埃斯顿赴港IPO：巨亏8亿、短债高企与外资撤离下的“破局”之问

Core Viewpoint - Nanjing Estun Automation Co., Ltd. is facing significant challenges as it prepares for its IPO on the Hong Kong Stock Exchange, including a sharp decline in performance, heavy debt burdens, and foreign capital withdrawal [1][8]. Financial Performance - In 2024, the company reported revenue of 4.009 billion yuan, a decrease of 13.8% from 2023, and a net loss of 810 million yuan, a staggering decline of 700.1% year-on-year [3][4]. - The company's core business, industrial robots and intelligent manufacturing systems, saw a revenue drop of 16.04% in 2024, with significant declines in sales from its subsidiary in Germany and the photovoltaic sector [3]. - The company recorded asset impairments totaling 467 million yuan, exacerbating its overall losses [3]. Research and Development - Despite financial struggles, the company maintains high R&D expenditures, with amounts of 308 million yuan, 389 million yuan, and 442 million yuan from 2022 to 2024, reflecting increases of 26.3% and 13.84% in 2023 and 2024, respectively [6]. - The company aims to enhance its competitive edge through technological innovation and high-value products, although the high R&D costs are currently a burden on profitability [6]. Debt Situation - The company's total liabilities increased from 5.181 billion yuan in 2022 to 8.248 billion yuan in 2024, with a significant rise in short-term debt [7]. - By the first quarter of 2025, total liabilities reached 9.053 billion yuan, with current liabilities at 6.387 billion yuan, indicating a cash flow challenge as operating cash flow turned negative in 2024 [7]. Foreign Investment Withdrawal - The company is experiencing a withdrawal of foreign capital, with significant reductions in holdings by foreign institutional investors since 2022, reflecting a decline in market confidence [8]. - The proportion of shares held by foreign investors dropped from 23.71% in 2022 to 2.21% by June 30, 2025, indicating a loss of interest from international investors [8].