冲刺“协作机器人第一股”未果：节卡IPO终止折射硬科技企业上市新考题

Group 1 - The core viewpoint is that the IPO attempt of Jeka Robotics has been terminated, highlighting the increasing scrutiny of regulatory standards for hard technology companies in the current market environment [1][6] - Jeka Robotics faced multiple interruptions in its IPO process due to expired financial documents, indicating underlying uncertainties [2][7] - A significant turning point occurred in August 2025 when the listing committee abruptly canceled the review due to unresolved matters, marking Jeka as the first company to be halted at a critical juncture that year [2][7] Group 2 - Key areas of concern during the review included the company's ongoing operational capability and the stability of its performance, with net profits showing significant volatility despite revenue growth [2][7] - Compliance with revenue recognition and the effectiveness of internal controls were under scrutiny, particularly regarding the reasonableness of changes in revenue recognition timing [2][7] - The advanced nature and independent sourcing of the company's core technology, as well as its control over critical industry chain segments, were focal points of inquiry [2][7] Group 3 - The termination of Jeka's IPO reflects a broader trend in the robotics and hard technology sectors, where the market and regulators are returning to a more rational evaluation after a period of capital frenzy [3][8] - Companies in the collaborative robotics field must now demonstrate sustainable profitability in a competitive environment rather than merely presenting grand future narratives [3][8] - The case illustrates that under the comprehensive registration system, the evaluation criteria for prospective listed companies are deepening, focusing on the maturity of business models, financial health, and resilience to industry cycles [3][8]