<p><em>去年的新上市之王自去年 12 月 IPO 以来宣布了一系列稳定的积极进展，但投资者似乎并不在意</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28092120/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_111345_thebambooworks.com_-1024x675.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28092120/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_111345_thebambooworks.com_-1024x675.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>Nuobikan 的股票在上周宣布一项价值 5 亿元的新合同时，反常地下跌超过 30%</li>
</ul>
<p>尽管大幅下跌，这家人工智能智能协作公司的股票仍以约 100 倍的高市盈率交易。</p>
<p>去年在香港的新上市明星表现并不是电池巨头 CATL，尽管它进行了最大的 IPO，也不是行业领袖如恒瑞医药或海天味业。令人惊讶的是，这一殊荣归属于相对不知名的 <strong>诺比侃人工智能科技（成都）有限公司</strong>（2635.HK），该公司在去年 12 月的交易首日飙升 364%——这一惊人的增长让许多投资者感到困惑。</p>
<p>投资者进一步困惑的是，强劲的首日表现并不仅仅是一天的事情，因为股票持续上涨。该公司在 3 月进行了 10 股拆 1 的分拆，但即便如此，股价仍然继续攀升。4 月 20 日，该股票被纳入了港股通计划，使得内地交易者可以购买该股票，股价再次飙升至 83.20 港元。按拆分前计算，相当于每股 832 港元，超过了四个月前 80 港元的 IPO 价格的 10 倍。</p>
<p>但就在投资者沉浸在这种狂热中时，股价在公司上周一宣布与领先的智慧城市系统运营商 Inspur Smart City 签署 <strong>战略合作框架协议</strong> 后突然逆转。该交易将使双方在智慧城市、城市安全和城市数字基础设施等领域进行基于人工智能的合作，预计价值约为 5 亿元人民币（7300 万美元）。</p>
<h4><strong>股票暴跌</strong></h4>
<p>尽管公告是积极的，但诺比侃的股票却违背了正常逻辑，第二天反而下跌。公告后的第二天，其股价暴跌 34%，收于 45.42 港元，市值蒸发约 143 亿港元（18.2 亿美元）。此后股价持续下跌，周二收于 31 港元以上。</p>
<p>尽管从高点暴跌，但该股票仍然比其 IPO 价格高出约四倍，市盈率约为 100 倍。这引发了一个问题：什么样的公司能要求如此高的估值？</p>
<p>诺比侃成立于 2015 年，历史仅有 11 年。其创始人廖宇的履历并不特别出色。根据其招股说明书，他于 2008 年毕业于四川大学，获得软件工程硕士学位。从 2007 年到 2016 年，他在成都瑞智石科技和成都布鲁斯视频科技担任技术人员。</p>
<p>诺比侃开发并销售监控和检查产品，以及为铁路和电网公司提供相关解决方案。它还为城市管理提供解决方案。其业务分为三个主要类别：涵盖轨道交通、机场和城市交通的交通解决方案；包括电力和化工行业的能源解决方案；以及涵盖工业园区、校园、应急响应和社区管理等应用场景的城市管理解决方案。</p>
<p>尽管该公司始终强调其使用人工智能，但与最近受到投资者青睐的大型人工智能模型或半导体公司相比，它的性质截然不同。诺比侃仅仅提供基于他人开发的人工智能行业模型的集成硬件 - 软件解决方案，这使其吸引力降低。更直白地说，其业务似乎根本无法支撑如此高的估值。</p>
<h4><strong>利润平平</strong></h4>
<p>事实上，诺比侃过去几年的收入和利润清楚地表明这并不是一家高增长公司。其收入从 2022 年的 2.53 亿元增长到 2023 年的 3.64 亿元，2024 年进一步增长至 4.03 亿元。同时，在此期间，其利润从 6316 万元增长到 8857 万元，然后在 2024 年达到 1.15 亿元。</p>
<p>去年，该公司的收入增长了 23.7%，达到 4.98 亿元，但利润仅微增 2.1%，达到 1.18 亿元。利润受到管理费用上升的拖累，管理费用增长了 16.4%，达到 4167 万元，尤其是研发费用大幅上升 39.3%，达到 8295 万元。</p>
<p>尽管去年的收入增长超过 20%，看起来相对强劲，但微薄的利润增长并不令人印象深刻。</p>
<p>在其巅峰时期，诺比侃的市盈率曾高达 260 倍。即使该公司的利润在今年翻倍，这在其近期轨迹下似乎不太可能，市盈率仍将保持在 50 倍以上——这并不便宜。这似乎暗示其股票的进一步价格修正是不可避免的。</p>
<h4><strong>高应收账款</strong></h4>
<p>尽管该公司 2025 年的 <strong>财务报告</strong> 未披露其坏账费用或去年的应收账款周转天数，但其应收账款仍持续攀升至 5.4 亿元，同比增长 14%。持续高企的应收账款水平表明，该公司在催收逾期客户的账款时相对缺乏议价能力。</p>
<p>目前在香港上市的人工智能领导者，如 <strong>SenseTime</strong>（0020.HK）和 <strong>Phancy Group</strong>（6682.HK），尽管去年仍未盈利，但规模显著大于诺比侃。它们 2025 年的收入分别为 50 亿元和 71 亿元，市销率（P/S）分别为 16.2 和 2.9。相比之下，诺比侃的年收入不足 5 亿元，市销率约为 22 倍。这似乎表明诺比侃的估值仍然过高，暗示该股票可能面临额外的下行压力。</p>
<p><em>要订阅 Bamboo Works 的免费周刊，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

诺比侃

<p>诺比侃人工智能科技的股价出现了剧烈下跌，在宣布 5 亿人民币合同后下跌超过 30%。尽管在首次公开募股时以 364% 的涨幅强势开局，但公司约 100 倍的高市盈率引发了担忧。诺比侃成立于 2015 年，收入增长一直温和，利润受到不断上升的费用影响。该股最近的暴跌暗示可能会出现调整，因为考虑到其财务表现，其估值似乎不可持续</p>

<p><em>Last year's king of new listings has announced a steady series of positive developments since its December IPO, but investors don't seem to care</em></p>
