内容概要：随着我国制造业不断转型升级，企业对提高生产效率、降低成本、提升产品质量的需求日益 迫切，工业移动操作机器人能够在工业环境中自主导航并执行抓取、装配等操作任务，能有效满足下游 企业需求，在汽车制造、3C电子、仓储物流、半导体、锂电池等多个领域广泛应用，庞大的市场需求 带动我国工业移动操作机器人市场规模快速扩张，据统计，2024年我国工业移动操作机器人解决方案市 场规模达20亿元，占全球工业移动操作机器人解决方案整体规模的48%。 上市企业：机器人（300024）、极智嘉-W（02590.HK）、埃斯顿（002747）、拓斯达（300607）、埃 夫特（688165） 相关企业：合肥优艾智合机器人股份有限公司、杭州海康机器人股份有限公司、上海仙工智能科技股份 有限公司、斯坦德机器人（无锡）股份有限公司、深圳市海柔创新科技有限公司、无锡快仓智能科技股 份有限公司、遨博（北京）智能科技股份有限公司 关键词：工业移动操作机器人发展历程、工业移动操作机器人市场政策、工业移动操作机器人产业链、 工业移动操作机器人市场规模、工业移动操作机器人竞争格局、工业移动操作机器人发展趋势 一、概述 工业移动操作机器人（Ind ...

广汽集团前三季每卖一辆车亏3643元 力争2027年自主品牌销量达200万辆 绿地控股20天新增诉讼1344件 资产负债率89%新业务尚处投入期 重庆银行净利增10%中收反降27.6% 贷款及投资业务违规被罚220万 飞龙股份三年来首次单季业绩"双降" 募资2.71亿项目半年几无进展或延期 宇树科技更名推进IPO 出海业务占50%产品加速迭代 宁德时代三季度日赚2亿创新高 进入全球扩产周期摩根大通看多 工业富联业绩向好首次中期分红 上市累赚近1500亿派现631亿 埃斯顿48亿有息债务压顶 两次出售资产回笼3.4亿资金 歌尔股份终止百亿收购 多线布局研发费五年半累投248亿 农业银行大手笔收编吉林192家机构 国有行推进"村改支"入局农信系统改革 爱尔眼科慈善运作遭质疑曾骗保被罚 业绩乏力股价跌回6年前87亿商誉悬顶 富力地产累计被执行金额超163亿 190亿接盘万达酒店加紧甩卖变现 寒武纪前三季大赚16亿增逾3倍 牛散章建平再加仓累计浮盈36亿 药明康德四次减持药明合联套现近64亿 两年半减员6529人李革年薪4200万 独家深度推荐： ...

Core Insights - Estun (002747.SZ) reported its Q3 2025 results, revealing that 15 institutional investors hold a total of 343 million shares, accounting for 39.37% of the company's total equity [1] - The top ten institutional investors collectively hold 39.14% of Estun's shares, with an increase of 2.92 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Estun shares has reached 15, with a total holding of 343 million shares [1] - The top ten institutional investors include notable entities such as Nanjing Paili Technology Co., Ltd. and Hong Kong Central Clearing Limited [1] - The increase in holdings by the top ten institutional investors indicates a growing confidence in Estun's performance [1] Public Fund Activity - Five public funds increased their holdings in Estun, with a total increase percentage of 2.50% [2] - New public funds disclosed this quarter include several focused on the robotics industry, indicating a trend towards investment in this sector [2] - A total of 74 public funds did not disclose their holdings this quarter, suggesting potential shifts in investment strategies [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in Estun, with a holding increase percentage of 0.74% [2]

10月30日，埃斯顿（002747）发布2025年三季报。公司前三季度实现营业收入38.04亿元，同比增长 12.97%；净利润2900.39万元，同比增长143.48%。其中，第三季度实现营业收入12.55亿元，同比增长 4.78%；净利润2232.17万元，同比增长232.35%。经营活动产生的现金流量净额2.93亿元，同比增长 150.92%。 作为中国工业自动化领域的领军者，埃斯顿不仅连续多年位居国内工业机器人出货量首位，更在全球高 端市场与国际知名品牌同台竞争。就在不久前，最大负载可达1.2吨的机器人产品在埃斯顿诞生。在1.2 吨级机器人的研发起点，埃斯顿毅然挑战了国内尚无先例的双减速机方案。这不是简单的"放大"，而是 一场从底层传动、机械结构到控制算法的全方位攻坚。它为中国制造向中国智造跃迁，注入了强劲 的"重"量级驱动力。 2024年10月，埃斯顿在瑞士成立欧洲总部，开启欧洲征程；今年5月，埃斯顿进驻意大利，组建本土技 术团队成立子公司；6月，埃斯顿布局德国，建设成立德国子公司；7月，埃斯顿通过海外子公司在波兰 启动生产制造基地建设，打造全球化产能布局和供应链体系。此外，埃斯顿在土耳其、西班牙等 ...

