Core Viewpoint - Defu Technology (301511.SZ) maintains a close cooperative relationship with Chaoying Electronics in the fields of automotive electronics and storage PCBs, with multiple products being shipped in bulk [1] Group 1 - Defu Technology has confirmed its collaboration with Chaoying Electronics, which is also based in Jiujiang [1] - The cooperation involves multiple products that are being delivered in large quantities [1]

Core Viewpoint - Defu Technology (301511.SZ) reports successful customer onboarding for its HVLP1-3 generation copper foil products and positive progress in customer validation for HVLP4/5 generation copper foil products [1] Group 1 - The company is currently experiencing smooth customer onboarding for its HVLP1-3 generation copper foil products [1] - The validation process for HVLP4/5 generation copper foil products is progressing well with customers [1]

德福科技(301511.SZ)回复：尊敬的投资者您好，公司与超颖电子在以上领域里保持紧密合作关系，多 款产品批量出货，感谢您的关注。 格隆汇10月13日丨有投资者通过互动平台向德福科技(301511.SZ)提问：请问董秘，作为同是九江的公 司，即将登陆主板的超颖电子和公司在汽车电子和储存PCB上面有供应合作关系吗？ ...

格隆汇10月13日丨德福科技(301511.SZ)在投资者互动平台表示，公司HVLP1-3代铜箔产品目前客户导入 顺利，HVLP4/5代铜箔产品在客户验证进展顺利。 ...

Core Viewpoint - The report highlights that the evolution of AI computing hardware is driving structural growth opportunities in the PCB (Printed Circuit Board) industry, with significant demand for high-layer and HDI boards due to the increasing requirements of AI applications and high-performance computing [1][27]. Industry Overview - The global PCB market size is projected to grow from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. By 2029, the market is expected to reach $93.7 billion, with a CAGR of 4.6% from 2024 to 2029 [1][27]. - The AI and high-performance computing sectors are anticipated to see substantial growth, with the market size expected to reach $15 billion by 2029, reflecting a CAGR of 20.1% from 2024 to 2029 [1][27]. Demand Drivers - The demand for high-layer PCBs and HDI boards is rapidly increasing, driven by the need for high-frequency, low-signal loss, and high-heat dissipation performance in AI servers. The value of a single AI server PCB is significantly higher than that of traditional servers [1][27]. - The market for high-layer PCBs is projected to reach $171 billion by 2029, while the share of high-end HDI boards in the global HDI market is expected to rise from 47% in 2024 to 57% in 2029, with a market size of $9.6 billion [1][27]. Technological Advancements - AI server requirements are pushing PCB technology upgrades, necessitating the use of high-layer (14-30 layers) and low-loss materials. This includes the adoption of low roughness reverse (RTF) copper foil and very low loss materials to minimize signal distortion [1][27]. - The report emphasizes the importance of material upgrades, such as the transition from traditional fiberglass cloth to low dielectric constant Q cloth, to meet the evolving demands of high-frequency applications [1][27]. Company Strategies - Companies in the PCB sector are actively expanding their capabilities. For instance, companies like Huadian Co. are advancing high-end PCB production, while Shenghong Technology has the capacity for mass production of high-layer boards and HDI boards [1][27]. - Equipment manufacturers like Chip Microelectronics and Dazhu CNC are introducing laser equipment tailored for high-end PCB processing, while material suppliers like Honghe Technology and Feilihua are developing low-dielectric electronic fabrics and high-end copper foils [1][27].

Core Viewpoint - Defu Technology is undergoing significant capital operations, planning to raise 1.93 billion yuan through a private placement while simultaneously witnessing substantial share reductions by major shareholders, raising concerns about the implications of this "simultaneous placement and reduction" phenomenon [1] Group 1: Capital Operations - Defu Technology disclosed a private placement plan on September 16, 2025, intending to issue no more than 189 million shares to raise 1.93 billion yuan, with 1.43 billion yuan allocated for acquiring 100% equity of Luxembourg Copper Foil, 200 million yuan for electronic chemical projects, and 300 million yuan for supplementary working capital [1] - The planned issuance price for the private placement will not be lower than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1] Group 2: Shareholder Reductions - Since 2024, several original shareholders of the company have gradually reduced their holdings, with LG Chem reducing 12.84 million shares in total during the third and fourth quarters of 2024 and the first quarter of 2025 [1] - On September 25, 2025, the actual controller of Defu Technology, Ma Ke, announced a high-level reduction of shares, holding 192,588,725 shares, which accounts for 30.55% of the total share capital [1] - Many of the reduction actions occurred after a significant increase in Defu Technology's stock price, which surged by 170% since the beginning of 2025, particularly rising by 172.99% from June 20 to August 13 [1] Group 3: Financial Performance - In the first half of the year, Defu Technology reported revenue of 5.299 billion yuan, a year-on-year increase of 66.82%, and a net profit attributable to shareholders of 38.7062 million yuan, marking a turnaround from losses [1] - Despite the apparent improvement in performance, the net cash flow from operating activities was -570 million yuan, continuing a trend of negative cash flow for several years, with net cash flows of -310 million yuan, -372 million yuan, -477 million yuan, and -550 million yuan from 2021 to 2024 respectively [1]