<div class="lb-trans"><p><em>去年的新上市之王自去年 12 月 IPO 以来宣布了一系列稳定的积极进展，但投资者似乎并不在意</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28092120/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_111345_thebambooworks.com_-1024x675.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28092120/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_111345_thebambooworks.com_-1024x675.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Shares of Nuobikan counterintuitively fell more than 30% last week after it announced a new contract worth 500 million yuan</li>
<li>Even after the big decline, the AI intelligent collaboration company's stock still trades at an inflated price-to-earnings ratio of around 100 times</li>
</ul>
<div class="lb-trans"><ul>
<li>Nuobikan 的股票在上周宣布一项价值 5 亿元的新合同时，反常地下跌超过 30%</li>
</ul>
</div><p>The star performer for new listings in Hong Kong last year wasn't battery giant CATL, which made the biggest IPO, nor was it industry leaders like Hengrui Pharmaceuticals or Haitian Flavouring. Surprisingly, that distinction went to the relatively unknown <strong>Nuobikan Artificial Intelligence Technology (Chengdu) Co. Ltd.</strong> (2635.HK), which soared 364% on its trading debut last December — a staggering increase that left many investors scratching their heads.</p>
<div class="lb-trans"><p>尽管大幅下跌，这家人工智能智能协作公司的股票仍以约 100 倍的高市盈率交易。</p>
</div><p>Investors were further confounded to discover the strong debut wasn't just a one-day affair, as the stock continued to rise. The company knocked the share price back to earth with a 10-for-1 split in March, but even then, it continued to climb. On April 20 the ticker was included in the Stock Connect program, which makes the shares available to Mainland China-based traders, sending it surging again to as much as HK$83.20. On a pre-split basis, that equated to HK$832 per share, or more than 10 times its HK$80 IPO price just four months earlier.</p>
<div class="lb-trans"><p>去年在香港的新上市明星表现并不是电池巨头 CATL，尽管它进行了最大的 IPO，也不是行业领袖如恒瑞医药或海天味业。令人惊讶的是，这一殊荣归属于相对不知名的 <strong>诺比侃人工智能科技（成都）有限公司</strong>（2635.HK），该公司在去年 12 月的交易首日飙升 364%——这一惊人的增长让许多投资者感到困惑。</p>
</div><p>But just as investors were getting caught up in the euphoria, the stock price suddenly reversed after the company announced its <strong>signing of</strong> a strategic cooperation framework agreement with Inspur Smart City, a leading operator of smart city systems, last Monday. The deal will see the two sides collaborate on AI-driven intelligence in the fields of smart cities, urban security, and urban digital infrastructure, with an estimated value of approximately 500 million yuan ($73 million).</p>
<div class="lb-trans"><p>投资者进一步困惑的是，强劲的首日表现并不仅仅是一天的事情，因为股票持续上涨。该公司在 3 月进行了 10 股拆 1 的分拆，但即便如此，股价仍然继续攀升。4 月 20 日，该股票被纳入了港股通计划，使得内地交易者可以购买该股票，股价再次飙升至 83.20 港元。按拆分前计算，相当于每股 832 港元，超过了四个月前 80 港元的 IPO 价格的 10 倍。</p>
</div><h4><strong>Stock tanks</strong></h4>
<div class="lb-trans"><p>但就在投资者沉浸在这种狂热中时，股价在公司上周一宣布与领先的智慧城市系统运营商 Inspur Smart City 签署 <strong>战略合作框架协议</strong> 后突然逆转。该交易将使双方在智慧城市、城市安全和城市数字基础设施等领域进行基于人工智能的合作，预计价值约为 5 亿元人民币（7300 万美元）。</p>
</div><p>While the announcement was positive, Nuobikan's shares defied normal logic and fell instead the next day. Its stock plunged 34% the day after the announcement to close at HK$45.42, wiping out roughly HK$14.3 billion ($1.82 billion) in market value. Since then it has continued to fall, closing at just over HK$31 on Tuesday.</p>
