调研速递|埃斯顿接受众多投资者调研，人形机器人与业绩成关注焦点

Core Viewpoint - Nanjing Estun Automation Co., Ltd. is focusing on dual-driven business development in humanoid robots and industrial automation, with significant investments in AI and robotics technology [1][4]. Business Layout - The company is enhancing its embodied intelligence technology and increasing R&D investment in the "AI + Robotics" sector, aiming to develop a control system architecture for AI applications [1]. - Estun has core capabilities in the R&D and manufacturing of autonomous key components and robot bodies, and is collaborating with CoolZhu to enrich its product portfolio and technology layout [1][2]. Performance and Financials - For the first half of 2025, the company reported a sales revenue of 2.549 billion yuan, a year-on-year increase of 17.50% [3]. - Revenue from industrial robots and intelligent manufacturing systems reached 2.092 billion yuan, up 26.54%, while revenue from automation core components declined by 11.50% to 456 million yuan [3]. - Domestic revenue was 1.8 billion yuan, growing by 25.31%, while overseas revenue was 749 million yuan, increasing by 2.18% [3]. - The company achieved a market share of 10.5% in industrial robot shipments, surpassing foreign brands, with rapid growth in the automotive, electronics, and lithium battery sectors [3]. Market Outlook and R&D Planning - The industrial automation market is experiencing a recovery, with high growth in downstream industries such as automotive, electronics, and lithium batteries, indicating significant growth potential for the industrial robot market in 2025 [4]. - The company plans to allocate more resources to high-barrier, high-tech industrial robot applications, developing products for emerging and high-barrier industries to enhance competitiveness [4]. Production Capacity and Lighthouse Factories - Estun is involved in the construction of several lighthouse factories in the lithium battery, photovoltaic, coal machinery, and engineering machinery sectors, showcasing its capability to provide solutions for digitalization, intelligence, and green transformation in manufacturing [5]. - The German factory of CoolZhu currently has sufficient orders and can dynamically adjust production capacity based on market demand [5]. - The second-generation humanoid robot Codroid02 is undergoing small-scale verification in industrial scenarios [5].