Summary of the Conference Call for JiaYuan Technology Company Overview - **Company**: JiaYuan Technology - **Industry**: Copper foil production, particularly for lithium batteries and PCB applications Key Points and Arguments Financial Performance - In the first half of 2025, JiaYuan Technology achieved revenue of approximately 39.63 billion yuan, a year-on-year increase of 63.55% [3] - Net profit for the same period was around 37 million yuan, marking a turnaround from losses [3] - The company’s total production capacity reached 130,000 tons, with six production bases [3] Growth Drivers - The growth in performance was attributed to an increase in sales orders, improved capacity utilization, and reduced unit costs [4] - The introduction and expansion of overseas customer orders since the second quarter contributed significantly to revenue [4] Product Development - The company is accelerating the R&D of high-performance electrolytic copper foil, aiming for domestic substitution of high-end electronic circuit copper foil products [2] - New products under development include high specific surface area copper foil and double-sided nickel-plated copper foil for solid-state batteries [2][5] Market Outlook - For the second half of 2025, the company plans to adjust its production target from 90,000 tons to approximately 100,000 tons based on market demand and funding reserves [7] - The company expects to ship between 24,000 to 25,000 tons in the third quarter, with a total overseas order volume anticipated to be around 3,000 tons for the year [8] Strategic Initiatives - JiaYuan Technology plans to expand its overseas market presence, targeting 3,000 tons in 2025 and increasing to 20,000 tons in 2026, focusing on North America, Japan, South Korea, and Europe [12] - The company is evaluating the feasibility of establishing factories or cutting and packaging plants overseas to mitigate tariff impacts [15] Production Capacity and Future Plans - The total expected shipment for 2026 is projected to be 150,000 tons, with 130,000 tons for the domestic market and 20,000 tons for overseas [19] - The company’s production capacity is expected to increase to over 140,000 tons in 2026, with significant contributions from the Jiangxi Longnan base [24] Competitive Position - JiaYuan Technology is currently the only company exporting lithium battery copper foil on a large scale, actively exploring overseas markets [20] - The company is also focusing on enhancing its high-end product offerings to improve profitability [21] Challenges and Considerations - The company faces challenges in the PCB sector due to relatively weaker technical reserves compared to competitors, but it is increasing R&D investments in this area [11] - The profitability of high-end PCB products is uncertain and will depend on market conditions and pricing strategies [22] New Business Ventures - JiaYuan Technology is exploring new growth avenues in emerging fields such as low-altitude economy, AI computing, robotics, and semiconductors [28] - The company is cautious about mergers and acquisitions, focusing on projects that complement its core business and provide long-term benefits [29] Solid-State Battery Developments - The company is involved in three technology routes for solid-state batteries and expects to ship over 100 tons in 2025 [30] - Collaborations with leading manufacturers in the solid-state battery sector are ongoing to ensure product development aligns with market needs [31] Additional Important Information - The company’s copper wire and rod business, which previously faced losses, has turned profitable in 2025, contributing approximately 400 million yuan to revenue [26] - JiaYuan Technology is also working on the Kobalt business, with plans for mass production expected by the end of 2026 [32][33]

