Core Viewpoint - The successful registration of Nabichuan New Energy Co., Ltd. marks strong market recognition of its technological capabilities, customer system, and development strategy, opening broader capital channels for future growth [1] Group 1: Company Overview - Established in 2007, Nabichuan is one of the early high-tech enterprises focusing on thermal management for electric vehicle power batteries in China [2] - The company's main product, the power battery liquid cooling plate, is a core component of electric vehicle battery systems, widely used in various applications including passenger vehicles and energy storage [2] Group 2: Technological Innovation - Nabichuan has consistently increased its R&D investment from 34.07 million yuan in 2022 to 54.11 million yuan in 2024, with a total of 203 authorized patents, including 20 invention patents [2] - The company has achieved industry-leading performance metrics, such as maintaining a temperature deviation of ≤3℃ and a flow resistance deviation within 5%, significantly better than the industry average of 15% [2] Group 3: Market Position and Partnerships - Nabichuan has successfully integrated into the global mainstream electric vehicle supply chain, establishing deep partnerships with industry giants like CATL and NIO, covering over 200 vehicle models [3] - The company has completed more than 300 development projects, reflecting strong market recognition of its products [3] Group 4: Financial Performance - From 2022 to 2024, Nabichuan's main business revenue grew from 1,008.13 million yuan to 1,407.81 million yuan, with a compound annual growth rate of 18.17% [4] - In Q1 2025, the company achieved a revenue of 329.42 million yuan, a year-on-year increase of 69.55% [4] Group 5: Growth Opportunities - The demand for thermal management systems in electric vehicles is expected to grow, with projections indicating that by 2025, the global liquid cooling plate market will reach 14.5 billion yuan [5] - Nabichuan plans to use IPO funds primarily for a production project in Chuzhou, which aims to produce 3.6 million sets of cooling plates annually, significantly enhancing production capacity [5] Group 6: Future Outlook - Post-IPO, the company will continue to strengthen R&D and production capacity, enhancing product competitiveness and creating sustainable value for investors [6]

Core Viewpoint - The company Nabaichuan New Energy Co., Ltd. is set to become the first A-share listed company in Taishun County, Wenzhou, with its IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 729 million yuan for production projects [1][4]. Company Overview - Nabaichuan was founded in October 2007 by Chen Rongxian and has evolved from a traditional auto parts manufacturer to a key player in the new energy vehicle sector, focusing on thermal management systems for power batteries [1][4]. - The company is controlled by the Chen family, with Chen Rongxian holding 24.96% of shares, and family members collectively controlling over 75% of the company [2][3]. Financial Performance - Nabaichuan's revenue for the reporting period was approximately 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan, with net profits showing a downward trend [7][9]. - The company reported a compound annual growth rate of 21.09% in revenue from battery liquid cooling plates from 2022 to 2024, while revenue from fuel vehicle thermal management components has been declining [5][6]. Client Relationships - Nabaichuan has established strong partnerships with leading battery manufacturers and automotive companies, with CATL being its largest customer, contributing over 44% of its revenue in recent years [4][9]. Future Projections - For the first quarter of 2025, Nabaichuan expects to achieve a revenue of approximately 1.743 billion yuan, a year-on-year increase of 20.86%, and a net profit of about 105 million yuan, reflecting a growth of 9.72% [10].

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully passed the IPO review on the ChiNext board, focusing on thermal management systems for electric vehicle power batteries [1] Company Overview - Nanbaichuan specializes in the field of thermal management systems for electric vehicle power batteries, with its main product being the liquid cooling plate, a critical component of electric vehicle battery systems [1] - The company has established a strategic partnership with industry leader CATL since 2015 and provided thermal management systems for SAIC Volkswagen's first domestic electric vehicle model in 2016 [1] - Over more than a decade, Nanbaichuan has built a customer base that includes major manufacturers such as NIO, Xpeng, Li Auto, and Leap Motor, making it a benchmark enterprise in the domestic battery liquid cooling plate sector [1] Financial Information - The company plans to raise 729 million yuan through its IPO, with 579 million yuan allocated for a production project of 3.6 million sets of water cooling plates and 150 million yuan for working capital [1] - Financial data shows that the operating revenues for the years 2022, 2023, 2024, and the first quarter of 2025 are 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan respectively [2] - The net profits attributable to the parent company for the same periods are 113 million yuan, 98.25 million yuan, 95.43 million yuan, and 14.89 million yuan respectively [2] Shareholding Structure - Before the issuance, Chen Rongxian is the controlling shareholder, with Chen Rongxian, Zhang Liqin, and Chen Chaopengyu as the actual controllers, collectively holding 55.58% of the company's shares [2]

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]