香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或依賴該 等內容而引致的任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會 （「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公告，即表示 閣下知悉、接納並向本公司、其獨家保薦人、保薦人 兼整體協調人、整體協調人、顧問或包銷團成員表示同意： 1 (a) 於聯交所網站登載本公告，並不引致本公司、其獨家保薦人、保薦人兼整體 協調人、整體協調人、顧問或包銷團成員須於香港或任何其他司法權區進行 發售或配售活動的責任。概無保證本公司將進行發售或配售； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大更改。 閣下閱覽本文件，即表 示 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據向香港公司註冊處處長登 記的本公司招股章程作出投資決定。招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件所載資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁 ...

Group 1: Machinery Industry - In December 2025, the total sales of excavators in China increased by 19.2% year-on-year, with domestic sales and exports growing by 10.9% and 26.9% respectively. For the entire year of 2025, total excavator sales rose by 17.0%, with domestic and export sales increasing by 17.9% and 16.1% respectively [2] - In December 2025, total sales of loaders in China grew by 30.0% year-on-year, with domestic sales and exports increasing by 17.6% and 41.5% respectively. For the full year of 2025, total loader sales increased by 18.4%, with domestic and export sales rising by 22.1% and 14.6% respectively [2] - The growth in excavator and loader sales is attributed to the peak construction season and overseas channel restocking. The demand for machinery is expected to continue growing in 2026 due to ongoing replacement needs, contributions from projects, and trends towards electrification [2] Group 2: Robotics Industry - According to Omdia, Zhiyuan Robotics topped the global humanoid robot shipment rankings with over 5,100 units shipped, capturing 39% of the global market share. The top six companies in humanoid robot shipments in 2025 are all Chinese, accounting for 86.9% of global shipments [3] - Recent financing activities in the robotics sector include Qiangna Technology raising approximately 2 billion RMB, and Mobileye announcing a $900 million acquisition of the humanoid startup Mentee Robotic. Other companies like Lingxin Qiaoshou and Xingjiguan also completed new financing rounds [3] - New product launches include Boston Dynamics' new generation Atlas humanoid robot, which has entered production, and Xiaopeng Motors announcing the mass production of its humanoid robot in 2026 [5] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.9 percentage points to 50.1% in December 2025, indicating a return to expansion. This improvement is driven by the effects of policy implementation and pre-holiday inventory preparations [6] - The report maintains a "buy" rating for the machinery industry, highlighting the potential for sustained growth in performance for major machinery manufacturers due to resonating domestic and international demand [6] - The report suggests focusing on the engineering machinery sector (e.g., XCMG, SANY Heavy Industry) and the rapidly growing humanoid robotics sector (e.g., Estun, Greentech) as areas of significant investment opportunity [6]

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：机器人（300024）,埃斯顿（002747）,新时达（002527）,拓斯达（300607）,汇川技术 （300124）,华中数控（300161）,佳士科技（300193）,亚威股份（002559）,拓山重工（001226）,昊志 机电（300503） 2020-2025年1-11月中国工业机器人产量统计图 相关报告：智研咨询发布的《2026-2032年中国工业机器人行业竞争策略研究及未来前景展望报告》 根据国家统计局数据显示：2025年11月中国工业机器人产量为7万套，同比增长20.6%；2025年1-11月中 国工业机器人累计产量为67.4万套，累计增长29.2%。 ...

埃斯顿(002747.SZ)作为中国机器人领军品牌，持续引领机器人技术革新，全新iER系列机器人产品震撼发布，细数iER系列机器人产品核心优势： 1、软件系统全面重构：重磅推出高级语言Juliet并重构机器人底层语言架构，打造机器人专用操作系统与统一开放的机器人控制系统底座平台，更好地支撑 端客户集成应用。 2、硬件智能深度融合：全新硬件设计推动电控系统从通用化迈向智能化，新一代高集成控制柜引入可控整流技术，大幅减小体积及能耗，控制器平台兼备 AI扩展能力，支持通过E-Care接入云平台、ERI连接外部智能终端，实现"节能、集成、智能"一体化。 3、全域精度全面覆盖：采用全新标定技术，实现机器人全域高精度标定，标准出厂精度远超行业同类产品；同时，基于长效稳定、全域高精度实现虚拟仿 真→物理场景的强实施性。 4、智能服务前瞻布局：依托智能数字化技术，建立可预测、数据驱动的客户服务新标准，从"解决问题"到"防止问题"的智能化运维体系，将持续帮助客户 节省运维成本。 本次升级的核心价值在于构建开放式智能生态、推进底层架构开放、实现全域高精度技术覆盖，并通过数字化手段全面提升产品性能、智能化水平与客户服 务质量。 软 ...

