人形机器人今年产量仅2台，天链机器人IPO可能要被“劝退”

Core Viewpoint - Tianlian Robot faces significant risks of failing to go public on the Shanghai Stock Exchange due to its long history of unprofitability and inability to meet listing requirements [1][2][11] Financial Performance - Tianlian Robot reported revenues of 21.39 million yuan and 29.91 million yuan for 2023 and 2024 respectively, with negative net cash flow from operating activities of -1.44 million yuan and -908.84 thousand yuan [1] - The company has never achieved profitability in the past 10 years since its establishment in 2012, with a net loss of 14.27 million yuan in 2024 and a higher loss of 18.77 million yuan in 2023 [7][10] - The compound annual growth rate of revenue over the last three years is 12.03%, which does not meet the requirement of 25% for listing on the Science and Technology Innovation Board [2] Business Model and Revenue Sources - The core business of Tianlian Robot is the production of harmonic reducers, which accounted for 91.22% of total revenue in 2024, with previous years showing similar trends [4][5] - Other product lines, such as humanoid robots and collaborative robots, contribute minimally to revenue, with humanoid robots accounting for only 4.22% of total revenue in 2024 [5][6] R&D and Cost Structure - The company has significantly high R&D expenses, with 2024 R&D costs reaching 1.16 million yuan, representing 38.77% of total revenue [8] - Sales expenses increased by 110.28%, R&D expenses by 86.71%, and financial expenses by 91.92% in 2024, all outpacing revenue growth [8] Market Position and Future Outlook - Tianlian Robot is attempting to enhance its market presence through strategic partnerships, such as a recent agreement with Shenzhen Lihengxing Co., Ltd. to promote automation in manufacturing [9] - The company is optimistic about achieving profitability by 2026-2027, contingent on securing orders and business support [10]