【IPO前哨】AI厂商诺比侃的“铁路霸权”与现金流困局

Core Viewpoint - Nobikang AI Technology (Chengdu) Co., Ltd. is planning to go public on the Hong Kong Stock Exchange, focusing on advanced technologies such as AI and digital twins, with applications in AI+ transportation, AI+ energy, and AI+ urban governance [1][2] Group 1: Company Overview - Nobikang was established in 2015 and has gradually developed three core businesses: AI+ transportation, AI+ urban governance, and AI+ energy since 2018 [2] - The company provides integrated AI+ solutions through its NBK-INTARI platform, addressing complex business scenarios for clients [2] - Nobikang has received a total of approximately 355 million RMB in funding over five rounds, with a valuation of 2.13 billion RMB following its D+ round in June 2024 [3] Group 2: Market Position and Financial Performance - In 2023, Nobikang was the second-largest provider of AI+ power inspection systems in China, holding a market share of about 6.9%, and the seventh-largest provider of AI+ monitoring solutions in the rail transportation sector, with a market share of approximately 1.3% [2] - The company reported revenues of 253 million RMB, 364 million RMB, and 403 million RMB for the years 2022, 2023, and 2024 respectively, with profits of 63.16 million RMB, 88.57 million RMB, and 115 million RMB, indicating a consistent growth trend [4] - The AI+ transportation segment is a key driver of growth, with projected revenue growth of approximately 88.7% year-on-year to 209 million RMB in 2024 [4] Group 3: Business Expansion and Challenges - Nobikang has established a strong presence in the railway sector, providing solutions to over 80% of railway bureaus in China, with a cumulative application mileage of approximately 420,000 kilometers and over 230,000 defects detected [4] - The AI+ energy segment is also growing, with solutions provided for over 100 distributed energy digital rooms and assistance in smart detection for over 20,000 kilometers of power transmission and distribution lines [5] - However, the company faces challenges with rapidly increasing accounts receivable, which reached 540 million RMB by the end of 2024, a 172% increase from 198 million RMB in 2022, while cash and cash equivalents stood at only 167 million RMB [6][7]