Core Viewpoint - The article emphasizes the importance of liquid cooling technology in the electric vehicle and energy storage markets, highlighting the emergence of key suppliers in the Yangtze River Delta region that possess core welding and precision processing capabilities [2]. Group 1: Liquid Cooling Plate Technology Routes - The liquid cooling plate technology is categorized into four main types based on manufacturing processes and application scenarios: 1. Roll-bonded: This method involves two layers of aluminum plates, which are combined and inflated to form flow channels. It is cost-effective, has high heat exchange efficiency, and is widely used in cost-sensitive passenger vehicles and small energy storage systems [3]. 2. Stamping & Brazing: This technique involves stamping aluminum plates into flow channel shapes and connecting them with a cover plate through vacuum brazing or continuous brazing. It offers high structural strength and flexible flow channel design, making it suitable for complex thermal management needs, currently the most mainstream solution for power battery packs [4]. 3. Extruded/Harmonica Tube: This method uses molds for direct extrusion, followed by cutting and welding. It has excellent pressure resistance and high standardization, commonly used in commercial vehicle battery packs or standardized energy storage modules [6]. 4. FSW/Diffusion Bonding: This solid-state connection technology achieves sealing through physical pressure or atomic diffusion, providing high weld strength and superior sealing performance, ideal for high-end passenger vehicles, marine applications, military, and high-power heat dissipation fields [9]. Group 2: Key Companies in the Yangtze River Delta - A compilation of over 30 core manufacturers in the Yangtze River Delta region specializing in battery and energy storage liquid cooling plates includes: - Sanhua Holding Group: A global leader in thermal management, providing system-level solutions and control components for automotive, building HVAC, and home appliances [11]. - Zhejiang Yinlun Machinery: A leading listed company in thermal management with four core product platforms, serving commercial vehicles, passenger vehicles, new energy, and industrial sectors [11]. - Jiangsu Jingyan Technology: A leader in MIM technology focusing on edge computing liquid cooling and precision structural components for consumer electronics, automotive, energy storage, and servers [11]. - Kexin New Energy (Ruitai): Offers various types of power/storage liquid cooling plates, including roll-bonded and stamping & brazing types, for power batteries, energy storage, and 5G communication [11]. - Nabichuan New Energy: Provides a full range of cooling plates including harmonica tube, stamping, and extruded types for automotive engines and power battery thermal management [11]. - Suzhou Zhengbei Connection: Focuses on connector and liquid cooling connection solutions with core patented conductive technology for new energy vehicles, energy storage, and data centers [11]. - Changzhou Hengchuang Thermal Management: Engages in automated production across the entire industry chain, including heat dissipation modules, heat exchangers, and components for automotive, energy storage, base stations, and refrigeration [11]. Group 3: Upcoming Industry Events - The FINE 2026 Thermal Management Liquid Cooling Plate Industry Exhibition is scheduled for June 10-12, 2026, at the Shanghai New International Expo Center, featuring a comprehensive coverage of the industry chain and showcasing the latest technologies in roll-bonding, brazing, and friction welding [13][14].

Core Viewpoint - The company, Nabichuan (301667), is focusing on two core markets: power batteries and energy storage batteries, while also expanding into full-scenario thermal management solutions [1] Group 1 - The company is committed to deepening its engagement in the full-scenario thermal management sector [1] - The company aims to develop solutions that encompass "mobile, fixed, and special" thermal management applications [1]

Group 1 - The company, Nabichuan (301667), is focusing on two core markets: power batteries and energy storage batteries [1] - The company aims to deepen its engagement in full-scenario thermal management and is planning to develop solutions for emerging sectors [1] - The company is constructing a comprehensive thermal management solution that includes mobile, fixed, and special scenarios [1]

Core Viewpoint - Nanbaichuan's significant shareholder, Yongqing Technology Group, invested in the company in 2021, indicating strategic partnerships in the electric vehicle sector [1] Group 1: Company Overview - Nanbaichuan is engaged in the research, production, and sales of thermal management products for electric vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] - The company's products are adaptable for various applications, including passenger cars, buses, engineering machinery, energy storage, data centers, aerial transport, and shipping [1] Group 2: Shareholder Information - Yongqing Technology Group, a subsidiary of Qingshan Holding Group Co., Ltd., is currently the fifth-largest shareholder of Nanbaichuan [1]

Group 1 - The company, Nabichuan, is focusing on two core markets: power batteries and energy storage batteries [1] - The company aims to deepen its engagement in full-scenario thermal management and is planning to develop solutions for emerging sectors [1] - Nabichuan is constructing a comprehensive thermal management solution that includes mobile, fixed, and special scenarios [1]

