1月30日，南京市金融城发展联合会发布科创金融专营组织评价结果与科创金融改革试验区建设监测评 价成果。数据显示，南京科创金融改革试验区（以下简称"试验区"）建设综合评分3年间从82.46分跃升 至95.49分，金融服务能力、科技创新能力等五大维度评分均实现约13分的提升，呈现"五维协同、全面 跃升"态势。 大力发展直接融资。组建"战略资本"，围绕重大项目落地、重点产业发展、强链补链延链、科创人才培 育，打造总规模2000亿元的"4+N"产业基金集群，推动组建各类基金52只，总规模1356.5亿元；诚通集 团来宁设立百亿级母基金。聚焦机制"松绑"，按照"三个区分开来"原则，持续探索国资创投容错机制， 对投资于初创期单个项目亏损容忍度最高达到100%。聚力投资于人，发布人才政策2.0版，围绕"十百 千万"人才队伍发展目标，组建科创人才类基金共计15只，总规模106.18亿元。推动并购重组，出台"并 购重组9条政策"，2025年全市境内上市公司累计开展并购重组90单，并购金额449.2亿元，居全省首 位。强化债券融资，债券市场"科技板"推出以来，各类市场主体在银行间债券市场发行科技创新债券 176.4亿元，占全省3 ...

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：机器人（300024）,埃斯顿（002747）,新时达（002527）,拓斯达（300607）,汇川技术 （300124）,华中数控（300161）,佳士科技（300193）,亚威股份（002559）,拓山重工（001226）,昊志 机电（300503） 2020-2025年中国工业机器人产量统计图 相关报告：智研咨询发布的《2026-2032年中国工业机器人行业竞争策略研究及未来前景展望报告》 根据国家统计局数据显示：2025年12月中国工业机器人产量为9万套，同比增长14.7%；2025年1-12月中 国工业机器人累计产量为77.3万套，累计增长28%。 ...

Summary of China Industrial Robot & Automation Landscape (4Q25) Industry Overview - The total industrial automation (IA) market experienced a decline of -3% year-over-year (yoy) in 4Q25, with project/OEM markets at -6% and +1% yoy respectively. The full year 2025 showed a modest decline of -1% yoy, contrasting with Goldman Sachs' estimate of 0% growth [25][27]. - Total industrial robot (IR) sales reached 92,000 units in 4Q25, reflecting an increase of +18% yoy and +14% quarter-over-quarter (qoq). The full year 2025 sales growth was +14% yoy, totaling 336,000 units [25][30]. Market Share Insights - Domestic players maintained a majority market share of 54% in the IR market for 4Q25, a slight increase of +1 percentage point (pp) yoy but a decrease of -1 pp qoq. This share remained consistent for the full year 2025 [25][40]. - FANUC and Kuka (Midea) ranked as the top two players in the IR market, with ESTUN dropping to No. 3 with a 10% market share, and Inovance at No. 4 with a 9% share [25][40]. Segment Performance - **Small 6-axis Robots**: Domestic market share fell to 55% (-2 pp qoq/-1 pp yoy). FANUC led with a 13% share, while ESTUN and Inovance held 11% and 5% respectively [25][40]. - **Large 6-axis Robots**: Domestic share decreased to 30% (-3 pp qoq/-3 pp yoy). ESTUN maintained a 15% share, while Inovance improved to 3% [25][40]. - **SCARA Robots**: Domestic players held 58% of the market (-1 pp qoq/+3 pp yoy), with Inovance leading at 28% [25][40]. Component Market Insights - Inovance led the IA components market with a 27% share in servo motors, a decline of -4 pp qoq and yoy. It also held a 19% share in low-voltage inverters, down -3 pp qoq but up +2 pp yoy [26][40]. - The company ranked No. 4 in small PLCs with a 7% share, remaining flat qoq and yoy, and dropped to No. 6 in mid-to-large PLCs [26]. End-Market Growth - The 4Q25 showed significant growth in end-markets such as lithium batteries (+29% yoy), auto parts (+26% yoy), and semiconductor (+21% yoy). However, the solar sector lagged with a decline of -18% yoy [25][34]. Competitive Landscape - The competitive landscape remains intense, with domestic players facing pressure from both local and international competitors. The market dynamics are shifting rapidly, particularly in the SCARA and small 6-axis segments [25][40]. Key Takeaways - The industrial automation market is experiencing a downturn, but specific segments like industrial robots are showing resilience and growth. - Domestic players are maintaining a majority market share, but competition is intensifying, particularly from established international brands. - Growth in key end-markets indicates potential opportunities for recovery and expansion in the industrial automation sector. This summary encapsulates the critical insights from the 4Q25 report on the China Industrial Robot and Automation landscape, highlighting market trends, competitive dynamics, and growth opportunities.

