Stock Code: 300713 Stock Abbreviation: Increase
Shenzhen Increase Technology Co., Ltd.
Prospectus for Issuance of Shares to Specific Targets (Revised Draft)
Sponsor (Lead Underwriter): Guotai Haitong Securities Co., Ltd.
(No. 618 Shangcheng Road, China (Shanghai) Pilot Free Trade Zone)
August 2026
Statement
The Company and all directors and senior management warrant that the contents of this prospectus are true, accurate, and complete, and contain no false records, misleading statements, or major omissions. They fulfill their commitments in accordance with the principle of good faith and bear 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 that the financial and accounting reports in this prospectus are true, accurate, and complete.
Any decision made by the securities regulatory authority or other government departments regarding this issuance does not indicate their substantive judgment or guarantee of the value of the securities issued by the issuer or the returns to investors. Any statement to the contrary is a false and untrue representation.
According to the provisions of the Securities Law, after the securities are issued in accordance with the law, the issuer is responsible for changes in its operations and earnings, and investors are responsible for the investment risks caused by such changes.
Significant Matters Reminder
The Company specifically reminds investors to pay attention to the following risks. For details, please carefully read "Section VIII: Risk Factors Related to This Issuance" in this prospectus.
I. Industry and Operating Risks
(I) Market Competition Risk
The industry in which the Company operates is characterized by rapid product updates. With the improvement of technical maturity and the entry of competitors, product prices have declined rapidly. At the same time, the high-frequency switching power supply industry is broad, and the market is relatively fragmented. Some manufacturers mainly increase their market share through price competition, which intensifies the degree of market competition. If the Company fails to maintain its innovation capability, continuously launch new products, and improve its management level and cost control ability in the future, the Company will be in an unfavorable position in market competition.
(II) R&D Risk
The Company's business belongs to a technology-intensive industry with rapid product technology iteration, and some customer requirements are characterized by customization and multiple models. In the future, if the Company's technology transformation fails, the degree of technology and product updates fails to meet new market demands, new product development lags behind competitors, or the direction of technology and product R&D does not match industry technology trends and customer needs, the Company will face the risk of a decline in its core technical competitiveness, which will have a potential adverse impact on the Company's profitability.
The "Intelligent High-Frequency Switching Power Supply System R&D Center Construction Project" funded by this issuance is related to R&D. Due to the time cycle of the R&D process, there may be situations such as changes in the market environment or slow R&D progress without timely adjustments, which may lead to the risk that the R&D progress of the project does not meet expectations, or that R&D results are uncertain or fail, thereby affecting the Company's market competitiveness.
II. Financial Risks
(I) Risk of Continuous Operating Losses
During the reporting period, the net profit attributable to shareholders of the listed company was -40.7791 million yuan, -89.6554 million yuan, and -94.5555 million yuan, respectively, and the Company's operations were in a state of loss. The losses during the reporting period were mainly caused by intense competition in the downstream market and the Company's continued large-scale R&D investment to maintain competitiveness. If the Company fails to adjust its business strategy in a targeted manner in the future, the Company will face the risk of continued performance losses or even expanded losses.