Core Insights - The company, Nabichuan, has made a significant debut in the public capital market with a first-day increase of over 408% in stock price, highlighting its strong market position in battery thermal management systems [1] - The rapid growth of the electric vehicle (EV) market, with penetration rates exceeding 40%, and a fivefold increase in energy storage installations over three years, indicates a burgeoning opportunity in the battery thermal management sector [1][8] - Nabichuan has established itself as a leader in the domestic battery liquid cooling plate market, achieving a market share of 12.16% in 2024 and forming deep partnerships with major players like CATL and NIO [1][2] Company Development - Founded in 2007, Nabichuan initially focused on engine radiators for fuel vehicles before pivoting to battery thermal management systems in 2011, becoming one of the first companies in China to enter this field [2] - The company has developed a robust competitive barrier with proprietary technologies in temperature control, lightweight design, and automated production, holding 20 invention patents and 183 utility model patents as of March 2025 [3] - Nabichuan has demonstrated high product development efficiency, completing a battery liquid cooling plate project for Mercedes-Benz in just 210 days, significantly faster than the planned 340 days [3] Production Capacity and Market Position - The company operates three production bases in Zhejiang Wenzhou, Anhui Ma'anshan, and Anhui Chuzhou, with over 200,000 square meters of production space, supporting comprehensive supply capabilities for core customers [4] - Nabichuan's client network includes leading domestic battery manufacturers and mainstream EV manufacturers, having completed over 300 product projects and adapted more than 200 vehicle models [5] Financial Performance - From 2022 to 2024, Nabichuan's revenue from battery liquid cooling plates in the energy storage sector is projected to grow from 1.031 billion yuan to 1.437 billion yuan, with a compound annual growth rate (CAGR) of 18.07% [6] - In the first three quarters of 2025, the company reported a revenue increase of 32.29% year-on-year, reaching 1.208 billion yuan, and a net profit of 58 million yuan, reflecting a return to growth [7] Market Opportunities - The demand for battery liquid cooling plates is expected to rise significantly, with the market size projected to reach 14.5 billion yuan by 2025, driven by the rapid growth of the EV market [8] - The integration of battery cooling plates with battery packs is anticipated to enhance product value, with the single vehicle value of battery cooling plates estimated at around 700 yuan [9] - The energy storage market is also set to expand, with the liquid cooling market expected to reach 7.4 billion yuan by 2025, as more companies adopt liquid cooling solutions for their energy storage systems [10] Future Growth Potential - Nabichuan's IPO funding will support the construction of a new production project with an annual capacity of 3.6 million sets of cooling plates, facilitating a shift towards integrated solutions combining cooling plates and battery packs [11] - The company's strong market recognition, evidenced by its 408% stock price increase on the first day of trading, reflects investor confidence in its growth trajectory in the thermal management sector [11]

Group 1 - The core viewpoint of the news is that Nabichuan has successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market, with a significant increase in stock price on the first day of trading, reflecting strong market interest [1] - On the first trading day, Nabichuan's stock opened at 60 yuan per share and surged nearly 700%, closing at 115 yuan per share, which is an increase of over 408.17% from the issue price of 22.63 yuan per share, resulting in a total market capitalization of 12.84 billion yuan [1] - The company issued 27.9174 million shares, accounting for 25% of the total share capital post-issue, with a total share capital of approximately 112 million shares [1] Group 2 - Despite the strong market performance, the company has shown a clear trend of "increasing revenue without increasing profit," with projected revenues of 1.031 billion yuan, 1.136 billion yuan, and 1.437 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth of 98.37%, 10.21%, and 26.48% [2] - The net profit attributable to shareholders is projected to be 113 million yuan, 98 million yuan, and 95 million yuan for the same years, showing a year-on-year increase of 134.65% in 2022, followed by decreases of 13.29% and 2.88% in 2023 and 2024 respectively [2] - The company is characterized by a "family-led" governance structure, with the actual controller being Chen Rongxian, who, along with his family, controls 55.58% of the shares, and the Chen family collectively holds over 75% of the shares [2]

