Group 1 - The private economy is a driving force for advancing Chinese-style modernization and is a crucial foundation for high-quality development [12] - A series of policy measures have been introduced from central to local levels to promote the high-quality development of the private economy, continuously stimulating its vitality [12] - The implementation of "non-prohibition, only entry" requirements supports private enterprises in participating in "two major" constructions and "two new" initiatives, while optimizing the business environment [12] Group 2 - Various technology companies are actively engaged in the production of advanced manufacturing components, such as smart industrial robots and new energy vehicle parts [1][6] - The textile industry is also contributing to exports, with companies producing fabrics for markets like Africa [2] - Environmental sustainability is being addressed by companies utilizing agricultural waste to produce eco-friendly materials [9]

在全球制造业智能化转型的浪潮中，中国工业机器人行业正迎来结构性变化。一方面，"智能化升级"与"设 备更新"政策红利持续释放，加速机器人向下沉市场渗透；另一方面，国产机器人技术平台不断升级，向汽 车、医药等高端场景开拓。 01 国产品牌登顶中国机器人市场第一 工业机器人作为推动全球制造业转型的关键驱动力，近年来取得了飞速的发展，中国工业机器人市场销量 从2015年的6.1万台增长至2024年的29.4万台，中国更是连续10多年稳居全球最大机器人市场宝座。随 着智能制造产业的发展，中国机器人市场进入调整期，行业迈入新增长阶段。 2015-2024年中国工业机器人整体市场销售规模推移（台） 数据来源：MIR DATABANK 注：*工业机器人产品包括：≤20kg 6-axis（包括其他垂直多关节）、>20kg 6-axis （包括其他垂直多关节） 、 据MIR DATABANK最新数据统计， 2025年Q1，中国工业机器人整体市场销量同比增长11.6%，国产机 器人渗透率同比提升2个百分点 。 埃斯顿机器人实现近20%的同比增长，占比中国机器人市场份额10.3% （注：含埃斯顿酷卓的市场份额） ， 成为首个登顶中国 ...

Core Viewpoint - The company, Estun Automation, reported a significant decline in revenue and net profit for the reporting period, primarily due to weakened market demand and increased competition in the automation and robotics sectors. The company aims to pivot towards solution-oriented services and expand its international presence to recover from these challenges [15][16][18]. Business Overview - Estun's business encompasses a full industry chain from automation core components and motion control systems to industrial robots and intelligent manufacturing systems, focusing on driving the transformation of China's manufacturing industry through automation, digitalization, and intelligence [5][4]. - The company operates two main business modules: automation core components and motion control systems, and industrial robots and intelligent manufacturing systems, serving various sectors including new energy, automotive, and electronics [5][8]. Financial Performance - For the reporting period, the company achieved sales revenue of 4.009 billion yuan, a year-on-year decrease of 13.83%. The industrial robots and intelligent manufacturing systems segment generated 3.032 billion yuan, down 16.04%, while the automation core components segment brought in 976 million yuan, down 6.13% [15][16]. - The overall gross margin for the company was 29.57%, a decline of 2.36 percentage points compared to the previous year, with specific margins for industrial robots and automation components also decreasing [17]. - The net profit attributable to the parent company was -810.44 million yuan, a staggering decline of 700.14% year-on-year, primarily due to lower revenue and increased operational costs [18]. Strategic Initiatives - The company plans to enhance its global footprint by expanding into markets in Europe, the Middle East, Southeast Asia, and the Americas, while also focusing on high-value product exports [16][20]. - Estun aims to strengthen its core business and market focus, analyze high-value customer needs, and explore niche market opportunities to build a differentiated competitive advantage [20]. - The company will continue to invest in research and development, with approximately 503 million yuan allocated, representing 12.55% of sales revenue, to maintain its technological leadership [19]. Accounting Policy Changes - The company has adopted a new accounting policy effective from April 1, 2024, which involves changes in how warranty-related costs are accounted for, impacting the presentation of financial statements [13][22][25].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.33 RMB [8][9]. Core Insights - The company reported a revenue of 4.009 billion RMB in 2024, a decrease of 13.83% year-on-year, and a net profit attributable to shareholders of -810.44 million RMB, a decline of 700.14% year-on-year, primarily due to goodwill impairment, declining market demand, and intensified industry competition [1][2]. - In Q1 2025, the company achieved a revenue of 1.244 billion RMB, an increase of 24.03% year-on-year, and a net profit of 13 million RMB, up 93.43% year-on-year, indicating a recovery in profitability [1][2]. - The company's gross margin for 2024 was 29.57%, down 2.36 percentage points year-on-year, with Q1 2025 gross margin at 28.27%, down 4.35 percentage points year-on-year, reflecting pressure from market competition and fixed cost rigidity [3]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been adjusted to 4.703 billion RMB, 6.062 billion RMB, and 7.862 billion RMB respectively, with net profit forecasts of 31.08 million RMB, 229.53 million RMB, and 369.85 million RMB respectively [5][7]. - The company is expected to maintain its leading position in the domestic industrial robot market, with a market share of 9.9% in Q1 2025, and is actively developing humanoid robots and related technologies [4][5]. Financial Metrics - The report provides key financial metrics, including a projected EPS of 0.04 RMB for 2025, a PE ratio of 515.85 for 2025, and a PB ratio of 8.81 for 2025 [7][18].

