Estun turns losses into profits, with full industry chain layout releasing growth momentum

On March 30, Estun (002747.SZ) released its 2025 Annual Report and ESG Report, achieving revenue of RMB 4.8888 billion, up 21.93%; net profit attributable to the parent of RMB 44.9722 million, up 105.55%. During the reporting period, the company comprehensively optimized governance to activate new quality productive forces through innovation, achieved a turnaround from loss to profit, and received a AAA-level ESG rating from the Guozheng Index, demonstrating strong growth resilience.

Revenue and net profit both increased, and the company’s position as a leader in industrial automation became evident

In 2025, the industrial robot industry laid a foundation for recovery under the dual drivers of policy support and manufacturing transformation. According to data from the National Bureau of Statistics, in 2025 the national output of industrial robots was 773.1k units, up 28% year over year, and the industry entered a phase of rapid development. Among them, exports grew 48.7% year over year, surpassing imports for the first time, indicating that China has become a net exporter of industrial robots.

As a leading domestic industrial automation enterprise, Estun has been leading the industry by leveraging its full-industrial-chain competitive advantages covering “core components + complete industrial robot systems + solutions,” with its market share rising rapidly. Data shows that in 2025, the company achieved sales revenue of RMB 4.8888 billion, up 21.93%. Of this, revenue from industrial robots and intelligent manufacturing systems was RMB 773.1k, up 31.80%, and growth potential has been gradually released. According to MIR Rui Industrial data, in 2025 the company again topped the domestic industrial robot market share ranking, ranking first for eight consecutive years, and within the year surpassed foreign brands for the first time, becoming the number one in China’s industrial robot shipment volume. The company expanded application scenarios rapidly in sectors including automotive, electronics, and lithium batteries.

Worth noting is that, thanks to optimization of its governance system and improvements in production energy efficiency, the company achieved a dual leap in revenue and profitability, and its fundamentals improved effectively. During the reporting period, the company recorded non-recurring profit and loss (after excluding) net profit of RMB 7.2806 million, up 100.87%, marking a turnaround from loss to profit and entering a stable growth phase. The company’s net operating cash flow was RMB 507 million, up 788.37%, reaching an all-time high. Meanwhile, its asset-liability ratio fell 2.78 percentage points year over year, and its sales period expense ratio fell 9.44 percentage points year over year—laying a solid foundation for long-term high-quality development and enabling the digital and intelligent transformation of China’s manufacturing industry.

“General-purpose + segment-specific” R&D innovation to fortify core barriers across the full industrial chain

Estun adheres to the “All Made By Estun” strategy, building a full-industrial-chain layout spanning from automation core components, to industrial robots, and then to intelligent manufacturing systems. The company’s products cover 96 industrial robot models with payload capacities from 3 kg to 1200 kg. Its core components are independently controllable, and products such as motion control systems and servo systems run across the information layer, control layer, drive layer, and execution layer of industrial automation, enabling the company to provide solutions across the full product lifecycle for customers. According to the 2025 annual report, the company’s full-year R&D investment was RMB 476 million, accounting for 9.74% of revenue. It added 51 software copyright registrations and 74 authorized patents. By the end of the year, it cumulatively held 634 authorized patents, including 279 invention patents. The proportion of R&D and engineering technical personnel reached 29.68%.

Leveraging a strong R&D and technology system, the company has defined a “general-purpose + segment-specific” market strategy, continuously expanding application scenarios and driving industrial robots toward all categories, high precision, heavy-duty applications, and scenario-based development. By using customized, high-quality industrial automation solutions, the company fortifies the core competitive barrier of its products. In the area of general-purpose technology, the company launched a new generation of iER series intelligent industrial robots. Using its self-developed “Juliet” robot language to rebuild the underlying operating system, it connects data interfaces, sensing modules, and the control core, fully enhancing robots’ intelligent analysis and decision-making capabilities and creating an open intelligent ecosystem.

In segment-specific fields, Estun broke through technical bottlenecks in ultra-heavy-load applications. Its self-developed 1200KG ultra-large-payload robot fills a domestic gap. Focusing on various process stages such as welding, adhesive application, and material handling, the company builds intelligent solutions for the entire process of automobile manufacturing, and applies high-precision six-axis robots in batches to production lines of multiple leading automakers. The company also deeply participated in the construction of the world’s first photovoltaic “lighthouse factory,” building global ultra-high-speed lithium battery production lines and expanding the boundaries of intelligent manufacturing.

At the same time, the company has also integrated green concepts into its development. Through technology-enabled efforts to advance the realization of the dual-carbon goals of green, intelligent, and efficient development, the company drives their implementation. The company has comprehensively promoted distributed photovoltaic power generation on the rooftops of its three major plants, enabling clean energy substitution, and established a system for recycling and reusing old equipment to reduce resource waste. In addition, through its intelligent factory operation capabilities on the E-care and E-Noesis digital platforms, the company can diagnose faults in real time, improve product quality, comprehensively enhance operating efficiency, and inject AI momentum into high-quality development.

“A+H” dual-capital platform empowers the business, accelerating global development

Globalization is one of Estun’s core strategies. The company has already set up 75 service outlets worldwide, covering major manufacturing regions such as Europe, the Americas, and Asia, and holds multiple international certifications including CE and UL. It has formed internationalized marketing and technology teams. In 2025, the company accelerated its overseas production capacity expansion. The construction of its Poland factory was completed, helping drive high-value products to overseas markets. Through the “Local for Global” model, it leverages China’s supply chain efficiency advantages and overseas localized service capabilities to continue making breakthroughs in markets such as Europe and Southeast Asia. Based on operating data, in 2025 the company’s revenue from overseas regions was RMB 4B, up 6.8%, while its gross margin increased 4.09 percentage points to 36.75%.

It is also worth mentioning that, recently, the company successfully listed on the Main Board of the Hong Kong Stock Exchange, becoming the first “A+H” listed enterprise in China’s industrial robot sector. This milestone provides ample funding support for expanding the company’s overseas business, increasing investments in technology R&D, and integrating global resources. It is expected to further enhance the company’s international brand image and financing capability. With the advantages of the dual-capital platform, the company will deepen cooperation with global top-tier customers, strengthen its global market layout, and showcase China’s strength on the world stage through technology enablement and value co-creation.

Looking ahead, with empowerment from the “A+H” dual-capital platform, Estun will continue to solidify its competitive advantages across the full industrial chain, accelerate its global layout and release of overseas production capacity, enable the digital and intelligent transformation of manufacturing through technological innovation, and steadily move toward its strategic goal of “from following to surpassing.”

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