公司在全球工业电驱动系统解决方案市场排名第四(市场份额2.8%)，在全球暖通电驱动系统解决方案市 场排名第五(市场份额2.0%)。 公司在电驱动系统领域深耕四十余载，以科技创新和数字化赋能为驱动力，并积极布局电动航空和具身 智能。 卧龙电驱（600580）已向港交所主板递交上市申请，中金公司（601995）、华泰国际、广发证券(香港) 为联席保荐人。 公司是全球领先的电驱动系统解决方案提供商，专注于研发、生产、销售和服务的五大核心业务板块。 根据弗若斯特沙利文的数据，按2024年收入计，卧龙电驱在全球防爆电驱动系统解决方案市场排名第 一，市场份额为4.5%。 ...

来源：新浪港股-好仓工作室 卧龙电气驱动集团股份有限公司，作为一家冲刺港股IPO的企业，其招股书披露的信息备受市场关注。 本文将从主营业务、财务数据、关联交易、管理层等多个维度深入剖析，为投资者揭示其中的关键要点 与潜在风险。 业务聚焦电驱系统，五大板块各有千秋 主营业务与商业模式 营业收入构成及变化 2022年2023年2024年2024年（未经审计）2025年（未经审计）防爆电驱动系统解决方案（人民币千元） 4,143,4184,688,4584,697,2822,427,4432,459,225占比30.1%28.9%30.4%30.6%工业电驱动系统解决方案 （人民币千元）3,632,2664,059,8694,063,3032,018,8852,118,966占比25.5%26.1%25.0%25.3%26.4%暖通电 驱动系统解决方案（人民币千元）4,647,2354,361,0714,592,8622,331,1062,575,131占比 32.6%28.0%28.3%29.2%32.1%新能源交通电驱动系统解决方案（人民币千元） 647,485609,169389,751203,612211, ...

Group 1 - The core viewpoint of the news is that Wolong Electric Drive Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC, Huatai International, and GF Securities (Hong Kong) as joint sponsors [1] - Wolong Electric Drive is a global leader in electric drive system solutions, focusing on the R&D, production, sales, and service of electric drive system products [1] - The company has over 40 years of experience in the electric drive system field, emphasizing technological innovation and digital empowerment to provide industry-leading solutions [1] Group 2 - According to Frost & Sullivan, Wolong Electric Drive ranks first in the global explosion-proof electric drive system solutions market with a market share of approximately 4.5% [2] - The company ranks fourth in the global industrial electric drive system solutions market with a market share of about 2.8% and fifth in the global HVAC electric drive system solutions market with a market share of around 2.0% [2] Group 3 - The revenue details by fiscal year are as follows: for the years 2022, 2023, and 2024, the revenues were approximately 14.266 billion, 15.567 billion, and 16.247 billion RMB respectively, with profits of 839 million, 553 million, and 832 million RMB respectively [3] - For the six months ending June 30 in 2024 and 2025, the revenues were approximately 7.978 billion and 8.031 billion RMB, with profits of 409 million and 548 million RMB respectively [3]

根据弗若斯特沙利文的资料，按2024年收入计，卧龙电驱(i)在全球防爆电驱动系统解决方案市场排名第 一，市场份额约为4.5%；(ii)在全球工业电驱动系统解决方案市场排名第四，市场份额约为2.8%；及(iii) 在全球暖通电驱动系统解决方案市场排名第五，市场份额约为2.0%。 按板块划分的收入明细如下： 智通财经获悉，据港交所8月13日披露，卧龙电气驱动集团股份有限公司(简称：卧龙电驱(600580.SH)) 向港交所主板递交上市申请，中金公司、华泰国际、广发证券(香港)为联席保荐人。 招股书显示，卧龙电驱是一家全球领先的电驱动系统解决方案提供商，公司专注于电驱动系统产品及解 决方案的研发、生产、销售和服务，持续为全球客户提供包括防爆电驱动系统解决方案、工业电驱动系 统解决方案、暖通电驱动系统解决方案、新能源交通电驱动系统解决方案、机器人组件及系统应用五大 核心板块。 在电驱动系统领域深耕四十余载，公司以科技创新、数字化赋能为动力，建立电机及驱动核心能力，提 供行业领先的解决方案。同时，公司积极投入未来产业，加速布局电动航空和具身智能，以领军技术突 破下一个万亿市场。公司以全球化研发、全球化生产、全球化品牌触 ...

