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].

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.2% with a transaction volume of 106 million yuan [2] - Over the past week, the average daily transaction volume reached 371 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 290 million yuan in the past week, also ranking first among comparable funds [2] - The latest share count for the Rare Earth ETF reached 3.351 billion shares, marking a one-year high and ranking first among comparable funds [2] - The latest net inflow of funds into the Rare Earth ETF was 58.08 million yuan, with a total of 344 million yuan net inflow over the last five trading days [2] - As of August 12, the net value of the Rare Earth ETF has increased by 76.79% over the past year, ranking 124th out of 2954 index equity funds, placing it in the top 4.20% [2] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Market Outlook and Recommendations - Xiangcai Securities suggests focusing on upstream rare earth resource companies due to improved supply-demand dynamics, driven by expectations of supply contraction and increased demand from relaxed export controls [3] - Everbright Securities anticipates that the domestic market will continue to perform strongly due to the accumulation of favorable internal and external factors [3] - Huazhong Securities recommends investors to focus on high-growth technology sectors and performance-supported industries, including AI, robotics, military industry, rare earth permanent magnets, precious metals, construction machinery, motorcycles, and agricultural chemicals [3] Group 3: Top Holdings in Rare Earth Industry - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, China Aluminum, Shenghe Resources, Wolong Electric Drive, China Aluminum, Lingyi Technology, Greeley, Xiamen Tungsten, and Goldwind Technology, collectively accounting for 59.32% of the index [2]

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a net profit of 537 million yuan in H1 2025, representing a year-on-year increase of 37%. Revenue for the same period was 8.031 billion yuan, up 1% year-on-year, with a gross margin of 25.49% and a net margin of 6.82% [1][3] - The company is a leading player in the industrial and consumer motor sectors, benefiting from government policies promoting equipment upgrades and trade-in programs, which are expected to drive industry demand [2] - The company is actively expanding its overseas market presence and optimizing resource allocation to enhance profit growth [2] - The company has made significant investments in robotics components and has established partnerships to advance embodied intelligence technology [2] - The low-altitude economy is thriving, and the company has strategically entered the aviation motor business, collaborating with major manufacturers to develop electric propulsion systems [3] Financial Forecasts and Indicators - The company is projected to achieve net profits of 1.055 billion yuan, 1.261 billion yuan, and 1.426 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 33%, 20%, and 13% [3][4] - Earnings per share (EPS) are expected to be 0.68 yuan, 0.81 yuan, and 0.91 yuan for the same years, with dynamic price-to-earnings (PE) ratios of 35.8, 30.0, and 26.5 [3][4] - The company's revenue is forecasted to grow from 15.567 billion yuan in 2023 to 18.932 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.1% [4]

每经记者｜胥 帅 每经编辑｜张益铭 截至8月12日收盘，卧龙电驱年内涨幅达到70.3%。 公司业务里没有稀土 市值逼近400亿元的热门机器人概念股卧龙电驱，其半年报一经披露便引发了广泛关注。这份半年报最令市场意外的是其前十大流通股 东中出现了两大稀土ETF——嘉实中证稀土产业ETF和华泰柏瑞中证稀土产业ETF，后者更是新进股东。两者分别持有卧龙电驱556.84 万股、256.95万股，持股市值分别为1.35亿元、6241万元，分别为卧龙电驱第七大和第九大流通股东。嘉实中证稀土产业ETF早在2023 年第三季度就出现在卧龙电驱前十大流通股东之中，之后仅进行了波段增减持。 《每日经济新闻》记者注意到，卧龙电驱也是这两大ETF的前十大重仓股，均排在第九位，均占各自ETF净资产的4.54%。相比卧龙电 驱，这两大ETF其他重仓股偏向稀土上游，比如中国稀土、包钢股份、北方稀土、盛和资源等。除稀土资源股之外，还共同持有格林 美、金风科技、领益智造，两只ETF的持仓股非常接近。 相似的还有两只ETF的净值收益，最近一年的收益率均超过了75%，最近一个月收益率则为21.3%。华泰柏瑞中证稀土产业ETF的基金 经理是谭弘翔，美 ...

在研发和技术布局方面，卧龙电驱在全球设有五大研发中心，并在上海设有研究院。上半年，公司完善 了产品线管理与技术人员能力评价体系，推动研发费用精细化管理，并深化与高校及科研机构的产学研 合作，与东北大学等签署战略协议。 同时，卧龙电驱以"数字化、智能化"推动电机与控制产品系统整合，为客户提供系统解决方案；在新技 术、新材料、新工艺应用方面加大投入，以基础技术与关键工艺研究提升品质、降低成本，确保主业稳 定增长。 数字经济学者、广州壹通数字技术公司首席公关官罗富国在接受《证券日报》记者采访时分析称，全球 电机市场正处于"双碳+数字化"双重驱动下，高效IE5、永磁同步、SiC驱动器等产品年复合增速约 15%，而IE3以下产品正加速淘汰。卧龙电驱兼具技术与中国供应链优势，下一步应提升研发费用率， 聚焦磁悬浮高速电机、船舶电推系统等高毛利赛道，并通过数字化平台打通全球14家工厂，实现48小时 协同制造。 8月12日，卧龙电气驱动集团股份有限公司(以下简称"卧龙电驱（600580）")披露2025年半年度报告， 公司实现营业收入80.31亿元，同比增长0.66%；归属于上市公司股东的净利润5.37亿元，同比增长 36.7 ...

Group 1 - The company reported a revenue of 8.03 billion yuan for the first half of 2025, a year-on-year increase of 0.66% [1] - The net profit attributable to shareholders reached 537 million yuan, reflecting a significant year-on-year growth of 36.76% [1] - The company is actively pursuing an "outbound strategy" to expand its overseas market presence [1] Group 2 - The company has acquired several well-known overseas motor and control product manufacturers, enhancing its competitive advantages in global manufacturing and marketing [2] - The company has established five major R&D centers globally and has a central research institute in Shanghai, focusing on leading technologies in motor and control [2] - The global robotics market reached a scale of 63.5 billion dollars in the first half of 2025, with a year-on-year growth of 12.7% [2] Group 3 - The company plans to issue shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global strategic layout and international competitiveness [3]

上半年，卧龙电驱系统性地组建了产品线总监及海外SR团队协同的专业组织架构。在做大国内市场的同时，公司积极推动市场多元化，锚定业务增长目 标，深入三个三分之一战略：一方面持续做深OEM业务，提升服务深度和粘性；另一方面加快分销步伐，积极布局新兴行业。 截至上半年末，卧龙电驱总资产为25,266,975,180.84元，同比下降3.99%；归属于上市公司股东的净资产为10,460,233,321.9元，同比增长40%；基本每股收益 0.35元。经营活动产生的现金流量净额710,353,613.86元，同比增长100.57%。 | | | | 单位: 元 | 币种:人民币 | | --- | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | 本报告期比 | | 主要会计数据 | (1-6月) | 调整后 | 调整前 | 上年同期增 | | | | | | ) (%) | | 营业收入 | 8.030.770.421.27 | 7.978.100.738.91 | 7.978.100.738.91 | 0.66 | | 利润总额 | 683.201.857.04 | 463.37 ...