Core Viewpoint - The Chinese electronic circuit copper foil industry is experiencing rapid development and transformation, driven by the growth of emerging industries such as 5G communication, new energy vehicles, and the Internet of Things, with a projected sales volume of 440,000 tons in 2024, representing a year-on-year increase of 7.32% [1][12]. Industry Overview - Electronic circuit copper foil is a cathodic electrolytic material used as a core conductor in printed circuit boards (PCBs), facilitating electrical connections between electronic components [2]. - The industry can be categorized into electrolytic copper foil and rolled copper foil based on production processes [2]. Industry Development History - The industry has evolved through four stages: 1. Initial stage (1950s-1970s) focused on manual production with low product variety and quality [4]. 2. Localization stage (1980s-1990s) marked by increased demand and technology imports, leading to improved production techniques [4]. 3. Rapid development stage (2000s-2010s) where China became the largest producer globally, emphasizing technological innovation [5]. 4. High-end transformation stage (2010s-present) driven by new industries, with a focus on high-performance materials like ultra-thin copper foil [6]. Industry Supply Chain - The supply chain includes raw materials such as copper and sulfuric acid, production equipment like cathode rollers and foil machines, and downstream applications in communication devices, consumer electronics, and automotive electronics [8]. Market Size - The demand for electronic circuit copper foil is on the rise, with a projected sales volume of 440,000 tons in 2024, reflecting a 7.32% increase year-on-year [12]. Key Companies' Performance - The industry features leading companies such as Jiantao Copper Foil, Nanya Copper Foil, and Copper Crown Copper Foil, with 14 companies reporting sales over 10,000 tons, and five exceeding 20,000 tons [14][16]. - Notable companies include: - Jiantao Copper Foil: Largest domestic producer with advanced technology and a complete supply chain [16]. - Nanya Copper Foil: Strong in high-end copper foil technology [16]. - Copper Crown Copper Foil: Leader in RTF copper foil production, with significant revenue growth [16][18]. Industry Development Trends 1. **Technological Upgrades and High-end Development** - The industry is focusing on high-frequency, high-speed copper foil and ultra-thin products, with domestic companies achieving significant breakthroughs [20]. 2. **Market Demand Changes and New Application Areas** - The growth of 5G communication and new energy vehicles is driving demand for electronic circuit copper foil, particularly in high-performance applications [21][22]. 3. **Industry Chain Collaboration and Global Layout** - Companies are increasingly collaborating within the supply chain and expanding globally to enhance competitiveness and market presence [23].

安徽铜冠铜箔集团股份有限公司（以下简称"公司"）于 2025 年 3 月 3 日 召开第二届董事会第十二次会议和第二届监事会第九次会议，2025 年 3 月 20 日 召开 2025 年第一次临时股东大会，审议通过了《关于使用部分闲置募集资金进 行现金管理的议案》，同意在确保公司募集资金投资项目建设正常进行和资金安 全的前提下，使用额度不超过人民币 5 亿元的部分闲置募集资金（含超募资金） 进行现金管理，用于购买安全性高、流动性好、期限不超过 12 个月的短期保本 型产品，使用期限自股东大会审议通过之日起 12 个月内有效。在上述额度和期 限内，资金可循环滚动使用，并授权公司管理层在有效期内和额度范围内行使决 策权。具体内容详见公司于 2025 年 3 月 5 日在巨潮资讯网披露的《关于使用部 分闲置募集资金进行现金管理的公告》（公告编号：2025-006）。 现将公司近日使用闲置募集资金进行现金管理的相关事项公告如下： 关联关系说明：公司与华泰证券股份有限公司不存在关联关系。 二、现金管理的投资风险及风险控制措施 证券代码：301217 证券简称：铜冠铜箔 公告编号：2025-034 安徽铜冠铜箔集团股份有 ...

Industry Overview - The PET copper foil sector is experiencing active performance, with notable stock increases for companies like Nord Shares and Yinglian Shares [1] - PET copper foil utilizes a "sandwich" structure, incorporating high polymer materials like PET as the intermediate substrate, with metal layers deposited on both sides, representing dual innovation in materials and production processes [1] - The main new technology routes for composite copper foil include one-step and two-step methods, with the one-step chemical deposition wet method showing significant advantages in production costs and fixed asset investment, as well as high product yield [1] - The rapid development of downstream industries such as new energy vehicles and energy storage is driving continuous demand for high-performance battery materials [1] Market Potential - As a lithium battery anode collector material, PET copper foil can reduce battery weight and enhance energy density, leading to an expanding market demand [1] - According to Chuan Cai Securities, if the penetration rate of composite copper foil reaches 20% by 2025, with global lithium battery shipments reaching 2000 GWh, the market space for PET composite copper foil is expected to reach 26.8 billion yuan by 2025 [1] Company Insights - Citic Securities anticipates a "stable growth period" for the composite collector industry from the second half of 2023 to the first half of 2024, marking it as the best allocation period for the industry [2] - Guojin Securities believes that composite copper foil is a rare and highly potential new direction in lithium battery materials, expected to see explosive growth by 2025 [2] - Baoming Technology has a production yield of approximately 80% for its lithium battery composite copper foil products, which are currently undergoing sample certification [2] - Nord Shares focuses on the research, production, and sales of electrolytic copper foil for lithium-ion batteries, and is also developing composite foil materials [2] - Yinglian Shares has three production lines for composite copper foil, with one line already in operation and two additional water plating lines under commissioning [2] - Zhongyi Technology is in the process of constructing a PET copper foil production line and supplies lithium battery copper foil and standard copper foil to a subsidiary of CATL [2] - Tongguan Copper Foil is engaged in ongoing research for PET copper foil, with a focus on high-precision electronic copper foil manufacturing [3] - Defu Technology is in the pilot testing stage for a new coating process aimed at large-scale production of high-quality composite copper foil [3] - Jingwei Huikai plans to invest in a composite copper (aluminum) foil manufacturing project in the Dafeng Economic Development Zone [4] - Guanghua Technology's chemicals are utilized in both one-step and two-step processes for PET composite copper foil, with a unit value of approximately 1.5 yuan [4]