Core Viewpoint - The company, Nabichuan New Energy Co., Ltd., is set to conduct its initial public offering (IPO) on the ChiNext board, with a share price of 22.63 yuan per share, which reflects a diluted price-to-earnings (P/E) ratio of 28.70 times for 2024, lower than the industry average [3][12][29]. Group 1: IPO Details - The IPO will consist of 27.9174 million shares, accounting for 25.00% of the total share capital post-IPO [29]. - The offering price of 22.63 yuan per share is determined based on market conditions, comparable company valuations, and investor demand [4][27]. - The strategic placement of shares will account for 15.00% of the total offering, with the final number of shares allocated to strategic investors being 4.18761 million [5][6]. Group 2: Financial Metrics - The diluted P/E ratio of 28.70 is lower than the recent static average P/E of 28.71 for the automotive manufacturing industry [3][12]. - The average static P/E ratio for comparable listed companies is 49.24, indicating that the company's valuation is competitive within its sector [3][12]. Group 3: Company Strengths - The company is recognized as a national-level "specialized and innovative" small giant enterprise and has received various certifications for its technological capabilities [15][16]. - It has developed a robust core technology system that addresses critical issues in battery module temperature control, enhancing product quality and performance [16][20]. - The company has established a strong customer base, including major battery manufacturers and automotive brands, which provides a stable order flow and cash flow [18][19]. Group 4: Production and Management Capabilities - The company operates three production bases with over 200,000 square meters of manufacturing space, ensuring efficient supply chain management and production capabilities [24]. - It has implemented advanced production technologies and quality management systems, achieving high standards in product consistency and reliability [20][21]. - The management team is experienced and has a strong commitment to talent development, ensuring effective resource allocation and responsiveness to customer needs [25].

Core Viewpoint - The company, Aotega, is actively expanding its battery thermal management solutions for heavy electric truck manufacturers and aims to enhance collaboration with OEM clients while exploring technical optimizations for specific geographical scenarios [1] Group 1 - The company has already provided battery thermal management products to heavy electric truck manufacturers [1] - Aotega is committed to extending its technical solutions to more complex application environments [1] - Future plans include strengthening cooperation with OEM clients and exploring technical optimizations based on customer needs [1]

Core Insights - LLZTO (Lithium Lanthanum Zirconium Oxide) is identified as a key material for solid-state batteries, maintaining exceptionally low temperatures during operation, making it an ideal candidate for next-generation rechargeable batteries [1][2] - A recent study from the University of California, Riverside, published in the journal PRX Energy, reveals the reasons behind LLZTO's low thermal conductivity, which is crucial for developing safer and higher energy density lithium batteries [1] Group 1 - LLZTO is a ceramic material that serves as a solid electrolyte, providing higher energy density while significantly reducing the risks of overheating and fire [1] - The thermal conductivity of LLZTO is measured at only 1.59 W/m·K, approximately 1/250th that of copper, indicating that low thermal conductivity is an inherent property of the material [1] - The research utilized floating zone method to grow LLZTO single crystals, which reflect the intrinsic properties of the material [1] Group 2 - The study found that the presence of numerous optical phonon modes in LLZTO leads to interactions that scatter the primary heat-conducting acoustic phonons, thereby hindering thermal conduction [2] - LLZTO exhibits significant "anharmonicity," which relates to the degree of deviation of atomic vibrations from ideal states, associated with the movement of mobile ions within the material [2] - Understanding how LLZTO naturally impedes heat flow is essential for managing internal temperature variations in solid-state batteries, thereby enhancing safety and performance [2]

Core Viewpoint - The company plans to invest 201 million RMB in the construction of an intelligent computing liquid cooling R&D center and battery thermal management system production base in Chongqing's Jiangbei District [1] Investment Details - The investment will be funded through the company's own capital and self-raised funds [1] - The total investment amount is 201 million RMB [1] Market and Product Development - The company has made breakthroughs and deliveries with key clients in both intelligent computing liquid cooling and battery system thermal management [1] - Upon completion, the project will significantly enhance the company's production capacity for intelligent computing liquid cooling and battery system components [1] - The company has developed and validated core products that meet the flexible deployment and operational needs of data centers and battery systems [1] Future Capabilities - The new facility will provide customized liquid cooling solutions for high-heat chips such as AI computing servers, GPUs, and CPUs [1] - The project will enable rapid iteration and large-scale delivery capabilities [1]

Core Viewpoint - The company plans to invest 201 million yuan in the construction of an intelligent computing liquid cooling research and development center and a battery thermal management system R&D production base in Jiangbei District, Chongqing [1] Investment Details - The investment will be made using the company's own funds and self-raised funds [1] - The total investment amount is 201 million yuan, which is approximately 28.5 million USD [1]

