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].

Core Insights - This week (August 25 to August 29), four companies are scheduled for IPO meetings according to the announcements from the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange [1] Group 1: Companies and Their IPO Plans - The companies planning to go public include: - Haikang New Materials and Taijin New Energy on the Sci-Tech Innovation Board (STAR Market) - Nabai Chuan on the Growth Enterprise Market (GEM) - Jingchuang Electric on the Beijing Stock Exchange [2][4][5][6] Group 2: Fundraising Amounts - Among the four companies, Haikang New Materials aims to raise the most funds, with an expected amount of 1.007 billion yuan, which will be allocated to advanced materials for integrated circuits and a second phase project for integrated circuit precursors [2] - Taijin New Energy and Nabai Chuan plan to raise 990 million yuan and 729 million yuan, respectively [2] Group 3: Company Profiles - Nabai Chuan focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [4] - Haikang New Materials provides key materials essential for the manufacturing processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [5] - Taijin New Energy specializes in high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products [6] - Jingchuang Electric is engaged in the development, production, and sales of intelligent control for cold chain equipment, monitoring and recording for pharmaceutical and food cold chains, and related smart instrument tools [7]