Power ElectronicsSmart High-Frequency Switching Power Supplies
Shenzhen Increase Technology Co., Ltd.
深圳市英可瑞科技股份有限公司
Shenzhen Increase Technology develops, manufactures and sells intelligent high-frequency switching power supplies and related power electronic products, primarily serving EV charging, smart grid, energy storage, telecom and industrial power applications.
INVESTMENT RATINGB-GRADE
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EXCHANGESZSE
INDUSTRY / SUB-INDUSTRYPower Electronics/Smart High-Frequency Switching Power Supplies
财务信息
2025 FY经营现金流: $-2.78M
营业收入 (Revenue)$55.65M
净利润 (Net Income)$-13.08M
毛利率 (Gross Margin)17.8%
净利润率 (Net Margin)-23.5%
PRO RESEARCH REPORT~3000 words
EXECUTIVE SUMMARY / 研报摘要
Increase Technology reported FY2025 revenue of RMB 402.3 million (USD 55.65 million), a 58.58% year-over-year increase, driven primarily by a 91.05% surge in EV charging power product revenue as the company transitioned to higher-power 30kW+ modules. However, the revenue surge failed to translate into profitability: net loss widened to RMB 94.56 million (USD 13.08 million), with the EV charging segment gross margin collapsing 6.33 percentage points to 11.72% amid intensifying price competition. Operating cash flow deteriorated to negative RMB 20.07 million. The company maintains a global charging module market share of approximately 4.09%, supported by blue-chip customers including State Grid, China Southern Power Grid and Ankai Bus. Its HVDC power systems for data centers and early-mover liquid cooling technology present credible second-curve opportunities, but near-term earnings quality remains weak. The enterprise quality assessment is that of a technically competent but commercially challenged power electronics player whose profitability hinges on whether the high-power product mix shift can outpace industry-wide ASP deflation.
1. Company Overview
Shenzhen Increase Technology Co., Ltd. (ticker: 300713.SZ), trading on the Shenzhen Stock Exchange, is a power electronics specialist founded in 2002 and listed on ChiNext in 2017. The company positions itself as a supplier of intelligent high-frequency switching power supply core components and solutions, with products spanning electric vehicle charging power modules and systems, electric power operation power supplies, energy storage power products, DC lighting power systems, and HVDC power systems. Its products are deployed across new energy vehicles, power grids, telecommunications, metallurgy, petrochemicals, and industrial laser equipment sectors.
FY2025 proved to be a year of stark divergence for Increase Technology. Revenue grew 58.58% to RMB 402.3 million, yet net loss attributable to shareholders widened to RMB 94.56 million, a 5.47% deterioration from the prior year. The company's total assets stood at RMB 980.2 million at year-end, and its shareholder base numbered approximately 14,200 accounts as of April 2026. The company has not distributed dividends in recent years, prioritizing capital reinvestment into R&D and capacity upgrades.
The stock trades on the ChiNext board, which affords it growth-company valuation dynamics but also subjects it to heightened disclosure and profitability scrutiny. Management's strategic pivot toward higher-power charging modules (60kW and 80kW), liquid-cooled charging solutions, and HVDC systems for AI data centers represents an attempt to escape the commoditized low-power segment where margin compression has been most severe.
2. Business Model & Core Operations
Increase Technology operates a vertically integrated R&D-to-manufacturing model centered on a shared power electronics technology platform. The company's core competency lies in AC-DC and DC-DC power conversion, control algorithms, and thermal management, which are applied across product lines with high degrees of technical commonality. This platform-based approach reduces the trial-and-error cost of transferring technology between product families and supports automation of high-power module production.
