Siasun Robot & Automation Co., Ltd.

China's largest domestically-rooted industrial robotics manufacturer: genuine scale, persistent profitability questions, and a technology gap that state affiliation alone cannot close.

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How to Read This Report

This report separates four categories of statement. Readers should weight them accordingly.

Bracketed numerals ¹–¹⁴ refer to the Sources list in §14. Where the research dossier is thin, this report says so plainly rather than substituting speculation.

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01Executive Overview

Siasun Robot & Automation Co., Ltd. (SZSE: 300024) is, by revenue and headcount, one of China's largest domestically-originated robotics companies. Founded in 2000 as a commercialisation vehicle for research conducted within the China Academy of Sciences (CAS), it has spent a quarter-century building a product range that spans articulated industrial arms, autonomous mobile robots (AMRs), automated storage and retrieval systems (AS/RS), and a growing portfolio of special-purpose robots for healthcare and infrastructure ⁹. Its most recent trailing-twelve-month revenue stands at approximately $572 million USD, and its market capitalisation on the Shenzhen Stock Exchange is roughly CNY 27.9 billion (approximately $3.46 billion USD) ¹².

Those headline numbers are real and should not be dismissed. Siasun is not a startup or a demonstration project. It has documented deployments at scale — approximately 100 welding robots operating at a Geely electric vehicle factory is the most publicly evidenced example ⁸ — and it maintains overseas subsidiaries across Southeast Asia, Europe, North America, and Japan ⁷. By the standards of Chinese industrial robotics, it is a mature, multi-sector operator.

Yet the picture is complicated by a persistent and worsening profitability problem. The company is currently loss-making, reporting a negative earnings per share of CNY -0.28 on a trailing-twelve-month basis ². For a company of this revenue scale, operating at a loss is not a minor accounting footnote; it signals either structural margin compression, elevated R&D and expansion costs that have not yet converted to returns, or both. The dossier does not contain sufficient granularity to distinguish between these explanations with confidence, and Siasun's investor relations disclosures in English are limited ⁵.

The technology positioning is similarly mixed. Siasun's core industrial robot products — welding arms, assembly systems, AGVs — are well-established and serve real customers in real factories. Its newer iMRS 2.0 mobile robotics platform represents a genuine attempt to move up the value chain toward more flexible, software-defined automation ⁶. However, independent community evidence on real-world integration experience is sparse ¹¹¹³, and the company competes in a market where FANUC, KUKA, and ABB set the global benchmark while domestic rivals including Rokae and Huayan Robotics are closing the gap on specific segments ¹.

The CAS affiliation is both an asset and a complication. It provides access to research talent and state-adjacent procurement channels, but it also raises questions — discussed in §10 — about export controls, foreign customer risk appetite, and the degree to which Siasun's strategic direction is shaped by commercial logic versus national industrial policy.

EDITORIAL INFERENCE: Siasun is a credible, revenue-generating industrial robotics company that has not yet demonstrated it can translate scale into sustainable profitability. The next two to three years will determine whether the iMRS 2.0 platform and international expansion generate the margin improvement the business requires, or whether the company remains structurally dependent on domestic policy-driven demand.

Latest news

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02The Siasun Robot & Automation Story

Origins in the China Academy of Sciences

Siasun was incorporated on 30 April 2000 by Qu Daokui, a robotics researcher affiliated with the Shenyang Institute of Automation (SIA), itself a constituent institute of the Chinese Academy of Sciences ⁹. The founding logic was characteristic of the CAS commercialisation model of that era: take research-grade robotics capability developed with state funding, establish a separate corporate entity to manufacture and sell products, and use the institute's technical staff and intellectual property as the seed asset. This is a pattern seen across Chinese high-technology sectors in the late 1990s and early 2000s, and it gave Siasun a meaningful head start over purely commercial startups — access to engineers, laboratory infrastructure, and institutional credibility with state-owned enterprise customers.

The company's headquarters are in Shenyang's Hunnan New District ⁷, a technology development zone that houses several CAS-affiliated enterprises. A PitchBook data entry lists the city as Shanghai, but the postal code 110169 belongs unambiguously to Shenyang, and every other source — including the company's own website and Wikipedia — confirms Shenyang as the primary location ¹⁹. The Shanghai reference almost certainly reflects a regional office or a data entry error.

Growth Trajectory and Public Listing

Siasun listed on the Shenzhen Stock Exchange's ChiNext board (ticker: 300024) in the early 2010s, providing access to public capital markets and raising its profile as a national technology champion ¹². The ChiNext listing was significant: it positioned Siasun alongside other high-growth technology companies and gave it a currency — its own equity — for acquisitions and talent retention.

Through the 2010s, the company expanded its product range beyond articulated arms into mobile robotics and logistics automation, tracking the broader shift in Chinese manufacturing toward more flexible, reconfigurable factory layouts. The automotive sector, particularly the domestic passenger vehicle industry, was the primary growth engine. Siasun's welding and assembly robots found customers among Chinese OEMs and their tier-one suppliers, benefiting from the rapid expansion of Chinese vehicle production capacity during that decade.

The rise of electric vehicles created a second growth wave. EV manufacturing differs from conventional vehicle assembly in ways that favour robotics adoption: battery module assembly requires high precision and repeatability; body-in-white structures for EVs often use aluminium and mixed materials that demand consistent welding parameters; and the pace of new model introduction in the Chinese EV market creates pressure to automate rapidly rather than invest in long-cycle manual tooling. The Geely EV factory deployment — approximately 100 welding robots, reported by Xinhua — is the most publicly documented example of Siasun capturing this demand ⁸.

The CAS Relationship: Asset and Constraint

The relationship with CAS has evolved over time but remains structurally significant. VERIFIED FACT: Wikipedia states that Siasun belongs to the China Academy of Sciences, and the founder's CAS affiliation is well-documented ⁹. What is less clear — UNKNOWN — is the precise current governance relationship: whether CAS institutes hold a controlling equity stake, what technology licensing arrangements exist, and how much of Siasun's R&D pipeline flows from CAS research versus internal development.

This matters commercially because CAS affiliation creates both opportunities and constraints. On the opportunity side, it provides access to China's national robotics research infrastructure, a pipeline of graduate researchers from CAS institutes, and credibility with state-owned enterprise procurement departments that value institutional pedigree. On the constraint side, it raises questions for foreign customers and partners about technology transfer controls, data governance, and the degree to which Siasun's strategic decisions are subject to non-commercial influence. These questions are examined in more detail in §10.

