AUTOMATICA（慕尼黑国际机器人及自动化技术博览会），是全球顶级工业自动化及机器人专业展会，每两 年在德国慕尼黑举办一届。聚焦工业自动化、机器人技术及智能工厂解决方案，AUTOMATICA被誉为 "行业 发展的风向标" 和 "创新成果的顶级秀场" ，吸引了诸多全球头部企业及创新科技公司参展，是发布新技术和 拓展国际市场的核心平台。埃斯顿自动化将携前沿技术与解决方案重装亮相，展现中国智造力量，加速全球化 战略布局！ 亮点抢先看 具身智能人形机器人CODROID 02 本次展会，埃斯顿将重磅推出人形机器人新一代产品 CODROID 02 ，新一代CODROID 02将实现全身所有 关节的运动能力，在各个场景下的灵活性与适应性得到显著提升。CODROID 02聚焦于工业中的 重载 搬运 和灵巧装配 场景，可广泛应用于 汽车总装、电子装配、物流 等行业。 S系列协作机械臂： 本次展品涵盖3-20kg，产品符合多重安全认证（急停/碰撞检测/全轴制动），集成 视 觉适应动态环境，力控引导示教与图形化编程，兼具工业级速度精度并通过严格测试。 协作焊接工作站 ： 自研技术简化编程，多种摆动焊、智能多层焊、简易点焊，智能 ...

中信建投指出，从人形机器人产业链发展来看，本体、零部件、算法、大模型、应用场景等各环节均在 持续迭代，不断地看到新产品、新应用等边际更新，行业保持较高的景气度。在硬件环节，越来越多玩 家参与到丝杠、减速机方向，一方面推动了这些零部件快速降本，另一方面也导致在行业真正放量之前 竞争格局就先恶化。我们认为，"大脑"能力决定了人形机器人智能化的上限，人工智能算力、数据、算 法、大模型持续发展，但距离通用型应用实现仍有不少挑战，现阶段应该不拘泥于"人形"深度挖掘"AI ＋机器人"的投资机会，比如传感器、灵巧手、机器狗、外骨骼机器人、垂类应用端，这几个方向一方 面竞争格局较好，另一方面，都不以人形的放量为必然前提，且能够有持续的数据验证。 国海证券认为，电动化与智能化浪潮下，国内外人形机器人产品问世并不断迭代，有望开辟比汽车更广 阔的市场空间，人形机器人产业链将迎来"从0至1"的重要投资机遇。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 公开资料显示，机器人ETF（159770）紧密跟踪中证机器人指数，是深市同标的规模最大的机器人 ETF。该ETF还配备了2只场外 ...

该机器人身高 170cm，重量小于 80kg，单臂负载 5kg，步速 3km/h，单臂 7 个自由度，单腿 6 个自由 度，全身最大 44 个自由度，灵巧手 6-7 个自由度，主要采用一体化关节模组，核心部件均为自主研发。 值得关注的是，埃斯顿酷卓近期动作频频，除官宣新品即将发布这一消息外，还与南京大学合作共建具身智能 联合实验室，并获得莱茵 TÜV 的功能安全符合性证书。 ▍加速技术落地， 携手南大 建立联合实验室 近日，知名智能机器人企业埃斯顿酷卓对外官宣，将于 6月11日 正式发 布其 第二 代人形 机器人产品 CODROID 02。据埃斯顿 酷卓 技术团队 透露， 相较于初代机型， 在 完成技术积累 后， CODROID 02将 实现全身所有关节的运动能力，在复杂场景下的灵活性与适应性均有显著提升。 ▍聚焦具身智能，全面布局构建完成产品矩阵 据机器人大讲堂了解，作为一家聚焦 AI+机器人领域的企业，埃斯顿酷卓在 2024年9月举行的第二十四届中 国国际工业博览会上，发布了其首款双足人形机器人 CODROID 01，并展示手部动作、工件抓取及转移等功 能。 5月末，埃斯顿酷卓携手南京大学，宣布共建具身智 ...

