Group 1 - The Shanghai Stock Exchange has decided to terminate the review of Jieke Robotics Co., Ltd.'s application for an initial public offering and listing on the Sci-Tech Innovation Board [1][3] - Jieke Robotics submitted an application to withdraw its IPO application along with its sponsor, Guotai Junan Securities Co., Ltd. [3] - The company primarily engages in the research, production, and sales of collaborative robot products, as well as robot system integration business [3] Group 2 - As of the reporting period, Jieke Robotics has a dispersed shareholding structure, with no single shareholder holding more than 20% [3] - The actual controller of the company is Li Mingyang, who directly holds 5.98% of the shares and indirectly controls 35.65% of the voting rights through various entities [4] - Jieke Robotics originally planned to raise 676 million yuan for projects related to smart robot production and research center construction [4]

Core Viewpoint - Jieke Robotics Co., Ltd. has withdrawn its application for an initial public offering (IPO) on the Sci-Tech Innovation Board, leading to the termination of the review process by the Shanghai Stock Exchange [2][3]. Group 1: Company Overview - Jieke Robotics specializes in the research, production, and sales of collaborative robots and engages in robot system integration, including integrated equipment and automated production lines [2]. - The company aimed to raise 700 million yuan for smart robot production projects and the establishment of a research and development center [2]. Group 2: IPO Process and Regulatory Scrutiny - The IPO application was initially accepted on May 9, 2023, and entered the inquiry stage on May 26, 2023 [2]. - On August 7, 2023, the Shanghai Stock Exchange announced the cancellation of the scheduled review meeting due to unresolved matters requiring further verification [3]. - Jieke Robotics became the first company in 2025 to have its IPO review canceled before the meeting [3]. Group 3: Financial Performance - The company's revenue fluctuated significantly from 2022 to 2024, with revenues of 281 million yuan, 350 million yuan, and 400 million yuan, and net profits of 5.74 million yuan, -28.55 million yuan, and 6.23 million yuan, respectively [5]. - In the first half of 2025, Jieke Robotics reported revenue of 174 million yuan, a year-on-year increase of 4.29%, but a net loss of -19.97 million yuan, a decline of 513.55% year-on-year [5]. - The company attributed the increased losses in the first half of 2025 primarily to the seasonal nature of sales, with expectations for improved performance in the third quarter [5].

Core Viewpoint - Jeka Robotics Co., Ltd. has had its IPO review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board changed to "terminated" due to the company's withdrawal of its listing application [1] Company Overview - Founded in July 2014, Jeka Robotics focuses on the research and promotion of robots and related fields, emphasizing product technology innovation and establishing a comprehensive technical system around collaborative robots [1] - The main business includes the research, production, and sales of collaborative robot systems, as well as system integration services involving integrated equipment and automated production lines [1] Commercialization and Applications - The company's collaborative robot products are characterized by safety, flexibility, and remote interaction, making them suitable for various application scenarios across different industries [2] - Jeka's robots have been applied in high-end technical scenarios such as the operation and maintenance of the "Chinese Sky Eye" (FAST), automotive water-cooled plate welding, aerospace component assembly, and semiconductor packaging [2] - The company serves notable clients including Toyota, Dongshan Precision, CRRC, and Schneider, and has developed automation solutions for industries like automotive parts, 3C electronics, and precision manufacturing [2] Product Range and Market Position - Jeka's collaborative robot products include various standardized series with payloads ranging from 1kg to 30kg, achieving a sales volume of 4,681 units in 2023, which corresponds to a global market share of approximately 8.2% [3] Financial Performance - For the fiscal years 2022, 2023, and 2024, Jeka reported revenues of approximately 28.08 million, 34.96 million, and 40.04 million yuan respectively, with net profits of 573.57 thousand, -2.85 million, and 622.80 thousand yuan [4] - The company's total assets increased from 95.23 million yuan in 2022 to 104.67 million yuan in 2024, while the asset-liability ratio improved from 14.06% in 2022 to 11.52% in 2024 [4]

Group 1 - Shandong Weida Machinery Co., Ltd. is actively expanding into the smart robotics sector to achieve its long-term strategic goals [1] - On December 4, 2025, the company signed a share transfer agreement with Nantong Chenyuan Hongce Equity Investment Partnership and Elite Intelligent Robotics Co., Ltd. [1] - The company plans to invest a total of approximately 19,999,999.99 RMB in Elite, acquiring a total of 0.7825% of the company's shares post-investment [1] Group 2 - Elite Intelligent Robotics Co., Ltd. was established on February 7, 2018, and is recognized as a national high-tech enterprise focused on the research and development of industrial robots and automation equipment [2] - The company has developed a product matrix consisting of 39 models across eight series, covering payloads from 5 to 30 kg, showcasing full-stack technical capabilities [2] - Elite's products are widely used in various industries, including automotive, 3C electronics, and biomedicine, and include collaborative robot systems and robot system integration services [2]

