（文章来源：证券日报） 证券日报网讯众捷汽车9月22日在互动平台回答投资者提问时表示，公司当前的产品主要围绕汽车热管 理系统的精密零部件。未来将会依托已具备的核心优势，专注汽车节能环保、新能源汽车、动力电池、 储能电池的热管理系统领域的应用开发。公司现已开发定制化机械手、定位装置（如夹具等）、检测装 置和模具等工装，使其能与机器人控制器进行信号交互，同时充分利用激光位移传感器、电涡流传感 器、气动量仪、视觉识别系统等不同测量方法的特性设计配置全自动综合检测方案，能够实现底板、阀 体类产品集上下料、机加工、清洗、检测等环节于一体的全线自动化无人生产和弯管类产品的自动上下 料、加工成型。 ...

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for its IPO on the Shenzhen Stock Exchange, focusing on thermal management products for electric vehicles and energy storage systems, with a history of fluctuating profits and a significant reliance on a major customer, CATL [1][4]. Financial Performance - Revenue for Nanbaichuan from 2022 to 2024 is projected at approximately CNY 1.031 billion, CNY 1.136 billion, and CNY 1.437 billion, with corresponding net profits of about CNY 113 million, CNY 98.25 million, and CNY 95.43 million, showing a declining trend [2]. - In the first half of 2025, the company reported revenue of CNY 743 million, a year-on-year increase of 45.88%, and a net profit of CNY 31.28 million, up 39.14% [2]. - The company forecasts 2025 revenue of CNY 1.737 billion, a 20.86% increase, and a net profit of CNY 105 million, a 9.72% increase [2]. - The gross profit margin for the main business has decreased from 22% to 14.34% over the reporting period, indicating a compression of profit space and potential impacts on competitive pricing [2]. IPO and Fundraising - Nanbaichuan's IPO application was accepted on September 27, 2023, and has been in the review process for nearly two years [1]. - The company initially planned to raise CNY 829 million for various projects but has since reduced the fundraising target to CNY 729 million by canceling one of the expansion projects [3]. - The revised fundraising will focus on the production of water-cooled plates and working capital, reflecting a strategic adjustment to enhance operational efficiency [3]. Customer Dependency - CATL has been the largest customer for Nanbaichuan, with sales to CATL and its affiliates accounting for 53.73%, 48.94%, 48.21%, and 44.39% of revenue over the reporting period [4]. - The company asserts that its relationship with CATL is mutually beneficial and stable, indicating that this dependency will not adversely affect its future operational capabilities [4]. Ownership Structure - As of the signing of the prospectus, Chen Rongxian is the controlling shareholder, with the Chen family collectively holding 55.58% of the company's shares [4].

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for an IPO on the ChiNext board, aiming to raise 729 million yuan for a production project and working capital [1] Financial Performance - Revenue for Nanbaichuan during the reporting period (2022-2024 and Q1 2025) was 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan respectively, while net profit was 113 million yuan, 98 million yuan, 95 million yuan, and 15 million yuan [3] - The company's gross profit margin has been declining, with figures of 22.00%, 19.43%, 17.54%, and 14.34% over the same period, which is below the industry average [4] Accounts Receivable - Accounts receivable have been increasing, with balances of 340 million yuan, 403 million yuan, 593 million yuan, and 489 million yuan, representing 33.00%, 35.44%, 41.24%, and 145.11% of revenue respectively [4] - As of May 2025, the accounts receivable turnover rate has decreased, indicating a growing collection issue [4][5] Cash Flow - The net cash flow from operating activities has fluctuated, with figures of 20 million yuan, 111 million yuan, 39 million yuan, and -56 million yuan, indicating a negative cash flow in Q1 2025 [5] Subsidiary Performance - Out of five wholly-owned subsidiaries, three reported negative net profits in 2024, highlighting poor operational performance [6][8] - Specific losses for subsidiaries include -12.47 million yuan for Nanbaichuan (Chuzhou), -2.48 million yuan for Nanbaichuan (Taizhou), and -2.41 million yuan for Nanbaichuan (Shanghai) [8] Financial Ratios - The company has a high debt ratio, with figures of 65.93%, 65.18%, 66.80%, and 67.55% over the reporting period, and liquidity ratios below industry averages [8] Related Party Transactions - The prospectus indicates potential undisclosed related party transactions involving significant ownership stakes by family members of company executives [9]