Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company achieved a revenue of 4.888 billion yuan in 2025, representing a year-on-year growth of 21.93%. The net profit attributable to shareholders was 0.4497 billion yuan, a significant turnaround from a loss of 0.8104 billion yuan in 2024. The recovery in performance is attributed to the rebound in industrial robot market demand and accelerated domestic substitution processes [2] - The company’s gross profit margin remained stable at 29.45%, with a slight decrease of 0.12 percentage points year-on-year. The net profit margin improved to 0.93% from -20.38% in the previous year, indicating a significant recovery in profitability [3] - The company’s contract liabilities increased to 0.586 billion yuan, up 16.10% year-on-year, indicating a healthy order backlog. Inventory management has been optimized, leading to a reduction in inventory to 1.478 billion yuan, down 14.14% year-on-year. The net cash flow from operating activities improved to 0.507 billion yuan from a negative cash flow in 2024 [4] - In 2025, the company’s industrial robot shipments surpassed foreign brands for the first time, securing the top position in the Chinese market. The company has maintained its leadership in the domestic robot market for eight consecutive years, with significant growth in sectors such as automotive, electronics, and lithium batteries [5] Financial Summary - The company forecasts total revenue of 5.687 billion yuan for 2026, with a projected year-on-year growth of 16.35%. The net profit attributable to shareholders is expected to reach 1.4921 billion yuan, reflecting a growth rate of 231.77% compared to 2025 [12] - The company’s earnings per share (EPS) is projected to be 0.15 yuan in 2026, with a price-to-earnings (P/E) ratio of 129.92 based on the current price [12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 4.888 billion yuan in 2025, representing a year-on-year growth of 21.93%, and turned a profit with a net profit of 0.4497 billion yuan compared to a loss of 0.8104 billion yuan in 2024 [2] - The growth in performance is attributed to the recovery in demand for industrial robots and the acceleration of domestic substitution processes, leading to rapid growth in domestic business [2] - The company ranked first in the domestic industrial robot market for eight consecutive years, with its shipment volume surpassing foreign brands for the first time in 2025, indicating an increase in market share [5] Revenue and Profitability - The company's total revenue for 2025 is projected at 4.888 billion yuan, with a year-on-year increase of 21.93% [2] - The gross profit margin for 2025 is 29.45%, a slight decrease of 0.12 percentage points year-on-year [3] - The net profit margin for 2025 is 0.93%, a significant improvement from -20.38% in 2024 [3] Product Performance - Revenue from industrial robots and intelligent manufacturing systems reached 3.997 billion yuan, up 31.80% year-on-year [2] - Revenue from core automation components was 0.891 billion yuan, down 8.72% year-on-year, affected by industry fluctuations and market competition [2] Cash Flow and Inventory Management - The company reported a net cash flow from operating activities of 0.507 billion yuan in 2025, a significant improvement from -0.074 billion yuan in 2024 [4] - Contract liabilities increased to 0.586 billion yuan, up 16.10% year-on-year, indicating sufficient orders on hand [4] - Inventory was reduced to 1.478 billion yuan, down 14.14% year-on-year, due to optimized inventory management [4] Market Position - The company has maintained its position as the leading domestic robot brand in China, with significant growth in applications across automotive, electronics, and lithium battery sectors [5]

