Venture(US:VEMLY) Zheng Quan Shi Bao Wang·2025-08-22 05:53Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for its IPO on the ChiNext board, focusing on thermal management systems for new energy vehicles and energy storage batteries, with strong growth in revenue and net profit expected in the coming years [1][2]. Group 1: Company Overview - Nanbaichuan specializes in the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1]. - The company has shown a positive growth trend in its main business, with revenue increasing from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024, representing a compound annual growth rate (CAGR) of 18.17% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 111.12 million yuan in 2022, 89.26 million yuan in 2023, and 88.04 million yuan in 2024, with a significant increase of 77.85% in the first quarter of 2025 [1]. Group 2: Innovation and R&D - Established in 2011, Nanbaichuan is one of the early domestic companies to independently develop thermal management systems for power batteries, building a robust technical system focused on temperature control, lightweight design, and quality optimization [2]. - The company has invested in R&D, with expenses rising from 34.07 million yuan in 2022 to 54.11 million yuan in 2025, and holds 20 invention patents and 183 utility model patents [3]. - Nanbaichuan's products have been recognized for their quality, receiving multiple awards, including the "Quality Excellence Award" from CATL [3]. Group 3: Market Opportunities - The global new energy vehicle market has seen a compound annual growth rate of over 53% since surpassing 1 million units sold in 2017, with China leading in both sales and manufacturing [4]. - In 2024, China's new energy vehicle production and sales are expected to reach 12.888 million units and 12.866 million units, respectively, with a year-on-year growth of 34.43% and 35.50% [4]. - Nanbaichuan has established itself as a leading supplier in the new energy thermal management system sector, completing over 300 projects and adapting to more than 200 vehicle models [4]. Group 4: Client Ecosystem and Funding - The company has a strong client base, including major domestic new energy vehicle manufacturers such as Geely, Changan, and Xpeng, and has recently developed new clients in the energy storage sector [5]. - Nanbaichuan plans to raise 72.9 million yuan to fund a new production project for water-cooled plates and to supplement working capital [5].