埃斯顿通过港交所上市聆讯。 ...

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聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本聆訊後資料集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） 的聆訊後資料集 警告 本聆訊後資料集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。 本聆訊後資料集為草擬本，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 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 (the "Company") (A joint stock company ...

Group 1 - The core point of the announcement is that Estun has disclosed a total guarantee amount of 890 million yuan, which accounts for 49.76% of the net assets attributable to shareholders of the listed company as of December 31, 2024 [2] - The actual guarantee balance incurred by the company and its subsidiaries is 147.6828 million yuan, representing 8.26% of the net assets attributable to shareholders of the listed company as of December 31, 2024 [2] - The guarantees are primarily provided for the daily production and operation as well as the development of the company and its subsidiaries within the consolidated financial statements [2] Group 2 - The company and its subsidiaries have no overdue external guarantees, nor are there any lawsuits arising from overdue guarantees, and there are no losses incurred due to judgments against guarantees [2]

南京埃斯顿自动化股份有限公司 股票代码：002747 股票简称：埃斯顿 公告编号：2026-006号 本次担保事项在 2024 年年度股东大会审议批准范围内，无需再提交公司董 事会及股东会审议。 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 南京埃斯顿自动化股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日、 2025 年 5 月 21 日召开的第五届董事会第十三次会议及 2024 年年度股东大会， 审议通过了《关于公司及子公司 2025 年度申请综合授信额度及担保预计的议 案》，同意公司及子公司 2025 年度向金融机构申请综合授信额度总计不超过人民 币 96.65 亿元，在上述额度内滚动使用。同时同意公司对于前述额度内的综合授 信，为控股子公司提供总额度不超过 8.90 亿元的担保，其中，为资产负债率未 超过 70%的被担保对象提供的担保额度为 6.90 亿元，为资产负债率超过 70%的被 担保对象提供的担保额度为 2 亿元。被担保主体将根据实际发生的担保需要，在 公司合并报告范围内各主体 ...

Core Viewpoint - Nanjing's Innovation Financial Reform Pilot Zone has significantly improved its comprehensive score from 82.46 to 95.49 over three years, indicating a strong enhancement in financial service capabilities and technological innovation [1] Group 1: Financial Service System Development - Nanjing has established 70 specialized organizations for innovation finance, creating over 200 exclusive products and forming a service structure characterized by specialized institutions and products [2] - The city has set up 23 innovation finance service stations and 9 university technology finance studios, serving over 10,000 technology enterprises and facilitating financing exceeding 30 billion [2] - A continuous roadshow platform has been created, with over 1,000 events held, facilitating financing of more than 10 billion [2] Group 2: Improvement of Financial Service Quality - A comprehensive intellectual property financial service system has been established, achieving over 40 billion in intellectual property pledges since the pilot zone's approval [3] - A special action for first loans to technology enterprises has been initiated, providing over 2 billion in first loans to more than 600 previously unbanked technology firms [3] - New mechanisms for investment and loan linkage have been developed, including innovative financing tools and policies to support agricultural technology development [3] Group 3: Direct Financing Development - A total of 52 funds have been established with a combined scale of 135.65 billion, including a 10 billion mother fund set up by a major group [4] - Policies have been introduced to facilitate mergers and acquisitions, with a target of 90 transactions and a total value of 44.92 billion by 2025 [4] - The issuance of technology innovation bonds has reached 17.64 billion, accounting for 33.4% of the provincial total [4] Group 4: Strengthening Technology Empowerment in Finance - Nanjing is focusing on digital financial infrastructure and has established joint innovation laboratories with major banks [5] - The city has launched a data asset fund of 1.5 billion and completed the first data asset-backed securities project in the country [6] Group 5: Supporting Industrial Technological Innovation - A high-level industrial technology innovation platform has been established, with a focus on key industries and technology transfer centers [7] - The software and information service industry has become a trillion-level industry, supported by long-term capital [7] - Nanjing has formed partnerships with leading companies in various sectors, achieving significant market shares in key technologies [7]

Core Viewpoint - The industrial robot industry in China is experiencing significant growth, with a projected production increase and a strong market outlook for the coming years [1] Group 1: Industry Overview - According to the National Bureau of Statistics, the production of industrial robots in China is expected to reach 90,000 units by December 2025, representing a year-on-year growth of 14.7% [1] - The cumulative production of industrial robots in China from January to December 2025 is projected to be 773,000 units, reflecting a cumulative growth of 28% [1] Group 2: Companies Involved - Key listed companies in the industrial robot sector include: Robot (300024), Estun (002747), New Times (002527), Tosida (300607), Huichuan Technology (300124), Huazhong CNC (300161), Jasic Technology (300193), Yawen Co. (002559), TuoShan Heavy Industry (001226), and Haozhi Electromechanical (300503) [1] Group 3: Research and Reports - Zhiyan Consulting has released a report titled "Research on Competitive Strategies and Future Prospects of China's Industrial Robot Industry from 2026 to 2032," indicating a focus on strategic insights and market forecasts for the industry [1]

