股票代码：002747 股票简称：埃斯顿 公告编号：2025-047号 南京埃斯顿自动化股份有限公司 关于向香港联交所递交境外上市外资股（H 股）发行并上市申请 并刊发申请资料的公告 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。 南京埃斯顿自动化股份有限公司（以下简称"公司"）已于 2025 年 6 月 27 日向香港联合交易所有限公司（以下简称"香港联交所"） 递交了发行境外上市 外资股（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行并上市"） 的 申请，并于同日在香港联交所网站刊登了本次发行并上市的申请资料。该申请资 料为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"） 及香 港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和修 订。 鉴于本次发行并上市的认购对象仅限于符合相关条件的境外投资者及依据 中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内 证券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为 使境内投资者及时了解该等申请资料披露的本次发行以及公司的其他相关信息， 现 ...

Core Viewpoint - Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] Company Overview - Estun is a leading enterprise in China's industrial robotics sector, consistently ranking first in domestic shipments of industrial robot solutions for several years [4] - The company achieved a historic milestone in Q1 2025 by surpassing foreign brands in domestic industrial robot shipments, becoming the first domestic company to lead the market [4] - Estun follows an "All Made By Estun" strategy, focusing on the independent R&D and production of core automation components and motion control systems, aiding various industries in their automation and digital transformation [4] Market Strategy - The company aims to transition from a follower to a leader in the global automation market centered around industrial robots, leveraging domestic supply chain advantages and focusing on technological leadership and cost optimization [4] - Estun is accelerating the integration of AI and robotics technology, striving to evolve from a traditional industrial robot leader to a global smart robotics frontrunner [4] Competitive Advantage - Estun has established a differentiated competitive advantage through strategic global acquisitions and in-house developed core technologies, creating a multi-brand matrix and covering various application scenarios [6] - As of June 20, 2025, the company operates 75 service outlets globally and has seven manufacturing bases in key domestic and international markets, ensuring efficient customer response and consistent quality [6] Financial Performance - In the fiscal years 2022, 2023, and 2024, Estun reported revenues of approximately CNY 3.88 billion, CNY 4.65 billion, and CNY 4.00 billion respectively [6][7] - The net profits for the same periods were approximately CNY 184 million, CNY 134 million, and a loss of CNY 818 million, indicating a significant decline in profitability in 2024 [6][7]

Group 1 - Nanjing Estun Automation Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1]

Group 1 - The core point of the article is that Nanjing Estun Automation Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [1] Group 2 - The company is seeking to expand its capital base through the public listing process [1] - The involvement of Huatai International indicates a strategic partnership for the listing [1] - This move reflects the growing trend of automation companies seeking public funding to support their growth initiatives [1]

Group 1 - The implementation plan aims to establish a high-quality comprehensive inclusive financial system in China within five years, promoting common prosperity [1] - The plan emphasizes the need for centralized leadership and a multi-level, diversified supply of inclusive financial services to enhance accessibility and reduce costs [1] Group 2 - Over 80% of bank stocks have reached new highs this year, indicating a shift in market dynamics despite recent declines in major indices [2] - The A-share market is experiencing cautious fund sentiment, with a net outflow of over 27 billion yuan from major funds [2] Group 3 - More than 180 active equity funds have reached new net asset value highs, driven by market uptrends and favorable external factors [3] - Sectors such as innovative pharmaceuticals, technology, and dividends are gaining attention, with a focus on a "dumbbell" investment strategy [3] Group 4 - The Shanghai Stock Exchange is actively promoting the implementation of the "1+6" policy to enhance the capital market's support for technology innovation [4] - This policy aims to provide a more inclusive and adaptable framework for financing high-quality, unprofitable tech companies [4] Group 5 - The market is reacting strongly to the licensing of stablecoins, reflecting a growing interest in their potential to reshape cross-border payments and the international monetary system [5] - Institutions caution against blindly chasing stablecoin investments, emphasizing the need for risk assessment [5] Group 6 - June has seen a peak in IPO applications, driven by the need for updated financial statements and supportive policy signals from recent reforms [6][7] Group 7 - The robotics sector in Hong Kong is rapidly expanding, with several companies preparing for IPOs and significant fundraising activities [8] - Companies in this sector are characterized by high growth and R&D investments, although many are not yet profitable [8] Group 8 - A significant milestone was achieved by QuantumScape in solid-state battery technology, leading to a surge in related A-share companies' stock prices [9] Group 9 - The recent "618" shopping festival has prompted promotional activities for high-end liquor, with stable pricing observed for premium products like Moutai [10] Group 10 - The total scale of public funds in China has reached a new high of 33.74 trillion yuan, indicating robust growth in the asset management industry [12] Group 11 - Alibaba reported a 77% year-on-year increase in net profit for the 2025 fiscal year, with AI-related revenue becoming a significant growth driver [13][14] - The company is focusing on AI infrastructure and technology to enhance its competitiveness and optimize its profit structure [14]

