AUX's first annual report after going public: net profit declined over 20%, Huacai's revenue dropped nearly 40%

GateUser-bd883c58 · 2026-04-07T18:05:22+00:00

AUX Electrical's revenue in 2025 is 30.049 billion yuan, a slight increase of 0.97% year-on-year; net profit is 2.235 billion yuan, down 23.2% year-on-year. Competition in the air conditioning market has intensified, with gross profit margin decreasing to 18.8%. The stock price opened below the issuance price, facing downward pressure from revenue declines in multiple regions.

GateUser-bd883c58

2026-04-07 18:05:22

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Beijing News Shell Finance, reported by Chen Weicheng: On the evening of March 27, AUCES Electric (02580) released its 2025 performance results, showing that the Group achieved revenue of RMB 30.049 billion, a year-on-year increase of 0.97%; profit attributable to owners of the parent company was RMB 2.235 billion, a year-on-year decrease of 23.2%.

In September 2025, AUCES Electric officially listed on the Hong Kong Stock Exchange, with a price of HKD 17.42 per share, but it fell below the issue price right after the market opened. In 2025, competition in China’s air conditioner market was fierce, putting pressure on mid-tier brands such as AUCES. As of the close on March 27, the share price of AUCES Electric was HKD 9.2, with a market capitalization of HKD 14.6 billion.

Looking at the details, revenue from AUCES home air conditioners was RMB 26.235 billion, a slight year-on-year increase of 1.3%; revenue from central air conditioners was RMB 3.285 billion, up 1.9%. By brand, revenue under the AUCES brand was RMB 15.914 billion, up 2.5%; Huashun brand revenue was RMB 0.829 billion, down sharply by 39.0%; the new brand AUFIT contributed revenue of RMB 0.996 billion.

From the regional markets perspective, revenue from Mainland China was RMB 15.308 billion, up 1.5%; revenue from Asia (excluding Mainland China) was RMB 8.208 billion, up 11.8%, mainly due to the introduction of new models driving sales. Revenue from North America was RMB 1.452 billion, down sharply by 30.7%; revenue from Europe was RMB 2.835 billion, down 6.3%.

In terms of financial performance, the Group’s profit for the year was RMB 2.235 billion, down 23.2% year on year. Gross margin decreased from 21.0% in 2024 to 18.8% in 2025, mainly due to intense market competition, rising raw material prices, and relatively high inventory levels in certain regions. Earnings per share attributable to ordinary equity holders of the parent company were RMB 1.56, lower than RMB 2.23 in the prior year.

Edited by Wei Yingzi

Proofread by Zhao Lin

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