Leveraging the First "A+H" IPO Listing Wind in Industrial Robotics to Advance from China's Number One to Global Top Three

Estun Chairman Wu Bo (right) and President Wu Kan (left) at the company’s Hong Kong stock listing ceremony. Photo provided by the interviewed company

Estun production line. Photo provided by the interviewed company

Reporter Zang Xiaosong from Securities Times

Walking into Estun’s (002747) Nanjing smart factory, rows of massive industrial robots are tirelessly manufacturing similar products on the workshop floor. This intelligent production line, built by Estun as China’s first “robot producing robots,” has become a showcase for the company.

As China’s leading industrial robot company, Estun recently listed on the main board of the Hong Kong Stock Exchange, becoming the first domestic “A+H” listed enterprise in the industrial robot field. Wu Kan, Vice Chairman and President of Estun, told Securities Times in an exclusive interview that this Hong Kong listing is a strategic move to promote the company’s global expansion and a crucial step toward entering the top tier of the global industrial robot industry.

Estun’s A+H dual-capital platform takes shape

Estun is an important participant and builder in China’s industrial automation rise. Since its founding in 1993, the company has experienced over 30 years of rapid development, establishing multiple competitive advantages from technological innovation to brand accumulation, actively promoting “Made in China” in the global industrial automation landscape.

On March 20, 2015, Estun was listed on the Shenzhen Stock Exchange, becoming one of the few domestic companies specializing in core automation components at the time. Leveraging the A-share capital platform, Estun embarked on an expansion path of “organic growth + acquisitions,” transforming from a core component supplier into a provider of full industry chain solutions.

Wu Kan outlined key acquisition milestones in the company’s development: in 2017, acquiring UK motion control company Trio Motion Technology to address technical gaps; later in 2017, acquiring German automation firm M.A.i GmbH to strengthen high-end customization capabilities; at the end of 2019, acquiring German welding robot giant Cloos, gaining leading global welding technology and overseas channels; by 2025, the Estun Poland manufacturing base will be completed, accelerating the company’s transition to a global leader in industrial robots.

“We have gradually built a global product and brand matrix through independent development and strategic acquisitions,” Wu Kan told us. Today, Estun has formed a four-brand matrix covering Estun, Cloos, Trio, and M.A.i, serving different markets. The company had already launched its overseas brand strategy years ago, continuously improving product lines suited for international markets. As of September 30, 2025, Estun has established 75 service outlets worldwide, with 1,090 overseas employees, covering Europe, the Americas, Asia, and other developed manufacturing regions. The European market is a strategic starting point, with subsidiaries in several countries and local teams with extensive industry experience. “By 2025, our independent brands’ overseas expansion has shown initial results, gradually entering the supplier lists of some global auto parts companies, laying a foundation for future growth,” Wu Kan said.

From 2015 to 2024, Estun’s revenue grew from 487 million yuan to over 4 billion yuan, with a compound annual growth rate exceeding 25%. Its overseas revenue share steadily increased from about 5% to over 30%, with gross profit margins on overseas operations remaining above 30%, demonstrating stable profitability and ongoing growth potential.

Wu Kan explained that the Hong Kong listing is a strategic move for Estun’s globalization, focusing on two main directions: building an overseas financing platform and fully promoting global business development. The IPO raised approximately HKD 1.486 billion by issuing 96.78 million shares, with proceeds allocated to expanding global production capacity, strategic acquisitions, and new R&D investments.

The listing provides Estun with more convenient international financing channels, supporting overseas capacity expansion and cross-border mergers and acquisitions. Notably, the company attracted international investors such as Harvest Oriental, Dream’ee HK Fund, and industry investors like Hengtong Optoelectronics, reflecting market confidence in its growth prospects.

From follower to leader in the domestic market

Over the past five years, Estun’s cumulative shipments of industrial robots exceeded 105,000 units, with nearly 35,000 units shipped last year alone. According to Frost & Sullivan data, Estun has maintained the top position in China’s domestic industrial robot shipments for several years, and in 2025, achieved a historic breakthrough: surpassing international giants Fanuc, Yaskawa, KUKA, and ABB in China for the first time, becoming the first domestic enterprise to top China’s industrial robot solutions market—evolving from a follower to a dominant market force.

