Core Viewpoint - The company Nanbaichuan has initiated its subscription process, offering a total of 27.9174 million shares at a price of 22.63 yuan per share, with a price-to-earnings ratio of 28.70 times [1][2]. Group 1: Subscription Information - The total number of shares issued is 27.9174 million, with 6.7 million shares available for online subscription [1][2]. - The subscription code for the shares is 301667, and the maximum subscription limit per account is 6,500 shares, with subscriptions required to be in multiples of 500 shares [1][2]. - The subscription date is set for December 8, 2025, with the announcement of the winning numbers and payment date on December 10, 2025 [2]. Group 2: Financial Metrics - The company reported total assets of 18.92 billion yuan in 2024, an increase from 15.25 billion yuan in 2023 and 12.65 billion yuan in 2022 [2]. - Net assets have grown to 6.28 billion yuan in 2024, compared to 5.31 billion yuan in 2023 and 4.31 billion yuan in 2022 [2]. - Operating revenue for 2024 is projected at 14.37 billion yuan, up from 11.36 billion yuan in 2023 and 10.31 billion yuan in 2022 [2]. - The net profit for 2024 is estimated at 0.95 billion yuan, slightly down from 0.98 billion yuan in 2023 and 1.13 billion yuan in 2022 [2]. - The weighted return on equity is expected to be 16.47% in 2024, down from 20.43% in 2023 and 30.40% in 2022 [2]. Group 3: Fundraising Purpose - The funds raised will be allocated to the following projects: - 57.9 million yuan for the first phase of the annual production project of 3.6 million sets of water-cooled plates at Nanbaichuan (Chuzhou) New Energy Technology Co., Ltd. - 15 million yuan for supplementing working capital - 10 million yuan for the expansion project at Nanbaichuan (Taishun) New Energy Co., Ltd. [2].

记者丨李益文 编辑丨叶映橙 12月8日，可申购创业板的纳百川（301667.SZ）与科创板的优迅股份（688807.SH）。 纳百川 成立于2007年，公司总部位于温州市泰顺县。公司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。 2015年，纳百川借助与宁德时代的战略合作关系、其电池液冷板得到实车应用验证，并自 2016年起陆续成为上汽大众等国内多家主流新能源车企的首批动力电池液冷板的主要供应 商，奠定了公司从发动机热管理系统向新能源汽车电池热管理系统转型的先发优势。 截至目前，纳百川的客户网络已覆盖国内动力电池龙头制造商和主流新能源汽车主机厂，近 几年完成PPAP程序交付的产品项目数量超300余项、完成适配车型超200余款，在电池液冷板 等细分市场居于领先；按照公司测算，2024年公司电池液冷板市占率约为12.16%，在细分产 品领域居于领先。 值得注意的，纳百川在招股书中提醒，公司存在对宁德时代销售依赖的风险 。数据显示， 2022年-2025年一季度，宁德时代一直为纳百川第 ...

万胜智能（300882.SZ）12月5日在投资者互动平台表示，公司EVCC（电动汽车充电通信控制器）产品 作为新能源汽车的核心部件，目前已成功从"项目导入"阶段迈入"小批量交付"阶段。2025年上半年， EVCC产品已实现千余台交付，并持续拓展新客户，已完成多家知名新能源汽车企业的预审核及定点审 核。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：目前新能源汽车规模发展迅速，请问贵公司在新能源 车的核心部件EVCC产品产量如何，有没有增产，有没有拓展更多客户，能给公司带来多少效益？ ...

万胜智能12月5日在互动平台表示，公司EVCC（电动汽车充电通信控制器）产品作为新能源汽车核心 部件，目前已从"项目导入"阶段迈入"小批量交付"阶段。2025年上半年EVCC产品已实现千余台交付， 并持续拓展新客户，已完成多家知名新能源汽车企业的预审核及定点审核。 ...

格隆汇12月5日丨万胜智能(300882.SZ)在投资者互动平台表示，公司EVCC（电动汽车充电通信控制 器）产品作为新能源汽车核心部件，目前已成功从"项目导入"阶段迈入"小批量交付"阶段。2025年上半 年EVCC产品已实现千余台交付，并持续拓展新客户，已完成多家知名新能源汽车企业的预审核及定点 审核。 ...

