诺比侃科技港股IPO：新晋大客户贡献一半收入 多家客户刚成立就跻身前五大

Core Viewpoint - Nobikang Technology's rapid revenue growth is accompanied by a significant increase in accounts receivable, raising concerns about the sustainability and reliability of its financial performance [1][2]. Financial Performance - Nobikang Technology reported revenues of RMB 253 million, RMB 364 million, RMB 403 million, and RMB 232 million for the years 2022 to 2025 H1, reflecting year-on-year growth rates of 150.32%, 43.97%, 10.71%, and 24.68% respectively [2]. - Net profits for the same periods were RMB 63 million, RMB 89 million, RMB 115 million, and RMB 40 million, with year-on-year growth rates of 145.35%, 40.22%, 30.26%, and a decline of 21% in 2025 H1 [2]. - Accounts receivable grew at a faster rate than revenue, with balances of RMB 183 million, RMB 303 million, RMB 476 million, and RMB 478 million for the same periods, showing year-on-year growth rates of 104.64%, 66.05%, 56.88%, and 8.25% respectively [2][5]. Accounts Receivable Concerns - The accounts receivable turnover days have increased significantly, reaching 192 days, 241 days, 352 days, and 373 days from 2022 to 2025 H1, indicating slower collection of receivables [7]. - The amount of overdue accounts receivable has also risen, with figures of RMB 75 million, RMB 94 million, RMB 175 million, and RMB 190 million for the respective periods [5][7]. Customer Dependency - Nobikang Technology has a high dependency on major clients, with the largest client contributing 50.1% of revenue in 2025 H1, despite being a new partnership [8][10]. - Several clients that quickly became top customers were newly established, raising questions about the reliability of revenue sources [11][15]. Business Structure and Profitability - The company's business structure has shifted dramatically, with revenue from urban governance rising from RMB 47,000 in 2024 H1 to RMB 1.33 billion in 2025 H1, now accounting for 57.3% of total revenue [16]. - This shift has negatively impacted overall gross margins, which fell to 39.2% in 2025 H1, primarily due to the low margin of the urban governance business [16]. Equity Incentive Structure - Nobikang Technology's equity incentive structure has raised concerns, as a significant portion of equity has been allocated to external consultants rather than internal employees [17][18].