On January 19, 2026, Suzhou Jiuwu Intelligent Technology Co., Ltd. (referred to as "Jiuwu Intelligent" or the "Company") submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation Limited (CICC) and Citigroup Global Markets Asia Limited acting as joint sponsors.

Dai Jun, the actual controller of RoboTechnik, holds a 13.36% stake in Jiuwu Intelligent, making him the company's second-largest shareholder; consequently, RoboTechnik is a connected party of Jiuwu Intelligent. During the reporting period, Jiuwu Intelligent and RoboTechnik had ongoing connected transactions, but there were significant discrepancies in the transaction data disclosed by both parties, including sales versus purchase amounts, and accounts receivable versus accounts payable. Furthermore, Jiuwu Intelligent's prospectus contains multiple basic errors, raising questions about the sponsors' diligence.

Regarding its main business, although Jiuwu Intelligent's net profit has shown continuous growth, most of this profit is merely "paper wealth," with relatively little actual cash received. Jiuwu Intelligent collects payments in installments; full payment from customers is typically only made after final acceptance and the conclusion of a warranty period, which generally lasts for 12 months after acceptance. This means that for Jiuwu Intelligent to collect full payment, the average waiting period from product delivery to the end of the warranty period is approximately 24 months, potentially extending up to 30 months.

Sales and Customer Purchases "Inverted"

According to its official website, Jiuwu Intelligent, founded in 2017, is a company focused on the R&D, manufacturing, sales, and service of intelligent mobile robots and LiDAR. It provides "mobile robot+" application products and integrated intelligent solutions for the advanced manufacturing, healthcare, and commercial service industries.

From 2019 to 2021, Jiuwu Intelligent completed four rounds of financing, raising a total of 176 million yuan, achieving a post-investment valuation of 1.5 billion yuan. However, in the subsequent four years, the company failed to secure any new external financing opportunities, indicating a lack of appeal to capital.

In February 2022, Jiuwu Intelligent signed a辅导协议 with Orient Securities, planning a listing on the STAR Market. In December 2025, the company terminated its listing辅导程序, having submitted a total of 10 progress reports during the period.

It is noteworthy that Orient Securities was previously warned for failing to perform its duties diligently during the上市辅导 of Jiuwu Intelligent. In June 2024, the Jiangsu Securities Regulatory Bureau took administrative supervisory measures against Orient Securities and two of its sponsors, issuing a warning letter. An investigation found that during the辅导 work for Jiuwu Intelligent, Orient Securities failed to diligently fulfill its relevant obligations, and the materials submitted to the Jiangsu bureau did not match the actual situation.

In January 2026, Jiuwu Intelligent submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with CICC and Citigroup acting as joint sponsors. Prior to the IPO, Wang Hongjun, Tunan Investment, Jiuyou Intelligent, and Juchuang Intelligent constituted a group of controlling shareholders, collectively holding 39.34% of the voting rights in Jiuwu Intelligent. Wang Hongjun also serves as the Chairman, Executive Director, and CEO of Jiuwu Intelligent.

Shortly before filing the application, two shareholders of Jiuwu Intelligent reduced their holdings. In June 2025, Shangrong Chuangxin transferred 4.5905 million shares to Sheng Tian Industrial Group for a consideration of 105 million yuan; in September, Dai Jun transferred a total of 1.05 million shares to Yongxin Kaituo, Yongxin Rongyan, and Yongxin Rongyao for a consideration of 60 million yuan.

Following these transactions, Shangrong Chuangxin's shareholding ratio decreased to 0.86%, and Dai Jun's shareholding ratio fell to 13.36%, yet he remained the second-largest shareholder of Jiuwu Intelligent. Dai Jun is also the actual controller, Chairman, and CEO of the ChiNext-listed company RoboTechnik.

Wang Hongjun has significant ties to RoboTechnik and Dai Jun. The original actual controllers of RoboTechnik were Dai Jun, Wang Hongjun, and Xia Chengzhou; the three signed a "Joint Action Agreement" in March 2016. This joint action relationship expired and was terminated in January 2022. From December 2014 to September 2025, Wang Hongjun served consecutively for 11 years as a director of RoboTechnik.

