Core Viewpoint - Wolong Electric Drive has submitted its prospectus to the Hong Kong Stock Exchange for a dual listing, aiming to capitalize on its recent stock price surge and significant market valuation of nearly 50 billion RMB [1][5]. Company Background - Founded by Chen Jiancheng in 1984, Wolong Electric Drive has grown from a small factory in Shaoxing, Zhejiang, to a leading domestic electric motor manufacturer, with a current market capitalization of approximately 50 billion RMB [1][2]. - The company transitioned from a collective enterprise to a private one and successfully went public on the Shanghai Stock Exchange in 2002 [3]. Leadership Transition - Chen Jiancheng's daughter, Chen Yanni, returned to the family business in 2007 after gaining experience in international finance, and has since taken on significant leadership roles within the company [3][5]. - The father-daughter duo holds approximately 38.84% of the company's shares, making them the controlling shareholders [5]. Business Operations - Wolong Electric Drive specializes in electric drive systems and solutions, focusing on five core segments: explosion-proof systems, industrial systems, HVAC systems, new energy transportation systems, and robotics [6][8]. - The company ranks first in the global market for explosion-proof electric drive systems with a market share of about 4.5% [8]. Financial Performance - The company's revenue for 2022 was approximately 14.27 billion RMB, with projected revenues of 15.57 billion RMB for 2023 and 16.25 billion RMB for 2024 [8][9]. - Profit figures for the same years were 839 million RMB, 553 million RMB, and 832 million RMB, respectively [9]. Strategic Focus - Wolong Electric Drive is shifting its focus towards the robotics sector, with revenue from robotics components projected to grow from 355 million RMB in 2022 to 451 million RMB in 2024 [10]. - The company aims to enhance investments in emerging fields, particularly electric aviation and robotics components, as part of its growth strategy [10].

创业父女档。 来自浙江绍兴的卧龙电驱，背后站着一对父女——陈建成、陈嫣妮。19 84年，陈建成从一间山村里的旧厂房起步，一路带领卧龙电驱 成为国内电机龙头。 而与众多二代的成长路径相似，陈嫣妮也是从海外学成归来，2007年进入集团工作，历练多年后从父亲手中接班。 父女联手 缔造市值500亿 这是一个浙商白手起家的故事。 19 59年出生的陈建成，绍兴人，高中毕业后就跟着父亲一起做木匠。197 7年，进入联丰玻璃钢厂工作，从一名技术员做起，1982年 出任副厂长。这一年，女儿陈嫣妮呱呱落地。 赴港上市络绎不绝。 作者 I 刘博 报道 I 投资界PEdaily 投资界获悉，卧龙电驱近日正式向港交所递交招股书，计划在港股挂牌，实现"A+H"双重上市。值得一提的是，卧龙电驱A股股价年 内至今已翻倍，最新市值近5 00亿元。 值得一提的是，卧龙电驱年内股价已经翻倍，最新市值近50 0亿元。 投了智元 还是宇树的供应商 这究竟是一门什么生意？ 招股书显示，卧龙电驱专注于电驱动系统产品及解决方案的研发、生产、销售和服务，持续为全球客户提供包括防爆电驱动系统解决 方案、工业电驱动系统解决方案、暖通电驱动系统解决方案、新能源交 ...

Group 1 - The stock price of Micro Light Co., Ltd. is reported at 38.62 yuan, down by 1.56 yuan, with a decline of 3.88% compared to the previous trading day [1] - The stock reached a maximum of 40.39 yuan and a minimum of 38.46 yuan during the trading session, with a trading volume of 73,273 hands and a transaction amount of 287 million yuan [1] - Micro Light Co., Ltd. specializes in the research, production, and sales of micro motors, fans, and supporting products, with applications in home appliances, automotive electronics, and industrial automation [1] Group 2 - The company has recently announced the development of 3 types of hollow cup motors and 4 types of frameless torque motors, with the frameless torque motors already in mass production [1] - The company has completed the development of 3 types of MZW joint modules and plans to continue increasing investment in the research and industrialization of core components for humanoid robots [1] - On the same day, the net outflow of main funds was 6.96 million yuan, accounting for 0.16% of the circulating market value, while the cumulative net inflow of main funds over the past five days was 54.56 million yuan, accounting for 1.22% of the circulating market value [1]

Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 975 million yuan, a year-on-year increase of 35.85%, but a net profit attributable to the parent company of -114 million yuan, a decline of 78.24% [1] - The lithium mining and lithium salt manufacturing segment achieved operating revenue of 460 million yuan, a year-on-year increase of 115.91% [2] - The company's motor business generated operating revenue of 486 million yuan, a year-on-year increase of 0.76%, with industrial motors contributing 327 million yuan, up 25.03% [3] Group 2: Market Position and Resources - The company is a leading player in lithium extraction from mica, with significant lithium resources in Yichun, Jiangxi, which holds the largest lithium mica reserves in Asia [1][2] - The company controls over 10 million tons of lithium resources, ranking among the top in China [1] - The company has developed an integrated industrial chain covering lithium mining, sorting, and deep processing [1] Group 3: Industry Trends and Pricing - The price of lithium carbonate has shown a downward trend, dropping to around 58,000 yuan per ton, leading to increased losses for the company [2] - However, since July, there has been a rebound in lithium carbonate prices, with futures contracts nearing 90,000 yuan per ton, driven by expectations of reduced production from key mines [2] - The company noted that rapid growth in downstream demand, particularly from the electric vehicle and energy storage markets, is expected to support the long-term fundamentals of the lithium salt industry [2] Group 4: Diversification and Innovation - In addition to lithium salt, the company is involved in the motor industry, with products in various segments such as construction machinery motors and servo motors, maintaining a leading position in several niche markets [3] - The company is actively developing high-precision, fast-response, lightweight, and compact motors for robotics applications, indicating a focus on innovation and future market trends [3]

Group 1 - The company is focusing on axial flux motors and is continuously advancing its technology research and development [1] - Currently, this business segment accounts for a small proportion of the company's overall operations, resulting in a limited impact on its performance [1]

Group 1: Investor Relations Activities - The investor relations activities included analyst meetings and site visits [2] - Participating institutions included major securities firms and asset management companies [2] - The activities took place on August 19 and 20, 2025, via phone conference and on-site visits [2] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of CNY 2.86 billion, remaining flat year-on-year [3] - The net profit attributable to shareholders was CNY 50 million, with a significant quarter-on-quarter increase of 677% in Q2 [3] - The gross profit margin for the first half was 10.84%, an increase of 0.64 percentage points year-on-year [3] Group 3: Business Development - The company invested approximately CNY 30 million in R&D for new business areas such as humanoid robots and drones, with a 20% increase in R&D expenses [3] - The recovery in the main business was driven by a rapid increase in electric vehicle sales from core customers starting in Q2 [3] - The company anticipates improved profitability in the second half of the year due to sustained sales of multiple models from core customers [3] Group 4: Robotics Product Development - The R&D teams are focused on core components for robots, particularly frameless torque motors and slotless micro motors [4] - Innovations in frameless torque motors have led to increased torque density and efficiency, meeting the demands for compact and high-power applications [4] - The company is exploring advanced technologies such as direct-drive motors and axial flux motors to enhance precision and response speed in robotic applications [4] Group 5: Future Outlook - The company plans to enhance product quality in traditional business areas and maintain its industry-leading position [6] - In emerging business areas, the company aims to shorten R&D and commercialization cycles through joint development and strategic partnerships [6] - The product line will expand to include frameless torque motors, slotless micro motors, direct-drive motors, and axial flux motors, focusing on drones and humanoid robots [6]

Group 1 - A new company, Lianyungang Whaleso Power Technology Co., Ltd., has been established with a registered capital of 520,000 RMB [1] - The legal representative of the company is Yin Lei [1] - The company's business scope includes technology promotion and application services, motor and control system research and development, and various sales and manufacturing activities related to electrical and electronic equipment [1] Group 2 - The company is involved in the sales and manufacturing of power electronic components, electric motors, and mechanical and electrical equipment [1] - Additional services offered by the company include technical services, consulting, and labor services (excluding labor dispatch) [1] - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval [1]

8月20日，祥明智能主力资金净流出278.69万元，占流通市值的0.07%。近五个交易日，主力资金累计净 流入5651.37万元，占流通市值的1.33%。 风险提示：股市有风险，投资需谨慎。 祥明智能8月20日股价报收39.01元，较前一交易日下跌2.39元，跌幅5.77%。当日成交量为97063手，成 交金额达3.81亿元。 祥明智能主营业务为微特电机的研发、生产和销售，产品主要应用于家用电器、汽车电子、工业自动化 等领域。公司注册地位于江苏省常州市。 8月20日晚间，祥明智能发布公告称，公司变更持续督导保荐代表人。变更后，民生证券负责公司持续 督导工作的保荐代表人为陈栋和施卫东。 ...