Group 1 - The company plans to apply for a credit limit of approximately RMB 225 million for disclosed external investment projects, including acquisition loans [1] - The comprehensive credit business scope includes loans, bank acceptance bills, financing guarantees, leasing, factoring, buyer's credit, supply chain financing, and foreign exchange derivatives [1] - The total guarantee amount provided by the company for its controlling subsidiaries in 2025 is expected to not exceed RMB 890 million, with specific limits based on the subsidiaries' debt ratios [1] Group 2 - The guaranteed entities include subsidiaries such as Nanjing Estun Robotics Engineering Co., Ltd., which has total assets of RMB 2.443 billion and a net profit of -RMB 11.739 million as of December 31, 2024 [2] - Cloos Holding GmbH, another subsidiary, has total assets of RMB 1.783 billion and a net profit of -RMB 1.512 million as of December 31, 2024 [4] - Estun Automation (Guangdong) Co., Ltd. has total assets of RMB 136.32 million and a net profit of -RMB 62,000 as of December 31, 2024 [5] Group 3 - The company has no overdue guarantees or related lawsuits, and the financial risks associated with the guarantees are considered controllable [17] - The board of directors believes that the application for comprehensive credit and guarantees will support the company's operational development and is in the overall interest of the company [18] - The supervisory board agrees with the proposed comprehensive credit limit of up to RMB 9.665 billion for 2025, which includes various financial services [19] Group 4 - The company intends to use idle funds for cash management, with a maximum balance of RMB 1 billion, investing in low-risk financial products [38] - The purpose of cash management is to improve fund utilization efficiency and ensure liquidity without affecting normal operations [39] - The company will not invest in high-risk securities or derivatives, focusing instead on short-term financial products [40] Group 5 - The company has completed the issuance of non-public shares, raising approximately RMB 794.99 million, with net proceeds of RMB 779.86 million after fees [52] - The company plans to use surplus funds from the non-public offering to permanently supplement working capital, totaling RMB 103.4 million [62] - The company has established a dedicated account for managing raised funds, ensuring compliance with regulations and protecting investor interests [54]

Core Insights - The company reported a revenue of 4.009 billion yuan for 2024, but faced net profit losses due to goodwill impairment, industry demand fluctuations, and cost pressures. However, in Q1 2025, the company saw a significant improvement in profitability with a revenue of 1.244 billion yuan, a year-on-year increase of 24.03%, and a net profit of 12.63 million yuan, up 93.43% [1][2] Group 1: Financial Performance - In 2024, the company experienced a net profit loss due to various challenges, but in Q1 2025, it achieved a net profit of 12.63 million yuan, marking a 93.43% increase year-on-year [1] - The company's revenue for Q1 2025 was 1.244 billion yuan, reflecting a 24.03% year-on-year growth [1] - The company’s non-recurring net profit for Q1 2025 was 4.1674 million yuan, which is a 132.20% increase year-on-year [1] Group 2: Market Position and Growth - The company maintained a 20% year-on-year growth in industrial robot shipments in 2024, ranking second in China's industrial robot market and first among domestic brands [1] - In Q1 2025, the company became the top-selling brand in China's robot market, achieving a market share of 10.3% [1] - The overall market for industrial robots in China grew by 11.6% year-on-year in Q1 2025, with domestic robot penetration increasing by 2 percentage points [1] Group 3: Research and Development - The company invested 503 million yuan in R&D in 2024, accounting for 12.55% of its revenue, focusing on high-precision six-axis robots and flexible production line solutions [2] - The company successfully launched a 700kg heavy-duty robot, breaking technological barriers and being included in the Ministry of Industry and Information Technology's promotion directory [2] - The company aims to build a globally competitive R&D framework and has committed to long-term investments in innovation to maintain its technological leadership [2] Group 4: Global Expansion and Strategy - The company is actively expanding its global presence, with overseas revenue reaching 1.37 billion yuan in 2024, making up 34.16% of total revenue [2] - The company plans to focus on "global layout, strategic focus, technological breakthroughs, and operational efficiency" in its 2025 development strategy [2] - The company is also investing in "artificial intelligence + robotics" to leverage its experience and data in industrial applications [3]