Revenue is derived from three principal segments. Electric vehicle charging power products constituted the largest and fastest-growing line in 2025, generating RMB 103.0 million in H1 alone, a 91.05% year-over-year increase. The product suite includes charging power modules ranging from 3kW to 30kW per module, charging monitoring modules, and complete charging power systems with system power ratings from 21kW to 450kW. Electric power operation power products, including charging modules and monitoring modules for grid applications, generated RMB 20 million in H1 2025. Other power products—encompassing energy storage, DC lighting, and industrial power supplies—contributed the remainder.
Manufacturing strategy blends in-house control of critical processes with flexible external capacity. Standardized general-purpose工序 are outsourced through a managed supply chain, while aging screening, performance testing, and precision assembly are retained in-house to ensure reliability. A planned RMB 55 million production line automation and upgrade project will introduce precision automated potting systems, high-speed auto-insertion machines, and intelligent aging test platforms.
3. Market Position & Competition
According to QY Research data, the global charging pile charging module market was valued at approximately USD 1.447 billion (RMB 9.84 billion) in 2025. Against this backdrop, Increase Technology's RMB 402 million revenue implies a global charging module market share of roughly 4.09%. While this places the company among the recognized tier-one domestic suppliers, it occupies a challenger position rather than a dominant one.
The competitive landscape is defined by intense price competition. Peer comparables include Tonghe Technology (通合科技), Zhongheng Electric (中恒电气), Zhongyuan Tong (中远通), and Aotexun (奥特迅). Industry-wide gross margins have been on a declining trajectory, reflecting price pressure transmitted from downstream charging pile manufacturers and operators back into the upstream module supply chain. Management has candidly acknowledged that the company's 30kW+ high-power products reached the market later than competitors', resulting in lost share and margin erosion during the critical window when the market was migrating to higher-power solutions.
A structural shift did occur in 2025: revenue from 30kW+ modules grew 220.16% year-over-year and accounted for 55.55% of EV charging revenue, up from a low base in 2024 when the company was still in a high-to-low power product transition phase. This mix improvement is a necessary condition for margin recovery, but whether it is sufficient depends on the pace at which average selling prices for high-power modules also deflate.
4. AI & Semiconductor Alignment
Increase Technology's direct exposure to AI and semiconductor themes is indirect but strategically relevant. The company's HVDC (high-voltage direct current) power systems are deployed in data center server rooms for stable, efficient power delivery. As AI workloads drive exponential growth in data center power density, HVDC architectures offer efficiency advantages over traditional UPS systems, and Increase Technology's existing product line positions it to capture incremental demand from this trend.
More significantly, the company has explicitly identified AIDC (AI Data Center) power supply and thermal management solutions as a dedicated R&D direction. Its stated research agenda includes 'HVDC data center and AIDC power supply and heat dissipation solutions' as a core课题. The company began developing liquid cooling technology in 2019 and claims to be among the earlier domestic module manufacturers to achieve batch deployment of liquid-cooled solutions. While this liquid cooling capability was originally developed for high-power EV charging, the thermal management principles are transferable to data center cooling applications.
The semiconductor alignment is even more indirect. Increase Technology's products do not include semiconductor devices themselves; rather, the company is a consumer of power semiconductors (IGBTs, SiC MOSFETs) in its modules. The migration to higher-power 800V platforms increases the content value of wide-bandgap semiconductors per module, which benefits semiconductor suppliers but presents a cost input challenge for Increase Technology. The company's ability to design around the cost-performance frontier of available power devices is a key determinant of its competitive position in high-power modules.
5. Customer & Regional Analysis
Increase Technology's customer base spans grid operators, charging pile brands, and commercial vehicle OEMs. In the passenger vehicle charging domain, the company supplies Hangzhou Jidian Electronic Technology, identified as one of China's top ten charging pile brands, as well as State Grid and China Southern Power Grid, the two dominant grid operators and major charging infrastructure investors.