Core Insights - The core viewpoint of the article highlights the significant growth in revenue and profit for Jiayuan Technology in the first half of 2025, indicating a strong recovery and improved profitability compared to the previous year [1]. Financial Performance - As of the end of the reporting period, Jiayuan Technology reported total revenue of 3.963 billion yuan, a year-on-year increase of 63.55% [1]. - The net profit attributable to shareholders reached 36.7541 million yuan, up 134.94% year-on-year [1]. - In Q2 2025, total revenue was 1.982 billion yuan, reflecting a 32.75% increase compared to the same quarter last year [1]. - The gross margin improved significantly to 5.08%, with a year-on-year increase of 198.53%, while the net margin reached 0.85%, up 119.16% [1]. - Total expenses (selling, administrative, and financial) amounted to 143 million yuan, accounting for 3.6% of revenue, a decrease of 19.42% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.09 yuan, a rise of 136.00% year-on-year [1]. - Operating cash flow per share was 0.13 yuan, up 106.46% year-on-year [1]. - The company’s cash and cash equivalents increased by 21.96% to 2.367 billion yuan [1]. - Accounts receivable decreased by 12.37% to 1.01 billion yuan, indicating improved cash collection [1]. Changes in Financial Items - The significant decrease in trading financial assets by 88.59% was due to the redemption of wealth management products [1]. - Accounts payable increased by 198.93% due to prepayments received for photovoltaic projects [1]. - The company experienced a 119.14% increase in financial expenses, attributed to higher interest expenses and reduced interest income [4]. Market Position and Future Outlook - Jiayuan Technology is recognized as one of the few companies in the industry making progress in solid-state battery commercialization, with ongoing development of new products to meet market demands [3]. - The company is actively collaborating with downstream enterprises to research and develop new types of anode current collectors for solid-state batteries [3].

Core Viewpoint - 嘉元科技 (688388) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 3.963 billion yuan, a year-on-year increase of 63.55% [1]. - Net profit attributable to shareholders was 36.7541 million yuan, up 134.94% year-on-year [1]. - In Q2 2025, total revenue was 1.982 billion yuan, reflecting a 32.75% increase year-on-year, while net profit for the quarter was 12.2977 million yuan, up 121.42% [1]. - Gross margin improved to 5.08%, a year-on-year increase of 198.53%, and net margin reached 0.85%, up 119.16% [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 143 million yuan, accounting for 3.6% of revenue, a decrease of 19.42% year-on-year [1]. - Operating expenses decreased due to reduced business entertainment and employee compensation costs [5]. Cash Flow and Assets - Operating cash flow per share was 0.13 yuan, a significant increase of 106.46% year-on-year [1]. - Cash and cash equivalents increased by 21.96% to 2.367 billion yuan [1]. - Accounts receivable decreased by 12.37% to 1.01 billion yuan, indicating improved collection efficiency [1]. Debt and Liabilities - Interest-bearing liabilities rose by 30.43% to 5.137 billion yuan [1]. - The company has a healthy cash position, but attention is needed on debt levels and financial expenses [9]. Business Model and Future Outlook - The company is focusing on solid-state battery technology, having developed products that meet various technical requirements [10]. - Future production and sales will align with market demand for solid-state battery copper foil [10].

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved a revenue of 3.963 billion RMB in H1 2025, representing a year-over-year increase of 63.55%, and a net profit attributable to shareholders of 36.7541 million RMB, up 134.94% year-over-year [1][2] - The copper foil production reached approximately 41,400 tons, a year-over-year increase of 72.46%, with sales of 40,700 tons, up 63.01% year-over-year [2] - The company is optimistic about the second half of the year, driven by a recovery in the lithium battery industry and an increase in demand for high-value-added products [1][2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.982 billion RMB, a year-over-year increase of 32.75% and a quarter-over-quarter increase of 0.07% [1] - The net profit for Q2 was 12.2977 million RMB, reflecting a year-over-year increase of 121.42% but a quarter-over-quarter decrease of 49.72% [1] Production and Capacity - The company has a production capacity utilization rate exceeding 90% as of the end of H1 2025, with plans to increase production to meet a target of over 100,000 tons for the year [2] - The company is expanding its production lines for high-end electronic circuit copper foil, with a planned total capacity of 35,000 tons, of which over 10,000 tons are already in production [3] Business Diversification - The company is diversifying its business by developing high-performance precision copper wire and expanding into photovoltaic energy storage [4] - The company is also exploring new growth areas such as AI computing, semiconductors, and robotics, potentially through mergers and acquisitions [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 115.26 million RMB, 258.52 million RMB, and 407.41 million RMB, respectively [5] - The target price for the company is set at 35.73 RMB, based on a price-to-book ratio of 2.17 for 2025 [5][9]

