In recent years, the process of localization and substitution of domestic industrial robots has continued to accelerate, and leading local companies have experienced growth acceleration.
The latest industry statistics show that in 2025, domestic industrial robot production will reach 773,100 sets, a year-on-year increase of 28%, and export volume has increased by 48.7% year-on-year, surpassing import volume for the first time. China has officially become a net exporter of industrial robots, and the overall market share of domestic brands has exceeded 50%. A historic turning point in industry development has appeared.
Among them, Eston performed the most brilliantly, surpassing the four major foreign-owned families such as Fanuc and Yaskawa for the first time with a market share of 10.6%, and topped the list of shipments in China’s industrial robot market. This is also the eighth consecutive year that the company has topped the domestic industrial robot market.
Eston was founded in 1993 and was listed on the Shenzhen Stock Exchange in 2015. In March 2026, it successfully landed on the Hong Kong Stock Exchange and became the first A+H listed company in the domestic industrial robot industry, officially opening a new era of capital globalization.
The company has long adhered to the “All Made By Estun” independent and controllable strategy for the entire industry chain. Its business covers core components (motion control + servo system), complete machines (96 industrial robots, with loads ranging from 3kg to 1200kg), and intelligent manufacturing systems and solutions throughout the value chain. Its products are widely used in multiple core industries such as automobiles, 3C, lithium batteries, photovoltaics, and metal processing.
The company’s main business structure is shown in the figure below:
Financial data shows that Eston achieved a historic turnaround from losses to profits in 2025: full-year revenue reached 4.888 billion yuan, a year-on-year increase of 21.93%, including industrial robots and intelligent manufacturing systems
Revenue was 3.997 billion yuan, a year-on-year increase of 31.80%, accounting for approximately 82% of total revenue; overseas revenue was 1.463 billion yuan, a year-on-year increase of 6.8%, and the gross profit margin was as high as 36.75%, which was more than 7 percentage points higher than the overall gross profit margin.
The net profit attributable to the parent company was approximately 45 million yuan, a year-on-year increase of 105.55%; the net operating cash flow was 507 million yuan, a year-on-year increase of 788.37%. The core benefited from the multiple effects of accelerated payment collection, supply chain optimization and inventory control, and the quality of corporate operations has been fundamentally improved.
The first quarter report of 2026 shows that the company’s profitability has further improved: during the period, it achieved revenue of 1.217 billion yuan and net profit attributable to the parent company of 98 million yuan, a year-on-year increase of 674.64%; the gross sales profit margin was 30.39%, a year-on-year increase of 2.12 percentage points.
At the end of the first quarter, the net sales profit margin was 7.96%, an increase of 6.97 percentage points year-on-year. Expense control continued to be optimized. As of the end of the first quarter, contract liabilities reached 557 million yuan. There were sufficient orders on hand. Inventory dropped by 28.46% year-on-year. Inventory management has achieved remarkable results.
The domestic industrial robot market share in 2025 is shown in the figure below:
In addition to the rapid growth of its existing business, Estun has also laid out the next-generation robot incremental track in advance, further promoted the integration of robots and AI technology, developed its own Juliet robot language to reconstruct the underlying operating system, launched the iER series of intelligent industrial robots, and built an “AI + robot” full-stack solution around welding, grinding, flexible assembly and other scenarios to accelerate the deployment of embodied intelligent industrial scenarios.
Relying on the homogeneous advantage of the “core components + control system + complete machine” technology self-developed throughout the entire industry chain, Eston has the strategic conditions to prioritize the industrial embodied intelligence track.
At present, the company’s A+H dual capital platform has been formally formed. 25% of the funds raised will be used for global production capacity expansion. The high gross profit margin advantage of overseas business will continue to drive the overall profitability improvement; at the same time, the company will maintain high R&D investment in the long term. R&D investment in 2025
Revenue reached 476 million yuan, accounting for 9.74% of revenue. High-end products such as iER series AI robots and 1200KG ultra-large payload robots continue to increase in volume, promoting the continuous upgrading of the product structure to high added value. European business is expected to achieve substantial growth in 2026.
Risk warning: The robot industry is subject to risks such as fluctuations and policy risks, industry competition risks, operational risks, international trade friction risks, less-than-expected new market expansion risks, technology iteration and product development risks, manufacturing recovery less than expected, industrial robot demand less than expected, and intensified market price competition.