Commercial vehicle penetration represents a strategically important customer development vector. In 2025, the company secured bids for charging equipment procurement from Ankai Bus and Chery Automobile. It also commenced supply relationships with Shantui and Zoomlion, and currently serves as a long-term or temporary supplier to Shandong Lingong, LiuGong Machinery, and Hangcha Group. The commercial vehicle segment is attractive because charging power requirements are higher (often exceeding 250kW) and duty cycles are more demanding, which favors suppliers with robust high-power and liquid cooling capabilities.
Geographically, revenue is overwhelmingly domestic. The company has announced a marketing network expansion plan targeting North America, Europe, and Southeast Asia, aiming to establish local sales and service nodes in core countries. The rationale is compelling: Europe had approximately 1.14 million public charging points installed by end-2025, only about 13% of the estimated 8-9 million units needed by 2030. However, overseas expansion introduces certification, tariff, and localized competition risks that will require sustained investment before contributing meaningfully to revenue.
6. Economic Moat Analysis
Increase Technology's economic moat is narrow and under pressure. The company's 20-plus-year operating history has generated brand recognition and accumulated application cases in grid and industrial power supply segments, which creates switching costs for utility and industrial customers who prioritize reliability over price. Long-standing relationships with State Grid and China Southern Power Grid represent qualified-supplier status that new entrants cannot easily replicate.
However, the EV charging module business, which drove 2025 growth, exhibits weak moat characteristics. The core module is increasingly commoditized, with competition centered on power density, efficiency, and cost rather than differentiated functionality. The company's own disclosure that its gross margin in this segment fell to 11.72%—less than half the corporate average—illustrates the absence of meaningful pricing power. Late market entry for 30kW+ products further weakened the company's position during the critical product transition window.
Technological know-how in liquid cooling and high-power topologies provides a degree of differentiation, but these are engineering competencies rather than proprietary architectures protected by strong intellectual property. Competitors are rapidly developing comparable offerings, and the capital intensity required to maintain a technology lead is substantial relative to the company's current profitability.
The most defensible element of the business is the electric power operation power supply segment, where qualification cycles are long and reliability requirements stringent. This segment provides a stable revenue base but is not the growth engine. The moat trajectory is currently negative: margin erosion in the highest-growth segment is outpacing the accumulation of new competitive advantages.
7. Unique Competitive Advantages
Despite profitability challenges, several genuine competitive advantages merit recognition. First, the company's platform-based R&D model enables technology reuse across EV charging, power grid, and industrial applications. A single topology innovation in power conversion or thermal management can be deployed across multiple product lines, amortizing R&D cost over a larger revenue base. This is a structural efficiency advantage over smaller competitors with narrower product portfolios.
Second, Increase Technology has accumulated deep experience in liquid-cooled charging modules. The company launched a 30kW fully liquid-cooled module and has developed charging pile systems spanning 90kW to 1,080kW using liquid-cooled architecture. A 40kW liquid-cooled module is in development. Early entry into liquid cooling—beginning in 2019—provides application knowledge and manufacturing process expertise that later entrants must replicate through trial and error.
Third, the company's customer roster includes the most demanding domestic buyers in grid and commercial vehicle charging. Serving State Grid and China Southern Power Grid imposes rigorous quality and reliability standards that, once met, serve as a credential for other utility and industrial customers. The commercial vehicle OEM relationships with Chery, Shantui, and Zoomlion provide access to a charging demand segment with higher power requirements and potentially better margin structures than the passenger vehicle公共 charging market.
Fourth, the company is executing a deliberate shift toward higher-power products where competition, while still intense, is less commoditized than in the 3-7kW segment. The 220% growth in 30kW+ revenue in 2025 demonstrates execution capability in this transition, even if the margin benefit has not yet materialized.
8. R&D and Technological Capability
R&D intensity is high by industry standards. In 2025, R&D expense was RMB 65.76 million, representing 16.34% of revenue, following RMB 64.08 million (25.26% of revenue) in 2024. The company employed 173 R&D personnel at end-2025, constituting 30.89% of total headcount. This level of investment, while a drag on near-term profitability, indicates a strategic commitment to technology differentiation that is not merely rhetorical.
