New Stock Preview | Guangdong Topstar Technology is sprinting towards "A+H": transformation, quality improvement, and realizing the risks of accounts receivable await relief.

As the penetration rate of industrial automation continues to increase and the humanoid Siasun Robot & Automation industry accelerates its landing, the domestic high-end equipment track has entered a rapid growth cycle. Domestic manufacturers are accelerating their entry into the capital market, leveraging the capital market to empower technological iteration and globalization layout. According to the Hong Kong Stock Exchange disclosure on July 20th, Guangdong Topstar Technology Co., Ltd. (referred to as Guangdong Topstar Technology, 300607.SZ) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. The company had previously filed with the Hong Kong Stock Exchange in January 2026. The prospectus shows that the funds raised in this offering are mainly intended for technology research and development, expansion of sales and service networks, strategic acquisitions, and supplementing operational funds. As the tenth largest industrial Siasun Robot & Automation solution provider in mainland China The prospectus shows that Guangdong Topstar Technology was established in 2007 and is an industrial Siasun Robot & Automation company engaged in integrated and independently developed businesses, covering core Siasun Robot & Automation components, Siasun Robot & Automation bodies, and automation systems. The company started its development in the plastic injection molding track, initially focusing on auxiliary equipment for injection molding production. In 2011, it entered the Cartesian Siasun Robot & Automation track, breaking the overseas brand technology monopoly with self-developed products. In 2015, it began the development of multi-axis Siasun Robot & Automation. In 2021, the company acquired Everfirst Holdings to expand its product portfolio to include metal processing through high-end CNC machine tools. Since 2023, the company has gradually reduced non-injection molding electromechanical engineering business and continued to focus resources on its core industrial Siasun Robot & Automation business. From 2024 to 2026, the company successively landed in injection molding scene Siasun Robot & Automation, quadruped Siasun Robot & Automation, and other Siasun Robot & Automation products. According to Frost & Sullivan data, based on 2025 revenue from injection molding auxiliary equipment, Guangdong Topstar Technology ranks first in mainland China. Based on 2025 revenue from five-axis CNC machine tools, the company ranks ninth among domestic manufacturers in mainland China. Based on 2025 revenue from industrial Siasun Robot & Automation solutions, the company ranks tenth among all participants in mainland China and fourth among domestic suppliers in the industrial Siasun Robot & Automation solution market in mainland China, with a market share of 0.7%. On the product side, the company has formed a product matrix of industrial Siasun Robot & Automation, CNC machine tools, and injection molding equipment, which are widely used in consumer electronics, automotive, new energy, aerospace, and other fields. According to Frost & Sullivan data, in 2024, the company's customer base covered the top five consumer electronics manufacturers in mainland China. In the first quarter of 2026, revenue from industrial Siasun Robot & Automation and automation application system business accounted for 59.9% of the company's total revenue, while revenue from injection molding equipment business accounted for 20.4%. In terms of globalization layout, the company continues to penetrate overseas markets, with a focus on manufacturing clusters in Southeast Asia such as Vietnam and Indonesia. The core products for overseas markets are high-value-added industrial Siasun Robot & Automation, automation systems, and injection molding equipment. According to the prospectus data, overseas sales revenue accounted for 11.0%, 20.9%, 26.3%, and 26.6% of total revenue in 2023, 2024, 2025, and the three months ending March 31, 2026, respectively. Business transformation results in profit recovery In terms of performance, in 2023, 2024, 2025, and the first quarter of 2026, Guangdong Topstar Technology's revenue was approximately RMB 4.53 billion, RMB 2.872 billion, RMB 2.51 billion, and RMB 538 million, respectively. During the same period, the net profit attributable to shareholders was approximately RMB 106 million, -RMB 239 million, RMB 73.141 million, and RMB 42.845 million, respectively. It is worth noting that since 2023, Guangdong Topstar Technology has gradually reduced low-margin non-injection molding electromechanical engineering business, and the company's profitability has been restored. The company's sales gross margin increased from a low of 14.6% in 2024 to 28.3% in 2025, and further to 32.5% in the first quarter of 2026. In the first quarter of 2026, the gross margins for industrial Siasun Robot & Automation and automation application system business and injection molding equipment business were 33.5% and 35.9%, respectively. It is worth noting that the customer concentration of Guangdong