从100万元注册资本到超21亿元估值！川大校友AI公司诺比侃赴港上市，今年上半年增收不增利

Core Viewpoint - Nobikang AI Technology (Chengdu) Co., Ltd. has successfully passed the hearing for its third attempt to list on the Hong Kong Stock Exchange, achieving a valuation of 2.1 billion yuan, despite facing challenges such as declining net profit and high customer concentration [1][3]. Group 1: Company Background and Development - Nobikang was founded in March 2015 with an initial registered capital of 1 million yuan, and the founder, Liao Yu, became the sole shareholder in 2017 [2]. - The company has undergone five rounds of financing, with its valuation rising to 2.13 billion yuan by 2024, and has been recognized as a "little giant" enterprise in the AI sector [3]. Group 2: Business Performance and Financials - Nobikang's revenue grew from 253 million yuan in 2022 to 403 million yuan in 2024, with net profit increasing from 63.16 million yuan to 115 million yuan during the same period [5]. - In the first half of 2025, revenue increased by 24.68% year-on-year to 232 million yuan, but net profit declined by 21% to 40.08 million yuan, indicating a "revenue increase without profit increase" phenomenon [7]. Group 3: Business Segments and Market Position - The company focuses on AI solutions in three main areas: transportation, energy, and urban governance, with significant market shares in AI-powered power detection and monitoring systems [5]. - In 2025, the transportation solutions segment generated 209 million yuan, accounting for 52% of total revenue, while urban governance solutions surged to become the largest revenue source at 57.3% [6]. Group 4: Funding Utilization - The funds raised from the Hong Kong listing will primarily be allocated to technology research and development, infrastructure investments, and seeking strategic investment opportunities to enhance the product matrix [8][9].