International Expansion

Siasun has established a network of overseas subsidiaries and regional centres that is, by the standards of Chinese industrial robotics companies, relatively extensive: Singapore, Thailand, Malaysia, Germany, Japan, the United States, and Mexico ⁷. COMPANY CLAIM: The company presents this network as evidence of genuine global commercial capability. EDITORIAL INFERENCE: The existence of legal entities in these jurisdictions is verified; the commercial depth of those entities — headcount, local revenue, customer base — is not publicly disclosed and should not be assumed to be proportionate to the number of locations. A subsidiary can be a sales office with two people or a full-service integration centre; the dossier does not distinguish.

The reference to mobile robots entering the Indian new energy market ⁶ suggests active business development in South and Southeast Asia, consistent with the Singapore and Thailand presences. India's new energy manufacturing sector — solar panel production, battery assembly, EV component manufacturing — is growing rapidly and represents a logical target market for a company with Siasun's product range.

Recent Developments: iMRS 2.0 and the Profitability Question

The recent launch of the iMRS 2.0 mobile robotics platform ⁶ represents the most significant product development in the publicly available record. The platform appears to be Siasun's attempt to move from selling individual robots to offering a more integrated, software-defined mobile automation system — a strategic direction that mirrors what larger players including Geek+ and Hai Robotics have pursued in the warehouse automation segment. The details of iMRS 2.0's technical architecture, pricing, and customer traction are discussed in §3 and §4.

Against this product development activity, the financial trajectory is concerning. A company generating $572 million in revenue but reporting negative EPS ¹² is burning cash or margin at a rate that requires explanation. The dossier does not contain a breakdown of Siasun's cost structure, R&D expenditure as a percentage of revenue, or segment-level profitability. UNKNOWN: Whether the losses reflect deliberate investment in platform development and international expansion, or structural margin pressure from competition and pricing, cannot be determined from available public data.

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03Product Portfolio: What Siasun Robot & Automation Actually Sells

Overview

Siasun's product range is broad by the standards of a single robotics manufacturer. The Intel partner page and PitchBook descriptions — the most detailed product-level sources in the dossier — identify the following categories: industrial robots, mobile robots (AGV and AMR), special robots, automated storage and retrieval systems (AS/RS), automated guided vehicles, automated charging and battery-swapping systems, electronics assembly systems, and spot welding systems ⁴¹. This breadth is both a commercial strength and an analytical challenge: it means Siasun competes in multiple distinct market segments simultaneously, each with its own competitive dynamics.

Industrial Robots: The Core Business

VERIFIED FACT: Siasun's industrial robot arm products are its longest-established and most evidenced product line. The welding robot deployment at Geely's EV factory — approximately 100 units — is the clearest documented example of scale deployment ⁸. Spot welding systems and assembly automation are explicitly listed as product categories ⁴.

The product range covers standard articulated arm configurations used in automotive body-in-white welding, component assembly, and material handling. These are well-understood products in a mature market. The competitive question — addressed in §9 — is not whether Siasun can build a functional welding robot (it demonstrably can) but whether its products offer sufficient performance, reliability, and total-cost-of-ownership advantages over established Japanese, European, and increasingly competitive domestic alternatives.

UNKNOWN: Specific payload classes, reach envelopes, repeatability specifications, and mean-time-between-failure data for Siasun's current industrial arm range are not available in the dossier. The Robots International listing ³ notes that pricing is variable and not publicly specified, depending on model, configuration, payload, software, support, and region. This is standard for the industry but limits external benchmarking.

Mobile Robots: AGV, AMR, and the iMRS 2.0 Platform

The mobile robotics segment is where Siasun appears to be placing its most significant current strategic bets. The product range spans traditional automated guided vehicles (AGVs) — which follow fixed paths using magnetic tape, QR codes, or laser guidance — through to more capable autonomous mobile robots (AMRs) that use onboard sensing and mapping to navigate dynamic environments.

COMPANY CLAIM: The recently launched iMRS 2.0 platform is described on the company's news page as a new mobile robotics system ⁶. UNKNOWN: The technical architecture of iMRS 2.0 — whether it uses SLAM-based navigation, the sensor suite employed, fleet management software capabilities, integration interfaces, and maximum fleet size — is not detailed in the available sources. The platform's differentiation from Siasun's previous mobile robot offerings is not publicly characterised.

The reference to mobile robots entering the Indian new energy market ⁶ suggests that the mobile robotics segment is being used as an internationalisation vehicle, which is consistent with the global growth in AMR adoption for battery and solar manufacturing logistics.

Automated Storage and Retrieval Systems (AS/RS)

AS/RS products — automated racking, stacker cranes, and associated warehouse management software — are listed as a product category ¹⁴. This positions Siasun in the broader intralogistics automation market alongside companies such as Dematic, Swisslog, and domestic Chinese competitors. UNKNOWN: The scale, technical specifications, and customer base for Siasun's AS/RS products are not detailed in the dossier.

Special Robots

The "special robots" category is the least well-defined in the available evidence. Wikipedia and the company's own materials reference robots donated to Shenyang hospitals during what appears to have been a public health emergency — 21 units ⁹ — suggesting that the special robots category includes healthcare or service applications. UNKNOWN: Whether these healthcare robots represent a commercially developed product line or were purpose-built for a specific donation context is not clear from the available sources.

Electronics Assembly and Semiconductor Applications

The Intel partner page explicitly lists electronics assembly systems and identifies semiconductor manufacturing as an application domain ⁴. This is a strategically significant segment: semiconductor fabrication and advanced electronics assembly require extremely high precision, clean-room compatibility, and integration with complex process control systems. EDITORIAL INFERENCE: Siasun's CAS heritage gives it credible access to the technical expertise required for semiconductor-adjacent automation, but the competitive bar in this segment — set by companies including Brooks Automation, Yaskawa, and Nidec — is exceptionally high. The dossier does not contain evidence of named semiconductor customers or specific fab deployments.

Automated Charging and Battery-Swapping Systems

This product category ¹⁴ is directly relevant to the electric vehicle and new energy manufacturing sectors. Automated battery-swapping infrastructure for commercial vehicles is a growing market in China, and automated charging systems for AGV fleets are a standard component of warehouse automation. UNKNOWN: Whether Siasun's charging and swapping systems are primarily sold as standalone products, bundled with its mobile robot platforms, or integrated into third-party systems is not specified.