据港交所8月13日披露，卧龙电气驱动集团股份有限公司(简称：卧龙电驱（600580）(600580.SH))向港交所主板递交上市申请，中金公司（601995）、华泰 国际、广发证券(香港)为联席保荐人。 财务方面，于2022年度、2023年度、2024年度、2024年及2025年截至6月30日止六个月，卧龙电驱实现收入分别约为142.66亿元、155.67亿元、162.47亿元、 79.78亿元、80.31亿元人民币；同期，年/期内利润分别为8.39亿元、5.53亿元、8.32亿元、4.09亿元、5.48亿元人民币。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣千元 | | % 人民幣千元 | % | 人民幣千元 | | % 人民幣千元 | | % 人民幣千元 | | | | | | | | | | | ...

Core Viewpoint - Wolong Electric Drive Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC, Huatai International, and GF Securities (Hong Kong) as joint sponsors [1]. Company Overview - Wolong Electric Drive is a global leader in electric drive system solutions, focusing on the R&D, production, sales, and service of electric drive system products and solutions across five core segments: explosion-proof electric drive systems, industrial electric drive systems, HVAC electric drive systems, new energy transportation electric drive systems, and robotic components and systems [3]. - The company has over 40 years of experience in the electric drive system field, leveraging technological innovation and digital empowerment to establish core capabilities in motors and drives, providing industry-leading solutions [3]. - Wolong Electric Drive is actively investing in future industries, accelerating its layout in electric aviation and embodied intelligence to lead technological breakthroughs in the next trillion-dollar market [3]. - The company operates globally, with R&D, production, and brand reach in over 100 countries and regions, aiming to provide optimal products and solutions to global users [3]. Market Position - According to Frost & Sullivan, by 2024, Wolong Electric Drive ranks first in the global explosion-proof electric drive system solutions market with a market share of approximately 4.5%, fourth in the global industrial electric drive system solutions market with a market share of about 2.8%, and fifth in the global HVAC electric drive system solutions market with a market share of around 2.0% [3]. Financial Performance - The revenue breakdown by segment for the years ending December 31 and the six months ending June 30 is as follows: - Explosion-proof electric drive systems: Revenue of approximately RMB 4.14 billion in 2022, increasing to RMB 4.69 billion in 2023, and projected at RMB 4.70 billion in 2024 [4]. - Industrial electric drive systems: Revenue of approximately RMB 3.63 billion in 2022, increasing to RMB 4.06 billion in 2023, and projected at RMB 4.06 billion in 2024 [4]. - HVAC electric drive systems: Revenue of approximately RMB 4.65 billion in 2022, decreasing to RMB 4.36 billion in 2023, and projected at RMB 4.59 billion in 2024 [4]. - New energy transportation electric drive systems: Revenue of approximately RMB 647 million in 2022, decreasing to RMB 609 million in 2023, and projected at RMB 390 million in 2024 [4]. - Robotic components and systems: Revenue of approximately RMB 356 million in 2022, increasing to RMB 406 million in 2023, and projected at RMB 452 million in 2024 [4]. - Financial results show that for the fiscal years 2022, 2023, and 2024, the company achieved revenues of approximately RMB 14.27 billion, RMB 15.57 billion, and RMB 16.25 billion, respectively, with net profits of RMB 839 million, RMB 553 million, and RMB 832 million [5].

流动性方面，稀土ETF嘉实盘中换手2.2%，成交1.06亿元。拉长时间看，截至8月12日，稀土ETF嘉实近1周日均成交3.71亿元，排名可比基金第一。 规模方面，稀土ETF嘉实近1周规模增长2.90亿元，实现显著增长，新增规模位居可比基金第一。份额方面，稀土ETF嘉实最新份额达33.51亿份，创近1年新 高，位居可比基金第一。 截至2025年8月13日 11:27，中证稀土产业指数上涨0.66%，成分股宁波韵升上涨4.61%，焦作万方上涨2.99%，安泰科技上涨2.91%，金田股份上涨2.69%，盛 和资源上涨1.90%。稀土ETF嘉实(516150)上涨0.49%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600111 | 北方稀土 | 0.03% | 13.22% | | 000831 | 中国稀土 | 0.12% | 5.63% | | 601600 | 中国铝业 | 1.84% | 4.93% | | 002340 | 格林美 | 0.30% | 4.93% | | 002600 | 领益智造 | 0.60% | 4.84% | | ...

