多举措改善公司业绩 嘉元科技是国内高性能锂电铜箔行业领先企业之一，出货量位居行业前列，规模与技术均处于行业第一 梯队。通过领先的产品技术、稳定的产能，嘉元科技深度绑定产业链核心客户，成为宁德时代 （300750）锂电铜箔的核心供应商。 中证报中证网讯(记者李嫒嫒)1月28日晚，嘉元科技披露2025年年度业绩预告，预计2025年营收95亿 元-97.5亿元，同比增长45.65%-49.49%；预计归母净利润为5000万元-6500万元，扣非归母净利润为800 万元-1200万元，归母净利润、扣非归母净利润同比均实现扭亏为盈。 切入光模块赛道 同时，嘉元科技还利用自身资金和资源优势，积极寻找第二增长曲线，切入光模块赛道。 2025年8月30日，嘉元科技公告称，公司拟投资5亿元，通过"股权转让+增资"组合方式获得光模块公司 武汉恩达通科技有限公司(简称"恩达通")13.59%股权。 公告显示，恩达通成立于2017年11月，是一家从事光通信领域光电子器件研发、生产、销售的高新技术 企业。公司的产品包括高速光模块、有源器件、无源器件等系列产品，广泛应用于电信运营商的传输系 统、数据中心、AI算力中心、人工智能、激光雷达 ...

（编辑 王雪儿） 证券日报网讯 1月28日，嘉元科技发布公告称，公司预计2025年年度实现营业收入950000.00万元至 975000.00万元，同比增加45.65%至49.49%；预计实现归属于母公司所有者的净利润5000.00万元到 6500.00万元，同比扭亏为盈。 ...

Core Viewpoint - The company, Jia Yuan Technology (688388.SH), forecasts a turnaround in its financial performance for the year 2025, expecting a net profit attributable to shareholders of the parent company between 50 million to 65 million yuan, compared to a loss in the previous year [1] Group 1: Performance Drivers - The significant improvement in performance is attributed to a recovery in downstream market demand, allowing the company to capitalize on market opportunities and achieve notable growth in the production and sales of copper foil products [1] - The company has enriched its copper foil product matrix based on downstream customer needs, increasing the proportion of high value-added products, which has driven up average processing fees [1] - Enhanced capacity utilization has positively impacted cost reduction, while ongoing efforts to optimize production processes have effectively improved product quality, collectively driving an increase in gross margin and overall profitability [1]

Core Viewpoint - The company, Jia Yuan Technology, is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of between 50 million and 65 million yuan, compared to a loss in the previous year [1] Group 1: Performance Drivers - The recovery in downstream market demand has allowed the company to seize market opportunities, leading to significant growth in the production and sales volume of copper foil products [1] - The company has enriched its copper foil product matrix based on downstream customer needs, increasing the proportion of high value-added products, which has driven up average processing fees [1] - A substantial increase in production capacity utilization has positively impacted cost reduction, while ongoing efforts to enhance cost efficiency and optimize production processes have improved product quality, collectively driving up the gross profit margin and overall profitability [1]

（一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 | 证券代码：688388 | 证券简称：嘉元科技 | 公告编号：2026-005 | | --- | --- | --- | | 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 2025 年年度业绩预告公告 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。 一、本期业绩预告情况 （1）经广东嘉元科技股份有限公司（以下简称"公司"）财务部门初步测 算，预计 2025 年年度实现营业收入 950,000.00 万元至 975,000.00 万元，与上 年同期（法定披露数据）相比，将增加 297,773.10 万元至 322,773.10 万元，同 比增加 45.65%至 49.49%。 （2）经公司财务部门初步测算，预计 2025 年年度实现归属于母公司所有者 的净利润与上年同期（法定披露数据）相比，将实现扭亏为盈，实现归属于母公 司所有者的净利润 5,000.00 万元到 6,500. ...

Core Viewpoint - The company, Jia Yuan Technology (688388.SH), expects significant revenue growth and a return to profitability in 2025, driven by increased demand and product optimization [1] Financial Performance - The company anticipates achieving an operating revenue of 9.5 billion to 9.75 billion yuan in 2025, representing an increase of 2.978 billion to 3.228 billion yuan compared to the previous year, which corresponds to a year-on-year growth of 45.65% to 49.49% [1] - The net profit attributable to the parent company is projected to be between 50 million to 65 million yuan, marking a turnaround from a loss in the previous year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 8 million to 12 million yuan [1] Market and Product Strategy - The company has benefited from a recovery in downstream market demand, leading to a significant increase in the production and sales volume of copper foil products [1] - The company has diversified its copper foil product matrix in response to customer needs, increasing the proportion of high-value-added products, which has driven up average processing fees [1] - Enhanced capacity utilization and ongoing cost reduction initiatives have positively impacted production costs, contributing to an increase in gross margin and overall profitability [1]

