上述投资者一共认购1.24亿美元（约9.74亿美元），其中，中邮保险认购5000万美元（约3.92亿港元），中邮理财认购1500万美元（约1.18亿港元），华菱 香港认购2650万美元（约2.08亿港元），西藏源乐晟及CICC FT认购2000万美元（约1.57亿港元），深圳永信及国泰君安投资认购1280万美元（约1亿港 元）。 奥克斯2024年营收近300亿元，经调整净利29.35亿。于业绩记录期，宁波奥克斯电气有限公司向其当时股东宣派及派付约37.94亿元的股息。 奥克斯电气有限公司（简称："奥克斯"，股票代码："2580"）日前开启招股，准备2025年9月2日在港交所上市。 奥克斯发行区间为16港元到17.42港元，计划发售2.07亿股股份，其中1.968亿股股份为国际发售股份，1035.82万股股份为香港公开发售股份。 假设发售价为每股股份16.71港元（发售价范围中位数），奥克斯募资净额估计约32.874亿港元。 奥克斯基石投资者分别为中邮保险、中邮理财、华菱香港、西藏源乐晟及CICC FT、深圳永信及国泰君安投资。 | | | | | | 假設發售量調整櫃未獲行便 | | | | | 假設發售量調 ...

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 行业政策跟踪 1）全国消费品以旧换新工作推进电视电话会在京召开。2）贴息政策 与消费品以旧换新政策形成组合拳。 耐用消费品与服装行业周报、月报 2025 年 08 月 25 日 [Table_Title] 促消费政策再加码，贴息+以旧换新组合 拳共促消费活力 ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.08.09-2025.08.22）上证综指上涨 5.24%， 深证成指上涨 9.32%，创业板指上涨 14.94%；智能家居指数 （399996.SZ）上涨 14.16%，跑赢上证综指 8.92pct，跑赢深证成指 4.84pct，跑输创业板指 0.77pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 +23.68%、+12.02%、+23.89%、+4.95%；年初至今四个细分板块涨 跌幅分别为+62.20%、+11.29%、+18.68%、+9.76%。 3）个股：近 2 ...

Company Overview - Aokas Electric, established in 1994, specializes in the design, research, production, sales, and service of high-quality home and central air conditioning systems [1] - The company has a product matrix primarily focused on home and central air conditioning, with brands including "Aokas AUX," "Hua Suan," and "AUFIT," as well as high-end brands like ShinFlow [1] Financial Highlights - Revenue growth from 19,528 million RMB in 2022 to 24,832 million RMB in 2023, with a projected increase to 29,759 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 27.2% from 2022 to 2023 and 19.8% from 2023 to 2024 [4] - Gross profit increased from 4,150 million RMB in 2022 to 5,422 million RMB in 2023, with a gross margin of approximately 21% [4] - Adjusted net profit rose from 1,442 million RMB in 2022 to 2,487 million RMB in 2023, with a net profit margin of around 10% [4] Market Position - Aokas ranks as the fifth largest air conditioning provider globally, with a market share of 7.1% in 2024 [2][5] - The company holds the number one position in China's mass market for home air conditioning, with a market share of 25.7% in 2024 [5] Global Expansion Strategy - Since 2018, Aokas has been implementing a global strategy, establishing overseas sales companies and local teams in regions such as Malaysia, Thailand, the USA, and Saudi Arabia [2] - The company's overseas revenue share increased from 42.9% in 2022 to 49.3% in 2024, further rising to 57.1% in Q1 2025 [8] Cost Efficiency and Channel Strategy - Aokas has adopted a streamlined distribution model since 2017, allowing dealers to connect directly with factories via an app, enhancing price competitiveness and inventory turnover [6] - The company maintains a stable gross margin of around 21% and a net margin of approximately 10%, with higher margins in the central air conditioning segment [7] Investment Highlights - The upcoming IPO is expected to raise between 3.312 billion HKD and 3.606 billion HKD, with a market capitalization estimated between 24.915 billion HKD and 27.126 billion HKD [1] - The founder, Zheng Jianjiang, controls approximately 96.36% of the voting rights, indicating a concentrated ownership structure [9]

