Core Insights - China's total import and export value is expected to exceed 45 trillion yuan by 2025, marking a historic high and showcasing the immense potential of the Chinese economy [1] Group 1: Supporting Factors for Foreign Trade - The shift towards new and superior products is evident, with net exports of industrial robots and strong growth in exports of green products like the "new three samples," alongside traditional home appliance companies expanding into overseas markets [2] - China's status as the world's second-largest consumer and import market is highlighted, with imports exceeding 18 trillion yuan last year, indicating significant market space and growth expectations [2] - The expansion of trade partnerships with over 240 countries and regions, including deep cooperation with Latin American countries in manufacturing and agriculture, reflects the increasing diversification of China's foreign trade [2] Group 2: Economic Impact - High-quality development and high-level openness in China are expected to inject more stability and positive energy into global economic development [3]

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 與 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 意 見，並 明 確 表 示 概 不 就 因 本 申 請版本全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Guangdong Topstar Technology Co., Ltd. 廣東拓斯達科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣 下 知 悉、接 納 並 向 本 公 司、本 公 司 的 獨 家 保 薦 人、獨 家 保 薦 人 兼 整 體 協 調 人、整 體 協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項 ...

Core Viewpoint - The company, Lanjian Intelligent, emphasizes its competitive advantages in self-research and production across the entire product chain, focusing on industrial robots and related equipment [1] Group 1: Competitive Advantages - Self-research and self-manufacturing of the entire product chain: The majority of the company's industrial robot products are self-developed and manufactured, including core devices such as shuttle robots, storage robots, and handling robots, as well as shelves, conveyor equipment, and motion controllers, which allows for cost control [1] - Technological innovation: The company aims to create superior products by enhancing product performance and quality through design and process optimization, while also saving energy and materials [1] - Solution innovation: The company selects the most suitable solutions from a technical perspective to provide the highest quality services [1]

Core Viewpoint - Nanjing Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company ranks first in China's industrial robot shipments and sixth globally by revenue, with market shares of 1.7% and 2.0% respectively in 2024 [1][4]. Company Overview - Estun is a leading enterprise in China's industrial robot sector, maintaining the highest domestic shipment volume for several years. In the first half of 2025, it surpassed foreign brands in domestic market shipments, becoming the first domestic company to lead in China's industrial robot solutions market [4]. - The company provides industrial robots and intelligent manufacturing systems, as well as core automation components and motion control systems to clients in various manufacturing sectors, including automotive, engineering machinery, heavy industry, and lithium batteries [4]. - Estun's industrial robots and intelligent manufacturing systems offer automation solutions that significantly enhance productivity, safety, and reliability in industrial environments. The product portfolio includes general-purpose and specialized robots capable of executing repetitive, physically demanding, or hazardous tasks with high precision [4][5]. Financial Data - Revenue for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, was approximately CNY 3.88 billion, CNY 4.65 billion, CNY 4.01 billion, and CNY 3.80 billion respectively [8]. - The net profit/loss for the same periods was approximately CNY 183.56 million, CNY 133.63 million, a loss of CNY 818.68 million, and a profit of CNY 30 million [9]. - Gross margins for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, were 32.9%, 31.3%, 28.3%, and 28.2% respectively [11]. Industry Overview - The global industrial robot solutions market has seen significant growth, with revenue increasing from USD 14.7 billion in 2020 to an expected USD 25.4 billion by 2024, reflecting a compound annual growth rate (CAGR) of 14.6%. This growth is projected to continue, reaching USD 51.8 billion by 2029, with a CAGR of 15.4% from 2024 to 2029 [12]. - China has become a key driver of market growth, with the industrial robot solutions market size expected to grow from USD 6.9 billion in 2020 to USD 12.7 billion by 2024, representing a CAGR of 16.5%. This momentum is anticipated to persist, with projections indicating a market size of USD 28.8 billion by 2029, and a CAGR of 17.8% from 2024 to 2029 [12].