<div class="lb-trans"><h4><strong>股票暴跌</strong></h4>
</div><p>Despite the plunge from its highs, the stock remains around four times higher than its IPO price, with a price-to-earnings (P/E) ratio of around 100 times. That raises the question of what kind of company can command such an exorbitant valuation?</p>
<div class="lb-trans"><p>尽管公告是积极的，但诺比侃的股票却违背了正常逻辑，第二天反而下跌。公告后的第二天，其股价暴跌 34%，收于 45.42 港元，市值蒸发约 143 亿港元（18.2 亿美元）。此后股价持续下跌，周二收于 31 港元以上。</p>
</div><p>Founded in 2015, Nuobikan has a mere 11 years of history. Its founder, Liao Yu, doesn't boast an especially impressive resume. According to its prospectus, he graduated in 2008 with a master's degree in software engineering from Sichuan University. From 2007 to 2016, he worked as a technical staff at Chengdu Ruizhishi Technology and Chengdu Bulusi Video Technology.</p>
<div class="lb-trans"><p>尽管从高点暴跌，但该股票仍然比其 IPO 价格高出约四倍，市盈率约为 100 倍。这引发了一个问题：什么样的公司能要求如此高的估值？</p>
</div><p>Nuobikan develops, and sells monitoring and inspection products, along with related solutions, for railway and power grid companies. It also provides solutions for urban management. Its business is divided into three major categories: transportation solutions covering rail transit, airports, and urban traffic; energy solutions, including power and chemical industries; and urban management solutions, covering application scenarios such as industrial parks, campuses, emergency response and community management.</p>
<div class="lb-trans"><p>诺比侃成立于 2015 年，历史仅有 11 年。其创始人廖宇的履历并不特别出色。根据其招股说明书，他于 2008 年毕业于四川大学，获得软件工程硕士学位。从 2007 年到 2016 年，他在成都瑞智石科技和成都布鲁斯视频科技担任技术人员。</p>
</div><p>While the company consistently emphasizes its use of AI, it's quite a different animal from the large AI model or semiconductor companies favored lately by investors. Nuobikan merely provides integrated hardware-software solutions based on AI industry models developed by others, making it less appealing. Put more bluntly, its business hardly seems to support such a lofty valuation.</p>
<div class="lb-trans"><p>诺比侃开发并销售监控和检查产品，以及为铁路和电网公司提供相关解决方案。它还为城市管理提供解决方案。其业务分为三个主要类别：涵盖轨道交通、机场和城市交通的交通解决方案；包括电力和化工行业的能源解决方案；以及涵盖工业园区、校园、应急响应和社区管理等应用场景的城市管理解决方案。</p>
</div><h4><strong>Tepid profits</strong></h4>
<div class="lb-trans"><p>尽管该公司始终强调其使用人工智能，但与最近受到投资者青睐的大型人工智能模型或半导体公司相比，它的性质截然不同。诺比侃仅仅提供基于他人开发的人工智能行业模型的集成硬件 - 软件解决方案，这使其吸引力降低。更直白地说，其业务似乎根本无法支撑如此高的估值。</p>
</div><p>In fact, Nuobikan's revenue and profits from the past few years clearly show this is not a high-growth company. Its revenue rose from 253 million yuan in 2022 to 364 million yuan in 2023, and further still 403 million yuan in 2024. Meanwhile, its profits over that period rose from 63.16 million yuan to 88.57 million yuan, and then to 115 million yuan in 2024.</p>
<div class="lb-trans"><h4><strong>利润平平</strong></h4>
</div><p>Last year, the company's revenue increased 23.7% to 498 million yuan, but its profit rose a mere 2.1% to 118 million yuan. The profits were dragged down by rising administrative expenses, which climbed 16.4% to 41.67 million yuan, and especially by R&amp;D expenses, which jumped 39.3% to 82.95 million yuan.</p>