7 月家用空调产量同比持平，好于此前排产预计数 ——铜行业周报（20250818-20250822） 要点 本周小结：宏观情绪好转，铜价有望自 9 月开始走强。截至 2025 年 8 月 22 日， SHFE 铜收盘价 78690 元/吨，环比 8 月 15 日-0.47%；LME 铜收盘价 9797 美 元/吨，环比 8 月 15 日+0.37%。（1）宏观：美联储主席鲍威尔 8 月 22 日讲话 偏鸽，市场预计 9 月降息概率较大。（2）供需：因此前美国铜关税导致的库存 搬运已进入尾声，LME 和 COMEX 累库有望逐步结束；国内淡季即将结束，看好 9 月以后国内需求好转。矿端、废铜后续仍维持紧张，随着电网、空调需求 Q4 回升以及贸易冲突逐步消化，铜价后续有望上行。 库存：国内铜社库环比+4.9%，LME 铜库存环比+0.2%。（1）国内港口铜精矿 库存：截至 2025 年 8 月 22 日，国内主流港口铜精矿库存 56.2 万吨，环比上周 -1.1%。（2）全球电解铜库存：截至 2025 年 8 月 18 日，全球三大交易所库存 合计 50.9 万吨，环比+1.5%。截至 2025 年 8 月 21 ...

Group 1 - Gree Electric's stock price is reported at 47.65 yuan, down 0.14 yuan or 0.29% from the previous trading day, with a trading volume of 1.769 billion yuan [1] - Gree Electric is a representative enterprise in the domestic home appliance industry, focusing on the research, production, and sales of household air conditioners, central air conditioners, and other home appliances [1] - The company maintains a leading position in online air conditioner sales, with a market share of 17.65% in July, ranking second, while Xiaomi holds a market share of 15.73%, ranking third [1] Group 2 - Gree Electric's main funds saw a net inflow of 60.6977 million yuan on August 18, accounting for 0.02% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 59.2554 million yuan [1] - Gree Electric has maintained the highest customer satisfaction for 16 consecutive years, as emphasized by the company's marketing director [1]

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].

Core Insights - The article emphasizes the importance of selecting the right air conditioning unit based on various factors such as compressor control type, installation method, and specific consumer needs [1][2]. Group 1: Product Selection - Air conditioners are categorized into fixed-speed and variable-speed types, with variable-speed units being more energy-efficient and quieter [1]. - Installation types include wall-mounted and floor-standing units, with wall-mounted units suitable for smaller spaces and floor-standing units for larger areas [1]. - Consumers with only cooling needs can opt for single-cooling units, while those needing heating can choose heat pump units, which may require additional heating sources in extremely low outdoor temperatures [1]. Group 2: Important Indicators - Key specifications to consider include "rated cooling capacity," "Annual Performance Factor (APF)" for heat pump units, and "Seasonal Energy Efficiency Ratio (SEER)" for single-cooling units [2]. - For a room of 10 square meters, a cooling capacity of around 2600 watts is recommended; for 15 square meters, about 3500 watts; and for rooms larger than 25 square meters, over 5000 watts [2]. - Higher APF or SEER values indicate better energy efficiency, and consumers are advised to choose units with an energy efficiency rating of level 2 or above [2]. Group 3: Meeting Individual Needs - Air conditioners with features like no-wind and anti-direct-blow functions are suitable for sensitive groups such as the elderly and children [2]. - Consumers focused on air quality and health should look for units with purification, fresh air, and self-cleaning functions [2]. - Young consumers seeking advanced technology may prefer smart air conditioners with remote control, voice interaction, and scene linkage capabilities [2]. Group 4: Certification and Standards - It is crucial to purchase air conditioners that have the China Compulsory Certification (CCC) mark and the China Energy Label [3].

