Group 1: Market Activity - A total of 26 companies submitted applications to the Hong Kong Stock Exchange last week, marking a recent high in submissions [2] - Among the 26 companies, 3 passed the hearing, and 1 company is currently in the process of an IPO [10][12] Group 2: Industry Highlights - The semiconductor and computing sectors are particularly active, with companies like Weizhao Semiconductor and Placo Electronics submitting applications [2] - Weizhao Semiconductor reported a revenue of 615 million yuan and a profit of 40.25 million yuan for the first nine months of 2025 [2] - Placo Electronics achieved a revenue of 751 million yuan and a profit of 76.11 million yuan for the same period [2] Group 3: Robotics Sector - Several robotics companies, including Yifei Intelligent and Estun, are also pursuing listings [3] - Estun is ranked first in the industrial robotics sector by revenue, with a market share of 1.7% globally [3] - TuoStar is recognized as a leader in the domestic industrial robotics market, with a revenue of 1.688 billion yuan and a net profit of 47 million yuan for the first nine months of 2025 [3] Group 4: Biopharmaceutical Sector - Multiple biopharmaceutical companies are applying for listings, including Zeling Bio and Exegenesis Bio Inc. [4][5] - Zeling Bio reported a loss of 1.19 million yuan for the first nine months of 2025, while Exegenesis Bio has not yet received regulatory approval for its products [5][6] - Shanghai Shengsheng achieved a revenue of 538 million yuan and a net profit of 11.3 million yuan for the same period [4] Group 5: Food and Beverage Sector - The food and beverage sector is seeing significant activity, with companies like Yuanji Food and Qian Dama submitting applications [7] - Yuanji Food reported an adjusted net profit of 192 million yuan for the first nine months of 2025, a 31% increase year-on-year [7] - Qian Dama achieved a GMV of 14.8 billion yuan in 2024, maintaining its position as the top player in the community fresh product retail chain industry [7] Group 6: New Listings - Four new stocks were listed last week, with all experiencing price increases on their first trading day [13] - The stock of Howie Group, a global leader in CMOS image sensors, rose by 16.22% on its debut [13] - Zhaoyi Innovation, a storage chip leader, saw its stock price increase by 38.27% on its first day of trading [13]

Core Viewpoint - Estun is resuming its IPO process in Hong Kong, aiming to become the first industrial robot stock in the Hong Kong market, enhancing its global competitiveness and brand recognition through an "A+H" dual capital platform [1][5]. Group 1: Company Overview - Estun is a leading Chinese industrial robot manufacturer, covering the entire industry chain from automation core components to intelligent manufacturing systems, with a strong market presence in sectors like new energy, 3C electronics, and automotive [1]. - The company has ranked first in domestic industrial robot shipments for several consecutive years and is positioned sixth globally among manufacturers [1]. Group 2: Technological Innovation - Estun invests around 10% of its revenue in R&D, employing over 1,000 researchers and holding 614 patents, including 250 invention patents [2]. - The company is integrating AI with robotics, enhancing its adaptability and self-evolution capabilities, and has developed a proprietary AI control system architecture [2]. Group 3: Digital Solutions - Estun has launched an innovative industrial internet platform, E-Care, for remote maintenance and smart management, and E-Noesis for quality detection and fault analysis, showcasing its commitment to driving automation upgrades [3]. Group 4: Global Expansion - The company is accelerating its global layout and targeting high-end markets, having received international safety certifications and expanding its product matrix through acquisitions [4]. - Estun's overseas revenue reached 1.118 billion yuan, accounting for 29.4% of total revenue in the first three quarters of 2025 [4]. Group 5: Market Trends - The global industrial robot market is projected to grow at a CAGR of 11.2%, driven by increasing demand for automation and AI integration [6]. - Estun is well-positioned to benefit from the dual drivers of market expansion and domestic brand emergence, with a comprehensive product matrix covering various load capacities [6]. Group 6: Application Scenarios - The company is expanding its applications in automotive manufacturing, metal processing, and battery production, with notable achievements in delivering high-load robots and integrated solutions [7]. - Estun has introduced the iER series robots and iER.OS system, enhancing its capabilities in intelligent analysis and decision-making [7]. Group 7: Future Outlook - With the support of the "A+H" dual capital platform, Estun is expected to drive breakthroughs in high-end products and global layout, contributing to the intelligent upgrade of global manufacturing [8].

