埃斯顿（002747）(002747.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润3500万 元–5000万元，扭亏为盈;扣除非经常性损益后的净利润600万元–800万元。 报告期内，埃斯顿工业机器人出货量继续保持增长，特别在汽车、电子、锂电等行业持续突破，市场份 额进一步提升，公司国内营业收入较上年同期实现较好增长。 ...

Core Viewpoint - Estun Automation Co., Ltd. (referred to as "Estun") has submitted a second listing application to the Hong Kong Stock Exchange after a previous application lapsed in June 2025, aiming to leverage its position as a leading domestic industrial robot manufacturer in China [1][3]. Company Overview - Estun is a leading player in the Chinese industrial robot market, providing solutions to various manufacturing sectors including automotive, engineering machinery, and lithium battery industries. The company has maintained the highest shipment volume among domestic brands for several consecutive years [5]. - As of January 21, the total market capitalization of Estun was approximately 21.9 billion yuan [3]. Market Position - Estun achieved a historic milestone in the first half of 2025, surpassing foreign brands in domestic industrial robot shipments and ranking first in revenue among domestic companies. In 2024, Estun ranked sixth globally and in China by revenue, with market shares of 1.7% and 2%, respectively [5]. - The global industrial robot solutions market is projected to grow from $14.7 billion in 2020 to $25.4 billion in 2024, with a compound annual growth rate (CAGR) of 14.6%. The Chinese market is expected to grow from $6.9 billion to $12.7 billion during the same period, with a CAGR of 16.5% [10]. Financial Performance - Estun's revenue showed fluctuations during the reporting period from 2022 to 2025, with figures of 3.881 billion yuan, 4.652 billion yuan, 4.009 billion yuan, and 3.804 billion yuan, respectively. The net profit figures were 184 million yuan, 134 million yuan, -818 million yuan, and 30 million yuan, indicating a loss in 2024 [10][12]. - The company's gross margin has been declining, recorded at 32.9%, 31.3%, 28.3%, and 28.2% over the same period [13]. Product and Brand Portfolio - Estun has developed 95 types of industrial robots with payload capacities ranging from 3 kg to 1200 kg, including SCARA robots, collaborative robots, and specialized robots for various applications [11]. - The company owns multiple brands, including Estun, Cloos, Trio, and M.A.i, enhancing its capabilities in high-end motion control and intelligent manufacturing systems [6][7]. IPO Fund Utilization - The funds raised from the IPO are intended for expanding global production capacity, seeking strategic alliances, investing in R&D for next-generation industrial robot technologies, enhancing global service capabilities, repaying existing loans, and general corporate purposes [8].

每经AI快讯，埃斯顿1月21日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润3500万元 ~5000万元，同比扭亏为盈。基本每股收益0.04元~0.06元。上年同期基本每股收益亏损0.93元。业绩变 动主要原因是，报告期内，埃斯顿工业机器人出货量继续保持增长，特别在汽车、电子、锂电等行业持 续突破，市场份额进一步提升，公司国内营业收入较上年同期实现较好增长。上年度公司计提资产减值 合计金额约4.66亿元，经初步测算，本年度预计不会发生重大资产减值事项。 （记者 曾健辉） 每经头条（nbdtoutiao）——重磅数据公布：回升！专访徐洪才："内卷式竞争"得到一定缓解，下一 步"补收入"可形成良性循环 ...

格隆汇1月21日丨埃斯顿(002747.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东的 净利润3500万元-5000万元，比上年同期增长104.32%-106.17%；扣除非经常性损益后的净利润600万 元-800万元，比上年同期增长100.72%-100.96%。 ...

每经AI快讯，1月21日，埃斯顿（002747）(002747.SZ)发布2025年度业绩预告，预计归属于上市公司股 东的净利润为3,500万元–5,000万元，上年同期亏损81,044.45万元。报告期内，埃斯顿工业机器人出货量 继续保持增长，特别在汽车、电子、锂电等行业持续突破，市场份额进一步提升，公司国内营业收入较 上年同期实现较好增长。上年度公司计提资产减值(包括商誉等重大资产减值)合计金额46,646.73万元， 经初步测算，本年度预计不会发生重大资产减值事项。 ...

