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Group 1: Company Overview - Nanbaichuan, established in 2007, focuses on thermal management products for new energy vehicle batteries, fuel vehicle power systems, and energy storage batteries, with key products including battery liquid cooling plates and engine radiators [1][3] - The company was one of the first to develop battery thermal management systems and has established strategic partnerships with major players like CATL, becoming a primary supplier for several leading new energy vehicle manufacturers [3][4] Group 2: Market Position and Financials - As of 2024, Nanbaichuan is projected to hold a market share of approximately 12.16% in the battery liquid cooling plate segment, indicating a leading position in this niche market [3] - The company has completed over 300 product projects and adapted more than 200 vehicle models, showcasing its extensive client network and operational scale [3] Group 3: Customer Dependency and Risks - Nanbaichuan has a significant reliance on CATL, with sales to CATL and its affiliates accounting for over 44% of its revenue from 2022 to Q1 2025, highlighting a potential risk if CATL's demand decreases [4] Group 4: Youshun Co., Ltd. Overview - Youshun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself in the upstream segment of the semiconductor industry [4][10] - The company is recognized as a "national champion" in the optical communication sector, with its core products achieving significant market share both domestically and globally [10] Group 5: Financial Performance and Market Share - Youshun's products have entered mainstream domestic module manufacturers and telecom operators, establishing a leading position in the 10Gbps and below product segment, with a projected market share of first in China and second globally by 2024 [10] Group 6: Control Risks - Youshun faces control risks due to its actual controllers holding a significant portion of voting rights, which may lead to potential changes in control that could adversely affect business operations and management stability [11]