ESTUN AUTOMATION(SZ:002747) Zheng Quan Shi Bao Wang·2026-01-19 10:21Core Viewpoint - Estun is resuming its IPO process in Hong Kong, aiming to become the first industrial robot stock in the Hong Kong market, enhancing its global competitiveness and brand recognition through an "A+H" dual capital platform [1][5]. Group 1: Company Overview - Estun is a leading Chinese industrial robot manufacturer, covering the entire industry chain from automation core components to intelligent manufacturing systems, with a strong market presence in sectors like new energy, 3C electronics, and automotive [1]. - The company has ranked first in domestic industrial robot shipments for several consecutive years and is positioned sixth globally among manufacturers [1]. Group 2: Technological Innovation - Estun invests around 10% of its revenue in R&D, employing over 1,000 researchers and holding 614 patents, including 250 invention patents [2]. - The company is integrating AI with robotics, enhancing its adaptability and self-evolution capabilities, and has developed a proprietary AI control system architecture [2]. Group 3: Digital Solutions - Estun has launched an innovative industrial internet platform, E-Care, for remote maintenance and smart management, and E-Noesis for quality detection and fault analysis, showcasing its commitment to driving automation upgrades [3]. Group 4: Global Expansion - The company is accelerating its global layout and targeting high-end markets, having received international safety certifications and expanding its product matrix through acquisitions [4]. - Estun's overseas revenue reached 1.118 billion yuan, accounting for 29.4% of total revenue in the first three quarters of 2025 [4]. Group 5: Market Trends - The global industrial robot market is projected to grow at a CAGR of 11.2%, driven by increasing demand for automation and AI integration [6]. - Estun is well-positioned to benefit from the dual drivers of market expansion and domestic brand emergence, with a comprehensive product matrix covering various load capacities [6]. Group 6: Application Scenarios - The company is expanding its applications in automotive manufacturing, metal processing, and battery production, with notable achievements in delivering high-load robots and integrated solutions [7]. - Estun has introduced the iER series robots and iER.OS system, enhancing its capabilities in intelligent analysis and decision-making [7]. Group 7: Future Outlook - With the support of the "A+H" dual capital platform, Estun is expected to drive breakthroughs in high-end products and global layout, contributing to the intelligent upgrade of global manufacturing [8].