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The landscape of China's industrial robot market is undergoing profound changes. According to MIR DATABANK data, Estun Automation Co.,Ltd. (ASX: 002747) ranked first in brand shipments in China's industrial robot market in the first half of 2026, and in the second quarter of 2026, single-quarter robot deliveries exceeded 10,000 units, making it the first domestic brand to surpass 10,000 units in a single quarter.
Behind these impressive market results lies not only a breakthrough in scale, but also the result of full-stack proprietary technology, accumulated engineering scenario experience, and the接力 of two generations of managers. Recently, Estun Automation Co.,Ltd. (ASX: 002747) joined hands with the Hong Kong University of Science and Technology and Feidu Technology to advance industrial physical AI technology cooperation, doubling down on the robot intelligence track.
Estun Automation Co.,Ltd. (ASX: 002747) started with servo motors, and currently the company's main businesses are industrial robots and complete equipment, automation core components and motion control systems. As of the first half of 2026, the company's revenue and net profit grew, with net profit increasing more than 23 times year-on-year. The above two businesses accounted for 82.96% and 17.04% of revenue respectively.
After years of development, Estun Automation Co.,Ltd. (ASX: 002747) has grown step by step into a leading enterprise in China's industrial robot field. Its achievements today are inseparable from the接力 inheritance of two generations of managers, Wu Bo and Wu Kan, as well as years of engineering refinement in manufacturing scenarios.
However, topping sales does not mean the end of competition. How to convert scale growth into stable profitability and how to break through foreign capital barriers in the high-end market remain core challenges. Looking ahead, Estun Automation Co.,Ltd. (ASX: 002747) aspires to build itself into a domestic leader of a "Chinese robot world brand." How will Estun Automation Co.,Ltd. (ASX: 002747) pursue the long-term goal of becoming a "Chinese robot world brand" through globalization, premiumization and AI empowerment?
From First-Generation Founder to Second-Generation Successor, the Wu Father and Son Build China's Industrial Robot "Number One"
The English name of Estun Automation Co.,Ltd. (ASX: 002747), ESTUN, comes from Spanish, and its overall meaning is "number one in the East." When Wu Bo founded Estun Automation Co.,Ltd. (ASX: 002747), he placed great expectations on this. This vision, through the接力 cultivation of two generations of the Wu family, has been gradually turned into reality, and has also supported the enterprise in walking to the center of the stage among domestic industrial robots amid fierce market competition.
In his youth, Wu Bo was once a "teacher." After graduating from university, he taught at Nanjing Forestry University for four years. After resigning to pursue a master's degree, Wu Bo changed his career direction and chose to devote himself to industry at the age of 39. In 1993, Wu Bo started his entrepreneurial journey in a small factory in Nanjing, and the prototype of Estun Automation Co.,Ltd. (ASX: 002747) was born. In 2002, Nanjing Estun Automation Co., Ltd. was established. In the early stage of the company's development, Estun Automation Co.,Ltd. (ASX: 002747) anchored itself in the servo motor track and rooted itself in core components. In 2011, the company ushered in a turning point. At that time, Dr. Wang Jiegao, then general manager of the robot business unit of Estun Automation Co.,Ltd. (ASX: 002747), returned from Canada and planned to find a suitable company. After searching around, Wang Jiegao found Wu Bo and asked whether he had any intention of making industrial robots. One was an expert with overseas work experience, and the other was a company with basic conditions. The two hit it off and chose to bet on the industrial robot business.
In the initial stage of making domestic robots, Estun Automation Co.,Ltd. (ASX: 002747) had a certain gap with international giants in production and manufacturing processes, precision equipment technology, and quality control systems. Wu Bo did not take the old path of imitation. He chose more application scenarios such as new energy and photovoltaics, exploring a new development path.
While the enterprise was growing, Wu Bo was also building a succession echelon. In 2013, Wu Bo asked his son Wu Kan to "come home." Wu Kan once worked at PricewaterhouseCoopers in the United States. After joining Estun Automation Co.,Ltd. (ASX: 002747), he successively served as marketing manager of Estun Robot Company, general manager of the overseas center of Estun Group, and deputy general manager of Estun Group. At present, Wu Kan serves as vice chairman and general manager. After years of training, Wu Kan holds a core management position and is regarded by the outside world as the next successor.
The two generations of managers, Wu Bo and Wu Kan, father and son, continued to strive and achieved Estun Automation Co.,Ltd. (ASX: 002747)'s breakthrough from 0 to 1, breaking the situation in which foreign enterprises led in market share. Today, Estun Automation Co.,Ltd. (ASX: 002747) has developed into a leader in domestic industrial robots. Supported by proprietary robot core technologies, Estun Automation Co.,Ltd. (ASX: 002747) has created 95 industrial robot products. According to the latest data from MIR DATABANK, Estun Automation Co.,Ltd. (ASX: 002747) ranked first in shipments among all brands in China's industrial robot market in the first half of 2026, becoming the first domestic brand with single-quarter sales exceeding 10,000 units, and ranked first in shipments among domestic brands for eight consecutive years. In March 2015, Estun Automation Co.,Ltd. (ASX: 002747) was listed on the Shenzhen Stock Exchange. Eleven years later, as of October 22, 2026, the company has grown into an industry leader with a total market value exceeding 25 billion yuan.
