公告显示，公司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。自2022年度至2024年度，归属于母公司所有者的净利润分别为1.13亿元、9825.49万元、 9542.88万元。 本次募集资金扣除发行费用后拟用于公司主营业务相关项目，即年产360万台套水冷板生产项目(一 期)，及主营业务发展所需的营运资金。预计使用募集资金7.29亿元。 纳百川(301667.SZ)披露招股意向书,公司拟首次公开发行2791.74万股，初步询价日期为2025年12月2 日，申购日期为2025年12月8日。初始战略配售的发行数量为558.3480万股，占本次发行数量的 20.00%。 ...

Fundraising Adjustment Overview - A total of 33 companies have undergone fundraising adjustments during their IPO processes since 2025, with 5 companies reducing their fundraising amounts [1][29] Company-Specific Adjustments 1. Suzhou New Guangyi Electronics Co., Ltd. - The total fundraising amount was reduced from 800 million to 638 million, a decrease of 162 million, and the number of projects was cut from 2 to 1, focusing on functional materials [3][4] - The adjustment aims to strengthen core business and mitigate competition risks by concentrating resources on traditional advantages in functional materials [4] 2. Nabichuan New Energy Co., Ltd. - The total fundraising amount decreased from 829 million to 729 million, a reduction of 100 million, with the number of projects reduced from 3 to 2 [8][9] - The adjustment reflects a response to regulatory concerns regarding production capacity and aims to focus on core strategic projects while addressing liquidity pressures [9] 3. Yunhan Xincheng (Shanghai) Internet Technology Co., Ltd. - The total fundraising amount was significantly reduced from 942 million to 522 million, a decrease of 420 million, and the number of projects was cut from 4 to 3 [13][14] - The adjustment was made to enhance the rationality of the IPO plan and respond to market skepticism regarding the necessity of the original fundraising for liquidity [14][15] 4. Nantong Taihe Chemical Co., Ltd. - The total fundraising amount was reduced from 1.754 billion to 1.045 billion, a decrease of 709 million, and the number of projects was cut from 5 to 2 [18][19] - The adjustment was driven by regulatory inquiries and the need to improve the rationality of fundraising projects, particularly in light of fluctuating performance [19] 5. Shenzhen Shihang New Energy Co., Ltd. - The first adjustment increased the total fundraising from 1.511 billion to 3.512 billion, a rise of 2.001 billion, while the second adjustment reduced it from 3.512 billion to 1.211 billion, a decrease of 2.301 billion [23][26] - The adjustments reflect strategic expansion needs and responses to regulatory inquiries regarding production capacity and market conditions [24][27] Summary of Trends - Companies are increasingly focusing on core business areas and reducing fundraising amounts in response to regulatory inquiries and market conditions [29][30] - The adjustments indicate a shift towards more prudent financial planning and a strategic focus on competitive advantages in their respective industries [30]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully registered for its IPO on the ChiNext board, marking a significant milestone for the company as it transitions from a niche player in the thermal management sector to a publicly traded entity, aiming to leverage capital to expand production capacity and enhance technological capabilities [2][3]. Group 1: Company Overview - Nanbaichuan is recognized as a leading player in the domestic liquid cooling plate market, having established itself as the first company in Taizhou, Wenzhou, to successfully pass the IPO process [3]. - The company plans to raise 729 million yuan through the IPO, with 579 million yuan allocated to a production project for 3.6 million water cooling plates annually and 150 million yuan for working capital [3]. - The main product, battery liquid cooling plates, is widely used in the new energy vehicle and energy storage sectors, with an estimated market share of approximately 12.16% in the new energy vehicle sector in 2024 [3]. Group 2: Technological Strength - Nanbaichuan has developed a robust technological foundation, holding 203 patents, including 20 invention patents and 146 utility model patents, showcasing its innovation capabilities [5]. - The company has led the drafting of the industry standard for battery liquid cooling plates, further establishing its technical authority in the sector [5]. Group 3: Product Offerings - The core products include battery liquid cooling plates and associated components, which are adaptable to various vehicle models and battery pack structures [6]. - Nanbaichuan serves as a strategic supplier for major automotive manufacturers, including NIO, Xpeng, and Geely, and has a diverse customer network across multiple application scenarios [6]. Group 4: Financial Performance - The company has demonstrated strong growth, with a compound annual growth rate (CAGR) of 18% in revenue over the past three years, significantly outpacing the industry average [14]. - For the first half of 2025, the company reported a revenue of 743 million yuan, a year-on-year increase of 45.88%, indicating robust growth momentum [16]. - Projections for 2025 suggest a revenue of 1.74 billion yuan, reflecting a growth of 20.86% compared to 2024, with net profit expected to reach 105 million yuan, a 9.72% increase [17]. Group 5: Development Phases - The company's journey can be divided into three key phases: the initial phase of technology accumulation (2011-2016), the growth and expansion phase (2017-2023), and the IPO phase (2024-2025) [18][19]. - The IPO represents a culmination of over a decade of focused development in the thermal management sector, coinciding with a growing demand for innovative solutions in the new energy vehicle and energy storage markets [19].

