卧龙电驱港股上市申请不足月经销商143家贡献不足九成

Group 1 - The company, Wolong Electric Drive, submitted its listing application to the Hong Kong Stock Exchange on August 13, seeking to be listed on the main board, with CICC, Huatai International, and GF Securities (Hong Kong) as joint sponsors [1] - The board of directors approved the relevant proposal on July 21, indicating a swift progression towards the IPO within less than a month [1] Group 2 - A notable characteristic of the company's business model is the overlap between its top five customers and suppliers, with key customers also serving as suppliers, indicating a dual role in the supply chain [3] - Major customers A and B are leading companies in the home appliance sector, providing essential materials such as silicon steel and electromagnetic wire, which highlights the long-term cooperative foundation established by the company [3] Group 3 - The company employs a combined direct sales and distribution model, with 91.3% of revenue generated from direct sales in the first half of 2025, while the distribution model accounts for only 8.7% [4] - Despite the low revenue contribution from the distribution model, the company has built a large network of 143 distributors, reflecting a unique sales strategy aimed at expanding market coverage [4] - The growth of the distributor network indicates the company's efforts to better serve diverse customer groups, even though the revenue from this channel remains limited [4]