节卡股份终止科创板IPO：两年上市路戛然而止，协作机器人赛道再起波澜

Core Viewpoint - Jeka Robotics Co., Ltd. has voluntarily withdrawn its IPO application after more than two years of waiting, marking the end of its capital journey [1][5]. Company Summary - The IPO journey of Jeka Robotics began on May 9, 2023, when its application was accepted by the Shanghai Stock Exchange. The company faced multiple inquiries and had its review suspended several times due to expired financial data and regulatory concerns regarding its R&D independence and reliance on external sourcing for core components [1][6]. - On August 1, 2025, the company was set to face a critical review, but the Shanghai Stock Exchange announced a last-minute cancellation of the review, making it the first IPO project of the year to be halted before the meeting [1][6]. Financial Performance - Jeka Robotics experienced significant fluctuations in its financial performance. From 2022 to 2024, the company's revenue grew from 281 million to 400 million yuan, while net profit dropped from 5.74 million to -28.55 million yuan, with a slight recovery to 6.23 million yuan in 2024. In the first half of 2025, revenue was 174 million yuan, a year-on-year increase of 4.29%, but the net profit was a loss of -19.97 million yuan [2][6]. - The company attributed the first-quarter loss of over 20 million yuan to seasonal sales downturn, stating that it achieved breakeven in the second quarter [2][6]. Industry Context - The financial pressures faced by Jeka Robotics reflect structural challenges within the collaborative robotics industry. A report indicated that in 2024, domestic manufacturers would face intensified price competition, with average prices dropping by 26% year-on-year [7]. - Additionally, regulatory changes are raising industry standards. In November 2025, a spokesperson from the National Development and Reform Commission warned about the risks of high redundancy and compressed R&D space in the humanoid robotics sector, while the Ministry of Industry and Information Technology is advancing unified technical standards [7]. IPO Outlook - Historical data suggests that companies whose IPO applications are canceled have a low probability of successfully going public in the future. Despite this setback, Jeka Robotics maintains its vision of being a "global leader in general-purpose intelligent robotics," indicating that this capital market setback may be a tactical adjustment in its long journey [3][7].