NUOBIKAN's stock plummeted 9.58% intraday, extending a sharp decline from recent sessions.

The selloff follows the company's inclusion in the Shanghai-Shenzhen-Hong Kong Stock Connect, which initially triggered a rally but quickly reversed as investors engaged in aggressive profit-taking. Market sentiment has been further dampened by concerns over the company's earnings quality, with its latest fiscal results showing revenue growth of 23.7% significantly outpacing a mere 2.1% rise in net profit attributable to shareholders.

Rising smart hardware costs and an increasing share of lower-margin business segments have undermined profitability expectations. Despite a newly announced strategic cooperation framework with Inspur Smart City valued at approximately RMB 500 million, investors remain focused on the disconnect between the company's high valuation and its ability to deliver sustainable profit growth.