每经AI快讯，1月15日，港交所显示，南京埃斯顿（002747）自动化股份有限公司向港交所提交上市申 请书，独家保荐人为华泰国际。 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或依賴該 等內容而引致的任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會 （「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公告，即表示 閣下知悉、接納並向本公司、其獨家保薦人、保薦人 兼整體協調人、整體協調人、顧問或包銷團成員表示同意： 1 (a) 於聯交所網站登載本公告，並不引致本公司、其獨家保薦人、保薦人兼整體 協調人、整體協調人、顧問或包銷團成員須於香港或任何其他司法權區進行 發售或配售活動的責任。概無保證本公司將進行發售或配售； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大更改。 閣下閱覽本文件，即表 示 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據向香港公司註冊處處長登 記的本公司招股章程作出投資決定。招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件所載資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁 ...

Group 1: Machinery Industry - In December 2025, the total sales of excavators in China increased by 19.2% year-on-year, with domestic sales and exports growing by 10.9% and 26.9% respectively. For the entire year of 2025, total excavator sales rose by 17.0%, with domestic and export sales increasing by 17.9% and 16.1% respectively [2] - In December 2025, total sales of loaders in China grew by 30.0% year-on-year, with domestic sales and exports increasing by 17.6% and 41.5% respectively. For the full year of 2025, total loader sales increased by 18.4%, with domestic and export sales rising by 22.1% and 14.6% respectively [2] - The growth in excavator and loader sales is attributed to the peak construction season and overseas channel restocking. The demand for machinery is expected to continue growing in 2026 due to ongoing replacement needs, contributions from projects, and trends towards electrification [2] Group 2: Robotics Industry - According to Omdia, Zhiyuan Robotics topped the global humanoid robot shipment rankings with over 5,100 units shipped, capturing 39% of the global market share. The top six companies in humanoid robot shipments in 2025 are all Chinese, accounting for 86.9% of global shipments [3] - Recent financing activities in the robotics sector include Qiangna Technology raising approximately 2 billion RMB, and Mobileye announcing a $900 million acquisition of the humanoid startup Mentee Robotic. Other companies like Lingxin Qiaoshou and Xingjiguan also completed new financing rounds [3] - New product launches include Boston Dynamics' new generation Atlas humanoid robot, which has entered production, and Xiaopeng Motors announcing the mass production of its humanoid robot in 2026 [5] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.9 percentage points to 50.1% in December 2025, indicating a return to expansion. This improvement is driven by the effects of policy implementation and pre-holiday inventory preparations [6] - The report maintains a "buy" rating for the machinery industry, highlighting the potential for sustained growth in performance for major machinery manufacturers due to resonating domestic and international demand [6] - The report suggests focusing on the engineering machinery sector (e.g., XCMG, SANY Heavy Industry) and the rapidly growing humanoid robotics sector (e.g., Estun, Greentech) as areas of significant investment opportunity [6]

Core Viewpoint - The industrial robot industry in China is experiencing significant growth, with a projected production increase and a strong market outlook for the coming years [1] Group 1: Industry Overview - According to the National Bureau of Statistics, the production of industrial robots in China reached 70,000 units in November 2025, representing a year-on-year growth of 20.6% [1] - From January to November 2025, the cumulative production of industrial robots in China was 674,000 units, showing a cumulative growth of 29.2% [1] Group 2: Companies Involved - Key listed companies in the industrial robot sector include Robot (300024), Estun (002747), New Times (002527), Tosida (300607), Huichuan Technology (300124), Huazhong CNC (300161), Jasic Technology (300193), Yawen Co. (002559), TuoShan Heavy Industry (001226), and Haozhi Electromechanical (300503) [1] Group 3: Research and Reports - Zhiyan Consulting has released a report titled "Research on Competitive Strategies and Future Prospects of China's Industrial Robot Industry from 2026 to 2032," indicating a focus on strategic insights and market forecasts for the industry [1]