1、 比亚迪首个欧洲工厂即将迎来第19,000台机器人 近日，德国杜尔集团宣布第19,000台机器人即将交付给比亚迪首个欧洲工厂。据悉，比亚迪首个欧洲工厂 的喷漆线配备了杜尔Eco RP系列6轴和7轴机器人，与搬运机器人协同，实现车辆内外涂装的自动化。其 中，6轴机器人通过各轴协同运作，大幅提升喷涂灵活性与效率；7轴机器人则可实现全方位、无死角的精 细喷漆作业。此外，杜尔还为比亚迪定制了羽毛滚筒清洁机器人，针对复杂车身表面高效清除灰尘和污垢 颗粒。此次交付的机器人将显著提升比亚迪欧洲工厂的涂装质量。 2、 华沿机器人与基恩士共同赋能工业检测升级 近日，华沿机器人与基恩士（KEYENCE）就基恩士全新测量技术"飞扫激光"与华沿协作机器人的融合发 展等问题展开深度交流。据了解，基恩士的"飞扫激光"技术具备超高速度和精度，适用于3C电子、半导体 等领域的精密检测；华沿机器人的机械臂等产品则凭借其强劲的数据采集能力和柔性化产品优势，可为该 技术提供强大的自动化执行平台。在前不久举行的第28届华南国际工业博览会上双方联合展示了华沿协作 机器人+基恩士"飞扫激光"的智能检测方案。展会现场，该方案以极高的协同效率、检测速度 ...

Core Viewpoint - Estun, a leading domestic industrial robot company, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, accelerate overseas business development, and improve its international brand image [1][2][3] Financial Performance - In 2024, Estun reported a revenue of 4.009 billion yuan, a year-on-year decrease of 13.83%, and a net loss of 810 million yuan, marking the first loss since its IPO [1][9] - The company's overseas revenue was 1.37 billion yuan in 2024, down 14.1% year-on-year, accounting for approximately 34.2% of total revenue [4][9] - The gross margin for 2024 was 32.66%, an increase of 1.4 percentage points compared to the previous year [4] Historical Context - Estun was listed on the A-share market in March 2015, with revenues and net profits increasing from 483 million yuan and 51.19 million yuan in 2015 to 1.461 billion yuan and 101 million yuan in 2018 [6] - The company achieved its highest revenue and net profit post-IPO in 2022, with figures of 3.881 billion yuan and 166 million yuan, respectively [8] Recent Challenges - In 2023, Estun's performance declined again, leading to the significant losses reported in 2024 [9] - The company attributed its losses to lower-than-expected revenue, increased operating expenses, and challenges faced by its subsidiaries, which resulted in goodwill impairment totaling 345 million yuan [9][10] Future Plans - Estun aims to expand its global business, focusing on markets in Europe, America, the Middle East, and Southeast Asia, particularly targeting opportunities with leading domestic clients in the new energy and lithium battery sectors [3][9]

Core Viewpoint - Nanjing Estun Automation Co., Ltd. is taking significant steps towards listing on the Hong Kong Stock Exchange after experiencing substantial losses over the past decade, aiming to enhance its global strategy and international brand image [1][3]. Group 1: Company Overview - Estun focuses on two main business segments: automation core components and motion control systems, as well as industrial robots and intelligent manufacturing systems [3]. - The company has been a leading domestic brand in the shipment of industrial robots in China, particularly in the multi-joint industrial robot segment [3]. Group 2: Financial Performance - In 2024, Estun reported a revenue of 4.009 billion yuan, a year-on-year decline of 13.83%. The revenue from industrial robots and intelligent manufacturing systems was 3.032 billion yuan, down 16.04%, while the automation core components segment generated 976 million yuan, down 6.13% [3]. - The company faced a significant loss of 810 million yuan in net profit attributable to shareholders, marking its first major loss since its listing in March 2015 [3]. - The decline in revenue and gross margin, along with increased operating expenses, particularly personnel costs, and impairment provisions, contributed to the losses [3]. Group 3: Strategic Initiatives - Estun's management has outlined a strategy for returning to profitability in 2025, focusing on global expansion, strategic focus, technological breakthroughs, and operational efficiency [4]. - Specific measures include optimizing the marketing system, expanding business channels, increasing R&D investment, actively pursuing overseas markets, and enhancing internal management to reduce costs and improve efficiency [4]. Group 4: Shareholding Structure - As of the end of Q1 2025, Nanjing Paili Technology Co., Ltd. is the controlling shareholder of Estun, holding 29.4% of the shares, while Chairman Wu Bo holds 12.8% [4].