（股份代號：2715） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列南京埃斯頓自動化股份有限公司在深圳證券交易所網站( www.szse.cn )刊登 了以下公告。茲載列如下，僅供參閱。特此公告。 承董事會命 南京埃斯頓自動化股份有限公司 董事長兼執行董事 吳波先生 香港，2026年3月30日 截至本公告日期，董事會包括：(i)執行董事吳波先生、吳侃先生、諸春華先生、 周愛林先生及何靈軍先生；(ii)非執行董事陳銀蘭女士；及(iii)獨立非執行董事湯 文成博士、韓小芳博士及林金俊先生。 南京埃斯顿自动化股份有限公司 2025 年度审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2715） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列南京埃斯頓自動化股份有限公司在深圳證券交易所網站( www.szse.cn )刊登 了以下公告。茲載列如下，僅供參閱。特此公告。 承董事會命 南京埃斯頓自動化股份有限公司 董事長兼執行董事 吳波先生 香港，2026年3月30日 截至本公告日期，董事會包括：(i)執行董事吳波先生、吳侃先生、諸春華先生、 周愛林先生及何靈軍先生；(ii)非執行董事陳銀蘭女士；及(iii)獨立非執行董事湯 文成博士、韓小芳博士及林金俊先生。 南京埃斯顿自动化股份有限公司 2025 年年度报告全文 南京埃斯顿自动化股份有限公司 2025 年年度报告 2026 年 3 月 1 南京埃斯顿自 ...

Group 1 - The company, Estun, plans to globally offer 96.78 million H-shares, with 9.678 million shares available in Hong Kong and 87.102 million shares for international offering, aiming to raise up to HKD 1.645 billion before the greenshoe option [1] - The subscription period for the shares is set from February 27 to March 4, 2026, with a price range between HKD 15.36 and HKD 17, and an entry fee of HKD 3,434.29 for a minimum lot of 200 shares [1] - Estun has established cornerstone investment agreements with several investors, who will subscribe for shares amounting to approximately USD 66.91 million at the offer price [1] Group 2 - Estun is a leading Chinese industrial robot company that provides industrial robots, smart manufacturing systems, and automation core components to various manufacturing sectors, including automotive and heavy industries [1] - According to Frost & Sullivan, Estun has maintained the top position in domestic industrial robot shipments among local companies for several consecutive years and achieved a historic milestone in the first half of 2025 by surpassing foreign brands in domestic market shipments [1] - The cornerstone placement indicates strong confidence from investors in the company's business prospects and is expected to enhance the company's image due to the investors' industry experience [2]

Group 1 - The company plans to globally offer 96.78 million H-shares, with 9.678 million shares available in Hong Kong and 87.102 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The expected price range for the shares is between HKD 15.36 and HKD 17.00, with trading on the Hong Kong Stock Exchange anticipated to begin on March 9, 2026 [1] - The company is a leading player in the Chinese industrial robotics market, having achieved the highest domestic shipment volume of industrial robots for several consecutive years [2] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 66.91 million (or about HKD 523 million) [3] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option and a share price of HKD 16.18, would be approximately HKD 1.486 billion [4] - The company plans to allocate the net proceeds for various purposes, including expanding global production capacity (25%), seeking strategic alliances and acquisitions (25%), investing in R&D (20%), enhancing global service capabilities (10%), repaying existing loans (10%), and general corporate purposes (10%) [4]

Group 1 - The company, Estun, is set to launch an IPO from February 27 to March 4, 2026, offering 96.78 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, and an over-allotment option of 15% [1] - Estun has maintained its position as the leading domestic industrial robot manufacturer in China, achieving a historic milestone in the first half of 2025 by surpassing foreign brands in domestic market shipments [1] - By revenue, Estun ranks sixth among all manufacturers globally and in China, with market shares of 1.7% and 2.0% respectively for 2024 [1] Group 2 - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2024 and 2025 were RMB 3.881 billion, RMB 4.652 billion, RMB 4.009 billion, RMB 3.370 billion, and RMB 3.804 billion respectively [2] - Estun has secured cornerstone investment agreements with several investors, totaling approximately USD 66.91 million, indicating strong confidence in the company's business prospects [2] - The net proceeds from the global offering, assuming no exercise of the over-allotment option and a share price of HKD 16.18, are estimated to be around HKD 1.486 billion, with allocations for production capacity expansion, strategic alliances, R&D, service capability enhancement, loan repayment, and working capital [3]

