Leading motor manufacturer Wolong Electric Drive (600580.SH) announced today that it plans to issue shares (H shares) overseas and list on the Hong Kong Stock Exchange, with specific details yet to be finalized.
Wolong Electric Drive has recently gained attention in the humanoid robot sector, having developed some related products. During an investor exchange event in May, the company stated that its robotics business currently consists of two main segments: embodied intelligence (bionic robots and robotic dogs) and industrial intelligent solutions, with additional presence in the exoskeleton robot field.
For the embodied intelligence industry, Wolong Electric Drive has developed key components for humanoid robots, including high-torque joint modules, servo drivers, and frameless torque motors. Its industrial intelligent solutions are expected to be promoted overseas through its subsidiary, Hill Corporation.
In March this year, Wolong Electric Drive completed a strategic investment agreement with Shanghai Zhiyuan Xinchuang Technology Co., Ltd., officially becoming a strategic shareholder of this robotics innovator. Previously, Zhiyuan Robotics had signed a scene application cooperation agreement with Wolong's subsidiary Hill Robotics and acquired shares in Hill through a capital increase, jointly advancing development and collaboration in embodied intelligence technology, flexible manufacturing solutions, and human-machine interaction products.
Caixin journalists noted that earlier this year, Wolong Electric Drive divested assets worth 720 million yuan from four new energy subsidiaries (PV, ESS, hydrogen, and wind power) to focus on its core motor and drive-control businesses. The company mentioned, "With the low-altitude economy, embodied intelligence, and other industries entering rapid development phases, large-scale applications of new technologies, products, and scenarios require increased R&D investment."
Wolong Electric Drive's core products include industrial motors and drives, as well as household motors and controls. In terms of 2024 product revenue structure, industrial motors and drives accounted for the highest proportion at 55.80%, followed by household motors and controls at 24.21%, with other products including wind and solar power+ESS, oxygen, and electric transportation.
After removing its new energy subsidiaries from the balance sheet, Wolong Electric Drive reported Q1 revenue of 4.039 billion yuan, up 7.95% YoY, and net profit of 268 million yuan, up 20.45% YoY. The company achieved 2024 revenue of 16.247 billion yuan, up 4.37% YoY, and net profit of 793 million yuan, up 49.63% YoY.
