[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)

Core Viewpoint - Nanjing Estun Automation Co., Ltd. is facing significant challenges as it prepares for its IPO on the Hong Kong Stock Exchange, including a sharp decline in performance, heavy debt burdens, and foreign capital withdrawal [1][8]. Financial Performance - In 2024, the company reported revenue of 4.009 billion yuan, a decrease of 13.8% from 2023, and a net loss of 810 million yuan, a staggering decline of 700.1% year-on-year [3][4]. - The company's core business, industrial robots and intelligent manufacturing systems, saw a revenue drop of 16.04% in 2024, with significant declines in sales from its subsidiary in Germany and the photovoltaic sector [3]. - The company recorded asset impairments totaling 467 million yuan, exacerbating its overall losses [3]. Research and Development - Despite financial struggles, the company maintains high R&D expenditures, with amounts of 308 million yuan, 389 million yuan, and 442 million yuan from 2022 to 2024, reflecting increases of 26.3% and 13.84% in 2023 and 2024, respectively [6]. - The company aims to enhance its competitive edge through technological innovation and high-value products, although the high R&D costs are currently a burden on profitability [6]. Debt Situation - The company's total liabilities increased from 5.181 billion yuan in 2022 to 8.248 billion yuan in 2024, with a significant rise in short-term debt [7]. - By the first quarter of 2025, total liabilities reached 9.053 billion yuan, with current liabilities at 6.387 billion yuan, indicating a cash flow challenge as operating cash flow turned negative in 2024 [7]. Foreign Investment Withdrawal - The company is experiencing a withdrawal of foreign capital, with significant reductions in holdings by foreign institutional investors since 2022, reflecting a decline in market confidence [8]. - The proportion of shares held by foreign investors dropped from 23.71% in 2022 to 2.21% by June 30, 2025, indicating a loss of interest from international investors [8].

Core Viewpoint - Lightweight design is essential for the commercialization of humanoid robots, addressing key industry pain points such as endurance, heat dissipation, component performance, and flexibility [2][12]. PART1: Lightweight Design - Lightweight design can enhance endurance by reducing gravitational potential energy and inertia, leading to lower static and dynamic power consumption [12]. - It can also lower the requirements for components, reducing the power demand of motors and simplifying drive algorithms [12]. - Flexibility is improved as lighter components allow for more agile control [12]. - Current humanoid robots require two adults for transportation; reducing weight would enable single-person handling, facilitating broader adoption [12]. PART2: Structural Lightweighting - Structural lightweighting involves parameter optimization, topology optimization, and integration to achieve "zero-cost" lightweighting [18][20]. - Parameter optimization is the simplest method, adjusting dimensions and layouts to reduce redundant components [20]. - Topology optimization refines material distribution to maximize structural performance while minimizing material use [24]. - Integration trends, similar to those in the electric vehicle sector, can reduce part counts and simplify production processes [30]. PART3: Material Lightweighting - Magnesium Alloys - Magnesium alloys are lightweight, high-strength materials with good ductility and excellent thermal conductivity, already applied in automotive lightweighting [37]. - The price of magnesium is currently low, making it economically attractive compared to aluminum alloys, with a price ratio of 0.87 [43]. - The use of magnesium alloys in humanoid robots can significantly reduce weight and energy consumption, as demonstrated by the ER4-550-MI industrial robot [46]. PART4: Material Lightweighting - PEEK - PEEK is a high-performance engineering plastic with excellent mechanical properties, heat resistance, and chemical resistance, widely used in aerospace and automotive applications [3][58]. - The price of PEEK is approximately 300,000 yuan/ton, with its main raw material, fluoroketone, costing around 120,000 yuan/ton, making raw material costs a significant factor [3][61]. - The global market for PEEK is projected to grow from 6.1 billion yuan in 2024 to 8.5 billion yuan by 2027, with a CAGR of 11% [3]. PART5: Material Lightweighting - Nylon PA - Nylon PA6 and PA66 are well-established engineering plastics known for their excellent impact resistance and flexibility, with stable demand [5]. - The market for PA6 is fragmented, while PA66 is more concentrated, with the top three companies holding a 75% market share [5]. - Applications include automotive systems, where PA is extensively used in engines and fuel supply systems [5]. PART6: Humanoid Robot Lightweighting - In humanoid robots, the joint modules account for about 40% of the weight, with structural components at 30% and shells at only 10% [6]. - PEEK is preferred for harmonic reducers, while magnesium alloys are suitable for structural components due to their cost-effectiveness and performance [6]. - The market potential for various materials in humanoid robots is estimated at 1 billion yuan for PPS, 2 billion yuan for modified PEEK, 300 million yuan for magnesium alloys, and 300 million yuan for modified nylon [6].

