（新能源汽车与燃油汽 车热管理差异） 新能源汽车逐渐朝着高能量密度和高续航的方向发展，对电池热管理的需求日益提升。随着新能源汽车 未来销量的快速增长，新能源汽车热管理核心零部件电池液冷板的市场需求空间也会随之得到进一步扩 展。一览众咨询数据显示：2024年中国新能源汽车动力电池液冷板市场规模为92亿元，预计2030年将达 到177亿元。 （来源：一览众车） 新能源汽车的发展，对于汽车热管理系统是一场大的变革。传统燃油车的热管理架构主要包括了空调系 统以及动力总成热管理系统。新能源汽车由于动力源发生了变化，新增了三电系统，因此要对电池、电 机、电控等进行热管理的重新构建。 （电池包结构） 企业格局方面，一直以来，动力电池液冷板新兴行业正处于高速发展阶段，行业技术壁垒较高，生产企 业较少，市场较为集中。近几年来，国内其他领域的企业开始进入液冷板行业，在该领域也瓜分了以前 优势企业的市场份额。从趋势来看，随着国内液冷板企业技术的成熟，参与企业数量将增加，市场集中 度有逐渐下降的趋势。 从前景来看，电池液冷板与电池箱体的集成化趋势将带来产品附加值的进一步提升，也为电池液冷板制 造商创造了更大的市场空间，国内企业将迎来 ...

12月12日启动申购的天溯计量成立于2009年，是一家全国性、综合型的独立第三方计量检测服务机构， 主营业务为计量校准、检测、认证等专业技术服务。目前，公司已发展成为国家级高新技术企业、工业 和信息化部"服务型制造示范平台""产业技术基础公共服务平台"、2024年广东省制造业单项冠军企 业、"第二批深圳市制造业单项冠军企业"。本次IPO，天溯计量拟募资4.86亿元。 值得注意的是，截至目前，本周（12月8日到12日）将有7家IPO首发上会，为拟闯关上证主板IPO的林 平发展、科创板IPO的有研复材；创业板IPO的慧谷新材、宏明电子，北交所IPO的美亚科技、原力数字 和悦龙科技。 打新日历 据目前安排，若无变化，本周（12月8日到12日）有5只新股申购。其中深主板1只，沪主板1只，创业板 2只，科创板1只。 截至发稿，本周网上发行3只新股披露发行价：创业板新股纳百川发行价为22.63元/股，发行市盈率28.7 倍。科创板新股优迅股份发行价为51.66元/股，发行市盈率60.27倍。深主板新股元创股份发行价为 24.75元/股，发行市盈率12.93倍。 12月8日启动申购的创业板新股纳百川长期专注于新能源汽车动力 ...

Group 1: Company Overview and Strategy - The company focuses on R&D investments primarily in the automotive and new energy sectors, emphasizing breakthroughs in key core technologies [2] - In the automotive parts sector, the company aims to develop core products with dual technical and process barriers, including IML grilles, light fixtures, and rearview mirrors [2] - The company is currently developing lightweight products for automotive tailgates and front hoods, as well as liquid cooling plates for batteries in the new energy sector [2] Group 2: R&D Achievements and Production Capacity - The company has achieved mass production of several R&D outcomes, which are expected to ensure future profitability [3] - The company has the most comprehensive range of liquid cooling plates, including flat, direct, side, and bent tube types [2] Group 3: Investor Relations and Market Position - The company is committed to enhancing its market value through improved operational performance and long-term value return to investors [3] - The company has established a partnership with Guanggu Dongzhi and provides molds and related products for Xiaopeng Huitian [3] - The company supplies front and rear bumpers and side skirts for Zhijie Automotive, with sufficient production capacity to meet customer demands [3]

Core Viewpoint - The company has acquired Wuhu Huizhan New Energy Company, entering the thermal management field for power batteries in electric vehicles [1] Group 1: Company Products - The company provides liquid cooling plate products for the electric vehicle industry [1] - It also supplies liquid cooling plates and related structural components, as well as lightweight structural components for inverters to the energy storage system sector [1] Group 2: Major Clients - Major clients in the new energy sector include well-known companies such as Zhongchuang Xinhang, Yiwei Lithium Energy, Sunshine Power, and Haibosichuang [1]

