来源：川观新闻 川观新闻记者 彭瑀珩 12月23日，成都本土人工智能企业诺比侃正式在香港联合交易所主板挂牌上市。公司开盘价报319.8港 元，较发行价大幅上涨300%。早盘交易时段，股价涨幅进一步扩大至346%，公司市值攀升至约133亿 港元。 | 诺比侃 | | | | | | --- | --- | --- | --- | --- | | HK2635 HK | | | | | | 356.800 350.000 | | 市值 132.53亿 量比 | | 8.48 | | 310.000 | | 流通 106.52亿 | 换 | 2.57% | | 270.000 337.50% 开 319.800 | | 市盈 ™ 118.36 | 额 | 1.941Z | | 同年版 | 异动解读:IPG超额认购+暗盘大涨+AI解 ... ● × | | | | | 博诺 | | | | | | 分时 日K 周K | 月K 五日 | | 更多▼ | | | 均价:247.849 最新:350.000 270.000 +337.500% | | | | | | 8862000 | | +346.00% | 卖 10 ...

Group 1 - The company Nobikang plans to issue 3.787 million H-shares with a price range of HKD 80 to HKD 106, aiming to raise up to HKD 400 million during its IPO from December 15 to 18 [1] - The company recorded a subscription amount of HKD 58.5 billion, resulting in an oversubscription rate of 144.7 times [1] - The expected listing date for the company is December 23, with CICC serving as the sole sponsor [1] Group 2 - According to Zhaoshang Consulting, the company is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in 2024 [2] - The company ranks third in the AI-powered detection and monitoring solutions for the rail transit industry in China, with a market share of about 1.8% [2] - The company's revenue for the first six months of the current year reached RMB 230 million, reflecting a year-on-year increase of 24.7% [2]

Group 1 - The company, Nobikang, plans to issue 3.787 million H-shares with a price range of HKD 80 to HKD 106, aiming to raise up to HKD 400 million during its IPO from December 15 to 18 [1] - The public offering was significantly oversubscribed, with a margin of HKD 58.5 billion, resulting in an oversubscription rate of 144.7 times [1] - Nobikang is expected to list on December 23, with CICC serving as the sole sponsor, and has not introduced cornerstone investors for this IPO [1] Group 2 - According to Zhaoshang Consulting, the company is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the rail transit sector [2] - The company ranks third in the AI-powered detection and monitoring solutions for the rail transit industry, with a market share of about 1.8% [2] - The company's revenue for the first half of the year reached RMB 230 million, representing a year-on-year increase of 24.7% [2] - The projected annual profits for the company are RMB 63.2 million, RMB 88.6 million, RMB 115 million, and RMB 40.1 million for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [2]

12月15日，诺比侃人工智能科技（成都）股份有限公司（下称"诺比侃"，HK:02635）在港交所披露发售公告，于12月15日至12月18日招股，预计H股将于 2025年12月23日在港交所上市。 此次上市，诺比侃拟全球发售378.666万股，另有15%超额配股权，发售价为每股80港元至106港元。以此来看，诺比侃又是一个"迷你"IPO项目，合计发行 数量不到400万股，且并未引入基石投资者。 2022年、2023年、2024年度和2025年上半年，诺比侃的营收分别约为2.53亿元、3.64亿元、4.03亿元和2.32元，净利润分别约为6316.1万元、8856.6万元、 1.15亿元和4008.1万元。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | 人民幣千元 | % | 人民幣千元 | 90 | 人民幣十元 | 90 | 人民幣十 ...

