Stock Abbreviation: Hangzhou Gaoxin
Stock Code: 300478
Hangzhou Gaoxin Materials Technology Co., Ltd.
(No. 3, Houcunqiao Road, Jingshan Town, Yuhang District, Hangzhou City, Zhejiang Province)
Prospectus for the 2026 Issuance of A-Shares to Specific Targets
(Declaration Draft)
Sponsor (Lead Underwriter)
(22nd Floor, Tower 1, Huamao Center, No. 81 Jianguo Road, Chaoyang District, Beijing)
July 2026
Statement
The Company and its controlling shareholder, actual controller, directors, and senior management warrant that this prospectus and other information disclosure materials do not contain any false records, misleading statements, or major omissions, and assume corresponding legal liability for their authenticity, accuracy, and completeness.
The Company’s person-in-charge, the person-in-charge of accounting work, and the person-in-charge of the accounting institution guarantee that the financial and accounting information in this prospectus is true and complete.
Any decision or opinion made by the China Securities Regulatory Commission or the Shenzhen Stock Exchange regarding this issuance does not imply their guarantee of the authenticity, accuracy, or completeness of the application documents and disclosed information, nor does it imply a substantive judgment or guarantee of the issuer's profitability, investment value, or investor returns. Any statement to the contrary is a false and untrue 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 caused by changes in the issuer's operations and earnings or fluctuations in securities prices after the issuance.
Major Matters Notice
The Company specifically requests that investors carefully read the full text of this prospectus and pay special attention to the following important matters and company risks before making investment decisions.
I. Special Risk Warning
The Company specifically reminds investors to note the following risks regarding the Company and this issuance, and requests that investors carefully read the entire content of "Section VI: Risk Factors Related to This Issuance" in this prospectus.
(I) Risk of Declining Company Performance
In 2025, the Company realized a net loss attributable to owners of the parent company of 27.3543 million yuan, an increase in loss of 3.0189 million yuan compared to the same period last year, a loss increase of 12.41%. From January to March 2026, the Company realized a net loss attributable to owners of the parent company of 9.2015 million yuan, an increase in loss of 7.3972 million yuan compared to the same period last year, a loss increase of 409.98%. The Company's losses are mainly due to the superposition of multiple factors such as intensified industry competition, price reductions to maintain customers and markets, a continuous decline in gross profit margin, and low capacity utilization of the newly established holding subsidiary, Nanping Gaoxin, leading to large losses. The profitability of the Company's existing business faces severe challenges, and there are significant operational risks. If the market environment does not improve effectively, the Company may continue to incur losses, which will have a major adverse impact on the Company's intrinsic value, market reputation, financing ability, and sustainable operating ability.
(II) Risk of Declining Gross Profit Margin
During the reporting period, the Company's comprehensive gross profit margins were 5.97%, 4.22%, 2.72%, and -1.13%, respectively, declining year by year. The Company's current main products are traditional cable materials. Among them, the entry threshold for mid-to-low-end markets such as low-voltage cable materials and general PVC cable materials is relatively low, competition is fierce, and market concentration is high. Competition may further intensify, and there is a risk that the gross profit of some products may continue to decline or even become negative. In addition, various factors such as raw material prices, cost control, and capacity utilization will affect the gross profit margin, impacting the Company's sustainable operating ability.