SIASUN(SZ:300024) 3 6 Ke·2025-08-19 10:12Core Viewpoint - Several A-share companies have announced plans to list in Hong Kong, indicating a strong trend towards dual listings in the market [1][2]. Group 1: Company Overview - Wolong Electric Drive Group Co., Ltd. (Wolong Electric Drive) submitted its prospectus to the Hong Kong Stock Exchange on August 13, seeking a dual listing [1]. - The company was founded in 1984, initially focusing on electric motor solutions, and has since expanded its business to include robotics and low-altitude applications [4][6]. - The controlling shareholders of Wolong Electric Drive hold approximately 38.84% of the company's issued share capital, with founder Chen Jiancheng and his daughter Chen Yanni being key figures [5]. Group 2: Financial Performance - Wolong Electric Drive's revenue for 2022, 2023, 2024, and the first half of 2025 was reported as 14.27 billion, 15.57 billion, 16.25 billion, and 8.03 billion RMB respectively, with net profits of 839 million, 553 million, 832 million, and 548 million RMB [11][12]. - The company's net profit significantly declined in 2023, primarily due to other losses amounting to 269 million RMB, which included investment income and asset impairment losses [12]. - The company's gross profit margin remained relatively stable, with figures of 23.9%, 23.9%, 23.2%, and 24.6% for the respective years [11]. Group 3: Business Segments - Wolong Electric Drive operates across five main business segments: explosion-proof electric drive systems, industrial electric drive systems, HVAC electric drive systems, new energy transportation electric drive systems, and robotics components and systems [6][11]. - The revenue contribution from the core segments in the first half of 2025 was 30.6% from explosion-proof systems, 26.4% from industrial systems, and 32.1% from HVAC systems, while new energy and robotics segments contributed 2.6% and 2.7% respectively [11][14]. Group 4: Market Position and Competition - Wolong Electric Drive ranks first in the global explosion-proof electric drive systems market with a market share of approximately 4.5%, and fourth in the industrial electric drive systems market with a share of about 2.8% [26]. - The company faces competition from both domestic players like Dayang Electric and international firms such as Siemens and ABB [26]. - The global electric drive systems market is projected to grow from 674 billion RMB in 2020 to 1.34 trillion RMB by 2029, with a compound annual growth rate (CAGR) of 8.1% [23].