公募基金方面，本期较上一季度新披露的公募基金共计8个，主要包括大成中证360互联网+指数A、鹏 华中证1000指数增强A、国联安中证1000指数增强A、华宝中证A500指数增强A、华宝量化选股混合发 起式A等。本期较上一季未再披露的公募基金共计4个，包括华商量化进取混合、工银中证500六个月持 有指数增强A、国证2000ETF基金、南方上证科创板新材料ETF发起联接A。 2025年8月26日，嘉元科技(688388.SH)发布2025年半年度报告。截至2025年8月25日，共有20个机构投 资者披露持有嘉元科技A股股份，合计持股量达1.57亿股，占嘉元科技总股本的36.83%。其中，前十大 机构投资者包括山东嘉沅实业投资有限公司、赣州发展投资基金管理有限公司-赣州发展定增叁号投资 基金(有限合伙)、香港中央结算有限公司、芜湖信达降杠杆投资管理合伙企业(有限合伙)、景和资本管 理(深圳)有限公司-景和开泰一号私募证券投资基金、江西国控资本有限公司、深圳市远致瑞信股权投资 管理有限公司-深圳市远致瑞信新一代信息技术私募股权投资基金合伙企业(有限合伙)、广东华骏私募基 金管理有限公司-华骏先进制造5号私募证券投资基 ...

Core Viewpoint - The company, Guangdong Jiayuan Technology Co., Ltd., is set to hold a performance briefing on September 3, 2025, to discuss its half-year results and financial status, inviting investor participation and questions [3][4][5]. Group 1: Company Overview - The company is listed under the stock code 688388 and is involved in the new energy sector [1]. - The company has not made any significant changes to its governance structure or shareholder arrangements during the reporting period [1][2]. Group 2: Financial Data - The company reported a total fundraising amount of RMB 1,240 million from convertible bonds issued in 2021, with a net amount of RMB 1,225 million after deducting issuance costs [21]. - The company raised RMB 3,407 million from a private placement of shares, with a net amount of RMB 3,378 million after costs [22]. - As of June 30, 2025, the company had unutilized fundraising balances of RMB 113 million from convertible bonds and RMB 253 million from the private placement [23][24]. Group 3: Fund Management - The company has established a fundraising management system to ensure efficient use and protection of investor rights [25][26]. - The company has signed tripartite supervision agreements for the management of fundraising accounts with various banks [27]. - As of June 30, 2025, the company had no idle funds from the convertible bonds and had RMB 230 million in cash management from the private placement [31][33]. Group 4: Performance Briefing Details - The performance briefing will take place online at the Shanghai Stock Exchange Roadshow Center, allowing for interactive Q&A [5][7]. - Key executives, including the chairman and financial officer, will participate in the briefing [5][14].

Core Points - The report details the fundraising activities and usage of funds by Guangdong Jiayuan Technology Co., Ltd, including the issuance of convertible bonds and A-shares, along with the management of raised funds [1][2][3] Fundraising Overview - The company raised a total of RMB 1,225.16 million from the issuance of 12.4 million convertible bonds, with net proceeds after expenses amounting to RMB 1,225.16 million [1] - Additionally, the company raised RMB 3,378.39 million from the issuance of 70,257,493 A-shares, with net proceeds of RMB 3,378.39 million after deducting issuance costs [1][2] Fund Usage and Balance - As of June 30, 2025, the company had used RMB 1,157.41 million of the raised funds, with a remaining balance of RMB 113.00 million, including interest income [1][3] - The company reported interest income from raised funds totaling RMB 22.80 million, with no income from financial products in the first half of 2025 [1][3] Fund Management - The company has established a fundraising management system to ensure compliance with relevant laws and regulations, enhancing the efficiency and effectiveness of fund usage [1][2] - The company has signed tripartite supervision agreements with various banks to manage the raised funds securely [2] Project Investment Status - The company has invested in several projects, including a high-performance copper foil project and a technology innovation center, with varying degrees of completion and effectiveness [4][5] - The company has adjusted the internal investment structure of certain projects, extending the expected completion date for some projects due to market conditions and operational challenges [5][7] Financial Management of Idle Funds - The company has utilized idle funds for cash management, investing in low-risk financial products, with a balance of RMB 230.56 million in the cash management account as of June 30, 2025 [6][7] - No idle funds were used to temporarily supplement working capital during the reporting period [6][7] Summary of Fund Usage - The total amount of funds raised and their usage is detailed in specific tables, showing the allocation and progress of various projects [4][5] - The company has not encountered significant issues regarding the use and disclosure of raised funds during the reporting period [5][8]