长江商报消息 重大资产重组，爱克股份（300889.SZ）的方案出炉了。 12月2日晚，爱克股份披露了重大资产重组预案，公司拟通过发行股份及支付现金方式收购东莞市硅翔 绝缘材料有限公司（以下简称"东莞硅翔"或"标的公司"）100%股权。 截至目前，针对标的公司的审计、评估等工作尚未完成。经交易双方协商，本次交易价格暂定为22亿 元。 爱克股份对22亿元的现金来源做了安排，包括配套募资、自有资金及银行贷款等。 本次重组，是爱克股份加码新能源赛道之举，公司与标的公司均涉足新能源汽车零部件赛道。 爱克股份本次收购的是盈利资产，且标的公司盈利能力快速提升。2024年，东莞硅翔营业收入为19.24 亿元、净利润为1.25亿元；2025年前九个月，营业收入、净利润分别为19.02亿元、1.60亿元。 交易对方承诺，2025年至2027年，东莞硅翔实现的净利润累计数不低于5.60亿元。 产业转型中的爱克股份业绩承压，但呈向好趋势。 二级市场上，2025年以来，爱克股份的股价上涨了近2倍。 22亿收购加码产业转型布局 积极推进产业转型的爱克股份，产业转型再发力。 爱克股份称，本次交易预计构成重大资产重组，但不构成重组上市。 ...

Core Insights - New Aluminum Era's stock increased by 2.54% on December 1, with a trading volume of 79.44 million yuan [1] - The company reported a financing net purchase of 8.23 million yuan on the same day, with a total financing balance of 191 million yuan, representing 4.81% of its market capitalization [1] - The company specializes in the research, production, and sales of aluminum alloy components for new energy vehicle battery systems, with 86.26% of its revenue coming from battery box housings [1] Financing and Trading Data - On December 1, New Aluminum Era had a financing buy amount of 15.57 million yuan and a financing repayment of 7.34 million yuan, resulting in a net financing purchase of 8.23 million yuan [1] - The current financing balance of 191 million yuan is above the 80th percentile of the past year, indicating a high level of financing activity [1] - No shares were sold or repaid in the securities lending market on December 1, with a lending balance of 0.00 yuan, also indicating a high level of inactivity in this area [1] Financial Performance - For the period from January to September 2025, New Aluminum Era achieved a revenue of 2.22 billion yuan, marking a year-on-year growth of 61.38% [2] - The net profit attributable to the parent company was 184 million yuan, reflecting an 18.65% increase compared to the previous year [2] Shareholder and Dividend Information - As of November 10, the number of shareholders increased by 7.89% to 13,900, while the average number of circulating shares per person decreased by 7.31% to 6,057 shares [2] - Since its A-share listing, New Aluminum Era has distributed a total of 95.89 million yuan in dividends [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 262,700 shares as a new shareholder [3]

深圳商报·读创客户端记者 宁可坚 11月28日，北交所对安徽新富新能源科技股份有限公司（简称"新富科技"）公开发行股票并在北交所上 市的申请文件发出第二轮审核问询函。 该轮问询深度聚焦公司废料销售及成本核算的准确性、经营业绩的可持续性、募集资金使用的合理性， 以及关联交易公允性、入股合规性等多个关键问题。 新富科技自成立以来一直专注于新能源汽车热管理零部件的研发、生产和销售，主要产品包括电池液冷 管、电池液冷板。相关产品使电芯保持在合理的工作温度范围内，以优化电芯老化速度、循环效率、充 放电效率，在提高电池组寿命的同时，极大降低热失控风险。 募资补流合理性被问询 废料"零成本"？ 问询函指出，新富科技未将废料成本在产品成本和废料成本中进行分配，废料在销售时计入其他业务收 入，对应其他业务成本为零，如为研发活动产生废料，则对应冲减研发费用。 北交所要求，说明生产和研发活动中废料管理内控流程、会计核算和处理的具体方式和差异情况，公司 研发活动废料价值评估的具体方法，并结合相关情况，说明公司生产和研发废料是否能够准确评估价 值，报告期内公司未核算生产废料成本而核算研发废料费用的合理性，并结合相关情况，说明公司关于 ...