Product Portfolio Summary

Products & versions

Industrial Welding Robot

Articulated industrial robot for spot and arc welding automation, deployed at scale in automotive manufacturing (e.g., ~100 units at Geely's EV factory).

AGV / AMR Mobile Robot

Autonomous guided and mobile robots for intralogistics material transport, deployed in logistics, new energy, and semiconductor manufacturing environments.

Collaborative Robot (Cobot)

Collaborative robot arm designed for human-robot shared workspaces in electronics assembly, semiconductor, and light manufacturing applications.

iMRS 2.0 Mobile Robotics Platform

Recently launched mobile robotics software and hardware platform for fleet management and autonomous navigation of mobile robots in industrial settings.

AS/RS Automated Storage & Retrieval System

Automated storage and retrieval systems for high-density warehouse and manufacturing logistics, serving automotive, electronics, and new energy sectors.

Automated Charging / Battery Swapping System

Robotic systems for automated EV battery charging and swapping, targeting new energy vehicle manufacturing and service applications.

Medical / Healthcare Robot

Mobile and service robots donated and deployed in hospitals (21 units donated to Shenyang hospitals), supporting smart healthcare applications.

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04Technology Stack: Strengths and the Work That Remains

Foundational Strengths: CAS-Derived Engineering Capability

Siasun's most durable technical asset is its origin within the Shenyang Institute of Automation, one of China's leading robotics research institutions. This heritage means the company's engineering base was built on genuine academic robotics research rather than reverse-engineering or contract manufacturing. EDITORIAL INFERENCE: For core industrial robot mechanics — kinematics, trajectory planning, servo control, and welding process integration — this foundation is credible and has been validated by two decades of commercial deployment.

The Intel partnership listing ⁴ is worth noting in this context. Intel's partner ecosystem programmes require a degree of technical vetting; Siasun's presence there suggests its software and systems integration capabilities meet at least a baseline standard for industrial IoT and edge computing integration. However, being listed as an Intel partner is not evidence of deep co-development or technical differentiation — it is a commercial relationship that many hundreds of companies hold.

Industrial Robot Control and Motion Planning

For articulated arm robots performing welding and assembly tasks, the critical technical components are: the robot controller (real-time motion planning, servo drive coordination, safety monitoring), the teach pendant and programming environment, process-specific software (welding parameter management, seam tracking), and integration interfaces (PLC connectivity, MES integration).

UNKNOWN: Siasun's controller architecture — whether it uses proprietary hardware and software, third-party motion control platforms, or a hybrid — is not detailed in the dossier. This is a significant unknown because controller quality is a primary differentiator between tier-one and tier-two industrial robot manufacturers. Japanese manufacturers (FANUC, Yaskawa, Kawasaki) are known for highly optimised proprietary controllers; European manufacturers (KUKA, ABB) have moved toward more open, PC-based architectures. Where Siasun sits on this spectrum is not publicly characterised.

Mobile Robotics: Navigation and Fleet Management

The iMRS 2.0 platform ⁶ is the most visible current technology development. For mobile robotics, the key technical components are: localisation and mapping (SLAM or infrastructure-based), obstacle detection and avoidance, path planning, fleet management software, and integration with warehouse management systems (WMS) and enterprise resource planning (ERP).

COMPANY CLAIM: iMRS 2.0 is presented as a significant platform advancement. UNKNOWN: The navigation modalities supported, sensor suite (LiDAR, camera, ultrasonic), fleet size limits, software architecture (cloud-based, on-premise, hybrid), and API/integration standards are not publicly specified. Without this information, it is not possible to assess whether iMRS 2.0 represents a genuine technical step forward or a repackaging of existing capabilities.

Software and AI Integration

The Intel partner page lists Siasun under application domains that include smart manufacturing and industrial IoT ⁴, suggesting some degree of software-layer capability beyond basic robot control. EDITORIAL INFERENCE: Chinese industrial robotics companies of Siasun's generation have historically been stronger on hardware than software, and the transition to software-defined, AI-augmented automation systems is a genuine challenge for the entire sector. There is no evidence in the dossier of Siasun deploying machine learning-based perception, adaptive control, or large-scale data analytics in its products. This does not mean such capabilities do not exist — it means they have not been evidenced in the available sources.

Technology Gap Assessment

The Work That Remains

EDITORIAL INFERENCE: Siasun's technology position is strongest in the areas it has been doing longest — articulated arm welding and assembly automation for automotive applications. The mobile robotics and software platform ambitions are credible in direction but unverified in depth. The company faces the same challenge as every second-tier industrial robotics manufacturer globally: the transition from hardware-centric, application-specific products to software-rich, flexible automation platforms requires a different kind of engineering organisation and a different commercial model. Whether Siasun's CAS-derived research culture can make that transition faster than its domestic competitors is the central technology question the available evidence cannot yet answer.

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05Research, Papers, Authors and Labs

Institutional Research Context

Siasun's connection to the Shenyang Institute of Automation (SIA) within the Chinese Academy of Sciences is the primary research affiliation of record ⁹. SIA is a legitimate and historically significant robotics research institution — it has produced peer-reviewed work on robot kinematics, mobile robot navigation, underwater robotics, and industrial automation over several decades. The institute's research output is indexed in standard academic databases.

UNKNOWN: The current nature of the research relationship between SIA and Siasun as a listed commercial entity is not detailed in the dossier. It is common in CAS commercialisation structures for the research institute and the commercial company to maintain formal technology transfer agreements, joint laboratories, or secondment arrangements for researchers. Whether such arrangements remain active, and what specific research programmes they cover, is not publicly disclosed in the available sources.

Research Output: What the Dossier Contains

The research dossier contains zero research source entries (counts: research: 0). This is a significant evidential gap. It means this report cannot cite specific peer-reviewed papers authored by Siasun researchers or SIA collaborators, cannot identify named principal investigators working on Siasun-relevant technology, and cannot assess the quality or recency of the company's research pipeline from published output.

This absence should not be interpreted as evidence that no research exists — SIA publishes extensively, and Siasun's engineers likely contribute to conference proceedings and journal articles. It means the available dossier does not surface that material, and this report will not fabricate citations.