Core Viewpoint - The lithium battery copper foil industry is experiencing a rebirth driven by cost reduction and technological innovation after a challenging period of losses over the past two years [3][4]. Industry Overview - From 2014 to 2023, lithium battery copper foil sales surged from less than 50,000 tons to nearly 500,000 tons, with total industry capacity increasing by over 120% from 2022 to 2023 due to a production expansion initiated in 2020 [3][5]. - In 2023, China's lithium battery copper foil production capacity reached 950,000 tons, with a total electrolytic copper foil capacity of 1,563,000 tons per year [5]. Financial Performance - Major listed companies in the copper foil sector faced significant losses in 2024, with losses ranging from 84 million yuan to 352 million yuan [4][6]. - The overall product gross margin for the lithium battery copper foil sector plummeted from 20% in previous years to 4.84% in 2023, and further down to 0.14% in 2024 [6]. Recovery Signs - In Q1 2025, six out of the top ten listed companies in the copper foil sector reported positive net profit growth, indicating a potential turning point for the industry [7]. - Factors contributing to the recovery include cost reduction through optimized processes and an increase in the proportion of high-value-added products [4][7]. Market Dynamics - The market is transitioning towards thinner copper foils, with 6-micron copper foil currently being the mainstream product, while demand for even thinner products like 4.5-micron and 3-micron foils is increasing [4][11]. - The processing fee for lithium battery copper foil peaked in April 2022 but has since declined significantly, with expectations of stabilization in the near future [5][10]. Future Outlook - The industry anticipates a gradual improvement in supply-demand dynamics as low-end capacity is phased out and market consolidation occurs [6][10]. - The market for ultra-thin copper foils (less than 6 microns) is expected to grow, with projections indicating that their market share could rise from 15% to 30-40% by the end of 2025 [11][12].

Core Viewpoint - The company reported a significant increase in revenue for 2024, but also faced substantial losses in net profit, indicating potential challenges in profitability despite revenue growth [1][2]. Financial Performance Summary - **2024 Annual Report**: - Revenue reached 4.72 billion yuan, a year-on-year increase of 24.69% compared to 3.78 billion yuan in 2023 [2]. - Net profit attributable to shareholders was -156.34 million yuan, a decrease of 1,008.97% from a profit of 17.20 million yuan in the previous year [2]. - Net profit excluding non-recurring gains and losses was -180.79 million yuan, worsening by 588.79% from -26.25 million yuan in 2023 [2]. - Net cash flow from operating activities was -464.75 million yuan, an improvement of 22.56% from -600.13 million yuan in the previous year [2]. - **2025 Q1 Report**: - Revenue for the first quarter was 1.39 billion yuan, a significant increase of 56.29% from 892.46 million yuan in the same period last year [3]. - Net profit attributable to shareholders was 4.75 million yuan, a turnaround from a loss of -27.70 million yuan in the previous year, marking a 117.16% improvement [3]. - Net profit excluding non-recurring gains and losses was -4.78 million yuan, an improvement of 85.29% from -32.46 million yuan in the previous year [3]. - Net cash flow from operating activities was -509.89 million yuan, a decline of 46.37% from -348.36 million yuan in the same period last year [3]. Company Background - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on January 27, 2022, with an initial public offering of 20.73 million shares at a price of 17.27 yuan per share [4]. - The total amount raised from the initial public offering was 357.93 million yuan, with a net amount of 343.01 million yuan, exceeding the original plan by 223.29 million yuan [4]. - The funds raised are intended for projects including the annual production of 20,000 tons of high-precision energy storage ultra-thin electronic copper foil and a high-performance electronic copper foil technology center [4][5].