证券代码：688388 证券简称：嘉元科技 公告编号：2025-082 ? 会议召开时间：2025 年 9 月 3 日（星期三）下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动 转债代码：118000 转债简称：嘉元转债 广东嘉元科技股份有限公司 关于参加 2025 年半年度科创板新能源行业集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 3 日（星期三）下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动方式 ? 投资者可于 2025 年 8 月 27 日（星期三） 至 9 月 2 日 （星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 回答 ...

Core Viewpoint - The report outlines Guangdong Jiayuan Technology Co., Ltd.'s commitment to enhancing operational quality and investor returns through a comprehensive action plan for 2024 and 2025, emphasizing the importance of innovation and governance in achieving high-quality development [1][17]. Group 1: Operational Performance - The company achieved a copper foil production of approximately 41,400 tons, a year-on-year increase of 72.46%, and sales of 40,700 tons, up 63.01% [2]. - Revenue reached 3,962.92 million yuan, reflecting a growth of 63.55%, while net profit attributable to shareholders was 36.75 million yuan, marking a turnaround from losses [2]. - The company’s total assets increased by 5.06% to 13,705.19 million yuan, and net assets grew by 1.07% to 6,976.16 million yuan [2]. Group 2: Production and Market Strategy - The company focused on its core copper foil business, enhancing production quality and efficiency while increasing capacity utilization and reducing production costs [3][4]. - The annual production capacity for copper foil exceeded 130,000 tons, positioning the company among the top domestic producers [3]. - The company is actively expanding its market presence by developing high-value products and establishing relationships with overseas clients, including those in Japan, South Korea, and Southeast Asia [4][5]. Group 3: Research and Development - R&D investment reached 190.20 million yuan, a 40.82% increase year-on-year, with 318 R&D personnel, accounting for 12.18% of the total workforce [6]. - The company applied for 17 technology patents during the reporting period, including 11 invention patents, and received 3 new patent authorizations [6][7]. - The focus on high-performance copper foil products has led to significant advancements in technology, including breakthroughs in various specialized copper foil applications [8][9]. Group 4: Governance and Investor Relations - The company has strengthened its governance framework, ensuring compliance with regulatory requirements and enhancing internal controls [10][11]. - A stock incentive plan was implemented to align the interests of key personnel with company performance, promoting long-term growth [12]. - The company emphasizes transparent communication with investors, having disclosed 117 announcements in the first half of 2025, and actively engages with stakeholders through various channels [14][15][16]. Group 5: Shareholder Returns - The company has adopted a policy of not distributing cash dividends for the 2024 fiscal year due to negative net profit, focusing instead on maintaining cash reserves for future growth [13][14]. - The commitment to enhancing shareholder value is reflected in the ongoing efforts to improve operational performance and market competitiveness [13][14].

证券代码：688388 证券简称：嘉元科技 公告编号：2025-081 转债代码：118000 转债简称：嘉元转债 广东嘉元科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 2 日（星期二）下午 13:00-14:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动 ? 投资者可于 2025 年 8 月 26 日（星期二）至 9 月 1 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 回答。 广东嘉元科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日在上 海证券交易所网站（www.sse.com.cn）披露了公司《2025 年半年度报告》，为便 于广大投资者更全面深入地了解公司 2025 年半年度经营成果及财务状况，公司 计划于 9 月 ...