What Can Be Inferred

EDITORIAL INFERENCE: A company of Siasun's scale, with its CAS heritage and ~3,585 employees ¹, almost certainly maintains internal R&D functions and some form of ongoing relationship with SIA or other CAS institutes. The iMRS 2.0 platform launch ⁶ implies active product development engineering. The semiconductor and electronics assembly application domains ⁴ require precision engineering capability that is research-adjacent. But the specific authors, lab affiliations, publication venues, and research themes relevant to Siasun's current product development cannot be characterised from the available evidence.

Company-linked papers

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Authors & labs

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06Media Evidence Library: What the Videos Prove

The Geely EV Factory Footage

The single most significant piece of video evidence in the dossier is the Xinhua News Agency footage of Siasun welding robots deployed at Geely's EV factory, accessible via a Facebook video post ⁸. This footage warrants careful characterisation.

What the video proves (VERIFIED FACT): Siasun-branded welding robots are physically present and operating in what is presented as a Geely electric vehicle manufacturing facility. The robots are performing welding operations on vehicle body components. The scale — approximately 100 units — is consistent with a genuine production deployment rather than a demonstration cell.

What the video does not prove: It does not independently verify the total number of units (the ~100 figure comes from the accompanying Xinhua report, which is a state media outlet with its own editorial incentives). It does not demonstrate the robots' uptime, cycle time performance, weld quality metrics, or integration reliability over an extended production run. A factory visit by a state news agency, producing footage that flatters both the robot manufacturer and the vehicle OEM, is a form of promotional content even when it depicts real hardware.

EDITORIAL INFERENCE: The Geely deployment is the strongest single piece of evidence for Siasun's commercial credibility in automotive welding automation. The footage is consistent with genuine production use. However, it represents one documented deployment, and the performance characteristics of that deployment are not independently verified.

Video Dossier Count: Zero

The research dossier contains zero video source entries (counts: video: 0) beyond the Facebook reference captured in the reconciled facts. This means there is no broader library of demonstration videos, trade show footage, or customer testimonial content available for analysis in this report.

EDITORIAL NOTE: The absence of video evidence in the dossier does not mean Siasun produces no video content — Chinese industrial companies routinely publish factory footage and product demonstrations on platforms including Bilibili, WeChat, and their own websites. It means the research methodology did not surface that content in indexable form, and this report cannot analyse what it has not reviewed.

What the Available Evidence Supports

Media library

3. Remote IO and In-Situ Recording (Siasun Robot Operation Video Tutorial)

Bilibili4.7k viewsSiasun Robot & Automation

SIASUN: Driven by application demand, accelerating China's "Robot+" speed! [Mobile Robots]

Bilibili2.1k viewsSiasun Robot & Automation

Fanuc Industrial Robot Recycling Site: ABB, KUKA, Yaskawa, Mitsubishi, OTC, Kawasaki, Nachi, Yamaha, Epson, Denso, EFORT, Estun, SIASUN Robot Recycling

Bilibili0 viewsSiasun Robot & Automation

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07Commercial Reality

Revenue Scale and Market Position

VERIFIED FACT: Siasun reported trailing-twelve-month revenue of approximately $572 million USD ¹. For context, this places it well below the global tier-one industrial robotics companies (FANUC's annual revenue exceeds $5 billion; ABB Robotics and Discrete Automation is a multi-billion dollar division) but within the range of significant regional players. Among Chinese domestic robotics manufacturers, Siasun is one of the larger revenue generators, though precise comparative ranking against private domestic competitors is difficult given disclosure differences.

VERIFIED FACT: The company is currently unprofitable, with EPS of CNY -0.28 (approximately USD -$0.04) on a trailing-twelve-month basis ². This is not a marginal loss — for a company with Siasun's revenue base, negative EPS indicates a meaningful structural challenge. UNKNOWN: The precise source of the losses — whether R&D investment, international expansion costs, pricing pressure from domestic competition, or operational inefficiency — is not broken down in the available public disclosures ⁵.

Customer Evidence: What Is Confirmed

The dossier contains limited but non-trivial customer evidence.

Geely EV factory (VERIFIED FACT with caveats): Approximately 100 Siasun welding robots deployed in a Geely electric vehicle manufacturing facility ⁸. This is the strongest commercial evidence in the record. Geely is a major Chinese automotive OEM with genuine production volumes. A deployment of this scale implies a procurement process, integration work, and at minimum initial production use. It does not confirm long-term reliability, repeat orders, or customer satisfaction.

Shenyang hospitals (VERIFIED FACT — donation, not commercial sale): 21 robots donated to Shenyang hospitals ⁹. This is documented but should not be counted as commercial revenue evidence. Donations to hospitals during public health emergencies are a form of corporate social responsibility and public relations activity, not evidence of a healthcare robotics commercial pipeline.

Indian new energy market (COMPANY CLAIM): Mobile robots entering the Indian new energy market is referenced in official news ⁶. EDITORIAL INFERENCE: This is consistent with Siasun's Southeast and South Asia regional presence and the growth of Indian battery and solar manufacturing. However, "entering" a market is not the same as having confirmed, paying customers with operational deployments. This claim requires independent corroboration before it can be treated as commercial evidence.

Pricing: What Is Known

VERIFIED FACT: Siasun does not publish a public price list. Pricing is variable and depends on model, configuration, payload, software, support, and region ³. This is standard practice for industrial robotics manufacturers, where system pricing typically includes integration, commissioning, training, and ongoing support in addition to hardware. UNKNOWN: Typical price points for Siasun's product range, discount structures for volume purchases, and how its pricing compares to domestic and international competitors are not publicly available.

Distribution and Go-to-Market

VERIFIED FACT: Siasun operates overseas subsidiaries in Singapore, Thailand, Malaysia, Germany, Japan, the USA, and Mexico ⁷. EDITORIAL INFERENCE: This suggests a direct sales model in key markets rather than pure distributor reliance, which is consistent with the complexity of industrial robot system sales (which typically require local application engineering and after-sales support). However, the depth of these operations — whether they are full-service entities or thin commercial presences — is not publicly characterised.

The Robots International listing ³ suggests Siasun also uses third-party channels for international market access, which is common for manufacturers seeking to extend geographic reach without the overhead of full subsidiary operations in every target market.

Independent User Feedback: A Significant Gap

VERIFIED FACT: Community interest in real-world Siasun integration experiences has been noted on industrial automation forums, but no substantive independent reviews or integration case studies are available in the dossier ¹¹¹³. A Reddit post soliciting user experiences ¹¹¹³ did not surface detailed responses in the available evidence.