股票代码：002747 股票简称：埃斯顿 公告编号：2025-049号 南京埃斯顿自动化股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 南京埃斯顿自动化股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日、 2025 年 5 月 21 日召开的第五届董事会第十三次会议及 2024 年年度股东大会， 审议通过了《关于公司及子公司 2025 年度申请综合授信额度及担保预计的议 案》，同意公司及子公司 2025 年度向金融机构申请综合授信额度总计不超过人民 币 96.65 亿元，在上述额度内滚动使用。同时同意公司对于前述额度内的综合授 信，为控股子公司提供总额度不超过 8.90 亿元的担保，其中，为资产负债率未 超过 70%的被担保对象提供的担保额度为 6.90 亿元，为资产负债率超过 70%的被 担保对象提供的担保额度为 2 亿元。被担保主体将根据实际发生的担保需要，在 公司合并报告范围内各主体间调剂。 具体内容详见公司 2025 年 4 月 29 日、2025 年 5 月 22 日在巨 ...

Core Viewpoint - Estun Automation, a leading Chinese industrial robotics company, is facing significant financial challenges as it prepares for an IPO on the Hong Kong Stock Exchange, with a projected loss of 810 million yuan in 2024, raising concerns about its future viability and the potential risks associated with its capital raising efforts [1][2][4]. Financial Performance - The company's revenue from 2022 to 2024 showed fluctuations, with figures of 3.881 billion yuan, 4.652 billion yuan, and 4.009 billion yuan respectively, indicating a 13.8% decline in 2024 compared to 2023 [2][3]. - Net profit for the years 2022 and 2023 was 166 million yuan and 135 million yuan, respectively, but it plummeted to a net loss of 810 million yuan in 2024, a staggering decline of 700.1% year-on-year [2][3][4]. - The company's core business, particularly in industrial robotics and intelligent manufacturing systems, saw a revenue drop of 16.04% in 2024 [4][5]. Debt and Cash Flow Situation - As of the end of 2024, Estun's total liabilities reached 8.248 billion yuan, with a significant short-term debt of 6.387 billion yuan against cash reserves of only 1.348 billion yuan, indicating a tight liquidity position [7][9]. - The company's operating cash flow turned negative in 2024, at -104 million yuan, relying heavily on financing activities to maintain operations [9][10]. Market Sentiment and External Factors - Foreign investment sentiment has deteriorated, with the proportion of shares held by foreign investors dropping from 23.71% to 2.21% between 2022 and 2025, reflecting a lack of confidence in the company's future prospects [11][12]. - UBS has issued a "sell" rating for Estun, setting a target price of 10.30 yuan, which is nearly half of its current stock price, further pressuring the company's valuation [15]. IPO Plans and Use of Proceeds - The upcoming IPO aims to raise funds for expanding global production capacity, acquisitions, R&D projects, enhancing service capabilities, and repaying existing loans, highlighting the urgent need for capital to stabilize the company's financial situation [1][4].

