埃斯顿（002747）(02715)于2026年2月27日至2026年3月4日招股，公司拟全球发售9678万股H股，其 中，香港发售占10%，国际发售占90%，另有超额配股权15%。每股发售价15.36港元-17港元，每手200 股，预期H股将于2026年3月9日(星期一)上午9时正开始在联交所买卖。 我们是中国工业机器人领军企业。根据弗若斯特沙利文的资料，我们在中国工业机器人解决方案市场 中，连续多年保持本土企业工业机器人出货量第一名。根据同一机构的资料，我们于2025年上半年取得 历史性突破，国内市场上工业机器人出货量超越外资品牌，成为首家登顶中国工业机器人解决方案市场 的国产机器人企业。按收入计，我们亦跻身于工业机器人公司前列，按2024年收入计，我们在全球市场 及中国市场的所有制造商中均排名第六，市场份额分别为1.7%及2.0%。 公司主要向从事汽车、工程机械及重工业以及锂电池等多个制造领域的客户提供工业机器人及智能制造 系统及自动化核心部件及运动控制系统。 于往绩记录期间，我们于2022年、2023年、2024年以及2024年及2025年首9个月的收入分别为人民币 38.81亿元、人民币46.52亿 ...

于往绩记录期间，我们于2022年、2023年、2024年以及2024年及2025年首9个月的收入分别为人民币 38.81亿元、人民币46.52亿元、人民币40.09亿元、人民币33.7亿元及人民币38.04亿元。 我们已与基石投资者Harvest Oriental、亨通光电国际、Dream'ee HK Fund、至源、Haitian Huayuan、裕 祥及前海合众投资订立基石投资协议，基石投资者将按发售价认购总金额约6691万美元的发售股份。 我们相信，基石配售表明了基石投资者对本公司及其业务前景充满信心，且凭藉基石投资者的投资或行 业经验，基石配售将有助于提升本公司的形象。本公司在日常营运过程中透过本集团的业务网络或透过 本公司的整体协调人的介绍结识各基石投资者。 假设超额配股权未获行使，且发售价为每股H股16.18港元，我们将收到约14.86亿港元的全球发售所得 款项净额。其中，约25.0%将用于扩充我们的全球生产能力;约25.0%将用于在全球产业链上下游有选择 地寻求战略联盟、投资及收购机会;约20.0%将投资于研发项目，以推动下一代工业机器人技术的发展， 旨在巩固我们的市场领导地位;约10.0%将用 ...

机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

2月25日，埃斯顿跌0.25%，成交额4.85亿元。两融数据显示，当日埃斯顿获融资买入额4170.74万元， 融资偿还3229.79万元，融资净买入940.96万元。截至2月25日，埃斯顿融资融券余额合计6.26亿元。 融资方面，埃斯顿当日融资买入4170.74万元。当前融资余额6.23亿元，占流通市值的2.97%，融资余额 低于近一年20%分位水平，处于低位。 融券方面，埃斯顿2月25日融券偿还6.71万股，融券卖出9000.00股，按当日收盘价计算，卖出金额21.80 万元；融券余量14.80万股，融券余额358.46万元，超过近一年60%分位水平，处于较高位。 分红方面，埃斯顿A股上市后累计派现3.79亿元。近三年，累计派现7803.56万元。 机构持仓方面，截止2025年9月30日，埃斯顿十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股2564.47万股，相比上期增加644.66万股。易方达国证机器人产业ETF（159530）位居第四大 流通股东，持股1789.55万股，相比上期增加1498.96万股。华夏中证机器人ETF（562500）位居第五大 流通股东，持股1432.19万股，相比 ...

然而，这也暴露了隐忧：埃斯顿净利润在过去三年间如"过山车"般剧烈波动，毛利率持续下滑，客户集 中度攀升。在全球产业链竞争升温的当下，这家本土领军企业试图通过港股上市谋求"补血"，在规模扩 张与利润增长之间寻找新的平衡。 盈亏反复，客户集中度攀升 作为国产工业机器人龙头企业，埃斯顿的出货量长期领跑本土市场。根据弗若斯特沙利文资料，截至 2025年9月30日，过去五年零九个月间，公司工业机器人累计出货量已超10.5万台。 按2024年收入计，埃斯顿在全球及中国市场均排名第六，市场份额分别为1.7%和2.0%。市场布局上， 公司收入高度集中于中国内地，2025年前三季度占比达70.6%；境外则以德国和美国为主要市场，收入 占比分别为12.3%和4.7%。 2月23日，国产工业机器人龙头埃斯顿正式通过港交所聆讯，距离其"A+H"双重上市仅一步之遥。在此 前夕，公司预告了2025年实现扭亏，预计最高盈利5000万元，一扫2024年亏损8.18亿元的阴霾。 谋求"A+H"双重上市，扩产与盈利平衡待考 埃斯顿的历史可追溯至1993年3月，到了2002年2月，创始人吴波专注于研发机电产品。2010年，公司第 一台工业机器人诞 ...

