Net Profit Soars 2314%! Estun Tops Domestic Industrial Robotics Market; Global Expansion Opens Growth Horizon

By Yang Jianyong The industrial robotics market is recovering, and amid the wave of substitution, domestic robotics industry leaders are gaining more market opportunities—driving their financial performance to a turning point. Estun, China’s leading domestic industrial robotics enterprise, achieved profitability in 2025 after years of losses; this year, its profits have surged over 23-fold. H1 Net Profit Up 2314%: Breakthrough High-Margin Orders Help Escape Industry-Wide Squeeze In the first half of 2026, Estun reported revenue of RMB 2.577 billion, up 1.14% year-on-year. Although top-line growth remained modest, profitability underwent explosive recovery: net profit reached RMB 161 million, surging 2314% year-on-year. Non-GAAP net profit stood at RMB 70.17 million—compared to a non-GAAP loss of RMB 17.6 million in the same period last year—marking a clear turnaround and demonstrating robust earnings power. While consolidating business scale, Estun has prioritized operational efficiency improvements, resulting in a notable year-on-year increase in gross margin—and consequently, significantly enhanced profitability. In H1 2026, Estun’s overall gross margin was 31.81%, up 4.17 percentage points year-on-year; gross margin for its industrial robotics and intelligent manufacturing systems business reached 31.69%, up 4.69 percentage points year-on-year. This improvement stems from its strategic focus on high-end application products and high-quality, high-margin orders, alongside lean manufacturing initiatives that reduce costs and boost efficiency—enabling Estun to break free from industry-wide price competition and achieve high-quality growth. Domestic Players’ Market Share Rises to 60%; Estun’s Leadership Position Solidified From a macro-market perspective, as China’s manufacturing sector advances toward higher-end capabilities, autonomous control over advanced manufacturing equipment—including industrial robots—has become critically important, driving steady growth in demand. According to data from Rui Industrial Research, China’s industrial robot shipments totaled approximately 180,000 units in H1 2026. Crucially, domestic manufacturers’ market share continues rising—from 29% in 2018 to 60% in Q2 2026—securing a strong competitive foothold. As the world’s largest industrial robotics market, China has seen domestic players not only steadily gain share but now surpass foreign brands—a sign that China has evolved from an industry “catch-up player” to a market leader, reflecting continuously strengthening competitiveness of domestic enterprises in this field. Notably, enterprises’ growing demand for supply-chain autonomy and customized solutions is accelerating the domestic substitution process in industrial robotics. The long-standing dominance of foreign brands is gradually giving way. In this transition, Estun and Inovance Technology—among other domestic leaders—stand out with distinct competitive advantages, becoming pivotal forces propelling the rise of China-made industrial robots. From a competitive landscape perspective, Estun and Inovance have already entered the global industrial robotics industry’s top tier. Leveraging localized service and cost advantages, they are progressively challenging international brands’ dominance in high-end application markets and steadily capturing market share. Estun, in particular, has delivered standout performance: partnering with a well-known domestic smart EV brand, it built a component factory featuring over 90% core-process automation—with more than 200 robots commissioned and fully operational within just 60 days.

Net Profit Surges 23-Fold: The ‘Joys and Worries’ in Estun’s 2026 Semi-Annual Report

According to First Robotics, Estun (SZSE: 002747; HKEX: 02715.HK), a leading Chinese industrial robotics enterprise, recently released its 2026 semi-annual report. During the reporting period, the company achieved revenue of RMB 2.578 billion, up 1.14% year-on-year; net profit attributable to shareholders of the listed company amounted to RMB 161 million, soaring 2314.23% year-on-year. Non-GAAP net profit totaled RMB 70.17 million, up 498.64% year-on-year—compared to a loss of RMB 17.60 million in the same period last year. Net cash flow from operating activities stood at RMB 44.53 million, improving by 137.27% year-on-year and reversing last year’s net outflow of RMB 119 million. By business segment, industrial robotics and intelligent manufacturing systems remain the core revenue driver. In H1, this segment generated RMB 2.138 billion in revenue, up 2.21% year-on-year, accounting for 82.96% of total revenue. Its gross margin was 31.69%, up 4.69 percentage points year-on-year. Revenue from automation core components totaled RMB 439 million, down 3.78% year-on-year, with a gross margin of 32.40%. Estun’s overall gross margin reached 31.81%, up 4.17 percentage points year-on-year—the highest in recent years. This marked gross margin improvement resulted from Estun’s proactive optimization of customer mix and business structure, including systematically reducing exposure to low-margin businesses. Domestic revenue stood at RMB 1.641 billion, down 8.82% year-on-year—not due to shrinking market demand, but rather a deliberate strategic adjustment: focusing on high-end applications and high-margin orders in advantageous sectors such as automotive, photovoltaics, and lithium batteries. Meanwhile, overseas markets performed exceptionally well, generating RMB 936 million in revenue—up 25.06% year-on-year—and raising overseas revenue’s share to 36.33%, underscoring the increasingly evident profitability-boosting effect of Estun’s internationalization strategy. On March 9, 2026, Estun completed its H-share listing, becoming the first industrial robotics company in China to achieve dual A+H listing. Seizing this milestone, Estun continues advancing its “Local for Global” globalization strategy, intensifying market expansion efforts across Europe, the Americas, and Southeast Asia.

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