Investment Rating - The report assigns a 12-month rating of "Sell" for Estun Automation with a price target of Rmb10.30, while the current price is Rmb19.38 [4][23]. Core Insights - Estun Automation has set net income targets of Rmb100 million, Rmb120 million, and Rmb140 million for the years 2025, 2026, and 2027 respectively, which may bolster investor confidence regarding its recovery from previous net losses [3]. - The company is planning an H-share listing as part of its globalization strategy and to enhance business development [2][3]. Financial Metrics - The company’s market capitalization is Rmb16.9 billion (approximately US$2.34 billion) with 870 million shares outstanding [4]. - Revenue projections show growth from Rmb4.918 billion in 2024E to Rmb8.108 billion by 2028E [6]. - Net earnings are expected to improve from Rmb8 million in 2024E to Rmb332 million by 2028E [6]. - The average daily trading volume is approximately 28,889 thousand shares, with an average daily value of Rmb626.3 million [4]. Profitability and Valuation - The EBIT margin is projected to increase from 1.8% in 2024E to 6.0% by 2028E, indicating improving profitability [6]. - The company’s net debt to EBITDA ratio is forecasted to be 10.4x in 2024E, suggesting a high level of leverage [4]. - The P/E ratio is expected to decrease from a non-measurable (NM) status in 2024E to 50.8x by 2028E [6]. Company Overview - Estun Automation, founded in 1993, specializes in CNC systems, AC servos, industrial robots, and intelligent manufacturing, positioning itself as a leading domestic manufacturer in high-end intelligent equipment [8].

Group 1 - Weijie Chuangxin plans to reduce its shareholding by up to 3%, amounting to no more than 12.91 million shares, due to personal funding needs [1] - Lier Chemical's major shareholder intends to reduce its stake by up to 3%, equivalent to no more than 24.01 million shares, for investment returns [1] - Helin Micro-Nano's controlling shareholder plans to reduce its shareholding by up to 1.5%, which is no more than 1.75 million shares, due to personal funding needs [2] Group 2 - Yifan Pharmaceutical received drug registration certificates for two products, indicating a focus on oncology and leukemia treatments [3] - *ST Jinbi is planning a change in control, leading to a temporary suspension of its stock trading [4] - Kexing Pharmaceutical's shareholder plans to reduce its stake by up to 3%, amounting to no more than 5.90 million shares, to optimize the equity structure [7] Group 3 - Li New Energy plans to invest approximately 1.25 billion yuan in three independent energy storage projects [7] - Kingsoft Office intends to acquire the remaining 31.98% stake in its subsidiary for 254 million yuan, aiming for full ownership [8] - Northeast Pharmaceutical received a CEP certificate from the European Medicines Agency for an antibiotic raw material, enhancing its product credibility [9] Group 4 - Tai'er Co. announced the lifting of a detention order on its controlling shareholder, changing it to a notice of supervision [10] - Runjian Co. won a bid for a solar power project worth approximately 83.92 million yuan, highlighting its role in the energy sector [11] - Jiuan Medical plans to register and issue medium-term notes and short-term financing bonds, with a total scale of up to 35 billion yuan and 5 billion yuan respectively [12] Group 5 - Wanma Co.'s chairman resigned due to work adjustments, but will remain as a board member [13] - Changhua Chemical plans to transfer 1% of its shares through an inquiry transfer method due to personal funding needs [14] - Jinkai Biotechnology's two shareholders plan to reduce their combined stake by up to 4%, totaling 481.6 thousand shares [15] Group 6 - Aeston plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy [16] - Maiwei Biotechnology's chairman proposed a share buyback plan with a total amount between 25 million and 50 million yuan [17] - Montai High-tech's specific shareholders and executives plan to reduce their stake by up to 3.03%, citing personal funding needs [18] Group 7 - *ST Dongjing's stock will resume trading after a change in control, with a new actual controller [20] - Tongdahai's major shareholders plan to reduce their combined stake by up to 3.57%, totaling 345.24 thousand shares [23]

