详细会议介绍参看往期文章： （点击蓝字跳转） 一文看懂2025智能机器人关键技术大会（IRCTC）全景！专家报告、学术征文、青年交流全揭晓！ 展览展示｜抢位2025智能机器人关键技术大会！高曝光商务合作虚位以待，共赴解锁新机遇 9大期刊联合征文｜投稿2025智能机器人关键技术大会，年底正刊发表！ 机器人制造商发那科（FANUC）在展会上展示机器人做汉堡包。 照片由本报驻德国记者李山摄 在两年一届的2025年德国慕尼黑自动化展上，可以深刻感受到自动化技术在人工智能（AI）加持下更加智能，驱 动工业生产与管理不断变革。AI与机器人技术的融合发展在诸多领域全面提速，展现未来工作生活新方式。多家 公司推出了新一代人形机器人，不过从现场表现来看，人形机器人在技术和实际应用等方面都还有很多工作要 做。 让自动化技术更智能 智能自动化解决方案供应商库卡希望从根本上重新定义机器人的控制方式，并推出了可扩展、可灵活调整的机器 人操作系统iiQKA.OS2。这个软件和控制器平台将人工智能与视觉系统结合，使机器人变得更加灵活，而无需进 行复杂的编程。库卡还与微软合作，开发了一个AI聊天机器人，可将自然语言命令转化为程序代码。此外， ...

Core Viewpoint - The article highlights the rapid development and application of embodied intelligent robots in various industrial settings in Jiangsu Province, showcasing their potential to enhance productivity and replace human labor in hazardous environments [1][2][3]. Group 1: Industry Development - Jiangsu Province has released a list of ten typical application scenarios for embodied intelligent robots, indicating a significant industrial transformation [1]. - The number of robot-related enterprises is projected to increase from 451,700 by the end of 2024 to 891,000 by May 2025, nearly doubling [4]. - The industry is characterized by a focus on specific industrial applications, with over a hundred companies competing in the humanoid robot market [4]. Group 2: Technological Advancements - Micro Yi Intelligent's "ChuangTron" robot can complete a full quality inspection of an electric drive stator in just 50 seconds, achieving six times the efficiency of human workers [2]. - Tian Chuang's "Tian Kui 1" is the world's first certified explosion-proof humanoid robot, capable of operating in hazardous environments [3]. - The development of flexible manufacturing systems is emphasized, allowing robots to adapt to various market demands and improve competitiveness [3]. Group 3: Application Scenarios - Magic Atom has initiated a "Thousand Scenes Co-Creation" plan to collaborate with 1,000 partners to implement 1,000 specific scenarios, with over 50 companies already signed up [6]. - The introduction of a second-generation humanoid robot by Tian Chuang aims to enhance obstacle-crossing capabilities in emergency rescue situations [6]. - The establishment of a training center in Suzhou for intelligent robots aims to improve the quality of data through practical scenario training [6]. Group 4: Market Trends - The humanoid robot sector is becoming a focal point for capital markets, with significant interest in the technology's potential [7]. - The industry faces challenges related to public perception and understanding of embodied intelligent robot technology, which requires extensive time and data support for development [7].

Group 1: Automation Technology Advancements - Automation technology is increasingly becoming intelligent with the integration of AI, driving changes in industrial production and management [1] - Companies are introducing next-generation humanoid robots, although significant work remains in terms of technology and practical applications [1] - AI is being applied to CNC machine tools, enabling automated processes for part picking and placement without the need for custom fixtures or programming [1] Group 2: Machine Vision and AI Integration - Over 130 exhibitors showcased machine vision and image processing technologies, highlighting the importance of 2D, 3D, and scanning camera technologies [2] - AI and digitalization are expanding the boundaries of traditional automation, with intelligent systems optimizing energy consumption and resource use [2] - New health technologies are emerging, demonstrating the diversity and social relevance of automation solutions in areas like laboratory automation and healthcare logistics [2] Group 3: User-Friendly Robotics - AI has simplified the use of robots, with many manufacturers integrating generative AI for intuitive programming through voice control [3] - KUKA introduced a flexible robot operating system, iiQKA.OS, combining AI with vision systems to enhance robot flexibility without complex programming [3] - Yaskawa Electric showcased a "dynamic safety zone" concept, allowing robots to operate without protective barriers while ensuring safety [3] Group 4: Humanoid Robots and Learning Capabilities - NEURA Robotics launched its humanoid robot, 4NE1 Gen 3, designed for safe collaboration with humans and capable of lifting up to 100 kg [4] - NEURA is developing an open software platform for robots to connect and share learning experiences, enabling collaborative learning among robots [4] - The appeal of humanoid robots for manufacturing automation is growing, with companies like BMW and Mercedes-Benz actively exploring their applications [4][5] Group 5: Chinese Companies in the Robotics Market - Chinese manufacturers like Estun and KUKA showcased their products, with Estun's robots already in use for battery assembly in Germany [5] - China has been the largest global robotics market since 2014, accounting for half of the world's robot installations [5] - Despite their advancements, Chinese manufacturers face challenges in entering the German and European markets, including understanding local standards and addressing concerns about service reliability [5]