南京埃斯頓自動化股份有限公司 ESTUN AUTOMATION CO., LTD （於中華人民共和國註冊成立的股份有限公司） 股份代號： 2715 獨家保薦人、保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 全球發售 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 ESTUN AUTOMATION CO., LTD 南京埃斯頓自動化股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 96,780,000股H股（視乎超額配股權 行使與否而定） 香港發售股份數目 ： 9,678,000股H股（可予重新分配） 國際發售股份數目 ： 87,102,000股H股（可予重新分配及 視乎超額配股權行使與否而定） 最高發售價 ： 每股H股17.00港元，另加1.0%經紀 佣金、0.0027%證監會交易徵費、 0.00565%聯交所交易費及0.00015% 會財局交易徵費（須於申請時以港元 繳足，多繳款項可予退還） 面值 ： 每股H股人民幣1.00元 股份代號 ： ...

Core Viewpoint - Estun's stock performance shows a slight decline, with a trading volume of 485 million yuan and a net financing purchase indicating low financing levels compared to historical data [1] Financing and Margin Trading - On February 25, Estun had a financing buy amount of 41.71 million yuan and a financing repayment of 32.30 million yuan, resulting in a net financing purchase of 9.41 million yuan [1] - The total margin trading balance for Estun reached 626 million yuan, with the financing balance accounting for 2.97% of the circulating market value, which is below the 20th percentile of the past year [1] - In terms of securities lending, Estun repaid 67,100 shares and sold 9,000 shares on February 25, with a selling amount of 218,000 yuan, while the remaining securities lending balance was 358,460 yuan, indicating a high level compared to the past year [1] Company Overview - Estun Automation Co., Ltd. is located in Jiangning District, Nanjing, Jiangsu Province, and was established on February 26, 2002, with its listing date on March 20, 2015 [1] - The company specializes in the research, production, and sales of high-end intelligent machinery and core control components, providing customized automation control solutions [1] - The main business revenue composition includes 82.09% from industrial robots and intelligent manufacturing systems, and 17.91% from automation core components and motion control systems [1] Financial Performance - As of September 30, Estun reported a total revenue of 3.804 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 12.97% [2] - The net profit attributable to shareholders reached 29.00 million yuan, showing a significant increase of 143.48% compared to the previous period [2] Shareholder Information - As of September 30, the number of Estun shareholders decreased by 7.92% to 114,300, while the average circulating shares per person increased by 8.60% to 6,846 shares [2] - The top ten circulating shareholders include significant increases in holdings by Hong Kong Central Clearing Limited and various ETFs focused on robotics, indicating growing institutional interest [3]

Core Viewpoint - Estun Automation Co., Ltd. is set to become the first company from Nanjing to list overseas in 2023 after passing the Hong Kong Stock Exchange hearing, indicating a significant milestone for the company and the local capital market [1][4]. Company Overview - Established in February 2002, Estun specializes in the research, manufacturing, and sales of industrial robots, intelligent manufacturing systems, and core automation components [3]. - The company was listed on the Shenzhen Stock Exchange in March 2015 and has a total market capitalization of 21.148 billion RMB as of February 24, 2026 [3]. Industry Position and Growth - Estun has been a leader in the domestic robot market, achieving a continuous high growth trend and ranking first in the Chinese industrial robot market for eight consecutive years [4]. - The company has seen over 270% growth in the collaborative robot sector, making it one of the fastest-growing brands in this category [4]. - According to recent data, Estun's market share in the Chinese robot market is projected to reach 10.5% by 2025, with a year-on-year shipment growth of 25%, further increasing the domestic market share of industrial robots to over 56% [4]. Financial Performance - Estun's revenue for the years 2022 to 2024 is projected to be 3.881 billion RMB, 4.652 billion RMB, and 4.009 billion RMB, respectively [5]. - In the first three quarters of 2025, the company achieved a revenue of 3.804 billion RMB, reflecting a year-on-year growth of 12.86% [5].