Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully passed the listing review by the Shenzhen Stock Exchange, indicating its compliance with issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Nanbaichuan specializes in thermal management systems for new energy vehicle power batteries and has established a customer base that includes major manufacturers such as NIO, Xpeng, and Geely, among others [1] - The company has adapted over 200 vehicle models and completed over 300 development projects, with applications in passenger vehicles and energy storage [1] Group 2: Research and Development - The company has recognized the importance of technological innovation in maintaining core competitiveness and has positioned R&D at the strategic core [2] - R&D expenditures have increased steadily from 34.07 million yuan in 2022 to 54.11 million yuan in 2024, laying a solid foundation for technological breakthroughs [2] - Nanbaichuan holds a total of 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] Group 3: Production and Sustainability - The company is actively responding to the national strategy for manufacturing power, focusing on intelligent and green transformation [2] - Nanbaichuan's production system upgrade is based on three core construction concepts: modular factories, extreme manufacturing factories, and zero-carbon factories [2] - The introduction of advanced industry facilities has enabled fully automated production processes, enhancing production efficiency and product quality stability while supporting green low-carbon production [2] Group 4: Market Expansion - Nanbaichuan is not limited to the new energy vehicle sector but is also expanding into the energy storage thermal management system market [3] - The company has successfully entered the supplier systems of leading firms in the energy storage and new energy sectors, including CATL and Sungrow [3]

Core Viewpoint - Nabichuan New Energy Co., Ltd. is preparing for an IPO, showcasing its strong position in the domestic battery thermal management sector for electric vehicles, driven by technological accumulation, industry layout, and stable customer relationships [1][8]. Financial Performance - Nabichuan has demonstrated robust growth since entering the battery thermal management field in 2011, with a compound annual growth rate (CAGR) of 18.17% in main business revenue, projected to rise from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024 [2]. - The company reported a significant increase in net profit for Q1 2025, reaching 13.91 million yuan, a year-on-year growth of 77.85%, indicating a recovery in profitability [2]. - For 2025, Nabichuan forecasts a revenue of 1,736.76 million yuan, a 20.86% increase, and a net profit of 104.70 million yuan, reflecting management's confidence in future performance [3]. Industry Trends - The Chinese automotive industry is shifting focus from growth speed to quality, with electric vehicles becoming a core driver of this transformation. By 2025, electric vehicles are expected to account for approximately 20% of total vehicle sales in China [4]. - The market for liquid cooling plates in the battery sector reached approximately 4.7 billion yuan in 2022, with expectations to grow to 9.6 billion yuan by 2025, reflecting a CAGR of over 95% [4]. Technological Advancements - Nabichuan emphasizes continuous innovation, with R&D expenses increasing from 34.07 million yuan in 2022 to 54.11 million yuan in 2024, and has secured 203 patents, including 20 invention patents [5]. - The company has made significant breakthroughs in addressing uneven heating in battery modules, achieving a temperature deviation of less than or equal to 3°C, and improving defect detection rates to 100% [5][6]. Customer Relationships - Nabichuan has established a strong presence in the supply chains of major battery manufacturers and automakers, including CATL and Volkswagen, and has received recognition as an "Excellent Supplier" from key clients [7]. - The company’s established relationships with leading customers and its first-mover advantage position it well for future growth in the battery thermal management market [7]. Future Outlook - With a solid performance foundation and clear strategic planning, Nabichuan is poised to become a leading player in the global battery thermal management sector, capitalizing on industry growth opportunities [8].