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Core Viewpoint - The article highlights Estun's advancements in high-end robotics, particularly through the introduction of the ERI (Estun Robot Real-Time Interface), which signifies a leap in the capabilities of domestic robots, enabling them to meet complex application demands and improve performance in various intelligent scenarios [1][4][12]. Group 1: High-End Robotics Development - In recent years, high-end robotics in research has predominantly relied on foreign brands due to their advanced external control interfaces, which allow for real-time adjustments and flexible path planning [2][3]. - Domestic robots often struggle with real-time performance, leading to lost orders in applications requiring high precision and responsiveness, such as welding and coating [2][3]. Group 2: ERI Solution Overview - ERI is designed to address the limitations of domestic robots by providing a real-time, universal external control interface, enabling users to guide robot actions and output status information for process control [4][5]. - The ERI solution supports high-precision control and simplifies system integration, reducing development time and costs associated with adapting to different sensors [5][7]. Group 3: Advantages of ERI - ERI offers robust secondary development capabilities with a rich SDK, supporting multiple programming languages and real-time control features, which cater to complex application needs [7][9]. - The solution enables real-time external control for various applications, including academic research and advanced manufacturing processes, enhancing the flexibility and efficiency of robotic systems [7][9]. Group 4: Practical Applications of ERI - ERI facilitates high-precision data flow and real-time path correction, making it suitable for demanding production environments that require strict control over precision and speed [9][11]. - The interface allows for the integration of multiple external sensors, enhancing the robot's ability to perform complex automated processes, such as online welding and precise coating control [11][12]. Group 5: Future Prospects - Estun is actively expanding its market presence internationally, targeting regions such as Europe, America, the Middle East, and Southeast Asia, with a focus on developing high-end, differentiated products [12].

Core Viewpoint - The global industrial robot industry is expected to experience a cyclical recovery in the second half of 2025, with the global robot market projected to exceed $60 billion in 2024, growing at a rate of 15% annually. Industrial robots will continue to dominate, with installation volumes surpassing 500,000 units in 2024 despite short-term impacts from declines in sectors like automotive and photovoltaic energy [1]. Group 1: Industry Trends - The global trend towards smart manufacturing upgrades is expected to sustain long-term growth in the industrial robot sector [1]. - The Automatica event in Munich, Germany, will serve as a significant platform for showcasing innovations and industry upgrades, reflecting the recovery atmosphere in the sector [1]. Group 2: Company Innovations - Estun showcased a range of high-performance industrial robots at the Automatica event, emphasizing their technological innovations and comprehensive product matrix [2]. - The company’s products cover various applications, including precision assembly, dynamic handling, intelligent palletizing, and high-precision welding, demonstrating their versatility and advanced capabilities [7][14]. Group 3: Product Highlights - Estun's ER6-600-SR is designed for high-speed inspection, while the ER20-1000-SR/HI excels in dynamic following and grabbing tasks [7]. - The ER12B-1510 is suitable for harsh environments due to its high inertia wrist and IP67 protection, while the ER180-3100-PL can achieve up to 1100 cycles per hour for high-speed palletizing [14][18]. Group 4: Safety and Efficiency - The integration of advanced safety features allows for significant cost savings and efficiency improvements, with a reported 30% reduction in investment and maintenance costs [30]. - The dynamic response mechanism enhances production efficiency by reducing robot waiting times, leading to a 15%-20% increase in productivity [30]. Group 5: Future Outlook - The continuous advancement of robotics and AI technologies is expected to create broader development opportunities in the industry, driving deeper integration with other manufacturing sectors [40]. - Estun aims to establish a global industrial chain in the robotics field through a dual-drive strategy of core components and innovative technology ecosystems, positioning itself as a leader in the next wave of robotics and embodied intelligence development [40].

Group 1 - The company has approved the use of idle self-owned funds for cash management, with a maximum balance of up to RMB 1 billion [1] - The cash management will involve investing in low to medium-risk financial products with good liquidity and safety [1] - The company will strictly adhere to prudent investment principles and select short-term investment products from banks and securities companies [1] Group 2 - The company has purchased various structured deposit products, including the "Tianlibao" structured deposit from Hangzhou Bank, with expected annualized returns ranging from 0.65% to 2.15% [4][5][8] - The investment amounts for these structured deposits include RMB 10 million, RMB 13 million, and RMB 50 million, among others [4][5][8] - The company has no related party relationships with the banks involved in these investments [4][5][8] Group 3 - In the past twelve months, the company has used idle self-owned funds to purchase financial products with a cumulative amount of RMB 553 million that have not yet matured [9] - The company will implement risk control measures to manage investment risks associated with cash management [9]

