（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]

Core Viewpoint - Estun, a pioneer in China's industrial robot industry, is set to become the first industrial robot company to achieve dual listing in Hong Kong and mainland China, with plans to use the raised funds for global capacity expansion, enhancing overseas supply chain collaboration, strengthening core technology R&D, and repaying existing debts [1] Group 1: Global Expansion and Strategic Acquisitions - Estun has embedded itself deeply into the global manufacturing landscape through capital operations and physical construction, differentiating itself from competitors that primarily rely on export trade [2] - The company has made strategic acquisitions to enhance its core technologies, including the acquisition of UK-based Trio in 2017 and Germany's Cloos in 2020, which allowed entry into high-end motion control and mid-to-high-end arc welding robot markets [2] - Estun has established seven manufacturing bases globally, with five in China and two in Germany, and its Poland factory is expected to start production in June 2026 with an annual capacity of 15,000 units, significantly improving delivery times and supply chain responsiveness in Europe [2] Group 2: Market Position and Sales Performance - As of September 30, 2025, Estun has set up 75 service outlets globally, covering major markets in Europe, America, and Asia, with Europe being a key strategic focus [3] - In the first half of 2025, Estun surpassed foreign brands in industrial robot shipments in China, becoming the first domestic company to lead the market [3] - By 2024, Estun is projected to rank among the top five global industrial robot solution providers with a market share of 5.5%, and its share in the Chinese market has increased to 9.5%, narrowing the gap with the leading brand Fanuc [3] Group 3: Financial Performance and R&D Investment - Estun's revenue for the fiscal year 2024 is expected to be 4.009 billion yuan, remaining stable compared to 3.881 billion yuan in 2022, although it recorded a net loss of 818 million yuan due to one-time factors like impairment of intangible assets [4] - In the first three quarters of 2025, Estun achieved revenue of 3.804 billion yuan, nearing 85% of the total revenue for 2024, with an operating profit of 181 million yuan, indicating a recovery in core business profitability [5] - R&D expenditure is projected to reach 442 million yuan in 2024, with continued growth in R&D investment in the first three quarters of 2025, which is expected to strengthen the company's core competitive advantages [6] Group 4: Product Matrix and Revenue Structure - Estun's main business focuses on industrial robots and intelligent manufacturing systems, with the revenue share from these segments increasing from 73.1% in 2022 to 82.5% in the first three quarters of 2025 [7] - The company has a diverse product matrix with 96 models covering general and specialized types, with sales of industrial robots steadily increasing from 11,852 units in 2022 to 24,884 units in the first three quarters of 2025 [8] - The intelligent manufacturing systems segment has seen rapid growth, with a 33% year-on-year increase in revenue in the first three quarters of 2025, contributing to 24.4% of total revenue [7]

Core Insights - Estun, a pioneer in China's industrial robot industry, has a market capitalization of approximately 21.1 billion RMB, with a current stock price of 24.22 RMB per share. The company has established a comprehensive competitive barrier across the entire industrial chain from core components to complete robots through organic growth and strategic acquisitions since it developed its first industrial robot in 2010 [1] Group 1: Global Expansion and Strategic Positioning - Estun has embedded itself deeply into the global manufacturing landscape through capital operations and physical construction, differentiating itself from competitors that primarily rely on export trade. The company has achieved core technological advancements through precise acquisitions, including the purchase of UK-based Trio in 2017 and Germany's Cloos in 2020 [2] - The company has established seven manufacturing bases globally, with five in China and two in Germany. The upcoming Poland factory, expected to commence production in June 2026 with an annual capacity of 15,000 units, will significantly enhance delivery efficiency and supply chain responsiveness in the European market [2] Group 2: Market Performance and Competitive Position - As of September 30, 2025, Estun has set up 75 service outlets globally, covering major markets in Europe, America, and Asia. The company became the first domestic brand to surpass foreign brands in industrial robot shipments in China, achieving a market share of 9.5%, narrowing the gap with the leading brand Fanuc at 10.9% [3] - Estun ranks among the top five global industrial robot solution providers with a market share of 5.5%. The company has shipped over 105,000 industrial robots, with a product matrix covering payloads from 3 kg to 700 kg across various manufacturing sectors [3][4] Group 3: Financial Performance and Growth Indicators - Estun's revenue for the fiscal year 2024 was 4.009 billion RMB, remaining stable compared to 3.881 billion RMB in 2022. However, the company recorded a net loss of 818 million RMB due to one-time factors such as impairment of intangible assets. Excluding these non-recurring items, the company's operational profitability remains resilient [4] - In the first three quarters of 2025, Estun achieved a revenue of 3.804 billion RMB, nearing 85% of the total revenue for 2024, with an operating profit of 181 million RMB, indicating a recovery in core business profitability [5] - The company has increased its R&D expenditure to 442 million RMB in 2024, with ongoing growth in R&D investments expected to strengthen its core competitive advantages in the industry [6] Group 4: Product and Service Development - Estun's main business focuses on industrial robots and intelligent manufacturing systems, with the revenue contribution from these sectors steadily increasing from 73.1% in 2022 to 82.5% in the first three quarters of 2025. The intelligent manufacturing systems segment has seen a significant growth of 33% year-on-year [7] - The company has developed a product matrix of 96 models, widely applied in key industries such as electronics, automotive, and lithium batteries. The sales volume of industrial robots has consistently expanded, with 24,884 units sold in the first three quarters of 2025 [8] - The automation core components and motion control systems segment has seen a structural decline in revenue share, with the motion control solutions revenue share decreasing from 15.3% in 2022 to 11.7% in the first three quarters of 2025 [9]

