首个机器人公司主板退市，背后原因是什么

Core Viewpoint - ST Gongzhi has been delisted from the stock market due to an audit report that could not express an opinion on its financial statements, marking it as the first robot company to be delisted from the main board [2][13]. Company History and Transformation - ST Gongzhi, originally listed as Shudu A in 1995, underwent multiple name changes and business transformations over the years, including a shift to the spandex industry and later to industrial robotics [3][6]. - In 2016, the company was acquired by Lianchuang Investment Group at a high premium, leading to a series of aggressive acquisitions [4][5]. - The company rebranded to Harbin Intelligent Robotics after acquiring Tianjin Fuzhen Industrial Equipment Co., and aimed to position itself as a key player in the smart manufacturing sector [6][8]. Financial Performance and Issues - The company has faced significant financial challenges, with a reported net profit loss of 2.15 billion yuan in 2024, despite a reduction in losses compared to previous years [12][14]. - From 2017 to 2022, ST Gongzhi spent over 2.5 billion yuan on acquisitions, but these did not translate into sustainable financial performance, leading to substantial goodwill impairments [9][11]. - The company reported a revenue of 1.94 billion yuan in 2024, an 11.51% decrease from the previous year [12][14]. Governance and Compliance Issues - ST Gongzhi has been criticized for significant internal control deficiencies, leading to negative audit opinions on its financial statements [15][18]. - The company has faced regulatory scrutiny for improper use of raised funds and issues with revenue recognition methods, which have raised concerns about potential financial fraud [17][21]. - The company's operational difficulties have been compounded by high turnover in management, with several key executives resigning in recent months [18]. Legal and Future Implications - Following its delisting, ST Gongzhi faces ongoing legal challenges, including a lawsuit from a bank for repayment of loans totaling 2.17 billion yuan [20]. - The company's failed acquisition plans due to delisting highlight the challenges it faces in maintaining operational continuity and investor confidence [20][22].