Group 1 - Shandong Weida Machinery Co., Ltd. is actively expanding into the smart robotics sector to achieve its long-term strategic goals [1] - On December 4, 2025, the company signed a share transfer agreement with Nantong Chenyuan Hongce Equity Investment Partnership and Elite Intelligent Robotics Co., Ltd., planning to acquire 94,395 shares (0.34% of total equity) for approximately 6,277,873.07 RMB [1] - The company intends to invest an additional 13,722,126.93 RMB to subscribe for 123,797 new shares (0.444% of total equity post-increase) in Elite, potentially holding 0.7825% of the company after the investment [1] Group 2 - Elite Intelligent Robotics Co., Ltd. was established on February 7, 2018, and is a national high-tech enterprise focused on the research and development of industrial robots and automation equipment [2] - The company has developed a product matrix consisting of 39 models across eight series, covering payloads from 5 to 30 kg, showcasing full-stack technical capabilities from operating systems to joint modules [2] - Elite's products are widely used in various industries, including automotive, 3C electronics, and biomedicine, and include collaborative robot systems and robot system integration services [2]

Core Viewpoint - The change in revenue recognition policy by Jeka Robotics before its IPO application is significant as it allows for earlier revenue recognition, raising questions about the authenticity of its financial statements and the potential for premature revenue recognition [1][2][6] Revenue Recognition Policy Change - Jeka Robotics altered its revenue recognition method for its core product, collaborative robots, prior to its IPO application, shifting from acceptance to signing [5][6] - In 2021, the amount recognized under the new signing method was 39.6031 million yuan, accounting for 31.28% of total domestic sales revenue [6][9] - The company reported a substantial revenue increase of 264.21% in 2021 and 59.68% in 2022, but the cash collection ratio decreased from 99.38% in 2020 to 76.54% in 2021, indicating potential issues with revenue authenticity [19][11] Financial Performance and Concerns - Jeka Robotics' revenue for 2021 was 176 million yuan, with a significant growth rate, and for 2022, it reached 281 million yuan, meeting the requirements for the Sci-Tech Innovation Board [11][9] - The company has consistently reported negative free cash flow, totaling -922 million yuan over five years, raising concerns about its financial sustainability [19][19] - The cash collection ratio has been declining despite revenue growth, which may suggest relaxed credit policies or premature revenue recognition [19][20] Technical Independence and Relationships - Jeka Robotics has been questioned about the independence and advancement of its core technology, particularly its ties to Shanghai Jiao Tong University [21][22] - The company has significant ownership ties with professors from Shanghai Jiao Tong University, which raises concerns about potential conflicts of interest and the independence of its technological development [23][26] Sales and R&D Expenses - Jeka Robotics' sales expenses have consistently exceeded its R&D expenses, with sales expenses accounting for 27.72% to 24.16% of revenue from 2022 to 2024, compared to R&D expenses of 16.92% to 21.53% [28][29] - The higher sales expense ratio compared to industry peers suggests a focus on marketing rather than R&D-driven growth, raising questions about the company's strategic direction [29][28]

Core Viewpoint - The IPO process of Jieka Robotics Co., Ltd. has faced another setback as the Shanghai Stock Exchange's Listing Committee announced the cancellation of the scheduled review meeting originally set for August 8, due to the need for further verification of related matters [1][3]. Company Overview - Jieka Robotics submitted its prospectus for the Sci-Tech Innovation Board in May 2023, with Guotai Junan Securities as the sponsor. The company has undergone two rounds of inquiries during the IPO process, with the second round focusing on core technology, market potential, and fundraising capabilities [3][4]. - The main business of Jieka Robotics includes the research, development, production, and sales of collaborative robot products, as well as system integration services involving integrated equipment and automated production lines [3][4]. Fundraising and Investment Plans - Jieka Robotics planned to raise 679 million yuan for investments in smart robot production projects and the establishment of a research and development center [3][4]. - The total investment for the smart robot production project is approximately 37.25 million yuan, while the R&D center construction project is estimated at around 30.75 million yuan, bringing the total investment to approximately 67.99 million yuan [4]. Financial Performance - Jieka Robotics reported revenues of 281 million yuan, 350 million yuan, and a projected 400 million yuan for the years 2022, 2023, and 2024, respectively. The net profits (losses) for the same years were 5.74 million yuan, -28.55 million yuan, and a projected 6.23 million yuan [4][5]. - The company’s total operating costs for 2024 are projected to be approximately 401 million yuan, with significant expenses in research and development, sales, and management [5].

