往年根本卖不动空调的东三省，今夏空调彻底卖爆了。 据京东7月7日至13日周销售数据显示，东北地区空调的销售量暴增，其中吉林省成交额同比增长25倍、辽宁省成交额同比增长10倍、黑龙江省成交额同比 增长6倍，东北三省首次购买空调的用户数同比增长超过60%。 这在以往是不可想象的。因为东三省是出了名的"空调洼地"。作为纬度较高的地区，东北三省居民对空调的需求远不如南方地区大，据官方统计显示， 1981-2010年哈尔滨7月平均气温最高仅为27.8℃。截至2023年，黑吉辽平均每百户家庭空调保有量分别是15.6台、21.5台、65.6台，同期全国居民平均每百 户空调拥有量为145.9台，黑吉辽的空调保有量远低于全国平均水平，尤其黑龙江甚至只有全国平均值的1/10左右。 今年进入7月，东北35℃以上的高温区域不断扩大，高温席卷东北平原。习惯了凉爽天气的东北人在高温下难以适应。就连黑龙江的最北端漠河近期也饱 受高温折磨，在以往的夏天里，漠河的平均气温只有十几度，即使偶尔有高温，也只是在30度左右。但今年罕见地迎来了35度的高温，很多漠河的家庭也 破天荒地装上了空调。 此前，多家媒体集中报道东北高校的学生在操场上睡觉。有视 ...

港股IPO太热闹， 又要迎来一家空调巨头。 来源：36氪 文｜老高 与很多"年轻"的创业公司相比，奥克斯的历史可追溯至上个世纪90年代。彼时，中国空调市场刚刚兴起，春兰空调以年销53亿元的史诗级战绩一家独大， 让不少生意人看到了空调市场的潜在爆发机遇。来自浙江宁波的郑坚江"不服任何人"，他想重新洗牌空调市场。 为了尽快在市场占据一席之地，奥克斯率先发起了价格战，并获得"空调屠夫"的绰号。过早的价格"内卷"使名震一时的春兰空调渐渐陷入绝境。空调市场 由一家独大转向诸侯混战格局。郑坚江的"极端"操作引来诸多同行不满。其中，声浪最大的是格力女掌门董明珠，她不止一次公开声讨奥克斯，"价格战 是恶意竞争"。闹得最狠最凶时，双方对薄公堂。 不过，在格力市占率超越奥克斯后，董明珠就把目光放到了综合实力更强的小米上。而奥克斯则通过错位竞争及下沉战术避开美的集团、格力、海尔围 猎，取得年收入近300亿元的成绩，力求偏安一隅。除了下沉，奥克斯还是较早"出海"的空调公司，业务覆盖全球150多个国家和地区。尽快如此，奥克斯 与头部的差距依然较大。2024年，美的集团收入4072亿元"遥遥领先"，老冤家格力也有1900亿元的收入，奥克 ...

Core Viewpoint - The article discusses the upcoming IPO of AUX Electric Co., a major player in the air conditioning market, highlighting its historical significance, competitive strategies, and financial performance as it seeks to capitalize on the current hot IPO market in Hong Kong [4][14]. Company Overview - AUX Electric Co. is recognized as the "fifth largest air conditioning supplier globally" and has a history dating back to the 1990s when it entered the burgeoning Chinese air conditioning market [4][14]. - The company is led by Zheng Jianjiang, who aims to reshape the air conditioning market and has previously launched aggressive pricing strategies that earned AUX the nickname "air conditioning butcher" [4][10]. Market Position and Competition - AUX initially gained market share through aggressive price cuts, significantly disrupting the market dominated by brands like Gree and Midea, which had higher price points and quality perceptions [10][12]. - Despite achieving nearly 30 billion yuan in annual revenue, AUX still lags behind competitors, with Midea's revenue at 407.2 billion yuan and Gree's at 190 billion yuan in 2024 [5][14]. Financial Performance - AUX's financial trajectory shows a steady increase in revenue, with projections of 195.28 billion yuan, 248.32 billion yuan, and 297.59 billion yuan for the years 2022, 2023, and 2024 respectively, alongside adjusted net profits of 14.49 billion yuan, 25.11 billion yuan, and 29.35 billion yuan [14]. - Prior to its IPO attempt, AUX distributed a substantial dividend of 3.794 billion yuan, indicating a strategy to enhance shareholder value ahead of the public offering [14]. IPO Strategy - The company is making a second attempt to list on the Hong Kong Stock Exchange after an initial failed attempt in January 2025, motivated by the current favorable IPO climate and the need for capital to support its growth ambitions [14]. - AUX aims to leverage its global market presence, with operations in over 150 countries, to attract investors and secure a successful IPO [13][14].