Summary of China Industrial Robot & Automation Landscape (4Q25) Industry Overview - The total industrial automation (IA) market experienced a decline of -3% year-over-year (yoy) in 4Q25, with project/OEM markets at -6% and +1% yoy respectively. The full year 2025 showed a modest decline of -1% yoy, contrasting with Goldman Sachs' estimate of 0% growth [25][27]. - Total industrial robot (IR) sales reached 92,000 units in 4Q25, reflecting an increase of +18% yoy and +14% quarter-over-quarter (qoq). The full year 2025 sales growth was +14% yoy, totaling 336,000 units [25][30]. Market Share Insights - Domestic players maintained a majority market share of 54% in the IR market for 4Q25, a slight increase of +1 percentage point (pp) yoy but a decrease of -1 pp qoq. This share remained consistent for the full year 2025 [25][40]. - FANUC and Kuka (Midea) ranked as the top two players in the IR market, with ESTUN dropping to No. 3 with a 10% market share, and Inovance at No. 4 with a 9% share [25][40]. Segment Performance - **Small 6-axis Robots**: Domestic market share fell to 55% (-2 pp qoq/-1 pp yoy). FANUC led with a 13% share, while ESTUN and Inovance held 11% and 5% respectively [25][40]. - **Large 6-axis Robots**: Domestic share decreased to 30% (-3 pp qoq/-3 pp yoy). ESTUN maintained a 15% share, while Inovance improved to 3% [25][40]. - **SCARA Robots**: Domestic players held 58% of the market (-1 pp qoq/+3 pp yoy), with Inovance leading at 28% [25][40]. Component Market Insights - Inovance led the IA components market with a 27% share in servo motors, a decline of -4 pp qoq and yoy. It also held a 19% share in low-voltage inverters, down -3 pp qoq but up +2 pp yoy [26][40]. - The company ranked No. 4 in small PLCs with a 7% share, remaining flat qoq and yoy, and dropped to No. 6 in mid-to-large PLCs [26]. End-Market Growth - The 4Q25 showed significant growth in end-markets such as lithium batteries (+29% yoy), auto parts (+26% yoy), and semiconductor (+21% yoy). However, the solar sector lagged with a decline of -18% yoy [25][34]. Competitive Landscape - The competitive landscape remains intense, with domestic players facing pressure from both local and international competitors. The market dynamics are shifting rapidly, particularly in the SCARA and small 6-axis segments [25][40]. Key Takeaways - The industrial automation market is experiencing a downturn, but specific segments like industrial robots are showing resilience and growth. - Domestic players are maintaining a majority market share, but competition is intensifying, particularly from established international brands. - Growth in key end-markets indicates potential opportunities for recovery and expansion in the industrial automation sector. This summary encapsulates the critical insights from the 4Q25 report on the China Industrial Robot and Automation landscape, highlighting market trends, competitive dynamics, and growth opportunities.

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, indicating a positive outlook compared to the market [1]. Core Insights - The mechanical sector has shown strong performance, with a 9.68% increase in January, outperforming the CSI 300 index by 8.02 percentage points, ranking 8th among 30 major industries [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have experienced significant growth, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as leading companies in shipbuilding and mining metallurgy equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was robust, with a 9.68% increase, significantly outpacing the CSI 300 index [3][10]. - The sector's valuation is currently at a relatively high level, with the industry P/E ratio at 43.4 times, placing it in the 78.4th percentile of the past decade [15][19]. 2. Engineering Machinery - The engineering machinery sector is expected to see a recovery in 2026, driven by equipment replacement cycles and increasing domestic demand [20][41]. - Sales of excavators and loaders showed strong growth in December 2025, with excavator sales up 19.2% and loader sales up 30% year-on-year [20][28]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in December 2025 production [42]. - The humanoid robot industry is rapidly developing, with over 140 domestic companies and significant production expected in 2025 [42][45]. 4. Shipbuilding - The shipbuilding sector is stabilizing, with new ship price indices showing an upward trend and ongoing recovery in profitability for shipbuilding companies [50].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The mechanical sector has shown a strong performance, with a 9.68% increase in January, outperforming the Shanghai and Shenzhen 300 Index by 8.02 percentage points [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have seen significant gains, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as on humanoid robots and AIDC supporting equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was strong, with a 9.68% increase, ranking 8th among 30 major industries [3][10]. - The report highlights the recent upward trend in sub-sectors, particularly in photovoltaic and semiconductor equipment, which had previously been lagging [4][10]. 2. Engineering Machinery - The report indicates a positive outlook for the engineering machinery sector in 2026, driven by a recovery in demand and an ongoing equipment update cycle [20][41]. - Key statistics include a 19.2% year-on-year increase in excavator sales in December 2025, with total sales for the year reaching 235,257 units, a 17% increase [20][27]. - The report recommends focusing on leading companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG [41]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in production in December 2025, totaling 90,116 units [42][49]. - The humanoid robot industry is rapidly developing, with over 140 companies and more than 330 products launched in 2025, marking it as a year of mass production [42][44]. - The report emphasizes investment opportunities in leading companies and core component suppliers within the robotics sector [49]. 4. Shipbuilding - The shipbuilding sector shows signs of recovery, with new ship price indices stabilizing and ongoing profitability improvements for shipbuilding companies [50]. - In the first three quarters of 2025, China's shipbuilding output increased by 6.0%, maintaining a leading position globally [50].