Morning Light Electric Motor IPO: A Big Business in Small Motors, How Does This "Hidden Champion" Beat the Trillion-Yuan Cleaning Market?

The reason your home vacuum cleaner can efficiently remove dust is likely due to its core power component, which may be the business core of a publicly listed company.

Over the past decade, the explosion of small household appliances in China has spawned a batch of “hidden champions.” They are hidden behind brands like Xiaomi and Midea, unknown to the public but holding key links in the industry chain. Zhejiang Zhoushan-based Morning Light Electric Motor is a typical example.

The company specializes in the research, development, production, and sales of micro-special electric motors, mainly used in cleaning appliances such as vacuum cleaners. Simply put: Morning Light Electric Motor is the “heart” supplier for cleaning appliances.

When you press the switch on your vacuum cleaner, that high-speed, powerful suction core component inside likely comes from this company. One in every six cleaning appliances worldwide is equipped with their motor. This business has helped Morning Light Electric Motor grow its revenue from less than 500 million yuan to over 900 million yuan between 2022 and 2025, with an annual compound growth rate of nearly 23%.

Its story is about a “must-have” on the “wind vane.” As it successfully passed the review of the Beijing Stock Exchange’s listing committee in early 2026, this “hidden champion” is moving from behind the scenes to the forefront, marking a new chapter in its capital story.

01

Hitting the “lazy” consumer trend

Vacuum cleaners, floor washers, robotic sweepers… these representatives of the “lazy economy” have surged in recent years. Regardless of their form, all cleaning appliances share the same underlying logic: powered by motors to generate suction. Morning Light Electric Motor stands at the source of this deterministic demand.

The favorable industry environment for cleaning appliances continues, with the track expanding. China’s cleaning appliance market is in a high-growth phase. In 2024, sales in China reached 42.3 billion yuan, up 24.4% year-on-year; retail volume was 30.35 million units, up 22.8%, making it the sixth-largest home appliance category. Ovi Cloud predicts that by 2025, the industry scale could surpass 50 billion yuan. This growth is driven by consumption upgrades, improved living environments, and policies like “old-for-new” replacements. Smart categories like robotic sweepers and floor washers are growth engines—2024 saw a 41.1% YoY increase in robotic sweeper market size and a 546% surge in sales of floor-washing robots.

Morning Light Electric Motor precisely targets this high-growth track. According to Euromonitor data, in 2024, its global market share in main suction motors for cleaning appliances reached 16.39%.

The “water seller” logic—stable and steady—applies here: upstream brands are experiencing strong growth, but Morning Light Electric Motor does not face consumers directly. Instead, it acts as the “water seller” behind the brands. This business model allows it to ride through the cyclical fluctuations of individual brands and enjoy the industry-wide growth dividends. Whether it’s Xiaomi or brands like Roborock and Trifo in fierce competition, as a core component supplier, Morning Light Electric Motor continues to benefit.

The company’s client list reads like an evolution and panorama of China’s cleaning appliance industry. From early OEMs of various brands, to Xiaomi ecosystem companies, and now to hot brands like Roborock, Trifo, and Yunji Intelligent, Morning Light Electric Motor has established stable supply relationships. Its products are ultimately used by well-known brands such as Bissell, Shark, LG, Haier, and Midea domestically and internationally. This broad and deep customer base forms the foundation of the company’s business stability.

According to the prospectus, Roborock has become the company’s second-largest customer in 2025. Over the past five years, Roborock’s revenue growth has been remarkable, and as an upstream supplier, Morning Light Electric Motor will benefit from this trend.

Roborock’s revenue and growth rate

Data source: Wind

02

Completed a “heart” upgrade

The technical route of motors is shifting from traditional brushed series motors to more efficient, quieter brushless DC motors (BLDC). It’s akin to the industry’s leap from internal combustion engines to electric motors.

