来源：新浪证券-红岸工作室 近期，南京埃斯顿自动化股份有限公司迎来了多轮机构调研，吸引了包括美银证券、威灵顿、花旗银行 等在内的60家机构参与。此次调研涵盖了公司赴港上市计划、机器人行业未来需求、海外业务规划等多 个关键领域。 海外业务规划：全方位全球化布局 调研活动详情 本次投资者关系活动类别包括特定对象调研及电话会议。时间跨度从2025年7月2日至8月1日，地点位于 公司会议室。上市公司接待人员为董事会秘书肖婷婷。参与单位众多，其中7月2日现场调研有 Wexford、华泰证券共2人；7月17日两场电话会议分别有27人（含美银证券等）、3人（威灵顿）参与； 7月18日电话会议有24人（如花旗银行等）；7月22日现场有国泰海通等多家机构及德意志银行共1人；7 月25日现场有1人；8月1日现场有华泰自营2人。 赴港上市：深化全球布局 公司赴香港上市是深化全球化战略布局、提升核心竞争力的重要举措。这不仅有助于提升国际知名度， 吸引海外合作方，加速境外业务拓展，还能打造境外资本投融资平台，满足海外业务发展需求。募集资 金将用于扩充全球生产能力、寻求战略联盟及投资收购机会、推动下一代工业机器人技术发展、提升全 球服务 ...

股票代码：002747 股票简称：埃斯顿 南京埃斯顿自动化股份有限公司 2025 年 7 月 2 日-8 月 1 日投资者关系活动记录表 编号：2025004 | 投资者关系活动类别 | ■特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | ■其他（电话会议） | | | | | 参与单位名称及人员姓名 | 2025年7月2日10:00-11:30 现场 | | | | | | Wexford、华泰证券共2人。 | | | | | | 2025年7月17日14:00-15:00 电话会议 | | | | | | 美银证券 、 3w Fund Management Llc | | 、 | Ai | | | Squared Management Limited | | | 、 | | | BeaUnionInvestment 、 Bluecrest Capital | | | | | | Management (Uk ...

Core Insights - The humanoid robot industry is experiencing significant commercial breakthroughs, with companies like UBTECH Technology winning large contracts, indicating a strong growth trajectory for the sector [4][5] - Major tech companies, including Tesla and Yushun, are actively developing humanoid robot products, contributing to rapid technological advancements and market expansion [4][6] - The upcoming 2025 World Artificial Intelligence Conference in Shanghai will showcase numerous new models and robots, highlighting the industry's growth and innovation [6] Industry Developments - UBTECH Technology secured a procurement contract worth 90.51 million yuan, setting a new record for single-bid amounts in the industry [4] - The joint project between Zhiyuan Robotics and Yushun Technology for China Mobile's humanoid robot manufacturing has a total budget of 124 million yuan, marking a record for joint bids [5] - The humanoid robot industry has seen financing exceed 10 billion yuan in the past six months, indicating a new phase of commercialization [6] Company Highlights - Huichuan Technology is a leading player in industrial automation, focusing on developing core components for humanoid robots [8] - Estun has achieved the highest market share in industrial robots in China as of Q1 2025, with a year-on-year shipment increase of over 30% [8] - Zhongdali De is a unique manufacturer capable of producing various types of reducers for industrial robots, covering all joints [8] - Double Ring Transmission is the largest specialized gear manufacturer globally, expanding its production capacity for robot joint reducers [8] - A company closely partnered with Huawei has launched multiple robots and is undergoing significant restructuring, with Huawei Hubble recently acquiring a stake [9]