Group 1 - The company, Nabichuan, is focusing on two core markets: power batteries and energy storage batteries while also developing comprehensive thermal management solutions for various scenarios [2] - The company aims to establish a full-spectrum thermal management solution that includes mobile, fixed, and specialized applications [2]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 1: Company Details and Financials 纳百川 (Nabichuan) - Industry: Leading company in battery thermal management in China - IPO Price: 22.63 CNY per share, PE ratio: 28.70, industry PE ratio: 28.71 [2] - Revenue and Profit: Expected revenues of 1.031 billion CNY in 2022, 1.136 billion CNY in 2023, and 1.437 billion CNY in 2024; net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3] 优迅股份 (Youshun) - Industry: Leading company in optical communication chips in China - IPO Price: 51.66 CNY per share, PE ratio: 60.27, industry PE ratio: 58.09 [2] - Revenue and Profit: Expected revenues of 339 million CNY in 2022, 313 million CNY in 2023, and 411 million CNY in 2024; net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4] 元创股份 (Yuanchuang) - Industry: Leading company in rubber track manufacturing in China - IPO Price: 24.75 CNY per share, PE ratio: 12.93, industry PE ratio: 26.37 [2] - Revenue and Profit: Expected revenues of 1.261 billion CNY in 2022, 1.141 billion CNY in 2023, and 1.349 billion CNY in 2024; net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5] 天溯计量 (Tiansu) - Industry: Leading company in measurement and testing services in China - IPO Price: Not specified, but expected to issue 16.3043 million shares [6] - Revenue and Profit: Expected revenues of 597 million CNY in 2022, 726 million CNY in 2023, and 800 million CNY in 2024; net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [6] 锡华科技 (Xihua) - Industry: Leading company in wind power equipment components in China - IPO Price: Not specified, but expected to issue 100 million shares [7] - Revenue and Profit: Expected revenues of 942 million CNY in 2022, 908 million CNY in 2023, and 955 million CNY in 2024; net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [7]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1][2]. Group 1: Company Details 纳百川 (Nabichuan) - Issued at 22.63 CNY per share with a P/E ratio of 28.7, close to the industry average of 28.71 [3]. - Plans to issue 27.92 million shares, with a maximum subscription limit of 6,500 shares requiring a market value of 65,000 CNY [3]. - Major supplier of battery thermal management systems for several leading electric vehicle manufacturers, including CATL and NIO [3]. - Revenue projections for 2022-2024 are 1.031 billion CNY, 1.136 billion CNY, and 1.437 billion CNY, with net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3]. 优迅股份 (Youshun) - Issued at 51.66 CNY per share with a P/E ratio of 60.27, compared to the industry average of 58.09 [4]. - Plans to issue 20 million shares, with a maximum subscription limit of 4,500 shares requiring a market value of 45,000 CNY [4]. - A leading supplier in the optical communication chip sector, focusing on R&D and sales of optical transceiver chips [4]. - Revenue projections for 2022-2024 are 339 million CNY, 313 million CNY, and 411 million CNY, with net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4]. 元创股份 (Yuanchuang) - Issued at 24.75 CNY per share with a P/E ratio of 12.93, below the industry average of 26.37 [5]. - Plans to issue 19.6 million shares, with a maximum subscription limit of 19,500 shares requiring a market value of 195,000 CNY [5]. - A key player in the rubber track industry, providing products for agricultural and engineering machinery [5]. - Revenue projections for 2022-2024 are 1.261 billion CNY, 1.141 billion CNY, and 1.349 billion CNY, with net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5]. 天溯计量 (Tiansu) - Plans to issue 16.3043 million shares, with a maximum subscription limit of 4,000 shares requiring a market value of 40,000 CNY [7]. - A leading national measurement and testing service provider, serving various industries including biomedicine and new energy [7]. - Revenue projections for 2022-2024 are 597 million CNY, 726 million CNY, and 800 million CNY, with net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [8]. 锡华科技 (Xihua) - Plans to issue 100 million shares, with a maximum subscription limit of 21,000 shares requiring a market value of 210,000 CNY [9]. - A leader in the wind power equipment components sector, specializing in the development and manufacturing of wind turbine gearbox components [9]. - Revenue projections for 2022-2024 are 942 million CNY, 908 million CNY, and 955 million CNY, with net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [9].

Core Viewpoint - The company plans to invest 201 million RMB in the construction of an intelligent computing liquid cooling R&D center and battery thermal management system production base in Chongqing's Jiangbei District [1] Investment Details - The investment will be funded through the company's own capital and self-raised funds [1] - The total investment amount is 201 million RMB [1] Market and Product Development - The company has made breakthroughs and deliveries with key clients in both intelligent computing liquid cooling and battery system thermal management [1] - Upon completion, the project will significantly enhance the company's production capacity for intelligent computing liquid cooling and battery system components [1] - The company has developed and validated core products that meet the flexible deployment and operational needs of data centers and battery systems [1] Future Capabilities - The new facility will provide customized liquid cooling solutions for high-heat chips such as AI computing servers, GPUs, and CPUs [1] - The project will enable rapid iteration and large-scale delivery capabilities [1]

Group 1 - The company has entered the supplier system of Guoxuan High-Tech for energy storage battery thermal management business and has reached the mass production stage [2]