Chinese Industrial Robotics Leader Estun Automation Announces Hong Kong IPO Plans

On the evening of June 4, Nanjing Estun Automation Co., Ltd. (Estun, 002747.SZ), China's leading industrial robotics company, announced its intention to issue H-shares and list on the Main Board of The Stock Exchange of Hong Kong Limited. The move represents a strategic pivot to deepen the company's global footprint, accelerate overseas business development, enhance its international brand presence, and strengthen core competitiveness.

For this listing initiative, Estun's board has appointed KPMG Hong Kong as the auditing firm for the issuance and listing process.

source: Estun 

Company Profile and Market Position

Estun stands as a prominent force in China's intelligent manufacturing sector, built on over three decades of industry expertise. The company operates across the entire value chain—from automation core components and motion control systems to industrial robots, robotic workstations, and comprehensive intelligent manufacturing systems. Its solutions serve diverse sectors including new energy, hardware, 3C electronics, automotive, packaging and logistics, building materials and furniture, metal processing, construction machinery, and welding applications.

As of the end of Q1 2025, Nanjing Pairuisike Technology Co., Ltd. remains Estun's controlling shareholder with a 29.4% stake, while Chairman Wu Bo holds 12.8% of the company.

According to MIR Intelligence data, Estun achieved a significant milestone in Q1 2025, capturing the largest market share in China's industrial robotics sector by shipment volume for the first time.

Strategic Focus on Energy Transition

Capitalizing on the momentum of carbon neutrality initiatives and automation advancement, Estun has leveraged its core robotics and motion control technologies to establish a comprehensive presence across the lithium battery industry value chain. The company provides end-to-end intelligent solutions spanning battery cell manufacturing, module assembly, and PACK processes, enabling lithium battery manufacturers to build lean, efficient, and flexible production lines that accelerate time-to-market and enhance competitive positioning.

Financial Performance: Recovery After Unprecedented Losses

The 2024 financial year marked a challenging period for Estun, recording revenues of RMB 4.009 billion (down 13.83% year-over-year), with a net loss attributable to shareholders of RMB 810 million—a dramatic 700.14% decline. Adjusted net losses reached RMB 836 million, representing a staggering 1,083.08% deterioration. Operating cash flow turned negative at RMB -73.58 million, compared to positive RMB 29.88 million in the previous year. This represented Estun's first loss in its decade-long public trading history.

Management attributed the performance shortfall to below-expectation revenue realization, margin compression, increased operational expenses—particularly elevated personnel costs—alongside goodwill and asset impairment provisions and reduced non-operating income.

2025 Turnaround Trajectory

Estun's performance has shown marked improvement entering 2025. Q1 results demonstrated a robust recovery with revenues of RMB 1.244 billion (up 24.03% year-over-year), net profit attributable to shareholders of RMB 12.63 million (up 93.43%), and adjusted net profit of RMB 4.17 million (up 132.2%). Operating cash flow rebounded to RMB 47.52 million, marking a 112.95% improvement. The combined expense ratio declined to 28.33%, down 5.14 percentage points year-over-year and 10.4 percentage points from 2024 levels.

Strategic Roadmap for Global Expansion

To achieve full-year profitability, Estun has outlined a comprehensive strategy centered on "Global Deployment - Strategic Focus - Technological Breakthrough - Operational Excellence." The company is implementing systematic operational enhancement initiatives to accelerate business recovery and drive sustainable, high-quality growth.

Central to its international expansion, Estun is actively developing markets across Europe, the Americas, Middle East, and Southeast Asia, with particular attention to overseas opportunities presented by leading domestic clients in new energy vehicles and lithium battery equipment sectors. The company anticipates international markets becoming a crucial growth driver.

Europe represents Estun's primary resource allocation focus for 2025, with plans to establish overseas manufacturing capabilities through its Polish subsidiary. This initiative aims to create a globalized production and supply chain infrastructure, laying the foundation for comprehensive international expansion.

Additionally, Estun emphasizes enhanced pricing discipline, concentrating resources on high-quality orders to maintain stable gross margins.

Market Outlook

As China's industrial robotics leader prepares for its Hong Kong listing, market observers are closely watching whether Estun can leverage this significant capital market platform to expand its business footprint, enhance brand influence, and accelerate its global strategic initiatives. The success of this endeavor could mark a pivotal moment in the company's international development trajectory.