Core Viewpoint - Estun's stock experienced a decline of 1.44% on September 18, with a trading volume of 1.881 billion yuan, indicating a challenging market environment for the company [1]. Financing and Margin Trading - On September 18, Estun had a financing buy-in amount of 180 million yuan and a repayment of 201 million yuan, resulting in a net financing outflow of 20.845 million yuan [1]. - As of September 18, the total margin trading balance for Estun was 712 million yuan, with the financing balance at 708 million yuan, accounting for 3.14% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low financing level [1]. - In terms of short selling, Estun repaid 30,900 shares and sold 400 shares on September 18, with a selling amount of 10,400 yuan at the closing price [1]. - The short selling balance stood at 407,320 yuan, which is above the 80th percentile level over the past year, indicating a high level of short selling activity [1]. Company Overview - Estun Automation Co., Ltd. is located in Nanjing, Jiangsu Province, and was established on February 26, 2002, with its listing date on March 20, 2015 [1]. - The company specializes in the research, production, and sales of high-end intelligent machinery and core control components, providing customized and diversified automation control solutions [1]. - The main revenue composition includes industrial robots and intelligent manufacturing systems at 82.09% and automation core components and motion control systems at 17.91% [1]. Financial Performance - As of June 30, 2025, Estun reported a total of 12.41 million shareholders, a decrease of 4.04% from the previous period, with an average of 6,304 circulating shares per shareholder, an increase of 4.21% [2]. - For the first half of 2025, Estun achieved a revenue of 2.549 billion yuan, representing a year-on-year growth of 17.50%, and a net profit attributable to shareholders of 6.6823 million yuan, reflecting a significant year-on-year increase of 109.10% [2]. Dividend and Shareholding Structure - Since its A-share listing, Estun has distributed a total of 379 million yuan in dividends, with 78.0356 million yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 19.1981 million shares, a decrease of 104,900 shares from the previous period [3]. - Other notable shareholders include various ETFs, such as the Huaxia CSI Robot ETF and the Southern CSI 1000 ETF, which have increased their holdings compared to the previous period [3].

Group 1 - Foreign institutions have shown high frequency and broad coverage in their research on A-share listed companies, with 415 foreign institutions conducting a total of 1,885 research sessions since the second half of the year [1][2] - Key sectors of focus for foreign institutions include industrial machinery, electronic components, integrated circuits, electronic instruments, and medical equipment, with companies like Huichuan Technology, Estun, Huaming Equipment, and Optoelectronics receiving over 80 research sessions each [1][2] - Notable foreign institutions such as Point72, Goldman Sachs, Bank of America Securities, and Citigroup have been particularly active, with Point72 leading with 63 research sessions [2] Group 2 - The current global political and economic uncertainties have increased investor interest in assets with higher certainty, with China being viewed as a stable environment with strong economic resilience [2][3] - Emerging trends such as the rise of new consumption, strong demand for export trade, and investments related to artificial intelligence (AI) are boosting market confidence in China's economic growth prospects [3] - Foreign institutions are optimistic about sectors like technology, high-end manufacturing, and healthcare, with a clear investment logic emerging in these areas [4] Group 3 - The healthcare equipment sector has also attracted significant attention from foreign institutions, driven by long-term growth factors such as an aging population and increased health awareness among residents [5] - Foreign institutions recognize the long-term growth resilience of the Chinese economy and the trend of industrial upgrading, capturing investment opportunities through in-depth research [6]

Core Viewpoint - Estun's stock has shown significant growth this year, with a year-to-date increase of 45.62%, indicating strong market performance and investor interest [1][2]. Company Overview - Estun Automation Co., Ltd. is located in Jiangning District, Nanjing, Jiangsu Province, and was established on February 26, 2002, with its IPO on March 20, 2015 [2]. - The company specializes in high-end intelligent machinery and automation control solutions, with its main business revenue composition being 82.09% from industrial robots and intelligent manufacturing systems, and 17.91% from automation core components and motion control systems [2]. - Estun is classified under the machinery equipment sector, specifically in automation equipment and robotics [2]. Financial Performance - For the first half of 2025, Estun reported a revenue of 2.549 billion yuan, representing a year-on-year growth of 17.50%, and a net profit attributable to shareholders of 6.6823 million yuan, which is a remarkable increase of 109.10% [2]. - The company has distributed a total of 379 million yuan in dividends since its A-share listing, with 78.0356 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Estun had 124,100 shareholders, a decrease of 4.04% from the previous period, with an average of 6,304 circulating shares per shareholder, which increased by 4.21% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 19.1981 million shares, a decrease of 104,900 shares from the previous period [3].

