NewTimeSpace丨China's Leading Optical Image Stabilization Camera Motor Provider, New Shicoh Motor Plans Hong Kong IPO

Recently, New Shicoh Motor Co., Ltd. (hereinafter referred to as "New Shicoh Motor") filed a prospectus with the Hong Kong Stock Exchange for a listing on the Main Board, with CICC and Huatai International serving as joint sponsors.

Source: Prospectus

**China's Leading Optical Image Stabilization Camera Motor Provider with Multi-Domain Coverage**

Public information shows that New Shicoh Motor, established in 2014, is a globally leading enterprise specializing in the design, R&D, manufacturing, and sales of micro-drive motors. With imaging motors as its core entry point, the company's products have expanded from smartphones and handheld imaging devices to security monitoring, consumer-grade drones, robotics (including embodied robots), smart home, and automotive electronics.

The company's products are mainly divided into two categories: imaging and non-imaging. Imaging products include voice coil motors, piezoelectric motors, and shape memory alloy motors, used in camera modules for smartphones, security monitoring, and machine vision to achieve auto-focus, optical image stabilization, aperture adjustment, and optical zoom functions. Specific products encompass optical image stabilization motors, periscope motors, open-loop and closed-loop motors, variable aperture motors, and continuous optical zoom motors.

Non-imaging products primarily include stepper motors and brushless DC motors, currently applied in sweeping robots, security monitoring, and automotive electronics, with active expansion into emerging scenarios such as embodied robots and the low-altitude economy.

The company operates dual production bases in Jiaxing and Hefei, China, and maintains dual R&D centers in China and Japan, forming a strategic layout covering R&D, manufacturing, and markets.

During the track record period, the company's end customers have covered six of the world's top ten smartphone brands, with direct customers including five of the world's top ten camera module manufacturers, demonstrating its key position and broad recognition in the supply chain.

According to a Frost & Sullivan report, by revenue in 2024, New Shicoh Motor ranked 6th globally and 3rd in China in the imaging motor market, capturing 9.1% of the Chinese market. In the optical image stabilization imaging motor segment, it ranked 4th globally and 1st in China, holding 20.1% of the Chinese market share.

**Turnaround to Profitability, Proceeds to Fund New Product R&D**

As a segment leader, New Shicoh Motor achieved a turnaround from loss to profitability in the past two years.

The prospectus shows that for 2023, 2024, and the first nine months of 2025, New Shicoh Motor's revenue was approximately RMB 855 million, RMB 1.565 billion, and RMB 1.457 billion, respectively. Full-year 2024 revenue saw substantial growth compared to 2023.

In terms of profitability, the company recorded a loss of RMB 30 million in 2023, then achieved a net profit of approximately RMB 105 million in 2024, with net profit for the first nine months of 2025 reaching RMB 97.055 million. Gross profit for the corresponding periods was RMB 71 million, RMB 249 million, and RMB 234 million, respectively, with gross profit levels improving in tandem.

Moreover, New Shicoh Motor's R&D investment has been gradually increasing. R&D expenses were RMB 61 million and RMB 76.9 million in 2023 and 2024, respectively, and reached RMB 86.6 million in the first nine months of 2025, with R&D investment scale continuing to expand.

The global micro motor market, as an advanced professional segment within the motor industry, has demonstrated strong growth momentum. This expansion is primarily driven by continuous innovation in the consumer electronics sector (especially imaging applications) and the increasing electronic content in automotive and medical devices.

According to Frost & Sullivan data, the global micro motor market grew from US$21.4 billion in 2019 to US$31.9 billion in 2024, representing a historical CAGR of 8.4%. The market is expected to maintain this growth trajectory, reaching an estimated size of US$46 billion by 2029, with a projected CAGR of 7.1% during 2025–2029.

China's micro motor market expanded from US$8.6 billion in 2019 to US$13.3 billion in 2024, with a historical CAGR of 9.3%. It is projected to reach US$20.2 billion by 2029, with a forecasted CAGR of 8.2% between 2025 and 2029.

New Shicoh Motor stated in its prospectus that the IPO proceeds will be used for new product R&D, technology upgrades and optimization, establishment of laboratories and technology platforms, development of new production bases and lines, as well as working capital supplementation to meet daily operational and general development needs.

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