于出售事项完成后，本公司不再持有山东衡远新能源科技有限公司的任何股权。 洪桥集团(08137)发布公告，有关股权转让协议，凯荣及吉利汽车同意出售及苏州艾普乐思同意购买山 东衡远新能源科技有限公司的约24.5%及约17.0%股权，代价分别为人民币929万元及人民币551万元;以 及债务转让协议，凯荣及本公司各自将以零代价分别将债务A及债务B转让予苏州艾普乐思的相关事 宜。股权转让协议项下的所有先决条件均已达成，因此出售事项于2025年12月29日落实完成。 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company [2][7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 3.874 billion and 4.649 billion yuan in 2025, representing a year-on-year growth of 25% to 50%. The fourth quarter of 2025 is projected to yield a net profit of 632 million to 1.406 billion yuan, with a year-on-year change of -20.8% to +76.4% [7]. - The company is expected to continue solidifying its leading position in the refrigeration and air conditioning components sector while leveraging its advanced technology and production scale to drive growth. Additionally, the company is expanding its automotive components business through its established market presence in the global electric vehicle thermal management sector [7]. - The report indicates an upward revision of profit forecasts, with expected net profits for 2025-2027 being 4.253 billion, 4.650 billion, and 5.099 billion yuan respectively, reflecting a year-on-year growth of 37%, 9%, and 10% [7]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 31.913 billion yuan, with a year-on-year growth rate of 14.2%. The net profit attributable to shareholders is expected to be 4.253 billion yuan, with a growth rate of 37.2% [6]. - The company’s gross margin is forecasted to improve slightly from 28.1% in 2024 to 28.6% in 2027, while the return on equity (ROE) is expected to stabilize around 12.9% to 13.3% over the same period [6]. - The company’s earnings per share (EPS) is projected to increase from 0.84 yuan in 2024 to 1.21 yuan in 2027 [6].

a F a Re THE REAL PRODUCTION PANY 25 F I 11:11:1 1 256 J Particles 0 (Area 210 科技创新铸引擎 平台赋能激活力 科技创新是引领发展的第一动力,而高能级创新平台则是集聚创新要素、突破关键技术的核心载体。滨 州经济技术开发区深谙此道,全力构建高能级创新平台、高层次人才队伍、高融合创产集群、高品质创 新生态"四位一体"科创体系,让创新之花在这片热土上绚烂绽放。 滨州经济技术开发区全力推动"五区建设",依托现有产业基础,梳理"八大优势",聚焦新能源汽车零部件、 航空航天、生物医药等特色产业链精准招商,因诺科技等无人机项目落地投产,光刻胶、铝基复材等先进 材料产业健康发展,渤海公共实训基地入选国家高技能人才培训基地,2024年国家级开发区综合评价首次 进入前100名,实现了历史性突破,以产业高质量发展赋能城市活力提升。 滨州汇聚起全球规模最大的铝产业集群,而滨州经济技术开发区又是全市高端铝和装备制造业的重要承 载地。今年6月,滨州铝产业先进制造山东省实验室揭牌仪式在魏桥国科科技园举行,这是山东省首家由民 营企业承担建设的省实验室。该实验室揭牌 ...

Core Insights - The company, Nabichuan, has made a significant debut in the public capital market with a first-day increase of over 408% in stock price, highlighting its strong market position in battery thermal management systems [1] - The rapid growth of the electric vehicle (EV) market, with penetration rates exceeding 40%, and a fivefold increase in energy storage installations over three years, indicates a burgeoning opportunity in the battery thermal management sector [1][8] - Nabichuan has established itself as a leader in the domestic battery liquid cooling plate market, achieving a market share of 12.16% in 2024 and forming deep partnerships with major players like CATL and NIO [1][2] Company Development - Founded in 2007, Nabichuan initially focused on engine radiators for fuel vehicles before pivoting to battery thermal management systems in 2011, becoming one of the first companies in China to enter this field [2] - The company has developed a robust competitive barrier with proprietary technologies in temperature control, lightweight design, and automated production, holding 20 invention patents and 183 utility model patents as of March 2025 [3] - Nabichuan has demonstrated high product development efficiency, completing a battery liquid cooling plate project for Mercedes-Benz in just 210 days, significantly faster than the planned 340 days [3] Production Capacity and Market Position - The company operates three production bases in Zhejiang Wenzhou, Anhui Ma'anshan, and Anhui Chuzhou, with over 200,000 square meters of production space, supporting comprehensive supply capabilities for core customers [4] - Nabichuan's client network includes leading domestic battery manufacturers and mainstream EV manufacturers, having completed over 300 product projects and adapted more than 200 vehicle models [5] Financial Performance - From 2022 to 2024, Nabichuan's revenue from battery liquid cooling plates in the energy storage sector is projected to grow from 1.031 billion yuan to 1.437 billion yuan, with a compound annual growth rate (CAGR) of 18.07% [6] - In the first three quarters of 2025, the company reported a revenue increase of 32.29% year-on-year, reaching 1.208 billion yuan, and a net profit of 58 million yuan, reflecting a return to growth [7] Market Opportunities - The demand for battery liquid cooling plates is expected to rise significantly, with the market size projected to reach 14.5 billion yuan by 2025, driven by the rapid growth of the EV market [8] - The integration of battery cooling plates with battery packs is anticipated to enhance product value, with the single vehicle value of battery cooling plates estimated at around 700 yuan [9] - The energy storage market is also set to expand, with the liquid cooling market expected to reach 7.4 billion yuan by 2025, as more companies adopt liquid cooling solutions for their energy storage systems [10] Future Growth Potential - Nabichuan's IPO funding will support the construction of a new production project with an annual capacity of 3.6 million sets of cooling plates, facilitating a shift towards integrated solutions combining cooling plates and battery packs [11] - The company's strong market recognition, evidenced by its 408% stock price increase on the first day of trading, reflects investor confidence in its growth trajectory in the thermal management sector [11]

