四川大学校友10余年坚守，从100万元注册资本干到超21亿元估值。 近日，AI(人工智能)企业诺比侃人工智能科技(成都)股份有限公司(以下简称诺比侃)第三次闯关港交所 终于通过聆讯。诺比侃凭借交通、能源、城市治理三大AI解决方案站稳脚跟，过去3年，其营收、净利 润稳步增长。 《每日经济新闻》记者注意到，诺比侃亮眼的成绩背后也有隐忧。2025年上半年，公司营收同比增长 24.68%，净利润却同比下滑21%。此外，其较高的客户集中度与公共部门依赖也亟待破解。这家专精特 新"小巨人"企业拟上市，究竟是新起点还是新挑战？ 3年上市长跑终见曙光 诺比侃创始人廖峪，现年44岁，2008年获得四川大学软件工程硕士学位。2007年，尚未完成硕士学业的 廖峪，就加入成都一家软件开发企业——成都锐之狮科技有限公司(以下简称锐之狮)，担任技术人员。 在锐之狮，廖峪负责软件及技术的开发与管理。其间，廖峪不仅在信息技术及AI领域积累了丰富经 验，还与大他6岁的校友唐泰可相遇。唐泰可则于2016年加入诺比侃，如今是诺比侃的执行董事兼首席 技术官。 2015年3月，诺比侃正式成立。彼时，公司初始注册资本仅为100万元，由廖峪及两名独立第三 ...

川大校友十余年坚守，从100万元注册资本干到21亿元估值！ 近日，AI企业诺比侃人工智能科技（成都）股份有限公司（以下简称"诺比侃"）第三次闯关港股终于通 过聆讯。诺比侃凭借交通、能源、城市治理三大AI解决方案站稳脚跟，过去三年营收、净利润稳步增 长。 但亮眼成绩背后也有隐忧。2025年上半年，公司营收同比增长24.68%，净利润却同比下滑21%。此外， 较高的客户集中度与公共部门依赖也亟待破解。这家专精特新"小巨人"企业的上市，究竟是新起点还是 新挑战？ 专注AI，川大校友的创业实录 诺比侃创始人廖峪，现年44岁，2008年获得四川大学软件工程硕士学位。2007年，尚未完成硕士学业的 廖峪，就加入成都一家软件开发企业——成都锐之狮科技有限公司（以下简称"锐之狮"），并担任技术 人员。在锐之狮，廖峪负责软件及技术开发及管理。期间，廖峪不仅在信息技术及AI领域积累了丰富 经验，还与大他6岁的校友唐泰可相遇。唐泰可则于2016年加入诺比侃，如今是诺比侃的执行董事兼首 席技术官。 2015年3月，诺比侃正式成立。彼时，公司初始注册资本仅为100万元，由廖峪及两名独立第三方（即徐 利军及胡彬）分别拥有33.0%、34 ...

国资委主任张玉卓在周一出版的人民日报上公开撰文，提及接下来国资国企改革的多项重点任务，包括推进国有经济布局优化和结构调整；增强国有企业核 心功能、提升核心竞争力等。张玉卓同时提到，要加强战略性、专业化重组，围绕强化功能使命、提升规模效益，加大力度合并"同类项"，避免重复建设和 无序竞争。 金融科技中心排名上海位列全球第二 宏观要闻 在日前举行的第七届上海金融科技国际论坛上，由上海金融科技产业联盟牵头、华东师范大学提供学术支持的《全球金融科技中心发展指数（2025）》正式 发布。从结果来看，纽约位居榜首，上海升至全球第二，北京和旧金山（硅谷）分列第三和第四位，伦敦跌至第五。全球前十榜单中，亚洲城市占据六席， 中国独占四席。 国资委要求加强国企战略重组 工信部鼓励锂电池、新能源汽车等优势企业"走出去" 工业和信息化部党组书记、部长李乐成日前在中国日报署名文章。文章指出，加强绿色产业国际合作。中国制造将秉持共商共建原则，利用好双边和多边国 际合作机制，深化绿色技术、绿色装备、绿色贸易、绿色标准等方面交流合作。鼓励中国光伏、风电、锂电池、新能源汽车等优势企业"走出去"，在"一带 一路"等国家投资建设绿色能源项目，推广 ...

Financial Data and Key Metrics Changes - Revenue grew by 32% year-over-year, driven by a 58% increase in the e-infrastructure solutions segment and a 10% increase in the transportation segment [6][7] - Adjusted earnings per share increased by 58% to $3.48, while adjusted EBITDA rose by 47% to $156 million [6][7] - Gross profit margins expanded by 280 basis points to 24.7% [6] - Operating cash flow for the quarter was strong at $84 million, with backlog totaling $2.6 billion, a 64% year-over-year increase [6][7] Business Line Data and Key Metrics Changes - E-infrastructure solutions revenue grew by 58% year-over-year, with a 42% organic growth rate [6][8] - Transportation solutions revenue increased by 10%, with adjusted operating profit growing by 40% [9] - Building solutions segment revenue declined by 1%, with adjusted operating income down by 10% due to challenges in the housing market [10][19] Market Data and Key Metrics Changes - E-infrastructure backlog reached $1.8 billion, up 97% year-over-year, with a 45% increase excluding contributions from the recent acquisition of CEC [7][11] - Transportation solutions backlog was $733 million, a 23% year-over-year increase [9] - Building solutions faced a decline in revenue due to affordability challenges in the housing market [10][19] Company Strategy and Development Direction - The company aims to leverage its expanded service portfolio following the CEC acquisition, focusing on large mission-critical projects [8][17] - The strategy includes a commitment to sustainability and community engagement, referred to as "The Sterling Way" [7] - The company is looking for small to mid-size acquisitions to enhance service offerings and geographic footprint, primarily in e-infrastructure [19][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year growth opportunities across all markets, particularly in e-infrastructure and transportation solutions [16][18] - The company anticipates continued strong demand in the data center market and plans to align with partners for multi-year capital deployment [16][17] - Management noted that while the building solutions segment faces short-term challenges, long-term growth is expected due to population growth in key geographies [19] Other Important Information - The company increased its full-year guidance for 2025, projecting revenue between $2.375 billion and $2.39 billion, representing over 5% growth at the midpoint [14][20] - Adjusted diluted EPS guidance was raised to a range of $10.35 to $10.52, indicating a 9% increase at the midpoint [14] Q&A Session Summary Question: Growth in CEC signed and unsigned work - Management noted strong bookings in the data center sector and expressed excitement about the reception from customers regarding the CEC acquisition [25][26] Question: Margin expansion opportunities - Management highlighted that larger project sizes and improved productivity from recent acquisitions contribute to expected margin expansion [27][28] Question: Composition of the $4 billion forward pipeline - Management indicated that $3 billion of the pipeline is in e-infrastructure, primarily driven by data center projects [43] Question: Impact of government shutdown on transportation funding - Management confirmed no impact from the government shutdown, as funding for current jobs has already been allocated [61][62] Question: Data center growth breakdown - Management explained that data center growth is a combination of new projects and the conversion of future phases into backlog [66]