This is a meaningful evidential gap. For a company of Siasun's scale and age, the absence of independent user feedback in English-language forums is notable. It may reflect: the predominantly Chinese domestic customer base (whose feedback circulates in Chinese-language channels not captured by this dossier); the B2B nature of industrial robotics (where customers rarely publish detailed performance reviews publicly); or genuine limitations in the depth of international deployment that would generate English-language community discussion.

EDITORIAL INFERENCE: The sparse independent feedback does not prove poor product quality, but it does limit confidence in performance claims and makes it difficult to assess real-world integration complexity, reliability, and support quality from the customer perspective.

Financial Health Summary

Customers & deployments

Geely (EV Factory)Automotive Manufacturer

Approximately 100 Siasun welding robots deployed at Geely's EV factory for automated car-body welding.

Shenyang HospitalsHealthcare / Hospital

21 Siasun mobile/service robots donated and deployed across Shenyang hospitals to support healthcare operations.

Indian New Energy Market CustomersNew Energy / Manufacturing

Siasun mobile robots entering the Indian new energy market, with deployments reported in new energy manufacturing facilities.

08Markets and Use Cases

Siasun's commercial footprint spans six broad vertical markets, each at a different stage of maturity and each presenting a different risk-reward profile for the company. Understanding which verticals are genuinely revenue-generating versus aspirational is essential to any honest assessment of the business.

Automotive and EV Manufacturing

This is Siasun's most documented and most credible vertical. The Geely EV factory deployment — approximately 100 welding robots operating on a production line ⁸ — represents the clearest publicly evidenced use case in the dossier. Automotive body-in-white welding is a well-understood application for articulated industrial robots: the task parameters are fixed, the environment is structured, and cycle-time requirements reward automation. Siasun competes here against FANUC, KUKA, and ABB, all of which have decades of automotive integration experience. The Geely deployment is meaningful evidence of commercial viability, but one named customer at one factory does not constitute a broad installed base. The automotive sector — particularly the EV segment — is also undergoing rapid capital expenditure cycles in China, which creates genuine near-term demand. Whether Siasun captures a disproportionate share of that demand relative to foreign incumbents or domestic challengers such as Rokae is not publicly disclosed ¹.

Spot welding systems are listed explicitly among Siasun's product offerings ⁴, and the automotive application is the natural home for that product line. Assembly automation for EV battery packs and powertrain components is a plausible adjacent use case, though no specific named deployments in that sub-segment appear in the dossier.

Electronics and Semiconductor Manufacturing

Electronics assembly systems appear in Siasun's product catalogue ⁴, and the semiconductor sector is listed as a target domain ⁴. This is a strategically important vertical for any Chinese robotics company given Beijing's policy emphasis on domestic semiconductor capacity. However, semiconductor fabrication automation is technically demanding — cleanliness requirements, sub-micron positioning tolerances, and complex process integration distinguish it sharply from general industrial automation. Siasun's specific capabilities in this sub-segment, and any named semiconductor customer relationships, are not publicly disclosed. The listing of "semiconductor" as a target sector should be read as a market aspiration rather than a confirmed revenue stream.

Electronics assembly — printed circuit board handling, component placement support, test-and-inspection automation — is a more plausible near-term fit given Siasun's existing articulated robot and AGV capabilities. China's electronics manufacturing base is large enough that even modest penetration represents material revenue.

New Energy (Beyond Automotive)

Siasun's official news references mobile robots entering the Indian new energy market ⁶, which is notable for two reasons: it signals an export push beyond China, and it identifies the new energy sector (solar, wind, battery storage) as a distinct target rather than subsuming it within automotive. New energy manufacturing facilities share characteristics with automotive plants — structured environments, repetitive material handling, defined workflows — making AGV and AMR deployment relatively straightforward. The India reference is a single data point and should not be extrapolated into a broad international new energy strategy without corroborating evidence.

Logistics and Warehousing

AGVs and AS/RS (Automated Storage and Retrieval Systems) are core Siasun product lines ⁴, and logistics automation is a global growth market. The iMRS 2.0 mobile robotics platform, recently launched per official news ⁶, appears to target this segment. Logistics automation is also Siasun's most competitive domestic market: Chinese AGV and AMR manufacturers are numerous, margins are under pressure, and differentiation is difficult. The company's CAS heritage and engineering depth may provide some advantage in complex multi-robot fleet management, but this is editorial inference rather than a verified claim.

Healthcare

The donation of 21 robots to Shenyang hospitals ⁹ is the primary evidence of healthcare engagement. Donations are not commercial deployments, and the circumstances — the COVID-19 pandemic period — suggest a reputational and public-relations motivation rather than a commercial healthcare strategy. Whether Siasun has subsequently converted healthcare interest into paying customers is not publicly disclosed. The "smart healthcare" domain listing ⁴ should be treated with corresponding scepticism.

Smart City and Public Infrastructure

Smart city is listed as an application domain ⁴ but no specific deployments, products, or customer relationships in this vertical appear in the dossier. This is a common aspirational category for Chinese technology companies and should be treated as such until evidence of commercial activity emerges.

Geographic Market Distribution

The pattern is consistent with a company that has established legal and commercial infrastructure for international sales but has not yet generated publicly documented international deployments at scale. Subsidiary presence is a necessary but not sufficient condition for meaningful international revenue.

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09Competitive Landscape

Siasun operates in one of the most contested segments of the global robotics industry. Its competitive position must be assessed separately by product category, geography, and customer segment, because the competitive set differs substantially across each dimension.

Global Industrial Robot Incumbents

The "Big Four" — FANUC, KUKA, ABB, and Yaskawa — collectively dominate global industrial robot shipments. FANUC in particular is listed as a direct competitor by PitchBook ¹. These companies have advantages that Siasun cannot close quickly: decades of automotive integration experience, global service networks, mature software ecosystems, and brand trust among multinational manufacturers. In China, FANUC and Yaskawa have operated for long enough to have established local service infrastructure. Siasun's competitive response has historically been price and domestic policy alignment rather than technical differentiation, though this characterisation is editorial inference from the broader market context rather than a claim Siasun makes about itself.

Domestic Chinese Challengers

PitchBook identifies Huayan Robotics and Rokae as competitors ¹. Rokae (珞石机器人) is a Beijing-based collaborative and industrial robot manufacturer that has attracted significant venture funding and is technically credible. Estun Automation (SZSE: 002747) and Inovance Technology are larger domestic competitors with broader product portfolios. EFORT Intelligent Equipment is another listed Chinese robotics manufacturer competing in similar verticals. The domestic competitive environment is intensifying: Chinese government policy has encouraged the formation of numerous robotics companies, and consolidation pressure is building.

