（新能源汽车与燃油汽 车热管理差异） 新能源汽车逐渐朝着高能量密度和高续航的方向发展，对电池热管理的需求日益提升。随着新能源汽车 未来销量的快速增长，新能源汽车热管理核心零部件电池液冷板的市场需求空间也会随之得到进一步扩 展。一览众咨询数据显示：2024年中国新能源汽车动力电池液冷板市场规模为92亿元，预计2030年将达 到177亿元。 （来源：一览众车） 新能源汽车的发展，对于汽车热管理系统是一场大的变革。传统燃油车的热管理架构主要包括了空调系 统以及动力总成热管理系统。新能源汽车由于动力源发生了变化，新增了三电系统，因此要对电池、电 机、电控等进行热管理的重新构建。 （电池包结构） 企业格局方面，一直以来，动力电池液冷板新兴行业正处于高速发展阶段，行业技术壁垒较高，生产企 业较少，市场较为集中。近几年来，国内其他领域的企业开始进入液冷板行业，在该领域也瓜分了以前 优势企业的市场份额。从趋势来看，随着国内液冷板企业技术的成熟，参与企业数量将增加，市场集中 度有逐渐下降的趋势。 从前景来看，电池液冷板与电池箱体的集成化趋势将带来产品附加值的进一步提升，也为电池液冷板制 造商创造了更大的市场空间，国内企业将迎来 ...

Core Insights - The company is responding to increasing demand for brazing materials in emerging sectors such as electric vehicle thermal management and photovoltaic energy storage [1] Group 1 - The company has already laid out corresponding products for the electric vehicle thermal management and photovoltaic energy storage sectors and has begun to generate revenue from these areas [1] - Currently, the revenue contribution from these emerging sectors is still relatively small [1]

Core Viewpoint - Huaguang New Materials has begun to generate revenue from products related to thermal management in the electric vehicle sector and photovoltaic energy storage, although the revenue contribution is currently small [2] Group 1 - The company has made strategic investments in the fields of electric vehicle thermal management and photovoltaic energy storage [2] - Revenue from these new product lines is starting to materialize, indicating a positive development in the company's diversification efforts [2] - The current revenue contribution from these sectors remains relatively low, suggesting potential for future growth as these markets expand [2]

Group 1 - The core viewpoint of the article highlights the increasing demand for brazing materials in emerging fields such as thermal management for electric vehicles and photovoltaic energy storage, prompting the company to adjust its production capacity and R&D direction to seize market opportunities [2] - The company has already laid out corresponding products for the electric vehicle thermal management and photovoltaic energy storage sectors and has begun to generate revenue from these areas, although the current revenue contribution is still small [2]

Core Viewpoint - The acquisition of Dongguan Silicon Xiang by Aike Co., Ltd. aims to enhance its presence in the thermal management sector of the new energy vehicle and energy storage markets, with a focus on liquid cooling technology [2][3]. Group 1: Acquisition Details - Aike Co., Ltd. plans to acquire 100% of Dongguan Silicon Xiang for a preliminary price of 2.2 billion yuan through a combination of share issuance and cash payment [2]. - The transaction is expected to constitute a major asset restructuring, with Aike's stock resuming trading on December 3 [2]. Group 2: Company Profile of Dongguan Silicon Xiang - Dongguan Silicon Xiang specializes in the research, design, manufacturing, and sales of thermal management products, providing comprehensive services from product design to mass production [2]. - Key products include CCS integrated busbars, FPC flexible circuit boards, heating films, and insulation cotton, with a growing focus on liquid cooling products such as liquid cooling plates and immersion cooling units [2]. Group 3: Financial Performance - Dongguan Silicon Xiang's revenue is projected to grow from 1.37 billion yuan in 2022 to 1.92 billion yuan in 2024, with a net profit of 125 million yuan expected in 2024 [2]. - The company is experiencing a significant net profit growth rate of 55.4% from 2023 to 2024, with revenue reaching 1.9 billion yuan and a net profit of 160 million yuan in the first nine months of 2025 [2]. Group 4: Strategic Value of the Acquisition - The acquisition allows Aike Co., Ltd. to enter the high-growth liquid cooling market, integrating thermal management, safety materials, and precision components into a complete product matrix [3]. - The demand for efficient liquid cooling technology is expected to grow significantly due to the scaling of new energy vehicles, high-energy-density batteries, and data centers, transitioning from an optional to a necessary solution [3]. - Dongguan Silicon Xiang's established revenue stream in liquid cooling positions Aike Co., Ltd. for future growth in high-value liquid cooling system solutions [3].

