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]

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].

Core Viewpoint - The company Nabaichuan New Energy Co., Ltd. is set to become the first A-share listed company in Taishun County, Wenzhou, with its IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 729 million yuan for production projects [1][4]. Company Overview - Nabaichuan was founded in October 2007 by Chen Rongxian and has evolved from a traditional auto parts manufacturer to a key player in the new energy vehicle sector, focusing on thermal management systems for power batteries [1][4]. - The company is controlled by the Chen family, with Chen Rongxian holding 24.96% of shares, and family members collectively controlling over 75% of the company [2][3]. Financial Performance - Nabaichuan's revenue for the reporting period was approximately 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan, with net profits showing a downward trend [7][9]. - The company reported a compound annual growth rate of 21.09% in revenue from battery liquid cooling plates from 2022 to 2024, while revenue from fuel vehicle thermal management components has been declining [5][6]. Client Relationships - Nabaichuan has established strong partnerships with leading battery manufacturers and automotive companies, with CATL being its largest customer, contributing over 44% of its revenue in recent years [4][9]. Future Projections - For the first quarter of 2025, Nabaichuan expects to achieve a revenue of approximately 1.743 billion yuan, a year-on-year increase of 20.86%, and a net profit of about 105 million yuan, reflecting a growth of 9.72% [10].

Core Viewpoint - Nabaichuan New Energy Co., Ltd. has submitted its IPO registration for the ChiNext board, focusing on thermal management products for electric vehicle batteries and fuel vehicles [1] Company Overview - Nabaichuan specializes in the research, production, and sales of thermal management products related to new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] - Key products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heaters [1] IPO Details - The IPO was accepted in September 2023 and entered the inquiry phase in October 2023, with the approval meeting scheduled for August 28, 2025 [1] - The company aims to raise approximately 729 million yuan, which will be used for the production project of 3.6 million sets of water cooling plates and to supplement working capital [1]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 729 million yuan for its operations in the new energy vehicle sector [1] Group 1: Company Overview - Nanbaichuan 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 [1] - The main products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heater warm air systems [1] - The company primarily supplies battery liquid cooling plates to domestic markets and has established long-term stable partnerships with major domestic power battery manufacturers and vehicle manufacturers such as NIO, Xpeng, and Li Auto [1] Group 2: Financial Performance - In the fiscal years 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 [2] - The net profits for the same periods were approximately 113 million yuan, 98.25 million yuan, 95.43 million yuan, and 14.89 million yuan respectively [2] Group 3: Asset and Equity Information - As of March 31, 2025, the total assets amounted to approximately 1.981 billion yuan, with equity attributable to shareholders of the parent company at approximately 643 million yuan [3] - The asset-liability ratio for the parent company was 51.91% as of March 31, 2025, showing a slight improvement from 56.26% in 2022 [3] - The company’s basic earnings per share were 0.18 yuan for the first quarter of 2025, down from 1.35 yuan in 2022 [3]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has received approval for its IPO on the ChiNext board, focusing on thermal management products for electric vehicle batteries and energy storage systems, with a planned fundraising of 729 million yuan [1][3]. Company Overview - Nanbaichuan specializes in the research, production, and sales of thermal management products for new energy vehicle batteries, fuel vehicle power systems, and energy storage batteries, including battery liquid cooling plates and engine radiators [3][4]. - The company has established itself as a supplier for leading domestic new energy power equipment manufacturers, including CATL and Sungrow [3]. Financial Highlights - The planned fundraising of 729 million yuan will be allocated to main business-related projects and working capital [3]. - Revenue from Nanbaichuan for the years 2022 to 2024 is projected to be 1.031 billion yuan, 1.136 billion yuan, and 1.437 billion yuan, respectively, with net profits of 111 million yuan, 89.26 million yuan, and 88.04 million yuan [5][6]. - The company has shown a significant reliance on CATL, with sales to CATL accounting for 53.73%, 48.94%, 48.21%, and 44.39% of total revenue over the past four years [5]. Product Segmentation - In the first quarter of 2025, the revenue breakdown shows that battery liquid cooling plates accounted for 92.27% of total revenue, while fuel vehicle thermal management components made up 7.27% [7]. - The energy storage sector has seen rapid growth, with revenues of 36.40 million yuan in 2022, 114.24 million yuan in 2023, and 337.27 million yuan in 2024, representing a significant increase in market share [6][7]. Shareholding Structure - As of the signing of the prospectus, key shareholders include Chen Rongxian, holding 24.96% of the total shares, and Chen Chaopeng, holding 5.18% [7].

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully passed the IPO review on the ChiNext board, focusing on thermal management products for new energy vehicles and fuel vehicles [1] Company Overview - Nanbaichuan 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] - Key products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heaters [1] IPO Details - The company aims to raise approximately 729 million yuan, which will be used for the annual production project of 3.6 million sets of water cooling plates and to supplement working capital [1] - The IPO was accepted on September 27, 2023, and entered the inquiry stage on October 23, 2023 [1] Financial Projections - The listing committee requested Nanbaichuan to explain the prudence and reasonableness of its forecasted 14.05% year-on-year growth in net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 [1]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has been approved for IPO on the Shenzhen Stock Exchange, marking it as the 44th company to pass the review this year, indicating a positive trend in the IPO market [1] Company Overview - Nanbaichuan 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 [1] - The main products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heaters [1] Shareholding Structure - Chen Rongxian is the controlling shareholder, holding 24.96% of the total shares directly, while his family members hold an additional 18.49% indirectly, resulting in a total control of 55.58% [2][3] - The family has signed a concerted action agreement to ensure unified decision-making [3] IPO Details - Nanbaichuan plans to publicly issue up to 27.9174 million shares, with the public offering accounting for no less than 25% of the total shares post-issue [3] - The company aims to raise 72.9 million yuan, allocated for a production project and working capital [2][4] Investment Projects - The total investment for the production project of 3.6 million sets of water cooling plates is approximately 57.94 million yuan, with the entire fundraising amount dedicated to this project and working capital [4] Financial Projections - The company forecasts a cautious and reasonable growth of 14.05% in net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 [5]