新富科技北交所IPO过会，业绩真实性和可持续性等遭追问

Core Viewpoint - Anhui Xinfu New Energy Technology Co., Ltd. has successfully passed the IPO review on February 3, aiming to raise approximately 409 million yuan for its operations in the new energy vehicle thermal management components sector [1]. Group 1: Company Overview - Xinfu Technology focuses on the research, production, and sales of thermal management components for new energy vehicles, with key products including battery liquid cooling pipes and battery liquid cooling plates [1]. - The company’s IPO was accepted on June 19, 2025, and it entered the inquiry stage on July 15 of the same year [1]. Group 2: Financial and Operational Insights - The listing committee raised concerns regarding the sustainability and authenticity of the company's performance, particularly questioning the significant increase in procurement despite the lack of substantial growth in revenue from major clients [1]. - The committee requested clarification on the stability of partnerships with major clients and the feasibility of acquiring new customers to ensure sustainable growth in operational performance [1]. Group 3: Related Transactions - The listing committee inquired about the rationale and necessity behind the acquisition of Dalian Huanxin's equity, assessing whether the integration achieved synergies in products, technology, and industry [1]. - There were also questions regarding the decision-making mechanism for related transactions, the measures taken to reduce such transactions, and their effectiveness [1].