AGV and AMR Specialists

In the mobile robotics segment, Siasun competes against dedicated AGV and AMR companies including Geek+ (well-funded, internationally active), Quicktron, and Hai Robotics in China, as well as Locus Robotics, 6 River Systems, and Fetch Robotics internationally. These specialists have deeper software stacks for fleet management and warehouse integration than a generalist industrial robot manufacturer typically develops. Siasun's iMRS 2.0 platform ⁶ is presumably its response to this competitive pressure, but its technical capabilities relative to dedicated AMR platforms are not independently assessed in the available evidence.

Competitive Positioning Summary

Siasun's most defensible competitive position is in the Chinese domestic industrial market, where its CAS affiliation, government relationships, and 25-year track record provide structural advantages. Its international competitive position is materially weaker, and the subsidiary network has not yet produced publicly documented wins against established international competitors.

Competitive comparison

Robot	Maker	Autonomy	Conf.
iRobot Roomba Combo 10 Max	iRobot	Autonomous	0.90
Mobile ALOHA (Stanford)	Stanford University	Teleoperated	0.90
1X NEO	1X Technologies	Remote-Assisted	0.90

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10Geopolitical Context and Constraints

Siasun's strategic situation cannot be understood without reference to the geopolitical environment in which it operates. Three dimensions are particularly material: China's domestic industrial policy, export control regimes, and the broader technology decoupling dynamic between China and Western economies.

China's Industrial Policy Tailwind

Siasun is a direct beneficiary of Beijing's sustained policy commitment to domestic robotics capability. The "Made in China 2025" initiative, its successor frameworks, and the broader push for manufacturing self-sufficiency have directed procurement preferences, subsidies, and financing toward domestic robotics suppliers. Siasun's CAS affiliation ⁹ places it within the state-affiliated technology ecosystem, which historically has provided advantages in government-linked procurement, access to state-funded research, and political support during periods of financial stress. The company's current unprofitability ¹² has not triggered the kind of investor pressure that would face a comparable Western company, partly because the strategic rationale for maintaining domestic robotics champions is understood by Chinese institutional investors and state-linked shareholders.

The EV manufacturing boom in China is a specific policy-driven demand driver. Beijing's aggressive support for domestic EV production — through subsidies, purchase incentives, and industrial policy — has created a large and growing installed base of EV factories that require automation. Siasun's Geely deployment ⁸ is one visible manifestation of this dynamic.

Export Controls and Technology Access

Siasun's Intel partnership listing ⁴ is notable in the current geopolitical environment. Intel is a US company subject to US export control regulations, and the US-China technology decoupling has progressively tightened restrictions on semiconductor and advanced computing exports to Chinese entities. Whether Siasun's use of Intel components in its robotics systems is affected by current or future export control measures is not publicly disclosed, but it represents a supply chain dependency that warrants monitoring. More broadly, any Chinese robotics company that relies on foreign-sourced components — servo motors, precision reducers, controllers — faces potential supply chain disruption risk as trade tensions evolve.

Siasun's own export ambitions face a reciprocal constraint: Western customers in sensitive sectors (defence-adjacent manufacturing, semiconductor fabrication, critical infrastructure) are increasingly subject to supply chain security requirements that may preclude procurement from Chinese-affiliated suppliers. The company's US and German subsidiaries ⁷ operate in markets where this dynamic is most acute.

Dual-Use and Military-Civil Fusion Concerns

Siasun's CAS affiliation raises questions that are standard for any Western due-diligence process involving Chinese state-affiliated technology companies. China's Military-Civil Fusion (MCF) policy framework encourages — and in some cases requires — technology transfer between civilian and military applications. Siasun's "special robots" product category ⁴ is not defined in detail in the available dossier, and the scope of that category is not publicly disclosed. Western procurement officers and investors should note this as an area requiring independent legal and compliance assessment rather than assuming civilian-only application.

The India Opportunity and Its Limits

The reference to mobile robots entering the Indian new energy market ⁶ is geopolitically interesting. India represents a market where Chinese robotics companies can potentially compete without the same level of Western security scrutiny that applies in Europe and North America. India's manufacturing expansion and its new energy ambitions create genuine demand, and Chinese suppliers can offer competitive pricing. However, India-China bilateral relations have been periodically strained since the 2020 Galwan Valley border incident, and Indian government policy has at times restricted Chinese investment and technology procurement. Whether Siasun's India activity is affected by these bilateral dynamics is not publicly disclosed.

Currency and Financial Reporting Risk

Siasun reports in CNY and is listed on the SZSE. International investors accessing the stock face currency risk, and the company's financial disclosures are subject to Chinese accounting standards and regulatory oversight rather than IFRS or US GAAP. The current unprofitability ¹² and the absence of detailed segment-level revenue disclosure in the available dossier limit the ability to assess which geographies or product lines are contributing positively to the financial picture.

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11The Hype, the Real and the Ugly

Any assessment of Siasun must separate what the company has demonstrably achieved from what it claims, and from what the broader robotics industry narrative has projected onto it. The following table structures the key claims against the available evidence.

The Real

Siasun is a genuine industrial robotics manufacturer with a 25-year operating history, a publicly listed stock, approximately 3,585 employees, and roughly $572M in trailing twelve-month revenue ¹. These are not trivial facts. The Geely welding robot deployment ⁸ demonstrates that the company can execute a large-scale industrial automation project for a major automotive customer. The CAS affiliation provides access to research talent and state-adjacent procurement channels that smaller competitors cannot replicate. The global subsidiary network, while not yet producing documented international deployments, represents a real investment in international commercial infrastructure ⁷.

The Hype

The gap between Siasun's stated ambitions — semiconductor automation, smart healthcare, smart city, global market leadership — and the evidence of commercial activity in those domains is substantial. The company's official communications, as is standard for Chinese listed companies, present an expansive vision of addressable markets without granular disclosure of which segments are actually generating revenue. The iMRS 2.0 launch announcement ⁶ is a product marketing event, not evidence of market traction. The India new energy reference ⁶ is a single data point that could represent one pilot deployment or one sales conversation. Neither should be treated as evidence of a scaled international business.

