取消补流项目、第一大客户贡献过半营收，新富科技IPO迎考

Core Viewpoint - New Fu Technology is preparing for its IPO, aiming to raise approximately 409 million yuan for the expansion of its core components in the new energy vehicle thermal management system, while canceling a previously planned project for supplementary working capital due to regulatory scrutiny and existing cash reserves [2][3]. Group 1: IPO and Fundraising - The IPO application for New Fu Technology was accepted on June 19, 2025, and entered the inquiry phase on July 15, 2025 [2]. - The company plans to invest the net proceeds from the IPO, after deducting issuance costs, into the expansion of its core components for new energy vehicle thermal management systems [2]. - New Fu Technology has adjusted its fundraising plan by canceling the supplementary working capital project, which was originally intended to raise 54 million yuan [2]. Group 2: Financial Performance - New Fu Technology has shown a year-on-year increase in revenue and net profit during the reporting period, with revenues of approximately 4.64 billion yuan, 6 billion yuan, 13.81 billion yuan, and 7.97 billion yuan for the years 2022 to 2025 (first half) [4]. - The net profits for the same periods were approximately 39.64 million yuan, 47.75 million yuan, 71.96 million yuan, and 65.18 million yuan [4]. - The company’s revenue from overseas sales has significantly increased, with overseas revenue accounting for 17.86%, 57.94%, 59.27%, and 57.89% of total revenue during the reporting periods [4]. Group 3: Customer Dependency - Over half of New Fu Technology's revenue is derived from its largest customer, T Company, contributing approximately 54.65%, 59.71%, 58.74%, and 62.07% of total revenue during the respective periods [5]. - The sales revenue from the top five customers has increased, accounting for 77.92%, 84.84%, 90.08%, and 91.01% of total revenue during the reporting periods [5]. - The company’s accounts receivable have also increased, with values of approximately 1.32 billion yuan, 1.7 billion yuan, 2.8 billion yuan, and 2.97 billion yuan at the end of each reporting period [6].