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core View of the Report The report provides insights into the operations and development of Sulian Co., Ltd. The company's gross profit is expected to remain stable and slightly increase, with its battery business growing rapidly and new businesses such as data liquid cooling showing promising progress [23]. 3. Summary by Relevant Sections 3.1. Research Basic Information - Research object: Sulian Co., Ltd. [16] - Industry: Not specified - Reception time: August 29, 2025 [16] - Company reception personnel: Director and Board Secretary Han Xiao, Director and Financial Officer Liao Qiang [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (China International Capital Corporation, Zhongtai Securities, Huatai Securities), investment companies (Tianni Investment, Zeming Investment, Hengshi Investment), asset management companies (Xunyuan Asset, Dapu Asset, Shangcheng Asset), and others [17][18]. 3.3. Main Content Information - **Gross profit outlook**: Gross profit is expected to remain stable and slightly increase, benefiting from internal and external efforts such as new product development, material substitution, and cost - reduction measures [23]. - **Top five customers**: The top five customers in the first half of the year remained the same as last year, but the concentration decreased year - on - year [23]. - **Battery business**: The battery business is growing faster than the main business, with a dedicated battery division established. The company has received development tasks for various battery - related products and some products are in the process of production [23][24]. - **Data liquid cooling business**: The company has developed UQD products for data centers and established a subsidiary for related business. It is working on R & D of supporting components and solutions and has established business contacts with major customers [24]. - **Other business expansion**: The company is developing new products such as hydrogen fuel cell pipelines, air suspension products, and independent sales products. Air suspension products have been mass - produced in some models [25]. - **Business similarity**: The similarity between the main business and Sulian Zhikong's business is high, with a process and technology compatibility of over 70% [25].

Core Viewpoint - The rapid development of the electric vehicle industry is accompanied by safety concerns, particularly regarding battery thermal runaway, which is primarily caused by high temperatures and overcharging. Advanced battery thermal management systems are essential for ensuring safety [1]. Group 1: Battery Thermal Management Systems - The design phase of battery thermal management systems is critical, requiring simulations to ensure uniform cooling across all cells and complete sealing to prevent liquid contact with cells [1]. - Common issues arise from client-provided module and cell designs, leading to ineffective thermal management, particularly in corner cells due to design flaws [1]. - Safety in battery thermal management relies on design, materials, and technological innovation, with design being the most significant factor, especially under high load conditions [1]. Group 2: New National Standards - In March, the Ministry of Industry and Information Technology released new safety requirements for electric vehicle batteries, mandating that batteries must not catch fire or explode, with new tests for bottom impact and fast charging cycles to be implemented by July 2026 [2]. - This new standard is expected to drive companies to redesign battery pack structures and thermal management systems, promoting high-quality development in the industry and potentially leading to a "stronger gets stronger" market dynamic [2]. Group 3: Material Selection and Cost Implications - The new national standard will not affect existing solutions but will require the selection of appropriate materials, with changes in the chemical composition of thermal management circuit liquids [3]. - For lower temperature requirements, cheaper materials are sufficient, but higher performance materials will increase costs, with immersion cooling systems potentially costing about 25% more than traditional systems [3]. Group 4: Industry Response and Opportunities - Several battery companies, including BYD, Xinwanda, Guoxuan High-Tech, and CATL, have announced that their products meet or exceed the new national standards [4]. - The new standards are expected to promote safety upgrades in the battery industry, leading to optimization in thermal management and liquid cooling systems, as well as improvements in lithium battery material thermal stability [4]. - Solid-state batteries, viewed as the next generation of technology with higher safety performance, require more efficient thermal management designs due to the low thermal conductivity of solid electrolytes, with material costs for thermal management systems being 10% to 15% higher [4].

Group 1 - The new national standard for electric vehicle batteries requires companies to redesign battery pack structures and thermal management systems to enhance safety and performance [1][2] - The standard, which will be implemented in July 2026, mandates that batteries must not catch fire or explode under internal short circuit conditions, marking it as the strictest battery safety regulation to date [2] - Industry experts believe that the new standard will accelerate high-quality development in the sector, potentially leading to a "stronger survive" market dynamic [2] Group 2 - Companies like BYD, Xinwanda, Guoxuan High-Tech, and CATL have announced that their products meet or exceed the new standard requirements [4] - The new standard is expected to promote safety upgrades in the battery industry, driving optimization in thermal management and liquid cooling systems, as well as improvements in lithium battery material thermal stability [4] - Solid-state batteries, viewed as the next generation of advanced technology, require more efficient thermal management designs due to their lower thermal conductivity, with material costs for thermal management systems expected to increase by 10% to 15% [4]