been challenging, with attempts to list on various platforms since 2016, including a failed A-share listing in 2023 [2][9]. - The company has become the fifth largest air conditioning provider globally, with a market share of 7.1% as of 2023 [10]. Group 2: Market Position and Competition - Aux's pricing strategy has been a key factor in gaining market share, with average product prices below 2500 yuan, making it competitive against other brands [7]. - The air conditioning market saw a slight increase in sales from 24.1 million units in 2018 to 24.9 million units in 2023, with a compound annual growth rate of 0.7% [7]. - In 2024, competitors like Haier and Midea have intensified competition in the mid-to-low price segment, prompting Aux to launch its sub-brand, Huasuan, to maintain competitiveness [8]. Group 3: Financial Performance - Aux reported revenue of 195.28 billion yuan in 2022, which increased to 248.32 billion yuan in 2023, with net profit rising from 14.42 billion yuan to 24.87 billion yuan [9]. - For 2024, Aux expects to achieve a revenue of 297.59 billion yuan, representing a year-on-year growth of 19.8%, with net profit projected at 29.1 billion yuan, up 17.0% [9]. Group 4: Opportunities in the Air Conditioning Industry - The first opportunity is the AI integration in air conditioning, with Aux launching AI voice products that enhance user interaction and functionality [12]. - The second opportunity lies in energy-saving and health technologies, with products capable of optimizing energy consumption by up to 30% and improving air quality [13]. - The third opportunity is the expansion into overseas markets, with Aux establishing sales companies in various countries since 2023 [14][16]. - The fourth opportunity involves vertical segmentation, targeting specific needs such as air conditioning for elderly and children, as well as specialized applications like server rooms [19][20].