Group 1 - Nanjing participated in the China-ASEAN Expo for the first time as a city delegation, showcasing its artificial intelligence and robotics industries [2] - Ten representative companies from Nanjing's AI and robotics sectors exhibited their products, highlighting the city's technological advancements [2] - The exhibition featured advanced surgical robots capable of rapid imaging and data transmission, significantly improving surgical planning for bone fracture patients [2][3] Group 2 - A minimally invasive surgical robot demonstrated the ability to perform precise tumor removals with less bleeding and faster recovery compared to traditional surgeries [3] - Innovative robots, such as the IIC T6-level humanoid robot and T9-W wheeled robot, were showcased for their capabilities in extreme environments and high-risk industrial inspections [3][4] - A mobile charging robot has been deployed in multiple cities, including international projects in Thailand, to meet the charging needs of new energy vehicles [4] Group 3 - The exhibition highlighted various AI applications, including a traditional Chinese medicine diagnostic device that recognizes 28 pulse types and has served over 14,000 medical institutions [4] - AIGC audiovisual platform developed by Xuanjia Technology increased production efficiency and reduced costs by 95% for AI-generated content [4] - The "Canal Wonder VR" project introduced a virtual reality experience for museums, showcasing the potential of immersive technology in cultural settings [4][5]

Core Viewpoint - The article highlights the strong growth momentum of Estun in the industrial robot market, driven by the recovery in demand and the acceleration of domestic substitution, as evidenced by its financial performance and market leadership in China [1][3]. Financial Performance - Estun's revenue for the first half of 2025 reached 2.549 billion yuan, representing a year-on-year growth of 17.50% [1]. - The company achieved a market share of 10.5% in the Chinese industrial robot market, surpassing foreign brands for the first time [1]. Market Strategy - Estun employs a "general + segmented" market strategy, focusing on customized development for niche markets and expanding application scenarios in sectors such as new energy, metal processing, automotive, electronics, and welding [1]. - The company is involved in the construction of several "lighthouse factories" in the lithium battery, photovoltaic, coal machinery, and engineering machinery industries [1]. Technological Innovation - Estun has made significant advancements in high-end equipment manufacturing, particularly in automotive manufacturing, rail transit, and aerospace, enhancing its high-end manufacturing capabilities [1][12]. - The company has developed a complete solution for automotive manufacturing, integrating robots with various processes such as stamping, welding, and intelligent handling [1][12]. Product Development - Estun launched a globally leading 700KG industrial robot, which features self-developed dynamic algorithms and lightweight structural design, suitable for heavy-duty applications [3]. - The company is set to introduce a 1200KG six-joint robot, filling a gap in the domestic market for high-load robots [3]. Quality and Certification - Estun's robots have achieved multiple authoritative certifications, including a 120,000-hour MTBF certificate and compliance with international safety standards, ensuring high reliability and stability for automotive applications [4]. Automotive Applications - Estun has made comprehensive breakthroughs in automotive spot welding, developing specialized robots that significantly enhance production efficiency and quality [6][9]. - The company has established solid partnerships with major automotive manufacturers, providing intelligent manufacturing solutions across various production stages [11]. Aerospace and Rail Transit - Estun is expanding into the aerospace and rail transit sectors, contributing to the intelligent production lines for key components and achieving significant technological breakthroughs [12][14]. - The company is involved in the construction of automated production lines for rail transit, enhancing efficiency and meeting modern production demands [12]. Future Outlook - Estun aims to deepen its investment in industrial robot technology and enhance its core competitiveness in high-end manufacturing applications [16]. - The company plans to leverage its domestic supply chain advantages to optimize cost structures and build global service and product delivery capabilities [16].

Group 1 - A total of 395 foreign institutions have participated in A-share listed company research since the beginning of the second half of the year, with a cumulative research count of 1,782 times as of September 16 [1] - Point72 has conducted the most research, with 59 instances, while Goldman Sachs, Bank of America Securities, and Citigroup have each exceeded 40 research instances [1] Group 2 - Key sectors attracting foreign institutional attention include industrial machinery, electrical equipment, electronic instruments, and medical care equipment [3] - Companies such as Estun, Huaming Equipment, Opto, Tianfu Communication, Lens Technology, United Imaging, Mindray, and BeiGene have received research from over 50 foreign institutions [3] - Estun's recent investor relations activity indicates that foreign institutions like Merrill Lynch, Citigroup, Morgan Stanley, BNP Paribas, Deutsche Bank, and Point72 are focused on the demand situation in downstream industries, with Estun expecting continued growth in automotive, electronics, and lithium battery sectors [3] - United Imaging has reported that its AI-driven smart operation system has significantly improved efficiency and reduced costs, supporting its long-term development in the global medical imaging industry [3] - Many foreign institutions believe that the A-share market currently offers rich investment opportunities, particularly in the technology and pharmaceutical sectors [3] - Morgan Stanley recently highlighted areas to watch in the A-share market, including AI computing and applications, innovative drugs, new energy (benefiting from policy adjustments), semiconductors, new consumption, resource products, and high-end manufacturing [3]

