The 'top dog' of industrial robots: net profit surges over 21-fold in the first half!

On the evening of July 14, Nanjing Estun Automation Co., Ltd. (stock code: 002747.SZ, hereinafter referred to as 'Estun') released its preliminary 2026 semi-annual earnings forecast. According to the announcement, the company expects its net profit attributable to shareholders of the listed company for the first half of 2026 to range between RMB 150 million and RMB 180 million—representing a dramatic year-on-year increase of 2,144.74% to 2,593.68%, compared to RMB 6.6823 million in the same period last year. Non-GAAP net profit (excluding non-recurring gains and losses) is projected at RMB 60 million to RMB 75 million, versus a loss of RMB 17.6028 million in the prior-year period—a turnaround into profitability and a year-on-year growth of 440.85% to 526.07%. Basic earnings per share are expected to be RMB 0.17 to RMB 0.21, up from RMB 0.01 in the same period last year. According to the announcement, the substantial profit growth stems primarily from three factors: First, continuous optimization of product mix. During the reporting period, the company focused on high-value-added products and high-quality orders, while strengthening pricing control, optimizing supply chains and R&D design, and implementing lean manufacturing—measures that collectively drove a significant year-on-year improvement in gross margin.

Net profit surged 25-fold in the first half of 2026—Estun has entered full-throttle mode.

The robotics sector holds enormous potential—a fact widely acknowledged. Yet no one anticipated that the robotics industry would suddenly explode in 2026, plunging into a surreal, almost incomprehensible frenzy. On one side, capital flooded into the sector: in Q1 alone, funding exceeded RMB 30 billion—a 140% year-on-year increase. On the other side, the secondary market plunged into an early winter: share prices of leading enterprises plummeted by as much as 80% from their peaks. While ordinary people remained indifferent or merely watched from the sidelines, service robots tailored for specific scenarios emerged as a second growth curve driven by urgent demand. For instance, domestic industrial robots surged in popularity; in 2026, annual production reached over five times last year’s shipment volume. The industry’s pivotal shift—from demonstration prototypes to mass production and real-world deployment—has delivered tangible benefits to top-tier firms, including structural product upgrades and revenue growth. Estun, which has consistently ranked #1 in domestic industrial robot shipments for years, surpassed the 'Big Four' international robotics giants in robot shipments in 2025—and in the first half of 2026, its net profit soared up to 25-fold. Estun’s explosive growth has delivered a vivid lesson to China’s entire domestic robotics industry—and the underlying business logic merits deep reflection. The Severely Undervalued 'King of Robotics' In 2025, Estun shipped approximately 33,400 industrial robots, capturing roughly 10.6% of the market—its first time overtaking foreign brands to claim the top spot in the Chinese market. It maintained this leadership position among domestic brands throughout the first half of 2026. Yet labeling it the 'King of Robotics' solely based on its data lead would be premature. What truly sets Estun apart—as with all successful domestic alternatives—is its fully integrated, self-reliant model: self-researched, self-manufactured, and self-marketed—not merely assembling units to win market acceptance through low prices. Its end-to-end, self-developed industrial chain covers servo systems, motion controllers, and complete robotic systems. Its core component localization rate exceeds 90%—meaning it manufactures both the 'heart and nervous system' (i.e., critical control components) and the robotic arm itself. This grants Estun clear advantages in cost control and iteration speed. More importantly, its products boast exceptional adaptability and broad application coverage: payload capacity ranges from 3 kg to 120 kg, spanning articulated, SCARA, collaborative, welding, and other robot types—and it even provides full-line automation solutions for factories. Yet despite excelling across domestic substitution, shipment scale, and vertical integration, Estun posted an RMB 810 million loss in 2024 and hit a share price nadir. At that time, the robotics wave was already sweeping across industrial sectors—but for Estun, still in its developmental phase, its wings were not yet fully grown. Many of its solutions still required time and market validation—even though it had already been rooted in this field for a full 31 years. Its moment of glory, it seemed, would have to wait. Perhaps two years ago, no one imagined that this wait would last only one more year—before the market and industry underwent a seismic, paradigm-shifting transformation. From an RMB 800-million loss to a market cap of RMB 43.3 billion Anyone familiar with industrial manufacturing—or who has spent time in factories—knows that Fanuc and ABB robots are deeply entrenched across numerous industrial domains, commanding most of the market share and enjoying widespread adoption. As a latecomer, Estun needed exceptionally potent 'ammunition' and sufficiently robust driving forces to disrupt what appeared to be an unshakable status quo.

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