Core Insights - Wolong Electric Drive (卧龙电驱) has demonstrated steady growth in its performance, with a revenue of 8.031 billion yuan in the first half of 2025, marking a year-on-year increase of 0.66%, and a net profit attributable to shareholders of 537 million yuan, up 36.76% [2][3] Financial Performance - In the first half of 2025, the company achieved a net cash flow from operating activities of 710 million yuan, a significant increase of 100.57% year-on-year, with a net cash ratio exceeding 1 [3] - The overall gross margin improved from 24.05% at the end of 2024 to 25.49% in the first half of 2025, an increase of 1.44 percentage points [4] - The company reported a revenue of 16.247 billion yuan for the full year of 2024, reflecting a 4.37% year-on-year growth, and a net profit of 793 million yuan, up 49.63% [2] Business Strategy - Wolong Electric Drive has actively adjusted its business structure by divesting four subsidiaries in the renewable energy sector for 726 million yuan, allowing it to focus on its core business of motors and drive control [4] - The company is expanding its footprint in the robotics sector, developing humanoid robots and industrial automation solutions, and has formed strategic partnerships with various robotics firms [4][6] Market Position - The company has established a strong competitive advantage in the global market through acquisitions of several well-known motor and control product manufacturers, enhancing its brand influence and technological capabilities [5] - Approximately 40% of the company's revenue is derived from overseas markets, indicating a significant contribution from international operations [5] Research and Development - From 2023 to the first half of 2025, the company invested a total of 1.515 billion yuan in R&D, maintaining a high R&D expense ratio of around 3.9% [7] - The company has established a robust product line management system and is actively pursuing partnerships with academic institutions to strengthen its technological core competencies [7]

据证券之星公开数据整理，近期卧龙电驱（600580）发布2025年中报。截至本报告期末，公司营业总收 入80.31亿元，同比上升0.66%，归母净利润5.37亿元，同比上升36.76%。按单季度数据看，第二季度营 业总收入39.92亿元，同比下降5.78%，第二季度归母净利润2.69亿元，同比上升58.1%。本报告期卧龙 电驱公司应收账款体量较大，当期应收账款占最新年报归母净利润比达673.66%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率25.49%，同比增0.48%，净利率6.82%，同比增 33.08%，销售费用、管理费用、财务费用总计10.69亿元，三费占营收比13.31%，同比减9.22%，每股净 资产6.7元，同比减10.47%，每股经营性现金流0.45元，同比增67.98%，每股收益0.35元，同比增40.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 79.78亿 | 80.31亿 | 0.66% | | 归母净利润(元) | 3.93亿 | 5.37亿 | 36.76% | | 扣 ...

Group 1 - The stock price of Wolong Electric Drive is reported at 24.20 yuan as of August 12, 2025, with a decrease of 0.37% from the previous trading day [1] - The company achieved a revenue of 8.031 billion yuan in the first half of 2025, representing a year-on-year growth of 0.66%, and a net profit attributable to shareholders of 537 million yuan, up 36.76% year-on-year [1] - Wolong Electric Drive is actively pursuing an "going abroad" strategy, with overseas assets reaching 7.268 billion yuan, accounting for 28.76% of total assets [1] Group 2 - The company has five major R&D centers globally and a central research institute located in Shanghai [1] - Several R&D projects related to permanent magnet motors are listed, including the development of dust-proof permanent magnet motors and the verification of high-performance permanent magnet materials with high abundance rare earth elements [1] - As of August 12, 2025, the net outflow of main funds was 210.2654 million yuan, accounting for 0.56% of the circulating market value, with a total net outflow of 494.3782 million yuan over the past five days, representing 1.31% of the circulating market value [1]