股票代码：002747 股票简称：埃斯顿 公告编号：2025-048 号 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、进行现金管理的审批情况 南京埃斯顿自动化股份有限公司（以下简称"公司"）分别于第五届董事会 第十三次会议、第五届监事会第十二次会议、2024 年年度股东大会审议通过了 《关于公司及子公司使用部分闲置自有资金进行现金管理的议案》，同意公司及 子公司拟对最高余额不超过人民币 10 亿元的闲置自有资金适时进行现金管理， 投资于流动性好、安全性高的中、低风险理财产品；在上述额度内可滚动使用暂 时闲置的自有资金进行现金管理。公司及子公司应严格遵守审慎投资原则，选择 银行、证券公司等金融机构的中、低风险短期的投资品种，以及进行结构性存款、 大额存单、国债逆回购、收益凭证、资管计划等方式的短期现金管理。具体内容 详 见 2025 年 4 月 29 日 、 2025 年 5 月 22 日 披 露 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的相关公告。 二、本次使用部分闲置自有资金进行现金管理的基本情况 1、公司以人民币 ...

Core Viewpoint - The establishment of the Jiangsu Embodied Intelligent Robot Industry Alliance aims to promote innovation and collaboration in the robotics sector, showcasing significant applications and advancements in the field [1][8]. Group 1: Event Overview - The Jiangsu Embodied Intelligent Robot Industry Alliance was inaugurated on June 28, attracting over 30 complete robot enterprises and 40 component manufacturers, with more than 200 representatives from key manufacturing companies, universities, financial institutions, and user units attending [1][5]. - The event featured the release of key documents, including "Top Ten Typical Application Scenarios of Jiangsu Embodied Intelligent Robots," "Demand List for Jiangsu Embodied Intelligent Robot Scenarios," and "Intellectual Property Map of Jiangsu Embodied Intelligent Industry Cluster," highlighting the province's exploration paths and innovative achievements in the robotics sector [1][5]. Group 2: Application Scenarios - The "Top Ten Typical Application Scenarios" include: 1. Industrial robots in automotive assembly systems led by Tianqi Automation Engineering Co., Ltd. 2. Labor-intensive wire harness manufacturing scenarios led by Jiangsu Xiangtong Cable Technology Co., Ltd. 3. "Edge-Cloud Integration" robots for detection and repair processes led by Changzhou Weiyi Intelligent Manufacturing Technology Co., Ltd. 4. Applications in the Chasing Factory by Magic Atom Robotics (Suzhou) Co., Ltd. 5. High-end medical surgical robots led by Tadao Medical Technology Co., Ltd. 6. Intelligent guide humanoid robots for cultural tourism led by Jiangsu Yunmu Intelligent Manufacturing Technology Co., Ltd. 7. Applications in scientific research and popular science led by Huaxia Robotics (Nanjing) Co., Ltd. 8. "Big Head A Liang" all-scenario smart elderly care humanoid robots led by Jiangsu Aiyu Wencheng Elderly Care Robot Co., Ltd. 9. Humanoid robots for complex industrial environments led by Nanjing Tianchuang Electronic Technology Co., Ltd. 10. Quadruped robots for power inspection led by Nanjing Nari Jibao Electric Co., Ltd. [2][3]. Group 3: Industry Development - The alliance's formation is expected to enhance key technology breakthroughs, industry chain collaboration, and resource integration, aiming to build a competitive innovation ecosystem in the robotics industry [8]. - Nanjing has developed a comprehensive robotics industry chain, with nearly 200 related enterprises, leading the country in industrial robot output, projected to reach 40,000 units in 2024, with Estun's output exceeding 30,000 units [7][10]. - The establishment of the Robotics Industry Promotion Office in Nanjing aims to accelerate the development of the robotics sector through innovative mechanisms and strategic initiatives [8][10].

Core Viewpoint - The urgency for cash and the need to reduce debt levels are significant reasons for Estun's accelerated IPO in Hong Kong [1][5]. Financial Performance - Estun announced a significant net loss of 8.10 billion yuan in the previous year, marking a 700.14% decline in net profit, the first major loss since its listing [3][4]. - The company's revenue for the previous year was 40.09 billion yuan, down 13.83% year-on-year, with a gross margin of 29.57%, a decrease of 2.36 percentage points [3][4]. - The asset-liability ratio has increased sharply over the past three years, reaching 81.34% in 2024, with interest-bearing debt ratio at 43.10% [4]. Market Context - The overall demand for industrial robots in China has declined, with a projected sales volume of approximately 290,000 units in 2024, reflecting a year-on-year growth of only 3.9% [3]. - The competitive landscape in the robotics industry has intensified, leading to a struggle for market share among companies [3]. R&D and Strategic Initiatives - Despite financial losses, Estun maintained a high R&D expenditure of approximately 5.03 billion yuan in 2024, accounting for 12.55% of sales revenue [7]. - The company is focusing on developing embodied intelligence technologies and has launched the second-generation humanoid robot Codroid02 [6][7]. - Estun is also expanding its international market presence, particularly in Europe, and is targeting opportunities in the new energy vehicle sector [8]. IPO and Financing - Given the high asset-liability ratio, the likelihood of increasing debt is low, making the recent push for a Hong Kong IPO a strategic necessity for financing [5].