埃斯顿港交所聆讯落地，A+H布局再进阶

盈科国际资本2025-12-23

盈科证券港美股上市专家香港持牌投行机构实时资讯分享盈科集团长期致力于助力企业境外上市凭借专业团队以及丰富的实操经验在资本运作方面有着独特的优势国产工业机器人龙头埃斯顿（002747）全球化资本布局迎来关键节点。据公告，香港联交所上市委员会于2025年12月17日完成对公司赴港上市申请的聆讯，保荐人次日收到相关信函，但需明确该信函不构成正式上市批准，后续仍需等待香港证监会与港交所最终核准，事项...

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 实时资讯分享盈科集团长期致力于助力企业境外上市凭借专业团队以及丰富的实操经验在资本运作方面有着独特的优势国产工业机器人龙头埃斯顿（002747）全球化资本布局迎来关键节点。据公告，香港联交所上市委员会于2025年12月17日完成对公司赴港上市申请的聆讯，保荐人次日收到相关信函，但需明确该信函不构成正式上市批准，后续仍需等待香港证监会与港交所最终核准，事项存在不确定性。这一进展标志着公司赴港上市跨过重要门槛，向“A+H”双资本平台建设迈出关键一步。回溯进程，埃斯顿赴港上市布局清晰。2025年6月公司递交H股上市申请，12月9日获中国证监会境外发行上市备案，拟发行不超过1.77亿股境外上市普通股。此举核心诉求在于深化全球化战略，破解发展瓶颈，契合当前工业机器人行业智能化升级、国产替代加速的趋势。成功赴港上市将为埃斯顿带来多重红利。一方面可拓宽融资渠道，缓解财务压力。截至2025年三季度末，公司资产负债率达80.55%，负债合计82.10亿元，募集资金可用于偿债优化资本结构，同时支撑全球产能扩充与核心技术研发。另一方面能借助港股国际化平台提升品牌影响力，助力其拓展欧美市场，依托波兰制造基地贴近海外车企客户，强化境外业务优势——目前公司境外收入占比稳定在34%左右，境外毛利贡献达39.1%。同时，挑战亦不容忽视。公司2024年出现上市十年首亏，虽2025年前三季度业绩反弹，但高负债、存货与应收账款问题尚未根治，市场担忧融资“纾困”属性大于战略属性。此外，新股发行可能摊薄现有股东收益，机构对其前景看法分化，瑞银证券曾维持“卖出”评级，反映市场对其盈利能力的谨慎态度。对投资者而言，后续需重点跟踪监管审批进展、H股发行定价及募资使用效率，这些将直接决定此次资本运作价值，亦是检验公司全球化战略成色的关键。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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