Core Viewpoint - The Shanghai Stock Exchange has canceled the review meeting for Jieke Robotics Co., Ltd. originally scheduled for August 8 due to the need for further verification of relevant matters, marking it as the first company in 2025 to have its IPO review canceled before the meeting [1][4]. Company Overview - Jieke Robotics focuses on the research, development, production, and sales of collaborative robot products, as well as system integration business including integrated equipment and automated production lines [6]. - The company has notable clients such as Toyota, Schneider, and CRRC, with a total of 4,681 collaborative robots sold in 2023, capturing approximately 8.2% of the global market share based on the International Federation of Robotics (IFR) data [6]. Financial Performance - Jieke Robotics reported revenues of 281 million yuan, 350 million yuan, and 400 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 5.74 million yuan, -28.55 million yuan, and 6.23 million yuan [6]. - In the first half of 2023, the company achieved a revenue of 174 million yuan, a year-on-year increase of 4.29%, but reported a net loss of 19.97 million yuan [6][8]. Research and Development - The company has invested 20.07% of its revenue in R&D over the past three years, with 157 out of 492 employees dedicated to R&D, representing 31.91% of the total workforce [7]. - The funds raised from the IPO are intended for investment in smart robot production projects and the establishment of a research and development center, aimed at expanding global market reach and enhancing innovation capabilities [7]. Regulatory Concerns - The Shanghai Stock Exchange has raised two core issues regarding Jieke Robotics: the compliance of revenue recognition and the sustainability of operations [9]. - A change in revenue recognition from "acceptance" to "sign-off" in June 2021 has become a focal point for review, with the company asserting that this aligns with industry practices [9]. - The company experienced a decline in revenue from its robot assembly business by 11.72% in the first half of 2023, despite an overall sales volume increase of over 16% [9]. Technology and Innovation - The advanced nature of the company's core technology has been a recurring topic in the Shanghai Stock Exchange's inquiries, with requests for detailed explanations of the technology routes and their advantages compared to competitors [10].

Group 1 - Four companies are scheduled for IPO meetings, including Jieka Co., Ltd. for the Sci-Tech Innovation Board, Fengbei Bio for the Shanghai Main Board, and Kema Materials and Nante Technology for the Beijing Stock Exchange [1][2] - Fengbei Bio plans to raise the most funds, with an expected amount of 750 million yuan, aimed at projects such as a new annual production of 300,000 tons of oleic acid methyl ester and 10,000 tons of industrial-grade mixed oil [1][3] - Jieka Co., Ltd. and Nante Technology are expected to raise 676 million yuan and 286 million yuan, respectively [1] Group 2 - Fengbei Bio's main business focuses on the comprehensive utilization of waste oil resources, with a secondary focus on oil chemical products [3] - Jieka Co., Ltd. specializes in the research, development, production, and sales of collaborative robot complete products, as well as robot system integration [4] - Nante Technology is engaged in the research, development, production, and sales of precision mechanical components, while Kema Materials focuses on the development and production of dry and wet friction materials [5]

Core Viewpoint - Jeka Robotics Co., Ltd. (referred to as Jeka) has updated its prospectus for an IPO on the Sci-Tech Innovation Board, with its application still under inquiry after two years since submission [1] Financial Performance - The company reported a net profit attributable to shareholders of -5.74 million yuan, -28.55 million yuan, and 6.23 million yuan for the respective reporting periods, with a non-recurring net profit of 44,000 yuan, -35.68 million yuan, and -2.28 million yuan [2][4] - As of December 31, 2024, the total assets amounted to 1.05 billion yuan, with total equity attributable to shareholders of 836.71 million yuan and a debt-to-asset ratio of 11.52% [3] - The company achieved an operating income of 400.43 million yuan in 2024, compared to 349.56 million yuan in 2023 and 280.78 million yuan in 2022 [3] Business Operations - Jeka's main business includes the research, development, production, and sales of collaborative robot products, as well as system integration services [1] - The gross profit margins for the main business segments were 47.19%, 45.28%, and 53.71% over the reporting periods, with the collaborative robot segment showing stable fluctuations [6] R&D and Sales Expenses - R&D expenses have been increasing, accounting for 21.53% of operating income in 2024, while sales expenses were higher, comprising 24.16% of operating income [10][11] - The company has acknowledged that high sales expenses have impacted short-term profitability but expects improvements as the sales team matures [9] Market and Production Capacity - Jeka plans to raise 700 million yuan through the IPO, with a portion allocated to a new production project for smart robots, which has been adjusted from an initial plan of 750 million yuan [7] - The company anticipates reaching an annual production capacity of 40,000 collaborative robots by 2030, amid concerns about market demand and capacity absorption [8]