Core Viewpoint - The IPO review for Jeka Robotics has been abruptly canceled by the Shanghai Stock Exchange due to unresolved matters, marking it as the first company in 2025 to have its review canceled before the meeting [1] Group 1: IPO Journey and Financial Performance - Jeka Robotics has been pursuing its IPO for over two years, facing scrutiny regarding its ongoing operational capability and the reliability of its performance forecasts [2] - The company's revenue projections for 2022-2024 are 281 million, 350 million, and 400 million yuan respectively, with net profits showing significant volatility, including a loss of 28.55 million yuan in 2023 and a projected loss of 19.97 million yuan in the first half of 2025, a 513.55% year-on-year increase [2] - The company claimed a revenue target of 555 million yuan for 2024 but only achieved 72% of that, with a significant drop in sales volume and revenue in the first half of 2025 [2] Group 2: Market Position and Risks - Jeka Robotics holds an 8.2% global market share in collaborative robots, with major clients including Toyota and Schneider, but relies heavily on the automotive and 3C electronics sectors, which account for over 90% of its business [3] - The company has adopted a low-price strategy to combat declining sales, with its main model priced at 35,800 yuan, significantly lower than its high-end series, yet this has not offset the pressure on gross margins [3] Group 3: Technology and Funding Concerns - Regulatory scrutiny has focused on the company's reliance on external sources for core technology, with 53 patents partly developed through Shanghai Jiao Tong University, raising questions about its research independence [4] - The planned fundraising amount was reduced from 750 million yuan to 676 million yuan, with the removal of the "supplementary working capital" project, indicating concerns over the rationality of its funding needs [4] - The company plans to significantly increase production capacity, aiming for 40,000 units annually, despite only achieving 7,462 units in 2024, highlighting a mismatch between aggressive expansion plans and market demand [4] Group 4: Governance and Control Issues - The actual controller of Jeka Robotics holds only 5.98% of shares directly, relying on an agreement to control 41.63% of voting rights, raising concerns about the stability of control post-IPO [5] - The presence of institutional investors like SoftBank Vision Fund, holding over 30% of shares, further complicates the governance structure and control stability [5]