Estun Plans to Acquire Additional Shares in Subsidiary Estun Jiangsu Intelligent for Approximately 485 Million Yuan

On the evening of November 9, industrial robot leader Estun (SZ002747, stock price 29.41 yuan, market capitalization 28,500,000,000 yuan) disclosed a progress announcement on the acquisition of partial equity in a holding subsidiary. The company and Universal Technology High-end Equipment Industry Equity Investment (Tongxiang) Partnership (Limited Partnership) (hereinafter referred to as Universal Technology High-end Equipment Fund), and China State-owned Enterprise Mixed Ownership Reform Fund Co., Ltd. (hereinafter referred to as Mixed Ownership Reform Fund) formally signed relevant transfer agreements and property rights transaction contracts.

Added to the shares previously signed and received from the National Manufacturing Transformation and Upgrading Fund Co., Ltd. (hereinafter referred to as National Manufacturing Fund), the three transactions for Estun to receive a total of 44.8601% equity in its holding subsidiary Estun Intelligent Technology (Jiangsu) Co., Ltd. (hereinafter referred to as Estun Jiangsu Intelligent) have all completed agreement signings, with a total received price of approximately 485,000,000 yuan.

Upon completion of this series of transactions, Estun's shareholding ratio in Estun Jiangsu Intelligent will increase from 50.1506% to 95.0107%.

Shareholding ratio in Jiangsu Intelligent rises to 95.01%

This acquisition plan began on September 23, 2026. On that day, Easton held the fifth meeting of the sixth board of directors, which reviewed and approved the proposal to acquire a portion of the equity of a holding subsidiary. The board agreed that the company would use its own funds to acquire 19.4574% and 3.7834% of the equity in Easton Jiangsu Intelligent held by the National Manufacturing Fund and the Mixed Reform Fund respectively through a public listing withdrawal method, and simultaneously acquire 21.6193% of the equity of the target company held by the Universal Technology High-end Equipment Fund through an agreement transfer method. After the completion of the transaction, Easton's shareholding ratio will rise to 95.0107%, and the scope of the consolidated financial statements will remain unchanged.

The board simultaneously authorized the management to determine the bidding and transfer amounts within the scope of decision-making, and to handle matters such as deposit payment, public listing withdrawal, agreement signing, and equity changes.

Subsequently, three equity transactions were signed and implemented in stages. On October 27, 2026, Easton first signed the “Property Rights Transaction Contract” with the National Manufacturing Fund, and the company won 19.4574% of the equity of the target company through a public listing withdrawal method, with a transfer price of 210,600,000 yuan.

On November 9, the other two equity transactions were signed on the same day. Regarding the portion held by the Universal Technology High-end Equipment Fund, Easton signed the “Equity Transfer Agreement” with it, acquiring its 21.6193% equity in Easton Jiangsu Intelligent (corresponding to a capital contribution of 78,416,000 yuan), with a transfer price of 234,000,000 yuan. The agreement stipulates that Easton must pay the entire transfer price in a lump sum within 15 days from the date of signing, and the date of completion of the payment shall be the closing date. The target company should complete the change registration procedures with the market supervision department within 10 working days after the closing.

In the portion of shares held by the mixed-ownership reform fund, the target was publicly listed on the Shanghai United Property Rights Exchange on September 22, and Eston was confirmed as the transferee, with a transfer price of 40,425,000 yuan. On November 9, both parties signed the “Property Rights Transaction Contract,” and the 12,075,000 yuan transaction deposit previously paid by Eston was directly offset against part of the price, with the remaining 28,350,000 yuan to be paid in a lump sum within 5 working days after the contract takes effect. Both parties will hand over the rights within 30 working days after the contract takes effect and cooperate in handling the change of title certificates within 60 working days after obtaining the certificates.

The announcement pointed out that this transaction still needs to fulfill procedures such as industrial and commercial change registration, and the company will disclose information in a timely manner based on the progress.

The target company's assessed value-added rate reached 88.15%

As the initiator of this acquisition, Eston is a leading enterprise in domestic intelligent manufacturing. The company's business covers two major segments: core components for automation and motion control systems, and industrial robots and intelligent manufacturing systems, possessing a product matrix of industrial robots covering payloads from 3kg to 1200kg. The target company, Eston Jiangsu Intelligent, mainly engages in production line automation, digitalization, and intelligence transformation, providing intelligent manufacturing solutions for markets such as lithium batteries, energy storage, new energy vehicles, and sheet metal, and has currently delivered over a hundred intelligent production lines in total.

This equity transaction uses the asset appraisal value as the pricing basis and presents clear premium characteristics. According to the appraisal report issued by China United Asset Appraisal Group, with December 31, 2025, as the appraisal base date, the book value of the owners' equity of Estun Jiangsu Intelligent attributable to the parent company is 541,028,500 yuan, and the appraised value reaches 1,017,950,000 yuan, with an appraised value increase of 476,921,500 yuan, and an appraised value increase rate reaching 88.15%.

The higher appraised value increase rate is related to the operational improvement of the target company. Data shows that Estun Jiangsu Intelligent achieved operating revenue of 566,000,000 yuan in 2025, and the net loss narrowed from 109,000,000 yuan in 2024 to 5,120,000 yuan.

From an industrial integration perspective, this premium acquisition helps the listed company strengthen internal resource integration. Estun stated that the transaction is conducive to deepening business synergy, management synergy, and resource coordinated allocation between the company and Estun Jiangsu Intelligent, strengthening the group's control intensity and strategic implementation, further improving overall operational decision-making efficiency, and consolidating the company's core competitiveness in the intelligent manufacturing field.

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