Topstar was established on June 1, 2007 and listed on the Shenzhen Stock Exchange on February 9, 2017. Its registered address is in Dongguan City, Guangdong Province, and its office addresses are in Dongguan City, Guangdong Province and Hong Kong.
The company is a leading enterprise in the field of domestic industrial automation, providing overall industrial automation solutions and related equipment, with advantages in technology and the entire industry chain.
Topstar’s main business is to provide overall industrial automation solutions and related equipment for downstream manufacturing customers. The Shenwan industry it belongs to is mechanical equipment – automation equipment – robots, and its concept sectors include embodied intelligence, masks, and Huawei concepts.
In terms of operating performance, in 2025, Topstar’s operating income was 2.51 billion yuan, ranking 4/20 in the industry, higher than the industry average of 1.386 billion yuan and the median of 907 million yuan. The industry’s first-place Eston was 4.888 billion yuan, and the second-place robot was 4.122 billion yuan.
Among the main business components, intelligent energy and environmental management systems account for 36.47% with 915 million yuan, industrial robots and automation application systems with 685 million yuan accounting for 27.30%, injection molding equipment with 499 million yuan accounting for 19.87%, numerical control machine tools (CNC) with 325 million yuan accounting for 12.95%, and others with 85.8902 million yuan accounting for 3.42%.
The net profit was 73.1429 million yuan, ranking 6/20 in the industry, higher than the industry average of -14.6288 million yuan and the median of 5.6939 million yuan. The first place in the industry, Boshi Co., Ltd. was 581 million yuan, and the second place Xinjie Electric was 254 million yuan.
In terms of solvency, the asset-liability ratio in 2025 is 51.92%, higher than 51.22% in the same period last year, and higher than the industry average of 40.42%.
In terms of profitability, the gross profit margin in 2025 will be 28.25%, which is higher than the 14.59% in the same period last year and higher than the industry average of 23.64%.
The controlling shareholder and actual controller of Topstar is Wu Fengli.
Mr. Wu Fengli was born in October 1980. He has Chinese nationality and no right of residence abroad. He holds an EMBA degree from Tsinghua University and a technical secondary school degree.
From 2001 to 2004, he worked at Dongguan Taide Machinery; from 2004 to 2007, he ran the Dongguan Changan Top Plastic Machinery Business Department; he founded Topstar in June 2007 and has held various positions. From February 2014 to the present, he has served as chairman and president.
He wears many hats and receives many honors.
The salary in 2025 is 1.3343 million yuan, an increase of 1.0176 million yuan from 316.7 thousand yuan in 2024.
As of December 31, 2025, the number of Topstar A-share shareholders was 76,700, an increase of 7.16% from the previous period; the average number of circulating A-shares held by each household was 4399.62, a decrease of 5.15% from the previous period.
As of March 31, 2026, among the company’s top ten tradable shareholders, E Fund China Securities Robot Industry ETF (159530) ranked second, holding 11.4797 million shares, an increase of 567,500 shares compared with the previous period; China Securities Robot ETF (562500) ranked third, holding 9.1682 million shares, a decrease of 1.2828 million shares compared with the previous period; Tianhong CSI Robotics
ETF (159770) ranked fifth, holding 3.5557 million shares, a decrease of 815,700 shares from the previous period; Invesco Great Wall National Securities Robot Industry ETF (159559) ranked seventh, holding 2.1881 million shares, a decrease of 75,500 shares from the previous period; Hong Kong Securities Clearing Co., Ltd. ranked tenth, holding 2.0975 million shares, a decrease of 469,300 shares from the previous period.
Southern China Securities 1000 ETF (512100) and Wells Fargo Securities Robot Industry ETF (159272) have withdrawn from the top ten tradable shareholders.
Dongguan Securities pointed out that Topstar’s profitability increased in 2026Q1, with revenue of 538 million yuan, a year-on-year increase of 48.53%; net profit attributable to the parent company was 48 million yuan, a year-on-year increase of 1147.36%.
Business highlights are: 1. Relying on the “scenario + product + data + AI” business closed loop, the business expanded into the commercial field; 2. The scale of industrial robots and automation application system business orders increased, with revenue of 322 million yuan, a year-on-year increase of 81.20%; 3. Injection molding equipment business orders increased, with revenue of 110 million yuan, a year-on-year increase of 12.22%; 4.
Orders in hand for the CNC machine tool business continued to be delivered, with revenue of 53 million yuan, a year-on-year increase of 65.54%; 5. The divestment of the intelligent energy and environmental management system business was basically completed, which is expected to increase overall profitability.
The agency gave a “buy” rating and estimated the company’s EPS from 2026 to 2028 to be 0.26 yuan, 0.31 yuan, and 0.38 yuan respectively.
Bohai Securities pointed out that the company’s product revenue will increase overall in the first three quarters of 2025.
Business highlights are: 1. The CNC machine tool business achieved operating income of 226 million yuan, a year-on-year increase of 44.29%; 2. The industrial robot and automation application system business achieved operating income of 545 million yuan, a year-on-year increase of 2.34%; 3. The injection molding machine, supporting equipment and automatic feeding system business achieved operating income of 348 million yuan, which remained stable year-on-year, and the gross profit margin increased significantly.
The agency maintains the “overweight” rating and predicts the company’s operating income from 2025 to 2027 to be 2.147, 2.218, and 2.449 billion yuan, corresponding to EPS of 0.15, 0.27, and 0.37 yuan respectively.
