1月5日，纳百川跌8.31%，成交额7.50亿元。两融数据显示，当日纳百川获融资买入额6571.03万元，融 资偿还5854.45万元，融资净买入716.58万元。截至1月5日，纳百川融资融券余额合计1.17亿元。 截至12月23日，纳百川股东户数2.96万，较上期增加211050.00%；人均流通股760股，较上期增加 0.00%。2025年1月-9月，纳百川实现营业收入12.08亿元，同比增长32.29%；归母净利润5828.96万元， 同比增长29.30%。 责任编辑：小浪快报 融券方面，纳百川1月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元。 资料显示，纳百川新能源股份有限公司位于浙江省泰顺县月湖工业区分泰路59号，成立日期2007年10月 29日，上市日期2025年12月23日，公司主营业务涉及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。主营业务收入构成为：电池液冷板90.15%，燃 油车热管理部件7.10%，其他(补充)2.30%，其他产品0.34%，电池箱体0.10%。 ...

Group 1 - The core viewpoint of the news is that 纳百川 experienced a significant decline in stock price, dropping by 28.06% on December 24, with a trading volume of 1.341 billion yuan [1] - As of December 24, 纳百川's financing balance was 54.39 million yuan, accounting for 2.92% of its market capitalization [1] - The company specializes in the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] Group 2 - As of December 23, 纳百川 had 29,600 shareholders, an increase of 211,050% compared to the previous period [2] - For the period from January to September 2025, 纳百川 reported a revenue of 1.208 billion yuan, representing a year-on-year growth of 32.29% [2] - The net profit attributable to the parent company for the same period was 58.29 million yuan, showing a year-on-year increase of 29.30% [2]

| | | A/ TISS IIJ THE | | --- | --- | --- | | | 源杰科技 | | | 主营构成 | 光通信收发合一芯片： 86.74%; | | | | 跨阻放大器芯片（TIA）： 11.81%； | | | | 限幅放大器芯片（LA）：0.79%; | | | | 激光驱动器芯片（LDD）：0.67%； | | | 业务及亮点 | 1、公司是全球光通信电芯片领域的主要供应商之 | | | | 据龙头地位、而25G速率以上产品已进入快速放鬆 | | | | 2、公司已在下一代万兆接入技术上取得实质性字 | | | | 发合一芯片的批量出货，并已完成50GPON方案: | | | | 阶段，预计2026年实现量产。 | | | | 3、公司100Gbps电芯片性能已对标国际头部厂宿 | | | | 进400Gbps及800Gbps收发芯片、4通道128Gbz | | | | 披露，上述产品现已完成回片测试。 | | | 近三年营收 | 4.11 亿元 (2024年, 31.11%) | 近三年归母 | | | 3.13 亿元 (2023年, -7.65%) | 净利润及业 | | ...

Core Viewpoint - The successful IPO approval of Nabichuan New Energy Co., Ltd. is not surprising given the current trend of IPO approvals in the market, but there are significant concerns regarding the company's financial health and reliance on major clients [1][2]. Financial Performance - Nabichuan's main business revenue grew from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024, with a compound annual growth rate of 18.17%. However, the net profit attributable to shareholders after deducting non-recurring gains and losses decreased from 111.12 million yuan in 2022 to 88.04 million yuan in 2024 [3]. - The company's predicted net profit growth of 14.05% for 2025 translates to an absolute amount of only 10.04 million yuan, which is still below the 2022 figure [3]. Client Dependency - Nabichuan has a significant reliance on its largest client, CATL, with nearly half of its sales coming from this client. The revenue from direct and indirect sales to CATL accounted for 53.73%, 48.94%, and 48.21% over the reporting period [4]. - The gross margin of Nabichuan's main product, battery liquid cooling plates, has declined from 19.69% in 2022 to 13.85% in early 2025, indicating reduced pricing power due to client dependency [5]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly from 340.15 million yuan at the end of 2022 to 592.64 million yuan at the end of 2024, with accounts receivable accounting for 29.61% of total assets and 41.24% of operating revenue by the end of 2024 [6]. - The net cash flow from operating activities was only 38.77 million yuan in 2024, and the first quarter of 2025 showed a negative cash flow of -56.53 million yuan [6]. Financial Health - The company's asset-liability ratio reached 66.80% by the end of 2024, with short-term loans exceeding 200 million yuan and current liabilities over 300 million yuan, while cash and cash equivalents stood at only 35.9 million yuan [8]. - Nabichuan's fundraising plan includes 150 million yuan for working capital, indicating a pressing need for liquidity [9]. Production Capacity and Utilization - The production capacity utilization rate for battery liquid cooling plates has shown a declining trend, from 102.11% in 2022 to 82.86% in 2024, raising concerns about the absorption of new capacity from upcoming projects [12].