Core Viewpoint - The trend of the electric motor industry in China is shifting from coastal regions to inland areas, with only about 10% of companies having made this transition so far, indicating a continued trend of relocation in the future [1][20]. Group 1: Industry Transition - A thriving electric motor industry cluster has emerged in Jianghua County, Hunan Province, as companies relocate from the Guangdong Province [4][5]. - Factors such as abundant labor and lower land costs have attracted these companies to establish factories in Jianghua [4][5]. - The electric motor production is transitioning towards smart manufacturing and digital management, with a focus on higher-end products [4][11]. Group 2: Economic Impact - Jianghua County has transformed from a poverty-stricken area to a developing industrial hub, with significant investments from companies affected by industrial upgrades in the Pearl River Delta [5][21]. - The production value of the Jianghua industrial park is projected to reach 6 billion yuan in 2024, with expectations to grow to 10 billion yuan in the following year [6][21]. Group 3: Labor Dynamics - The local workforce in Jianghua is stable, with 98% of employees being local residents, which contributes to high retention rates [6][9]. - Companies are offering incentives such as housing subsidies to attract and retain workers, addressing labor shortages faced in coastal regions [9][10]. Group 4: Competitive Landscape - Jianghua's electric motor industry is experiencing rapid growth, with companies like Guomeng Technology and Ruiyi Motor expanding their production lines and product offerings [12][15]. - The competition is intensifying, with companies investing in automation and digitalization to enhance productivity and reduce costs [14][15]. Group 5: Future Prospects - Jianghua aims to establish a 100 billion yuan electric motor industry, with several companies already achieving significant production values [21][22]. - The industry is expected to continue evolving, with a focus on high-quality development and the establishment of a complete supply chain [11][22].

Summary of Microglow Co., Ltd. Conference Call Company Overview - **Company**: Microglow Co., Ltd. - **Industry**: Robotics and Electric Motors Key Financial Performance - **2025 H1 Revenue and Profit Growth**: Approximately 10% year-on-year growth in revenue and profit despite economic pressures [2][4] - **Profit Target for 2025**: Aiming for a profit of 360 million yuan, with 170 million yuan achieved in H1 and 190 million yuan needed in H2 [2][7] - **Sales from Thailand Factory**: Generated 4.83 million yuan in sales but incurred a loss of 2.67 million yuan; plans to achieve breakeven by year-end [4][16] Operational Developments - **New Projects**: Launched 55 R&D projects in H1 2025, focusing on humanoid robots, underwater applications, and servo motors [2][6] - **Investment in Facilities**: Over 400 million yuan invested in new projects, with future facility investments expected to exceed 500 million yuan [2][5] - **Thailand Factory**: Total investment of 25 million USD, currently in ramp-up phase, with plans to enhance production capacity [4][16] Product Development and Market Position - **Servo Motors**: Achieved sales of 68.96 million yuan in H1 2025, with a focus on industrial robots and CNC machines [2][21] - **Humanoid Robots**: Development of key components like hollow cup motors and joint modules; however, significant contributions to revenue are not expected in H2 2025 [2][8][9] - **Underwater Robotics**: Established strong partnerships with research institutions, securing approximately 7 million yuan in orders for civilian applications [2][9] Market Trends and Competitive Landscape - **Industry Growth**: The humanoid robot market is anticipated to grow significantly, potentially surpassing the automotive industry [23][25] - **Competition**: Facing competition from domestic companies like Wolong and Yilida, as well as international players [15][18] - **ECM Motors**: Expected to gradually increase in market share as a key energy-efficient product [19] Strategic Focus - **Cost Management**: Emphasis on improving product quality while reducing costs to enhance competitiveness [13][14] - **Export Strategy**: Plans to shift some export operations to Thailand to attract new customers [17] - **R&D Collaboration**: Strengthening partnerships with academic and research institutions to enhance product development [10][9] Challenges and Risks - **Economic Environment**: Acknowledgment of economic pressures impacting performance, yet maintaining a positive outlook for future growth [2][4] - **Market Demand**: The industrial robot sector is currently facing challenges, affecting sales and growth [22] Conclusion Microglow Co., Ltd. is strategically positioned in the robotics and electric motor industry, with a focus on innovation and market expansion. Despite facing economic challenges, the company is optimistic about achieving its financial targets and expanding its product offerings in emerging markets.