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, indicating a positive outlook compared to the market [1]. Core Insights - The mechanical sector has shown strong performance, with a 9.68% increase in January, outperforming the CSI 300 index by 8.02 percentage points, ranking 8th among 30 major industries [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have experienced significant growth, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as leading companies in shipbuilding and mining metallurgy equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was robust, with a 9.68% increase, significantly outpacing the CSI 300 index [3][10]. - The sector's valuation is currently at a relatively high level, with the industry P/E ratio at 43.4 times, placing it in the 78.4th percentile of the past decade [15][19]. 2. Engineering Machinery - The engineering machinery sector is expected to see a recovery in 2026, driven by equipment replacement cycles and increasing domestic demand [20][41]. - Sales of excavators and loaders showed strong growth in December 2025, with excavator sales up 19.2% and loader sales up 30% year-on-year [20][28]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in December 2025 production [42]. - The humanoid robot industry is rapidly developing, with over 140 domestic companies and significant production expected in 2025 [42][45]. 4. Shipbuilding - The shipbuilding sector is stabilizing, with new ship price indices showing an upward trend and ongoing recovery in profitability for shipbuilding companies [50].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The mechanical sector has shown a strong performance, with a 9.68% increase in January, outperforming the Shanghai and Shenzhen 300 Index by 8.02 percentage points [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have seen significant gains, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as on humanoid robots and AIDC supporting equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was strong, with a 9.68% increase, ranking 8th among 30 major industries [3][10]. - The report highlights the recent upward trend in sub-sectors, particularly in photovoltaic and semiconductor equipment, which had previously been lagging [4][10]. 2. Engineering Machinery - The report indicates a positive outlook for the engineering machinery sector in 2026, driven by a recovery in demand and an ongoing equipment update cycle [20][41]. - Key statistics include a 19.2% year-on-year increase in excavator sales in December 2025, with total sales for the year reaching 235,257 units, a 17% increase [20][27]. - The report recommends focusing on leading companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG [41]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in production in December 2025, totaling 90,116 units [42][49]. - The humanoid robot industry is rapidly developing, with over 140 companies and more than 330 products launched in 2025, marking it as a year of mass production [42][44]. - The report emphasizes investment opportunities in leading companies and core component suppliers within the robotics sector [49]. 4. Shipbuilding - The shipbuilding sector shows signs of recovery, with new ship price indices stabilizing and ongoing profitability improvements for shipbuilding companies [50]. - In the first three quarters of 2025, China's shipbuilding output increased by 6.0%, maintaining a leading position globally [50].

根据MIR睿工业公布最新数据，2025年埃斯顿机器人出货量继续位列中国市场第一（含全部内外资品牌）， 市场份额达10.6%，全年出货量同比实现25%增长， 推动工业机器人国产化占有率进一步提升至56%以上， 成为中国工业机器人市场持续增长的核心推动力。 以埃斯顿为代表的中国自主化机器人品牌正式引领中国机器人市场进入发展新阶段。 ▍ AI+ 机器人推动产品升级 2025年，埃斯顿延续了工业机器人市场持续高增长的趋势，连续8年位列国产机器人市场第一。在协作机器人 领域，埃斯顿酷卓实现超过270%出货增长，成为增长最快的协作机器人品牌。埃斯顿形成以自动化及核心部 件、工业机器人、协作机器人、AI+具身智能机器人全栈技术自研、全品类布局的厂商。 作为行业龙头，埃斯顿全力拥抱 AI 技术，率先向工业具身智能领域突围。 2026 年初，埃斯顿发布 iER 系 列机器人及 iER.OS 机器人控制系统，并发布聚焦工业机器人 +AI 应用生态的 RoboBase 平台。 ▍ 走出内卷，重回高质量增长航道 2025年，AI+机器人技术不断落地，国产化比例持续提升，埃斯顿引领中国机器人品牌率先实现数量与质量 的"双增长"，走出行 ...

