格隆汇2月27日丨埃斯顿(02715.HK)发布公告，公司拟全球发售9678万股H股，中国香港发售股份967.8 万股，国际发售股份8710.2万股(以上可予重新分配及视乎超额配股权行使与否而定)；2026年2月27日至 3月4日招股，预期定价日为3月5日；发售价将不超过每股发售股份17.00港元，H股的每手买卖单位将为 200股，华泰国际为独家保荐人；预期H股将于2026年3月9日开始于联交所买卖。 ...

Group 1 - The company, Estun, is set to launch an IPO from February 27 to March 4, 2026, offering 96.78 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, and an over-allotment option of 15% [1] - Estun has maintained its position as the leading domestic industrial robot manufacturer in China, achieving a historic milestone in the first half of 2025 by surpassing foreign brands in domestic market shipments [1] - By revenue, Estun ranks sixth among all manufacturers globally and in China, with market shares of 1.7% and 2.0% respectively for 2024 [1] Group 2 - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2024 and 2025 were RMB 3.881 billion, RMB 4.652 billion, RMB 4.009 billion, RMB 3.370 billion, and RMB 3.804 billion respectively [2] - Estun has secured cornerstone investment agreements with several investors, totaling approximately USD 66.91 million, indicating strong confidence in the company's business prospects [2] - The net proceeds from the global offering, assuming no exercise of the over-allotment option and a share price of HKD 16.18, are estimated to be around HKD 1.486 billion, with allocations for production capacity expansion, strategic alliances, R&D, service capability enhancement, loan repayment, and working capital [3]

Group 1 - The company, Estun, plans to launch an IPO from February 27 to March 4, 2026, offering 96.78 million H-shares at a price range of HKD 15.36 to HKD 17 per share, with 10% allocated for Hong Kong and 90% for international sales [1] - Estun is a leading player in the Chinese industrial robotics market, having achieved the highest domestic shipment volume of industrial robots among local companies, surpassing foreign brands in the first half of 2025 [1] - By revenue, Estun ranks sixth among all manufacturers globally and in China, with market shares of 1.7% and 2.0% respectively for 2024 [1] Group 2 - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2024 and 2025 were RMB 3.881 billion, RMB 4.652 billion, RMB 4.009 billion, RMB 3.370 billion, and RMB 3.804 billion respectively [2] - Estun has entered cornerstone investment agreements with several investors, including Harvest Oriental and Haitan Huayuan, totaling approximately USD 66.91 million, indicating strong confidence in the company's business prospects [2] Group 3 - Assuming no exercise of the over-allotment option and a share price of HKD 16.18, the net proceeds from the global offering are expected to be approximately HKD 1.486 billion [3] - The allocation of proceeds includes 25% for expanding global production capacity, 25% for strategic alliances and acquisitions, 20% for R&D to advance next-generation robotics, 10% for enhancing global service capabilities, 10% for repaying existing loans, and the remaining 10% for working capital and general corporate purposes [3]

南京埃斯頓自動化股份有限公司 ESTUN AUTOMATION CO., LTD （於中華人民共和國註冊成立的股份有限公司） 股份代號： 2715 獨家保薦人、保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 全球發售 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 96,780,000股H股（視乎超額配股權 行使與否而定） 香港發售股份數目 ： 9,678,000股H股（可予重新分配） 國際發售股份數目 ： 87,102,000股H股（可予重新分配及 視乎超額配股權行使與否而定） 最高發售價 ： 每股H股17.00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（須於申請時以港元 繳足，多繳款項可予退還） 面值 ： 每股H股人民幣1.00元 股份代號 ： ...

