Group 1 - The Shanghai Composite Index closed at 3958.00 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 1552.045 billion yuan [1] - A total of 131 A-shares have surpassed the annual line, with notable stocks including Xusheng Group, Chongqing Port, and *ST Zhisheng showing significant deviation rates of 8.27%, 8.15%, and 4.95% respectively [1] Group 2 - Stocks with the highest deviation rates from the annual line include: - Xusheng Group (10.01% increase, 8.74% turnover rate, latest price 15.38 yuan, deviation rate 8.27%) - Chongqing Port (10.02% increase, 2.26% turnover rate, latest price 5.82 yuan, deviation rate 8.15%) - *ST Zhisheng (4.98% increase, 3.86% turnover rate, latest price 11.60 yuan, deviation rate 4.95%) [1] - Other stocks with smaller deviation rates that have just crossed the annual line include Hu塑股份, Hu鑫股份, and Heng申新材 [1]

"年度卓越具身智能企业"奖旨在表彰在具身智能领域做出卓越贡献的企业与团队。作为人工智能与物理世界深度融合的关键载体，具身智能企业正驱动着智 能制造、服务机器人、人机交互等场景的规模化商业应用。本次评选围绕技术原创性与工程实现能力、商业化落地规模与可持续性、产业链协同与生态贡 献、产品竞争力与市场领导地位等核心维度，通过系统的数据评估及专家评议，评选出最终的获奖者。 格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角兽公司排行榜。此次"金格奖"上市公司评选覆盖港交 所、上交所、深交所、纽交所、美国证券交易所、纳斯达克证券交易所挂牌上市的全部上市公司及独角兽公司。 12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选 中，埃斯顿(002747.SZ)、矩阵超智、均胜电子(600699.SH/00699.HK)、优必选(09880.HK)、宇树科技5家企业荣获"年度卓越具身智能企业"奖项。（排名不 分先后，按公司首部字母顺序排列） ...

Summary of Estun's Conference Call Company Overview - **Company**: Estun - **Industry**: Industrial Robotics and Automation Key Points Financial Performance - **2025 Revenue**: Expected to reach 5.2 billion CNY, with a slight decline in core components business but rapid growth in industrial robotics, particularly in automotive, electronics, and lithium battery sectors [2][3] - **Expected Shipment Volume**: Anticipated to reach 35,000 units, surpassing foreign brands for the first time [2][3] - **Gross Margin**: Projected to be around 29% for the year, with a Q3 domestic gross margin improvement of approximately 3 percentage points [2][3] - **Net Profit**: Estimated at 60 million CNY, influenced by a new equity incentive plan, leading to positive and significant growth in operating cash flow [2][4] Market Dynamics - **Domestic Market Growth**: Domestic market growth rate increased to 70%, contributing to a decline in overall gross margin [2][3] - **International Market**: Automation export business revenue around 100 million CNY, primarily in Europe, Southeast Asia, and East Asia [2][4] - **Future Revenue Growth**: Expected revenue growth of 20% in 2026, reaching 6.3 billion CNY, with a global shipment target of 45,000 units and gross margin improvement to 31% [2][4] Business Segments - **Industrial Robotics**: Significant growth with a year-on-year revenue increase of approximately 40% for Estun's industrial robots [4][7] - **Core Components**: Expected revenue of about 900 million CNY for 2025, slightly down from previous year due to lack of stable high-value customers [8][9] - **Integration Business**: Strong performance in both domestic and overseas markets, with notable contributions from major clients and new market expansions [7][8] Strategic Initiatives - **Overseas Expansion**: Construction of a factory in Poland, with phase one completed and plans for further expansion to meet European market demand [10][11] - **Market Share Goals**: Aim to achieve a global shipment of 100,000 units by 2030, with domestic sales of 90,000 units and overseas sales of 10,000 units, targeting a 10% global market share [10][11] R&D and Innovation - **Focus on R&D**: Plans to maintain R&D spending while improving output efficiency, targeting a net profit margin of 12% by 2030 [12][15] - **New Product Development**: Exploring intelligent industrial robots and smart technologies, including collaborative robots and humanoid robots [15] Cost Management - **Expense Control**: Domestic expense ratio below 20% in 2025, with expectations of overall expense ratio around 26% in 2026 due to improved efficiency and reduced financial costs [13][14] Market Strategy - **Differentiated Regional Strategies**: Tailored approaches for different markets, focusing on maximizing resource utilization and expanding market share [11] Future Outlook - **Profitability Expectations**: Anticipated gradual improvement in overall performance over the next 3-5 years, with a significant shift in revenue growth favoring overseas markets post-2027 [12] This summary encapsulates the key insights from Estun's conference call, highlighting the company's financial performance, market dynamics, strategic initiatives, and future outlook in the industrial robotics sector.