Core Viewpoint - The company, Estun, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, accelerate overseas business development, and improve its international brand image and core competitiveness [1][2]. Group 1: H-Share Issuance and Listing - Estun's board approved the proposal for issuing H-shares and listing on the Hong Kong Stock Exchange during meetings held on June 3, 2025 [1]. - The company has appointed KPMG Hong Kong as the auditing firm for this issuance and listing [1]. - The issuance and listing are subject to approval from the shareholders' meeting and various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange, indicating significant uncertainty regarding the implementation [2]. Group 2: Financial Performance - In 2024, Estun reported a revenue of 4.009 billion yuan, a decrease of 13.83% compared to the previous year [4][5]. - The net profit attributable to shareholders was -810.44 million yuan, a decline of 700.14% from a profit of 135.04 million yuan in the previous year [4][5]. - The net profit after excluding non-recurring gains and losses was -835.67 million yuan, compared to a profit of 85.00 million yuan in the previous year [4][5]. - The net cash flow from operating activities was -73.58 million yuan, a significant drop of 346.29% from a positive cash flow of 29.88 million yuan in the previous year [4][5].

Market Overview - US stock indices closed mixed, with the Dow Jones down 0.22%, Nasdaq up 0.32%, and S&P 500 up 0.01% [2] - Major tech stocks showed varied performance, with Meta rising over 3% and Tesla falling over 3% [2] - The Nasdaq Golden Dragon China Index rose 2.04%, with notable gains in Chinese stocks like NIO and Alibaba [2] European Market - Major European indices closed higher, with Germany's DAX up 0.7%, France's CAC40 up 0.58%, and the UK's FTSE 100 up 0.16% [3] Urban Renewal Support - The central government plans to allocate over 20 billion yuan to support urban renewal actions in 20 cities, including Beijing and Tianjin, to address infrastructure shortcomings [4] AI Industry Development - The Ministry of Industry and Information Technology is focusing on promoting the AI industry and its integration into new industrialization, emphasizing a collaborative approach to strategy and policy implementation [5] New Power System Initiatives - The National Energy Administration announced pilot projects for new power system construction, focusing on various innovative technologies and models [6] Autonomous Driving Standards - A proposal for a mandatory national standard on safety requirements for intelligent connected vehicle driving assistance systems is under consideration [7] Virtual Asset Derivatives in Hong Kong - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors, aiming to enhance market product offerings [8] HPV Vaccine Approval - China's first nine-valent HPV vaccine has been approved for market release, breaking a long-standing foreign monopoly [9] Quantum Communication Breakthrough - A Chinese research team has successfully completed module-level verification of a star-ground quantum direct communication system, marking a significant advancement in quantum communication technology [10] Economic Outlook - The Federal Reserve's latest Beige Book indicates a slight decline in US economic activity, with rising policy uncertainty and inflationary pressures affecting businesses and consumers [11] Tesla Sales Decline - Tesla's sales in China for May fell by 15% year-on-year, amidst a broader increase in the new energy vehicle market [26]

Group 1 - The company, Estun, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its global strategy and enhance its international brand image and core competitiveness [1] - Estun's main business segments include automation core components, motion control systems, industrial robots, and intelligent manufacturing systems, targeting various industries such as new energy, automotive, and logistics [1] - The company aims to achieve a 20% year-on-year growth in industrial robot shipments in 2024, outperforming the industry growth rate, and ranks second in China's industrial robot market by shipment volume [1] Group 2 - In 2023, Estun has accelerated its international development strategy, establishing 75 service outlets globally, and has obtained various international safety certifications [2] - The company's overseas sales revenue for 2024 is projected to be 1.37 billion yuan, a 14.1% decline year-on-year, accounting for 34.16% of total revenue [2] - Estun plans to expand into markets in Europe, America, the Middle East, and Southeast Asia, focusing on opportunities with leading domestic clients in the new energy and lithium battery sectors [2] Group 3 - In Q1 2025, Estun achieved 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% year-on-year [3] - The company's market share in industrial robots increased, achieving the top position in China's robot market shipments for the first time [3]

南京埃斯顿自动化股份有限公司 2、限制性股票分配情况 | | | 获授的限制 | 占本激励计划 | 占本激励计划 | | --- | --- | --- | --- | --- | | 姓名 | 职务 | 性股票数量 | 拟授出全部权 | 草案公布日股 | | | | （万股） | 益数量的比例 | 本总额的比例 | | 诸春华 | 董事、副总经理 | 6.00 | 0.80% | 0.007% | | 周爱林 | 董事、副总经理 | 6.00 | 0.80% | 0.007% | | 何灵军 | 董事、副总经理、财 务总监 | 6.00 | 0.80% | 0.007% | | 陈银兰 | 董事 | 6.00 | 0.80% | 0.007% | | ZHANGXING ZHU（朱樟 | 副总经理 | 6.00 | 0.80% | 0.007% | | 兴） | | | | | | 殷成钢 | 副总经理 | 6.00 | 0.80% | 0.007% | | 肖婷婷 | 董事会秘书 | 4.00 | 0.53% | 0.005% | | 核心技术及骨干人员、董事会认为需 要激励的其他人员 | | 360.0 ...