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [1] Core Views - The mechanical sector is experiencing a cyclical recovery, with significant growth in AI and humanoid robot industries [1][4] - In February, the CITIC mechanical sector rose by 6.01%, outperforming the CSI 300 index by 5.38 percentage points, ranking second among 30 CITIC primary industries [9] - Key sub-industries such as laser processing equipment, other transportation equipment, shipbuilding, boiler equipment, oil and gas equipment, engineering machinery, and 3C equipment saw gains exceeding 10% [4][9] Summary by Sections 1. Mechanical Sector Market Performance - As of February 25, 2026, the CITIC mechanical sector increased by 6.01%, outperforming the CSI 300 index [9] - The top-performing sub-industries in February included laser processing equipment and shipbuilding, with most gains exceeding 10% [4][9] 2. Engineering Machinery - January excavator sales reached 18,708 units, a year-on-year increase of 49.5% [18] - The report highlights a sustained recovery in the engineering machinery sector, with leading companies expected to see accelerated performance recovery [33] 3. Robotics - The production of industrial robots in December reached 90,116 units, marking a 14.7% year-on-year increase [36] - The humanoid robot sector is entering a rapid development phase, with significant investments and advancements in technology [47] 4. Shipbuilding - In 2025, China's shipbuilding industry maintained a leading global market share, with a completion volume of 53.69 million deadweight tons, a year-on-year increase of 11.4% [50]

Core Viewpoint - Estun's stock performance shows a slight decline, with a trading volume of 485 million yuan and a net financing purchase indicating low financing levels compared to historical data [1] Financing and Margin Trading - On February 25, Estun had a financing buy amount of 41.71 million yuan and a financing repayment of 32.30 million yuan, resulting in a net financing purchase of 9.41 million yuan [1] - The total margin trading balance for Estun reached 626 million yuan, with the financing balance accounting for 2.97% of the circulating market value, which is below the 20th percentile of the past year [1] - In terms of securities lending, Estun repaid 67,100 shares and sold 9,000 shares on February 25, with a selling amount of 218,000 yuan, while the remaining securities lending balance was 358,460 yuan, indicating a high level compared to the past year [1] Company Overview - Estun Automation Co., Ltd. is located in Jiangning District, Nanjing, Jiangsu Province, and was established on February 26, 2002, with its listing date on March 20, 2015 [1] - The company specializes in the research, production, and sales of high-end intelligent machinery and core control components, providing customized automation control solutions [1] - The main business revenue composition includes 82.09% from industrial robots and intelligent manufacturing systems, and 17.91% from automation core components and motion control systems [1] Financial Performance - As of September 30, Estun reported a total revenue of 3.804 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 12.97% [2] - The net profit attributable to shareholders reached 29.00 million yuan, showing a significant increase of 143.48% compared to the previous period [2] Shareholder Information - As of September 30, the number of Estun shareholders decreased by 7.92% to 114,300, while the average circulating shares per person increased by 8.60% to 6,846 shares [2] - The top ten circulating shareholders include significant increases in holdings by Hong Kong Central Clearing Limited and various ETFs focused on robotics, indicating growing institutional interest [3]

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].

Core Viewpoint - Nanjing Estun Automation Co., Ltd. (Estun) is set to list on the Hong Kong Stock Exchange, maintaining its position as the leading domestic company in China's industrial robot shipment volume for several consecutive years [1][4]. Company Overview - Estun is a leading enterprise in China's industrial robotics sector, focusing on the research, development, manufacturing, and sales of industrial robots, intelligent manufacturing systems, and automation core components [4][5]. - The company has achieved a historic milestone by surpassing foreign brands in industrial robot shipments in the domestic market by the first half of 2025, becoming the first domestic robot company to top the market [4]. Market Position - According to Frost & Sullivan, Estun ranks sixth among all manufacturers globally and in China by revenue in the industrial robotics sector, with market shares of 1.7% and 2.0% respectively for 2024 [4]. - The company offers a comprehensive range of products, including general-purpose and specialized robots, which can perform high-precision tasks independently [5]. Financial Performance - For the fiscal years ending December 31 and the nine months ending September 30, Estun reported revenues of approximately RMB 3.88 billion, RMB 4.65 billion, RMB 4.01 billion, and RMB 3.80 billion for 2022, 2023, 2024, and 2025 respectively [6][7]. - The company recorded profits of approximately RMB 184 million, RMB 134 million, a loss of RMB 818 million, and a profit of RMB 30 million for the same periods [6][7]. Strategic Advantages - Estun has established a competitive edge through strategic global acquisitions and self-developed core technologies, creating a multi-brand matrix and covering various application scenarios [6]. - As of September 30, 2025, the company operates 75 service outlets globally and seven manufacturing bases, ensuring efficient customer response and consistent quality [6].