ESTUN AUTOMATION(SZ:002747) Chang Jiang Shang Bao·2025-10-21 23:41Core Viewpoint - Estun, a leading domestic industrial robot company, is divesting assets to optimize resource allocation and focus on its core business amid financial pressures and a recent history of losses [1][6]. Group 1: Asset Divestiture - Estun announced the sale of a 48% stake in Yangzhou Shuguang to Xinhongye for 245 million yuan, following a previous sale of 20% of the same company four months prior, totaling 338.8 million yuan in cash recovery [1][4]. - The overall valuation of Yangzhou Shuguang increased by approximately 9% from 468 million yuan to 510 million yuan between the two transactions [4]. - After the completion of the latest transaction, Estun will no longer hold any equity in Yangzhou Shuguang, which will no longer be included in the consolidated financial statements [4]. Group 2: Financial Performance - In 2024, Estun reported a revenue of 4.009 billion yuan, a year-on-year decline of 13.83%, and a net loss of 810 million yuan, marking the first loss since its listing in 2015 [6][7]. - For the first half of 2025, Estun achieved a revenue of 2.549 billion yuan, a year-on-year increase of 17.5%, but reported a net loss of 1.7628 million yuan, although this represented an 81.85% reduction in losses compared to the previous year [1][6]. - As of June 2025, Estun's total assets were 10.927 billion yuan, with a debt ratio of 81.84% and cash reserves of 1.459 billion yuan against interest-bearing debts of 4.841 billion yuan [7]. Group 3: Strategic Initiatives - Estun is pursuing an IPO in Hong Kong to enhance its global strategy and accelerate overseas business development, having submitted its application to the Hong Kong Stock Exchange [7]. - The company plans to inject 220 million yuan into its wholly-owned subsidiary, Dingpai Electromechanical, which will subsequently invest 2.5 million euros into its wholly-owned subsidiary, Cloos Holding, to support its operations and reduce financial costs [2][7].