上市10年首现巨亏 埃斯顿欲发H股“补血”

Core Viewpoint - The urgency for cash and the need to reduce debt levels are significant reasons for Estun's accelerated IPO in Hong Kong [1][5]. Financial Performance - Estun announced a significant net loss of 8.10 billion yuan in the previous year, marking a 700.14% decline in net profit, the first major loss since its listing [3][4]. - The company's revenue for the previous year was 40.09 billion yuan, down 13.83% year-on-year, with a gross margin of 29.57%, a decrease of 2.36 percentage points [3][4]. - The asset-liability ratio has increased sharply over the past three years, reaching 81.34% in 2024, with interest-bearing debt ratio at 43.10% [4]. Market Context - The overall demand for industrial robots in China has declined, with a projected sales volume of approximately 290,000 units in 2024, reflecting a year-on-year growth of only 3.9% [3]. - The competitive landscape in the robotics industry has intensified, leading to a struggle for market share among companies [3]. R&D and Strategic Initiatives - Despite financial losses, Estun maintained a high R&D expenditure of approximately 5.03 billion yuan in 2024, accounting for 12.55% of sales revenue [7]. - The company is focusing on developing embodied intelligence technologies and has launched the second-generation humanoid robot Codroid02 [6][7]. - Estun is also expanding its international market presence, particularly in Europe, and is targeting opportunities in the new energy vehicle sector [8]. IPO and Financing - Given the high asset-liability ratio, the likelihood of increasing debt is low, making the recent push for a Hong Kong IPO a strategic necessity for financing [5].