Declaration
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 undertake to perform their commitments in accordance with the principle 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, accuracy, and completeness of the financial accounting reports in this prospectus.
Any decision made by securities regulatory authorities or other government departments regarding this issuance does not imply 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 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 shall bear the investment risks caused by such changes themselves.
Notice of Major Matters
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 Operational Risks
(I) Market Competition Risk
The industry in which the Company operates is characterized by rapid product updates. With the improvement of technological maturity and the entry of competitors, product prices have declined rapidly. According to a research report released by Yan Jing Bi Zhi on June 24, 2026, the global average channel price of 15-30KW silicon-based air-cooled modules fell from $128/unit in 2023 to $83/unit in the first quarter of 2026, mainly due to the concentration of production by domestic small and medium-sized manufacturers, severe involution in low-end capacity, and price declines caused by supply-demand imbalances. The global average channel price of 35-50KW general-purpose modules fell from $215/unit in 2023 to $162/unit in the first quarter of 2026, with a relatively balanced supply-demand pattern and a slight price decline. If the Company fails to maintain its innovation capability, continuously launch new products, and improve management and cost control capabilities in the future, it will be at a disadvantage in market competition. Under the current market competition risk, there is a risk that the benefits of the current fundraising projects may fall short of expectations.
(II) Risk of Technological Iteration
The Company's business belongs to a technology-intensive industry with rapid product technology iteration, and some customer needs 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 technological competitiveness, which will have a potential adverse impact on the Company's profitability and the implementation of fundraising projects.
(III) R&D Risk
The fundraising project "Intelligent High-Frequency Switching Power Supply System R&D Center Construction Project" is related to R&D. Since the R&D process has a certain time cycle, there may be risks of R&D progress falling short of expectations, uncertain R&D results, or R&D failure due to changes in the market environment or slow R&D progress without timely adjustments, which will affect the Company's market competitiveness.
II. Financial Risks
(I) Risk of Continuous Operating Losses