Daily Insight into a Listed Company: Estun

【Answer 1】 1. Stock Price Trend and Valuation Analysis As of the market close on June 9, 2026, Estun’s A-share (002747) surged to its daily limit-up price of RMB 37.53, with a trading volume of RMB 2.78 billion and a total market capitalization rising to RMB 36.32 billion; its H-share (02715) also strengthened, closing at HKD 21.06, with a total market capitalization of approximately HKD 20.38 billion. Recently, the A-share has exhibited consecutive upward momentum, accompanied by net inflows of main-force capital. In terms of valuation, the current A-share forward P/E ratio (TTM) stands as high as 279x, and the P/B ratio is around 11x. This elevated valuation does not stem from the company’s current absolute profit scale, but rather reflects the capital market’s forward pricing of its 'turnaround from distress' narrative. Owing to an exceptionally low base in 2024—caused by a substantial goodwill impairment—the market is currently revaluing Estun based on the robust recovery expectation signaled by its Q1 2026 net profit surge of 674%. 2. Company Fundamentals Founded in 1993 by technologist entrepreneur Wu Bo, Estun listed on the Shenzhen Stock Exchange in 2015 and successfully debuted on the Main Board of the Hong Kong Stock Exchange in March 2026, becoming China’s first industrial robotics company with dual A+H listings. Its English name, 'ESTUN', signifies 'First in the East'. Estun’s development history epitomizes a classic story of domestic hard-tech manufacturing’s comeback. Through steadfast independent R&D and precisely executed cross-border acquisitions—including UK-based Trio and Germany-based CLOOS—the company has broken the long-standing monopoly held by foreign 'Big Four' robotics firms. In the first half of 2025, Estun’s industrial robot shipment volume surpassed that of foreign brands for the first time, historically claiming the top spot in the Chinese market and cementing its status as the undisputed domestic industry leader. 3. Core Businesses and Business Model Estun firmly pursues an 'All Made By Estun' full-industry-chain strategy, with a clear business matrix and strong upstream-downstream synergies: ・ Industrial Robots and Intelligent Manufacturing Systems (accounting for over 80% of revenue): Offers 96 robotic arm models covering payload capacities from 3 kg to 1,200 kg, as well as integrated automated production lines incorporating vision systems and conveyor belts. Its products are deeply embedded in high-growth sectors including automotive (including new-energy vehicles), photovoltaics, lithium batteries, and metal processing. ・ Automation Core Components and Motion Control Systems (accounting for ~18% of revenue): Independently develops robots’ 'brain' (controllers), 'heart' (servo systems), and 'joints' (gear reducers). Its core component self-sufficiency rate exceeds 85%, providing low-cost, highly reliable in-house integration for its own robot systems while also selling these components externally—establishing formidable technological barriers. 4. Key Financial Metrics ・ Revenue and Profit Recovery: Full-year 2025 revenue reached RMB 4.888 billion (+21.93%), with attributable net profit at RMB 450 million—successfully reversing the RMB 8.1 billion loss incurred in 2024. In Q1 2026, revenue stood at RMB 1.217 billion (−2.22%), yet attributable net profit soared to RMB 980 million (+674.64%), exceeding the entire prior year’s annual profit in a single quarter. ・ Profit Quality and Cash Flow: Gross margin remained stable at 28.45% in 2025, further improving to 30.39% in Q1 2026. Operating cash flow turned sharply positive at RMB 507 million—the highest on record. However, note that Q1 2026 non-GAAP net profit was only RMB 19.35 million, indicating that the core business’s intrinsic cash-generating capacity remains in early-stage ramp-up, with profits significantly boosted by non-recurring items. ・ Balance Sheet Structure: The debt-to-asset ratio remains relatively high (approaching 80%), with nearly RMB 1 billion in goodwill on the books. One key rationale behind its Hong Kong listing was to repay existing debt and optimize its capital structure.

Momenta’s H1 Revenue Surges 76%, Yet Net Loss Swells Over 8-Fold Year-on-Year

【Answer 2】 On August 31, Momenta (06880.HK), dubbed 'China’s First Physical AI Stock' and newly listed on the Hong Kong Stock Exchange in July, released its first financial report since listing—the interim results for the first half of 2026. The report shows that the company achieved RMB 1.60 billion in revenue for the first half of 2026, representing a 76% year-on-year increase. Adjusted net loss narrowed substantially to RMB 14.097 million. However, under International Financial Reporting Standards (IFRS), the reported net loss for the period ballooned to approximately RMB 16.5 billion—a staggering 871.8% increase year-on-year. This stark juxtaposition of soaring revenue and massive reported losses constitutes the most eye-catching paradox in this earnings release. Both Revenue and Gross Profit Hit All-Time Highs, Approaching Break-Even The report reveals that Momenta’s H1 2026 revenue totaled RMB 1.602 billion, up 75.9% year-on-year; gross profit under IFRS amounted to RMB 1.173 billion, with gross margin improving from 71.8% in the same period last year to 73.2%. Excluding share-based compensation expenses, adjusted gross profit reached approximately RMB 1.21 billion, yielding a gross margin of 75%. By revenue composition, technology development service revenue stood at RMB 995 million, up 81.5% year-on-year and accounting for 62.1% of total revenue; licensing service revenue totaled RMB 607 million, up 67.5% year-on-year and representing 37.9% of total revenue. Momenta has thus established a dual-engine business model built on 'upfront development fees + mass-production licensing fees'. Regarding losses, adjusted net loss narrowed dramatically from RMB 416 million in the same period last year to RMB 14.097 million—a 96.6% reduction year-on-year; operating cash outflow also contracted from RMB 716 million to RMB 381 million. Such marked improvements across core profitability metrics bring the company 'within one step' of overall breakeven. Mass-Production Scale Continues Expanding, Market Share Leads Industry Mass-production business serves as the core driver behind Momenta’s revenue growth. As of June 30, 2026, over 1.1 million vehicles equipped with Momenta’s systems had entered mass production, spanning 105 mass-produced vehicle models and over 230 vehicle models with confirmed production orders. During the reporting period, approximately 321,000 additional vehicles were added—representing an 83.7% year-on-year increase. Delivery efficiency has also improved markedly: the first 100,000 units took 24 months to deliver, whereas the latest 100,000 units required only 36 days. In terms of market position, according to data from CIC Consulting, Momenta held approximately a 65% market share in China’s third-party urban NOA (Navigate on Autopilot) supplier market between March 2025 and February 2026—ranking first. The company has established cooperative relationships with 26 global automakers, and its mass-production solutions have been deployed across more than 10 countries and regions in Asia, Europe, Oceania, Latin America, and North Africa. Accounting Net Loss Swells Over 8-Fold, Driven Largely by Share-Based Compensation Despite the impressive performance of its adjusted metrics, the IFRS net loss for the period reached RMB 16.537 billion—up 871.8% from RMB 1.702 billion in the same period last year—largely inflated by substantial share-based compensation expenses.

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