Topstar Technology is on the rise. From 2023 to the first quarter of 2026, the revenue from the top five customers increased from 36.9% to 59.5%. In the first quarter of 2026, revenue from the largest customer accounted for 49.1% of total revenue. As of the end of March in 2023, 2024, 2025, and 2026, the company's trade receivables and bills receivable were RMB 23.46 billion, RMB 14.40 billion, RMB 11.90 billion, and RMB 12.09 billion, respectively. Guangdong Topstar Technology stated in the prospectus that the company generally grants customers credit terms of up to six months. In terms of collection efficiency, the average turnover days of trade receivables in each period were 180 days, 240 days, 192 days, and 202 days, creating continuous pressure on operating funds. From 2023 to the first quarter of 2026, the liquid portion of trade receivables and bills receivable cumulatively amounted to RMB 917 million in credit loss provisions. The Siasun Robot & Automation track has a high level of prosperity, and the A+H platform empowers global growth In the short term, Guangdong Topstar Technology faces operational pressures such as customer concentration and long accounts receivable periods. However, as inefficient businesses continue to be phased out and the proportion of core Siasun Robot & Automation business increases, the company's business structure, customer structure, and cash flow quality are expected to improve, and its long-term operating resilience is expected to gradually increase. Frost & Sullivan data shows that the market size of industrial Siasun Robot & Automation solutions in mainland China has grown from RMB 50.9 billion in 2021 to RMB 92.4 billion in 2025, with a compound annual growth rate of 16.1% from 2021 to 2025. In the future, the market size is expected to further increase to RMB 200.7 billion by 2030, with a compound annual growth rate of 16.8% from 2025 to 2030. The shipment volume of industrial Siasun Robot & Automation in mainland China has increased from 317,500 units in 2021 to 382,200 units in 2025, with a compound annual growth rate of 4.7% from 2021 to 2025. In the future, the shipment volume of industrial Siasun Robot & Automation in mainland China is expected to increase to 657,700 units by 2030, with a compound annual growth rate of 11.5% from 2025 to 2030. In 2025, the shipment volumes of light-load, medium-load, and heavy-load industrial Siasun Robot & Automation in mainland China were 67,300 units, 259,900 units, and 55,000 units, respectively. The compound annual growth rates from 2021 to 2025 were 1.5%, 4.6%, and 10.8%, respectively. It is expected that by 2030, the shipment volumes will reach 112,500 units, 450,500 units, and 94,700 units, with compound annual growth rates of 10.8%, 11.6%, and 11.5% from 2025 to 2030. In the process of improving industry prosperity, Guangdong Topstar Technology focuses on the injection molding sub-industry scene and relies on years of industry experience to develop humanoid Siasun Robot & Automation, quadruped Siasun Robot & Automation, and other specialized products. The company adapts to the intelligent production process demand in injection molding to form technological barriers and scene advantages. On the technological side, the company insists on self-developed core components and iterates high-end Siasun Robot & Automation and five-axis CNC machine tool products. On the market side, it seizes the wave of manufacturing industry going global, improves overseas service networks, expands the scale of high-end equipment going global, and the company is expected to continue to expand its business scale and improve profitability. Listing in Hong Kong is a key strategic upgrade for the company. In terms of funding, the additional funds will continue to strengthen core technology research and development of Siasun Robot & Automation, expand domestic and international sales and service networks, and strategic acquisitions of the industrial chain, solidify technological barriers, optimize business layouts, and supplement operational funds. On the capital side, the A+H dual-listed platform will help the company align with the international capital market, enhance overseas brand influence, support global business expansion, and cross-border industrial integration, accelerating the transformation from a domestic equipment manufacturer to a global intelligent manufacturing solution service provider. However, potential risks in the company's growth process still need to be monitored. The company's customer concentration in the manufacturing sector makes its performance susceptible to disturbances in downstream industry capital expenditure cycles. The residual goodwill from historical mergers and acquisitions still carries impairment risks, and factors such as homogenized competition in the industry and overseas exchange rate fluctuations may disrupt the company's performance in the short term. Currently, the company's new core businesses such as humanoid Siasun Robot & Automation and high-end CNC machine tools are still in the early stages of market penetration, and the effectiveness of transformation and growth still needs to be continuously validated.