📌 Company Overview

• Name: AUX Electric Co., Ltd. (奧克斯電氣有限公司)

• Incorporated in: Cayman Islands (limited liability)

• Industry: Air conditioners – household & central systems

• Market Presence: Over 150 countries and regions

• Global Ranking (2024): 5th largest air conditioner provider by sales volume (7.1% market share, Frost & Sullivan)

• Revenue CAGR (2022–2024): 23.4%

• Revenue (2024): RMB 29.8 billion

• Revenue from Overseas (Q1 2025): 57.1%

📌 Global Offering Details

• Stock Code: 2580 (Hong Kong Exchange)

• Total Offer Shares: 207,161,200

  • Hong Kong Public Offering: 10,358,200 shares

  • International Offering: 196,803,000 shares

• Offer Price Range: HK$16.00 – HK$17.42 per share

  • Maximum Price (HK$17.42) payable upfront on application

• Nominal Value per Share: US$0.000005

Application Process:

• Fully electronic (no paper forms)

• Apply via:

  1. HK eIPO White Form (www.hkeipo.hk)

  2. HKSCC EIPO channel (via broker/custodian through FINI system)

Minimum Application: 200 shares

• Example cost at max price: 200 shares = HK$3,519.14 (including fees & levies)

📌 Timetable

• Public Offering Opens: 9:00 a.m., Aug 25, 2025

• Application Deadline: 11:30 a.m., Aug 28, 2025

• Application Lists Close: 12:00 noon, Aug 28, 2025

• Price Determination Date: Aug 29, 2025 (latest by 12:00 noon)

• Announcement of Price & Allocation Basis: Sept 1, 2025 (by 11:00 p.m.)

• Refunds / Share Certificates Dispatch: Sept 1–2, 2025

• Trading Commences: 9:00 a.m., Sept 2, 2025

📌 Business & Strategy

• Core Products:

  • Household air conditioners (wall-mounted, cabinet, mobile)

  • Central air conditioners (VRF, packaged, chillers, heat pumps, terminals)

• Technologies: Smart-enabled ACs (AI, voice recognition, energy saving, self-cleaning)

• Multi-brand Strategy: AUX, Hutssom, AUFIT, ShinFlow (premium)

• Future Strategies:

  • Accelerate globalization

  • Expand central AC business

  • Enhance R&D & digital transformation

  • Grow OBM (own brand manufacturing) over ODM

📌 Financial Performance

Revenue:

• 2022: RMB 19.53 bn

• 2023: RMB 24.83 bn

• 2024: RMB 29.76 bn

• Q1 2024: RMB 7.36 bn → Q1 2025: RMB 9.35 bn

Net Profit:

• 2022: RMB 1.44 bn

• 2023: RMB 2.49 bn

• 2024: RMB 2.91 bn

• Q1 2024: RMB 752 m → Q1 2025: RMB 925 m

Margins:

• Net Profit Margin: ~7.4% (2022) → ~9.8–10.2% (2023–2025)

• Gross Profit Margin: ~21% overall (2022–2025)

• Higher margin in central ACs (~30%) vs. household ACs (~20%)

Cash & Assets:

• Cash at end 2024: RMB 2.91 bn (down from RMB 5.1 bn in 2023)

• Net assets: RMB 4.82 bn (Mar 31, 2025)

• Dividend: RMB 3.79 bn (2024), caused dip in net assets

📌 Customers & Suppliers

• Top 5 Customers: ~18–19% of revenue (mostly distributors & ODM clients)

• Top 5 Suppliers: ~27–33% of cost of sales (raw materials & components)

📌 Risks Highlighted

• Net current liabilities in 2022–2025 → liquidity risks

• Heavy reliance on ODM sales (lower margins than OBM)

• Dependence on overseas markets (currency, trade, regulatory risks)

• Exposure to raw material cost fluctuations

  Thank you