New Fu Technology, a supplier of battery cooling components for new energy vehicles, has recently passed its listing review and is preparing for an IPO. The company reported revenues exceeding 1.3 billion yuan in 2024, primarily driven by its two main products: battery liquid cooling tubes and cooling plates.

However, despite growing revenue, the company faces challenges including high customer concentration, ongoing losses at its overseas subsidiary, and increasing debt pressure.

A significant portion of New Fu Technology's revenue comes from a major customer referred to as "T Company" in its prospectus. Between 2022 and the first half of 2025, sales to T Company accounted for more than 50% of total revenue, reaching 811 million yuan in 2024 alone. Although not explicitly named, descriptions of T Company—such as its July 2003 founding and 2024 revenue of approximately 700 billion yuan—closely match those of Tesla Motors.

The company’s overseas subsidiary in Mexico, established in 2023 to serve North American customers, remains unprofitable. This subsidiary contributed to a significant decline in New Fu Technology's gross margin, which fell to 13.44% in 2024 from 24.39% in 2022. The company attributed the margin compression to low capacity utilization and startup costs at the Mexican facility.

In addition, New Fu Technology’s debt levels have risen. As of June 30, 2025, the company’s short-term debt stood at 514 million yuan, exceeding its cash reserves and creating a funding gap of approximately 220 million yuan.

The company’s founder and actual controller, Pan Yixin, previously served as a technician and later as head of a piston ring factory. Under his leadership, New Fu Technology has grown rapidly, but its heavy reliance on a single customer and overseas operational challenges may pose risks as it moves toward a public listing.