南财智讯1月28日电，嘉元科技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 5000.00万元—6500.00万元，预计同比扭亏；预计2025年全年归属于上市公司股东的扣除非经常性损益 的净利润为800.00万元—1200.00万元。2025年，公司紧密围绕年度发展战略和经营目标，深耕铜箔主 业，开展质量提升、研发创新、降本增效等工作，使得公司经营业绩实现了扭亏为盈。报告期内，公司 业绩变动的主要原因如下：1、报告期内，得益于下游市场需求回暖，公司积极把握市场机遇，凭借优 质的产品和深厚的客户积累，实现了铜箔产品产销量的显著增长；2、报告期内，公司根据下游客户需 求不断丰富公司铜箔产品矩阵，提升高附加值产品占比，推动平均加工费上涨。同时，公司产能利用率 大幅提升，对成本下降也产生积极影响。此外，公司持续深化降本增效工作，持续优化生产工艺，有效 提升产品品质，共同驱动毛利率上升，进而提升公司整体盈利能力。 ...

Investment Rating - Overweight (Maintain) for the copper-clad laminate industry [1] Core Insights - Increased demand for high-end copper foil and electronic cloth driven by AI applications, with domestic companies expected to benefit from breakthroughs [1] - The report highlights the anticipated rise in demand for M8.5+ materials and the potential for higher-end M9 materials in the Rubin platform products [20] - Supply tightness in HVLP4 copper foil is expected to lead to an increase in processing fees, with significant market demand projected [32][48] - The demand for LowDK second-generation cloth and Q cloth is expected to grow, driven by advancements in AI computing products [56] Summary by Sections AI and Copper-Clad Laminate - AI computing hardware is raising the performance requirements for copper-clad laminates, with M8.5+ demand expected to increase [12] - The dielectric constant (Dk) and dielectric loss (Df) are critical for the electrical performance of copper-clad laminates, influencing signal transmission speed and energy loss [15] Electronic Copper Foil - The global electronic circuit copper foil capacity is projected to reach approximately 990,000 tons in 2024, accounting for 41% of total copper foil capacity [32] - HVLP4 copper foil is becoming a core material for AI copper-clad laminates due to its lower surface roughness, which enhances signal transmission stability [43] - The production process for HVLP is more stringent than conventional copper foil, leading to higher production costs and potential price increases [48] Electronic Cloth - LowDK electronic cloth is gaining traction, with demand for second-generation cloth and Q cloth expected to rise due to their superior electrical properties [56] - The report notes that high-end electronic cloth products have strong profitability, with significant margins reported by leading companies [65] - Domestic companies are actively developing and validating LowDK and Q cloth technologies, with successful market entries reported [69]

Core Viewpoint - The company, Guangdong Jiayuan Technology Co., Ltd., has announced that its convertible bonds, "Jiayuan Convertible Bonds," are expected to meet the redemption conditions based on stock price performance [2][9]. Group 1: Convertible Bond Redemption Conditions - The stock price from January 12 to January 26, 2026, has closed at or above 130% of the current conversion price (43.14 CNY/share) for 10 trading days [2][13]. - If the stock price continues to meet the 130% condition for 5 out of the next 19 trading days, it will trigger the conditional redemption clause as outlined in the prospectus [2][13]. - The company’s board will decide whether to redeem all or part of the unconverted "Jiayuan Convertible Bonds" at face value plus accrued interest if the redemption conditions are met [2][9][13]. Group 2: Convertible Bond Issuance Overview - The company issued 12.4 million convertible bonds with a face value of 100 CNY each, totaling 1.24 billion CNY, approved by the China Securities Regulatory Commission on February 23, 2021 [2][3]. - The bonds are set to mature six years from the issuance date, with a conversion period from September 1, 2021, to February 22, 2027, and an initial conversion price of 78.99 CNY/share [2][3]. Group 3: Conversion Price Adjustments - The conversion price has been adjusted multiple times due to various corporate actions, with the latest adjustment setting the price at 33.18 CNY/share as of the announcement date [5][8][7]. - Adjustments were made following annual profit distribution plans and stock issuance, impacting the conversion price from the initial 78.99 CNY/share to the current level [4][5][6][7].

Group 1 - The core point of the article is that Jia Yuan Technology announced that its stock price has met the conditions for a conditional redemption of its convertible bonds, "Jia Yuan Convertible Bonds" [2] - The stock price has been above 130% of the current conversion price of 33.18 CNY per share, reaching 43.14 CNY per share for 10 consecutive trading days from January 12 to January 26, 2026 [2] - If the stock price continues to meet this condition for 5 more trading days within the next 19 trading days, the company can redeem all or part of the unconverted "Jia Yuan Convertible Bonds" at face value plus accrued interest [2]