Core Viewpoint - The company, Mingtai Aluminum (601677.SH), has established a development strategy driven by technological innovation for product upgrades, indicating a significant shift towards new energy materials and applications in the battery supply chain [1] Group 1: Technological Innovation and Product Upgrades - The company is focusing on technological innovation to drive product upgrades [1] - It has entered a harvest period for new energy materials, highlighting its strategic shift [1] Group 2: Supply Chain Developments - Mingtai Aluminum has supplied over 2,000 sets of battery liquid cooling plates to Penghui Energy [1] - The company has successfully entered the supply chain for soft-pack lithium battery materials with aluminum-plastic film aluminum foil [1] Group 3: Application Potential - The company has potential applications in solid-state battery packaging [1] - Aluminum alloy brazed composite materials have achieved full coverage for power battery water cooling plates and energy storage liquid cooling systems, expanding into the computer and data center sectors [1]

Core Insights - The company has established a strategy focused on technological innovation to drive product upgrades [1] - The layout of new energy materials is entering a harvest period, with significant collaborations and supply chain integrations [1] Group 1: Technological Innovations - The company is collaborating with Penghui Energy to supply over 2,000 battery liquid cooling plates [1] - Aluminum-plastic film aluminum foil has entered the supply chain for soft-pack lithium batteries [1] - The application scenarios for aluminum alloy brazing composite materials are being expanded [1] Group 2: Product Development and Upgrades - The promotion of all-aluminum column robots is showing initial results [1] - The first phase of Hongsheng New Material's high-end heat treatment equipment is entering debugging and trial production [1] - The recycled aluminum business plans to introduce laser-induced breakdown spectroscopy for industrial upgrades [1] Group 3: Future Policies - The conference also covered future dividend policy introductions [1]

Group 1 - The core point of the article is that Nabichuan New Energy Co., Ltd. has successfully registered its IPO on the ChiNext board, focusing on thermal management products for new energy vehicles and fuel vehicles [1] - Nabichuan specializes in the research, production, and sales of products such as battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heaters [1] - The company aims to raise approximately 729 million yuan through this IPO, which will be used for the production project of 3.6 million sets of water cooling plates and to supplement working capital [1] Group 2 - The IPO process for Nabichuan began with acceptance on September 27, 2023, followed by an inquiry phase on October 23, 2023, and was approved on August 28, 2025, with registration submitted on September 2, 2025 [1]

IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

Core Viewpoint - Nanbaichuan has received approval from the China Securities Regulatory Commission (CSRC) for its initial public offering (IPO) registration, moving closer to listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1][3]. Group 1: IPO Details - Nanbaichuan plans to raise 729 million yuan for its projects, down from the initially planned 829 million yuan [3]. - The company has removed the expansion project for its production base in Taizhou from its fundraising plan, which was originally allocated 100 million yuan [3]. - The IPO registration was submitted in September 2023, with the review status now marked as "registration effective" [1]. Group 2: Company Background - Founded in October 2007, Nanbaichuan has a registered capital of 83.75 million yuan and is primarily engaged in the research, production, and sales of thermal management products for electric vehicles and fuel vehicles [3][5]. - The major shareholders include Chen Rongxian, Zhang Chuanjian, and Wenzhou Nanbaichuan Commercial Management Co., Ltd. [3][5]. Group 3: Financial Performance - In 2022, 2023, 2024, and the first quarter of 2025, Nanbaichuan reported revenues of approximately 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan, respectively [5][6]. - Net profits for the same periods were approximately 113 million yuan, 98.25 million yuan, 95.43 million yuan, and 13.91 million yuan [5][6]. - The company experienced a significant revenue increase in the first half of 2025, with a revenue of about 743 million yuan, a year-on-year growth of 45.88% [7]. - For the full year of 2025, the company expects revenues of approximately 1.737 billion yuan, a 20.86% increase from 2024 [7].

Group 1 - The company 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 [2] - Main products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heating warm air systems [2] - Since 2012, the company has collaborated with CATL and is a strategic supplier, providing products for major automotive brands such as Tesla, NIO, Xpeng, Li Auto, Nezha, Leap Motor, Geely, Changan, GAC Group, Great Wall, SAIC Roewe, Dongfeng Nissan, Mercedes-Benz, and Volkswagen [2] Group 2 - In the field of thermal management products for fuel vehicles, the company's radiator products supply leading automotive thermal management component companies such as Valeo, Mahle, and NISSENS, as well as large aftermarket suppliers like NRF, AAP, and US Motor Works, establishing a stable sales system [2] - In the energy storage thermal management system sector, the company has become a supplier for top domestic new energy power equipment manufacturers such as CATL, Zhongchuang Innovation, and Sungrow [2]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is set to become the first A-share listed company in Wenzhou Taishun, with an IPO fundraising target of 729 million yuan, primarily for a production project and working capital [1][2]. Company Overview - Nanbaichuan is a leading player in the battery thermal management sector, with major clients including CATL, NIO, and XPeng Motors, and is projected to achieve over 1.4 billion yuan in revenue in 2024, with CATL contributing nearly 50% of its income [1][2]. - The company has been involved in the research and development of battery thermal management systems since 2011 and has established strategic partnerships with major automotive manufacturers [2][3]. Financial Performance - The company's revenue for the years 2022 to 2025 is reported as approximately 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan, respectively, with net profits showing a declining trend [4]. - Revenue from battery liquid cooling plates has consistently increased, with a compound annual growth rate of 21.09% from 2022 to 2024 [4]. - For the first half of 2025, revenue is expected to reach approximately 743 million yuan, reflecting a year-on-year growth of 45.88% [4]. Future Projections - The company forecasts a revenue of about 1.737 billion yuan for 2025, representing a growth of 20.86%, and a net profit of approximately 105 million yuan, indicating a growth of 9.72% [5]. - The global market for battery liquid cooling plates is anticipated to reach 14.5 billion yuan by 2025, suggesting a growing demand for thermal management systems in the electric vehicle sector [6].