当六月底的东北热出了八月份的水准，东北的空调市场爆炸了，东北已经成了空调大战的战场。而在这 场局部战役背后，则是中国空调行业在2025年——即将再次面临格局巨变。随着卢伟冰喊出2025年杀进 行业前三，2030年成为行业双雄之一的口号，小米空调迅猛增长，在去年以680万台的销量跃居行业第 四，今年上半年已有超越海尔之势。一夜之间，整个空调行业都感受到，小米这个野蛮人正在门外不断 徘徊。这期视频，我们从东北空调危机展开，聊聊小米空调能否改变中国空调市场的格局。 ...

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 ...

Core Viewpoint - The company, AUX Electric Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange for the second time, facing challenges such as high debt, reliance on ODM, and shortcomings in R&D despite revenue growth and increased market share [1][2]. Company Development Path - AUX previously attempted to list on the New Third Board in 2016 but delisted in 2017 due to insufficient market liquidity. From 2018 to 2023, the company sought to list on the Shanghai Stock Exchange but did not submit an application after completing advisory services [2]. Market Position - AUX has been in the air conditioning industry for over 30 years but remains a latecomer compared to established giants [3]. Competitive Strategy - Initially, AUX adopted a low-price strategy to compete with much larger rivals, which boosted sales and brand recognition but also led to backlash from competitors, particularly Gree Electric Appliances [4]. Legal Battles - AUX has faced multiple lawsuits from Gree, resulting in significant financial penalties. Despite these challenges, AUX's performance has exceeded market expectations [5][7]. Financial Performance - AUX's revenue for 2022, 2023, and projected 2024 is RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion, respectively, with net profits of RMB 1.44 billion, RMB 2.49 billion, and RMB 2.91 billion [8][10]. Growth Comparison - AUX's revenue growth of 52.39% and net profit growth of 101.80% from 2022 to 2024 contrasts sharply with larger competitors like Midea, Haier, and Gree, which have significantly higher revenue and profit figures [10]. Profitability Challenges - AUX's gross margins are lower than those of its competitors, with figures of 21.3%, 21.8%, and 21.0% from 2022 to 2024, indicating limited pricing power and vulnerability to cost fluctuations [10][11]. R&D Investment - AUX's cumulative R&D expenses from 2022 to 2024 are less than RMB 2 billion, with a 2024 R&D expense of RMB 710 million, significantly lower than its competitors [11]. Debt Levels - AUX's debt ratio remains high, with figures of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to 2025 Q1, alongside substantial dividend payouts that raise concerns about financial sustainability [12][14]. Revenue Sources - The majority of AUX's revenue comes from overseas markets, with overseas sales contributing 42.9%, 41.9%, and 49.3% of total revenue from 2022 to 2024, primarily from ODM business [15]. Market Share Decline - AUX has lost its leading position in online sales, now ranking fifth, while competitors like Midea and Gree dominate the online market [16].

在应对高温市场需求的过程中，海尔空调展现出其能协同解决多方面的综合实力。凭借其在15秒快速制 冷、净省电高效节能等用户关切领域的技术投入，以及在服务保障能力上的持续建设，满足了高温下的 用户痛点需求。特别是在响应集中采购和快速安装方面，海尔为北京大学、清华大学等众多高校提供了 空调产品与服务，有效满足了特定场景下的紧急需求。 虽然高温带来的市场扩容吸引了众多品牌参与，但真正的竞争壁垒在于综合能力的构建，头部品牌依然 在竞争中占据优势。海尔空调的上述投入，是其在此次高温期市场份额表现的因素之一。 全国持续的高温天气，如同催化剂般显著推升了空调市场的整体需求，行业竞争随之进入白热化阶段， 各品牌为抢占份额纷纷发力：有的通过全渠道价格策略稳固规模，有的则侧重宣传升级包修服务强化信 任，各显神通。 正是在这股席卷全国的热浪冲击下，原有的市场格局开始经受前所未有的考验，随时面临被"烧塌"重塑 的可能。 根据GfK中怡康最新监测数据（W29），海尔空调当周零售份额为26.8%，在行业中排名第二。值得关 注的是，这已是海尔在最近的五周内第三次位居行业第二。同时，在上半年的零售额与零售量这两项核 心增长指标上，海尔也是TOP ...

