拟发行不超过19,166,700股境外上市普通股并在香港联合交易所上市。 9月25日晚，中国证监会对乐摩、滴普、红星冷链、赛力斯、亿腾医药境内企业境外发行上市予以确认，5家均为赴港上市备案。 1、乐摩 7月25日，乐摩向港交所递交招股书，拟香港主板上市。该公司此前曾于2025年1月21日向港交所递交过上市申请。 乐摩是一家机器按摩服务供应商，为消费者在商业综合体、影院、机场和高铁站等交通枢纽场所等消费场景提供机器按摩服务。截至2025年7月18日，该公 司已设立超过4.8万个服务网点，投放超过53.5万张机器按摩设备。 财务方面，2022至2024年，及2025年前三个月，乐摩营收分别为3.30亿元、5.87亿元、7.98元、2.21亿元，相应的净利润分别为648万元、8734万元、8581万 元、2333.8万元。 2、滴普 拟发行不超过115,000,000股境外上市普通股并在香港联合交易所上市。 4月15日，滴普向港交所递交招股书，拟香港主板上市。 滴普专注于为企业提供人工智能解决方案，核心业务包括大数据分析、智能决策支持及企业级大模型应用。其业务覆盖消费零售、制造、医疗、交通等多个 领域，通过数据融合 ...

Core Viewpoint - Nobikang, an AI and digital twin enterprise, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing steady revenue growth and a diversified business model in AI applications across transportation, energy, and urban governance [2][3]. Financial Performance - Nobikang's revenue from 2022 to 2024 is projected to grow from 253 million yuan to 403 million yuan, with net profits increasing from 63.16 million yuan to 115 million yuan [2]. - The company has a market share of 6.9% in the AI-powered power system detection and monitoring solutions market, ranking second, and 1.3% in the AI detection and monitoring solutions market for rail transportation, ranking seventh [2]. Revenue Breakdown - In 2024, the AI+ transportation segment contributed the most to Nobikang's revenue, accounting for 52% of total revenue, while the AI+ energy segment's revenue share increased from 36.6% in 2022 to 43.3% in 2024 [3]. - The AI+ urban governance segment's revenue share decreased significantly by 25.8 percentage points from 2023 to 2024, now representing only 4.7% of total revenue [3]. Market Potential - The market size for AI+ transportation solutions in China is projected to reach 300 billion yuan, AI+ energy solutions at 500 billion yuan, and AI+ urban governance solutions at 700 billion yuan by 2024 [3]. Profitability Analysis - The AI+ transportation segment has the highest gross margin at 70.9%, while AI+ energy and AI+ urban governance have gross margins of 49.6% and 12.3%, respectively [4]. - The high gross margin in AI+ transportation is attributed to lower hardware procurement costs compared to other segments, which involve more complex and customized procurement processes [4]. Credit Risk - Nobikang faces credit risks related to customer payment delays and defaults, with trade receivables increasing from 176 million yuan in 2022 to 474 million yuan in 2024, and the provision for trade receivables losses rising correspondingly [5]. - The average turnover days for trade receivables have significantly increased from 192 days in 2022 to 352 days in 2024 [5].