Group 1 - Nanjing government has approved the "Nanjing Embodied Intelligent Robot Industry Development Action Plan (2025-2027)" to enhance the industry scale and innovation system [1][4] - The plan aims to position Nanjing's embodied intelligent robot industry among the top in the country by 2027, with a core industry scale exceeding 10 billion yuan and the cultivation of 5 mass production enterprises [4] - The meeting emphasized the integration of resources to promote the cultivation of quality enterprises, key project attraction, and the transformation of scientific and technological achievements [1][2] Group 2 - Nanjing is focusing on the industrial robot sector as a key area for breakthrough, with major domestic brands like Estun and Huichuan Technology establishing a strong presence in the city [2] - Estun aims to create a 10 billion yuan industrial ecosystem by 2030, leveraging its position as a "chain master" to attract upstream and downstream enterprises [2] - Nanjing has developed a comprehensive industrial chain for robots, with nearly 200 enterprises in the upstream and downstream sectors [2] Group 3 - The city is also enhancing its software industry to support robot development, with recent activities aimed at deepening the application of industrial software in various stages of robot design and management [2] - The action plan includes the establishment of two characteristic industrial clusters and the construction of innovation platforms and alliances [4] - Nanjing is determined not to miss out on emerging industries, reflecting a competitive spirit in the face of urban development challenges [1]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6]. Core Insights - The company is expanding from industrial robotics into the field of embodied intelligence, having launched the second-generation humanoid robot Codroid 02, which features 31 degrees of freedom and significant advancements in joint modules and control systems [7][8]. - The company achieved a market share of 10.3% in the domestic industrial robot sector in Q1 2025, marking it as the first domestic brand to reach the top position in market share [7][8]. - The company plans to list its shares in Hong Kong to enhance its international brand image and deepen its global strategy [8]. Summary by Sections Company Overview - The company operates in the machinery and equipment sector, with a current A-share price of 19.99 RMB and a target price of 24 RMB [1]. - The company has a market capitalization of 156.40 billion RMB and a total of 867.02 million shares issued [1]. Financial Performance - The company recorded a revenue of 12.4 billion RMB in Q1 2025, representing a year-over-year increase of 24.0% [8]. - Profit forecasts indicate a turnaround in 2025, with expected net profits of 57 million RMB in 2025, 165 million RMB in 2026, and 280 million RMB in 2027, reflecting year-over-year growth rates of 216% and 70% respectively [10]. Market Position - The company holds a dominant position in the industrial robot market, with a product mix heavily weighted towards industrial robots and complete equipment at 75.7% [2]. - Institutional investors hold 8.9% of the circulating A-shares, while general corporations hold 47.8% [3].