Core Viewpoint - Estun is a leading domestic industrial robotics company, focusing on high-end intelligent equipment and related components, with a strong technological and full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Estun achieved a revenue of 3.804 billion yuan, ranking first in the industry, significantly higher than the industry average of 957 million yuan and the median of 634 million yuan [2] - The revenue from industrial robots and intelligent manufacturing systems was 2.092 billion yuan, accounting for 82.09% of total revenue, while revenue from automation core components and motion control systems was 456 million yuan, making up 17.91% [2] - The net profit for the same period was 33.37 million yuan, ranking eighth in the industry, with the industry average net profit being 26.81 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Estun's debt-to-asset ratio was 80.54%, up from 73.99% year-on-year, which is significantly higher than the industry average of 38.93% [3] - The gross profit margin for Q3 2025 was 28.45%, slightly down from 29.67% year-on-year, but still above the industry average of 25.17% [3] Group 3: Management and Shareholder Structure - The controlling shareholder of Estun is Nanjing Pailaisite Technology Co., Ltd., with Wu Bo serving as both the actual controller and chairman [4] - The total compensation for the general manager, Wu Kan, increased to 1.0801 million yuan in 2024 from 1.048 million yuan in 2023 [4] Group 4: Shareholder Changes - As of September 30, 2025, the number of A-share shareholders decreased by 7.92% to 114,300, while the average number of circulating A-shares held per household increased by 8.60% to 6,846.81 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and various ETFs related to the robotics industry [5] Group 5: Market Position and Future Outlook - Estun's revenue for H1 2025 was 2.549 billion yuan, a year-on-year increase of 17.50%, with a net profit turnaround [6] - The company aims to expand from industrial robotics into embodied intelligence, launching the second-generation humanoid robot Codroid 02 in June 2025 [6] - Estun plans to list in Hong Kong to deepen its global strategic layout, with projected net profits of 170 million yuan and 280 million yuan for 2026 and 2027, respectively [6]

Core Viewpoint - Estun (002747.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 3.804 billion yuan, representing a year-on-year growth of 12.97% [1] - The net profit attributable to shareholders was 29.0039 million yuan, showing a substantial year-on-year increase of 143.48% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.0585 million yuan, reflecting a year-on-year growth of 101.91% [1] - Basic earnings per share were reported at 0.0334 yuan [1]

股票代码：002747 股票简称：埃斯顿 公告编号：2025-068号 南京埃斯顿自动化股份有限公司 第五届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 南京埃斯顿自动化股份有限公司（以下简称"公司"）第五届董事会第十九 次会议通知于 2025 年 10 月 26 日以电话、邮件等方式发出，会议于 2025 年 10 月 29 日在南京市江宁区吉印大道 1888 号（江宁开发区）会议室以现场结合通 讯的表决方式召开。本次会议由董事长吴波先生主持，会议应出席董事 9 人，实 际出席董事 9 人，本次会议的召开符合《公司法》及相关法律、法规以及《公司 章程》的规定。经审议，通过如下议案： 一、审议并通过《关于<2025 年第三季度报告>的议案》 《 2025 年 第 三季 度 报 告》 详 见 公司 指 定 信息 披 露 媒体 巨 潮 资 讯网 （www.cninfo.com.cn）。 表决结果：同意 9 票，反对 0 票，弃权 0 票 本议案已经董事会审计委员会 2025 年第五次会议审议通过。 备查文件： 1、公司第五届董事会第十 ...