Thanks to their high efficiency, long lifespan, low noise, and maintenance-free features, BLDC motors are gradually replacing traditional brushed motors and AC motors, becoming standard in high-end cleaning appliances. The global market size for BLDC motors is expected to grow from 274.9 billion yuan in 2023 to 686.9 billion yuan in 2028, with a CAGR of 20%.

Morning Light Electric Motor has keenly captured this trend. The prospectus shows that from 2022 to 2025, its revenue from “brushless DC motors” was 162 million yuan, 250 million yuan, 240 million yuan, and 280 million yuan respectively, with a CAGR of 20%.

The company’s product structure upgrade aligns closely with industry trends, successfully capitalizing on this technological dividend.

Behind this upgrade are continuous R&D investments and deep patent accumulation. As a national high-tech enterprise and a “Little Giant” specializing in specialized and innovative small enterprises, by the end of 2025, it held 78 patents, including 8 invention patents. Its core technologies cover integrated structure of brushless DC motors, torque pulsation suppression, noise control, waterproof structures, and more.

More notably, its industry influence is significant. As one of the main drafters, the company participated in the formulation of three national standards: “Vacuum Cleaner Motor,” “Safety Requirements for Small Power Electric Motors,” and “Test Methods for External Rotor Electric Motors.” This not only affirms its technical strength but also positions it favorably in setting industry standards, creating high technical barriers.

03

Future narrative and blueprint

On January 5, 2026, Morning Light Electric Motor successfully passed the review of the Beijing Stock Exchange’s listing committee, marking the start of this year’s IPO approvals. The IPO plans to raise 399 million yuan to fund projects for high-speed motors, control systems, battery pack capacity expansion, and R&D centers. Standing at the capital market’s doorstep, Morning Light Electric Motor aims to tell investors three more imaginative stories.

1. From “dusting” to “everything”: expanding boundaries

While the core of the company is in cleaning appliance motors, the ceiling is visible. Morning Light Electric Motor’s ambition is to embed this high-efficiency “motor heart” into more applications. Its products have already begun to be used in power tools and other fields, driven by the limitless expansion of BLDC motor applications—from smart home devices (air conditioners, washing machines, fans) to new energy vehicles (driving motors, pumps), from industrial automation (robots, machine tools) to medical devices. The high-efficiency, energy-saving BLDC motors are penetrating widely. With its accumulated technology and manufacturing experience in micro-special motors, Morning Light has huge potential for horizontal expansion.

2. From “Made in China” to “Global Supply”: supply chain resilience

In the face of complex international trade environments, Chinese manufacturing companies’ globalization is a must. Morning Light Electric Motor has taken the lead by establishing a production base in Vietnam. This move is significant: it allows closer proximity to North American and European clients, avoiding potential trade barriers; and it helps build a global supply chain capability, better serving the brand’s internationalization strategy and enhancing its role as a core supplier.

3. From “parts” to “system”: value leap

This is the most promising step. Morning Light Electric Motor no longer aims to just sell individual motors but is beginning to provide complete power system solutions—including motors, controllers, and battery packs. This greatly increases the value of each unit and elevates the company’s role from a component supplier to a key subsystem partner, potentially strengthening its industry chain influence and profitability. The “high-speed motor, control system, and battery pack capacity expansion” project in this IPO is precisely the implementation of this strategy.

04

Summary

Morning Light Electric Motor’s past is successful: it has seized the “lazy economy” and cleaning appliance boom, achieved a technological leap from traditional to brushless motors, and built a full industry chain customer base from international giants to domestic startups, finally opening the door to the capital market.

For investors, Morning Light Electric Motor exemplifies a typical Chinese manufacturing investment target: it operates in a vibrant track, with a solid industry position and fundamentals, its growth deeply tied to China’s consumption and manufacturing upgrades. At the same time, it faces the common challenge for manufacturing enterprises—how to successfully shift from a “red ocean” of price and scale competition to a “blue ocean” of technological, branding, and system value competition.