Group 1 - The company has completed the registration change of its capital and the filing of its articles of association, obtaining a new business license from the Nanjing Market Supervision Administration [3] - The registered capital of the company has changed from 867.018453 million to 871.018453 million [3] - The company no longer has a supervisory board, with its functions transferred to the audit committee of the board of directors, and relevant amendments to the articles of association have been made [1][3] Group 2 - The company held meetings on June 3, June 20, August 27, and September 16, 2025, to approve the amendments to the articles of association and the change in registered capital [1][2] - The company has completed the registration of the restricted stock grant under the 2025 stock option and restricted stock incentive plan [1]

南京埃斯顿自动化股份有限公司（以下简称"公司"）于 2025 年 6 月 3 日、 2025 年 6 月 20 日分别召开第五届董事会第十四次会议、2025 年第二次临时股东 大会审议通过了《关于修订<公司章程>及相关议事规则的议案》。根据相关法律、 法规和规范性文件的最新规定和要求，结合公司实际情况，公司不再设置监事会， 监事会的职权由董事会审计委员会行使，同时修订了《公司章程》及其附件。 公司于 2025 年 8 月 27 日、2025 年 9 月 16 日分别召开第五届董事会第十七 次会议、2025 年第三次临时股东会审议通过了《关于变更公司注册资本并修订< 公司章程>的议案》。公司完成了 2025 年股票期权与限制性股票激励计划限制性 股票授予登记的工作，公司注册资本及股本发生变动，对《公司章程》相关条款 进行了修订。 以上具体内容详见公司于 2025 年 6 月 5 日、2025 年 6 月 21 日、2025 年 8 月 29 日、2025 年 9 月 17 日披露于《证券时报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）的相关公告。 股票代码：002747 股票简称：埃斯顿 ...

2025年，南京埃斯顿自动化股份有限公司进行多项章程修订。6月3日、20日，公司分别召开董事会和股 东大会，通过修订《公司章程》及相关议事规则议案，不再设监事会，其职权由董事会审计委员会行 使。8月27日、9月16日，又分别召开董事会和股东会，通过变更公司注册资本并修订《公司章程》议 案，因完成2025年激励计划限制性股票授予登记，注册资本及股本变动。目前，公司已完成工商变更登 记及章程备案，取得新《营业执照》，注册资本由86,701.8453万元增至87,101.8453万元，其他登记事项 不变。 ...

Investment Rating - The mechanical industry is rated as "Outperform" relative to the market, maintaining a strong performance compared to the CSI 300 index [2]. Core Insights - The mechanical sector has shown a positive trend, with a 5.23% increase in the CITIC mechanical sector in September, outperforming the CSI 300 index by 3.08 percentage points [4][11]. - Key sub-sectors such as lithium battery equipment, semiconductor equipment, and forklifts have experienced significant growth, with increases of 49.22%, 24.73%, and 17.72% respectively [4][11]. - The report emphasizes the importance of focusing on domestic demand-driven sectors with stable fundamentals, high dividends, and solid earnings, particularly in engineering machinery and high-speed rail equipment [5]. Summary by Sections 1. Mechanical Sector Performance - As of September 25, 2025, the CITIC mechanical sector rose by 5.23%, ranking 4th among 30 CITIC primary industries [11]. - All three sub-sectors recorded positive growth, with notable increases in lithium battery and semiconductor equipment [4][11]. 2. Engineering Machinery - In August, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales growing by 14.8% [21][32]. - Loader sales also increased by 13.3% year-on-year, with total sales of 9,440 units in August [33]. - The report suggests that the engineering machinery sector is in a recovery phase, driven by equipment upgrades and favorable policies [39]. 3. Robotics - Industrial robot production in August was 63,747 units, reflecting a 14.4% year-on-year growth, while metal cutting machine tool production increased by 16.4% [40]. - The report highlights the upward cycle in the robotics industry, with significant growth expected in humanoid robots and automation technologies [46][51]. - Key players in the robotics sector, such as Estun and core component suppliers, are recommended for investment [51].

Core Viewpoint - The 25th China International Industry Fair showcased thousands of new products and technologies, marking a historic scale and level of innovation in the robotics industry, highlighting the transition from competition based on price and parameters to high-quality development driven by innovation and ecological collaboration [1][3]. Group 1: Trends in Robotics Industry - Trend 1: The era of internal competition has passed, and high-end innovation is underway, characterized by AI-driven scene innovation and green low-carbon ecological construction [4][5]. - Trend 2: The integration of embodied intelligence with robotics technology is reshaping industrial automation, enabling robots to autonomously move, perceive, and make decisions [12][15]. - Trend 3: Foreign brands are increasingly localizing their strategies in China, moving from merely selling products to co-creating solutions tailored to the Chinese market [19][21]. Group 2: High-Quality Development - High-quality development is about finding true demand points and values in products, as seen with Estun's launch of the ER1200-3300 heavy-duty industrial robot, which showcases advanced dynamic performance suitable for high-end applications [5][10]. - The focus on high-quality development also includes breakthroughs in the entire industrial chain, as demonstrated by New Times' collaboration with Haier, emphasizing AI and robotics integration [10][11]. - The global dimension of high-quality development reflects China's transition from following to leading in the robotics sector, with a growing international presence at the fair [11][24]. Group 3: Embodied Intelligence - The emergence of embodied intelligence in robotics is marked by the ability of robots to perform complex tasks autonomously, as demonstrated by various companies showcasing multi-form robots working collaboratively in a "super factory" platform [13][18]. - The core breakthrough in embodied intelligence is the shift from command execution to autonomous decision-making, enabling robots to understand their environment and adjust tasks dynamically [15][16]. - The integration of embodied intelligence is becoming a key driver in the industrial sector, with companies like JAKA launching platforms that combine AI models with robotics for comprehensive industrial applications [15][18]. Group 4: Future Outlook - The future of the robotics industry in China is expected to focus on system reconstruction, ecological symbiosis, and moving from following to setting standards in global robotics [25][24]. - The 2025 fair is seen as a new starting point, indicating that the robotics sector will continue to evolve towards high-end, intelligent, and sustainable manufacturing solutions [24][25].

