节卡股份取消上会仍无下文，多起IPO“卡壳”涉及收入确认

Group 1 - The IPO process of Jieka Robotics has been interrupted for over a month since the meeting scheduled for August 8 was suddenly canceled due to the need for further verification of relevant matters [2][9] - The cancellation of Jieka's IPO meeting highlights the challenges faced by companies in the IPO queue, as obtaining a meeting date does not guarantee approval [4][6] - Other companies, such as Hengkun New Materials and Taijin New Energy, have also faced delays in their IPO processes due to concerns over revenue recognition and financial stability [4][6] Group 2 - Jieka Robotics changed its revenue recognition policy from "acceptance" to "signing" in June 2021, resulting in an additional revenue recognition of approximately 20.68 million yuan in that year [9][10] - The company's overdue accounts receivable increased significantly, from 22.36 million yuan at the end of 2022 to 67.21 million yuan in 2024, indicating a high level of financial uncertainty [9][10] - The net profits for Jieka from 2022 to 2024 were 5.74 million yuan, -28.55 million yuan, and 6.23 million yuan, respectively, with a significant drop in net profit after deducting non-recurring gains and losses [10][11] Group 3 - Jieka's operating cash flow has been negative for three consecutive years, totaling -51.73 million yuan, and further deteriorating to -61.59 million yuan in the first half of 2025 [12][13] - The company faces challenges in converting reported profits into cash due to slow collection of accounts receivable and high sales expenses, which reached 24%-28% of revenue [15][16] - The company's aggressive expansion plan aims to increase production capacity from 8,000 units to 40,000 units, raising concerns about market demand and competition [17][18] Group 4 - Jieka's average product prices are declining, reflecting intensified competition in the industry, and there are discrepancies in market data cited by the company compared to competitors [18][20] - The company previously adjusted its production capacity from an initial 50,000 units to 40,000 units, indicating a cautious approach to market conditions [22]