As of now, Wang Hongjun directly holds a 1.31% stake in RoboTechnik and also holds a 39.64% stake in Yuan Jiesheng, the controlling shareholder of RoboTechnik, as well as a 45.93% limited partnership interest in its concert party, Kejun Management.

Notably, while Jiuwu Intelligent and RoboTechnik have ongoing connected transactions, there are significant discrepancies in the transaction amounts disclosed by each party.

According to Jiuwu Intelligent's prospectus, during the reporting periods of 2023, 2024, and the first three quarters of 2025, the revenue from Jiuwu Intelligent's sales of intelligent robotic solutions to RoboTechnik was 19.424 million yuan, 9,000 yuan, and 14.731 million yuan, respectively, accounting for 9.39%, 0.00%, and 3.59% of the total revenue for the respective periods, showing sharp fluctuations.

According to RoboTechnik's periodic reports, from 2023 to 2025, RoboTechnik's purchases from Jiuwu Intelligent were 258,600 yuan, 47.3202 million yuan, and 12.075 million yuan, respectively. The absolute differences for 2023 and 2024 were 19.1654 million yuan and 47.3112 million yuan, respectively.

The total sales from Jiuwu Intelligent to RoboTechnik during the reporting period were significantly lower than RoboTechnik's purchases from Jiuwu Intelligent for the single year of 2024. Conversely, the sales revenue from Jiuwu Intelligent to RoboTechnik in the first three quarters of 2025 was higher than RoboTechnik's full-year purchases.

Furthermore, according to Jiuwu Intelligent's prospectus, as of the end of 2024, the carrying amount of accounts receivable from RoboTechnik was 99,000 yuan, with a provision for impairment of 18,000 yuan. However, according to RoboTechnik's periodic reports, as of the end of 2024, RoboTechnik's accounts payable balance to Jiuwu Intelligent was as high as 38.2724 million yuan, indicating an enormous discrepancy.

Industry insiders point out that such "data inconsistencies" might arise from differing criteria for judging the transfer of control of goods, the timing of invoice issuance, or differing financial recording cycles between the buyer and seller, leading to the same transaction being recorded in different accounting periods.

According to Jiuwu Intelligent's prospectus, revenue from sales of intelligent embodied industrial robotic solutions is recognized when control of the asset is transferred to the customer, generally upon final acceptance of the product. The acceptance period after delivery is typically 6 to 18 months. However, Jiuwu Intelligent admits that the timing of customer acceptance is uncertain, thereby affecting the timing of revenue recognition.

Jiuwu Intelligent's revenue recognition point is closely tied to the customer's acceptance timing, suggesting there may be significant room for manual adjustment. Combined with the connected relationship between Jiuwu Intelligent and RoboTechnik, a series of questions arise: Is Jiuwu Intelligent's revenue recognition timing accurate? Are the connected transaction prices fair? Is the disclosure complete?

Jiuwu Intelligent's prospectus also contains several basic errors. For instance, in the "Appendix 35 Connected Party Transactions" section, "Balances with Connected Parties" was mistakenly listed as "Remuneration of the Group's Key Management Personnel."

Inventory Turnover Days Exceed 1,000; Core Business Shows Weak Risk Resilience

During the reporting period, Jiuwu Intelligent achieved revenues of 207 million yuan, 366 million yuan, and 410 million yuan, respectively, recording net profits of 9 million yuan, 33 million yuan, and 25 million yuan, maintaining a trend of rapid growth. Based on 2024 revenue from intelligent embodied industrial robotic solutions, Jiuwu Intelligent ranked second in China, with a market share of 5.9%.

However, although Jiuwu Intelligent was profitable in each reporting period, most of the profit is merely "paper wealth," with relatively little actual cash received.

During the reporting period, the net cash flow from operating activities for Jiuwu Intelligent was 79 million yuan, -150 million yuan, and -3 million yuan, respectively, showing a mismatch with net profit. In 2024, while Jiuwu Intelligent's net profit increased significantly by 257.37% year-on-year, its operating cash flow turned from positive to negative, showing a net outflow of 150 million yuan, primarily due to a substantial increase in inventory balance.