Group 1 - The core viewpoint is that the "trade-in" policy has significantly boosted consumer spending, with a total sales volume of 2.9 trillion yuan and approximately 400 million people benefiting from subsidies in the first half of the year [1][4]. - The summer season is identified as a peak sales period for home appliances and electronic products, with the third batch of trade-in funds expected to further stimulate consumption [1][4]. - Over 66 million consumers have purchased products from 12 major categories under the trade-in program, resulting in over 1.09 billion units sold [3]. Group 2 - Retail sales of home appliances and audio-visual equipment have seen a year-on-year increase of 30.7%, while cultural and office supplies retail sales grew by 25.4% [4]. - The retail sales of communication equipment increased by 24.1%, and furniture retail sales rose by 22.9%, indicating a strong consumer market [4]. - The retail volume of passenger cars increased by 10.8%, reflecting a positive trend in the automotive sector [4]. Group 3 - Since the issuance of the notice on enhancing the trade-in program in August last year, retail sales of home appliances have consistently maintained double-digit growth [6]. - Smart products such as AI smartphones, robotic vacuum cleaners, and smart locks have become more prevalent in households, enhancing consumer convenience and efficiency [6]. Group 4 - The penetration rate of new energy vehicles is projected to reach 50.2% by 2024, with the number of new energy vehicles increasing 5.4 times compared to 2020 [8]. - The recycling of resources has improved, with 1.955 million scrapped vehicles recovered nationwide, marking a 58.6% increase [8]. - The dismantling of old home appliances by enterprises under the supply and marketing cooperative reached 4.825 million units, also showing a 58% growth [8]. Group 5 - The express delivery industry has effectively supported the trade-in program, contributing to an 8.5% year-on-year growth in online retail sales in the first half of the year [9]. - A notable milestone was achieved when a trade-in home air conditioner became the 1 billionth express delivery item in 2025, reaching this target 35 days ahead of schedule compared to the previous year [9].

Core Viewpoint - The company reported a slight increase in revenue and net profit for the first half of 2025, with external sales showing strong growth while domestic sales faced challenges [4][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 49.34 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.0% year-on-year [4]. - For Q2 2025, the company recorded revenue of 24.50 billion yuan, a decrease of 2.6% year-on-year, and a net profit of 0.95 billion yuan, down 8.3% year-on-year [4]. Group 2: Sales Breakdown - Domestic sales for the first half of 2025 amounted to 25.25 billion yuan, a slight decline of 0.3% year-on-year, while external sales reached 20.45 billion yuan, reflecting a robust growth of 12.3% year-on-year [5]. - The HVAC business generated revenue of 23.69 billion yuan, an increase of 4.1% year-on-year, despite a significant decline in domestic central air conditioning sales [5]. - The company’s subsidiary, Hisense Hitachi, reported revenue of 10.66 billion yuan, down 6.0% year-on-year, with a net profit of 1.86 billion yuan, a decrease of 4.9% year-on-year [5][7]. Group 3: Profitability and Margins - The overall gross margin for the first half of 2025 was 21.5%, an increase of 0.2 percentage points year-on-year, with domestic gross margin at 31.0% and external gross margin at 12.3% [8]. - The gross margin for the HVAC business was 27.1%, down 1.6 percentage points year-on-year, while the ice washing business saw a gross margin of 18.8%, up 2.1 percentage points year-on-year [8]. Group 4: R&D and Future Outlook - The company increased its R&D investment, with the R&D expense ratio slightly rising by 0.01 percentage points year-on-year [8]. - The net profit margin for the company was 4.2%, an increase of 0.1 percentage points year-on-year, with expectations for gradual improvement driven by equity incentives [8].

资金流向方面，8月5日海信家电主力资金净流出403.37万元，近五日主力资金累计净流入8529.01万元。 风险提示：市场有风险，投资需谨慎。 海信家电属于家用电器行业，主要业务涵盖空调、冰箱等家电产品的研发、生产和销售。公司产品线包 括家用空调、商用空调、冰箱等，旗下拥有海信、科龙等多个品牌。 消息面上，近期欧洲高温天气带动制冷家电需求增长。海信移动空调因即插即用特性受到意大利消费者 青睐。公司发布2024年度ESG报告显示，家电类一、二级能耗产品占比超90%，并承诺不晚于2026年实 现运营碳达峰。二季度末，基本养老保险基金一二零四组合新进成为公司第十大流通股东，持股459.61 万股。 截至2025年8月5日15时，海信家电最新股价为25.44元，较前一交易日上涨0.08%。当日开盘价为25.45 元，最高触及25.54元，最低25.40元，成交量为13.12万手，成交额3.34亿元。 ...