<p><em>去年的新上市之王自去年 12 月 IPO 以來宣佈了一系列穩定的積極進展，但投資者似乎並不在意</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>Nuobikan 的股票在上週宣佈一項價值 5 億元的新合同時，反常地下跌超過 30%</li>
</ul>
<p>儘管大幅下跌，這家人工智能智能協作公司的股票仍以約 100 倍的高市盈率交易。</p>
<p>去年在香港的新上市明星表現並不是電池巨頭 CATL，儘管它進行了最大的 IPO，也不是行業領袖如恆瑞醫藥或海天味業。令人驚訝的是，這一殊榮歸屬於相對不知名的 <strong>諾比侃人工智能科技（成都）有限公司</strong>（2635.HK），該公司在去年 12 月的交易首日飆升 364%——這一驚人的增長讓許多投資者感到困惑。</p>
<p>投資者進一步困惑的是，強勁的首日表現並不僅僅是一天的事情，因為股票持續上漲。該公司在 3 月進行了 10 股拆 1 的分拆，但即便如此，股價仍然繼續攀升。4 月 20 日，該股票被納入了港股通計劃，使得內地交易者可以購買該股票，股價再次飆升至 83.20 港元。按拆分前計算，相當於每股 832 港元，超過了四個月前 80 港元的 IPO 價格的 10 倍。</p>
<p>但就在投資者沉浸在這種狂熱中時，股價在公司上週一宣佈與領先的智慧城市系統運營商 Inspur Smart City 簽署 <strong>戰略合作框架協議</strong> 後突然逆轉。該交易將使雙方在智慧城市、城市安全和城市數字基礎設施等領域進行基於人工智能的合作，預計價值約為 5 億元人民幣（7300 萬美元）。</p>
<h4><strong>股票暴跌</strong></h4>
<p>儘管公告是積極的，但諾比侃的股票卻違背了正常邏輯，第二天反而下跌。公告後的第二天，其股價暴跌 34%，收於 45.42 港元，市值蒸發約 143 億港元（18.2 億美元）。此後股價持續下跌，週二收於 31 港元以上。</p>
<p>儘管從高點暴跌，但該股票仍然比其 IPO 價格高出約四倍，市盈率約為 100 倍。這引發了一個問題：什麼樣的公司能要求如此高的估值？</p>
<p>諾比侃成立於 2015 年，歷史僅有 11 年。其創始人廖宇的履歷並不特別出色。根據其招股説明書，他於 2008 年畢業於四川大學，獲得軟件工程碩士學位。從 2007 年到 2016 年，他在成都瑞智石科技和成都布魯斯視頻科技擔任技術人員。</p>
<p>諾比侃開發並銷售監控和檢查產品，以及為鐵路和電網公司提供相關解決方案。它還為城市管理提供解決方案。其業務分為三個主要類別：涵蓋軌道交通、機場和城市交通的交通解決方案；包括電力和化工行業的能源解決方案；以及涵蓋工業園區、校園、應急響應和社區管理等應用場景的城市管理解決方案。</p>
<p>儘管該公司始終強調其使用人工智能，但與最近受到投資者青睞的大型人工智能模型或半導體公司相比，它的性質截然不同。諾比侃僅僅提供基於他人開發的人工智能行業模型的集成硬件 - 軟件解決方案，這使其吸引力降低。更直白地説，其業務似乎根本無法支撐如此高的估值。</p>
<h4><strong>利潤平平</strong></h4>
<p>事實上，諾比侃過去幾年的收入和利潤清楚地表明這並不是一家高增長公司。其收入從 2022 年的 2.53 億元增長到 2023 年的 3.64 億元，2024 年進一步增長至 4.03 億元。同時，在此期間，其利潤從 6316 萬元增長到 8857 萬元，然後在 2024 年達到 1.15 億元。</p>
<p>去年，該公司的收入增長了 23.7%，達到 4.98 億元，但利潤僅微增 2.1%，達到 1.18 億元。利潤受到管理費用上升的拖累，管理費用增長了 16.4%，達到 4167 萬元，尤其是研發費用大幅上升 39.3%，達到 8295 萬元。</p>
<p>儘管去年的收入增長超過 20%，看起來相對強勁，但微薄的利潤增長並不令人印象深刻。</p>
<p>在其巔峯時期，諾比侃的市盈率曾高達 260 倍。即使該公司的利潤在今年翻倍，這在其近期軌跡下似乎不太可能，市盈率仍將保持在 50 倍以上——這並不便宜。這似乎暗示其股票的進一步價格修正是不可避免的。</p>
<h4><strong>高應收賬款</strong></h4>
<p>儘管該公司 2025 年的 <strong>財務報告</strong> 未披露其壞賬費用或去年的應收賬款週轉天數，但其應收賬款仍持續攀升至 5.4 億元，同比增長 14%。持續高企的應收賬款水平表明，該公司在催收逾期客户的賬款時相對缺乏議價能力。</p>
<p>目前在香港上市的人工智能領導者，如 <strong>SenseTime</strong>（0020.HK）和 <strong>Phancy Group</strong>（6682.HK），儘管去年仍未盈利，但規模顯著大於諾比侃。它們 2025 年的收入分別為 50 億元和 71 億元，市銷率（P/S）分別為 16.2 和 2.9。相比之下，諾比侃的年收入不足 5 億元，市銷率約為 22 倍。這似乎表明諾比侃的估值仍然過高，暗示該股票可能面臨額外的下行壓力。</p>
<p><em>要訂閲 Bamboo Works 的免費週刊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

