兆威机电冲击港股IPO，专注于微型传动与驱动系统领域，应收账款压力较大

Group 1 - The humanoid robot industry is seeing increased visibility in mass production with the advancement of Tesla's Optimus [1] - The robotics sector has regained attention, with companies like Wuzhou Xinchun achieving three consecutive trading limits, and others like Sanhua Intelligent Control and Zhejiang Rongtai performing well [2] - Several companies in the robotics supply chain are pursuing dual listings in A+H shares, including Shenzhen Zhaowei Electromechanical Co., Ltd., which submitted its prospectus to the Hong Kong Stock Exchange [3][6] Group 2 - Zhaowei Electromechanical, founded in April 2001 and listed on the Shenzhen Stock Exchange in December 2020, focuses on micro drive and transmission systems [8][10] - As of December 31, 2025, Zhaowei's major shareholders hold 62.40% of the company's issued share capital, with Li Haizhou and his spouse being the primary stakeholders [8] - The company reported revenues of RMB 11.52 billion, RMB 12.06 billion, RMB 15.25 billion, and RMB 12.55 billion for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [15] Group 3 - Zhaowei's revenue from micro drive and transmission systems accounted for 63.3% of total revenue in 2024, while precision components contributed 30.7% [11] - The company has developed a collaborative innovation system integrating transmission, micro-motor, and control systems, targeting industries such as automotive, consumer technology, and robotics [13][30] - The global market for integrated micro drive and transmission systems is projected to grow from RMB 78.2 billion in 2020 to RMB 111.3 billion in 2024, with a compound annual growth rate (CAGR) of 9.2% [30][33] Group 4 - Zhaowei's market share in the global integrated micro drive and transmission systems sector is approximately 1.4%, making it the fourth largest provider globally [27][37] - The company has established partnerships with major firms such as Huawei, Bosch, BYD, and Xiaomi, but faces credit risks related to customer receivables [22][30] - The revenue from automotive products increased from RMB 493 million in 2022 to RMB 895 million in 2024, while revenue from consumer and medical technology products decreased during the same period [18][19]