Core Viewpoint - The robot industry is experiencing a rush for IPOs, with companies racing against time to list, particularly in the Hong Kong market, while the A-share market is relatively slower in comparison [1][5][32]. Group 1: IPO Trends and Market Dynamics - Over 10 companies in the robot industry have disclosed plans to list in Hong Kong, with June being a peak month for submissions [2]. - Companies like Sanhua Intelligent Control and Geekplus have successfully listed in Hong Kong, raising significant capital [2][5]. - The A-share market is characterized by a slower pace, with companies like Jiekar Robot still in the inquiry stage [2][5]. Group 2: Financial Performance and Market Position - Among the 12 companies currently pursuing IPOs, three A-share companies are opting for A+H share structures, while eight are targeting Hong Kong [7]. - Stone Technology leads in market share, with a global share of 16.4% and a domestic share of 21.6%, while Estun and Zhaowei Electric follow [11]. - Zhaowei Electric shows the best financial performance, with revenue growth from 1.15 billion to 1.52 billion yuan from 2022 to 2024 [13]. Group 3: Capital Market Characteristics - The Hong Kong market is more accommodating to unprofitable companies, providing a faster listing pathway, while the A-share market emphasizes profitability and stability [5][6]. - The capital market is witnessing a shift towards established companies with proven commercial potential, leading to a concentration of investment in top-tier firms [33][34]. Group 4: Competitive Landscape and Future Outlook - The competitive landscape is divided into three tiers, with top-tier companies like Stone Technology and Geekplus leading the IPO rush due to their market dominance and technological advantages [30]. - The industry faces challenges such as high costs, fragmented markets, and the need for sustainable profitability, which could impact future IPO success [34][38].

Core Viewpoint - The Hong Kong stock market is rapidly becoming a prime location for domestic robotics companies to raise funds, with 10 robotics and related industry companies filing for IPOs this year [1][2]. Group 1: Market Dynamics - The favorable financing environment in Hong Kong, characterized by a higher acceptance of emerging technology companies and lower listing thresholds, has attracted robotics firms [2][7]. - The clustering of robotics companies in Hong Kong reflects their critical development phase, necessitating capital market support to accelerate commercialization [2]. Group 2: Company Positioning - Companies are strategically positioning themselves as leaders in their respective niches, with firms like Geek+ aiming to be the "first stock" in the AMR (Autonomous Mobile Robot) sector, while others like Standee Robotics target industrial intelligent mobile robots [3][4]. - Geek+ is recognized as the global leader in warehouse fulfillment AMR solutions, with a projected revenue ranking it as the largest provider by 2024, serving 806 global clients and delivering 56,000 units [3]. - Standee Robotics is positioned as the fifth largest provider of industrial intelligent mobile robots, holding a market share of 3.2% [3]. Group 3: Financial Performance - Many of the recently listed robotics companies are currently unprofitable, with seven out of ten companies applying for IPOs reporting losses, highlighting the competitive and high-investment nature of the industry [6][7]. - Specific losses include Geek+ and Estun, each projected to lose over 800 million RMB in 2024 due to limited demand and increased competition in the mobile warehousing and manufacturing sectors [6]. - The overall market for industrial robots in China is expected to decline by 5% in 2024, influenced by reduced investments in downstream sectors like photovoltaics and lithium batteries [6]. Group 4: Strategic Importance of IPOs - Listing on the Hong Kong stock exchange provides essential funding for robotics companies to enhance technology development, market expansion, and brand building [7]. - The ability of Hong Kong to accommodate unprofitable companies for IPOs offers a significant opportunity for robotics firms that require substantial upfront investment [7]. - The relatively short IPO process in Hong Kong is a key factor driving robotics companies to seek listings there, facilitating the formation of a comprehensive robotics sector that attracts investor attention [7].

详细会议介绍参看往期文章： （点击蓝字跳转） 一文看懂2025智能机器人关键技术大会（IRCTC）全景！专家报告、学术征文、青年交流全揭晓！ 展览展示｜抢位2025智能机器人关键技术大会！高曝光商务合作虚位以待，共赴解锁新机遇 9大期刊联合征文｜投稿2025智能机器人关键技术大会，年底正刊发表！ 机器人制造商发那科（FANUC）在展会上展示机器人做汉堡包。 照片由本报驻德国记者李山摄 在两年一届的2025年德国慕尼黑自动化展上，可以深刻感受到自动化技术在人工智能（AI）加持下更加智能，驱 动工业生产与管理不断变革。AI与机器人技术的融合发展在诸多领域全面提速，展现未来工作生活新方式。多家 公司推出了新一代人形机器人，不过从现场表现来看，人形机器人在技术和实际应用等方面都还有很多工作要 做。 让自动化技术更智能 智能自动化解决方案供应商库卡希望从根本上重新定义机器人的控制方式，并推出了可扩展、可灵活调整的机器 人操作系统iiQKA.OS2。这个软件和控制器平台将人工智能与视觉系统结合，使机器人变得更加灵活，而无需进 行复杂的编程。库卡还与微软合作，开发了一个AI聊天机器人，可将自然语言命令转化为程序代码。此外， ...

