三战IPO！80后川大系实控人带着“AI独角兽”又出手了……

Core Viewpoint - Nobikang, an AI technology company, is making its third attempt to list on the Hong Kong Stock Exchange, with significant attention from the capital market due to its solid financial performance and the backing of leading investment bank CICC [2][4]. Company Overview - Founded by Liao Yu, Nobikang has faced a challenging path to IPO, having submitted three applications, with the first two failing due to market conditions and profitability concerns [2]. - The company has shown consistent profitability, reporting revenue of 232 million yuan and a net profit of 40 million yuan in the first half of 2025, continuing a three-year trend of profitability [2][8]. Financial Performance - Nobikang's revenue is projected to grow from 253 million yuan in 2022 to 400 million yuan in 2024, with profits increasing from 63.16 million yuan to 115 million yuan during the same period, maintaining a profit margin between 25% and 29% [8][9]. - The company achieved a post-investment valuation of 2.13 billion yuan following its D and D+ round funding, raising a total of 1.3 billion yuan [2]. Market Position and Strategy - Nobikang differentiates itself by focusing on infrastructure sectors such as transportation and energy, rather than following the trend of high-cost consumer AI applications [5][9]. - The AI+ transportation solutions market in China reached 238.4 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of 17.7% through 2028, while the AI+ energy solutions market is expected to grow from 500 billion yuan to 1.1 trillion yuan, with a CAGR of 19% [5]. Competitive Advantages - The company serves over 80% of China's railway bureaus and has become the second-largest provider of AI+ power system detection solutions in China, establishing a competitive barrier through its expertise in high-standard, complex infrastructure environments [9]. Challenges Ahead - Nobikang faces three main challenges: high customer concentration risk, difficulties in expanding into new industries, and the sustainability of its profit growth [10]. - The reliance on a few major clients raises concerns about the stability of its revenue, while the long certification cycles in the infrastructure sector may hinder rapid expansion into other high-value industries [10]. Conclusion - The third attempt at an IPO is seen as having a higher probability of success due to the solid financial fundamentals and strategic market positioning of Nobikang, which aligns with current investor interests in technology-driven companies [10][11].