埃斯顿二闯港交所：毛利率持续下滑、财务杠杆率上升，A股上市10余年已累计募资19.5亿元

Core Viewpoint - A股上市公司埃斯顿 has refiled its application for a secondary listing on the Hong Kong Stock Exchange, aiming to raise funds for global capacity expansion, strategic alliances, R&D investments, and debt repayment, despite experiencing significant financial volatility in recent years [1][6]. Group 1: Financial Performance - From 2022 to the first three quarters of 2025,埃斯顿's revenue fluctuated significantly, with a notable decline in both revenue and net profit in 2024, where revenue dropped by 13.82% and net profit turned negative at -818 million yuan [3][4]. - The company's financial leverage has increased sharply, with the debt-to-equity ratio rising from 0.96 in 2022 to 2.54 in 2024, indicating heightened financial risk [3][5]. - The overall gross margin has decreased from 32.9% in 2022 to 28.3% in 2024, reflecting increased competition and changes in product structure [3][4]. Group 2: Revenue Sources and Market Position - As of 2025,埃斯顿 has become the leading domestic industrial robot company in China, surpassing foreign brands in market share, with a global ranking of sixth and a market share of 1.7% [2][3]. - The majority of埃斯顿's revenue comes from the domestic market, accounting for 66.2% to 70.6% during the reporting period, with significant contributions from sectors such as automotive and heavy machinery [3][4]. - The company's revenue from industrial robots and intelligent manufacturing systems has increased, making up 82.5% of total revenue by 2025 [2][3]. Group 3: Operational Challenges - The net cash flow from operating activities turned negative in 2024, dropping from 714 thousand yuan in 2023 to -10.4 million yuan, primarily due to increased financing costs and depreciation [5][6]. - Inventory turnover days increased from 138 days in 2022 to 194 days in 2024, indicating challenges in inventory management and potential overstocking [6][8]. - The company has reported a significant increase in inventory write-downs, from 58.08 million yuan in 2022 to approximately 113 million yuan in 2024, further impacting profitability [6][8]. Group 4: Future Prospects and Strategic Initiatives - The funds raised from the proposed Hong Kong listing are intended to support business development and expansion, enhance the company's market position, and attract foreign investment [1][6]. -埃斯顿's production capacity utilization rates for industrial robots and automation components were 82.8% and 81.8% respectively as of Q3 2025, indicating room for growth despite current underutilization [8]. - The company is actively monitoring its goodwill impairment risks and has committed to annual assessments to manage potential financial impacts from its overseas subsidiaries [8].