主业毛利率堪比茅台的AI公司，想要IPO了

Core Viewpoint - Nobikang, a company founded by Liao Yu, has rapidly developed its business in "AI + Transportation" after meeting a key investor, Zheng Sanzhong, despite facing significant challenges such as high customer concentration and cash flow issues [1][2]. Company Overview - Nobikang's core business focuses on "AI + Transportation," "AI + Energy," and "AI + Urban Governance," with revenue contributions in 2024 being 52%, 43.3%, and 4.7% respectively [15]. - The company achieved revenues of 253 million RMB, 364 million RMB, and 403 million RMB from 2022 to 2024, with net profits of 63.16 million RMB, 88.57 million RMB, and 115 million RMB respectively [2][15]. Financial Performance - Nobikang's gross margin peaked at 92.5% in 2023, with an overall gross margin of 58.9% projected for 2024 [16][17]. - The company has faced cash flow challenges, with operating cash flow being negative despite increasing revenues, leading to accounts receivable reaching 475 million RMB in 2024, which is 118% of that year's revenue [20][21]. Customer Concentration and Risks - The company has a high customer concentration, with sales to the top five customers accounting for 61.1%, 85.9%, and 66.6% of total revenue from 2022 to 2024 [18]. - A significant drop in revenue from the AI + Urban Governance segment, which fell 83% in 2024, highlights the volatility of project-based business models [19]. Shareholder Structure and Incentives - Nobikang's shareholder structure includes several external advisors and independent third parties, with a unique equity incentive platform primarily benefiting these external parties rather than employees [3][8]. - The company has undergone multiple rounds of financing, with a valuation of 2.13 billion RMB before its IPO [12][10].