Core Viewpoint - The lithium battery market is showing signs of recovery, with companies like Hengyi Energy Technology Co., Ltd. restarting their IPO processes, indicating a restoration of capital pathways in the industry [2][4]. Group 1: Hengyi Energy Technology Co., Ltd. - Hengyi Energy, established in December 2018, focuses on intelligent manufacturing equipment for lithium batteries and has delivered over 500 GWh of production and testing lines globally [2]. - The company has a significant reliance on CATL, with over 50% of its revenue coming from this major client, which is also a shareholder [3]. - Hengyi Energy claims that its high revenue concentration from CATL is typical for the industry and is working to diversify its client base, with a decreasing proportion of orders from CATL [3]. Group 2: Other Companies in the Lithium Battery Supply Chain - Nanbaichuan New Energy Co., Ltd. has successfully passed the IPO review and is in the registration phase, aiming to raise 729 million yuan for production projects and working capital [6][7]. - Xinfu New Energy Technology Co., Ltd. has submitted an IPO application, focusing on thermal management components for electric vehicles, with plans to raise 463 million yuan [8]. - Wuxi Lichi Intelligent Equipment Co., Ltd. is also in the IPO process, seeking to raise 1.008 billion yuan for automation equipment projects and R&D [8][9].

Core Viewpoint - The successful registration of Nabichuan New Energy Co., Ltd. marks strong market recognition of its technological capabilities, customer system, and development strategy, opening broader capital channels for future growth [1] Group 1: Company Overview - Established in 2007, Nabichuan is one of the early high-tech enterprises focusing on thermal management for electric vehicle power batteries in China [2] - The company's main product, the power battery liquid cooling plate, is a core component of electric vehicle battery systems, widely used in various applications including passenger vehicles and energy storage [2] Group 2: Technological Innovation - Nabichuan has consistently increased its R&D investment from 34.07 million yuan in 2022 to 54.11 million yuan in 2024, with a total of 203 authorized patents, including 20 invention patents [2] - The company has achieved industry-leading performance metrics, such as maintaining a temperature deviation of ≤3℃ and a flow resistance deviation within 5%, significantly better than the industry average of 15% [2] Group 3: Market Position and Partnerships - Nabichuan has successfully integrated into the global mainstream electric vehicle supply chain, establishing deep partnerships with industry giants like CATL and NIO, covering over 200 vehicle models [3] - The company has completed more than 300 development projects, reflecting strong market recognition of its products [3] Group 4: Financial Performance - From 2022 to 2024, Nabichuan's main business revenue grew from 1,008.13 million yuan to 1,407.81 million yuan, with a compound annual growth rate of 18.17% [4] - In Q1 2025, the company achieved a revenue of 329.42 million yuan, a year-on-year increase of 69.55% [4] Group 5: Growth Opportunities - The demand for thermal management systems in electric vehicles is expected to grow, with projections indicating that by 2025, the global liquid cooling plate market will reach 14.5 billion yuan [5] - Nabichuan plans to use IPO funds primarily for a production project in Chuzhou, which aims to produce 3.6 million sets of cooling plates annually, significantly enhancing production capacity [5] Group 6: Future Outlook - Post-IPO, the company will continue to strengthen R&D and production capacity, enhancing product competitiveness and creating sustainable value for investors [6]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully passed the IPO review on the ChiNext board, focusing on thermal management systems for electric vehicle power batteries [3]. Group 1: Company Overview - Nanbaichuan specializes in the field of thermal management systems for electric vehicle power batteries, with its main product being the liquid cooling plate, a critical component of the battery system [3]. - The company has established strategic partnerships with industry leaders such as CATL and has supplied thermal management systems for major automotive manufacturers like SAIC Volkswagen [3]. - Over the past decade, Nanbaichuan has built a customer base that includes leading companies like NIO, Xpeng, Li Auto, and Leap Motor, positioning itself as a benchmark enterprise in the domestic battery liquid cooling plate sector [3]. Group 2: Financial Information - The company plans to raise 729 million yuan through its IPO, with 579 million yuan allocated for a production project in Chuzhou and 150 million yuan for working capital [3]. - Financial data shows that the operating revenues for 2022, 2023, 2024, and the first quarter of 2025 are 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan respectively [4]. - The net profit attributable to the parent company for the same periods is 113 million yuan, 98.25 million yuan, 95.43 million yuan, and 14.89 million yuan [4]. Group 3: IPO Process - The IPO application was accepted by the Shenzhen Stock Exchange in September 2023, followed by two rounds of inquiries from the exchange [3]. - The listing committee requested the company to explain the prudence and reasonableness of its forecasted 14.05% year-on-year growth in net profit attributable to the parent company for 2025, considering the competitive landscape of the new energy vehicle industry and price trends of liquid cooling plates [3].

