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 (stock code: 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 climbing to RMB 36.32 billion. Its H-share (stock code: 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, Estun’s current A-share forward P/E ratio (TTM) stands at a high 279x, while its P/B ratio is around 11x. This elevated valuation does not stem from current absolute profit scale, but rather reflects the capital market’s forward pricing of its ‘turnaround’ narrative. Owing to an exceptionally low base in 2024—caused by a substantial goodwill impairment—the market is revaluing the company based on robust recovery expectations, notably its 674% year-on-year surge in net profit for Q1 2026. 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 firm with dual A+H listings. Its English name, “ESTUN,” signifies “First in the East.” The company’s development trajectory epitomizes a quintessential Chinese homegrown manufacturing comeback story. Through steadfast independent R&D and precisely targeted cross-border acquisitions—including UK-based Trio and Germany’s CLOOS—Estun has broken the long-standing monopoly held by the foreign “Big Four” robotics suppliers. 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 rigorously pursues its “All Made By Estun” full-industry-chain strategy, with a clearly defined business portfolio exhibiting 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, along with integrated automated production lines incorporating machine vision and conveyor systems. 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%, enabling both cost-efficient, highly reliable in-house integration for its own robots and independent sales to external customers—thereby erecting formidable technological barriers. 4. Key Financial Metrics ・Revenue and Profit Recovery: In 2025, Estun achieved total revenue of RMB 4.888 billion (+21.93% YoY), with attributable net profit reaching RMB 450 million—successfully reversing the RMB 810 million loss incurred in 2024. In Q1 2026, revenue stood at RMB 1.217 billion (−2.22% YoY), yet attributable net profit soared to RMB 980 million (+674.64% YoY), exceeding the entire prior-year annual figure in a single quarter. ・Profit Quality and Cash Flow: Gross margin remained stable at 28.45% in 2025, rising further 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-controlling interest-adjusted (“non-GAAP”) net profit was only RMB 19.35 million, indicating that core operational cash generation remains in an early-stage ramp-up phase, with reported profits containing significant non-recurring items. ・Balance Sheet Structure: The company’s debt-to-asset ratio remains relatively high (approaching 80%), with nearly RMB 1 billion in goodwill on its books. One key motivation behind its Hong Kong listing was to repay existing debt and optimize its capital structure.

The 'Top Dog' in Industrial Robotics Achieves Profitability in 2025

【Answer 2】 Nanjing Estun Automation Co., Ltd. (SZSE: 002747) recently released its 2025 Annual Report and 2026 First-Quarter Report, delivering a comprehensive performance turnaround. Concurrently, the company continues advancing its strategic positioning in embodied intelligent robotics, launching multiple new intelligent products in 2026 and accelerating the deep integration of robotics and AI technologies. 01 Industrial Robot Shipments Top the Chinese Market for the First Time According to its annual report, Estun achieved RMB 4.888 billion in revenue in 2025, representing a 21.93% year-on-year increase; attributable net profit reached RMB 44.97 million—reversing the RMB 810 million loss recorded in 2024 and marking a 105.55% YoY improvement. By product line, revenue from industrial robots and intelligent manufacturing systems totaled RMB 3.997 billion, surging 31.80% YoY and accounting for 81.77% of total revenue—establishing itself as the company’s core growth engine. Revenue from automation core components and motion control systems amounted to RMB 891 million, down 8.72% YoY. Notably, per data from MIR睿 Industrial Intelligence, Estun shipped 33,400 industrial robots in 2025, capturing a 10.0% market share—the first time it has overtaken foreign competitors to rank #1 in China’s industrial robot market. The company has ranked #1 among domestic industrial robot manufacturers for eight consecutive years. During the period, operating cash flow net amounted to RMB 507 million, up 788.37% YoY—a record high. The first-quarter report, released on April 30, showed that Estun generated RMB 1.217 billion in revenue and RMB 97.84 million in attributable net profit in Q1 2026, up 674.64% YoY. Profitability continued strengthening, with gross margin reaching 30.39% in Q1—up 2.13 percentage points year-on-year. As an enterprise covering the full value chain—from core components and robot integrations to end-to-end solutions—Estun’s sustained R&D investment forms a critical pillar of its competitive advantage. In 2025, the company invested RMB 476 million in R&D, representing 9.74% of total revenue. Its product portfolio now spans 96 industrial robot models, covering payloads from 3 kg to 1,200 kg. Additionally, in collaborative robotics, Estun’s Kuzhuo series saw shipment growth exceeding 270% in 2025; in Q1 2026, shipments rose over 40% YoY. The series has been deployed at scale across 107 application scenarios and in more than 370 factories—making it one of the fastest-growing domestic collaborative robot brands.

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