在苏州一家电制造车间，魔法原子的人形机器人"小麦"正沉默地搬运箱子、执行点胶，将工人的双手从 重复劳作中解放。 四川一石化企业的危险化工环境存在有毒有害气体，天创的防爆人形机器人"天魁1号"按照指令进行阀 门操作，替代了原本要穿着厚重防护服的操作人员。 乐聚机器人"夸父"去年10月份进入亨通集团的车间，负责线束加工的扫码称重工序，经过7个多月培 训，跑通全套工作流程用时从2分钟缩减到30秒…… 这些鲜活的场景，是江苏具身智能机器人产业爆发的缩影。"整机"方面，江苏省拥有魔法原子、埃斯顿 （002747）酷卓、优奇智能、乐聚、软通天擎、天创、亿嘉和（603666）等人形机器人以及微亿智造具 身智能工业机器人公司等企业；"关键部件"方面，拥有绿的谐波、坤维科技、鼎智科技及富兴电机、南 京工艺及贝斯特（300580）、南京因克斯和无锡巨蟹及无锡意优、钧舵机器人及中科硅纪等企业；"大 脑"及"小脑"方面，拥有优理奇、魔法原子、蔚蓝科技、天创、亿嘉和等企业。 "天魁1号"对一化工企业的管道阀门进行巡检。 人形机器人"小麦"在产线采集数据。 (受访者供图) □ 本报记者 何玥颐 近日，《江苏省具身智能机器人十大典型应用场 ...

Group 1: Automation Technology Advancements - Automation technology is increasingly becoming intelligent with the integration of AI, driving changes in industrial production and management [1] - Companies are introducing next-generation humanoid robots, although significant work remains in terms of technology and practical applications [1] - AI is being applied to CNC machine tools, enabling automated processes for part picking and placement without the need for custom fixtures or programming [1] Group 2: Machine Vision and AI Integration - Over 130 exhibitors showcased machine vision and image processing technologies, highlighting the importance of 2D, 3D, and scanning camera technologies [2] - AI and digitalization are expanding the boundaries of traditional automation, with intelligent systems optimizing energy consumption and resource use [2] - New health technologies are emerging, demonstrating the diversity and social relevance of automation solutions in areas like laboratory automation and healthcare logistics [2] Group 3: User-Friendly Robotics - AI has simplified the use of robots, with many manufacturers integrating generative AI for intuitive programming through voice control [3] - KUKA introduced a flexible robot operating system, iiQKA.OS, combining AI with vision systems to enhance robot flexibility without complex programming [3] - Yaskawa Electric showcased a "dynamic safety zone" concept, allowing robots to operate without protective barriers while ensuring safety [3] Group 4: Humanoid Robots and Learning Capabilities - NEURA Robotics launched its humanoid robot, 4NE1 Gen 3, designed for safe collaboration with humans and capable of lifting up to 100 kg [4] - NEURA is developing an open software platform for robots to connect and share learning experiences, enabling collaborative learning among robots [4] - The appeal of humanoid robots for manufacturing automation is growing, with companies like BMW and Mercedes-Benz actively exploring their applications [4][5] Group 5: Chinese Companies in the Robotics Market - Chinese manufacturers like Estun and KUKA showcased their products, with Estun's robots already in use for battery assembly in Germany [5] - China has been the largest global robotics market since 2014, accounting for half of the world's robot installations [5] - Despite their advancements, Chinese manufacturers face challenges in entering the German and European markets, including understanding local standards and addressing concerns about service reliability [5]