证券简称：埃斯顿 证券代码：002747 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划 （草案）摘要 二〇二五年六月 1 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划（草案）摘要 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划（草案）摘要 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 2 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划（草案）摘要 特别提示 一、《南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励 计划（草案）》由南京埃斯顿自动化股份有限公司（以下简称"埃斯顿""公司" 或"本公司"）依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》《深圳证券交易所上市公司自律监管指南第 1 号—— 业务办理》和其他有关法律、行政法规、规范性文件，以及《公司章程》等有关 规定制订。 二、埃斯顿 2025 年股票期权与限制性股票激励计划（以下简称"本激励计 划"）包括股票期权激励计划和限制性 ...

南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划（草案） 证券简称：埃斯顿 证券代码：002747 1 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划（草案） 声明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 2 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划（草案） 特别提示 一、《南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励 计划（草案）》由南京埃斯顿自动化股份有限公司（以下简称"埃斯顿""公司" 或"本公司"）依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》《深圳证券交易所上市公司自律监管指南第 1 号—— 业务办理》和其他有关法律、行政法规、规范性文件，以及《公司章程》等有关 规定制订。 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划（草案） 二〇二五年六月 六、本激励计划的有效期为自股票期权授权日和限制性股票授予日起至激励 对象获授的所有股票期权行权或注销和所有限制性股票解除限售或 ...

南京埃斯顿自动化股份有限公司 | 序号 | 事项 | 是否存在 该事项 （是/否/ | 备注 | | --- | --- | --- | --- | | | | 不适用） | | | | 上市公司合规性要求 | | | | 1 | 最近一个会计年度财务会计报告是否未被注册会计师出 | 是 | | | | 具否定意见或者无法表示意见的审计报告 | | | | 2 | 最近一个会计年度财务报告内部控制是否未被注册会计 | 是 | | | | 师出具否定意见或无法表示意见的审计报告 | | | | 3 | 上市后最近 36 个月内是否未出现过未按法律法规、公司 | 是 | | | | 章程、公开承诺进行利润分配的情形 | | | | 4 | 是否不存在其他不适宜实施股权激励的情形 | 是 | | | 5 | 是否已经建立绩效考核体系和考核办法 | 是 | | | 6 | 是否未为激励对象提供贷款以及其他任何形式的财务资 | 是 | | | | 助 | | | | | 激励对象合规性要求 | | | | 7 | 是否未包括单独或合计持有上市公司 5%以上股份的股 | 是 | | | | 东或实际控制人及其配偶、父母、 ...

上海信公轶禾企业管理咨询有限公司 关于 南京埃斯顿自动化股份有限公司 2025 年股票期权与限制性股票激励计划 （草案） 之 独立财务顾问报告 独立财务顾问： 二〇二五年六月 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 目 录 | 第一章 | 声 明 1 | | | --- | --- | --- | | 第二章 | 释 义 3 | | | 第三章 | 基本假设 5 | | | 第四章 | 本激励计划的主要内容 6 | | | | 一、本激励计划拟授出的权益形式及涉及的标的股票来源及种类 | 6 | | | 二、本激励计划授予权益的总额 | 6 | | | 三、本激励计划的相关时间安排 | 6 | | | 四、本激励计划的行权价格和授予价格 | 11 | | | 五、本激励计划的授予与行权/解除限售条件 | 12 | | | 六、本激励计划的其他内容 | 19 | | 第五章 | 独立财务顾问意见 20 | | | | 一、关于本激励计划是否符合政策法规规定的核查意见 | 20 | | | 二、关于埃斯顿实行本激励计划可行性的核查意见 | 20 | | | 三、关于激励对象范围和资格的核查意见 | 2 ...