Core Viewpoint - Nanjing Estun Automation Co., Ltd. (Estun), a leading domestic industrial robot manufacturer, has restarted its IPO process on the Hong Kong Stock Exchange after submitting a second application [1][2]. Group 1: Company Overview - Estun was founded in 1993 and went public on the Shenzhen Stock Exchange in 2015. As of January 16, its market capitalization reached 22.202 billion RMB [2]. - According to Frost & Sullivan, Estun is projected to rank sixth globally among industrial robot manufacturers in terms of revenue in 2024, and it is expected to surpass foreign brands in domestic market shipments in the first half of 2025 [2]. Group 2: Financial Performance - Estun reported a net loss of 818 million RMB in 2024, marking its largest historical loss, compared to a net profit of 184 million RMB in 2022 [8][10]. - Revenue for 2024 decreased by 13.83% to 4.009 billion RMB, with a significant decline in gross profit margin from 32.9% in 2022 to 28.2% in the first nine months of 2025 [10][13]. - The company achieved a net profit of 29.0039 million RMB in the first three quarters of 2025, indicating a weak recovery [13]. Group 3: Customer Concentration - Estun's revenue dependency on its top five customers surged from 16.4% in 2022 to 37.2% in the first nine months of 2025, with the largest customer contributing 18.0% of total revenue [15]. - This high customer concentration poses a risk to the company's revenue stability, as changes in procurement strategies or relationships with major clients could lead to significant revenue fluctuations [15]. Group 4: Financial Health - As of September 30, 2025, Estun's current liabilities net amount reached 171 million RMB, with a current ratio of 0.97 and a quick ratio of 0.73, indicating short-term debt repayment pressure [18]. - The debt-to-equity ratio increased from 0.96 in 2022 to 2.28 in the first nine months of 2025, highlighting rising financial leverage and associated risks [20]. - Inventory turnover days increased from 138 days in 2022 to 194 days in 2024, reflecting high capital occupation pressure [20]. Group 5: Shareholder Risks - The company's controlling shareholder, Wu Bo, has pledged 11 million A-shares for financing, with the pledge starting on May 30, 2025, and maturing on May 14, 2026. However, it is stated that this will not lead to a change in control or adversely affect company governance [21].

以下文章来源于凤凰网股票 ，作者IPO观察哨 凤凰网股票 . 凤凰网股票，价值投资者家园。凤凰网股票为全球华人投资者提供24小时权威、独到的市场资讯和行情产品，并始终关注中国资本市场的发展与变化。 来源丨凤凰网财经《IPO观察哨》 凤凰网财经《IPO观察哨》梳理发现，埃斯顿成立于1993年，2015年在深交所上市。截至1月16日收盘，其市值达222.02亿元。 另据弗若斯特沙利文数据，公司2024年收入位列全球工业机器人厂商第六；2025年上半年，其国内市场出货量首次超越外资品牌，连续多年保持本土第 一。公司业务主要覆盖汽车、工程机械、锂电等制造领域，提供全产业链解决方案。 天眼查显示，埃斯顿实控人为72岁的创始人吴波，大股东为南京派雷斯特科技有限公司（以下简称"派雷斯特"），而派雷斯特的收益所有人也是吴波。 《胡润全球富豪榜》显示，吴波财富从2023年的110亿元缩水至2025年的95亿元。 （埃斯顿自动化集团董事长吴波，图源：百度百科） 尽管埃斯顿凭借全产业链布局和出货成绩巩固了行业地位，但在冲刺港股之际，其业绩波动剧烈、财务结构失衡等深层问题也暴露无遗。 作者丨DW 据港交所1月15日披露，国产工业机器 ...

Core Viewpoint - A股上市公司埃斯顿 has refiled its application for a secondary listing on the Hong Kong Stock Exchange, aiming to raise funds for global capacity expansion, strategic alliances, R&D investments, and debt repayment, despite experiencing significant financial volatility in recent years [1][6]. Group 1: Financial Performance - From 2022 to the first three quarters of 2025,埃斯顿's revenue fluctuated significantly, with a notable decline in both revenue and net profit in 2024, where revenue dropped by 13.82% and net profit turned negative at -818 million yuan [3][4]. - The company's financial leverage has increased sharply, with the debt-to-equity ratio rising from 0.96 in 2022 to 2.54 in 2024, indicating heightened financial risk [3][5]. - The overall gross margin has decreased from 32.9% in 2022 to 28.3% in 2024, reflecting increased competition and changes in product structure [3][4]. Group 2: Revenue Sources and Market Position - As of 2025,埃斯顿 has become the leading domestic industrial robot company in China, surpassing foreign brands in market share, with a global ranking of sixth and a market share of 1.7% [2][3]. - The majority of埃斯顿's revenue comes from the domestic market, accounting for 66.2% to 70.6% during the reporting period, with significant contributions from sectors such as automotive and heavy machinery [3][4]. - The company's revenue from industrial robots and intelligent manufacturing systems has increased, making up 82.5% of total revenue by 2025 [2][3]. Group 3: Operational Challenges - The net cash flow from operating activities turned negative in 2024, dropping from 714 thousand yuan in 2023 to -10.4 million yuan, primarily due to increased financing costs and depreciation [5][6]. - Inventory turnover days increased from 138 days in 2022 to 194 days in 2024, indicating challenges in inventory management and potential overstocking [6][8]. - The company has reported a significant increase in inventory write-downs, from 58.08 million yuan in 2022 to approximately 113 million yuan in 2024, further impacting profitability [6][8]. Group 4: Future Prospects and Strategic Initiatives - The funds raised from the proposed Hong Kong listing are intended to support business development and expansion, enhance the company's market position, and attract foreign investment [1][6]. -埃斯顿's production capacity utilization rates for industrial robots and automation components were 82.8% and 81.8% respectively as of Q3 2025, indicating room for growth despite current underutilization [8]. - The company is actively monitoring its goodwill impairment risks and has committed to annual assessments to manage potential financial impacts from its overseas subsidiaries [8].

