Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has received approval for its IPO application on the ChiNext board, indicating a positive outlook for the company in the renewable energy sector [2]. Group 1: Company Overview - The company 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 [4]. - Major products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heating systems [4]. - The company was established in October 2007 and transitioned to a joint-stock company in February 2023, with a total share capital of 83.7522 million shares before the issuance [4]. Group 2: Shareholding Structure - The controlling shareholder is Chen Rongxian, with actual controllers including Chen Rongxian, Zhang Liqin, and Chen Chaopengyu, who are family members [5][6]. - Chen Rongxian directly holds 20.9045 million shares (24.96% of total shares), while Chen Chaopengyu holds 4.3344 million shares (5.18%) [6]. - The family collectively controls 55.58% of the company through direct and indirect holdings [6]. Group 3: Financial Performance - The company's revenue for the reporting period was 1.0309153 billion, 1.1362170 billion, 1.4370530 billion, and 337.1721 million [7]. - The net profit attributable to the parent company was 111.1228 million, 89.2578 million, 88.0438 million, and 13.9138 million [7]. - The total assets as of December 2023 were 1.5250955 billion, with a debt-to-asset ratio of 51.12% [8]. Group 4: Listing Standards - The company meets the listing criteria set by the Shenzhen Stock Exchange, which requires positive net profits for the last two years, a cumulative net profit of no less than 100 million, and a net profit of no less than 60 million in the most recent year [9]. Group 5: Inquiry from Listing Committee - The listing committee raised questions regarding the competitive landscape of the downstream new energy vehicle industry, price trends for battery liquid cooling plates, and the company's forecast for a 14.05% year-on-year growth in net profit for 2025 [10].

Core Viewpoint - The company reported a stable performance in the first half of 2025, with revenue growth driven by the new energy vehicle thermal management business, despite a slight decline in Q2 revenue [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 6.729 billion yuan, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 535 million yuan, up 12.94% [1]. - In Q2 2025, revenue was 3.708 billion yuan, a slight decline of 0.31% year-on-year, while net profit attributable to shareholders increased by 19.69% to 318 million yuan [1][2]. Business Segment Analysis - The refrigeration equipment segment saw a significant revenue decline of 31.43%, attributed to a downturn in the central air conditioning industry and strategic contraction to avoid competition with the controlling shareholder, Gree Electric [2]. - The refrigeration air conditioning components segment grew by 8.80%, benefiting from the "old-for-new" policy boosting demand for downstream air conditioning products [2]. - The new energy vehicle thermal management segment experienced substantial growth of 81.84%, driven by the gradual release of prior orders [2]. Profitability Metrics - In H1 2025, the company's gross margin decreased by 0.54 percentage points, with the refrigeration equipment segment's gross margin down by 2.69 percentage points [3]. - The operating profit for H1 2025 was 530 million yuan, reflecting a year-on-year increase of 10.93%, with an operating profit margin of 7.87%, up 0.35 percentage points [3]. - In Q2 2025, the operating profit was 336 million yuan, a 16.82% increase year-on-year, with an operating profit margin of 9.05%, up 1.33 percentage points [3]. Strategic Outlook - The company is focusing on its core refrigeration business and has made strategic adjustments to avoid competition with Gree Electric, which may lead to short-term challenges [4]. - The domestic air conditioning market still has significant growth potential, and the company aims to leverage its technological advantages for stable revenue and profit growth [4]. - The new energy vehicle thermal management business is expected to be a key growth driver, with a broad global market potential and increasing order volumes [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 6.729 billion yuan for H1 2025, representing a year-on-year growth of 6.05%. The net profit attributable to shareholders was 535 million yuan, an increase of 12.94% year-on-year, while the net profit excluding non-recurring items was 517 million yuan, up 11.04% year-on-year. In Q2 2025, the revenue was 3.708 billion yuan, a slight decline of 0.31% year-on-year, but the net profit attributable to shareholders increased by 19.69% to 318 million yuan, and the net profit excluding non-recurring items rose by 15.24% to 306 million yuan [3][7]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 6.729 billion yuan, with a year-on-year growth of 6.05%. The net profit attributable to shareholders was 535 million yuan, marking a 12.94% increase year-on-year. The net profit excluding non-recurring items was 517 million yuan, up 11.04% year-on-year. For Q2 2025, the revenue was 3.708 billion yuan, down 0.31% year-on-year, while the net profit attributable to shareholders increased by 19.69% to 318 million yuan, and the net profit excluding non-recurring items rose by 15.24% to 306 million yuan [3][7]. Margin and Profitability - The company's gross margin stabilized, and operating profit significantly increased. In H1 2025, the gross margin decreased by 0.54 percentage points year-on-year. The operating profit for H1 2025 was 530 million yuan, a year-on-year increase of 10.93%, with an operating profit margin of 7.87%, up 0.35 percentage points year-on-year. In Q2 2025, the operating profit was 336 million yuan, a year-on-year growth of 16.82%, with an operating profit margin of 9.05%, up 1.33 percentage points year-on-year [7]. Business Segments - The company experienced a slight decline in revenue from the refrigeration equipment segment, which fell by 31.43% year-on-year, primarily due to a downturn in the central air conditioning industry and strategic contraction to avoid competition with the controlling shareholder, Gree Electric. Conversely, the refrigeration parts segment grew by 8.80% year-on-year, benefiting from the "old-for-new" policy. The new energy vehicle thermal management segment saw a remarkable growth of 81.84% year-on-year, driven by the gradual release of prior orders [7]. Future Outlook - The company is positioned as a leader in the global refrigeration components market. With a renewed focus on its core refrigeration business and the easing of debt issues following Gree's acquisition, operational performance is stabilizing. The domestic air conditioning market still has significant growth potential, and the company is expected to achieve steady revenue and profit growth in this area. The new energy vehicle thermal management segment is anticipated to become a core growth driver for the company, with substantial global expansion opportunities [7].