Core Viewpoint - Defu Technology is undergoing significant capital operations, including a planned private placement to raise 1.93 billion yuan while simultaneously witnessing substantial share reductions by major shareholders, raising concerns about the implications of this "simultaneous placement and reduction" phenomenon [1][3]. Group 1: Capital Operations - Defu Technology plans to issue up to 189 million shares in a private placement to raise 1.93 billion yuan, with 1.43 billion yuan allocated for acquiring 100% equity of a Luxembourg copper foil company, 200 million yuan for electronic chemical projects, and 300 million yuan for working capital [1]. - The private placement price will not be lower than 80% of the average stock price over the 20 trading days prior to the pricing date, which sets a lower limit of approximately 28.32 yuan per share based on the current stock price of 35.4 yuan [1][3]. Group 2: Shareholder Reductions - Since 2024, several original shareholders have been reducing their stakes, with LG Chem reducing 12.84 million shares and Ganfeng Lithium reducing nearly 2.3 million shares [1]. - In July 2025, Gansu Tuozhen Equity Investment Fund and its concerted parties announced plans to reduce up to 21.44 million shares, representing 3.4% of the total share capital, potentially cashing out around 527 million yuan at a stock price of 24.6 yuan [1]. Group 3: Stock Performance and Market Reaction - Defu Technology's stock price has surged by 170% since the beginning of 2025, with a notable increase of 172.99% from June 20 to August 13 [2]. - The simultaneous high-level reductions by shareholders and the upcoming private placement may indicate that the current stock price is overvalued, as the significant price increase has prompted investors to seek optimal exit strategies [3]. Group 4: Financial Performance - In the first half of the year, Defu Technology reported revenue of 5.299 billion yuan, a year-on-year increase of 66.82%, and a net profit attributable to shareholders of 38.71 million yuan, marking a turnaround from previous losses [4]. - Despite the apparent improvement in performance, the company has reported negative net cash flow from operating activities for several consecutive years, indicating insufficient actual cash generation capacity [4].

Core Viewpoint - The lithium battery anode materials are undergoing a significant transformation from traditional graphite to a diverse high energy density system, with lithium metal anodes being a key driver for solid-state battery energy density breakthroughs [2][5]. Industry Overview - The theoretical specific capacity of lithium metal anodes reaches 3860 mAh/g, significantly higher than graphite (372 mAh/g) and silicon-carbon anodes (3590 mAh/g), and they exhibit low voltage platform characteristics [2][5]. - Solid-state electrolytes, due to their high mechanical strength, suppress dendrite formation and are optimally compatible with lithium metal anodes [2][3]. Technical Challenges and Solutions - Key bottlenecks for lithium metal anodes include volume expansion, lithium dendrite issues, complex interfacial reactions, and high preparation process difficulties [3]. - Recent improvement strategies focus on limiting lithium volume expansion, reducing ion flow and surface current density, and constructing stable and fast ion transport surface SEI through various methods [3]. Manufacturing Processes - The preparation process of lithium metal anodes is crucial for their industrial application, with the industry currently exhibiting a multi-route parallel and high-low end scenario differentiation [4]. - Mainstream processes are categorized into mature mass production-oriented (calendering), high-end technology breakthrough (sputtering), and cutting-edge research exploration (liquid phase method, no anode solution) [4]. - The sputtering method is expected to continuously optimize costs and become the mainstream process for solid-state batteries [4]. Market Potential - The lithium metal anode market is primarily composed of lithium companies, anode manufacturers, and foil material suppliers, with lithium companies having cost and quality advantages in raw material preparation [5]. - According to the "China Solid-State Battery Industry Development White Paper (2025)", global solid-state battery shipments are projected to reach 614.1 GWh by 2030, with nearly 30% being all-solid-state [5]. - Assuming a 20% penetration rate for lithium metal anodes, the estimated market potential by 2030 is nearly 10 billion yuan [5]. Investment Targets - Companies to watch in the lithium metal anode sector include Yinglian Co., Ltd. (002846.SZ), Tiantie Technology (300587.SZ), as well as Ganfeng Lithium (002460.SZ), Putailai (603659.SH), Yiwei Lithium Energy (300014.SZ), Guoxuan High-Tech (002074.SZ), Defu Technology (301511.SZ), and Daoshi Technology (300409.SZ) [6].

Market Overview - The battery sector experienced a decline of 2.31% on the previous trading day, with Naconor leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 6.71, up 20.04% [1] - Huazi Technology (300490) at 12.56, up 15.44% [1] - Tianji Co., Ltd. (002759) at 16.30, up 9.99% [1] - Conversely, Naconor (832522) saw a significant decline of 7.66%, closing at 65.71 [2] - Other notable decliners included Honggong Technology (301662) down 7.47% and Kuoguli (301487) down 6.91% [2] Trading Volume and Capital Flow - The battery sector saw a net outflow of 4.296 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.169 billion yuan [2][3] - The trading volume for Fangyuan Co., Ltd. reached 326,400 shares, with a transaction value of 214 million yuan [1] - Huazi Technology had a trading volume of 1,035,900 shares, with a transaction value of 1.273 billion yuan [1] Capital Inflow Analysis - Tianji Co., Ltd. (002759) had a net inflow of 478 million yuan from institutional investors, representing 30.17% of its total trading [3] - Shanshan Co., Ltd. (600884) saw a net inflow of 256 million yuan, accounting for 12.87% [3] - Conversely, Naconor experienced a net outflow of 740 million yuan from institutional investors [3]

Core Points - The company Jiujiang Defu Technology Co., Ltd. approved a resolution at its 2024 annual shareholders' meeting to provide guarantees totaling no more than 1,172.72 million yuan for its subsidiaries, effective until December 31, 2025 [1] - The company signed a guarantee contract with Bank of Communications Gansu Branch to provide a maximum guarantee of 66.3 million yuan for its controlling subsidiary, Gansu Defu New Materials Co., Ltd. [1] - Gansu Defu New Materials, established in 2018, is 51% owned by the company and had total assets of 508.0582 million yuan as of June 30, 2025 [1] - The guarantees provided are joint liability guarantees and are stated to have no adverse impact on the company's normal operations and business development, aligning with the overall interests of the company and its subsidiaries [1]