As of the end of 2024, Jiuwu Intelligent's inventory balance was as high as 822 million yuan, an increase of 88.43 million yuan from the end of 2023, representing a growth of 12.05%. By the end of September 2025, although the inventory balance decreased to 664 million yuan, it still accounted for a high 61.74% of current assets. During the reporting period, Jiuwu Intelligent's inventory turnover days were 1,090 days, 1,044 days, and 729 days, respectively.

Jiuwu Intelligent's inventory backlog and extended turnover days are closely related to its revenue recognition policy. Revenue from the sale of intelligent embodied industrial robotic solutions is recognized only upon final acceptance. Products delivered to customers but not yet formally accepted continue to be recorded in inventory as "delivered goods." The acceptance period after delivery is generally 6 to 18 months. At the end of each reporting period, the balance of delivered goods was 646 million yuan, 766 million yuan, and 596 million yuan, accounting for 87.98%, 93.18%, and 89.71% of the total inventory balance, respectively.

Jiuwu Intelligent admits that it has experienced delays in acceptance periods during the reporting period and, in some extreme cases, acceptance might not occur at all. If a customer ultimately refuses acceptance, they may return the product and demand a refund of previously paid installments. In such cases, Jiuwu Intelligent would need to reclaim the product and refund the relevant installment payments. Furthermore, due to the customized nature of the solutions, if returned products cannot be resold, it could trigger further impairment risks.

It is important to note that although some peers also use customer acceptance as the point of revenue recognition, their inventory turnover days are far lower than Jiuwu Intelligent's.

According to the prospectus of YouiBot, revenue from sales of industrial embodied intelligent robotic solutions is recognized at the point of customer acceptance. In 2023, 2024, and the first half of 2025, YouiBot's inventory turnover days were 420.9 days, 532.0 days, and 218.3 days, respectively.

According to the prospectus of Standard Robots, revenue from the sale of robotic solutions is recognized only after the robotic solutions are delivered and fully deployed. In 2023, 2024, and the first three quarters of 2025, Standard Robots' inventory turnover days were 459.4 days, 261.2 days, and 215.8 days, respectively. In 2024, this was only a quarter of Jiuwu Intelligent's figure.

Although Jiuwu Intelligent typically collects partial payments before delivery, full payment is usually contingent upon final acceptance and the conclusion of the 12-month warranty period following acceptance. This means that for Jiuwu Intelligent to recover full payment, the average waiting period from product delivery to the end of the warranty period is about 24 months, potentially reaching up to 30 months.

Overall, Jiuwu Intelligent's business model demonstrates weak risk resilience. The period from product delivery to final acceptance takes 6 to 18 months, followed by another 12-month wait for the warranty period to conclude, significantly lengthening the cash collection cycle and posing severe bad debt risks. As of the end of September 2025, Jiuwu Intelligent's provision for bad debts on accounts receivable was 62 million yuan, a sharp increase of 2.6 times compared to the end of 2024.

In December 2025, the ChiNext-listed company Shijing Technology released an "Announcement on Cumulative Litigation and Arbitration Cases." The announcement revealed that Jiuwu Intelligent had sued Anhui Shijing Guangneng Technology Co., Ltd., a wholly-owned subsidiary of Shijing Technology, over a sales contract dispute, involving a claim of 18.755 million yuan. Data from Tianyancha shows that Shijing Technology has been listed as a dishonest被执行人 and subjected to consumption restrictions, with total enforcement amounts reaching 141 million yuan.

Affected by the above circumstances, Jiuwu Intelligent faces liquidity strain, and its working capital is highly dependent on bank loans.

As of the end of September 2025, Jiuwu Intelligent's total fixed deposits, cash, and cash equivalents amounted to 122 million yuan, while interest-bearing bank loans stood at 218 million yuan, a seven-fold increase from the end of 2023, resulting in a funding gap close to 100 million yuan.