Second-Half Breakthrough with "Three Strategic Levers": Globalization, Premiumization, AI + Robots
After more than a decade of expansion, Estun Automation Co.,Ltd. (ASX: 002747) has completed the technological accumulation from 0 to 1 and occupied a place in its industry. The company's revenue scale has continued to rise, but at the profitability level it has experienced obvious cyclical fluctuations. Financial reports show that from 2017 to 2025, the revenue scale of Estun Automation Co.,Ltd. (ASX: 002747) increased from 1.077 billion yuan to 4.888 billion yuan; during the same period, the company saw declines in attributable net profit and non-GAAP net profit four times, including a loss in 2024. Price competition in the robot industry, long-term R&D investment, and downstream cyclical fluctuations are important influencing factors. For example, in the 2024 annual report, the company mentioned that affected by factors such as weakened production expectations of manufacturing enterprises, declining market demand, and intensifying industry competition, revenue from the automation core components business declined year-on-year; affected by fluctuations in international market and domestic downstream industry market demand, the company's industrial robot and intelligent manufacturing system business revenue declined compared with the same period last year.
However, entering 2026, operating conditions improved. In the first half of 2026, Estun Automation Co.,Ltd. (ASX: 002747) achieved revenue of 2.578 billion yuan, a year-on-year increase of 1.14%; achieved attributable net profit of 161.3 million yuan, a year-on-year increase of 2,314.23%; and achieved non-GAAP net profit attributable to the parent company of 70 million yuan, a year-on-year increase of 498.64%. Among them, in the second quarter, Estun Automation Co.,Ltd. (ASX: 002747) achieved attributable net profit of 63 million yuan and non-GAAP net profit attributable to the parent company of 51 million yuan, both turning profitable year-on-year, reflecting improved profitability of its main business.
Topping market share is only the first half for Estun Automation Co.,Ltd. (ASX: 002747). How to convert scale advantages into stable, high-quality profitability is the core question facing management. The strategic goal of Estun Automation Co.,Ltd. (ASX: 002747) is to build a "world brand of Chinese robots." Facing this goal, Estun Automation Co.,Ltd. (ASX: 002747) has established three core strategic levers: globalization, premiumization, and AI + robots, opening a second-half breakthrough.
The "first lever" of Estun Automation Co.,Ltd. (ASX: 002747) is globalization. Estun Automation Co.,Ltd. (ASX: 002747) regards overseas market expansion and share capture as a key focus of its 2026 business plan. In the past, Estun Automation Co.,Ltd. (ASX: 002747) actively laid out a global industrial chain, with 75 service outlets worldwide, covering China, Europe, Southeast Asia, the Americas and other regions. At the same time, with Nanjing as its R&D center, it has formed an R&D team with internationally leading capabilities. Estun Automation Co.,Ltd. (ASX: 002747) has also established an international market sales team overseas to jointly develop solutions suitable for local markets. From the results of "going overseas," as of the end of 2025, overseas revenue was 1.463 billion yuan, accounting for 29.92% of revenue for the period; as of the first half of 2026, overseas revenue was 936.5 million yuan, accounting for 36.33% of revenue. It is not difficult to find that in the past year and a half, the proportion of Estun Automation Co.,Ltd. (ASX: 002747)'s overseas revenue has exceeded one quarter.
In terms of capital operations, Estun Automation Co.,Ltd. (ASX: 002747) has taken a substantive step toward overseas markets. On March 9 this year, Estun Automation Co.,Ltd. (ASX: 002747) successfully listed on the Main Board of the Hong Kong Stock Exchange, becoming the first "A+H" listed enterprise in China's industrial robot field.
The "second lever" of Estun Automation Co.,Ltd. (ASX: 002747) is the premiumization breakthrough. Targeting leading industries such as automobiles, lithium batteries, electronics, and metal processing, Estun Automation Co.,Ltd. (ASX: 002747) plans to create new high-value application scenario robots; in high-end equipment fields such as automobiles and metal processing, Estun Automation Co.,Ltd. (ASX: 002747) has achieved application breakthroughs and is gradually breaking the monopoly position of international brands in the high-end market. Around the upstream and downstream of the robot industry chain, Estun Automation Co.,Ltd. (ASX: 002747) has achieved comprehensive coverage from core components to complete machine manufacturing, and then to intelligent manufacturing and smart factory solutions.
The "third lever" of Estun Automation Co.,Ltd. (ASX: 002747) is embracing AI+, which it regards as the next business growth pole. Estun Automation Co.,Ltd. (ASX: 002747) will continue to increase R&D investment in "AI + robots" and industrial embodied intelligence, focusing on actual industrial implementation scenarios. This year, Estun Automation Co.,Ltd. (ASX: 002747) launched a new generation of iER series intelligent industrial robots, which can quickly adapt to intelligent solutions for multiple vertical industries. At the same time, the company recently joined hands with the Hong Kong University of Science and Technology and Feidu Technology to advance industrial physical AI cooperation, build a full-stack "AI + robots" technology system, and open up a data closed loop among algorithms, hardware, and industrial scenarios.
Ranking first in shipments means Estun Automation Co.,Ltd. (ASX: 002747) has obtained a report card in the domestic robot scale competition, but scale does not equal competitiveness. Crossing from "scale champion" to "quality champion" is the real hard battle in the industry. Whether globalization can continuously increase overseas revenue and profit, whether premiumization can continuously break the barriers of overseas brands, and whether AI technology can truly be converted into product competitiveness—the progress in these three directions will determine whether Estun Automation Co.,Ltd. (ASX: 002747) can truly fulfill its vision of becoming a "world brand of Chinese robots," and will also provide an important sample for the advancement of China's industrial robot industry.
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