Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has officially listed on the Shenzhen Stock Exchange, marking a significant milestone for Taishun County as its first publicly traded company, reflecting the integration of local manufacturing with capital markets [1][2]. Company Overview - Nanbaichuan, headquartered in Taishun County, has been focusing on the research and development of power battery thermal management since 2011, becoming one of the earliest companies in this field in China [2]. - The company's core product, the power battery liquid cooling plate, is essential for the safety, endurance, and efficient operation of electric vehicle battery systems, preventing overheating and capacity degradation [2]. - Nanbaichuan has established a vast customer base, including major domestic manufacturers like NIO, Xpeng, and Geely, as well as international brands such as Mercedes-Benz and Toyota, adapting over 200 vehicle models and completing more than 300 development projects [2]. Financial Highlights - The company publicly issued 27.9174 million shares at a price of 22.63 yuan per share, raising funds primarily for a production project in Chuzhou with an investment of 579.4004 million yuan, aimed at significantly increasing production capacity [3]. - From 2022 to 2024, the company's main business revenue is projected to grow from 1,008.1332 million yuan to 1,407.8110 million yuan, with a compound annual growth rate of 18.17% [5]. - In the first quarter of 2025, the company achieved a revenue of 329.4162 million yuan, reflecting a year-on-year growth of 69.55%, with an optimistic forecast of 1,736.7642 million yuan for the entire year, representing a 20.86% increase [5]. Research and Development - The company prioritizes research and development, with R&D expenses increasing from 34.0696 million yuan in 2022 to 54.1117 million yuan in 2024, resulting in 203 authorized patents, including 20 invention patents [4]. - Nanbaichuan is advancing its production capabilities through automation and green transformation, implementing advanced manufacturing technologies to enhance efficiency and product consistency [4]. Market Expansion - The company has successfully entered the supply chain of leading energy companies, providing thermal management solutions for energy storage batteries, with a projected global energy storage battery shipment of 449 GWh by 2025, indicating significant market potential [7]. - The listing of Nanbaichuan is part of a broader trend in Wenzhou, where the number of A-share listed companies has increased significantly, reflecting a robust manufacturing sector and a supportive environment for capital market development [9][10].
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