证券之星消息，1月12日自动化设备板块较上一交易日上涨2.54%，星辰科技领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。自动化设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 920885 | 星辰科技 | 29.88 | 12.93% | 23.50万 | | 6.78亿 | | 920396 | 常辅股份 | 42.55 | 10.63% | 12.99万 | | 5.30亿 | | 688889 | 圆田换 | 61.29 | 10.61% | 22.57万 | | 13.38亿 | | 603015 | 弘讯科技 | 18.82 | 9.99% | 81.95万 | | 14.48亿 | | 300278 | 华昌达 | 6.75 | 9.22% | 105.84万 | | 6.91亿 | | 688777 | 中控技术 | 57.57 | 7.33% | 54.93万 | | 31.32 ...

Core Viewpoint - Estun's financial performance shows a significant increase in revenue and net profit, indicating strong growth potential in the automation and robotics sector [2]. Group 1: Financial Performance - As of September 30, Estun achieved a revenue of 3.804 billion yuan, representing a year-on-year growth of 12.97% [2]. - The net profit attributable to shareholders for the same period was 29.0039 million yuan, reflecting a substantial increase of 143.48% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 379 million yuan, with 78.0356 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of January 9, Estun's financing balance was 629 million yuan, accounting for 2.99% of its market capitalization, which is below the 10th percentile level over the past year [1]. - The number of shareholders decreased by 7.92% to 114,300, while the average number of circulating shares per person increased by 8.60% to 6,846 shares [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.4466 million shares, and several ETFs related to the robotics industry that have also increased their positions [3]. Group 3: Business Overview - Estun, founded on February 26, 2002, and listed on March 20, 2015, specializes in high-end intelligent machinery and automation control solutions [1]. - The company's main revenue sources are industrial robots and intelligent manufacturing systems (82.09%) and automation core components and motion control systems (17.91%) [1].

Core Viewpoint - Estun, as a leading brand in China's robotics industry, continues to drive innovation in robotic technology with the launch of the new iER series robots, focusing on software and hardware integration, high precision, and intelligent services [1][21]. Group 1: Software and System Innovations - The software system has been completely restructured with the introduction of the advanced programming language Juliet, enhancing the robot's operational capabilities [2][5]. - The iER.OS system integrates data, applications, and AI, transitioning from a closed to an open architecture, significantly improving motion control performance and system collaboration [5][11]. - The RoboBase platform supports deep customization and secondary development, allowing clients to leverage their own expertise for tailored solutions [7][21]. Group 2: Hardware and Intelligent Control - The new hardware design reduces the size and energy consumption of the control system, incorporating controllable rectification technology for efficient energy recovery [3][9]. - The integration of AI capabilities into the new controller platform enhances instruction processing and communication, facilitating high-speed motion control [11][21]. - The robots are designed with lightweight and high-rigidity structures, improving dynamic response while maintaining reliability and precision [9][14]. Group 3: High Precision Technology - The new high-precision calibration technology is applied across the entire robot product line, significantly enhancing absolute positioning accuracy and dynamic trajectory control [14][16]. - The robots can maintain high precision in variable working conditions, effectively addressing common industrial interferences [16][20]. - The integration of high precision technology with intelligent systems creates a closed-loop control mechanism, enabling real-time adjustments based on process data [16][20]. Group 4: Intelligent Maintenance and Predictive Services - Estun has established a new standard for customer service by introducing a "fault prediction" feature, transitioning maintenance from reactive to proactive [18][20]. - The system captures key operational data to predict potential failures, helping users reduce unplanned downtime and optimize maintenance schedules [20][21]. - This predictive maintenance capability exemplifies Estun's commitment to integrating intelligent operations within the robotics ecosystem [20][21].

January 6, 2026 09:23 AM GMT China Industrials | Asia Pacific Catalyst Previews: What's Ahead in 1Q26? Where relevant and meaningful, we have identified and previewed catalysts for China's Automation & Robotics, Construction Machinery, Heavy-duty Truck, and New Energy stocks that could affect share prices in the near future. Catalysts that occur regularly: M Idea Morgan Stanley Asia Limited+ Sheng Zhong Equity Analyst Sheng.Zhong@morganstanley.com +852 2239-7821 Chelsea Wang Equity Analyst Jinlin.Wang@morga ...

Group 1 - The company has collected over 1 million hours of data from more than 3,000 households using Gen DAS Gripper and the industry's first large-scale data production line, Gen ADP, accelerating the development of the embodied industry [1] - The overall industry volume and individual skill scale are the largest, with a cumulative duration exceeding 10,000 hours and a total data scale of over 1 million clips, ensuring each skill has the highest data volume in the industry [1] - The data collection focuses on 10 common household scenarios and 30 skills, ensuring quality by avoiding excessive dispersion [1] Group 2 - The data includes multi-modal, high-quality information such as large FOV raw images, trajectories, annotations, and joint actions, with industry-leading accuracy and quality [1] - The first phase of data has been uploaded, covering 12 skills across 4 major scenario tasks, with plans to complete the remaining skills and provide support for data format conversion and usage [2] - The data is available for download at a specified link, and users are encouraged to provide feedback and suggestions for additional scenarios and skills to be digitized [2]