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]

Core Viewpoint - Nabaichuan, under the "strategic partner of CATL" label, is facing challenges with its IPO due to declining profitability despite increasing revenue, amid concerns of overcapacity in the liquid cooling plate industry [1][3]. Financial Performance - Nabaichuan's revenue from 2022 to Q1 2025 was 1.031 billion, 1.136 billion, 1.437 billion, and 337 million respectively, while net profit for the same periods was 113 million, 98 million, 95 million, and 15 million [3]. - The battery liquid cooling plate business accounted for over 80% of Nabaichuan's revenue, with revenue shares of 79.79%, 85.34%, 83.78%, and 92.27% during the reporting period [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 [7]. Customer Dependency - Nabaichuan's sales to CATL have decreased, with CATL's contribution to revenue dropping from 53.73% in 2022 to 44.39% in Q1 2025 [3][4]. - The top five customers in Q1 2025 included CATL with a sales share of 34.49%, down from 37.04% in 2024 [4]. Industry Competition - The liquid cooling plate industry is experiencing aggressive capacity expansion from competitors like Sanhua Intelligent Control and Yinlun [1]. - Nabaichuan's cost control is not competitive compared to peers, with operating costs increasing significantly [10][11]. Inventory and Cash Flow Concerns - Nabaichuan's inventory has been rising, reaching 220 million by Q1 2025, raising concerns about potential depreciation risks [13]. - The company reported negative operating cash flow of 56.5 million in Q1 2025, a decline from positive cash flows in previous years [13]. Future Outlook - Nabaichuan plans to raise 829 million through its IPO, with significant investments in expanding production capacity [14]. - The company faces risks if it cannot improve profitability and manage cash flow effectively, especially in a competitive pricing environment [15].

