金吾财讯 | 诺比侃(02635)纳入港股通后大幅回调，现报15.62元，跌20.76%，累计跌幅已超过70%。
市场分析显示，该公司在正式纳入港股通前，已凭借利好预期迎来显著冲高行情，而“靴子落地”后，前期积累的大量获利盘选择高位集中兑现，引发资金快速离场、抛压激增，直接导致股价回调。与此同时，公司业务模式与盈利质量的隐忧进一步加剧市场担忧，其核心业务聚焦AI与数字孪生技术产业化应用，覆盖“AI+交通”“AI+能源”“AI+城市治理”等领域，尽管预计2025年营收同比增长23.7%，但归母净利润增速仅2.1%，远低于营收增幅，低毛利业务占比提升、智能硬件成本攀升，削弱了盈利稳定性。
此外，诺比侃未来还面临显著限售股解禁压力，今年6月23日、12月23日将分别有129.80万股、2505万股股份解禁，合计占总股本7.04%，潜在流通股供给增加，或将进一步加剧抛售情绪，给股价带来额外下行压力。
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