Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for five companies, all of which are seeking to list in Hong Kong [1] Group 1: Company Summaries - **Lemo**: Plans to issue up to 19,166,700 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Lemo is a machine massage service provider with over 48,000 service points and more than 535,000 massage machines deployed as of July 18, 2025. Revenue for 2022 to 2024 is projected at 330 million, 587 million, and 798 million CNY, with corresponding net profits of 6.48 million, 87.34 million, and 85.81 million CNY [3][5] - **Dipu**: Plans to issue up to 115,000,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Dipu focuses on providing AI solutions, including big data analysis and enterprise-level model applications, across various sectors. Revenue for 2022 to 2024 is projected at 100 million, 129 million, and 243 million CNY, with corresponding net losses of 655 million, 503 million, and 1.255 billion CNY [5][7] - **Red Star Cold Chain**: Plans to issue up to 26,752,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Red Star Cold Chain operates a platform for frozen food trading and storage services. Revenue for 2022 to 2024 is projected at 237 million, 202 million, and 234 million CNY, with corresponding net profits of 79 million, 75 million, and 83 million CNY [7][9] - **Sailis**: Plans to issue up to 331,477,235 ordinary shares for overseas listing on the Hong Kong Stock Exchange. Sailis is a technology-driven automotive company focused on electric vehicles, having launched several models. Revenue for 2022 to 2024 is projected at 34.1 billion, 35.8 billion, and 145.1 billion CNY, with corresponding net losses of 5.2 billion, 4.2 billion, and a net profit of 4.7 billion CNY [9][11] - **Yiteng Pharmaceutical**: Plans to achieve a listing on the Hong Kong Stock Exchange through a merger with Genor Biopharma Holdings Limited, which will issue up to 1,883,972,094 ordinary shares. Yiteng focuses on the R&D, production, and commercialization of biopharmaceutical products across various therapeutic areas. Revenue for 2022 to 2024 is projected at 2.073 billion, 2.304 billion, and 2.546 billion CNY, with corresponding net profits of 306 million, 308 million, and 388 million CNY [11]

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].