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].

IPO及再融资上会预告 其中，恒坤新材曾于202年7月25日上会被暂缓审议，下周为二次上会。 四家企业均于在审期间调减了拟募资规模： 纳百川首版招股书申报稿中原计划募资8.29亿元，上会稿中拟募资规模缩减至7.29亿元，删除了纳百川（泰顺）新能源有限公司泰顺生产基地扩产项目 。 | | | | | | 早少: 月元 | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 项目名称 | 实施主体 | 投资总额 | 拟投入募 | 项目备案文 | 项目环评 | | | | | | 集资金 | 号/项目代码 | 批复 | | | 纳百川(滁州)新能 | | | | | 苏滁建房 | | | 源科技有限公司年产 | 纳百川(滁 | | | 2110- | 环彩 | | | | | 57.940.04 | 57.900.00 | 341171-04- | | | | 360万台套水冷板生 | 州） | | | 01-772654 | (2022) | | | 产项目(一期) | | | | | 22号 | | 2 | 纳百川(泰顺)新能 | 纳百川(泰 | | | 2 ...

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 - Nabaichuan, under the "strategic partner of CATL" label, is facing challenges with its IPO due to declining profitability despite increasing revenue, amid concerns of overcapacity in the liquid cooling plate industry [1][3]. Financial Performance - Nabaichuan's revenue from 2022 to Q1 2025 was 1.031 billion, 1.136 billion, 1.437 billion, and 337 million respectively, while net profit for the same periods was 113 million, 98 million, 95 million, and 15 million [3]. - The battery liquid cooling plate business accounted for over 80% of Nabaichuan's revenue, with revenue shares of 79.79%, 85.34%, 83.78%, and 92.27% during the reporting period [3]. - The company's gross profit margin has been declining, with figures of 22.00%, 19.43%, 17.54%, and 14.34% over the same period [7]. Customer Dependency - Nabaichuan's sales to CATL have decreased, with CATL's contribution to revenue dropping from 53.73% in 2022 to 44.39% in Q1 2025 [3][4]. - The top five customers in Q1 2025 included CATL with a sales share of 34.49%, down from 37.04% in 2024 [4]. Industry Competition - The liquid cooling plate industry is experiencing aggressive capacity expansion from competitors like Sanhua Intelligent Control and Yinlun [1]. - Nabaichuan's cost control is not competitive compared to peers, with operating costs increasing significantly [10][11]. Inventory and Cash Flow Concerns - Nabaichuan's inventory has been rising, reaching 220 million by Q1 2025, raising concerns about potential depreciation risks [13]. - The company reported negative operating cash flow of 56.5 million in Q1 2025, a decline from positive cash flows in previous years [13]. Future Outlook - Nabaichuan plans to raise 829 million through its IPO, with significant investments in expanding production capacity [14]. - The company faces risks if it cannot improve profitability and manage cash flow effectively, especially in a competitive pricing environment [15].

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]

Investment Rating - The report maintains an "A" rating for the automotive parts sector, particularly focusing on thermal management equipment [2]. Core Insights - The report emphasizes the successful transformation of Modine Manufacturing from a traditional automotive thermal management company to a comprehensive thermal management solutions provider across multiple sectors, including data centers and electric vehicles [3][22]. - Modine's revenue for the fiscal year 2024 is projected to reach $2.408 billion, with an adjusted EBITDA of $314 million, showcasing significant growth and strategic repositioning [2][22]. - The report highlights the increasing demand for data center cooling solutions, particularly liquid cooling technologies, which are expected to grow at a CAGR of 18% from 2024 to 2027 [61][83]. Summary by Sections 1. Company Overview - Modine Manufacturing, established in 1916, has evolved into a leading provider of thermal management solutions, focusing on high-efficiency heat exchange technologies and liquid cooling systems across various industries [13][22]. - The company has successfully transitioned from automotive-focused operations to include significant investments in data centers and electric vehicles, driven by its 80/20 strategy [22][39]. 2. Strategic Transformation - Modine's strategic transformation is categorized into three phases: initial focus on automotive solutions, diversification into various industries, and the current emphasis on high-return sectors through the 80/20 strategy [33][35]. - The 80/20 strategy has allowed Modine to concentrate resources on high-growth areas, leading to substantial revenue increases, particularly in data center and electric vehicle markets [39][52]. 3. Market Demand and Growth - The report identifies a robust demand for data center cooling solutions, with the market for liquid cooling expected to expand significantly due to increasing energy efficiency requirements and the growing scale of data centers [67][83]. - By 2025, the liquid cooling data center market in China is projected to reach approximately 30 billion yuan, driven by the need for enhanced energy efficiency and the rising power consumption of data center equipment [83][86]. 4. Key Companies to Watch - The report suggests focusing on companies like Silver Wheel Co., Ltd. and Feilong Co., Ltd., which are actively expanding their thermal management solutions in the data center sector [91][92]. - These companies are positioned to leverage the growing demand for advanced cooling technologies, particularly in liquid cooling and immersion cooling systems [91][92].