| 项 | 目 | 本报告期 | | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 盈利：3,500 | 万元–5,000 | | 万元 | 亏损：81,044.45 | 万元 | | | | 比上年同期增长：104.32% | | | - 106.17% | | | | 扣除非经常性损 益后的净利润 | | 盈利：600 | 万元–800 | 万元 | | 亏损：83,566.64 | 万元 | | | | 比上年同期增长：100.72% | | | -100.96% | | | | 基本每股收益 | | 盈利：0.04 | 元/股- | 0.06 | 元/股 | 亏损：0.93 | 元/股 | 2、预计的业绩： 扭亏为盈 同向上升 同向下降 二、与会计师事务所沟通情况 本次业绩预告相关财务数据是公司财务部门初步测算的结果，未经会计师事 务所审计。公司与会计师事务所就本次业绩预告有关事项进行了初步沟通，双方 不存在重大分歧。 股票代码：002747 股票简称：埃斯顿 公告编号：2026- ...

Group 1 - The humanoid robot concept is gaining traction, with the China Securities Robot Index rising nearly 2% as of January 21 [1] - The Robot ETF (159770) has a trading volume exceeding 275 million yuan, with a latest circulating scale of 10.524 billion yuan, making it the only robot ETF in the Shenzhen market to surpass 10 billion yuan [1] - The Robot ETF closely tracks the China Securities Robot Index, with significant holdings in companies such as Huichuan Technology, iFlytek, and Stone Technology [1] Group 2 - Estun (002747.SZ), the leading industrial robot manufacturer in China, has submitted its prospectus to the Hong Kong Stock Exchange, aiming to surpass foreign brands in domestic market shipments by the first half of 2025 [1] - Guotai Junan Securities indicates that as leading overseas humanoid robot manufacturers accelerate product iterations, domestic companies are launching products and accelerating application scenarios [1] - Yuan Securities forecasts that the humanoid robot industry will achieve a breakthrough of tens of millions of orders by 2025, with a global market size expected to reach 32.4 billion USD by 2029, growing at a CAGR of 57% [2]

Core Viewpoint - Estun, a leading Chinese industrial robotics company, is accelerating its global expansion by applying for a secondary listing in Hong Kong, aiming to leverage the AI and robotics wave for growth [2][3]. Company Overview - Estun has seen its market value increase by over 2.7 times since its A-share listing in 2015, with a current focus on becoming a global brand in robotics [3]. - The company offers a range of products including industrial robots, smart manufacturing systems, and automation core components, supported by strategic acquisitions and in-house R&D [2][3]. Market Position - According to Frost & Sullivan, Estun ranks first among domestic companies in China's industrial robot solution market and sixth globally, with market shares of 1.7% and 2.0% respectively [2]. - The company has maintained a strong presence in the industrial robotics sector, with a balanced revenue contribution from industrial robots and smart manufacturing systems [3]. Financial Performance - Estun's revenue has shown volatility over the past three years, with growth rates of 19.9%, -13.8%, and 12.87% for 2023 to 2025, while net profits fluctuated significantly [2][8]. - The company reported a gross margin decline from 32.9% in 2022 to 28.2% in 2025, primarily due to lower margins in its core business segments [8][11]. Product and Sales Dynamics - Estun's product matrix includes 96 models of general and specialized industrial robots, with sales increasing from 11,852 units in 2022 to 24,884 units in 2025 [4]. - The company has a stable order volume for its smart manufacturing systems, with a notable increase in revenue contribution from this segment [6]. Customer Base and Geographic Distribution - The majority of Estun's revenue comes from China, accounting for 70.6% in 2025, while overseas markets, primarily Germany and the USA, contribute 12.3% and 4.7% respectively [7]. - The company operates seven manufacturing bases, with plans for a new facility in Poland to meet overseas demand [7]. Industry Growth Potential - The global industrial robotics market is projected to grow at a compound annual growth rate (CAGR) of 14.6%, reaching $25.4 billion by 2024, with China expected to grow at 16.5% [12][14]. - Estun is well-positioned to benefit from this growth, leveraging its digital platform technology and AI integration in robotics [12][14]. Challenges and Risks - The company faces challenges with profitability, as its operating cash flow has been inconsistent, and it has significant goodwill and intangible asset impairment risks [9][11][15]. - Despite these challenges, Estun's direct sales model and expanding customer base provide a stable foundation for future growth [6][15].