Core Insights - Estun, a pioneer in China's industrial robot industry, has a market capitalization of approximately 21.1 billion RMB, with a current stock price of 24.22 RMB per share. The company has established a comprehensive competitive barrier covering the entire industrial chain from core components to complete robots through organic growth and strategic acquisitions [1] - The company has successfully passed the listing hearing at the Hong Kong Stock Exchange, positioning itself to become the first industrial robot enterprise to achieve dual listings in A-share and H-share markets. The funds raised will primarily be used for global capacity expansion, enhancing overseas supply chain collaboration, strengthening core technology R&D, and repaying existing debts [1] Global Strategic Expansion - Unlike many peers that primarily rely on export trade, Estun has deeply embedded itself in the global manufacturing landscape through capital operations and physical construction. The company has made significant technological advancements through precise acquisitions, including the acquisition of UK-based Trio in 2017 and Germany's Cloos in 2020 [2] - Estun has established seven manufacturing bases globally, with five located in China and two in Germany. The upcoming Poland factory, expected to commence production in June 2026, will have an annual production capacity of 15,000 units, significantly enhancing the company's delivery efficiency and supply chain responsiveness in the European market [2] Service Network and Market Position - As of September 30, 2025, Estun has set up 75 service outlets globally, covering major markets in Europe, America, and Asia, with Europe serving as a strategic hub for its globalization efforts. In the first half of 2025, Estun achieved a historic milestone by surpassing foreign brands in industrial robot shipments in China, becoming the first domestic company to lead the Chinese industrial robot solutions market [3] - By 2024, Estun is projected to rank among the top five global industrial robot solution providers, with a market share of 5.5%. In the Chinese market, its share has increased to 9.5%, narrowing the gap with the leading brand Fanuc, which holds a 10.9% market share [3] Financial Performance - Estun's revenue for the fiscal year 2024 is projected to be 4.009 billion RMB, remaining stable compared to 3.881 billion RMB in fiscal year 2022. However, the company recorded a net loss of 818 million RMB due to one-time factors such as impairment of intangible assets and goodwill. Excluding these non-recurring items, the company's operational profitability remains resilient [4] - In the first three quarters of 2025, Estun achieved a revenue of 3.804 billion RMB, nearing 85% of the total revenue for 2024, with an operating profit of 181 million RMB, indicating a recovery in core business profitability. The net profit turned positive, recording 29.7 million RMB, showing signs of improvement in operational fundamentals [5] R&D and Product Development - Estun has been increasing its R&D investment, with expenditures reaching 442 million RMB in 2024. The continued growth in R&D spending is expected to strengthen the company's core competitive advantages in the industry chain [6] - The company's main business focuses on industrial robots and intelligent manufacturing systems, with industrial robots and intelligent manufacturing systems accounting for 82.5% of total revenue in the first three quarters of 2025. The intelligent manufacturing systems segment has seen rapid growth, with a year-on-year revenue increase of 33% [7] Market Dynamics and Customer Base - Estun's product matrix includes 96 models of industrial robots, widely applied in key industries such as electronics, automotive, and lithium batteries. The company has seen a steady expansion in industrial robot sales, with shipments increasing from 11,852 units in 2022 to 24,884 units in the first three quarters of 2025 [8] - The automation core components and motion control systems segment has experienced a structural decline in revenue share, with the motion control solutions revenue share decreasing from 15.3% in 2022 to 11.7% in the first three quarters of 2025. The company employs a marketing system combining strategic, industry benchmark, and regional customers, with direct sales accounting for over 90% of revenue [9]

Core Viewpoint - Estun (02715.HK) plans to globally offer 96.78 million H-shares, with a maximum price of HKD 17.00 per share and a minimum expected price of HKD 15.36 per share, aiming to raise approximately HKD 14.86 billion from the offering [3][13][27] Company Overview - Estun is a leading Chinese industrial robotics company, maintaining the highest domestic shipment volume of industrial robots for several consecutive years and becoming the first domestic brand to surpass foreign brands in market share by mid-2025 [4][18] - The company ranks sixth globally and in China by revenue among all manufacturers in the industrial robotics sector, with market shares of 1.7% and 2.0% respectively [4][18] Product Offerings - Estun provides industrial robots and intelligent manufacturing systems, enhancing productivity, safety, and reliability in industrial environments [4][18] - The product portfolio includes general-purpose and specialized robots capable of executing high-precision, repetitive, and hazardous tasks [4][9] - The company also offers integrated intelligent manufacturing systems that connect various processes from machining to packaging, minimizing human intervention [5][19] Market Growth - The global industrial robotics solutions market is projected to grow from USD 14.7 billion in 2020 to USD 25.4 billion by 2024, with a compound annual growth rate (CAGR) of 14.6%, and is expected to reach USD 51.8 billion by 2029, with a CAGR of 15.4% from 2024 to 2029 [12][25] Financial Performance - Estun's revenues for 2022, 2023, 2024, and the first nine months of 2024 and 2025 were CNY 3.881 billion, CNY 4.652 billion, CNY 4.009 billion, CNY 3.370 billion, and CNY 3.804 billion respectively [13][26] - The company's gross margins for the same periods were 32.9%, 31.3%, 28.3%, and 28.2% [26] - The overseas market revenue for the same periods was CNY 1.312 billion, CNY 1.594 billion, CNY 1.370 billion, CNY 1.139 billion, and CNY 1.118 billion, accounting for 33.8%, 34.3%, 34.2%, 33.8%, and 29.4% of total revenue respectively [26] Use of Proceeds - The estimated net proceeds from the global offering will be allocated as follows: 25% for expanding global production capacity, 25% for strategic alliances and investments in the industrial robotics supply chain, 20% for R&D projects, 10% for enhancing global service capabilities and digital management systems, 10% for repaying existing loans, and the remaining 10% for working capital and general corporate purposes [14][27]

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 ： ...