Detailed Analysis Report on Topstar (300607.SZ) H-Share Listing

Based on the latest market data and public information, I provide you with a systematic analysis of the valuation impact and investment opportunities of Topstar’s H-share listing.

---

• January 16, 2026
  , Topstar officially submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange, planning to list on the main board of the Hong Kong Stock Exchange [1][2]
• The offering is only available to eligible overseas investors and domestic Qualified Domestic Institutional Investors (QDII) [1][2]
• The application materials are draft versions, which may be updated and revised in accordance with regulatory requirements [1]

Topstar is the “chain leader” enterprise of the robot industry chain in Guangdong Province, whose main business covers industrial robots, injection molding machines, CNC machine tools and intelligent energy management systems [0].

---

The H-share listing will bring the following valuation boost opportunities for Topstar:

Valuation Boost Factor	Specific Impact
Global Capital Coverage	The Hong Kong stock market targets international investors, which is conducive to attracting global allocation-oriented institutional capital
Brand Internationalization	Enhance the company’s popularity and brand influence in the international market
R&D Investment Capacity	Expand financing channels and strengthen the capability of technological R&D investment
Industrial Chain Discourse Power	As a “chain leader” enterprise, international financing helps consolidate its industry position

Topstar belongs to the industrial robot track in the high-end manufacturing sector, which has a solid valuation foundation in the Hong Kong stock market. Based on the analysis of recent A+H share listing cases:

• CATL
  (listed on Hong Kong Stock Exchange in 2025): A-share is discounted by 19.11% compared with H-share [3]
• Hengrui Pharmaceuticals
  (listed on Hong Kong Stock Exchange in 2025): A-share is discounted by 10.85% compared with H-share [3]

The “inversion” phenomenon of these two leading enterprises reflects that

can obtain more reasonable valuation pricing in the Hong Kong stock market.

Based on the 2024 financial data, Topstar is optimizing its business structure [4]:

• Increased Proportion of Product-Based Business
  : up 15.62 percentage points year-on-year
• Improved Gross Profit Margin
  : The gross profit margin of product-based business reached 34.25%, up 3.30 percentage points year-on-year
• Growth of Industrial Robot Business
  : Revenue increased by 12.50% year-on-year, with a gross profit margin of 47.53%

This strategic transformation of

is highly aligned with the investment logic of the Hong Kong stock market that prefers high-value-added industries.

---

As of January 16, 2026, the number of A+H listed companies has expanded to

, and the A-H share premium shows obvious differentiation [3]:

Premium Type	Number	Typical Cases
A-Share Discount (Inversion)	5	CATL (-19.11%), Hengrui Pharmaceuticals (-10.85%)
A-Share Premium < 100%	Majority	Bank stocks with an average premium of 39.72%
A-Share Premium > 100%	37	Zhejiang Shibao (360.30%), Junda Co., Ltd. (over 200%) [3]

Based on a comprehensive judgment of the following factors, Topstar’s H-share is

after listing:

Influencing Factor	Analysis Conclusion
Industry Attribute	Industrial robots belong to high-end manufacturing, and the valuation in Hong Kong stock market is relatively reasonable
Company Quality	As a “chain leader” enterprise in Guangdong Province, it has a prominent industry position
Business Structure	The gross profit margin is continuously improving, which is in line with the preferences of the Hong Kong stock market
Comparable Cases	Leading enterprises such as CATL and Hengrui Pharmaceuticals have all experienced discounts
Liquidity	QDII funds can participate, providing liquidity support

Base Scenario (Neutral Assumption):
├── Most Optimistic: H-share has a 5-10% premium over A-share (global capital scramble)
├── Base Scenario: H-share has a 5-15% discount to A-share (similar to CATL)
└── Conservative Scenario: H-share has a 15-25% discount to A-share (overall market downturn)

: As a leading enterprise in the industrial robot segment, if the valuation of Topstar’s H-share is close to that of CATL (about 15-20% discount) after listing, it will be in a .

---

Strategy Type	Operation Suggestions
Short-Term	The H-share listing news has been reflected in the stock price (+3.42% on January 18), so caution is needed for short-term chasing of high prices [0]
Medium-Term	Pay attention to the profitability recovery brought by business structure optimization, and accumulate positions on dips
Long-Term	After the Hong Kong listing, the A+H dual valuation system may bring opportunities for revaluation

┌────────────────────────────────────────────────────────────────────────┐
│  Risk Factor                      │  Risk Level  │
├────────────────────────────────────────────────────────────────────────┤
│  Overall low valuation of Hong Kong stock market          │  Medium-High    │
│  Intensified competition in the robot industry            │  Medium      │
│  Performance fluctuations during business transformation            │  Medium      │
│  International geopolitical risks              │  Low      │
│  Uncertainty in listing approval              │  Low      │
└────────────────────────────────────────────────────────────────────────┘

1. Track Advantage
   : Industrial robots benefit from “Intelligent Manufacturing 2025” and export growth
2. Successful Business Transformation
   : Increased proportion of product-based business and continuous improvement of gross profit margin
3. Valuation Recovery in Hong Kong Stock Market
   : International listing is expected to bring valuation revaluation
4. Improved Liquidity
   : Dual listing increases capital attention

---

As can be seen from the above chart [0]:

• Stock Price Trend
  : From October 2025 to January 2026, the stock price rose from about RMB 22 to RMB 33, an increase of more than 50%
• Trading Volume
  : The recent trading volume has increased significantly, indicating rising market attention
• Business Structure
  : The injection molding machine business accounts for the highest proportion (51.1%), followed by the industrial robot business (27.6%)

---

1. Valuation Impact
   : The H-share listing will bring Topstar an opportunity for
   international valuation anchoring
   . It is expected that the H-share will be discounted by 10-20% compared with the A-share, close to the level of CATL
2. Investment Opportunities
   :
   • A-share investors may pay attention to the medium and long-term investment opportunities brought by
     business structure optimization
   • Hong Kong stock investors may pay attention to the
     scarcity premium
     (industrial robot track)
3. Risk Warning
   : Pay attention to the liquidity of the Hong Kong stock market and changes in the prosperity of the robot industry

Time Node	Key Points for Attention
Listing Approval Stage	Hearing progress, introduction of cornerstone investors
Prospectus Stage	Offering pricing, fundraising amount
After Listing	H-share liquidity, changes in A-H share price spread

---

[1] Securities Times - “Topstar: Submits Application for H-Share Issuance and Listing to the Hong Kong Stock Exchange” (https://finance.eastmoney.com/a/202601183622650492.html)

[2] Sina Finance - “Topstar Applies for H-Share Issuance and Listing on the Hong Kong Stock Exchange” (https://finance.sina.com.cn/stock/zqgd/2026-01-18/doc-inhhthyv8807359.shtml)

[3] Securities Times Network - “Star Companies Cluster to Stage Listing ‘Double City Story’ A-H Premium Index Fluctuates Slightly and Valuation Gap Narrows” (https://www.stcn.com/article/detail/3598260.html)

[4] Securities Times Network - “Behind Topstar’s Strategic Transformation: Positioning in Embodied Intelligence and Remolding Growth Logic” (https://stcn.com/article/detail/1684557.html)

[0] Gilin API Data - Real-time Market and Financial Data of Topstar (300607.SZ)