Core Viewpoint - AUX Electric Co., Ltd. (referred to as "AUX") has submitted its prospectus for a listing on the Hong Kong Stock Exchange after previously preparing for an A-share listing [2] Company Overview - AUX was established in 1994 and specializes in the design, research and development, production, sales, and service of high-quality household and central air conditioning systems [3] - The company operates under the main brand "AUX" and has adopted a multi-brand strategy to enhance market penetration, including the incubation of brands "Hua Suan" and "AUFIT" [4] Financial Performance - AUX's revenue for 2022, 2023, and 2024 is projected to be RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion respectively, with gross profits of RMB 4.15 billion, RMB 5.42 billion, and RMB 6.24 billion [5] - The gross profit margins for the same years are 21.3%, 21.8%, and 21% respectively, while net profits are expected to be RMB 1.44 billion, RMB 2.49 billion, and RMB 2.91 billion [5] - For the first three months of 2025, AUX reported revenue of RMB 9.35 billion, a 27% increase from RMB 7.36 billion in the same period the previous year [5][6] Product Matrix - AUX's product offerings primarily include household air conditioners and central air conditioning systems, focusing on energy efficiency, comfort, health, and intelligence [5] - The household air conditioning segment includes wall-mounted, cabinet, and portable air conditioners, while the central air conditioning segment includes multi-split systems, unitary systems, heat pumps, and terminal equipment [5] Market Position - The majority of AUX's revenue comes from household air conditioning, contributing RMB 8.38 billion in the first quarter of 2025, accounting for 89.5% of total revenue [7][8] - The largest revenue contributor within the household air conditioning segment is wall-mounted units, generating RMB 7.08 billion, which represents 75.7% of the segment's revenue [7] Ownership Structure - AUX is controlled by Zheng Jianjiang, who holds 96% of the shares, with other shareholders including He Ce, He Tu, He Chang, and He Yao [9][13][15]

Core Viewpoint - The green low-carbon initiative has become a consensus across various industries, including urban rail transit, where Chinese air conditioning brands are emerging as key players in green rail construction [1] Group 1: Market Overview - In 2024, 21 cities in China announced 93 bidding projects for urban rail transit air conditioning systems, covering new lines and renovation projects, with 42 companies winning bids [1] - The market concentration is increasing, with 16 air conditioning brands sharing over 1 billion yuan in project bids, where Haier, Midea, and Gree ranked first, accounting for 37.89%, 32.01%, and 12.51% of the market share respectively, totaling over 80% [1] Group 2: Project Characteristics - Urban rail owners prefer intelligent, efficient, and energy-saving systems, with solutions like evaporative cooling magnetic suspension and wind-water linkage systems becoming popular for new and renovated lines [3] - The Shenzhen Metro Line 14 implemented a magnetic suspension high-efficiency machine room solution, utilizing a wind-water linkage smart control system for integrated control, saving over 500 square meters of machine room space and improving system efficiency by approximately 50% [3] Group 3: Industry Trends - The era of rapid expansion for subways has ended, transitioning into a stock era, where leading brands are expanding their market share while smaller brands need to enhance their green technology R&D capabilities to boost market vitality [5] - There is a need to strengthen energy-saving renovations and project capabilities to explore new opportunities [6] - The bidding process for air conditioning systems for 2025 has already begun, marking a new phase in the market's green competition, with leading Chinese brands focusing on continuous technological innovation for comfortable, energy-efficient, and smart travel experiences [6]

证券代码：600202 证券简称：哈空调 公告编号：临 2025-035 哈尔滨空调股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.01元（含税） ? 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经哈尔滨空调股份有限公司（以下简称"公司"）2025 年 5 月 30 日 的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本383,340,672股为基数，每股派发现金红利0.01 元（含税） ，共计派发现金红利3,833,406.72元（含税）。 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/7 ...

Core Viewpoint - The article discusses the increasing heat waves in Europe and the challenges related to air conditioning adoption, highlighting the low penetration rate of air conditioning in European households compared to countries like China and the U.S. [3][4] Group 1: Current Climate Situation - Europe is experiencing unprecedented heat waves, with temperatures reaching as high as 35 degrees Celsius in typically cooler regions like Amsterdam [3]. - The average temperature in summer for cities like Paris is around 25 degrees Celsius, while Berlin experiences temperatures between 15 to 25 degrees Celsius [9]. Group 2: Air Conditioning Penetration and Challenges - Air conditioning penetration in Europe is significantly low, with only 20% of households having air conditioning, and even lower rates in countries like Germany (3%) and the UK (3%) [3]. - The installation of air conditioning systems is complicated by legal and policy restrictions, requiring permits and approvals that can take months to obtain [6][7]. Group 3: Economic Considerations - The cost of air conditioning units in Europe ranges from 1,000 to 2,000 euros (approximately 8,440 to 16,880 RMB), which is considerably higher than in China [7][8]. - The average installation cost for air conditioning in France is between 850 to 1,900 euros, making it a significant financial burden for many residents [7]. Group 4: Usage Patterns and Alternatives - The short duration of high temperatures in many parts of Europe (typically 2-4 weeks) makes the investment in air conditioning less appealing [9]. - Many Europeans prefer to spend time in air-conditioned public spaces like shopping centers and cinemas rather than installing air conditioning at home [10]. Group 5: Health and Environmental Concerns - Extreme heat has led to health concerns, with studies indicating that heat waves could result in tens of thousands of heat-related deaths in Europe [12][13]. - The European Union faces a dilemma between increasing air conditioning use and meeting climate goals, as widespread air conditioning could exacerbate energy consumption and environmental issues [13].