Core Viewpoint - The acquisition of Dongguan Silicon Xiang by Aike Co., Ltd. is expected to constitute a significant asset restructuring, with a transaction price of 2.2 billion yuan for 100% equity [1][6]. Group 1: Acquisition Details - Aike Co., Ltd. plans to acquire 100% equity of Dongguan Silicon Xiang through a combination of issuing shares and cash payments, while also raising matching funds from no more than 35 specific investors [1][6]. - The stock of Aike Co., Ltd. will resume trading on December 3 following the announcement of the acquisition [1][6]. Group 2: Dongguan Silicon Xiang's Business Overview - Dongguan Silicon Xiang specializes in the research, design, manufacturing, and sales of products related to battery signal acquisition and thermal management, offering a full range of services from product design to mass production [3][8]. - Key products include CCS integrated busbars, FPC flexible circuit boards, heating films, and thermal insulation materials, with active expansion into liquid cooling products such as liquid cooling plates and immersion cooling units [3][8]. Group 3: Financial Performance and Growth Potential - Financial data indicates that Dongguan Silicon Xiang's revenue is projected to grow from 1.37 billion yuan in 2022 to 1.92 billion yuan in 2024, with a net profit of 125 million yuan in 2024 [4][8]. - The net profit growth rate from 2023 to 2024 is expected to be as high as 55.4%, with revenue for the first nine months of 2025 already reaching 1.9 billion yuan and a net profit of 160 million yuan [4][8]. - The acquisition is strategically valuable as it allows Aike Co., Ltd. to enter the thermal management sector of the new energy vehicle and energy storage markets, creating a comprehensive product matrix covering battery thermal management, safety, and structure [4][9]. Group 4: Market Trends and Future Outlook - Dongguan Silicon Xiang has successfully entered the high-growth liquid cooling sector, with revenue from liquid cooling products expected to begin in 2024 and grow rapidly in 2025 [9]. - The demand for efficient liquid cooling technology is shifting from optional to essential due to the scaling of new energy vehicles, high-energy-density batteries, and data centers, indicating a broad market potential [9]. - The timely execution of the acquisition plan eliminates uncertainties, shifting market focus from "whether the acquisition will happen" to "growth realization" for Aike Co., Ltd., positioning the company for a new valuation milestone [5][9].

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to the market index by more than 15% over the next 6-12 months [35]. Core Insights - The company, Nabichuan, focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries. It has established a strong position in the domestic market for battery liquid cooling plates [9][27]. - The company has shown significant revenue growth, with projected revenues of 1.03 billion yuan in 2022, 1.14 billion yuan in 2023, and 1.44 billion yuan in 2024, representing year-over-year growth rates of 98.37%, 10.21%, and 26.48% respectively [10][31]. - The company is actively expanding its product offerings, including innovations in battery box integration and the development of energy storage battery thermal management systems, which are expected to drive future growth [28][29]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 1.03 billion yuan in 2022, 1.14 billion yuan in 2023, and 1.44 billion yuan in 2024, with corresponding year-over-year growth rates of 98.37%, 10.21%, and 26.48% [10][31]. - The net profit attributable to the parent company was 113 million yuan in 2022, 98 million yuan in 2023, and 95 million yuan in 2024, with year-over-year changes of 134.65%, -13.29%, and -2.88% respectively [10][31]. Industry Situation - The automotive thermal management industry is divided into power system thermal management and comfort thermal management. The complexity and value of thermal management systems in new energy vehicles are significantly higher than in traditional fuel vehicles [18][20]. - The market for battery liquid cooling plates is expected to grow substantially, with a projected market size of 145 billion yuan globally by 2025, driven by the increasing demand for new energy vehicles [20][26]. Company Highlights - The company has a long-standing focus on the thermal management sector and is one of the earliest players in the new energy vehicle thermal management market. It has established partnerships with major manufacturers like CATL and SAIC Volkswagen [27][28]. - The company is expanding its product lines, including the development of integrated battery boxes and energy storage thermal management systems, which are expected to enhance its market position [28][29]. Fundraising Project Investment - The company plans to invest in a project to produce 3.6 million sets of water cooling plates annually, with an investment of approximately 57.94 million yuan [29][30].