Investment Rating - The report assigns a 12-month rating of "Sell" for Estun Automation with a price target of Rmb10.30, while the current price is Rmb19.38 [4][23]. Core Insights - Estun Automation has set net income targets of Rmb100 million, Rmb120 million, and Rmb140 million for the years 2025, 2026, and 2027 respectively, which may bolster investor confidence regarding its recovery from previous net losses [3]. - The company is planning an H-share listing as part of its globalization strategy and to enhance business development [2][3]. Financial Metrics - The company’s market capitalization is Rmb16.9 billion (approximately US$2.34 billion) with 870 million shares outstanding [4]. - Revenue projections show growth from Rmb4.918 billion in 2024E to Rmb8.108 billion by 2028E [6]. - Net earnings are expected to improve from Rmb8 million in 2024E to Rmb332 million by 2028E [6]. - The average daily trading volume is approximately 28,889 thousand shares, with an average daily value of Rmb626.3 million [4]. Profitability and Valuation - The EBIT margin is projected to increase from 1.8% in 2024E to 6.0% by 2028E, indicating improving profitability [6]. - The company’s net debt to EBITDA ratio is forecasted to be 10.4x in 2024E, suggesting a high level of leverage [4]. - The P/E ratio is expected to decrease from a non-measurable (NM) status in 2024E to 50.8x by 2028E [6]. Company Overview - Estun Automation, founded in 1993, specializes in CNC systems, AC servos, industrial robots, and intelligent manufacturing, positioning itself as a leading domestic manufacturer in high-end intelligent equipment [8].

唯捷创芯：股东拟减持不超3%公司股份 6月5日，唯捷创芯（688153）发布公告称，股东深圳市贵人资本投资有限公司及其一致行动人深圳市顺 水孵化管理有限公司计划通过集中竞价和大宗交易相结合的方式减持公司股份不超过1290.94万股，占 公司总股本的比例不超过3%。减持期间为2025年6月27日至2025年9月26日。减持原因为自身资金需 求。 资料显示，唯捷创芯成立于2010年6月，主营业务是射频前端芯片的研发、设计及销售。 所属行业：基础化工–农化制品–农药 和林微纳：控股股东及实控人拟减持不超过1.5%公司股份 6月5日，和林微纳（688661）发布公告称，公司控股股东及实际控制人骆兴顺计划通过集中竞价或大宗 交易的方式减持其所持有的公司股份不超过175.26万股，占公司总股本的比例不超过1.50%。减持期间 为2025年6月27日至2025年9月26日。减持原因为股东自身资金需求。 资料显示，和林微纳成立于2012年6月，主营业务为微型精密电子零部件和元器件的研发、设计、生产 和销售。 所属行业：电子–半导体–半导体材料 亿帆医药：获得两款药品注册证书 6月5日，亿帆医药（002019）发布公告称，全资 ...

Core Viewpoint - The company, Estun, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, accelerate overseas business development, and improve its international brand image and core competitiveness [1][2]. Group 1: H-Share Issuance and Listing - Estun's board approved the proposal for issuing H-shares and listing on the Hong Kong Stock Exchange during meetings held on June 3, 2025 [1]. - The company has appointed KPMG Hong Kong as the auditing firm for this issuance and listing [1]. - The issuance and listing are subject to approval from the shareholders' meeting and various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange, indicating significant uncertainty regarding the implementation [2]. Group 2: Financial Performance - In 2024, Estun reported a revenue of 4.009 billion yuan, a decrease of 13.83% compared to the previous year [4][5]. - The net profit attributable to shareholders was -810.44 million yuan, a decline of 700.14% from a profit of 135.04 million yuan in the previous year [4][5]. - The net profit after excluding non-recurring gains and losses was -835.67 million yuan, compared to a profit of 85.00 million yuan in the previous year [4][5]. - The net cash flow from operating activities was -73.58 million yuan, a significant drop of 346.29% from a positive cash flow of 29.88 million yuan in the previous year [4][5].

重要消息 今年中央财政将支持20个城市实施城市更新行动； 富时罗素公布富时中国50指数、富时中国A50指数等季检结果； 华懋科技(603306)宣布重大资产重组，今日复牌。 重要的消息有哪些 1．6月4日，财政部经济建设司、住房城乡建设部城市建设司公示2025年度中央财政支持实施城市更新行动评 选结果，明确中央财政今年将支持北京、天津、唐山、包头、大连、哈尔滨、苏州、温州、芜湖、厦门、济 南、郑州、宜昌、长沙、广州、海口、宜宾、兰州、西宁、乌鲁木齐等20个城市实施城市更新行动。 2．6月4日，国家能源局发布《关于组织开展新型电力系统建设第一批试点工作的通知》，提出围绕构网型技 术、系统友好型新能源电站、智能微电网、算力与电力协同、虚拟电厂、大规模高比例新能源外送、新一代煤 电等七个方向开展试点，探索新型电力系统建设新技术、新模式，推动新型电力系统建设取得突破。 3．6月4日，富时罗素公布2025年6月富时中国50指数、富时中国A50指数、富时中国A150指数、富时中国 A200指数以及富时中国A400指数季检结果，该变更将于6月20日星期五收盘后生效。 4．上交所披露最新数据，2025年5月A股新开户155. ...