Core Viewpoint - The A to H listing model for manufacturing A-share companies is becoming a significant pathway for expanding financing channels and achieving global layout, driven by the optimization of overseas listing filing management, the recovery of the Hong Kong stock market, and the release of domestic companies' overseas financing needs [1][2]. Group 1: Overview of H-share Filing Situation in 2025 - In 2025, over 160 A-share listed companies disclosed plans for listing in Hong Kong, with more than 90 formally submitting applications to the Hong Kong Stock Exchange [2]. - By the end of 2025, 33 A-share companies received filing approval from the China Securities Regulatory Commission (CSRC), with 19 successfully achieving A+H listings, a significant increase from 3 in 2024 [2]. - The total fundraising amount for the 19 companies that successfully listed in Hong Kong reached approximately 139.99 billion HKD, with CATL alone raising 35.66 billion HKD, indicating strong recognition from overseas capital markets for high-quality domestic manufacturing enterprises [2]. Group 2: Filing Duration and Characteristics - The average filing duration for companies directly applying for Hong Kong listings in 2025 was approximately 190 days, while manufacturing A-share companies had an average duration of about 141 days, which is lower than the overall average [3]. - High-end advanced manufacturing companies experienced longer filing durations due to special regulatory matters involving core technologies and controlled items [3]. Group 3: Legal Issues and Compliance Suggestions - The filing review for A to H companies in the manufacturing sector focuses on universal legal issues such as cross-border compliance and market access, which all manufacturing companies must address [6][7]. - Specific legal concerns for high-end advanced manufacturing companies include core technology transfer and management of controlled items, necessitating tailored compliance strategies [6][16]. Group 4: Common Legal Issues in Filing Review - Key areas of regulatory focus include compliance with overseas investment and foreign exchange registration, ensuring that companies have fulfilled necessary procedures and that their funding sources are legal [8][9]. - Companies must also ensure that their business scope does not involve industries restricted or prohibited for foreign investment, as outlined in the negative list [10][11]. Group 5: Data Security and User Information Protection - With the implementation of laws regarding cybersecurity and data protection, companies involved in information content products must ensure compliance with user data collection, storage, and security management [13][14]. - The review process emphasizes the need for companies to have robust data security management systems and to comply with regulations regarding data transfer, especially if it involves cross-border data [15]. Group 6: Differentiated Regulatory Focus for High-end Advanced Manufacturing - High-end advanced manufacturing companies face unique regulatory scrutiny regarding core technology protection, management of dual-use items, and compliance with technology export regulations [16][17]. - Companies must establish comprehensive systems to protect core technologies and ensure compliance with relevant export control laws to mitigate risks associated with technology leakage and unauthorized transfers [16][17].

Core Viewpoint - Estun Automation Co., Ltd. is set to become the first company from Nanjing to list overseas in 2023 after passing the Hong Kong Stock Exchange hearing, indicating a significant milestone for the company and the local capital market [1][4]. Company Overview - Established in February 2002, Estun specializes in the research, manufacturing, and sales of industrial robots, intelligent manufacturing systems, and core automation components [3]. - The company was listed on the Shenzhen Stock Exchange in March 2015 and has a total market capitalization of 21.148 billion RMB as of February 24, 2026 [3]. Industry Position and Growth - Estun has been a leader in the domestic robot market, achieving a continuous high growth trend and ranking first in the Chinese industrial robot market for eight consecutive years [4]. - The company has seen over 270% growth in the collaborative robot sector, making it one of the fastest-growing brands in this category [4]. - According to recent data, Estun's market share in the Chinese robot market is projected to reach 10.5% by 2025, with a year-on-year shipment growth of 25%, further increasing the domestic market share of industrial robots to over 56% [4]. Financial Performance - Estun's revenue for the years 2022 to 2024 is projected to be 3.881 billion RMB, 4.652 billion RMB, and 4.009 billion RMB, respectively [5]. - In the first three quarters of 2025, the company achieved a revenue of 3.804 billion RMB, reflecting a year-on-year growth of 12.86% [5].