深圳商报·读创客户端记者 宁可坚 11月28日，北交所对安徽新富新能源科技股份有限公司（简称"新富科技"）公开发行股票并在北交所上 市的申请文件发出第二轮审核问询函。 该轮问询深度聚焦公司废料销售及成本核算的准确性、经营业绩的可持续性、募集资金使用的合理性， 以及关联交易公允性、入股合规性等多个关键问题。 新富科技自成立以来一直专注于新能源汽车热管理零部件的研发、生产和销售，主要产品包括电池液冷 管、电池液冷板。相关产品使电芯保持在合理的工作温度范围内，以优化电芯老化速度、循环效率、充 放电效率，在提高电池组寿命的同时，极大降低热失控风险。 募资补流合理性被问询 废料"零成本"？ 问询函指出，新富科技未将废料成本在产品成本和废料成本中进行分配，废料在销售时计入其他业务收 入，对应其他业务成本为零，如为研发活动产生废料，则对应冲减研发费用。 北交所要求，说明生产和研发活动中废料管理内控流程、会计核算和处理的具体方式和差异情况，公司 研发活动废料价值评估的具体方法，并结合相关情况，说明公司生产和研发废料是否能够准确评估价 值，报告期内公司未核算生产废料成本而核算研发废料费用的合理性，并结合相关情况，说明公司关于 ...

Core Viewpoint - VOSS Group's innovative thermal management solutions for new energy vehicles have been recognized with the "2025 Annual Recommended New Energy Energy-saving Thermal Management System" award, highlighting its leadership in the automotive parts industry and commitment to the Chinese market [1][6]. Group 1: Company Overview - VOSS Group, a "hidden champion" in the global automotive parts sector, has nearly a century of engineering expertise and maintains a leading position in thermal management solutions for electric, hybrid, and fuel cell vehicles [3]. - The company has established itself as a core supplier of thermal management technology across Europe, Asia, and North America, focusing on customized solutions that redefine standards in the industry [3]. Group 2: Localization Strategy - In response to the rapid growth of the Chinese new energy vehicle market, VOSS is accelerating its localization efforts, with a new R&D and production base for thermal management products set to open in Changzhou, Jiangsu, in May 2024 [3]. - This strategic move aims to provide tailored, high-adaptability, and quick-delivery solutions to domestic automakers, integrating global leading thermal management technology with China's new energy vehicle industry [3]. Group 3: Product Innovations - VOSS has introduced innovative nylon pipe and quick-connect solutions for thermal management in new energy commercial vehicles, addressing durability and efficiency demands from manufacturers [8]. - The nylon pipe assembly significantly improves battery system safety and reduces assembly time by 2-3 times compared to traditional designs, while also achieving a 60% weight reduction, aligning with the industry's lightweight development trend [10]. Group 4: Integrated Supply Chain - VOSS employs a systematic supply model that combines thermal management modules with nylon piping, enhancing service capabilities from core components to integrated solutions [11]. - This integrated approach not only facilitates rapid implementation and vehicle layout for manufacturers but also improves assembly efficiency and operational stability, creating competitive product value [11]. Group 5: Future Outlook - VOSS plans to continue its focus on innovation in thermal management technology for new energy commercial vehicles, providing efficient, reliable, and lightweight solutions to support manufacturers' transitions to new energy and enhance their competitive advantages [11].

Group 1 - The company, Nabichuan (301667.SZ), plans to issue 27.9174 million shares in its initial public offering (IPO), with the initial inquiry date set for December 2, 2025, and the subscription date for December 8, 2025 [1] - The initial strategic placement will consist of 5.58348 million shares, accounting for 20.00% of the total issuance [1] - The company focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] Group 2 - The main products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heaters [1] - The net profits attributable to the parent company for the fiscal years 2022 to 2024 are projected to be 113 million yuan, 98.2549 million yuan, and 95.4288 million yuan, respectively [1] - The funds raised from the IPO, after deducting issuance costs, are intended for projects related to the company's main business, specifically a production project for 3.6 million sets of water cooling plates (Phase 1) and working capital for business development [1] - The estimated amount of funds to be used is 729 million yuan [1]