Group 1 - The National Robot Industry Index (980022) has seen a strong increase of 2.65%, with key stocks such as Aopu Optoelectronics (002338) rising by 10.01%, Hanwei Technology (300007) by 8.18%, and Ecovacs (603486) by 7.72% [1] - Recent catalysts for the robotics sector include Tesla's V3 lightweight and integrated design set for mass production in early 2026, with supply chain notifications already received for Q1 2026 [1] - The sensor market is also advancing, with Amperon’s six-dimensional silicon-based solution samples sent in September, and a projected profit of 4.5 billion yuan from 1 million units sold [1] Group 2 - The global humanoid robot shipment is projected to reach 100,000 units by 2026 and 1 million units by 2030, with the core component market expected to grow from 20 billion yuan to 200 billion yuan, reflecting a CAGR of 58% [2] - CITIC Construction Investment Securities highlights that the humanoid robot sector is entering a period of intensive catalysts, with ongoing product launches and domestic supply chain developments [2] - The top ten weighted stocks in the National Robot Industry Index account for 41.12% of the index, with companies like Stone Technology (688169) and Ecovacs (603486) among the leaders [2]

Group 1: Future Industries and Financial Support - The Chinese government aims to establish a growth mechanism for future industries, focusing on sectors like biomanufacturing, quantum technology, embodied intelligence, and 6G by 2025 [1] - Banks are encouraged to innovate financial service models to support industrial transformation, as highlighted by the collaboration between Shanghai Pudong Development Bank and various companies in Shanghai, Nanjing, and Hangzhou [1] Group 2: Embodied Intelligence Development - "Embodied intelligence" was included in the government work report during the National People's Congress, indicating a strategic shift in AI development towards practical applications in industries such as robotics, healthcare, and services [2] - Shanghai Qingtong Intelligent Technology Co., Ltd. is a leading company in the global service robot industry, having deployed over 100,000 robots across more than 60 countries and 600 cities [4] Group 3: Robotics and Automation - Estun Automation Co., Ltd. is recognized as the highest domestic brand in industrial robots, with a comprehensive product line that meets various operational needs [5][7] - Estun has established a strategic partnership with Shanghai Pudong Development Bank, which has provided financial support during critical phases of the company's growth [7] Group 4: Financial Services for Emerging Companies - Zhejiang Hongshun Intelligent Technology Co., Ltd. focuses on commercial robots and has received 120 million yuan in loans from Shanghai Pudong Development Bank to support its development [10] - The biopharmaceutical sector is highlighted as a strategic and inclusive field, with companies like Jiachen Xihai Biotechnology Co., Ltd. leading in mRNA technology and receiving 60 million yuan in comprehensive credit from Shanghai Pudong Development Bank [11][13] Group 5: Comprehensive Financial Services Strategy - Shanghai Pudong Development Bank has established a "digital intelligence" strategy, focusing on technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance as key areas of development [16] - The bank has served over 240,000 technology enterprises, including more than 70% of companies listed on the Science and Technology Innovation Board, with technology finance loans exceeding 1 trillion yuan [17]

Investment Rating - The report maintains an "Outperform" rating for the military industry [1] Core Views - The military industry is experiencing a revenue rebound, with significant increases in inventory and contract liabilities. In the first half of 2025, 141 listed companies in the military sector achieved a total revenue of 254.549 billion yuan, a year-on-year increase of 9.3%. However, the net profit attributable to shareholders decreased by 1.1% to 15.526 billion yuan [7][11][13] - The overall inventory of these companies reached 310.839 billion yuan, up 19.8%, while contract liabilities totaled 152.030 billion yuan, increasing by 14.9% [11][13] - The report suggests focusing on specific sub-sectors for investment opportunities, including the aircraft and aero-engine supply chain, missile and unmanned combat equipment, and military trade-related enterprises [17] Summary by Sections Industry Overview - The military industry is showing signs of recovery, with a notable increase in revenue and contract liabilities. The overall gross margin for the industry is 18.7%, which is a slight increase from the previous year [13][16] - The report indicates a shift in industry dynamics, with upstream electronic components benefiting first, followed by downstream core components and equipment [16] Market Performance - In the first two weeks of September 2025, the military sector indices experienced significant adjustments, with the defense and military industry index dropping by 7.90%, underperforming compared to the broader market [18][24] - The report highlights that the military sector's performance was negatively impacted after the "September 3" military parade, leading to a sell-off in military stocks [18][20] Company Dynamics - Notable companies in the sector include: - **博实股份**: Signed a major contract worth approximately 235.1132 million yuan [43] - **埃斯顿**: Became the first domestic robot brand to lead the Chinese industrial robot market with a market share of 10.5% [44] - **融发核电**: Reported a sufficient backlog of orders and is progressing according to production plans [46] - **中航西飞**: Expanding strategic cooperation with Airbus to meet production needs for the A320 series [47] - **晶盛机电**: Achieved domestic production of semiconductor equipment and is advancing global customer validation for silicon carbide substrates [48] Investment Recommendations - The report recommends focusing on ETFs related to the military sector, such as 富国中证军工龙头 ETF and 国泰中证军工 ETF, as potential investment vehicles [2]

2025 年第三次临时股东会的 北京市中伦律师事务所 关于南京埃斯顿自动化股份有限公司 法律意见书 二〇二五年九月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于南京埃斯顿自动化股份有限公司 2025 年第三次临时股东会的法律意见书 致：南京埃斯顿自动化股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受南京埃斯顿自动化股份有 限公司（以下简称"公司"）委托，指派本所律师对公司 2025 年第三次临时股 东会（以下简称"本次股东会"）的合法性进行见证并出具法律意见。 ...