Core Viewpoint - Defu Technology announced a cooperation intention agreement with a leading domestic CCL company for the supply of high-end electronic circuit copper foil products, which is expected to positively impact the company's operating performance in 2026 [1] Group 1 - Defu Technology's wholly-owned subsidiary, Defu Sales, signed a cooperation intention agreement with a well-known domestic CCL enterprise [1] - The agreement stipulates that Defu Sales will supply high-end electronic circuit copper foil products, including RTF1-4 and HVLP1-4, to the enterprise in 2026 [1] - This agreement is classified as a routine business contract and does not constitute a related party transaction or a major asset restructuring [1] Group 2 - If the agreement is successfully executed, it is anticipated to have a positive impact on the company's operating performance for the year 2026 [1]

3、公司不存在最近三年披露的框架协议进展未达预期的情况。 一、协议签署概况 近日，九江德福科技股份有限公司（以下简称"公司"）全资子公司九江德 福销售有限公司（以下简称"德福销售"）与国内知名头部 CCL 企业（以下简 称"该企业"）签署了《高端铜箔合作意向书》（以下简称"协议"或"本协议"）， 为保障电解铜箔产品供应的长期稳定性，协议约定 2026 年度由德福销售向该企 业供应满足最低数量要求的 RTF1-4、HVLP1-4 等高端电子电路铜箔产品，最终 采购数量及相关合同条款，以双方正式合同为准。 九江德福科技股份有限公司 关于公司签订《高端铜箔合作意向书》的自愿性信息披露公 告 本公司及董事会全体成员保证信息披露内容的真实、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、本次签署的《高端铜箔合作意向书》为公司日常经营意向合同，最终采 购数量及相关合同条款，以双方正式合同为准，最终的采购金额存在不确定性； 2、本次框架合同的签订对公司本年度经营业绩不产生重大影响。预计将对 公司 2026 年度经营业绩产生积极影响，具体影响以公司披露的定期报告为准。 本事宜对公司业务独立性不构成影响，公 ...

Core Viewpoint - Defu Technology has shown a mixed performance in stock price and financial results, with significant growth in revenue and net profit year-on-year, indicating strong operational performance in the high-performance copper foil sector [1][2]. Group 1: Stock Performance - On January 5, Defu Technology's stock rose by 2.04%, reaching 36.52 CNY per share, with a trading volume of 768 million CNY and a turnover rate of 5.70%, resulting in a total market capitalization of 23.019 billion CNY [1]. - Year-to-date, the stock price has increased by 2.04%, but it has decreased by 6.53% over the last five trading days, increased by 14.02% over the last 20 days, and only increased by 0.74% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Defu Technology achieved a revenue of 8.5 billion CNY, representing a year-on-year growth of 59.14%, and a net profit attributable to shareholders of 66.5941 million CNY, which is a 132.63% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 24.7626 million CNY in dividends [3]. Group 3: Shareholder Information - As of December 20, 2025, the number of shareholders for Defu Technology reached 45,500, an increase of 1.06% from the previous period, with an average of 8,235 circulating shares per shareholder, a decrease of 1.05% [2]. - Notable new institutional shareholders include Hong Kong Central Clearing Limited, holding 5.5661 million shares, and several funds such as Xinao Advantage Industry Mixed A and Southern CSI 1000 ETF, indicating growing institutional interest [3].

Investment Rating - The report maintains an "Overweight" rating for the copper-clad laminate industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [96]. Core Insights - The copper-clad laminate market is expected to recover in 2024, with global sales projected to reach $15.013 billion, representing a year-on-year growth of 17.90%. This recovery is attributed to the resurgence in consumer electronics demand and increased requirements for high-end copper-clad laminates driven by AI computing power [6][27]. - A new wave of price increases is anticipated in the copper-clad laminate sector, driven by rising raw material costs, high demand from downstream PCB manufacturers, and the concentrated market share of laminate manufacturers, which grants them significant pricing power [6][47]. - AI is driving the high-end product development in the copper-clad laminate market, with expectations for increased value as new platforms from companies like NVIDIA adopt advanced materials [65][71]. Summary by Sections 1. Market Recovery and Applications - Copper-clad laminates are widely used in various sectors, including consumer electronics, computers, communications, and automotive electronics. The market is set to recover in 2024, reversing a two-year decline [14][27]. 2. Price Increase Trends - Historical data shows that the copper-clad laminate industry has experienced two major price increase cycles in the past decade, primarily driven by rising raw material costs and strong end-user demand. Current trends indicate that manufacturers are already implementing price hikes due to increased costs of copper and other materials [38][44][55]. 3. AI-Driven High-End Product Development - The demand for high-performance copper-clad laminates is increasing due to AI computing requirements. The introduction of new materials, such as M8.5+ and M9, is expected to significantly enhance product value and performance [65][71]. 4. Investment Recommendations - The report suggests focusing on two main investment lines: companies benefiting from the price increases of conventional copper-clad laminates and those with high-end laminate or electronic copper foil product reserves. Key companies identified include Shengyi Technology, Nanya New Material, Huazheng New Material, Jin'an Guoji, Defu Technology, and Tongguan Copper Foil [93].