Core Insights - The leading mobile robot company, Geek+, has successfully listed on the Hong Kong Stock Exchange, raising over HKD 2.7 billion, marking the largest IPO for a robotics company in the H-share market to date [1] - A total of at least 13 robotics companies have submitted IPO applications to the Hong Kong Stock Exchange this year, with 9 of them applying in June alone [1][2] - Most robotics companies listed on the Hong Kong Stock Exchange have not yet achieved profitability, with only three of the A+H listed companies being profitable [2] Group 1: Industry Overview - The majority of upcoming robotics companies focus on mobile, industrial, and service applications, attracting significant investment from major players like Alibaba and Tencent, yet they face challenges of high R&D costs and ongoing losses [3][4] - The market for autonomous mobile robots (AMR) is fragmented, with the top four players holding only 23.5% of the market share, indicating a competitive landscape [7] - The Hong Kong Stock Exchange's Chapter 18C policy allows unprofitable specialized technology companies to list, providing a crucial funding avenue for these firms [8] Group 2: Financial Performance - Companies like CloudMinds, which focuses on service robots, have seen revenue growth but continue to operate at a loss, with losses narrowing over time [6] - Geek+ reported revenue growth from CNY 1.45 billion in 2022 to CNY 2.41 billion in 2024, while its net loss decreased from CNY 1.57 billion to CNY 0.83 billion during the same period [6] - The IPO process is seen as a critical turning point for these companies, with the potential to break the cycle of revenue growth without profitability [3][10] Group 3: Future Prospects - The funds raised from IPOs are primarily aimed at enhancing R&D capabilities and advancing product iterations, with companies like CloudMinds planning to improve their technology and commercial capabilities [9] - The stock performance of listed robotics companies has been strong, indicating a high acceptance of emerging tech firms in the Hong Kong market, which could facilitate further funding opportunities [9][10] - The ability of these companies to transition from a "revenue growth without profit" scenario to a sustainable business model will be crucial for attracting ongoing capital investment [10]

Core Viewpoint - The article highlights the growing trend of embodied intelligence development in China, emphasizing the upcoming Second Zhongguancun Embodied Intelligence Robot Application Competition in the second half of 2025, which aims to showcase practical applications of robot technology and provide valuable insights for investors and customers [1][2]. Group 1: Competition Overview - The competition will serve as a platform for demonstrating the practical application of embodied intelligence robots in various sectors, including family services, commercial services, industrial manufacturing, elderly care, and emergency response [6]. - The event will feature a series of forums and exhibitions, inviting top experts and innovative companies to facilitate the integration of talent, projects, markets, capital, and services, thereby accelerating the transformation of technological achievements [6][8]. - The competition will include three tracks: embodied intelligence model capability challenge, embodied intelligence scene application competition, and embodied intelligence academic frontier and industrial ecology, with substantial rewards to attract global participants [6][8]. Group 2: Industry Ecosystem - Haidian District has established a robust innovation ecosystem for the embodied intelligence industry, housing 186 companies in this field, including 24 humanoid robot enterprises, and 21 educational institutions offering relevant programs [1]. - The district has been recognized as a key area for embodied intelligence development, having been selected as a distinctive industrial cluster for small and medium-sized enterprises in the robot industry by the Ministry of Industry and Information Technology for 2024 [1].

Core Viewpoint - The traditional manual stacking methods in industrial manufacturing are increasingly inadequate, leading to a shift towards automation in the stacking process, with palletizing robots becoming essential for enhancing production efficiency and safety [1][13]. Industry Overview - The palletizing robot is an automated device that mimics human arm movements for grabbing, transporting, and stacking items, integrating multiple technologies such as mechanics, electronics, and artificial intelligence [3]. - The working principle of palletizing robots involves three stages: perception, decision-making, and execution, utilizing various sensors to gather environmental data, process it to formulate optimal strategies, and execute tasks through mechanical arms [3]. Market Size and Growth - The market size of China's palletizing robot industry is projected to reach 31.52 billion yuan in 2024, representing a year-on-year increase of 16.78% [1][13]. - The rapid growth of the palletizing robot market is expected to continue as its applications expand across various sectors [1]. Industry Chain - The upstream of the palletizing robot industry includes the development and production of key components such as precision reducers, servo motors, and sensors, which are crucial for the robots' performance [9]. - The midstream consists of manufacturers that integrate these components into complete palletizing systems tailored to customer needs [9]. - The downstream encompasses various application fields, including food and beverage, chemicals, construction materials, and logistics, where palletizing robots play a vital role in material handling and storage [9]. Competitive Landscape - The palletizing robot market is experiencing a new wave of technological iteration and restructuring, with leading companies consolidating resources while emerging firms exploit market gaps through differentiated strategies [15]. - High-precision 3D vision systems and flexible gripping algorithms are becoming critical competitive differentiators [15]. Industry Trends 1. **Intelligent Development**: The industry is moving towards greater intelligence, enhancing human-machine interaction capabilities [20]. 2. **Integration**: There is a growing demand for multifunctional and versatile palletizing robots, necessitating a shift towards modular and integrated designs [21]. 3. **Environmental Responsibility**: The industry is increasingly focusing on environmental issues, with a trend towards eco-friendly technologies in palletizing robots [23].