Core Viewpoint - The article discusses the increasing heat waves in Europe, highlighting the low air conditioning penetration rate and the challenges faced by residents in coping with extreme temperatures [1][28][31]. Group 1: Air Conditioning Penetration and Usage - Air conditioning penetration in Europe is significantly lower than in China and the United States, with only 20% of households having air conditioning, and even lower rates in Germany (3%), the UK (3%), and France (5%) [1][28]. - The European Union accounted for only 1.2% of global cooling energy consumption in 2016, indicating a limited reliance on air conditioning compared to other regions [4][28]. Group 2: Challenges in Air Conditioning Installation - Installing air conditioning in Europe is complicated by legal and policy restrictions, requiring permits and approvals that can take months to obtain [11][13]. - The high cost of air conditioning units and installation, ranging from €1,850 to €2,900 (approximately 15,600 to 24,500 RMB), makes it a significant financial burden for many residents [16][18]. - The short duration of high temperatures in many parts of Europe (typically 2-4 weeks) reduces the perceived value of investing in air conditioning [19][20]. Group 3: Alternative Cooling Solutions - Many Europeans prefer to spend time in air-conditioned public spaces such as shopping centers and cinemas during heat waves, which is often more cost-effective than installing air conditioning at home [8][24]. - Government initiatives, such as providing cooling centers and free access to public facilities for vulnerable populations during heat waves, help mitigate the impact of extreme temperatures [25][28]. Group 4: Climate Change and Future Considerations - The increasing frequency and intensity of heat waves due to climate change pose a public health risk, leading to discussions about the need for more widespread air conditioning [29][31]. - Balancing the need for cooling with environmental commitments, such as the EU's goal to reduce greenhouse gas emissions by 55% by 2030, presents a significant challenge for policymakers [30][31].

Core Insights - The extreme heatwave in Europe has led to a surge in demand for Chinese air conditioners, which are now seen as essential for survival rather than luxury items [1][8] - European consumers are increasingly recognizing the superiority of Chinese air conditioning brands over local options, driven by efficiency, cost savings, and rapid installation services [7][10] Market Dynamics - Over 12.77 million Chinese air conditioners were imported into Europe in the first five months of 2025, marking a year-on-year increase of 31.5% [7] - Major Chinese brands like Haier and Midea have seen sales growth exceeding 30%, indicating a significant market penetration [7] Consumer Behavior - European consumers, previously resistant to air conditioning due to cultural perceptions, are now rapidly adopting Chinese brands as they realize their effectiveness and efficiency [3][10] - The shift in consumer sentiment is highlighted by media reports praising the performance and cost-effectiveness of Chinese air conditioners compared to local brands [7][10] Technological Advancements - Chinese air conditioning brands are introducing innovative products tailored to the European market, such as Midea's PortaSplit air conditioner, which requires no drilling for installation [5] - The use of environmentally friendly refrigerants and high energy efficiency ratings (EU A-grade) by brands like Gree is setting new standards in the industry [7][10] Future Outlook - The ongoing climate crisis is expected to increase the demand for air conditioning in Europe, solidifying its status as a necessity [8] - Chinese air conditioning manufacturers are positioned to lead in the global green cooling industry, leveraging their technological advancements to meet new environmental regulations [10]