一、回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，在回购股份期间，公司应当于每个月的前三个 交易日内披露截至上月末的回购进展情况。现将公司回购股份的进展情况公告如 下： 截至 2025 年 5 月 31 日，公司通过股份回购专用证券账户以集中竞价方式回 购公司股份 202.41 万股，占公司目前总股本的 0.24%，最高成交价 10.50 元/股， 最低成交价 9.96 元/股，成交总金额 2,102.75 万元（不含交易费用）。本次回购 股份符合相关法律法规及公司既定的股份回购方案之规定。 二、其他说明 证券代码：301217 证券简称：铜冠铜箔 公告编号：2025-033 安徽铜冠铜箔集团股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 安徽铜冠铜箔集团股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日 召开第二届董事会第十三次会议审议通过了《关于回购公司股份方案的议案》， 同意公司使用不低于人民币 2,500 万元（含），不超过 ...

Core Viewpoint - The company anticipates steady growth in demand for high-end copper foil products, particularly in the PCB and lithium battery sectors, despite current competitive pressures in the lithium battery copper foil market [2][3]. Industry Overview - The PCB copper foil industry is experiencing a mild recovery, with long-term demand expected to grow steadily, especially for high-end products [2]. - The lithium battery copper foil sector is facing intensified competition, but future trends indicate a shift towards ultra-thin and high tensile strength products [2]. Company Performance - In 2024, the company produced 54,011 tons of copper foil and sold 55,087 tons, generating revenue of 4.719 billion yuan, with a net loss of 156.34 million yuan [5]. - For Q1 2025, the company reported revenue of 1.395 billion yuan and a net profit of 4.75 million yuan, indicating a year-on-year revenue increase of 56.29% and a net profit increase of 117.16% [7]. Strategic Direction - The company plans to continue its high-end strategy, optimizing product structure and expanding profit channels by enhancing the production of high-performance copper foil products [4]. - The focus will be on developing ultra-thin, high-density, and high tensile strength copper foil products to improve profitability [4]. Financial Metrics - The company's debt ratio stands at 26.42%, with investment income of 3.7494 million yuan and financial expenses of 10.284 million yuan, resulting in a gross margin of 2.72% [7]. - The company has seen a net inflow of 6.4344 million yuan in financing over the past three months, indicating positive market sentiment [7].

2024年年度股东会决议公告 证券代码：301217 证券简称：铜冠铜箔 公告编号：2025-032 安徽铜冠铜箔集团股份有限公司 1、会议召开的日期、时间： （1）现场会议召开时间：2025年5月13日（星期二）14：30； （2）网络投票时间：2025年5月13日（星期二）。其中，通过深圳证券交易 所交易系统进行网络投票的时间为2025年5月13日的交易时间，即上午9:15- 9:25，9:30-11:30和下午13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为2025年5月13日9:15至15:00期间的任意时间。 2、会议召开方式：本次会议采取现场表决和网络投票相结合的方式。 3、会议召开地点：安徽省池州市经济技术开发区清溪大道189号安徽铜冠铜 箔集团股份有限公司一楼会议室。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 4、会议召集人：公司董事会。 5、会议主持人：董事长甘国庆先生。 7、会议出席情况 （ ...

安徽承义律师事务所 关于 安徽铜冠铜箔集团股份有限公司 召开 2024 年年度股东会的 法律意见书 安徽承义律师事务所 中国.合肥市政务区怀宁路 200 号栢悦中心 5 楼 邮编: 230022 电话（Tel）:（86-551）65609815 传真（Fax）:（86-551）65608051 网址（Website）:www.chengyi-law.com 电子信箱（E-mail）：chengyilawyer@163.com 安徽承义律师事务所 召开 2024 年年度股东会的法律意见书 (2025)承义法字第 00116 号 致：安徽铜冠铜箔集团股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受安徽铜 冠铜箔集团股份有限公司（以下简称"公司"）的委托，指派方娟、杨军律师（以 下简称"本律师"）就公司召开 2024 年年度股东会（以下简称"本次股东会"） 出具法律意见书。 一、本次股东会召集人资格和召集、召开的程序 经核查，本次股东会是由公司第二届董事会召集，公司已于 2025 年 4 月 22 日在中国证监会指定的 ...

Group 1: Industry Outlook - The PCB copper foil industry is experiencing a mild recovery, with medium to long-term demand expected to grow steadily, particularly for high-end copper foil products [2] - The lithium battery copper foil sector faces intensified competition, but future trends indicate that ultra-thin and high tensile strength products will become mainstream [2] Group 2: Company Performance - In 2024, the company produced 54,011 tons of copper foil and sold 55,087 tons, achieving a revenue of 4.719 billion CNY and a net profit of -156.3449 million CNY [3] - In Q1 2025, the company reported a revenue of 1.395 billion CNY and a net profit of 4.7515 million CNY [3] Group 3: Strategic Initiatives - The company plans to continue its high-end strategy in 2025, optimizing product structure and expanding profit channels [3] - There is a focus on increasing the production ratio of high-performance copper foil products, particularly those with thicknesses of 4.5μm and 5μm, to enhance profitability [3] Group 4: Share Buyback - The company announced a share buyback plan on April 9, 2025, to maintain company value and protect shareholder interests [3] - The first share repurchase occurred on April 29, 2025, through centralized bidding [3]