Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for its IPO on the Shenzhen Stock Exchange, focusing on thermal management products for electric vehicle batteries and fuel vehicles, with significant concerns regarding governance, financial performance, and reliance on major clients [1][6][18]. Group 1: Company Overview - Nanbaichuan specializes in the research, production, and sales of thermal management products for electric vehicle batteries, fuel vehicle power systems, and energy storage batteries [1]. - The company was established in October 2007 and underwent a shareholding reform in February 2023, increasing the number of shareholders to 14, with the controlling shareholder being Chen Rongxian [3][5]. Group 2: Shareholding Structure - The actual controllers, Chen Rongxian, Zhang Liqin, and Chen Chaopengyu, collectively hold approximately 79.45% of the voting rights, indicating significant control over the company's operations [5][6]. - Chen Rongxian has a background in management and currently serves as the chairman and general manager of Nanbaichuan [5]. Group 3: Financial Performance - Revenue has shown steady growth from 1.031 billion yuan in 2022 to 1.437 billion yuan in 2024, with year-on-year increases of 98.37%, 10.21%, and 26.48% respectively [16]. - However, net profit has fluctuated, with a decline from 113 million yuan in 2022 to 95 million yuan in 2024, indicating a trend of increasing revenue without corresponding profit growth [16]. Group 4: Product Performance - The battery liquid cooling plate contributes approximately 80% of the company's revenue, but its gross margin has decreased from 19.69% to 14.32% over the past two years [16]. - The company has faced challenges with the battery box product line, which has not met revenue expectations, achieving only 377.5 thousand yuan in 2024 compared to a forecast of 2.748 million yuan [14]. Group 5: Client and Supplier Concentration - Nanbaichuan's revenue is heavily reliant on a few major clients, with the top five clients accounting for over 60% of sales, including significant dependence on CATL [18]. - The company also has a high concentration of suppliers, with the top five suppliers representing over 68% of procurement costs, raising concerns about supply chain risks [20]. Group 6: Accounts Receivable - Accounts receivable have been increasing, reaching 560 million yuan in 2024, which constitutes 40.9% of current assets, indicating potential liquidity issues [20]. - The company has also seen a rise in bad debt provisions, reflecting concerns over the collectability of receivables [21].

报告期内，纳百川主营业务呈现较好的增长趋势，主营业务收入由2022年度的10.08亿元至2024年度的 14.08亿元，复合增长率为18.17%；2025年1月至3月主营业务收入为3.29亿元，同比增长69.55%。 本报讯(记者邬霁霞)近日，深圳证券交易所网站显示，深交所上市审核委员会定于2025年8月28日召开 2025年第15次上市审核委员会审议会议，届时将审议纳百川新能源股份有限公司(简称"纳百川")的首发 事项。 招股书显示，纳百川拟在深交所创业板上市。纳百川专注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，主要产品包括电池液冷板、电池集成箱 体、燃油汽车发动机散热器、加热器暖风等。 凭借深厚的技术积累与丰富的产品开发经验，纳百川已成长为新能源热管理系统领域的领先供应商，其 客户资源优势尤为突出。目前，公司合作客户已全面覆盖国内下游核心企业，既包括吉利汽车控股有限 公司、重庆长安汽车（000625）股份有限公司、广东小鹏汽车科技有限公司等前十大新能源整车厂商， 也涵盖宁德时代（300750）新能源科技股份有限公司、蜂巢能源科技股份有限公司、孚能科技 ...

Core Viewpoint - The company Nanbaichuan New Energy Co., Ltd. is set to undergo a listing review on August 28, focusing on its growth in the new energy vehicle thermal management sector, with a strong emphasis on its innovative products and expanding customer base [1] Group 1: Business Performance - The company's main business revenue is projected to grow from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 18.17% [1] - In the first quarter of 2025, the revenue reached 329.42 million yuan, marking a year-on-year increase of 69.55% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 111.12 million yuan in 2022, 89.26 million yuan in 2023, and 88.04 million yuan in 2024, with a profit of 13.91 million yuan in the first quarter of 2025, showing a year-on-year growth of 77.85% [1] Group 2: Technological Innovation - Nanbaichuan entered the power battery thermal management system field in 2011 and is recognized as a national "little giant" enterprise and a high-tech enterprise in Zhejiang Province [2] - The company has invested significantly in R&D, with expenses of 34.07 million yuan in 2022, 43.94 million yuan in 2023, 54.11 million yuan in 2024, and 10.17 million yuan in the first quarter of 2025 [2] - As of the end of the reporting period, the company holds 20 invention patents and 183 utility model patents, showcasing its commitment to innovation [2] Group 3: Customer Ecosystem - Nanbaichuan has developed over 300 product projects and adapted to more than 200 vehicle models, demonstrating its strong technical capabilities [3] - The company has established strategic partnerships with leading global new energy firms, notably with CATL, enhancing its position in the global supply chain [3] - Its customer base includes major domestic players such as Geely, Changan, Leap Motor, and Xpeng, as well as top energy storage system integrators like Sungrow Power Supply [3] Group 4: Fundraising Plans - The company plans to raise 729 million yuan to fund the production project of 3.6 million sets of water-cooled plates and to supplement working capital [4]