36Kr Global · Industry | Chinese Industrial Robots: From Made in China to Made for Global

Source: Estun's official website

China's industrial robots are accelerating their entry into the global market.

In the first half of 2025, the export volume of Chinese industrial robots reached 94,200 units, with a corresponding value of $746 million, a year-on-year surge of 59.74%. This continues the strong momentum of 2024 - the annual export value was $1.13 billion, with a growth rate of 43%, and the market share jumped to the second place globally.

Behind the strong export growth is the systematic improvement of China's manufacturing capabilities. In 2013, China surpassed Japan to become the world's largest market for industrial robots, while the sales volume of domestic industrial robots only accounted for a quarter of the market share. More than a decade later, in the first quarter of 2025, Estun surpassed foreign - owned brands in the domestic industrial robot market in terms of shipments, becoming the first domestic robot enterprise to top the Chinese industrial robot solutions market.

The breakthrough in the domestic market is just the first chapter in the development of China's industrial robots. Next, more industrial robot companies will open up a broader and more complex overseas market landscape. Globally, as a carrier of emerging technologies, industrial robots are constantly entering the production processes of key industries, providing stable, precise, and low - cost services.

We have observed that among the companies about to be listed on the Hong Kong Stock Exchange recently, there are three representative enterprises: Estun, the industry leader that has topped the domestic market; ZhaoWei Machinery & Electronics, a leading enterprise in the micro - transmission system; and Yifei Intelligence, an emerging star in the light industry. They are exploring the global market through paths such as technological innovation, overseas mergers and acquisitions, local production, and expanding sales networks. This article will analyze their business, finance, and globalization strategies to gain an insight into the current situation and future of China's industrial robots going global. Unless otherwise specified, all data in this article are from the companies' prospectuses.

Compiled by 36Kr Going Global

Estun: The leader in industrial robots

Estun was founded in 1993 and listed on the Shenzhen Stock Exchange in 2015. According to Frost & Sullivan, Estun has ranked first in terms of shipments among domestic enterprises in the Chinese industrial robot solutions market for many years. Also, in the first quarter of 2025, it surpassed foreign - owned brands in terms of industrial robot shipments in the domestic market, becoming the first domestic robot enterprise to top the Chinese industrial robot solutions market.

Based on its independent R & D and production capabilities of automation core components and motion control systems, the company helps customers in industries such as automotive, lithium - battery, photovoltaic, electronics, metal processing, engineering machinery, packaging and logistics, building materials and furniture to achieve automated, digital, and intelligent transformation and upgrading, and provides comprehensive factory automation solutions.

The company's industrial robot product line covers two major categories: general - purpose and special - purpose. General - purpose robots can perform multi - functional tasks, while special - purpose industrial robots include arc - welding, high - protection, cleaning, bending, stamping, and palletizing robots. At the same time, the company provides process - specific software packages according to the customer's expected application scenarios. The company can also integrate industrial robots and core components into solutions and provide them to customers as intelligent manufacturing systems.

Estun's product layout. Source: The company's prospectus

In 2022, 2023, and 2024, the company's revenues were 3.88 billion, 4.65 billion, and 4 billion RMB respectively. The company believes that the main reasons for the revenue decline are the reduced demand from downstream customers in industries such as photovoltaic and heavy industry, the slowdown of the entire industry's growth, and intensified competition. Among them, industrial robots and intelligent manufacturing systems have always contributed more than 70% of the revenue. The direct - sales ratio was as high as 92.7% in 2024.

During the same period, the company's profits were 180 million, 130 million, and - 810 million RMB respectively. The gross profit margins were 32.9%, 31.3%, and 28.3%. In 2024, the company recognized an impairment loss of 360 million RMB on intangible assets and goodwill, mainly due to the reduced demand in specific downstream sectors such as heavy industry, which led to poor performance of several subsidiaries. In 2024, the top five customers contributed 25.1% of the total revenue.

The overseas market has always been an important part of Estun's business map. On the one hand, the company promotes the Estun brand to the international market, and on the other hand, it expands its global product portfolio through acquisitions. For example, in 2017, Estun acquired Trio, a motion controller manufacturer headquartered in the UK, and entered the high - end motion control market; in 2020, the company acquired Cloos, a robot welding enterprise headquartered in Germany, and entered the global mid - to high - end arc - welding robot market. In 2024, the overseas market contributed 34.2% of the revenue. In the same year, the gross profit margin overseas exceeded that in the domestic market, reaching 32.4%, while the domestic gross profit margin was 26.2%.

As of December 31, 2024, the company had set up 75 service outlets globally, and its business covered regions such as Europe, America, and Asia. Currently, the company's overseas manufacturing bases include those in Haiger and Kronach, Germany, and a new factory is under construction in Poland, with an expected production start time in 2026.

The company's R & D operations are centered in Nanjing, while integrating resources from innovation centers in Germany, the UK, the US, and other places. As of the end of 2024, the company had a total of 1,032 R & D personnel. In 2022, 2023, and 2024, the company's R & D expenses accounted for approximately 10.3%, 10.8%, and 12.5% of the total revenue respectively.