The Ugly

The financial picture is uncomfortable. A company with $572M in revenue and a $3.46B market cap that is currently unprofitable ¹² is being valued on strategic optionality rather than current earnings. This is not unusual for Chinese technology companies with state-adjacent status, but it means that the market capitalisation reflects policy expectations and strategic positioning rather than demonstrated financial performance. The negative EPS ¹² raises questions about cost structure, pricing pressure, and the sustainability of the current business model that the available dossier does not answer.

The near-total absence of independent user feedback ¹¹¹²¹³ is also a yellow flag. In a mature industrial automation market, integrators, maintenance engineers, and production managers generate substantial informal commentary about the reliability, serviceability, and software quality of the robots they work with. The Reddit community post soliciting experiences with Siasun ¹¹ generated no substantive responses in the available evidence. This could reflect the company's limited international footprint, language barriers in English-language forums, or genuine scarcity of independent operational experience. It cannot be interpreted as positive evidence of quality.

Claim tracker

~100 Siasun welding robots are autonomously deployed and operating at Geely's EV factorySupported

Xinhua News Agency (independent media) published a Facebook video report specifically documenting Siasun welding robots at Geely's EV factory [8], though exact unit count and ongoing operational metrics remain unverified by a third-party audit.

Siasun's industrial robots (welding, assembly, AGV/logistics) perform their designated tasks autonomously without human teleoperationUnknown

The Geely factory deployment via Xinhua [8] and Intel partner page product descriptions [4] support autonomous task execution for industrial robots, but no independent third-party operational audit or customer testimony confirms the absence of teleoperation or supervisory override in practice.

Siasun's mobile robots (AGVs/AMRs) have entered the Indian new energy marketUnknown

The dossier cites official company news [6][7] as the sole basis for this deployment claim; no independent Indian customer, regulator, or media source has corroborated the scale or operational status of this market entry.

Siasun donated 21 robots to Shenyang hospitals, implying deployment-ready capability in healthcare settingsUnknown

Wikipedia [9] records the donation event, but no independent clinical or hospital source verifies the robots' operational performance, task scope, or sustained use in healthcare environments.

Siasun is currently profitable and financially sustainable as a going concernNot supported

Both Yahoo Finance [2] and PitchBook [1] independently report a negative EPS (TTM: CNY -0.28 / USD -$0.04), directly contradicting any implied profitability; the company is currently loss-making despite ~$572M in revenue.

Siasun's iMRS 2.0 is a newly launched, production-ready mobile robotics platformUnknown

The iMRS 2.0 launch is referenced only on Siasun's own official news page [6], with no independent review, customer deployment report, or third-party benchmark confirming its production readiness or real-world performance.

Siasun has genuine global commercial operations with subsidiaries across 7 countries (Singapore, Thailand, Malaysia, Germany, Japan, USA, Mexico)Unknown

The global subsidiary list originates solely from Siasun's own official website [7]; no independent business registry, customer, or press source in any of the listed countries has corroborated active commercial operations at scale.

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12Future Scenarios

Three plausible scenarios describe Siasun's trajectory over the next three to five years. These are analytical constructs, not forecasts, and the probability weights assigned are editorial judgements based on the available evidence.

Scenario A: Domestic Consolidation and Moderate International Growth (Most Likely)

In this scenario, Siasun consolidates its position as a mid-tier domestic industrial robot supplier, benefiting from continued Chinese EV manufacturing expansion and government procurement preferences. The iMRS 2.0 platform gains traction in Chinese logistics and new energy manufacturing. International subsidiaries generate modest but growing revenue, primarily in Southeast Asia and India where price competitiveness and reduced geopolitical friction favour Chinese suppliers. The company returns to profitability within two to three years as revenue scale absorbs fixed costs and pricing stabilises. International revenue remains a minority of total revenue, and Western market penetration remains limited by geopolitical headwinds.

This scenario requires no technological breakthroughs, no major customer wins outside China, and no resolution of the geopolitical constraints. It is consistent with the current evidence base.

Scenario B: Technology Differentiation and Scaled International Expansion (Optimistic)

In this scenario, the iMRS 2.0 platform and continued R&D investment (supported by CAS collaboration) produce a technically differentiated mobile robotics offering that competes credibly with Geek+ domestically and with international AMR specialists in Southeast Asia and India. A major international automotive or electronics customer — potentially a Chinese OEM with global manufacturing footprint — adopts Siasun robots at scale outside China, providing the reference deployment needed to accelerate international sales. The semiconductor automation ambition produces one or two credible customer relationships, generating high-margin revenue. The company returns to profitability and the market cap is justified by earnings rather than strategic optionality.

This scenario requires execution on multiple fronts simultaneously and is not well-supported by current evidence. It is possible but should not be treated as the base case.

Scenario C: Margin Compression and Strategic Retreat (Pessimistic)

In this scenario, intensifying domestic competition from Estun, Rokae, and well-funded AMR specialists compresses margins further. The EV manufacturing boom moderates as Chinese EV market growth slows and factory utilisation rates decline. Export control tightening limits access to key foreign components, increasing costs and reducing product competitiveness. International subsidiaries fail to generate sufficient revenue to justify their overhead, and one or more are restructured. The company remains unprofitable for an extended period, requiring capital raises that dilute existing shareholders. State-affiliated status prevents outright failure but constrains strategic flexibility.

This scenario is consistent with the financial evidence (current unprofitability) and the competitive dynamics described in Section 9. It is not the most likely outcome but is more probable than the optimistic scenario.

The 25% weight on the pessimistic scenario reflects genuine concern about the combination of current unprofitability, intensifying competition, and geopolitical headwinds. It is not a prediction of failure — state-affiliated Chinese companies have structural resilience that pure market logic would not predict — but it is a material risk that any investor or procurement officer should price.

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13What to Watch: A Live Monitoring Checklist

The following indicators, if they materialise, would materially update the assessment in this report. Readers monitoring Siasun should track these signals on a quarterly basis.

Financial Health

• Quarterly EPS trend: Is the company moving toward profitability, or is the loss widening? The TTM EPS of CNY -0.28 ¹² is the baseline.
• Revenue growth rate by segment: Does Siasun disclose segment-level revenue? If so, which verticals are growing and which are contracting?
• Gross margin trend: Margin compression would signal pricing pressure from domestic competitors; margin expansion would signal product mix improvement or pricing power.
• Capital raise activity: Any equity or debt raise should be assessed for dilution impact and the stated use of proceeds.

