Workflow
募投项目缩减,纳百川IPO迎考
Bei Jing Shang Bao·2025-08-28 13:55

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for its IPO on the Shenzhen Stock Exchange, with a focus on thermal management products for electric vehicles and fuel vehicles [1][3]. Financial Performance - The company has shown significant fluctuations in net profit over recent years, with projected revenues of approximately 1.03 billion yuan, 1.14 billion yuan, and 1.44 billion yuan for 2022, 2023, and 2024 respectively, alongside net profits of about 113 million yuan, 98.25 million yuan, and 95.43 million yuan, indicating a downward trend [4]. - In the first half of 2025, the company reported revenues of 743 million yuan, a year-on-year increase of 45.88%, and a net profit of 31.28 million yuan, up 39.14% year-on-year [4]. - The company forecasts a revenue of 1.74 billion yuan for 2025, a growth of 20.86%, and a net profit of 105 million yuan, an increase of 9.72% [4]. Business Operations - Nanbaichuan specializes in the research, production, and sales of thermal management products, including battery liquid cooling plates and engine radiators [3]. - The company has reduced its fundraising target from 829 million yuan to 729 million yuan, canceling a planned expansion project to focus on core business and improve capital efficiency [5][6]. Customer Dependency - The company has a significant reliance on CATL (Contemporary Amperex Technology Co., Ltd.), with sales to CATL and its affiliates accounting for over 44% of total revenue in recent years [7]. - Nanbaichuan asserts that its relationship with CATL is stable and mutually beneficial, which mitigates concerns regarding its dependency on a single customer [7]. Ownership Structure - As of the date of the prospectus, the controlling shareholder is Chen Rongxian, with family members holding a combined 55.58% of the company's shares [7].