从100万元注册资本到超21亿元估值 AI企业诺比侃“三闯”港交所通过聆讯

Core Viewpoint - Nobikang AI Technology (Chengdu) Co., Ltd. has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, marking a significant milestone after a three-year journey towards listing, despite facing challenges such as declining net profits and high customer concentration [1][3]. Company Background - 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 to strengthen control over the company [2]. - The company has evolved from having no substantial business operations to focusing on AI solutions in transportation, energy, and urban governance [2][4]. Financial Performance - Over the past three years, Nobikang's revenue has grown from 253 million yuan to 403 million yuan, and net profit has increased from 63.16 million yuan to 115 million yuan, maintaining a gross margin above 55% [5]. - In the first half of 2025, the company reported a 24.68% year-on-year revenue growth to 232 million yuan, but net profit declined by 21% to 40.08 million yuan, with a gross margin dropping from 57.9% to 39.2% [5][6]. Business Segments - Nobikang's core business includes AI and digital twin technologies, providing integrated software and hardware solutions across three main sectors: transportation, energy, and urban governance [4]. - The revenue from transportation solutions increased from 101 million yuan to 209 million yuan, while energy solutions grew from 92.54 million yuan to 174 million yuan, and urban governance solutions surged to become the largest revenue source in the first half of 2025 [5]. Customer Concentration and Revenue Sources - The company has a high customer concentration, with the largest client accounting for 50.1% of revenue and the top five clients contributing 74.2% of total revenue [6]. - A significant portion of Nobikang's revenue comes from public sector clients, with 85.1% in 2024 and 87.9% in the first half of 2025 [6]. Future Plans and Fund Utilization - The funds raised from the IPO will be allocated to four main areas: technology research and development, infrastructure investment for a new headquarters, capital operations for strategic investments and acquisitions, and working capital to support business growth [6].