Core Viewpoint - The 2025 New Fortune 500 Rich List reveals a significant increase in the total market value of listed entrepreneurs, reaching 13.7 trillion yuan, an 11% year-on-year growth, indicating a new wave of wealth creation driven by innovation and overseas expansion [3][14]. Group 1: Wealth Distribution and Rankings - The top ten wealthiest individuals are heavily influenced by AI, with Zhang Yiming of ByteDance topping the list with a holding value of 481.57 billion yuan, marking a 42% increase from the previous year [4][18]. - The list features a notable shift, with four individuals from Hangzhou, Zhejiang, highlighting the region's growing economic prominence [43]. - The average holding value of the 500 entrepreneurs is 273.8 million yuan, with a threshold of 66.2 million yuan to make the list [8]. Group 2: Industry Insights - The TMT (Technology, Media, and Telecommunications), pharmaceutical, and daily consumer goods sectors are the top three wealth-generating industries, contributing 110, 54, and 52 individuals respectively [51]. - The TMT sector saw a significant increase in wealth, with a total of 334.08 billion yuan, a 46% increase from the previous year [51]. - The pharmaceutical sector experienced a decline, with 54 individuals listed, down from 64, indicating ongoing valuation adjustments [51]. Group 3: AI and Technological Advancements - AI has emerged as a key driver of wealth creation, with companies like DeepSeek and ByteDance leading the charge in user engagement and valuation [4][21]. - The rise of AI has also led to a resurgence in the semiconductor industry, with China exporting 2.981 billion chips worth approximately 159.5 billion USD, marking a significant shift in the global market [56]. - The AI sector is still in its nascent stage, with notable entries like Liang Wenfeng of DeepSeek entering the top ten, reflecting the rapid growth and potential of AI applications [60]. Group 4: Regional Wealth Creation - Wealth creation is becoming more balanced across regions, with western provinces like Sichuan, Tibet, and Xinjiang seeing an increase in listed individuals, while traditional economic hubs like Zhejiang and Shanghai continue to grow [5][6]. - The shift from real estate to technology and AI reflects a broader transformation in China's economic landscape, with younger entrepreneurs increasingly dominating the wealth rankings [46][45]. Group 5: Future Outlook - The ongoing evolution of industries, particularly in AI and technology, suggests a promising future for innovation-driven wealth creation in China [60][62]. - The integration of AI into various sectors, including automotive and consumer electronics, is expected to further enhance China's competitive edge in the global market [62][63].

Group 1 - The industrial output value of Gaochun District increased by 9.9% year-on-year in the first five months of this year, reaching 12.52 billion yuan [1][2] - Industrial investment in Gaochun also showed strong momentum, with a growth of 15.2% year-on-year, totaling 3.484 billion yuan in the same period [2][3] - The district has implemented a "one enterprise, one policy" service mechanism to support key industrial enterprises, ensuring stable production and full capacity [2] Group 2 - Estun Intelligent Technology (Jiangsu) Co., Ltd. reported a total output value of 320 million yuan from January to April, with an increase of over 80% year-on-year, aiming for an annual output value of 680 million yuan [2] - The company has ten production lines operating at full capacity, with production schedules already booked until September [2] - The Flyang Optoelectronics Touch Screen Headquarters Project, a key national private investment project, has a total investment of 1 billion yuan and is expected to generate an annual output value of 1 billion yuan upon completion [3]

Core Viewpoint - The report serves as an independent financial advisory document for Nanjing Estun Automation Co., Ltd. regarding its 2025 stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][2][3]. Group 1: Independent Financial Advisor's Role - The independent financial advisor, Shanghai Xinguang Yihe Enterprise Management Consulting Co., Ltd., was appointed to provide an independent financial advisory report for the incentive plan [1]. - The advisor conducted due diligence and is confident that the professional opinions expressed align with the company's disclosed documents [2]. - The advisor assumes that there will be no significant changes in laws, regulations, or the market environment affecting the company [2][7]. Group 2: Approval Process of the Incentive Plan - The company held its 14th meeting of the fifth board on June 3, 2025, to approve the incentive plan [8]. - A public notice of the incentive plan's beneficiaries was issued from June 5 to June 14, 2025, with no objections received [8]. - The second extraordinary general meeting of shareholders on June 20, 2025, approved the incentive plan and related matters [8]. Group 3: Details of the Incentive Plan - The incentive plan includes the granting of 3.5 million stock options to 135 beneficiaries, representing 46.67% of the total rights granted [10]. - Additionally, 4 million restricted stocks will be granted to 140 beneficiaries, accounting for 53.33% of the total rights [10]. - The exercise price for the stock options is set at 20.53 RMB per share, while the granting price for the restricted stocks is 10.27 RMB per share [11]. Group 4: Conditions for Granting Stock Options and Restricted Stocks - The granting conditions stipulate that the company must not have experienced any adverse events, such as negative audit opinions or profit distribution issues [11]. - The board confirmed that both the company and the beneficiaries met the necessary conditions for granting the incentives [11]. - The independent financial advisor concluded that the incentive plan complies with all relevant laws and regulations [12].