Stock Code: 001283 Stock Abbreviation: Highpower Technology
Shenzhen Highpower Technology Co., Ltd.
(Building 1, No. 68 Xinxia Avenue, Pinghu Street, Longgang District, Shenzhen)
Prospectus for the 2026 Annual Issuance of A-Shares to Specific Targets
(Registration Draft)
Sponsor (Lead Underwriter)
Century Securities
August 2026
Statement
The Company and all directors, members of the audit committee, and senior management warrant that the contents of this prospectus are true, accurate, and complete, free from false records, misleading statements, or major omissions. They commit to fulfilling their obligations in accordance with the principles of good faith and assume corresponding legal liabilities.
The person in charge of the Company, the person in charge of accounting work, and the person in charge of the accounting institution (accounting supervisor) guarantee the truthfulness and completeness of the financial and accounting information in this prospectus.
Any decision or opinion made by the China Securities Regulatory Commission or the Shenzhen Stock Exchange regarding this issuance does not indicate their guarantee of the truthfulness, accuracy, or completeness of the issuer's application documents and disclosed information, nor does it constitute a substantive judgment or guarantee of the issuer's profitability, investment value, or investor returns. Any statement to the contrary is a false representation.
According to the Securities Law, after the securities are issued in accordance with the law, the issuer is responsible for changes in its operations and earnings. Investors shall independently judge the investment value of the issuer, make their own investment decisions, and bear the investment risks arising from changes in the issuer's operations and earnings or stock price fluctuations after the issuance.
Important Matters Notice
The Company specifically requests that investors carefully read the full text of this prospectus and "Section VI: Risk Factors Related to This Issuance" before making investment decisions, and pay special attention to the following important matters:
I. Risks Specifically Reminded to Investors
- Risk of Significant Fluctuations in Major Raw Material Prices
The Company's main raw materials include lithium battery cathode materials, alloy powder, protection boards, and specific types of battery cells. During the reporting period, direct materials accounted for 79.17%, 74.39%, and 75.27% of the cost of main business, respectively, which is a high proportion. Assuming other conditions remain unchanged, if a 5% increase in direct materials occurs due to raw material price fluctuations, the 2025 cost of main business would increase by 3.76%, and the gross margin of the main business would decrease by 3.07 percentage points.
During the reporting period, influenced by changes in the macroeconomic situation, adjustments in commodity market supply and demand, and geopolitical factors, the prices of upstream raw materials have shown significant volatility. Notably, the market price of lithium cobalt oxide fell from its historical high in 2022, continued to decline through 2023 to a low in 2024, and then entered an upward channel in 2025 due to tightened supply, with an annual increase exceeding 100%. If major raw material prices continue to fluctuate significantly in the future, it may increase the difficulty of the Company's raw material procurement management and cost control, thereby adversely affecting the Company's operating performance.
Meanwhile, there is usually a time lag in passing on raw material price increases to downstream product sales prices. In the short term, this may lead to rising costs and further compress profit margins, exposing the Company to a certain degree of price transmission lag risk. If the Company fails to effectively reduce unit manufacturing costs through continuous technical improvements, process optimization, large-scale production, and lean management, or fails to effectively pass on raw material price fluctuations to the downstream through reasonable product pricing mechanisms, it may adversely affect the Company's gross margin, profitability, and operating performance.