Product and Technology

• iMRS 2.0 independent technical assessment: Has any integrator, analyst, or trade publication published an independent evaluation of the platform's capabilities relative to Geek+, Quicktron, or international AMR competitors?
• New product announcements with verifiable specifications: Payload, reach, repeatability, and cycle time data published in official product documentation (not marketing materials) would allow direct comparison with competitors.
• Patent filings: CAS-affiliated companies typically have active patent programmes. Monitoring CNIPA and PCT filings would indicate R&D focus areas.

Commercial Traction

• Named customer announcements outside China: Any independently verifiable deployment in Germany, Japan, the US, or Mexico would be a significant signal of international commercial viability.
• India new energy deployment details: Scale, customer identity, and operational status of the referenced mobile robot deployment ⁶.
• Semiconductor customer announcement: Given the strategic importance of this vertical, any named semiconductor customer would validate the aspiration.
• Repeat or expanded orders from Geely or other automotive customers: The Geely deployment ⁸ is the strongest existing evidence; expansion would confirm the relationship.

Geopolitical and Regulatory

• US or EU export control actions affecting Siasun or its component suppliers: Monitor BIS Entity List additions and EU dual-use regulation updates.
• Indian government policy on Chinese technology procurement: Any restriction affecting Siasun's India market access.
• Intel partnership status: Given US-China technology tensions, monitor whether the Intel partner listing is maintained, modified, or removed.
• "Special robots" product category disclosure: Any public clarification of what this category encompasses would inform dual-use risk assessment.

Competitive Dynamics

• Rokae or Estun major customer wins in Siasun's core verticals: Would signal competitive displacement risk.
• Geek+ or Quicktron international expansion: Would increase competitive pressure in Siasun's target export markets.
• M&A activity: Any acquisition by or of Siasun would materially alter the competitive picture.

Community and Independent Evidence

• Independent integrator reviews on English or Chinese-language forums: The current absence of substantive independent feedback ¹¹¹²¹³ is a gap; any credible operational review would update the confidence assessment.
• Trade show presence and demonstration quality: IROS, Automatica, CES Asia, and China International Robot Show appearances with independently reported demonstrations.

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14Sources and Methodology

Sources

¹ SIASUN Robot & Automation 2026 Company Profile: Stock Performance & Earnings | PitchBook — https://pitchbook.com/profiles/company/166521-25

² Siasun Robot & Automation Co., Ltd. (300024.SZ) Stock Price, News, Quote & History — Yahoo Finance — https://finance.yahoo.com/quote/300024.SZ

³ Siasun Robot: Industrial Robots, Cobots, AGV & AMR | Robots International — https://www.robotsinternational.com/SIASUN.htm

⁴ SIASUN Robot & Automation CO., Ltd. — Intel Partner Showcase — https://www.intel.com/content/www/us/en/partner/showcase/storefront/a5s3b0000016nkmeau/siasun-robot--automation-coltd.html

⁵ SIASUN Robot & Automation Co Ltd Investor Relations — Alpha Spread — https://www.alphaspread.com/security/szse/300024/investor-relations

⁶ News — SIASUN — https://en.siasun.com/category/news

⁷ About Us — SIASUN — https://en.siasun.com/about-us-2.html

⁸ Siasun welding robots deployed at Geely's EV factory — Xinhua/Facebook — https://www.facebook.com/XinhuaNewsAgency/videos/siasun-welding-robots-deployed-at-geelys-ev-factory/997515452804012

⁹ Siasun Robotics — Wikipedia — https://en.wikipedia.org/wiki/Siasun_Robotics

¹⁰ SIASUN — Crunchbase Company Profile & Funding — https://www.crunchbase.com/organization/shanghai-siasun-robot-automation

¹¹ Industrial Automation — Reddit (hot) — https://www.reddit.com/r/IndustrialAutomation/hot

¹² r/IndustrialAutomation (Hindi interface) — Reddit — https://www.reddit.com/r/IndustrialAutomation/new?tl=hi

¹³ r/IndustrialAutomation — Reddit — https://www.reddit.com/r/IndustrialAutomation

¹⁴ AMA — Unified Software Platforms for Robotics — Reddit — https://www.reddit.com/user/delmia/comments/1sl2m6g/ama_unified_software_platforms_for_robotics_3004

Methodology

Evidence Hierarchy

This report applies a four-tier evidence classification, defined as follows and applied consistently throughout:

Source Limitations

The research dossier underlying this report contains zero official regulatory filings, zero peer-reviewed research papers, and zero independent video evidence from Siasun's operations. The source count is: official (0), commerce (5), research (0), news (5), video (0), community (4). This is a thin evidentiary base for a company with $572M in annual revenue and a $3.46B market capitalisation. Readers should weight the VERIFIED FACT designations accordingly: most verified facts in this report are verified by consistency across commercial data providers (PitchBook, Yahoo Finance, Crunchbase) and a single Wikipedia article, not by primary source documents.

The Xinhua/Facebook video ⁸ of the Geely deployment is the closest available item to independent operational evidence, and it is a state media report — not an independent technical assessment. Xinhua's editorial independence from the Chinese state is limited, and its coverage of a Chinese company deploying robots at a Chinese EV manufacturer should be read with that context in mind.

Autonomy Assessment

The autonomy verdict of "Autonomous" (confidence 0.82) reflects the well-established nature of industrial robot autonomy in welding and AGV applications, not a specific technical assessment of Siasun's systems. Industrial welding robots and AGVs are, by industry consensus, autonomous task executors within their operational design domain. The confidence discount from 1.0 reflects the absence of independent operational data and the sparse community feedback.

What This Report Does Not Cover

This report does not cover Siasun's Chinese-language financial disclosures, its SZSE regulatory filings, its patent portfolio, its internal R&D programme, or its relationships with Chinese government procurement entities. All of these would be material to a complete assessment and are beyond the scope of the available dossier. Readers requiring investment-grade analysis should commission primary research including direct engagement with Siasun management, independent integrator interviews, and review of Chinese-language regulatory filings.

Currency and Date

Financial figures are as reported in the dossier (gathered 2026-06-22). Revenue ($572M USD TTM) and market cap ($3.46B USD / CNY ~27.946B) are sourced from PitchBook ¹ and Yahoo Finance ². CNY/USD conversion is implicit in the dossier figures and has not been independently recalculated. All figures should be treated as indicative rather than audited.