Core Insights - Estun, a leading Chinese robotics brand, has launched the new iER series of robots, emphasizing innovation in robotics technology and the establishment of an open intelligent ecosystem [1][20]. Software System Reconstruction - The company has introduced the advanced programming language Juliet and restructured the underlying language architecture, creating a dedicated operating system and a unified open control platform for better integration with end-user applications [3][4]. - The iER.OS system integrates data, applications, and AI, transitioning from a closed to an open architecture, enhancing motion control performance and enabling cloud-edge collaboration [5]. Hardware and Intelligent Control Integration - A new generation of hardware design has transitioned the electrical control system from general-purpose to intelligent, significantly reducing size and energy consumption while enhancing performance [8][9]. - The new control platform supports AI expansion and provides high-speed motion control tools, facilitating integration with external intelligent systems [11]. High Precision Calibration Technology - The new high-precision calibration technology is applied across the entire series of robots, significantly enhancing absolute positioning accuracy and dynamic trajectory control capabilities [13][14]. - This technology supports flexible manufacturing techniques, improving operational efficiency and enabling robots to maintain high precision in variable working conditions [14]. Intelligent Maintenance and Predictive Service - Estun has established a new standard for customer service by introducing predictive maintenance features that shift the operational model from reactive to proactive [15][16]. - The predictive maintenance function utilizes real-time data to identify potential faults in key components, helping users avoid unnecessary downtime and optimize maintenance schedules [18][21]. Strategic Vision - The company aims to strengthen its core technological advantages in robotics, fostering an ecosystem that promotes collaboration and innovation across the entire industry chain [20].

Market Performance - The automation equipment sector increased by 2.54% on January 12, with Xingchen Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Top Gainers in Automation Equipment Sector - Xingchen Technology (code: 920885) closed at 29.88, up 12.93% with a trading volume of 235,000 shares and a transaction value of 678 million [1] - Changfu Co., Ltd. (code: 920396) closed at 42.55, up 10.63% with a trading volume of 129,900 shares and a transaction value of 530 million [1] - Yuantian Huan (code: 688889) closed at 61.29, up 10.61% with a trading volume of 225,700 shares and a transaction value of 1.338 billion [1] - Hongxun Technology (code: 603015) closed at 18.82, up 9.99% with a trading volume of 819,500 shares and a transaction value of 1.448 billion [1] - Huachangda (code: 300278) closed at 6.75, up 9.22% with a trading volume of 1,058,400 shares and a transaction value of 691 million [1] Market Capital Flow - The automation equipment sector experienced a net outflow of 721 million from institutional investors, while retail investors saw a net inflow of 760 million [2] - The top stocks with significant net inflows from retail investors include RuiKe Laser (code: 300747) with a net inflow of 1.49 billion [3] - Other notable stocks with retail net inflows include Huachangda (code: 300278) with 65.17 million and Tuosida (code: 300607) with 52.37 million [3]

Core Viewpoint - Estun's financial performance shows a significant increase in revenue and net profit, indicating strong growth potential in the automation and robotics sector [2]. Group 1: Financial Performance - As of September 30, Estun achieved a revenue of 3.804 billion yuan, representing a year-on-year growth of 12.97% [2]. - The net profit attributable to shareholders for the same period was 29.0039 million yuan, reflecting a substantial increase of 143.48% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 379 million yuan, with 78.0356 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of January 9, Estun's financing balance was 629 million yuan, accounting for 2.99% of its market capitalization, which is below the 10th percentile level over the past year [1]. - The number of shareholders decreased by 7.92% to 114,300, while the average number of circulating shares per person increased by 8.60% to 6,846 shares [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.4466 million shares, and several ETFs related to the robotics industry that have also increased their positions [3]. Group 3: Business Overview - Estun, founded on February 26, 2002, and listed on March 20, 2015, specializes in high-end intelligent machinery and automation control solutions [1]. - The company's main revenue sources are industrial robots and intelligent manufacturing systems (82.09%) and automation core components and motion control systems (17.91%) [1].