With keen industry insight, Estun was among the first to deploy in emerging sectors like photovoltaics and power batteries, achieving market breakthroughs and overtaking international competitors. Wu Kan shared some data: in 2024, Estun ranked first globally in industrial robot shipments for photovoltaic and sheet metal bending applications; in power battery manufacturing, it ranked first in China and second worldwide; in arc welding, it ranked fourth in China and fifth globally.

As a company that produces “robots that produce robots,” Estun offers 96 models of industrial robots ranging from 3kg to 1,200kg payloads, covering general-purpose robots and industry-specific robots with advanced manufacturing processes. Its 700kg payload six-axis robot was included in the Ministry of Industry and Information Technology’s catalog of major technological equipment, becoming China’s first high-performance heavy-duty industrial robot to achieve a breakthrough.

Facing market segmentation and product tiers, Wu Kan emphasized Estun’s core strategy: “We choose to step out of low-price competition and focus on high-end scenarios.” Since the second half of 2025, several robot manufacturers, including Estun, have announced price adjustments, passing increased material and component costs to the market, helping the industry move away from vicious price wars toward healthy competition.

At a recent meeting, Estun announced its results: the company continues to deepen solutions in vertical industries, achieving large-scale breakthroughs in automotive, new energy, lithium batteries, and metal processing sectors, with major clients like CATL. It has established a strong foothold in automotive parts and assembly, and has entered the supply chains of leading automakers like BYD and Seres, securing large market applications and becoming a key supplier for BYD’s new capacity expansion.

Wu Kan said that in 2026, Estun will further deepen its high-end market presence. In the automotive sector, it will continue to break through with top automakers and key component clients, steadily advancing domestic substitution in high-end scenarios; in electronics, benefiting from recovery in the smartphone and supply chain markets, combined with strategic deepening with major clients, orders are expected to grow steadily; in lithium batteries, leveraging industry demand recovery and the rapid expansion of leading companies, the company aims to further increase automation investment and order scale.

New profit growth engines

In recent years, the global industrial robot industry has shown remarkable growth. In 2024, global shipments reached 541,000 units, projected to rise to 919,500 units by 2029, with domestic shipments expected to hit 590,400 units. This booming market offers significant opportunities for domestic industrial robot solution providers.

“Estun’s goal is to build a ‘Chinese robot’s global brand,’” Wu Kan told Securities Times. The company aims to target the trillion-dollar markets covered by the “Big Four” global industrial robot companies, focusing on expanding in Europe and other major regions with global influence, continuously increasing its international market share.

Based on 2024 revenue, Estun ranks first among domestic suppliers and sixth globally; in terms of shipments, it ranks fifth among global suppliers with a market share of 5.5%. Wu Kan revealed, “We hope that by 2030, Estun can move from ‘China’s No. 1’ to ‘top three worldwide.’”

In the domestic market, Estun’s industrial robots have been integrated into many leading companies’ production lines, becoming an important force in replacing imports. Wu Kan noted that in a recent major robot tender for a new energy vehicle manufacturer, Estun’s manufacturing capabilities helped it beat foreign brands and secure the contract, breaking the monopoly of foreign brands in that field.

By 2026, Estun will fully accelerate its overseas expansion. The company plans to focus on key industries such as automotive, metal processing, packaging, and food & beverage, continuously building core application scenarios and ecological partner systems in the EU, ASEAN, South America, and other regions.

Expanding after-sales service is becoming a new engine for profit growth. “We’ve seen a foreign brand’s financial report; although its after-sales business contributes little to revenue, it makes very high profits,” Wu Kan explained. Estun has adopted a high-margin service model similar to foreign brands, creating an industrial robot “4S shop” system that includes spare parts sales, maintenance, and repair services. He further explained that industrial robots have a fixed lifecycle—3-5 years for small robots, 6-8 years for large robots—and maintenance can extend their lifespan. Customized models also require parts purchased from Estun. With 75 service outlets worldwide and hundreds of professional staff, the company’s after-sales business continues to grow, further strengthening its industry influence.

“Estun, as a leading Chinese industrial robot brand, will continue to invest resources in developing more competitive intelligent equipment and robot products,” Wu Kan said. “We will adhere to long-term vision, continue innovation, and work hand-in-hand with the capital market to provide smarter, greener, and more efficient automation solutions for the global manufacturing industry.”