美银策略部门上调了对日本股市的年终预测，认为关键的积极催化剂——美日贸易协议和国内财政扩张预期——已经到来。 据追风交易台消息，该机构近日将2025年底的东证指数（TOPIX）目标从2850点上调至3050点，日经225指数目标从40000点上调至43000点。截止发稿， 东证指数上涨0.37%至2919点，日经225指数微跌至40636点。 美银表示，此次上调基于以下几点：首先，美日贸易协议的达成显著降低了不确定性，尤其是对关税影响的担忧。其次，参议院选举后市场对政府扩大财 政支出的预期升温。最后，强劲的资金流入和大规模股票回购构成了有利的供需环境。美银同时将其估值模型中的预期市盈率（P/E）从之前的水平微调 至14.5倍。 美银认为，虽然短期内日本股市可能出现涨势放缓，但盈利预期见底与改善有望支撑年内"第二波"行情。与此同时，国内政局不确定性、美日5500亿美元 对美投资分歧、美方滞胀风险仍需警惕。 盈利见底，第二波行情可期 美银表示，当前日股的上涨模式是市盈率（P/E）的扩张速度超过了每股收益（EPS）的增长。这在历史上并不罕见。回顾2019年（美国贸易协议预期） 和2020年（疫情期间的财政货币刺激） ...

Core Viewpoint - The article discusses the rise of Aux Group, led by entrepreneur Zheng Jianjiang, as a significant player in the air conditioning industry, highlighting its low-price strategy and upcoming IPO in Hong Kong to expand its international market presence [3][4][10]. Group 1: Aux Group's Rise - Zheng Jianjiang, at 64, is set to launch his third listed company, Aux Electric Co., after previous successes with SamSung Medical and Aux International [3][4]. - Aux has gained a reputation as the "price butcher" in China's air conditioning market, leveraging aggressive pricing to outperform competitors like Gree and Midea, even becoming the online sales champion [3][4][10]. - The company reported a revenue of nearly 30 billion yuan in 2022, with projections to grow to 29.76 billion yuan by 2024, reflecting a compound annual growth rate of over 20% [10]. Group 2: Conflict with Gree - Aux's growth has been marked by a prolonged conflict with Gree, involving multiple lawsuits over patent infringements and public accusations of false advertising [12][13]. - From 2015 to 2023, Gree filed 27 patent infringement lawsuits against Aux, resulting in over 40 million yuan in damages for Aux [13]. - Despite these challenges, Aux has maintained a significant market presence, with a 5.85% share in online retail and a 1.43% share in offline sales as of 2024 [13][14]. Group 3: Upcoming IPO and Market Strategy - Aux's IPO aims to enhance its international market reach, with overseas revenue projected to reach 14.68 billion yuan by 2024, accounting for 49.3% of total revenue [18]. - The company plans to use IPO proceeds for overseas research and development, smart manufacturing upgrades, and expanding its supply chain in emerging markets [18]. - However, concerns have arisen regarding a recent dividend payout of 3.794 billion yuan, which some view as a potential cash flow issue for the company ahead of its IPO [14][20].

Core Insights - The competition in the air conditioning market in Northeast China has intensified, with significant sales growth due to rising temperatures, leading to a surge in demand for installation services [1][2] - Xiaomi is emerging as a strong competitor in the air conditioning sector, aiming to disrupt the market dynamics by leveraging its brand and distribution channels [2][34] Market Dynamics - The air conditioning ownership in Northeast China is significantly lower than the national average, indicating substantial growth potential [3][6] - The installation of air conditioning units in Northeast China is more complex due to the construction standards, which affects the overall market dynamics [7][8] Importance of Distributors - Distributors play a crucial role in the air conditioning industry, as they manage local sales, installation, and after-sales services, which are essential for market penetration [10][11] - The relationship between manufacturers and distributors is critical, as misalignment can lead to market challenges [12][13] Strategies of Leading Companies - Gree's success in the air conditioning market is attributed to its effective management of distributor relationships and innovative sales strategies, such as "payment before delivery" and seasonal rebates [14][17][21] - Midea has successfully reformed its distribution system over the years, focusing on logistics and direct sales to enhance efficiency and reduce costs [25][31] Xiaomi's Approach - Xiaomi is leveraging its automotive business to enhance its air conditioning sales channels, opening numerous stores and integrating product offerings [35][36][42] - The brand's strategy includes utilizing high traffic from automotive stores to boost air conditioning sales and improve brand perception [43][44] Market Potential - The demand for air conditioning in China is still far from being fully met, with significant growth potential in urban and rural areas [46][47] - The ideal ownership rates for air conditioning units suggest a potential increase of 33% in urban areas and 45% in rural areas, indicating a robust market opportunity for companies like Xiaomi [48][49]