Core Viewpoint - Nanjing Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company ranks first in the domestic industrial robot shipment volume among local enterprises and sixth globally by revenue in the industrial robotics sector [1][4]. Company Overview - Estun is a leading enterprise in China's industrial robotics sector, maintaining the highest shipment volume among domestic companies for several consecutive years. In the first half of 2025, Estun surpassed foreign brands in domestic market shipments, marking a historic achievement [4]. - The company provides industrial robots and intelligent manufacturing systems, as well as core automation components and motion control systems to various manufacturing sectors, including automotive, engineering machinery, heavy industry, and lithium battery production [4]. Financial Information - Revenue for the years ending December 31 and the nine months ending September 30 is as follows: - 2022: 3.88 billion RMB - 2023: 4.65 billion RMB - 2024: 4.01 billion RMB (projected) - 2025: 3.80 billion RMB (projected) [8] - The net profit/loss for the same periods is: - 2022: 183.56 million RMB (profit) - 2023: 133.63 million RMB (profit) - 2024: -817.69 million RMB (loss) - 2025: 29.70 million RMB (projected profit) [9] - Gross margin percentages for the years are: - 2022: 32.9% - 2023: 31.3% - 2024: 28.3% - 2025: 28.2% (projected) [11] Industry Overview - The global industrial robotics solutions market has seen significant growth, with revenue increasing from $14.7 billion in 2020 to a projected $25.4 billion in 2024, representing a compound annual growth rate (CAGR) of 14.6%. The market is expected to reach $51.8 billion by 2029, with a CAGR of 15.4% from 2024 to 2029 [12]. - China is a key driver of this growth, with the market size expected to grow from $6.9 billion in 2020 to $12.7 billion in 2024, reflecting a CAGR of 16.5%. By 2029, the market size in China is projected to reach $28.8 billion, with a CAGR of 17.8% from 2024 to 2029 [12].

Core Viewpoint - Nanjing Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company ranks first in China's industrial robot shipments and sixth globally by revenue in 2024, holding market shares of 1.7% and 2.0% respectively [1][3]. Company Overview - Estun is a leading enterprise in China's industrial robot sector, maintaining the highest domestic shipment volume for several consecutive years. In the first half of 2025, it surpassed foreign brands in domestic market shipments, becoming the first domestic company to lead in China's industrial robot solutions market [3]. - The company provides industrial robots and intelligent manufacturing systems, as well as core automation components and motion control systems to clients in various manufacturing sectors, including automotive, engineering machinery, heavy industry, and lithium batteries [3]. - Estun's industrial robots and intelligent manufacturing systems offer automation solutions that significantly enhance productivity, safety, and reliability in industrial environments. Its product portfolio includes general-purpose and specialized robots capable of executing repetitive, physically demanding, or hazardous tasks with high precision [3][4]. Financial Information - The company's revenue for the years ending December 31 and the nine months ending September 30 is as follows: - 2022: 3.88 billion RMB - 2023: 4.65 billion RMB - 2024: 4.01 billion RMB (projected) - 2025: 3.80 billion RMB (projected) [6][7]. - The net profit/loss for the same periods is: - 2022: 183.56 million RMB - 2023: 133.63 million RMB - 2024: -817.69 million RMB (projected) - 2025: 29.70 million RMB (projected) [8]. - The gross profit margins for the years are: - 2022: 32.9% - 2023: 31.3% - 2024: 28.3% (projected) - 2025: 28.2% (projected) [10]. Industry Overview - The global industrial robot solutions market has seen significant growth, with revenue increasing from $14.7 billion in 2020 to a projected $25.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 14.6%. This growth is expected to continue, with revenues projected to reach $51.8 billion by 2029, at a CAGR of 15.4% from 2024 to 2029 [11]. - China is a key driver of this market growth, with the industrial robot solutions market size expected to grow from $6.9 billion in 2020 to $12.7 billion in 2024, representing a CAGR of 16.5%. This momentum is anticipated to persist, with projections indicating a market size of $28.8 billion by 2029, at a CAGR of 17.8% from 2024 to 2029 [11].