<div class="lb-trans"><p>事实上，诺比侃过去几年的收入和利润清楚地表明这并不是一家高增长公司。其收入从 2022 年的 2.53 亿元增长到 2023 年的 3.64 亿元，2024 年进一步增长至 4.03 亿元。同时，在此期间，其利润从 6316 万元增长到 8857 万元，然后在 2024 年达到 1.15 亿元。</p>
</div><p>While last year's revenue growth exceeded 20% and looks relatively strong, the minimal profit increase was hardly impressive.</p>
<div class="lb-trans"><p>去年，该公司的收入增长了 23.7%，达到 4.98 亿元，但利润仅微增 2.1%，达到 1.18 亿元。利润受到管理费用上升的拖累，管理费用增长了 16.4%，达到 4167 万元，尤其是研发费用大幅上升 39.3%，达到 8295 万元。</p>
</div><p>At its peak, Nuobikan's P/E was once even more astronomical at 260 times. Even if the company's profit doubles this year, which doesn't seem likely given its recent trajectory, the P/E ratio would still remain high at more than 50 times — hardly cheap. That seems to suggest a further price correction for its stock is inevitable.</p>
<div class="lb-trans"><p>尽管去年的收入增长超过 20%，看起来相对强劲，但微薄的利润增长并不令人印象深刻。</p>
</div><h4><strong>High accounts receivable</strong></h4>
<div class="lb-trans"><p>在其巅峰时期，诺比侃的市盈率曾高达 260 倍。即使该公司的利润在今年翻倍，这在其近期轨迹下似乎不太可能，市盈率仍将保持在 50 倍以上——这并不便宜。这似乎暗示其股票的进一步价格修正是不可避免的。</p>
</div><p>A deeper dive into the company's financials shows its accounts receivable have been rising steadily over the past few years, climbing from 176 million yuan in 2022 to 474 million yuan in 2024. Its bad debt expenses rose concurrently over that time from 21.76 million yuan to 65.17 million yuan, as average turnover days for its trade receivables also increased from 192 days to 352 days.</p>
<div class="lb-trans"><h4><strong>高应收账款</strong></h4>
</div><p>While the company's 2025 <strong>financial report</strong> did not disclose its bad debt expenses or trade receivables turnover days last year, its accounts receivable continued to climb to 540 million yuan, up 14% year-over-year. The persistently high receivables level suggests the company has relatively weak bargaining power when trying to get delinquent customers to pay their bills.</p>
<div class="lb-trans"><p>尽管该公司 2025 年的 <strong>财务报告</strong> 未披露其坏账费用或去年的应收账款周转天数，但其应收账款仍持续攀升至 5.4 亿元，同比增长 14%。持续高企的应收账款水平表明，该公司在催收逾期客户的账款时相对缺乏议价能力。</p>
</div><p>AI leaders currently listed in Hong Kong, such as <strong>SenseTime</strong> (0020.HK) and <strong>Phancy Group</strong> (6682.HK), though still unprofitable last year, are significantly larger than Nuobikan in scale. Their 2025 revenues were 5 billion yuan and 7.1 billion yuan, respectively, with price-to-sales (P/S) ratios of 16.2 and 2.9. By comparison, Nuobikan, with annual revenue under 500 million yuan, commands a P/S ratio of about 22 times. That seems to show Nuobikan's valuation remains excessively high, suggesting the stock could face additional downward pressure.</p>
<div class="lb-trans"><p>目前在香港上市的人工智能领导者，如 <strong>SenseTime</strong>（0020.HK）和 <strong>Phancy Group</strong>（6682.HK），尽管去年仍未盈利，但规模显著大于诺比侃。它们 2025 年的收入分别为 50 亿元和 71 亿元，市销率（P/S）分别为 16.2 和 2.9。相比之下，诺比侃的年收入不足 5 亿元，市销率约为 22 倍。这似乎表明诺比侃的估值仍然过高，暗示该股票可能面临额外的下行压力。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

诺比侃在辉煌的首秀后回归现实