Core Viewpoint - Nabaichuan New Energy Co., Ltd. is set to undergo its initial public offering (IPO) review by the Shenzhen Stock Exchange on August 28, 2025, focusing on its growth in the new energy thermal management sector [1][2] Company Overview - Nabaichuan specializes in the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] - The company's main products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heating systems [1] Financial Performance - Nabaichuan's main business revenue has shown a positive growth trend, increasing from 1.008 billion yuan in 2022 to 1.408 billion yuan in 2024, with a compound annual growth rate (CAGR) of 18.17% [1] - For the first quarter of 2025, the main business revenue reached 329 million yuan, representing a year-on-year growth of 69.55% [1] Market Position - Nabaichuan has established itself as a leading supplier in the new energy thermal management system sector, with a strong customer base that includes major domestic automotive manufacturers and top battery manufacturers [2] - Key clients include Geely Automobile Holdings, Changan Automobile, XPeng Motors, CATL, and others [2] Fundraising Plans - The company plans to raise 729 million yuan, which will be allocated to the production project of 3.6 million sets of water cooling plates and to supplement working capital [2]