Core Insights - Humanoid robots are seen as the "crown jewel" of the robotics industry, integrating multiple cutting-edge explorations in technology, business, and governance [1] - The development of humanoid robots is currently facing significant challenges, including data availability, scene exploration, component costs, standardization, and technological bottlenecks [18][20] Data Collaboration - The lack of training data for humanoid robots is a prominent issue, with insufficient quantity and diversity, and a lack of unified standards making it difficult to scale [3][4] - Recommendations include enhancing coordination along the Shanghai-Nanjing corridor to optimize the layout of training centers and data platforms, creating a cross-regional and cross-industry data-sharing ecosystem [5][6] Scene Collaboration - The industry is characterized by "closed-door" development and difficulties in commercial application, with technology companies lacking understanding of user pain points and high costs for scene testing [6][8] - It is suggested to strengthen cross-regional collaboration focused on application scenarios to facilitate the integration of robot technology with real-world applications [7][8] Component Collaboration - The majority of robot components are non-standardized, leading to high costs in research, production, and assembly [10][11] - Recommendations include building shared platforms for component processing and testing to reduce costs and enhance scale effects [12] Standardization Collaboration - The robotics industry lacks a comprehensive standard system, with calls for urgent establishment of standards to improve market confidence and reduce redundant R&D costs [13][14] - It is advised to prioritize the development of safety standards and performance recommendations, leveraging the advantages of the Shanghai-Nanjing industrial chain [15] Technological Bottlenecks - Key technological challenges include multi-modal perception for task execution and the integration of various system architectures [16][17] - The innovation drive is primarily led by whole machine enterprises, with a collaborative ecosystem necessary for advancing technology [17] Conclusion - The five major challenges in humanoid robot development are interrelated and create a low-level equilibrium that hinders progress [18][19] - Government intervention is crucial to create a favorable business environment, implement targeted industrial policies, and establish regional standards and shared data platforms to facilitate collaboration across the supply chain [20][21]

Group 1 - The integration of advanced technologies such as artificial intelligence, IoT, and big data is rapidly transforming traditional manufacturing through industrial robots [1] - The 25th China International Industry Fair highlighted "embodied industry," showcasing robots' autonomous decision-making capabilities as a new competitive edge in the industry [1] - The Robot Show (RS) at the fair featured innovative exhibition areas for humanoid robots and electronic manufacturing equipment, presenting breakthrough technologies and benchmark applications in the global robotics field [1] Group 2 - ABB launched the new high-performance large robot IRB6750S, which has a maximum payload of 350kg and path accuracy of 0.9mm, demonstrating its capabilities in spot welding operations [2] - FANUC introduced the new robot control cabinet R-50iA, enhancing hardware computing power and significantly reducing installation and debugging time [2] - Yaskawa showcased its new energy card-type flat wire processing line and specialized four-axis SCARA robots designed for harsh working conditions [2] - KUKA presented a new composite robot with a unique One CPP control cabinet, featuring the OmniMove drive with a narrow passage capability of only 900mm [2] Group 3 - Domestic companies like Siasun, Estun, JAKA Robotics, and Jiebot have made significant progress in autonomous decision-making technology, narrowing the gap with international standards in core component localization and high-end machine performance [2] - The Siasun SR220A-220/2.66 robot features a high-rigidity structure with over 30% improvement in overall rigidity, optimized for various applications including spot welding, handling, assembly, and visual inspection [4] Group 4 - JAKA Robotics demonstrated a flexible production line integrating JAKA EVO AI and industrial intelligent robot operating systems, showcasing autonomous planning and execution of "robots assembling robots" [6] - Jiebot and Weiyi Intelligent Manufacturing launched the TRON new production line, featuring multiple industrial intelligent robots capable of multi-category mixed-line production without interruption [6] - Each workstation in the production line can switch skills in seconds to meet different production needs, ensuring zero downtime and zero waiting [6] Group 5 - The Kepler humanoid robot K2 "Bumblebee" integrates a humanoid brain and high-load body, efficiently handling logistics and performing hazardous tasks in various fields [8] - The 2025 Robot Show is seen as a gateway to a new era of "embodied industry," with autonomous decision-making capabilities becoming a new trend and competitive point in the industry [8]

Group 1 - The company has delivered products to several high-quality robotics companies, including Zhiyuan, Estun, ZhiMi, Kepler, and Borui Pengcheng, through direct or indirect cooperation models [2] - The company is actively communicating with other leading robotics firms such as UBTECH, Fourier, and Yiyou to establish ongoing cooperation opportunities [2]

Group 1 - The company has completed product deliveries to various robot enterprises including Zhiyuan, Estun, Zhuimi, and Kepler through direct or indirect cooperation models [1] - The company is actively communicating with other industry robot companies such as UBTECH, Fourier, and Yiyou to continuously promote the establishment of cooperation opportunities [1]

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].