Group 1 - The global market for magnetic levitation air conditioning is experiencing a "one strong, many strong" pattern, with a sales growth of 18.0% for magnetic levitation centrifugal units, significantly outpacing the 7.5% growth of large chillers [1] - Chinese brands now hold nearly 50% of the global market share, breaking the foreign monopoly, with Haier leading at 23.6% market share, surpassing the combined share of the second (11.1%) and third (10.9%) ranked companies [1] - In the domestic market, Haier's share exceeds 50% in 2024, equivalent to the total of all other brands combined [1] Group 2 - The core appeal of magnetic levitation air conditioning lies in its revolutionary energy-saving potential, with applications that can save over 50% in electricity compared to traditional air conditioning [3] - The integration of AI systems allows for automatic adjustments based on real-time temperature and load, reducing maintenance costs by 40% and enabling "unmanned operation" [3] - Despite the promising outlook, challenges such as increased price competition and varying quality due to over 50 new brands entering the market are present, indicating a transition from "wild growth" to "regulated competition" [3] - A national standard for oil-free suspended centrifugal chillers, led by Haier, was published in March and will be implemented on October 1, involving 21 participating enterprises [3] - Over the next five years, magnetic levitation air conditioning is expected to deeply integrate with AI and renewable energy technologies, expanding its application scenarios, especially in the context of global warming and energy-saving initiatives [3] - Brand competition is anticipated to intensify, with a focus on technological and standard leadership as key to maintaining market position [3]

Core Insights - India is experiencing rising temperatures, with April 2023 recording temperatures 3°C above normal, leading to increased health issues related to heat [1][2] - The last decade has been the hottest on record for India, but its warming rate is slower than other regions, attributed to increased agricultural irrigation and air pollution [2][3] - Only 10% of Indian households can afford air conditioning, compared to 80% in Malaysia, highlighting a significant gap in access to cooling solutions [3][4] Group 1: Temperature Trends and Health Impacts - The Indian Meteorological Department predicted higher temperatures for April, which was confirmed by actual temperature readings [1] - The capital, New Delhi, faced extreme heat waves, resulting in a surge in heat-related illnesses [1][2] Group 2: Air Conditioning Market and Accessibility - The air conditioning market in India is booming, with annual sales expected to double from 2020 to 2024 [3] - Despite the growth, only 1 in 10 households can afford air conditioning, indicating a disparity in access to cooling technology [3] Group 3: Environmental and Energy Considerations - Air conditioning contributes significantly to air pollution, accounting for 20% of electricity demand, primarily sourced from polluting thermal power plants [4] - The Indian government is urged to promote both clean energy and air conditioning simultaneously, with new energy efficiency standards being introduced [4][5] Group 4: Policy Recommendations - The Indian government should lead by example by installing air conditioning in public spaces to make it more accessible to the general population [5] - There is a need for faster land acquisition for solar projects, investment in the power grid, and reforms in the electricity market to encourage renewable energy investments [4][5]

Group 1: Economic Development and Industry - The provincial leadership emphasizes the need for high-quality development in Maoming to enhance overall strength and lead in regional development [1][6] - The Maoming Litchi industry is highlighted as a key area for growth, with initiatives to improve sales, explore e-commerce channels, and enhance logistics for better market access [2][6] - The Foshan (Maoming) Industrial Transfer Cooperation Park is recognized as an important platform for manufacturing development, with a focus on attracting quality projects and optimizing industrial structure [3][6] Group 2: Agricultural and Ecological Initiatives - The local government is encouraged to promote the development of the agarwood industry, integrating planting, processing, and cultural tourism [4][6] - Efforts are being made to protect and restore coastal ecosystems while enhancing the quality of coastal tourism [4][6] Group 3: Community Engagement and Governance - The importance of grassroots governance is underscored, with a call for local officials to engage with the community and improve service delivery [5][6] - A focus on enhancing urban planning and infrastructure is emphasized to improve the quality of life for residents in Maoming [6]

Core Insights - Daikin has been recognized as a top supplier in the construction supply chain, winning multiple awards for its air conditioning and related products, and has been included in the "2025 China Real Estate Association Supply Chain Big Data Center Quality Enterprise Library" as a high-quality 5A supplier [1][4]. Group 1: Market Context - The Chinese real estate market showed signs of stabilization in Q1 2025, with the concept of "good houses" being incorporated into government work reports, highlighting the importance of quality suppliers in the construction supply chain [2]. - High-quality products and stable services are essential for real estate developers to enhance their market competitiveness [2]. Group 2: Company Performance - Daikin has been selected as a preferred supplier for 16 consecutive years, reflecting its strong product capabilities and high standards across various aspects of the construction supply chain [2][9]. - The company has established a reputation for reliability and quality, making it a trusted partner for leading real estate developers in China [2][8]. Group 3: Innovation and Services - Daikin has introduced a new air strategy that emphasizes customizable air solutions, catering to diverse and individual air quality needs [7]. - The Daikin Care service model provides comprehensive lifecycle support, utilizing IoT data and human expertise to ensure optimal indoor air quality for over 4 million households in China [8]. Group 4: Contribution to Industry Development - Daikin's innovative central air system integrates multiple functions, aligning with the government's push for healthier, smarter living environments [9][11]. - The company actively participates in setting national standards and promotes air IoT technology, contributing to China's carbon reduction goals [11].