Going to Hong Kong for listing! On August 13, Wolong Electric Group Co.,Ltd. submitted its Hong Kong stock listing application. Since 2025, the "A+H" wave has begun, with companies from multiple sectors including pharmaceuticals, consumer goods, and new energy such as Hengrui Medicine, Haitian Flavoring, Sanhua Intelligent Controls, and JA Solar all planning to list on the Hong Kong stock market.
For Wolong Electric Group, listing in Hong Kong will help deepen the company's global strategic layout and enhance its comprehensive competitiveness, which can be described as adding wings to a tiger! From 2016 to 2024, the company's revenue grew from 8.914 billion yuan to 16.247 billion yuan, maintaining steady growth. Additionally, the interim report shows that in the first half of 2025, Wolong Electric Group achieved a net profit of 537 million yuan, a significant year-on-year increase of 36.76%.
In the future, Wolong Electric Group's performance growth is essentially "secured," thanks to the company's forward-looking layout in three major fields: humanoid robots, low-altitude economy, and new energy vehicles. In these industries, there are many "dual players" spanning two fields. Shuanglin Auto Parts, Tuopu Group, Sanhua Intelligent Controls, and Beijing Automotive are all leaders in both humanoid robots and automotive parts industries. Wanfeng Auto also possesses both automotive components and eVTOL aircraft manufacturing capabilities. However, there are not many companies like Wolong Electric Group that cover all three industries, especially when the company has "real substance" in each field.
**I. Humanoid Robots**
Humanoid robots are developing rapidly. On the international front, Tesla expects to mass-produce 5,000 Optimus robots in 2025, while Figure AI's first production line is expected to have an annual capacity of 12,000 units. Domestic companies are progressing even faster. Unitree Technology's consumer-grade G1 and industrial-grade H1 robots have begun sales through online channels. At the 2025 World Humanoid Robot Sports Competition, Unitree Technology successfully won the championship in the 1500-meter track event. Zhiyuan Robotics also had a thousand robots roll off the production line in January 2025.
On one hand, Wolong Electric Group maintains close cooperation with leading domestic humanoid robot companies. The company indirectly holds a 0.14% stake in Unitree Technology through Jinshi Investment, signed a cooperation agreement with Zhiyuan Robotics at the end of 2024, and signed a strategic cooperation agreement with DeepRobotics in quadruped robots in the first half of 2025. (DeepRobotics Technology is one of Hangzhou's "Six Little Dragons")
On the other hand, the company's business layout spans the "upstream-midstream-downstream" industrial chain of robots. Upstream, Wolong Electric Group has completed the reserves of important components such as frameless torque motors and joint modules. Midstream, in 2014, Wolong Electric Group acquired Italy's SIR Robotics and established Zhejiang SIR Robotics, possessing complete machine manufacturing capabilities. Downstream, the company's products are applied in multiple industries including metallurgy, mining, and petrochemicals, with rich production and manufacturing experience. It is expected to quickly realize the landing and application of complete robot machines.
Wolong Electric Group has acquired quite a few companies and businesses over the years, including SIR Robotics, Nanyang Explosion-proof, General Electric's small industrial motor business, and Qingjiang Motors. While acquisitions can quickly expand business lines, they also bring some "aftereffects." Typical issues include increased goodwill and rising management costs that come with expanded personnel scale.
Fortunately, the company's goodwill amount has not changed much in recent years, increasing from 1.318 billion yuan in 2018 to 1.459 billion yuan in 2024, showing no signs of impairment and not affecting current period profit and loss. However, Wolong Electric Group's management expenses are on the high side, reaching 1.294 billion yuan in 2024 with a management expense ratio of 11.92%, which erodes profitability to some extent.
This is also reflected in profitability. In recent years, Wolong Electric Group's gross profit margin has basically maintained around 25%, which is normal for manufacturing companies, but the net profit margin rarely exceeds 8%, indicating room for improvement in cost control.
**II. Low-Altitude Economy**
The blueprint for the low-altitude economy is gradually unfolding. The Low-Altitude Economy Development Division was established at the end of 2024, and resource allocation and regulations at the front end of the industrial chain are gradually improving. It is expected that China's low-altitude economy market will reach 1.5 trillion yuan in 2025 and is expected to reach 3.5 trillion yuan by 2035.
At the company level, EHang has released the EH216-S, Volant has launched the AE200, and AutoFlight and Shanhe Star Aviation have respectively launched the V2000CG and V.MO models. TCab Tech's eVTOL manufacturing base in Wuhu, Anhui successfully broke ground, and the low-altitude economy is accelerating toward application.
Wolong Electric Group cooperates with aircraft manufacturers including Volant, TCab Tech, COMAC, and Wanfeng Auto, with order volume expected to surge in 2027. eVTOL aircraft generally adopt distributed electric propulsion technology (DEP technology), requiring multiple motors. Electric drive and motor systems account for over 40% of costs. Aviation motors need to comply with the aviation-grade DO178 standard, which is much more stringent than automotive motor standards.
The company owns multiple motor brands including Wolong, ATB, Brook Crompton, Nanyang Explosion-proof, Oli, Schorch, and SIR. In 2019, Wolong Electric Group established an electric aviation R&D center dedicated to developing aviation electric drive systems. It also proposed a "3+1" strategic plan, laying out small, medium, and large power products. The company's medium-power products cover 30-200kW and can be applied to eVTOL urban vehicles; large-power products are at the MW level and can be applied to regional aircraft and other products, making them genuine aviation motors.
**III. New Energy Vehicles**
New energy vehicles still have development prospects. In the first half of 2025, global new energy vehicle sales reached 9.1 million units, a year-on-year increase of 28%, with China contributing 5.5 million units, up 32% year-on-year. Notably, the European market achieved sales of 2 million units with a year-on-year growth rate of 26%. Although China's new energy vehicle penetration rate has exceeded 40%, based on current conditions, overseas markets led by Europe are rapidly opening new incremental space. Additionally, new energy vehicles are encroaching on the fuel vehicle market.
Because intelligent driving is very "power-consuming," intelligent driving operations such as highway NOA and intercity NOA require substantial electrical energy supply. Fuel vehicles find it difficult to carry large-volume batteries and inevitably fall behind in intelligent competition with new energy vehicles.
From the cost structure of new energy vehicles, power batteries account for the highest proportion at 40%, while motor control systems account for 7% of costs, also being an important component. Wolong Electric Group began layout in this area early, establishing an EV motor division in 2011 to enter the automotive motor business. Later, it began close cooperation with global auto parts giant ZF. In 2019, the company received orders worth over 2 billion yuan from ZF; in 2020, both parties jointly established "Wolong ZF."
Currently, the company's automotive motors cover synchronous motors, asynchronous motors, high-power commercial vehicle drive motors, and other products, serving customers including Mercedes-Benz, BMW, XPeng, Geely, BYD, Yutong Bus, and others, establishing itself as a "quality player" in automotive motors.
**In Summary**
Using motor technology as its axis, Wolong Electric Group has entered the three major fields of humanoid robots, low-altitude economy, and new energy vehicles. Currently, humanoid robots are on the eve of mass production, eVTOL aircraft are already in trial operation in many cities, and Wolong Electric Group's future growth ceiling remains to be further opened.
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