Core Viewpoint - Four companies listed on the ChiNext board have announced their performance forecasts for 2025, all indicating an increase in net profit [1] Group 1: Company Performance Forecasts - Company N Tian Su (301449) expects a net profit increase of 10.31% [1] - Company N Na Bai Chuan (301667) anticipates a net profit increase of 9.72% [1] - Company Xin Heng Hui (301678) projects a net profit increase of 4.66%, with a latest closing price of 67.18 yuan and a year-to-date increase of 60.41% [1] - Company Nan Wang Digital (301638) forecasts a net profit increase of 2.76%, with a latest closing price of 19.80 yuan and a year-to-date increase of 7.14% [1] Group 2: Industry Insights - The companies span various industries, including social services, automotive, electronics, and computer sectors [1]

Core Viewpoint - The article discusses the IPOs of several companies, including 蘅东光, 天溯计量, and 锡华科技, highlighting their business models, market positions, and potential risks associated with their operations. Group 1: 蘅东光 - 蘅东光, established in September 2011, specializes in the R&D, manufacturing, and sales of passive optical devices in the optical communication field, recognized as a national high-tech enterprise [2] - The company has achieved significant technological milestones, including 111 domestic patents and 1 international patent, and has established long-term partnerships with major clients like AT&T, Verizon, and Google [2] - 蘅东光's assets and revenue are projected to grow rapidly, with a compound annual growth rate (CAGR) of 61.34% for total assets and 66.33% for revenue from 2022 to 2024 [3] Group 2: 天溯计量 - 天溯计量, founded in 2009, is an independent third-party measurement and testing service provider, offering calibration, testing, and certification services across various fields [4] - The company has developed extensive battery testing capabilities and serves notable clients in the new energy sector, including 中创新航 and 小鹏汽车 [4] - 天溯计量's gross margin has shown a declining trend, with figures of 52.67%, 53.86%, 53.40%, and 51.56% from 2022 to the first half of 2025, indicating potential pricing pressures in the market [5][6] Group 3: 锡华科技 - 锡华科技 focuses on the R&D, manufacturing, and sales of specialized components for large high-end equipment, particularly in the wind power sector, and is recognized for its comprehensive service capabilities [6] - The company has a high customer concentration risk, with revenue from its top five clients accounting for over 90% of its main business income from 2022 to 2025 [7] - 锡华科技 aims to reduce its customer concentration by expanding its production capacity and acquiring new clients, although it remains vulnerable to fluctuations in its major clients' performance [7] Group 4: 纳百川 - 纳百川, established in 2007, specializes in thermal management products for electric vehicle batteries and fuel vehicles, being one of the early entrants in the new energy vehicle sector [8] - The company has a strong partnership with 宁德时代, with significant revenue dependence on this client, accounting for over 44% of its sales from 2022 to the first quarter of 2025 [9][10] - Despite its growth, 纳百川 acknowledges the risks associated with its reliance on 宁德时代, particularly if market conditions change and demand decreases [10]

纳百川公告称，公司首次公开发行不超2791.74万股股票并在创业板上市，发行价22.63元/股。初始战略 配售558.3480万股，占比20%，最终战略配售418.7610万股，占比15%，差额139.5870万股回拨至网下。 回拨后，网下最终发行1228.3790万股，网上最终发行1144.6000万股。网上投资者放弃认购47,916股， 由主承销商包销。发行费用合计7621.86万元。 ...

Group 1 - The company Nanbaichuan New Energy Co., Ltd. (stock code: 301667.SZ) has conducted its initial public offering (IPO) on the exchange, with Zheshang Securities Co., Ltd. as the lead underwriter [1] - The fund managed by the company, Baodao CSI 300 Index Quantitative Enhanced Fund, participated in the IPO subscription after careful research and compliance with regulatory approval procedures [1] - The issuance price was determined through negotiations between the issuer and the lead underwriter, considering factors such as offline inquiry pricing, the number of shares issued, the issuer's fundamentals, industry valuation levels, and underwriting risks [1] Group 2 - The announcement was made by Baodao Fund Management Co., Ltd. on December 11, 2025 [2]