| [編纂]項下的[編纂]數目 :「編纂]股H股(視乎[編纂] | | | --- | --- | | 行使與否而定) | | | [編纂]數目 [編纂]股H股(可予[編纂]) | :: | | [編纂]數目 :「編纂]股H股(可予[編纂]及 | | | 視乎[編纂]行使與否而定) | | | 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀 | | | 佣金、0.0027%證監會交易徵費、 | | | 0.00565%聯交所交易費及0.00015% | | | 會財局交易徵費(須於[編纂]時以港元 | | | 繳足,多繳款項可予退還) | | | 直信 每股H股人民幣1.00元 | .. | | 【繼臺】：【繼臺】 | | 据港交所2月23日披露，南京埃斯顿（002747）自动化股份有限公司(简称：埃斯顿，002747.SZ)通过港 交所主板上市聆讯，华泰国际为其独家保荐人。根据弗若斯特沙利文的资料，埃斯顿在中国工业机器人 解决方案市场中，连续多年保持本土企业工业机器人出货量第一名。 公司的工业机器人及智能制造系统提供自动化解决方案，可大幅提升工业环境的生产力、安全性及可靠 性。公司的工业机器人产品 ...

据港交所文件显示，中国工业机器人领军企业南京埃斯顿自动化股份有限公司更新聆讯后资料集，意味 着该公司港交所IPO通过聆讯。 埃斯顿主要向从事汽车、工程机械及重工业以及锂电池等多个制造领域的客户提供工业机器人及智能制 造系统，以及自动化核心部件及运动控制系统。 埃斯顿2022年-2024年度，以及2025年截至9月30日止九个月，实现收入分别约38.81亿元、46.52亿元、 40.09亿元、38.04亿元。 根据弗若斯特沙利文的资料，埃斯顿在中国工业机器人解决方案市场中，连续多年保持本土企业工业机 器人出货量第一名。根据同一机构的资料，埃斯顿在2025年上半年取得历史性突破，国内市场上工业机 器人出货量超越外资品牌，成为首家登顶中国工业机器人解决方案市场的国产机器人企业。 ...

Core Viewpoint - Nanjing Estun Automation Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange after already being listed on the A-share market, with a current market capitalization of 21.2 billion RMB and an expected net profit of 6 to 8 million RMB after deducting non-recurring items for the upcoming year [2][12]. Group 1: Company Overview - Estun was established in 1993 and focuses on autonomous motion control and robotics technology, creating a complete industrial ecosystem for smart manufacturing [2][23]. - The company has developed three core business areas: industrial automation products, robotics and intelligent manufacturing systems, and industrial digitalization products, providing comprehensive solutions globally [4][25]. Group 2: Product and Market Presence - Estun offers a wide range of products covering information, control, drive, and execution layers, including high-precision multi-axis motion controllers and various automation systems [4][25]. - The company has 87 models of industrial robots that cover loads from 3 to 700 kg, serving industries such as automotive, photovoltaics, lithium batteries, and aerospace [6][27]. Group 3: Financial Performance - Estun's revenue for 2022, 2023, and 2024 was 3.881 billion RMB, 4.652 billion RMB, and 4 billion RMB respectively, with corresponding gross profits of 1.276 billion RMB, 1.455 billion RMB, and 1.134 billion RMB [8][29]. - The company reported a significant net loss of 817.685 million RMB in 2024, attributed to a 360 million RMB impairment of intangible assets and goodwill [8][29]. - For the first three quarters of 2025, Estun achieved a revenue of 3.8 billion RMB, a 12.8% increase from the previous year, with a net profit of 29.7 million RMB [10][31]. Group 4: Future Projections - Estun anticipates a net profit of 35 to 50 million RMB for 2025, a substantial recovery from the previous year's loss of 810 million RMB [12][33]. - The expected net profit after excluding non-recurring items is projected to be between 6 to 8 million RMB, compared to a loss of 840 million RMB in the prior year [12][33]. Group 5: Shareholding Structure - The controlling shareholders of Estun include Wu Bo and his family, holding approximately 42% of the voting rights, with Wu Bo directly owning 12.74% of the shares [13][40]. - As of September 30, 2025, the company had a diverse shareholder base, including institutional investors and employee stock ownership plans [19][42].