諾比侃

<p>諾比侃人工智能科技的股價出現了劇烈下跌，在宣佈 5 億人民幣合同後下跌超過 30%。儘管在首次公開募股時以 364% 的漲幅強勢開局，但公司約 100 倍的高市盈率引發了擔憂。諾比侃成立於 2015 年，收入增長一直温和，利潤受到不斷上升的費用影響。該股最近的暴跌暗示可能會出現調整，因為考慮到其財務表現，其估值似乎不可持續</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 以來宣佈了一系列穩定的積極進展，但投資者似乎並不在意</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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 的股票在上週宣佈一項價值 5 億元的新合同時，反常地下跌超過 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>儘管大幅下跌，這家人工智能智能協作公司的股票仍以約 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現並不是電池巨頭 CATL，儘管它進行了最大的 IPO，也不是行業領袖如恆瑞醫藥或海天味業。令人驚訝的是，這一殊榮歸屬於相對不知名的 <strong>諾比侃人工智能科技（成都）有限公司</strong>（2635.HK），該公司在去年 12 月的交易首日飆升 364%——這一驚人的增長讓許多投資者感到困惑。</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>投資者進一步困惑的是，強勁的首日表現並不僅僅是一天的事情，因為股票持續上漲。該公司在 3 月進行了 10 股拆 1 的分拆，但即便如此，股價仍然繼續攀升。4 月 20 日，該股票被納入了港股通計劃，使得內地交易者可以購買該股票，股價再次飆升至 83.20 港元。按拆分前計算，相當於每股 832 港元，超過了四個月前 80 港元的 IPO 價格的 10 倍。</p>
</div><h4><strong>Stock tanks</strong></h4>
<div class="lb-trans"><p>但就在投資者沉浸在這種狂熱中時，股價在公司上週一宣佈與領先的智慧城市系統運營商 Inspur Smart City 簽署 <strong>戰略合作框架協議</strong> 後突然逆轉。該交易將使雙方在智慧城市、城市安全和城市數字基礎設施等領域進行基於人工智能的合作，預計價值約為 5 億元人民幣（7300 萬美元）。</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>儘管公告是積極的，但諾比侃的股票卻違背了正常邏輯，第二天反而下跌。公告後的第二天，其股價暴跌 34%，收於 45.42 港元，市值蒸發約 143 億港元（18.2 億美元）。此後股價持續下跌，週二收於 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>儘管從高點暴跌，但該股票仍然比其 IPO 價格高出約四倍，市盈率約為 100 倍。這引發了一個問題：什麼樣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>諾比侃成立於 2015 年，歷史僅有 11 年。其創始人廖宇的履歷並不特別出色。根據其招股説明書，他於 2008 年畢業於四川大學，獲得軟件工程碩士學位。從 2007 年到 2016 年，他在成都瑞智石科技和成都布魯斯視頻科技擔任技術人員。</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>諾比侃開發並銷售監控和檢查產品，以及為鐵路和電網公司提供相關解決方案。它還為城市管理提供解決方案。其業務分為三個主要類別：涵蓋軌道交通、機場和城市交通的交通解決方案；包括電力和化工行業的能源解決方案；以及涵蓋工業園區、校園、應急響應和社區管理等應用場景的城市管理解決方案。</p>
</div><h4><strong>Tepid profits</strong></h4>
<div class="lb-trans"><p>儘管該公司始終強調其使用人工智能，但與最近受到投資者青睞的大型人工智能模型或半導體公司相比，它的性質截然不同。諾比侃僅僅提供基於他人開發的人工智能行業模型的集成硬件 - 軟件解決方案，這使其吸引力降低。更直白地説，其業務似乎根本無法支撐如此高的估值。</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>利潤平平</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>事實上，諾比侃過去幾年的收入和利潤清楚地表明這並不是一家高增長公司。其收入從 2022 年的 2.53 億元增長到 2023 年的 3.64 億元，2024 年進一步增長至 4.03 億元。同時，在此期間，其利潤從 6316 萬元增長到 8857 萬元，然後在 2024 年達到 1.15 億元。</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，該公司的收入增長了 23.7%，達到 4.98 億元，但利潤僅微增 2.1%，達到 1.18 億元。利潤受到管理費用上升的拖累，管理費用增長了 16.4%，達到 4167 萬元，尤其是研發費用大幅上升 39.3%，達到 8295 萬元。</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>儘管去年的收入增長超過 20%，看起來相對強勁，但微薄的利潤增長並不令人印象深刻。</p>
</div><h4><strong>High accounts receivable</strong></h4>
<div class="lb-trans"><p>在其巔峯時期，諾比侃的市盈率曾高達 260 倍。即使該公司的利潤在今年翻倍，這在其近期軌跡下似乎不太可能，市盈率仍將保持在 50 倍以上——這並不便宜。這似乎暗示其股票的進一步價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>高應收賬款</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>儘管該公司 2025 年的 <strong>財務報告</strong> 未披露其壞賬費用或去年的應收賬款週轉天數，但其應收賬款仍持續攀升至 5.4 億元，同比增長 14%。持續高企的應收賬款水平表明，該公司在催收逾期客户的賬款時相對缺乏議價能力。</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領導者，如 <strong>SenseTime</strong>（0020.HK）和 <strong>Phancy Group</strong>（6682.HK），儘管去年仍未盈利，但規模顯著大於諾比侃。它們 2025 年的收入分別為 50 億元和 71 億元，市銷率（P/S）分別為 16.2 和 2.9。相比之下，諾比侃的年收入不足 5 億元，市銷率約為 22 倍。這似乎表明諾比侃的估值仍然過高，暗示該股票可能面臨額外的下行壓力。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
</div>

諾比侃在輝煌的首秀後迴歸現實