36Kr Going Global · Industry | Chinese Industrial Robots: From Made in China to Made for Global
“Chinese industrial robots are stepping into a new era of going global.”
Text | Zhao Xiaochun
Editor | Jason
Chinese industrial robots are accelerating their march 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's shipments in the domestic industrial robot market exceeded those of foreign brands, making it 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 Chinese 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 links of key industries, providing stable, precise and low-cost services.
We have observed that among the companies about to list 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 Co., Ltd., a leading enterprise in the micro-drive system; and Yifei Intelligence, a rising star deeply involved 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 Chinese industrial robots going global. Unless otherwise specified, the data in this article are from the companies' prospectuses.
Compiled by 36Kr Global
Estun: The leader in industrial robots
Estun was established in 1993 and listed on the Shenzhen Stock Exchange in 2015. According to Frost & Sullivan, Estun has ranked first in shipments among domestic enterprises in the Chinese industrial robot solutions market for many years. At the same time, in the first quarter of 2025, its shipments of industrial robots in the domestic market exceeded those of foreign brands, making it 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, construction machinery, packaging and logistics, building materials and furniture achieve the transformation and upgrading of automation, digitalization and intelligence, 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 expected application scenarios of customers. 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: Company 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 intangible assets and goodwill of 360 million RMB. The loss mainly stemmed from the reduced demand in specific downstream fields such as heavy industry, which led to the 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 at the same time 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 that in the domestic market 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 Haiger and Kronach in Germany, and a new factory is being built in Poland, with an expected production start time in 2026.
The company's R & D operations are centered in Nanjing, and at the same time integrate the resources of 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 about 10.3%, 10.8% and 12.5% of the total revenue respectively.
The company plans to use the raised funds for the following purposes:
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 unified global 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 automotive, electronics and power batteries.
Global industrial robot solutions market size Source: Company prospectus
Global industrial robot shipments Source: Company prospectus
ZhaoWei Machinery & Electronics Co., Ltd.: A leading provider of integrated micro-drive and drive system solutions
ZhaoWei Machinery & Electronics Co., Ltd. was established in 2001 and listed on the Shenzhen Stock Exchange in 2020. According to Frost & Sullivan, ZhaoWei Machinery & Electronics Co., Ltd. is the number one integrated micro-drive and drive system solutions provider in China and the fourth globally.
The company mainly provides integrated micro-drive 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 Co., Ltd.'s product layout Source: Company 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%. During the same period, the net profits 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, the intelligent vehicle solutions contributed 42.7%, 56.3% and 58.7% of the revenue respectively. Followed by 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 field of intelligent vehicles, the company serves the top five vehicle manufacturers and first-tier suppliers in China and globally; in the field of embodied robots, 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 pace and strengthen its 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, and focus on increasing its 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 in the same period 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 use the raised funds for the following purposes:
Conduct technological 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-drive and drive system industry has increased from 78.2 billion 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 in 2025 to 204.9 billion RMB in 2029, with a compound annual growth rate of 13.3%.
Global integrated micro-drive and drive system industry scale Source: Company prospectus
According to Frost & Sullivan, the market size of China's integrated micro-drive and drive system has increased from 20.3 billion in 2020 to 33.2 billion RMB in 2024, with a compound annual growth rate of 13%. It is expected that the market size will reach 72.6 billion RMB in 2029, with a compound annual growth rate of 17.3%.
China's integrated micro-drive and drive system industry scale Source: Company prospectus
Yifei Intelligence: Striving to be the first stock in the full-category robots for the light industry
Yifei Intelligence was established in 2012. According to Frost & Sullivan, in terms of revenue in 2024, Yifei Intelligence is the fifth-ranked Chinese company among the industrial robot and related robot solutions providers focusing on the light industry in China. At the same time, the company is one of the few robot enterprises in China with the comprehensive coverage ability of large-scale industrial robots and related solutions.
The company's industrial robot products cover parallel robots, AGV/AMR mobile robots, SCARA robots, wafer handling robots, six-axis industrial robots, general controllers and special controllers. Based on the robot product portfolio, the company also provides comprehensive robot solutions to address specific application scenarios in intelligent manufacturing. The automation functions that can be achieved include loading and unloading, sorting, picking and placing, packaging, visual inspection, assembly and glue coating systems.
Yifei Intelligence's product layout Source: Company prospectus
The customers include consumer electronics, automotive parts and new energy, medical and health, fast-moving consumer goods and semiconductors. The company mainly serves customers through direct sales. In 2022, 2023 and 2024, the company served 69, 158 and 275 direct sales customers respectively.
In 2022, 2023 and 2024, the company's revenues were 160 million, 200 million and 270 million RMB respectively. During the same period, the company's gross profit margins were 26.7%, 18.3% and 26.5%. Robot solutions have always contributed the largest proportion of revenue, reaching 79.2% in 2024. The company suffered losses of 60 million, 110 million and 70 million RMB respectively in the three years.
The consumer electronics industry contributed the most revenue in 2024, accounting for 45.8%. In 2022, 2023 and 2024, the top five customers contributed 83.3%, 60.7% and 50.1% of the revenue respectively.
As of December 31, 2024, the company had hired regional service agents in seven countries to support exports to more than 20 countries and regions in Europe, North America, Latin America and Southeast Asia. In 2024, the company's overseas revenue accounted for 9.5% of the annual revenue.
At the same time, the company plans to promote the expansion of overseas business and enhance international R & D capabilities by establishing a subsidiary in Hong Kong and recruiting high-quality R & D talents. In addition, the company plans to establish a subsidiary in Vietnam to serve customers in Southeast Asia.
The company plans to use the raised funds for the following purposes:
Development of robot technology
Development of production lines and construction of production capacity
Development of overseas business networks
Investment in the upstream and downstream of the supply chain
Supplementary working capital
The company has obtained 271 authorized patents. The company's R & D team accounts for 38% of the total number of employees, including 202 experts and engineers in the robot industry.
From 2020 to 2024, the market size of China's light industry robots reached 12.3 billion RMB, and the market size in 2024 reached 20.9 billion RMB, with a compound annual growth rate of 14.2%. It is expected that by 2029, the market size will reach 43.8 billion RMB, with a compound annual growth rate of 16.3%.
The development paths of Estun, ZhaoWei Machinery & Electronics Co., Ltd. and Yifei Intelligence are a microcosm of the development of the Chinese industrial robot industry from "Made in China" to "Global Intelligent Manufacturing". Technological innovation that meets industrial needs and global strategic deployment are the key strategies for the future development of Chinese industrial robots.
36Kr Global will continue to pay attention to robot companies from China. At the same time, the English - language media KrASIA (kr - asia.com) is also introducing Chinese companies to the world through its content. Global companies are welcome to add the author's WeChat Shanchuanhuhaiz to seek coverage.
Picture | Estun official website
This article is from the WeChat public account “36Kr Global”, author: Zhao Xiaochun, published with permission.