The company plans to allocate the raised funds to the following uses:

• Expand global production capacity
• Seek strategic alliances, investment, and acquisition opportunities in the upstream and downstream of the global industrial chain
• Invest in R & D projects (including integrating embodied intelligence technology into industrial robots)
• Improve global service capabilities and develop a global unified digital management system
• Repay existing loans
• Working capital and general corporate purposes

From 2020 to 2024, the global industrial robot solutions market increased from $14.7 billion to $25.4 billion, with a compound annual growth rate of 14.6%. It is expected that by 2029, the market size will reach $51.8 billion, with a compound annual growth rate of 15.4% from 2024 to 2029. China is the main driving force for the growth of the global market. From 2024 to 2029, the three industries with the fastest - expected growth in the downstream applications of industrial robots are the automotive, electronics, and power - battery industries.

The scale of the global industrial robot solutions market. Source: The company's prospectus

Global industrial robot shipments. Source: The company's prospectus

ZhaoWei Machinery & Electronics: A leading provider of integrated micro - transmission and drive system solutions

ZhaoWei Machinery & Electronics was founded in 2001 and listed on the Shenzhen Stock Exchange in 2020. According to Frost & Sullivan, ZhaoWei Machinery & Electronics is the number - one integrated micro - transmission and drive system solutions provider in China and ranks fourth globally.

The company mainly provides integrated micro - transmission and drive system solutions for high - growth industries such as intelligent vehicles, embodied robots, consumer technology, medical technology, and advanced industrial manufacturing. The company's self - owned brand products mainly include three categories: high - performance servo motors, drum motors, and dexterous hands.

ZhaoWei Machinery & Electronics' product layout. Source: The company's prospectus

In 2022, 2023, and 2024, the company's revenues were 1.15 billion, 1.21 billion, and 1.52 billion RMB respectively. The gross profit margins were 29.1%, 28.9%, and 31.2%. The net profits during the same period were 150 million, 180 million, and 230 million RMB respectively. The net profit margin in 2024 was 14.8%.

The intelligent vehicle solutions contributed the most revenue. In 2022, 2023, and 2024, intelligent vehicle solutions contributed 42.7%, 56.3%, and 58.7% of the revenue respectively. Next were the consumer and medical technology solutions, which contributed 40.9%, 32.3%, and 32% of the revenue respectively.

In 2022, 2023, and 2024, the top five customers contributed 38.2%, 50.7%, and 46.6% of the revenue respectively. In 2024, the average cooperation period between the company and the top five customers exceeded eight years.

Overseas, the company has already laid out in markets including Europe and North America. In 2024, the revenue from regions and countries outside the Chinese mainland accounted for 13.9% of the total revenue. The company's customers cover global leading enterprises. In the intelligent vehicle field, the company serves the top five vehicle manufacturers and first - tier suppliers in China and globally; in the embodied robot field, the company's micro - drive modules and dexterous hand solutions have been adopted by many global leading enterprises; in the XR field, the company's customers cover global giants; the company has maintained a cooperation relationship with the world's largest automotive parts supplier for more than a decade.

The company plans to establish overseas production bases in Southeast Asia, Europe, and other strategic regions to improve the response speed to international customers and optimize the efficiency of the global supply chain. By achieving local production in the overseas market, the company is expected to reduce logistics costs, shorten the delivery cycle, and enhance local service capabilities.

The company also plans to actively seize the opportunity of the global expansion of downstream customers, especially the rapid layout of new - energy vehicle manufacturers in the international market. The company plans to follow their global expansion pace and strengthen penetration in high - growth regions such as Southeast Asia and other emerging markets. At the same time, the company also plans to expand the production capacity of XR drive modules to support the global launch of customers' products, with a focus on increasing the market share in the global XR parts market.

In 2022, 2023, and 2024, the company's R & D costs accounted for 10.2%, 10.7%, and 10.2% of the revenue respectively. As of March 31, 2025, the company's R & D team accounted for 21.5% of the total number of employees, with a total of 513 people. As of March 31, 2025, the company had 382 patents.

The company plans to allocate the raised funds to the following uses:

• Conduct technology R & D globally and expand the product and solution portfolio
• Expand production capacity and improve production efficiency globally
• Seek global strategic cooperation, investment, and acquisition opportunities
• Expand global services and its sales network and increase global marketing efforts
• Working capital and general corporate purposes

The scale of the global integrated micro - transmission and drive system industry has increased from 78.2 billion RMB in 2020 to 111.3 billion RMB in 2024, with a compound annual growth rate of 9.2%. It is expected to increase from 124.3 billion RMB in 2025 to 204.9 billion RMB in 2029, with a compound annual growth rate of 13.3%.

The scale of the global integrated micro - transmission and drive system industry. Source: The company's prospectus

According to Frost & Sullivan, the market scale of China's integrated micro - transmission and drive system has increased from 20.3 billion RMB in 2020 to 33.2 billion RMB in 2024, with a compound annual growth rate of 13%. It is expected that the market scale will reach 72.6 billion RMB in 2029, with a compound annual growth rate of 17.3%.