Core Insights - The electric drive system is a critical component of new energy vehicles, responsible for converting electrical energy into mechanical energy, directly influencing vehicle performance, energy efficiency, and reliability [1][14][15] - The market for electric drive systems in China is experiencing explosive growth, with the market size projected to increase from 17.1 billion yuan in 2019 to 151.45 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 54.69% [1][14] - The development of the electric drive system industry is closely linked to the overall prosperity of the new energy vehicle sector, which is expected to continue expanding as the industry moves towards scale and intelligence [1][14] Industry Overview - The electric drive system consists of three main components: the drive motor, controller, and reducer, which are essential for the vehicle's power output and efficiency [5][7] - The electric drive system is categorized into four types based on motor configuration: single motor drive, dual motor drive, hub motor drive, and wheel-side motor drive [6][7] Industry Policies - The Chinese government has implemented a series of supportive policies to promote the development of new energy vehicles and their core components, including electric drive systems [8][9] - Recent initiatives include the Jilin Province's action plan for high-quality development of new energy and intelligent connected vehicles, focusing on key technologies such as high-energy, high-safety batteries and efficient electric drive systems [8][9] Industry Chain - The electric drive system industry chain includes upstream raw material suppliers (e.g., steel, aluminum alloys), midstream system assembly suppliers, and downstream new energy vehicle manufacturers [9][10] Market Growth and Trends - The production of new energy vehicles in China has surged from 340,500 units in 2015 to 12.888 million units in 2024, with a CAGR of 49.74% [13][15] - The electric drive system installation in new energy passenger vehicles is expected to reach 7.758 million units in 2024, a year-on-year increase of 41.72% [15] Key Companies - Major players in the electric drive system industry include Huichuan Technology, Times Electric, Wolong Electric Drive, and Jingjin Electric [2][16] - Wolong Electric Drive Group focuses on the research, production, and sales of motors and controls, with a projected revenue of 9.066 billion yuan in 2024, a decrease of 6% [16][17] - Jingjin Electric Technology is a leading domestic company in electric drive systems, with a revenue of 969 million yuan in the first half of 2025, a year-on-year increase of 78.84% [17][18] Future Development Trends - The integration of electric drive systems is expected to evolve from a "three-in-one" configuration to a more comprehensive "multi-in-one" approach, enhancing efficiency and reducing weight [19] - The industry is moving towards high-voltage platforms (800V and above) to meet fast charging demands, with silicon carbide (SiC) power modules becoming increasingly important [20] - Continuous optimization of electric drive system efficiency will focus on innovative design, materials, and control technologies to minimize energy consumption across all operational scenarios [21]

Core Viewpoint - The company aims to enhance its production capacity and optimize product structure through fundraising, focusing on battery liquid cooling plates and battery box integration to meet the growing demand in the electric vehicle industry [1][2][3]. Group 1: Fundraising and Investment Projects - The fundraising will support the production of 3.6 million sets of water cooling plates, with a total investment of approximately 57.94 million [2]. - The company plans to expand its battery box business, aligning with the trend of high integration in the electric vehicle parts industry [1][3]. Group 2: Market Position and Strategy - The company is a leading supplier in the domestic electric vehicle battery thermal management sector and a strategic supplier for major manufacturers like CATL and NIO [2][3]. - The overall strategic goal is to become a leading supplier of new energy thermal management products, focusing on quality and innovation to maintain market share and competitive advantage [3]. Group 3: Financial Performance - In 2024, the company reported a weighted average return on equity of 16.47%, a decrease of 3.96 percentage points from the previous year [15]. - The net cash flow from operating activities for 2024 was 38.77 million, down 65.17% year-on-year [18]. Group 4: Asset and Liability Changes - As of the end of Q3 2025, cash and cash equivalents decreased by 47.7%, while accounts receivable increased by 12.51% [30][33]. - The company's current ratio was 1.33 and the quick ratio was 1.1 for the first three quarters of 2025, indicating a stable liquidity position [46].