Group 1: New Stock Offerings - This week (December 8 to 12), there are five new stocks available for subscription, including one from the Shenzhen main board, one from the Shanghai main board, two from the ChiNext board, and one from the Sci-Tech Innovation board [1] - The subscription dates are as follows: Nabai Chuan and Youxun Co., Ltd. on December 8, Yuanchuang Co., Ltd. on December 9, and Tiansu Measurement and Xihua Technology on December 12 [1] Group 2: Company Highlights - Nabai Chuan focuses on thermal management systems for power batteries in electric vehicles and has become a benchmark enterprise in the domestic battery liquid cooling plate sector, benefiting from over ten years of technological accumulation [2] - Youxun Co., Ltd. is a leading enterprise in the optical communication chip sector, recognized for providing comprehensive optical communication chip solutions and has achieved significant market presence in both domestic and global markets [3][4] - Yuanchuang Co., Ltd. is a major player in the rubber track industry, offering over a thousand types of rubber track products and recognized for its technical strength and industry position [4] - Xihua Technology specializes in the research, manufacturing, and sales of components for large high-end equipment, particularly wind power gearbox components, and is a leader in the global industry [4] - Tiansu Measurement, established in 2009, is a national independent third-party measurement and testing service provider, recognized as a national high-tech enterprise and a champion in the manufacturing sector [5]

纳百川公告称，公司首次公开发行的A股股票将于2025年12月23日在深交所创业板上市，股票简称"纳 百川"，代码301667。首次公开发行后总股本11,166.96万股，发行股票数量2,791.74万股，占发行后总股 本25%，全部为新股。本次发行价格22.63元/股，对应的2024年扣非后摊薄市盈率为28.70倍，低于行业 最近一月静态平均市盈率及可比公司平均静态市盈率。公司提醒投资者关注创业板投资和股价波动风 险。 ...

Core Viewpoint - The company emphasizes the importance of standardization in the development, production, and final products, which is increasingly recognized by the industry as its product range expands and its market position strengthens [1]. Group 1: Company Standards and Achievements - The company has established a series of corporate standards to enhance the standardization of its processes and products [1]. - As of March 2025, the company led the drafting of the "Technical Conditions for Liquid Cooling Plates of Automotive Power Batteries," which was officially released by the China Society of Automotive Engineers on November 29, 2023, under the standard number T/CSAE324-2023 [1].

Core Viewpoint - The company successfully held an online roadshow for its initial public offering (IPO) on the ChiNext board, showcasing advancements in production technology and quality control measures [1] Group 1: Production Technology - The company has independently developed 5-micron level solder powder line equipment and methods, insulation powder spraying technology, and NOCOLOK brazing equipment and methods [1] - Improvements in soldering processes allow the company to recycle solder while enhancing the efficiency and uniformity of product coating, which increases the final product welding rate and reduces energy consumption and processing time [1] - Customized NOCOLOK brazing furnaces and developed brazing process parameters significantly increase the processing quantity per shift, further lowering unit processing costs [1] Group 2: Quality Control - The company is a pioneer in the industry by introducing advanced vacuum box helium automatic detection technology, improving detection precision to 2*10^-8 Pa.M3/s [1] - This technology enhances the overall yield of product sealing effectiveness, ensuring zero leakage of coolant during the warranty period [1] - The leakage evaluation threshold for liquid cooling plate products has been raised to a new standard, reflecting the company's commitment to quality [1]

了解本次路演活动，请点击：https://rs.p5w.net/html/176473293926229.shtml 纳百川新能源股份有限公司首次公开发行股票并在创业板上市网上路演于2025年12月5日（星期五） 14:00-17:00在全景路演成功举行。 路演现场，公司方在回复投资者提问时表示，公司将通过加强销售与服务网络建设，一方面完善公司生 产基地的地理空间布局，贴近服务客户，为客户搭建完善的配套服务体系，实现业务服务、技术支持的 属地化、区域化管理，积极参与客户同步开发，巩固和提升市场占有率和品牌地位，增强公司核心竞争 力；另一方面在保持现有客户群体的基础上，积极发展新的战略客户，以实现公司业务的持续增长。 ...

Core Viewpoint - The company, Nabichuan New Energy Co., Ltd., successfully held an online roadshow for its initial public offering (IPO) on the ChiNext board, emphasizing its commitment to research and development (R&D) innovation and talent acquisition [1] R&D Investment - The company has significantly increased its R&D investment from 34.07 million yuan in 2022 to 10.17 million yuan in the first quarter of 2025, with respective proportions of revenue being 3.30%, 3.87%, 3.77%, and 3.01% [1] - The R&D expenses for the years 2022 to Q1 2025 are as follows: 34.07 million yuan, 43.94 million yuan, 54.11 million yuan, and 10.17 million yuan [1] R&D Achievements - As of March 2025, the company has obtained 20 invention patents and 183 utility model patents, showcasing its focus on innovation [1] - The company engages in collaborative R&D with higher education institutions in addition to its internal R&D efforts [1]