# Estun Automation replaces CFO to bolster robotics margins *The Chinese industrial robot maker appointed global investment veteran Zhangxing Zhu on Oct. 16, following a 1.49 billion Hong Kong dollar listing and an aggressive overseas pivot.* **Published:** October 18, 2026 **By:** Xiuying Luo **Section:** Robotics & Automation — China **Format:** Company Watch **Confidence:** high **Source:** https://eastasiabrief.com/robotics/estun-automation-replaces-cfo-bolster-robotics-margins-784 **Publisher:** East Asia Brief (https://eastasiabrief.com/) --- ## What to know - Estun Automation appointed Zhangxing Zhu as CFO on Oct. 16, 2026 - Company rebounded to 161 million yuan profit in H1 2026 after 810 million yuan loss in 2024 - CFO term runs through board expiration in 2027 as exports target 30% of revenue ![Workers monitor automated industrial robotic arms welding vehicle frames along an assembly line. (AI-generated image)](https://eastasiabrief.com/media/2026-10-17-f272d5f5698b.webp) *Workers monitor automated industrial robotic arms welding vehicle frames along an assembly line. (AI-generated image)* Estun Automation appointed board director Zhangxing Zhu as its chief financial officer on Oct. 16, 2026, shifting its executive focus toward international profitability after years of heavy domestic price competition. The Nanjing-based company is China's largest domestic industrial robot manufacturer, producing six-axis arms, welding cells and motion controllers. It holds roughly 11% of China's overall industrial robotics market by shipment volume. Estun posted net profit of 161 million yuan ($22.7 million) for the first half of 2026, rebounding from a 1.1% revenue rise to 2.58 billion yuan. The earnings turnaround followed a record annual net loss of 810 million yuan ($114 million) in 2024. That deficit stemmed from steep price cutting across Chinese factories and heavy goodwill impairments on European acquisitions. To reinforce capital reserves, Estun raised 1.49 billion Hong Kong dollars ($191 million) in March 2026 through a secondary listing on the Hong Kong Stock Exchange. The board resolution on Oct. 16 ended an interim management arrangement led by general manager Wu Kan. Wu had assumed treasury duties after former finance director He Lingjun resigned on April 30, 2026. Zhu is a 49-year-old German citizen with a professional background in European private equity. He joined Estun in November 2022 to oversee international subsidiaries and cross-border capital management. His appointment places cross-border operations at the center of corporate strategy. Estun acquired German welding specialist Carl Cloos Schweisstechnik in 2020 and British controller maker Trio Motion Technology in 2017. Chinese robotics vendors expanded domestic production share beyond 52% in 2024, displacing imported machinery from Japan and Europe. However, aggressive discounting reduced gross margins across standard four-axis and SCARA handling lines. Price wars forced Estun to decline unprofitable tenders in the domestic solar equipment sector. The company reallocated production lines toward heavy-payload machines used in electric vehicle manufacturing and lithium-ion battery plants. The product mix adjustment helped lift gross margin in Estun's robotics division to 31.7% in the first half of 2026. The industrial robot segment generated 2.14 billion yuan, or 83% of consolidated company revenue. Robot body manufacturing achieved a 35.8% gross margin during the six-month period, according to company financial filings. Core motion control components recorded a 32.4% gross margin on 439 million yuan in sales. Domestic competitor Inovance Technology holds roughly 9% of China's industrial robot market, competing directly with Estun in consumer electronics assembly. Both firms confront slow factory capex growth in mainland manufacturing. Foreign suppliers have also felt the commercial squeeze inside China. Japan's Fanuc and Switzerland's ABB lowered prices on standard assembly units to defend automotive contracts against cheaper Chinese alternatives. Estun guided full-year 2026 shipments to 45,000 industrial robots, comprising 42,000 domestic units and 2,000 foreign deliveries. The company shipped approximately 19,000 units during the first six months of 2026. Management began raising selling prices on selected motion control products in the second quarter of 2026. The price adjustments aimed to offset rising component expenses and defend cash generation. Expanding export revenue serves as Estun's primary defense against domestic price erosion. The manufacturer aims to generate between 20% and 30% of total group turnover from international markets over the medium term. Estun operates seven overseas production facilities and 75 international service hubs to support Chinese battery and vehicle manufacturers building factories abroad. Cloos provides local sales infrastructure across Western and Eastern Europe. The company is developing high-margin wafer-handling robots for semiconductor fabrication plants. Management targeted server production lines and advanced packaging facilities to diversify revenue away from cyclical photovoltaic manufacturing. Estun's Hong Kong-listed shares closed at 21.10 Hong Kong dollars on July 15 following its preliminary earnings release. That gave the robotics manufacturer a market valuation of roughly $3.3 billion. The board filing on Oct. 16 does not state the operational reasons for replacing the finance director beyond internal duty reassignments, and the notice does not disclose specific international earnings targets. Zhu's term as chief financial officer runs through the end of the sixth board term in 2027. Estun will release its audited full-year financial statement for 2026 in April 2027. ## Impact map | Event | Korea | China | Japan | Global impact | | --- | --- | --- | --- | --- | | Estun CFO appointment | Domestic automation suppliers see top Chinese robotics player pull back from low-margin bidding | Estun caps solar line exposure to protect 31.7% gross margins, Inovance competes in 3C robotics | Fanuc and Yaskawa adjust standard robot pricing amid heavy Chinese domestic substitution | Estun uses Cloos network to expand European market share toward 30% overseas revenue target | ## In this story - **Companies:** Estun Automation - **Tickers:** 002747.SZ, 02715.HK - **Exposed:** Inovance Technology, Fanuc, ABB - **Impact:** Pricing, Capex, Cost Structure ## Primary sources 1. szse.cn 2. cninfo.com.cn 3. cfi.net.cn 4. myzaker.com 5. geartoutiao.com --- Cite as: East Asia Brief, "Estun Automation replaces CFO to bolster robotics margins," October 18, 2026. https://eastasiabrief.com/robotics/estun-automation-replaces-cfo-bolster-robotics-margins-784