诺比侃科技，三度递表港交所

Core Viewpoint - Nobikang Technology has submitted its listing application to the Hong Kong Stock Exchange, marking its third attempt, with CICC as the sole sponsor. The company has shifted its focus from A-share to Hong Kong listing to expand its global business and attract international investors [1][2]. Group 1: Financial Performance - The company's total revenue for 2022, 2023, 2024, and the first half of 2025 was approximately CNY 253 million, CNY 364 million, CNY 403 million, and CNY 232 million respectively. Net profits for the same periods were approximately CNY 63 million, CNY 89 million, CNY 115 million, and CNY 40 million [2]. - In the first half of 2025, the company experienced a "revenue increase without profit increase" scenario, where total revenue rose but net profit declined due to reduced gross margins, primarily from the energy solutions business [3]. Group 2: Business Segments - The company operates three main business lines: transportation solutions, energy solutions, and urban governance solutions. The transportation solutions encompass rail transit, urban traffic, and airports; energy solutions cover electricity and chemicals; urban governance solutions focus on park, campus, emergency, and community management applications [2]. - The company is the second-largest AI + power detection and monitoring system provider in China, with a market share of approximately 5.9% in the power sector and ranks third in the rail transit sector with a market share of about 1.8% [2]. Group 3: Customer Dependency - A significant portion of the company's revenue is derived from a limited number of major clients. In 2022, 2023, 2024, and the first half of 2025, revenue from the top five clients accounted for 61.1%, 85.9%, 66.6%, and 74.2% of total revenue respectively [4]. - The largest client contributed over 50% of the revenue in the first half of 2025, with sales figures of approximately CNY 70 million, CNY 111 million, CNY 113 million, and CNY 116 million for the respective years [4][5]. Group 4: Supplier Relationships - The company relies heavily on a few key suppliers for hardware components and software systems. The procurement amounts from the top five suppliers for 2022, 2023, 2024, and the first half of 2025 were approximately CNY 152 million, CNY 142 million, CNY 134 million, and CNY 132 million, representing 60.9%, 70.9%, 50.8%, and 83.5% of total procurement respectively [6].