Core Viewpoint - Nanjing is accelerating the construction of a modern industrial system, focusing on the "1+4+6" strategy to enhance industrial strength and achieve breakthroughs in key sectors [4][10]. Group 1: Industrial Strategy and Initiatives - The "1+4+6" framework includes the implementation of the three-year action plan for industrial strength, the establishment of four industry promotion offices, and the formation of six specialized industry teams [4][5]. - The city has introduced a series of industrial action plans and support policies targeting 12 industrial directions and 27 sub-fields, clarifying the focus for attracting investment and developing key industries [5][10]. Group 2: Performance and Growth Metrics - In the first half of the year, the core robotics industry in Nanjing achieved revenue of 19.4 billion, reflecting a year-on-year growth of approximately 20% [6]. - The software and information services sector generated 520 billion in revenue, with a growth rate of 16.5%, while the artificial intelligence core industry reached 26 billion, growing by 26% [6][7]. - The biopharmaceutical industry reported revenues of 118.5 billion, marking an 11.5% increase, and the new generation information communication sector achieved 74.2 billion, with a growth of 12.1% [7]. Group 3: Investment and Project Development - Nanjing successfully attracted 105 projects, with a planned investment of approximately 13 billion, including 41 projects with investments exceeding 100 million [7][9]. - Baiyun Electric plans to invest nearly 10 billion in a smart electrical technology park, aiming to create a significant energy industry cluster with projected revenues of 50 billion upon full operation [9]. Group 4: Future Directions and Goals - The city aims to enhance collaboration between government and enterprises, focusing on improving mechanisms, attracting key enterprises, and providing comprehensive project support [10][11]. - The emphasis will be on nurturing a favorable industrial innovation ecosystem, addressing pain points in technology transfer, and fostering long-term capital investment to support industrial breakthroughs [10][11].

Core Viewpoint - The Hong Kong stock market is experiencing a surge in IPOs from robotics companies, driven by a combination of low entry barriers and a growing demand for humanoid robots, with significant capital inflow observed in the first half of 2025 [1][4][8] Group 1: Market Trends - In the first half of 2025, 12 robotics companies have submitted IPO applications to the Hong Kong Stock Exchange, including both emerging firms and established players [1] - The robotics sector has seen a financing amount of 23.2 billion yuan in the first five months of 2025, surpassing the total of 20.9 billion yuan for the entire year of 2024 [1] - The Hong Kong market has completed 42 IPOs in the first half of 2025, raising over 107 billion HKD, a 22% increase compared to the previous year [4] Group 2: Company Performance - Companies like Ubiquity Robotics and Yujian Technology, which went public in Hong Kong, reported significant losses, with Ubiquity's net loss reaching 1.265 billion yuan in 2023 [3][4] - Among the 12 robotics companies applying for IPOs, 10 are currently unprofitable, indicating a trend of losses within the industry [3] - Established companies like Zhaowei Electromechanical and Estun have also faced challenges, with Estun reporting a net loss of 810 million yuan in 2024 [6][7] Group 3: Investment Opportunities - The Hong Kong Stock Exchange has introduced new regulations allowing unprofitable companies to list, which has attracted many robotics firms seeking funding [4][8] - The "A+H" listing strategy allows profitable A-share companies to access international capital markets, facilitating their expansion into the humanoid robotics sector [5][8] - The humanoid robotics market is projected to reach a demand of approximately 2 million units by 2030, with a market size of around 570 billion yuan, indicating significant growth potential [4]

