Elevators ascending, robotic arms dancing precisely in factories, electric vehicles racing - behind these scenes lies a quietly working "heart": the electric motor.

Recently, leading motor manufacturer Wolong Electric Drive submitted its prospectus to the Hong Kong Stock Exchange, seeking to list on the main board. The company initially went public on A-shares on June 6, 2002. As of market close on August 13, 2025, its total market capitalization stood at approximately 39.2 billion yuan.

Chen Jiancheng, founder of Wolong Electric Drive Group Co., Ltd., was born in Shangyu, Zhejiang in 1959 and graduated from the Mechanical Engineering Department of Hangzhou University (now Zhejiang University) in 1984. In 1984, he and five partners pooled over 50,000 yuan and established Shangyu County Multi-Speed Micro Motor Factory (Wolong's predecessor) in a rented dilapidated workshop at the foot of Wolong Mountain in Haobi Township, Shangyu County, Shaoxing, Zhejiang.

In the 1990s, Wolong Electric Drive began venturing into household appliance motors, such as small motors for air conditioners and washing machines. Entering the 21st century, they targeted industrial motors and high-voltage motors, serving heavy industries including power, metallurgy, and petroleum. In 2002, Wolong Electric Drive went public, becoming China's first privately-owned A-share listed motor company.

However, Chen Jiancheng's ambitions extended beyond this, as Wolong staged a thrilling "global acquisition spree."

In 2011, the acquisition of Austria's ATB Group marked the most important step in Wolong's internationalization journey. ATB, a century-old European motor brand with advanced technology and mature European market channels, provided Wolong with a "ticket" to enter the European high-end market.

Subsequently, continuous acquisitions of Italy's SIR Robotics, UK's Brook Crompton, and others helped Wolong fill gaps in industrial automation and specific niche markets, rapidly enriching its product portfolio.

In 2018, the acquisition of General Electric's Small Industrial Motors (SIM) business for $142 million shocked the global industrial community. GE's SIM business boasted over a century of brand history and extremely high market share in North America, particularly dominating the NEMA (North American Motor Standards) motor field. Through this acquisition, Wolong not only gained technology and brand recognition but overnight became a leader in the North American NEMA motor market.

In 2018, it also successfully entered the new energy vehicle drive motor sector, becoming a tier-two supplier to BYD and Tesla.

Thus, Wolong transformed into a multinational group with global brands, global factories, and global R&D centers.

According to the prospectus, from 2022 to the first half of 2025, Wolong Electric Drive's operating revenues were 14.27 billion yuan, 15.57 billion yuan, 16.25 billion yuan, and 8.03 billion yuan respectively, with corresponding net profits of 839 million yuan, 553 million yuan, 832 million yuan, and 548 million yuan.

Currently, Wolong Electric Drive has established three overseas regional headquarters, five major R&D centers, and 45 global factories, with global brand presence reaching over 100 countries and regions, truly achieving the globalization strategy of "global design, Chinese manufacturing" or "local manufacturing, local service."

Wolong's products span five core segments across four high-growth tracks: "industrial motors, new energy vehicle motors, robot core components, and low-altitude economy."

Wolong Electric Drive's products address three major pain points in the motor field: 1) Low efficiency and high energy consumption; 2) Large volume and difficult installation; 3) Weak intelligence and troublesome maintenance.

Customers mainly include industrial enterprises, home appliance manufacturers, new energy vehicle companies, and research institutions. Among these, explosion-proof electric drive system solutions, industrial electric drive system solutions, and HVAC electric drive system solutions form their foundation, accounting for high revenue proportions annually.

Taking 2024 as an example, explosion-proof electric drive system solutions generated revenue of 4.7 billion yuan, accounting for 28.9%; industrial electric drive system solutions generated 4.06 billion yuan, accounting for 25.0%; HVAC electric drive system solutions generated 4.59 billion yuan, accounting for 28.3%.

New energy transportation electric drive system solutions and robot components and system applications reflect strategic priorities in growth, integration, and software-driven innovation. In 2024, new energy transportation electric drive system solutions generated revenue of 390 million yuan, accounting for 2.4%, showing a declining trend from 2022-2024. Meanwhile, robot components and system applications revenue grew annually, from 356 million yuan in 2022, 406 million yuan in 2023, to 452 million yuan in 2024, with the proportion rising from 2.5% to 2.8%.

According to Frost & Sullivan statistics, by revenue in 2024, Wolong Electric Drive performed outstandingly in multiple electric drive system fields. It is the world's largest explosion-proof electric drive system solution provider with approximately 4.5% market share; ranks fourth globally in industrial electric drive system solutions with approximately 2.8% market share; and is the world's fifth-largest HVAC electric drive system solution provider with approximately 2.0% market share.

Additionally, Wolong Electric Drive holds the position of world's largest provider in seven electric drive system products, specifically including explosion-proof motors, medium and high voltage explosion-proof motors, low surge current motors, air conditioning plastic-sealed electric drive systems, livestock ventilation electric drive systems, industrial vibrator electric drive systems, and permanent magnet electric drive systems for air compressors.

The global motor market continues expanding. Statistics show the global motor market exceeded $200 billion in 2023, expected to reach $300 billion by 2030, with an annual growth rate of 8%-10%. China is the largest player, with motor production accounting for over 60% globally in 2023.

Opportunities mainly exist in several scenarios: new energy vehicles, industrial automation, smart homes, and green energy.

Starting with new energy vehicles, China's new energy vehicle sales reached 6.88 million units in 2022, accounting for 68% globally, with supporting drive motors at 5.78 million units, up 77% year-over-year. By 2023, sales exceeded 9 million units, with motor demand surging accordingly.

Industrial automation represents another goldmine. Factory upgrades involving "machine replacement of workers" require efficient motors to drive robots and production lines. In 2024, China's industrial robot sales exceeded 300,000 units, driving up motor demand. Global manufacturing digitization transformation predicts automation market annual growth of 12% from 2025-2030.

An interesting point: motors not only save energy but can become "intelligent." Through sensor and PLC integration, motors can self-adapt to loads, avoiding overheating or failures.

Smart homes and household appliance motors cannot be ignored. The global home appliance market exceeds $500 billion, with China dominating exports. For example, Wolong Electric Drive produces vibration motors for mobile phones and game controllers, with household motors entering air conditioners and washing machines. In 2023, its household motor sales exceeded 40 million units, benefiting from appliance upgrades as more efficient BLDC motors (brushless DC motors) replace traditional products, saving over 30% energy.

Green energy represents long-term opportunities. Wind and solar power require high-power generators and drive systems. Global wind power installed capacity exceeded 900GW in 2023, expected to double by 2030. Under China's "dual carbon" goals, new energy investment is booming.

The energy storage market is also exploding, with global scale at approximately $20 billion in 2024, potentially reaching $163 billion by 2037, with 19% annual growth. Wolong's energy storage solutions, including BMS (Battery Management Systems), can optimize energy storage.

Wolong Electric Drive began deploying distributed photovoltaics in 2013 and integrated resources to enter energy storage in 2022. In 2023, the company's new energy business grew rapidly, benefiting from policies.

Global trends are similar, with the EU's "Green Deal" requiring motor efficiency above IE4 levels, and the US IRA Act subsidizing electric vehicles, indirectly driving the motor market.