Core Insights - The article highlights the rapid advancement and commercialization of humanoid robots, emphasizing the importance of embodied intelligence and the role of domestic companies in this transformation [1][3][5]. Industry Overview - The 2025 Sixth China Robot Industry Annual Conference took place in Hangzhou, gathering over 200 industry experts and representatives from more than 100 leading companies, indicating strong interest and investment in the robotics sector [5]. - The conference served as a platform for discussing key trends such as the scaling laws of embodied intelligence, the push for domestic alternatives, and the integration of 5G-A for remote control of robots [1][3]. Technological Developments - Experts discussed the evolution of embodied intelligence as a national strategy, highlighting its potential to foster new productive forces and the current phase of both technological breakthroughs and market bubbles in the robotics industry [8]. - The global industrial robot installation volume exceeds 600,000 units annually, with China accounting for 53%, showcasing significant domestic production capabilities [8]. Market Dynamics - The number of robot companies has surged from over 300,000 five years ago to nearly 1 million, raising concerns about market saturation and investment bubbles due to blind investments and excessive government involvement [8]. - The industry is characterized by a lack of closed-loop scenarios, misjudged technical thresholds, and overvalued expectations, leading to intensified competition [8]. Key Trends and Opportunities - Three core development paths for embodied intelligence were identified: "brain-first" approaches led by companies like Tesla, "body-first" strategies from traditional robotics firms, and "vertical intelligence" models from new entrants [9]. - The demand for labor, small-batch production, and the ongoing convergence of AI with physical interactions are seen as solid foundations for long-term industry value [8]. Challenges and Solutions - The industry faces challenges such as the need for clear application scenarios, process boundaries, and targeted hardware development to enhance efficiency [10]. - Experts emphasized the importance of balancing national strategic needs with market logic, advocating for a focus on vertical scenarios and the development of scarce core technologies for sustainable growth [10]. Future Outlook - The humanoid robot market is expected to grow significantly, with industrial applications being a primary focus, while long-term potential lies in household and elderly care scenarios [12]. - The integration of AI and robotics is viewed as a core trend in industrial intelligence, with companies like Estun leading the way in creating a fully autonomous ecosystem [15][17]. Conclusion - The robotics industry is at a pivotal moment, with significant opportunities for growth and innovation, driven by advancements in technology and a strong push for domestic production capabilities [1][3][5].

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"）正在进行申请发行境外上市外资股（H 股）并在香 港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以下简称"本次发行并上市"）的相关 工作，香港联交所上市委员会于2025年12月17日举行上市聆讯，审议公司本次发行并上市的申请。 公司本次发行并上市的独家保荐人已于2025年12月18日收到香港联交所向其发出的信函，其中指出香港 联交所上市委员会已审阅公司的上市申请，但该信函不构成正式的上市批准，香港联交所仍有对公司的 上市申请提出进一步意见的权力。 登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：002747 股票简称：埃斯顿 公告编号：2025-074号 南京埃斯顿自动化股份有限公司 关于香港联交所审议公司发行境外上市外资股（H股）的公告 特此公告。 南京埃斯顿自动化股份有限公司 董 事 会 2025年12月19日 公司本次发行并上市尚需取得香港证券及期货事务监察委员会和香港联交所等相关监管机构、证券交易 所的最终批准，该事项仍存在不确定性。 ...

Group 1 - The meeting focused on promoting the high-quality development of the robotics industry, with participation from key enterprises in the field [1] - Eight companies, including Estun, Huichuan Technology, and Yijiahe, shared their development status and industry trends, discussing various aspects such as supply chain ecosystems and talent development [1] - The atmosphere of the meeting was lively, with participants exchanging ideas and seeking collaboration opportunities [1] Group 2 - The robotics industry is seen as a crucial support for building a modern industrial system, with the current period identified as a strategic opportunity for rapid development [2] - Emphasis was placed on creating an innovative ecosystem, optimizing policies, and enhancing talent development to strengthen the role of enterprises in innovation [2] - The need to accelerate market expansion and support companies in international markets was highlighted, along with the importance of creating a conducive environment for young talent [2]

格隆汇12月19日丨埃斯顿(002747.SZ)公布，公司正在进行申请发行境外上市外资股（H股）并在香港联 合交易所有限公司（简称"香港联交所"）主板挂牌上市的相关工作，香港联交所上市委员会于2025年12 月17日举行上市聆讯，审议公司本次发行并上市的申请。公司本次发行并上市的独家保荐人已于2025年 12月18日收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但 该信函不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的权力。 ...

埃斯顿（002747）(002747.SZ)公告，公司正在进行申请发行境外上市外资股(H股)并在中国香港联合交 易所有限公司主板挂牌上市的相关工作，联交所上市委员会于2025年12月17日举行上市聆讯，审议公司 本次发行并上市的申请。 ...

智通财经APP讯，埃斯顿(002747.SZ)公告，公司正在进行申请发行境外上市外资股(H股)并在中国香港 联合交易所有限公司主板挂牌上市的相关工作，联交所上市委员会于2025年12月17日举行上市聆讯，审 议公司本次发行并上市的申请。 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2025-074号 南京埃斯顿自动化股份有限公司 2025 年 12 月 19 日 1 南京埃斯顿自动化股份有限公司 董 事 会 特此公告。 南京埃斯顿自动化股份有限公司（以下简称"公司"）正在进行申请发行境 外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板挂牌上市（以下简称"本次发行并上市"）的相关工作，香港联交所上市委 员会于 2025 年 12 月 17 日举行上市聆讯，审议公司本次发行并上市的申请。 公司本次发行并上市的独家保荐人已于 2025 年 12 月 18 日收到香港联交所 向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该 信函不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见 的权力。 公司本次发行并上市尚需取得香港证券及期货事务监察委员会和香港联交 所等相关监管机构、证券交易所的最终批准，该事项仍存在不确定性。公司将根 据该事项的进展情况依法及时履行信息披露义务，敬请广大投资者注意投资风 险。 关于香港联交所审议公司发行境外上市外资股（H 股）的公告 本公司及董事会全体 ...