Core Viewpoint - The A-share market appears vibrant but is experiencing underlying issues, with significant capital outflows and a lack of strong participation from various sectors [3][5][12]. Market Performance - The Shanghai Composite Index closed at 3532 points, but there was a net outflow of 2.4 billion yuan from major funds, indicating a hidden struggle beneath the surface [3]. - The banking sector showed strength, with Guiyang Bank rising by 4% and Postal Savings Bank increasing by 2.22%, but this was not supported by other sectors, leading to a lack of overall market momentum [3][12]. - The brokerage sector faced disappointment, with a 0.27% average decline, and the critical 5-day moving average at 2087 points is at risk [3][12]. Trading Volume and Market Dynamics - The trading volume in the Shanghai market was only 41 billion yuan, down by over 5 billion yuan compared to the previous Friday, indicating insufficient capital for sustained index growth [5]. - The market is showing a bifurcation, with small-cap stocks like Guangsheng Nonferrous and Silver Star Energy performing well, while other sectors remain sluggish [7]. Policy Impact - Positive policies are still in play, such as Indonesia's nickel export restrictions boosting energy metal stocks, but the impact is less widespread than before [9]. - The financial technology and AI sectors, previously favored by policies, are now underperforming as funds shift towards traditional industries [9]. Sector Analysis - The power sector is emerging as a "second battlefield," with stocks like Yangtze Power and Huaneng Hydropower showing resilience, indicating a potential safe haven for investors during market volatility [12]. - Insurance stocks, particularly China Life and China Pacific Insurance, have shown stability, with reports of significant ETF purchases by insurance giants, suggesting a cautious outlook on the broader market [11]. Key Support Levels - The critical support level for the index is at 3513 points, with 3521 points acting as a dividing line for market strength [12]. - The afternoon trading session will hinge on whether the banking sector can break through the 4626-point resistance and if the brokerage sector can maintain the 2079-point support [14].

[Performance Forecast Overview: Return to Profitability](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a return to profitability in H1 2025 with net profit attributable to shareholders reaching RMB 0-15.00 million, while the loss after deducting non-recurring items significantly narrowed Key Performance Indicators for 2025 Semi-Annual Performance Forecast | Item | Current Period (2025 H1) | Prior Year (2024 H1) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: RMB 0 – 15.00 million | Loss: RMB 73.416 million | Increase of 100% - 120.43% | | **Net Profit After Non-Recurring Items** | Loss: RMB 17.00 – 25.00 million | Loss: RMB 96.9916 million | Increase of 74.22% - 82.47% | | **Basic Earnings Per Share** | Profit: RMB 0 – 0.01 per share | Loss: RMB 0.08 per share | Turned from Loss to Profit | [Analysis of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Performance improvement stems from domestic market recovery, increased robot shipments, reduced expense ratios, and positive non-recurring gains, despite increased overseas expansion costs [Core Operational Improvement and Efficiency Enhancement](index=2&type=section&id=III.%20Explanation%20of%20Performance%20Changes-1) The company achieved domestic revenue growth and improved operating cash flow by increasing industrial robot shipments, enhancing market share, and optimizing financial management - As market demand recovers and domestic substitution accelerates, the company's industrial robot shipments increased, market share improved, and domestic revenue achieved good growth[5](index=5&type=chunk) - Operating cash flow significantly improved through strengthened accounts receivable collection and supply chain optimization[5](index=5&type=chunk) - The company continued to promote cost reduction and efficiency improvement, implementing comprehensive budget management, leading to a year-over-year decrease in period expense rates[5](index=5&type=chunk) [Impact of Non-Recurring Gains and Losses](index=2&type=section&id=III.%20Explanation%20of%20Performance%20Changes-2) Non-recurring gains, mainly from fair value changes in investee companies, positively contributed approximately RMB 25.00 million to net profit attributable to shareholders - Non-recurring gains and losses, including fair value changes in investee companies, contributed approximately **RMB 25.00 million** to net profit attributable to shareholders[5](index=5&type=chunk) [Global Business Expansion and Investment](index=2&type=section&id=III.%20Explanation%20of%20Performance%20Changes-3) The company's global expansion strategy, involving increased overseas team and market development costs, led to a continued but significantly narrowed loss in net profit after non-recurring items - The company is actively expanding its global business, incurring increased expenses due to establishing overseas teams, market development, and brand promotion[5](index=5&type=chunk) - Despite overseas investments leading to a negative net profit after non-recurring items, the loss has significantly narrowed compared to the prior year[5](index=5&type=chunk) [Audit and Risk Warning](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm%20%26%20IV.%20Risk%20Warning) The company's preliminary, unaudited performance forecast has been discussed with auditors without major discrepancies, and investors are cautioned to rely on the final semi-annual report - The financial data in this performance forecast is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[3](index=3&type=chunk)[6](index=6&type=chunk) - The company has conducted preliminary communication with the accounting firm regarding the forecast content, with no significant discrepancies between the parties[3](index=3&type=chunk) - The company reminds investors that specific financial data will be subject to the final disclosed semi-annual report, and investment risks should be noted[6](index=6&type=chunk)