Group 1 - The company acquired 100% equity of Dalian Huanxin from Dalian Yuantongda and other enterprises controlled by actual controller Pan Yixin for a transaction price of 113 million yuan [2] - The company reported related party purchases of 42.64 million yuan, 48.23 million yuan, and 94.38 million yuan during the reporting period, mainly involving production equipment, electricity procurement, transportation services, and auto parts [2] - Related party sales amounted to 35.34 million yuan, 39.20 million yuan, and 40.01 million yuan, primarily involving precision alloy wire, liquid cooling plates, liquid cooling pipes, and utility fees [2] Group 2 - The Beijing Stock Exchange requested Xinfu Technology to explain the reasons and necessity for purchasing 100% equity of Dalian Huanxin from enterprises controlled by the actual controller, and whether the transaction price is fair, as well as any potential benefit transfers or other arrangements [4] Group 3 - Since its establishment, the company has focused on the research, development, production, and sales of thermal management components for new energy vehicles, with main products including battery liquid cooling pipes and battery liquid cooling plates [6] - The company is projected to achieve revenues of 464 million yuan, 600 million yuan, and 1.381 billion yuan from 2022 to 2024, with net profits attributable to the parent company of 39.64 million yuan, 47.75 million yuan, and 71.96 million yuan respectively [6] Group 4 - As of December 31, 2024, the company's total assets are approximately 1.789 billion yuan, with total equity of approximately 430.53 million yuan [7] - The company's revenue for the year 2023 is approximately 600.14 million yuan, with a gross profit margin of 25.37% [7] - The net profit attributable to the parent company for 2023 is approximately 47.75 million yuan, with a basic earnings per share of 1.75 yuan [7]

Core Viewpoint - The article highlights the upcoming 2025 Fifth Electric Two-Wheeler Battery Swapping Conference and Lightweight Power Battery Technology Summit, emphasizing the growing interest and investment in the electric vehicle and battery sectors, particularly in the context of IPO activities in June 2023 [2][4]. Group 1: Event Details - The event is themed "Swapping City, Smart Two-Wheelers" and will take place on July 10-11, 2025, at the International Hall of the Dingshi Road International Hotel in Bao'an, Shenzhen [2]. - Various companies, including Yadi Technology Group, Tailin Group, and others, are sponsoring, speaking, or collaborating for the event, indicating strong industry participation [2]. Group 2: IPO Activities - In June 2023, EVE Energy submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, marking a significant step in its expansion plans [3]. - Several other companies updated their IPO progress in June, including: - United Power, which plans to raise 4.857 billion yuan for core component production in the new energy vehicle sector [6][7]. - Xinfu Technology, which aims to raise 463 million yuan for its thermal management components for new energy vehicles [8]. - Liqi Intelligent, seeking to raise 1.008 billion yuan for automation equipment manufacturing and R&D [9]. - Electric Science Blue Sky, which plans to raise 1.5 billion yuan for aerospace power systems [10]. - Shangshui Intelligent, targeting 587 million yuan for manufacturing and R&D projects [11]. - Gaote Electronics, aiming to raise 850 million yuan for BMS manufacturing [12]. - Maitian Energy, which is attempting its third IPO with a target of 1.66 billion yuan [13]. - Changcheng Mixing, which withdrew its IPO application due to expired financial data [14]. Group 3: Market Trends - June 2023 saw a significant increase in IPO applications, with 150 new companies accepted, accounting for over 80% of the first half of the year [18]. - The article notes that June is typically a peak month for IPOs, but this year has shown an unusually high number, indicating a positive economic outlook [19]. - The Hong Kong market is also experiencing a surge, with over 20 A-share companies preparing for A+H listings, reflecting a trend towards internationalization for Chinese battery companies [20][21]. - The article suggests that recent policy changes in both mainland China and Hong Kong have improved IPO efficiency, particularly benefiting the technology and new energy sectors [22].

Group 1: Company Operations and Performance - The company currently does not have any products applied in the robotics field [2] - The company is actively seeking to communicate with regulatory authorities regarding the removal of risk warnings on stock trading [2] - The company’s production and operational status is normal, with specific performance details to be disclosed in the upcoming semi-annual report [4][5][6] Group 2: Financial Strategies and Future Plans - The company plans to raise funds through a stock issuance to support the construction of the Wuhu production base project, which is progressing as scheduled [7][8] - The first phase of the project is expected to take no more than 24 months, with the overall project completion not exceeding 48 months [8] - There are currently no plans for mergers or acquisitions, nor for the sale of Chongqing Bailing's equity [6][8] Group 3: Market and Customer Insights - Major customers, such as SAIC-GM-Wuling and Chery Automobile, have seen a year-on-year increase in sales in the second quarter [4] - The company has a dedicated new energy research and sales team to explore incremental market opportunities [6]

Group 1 - The event theme is "Battery Swap City, Smart Two-Wheelers," organized by Qidian Lithium Battery, Qidian Sodium Battery, Qidian Two-Wheelers, and Battery Swap [2] - The event will take place on July 10-11, 2025, at the Dingshi Road International Hotel in Bao'an, Shenzhen [2] - Anhui Xinfu New Energy Technology Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange [2] Group 2 - Xinfu Technology focuses on the research, production, and sales of thermal management components for new energy vehicles, including battery liquid cooling pipes and plates [3] - The company serves leading global new energy vehicle manufacturers such as T Company, as well as domestic companies like Leap Motor, NIO, and Xpeng, along with battery manufacturers like CATL and Changying Precision [3] - The IPO aims to raise 463 million yuan for the expansion of core components in the thermal management system and to supplement working capital [4] Group 3 - Financial projections indicate that Xinfu Technology's revenue will grow from 464 million yuan in 2022 to 1.381 billion yuan in 2024, representing a growth rate of 130.11% [4] - Net profit is expected to increase from 39.64 million yuan in 2022 to 71.96 million yuan in 2024, with a year-on-year growth of 50.69% [4]