2025年12月23日，国电池液冷板领军厂商纳百川以超408%的上市首日涨幅，正式亮相公开资本市场。 当新能源汽车渗透率突破40%、储能装机量三年增长5倍，一个被忽视的关键赛道正在爆发——动力电池热管理。纳百川，这家从浙江泰顺山区走出的企 业，用18年时间成长为国内电池液冷板领域的隐形冠军：2024年市占率12.16%，国内排名第一；深度绑定宁德时代（300750），并为蔚来、理想、奔驰等 50+全球主流车企配套。 随着IPO募资落地，滁州360万台套水冷板项目将打开产能天花板，叠加多行业机遇驱动下，公司正从"国内配套龙头"向"全球热管理解决方案平台"跃升。 十八年专注热管理的"长期主义者" 纳百川的成长史，是中国新能源汽车供应链从跟随到领跑的缩影。 2007年，公司前身泰顺纳百川汽车配件有限公司在浙江温州成立，初期聚焦燃油车发动机散热器，为吉利、奇瑞等提供配套。2011年，当新能源汽车还处 于"PPT阶段"，公司前瞻性启动动力电池热管理系统研发，成为国内首批布局该领域的企业。 公司产品也于2015年得到实车应用验证，2016年成功为上汽大众配套其国内首款新能源汽车，同年成为国内多家主机厂国内首款新能源汽车的 ...

作为国内汽车结构件领域的领军企业，毅昌科技近年来通过深化汽车基本盘与加速新能源业务扩张 的"双轮驱动"战略，实现了业绩的显著提升与结构的优化升级。与此同时，毅昌科技前瞻性地布局储能 液冷、动力电池热管理及人形机器人等前沿领域，正为其中长期发展开辟充足的成长空间。 一、战略转型成效卓著，汽车与新能源双轮驱动高增长 毅昌科技持续推动业务结构向高附加值领域升级的战略已取得实质性成效。目前，汽车与新能源相关业 务已成为业绩增长的绝对主力。2025年上半年，毅昌科技新能源业务收入实现同比177.09%的迅猛增 长，汽车业务收入同比增长24.30%，两大板块合计收入占比已超过总营收的六成。在汽车领域，毅昌 科技已成功融入华为鸿蒙智行生态圈，为问界（AITO）汽车供应发光车标，并为智界（Luxeed）汽车 供应前后保险杠加侧裙等外饰件。同时，毅昌科技与比亚迪、宁德时代、阳光电源等新能源产业链领军 企业均建立了稳定的合作关系。 二、前瞻卡位液冷黄金赛道，核心技术构筑竞争壁垒 面对新能源汽车与储能行业对热管理提出的更高要求，毅昌科技战略性切入液冷结构件这一高增长赛 道，产品广泛应用于动力电池包与储能系统。目前，毅昌科技已获得宁 ...

招股书披露，纳百川专注从事新能源汽车动力电池热管理、燃油汽车动力系统热管理及储能电池热管理相关产品的研发、生 产和销售，主要产品包括电池液冷板、电池集成箱体、燃油汽车发动机散热器、加热器暖风等。 在新能源汽车动力电池热管理领域，公司于2012年起即与宁德时代开展合作研发，是宁德时代的战略供应商，产品配套供应 T公司、蔚来汽车、小鹏汽车、理想汽车、哪吒汽车、零跑汽车、吉利汽车、长安汽车、广汽集团、长城汽车、上汽荣威、 东风日产、奔驰、大众、奇瑞汽车、赛力斯等多家汽车品牌。 智通财经APP获悉，12月8日，纳百川(301667.SZ)开启申购，发行价格为22.63元/股，申购上限为0.65万股，市盈率28.7倍， 属于深交所，浙商证券为其保荐机构。 纳百川于招股书中提示经营活动现金流为负的风险。报告期各期，公司经营活动产生的现金流量净额分别为2,048.73万元、 11,131.50万元、3,877.05万元、-5,652.75万元，由于2024年第四季度以来，公司生产销售规模大幅增长、采购支出增长，受 开立银行承兑汇票支付保证金等短期因素影响，支付其他与经营活动有关的现金较高，导致2024年度经营活动产生的现金 ...

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is set to become the first A-share listed company in Wenzhou Taishun, with an IPO fundraising target of 729 million yuan, primarily for a production project and working capital [1][2]. Company Overview - Nanbaichuan is a leading player in the battery thermal management sector, with major clients including CATL, NIO, and XPeng Motors, and is projected to achieve over 1.4 billion yuan in revenue in 2024, with CATL contributing nearly 50% of its income [1][2]. - The company has been involved in the research and development of battery thermal management systems since 2011 and has established strategic partnerships with major automotive manufacturers [2][3]. Financial Performance - The company's revenue for the years 2022 to 2025 is reported as approximately 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan, respectively, with net profits showing a declining trend [4]. - Revenue from battery liquid cooling plates has consistently increased, with a compound annual growth rate of 21.09% from 2022 to 2024 [4]. - For the first half of 2025, revenue is expected to reach approximately 743 million yuan, reflecting a year-on-year growth of 45.88% [4]. Future Projections - The company forecasts a revenue of about 1.737 billion yuan for 2025, representing a growth of 20.86%, and a net profit of approximately 105 million yuan, indicating a growth of 9.72% [5]. - The global market for battery liquid cooling plates is anticipated to reach 14.5 billion yuan by 2025, suggesting a growing demand for thermal management systems in the electric vehicle sector [6].

Group 1 - Guangzhou Automobile Group Co., Ltd. has applied for a patent titled "Thermal Management Method for Power Battery and Battery Management System," with publication number CN 119821237 A, filed on January 2025 [1] - The patent focuses on battery management technology, specifically a thermal management method for power batteries, which includes predicting the vehicle's overall wheel-end power under thermal management conditions [1] - The method aims to address issues of latency and redundancy in existing thermal management technologies, which can lead to decreased power output of the battery and wasted cooling resources, ultimately affecting the vehicle's driving range [1] Group 2 - Guangzhou Automobile Group Co., Ltd. was established in 1997 and is primarily engaged in the automotive manufacturing industry, with a registered capital of approximately 10.23 billion RMB [2] - The company has invested in 50 enterprises and participated in 3,201 bidding projects, holding 769 trademark records and 5,000 patent records [2] - Additionally, the company possesses 121 administrative licenses [2]