Core Viewpoint - Estun, as a leading brand in China's robotics industry, continues to drive innovation in robotic technology with the launch of the new iER series robots, focusing on software and hardware integration, high precision, and intelligent services [1][21]. Group 1: Software and System Innovations - The software system has been completely restructured with the introduction of the advanced programming language Juliet, enhancing the robot's operational capabilities [2][5]. - The iER.OS system integrates data, applications, and AI, transitioning from a closed to an open architecture, significantly improving motion control performance and system collaboration [5][11]. - The RoboBase platform supports deep customization and secondary development, allowing clients to leverage their own expertise for tailored solutions [7][21]. Group 2: Hardware and Intelligent Control - The new hardware design reduces the size and energy consumption of the control system, incorporating controllable rectification technology for efficient energy recovery [3][9]. - The integration of AI capabilities into the new controller platform enhances instruction processing and communication, facilitating high-speed motion control [11][21]. - The robots are designed with lightweight and high-rigidity structures, improving dynamic response while maintaining reliability and precision [9][14]. Group 3: High Precision Technology - The new high-precision calibration technology is applied across the entire robot product line, significantly enhancing absolute positioning accuracy and dynamic trajectory control [14][16]. - The robots can maintain high precision in variable working conditions, effectively addressing common industrial interferences [16][20]. - The integration of high precision technology with intelligent systems creates a closed-loop control mechanism, enabling real-time adjustments based on process data [16][20]. Group 4: Intelligent Maintenance and Predictive Services - Estun has established a new standard for customer service by introducing a "fault prediction" feature, transitioning maintenance from reactive to proactive [18][20]. - The system captures key operational data to predict potential failures, helping users reduce unplanned downtime and optimize maintenance schedules [20][21]. - This predictive maintenance capability exemplifies Estun's commitment to integrating intelligent operations within the robotics ecosystem [20][21].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The report covers the **China Industrials** sector, specifically focusing on **Automation & Robotics**, **Construction Machinery**, **Heavy-duty Trucks**, and **New Energy** stocks that may influence share prices in the near future [1][2]. Core Insights and Arguments - **Automation Sector**: - Monthly new order intake growth and industrial robot production are expected to be reported at the beginning and mid-month respectively [5][6]. - Shenzhen Inovance Technology anticipates approximately **20% year-on-year growth** in new orders for January-February 2026, driven by a modest capital expenditure recovery and market share gains [8][9]. - **Heavy-duty Trucks (HDT)**: - Monthly sales volume data will be released at the beginning of each month [5]. - Negative growth is expected in the domestic HDT market for 1Q26 due to front-loading in 2025 and a **5% increase in NEV purchase tax** in 2026, although export growth is projected to remain resilient [9][11]. - **Construction Machinery**: - Monthly excavator sales volume will be reported at the beginning of each month, with expectations that export growth will offset high base pressure from domestic sales in January-February [8][9]. Company-Specific Catalysts - **Beijing Geekplus Technology Co., Ltd. (2590.HK)**: - Inclusion in the Southbound Stock Connect program is expected in **February 2026**, following its addition to the Hang Seng Composite Index [7]. - Launch of a wheel-based humanoid robot is anticipated, which could enhance its position as an unmanned warehouse solution provider [7]. - **Jiangsu Hengli Hydraulic Co., Ltd. (601100.SS)**: - Anticipated updates on Tesla's Optimus Gen 3 in 1Q26, which may lead to a revision of sales outlook for 2026 [7][8]. - **Wuxi Lead Intelligent (300450.SZ)**: - Expected improvement in liquid LiB equipment orders in 1Q26, driven by strong demand for energy storage systems [7]. - **Sany Heavy Industry Co., Ltd. (600031.SS)**: - Expected growth in excavator sales, with export growth anticipated to mitigate domestic sales pressures [8]. - **Zoomlion Heavy Industry (000157.SZ)**: - Anticipated cyclical recovery in non-excavator machinery sales, supported by solid export growth [8]. Additional Important Insights - **Market Conditions**: - Concerns remain regarding growth momentum amid an anti-involution and deflationary environment, alongside margin pressures from the NEV powertrain business [9]. - **Chinese Hyperscalers**: - Potential acceleration in AI capital expenditure for Chinese hyperscalers is expected, which should support demand for cooling solutions [11]. - **Profit Alerts**: - Estun Automation is expected to issue a profit alert in January, indicating a return to profitability after a net loss in 2024 [9]. Conclusion The conference call highlights significant catalysts and trends within the China Industrials sector, with a focus on automation, heavy-duty trucks, and construction machinery. Key companies are positioned to leverage upcoming developments, although challenges such as market conditions and regulatory changes remain pertinent.