埃斯頓二冲IPO，遭遇“双”下滑

Core Viewpoint - Estun Automation Co., Ltd. (referred to as "Estun") has submitted a second listing application to the Hong Kong Stock Exchange after a previous application lapsed in June 2025, aiming to leverage its position as a leading domestic industrial robot manufacturer in China [1][3]. Company Overview - Estun is a leading player in the Chinese industrial robot market, providing solutions to various manufacturing sectors including automotive, engineering machinery, and lithium battery industries. The company has maintained the highest shipment volume among domestic brands for several consecutive years [5]. - As of January 21, the total market capitalization of Estun was approximately 21.9 billion yuan [3]. Market Position - Estun achieved a historic milestone in the first half of 2025, surpassing foreign brands in domestic industrial robot shipments and ranking first in revenue among domestic companies. In 2024, Estun ranked sixth globally and in China by revenue, with market shares of 1.7% and 2%, respectively [5]. - The global industrial robot solutions market is projected to grow from $14.7 billion in 2020 to $25.4 billion in 2024, with a compound annual growth rate (CAGR) of 14.6%. The Chinese market is expected to grow from $6.9 billion to $12.7 billion during the same period, with a CAGR of 16.5% [10]. Financial Performance - Estun's revenue showed fluctuations during the reporting period from 2022 to 2025, with figures of 3.881 billion yuan, 4.652 billion yuan, 4.009 billion yuan, and 3.804 billion yuan, respectively. The net profit figures were 184 million yuan, 134 million yuan, -818 million yuan, and 30 million yuan, indicating a loss in 2024 [10][12]. - The company's gross margin has been declining, recorded at 32.9%, 31.3%, 28.3%, and 28.2% over the same period [13]. Product and Brand Portfolio - Estun has developed 95 types of industrial robots with payload capacities ranging from 3 kg to 1200 kg, including SCARA robots, collaborative robots, and specialized robots for various applications [11]. - The company owns multiple brands, including Estun, Cloos, Trio, and M.A.i, enhancing its capabilities in high-end motion control and intelligent manufacturing systems [6][7]. IPO Fund Utilization - The funds raised from the IPO are intended for expanding global production capacity, seeking strategic alliances, investing in R&D for next-generation industrial robot technologies, enhancing global service capabilities, repaying existing loans, and general corporate purposes [8].