开栏的话： 2025年是"十四五"规划收官之年。 一年来，面对错综复杂的国际形势和艰巨繁重的国内改革发展稳定任务，以习近平同志为核心的党中央 团结带领全党全国各族人民迎难而上、奋力拼搏，坚定不移贯彻新发展理念、推动高质量发展，有效应 对一系列重大风险挑战，经济社会发展主要目标将顺利完成。 即日起，新华社推出"2025年终经济观察"系列报道，回望中国经济一年来顶压前行、向新向优发展的不 平凡历程，反映各地区各部门深入贯彻落实党中央决策部署，苦干实干、不断开创发展新局面的生动实 践，展现中国经济不惧风雨、破浪前进的强大韧性和底气。 投资既是当期需求，也是未来供给。扩大有效投资，是推动高质量发展的战略之举。 近期召开的中央经济工作会议强调，"必须坚持投资于物和投资于人紧密结合"。记者在调研中感受到， 推动投资于物和投资于人互促共进，促进消费和投资、供给和需求良性互动，我国扩大有效投资潜力巨 大、空间广阔。 打开投资于物新空间 眼下，贵州省铜仁市思南县花滩子水库工程建设现场，智能化机械设备轰鸣作响，工人们抓紧进行大坝 混凝土浇筑施工。 "作为国家150项重大水利工程之一，花滩子水库工程自2024年开工以来，参建各方科 ...

Group 1 - The core viewpoint of the news is that Jingjin Electric has experienced fluctuations in its stock performance and financing activities, indicating a mixed market sentiment towards the company [1][2] Group 2 - On December 23, Jingjin Electric's stock price fell by 0.60%, with a trading volume of 81.56 million yuan [1] - The financing data shows that on the same day, the company had a financing buy-in amount of 7.94 million yuan and a financing repayment of 8.99 million yuan, resulting in a net financing outflow of 1.05 million yuan [1] - As of December 23, the total balance of margin trading for Jingjin Electric was 119 million yuan, which accounts for 2.74% of its market capitalization, indicating a low financing balance compared to the past year [1] - In terms of securities lending, Jingjin Electric repaid 3,600 shares on December 23, with no shares sold, and the remaining securities lending balance was 17,400 shares, which is at a high level compared to the past year [1] Group 3 - As of December 20, the number of shareholders for Jingjin Electric was 17,800, an increase of 0.86% from the previous period, while the average circulating shares per person decreased by 0.85% to 29,163 shares [2] - For the period from January to September 2025, Jingjin Electric achieved an operating income of 1.802 billion yuan, representing a year-on-year growth of 96.07%, and a net profit attributable to the parent company of 83.55 million yuan, up 121.62% year-on-year [2]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext, marking a strategic upgrade in the "technology + capital" domain for the leading company in the battery thermal management sector [2] Group 1: Financial Performance - The company issued 27.9174 million shares at a price of 22.63 yuan per share, with the opening price on the first day of trading reaching 60.00 yuan, reflecting a 165.13% increase [2] - From 2022 to 2024, the company's main business revenue is projected to grow from 1.0309 billion yuan to 1.4371 billion yuan, with a compound annual growth rate of 18.17% [2] - In Q1 2025, the main business revenue reached 329.4162 million yuan, representing a significant year-on-year increase of 69.55% [2] Group 2: Market Position and Strategy - Since its establishment in 2007, the company has transitioned from fuel vehicles to the new energy sector, focusing on thermal management technology [3] - The company has developed a comprehensive customer base, collaborating with over 200 vehicle models and more than 300 development projects, including partnerships with major automotive manufacturers such as NIO, Xpeng, and SAIC [3] - The core product, battery liquid cooling plates, is expected to account for 83.78% of sales revenue in 2024, driving growth [3] Group 3: Industry Trends and Opportunities - The company has entered the energy storage thermal management market, which is rapidly growing, with liquid cooling solutions becoming mainstream due to their efficiency and space-saving advantages [4] - The global energy transition and the "dual carbon" strategy are creating significant opportunities for the company, with the battery liquid cooling plate market expected to expand alongside the growth of new energy vehicles and energy storage [4][5] - By 2025, the global market for battery liquid cooling plates is projected to reach 14.5 billion yuan, while the energy storage market is expected to see a record high of 240 GWh in new installations [5] Group 4: Technological Innovation and Manufacturing - The company emphasizes research and development as a core strategy, with R&D expenses increasing from 34.0696 million yuan in 2022 to 54.1117 million yuan in 2024 [7] - The company has obtained 203 authorized patents, including 20 invention patents, establishing a robust core technology system [7] - The company has built a comprehensive capability covering the entire chain from R&D to production and quality control, ensuring competitive advantages in the rapidly evolving new energy industry [6][7]