Core Viewpoint - Estun Automation Co., Ltd. has submitted a second IPO application to the Hong Kong Stock Exchange after a previous application lapsed, aiming to expand its global production capacity and strengthen its market position in the industrial robotics sector [2][3]. Group 1: Company Overview - Estun is a leading Chinese industrial robotics company, primarily serving clients in automotive, engineering machinery, heavy industry, and lithium battery manufacturing [3]. - The company has maintained the highest shipment volume among domestic enterprises in China's industrial robotics solutions market for several consecutive years, surpassing foreign brands in 2025 [3]. - As of January 21, the company's market capitalization was approximately 21.9 billion yuan [2]. Group 2: Product and Brand Portfolio - Estun offers a range of industrial robots and automation core components, with 95 robot products covering payloads from 3 kg to 1200 kg [7]. - The company has acquired several brands, including Trio and M.A.i, enhancing its capabilities in high-end motion control solutions and intelligent manufacturing systems [4]. - Estun has established a global presence with 75 service points and seven manufacturing bases across major markets, including Europe and Southeast Asia [3]. Group 3: Financial Performance - Despite the overall growth in the global industrial robotics market, Estun's revenue has declined, with figures of 3.881 billion yuan in 2022, 4.652 billion yuan in 2023, and 4.009 billion yuan in 2024 [6]. - The company's net profit showed a significant drop, with a loss of 818 million yuan in the first nine months of 2025 [6]. - The gross margin has also decreased from 32.9% in 2022 to 28.2% in 2025, indicating ongoing financial challenges [8].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [2][7]. Core Insights - The company is expected to achieve a net profit of RMB 35 to 50 million in 2025, recovering from a loss of RMB 810 million in the previous year, marking a significant turnaround [8]. - The industrial robot market is anticipated to rebound in 2025, driven by demand from the automotive and electronics sectors, with a year-on-year production increase of 28% [10]. - The company is focusing on embodied intelligence and international expansion, having launched new robotic products and established partnerships to create an innovation center for embodied intelligence robots [10]. - Profit forecasts for the company are optimistic, with expected net profits of RMB 40 million in 2025, RMB 160 million in 2026, and RMB 270 million in 2027, reflecting substantial growth rates [10]. Company Overview - The company operates primarily in the machinery equipment sector, with a market capitalization of RMB 19.66 billion and a share price of RMB 25.13 as of January 21, 2026 [1]. - The product mix includes 75.7% from industrial robots and complete equipment, and 24.3% from automation core components and motion control systems [3]. - Major shareholders include Nanjing Pailaisite Technology Co., Ltd., holding 29.26% of shares [1]. Financial Performance - The company is projected to achieve revenues of RMB 5.15 billion in 2025, increasing to RMB 6.32 billion in 2026 and RMB 7.19 billion in 2027 [14]. - The earnings per share (EPS) are expected to be RMB 0.1 in 2025, RMB 0.2 in 2026, and RMB 0.3 in 2027, with corresponding price-to-earnings (P/E) ratios of 501, 133, and 82 [12][14]. - The company is expected to generate positive cash flow from operating activities starting in 2025, with a net cash flow of RMB 192 million [14].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6][2]. Core Insights - The company is expected to achieve a net profit of RMB 35-50 million in 2025, recovering from a loss of RMB 810 million in the previous year, marking a significant turnaround [7]. - The industrial robot market is anticipated to rebound in 2025, driven by demand from the automotive and electronics sectors, with a year-on-year production increase of 28% [9]. - The company is focusing on embodied intelligence and international expansion, having launched new robotic products and established partnerships to create an innovation center for embodied intelligence robots [9]. - Profit forecasts for the company suggest net profits of RMB 40 million, RMB 160 million, and RMB 270 million for 2025, 2026, and 2027 respectively, with significant year-on-year growth expected [9]. Company Overview - The company operates primarily in the machinery and equipment sector, with a product mix consisting of 75.7% industrial robots and 24.3% automation core components [3]. - As of January 21, 2026, the company's stock price was RMB 25.13, with a target price set at RMB 29 [1]. Financial Performance - The company is projected to achieve a revenue of RMB 5.151 billion in 2025, increasing to RMB 6.317 billion in 2026 [13]. - The earnings per share (EPS) is expected to be RMB 0.05 in 2025, rising to RMB 0.19 in 2026 and RMB 0.30 in 2027 [11]. - The price-to-earnings (P/E) ratio is forecasted to be 501.45 in 2025, decreasing to 132.80 in 2026 and 82.41 in 2027 [11].

Core Viewpoint - Estun is expected to achieve a net profit of 35 million to 50 million yuan for the fiscal year 2025, marking a significant turnaround from a loss of over 810 million yuan in the previous year, representing a year-on-year growth of 104.32% to 106.17% [1][2] Financial Performance - The net profit attributable to shareholders is projected to be between 35 million and 50 million yuan, compared to a loss of 810.44 million yuan in the same period last year, indicating a growth of 104.32% to 106.17% [2] - The net profit after deducting non-recurring gains and losses is expected to be between 6 million and 8 million yuan, a significant improvement from a loss of 835.67 million yuan last year, reflecting a growth of 100.72% to 100.96% [2] - Basic earnings per share are anticipated to be between 0.04 yuan and 0.06 yuan, recovering from a loss of 0.93 yuan per share in the previous year [2] Business Growth Drivers - The turnaround in performance is attributed to robust revenue growth in core business areas, particularly in high-demand sectors such as automotive, electronics, and lithium batteries, which have driven domestic revenue growth [3] - A significant reduction in asset impairment provisions, which amounted to approximately 466 million yuan in the previous year, has also positively impacted net profit, with no major asset impairment expected for 2025 [3] Market Position and Strategy - Estun has become the leading domestic company in the industrial robot solutions market in China, surpassing foreign brands in terms of shipment volume in the first half of 2025 [4] - The company ranks sixth globally in the industrial robot market, with a market share of 1.7% worldwide and 2.0% in China, based on 2024 revenue [4] - Estun's multi-brand strategy, including brands like "Estun," "Cloos," "Trio," and "M.A.i," enhances its technological capabilities and product offerings, covering a wide range of 96 robot models [6] IPO and Future Plans - The upcoming Hong Kong IPO aims to raise funds for expanding global production capacity, forming strategic alliances, investing in R&D for next-generation industrial robot technologies, upgrading global service systems, repaying existing loans, and supplementing working capital [7]