1、公司子公司艾玛意自动化技术（南京）有限公司以人民币 800 万元暂时 闲置自有资金购买南京银行的单位结构性存款 2025 年第 43 期 05 号 33 天，具体 如下： （1）产品名称：单位结构性存款 2025 年第 43 期 05 号 33 天 股票代码：002747 股票简称：埃斯顿 公告编号：2026-002 号 南京埃斯顿自动化股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、进行现金管理的审批情况 南京埃斯顿自动化股份有限公司（以下简称"公司"）分别于第五届董事会 第十三次会议、第五届监事会第十二次会议、2024 年年度股东大会审议通过了 《关于公司及子公司使用部分闲置自有资金进行现金管理的议案》，同意公司及 子公司拟对最高余额不超过人民币 10 亿元的闲置自有资金适时进行现金管理， 投资于流动性好、安全性高的中、低风险理财产品；在上述额度内可滚动使用暂 时闲置的自有资金进行现金管理。公司及子公司应严格遵守审慎投资原则，选择 银行、证券公司等金融机构的中、低风险短期的投资品种，以及 ...

Core Viewpoint - Estun's stock performance shows a decline of 0.76% on January 15, with a trading volume of 572 million yuan, indicating a low financing balance and a decrease in shareholder numbers, while the company continues to grow in revenue and profit year-on-year [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Estun achieved a revenue of 3.804 billion yuan, representing a year-on-year growth of 12.97% [2]. - The net profit attributable to shareholders for the same period was 29.0039 million yuan, showing a significant year-on-year increase of 143.48% [2]. Group 2: Shareholder and Financing Information - As of January 15, Estun's total financing and securities balance was 627 million yuan, with a financing balance of 624 million yuan, accounting for 2.91% of the circulating market value, which is below the 10th percentile level over the past year [1]. - The number of shareholders decreased by 7.92% to 114,300, while the average circulating shares per person increased by 8.60% to 6,846 shares [2]. Group 3: Dividends and Institutional Holdings - Since its A-share listing, Estun has distributed a total of 379 million yuan in dividends, with 78.0356 million yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 25.6447 million shares, an increase of 6.4466 million shares from the previous period [3].

格隆汇1月15日丨埃斯顿(002747.SZ)公布，根据本次发行并上市的时间安排及香港联交所的相关要求， 公司已于2026年1月15日向香港联交所更新递交了本次发行并上市的申请，并于同日在香港联交所网站 刊登了本次发行并上市的更新申请资料。该申请资料为公司按照香港证券及期货事务监察委员会（简 称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和修 订。 ...

格隆汇1月15日｜埃斯顿公告，公司正在进行申请发行境外上市外资股并在香港联合交易所有限公司主 板挂牌上市的相关工作。公司已于2025年6月27日向香港联交所递交了本次发行并上市的申请，并于同 日在香港联交所网站刊登了申请资料。根据本次发行并上市的时间安排及香港联交所的相关要求，公司 已于2026年1月15日向香港联交所更新递交了本次发行并上市的申请，并于同日在香港联交所网站刊登 了本次发行并上市的更新申请资料。 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2026-001号 南京埃斯顿自动化股份有限公司 关于申请发行境外上市外资股（H 股）并上市的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 南京埃斯顿自动化股份有限公司（以下简称"公司"）正在进行申请发行境 外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板挂牌上市（以下简称"本次发行并上市"）的相关工作。公司已于 2025 年 6 月 27 日向香港联交所递交了本次发行并上市的申请，并于同日在香港联交所网 站刊登了申请资料。 根据本次发行并上市的时间安排及香港联交所的相关要求，公司已于 2026 年 1 月 15 日向香港联交所更新递交了本次发行并上市的申请，并于同日在香港 联交所网站刊登了本次发行并上市的更新申请资料。该申请资料为公司按照香港 证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编 制和刊发，为草拟版本，其所载资料可能会适时作出更新和修订。 英文： 1 https://www1.hkexnews.hk/app/sehk/2026/1 ...