Group 1 - The core viewpoint of the news is that Nabichuan has successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market, with a significant increase in stock price on the first day of trading, reflecting strong market interest [1] - On the first trading day, Nabichuan's stock opened at 60 yuan per share and surged nearly 700%, closing at 115 yuan per share, which is an increase of over 408.17% from the issue price of 22.63 yuan per share, resulting in a total market capitalization of 12.84 billion yuan [1] - The company issued 27.9174 million shares, accounting for 25% of the total share capital post-issue, with a total share capital of approximately 112 million shares [1] Group 2 - Despite the strong market performance, the company has shown a clear trend of "increasing revenue without increasing profit," with projected revenues of 1.031 billion yuan, 1.136 billion yuan, and 1.437 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth of 98.37%, 10.21%, and 26.48% [2] - The net profit attributable to shareholders is projected to be 113 million yuan, 98 million yuan, and 95 million yuan for the same years, showing a year-on-year increase of 134.65% in 2022, followed by decreases of 13.29% and 2.88% in 2023 and 2024 respectively [2] - The company is characterized by a "family-led" governance structure, with the actual controller being Chen Rongxian, who, along with his family, controls 55.58% of the shares, and the Chen family collectively holds over 75% of the shares [2]

12月23日， 新股N纳百川恢复交易后一度拉升涨近700%，截至发稿，涨幅回落至430%，报120元， 成交额超12亿元，换手率超79%。 此前，该股 盘中触发二次临停。 今日，纳百川正式登陆创业板。本次公开发行股票2791.74万股，发行价格为每股22.63元，上市首日开盘价60元/股，上涨165.13%。 公开资料显示，纳百川成立于2007年，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。 今日A股上市的三只新股悉数大涨，N锡华涨超350%，N天溯涨超242%，均触发二次临停。 编辑 ｜心一 ...

业增长空间。 12月23日，纳百川新能源股份有限公司（下称"纳百川"，股票代码：301667.SZ）正式登陆深圳证券交易所创业板，标志着这家新能源电池热管理领域领 军企业完成"技术+资本"的战略升级。本次公开发行股票2791.74万股，发行价格为每股22.63元，上市首日开盘价60.00元，上涨165.13%。 亮眼表现的背后，是扎实的业绩基本面作为支撑。财务数据显示，2022至2024年间，公司主营业务收入由103,091.53万元逐步提升至143,705.3万元，年复 合增长率达到18.17%。2025年第一季度，主营业务实现收入32,941.62万元，较去年同期大幅增长69.55%。持续高增的业绩曲线，不仅彰显了其在新能源 电池热管理领域的核心技术壁垒与市场竞争力，更释放出强劲的长期成长动能。 深耕热管理十五年，从燃油车到新能源的精准转型 作为与中国汽车工业的电动化浪潮同频共振的企业，纳百川自2007年成立以来，深耕热管理技术，完成了从燃油车到新能源赛道的精准转型。2011年前瞻 布局动力电池热管理产品研发，2015年实现首款产品装车验证，2016年成功配套上汽大众首款新能源汽车，逐步成长为行业核心供应 ...