Estun President Wu Kan: Seizing the Opportunity of the First "A+H" Listing in Industrial Robotics, Advancing from China's Number One to Global Top Three | E Company Interview

Enter Estun (002747) Nanjing Smart Factory, where rows of industrial robots resembling “Goliaths” are tirelessly manufacturing similar units inside the workshop. 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 industrial robot enterprise to be listed with both A and H shares. Wu Kan, Vice Chairman and President of Estun, told Securities Times that this Hong Kong listing is a strategic move to promote the company’s globalization efforts and a crucial step toward entering the top tier of global industrial robots.

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

Dual A+H Capital Platform Launched

Estun is an important participant and builder in the rise of China’s industrial automation industry. Since its founding in 1993, the company has experienced rapid development over more than 30 years, 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 gaps in motion control technology; 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, Estun’s manufacturing base in Poland was completed, accelerating its transition toward becoming 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 reporters. 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 expansion plan years ago, continuously improving product lines suitable for international markets. As of September 30, 2025, Estun has established 75 service outlets worldwide, with 1,090 overseas employees, covering manufacturing regions in Europe, the Americas, and Asia. The European market is its strategic starting point, with subsidiaries and localized teams in several countries, staffed with experienced industry professionals. “By 2025, Estun’s independent brands have achieved 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 increased steadily from about 5% to over 30%, and its gross profit margin in overseas markets has remained 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 funds allocated to expanding global production capacity, strategic acquisitions, and R&D investments.

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

From Catching Up to Leading the Domestic Market

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

Estun production line. Photo/Provided by the company

With keen industry insight, Estun has pioneered layouts in emerging sectors like photovoltaics and power batteries, achieving market breakthroughs and overtaking international competitors. Wu Kan shared data: in 2024, Estun ranked first globally in industrial robot shipments for photovoltaic and sheet metal bending solutions; in power batteries, it ranked first in China and second globally; in arc welding, it ranked fourth in China and fifth worldwide.

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. Among them, the 700kg payload six-axis robot, developed in-house, was included in the Ministry of Industry and Information Technology’s first major technical equipment promotion catalog, marking China’s first breakthrough in high-performance heavy-duty industrial robots.

Facing market structure and product segmentation, 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 industry gradually 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 market breakthroughs in automotive, new energy, lithium batteries, and metal processing sectors—successfully establishing a foothold in automotive parts and assembly, and entering the supply chains of leading automakers like BYD and Seres, becoming a key supplier for their new capacity expansion.

Wu Kan revealed 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 electronics supply chain, 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, it aims to capture automation investment opportunities and further increase order volume.

Profit Growth Engine

In recent years, the global industrial robot industry has shown significant growth. In 2024, global shipments reached 541,000 units, projected to rise to 919,500 units by 2029, with domestic shipments expected to reach 590,400 units. This booming market offers substantial 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 key regions like Europe with global influence, continuously increasing its international market share.

Based on 2024 revenue, Estun ranks first among domestic suppliers and sixth globally; based on 2024 shipment volume, it ranks fifth among global suppliers with a market share of 5.5%. “We hope that by 2030, Estun can move from being ‘China’s No. 1’ to ‘Top Three Worldwide,’” Wu Kan revealed.

In the domestic market, Estun’s industrial robots have entered the production lines of many leading companies, becoming an important force in replacing imports. Wu Kan mentioned that in a major robot tender for a new energy vehicle company, Estun’s extreme manufacturing capability helped it beat foreign brands and win the bid, breaking the monopoly of foreign brands in that sector.

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 partners in the EU, ASEAN, and South America.

Expanding after-sales services has become a new growth engine for profitability. “We see that some foreign brands’ after-sales business, although not large in revenue, contributes very high profit,” Wu Kan explained. Estun has adopted high-margin service models similar to foreign brands, creating an industrial robot “4S shop” system covering spare parts sales, maintenance, and repairs. 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 from Estun. With 75 service outlets worldwide and hundreds of professional service staff, its after-sales business continues to grow, further strengthening its influence in the industry chain.

“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 capital markets to provide smarter, greener, and more efficient automation solutions for global manufacturing.”