Core Viewpoint - The company Nanbaichuan has received approval for its initial public offering (IPO) application, with plans to raise 729 million yuan for projects related to the production of cooling plates for electric vehicles and other related businesses [1] Financial Performance - The company reported revenues of 1.031 billion yuan in 2022, 1.136 billion yuan in 2023, and projected 1.437 billion yuan in 2024, indicating a growth trend [1] - Net profit figures for the same years were 113.31 million yuan in 2022, 98.25 million yuan in 2023, and a projected 95.43 million yuan in 2024, showing a decline in profitability [1] - Basic earnings per share were 1.35 yuan in 2022, 1.17 yuan in 2023, and are expected to be 1.14 yuan in 2024, reflecting a downward trend [1] - The weighted average return on equity was 30.40% in 2022, 20.43% in 2023, and is projected to be 16.47% in 2024, indicating a decrease in efficiency [1] Investment Plans - The funds raised from the IPO will be allocated to the construction of a production project for 3.6 million sets of water cooling plates, working capital, and expansion of the production base in Taizhou [1] - The underwriting institution for this issuance is Zheshang Securities Co., Ltd. [1]

Core Viewpoint - The IPO application of Nabai Chuan New Energy Co., Ltd. faces significant challenges due to incomplete disclosure of related party transactions, non-compliance with social security contributions, declining profits, and tight cash flow [1][2][3]. Related Party Transactions - Nabai Chuan has significant deficiencies in the disclosure of related party transactions, which is a key focus of IPO regulatory scrutiny. The company failed to include certain related parties in its prospectus, raising concerns about the completeness of its disclosures [2][3]. Social Security Compliance Issues - The company faces substantial pressure to rectify social security payment issues, especially with new regulations coming into effect that invalidate any agreements to waive social security contributions. This could lead to significant back payments and legal risks for the company [3][4]. Financial Implications - As of March 2025, Nabai Chuan had 1,319 employees, with a notable number lacking social security coverage. This situation is inconsistent with new regulatory requirements and raises questions about the company's operational practices [4][5]. - The financial burden of social security back payments could severely impact the company's already declining profits. The estimated annual cost for social security contributions for employees lacking coverage could reach approximately 2.6 million yuan, with additional historical liabilities potentially exceeding 4.7 million yuan [5][6]. Revenue and Profit Trends - The company has experienced a widening gap between revenue and profit, with revenue increasing from 1.031 billion yuan in 2022 to 1.437 billion yuan in 2024, while the gross margin from core business activities has decreased from 22.36% to 17.54% during the same period [6].

证券时报·数据宝统计，根据深交所、上交所、北交所上市委会议公告，本周（8月25日—8月29日）将 有4家企业首发事项上会。 1家创业板公司拟上会 纳百川主营业务为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。 2家科创板公司拟上会 恒坤新材产品主要应用于先进NAND、DRAM存储芯片与90nm技术节点及以下逻辑芯片生产制造的光 刻、薄膜沉积等工艺环节，系集成电路晶圆制造不可或缺的关键材料。 泰金新能专注于高端绿色电解成套装备、钛电极以及金属玻璃封接制品的研发、设计、生产及销售。 1家北交所公司拟上会 精创电气主营业务为冷链设备的智能控制、医药与食品冷链的监测记录、相关设备的智能仪表工具等产 品的研发、生产和销售，并提供大数据处理、云计算、人工智能等相关技术、服务及系统配套解决方 案。（数据宝） 从拟上市板来看，泰金新能、恒坤新材拟科创板IPO；纳百川拟创业板IPO；精创电气拟北交所IPO。 拟募资额方面，本周即将上会的4家企业中，拟募集资金最多的是恒坤新材，预计募集资金10.07亿元， 募资拟投向集成电路用先进材料项目、集成电路前驱体二期项目等项目。其次是泰 ...