Summary of Upcoming IPOs - A total of 4 companies are scheduled for IPO review from August 4 to August 8, aiming to raise a combined total of 1.912 billion yuan [1][2]. Company Details Zhongcheng Consulting - Planned fundraising was reduced from 330 million yuan to 200 million yuan, with the removal of EPC business expansion and liquidity support projects [3][13]. - The company specializes in engineering cost consulting, bidding agency, project supervision, and management services [13][14]. Fengbei Biological - The fundraising target was cut from 1 billion yuan to 750 million yuan, eliminating liquidity support projects [7][18]. - The company focuses on the comprehensive utilization of waste oil resources, producing bio-based materials and biofuels [18][19]. Jieke Co., Ltd. - The planned fundraising decreased from 750 million yuan to 676 million yuan, with adjustments made to the funding for the intelligent robot production project and the removal of liquidity support [10][23]. - The company is engaged in the research, production, and sales of collaborative robot products, with applications in various high-tech fields [23][24]. Nante Technology - The fundraising target was reduced from 420 million yuan to 286 million yuan, with the removal of certain expansion projects and adjustments to funding for other projects [12][27]. - The company specializes in the research, production, and sales of precision mechanical components [27][28]. Financial Performance Overview - Zhongcheng Consulting reported total assets of approximately 602.75 million yuan and a net profit of 105.39 million yuan for the year ending December 31, 2024 [17]. - Fengbei Biological's total assets reached approximately 1.236 billion yuan, with a net profit of 123.82 million yuan for the same period [21]. - Jieke Co., Ltd. reported total assets of approximately 104.67 million yuan and a net profit of 622,800 yuan for the year ending December 31, 2024 [25]. - Nante Technology's total assets were approximately 1.417 billion yuan, with a net profit of 98.22 million yuan for the same period [29]. Fundraising Projects Zhongcheng Consulting - Major projects include engineering consulting service network construction and R&D and information technology projects, with a total investment of 1.299 billion yuan [18]. Fengbei Biological - Key projects include the construction of a facility for producing 300,000 tons of oleic acid methyl ester and other bio-based products, with a total investment of 1.04 billion yuan [22]. Jieke Co., Ltd. - The company plans to invest in projects related to the production of collaborative robots and R&D center construction, with a total investment of approximately 754.31 million yuan [26]. Nante Technology - The company is focusing on precision component production and expansion projects, with a total investment of approximately 501.42 million yuan [31].

Core Viewpoint - The company, Jieka Robotics, is facing challenges in its IPO process and financial performance, despite being positioned in a growing market for collaborative robots. The company has reported a slowdown in revenue growth and has experienced fluctuations in profitability, raising concerns about its future prospects and the viability of its expansion plans [1][3][5]. Revenue Growth - Jieka Robotics has shown revenue growth from 281 million yuan in 2022 to 400 million yuan in 2024, with a compound annual growth rate (CAGR) of 19.42% during the reporting period, significantly lower than the 141.16% CAGR from 2020 to 2022 [6][7]. - The company's main revenue source is collaborative robot systems, which accounted for 93.63% of total revenue in 2024, up from 77.24% in 2022 [9][10]. - The projected revenue for 2024 was initially estimated at 555 million yuan, indicating that actual performance has not met expectations [7]. Profitability Concerns - Jieka Robotics reported a net profit of 622,800 yuan in 2024, recovering from a loss of 2.85 million yuan in 2023, but the net profit has shown significant volatility [12][13]. - The company has accumulated undistributed losses of 58.03 million yuan as of the reporting period, indicating ongoing financial challenges [12][14]. - The increase in research and sales expenses has impacted short-term profitability, with R&D expenses rising to 19.21% of total revenue in 2024 [15][16]. Expansion Plans and Market Position - Jieka Robotics plans to raise 700 million yuan through its IPO, with 370 million yuan allocated for an intelligent robot production project aimed at achieving an annual production capacity of 40,000 units [19][20]. - The global market for collaborative robots is expected to grow significantly, with projections of 287,400 units sold by 2028, but the company acknowledges its current market position is not competitive with leading brands [18][19]. - The company has a production capacity of 8,000 units for collaborative robots in 2024, which is only one-fifth of its long-term target, raising questions about its ability to utilize new capacity effectively [21][23].

文/梧桐晓编 自智翔金泰（688443）2023年6月20日上市以后，A股未再有亏损企业实现IPO上市。2024年下半年以来，各界要求恢复优质未盈利企业IPO上市的呼声持续增 长。监管系统领导也在不同场合表态支持优质未盈利科技企业发行上市。2025年3月11日，中国证监会党委召开扩大会议，深入学习习近平总书记在全国两会期 间的重要讲话精神和全国两会精神，研究部署资本市场贯彻落实具体举措。会议指出： 证监会要在支持科技创新和新质生产力发展上持续加力。增强制度包容 性、适应性，支持优质未盈利科技企业发行上市，稳妥恢复科创板第五套标准适用，尽快推出具有示范意义的典型案例，更好促进科技创新和产业创新融合发 展。 综观目前200家IPO在审企业，只有9家是报告期最近一年未盈利的，其中申报科创板的8家，申报北交所的1家。 9家在审未盈利IPO企业基本信息 单位：万元 | 公司简称 | 拟上市板 块 | 最近一年 营收 | 最近一年 净利润 | 上市标准 | 审核状态 | 保存机构 | 受理日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 西安奕材 | 科创板 ...