Core Viewpoint - Nanjing Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company ranks first in the domestic industrial robot shipment volume among local enterprises and sixth globally by revenue in the industrial robotics sector [1][4]. Company Overview - Estun is a leading enterprise in China's industrial robotics sector, maintaining the highest shipment volume among domestic companies for several consecutive years. In the first half of 2025, Estun surpassed foreign brands in domestic market shipments, marking a historic achievement [4]. - The company provides industrial robots and intelligent manufacturing systems, as well as core automation components and motion control systems to various manufacturing sectors, including automotive, engineering machinery, heavy industry, and lithium battery production [4]. Financial Information - Revenue for the years ending December 31 and the nine months ending September 30 is as follows: - 2022: 3.88 billion RMB - 2023: 4.65 billion RMB - 2024: 4.01 billion RMB (projected) - 2025: 3.80 billion RMB (projected) [8] - The net profit/loss for the same periods is: - 2022: 183.56 million RMB (profit) - 2023: 133.63 million RMB (profit) - 2024: -817.69 million RMB (loss) - 2025: 29.70 million RMB (projected profit) [9] - Gross margin percentages for the years are: - 2022: 32.9% - 2023: 31.3% - 2024: 28.3% - 2025: 28.2% (projected) [11] Industry Overview - The global industrial robotics solutions market has seen significant growth, with revenue increasing from $14.7 billion in 2020 to a projected $25.4 billion in 2024, representing a compound annual growth rate (CAGR) of 14.6%. The market is expected to reach $51.8 billion by 2029, with a CAGR of 15.4% from 2024 to 2029 [12]. - China is a key driver of this growth, with the market size expected to grow from $6.9 billion in 2020 to $12.7 billion in 2024, reflecting a CAGR of 16.5%. By 2029, the market size in China is projected to reach $28.8 billion, with a CAGR of 17.8% from 2024 to 2029 [12].

Core Viewpoint - Nanjing Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company ranks first in China's industrial robot shipments and sixth globally by revenue in 2024, holding market shares of 1.7% and 2.0% respectively [1][3]. Company Overview - Estun is a leading enterprise in China's industrial robot sector, maintaining the highest domestic shipment volume for several consecutive years. In the first half of 2025, it surpassed foreign brands in domestic market shipments, becoming the first domestic company to lead in China's industrial robot solutions market [3]. - The company provides industrial robots and intelligent manufacturing systems, as well as core automation components and motion control systems to clients in various manufacturing sectors, including automotive, engineering machinery, heavy industry, and lithium batteries [3]. - Estun's industrial robots and intelligent manufacturing systems offer automation solutions that significantly enhance productivity, safety, and reliability in industrial environments. Its product portfolio includes general-purpose and specialized robots capable of executing repetitive, physically demanding, or hazardous tasks with high precision [3][4]. Financial Information - The company's revenue for the years ending December 31 and the nine months ending September 30 is as follows: - 2022: 3.88 billion RMB - 2023: 4.65 billion RMB - 2024: 4.01 billion RMB (projected) - 2025: 3.80 billion RMB (projected) [6][7]. - The net profit/loss for the same periods is: - 2022: 183.56 million RMB - 2023: 133.63 million RMB - 2024: -817.69 million RMB (projected) - 2025: 29.70 million RMB (projected) [8]. - The gross profit margins for the years are: - 2022: 32.9% - 2023: 31.3% - 2024: 28.3% (projected) - 2025: 28.2% (projected) [10]. Industry Overview - The global industrial robot solutions market has seen significant growth, with revenue increasing from $14.7 billion in 2020 to a projected $25.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 14.6%. This growth is expected to continue, with revenues projected to reach $51.8 billion by 2029, at a CAGR of 15.4% from 2024 to 2029 [11]. - China is a key driver of this market growth, with the industrial robot solutions market size expected to grow from $6.9 billion in 2020 to $12.7 billion in 2024, representing a CAGR of 16.5%. This momentum is anticipated to persist, with projections indicating a market size of $28.8 billion by 2029, at a CAGR of 17.8% from 2024 to 2029 [11].