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for its IPO on the ChiNext board, focusing on thermal management systems for new energy vehicles and energy storage batteries, with strong growth in revenue and net profit expected in the coming years [1][2]. Group 1: Company Overview - Nanbaichuan 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 has shown a positive growth trend in its main business, with revenue increasing from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024, representing a compound annual growth rate (CAGR) of 18.17% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 111.12 million yuan in 2022, 89.26 million yuan in 2023, and 88.04 million yuan in 2024, with a significant increase of 77.85% in the first quarter of 2025 [1]. Group 2: Innovation and R&D - Established in 2011, Nanbaichuan is one of the early domestic companies to independently develop thermal management systems for power batteries, building a robust technical system focused on temperature control, lightweight design, and quality optimization [2]. - The company has invested in R&D, with expenses rising from 34.07 million yuan in 2022 to 54.11 million yuan in 2025, and holds 20 invention patents and 183 utility model patents [3]. - Nanbaichuan's products have been recognized for their quality, receiving multiple awards, including the "Quality Excellence Award" from CATL [3]. Group 3: Market Opportunities - The global new energy vehicle market has seen a compound annual growth rate of over 53% since surpassing 1 million units sold in 2017, with China leading in both sales and manufacturing [4]. - In 2024, China's new energy vehicle production and sales are expected to reach 12.888 million units and 12.866 million units, respectively, with a year-on-year growth of 34.43% and 35.50% [4]. - Nanbaichuan has established itself as a leading supplier in the new energy thermal management system sector, completing over 300 projects and adapting to more than 200 vehicle models [4]. Group 4: Client Ecosystem and Funding - The company has a strong client base, including major domestic new energy vehicle manufacturers such as Geely, Changan, and Xpeng, and has recently developed new clients in the energy storage sector [5]. - Nanbaichuan plans to raise 72.9 million yuan to fund a new production project for water-cooled plates and to supplement working capital [5].

Core Viewpoint - The company Nanbaichuan New Energy Co., Ltd. is set to undergo a listing review on August 28, focusing on its growth in the new energy vehicle thermal management sector, with a strong emphasis on its innovative products and expanding customer base [1] Group 1: Business Performance - The company's main business revenue is projected to grow from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 18.17% [1] - In the first quarter of 2025, the revenue reached 329.42 million yuan, marking a year-on-year increase of 69.55% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 111.12 million yuan in 2022, 89.26 million yuan in 2023, and 88.04 million yuan in 2024, with a profit of 13.91 million yuan in the first quarter of 2025, showing a year-on-year growth of 77.85% [1] Group 2: Technological Innovation - Nanbaichuan entered the power battery thermal management system field in 2011 and is recognized as a national "little giant" enterprise and a high-tech enterprise in Zhejiang Province [2] - The company has invested significantly in R&D, with expenses of 34.07 million yuan in 2022, 43.94 million yuan in 2023, 54.11 million yuan in 2024, and 10.17 million yuan in the first quarter of 2025 [2] - As of the end of the reporting period, the company holds 20 invention patents and 183 utility model patents, showcasing its commitment to innovation [2] Group 3: Customer Ecosystem - Nanbaichuan has developed over 300 product projects and adapted to more than 200 vehicle models, demonstrating its strong technical capabilities [3] - The company has established strategic partnerships with leading global new energy firms, notably with CATL, enhancing its position in the global supply chain [3] - Its customer base includes major domestic players such as Geely, Changan, Leap Motor, and Xpeng, as well as top energy storage system integrators like Sungrow Power Supply [3] Group 4: Fundraising Plans - The company plans to raise 729 million yuan to fund the production project of 3.6 million sets of water-cooled plates and to supplement working capital [4]

Core Insights - Su Yan Electronics, a provider of thermal management solutions for electric vehicles, has completed a multi-million yuan Pre-A round financing led by Nantong Hezhong and followed by Xuan Yuan Capital [2][3] Company Overview - Su Yan Electronics was established in late 2022 in Shanghai, with core members coming from leading Tier 1 supply chain companies globally. The company focuses on thermal management for new energy vehicles, with its core product being a rare earth thick film high-pressure liquid heater, which improves thermal efficiency by approximately 8% compared to traditional PTC solutions. The company has secured partnerships with major manufacturers such as FAW, Changan, and GAC [3] Financing Purpose - The CEO of Su Yan Electronics, Tong Bailing, stated that the funds from this round will primarily be used for the platform development of the next-generation thick film heater, European export certification, and digital upgrades of production lines. The goal is to ensure that products cover more vehicle platforms and achieve mass delivery by 2026 [4] Investment Rationale - Wang Rongjin, founder of Xuan Yuan Capital, mentioned that the thermal management sector is experiencing a significant market opportunity, with a market size in the hundreds of billions. Su Yan's team possesses 20 years of automotive industry experience and an international perspective, achieving breakthroughs in energy efficiency and patent barriers with their thick film solution, positioning them to quickly penetrate the global supply chain and potentially become a leader in this niche market [4] Investment Perspective - Wang Shuai, founder of Shengdai Venture Capital Network, emphasized that the recent reiteration by the State Council on the importance of self-controllable core components in new energy vehicles highlights Su Yan Electronics' commitment to breaking foreign patent monopolies with their thick film technology. The involvement of both industrial and financial investors like Nantong Hezhong and Xuan Yuan Capital validates the value of the sector and underscores the responsibility of fund managers. The platform will continue to monitor Su Yan's performance in European certification and capacity ramp-up, facilitating connections to more policies and market resources [4]

