Core Viewpoint - Jieka Robot Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on collaborative robots and related products, with significant growth potential in the industry driven by increasing demand for flexible manufacturing and human-machine collaboration [1][2]. Company Overview - Jieka Robot is headquartered in Minhang District, Shanghai, with its actual controller, Li Mingyang, holding 41.63% of the voting rights through direct and indirect ownership [1]. - The company specializes in the research, production, and sales of collaborative robots and engages in robot system integration, serving major clients such as Dongshan Precision, China CRRC, and Luxshare Precision [1]. Industry Insights - The collaborative robot sector is experiencing rapid growth, with global sales reaching 57,000 units in 2023, a compound annual growth rate (CAGR) of approximately 32%, increasing its share of the industrial robot market from 2.7% to 10.5% [1]. - The domestic market is particularly strong, with a projected localization rate of 90.25% in 2024, making it the largest collaborative robot market globally [1]. Financial Performance - In the reporting period (2022-2024), revenue from robot systems accounted for over 73% of total revenue, increasing to 93.63% in 2024 [2][4]. - The company's revenue grew from approximately 281 million yuan in 2022 to 400 million yuan in 2024, while net profit fluctuated, showing a loss in 2023 but returning to profitability in 2024 [4][5]. Profitability and Cost Structure - The company's gross profit margin for its main business was 57.20% in 2024, significantly higher than the industry average of 31.96% [11]. - Operating costs as a percentage of revenue decreased from 54.72% in 2023 to 46.48% in 2024, indicating improved cost management [7]. Challenges and Risks - Jieka Robot faces intensified market competition and a decline in revenue growth due to the impact of its automation line business [12]. - The company relies heavily on a few suppliers for key components, with the top five suppliers accounting for approximately 49.14% of total purchases [12]. - The company has a high research and development expense ratio, which was 21.53% in 2024, necessitating continuous investment in technology to maintain competitiveness [12]. Fundraising and Future Plans - Jieka Robot plans to raise 676 million yuan through its IPO to invest in smart robot production and R&D center construction projects [13].