Investment Rating - The report suggests a cautious subscription for the company Nobikang (2635.HK) [1][3] Core Insights - Nobikang focuses on the industrial application of advanced technologies such as AI and digital twins in sectors like transportation, energy, and urban governance, providing integrated hardware and software solutions based on comprehensive AI industry models [2] - The company has three business lines targeting vertical industries: transportation solutions, energy solutions, and urban governance solutions, with significant revenue generated from its rail transportation and energy solution businesses [2] - China has become the second-largest AI market globally, with spending expected to reach USD 18.1 billion in 2024 and soar to USD 47 billion by 2029, highlighting the country's growing influence in shaping the global AI landscape [2] Summary by Sections IPO Details - The IPO price range is set between HKD 80.0 and HKD 106.0, with a total fundraising amount of approximately HKD 306 million [1] - The total number of shares offered is 3.79 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - For the six months ending June 30, 2025, Nobikang reported revenue of approximately RMB 232 million, a year-on-year increase of about 24.7%, while net profit was approximately RMB 40.08 million, a decrease of about 21.0% [3] - The estimated market capitalization post-IPO is around HKD 3.5 billion, with a price-to-earnings ratio (PE) of approximately 28.0X based on 2024 revenue, indicating a high valuation [3]

12月15日，新股市场又迎来"三箭齐发"——翰思艾泰-B（03378.HK）、轻松健康（02661.HK）、诺比侃（02635.HK）同日启动招股。 其中，诺比侃的招股日期为2025年12月15日至12月18日，预期将于12月23日上市交易。 诺比侃此次拟全球发售约378.66万股H股（视乎超额配股权行使与否而定），采用B机制发行，其中香港公开发售37.87万股H股，占约10%，国际发售 340.79万股H股，占约90%，另有约15%超额配股权。 此次的每股发售价介于80.0港元至106.0港元，假设超额配股权未获行使，按发售价中位数93.0港元测算，预期募集资金净额为约3.07亿港元。 业绩方面，2022年至2024年及2025年上半年，诺比侃的收入分别为2.53亿元（人民币，下同）、3.64亿元、4.03亿元和2.32亿元，收入来自轨道交通、 电力及城市治理业务。 利润端，2022年至2024年及2025年上半年，诺比侃的利润分别为6316.1万元、8856.6万元、1.15亿元和4008.1万元。 今年上半年，诺比侃利润有所减少，主要是由于毛利减少（尽管同期总收入有所增加）。毛利减少主要是由于能源解决方 ...

2022—2024年、2025年上半年，诺比侃科技分别实现营收2.53亿元、3.64亿元、4.03亿元、2.32亿元，同 比分别增长150.32%、43.97%、10.71%、24.68%；分别实现净利润0.63亿元、0.89亿元、1.15 亿元、0.4 亿元，同比分别增长145.35%、40.22%、30.26%、-21%。 来源：新浪证券 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 11月18日，诺比侃人工智能科技（成都）股份有限公司（下称"诺比侃科技"）更新港股IPO招股说明 书，中金公司独家保荐。 营收快速增长背后，诺比侃科技高速增长的业绩带来的更多是应收账款，2024年和2025年上半年的应收 账款甚至超过总营收，逾期账款居高不下，应收账款周转天数逐年大幅增长。过去三年，诺比侃科技的 应收账款增速都超过同期营收增速，是否通过放宽赊销政策刺激收入亦或是否提前确认甚至虚增收入都 有待考证。 此外，诺比侃科技对大客户的依赖程度较高，尤其是2025年上半年刚合作的第一大客户K，半年为诺比 侃科技带来一半收入。并且，公司多家客户在成立当年或成立不久就跻身诺比侃科技前五大客户之列。 基于大客户名称 ...

Group 1 - Nobikang AI Technology (Chengdu) Co., Ltd. has submitted its application to the Hong Kong Stock Exchange for the third time, with CICC as the sole sponsor [1] - The company is the second largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the rail transit sector for 2024 [1] - In the rail transit industry, Nobikang ranks third among companies providing AI detection and monitoring solutions, with a market share of about 1.8% for 2024 [1] Group 2 - The company focuses on the industrial application of advanced technologies such as AI and digital twins in transportation, energy, and urban governance [4] - Nobikang primarily offers integrated hardware and software solutions based on comprehensive AI industry models for monitoring, detection, and operation maintenance [4]