Core Viewpoint - Nobikang AI Technology (Chengdu) Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange for the third time, with China International Capital Corporation as its sole sponsor [1]. Company Overview - The company focuses on the industrial application of advanced technologies such as AI and digital twins in sectors like transportation, energy, and urban governance. It provides integrated hardware and software solutions based on comprehensive AI industry models for monitoring, detection, and operation [4]. - Nobikang 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 power sector and ranking third in the rail transportation sector with a market share of about 1.8% [4]. - The company has three business lines targeting vertical industries: transportation solutions (including rail, urban, and airport traffic), energy solutions (covering electricity and chemicals), and urban governance solutions (focusing on park, campus, emergency, and community management) [4]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was approximately RMB 253 million, RMB 364 million, RMB 403 million, and RMB 232 million, respectively. The profits for the same periods were approximately RMB 63.16 million, RMB 88.57 million, RMB 115.37 million, and RMB 40.08 million [7]. - The gross profit margins for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were 55.6%, 58.1%, 58.9%, and 39.2%, respectively [8]. Industry Overview - The AI + infrastructure solutions industry in China is steadily growing, with the market size expanding from RMB 7 trillion in 2019 to approximately RMB 17 trillion by 2024, reflecting a compound annual growth rate (CAGR) of 19.4%. This trend is expected to continue, with the market projected to reach RMB 19 trillion by 2025 and RMB 34 trillion by 2029, at a CAGR of 15.7% [10]. - The AI + rail transportation detection and monitoring solutions market is expected to reach approximately RMB 11.4 billion in 2024, growing to RMB 14.6 billion by 2025 and RMB 33.7 billion by 2029, with a CAGR of 23.3% [12]. - The AI + energy solutions market is projected to reach approximately RMB 6 trillion in 2024, with significant growth expected to RMB 7 trillion by 2025 and RMB 13 trillion by 2029, at a CAGR of 16.7% [16]. - The AI + urban governance solutions market is anticipated to reach approximately RMB 7 trillion in 2024, increasing to RMB 8 trillion by 2025 and RMB 13 trillion by 2029, with a CAGR of 12.9% [18].

Core Viewpoint - Nobikang AI Technology (Chengdu) Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange for the third time, with China International Capital Corporation as its sole sponsor [1]. Company Overview - The company focuses on the industrial application of advanced technologies such as AI and digital twins in sectors like transportation, energy, and urban governance [4]. - It provides integrated hardware and software solutions based on comprehensive AI industry models for monitoring, detection, and operation maintenance [4]. Market Position - Nobikang 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 [4]. - In the rail transportation sector, it ranks third among companies offering AI detection and monitoring solutions, with a market share of about 1.8% [4]. - The AI-powered rail transportation detection and monitoring solutions market is expected to grow significantly, with a projected market size of approximately RMB 114 billion in 2024, increasing to RMB 337 billion by 2029, reflecting a compound annual growth rate (CAGR) of 23.3% [11]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately RMB 253 million, RMB 364 million, RMB 403 million, and RMB 232 million, respectively [7]. - The profit figures for the same periods are approximately RMB 63.16 million, RMB 88.57 million, RMB 115.37 million, and RMB 40.08 million [7]. - The gross profit margins for these years are 55.6%, 58.1%, 58.9%, and 39.2% [7]. Industry Overview - The AI + infrastructure solutions industry in China is steadily growing, with the market size expanding from RMB 0.7 trillion in 2019 to approximately RMB 1.7 trillion by 2024, representing a CAGR of 19.4% [9]. - The AI + energy solutions market is projected to reach approximately RMB 0.6 trillion in 2024, with significant growth expected to RMB 1.3 trillion by 2029, at a CAGR of 16.7% [14]. - The AI + urban governance solutions market is anticipated to grow from RMB 0.7 trillion in 2024 to RMB 1.3 trillion by 2029, with a CAGR of 12.9% [16].