Financial Performance - Q3 2025 revenue reached ¥1,254,993,149.40, an increase of 4.78% year-over-year, while year-to-date revenue totaled ¥3,803,569,707.31, up 12.97% compared to the previous year[3] - Net profit attributable to shareholders was ¥22,321,662.93, representing a significant increase of 232.35% year-over-year, with year-to-date net profit at ¥29,003,927.52, up 143.48%[3] - The net profit after deducting non-recurring gains and losses was ¥19,661,256.50, a 284.10% increase year-over-year, with year-to-date figures at ¥2,058,471.88, up 101.91%[3] - Basic and diluted earnings per share were both ¥0.0257, reflecting a 233.77% increase year-over-year, while year-to-date earnings per share stood at ¥0.0334, up 143.55%[3] - The company's revenue for the first nine months of 2025 reached approximately ¥4.18 billion, a 36.57% increase compared to ¥3.06 billion in the same period of 2024[6] - For the first three quarters of 2025, the company achieved operating revenue of CNY 3,803.57 million, a year-on-year increase of 12.97%[10] - The gross margin for the first three quarters of 2025 was 28.45%, a decrease of 1.22 percentage points year-on-year[10] - The net profit attributable to the parent company for the first three quarters of 2025 was CNY 29.00 million, a year-on-year increase of 143.48%[11] - The EBITDA for the first three quarters of 2025 was CNY 292.39 million, a year-on-year increase of 91.68%[11] Assets and Liabilities - Total assets as of September 30, 2025, were ¥10,193,436,437.58, a slight increase of 0.52% from the end of the previous year[3] - Shareholders' equity attributable to the parent company increased to ¥1,940,793,887.98, up 8.51% from the end of the previous year[3] - The total liabilities as of September 30, 2025, were CNY 8,209.69 million, compared to CNY 8,248.20 million at the beginning of the period[17] - The total equity attributable to shareholders of the parent company rose to CNY 1,940,793,887.98, compared to CNY 1,788,531,962.51 in the previous period[19] Cash Flow - The company reported a net cash flow from operating activities of ¥292,941,380.22, an increase of 150.92% year-to-date[3] - The company's cash flow from operating activities increased by 34.80% to ¥107.33 million, attributed to higher rental income[6] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 292.94 million, a year-on-year increase of 150.92%[11] - Cash flow from operating activities generated a net inflow of CNY 292,941,380.22, reversing from a net outflow of CNY 575,349,111.46 in the previous period[22] - The company recorded a significant increase in cash inflow from operating activities, totaling CNY 4,307,283,863.51, compared to CNY 3,177,260,587.85 in the previous period[22] Investment and Financial Activities - Significant changes in financial assets included a 53.68% decrease in trading financial assets due to the redemption of financial products[5] - Cash received from investment activities increased by 60.91% to ¥1.89 billion, driven by increased redemptions of financial products and equity transfers[6] - Investment income dropped by 90.21% to ¥644,973.95, as there were no significant equity investment disposals in the current period[6] - Cash inflow from financing activities was approximately $2.20 billion, down from $3.04 billion year-over-year[23] - Cash outflow for debt repayment was approximately $2.47 billion, an increase from $2.22 billion year-over-year[23] - Net cash flow from investment activities improved to approximately $4.47 million, compared to a negative cash flow of $230.77 million in the previous year[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 114,273, with no preferred shareholders having restored voting rights[8] - The top shareholder, Nanjing Pailaisite Technology Co., Ltd., holds 29.26% of the shares, amounting to 254,894,742 shares[8] Other Financial Metrics - Financial expenses increased by 34.40% to ¥120.17 million due to higher loan interest payments and increased foreign exchange losses[6] - The company reported a 49.41% decrease in tax refunds received, totaling ¥17.99 million, due to reduced software tax rebates[6] - The company recorded a significant increase in other comprehensive income, rising by 412.32% to ¥139.71 million, primarily due to foreign currency translation effects[6] - Other comprehensive income after tax totaled CNY 112,439,489.96, compared to CNY 840,306.05 in the previous period[20] - The company reported a total comprehensive income of CNY 145,809,013.23, recovering from a loss of CNY 60,702,067.76 in the prior period[20] Future Plans and Management - The company plans to enhance sales management and invest more resources into high-quality orders to improve gross margin levels[10] - The company will continue to strengthen inventory and accounts receivable management to accelerate capital turnover and improve operating cash flow management[11] - The company will implement new accounting standards starting from 2025[25] Audit and Reporting - The third quarter financial report was not audited[24]

Core Insights - The Chinese embodied intelligence robot market is rapidly growing, with the market size for solutions expected to reach 28.7 billion yuan in 2024, accounting for 35% of the global market [1][6] - The increasing demand for elderly care due to population aging is anticipated to drive further growth in the industry [1][6] Overview - Embodied intelligence robots are defined as intelligent systems with a physical form that can interact with their environment in real-time, integrating perception, cognition, decision-making, and action [2][4] - These robots combine various disciplines, including artificial intelligence, robotics, and sensor technology, and can be categorized into humanoid, wheeled, tracked, quadruped, and bionic robots [2][4] Development History - The concept of embodied intelligence dates back to Turing's 1950 paper, but significant breakthroughs were not achieved until the 2010s with the rise of deep learning technologies [4] - The first mention of "embodied intelligence" in the Chinese government work report occurred in 2025, marking it as a key future industry alongside biomanufacturing and 6G [4][6] Industry Chain - The upstream of the embodied intelligence robot industry includes components such as chips, sensors, controllers, and energy management systems [5] - The midstream involves research and manufacturing, while the downstream encompasses applications in various sectors, including industrial manufacturing, healthcare, and public safety [5] Market Policies - The Chinese government has issued multiple policies to support the development of the robotics industry, including initiatives to promote innovation and equipment upgrades [5][6] Current Market Status - The embodied intelligence robot market in China is experiencing rapid growth, with significant government support and a projected market size of 28.7 billion yuan in 2024 [1][6] Competitive Landscape - The market is highly fragmented, with numerous companies competing, including major players like Zhiyuan Robotics, UBTECH, and Fourier Technology [7][8] - Zhiyuan Robotics, founded in 2023, focuses on AI and robotics integration and has achieved significant milestones in mass production [8] - UBTECH, established in 2012, is a leader in humanoid robots and has reported revenues of 622 million yuan in the first half of 2025 [9] Future Trends - Future developments in embodied intelligence will involve closer integration with advanced technologies, enhancing perception and decision-making capabilities [10][11] - The application of embodied intelligence robots is expected to expand across various industries, driving overall smart upgrades [10][11]

Group 1 - The company, Estun, announced that it and its subsidiaries have no overdue external guarantees, nor are there any lawsuits arising from overdue external guarantees, and there are no losses incurred from being judged against in guarantee cases [2]