Core Viewpoint - Wolong Electric Drive (600580.SH) announced a restricted stock incentive plan for 2025, aiming to enhance employee motivation and align their interests with the company's long-term growth [1] Summary by Sections Incentive Plan Details - The total number of rights to be granted under the incentive plan is 5.1482 million shares, accounting for approximately 0.33% of the company's total share capital as of the announcement date [1] - The initial grant of restricted stock is 4.62 million shares, representing about 0.30% of the company's total share capital at the announcement date and 89.74% of the total restricted stock to be granted [1] - A reserve of 528,200 shares is set aside, which is approximately 0.03% of the company's total share capital at the announcement date and 10.26% of the total restricted stock to be granted [1]

Company Overview - Wolong Electric Drive (SH 600580) announced a temporary board meeting on September 29, 2025, to discuss the authorization of the board to handle matters related to the company's equity incentive plan [1] Financial Performance - For the year 2024, the revenue composition of Wolong Electric Drive is as follows: Industrial motors and drives account for 55.8%, household motors and controls for 24.21%, wind, solar, and hydrogen for 7.64%, electric transportation for 4.97%, and others for 4.96% [1] Market Position - As of the report, Wolong Electric Drive has a market capitalization of 75.9 billion yuan [1]

上海君澜律师事务所 关于 卧龙电气驱动集团股份有限公司 在本法律意见书中，除非文意另有所指，下列词语具有以下含义： | 公司/卧龙电驱 | 指 | 卧龙电气驱动集团股份有限公司，曾使用"卧龙电 | | --- | --- | --- | | | | 气集团股份有限公司"的企业名称 | | 《激励计划（草 | 指 | 《卧龙电气驱动集团股份有限公司 年限制性股 2025 | | 案）》 | | 票激励计划（草案）》 | | | | 卧龙电气驱动集团股份有限公司拟根据《卧龙电气 | | 本次激励计划 | 指 | 驱动集团股份有限公司 2025 年限制性股票激励计划 | | | | （草案）》实施的股权激励 | | 《考核办法》 | 指 | 《卧龙电气驱动集团股份有限公司 年限制性股 2025 | | | | 票激励计划实施考核管理办法》 | | | | 按照本次激励计划之规定，获授限制性股票的在公 | | 激励对象 | 指 | 司任职的（含子公司，下同）董事、高级管理人 | | | | 员、核心技术/业务/管理人员 | | 限制性股票 | 指 | 激励对象按照本次激励计划规定的条件，获得的转 | | | | 让等 ...

Market Performance - The electric motor sector increased by 2.32% compared to the previous trading day, with Wolong Electric leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Wolong Electric (600580) closed at 48.60, up 4.27% with a trading volume of 1.5155 million shares and a transaction value of 7.308 billion [1] - Other notable performers included Benrui Co. (300626) with a 3.45% increase, and Dayang Electric (002249) with a 3.44% increase [1] Capital Flow - The electric motor sector saw a net inflow of 276 million in main funds, while retail investors experienced a net outflow of 162 million [2] - Main funds showed significant inflow into Wolong Electric, amounting to 359 million, while retail investors had a net outflow of 299 million [3]

Core Viewpoint - Wolong Electric Drive's recent overseas listing may be inflated in performance due to accounting errors and "related self-sales" trade practices, raising concerns about the company's financial integrity and regulatory compliance [1]. Group 1: Regulatory Feedback - The China Securities Regulatory Commission (CSRC) has issued feedback regarding Wolong Electric Drive's overseas listing, questioning the inconsistency in the identification of the controlling shareholder and the criteria used for this determination [1]. - The CSRC has requested clarification on the specific circumstances of the controlling shareholder's pledged shares and their impact on the company's control and normal business operations, assessing compliance with regulations prohibiting certain entities from listing abroad [1]. - The CSRC has asked for a detailed list of the actual daily regulatory oversight by relevant authorities concerning the company's business and licensing, including the names of regulatory bodies, areas of supervision, business content, product names, and licensing status [1]. Group 2: Business Operations and Future Plans - The CSRC has inquired about the specific circumstances of the company's subsidiaries engaged in real estate development and sales, including whether they are actively conducting related business and their future business plans, as well as the necessary licensing obtained [1]. - The feedback also seeks to understand the foreign capital ratio after the issuance and listing, ensuring that the company and its subsidiaries continue to meet foreign investment policy requirements post-listing [1].