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has received approval for its IPO application on the ChiNext board, highlighting its position as a leading player in the thermal management systems for electric vehicle battery applications in China [1] Group 1: Company Overview - The company has focused on the research and development of thermal management systems for electric vehicle batteries since 2011, establishing a strategic partnership with industry leader CATL in 2015 [1] - Nanbaichuan has developed a robust customer base, including major automotive manufacturers such as NIO, Xpeng, and SAIC, and has adapted over 200 vehicle models [1] - The company has completed over 300 development projects, showcasing its strong system matching and rapid response capabilities [1] Group 2: Research and Development - R&D is a strategic priority for the company, with R&D expenses increasing from 34.07 million yuan in 2022 to 54.11 million yuan in 2024 [2] - The company holds 203 authorized patents, including 20 invention patents and 183 utility model patents, covering key technology areas such as thermal management design and lightweight processes [2] - Nanbaichuan is advancing its production transformation towards intelligent and green manufacturing, implementing fully automated production systems to enhance efficiency and product consistency [2] Group 3: Financial Performance - From 2022 to 2024, the company's main business revenue is projected to grow from 1.008 billion yuan to 1.408 billion yuan, with a compound annual growth rate of 18.17% [3] - In the first quarter of 2023, the company achieved a revenue of 329.42 million yuan, reflecting a year-on-year growth of 69.55% [3] - The company anticipates a revenue of 1.737 billion yuan in 2025, representing a year-on-year growth of 20.86% [3] Group 4: Market Expansion - Beyond the electric vehicle sector, Nanbaichuan has made significant strides in the energy storage thermal management market, entering the supply chains of leading companies like CATL and Sungrow [3] - The global energy storage battery shipment is expected to reach 449 GWh by 2025, with a year-on-year growth of approximately 21.42%, indicating a potential second growth curve for the company [3] Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used for the production project of 3.6 million sets of water-cooled plates at Nanbaichuan (Chuzhou) New Energy Technology Co., Ltd., with a total investment of 579.40 million yuan [3] - This project, located in Chuzhou, Anhui Province, is expected to significantly enhance the company's production capacity and better meet market demand [3]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully passed the IPO review on the ChiNext board, focusing on thermal management systems for electric vehicle power batteries [1] Company Overview - Nanbaichuan specializes in the field of thermal management systems for electric vehicle power batteries, with its main product being the liquid cooling plate, a critical component of electric vehicle battery systems [1] - The company has established a strategic partnership with industry leader CATL since 2015 and provided thermal management systems for SAIC Volkswagen's first domestic electric vehicle model in 2016 [1] - Over more than a decade, Nanbaichuan has built a customer base that includes major manufacturers such as NIO, Xpeng, Li Auto, and Leap Motor, making it a benchmark enterprise in the domestic battery liquid cooling plate sector [1] Financial Information - The company plans to raise 729 million yuan through its IPO, with 579 million yuan allocated for a production project of 3.6 million sets of water cooling plates and 150 million yuan for working capital [1] - Financial data shows that the operating revenues for the years 2022, 2023, 2024, and the first quarter of 2025 are 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan respectively [2] - The net profits attributable to the parent company for the same periods are 113 million yuan, 98.25 million yuan, 95.43 million yuan, and 14.89 million yuan respectively [2] Shareholding Structure - Before the issuance, Chen Rongxian is the controlling shareholder, with Chen Rongxian, Zhang Liqin, and Chen Chaopengyu as the actual controllers, collectively holding 55.58% of the company's shares [2]

Core Viewpoint - The company, Yichang Technology, is focused on high-quality development in its core business areas, including automotive components, new energy, and medical health, with significant growth in revenue and strategic expansion plans [2][3][4]. Financial Performance - In 2024, the company reported total revenue of approximately 2.68 billion yuan, with a net profit attributable to shareholders of about 94.70 million yuan [3]. - For Q1 2025, the company achieved revenue of approximately 717.57 million yuan, with a net profit of about 21.89 million yuan [3][6]. - The company's gross margin stood at 13.24% [6]. Revenue Growth by Sector - In 2024, revenue from the new energy sector reached approximately 435.96 million yuan, a year-on-year increase of 102.78% [2]. - Revenue from the automotive sector was approximately 940.60 million yuan, up 19.61% year-on-year [2]. - Revenue from the home appliance sector decreased by 5.94% to approximately 764.44 million yuan, while the medical health sector saw a decline of 5.63% to about 37.57 million yuan [2]. R&D and Production Capacity - The company plans to expand production capacity in the automotive and new energy sectors, with new production lines expected to launch in Q2 2025 [2][4]. - The number of R&D personnel increased to 201 in 2024, representing 11.14% of the workforce, indicating a focus on technological innovation [2][3]. Strategic Focus - The company aims to enhance its market share in the medical health sector, particularly in in vitro diagnostic instruments and consumables, leveraging its design and mold capabilities [4][5]. - The strategic direction emphasizes high-quality development in home appliance components, accelerated growth in automotive components, and rapid development in new energy and medical health sectors [3][5].