Core Viewpoint - The 2024 Central Economic Work Conference emphasizes the "AI+" initiative, positioning AI as a core driver for new productive forces, with a focus on its commercialization across various industries, particularly in infrastructure and hard technology [1] Group 1: Company Overview - Nobikang, a benchmark enterprise in AI-enabled infrastructure, officially listed on the Hong Kong Stock Exchange, attracting significant market attention [1] - Nobikang's market capitalization is approximately HKD 12.19 billion based on the opening price of HKD 319.8, with an initial investment return multiple for its core investor, Bojiang Capital, of about 47.8 times [1] Group 2: Competitive Positioning - Nobikang focuses on three major hard infrastructure scenarios: transportation, energy, and urban governance, ranking second in China's "AI+ power detection and monitoring systems" and third in "rail transit AI+ detection and monitoring solutions" [2] - The company's self-developed NBK-INTARI AI platform boasts a defect identification accuracy exceeding 90% and a technology reuse rate of over 70%, applicable across various fields [2] - Nobikang's revenue is projected to grow from CNY 253 million in 2022 to CNY 403 million in 2024, reflecting a compound annual growth rate of 26.2%, with a peak gross margin near 59% and a net margin approaching 29% [2] Group 3: Investment and Governance - Bojiang Capital has been a key driver of Nobikang's growth, participating in multiple funding rounds since its A round in 2019, with a pre-IPO valuation of Nobikang reaching CNY 2.13 billion [3] - Bojiang holds a 16% stake in Nobikang, with a potential return exceeding five times based on the initial investment valuation [3] - The firm not only provides financial support but also connects Nobikang with research resources and industry channels, facilitating its transition from "technology validation" to "capitalized operation" [3] Group 4: Investment Philosophy - Bojiang Capital adheres to a value investment methodology, focusing on discovering intrinsic value and supporting long-term growth rather than engaging in short-term speculation [4] - The investment criteria emphasize sustainable business models, unique technological barriers, and products that address real needs, ensuring a focus on long-term value creation [4][5] - The investment strategy incorporates a dual screening process based on unique competitive advantages and market potential, ensuring a sustainable value proposition [4][5] Group 5: Post-Investment Support - Bojiang Capital's competitive edge lies in its ability to provide comprehensive post-investment support, integrating financial and industry insights to enhance Nobikang's growth [6] - The firm has facilitated strategic partnerships and resource integration, enabling Nobikang to expand its business from rail transit to AI+ energy storage operations, which is expected to account for 43.3% of revenue by 2024 [6] - Bojiang also played a crucial role in preparing Nobikang for its IPO, coordinating with intermediaries to streamline the equity structure and compliance processes [6] Group 6: Case Studies - Nobikang's growth trajectory exemplifies Bojiang's investment philosophy of "value anchoring and long-term companionship," showcasing the replicability of this investment model in the tech sector [8] - Other successful cases include the investment in XGIMI Technology, which transitioned from a niche player to a global leader, and Fumi Technology, which expanded its financial technology services internationally [8] Group 7: Conclusion - In the context of accelerating AI technology adoption, Bojiang Capital's approach emphasizes value-centric investment, avoiding short-term speculation, and focusing on long-term growth potential [9] - Nobikang's successful IPO serves as a validation of this investment logic, providing a model for venture capital and private equity firms to achieve both commercial returns and social value [9]

Core Insights - Webull Corporation reported a 55% year-over-year increase in total revenues, reaching $156.9 million, driven by user engagement and high trading volumes [1][8] - Customer assets grew by 84% year-over-year to an all-time high of $21.2 billion, attributed to market recovery and strong net deposits [1][8] - The company demonstrated strong profitability while investing in geographic expansion, AI, and new product offerings [1][2] Financial Performance - Trading-related revenue increased by 64% year-over-year [8] - Total operating expenses rose by 18% year-over-year, primarily due to higher brokerage and transaction costs, as well as increased general and administrative expenses [8] - Adjusted operating profit for the quarter was $36.7 million, reflecting a year-over-year improvement of $42.1 million and a 28.7% expansion in operating margin [8] User Engagement and Growth - Funded accounts increased to 4.93 million, representing a 9% year-over-year growth [8] - Registered users grew by 17% year-over-year to 25.9 million [8] - Options contracts volume reached 147 million, a 24% year-over-year increase [8] Product and Service Expansion - Webull relaunched cryptocurrency trading in the U.S. market and introduced it in Australia, allowing access to 240 cryptocurrencies [8] - The company launched brokerage services in the European Union, specifically in the Netherlands, and rolled out Level 3 Options for customers in Canada, Singapore, and Hong Kong [8] - The introduction of Vega AI, an AI-powered tool for personalized market analysis, was also highlighted [8]