Core Viewpoint - The A-share market experienced a rebound in the afternoon of December 30, with the Shanghai Composite Index closing flat, the Shenzhen Component Index rising by 0.49%, and the ChiNext Index increasing by 0.63% [1] Industry Developments - The robotics sector has shown significant growth, with companies like Fenglong Co. achieving five consecutive trading limit increases, and Tianqi Co. and Tianming Technology reaching four consecutive trading limit increases and a 30% limit increase, respectively [1] - A total of 24 stocks, including Unification Co., New Times Da, Nanxing Co., and Zhejiang Rongtai, hit the trading limit [1] - The Ministry of Industry and Information Technology has established a standardization technical committee for humanoid robots and embodied intelligence, which will focus on developing industry standards in key technology areas, components, systems, applications, and safety [1] - The first local regulation promoting the development of the embodied intelligent robotics industry was introduced in Hangzhou on December 29 [1]

证券代码：301511 证券简称：德福科技 公告编号：2025-112 九江德福科技股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 九江德福科技股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日召开 2024 年年度股东会，审议通过了《关于 2025 年度为子公司提供担保的议案》， 同意公司为合并报表范围内的子公司提供总额不超过 1,172,720 万元的担保，有 效期自 2024 年年度股东会审议通过之日起至 2025 年 12 月 31 日止，并授权公司 董事长或其授权代表人，在核定额度内根据各子公司业务发展的实际需要确定执 行，签署有关的文件、协议等其他相关法律文件。 二、担保进展情况 近日，公司与中国银行股份有限公司九江市分行（以下简称"中国银行"） 签订了合同编号：JXJJCHXLPHBZ2026001 号《保证合同》，约定公司为九江德 福销售有限公司（以下简称"德福销售"）与中国银行签订的《流动资金借款合 同》提供最高额为人民币 1,000 万元的担保。 上述提供的担保在 ...

Core Viewpoint - The private economy is a key driver of high-quality development, with Jiangxi's private listed companies demonstrating significant growth and resilience during the "14th Five-Year Plan" period, supported by the capital market [1] Group 1: Company Overview - Jiujiang Defu Technology Co., Ltd. has established itself as a leading enterprise in the global lithium battery copper foil industry since its founding in 1985, focusing on electrolytic copper foil as its core business [2] - The company expanded its production capacity from 18,000 tons at the end of 2019 to 175,000 tons by 2024, achieving a remarkable growth trajectory [2] - In 2024, the company's revenue is projected to exceed 7.8 billion yuan, securing its position among the top tier of China's lithium battery copper foil market [2] Group 2: Technological Innovation - Jiujiang Defu Technology is proactively positioning itself in high-end product areas, developing advanced copper foil products to support next-generation battery technologies [3] - The company is focusing on high-performance solutions for various applications, including AI chips and 5G, establishing a clear technological layout and product validation system [3] Group 3: Research and Development - During the "14th Five-Year Plan" period, the company has prioritized the development of new productive forces, emphasizing research and development as a key driver of industry innovation [4] - In 2024, the company's R&D investment increased by 30.45%, resulting in 17 new invention patents and an expanded R&D team of 377 members, with over 20% holding advanced degrees [4] - The establishment of comprehensive innovation platforms has enabled the company to tackle industry challenges and continuously upgrade its products [4]

证券代码：301511 证券简称：德福科技 公告编号：2025-111 九江德福科技股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 九江德福科技股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日召开 2024 年年度股东会，审议通过了《关于 2025 年度为子公司提供担保的议案》， 同意公司为合并报表范围内的子公司提供总额不超过 1,172,720 万元的担保，有 效期自 2024 年年度股东会审议通过之日起至 2025 年 12 月 31 日止，并授权公司 董事长或其授权代表人，在核定额度内根据各子公司业务发展的实际需要确定执 行，签署有关的文件、协议等其他相关法律文件。 二、担保进展情况 近日，公司与浙商银行股份有限公司兰州分行（以下简称"浙商银行"）签 订了合同编号：20950000 浙商银保字 2025 第 00165 号《保证合同》，约定公司 为甘肃德福新材料有限公司（以下简称"德福新材"）与浙商银行签订的《国内 信用证开证合同》提供最高额为人民币 5,100 万元的担保。 ...

