Nanjing ESTUN Automation Co., Ltd. (02715.HK) officially launched its H‑share global offering on February 27, 2026, with an offer price range of HK$15.36 to HK$17.00 per share. Each board lot consists of 200 shares, with an entry cost of HK$3,434.29. The company is expected to list on the Main Board of the Hong Kong Stock Exchange on March 9, 2026. It plans to issue 96.78 million shares globally, with a maximum fundraising of approximately HK$1.645 billion.

As a leading player in China’s industrial robot sector, ESTUN has drawn market attention for its years‑long top position in domestic industrial robot shipments and its historic breakthrough in H1 2025—surpassing foreign brands to become the first Chinese robot firm to lead China’s market .

Core Highlights: Rise of a Domestic Robot Leader, Multi‑Brand Strategy for Global Competitiveness

ESTUN’s core narrative lies in its leadership in China’s industrial robot market. According to Frost & Sullivan, the company has ranked first in industrial robot shipments among domestic players for consecutive years. Critically, in H1 2025, it achieved a historic milestone by surpassing foreign brands in China’s industrial robot shipments, becoming the first domestic enterprise to top the Chinese industrial robot solutions market . By 2024 revenue, ESTUN ranked sixth globally and sixth in China among all manufacturers.

The company has built a strong multi‑brand matrix through targeted acquisitions:

2017: Acquired UK‑based Trio, a global leader in motion control, entering the high‑end motion control market .

2020: Acquired Germany‑based Cloos, a renowned welding robot firm, gaining a foothold in the global mid‑to‑high‑end arc welding robot market .

This strategy integrates Cloos’welding expertise and Trio’s motion control heritage with ESTUN’s proprietary brand, significantly enhancing technical strength and brand influence in global mid‑to‑high‑end markets . As of September 30, 2025, ESTUN has established 75 global service outlets and 7 manufacturing bases, with overseas revenue accounting for a stable ~30% during the track record period .

ESTUN offers a product portfolio of 96 industrial robot models covering payloads from 3kg to 1,000kg . Its proprietary“dual‑motor dual‑reducer”architecture enabled the launch of a 1,000kg ultra‑heavy‑load robot, breaking technical bottlenecks in heavy‑duty transmission . Its 700kg ultra‑heavy‑load industrial robot was included in the Ministry of Industry and Information Technology’s Catalogue of Major Technical Equipment for Promotion and Application . In niche segments:2024: Global No. 1 in sheet metal bending robots and photovoltaic industrial robot shipments .China No. 1 in power battery industrial robot shipments .China No. 1 among domestic manufacturers and global No. 5 in arc welding robot shipments .

Financial Performance: Short‑Term Cyclical Volatility, Long‑Term Growth Trajectory

ESTUN’s financials are affected by downstream manufacturing investment cycles, but its long‑term growth and recovery capacity remain strong.

Revenue rose from RMB 3.881 billion (2022) to RMB 4.652 billion (2023, +19.9% YoY), then fell to RMB 4.009 billion (2024) due to weaker investment in construction machinery, heavy industry, and photovoltaics.

H1–Q3 2025 revenue reached RMB 3.804 billion (+12.9% YoY), showing robust recovery.

Industrial robot and smart manufacturing system revenue rose from 73.1% (2022) to 82.5% (H1–Q3 2025); robot product revenue rose from 23.8% to 36.7%, reflecting higher value‑added mix.

Gross margin declined from 31.3% (2022) to 28.3% (2024) due to product mix and industry cycles. Profitability rebounded sharply in 2025:

H1–Q3 2025: Net profit of RMB 29.7 million, versus a net loss of RMB 62.16 million in the same period 2024.

2024: Net loss of RMB 818 million, mainly from lower revenue, margin compression, and one‑time goodwill/intangible asset impairments.

As a tech‑driven firm, ESTUN maintains high R&D spending: RMB 402 million (2022), RMB 504 million (2023), RMB 503 million (2024), all exceeding 10% of revenue. As of September 30, 2025, it has 1,029 R&D personnel and leads or participates in multiple national key tech projects.

IPO Details: Industrial Capital Backing, Fundraising for Capacity & Integration

Offer Terms: Price range HK$15.36–17.00; 200 shares per lot; entry cost HK$3,434.29; listing March 9, 2026; 96.78 million shares offered; max fundraising HK$1.645 billion.

Cornerstone Investors: 7 cornerstones subscribed US$66.91 million (~HK$522 million), 33.40% of global offering. Key names: Harvest Oriental, Hengtong Optic‑Electric International, Dream’ee HK Fund, Zhiyuan, Haitian Huayuan, Yuxiang, Qianhai Hezhong Investment. Hengtong Optic‑Electric’s participation underscores industry recognition of ESTUN’s tech and prospects.

Use of Proceeds: ~25% for global capacity expansion (including Poland plant); ~25% for strategic alliances, investments, and acquisitions; ~20% for next‑gen R&D; remainder for global service enhancement, debt repayment, and working capital.

Key Risks

Cyclical Volatility: Demand tied to manufacturing capex; 2024 decline stemmed from weaker investment in construction machinery, heavy industry, and PV.

Goodwill Impairment: Goodwill stood at RMB 1.045 billion (Sep 30, 2025), mainly from Cloos/Trio acquisitions. 2024 impairment of RMB 345 million; further impairments possible if acquired units underperform.

Concentration Risks: Top 5 clients accounted for 37.2% of revenue (H1–Q3 2025, largest client 18.0%). Raw materials/components >80% of COGS; key parts (e.g., reducers) rely on external supply.

Working Capital Pressure: Net current liabilities of RMB 171 million (Sep 30, 2025); trade receivables turnover days fell to 180 (from 215 in 2024) but remain elevated.

Overall, ESTUN’s Hong Kong IPO marks a key step for China’s industrial robot leader. Its core value lies in domestic substitution leadership, global multi‑brand synergy, and niche segment dominance . Investors should monitor cyclical risks, goodwill pressure, and supply chain concentration. Post‑listing, its ability to balance domestic market leadership, overseas asset management, and R&D vs. profitability will be closely watched.

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