节卡股份被取消审议迷雾：IPO辅导前变更收入确认方法 研发还是营销驱动？

Core Viewpoint - The change in revenue recognition policy by Jeka Robotics before its IPO application is significant as it allows for earlier revenue recognition, raising questions about the authenticity of its financial statements and the potential for premature revenue recognition [1][2][6] Revenue Recognition Policy Change - Jeka Robotics altered its revenue recognition method for its core product, collaborative robots, prior to its IPO application, shifting from acceptance to signing [5][6] - In 2021, the amount recognized under the new signing method was 39.6031 million yuan, accounting for 31.28% of total domestic sales revenue [6][9] - The company reported a substantial revenue increase of 264.21% in 2021 and 59.68% in 2022, but the cash collection ratio decreased from 99.38% in 2020 to 76.54% in 2021, indicating potential issues with revenue authenticity [19][11] Financial Performance and Concerns - Jeka Robotics' revenue for 2021 was 176 million yuan, with a significant growth rate, and for 2022, it reached 281 million yuan, meeting the requirements for the Sci-Tech Innovation Board [11][9] - The company has consistently reported negative free cash flow, totaling -922 million yuan over five years, raising concerns about its financial sustainability [19][19] - The cash collection ratio has been declining despite revenue growth, which may suggest relaxed credit policies or premature revenue recognition [19][20] Technical Independence and Relationships - Jeka Robotics has been questioned about the independence and advancement of its core technology, particularly its ties to Shanghai Jiao Tong University [21][22] - The company has significant ownership ties with professors from Shanghai Jiao Tong University, which raises concerns about potential conflicts of interest and the independence of its technological development [23][26] Sales and R&D Expenses - Jeka Robotics' sales expenses have consistently exceeded its R&D expenses, with sales expenses accounting for 27.72% to 24.16% of revenue from 2022 to 2024, compared to R&D expenses of 16.92% to 21.53% [28][29] - The higher sales expense ratio compared to industry peers suggests a focus on marketing rather than R&D-driven growth, raising questions about the company's strategic direction [29][28]