Core Viewpoint - The A-share market's lithium battery sector is experiencing a significant pullback, with major companies like Xinwangda and Tianhong Lithium Battery seeing substantial declines in stock prices due to anticipated decreases in domestic demand for lithium batteries in early 2026 [1] Group 1: Market Performance - Xinwangda's stock dropped over 11%, with a total market value of 48.8 billion and a year-to-date increase of 19.72% [2] - Tianhong Lithium Battery fell by over 4.5%, with a market capitalization of 3.193 billion and a year-to-date increase of 108.62% [2] - Yiwai Lithium Energy decreased by over 4%, holding a market value of 142.8 billion and a year-to-date increase of 49.41% [2] - Derui Lithium Battery and Weilan Lithium Core both saw declines of over 3%, with market values of 2.649 billion and 20.8 billion respectively [2] Group 2: Demand Forecast - The domestic demand for new energy lithium batteries is expected to decline significantly in early 2026, with a projected drop of at least 30% in sales of new energy passenger vehicles due to policy adjustments on vehicle purchase taxes [1] - The commercial vehicle sector is also anticipated to face a substantial decrease in demand following a rush for subsidies and tax exemptions at the end of the previous year [1] - Exports of new energy passenger vehicles are expected to remain strong, but this will not significantly boost the demand for batteries from independent suppliers [1] - The demand for domestic battery exports to the U.S. is projected to decline sharply, with no significant impact from U.S. AI storage needs on domestic battery suppliers [1] - Domestic energy storage tender prices are significantly below 300 yuan per kilowatt-hour, leading to weakened demand for price increases, and vehicle batteries cannot absorb the cost losses from energy storage [1]

Major Announcements - Daye Co., Ltd. states that its robotic tendon products are not yet in mass production and have not generated substantial revenue [9] - Shandong Road and Bridge's subsidiary won a construction project for the Yiyuan to Zoucheng expressway with a total bid price of approximately 94.02 billion yuan [14][15] - ST Chang Pharmaceutical's stock will be subject to a delisting risk warning starting December 29, 2025, due to negative net assets and false reporting in annual reports from 2021 to 2023 [8] Company Specific Updates - Yongding Co., Ltd. clarifies that it does not directly manufacture controllable nuclear fusion devices but provides materials for the winding of magnetic coils; its revenue from related activities is less than 1% of total revenue and is currently unprofitable [1] - Reascend Technology reports that it has no current orders for high-silicon oxide fiber products, and future order acquisition is highly uncertain; revenue from aerospace-related products is only about 0.5% of total revenue [2] - China Duty Free Group's subsidiary won a bid for the Beijing Capital International Airport duty-free project with a guaranteed operating fee of 480 million yuan for the first year [3] - XWANDA's subsidiary is involved in a lawsuit with a claim amount of approximately 2.314 billion yuan related to quality issues in battery cells delivered between June 2021 and December 2023 [4] - Zhejiang Rongtai plans to establish a joint venture in Thailand with Weichuang Electric to develop mechatronic systems for smart robots [5] - Defu Technology extends the deadline for acquiring shares in a Luxembourg copper foil company to January 9, 2026 [6][7] - Xinke Mobile states that its revenue from satellite internet is minimal and does not significantly impact overall performance [10] - Daya Intelligent received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations [11] Investment and Financial Updates - Guangdong Construction's subsidiary signed a framework agreement for a green methanol project with an estimated total investment of about 6 billion yuan [13] - XCMG Machinery's controlling shareholder plans to increase its stake by no less than 80 million yuan [18] - ST Guohua's major shareholder increased its stake to 26% without triggering mandatory tender offer obligations [19] - ST Zhanggu's stock will resume trading on December 29, 2025, following a capital increase from a restructuring plan [20] - Tianchuang Fashion's controlling shareholder will change to Anhui Xianrui, with stock resuming trading on December 29, 2025 [21]