Group 1 - The core point of the article is that Nanjing Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - Estun is recognized as a leading enterprise in the Chinese industrial robot sector, maintaining the top position in domestic industrial robot shipments for several consecutive years [1] - In the first half of 2025, Estun achieved a historic milestone by surpassing foreign brands in domestic industrial robot shipments, becoming the first domestic company to lead the Chinese industrial robot solutions market [1] Group 2 - According to Frost & Sullivan, Estun ranks first in revenue among industrial robot companies, and by 2024, it is positioned sixth globally and in China among all manufacturers, with market shares of 1.7% and 2.0% respectively [1]

据港交所1月15日披露，南京埃斯顿（002747）自动化股份有限公司(002747.SZ)向港交所主板递交上市 申请，华泰国际为其独家保荐人。该公司曾于2025年6月27日向港交所递交上市申请。 据招股书，埃斯顿是中国工业机器人领军企业。根据弗若斯特沙利文的资料，该公司在中国工业机器人 解决方案市场中，连续多年保持本土企业工业机器人出货量第一名。根据同一机构的资料，埃斯顿于 2025年上半年取得历史性突破，国内市场上工业机器人出货量超越外资品牌，成为首家登顶中国工业机 器人解决方案市场的国产机器人企业。按收入计，该公司亦跻身于工业机器人公司首位，按2024年收入 计，埃斯顿在全球市场及中国市场的所有制造商中均排名第六，市场份额分别为1.7%及2.0%。 ...

智通财经APP获悉，据港交所1月15日披露，南京埃斯顿自动化股份有限公司(002747.SZ)向港交所主板 递交上市申请，华泰国际为其独家保荐人。该公司曾于2025年6月27日向港交所递交上市申请。 据招股书，埃斯顿是中国工业机器人领军企业。根据弗若斯特沙利文的资料，该公司在中国工业机器人 解决方案市场中，连续多年保持本土企业工业机器人出货量第一名。根据同一机构的资料，埃斯顿于 2025年上半年取得历史性突破，国内市场上工业机器人出货量超越外资品牌，成为首家登顶中国工业机 器人解决方案市场的国产机器人企业。按收入计，该公司亦跻身于工业机器人公司首位，按2024年收入 计，埃斯顿在全球市场及中国市场的所有制造商中均排名第六，市场份额分别为1.7%及2.0%。 ...

格隆汇1月15日｜港交所文件显示，南京埃斯顿自动化股份有限公司向港交所提交上市申请书，独家保 荐人为华泰国际。 ...

每经AI快讯，1月15日，港交所显示，南京埃斯顿（002747）自动化股份有限公司向港交所提交上市申 请书，独家保荐人为华泰国际。 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或依賴該 等內容而引致的任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會 （「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公告，即表示 閣下知悉、接納並向本公司、其獨家保薦人、保薦人 兼整體協調人、整體協調人、顧問或包銷團成員表示同意： 1 (a) 於聯交所網站登載本公告，並不引致本公司、其獨家保薦人、保薦人兼整體 協調人、整體協調人、顧問或包銷團成員須於香港或任何其他司法權區進行 發售或配售活動的責任。概無保證本公司將進行發售或配售； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大更改。 閣下閱覽本文件，即表 示 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據向香港公司註冊處處長登 記的本公司招股章程作出投資決定。招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件所載資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁 ...

Group 1: Machinery Industry - In December 2025, the total sales of excavators in China increased by 19.2% year-on-year, with domestic sales and exports growing by 10.9% and 26.9% respectively. For the entire year of 2025, total excavator sales rose by 17.0%, with domestic and export sales increasing by 17.9% and 16.1% respectively [2] - In December 2025, total sales of loaders in China grew by 30.0% year-on-year, with domestic sales and exports increasing by 17.6% and 41.5% respectively. For the full year of 2025, total loader sales increased by 18.4%, with domestic and export sales rising by 22.1% and 14.6% respectively [2] - The growth in excavator and loader sales is attributed to the peak construction season and overseas channel restocking. The demand for machinery is expected to continue growing in 2026 due to ongoing replacement needs, contributions from projects, and trends towards electrification [2] Group 2: Robotics Industry - According to Omdia, Zhiyuan Robotics topped the global humanoid robot shipment rankings with over 5,100 units shipped, capturing 39% of the global market share. The top six companies in humanoid robot shipments in 2025 are all Chinese, accounting for 86.9% of global shipments [3] - Recent financing activities in the robotics sector include Qiangna Technology raising approximately 2 billion RMB, and Mobileye announcing a $900 million acquisition of the humanoid startup Mentee Robotic. Other companies like Lingxin Qiaoshou and Xingjiguan also completed new financing rounds [3] - New product launches include Boston Dynamics' new generation Atlas humanoid robot, which has entered production, and Xiaopeng Motors announcing the mass production of its humanoid robot in 2026 [5] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.9 percentage points to 50.1% in December 2025, indicating a return to expansion. This improvement is driven by the effects of policy implementation and pre-holiday inventory preparations [6] - The report maintains a "buy" rating for the machinery industry, highlighting the potential for sustained growth in performance for major machinery manufacturers due to resonating domestic and international demand [6] - The report suggests focusing on the engineering machinery sector (e.g., XCMG, SANY Heavy Industry) and the rapidly growing humanoid robotics sector (e.g., Estun, Greentech) as areas of significant investment opportunity [6]