市值管理制度 （2025年4月） 南京埃斯顿自动化股份有限公司 市值管理制度 南京埃斯顿自动化股份有限公司 第一章 总则 第一条 为加强南京埃斯顿自动化股份有限公司（以下简称"公司"）市值管理 工作，进一步规范公司的市值管理行为，维护公司、投资者及其他利益相关者的合 法权益，依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管 指引第 10 号——市值管理》《深圳证券交易所股票上市规则》等其他有关法律法规， 制定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理的基本原则包括： （一）合规性原则：公司应当在严格遵守相关法律法规、规范性文件、自律监 管规则以及《公司章程》等内部规章制度的前提下开展市值管理工作。 （二）系统性原则：公司应当按照系统思维、整体推进的原则，协同公司各业 务体系以系统化方式持续开展市值管理工作。 （三）科学性原则：公司依据市值管理的客观规律，制定科学的市值管理制度， 明确市值管理的机构与职责、方式与方法、预警监控机制及禁止事项，有计划有组 织地实施市值管理。 （四）常态性原则：上市 ...

2024 年度独立董事述职报告 冯虎田 南京埃斯顿自动化股份有限公司 2024 年度独立董事述职报告 （独立董事：冯虎田） 作为南京埃斯顿自动化股份有限公司（以下简称"公司"）独立董事，在 2024 年任职期间，本人严格按照《公司法》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》《公司章程》《独立董事制度》等规定和要求， 认真履行职责，出席董事会及股东大会，对会议议题进行认真审议，并对相关事 项发表意见，维护了公司及全体股东利益。现将 2024 年独立董事任职期间的工 作情况汇报如下： 一、独立董事的基本情况 1、独立董事工作履历、专业背景及兼职情况 本人冯虎田，1965 年出生，中国国籍，无永久境外居留权，工学博士研究 生学历。全国机械工业先进工作者。机械工业优秀创新团队带头人。国家科技重 大专项"高档数控机床及基础制造装备"总体组专家、数控机床功能部件责任专 家。现任南京理工大学机械工程学院教授、博士生导师。同时担任机械工业数控 机床功能部件性能测试与可靠性技术重点实验室主任、数控机床功能部件共性技 术工业和信息化部重点实验室主任、南京理工大学机器人研究所所长、中国机床 工具工 ...

2024 年度独立董事述职报告 汤文成 南京埃斯顿自动化股份有限公司 2024 年度独立董事述职报告 一、独立董事的基本情况 1、独立董事工作履历、专业背景及兼职情况 本人汤文成，1958 年出生，中国国籍，无永久境外居留权，博士研究生学 历，教授职称。1982 年 2 月毕业于南京工学院（现东南大学）留校任教至今， 曾任大树智能（430607.NQ)独立董事，现任三江学院副校长、精锻科技（300258.SZ） 独立董事。自 2020 年 7 月至今担任公司独立董事。 2、独立性说明 在担任公司独立董事期间，本人未直接持有公司的股份，与持有公司百分之 五以上股份的股东、实际控制人以及公司其他董事、监事及高级管理人员不存在 关联关系，未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司 担任任何职务，不存在影响独立董事独立性的情况，符合《上市公司独立董事管 理办法》《深圳证券交易所上市公司上市公司自律监管指引第 1 号——主板上市 公司规范运作》等法律、法规、规范性文件及《公司章程》《独立董事制度》 中 关于独立董事独立性的相关要求。 二、独立董事年度履职概况 1、出席董事会及股东大会会议情况 2024 ...

南京埃斯顿自动化股份有限公司 外汇套期保值业务管理制度 第三条 本制度所称外汇套期保值业务是以正常的生产经营为基础，在银行 等金融机构办理的规避和防范汇率风险为目的的外汇套期保值业务，包括远期结 售汇、外汇掉期、外汇互换、外汇期权及其他外汇衍生交易业务。 第二章 业务基本原则 第四条 公司进行外汇套期保值业务遵循合法、谨慎、安全和有效的原则，以 防控汇率风险为目的，以正常生产经营为基础，以具体经营业务为依托，以套期 保值为手段，不得进行单纯以盈利为目的的外汇交易。 南京埃斯顿自动化股份有限公司 外汇套期保值业务管理制度 （2025 年 4 月） 第一章 总则 第一条 为规范南京埃斯顿自动化股份有限公司（以下简称"公司"）外汇 套期保值业务，加强对外汇套期保值业务的管理，防范汇率波动风险，根据《中 华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》《公司章 程》等有关规定，结合公司具体实际，特制定本制度。 第二条 本制度适用于公司及下属全资子公司、 ...