Summary of Key Points Core Viewpoint The company has decided to conclude certain fundraising projects and reallocate surplus funds to new projects and to permanently supplement working capital, aligning with its future development needs and market conditions [1][20]. Fundraising Overview - The company raised a total of RMB 3 billion through the issuance of convertible bonds, with a net amount available for investment after deducting issuance costs [1][2]. - The total investment for the projects includes RMB 338,112 million, with RMB 300,000 million allocated from the raised funds [2][7]. Project Status and Fund Utilization - The "Annual Production of 6.5 Million Sets of Commercial Refrigeration Air Conditioning Intelligent Control Components Construction Project" and the "Annual Production of 5.05 Million Sets of High-Efficiency Energy-Saving Refrigeration Air Conditioning Control Components Technology Renovation Project" have reached their intended usable state [7][11]. - As of May 31, 2025, the total investment in these projects was RMB 124,662.71 million, achieving an investment progress of 83.84% [7][8]. - Surplus funds from these projects amount to RMB 30,972.62 million and RMB 30,688.49 million, respectively, which will be redirected to new projects and working capital [11][12]. New Project Details - The new project, "Zhejiang Sanhua Intelligent Drive Future Industry Center Construction Project," will utilize RMB 30,688.49 million from the surplus funds and aims to expand into the electric vehicle thermal management and bionic robot components sectors [13][14]. - The project will cover an area of 15.29 million square meters and is expected to enhance the company's production efficiency and innovation capabilities [17][18]. Market Context and Growth Potential - The global electric vehicle market is projected to grow significantly, with the penetration rate expected to rise from 6.7% in 2020 to 23.6% by 2024, driven by technological advancements and supportive policies [14][15]. - The bionic robot industry is also anticipated to enter a phase of mass consumption, with increasing applications in various sectors [15][16]. Company Position and Strategy - The company is a leading manufacturer in the automotive thermal management system components market, with a market share of 48.3% for electronic expansion valves and 65.6% for integrated components as of 2024 [18][19]. - The company emphasizes research and development, maintaining a strong focus on innovation and efficiency to ensure long-term growth and competitiveness [19][20].

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Viewpoints - The company has been deeply engaged in the refrigeration valve industry for over 30 years and is a global leader in this field. The downstream demand for refrigeration components is showing a marginal improvement, and the increasing penetration of variable frequency air conditioners is expected to drive demand for high-priced valves, leading to stable revenue growth for the company. Additionally, the company is actively expanding into the thermal management business for electric vehicles, leveraging its technological advantages to capture market share [3][6][9]. Summary by Sections Company Overview - The company is a global leader in the refrigeration components industry, with a market share of 38.2% for shut-off valves, 45.0% for four-way valves, and 32.5% for electronic expansion valves projected for 2025-2027. The company has faced challenges in the past due to aggressive diversification and financial difficulties of its former controlling shareholder, but has since stabilized its operations under the ownership of Gree Electric Appliances [6][7][9]. Competitive Position and Market Outlook - The company maintains a leading position in the refrigeration valve market due to high entry barriers and strong customer relationships. The demand for household air conditioning is improving, and the company is well-positioned to benefit from this trend. The forecasted market shares for the company in various valve segments are expected to increase steadily from 2025 to 2027 [7][8]. New Growth Opportunities - The global electric vehicle market is experiencing significant growth, with a CAGR of 48.8% from 2014 to 2024. The complexity of thermal management systems in electric vehicles is expected to create substantial demand for valves, which the company is well-equipped to meet. The company has already established a competitive edge in large-diameter valves and aims to secure first-tier supplier opportunities with major manufacturers [8][9]. Financial Projections - The company is projected to achieve net profits of 1.178 billion, 1.339 billion, and 1.521 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.02, 8.82, and 7.76 [9].