Group 1 - The core point of the article is that Nanjing Estun Automation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - Estun is recognized as a leading enterprise in the Chinese industrial robot sector, maintaining the top position in domestic industrial robot shipments for several consecutive years [1] - In the first half of 2025, Estun achieved a historic milestone by surpassing foreign brands in domestic industrial robot shipments, becoming the first domestic company to lead the Chinese industrial robot solutions market [1] Group 2 - According to Frost & Sullivan, Estun ranks first in revenue among industrial robot companies, and by 2024, it is positioned sixth globally and in China among all manufacturers, with market shares of 1.7% and 2.0% respectively [1]

据港交所1月15日披露，南京埃斯顿（002747）自动化股份有限公司(002747.SZ)向港交所主板递交上市 申请，华泰国际为其独家保荐人。该公司曾于2025年6月27日向港交所递交上市申请。 据招股书，埃斯顿是中国工业机器人领军企业。根据弗若斯特沙利文的资料，该公司在中国工业机器人 解决方案市场中，连续多年保持本土企业工业机器人出货量第一名。根据同一机构的资料，埃斯顿于 2025年上半年取得历史性突破，国内市场上工业机器人出货量超越外资品牌，成为首家登顶中国工业机 器人解决方案市场的国产机器人企业。按收入计，该公司亦跻身于工业机器人公司首位，按2024年收入 计，埃斯顿在全球市场及中国市场的所有制造商中均排名第六，市场份额分别为1.7%及2.0%。 ...

智通财经APP获悉，据港交所1月15日披露，南京埃斯顿自动化股份有限公司(002747.SZ)向港交所主板 递交上市申请，华泰国际为其独家保荐人。该公司曾于2025年6月27日向港交所递交上市申请。 据招股书，埃斯顿是中国工业机器人领军企业。根据弗若斯特沙利文的资料，该公司在中国工业机器人 解决方案市场中，连续多年保持本土企业工业机器人出货量第一名。根据同一机构的资料，埃斯顿于 2025年上半年取得历史性突破，国内市场上工业机器人出货量超越外资品牌，成为首家登顶中国工业机 器人解决方案市场的国产机器人企业。按收入计，该公司亦跻身于工业机器人公司首位，按2024年收入 计，埃斯顿在全球市场及中国市场的所有制造商中均排名第六，市场份额分别为1.7%及2.0%。 ...

Company Overview - Yifei Intelligent Technology Co., Ltd. is a Chinese industrial robotics company focused on the design, research and development, manufacturing, and commercialization of industrial robots, providing comprehensive robotic solutions primarily for light industrial applications [5] - The company ranks fifth among domestic suppliers of industrial robots and related solutions focused on light industrial applications in China, according to a Frost & Sullivan report [5] - Yifei Intelligent has developed a full coverage technology ecosystem, enabling large-scale intelligent decision-making, environmental perception, precise control, and autonomous movement [5] Product Offerings - The company offers a range of industrial robot products tailored for light industrial applications, including parallel robots (Bat series), AGV/AMR mobile robots (Camel series), SCARA robots (Python series), wafer handling robots (Lobster series), and six-axis industrial robots (Mantis series) [5] - Yifei Intelligent also provides intelligent automation system solutions to address specific applications in smart manufacturing, supporting various automation functions such as loading and unloading, sorting, picking and placing, packaging, and visual inspection [6] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, was approximately RMB 162.2 million, RMB 201.2 million, RMB 268.0 million, and RMB 180.0 million, respectively [8] - Gross profit figures for the same periods were RMB 43.2 million, RMB 36.9 million, RMB 71.0 million, and RMB 43.0 million, respectively [9] - The gross profit margins for these years were approximately 26.7%, 18.3%, 26.5%, and 23.9% [11] Industry Overview - The Chinese smart manufacturing market is projected to grow from RMB 2,194.5 billion in 2020 to RMB 4,058.9 billion by 2024, with a compound annual growth rate (CAGR) of 16.6% [14] - The industrial robotics market in China is expected to expand from RMB 31.6 billion in 2020 to RMB 56.8 billion by 2024, with a CAGR of 15.8% [17] - The market for industrial robot solutions is anticipated to grow from RMB 94.7 billion in 2020 to RMB 192.9 billion by 2024, with a CAGR of 19.5% [18] - The light industrial robotics market in China is projected to increase from RMB 12.3 billion in 2020 to RMB 20.9 billion by 2024, with a CAGR of 14.2% [20] Shareholding Structure - As of January 5, 2026, Dr. Zhang controls approximately 25.07% of the voting rights in the company, including direct beneficial ownership and interests held through partnerships [29]