Core Viewpoint - Estun, a leading Chinese industrial robotics company, is accelerating its global expansion by applying for a secondary listing in Hong Kong, aiming to leverage the AI and robotics wave for growth [1][2]. Company Overview - Estun has seen its market value increase by over 2.7 times since its A-share listing in 2015, with a current focus on becoming a global brand in robotics [2]. - The company offers a range of products including industrial robots, smart manufacturing systems, and core automation components, supported by strategic acquisitions and in-house R&D [1][2]. Market Position - Estun ranks first among domestic companies in China's industrial robot shipment volume and sixth globally, with market shares of 1.7% and 2.0% respectively [1]. - The company has a balanced revenue contribution from its core business segments, with industrial robots and smart manufacturing systems accounting for 73.1% to 82.5% of total revenue from 2022 to 2025 [2][3]. Sales and Production - Estun's industrial robot product matrix includes 96 models, with sales increasing from 11,852 units in 2022 to 24,884 units in 2025 [3]. - The company has a strong production capacity with seven manufacturing bases, including five in China and two in Germany, and plans to open a new base in Poland by mid-2026 [7]. Financial Performance - The company's revenue has shown volatility, with growth rates of 19.9%, -13.8%, and 12.87% from 2023 to 2025, and net profits fluctuating significantly [1][8]. - Gross margins have declined from 32.9% in 2022 to 28.2% in 2025, primarily due to lower margins in industrial robots and smart manufacturing systems [8]. R&D and Innovation - Estun maintains a stable R&D investment, with 30.9% of its workforce dedicated to R&D and a portfolio of 614 patents [9]. - The company has developed advanced digital platforms and AI architectures, enhancing operational efficiency and reducing costs in manufacturing [12]. Industry Growth Potential - The global industrial robotics market is projected to grow at a compound annual growth rate (CAGR) of 14.6%, reaching $25.4 billion by 2024, with China as a key market [12][15]. - Estun is well-positioned to benefit from this growth, particularly in the automotive and electronics sectors, which are expected to dominate the market [15]. Challenges and Risks - The company faces challenges with profitability, as its operating cash flow has been inconsistent, and it has significant goodwill that poses a risk of impairment [9][11]. - Despite these challenges, Estun's direct sales model and expanding customer base, particularly in the automotive sector, provide a stable revenue foundation [6][16].

Group 1: Market Activity - A total of 26 companies submitted applications to the Hong Kong Stock Exchange last week, marking a recent high in submissions [2] - Among the 26 companies, 3 passed the hearing, and 1 company is currently in the process of an IPO [10][12] Group 2: Industry Highlights - The semiconductor and computing sectors are particularly active, with companies like Weizhao Semiconductor and Placo Electronics submitting applications [2] - Weizhao Semiconductor reported a revenue of 615 million yuan and a profit of 40.25 million yuan for the first nine months of 2025 [2] - Placo Electronics achieved a revenue of 751 million yuan and a profit of 76.11 million yuan for the same period [2] Group 3: Robotics Sector - Several robotics companies, including Yifei Intelligent and Estun, are also pursuing listings [3] - Estun is ranked first in the industrial robotics sector by revenue, with a market share of 1.7% globally [3] - TuoStar is recognized as a leader in the domestic industrial robotics market, with a revenue of 1.688 billion yuan and a net profit of 47 million yuan for the first nine months of 2025 [3] Group 4: Biopharmaceutical Sector - Multiple biopharmaceutical companies are applying for listings, including Zeling Bio and Exegenesis Bio Inc. [4][5] - Zeling Bio reported a loss of 1.19 million yuan for the first nine months of 2025, while Exegenesis Bio has not yet received regulatory approval for its products [5][6] - Shanghai Shengsheng achieved a revenue of 538 million yuan and a net profit of 11.3 million yuan for the same period [4] Group 5: Food and Beverage Sector - The food and beverage sector is seeing significant activity, with companies like Yuanji Food and Qian Dama submitting applications [7] - Yuanji Food reported an adjusted net profit of 192 million yuan for the first nine months of 2025, a 31% increase year-on-year [7] - Qian Dama achieved a GMV of 14.8 billion yuan in 2024, maintaining its position as the top player in the community fresh product retail chain industry [7] Group 6: New Listings - Four new stocks were listed last week, with all experiencing price increases on their first trading day [13] - The stock of Howie Group, a global leader in CMOS image sensors, rose by 16.22% on its debut [13] - Zhaoyi Innovation, a storage chip leader, saw its stock price increase by 38.27% on its first day of trading [13]