The R&D portfolio is focused on several frontier areas. In EV charging, the company is developing 60kW and 80kW high-power modules and advancing 'one-pile-multiple-charge' flexible charging system solutions. In power grid applications, research targets high-efficiency, high-reliability operation power products and battery capacity verification systems. In industrial specialty power, the company has completed series R&D using proprietary single-stage topology solutions, including three-phase single-stage isolated half-bridge bidirectional AC-DC matrix converters and soft-switching single-stage isolated three-phase AC-DC converters.
The company's technology roadmap explicitly includes HVDC data center and AIDC power supply and cooling solutions, targeting the intersection of power electronics and AI infrastructure. While this is a promising direction, the company has not disclosed revenue or customer traction from AIDC-related products, and it competes against incumbent data center power suppliers with established qualification and scale advantages.
The EV charging module industry in China is in a phase of rapid volume growth accompanied by severe price deflation. China installed 2.009 million charging infrastructure units (guns) by end-2025, a 49.7% year-over-year increase, with public charging guns growing 31.9% and private guns growing 56.2%. The overall vehicle-to-charger ratio stands at approximately 2:1, but the public vehicle-to-charger ratio is roughly 9:1, indicating structural under-supply of public fast-charging capacity.
This demand environment should be favorable for module suppliers, yet the financial performance of module makers tells a different story. Industry-wide gross margins have declined as charging pile manufacturers and operators, themselves under margin pressure, have forced price reductions upstream. The module industry has experienced what the company characterizes as 'vicious competition' that has undermined industry health. The contradiction between volume growth and margin compression reflects an industry structure where module differentiation is insufficient to support pricing power, and capacity expansion has outpaced the rate at which higher-value applications (high-power, liquid-cooled) can absorb the supply.
The policy backdrop is supportive. China's 'dual carbon' targets and the global energy transition create a long-term demand tailwind for both EV charging infrastructure and grid modernization. European charging infrastructure investment lags far behind targets, creating export opportunities. However, policy support does not resolve the fundamental competitive dynamics that compress margins for undifferentiated module suppliers.
10. Investment Conclusion & Enterprise Quality
Increase Technology presents a classic growth-company paradox: top-line acceleration is real and supported by genuine secular trends, but the company has not yet demonstrated an ability to convert growth into profit. FY2025 revenue growth of 58.58% is impressive, but the simultaneous widening of net loss and the collapse of charging module gross margin to 11.72% reveal a business model that currently lacks pricing power in its primary growth segment.
The enterprise quality assessment must weigh several factors. On the positive side, the company possesses real technical capabilities in liquid cooling and high-power topologies, a blue-chip customer roster, a platform-based R&D model that creates efficiency advantages, and exposure to credible secular growth themes including EV charging, grid modernization, and AI data center power. Management's R&D commitment is substantive, not performative.
On the negative side, the economic moat is narrow and arguably eroding. The company is a price-taker in its highest-growth segment. Operating cash flow turned negative in 2025, and the balance sheet, while not leveraged, provides limited cushion for sustained losses. The HVDC and AIDC opportunities are promising but unproven at commercial scale for this company. Overseas expansion, while strategically sound, will consume capital before generating returns.
The critical question for investors is whether the mix shift toward 30kW+ products and liquid-cooled systems will restore gross margins before cash reserves are depleted. The 220% growth in high-power revenue in 2025 is an encouraging signal that the company can execute on product transitions. However, the fact that this growth occurred alongside a 6.33 percentage point decline in segment gross margin suggests that even the high-power segment is experiencing rapid price deflation. Until the company demonstrates sequential margin improvement in its core charging module business, the risk-reward profile remains skewed toward the speculative. Enterprise quality is judged as below-investment-grade on profitability metrics, with option value derived primarily from the AI data center power opportunity and the possibility of industry consolidation reducing competitive intensity.