3. 城市治理解决方案——提供具备高度定制化能力的场景化智能产品，覆盖园区、校园、应急及社区管 理等领域，功能包括场景监控、物联网监控、应急响应及大数据分析。 诺比侃确立了在轨道交通AI领域的领军地位，业绩表现持续向好。依靠核心AI技术对垂直场景的赋 能，公司成为中国首家落地"超视距+ AI"行车辅助解决方案的供应商，业务版图覆盖全国超过80%的铁 路局。 诺比侃人工智能科技（成都）有限公司（以下简称"诺比侃"），股票代码2635.HK，于2025年12月15日 至12月18日期间正式启动公开招股，百惠金控团队担任本次IPO项目的联席账簿管理人及联席牵头经办 人。 据百惠金控了解，本次IPO计划发行378.7万股H股，招股价为每股80港元至106港元，预计集资净额约 为4亿港元。公司预计将于2025年12月23日在香港联合交易所主板挂牌上市。 根据招股书披露，诺比侃是一家专注于AI和数字孪生等先进技术在交通、能源及城市治理等领域的产 业化应用的企业。该公司主要向客户销售基于不同 AI 行业模型的软硬件一体化解决方案，适用于众多 应用场景。 诺比侃的三大核心业务模式包括： 1. 交通解决方案（轨道交通）——旗下 ...

Investment Rating - The report suggests a cautious subscription for the company Nobikang (2635.HK) [1][3] Core Insights - Nobikang focuses on the industrial application of advanced technologies such as AI and digital twins in sectors like transportation, energy, and urban governance, providing integrated hardware and software solutions based on comprehensive AI industry models [2] - The company has three business lines targeting vertical industries: transportation solutions, energy solutions, and urban governance solutions, with significant revenue generated from its rail transportation and energy solution businesses [2] - China has become the second-largest AI market globally, with spending expected to reach USD 18.1 billion in 2024 and soar to USD 47 billion by 2029, highlighting the country's growing influence in shaping the global AI landscape [2] Summary by Sections IPO Details - The IPO price range is set between HKD 80.0 and HKD 106.0, with a total fundraising amount of approximately HKD 306 million [1] - The total number of shares offered is 3.79 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - For the six months ending June 30, 2025, Nobikang reported revenue of approximately RMB 232 million, a year-on-year increase of about 24.7%, while net profit was approximately RMB 40.08 million, a decrease of about 21.0% [3] - The estimated market capitalization post-IPO is around HKD 3.5 billion, with a price-to-earnings ratio (PE) of approximately 28.0X based on 2024 revenue, indicating a high valuation [3]

Core Viewpoint - The news highlights the simultaneous IPO launches of three companies, including Nobikang, which is set to issue approximately 3.79 million H-shares with a price range of HKD 80.0 to HKD 106.0, aiming to raise around HKD 307 million in net proceeds [2][3]. Company Overview - Nobikang provides integrated hardware and software solutions based on comprehensive AI industry models for monitoring, detection, and operation maintenance across various sectors, including transportation, energy, and urban governance [4]. - The company operates three business lines: transportation solutions (covering rail, urban, and airport transport), energy solutions (covering electricity and chemicals), and urban governance solutions (focusing on park, campus, emergency, and community management applications) [4]. Market Position - According to ZhiShi Consulting, Nobikang is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the power supply sector for 2024 [4]. - In the rail transportation sector, Nobikang ranks third among companies providing AI detection and monitoring solutions, with a market share of about 1.8% [4]. Financial Performance - Nobikang's revenue for the years 2022 to 2024 and the first half of 2025 is projected to be RMB 253 million, RMB 364 million, RMB 403 million, and RMB 232 million, respectively, with income derived from rail transportation, electricity, and urban governance businesses [4]. - The company's profits for the same periods are expected to be RMB 63.16 million, RMB 88.57 million, RMB 115 million, and RMB 40.08 million, indicating a decrease in profit for the first half of 2025 due to reduced gross margins, primarily from the energy solutions segment [5].

Core Viewpoint - Nobikang (2635.HK), an AI technology company, is launching its IPO from today until December 18, with a share price range of HKD 80 to HKD 106, aiming to raise up to HKD 401 million [1] Group 1: IPO Details - The company is offering 3.7866 million shares, with 10% allocated for public offering in Hong Kong and the remaining for international placement [1] - The expected listing date for the shares is December 23 [1] - The entry fee for one board lot of 50 shares is HKD 5,353.45 [1] Group 2: Use of Proceeds - Approximately 40% of the net proceeds from the IPO will be used to continue research and development of core technologies [1] - Another 40% is allocated for the construction of a research and development technology center and a new headquarters [1] - About 10% will be used to seek potential strategic investments and acquisition opportunities, with the remaining 10% for working capital and general corporate purposes [1]

Core Viewpoint - The company plans to conduct a global offering of 3.7866 million shares from December 15 to December 18, 2025, with an expected share price range of HKD 80 to HKD 106, and aims to raise approximately HKD 307 million net from the offering [1][2] Group 1: Company Overview - The company develops and sells monitoring and detection products and solutions for railway operations and power grid companies in China, focusing on AI-integrated hardware and software solutions for monitoring, detection, and operation maintenance [1] - It is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the AI+ power detection monitoring solutions market for the railway sector in 2024 [1] - The company ranks third in the AI+ detection monitoring solutions market for the railway industry in China, with a market share of about 1.8% [1] Group 2: Use of Proceeds - Approximately 40% of the net proceeds from the global offering will be allocated to continue research on and enhance core technologies [2] - Another 40% will be used to build a research and development technology center and a new headquarters [2] - About 10% will be directed towards seeking potential strategic investments and acquisition opportunities, while the remaining 10% will be used for working capital and general corporate purposes [2]

Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. 諾比侃人工智能科技 ( 成都 ) 股份有限公司 股份代號 : 2635 （於中華人民共和國註冊成立的股份有限公司） 全球發售 獨家保薦人、獨家整體協調人、獨家全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. 諾比侃人工智能科技（成都）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | : | 3,786,600股H股（視乎超額配股權 | | --- | --- | --- | ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 1 Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. 香港發售股份將根據招股章程所載條款及條件發售予香港公眾人士。香港發售股份將不會發售 予身處香港境外及╱或並非香港居民的任何人士。 發售股份的有意投資者務請注意，倘於上市日期上午八時正（香港時間）之前任何時間發生招股 章程「包銷－包銷安排及費用－香港公開發售－終止理由」一段所載任何事件，獨家保薦人及 獨家整體協調人（為其本身及代表香港包銷商）有權立即終止其根據香港包銷協議須承擔的責 任。 就全球發售而言，中國國際金融香港證券有限公司作為穩定價格操作人（「穩定價格操作人」）、 其聯屬公司或代其行事的任何人士可代表包銷商在上市日期及之後一段有限時間進行交易，以 穩定或支持H股市價高於原本應有水平。然而，穩定價格操作人、其聯屬公司 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. 諾比侃人工智能科技 (成 都 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd. 諾比侃人工智能科技（成都）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的獨家保薦人、獨家整體協調人、顧問或包銷團成員表示同意： 倘本公司於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊 的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Nuobikan Artificial Intelligence Technology (Chengdu) Co., Ltd.* 諾比侃人工智能科技 (成 都 )股份有限公司 (A Joint stock company inco ...