来源：瑞恩资本RyanbenCapital 中国企业赴香港上市，需要取得中国证监会的备案通知书。根据港交所上市规则，中国企业需在上市聆 讯审批日期至少4个营业日之前提交"备案通知书"。只有通过港交所的上市聆讯，企业才可以在港交所 挂牌上市。 本周(2025年9月19日至9月25日)中国证监会国际司共对5家企业(全部香港上市)出具境外发行上市备案补 充材料要求，具体如下： 卧龙电驱 请你公司就以下事项补充说明，请律师核查并出具明确的法律意见： 一、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确 结论性意见。 二、请说明控股股东持有你公司的股份存在质押的具体情况，及其对你公司及下属公司控制权和正常业 务开展的影响，是否构成《境内企业境外发行证券和上市管理试行办法》第八条规定的不得境外上市情 形。 三、请结合你公司及下属公司业务及资质许可等情况，列表说明备案材料所述主管部门的实际日常监管 情况，包括主管部门名称、监管领域、业务内容、产品名称、涉及的资质许可情况等。 四、请说明 1）你公司下属公司经营范围包含房地产开发销售的具体情况，是否实际开展相关业务及未来业务计 划，是否已 ...

Investment Rating - The industry rating is "Outperform the Market" [6][54]. Core Insights - The low-altitude economy sector is currently experiencing a period of stagnation, with expectations for a rebound driven by industry catalysts and supportive policies [4][29]. - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are seen as essential for the sector's growth [5][30]. - The market is awaiting significant policy support and advancements in the industry, with local governments actively working on practical measures such as airspace planning and low-altitude flight management [4][29]. Summary by Sections Market Review - The Wind Low Altitude Economy Index decreased by 0.55% this week, ranking 164 out of 338, underperforming the market as the Shanghai Composite Index rose by 0.21% [3][13]. - The top five gainers in the A-share and Hong Kong stock markets included: Kaizhong Co. (up 15.44%), Xingwang Yuda (up 11.84%), Shencheng Transportation (up 10.13%), Aerospace Nanhua (up 5.99%), and Zongheng Co. (up 5.78%) [3][16]. Industry Dynamics - Recent developments include strategic partnerships and policy announcements aimed at fostering the low-altitude economy, such as the signing of a cooperation agreement between Hefei City and a helicopter company, and the release of support policies for low-altitude economic development in Shanghai [33][36]. - The Guangdong low-altitude economy has reached a scale of over 100 billion, with more than 15,000 related enterprises, accounting for over 30% of the national low-altitude economy industry chain [37]. Investment Strategy - The report suggests focusing on infrastructure companies such as Les Information and Suzhou Planning, as well as drone-related companies like Jifeng Technology and Henghe Precision [6][32]. - The low-altitude industry is seen as having the potential for a rebound, with the right conditions and catalysts expected to drive growth in the coming months [4][29].

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for five companies, including Wolong Electric Drive, regarding their overseas listing applications [1] - Wolong Electric Drive is required to clarify inconsistencies in the identification of its controlling shareholder and provide a conclusive legal opinion on this matter [1] - The company must disclose specific details about the pledged shares of its controlling shareholder and assess the impact on its control and normal business operations [1] Group 2 - Wolong Electric Drive is a provider of electric drive system solutions, focusing on the research, production, sales, and service of electric drive system products [2] - The company 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% [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Wolong Electric Drive Group Co., Ltd. regarding its overseas listing application, focusing on the inconsistency in the identification of its controlling shareholder and the regulatory oversight by relevant authorities [1][2] Group 1: Regulatory Requirements - The CSRC has asked Wolong Electric Drive to clarify the reasons for inconsistencies in the identification of its controlling shareholder and to provide a conclusive legal opinion on this matter [1] - The company is required to detail the specific circumstances of share pledges held by its controlling shareholder and their potential impact on the company's control and normal business operations [1] - Wolong Electric Drive must also provide a list detailing the actual daily regulatory oversight by relevant authorities, including names, regulatory areas, business content, product names, and licensing situations [1] Group 2: Company Overview - Wolong Electric Drive is a provider of electric drive system solutions, focusing on the research, production, sales, and service of electric drive system products [2] - The company offers solutions across five core sectors: explosion-proof electric drive systems, industrial electric drive systems, HVAC electric drive systems, new energy transportation electric drive systems, and robotic components and system applications [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%, 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 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for five companies, including Wolong Electric Drive, regarding their overseas listing applications [1] - Wolong Electric Drive is required to clarify inconsistencies in the identification of its controlling shareholder and provide legal opinions on the matter [1] - The company must disclose specific details about the pledge of shares held by its controlling shareholder and its impact on control and business operations [1] Group 2 - Wolong Electric Drive specializes in electric drive system solutions, focusing on research, production, sales, and services across five core areas [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 HVAC electric drive system solutions market with a market share of around 2.0% [2]